Freedom Holding (FRHC) 10-K 31 May 22 2022 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Mar. 31, 2022	May 27, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Mar. 31, 2022
Current Fiscal Year End Date	--03-31
Document Transition Report	false
Entity File Number	001-33034
Entity Registrant Name	FREEDOM HOLDING CORP.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	30-0233726
Entity Address, Address Line One	“Esentai Tower” BC, Floor 7
Entity Address, Address Line Two	77/7 Al Farabi Ave
Entity Address, City or Town	Almaty
Entity Address, Country	KZ
Entity Address, Postal Zip Code	050040
City Area Code	+7 727
Local Phone Number	311 10 64
Title of 12(b) Security	Common
Trading Symbol	FRHC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float	$ 1,004,696,511
Entity Common Stock, Shares Outstanding		59,542,212
Documents Incorporated by Reference	March 31, 2022.
Entity Central Index Key	0000924805
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Mar. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	374
Auditor Name	WSRP, LLC
Auditor Location	Salt Lake City, Utah

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
ASSETS
Cash and cash equivalents	$ 625,547	$ 698,828
Restricted cash	553,680	437,958
Trading securities	1,203,479	736,188
Available-for-sale securities, at fair value	1	1
Brokerage and other receivables, net	357,567	64,801
Loans issued	94,797	11,667
Deferred tax assets	12,018	0
Fixed assets, net	21,365	18,385
Intangible assets, net	5,791	9,785
Goodwill	5,388	7,868
Right-of-use asset	15,669	13,262
Other assets, net	25,707	19,902
TOTAL ASSETS	2,921,009	2,018,645
LIABILITIES AND SHAREHOLDERS' EQUITY
Securities repurchase agreement obligations	775,178	426,715
Customer liabilities	1,417,937	1,163,697
Trade payables	45,229	22,304
Current income tax liability	14,556	14,843
Securities sold, not yet purchased - at fair value	14,103	8,592
Loans received	3,538	3,373
Debt securities issued	99,027	68,443
Lease liability	15,315	13,249
Deferred income tax liabilities	0	4,385
Deferred distribution payments	8,534	8,534
Other liabilities	19,917	8,839
TOTAL LIABILITIES	2,413,334	1,742,974
Commitments and Contingent Liabilities (Note 27)	0	0
SHAREHOLDERS' EQUITY
Preferred stock - $0.001 par value; $20,000,000 shares authorized, no shares issued or outstanding	0	0
Common stock - $0.001 par value; 500,000,000 shares authorized; 59,542,212 and 58,443,212 shares issued and outstanding as of March 31, 2022 and 2021, respectively	59	58
Additional paid in capital	141,340	104,672
Retained earnings	426,563	208,628
Accumulated other comprehensive loss	(53,291)	(36,046)
TOTAL EQUITY ATTRIBUTABLE TO THE COMPANY	514,671	277,312
Non-controlling interest	(6,996)	(1,641)
TOTAL SHAREHOLDERS' EQUITY	507,675	275,671
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 2,921,009	$ 2,018,645

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	59,542,212	58,443,212
Common stock, outstanding (in shares)	59,542,212	58,443,212

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND STATEMENTS OF OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Revenue:
Fee and commission income	$ 431,938	$ 271,939	$ 92,668
Net gain on trading securities	77,671	46,186	14,923
Interest income	91,801	30,873	12,134
Net (loss)/gain on foreign exchange operations	(37,693)	3,428	2,315
Net gain/(loss) on derivatives	946	125	(138)
TOTAL REVENUE, NET	564,663	352,551	121,902
Expense:
Fee and commission expense	81,231	73,100	21,936
Interest expense	75,899	27,366	12,399
Operating expense	161,593	77,434	59,990
Provision for impairment losses/(recoveries)	2,985	1,561	(1,164)
Other expense, net	6,061	68	609
TOTAL EXPENSE	327,769	179,529	93,770
NET INCOME BEFORE INCOME TAX	236,894	173,022	28,132
Income tax expense	(25,525)	(30,098)	(6,002)
NET INCOME	211,369	142,924	22,130
Less: Net (loss)/income attributable to non-controlling interest in subsidiary	(6,566)	631	(2,707)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	217,935	142,293	24,837
OTHER COMPREHENSIVE INCOME
Change in unrealized gain on investments available-for-sale, net of tax effect	0	0	(71)
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect	0	71	0
Foreign currency translation adjustments, net of tax effect	(17,245)	1,857	(14,851)
COMPREHENSIVE INCOME BEFORE NON-CONTROLLING INTERESTS	194,124	144,852	7,208
Less: Comprehensive (loss)/income attributable to non-controlling interest in subsidiary	(6,566)	631	(2,707)
COMPREHENSIVE INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 200,690	$ 144,221	$ 9,915
BASIC NET INCOME PER COMMON SHARE (In US Dollars)	$ 3.56	$ 2.45	$ 0.38
DILUTED NET INCOME PER COMMON SHARE (In US Dollars)	$ 3.56	$ 2.45	$ 0.38
Weighted average number of shares, basic (in shares)	59,378,207	58,388,445	58,163,691
Weighted average number of shares, diluted (in shares)	59,378,207	58,442,921	58,251,588

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional paid in capital	Retained earnings	Accumulated other comprehensive loss	Non-controlling interest
Shares issued, beginning of period (in shares) at Mar. 31, 2019		58,043,212
Equity, beginning of period at Mar. 31, 2019	$ 117,597	$ 58	$ 99,093	$ 41,498	$ (23,052)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation (in shares)		0
Stock based compensation	2,625	$ 0	2,625
Share based payment	1,052		1,052
Share based payment (in shares)		85,000
Exercise of options (in shares)		230,000
Exercise of options	455		455
Sale of Freedom UA shares	100		(335)			435
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect	0
Translation difference	(14,851)				(14,851)
Change in unrealized gain on available-for-sale securities, net of tax effect	(71)				(71)
Net income	22,130			24,837		(2,707)
Shares issued, end of period (in shares) at Mar. 31, 2020		58,358,212
Equity, end of period at Mar. 31, 2020	129,037	$ 58	102,890	66,335	(37,974)	(2,272)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation (in shares)		15,000
Stock based compensation	1,147		1,147
Share based payment (in shares)		10,000
Share based payment	517		517
Exercise of options (in shares)		60,000
Exercise of options	118		118
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect	71				71
Translation difference	1,857				1,857
Net income	142,924			142,293		631
Shares issued, end of period (in shares) at Mar. 31, 2021		58,443,212
Equity, end of period at Mar. 31, 2021	275,671	$ 58	104,672	208,628	(36,046)	(1,641)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation (in shares)		1,039,000
Stock based compensation	15,746	$ 1	15,745
Share based payment	21,600		21,600
Exercise of options (in shares)		60,000
Exercise of options	119		119
Sale of Freedom UA shares	415		(796)			1,211
Reclassification adjustment relating to available-for-sale investments disposed of in the period, net of tax effect	0
Translation difference	(17,245)				(17,245)
Net income	211,369			217,935		(6,566)
Shares issued, end of period (in shares) at Mar. 31, 2022		59,542,212
Equity, end of period at Mar. 31, 2022	$ 507,675	$ 59	$ 141,340	$ 426,563	$ (53,291)	$ (6,996)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities
Net income	$ 211,369,000	$ 142,924,000	$ 22,130,000
Adjustments to reconcile net income from operating activities:
Depreciation and amortization	4,647,000	3,825,000	2,658,000
Noncash lease expense	8,146,000	6,136,000	6,298,000
Subsidiaries goodwill impairment	2,300,000	0	0
Client base write-off	3,125,000	0	0
Loss on sale of fixed assets	0	0	201,000
Change in deferred taxes	(17,462,000)	2,737,000	545,000
Stock compensation expense	15,745,000	1,147,000	2,625,000
Share based payment	0	517,000	1,052,000
Unrealized loss/(gain) on trading securities	101,545,000	(6,919,000)	7,847,000
Net change in accrued interest	2,158,000	(13,074,000)	(816,000)
Allowance/(recovery) for receivables	2,985,000	1,561,000	(1,164,000)
Changes in operating assets and liabilities:
Trading securities	(654,027,000)	(507,493,000)	(22,870,000)
Brokerage and other receivables, net	(313,687,000)	49,303,000	(47,089,000)
Loans purchased from microfinance organization	(59,839,000)	0	0
Loans sold to microfinance organization	12,107,000	0	0
Loans issued	(44,270,000)	(850,000)	(7,787,000)
Other assets, net	(7,812,000)	(8,780,000)	(5,619,000)
Securities sold, but not yet purchased - at fair value	5,535,000	8,532,000	0
Customer liabilities	352,533,000	860,438,000	115,844,000
Current income tax liability	(280,000)	12,147,000	650,000
Trade payables	23,422,000	15,060,000	(23,933,000)
Changes in lease liability	(8,585,000)	(5,997,000)	(6,474,000)
Other liabilities	12,357,000	4,085,000	173,000
Net cash flows (used in)/ from operating activities	(347,988,000)	565,299,000	44,271,000
Cash Flows From/(Used by) Investing Activities
Purchase of fixed assets	(9,037,000)	(4,163,000)	(4,631,000)
Proceeds from sale of fixed assets	334,000	91,000	285,000
Proceeds from sale/(purchase) of available-for-sale securities, at fair value	0	6,437,000	(6,508,000)
Purchase of intangible assets	0	0	0
Consideration paid for Zerich	0	(7,110,000)	0
Consideration paid for PrimeEx	0	(2,500,000)	0
Consideration paid for Freedom Bank KZ	0	(53,097,000)	0
Cash, cash equivalents and restricted cash received from acquisitions	0	157,382,000	0
Net cash flows (used in)/from investing activities	(8,703,000)	97,040,000	(10,854,000)
Cash Flows From Financing Activities
Repurchase/(repayment) of securities repurchase agreement obligations	401,468,000	349,717,000	(16,730,000)
Proceeds from issuance of debt securities	47,200,000	3,626,000	62,970,000
Repurchase of debt securities	(16,703,000)	(8,350,000)	(9,578,000)
Capital contributions	21,600,000	0	0
Exercise of options	119,000	118,000	455,000
Proceeds from loans received	0	3,300,000	0
Repayment of loans received	0	0	(4,008,000)
Net cash flows from financing activities	453,684,000	348,411,000	33,109,000
Effect of changes in foreign exchange rates on cash and cash equivalents	(54,552,000)	(3,769,000)	(25,141,000)
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	42,441,000	1,006,981,000	41,385,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD	1,136,786,000	129,805,000	88,420,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD	1,179,227,000	1,136,786,000	129,805,000
Supplemental disclosure of cash flow information:
Cash paid for interest	(35,165,000)	(23,903,000)	(9,538,000)
Income taxes paid	(48,673,000)	(15,044,000)	(5,286,000)
Supplemental non-cash disclosures:
Operating lease right-of-use assets obtained in exchange for operating lease obligations on adoption of new lease standard	0	0	16,979,000
Operating lease right-of-use assets obtained/disposed of in exchange for operating lease obligations during the period, net	11,016,000	3,439,000	4,722,000
Cash and cash equivalents	625,547,000	698,828,000	63,208,000
Restricted cash	553,680,000	437,958,000	66,597,000
Total cash, cash and cash equivalents and restricted cash shown in the statement of cash flows	$ 1,179,227,000	$ 1,136,786,000	$ 129,805,000

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Overview Freedom Holding Corp. (the "Company" or "FRHC") is a corporation organized in the United States under the laws of the State of Nevada that through its operating subsidiaries provides financial services including retail securities brokerage, research, investment counseling, securities trading, market making, retail banking, corporate investment banking and underwriting services in Eurasia. The Company is headquartered in Almaty, Kazakhstan, with supporting administrative office locations in Russia, Cyprus and the United States. The Company has retail locations in Kazakhstan, Russia, Ukraine, Uzbekistan, Kyrgyzstan, Azerbaijan, Armenia, Cyprus, the UK, Greece, Spain, France and Germany. The Company also owns an U.S. Securities and Exchange Commission ("SEC") registered broker dealer. The Company's common stock trades on the Nasdaq Capital Market. As of March 31, 2022, the Company owned directly, or through subsidiaries, the following companies: • Investment Company Freedom Finance LLC, a Moscow, Russia-based securities broker-dealer ("Freedom RU"); • FFIN Bank LLC, a Moscow, Russia-based bank ("Freedom Bank RU"); • Freedom Finance JSC, an Almaty, Kazakhstan-based securities broker-dealer ("Freedom KZ"); • Freedom Finance Global PLC, an Astana International Financial Centre-based securities broker-dealer, ("Freedom Global"); • Bank Freedom Finance Kazakhstan JSC, an Almaty, Kazakhstan-based bank ("Freedom Bank KZ"); • Freedom Finance Special Purpose Company LTD, an Astana International Financial Centre-based special purpose company ("Freedom SPC"); • Freedom Finance Commercial LLP, a Kazakhstan-based sales consulting company ("Freedom Commercial"); • Freedom Finance Europe Limited, a Limassol, Cyprus-based broker-dealer ("Freedom EU"); • Freedom Finance Technologies Ltd, a Limassol, Cyprus-based IT development company ("Freedom Technologies"); • Freedom Finance Germany GmbH, a Berlin, Germany-based tied agent of Freedom EU ("Freedom GE"); • Freedom UK Prime Limited, a London, United Kingdom-based financial intermediary company ("Prime UK"); • Freedom Finance Uzbekistan LLC, a Tashkent, Uzbekistan-based broker-dealer ("Freedom UZ"); • Freedom Finance Azerbaijan LLC, an Azerbaijan-based financial educational center ("Freedom AZ"); • Freedom Finance Armenia LLC, an Armenia-based broker-dealer ("Freedom AR"); • Prime Executions, Inc., a New York City, New York-based NYSE institutional brokerage, that recently received approval to engage in certain capital markets and investment banking activities ("PrimeEx"); and • FFIN Securities, Inc., a currently-dormant Nevada corporation ("FFIN"). The Company also owns a 9% interest in Freedom Finance Ukraine LLC, a Kiev, Ukraine-based broker-dealer ("Freedom UA"). The remaining 91% interest in Freedom UA is owned by Askar Tashtitov, the Company's president. The Company has entered into a series of contractual arrangements with Freedom UA and Mr. Tashtitov, including a consulting services agreement, an operating agreement and an option agreement. Because such agreements obligate the Company to guarantee the performance of all Freedom UA obligations and provide Freedom UA sufficient funding to cover all Freedom UA operating losses and net capital requirements, enable the Company to receive 90% of the net profits of Freedom UA after tax, and require the Company to provide Freedom UA the management competence, operational support, and ongoing access to the Company's significant assets, necessary technology resources and expertise to conduct the business of Freedom UA, the Company accounts for Freedom UA as a variable interest entity ("VIE") under the accounting standards of the Financial Accounting Standards Board ("FASB"). Accordingly, the financial statements of Freedom UA are consolidated into the financial statements of the Company. Prior to July 2021 we owned approximately 32.9% of Freedom UA, but due to changes to Ukrainian regulations restricting foreign ownership of registered Ukrainian broker-dealers, in July 2021 we were required to sell approximately 23.9% of our equity interest in Freedom UA to Mr. Tashtitov, reducing our direct ownership interest in Freedom UA to approximately 9%. We have determined to divest our interest in our Russian subsidiaries, Freedom RU and Freedom Bank RU. For additional financial information regarding our Russian subsidiaries see Note 28 - Segment Reporting and " Divestiture of Russian Subsidiaries" in Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II Item 7 of the annual report. The Company's subsidiaries are participants on the Kazakhstan Stock Exchange (KASE), Astana Stock Exchange (AIX), Moscow Exchange (MOEX), Saint-Petersburg Exchange (SPBX), the Ukrainian Exchange (UX), the Republican Stock Exchange of Tashkent (UZSE) and the Uzbek Republican Currency Exchange (UZCE) and members of the New York Stock Exchange (NYSE) and Nasdaq Stock Exchange (Nasdaq). We also own a 24.3% interest in the UX. Freedom EU serves to provide the Company's clients with operations support and access to the investment opportunities, relative stability, and integrity of the U.S. and European securities markets. Unless otherwise specifically indicated or as is otherwise contextually required, FRHC, Freedom RU, Freedom Bank RU, Freedom KZ, Freedom Global, Freedom Bank KZ, Freedom EU, Prime UK, Freedom GE, Freedom UZ, PrimeEx, Freedom Technologies, Freedom AZ, FFIN, Freedom SPC, Freedom Commercial, Freedom AR and Freedom UA collectively referred to herein as the "Company".

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting principles The Company's accounting policies and accompanying consolidated financial statements conform to accounting principles generally accepted in the United States of America (U.S. GAAP). These financial statements have been prepared on the accrual basis of accounting. Basis of presentation and principles of consolidation The Company's consolidated financial statements present the consolidated accounts of FRHC, Freedom RU, Freedom Bank RU, Freedom KZ, Freedom Global, Freedom Bank KZ, Freedom EU, Freedom GE, Freedom UZ, PrimeEx, Freedom Technologies, Freedom AZ, FFIN, Freedom SPC, Freedom Commercial, Freedom AR and Freedom UA. All significant inter-company balances and transactions have been eliminated from the consolidated financial statements. Consolidation of variable interest entities In accordance with accounting standards regarding consolidation of variable interest entities ("VIEs"), VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. VIEs must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that the estimates utilized in preparing the Company's financial statements are reasonable and prudent. Actual results could differ from those estimates. Revenue and expense recognition Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services promised to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. A significant portion of the Company's revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as loans and investment securities, as these activities are subject to other U.S. GAAP guidance discussed elsewhere within these disclosures. Descriptions of the Company's revenue-generating activities that are within the scope of ASC Topic 606, which are presented in the Consolidated Statements of Operations and Statements of Other Comprehensive Income as components of non-interest income are as follows: • Commissions on brokerage services; • Commissions on banking services (money transfers, foreign exchange operations and other); and • Commissions on investment banking services (underwriting, market making, and bondholders' representation services). Under Topic 606, the Company is required to recognize incentive fees when they are probable and there is not a significant chance of reversal in the future. The Company recognizes revenue in accordance with the core principle by applying the following steps: • Step 1: Identify the contract(s) with a customer - A contract is an agreement between two or more parties that creates enforceable rights and obligations. • Step 2: Identify the performance obligations in the contract - A contract includes promises to transfer goods or services to a customer. If those goods or services are distinct, the promises are performance obligations and are accounted for separately. • Step 3: Determine the transaction price - The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price can be a fixed amount of customer consideration, but it may sometimes include variable consideration or consideration in a form other than cash. The transaction price also is adjusted for the effects of the time value of money if the contract includes a significant financing component and for any consideration payable to the customer. If the consideration is variable, an entity estimates the amount of consideration to which it will be entitled in exchange for the promised goods or services. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. • Step 4: Allocate the transaction price to the performance obligations in the contract - An entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone selling price is not observable, an entity estimates it. Sometimes, the transaction price includes a discount or a variable amount of consideration that relates entirely to a part of the contract. • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation - An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer services to a customer). For performance obligations satisfied over time, an entity recognizes revenue over time by selecting an appropriate method for measuring the entity's progress toward complete satisfaction of that performance obligation. Interest income Interest income on loans issued, trading securities and reverse repurchase agreement obligations are recognized based on the contractual provisions of the underlying arrangements. Loan premiums and discounts are deferred and generally amortized into interest income as yield adjustments over the contractual life and/or commitment period using the effective interest method. Unamortized premiums, discounts and other basis adjustments on trading securities are generally recognized in interest income over the contractual lives of the securities using the effective interest method. Loans The Company's loan portfolio is divided into three portfolio segments: credit cards, mortgages and retail banking loans. Credit cards consist of loans provided to individuals and businesses through the cards. Mortgage loans consist of loans provided to individuals to purchase real estate, which is used as collateral for the loan. Retail banking loans consist of unsecured loans provided to individuals. Loans Acquired All purchased loans are initially recorded at fair value, which includes consideration of expected future losses, at the date of the loan acquisition. To determine the fair value of loans at the date of acquisition, the Company estimates the discounted contractual cash flows due using an observable market rate of interest, adjusted for factors such as probable default rates of the borrowers, and the loan terms that a market participant would consider in determining fair value. In determining fair value, contractual cash flows are adjusted to include prepayment estimates based upon historical payment trends, forecasted default rates and loss severities and other relevant factors. The difference between the fair value and the contractual cash flows is recorded as a loan premium or discount, which may relate to either credit or non-credit factors, at acquisition. The Company accounts for purchased loans under the accounting guidance for purchased financial assets with credit deterioration when, at the time of purchase, the loans have experienced a more-than-insignificant deterioration in credit quality since origination. The Company recognizes an allowance for credit losses on purchased loans that have not experienced a more-than-insignificant deterioration in credit quality since origination at the time of purchase through earnings in a manner that is consistent with originated loans. The policies relating to the allowance for credit losses on loans is described below in the "Estimate of Incurred Loan Losses" section of this Note. Estimate of Incurred Loan Losses The allowance represents management's current estimate of incurred loan losses inherent in the Company's loan portfolio as of each balance sheet date. The provision for credit losses reflects credit losses the Company believes have been incurred and will eventually be recognized over time through charge-offs. Management performed a quarterly analysis of the Company's loan portfolio to determine if impairment had occurred and to assess the adequacy of the allowance based on historical and current trends as well as other factors affecting credit losses. The Company applied separate calculations of the allowances for its credit cards, mortgages and retail loan portfolios. Based on the adopted methodology, the Company estimated the probability of default based on historical default rates, adjusted for certain macro indicators, such as GDP, average exchange rates, unemployment rate and real wage index. Loss given default is calculated based on the collateral coverage of the loans. The Company's allowance for loan losses consists of two components that are allocated to cover the estimated probable losses in each loan portfolio based on the results of the Company's detailed review and loan impairment assessment process: (i) a component for loans collectively evaluated for impairment; and (ii) an asset-specific component for individually impaired loans. Derivative financial instruments In the normal course of business, the Company invests in various derivative financial contracts including futures. Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each reporting date. The fair values are estimated based on quoted market prices or pricing models that take into account the current market and contractual prices of the underlying instruments and other factors. Derivatives are carried as assets when their fair value is positive and as liabilities when it is negative. Functional currency Management has adopted ASC 830, Foreign Currency Translation Matters as it pertains to its foreign currency translation. The Company's functional currencies are the Russian ruble, European euro, U.S. dollar, Ukrainian hryvnia, Uzbekistani som, Kazakhstan tenge, Kyrgyzstani som, Azerbaijani manat and Armenian dram, Great Britain pound, Armenian dram and its reporting currency is the U.S. dollar. For financial reporting purposes, foreign currencies are translated into U.S. dollars as the reporting currency. Monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity as "Accumulated other comprehensive loss". Cash and cash equivalents Cash and cash equivalents are generally comprised of certain highly liquid investments with maturities of three months or less at the date of purchase. Cash and cash equivalents include reverse repurchase agreements which are recorded at the amounts at which the securities were acquired or sold plus accrued interest. Securities reverse repurchase and repurchase agreements A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller for an amount equal to the cash or other consideration exchanged plus interest at a future date. Securities purchased under reverse repurchase agreements are accounted for as collateralized financing transactions and are recorded at the contractual amount for which the securities will be resold, including accrued interest. Financial instruments purchased under reverse repurchase agreements are recorded in the financial statements as cash placed on deposit collateralized by securities and classified as cash and cash equivalents in the Consolidated Balance Sheets. A repurchase agreement is a transaction in which the Company sells financial instruments to another party, typically in exchange for cash, and simultaneously enters into an agreement to reacquire the same or substantially the same financial instruments from the buyer for an amount equal to the cash or other consideration exchanged plus interest at a future date. These agreements are accounted for as collateralized financing transactions. The Company retains the financial instruments sold under repurchase agreements and classifies them as trading securities in the Consolidated Balance Sheets. The consideration received under repurchase agreements is classified as securities repurchase agreement obligations in the Consolidated Balance Sheets. The Company enters into reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions to, among other things, acquire securities to leverage and grow its proprietary trading portfolio, cover short positions and settle other securities obligations, to accommodate customers' needs and to finance its inventory positions. The Company enters into these transactions in accordance with normal market practice. Under standard terms for repurchase transactions, the recipient of collateral has the right to sell or repledge the collateral, subject to returning equivalent securities on settlement of the transaction. Available-for-sale securities Financial assets categorized as available-for-sale ("AFS") are non-derivatives that are either designated as available-for-sale or not classified as (a) loans and receivables, (b) held to maturity investments or (c) trading securities. Listed shares and listed redeemable notes held by the Company that are traded in an active market are classified as AFS and are stated at fair value. The Company has investments in unlisted shares that are not traded in an active market but that are also classified as investments AFS and stated at fair value (because Company management considers that fair value can be reliably measured). Gains and losses arising from changes in fair value are recognized in other comprehensive income and accumulated in the Accumulated other comprehensive loss, with the exception of other-than-temporary impairment losses, interest calculated using the effective interest method, dividend income and foreign exchange gains and losses are recognized in the Consolidated Statements of Operations and Statements of Other Comprehensive Income. When the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously accumulated in the investments' revaluation reserve is then reclassified to Condensed Consolidated Statements of Operations and Statements of Other Comprehensive Income. Trading securities Financial assets are classified as trading securities if the financial asset has been acquired principally for the purpose of selling it in the near term. Trading securities are stated at fair value, with any gains or losses arising on remeasurement recognized in revenue. Changes in fair value are recognized in the Consolidated Statements of Operations and Statements of Other Comprehensive Income and included in net gain on trading securities. Interest earned and dividend income are recognized in the Consolidated Statements of Operations and Statements of Other Comprehensive Income and included in interest income, according to the terms of the contract and when the right to receive the payment has been established. Investments in nonconsolidated managed funds are accounted for at fair value based on the net asset value of the funds provided by the fund managers with gains or losses included in net gain on trading securities in the Consolidated Statements of Operations and Statements of Other Comprehensive Income. Margin lending The Company engages in securities financing transactions with and for clients through margin lending. Under agreements, the Company is permitted to sell or repledge securities received as collateral and use these securities to secure securities acquired under resale agreements, enter into securities lending transactions or deliver these securities to counterparties to cover short positions. Debt securities issued Debt securities issued are initially recognized at the fair value of the consideration received, less directly attributable transaction costs. Subsequently, amounts due are stated at amortized cost and any difference between net proceeds and the redemption value is recognized over the period of the borrowings using the effective interest method. If the Company purchases its own debt it is removed from the Consolidated Balance Sheets and the difference between the carrying amount of the liability and the consideration paid is recognized in the Consolidated Statements of Operations and Statements of Other Comprehensive Income. Brokerage and other receivables Brokerage and other receivables comprise commissions and receivables related to the securities brokerage and banking activity of the Company. At initial recognition, brokerage and other receivables are recognized at fair value. Subsequently, brokerage and other receivables are carried at cost net of any allowance for impairment losses. Derecognition of financial assets A financial asset (or, where applicable a part of a financial asset or a part of a group of similar financial assets) is derecognized where all of the following conditions are met: • The transferred financial assets have been isolated from the Company - put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership. • The transferee has rights to pledge or exchange financial assets. • The Company or its agents do not maintain effective control over the transferred financial assets or third-party beneficial interests related to those transferred assets. Where the Company has not met the asset derecognition conditions above, it continues to recognize the asset to the extent of its continuing involvement. Impairment of long-lived assets In accordance with the accounting guidance for the impairment or disposal of long-lived assets, the Company periodically evaluates the carrying value of long-lived assets to be held and used when events and circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when the fair value from such asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost of disposal. As of March 31, 2022, the Company recognized write-off expenses of client base that was recognized with the acquisition of Zerich in the amount of $3,125 due to economic uncertainty during our fourth fiscal quarter stemming from the Russia/Ukraine Conflict, Impairment of goodwill As of March 31, 2022 and 2021, goodwill recorded in the Company's Consolidated Balance Sheets totaled $5,388 and $7,868 respectively. The Company performs an impairment review at least annually unless indicators of impairment exist in interim periods. The impairment test for goodwill uses a two-step approach. Step one compares the estimated fair value of a reporting unit with goodwill to its carrying value. If the carrying value exceeds the estimated fair value, step two must be performed. Step two compares the carrying value of the reporting unit to the fair value of all of the assets and liabilities of the reporting unit as if the reporting unit was acquired in a business combination. If the carrying amount of a reporting unit's goodwill exceeds the implied fair value of its goodwill, an impairment loss is recognized in an amount equal to the excess. In its annual goodwill impairment test, the Company estimated the fair value of the reporting unit based on the income approach (also known as the discounted cash flow method) and determined the fair value of the Company's goodwill exceeded the carrying amount of the Company's goodwill. During the year ended March 31, 2022, the conflict between Russia and Ukraine escalated, and military operations began on the territory of Ukraine. The conflict resulted in sanctions being imposed on Russia. As a result of this conflict, the Company's subsidiaries operating in Russia and Ukraine incurred significant losses. The current uncertainty surrounding the conflict between Russia and Ukraine makes it difficult to perform reasonable projections of future income and expenses of the Russian and Ukrainian subsidiaries. The Company recognized impairment loss for the goodwill previously recognized for Freedom Bank RU, Freedom UA and Zerich in the amount of $2,300 through other expenses,net as presented on the consolidated statements of operations and statements of other comprehensive income. The goodwill value at March 31, 2022 decreased compared to March 31, 2021, due to impairment of goodwill of Freedom Bank RU, Freedom UA, Zerich and foreign exchange currency translation. The changes in the carrying amount of goodwill for the year ended March 31, 2022, were as follows: Amount Balance as of March 31, 2021 $ 7,868 Impairment of goodwill of Zerich, Freedom Bank RU and Freedom UA (2,300) Foreign currency translation (180) Balance as of March 31, 2022 $ 5,388 Income taxes The Company recognizes deferred tax liabilities and assets based on the difference between the financial statements and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. Current income tax expenses are provided for in accordance with the laws of the relevant taxing authorities. As part of the process of preparing financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. The Company accounts for income taxes using the asset and liability approach. Under this method, deferred income taxes are recognized for tax consequences in future years based on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements at each year-end and tax loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable for the differences that are expected to affect taxable income. The Company will include interest and fines arising from the underpayment of income taxes in the provision for income taxes (if anticipated). As of March 31, 2022 and 2021, the Company had no accrued interest or fines related to uncertain tax positions. The Global Intangible Low-Taxed Income ("GILTI") provisions of the Tax Reform Act require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary's tangible assets. The Company has presented the deferred tax impacts of GILTI tax in its consolidated financial statements as of March 31, 2022 and 2021. Financial instruments Financial instruments are carried at fair value as described below. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. Fair value is the current bid price for financial assets, current ask price for financial liabilities and the average of current bid and ask prices when the Company is both in short and long positions for the financial instrument. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange or other institution and those prices represent actual and regularly occurring market transactions on an arm's length basis. Leases The Company follows ASU No. 2016-02, "Leases (Topic 842)," which requires leases with durations greater than twelve months to be recognized on the balance sheet. Operating lease assets and corresponding lease liabilities were recognized on the Company's Consolidated Balance Sheets. Refer to Note 26 - Leases, within the notes to consolidated financial statements for additional disclosure and significant accounting policies affecting leases. Fixed assets Fixed assets are carried at cost, net of accumulated depreciation. Maintenance, repairs, and minor renewals are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range between three Segment information Historically, the Company's chief operating decision maker ("CODM"), who is its chief executive officer, has operated the Company as a single operating segment offering financial services to its customers in a single geographic region covering Eurasia. In conjunction with the decision to divest the Company of its Russian subsidiaries, and its continued expansion, the Company has restructured its operations into five geographical regions ("segments"): Kazakhstan, Europe, the U.S., Middle East/Causcasus, and Russia ( until completion of planned divestiture). Moving forward after completion of the divestiture of its Russia subsidiaries, the Company will manage its operations in three regional segments, Kazakhstan, Europe, the U.S. and Middle East/Caucasus. In order to determine appropriate segment disclosure ASC 280-10-55-26 the Company followed steps: • Identified operating segments using the management approach; • Determined whether two or more operating segments may be aggregated into a single operating segment; • Applied the quantitative thresholds and other criteria to determine reportable segments; • Considered what information should be disclosed for each reportable segment; • Considered what information should be disclosed on an entity-wide basis. Advertising expense For the years ended March 31, 2022, 2021 and 2020 the Company had expenses related to advertising in the amount of $17,144, $6,897 and $5,635 respectively. All costs associated with advertising are expensed in the period incurred. Recent accounting pronouncements In June 2016 the FASB issued Accounting Standards Update No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. That methodology replaces the probable, incurred loss model for those assets. In November 2019, the FASB issued ASU 2019-10 "Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)". The Board developed a philosophy to extend and simplify how effective dates are staggered between larger public companies (bucket one) and all other entities (bucket two). Those other entities include private companies, smaller public companies, not-for-profit organizations, and employee benefit plans. Under this philosophy, a major update would first be effective for bucket-one entities, that is, public business entities that are SEC filers, excluding entities eligible to be smaller reporting companies (SRCs) under the SEC's definition. The Master Glossary of the Codification defines public business entities and SEC filers. All other entities, including SRCs, other public business entities, and nonpublic business entities (private companies, not-for-profit organizations, and employee benefit plans) would compose bucket two. For those entities, it is anticipated that the Board will consider requiring an effective date staggered at least two years after bucket one for major updates. The Company is currently an SRC and according to ASU 2019-10, qualifies for bucket two. Accordingly, ASU 2016-13 and ASU 2017-12 are effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact that ASU 2016-13 and 2017-12 will have on its consolidated financial statements and related disclosures. In May 2021 the FASB issued Accounting Standards Update No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, a consensus of the Emerging Issues Task Force (EITF) , which amends the FASB Accounting Standards Codification (ASC or the"Codification") to provide explicit guidance, and, thus, reduce diversity in practice, on accounting by issuers for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange. This amendment provides that for an entity that presents earnings per share (EPS) in accordance with Topic 260, the effects of a modification or an exchange of a freestanding equity-classified written call option that is recognized as a dividend should be an adjustment to net income (or net loss) in the basic EPS calculation. The amended guidance becomes mandatorily effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, and should be applied prospectively to modifications or exchanges occurring on or after the effective date. The Company does not expect that the new guidance will significantly impact on its consolidated financial statements. In August 2021 the FASB issued Accounting Standard Update No 2021-06 "Presentation of Financial Statements (Topic 205), Financial Services — Depository and Lending (Topic 942), and Financial Services — Investment Companies (Topic 946)" which amends various SEC paragraphs pursuant to the issuance of SEC Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses. SEC issued Final Rulemaking Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, which modified the disclosure and presentation requirements concerning acquisitions and disposals of businesses. Primarily, the new rules amended (1) Rule 1-02(w) of Regulation S-X, Definition of Terms Used in Regulation S-X, Significant Subsidiary, (2) Rule 3-05 of Regulation S-X, Financial Statements of Businesses Acquired or to Be Acquired, (3) Rule 8-05 of Regulation S-X, Pro Forma Financial Information (which covers smaller reporting companies), and (4) Article 11 of Regulation S-X, Pro Forma Financial Information. In addition, new Rule 6-11 of Regulation S-X, Financial Statements of Funds Acquired or to Be Acquired, covering acquisitions specific to investment companies, was added. Corresponding changes were made

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
CASH AND CASH EQUIVALENTS	CASH AND CASH EQUIVALENTS March 31, 2022 March 31, 2021 Securities purchased under reverse repurchase agreements $ 278,463 $ 248,946 Current accounts in clearing organizations 78,177 83,194 Current accounts with commercial banks 68,759 75,903 Current accounts with brokers 64,839 94,494 Current account with National Bank (Kazakhstan) 42,517 36,726 Petty cash in bank vault and on hand 37,008 25,830 Current account with National Settlement Depository (Russia) 35,860 28,215 Accounts with stock exchange 11,791 98,521 Cash in transit 4,142 — Current account with Central Bank (Russia) 3,654 6,930 Current account with Central Depository (Kazakhstan) 337 69 Total cash and cash equivalents $ 625,547 $ 698,828 As of March 31, 2022 and 2021, with the exception of funds deposited with a bank in the United States which may qualify for FDIC insurance up to $250,000, cash and cash equivalents were not insured. As of March 31, 2022 and 2021, the cash and cash equivalents balance included collateralized securities received under reverse repurchase agreements on the terms presented below: March 31, 2022 Interest rates and remaining contractual maturity of the agreements Average Up to 30 30-90 Total Securities purchased under reverse repurchase agreements Corporate equity 10.26 % $ 251,516 $ — $ 251,516 US sovereign debt 0.04 % 9,952 — 9,952 Non-US sovereign debt 3.09 % 9,734 — 9,734 Corporate debt 11.92 % 7,261 — 7,261 Total $ 278,463 $ — $ 278,463 March 31, 2021 Interest rates and remaining contractual maturity of the agreements Average Up to 30 30-90 Total Securities purchased under reverse repurchase agreements Non-US sovereign debt 1.07 % $ 101,258 $ — $ 101,258 Corporate debt 4.42 % 94,562 — 94,562 Corporate equity 2.76 % 51,564 — 51,564 US sovereign debt 0.50 % 1,562 — 1,562 Total $ 248,946 $ — $ 248,946 The securities received by the Company as collateral under reverse repurchase agreements are liquid trading securities with market quotes and significant trading volume. The fair value of collateral received by the Company under reverse repurchase agreements as of March 31, 2022 and 2021, was $380,078 and $272,586 respectively.

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Mar. 31, 2022
Restricted Cash [Abstract]
RESTRICTED CASH	RESTRICTED CASH Restricted cash for the periods ended March 31, 2022 and 2021, consisted of: March 31, 2022 March 31, 2021 Brokerage customers' cash $ 536,547 $ 427,233 Deferred distribution payment 8,534 8,534 Guaranty deposits 5,729 433 Reserve with Central Bank of Russia 26 1,758 Restricted bank accounts 2,844 — Total restricted cash $ 553,680 $ 437,958 As of March 31, 2022 and 2021, the Company's restricted cash included the cash portion of the funds segregated in a special custody account for the exclusive benefit of its brokerage customers, as well as required reserves with the Central Bank of the Russia which represents cash on hand balance requirements. Restricted cash also included a deferred distribution payment amount, which is a reserve held for distribution to shareholders who have not yet claimed their distributions from the 2011 sale of the Company's oil and gas exploration and production operations of $8,534. This distribution is currently payable, subject to the entitled shareholders completing and submitting to the Company the necessary documentation and establishing his, her or its legal right to his, her or its distribution payments. The Company has no control over when, or if, an entitled shareholder will submit the necessary documentation to establish his, her or its legal right to their distribution payment. The entire deferred distribution payment amount was held in cash at March 31, 2022 and 2021. A Company shareholder entitled to a portion of the distribution amount died before claiming the distribution. As a result of disputes between the individual's putative heirs and potential owners of an entity that also claimed through the shareholder, the Company has been unable to determine who is legally entitled to receive a significant portion of the distribution payment. During the fiscal year ended March 31, 2022, the putative estate asserted claims in Utah state court seeking, among other things, payment of the distribution. The Company and the putative estate have agreed to attempt to mediate the dispute. Fo r additional information regarding this matter see Part I Item 3 "Legal Proceedings" of this annual report.

TRADING AND AVAILABLE-FOR-SALE

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE	12 Months Ended
	Mar. 31, 2022
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE	TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE As of March 31, 2022 and 2021, trading and available-for-sale securities consisted of: March 31, 2022 March 31, 2021 Corporate debt $ 738,394 $ 334,763 Non-US sovereign debt 357,071 333,619 Corporate equity 91,254 47,340 US sovereign debt 10,306 10,828 Exchange traded notes 6,454 9,638 Total trading securities $ 1,203,479 $ 736,188 Equity securities 1 1 Total available-for-sale securities, at fair value $ 1 $ 1 As of March 31, 2022, the Company held debt securities of two issuers which individually exceeded 10% of the Company's total trading securities - the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC of $328,951 and $414,591, respectively. As of March 31, 2021, the Company held debt securities of two issuers which individually exceeded 10% of the Company's total trading securities - the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC in the amounts of $293,451 and $193,677. The Company recognized no other than temporary impairment in accumulated other comprehensive income. The fair value of assets and liabilities is determined using observable market data based on recent trading activity. Where observable market data is unavailable due to a lack of trading activity, the Company utilizes internally developed models to estimate fair value and independent third parties to validate assumptions, when appropriate. Estimating fair value requires significant management judgment, including benchmarking to similar instruments with observable market data and applying appropriate discounts that reflect differences between the securities that the Company is valuing and the selected benchmark. Depending on the type of securities owned by the Company, other valuation methodologies may be required. Measurement of fair value is classified within a hierarchy based upon the transparency of inputs used in the valuation of an asset or liability. Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation hierarchy contains three levels: • Level 1 - Valuation inputs are unadjusted quoted market prices for identical assets or liabilities in active markets. • Level 2 - Valuation inputs are quoted market prices for identical assets or liabilities in markets that are not active, quoted market prices for similar assets and liabilities in active markets, and other observable inputs directly or indirectly related to the asset or liability being measured. • Level 3 - Valuation inputs are unobservable and significant to the fair value measurement. The following tables present trading securities assets in the Consolidated Financial Statements or disclosed in the Notes to the Consolidated Financial Statements at fair value on a recurring basis as of March 31, 2022 and 2021: Weighted average interest rate Total Fair Value Measurements at March 31, 2022 using Quoted Prices in Active Significant Other Significant unobservable Corporate debt 9.61 % $ 738,394 $ 737,799 $ — $ 595 Non-U.S. sovereign debt 13.11 % 357,071 348,775 — 8,296 Corporate equity — 91,254 85,959 5,042 253 U.S. sovereign debt 2.36 % 10,306 10,306 — — Exchange traded notes — 6,454 6,454 — — Total trading securities $ 1,203,479 $ 1,189,293 $ 5,042 $ 9,144 Equity securities — $ 1 $ — $ — $ 1 Total available-for-sale securities, at fair value $ 1 $ — $ — $ 1 Weighted average interest rate Total Fair Value Measurements at March 31, 2021 using Quoted Prices in Active Significant Other Significant unobservable Corporate debt 9.22 % $ 334,763 $ 334,403 $ — $ 360 Non-U.S. sovereign debt 8.06 % 333,619 333,619 — — Corporate equity — 47,340 28,630 1 18,709 U.S. sovereign debt 1.68 % 10,828 10,828 — — Exchange traded notes — 9,638 9,638 — — Total trading securities $ 736,188 $ 717,118 $ 1 $ 19,069 Equity securities — $ 1 $ — $ — $ 1 Total available-for-sale securities, at fair value $ 1 $ — $ — $ 1 The table below presents the Valuation Techniques and Significant Level 3 Inputs used in the valuation as of March 31, 2022 and 2021. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to determination of fair value. Type Valuation Technique FV as of March 31, FV as of March 31, Significant Unobservable Inputs % Corporate equity DCF $ — $ 18,408 Discount rate 10.6% Estimated number of years 9 years Corporate equity DCF $ 253 $ 301 Discount rate 20.0% Estimated number of years 9 years Corporate debt DCF $ 595 $ 360 Discount rate 45.0% Estimated number of years 3 months Non-US sovereign debt DCF $ 7,524 $ — Discount rate 69.0% Estimated number of years 11 years Non-US sovereign debt DCF $ 772 $ — Discount rate 13.9% Estimated number of years 1 year $ 9,144 $ 19,069 As of March 31, 2022, shares of SPBX held by the Company were transferred from level 3 to level 1, due to active trades on the market. During the year ended March 31, 2022, market trades of SPBX shares were executed in the market, and market data for these shares became available. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended March 31, 2022: Trading Available-for-sale securities Balance as of March 31, 2020 $ 11,259 $ 1 Sale of investments that use Level 3 inputs (2) — Purchase of investments that use Level 3 inputs 834 — Revaluation of investments that use Level 3 inputs 6,978 — Foreign currency translation — — Balance as of March 31, 2021 $ 19,069 $ 1 Reclassification to level 3 683 — Reclassification to level 1 (18,408) Purchase of investments that use Level 3 inputs 10,813 — Revaluation of investments that use Level 3 inputs (3,013) — Foreign currency translation — — Balance as of March 31, 2022 $ 9,144 $ 1 The table below presents the amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities as of March 31, 2022 and 2021: March 31, 2022 Assets Unrealized loss Assets Equity securities $ 1 $ — $ 1 Balance as of March 31, 2022 $ 1 $ — $ 1 March 31, 2021 Assets Unrealized loss Assets Equity securities $ 1 $ — $ 1 Balance as of March 31, 2021 $ 1 $ — $ 1

BROKERAGE AND OTHER RECEIVABLES

BROKERAGE AND OTHER RECEIVABLES, NET	12 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
BROKERAGE AND OTHER RECEIVABLES, NET	BROKERAGE AND OTHER RECEIVABLES, NET Brokerage and other receivables, net of the Company are comprised of the following: March 31, 2022 March 31, 2021 Margin lending receivables $ 349,179 $ 58,095 Receivables from brokerage clients 4,707 4,199 Long-term installments receivables 1,367 1,280 Receivable from sale of securities 884 484 Bank commissions receivable 709 767 Receivable for underwriting and market-making services 296 564 Dividends accrued 45 1,392 Other receivables 2,987 56 Allowance for receivables (2,607) (2,036) Total brokerage and other receivables, net $ 357,567 $ 64,801 On March 31, 2022 and 2021, amounts due from a single related party customer were $102,680 and $8,948, respectively or 29% and 14% respectively, of total brokerage and other receivables, net. Based on historical data, the Company considers receivables due from related parties fully collectible. As of March 31, 2022 and 2021, using historical and statistical data, the Company recorded an allowance for brokerage receivables in the amounts of 2,607 and $2,036, respectively.

LOANS ISSUED

LOANS ISSUED	12 Months Ended
	Mar. 31, 2022
Loans and Leases Receivable Disclosure [Abstract]
LOANS ISSUED	LOANS ISSUED Loans issued as of March 31, 2022, consisted of the following: Amount Outstanding Due Dates Average Interest Rate Fair Value of Loan Currency Mortgage loans $ 51,923 April, 2022 - March, 2047 11.86 % $ 52,134 KZT Uncollateralized bank customer loans 34,067 April, 2022 - March, 2047 17.56 % — KZT Subordinated loan 5,033 December, 2022-April, 2024 4.89 % — USD Bank customer loans 2,395 January, 2022 - September, 2045 14.57 % 1,000 RUB Subordinated loan 1,256 December, 2022-April, 2024 7.00 % — UAH Other 123 February, 2022-Febraury, 2027 2.50 % — USD Total loans issued $ 94,797 $ 53,134 As of March 31, 2022, mortgage loans include the state mortgage program "7-20-25" with the principal amount of $21,310. Microfinance organization Freedom Finance Credit (“FFIN Credit”) is a start-up created by Mr.Turlov. It is a non-bank credit institution that issues loans in Kazakhstan under simplified lending procedures. FFIN Credit was created as a pilot project to test and improve the scoring models used for qualifying and issuing loans. The principal operation of FFIN Credit is to provide loans to customers online using biometric identification and its proprietary scoring process. After completion of the pilot launch, it is anticipated ownership of FFIN Credit will be transferred to the Company. During the year ended March 31, 2022 , the Company entered into agreements with FFIN Credit to purchase uncollateralized consumer retail loans. The agreements provide the Company the ability to sell back to FFIN Credit up to $36,010 of the total loans purchased. The Company has determined that it has assumed substantially all of the risks and rewards from the transferor of the loans, with the exception of the amount it has the right to sell back to the transferor, accordingly the Company has received control of the loans and has recognized the loans on its Consolidated Balance Sheets. During the year ended March 31, 2022 , the Company purchased loans in the aggregate amount of $59,839 and sold back loans totaling $12,107 to the FFIN Credit. As of March 31, 2022 , the Company held outstanding loans purchased from the FFIN Credit totaling $35,388, net of an allowance of $1,321. Loans issued as of March 31, 2021, consisted of the following: Amount Outstanding Due Dates Average Interest Rate Fair Value of Loan Currency Subordinated loan $ 5,033 December 2022-April 2024 3.69 % $ — USD Uncollateralized non-bank loan 2,382 January 2022 - February 2022 3.00 % — USD Uncollateralized non-bank loan 1,384 May 2021 13.00 % — RUB Subordinated loan 1,331 September 2029 7.00 % — UAH Bank customer loans 880 March 2024 15.41 % 729 KZT Bank customer loans 657 July 2021 - September 2045 11.27 % 611 RUB Total loans issued $ 11,667 $ 1,340

DEFERRED TAX (LIABILITIES)_ASSE

DEFERRED TAX (LIABILITIES)/ASSETS	12 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
DEFERRED TAX (LIABILITIES)/ASSETS	DEFERRED TAX (LIABILITIES)/ASSETS The Company is subject to taxation in Russia, Kazakhstan, Kyrgyzstan, Cyprus, Ukraine, Uzbekistan, Germany and the United States of America. The tax rates used for deferred tax assets and liabilities for the years ended March 31, 2022 and 2021, were 21% for the U.S., 20% for Russia, Kazakhstan, Azerbaijan, 10% for Kyrgyzstan, 31% for Germany, 12.5% for Cyprus, 18% for Ukraine, 25% for United Kingdom, 18% for Armenia and 15% for Uzbekistan. As of March 31, 2022 and 2021, deferred tax assets and liabilities of the Company were comprised of the following: March 31, 2022 March 31, 2021 Deferred tax assets: Revaluation on trading securities $ 5,760 $ — Tax losses carryforward 5,679 316 Accrued liabilities 967 236 Depreciation — 16 Stock compensation expenses — — Valuation allowance — (316) Deferred tax assets $ 12,406 $ 252 Deferred tax liabilities: Revaluation on trading securities $ — $ 2,546 Fixed and Intangible Assets — 1,568 Subordinated debt — 523 Other liabilities 388 — Deferred tax liabilities $ 388 $ 4,637 Net deferred tax (liabilities)/assets $ 12,018 $ (4,385) The Company is subject to the U.S. federal income taxes at a rate of 21%. The reconciliation of the provision for income taxes at the 21% tax rate compared to the Company's income tax expense as reported is as follows: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Profit before tax at 21% $ 49,747 $ 36,335 $ 5,908 Global intangible low taxed income 31,194 18,451 4,803 Gain recognized through additional paid in capital 4,988 — — Stock based compensation 3,090 348 551 Losses carried forward adjustment — — (154) Other differences — — 20 Provision for impairment losses (19) 187 (295) Valuation allowance (316) (361) 416 Non-taxable interest income (659) — — Permanent differences (2,883) 24 793 Foreign tax credit (16,200) (10,155) (3,503) Foreign tax rate differential (18,213) (10,487) (2,938) Nontaxable gains (25,204) (4,244) 401 Income tax provision $ 25,525 $ 30,098 $ 6,002 As of March 31, 2022 and 2021, income tax expense was comprised of the following: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Current income tax charge $ 41,927 $ 27,386 $ 5,307 Deferred income tax charge (16,402) 2,712 695 Income tax provision $ 25,525 $ 30,098 $ 6,002 During the years ended March 31, 2022, 2021 and 2020, the Company realized net income before income tax of $236,894, $173,022 and $28,132, respectively. During the same periods, the Company's effective tax rate was equal to 10.8%, 17.4% and 21.3%, respectively. This decrease in income tax expense was primarily attributable to non-taxable gains on trading securities in Freedom KZ, Freedom Bank KZ, Freedom EU and Freedom Technologies. Tax loss carryforwards as of March 31, 2022, was $5,679 in Russia and Cyprus.

FIXED ASSETS, NET

FIXED ASSETS, NET	12 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
FIXED ASSETS, NET	FIXED ASSETS, NET As of March 31, 2022 and 2021, fixed assets, net of the Company included the following: March 31, 2022 March 31, 2021 Buildings $ 7,770 $ 8,014 Processing and storage data centers 4,153 2,307 Office equipment 5,395 3,504 Capital expenditures on leasehold improvements 3,386 2,718 Furniture 3,812 2,049 Vehicles 945 831 Land 1,564 1,533 Other 1,053 1,380 Less: Accumulated depreciation (6,713) (3,951) Total fixed assets, net $ 21,365 $ 18,385 Depreciation expense totaled $3,117, $2,615 and $1,407 for the years ended March 31, 2022, 2021 and 2020 respectively.

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	12 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	INTANGIBLE ASSETS, NET As of March 31, 2022 and 2021, intangible assets, net of the Company included the following: March 31, 2022 March 31, 2021 Licenses $ 3,613 $ 2,016 Client base 2,435 6,324 Trading platform 2,359 2,610 Software 2,666 3,693 Other intangible assets 40 — Less: Accumulated amortization (5,322) (4,858) Total intangible assets, net $ 5,791 $ 9,785 Amortization expense totaled $1,530, $1,210 and $1,251 for the years ended March 31, 2022, 2021 and 2020 respectively.

OTHER ASSETS, NET

OTHER ASSETS, NET	12 Months Ended
	Mar. 31, 2022
Other Assets [Abstract]
OTHER ASSETS, NET	OTHER ASSETS, NET As of March 31, 2022 and 2021, other assets, net of the Company included the following: March 31, 2022 March 31, 2021 Current income tax asset $ 5,093 $ 947 Due from financial institutions 4,763 2,094 Advances paid 7,734 8,383 Prepayments on future acquisitions 4,069 — Taxes other than income taxes 1,840 888 Outstanding settlement operations 519 5,732 Rent guarantee deposit 759 796 Other 1,036 1,090 Total other assets 25,813 19,930 Allowance for other assets (106) (28) Other assets, net $ 25,707 $ 19,902

SECURITIES REPURCHASE AGREEMENT

SECURITIES REPURCHASE AGREEMENT OBLIGATIONS	12 Months Ended
	Mar. 31, 2022
Securities Sold under Agreements to Repurchase [Abstract]
SECURITIES REPURCHASE AGREEMENT OBLIGATIONS	SECURITIES REPURCHASE AGREEMENT OBLIGATIONS As of March 31, 2022 and 2021, trading securities included collateralized securities subject to repurchase agreements as described in the following table: March 31, 2022 Interest rates and remaining contractual maturity of the agreements Average Up to 30-90 Over 90 Total Securities sold under repurchase agreements Corporate debt 12.07 % $ 566,690 $ 142 $ — $ 566,832 Non-US sovereign debt 10.85 % 201,666 — — 201,666 US sovereign debt 0.77 % 5,968 — — 5,968 Corporate equity 13.54 % 712 — — 712 Total securities sold under repurchase agreements $ 775,036 $ 142 $ — $ 775,178 March 31, 2021 Interest rates and remaining contractual maturity of the agreements Average Up to 30 30-90 Over 90 Total Securities sold under repurchase agreements Non-US sovereign debt 9.28 % $ 229,812 $ — $ — $ 229,812 Corporate debt 9.27 % 189,337 — — 189,337 Corporate equity 3.78 % 5,757 — — 5,757 US sovereign debt 0.40 % 1,809 — — 1,809 Total securities sold under repurchase agreements $ 426,715 $ — $ — $ 426,715 The fair value of collateral pledged under repurchase agreements as of March 31, 2022 and 2021, was $769,627 and $426,669, respectively. Securities pledged as collateral by the Company under repurchase agreements are liquid trading securities with market quotes and significant trading volume.

CUSTOMER LIABILITIES

CUSTOMER LIABILITIES	12 Months Ended
	Mar. 31, 2022
Contract with Customer, Liability [Abstract]
CUSTOMER LIABILITIES	CUSTOMER LIABILITIES The Company recognizes customer liabilities associated with funds held by our brokerage and bank customers. Customer liabilities consist of: March 31, 2022 March 31, 2021 Brokerage customers $ 1,078,204 $ 938,086 Banking customers 339,733 225,611 Total customer liabilities $ 1,417,937 $ 1,163,697 As of March 31, 2022, banking customer liabilities consisted of current accounts and deposits of $173,754 and $165,979, respectively. As of March 31, 2021, banking customer liabilities consisted of current accounts and deposits of $133,493 and $92,118, respectively.

TRADE PAYABLES

TRADE PAYABLES	12 Months Ended
	Mar. 31, 2022
Accounts Payable [Abstract]
TRADE PAYABLES	TRADE PAYABLES As of March 31, 2022 and 2021, trade payables of the Company included the following: March 31, 2022 March 31, 2021 Margin lending payable $ 39,250 $ 20,120 Payables to suppliers of goods and services 4,608 1,708 Trade payable for securities purchased 462 264 Guarantee fee received 33 31 Other 876 181 Total trades payables $ 45,229 $ 22,304 On March 31, 2022 and 2021, amounts due to a single related party $38,889 or 86% and $13,810 or 62%, respectively.

SECURITIES SOLD, NOT YET PURCHA

SECURITIES SOLD, NOT YET PURCHASED AT FAIR VALUE	12 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
SECURITIES SOLD, NOT YET PURCHASED - AT FAIR VALUE	SECURITIES SOLD, NOT YET PURCHASED - AT FAIR VALUE As of March 31, 2022 and 2021, the Company's securities sold, not yet purchased - at fair value was $14,103 and $8,592, respectively. During the year ended March 31, 2022, the Company sold shares that were not owned by the Company in the amount of $11,478. During the year ended March 31, 2022, the Company recognized a gain on the change in fair value of financial liabilities in the amount of $1,384 in the Consolidated Statements of Operations and Statements of Other Comprehensive Income. During the year ended March 31, 2021, the Company sold shares that were not owned by the Company and recognized financial liabilities at fair value in the amount of $8,531. During the year ended March 31, 2021, the Company recognized a loss on the change in fair value of financial liabilities at fair value in the Consolidated Statements of Operations and Statements of Other Comprehensive Income in the amount of $61. Shares sold that are not owned (also known as a "short sale") involves the sale of a security that is not owned in the expectation of purchasing the same security (or a security exchangeable) at a later date at a lower price. A short sale involves the risk of a theoretically unlimited increase in the market price of the security that would result in a theoretically unlimited loss.

LOANS RECEIVED

LOANS RECEIVED	12 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
LOANS RECEIVED	LOANS RECEIVED As of March 31, 2022 and 2021, loans received by the Company included the following: Company Lender March 31, 2022 March 31, 2021 Interest rate Term Maturity dates Freedom Holding Corp. Non-Bank $ 3,538 $ 3,373 5 % 26 months 12/31/22 Total loans received $ 3,538 $ 3,373

DEBT SECURITIES ISSUED

DEBT SECURITIES ISSUED	12 Months Ended
	Mar. 31, 2022
Debt Securities [Abstract]
DEBT SECURITIES ISSUED	DEBT SECURITIES ISSUED As of March 31, 2022 and 2021, outstanding debt securities of the Company included the following: March 31, 2022 March 31, 2021 Debt securities issued denominated in USD $ 97,745 $ 60,743 Debt securities issued denominated in RUB — 6,605 Accrued interest 1,282 1,095 Total debt securities issued $ 99,027 $ 68,443 As of March 31, 2022 and 2021, the Company's outstanding debt securities had fixed annual coupon rates ranging from 5.50% to 7% and maturity dates ranging from December 2022 to November 2026. The Company's debt securities include $34,000 of Freedom RU notes issued in November 2021. The Freedom RU notes denominated in U.S. dollars, bear interest at an annual rate of 5.50% and are due in November 2026. The Freedom RU notes were issued under Russian law and trade on the MOEX. The Company's debt securities also include $30,043 of Freedom RU notes issued in January 2020. These Freedom RU notes are denominated in U.S. dollars, bear interest at an annual rate of 6.50% and are due in January 2023. These Freedom RU notes were also issued under Russian law and trade on the MOEX. The Company's debt securities also include $20,500 of FRHC notes issued in December 2019. The FRHC notes denominated in U.S. dollars, bear interest at an annual rate of 7.00% and are due in December 2022. The FRHC notes were issued under Astana International Financial Centre ("AIFC") law and trade on the AIX. The Company's debt securities also include $13,200 of Freedom SPC bonds issued in October 2021. The Freedom SPC bonds are denominated in U.S. dollars, bear interest at an annual rate of 5.50% and are due in October 2026. The Freedom SPC bonds were issued under AIFC law and trade on the AIX. FRHC is a guarantor of the Freedom SPC bonds. The proceeds from Freedom SPC bonds were loaned to FRHC pursuant to a loan agreement dated November 22, 2021. The interest rate of the loan agreement is 5.50% per annum. Interest payments are duly semi-annually in April and October. Repayment of the loan is due October 2026. Debt securities issued are initially recognized at the fair value of the consideration received, less directly attributable transaction costs.

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
OTHER LIABILITIES	OTHER LIABILITIES As of March 31, 2022 and 2021, other liabilities of the Company included the following: March 31, 2022 March 31, 2021 Liability arising from continuing involvement $ 6,447 $ — Salaries and other employee benefits 3,527 1,623 Payable to suppliers 3,605 1,574 Vacation reserve 2,458 1,672 Outstanding settlements operations 1,343 2,835 Taxes payable other than income tax 606 173 Other 1,931 962 Total other liabilities $ 19,917 $ 8,839 Liability arising from continuing involvement represents obligations to JSC Kazakhstan Sustainability Fund ("Program Operator") related to the state mortgage program "7-20-25" and other programs. In accordance with the conditions of this program, Freedom Bank KZ provides mortgage loans to borrowers and transfers the rights of claim on the loans to the Program Operator. In accordance with the program and trust management agreement, Freedom Bank KZ carries out trust management of transferred mortgage loans. Under the program and trust management agreement, Freedom Bank KZ is required to repurchase the rights of claims on transferred mortgage loans, when the loan principal amount and interest payments are overdue 90 days of more. The repurchase of delinquent loans is performed at the loan nominal value.

FEE AND COMMISSION INCOME_(EXPE

FEE AND COMMISSION INCOME/(EXPENSE)	12 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
FEE AND COMMISSION INCOME/(EXPENSE)	FEE AND COMMISSION INCOME/EXPENSE As of March 31, 2022 and 2021, fee and commission income/expense of the Company included the following: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Fee and commission income: Brokerage services $ 391,996 $ 245,913 $ 82,800 Bank services 23,274 12,403 7,240 Underwriting services 8,705 8,345 2,360 Other commission income 7,963 5,278 268 Total fee and commission income $ 431,938 $ 271,939 $ 92,668 Fee and commission expense: Brokerage services $ 61,151 $ 63,098 $ 18,673 Bank services 10,989 5,095 1,299 Stock exchange services 3,109 1,924 710 Central Depository services 594 440 775 Other commission expense 5,388 2,543 479 Total fee and commission expense $ 81,231 $ 73,100 $ 21,936

NET GAIN ON TRADING SECURITIES

NET GAIN ON TRADING SECURITIES	12 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
NET GAIN ON TRADING SECURITIES	NET GAIN ON TRADING SECURITIES As of March 31, 2022 and 2021, net gain on trading securities included the following: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Net gain recognized during the period on trading securities sold during the period $ 179,216 $ 39,267 $ 22,770 Net unrealized (loss)/gain recognized during the reporting period on trading securities still held at the reporting date (101,545) 6,919 (7,847) Net gain recognized during the period on trading securities $ 77,671 $ 46,186 $ 14,923

NET INTEREST INCOME_ (EXPENSE)

NET INTEREST INCOME/ (EXPENSE)	12 Months Ended
	Mar. 31, 2022
Interest Income (Expense), Net [Abstract]
NET INTEREST INCOME/ (EXPENSE)	NET INTEREST INCOME/EXPENSE Net interest income/expense includes: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Interest income: Interest income on financial assets recorded at amortized cost comprises: Interest income on securities repurchased under reverse repurchase agreements and amounts due from banks $ 6,172 $ 3,428 $ 1,586 Interest income on loans to customers 4,927 579 572 Total interest income on financial assets recorded at amortized cost 11,099 4,007 2,158 Interest income on financial assets recorded in consolidated statements of operations and other comprehensive income Interest income on trading securities 80,702 26,866 9,976 Total interest income on financial assets recorded in consolidated statements of operations and other comprehensive income 80,702 26,866 9,976 Total interest income $ 91,801 $ 30,873 $ 12,134 Interest expense: Interest expense on financial liabilities recorded at amortized cost comprises: Interest expense on securities repurchase agreement obligations $ 51,503 $ 14,574 $ 7,140 Interest expense on customer accounts and deposits 18,596 7,269 1,598 Interest expense on debt securities issued 5,172 5,134 3,220 Interest expense on loans received 563 362 437 Other interest expense 66 27 4 Total interest expense on financial liabilities recorded at amortized cost 75,899 27,366 12,399 Total interest expense $ 75,899 $ 27,366 $ 12,399

NET GAIN ON FOREIGN EXCHANGE OP

NET GAIN ON FOREIGN EXCHANGE OPERATIONS	12 Months Ended
	Mar. 31, 2022
Research and Development [Abstract]
NET GAIN ON FOREIGN EXCHANGE OPERATIONS	NET GAIN ON FOREIGN EXCHANGE OPERATIONS Net gain on foreign exchange operations includes: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Sales and purchases of foreign currency, dealing $ (12,378) $ 1,111 $ 1,197 Translation difference (25,315) 2,317 1,118 Total net gain on foreign exchange operations $ (37,693) $ 3,428 $ 2,315

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS During the years ended March 31, 2022, 2021 and 2020, the Company earned fee and commission income from related parties in the amounts of $309,688, $198,902 and $79,143, respectively. Fee and commission income generated from FFIN Brokerage accounted for approximately 99% of our total related party commission income for the year ended March 31, 2022, as compared to approximately 98% of our total related party commission income for the year ended March 31, 2021, and 95% of our total related party commission income for the year ended March 31, 2020. Commission income earned from related parties is comprised primarily of brokerage commissions and commissions for money transfers by brokerage clients. During the years ended March 31, 2022, 2021 and 2020, the Company paid commission expense to related parties in the amount of $16,307, $20,291 and $3,668, respectively. Commission expense paid to FFIN Brokerage accounted for approximately 58% of our total related party commission expense for the year ended March 31, 2022, as compared to approximately 92% of our total related party commission expense for the year ended March 31, 2021, and 80% of our total related party commission expense for the year ended March 31, 2020. During the years ended March 31, 2022, 2021 and 2020, the Company earned interest income from related parties in the amounts of $2,746, $44 and $48, respectively. During the years ended March 31, 2022 and 2021 the Company recorded stock-based compensation expense for restricted stock grants to related parties in the amount of $1,329 and $0, respectively. As of March 31, 2022 and 2021, the Company had cash and cash equivalents held in brokerage accounts of related parties totaling $22,787 and $12,256, respectively. 100% and 100% of these balances were due to Wisdompoint Capital LTD. As of March 31, 2022 and 2021, the Company had bank commission receivables and receivables from brokerage clients from related parties totaling $244 and $962, respectively. Brokerage and other receivables from related parties result principally from commissions receivable on the brokerage operations of related parties. As of March 31, 2022 and 2021, the Company had margin lending receivables with related parties totaling $107,649 and $9,886, respectively. 95% and 83% of these balances were due from FFIN Brokerage. As of March 31, 2022 and 2021, the Company had margin lending payables to related parties, totaling $38,889 and $13,810, respectively. 100% and 100% of these balances were due to Wisdompoint Capital LTD. As of March 31, 2022 and 2021, the Company had accounts payable due to a related party totaling $313 and $339, respectively. As of March 31, 2022 and 2021, the Company had financial liability due to a related party totaling $1,637 and $1,707, respectively. As of March 31, 2022 and 2021, the Company had customer liabilities on brokerage accounts and bank accounts of related parties totaling $401,197 and $327,610, respectively. 61% and 91%, of these balances were deposits from FFIN Brokerage. As of March 31, 2022 and 2021, the Company had restricted customer cash deposited in current and brokerage accounts with related parties in the amounts of $222,651 and $156,878. 78% and 94%, of these balances were from FFIN Brokerage. During the year ended March 31, 2022, the Company purchased loans in the aggregate amount of $59,839 and sold back loans totaling $12,107 to FFIN Cred it . In July 2021, to comply with certain foreign ownership restrictions relating to registered Ukrainian broker-dealers, the Company sold 23.88% of the outstanding equity interest of Freedom UA to Askar Tashtitov, the Company's president, for $416. For additional information regarding this transaction, see Note 1 - Description of Business. FFIN Brokerage is owned personally by Timur Turlov and is not part of our group of companies. FFIN Brokerage has its own brokerage customers, which include individuals and market-maker institutions and conducts business with the Company through a client omnibus account at Freedom EU. For additional information, see " Legacy Operations and Key Relationships " in " Business " in Part I Item 1 of the Company's Annual Report on Form 10-K. Wisdompoint Capital LTD is a party related to Freedom EU through common management. Wisdompoint Capital LTD provides brokerage services to the Company. Brokerage and related banking services, including margin lending, were provided to such related parties pursuant standard client account agreements and at standard market rates.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Mar. 31, 2022
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS' EQUITY During the year ended March 31, 2022, non-qualified stock options to purchase 60,000 shares were exercised at a strike price of $1.98 per share for total proceeds of $119. During the year ended March 31, 2021, non-qualified stock options to purchase 60,000 shares were exercised at a strike price of $1.98 per share for total proceeds of $118. On March 30, 2022, the Company awarded a restricted stock grant totaling 7,500 shares of its common stock to one executive officer of the Company. Of the 7,500 shares awarded pursuant to the restricted stock grant awards, 3,000 shares vest on May 18, 2023, 1,500 shares vest on May 18, 2024, 1,500 shares vest on May 18, 2025 and 1,500 shares vest on May 18, 2026. On May 18, 2021, the Company awarded restricted stock grants totaling 1,031,500 shares of its common stock to 56 employees and consultants of the Company, including two executive officers of the Company. Of the 1,031,500 shares awarded pursuant to the restricted stock grant awards, 200,942 shares are subject to one-year vesting, 211,658 shares are subject to two-year vesting and 206,300 shares per year are subject to three four On December 30, 2020, the Company awarded restricted stock grants in the amount of 15,000 shares of its common stock to three employees. Of the 15,000 shares awarded pursuant to the restricted stock grant awards, 4,500 shares are subject to one-year vesting conditions, 4,500 shares are subject to two-year vesting conditions and 6,000 shares are subject to three-year vesting conditions. The Company recorded stock-based compensation expense for restricted stock grants and stock options in the amount of $15,745 and $1,147 during the year ended March 31, 2022 and March 31, 2021, respectively. During the year ended March 31, 2022, Timur Turlov made a capital contribution to the Company in amount of $21,600.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	12 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION During the year ended ended March 31, 2022, a total of 1,039,000 restricted shares were awarded to key employees. The compensation expense related to restricted stock grants was $15,745 during the the year ended March 31, 2022, and $1,147 during the year ended March 31, 2021. As of March 31, 2022, there was $24,731 of total unrecognized compensation cost related to non-vested shares of common stock granted. The cost is expected to be recognized over a weighted average period of 4.07 years. The Company has determined the fair value of restricted shares awarded during the twelve months ended March 31, 2022, using the Monte Carlo valuation model based on the following key assumptions: Term (years) 5 Volatility 41.5 % Risk-free rate 0.06 % The table below summarizes the activity for the Company's restricted stock outstanding during the year ended March 31, 2022: Shares Weighted Outstanding, March 31, 2021 15,000 $ 775 Granted 1,039,000 39,760 Vested (4,500) (233) Forfeited/cancelled/expired — — Outstanding, at March 31, 2022 1,049,500 $ 40,303 During the year ended March 31, 2022, no stock options were awarded. Total compensation expense related to outstanding options was $0 for the year ended March 31, 2022, and $112 for the year ended March 31, 2021. The Company has determined the fair value of such stock options using the Black-Scholes option valuation model based on the following key assumptions: Term (years) 3 Volatility 165.33 % Risk-free rate 1.66 % Stock-based compensation expense for the cost of the awards granted is based on the grant-date fair value. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company's employee stock options. The following is a summary of stock option activity for year ended March 31, 2022: Shares Weighted Average Weighted Aggregate Outstanding, March 31, 2021 60,000 $ 1.98 6.52 $ 3,083,000 Granted — — — — Exercised (60,000) 1.98 6.52 3,742,000 Forfeited/cancelled/expired — — — — Outstanding, at March 31, 2022 — $ — — $ — Exercisable, at March 31, 2022 — $ — — $ — During the years ended March 31, 2022 and 2021, the Company recorded expenses for share based payments for consulting services in the amount of $0 and $517, respectively.

LEASES

LEASES	12 Months Ended
	Mar. 31, 2022
Leases [Abstract]
LEASES	LEASESThe Company determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. When available, the Company uses the rate implicit in the lease to discount lease payments to present value; however, most of the Company's leases do not provide a readily determinable implicit rate. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate. The table below presents the lease related assets and liabilities recorded on the Company's consolidated balance sheets as of March 31, 2022: Classification on Balance Sheet March 31, 2022 Assets Operating lease assets Right-of-use assets $ 15,669 Total lease assets $ 15,669 Liabilities Operating lease liability Operating lease obligations $ 15,315 Total lease liability $ 15,315 Lease obligations at March 31, 2022, consisted of the following: Twelve months ending March 31, 2023 $ 8,160 2024 4,375 2025 2,924 2026 1,944 2027 435 Thereafter 271 Total payments 18,109 Less: amounts representing interest (2,794) Lease liability, net $ 15,315 Weighted average remaining lease term (in months) 27 Weighted average discount rate 12 % Lease commitments for short-term operating leases as of March 31, 2022 was approximately $422. The Company's rent expense for office space was $1,550 for the year ended March 31, 2022, $951 for the year ended March 31, 2021 and $1,147 for the year ended March 31, 2020 respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Freedom Bank KZ is a party to certain off-balance sheet financial instruments. These financial instruments include guarantees and unfunded commitments under existing lines of credit. These commitments expose the Company to varying degrees of credit and market risk which are essentially the same as those involved in extending loans to customers, and are subject to the same credit policies used in underwriting loans. Collateral may be obtained based on the Company's credit evaluation of the counterparty. The Company's maximum exposure to credit loss is represented by the contractual amount of these commitments. Unfunded commitments under lines of credit Unfunded commitments under lines of credit include commercial, commercial real estate, home equity and consumer lines of credit to existing customers. These commitments may mature without being fully funded. Unfunded commitments under lines of guarantees Unfunded commitments under lines of guarantees are conditional commitments issued by Freedom Bank KZ to provide bank guarantees to customers. These commitments may mature without being fully funded. Bank guarantees. Bank guarantees are conditional commitments issued by Freedom Bank KZ to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support trade transactions or guarantee arrangements. The credit risk involved in issuing guarantees is essentially the same as that involved in extending loan facilities to customers. A significant portion of the issued guarantees are collateralized by cash. Total lending related commitments outstanding at March 31, 2022, were as follows: As of March 31, 2022 As of March 31, 2021 Bank guarantees $ 6,384 $ 6,594 Unfunded commitments under lines of credit 11,292 182 $ 17,676 $ 6,776

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company historically operated as a single operating segment. With the planned restructuring of the Company's operations and divestiture of Russian subsidiaries, coupled with the continued expansion, there was an election to reorganize operations geographically into five regional segments: Central Asia, Europe, United States, Middle East/Caucasus, and Russia (until completion of the planned divestiture). Moving forward after completion of the divestiture of the Company's Russian subsidiaries, the Company will manage its operations in the remaining four regional segments. These operating segments are based on how our CODM will be making decisions about allocating resources and assessing performance. The following tables summarize the Company's Statement of operation by its geographic segments. Intercompany balances were eliminated for separate disclosure: Year ended March 31, 2022 STATEMENTS OF OPERATIONS Central Asia Europe US Russia Middle East/Caucasus Total Fee and commission income (1) $ 25,253 $ 319,810 $ 4,545 $ 82,330 — $ 431,938 Net gain/(loss) on trading securities 11,604 122,238 2,546 (58,717) — 77,671 Interest income 74,251 1,256 483 15,811 — 91,801 Net gain/(loss) on foreign exchange operations 6,012 (5,598) 1,565 (39,672) — (37,693) Net gain/(loss) on derivative 947 — — (1) — 946 TOTAL REVENUE, NET 118,067 437,706 9,139 (249) — 564,663 Interest expense $ 54,894 $ 8,747 $ 1,808 $ 10,450 — $ 75,899 Fee and commission expense 7,945 64,518 780 7,988 — 81,231 Operating expense 46,807 27,746 13,727 73,030 283 161,593 Provision for impairment losses/(recoveries) 2,180 60 — 745 — 2,985 Other expense/(income), net 490 7 819 4,748 (3) 6,061 TOTAL EXPENSE 112,316 101,078 17,134 96,961 280 327,769 NET INCOME BEFORE INCOME TAX $ 5,751 $ 336,628 $ (7,995) $ (97,210) (280) $ 236,894 Income tax (expense)/benefit 1,237 (26,785) (12,989) 13,003 9 (25,525) NET PROFIT/(LOSS) $ 6,988 $ 309,843 $ (20,984) $ (84,207) (271) $ 211,369 Year ended March 31, 2021 STATEMENTS OF OPERATIONS Central Asia Europe US Russia Middle East Caucasus Total Fee and commission income (1) $ 17,088 $ 200,975 $ 1,130 $ 52,746 — $ 271,939 Net gain on financial instruments through profit and loss 18,414 8 7,489 20,275 — 46,186 Interest income 18,465 505 682 11,221 — 30,873 Net gain/(loss) on foreign exchange operations 1,669 (300) (215) 2,274 — 3,428 Net gain on derivative 86 — — 39 — 125 TOTAL REVENUE, NET $ 55,722 $ 201,188 $ 9,086 $ 86,555 — $ 352,551 Interest expense $ 12,770 $ 3,663 $ 2,173 $ 8,760 — $ 27,366 Fee and commission expense 1,211 64,487 246 7,156 — 73,100 Operating expense 19,677 10,921 4,843 41,978 15 77,434 Provision for impairment losses 1,013 108 395 45 — 1,561 Other (expense)/income, net (39) (3) (15) 125 — 68 TOTAL EXPENSE $ 34,632 $ 79,176 $ 7,642 $ 58,064 15 $ 179,529 NET INCOME BEFORE INCOME TAX $ 21,090 $ 122,012 $ 1,444 $ 28,491 (15) $ 173,022 Income tax (expense)/benefit 56 (14,013) (9,559) (6,582) — (30,098) NET PROFIT/(LOSS) $ 21,146 $ 107,999 $ (8,115) $ 21,909 (15) $ 142,924 Year ended March 31, 2020 STATEMENTS OF OPERATIONS Central Asia Europe US Russia Middle East Caucasus Total Fee and commission income (1) $ 2,689 $ 63,577 $ — $ 26,402 — $ 92,668 Net gain/(loss) on financial instruments through profit and loss 8,121 257 (46) 6,591 — 14,923 Interest income 7,932 260 198 3,744 — 12,134 Net gain/(loss) on foreign exchange operations 479 (313) 84 2,065 — 2,315 Net gain/(loss) on derivative — — — (138) — (138) TOTAL REVENUE, NET $ 19,221 $ 63,781 $ 236 $ 38,664 — $ 121,902 Interest expense $ 8,889 $ 343 $ 324 $ 2,843 — $ 12,399 Fee and commission expense 750 18,600 186 2,400 — 21,936 Operating expense 18,262 3,500 3,921 34,307 — 59,990 Provision for impairment losses (1,254) — — 90 — (1,164) Other (expense)/income, net 280 (11) (8) 348 — 609 TOTAL EXPENSE $ 26,927 $ 22,432 $ 4,423 $ 39,988 — $ 93,770 NET INCOME BEFORE INCOME TAX $ (7,706) $ 41,349 $ (4,187) $ (1,324) — $ 28,132 Income tax (expense)/benefit (15) (4,467) (450) (1,070) — (6,002) NET PROFIT/(LOSS) $ (7,721) $ 36,882 $ (4,637) $ (2,394) — $ 22,130 (1) All trading of U.S. and European exchange traded and OTC securities by all Freedom securities brokerage firms, excluding PrimeEx, are routed to and executed through Freedom EU and all fee and commission income for those transactions is recognized at Freedom EU. During fiscal 2022 total revenue, net in our Russia region decreased by $86,804, or 100%, to ($249) generating a negative net revenues for fiscal year 2022, as compared to total revenue, net of $86,555 during fiscal year 2021. The decrease in fiscal 2022 was driven by an increase in net loss on trading securities as a result of the negative revaluation of certain securities held by Freedom RU, and a net loss on foreign currency exchange operations resulting from the depreciation of the Russian ruble against U.S. dollar by 11%. the decreases were only partially offset by increased fee and commission income resulting from growth of Freedom RU's customer base, coupled with greater customer transaction volume. During fiscal 2021, total revenue, net in our Russian region increased by $47,891, or 124%, to $86,555, as compared to $38,664 during fiscal year 2020. The increase in total revenue, net during fiscal 2021 compared to fiscal 2020 was the result of overall expansion of our business in our Russian region, both in terms of size of our customer base and trading volume. The following tables summarize the Company's total asset and total liabilities by its geographic segments. Intercompany balances were eliminated for separate disclosure: March 31, 2022 Central Asia Europe US Russia Middle East Caucasus Total Total assets $ 1,166,428 $ 777,117 $ 170,149 $ 806,960 $ 355 $ 2,921,009 Total liabilities $ 985,936 $ 471,435 $ 175,136 $ 780,655 $ 172 $ 2,413,334 Net assets $ 180,492 $ 305,682 $ (4,987) $ 26,305 $ 183 $ 507,675 March 31, 2021 Central Asia Europe US Russia Middle East Caucasus Total Total assets 714,117 511,366 46,100 746,922 140 2,018,645 Total liabilities 557,713 462,616 60,043 662,598 3 1,742,974 Net assets 156,404 48,750 (13,943) 84,324 137 275,671

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has performed an evaluation of subsequent events through the time of filing this annual report on Form 10-K with the SEC. Other than as disclosed below, during this period the Company did not have any additional material recognizable subsequent events. On May 17, 2022, the Company acquired two insurance companies in Kazakhstan: Insurance Company Freedom Finance Insurance JSC ("Freedom Insurance") and Life Insurance Company Freedom Finance Life JSC ("Freedom Life") . The purchase price of Freedom Insurance and Freedom Life was $12,440 and $12,100, respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Accounting principles	The Company's accounting policies and accompanying consolidated financial statements conform to accounting principles generally accepted in the United States of America (U.S. GAAP). These financial statements have been prepared on the accrual basis of accounting.
Basis of presentation and principles of consolidation	The Company's consolidated financial statements present the consolidated accounts of FRHC, Freedom RU, Freedom Bank RU, Freedom KZ, Freedom Global, Freedom Bank KZ, Freedom EU, Freedom GE, Freedom UZ, PrimeEx, Freedom Technologies, Freedom AZ, FFIN, Freedom SPC, Freedom Commercial, Freedom AR and Freedom UA. All significant inter-company balances and transactions have been eliminated from the consolidated financial statements.
Consolidation of variable interest entities	In accordance with accounting standards regarding consolidation of variable interest entities ("VIEs"), VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders lack adequate decision making ability. VIEs must be evaluated to determine the primary beneficiary of the risks and rewards of the VIE. The primary beneficiary is required to consolidate the VIE for financial reporting purposes.
Use of estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that the estimates utilized in preparing the Company's financial statements are reasonable and prudent. Actual results could differ from those estimates.
Revenue and expense recognition	Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("ASC Topic 606"), establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services promised to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. A significant portion of the Company's revenue-generating transactions are not subject to ASC Topic 606, including revenue generated from financial instruments, such as loans and investment securities, as these activities are subject to other U.S. GAAP guidance discussed elsewhere within these disclosures. Descriptions of the Company's revenue-generating activities that are within the scope of ASC Topic 606, which are presented in the Consolidated Statements of Operations and Statements of Other Comprehensive Income as components of non-interest income are as follows: • Commissions on brokerage services; • Commissions on banking services (money transfers, foreign exchange operations and other); and • Commissions on investment banking services (underwriting, market making, and bondholders' representation services). Under Topic 606, the Company is required to recognize incentive fees when they are probable and there is not a significant chance of reversal in the future. The Company recognizes revenue in accordance with the core principle by applying the following steps: • Step 1: Identify the contract(s) with a customer - A contract is an agreement between two or more parties that creates enforceable rights and obligations. • Step 2: Identify the performance obligations in the contract - A contract includes promises to transfer goods or services to a customer. If those goods or services are distinct, the promises are performance obligations and are accounted for separately. • Step 3: Determine the transaction price - The transaction price is the amount of consideration in a contract to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The transaction price can be a fixed amount of customer consideration, but it may sometimes include variable consideration or consideration in a form other than cash. The transaction price also is adjusted for the effects of the time value of money if the contract includes a significant financing component and for any consideration payable to the customer. If the consideration is variable, an entity estimates the amount of consideration to which it will be entitled in exchange for the promised goods or services. The estimated amount of variable consideration will be included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. • Step 4: Allocate the transaction price to the performance obligations in the contract - An entity typically allocates the transaction price to each performance obligation on the basis of the relative standalone selling prices of each distinct good or service promised in the contract. If a standalone selling price is not observable, an entity estimates it. Sometimes, the transaction price includes a discount or a variable amount of consideration that relates entirely to a part of the contract. • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation - An entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer (which is when the customer obtains control of that good or service). The amount of revenue recognized is the amount allocated to the satisfied performance obligation. A performance obligation may be satisfied at a point in time (typically for promises to transfer goods to a customer) or over time (typically for promises to transfer services to a customer). For performance obligations satisfied over time, an entity recognizes revenue over time by selecting an appropriate method for measuring the entity's progress toward complete satisfaction of that performance obligation. Interest income Interest income on loans issued, trading securities and reverse repurchase agreement obligations are recognized based on the contractual provisions of the underlying arrangements. Loan premiums and discounts are deferred and generally amortized into interest income as yield adjustments over the contractual life and/or commitment period using the effective interest method. Unamortized premiums, discounts and other basis adjustments on trading securities are generally recognized in interest income over the contractual lives of the securities using the effective interest method. Loans The Company's loan portfolio is divided into three portfolio segments: credit cards, mortgages and retail banking loans. Credit cards consist of loans provided to individuals and businesses through the cards. Mortgage loans consist of loans provided to individuals to purchase real estate, which is used as collateral for the loan. Retail banking loans consist of unsecured loans provided to individuals. Loans Acquired All purchased loans are initially recorded at fair value, which includes consideration of expected future losses, at the date of the loan acquisition. To determine the fair value of loans at the date of acquisition, the Company estimates the discounted contractual cash flows due using an observable market rate of interest, adjusted for factors such as probable default rates of the borrowers, and the loan terms that a market participant would consider in determining fair value. In determining fair value, contractual cash flows are adjusted to include prepayment estimates based upon historical payment trends, forecasted default rates and loss severities and other relevant factors. The difference between the fair value and the contractual cash flows is recorded as a loan premium or discount, which may relate to either credit or non-credit factors, at acquisition. The Company accounts for purchased loans under the accounting guidance for purchased financial assets with credit deterioration when, at the time of purchase, the loans have experienced a more-than-insignificant deterioration in credit quality since origination. The Company recognizes an allowance for credit losses on purchased loans that have not experienced a more-than-insignificant deterioration in credit quality since origination at the time of purchase through earnings in a manner that is consistent with originated loans. The policies relating to the allowance for credit losses on loans is described below in the "Estimate of Incurred Loan Losses" section of this Note. Estimate of Incurred Loan Losses The allowance represents management's current estimate of incurred loan losses inherent in the Company's loan portfolio as of each balance sheet date. The provision for credit losses reflects credit losses the Company believes have been incurred and will eventually be recognized over time through charge-offs. Management performed a quarterly analysis of the Company's loan portfolio to determine if impairment had occurred and to assess the adequacy of the allowance based on historical and current trends as well as other factors affecting credit losses. The Company applied separate calculations of the allowances for its credit cards, mortgages and retail loan portfolios. Based on the adopted methodology, the Company estimated the probability of default based on historical default rates, adjusted for certain macro indicators, such as GDP, average exchange rates, unemployment rate and real wage index. Loss given default is calculated based on the collateral coverage of the loans. The Company's allowance for loan losses consists of two components that are allocated to cover the estimated probable losses in each loan portfolio based on the results of the Company's detailed review and loan impairment assessment process: (i) a component for loans collectively evaluated for impairment; and (ii) an asset-specific component for individually impaired loans.
Derivative financial instruments	In the normal course of business, the Company invests in various derivative financial contracts including futures. Derivatives are initially recognized at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each reporting date. The fair values are estimated based on quoted market prices or pricing models that take into account the current market and contractual prices of the underlying instruments and other factors. Derivatives are carried as assets when their fair value is positive and as liabilities when it is negative.
Functional currency	Management has adopted ASC 830, Foreign Currency Translation Matters as it pertains to its foreign currency translation. The Company's functional currencies are the Russian ruble, European euro, U.S. dollar, Ukrainian hryvnia, Uzbekistani som, Kazakhstan tenge, Kyrgyzstani som, Azerbaijani manat and Armenian dram, Great Britain pound, Armenian dram and its reporting currency is the U.S. dollar. For financial reporting purposes, foreign currencies are translated into U.S. dollars as the reporting currency. Monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders' equity as "Accumulated other comprehensive loss".
Cash and cash equivalents	Cash and cash equivalents are generally comprised of certain highly liquid investments with maturities of three months or less at the date of purchase. Cash and cash equivalents include reverse repurchase agreements which are recorded at the amounts at which the securities were acquired or sold plus accrued interest.
Securities reverse repurchase and repurchase agreements	A reverse repurchase agreement is a transaction in which the Company purchases financial instruments from a seller, typically in exchange for cash, and simultaneously enters into an agreement to resell the same or substantially the same financial instruments to the seller for an amount equal to the cash or other consideration exchanged plus interest at a future date. Securities purchased under reverse repurchase agreements are accounted for as collateralized financing transactions and are recorded at the contractual amount for which the securities will be resold, including accrued interest. Financial instruments purchased under reverse repurchase agreements are recorded in the financial statements as cash placed on deposit collateralized by securities and classified as cash and cash equivalents in the Consolidated Balance Sheets. A repurchase agreement is a transaction in which the Company sells financial instruments to another party, typically in exchange for cash, and simultaneously enters into an agreement to reacquire the same or substantially the same financial instruments from the buyer for an amount equal to the cash or other consideration exchanged plus interest at a future date. These agreements are accounted for as collateralized financing transactions. The Company retains the financial instruments sold under repurchase agreements and classifies them as trading securities in the Consolidated Balance Sheets. The consideration received under repurchase agreements is classified as securities repurchase agreement obligations in the Consolidated Balance Sheets. The Company enters into reverse repurchase agreements, repurchase agreements, securities borrowed and securities loaned transactions to, among other things, acquire securities to leverage and grow its proprietary trading portfolio, cover short positions and settle other securities obligations, to accommodate customers' needs and to finance its inventory positions. The Company enters into these transactions in accordance with normal market practice. Under standard terms for repurchase transactions, the recipient of collateral has the right to sell or repledge the collateral, subject to returning equivalent securities on settlement of the transaction.
Trading securities	Financial assets are classified as trading securities if the financial asset has been acquired principally for the purpose of selling it in the near term. Trading securities are stated at fair value, with any gains or losses arising on remeasurement recognized in revenue. Changes in fair value are recognized in the Consolidated Statements of Operations and Statements of Other Comprehensive Income and included in net gain on trading securities. Interest earned and dividend income are recognized in the Consolidated Statements of Operations and Statements of Other Comprehensive Income and included in interest income, according to the terms of the contract and when the right to receive the payment has been established. Investments in nonconsolidated managed funds are accounted for at fair value based on the net asset value of the funds provided by the fund managers with gains or losses included in net gain on trading securities in the Consolidated Statements of Operations and Statements of Other Comprehensive Income.
Margin lending	The Company engages in securities financing transactions with and for clients through margin lending. Under agreements, the Company is permitted to sell or repledge securities received as collateral and use these securities to secure securities acquired under resale agreements, enter into securities lending transactions or deliver these securities to counterparties to cover short positions.
Debt securities issued	Debt securities issued are initially recognized at the fair value of the consideration received, less directly attributable transaction costs. Subsequently, amounts due are stated at amortized cost and any difference between net proceeds and the redemption value is recognized over the period of the borrowings using the effective interest method. If the Company purchases its own debt it is removed from the Consolidated Balance Sheets and the difference between the carrying amount of the liability and the consideration paid is recognized in the Consolidated Statements of Operations and Statements of Other Comprehensive Income.
Available-for-sale securities	Financial assets categorized as available-for-sale ("AFS") are non-derivatives that are either designated as available-for-sale or not classified as (a) loans and receivables, (b) held to maturity investments or (c) trading securities.Listed shares and listed redeemable notes held by the Company that are traded in an active market are classified as AFS and are stated at fair value. The Company has investments in unlisted shares that are not traded in an active market but that are also classified as investments AFS and stated at fair value (because Company management considers that fair value can be reliably measured). Gains and losses arising from changes in fair value are recognized in other comprehensive income and accumulated in the Accumulated other comprehensive loss, with the exception of other-than-temporary impairment losses, interest calculated using the effective interest method, dividend income and foreign exchange gains and losses are recognized in the Consolidated Statements of Operations and Statements of Other Comprehensive Income. When the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously accumulated in the investments' revaluation reserve is then reclassified to Condensed Consolidated Statements of Operations and Statements of Other Comprehensive Income.
Brokerage and other receivables	Brokerage and other receivables comprise commissions and receivables related to the securities brokerage and banking activity of the Company. At initial recognition, brokerage and other receivables are recognized at fair value. Subsequently, brokerage and other receivables are carried at cost net of any allowance for impairment losses.
Derecognition of financial assets	A financial asset (or, where applicable a part of a financial asset or a part of a group of similar financial assets) is derecognized where all of the following conditions are met: • The transferred financial assets have been isolated from the Company - put presumptively beyond the reach of the Company and its creditors, even in bankruptcy or other receivership. • The transferee has rights to pledge or exchange financial assets. • The Company or its agents do not maintain effective control over the transferred financial assets or third-party beneficial interests related to those transferred assets. Where the Company has not met the asset derecognition conditions above, it continues to recognize the asset to the extent of its continuing involvement.
Impairment of long-lived assets	In accordance with the accounting guidance for the impairment or disposal of long-lived assets, the Company periodically evaluates the carrying value of long-lived assets to be held and used when events and circumstances warrant such a review. The carrying value of a long-lived asset is considered impaired when the fair value from such asset is less than its carrying value. In that event, a loss is recognized based on the amount by which the carrying value exceeds the fair value of the long-lived asset. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risk involved. Losses on long-lived assets to be disposed of are determined in a similar manner, except that fair values are reduced for the cost of disposal. As of March 31, 2022, the Company recognized write-off expenses of client base that was recognized with the acquisition of Zerich in the amount of $3,125 due to economic uncertainty during our fourth fiscal quarter stemming from the
Impairment of goodwill	As of March 31, 2022 and 2021, goodwill recorded in the Company's Consolidated Balance Sheets totaled $5,388 and $7,868 respectively. The Company performs an impairment review at least annually unless indicators of impairment exist in interim periods. The impairment test for goodwill uses a two-step approach. Step one compares the estimated fair value of a reporting unit with goodwill to its carrying value. If the carrying value exceeds the estimated fair value, step two must be performed. Step two compares the carrying value of the reporting unit to the fair value of all of the assets and liabilities of the reporting unit as if the reporting unit was acquired in a business combination. If the carrying amount of a reporting unit's goodwill exceeds the implied fair value of its goodwill, an impairment loss is recognized in an amount equal to the excess. In its annual goodwill impairment test, the Company estimated the fair value of the reporting unit based on the income approach (also known as the discounted cash flow method) and determined the fair value of the Company's goodwill exceeded the carrying amount of the Company's goodwill. During the year ended March 31, 2022, the conflict between Russia and Ukraine escalated, and military operations began on the territory of Ukraine. The conflict resulted in sanctions being imposed on Russia. As a result of this conflict, the Company's subsidiaries operating in Russia and Ukraine incurred significant losses. The current uncertainty surrounding the conflict between Russia and Ukraine makes it difficult to perform reasonable projections of future income and expenses of the Russian and Ukrainian subsidiaries. The Company recognized impairment loss for the goodwill previously recognized for Freedom Bank RU, Freedom UA and Zerich in the amount of $2,300 through other expenses,net as presented on the consolidated statements of operations and statements of other comprehensive income.
Income taxes	The Company recognizes deferred tax liabilities and assets based on the difference between the financial statements and tax basis of assets and liabilities using the enacted tax rates in effect for the year in which the differences are expected to reverse. The measurement of deferred tax assets is reduced, if necessary, by the amount of any tax benefits that, based on available evidence, are not expected to be realized. Current income tax expenses are provided for in accordance with the laws of the relevant taxing authorities. As part of the process of preparing financial statements, the Company is required to estimate its income taxes in each of the jurisdictions in which it operates. The Company accounts for income taxes using the asset and liability approach. Under this method, deferred income taxes are recognized for tax consequences in future years based on differences between the tax bases of assets and liabilities and their reported amounts in the financial statements at each year-end and tax loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates applicable for the differences that are expected to affect taxable income. The Company will include interest and fines arising from the underpayment of income taxes in the provision for income taxes (if anticipated). As of March 31, 2022 and 2021, the Company had no accrued interest or fines related to uncertain tax positions. The Global Intangible Low-Taxed Income ("GILTI") provisions of the Tax Reform Act require the Company to include in its U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary's tangible assets. The Company has presented the deferred tax impacts of GILTI tax in its consolidated financial statements as of March 31, 2022 and 2021.
Financial instruments	Financial instruments are carried at fair value as described below. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. Fair value is the current bid price for financial assets, current ask price for financial liabilities and the average of current bid and ask prices when the Company is both in short and long positions for the financial instrument. A financial instrument is regarded as quoted in an active market if quoted prices are readily and regularly available from an exchange or other institution and those prices represent actual and regularly occurring market transactions on an arm's length basis.
Leases	The Company follows ASU No. 2016-02, "Leases (Topic 842)," which requires leases with durations greater than twelve months to be recognized on the balance sheet. Operating lease assets and corresponding lease liabilities were recognized on the Company's Consolidated Balance Sheets. Refer to Note 26 - Leases, within the notes to consolidated financial statements for additional disclosure and significant accounting policies affecting leases.
Fixed assets	Fixed assets are carried at cost, net of accumulated depreciation. Maintenance, repairs, and minor renewals are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range between three
Segment information	Historically, the Company's chief operating decision maker ("CODM"), who is its chief executive officer, has operated the Company as a single operating segment offering financial services to its customers in a single geographic region covering Eurasia. In conjunction with the decision to divest the Company of its Russian subsidiaries, and its continued expansion, the Company has restructured its operations into five geographical regions ("segments"): Kazakhstan, Europe, the U.S., Middle East/Causcasus, and Russia ( until completion of planned divestiture). Moving forward after completion of the divestiture of its Russia subsidiaries, the Company will manage its operations in three regional segments, Kazakhstan, Europe, the U.S. and Middle East/Caucasus. In order to determine appropriate segment disclosure ASC 280-10-55-26 the Company followed steps: • Identified operating segments using the management approach; • Determined whether two or more operating segments may be aggregated into a single operating segment; • Applied the quantitative thresholds and other criteria to determine reportable segments; • Considered what information should be disclosed for each reportable segment;
Advertising expense	For the years ended March 31, 2022, 2021 and 2020 the Company had expenses related to advertising in the amount of $17,144, $6,897 and $5,635 respectively. All costs associated with advertising are expensed in the period incurred.
Recent accounting pronouncements	In June 2016 the FASB issued Accounting Standards Update No. 2016-13, "Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments", which introduced an expected credit loss methodology for the impairment of financial assets measured at amortized cost basis. That methodology replaces the probable, incurred loss model for those assets. In November 2019, the FASB issued ASU 2019-10 "Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842)". The Board developed a philosophy to extend and simplify how effective dates are staggered between larger public companies (bucket one) and all other entities (bucket two). Those other entities include private companies, smaller public companies, not-for-profit organizations, and employee benefit plans. Under this philosophy, a major update would first be effective for bucket-one entities, that is, public business entities that are SEC filers, excluding entities eligible to be smaller reporting companies (SRCs) under the SEC's definition. The Master Glossary of the Codification defines public business entities and SEC filers. All other entities, including SRCs, other public business entities, and nonpublic business entities (private companies, not-for-profit organizations, and employee benefit plans) would compose bucket two. For those entities, it is anticipated that the Board will consider requiring an effective date staggered at least two years after bucket one for major updates. The Company is currently an SRC and according to ASU 2019-10, qualifies for bucket two. Accordingly, ASU 2016-13 and ASU 2017-12 are effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact that ASU 2016-13 and 2017-12 will have on its consolidated financial statements and related disclosures. In May 2021 the FASB issued Accounting Standards Update No. 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options, a consensus of the Emerging Issues Task Force (EITF) , which amends the FASB Accounting Standards Codification (ASC or the"Codification") to provide explicit guidance, and, thus, reduce diversity in practice, on accounting by issuers for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after the modification or exchange. This amendment provides that for an entity that presents earnings per share (EPS) in accordance with Topic 260, the effects of a modification or an exchange of a freestanding equity-classified written call option that is recognized as a dividend should be an adjustment to net income (or net loss) in the basic EPS calculation. The amended guidance becomes mandatorily effective for all entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, and should be applied prospectively to modifications or exchanges occurring on or after the effective date. The Company does not expect that the new guidance will significantly impact on its consolidated financial statements. In August 2021 the FASB issued Accounting Standard Update No 2021-06 "Presentation of Financial Statements (Topic 205), Financial Services — Depository and Lending (Topic 942), and Financial Services — Investment Companies (Topic 946)" which amends various SEC paragraphs pursuant to the issuance of SEC Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses. SEC issued Final Rulemaking Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, which modified the disclosure and presentation requirements concerning acquisitions and disposals of businesses. Primarily, the new rules amended (1) Rule 1-02(w) of Regulation S-X, Definition of Terms Used in Regulation S-X, Significant Subsidiary, (2) Rule 3-05 of Regulation S-X, Financial Statements of Businesses Acquired or to Be Acquired, (3) Rule 8-05 of Regulation S-X, Pro Forma Financial Information (which covers smaller reporting companies), and (4) Article 11 of Regulation S-X, Pro Forma Financial Information. In addition, new Rule 6-11 of Regulation S-X, Financial Statements of Funds Acquired or to Be Acquired, covering acquisitions specific to investment companies, was added. Corresponding changes were made to other Regulation S-X rules, various Securities Act and Securities Exchange Act rules, and Forms 8-K and 10-K. Compliance with the amended rules is required from the beginning of a registrant's fiscal year commencing after December 31, 2020 (i.e., the mandatory compliance date). Acquisitions and dispositions that are probable or consummated after the mandatory compliance date are required to be evaluated for significance pursuant to the amended rules. Early compliance is permitted, provided that all the amended rules are applied in their entirety from the early compliance date. ASU No. 2021-06 amends SEC material in the Codification to give effect to Release No. 33-10786. The new rules apply to fiscal years ending on or after December 15, 2021 (i.e., calendar-year 2021). Early voluntary compliance is allowed. Note that the rescission of Industry Guide 3 is effective on January 1, 2023. ASU No. 2021-06 amends SEC material in the Codification to give effect to Release No. 33-10835. The Company is currently evaluating the impact that ASU 2021-06 will have on its consolidated financial statements and related disclosures. In October 2021, The SEC issued the amendment of Compensation-Stock Compensation No. 2021-07, Determining the Current Price of an Underlying Share for Equity-Classified Share-Based Awards a consensus of the Private Company Council. The main amendments were concentrated in add paragraphs 718-10-30-20C through 30-20H and their related heading, with a link to transition paragraph 718-10-65-16, in which as a practical expedient, a nonpublic may use a value determined by the reasonable application of a reasonable valuation method as the current price of its underlying share for purposes of determining the fair value of an award that is classified as equity in accordance with paragraphs 718-10-25-6 through 25-18 at grant date or upon a modification. Moreover, in the topic was amended paragraph 718-10-50-2(f), with a link to transition paragraph 718-10-65-16, which states that listed requirements indicates the minimum information needed to achieve the objectives in paragraph 718-10-50-1 and illustrates how the disclosure requirements might be satisfied. In some circumstances, an entity may need to disclose information beyond the following to achieve the disclosure objectives. Firstly, a description of the method used during the year to estimate the fair value (or calculated value) of awards under share-based payment arrangements. Secondly, a description of the significant assumptions used during the year to estimate the fair value (or calculated value) of share-based compensation awards, including: i. Expected term of share options and similar instruments, including a discussion of the method used to incorporate the contractual term of the instruments and grantees' expected exercise and post vesting termination behavior into the fair value of the instrument. ii. Expected volatility of the entity's shares and the method used to estimate it. An entity that uses a method that employs different volatilities during the contractual term shall disclose the range of expected volatilities used and the weighted-average expected volatility. iii. Expected dividends. iv. Risk-free rate(s). v. Discount for post vesting restrictions and the method for estimating it. vi. Practical expedient for current price input. The topic also contains added paragraph 718-10-65-16, that illustrates the transition and effective date information related to Accounting Standards Update No. 2021-07 by the listed requirement: a. The pending content that links to this paragraph shall be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. b. An entity shall apply the pending content that links to this paragraph prospectively. c. Early application, including application in an interim period, is permitted for financial statements that have not been issued or made available for issuance as of October 25, 2021. The Company is currently evaluating the impact that ASU 2021-06 will have on its consolidated financial statements and related disclosures. In October 2021, The SEC issued the amendment of Business Combinations (Topic 805), No. 2021-08, which related to Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The main amendments were concentrated in paragraphs 805-20-25-16 through 25-17 and add paragraph 805-20-25-28C and its related heading, with a link to transition paragraph 805-20-65-3, where the topic provides limited exceptions to the recognition and measurement principles applicable to business combinations. Moreover, the topic amends paragraphs 805-20-30-10 through 30-12 and add paragraphs 805-20-30-27 through 30-30 and their related heading, with a link to transition paragraph 805-20-65-3. Paragraph 805-20-25-16 notes that the Business Combinations Topic provides limited exceptions to the recognition and measurement principles applicable to business combinations. In the topic has been added paragraph 805-20-65-3, in which the following represents the transition and effective date information related to Accounting Standards Update No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers: a. For public business entities, the pending content that links to this paragraph shall be effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2022. The Company is currently evaluating the impact that ASU 2021-06 will have on its consolidated financial statements and related disclosures In March 2022 the FASB issued Accounting Standards Update No. 2022-01, "Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method", which introduces the amendments, which targeted on improvements to the optional hedge accounting model with the objective of improving hedge accounting to better portray the economic results of an entity's risk management activities in its financial statements. The amendments in this Update apply to the Company that elect to apply the portfolio layer method of hedge accounting in accordance with Table of Contents Topic 815. For a closed portfolio of prepayable financial assets or one or more beneficial interests secured by a portfolio of prepayable financial instruments, the last-of-layer method allows an entity to hedge a stated amount of the asset or assets in the closed portfolio that is anticipated to be outstanding for the designated hedge period. If the requirements for the last-of-layer method are met, prepayment risk is not incorporated into the measurement of the hedged item. Accordingly, ASU 2022-01 is effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact that ASU 2022-01 will have on its consolidated financial statements and related disclosures. In March 2022 the FASB issued Accounting Standards Update No. 2022-02, "Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures", which introduces the amendments on solving two issues of creditors related to troubled debt restructurings and gross writeoffs of vintage debt disclosures. The amendments in Update 2016-13 require that an entity measure and record the lifetime expected credit losses on an asset that is within the scope of the Update upon origination or acquisition, and, as a result, credit losses from loans modified as troubled debt restructurings (TDRs) have been incorporated into the allowance for credit losses. Investors and preparers observed that the additional designation of a loan modification as a TDR and the related accounting are unnecessarily complex and no longer provide decision-useful information. Moreover, Investors and other financial statement users observed that disclosing gross writeoffs by year of origination provides important information that allows them to better understand changes in the credit quality of an entity's loan portfolio and underwriting performance. Accordingly, ASU 2022-02 is effective for fiscal years beginning after December 15, 2022. The Company is currently evaluating the impact that ASU 2022-02 will have on its consolidated financial statements and related disclosures.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of changes in the carrying amount of goodwill	The changes in the carrying amount of goodwill for the year ended March 31, 2022, were as follows: Amount Balance as of March 31, 2021 $ 7,868 Impairment of goodwill of Zerich, Freedom Bank RU and Freedom UA (2,300) Foreign currency translation (180) Balance as of March 31, 2022 $ 5,388

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
Schedule of cash and cash equivalents	March 31, 2022 March 31, 2021 Securities purchased under reverse repurchase agreements $ 278,463 $ 248,946 Current accounts in clearing organizations 78,177 83,194 Current accounts with commercial banks 68,759 75,903 Current accounts with brokers 64,839 94,494 Current account with National Bank (Kazakhstan) 42,517 36,726 Petty cash in bank vault and on hand 37,008 25,830 Current account with National Settlement Depository (Russia) 35,860 28,215 Accounts with stock exchange 11,791 98,521 Cash in transit 4,142 — Current account with Central Bank (Russia) 3,654 6,930 Current account with Central Depository (Kazakhstan) 337 69 Total cash and cash equivalents $ 625,547 $ 698,828
Schedule of repurchase agreements	As of March 31, 2022 and 2021, the cash and cash equivalents balance included collateralized securities received under reverse repurchase agreements on the terms presented below: March 31, 2022 Interest rates and remaining contractual maturity of the agreements Average Up to 30 30-90 Total Securities purchased under reverse repurchase agreements Corporate equity 10.26 % $ 251,516 $ — $ 251,516 US sovereign debt 0.04 % 9,952 — 9,952 Non-US sovereign debt 3.09 % 9,734 — 9,734 Corporate debt 11.92 % 7,261 — 7,261 Total $ 278,463 $ — $ 278,463 March 31, 2021 Interest rates and remaining contractual maturity of the agreements Average Up to 30 30-90 Total Securities purchased under reverse repurchase agreements Non-US sovereign debt 1.07 % $ 101,258 $ — $ 101,258 Corporate debt 4.42 % 94,562 — 94,562 Corporate equity 2.76 % 51,564 — 51,564 US sovereign debt 0.50 % 1,562 — 1,562 Total $ 248,946 $ — $ 248,946

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	12 Months Ended
	Mar. 31, 2022
Restricted Cash [Abstract]
Schedule of restricted cash	Restricted cash for the periods ended March 31, 2022 and 2021, consisted of: March 31, 2022 March 31, 2021 Brokerage customers' cash $ 536,547 $ 427,233 Deferred distribution payment 8,534 8,534 Guaranty deposits 5,729 433 Reserve with Central Bank of Russia 26 1,758 Restricted bank accounts 2,844 — Total restricted cash $ 553,680 $ 437,958

TRADING AND AVAILABLE-FOR-SAL_2

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE (Tables)	12 Months Ended
	Mar. 31, 2022
Debt Securities, Trading, and Equity Securities, FV-NI [Abstract]
Schedule of trading and available-for-sale securities	As of March 31, 2022 and 2021, trading and available-for-sale securities consisted of: March 31, 2022 March 31, 2021 Corporate debt $ 738,394 $ 334,763 Non-US sovereign debt 357,071 333,619 Corporate equity 91,254 47,340 US sovereign debt 10,306 10,828 Exchange traded notes 6,454 9,638 Total trading securities $ 1,203,479 $ 736,188 Equity securities 1 1 Total available-for-sale securities, at fair value $ 1 $ 1
Schedule of present securities assets at fair value	The following tables present trading securities assets in the Consolidated Financial Statements or disclosed in the Notes to the Consolidated Financial Statements at fair value on a recurring basis as of March 31, 2022 and 2021: Weighted average interest rate Total Fair Value Measurements at March 31, 2022 using Quoted Prices in Active Significant Other Significant unobservable Corporate debt 9.61 % $ 738,394 $ 737,799 $ — $ 595 Non-U.S. sovereign debt 13.11 % 357,071 348,775 — 8,296 Corporate equity — 91,254 85,959 5,042 253 U.S. sovereign debt 2.36 % 10,306 10,306 — — Exchange traded notes — 6,454 6,454 — — Total trading securities $ 1,203,479 $ 1,189,293 $ 5,042 $ 9,144 Equity securities — $ 1 $ — $ — $ 1 Total available-for-sale securities, at fair value $ 1 $ — $ — $ 1 Weighted average interest rate Total Fair Value Measurements at March 31, 2021 using Quoted Prices in Active Significant Other Significant unobservable Corporate debt 9.22 % $ 334,763 $ 334,403 $ — $ 360 Non-U.S. sovereign debt 8.06 % 333,619 333,619 — — Corporate equity — 47,340 28,630 1 18,709 U.S. sovereign debt 1.68 % 10,828 10,828 — — Exchange traded notes — 9,638 9,638 — — Total trading securities $ 736,188 $ 717,118 $ 1 $ 19,069 Equity securities — $ 1 $ — $ — $ 1 Total available-for-sale securities, at fair value $ 1 $ — $ — $ 1
Schedule of valuation techniques and significant level 3 inputs	The table below presents the Valuation Techniques and Significant Level 3 Inputs used in the valuation as of March 31, 2022 and 2021. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to determination of fair value. Type Valuation Technique FV as of March 31, FV as of March 31, Significant Unobservable Inputs % Corporate equity DCF $ — $ 18,408 Discount rate 10.6% Estimated number of years 9 years Corporate equity DCF $ 253 $ 301 Discount rate 20.0% Estimated number of years 9 years Corporate debt DCF $ 595 $ 360 Discount rate 45.0% Estimated number of years 3 months Non-US sovereign debt DCF $ 7,524 $ — Discount rate 69.0% Estimated number of years 11 years Non-US sovereign debt DCF $ 772 $ — Discount rate 13.9% Estimated number of years 1 year $ 9,144 $ 19,069 As of March 31, 2022, shares of SPBX held by the Company were transferred from level 3 to level 1, due to active trades on the market. During the year ended March 31, 2022, market trades of SPBX shares were executed in the market, and market data for these shares became available. The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended March 31, 2022: Trading Available-for-sale securities Balance as of March 31, 2020 $ 11,259 $ 1 Sale of investments that use Level 3 inputs (2) — Purchase of investments that use Level 3 inputs 834 — Revaluation of investments that use Level 3 inputs 6,978 — Foreign currency translation — — Balance as of March 31, 2021 $ 19,069 $ 1 Reclassification to level 3 683 — Reclassification to level 1 (18,408) Purchase of investments that use Level 3 inputs 10,813 — Revaluation of investments that use Level 3 inputs (3,013) — Foreign currency translation — — Balance as of March 31, 2022 $ 9,144 $ 1
Schedule of amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities	The table below presents the amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities as of March 31, 2022 and 2021: March 31, 2022 Assets Unrealized loss Assets Equity securities $ 1 $ — $ 1 Balance as of March 31, 2022 $ 1 $ — $ 1 March 31, 2021 Assets Unrealized loss Assets Equity securities $ 1 $ — $ 1 Balance as of March 31, 2021 $ 1 $ — $ 1

BROKERAGE AND OTHER RECEIVABL_2

BROKERAGE AND OTHER RECEIVABLES, NET (Tables)	12 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of brokerage and other receivables	Brokerage and other receivables, net of the Company are comprised of the following: March 31, 2022 March 31, 2021 Margin lending receivables $ 349,179 $ 58,095 Receivables from brokerage clients 4,707 4,199 Long-term installments receivables 1,367 1,280 Receivable from sale of securities 884 484 Bank commissions receivable 709 767 Receivable for underwriting and market-making services 296 564 Dividends accrued 45 1,392 Other receivables 2,987 56 Allowance for receivables (2,607) (2,036) Total brokerage and other receivables, net $ 357,567 $ 64,801

LOAN ISSUED (Tables)

LOAN ISSUED (Tables)	12 Months Ended
	Mar. 31, 2022
Loans and Leases Receivable Disclosure [Abstract]
Schedule of loans issued	Loans issued as of March 31, 2022, consisted of the following: Amount Outstanding Due Dates Average Interest Rate Fair Value of Loan Currency Mortgage loans $ 51,923 April, 2022 - March, 2047 11.86 % $ 52,134 KZT Uncollateralized bank customer loans 34,067 April, 2022 - March, 2047 17.56 % — KZT Subordinated loan 5,033 December, 2022-April, 2024 4.89 % — USD Bank customer loans 2,395 January, 2022 - September, 2045 14.57 % 1,000 RUB Subordinated loan 1,256 December, 2022-April, 2024 7.00 % — UAH Other 123 February, 2022-Febraury, 2027 2.50 % — USD Total loans issued $ 94,797 $ 53,134 As of March 31, 2022, mortgage loans include the state mortgage program "7-20-25" with the principal amount of $21,310. Microfinance organization Freedom Finance Credit (“FFIN Credit”) is a start-up created by Mr.Turlov. It is a non-bank credit institution that issues loans in Kazakhstan under simplified lending procedures. FFIN Credit was created as a pilot project to test and improve the scoring models used for qualifying and issuing loans. The principal operation of FFIN Credit is to provide loans to customers online using biometric identification and its proprietary scoring process. After completion of the pilot launch, it is anticipated ownership of FFIN Credit will be transferred to the Company. During the year ended March 31, 2022 , the Company entered into agreements with FFIN Credit to purchase uncollateralized consumer retail loans. The agreements provide the Company the ability to sell back to FFIN Credit up to $36,010 of the total loans purchased. The Company has determined that it has assumed substantially all of the risks and rewards from the transferor of the loans, with the exception of the amount it has the right to sell back to the transferor, accordingly the Company has received control of the loans and has recognized the loans on its Consolidated Balance Sheets. During the year ended March 31, 2022 , the Company purchased loans in the aggregate amount of $59,839 and sold back loans totaling $12,107 to the FFIN Credit. As of March 31, 2022 , the Company held outstanding loans purchased from the FFIN Credit totaling $35,388, net of an allowance of $1,321. Loans issued as of March 31, 2021, consisted of the following: Amount Outstanding Due Dates Average Interest Rate Fair Value of Loan Currency Subordinated loan $ 5,033 December 2022-April 2024 3.69 % $ — USD Uncollateralized non-bank loan 2,382 January 2022 - February 2022 3.00 % — USD Uncollateralized non-bank loan 1,384 May 2021 13.00 % — RUB Subordinated loan 1,331 September 2029 7.00 % — UAH Bank customer loans 880 March 2024 15.41 % 729 KZT Bank customer loans 657 July 2021 - September 2045 11.27 % 611 RUB Total loans issued $ 11,667 $ 1,340

DEFERRED TAX (LIABILITIES)_AS_2

DEFERRED TAX (LIABILITIES)/ASSETS (Tables)	12 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of deferred tax assets and liabilities	As of March 31, 2022 and 2021, deferred tax assets and liabilities of the Company were comprised of the following: March 31, 2022 March 31, 2021 Deferred tax assets: Revaluation on trading securities $ 5,760 $ — Tax losses carryforward 5,679 316 Accrued liabilities 967 236 Depreciation — 16 Stock compensation expenses — — Valuation allowance — (316) Deferred tax assets $ 12,406 $ 252 Deferred tax liabilities: Revaluation on trading securities $ — $ 2,546 Fixed and Intangible Assets — 1,568 Subordinated debt — 523 Other liabilities 388 — Deferred tax liabilities $ 388 $ 4,637 Net deferred tax (liabilities)/assets $ 12,018 $ (4,385)
Schedule of federal income taxes	The Company is subject to the U.S. federal income taxes at a rate of 21%. The reconciliation of the provision for income taxes at the 21% tax rate compared to the Company's income tax expense as reported is as follows: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Profit before tax at 21% $ 49,747 $ 36,335 $ 5,908 Global intangible low taxed income 31,194 18,451 4,803 Gain recognized through additional paid in capital 4,988 — — Stock based compensation 3,090 348 551 Losses carried forward adjustment — — (154) Other differences — — 20 Provision for impairment losses (19) 187 (295) Valuation allowance (316) (361) 416 Non-taxable interest income (659) — — Permanent differences (2,883) 24 793 Foreign tax credit (16,200) (10,155) (3,503) Foreign tax rate differential (18,213) (10,487) (2,938) Nontaxable gains (25,204) (4,244) 401 Income tax provision $ 25,525 $ 30,098 $ 6,002
Schedule of income tax expenses	As of March 31, 2022 and 2021, income tax expense was comprised of the following: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Current income tax charge $ 41,927 $ 27,386 $ 5,307 Deferred income tax charge (16,402) 2,712 695 Income tax provision $ 25,525 $ 30,098 $ 6,002

FIXED ASSETS, NET (Tables)

FIXED ASSETS, NET (Tables)	12 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of fixed assets	As of March 31, 2022 and 2021, fixed assets, net of the Company included the following: March 31, 2022 March 31, 2021 Buildings $ 7,770 $ 8,014 Processing and storage data centers 4,153 2,307 Office equipment 5,395 3,504 Capital expenditures on leasehold improvements 3,386 2,718 Furniture 3,812 2,049 Vehicles 945 831 Land 1,564 1,533 Other 1,053 1,380 Less: Accumulated depreciation (6,713) (3,951) Total fixed assets, net $ 21,365 $ 18,385

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	12 Months Ended
	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	As of March 31, 2022 and 2021, intangible assets, net of the Company included the following: March 31, 2022 March 31, 2021 Licenses $ 3,613 $ 2,016 Client base 2,435 6,324 Trading platform 2,359 2,610 Software 2,666 3,693 Other intangible assets 40 — Less: Accumulated amortization (5,322) (4,858) Total intangible assets, net $ 5,791 $ 9,785

OTHER ASSETS, NET (Tables)

OTHER ASSETS, NET (Tables)	12 Months Ended
	Mar. 31, 2022
Other Assets [Abstract]
Schedule of other assets	As of March 31, 2022 and 2021, other assets, net of the Company included the following: March 31, 2022 March 31, 2021 Current income tax asset $ 5,093 $ 947 Due from financial institutions 4,763 2,094 Advances paid 7,734 8,383 Prepayments on future acquisitions 4,069 — Taxes other than income taxes 1,840 888 Outstanding settlement operations 519 5,732 Rent guarantee deposit 759 796 Other 1,036 1,090 Total other assets 25,813 19,930 Allowance for other assets (106) (28) Other assets, net $ 25,707 $ 19,902

SECURITIES REPURCHASE AGREEME_2

SECURITIES REPURCHASE AGREEMENT OBLIGATIONS (Tables)	12 Months Ended
	Mar. 31, 2022
Securities Sold under Agreements to Repurchase [Abstract]
Schedule of Securities under repurchase agreement obligations	As of March 31, 2022 and 2021, trading securities included collateralized securities subject to repurchase agreements as described in the following table: March 31, 2022 Interest rates and remaining contractual maturity of the agreements Average Up to 30-90 Over 90 Total Securities sold under repurchase agreements Corporate debt 12.07 % $ 566,690 $ 142 $ — $ 566,832 Non-US sovereign debt 10.85 % 201,666 — — 201,666 US sovereign debt 0.77 % 5,968 — — 5,968 Corporate equity 13.54 % 712 — — 712 Total securities sold under repurchase agreements $ 775,036 $ 142 $ — $ 775,178 March 31, 2021 Interest rates and remaining contractual maturity of the agreements Average Up to 30 30-90 Over 90 Total Securities sold under repurchase agreements Non-US sovereign debt 9.28 % $ 229,812 $ — $ — $ 229,812 Corporate debt 9.27 % 189,337 — — 189,337 Corporate equity 3.78 % 5,757 — — 5,757 US sovereign debt 0.40 % 1,809 — — 1,809 Total securities sold under repurchase agreements $ 426,715 $ — $ — $ 426,715

CUSTOMER LIABILITIES (Tables)

CUSTOMER LIABILITIES (Tables)	12 Months Ended
	Mar. 31, 2022
Contract with Customer, Liability [Abstract]
Schedule of customer liabilities	The Company recognizes customer liabilities associated with funds held by our brokerage and bank customers. Customer liabilities consist of: March 31, 2022 March 31, 2021 Brokerage customers $ 1,078,204 $ 938,086 Banking customers 339,733 225,611 Total customer liabilities $ 1,417,937 $ 1,163,697

TRADE PAYABLES (Tables)

TRADE PAYABLES (Tables)	12 Months Ended
	Mar. 31, 2022
Accounts Payable [Abstract]
Schedule of trade payables	As of March 31, 2022 and 2021, trade payables of the Company included the following: March 31, 2022 March 31, 2021 Margin lending payable $ 39,250 $ 20,120 Payables to suppliers of goods and services 4,608 1,708 Trade payable for securities purchased 462 264 Guarantee fee received 33 31 Other 876 181 Total trades payables $ 45,229 $ 22,304

LOANS RECEIVED (Tables)

LOANS RECEIVED (Tables)	12 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of loans received	As of March 31, 2022 and 2021, loans received by the Company included the following: Company Lender March 31, 2022 March 31, 2021 Interest rate Term Maturity dates Freedom Holding Corp. Non-Bank $ 3,538 $ 3,373 5 % 26 months 12/31/22 Total loans received $ 3,538 $ 3,373

DEBT SECURITIES ISSUED (Tables)

DEBT SECURITIES ISSUED (Tables)	12 Months Ended
	Mar. 31, 2022
Debt Securities [Abstract]
Schedule of outstanding debt securities of company	As of March 31, 2022 and 2021, outstanding debt securities of the Company included the following: March 31, 2022 March 31, 2021 Debt securities issued denominated in USD $ 97,745 $ 60,743 Debt securities issued denominated in RUB — 6,605 Accrued interest 1,282 1,095 Total debt securities issued $ 99,027 $ 68,443

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Mar. 31, 2022
Risks and Uncertainties [Abstract]
Schedule of other liabilities	As of March 31, 2022 and 2021, other liabilities of the Company included the following: March 31, 2022 March 31, 2021 Liability arising from continuing involvement $ 6,447 $ — Salaries and other employee benefits 3,527 1,623 Payable to suppliers 3,605 1,574 Vacation reserve 2,458 1,672 Outstanding settlements operations 1,343 2,835 Taxes payable other than income tax 606 173 Other 1,931 962 Total other liabilities $ 19,917 $ 8,839

FEE AND COMMISSION INCOME_(EX_2

FEE AND COMMISSION INCOME/(EXPENSE) (Tables)	12 Months Ended
	Mar. 31, 2022
Receivables [Abstract]
Schedule of fees and commission income/(expense)	As of March 31, 2022 and 2021, fee and commission income/expense of the Company included the following: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Fee and commission income: Brokerage services $ 391,996 $ 245,913 $ 82,800 Bank services 23,274 12,403 7,240 Underwriting services 8,705 8,345 2,360 Other commission income 7,963 5,278 268 Total fee and commission income $ 431,938 $ 271,939 $ 92,668 Fee and commission expense: Brokerage services $ 61,151 $ 63,098 $ 18,673 Bank services 10,989 5,095 1,299 Stock exchange services 3,109 1,924 710 Central Depository services 594 440 775 Other commission expense 5,388 2,543 479 Total fee and commission expense $ 81,231 $ 73,100 $ 21,936

NET GAIN ON TRADING SECURITIES

NET GAIN ON TRADING SECURITIES (Tables)	12 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Schedule of net gain on trading securities	As of March 31, 2022 and 2021, net gain on trading securities included the following: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Net gain recognized during the period on trading securities sold during the period $ 179,216 $ 39,267 $ 22,770 Net unrealized (loss)/gain recognized during the reporting period on trading securities still held at the reporting date (101,545) 6,919 (7,847) Net gain recognized during the period on trading securities $ 77,671 $ 46,186 $ 14,923

NET INTEREST INCOME_ (EXPENSE)

NET INTEREST INCOME/ (EXPENSE) (Tables)	12 Months Ended
	Mar. 31, 2022
Interest Income (Expense), Net [Abstract]
Schedule of net interest income/(expense)	Net interest income/expense includes: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Interest income: Interest income on financial assets recorded at amortized cost comprises: Interest income on securities repurchased under reverse repurchase agreements and amounts due from banks $ 6,172 $ 3,428 $ 1,586 Interest income on loans to customers 4,927 579 572 Total interest income on financial assets recorded at amortized cost 11,099 4,007 2,158 Interest income on financial assets recorded in consolidated statements of operations and other comprehensive income Interest income on trading securities 80,702 26,866 9,976 Total interest income on financial assets recorded in consolidated statements of operations and other comprehensive income 80,702 26,866 9,976 Total interest income $ 91,801 $ 30,873 $ 12,134 Interest expense: Interest expense on financial liabilities recorded at amortized cost comprises: Interest expense on securities repurchase agreement obligations $ 51,503 $ 14,574 $ 7,140 Interest expense on customer accounts and deposits 18,596 7,269 1,598 Interest expense on debt securities issued 5,172 5,134 3,220 Interest expense on loans received 563 362 437 Other interest expense 66 27 4 Total interest expense on financial liabilities recorded at amortized cost 75,899 27,366 12,399 Total interest expense $ 75,899 $ 27,366 $ 12,399

NET GAIN ON FOREIGN EXCHANGE _2

NET GAIN ON FOREIGN EXCHANGE OPERATIONS (Tables)	12 Months Ended
	Mar. 31, 2022
Research and Development [Abstract]
Schedule of net gain on foreign exchange operations	Net gain on foreign exchange operations includes: Year ended March 31, 2022 Year ended March 31, 2021 Year ended March 31, 2020 Sales and purchases of foreign currency, dealing $ (12,378) $ 1,111 $ 1,197 Translation difference (25,315) 2,317 1,118 Total net gain on foreign exchange operations $ (37,693) $ 3,428 $ 2,315

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	12 Months Ended
	Mar. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of fair value of such stock options using the Black-Scholes option valuation	The Company has determined the fair value of restricted shares awarded during the twelve months ended March 31, 2022, using the Monte Carlo valuation model based on the following key assumptions: Term (years) 5 Volatility 41.5 % Risk-free rate 0.06 %
Schedule of restricted stock activity	The table below summarizes the activity for the Company's restricted stock outstanding during the year ended March 31, 2022: Shares Weighted Outstanding, March 31, 2021 15,000 $ 775 Granted 1,039,000 39,760 Vested (4,500) (233) Forfeited/cancelled/expired — — Outstanding, at March 31, 2022 1,049,500 $ 40,303
Schedule of the activity of the company's restricted stock outstanding	The Company has determined the fair value of such stock options using the Black-Scholes option valuation model based on the following key assumptions: Term (years) 3 Volatility 165.33 % Risk-free rate 1.66 %
Schedule of stock options roll forward	The following is a summary of stock option activity for year ended March 31, 2022: Shares Weighted Average Weighted Aggregate Outstanding, March 31, 2021 60,000 $ 1.98 6.52 $ 3,083,000 Granted — — — — Exercised (60,000) 1.98 6.52 3,742,000 Forfeited/cancelled/expired — — — — Outstanding, at March 31, 2022 — $ — — $ — Exercisable, at March 31, 2022 — $ — — $ —

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of operating lease right of use assets, and liabilities	The table below presents the lease related assets and liabilities recorded on the Company's consolidated balance sheets as of March 31, 2022: Classification on Balance Sheet March 31, 2022 Assets Operating lease assets Right-of-use assets $ 15,669 Total lease assets $ 15,669 Liabilities Operating lease liability Operating lease obligations $ 15,315 Total lease liability $ 15,315
Disclosure of lease operations	Lease obligations at March 31, 2022, consisted of the following: Twelve months ending March 31, 2023 $ 8,160 2024 4,375 2025 2,924 2026 1,944 2027 435 Thereafter 271 Total payments 18,109 Less: amounts representing interest (2,794) Lease liability, net $ 15,315 Weighted average remaining lease term (in months) 27 Weighted average discount rate 12 %

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of bank guarantees	Total lending related commitments outstanding at March 31, 2022, were as follows: As of March 31, 2022 As of March 31, 2021 Bank guarantees $ 6,384 $ 6,594 Unfunded commitments under lines of credit 11,292 182 $ 17,676 $ 6,776

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details)	1 Months Ended
	Jul. 31, 2021	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Related Party Transaction [Line Items]
Outstanding equity interest sold (in percent)	23.88%
LLC Freedom Finance Ukraine
Related Party Transaction [Line Items]
Ownership percentage, non-controlling interest (in percent)		9.00%	32.90%
Ownership percentage, controlling interest (in percent)		91.00%
Outstanding equity interest sold (in percent)	23.90%
Subsidiaries listed on the Ukrainian Exchange
Related Party Transaction [Line Items]
Ownership percentage, non-controlling interest (in percent)				24.30%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022USD ($)region	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Property, Plant and Equipment [Line Items]
Accumulated goodwill impairment	$ 5,388	$ 7,868
Number of operating regions | region	5
Advertising expense	$ 17,144	6,897	$ 5,635
Client base write-off	3,125	0	0
Subsidiaries goodwill impairment	2,300	0	$ 0
Amount Outstanding	94,797	$ 11,667
KZT | Mortgage loans
Property, Plant and Equipment [Line Items]
Amount Outstanding	$ 51,923
Minimum
Property, Plant and Equipment [Line Items]
Useful lives of assets	3 years
Maximum
Property, Plant and Equipment [Line Items]
Useful lives of assets	7 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of changes in the carrying amount of goodwill (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022USD ($)
Goodwill [Roll Forward]
Goodwill, beginning	$ 7,868
Foreign currency translation	(180)
Goodwill, ending	5,388
Impairment of goodwill of Zerich, Freedom Bank RU and Freedom UA
Goodwill [Roll Forward]
Impairment of goodwill of Zerich, Freedom Bank RU and Freedom UA	$ (2,300)

CASH AND CASH EQUIVALENTS - Sch

CASH AND CASH EQUIVALENTS - Schedule of cash and cash equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 625,547	$ 698,828	$ 63,208
Securities purchased under reverse repurchase agreements
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	278,463	248,946
Current accounts in clearing organizations
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	78,177	83,194
Current accounts with commercial banks
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	68,759	75,903
Current accounts with brokers
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	64,839	94,494
Current account with National Bank (Kazakhstan)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	42,517	36,726
Petty cash in bank vault and on hand
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	37,008	25,830
Current account with National Settlement Depository (Russia)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	35,860	28,215
Accounts with stock exchange
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	11,791	98,521
Cash in transit
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	4,142	0
Current account with Central Bank (Russia)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	3,654	6,930
Current account with Central Depository (Kazakhstan)
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 337	$ 69

CASH AND CASH EQUIVALENTS - Nar

CASH AND CASH EQUIVALENTS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Cash and Cash Equivalents [Abstract]
FDIC insurance	$ 250,000	$ 250,000
Fair value of collateral received by the company under reverse repurchase agreements	$ 380,078	$ 272,586

CASH AND CASH EQUIVALENTS - S_2

CASH AND CASH EQUIVALENTS - Schedule of collateralized securities received under reverse repurchase agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining contractual maturity: up to 30 days	$ 775,036	$ 426,715
Total	775,178	426,715
Cash and Cash Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining contractual maturity: up to 30 days	278,463	248,946
Remaining contractual maturity: 30 - 90 days	0	0
Total	$ 278,463	$ 248,946
Non-US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Interest rate	10.85%	9.28%
Remaining contractual maturity: up to 30 days	$ 201,666	$ 229,812
Total	$ 201,666	$ 229,812
Non-US sovereign debt | Cash and Cash Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Interest rate	10.26%	1.07%
Remaining contractual maturity: up to 30 days	$ 251,516	$ 101,258
Remaining contractual maturity: 30 - 90 days	0	0
Total	$ 251,516	$ 101,258
Corporate debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Interest rate	12.07%	9.27%
Remaining contractual maturity: up to 30 days	$ 566,690	$ 189,337
Total	$ 566,832	$ 189,337
Corporate debt | Cash and Cash Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Interest rate	0.04%	4.42%
Remaining contractual maturity: up to 30 days	$ 9,952	$ 94,562
Remaining contractual maturity: 30 - 90 days	0	0
Total	$ 9,952	$ 94,562
Corporate equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Interest rate	13.54%	3.78%
Remaining contractual maturity: up to 30 days	$ 712	$ 5,757
Total	$ 712	$ 5,757
Corporate equity | Cash and Cash Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Interest rate	3.09%	2.76%
Remaining contractual maturity: up to 30 days	$ 9,734	$ 51,564
Remaining contractual maturity: 30 - 90 days	0	0
Total	$ 9,734	$ 51,564
US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Interest rate	0.77%	0.40%
Remaining contractual maturity: up to 30 days	$ 5,968	$ 1,809
Total	$ 5,968	$ 1,809
US sovereign debt | Cash and Cash Equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average Interest rate	11.92%	0.50%
Remaining contractual maturity: up to 30 days	$ 7,261	$ 1,562
Remaining contractual maturity: 30 - 90 days	0	0
Total	$ 7,261	$ 1,562

RESTRICTED CASH (Details)

RESTRICTED CASH (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 553,680	$ 437,958
Brokerage customers' cash
Cash and Cash Equivalents [Line Items]
Restricted cash	536,547	427,233
Deferred distribution payment
Cash and Cash Equivalents [Line Items]
Restricted cash	8,534	8,534
Guaranty deposits
Cash and Cash Equivalents [Line Items]
Restricted cash	5,729	433
Reserve with Central Bank of Russia
Cash and Cash Equivalents [Line Items]
Restricted cash	26	1,758
Restricted bank accounts
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 2,844	$ 0

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 553,680	$ 437,958
Deferred distribution payment
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 8,534	$ 8,534

TRADING AND AVAILABLE-FOR-SAL_3

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE - Schedule of trading and available-for-sale securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	$ 1,203,479	$ 736,188
Fair value of equity securities	1	1
Corporate debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	738,394	334,763
Non-US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	357,071	333,619
Corporate equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	91,254	47,340
US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	10,306	10,828
Exchange traded notes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	6,454	9,638
Equity securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of equity securities	$ 1	$ 1

TRADING AND AVAILABLE-FOR-SAL_4

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE - Narrative (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022USD ($)issuer	Mar. 31, 2021USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of issuers | issuer	2
Ministry of Finance of the Republic of Kazakhstan
Defined Benefit Plan Disclosure [Line Items]
Percentage of trading securities (in percent)	10.00%	10.00%
Debt securities	$ 328,951	$ 293,451
Kazakhstan Sustainability Fund JSC
Defined Benefit Plan Disclosure [Line Items]
Percentage of trading securities (in percent)	10.00%	10.00%
Debt securities	$ 414,591	$ 193,677

TRADING AND AVAILABLE-FOR-SAL_5

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE - Schedule of present securities assets at fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	$ 1,203,479	$ 736,188
Fair value of equity securities	1	1
Quoted Prices in Active Markets for Identical Assets (Level 1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	1,189,293	717,118
Fair value of equity securities	0	0
Significant Other Observable Inputs (Level 2)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	5,042	1
Fair value of equity securities	0	0
Significant unobservable units (Level 3)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	9,144	19,069
Fair value of equity securities	$ 1	$ 1
Corporate debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average interest rate (in percent)	9.61%	9.22%
Trading securities	$ 738,394	$ 334,763
Corporate debt | Quoted Prices in Active Markets for Identical Assets (Level 1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	737,799	334,403
Corporate debt | Significant Other Observable Inputs (Level 2)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	0	0
Corporate debt | Significant unobservable units (Level 3)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	$ 595	$ 360
Non-US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average interest rate (in percent)	13.11%	8.06%
Trading securities	$ 357,071	$ 333,619
Non-US sovereign debt | Quoted Prices in Active Markets for Identical Assets (Level 1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	348,775	333,619
Non-US sovereign debt | Significant Other Observable Inputs (Level 2)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	0	0
Non-US sovereign debt | Significant unobservable units (Level 3)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	$ 8,296	$ 0
Corporate equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average interest rate (in percent)	0.00%	0.00%
Trading securities	$ 91,254	$ 47,340
Corporate equity | Quoted Prices in Active Markets for Identical Assets (Level 1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	85,959	28,630
Corporate equity | Significant Other Observable Inputs (Level 2)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	5,042	1
Corporate equity | Significant unobservable units (Level 3)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	$ 253	$ 18,709
US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average interest rate (in percent)	2.36%	1.68%
Trading securities	$ 10,306	$ 10,828
US sovereign debt | Quoted Prices in Active Markets for Identical Assets (Level 1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	10,306	10,828
US sovereign debt | Significant Other Observable Inputs (Level 2)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	0	0
US sovereign debt | Significant unobservable units (Level 3)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	$ 0	$ 0
Exchange traded notes
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average interest rate (in percent)	0.00%	0.00%
Trading securities	$ 6,454	$ 9,638
Exchange traded notes | Quoted Prices in Active Markets for Identical Assets (Level 1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	6,454	9,638
Exchange traded notes | Significant Other Observable Inputs (Level 2)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	0	0
Exchange traded notes | Significant unobservable units (Level 3)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trading securities	$ 0	$ 0
Equity securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total available-for-sale securities, Weighted average interest rate (in percent)	0.00%	0.00%
Fair value of equity securities	$ 1	$ 1
Equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of equity securities	0	0
Equity securities | Significant Other Observable Inputs (Level 2)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of equity securities	0	0
Equity securities | Significant unobservable units (Level 3)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of equity securities	$ 1	$ 1

TRADING AND AVAILABLE-FOR-SAL_6

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE - Schedule of valuation techniques and significant level 3 inputs used in the valuation (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 9,144	$ 19,069
Corporate equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 0	18,408
Fair value input (in percent)	10.60%
Estimated number of years	9 years
Corporate equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 253	301
Fair value input (in percent)	20.00%
Estimated number of years	9 years
Corporate debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 595	360
Fair value input (in percent)	45.00%
Estimated number of years	3 months
Non-US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 7,524	0
Fair value input (in percent)	69.00%
Estimated number of years	11 years
Non-US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value	$ 772	$ 0
Fair value input (in percent)	13.90%
Estimated number of years	1 year

TRADING AND AVAILABLE-FOR-SAL_7

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE - Schedule of reconciliation of the beginning and ending balance for investments that use Level 3 inputs (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale securities, beginning balance	$ 1
Available-for-sale securities, ending balance	1	$ 1
Available-for-sale securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Available-for-sale securities, beginning balance	1	1
Sale of investments that use Level 3 inputs		0
Reclassification to level 3	0
Reclassification to level 1
Purchase of investments that use Level 3 inputs	0	0
Revaluation of investments that use Level 3 inputs	0	0
Foreign currency translation	0	0
Available-for-sale securities, ending balance	1	1
Trading securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Investments beginning	19,069	11,259
Sale of investments that use Level 3 inputs		(2)
Reclassification to level 3	(683)
Reclassification to level 1	18,408
Purchase of investments that use Level 3 inputs	10,813	834
Revaluation of investments that use Level 3 inputs	(3,013)	6,978
Foreign currency translation	0	0
Investments ending	$ 9,144	$ 19,069

TRADING AND AVAILABLE-FOR-SAL_8

TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE - Schedule of amortized cost, unrealized gains and losses accumulated in other comprehensive income, and fair value of available-for-sale securities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assets measured at amortized cost	$ 1	$ 1
Unrealized loss accumulated in other comprehensive income	0	0
Assets measured at fair value	1	1
Equity securities
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Assets measured at amortized cost	1	1
Unrealized loss accumulated in other comprehensive income	0	0
Assets measured at fair value	$ 1	$ 1

BROKERAGE AND OTHER RECEIVABL_3

BROKERAGE AND OTHER RECEIVABLES, NET - Schedule of brokerage and other receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	$ 357,567	$ 64,801
Margin lending receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	349,179	58,095
Receivables from brokerage clients
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	4,707	4,199
Long-term installments receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	1,367	1,280
Receivable from sale of securities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	884	484
Bank commissions receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	709	767
Receivable for underwriting and market-making services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	296	564
Dividends accrued
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	45	1,392
Other receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	2,987	56
Allowance for receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Brokerage and other receivables, net	$ 2,607	$ 2,036

BROKERAGE AND OTHER RECEIVABL_4

BROKERAGE AND OTHER RECEIVABLES, NET - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Receivables [Abstract]
Amounts due from single related party customer	$ 102,680	$ 8,948
Due from related party customer (in percent)	29.00%	14.00%
Allowance for brokerage receivables		$ 2,036

LOANS ISSUED (Details)

LOANS ISSUED (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Past Due [Line Items]
Amount Outstanding	$ 94,797,000	$ 11,667,000
Fair Value of Collateral	53,134,000	1,340,000
Option to sell back loan, limit	36,010,000
Outstanding loans purchased from the microfinance organization	35,388,000
Outstanding loans purchased from the microfinance organization, allowance	1,321,000
Loans purchased from microfinance organization	(59,839,000)	0	$ 0
Loans sold to microfinance organization	12,107,000	0	$ 0
Mortgage loans
Financing Receivable, Past Due [Line Items]
Debt instrument face amount	21,310,000
Mortgage loans | KZT
Financing Receivable, Past Due [Line Items]
Amount Outstanding	$ 51,923,000
Average Interest Rate (in percent)	11.86%
Fair Value of Collateral	$ 52,134,000
Uncollateralized bank customer loans | KZT
Financing Receivable, Past Due [Line Items]
Amount Outstanding	$ 34,067,000
Average Interest Rate (in percent)	17.56%
Fair Value of Collateral	$ 0
Uncollateralized bank customer loans | USD
Financing Receivable, Past Due [Line Items]
Amount Outstanding		$ 2,382,000
Average Interest Rate (in percent)		3.00%
Fair Value of Collateral		$ 0
Uncollateralized bank customer loans | RUB
Financing Receivable, Past Due [Line Items]
Amount Outstanding		$ 1,384,000
Average Interest Rate (in percent)		13.00%
Fair Value of Collateral		$ 0
Subordinated loan | USD
Financing Receivable, Past Due [Line Items]
Amount Outstanding	$ 5,033,000	$ 5,033,000
Average Interest Rate (in percent)	4.89%	3.69%
Fair Value of Collateral	$ 0	$ 0
Subordinated loan | UAH
Financing Receivable, Past Due [Line Items]
Amount Outstanding	$ 1,256,000	$ 1,331,000
Average Interest Rate (in percent)	7.00%	7.00%
Fair Value of Collateral	$ 0	$ 0
Bank customer loans | KZT
Financing Receivable, Past Due [Line Items]
Amount Outstanding		$ 880,000
Average Interest Rate (in percent)		15.41%
Fair Value of Collateral		$ 729,000
Bank customer loans | RUB
Financing Receivable, Past Due [Line Items]
Amount Outstanding	$ 2,395,000	$ 657,000
Average Interest Rate (in percent)	14.57%	11.27%
Fair Value of Collateral	$ 1,000,000	$ 611,000
Other | USD
Financing Receivable, Past Due [Line Items]
Amount Outstanding	$ 123,000
Average Interest Rate (in percent)	2.50%
Fair Value of Collateral	$ 0

DEFERRED TAX (LIABILITIES)_AS_3

DEFERRED TAX (LIABILITIES)/ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Net income before income tax	$ 236,894	$ 173,022
Effective income tax rate (in percent)	(10.80%)	(17.40%)	21.30%
Tax losses carryforward	$ 5,679	$ 316
US
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	21.00%	21.00%
Russia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	20.00%	20.00%
Kazakhstan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	20.00%	20.00%
Kyrgyzstan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	10.00%	10.00%
Germany
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	31.00%	31.00%
Cyprus
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	12.50%	12.50%
Ukraine
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	18.00%	18.00%
Azerbaijan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	20.00%
United Kingdom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	25.00%	25.00%
Armenia
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	18.00%	18.00%
Tax losses carryforward	$ 5,679
Uzbekistan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Income tax rates used for deferred tax assets and liabilities (in percent)	15.00%	15.00%

DEFERRED TAX (LIABILITIES)_AS_4

DEFERRED TAX (LIABILITIES)/ASSETS - Schedule of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Deferred tax assets:
Revaluation on trading securities	$ 5,760	$ 0
Tax losses carryforward	5,679	316
Accrued liabilities	967	236
Depreciation	0	16
Stock compensation expenses	0	0
Valuation allowance	0	(316)
Deferred tax assets	12,406	252
Deferred tax liabilities:
Revaluation on trading securities	0	2,546
Fixed and Intangible Assets	0	1,568
Subordinated debt	0	523
Other liabilities	388	0
Deferred tax liabilities	388	4,637
Net deferred tax (liabilities)/assets	$ 12,018
Net deferred tax (liabilities)/assets		$ 4,385

DEFERRED TAX (LIABILITIES)_AS_5

DEFERRED TAX (LIABILITIES)/ASSETS - Schedule of federal income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Profit before tax at 21%	$ 49,747	$ 36,335	$ 5,908
Global intangible low taxed income	31,194	18,451	4,803
Gain recognized through additional paid in capital	4,988	0	0
Stock based compensation	3,090	348	551
Losses carried forward adjustment	0	0	(154)
Other differences	0	0	20
Provision for impairment losses	(19)	187	(295)
Valuation allowance	(316)	(361)	416
Non-taxable interest income	(659)	0	0
Permanent differences	(2,883)	24	793
Foreign tax credit	(16,200)	(10,155)	(3,503)
Foreign tax rate differential	(18,213)	(10,487)	(2,938)
Nontaxable gains	(25,204)	(4,244)	401
Income tax provision	$ 25,525	$ 30,098	$ 6,002

DEFERRED TAX (LIABILITIES)_AS_6

DEFERRED TAX (LIABILITIES)/ASSETS - Schedule of income tax expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Current income tax charge	$ 41,927	$ 27,386	$ 5,307
Deferred income tax charge	(16,402)	2,712	695
Income tax provision	$ 25,525	$ 30,098	$ 6,002

FIXED ASSETS, NET - Schedule of

FIXED ASSETS, NET - Schedule of fixed assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (6,713)	$ (3,951)
Total fixed assets, net	21,365	18,385
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	7,770	8,014
Processing and storage data centers
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,153	2,307
Office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,395	3,504
Capital expenditures on leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,386	2,718
Furniture
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,812	2,049
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	945	831
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,564	1,533
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,053	$ 1,380

FIXED ASSETS, NET - Narrative (

FIXED ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3,117	$ 2,615	$ 1,407

INTANGIBLE ASSETS, NET - Schedu

INTANGIBLE ASSETS, NET - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Goodwill [Line Items]
Less: Accumulated amortization	$ (5,322)	$ (4,858)
Intangible assets, net	5,791	9,785
Client base
Goodwill [Line Items]
Intangible assets, gross	2,435	6,324
Software
Goodwill [Line Items]
Intangible assets, gross	2,666	3,693
Trading platform
Goodwill [Line Items]
Intangible assets, gross	2,359	2,610
Licenses
Goodwill [Line Items]
Intangible assets, gross	3,613	2,016
Other Intangible Assets
Goodwill [Line Items]
Intangible assets, gross	$ 40	$ 0

INTANGIBLE ASSETS, NET - Narrat

INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1,530	$ 1,210	$ 1,251

OTHER ASSETS, NET (Details)

OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Total other assets	$ 25,813	$ 19,930
Allowance for other assets	(106)	(28)
Other assets, net	25,707	19,902
Current income tax asset
Property, Plant and Equipment [Line Items]
Total other assets	5,093	947
Due from financial institutions
Property, Plant and Equipment [Line Items]
Total other assets	4,763	2,094
Advances paid
Property, Plant and Equipment [Line Items]
Total other assets	7,734	8,383
Prepayments on future acquisitions
Property, Plant and Equipment [Line Items]
Total other assets	4,069	0
Taxes other than income taxes
Property, Plant and Equipment [Line Items]
Total other assets	1,840	888
Outstanding settlement operations
Property, Plant and Equipment [Line Items]
Total other assets	519	5,732
Rent guarantee deposit
Property, Plant and Equipment [Line Items]
Total other assets	759	796
Other
Property, Plant and Equipment [Line Items]
Total other assets	$ 1,036	$ 1,090

SECURITIES REPURCHASE AGREEME_3

SECURITIES REPURCHASE AGREEMENT OBLIGATIONS - Schedule of trading securities including collateralized securities subject to repurchase agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining contractual maturity: up to 30 days	$ 775,036	$ 426,715
Remaining contractual maturity: 30 - 90 days	142	0
Remaining contractual maturity: Over 90 days	0	0
Total	$ 775,178	$ 426,715
Non-US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average interest rate (in percent)	10.85%	9.28%
Remaining contractual maturity: up to 30 days	$ 201,666	$ 229,812
Remaining contractual maturity: 30 - 90 days	0	0
Remaining contractual maturity: Over 90 days	0	0
Total	$ 201,666	$ 229,812
Corporate debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average interest rate (in percent)	12.07%	9.27%
Remaining contractual maturity: up to 30 days	$ 566,690	$ 189,337
Remaining contractual maturity: 30 - 90 days	142	0
Remaining contractual maturity: Over 90 days	0	0
Total	$ 566,832	$ 189,337
Corporate equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average interest rate (in percent)	13.54%	3.78%
Remaining contractual maturity: up to 30 days	$ 712	$ 5,757
Remaining contractual maturity: 30 - 90 days	0	0
Remaining contractual maturity: Over 90 days	0	0
Total	$ 712	$ 5,757
US sovereign debt
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average interest rate (in percent)	0.77%	0.40%
Remaining contractual maturity: up to 30 days	$ 5,968	$ 1,809
Remaining contractual maturity: 30 - 90 days	0	0
Remaining contractual maturity: Over 90 days	0	0
Total	$ 5,968	$ 1,809

SECURITIES REPURCHASE AGREEME_4

SECURITIES REPURCHASE AGREEMENT OBLIGATIONS - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Securities Sold under Agreements to Repurchase [Abstract]
Fair value of collateral pledged under repurchase agreements	$ 769,627	$ 426,669

CUSTOMER LIABILITIES - Schedule

CUSTOMER LIABILITIES - Schedule of customer liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Revenue, Major Customer [Line Items]
Customer liabilities	$ 1,417,937	$ 1,163,697
Brokerage customers
Revenue, Major Customer [Line Items]
Customer liabilities	1,078,204	938,086
Banking customers
Revenue, Major Customer [Line Items]
Customer liabilities	$ 339,733	$ 225,611

CUSTOMER LIABILITIES - Narrativ

CUSTOMER LIABILITIES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Contract with Customer, Liability [Abstract]
Banking customer liabilities, current accounts	$ 173,754	$ 133,493
Banking customer liabilities, deposits	$ 165,979	$ 92,118

TRADE PAYABLES - Schedule of Tr

TRADE PAYABLES - Schedule of Trade Payables (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Regulatory Liabilities [Line Items]
Trade payables	$ 45,229	$ 22,304
Margin lending payable
Regulatory Liabilities [Line Items]
Trade payables	39,250	20,120
Payables to suppliers of goods and services
Regulatory Liabilities [Line Items]
Trade payables	4,608	1,708
Trade payable for securities purchased
Regulatory Liabilities [Line Items]
Trade payables	462	264
Guarantee fee received
Regulatory Liabilities [Line Items]
Trade payables	33	31
Other
Regulatory Liabilities [Line Items]
Trade payables	$ 876	$ 181

TRADE PAYABLES - Narrative (Det

TRADE PAYABLES - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Related Party Transaction [Line Items]
Trade payables	$ 173,754	$ 133,493
Related Party
Related Party Transaction [Line Items]
Trade payables	$ 38,889	$ 13,810
Trade payables due (in percent)	86.00%	62.00%

SECURITIES SOLD, NOT YET PURC_2

SECURITIES SOLD, NOT YET PURCHASED AT FAIR VALUE (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Securities sold, not yet purchased at fair value	$ 14,103	$ 8,592
Proceeds from sale of shares, other	11,478
Loss on the change in the fair value	$ 1,384	61
loss on change in fair value of financial liabilities		$ 8,531

LOANS RECEIVED - Schedule of lo

LOANS RECEIVED - Schedule of loans received (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Amount outstanding	$ 3,538	$ 3,373
Interest rate (in percent)	5.00%
Term	26 months
Total amount outstanding	$ 3,538	$ 3,373

LOANS RECEIVED - Narrative (Det

LOANS RECEIVED - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Debt Disclosure [Abstract]
Accrued interest on loans	$ 238	$ 73

DEBT SECURITIES ISSUED - Schedu

DEBT SECURITIES ISSUED - Schedule of outstanding debt securities of company (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Debt securities issued	$ 99,027	$ 68,443
Debt securities issued denominated in USD
Debt Instrument [Line Items]
Debt securities issued	97,745	60,743
Debt securities issued denominated in RUB
Debt Instrument [Line Items]
Debt securities issued	0	6,605
Accrued interest
Debt Instrument [Line Items]
Debt securities issued	$ 1,282	$ 1,095

DEBT SECURITIES ISSUED - Narrat

DEBT SECURITIES ISSUED - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Nov. 30, 2021	Oct. 31, 2021	Mar. 31, 2021	Jan. 31, 2020	Dec. 31, 2019
FRHC notes
Debt Instrument [Line Items]
Fixed annual coupon rates (in percent)						7.00%
Debt instrument face amount						$ 20,500
Freedom RU Notes
Debt Instrument [Line Items]
Fixed annual coupon rates (in percent)		5.50%			6.50%
Debt instrument face amount		$ 34,000			$ 30,043
SPC Notes
Debt Instrument [Line Items]
Fixed annual coupon rates (in percent)			5.50%
Debt instrument face amount			$ 13,200
Minimum
Debt Instrument [Line Items]
Fixed annual coupon rates (in percent)	5.50%			7.00%

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Risks and Uncertainties [Abstract]
Liability arising from continuing involvement	$ 6,447,000	$ 0
Salaries and other employee benefits	3,527,000	1,623,000
Payable to suppliers	3,605,000	1,574,000
Vacation reserve	2,458,000	1,672,000
Outstanding settlements operations	1,343,000	2,835,000
Taxes payable other than income tax	606,000	173,000
Other	1,931,000	962,000
Other liabilities	$ 19,917,000	$ 8,839,000

FEE AND COMMISSION INCOME_(EX_3

FEE AND COMMISSION INCOME/(EXPENSE) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Fee and commission income:
Brokerage services	$ 391,996	$ 245,913	$ 82,800
Bank services	23,274	12,403	7,240
Underwriting services	8,705	8,345	2,360
Other commission income	7,963	5,278	268
Total fee and commission income	431,938	271,939	92,668
Fee and commission expense:
Brokerage services	61,151	63,098	18,673
Bank services	10,989	5,095	1,299
Stock exchange services	3,109	1,924	710
Central Depository services	594	440	775
Other commission expense	5,388	2,543	479
Total fee and commission expense	$ 81,231	$ 73,100	$ 21,936

NET GAIN ON TRADING SECURITIE_2

NET GAIN ON TRADING SECURITIES (Details) $ in Thousands	12 Months Ended
	Mar. 31, 2022USD ($)investorshares	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Investments, Debt and Equity Securities [Abstract]
Net gain recognized during the period on trading securities sold during the period	$ 179,216	$ 39,267	$ 22,770
Net unrealized (loss)/gain recognized during the reporting period on trading securities still held at the reporting date	(101,545)	6,919	(7,847)
Net gain recognized during the period on trading securities	77,671	46,186	14,923
Equity securities FVNI portfolio shares SPBX (in shares)	$ 60,658	$ 18,408	$ 11,259
Number of equity securities exchanged (in shares) | shares	12,500,000,000
Number of investors | investor	15,490,000
Proceeds from the sale of equity securities FVNI	$ 167,011
Shares issued (in shares) | shares	2,581,595,000
Proceeds from issuance of common stock	$ 34,500
Unrealized gain	177,146
Unrealized loss	78,796
Unrealized loss	$ 101,545

NET INTEREST INCOME_ (EXPENSE_2

NET INTEREST INCOME/ (EXPENSE) (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Interest income:
Interest income on securities repurchased under reverse repurchase agreements and amounts due from banks	$ 6,172	$ 3,428	$ 1,586
Interest income on loans to customers	4,927	579	572
Total interest income on financial assets recorded at amortized cost	11,099	4,007	2,158
Interest income on trading securities	80,702	26,866	9,976
Total interest income on financial assets recorded in consolidated statements of operations and other comprehensive income	80,702	26,866	9,976
Total interest income	91,801	30,873	12,134
Interest expense:
Interest expense on securities repurchase agreement obligations	51,503	14,574	7,140
Interest expense on customer accounts and deposits	18,596	7,269	1,598
Interest expense on debt securities issued	5,172	5,134	3,220
Interest expense on loans received	563	362	437
Other interest expense	66	27	4
Total interest expense on financial liabilities recorded at amortized cost	75,899	27,366	12,399
Total interest expense	$ 75,899	$ 27,366	$ 12,399

NET GAIN ON FOREIGN EXCHANGE _3

NET GAIN ON FOREIGN EXCHANGE OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Research and Development [Abstract]
Sales and purchases of foreign currency, dealing	$ (12,378)	$ 1,111	$ 1,197
Translation difference	(25,315)	2,317	1,118
Total net gain on foreign exchange operations	$ (37,693)	$ 3,428	$ 2,315

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Separate Account Investment [Line Items]
Commission income		$ 309,688,000	$ 198,902,000	$ 79,143,000
Proportion of fee and commission income to related party commission income (in percent)		99.00%	98.00%	95.00%
Commission expenses		$ 16,307,000	$ 20,291,000	$ 3,668,000
Proportion of related party commission expense to related party commission expense (in percent)		58.00%	92.00%	80.00%
Interest income		$ 2,746,000	$ 44,000	$ 48,000
Restricted stock based compensation expense		$ 1,329,000	$ 0
Balance due to Wisdompoint Capital LTD (in percent)		100.00%	100.00%
Bank commission receivables form brokerage client from related parties		$ 244,000	$ 962,000
Margin lending receivables		$ 107,649,000	$ 9,886,000
Margin lending receivables due from FFIN brokerage (in percent)		95.00%	83.00%
Lending payables		$ 38,889,000	$ 13,810,000
Margin lending payables due to Wisdompoint Capital LTD (in percent)		100.00%	100.00%
Accounts payable due to a related party		$ 313,000	$ 339,000
Customer liabilities on brokerage and bank accounts		$ 401,197,000	$ 327,610,000
Customer liabilities related to deposits from FFIN Brokerage (in percent)		61.00%	91.00%
Restricted customer cash deposits related to customers of FFIN Brokerage (in percent)		78.00%	94.00%
Payments to acquire loans		$ 59,839,000	$ 0	0
Loans sold to microfinance organization		12,107,000	0	$ 0
Outstanding equity interest sold (in percent)	23.88%
Proceeds from Issuance or Sale of Equity	$ 416,000
Brokerage accounts
Fair Value, Separate Account Investment [Line Items]
Cash and cash equivalents		22,787,000	12,256,000
Financial liability due to a related party		1,637,000	1,707,000
Restricted customer cash		$ 222,651,000	$ 156,878,000

STOCKHOLDERS_ EQUITY (Details)

STOCKHOLDERS’ EQUITY (Details) $ / shares in Units, $ in Thousands	Mar. 30, 2022shares	May 18, 2021individualshares	Dec. 30, 2020shares	Mar. 31, 2022USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate shares purchase (in shares)				60,000	60,000
Sale of stock (in dollars per share) | $ / shares				$ 1.98	$ 1.98
Proceeds from warrant exercises | $				$ 119	$ 118
Restricted stock grants (in shares)	7,500,000	1,031,500,000	15,000
Share based payment | $				21,600		$ 1,052
Stock-based compensation expense | $				15,745	$ 1,147
Additional paid in capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based payment | $				$ 21,600		$ 1,052
Employees and consultants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of individuals | individual		56
Executive officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of individuals | individual		2
Share-based payment arrangement, tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)	3,000,000	200,942	4,500
Vesting period (in years)		1 year	1 year
Share-based payment arrangement, tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)	1,500,000	211,658	4,500
Vesting period (in years)		2 years	2 years
Share-based payment arrangement, tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)	1,500,000	206,300	6,000
Vesting period (in years)		4 years	3 years
Share-based payment arrangement, tranche three | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Share-based payment arrangement, tranche three | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		5 years
Share-based payment arrangement, tranche four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)	1,500,000

STOCK BASED COMPENSATIONS - Nar

STOCK BASED COMPENSATIONS - Narrative (Details) - USD ($) $ in Thousands	Mar. 30, 2022	May 18, 2021	Dec. 30, 2020	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)	7,500,000	1,031,500,000	15,000
Restricted stock grants				$ 15,745	$ 1,147
Unrecognized compensation cost				$ 24,731
Weighted average period (in years)				4.07 years
Compensation expense				$ 0	112
Shares based compensation for consulting services				$ 0	$ 517
Key employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock grants (in shares)				1,039,000,000

STOCK BASED COMPENSATIONS - Sch

STOCK BASED COMPENSATIONS - Schedule of fair value of such stock options using the Monte Carlo and Black-Scholes option valuation (Details)	12 Months Ended
	Mar. 31, 2022
Monte Carlo valuation model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term (years)	5 years
Volatility (in percent)	41.50%
Risk-free rate (in percent)	0.06%
Black-Scholes option valuation model
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term (years)	3 years
Volatility (in percent)	165.33%
Risk-free rate (in percent)	1.66%

STOCK BASED COMPENSATIONS - S_2

STOCK BASED COMPENSATIONS - Schedule of the activity of the company's restricted stock outstanding (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Shares
Restricted stock outstanding, beginning balance (in shares)	15,000,000
Granted (in shares)	1,039,000,000
Vested (in shares)	(4,500,000)
Forfeited/cancelled/expired (in shares)	0
Restricted stock outstanding, ending balance (in shares)	1,049,500,000
Weighted Average Fair Value
Weighted average fair value, beginning balance		$ 775
Weighted average exercise price granted	$ 39,760
Weighted average exercise price vested	(233)
Weighted average exercise price forfeited/cancelled/expired	0
Weighted average fair value, ending balance	$ 40,303

STOCK BASED COMPENSATIONS - S_3

STOCK BASED COMPENSATIONS - Schedule of stock option activity (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Shares
Number of options outstanding, beginning (in shares)		60,000
Number of options granted (in shares)	0
Number of options exercised (in shares)	(60,000)
Number of options forfeited/cancelled/expired (in shares)	0
Number of options outstanding, ending (in shares)	0
Number of options exercisable (in shares)	0
Weighted Average Exercise Price
Weighted average exercise price outstanding, beginning (in dollars per share)	$ 1.98
Weighted average exercise price granted (in dollars per share)	0
Weighted average exercise price, exercised (in dollars per share)	1.98
Weighted average exercise price forfeited/cancelled/expired (in dollars per share)	0
Weighted average exercise price outstanding, ending (in dollars per share)	0
Weighted average exercise price, exercisable (in dollars per share)	$ 0
Weighted average remaining contractual term, outstanding (in years)		6 years 6 months 7 days
Weighted average remaining contractual term, exercised (in years)	6 years 6 months 7 days
Aggregate intrinsic value outstanding, beginning	$ 3,083,000
Aggregate intrinsic value, granted	0
Aggregate intrinsic value, exercised	3,742,000
Aggregate intrinsic value, forfeited/cancelled/expired	0
Aggregate intrinsic value outstanding, ending	0
Aggregate intrinsic value exercisable	$ 0

LEASES - Schedule of lease rela

LEASES - Schedule of lease related assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Assets
Right-of-use asset	$ 15,669	$ 13,262
Liabilities
Operating lease obligations	$ 15,315	$ 13,249

LEASES - Schedule of lease obli

LEASES - Schedule of lease obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Operating Leases, Future Minimum Payments Receivable [Abstract]
2023	$ 8,160
2024	4,375
2025	2,924
2026	1,944
2027	435
Thereafter	271
Total payments	18,109
Less: amounts representing interest	(2,794)
Lease liability	$ 15,315	$ 13,249
Weighted average remaining lease term (in months)	27 months
Weighted average discount rate (in percent)	12.00%

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Short term operating lease	$ 422
Rent expense for office space	$ 1,550	$ 951	$ 1,147

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Bank guarantees	$ 6,384	$ 6,594
Unfunded commitments under lines of credit	11,292	182
Total	$ 17,676	$ 6,776

SEGMENT REPORTING - Income Stat

SEGMENT REPORTING - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Fee and commission income	$ 431,938	$ 271,939	$ 92,668
Net gain on trading securities	77,671	46,186	14,923
Interest income	91,801	30,873	12,134
Net (loss)/gain on foreign exchange operations	(37,693)	3,428	2,315
Net gain/(loss) on derivatives	946	125	(138)
TOTAL REVENUE, NET	564,663	352,551	121,902
Interest expense	75,899	27,366	12,399
Fee and commission expense	81,231	73,100	21,936
Operating expense	161,593	77,434	59,990
Provision for impairment losses/(recoveries)	2,985	1,561	(1,164)
Other expense/(income), net	6,061	68	609
TOTAL EXPENSE	327,769	179,529	93,770
NET INCOME BEFORE INCOME TAX	236,894	173,022	28,132
Income tax expense	(25,525)	(30,098)	(6,002)
NET INCOME	211,369	142,924	22,130
Central Asia
Segment Reporting Information [Line Items]
Fee and commission income	25,253	17,088	2,689
Net gain on trading securities	11,604	18,414	8,121
Interest income	74,251	18,465	7,932
Net (loss)/gain on foreign exchange operations	6,012	1,669	479
Net gain/(loss) on derivatives	947	86	0
TOTAL REVENUE, NET	118,067	55,722	19,221
Interest expense	54,894	12,770	8,889
Fee and commission expense	7,945	1,211	750
Operating expense	46,807	19,677	18,262
Provision for impairment losses/(recoveries)	2,180	1,013	(1,254)
Other expense/(income), net	490	(39)	280
TOTAL EXPENSE	112,316	34,632	26,927
NET INCOME BEFORE INCOME TAX	5,751	21,090	(7,706)
Income tax expense	1,237	56	(15)
NET INCOME	6,988	21,146	(7,721)
Russia
Segment Reporting Information [Line Items]
Fee and commission income	82,330	52,746	26,402
Net gain on trading securities	(58,717)	20,275	6,591
Interest income	15,811	11,221	3,744
Net (loss)/gain on foreign exchange operations	(39,672)	2,274	2,065
Net gain/(loss) on derivatives	(1)	39	(138)
TOTAL REVENUE, NET	(249)	86,555	38,664
Interest expense	10,450	8,760	2,843
Fee and commission expense	7,988	7,156	2,400
Operating expense	73,030	41,978	34,307
Provision for impairment losses/(recoveries)	745	45	90
Other expense/(income), net	4,748	125	348
TOTAL EXPENSE	96,961	58,064	39,988
NET INCOME BEFORE INCOME TAX	(97,210)	28,491	(1,324)
Income tax expense	13,003	(6,582)	(1,070)
NET INCOME	(84,207)	21,909	(2,394)
US
Segment Reporting Information [Line Items]
Fee and commission income	4,545	1,130	0
Net gain on trading securities	2,546	7,489	(46)
Interest income	483	682	198
Net (loss)/gain on foreign exchange operations	1,565	(215)	84
Net gain/(loss) on derivatives	0	0	0
TOTAL REVENUE, NET	9,139	9,086	236
Interest expense	1,808	2,173	324
Fee and commission expense	780	246	186
Operating expense	13,727	4,843	3,921
Provision for impairment losses/(recoveries)	0	395	0
Other expense/(income), net	819	(15)	(8)
TOTAL EXPENSE	17,134	7,642	4,423
NET INCOME BEFORE INCOME TAX	(7,995)	1,444	(4,187)
Income tax expense	(12,989)	(9,559)	(450)
NET INCOME	(20,984)	(8,115)	(4,637)
Europe
Segment Reporting Information [Line Items]
Fee and commission income	319,810	200,975	63,577
Net gain on trading securities	122,238	8	257
Interest income	1,256	505	260
Net (loss)/gain on foreign exchange operations	(5,598)	(300)	(313)
Net gain/(loss) on derivatives	0	0	0
TOTAL REVENUE, NET	437,706	201,188	63,781
Interest expense	8,747	3,663	343
Fee and commission expense	64,518	64,487	18,600
Operating expense	27,746	10,921	3,500
Provision for impairment losses/(recoveries)	60	108	0
Other expense/(income), net	7	(3)	(11)
TOTAL EXPENSE	101,078	79,176	22,432
NET INCOME BEFORE INCOME TAX	336,628	122,012	41,349
Income tax expense	(26,785)	(14,013)	(4,467)
NET INCOME	309,843	107,999	36,882
Middle East Caucasus
Segment Reporting Information [Line Items]
Fee and commission income	0	0	0
Net gain on trading securities	0	0	0
Interest income	0	0	0
Net (loss)/gain on foreign exchange operations	0	0	0
Net gain/(loss) on derivatives	0	0	0
TOTAL REVENUE, NET	0	0	0
Interest expense	0	0	0
Fee and commission expense	0	0	0
Operating expense	283	15	0
Provision for impairment losses/(recoveries)	0	0	0
Other expense/(income), net	(3)	0	0
TOTAL EXPENSE	280	15	0
NET INCOME BEFORE INCOME TAX	(280)	(15)	0
Income tax expense	9	0	0
NET INCOME	$ (271)	$ (15)	$ 0

SEGMENT REPORTING - Narrative (

SEGMENT REPORTING - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenue, Russia	$ 564,663	$ 352,551	$ 121,902
Russia
Segment Reporting Information [Line Items]
Decrease in revenue, Russia	$ 86,804
Decrease in revenue, Russia (in percent)	100000.00%
Revenue, Russia	$ (249)	86,555	$ 38,664
Increase in revenue, Russia		$ 47,891
Increase in revenue, Russia (in percent)		124000.00%

SEGMENT REPORTING - Balance She

SEGMENT REPORTING - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total assets	$ 2,921,009	$ 2,018,645
Total liabilities	2,413,334	1,742,974
Net assets	507,675	275,671
Central Asia
Segment Reporting Information [Line Items]
Total assets	1,166,428	714,117
Total liabilities	985,936	557,713
Net assets	180,492	156,404
Russia
Segment Reporting Information [Line Items]
Total assets	806,960	746,922
Total liabilities	780,655	662,598
Net assets	26,305	84,324
US
Segment Reporting Information [Line Items]
Total assets	170,149	46,100
Total liabilities	175,136	60,043
Net assets	(4,987)	(13,943)
Europe
Segment Reporting Information [Line Items]
Total assets	777,117	511,366
Total liabilities	471,435	462,616
Net assets	305,682	48,750
Middle East Caucasus
Segment Reporting Information [Line Items]
Total assets	355	140
Total liabilities	172	3
Net assets	$ 183	$ 137

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event $ in Thousands	May 17, 2022USD ($)issuer
Subsequent Event [Line Items]
Number of companies acquired | issuer	2
Freedom Insurance
Subsequent Event [Line Items]
Consideration paid for the outstanding common shares	$ 12,440
Freedom Life
Subsequent Event [Line Items]
Consideration paid for the outstanding common shares	$ 12,100