Futuristic Securities appoints MKPS & Associates as statutory auditor
Futuristic Securities Limited has appointed M/s. MKPS & Associates LLP as its Statutory Auditor to fill the casual vacancy left by M/s. MAKK & Co., which resigned due to a merger. The Audit Committee recommended the appointment after confirming no material concerns existed with the outgoing firm. The new auditor disclosed an ongoing proceeding against one partner but affirmed eligibility and independence. This transition occurs alongside Q1FY26 results showing a return to profitability driven by non-operating income.
*this image is generated using AI for illustrative purposes only.
Futuristic Securities Limited has appointed M/s. MKPS & Associates LLP as its new Statutory Auditors, effective August 11, 2026. The appointment fills a casual vacancy created by the resignation of M/s. MAKK & Co., which stepped down due to a merger with the incoming firm. The Board of Directors approved the change following a recommendation from the Audit Committee, subject to ratification by shareholders at the ensuing General Meeting.
The transition was disclosed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Schedule III and the SEBI Master Circular dated January 30, 2026. The move complies with Section 139(8) of the Companies Act, 2013. The Audit Committee reviewed the resignation letter and confirmed that no material concerns existed regarding the outgoing auditor’s departure other than the merger.
Audit Committee Review
The Audit Committee met on August 11, 2026, to deliberate on the change. It examined the reasons furnished by M/s. MAKK & Co. (FRN: 117246W) in its resignation letter dated August 11, 2026. The committee noted that the resignation was tendered pursuant to the merger of M/s. MAKK & Co. with M/s. MKPS & Associates LLP, under which professional practices and related assignments are being consolidated.
Based on the available information, the committee confirmed that no other material concerns or reasons relating to the resignation existed beyond the stated merger. Consequently, it recommended M/s. MKPS & Associates LLP (FRN: 302014E/W101061) to fill the casual vacancy.
Auditor Transition Details
M/s. MKPS & Associates LLP provided consent for the appointment, affirming eligibility under Section 139 and independence from the company. The firm holds a valid Peer Review Certificate from the Institute of Chartered Accountants of India. However, the consent letter disclosed an ongoing proceeding against one partner that has not yet reached finality, though the firm stated this does not impair its eligibility or independence.
| Particulars | Outgoing Auditor | Incoming Auditor |
|---|---|---|
| Firm Name | M/s. MAKK & Co. | M/s. MKPS & Associates LLP |
| FRN | 117246W | 302014E/W101061 |
| Effective Date | August 11, 2026 | August 11, 2026 |
| Reason | Merger | Casual Vacancy |
Financial Context
The auditor change coincides with the company’s Q1FY26 results announcement. Futuristic Securities reported a net profit of ₹1.18 lakh for the quarter ended June 30, 2026, reversing a net loss of ₹1.62 lakh in Q1FY25. Revenue from operations remained flat at ₹1.58 lakh, while other income surged to ₹1.62 lakh from ₹0.07 lakh in Q4FY25. The Board also scheduled the 55th Annual General Meeting for September 30, 2026, where shareholders will vote on the statutory auditor appointment.
What the Numbers Show
The return to profitability in Q1FY26 was driven entirely by non-operating income, as core revenue remained stagnant at ₹1.58 lakh across comparable periods. This reliance on incidental gains highlights a need for operational growth to sustain earnings stability, making robust audit oversight critical for investor confidence.
Historical Stock Returns for Futuristic Securities
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| 0.0% | +5.00% | +15.13% | 0.0% | -25.06% | +105.83% |
How might the ongoing legal proceeding against a partner at MKPS & Associates LLP impact investor confidence or future audit rigor for Futuristic Securities?
Given that Q1FY26 profitability was driven by non-operating income, what strategic initiatives is management pursuing to generate sustainable growth in core revenue from operations?
Will the merger between MAKK & Co. and MKPS & Associates LLP lead to changes in audit fees or service scope for Futuristic Securities compared to the previous arrangement?
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