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KEY HIGHLIGHTS ON DIFFERENT THEMES COMMON MAN: (a) Social security system for all Indians. 1 (b) Pradhan Mantri Suraksha Bima Yojna to cover accidental death risk (R 2 Lakh) with R 12 premium per year. (c) Atal Pension Yojana with Government contributing 50% of beneficiaries’ premium upto R 1,000 p.a. for 5 years. (d) Pradhan Mantri Jeevan Jyoti Bima Yojana to cover both natural and accidental death risk of R 2 lakh with R 330 premium per year. AGRICULTURE: (a) To create a unified National 2 Agriculture Market (b) ‘Pradhanmantri' Gram Sinchai Yojana’ to provide ‘Per Drop More Crop’. R 5,300 cr. support for The Budget was presented in a much improved economic irrigation. (c) Target of R 8.5 lakh cr. of agricultural credit during environment than the recent past, as was highlighted by the the year 2015-16. R 75,000 cr. for facilitating rural credit. Economic Survey. Riding on back of record breaking elections (d) R 25,000 cr. for Rural Infrastructure Development Fund (RIDF). and improving economic environment, there were heightened INFRASTRUCTURE: (a) Sharp increase in outlays of expectations from Mr. Jaitley to deliver on big bang reforms and 3 roads and railways. PSU capital expenditure to rise. (b) a host of goodies by everyone. Here is our update on the Establish National Investment and Infrastructure Fund (NIIF) highlights of the recent Union Budget - the first full budget with R20,000 cr. annual flow (c) Fuel excise duty (R 4 per liter) to presented by the NDA government. be used as Road Cess for investments (d) Tax free INTRODUCTION infrastructure bonds for rail, road and irrigation projects. (e) PPP mode of infrastructure development to be revitalised. (f) 5 STATE OF ECONOMY: Credibility of Indian economy has been new Ultra Mega Power Projects, each of 4,000 MW, in the re-established in the last 9 months. Real GDP growth expected Plug-and-Play mode. to be 7.4% in 2014/15. India about to take-off on a fast growth trajectory. Macro-economic stability and conditions for 4 ENTREPRENEURSHIP: (a) Incubation facilities, funding sustainable poverty alleviation, job creation and durable double for seed capital and ease of Doing Business. (b) digit economic growth have been achieved. Establishing (SETU) Self-Employment and Talent Utilization as Techno-financial, incubation and facilitation programme; VISION FOR “TEAM INDIA”: Housing for all, 24x7 power, clean R1,000 cr. earmarked. (c) Atal Innovation Mission (AIM) & drinking water, a toilet and road connectivity. Job to at least Promotion Platform to be setup. one member in family and substantial reduction in poverty. FINANCIAL MARKETS: (a) Foreign investments in Electrification and communication connectivity to all villages 5 Alternate Investment Funds to be allowed. (b) No with medical services and higher education school in vicinity. To distinction between FPI and FDI. (c) Public Debt Management make India, the manufacturing hub through Skill India and Agency (PDMA) to bring all borrowings under one roof (d) Make in India and support entrepreneurship. Forward Markets Commission (FMC) to be merged with SEBI. THREE KEY ACHIEVEMENTS: (i) Financial Inclusion - 12.5 (e) One financial redressal agency to cover all financial service crores families financially mainstreamed in 100 days. providers. (f) Monetising Gold: Gold monetisation scheme will (ii) Transparent Coal Block auctions (iii) Swachh Bharat mission give interest to depositors and loans to jewellers. Alternative of Sovereign Gold Bond scheme to physical gold. To develop INFRA FOCUS: Major boost to infrastructure development, Indian gold coin (g) Option for employees to opt for EPF or allocation for Roads and Railways. Resources targeted towards NPS. Pradhan Mantri Krishi Sinchai Yojana, Rural Electrification and Sagar Mala Project. Game changing reforms on the anvil: (i) GST BLACK MONEY: ((a) New comprehensive law for foreign (ii) Jan Dhan, Aadhar and Mobile (JAM) - for direct benefit transfer. 6 black money and Benami Transactions (Prohibition) Bill (b) Strict imprisonment terms for evasion of tax /non-filing of Domestic transfer pricing threshold limit up from R 5 cr. to R 20 return/ inadequate disclosures (upto 10 years). All entities cr. (d) MAT rationalised for FIIs and AOPs. (e) Tax procedures covered in same. Mandatory filing /disclosures of any foreign simplified, online central excise & service tax registration in assets and returns. Concealment/evasion of income to be 2 days. predicate offence under PML Act (c) Domestic black money SWACHH BHARAT: (a) 100% deduction for Swachh laws to discourage cash transactions and encourage payments 9 Bharat Kosh and Clean Ganga Fund. (b) Clean energy through cards and keep PAN mandatory for any purchase or cess up from R 100 to R 200 per metric tonne of coal (c) sale over R 1 lakh. Acceptance or re-payment of an advance of Provision to levy 2% or less of Swachh Bharat cess, if needed R 20,000 or more in cash for purchase of immovable property (d) Common affluent treatment plant services exempt from ST. to be prohibited. Concessions on custom & excise duty to electric/hybrid MAKE IN INDIA: (a) Tax “pass through” to both category vehicles extended. 7 I and category II alternative investment funds. (b) GAAR OTHER: (a) Skill India: To launch unified National Skill deferred by two years (c) Income-tax on royalty/fees for 10 Mission. A student Financial Aid Authority to oversee all technical services reduced from 25% to 10% (d) Basic Custom scholarship & loan schemes. (b) Education: Setting up of 1 new duty for inputs in 22 items, reduced to minimise the impact of IIT, 5 AIIMS, 3 National Institute of Pharmaceuticals Education KEY HIGHLIGHTS ON DIFFERENT THEMES duty inversion. (e) Almost all goods exempted from Special and Research & 2 institutes of Science and Education Additional Duty (SAD) (f) Improvements in structure /laws for COMMON MAN: (a) Social security system for all Indians. Research. (c) Tourism: Visas on arrival for 150 countries in (b) Pradhan Mantri Suraksha Bima Yojna to cover REITs (g) Permanent Establishment (PE) norm to be modified to stages. More resources for heritage sites. (d) Green India: accidental death risk (R 2 Lakh) with R 12 premium per year. (c) encourage fund managers to relocate to India. Renewable energy target revised to 1.75L MW till 2022 (e) Atal Pension Yojana with Government contributing 50% of EASE OF DOING BUSINESS: (a) Comprehensive Digital India: Push National Optical Fibre Network Programme beneficiaries’ premium upto R 1,000 p.a. for 5 years. (d) 8 Bankruptcy Code soon (b) To replace multiple prior (NOFNP) with states participation (f) Gift City: Appropriate Pradhan Mantri Jeevan Jyoti Bima Yojana to cover both natural permission with a pre-existing regulatory mechanism (c) regulations very soon. and accidental death risk of R 2 lakh with R 330 premium per year. AGRICULTURE: (a) To create a unified National Agriculture Market (b) ‘Pradhanmantri' Gram Sinchai Tax Proposals & Budget Estimates: Yojana’ to provide ‘Per Drop More Crop’. R 5,300 cr. support for The Budget was presented in a much improved economic irrigation. (c) Target of R 8.5 lakh cr. of agricultural credit during TAX IMPACT: (a) Direct tax proposals to result in revenue exempt on EEE mode. the year 2015-16. R 75,000 cr. for facilitating rural credit. 1 loss of R 8,315 cr. (b) Proposals in indirect taxes to yield environment than the recent past, as was highlighted by the CORPORATE TAX: (a) To reduce rate from 30% to 25% (d) R 25,000 cr. for Rural Infrastructure Development Fund (RIDF). R 23,383 cr. Economic Survey. Riding on back of record breaking elections 4 over next four years, starting FY.2016-17 accompanied by and improving economic environment, there were heightened INFRASTRUCTURE: (a) Sharp increase in outlays of PERSONAL INCOME TAX: (a) No change in tax rates & rationalisation & removal of various exemptions & incentives. expectations from Mr. Jaitley to deliver on big bang reforms and roads and railways. PSU capital expenditure to rise. (b) 2 slabs. Tax benefits upto R 4,44,200 with concessions in INDIRECT TAX PROPOSALS: (a) GST to be a host of goodies by everyone. Here is our update on the Establish National Investment and Infrastructure Fund (NIIF) present & last budget. (b) Wealth-tax replaced with additional 5 implemented by 2016. (b) Service-tax plus education highlights of the recent Union Budget - the first full budget with R20,000 cr. annual flow (c) Fuel excise duty (R 4 per liter) to surcharge of 2% on income over R 1 cr. cesses increased from 12.36% to 14%. (c) Provision to levy presented by the NDA government. be used as Road Cess for investments (d) Tax free CONCESSIONS: (a) Limit for contributions to PF and Swachh Bharat cess at 2% or less if needed (d) Education infrastructure bonds for rail, road and irrigation projects. (e) 3 INTRODUCTION NPS increased from R 1 lakh to R 1.5 lakh. Additional cess to be subsumed in Central Excise Duty. (e) Time limit for PPP mode of infrastructure development to be revitalised. (f) 5 deduction of R 50,000 for NPS u/s 80CCD. (b) Limit of health STATE OF ECONOMY: Credibility of Indian economy has been taking CENVAT credit increased from 6 months to 1 year. (f) new Ultra Mega Power Projects, each of 4,000 MW, in the insurance premium up from R 15,000 to R 25,000 & for senior Minor adjustments in excise duty structure, Service Tax re-established in the last 9 months. Real GDP growth expected Plug-and-Play mode. citizens from R 20,000 to R 30,000. (c) Senior citizens above 80 negative list and customs duty structure. to be 7.4% in 2014/15. India about to take-off on a fast growth years (uncovered), deduction of R 30,000 for medical ENTREPRENEURSHIP: (a) Incubation facilities, funding trajectory. Macro-economic stability and conditions for expenses (d) Limit of R 60,000 for senior citizens w.r.t. BUDGET ESTIMATES: (a) The total Plan Outlay for for seed capital and ease of Doing Business. (b) sustainable poverty alleviation, job creation and durable double specified & serious diseases enhanced to R 80,000. 6 2015-16 is R 465,277 crore. (b) Proposed spending of R Establishing (SETU) Self-Employment and Talent Utilization as digit economic growth have been achieved. (e) Additional deduction of R 25,000 for differently abled 17.77 lakh crore in 2015-16, up about 6% with tax receipts Techno-financial, incubation and facilitation programme; persons. (f) Transport allowance at R 19,200, up from 800 p.m. expected to increase by 16%. (c) Fiscal deficit is targeted at VISION FOR “TEAM INDIA”: Housing for all, 24x7 power, clean R1,000 cr. earmarked. (c) Atal Innovation Mission (AIM) & to R 1,600 p.m. (g) Sukanya Samriddhi scheme to be fully 3.9% of GDP and revenue deficit at 2.8%. drinking water, a toilet and road connectivity. Job to at least Promotion Platform to be setup. one member in family and substantial reduction in poverty. FINANCIAL MARKETS: (a) Foreign investments in Electrification and communication connectivity to all villages Alternate Investment Funds to be allowed. (b) No Economic Survey 2015: Key Highlights with medical services and higher education school in vicinity. To distinction between FPI and FDI. (c) Public Debt Management make India, the manufacturing hub through Skill India and Agency (PDMA) to bring all borrowings under one roof (d) The Economic Survey is an important source of key ECONOMIC GROWTH: 2015/16 GDP growth seen at Make in India and support entrepreneurship. Forward Markets Commission (FMC) to be merged with SEBI. economic information, views of the government on economic 1 between 8.1 to 8.5% and expected to be around 7.4% for THREE KEY ACHIEVEMENTS: (i) Financial Inclusion - 12.5 (e) One financial redressal agency to cover all financial service issues, highlights of key policy initiatives and the prospects 2014-15. FY 2014/15 saw hardly any external support to crores families financially mainstreamed in 100 days. providers. (f) Monetising Gold: Gold monetisation scheme will of the economy in the short to medium term. The Economic growth and the growth was largely domestic demand driven. (ii) Transparent Coal Block auctions (iii) Swachh Bharat mission give interest to depositors and loans to jewellers. Alternative of Survey for 2014-2015 was tabled in the parliament, as is the Double digit economic growth trajectory now a possibility. Sovereign Gold Bond scheme to physical gold. To develop INFRA FOCUS: Major boost to infrastructure development, tradition, a day before the Union Budget. The survey carries Expectations for such high growth rate is due to a number of Indian gold coin (g) Option for employees to opt for EPF or allocation for Roads and Railways. Resources targeted towards the imprint of the government's Chief Economic Adviser, reforms already undertaken and more that are being planned NPS. Pradhan Mantri Krishi Sinchai Yojana, Rural Electrification and presently Mr. Arvind Subramanian, who is it's principal author. for, backed by optimistic outlook for domestic macro economic Sagar Mala Project. Game changing reforms on the anvil: (i) GST BLACK MONEY: ((a) New comprehensive law for foreign In this article we present the important highlights & parameters. Services sector clocked double-digit growth in FY (ii) Jan Dhan, Aadhar and Mobile (JAM) - for direct benefit transfer. black money and Benami Transactions (Prohibition) Bill observations of this year's survey. 2014/15. Year 2017 to be a game-changing year for growth. INFLATION: Structural shifts are underway caused by FINANCIAL SECTORS, MARKETS: Must remove 2 lower oil prices and deceleration in agriculture prices 7 market access barriers to boost services sector and and wages. These are simultaneously being reflected in boost capital markets and bond financing. Capital, labour, dramatically improved household inflation expectations. land market distortions hurting manufacturing. SLR need, Inflation showing a declining trend in 2014/15 and likely to be priority lending creating financial repression. Liquidity below RBI targets next year. CPI inflation in 2015/16 is likely conditions remained broadly balanced and RBI played key to range between 5 to 5.5%. Presently, the CPI is at 5.1% and role for same. wholesale inflation is negative. Lower inflation will open up EXTERNAL TRADE, FOREIGH INFLOWS: Foreign space for reducing interest rates & increasing credit flow 8 portfolio flows have stabilised the rupee. Foreign inflows which will help boost growth. since April 2014 have been about $55 billion. Foreign exchange reserves up at record $340 billion. Trade 3 FISCAL CONSOLIDATION: Government committed to fiscal consolidation and will adhere to fiscal deficit performance signals good time to scrap gold curbs. Rising target of 4.1% in 2014/15. Must meet medium-term fiscal non-oil, non-gold imports are major source of concern. Oil deficit target of 3%. Current Account Deficit is estimated to prices expected to stay benign in coming months. India can fall 1% in 2015/16 and to be below 1.3% for 2014/15. India increase public investments and still hit its borrowing targets can balance the short-term imperative of boosting public and ensure that borrowings over the cycle is only for capital investment to revitalize growth with the need to maintain formation. Portfolio flows were pressurising long-term fiscal discipline. Expenditure control and expenditure interest rates. switching, from consumption to investment in short to INVESTMENTS: India among most attractive medium term will be key. Outlook for external financing is 9 investment destinations and investment activity seems correspondingly favourable. Focus should now be on grounded on stronger footing. Private investment must reducing revenue deficit and any excess borrowings remain the primary engine of long-run growth; but in the /expenditure must be in capital investments only. interim, to revive growth and to deepen physical connectivity, SUBSIDIES: For April-December major subsidies were public investment, especially in the railways, will have an important role to play. Due to weak profitability and 4 up 12.5%. Survey stated that revamping of the subsidy over-indebtedness, private sector having limited ability to regime would help in rationalisation of expenditure, invest. Need to revitalize PPP model of investment and especially food subsidies. Food subsidy bill rose 20% in higher public investment to ramp up capital formation and April-January 2014-15 at R 1.07 lakh crore. Price subsidies recreate an attractive environment. Expenditure switch from (about 4.24% of GDP) are often regressive and may not be consumption to investment to be key. best weapons for fighting poverty. Rationalisation of subsidies and better targeting of beneficiaries through direct STALLED PROJECTS: Immediate resolution needed transfers would help generate part of the resources for the 10 for several stalled projects, adding upto 7% of GDP, public investment. Ending, phasing out subsidy was not mostly by private sector and for manufacturing & feasible, nor desirable. Under-recoveries on petroleum infrastructure. Vicious circle of weak corporate & PSU bank products to come down to R 74.7 thousand crore in 2014/15, balance sheets which in turn constrain future private from R 1.39 lakh crore in FY 2013/14. investment. REFORMS: Reforms initiated in numerous areas and 11 SKILLING INDIA: Need balance between ‘Make in 5 major ones are on the horizon. The macroeconomic India’ and ‘Skilling India’. 'Make in India' has skill response to the favourable terms of trade shock has led to an development and employment as a major challenge. It appropriately prudent mix of increased government savings requires improving infrastructure and reforming labor and and private consumption. There is scope for big bang land laws by complementing it with the Skilling India initiative. reforms now. GST, expanding direct benefit transfers to be JAM TRINITY: Exciting possibilities with cash-based game-changers. Labour, capital, land, market reform and 12 transfers using JAM trinity - Jan Dhan Yojana + Aadhaar skills to be engines of growth. Potential for large gains from + Mobile - to effectively target resources to those who need coal pricing reforms. it most. Success will allow prices to be liberated to perform AGRICULTURE: Survey stated that one of most striking their role of efficiently allocating resources and boosting 6 problems is how unintegrated and distortions-ridden long-run growth. Today there are about 12.55 crore Jan Dhan are agricultural markets. India needed a national common bank accounts 78.73 crore Aadhaar numbers, and market for farm goods, instead of thousands of APMCs approximately 90 crore mobile phones. When the JAM trinity becomes linked, the goal of periodic and seamless financial controlled markets. All states urged to drop fruits, vegetables transfers to bank accounts after identification through the from APMC and for policy help to farm markets in private Aadhaar number can be implemented with immeasurable sector. Agricultural strategy must focus on raising yield, benefits to helping the lives of the poor. productivity. SIP RETURN AS ON 28TH FEBRUARY 2015 MF NEWS

Starting - March Month of 2014 2012 2010 2008 2005 2003 Modi, markets propel mutual fund India poised to be world's 3rd largest have agreed, in the biggest change to assets past C 12 lakh crore economy monetary policy since opening up India's Years 1 3 5 7 10 12 economy more than two decades ago, to Buoyed by good inflows and strong As India's investment climate seems to be Invested Amount : 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 14,40,000 introduce inflation targeting to rein in a long improving, the moment might not be far away Schemes (Diversified Equity) Returns % - CAGR showing by equity schemes, the assets history of volatile price rises. In a document for the country to emerge as the world's third Axis Equity Fund - Gr 35.25 29.74 20.76 - - - under management (AUM) of the mutual dated Feb 20 but published on the ministry economy, says Jim O'Neill who is better Axis MidCap Fund - Gr 57.21 44.38 - - - - fund (MF) industry has zoomed past the website, the two sides set a consumer Baroda Pioneer Growth Fund - Growth Plan 44.59 30.52 18.39 16.21 14.86 - known for coining the acronym BRIC. It is R 12 lakh crore mark or around $200 inflation target of 4%, with a band of plus or Birla Sun Life Advantage Fund Gr 57.40 40.14 24.58 20.77 16.15 17.88 probably too early to say with certainty that Birla Sun Life Dividend Yield Plus - Growth 42.84 30.23 19.83 20.55 17.96 19.49 minus 2 percentage points, by the financial billion for the first time ever in February. India will soon take its place as the world's Birla Sun Life Equity Fund - Gr 48.42 38.33 24.18 20.87 17.46 21.06 year ending in March 2017. The Reserve Birla Sun Life Frontline Equity Fund - Gr 44.51 33.68 23.02 21.29 19.27 21.53 Equity schemes alone have gained about third largest economy, behind China and the Bank of India (RBI) will first aim to have Birla Sun Life India Opportunities Fund - Gr 52.43 42.82 27.18 23.50 16.67 17.02 R 1.3 lakh crore in assets or over $20 United States. But, given that India's Birla Sun Life Long Term Advantage Fund - Gr 49.07 36.60 23.88 21.45 - - consumer inflation fall below 6% by January billion since the post-election rally investment climate seems to be improving, Birla Sun Life Midcap Fund - Gr 62.97 40.75 25.17 22.94 19.34 22.31 2016. The changes bring closer to reality a Birla Sun Life MNC Fund Gr 100.92 51.65 34.79 32.34 25.40 25.63 started in May. Investor accounts with that moment might not be too far away, he goal pursued relentlessly by RBI Governor Birla Sun Life Pure Value Fund - Gr 50.00 48.28 30.32 - - - MF schemes and demat accounts that is said in a recent commentary posted on Birla Sun Life Small and Midcap Fund - Gr 59.18 41.14 25.64 23.57 - - Raghuram Rajan, who has said the inflation Project Syndicate website. By 2017, India Birla Sun Life Special Situations Fund - Gr 54.17 37.30 22.53 18.70 - - used for trading in shares have surged by targeting, more commonly seen in developed Birla Sun Life Top 100 Fund - Gr 42.91 34.30 23.66 21.20 - - could surpass Italy and Brazil to become the nearly 28 lakh since April. Net inflows economies, was also vital in India. BNP Paribas Dividend Yield Fund- Gr 49.01 33.94 23.29 22.35 - - world's seventh largest economy; by 2020, BNP Paribas Equity Fund - Gr 49.61 34.34 23.94 20.37 16.54 - (higher purchases in schemes than sales there is a reasonable chance that it will Manufacturing PMI dips to 5-month low in BNP Paribas Midcap Fund - Gr 59.62 44.06 30.74 27.08 - - by investors) into equity schemes has BOI AXA Equity Fund - Regular Plan Gr 37.47 28.56 18.45 - - - overtake France and the United Kingdom to February Canara Robeco Emerging Equities Fund - Gr 78.67 53.16 34.34 31.06 - - topped $10 billion (R 62,548 crore) so far become the fifth largest. Growth in the country's manufacturing Canara Robeco Equity Diversified - Gr 39.76 28.69 20.15 20.17 17.77 - in in the current financial year. Equity Canara Robeco F.O.R.C.E. Fund - Regular Gr 56.64 33.77 23.14 - - - Domestic car sales up 6.85 per cent in activities fell to a five-month low in February Canara Robeco Large Cap Plus Fund - Gr 35.58 26.09 - - - - schemes have seen an addition of 12.32 February because of subdued output and new orders, DSP BlackRock Equity Fund - Reg. Plan - Div 48.23 33.02 21.08 19.73 18.24 21.98 showed widely-tracked HSBC purchasing lakh investor accounts since April, data Domestic passenger car sales grew by 6.85 DSP BlackRock Focus 25 Fund - Gr 54.71 33.43 - - - - managers' index (PMI). Some manufacturing DSP BlackRock Micro Cap Fund - Gr 79.69 53.89 33.20 31.19 - - with market regulator SEBI showed. per cent to 1,71,727 units in February this companies, which are expected to be driver DSP BlackRock Opportunities Fund - Gr 44.20 32.26 20.70 19.21 16.63 19.78 Assets managed by equity funds jumped year as compared to 1,60,717 units in the DSP BlackRock Small and Mid Cap - Reg Gr 62.08 42.67 26.94 25.90 - - of job creation, cut the work force, albeit to yet another record high of R 3.46 lakh same month of 2014. According to the data DSP BlackRock Top 100 Equity Fund Gr 37.80 26.64 18.16 17.13 16.64 19.80 marginally. The slowdown is broad-based by DWS Alpha Equity Fund - Gr 44.87 31.38 19.90 17.00 15.30 18.05 released by the Society of Indian Automobile crore in February. The MF industry's sector, with softer increases recorded in the DWS Investment Opportunity Fund - Gr 38.90 28.42 17.69 15.35 14.37 15.82 Manufacturers (SIAM), motorcycle sales in Edelweiss Diversified Growth Equity Top 100 Fund - Gr 44.50 30.27 21.25 - - - AUM advanced 1.8% month-on-month consumer, intermediate and investment last month were down by 8.22 per cent to Franklin India Bluechip Fund Gr 37.87 26.66 18.33 18.01 16.41 19.18 (m-o-m) to around R 12.02 lakh crore at goods sub-sectors, a commentary Franklin India Flexi Cap Fund - Gr 51.39 37.09 24.20 22.19 18.69 - 7,74,122 units from 8,43,436 units in the the end of the month, as per AMFI data. associated with PMI survey said. Franklin India High Growth Companies Fund - Gr 73.18 48.15 31.10 26.94 - - same month previous year. Total sale of Franklin India Opportunities Fund-Gr 60.30 37.61 23.48 19.60 15.72 18.31 GDP in 2015-16 to be 8-8.5%; double-digit Franklin India Prima Fund Gr 70.12 48.18 31.67 28.26 20.98 22.86 MF industry may see several mergers vehicles across categories registered a Franklin India Prima Plus Gr 54.68 36.71 24.63 22.18 19.35 21.92 of schemes in coming weeks growth of 0.15 per cent to 15,26,125 units in growth soon Franklin India Smaller Companies Fund - Gr 69.62 54.08 35.27 30.63 - - February 2015 as against 15,23,823 units in Finance Minister Arun Jaitley has said Goldman Sachs India Equity Fund - Gr 59.63 - - - - - The mutual fund industry may witness the same month last year. growth in the next financial year will rise to HDFC Capital Builder-Gr 41.66 34.17 22.68 21.71 18.24 21.27 several mergers of schemes in coming HDFC Core and Satellite Fund - Gr 29.79 28.33 16.89 17.23 14.65 - Foreign investors pour $11 bn in Indian 8-8.5% and clock double-digit level in the HDFC Equity Fund - Div 32.91 31.97 20.94 21.10 18.97 22.11 weeks after the Budget proposed an subsequent years. Growth in 2015-16 is HDFC Growth Fund Gr 30.77 24.89 16.75 16.72 15.99 19.24 capital markets exemption from capital gains tax in case expected to be between 8-8.5%. Aiming for a HDFC Large Cap Fund - Gr 26.49 21.98 14.89 14.22 11.53 13.51 With an average of over R 1,000 crore a day, HDFC Mid Cap Opportunities Fund - Gr 55.39 44.03 30.01 28.62 - - of amalgamation of funds with similar double digit rate seems feasible very soon, he the net foreign fund inflows into Indian capital HDFC Premier Multi-Cap Fund - Gr 36.57 30.13 18.07 17.69 - - features. The government's move could said while presenting the Budget for 2015-16 HDFC Small and Mid Cap Fund - Gr 37.51 31.10 20.35 - - - markets have crossed USD 11 billion (over R in the Lok Sabha. The Central Statistical HDFC Top 200 Fund - Div 31.74 29.13 19.54 19.27 18.15 21.50 lead to further consolidation in the nearly 68,000 crore) in little over two months so far HSBC Equity Fund - Gr 32.86 25.41 16.46 14.46 13.20 16.88 Organisation (CSO) has recently revised the R 12 lakh crore mutual fund industry. in 2015. The analysts expect the inflows to HSBC India Opportunities Fund - Gr 47.77 36.47 23.87 20.05 16.27 - base year for calculation of GDP growth to ICICI Prudential Dynamic Plan-Cum 33.03 30.47 21.29 20.41 18.53 21.87 Finance Minister Arun Jaitley, in his further accelerate going ahead, following 2011-12. As per this, the economic growth ICICI Prudential Exports and Other Services Fund - Gr 51.36 46.90 31.88 26.76 - - Budget speech, had proposed tax assurances in the Union Budget to revisit ICICI Prudential Focused Bluechip Equity Fund - Gr 39.27 30.53 21.61 - - - rate in 2013-14 is estimated at 6.9% and for controversial issues like GAAR (General Anti ICICI Prudential MidCap Fund - Gr 66.55 49.82 30.04 25.45 18.82 - neutrality in case of merger of MF 2014-15 at 7.4%. The government headed by ICICI Prudential Select Large Cap Fund - Retail Gr 36.61 29.36 20.03 - - - Avoidance Rule). Overseas investors schemes with similar features, on which Prime Minister Narendra Modi, which ICICI Prudential Top 100 Fund - Gr 34.52 29.84 21.31 19.40 16.79 19.04 witnessed a net inflow of R 24,563 crore ICICI Prudential Top 200 Fund - Gr 40.95 32.77 21.67 19.66 16.42 19.06 investors had to pay capital gains tax assumed power in May last year, has initiated February, while the same in the previous ICICI Prudential Value Discovery Fund Gr 61.53 46.33 30.96 30.02 24.09 - earlier. According to experts, the a slew of economic reforms, including IDFC Classic Equity Fund - Regular Plan - Gr 37.73 25.10 16.62 14.61 - - month January stood at R 33,688 crore. consolidation will also provide clarity in de-regulation of diesel prices, raising FDI IDFC Equity Fund - Regular Plan - Gr 30.81 24.46 16.97 15.56 - - FIIs (Foreign Institutional Investors) were IDFC Imperial Equity Fund - Regular Plan - Gr 33.95 23.89 15.27 14.14 - - caps in several sectors, and direct transfer of terms of the investment objective of rechristened as FPIs last year under a new IDFC Premier Equity Fund - Regular Plan - Gr 60.05 40.79 27.89 26.90 - - LPG subsidy to beneficiaries. IDFC Sterling Equity Fund - Regular Gr 60.28 37.15 25.06 25.17 - - different schemes available with each regulatory regime that has made it easier for Indiabulls Blue Chip Fund - Gr 33.84 22.92 - - - - fund house and will help investors take them to invest in India. Fiscal deficit pegged at 3.9%; to reach 3% JP Morgan India Equity Fund - Gr 46.93 31.52 20.73 18.86 - - by FY18 JP Morgan India Mid and Small Cap Fund - Gr 76.50 50.60 32.61 28.16 - - appropriate investment decisions. Direct tax collections up 10.67% in 11 Kotak 50 Equity Scheme Div 43.30 29.27 19.31 17.14 15.41 18.69 Finance Minister Arun Jaitley has pegged FMC SEBI merger may open gates for months of FY'15 Kotak Classic Equity Fund - Gr 39.34 28.73 19.76 18.22 - - fiscal deficit for 2015-16 at 3.9% of GDP and Kotak Emerging Equity Scheme - Gr 77.98 46.94 29.41 24.83 - - Collection from direct taxes rose by 10.67 per commodity mutual funds in India proposed to lower it to 3% by 2017-18, a year Kotak Midcap - Gr 64.54 41.16 26.41 23.84 17.89 - cent to R 6.12 lakh crore in the first 11 Kotak Opportunities Fund - Gr 52.68 33.85 22.03 19.59 17.32 - Finance Minister Arun Jaitley’s later than planned earlier. Unveiling the months of the current financial year in line Kotak Select Focus Fund - Gr 56.02 37.87 25.03 - - - announcement to merge the commodity roadmap for fiscal consolidation while L&T Equity Fund - Gr 48.83 33.49 21.89 20.70 - - with the revised Budget projections. During presenting the Budget 2015-16, he said the L&T India Large Cap Fund - Gr 46.88 31.44 20.65 19.90 - - market regulator Forward Markets the April-February period of the last fiscal, the L&T India Special Situations Fund - Gr 49.01 34.65 23.75 21.99 - - 3% fiscal deficit target will now be achieved Commission (FMC) with capital market government had collected R 5.53 lakh crore L&T India Value Fund - Gr 63.80 44.54 28.53 - - - in three years as against the FRBM target of L&T Midcap Fund - Cum 68.23 47.42 29.34 25.97 20.15 - regulator SEBI may enable fund houses under this head. As per the Budget for two years. As per the earlier roadmap fiscal Mirae Asset Emerging Bluechip Fund - Gr 68.02 50.38 - - - - to come up with commodity mutual 2014-15, the revenue mop up from direct Mirae Asset India Opportunities Fund - Gr 46.05 35.95 24.64 - - - consolidation, the deficit was to come down taxes was targeted at R 7.36 lakh crore. It Pramerica Large Cap Equity Fund - Gr 32.89 23.04 - - - - funds. Commodity funds invest in food to 3% by 2016-17. The additional fiscal space Principal Dividend Yield Fund - Gr 26.64 23.84 16.22 16.04 12.84 - was, however, revised downwards to 7.05 crops, spices, fibers, copper, aluminium, will be available for infrastructure funding. As Principal Emerging Bluechip Fund - Gr 67.99 47.81 30.48 - - - lakh crore as per the revised estimate in the Principal Growth Fund Gr 40.29 34.91 23.22 19.30 14.10 15.71 oil, gold, silver and platinum. In India, per the new roadmap, fiscal deficit will be Budget for 2015-16. Thus, as per the revised Principal Large Cap Fund - Gr 37.05 29.57 19.57 18.92 - - mutual fund houses are not permitted to 3.9% of GDP in 2015-16, 3.5% in 2016-17 and Quantum Long Term Equity Fund - Gr 23.92 25.81 19.03 20.07 - - estimates, government expects a 10.5 per 3% by 2017-18. As regard the current fiscal, Reliance Equity Opportunities Fund - Gr 53.56 38.10 26.59 26.39 - - invest in commodities other than gold. cent increase in direct tax collections over Reliance Focused Large Cap Fund - Gr 40.48 31.03 20.11 15.88 - - Jaitley said the deficit will be 4.1% as However, a few fund houses have the previous fiscal which was R 6.38 lakh Reliance Growth Fund Gr 55.07 35.57 22.04 19.97 17.94 23.04 budgeted. Reliance Mid & Small Cap Fund - Gr 66.50 46.56 28.99 25.03 - - thematic funds which invest in crore. Reliance Quant Plus Fund - Gr Budget raises tax deduction limit to R 4.44 30.84 24.49 16.79 - - - companies engaged in commodity Govt, RBI sign pact to target CPI at 4% Reliance Regular Savings Fund Equity Plan - Gr 50.25 33.64 21.39 19.92 - - lakh Reliance Small Cap Fund - Gr 68.31 55.87 - - - - business. The Reserve Bank and the finance ministry Reliance Top 200 Fund - Gr 52.06 36.03 23.95 20.73 - - With fresh incentives for individuals

announced in the Union Budget, the overall deduction limit under personal income tax has gone up to R 4,44,200 a year. In the Budget for 2015-16, Finance Minister Arun Jaitley has proposed raising the tax deduction limit by R 10,000 for payment towards health insurance premium. At the same time, exemption of transport allowance has been doubled to R 19,200 per year. To provide social safety net and the facility of pension to individuals, an additional deduction of R 50,000 is proposed to be provided for contribution to the New Pension Scheme under Section 80CCD. Other deductions namely - deduction under section 80C of R 1.5 lakh while deduction under section 80CCD R 50,000 - have been maintained. Tax deduction on account of interest on house property loan (for self occupied property) has also been kept unchanged at R 2 lakh. Corporate tax to be brought down to 25% over 4 years After a gap of 10 years, the government announced a cut in corporate tax by 5% to 25% over four years starting April 2016, but tax exemptions and incentives to the industry will be withdrawn. Jaitley, in his first full-year Budget, said the basic rate of corporate tax in India at 30% is higher than the rates prevalent in the other major Asian economies, making domestic industry uncompetitive. Moreover, the effective collection of corporate tax is about 23%. Jaitley said the move will lead to higher level of investment, higher growth and more jobs. In 2005, the then Finance Minister P Chidambaram had reduced the corporate tax to 30% from 35%. GAAR deferred by two years In an move to further improve investment sentiment in the country, Finance Minister Arun Jaitley proposed deferring General Anti-Avoidance Act (GAAR) by two years. Further, it has also been decided that when implemented, GAAR would apply prospectively to investments made on or after April 1, 2017. The government had earlier proposed imposing the GAAR from April 1, 2015, for those claiming tax benefit of over R 3 crore. The rules are aimed at minimising tax avoidance for investments made by entities based in tax havens. FinMin wants PSU banks to consolidate, merge In a step towards consolidation, the Government wants banks to consider merger. It has also proposed more transparency in the appointment of independent director on the bank board. The Government wants to encourage Bank Boards to restructure their business strategy and also suggest a way forward for their consolidation and merger with other banks if it is a win-win for both, the Finance Ministry said in a statement discussing reform measures for public sector banks. At present, there are 27 public sector banks including State Bank of India and its associate banks. SIP RETURN AS ON 28TH FEBRUARY 2015 NEWS UPDATE have agreed, in the biggest change to Starting - March Month of 2014 2012 2010 2008 2005 2003 India poised to be world's 3rd largest economy monetary policy since opening up India's Years 1 3 5 7 10 12 economy more than two decades ago, to As India's investment climate seems to be introduce inflation targeting to rein in a long Invested Amount : 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 14,40,000 improving, the moment might not be far away history of volatile price rises. In a document Schemes (Diversified Equity) Returns % - CAGR for the country to emerge as the world's third dated Feb 20 but published on the ministry Reliance Vision Fund Gr 55.66 36.67 22.08 19.18 16.28 19.41 economy, says Jim O'Neill who is better website, the two sides set a consumer Religare Invesco Contra Fund - Gr 60.80 41.55 25.87 23.36 - - known for coining the acronym BRIC. It is Religare Invesco Equity Fund - Gr 34.18 27.37 19.18 17.93 - - inflation target of 4%, with a band of plus or probably too early to say with certainty that Religare Invesco Growth Fund - Gr 51.79 34.40 22.68 20.20 - - minus 2 percentage points, by the financial Religare Invesco Mid N Small Cap Fund - Gr 70.33 48.81 32.58 - - - India will soon take its place as the world's year ending in March 2017. The Reserve Religare Invesco Midcap Fund - Gr 72.06 48.43 31.73 29.10 - - third largest economy, behind China and the Sahara Growth Fund Gr 19.21 22.29 15.08 13.95 13.82 16.86 Bank of India (RBI) will first aim to have United States. But, given that India's Sahara Midcap Fund - Gr 33.01 34.34 21.59 20.77 17.29 - consumer inflation fall below 6% by January Sahara Wealth Plus Fund Variable - Gr 43.69 investment climate seems to be improving, 34.38 23.06 20.81 - - 2016. The changes bring closer to reality a SBI Contra Fund - Regular Div 47.69 29.86 18.25 15.61 14.06 20.06 that moment might not be too far away, he SBI Emerging Businesses Fund - Regular Plan - Gr goal pursued relentlessly by RBI Governor 49.89 33.11 25.42 25.96 19.86 - said in a recent commentary posted on SBI Magnum Blue Chip Fund - Gr 49.70 34.59 23.52 20.39 - - Raghuram Rajan, who has said the inflation Project Syndicate website. By 2017, India SBI Magnum Equity Fund - Div 43.51 29.61 20.13 18.87 16.89 19.26 targeting, more commonly seen in developed SBI Magnum Global Fund - Div 66.17 44.17 29.52 26.67 20.65 25.23 could surpass Italy and Brazil to become the economies, was also vital in India. SBI Magnum MidCap Fund - Gr 61.23 48.58 31.61 26.41 - - world's seventh largest economy; by 2020, SBI Magnum Multicap Fund - Gr 52.66 35.65 22.62 18.76 - - Manufacturing PMI dips to 5-month low in SBI Magnum Multiplier Plus 93 - Div 53.73 there is a reasonable chance that it will 36.97 23.94 20.98 18.08 22.42 February SBI Small & Midcap Fund - Gr 95.51 56.86 35.32 - - - overtake France and the United Kingdom to Sundaram Equity Multiplier Fund - Gr 45.59 30.56 18.94 16.42 - - become the fifth largest. Growth in the country's manufacturing Sundaram Growth Fund Gr 30.94 23.40 14.96 13.71 12.08 15.09 activities fell to a five-month low in February Sundaram Rural India Fund - Gr 43.31 29.76 19.58 17.73 - - Domestic car sales up 6.85 per cent in Sundaram S.M.I.L.E. Fund - Gr 89.03 53.91 31.36 26.30 21.35 - February because of subdued output and new orders, Sundaram Select Focus - Gr 31.98 25.04 15.83 13.85 13.17 showed widely-tracked HSBC purchasing 16.33 Domestic passenger car sales grew by 6.85 Sundaram Select MidCap - Gr 67.19 45.42 28.98 26.63 22.25 26.25 managers' index (PMI). Some manufacturing Tata Dividend Yield Fund - Gr 45.04 per cent to 1,71,727 units in February this 30.03 20.57 20.94 18.12 - companies, which are expected to be driver Tata Equity Opportunities Fund - Gr 53.16 34.67 23.05 20.37 16.71 19.98 year as compared to 1,60,717 units in the Tata Equity P/E Fund Gr of job creation, cut the work force, albeit 59.78 40.62 25.24 22.72 19.69 - same month of 2014. According to the data Tata Ethical Fund - Gr 49.16 34.43 23.68 22.22 17.93 20.70 marginally. The slowdown is broad-based by released by the Society of Indian Automobile Tata Mid Cap Growth Fund - Gr 78.70 49.67 31.30 26.51 20.19 - sector, with softer increases recorded in the Tata Pure Equity Fund - Gr 41.54 28.25 19.41 18.21 16.32 19.77 Manufacturers (SIAM), motorcycle sales in consumer, intermediate and investment Taurus Bonanza Fund Gr 44.46 27.80 17.17 14.84 11.57 13.17 last month were down by 8.22 per cent to Taurus Starshare Growth 42.00 29.56 19.45 18.02 15.27 19.27 goods sub-sectors, a commentary 7,74,122 units from 8,43,436 units in the Templeton India Growth Fund Gr 36.81 28.46 18.19 17.52 16.12 18.60 associated with PMI survey said. Union KBC Equity Fund - Gr 36.42 28.08 - - - - same month previous year. Total sale of UTI Dividend Yield Fund. - Gr 35.19 25.49 16.88 17.36 - - vehicles across categories registered a GDP in 2015-16 to be 8-8.5%; double-digit UTI Equity Fund - Div 42.56 31.82 22.35 20.69 17.40 18.65 growth of 0.15 per cent to 15,26,125 units in growth soon UTI Leadership Equity Fund - Gr 37.43 28.44 19.09 16.67 - - UTI Master Share - Div 45.54 29.97 19.66 17.72 15.26 - February 2015 as against 15,23,823 units in Finance Minister Arun Jaitley has said UTI Mid Cap Fund - Gr 67.28 52.16 32.91 29.12 - - the same month last year. growth in the next financial year will rise to UTI MNC Fund - Gr 82.72 45.27 31.41 29.16 - - 8-8.5% and clock double-digit level in the UTI Opportunities Fund - Gr Foreign investors pour $11 bn in Indian 39.12 28.90 20.98 20.77 - - subsequent years. Growth in 2015-16 is UTI Top 100 Fund - Gr 46.13 30.46 20.42 18.24 - - capital markets expected to be between 8-8.5%. Aiming for a Average Returns 50.07 35.74 23.42 21.19 17.17 19.67 With an average of over R 1,000 crore a day, Maximum Returns 100.92 56.86 35.32 32.34 25.40 26.25 double digit rate seems feasible very soon, he the net foreign fund inflows into Indian capital Minimum Returns 19.21 21.98 14.89 13.71 11.53 13.17 said while presenting the Budget for 2015-16 markets have crossed USD 11 billion (over R in the Lok Sabha. The Central Statistical SIP RETURN AS ON 28TH FEBRUARY 2015 68,000 crore) in little over two months so far Organisation (CSO) has recently revised the in 2015. The analysts expect the inflows to Starting - MARCH Month of 2014 2012 2010 2008 2005 2003 base year for calculation of GDP growth to further accelerate going ahead, following 2011-12. As per this, the economic growth Years 1 3 5 7 10 12 assurances in the Union Budget to revisit rate in 2013-14 is estimated at 6.9% and for Invested Amount 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 14,40,000 controversial issues like GAAR (General Anti 2014-15 at 7.4%. The government headed by Returns % - CAGR Avoidance Rule). Overseas investors Schemes (ELSS) Prime Minister Narendra Modi, which Axis Long Term Equity Fund - Gr 31.45 - - - witnessed a net inflow of R 24,563 crore 62.41 45.67 assumed power in May last year, has initiated Baroda Pioneer Elss 96 44.04 31.94 19.90 17.18 13.36 14.44 February, while the same in the previous a slew of economic reforms, including Birla Sun Life Tax Plan - Div 64.26 39.76 25.77 21.74 16.98 19.48 month January stood at R 33,688 crore. Birla Sun Life Tax Relief 96 Fund - Div 66.23 40.93 25.38 21.72 17.45 18.97 de-regulation of diesel prices, raising FDI FIIs (Foreign Institutional Investors) were Birla Sun Life Tax Savings Fund - Gr 56.55 33.17 20.65 18.98 14.01 - caps in several sectors, and direct transfer of BNP Paribas Long Term Equity Fund - Gr 53.57 37.05 25.71 22.12 - - rechristened as FPIs last year under a new LPG subsidy to beneficiaries. BOI AXA Tax Advantage Fund - Regular - Growth 44.21 31.72 20.16 - - - regulatory regime that has made it easier for Canara Robeco Equity Tax Saver Fund - Div 43.66 30.89 21.11 21.07 19.15 21.26 Fiscal deficit pegged at 3.9%; to reach 3% - them to invest in India. DSP BlackRock Tax Saver Fund - Gr 45.86 35.13 23.41 21.30 - by FY18 DWS Tax Saving Fund - Gr 42.18 31.37 19.53 16.39 - - Direct tax collections up 10.67% in 11 Franklin India Taxshield Gr 54.26 36.49 24.86 22.90 19.24 21.43 months of FY'15 Finance Minister Arun Jaitley has pegged HDFC Long Term Advantage Fund - Gr 30.28 29.91 20.58 19.95 16.35 19.57 fiscal deficit for 2015-16 at 3.9% of GDP and HDFC Taxsaver - Div 38.17 33.54 21.58 20.95 17.57 21.76 Collection from direct taxes rose by 10.67 per proposed to lower it to 3% by 2017-18, a year ICICI Prudential Tax Plan - Regular Gr 44.87 36.87 24.72 23.76 18.94 22.41 cent to R 6.12 lakh crore in the first 11 IDFC Tax Advantage (ELSS) Fund - Regular Gr 53.42 36.61 24.60 - - - later than planned earlier. Unveiling the months of the current financial year in line JP Morgan India Tax Advantage Fund - Gr 47.81 31.59 20.57 - - - roadmap for fiscal consolidation while Kotak Tax Saver - Gr 62.00 33.80 21.17 18.45 - - with the revised Budget projections. During presenting the Budget 2015-16, he said the L&T Tax Advantage Fund - Gr 40.31 30.10 20.10 19.72 - - the April-February period of the last fiscal, the 13.10 13.48 3% fiscal deficit target will now be achieved LIC Nomura Tax Plan Gr 54.34 34.00 21.43 17.71 government had collected R 5.53 lakh crore Principal Personal Tax Saver 37.36 29.83 19.29 17.07 14.25 16.47 in three years as against the FRBM target of under this head. As per the Budget for Principal Tax Savings Fund 40.21 35.05 23.52 19.34 14.82 17.17 two years. As per the earlier roadmap fiscal Quantum Tax Saving Fund - Gr Plan 25.40 26.30 19.21 - - - 2014-15, the revenue mop up from direct consolidation, the deficit was to come down Reliance Tax Saver Fund - Gr 70.16 48.99 31.58 27.58 - - taxes was targeted at R 7.36 lakh crore. It Religare Invesco Tax Plan - Gr 59.55 39.32 25.93 23.94 - - to 3% by 2016-17. The additional fiscal space was, however, revised downwards to 7.05 Sahara Tax Gain Fund Gr 24.11 27.31 18.62 18.50 18.55 20.18 will be available for infrastructure funding. As SBI Magnum Tax Gain Fund - Div 48.24 35.04 23.33 20.24 16.75 22.82 lakh crore as per the revised estimate in the per the new roadmap, fiscal deficit will be Sundaram Tax Saver - Div 43.89 29.50 19.33 16.74 15.07 19.05 Budget for 2015-16. Thus, as per the revised Tata Tax Saving Fund Plan A - Div 54.59 34.89 23.20 20.57 16.19 18.36 3.9% of GDP in 2015-16, 3.5% in 2016-17 and estimates, government expects a 10.5 per Taurus Tax Shield - Gr 38.77 26.70 17.40 16.80 14.74 - 3% by 2017-18. As regard the current fiscal, Union KBC Tax Saver Scheme - Gr - - cent increase in direct tax collections over 46.09 32.21 - - Jaitley said the deficit will be 4.1% as UTI Equity Tax Saving Plan - Div 41.57 28.67 18.80 16.59 13.15 15.00 the previous fiscal which was R 6.38 lakh budgeted. Average Returns 47.69 34.01 22.43 20.05 16.09 18.87 crore. Maximum Returns 70.16 48.99 31.58 27.58 19.24 22.82 Budget raises tax deduction limit to R 4.44 Minimum Returns 24.11 26.30 17.40 16.39 13.10 13.48 Govt, RBI sign pact to target CPI at 4% S&P BSE SENSEX 15.11 13.37 15.59 lakh 28.72 24.20 16.39 The Reserve Bank and the finance ministry CNX NIFTY 31.47 24.66 16.68 15.26 13.53 15.41 With fresh incentives for individuals

India poised to be world's 3rd largest Starting - March Month of 2014 2012 2010 2008 2005 2003 have agreed, in the biggest change to economy monetary policy since opening up India's Years 1 3 5 7 10 12 economy more than two decades ago, to As India's investment climate seems to be Invested Amount 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 14,40,000 introduce inflation targeting to rein in a long improving, the moment might not be far away Schemes (Diversified Equity) Investment Value e history of volatile price rises. In a document for the country to emerge as the world's third Axis Equity Fund - Gr 140,411 546,735 999,202 - - - dated Feb 20 but published on the ministry economy, says Jim O'Neill who is better Axis MidCap Fund - Gr 152,271 658,417 - - - - website, the two sides set a consumer known for coining the acronym BRIC. It is Baroda Pioneer Growth Fund - Growth Plan 145,523 552,333 943,917 1,489,356 2,600,013 - inflation target of 4%, with a band of plus or probably too early to say with certainty that Birla Sun Life Advantage Fund Gr 152,372 624,682 1,094,477 1,750,038 2,785,353 4,531,649 Birla Sun Life Dividend Yield Plus - Growth 144,571 550,230 977,150 1,736,193 3,068,189 5,047,995 minus 2 percentage points, by the financial India will soon take its place as the world's Birla Sun Life Equity Fund - Gr 147,588 610,587 1,084,142 1,756,310 2,986,691 5,608,545 year ending in March 2017. The Reserve third largest economy, behind China and the Birla Sun Life Frontline Equity Fund - Gr 145,478 575,418 1,054,745 1,782,558 3,292,882 5,787,433 Bank of India (RBI) will first aim to have United States. But, given that India's Birla Sun Life India Opportunities Fund - Gr 149,738 645,905 1,163,972 1,926,220 2,863,333 4,277,525 Birla Sun Life Long Term Advantage Fund - Gr 147,937 597,340 1,076,375 1,792,292 - - consumer inflation fall below 6% by January investment climate seems to be improving, Birla Sun Life Midcap Fund - Gr 155,300 629,437 1,109,897 1,888,676 3,305,282 6,098,527 2016. The changes bring closer to reality a that moment might not be too far away, he Birla Sun Life MNC Fund Gr 174,499 719,159 1,390,095 2,623,161 4,578,727 7,623,181 goal pursued relentlessly by RBI Governor said in a recent commentary posted on Birla Sun Life Pure Value Fund - Gr 148,439 690,561 1,252,973 - - - Birla Sun Life Small and Midcap Fund - Gr 153,309 632,501 1,122,527 1,931,385 - - Raghuram Rajan, who has said the inflation Project Syndicate website. By 2017, India Birla Sun Life Special Situations Fund - Gr 150,659 602,660 1,042,409 1,626,730 - - targeting, more commonly seen in developed could surpass Italy and Brazil to become the Birla Sun Life Top 100 Fund - Gr 144,612 580,032 1,070,996 1,776,773 - - economies, was also vital in India. world's seventh largest economy; by 2020, BNP Paribas Dividend Yield Fund- Gr 147,908 577,346 1,061,383 1,849,903 - - BNP Paribas Equity Fund - Gr 148,228 580,373 1,078,136 1,725,336 2,844,201 - Manufacturing PMI dips to 5-month low in there is a reasonable chance that it will BNP Paribas Midcap Fund - Gr 153,544 655,886 1,265,444 2,183,863 - - overtake France and the United Kingdom to BOI AXA Equity Fund - Regular Plan Gr 141,633 538,272 945,230 - - - February become the fifth largest. Canara Robeco Emerging Equities Fund - Gr 163,390 732,193 1,375,695 2,509,139 - - Growth in the country's manufacturing Canara Robeco Equity Diversified - Gr 142,890 539,183 984,689 1,713,089 3,037,598 - Domestic car sales up 6.85 per cent in Canara Robeco F.O.R.C.E. Fund - Regular Gr 151,969 576,063 1,057,796 - - - activities fell to a five-month low in February February Canara Robeco Large Cap Plus Fund - Gr 140,590 520,935 - - - - because of subdued output and new orders, DSP BlackRock Equity Fund - Reg. Plan - Div 147,488 570,525 1,006,870 1,686,832 3,115,189 5,964,450 showed widely-tracked HSBC purchasing Domestic passenger car sales grew by 6.85 DSP BlackRock Focus 25 Fund - Gr 150,950 573,585 - - - - managers' index (PMI). Some manufacturing per cent to 1,71,727 units in February this DSP BlackRock Micro Cap Fund - Gr 163,904 738,542 1,339,729 2,519,169 - - companies, which are expected to be driver year as compared to 1,60,717 units in the DSP BlackRock Opportunities Fund - Gr 145,312 564,974 997,874 1,656,310 2,856,768 5,146,624 DSP BlackRock Small and Mid Cap - Reg Gr 154,834 644,661 1,157,354 2,095,727 - - of job creation, cut the work force, albeit same month of 2014. According to the data DSP BlackRock Top 100 Equity Fund Gr 141,817 524,792 938,602 1,539,024 2,859,166 5,151,831 marginally. The slowdown is broad-based by released by the Society of Indian Automobile DWS Alpha Equity Fund - Gr 145,671 558,561 978,723 1,531,716 2,660,761 4,583,808 sector, with softer increases recorded in the Manufacturers (SIAM), motorcycle sales in DWS Investment Opportunity Fund - Gr 142,420 537,308 928,009 1,445,097 2,531,752 3,909,554 Edelweiss Diversified Growth Equity Top 100 Fund - Gr 145,471 550,518 1,011,037 - - - consumer, intermediate and investment last month were down by 8.22 per cent to Franklin India Bluechip Fund Gr 141,857 524,895 942,382 1,587,480 2,824,117 4,942,786 goods sub-sectors, a commentary 7,74,122 units from 8,43,436 units in the Franklin India Flexi Cap Fund - Gr 149,180 601,062 1,084,672 1,839,855 3,190,733 - associated with PMI survey said. same month previous year. Total sale of Franklin India High Growth Companies Fund - Gr 160,585 689,470 1,276,105 2,173,546 - - Franklin India Opportunities Fund-Gr 153,899 605,080 1,066,347 1,679,059 2,721,479 4,664,310 GDP in 2015-16 to be 8-8.5%; double-digit vehicles across categories registered a Franklin India Prima Fund Gr 159,010 689,747 1,293,174 2,275,768 3,608,568 6,329,864 growth of 0.15 per cent to 15,26,125 units in Franklin India Prima Plus Gr 150,934 598,174 1,095,902 1,838,942 3,306,867 5,939,821 growth soon Franklin India Smaller Companies Fund - Gr 158,749 740,221 1,405,588 2,471,716 - - Finance Minister Arun Jaitley has said February 2015 as against 15,23,823 units in Goldman Sachs India Equity Fund - Gr 153,548 - - - - - the same month last year. HDFC Capital Builder-Gr 143,929 579,040 1,046,067 1,809,097 3,114,737 5,686,599 growth in the next financial year will rise to Foreign investors pour $11 bn in Indian HDFC Core and Satellite Fund - Gr 137,370 536,636 910,232 1,544,502 2,570,155 - 8-8.5% and clock double-digit level in the HDFC Equity Fund - Div 139,111 562,816 1,003,543 1,770,139 3,239,275 6,015,804 subsequent years. Growth in 2015-16 is capital markets HDFC Growth Fund Gr 137,921 512,644 907,223 1,516,447 2,761,395 4,964,250 expected to be between 8-8.5%. Aiming for a With an average of over R 1,000 crore a day, HDFC Large Cap Fund - Gr 135,516 492,950 867,120 1,388,189 2,177,132 3,390,911 HDFC Mid Cap Opportunities Fund - Gr 151,310 655,641 1,243,879 2,304,711 - - double digit rate seems feasible very soon, he the net foreign fund inflows into Indian capital HDFC Premier Multi-Cap Fund - Gr 141,137 549,470 936,479 1,569,506 - - said while presenting the Budget for 2015-16 markets have crossed USD 11 billion (over R HDFC Small and Mid Cap Fund - Gr 141,656 556,487 989,320 - - - in the Lok Sabha. The Central Statistical 68,000 crore) in little over two months so far HDFC Top 200 Fund - Div 138,463 542,350 970,316 1,659,565 3,100,669 5,772,964 HSBC Equity Fund - Gr 139,085 516,250 900,830 1,399,944 2,378,745 4,240,323 Organisation (CSO) has recently revised the in 2015. The analysts expect the inflows to HSBC India Opportunities Fund - Gr 147,239 596,391 1,076,205 1,706,307 2,802,751 - base year for calculation of GDP growth to further accelerate going ahead, following ICICI Prudential Dynamic Plan-Cum 139,178 551,970 1,011,947 1,727,719 3,164,575 5,919,996 2011-12. As per this, the economic growth assurances in the Union Budget to revisit ICICI Prudential Exports and Other Services Fund - Gr 149,167 679,075 1,299,562 2,160,101 - - ICICI Prudential Focused Bluechip Equity Fund - Gr 142,621 552,383 1,019,645 - - - rate in 2013-14 is estimated at 6.9% and for controversial issues like GAAR (General Anti ICICI Prudential MidCap Fund - Gr 157,160 703,560 1,244,975 2,062,788 3,212,705 - 2014-15 at 7.4%. The government headed by Avoidance Rule). Overseas investors ICICI Prudential Select Large Cap Fund - Retail Gr 141,158 543,980 981,840 - - - Prime Minister Narendra Modi, which witnessed a net inflow of R 24,563 crore ICICI Prudential Top 100 Fund - Gr 140,004 547,445 1,012,392 1,667,353 2,882,245 4,895,421 ICICI Prudential Top 200 Fund - Gr 143,541 568,733 1,021,248 1,682,767 2,825,166 4,903,026 assumed power in May last year, has initiated February, while the same in the previous ICICI Prudential Value Discovery Fund Gr 154,547 674,414 1,271,820 2,420,259 4,268,278 - a slew of economic reforms, including month January stood at R 33,688 crore. IDFC Classic Equity Fund - Regular Plan - Gr 141,777 514,085 904,248 1,407,301 - - de-regulation of diesel prices, raising FDI FIIs (Foreign Institutional Investors) were IDFC Equity Fund - Regular Plan - Gr 137,943 509,745 912,071 1,455,315 - - IDFC Imperial Equity Fund - Regular Plan - Gr 139,690 505,832 875,069 1,384,313 - - caps in several sectors, and direct transfer of rechristened as FPIs last year under a new IDFC Premier Equity Fund - Regular Plan - Gr 153,770 629,736 1,183,748 2,170,443 - - LPG subsidy to beneficiaries. regulatory regime that has made it easier for IDFC Sterling Equity Fund - Regular Gr 153,886 601,551 1,107,056 2,041,878 - - them to invest in India. Indiabulls Blue Chip Fund - Gr 139,626 499,240 - - - - Fiscal deficit pegged at 3.9%; to reach 3% JP Morgan India Equity Fund - Gr 146,785 559,553 998,395 1,636,074 - - by FY18 Direct tax collections up 10.67% in 11 JP Morgan India Mid and Small Cap Fund - Gr 162,284 710,155 1,321,824 2,268,159 - - months of FY'15 Kotak 50 Equity Scheme Div 144,824 543,315 965,064 1,539,560 2,677,040 4,782,757 Finance Minister Arun Jaitley has pegged Kotak Classic Equity Fund - Gr 142,664 539,462 975,545 1,599,471 - - fiscal deficit for 2015-16 at 3.9% of GDP and Collection from direct taxes rose by 10.67 per Kotak Emerging Equity Scheme - Gr 163,037 679,406 1,226,600 2,018,975 - - proposed to lower it to 3% by 2017-18, a year cent to R 6.12 lakh crore in the first 11 Kotak Midcap - Gr 156,116 632,715 1,143,019 1,949,387 3,056,527 - Kotak Opportunities Fund - Gr 149,868 576,665 1,030,036 1,678,525 2,964,562 - later than planned earlier. Unveiling the months of the current financial year in line Kotak Select Focus Fund - Gr 151,643 607,046 1,106,269 - - - roadmap for fiscal consolidation while with the revised Budget projections. During L&T Equity Fund - Gr 147,808 574,053 1,026,700 1,745,580 - - presenting the Budget 2015-16, he said the the April-February period of the last fiscal, the L&T India Large Cap Fund - Gr 146,761 558,993 996,565 1,697,111 - - L&T India Special Situations Fund - Gr 147,904 582,664 1,073,183 1,826,561 - - 3% fiscal deficit target will now be achieved government had collected R 5.53 lakh crore L&T India Value Fund - Gr 155,732 659,769 1,201,631 - - - in three years as against the FRBM target of under this head. As per the Budget for L&T Midcap Fund - Cum 158,031 683,373 1,224,719 2,101,124 3,451,559 - two years. As per the earlier roadmap fiscal 2014-15, the revenue mop up from direct Mirae Asset Emerging Bluechip Fund - Gr 157,927 708,276 - - - - Mirae Asset India Opportunities Fund - Gr 146,309 592,424 1,096,112 - - - consolidation, the deficit was to come down taxes was targeted at R 7.36 lakh crore. It Pramerica Large Cap Equity Fund - Gr 139,099 500,050 - - - - to 3% by 2016-17. The additional fiscal space was, however, revised downwards to 7.05 Principal Dividend Yield Fund - Gr 135,598 505,485 895,565 1,480,428 2,334,664 - will be available for infrastructure funding. As lakh crore as per the revised estimate in the Principal Emerging Bluechip Fund - Gr 157,910 686,627 1,257,694 - - - Principal Growth Fund Gr 143,179 584,574 1,059,693 1,661,706 2,495,913 3,920,511 per the new roadmap, fiscal deficit will be Budget for 2015-16. Thus, as per the revised Principal Large Cap Fund - Gr 141,405 545,495 971,113 1,639,390 - - 3.9% of GDP in 2015-16, 3.5% in 2016-17 and estimates, government expects a 10.5 per Quantum Long Term Equity Fund - Gr 134,055 519,003 958,587 1,707,514 - - 3% by 2017-18. As regard the current fiscal, cent increase in direct tax collections over Reliance Equity Opportunities Fund - Gr 150,338 608,846 1,147,787 2,132,410 - - Reliance Focused Large Cap Fund - Gr 143,284 555,969 983,764 1,472,200 - - Jaitley said the deficit will be 4.1% as the previous fiscal which was R 6.38 lakh Reliance Growth Fund Gr 151,140 589,523 1,030,371 1,701,231 3,066,000 6,403,677 budgeted. crore. Reliance Mid & Small Cap Fund - Gr 157,137 676,269 1,214,556 2,032,512 - - Reliance Quant Plus Fund - Gr 137,960 509,909 907,956 - - - Budget raises tax deduction limit to R 4.44 Govt, RBI sign pact to target CPI at 4% Reliance Regular Savings Fund Equity Plan - Gr 148,570 575,125 1,014,447 1,698,475 - - lakh The Reserve Bank and the finance ministry Reliance Small Cap Fund - Gr 158,073 756,000 - - - - Reliance Top 200 Fund - Gr 149,540 593,035 1,078,228 1,747,747 - - With fresh incentives for individuals

SIP VALUE AS ON 28TH FEBRUARY 2015 NEWS UPDATE

Starting - March Month of 2014 2012 2010 2008 2005 2003 announced in the Union Budget, the overall 1 3 5 7 10 12 Years deduction limit under personal income tax Invested Amount 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 14,40,000 has gone up to R 4,44,200 a year. In the Schemes (Diversified Equity) Investment Value e Budget for 2015-16, Finance Minister Arun Reliance Vision Fund Gr 151,455 597,890 1,031,339 1,654,394 2,804,835 5,018,691 Jaitley has proposed raising the tax Religare Invesco Contra Fund - Gr 154,163 635,739 1,128,648 1,917,102 - - deduction limit by R 10,000 for payment Religare Invesco Equity Fund - Gr 139,819 529,899 961,980 1,583,156 - - Religare Invesco Growth Fund - Gr 149,392 580,811 1,046,063 1,715,267 - - towards health insurance premium. At the Religare Invesco Mid N Small Cap Fund - Gr 159,118 695,035 1,320,762 - - - same time, exemption of transport Religare Invesco Midcap Fund - Gr 160,008 691,821 1,294,843 2,343,678 - - allowance has been doubled to R 19,200 per Sahara Growth Fund Gr 131,365 495,035 871,143 1,375,231 2,458,770 4,232,607 Sahara Midcap Fund - Gr 139,169 580,336 1,019,254 1,750,089 2,960,702 - year. To provide social safety net and the Sahara Wealth Plus Fund Variable - Gr 145,036 580,649 1,055,730 1,752,550 - - facility of pension to individuals, an SBI Contra Fund - Regular Div 147,197 547,567 940,733 1,458,024 2,491,260 5,244,225 additional deduction of R 50,000 is proposed SBI Emerging Businesses Fund - Regular Plan - Gr 148,376 571,198 1,116,537 2,100,110 3,398,096 - SBI Magnum Blue Chip Fund - Gr 148,276 582,225 1,067,381 1,726,636 - - to be provided for contribution to the New SBI Magnum Equity Fund - Div 144,935 545,746 984,256 1,636,319 2,896,697 4,969,206 Pension Scheme under Section 80CCD. SBI Magnum Global Fund - Div 156,967 656,747 1,229,881 2,153,174 3,546,234 7,423,845 Other deductions namely - deduction under SBI Magnum MidCap Fund - Gr 154,386 693,117 1,291,237 2,133,780 - - SBI Magnum Multicap Fund - Gr 149,859 590,124 1,044,578 1,629,800 - - section 80C of R 1.5 lakh while deduction SBI Magnum Multiplier Plus 93 - Div 150,426 600,157 1,078,118 1,762,936 3,088,120 6,141,858 under section 80CCD R 50,000 - have been SBI Small & Midcap Fund - Gr 171,832 764,833 1,407,114 - - - maintained. Tax deduction on account of Sundaram Equity Multiplier Fund - Gr 146,064 552,596 956,507 1,500,499 - - Sundaram Growth Fund Gr 138,013 502,501 868,566 1,363,364 2,242,429 3,764,352 interest on house property loan (for self Sundaram Rural India Fund - Gr 144,825 546,865 971,356 1,571,545 - - occupied property) has also been kept Sundaram S.M.I.L.E. Fund - Gr 168,612 738,748 1,283,753 2,125,023 3,681,837 - unchanged at R 2 lakh. Sundaram Select Focus - Gr 138,595 513,702 887,013 1,370,327 2,375,445 4,087,860 Sundaram Select MidCap - Gr 157,497 666,926 1,214,232 2,149,817 3,865,040 7,952,508 Corporate tax to be brought down to 25% Tata Dividend Yield Fund - Gr 145,765 548,785 994,737 1,760,232 3,095,813 - over 4 years Tata Equity Opportunities Fund - Gr 150,126 582,817 1,055,356 1,725,378 2,869,373 5,216,408 Tata Equity P/E Fund Gr 153,627 628,407 1,111,712 1,874,457 3,367,742 - After a gap of 10 years, the government Tata Ethical Fund - Gr 147,989 580,998 1,071,308 1,841,537 3,063,205 5,473,891 announced a cut in corporate tax by 5% to Tata Mid Cap Growth Fund - Gr 163,404 702,223 1,281,960 2,140,834 3,458,204 - Tata Pure Equity Fund - Gr 143,863 536,082 967,254 1,598,778 2,810,684 5,140,635 25% over four years starting April 2016, but Taurus Bonanza Fund Gr 145,450 532,895 916,325 1,418,840 2,181,990 3,316,665 tax exemptions and incentives to the Taurus Starshare Growth 144,117 545,402 968,322 1,588,257 2,656,896 4,972,546 industry will be withdrawn. Jaitley, in his Templeton India Growth Fund Gr 141,269 537,563 939,369 1,560,279 2,780,811 4,755,470 Union KBC Equity Fund - Gr 141,057 534,864 - - - - first full-year Budget, said the basic rate of UTI Dividend Yield Fund. - Gr 140,378 516,807 910,025 1,551,657 - - corporate tax in India at 30% is higher than UTI Equity Fund - Div 144,420 561,744 1,037,915 1,744,880 2,977,463 4,769,399 the rates prevalent in the other major Asian UTI Leadership Equity Fund - Gr 141,610 537,443 959,970 1,514,112 - - UTI Master Share - Div 146,037 548,383 973,157 1,571,403 2,655,641 - economies, making domestic industry UTI Mid Cap Fund - Gr 157,539 723,562 1,330,894 2,345,598 - - uncompetitive. Moreover, the effective UTI MNC Fund - Gr 165,442 665,719 1,285,298 2,348,968 - - collection of corporate tax is about 23%. UTI Opportunities Fund - Gr 142,541 540,707 1,004,592 1,749,935 - - UTI Top 100 Fund - Gr 146,357 551,867 991,129 1,600,558 - - Jaitley said the move will lead to higher Average Amount 148,358 593,193 1,072,018 1,797,255 2,973,160 5,204,189 level of investment, higher growth and more Maximum Amount 174,499 764,833 1,407,114 2,623,161 4,578,727 7,952,508 jobs. In 2005, the then Finance Minister P Minimum Amount 131,365 492,950 867,120 1,363,364 2,177,132 3,316,665 Chidambaram had reduced the corporate SIP VALUE AS ON 28TH FEBRUARY 2015 tax to 30% from 35%. GAAR deferred by two years Starting - March Month of 2014 2010 2008 2006 2005 2003 In an move to further improve investment Years 1 3 5 7 10 12 sentiment in the country, Finance Minister Invested Amount 1,20,000 3,60,000 6,00,000 8,40,000 12,00,000 14,40,000 Arun Jaitley proposed deferring General Schemes (ELSS) Investment Value e Anti-Avoidance Act (GAAR) by two years. Axis Long Term Equity Fund - Gr 155,007 668,927 1,286,584 - - - Further, it has also been decided that when Baroda Pioneer Elss 96 145,225 562,645 978,663 1,541,443 2,400,211 3,604,452 implemented, GAAR would apply Birla Sun Life Tax Plan - Div 155,970 621,715 1,125,968 1,810,852 2,912,011 5,044,001 prospectively to investments made on or Birla Sun Life Tax Relief 96 Fund - Div 156,998 630,856 1,115,521 1,809,452 2,986,143 4,875,154 Birla Sun Life Tax Savings Fund - Gr 151,925 571,634 996,459 1,642,961 2,484,640 - after April 1, 2017. The government had BNP Paribas Long Term Equity Fund - Gr 150,341 600,781 1,124,162 1,835,433 - - earlier proposed imposing the GAAR from BOI AXA Tax Advantage Fund - Regular - Growth 145,316 560,999 984,903 - - - April 1, 2015, for those claiming tax benefit Canara Robeco Equity Tax Saver Fund - Div 145,015 554,962 1,007,627 1,768,480 3,271,717 5,683,280 DSP BlackRock Tax Saver Fund - Gr 146,207 586,275 1,064,427 1,782,906 - - of over R 3 crore. The rules are aimed at DWS Tax Saving Fund - Gr 144,211 558,447 970,166 1,499,220 - - minimising tax avoidance for investments Franklin India Taxshield Gr 150,711 596,501 1,101,904 1,886,144 3,287,432 5,748,585 made by entities based in tax havens. HDFC Long Term Advantage Fund - Gr 137,646 547,922 994,862 1,699,978 2,815,325 5,073,589 HDFC Taxsaver - Div 142,019 574,412 1,019,023 1,761,223 3,005,544 5,876,741 FinMin wants PSU banks to consolidate, ICICI Prudential Tax Plan - Regular Gr 145,676 599,431 1,098,234 1,944,447 3,234,588 6,138,738 merge IDFC Tax Advantage (ELSS) Fund - Regular Gr 150,263 597,413 1,095,083 - - - JP Morgan India Tax Advantage Fund - Gr 147,261 560,091 994,681 - - - In a step towards consolidation, the Kotak Tax Saver - Gr 154,792 576,327 1,009,067 1,612,233 - - Government wants banks to consider L&T Tax Advantage Fund - Gr 143,195 549,305 983,566 1,686,205 - - LIC Nomura Tax Plan Gr 150,750 577,818 1,015,453 1,570,595 2,367,192 3,384,893 merger. It has also proposed more Principal Personal Tax Saver 141,572 547,339 964,407 1,535,454 2,516,781 4,125,215 transparency in the appointment of Principal Tax Savings Fund 143,139 585,617 1,067,225 1,663,924 2,594,511 4,321,587 independent director on the bank board. The Quantum Tax Saving Fund - Gr Plan 134,896 522,428 962,572 - - - Reliance Tax Saver Fund - Gr 159,031 696,497 1,290,546 2,223,045 - - Government wants to encourage Bank Religare Invesco Tax Plan - Gr 153,504 618,287 1,130,031 1,956,542 - - Boards to restructure their business Sahara Tax Gain Fund Gr 134,165 529,478 948,974 1,615,246 3,166,813 5,284,875 strategy and also suggest a way forward for SBI Magnum Tax Gain Fund - Div 147,493 585,609 1,062,502 1,717,583 2,875,644 6,310,078 Sundaram Tax Saver - Div 145,141 545,020 965,443 1,517,782 2,628,835 4,901,079 their consolidation and merger with other Tata Tax Saving Fund Plan A - Div 150,883 584,466 1,059,237 1,737,797 2,791,202 4,680,203 banks if it is a win-win for both, the Finance Taurus Tax Shield - Gr 142,349 525,176 921,509 1,521,093 2,583,112 - Ministry said in a statement discussing Union KBC Tax Saver Scheme - Gr 146,331 564,584 - - - - UTI Equity Tax Saving Plan - Div 143,880 539,065 953,113 1,509,506 2,373,654 3,740,240 reform measures for public sector banks. At Average Amount 147,126 578,711 1,043,064 1,713,982 2,794,186 4,924,544 present, there are 27 public sector banks Maximum Amount 159,031 696,497 1,290,546 2,223,045 3,287,432 6,310,078 including State Bank of India and its Minimum Amount 134,165 522,428 921,509 1,499,220 2,367,192 3,384,893 S&P BSE SENSEX 136,770 507,960 899,215 1,432,657 2,401,377 3,891,748 associate banks. CNX NIFTY 138,307 511,107 905,610 1,440,479 2,421,643 3,845,320 DISCLAIMER: We have taken due care and caution in compilation of this booklet. The information has been obtained formvarious reliable sources. However it does not guarantee the accuracy, adequacy or completeness of any information and are not responsible for any errors or omissions of the results obtained from the use of such information. Investors shold seek proper financial advise regarding the appropriateness of investing in any of the schemes stated, discussed or recommended in this newsletter and should realise that thestatements regarding future prospects may or may not realise. Mutual fund investments are subject to market risks. Please read the offer document carefully before investing. Past performance is for indicative purpose only and is not necessarily a guide to the future performance.