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The Indian market and the Indian economy are influenced by economic and market conditions in other
countries, particularly emerging market countries in Asia. Although economic conditions are different in
each country, investors’ reactions to developments in one country can have adverse effects on the
securities of companies in other countries, including India. A loss of investor confidence in the financial
systems of other emerging markets may cause increased volatility in Indian financial markets and,
indirectly, in the Indian economy in general. Any worldwide financial instability could also have a
negative impact on the Indian economy. Financial disruptions may occur again and could harm our
business, our future financial performance and the prices of the Equity Shares.

Changing laws, rules and regulations and legal uncertainties across the multiple jurisdictions we
operate in may adversely affect our business, results of operations, cash flows, financial condition and
prospects.

Our business, financial condition and results of operations could be adversely affected by changes in the
laws, rules, regulations or directions applicable to us and our business, the interpretations of such existing
laws, rules and regulations, or the promulgation of new laws, rules and regulations. The governmental
and regulatory bodies may notify new regulations or policies, which may require us to obtain approvals
and licenses from the government and other regulatory bodies, or impose onerous requirements and
conditions on our operations, in addition to those which we are undertaking currently, or change the
manner in which we conduct KYC or authenticate our customers. Any such changes and the related
uncertainties with respect to the implementation of new regulations may have an adverse effect on our
business, results of operations, cash flows, financial condition and prospects.

Further, we are subject to various labour laws and regulations governing our relationships with our
employees and contractors, including in relation to minimum wages, working hours, overtime, working
conditions, hiring and terminating the contracts of employees and contractors, contract labour and work
permits. Our full-time employees are employed by us and are entitled to statutory employment benefits.
In addition to our full-time employees, we use agencies for our outsourcing requirements and engage
persons on a contractual basis. A change of law that requires us to increase the benefits to the employees
from the benefits currently provided may create potentially liability for us. Such benefits could also
include provisions which reduce the number of hours an employee may work or increase the number of
mandatory casual leaves, which can all affect the productivity of the employees. A change of law that
requires us to treat and extend benefits to our outsourced personnel, and personnel retained on a
contractual basis, similar to our full-time employees may create potential liability for us. Moreover, our
failure to comply with current and future health and safety and labour laws and regulations at all times,
including obtaining relevant statutory and regulatory approvals, could adversely affect our business,
results of operations, cash flows, financial condition and prospects. For example, in September 2020, the
Government of India implemented a new legislation relating to social security and wages, the Code for
Social Security, which took effect beginning April 1, 2021 (the “Social Security Code”). The Social
Security Code affects overall employee expenses which, in turn, could impact our profitability. The
Social Security Code has introduced the novel concept of deemed remuneration, such that where an
employee receives more than half (or such other percentage as may be notified by the Government of
India) of such employee’s total remuneration in the form of allowances and other amounts that are not
included within the definition of wages under the Social Security Code, the excess amount received shall
be deemed as remuneration and accordingly added to wages for the purposes of the Social Security Code,
and the compulsory contribution made towards the employees provident fund. As an immediate
consequence, the Social Security Code could increase the financial burden on the employer and could
impact profitability. Similarly, the Government of India enacted ‘The Code on Wages, 2019’ which
received the assent of the President of India on August 8, 2019. While it proposes to subsume four
separate legislations, namely, the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the
Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976, it has not yet been completely
notified.

Additionally, the Government of India, in December 2019, published the Personal Data Protection Bill,
2019, which provides for a framework for protection of personal data and use of non-personal data and
seeks to, among others, lay down norms for cross-border transfer of personal data, define the scope of the
definition of personal data and non-personal data, establishment of a data protection authority and ensure
the accountability of entities processing personal data. Should such a framework be notified, our ability
to collect, use, disclose and transfer information with respect to our counterparties may be further
restricted. Our failure to take reasonable security precautions, safeguard personal information or collect
such information in the future may have an adverse effect on our business, results of operations, cash

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