DECEMBER 2014For private circulation only

It is a matter of fact that the risk of loss in market linked products is higher. But the risks in non-financial investment schemes which promise very high /attractive returns is even much more higher. The unearthing of multi-crore scams and action initiated by SEBI against some of the big names in the industry engaged in collecting huge sums of money from the masses, only drives home this point. Having known the wrong doing on part of such companies, the responsibility of the buyers /investors can not be totally ignored.

It is a matter of common sense and judgement that investments have to be made in credible avenues, as per the risk capacity, for appropriate horizon and after understanding of the risk factors and other details. However, many investors rarely make their investment decisions based on such factors. Quite often the driving factor behind such decisions are very vague and unreliable.

It is time to take extra caution. The Latin doctrine “Caveat Emptor” meaning “Let the buyer beware” should also apply to investors. The doctrine simply means a warning for the buyer that the goods he or she is buying are "as is," or subject to all defects. When a sale is subject to this warning the purchaser assumes the risk that the product might be either defective or unsuitable to his or her needs. Hence the buyer or the investor in our case, has to be responsible and careful while making any investment decisions.

PRIMARY REASONS FOR MIS-BUYING

An investor survey by a leading Indian wealth management magazine conducted on mis-buying revealed some very interesting figures. A very sizable investors (~85%) reported mis-buying in past and nearly three quarters (~75%) of all investors said that they bought products without proper understanding. It also unwrapped the most prominent reasons for mis-buying as listed below.

Poor financial literacy / understanding of product

Trusting an agent / intermediary

Trusting the media / marketing

Hardsell by agents

Listening to friends and relatives

Complexity of products

When asked about the reason of mis-buying, nearly two-thirds of investors said that they had trusted the agent /intermediary, be it

the bank officer or the traditional insurance agent, more than they should have. About 40+% of such investors attributed it to the lack of understanding. About 28% said that they got carried away by media /marketing and did not do any due-diligence.

A further research into the reasons found that almost half of investors found it difficult to say 'No' to pushy agents /intermediaries. A nearly equal number of investors also felt that their financial literacy /awareness was not adequate. About 46% had found it difficult understand the complexity of products. What is not surprising is that nearly 37% investors blamed listening to friends and family for making the wrong decision.

While the exact figures mentioned here are not important, the trends being revealed is certainly alarming. It also shows some of the behavioural reasons for wrong decision making approach such as greed, herd behaviour, non-decisiveness, inability to say no, letting be influenced by others and over confidence and optimism.

WHEN IN DOUBT PLAY SAFE

There are many legitimate financial products and investment avenues available which investors should stick to. Even though some of them may not promise guaranteed returns or profits,

Beware Legitimate Product /Scheme

No genuine / real product or service

Promises of high returns in ashort time

Easy money or passive income

No clear revenue model fromretail sales

Buy-in / initial investmentrequired

Complex commission structure

Emphasis on recruiting of moremembers

Unregulated /non-compliantto laws

Real product or service is beingoffered

No promises /guarantees inmarket driven products.

Income dependent on real sales/performance, etc.

Clear, visible & transparentbusiness model

Initial investment, if any, forappropriate reasons

Relatively simple structures

Emphasis on sales, performance

Registered & regulated byauthorities (IRDA, SEBI, RBI, etc.)

CAVEAT EMPTOR:

BUYER BEWAREBUYER BEWARE

BEST IN CLASS INVESTMENTS / PROTECTION SOLUTIONS

AVAILABLE FOR FREE FINANCIAL HEALTH CHECK / ADVICE / EXECUTION BY PRIOR APPOINTMENT ONLY.

IN TEAM & PANEL– EMINENT C.A.’S, LAWYER'S, CONSULTANTS

LIFE INSURANCE RETIREMENT PLANNING MUTUAL FUNDSFIXED DEPOSITS GROUP & INDIVIDUAL MEDICLAIM INCOME TAXGENERAL INSURANCE WILLS HOUSING & EDUCATIONAL LOANS

SL FINSERV37/19, First Floor, The Mall, (OPP.R.B.I), Kanpur-208001, Uttar Pradesh

Mob.: 9936106608, 8009955558 Customer Care No.: 05122303551Email: customercare@slfinserv.com Website: slfinserv.com

there is an assurance that the product or scheme is legitimate and there is no scam /fraud involved. Such legitimate products are mutual funds (offers wide choice of asset classes), ETFs or Exchange Traded Funds, company Bonds, PMS products, etc. There are also other traditional avenues also like bank FDs, small savings schemes, etc.

PREVENTING YOURSELF FROM MIS-BUYING

Prevention is better than cure. For those who are serious about not putting a wrong foot forward from now on, there are few things on the agenda. The following pointers will help us against getting into any misadventure...

Understand the Product Properly

Do not get lured by big brands, offices and smart executives

Insist on reading the documents & fine print thoroughly

Do not rely on words / promises made by executives

Don't be too greedy or too trusting on anyone

Do not experiment into fancy products that promise high returns

In case you are looking for a cure or way out of a messy /risky investment, there are a few things that you should now explore. Firstly, if possible, get rid of it soonest. Second, seek a proper professional advice. Lastly, if you have been sold a wrong product or promised something which is different from the product that you hold, you may raise your concerns and even complaints, if the same is not addressed.

CONCLUSION

As investors in this changing, complex and competitive financial world, we should be more aware and informed. We should learn more about financial products, services and solutions available today and understand their positive and negative aspects. We should also define and evolve our own investment approach with growing wisdom. Lastly, we should have professional, skilled and knowledgeable advisors /distributors who can meet most of your financial objectives. It is not only our role but also our responsibility to be smart investors.

Fixed deposits have been clearly the hot favourites of Indian investors

for a long time. Nearly 56% of total household savings are parked in these deposits. But these are also very tax inefficient. And hence, debt mutual funds had been actively promoted as an ideal investment choice to investors especially in comparison to bank fixed deposits. The tax advantages were very obvious until the Union Budget for 2014-15 came along when the Finance Minister, taking note it, made changes in non-equity mutual funds such as Debt funds, MIP, Gold Funds and Global Funds.

Post these changes, the question now is whether non-equity or debt funds continue to hold advantage over bank FDs or not? As we have experienced over the past few months, there is not much clarity on this question. This article attempts clear the air for the investors.

THE CHANGES

The tax provisions, applicable to the non-equity mutual funds only, have reduce some of the tax benefits from the investments made in the debt oriented mutual funds. The following are the major changes that has taken place...

1.The long term capital gains tax (LTCG) rate for debt mutual funds was raised from 10% to 20% but with indexation benefit. Option of paying LTCG Tax at 10 without indexation removed.

2. The definition of long-term for debt funds was revised to three years from one year

3. Change in the manner in which the dividend distribution tax (DDT) is computed from Net Dividend to Gross Dividend

We shall now explore the above changes and look closely at the post tax returns of the debt fund.

LTCG TAXATION ON DEBT FUNDS

We take a comparison of two debt investments, one in a mutual fund debt scheme and one in a bank FD with similar appreciation. For sake of simplicity, we assume that the entire investments are redeemed / matured after a holding period of three years – which is now the new definition of long term for debt mutual funds. Let us now see what happens to our investments...

# Indexed Purchase Price = Purchase Price x (Inflation Index - Current year

/Inflation Index - Investment year). ** Assuming taxation for individual /HUF

falling in highest Income tax bracket.

Particulars

Year of Purchase

Purchase Amount

Year of Sell

Redemption /MaturityPrice

Gross Income

Nature of Income

Indexed Purchase Price #

Taxable Income

Applicable Tax Rate**

Tax Payable

Effective Tax Rate

2010-11

R10,000/-

2014-15

R15,000/-

R5,000/-

Capital Gains

R10,000 x (1024/711)= R14,402/-

R598/-

@ 20.60%

R123.19/-

2.46%

2010-11

R10,000/-

2014-15

R15,000/-

R5,000/-

Interest

NA

R5,000/-

@ 30.90%

R1,545/-

30.90%

MF Debt Scheme Bank Fixed Deposit

Particulars

Investment

Returns /Interest Rate

Withdrawal

Withdrawal Units

Taxable Amount

Applicable Tax Rate***

Tax Payable

Effective Tax Rate on

Withdrawal

R1,000,000

8.00%

R80,000

7,407 #

R5,926/- **

30.90%

R1,831/-

2.29%

R1,000,000

8.00%

R80,000

NA

80,000

30.90%

R24,720/-

30.90%

MF Debt Scheme Bank Fixed Deposit

As we can clearly see, the investors who invest in debt funds for

over three years continue to enjoy significant tax advantage over

bank FDs. The indexation benefit takes into account the

inflation during the holding period and accordingly adjusts the

buying price to reduce the tax liability of the investor. The tax

impact with indexation benefit is negligible for the

debt scheme.

STCG TAXATION ON DEBT FUNDS

We again take the comparison of two debt investments, one in a

mutual fund debt scheme and one in a bank FD with similar

appreciation/interest at 8% for a duration of 12 months. This time

however, we assume that only the appreciation from the fund is

withdrawn after 12 months, a short-term period for debt fund. Let

us now see what happens to our investments...

For simplicity, assuming Purchase NAV = R10/-, Sale NAV = R10.80/-. Capital

Gains per Unit = R0.80/-. # Withdrawal units = R80,000 / NAV R10.80. **

Taxable Amount = Units 7,407 x CG per unit R0.80/-. *** Assuming taxation for

individual falling in highest Income tax bracket.

As we can see, the entire interest income of bank FD is taxable at

the rate applicable to the investor, which in the highest tax

bracket will be 30.9%. This significantly reduces the post tax

yield of FDs to 5.53%. In comparison, when a part redemption is

made in debt funds, not the entire amount of withdrawal is taxed

but only the component of capital gains on redeemed units will be

taxed. This effectively reduces the tax payable compared to FDs.

However, in case where full amount of debt scheme / all units are

to be redeemed, the effective tax rate will be on par with the FDs.

DIVIDEND DISTRIBUTION TAX (DDT) ON DEBT FUNDS

In mutual funds, any dividends are exempt from tax in the hands

of investors. However, in debt mutual funds, AMCs pay DDT from

the distributable income at the rate of 28.33% (including

surcharge and cess - for Individuals & HUFs). There is no DDT

charged on equity schemes.

Earlier, the effective rates were lower as the DDT was calculated

on actual dividend received at 28.33% and not on gross dividend

distributable. For the investor, this tax when calculated on gross

amount gave a lower effective tax 22.07% (benefit of 6.26%).

This anomaly /advantage is now removed effective from 1st

October 2014. The manner of DDT calculation has been changed

and now will be calculated on gross distributable amount and not

net dividend received by investors as was earlier the case.

WHY ARE DEBT MUTUAL FUNDS STILL ATTRACTIVE?

Debt Mutual funds continue to have their advantages over FDs

and like small saving scheme products for the following reasons.

In long term the post tax returns on debt schemes could be much

higher – 20% with indexation vs. 30.9%.

In short-term also, the effective STCG on debt scheme units -

calculated only on appreciation component of units redeemed,

may be lower than the entire interest income chargeable.

You have to generally pay the tax on the interest on FD that

accrues every year, even if the amount is to be received on

maturity only. In debt funds you actually defer the tax which is to

be paid only when investment is paid out as dividend or units are

redeemed. If redemptions are made after 3 years, they will attract

much lower taxes.

There is no TDS on debt funds redemptions unlike bank FDs,

where TDS is applicable if the interest earned in a year by an

investor from a Bank is more than R10,000. Additional paper

work (form 15G /15H) is required to be submitted in case there is

no taxable income to avoid TDS.

There is a tax arbitrage of 2.57% between the bank FDs and the

dividend option of the debt schemes, ie., 30.9% vs. 28.33%.

LEARNINGS

The fact is that debt schemes and FDs are two different species.

While in FD interest income is guaranteed, there is no scope for

any greater returns or appreciation. On the other hand, debt

schemes are relatively risky investments as the valuations may go

up (when interest rates fall) or go down (when interest rates rise).

Depending on when you are investing, your returns will differ in

proportion to the nature of debt scheme you are holding – a long

term scheme with higher duration /average maturity will have

higher sensitivity to interest rate movements.

Coming back to tax benefits, even after the tax changes, there is

still a good case for investment in debt funds and to make the

most of it, we should see that...

The holding period of debt investments should be long term (over

3 years) to get the advantage of indexation.

The option of growth should be preferred instead of a dividend

option since DDT on entire dividend may possibly be higher than

the STCG component applicable on redeemed units. In case

regular income is required, we can always have a Systematic

Withdrawal Plan (SWP) in place.

Note: General assemption taken of individual / HUF with taxable

income <1 Crore.

MF NEWS

Axis Equity Fund - Gr Axis MidCap Fund - Gr Baroda Pioneer Growth Fund - Growth Plan Birla Sun Life Advantage Fund Gr Birla Sun Life Dividend Yield Plus - Growth Birla Sun Life Equity Fund - Gr Birla Sun Life Frontline Equity Fund - Gr Birla Sun Life India Opportunities Fund - Gr Birla Sun Life Long Term Advantage Fund - Gr Birla Sun Life Midcap Fund - Gr Birla Sun Life MNC Fund Gr Birla Sun Life Pure Value Fund - Gr Birla Sun Life Small and Midcap Fund - Gr Birla Sun Life Special Situations Fund - Gr Birla Sun Life Top 100 Fund - Gr BNP Paribas Dividend Yield Fund- Gr BNP Paribas Equity Fund - Gr BNP Paribas Midcap Fund - Gr BOI AXA Equity Fund - Regular Plan Gr Canara Robeco Emerging Equities Fund - Gr Canara Robeco Equity Diversified - Gr Canara Robeco F.O.R.C.E. Fund - Regular Gr Canara Robeco Large Cap Plus Fund - Gr DSP BlackRock Equity Fund - Reg. Plan - Div DSP BlackRock Focus 25 Fund - Gr DSP BlackRock Micro Cap Fund - Gr DSP BlackRock Opportunities Fund - Gr DSP BlackRock Small and Mid Cap - Reg Gr DSP BlackRock Top 100 Equity Fund Gr DWS Alpha Equity Fund - Gr DWS Investment Opportunity Fund - Gr Edelweiss Diversified Growth Equity Top 100 Fund - Gr Franklin India Bluechip Fund Gr Franklin India Flexi Cap Fund - Gr Franklin India High Growth Companies Fund - Gr Franklin India Opportunities Fund-Gr Franklin India Prima Fund Gr Franklin India Prima Plus Gr Franklin India Smaller Companies Fund - Gr HDFC Capital Builder-Gr HDFC Core and Satellite Fund - Gr HDFC Equity Fund - Div HDFC Growth Fund Gr HDFC Large Cap Fund - Gr HDFC Mid Cap Opportunities Fund - Gr HDFC Premier Multi-Cap Fund - Gr HDFC Small and Mid Cap Fund - Gr HDFC Top 200 Fund - Div HSBC Equity Fund - Gr HSBC India Opportunities Fund - Gr ICICI Prudential Dynamic Plan-Cum ICICI Prudential Exports and Other Services Fund - Gr ICICI Prudential Focused Bluechip Equity Fund - Gr ICICI Prudential MidCap Fund - Gr ICICI Prudential Target Returns Fund - Retail Gr ICICI Prudential Top 100 Fund - Gr ICICI Prudential Top 200 Fund - Gr ICICI Prudential Value Discovery Fund Gr IDFC Classic Equity Fund - Regular Plan - Gr IDFC Equity Fund - Regular Plan - Gr IDFC Imperial Equity Fund - Regular Plan - Gr IDFC Premier Equity Fund - Regular Plan - Gr IDFC Sterling Equity Fund - Regular Gr JP Morgan India Equity Fund - Gr JP Morgan India Mid and Small Cap Fund - Gr Kotak 50 Equity Scheme Div Kotak Classic Equity Fund - Gr Kotak Emerging Equity Scheme - Gr Kotak Midcap - Gr Kotak Opportunities Fund - Gr Kotak Select Focus Fund - Gr L&T Equity Fund - Gr L&T India Large Cap Fund - Gr L&T India Special Situations Fund - Gr L&T India Value Fund - Gr L&T Midcap Fund - Cum Mirae Asset Emerging Bluechip Fund - Gr Mirae Asset India Opportunities Fund - Gr PineBridge India Equity Fund Standard - Gr Pramerica Large Cap Equity Fund - Gr Principal Dividend Yield Fund - Gr Principal Emerging Bluechip Fund - Gr Principal Growth Fund Gr Principal Large Cap Fund - Gr Quantum Long Term Equity Fund - Gr Reliance Equity Opportunities Fund - Gr Reliance Focused Large Cap Fund - Gr Reliance Growth Fund Gr Reliance Long Term Equity Fund - Gr Reliance Quant Plus Fund - Gr Reliance Regular Savings Fund Equity Plan - Gr

57.0890.3360.3973.6369.6565.4458.4673.8467.2980.3195.35

103.8974.7873.0462.4061.3760.9177.5154.79

117.9353.5873.7347.9367.5665.35

118.8560.9687.6750.1958.6753.5453.3251.8567.9697.9676.0387.8371.8999.0367.9165.8970.1756.7041.7986.7167.3360.4061.7443.1465.6646.7771.0455.21

103.7556.0450.8764.1483.2943.2942.7745.3867.7270.2058.69

100.8657.3651.46

104.4289.6166.8275.1062.8358.0864.2589.7896.5093.4465.0482.6241.8958.8495.9762.8453.9947.5781.3646.4172.2196.3043.0972.29

32.8346.2030.1438.4831.5537.6333.8544.1736.5538.0843.9252.3238.6135.8535.6032.8133.2343.3529.6153.3428.9733.2426.4832.5830.9453.3332.8042.3926.3531.0228.8729.6627.1036.3647.6735.8445.9036.0454.1336.6532.3836.8627.6024.6745.5132.5233.2832.9724.8835.8331.6250.0131.5050.7431.4531.4534.6845.1624.6125.4423.9337.7434.9530.4148.8528.9929.1445.0840.5232.9737.7132.2730.2934.2944.0646.5149.6236.6237.2223.0728.6348.2237.2530.4329.6740.0729.9934.3746.1925.1934.30

- -

17.2222.5320.0422.4922.0626.4722.8422.5329.8731.2223.2320.6523.3521.8722.4229.1417.9533.2519.6222.12

- 20.05

- 32.0320.1525.8117.3418.7316.8920.0518.0022.8729.3021.5829.1023.4033.5723.1418.5122.7717.7615.4529.9318.7620.5420.8815.4822.6421.1432.0121.5729.0720.3721.3821.7029.1615.3016.7614.6525.4622.8919.4230.4218.4219.0227.1825.0320.6423.9120.5919.4422.60

- 27.51

- 24.1323.14

- 18.0728.8623.0419.1320.5326.7418.0920.3927.5516.5720.61

- -

15.2718.9920.5119.3620.3622.5720.3220.8628.60

- 21.49

- 20.5821.0318.7425.04

- 29.5619.48

- -

18.78-

29.6618.4424.7016.3615.8914.49

- 17.4920.9325.2617.8525.9720.9528.8621.5918.0622.0717.0714.2428.0117.88

- 19.9613.4418.7020.0026.09

- 24.19

- 19.0819.2528.5113.3415.0313.5524.81

- 17.46

- 16.1517.4022.6922.2718.20

- 19.4418.7420.76

- 24.32

- -

20.46-

16.93-

18.6318.2620.8425.9814.2718.5823.60

- 19.16

- -

14.8615.5018.2017.1919.3016.38

- 18.6623.26

- - - - -

16.13- - - - - -

18.35- -

16.77-

16.8115.1814.46

- 16.65

- -

15.2319.9419.21

- 18.6915.7920.2716.8712.07

- - -

19.2713.1215.9719.00

- -

18.68-

17.1916.7823.59

- - - - - - -

15.47- - -

17.23- - - - -

19.57- - - -

13.73-

14.11- - - -

17.87- - -

- - -

17.85-

21.4721.8817.09

- 22.3124.27

- - - - - - - - - - - -

22.65- -

20.56- - - - -

19.90- -

18.2722.9022.27

- 22.29

- 23.7220.4814.25

- - -

22.9817.67

- 22.52

- - - -

19.6619.87

- - - - - - - -

19.20- - - - - - - - - - - - - - - -

16.22- - - -

23.80- - -

SIP RETURN AS ON 30TH NOVEMBER 2014

Starting - December Month of

Years

Invested Amount

Schemes (Diversified Equity)

2013

1

1,20,000

2011

3

3,60,000

2009

5

6,00,000

Returns % - CAGR

2007

7

8,40,000

2004

10

12,00,000

2002

12

14,40,000

Equity funds receive nearly R5,000 crore net inflows in NovemberThanks to inflows in existing schemes and new fund offers, equity mutual funds received net inflows of R4,963 crore in November. A large part of inflows came in existing funds (R9,282 crore) while new fund offers mopped up R1,014 crore. Investors pulled out R5,548 crore from equity funds which resulted in net inflows of R4,963 crore (includes ELSS figures). Since the beginning of FY 2014-15, equity funds have seen positive inflows each consecutive month. So far, the industry has attracted inflows of nearly R45,000 crore in April-November 2014. The AAUM of equity funds crossed R3 lakh crore mark in November on account of mark to market gains and fresh inflows. The total AAUM of equity funds stood at 3.15 lakh crore as on November. Reflecting the positive sentiment among investors, equity funds saw an addition of over 1 lakh folios in November. SEBI data shows that the total number of equity folios has crossed 3 crore in November.Income funds saw net inflows of R18,844 crore in November on expectations of interest rate cut by RBI. In October, the category witnessed inflows of R15,446 crore. Gilt funds which saw continuous outflows in the recent past, witnessed inflows of R814 crore.Mutual fund folio count rises by 3.5 lakh in FY 2015 so farDriven by addition in equity fund folios, mutual fund houses have registered a rise of over 3.5 lakh investor accounts in the first eight months of the ongoing 2014-15 fiscal. The addition comes after fund houses lost about 33 lakh investor accounts in the entire previous fiscal. Folios are numbers designated to individual investor accounts, though one investor can have multiple folios. According to the Securities and Exchange Board of India (SEBI) data on total investor accounts with 45 fund houses, the number of folios rose to 3.99 crore at the end of November 30, 2014 from 3.95 crore in the last fiscal (2013-14), registering a gain of 3.54 lakh. Explaining the reason behind such rise in retail folios, industry officials said growth is mainly on account of addition in equity fund folios, which was supported by sharp rally in the stock markets. The equity category saw addition of more than eight lakh folios to over 3 crore investors at the end of October 31, 2014. The segment saw first rise in folios in the month of April after reporting a consistent decline in investor accounts in past four years.DSP BlackRock too queues up for retirement fundAfter Axis and SBI, DSP BlackRock Mutual Fund has filed a draft offer document with SEBI to launch its mutual fund linked retirement fund. However, the fund house will have to get a green signal from Central Board of Direct Taxes (CBDT) to get a pension fund status. Axis and SBI have approached SEBI to launch similar schemes but are yet to get an approval from CBDT. DSPBR too has approached CBDT to get tax benefit under Section 80C of the Income Tax Act. DSP BlackRock Retirement Planning Fund is an open ended mutual fund retirement linked plan. It aims to provide pension to an investor in the form of income/cash flow to the extent of redemption value of holding after the age of 60 years by investing in a mix of equity, debt and money market instrument.

India likely to grow between 5-6% in 2015: Moody's

Indian economy is expected to pick up pace in 2015 and grow in the range of 5-6%, helped by strong domestic demand, rating agency Moody's said. India will have stronger GDP growth in 2015, which we forecast at 5-6%, up from around 5% in 2014, Moody's said in a report titled, '2015 Outlook-Global Credit Conditions'. The country, it said, has benefited from a strong domestic demand base and diversified export markets that give protection from the effects of a slowing Chinese economy and muted growth in the euro zone and Japan. As per official estimates, economic growth in the current fiscal ending March 2015 would be between 5.4 and 5.9%. The growth had slumped to sub-5% in the earlier two consecutive fiscals.It also projected that corporates would see improved cash flows on account of acceleration in manufacturing activity.

India’s current account deficit widens to 2.1% of GDP

India’s current account deficit (CAD) widened to a five-quarter high of 2.1% of gross domestic product in the second quarter ended 30 September, as exports growth slowed and imports increased because of a rise in demand for gold. During the second quarter last year, CAD was 1.2% of GDP and during the preceding first quarter of the current financial year, it was 1.7% of GDP. Merchandise export growth during the September quarter slowed to 4.9% from 11.9% during the same quarter a year ago, while merchandise imports increased by 8.1% against a decline of 4.8% the second quarter of 2013-14, largely due to a sharp rise in gold imports. Net gold imports increased to $7.6 billion in the second quarter from $7 billion in the previous quarter.

RBI deputy governor says room to cut rates if inflation easing continues

The Reserve Bank of India (RBI) is likely to lower its policy repo rate soon if the factors leading to low inflation remain unchanged, deputy governor SS Mundra said. We are at a point of time where the economic environment is quite encouraging. Of course, it has been supported by global factors - oil prices are at an all-time low, commodity prices are low, and food prices have been softening from the past levels. If all these things continue to remain as they are, there will be room for softening of the policy rate, Mundra said during a seminar organised by the Confederation of Indian Industry (CII) in Kolkata. On December 2, the central bank kept its policy repo rate unchanged for the fifth consecutive time as it remained wary of inflation. However, RBI had held out hope for industry, who have been demanding a rate cut to improve business confidence and revive investment cycle, by saying it could ease the policy rate early next year, even outside the policy review cycle, if the downward momentum in inflation continued and fiscal developments were encouraging.

GDP grows at 5.3% in September quarter

For the quarter ended September, India’s gross domestic product (GDP) grew 5.3 per cent, compared with 5.7 per cent in the previous quarter. The fall was primarily due to slow growth in the manufacturing sector, which expanded only 0.1 per cent, compared with 3.5 percent in the previous quarter. As such, growth for the first half of this financial year stands at 5.5 per cent, compared with 4.9 per cent for the corresponding period last year.

NEWS UPDATE

108.9974.4580.7778.6541.2058.5492.9741.8265.4254.3459.8067.4060.4657.6774.6382.6773.7361.69

111.8762.0246.3360.12

128.7745.7688.9354.8259.4581.5253.4998.1245.6352.1455.7467.8854.9762.2250.8755.52

107.0089.8954.5556.0869.01128.7741.20

56.5436.7936.2039.6228.1632.4246.3925.7837.7433.6828.5632.9533.9029.7540.7248.6436.2934.9251.0429.9924.5130.0751.7025.4643.5028.6432.3338.8232.6246.6526.5725.5529.3832.0726.5933.2729.0628.6053.7941.0229.4929.2535.7556.5423.07

- 23.2720.8423.7718.6320.7629.6716.1622.5221.8216.3424.8221.8819.4026.5129.9821.5421.7230.9617.6314.8218.9328.6615.3026.8319.3620.5723.2821.8128.4517.6315.2018.7019.2517.0722.2918.4418.1732.3828.4920.7419.0022.3333.5714.65

- 19.8818.0121.7517.2118.4727.0114.5221.0219.5214.0824.6418.9117.9624.0224.6317.6319.08

- 15.1813.2416.7624.2513.1824.7919.7318.2721.1420.4024.0616.6913.0416.8818.0517.3120.3315.8116.3428.2526.7720.2916.8220.0329.6613.04

- -

16.19- - - -

14.82- -

13.9419.74

- 16.9819.73

- -

17.68- -

12.42- -

13.4621.8417.7316.0019.2417.4119.0715.9610.9915.3716.98

- 17.49

- 14.82

- - - -

16.9923.5910.99

- -

19.99- - - -

18.06- -

20.70- -

19.6025.13

- -

22.61- -

15.89- -

17.0626.64

- - -

20.81-

20.1412.8519.8619.85

- 19.14

- - - - - -

20.3226.6412.85

SIP RETURN AS ON 30TH NOVEMBER 2014

Starting - December Month of

Years

Invested Amount

Schemes (Diversified Equity)

2013

1

1,20,000

2011

3

3,60,000

2009

5

6,00,000

Returns % - CAGR

2007

7

8,40,000

2004

10

12,00,000

2002

12

14,40,000

Axis Long Term Equity Fund - Gr Birla Sun Life Tax Plan - Div Birla Sun Life Tax Relief 96 Fund - Div Birla Sun Life Tax Savings Fund - Gr BNP Paribas Long Term Equity Fund - Gr BOI AXA Tax Advantage Fund - Regular - Growth Canara Robeco Equity Tax Saver Fund - Div DSP BlackRock Tax Saver Fund - Gr DWS Tax Saving Fund - Gr Franklin India Taxshield Gr HDFC Long Term Advantage Fund - Gr HDFC Taxsaver - Div ICICI Prudential Tax Plan - Regular Gr IDFC Tax Advantage (ELSS) Fund - Regular Gr Kotak Tax Saver - Gr L&T Tax Advantage Fund - Gr LIC Nomura Tax Plan Gr Principal Personal Tax Saver Principal Tax Savings Fund Quantum Tax Saving Fund - Gr Plan Reliance Tax Saver Fund - Gr Religare Invesco Tax Plan - Gr Sahara Tax Gain Fund Gr SBI Magnum Tax Gain Fund - Div Sundaram Tax Saver - Div Tata Tax Saving Fund Plan A - Div Taurus Tax Shield - Gr UTI Equity Tax Saving Plan - Div Average ReturnsMaximum ReturnsMinimum ReturnsS&P BSE SENSEXCNX NIFTY

78.8568.0269.9157.4765.2054.4660.8066.2959.1772.3856.8971.1565.1156.8377.7856.6364.2554.2962.5951.18

103.8970.5746.7462.2059.5158.1746.4653.9163.24103.8946.4643.3744.16

44.4335.9336.9028.3735.4630.8331.4536.3331.8836.0533.7436.8737.9134.0932.0330.3832.1630.7037.3930.6148.4937.2430.2734.5029.4931.2725.2628.3433.8748.4925.2625.9325.56

- 22.5921.9017.3923.8718.5320.7022.8918.6923.8921.8922.6224.3122.2819.3419.6419.4518.6823.3420.9030.1223.9519.5021.8718.2320.3615.8917.7521.1330.1215.8916.5716.41

- 19.1018.9216.2620.15

- 20.5220.5115.4021.8020.4221.3323.12

- 16.7219.0415.9016.2118.61

- 26.1122.2118.8118.8715.7518.2115.4915.4618.9626.1115.4014.8914.74

- 15.8216.2112.73

- -

19.40- -

19.0517.1518.4819.05

- - -

12.2314.3014.98

- - -

19.2416.7215.1015.11

- 12.8716.1519.4012.2313.8413.74

- 19.2818.43

- - -

21.68- -

21.7620.9623.1523.23

- - -

13.1516.8917.79

- - -

21.1123.5419.6418.13

- 15.1619.5923.5413.1516.2015.80

SIP RETURN AS ON 30TH NOVEMBER 2014

Starting - December Month of

Years

Invested Amount

Schemes (ELSS)

2013

1

1,20,000

2011

3

3,60,000

2009

5

6,00,000

Returns % - CAGR

2007

7

8,40,000

2004

10

12,00,000

2002

12

14,40,000

Reliance Small Cap Fund - Gr Reliance Top 200 Fund - Gr Reliance Vision Fund Gr Religare Invesco Contra Fund - Gr Religare Invesco Equity Fund - Gr Religare Invesco Growth Fund - Gr Religare Invesco Midcap Fund - Gr Sahara Growth Fund Gr Sahara Midcap Fund - Gr Sahara Wealth Plus Fund Variable - Gr SBI Contra Fund - Regular Div SBI Emerging Businesses Fund - Regular Plan - Gr SBI Magnum Blue Chip Fund - Gr SBI Magnum Equity Fund - Div SBI Magnum Global Fund - Div SBI Magnum MidCap Fund - Gr SBI Magnum Multicap Fund - Gr SBI Magnum Multiplier Plus 93 - Div SBI Small & Midcap Fund - Gr Sundaram Equity Multiplier Fund - Gr Sundaram Growth Fund Gr Sundaram Rural India Fund - Gr Sundaram S.M.I.L.E. Fund - Gr Sundaram Select Focus - Gr Sundaram Select MidCap - Gr Tata Dividend Yield Fund - Gr Tata Equity Opportunities Fund - Gr Tata Equity P/E Fund Gr Tata Ethical Fund - Gr Tata Mid Cap Growth Fund - Gr Tata Pure Equity Fund - Gr Taurus Bonanza Fund Gr Taurus Starshare Growth Templeton India Growth Fund Gr UTI Dividend Yield Fund. - Gr UTI Equity Fund - Div UTI Leadership Equity Fund - Gr UTI Master Share - Div UTI Mid Cap Fund - Gr UTI MNC Fund - Gr UTI Opportunities Fund - Gr UTI Top 100 Fund - Gr Average ReturnsMaximum ReturnsMinimum Returns

In a statement, the finance ministry said, growth in the second quarter of this financial year has broadly been on expected lines. In view of the lower than expected monsoon this year vis-à-vis a good monsoon in 2013-14, lower growth in the agriculture sector was expected. The overall and sectoral growth rates in the second quarter are lower than in the first, except for the services sector, where the growth has been little higher than in the first.India most optimistic on hiring plans for Jan-Mar 2015: ReportOpportunities for job seekers are expected to grow even better in the new year with employers in India being most optimistic foreseeing vigorous hiring activity in the January-March period, says a report. According to the Manpower Employment Outlook Survey released by ManpowerGroup, this is the fourth time in a row that employers in India have reported the most optimistic hiring plans among the 42 countries participated in the quarterly research. The net employment outlook for India stood at 45 per cent indicating that job seekers may benefit from a vigorous hiring pace in the months ahead.April-October Fiscal Deficit hits 89.6% of FY15 targetIndia’s April October fiscal deficit was R4.76 lakh crore at the end of October, a staggering 89.6 per cent of the full year target of R5.31 lakh crore. For April-October last year, the fiscal deficit was 84.4 per cent of the FY14 target. Net tax revenues for April-October 2015 were about R3.69 lakh crore, or 37.7 per cent of FY15 budgeted estimates (BE) of R9.77 lakh crore, while non-tax revenue for the period was R1.11 lakh crore, about 52.3 per cent of FY15 BE of R2.12 lakh crore. For the same period of last year, tax and non-tax revenues had reached 40.3 per cent and 57.8 per cent of FY14 targets, respectively.Govt mulls reducing stake in PSBs to 52%The government is looking at bringing down its stake in public sector banks to 52% and the proposed move may help raise about R89,000 crore from the markets. Minister of State for Finance Jayant Sinha said that the step would substantially reduce the requirement of budgetary provision for infusion of capital in state-owned banks. The matter is under consideration, he said in reply to a question on whether the government proposed to bring down its stake in PSBs to 52%. Sinha added the reduction of its share in equity capital of PSBs would enable mobilization of about R89,120 crore on the basis of market prices as on November 21. The actual amount realised may vary on the basis of share price prevailing at the material time.Govt eases curbs on gold imports, scraps 80:20 schemeEasing the restrictions on gold imports, the government has done away with the '80:20' scheme, freeing incoming shipments of the precious metal from exports. Under the 80:20 norms, 20 per cent of the imported gold had to be mandatorily exported before bringing in new lot. We believe the move will do away with the distortions and calm the market which was anticipating some curbs to restrict gold imports, an official said, adding this would help reduce imports. The 80:20 scheme was put in place in August 2013 to curb gold imports, considered a major cause for the widening current account deficit (CAD). Gold imports jumped 280 per cent to $4.17 billion in October, trade data showed.

Axis Equity Fund - Gr Axis MidCap Fund - Gr Baroda Pioneer Growth Fund - Growth Plan Birla Sun Life Advantage Fund Gr Birla Sun Life Dividend Yield Plus - Growth Birla Sun Life Equity Fund - Gr Birla Sun Life Frontline Equity Fund - Gr Birla Sun Life India Opportunities Fund - Gr Birla Sun Life Long Term Advantage Fund - Gr Birla Sun Life Midcap Fund - Gr Birla Sun Life MNC Fund Gr Birla Sun Life Pure Value Fund - Gr Birla Sun Life Small and Midcap Fund - Gr Birla Sun Life Special Situations Fund - Gr Birla Sun Life Top 100 Fund - Gr BNP Paribas Dividend Yield Fund- Gr BNP Paribas Equity Fund - Gr BNP Paribas Midcap Fund - Gr BOI AXA Equity Fund - Regular Plan Gr Canara Robeco Emerging Equities Fund - Gr Canara Robeco Equity Diversified - Gr Canara Robeco F.O.R.C.E. Fund - Regular Gr Canara Robeco Large Cap Plus Fund - Gr DSP BlackRock Equity Fund - Reg. Plan - Div DSP BlackRock Focus 25 Fund - Gr DSP BlackRock Micro Cap Fund - Gr DSP BlackRock Opportunities Fund - Gr DSP BlackRock Small and Mid Cap - Reg Gr DSP BlackRock Top 100 Equity Fund Gr DWS Alpha Equity Fund - Gr DWS Investment Opportunity Fund - Gr Edelweiss Diversified Growth Equity Top 100 Fund - Gr Franklin India Bluechip Fund Gr Franklin India Flexi Cap Fund - Gr Franklin India High Growth Companies Fund - Gr Franklin India Opportunities Fund-Gr Franklin India Prima Fund Gr Franklin India Prima Plus Gr Franklin India Smaller Companies Fund - Gr HDFC Capital Builder-Gr HDFC Core and Satellite Fund - Gr HDFC Equity Fund - Div HDFC Growth Fund Gr HDFC Large Cap Fund - Gr HDFC Mid Cap Opportunities Fund - Gr HDFC Premier Multi-Cap Fund - Gr HDFC Small and Mid Cap Fund - Gr HDFC Top 200 Fund - Div HSBC Equity Fund - Gr HSBC India Opportunities Fund - Gr ICICI Prudential Dynamic Plan-Cum ICICI Prudential Exports and Other Services Fund - Gr ICICI Prudential Focused Bluechip Equity Fund - Gr ICICI Prudential MidCap Fund - Gr ICICI Prudential Target Returns Fund - Retail Gr ICICI Prudential Top 100 Fund - Gr ICICI Prudential Top 200 Fund - Gr ICICI Prudential Value Discovery Fund Gr IDFC Classic Equity Fund - Regular Plan - Gr IDFC Equity Fund - Regular Plan - Gr IDFC Imperial Equity Fund - Regular Plan - Gr IDFC Premier Equity Fund - Regular Plan - Gr IDFC Sterling Equity Fund - Regular Gr JP Morgan India Equity Fund - Gr JP Morgan India Mid and Small Cap Fund - Gr Kotak 50 Equity Scheme Div Kotak Classic Equity Fund - Gr Kotak Emerging Equity Scheme - Gr Kotak Midcap - Gr Kotak Opportunities Fund - Gr Kotak Select Focus Fund - Gr L&T Equity Fund - Gr L&T India Large Cap Fund - Gr L&T India Special Situations Fund - Gr L&T India Value Fund - Gr L&T Midcap Fund - Cum Mirae Asset Emerging Bluechip Fund - Gr Mirae Asset India Opportunities Fund - Gr PineBridge India Equity Fund Standard - Gr Pramerica Large Cap Equity Fund - Gr Principal Dividend Yield Fund - Gr Principal Emerging Bluechip Fund - Gr Principal Growth Fund Gr Principal Large Cap Fund - Gr Quantum Long Term Equity Fund - Gr Reliance Equity Opportunities Fund - Gr Reliance Focused Large Cap Fund - Gr Reliance Growth Fund Gr Reliance Long Term Equity Fund - Gr Reliance Quant Plus Fund - Gr Reliance Regular Savings Fund Equity Plan - Gr

152,265169,343154,013160,889158,839156,653152,995160,995157,616164,300171,846176,053161,481160,584155,066154,527154,286162,877151,048182,860150,406160,940147,380157,756156,608183,300154,310168,015148,593153,106150,383150,270149,484157,964173,134162,117168,095159,995173,665157,936156,887159,105152,066144,047167,530157,637154,018154,722144,783156,767146,752159,558151,274175,984151,713148,959155,974165,806144,866144,580146,003157,838159,125153,115174,567152,415149,277176,310168,985157,370161,645155,293152,791156,035169,070172,414170,898156,447165,472144,105153,194172,150155,294150,624147,184164,834146,558160,161172,316144,758160,201

569,315673,491549,727611,875559,895605,346576,857656,892597,136608,810654,949725,126612,929591,816589,957569,169572,198650,350545,864734,001541,304572,277523,764567,413555,450733,904569,028642,598522,848556,077540,584546,214528,095595,655685,679591,776671,018593,240740,947597,854566,004599,499531,595511,229667,828566,998572,569570,284512,688591,671560,409705,344559,512711,544559,207559,152582,986664,974510,849516,535506,229606,221585,016551,604695,552541,468542,523664,307627,776570,295605,960565,170550,759580,121656,058676,090702,044597,624602,263500,328538,889690,279602,434551,798546,288624,268548,603580,714673,385514,799580,156

- -

917,5231,042,521982,248

1,041,6721,031,0441,144,9781,050,4451,042,5161,240,1031,279,7541,060,207996,606

1,063,1301,026,3111,039,9621,219,098933,931

1,341,755972,346

1,032,380-

982,512-

1,303,686984,891

1,127,203920,389951,666910,216982,542935,071

1,051,1931,223,7131,019,1601,218,1041,064,5501,351,5881,057,992946,602

1,048,588929,615879,049

1,242,034952,381993,983

1,002,208879,738

1,045,3251,008,5341,303,5581,018,9271,217,049990,071

1,014,2501,022,0871,219,718875,968907,529862,165

1,117,7611,051,633967,639

1,256,244944,525958,493

1,164,1851,106,405996,485

1,077,364995,287968,029

1,044,419-

1,173,409-

1,083,0341,057,750

- 936,608

1,211,2201,055,346961,045993,753

1,152,298937,073990,537

1,174,391903,249995,647

- -

1,440,8091,643,6561,734,2541,665,5111,725,0471,864,8531,722,9101,755,4992,304,051

- 1,795,341

- 1,738,5011,766,0681,629,2272,033,684

- 2,382,1011,672,257

- -

1,631,576-

2,388,4391,611,9092,009,5121,497,5741,473,1291,401,591

- 1,558,9991,760,3032,049,8371,578,9582,101,2371,761,4892,324,8741,801,4431,590,5411,832,4381,535,8891,389,3312,256,6451,580,420

- 1,701,0041,350,7061,627,0501,703,3512,110,154

- 1,973,865

- 1,648,7761,658,6252,296,3341,345,5931,428,6481,355,9532,017,303

- 1,557,017

- 1,486,6021,554,0331,872,5711,845,5201,598,281

- 1,670,2531,629,3391,749,467

- 1,982,999

- -

1,730,907-

1,528,263-

1,622,8191,601,9021,754,3472,102,3421,390,7511,619,8731,933,969

- 1,653,295

- -

2,600,1502,690,0413,108,6082,944,0483,297,4112,819,951

- 3,185,6984,080,550

- - - - -

2,781,926- - - - - -

3,133,117- -

2,879,400-

2,884,8982,645,1302,544,815

- 2,861,464

- -

2,651,3633,412,9283,281,376

- 3,190,9072,732,5123,475,3942,895,1882,241,558

- - -

3,292,1252,370,0122,758,2803,245,373

- -

3,189,524-

2,944,5012,880,6804,153,726

- - - - - - -

2,685,408- - -

2,950,920- - - - -

3,346,412- - - -

2,448,114-

2,498,260- - - -

3,053,666- - -

- - -

4,523,924-

5,764,2795,926,6024,300,232

- 6,100,6866,959,774

- - - - - - - - - - - -

6,241,829- -

5,423,387- - - - -

5,189,277- -

4,650,9926,344,5526,084,447

- 6,092,298

- 6,707,1025,392,6753,560,660

- - -

6,381,5234,467,570

- 6,187,159

- - - -

5,103,8135,178,638

- - - - - - - -

4,951,179- - - - - - - - - - - - - - - -

4,058,532- - - -

6,741,588- - -

Starting - December Month of

Years

Invested Amount

Schemes (Diversified Equity)

2013

1

1,20,000

2011

3

3,60,000

2009

5

6,00,000

Investment Value e

2007

7

8,40,000

2004

10

12,00,000

2002

12

14,40,000

SIP VALUE AS ON 30TH NOVEMBER 2014 NEWS UPDATE

No increase in prices of essential drugs: GovtRefuting Opposition's contention, the government said there had been no increase in the prices of essential drugs in the last six months. Prices of 44 drugs and 108 formulations have actually come down during the period, Chemicals and Fertiliser Minister Ananth Kumar said in Rajya Sabha. He refuted suggestions that price of some drugs used to treat tuberculosis, AIDS, diabetes and heart ailments were on the rise following decontrolling of these drugs. National Pharmaceutical Pricing Authority (NPPA), he said, through a notification in July had capped the maximum retail price of 108 non-scheduled single ingredient drug formulations related to treatment for diabetes and cardiovascular diseases.Government targets $340 billion exports this yearGovernment has fixed an export target of $340 billion for the current fiscal, Commerce and Industry Minister NirmalaSitharaman has said. Exports had registered a growth of 4.7 per cent at $314.4 billion in the previous fiscal. Japan and the US contributed 1.84 per cent and 13.75 per cent respectively to total exports during April-September period of the current year, Sitharaman said in a written reply to the Rajya Sabha. Growth rate of exports entered the negative zone after a gap of six months, declining 5.04 per cent in October due to a dip in shipments from engineering, pharma and gems and jewellery.PE investments cross $10 bn mark: ThorntonPrivate equity investments in India amounted to $1.7 billion last month, taking the overall PE deal tally to $10.2 billion in the first 10 months of this year, says a Grant Thornton report. According to the assurance, tax and advisory firm, PE deal values and volumes in October surpassed the levels seen during the same month of the earlier years and were also among the highest in a month this year. As many as six deals valued over $100 million each were reported during October, which in turn boosted the PE deal tally significantly. From January-October this year, there were 500 PE deals amounting to $10.2 billion, up 18 per cent in value terms and 37 per cent in terms of number of deals in 2013.Business sentiment in India eases in November; still buoyantBusiness sentiment in India fell marginally in November but remained at a relatively higher level indicating the overall buoyant outlook, says a report. According to the MNI India Business Indicator, calculated from the responses of more than 400 BSE-listed companies, the decline in November business sentiment was largely a result of new orders and also because backlogs fell following the end of the festive season. The MNI India Business Indicator declined by 1.1 per cent to 68.9 in November from 69.7 in October. Notwithstanding the fact that business confidence eased for the second consecutive month to the lowest since August, it is 6.7 per cent above the level seen a year ago, indicating that sentiment remained buoyant.

Reliance Small Cap Fund - Gr Reliance Top 200 Fund - Gr Reliance Vision Fund Gr Religare Invesco Contra Fund - Gr Religare Invesco Equity Fund - Gr Religare Invesco Growth Fund - Gr Religare Invesco Midcap Fund - Gr Sahara Growth Fund Gr Sahara Midcap Fund - Gr Sahara Wealth Plus Fund Variable - Gr SBI Contra Fund - Regular Div SBI Emerging Businesses Fund - Regular Plan - Gr SBI Magnum Blue Chip Fund - Gr SBI Magnum Equity Fund - Div SBI Magnum Global Fund - Div SBI Magnum MidCap Fund - Gr SBI Magnum Multicap Fund - Gr SBI Magnum Multiplier Plus 93 - Div SBI Small & Midcap Fund - Gr Sundaram Equity Multiplier Fund - Gr Sundaram Growth Fund Gr Sundaram Rural India Fund - Gr Sundaram S.M.I.L.E. Fund - Gr Sundaram Select Focus - Gr Sundaram Select MidCap - Gr Tata Dividend Yield Fund - Gr Tata Equity Opportunities Fund - Gr Tata Equity P/E Fund Gr Tata Ethical Fund - Gr Tata Mid Cap Growth Fund - Gr Tata Pure Equity Fund - Gr Taurus Bonanza Fund Gr Taurus Starshare Growth Templeton India Growth Fund Gr UTI Dividend Yield Fund. - Gr UTI Equity Fund - Div UTI Leadership Equity Fund - Gr UTI Master Share - Div UTI Mid Cap Fund - Gr UTI MNC Fund - Gr UTI Opportunities Fund - Gr UTI Top 100 Fund - Gr Average AmountMaximum AmountMinimum Amount

178,542161,309164,535163,455143,727153,035170,664144,066156,643150,812153,700157,675154,047152,575161,400165,498160,941154,695179,936154,867146,513153,866188,030146,207168,644151,068153,517164,912150,358173,216146,136149,638151,556157,924151,144154,972148,956151,439177,572169,127150,925151,733158,354188,030143,727

762,249598,944594,455620,788535,539566,290675,060518,880606,235575,594538,384570,147577,178546,865629,387693,808595,129584,842714,154548,602510,176549,155719,816516,704651,558539,003565,610614,530567,756677,193524,425517,317544,269563,719524,545572,563541,941538,712737,939631,731545,022543,298593,089762,249500,328

- 1,061,1991,001,1751,073,928949,454999,421

1,234,288894,439

1,042,2851,025,038898,339

1,100,9391,026,548967,144

1,146,0731,243,4351,018,2171,022,4931,272,014926,763865,646956,429

1,205,573875,766

1,154,607966,391994,832

1,061,3911,024,7361,199,417926,852873,647950,975963,613914,219

1,036,725945,058939,028

1,314,8871,200,813998,847957,941

1,043,2541,351,588862,165

- 1,695,9811,587,8271,811,7051,543,4001,613,5232,179,3631,403,3511,765,4781,674,7101,381,3762,005,5331,638,9671,585,0941,962,5982,005,1471,566,7671,649,110

- 1,436,6261,341,2611,518,9941,978,0361,338,0482,016,2611,687,0901,602,5801,773,4101,727,6341,965,0981,515,2361,331,4241,525,3401,590,1081,549,0341,722,8821,468,7471,496,7002,276,0032,161,3691,720,7581,522,4871,722,2442,388,4391,331,424

- -

2,790,867- - - -

2,594,285- -

2,474,5983,377,203

- 2,912,3743,374,707

- -

3,023,133- -

2,283,424- -

2,413,3733,780,2543,031,5612,763,1823,286,6352,980,1793,257,6432,757,2902,116,2772,671,6852,912,148

- 2,992,000

- 2,594,543

- - - -

2,940,3934,153,7262,116,277

- -

5,220,645- - - -

4,586,876- -

5,474,410- -

5,083,2617,375,874

- -

6,223,025- -

3,970,086- -

4,290,3118,164,121

- - -

5,515,692-

5,272,6693,246,3105,173,4945,170,581

- 4,929,842

- - - - - -

5,436,6648,164,1213,246,310

SIP VALUE AS ON 30TH NOVEMBER 2014

Starting - December Month of

Years

Invested Amount

Schemes (Diversified Equity)

2013

1

1,20,000

2011

3

3,60,000

2009

5

6,00,000

Investment Value e

2007

7

8,40,000

2004

10

12,00,000

2002

12

14,40,000

Axis Long Term Equity Fund - Gr Birla Sun Life Tax Plan - Div Birla Sun Life Tax Relief 96 Fund - Div Birla Sun Life Tax Savings Fund - Gr BNP Paribas Long Term Equity Fund - Gr BOI AXA Tax Advantage Fund - Regular - Growth Canara Robeco Equity Tax Saver Fund - Div DSP BlackRock Tax Saver Fund - Gr DWS Tax Saving Fund - Gr Franklin India Taxshield Gr HDFC Long Term Advantage Fund - Gr HDFC Taxsaver - Div ICICI Prudential Tax Plan - Regular Gr IDFC Tax Advantage (ELSS) Fund - Regular Gr Kotak Tax Saver - Gr L&T Tax Advantage Fund - Gr LIC Nomura Tax Plan Gr Principal Personal Tax Saver Principal Tax Savings Fund Quantum Tax Saving Fund - Gr Plan Reliance Tax Saver Fund - Gr Religare Invesco Tax Plan - Gr Sahara Tax Gain Fund Gr SBI Magnum Tax Gain Fund - Div Sundaram Tax Saver - Div Tata Tax Saving Fund Plan A - Div Taurus Tax Shield - Gr UTI Equity Tax Saving Plan - Div Average AmountMaximum AmountMinimum AmountS&P BSE SENSEXCNX NIFTY

163,558157,995158,972152,473156,526150,875154,224157,094153,366160,249152,165159,614156,484152,132163,013152,026156,034150,787155,167149,126176,051159,316146,735154,963153,548152,840146,586150,582155,446176,051146,586144,910145,340

659,056592,456599,788537,068588,879554,692559,205595,459562,289593,349575,992599,589607,557578,631563,417551,392564,365553,759603,547553,101692,495602,381550,659581,679545,022557,832515,283536,854577,707692,495515,283519,980517,363

- 1,044,0731,027,000921,467

1,076,538947,085997,827

1,051,607950,739

1,076,9371,026,7971,044,8211,087,8501,036,269965,798972,824968,287950,668

1,063,0461,002,6491,247,4031,078,453969,440

1,026,304940,214989,838888,583929,490

1,010,4451,247,403888,583903,279899,878

- 1,650,0581,639,8191,492,4711,712,428

- 1,734,8271,734,0071,447,5151,814,7031,728,7751,785,3661,901,422

- 1,516,7341,646,5651,473,3251,489,6601,621,620

- 2,111,5191,841,1311,633,2941,636,9171,465,8951,599,0801,452,3851,450,9401,649,1862,111,5191,447,5151,421,6211,414,144

- 2,737,0692,794,3512,320,581

- -

3,315,896- -

3,254,3142,937,6933,156,5573,254,002

- - -

2,260,6592,522,5802,616,260

- - -

3,286,6912,872,1692,632,6272,634,006

- 2,338,2802,808,3583,315,8962,260,6592,462,4452,449,403

- 4,977,4704,702,910

- - -

5,845,831- -

5,878,7955,570,6336,452,7246,486,776

- - -

3,310,6994,241,4054,505,685

- - -

5,625,7846,625,5105,097,5964,606,732

- 3,782,4525,180,7336,625,5103,310,6994,051,5953,945,388

SIP VALUE AS ON 30TH NOVEMBER 2014

Starting - December Month of

Years

Invested Amount

Schemes (ELSS)

2013

1

1,20,000

2011

3

3,60,000

2009

5

6,00,000

Investment Value e

2007

7

8,40,000

2004

10

12,00,000

2002

12

14,40,000

NEWS UPDATE

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.