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This Statement of Additional Information (SAI) Contains Details of SBI Mutual Fund, Its Constitution, and Certain Tax, Legal and General Information

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This Statement of Additional Information (SAI) Contains Details of SBI Mutual Fund, Its Constitution, and Certain Tax, Legal and General Information STATEMENT OF ADDITIONAL INFORMATION (SAI) This Statement of Additional Information (SAI) contains details of SBI Mutual Fund, its constitution, and certain tax, legal and general information. It is incorporated by reference (is legally a part of the Scheme Information Document). This SAI is dated June 28, 2013. 1 TABLE OF CONTENTS I INFORMATION ABOUT SPONSOR, AMC AND TRUSTEE COMPANIES ............................................ 3 A. Constitution of the Mutual Fund ........................................................................... 3 B. Sponsor ......................................................................................................... 3 C. Trustee ......................................................................................................... 3 D. Asset Management Company (AMC) ....................................................................... 7 E. Service Providers ........................................................................................... 18 F. Condensed financial Information (CFI): ................................................................ 20 1) Important instructions: .................................................................................... 88 2) Third-Party Cheques/Payments .......................................................................... 89 3) UPDATION / CHANGE IN BANK ACCOUNT DETAILS & CHANGE OF ADDRESS ...................... 91 4) Who Can Invest: ............................................................................................ 92 5) Who cannot invest: ........................................................................................ 93 6) Joint Applicants: ........................................................................................... 93 7) Transcation charges: ...................................................................................... 93 8) Consolidated Account Statement (CAS): ............................................................... 94 9) Annual Report/ Abridged summary: .................................................................... 94 10) Defective applications liable for rejection: ........................................................... 95 III. RIGHTS OF UNITHOLDERS OF THE SCHEME ..................................................................... 97 IV. INVESTMENT VALUATION NORMS ................................................................................ 98 V. TAX & LEGAL & GENERAL INFORMATION ....................................................................... 108 I. Tax treatment for Investors (unit holders) and the Mutual Fund ....................................... 108 II. Legal Information ............................................................................................... 113 III. General Information ........................................................................................... 119 2 I INFORMATION ABOUT SPONSOR, AMC AND TRUSTEE COMPANIES A. Constitution of the Mutual Fund SBI Mutual Fund (the “Mutual Fund”) has been constituted on June 29, 1987 as a Trust in accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882) with State Bank of India (SBI), as the Sponsor and SBI Mutual Fund Trustee Company Private Limited as the Trustee. The Trust Deed has been registered under the Indian Registration Act, 1908. The Mutual Fund was registered with SEBI on December 23, 1993 under Registration Code MF-009/93/3. B. Sponsor SBI Mutual Fund is sponsored by State Bank of India, one of the largest public sector banks in India. The Sponsor is the Settlor of the Mutual Fund Trust. The Sponsor has entrusted a sum of Rs. 5 Lakhs to the Trustee as the initial contribution towards the corpus of the Mutual Fund. The State Bank of India ‘SBI’ having its Corporate Office at State Bank Bhavan, Madame Cama Road, Mumbai - 400 021, is the largest public sector bank in India with 14,816 branches in India and 186 offices in 34 countries worldwide. SBI also has 5 Banking Subsidiaries in addition to other non-banking subsidiaries in India. State Bank of India holds 63% stake in SBI Funds Management Private Limited. Financial Performance of the SBI (Sponsor) {past three years}: Particulars 2013 2012 2011 Net Worth (Rs. Cr.) 98884 83,951 64,986 (Paid up Capital and Reserves & Surplus) Total Income (Rs. Cr.) 135692 1,20,873 97,219 Net Profit (Rs. Cr.) 14,105 11,707 8,265 C. Trustee SBI Mutual Fund Trustee Company Private Limited (the “Trustee” or SBIMFTCPL), through its Board of Directors, shall discharge its obligations as Trustee of the SBI Mutual Fund. The Trustee ensures that the transactions entered into by the AMC are in accordance with the SEBI Regulations and will also review the activities carried on by the AMC. The registered office of SBIMFTCPL is situated at 191, Maker Tower ‘E’, Cuffe Parade, Mumbai 400 005. SBIMFTCPL is the Trustee to the Mutual Fund vide the Restated and Amended Trust Deed dated December 29, 2004, to supervise the activities of the Fund as disclosed hereunder. (i) Details of Trustee Directors: Sr. Name/ Age / Qualification Experience No. 1 Mr. T. L. Palani Kumar Mr. Palani Kumar has had a career spanning over thirty five (35) (Independent Director) years in marketing, manufacturing operations and enterprise leadership. During his long and successful career span, he has Age: 62 Years served as non-executive/independent directors on the board of reputed Indian companies and have held offices in various B.Tech, Chemical Engineering (IIT- capacities including CEO, MD & Whole Time Director. He is Chennai) & P.G. Diploma, Business presently a Senior Advisor to a leading private equity fund and Administration (IIM-Ahmedabad) to a few business schools and organizational consultancies. 2 Ms. Bharati Rao Smt. Bharati Rao is a Director on the Board of SBI Mutual Fund (Associate Director) Trustee Company Private Limited w.e.f. March 03, 2009. She retired from services of State Bank of India on October 31, Age: 65 2008. Before retirement, she was Deputy Managing Director & CDO of SBI handling staff matters along with the charge of M.A. (Eco) and CAIIB Associate Banks. She is also a Director on the Board of Directors of SBI Global Factors Limited, SBI Capital Markets Limited, SBI CAP Securities Limited, SBICAPS Ventures Ltd; SBI CAP UK Limited 3 3 Mr. C. M. Dixit Mr. C.M. Dixit is a Commerce Graduate {B.Com (Hons.) from (Independent Director) Pune University (1971)} and a fellow member of The Institute of Chartered Accountants of India (1976). In his long and Age: 63 Years successful career spanning over 36 years, he has been involved in conducting Audits of Public Sector Banks, Private Sector B. Com (Hons.) -University of Pune Banks and Private Foreign Banks (Indian Business) as well as (1971) and Chartered Accountant Public and Private Sector Companies and Mutual Funds. He has (1976). also served as shareholder’s representative director on “Dena Bank”, a Nationalised Bank for 2 terms of 3 years each. He has a strong foundation in Finance, Accounting & Auditing. 4 Ms. Sandra Martyres Ms. Martyres has about 10 years of banking experience in (Associate Director) various capacities in Indian Bank and about 23 years of experience in senior management positions at Societe Age: 59 Years Generale, India including an Investment Banking Programme at Kellogg School of Management - Northwestern University Master of Arts (Economics) CAIIB, Chicago Diploma in Business Management 5 Mr. Krishnamurthy Vijayan Mr. Krishnamurthy Vijayan holds a Masters degree from (Independent Director) Ravishankar University. He is a certificate holder from NCST on Software Technology. His last assignment was with IDBI Asset Age: 51 Management Limited as Managing Director & Chief Executive Officer. Prior to that, Mr. K. Vijayan was Executive Chairman of M.A. (Ravishankar University) & JP Morgan Asset Management India Pvt. Limited and Chief Certificate holder from NCST on Executive Officer of JM Financial Asset Management Ltd. He Software Technology has extensive knowledge and experience in the Indian Mutual Fund Industry and has been a member of the Governing Board of Association of Mutual Funds in India, FICCI Capital Markets Committee, BSE Index Committee and SEBI Committee on Investor Education (Training Material). He was also a member of the Standing Committee on AMFI Registration and Chairman, AMFI Working Group on Market Information Bureau. Mr. K. Vijayan is presently a Director & Honorary Co-Chairman of Mi India Capital Consultancy Limited and Mi India Development Trust. 6 Mr. Shriniwas Y. Joshi Mr. Joshi has been practicing as a Chartered Accountant for (Independent Director) more than 31 years and is a Senior Partner in CVK & Associates, Chartered Accountants. As a part of the practice he has carried Age: 57 Years out several Accounting, Auditing, Certification Assignments, Valuation and Taxation work for various clients such as Banks, B.Com (Mumbai University), Fellow Public Limited Companies, Private Limited Companies, Member of ICAI & Associate Member Partnership, Trusts, Societies, Individuals, etc. He has been of ICSI elected as Member of Western India Regional Council of Institute of Chartered Accountants of India (WIRC of ICAI) since 2004 for three consecutive terms. Currently, he is a Chairman of WIRC of ICAI for the year 2011-12. He has also been elected as Chairman on various Standing and Non-Standing Committees of WIRC of ICAI. (ii) Supervisory role of the Trustees The Board of Trustees monitors the activities of the AMC. From time to time it seeks
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