Mutual Fund

Recommendations
Date: 29th May 2024
 Industry At Glance
Mutual Fund industry AUM touched an all time high of Rs.57.26 lakh crore at the end of April 2024. This is a year-on-
year growth of around 37.6%. AUM of mutual fund industry has grown at 18% CAGR over the last 5 years and at 20%
CAGR over the past 10 years. AUM of equity-oriented funds has grown by 49% y-o-y vis-à-vis 22% growth of the Sensex.
Mutual fund AUM as a percentage of bank deposits has grown more than 2.5X in the last 10 years. It now amounts to
over a quarter of total bank deposits.

Share of equity MFs in total AUM rose to 60% in April 2024 from 55% a year ago. Number of unique investors owning
mutual funds grew to 4.53 crore in April 2024. The industry added 74 lakh new investors in the past 12 months. It had
added 36 lakh new investors in the previous year. SIPs logged an all-time high gross sales of Rs.20,371 crore in April
2024 - a 48% Y-o-Y growth. Total SIP accounts rose to 8.7 crore in April 2024, up 35% from a year ago.

Equity funds were net inflow positive for the 38th consecutive month. Equity net inflows (excluding the flows from SIPs
and NFOs) have remained in positive zone since Feb 2024. Aggregate NFO flows in the 12 months ended in April 2024
were Rs 67,742 crores. Out of this, equity funds comprised 89% or Rs 60,116 crore.

Passive AUM increased to Rs 9.38 lakh crore in April 2024 from Rs 7.02 lakh crore a year ago- a growth of 34%. Share of
passive AUM doubled from 8% of total AUM in April 2020 to 16% in April 2024. Passive funds comprised 21% of
domestic equity AUM; 12% of debt AUM; and 58% of international funds AUM during April 2024. AUM of Global funds
has grown 15X in last 10 years (30% CAGR) as of April 2024.

Source: AMFI
Industry At Glance
 Industry At Glance

Source: AMFI
 Returns Matrix of Previous Recommendations
Scheme Benchmark

Scheme Name 13 Month Absolute Returns % 13 Month Absolute Returns % Out Performance %

SBI Long Term Equity Fund 67.39 44.14 23.25

Nippon India Large Cap Fund 48.33 35.87 12.46
ICICI Pru Focused Equity Fund 53.82 44.14 9.69
SBI Contra Fund 53.35 44.14 9.22
Bandhan Sterling Value Fund 49.44 44.14 5.30
HDFC Flexi Cap Fund 49.33 44.64 4.68
HDFC Top 100 Fund 40.97 37.11 3.86
HDFC Focused 30 Fund 46.86 44.64 2.22
ICICI Pru Large & Mid Cap Fund 52.91 51.85 1.06
Motilal Oswal Midcap Fund 67.27 67.00 0.27
Bandhan ELSS Tax Saver Fund 44.20 44.14 0.06
Parag Parikh Flexi Cap Fund 42.66 44.64 -1.99
SBI Healthcare Opp Fund 54.25 58.06 -3.81
Nippon India Small Cap Fund 68.64 74.73 -6.09
SBI Large & Midcap Fund 38.05 51.85 -13.79
HDFC Small Cap Fund 54.56 68.91 -14.35
SBI Magnum Midcap Fund 46.55 67.00 -20.45
 Returns Matrix of Previous Recommendations
Scheme Benchmark

Scheme Name 2 Months Absolute Returns % 2 Months Absolute Returns % Out Performance %

HDFC Balanced Advantage Fund(G) 6.74 2.53 4.22

Tata Balanced Adv Fund-Reg(G) 3.04 2.21 0.83
SBI Multi Asset Allocation Fund-Reg(G) 6.89 6.27 0.61
ICICI Pru Multi-Asset Fund(G) 5.63 5.49 0.14
 We have a proprietary mutual fund model. Back testing of this model has found that 70% of the schemes
identified by this model outperformed the benchmarks. On the basis of this model we are recommending
the below schemes:
CAGR Returns %
SINCE
Scheme Name AUM(Cr.) 1 Year 3 Years 5 Years 7 Years 10 Years
INCEPTION
Category: Large & Mid Cap
ICICI Pru Large & Mid Cap Fund 13117 46.71 26.34 22.17 16.67 15.83 18.88 BUY NOW

SBI Large & Midcap Fund 22690 33.09 20.53 19.89 16.28 16.82 15.12 BUY NOW
Category: Large Cap Fund
HDFC Top 100 Fund 33170 35.48 20.26 15.99 14.20 13.51 19.15 BUY NOW

Nippon India Large Cap Fund 26138 40.33 24.25 18.12 16.04 16.09 13.29 BUY NOW
Category: Flexi Cap Fund
HDFC Flexi Cap Fund 52874 42.75 25.26 20.12 16.91 15.63 19.06 BUY NOW

Parag Parikh Flexi Cap Fund 63934 36.82 21.01 23.87 20.26 18.57 19.78 BUY NOW
Category: Mid Cap Fund
Motilal Oswal Midcap Fund 9819 55.51 35.67 27.55 19.03 21.25 23.10 BUY NOW
SBI Magnum Midcap Fund 17910 37.95 24.03 24.70 16.26 18.80 17.37 BUY NOW
Source: ACEMF, Data as on 22/05/2024
 CAGR Returns %

SINCE
Scheme Name AUM(Cr.) 1 Year 3 Years 5 Years 7 Years 10 Years
INCEPTION

Category: Small cap Fund

HDFC Small Cap Fund 29685 43.90 28.34 24.40 19.71 20.28 16.99 BUY NOW
Nippon India Small Cap Fund 50423 58.35 33.84 32.10 23.28 25.45 22.36 BUY NOW
Category: Equity Linked Savings Scheme
Bandhan Tax Advt(ELSS) Fund 6432 35.74 20.39 20.62 16.80 17.47 18.82 BUY NOW
SBI Long Term Equity Fund 23412 59.70 27.52 22.66 17.04 16.34 17.24 BUY NOW
Category: Focused Fund
HDFC Focused 30 Fund 11247 41.46 27.50 20.33 14.81 14.32 16.28 BUY NOW
ICICI Pru Focused Equity Fund 7872 47.33 23.23 21.14 16.47 15.12 14.73 BUY NOW
Category: Value Fund
Bandhan Sterling Value Fund 8944 42.07 24.67 22.66 16.91 18.01 17.62 BUY NOW
Category: Contra
SBI Contra Fund 29586 48.11 29.10 27.13 19.54 18.01 19.85 BUY NOW
Category: Equity Pharma
SBI Healthcare Opp Fund 2667 51.20 15.65 25.35 15.57 16.14 16.52 BUY NOW
Source : ACEMF, Data as on 22/05/2024
 CAGR Returns %

SINCE
Scheme Name AUM(Cr.) 1 Year 3 Years 5 Years 7 Years 10 Years
INCEPTION

Category: Balanced Advantage Fund

HDFC Balanced Advantage Fund 83549 41.54 24.00 19.10 16.28 15.44 17.71 BUY NOW
Tata Balanced Advantage Fund 9107 21.35 12.70 12.97 - - 12.98 BUY NOW
Category: Multi Asset Allocation Fund
ICICI Pru Multi-Asset Fund 39535 33.63 23.26 20.14 16.20 15.45 21.47 BUY NOW
SBI Multi Asset Allocation Fund 4677 29.52 15.12 15.05 11.75 11.66 9.44 BUY NOW
Source : ACEMF, Data as on 22/05/2024
 Mutual Fund Schemes Rational
SBI Contra Fund is a multi-decade-old scheme in the Contra Fund category. It is mandated to follow a
contrarian strategy by investing in beaten-down stocks and out-of-favour sectors. Accordingly, the fund holds a
SBI Contra Fund
well-diversified portfolio of fundamentally sound stocks available at a discounted price spread across market
caps and sectors.
This tax-saving fund follows a growth-at-a-reasonable-price (GARP) philosophy with a multi-cap-oriented
Bandhan Tax Advt (ELSS) approach. The fund invests in companies based on a deep understanding of the industry's growth potential.
Fund Consistent outperformance over its benchmark and the buy and hold strategy of the fund manager give
comfort.
The scheme gets its credibility from its long track record of delivering higher and better risk-adjusted returns
SBI Long Term Equity Fund for more than 3 decades. The fund manager's stock picking ability, blended style of investing across growth and
value companies with a buy and hold strategy gives more comfort.

The fund invests in companies spanning the entire market capitalization and has maintained its diversified
HDFC Flexi Cap Fund portfolio approach under the revised Flexi Cap mandate. Long-term consistency and better risk adjusted
returns in comparison to its benchmark speak highly of why this fund should be a part of your portfolio.
The Fund invests dynamically across market caps and international equities. The focus on value and quality
Parag Parikh Flexi Cap Fund stocks has helped keep overall volatility low and deliver better risk-adjusted returns. The outperformance
compared to its benchmark and peers' returns makes it stand out.
Portfolio comprising up to 30 stocks. Flexible allocation across market cap segments. Managing volatility by
diversifying across sectors and market cap segments. Stock selection focused on growth at reasonable
HDFC Focused 30 Fund
valuations. Long term strategic approach to reap the benefits of focused investing. Aim to generate better risk
adjusted returns through a focused portfolio, backed by extensive in-house research conviction.
 Mutual Fund Schemes Rational
Focused Mutual Funds aim to reduce concentration risk by diversifying the portfolio across market caps and
sectors. So, if you are looking to benefit from the growth potential of high-conviction ideas, consider
ICICI Pru Focused Equity Fund investing in Focused Funds. This fund has picked up its performance in the last couple of years without
exposing the portfolio to high risk. The fund looks to identify high-conviction ideas across market caps and
sectors but with an eye on valuation.
The fund’s exposure to midcaps provides an opportunity for higher capital appreciation over the long term,
whereas the large cap exposure offers less volatility and benchmark-beating returns. On the portfolio front,
ICICI Pru Large & Mid Cap Fund the fund has a rather diversified portfolio in line with the category average. It has delivered superior risk-
adjusted returns and the fund manager's approach during volatile markets and stock picking has given more
comfort.
The fund aims to benefit from the growth potential of mid-cap companies along with a tactical allocation to
small-cap companies. Fund Manager Saurabh Pant follows an aggressive investment style with a low
SBI Large & Midcap Fund
allocation to large-cap companies and a blend of growth and value investing. The fund’s lower churning of
the portfolio provides additional comfort.
HDFC Top 100 Fund has beaten its benchmark index consistently. It is one of the go-to funds in the large-cap
equity category. Investors who have a moderate risk appetite and do not want to venture into the small and
HDFC Top 100 Fund mid-cap space can surely consider investing in this fund. It is important for all investors to understand that
investing in the equity asset class in general and mutual funds in particular, is risky. It is advisable to do
proper research and invest according to your risk appetite.
Sectoral / thematic - pharma and healthcare funds provides inflation beating growth over the long term.
SBI Healthcare Opp Fund Contrary to common perception, this category is also characterised by higher volatility. Investing in these
funds will require investors to have a unique insight into the specific areas of investment that these funds
focus on.
 Mutual Fund Schemes
Mutual Fund Schemes Rational
Rational
This scheme has the ability to provide stable returns due to its tried and tested investment strategy, particularly
during periods of market volatility. The scheme invests in established businesses—market leaders—and maintains
Nippon India Large Cap Fund
a balanced portfolio with optimal allocation across themes. The long-term stable and sustained performance of this
fund provides additional comfort.
The fund largely follows a growth-oriented style of investing, maintains a concentrated portfolio approach and
Motilal Oswal Midcap Fund invests in a maximum of 30 quality companies. The buy and hold strategy being followed by the fund manager
provides us with comfort.
The fund has been one of the top performing funds in its category since its inception in 2005. It has consistently
outperformed its peers by generating above-average returns. Since 2010, the fund’s legacy has been carried
SBI Magnum Midcap Fund
forward by the fund manager, Ms. Sohini Andani. The portfolio construction is built on the blend of growth and
value investing.
Considering the fund’s performance in the recent time, it is quite good as compared to others in the category,
which is not just exceeding its benchmark but category as well. Seeing the current portfolio of the fund, it can be
HDFC Small Cap Fund evaluated that the investment is made in value stocks who are showing good performance now. On the top of that,
good fund management gives us a hope that the same performance can be expected from the fund in the future as
well.
This fund has been a favourite amongst investors because of its stellar performance and its long track record of
more than 12 years. Since its inception, the fund has consistently outperformed its benchmark by a wide margin
Nippon India Small Cap Fund
and has always delivered positive returns when measured using a 5-year daily rolling return. This gives us additional
added comfort. Samir Rach has been managing this fund since 2017.
Bandhan Sterling Value Fund follows a value investment strategy and is a mix of predominantly mid and small cap
opportunities. The fund follows a benchmark agnostic approach. For relative value evaluation, the Enterprise Value
Bandhan Sterling Value Fund (EV)/Sales ratio and Price/Book (P/B) are the key parameters to be looked at. The fund can also be looked at as a
mix of Leaders/Challengers (leaders in non-Nifty sectors or top challengers in Nifty50 sectors) and Emerging
Business opportunities.
 Mutual Fund Schemes
Mutual Fund Schemes Rational
Rational
Scheme invests dynamically in a combination of Equity and Debt instruments wherein the allocation
between equity and debt is based on Trailing twelve-month Price to Earnings Ratio & Earnings Yield/G-Sec
HDFC Balanced Advantage Fund Yield Ratio. Considering the performance of the Scheme & its dynamic equity allocation and portfolio
positioning. The Scheme is suited for investors looking for growth of equity and stability of debt, with a
medium to long term view.
Tata Balanced Advantage Fund is a Dynamic Asset Allocation mutual fund scheme from Tata Mutual Fund.
This fund have been launched on 09/01/2019. The fund's equity portion is primarily invested in Financial,
Tata Balanced Advantage Fund Energy, Construction, Technology, Consumer Staples sectors. It has taken less exposure in Financial,
Energy sectors compared to other funds in the category. The debt portion of the fund has good quality
papers indicating a stable debt portfolio.
These categories of funds help in overall return generation by benefiting from the performing asset class
ICICI Pru Multi-Asset Fund and limiting the downside risk even when the markets are volatile. Investment across Equities, debt and
Gold provides the much-desired diversification.
To provide the investors an opportunity to invest in an actively managed portfolio of multiple asset
classes. Investments under the fund will be predominantly in a mix of debt, equity & commodity
SBI Multi Asset Allocation Fund
instruments (as permitted by SEBI from time to time). Debt instruments will be invested based on
evaluation of macro-economic factors, market dynamics and issuer specific factors.
 SIP Pack
Mutual Fund Schemes Rational
A conservative, or defensive, investment style is a low-risk investment strategy. This style aims to achieve capital security, provide
income, and protect the capital invested. To invest in this style, you should have a low risk tolerance.

Risk Profile : Conservative Risk Returns CAGR %

SIP Pack Weightage 1 Year 3 Years 5 Years
HDFC Balanced
Balanced Advantage 20% 41.54 24.00 19.10
Advantage Fund
Tata Balanced
Balanced Advantage 20% 21.35 12.70 12.97
Advantage Fund
Kotak Bluechip Fund Large Cap Fund 20% 31.55 16.57 16.79
Nippon India Large
Large Cap Fund 20% 40.33 24.25 18.12
Cap Fund
SBI Conservative Conservative Hybrid
20% 13.91 10.44 10.86
Hybrid Fund Fund

Comparison with Respective Benchmark

Returns CAGR % (Weighted Average Calculation)

1 Year 3 Years 5 Years
SIP Pack 29.73 17.59 15.57
Benchmark 22.76 13.73 13.86
Source : ACEMF, Data as on 22/05/2024
 SIP Pack
Mutual Fund Schemes Rational
Moderate risk investors are relatively less risk-tolerant when compared to aggressive risk investors. They take on some risk and
usually set a percentage of losses that they can tolerate.

Risk Profile : Moderate Risk Returns CAGR %

SIP Pack Weightage 1 Year 3 Years 5 Years
Kotak Bluechip Fund Large Cap Fund 20% 31.55 16.57 16.79

HDFC Top 100 Fund Large Cap Fund 20% 35.48 20.26 15.99
Nippon India Large
Large Cap Fund 20% 40.33 24.25 18.12
Cap Fund
SBI Large & Midcap
Large & Mid Cap 20% 33.09 20.53 19.89
Fund
ICICI Pru Large & Mid
Large & Mid Cap 20% 46.71 26.34 22.17
Cap Fund

Comparison with Respective Benchmark

Returns CAGR % (Weighted Average Calculation)
1 Year 3 Years 5 Years
SIP Pack 37.43 21.59 18.59
Benchmark 36.53 19.01 18.39

Source : ACEMF, Data as on 22/05/2024

 SIP Pack
Mutual Fund Schemes Rational
Moderate to high risk means that the individual assessed has scored in the moderate to high range of risk in terms of risk
tolerancce. The best moderate to risk funds invest in varied securities to maintain reasonable market risks against inflation-
adjusted returns.
Risk Profile : High Risk Returns CAGR %
SIP Pack Weightage 1 Year 3 Years 5 Years
HDFC Flexi Cap
Flexi Cap Fund 20% 42.75 25.26 20.12
Fund
Parag Parikh Flexi
Flexi Cap Fund 20% 36.82 21.01 23.87
Cap Fund
ICICI Pru Large &
Large & Mid Cap 20% 46.71 26.34 22.17
Mid Cap Fund
Nippon India Large
Large Cap Fund 20% 40.33 24.25 18.12
Cap Fund
Motilal Oswal
Mid Cap Fund 20% 55.51 35.67 27.55
Midcap Fund
Comparison with Respective Benchmark
Returns CAGR % (Weighted Average Calculation)
1 Year 3 Years 5 Years
SIP Pack 44.42 26.51 22.37
Benchmark 42.20 21.16 20.36
Source : ACEMF, Data as on 22/05/2024
 SIP Pack
Mutual Fund Schemes Rational
High-risk mutual funds refer to funds that have excellent potential and the ability to provide high returns. However, these funds
are very volatile in nature and come with high risks. When you take such a high-risk mutual fund, they can give high returns as
well as high losses.
Risk Profile : Very High Risk Returns CAGR %
SIP Pack Weightage 1 Year 3 Years 5 Years
Parag Parikh Flexi
Flexi Cap Fund 20% 36.82 21.01 23.87
Cap Fund
ICICI Pru Large and
Large & Mid Cap 20% 46.71 26.34 22.17
Mid Cap Fund
Motilal Oswal
Mid Cap Fund 20% 55.51 35.67 27.55
Midcap Fund
HDFC Small Cap
Small cap Fund 20% 43.90 28.34 24.40
Fund
Nippon India Small
Small cap Fund 20% 58.35 33.84 32.10
Cap Fund
Comparison with Respective Benchmark
Returns CAGR % (Weighted Average Calculation)
1 Year 3 Years 5 Years
SIP Pack 48.26 29.04 26.02
Benchmark 53.00 24.71 23.50
Source : ACEMF, Data as on 22/05/2024
 Systematic
Mutual FundWithdrawal Plan
Schemes Rational

Scheme wise calculation for SWP Plans:

Investment Monthly Amount Yearly Dividend

Scheme Name SWP Calculation
Amount From SWP Calculation

Monthly Pay-out
Mutual Fund Schemes
(%)
HDFC Balanced Advantage Fund 1% 2,000,000 20,000 240,000

Tata Balanced Advantage Fund 1% 2,000,000 20,000 240,000

Kotak Bluechip Fund 1% 2,000,000 20,000 240,000

Nippon India Large Cap Fund 1% 2,000,000 20,000 240,000
SBI Conservative Hybrid Fund 1% 2,000,000 20,000 240,000
Total 10,000,000 100,000 1,200,000
Mutual Fund SIP
 What is Systematic Investment Plan?

SIPs or Systematic Investment Plans are one of the best ways to invest in mutual funds.

Investing process is similar to that of bank recurring deposit − Fixed sum is invested periodically in one or
multiple mutual fund schemes.

SIPs come with several advantages.

 Why SIPs? (Advantages)

• Regular & Disciplined investment.

• Make Market timing irrelevant.

− Ensure that one is invested at the high and low points of the market
− Called as Rupee Cost Averaging

• Enhance Returns over the long run.

• Provide benefits Like Compounding.

• Returns would be proportionately higher if SIP value is increased every year.

 Rupee Cost Averaging Example

Time SIP Amount Price per unit Number of Units allotted

January 5000 80 62.50

February 5000 96 52.08

March 5000 84 59.52

April 5000 68 73.53

May 5000 56 89.29

June 5000 60 83.33

Total 30,000 Average Price : 74 420.26

 SIP Mutual Fund Industry Data

SIP
SIP AUM
Contribution
Total No. of outstanding No. of New SIPs No. of SIPs discontinued/
Month SIP Accounts registered (Count tenure completed
(Count in Lakh) in Lakh) (Count in lakh)
₹ crore ₹ crore

870.11 63.65 33.25 11,26,129 20,371

Apr 24

839.71 428.09 224.37 10,71,666 1,99,219

Apr 23 – Mar 24

Apr 22 -Mar 23 635.99 251.41 143.15 6,83,296 1,55,972

Apr 21– Mar 22 527.73 266.36 111.17 5,76,358 1,24,566

Source: AMFI
 SIP Investment Scheme wise Returns
Absolute
Investment Total Amount Present
Scheme Name Start Date End Date Profit-SIP Returns CAGR %
Amount Invested(Rs) value(Rs)
%

Nippon India Small

50,000.00 02-May-2019 30-Apr-2024 30,00,000.00 77,15,934.69 47,15,934.69 288.30 45.92
Cap Fund(G)

SBI Magnum Midcap

50,000.00 02-May-2019 30-Apr-2024 30,00,000.00 60,57,832.92 30,57,832.92 190.53 32.46
Fund-Reg(G)

ICICI Pru Large & Mid

50,000.00 02-May-2019 30-Apr-2024 30,00,000.00 59,79,796.43 29,79,796.43 165.77 31.77
Cap Fund(G)

HDFC Top 100 Fund(G) 50,000.00 02-May-2019 30-Apr-2024 30,00,000.00 52,40,577.50 22,40,577.50 107.85 25.00

Source: ACEMF, Data as on 30th April 2024

 SIP Investment Scheme wise Returns

Absolute
Investment Total Amount Present
Scheme Name Start Date End Date Profit-SIP Returns CAGR %
Amount Invested(Rs) value(Rs)
%

Nippon India Small

5,00,000.00 02-May-2019 30-Apr-2024 3,00,00,000.00 7,71,59,346.90 4,71,59,346.90 288.30 45.92
Cap Fund(G)

SBI Magnum Midcap

5,00,000.00 02-May-2019 30-Apr-2024 3,00,00,000.00 6,05,78,329.24 3,05,78,329.24 190.53 32.46
Fund-Reg(G)

ICICI Pru Large & Mid

5,00,000.00 02-May-2019 30-Apr-2024 3,00,00,000.00 5,97,97,964.34 2,97,97,964.34 165.77 31.77
Cap Fund(G)

HDFC Top 100 Fund(G) 5,00,000.00 02-May-2019 30-Apr-2024 3,00,00,000.00 5,24,05,774.98 2,24,05,774.98 107.85 25.00

Source: ACEMF, Data as on 30th April 2024

 SIP Investment Scheme wise Returns
Absolute
Investment Total Amount Present
Scheme Name Start Date End Date Profit-SIP Returns CAGR %
Amount Invested(Rs) value(Rs)
%

Nippon India Small

10,00,000.00 02-May-2019 30-Apr-2024 6,00,00,000.00 15,43,18,693.79 9,43,18,693.79 288.30 45.92
Cap Fund(G)

SBI Magnum Midcap

10,00,000.00 02-May-2019 30-Apr-2024 6,00,00,000.00 12,11,56,658.47 6,11,56,658.47 190.53 32.46
Fund-Reg(G)

ICICI Pru Large & Mid

10,00,000.00 02-May-2019 30-Apr-2024 6,00,00,000.00 11,95,95,928.69 5,95,95,928.69 165.77 31.77
Cap Fund(G)

HDFC Top 100 Fund(G) 10,00,000.00 02-May-2019 30-Apr-2024 6,00,00,000.00 10,48,11,549.96 4,48,11,549.96 107.85 25.00

Source: ACEMF, Data as on 30th April 2024

 Disclaimer
About IIFL Securities Limited
A part of financial conglomerate IIFL Group, IIFL Securities Limited is a full service broking company founded by first generation professional entrepreneurs in 2000. Over the last 20 years, IIFL Securities has emerged as a leading pan India broker servicing a
large number of retail Investors, HNIs and institutional clients. IIFL Securities presently caters to over 10 lakh retail investors spread across the country as well as over 16,000 corporate clients and over 240 Institutional clients consisting of FII’s / FPIs, domestic
institutions and banks. IIFL Securities services the clients through internet/online platform/mobile trading platform and through over 1,500 branches and authorised persons spread across the country. IIFL Securities is listed on both NSE and BSE.

Disclaimer
All investments are subject to market risks and price fluctuation risk and there is no assurance or guarantee that the investment objectives shall be achieved. IIFL does not guarantee any assured returns on the investments recommended herein. The return
on investments mentioned herein is based on certain assumptions and actual returns may vary from the indicative returns mentioned herein. Past performance of securities/ instruments is not indicative of their future performance. The performance of the
investment products recommended in the Report may be adversely affected by various factors such as the performance of individual companies, changes in the market conditions, micro and macro factors and forces affecting capital markets in particular like
interest rate risk, credit risk, liquidity risk and reinvestment risk. Your specific attention is drawn towards warnings, disclaimers in documents, advertising materials relating to investment products, recommended, if any, in the Report. Investment in securities
market are subject to market risks, read all the related documents carefully before investing. Please read the Risk Disclosure Documents carefully before investing in Equity Shares, Derivatives, Mutual fund or other instruments traded on the Stock
Exchanges. Insurance, Tax planning scheme are the subject matter of solicitation. IIFL does not underwrite the risk or act as an insurer.Though all possible care has been taken to ensure the accuracy of data/information, IIFL makes no representation/s or
warranty/ies, express or implied, as to the accuracy, completeness or reliability of any information compiled herein, and hereby disclaims any liability with regard to the same, including, without limitation, any direct, indirect, incidental or consequential loss.
You shall verify the veracity of the information on your own before using the information provided in the Report. This report shall not be reproduced, redistributed or passed on, directly or indirectly, to any other person, or published, copied, in whole or in
part, for any purpose whatsoever. Depending upon your specific requirements and information further supplied by you, IIFL reserves the right to make any modifications and alternations to this Report, as may be required from time to time. IIFL takes no
responsibility of verifying the accuracy and authenticity of the information received for preparation of this Report. IIFL group, associate and subsidiary companies are engaged in providing various financial services and for the said services (including the
service for acquiring and sourcing the units of the fund) may earn fees or remuneration in form of arranger fees, referral fees, advisory fees, management fees, trustee fees, Commission, brokerage, transaction charges, underwriting charges, issue
management fees and other fees.

IIFL Securities Ltd., IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane - 400604. Tel.: (91-22) 2580 6650 *Customer Service: 40071000 *Stock Broker SEBI Regn.: INZ000164132 *Depository: INDP185
2016 *MF Distributor ARN: 47791, *PMS SEBI Regn.: INP000002213, *Investment Adviser SEBI Regn. : INA000000623, *Research Analyst SEBI Regn.:- INH000000248 | Investment in securities are subject to market risks

Recommendation Parameters for Fundamental/Technical Reports:

Buy – Absolute return of over +10%

Accumulate – Absolute return between 0% to +10%

Reduce – Absolute return between 0% to -10%

Sell – Absolute return below -10%

Please refer to http://www.indiainfoline.com/research/disclaimer for recommendation parameter, analyst disclaimer and other disclosure