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FEE AND COMMISSION INCOME | 6 Months Ended
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Sep. 30, 2022
Receivables [Abstract] |
FEE AND COMMISSION INCOME/EXPENSE | FEE AND COMMISSION INCOME Fee and commission income is recognized when, or as, the Company satisfies its performance obligations by transferring the promised services to the customers. A service is transferred to a customer when, or as, the customer obtains control of that service. A performance obligation may be satisfied at a point in time or over time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that the Company determines the customer obtains control over the promised service. Revenue from a performance obligation satisfied over time is recognized by measuring the Company’s progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. The amount of revenue recognized reflects the consideration the Company expects to receive in exchange for those promised services (i.e., the “transaction price”). In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration, if any. The Company’s revenues from contracts with customers are recognized when the performance obligations are satisfied at an amount that reflects the consideration expected to be received in exchange for such services. The majority of the Company’s performance obligations are satisfied at a point in time and are typically collected from customers by debiting their brokerage account with the Company. Brokerage and bank services Commissions from brokerage services — The Company earns commission revenue by executing, settling and clearing transactions with clients primarily in exchange-traded and over-the-counter corporate equity and debt securities, money market instruments and exchange-traded options and futures contracts. Commissions from bank services — The Company earns bank commissions by executing client order for money transfer, purchase and sale of foreign currency, and other bank services. A substantial portion of the Company's revenue is derived from commissions from private clients through accounts with transaction-based pricing. Trade execution and clearing services, when provided together, represent a single performance obligation, as the services are not separately identifiable in the context of the contract. Commission revenue associated with combined trade execution and clearing services, as well as trade execution services on a standalone basis, are recognized at a point in time on trade date when the performance obligation is satisfied. Commission revenue is generally paid on settlement date, which is generally two business days after trade date for equity securities and corporate bond transactions and one day for government securities, options and commodities transactions. The Company records a receivable on the trade date and receives a payment on the settlement date. Investment Banking The Company earns underwriting revenues by providing capital raising solutions for corporate clients through initial public offerings, follow-on offerings, equity-linked offerings, private investments in public entities, and private placements. Underwriting revenues are recognized at a point in time on trade date, as the client obtains the control and benefit of the capital markets offering at that point. These fees are generally received within 90 days after the transactions are completed. Transaction-related expenses, primarily consisting of legal, travel and other costs directly associated with the transaction, are deferred and recognized in the same period as the related investment banking transaction revenue. Underwriting revenues and related expenses are presented gross on the condensed consolidated income statements. During the three and six months ended September 30, 2022, and September 30, 2021, fee and commission income was comprised of:
| Three months ended September 30, 2022 (Restated)
| Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Brokerage services | $ | 11,512 |  |  | $ | 62,781 |  |  | $ | 1,050 |  |  | $ | — |  |  | $ | 75,343 |
Bank services | 5,779 |  |  | — |  |  | — |  |  | — |  |  | 5,779 |
Underwriting and market-making services | 1,587 |  |  | — |  |  | — |  |  | — |  |  | 1,587 |
Other fee and commission income | 189 |  |  | 259 |  |  | — |  |  | — |  |  | 448 |
Total fee and commission income | $ | 19,067 |  |  | $ | 63,040 |  |  | $ | 1,050 |  |  | $ | — |  |  | $ | 83,157 |
| Six months ended September 30, 2022 (Restated)
| Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Brokerage services | $ | 15,115 |  |  | $ | 141,644 |  |  | $ | 2,184 |  |  | $ | — |  |  | $ | 158,943 |
Bank services | 9,592 |  |  | — |  |  | — |  |  | — |  |  | 9,592 |
Underwriting and market-making services | 3,230 |  |  | — |  |  | — |  |  | — |  |  | 3,230 |
Other fee and commission income | 322 |  |  | 516 |  |  | — |  |  | — |  |  | 838 |
Total fee and commission income | $ | 28,259 |  |  | $ | 142,160 |  |  | $ | 2,184 |  |  | $ | — |  |  | $ | 172,603 |
| Three months ended September 30, 2021 (Restated)
| Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Brokerage services | $ | 2,091 |  |  | $ | 86,057 |  |  | $ | 1,165 |  |  | $ | — |  |  | $ | 89,313 |
Bank services | 1,029 |  |  | — |  |  | — |  |  | — |  |  | 1,029 |
Underwriting and market-making services | 1,780 |  |  | — |  |  | — |  |  | — |  |  | 1,780 |
Other fee and commission income | 366 |  |  | 537 |  |  | — |  |  | — |  |  | 903 |
Total fee and commission income | $ | 5,266 |  |  | $ | 86,594 |  |  | $ | 1,165 |  |  | $ | — |  |  | $ | 93,025 |
| Six months ended September 30, 2021 (Restated)
| Central Asia |  | Europe |  | U.S. |  | Middle East/Caucasus |  | Total
Brokerage services | $ | 3,652 |  |  | $ | 156,762 |  |  | $ | 2,134 |  |  | $ | — |  |  | $ | 162,548 |
Bank services | 1,733 |  |  | — |  |  | — |  |  | — |  |  | 1,733 |
Underwriting and market-making services | 4,004 |  |  | — |  |  | — |  |  | — |  |  | 4,004 |
Other fee and commission income | 2,133 |  |  | 722 |  |  | — |  |  | — |  |  | 2,855 |
Total fee and commission income | $ | 11,522 |  |  | $ | 157,484 |  |  | $ | 2,134 |  |  | $ | — |  |  | $ | 171,140 |
Receivables and Contract Balances Receivables arise when the Company has an unconditional right to receive payment under a contract with a customer and are derecognized when the cash is received. Brokerage and other receivables are disclosed in Note 8 in the notes to condensed consolidated financial statements. Contract assets arise when the revenue associated with the contract is recognized before the Company’s unconditional right to receive payment under a contract with a customer (i.e., unbilled receivable) and are derecognized when either it becomes a receivable or the cash is received. As of September 30, 2022 and March 31, 2022, contract asset balances were not material. Contract liabilities arise when customers remit contractual cash payments in advance of the Company satisfying its performance obligations under the contract and are derecognized when the revenue associated with the contract is recognized either when a milestone is met triggering the contractual right to bill the customer or when the performance obligation is satisfied. As of September 30, 2022 and March 31, 2022, contract liability balances were not material.

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