Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Brokerage and other receivables, net BROKERAGE AND OTHER RECEIVABLES, NET
Brokerage and other receivables as of September 30, 2022, and March 31, 2022, consisted of:
September 30, 2022
March 31, 2022
Margin lending receivables $ 399,857  $ 138,983 
Receivables from brokerage clients 4,377  4,386 
Long-term installments receivables 1,287  1,367 
Receivable from sale of securities 866  884 
Bonds coupon receivable 636  — 
Bank commissions receivable 499  598 
Receivable for underwriting and market-making services 324  296 
Dividends accrued 45 
Other receivables 2,913  3,207 
Allowance for receivables (2,596) (2,107)
Total brokerage and other receivables, net $ 408,169  $ 147,659 

Margin lending receivables allow customers to borrow against the value of qualifying securities, primarily for the purpose of purchasing additional securities, as well as to collateralize short positions. Amounts may fluctuate from period to period as overall client balances change as a result of market levels, client positioning and leverage. Credit exposures arising from margin lending activities are generally mitigated by their short-term nature, the value of collateral held and our right to call for margin when collateral values decline.
As of September 30, 2022, and March 31, 2022, amounts due from a single related party customer were $327,487 and $102,680, respectively or 82% and 70% respectively, of total brokerage and other receivables, net. Approximately 97% and 95% of these balances were due from Freedom Securities Trading Inc. (formerly known as FFIN Brokerage Services, Inc.) (“FFIN Brokerage”), a company owned by the Company's controlling shareholder, chairman and chief executive officer, Timur Turlov. Based on historical data, the Company considers receivables due from related parties fully collectible. As of September 30, 2022, and March 31, 2022, using historical and statistical data, the Company recorded an allowance for brokerage receivables in the amounts of $2,596 and $2,107, respectively.