Quarterly report pursuant to Section 13 or 15(d)

CUSTOMER LIABILITIES

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CUSTOMER LIABILITIES
 9 Months Ended
Dec. 31, 2022
Contract with Customer, Liability [Abstract]  
CUSTOMER LIABILITIES CUSTOMER LIABILITIES
The Company recognizes customer liabilities associated with deposit funds of its brokerage and bank customers. As of December 31, 2022, and March 31, 2022, customer liabilities consisted of:
December 31, 2022
March 31, 2022
(Recasted)
Banking customers 1,026,605  246,284 
Brokerage customers $ 759,847  $ 519,344 
Total customer liabilities $ 1,786,452  $ 765,628 
As of December 31, 2022, banking customer liabilities consisted of demand deposits and term deposits of $697,736 and $328,869, respectively. As of March 31, 2022, banking customer liabilities consisted of demand deposits and term deposits of $155,494 and $90,790, respectively.
In accordance with Kazakhstan local law requirements, commercial banks conclude agreements with JSC Kazakhstan Deposit Insurance Fund ("KDIF"), under which banks have to pay commissions to KDIF on a recurring basis, the amount of which, depends on the term and demand deposits received by banks from the customers. Under the agreement, KDIF insures the term and demand deposits up to $43 to each customer. As at December 31, 2022 and March 31, 2022, respectively, Freedom Bank KZ had a total amount of insured bank deposits in amounts of $185,159 and $42,697 for all customers.