s Jain Sachin AnalystsResearch [email protected] Mutual Fund Activity June July remained While in stable exposure to seem 2020 the Equity the first book compared at last to funds SIP while | August August 13, 2020 have time 2480 strong as two inflows Highlights witnessed profits/reduce redemption gross in used months crore to • at four | moderated, | the inflows . PRODUCT 1 7927 Few 7831 years outflows recent increased investors crore crore in remain equity rally they July for in in

ICICI Securities – Retail Equity Research Source: ACE MF, MF, ACE Source: Top buy/sell across AMCs: Large Cap Ltd. Ltd. Zinc Hindustan Ltd. Vedanta Ltd. Ltd. Auto Bajaj Bank National Punjab Ltd. Motors Eicher Ltd. Infratel Bharti Ltd. DLF Ltd. Top 10 Sells in Largecap month NMDC Among of and large July ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: Research. Direct ICICI Petronet 2020 caps, LNG Piramal witnessed Enterprises, highest UPL, buying Market Value(crs) JSW Jul-20 during 2779 4253 2008 2413 4422 294 517 783 993 427 Steel, the ICICI Ltd. Securities Retail| MF Research Jun-20 2752 4550 2200 2636 4660 1088 1155 300 656 602 a s defined by by defined s Shares(lakhs) Jul-20 Ltd. Finserv Bajaj Ltd. India Nestle Ltd. Dr. Laboratories Reddys Ltd. Services Consultancy Tata Ltd. Services And Payment SBI Cards LNG Ltd. Petronet NMDC Ltd. Ltd. Steel JSW Ltd. UPL Ltd. Enterprises Piramal Top 10 Buys in Largecap 3737 1620 541 140 490 407 303 80 21 85 AMFI. Socks above above Socks AMFI. Jun-20 4276 1888 591 153 564 491 105 407 93 25 | 50 crore crore 50 | Motors consolidated Large holding were considered were holding cap and PNB stocks, level were which Market Value(crs) DLF, Jul-20 23079 3909 7606 7945 1903 3178 1039 1379 1906 223 saw Siemens, selling Jun-20 19753 3562 7539 6592 1535 3074 1084 1465 929 176 Bharti by Infratel, Shares(lakhs) Jul-20 AMCs 1012 1282 1240 176 262 626 399 63 46 15 Eicher at Jun-20 a 1191 1145 167 949 244 572 345 61 44 13 2

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Research. Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: Research. Direct ICICI MF, ACE Source: Top buy/sell across AMCs: Midcap Indian Railway Catering & Tourism Corpn. Ltd. Tourism & Catering Railway Indian Ltd. Enterprises Adani Ltd. India Polycab Ltd. Pharmaceuticals Alembic Ltd. Syngene International Of Ltd. India Authority Steel Ltd. Financiers Aavas Ltd. Retail Future Ltd. Services Mahindra Financial Mahindra & Ltd. Top 10 Sells in Midcap July , In midcaps, 2020 PI Industries stocks like and PVR Yes buying Bank, during Glenmark the Market Value(crs) Jul-20 1407 month 241 192 248 793 353 380 134 654 353 Pharma, ICICI Ltd. Securities Retail| MF Research of a s defined by by defined s Jun-20 1362 280 195 278 855 376 463 252 988 891 Minda Industries Ltd. Minda Industries Ltd. Ltd. Healthcare Metropolis Ltd. Services Technology L&T Ltd. Leyland Ashok Ltd. PVR Ltd. Industries PI Ltd. Mindtree Ltd. Pharmaceuticals Glenmark Ltd. Bank Yes Top 10 Buys in Midcap AMFI. Socks above above Socks AMFI. Shares(lakhs) Jul-20 1037 4205 109 289 122 502 18 30 80 28 Jun-20 1236 8402 125 340 195 965 21 35 94 35 | 50 crore crore 50 | Financiers Idea, Midcap holding were considered were holding M&M stocks, and SAIL Financial which Market Value(crs) Jul-20 saw 1671 1131 1372 5684 1120 611 665 991 422 211 Services, selling Jun-20 1127 1147 3833 525 862 492 764 728 299 by 1 Future AMCs Shares(lakhs) Jul-20 2821 2009 213 144 323 103 were Retail, 72 44 91 93 Vodafone Jun-20 Aavas 2442 192 128 255 249 63 38 76 79 66 3

ICICI Securities – Retail Equity Research Source: ACE MF, Note: Largecaps/Midcaps/Smallcaps Largecaps/Midcaps/Smallcaps Note: MF, ACE Source: Top buy/sell across AMCs: Smallcap Laurus Labs Ltd. Labs Laurus Ltd. Developers IRB Infrastructure Ltd. Shipyard Cochin Ltd. Petrochemicals & Refinery Mangalore NCC Ltd. Ltd. Fashions Lifestyle Future Ltd. Services eClerx Ltd. Networks Tejas Ltd. Machine Works Lakshmi FDC Ltd. Top 10 Sells in Smallcap in Fashions, In July small 2020 caps, EID Parry stocks and like TeamLease KRBL, IndiaMART witnessed a s defined by AMFI. Socks above |50 crores holding were considered were holding crores |50 above Socks AMFI. by defined s Intermesh, highest Market Value(crs) Jul-20 472 257 257 138 199 301 149 167 87 61 ICICI Ltd. Securities Retail| MF Research buying Arvind Jun-20 293 212 267 160 231 137 356 190 220 65 Ceat Ltd. Ceat Frozen Apex Ltd. Foods Ltd. DCM Shriram Ltd. India Gulf Lubricants Oil Ltd. Pharmaceuticals Suven Ltd. Services TeamLease Ltd. E.I.D.(India) Parry Ltd. Fashions Arvind Ltd. Intermesh Indiamart KRBL Ltd. Top 10 Buys in Smallcap Shares(lakhs) Jul-20 213 379 688 106 51 78 76 63 56 5 Jun-20 239 436 793 136 56 89 92 80 79 7 Future Lakshmi Small cap Lifestyle Machine stocks, Fashions Works, which Market Value(crs) Jul-20 Tejas saw 257 177 271 381 176 495 105 50 81 68 Network, selling Jun-20 245 155 172 285 163 211 51 67 50 28 by eClerx AMCs Shares(lakhs) Jul-20 Services 143 30 22 24 31 43 21 24 18 39 were FDC, Jun-20 and 27 20 21 27 37 17 18 98 11 9 4

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Research. Note: Stock holding above | 50 crore is considered is crore 50 | above holding Stock Note: Research. Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Ltd. Industries Britannia Ltd. Industries Sun Pharmaceutical Ltd. Spirits United Ltd. HCL Technologies Ltd. Power & Steel Jindal Ltd. Ltd. Ltd. Ltd. ACC Ltd. Bank Yes Top 10 Buys LNG Ltd. Petronet Ltd. Industries PI Ltd. NHPC Ltd. Ltd. Pharmaceuticals Torrent GE T&D Ltd. India Co Ltd. HDFC Insurance Life Ltd. Industries Supreme Ltd. Bank Union City Ltd. PVR Top 10 Buys Market Value(crs) Market Value(crs) HDFC AMC Jul-20 Jul-20 SBI AMC 1450 884 383 460 339 419 196 340 999 139 130 118 151 174 91 52 96 76 64 78 Jun-20 Jun-20 96% 690 242 319 133 288 674 793 0.3 78 46 73 96 91 69 87 17 49 8 4 Jul-20 Jul-20 1639 166 249 149 137 638 181 231 144 54 50 57 23 2 9 8 5 4 5 7 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jun-20 Jun-20 0.03 146 198 112 457 116 145 43 24 33 45 18 40 2 8 1 0 4 3 2 %Change %Change 43826% 23284% 1809% 104% 347% 963% 233% 256% 11% 14% 15% 25% 26% 23% 27% 32% 40% 53% 56% 60% Ltd. Pharma Aurobindo Ltd. NTPC Of Grid Corporation Power Ltd. India HDFC Ltd. Bank Ltd. Industries Reliance ITC Ltd. Toubro & Ltd. Larsen Of Bank India State Ltd. Ltd. ICICI Bank Top 10 Holdings Ltd. Unilever Hindustan ITC Ltd. Ltd. Services Consultancy Tata Ltd. Airtel Bharti Ltd. Bank Mahindra Kotak Ltd. Corporation Finance Housing Development Ltd. ICICI Bank Ltd. Infosys HDFC Ltd. Bank Ltd. Industries Reliance Top 10 Holdings Market Value(crs) Market Value(crs) HDFC AMC Jul-20 Jul-20 11411 16936 17986 SBI AMC 3661 3862 4144 4739 5183 5369 5632 6281 8328 8328 4935 6167 6595 6921 7796 8411 8628 Jun-20 Jun-20 17444 15432 3387 4258 4061 5129 5567 5414 5857 5855 6198 8451 4918 6229 6004 7021 7772 8372 8898 8563 Jul-20 Jul-20 4439 2324 2765 3281 2401 3177 1247 2488 1181 1640 419 459 251 617 862 223 289 571 472 870 Shares(lakhs) Shares(lakhs) Jun-20 Jun-20 4445 2323 2781 3281 2404 3200 1254 2532 1164 1637 439 481 327 621 842 226 288 571 477 906 %Change %Change -23% -5% -5% -1% -1% -1% -1% -1% -1% -2% -4% 0% 0% 0% 2% 0% 0% 0% 2% 0% 5

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Ltd. Emami Ltd. UPL Ltd. Mahindra & Mahindra Ltd. Industries Britannia LNG Ltd. Petronet Ltd. Godrej Properties KRBL Ltd. Ltd. JK Cement Ltd. PVR Ltd. Electricals Consumer Greaves Crompton Top 10 Buys Zone Ltd. Economic and Special Ports Adani Ltd. Corporation Petroleum Hindustan Ltd. Industries PI Ltd. Steel JSW Ltd. Pharmaceuticals Torrent Ltd. Hexaware Technologies Ltd. Laboratories Divis Ltd. Fashions Arvind Ltd. Laboratories Alkem Ltd. Healthcare Metropolis Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. ICICI Prudential AMC ICICI Prudential Market Value(crs) Market Value(crs) Nippon AMC Jul-20 Jul-20 1257 351 123 107 165 155 103 103 121 120 279 118 93 86 67 52 54 83 95 65 Jun-20 Jun-20 114 243 922 196 50 80 60 37 48 25 26 11 21 57 81 62 49 53 37 3 Jul-20 Jul-20 130 39 34 26 42 38 11 22 38 71 38 25 13 53 2 7 3 4 5 7 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jun-20 Jun-20 112 23 19 12 19 11 33 61 30 18 29 1 3 1 2 1 3 9 2 3 %Change %Change 1575% 117% 121% 125% 152% 262% 314% 424% 106% 151% 70% 84% 15% 16% 16% 26% 30% 35% 56% 80% Power Grid Corporation Of Grid Corporation Power Ltd. India Ltd. Airtel Bharti Ltd. India Coal Of Bank India State Ltd. NTPC Ltd. Bank Axis Ltd. Industries Reliance Ltd. Infosys Ltd. ICICI Bank HDFC Ltd. Bank Top 10 Holdings Ltd. Bank Axis Ltd. Industries Hindalco ITC Ltd. Ltd. Industries Sun Pharmaceutical Ltd. Industries Reliance HDFC Ltd. Bank Ltd. NTPC Ltd. ICICI Bank Ltd. Infosys Ltd. Airtel Bharti Top 10 Holdings ICICI Prudential AMC ICICI Prudential Market Value(crs) Market Value(crs) Nippon AMC Jul-20 Jul-20 2370 2449 2475 2634 2706 2761 3208 3444 4511 5231 2686 2939 3847 3955 4934 5992 6461 6500 7330 8486 Jun-20 Jun-20 2321 2486 2546 2482 2951 2530 2772 2884 4199 5341 2873 2721 3883 3641 4203 6683 7115 6508 6136 8543 Jul-20 Jul-20 1329 1915 1376 3111 1301 1802 1981 7427 1874 1529 441 640 155 357 507 622 744 239 580 759 Shares(lakhs) Shares(lakhs) Jun-20 Jun-20 1327 1917 1391 3080 1195 1861 1995 7427 1852 1526 444 622 163 392 501 707 770 247 627 834 %Change %Change -12% -1% -1% -5% -9% -3% -1% -3% -3% -7% -9% 0% 0% 1% 3% 9% 1% 0% 1% 0% 6

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings NMDC Ltd. Ltd. Motors Tata Ltd. Pharma Aurobindo Ltd. Corporation Petroleum Hindustan Ltd. Finserv Bajaj Ltd. Gas Indraprastha Ltd. Systems Sumi Motherson Ltd. Industries PI Ltd. UPL Ltd. Company Management HDFC Asset Top 10 Buys Ltd. Industries Pidilite Ltd. Cements Ambuja Ltd. Industries Balkrishna Ltd. Systems Sumi Motherson Ltd. Industries Hindalco Ltd. Footwears Relaxo Ltd. Wipro Ltd. Mindtree Ltd. Intermesh Indiamart Co Ltd. HDFC Insurance Life Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Aditya Birla Sunlife AMC Sunlife Birla Aditya Market Value(crs) Market Value(crs) Jul-20 Jul-20 UTI AMC UTI 116 222 211 122 199 190 136 316 282 239 107 297 287 198 301 148 81 54 92 70 Jun-20 Jun-20 145 239 200 269 224 166 265 117 104 144 133 58 91 43 67 64 22 72 64 1 Jul-20 Jul-20 227 147 130 317 77 16 13 97 14 22 22 15 91 19 79 19 32 5 3 4 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jun-20 Jun-20 178 110 116 280 60 12 10 71 20 13 80 16 66 14 12 3 4 5 0 3 %Change %Change 5095% 219% 330% 172% 27% 29% 32% 33% 33% 37% 38% 12% 13% 13% 13% 14% 19% 20% 36% 40% Ltd. Bank Axis Ltd. CropScience Bayer Ltd. Unilever Hindustan Ltd. Corporation Finance Housing Development Ltd. Bank Mahindra Kotak Ltd. Airtel Bharti Ltd. Infosys Ltd. ICICI Bank HDFC Ltd. Bank Ltd. Industries Reliance Top 10 Holdings ITC Ltd. Ltd. Unilever Hindustan Ltd. Bank Mahindra Kotak Ltd. Airtel Bharti Ltd. Services Consultancy Tata Ltd. ICICI Bank Ltd. Corporation Finance Housing Development Ltd. Infosys Ltd. Industries Reliance HDFC Ltd. Bank Top 10 Holdings Aditya Birla Sunlife AMC Sunlife Birla Aditya Market Value(crs) Market Value(crs) Jul-20 Jul-20 UTI AMC UTI 1431 1502 1960 2192 2835 3049 3215 3597 4077 4102 1915 1988 1997 2358 2539 3116 3242 4942 4946 5106 Jun-20 Jun-20 1390 1609 1976 2202 2920 3137 2371 3691 4168 3972 1927 1956 1962 2374 2322 3111 3188 3804 4100 5262 Jul-20 Jul-20 1037 332 123 208 550 333 395 198 986 146 425 111 898 182 512 239 494 27 89 90 Shares(lakhs) Shares(lakhs) Jun-20 Jun-20 1050 342 125 215 560 322 391 233 990 144 424 112 885 182 517 241 494 27 91 90 %Change %Change -15% -3% -2% -2% -3% -2% -1% -1% -1% 0% 3% 1% 0% 0% 1% 0% 0% 2% 0% 0% 7

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings SKF Ltd. India Ltd. Ltd. ACC Ltd. Star Blue Ltd. Paints Asian Ltd. Ltd. Express Dart Blue Ltd. Motors Tata Ltd. UPL Ltd. Steel Tata Top 10 Buys Of Bank India State Ltd. UPL Ltd. Cements Ambuja Ltd. International Coromandel Ltd. Cipla Ltd. Pharma Aurobindo Ltd. Petronet State Gujarat Ltd. Industries Page Ltd. Electricals Consumer Greaves Crompton Hero MotoCorp Ltd. Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Kotak Mahindra AMCMahindra Kotak Market Value(crs) Market Value(crs) Jul-20 Jul-20 Axis AMC Axis 177 130 111 135 247 182 139 126 123 343 67 57 97 95 99 84 60 72 63 87 Jun-20 Jun-20 105 167 108 208 82 44 96 37 57 69 45 65 52 76 81 35 40 59 19 7 Jul-20 Jul-20 32 28 14 25 92 29 26 52 18 57 16 48 35 26 9 5 3 7 1 3 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jun-20 Jun-20 22 19 10 17 58 16 14 37 12 39 11 33 18 6 3 2 4 0 8 0 %Change %Change 1057% 204% 221% 40% 42% 43% 45% 45% 50% 52% 59% 79% 90% 42% 45% 45% 46% 46% 52% 94% Ultratech Cement Ltd. Cement Ultratech Ltd. Bank Mahindra Kotak Toubro & Ltd. Larsen Ltd. Services Consultancy Tata Ltd. Unilever Hindustan Ltd. Bank Axis Ltd. Infosys HDFC Ltd. Bank Ltd. ICICI Bank Ltd. Industries Reliance Top 10 Holdings Ltd. India Suzuki Maruti Ltd. Airtel Bharti Ltd. India Nestle Ltd. Supermarts Avenue Ltd. Industries Reliance Ltd. Infosys Ltd. Bank Mahindra Kotak Ltd. Services Consultancy Tata Ltd. Finance Bajaj HDFC Ltd. Bank Top 10 Holdings Kotak Mahindra AMCMahindra Kotak Market Value(crs) Market Value(crs) Axis AMC Axis Jul-20 Jul-20 1634 1685 1702 2106 2142 2218 2546 3736 3806 4856 2370 2562 2568 3123 3232 3567 4292 4432 4583 4766 Jun-20 Jun-20 1527 1568 1694 1455 1987 2101 1648 3125 3671 4095 2091 2527 2338 4277 2484 2122 4187 3721 3982 4736 Jul-20 Jul-20 1098 123 186 514 264 362 235 462 151 156 369 314 194 141 461 40 92 97 38 16 Shares(lakhs) Shares(lakhs) Jun-20 Jun-20 1045 115 180 517 224 293 240 451 185 146 288 308 179 141 444 39 70 91 36 14 %Change %Change -18% 32% 18% 23% 14% 28% -1% -2% 1% 7% 4% 6% 5% 6% 2% 7% 2% 9% 0% 4% 8

ICICI Securities – Retail Equity Research Source: ACE MF, ICICI Direct Direct ICICI MF, ACE Source: AMC wise: Top Buys and Top Holdings Eris Lifesciences Ltd. Lifesciences Eris Ltd. ACC Ltd. Bank Union City Ltd. Industries PI Ltd. Healthcare Metropolis Ltd. Enterprise Hospitals Apollo Ltd. India Gulf Lubricants Oil OfExchange Ltd. India Commodity Multi Ltd. Hrudayalaya Narayana Ltd. Intermesh Indiamart Top 10 Buys Ltd. ICICI Bank Ltd. Pharmaceuticals Torrent Ltd. Ceat Ltd. Laboratories Divis Ltd. Airtel Bharti Ltd. Leyland Ashok Ltd. Industries Page Ltd. Corporation Petroleum Bharat Ltd. Supermarts Avenue Ltd. and Retail Fashion Birla Aditya Top 10 Buys Research. Note: Stock holding above |50 crore is considered is crore |50 above holding Stock Note: Research. Franklin Templeton AMC Templeton Franklin Market Value(crs) Market Value(crs) Mirae AMC Mirae Jul-20 Jul-20 1069 2247 420 210 198 238 140 121 201 107 270 147 105 383 197 381 790 62 77 73 Jun-20 Jun-20 1994 103 913 172 141 298 178 284 619 247 100 76 44 85 34 31 22 13 - Jul-20 Jul-20 863 112 166 648 142 25 75 16 26 25 14 23 15 48 12 6 4 5 4 1 Shares(lakhs) Shares(lakhs) ICICI Ltd. Securities Retail| MF Research Jun-20 Jun-20 142 567 111 527 23 69 10 15 12 13 19 12 5 3 3 0 1 6 1 0 %Change %Change #DIV/0! 1933% 119% 110% 697% 10% 17% 20% 22% 54% 71% 74% 14% 14% 16% 17% 29% 64% 9% - Ultratech Cement Ltd. Cement Ultratech Ltd. NTPC Ltd. Corporation Petroleum Bharat Ltd. ACC Of Bank India State Ltd. Airtel Bharti Ltd. Bank Axis Ltd. Infosys Ltd. ICICI Bank HDFC Ltd. Bank Top 10 Holdings ITC Ltd. Ltd. India Suzuki Maruti Of Bank India State Toubro & Ltd. Larsen Ltd. Services Consultancy Tata Ltd. Bank Axis Ltd. ICICI Bank Ltd. Infosys HDFC Ltd. Bank Ltd. Industries Reliance Top 10 Holdings Franklin Templeton AMC Templeton Franklin Market Value(crs) Market Value(crs) Mirae AMC Mirae Jul-20 Jul-20 1069 1521 1906 1929 2039 2209 2401 1022 1046 1071 1091 1304 1348 2247 2590 3208 3373 825 834 835 Jun-20 Jun-20 1435 1885 1829 1622 2239 2682 1035 1115 1160 1145 1994 1960 3254 2828 799 916 750 913 947 990 Jul-20 Jul-20 958 202 794 344 447 211 637 232 526 559 119 312 648 268 311 163 20 75 17 57 Shares(lakhs) Shares(lakhs) Jun-20 Jun-20 956 200 804 337 450 220 637 252 487 555 118 281 567 266 305 166 21 69 18 56 %Change %Change 10% 11% 14% -2% -1% -1% -4% -8% -6% -2% 0% 1% 2% 0% 8% 1% 1% 3% 1% 2% 9

ICICI Securities – Retail Equity Research Pankaj Pandey [email protected] (East) Andheri Road no.7, MIDC 1 Limited,Securities ICICI Desk,Research Direct ICICI Head st Floor, AkrutiTrade Centre, – ICICI Ltd. Securities Retail| MF Research Research – 400 400 093 [email protected] 10

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ICICI Securities – Retail Equity Research are jurisdiction distribution, This impacting market other It positions the ICICI AMCs Since the Research associates ICICI Compensation preceding It security advertising from of ICICI Disclaimer is is the required research report confirmed report confirmed Securities Securities Securities AMCs reports associates commission whose making transactions and Analysts twelve Research above . may is support The to publication, whose report that not needs funds of inform that that and/or also or activity own funds . our directed of months are However, is . rates or .. Sachin are ICICI funds Analysis to Sachin distributes 1 Research associates done their themselves inconsistent % described its these mentioned for or availability earned . Securities associates or are by relatives more Jain, the Jain, the intended activities AMCs any mentioned Analysts Mutual companies/funds may by transactions of herein CA, of CA, of in with the ICICI . are or of and the this receive Research ICICI be . for Research this use units Fund may engaged and is above to holding Securities report distribution in not Securities report would observe or of reach the compensation/ Schemes are based AMCs the may Analysts or Analysts all report in executed do be mentioned may Mutual different various from or such not on not contrary to, during also any of have be any during or do own Mutual restriction ICICI of Funds of provides eligible use financial at conclusion not specific commission the invested this the in 1 to Client's Prudential the % by, serve period the Fund mentioned law, units report or for period any more stock merchant report service in subscription regulation as houses sole included preceding from ICICI Ltd. Securities Retail| MF Research person the have an for Asset of preceding . broking discretion funds in We officer, businesses, distribution the the not on banking, the or Management in units information submit or our twelve entity received mentioned report the in services which director all twelve website of and indicative investment jurisdictions who that of the as months they would Clients Mutual any of to or presented Mutual months is in no Company might www the institutional employee a this compensation material from portfolio subject citizen last make Funds banking . report Funds icicidirect have or from the day in to which or their ICICI from of this . disciplinary financial date from certain of the resident mentioned or clients the the . brokerage report own Securities com various is from of date time AMCs month an this category . interests including investment of . of Hence, ICICI the to Neither report action or in Asset this whose time preceding Mutual service the located and Group of . report ICICI or as report Management AMCs has investors the affiliates funds beneficial decisions, part Company, transactions Funds in Securities Research been the for . as any of Hence, mentioned publication of distribution . our to house locality, taken Persons the ownership any based treasury Companies scheme Analysts or . ICICI last registration on whose its state, in in day on of ICICI associates Securities of the whose details management the their in nor Mutual of funds country report (AMCs) various Securities research the ICICI own possession or of month are . licensing may may Funds which ICICI Securities . or companies/ investment ICICI mentioned . report other by Hence, have have preceding Securities might or Securities any this requirement . jurisdiction, for received received have ICICI document Regulatory also providing objectives, AMCs in the may the been Securities be host compensation publication brokerage including report appearing have within where engaged may the marketing Authority financial details issued in come or such such the the for its 12 of in in

ICICI Securities – Retail Equity Research