Quarterly report pursuant to Section 13 or 15(d)

BROKERAGE AND OTHER RECEIVABLES, NET

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BROKERAGE AND OTHER RECEIVABLES, NET
 9 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
MARGIN LENDING, BROKERAGE AND OTHER RECEIVABLES, NET MARGIN LENDING, BROKERAGE AND OTHER RECEIVABLES, NET
Margin lending, brokerage and other receivables as of December 31, 2022, and March 31, 2022, consisted of:
December 31, 2022
March 31, 2022
(Recasted)
Margin lending receivables $ 393,659  $ 138,983 
Receivables from brokerage clients 6,624  4,386 
Bonds coupon receivable 1,977  — 
Bank commissions receivable 1,852  598 
Long-term installments receivables 1,184  1,367 
Receivable from sale of securities 858  884 
Receivable for underwriting and market-making services 526  296 
Dividends accrued —  45 
Other receivables 4,734  3,207 
Allowance for receivables (7,846) (2,107)
Total margin lending, brokerage and other receivables, net $ 403,568  $ 147,659 
Margin lending receivables are amounts owed to the Company from customers as a result of borrowings by such customers against the value of qualifying securities, primarily for the purpose of purchasing additional securities. 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.

The fair value of collateral received by the Company under margin loans as of December 31, 2022, and March 31, 2022 was $1,086,725 and $4,432,621, respectively.
As of December 31, 2022, and March 31, 2022, amounts due from a single related party customer were $161,139 and $107,649, respectively or 40% and 73% respectively, of total margin lending, 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 December 31, 2022, and March 31, 2022, using historical and statistical data, the Company recorded an allowance for brokerage receivables in the amounts of $7,846 and $2,107, respectively.