360 ONE WAM Dividend Date 2024

360 ONE WAM 

360 ONE WAM is an asset management company formally known as IIFL. The company manages the assets of high-net-worth individuals. The company rebranded itself to give the clients a 360-degree holistic view when it comes to managing the assets.

The company's main area of business is wealth and asset management for HNI clients, giving them proper guidance and personalized investment products to improve their portfolios.

The company uses the Flywheel effect for its growth by knowing how both assets and wealth are created so that they can complement each other instead of depreciating their value and paying a hefty capital gain tax.

360 ONE WAM Dividend Date 2024

360 One WAM, formerly known as IIFL, managed the assets of high-net-worth individuals, valued at $56.3 billion. The company recently held its board of directors meeting on April 23rd, in which the company decided its first interim dividend rate for the financial year 2023-2024 will be Rs 3.5 per equity share with a face value of 1 Rs.

The record date will be May 2nd, and the dividend date will be before or on May 22nd, subject to taxes. If the dividend amount exceeds the value of 5000 rupees, then it will be subject to taxes.

The division of the share dividend will be based on what type of shareholder that person or entity is holding shares, based on which company will levy taxes according to the norms and regulations of the Income Tax Act of 1961 and SEBI regulations. 

360 ONE WAM Shareholding Type  

Any person or entity who holds a share of a particular firm is called a shareholder. The type of shareholder is based on various parameters, like the legal jurisdiction of the person or entity holding them, the size of the share, and the share held by the entity or person.

In the case of 360 ONE WAM, the company has divided the shareholder type based on the legal jurisdiction of the person or entity holding them, so they have divided them into two broad categories. They are resident shareholders and non-resident shareholders to simplify their tax process when giving dividend profits. 

Resident Shareholders

The resident shareholders are the persons or entities that are located within Indian jurisdiction and are governed by the Income Tax Act of 1961 and SEBI Regulations. So naturally, the dividend will be taxed according to the said rules; let’s look at them. 

• If the dividend amount exceeds 5000 rupees for the financial year 2023–24, it will be taxed accordingly. 
• If a person or entity has a valid PAN card, then 10% will be deducted. 
• If a person has been declared a specified person under 206AB, then they will be taxed at a 5% rate or twice the tax, whichever is higher.
• If a person or entity has an invalid PAN card, then 20% will be deducted. 
• If a person or entity submits Form 15G and fulfills certain conditions, they will be tax-exempt. For persons aged over 60, they need to submit a 15H form and fulfill certain criteria.
• If insurance companies hold shares, then they need to submit the IRDA registration copy and a self-attested PAN to get tax-exempt. 
• Mutual funds that hold shares and are governed under Section 10(23D) of the Income Tax Act, 1961, need to submit a self-attested copy of their PAN card and registration certificate to get tax exemption.
• An Alternative Investment Fund (AIF) that holds shares and is governed through Section 10 (23FBA) of the Income Tax Act, 1961, needs to submit a self-attested copy of their PAN card and registration certificate to get tax exemption. 

Non-Resident Shareholders

Non-resident shareholders who are foreign portfolio investors (FPI) and foreign institutional investors (FII) will be subject to a 20% tax with a surcharge and cess, or tax treaty rate, whichever is lower.

They also need to submit the 10F form. They need to have a PAN card and a valid tax residency certificate to get the dividend amount after duly paying the taxes as per Indian jurisdiction. 

360 ONE WAM Board of Directors Meeting

The company held its Board of Directors meeting on April 23rd and discussed the audited and unaudited report for the financial year March 31, 2024, as well as the dividend amount that is entitled to be given.

Approved the appointment of Mrs. Revathy Ashok as non-executive, independent director from April 23, 2024, to April 22, 2029. In the board meeting, the company also discussed the removal of the executive directors at the end of their tenure, Mr. Nirmal Jain and Mr. Venkataraman Rajamani. The independent director, Dr. S. Narayan, will retire on June 22nd, owing to the end of his tenure.  

360 ONE WAM Financial Report for FY23- 24 

The company released its financial report for FY23–24, along with Q4 year-end reports that show the company has earned more revenue compared to the previous year. The company has attracted more than 400+ clients during the entire FY24 and has better wealth and asset management, according to the firm.

Mr. Karan Bhagat, MD, CEO, said that the company has reported the highest profit in the last 16 years and is actively trying to improve HNI growth in the Indian domestic market, apart from the Tier-1 cities. Below is the data for the quarter reports and the full financial report for FY23–24.