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NET (LOSS)/GAIN ON TRADING SECURITIES
 9 Months Ended
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]  
NET (LOSS)/GAIN ON TRADING SECURITIES TRADING AND AVAILABLE-FOR-SALE SECURITIES AT FAIR VALUE
As of December 31, 2023, and March 31, 2023, trading and available-for-sale securities consisted of:
 December 31, 2023March 31, 2023
 
Non-U.S. sovereign debt$2,370,508 $1,029,857 
Corporate debt1,165,732 1,269,879 
Corporate equity99,589 65,741 
U.S. sovereign debt43,231 45,022 
Exchange traded notes1,393 2,057 
Total trading securities$3,680,453 $2,412,556 
December 31, 2023March 31, 2023
Corporate debt$127,402 $191,082 
Non-U.S. sovereign debt62,987 40,162 
U.S. sovereign debt12,108 7,809 
Total available-for-sale securities, at fair value$202,497 $239,053 

The following tables present maturity analysis for available-for-sale securities as of December 31, 2023, and March 31, 2023:

December 31, 2023
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt34,691 48,898 43,803 10 127,402 
Non-US sovereign debt43,581 7,054 5,718 6,634 62,987 
US sovereign debt9,145 — 1,700 1,263 12,108 
Total available-for-sale securities, at fair value$87,417 $55,952 $51,221 $7,907 $202,497 

March 31, 2023
Remaining contractual maturity of the agreements
Up to 1 year1-5 years5-10 yearsMore than 10 yearsTotal
Corporate debt$77,006 $82,579 $31,486 $11 $191,082 
Non-US sovereign debt— 33,143 820 6,199 40,162 
US sovereign debt1,947 2,805 1,725 1,332 7,809 
Total available-for-sale securities, at fair value$78,953 $118,527 $34,031 $7,542 $239,053 

As of December 31, 2023, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s total trading securities - the Ministry of Finance of the Republic of Kazakhstan (Fitch: BBB credit rating) in the amount of $2,357,330 and Kazakhstan Sustainability Fund JSC (Fitch: BBB credit rating) in the amount of $721,133. As of March 31, 2023, the Group held debt securities of two issuers each of which individually exceeded 10% of the Group’s
total trading securities - the Ministry of Finance of the Republic of Kazakhstan and the Kazakhstan Sustainability Fund JSC in the amounts of $1,015,161 and $834,917, respectively. The debt securities issued by the Ministry of Finance of the Republic of Kazakhstan and Kazakhstan Sustainability Fund JSC are categorized as non-US sovereign debt and corporate debt, respectively.
As of December 31, 2023 and March 31, 2023 the Group recognized $342 and $390, respectively, other-than-temporary impairment in accumulated other comprehensive loss.
The fair value of securities 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 Group 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 Group is valuing and the selected benchmark. Depending on the type of securities owned by the Group, 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 securities assets in the Сondensed Сonsolidated Balance Sheets or disclosed in the Notes to the condensed consolidated financial statements at fair value on a recurring basis as of December 31, 2023, and March 31, 2023:
Weighted Average
Interest Rate		Total
Fair Value Measurements as of December 31, 2023 using
Quoted Prices in
Active Markets
for Identical Assets		Significant
Other Observable
Inputs		Significant Unobservable
Units
(Level 1)(Level 2)(Level 3)
Non-U.S. sovereign debt12.51 %$2,370,508 $1,443,144 $927,330 $34 
Corporate debt15.52 %1,165,732 397,767 751,490 16,475 
Corporate equity— %99,589 77,577 1,603 20,409 
U.S. sovereign debt4.71 %43,231 43,231 — — 
Exchange traded notes— %1,393 908 485 — 
Total trading securities$3,680,453 $1,962,627 $1,680,908 $36,918 
Corporate debt16.67 %$127,402 $40,645 $86,757 $— 
Non-US sovereign debt13.51 %62,987 50,557 12,430 — 
US sovereign debt4.37 %12,108 12,108 — — 
Total available-for-sale securities, at fair value$202,497 $103,310 $99,187 $— 
Weighted Average
Interest Rate
TotalFair Value Measurements as of March 31, 2023 using
Quoted Prices in Active Markets for Identical AssetsSignificant Other Observable InputsSignificant Unobservable Units
(Level 1)(Level 2)(Level 3)
Corporate debt15.62 %$1,269,879 $1,106,584 $162,895 $400 
Non-U.S. sovereign debt12.04 %1,029,857 971,762 54,319 3,776 
Corporate equity— 65,741 62,971 1,808 962 
U.S. sovereign debt4.22 %45,022 45,022 — — 
Exchange traded notes— 2,057 447 1,610 — 
Total trading securities$2,412,556 $2,186,786 $220,632 $5,138 
Corporate debt15.78 %$191,082 $129,504 $61,578 $— 
Non-U.S. sovereign debt13.64 %40,162 39,624 538 — 
U.S. sovereign debt4.24 %7,809 7,809 — — 
Total available-for-sale securities, at fair value$239,053 $176,937 $62,116 $— 
The tables below present the valuation techniques and significant level 3 inputs used in the valuation as of December 31, 2023, and March 31, 2023. The tables are not intended to be all inclusive, but instead capture the significant unobservable inputs relevant to determination of fair value.
TypeValuation TechniqueFV as of December 31, 2023Significant Unobservable Inputs%
Corporate debtDCF$16,220 Discount rate11.1%
Estimated number of years2 years
Corporate debtDCF255 Discount rate74.0%
Estimated number of years3 months
Corporate equityDCF20,022 Discount rate13.0%
Estimated number of years4 years, 6 months
Non-U.S. sovereign debtDCF34 Discount rate48.8%
Estimated number of years11 years
Corporate equityDCF387 Discount rate58.8%
Estimated number of years9 years
Total$36,918 

TypeValuation TechniqueFV as of March 31, 2023Significant Unobservable Inputs%
Non-US sovereign debtDCF$3,776 Discount rate48.8%
Estimated number of years11 years
Corporate debtDCF400 Discount rate74.0%
Estimated number of years3 months
Corporate equityDCF962 Discount rate58.8%
Estimated number of years9 years
Total$5,138 
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended December 31, 2023, and the year ended March 31, 2023:
Trading securities
Balance as of March 31, 2023
$5,138 
Purchase of investments that use Level 3 inputs35,805 
Deconsolidation of Freedom UA securities(3,927)
Revaluation of investments that use Level 3 inputs458 
Reclassification to investment in associate(556)
Balance as of December 31, 2023
$36,918 
Balance as of March 31, 2022
$9,142 
Reclassification to level 2(1,339)
Sale of investments that use Level 3 inputs (5,213)
Purchase of investments that use Level 3 inputs2,604 
Revaluation of investments that use Level 3 inputs(56)
Balance as of March 31, 2023
$5,138 
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 December 31, 2023, and March 31, 2023:
December 31, 2023
Assets measured at amortized costRecognized impairment loss in Income StatementUnrealized loss accumulated in other comprehensive
loss		Assets
measured at
fair value		Maturity Date
Corporate debt$127,073 $(61)$390 $127,402 2024-2035
Non-US sovereign debt64,799 (281)(1,531)62,987 2024-indefinite
U.S. sovereign debt12,776 — (668)12,108 2024-2044
Total available-for-sale securities, at fair value$204,648 $(342)(1,809)$202,497 
March 31, 2023
Assets measured at amortized costRecognized impairment loss in Income StatementUnrealized loss accumulated in other comprehensive
income/(loss)		Assets
measured at
fair value		Maturity Date
Corporate debt$192,167 $(402)$(683)$191,082 2023-2035
Non-U.S. sovereign debt42,456 — (2,294)40,162 2024-indefinite
U.S. sovereign debt8,391 — (582)7,809 2023-2044
Total available-for-sale securities, at fair value$243,014 $(402)$(3,559)$239,053 
NET (LOSS)/GAIN ON TRADING SECURITIES
During the three months ended December 31, 2023, and December 31, 2022, net (loss)/gain on trading securities was comprised of:
Three Months Ended
December 31, 2023
Three Months Ended
December 31, 2022
Net gain/(loss) recognized during the period on trading securities sold during the period
$9,353 $(47,801)
Net unrealized (loss)/gain recognized during the reporting period on trading securities still held at the reporting date
(14,442)73,257 
Net (loss)/gain recognized during the period on trading securities
$(5,089)$25,456 

Nine Months Ended December 31, 2023Nine Months Ended December 31, 2022
Net gain/(loss) recognized during the period on trading securities sold during the period
$61,276 $(26,790)
Net unrealized gain recognized during the reporting period on trading securities still held at the reporting date16,222 65,684 
Net gain recognized during the period on trading securities$77,498 $38,894 
During the three months ended December 31, 2023 the Group sold securities for a gain of $9,353 and recognized unrealized loss in amount of $14,442. The principal factor contributing to the unrealized net loss is the decline in prices of debt securities within the Kazakhstan Sustainability Fund JSC we continued to hold at December 31, 2023. During the three months ended December 31, 2022 the Group sold securities for a loss of $47,801 and recognized unrealized gain in amount of $73,257.