ISSUE OF UNITS OF TATA EQUITY MANAGEMENT FUND OF FACE ... · issue of units of tata equity management fund of face value of rupees 10/- each during the new fund offer period. fort

ISSUE OF UNITS OF TATA EQUITY MANAGEMENT FUND OF FACE VALUE OF RUPEES 10/- EACH DURING THE NEW FUND OFFER PERIOD.

Fort House, 221 Dr. D. N. Road, Mumbai - 400 001.

Fort House, 221 Dr. D. N. Road,

Mumbai - 400 001.

EQUITY MANAGEMENT FUND

ABN AMRO Bank N. V.

71/72, Sakhar Bhawan,

7th Floor, Nariman Point,

Mumbai - 400 021.

Fort House, 221 Dr. D. N. Road,

Mumbai - 400 001.

thNew Fund Offer Opens 15 May, 2006th

New Fund Offer Closes On 9 June, 2006

Re-opens for Repurchase Not later thanth

7 July, 2006

(A 18-months close ended equity fund with an automatic conversion into

an open ended scheme on expiry of 18-months from the date of allotment)

ISSUE OF UNITS OF TATA EQUITY MANAGEMENT FUND OF FACE VALUE OF RUPEES 10/- EACH

DURING THE NEW FUND OFFER PERIOD AND AT NAV BASED RESALE PRICE

WITH APPLICABLE LOADS AFTER THE SCHEME RE-OPENS FOR ONGOING SALE

E-mail : [email protected]

TATA EQUITY MANAGEMENT FUND

I. HIGHLIGHTS 1

II. DEFINITIONS 1

III. RISK FACTORS 3

IV. DUE DILIGENCE BY THE ASSETMANAGEMENT COMPANY 5

V. EXPENSES 5

VI. CONDENSED FINANCIAL INFORMATION 9

VII. CONSTITUTION OF TATA MUTUAL FUND 14

i. Constitution: 14

ii. The Sponsors: 14

iii. The Trustee Company 14

VIII. INVESTMENT OBJECTIVE AND POLICIES 17

i. Investment Objective, Investment Strategyand Risk Management: 17

ii. Investment Pattern and Risk Profile 19

iii. Trading in Derivatives 19

iv. Change in Investment Pattern 21

v. Investment by the Fund and theAsset Management Company 21

vi. Restrictions on Investments 21

vii. Securities Lending by the Mutual Fund 22

viii. Underwriting by the Scheme 23

ix. Portfolio Turnover 23

x. Fundamental Attributes 23

IX. MANAGEMENT OF THE FUND 24

i. The Asset Management Company 24

ii. Key Employees of the AMC and relevant experience 26

iii. The Custodian 28

iv. The Registrar 28

v. The Auditor 28

vi. Bankers 28

vii. List of Authorised Investor Service Centres 28

X. UNITS & OFFER 29

i. Refund 29

ii. Despatch of Account Statementand Unit Certificates 29

iii. Listing, Transfer & Pledge of Units 29

iv. Nomination Facility 29

v. Applications with Additional Holders 29

vi. Systematic Investment Plan (SIP) 30

vii. Systematic Withdrawal Plan (SWP) 30

viii. Systematic Transfer Plan (STP) 30

ix. Duration of the Scheme 30

x. Winding Up 30

xi. Procedure for Winding Up 30

XI. SALE OF UNITS BEING OFFERED 31

i. Application Details 31

ii. Procedure for application 32

iii. General Instructions 33

XII. DIVIDENDS/BONUS & DISTRIBUTIONS 33

XIII. INTER SCHEME TRANSFERS 34

XIV. ASSOCIATE TRANSACTIONS 35

XVI. COMPUTATION OF NAV & VALUATION OF ASSETS 42

i. Computation & Determination of Net Asset Value 42

ii. NAV Information 42

iii. Valuation of Assets 43

XVII. REPURCHASE, RESALE & SWITCH OF UNITS 46

i. Repurchase (including switch out) duringclose ended period 46

ii. Repurchase / Switch / Resale after 47Conversion into an open ended scheme

iii. Despatch of Redemption Proceeds 47

iv. Possible Deferral of Repurchase Requestsand Compulsory Repurchase 47

v. Spread between Sale and Redemption Price 48

vi. Sale of Units on an ongoing basis 48

vii. Switch of Units within the Funds / Schemes /Plans of Tata Mutual Fund 48

viii. Suspension of ongoing Sale, Redemptionor Switch of Units 48

ix. Centres where Redemption/resale/switchrequests can be given 48

x. Unclaimed Redemption/Dividend Amount 49

XVIII. ACCOUNTING POLICIES 49

Accounts and Audit 49

XIX. TAX TREATMENT OF INVESTMENTS IN MUTUAL FUNDS 49

i. Tax benefits to the Mutual Fund 49

Ii. Tax benefits to the Unitholders 50

iii. Capital Gains Tax 50

XX. INVESTORS’ RIGHTS & SERVICES 51

i. Rights 51

ii. Services 52

iii. Information regarding the Scheme 52

iv. Meeting and consent of Unitholders 52

v. Benefits to the Unitholders 52

vi. Documents available for inspection 53

XXI. INVESTOR GRIEVANCES REDRESSAL MECHANISM 53

XXII. PENALTIES PENDING LITIGATION ORPROCEEDINGS, FINDINGS OF INSPECTIONS ORINVESTIGATIONS FOR WHICH ACTION MAYHAVE BEEN TAKEN OR IS IN THE PROCESSOF BEING TAKEN BY ANY REGULATORYAUTHORITY 53

Item Table of Contents PageNo.

Item Table of Contents PageNo.

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I. HIGHLIGHTS

A Mutual Fund - sponsored by Tata Sons Limited (TSL) andTata Investment Corporation Limited (TICL).

The Scheme is managed by Tata Asset Management Ltd.(TAML).

A 18 months closed ended equity scheme. Upon completionof 18 months, the Scheme will automatically be converted intoan open end scheme, without any further reference from theMutual Fund/Trustee. Units outstanding under the scheme onthe completion of 18 months will automatically continue underthe open end scheme, without requiring any further referencefrom the unitholder.

Two Options for making investments : Dividend Option/GrowthOption. The Dividend Option will have the facility of Payout orRe-investment

Transparency of Operation : NAV will be normally determinedonce a week i.e on each Wednesday during close ended periodand on all business days subsequent to the scheme’sconversion into an open end scheme.

Minimum Application:Dividend Option : Rs. 5,000/- and thereafter in multiples ofRe. 1/-.

Growth Option : Rs. 5,000/- and thereafter in multiples ofRe. 1/-.

For additional investment Rs. 1,000/- and thereafter in multiplesof Re. 1/- (subsequent to the conversion into open endedfund).

Repurchase facility : Once a week during close ended periodand on all business days subsequent to the scheme’sconversion into an open end scheme.

On going sales on all business days subsequent to the schemeconversion into an open ended scheme.

NRIs can also invest.

Earning of the Fund totally exempt from income tax underSection 10(23D) of the Income Tax Act, 1961.

II. DEFINITIONS

1 “Business Day” Any day on which the Mumbai Head Office of Tata Asset Management Limited is open forbusiness purposes and the Banks in Mumbai/RBI clearing is functional.

2 “Business Hours” Business hours are from 10.00 A.M. to 3.00 P.M. on any Business Day.

3 “Calendar Year” A Calendar Year shall be 12 full English Calendar months commencing from 1st January andending on 31st December.

4 “Day” Any day as per English Calendar viz. 365 days in a year.

5 “Financial Year” A Financial Year shall be 12 full English Calendar months commencing from 1st April andending on 31st March.

6 “Group” As defined in sub-clause (ef) of clause 2 of MRTP Act, 1961.

7 “IMA” Investment Management Agreement dated 9th May, 1995, as amended from timeto time, between the TTCPL & TAML.

8 “Investor” An investor means any resident or non-resident person whether individual or not (legalentity), who is eligible to subscribe units under the laws of his/her/their country of incorporation,establishment, citizenship, residence or domicile and under the Income Tax Act, 1961including amendments thereto from time to time and who has made an application forsubscribing units under the Scheme. Under normal circumstances, an Unitholder shall bedeemed to be the investor.

9 “Net Asset Value” or “NAV” (a) In case of winding up of the Fund:

In respect of an Unit, the amount that would be payable to the holder of that Unit on anydate if the fund were to be wound up and its assets distributed on that date (valuingassets and liabilities in accordance with the normal accounting policies of the Fund, butignoring net distributable income of the current financial year and winding up expenses).

(b) Daily for Ongoing Sale/Redemption/ Switch:

In respect of a Unit, the amount that would be payable by/to the investor / holder of thatUnit on any Valuation date by dividing the net assets of the Scheme by the number ofoutstanding Units on the Valuation date.

10 “Net Assets” Net Assets of the Scheme / Plan at any time shall be the value of the Fund’stotal assets less its liabilities taking into consideration the accruals and the provisions at thattime.

11 “Non- Resident” Any person who is not a resident as defined herein.

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12 “Permissible Investments” Investments made on account of the Unitholders of the Scheme in securities and assets inaccordance with the SEBI Regulations.

13 “Portfolio” Portfolio at any time shall include all Permissible Investments and Cash.

14 “Redemption / Resale Load” Amount collected to cover the cost of providing Redemption / distribution relatedservice to the Scheme on a continuous basis.

15 “Regulations” Regulations imply SEBI Regulations and the relevant rules and provisions of the Securitiesand Exchange Board of India (Depositories and participants) Regulations 1996, Public DebtAct 1944,the relevant notifications of the Government of India Ministry of Finance Departmentof Revenue, (Central Board of Direct Taxes), the Income Tax Act, 1961; Wealth Tax Act,1957, Gift Tax Act, 1958, Foreign Exchange Management Act, 1999 as amended from timeto time and shall also include any Circulars, Press Releases or Notifications that may beissued by SEBI or the Government of India or the Reserve Bank of India from time to time.

16 “Resident” A resident means any person resident in India under the Foreign ExchangeManagement Act, 1999 and under the Income Tax Act,1961, including amendmentsthereto from time to time.

17 “Standard Chartered Bank“ Standard Chartered Bank, a bank incorporated in London with limited liability and includesor “Custodian” its successors.

18 “Scheme” The offer made by Tata Mutual Fund through this Offering Circular, viz., Tata EquityManagement Fund.

19 “SEBI” The Securities & Exchange Board of India established under the Securities &Exchange Board of India Act, 1992.

20 “SEBI Regulations” The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amendedfrom time to time and shall also include any Mutual Fund Regulations, Circulars, PressReleases, or Notifications that may be issued by SEBI or the Government of India to regulatethe activities and growth of Mutual funds.

21 “TAML” or “Asset Tata Asset Management Limited, the Asset Management Company(AMC), a company withinManagement Company” the meaning of the Companies Act, 1956 (1 of 1956) and includes its successors and

permitted assigns.

22 “TICL” Tata Investment Corporation Limited, a sponsor of the TMF and a shareholder of TAML,a company within the meaning of the Companies Act, 1913 and includes its successors andpermitted assigns.

23 “TMF” or “Fund” Tata Mutual Fund, a trust established under a Trust Deed dated 9th May, 1995, under theprovisions of The Indian Trusts Act, 1882, bearing SEBI registration No. MF/023/95/9.

24 “Total Assets” Total Assets of the Scheme at any time shall be the total value of the Schemes assetstaking into consideration the accruals.

25 “Trust Deed” The Trust Deed of the Mutual Fund dated 9th May, 1995, as amended from time to time,made between TSL and TICL as the settlors, and TTCPL as the Trustee.

26 “TSL” Tata Sons Limited, a sponsor of TMF and a shareholder of TAML, a company withinthe meaning of the Companies Act, 1913 and includes its successors and permitted assigns.

27 “TTCPL or Trustee Company” Tata Trustee Company Private Limited, a company within the meaning of the Companies Act,1956 and includes its successors and permitted assigns.

28 “Unitholder” An Unitholder means any resident or non-resident person whether individual or not (legalentity), who is eligible to subscribe to the Scheme and who has been allotted Units under theScheme based on a valid application.

29 “Units” The security representing the interests of the Unitholders in the Scheme. Each Unitrepresents one undivided share in the assets of the Scheme as evidenced by any letter/advice or any other statement / certificate / instrument issued by TMF.

30 “Year” A Year shall be 12 full English Calendar months.

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III. A. RISK FACTORS

Mutual Funds and securities investments are subject tomarket risks and there is no assurance or guarantee that theScheme will achieve its objective.

As with any investment in stocks, shares and securities, theNAV of the Units under this Scheme may go up or down,depending on the factors and forces affecting the capitalmarkets.

Past performance of the previous Schemes, the Sponsors orits Group/Affiliates is not indicative of and does not guaranteethe future performance of the Scheme.

Tata Equity Management Fund is only the name of the Schemeand does not in any manner indicate either the quality of theScheme or its future prospects and the returns. Investorsare urged to study the terms of the Offer carefully and consulttheir Investment Advisor before they invest in the Scheme.

B. SCHEME SPECIFIC RISK FACTORS ANDSPECIAL CONSIDERATIONS

Liquidity and Settlement Risks

The liquidity of the Scheme’s investments may be inherentlyrestricted by trading volumes, transfer procedures and settlementperiods. From time to time, the Scheme will invest in certainsecurities of certain companies, industries, sectors, etc. based oncertain investment parameters as adopted internally by TAML.While at all times the Asset Management Company will endeavourthat excessive holding/investment in certain securities of industries,sectors, etc. by the Scheme is avoided, the funds invested by theScheme in certain securities of industries, sectors, etc. may acquirea substantial portion of the Scheme’s investment portfolio andcollectively may constitute a risk associated with non-diversificationand thus could affect the value of investments. Reduced liquidity inthe secondary market may have an adverse impact on marketprice and the Scheme’s ability to dispose of particular securities,when necessary, to meet the Scheme’s liquidity needs or inresponse to a specific economic event or during restructuring ofthe Scheme’s investment portfolio. Furthermore, from time to time,the Asset Management Company, the Custodian, the Registrar,any Associate, any Distributor, Dealer, any Company, CorporateBodies, Trusts, any Retirement and Employee Benefit Funds orany Associate or otherwise, any scheme / mutual fund managedby the Asset Management Company or by any other AssetManagement Company may invest in the Scheme. While at alltimes the Trustee Company and the Asset Management Companywill endeavour that excessive holding of Units in the Scheme amonga few Unitholders is avoided, however, the funds invested by theseaforesaid persons may acquire a substantial portion of theScheme’s outstanding Units and collectively may constitute amajority unitholder in the Scheme. Redemption of Units held bysuch persons may have an adverse impact on the value of theUnits of the Scheme because of the timing of any such redemptionsand this may impact the ability of other Unitholders to redeem theirrespective Units.

Investment Risks

The value of, and income from, an investment in the Scheme candecrease as well as increase, depending on a variety of factorswhich may affect the values and income generated by the Scheme’sportfolio of securities. The returns of the Scheme’s investmentsare based on the current yields of the securities, which may beaffected generally by factors affecting capital markets such asprice and volume, volatility in the stock markets, interest rates,currency exchange rates, foreign investment, changes inGovernment and Reserve Bank of India policy, taxation, political,economic or other developments, closure of the Stock Exchangesetc. Investors should understand that the investment pattern

indicated, in line with prevailing market conditions, is only ahypothetical example as all investments involve risk and there isno assurance that the Scheme’s investment objective will be attainedor that the Scheme be in a position to maintain the model percentageof investment pattern particularly under exceptional circumstances.

Different types of securities in which the scheme would invest inthe offer document carry different levels and types of risk.Accordingly the scheme’s risk may increase or decrease dependingupon its investment pattern. e.g corporate bonds carry a higheramount of risk than Government securities. Further even amongcorporate bonds, bonds which are AAA rated are comparativelyless risky than bonds which are AA rated.

The Scheme will endeavour to invest in highly researched growth/value stocks with high dividen yield. However the growth associatedwith equities is generally high as also the erosion in the value of theinvestments/portfolio in the case of the capital markets passingthrough a bearish phase is a distinct possibility. The NAV of thescheme is largely dependent on the performance of the companiesand the sectors wherein the investment has been made.

The scheme may use techniques and instruments ( as disclosedin the clause “portfolio turnover”) for efficient portfolio managementand to attempt to hedge or reduce the risk of such fluctuations.However these techniques and instruments if imperfectly usedhave the risk of the scheme incurring losses due to mismatchesparticularly in a volatile market. The Fund’s ability to use thesetechniques may be limited by market conditions, regulatory limitsand tax considerations (if any). The use of these techniques isdependent on the ability to predict movements in the prices ofsecurities being hedged and movements in interest rates. Thereexists an imperfect correlation between the hedging instrumentsand the securities or market sectors being hedged. Besides, thefact that skills needed to use these instruments are different fromthose needed to select the Fund’s / Scheme’s securities. There isa possible absence of a liquid market for any particular instrumentat any particular time even though the futures and options may bebought and sold on an organised exchange. The use of thesetechniques involves possible impediments to effective portfoliomanagement or the ability to meet repurchase / redemption requestsor other short-term obligations because of the percentage of theScheme’s assets segregated to cover its obligations.

Risk Associated with Securitised DebtScheme may invest in domestic securitized debt such as assetbacked securities (ABS) or mortgage backed securities (MBS).Asset Backed Securities (ABS) are securitized debts where theunderlying assets are receivables arising from automobile loans,personal loans, loans against consumer durables, etc. Mortgagebacked securities (MBS) are securitized debts where the underlyingassets are receivables arising from loans backed by mortgage ofresidential / commercial properties. ABS/MBS instruments reflectthe undivided interest in the underlying pool of assets and do notrepresent the obligation of the issuer of ABS/MBS or the originatorof the underlying receivables. The ABS/MBS holders have a limitedrecourse to the extent of credit enhancement provided. If thedelinquencies and credit losses in the underlying pool exceed thecredit enhancement provided, ABS/MBS holders will suffer creditlosses. ABS/MBS are also normally exposed to a higher level ofreinvestment risk as compared to the normal corporate orsovereign debt. At present in Indian market, following types ofloans are amortised :

Auto Loans (cars / commercial vehicles /two vehicles)

Residential Mortgages or Housing Loans

Consumer Durable Loans

Personal Loans

The main risks pertaining to each of the asset classes above aredescribed below:

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Auto Loans (cars / commercial vehicles /two vehicles)

The underlying assets (cars etc) are susceptible todepreciation in value whereas the loans are given at highloan to value ratios. Thus, after a few months, the value ofasset becomes lower than the loan outstanding. Theborrowers, therefore, may sometimes tend to default onloans and allow the vehicle to be repossessed.

These loans are also subject to model risk. ie if a particularautomobile model does not become popular, loans given forfinancing that model have a much higher likelihood of turningbad. In such cases, loss on sale of repossession vehiclesis higher than usual.

Commercial vehicle loans are susceptible to the cyclicalityin the economy. In a downturn in economy, freight ratesdrop leading to higher defaults in commercial vehicle loans.Further, the second hand prices of these vehicles alsodecline in such economic environment.

Housing Loans

Housing loans in India have shown very low default rateshistorically. However, in recent years, loans have been givenat high loan to value ratios and to a much younger borrowerclasses. The loans have not yet gone through the fulleconomic cycle and have not yet seen a period of decliningproperty prices. Thus the performance of these housingloans is yet to be tested and it need not conform to thehistorical experience of low default rates.

Consumer Durable Loans

The underlying security for such loans is easily transferablewithout the bank’s knowledge and hence repossession isdifficult.

The underlying security for such loans is also susceptibleto quick depreciation in value. This gives the borrowers ahigh incentive to default.

Personal Loans

These are unsecured loans. In case of a default, the bankhas no security to fall back on.

The lender has no control over how the borrower has usedthe borrowed money.

Further, all the above categories of loans have the followingcommon risks:

All the above loans are retail, relatively small value loans.There is a possibility that the borrower takes different loansusing the same income proof and thus the income is notsufficient to meet the debt service obligations of all theseloans.

In India, there is no ready database available regardingpast credit record of borrowers. Thus, loans may be givento borrowers with poor credit record.

In retail loans, the risks due to frauds are high.

Securities Lending RisksIt may be noted that this activity would have the inherent probabilityof collateral value drastically falling in times of strong downwardmarket trends, rendering the value of collateral inadequate untilsuch time as that diminution in value is replenished by additionalsecurity. It is also possible that the borrowing party and/or theapproved intermediary may suddenly suffer severe businesssetback and become unable to honour its commitments. This,along with a simultaneous fall in value of collateral would renderpotential loss to the Scheme. Besides, there is also be temporaryilliquidity of the securities that are lent out and the scheme will notbe able to sell such lent out securities until they are returned.

Interest Rate Risk

As with debt instruments, changes in interest rate may affect theScheme’s net asset value. Generally the prices of instrumentsincrease as interest rates decline and decrease as interest ratesrise. Prices of long-term securities fluctuate more in response tosuch interest rate changes than short-term securities. Indian debtand government securities markets can be volatile leading to thepossibility of price movements up or down in fixed income securitiesand thereby to possible movements in the NAV.

Credit Risk

Credit risk or Default risk refers to the risk that an issuer of a fixedincome security may default (i.e. the issuer will be unable to maketimely principal and interest payments on the security). Becauseof this risk corporate debentures are sold at a higher yield abovethose offered on Government Securities which are sovereignobligations and free of credit risk. Normally, the value of a fixedincome securities will fluctuate depending upon the changes in theperceived level of credit risk as well as any actual event of default.The greater the credit risk, the greater the yield required forsomeone to be compensated for the increased risk.

Reinvestment Risk

This risk refers to the difference in the interest rate levels at whichcash flows received from the securities in the schemes arereinvested. The additional income from reinvestment is the “intereston interest” component. The risk is that the rate at which interimcash flows are reinvestment may be lower than that originallyassumed.

Risks associated with Derivatives

Derivative products are specialised instruments that requireinvestment techniques and risk analysis different from thoseassociated with stocks and bonds. Derivatives require themaintenance of adequate controls to monitor the transactionsentered into, the ability to assess the risk that a derivative add tothe portfolio and the ability to forecast price of securities beinghedged and interest rate movements correctly. There is a possibilitythat a loss may be sustained by the portfolio as a result of thefailure of another party (usually referred to as the “counterparty”)to comply with the terms of the derivatives contract. Other risks inusing derivatives include the risk of mis-pricing or impropervaluation of derivatives and the inability of derivatives to correlateperfectly with underlying assets, rates and indices.

Disclosure / Disclaimer

To the best of the knowledge and belief of the Directors of theTrustee Company, information contained in this Offering Circularis in accordance with the SEBI Regulations and facts and does notomit anything likely to have a material impact on the importance ofsuch information.

Neither this Offering Circular nor the Units have been registered inany jurisdiction. The distribution of this Offering Circular in certainjurisdictions may be restricted or subject to registrationrequirements and, accordingly, persons who come into possessionof this Offering Circular are required to inform themselves about,and to observe, any such restrictions. No persons receiving acopy of this Offering Circular or any accompanying applicationform in any such jurisdiction may treat this Offering Circular orsuch application form as constituting an invitation to them tosubscribe for Units, nor should they in any event use any suchapplication form, unless in the relevant jurisdiction such an invitationcould lawfully be made to them and such application form couldlawfully be used without compliance with any registration or otherlegal requirements. Accordingly, this Offering Circular does notconstitute an offer or solicitation to anyone in any jurisdiction inwhich such offer or solicitation is not lawful or in which the personmaking such offer or solicitation is not qualified to do so or toanyone to whom it is unlawful to make such offer or solicitation. It

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is the responsibility of any persons in possession of this OfferingCircular and any persons wishing to apply for Units pursuant tothis Offering Circular to inform themselves of, and to observe, allapplicable laws and Regulations of such relevant jurisdiction.

Prospective investors should review / study this Offering Circularcarefully and in its entirety and should not construe the contentshereof or regard the summaries contained herein as advice relatingto legal, taxation, or financial / investment matters and are advisedto consult their own professional advisor(s) as to the legal or anyother requirements or restrictions relating to the subscription, gifting,acquisition, holding, disposal (sale, transfer, switch or redemptionor conversion into money) of Units and to the treatment of income(if any), capitalisation, capital gains, any distribution, and other taxconsequences relevant to their subscription, acquisition, holding,capitalisation, disposal (sale, transfer, switch, redemption orconversion into money) of Units within their jurisdiction of nationality,residence, domicile etc. or under the laws of any jurisdiction towhich they or any managed funds to be used to purchase/gift Unitsare subject, and (also) to determine possible legal, tax, financial orother consequences of subscribing / gifting to, purchasing or holdingUnits before making an application for Units.

No person has been authorised to give any information or to makeany representations not confirmed in this Offering Circular inconnection with the New fund offer / Subsequent Offer of Units,and any information or representations not contained herein mustnot be relied upon as having been authorised by the Mutual Fundor the Asset Management Company or the Trustee Company.Statements made in this Offering Circular are based on the law andpractice currently in force in India and are subject to change therein.Neither the delivery of this Offering Circular nor any sale madehereunder shall, under any circumstances, create any impressionthat the information herein continues to remain true and is correctas of any time subsequent to the date hereof.

Notwithstanding anything contained in the Offering Circular theprovisions of SEBI(Mutual Funds) Regulations 1996 and guidelinesthereunder shall be applicable. The Trustee Company would berequired to adopt / follow any regulatory changes by SEBI / RBI etcand /or all circulars / guidelines received from AMFI from time to timeif and from the date as applicable. The Trustee Company in such acase would be obliged to modify / alter any provisions / terms of theOffering Circular during / after the launch of the scheme by followingthe prescribed procedures in this regard.

Compulsory Winding Up

As per SEBI Circular dated December 12, 2003 ref SEBI/IMD/CIRNo. 10/22701/03)Each scheme and individual plan(s) under theschemes should have a minimum of 20 investors and no singleinvestor should account for more than 25% of the corpus of suchscheme/plan(s). In case of non fulfillment of either of the above twoconditions, the investor’s money would be refunded, in full,immediately after the close of the NFO.

Incase of close ended schemes, the above conditions are requiredto be complied immediately after the close of the NFO itself i.e at thetime of allotment and thereafter the time period of three months tobalance will not be available, failing which the provisions of Regulation39(2)(c) of SEBI (Mutual Fund) Regulations, 1996 would becomeapplicable automatically without any reference from SEBI. Accordingly,schemes / plans shall be wound up by following the guidelines laiddown by SEBI.

Subsequent to the scheme’s conversion to open end scheme, ineach calendar quarter, on an average basis, each portfolio under anopen end scheme shall meet with the above condition of minimum 20investors, failing which the provisions of Regulation 39(2)(c) ofSEBI (Mutual Funds) Regulations, 1996 would become applicableautomatically without any reference from SEBI and accordingly, theportfolio shall be wound up by following the guidelines laid down by

SEBI. The guidelines related to the 25% limit would be reckoned asmentioned earlier.

IV. DUE DILIGENCE BY THE ASSET MANAGEMENTCOMPANY

The following Due Diligence Certificate has been submitted to SEBI:

It is confirmed that:

(i) the draft Offering Circular is in accordance with theSEBI(Mutual Funds)Regulations, 1996 and theguidelines and directives issued by SEBI from time totime.

(ii) all legal requirements connected with the launching ofthe Scheme as also the guidelines, instructions, etc.issued by the Government and any other competentauthority in this behalf, have been duly complied with.

(iii) the disclosures made in the Offering Circular are true,fair and adequate to enable the investors to make a wellinformed decision regarding investment in the proposedscheme.

(iv) the intermediaries named in the Offering Circular areregistered with SEBI and till date, such registration isvalid.

For Tata Asset Management Limited

Place: Mumbai Hormuz A. BulsaraDate: 13

th March, 2006 Chief Operating Officer

V. EXPENSES

A) Unitholders Transactions Expenses (Load)

Type of Transactions Levy upto % ofrelevant NAV

Maximum sales load imposedon ongoing sales 7.00

Maximum Sales load on issueof units in lieu of dividends 7.00

Maximum Contingent deferred sales load 7.00

Maximum redemption / repurchase load 7.00(5% during close ended period)

Maximum switchover load 7.00

As per the SEBI specified limits the repurchase price shall not belower than 93% (95% during close ended period) of the NAV andthe sale price shall not be higher than 107% of the NAV and thedifference between the repurchase price and sale price shall notexceed 7% of the sale price.

Current Load Structure (as a % of relevant NAV)Under normal circumstances based on the Schemes’ potentialperformance in the market environment existing as of the date ofthe Offering Circular, the Fund intends to charge the following load.During Close Ended period

Entry Load - Nil

Exit Load - Nil*

* Recovery of proportionate New Fund Offer ExpensesRedemption before expiry of 18 months from the date of allotmentwill be subject to an early exit charge. An early exit charge equivalentto the unamortized new fund offer expenses will be recovered fromthe investor in case of redemption before expiry of 18 months fromthe date of allotment. As per the SEBI (Mutual Funds) Regulations,1996 the new fund offer expenses upto 6% of the amount mobilizedduring new fund offer period (NFO) can be charged to the scheme.

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Such NFO expenses shall be amortised over life of the closed endedscheme. Hence in accordance with the Regulations, NFO expenses,not exceeding 6% of the amount mobilised, will be charged to thescheme and will be amortised over a period of 18 months as illustratedon page 8. If investor opts for the redemption before the completionof 18 months, proportionate unamortized portion of the NFO expensesoutstanding at on the date of the redemption shall be recovered fromsuch investor. This is illustrated below.

For eg:1

The scheme has mobilised Rs. 100 crore during the NFO period andRs.6 cores been incurred towards NFO expenses. Rs. 6 cores will beamortised equally on a daily basis over a period of 18 months. Ifinvestor opts for a redemption of 10000 units after expiry of 6 months,unamoritsed balance of NFO expenses will be recovered from theinvestor by way of an early exit charge. This will be calculated asfollows ;

NFO Mobilisation Rs. 100 crores

NFO Units Creation 10 crore (100/10)

NFO Expenses Rs. 6 crore

Amortisation Period 18 months

Amortisation Per Day (6,00,00,000/(18*30) = Rs.1,11,111/-

Amortisation Per Unit (1,11,111/100000000) =Rs. 0.0011

Units redemmed after6 months 10000

Unamortised NFO ExpensesAt the end of 6 months =6,00,00,000- (111111*180)

i.e Rs.4,00,00,020/-

Unamortised NFO Expenses

Per Unit At the end of 6 months = (4,00,00,020/100000000)i.e. 0.4000

Per Unit Exit ChargeApplicable at the endof 6 months Rs. 0.4000

Assumed NAV at theend of 6 months Rs.10.5000

Amount payable to theinvestors Rs.10.5000 - 0.4000 = Rs.10.1000/-

E.g 2

The scheme has mobilised Rs. 100 crore during the NFO period andRs.6 cores been incurred towards NFO expenses. Rs. 6 cores will beamortised equally on a daily basis over a period of 18 months. Ifinvestor opts for a redemption of 10000 units after expiry of 12 months,unamoritsed balance of NFO expenses will be recovered from theinvestor by way of an early exit charge. This will be calculated asfollows ;







Units redemmedafter 12 months 10000


At the end of 12 months =6,00,00,000- (111111*365)i.e Rs.1,94,44,444/-


Per Unit At the end of 12 months = (1,94,44,444/100000000) i.e. 0.1944

Per Unit Exit Charge Applicable at the end of

12 months Rs. 0.1944



Exit charge will get reduced over a period of time.

After Conversion into an Open Ended Scheme

Entry Load

1) On amount invested other than by way of a SystematicInvestment PlanEntry Load: 2.25% for each investment amount less than

Rs. 2 crores. Nil for each investment amount equal to or more than Rs. 2 crores.

Exit Load : Nil

2) On amount invested by way of a Systematic InvestmentPlan*Entry Load : 1%

Exit Load : 1.25% if redeemed on or before expiry of 24 months fromthe date of allotment.

If redeemed after 24 months - Nil.

* Maximum SIP installment should not exceed Rs 10 lakhs duringongoing sales.

No entry / exit load shall be charged on the units subscribed by anyFund of Funds Scheme.

The trustee may at their discretion change the load structure of thescheme.

The AMC reserves the right to change/modify entry / exit /switchover load (including zero load), depending upon thecircumstances prevailing at any given time. However any change inthe load structure will be applicable on prospective investment only.The AMC may charge an entry / exit load for switch of units fromone plan/option to another plan/option within the Scheme and/or anyother scheme of TMF depending upon the circumstances prevailingat any given time. The switchover load may be different for differentplans/options and the switchover load may be different from theentry and /or exit load charged for sale and/or repurchase units. Theload charged could also be different for different options in the plansof the Scheme at the same time and different as regards the amount/tenor of investment, etc.

All loads including CDSC for each scheme will be maintained in aseparate account and will be utilized towards meeting the sellingand distribution expenses. Any surplus in this account may becredited to the Scheme, whenever felt appropriate by the AMC.

B) New Fund Offer Expenses (NFO Expenses)i) Present SchemeThe new fund offer expenses of the TATA EQUITY MANAGEMENTFUND, to the extent of 6% of amount mobilised will be borne by thescheme and the new fund offer expenditure in excess of the abovelimits shall be borne by TAML / TTCPL. For the information of theInvestors / Unitholders, the total expenses of the Scheme for thenew fund offer expressed as a percentage of the aggregate amountexpected to be raised in the New Fund Offer Period, are estimated tobe as follows;

7


Description % of the EstimatedTarget Amount

Advertising & Marketing 2.75

Commission to Brokers/ Agents 2.25

Printing, Dispatch, Handling, etc. 0.50

Miscellaneous Expenses 0.50Total 6.00

Above estimates are based on a corpus of Rs. 1 crore and wouldchange to the extent corpus is lower or higher. The above expensesare subject to inter-se change and may increase/ decrease as peractual and/ or any change in regulations.

The new fund offer expenses would be amortised over a period of18 months and would be included in the NAV. However the samewould not be included in the NAV for determining the InvestmentManagement and Trustee Fees. The above is as per SEBI Regulationsincluding Schedule VII and X thereof. The same can further beillustrated as follows:

Tata Equity Management Fund

Face Value of Units (Rs. Per Unit) A 10

Entry Load (% of Face Value) B 0%

Entry Load (Rs. Per unit) (A * B) C 0.0000

Issue Price (A + C) D 10.0000

Max NFO Exp (6%) (A * 6%) F 0.6000

NFO exp to borne out of entry load ( = C) G 0.0000

Balance NFO Expenses to becharged to the scheme ( F - G) H 0.6000

Amount available for investmentfor every Rs. 10 plus entry loadcontributed by the investor(D – G - H) I 9.4000

Amortisation of NFO expensesper day (Rs. Per unit) J 0.0011

Balance NFO Expenses to becarry forward (H - J) (Rs. Per Unit) K 0.5989

NAV on day 1 (I + K) (Rs. Per unit) L 9.9989

Resale Price on day 1 9.9989

Repurchase price on day 1 9.9989

Note: NFO Expenses will be borne by the scheme andamortised over a period of 18 months. In case of repurchasebefore the expiry of 18 months from the date of initial allotmentthe balance proportionate unamortised NFO expenses shallbe recovered from the investor in accordance with the SEBIregulations.

New Fund Offer Expenses for the past schemes

Total new fund offer New fund offer expenses New fund offer expensesexpenses incurred borne by the scheme borne by AMC

Scheme % of amount Amount % of amount Amount % of amount Amountmobilised (Rs. In crores) mobilized (Rs. In crores) mobilised (Rs. In crores)

Tata Dynamic bond Fund 0.03 0.05 0.03 0.05 0.00 0.00

Tata Floating Rate Fund 0.03 0.05 0.03 0.05 0.00 0.00

Tata Equity P/E Fund 2.72 2.79 2.72 2.79 0.00 0.00

Tata Dividend Yield Fund 1.11 4.49 1.11 4.49 0.00 0.00

Tata Infrastructure Fund 1.75 13.31 1.75 13.31 0.00 0.00

Tata Service Industries Fund 1.32 4.16 1.32 4.16 0.00 0.00

Tata Fixed Horizon Fund Series 1(Plan A), (Plan C) 0.00 0.00 0.00 0.00 0.00 0.00

Tata Mid Cap Fund 2.70 11.26 2.70 11.26 0.00 0.00

Tata Floater Fund 0.00 0.00 0.00 0.00 0.00 0.00

Tata Contra Fund 3.64 5.65 3.64 5.65 0.00 0.00

Tata Fixed Horizon Fund Series 2(Plan A), (Plan B), (Plan C) 0.00 0.00 0.00 0.00 0.00 0.00

Tata Fixed Horizon Fund Series 3(Scheme A, B, C, D, F, G) 0.00 0.00 0.00 0.00 0.00 0.00

Tata Fixed Horizon Fund Series 5(Scheme A, B) 0.00 0.00 0.00 0.00 0.00 0.00

Tata Tax Advantage Fund 1 5.48 7.41 5.48 7.41 0.00 0.00

Tata Liquidity Management Fund 0.00 0.00 0.00 0.00 0.00 0.00

8


Estimates (%)

Brokerage & Transaction cost 0.10

Audit Fees 0.01

Bank Charges 0.03

Cost of providing account statement,redemption cheques / dividend warrants, etc. 0.05

Costs of statutory advertisements 0.06

Total 0.25

The above estimates of annual Scheme recurring expenses havebeen made in good faith as per the information available to theAsset Management Company and are subject to change as peractuals. The said estimates have been given to assist theUnitholder in understanding the various costs and expensesthat an Unitholder in the Scheme will bear directly or indirectly.However, the annual total of all charges and expenses of TataMutual Fund, except for brokerage, commission, stamp dutiesand other (transaction) expenses directly associated with thepurchase, sale and registration of transfer of TMF’s investment/securities and except for expenses associated with the newfund offer of Units of the Scheme, and except for selling expenseswhich are directly met / set off against sale & redemption load (asstated in the clause on Unitholder Transaction Expenses) shallbe subject to the following limits:

On the first Rs.100 Crores of the average daily net assets:2.50%

On the next Rs.300 Crores of the average daily net assets:2.25%

On the next Rs.300 Crores of the average daily net assets:2.00%

On the balance of the assets: 1.75%

The above is the maximum limit under Regulation 52 (6) of theSEBI (Mutual Funds) Regulations, 1996. The Fund will strive toreduce the level of these expenses so as to keep them wellwithin the maximum limits allowed by SEBI and any expenditurein excess of the above limits shall be borne by Tata AssetManagement Limited and/or Tata Trustee Company PrivateLimited. Besides only those expenses as given above under theclause “Annual Scheme Recurring Expenses” shall be chargedto the Scheme.

C. Annual Scheme Recurring ExpensesThe ongoing fees and expenses of operating the Scheme on anannual basis (including for the new fund offer period) expressed asa percentage of the amount of the Scheme’s daily average net assetsare estimated to be as follows :

Annual Scheme Recurring Estimates (%)

Investment Management Fees 1.25

Trustee Fees 0.05

Custodian Expenses 0.18

Registrar Expenses 0.20Marketing & Selling expenses(including agents commission) 0.57

*Other operating expenses 0.25

Total 2.50

* (For other operating expenses refer to the detailed note inItem 4 below):

1. Investment Management FeesInvestment Management fees charged by TAML shall be1.25% of the weekly average net assets for net assets uptoRs. 100 crores and 1.00% of the daily average net assets onthe balance amount above Rs. 100 crores. This fee shall beconformity with SEBI Regulations & shall be payable at afrequency as agreed between the AMC and Trustees fromtime to time. TAML shall not charge any fees on its investmentin Units of the Funds/Schemes/Plans in TMF or any otherMutual Fund.

2. Trustee FeesThe Trustee Company shall be entitled to a fee of 0.05% ofthe daily average net assets of the corpus or a sum of Rs.5 lacs per annum, whichever is higher, payable annually inarrears or at such intervals as may be decided from time totime.

3. Custodian/Registrar Fees:For Custodian’s and the Registrar & Transfer Agent’s Fees,see clause(s) “The Custodian” and “The Registrar” in“Management of the Fund”.

4. Other Operating Expenses:According to Regulation 52 (4)(b) of SEBI (Mutual Funds)Regulations 1996, other operating expenses inter aliaincludes (and expressed as a percentage of the amount ofdaily net assets):

9


VI. CONDENSED FINANCIAL INFORMATIONBrief Note on Schemes launched:

TMF has so far launched twenty seven open-ended schemes andfive closed ended scheme.Tata Balanced Fund (TBF) (formerlyknown as Tata Equity Growth Fund), is the maiden scheme of TataMutual Fund launched in August-September 1995. Tata YoungCitizens’ Fund (TYCF) initially close-ended Scheme and convertedinto an open ended scheme on 30th October 1998, also launched inthe same period was the first scheme structured by a privatesector mutual fund exclusively for children with an added automaticbenefit of Personal Accident Insurance Cover. Tata Tax SavingFund (TTSF) initially a close ended Equity linked Savings Schemefor residents launched in December 1995 and converted into anopen ended scheme on 1st April 1999 offers growth besides taxsaving and a phased investment plan, for cash flow planning. TataSelect Equity Fund (TSEF) launched in April-May 1996 was thefirst close ended Scheme structured by a private sector Mutualfund for investments exclusively in the equity of core sectorcompanies. Tata Income Fund (TIF) launched in March - April1997 offered assured semi-annual income of 15% per annum (forthe first financial year) along with possible capital appreciationunder Regular Income Option and accumulated the earnings inthe Scheme thus providing medium to long term capital gains in thecase of Appreciation Option. Tata Income Fund w.e.f. 27th April2000 also offers Monthly Income and Quarterly Income options.The Monthly Income Option was hived of as separate schemenamely Tata Monthly Income Fund w.e.f. 23rd December, 2002.Tata Twin Option Fund (TTOF) launched in March 1998 offeredthe Unitholder, the option to invest in equities of large cap companiesand the balanced portfolio option which invests in both debt andequity. On 14th February 2000 Balanced Portfolio Option of TataTwin Option Fund got merged with Tata Equity Growth Fund andthe Tata Equity Growth Fund was renamed as Tata Balanced Fund.while the equity option was renamed as Tata Pure Equity Fund.Tata Liquid Fund launched in August 1998 offered an ideal debtbased (income and growth) investment for short duration investors.Tata Life Sciences & Technology Fund a sectoral fund investing infast growing Life Science and Technology Sectors comprising ofEngineering, Tele-communications, Space, Computers, Software,Pharmaceuticals, Information Technology, Electronics andElectricals, Agrochemicals, Fertilizers, Fast Moving ConsumerGoods, and various other allied Industries, etc. was launched inJune 1999. Tata Gilt Securities Fund, a fund predominantly investingin securities issued by Central/ State Government was launchedin August 1999. This fund also offers quarterly income distributionand also growth options. Under Tata Liquid Fund two short known-maturity plans were floated. Tata Liquid Fund Serial Plan I waslaunched on 8.12.2000 and Tata Liquid Fund Serial Plan II on3.1.2001 and quarterly dividends were declared under these plans.On 8th August, 2002 Tata Short Term Bond Fund was launched.On 11th November, 2002 the Tata Income Plus Fund was launched.Tata Fixed Horizon Fund was launched 10th January, 2003,andTata Index Fund on 20th February, 2003. On 29th March 2003Tata Ind Tax Shield was converted into on open ended scheme(with no ELSS benefits) and named Tata Equity Opportunities Fund,Tata Dynamic Bond Fund was launched on 1st September, 2003,Tata Floating Rate Fund was launched on 12th December, 2003.Tata MIP Plus Fund was launched on 27th January 2004. TataEquity P/E Fund was launched on 17th May, 2004. On 28thSeptember 2004 Tata Dividend Yield was Launched, TataInfrastructure Fund was launched on 25th November, 2004, TataService Industries Fund was launched on 9th February, 2005,Tata Fixed Horizon Fund Series 1 (Plan A) was Launched on 21stMarch, 2005, Tata Mid Cap Fund was launched on 19th May,2005, Tata Floater Fund was launched on 23rd August, 2005, TataContra Fund was launched on 26th September, 2005., Tata FixedHorizon Fund Series 2 was Launched on 29th November, 2005,Tata Tax Advantage Fund 1 was launched on 16th January, 2006,Tata Fixed Horizon Fund Series 3 was Launched on 1st February,

2006. Tata Liquidity Management Fund was launched on 28thFebruary, 2006. Tata Fixed Horizon Fund Series 5 was launchedon 22nd March, 2006, TMF has so far launched twenty sevenopen-ended schemes and five closed ended scheme. Each Schemeoffers special innovative benefits to Unitholders by way ofSystematic Investment Plan, Systematic Withdrawal Plan, etc.

In November 2001, Tata Mutual Fund and Indian Bank Mutual Fundentered into an agreement for takeover of the following close ended,running schemes of Indian Bank Mutual Fund viz : Ind Shelter(Plan A&B), Ind Tax Shield (Plan A&B) and Ind Navratna. Subsequentto the takeover the names of the schemes were changed to TataInd Shelter (Plan A&B), Tata Ind Tax Shield (Plan A&B) and Tata IndNavratna . The consideration and all direct expenses in this regardwere directly borne by the respective parties to the Agreement,and not debited to the Scheme accounts. An exit option at NAV,without load was provided to unitholders in view of change in theTrustee and the Asset Management Company, as well as certainmodifications in scheme attributes such as issue of AccountStatement instead of Unit Certificates, changing NAV relatedtransactions to prospective from the earlier principle of prior weekNAV, etc. Thereafter, with effect from 22nd November 2001, the TataTrustee Company Private Limited is the Trustee and Tata AssetManagement Ltd. is the Asset Management Company for thesefunds. Tata Ind Shelter Fund Plan A and B were redeemed on31.3.2002. On 29th March 2003 Tata Ind Tax Shield was madeopen ended and named Tata Equity Opportunities Fund. Tata IndNavratna was converted in to an open ended fund on 31st March,2004 and was named as Tata Growth Fund.

Date of allotment : TBF (8/10/95), TYCF (14/10/95), TTSF (1/4/96),TSEF (24/5/96), TIFR & TIFA (2/5/97), TIFQ and TIFM (27/4/2000),TPEF (7/5/98), TLSTF (18/6/99), TLFR (2/8/99) & TLFA (30/8/98),TGSFR & TGSFA (4/8/99) TLSP1 (8/12/2000), TLSP2 (3/1/2001),TSTBF (12/08/02), TIPF(2/12/02), (TIF) (4/03/03), TDBF (03/09/03), TFRF (22/12/03), TMPF (17/03/04), TEQPEF (29/6/04),TDYF(22/11/04), TISF(31/12/04), TFHFS1 (Plan A) (28/03/05),TSIF (05/04/05), TMCF (29/06/05), (TFF) (06/09/05),TFHFS1 (Plan C) (30/09/05), TCF(14/11/05), TFHFS2 (Plan B)(2/12/05), TFHFS2 (Plan A) (29/12/05), TFHFS2 (Plan C) (2/2/06),TFHFS3 (Scheme A) (8/2/06), TFHFS3 (Scheme F) (13/2/06),TFHFS3 (Scheme C) (2/3/06), TFHFS3 (Scheme B) (24/2/06),TFHFS3 (Scheme D) (10/3/06), TFHFS3 (Scheme G) (24/3/06),TLMF (3/3/06), TTAF (16/3/06).

TBF - Tata Balanced Fund, TYCF - Tata Young Citizens’ Fund,TTSF - Tata Tax Saving Fund, TSEF - Tata Select Equity Fund,TIFR - Tata Income Fund (Half-Yearly Income Option), TIFQ - TataIncome Fund (Quarterly Income Option), TIFM - Tata Income Fund(Monthly Income Option),TIFA - Tata Income Fund (AppreciationOption), TPEF - Tata Pure Equity Fund, TLSTF - Tata Life Sciences& Technology Fund, TLFR - Tata Liquid Fund (Regular IncomeOption), TLFA - Tata Liquid Fund (Appreciation), TGSFR - Tata GiltSecurities Fund (Regular Income Option), TGSFA - Tata GiltSecurities Fund (Appreciation Option), TSTBFR - Tata Short TermBond Fund (Regular Income), TSTBFA - Tata Short Term BondFund (Appreciation Option), TIPF(A) - Tata Income Plus Fund OptionA, TIPF(B) - Tata Income Plus Fund Option B, TFHF - Tata FixedHorizon Fund, TMIF - Tata Monthly Income Fund, TIF - Tata IndexFund, TDBF - Tata Dynamic Bond Fund, TFRF - Tata Floating RateFund. TMPF - Tata MIP Plus Fund, TGF - Tata Growth Fund,TEQPEF- Tata Equity P/E Fund, TDYF - Tata Dividend Yield Fund,TISF - Tata Infrastructure Fund, TFHFS1 - Tata Fixed HorizonFund Series 1 (Plan A), TSIF - Tata Service Industries Fund,TMCF - Tata Mid Cap Fund, TFF - Tata Floater Fund, TFHFS1 -Tata Fixed Horizon Fund Series 1, TCF - Tata Contra Fund. TFHFS2- Tata Fixed Horizon Fund Series 2, TFHFS3 - Tata Fixed HorizonFund Series 3, TFHFS5 - Tata Fixed Horizon Fund Series 5, TLMF- Tata Liquidity Management Fund, TTAF - Tata Tax AdvantageFund 1.

10


Condensed Financial Information for the schemes launched during the last three financial years.

Sr. Historical Per Unit Statistics TDYF TEQPEFNo. 30/04/06 31/03/06 31/03/05 30/04/06 31/03/06 31/03/05

1 NAV at the beginning of D 15.1202 D 10.5838 – D 21.9223 D 13.0898 –the year/period G 16.8745 G 10.9798 G 22.8898 G 13.6684 –

2 Net Income per unit 0.24 4.28 0.87 0.60 7.82 1.953 Dividends – – – – – 0.504 Transfer to reserves (if any) – – – – – –5 NAV at the end of the year D 15.3157 D 15.1202 D 10.5838 D 22.9945 D 21.9223 D 13.0898

G 17.0931 G 16.8745 G 10.9798 G 24.0093 G 22.8898 G 13.66846(a) Annualised return (%) * G 47.27 G 47.54 9.80 G 61.15 G 60.36 G 36.696(b) Benchmark returns (%) * 63.15 60.14 7.59 64.28 61.99 34.11

BSE SENSEX BSE SENSEX7 Net Assets at the end of 243.07 249.84 324.48 111.77 108.86 102.82

the period (Rs. Crores)8 Ratio of Recurring Expenses 2.20 2.30 2.24 2.33 2.43 1.77

to Avg. Net Assets (%)

* Returns for period less than 1 year are absolute returns and for period more than one year are compounded annualised return (CAGR)

Sr. Historical Per TMPF TDBFNo. Unit Statistics 30/04/06 31/03/06 31/03/05 31/03/04 30/04/06 31/03/06 31/03/05 31/03/041 NAV at the beginning of DM 10.5426 DM 10.1555 DM 10.0404 – RD 10.2290 RD 10.1381 RD 10.1267 –

the year/period DQ 10.5491 DQ 10.1435 DQ 10.0403 – RG 11.3750 RG 10.6672 RG 10.4235 –DS 10.6138 DS 10.0776 DS 10.0404 – HD 10.1993 HD 10.1473 HD 10.1411 –GR 11.5197 GR 10.3983 GR 10.0404 – HG 11.3845 HG 10.6860 HG 10.4402 –

2 Net Income per unit 0.11 1.26 0.51 0.0371 0.01 2.10 1.28 1.273 Dividends DM 0.0658 DM 0.2493 DM 0.2411 0.0000 – RD 0.1371 RD 0.1229 0.0715

DQ 0.2537 HD 0.1496 HD 0.1229 0.2306DS 0.1003

4 Transfer to reserves (if any) – – – – – – – –5 NAV at the end of the year DM 10.6059 DM 10.5426 DM 10.1555 10.0404 RD 10.2730 RD 10.2290 RD 10.1381 10.1267

DQ 10.6782 DQ 10.5491 DQ 10.1435 10.0403 RG 11.4220 RG 11.3750 RG 10.6672 10.4235DS 10.7438 DS 10.6138 DS 10.0776 10.0404 HD 10.2431 HD 10.1993 HD 10.1473 10.1411GR 11.6606 GR 11.5197 GR 10.3983 10.0404 HG 11.4403 HG 11.3845 HG 10.6860 10.4402

6(a) Annualised Return (%) * GR 7.51 GR 7.18 GR 3.83 GR 0.40 RG 5.19 RG 5.13 RG 4.17 RG 4.24HG 5.13 HG 5.02 HG 4.30 HG 4.40

6(b) Benchmark returns (%) * 7.32 6.88 -2.85 0.58 3.33 3.05 2.19 3.74Crisil MIP Blended Index Crisil Composite Bond Fund

7 Net Assets at the end of 67.96 71.32 163.79 418.19 5.62 8.71 7.17 62.06the period (Rs. Crores)

8 Ratio of Recurring Expenses 1.80 1.90 1.89 1.97 1.18 1.24 1.25 1.25to Avg. Net Assets (%)

* Returns for period less than 1 year are absolute returns and for period more than 1 year are compounded annualised return (CAGR)

Sr. Historical Per Unit Statistics TISF TFRLTFNo. 30/04/06 31/03/06 31/03/05 30/04/06 31/03/06 31/03/05 31/03/04

1 NAV at the beginning of D 19.2745 D 10.6002 – D 10.2602 D 10.0874 D 10.0038 10.0000the year/period G 20.0401 G 10.5940 G 10.9524 G 10.4828 G 10.1015

2 Net Income per unit 0.22 1.97 0.25 0.40 0.64 0.26 0.063 Dividends – – – 0.0230 0.0255 0.2720 0.08044 Transfer to reserves (if any) – – – – – – –

5 NAV at the end of the year D 20.9086 D 19.2745 D 10.6002 D 10.2718 D 10.2602 D 10.0874 D 10.0038G 21.7400 G 20.0401 G 10.5940 G 10.9922 G 10.9524 G 10.4828 G 10.1015

6(a) Annualised return (%) * G 79.40 G 74.66 5.94 G 4.14 G 4.08 G 3.77 G 1.026(b) Benchmark returns (%) * 57.19 53.67 (1.66) 4.62 4.45 4.14 1.24

BSE SENSEX Crisil Liquid Fund Index

7 Net Assets at the end of 971.97 883.84 738.70 7.21 8.18 12.72 8.87the period (Rs. Crores)

8 Ratio of Recurring Expenses 1.94 2.12 2.12 0.66 0.75 0.74 0.73to Avg. Net Assets (%)


11


Sr. Historical Per Unit TFRSTF TSIFNo. Statistics 30/04/06 31/03/06 31/03/05 31/03/04 30/04/06 31/03/06

1 NAV at the beginning RD 10.1119 RD 10.0579 D 10.0053 10.0000 D 17.0300 –of the year/period RG 11.2071 RG 10.6168 G 10.1185 G 17.0085

ID 10.0104 ID 10.0105IG 10.3015 IG 10.8999 IG 10.3015

2 Net Income per unit 0.04 2.96 0.39 0.11 0.30 3.00

3 Dividends RIPWLY 0.0384 RIPWLY 0.0384 RIP WD 0.4166 0.0932 – –IIPDD 0.0531 IIPDD 0.0505 IIP DD 0.2853

4 Transfer to reserves (if any) – – – – – –

5 NAV at the end of the year RD 10.1242 RD 10.1119 RD 10.0579 D- 10.0053 D 17.5830 D 17.0300RG 11.2624 RG 11.2071 RG 10.6168 G- 10.1185 G 17.5607 G 17.0085

ID 10.0104 ID 10.0104 ID 10.0105IG 10.9586 IG 10.8999 IG 10.3015

6(a)Annualised return (%) * G 5.18 G 5.14 G 4.81 G- 1.19 G 75.61 G 70.09

6(b)Benchmark returns (%) * 4.62 4.45 4.14 1.24 76.81 72.21

Crisil Liquid Fund Index BSE SENSEX

7 Net Assets at the end of 273.02 201.13 672.63 112.03 235.13 241.57the period (Rs. Crores)

8 Ratio of Recurring Expenses 0.39 0.60 0.65 0.75 2.20 2.05to Avg. Net Assets (%)

* Returns for period less than 1 year are absolute returns and for period more than 1 year are compounded annualised return (CAGR).

Sr. Historical Per Unit Statistics TFF TFHFS1 A8 TTAF1No. 30/04/06 31/03/06 30/04/06 31/03/06 30/04/06 31/03/06

1 NAV at the beginning – – D 10.1917 – G 10.0543 –of the year/period G 10.1917


3 Dividends DD 0.0384 DD 0.0480 – – – –DWLY 0.0586 DWLY 0.0384


5 NAV at the end of the year DD 10.0014 DD 10.0021 D 10.2920 D 10.1917 G 10.2297 G 10.0543DWLY 10.0374 DWLY 10.0265 G 10.2920 G 10.1917

G 10.3509 G 10.3004

6(a) Annualised Return (%) * G 3.50 G 3.00 G 2.92 G 1.97 G 2.29 G 0.54

6(b) Benchmark returns (%) * 3.51 2.76 3.20 0.39 10.70 3.69

Crisil Liquid Fund Index Crisil Liquid Fund Index BSE SENSEX




12


Sr. Historical Per TFHFS2 A11 TFHFS2 A12 TFHFS2 A13 TFHFS3 A14No. Unit Statistics 30/04/06 31/03/06 30/04/06 31/03/06 30/04/06 31/03/06 30/04/06 31/03/061 NAV at the beginning of G 10.0797 – G 10.1429 – D 10.1004 – D 10.0223 –

the year/period G 10.1004 G 10.1028

2 Net Income per unit 0.44 0.20 0.04 0.19 0.06 0.12 0.06 0.10

3 Dividends – – – – – – – 0.0805

4 Transfer to reserves (if any) – – – – – – – –

5 NAV at the end of the year G 10.1810 G 10.0797 G 10.2115 G 10.1429 D 10.1752 D 10.1004 D 10.0822 D 10.0223G 10.1752 G 10.1004 G 10.1631 G 10.1028

6(a) Annualised Return (%) * G 1.81 G 0.80 G 2.11 G 1.43 G 1.75 G 1.00 G 1.63 G 1.03

6(b) Benchmark returns (%) * 1.40 0.44 2.10 1.37 1.25 0.29 1.43 0.70

Crisil Short Term Bond Crisil Liquid Fund Index Crisil Short Term Bond Crisil Liquid Fund Index Fund Index Fund Index




Sr. Historical Per TFHFS3 A15 TFHFS3 A16 TFHFS3 A17 TFHFS3 A18No. Unit Statistics 30/04/06 31/03/06 30/04/06 31/03/06 30/04/06 31/03/06 30/04/06 31/03/061 NAV at the beginning of D 10.0577 – D 10.0187 – D 10.0639 – D 10.0461 –

the year/period G 10.0575 G 10.0743 G 10.0639 G 10.0460

2 Net Income per unit 0.06 0.10 0.06 0.07 0.07 0.06 0.07 0.05

3 Dividends – – – 0.0556 – – – –

4 Transfer to reserves (if any) – – – – – – – –

5 NAV at the end of the year D 10.1580 D 10.0577 D 10.0810 D 10.0187 D 10.1368 D 10.0639 D 10.1149 D 10.0461G 10.1578 G 10.0575 G 10.1369 G 10.0743 G 10.1368 G 10.0639 G 10.1148 G 10.0460

6(a) Annualised Return (%) * G 158 G 0.58 G 1.37 G 0.74 G 1.37 G 0.64 G 1.15 G 0.15

6(b) Benchmark returns (%) * 1.08 0.36 1.27 0.54 1.21 0.79 1.12 0.39

Crisil Short Term Bond Crisil Liquid Fund Index Crisil Liquid Fund Index Crisil Liquid Fund Index Fund Index




Sr. Historical Per TFHFS3 A19 TFHFS5 A20 TFHFS5 A21No. Unit Statistics 30/04/06 31/03/06 30/04/06 31/03/06 30/04/06 31/03/061 NAV at the beginning of D 10.0172 – D 10.0168 – D 10.0066 –

the year/period G 10.0172 G 10.0168 G 10.0066


3 Dividends – – – – – –


5 NAV at the end of the year D 10.0891 D 10.0172 D 10.0870 D 10.0168 D 10.0768 D 10.0066G 10.0891 G 10.0172 G 10.0870 G 10.0168 G 10.0768 G 10.0066

6(a) Annualised Return (%) * G 0.89 G 0.17 G 0.87 G 0.17 G 0.77 G 0.06

6(b) Benchmark returns (%) * 1.11 0.15 0.86 0.39 0.76 0.04 Crisil Short Term Bond Crisil Liquid Fund Index Crisil Liquid Fund Index Fund Index




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Sr. Historical Per Unit Statistics TLMFNo. 30/04/06 31/03/06

1 NAV at the beginning of DD 1002.2592 –the year/period DWLY 10001.9371

G 1005.2167

2 Net Income per unit 6.41 1.89

3 Dividends DD 5.4931 DD 2.8402DWLY 6.3288 DWLY 4.2192

4 Transfer to reserves (if any) – –

5 NAV at the end of the year DD 1002.2592 DD 1002.2592DWLY 10003.2119 DWLY 10001.9371

G 1010.7405 G 1005.2167

6(a) Annualised return (%) * G 1.07 G 0.52

6(b) Benchmark returns (%) * 1.20 0.48

Crisil Liquid Fund Index

7 Net Assets at the end of 339.68 224.66the period (Rs. Crores)

8 Ratio of Recurring Expenses 0.28 0.27to Avg. Net Assets (%)


Borrowings during the last financial year i.e financial year 2005-2006.

Scheme Amount (Crores) % of NAV Purpose Period

TLF 75.00 2.3077 To meet redeemptions 1 day


TSTBF 25.00 4.10 To meet redeemptions 1 day


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VII. CONSTITUTION OF TATA MUTUAL FUNDi. Constitution:Tata Mutual Fund (TMF) has been constituted as a Trust inaccordance with the provisions of The Indian Trusts Act, 1882 (2 of1882) and is registered as a Trust under The Indian RegistrationAct, 1908. TMF was registered with Securities & Exchange Board ofIndia (SEBI) and commenced operation by launching its first schemeon 30th August 1995. Tata Sons Limited(TSL) and Tata InvestmentCorporation Ltd (TICL) are the Sponsors and the Settlors and TataTrustee Company Private Limited is the Trustee Company. TheTrustee Company has appointed Tata Asset Management Limited(TAML) as the Asset Management Company. TSL and TICL havemade an aggregate initial contribution of Rs.1 lac towards setting upof TMF.

Share holding pattern of Tata Asset Management Ltd (TAML) andTata Trustee Company Pvt Ltd (TTCPL)

TAML TTCPL

Tata Sons Ltd 67.91% 50%

Tata Investment Corporation Ltd 32.09% 50%

ii. The Sponsors:

Tata Sons Limited (TSL)Tata Sons Limited is the promoter and the principal investment holdingcompany of the Tata group. Established as a trading firm in 1868, itis the promoter of major companies of the Tata group and holds thepromoter shareholding along with other entities in listed companiessuch as India’s largest IT Services company, Tata ConsultancyServices Limited, Tata Motors Limited, Tata Steel Limited, Tata PowerCompany Limited and Tata Tea Limited, to name a few. It is also themajority shareholder in unlisted companies such as Tata AssetManagement Limited, Tata AIG Life Insurance Company Limited andTata AIG General Insurance Company Limited - in the financialservices segment.

The Tata group today accounts for about 3% of the Indian GDP andcontributes about 5% to the country’s exports. The group presentlyhas the highest market capitalisation amongst all Indian businessgroups with around 2 million shareholders. Tata Sons is also theowner of the TATA name and the TATA Trade Marks which areregistered in India and several other countries.

Financial performance of TSL(Rs. in crores)

2002-03 2003-04 2004-05

Total Income 5158.87 6476.68 3735.69

Profit after tax 816.84 1291.96 3273.61

Preference Share Capital 31.25 16.10 66.10

Equity Share Capital 40.41 40.41 40.41

Free reserves 3965.98 4981.50 7928.60

Net worth 4006.39 5021.91 7969.01

Dividend on Preference Shares 4.09 2.00 3.45

Dividend on Ordinary Shares 131.35 242.49 282.90

Earnings per share (face valueRs.1000 per share) (Rs.) 20107 31912 80904

2. Tata Investment Corporation Limited (TICL)Tata Investment Corporation Ltd. was promoted by Tata Sons Ltd. in1937, with the main objective of being an investment company, andwas initially called The Investment Corporation of India Ltd. It remainedclosely held till 1959, when it was listed on the Bombay StockExchange. Over the years, TICL has built up a portfolio of investmentsof quoted and unquoted securities of a book value of Rs. 516.52crores as on 31st March, 2005. Its realizable value of investment as

on 31st March, 2005. was Rs. 1490.05 crores, spread over 237companies.

Financial performance of TICL :Last three financial years.

(Rs. in crores)

2002-03 2003-04 2004-05

Total Income 52.80 90.37 119.18

Profit after tax 45.82 80.56 112.38

Equity Share Capital 22.97 22.97 22.97

Free reserves 325.16 379.46 463.57

Net worth/Book 151.53 175.17 211.79Value per Share

Earnings per share 21.71 35.06 48.92

Dividend paid (%) 60.00 101.00 120.00

iii. The Trustee CompanyConstitutionTata Trustee Company Private Limited, through its Board of Directors,discharges the obligations as Trustee of TMF. The Trustee Companymay, amend the terms of the offer of the Units, the terms of theScheme and the terms of the Fund from time to time as per theprovisions contained in SEBI Regulations. The Trustee Company isentitled to fees as stated in the clause on “Trustee Fee”. The TrusteeCompany has appointed TAML as the Asset Management Company,Standard Chartered Bank as the Custodian and CAMS as theRegistrar and Transfer Agent, the details of which are given in theClause “Management of the Fund”.

Board of Tata Trustee Company Private Limited:

Mr. S. M. Datta (Chairman), Address: Peerless General Finance& Investment Company Limited, 11-A, Mittal Tower, ‘A’ wing, FirstFloor, Nariman Point, Mumbai 400 021. Status: IndependentOccupation: Industrialist, Other Directorships : ChairmanCastrol India Limited, IL&FS Investment Managers Limited, PhilipsIndia Limited, E. I. D. Parry (India) Limited, Director Zodiac ClothingCompany Limited, TIL Limited, Peerless General Finance &Investment Company Limited, BOC India Limited, Goodlass NerolacPaints Limited, M. Visvesvaraya Industrial Research & DevelopmentCentre, Transport Corporation of India Limited, Atul Limited, BhorukaPower Corporation Limited. Other Memberships : Chairman - IndianInstitute of Management, Bangalore, Chairman - Goa Institute ofManagement, Advisor - Army Group Insurance Fund, Trustee -India Brand Equity Fund Trust, Member - Council of EU Chambersof Commerce, Member – ACME, Chairman - SIES Institute ofManagement Studies, Director – Supervisory Board of the EicherGroup of Companies, Governor – Woodlands Hospital & MedicalResearch Centre Limited, Chairman of Governing Board: IndianInstitute of Health Management Research.

Mr. I. Hussain (Director), Address: Tata Sons Limited, BombayHouse, 24, Homi Mody Street, Mumbai 400 001. Status: Associ-ate, Occupation: Industrialist, Other Directorships : ChairmanVoltas Limited, Tata Finance Limited, Director Tata Sons Limited,Tata Steel Limited, Titan Industries Limited, Tata Inc., Tata Indus-tries Limited, The India Growth Fund Inc., Tata AIG Life InsuranceCo. Limited, Tata AIG General Insurance Co. Limited, Idea CellularLimited, CMC Limited, Videsh Sanchar Nigam Limited, Speech &Software Technologies (India) Pvt. Limited, Tata Sky Limited, TataRefractories Ltd.

Mr. J. N. Godrej (Director), Address: Godrej & Boyce Manufac-turing Company Limited, Pirojshanagar, Vikhroli, Mumbai - 400079. Status: Independent, Occupation: Industrialist, OtherDirectorships : Chairman Geometric Software Solutions Com-pany Limited, Chairman & Managing Director Godrej & BoyceManufacturing Company Limited, Director Godrej Properties &Investments Limited, Godrej Agrovet Limited, Godrej Sara Lee

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Limited, Godrej Foods Limited, Godrej Tea Limited, Godrej Indus-tries Limited, 3D PLMSoftware Solutions, Godrej Consumer Prod-ucts Limited, Bajaj Auto Limited, Antrix Corporation Limited, GodrejUpstream Limited, Godrej Investments Private Limited, LawkimLimited, Illinois Institute of Technology (India) Private Limited, Godrej(Singapore) Pte. Limited, Godrej (Malaysia) Sdn. Bhd., Godrej (Vi-etnam) Company Limited, Godrej & Khimji (Middle East) LLC,Muscat, Haldia Petrochemicals Limited, Breach Candy HospitalTrust. Other Memberships : Past President & Member of theNational Council - Confederation of Indian Industry, Past Chair-man of the Western Regional Council- Confederation of IndianIndustry, Past President & Member of the Executive Committee -Indian Machine Tool Manufacturers’ Association, Member of theGoverning Council - Central Manufacturing Technology Institute,Bangalore, Founder Member & Member of the Executive Council -Tool Gauge Manufacturers’ Association.

Dr. N. A. Kalyani (Director) Address: Shangrilla Gardens, B&CWings, 1st Floor, Bund Garden Road, Pune 411 001. Status:Independent, Occupation: Industrialist Other Directorships :Executive Chairman Kalyani Forge Limited, Chairman KalyaniSecurities Private Limited, Shakuntal Engineering & EquipmentsPrivate Limited, Kautilya Engineering & Manufacturing PrivateLimited, Gajanan Investment Private Limited, Aboli InvestmentPrivate Limited, Zendu Investment Private Limited, Uttara AgroPrivate Limited, Purva Agro Private Limited, Anuradha AgrotechPrivate Limited, Punarvasu Agro Private Limited, Vishakha AgroPrivate Limited, Kalyani Floritech Private Limited, Ashlesha AgroPrivate Limited, Uttarashadha Agro Private Limited, DhanishthaAgro Private Limited, Purvashadha Agro Private Limited, SaraswatiAgrotech Private Limited, Rohini Agrotech Private Limited, KalyaniAgro and Exports Private Limited, Bhadrapada Agro Private Limited,Jeshtha Agro Private Limited, Shattarka Agro Private Limited,Kalyani Horticulture Private Limited, Pushya Agro Private Limited,Bramhaputra Agrotech Private Limited, Jamuna Agrotech PrivateLimited, Chinab Agrotech Private Limited, Director: KineticEngineering Company Limited, Kirloskar Oil Engines Limited, FinolexIndustries Limited, Finolex Cables Limited, Sudarshan ChemicalIndustries Limited, Hindustan Construction Company Limited,Dronacharya Investment and Trading Private Limited,Dandakarayanya Investment and Trading Private Limited,Hastinapur Investment and Trading Private Limited, CampanulaInvestment and Finance Private Limited, Cornflower Investmentand Finance Private Limited, Other Memberships : Chairman –Kalyani Institute of Scientific Research, Pune, Chairman – KalyaniMedical Foundation, Pune, Chairman – Kalyani Institute of PoultryResearch, Pune, Member - Executive Committee, MahrattaChamber of Commerce and Industries, Pune, Member - ExecutiveCommittee, Federation of Indian Chamber of Commerce andIndustry.

Duties and Responsibilities of the Trustee Company

(1) The trustees and the asset management company shallwith the prior approval of the Board enter into an investmentmanagement agreement.

(2) The investment management agreement shall contain suchclauses as are mentioned in the Fourth Schedule and suchother clauses as are necessary for the purpose of makinginvestments.

(3) The trustees shall have a right to obtain from the assetmanagement company such information as is considerednecessary by the trustees.

(4) In carrying out his/her responsibilities as a member of theBoard of Trustee, each Trustee shall maintain an arms’ lengthrelationship with other companies, or institutions or financialintermediaries or any body corporate with which he may beassociated in any transaction also involving the mutual fund.

(5) No Trustee shall participate in the meetings of the Board ofTrustee when any decisions for investments in which he/she may be interested are taken.

(6) All the Trustee shall furnish to the Board of Trustee,particulars of interest which he/she, may have in any othercompany, or institution or financial intermediary or anycorporate by virtue of his/her position as director, partneror with which he/she may be associated in any othercapacity.

(7) The trustees shall ensure before the launch of any schemethat the asset management company has;

(a) systems in place for its back office, dealing room andaccounting:

(b) appointed all key personnel including fund manager(s) forthe scheme(s) and submitted their bio-data which shallcontain the educational qualifications, past experience inthe securities market with the trustees, within 15 days oftheir appointment;

(c) appointed auditors to audit its accounts;

(d) appointed a compliance officer to comply with regulatoryrequirement and to redress investor grievances:

(e) appointed registrars and laid down parameters forsupervision;

(f) prepared a compliance manual and designed internal controlmechanisms including internal audit systems;

(g) specified norms for empanelment of brokers and marketingagents.

(8) The trustees shall ensure that an asset managementcompany has been diligent in empanelling the brokers, inmonitoring securities transactions with brokers and avoidingundue concentration of business with any broker.

(9) The trustees shall ensure that the asset managementcompany has not given any undue or unfair advantage toany associates or dealt with any of the associates of theasset management company in any manner detrimental tointerest of the unitholders.

(10) The trustees shall ensure that the transactions enteredinto by the asset management company are in accordancewith the regulations and the schemes investment objectives

(11) The trustees shall ensure that the asset managementcompany has been managing the mutual fund schemesindependently of other activities and have taken adequatesteps to ensure that the interest of investors of one schemeare not being compromised with those of any other schemeor of other activities of the asset management company.

(12) The trustees shall ensure that all the activities of the assetmanagement company are in accordance with theprovisions of these regulations.

(13) Where the trustees have reason to believe that the conductof business of the mutual fund is not in accordance withthese regulations and the scheme they shall forthwith takesuch remedial steps as are necessary by them and shallimmediately inform the SEBI of the violation and the actiontaken by them.

(14) Each trustee shall file the details of his transactions of dealingin securities with the Trust on a quarterly basis.

(15) The trustees shall be accountable for, and be the custodianof the funds and property of the respective schemes andshall hold the same in trust for the benefit of the unit holdersin accordance with these regulations and the provisions oftrust deed.

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(16) The trustees shall take steps to ensure that the transactionsof the mutual fund are in accordance with the provisions ofthe trust deed.

(17) The trustees shall be responsible for the calculation of anyincome due to be paid to the mutual fund and also of anyincome received in the mutual fund for the holders of theunits of any scheme in accordance with these regulationsand the trust deed.

(18) The trustees shall obtain the consent of the unitholders -

(a) whenever required to do so by the Board in the interest ofthe unitholders: or

(b) whenever required to do so on the requisition made bythreefourths of the unit holders of any scheme: or

(c) when the majority of the trustees decide to wind up orprematurely redeem the units: or

(19) The trustees shall ensure that no change in the fundamentalattributes of any scheme or the trust or fees and expensespayable or any other change which would modify the schemeand affects the interest of unitholders, shall be carried outunless:-

(i) a written communication about the proposed change is sentto each unitholder and an advertisement is given in oneEnglish daily newspaper having nationwide circulation aswell as in a newspaper published in the language of theregion where the Head Office of the mutual fund is situated;and

(ii) the unitholders are given an option to exit at the prevailingNet Asset Value without any exit load.”

(20) The trustees on a quarterly basis shall call for the details oftransactions in securities by the key personnel of the assetmanagement company in his own name or on behalf of theasset management company and shall report to the Board,as and when required.

Explanation:

To comply with the requirement of sub-regulation (1) ofregulation 18 of the SEBI (Mutual Funds) Regulations, 1996,the trustees shall call for the details of transactions insecurities by the key personnel of the asset managementcompany in their own name or on behalf of the AMC on asix monthly basis.

(21) The trustees shall on quarterly basis review all transactionscarried out between the mutual funds, asset managementcompany and its associates.

(22) The trustees shall on quarterly basis review the networthof the asset management company and in case of anyshortfall ensure that the asset management company makeup for the shortfall as per clause (f) of sub-regulation (1) ofregulation 21.

(23) The trustees shall periodically review all service contractssuch as custody arrangements, transfer agents of thesecurities and satisfy itself that such contracts are executedin the interest of the unitholders.

(24) The trustees shall ensure that there is no conflict of interestbetween the manner of deployment of its networth by theasset management company and the interest of theunitholders.

(25) The trustees shall periodically review the investor complaintsreceived and the redressal of the same by the assetmanagement company.

(26) The trustees shall abide by the Code of Conduct as specifiedin the Fifth Schedule.

(27) The trustees shall furnish to the Board on a half yearlybasis:-

(a) a report on the activities of the mutual fund covering thedetail as prescribed by SEBI;

(b) a certificate stating that the trustees have satisfiedthemselves that there have been no instances of self dealingor front running by any of the trustees, directors and keypersonnel of the asset management company;

(c) a certificate to the effect that the asset managementcompany has been managing the schemes independentlyof any other activities and incase any activities of the naturereferred to in sub-regulation (2) of regulation 24 have beenundertaken by the asset management company and hastaken adequate steps to ensure that the interest of theunitholders are protected.

(28) The independent trustees referred to in sub-regulation (5)of regulation 16 shall give their comments on the reportreceived from the asset management company regardingthe investments by the mutual fund in the securities of groupcompanies of the sponsor.

(29) Trustees shall exercise due diligence as under:

A. General Due Diligence(i) the Trustees shall be discerning in the appointment of the

directors on the Board of the asset management company.

(ii) Trustees shall review the desirability of continuance of theasset management company if substantial irregularities areobserved in any of the schemes and shall not allow theasset management company to float new schemes.

(iii) The trustees shall ensure that the trust property is properlyprotected, held and administered by proper persons and bya proper number of such persons.

(iv) The trustee shall ensure that all service providers are holdingappropriate registrations from the Board or concernedregulatory authority.

(v) The trustees shall arrange for test checks of servicecontracts.

(vi) Trustees shall immediately report to the Board of any specialdevelopments in the mutual fund.

B. Specific Due Diligence:

The Trustees shall:

(i) Obtain internal audit reports at regular intervals fromindependent auditors appointed by the Trustees.

(ii) Obtain compliance certificates at regular intervals from theasset management company

(iii) Hold meeting of trustees more frequently.

(iv) Consider the reports of the independent auditor andcompliance reports of asset management company at themeetings of trustees for appropriate action.

(v) Maintain records of the decisions of the Trustees at theirmeetings and of the minutes of the meetings.

(vi) Prescribe and adhere to a code of ethics by the Trustees,asset management company and its personnel.

(vii) Communicate in writing to the asset management companyof the deficiencies and checking on the rectification ofdeficiencies.

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(30) Notwithstanding anything contained in sub-regulations (1)to (25), the trustees shall not be held liable for acts done ingood faith if they have exercised adequate due diligencehonestly.

(31) The independent directors of the trustees or assetmanagement company shall pay specific attention to thefollowing, as may be applicable, namely:

(i) the Investment Management Agreement and thecompensation paid under the agreement.

(ii) Service contract with affil iates – whether the assetmanagement company has charged higher fees than outsidecontractors for the same services.

(iii) Selection of the asset management company’s independentdirectors.

(iv) Securities transactions involving affiliates to the extent suchtransactions are permitted.

(v) Selecting and nominating individuals to fill independentdirectors vacancies.

(vi) Code of ethics must be designed to prevent fraudulent,deceptive or manipulative practices by insiders in connectionwith personal securities transactions.

(vii) The reasonableness of fees paid to sponsors, assetmanagement company and any others for services provided.

(viii) Principal underwriting contracts and their renewals.

(ix) Any service contract with the associates of the assetmanagement company.

(32) No amendments to the trust deed shall be carried outwithout the prior approval of the SEBI and unitholders’approval would be obtained where it affects the interestsof the unitholders.

Supervision over TAML:

The Trustee Company monitors the activities of TAML on an ongoingbasis by having in place, a number of checks and balances andasking for various reports besides periodic review of the variousactivities of TAML. Specific amongst such systems is the periodicMIS reporting to be submitted by TAML at each Meeting of theBoard of Directors of the Trustee Company (held at least onceevery two months), which includes:

1. NAV calculations, movement of Net Assets and Valuationmatrix/methodology.

2. Balance sheet and Revenue & Expenditure Accounts

3. Schemewise breakup of Industry Exposure in Equities/Securities.

4. Investments in Associate/Group Companies (alongwithjustification)

5. Investment in Corporates who have invested in the Scheme.

6. Companywise List of Investments

7. Broker-wise transactions.

Besides, the quarterly compliance reports which are submitted byTAML to SEBI are also placed before the Board of Directors of theTrustee Company and discussed. Reports of the independentInternal auditors (currently M/s C.C.Chokshi & Co., CharteredAccountants, Mafatlal Centre, Backbay Reclamation, Mumbai 400020)are sent directly to the Chairman of the Trustee Company andalso placed before the Audit Committee of Directors, who seekexplanation and clarifications from TAML on the points brought outin the report and thereafter report the same to the main Board.

Periodic declarations are taken from the staff and Directors ofTAML and placed before the Board of Directors of the TrusteeCompany to peruse and to ascertain that there have been noinstances of self dealing or front running. Meetings of the Board ofDirectors of the Trustee Company are held (atleast) once everytwo months and atleast six such meetings shall be held in everyyear wherein atleast one independent Director is required alongwith other Directors to form effective quorum.

During the year ended April 2006 there were seven Board Meetingsof the Trustee Company.

Power to make rules:The Trustee company may, from time to time, as per provisions ofSEBI Regulations (with the prior permission from the Unitholdersin case of change of fundamental attributes in accordance withClause 15 of Regulation18 of the SEBI (Mutual Funds) Regulations,1996 and otherwise to be in conformity with the SEBI Regulationsor to reflect the change in rules and regulations generally applicableto mutual funds or trusts), prescribe such forms and make suchrules for the purpose of giving effect to the provisions of theScheme, with the power to the Trustee Company/AssetManagement Company to add to, alter or amend all or any of theforms and rules that may be framed from time to time.

The trustees shall ensure that no change in the fundamentalattributes of any scheme or the trust or fees and expenses payableor any other change which would modify the scheme and affectthe interests of unitholders, shall be carried out unless :-

(i) a written communication about the proposed change is sentto each unitholder and an advertisement is given in one Englishdaily newspaper having nationwide circulation as well as in anewspaper published in the language of the region where theHead Office of the mutual fund is situated; and

(ii) the unitholders are given an option to exit at the prevailing NetAsset Value without any exit load.

Power to remove difficulties:

If any difficulty arises in giving effect to the provisions of the Scheme,the Trustee Company may take such steps which are notinconsistent with these provisions, which appear to them to benecessary or expedient, for the purpose of removing the difficulties.

VIII. INVESTMENT OBJECTIVE AND POLICIESi. Investment Objective, Investment Strategy and Risk

Management:The primary investment objective of the scheme is to seek togenerate capital appreciation & provide long-term growthopportunities by investing in a portfolio constituted of equity & equityrelated instruments and the secondary objective is to generateconsistent returns by investing in debt and money market securities.The fund will have the flexibility to invest in a wide range of companieswith an objective to maximize the returns, at the same time trying tominimize the risk by reasonable diversification and using derivativeas a risk management tool.

However there can be no assurance that the investment objectiveof the scheme will be realized, as actual market movements may beat variance with anticipated trends.

Investment StrategyThe Broad Investment strategy of the fund will be to invest in equity& equity related instruments. The fund will also use the derivativesroute to hedge the equity portfolio & the extent to which the portfoliowill be hedged will be linked to the P/E of the Index as given in theindicative table below: The extent of hedging of the portfolio isdetermined based on the month end weighted average P/E ratio ofthe Index, which in this case will be the S&P CNX Nifty.

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Weighted average PE ratio Maximum Portfolio Hedgeof S&P CNX Nifty as a % of Equity Portfolio

Upto 14 10 - 20

14 - 18 20 - 25

18 - 22 25 - 50

22 - 26 50 - 70

26 - 30 70 - 90

Above 30 90 - 100

The extent of hedging would involve complete portfolio hedging byway of short position in Index Futures / Options as well as hedging ofindividual stocks depending upon the fund managers’ perception ofthe markets. Hedging would also include but not only limited to sellingof stocks that are not owned by the Fund but are available underderivative (Futures & Options) segment in the market for trading fromtime to time as permitted by the Regulations/ guidelines.

The Derivative will be used mainly for the purpose of hedging.However the Fund manager may if the opportunity exist, usederivatives to earn profit.

The derivative strategy is illustrated below

Scenario 1The Fund Manager expects a temporary correction in the market.Derivative Strategy – Short Nifty Future ContractObjective – Hedge against fall in price

Scheme Corpus Rs.100 croreInvestment on Equity Rs. 80 croreP/E of S&P CNX Nifty 18Hedge Position 25% of Equity PortfolioHedging Position Amount 20 croreHedge Instrument Index Future

Position on the date of maturity/sale of index future

1 - Market movement 5% downside

Fall in the Portfolio Value 80 * 5% = 4 croreGain in the Index future 20 * 5% = 1 croreNet Loss (4 – 1 ) = 3 crore

However in case of continued upward movement of market, the abovestrategy may not meet the objective.Scenario 2The Fund Manager expects market to be remain strong but expectsa fall in price of a particular stock say stock ‘A’Derivative Strategy – Short Stock ‘A’ Future ContractObjective – Earn ProfitScheme Corpus Rs.100 croreInvestment on Equity Rs. 80 croreP/E of S&P CNX Nifty 18

Maximum Derivative Position 25% of Equity PortfolioHedging Position Amount 20 croreHedge Instrument Stock Future “A “

Position on the date of maturity/sale of index future1 - Market movement 5% upsideStock future Movement 5% down sideRise in the Portfolio Value 80 * 5% = 4 croreGain in the Stock Future “A” 20 * 5% = 1 croreNet Gain (4 + 1 ) = 5 croreHowever in case of continued upward movement in the price of StockFuture “A”, market the above strategy may not meet the objectiveand the scheme may incure loss.

Price to Earnings Ratio (P/E ratio) is the ratio of the stock price of acompany to its earnings per share. In other words, it is the price one

pays for every rupee of earnings. The higher the P/E ratio, the moreexpensive the stock or market is, because one is paying more for thesame level of earnings. The P/E ratio of the index is the weightedaverage P/E ratio of the constituent stocks of the index, which in thiscase is the S&P CNX Nifty. Thus, by following such an allocationstrategy, the fund manager decreases the % of exposure in derivativeswhen markets are down, i.e. when P/E ratio falls to help you capitaliseon the upside potential, and increases the % of exposure to derivativeswhen markets are high, i.e when P/E ratio is high to limit the downsiderisk. Thus the rebalancing of the portfolio will be done on a monthlybasis based on last month end’s weighted average P/E.

The fund will, in general invest a significant part of its corpus in equitieshowever pending investments in equities; the surplus amount of thefund should be invested in debt and money market instruments. Alsowhenever good investment opportunity are not available, or the equitymarket is not likely to perform in the view of the Fund manager theFund will reduce its exposure to equity and during that period thesurplus asset of the Fund shall be invested in debt and money marketinstruments. However there is no assurance that all such buying andselling activities would necessarily result in benefit for the Fund. Theallocation between debt and equity will be decided based upon theprevailing market conditions, macro economic environment, and theperformance of the corporate sector, the equity market and otherconsiderations. At time such churning could lead to higher brokerageand transaction costs. To achieve its primary objective as mentionedabove, the Fund would invest in equity and equity related securities.To achieve its secondary objective, the fund would invest in debtand money market securities. These securities could include:

Equity and equity related securities are such instruments likeConvertible bonds and debentures and warrants carrying theright to obtain equity shares and derivative instruments.

Obligations of Indian Companies (both public and privatesector) and developmental financial institutions.

Certificate of Deposits (CDs)

Commercial paper (CPs)

In Securitized Debt upto 20% of the net assets of the scheme.No investments shall be made in foreign securitised debt.

The non-convertible part of convertible securities

Any other domestic fixed income securities

Money market instruments permitted by SEBI/ RBI, havingmaturities upto 1 year in call money market instruments asmay be provided by the RBI to meet the liquidity requirements

Derivatives like Interest rate swaps, Forward Rate agreements,stock futures, index futures, and other such instruments aspermitted by RBI /SEBI

Any other instruments as allowed by the Regulations from timeto time.

The Fund may also enter into “Repo”, or such other transactionsas may be allowed to Mutual Funds from time to time.

Subject to the Regulations, the investments may be in securitieswhich are listed or unlisted, secured or unsecured, rated or unrated,having variable maturities, and acquired through secondary marketpurchases, RBI auctions, open market sales conducted by RBI etc.,Initial Public Offers (IPOs), other public offers, placements, rights,offers, negotiated deals, etc

The Scheme may also enter into repurchase and reverse repurchaseobligations in all securities held by it as per the guidelines andRegulations applicable to such transactions.

The scheme may also invest in debt instruments such as nonconvertible portion of Convertible Debentures (Khokas), NonConvertible Debentures, Securitised Debt, Secured Premium Notes,Zero Interest Bonds, Deep Discount Bonds, Floating Rate Bonds /Notes, Government securities and Money Market Instrument likeCall Deposit, Repos, Commercial Paper, Certificate of Deposit,

19


Treasury Bills, etc. for providing ongoing liquidity & preservation ofcapital in a bear market.

However the weightages of debt & equity may be changedexceptional circumstances, depending on market conditions, bytaking approval of the Trustee Company. The main aim of suchsteps will be to protect the interests of the unitholders. The aboveinvestment policies are in conformity with the provisions of variousconstitutional documents viz. MOA/AOA of the TAML/ TrusteeCompany, IMA and the Trust Deed.

The Scheme will purchase securities in the public offerings andrights issues, as well as those traded in the secondary markets. Onoccasions, if deemed appropriate, the Scheme will invest in securitiessold directly by the issuer, or acquired in a negotiated transactionor issued by way of private placement. The moneys collected underthis scheme shall be invested only in transferable securities.

As per SEBI (Mutual Funds) Regulations 1996, the Fund shall notmake any investments in any un-listed securities of associate/groupcompanies of the Sponsors. The Fund will also not make investmentin privately placed securities issued by associate / group companiesof the Sponsors. The Fund may invest not more than 25% of thenet assets in listed securities of Group companies. The Schememay invest subscription money received from the investing publicbefore close of the New fund offer Period and/or pending allotmentof Units, in money market instrument or in fixed deposits withschedule commercial banks as per SEBI Regulations. In addition,TAML on being satisfied or receipt of the minimum subscriptionamount can commence investment out of the funds received, inaccordance with the investment objective of the scheme. Incomeearned (net of expenses) during the period prior to the date ofallotment on units shall be merged with the income of the Schemeon completion of the allotment of the Units. In the event of nonreceipt of the minimum subscription amount, the Trustee Companyshall ensure that the entire amount collected as subscription moneyis refunded to the Unitholders notwithstanding any loss arising outof such investment during the interim period.

ii. Investment Pattern and Risk Profile

Under normal circumstances, the total assets of the Scheme, shall(after providing for all ongoing expenses) generally be invested /the indicative asset allocation shall be as follows :

Proportion**(% of Funds Available / Net Assets)

Instrument Minimum Maximum Risk

Equity / Equity relatedinstruments 65 100 High

Debt, Money Market andSecuritized Debt Instruments* 0 35 Low to

Medium

* Investment by the scheme in securitised debt, will not normallyexceed 20% of the net assets of the scheme.

** At the time of investment

The above Asset Allocation Pattern is only indicative. The investmentmanager in line with the investment objective as may alter the abovepattern for short term and on defensive consideration. The allocationbetween debt and equity will be decided based upon the prevailingmarket conditions, macro economic environment and the performanceof corporate sector, the equity market and other considerations.

Exposure to derivative instruments will not exceed 100% of theportfolio value (i.e net assets including cash)

Investments in derivative instruments may be done for trading aswell as hedging and Portfolio balancing. The scheme may usederivatives upto the maximum limit permitted under SEBI Regulationsfrom time to time.

No investments will be made in foreign securitised debt.

If permitted by SEBI under extant regulations / guidelines, notmore than 25% of the net assets of the scheme shall be deployedin securities lending. The Scheme would limit its exposure, withregards to securities lending., for a single intermediary, to theextent of 5% of the total net assets of the scheme at the time oflending.

Investment in Securitized Debt :

Securitized debt would be maximum upto 20% of total net assets ofthe scheme. Inherently, securitized debt is a riskier instrument ascompared to similar debt instruments, as shown by the risk factorsfor securitized debt. The fund manager would therefore use greatcaution / discretion whilst dealing in such paper he would use it onlyin situation where the securitized debt is giving a marginally betterreturn for a similarly profiled debt instrument or conversely, if asecuritized debt instrument and a debt instrument are giving the sameyield but the debt instrument is rated one notch lower in rating profile.It would be endeavored to ensure that the over all risk profile of theportfolio does not get materially concentrated in securitized debt,and usage is only to get a better yield if the risk profile of the portfoliois not affected too adversely.

The Trustee Company may from time to time for a short term periodon defensive consideration invest upto 100% of the funds availablein Money Market Instruments, the primary motive being to protectthe Net Asset Value of the Scheme and protect unitholders interestsso also to earn reasonable returns on liquid funds maintained forredemption/repurchase of units. The Trustee Company may fromtime to time for a short term period under exceptional circumstanceson defensive consideration modify/ alter the investment pattern /asset allocation the intent being to protect the Net Asset Value ofthe Scheme & Unitholders interests without seeking consent of theunitholders.

iii. Trading in Derivatives

As per SEBI circular DNPD/Cir-29/2005 dated September 14, 2005Mutual Funds are allowed to trade in derivatives Mutual Funds cantrade in index futures, index options, stock options and stock futurescontracts. Earlier Mutual Funds were only allowed to use derivativesfor hedging and portfolio balancing.

Position Limits for Mutual Funds:(i.e aggregate of all schemes)

Trading Limits (Index Options & Futures)Position limit for the Mutual On a particular underlying indexFund option contracts Rs.250 crores or 15% of the total

open interest of the market inindex options whichever ishigher, per stock exchange.

Position limit for the Mutual On a particular underlying indexFund in Index Futures Rs. 250 crores or 15% of the totalcontracts open interest of the market in

index futures whichever is higher,per stock exchange

The above limits are applicable on open positions in all options andfutures contracts on a particular underlying index.

Trading Limits (Stock Options & Futures)

For stocks in which the stock- The Mutual Fund wise positionwise position limit is less than limit shall be 20% of the marketor equal to Rs.250 crores wide positionFor stocks in which the stock- The Mutual Fund wise positionwise position limit is greater limit shall be Rs.50/- croresthan Rs.250 crores

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Additional position limit for hedging

Hedging Limits

Hedge against a fall in share Short position shall not exceed inprices(short futures, short calls notional value the value of theand long puts) Mutual Fund holding of stocksHedge to protect against a rise Long position shall not exceed inin prices (short futures, long notional value the value of thecalls and short puts) Mutual Fund holding of cash,

G-sec, T bills and similarinstruments.

Position Limits applicable for the scheme:1. For stock option and stock futures contracts the gross open

position across all derivative contracts on a particularunderlying stock of a scheme of a mutual fund shall notexceed the higher of:1% of the free float market capitalization (in number of shares)OR5% of the open interest in derivatives contracts on a particularunderlying stock (in terms of number of contracts).

2. This position limits shall be applicable on the combined positionin all derivative contracts on an underlying stock at a StockExchange.

3. For index based contracts, Mutual Funds shall disclose the totalopen interest held by its scheme or all schemes put together ina particular underlying index, if such open interest equals to orexceeds 15% of the open interest of all derivative contracts onthat underlying index.

The following example seeking to explains the above limitsnumerically, are purely illustrative and should not be percieved asany limits or restriction or assurance or otherwise of the probableoutcome of such transactions.

Example 1:Investment in Index Futures or Options (Long Position) bythe scheme without investing in equities: The scheme mobilizesRs 100 crores during NFO. The Scheme may invest all the moneysit has collected in the New Fund Offer (NFO) in Index Futures or inIndex Options. (i.e going long on the market). As investing in particularstocks would involve impact on the share price, buying of Futuresand Options which are comparatively more liquid would save thescheme the impact of buying in bulk and paying a higher price forthe same. The Fund would thus buy the index futures or options andprotect itself against the rise in equity prices. During the course oftime it would invest in particular stocks and sell the index futures orindex options and reduce the impact cost of buying scripts andinfluencing their share price.

Event Gain/(Loss) Gain/(Loss) Overall Gain/from from (Loss) toderivative cash market Schemeposition position

5% rise in Rs.100 * 5% = NIL Rs. 5 croresequity price Rs. 5 Crs

5% fall in Rs.100 * 5% = NIL (Rs. 5 crores)equity price (Rs. 5 Crs)

Example 2:Investment in Index Futures or Options (Short Position) by thescheme without investing in equities: The scheme mobilizes Rs100 crores during NFO. The Scheme may invest all the moneys ithas collected in the New Fund Offer (NFO) in Index Futures or IndexOptions. (i.e going short on the market) when the view is that themarket is over heated and the indices may fall When the fundmanager feels that the markets have corrected reasonably theymay square off their puts and buy into shares in the cash market.


5% rise in Rs.100 * 5% = NIL (Rs. 5 crores)equity price (Rs. 5 Crs)

5% fall in Rs.100 * 5% = NIL Rs. 5 croresequity price Rs. 5 Crs

Example 3: Trading in derivatives (Long Position Index).Thescheme has a corpus of Rs100 crores. It has invested Rs 25crores in equity and the balance amount it can invest in Futures andoptions of the index or even of individual stocks. Thus it can takeadvantage of the rise in stock prices and also protect itself againstimpact cost of buying large quantities of stock.


5% rise in Rs.75 * 5% = Rs.25 * 5% = Rs. 5 croresequity price Rs. 3.75 Crs Rs.1.25 Crs

5% fall in Rs.75 * 5% = Rs.25 * 5% = (Rs. 5 crores)equity price (Rs. 3.75 Crs) (Rs.1.25 Crs)

Example 4: Trading in derivatives (Short Position Index).Thescheme has a corpus of Rs 100 crores. It has invested Rs 90crores in equity. If there is a correction which the fund managerexpects it would not be possible for him to sell all the stocks at onepoint of time. The fund may sell index futures or options and thestock futures or options as they are more liquid and prices of equitywhich they hold in the cash market would not be impacted.


5% rise in Rs.90 * 5% = Rs.10 * 5% = (Rs. 5 crores)equity price (Rs. 4.50 Crs) (Rs.0.50 Crs)

5% fall in Rs.90 * 5% = Rs.10 * 5% = Rs. 5 croresequity price Rs. 4.50 Crs Rs.0.50 Crs

The limits applicable for all above derivative transactions would beas per the maximum allowable limits under SEBI (Mutual Fund)Regulations and as permitted by the Trustee from time to time.

Examples of Stock Options / Futures:

Selling spot and buying future:

In case the fund holds the stock of a company at say Rs. 1000 whilein the futures market it trades at a discount to the spot price say atRs. 980 then the fund may sell the stock and buy the futures. On thedate of expiry of the stock future, the fund may reverse thetransactions (i.e. Buying at Spot & Selling futures) and earn a risk-free Rs. 20/- (2% absolute) on its holdings. As this can be withoutany dilution of the view of the fund on the underlying stock the fundcan still benefit from any movement of the price in the northwarddirection, i.e. if on the date of expiry of the futures, if the stock tradesat 1100 which would be the price of the futures too, the fund willhave a benefit of Rs. 100/ whereby the fund gets the 10% upsidemovement together with the 2% benefit on the arbitrage, and thusgetting a total return of 12%.

Buying spot and selling future:Where the fund holds the stock of a company trading in the spotmarket at Rs 1000 while it trades at Rs. 1020/- in the futures marketthen fund may buy the stock at spot and sell in the futures marketthereby earning Rs 20. In case of adequacy of cash with the fund,this strategy may be used to enhance returns of the Scheme whichwas otherwise sitting on cash.

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Buying stock future:Where the scheme wants to initiate a long position in a stock whosespot price is at say, Rs.1000 and futures is at 980, then the fund mayjust buy the futures contract instead of the spot thereby benefitingfrom a lower cost option.

In case the fund has a bearish view on a stock which is trading in thespot market at Rs.1000/- and the futures market at sayRs.980/-. The fund can express such a view subject to extant SEBIregulations by initiating a short position in the futures contract. Incase the view is right and the futures price depreciates to say900/- the fund can square up the short position thereby earning aprofit of Rs. 80/-

Put Option (Buy):The fund buys a Put Option at Rs 1000 by paying a premium of sayRs 50. If the stock price goes down to Rs. 900, the fund would protectits downside and would only have to bear the premium of Rs 50instead of a loss of Rs 100 whereas if the stock price moves up tosay Rs. 1100 the fund may let the Option expire and forego thepremium thereby capturing Rs. 100 upside after bearing the premiumof Rs.50.

Writing a Call Option:The fund writes a call option at Rs. 1050 and earns a premium of,say, Rs. 10. If the price is higher than Rs. 1050, say Rs.1100/- atexpiry then the option is exercised, the Fund earns the premium ofRs. 10/- but loses the difference between the market price and theexercise price i.e. Rs. 50/-. In case the stock price is less than Rs.1050,the fund gets to keep the premium of Rs.10/-.

Writing a Put Option:The fund writes a put option with the strike price of Rs 1000 andearns a premium of say Rs 20. In case the stock trades at Rs 950the put option will be exercised, the fund will earn the premium ofRs.20/- but losses the difference between the exercise price andthe market price which is Rs.50/-. Where the stock trades at abovethe exercise price, the option-holder will not exercise the option andlet it expire. In this case the fund will earn the premium income of Rs.20.

Example 5 : Use of IRSAssuming the Scheme is having 10% of the portfolio in cash. Thefund manager has a view that the interest rate scenario is soft andcall rates are unlikely to spurt over the next three months. The fundmanager would therefore prefer to receive a higher rate of returnon his cash, which he is lending in the overnight call market. Inother words, he would like to move to a 91 days fixed interest ratefrom overnight floating rate.

1. Say Notional Amount : Rs. 2 crores2. Benchmark : NSE MIBOR3. Tenor : 91 Days4. Fixed Rate : 10.25%5. At the end of 91 days;

6. The Scheme pays : compounded call rates for 91 daysis 9.90%

7. TMF receives : Fixed rate at 10.25% for 91 days.

In practice, however the difference of the two amounts is settled.Here the Scheme receives Rs. 2,00,00,000 x 0.35% x91 / 365 =17,452. The players in IRS are scheduled commercial banks, primarydealers, corporate, mutual funds and All India Financial Institutions.

Forward Rate Agreements (FRA):

This is an agreement between two counterparties to pay or to receivethe difference between an agreed fixed rate (the FRA rate) and theinterest rate prevailing on a stipulated future date based on thenotional amount, for an agreed period.

The interest rate benchmarks that are commonly used for floatingrate in interest rate swaps are those on various Money Market

Instruments. In Indian markets, the benchmark most commonlyused is MIBOR.

Risks associated with Derivatives

Derivative products are specialized instruments that requireinvestment techniques and risk analysis different from thoseassociated with stocks and bonds. Derivatives require themaintenance of adequate controls to monitor the transactionsentered into, the ability to assess the risk that a derivative adds tothe portfolio and the ability to forecast price of interest rate movementscorrectly. There is a possibility that a loss may be sustained by theportfolio as a result of the failure of another party (usually referred toas the “counterparty”) to comply with the terms of the derivativescontract. Other risks in using derivatives include the risk of mis-pricing or improper valuation of derivatives and the inability ofderivatives to correlate perfectly with underlying assets, rates andindices. Also, the market for derivative instruments is nascent inIndia.

iv. Change in Investment PatternThe Investment Pattern as outlined above is indicative keeping inview the investment objective of the scheme. The Trustee Companymay from time to time modify the investment strategy and patternprovided such modification is in accordance with the Scheme objectiveand Regulations and as amended from time to time including by wayof Circulars, Press Releases, or Notifications issued by SEBI or theGovernment of India to regulate the activities and growth of MutualFunds, the intent being to protect the Net Asset Value of the Schemeand Unitholders’ interests.

The asset allocation pattern may be modified in the interest of investorsand to protect the NAV of the Schemes, however, the same will bereviewed by the trustee on a quarterly basis and will be rebalanced toits normal position in a time frame as permitted by the trustee.However, the AMC will endeavour to achieve a normal asset allocationpattern in a maximum period of 6 months.

v. Investment by the Fund and the Asset ManagementCompany

The Scheme may invest in another Scheme under the management ofTAML or of any other Asset Management Company. The aggregateInterscheme investment by TMF under all its Schemes, other thanfund of fund schemes, taken together, in another Scheme managedby TAML or in any other Scheme of any other Mutual Fund, shall notbe more than 5% of the net asset value of the Fund. TAML may, on anongoing basis invest, in Units of the Funds / Schemes / Plans in TMF(the existing Funds / Schemes / Plans including the present Schemeand others from time to time). TAML shall not charge any fees on theinvestment by the Scheme in another Scheme under the managementof TAML or of any other Asset Management Company and also on its(TAML’s) own investment in Units of the Funds / Schemes / Plans inTMF.

The objective of the Scheme in investing in Schemes of TMF or anyother Mutual Fund will be primarily to gain better yields in the shortterm as compared to other short term instruments in the moneymarket.

vi. Restrictions on Investments (as per schedule 7 of SEBIRegulations 1996)

1. A mutual fund scheme shall not invest more than 15% of itsNAV in debt instruments issued by a single issuer which arerated not below investment grade by a credit rating agencyauthorised to carry out such activity under the Act. Suchinvestment limit may be extended to 20% of the NAV of thescheme with the prior approval of the Board of Trustees andthe Board of asset management company.

Provided that such limit shall not be applicable for investmentsin government securities and money market instruments.

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Provided further that investment within such limit can be madein mortgaged backed securitised debt which are rated not belowinvestment grade by a credit rating agency registered with theBoard.”

1A. A mutual fund scheme shall not invest more than 10% of itsNAV in unrated debt instruments issued by a single issuer andthe total investment in such instruments shall not exceed 25%of the NAV of the scheme. All such investments shall be madewith the prior approval of the Board of Trustees and the boardof asset management company.

Debentures irrespective of any residual maturity period (aboveor below 1 year) shall attract the investment restrictions asapplicable for debt instruments as specified under clause 1 and1A above.

2. No Mutual Fund under all its Schemes should own more than10% of the Companies paid-up capital carrying voting rights.

3. Transfers of investments from one scheme to another schemein the same mutual fund shall be allowed only if:-

(a) such transfers are done at the prevailing market price forquoted instruments on spot basis.

Explanation- “ spot basis” shall have same meaning as specifiedby stock exchange for spot transactions.

(b) the securities so transferred shall be in conformity withthe investment objective of the scheme to which suchtransfer has been made.

4. A scheme may invest in another scheme under the same assetmanagement company or any other mutual fund without chargingany fees, provided that aggregate interscheme investment madeby all schemes under the same management or in schemesunder the management of any other asset managementcompany shall not exceed 5% of the net asset value of themutual fund.

A scheme can not invest in a Fund of Funds scheme.

5. The new fund offer expenses in respect of any scheme may notexceed six per cent of the funds raised under that scheme.

6. Every mutual fund shall buy and sell securities on the basis ofdeliveries and shall in all cases of purchases, take delivery ofrelative securities and in all cases of sale, deliver the securitiesand shall in no case put itself in a position whereby it has tomake short sale or carry forward transaction or engage in badlafinance.

Provided that mutual funds shall enter into derivativestransactions in a recognised stock exchange for the purpose ofhedging and portfolio balancing, in acceptance with theguidelines issued by the Board

7. Every mutual fund shall, get the securities purchased ortransferred in the name of the mutual fund on account of theconcerned scheme, wherever investments are intended to beof long term nature.

8. Pending deployment of funds of a scheme in securities in termsof investment objectives of the scheme a mutual fund can investthe funds of the scheme in short term deposits of scheduledcommercial banks.

9. No mutual fund scheme shall make any investment in;

a) any unlisted security of an associate or group companyof the sponsor; or

b) any security issued by way of private placement by anassociate or group company of the sponsor; or

c) the listed securities of group companies of the sponsorwhich is in excess of 25% of the net assets of the

schemes.

10. No Mutual Fund Schemes shall invest more than 10% of itsNAV in the equity shares or equity related instruments of anyCompany including units/securities of Venture Capital Funds.

11. A Mutual Fund shall not invest more than 5% of its NAV in unlistedequity shares or equity related instruments including units/securities of Venture Capital Funds in case of open endedschemes.

These investment limitations / parameters (as expressed / linked tothe net asset / net asset value / capital) shall in the ordinary courseapply as at the date of the most recent transaction or commitment toinvest, and changes do not have to be effected merely because, owingto appreciations or depreciations in value, or by reason of the receiptof any rights, bonuses or benefits in the nature of capital or of anyscheme of arrangement or for amalgamation, reconstruction orexchange, or at any repayment or redemption or other reason outsidethe control of the Fund, any such limits would thereby be breached. Ifthese limits are exceeded for reasons beyond its control, TAML shalladopt as a priority objective the remedying of that situation, taking dueaccount of the interests of the Unitholders.

In addition, certain investment parameters (like limits on exposure toSectors, Industries, Companies, etc.) may be adopted internally byTAML, and amended from time to time, to ensure appropriatediversification / security for the Fund. The Trustee Company / TAMLmay alter these above stated limitations from time to time, and alsoto the extent the SEBI (Mutual Funds) Regulations, 1996 change, soas to permit the Scheme to make its investments in the full spectrumof permitted investments for mutual funds to achieve its investmentobjective. As such all investments of the Scheme will be made inaccordance with SEBI (Mutual Funds) Regulations, 1996, includingSchedule VII thereof.

vii. Securities Lending by the Mutual FundSubject to the SEBI Regulations as applicable from time to timethe Fund may if the Trustee permits, engage in Stock Lending.Stock Lending means the lending of securities to another person orentity for a fixed period of time at a negotiated compensation in orderto enhance returns of the scheme portfolio. The securities lent will bereturned by the borrower on the expiry of the stipulated period. TheAMC will adhere to the following strict internal limits should it engagein Stock Lending.:-

Not more than 25% of the net assets of the scheme can generally bedeployed in stock lending and not more than 5% of the scheme canbe can be deployed in Stock lending to any single counterparty.Collateral would always be obtained by the approved intermediary.Collateral value would always be more than the value of the securitylent. Collateral can be in form of cash , bank guarantee, governmentsecurities, as may be agreed upon with the approved intermediary,and would also be subject to a mark to market valuation on a dailybasis.

Example:A fund has an equity share of a company which it would wish to holdfor a long period of time as a core holding in the portfolio as per thefund manager’s plan. In that case the investors would be benefitedonly to the extent of the rise in the value of the share, from time totime if any, on the exchange. If the fund is enabled to lend the saidsecurity to a borrower who would be wanting to take advantage ofthe market fluctuations in its price, the borrower would return thesecurity to the lender (scheme) at a stipulated time or on demand fora negotiated compensation. The fund’s unitholders can enhance theirreturns to the extent of the compensation it will earn for lending thesame. An adequate security or collateral will have to be maintainedby the intermediary. This should always be higher than the cost ofthe security. Thus it is in the interest of the investors that returns canbe enhanced by way of stock lending rather than hold the securityonly for capital appreciation potential.

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Thus the scenario under which the fund would participate in stocklending would be :

1. There is a holding of security eg 1 lakh shares of XYZ Ltd in thefund which the fund manager wants to be the core holding ofthe scheme for approximately 6 to 12 months.

2. There is a borrower (not mutual fund) for the security, (who hastaken a short position in the market and needs XYZ Ltd sharesto settle it) who is willing to put up a proper collateral for thesame.(In all cases higher than the price of the script)..

3. The borrower is represented by a proper recognizedintermediary.

4. The agreement is to return the security or the amount sonegotiated at a particular period of time or on demand.

Then the security will be lent by the fund and the unitholders wouldbenefit from the additional compensation earned for lending, apartfrom the capital appreciation which also happens in that stock. Thus,to summarize, stock lending would be done by the scheme only inthe following circumstances:

a) If permitted by trustees and the extent SEBI regulations in thatregard, from time to time.

b) If such activity generates additional returns for the scheme andhelps to enhance the scheme returns.

c) If considering the above, and other factors all considered intotality, such activity is in the interest of unitholders in the scheme.

viii. Underwriting by the SchemeThe Scheme may also undertake underwriting and sub-underwritingactivities (only for equity and equity related instruments) in order toaugment its income, after complying with the approval and complianceprocess specified in the SEBI (Underwriters) Rules & Regulations,1993 and further subject to the following norms:

The capital adequacy of the Mutual Fund for the purposesof SEBI (Underwriters) Rules and Regulations, 1993 shallbe the net assets of the Scheme.

The total underwriting obligation of the Scheme shall notexceed 25% of the total net asset value of the Scheme.

No Underwriting commitment may be undertaken in respectof the Scheme during the period of 6 months prior to thedate of redemption of the Scheme.

The decision to take up any underwriting commitment shallbe made as if the Scheme is actually investing in thatparticular security.

As such, all investment restrictions and prudential guidelinesrelating to investments, individually and in aggregate asmentioned in SEBI Regulations shall, in so far as may beapplicable, apply to underwriting commitments which maybe undertaken under the Scheme.

These underwriting norms / parameters (as expressed / linked to thenet asset/ net asset value/ capital) shall in the ordinary course applyas at the date of the most recent transaction of commitment tounderwrite, and changes do not have to be effected merely because,owing to appreciations or depreciations in value or by reason of thereceipt of any rights, bonuses or benefits in the nature of capital or ofany scheme of arrangement or for amalgamation, reconstruction orexchange, or at any repayment or redemption or other reason outsidethe control of the Fund, any such limits would thereby be breached.If these limits are exceeded for reasons beyond its control, TAMLshall adopt as a priority objective the remedying of that situation,taking due account of the interests of the Unitholders.

As such all underwriting and sub-underwriting activities of the Fundwill be undertaken in accordance with SEBI (Underwriters) Rulesand Regulations, 1993, and the norms as laid down by SEBI Circulardated June 30, 1994, and as amended from time to time.

ix. Portfolio Turnover“Portfolio Turnover” is the term used by any Mutual Fund formeasuring the amount of trading that occurs in a Scheme’s portfolioduring the given period The scheme is an open ended scheme. It isexpected that there would be a number of subscriptions andrepurchase on a daily basis. Consequently, it is difficult to estimatewith any reasonable measure of accuracy, the likely turnover in theportfolio. However, a high turnover would not significantly affect thebrokerage and transaction costs.

The Fund will endeavor to balance the increased cost on account of higherportfolio turnover with the benefits derived there of. A high portfolio turnoverrate is not necessarily a drag on portfolio performance and may berepresentative of arbitrate opportunities that exist for scrips/securities heldin the portfolio rather than an indication of a change in Fund view on a scrip,etc.

x. Fundamental AttributesThe information set out below should be read in conjunction withthe full text of this Offering Circular.

1. Structure and Type of Scheme:

A 18 months close ended equity scheme. On completion of 18months close ended period, the Scheme will automaticallybe converted into an open end scheme, without any furtherreference from the Mutual Fund/Trustee. Units outstandingon such date under the Scheme will automatically continueunder the open end scheme, without requiring any furtherreference from the unitholder. The Trustee, however, reservesthe right not to convert the scheme into an open end schemeupon maturity, if deemed appropriate in the interest of thescheme/investors. The decision of the Trustee in such casewill be communicated to the unitholders 30 days prior to thecompletion of 18 months close ended period.

2. Scheme:Tata Equity Management Fund is a separate and distinct Schemewithin Tata Mutual Fund representing interests in a definedportfolio of assets and liabilities.

3. Investment Objective:The primary investment objective of the scheme is to seek togenerate capital appreciation & provide long-term growthopportunities by investing in a portfolio constituted of equity &equity related instruments and the secondary objective is togenerate consistent returns by investing in debt and moneymarket securities. The fund will have the flexibility to invest in awide range of companies with an objective to maximize thereturns, at the same time trying to minimize the risk by reasonablediversification and using derivative as a risk management tool.

4. Terms of the issueMaximum recurring expenses On the first Rs 100 Crores 2.50%of average daily net assets (also refer to para on annual recurringexpenses on page 9 of the offer document).

Maximum New Fund Offer expenses upto 6% of the amountmobilised.

5. Investment Pattern and Risk Profile :Proportion**

(% of Funds Available / Net Assets)

Instrument Minimum Maximum RiskEquity / Equity relatedinstruments 65 100 High

Debt, Money Market andSecuritized Debt Instruments* 0 35 Low to

Medium* Investment by the scheme in securitised debt, will not normallyexceed 20% of the net assets of the scheme.** At the time of investment

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No investments will be made in foreign securitised debt.

6. Units Offered / Offer:During the new fund offer period the units will be offered at facevalue of Rs. 10/-. After conversion into open ended, the OfferPrice will be based on the Net Asset Value (NAV) with applicableloads.

7. Minimum Application:Dividend Option: Rs.5,000/- and thereafter in multiples of Re1/-Growth Option: Rs.5,000/- and thereafter in multiples of Re.1/-.For additional investment Rs. 1,000/- and thereafter in multiples ofRe. 1/-(subsequent to the conversion into open ended fund).

8. Repurchase/ Listing:

Repurchase facility : Once a week during close ended periodand on all business days subsequent to the scheme’s conversioninto an open end scheme. In case of repurchase before theexpiry of 18 months from the date of initial allotment the balanceproportionate unamortised NFO expenses shall be recoveredfrom the investor in accordance with the SEBI regulations.

The scheme is providing repurchase facility every week duringthe close end period. The Fund will be repurchasing and issuingthe Units on an ongoing basis after conversion into an openended fund hence no transfer facility is required.

The trustees shall ensure that no change in the fundamentalattributes of any scheme or the trust or fees and expensespayable or any other change which would modify the schemeand affects the interest of unitholders, shall be carried out unless:-

(i) a written communication about the proposed change is sentto each unitholder and an advertisement is given in one Englishdaily newspaper having nationwide circulation as well as in anewspaper published in the language of the region where theHead Office of the mutual fund is situated; and

(ii) the unitholders are given an option to exit at the prevailing NetAsset Value without any exit load.”

IX. MANAGEMENT OF THE FUND

i. The Asset Management Company

ConstitutionThe Trustee Company has appointed TAML as the AssetManagement Company for TMF. The shareholders of TAML are TSLand TICL. TAML has entered into an Investment ManagementAgreement dated 9th May, 1995 with TTCPL, pursuant to whichTAML will run the operations of TMF and manage the assets ofTMF’s Schemes. TAML, having its registered office at, Fort House,221 Dr. D. N. Road, Mumbai 400 001 is a Company incorporatedunder the Companies Act, 1956 on 15th March 1994 and wasapproved to act as an Asset Management Company for TMF bySEBI on 30th June, 1995. The networth of TAML as on April 30, 2006is approximately about Rs.71 crores. TAML is currently managingtwenty seven open-ended schemes and five closed ended schemethe details of which are stated in the clause on “Previous Schemesof Tata Mutual Fund & Condensed Financial Information”. The AssetManagement Company shall be entitled to fees as stated in the clauseon “Investment Management Fee”. The appointment of TAML as theAsset Management Company can be terminated with the approvalof SEBI and upon resolution by the Trustee Company, or by 75% ofthe Unitholders of the Scheme.

The members of the Board of Directors of Tata AssetManagement Limited are :

Mr. F. K. Kavarana (Chairman), Address: Tata Sons Limited, Bom-bay House, 24, Homi Modi Street, Mumbai 400 001, Status: Associ-ate, Occupation: Company Director, Other Directorships: Chair-man Tata Projects Limited, Tata AIG Life Insurance Co. Limited,Tata AIG General Insurance Co. Limited, Exegenix Canada Inc., SitelIndia Limited, Tata Tea Inc., Tatatech Inc., Tata America Interna-

tional Corporation, Inter Consumer Goods AG, Executive Chair-man Tata Infotech Limited, Vice Chairman Tata International AG,Tata AG, Tata Enterprises (Overseas) AG, Tata Enterprises Over-seas Limited, Tata Limited, Director Tata Sons Limited, Tata Indus-tries Limited, Tata Tea Limited, Titan Industries Limited, Trent Lim-ited, Akzo Nobel Coatings India Private Limited, Sika Properties Pri-vate Limited, Tata Overseas Development Company Limited, TataInternational (UK) Limited, TKS - Teknosoft S.A., QUARTZ SoftwareTechnology AG, TKS – Banking Solutions SA, Tata Precision Indus-tries (Pte) Limited, Tata Technologies Pte Limited, Tata TechnologyInvestments (Pte) Limited, Tata Projects (Malaysia) Sdn. Bhd., TitanInternational Marketing Limited, Titan International Holdings B. V.,Titan International Investments B.V., ELXSI Corporation, St. JamesCourt Hotel Limited, Tetley Group, Tata Asset Management(Mauritius) Pvt. Ltd, Tata India Opportunities Fund (Mauritius),Consilience Technologies,

Mr. S. S. Marathe (Director), Address: “Vinay”, 9, Sahajeevan Co-op Hsg. Society, Off. Ganeshkhind Road, Pune – 411 007, Status:Independent, Occupation: Economist, Other Directorships : Chair-man Life & General Associates (Pvt) Limited, Synise TechnologiesPvt. Limited, GDA Trustee and Consultancy Private Limited, ViceChairman Sandvik Asia Limited, Director Automotive Axles Lim-ited, Bajaj Tempo Limited, Bharat Forge Limited, Deepak Fertilisers& Petrochemicals Corporation Limited, Finolex Industries Limited,Futura Polyesters Limited, Kirloskar Brothers Limited, Pan GulfGroup Limited, Channel Islands, Kinetic Motors Limited, Other Mem-berships : Former Economic Adviser to the Government of India,India’s former Alternate Executive Director on the International Mon-etary Fund, Washington, Former Minister for Economic and Com-mercial Affairs, Embassy of India, Washington, Former Chairman,Bureau of Industrial Cost & Prices, Former Secretary to the Gov-ernment of India, Ministry of Industry.

Mr. M. L. Apte (Director), Address: Apte Amalgamations Ltd., 14A– The Club, Near Mangal Anand Hospital, Swastik Park, Chembur,Mumbai 400 071, Status: Independent, Occupation: Industrialist,Other Directorships : Chairman & Managing Director Apte Amal-gamations Limited, Director Bajaj Hindustan Limited, Kulkarni PowerTools Limited, Lintas India Private Limited, The Bombay BurmahTrading Corporation Limited, New Phaltan Sugar Works Limited,Standard Industries Limited, The Raja Bahadur Poona Mills Limited,Grasim Industries Limited, Zodiac Clothing Company Limited, Dr.Writer’s Food Products Private Limited.

Mr. A. Hasib (Director), Address : A/42, Ocean Gold, Twin TowersRoad, Bombay Bank Compound, Prabhadevi, Mumbai - 400 025.Status: Independent, Occupation: Company Director Other Mem-berships : Former Executive Director - RBI, Consultant - NationalBank for Agriculture and Rural Development, Consultant - WorldBank, Consultant - UNDP, Former I.M.F. Adviser - Central Bank ofIraq, Former I.M.F. Adviser - Reserve Bank of Fiji, Author of a fewbooks and a number of articles on Economic Policy.

Mr. A. R. Gandhi (Director), Address: Tata Sons Limited, BombayHouse, 24, Homi Modi Street, Mumbai 400 001, Status: Associate,Occupation: Company Director, Executive Director: Tata Sons Ltd.Other Directorships: Benares Hotels Limited, Bayer Diagnosics IndiaLimited, Raychem RPG Limited, Paper Products Limited, Ultra TehCememt Co Ltd, E2E SerWiz Solutions Ltd, Tata Tea (GB) Ltd, TataTea Inc. Ltd, VSNL Singapore Pte. Ltd, IMACID S. A. Morocco.Trustee: Lintas Employees Professional Development Trust, LintasEmployees Family Plannig Asistance Trsut, Lintas EmployeesEducation Trust. Other Memberships: Panel Member of theArbitrators of the Indian Merchants’ Chamber, Member of AdvisoryCouncil of Premcband Roychand Group of Companies, FormerMember of the Local Advisory Board of the Toronto-Dominion Bank,India, Was associated with the Local Advisory board (LAB) of AbuDhabi Commercial Bank for 8 years (4 years as the Chairman ofLAB), Former Member of Research Committee & Accounting

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Standards Board of the Institute of Chartered Accountants of India,Former Member of SEBI’s Takeover Panel for exemption under theTakeover Code.

Mr. Ved Prakash Chaturvedi (Managing Director), Address:Tata Asset Management Limited, Fort House, 221 Dr D. N. Road,Mumbai 400001. Status : Associate, Occupation : CompanyExecutive, Director : Financial Planning Standards Board India.

Duties and Obligations of TAML

(1) The asset management company shall take all reasonablesteps and exercise due diligence to ensure that the investmentof funds pertaining to any scheme is not contrary to theprovisions of these regulations and the trust deed.

(2) The asset management company shall exercise duediligence and care in all its investments decisions as wouldbe exercised by other persons engaged in the samebusiness.

(3) The asset management company shall be responsible forthe acts of commissions or omissions by its employees ortheir persons whose services have been procured by theasset management company.

(4) The asset management company shall submit to thetrustees quarterly reports of each year on its activities andthe compliance with these regulations.

(5) The trustees at the request of the asset managementcompany may terminate the assignment of the assetmanagement company at any time:

Provided that such termination shall become effective onlyafter the trustees have accepted the termination ofassignment and communicated their decision in writing tothe asset management company.

(6) Notwithstanding anything contained in any contract oragreement or termination, the asset management companyor its directors or other officers shall not be absolved ofliability to the mutual fund for their acts of commission oromissions, while holding such position or office.

(7) (a) An asset management company shall not through anybroker associated with the sponsor, purchase or sellsecurities, which is average of 5% or more of theaggregate purchases and sale or securities made bythe mutual fund in all its schemes.

Provided that for the purpose of this sub-regulation,aggregate purchase and sale of securities shallexclude sale and distribution of units issued by themutual fund.

Provided further that the aforesaid limit of 5% shallapply for a block of any three months

(b) An asset management company shall not purchase orsell securities through any broker [ other than a brokerreferred to in clause (a) of sub-regulation (7)] which isaverage of 5% or more of the aggregate purchasesand sale of securities made by the mutual fund in all itsschemes, unless the asset management company hasrecorded in writing the justification for exceeding thelimit of 5% and reports of all such investments are sentto the trustees on a quarterly basis.

Provided that the aforesaid limit shall apply for a blockof three months.

(8) An asset management company shall not utilise the servicesof the sponsor or any of its associates, employees or theirrelatives, for the purpose of any securities transaction anddistribution and sale of securities:

Provided that an asset management company may utilisesuch services if disclosure to that effect is made to the unitholders and the brokerage or commission paid is alsodisclosed in the half yearly annual accounts of the mutualfund.

Provided further that the mutual funds shall disclose at thetime of declaring half-yearly and yearly results:

(i) any underwriting obligations undertaken by the schemesof the mutual funds with respect to issue of securities ofassociate companies.

(ii) Devolvement, if any;

(iii) Subscription by the schemes in the issues lead managedby associate companies.

(iv) Subscription to any issue of equity or debt on privateplacement basis where the sponsor or its associatecompanies have acted as arranger or manager.

(9) The asset management company shall file with the trusteesthe details of transactions in securities by the key personnelof the asset management company in their own name oron behalf of the asset management company and shallalso report to the Board, as and when required by theBoard.

(10) In case the asset management company enters into anysecurities transactions with any of its associates a report tothat effect shall be sent to the trustees at its next meeting.

(11) In case any company has invested more than 5 per centof the net asset value of a scheme, the investment madeby that scheme or by any other scheme of the samemutual fund in that company or its subsidiaries shall bebrought to the notice of the trustees by the assetmanagement company and be disclosed in the half yearlyand annual accounts of the respective schemes withjustification for such investment provided the latterinvestment has been made within one year of the date ofthe former investment calculated on either side.

(12) The asset management company shall file with the trusteesand the Board :-(a) detailed bio-data of all its directorsalongwith their interest in other companies within fifteen daysof their appointment ;and (b) any change in the interests ofdirectors every six months.(c) a quarterly report to thetrustees giving details and adequate justification about thepurchase and sale of the securities of the group companiesof the sponsor or the asset management company as thecase may be, by the mutual fund during the said quarter."

(13) A statement of holdings in securities of the directors of theasset management company shall be filed with the trusteeswith the dates of acquisition of such securities at the end ofeach financial year.

(14) The asset management company shall not appoint any personas key personnel who has been found guilty of any economicoffense or involved in violation of securities laws.

(15) The asset management company shall appoint registrarsand share transfer agents who are registered with the Board.Provided if the work relating to the transfer of units isprocessed in-house, the charges at competitive market ratesmay be debited to the scheme and for rates higher than thecompetitive market rates, prior approval of the trustees shallbe obtained and reasons for charging higher rates shall bedisclosed in the annual accounts.

(16) The asset management company shall abide by the Codeof Conduct as specified in the Fifth Schedule.

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ii. Key Employees of the AMC and relevant experience (All key employees are based in Mumbai)

Employee Age Designation Qualifications Total Type & Nature of ExperienceExp.(yrs.) Assignments held during the last 10 yrs

Ved Prakash Chaturvedi 40 Managing BE (Engg), 17 yrs. December 1994 to August 1998 - Head of Research andDirector PGDM (IIM – Fund Manager at Sun F&C AMC Ltd - Reporting to CIO.

Bangalore) August 1998 to November 1999 – Chief Investment Officerat SBI Funds Management Ltd - Reporting to the ManagingDirector.December 1999 to January 2002 – Chief Executive ofCholamandalam Asset Management Company Ltd -Reporting to the Board of Directors.

January 2002 to date - Chief Executive Officer at TataAsset Management Ltd. Appointed as Managing Directorwith effect from October 2004. He is the overall incharge ofthe Company - Reporting to the Board of Directors.

Hormuz A Bulsara 43 COO FCA., F. C. S., 21 yrs. June 1994 to date – Chief Operating Officer at Tata Asset(Chief F.I.C.W.A., Management Ltd. He looks after the Compliance, Finance,Operating B. Com (Hons) Systems, Investor Services, Human Resources andOfficer) LL. B Administrative functions of the Fund House. He has been

involved in the setting up of the Tata Mutual Fund since itsinception and has contributed in the setting up of thevarious systems, compliance procedures and controls andis the Corporate Quality Head - Reporting to the ManagingDirector.

Latha Rajaraman 48 First Vice B. Sc, CAIIB 25 yrs. July 1995 to date – As head of Invester Services, has beenPresident directly interfacing with various investors at the corporateInvestor and retail level and looks after Registrar and InvestorServices related matters at Tata Asset Management Ltd - Reporting

to the Chief Operating Officer.

Murthy Nagarajan 36 First Vice M.COM, 14 yrs. June 1991 to July 1994 - Worked in the AccountsPresident & PGPMS Department at UTI - Reporting to the Manager.Head November 1996 to August 1999 - Worked as Asst. ViceFixed Income President in the investment department at PNB Gilts Ltd -

Reporting to the Senior Vice President.August 1999 to date : Working with Tata AssetManagement Limited in the Investment Department as theFund Manager for certain Tata Mutual Fund debt schemes- Reporting to the Managing Director.

Venugopal M. 34 Senior Fund MBA (Finance) 12 yrs. August 1995 to September 1997 - Gained good(Fund Manager for Manager BSC understanding of the stock market having worked as dealerthe current scheme) Equities (Mathematics) at Tata Asset Management Ltd for about two years after

which he assumed equity fund management responsibility.Has cleared the certification exam of the BSE Training Institute, for participating in the derivatives market. Has goodexposure to large number of industries and companieshaving done fundamental research over the years. Currentlyis the Fund Manager of certain equity schemes of TataMutual Fund - Reporting to the Managing Director.

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Employee Age Designation Qualifications Total Type & Nature of ExperienceExp.(yrs.) Assignments held during the last 10 yrs

Raghav Iyengar 37 Vice BCom., ACA, 14 yrs. January 1994 to September 1995 - Manager- ProjectPresident & Grad. CWA Financeat Kanoria Plaschem, involved project funding -Head Reporting to the Director.

Institutional October 1995 to June 1997 - Associate Manager at VCKSales Capital Markets Ltd., marketing Financial products -

Reporting to the General Manager.July 1997 to March 1998 - Sr. Manager at DSP Merrill LynchLtd Marketing Financial products - Reporting to theExecutive Director.April 1998 to August 2000 - Associate Vice President atPrudential ICICI Asset Management, mutual fund sales -Reporting to SVP & Head – Sales.

September 2000 to June 2002 - Head - Marketing at JFAsset Management -Mutual Fund sales - Reporting to theDirector.

July 2002 to date - Vice President & Head - InstitutionalSales at Tata Asset Management Ltd. Is responsible for salesstrategy and managing sales channels & sales to largeinvestors - Reporting to the Managing Director.

Abhay Nagar 32 Vice MBA (Finance), 10 yrs. September 1995 to August 2002 - In various capacities suchPresident & B. Com(Hons.) as Head of Mutual Fund Desk, Regional Head (west), AsttHead Vice President- Retail Distribution and Vice President & AllRetail Sales India Head(Sales and Distribution) at RR Financial

Consultants Ltd - Reporting to the Managing Director.

September 2002 to date - As Regional Head (North) andPresently is Vice President & Head of Retail Sales at TataAsset Management Ltd - Reporting to the ManagingDirector.

Bhupinder Sethi 36 Senior Fund B.E, MBA from 11yrs. June 1994 to March 1997 – Equity Analyst, Department ofManager F.M.S, Delhi International Finance at UTI – Reporting to the DeputyEquities General Manager.

March 1997 to February 2000 – Fund Manager of IndiaFund (India’s first offshore fund, listed on the London StockExchange), Department of International Finance, UTI –Reporting to the General Manager.February 2000 to December 2002 – Fund Manager atDundee Mutual Funds, sponsored by Dundee Bancorp Inc.,Canada – Reporting to the President.September 2003 to February 2005 – As Vice PresidentInvestments at Jacob Ballas Capital India, subsidiary ofExcelfin Pte. Limited, Singapore and Investment Advisor tothe New York Life International India Fund – Reporting to theManaging Director.

March 2005 to date – As Senior Fund Manager Equities atTata Asset Management Ltd, he is the Fund Manager ofcertain equity schemes of Tata Mutual Fund - Reporting tothe Managing Director.

Sameer Mistry 32 Fund B.E, MBA 6 yrs August 1999 to September 2003 – Started his career withManager (Finance) Tata Asset Management Limited as a management trainee

in equity – Reporting to the Fund Manager.

October 2003 to November 2004 – Deputy ManagerInvestments at SBI Life Insurance – Reporting to CIO.

November 2004 till date – As Fund Manager at Tata AssetManagement Limited, he is the Fund Manager for certainTata Mutual Fund Schemes – Reporting to theSr. Fund Manager.

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Fund Management :The People :

The investment operations of the schemes (including this scheme)of Tata Mutual Fund are managed by TAML’s investment team, com-prising six people (excluding dealing personnel). The professionallyqualified Fund Management Team members (described in greaterdetail above) are Mr. M. Venugopal and Mr. Murthy Nagarajan andare backed by a team of research / investment personnel, pos-sessing collectively within them a vast and varied knowledge baseculled out of research, market analysis, physical on-site visits, trainingin portfolio management, derivatives, AMFI course on Mutual Funds,and so on. The members of the equity research team and their pastexperience is Mr. M. Venugopal, who apart from being a Fund Man-ager is also the Head of the Research, has been with TAML for thepast 9 years and prior to that he was associated with a member ofthe Stock Exchange as an Equity Analyst, Mr. Pradeep S. Gokhalewho has an experience of 10 years in Debt Research and 4yearsin Corporate Finance and Mr. Marzban Irani who has started hiscareer with TAML and has spent 4 years with the Company.

The Investment Process :

According to the terms of the respective Offer Document of eachscheme under consideration, decisions regarding the debt : equityallocation, industry selection, stock selection, etc are taken.

The investment committee of the AMC (comprising MD/ CIO, FundManagers and Analysts) is in overall charge of formulating broadinvestment policies, strategies and is responsible for itsimplementation. Based on the in house research / external research,Fund Manager prepares the strategy and proposal to buy/sell thesecurities keeping in view the specific mandate and objectives ofthe schemes. Investment committee discusses the same andapproves / disapproves the recommendation of fund manager. Forequities, the concerned fund manger has an authority to buy/salesecurities which are part of approved universe.

The existing portfolio is reviewed regularly by the InvestmentCommittee and the respective Fund Manager(s) and based on thediscussions (which would involve fundamental reasons such aspast performance, future outlook etc.), decisions are taken to add/reduce/ exit from securities.

For equity, investments will only be in the universe of securitiesapproved by the Executive Committee of the AMC. However theInvestment Committee has an authorisation limit within which it canapprove the investments in stocks out side the approved universe.

Justification for all investment decisions are recorded in writing.SEBI norms regarding maximum exposure per scrip, investmentwith respect to the equity capital of a company, investment in groupcompanies, etc are strictly adhered to. Interscheme transfers aremade as per the market price or the valuations being followed, sothat neither of the schemes is benefited or adversely affected.

Performance of the scheme and complete portfolio statementelaborating various classifications, limits and valuations is placedfor scrutiny before the Board of Directors of the AMC and the TrusteeCompany at their Board Meetings.

Benchmark Index :

S&P CNX Nifty is the benchmark index for Tata Equity ManagementFund.

iii. The Custodian

The Trustee Company has entered into a Custodial Agreementwith Standard Chartered Bank, pursuant to which StandardChartered Bank shall be the custodian for the Scheme. Thecustodian is registered with SEBI and the SEBI Regn. No. IN/CUS/006 and its address is:

Standard Chartered BankSecurities Services23/25, M. G. Road, Mumbai 400 001.

The custodian does not have the power or authority to sell or disposeof or deal in the securities / investments held by it on behalf of theFund except as instructed by the Trustee Company / AssetManagement Company The salient features of the custodialagreement and the responsibilities of the custodian include :

Keeping in safe custody all the securities and such otherinstruments belonging to the Scheme segregated from theother assets of the custodian and from the assets of otherclients of the custodian and shall be held in the name of theTrustee Company A/c Fund or in such other manner as maybe mutually agreed

Ensuring the smooth inflow / outflow of securities and suchother instruments as and when necessary, in the bestinterests of the Unitholders.

Ensuring that the benefits due to the holdings are recovered.

Responsibility for loss of or damage to the securities due tofraud, bad faith, negligence or wilful neglect or default or wilfuldefault on its part or on the part of its approved agents.

TMF shall pay Standard Chartered Bank, custodian fees for itsservices at prevailing NSDL/CDSL and competitive market rates.Standard Chartered Bank will also be reimbursed all reasonableout of pocket expenses incurred by it, in the performance of itsduties. The custodian agreement may be terminated upon 60 daysprior written notice, subject to the non-objection of such terminationby SEBI, or earlier upon certain breaches.

iv. The Registrar

Computer Age Management Services (Private) Limited, A&BLakshmi Bhavan, 609, Anna Salai, Chennai – 600 006 (CAMS)has been appointed as Registrar for the Scheme. The Registrar isregistered with SEBI under registration number INR000002813.As Registrar to the Scheme, CAMS will handle communicationswith investors and despatch account statements during the NewFund Offer Period. TAML and TTCPL have satisfied themselvesthat the Registrar can provide the services required and haveadequate facilities and system capabilities. As Registrar to theScheme, they will accept and process Unitholders applicationsand inform TAML as to the amounts received for subscriptions(duly reconciled) during the New Fund Offer Period and also duringthe ongoing subscription period.

v. The Auditor

TTCPL shall have the financial statements for the Scheme auditedby such Chartered Accountant(s) as may be appointed for thatpurpose by the Trustee Company. S.B.Billimoria & Co. CharteredAccountants, Mafatlal Centre, Backbay Reclamation,Mumbai 400020, have been appointed in such capacity.

vi. Bankers

ICICI Bank Ltd.(SEBI Registration Number: 100000004)

vii. List of Authorised Investor Service Centres

The Registrar, Computer Age Management Services (Private)Limited, have set up a special Investor service cell for quickredressal of Unitholder grievances (if any). All correspondence,including change in the name, address, designated bank accountnumber and bank branch, loss of Unit Certificate, AccountStatement, etc. should be addressed to :Computer AgeManagement Services (Private) Limited, 178/10, KodambakkamHigh Road, Nungambakkam, Chennai - 600 034.

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For providing clarifications/help to the Unitholders at ComputerAge Management Services (Private) Limited the Registrar CAMShas appointed Mr. Krishnamurthy, General Manager Audit &Compliance, as the Compliance Officer (Investor Services) andhe is available at the above-mentioned address.

X. UNITS & OFFERTerms of the new fund offer at a glanceNew Fund Offer opens on : 15th May, 2006New Fund Offer closes on : 9th June, 2006

Re-opens on : Not later than7th July, 2006

Issue price : Rs. 10/- per unit forcash at face value duringNFO and after conversioninto an open endedscheme at NAV based pricewith applicable loads.

Minimum amount of subscription: Dividend Option :Rs. 5,000/- & in Multipleof Re. 1/- thereafterGrowth Option :Rs. 5,000/- & in Multipleof Re. 1/- thereafter

Maximum amountof subscription : No upper limitMinimum target amount : Rs.1 lakh (for thefor collection scheme)Allotment of units* : Within 30 days of the

closure of new fund offerperiod

Despatch of Account Statement: Within 30 days from thedate of closure of NFO.

* Allotment is assured to all the eligible applicants, afterverification of the application form and subject to realization ofCheque.

i. RefundRefund of subscription money to applicants whose applications areinvalid for any reason whatsoever, will be without incurring anyliability whatsoever for interest or other sum.

The fund will refund the of application money if fund fails to collectminimum target amount.

The amount shall be refunded within a period of 6 weeks of the closeof the New Fund Offer Period. If, the Fund refunds the amount after6 weeks, interest @15% per annum shall be paid by the AMC.Refund orders will be marked “A/c. Payee Only” and drawn in thename of the first applicant.

ii. Despatch of Account Statement and Unit CertificatesAn Account Statement will be despatched to each Unitholder statingthe number of Units held, etc. within a maximum of thirty days fromthe date of closure of NFO and within 30 days from the date ofallotment after conversion into an open ended scheme.

On request from the unitholders, the Asset Management Companyshall within 6 weeks issue the Unit Certificate. The request can bemade to any of the Authorised Investor Service Centres. The costfor issuing the Unit Certificate in lieu of Account Statement will beborne by the Scheme and will form part of its annual ongoingexpenses.

iii. Listing, Transfer & Pledge of UnitsSince the scheme is providing repurchase facility every week theunits of the scheme are not proposed to be listed on any StockExchange. The Trustee may, at its sole discretion, cause the unitsunder the scheme to be listed on one or more Stock Exchange.Notification of the same will be made through Investor Service Centers

or the AMC and as may be required by the respective StockExchanges.

The scheme is providing repurchase facility every week during theclose end period. The Fund will be repurchasing and issuing theUnits on an ongoing basis after conversion into an open ended fund,hence no transfer facility is required.

Units under this scheme can be pledged (converted into money)with scheduled banks, financial institutions, NBFCs, or any otherbody by the unitholders as security for raising loans. TMF will takenote of such pledge / charge in its records. A standard form /appropriate documentation has been drafted for this purpose and isavailable on request. However, disbursement of such loans will beat the entire discretion of scheduled banks, financial institutions,NBFCs, or any other body concerned and TMF assumes noresponsibility therefor.

iv. Nomination FacilityIf an application is made in the name of a single individual holder, theUnitholders under this scheme, can write to the registrar requestingfor a Nomination Form to nominate a successor to receive the Unitsupon his / her death, as provided in the Regulations. All paymentsand settlements made to such nominee and a receipt thereof shallbe a valid discharge by the Fund. Unitholders being either parent orlawful guardian on behalf of a minor and power of attorney holder ofan eligible institution, societies, Funds, bodies corporate, partnershipfirms and HUF shall have no right to make any nomination. Nominationin favour of Non-Residents will be governed by the rules formulatedby Reserve Bank of India from time to time.

The provisions for nomination with regard to Mutual Funds would beas per Section 56 and Section 69 (regarding the right of thebeneficiary to transfer possession ) of the Indian Trusts Act, 1882since the Mutual Fund is formed as a Trust under the said Act.

The AMC has provided this nomination facility as an additional feature.By provision of this facility the AMC is not in any way attempting togrant any rights other than those granted by law to the nominee. Anomination in respect of the Units does not create an interest in theproperty after the death of the Unitholder. The nominee shall receivethe units only as an agent and trustee for the legal heirs or legateesas the case may be. It is hereby clarified that the nominees underthe nomination facility provided herein shall not necessarily acquireany title or beneficial interest in the property by virue of this nomination& the transmission of units would normally be governed as persuccession certificate/probate of the will.

Nomination can be made only by individuals applying / holding unitson their own behalf singly or jointly. Non-individuals including society, trust , body corporate, partnership firm, Karta of Hindu UndividedFamily, holder of Power of Attorney cannot nominate. If the units areheld jointly all joint holders will sign the nomination form. A minor canbe made a nominee and the name and address of the guardian ofthe nominee minor shall be provided by the unitholder. A non-residentIndian can be a nominee subject to exchange controls in force formtime to time. Nomination can also be made in favour of the CentralGovernment, State Government, a local authority, any persondesignated by virtue of his office or a religious or charitable trust.

Nomination in respect of units stands cancelled upon transfer ofunits. Nominee shall be a valid discharge by the Asset ManagementCompany against the legal heir. The cancellation of nomination canbe made only by those individuals who hold units on their own behalfsingly or jointly and who made the original nomination. On cancellationof nomination the nomination shall stand rescinded and the assetmanagement company shall not be under any obligation to transferthe units in favour of the nominee.

v. Applications with Additional HoldersAn application may be made in sole or more names (not more thanthree) on first holder basis. The Units can be held under single /

30


additional holding / any one or survivor. The first named unitholderhas the option to add/delete name of one person subsequent to theinvestment. In case the unitholder (i.e. the first holder) wants tochange the names/ order of the additional holders, he can write toAuthorised Investor Service Centres requesting for the prescribedform to alter the order of additional holdings. However, the Units willbe continued to be held by the Unitholder on first holder basis. In thecase of refunds, income distributions, repurchase proceeds, and otherdistributions, etc. will be made out in favour of, and all communicationswill be addressed to the Unitholder whose name appears first and athis / her address as already available with the Fund. However, itshould be noted that if the Unitholder has an Unit Certificate, suchintroduction/ alteration of additional holders shall attract stamp dutyand the cost of stamp duty will be borne by the Scheme itself and willform part of its annual ongoing expenses.

In all such cases and in all matters concerning the Fund, it shall bedeemed that the first of such persons, that is the original Unitholder,is the holder of the Units and all correspondence, if any, shall becompetent only by and to the first of such person.

All payments and settlements made to the first holder and a receiptthereof shall be a valid discharge to the Fund;

The Fund shall for all purposes correspond only with the first holderand all communications with the first holder including information onthe working of the Fund shall be deemed to be a valid discharge tothe Fund of its obligations;

In the event of death of the first holder, the person next in the orderas stated in the application form, (unless changed) shall be the onlyperson(s) recognised by the Fund as having any title or interest inthe Units on first holder basis.

For the convenience of the investors, we wish to allow units of anyScheme of Tata Mutual Fund to be held under any one or survivorand to add/delete name of one person subsequent to investment.

vi. Systematic Investment Plan (SIP) This facility will be available only after the conversion of the schemeinto an open ended scheme. The investors can benefit by investingspecified Rupees amounts at regular intervals. The SIP allows theunitholders to invest a fixed amount of Rupees at regular intervalsfor purchasing additional units of the scheme at NAV based prices.Investment can be done with the minimum / maximum amount andnumber of cheques specified by AMC from time to time. The chequeswill be presented on the dates mentioned on the cheque and subjectto realization. Units will be allotted at the applicable NAV along withapplicable load.

vii. Systematic Withdrawal Plan (SWP) This facility will be available only after the conversion of the schemeinto an open ended scheme. This facility available to the unitholdersof the scheme enables them to withdraw fixed sums from their unitaccounts at periodic intervals. The amount withdrawn under SWP byredemption shall be converted into the Scheme units at theRepurchase price and such units will be subtracted from the unitbalance of that unitholder. In case the date falls during a book closureperiod the immediate next Business day will be considered for thispurpose.

The Authorised Investor Service Center may terminate SWP on receiptof a notice from the unitholder. It will terminate automatically if allunits are liquidated or withdrawn from the account or upon the receiptof notification of death or incapacity of the unitholder.

viii. Systematic Transfer Plan (STP) This facility will be available only after the conversion of the schemeinto an open ended scheme. A unitholder may establish a SystematicTransfer Plan (STP) and choose to transfer on a monthly or a quarterlybasis from one TMF Scheme to another TMF Scheme on a dateprescribed by the Investment Manager. The amount thus withdrawnby redemption shall be converted into units at the applicable NAV on

the scheduled day and such units will be subtracted from the unitbalance of that unitholder. Unitholders may change the amount, notbelow the specified minimum, by giving two weeks prior written noticeto the registrars. STP may be terminated automatically if the balancefalls below the minimum account balance or upon the receipt ofnotification of death or incapacity of the unitholders by the fund. Rulesrelating to the plan may be changed from time to time by theInvestment Manager.

ix. Duration of the SchemeThe Scheme after 18 months will automatically be converted into anopen end scheme, without any further reference from the MutualFund/Trustee. Units outstanding under the Scheme on the last dayof the 18 months close ended period will automatically continueunder the open end scheme, without requiring any further referencefrom the unitholder. The Trustee, however, reserves the right not toconvert the scheme into an open end scheme upon completion of18 months, if deemed appropriate in the interest of the scheme/investors. The decision of the Trustee in such case will becommunicated to the unitholders 30 days prior to the completion of18 months close ended period.

Procedure for Conversion of Close end scheme into Openend scheme:Following steps would be followed for converting the scheme intoopen end:1. A communication will be sent to all unitholders whose

names appear in the list of unitholders 30 days prior to thematurity date informing the conversion.

2. Those unitholders who do not wish to continue either infull or part with the open end scheme maysubmit a redemption / switch request in any of the ISCs orcollection centres

3. For the convenience of unitholders, the Fund will startaccepting such redemption/ switch requests for a periodof 30 days prior to the Maturity Date.

4. All such redemption/ switch requests shall be deemed tohave been received on the Maturity Date of the scheme,and processed accordingly.

5. After maturity, the scheme may have book closure for aminimum period of 7 days or till first Monday fallingimmediately on or after the 7th day. The scheme will reopenfor ongoing purchase and redemption after the bookclosure.

6. All unitholders (who do not exercise this option ofredemption) of the close end scheme, will automaticallybecome the unitholders of the open end scheme.

x. Winding Up

1) in accordance with the SEBI Regulations, the Scheme maybe wound up:

on the happening of any event which, in the opinion of theTrustee Company, requires the Scheme to be wound up; or

if seventy five percent of the Unitholders of a Scheme passa resolution that the Scheme be wound up; or

if the SEBI so directs in the interests of the Unitholders.

2) Where a Scheme is to be wound up pursuant to the aboveRegulation, the Trustee Company shall give notice of thecircumstances leading to the winding up of the Scheme-

To SEBI; and

in two daily newspapers having circulation all over Indiaand also in a vernacular newspaper circulating at the placewhere the Fund is established.

xi. Procedure for Winding Up

The Trustee Company shall call a meeting of the Unitholders to

31


consider and pass necessary resolutions by simple majority of theUnitholders present and voting at the meeting for authorising theTrustee Company or any other person to take steps for winding upthe Scheme. The Trustee Company or the person authorised asabove, shall dispose off the assets of the Scheme concerned in thebest interests of the Unitholders of the Scheme.

The proceeds of sale made in pursuance of the above shall in thefirst instance be utilised towards the discharge of such liabilities asare properly due and payable under the Scheme and after makingappropriate provision for liability and for meeting the expensesconnected with such winding up, the balance shall be paid to theUnitholders in proportion to their respective interest in the assets ofthe Scheme as on the date when the decision for winding up wastaken.

On the completion of the winding up, the Trustee Company shallforward to SEBI and the Unitholders a report on the winding upcontaining particulars such as circumstances leading to the windingup, the steps taken for disposal of assets of the Scheme beforewinding up, expenses of the Scheme for winding up, net assetsavailable for distribution to the Unitholders and a certificate from theAuditors of the Fund.

Notwithstanding anything contained herein, the provisions of the SEBIRegulations in respect of disclosures of half- yearly reports and annualreport shall continue to apply.

After the receipt of the report referred to above under “Procedure forWinding Up”, if SEBI is satisfied that all measures for winding up ofthe Scheme have been completed, the Scheme shall cease to exist.

XI. SALE OF UNITS BEING OFFERED

i. Application Details

(a) Minimum Application :

Dividend Option : Rs. 5,000/- and thereafter in multiples ofRe. 1/-.

Growth Option : Rs. 5,000/- and thereafter in multiples ofRe. 1/-.

For additional investment Rs. 1,000/- and thereafter inmultiples of Re. 1/- thereafter after conversion into an openended fund.

(b) Eligibility for application

The following persons (subject, wherever relevant to, Sale of Unitsbeing permitted under their respective constitutions and relevant StateRegulations) are eligible to apply for the purchase of the Units:

Adult individuals, either singly or more than one (notexceeding three) on first holder basis.

Parents, or other lawful Guardians on behalf of Minors.

Companies, corporate bodies, public sector undertakings,trusts, wakf boards or endowments, funds, institutions,associations of persons or bodies of individuals andsocieties (including co-operative societies) registered underthe Societies Registration Act, 1860 (so long as thePurchase of Units is permitted under their respectiveconstitutions).

Mutual Funds (including any Scheme managed by TAMLor any Scheme of any other Mutual Fund); (in accordancewith Regulation 44(1) read with Clause 4 of Schedule VII,of the Securities & Exchange Board of India (Mutual Funds)Regulations, 1996).

Asset Management Companies (in accordance withRegulation 24(3) of the Securities & Exchange Board ofIndia (Mutual Funds) Regulations, 1996).

Partnership firms, in the name of the partners.

Hindu Undivided families (HUF) in the sole name of theKarta.

Financial and Investment Institutions/ Banks.

Army/ Navy / Air Force, para military Units and other eligibleinstitutions.

Religious and Charitable Trusts provided these are allowedto invest as per statute and their by-laws.

Scientific and Industrial Research organisations (so longas the Purchase of Units is permitted under their respectiveconstitutions)

Provident / Pension (Gratuity/ Superannuation and suchother retirement and employee benefit and other similarfunds (so long as the Purchase of Units is permitted undertheir respective constitutions.)

Non-resident Indians/persons of Indian origin residingabroad (NRIs) on a full repatriation basis.

Foreign Institutional Investors registered with SEBI (FIIs).

Overseas Financial Organisations which have enteredinto an arrangement for investment in India, inter-alia, witha Mutual Fund registered with SEBI and which arrangementis approved by the Central Government.

International Multilateral Agencies approved by theGovernment of India.

If a person resident of India at the time of subscription becomes aperson resident outside India subsequently, shall have the option toeither be paid repurchase value of Units, or continue into the Schemeif he/ she so desires and is otherwise eligible. However, the personwho desires to continue in the Scheme shall not be entitled to anyinterest or any compensation during the period it takes for the Fundto record the change in Address and the Residential Status.Notwithstanding the aforesaid, the Trustee Company reserves theright to close the Unitholder account and to pay the repurchasevalue of Units, subsequent to his becoming a person resident outsideIndia, should the reasons of expediency, cost, interest of Unitholdersand other circumstances make it necessary for the Fund to do so.In such an event, no resident Unitholders who have subsequentlybecome resident outside India shall have a right to claim the growthin capital and/ or income distribution.

This scheme has not been registered in any country outside India.To ensure compliance with any Laws, Acts, Enactments, etc.including by way of Circulars, Press Releases, or Notifications ofGovernment of India, the Fund may require/give verification of identity/any special/additional subscription-related information from /of theUnitholders(which may result in delay in dealing with the applications,Units, benefits, distribution, etc./giving subscription details, etc). EachUnitholder must represent and warrant to the Trustee Company/TAML that, among other things, he is able to acquire Units withoutviolating applicable laws. The Trustee Company will not knowinglyoffer or sell Units to any person to whom such offer or sale would beunlawful, or might result in the Fund incurring any liability or sufferingany other pecuniary disadvantages which the Fund might nototherwise incur or suffer. Units may not be held by any person inbreach of the law or requirements of any governmental, statutoryauthority including, without limitation, Exchange Control Regulations.The Trustee company may, compulsorily redeem any Units helddirectly or beneficially in contravention of these prohibitions. In viewof the individual nature of investment portfolio and its consequences,each Unitholder is advised to consult his/her own professional advisorconcerning possible consequences of purchasing, holding, selling,converting or otherwise disposing of the Units under the laws of his/her State/country of incorporation, establishment, citizenship,residence or domicile.

32


ii. Procedure for applicationHow to apply

Application forms complete in all respects, accompanied by orcheque / draft are to be submitted to any of the Authorised InvestorService Centres, as stated in the Offer Circular or as may bedeclared. All cheques and bank drafts accompanying the applicationform should contain the application form number and the name ofthe applicant on its reverse. For additional instructions, investorsare requested to follow the application form carefully. All cheques/drafts by the applicants should be made out in favour of “TEMF -Tata Equity Management Fund” respectively and crossed “A/c Payeeand Not Negotiable”.

The Authorised Collection Centers / Investor Service Centres/Marketing Associates who receive the application form shall stampand return the “Acknowledgement Slip” of the application form, therebyacknowledging receipt of the application form. The investors arerequested to preserve the acknowledgement slip duly stamped bythe Collection Centers / Authorised Investor Service Centres /Marketing Associates. This shall be subject to final verification andscrutiny by the Trustee Company / Asset Management Companythat the cheque / demand draft and application form are in order /valid.

In case of a total investment of Rs.50,000/- and above, the investorsshould furnish Income Tax P.A.N. / G.I.R. number and I.T. Circleaddress.

During the New Fund Offer Period Application form (dulycompleted), along with a cheque (drawn on respective centers)/ DD (payable at respective center) can be submitted at theCollection Centers or Investors Service Centers. Subsequent tothe New Fund Offer Period for ongoing subscription, applicationscompleted in all respects, must be submitted only at theInvestors Service Centers.

Application form (duly completed), along with a cheque (drawn onMumbai) / DD (payable at Mumbai) may also be sent by Mail directlyto the Registrar viz. Computer Age Management Services (Private)Limited, Unit : Tata Mutual Fund, 178/10, Kodambakkam HighRoad, Nungambakkam, Chennai - 600 034, superscribing theenvelope as “ Tata Mutual Fund - Application form - TEMF”.

If there is no Authorised Investor Service Centres where the investorresides, he/she may send a Demand Draft from any other Bank infavour of “TEMF - Tata Equity Management Fund” payable at Mumbai,after deducting bank charges / commission (not exceeding rateprescribed by State Bank of India) from the amount of investment. Ifsuch bank charges / commission are not deducted by the applicant,then the same may not be reimbursed by the Trustee Company.Such bank charges / commission will be treated as an ongoingexpense. However in case of application along with local Cheque orBank Draft payable at Mumbai, at / from locations where TMF has itsdesignated Authorised Investor Service Centres, Bank Draft charges/commission may have to be borne by the applicant. In such casesthe Trustee Company is entitled, in its sole and absolute discretion,to reject or accept any application.

Example:If an amount of Rs. 10,000/- is being invested in Tata EquityManagement Fund by an investor resident in India having no specifiedcollection centre near his / her residence, the Demand Draft chargesthat he /she can deduct has been illustrated below:

INVESTMENT DEMAND DRAFT THE CORRECT AMOUNTMADE (RS.) CHARGES (RS.) OF PAYMENT AFTER(say) RECOVERY OF DEMAND

DRAFT CHARGES (RS.)

10,000.00 50.00 9950.00

Please note that Stockinvests and Postdated Cheques, Money Ordersand Postal Orders would not be accepted.

Subscription by NRIs

In terms of Schedule 5 of Notification no. FEMA 20/2000 dated May3, 2000, RBI has granted general permission to NRIs to purchase,on a repatriation basis units of domestic mutual funds. Further, thegeneral permission is also granted to NRIs to sell the units to themutual funds for repurchase or for the payment of maturity proceeds,provided that the units have been purchased in accordance with theconditions set out in the aforesaid notification. For the purpose ofthis section, the term “mutual funds” is as referred to in Clause(23D) of Section 10 of Income-Tax Act 1961. However, NRIinvestors, if so desired, also have the option to make their investmenton a non-repatriable basis.

Subscription by FIIs

In terms of Schedule 5 of Notification no. FEMA 20/2000 dated May3, 2000. RBI has granted general permission to a registered FII topurchase on a repatriation basis units of domestic mutual fundssubject to the conditions set out in the aforesaid notification. Further,the general permission is also granted to FIIs to sell the units to themutual funds for repurchase or for the payment of maturity proceeds,provided that the units have been purchased in accordance with theconditions set out in the aforesaid notification. For the purpose ofthis section, the term “mutual funds” is as referred to in Clause(23D) of Section 10 of Income-Tax Act 1961.

Mode of Payment on Repatriation basis

NRIs

In case of NRIs and persons of Indian origin residing abroad, paymentmay be made by way of Indian Rupee drafts purchased abroad andpayable at Mumbai or by way of cheques drawn on Non-Resident(External) (NRE) Accounts payable at par at Mumbai. Paymentscan also be made by means of rupee drafts payable at Mumbai andpurchased out of funds held in NRE / FCNR Accounts.

In case Indian rupee drafts are purchased abroad or from ForeignCurrency Accounts or Non-resident Rupee Accounts an accountdebit certificate from the Bank issuing the draft confirming the debitshall also be enclosed.

FIIs

FIIs may pay their subscription amounts either by way of inwardremittance through normal banking channels or out of funds held inForeign Currency Account or Non-resident Rupee Accountmaintained by the FII with a designated branch of an authorizeddealer with the approval of the RBI subject to the terms and conditionsset out in the aforesaid notification.

All cheques/drafts should be made out in favour of “TATA EQUITYMANAGEMENT FUND” and crossed “Account Payee Only”. Incase Indian Rupee drafts are purchased abroad or from FCNR/NRE A/c. an account debit certificate from the Bank issuing the draftconfirming the debit shall also be enclosed.

Mode of payment on Non-Repatriation basisIn case of NRIs/Persons of Indian origin seeking to apply for Unitson a non-repatriation basis, payments may be made by cheques/demand drafts drawn out of Non-Resident Ordinary (NRO)accounts/ Non-Resident Special Rupee (NRSR) accounts and NonResident Non-Repatriable (NRNR) accounts payable at the citywhere the Application Form is accepted.

Refunds, interest and other distribution (if any) and maturity proceeds/repurchase price and /or income earned (if any) will be payable inIndian Rupees only. The maturity proceeds/repurchase value ofunits issued on repatriation basis, income earned thereon, net oftaxes may be credited to NRE/FCNR account (details of whichshould be furnished in the space provided for this purpose in theApplication Form) of the non-resident investor or remitted to thenon-resident investor. Such payments in Indian Rupees will beconverted into US dollars or into any other currency, as may bepermitted by the RBI, at the rate of exchange prevailing at the time

33


of remittance and will be dispatched through Registered Post at theunitholders risk. The Fund will not be liable for any loss on accountof exchange fluctuations, while converting the rupee amount in USdollar or any other currency. Credit of such proceeds to NRE/FCNRaccount or remittance thereof may be permitted by authorized dealeronly on production of a certificate from the Fund that the investmentwas made out of inward remittance or from the Funds held in NRE/FCNR account of the investor maintained with an authorized dealerin India. However, there is no objection to credit of such proceeds toNRO/NRSR account of the investor if he so desires.

Subscription by Multilateral Funding Agencies, on full repatriationbasis, is subject to approval by the Foreign Investment PromotionBoard.

Rejection of applicationsApplications not complete in any respect are liable to be rejected.The Trustee Company may reject any application not in accordancewith the terms of the Scheme.

iii. General Instructions

Documents to be submitted

In the case of applications under Power of AttorneyIf any application or any request for transmission is signed by a personholding a valid Power of Attorney, the original Power of Attorney or acertified copy duly notarised should be submitted with the applicationor the transmission request, as the case may be, unless the Powerof Attorney has already been registered with the Fund / Registrar.

In the case of applications by limited Company or a corporate bodyor an eligible institution or a registered society or a Trust or a Fundor a FII etc.

In the case of applications by limited Company or a corporate bodyor an eligible institution or a registered society or a trust or a fund ora FII, a certified true copy of the Board resolution of the ManagingBody authorising transactions in Units including authority granted infavour of the officials signing the application for Units and theirspecimen signature etc. alongwith a certified copy of theMemorandum and Articles of Association and / or bye-laws and / ortrust deed and / or partnership deed and Certificate of Registrationshould be submitted. The officials should sign the application underthe official designation. In the case of a Trust/ Fund, it shall producea resolution from the Trustee(s) authorising such purchases.

The above mentioned documents or duly certified copy thereof mustbe lodged separately at the office of the Registrar to the Offer, quotingthe serial number of the application.

In case of non submission of the above mentioned documents, theTrustee Company is entitled, in its sole and absolute discretion, toreject or accept any application.

Availability of Application Forms and Offering CircularApplication forms and copies of Offering Circular may be obtainedfrom the office of Tata Asset Management Limited., Offices of theAuthorised Investor Service Centres on Back Cover Page of thisOffering Circular or any agents of TMF.

Bank Account DetailsIt shall be mandatory for the Unitholders to mention their bank accountnumbers in their applications/requests for redemptions. Unitholdersare requested to give the full particulars of their Bank Account i.e.nature and number of account, name, Account Number, Nine digitBank Code Number (For Electronic Credit Facility), branch addressof the bank at the appropriate space in the application form.

For faster dissemination of information, Unitholders arerequested to provide their e-mail ID.

Any application for subscription /request for redemption withoutBank account details will be rejected by the mutual fund.

PAN Number Details of the InvestorsAs per SEBI Circular SEBI/MD/CIR. No6/ 4213/04 dated March 1,

2004 Whenever an application is for total value of Rs 50,000/- ormore, the applicant or in case of application is in joint names, each ofthe applicants, should mention his/her permanent account number(PAN) allotted under the Income Tax Act, 1961. As per Rule 114B ofThe Income Tata Rules 1962, every person shall quote his permanentaccount number (PAN) in all documents pertaining to payment of anamount of Rupees Fifty Thousand or more to a Mutual Fund forpurchase of its units. In case the person making the payment is aminor who does not have any income chargeable to income tax, heshall quote the permanent account number of his father or mother orguardian, as the case may be. Any person who does not have apermanent account number and who enters into any transactionspecified in this rule shall make a declaration in Form No. 60 / 61giving therein the particulars of such transaction.

In case of a joint holding, PAN / Form No. 60 / 61 is required for allthe joint holders.

Any application for subscription of units of the total value of Rs50,000/- or more without a valid PAN / Form No. 60 / 61 will beliable to be rejected by the Mutual Fund.

For validation purposes investors are required to submit xeroxof PAN Card or any other communication received from theIncome Tax department specifying name and PAN No of theinvestor.

Note: Investors are urged to refer The Income Tax Rules, 1962 orconsult their Tax Advisors for further details.

Unique Identification Number (UIN) Requirement In case of a body corporate:

As per the SEBI Notification No. MRD/DOP/MAPIN/Cir –26 /2004 dt. August 16, 2004 no specified investor being a bodycorporate shall buy, sell or deal in any securities which arelisted on any recognized stock exchange or in units of a mutualfund or a collective investment scheme or subscribe tosecurities which are proposed to be listed in any recognizedstock exchange or units of a mutual fund or a collectiveinvestment scheme unless such specified investor, itspromoters and directors have been allotted UIN by December31, 2004. Further, vide Press Release PR No.344/2004 dt.31st December, 2004 SEBI has specified 31st December, 2005as the notified date for the purpose of obtaining UniqueIdentification Number for specified investors being bodiescorporate whose promoters or directors are persons residentoutside India. For this purpose, the words person residentoutside India shall have the same meaning as is assigned u/s2(w) of Foreign Exchange Management Act, 1999.

In case of other investors:

As per the Gazette Notification S.O. No. 1077 (E). dt. 28thSeptember, 2004, published by SEBI all resident investorsother than a body corporate shall quote UIN number in allapplication for any transaction in units of mutual funds of valueof one lakh rupees or more effective from January 1, 2006.

In case of a joint holding UIN of all the joint holders should bementioned in the application form.

All applications received from a Body Corporate after 31stDecember, 2004 without valid UIN would be liable to be rejected.In case of investors other than a Body Corporate for an amountgreater than Rs.1,00,000/- after 1st January, 2006 without a validUIN would be liable to be rejected by the Mutual Fund.

As per SEBI Notification No. MAPIN/Cir –13/2005 dt. July 1, 2005the above requirement of UIN has been temporarily discontinued.

XII. DIVIDENDS/BONUS & DISTRIBUTIONS

In case of Growth Option the income / profits received / earned wouldbe accumulated by the Fund as capital accretion, aimed at achievingmedium to long term and also short term capital growth as reflectedin the NAV. In case of Dividend Option the profits received / earned

34


and so retained and reinvested may be distributed as Income atappropriate rates (after providing for all relevant ongoing expenses,etc.) and at appropriate intervals as may be decided by the AMCand/or Trustee Company will be distributed to the unitholders whohold the units on the record date of declaration of the Income. TheIncome distribution warrants shall be despatched within 30 days ofthe declaration of the Income. Guided by the philosophy of value-oriented returns, the Trustee Company may periodically capitalisenet earnings of the Scheme (including interest income and realisedgains on the Securities) by way of allotment/credit of bonus Units tothe Unitholders Accounts in either option.

The Fund reserves a right modify the periodicity and manner of payoutof such dividend as they deem fit without giving any further notice tounitholders.

The Fund does not assure any targeted annual return / income norany capitalisation ratio. Accumulation of earnings and / orcapitalisation of bonus units and the consequent determination ofNAV, may be suspended temporarily or indefinitely under any of thecircumstances as stated in the clause “Suspension of Ongoing Sale,Repurchase or Switch of Units.”

Dividend Reinvestment Option :Unitholders under this Option also have the facility of reinvestmentof the income so declared, if so desired. Income Distribution Warrantswill not be despatched to such Unitholders. The income declaredwould be reinvested in the Scheme on the immediately following ex-dividend date.

Default Option:Please note that if no Option is mentioned / indicated in the Applicationform, the units will, by default, be allotted under the Growth Option.Similarly, under the Dividend Option, if no choice (payout orreinvestment) is indicated, the applicant will be deemed to haveapplied for the Dividend Re-investment Option under the DividendOption.

Certificates for Tax Deduction at Source (TDS) :

Certificate for tax deduction at source will be issued one month afterthe end of the current financial year.

XIII. INTER SCHEME TRANSFERSTransfers of investments from one Scheme to another Scheme(including the present Scheme) under Tata Mutual Fund, shall beallowed only if:

such transfers are made at the prevailing market price f o rquoted securities or, Fair value in case of non-quoted/ n o ntraded securities on spot basis;

the securities so transferred shall be in conformity with theinvestment objective of the Scheme to which such transfer hasbeen made.

35


XIV. ASSOCIATE TRANSACTIONSi) As per SEBI Regulations, the Fund shall not make any investments in any unlisted securities of associate/group companies of the

sponsors. The Fund will also not make investment in privately placed securities issued by Associate/Group companies of the Sponsors.The Fund may invest not more than 25% of the net assets (of all the Schemes of the Fund) in listed securities of Group companies.

ii) Market value of investments made in companies which have invested more than 5% of the Net Assets of a scheme and investmentsmade by that or any other scheme of Tata Mutual Fund in such company or its subsidiaries within one year of the latter investmentcalculated on either side in terms of Regulation 25(11) as on 30th April, 2006 as given.

Rs. lacs.

Company which has Invested Schemes in Schemes Aggregate Cost Outstandingwhich Companies which of Acquisition as athave invested have during the 30th April, 06more than 5% invested period ended at Fair /of the Net Assets 30th April, 06 Market Value

TATA CONSULTANCY SERVICES LTD TFHFS3 A17 TSEF 127.45 0.00TFHFS3 A18 TBF 233.66 0.00TLMF TEOF 649.68 0.00

TEQPEF 209.56 0.00TIFN 10.04 7.52TIFS 1.54 1.19TGF 82.60 0.00TLSTF 73.58 171.57TMIF 1152.20 0.00TMPF 932.27 0.00TPEF 284.82 333.15TTSF 99.98 0.00TYCF 211.89 137.32

WIPRO LTD TFHFS5 A20 TBF 388.86 0.00TFHFS5 A21 TEOF 1114.58 0.00TSTBF TIFN 27.20 6.02

TIFS 10.24 0.95TGF 207.03 142.37TLSTF 281.04 169.23TMIF 445.65 59.10TMPF 759.82 75.22TSIF 1213.21 392.19TPEF 975.39 0.00TTSF 711.58 349.21TYCF 81.56 0.00

STERLITE INDUSTRIES LTD TLMF TSEF 236.93 271.43TBF 158.44 154.71TEOF 580.98 678.56TEQPEF 331.79 0.00TGF 161.48 0.00TISF 1535.96 2435.09TLF 2000.00 0.00TMPF 123.31 0.00TTSF 276.96 325.71

TATA STEEL LTD TLF TCF 1946.38 1649.44TSEF 309.70 0.00TDYF 1673.00 0.00TBF 454.64 0.00TEOF 2870.96 0.00TEQPEF 1261.95 25.38TFHA12 2023.26 2008.95TIF 614.77 0.00TIFN 10.16 2.78TIFS 14.11 1.65TGF 258.64 0.00TISF 2670.64 0.00TMIF 880.32 0.00TMPF 1866.26 0.00TSTBF 2072.24 0.00TPEF 2632.94 298.17TTSF 459.90 0.00TYCF 115.37 0.00

36



HERO HONDA MOTORS LTD TFHFS5 A20 TDYF 1218.73 295.47TBF 47.51 0.00TEOF 135.96 0.00TIFN 5.91 1.35TIFS 5.55 0.51TGF 1.56 0.00TTAF1 84.87 84.42TPEF 389.21 0.00TYCF 46.27 0.00

HINDALCO INDUSTRIES LTD TFHFS3 A17 TCF 1348.19 2191.11TFHFS5 A20 TSEF 158.37 0.00TLMF TDYF 52.79 0.00

TBF 1019.19 1004.59TEOF 477.74 0.00TEQPEF 716.29 1014.00TFF 510.63 0.00TFHA11 1534.41 1504.42TFHA12 506.63 502.30TFHA4 2091.62 0.00TIF 1514.72 0.00TIFN 7.53 1.74TIFS 10.36 1.06TGF 261.33 0.00TISF 2885.61 558.27TLMF 2000.00 0.00TMIF 3616.24 0.00TMPF 4434.48 68.21TSTBF 5095.28 0.00TPEF 978.20 554.19TTSF 437.16 0.00TYCF 520.83 1006.18

HINDUSTAN ZINC LIMITED TFF TSEF 207.93 0.00TFHFS3 A17 TBF 183.43 78.22TLMF TEOF 449.00 195.56TFHFS3 A18 TEQPEF 230.45 641.53TFHFS3 A19 TISF 717.31 720.99

TMPF 50.51 0.00TPEF 287.92 0.00TTSF 300.48 371.56

HCL TECHNOLOGIES LTD TFHFS3 A17 TSEF 118.09 143.88TFHFS3 A19 TDYF 1470.91 0.00

TBF 547.91 0.00TEOF 2808.01 0.00TEQPEF 157.32 0.00TIFN 6.99 1.46TGF 110.95 0.00TLSTF 322.10 86.33TMCF 234.28 0.00TMIF 116.40 0.00TMPF 224.64 0.00TSIF 719.92 0.00TPEF 1343.01 0.00TTSF 482.29 0.00TYCF 54.31 0.00

RALLIS INDIA LTD TFHFS5 A21 TGF 114.30 0.00TLSTF 101.69 30.84TMCF 543.05 91.88

B. L. KASHYAP DEVELOPERS LTD TFHFS3 A19 TCF 162.80 0.00TMCF 84.91 0.00TSIF 68.45 148.56TTSF 288.58 356.82

37



ITC LTD TFHFS5 A20 TCF 872.34 1206.90TSTBF TSEF 147.10 0.00TFRSTF TDYF 1392.96 411.05TLF TBF 368.77 327.87

TEOF 1938.25 1506.58TEQPEF 176.64 0.00TIFN 18.15 5.98TIFS 24.04 3.29TGF 360.21 160.92TLSTF 159.45 50.29TMCF 935.84 150.86TMIF 270.34 0.00TMPF 171.70 80.46TTAF1 238.23 251.44TPEF 1948.79 1327.59TTSF 665.18 462.65TYCF 56.96 0.00

MAHINDRA & MAHINDRA LTD TLMF TSEF 387.84 328.00TDYF 294.67 303.96TBF 452.35 253.10TEOF 1954.54 874.51TEQPEF 330.53 281.09TIFN 3.49 1.15TGF 282.15 143.67TMIF 258.49 62.47TMPF 662.99 74.96TPEF 1194.71 825.16TTSF 573.16 343.56TYCF 50.09 305.95

HINDUSTAN LEVER LTD TFHFS3 A19 TCF 842.48 1343.38TFHFS5 A20 TDYF 1356.78 653.96

TBF 540.69 319.72TEOF 1354.86 871.95TFRSTF 999.09 0.00TIF 997.97 0.00TIFN 20.78 5.08TIFS 18.11 2.00TLF 5927.25 0.00TLSTF 106.57 0.00TMIF 2007.74 0.00TMPF 4042.54 0.00TTAF1 244.03 261.59TPEF 1056.09 1336.99TTSF 134.33 0.00TYCF 258.78 249.96

TATA TEA LTD TFHFS3 A17 TCF 461.00 249.12TSEF 250.75 0.00TDYF 834.68 0.00TEOF 906.71 0.00TEQPEF 399.60 0.00TIFN 1.60 0.38TGF 401.05 0.00TLSTF 12.85 0.00TMCF 944.05 0.00TMIF 135.15 0.00TMPF 198.61 0.00TPEF 640.91 0.00TTSF 262.05 0.00

PATNI COMPUTER SYSTEMS LTD TFHFS3 A15 TLSTF 114.93 90.97TFHFS3 A17TFHFS3 A18

38



ASHOK LEYLAND LTD TLMF TCF 1140.26 1606.40TDYF 1076.82 0.00TBF 196.62 178.35TEQPEF 110.83 130.52TGF 111.38 0.00TMIF 147.66 0.00TMPF 87.53 0.00TPEF 192.05 0.00

ULTRATECH CEMENT LTD TLMF TSEF 45.64 0.00TBF 48.56 0.00TEOF 578.28 0.00TGF 22.47 0.00TISF 533.12 733.40TMIF 85.77 0.00TMPF 112.62 0.00TPEF 288.08 0.00TYCF 21.72 0.00

INDIAN HOTELS LTD TLMF TBF 123.22 201.66TIFN 1.13 0.00TMCF 1049.78 1075.52TMIF 67.82 0.00TMPF 92.68 0.00TSIF 1028.38 1387.68TSTBF 1048.46 0.00TTAF1 353.36 336.84TPEF 705.40 550.56TTSF 271.94 228.55

VIDESH SANCHAR NIGAM LTD TLMF TCF 740.57 494.48TFHFS3 A18 TSEF 613.86 208.10TFHFS5 A21 TDYF 449.53 0.00

TBF 155.73 0.00TIFN 3.23 0.94TISF 2412.26 416.20TMPF 204.93 0.00TSIF 915.60 228.91TTSF 575.46 0.00TYCF 139.41 0.00

RAYMOND LTD TFHFS3 A18 TDYF 450.54 0.00TBF 125.62 0.00TEOF 327.16 616.93TEQPEF 81.62 0.00TFHFA2 1505.08 0.00TLF 5500.03 0.00TMCF 279.68 0.00TPEF 335.42 0.00TYCF 42.16 254.60

MARUTI UDHYOG LTD TFHFS3 A18 TSEF 164.75 229.91TLMF TDYF 1220.86 0.00

TBF 348.12 0.00TEOF 3840.45 0.00TEQPEF 1061.85 413.84TIFN 7.32 2.11TIFS 7.36 0.50TGF 114.93 0.00TMIF 86.86 0.00TMPF 381.67 0.00TPEF 2234.69 533.40TTSF 173.72 0.00TYCF 40.61 0.00

39



LARSEN & TOUBRO LTD TFHFS5 A21 TSEF 230.33 215.62TDYF 329.58 0.00TBF 414.26 296.48TEOF 3143.80 1414.57TIFN 12.25 2.83TIFS 20.50 1.94TGF 422.15 212.93TISF 3332.65 4411.80TMIF 395.42 67.38TMPF 489.19 86.25TTAF1 797.20 808.59TPEF 1683.15 1757.44TTSF 773.69 539.06TYCF 48.73 284.35

BHARTI TELEVENTURES TLMF TSEF 493.27 446.44TEQPEF 305.45 0.00TIFN 19.26 6.03TIFS 8.25 1.67TISF 1697.70 0.00TLSTF 122.86 0.00TMIF 131.09 0.00TMPF 70.77 0.00TSIF 228.14 0.00TPEF 720.81 0.00TTSF 213.04 0.00

ICICI BANK LTD TLF TCF 3023.45 0.00TDBF 472.12 0.00TDYF 248.18 0.00TBF 473.03 0.00TFF 1993.25 1000.00TFHA14 3437.89 3497.04TFHA15 4626.30 4701.24TFHA16 4903.51 4975.06TFHA17 4608.30 4671.61TFHA18 2298.63 2323.92TFHA19 10578.40 10670.66TFHA20 6854.44 6914.42TFHA21 4900.70 4938.80TFHA1 3819.87 0.00TFHA2 5586.21 0.00TFHA6 5020.88 0.00TFRSTF 37241.15 4590.20TIF 496.39 0.00TIFN 23.25 3.41TIFS 30.14 2.67TISF 10430.78 0.00TLF 127893.86 21373.22TLMF 1820.85 1834.87TMCF 12366.52 0.00TMIF 5643.96 318.86TMPF 3453.72 0.00TSIF 1118.84 0.00TSTBF 11850.96 1859.83TPEF 327.28 0.00TYCF 968.62 0.00

All the above companies are growth oriented blue chip companies with a proventrack record.

40


iii) Total investment in securities of Associate/Group companies under all schemes is disclosed below. No investment was made inunlisted securities of Group companies after the amendment of the SEBI Regulations in January 1998. Most of such equity shares,debentures, etc. were purchased from the open secondary market at relevant market prices over a period of time based on theapproved investment strategy. All these securities pertain to highly traded Blue chip companies. In keeping with the investment objectiveof the Schemes, these companies offer good investment potential.

Rs. in lacs

Scheme As on 31.03.04 As on 31.03.05 As on 31.03.06 As on 30.04.06

Amount %ge Amount %ge Amount %ge Amount %ge

TBF 1184.63 12.10 1057.28 9.77 1143.77 7.69 1329.72 8.52

TYCF 836.96 8.76 1197.88 10.73 676.72 4.59 667.62 4.42

TTSF 375.12 8.59 687.77 13.13 1716.61 14.38 1209.71 9.30

TSEF 874.27 16.29 960.77 15.57 1425.35 16.10 1455.46 14.88

TPEF 1644.46 13.04 2538.25 13.26 4232.02 14.85 4728.19 15.18

TLSTF 202.19 6.50 497.24 13.07 247.23 7.04 320.20 8.70

TGF 540.30 14.11 573.29 14.54 385.00 8.37 – –

TIFS 36.66 14.91 3.70 13.23 6.55 14.42 7.03 14.89

TIFN 340.02 11.19 17.65 18.32 18.96 14.44 19.78 14.20

TMIF 525.78 1.15 727.62 5.63 – – 58.79 1.11

TEOF – – 2872.24 10.88 3534.89 7.92 4862.36 10.00

TMPF 953.53 2.28 508.80 3.10 130.94 1.83 280.71 4.13

TEQPEF 1149.81 11.17 969.76 8.91 783.74 7.02

TDYF 6102.13 18.81 3720.39 14.89 3739.69 15.39

TLF 1009.41 0.44 – – – –

TISF 4820.74 6.53 13036.65 14.75 13590.55 13.97

TSIF – – 4131.04 17.09 3841.37 16.33

TFHF (A4) 3057.43 17.99 – – – –

TFHF (A12) 2012.79 9.17 2008.95 9.10

TMCF 3032.48 10.65 3051.53 10.41

TCF 4984.78 9.92 4766.42 10.00

TTAF1 1527.82 11.04

iiv) The following amounts were paid/provided for as selling commission by the respective schemes to Associate Companies for theirmarketing efforts in mobilising subscriptions for the units of such schemes.

AS on 31/03/2004 Rs. in lacs

Scheme Taj Inv. & Tata Motor Tata Share TataFinance Co. Ltd. Finance Ltd. Registry Ltd. Securities Ltd.

TIFR 0.91 0.00 1.15 23.22TLF 0.03 0.00 0.00 30.42TBF 0.00 0.12 0.10 3.00

TIPF 0.00 0.01 0.05 43.83TGSF 0.00 0.00 0.24 24.79TMIF 0.00 0.00 0.10 8.96TPEF 0.00 0.00 0.27 4.37TSEF 0.00 0.00 0.12 1.66

TTSF 0.00 0.00 0.09 0.67TYCF 0.00 0.00 0.08 1.91TDBF 0.00 0.00 0.00 14.74TEOF 0.00 0.00 0.00 4.98TIXF 0.00 0.00 0.00 0.53

TLSTF 0.00 0.00 0.10 2.07TSTBF 0.00 0.00 0.00 13.76TFRF 0.00 0.00 0.00 0.90TMPF 0.05 0.00 0.00 2.02

41


AS on 31/3/2005 Rs. in lacs

Scheme Tata Motor Tata Share Taj Inv. & TataFinance Ltd Registry Ltd Finance Co. Ltd. Securities Ltd

TBF 0..04 0.04 0.00 1.09TDBF 0.00 0.00 0.00 0.20TDYF 0.00 0.00 0.00 7.52

TEOF 0.00 0.01 0.00 2.22TEQPEF 0.00 0.00 0.00 0.73TFHF 0.00 0.00 0.00 6.67TFRSTF 0.00 0.03 0.00 5.06TFRLTF 0.00 0.00 0.00 0.02

TGSF 0.00 0.04 0.00 8.95TGSMF 0.00 0.00 0.00 0.79TGF 0.00 0.00 0.00 0.05TIF 0.00 0.25 0.08 3.22TIPF 0.00 0.02 0.00 0.30

TIXF 0.00 0.00 0.00 0.01TISF 0.00 0.00 0.00 4.92TLSTF 0.00 0.05 0.00 1.19TLF 0.00 0.00 0.02 32.18TMPF 0.00 0.00 0.05 0.65

TMIF 0.00 0.04 0.00 2.86TPEF 0.00 0.12 0.00 1.65TSEF 0.00 0.08 0.00 0.89TSTBF 0.00 0.00 0.00 0.58TTSF 0.00 0.05 0.00 0.30

TYCF 0.00 0.04 0.00 0.88

As on 31/03/2006 Rs. in lacs

Scheme Tata Motor Tata Share TataFinance Ltd. Registry Ltd. Securities Ltd.

TBF 0.11 0.08 1.12TDBF 0.00 0.00 1.95TDYF 0.00 0.00 3.20TEOF 0.00 0.04 1.27TEQPEF 0.00 0.00 0.38TFHF 0.00 0.00 10.41TFHFS1 0.00 0.00 3.30TFF 0.00 0.00 3.52TFRSTF 0.00 0.01 13.61TFRLTF 0.00 0.00 0.01TGSF 0.00 0.04 4.76TGSMF 0.00 0.00 0.55TGF 0.00 0.00 0.15TIF 0.00 0.18 3.16TIPF 0.00 0.03 0.36TIXF 0.00 0.00 0.02TSEF 0.00 0.19 1.15TLSTF 0.00 0.09 1.48TLF 0.00 0.01 46.93TMPF 0.00 0.01 0.50TMIF 0.00 0.06 0.42TPEF 0.00 0.24 3.04TSTBF 0.00 0.00 7.63TTSF 0.00 0.10 0.77TISF 0.00 0.01 3.79TSIF 0.00 0.00 5.54TYCF 0.00 0.08 1.84TMCF 0.00 0.00 1.53TCF 0.00 0.00 6.56

No payment were made to the associates during the month of April 2006.

42


v. Total percentage of broking business given and the brokeragepaid(and included in the cost of investments) to Associatebrokers is disclosed below. The brokerage paid to theAssociate brokers compare with that prevailing in the Capitalmarket for buying/selling of securities.

Rs. in Lacs

Name As on As on As on31.03.04 31.03.05 31.03.06

%ge Rs. %ge Rs. %ge Rs.

TataSecurities Ltd. 1.43 4.81 – – – –(Formerly Tata TDWaterhouse Securities Ltd.)

vi. The Fund has not undertaken any Underwriting obligationswith respect to any Public Issue of Associate Companies.During last 3 fiscal years the Fund has not subscribed to anyissue lead managed by an Associate Company

TBF : Tata Balanced Fund

TYCF : Tata Young Citizens’ Fund

TTSF : Tata Tax Saving Fund

TSEF : Tata Select Equity Fund

TIFR : Tata Income Fund (Regular Income Option)

TIFA : Tata Income Fund (Appreciation Option)

TPEF : Tata Pure Equity FundTLF : Tata Liquid Fund

TLSTF : Tata Life Sciences & Technology Fund

TGSFA : Tata Gilt Securities Fund (Appreciation Option)

TGSFR : Tata Gilt Securities Fund (Regular Income Option)

TSTBF : Tata Short Term Bond Fund

TGF : Tata Growth Fund

TIPF : Tata Income Plus Fund

TMIF : Tata Monthly Income Fund

TIFNA : Tata Index Fund Nifty

TIFSA : Tata Index Fund Sensex

TEOF : Tata Equity Opportunities Fund

TDBF : Tata Dynamic Bond Fund

TGSF : Tata Gilt Securities Fund

TIXF : Tata Index Fund

TEQPEF : Tata Equity P/E Fund

TMPF : Tata MIP Plus Fnd

TFRSTF : Tata Floating Rate Short Term Fund

TFRLTF : Tata Floating Rate Long Term Fund

TDYF : Tata Dividend Yield Fund

TISF : Tata Infrastructure Fund

TSIF : Tata Service Industries Fund

TFHFS1 : Tata Fixed Horizon Fund Series 1

TMCF : Tata Mid Cap Fund

TFF : Tata Floater Fund


TCF : Tata Contra Fund



TTAF1 : Tata Tax Advantage Fund 1

TLMF : Tata Liquidity Management Fund

XV. BORROWING BY THE MUTUAL FUNDIn accordance with Regulation 44(2) of the SEBI (Mutual Funds)Regulations, 1996, to meet the temporary liquidity needs of theScheme for the purposes of Redemptions / redemptions or incomedistribution to the Unitholders, the Fund / Scheme may borrowfrom any Body Corporate including TAML and Commercial Banks,not more than 20% of the net assets of the Scheme on satisfactoryterms as to interest, security and collateral without encumberingits assets. The duration of such a borrowing shall not exceed aperiod of six months.

XVI. COMPUTATION OF NAV & VALUATION OF ASSETS

i. Computation & Determination of Net Asset Value

Net Asset Value (“NAV”) of the Units shall be determined on allWednesdays (or the immediate next business day if suchWednesday is a holiday) during the close ended period and afterthe conversion into an open ended scheme on close of eachBusiness Day on which the Bombay Stock Exchange is open fortrading.

NAV shall be calculated in accordance with the following formula :

Market Value of Scheme’s Investments + Accrued Income+ Receivables + Other Assets + Unamortised portion ofnew fund offer expenses - Accrued Expenses - Payables- Other Liabilities

NAV= —————————————————————————-Number of Units Outstanding

The unamortised portion of new fund offer expenses will be includedin the calculation of NAV in accordance with the terms mentionedelsewhere in the Offering Circular.

The computation of Net Asset Value, valuation of Assets,computation of applicable Net Asset Value (related price) for ongoingSale, Redemption, Switch and their frequency of disclosure shallbe based upon a formula in accordance with the Regulations andas amended from time to time including by way of Circulars, PressReleases, or Notifications issued by SEBI or the Government ofIndia to regulate the activities and growth of Mutual Funds.

ii. NAV InformationDuring the close ended period the Scheme’s NAV will be availableon all Wednesdays (or the immediate next Business day if suchWednesday is a holiday). After the conversion of the scheme intoan open ended scheme it will be available on all Business Days atthe Authorised Investor Service Centres. The Fund will endeavourto publish the Scheme’s NAV on all relevant Business Days inatleast 2 Daily Newspapers. Further the fund will also endeavourto publish the sale and Redemption price on all relevant BusinessDays in atleast two Daily Newspaper. In the event NAV cannot becalculated and / or published, such as because of the suspensionof trading on the Bombay Stock Exchange, during the existence ofa state of emergency and / or a breakdown in communications,the Board of Trustees may temporarily suspend determination and/ or publication of the NAV of the Units.

NAV will also be updated on Association of Mutual Fund India(AMFI) website on all relevant business days.

Recovery of proportionate New Fund Offer ExpensesRedemption before expiry of 18 months from the date of allotmentwill be subject to an early exit charge. An early exit charge equivalentto the unamortized new fund offer expenses will be recovered fromthe investor in case of redemption before expiry of 18 months fromthe date of allotment. As per the SEBI (Mutual Funds) Regulations,1996 a new fund offer expenses upto 6% of the amount mobilizedduring new fund offer period (NFO) can be charged to the scheme.Such NFO expenses shall be amortised over life of the closedended scheme. Hence in accordance with the Regulations, NFOexpenses, not exceeding 6% of the amount mobilised, will be

43


charged to the scheme and will be amortised over a period of 18months as illustrated on page 8. If investor opts for the redemptionbefore the completion of 18 months, proportionate unamortizedportion of the NFO expenses outstanding at on the date of theredemption shall be recovered from such investor. This is illustratedbelow.

For eg:1

The scheme has mobilised Rs. 100 crore during the NFO periodand Rs.6 cores been incurred towards NFO expenses. Rs. 6 coreswill be amortised equally on a daily basis over a period of 18 months.If investor opts for a redemption of 10000 units after expiry of 6months, unamoritsed balance of NFO expenses will be recoveredfrom the investor by way of an early exit charge. This will be calculatedas follows ;







Units redemmed after

6 months 10000


At the end of 6 months =6,00,00,000- (111111*180)

i.e Rs.4,00,00,020/-




6 months Rs. 0.4000



E.g 2

The scheme has mobilised Rs. 100 crore during the NFO periodand Rs.6 cores been incurred towards NFO expenses. Rs. 6 coreswill be amortised equally on a daily basis over a period of 18 months.If investor opts for a redemption of 10000 units after expiry of 12months, unamoritsed balance of NFO expenses will be recoveredfrom the investor by way of an early exit charge. This will be calculatedas follows ;







Units redemmed after

12 months 10000


At the end of 12 months =6,00,00,000- (111111*365)

i.e Rs.1,94,44,444/-




12 months Rs. 0.1944



Exit charge will get reduced over a period of time.

Repurchase PriceBefore expiry of 18 months from the date of allotment (i.eDuring close ended period)

= [(Applicable NAV *(1 - Exit Load, if any)- Per unit proportionateunamortised NFO expenses)]

Example 1: if the applicable NAV is Rs. 10.00, proportionateunamortised NFO expenses is 0.1000 per unit and the exit/repurchase load is nil then the repurchase price will be [(Rs.10.000*(1 - 0%)-0.1000] = Rs. 9.9000

It may be noted that there is no exit load during close ended period

Repurchase after conversion into an open ended scheme

Repurchase price = Applicable NAV *(1 - Exit Load, if any)

Example 1: if the applicable NAV is Rs. 10.00 and the exit/repurchaseload is 2 per cent then the repurchase price will beRs.10.000 *(1 - 2%) = Rs. 9.80.

Resale after conversion into an open ended scheme

Resale Price = Applicable NAV *(1 + Sales Load, if any)

Example : if the applicable NAV is Rs. 10.00; sales/entry load is 2per cent then the sales price will be Rs. 10.20.

iii. Valuation of AssetsNAV of the Scheme as stated in the foregoing clause for“Computation & Determination of NAV” will be determined by dividingthe net assets of the Scheme by the number of outstanding Unitson the valuation date.

Pursuant to Regulation 77 of the SEBI (Mutual Funds) Regulations,1996, the following investment valuation norms are applicable tothe Scheme:1. Traded Securities :

1. The securities shall be valued at the last quoted closingprice on the stock exchange.

2. When the securities are traded on more that onerecognised stock exchange, the securities shall be valuedat the last quoted closing price on the stock exchangewhere the security is actively traded. It would be left tothe AMC to select the appropriate stock exchange, butthe reasons for the selection should be recorded inwriting. There should however be no objection for allscrips being valued at the prices quoted on the stockexchange where a majority in value of the investmentsare principally traded such as the National StockExchange (NSE) or The Stock Exchange, Mumbai (BSE).

3. Once a stock exchange has been selected for valuationof a particular security, reasons for change of theexchange shall be recorded in writing by the AMC.

4. When on a particular valuation day, a security has notbeen traded on the selected stock exchange; the valueat which it is traded on another stock exchange may beused.

5. When a security (other than Government Securities) isnot traded on any stock exchange on a particular valuation

44


day, the value at which it was traded on the selectedstock exchange or any other stock exchange, as thecase may be, on the earliest previous day may be usedprovided such date is not more than thirty days prior tovaluation date in case of equity and equity relatedinstruments and 15 days in case of debt securities.

Thinly Traded Securities :

Thinly Traded Equity/Equity Related Securities :When trading in an equity/equity related security (such asconvertible debentures, equity warrants, etc.) in a month is lessthan Rs. 5 lacs and the total volume is less than 50,000 shares, itshall be considered as a thinly traded security and valuedaccordingly.

Where a stock exchange identifies the “thinly traded” securities byapplying the above parameters for the preceding calendar monthand publishes/provides the required information along with thedaily quotations, the same can be used by the mutual funds.

If the share is not listed on the stock exchanges which providesuch information, then it will be obligatory on the part of the mutualfund to make its own analysis in line with the above criteria tocheck whether such securities are thinly traded which would thenbe valued accordingly.

In case trading in an equity security is suspended upto 30 days,then the last traded price would be considered for valuation of thatsecurity. If an equity security is suspended for more than 30 days,then the Asset Management Company/Trustees will decide thevaluation norms to be followed and such norms would bedocumented and recorded.

(i) Thinly Traded Debt Securities:

A debt security (other than Government Securities) shall beconsidered as a thinly traded security if on the valuation date,there are no individual trades in that security in marketablelots (currently Rs. 5 crore) on the principal stock exchange orany other stock exchange.

A thinly traded debt security as defined above would be valuedas per the norms set for non-traded debt security.

(ii) Non Traded Securities :

When a security (other than Government Securities) is nottraded on any stock exchange for a period of 30 days (15days in case of debt security) prior to the valuation date thescrip must be treated as a ‘non traded’ security.

Unlisted Equity Shares will be valued in accordance with thecriteria laid down in SEBI circular no. MFD/CIR03/526/2002dated May 9, 2002.

VALUATION OF NON-TRADED / THINLY TRADED SECURITIES

(i) Non-traded / thinly traded equity securities:

(a) Based on the latest available Balance Sheet, net worthshall be calculated as follows :

(b) Net Worth per share = [share capital + reserves(excluding revaluation reserves) – Misc. expenditureand Debit Balance in P&L A/c] Divided by No. of Paid upShares.

(c) Average capitalisation rate (P/E ratio) for the industrybased upon either BSE or NSE data (which should befollowed consistently and changes, if any noted withproper justification thereof) shall be taken and discountedby 75% i.e. only 25% of the Industry average P/E shallbe taken as capitalisation rate (P/E ratio). Earnings pershare of the latest audited annual accounts will beconsidered for this purpose.

(d) The value as per the net worth value per share and thecapital earning value calculated as above shall be

averaged and further discounted by 10% for ill-liquidityso as to arrive at the fair value per share.

(e) In case the EPS is negative, EPS value for that yearshall be taken as zero for arriving at capitalised earning.

(f) In case where the latest balance sheet of the companyis not available within nine months from the close of theyear, unless the accounting year is changed, the sharesof such companies shall be valued at zero.

(g) In case an individual security accounts for more than5% of the total assets of the scheme, an independentvaluer shall be appointed for the valuation of the saidsecurity.

(ii) (a) Non Traded /Thinly Traded Debt Securities of Upto 182Days to Maturity :As the money market securities are valued on the basis ofamortization (cost plus accrued interest till the beginning of theday plus the difference between the redemption value and the costspread uniformly over the remaining maturity period of theinstruments) the same process should be adopted for non-tradeddebt securities with residual maturity of upto 182 days, in theabsence of any other standard benchmarks in the market. Allother non traded Non Government debt instruments should bevalued using the method suggested in (ii)(b) hereof.

(ii) (b) Non Traded/ Thinly Traded Debt Securities of Over 182Days to Maturity.For the purpose of valuation, all Non Traded Debt Securities wouldbe classified into “Investment grade” and “Non Investment grade”securities based on their credit ratings. The non-investment gradesecurities would further be classified as “Performing” and “NonPerforming” assets

All Non Government investment grade debt securities,classified as not traded, shall be valued on yield to maturitybasis as described below.

All Non Government non investment grade performing debtsecurities would be valued at a discount of 25% to the facevalue

All Non Government non investment grade non performingdebt securities would be valued based on the provisioningnorms.

The approach in valuation of non traded debt securities is basedon the concept of using spreads over the benchmark rate to arriveat the yields for pricing the non traded security.

The Yields for pricing the non traded debt security would be arrivedat using the process as defined below.

Step AA Risk Free Benchmark Yield is built using the governmentsecurities (GOI Sec) as the base. GOI Secs are used as thebenchmarks as they are traded regularly; free of credit risk; andtraded across different maturity spectrums every week.

Step B

A Matrix of spreads (based on the credit risk) are built for markingup the benchmark yields. The matrix is built based on tradedcorporate paper on the wholesale debt segment of an appropriatestock exchange and the primary market issuances. The matrix isrestricted only to investment grade corporate paper.

Step CThe yields as calculated above are Marked-up/Marked-down forill-liquidity risk

Step D

The Yields so arrived are used to price the portfolio

45


METHODOLOGY

A. Construction of Risk Free Benchmark

Using Government of India dated securities, the Benchmarkshall be constructed as below :

Government of India Dated securities will be groupedinto the following duration buckets viz., 0.5-1 years, 1-2years, 2-3 years, 3-4 years, 4-5 years, 5-6 years and 6years and the volume weighted yield would be computedfor each bucket. These duration buckets may bechanged to reflect the market value more closely by anyagency suggested by AMFI giving benchmark yield/matrix of spreads over benchmark yield.

The benchmark as calculated above will be set atleastweekly, and in the event of any significant movement inprices of Government Securities on account of any eventimpacting interest rates on any day such as a change inthe Reserve Bank of India (RBI) policies affecting interestrates during the week, the benchmark will be reset toreflect any change in the market conditions.

Note : The concept of duration over tenor has been chosenin order to capture the reinvestment risk. It is intended togradually move towards a methodology that incorporatesthe continuous curve approach for valuation of suchsecurities. However, in view of the current lack of liquidityin the corporate bond markets, a continuous curveapproach to valuation would be necessarily based onlimited data points, and this would result in out of linevaluations. As an interim methodology therefore it isproposed that the Duration Bucket approach be adoptedand continuously tracked in order to fine tune the durationbuckets on a periodic basis. Over the next few years it isexpected that with the deepening of the secondary markettrading, it would be possible to make a gradual move fromthe Duration Bucket approach towards a continuous curveapproach.

B . Building a Matrix of Spreads for Marking-up the BenchmarkYield

Mark up for credit risk over the risk free benchmark YTM ascalculated in step A, will be determined using the trades ofcorporate debentures/bonds of different ratings. All trades onappropriate stock exchange during the fortnight prior to thebenchmark date will be used in building the corporate YTMand spread matrices. Initially these matrices will be built onlyfor corporate securities of investment grade. The matricesare dynamic and the spreads will be computed every week.The matrix will be built for all duration buckets for which thebenchmark GOI matrix is built to effectively link the corporatematrix with the GOI securities matrix. Accordingly:

All traded paper (with minimum traded value of Rs. 1crore) will be classified by their ratings and grouped into7 duration buckets; for rated securities, the mostconservative publicly available rating will be used;

For each rating category, average volume weighted yieldwill be obtained both from trades on the appropriate stockexchange and from the primary market issuances

Where there are no secondary trades on the appropriatestock exchange in a particular rating category and noprimary market issuances during the fortnight underconsideration, then trades on appropriate stockexchange during the 30 day period prior to the benchmarkdate will be considered for computing the average YTMfor such rating category;

If the matrix cannot be populated using any or all of theabove steps, then credit spreads from trades on

appropriate stock exchange of the relevant ratingcategory over the AAA trades will be used to populatethe matrix;

In each rating category, all outliers will be removed forsmoothening the YTM matrix;

Spreads will be obtained by deducting the YTM in eachduration category from the respective YTM of the GOIsecurities;

In the event of lack of trades in the secondary marketand the primary market the gaps in the matrix would befil led by extrapolation. If the spreads cannot beextrapolated for the reason of practicality, the gaps inthe matrix will be filled by carrying the spreads from thelast matrix.

C. Mark-up/Mark-down Yield

The Yields calculated would be marked-up/marked –down toaccount for the ill-liquidity risk, promoter background, financecompany risk and the issuer class risk. As the level of ill-liquidity risk would be higher for non rated securities themarking process for rated and non rated securities would bedifferentiated as follows

C(I) Adjustments for Securities rated by external ratingagencies

The Yields so derived out of the above methodologycould be adjusted to account for risk mentioned above.

A Discretionary discount/premium of upto +100 BasisPoints for securities having a duration of upto 2 yearsand upto +75 Basis Points for securities having durationhigher than 2 years will be permitted to be provided forthe above mentioned types of risks. The rationale for theabove discount structure is to take cognizance of thedifferential interest rate risk of the securities. Thisstructure will be reviewed periodically.

C (II) Adjustments for Internally Rated Securities

To value an un-rated security, the fund manager has toassign an internal credit rating, which will be used forvaluation. Since un-rated instruments tend to be moreilliquid than rated securities, the yields would be markedup by adding +50 over and above the mandatoryDiscount of +50 basis point for securities having aduration of upto two years and +50 over and above themandatory Discount of +25 basis point for securitieshaving duration of higher than two years to account forthe illiquidity risk.

Application of Benchmark yield for valuation on the date ofits release by any agency suggested by AMFI.The benchmark yield/matrix of spreads over benchmark yieldobtained from any agency suggested by AMFI as a provider ofbenchmark yield/matrix of spreads over benchmark yield to mutualfunds, must be applied for valuation of securities on the day onwhich the bench mark yield/matrix of spreads over benchmarkyield is released by the aforesaid agency.

Valuation of securities with Put/Call OptionsThe option embedded securities would be valued as follows:

Securities with call option :The securities with call option shall be valued at the lower of thevalue as obtained by valuing the security to final maturity andvaluing the security to call option.

In case there are multiple call options, the lowest value obtained byvaluing to the various call dates and valuing to the maturity date isto be taken as the value of the instrument.

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Securities with Put option

The securities with put option shall be valued at the higher of thevalue as obtained by valuing the security to final maturity andvaluing the security to put option

In case there are multiple put options, the highest value obtainedby valuing to the various put dates and valuing to the maturity dateis to be taken as the value of the instruments.

Securities with both Put and Call option on the same day

The securities with both Put and Call option on the same day wouldbe deemed to mature on the Put/Call day and would be valuedaccordingly.

(ii) (c) Government securitiesThe scheme will use the prices for Government Securities releasedby an agency suggested by AMFI for the sake of uniformity incalculation of NAVs.

(iii) Liquid Securities(a) Aggregate value of “illiquid securities” of scheme, which are

defined as non-traded, thinly traded and unlisted equityshares, shall not exceed 15% of the total assets of the schemeand any illiquid securities held above 15% of the total assetsshall be assigned zero value.

Provided that in case any scheme has illiquid securities inexcess of 15% of total assets as on September 30, 2000 thensuch a scheme shall within a period of two years bring downthe ratio of illiquid securities within the prescribed limit of 15%in the following time frame:

(i) all the illiquid securities above 20% of total assets of thescheme shall be assigned zero value on September 30,2001.

(ii) All the illiquid securities above 15% of total assets of thescheme shall be assigned zero value on September30, 2002.

(b) All funds shall disclose as on March 31 and September 30 thescheme-wise total illiquid securities in value and percentageof the net assets while making disclosures of half yearlyportfolios to the unitholders. In the list of investments, anasterisk mark shall also be given against all such investmentswhich are recognised as illiquid securities.

(c) Mutual Funds shall not be allowed to transfer illiquid securitiesamong their schemes w.e.f. October 1, 2000.

(d) Where a scheme has illiquid securities as at September 30,2001 not exceeding 15% in the case of an open-ended fundand 20% in the case of closed ended fund, the concessionsof giving time period for reducing the illiquid security to theprescribed limits would not be applicable and at all time theexcess over 15% or 20% shall be assigned nil value.

Valuation of Money Market Instruments:

Investments in call money, bills purchased under rediscountingscheme and short term deposits with banks shall be valued atcost plus accrual; other money market instruments shall be valuedat the yield at which they are currently traded. For this purpose,non-traded instruments that is instruments not traded for a periodof seven days will be valued at cost plus interest accrued till thebeginning of the day plus the difference between the redemptionvalue and the cost spread uniformly over the remaining maturityperiod of the instruments.

Valuation of Derivative Product:1. The traded derivative shall be valued at market price in

conformity with the stipulations of sub clauses (I) to (V) ofclause 1 of the eighth Schedule to the Securities and Exchange

Board of India (Mutual Funds) Regulations, 1996, as amendedby SEBI circular no. MFD/CIR/8/92/2000 dated September,18, 2000.

2. The valuation of untraded derivatives shall be done inaccordance with the valuation method for untradedinvestments prescribed in sub clauses (I) and (II) of clause 2of the Eighth Schedule to the Securities and Exchange Boardof India (Mutual Funds) Regulations, 1996, as amended bySEBI circular no. MFD/CIR/8/92/2000 dated September, 18,2000.

XVII. REPURCHASE, RESALE & SWITCH OF UNITSi. Repurchase (including switch out) during close ended

periodThe scheme will not accept any subscription during close endedperiod. The repurchase (including switch out) facility will be availableat a weekly interval during close ended period. Applications forrepurchase can be submitted upto 3 p.m. on any Wednesday (orimmediate next business day if such Wednesday is a holiday) ofthe week after scheme opens for repurchase. The relevant NAVfor repurchase shall be the NAV calculated on close of suchWednesday. For the convenience of investors, the Fund will acceptrepurchase request on any business day of the week. Applicationreceived during the day other than the Wednesday will beprocessed at the NAV calculated at close of immediate nextWednesday (or immediate next business day if such Wednesdayis a holiday). This is illustrated below

for e.g applications received during the week commencing from4th May and ending on 10th May will be processed at the NAV of10th May.

No exit load will be changed on the units repurchased but asmentioned earlier in clause - On Pg 7 proportionate unamortisedNew Fund Offer (NFO) expenses outstanding as on the date ofrepurchase will be deducted at the time payment of repurchaseproceeds to the investors.

Minimum Repurchase Requirement

100 units and in multiple of 1 unit thereafter.

Maximum Repurchase

Single Investor – No Limit

Aggregate - 15% of the units outstanding at the beginning ofrepurchase day.

In case of receipt of the repurchase requests (including repurchaserequests carried forward in accordance with this clause) in excess of15% of the outstanding units at the beginning of any repurchase day,the AMC reserves the right to carry forward excess units, on a pro-rata basis, to the next repurchase day and such excess units shall beprocessed at the applicable NAV of next repurchase day.

However AMC reserves the right to accept Repurchase Request inRupees also.

Automatic Conversion into an open ended schemeThe Scheme after 18 months will automatically be converted into anopen end scheme, without any further reference from the MutualFund/Trustee. Units outstanding on the Maturity Date under theScheme will automatically continue under the open end scheme,without requiring any further reference from the unitholder. TheTrustee, however, reserves the right not to convert the scheme intoan open end scheme upon maturity, if deemed appropriate in theinterest of the scheme/investors. The decision of the Trustee in suchcase will be communicated to the unitholders 30 days prior to thematurity of the scheme. Please note that if the Maturity date/StipulatedDate for Redemption falls on a non-business day, then the units willbe redeemed/ repurchased or the Scheme will mature, as the casemay be, on the following business day for the Scheme.

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Procedure for Conversion of Close end scheme into Openend scheme:Following steps would be followed for converting the scheme intoopen end:1. A communication will be sent to all unitholders whose

names appear in the list of unitholders 30 days prior to thematurity date informing the conversion.

2. Those unitholders who do not wish to continue either infull or part with the open end scheme may submit aredemption / switch request in any of the ISCs or collectioncentres

3. For the convenience of unitholders, the Fund will startaccepting such redemption/ switch requests for a periodof 30 days prior to the Maturity Date.

4. All such redemption/ switch requests shall be deemed tohave been received on the Maturity Date of the scheme,and processed accordingly.

5. After maturity, the scheme may have book closure for aminimum period of 7 days or till first Monday fallingimmediately on or after the 7th day. The scheme will reopenfor ongoing purchase and redemption after the bookclosure.

6. All unitholders (who do not exercise this option ofredemption) of the close end scheme, will automaticallybecome the unitholders of the open end scheme.

ii. Repurchase / Switch / Resale After Conversion into anopen ended scheme

After Conversion into an open ended scheme Repurchase / Switch/ Resale of units will be available on all business days.

The relevant NAV for Repurchase, Switch, Resale will be the closingNAV of the business day of receipt of the Repurchase/Switch/Salerequest provided. The date of receipt of a request for fresh Sale,Repurchase, Switch will be the actual business day of the Mailreceipt at any of the Authorised Investor Service Centers stated inthis offering circular and / of in-person request if received upto3.00pm on any business day.

Valid application for “switch out” shall be treated as redemptionand for “switch in” shall be treated as purchases and therelevant NAV for “switch in” and “switch out” shall beapplicable accordingly.

Outstation cheques/demand drafts will not be accepted at centersother than at Mumbai.

Relevant NAV for subscription application received along with andoutstation cheque/demand draft will be NAV of the closing of theday on which cheque/demand draft is credited to account.

Requests for repurchase can be submitted on any Business Daysof the Month, at our Authorised Service Centres (mentioned in thisOffer Document). The repurchase request can be made for aminimum of Rs. 1000/- / 100 units or in multiples of Rs.1000/- / 100Units or for all the Units. The Units will be repurchased (sold backto the Fund) at the relevant NAV (as stated in the foregoingclause(s) for “Relevant NAV for repurchase, resale & switch ofunits”), less any administrative cost and other charges termed asRepurchase Load and which shall be the applicable Repurchaseprice / NAV related price. The repurchase price will be in accordancewith Regulation 49(3) of the Securities Exchange Board of India(Mutual Funds) Regulations, 1996, which shall not be lower than93% of the NAV and further that the difference between the saleand repurchase price shall not exceed 7% calculated on the saleprice. The Trustee Company may however, from time to time reviewand modify the repurchase load for each choice of investment asstated in the foregoing clause on “Unitholder TransactionExpenses”. The Units if partially repurchased would be subtractedfrom the Unit balance of that Unitholder on “First In First Out”basis i.e. the Units that were offered / allotted first would be the firstto be repurchased. In case amount is withdrawn, the same will be

converted into Units at the applicable Repurchase price / NAVrelated price and the number of Units so arrived at will be subtractedfrom the Unit balance of that Unitholder on “First In First Out”basis. The repurchase would be permitted to the extent of creditbalance in the Unitholder’s account.

iii. Despatch of Redemption ProceedsThe repurchase cheque will be issued in the name of the firstunitholder. Under normal circumstances, the Fund will ensure thatthe repurchase cheques are despatched within ten business daysfrom the date of receipt of the repurchase request. In the event ofpartial repurchase, the Fund shall despatch the revised AccountStatement for the balance number of Units still being held by theUnitholder along with the repurchase cheque. Credit balances inthe account of a Non- Resident Unitholder on maturity or otherwise,(where RBI final approval and any other approval (if any required)has been obtained) may be repurchased by the Fund by suchUnitholder in accordance with the procedure described above andalso subject to any procedures laid down by RBI and any otheragency. Such repurchase proceeds will be paid by means of aRupee cheque payable to the NRE/ NRO account of the Unitholderor subject to RBI procedures and approvals, such payment inIndian Rupees will be converted into US Dollars or into any othercurrency, as may be permitted by RBI, at the rate of exchangeprevailing at the time of remittance and will be despatched at theapplicants’ risk, or at the request of the applicants’ will be creditedto their NRE/ NRO Accounts, details of which are to be furnishedin the space provided for this purpose in the Repurchase Form.The Fund will not be liable for any delays or for any loss on accountof exchange fluctuations, while converting the rupee amount in USDollar or any other currency. The Fund (if required) may alsomake arrangements to obtain RBI approvals on a case-by-casebasis on behalf o the Unitholder, subject to the Unitholder providingthe Fund with the necessary documents required.

Securities Transaction Tax (STT) on redemption:As per the income Tax Act 1961, in case of an open ended equityscheme, securities transaction tax (STT) of 0.20% (plus educationcess @2%) (w.e.f 1st June, 2006 STT would be 0.25%)is payablefor sale of units to the mutual fund. This is illustrated below:

Repurchase Price Rs. 11.00

Repurchase Units 1000

Repurchase Price Rs. 11000

Securities Transaction Tax (STT) Rs. 22.00(On redemption @ 0.20% of redemption value)Education Cess (EC) on STT@ Rs. 0.44

Total Tax (STT + EC) Rs. 22.44

Net Amount Payable to Investors Rs. 10977.56(Rs. 11000 - Rs. 22.44)

*Net of unamortised New Fund Offer (NFO) expenses in case ofrepurchase before expiry of 18 months from the date of initialallotment.iv. Possible Deferral of Repurchase Requests and

Compulsory RepurchaseWhilst every effort will be made to ensure that the Scheme willhave sufficient liquidity to enable the repurchase cheques to becollected/despatched within the deadline stated in the foregoingClause, Unitholders should note that where the Scheme is obligedto arrange for the disposal of the underlying securities / borrow, inorder to satisfy redemption / repurchase requests, Unitholders mayexperience some delays in receiving repurchase cheques, reflectingthe time involved in settling the underlying sales of securities /borrowing. However, in any case, the Fund will ensure that thecollection/despatch of repurchase cheques is not delayed beyondten days (when TMF is open for business) from the date of receiptof the repurchase request in accordance with Regulation 53(b) of

48


the Securities Exchange Board of India (Mutual Funds)Regulations, 1996.

The Fund may mandatorily redeem all the Units of any Unitholder:(A) if the value of the account falls below the minimum Account

balance of Rs.5,000/- (based on prevailing NAV) and / or 500Units due to normal repurchase/switch and the unitholders failsto invest sufficient funds or to purchase sufficient units to bringthe value of the account upto the minimum level within 30days after a written intimation in this regard is sent by the fundto that unitholder; or

(B) where the Units are held by a Unitholder in breach of anyregulations.

v. Spread between Sale and Redemption PriceThe spread between the sale and redemption price will be inaccordance with Regulation 49(3) of the Securities & ExchangeBoard of India (Mutual Funds) Regulations, 1996. Accordingly, theRedemption price shall not be lower than 93%(95% during closeended period) of the NAV while the sale price shall not be higherthan 107% of the NAV and further that the difference between thesale and Redemption price shall not exceed 7% calculated on theSale price. Please also refer to the Clause on “Unitholder TransactionExpenses”.

vi. Sale of Units on an ongoing basis

Requests for fresh Units can be submitted on any Business Day ofthe Month at our Authorised Investor Service Centres, by filling inthe prescribed form. Unitholders can also subscribe additional Unitsunder their existing Folio. Fresh subscription of Units will be at therelevant NAV (as stated in the foregoing clauses(s) for “RelevantNAV for Repurchase / Resale & Switch of Units”) plus a Sales Load,which shall be the applicable sale price. The Offer price / NAV relatedprice will be accordance with Regulation 49(3) of the Securities &Exchange Board of India (Mutual Funds) Regulations, 1956, whichshall not be higher than 107% of the NAV and further that thedifference between the sale and repurchase price shall not exceed7% calculated on the sale price. The Trustee company may however,from time to time review and modify the sale load for each choice ofinvestment as stated in the foregoing clause on “UnitholderTransaction Expenses”.

Sale on an ongoing basis by any investor shall individually be for aminimum of Rs. 5,000/- and in multiples of Re. 1/- thereafter whilefor an existing unitholder it shall be for Rs. 5,000/- and in multiplesof Re. 1/- or as may be decided by the Asset ManagementCompany / Trustee Company from time to time. The TrusteeCompany may however stipulate a different minimum amount perapplication for members of co-operative society, etc. Requestsfor Sale of Units on an ongoing basis can be made only by specifyingthe amount to be invested and not the number of Units in theprescribed form. The total number of Units will be determined withreference to the applicable sale price, and fractional Units may becreated. Fractional Units will be computed and accounted for uptothree decimal places. Units will be allotted on the date of receipt /realisation of cheque (deemed date of allotment). A (fresh) AccountStatement will be despatched to the address as indicated in theprescribed form by the investor, reflecting the updated holding ofthe Unitholder normal circumstances, the Account Statement willbe despatched after five Business Days or after clearance ofcheque (whichever is later). However, the despatch of AccountStatement shall not be delayed beyond six weeks from the date ofreceipt of request from the unitholder as per Regulation 36 of SEBIRegulations.

vii. Switch of Units within the Funds / Schemes / Plans ofTata Mutual Fund

After the reopening of the scheme, Unitholders under this schememay exchange their Units for Units of the other Funds/ Schemes

/ Plans in Tata Mutual Fund (the existing Funds / Schemes / Plansand others as may be announced / launched from time to time) onthe basis of the terms / rules / Regulations/ provisions prevalentfor the relevant Funds / Schemes / Plans, of the respective Units(of the relevant Funds / Schemes / Plans) to be exchanged.

Requests for switch may be submitted on any Business Day of theMonth, at our Authorised Investor Service Centres. The Units willbe switched at the relevant NAV (as stated in the foregoing clause(s)for “Relevant NAV for repurchase / resale & switch of units”), plusany administrative cost and other charges and which shall be theapplicable resale / NAV related price. The Units thus switched wouldbe subtracted from the Unit balance of that Unitholder on “First InFirst Out” basis i.e. the Units that were offered / allotted first wouldbe the first to be switched unless otherwise indicated by unitholders.In case amount is switched the same will be converted into Units atthe applicable resale / NAV related price and the number of Unitsso arrived at will be subtracted from the Unit balance of thatUnitholder on “First In First Out” basis unless otherwise instructedby the Unitholder. The minimum amount / number of Units that maybe exchanged for amount / Units of the other Funds / Schemes /Plans in Tata Mutual Fund will be the minimum amount / number ofUnits as applicable to the relevant Funds / Schemes / Plans to beexchanged of this Scheme.

Unitholder should note that each exchange represents the sale ofUnits from one Scheme (which may produce a capital gains or loss)and the purchase of Units in another Scheme and for NRI/ FIIunitholder is also subject to any final approval and procedures laiddown by RBI and any other agency (if any).

viii. Suspension of ongoing Sale, Redemption or Switch ofUnits

The ongoing sale, Redemption or switch of Units may be suspendedtemporarily or indefinitely under any of the following circumstances:

Stock markets stop functioning or trading is restricted.

Periods of extreme volatility in the capital / stock markets,which in the opinion of the Asset Management Company isprejudicial to the interests of the Unitholders.

A complete breakdown or dislocation of business in themajor financial markets.

Natural calamities.

Declaration of war or occurrence of insurrection, civilcommotion or any other serious or sustained financial,political or industrial emergency or disturbance.

SEBI, by order, so directs.

On a requisition made by three-fourths of the Unitholders.

The Fund also reserves the right, to withdraw sale of Units in theScheme temporarily or indefinitely, if the Asset ManagementCompany / Trustee Company views that increasing the Scheme’ssize further may prove detrimental to the existing Unitholders of theScheme. An offer for fresh subscription of Units is not binding onand may be rejected by the Asset Management Company/ TrusteeCompany, unless it has been confirmed in writing by the AssetManagement Company/ Trustee Company and payment has beenreceived.

Suspension of repurchase facility under the scheme shall be madeapplicable only after the approval from the Board of Directors of theAMC and Trustee Company. The approval from the AMC & TrusteeCompany Boards giving details of circumstances and justificationfor the proposed actions shall be informed to SEBI in advance.

ix. Centres where Redemption/resale/switch requests can begiven

Authorised Investor Service Centres :For the list of Authorised Investor Service Centres, please

49


refer to the Back Cover Page of this Offering Circular.

All locations from where an empanelled distributor of theAMC is empowered and able to use the transaction screensprovided by the Registrar, in association with the bankingfacilities offered by the AMC, in accordance with procedureslaid out by and agreed with our Registrar, to submit electronictransactions within the cutoff time.

x. Unclaimed Redemption/Dividend Amount

The unclaimed Redemption amount and Dividend amount may bedeployed by the Mutual Fund in Call Money Market or MoneyMarket Instruments only and the investor who claims theseamounts during a period of three years from the due date shall bepaid at the prevailing Net Asset Value. After a period of three years,this amount will be transferred to a pool account and the investorcan claim the amount at NAV prevailing at the end of third year.The income on such funds will be used for the purpose of investoreducation. The AMC will make continuous efforts to remind theinvestors through letters to take their unclaimed amount. Further,the investment management fee charged by the AMC for managingunclaimed amounts shall not exceed 50 basis points.

XVIII. ACCOUNTING POLICIES

Accounts and Audit

TAML will keep and maintain the books of accounts, records anddocuments for the Scheme so as to explain its transactions and todisclose the financial position of the Scheme. The Trust shall arrangefor the financial statements of the Scheme to be audited as of every31st March and shall prepare an annual report and annual statementof account. The first such audit will be conducted and such annualreport prepared for the period ending March 31st, 2007. TheBoard shall have the financial statements for the Scheme auditedby such Chartered Accountant(s) as may be appointed for thatpurpose by the Trustee Company. S.B.Billimoria & Co. CharteredAccountants, have been appointed in such capacity.

Pursuant to Regulation 50 of the SEBI (Mutual Funds) Regulations,1996, the following accounting policies are applicable to the Scheme:

a) For the purposes of the financial statements, the Fund shallmark all investments to market and carry investments in thebalance sheet at market value. However, since the unrealisedgains arising out of appreciation on investments cannot bedistributed, provision shall be made for exclusion of this itemwhen arriving at distributable income.

b) In respect of all interest-bearing investments, income shallbe accrued on a day to day basis as it is earned. Thereforewhen such investments are purchased, interest paid for theperiod from the last interest due date upto the date of purchaseshall not be treated as a cost of purchase but shall be debitedto Interest Recoverable Account. Similarly, interest receivedat the time of sale for the period from the last interest due dateupto the date of sale shall not be treated as an addition to salevalue but shall be credited to Interest Recoverable Account.

c) In determining the holding cost of investments and the gainsor loss on sale of investments, the “average cost” methodshall be followed.

d) Transactions for purchase or sale of investments shall berecognised as of the trade date and not as of the settlementdate, so that the effect of all investments traded during afinancial year are recorded and reflected in the financialstatements for that year. Where investment transactions takeplace outside the Stock Market, for example, acquisitionsthrough private placement or purchases or sales throughprivate treaty, the transaction would be recorded, in the eventof a purchase, as of the date on which the Scheme obtainsany enforceable obligation to pay the price or, in the event ofa sale, when the Scheme obtains an enforceable right tocollect the proceeds of sale or an enforceable obligation todeliver the instruments sold.

e) Where income receivable on investments has been accruedand has not been received for a period of 3 months beyondthe due date, provision shall be made by debit to the revenueaccount for the income so accrued and no further accrual ofincome shall be made in respect of such investment.

f) When in the case of an open-ended Scheme (like the presentScheme) Units are sold, the difference between the sale priceand the face value of the Unit, if positive, shall be credited toreserves and if negative shall be debited to reserves, the facevalue being credited to Capital Account. Similarly, when inrespect of such a Scheme (like the present Scheme), Unitsare repurchased, the difference between the purchase priceand face value of the Units, if positive shall be debited toreserves and if negative, shall be credited to reserves, theface value being debited to the Capital Account.

g) In the case of an open-ended Scheme (like the presentScheme), when Units are sold an appropriate part of the saleproceeds shall be credited to an Equalisation Account andwhen Units are repurchased an appropriate amount shall bedebited to Equalisation Account. The net balance on thisaccount should be credited or debited to the Revenue Account.The balance on the Equalisation Account debited or creditedto the Revenue Account should not decrease or increase thenet income of the Fund but is only an adjustment todistributable surplus. It shall therefore be reflected in theRevenue Account only after the net income of the Fund isdetermined.

h) The cost of investments acquired or purchased would includebrokerage, stamp charges and any charge customarilyincluded in the broker’s bought note. In respect of privatelyplaced debt instruments any front-end discount offered shouldbe reduced from the cost of the investment.

i) To provide appropriate details of the Schemewise deploymentof the assets of the Fund, certain accounting policies andstandards in accordance with the appropriate guidance notesissued by the Institute of Chartered Accountants of India maybe adopted by TAML, and amended from time to time. TheTrustee Company/ TAML may alter these above statedaccounting policies and standards from time to time, and alsoto the extent the guidance notes issued by the Institute ofChartered Accountants of India, and the SEBI (Mutual Funds)Regulations, 1996 change, so as to permit the Scheme togive a true and fair view of its state of affairs. As such theaccounting policies and standards, and the preparation of theannual report and annual statement of account of the Schemewill be in accordance with SEBI (Mutual Funds) Regulations,1996, including Schedule IX and XI thereof.

XIX. TAX TREATMENT OF INVESTMENTS IN MUTUAL FUNDSCertain tax benefits as described below are available, under presenttaxation laws to the Unitholders holding the Units as an investment.The information set out below is included for general informationpurposes only and does not constitute legal or tax advice. In viewof the individual nature of the tax consequences, each investor isadvised to consult his or her own tax consultant with respect tospecific tax implications arising out of their participation in theScheme. Income Tax benefits to the mutual fund and to theunitholder is in accordance with the prevailing tax laws as certifiedby the mutual funds tax consultant.

i. TAX BENEFITS TO THE MUTUAL FUND

Tata Mutual Fund is a Mutual Fund registered with the Securitiesand Exchange Board of India and hence the entire income of theFund will be exempt from income-tax in accordance with theprovisions of Section 10(23D) of the Income-tax Act, 1961 (theAct).

The Fund is entitled to receive all income without any deduction oftax at source under the provisions of Section 196(iv), of the Act.

However, as per the taxation laws in force, read with Chapter VII

50


of the Finance (No. 2) Act, 2004 pertaining to Dividend DistributionTax, it is provided that on income distribution, if any, made by theFund, on or after 1 April, 2004, to its Unitholders, being Individualsand Hindu Undivided Family, income-tax will be payable underSection 115R of the Act, at the rate of 14.025 % (inclusive ofsurcharge and additional surcharge called Education Cess onincome-tax), and to other Unitholders at the rate of 22.44%(inclusive of surcharge and additional surcharge called EducationCess on income-tax), except, inter alia, in the case of equity-oriented funds (including close ended equity funds)(i.e. such fundwhere the investible funds are invested by way of equity shares indomestic companies to the extent of more than 50% (65% w.e.f 1/6/06) of the total proceeds of such Fund), where no such tax willbe payable.

ii. TAX BENEFITS TO THE UNITHOLDERS

Income Tax

All Unitholders

Income received in respect of units of a mutual fund, where incomedistribution is made on or after 1st April, 2003, would be exempt fromincome-tax in the hands of the unitholders under Section 10(35) ofthe Act.

Tax Deduction at Source

All Unitholders

In view of the exemption of income in the hands of the unitholders,no income tax is deductible at source, on income distribution by theMutual Fund, under the provisions of Sections 194K and 196A of theAct.

iii. Capital Gains Tax

All Unitholders

Under Section 10(38) of the Act, capital gains arising on transfer of along-term capital asset held for a period of more than twelve months,inter alia, being a unit of an equity-oriented fund (asdefined therein) would be exempt from income-tax, if sale of suchunit is made on or after 1st October, 2004, and such transaction hasbeen chargeable to securities transaction tax under Chapter VII ofthe Finance (No. 2) Act, 2004 pertaining to Securities TransactionTax (STT). The Finance Act, 2006 has with effect from 1st June,2006 increased the STT rates from 0.20% to 0.25% on sale of unitsto the mutual fund and from 0.10% to 0.125% for delivery-basedsale through stock exchange.

Under Section 54EC of the Act and subject to the conditionsspecified therein, taxable capital gains, arising on transfer of along- term capital asset, shall not be chargeable to tax to the extentsuch capital gains are invested in certain notified bonds within sixmonths from the date of transfer. No deduction from the amount ofincome

with reference to such investment shall be allowed under section80C after the 1st day of April 2005.

Under Section 54ED of the Act and subject to the conditionsspecified therein, taxable capital gains (subject to the exemption oflong-term capital gains provided for in section 10(38) of the Act,discussed elsewhere in this Statement) arising before the 1st day ofApril, 2006 from transfer of long term assets, inter alia, being listedsecurities or units shall not be chargeable to tax to the extent suchgains are invested in acquiring equity shares forming part of an“eligible issue of share capital” within six months from the date oftransfer of the long-term assets. Eligible issue of share capital hasbeen defined as an issue of equity shares which satisfies thefollowing conditions:

the issue is made by a public company formed and registered inIndia; and

the shares forming part of the issue are offered for subscriptionto the public.

No deduction from the amount of income with reference to suchinvestment shall be allowed under section 80C after the 1st day ofApril 2005.

Under Section 54F of the Act and subject to the conditionsspecified therein, in the case of an individual or a HUF, capital gains(subject to the exemption of long-term capital gains provided for insection 10(38) of the Act, discussed elsewhere in this Statement)arising on transfer of a long term capital asset (not being aresidential house) are not chargeable to tax if the entire netconsideration received on such transfer is invested within theprescribed period in a residential house. If part of such netconsideration is invested within the prescribed period in aresidential house, then such gains would not be chargeable to taxon a proportionate basis. For this purpose, net consideration meansfull value of the consideration received or accruing as a result of thetransfer of the capital asset as reduced by any expenditure incurredwholly and exclusively in connection with such transfer.

The following amounts would be deductible from the full value ofconsideration, to arrive at the amount of capital gains:

cost of acquisition of Units (excluding the SecuritiesTransaction Tax, if any paid on acquisition) as adjusted by CostInflation Index notified by the Central Government in case oflong term capital gain, and

expenditure incurred wholly and exclusively in connection withsuch transfer.

Under the provisions of Section 94(7) of the Act, loss arising onacquisition/sale/transfer of Units, which are acquired/sold/transferswithin three months prior/after the record date (i.e. the date fixed bythe Mutual Fund for the purposes of entitlement of the Unitholders toreceive the income or additional units without any consideration, asthe case may be) and sold within nine months after the record date,shall be ignored for the purpose of computing incomechargeable to tax to the extent of exempt income received orreceivable on such Units.

Under the provisions of Section 94(8) of the Act, when units are boughtwithin a period of 3 months prior to the record date forallotment of additional units and additional units are allotted withoutany payment and where the original units are sold within nine monthsafter the record date, while the additional units (whether all or someof them) are continued to be held by the unitholder, the loss, if any,arising on sale of such units bought shall be ignored for the purposeof computing income chargeable to tax and such loss shall betreated as the cost of acquisition of the additional units.

Foreign Institutional Investors

Long-term capital gains on sale of Units, other than units of anequity oriented fund referred to above, would be taxed at the rate of20% under Section 115AD of the Act. Such gains would becalculated without indexation of cost of acquisition.

Short-term capital gains on sale of units of an equity-oriented fundarising after 1 October 2004, would also be taxable underSection111A of the Act, at the rate of 10% if the sale of such unitschargeable to securities transaction tax. Other short-term capitalgains would be taxed at the rate of 30% (subject to the concessionalrate of tax provided for in Section 111A of the Act, discussedelsewhere in this Statement).

The above tax rates would be increased by applicable surcharge, incase of, non-corporate Unitholders, at the rate of 10% thereof,where their income exceeds Rs.10,00,000/- and at the rate of 10%thereof in case of all corporate Unitholders. In all cases, additionalsurcharge at 2%, called Education Cess, will be levied on the

51


aggregate of tax and applicable surcharge, so calculated. In respectof long term capital gains on sale/redemption of units of any equityoriented mutual fund would be tax free in the hands of the NRI investorand therefore, the question of deducting any tax at source does notarise. In any case, even the table of rates specificallyexcludes long term capital gains exempt under section 10(38).Therefore, TAML or the Mutual Fund, as the case may be, need notdeduct any tax at source while remitting money to any NRI at thetime of redemption of units of any equity oriented mutual fund if thesame are held by the NRI for more than 12 months i.e if they arelong term capital assets in the hands of the NRI. In respect of thecapital gains arising to an NRI from the sale of units of non equityoriented funds (such as debt funds), the position has not changedas compared to the position prevailing before 1st October, 2004.Therefore, the short term capital gains arising from such units wouldcontinue to be taxed at par with normal income of the NRI. In suchcases, therefore, the Mutual Fund or the AMC would have to deducttax at source @ 30% (plus surcharge and education cess).Similarly, long term capital gains arising from such units would alsocontinue to be taxed @ 20% and therefore, the rate at which tax isto be deducted at source from such capital gains would also be 20%(plus surcharge and education cess).

Other Unitholders

Long-term capital gains in respect of Units, other than units of anequity oriented fund referred to above, held for a period of more thantwelve months, will be chargeable under Section 112 of the Act, atconcessional rate of tax, at the rate of 20%, as increased by theapplicable surcharge. An additional surcharge at the rate of 2%,called Education Cess, on the aggregate of tax and surcharge is tobe levied under the Finance Act. In case of resident Individuals andHindu Undivided Families, where taxable income, as reduced bylong-term capital gains, is below the basic exemption limit, thelong-term capital gains will be reduced to the extent of the shortfalland only the balance long term capital gains will be subjected to theflat rate of income tax (plus applicable surcharge and educationcess). However, where the tax payable on such long-term capitalgains, computed before indexation, exceeds 10%, as increased bythe applicable surcharge and additional surcharge, beingEducation Cess, as provided by the Finance Act, of the amount ofcapital gains, such excess tax shall not be payable by the unitholder.Short-term capital gains in respect of all Units, held for a period ofnot more than twelve months, will be aggregated with other incomeand taxed at rates of tax, including surcharge, applicable to normalincome. However Section 111A, provides that such gains, inrespect of equity oriented fund, will be taxable only at 10% asincreased by the applicable surcharges, if such gains arise after 1st

October, 2004, and the sale of unit has been chargeable to thesecurities transaction tax.

Tax Deduction at Source

Domestic UnitholdersNo income tax is deductible at source from income by way of capitalgains under the present provisions of the Act However, the provisionsof section 195 of the Act may apply to non-residents (other thanForeign Institutional Investors and long-term capital gains exemptunder section 10(38) of the Act).

Foreign Institutional InvestorsUnder Section 196D of the Act, no deduction shall be madefrom any income by way of capital gains, in respect of transferof securities referred to in Section 115AD of the Act.

Other Non-resident UnitholdersPart II of the First Schedule to the Act, provides for deduction of taxat source from taxable capital gains at the rate of 20%, where theyrelate to long-term capital gains unless a lower withholding taxcertificate is obtained from the tax authorities, and at the marginal

rates, viz. at 30% in case of non-corporate Unitholders unless alower withholding tax certificate is obtained from the tax authorities,and at the rate of 40% unless a lower withholding tax certificate isobtained from the tax authorities, in case of foreign corporateUnitholders, in case of short-term capital gains. Surcharge onincome-tax will be levied at the rate of 10%, on such tax, in respectof non-corporate Unitholders, where their income exceedRs.10,00,000/- and at the rate of 10% thereof in case of allcorporate Unitholders. An additional surcharge at the rate of 2% isalso to be levied under the Finance Act in all cases on theaggregate of tax and surcharge, so calculated.

Rebate under section 88ESection 88E provides that where the total income of a personincludes income chargeable under the head “Profits and gains ofbusiness or profession” arising from sale of units of equity orientedfunds, he shall get rebate equal to the securities transaction tax paidby him in the course of his business. Such rebate is to be allowedfrom the amount of income tax in respect of suchtransactions calculated by applying average rate of income tax.

Securities Transaction Tax

All Unit holders

As per Chapter VII of the Finance (No. 2) Act, 2004 pertaining toSTT as amended by the Finance Act, 2005,, the STT shall bepayable by the seller at the rate of 0.20 per cent on the sale of a unitof an equity-oriented fund to the mutual fund. The Finance Act 2006has increased the rate from 0.20% to 0.25% with effect from1st June, 2006.

Other BenefitInvestments in Units of the Mutual Fund will rank as an eligible formof investment under Section 11(5) of the Act read with Rule 17C ofthe Income Tax Rules, 1962, for Religious and Charitable Trusts.

Tax Treaty BenefitsAn investor has an option to be governed by the provisions of theAct or the provisions of a Tax Treaty that India has entered into withanother country of which the investor is a tax resident, whichever ismore beneficial.

Wealth TaxUnits held under the Schemes of the Fund are not treated as assetsas defined under Section 2(ea) of the Wealth Tax Act, 1957 andtherefore would not be liable to wealth tax.

Gift TaxThe Gift-tax Act, 1958, has ceased to apply to gifts made on or after1 October 1998. Gifts of Units, purchased under the Schemes,would therefore, be exempt from gift-tax.

XX. INVESTORS’ RIGHTS & SERVICES

i. RightsAn abridged schemewise annual report shall be mailed to allthe unitholders not later than six months from the date ofclosure of the relevant accounting year and the full annualreport shall be available for inspection at the head office of thefund and the copy shall be made available to the unitholderson request on payment of nominal fees if any.

Before expiry of one month from the close of each half year,i.e. on 31/3 and 30/9, the fund will publish its unaudited financialresults in the prescribed format as per SEBI Circular MFD/CIR/1/200/2001 dated April 20, 2001 in one national Englishdaily newspaper and in a newspaper in the language of theregion where the HO of the fund is situated.

Before expiry of one month from the close of each half yearthat is on 31/3 and 30/9, the fund will publish its scheme

52


portfolio in the prescribed format as per SEBI Circular MFD/CIR/9/120/2000 dated November 24, 2000 in one nationalEnglish daily newspaper and in a newspaper in the languageof the region where the HO of the fund is situated, or send acopy of the scheme portfolio to all the unitholders.

Unitholders under the Scheme have a proportionate right inthe beneficial ownership of the assets of TMF under theScheme.

The Unitholders have a right to ask the Trustee Companyabout any information which may have an adverse bearingon their investments, and the Trustee Company shall be boundto disclose such information to the Unitholders as stated inthe clauses “NAV Information” & “Information regarding theScheme”.

The Unitholders have a right to receive audited annual reportsetting forth the financials of the Scheme as on 31st Marchalong with the entire portfolio in detail.

The appointment of the Asset Management Company can beterminated by majority of the trustees or by 75% of theunitholders of the scheme.

The trustees shall ensure that no change in the fundamentalattributes of any scheme or the trust or fees and expensespayable or any other change which would modify the schemeand affects the interest of unitholders, shall be carried outunless:-

(i) a written communication about the proposed change issent to each unitholder and an advertisement is given inone English daily newspaper having nationwide circulationas well as in a newspaper published in the language ofthe region where the Head Office of the mutual fund issituated; and

(ii) the unitholders are given an option to exit at the prevailingNet Asset Value without any exit load.”

Unitholders have the right to inspect all the documents listedunder the clause “Documents Available for Inspection”.

Under normal circumstances, the Redemption proceeds shallbe despatched within ten Business Days from the date ofRedemption, while income distribution warrants shall bedespatched within 30 days of the declaration of income.

ii. Services

Register of Unitholders

A register of Unitholders shall be maintained at the office ofthe Asset Management Company and also at the office of theRegistrar and at such other places as the Trustee Companymay decide and such register shall be conclusiveevidence of ownership. The register shall contain the followingparticulars:The names and addresses of the Unitholders

The number of Units held by each such holder

The date from which the Unit(s) are held in the name of theholder(s)

The Option opted for making investment

The register may be closed for such time and for such period as theTrustee Company may determine so. However, the register shallnot remain closed for more than 45 business/ working days in anyone year. In the event of a closure of the register for a period orperiods, notice shall be given by way of publication in newspaper(s)or other media. Requests for fresh/ ongoing sales, Redemption,switch will not be accepted during the period when the register isclosed. Except when the register is closed, the register shall duringthe business hours subject to such reasonable restrictions as theTrustee Company may impose, but not less than two hours on

each business day, be kept open for inspection by any Unitholder.Subject to the provisions herein contained, the Trustee Companyand TAML shall neither receive notice in respect of any Unit of anytrust express, implied, or constructive, nor shall they be bound toenter any such notice in respect of any Unit in the register exceptwhen so directed by a Court of Competent jurisdiction.

Each Unitholder will receive an updated Account Statement, eachtime fresh / ongoing sale, partial redemptions / Redemption / switchof Units are made or any other distributions (other than IncomeDistribution), if any, in respect of Units are declared and paid.Fractional Units will be computed and accounted for upto threedecimal places.

iii. Information regarding the Scheme

The AMC / Fund shall also make such periodic disclosures to theUnitholders as are required by the SEBI Regulations and areessential to keep them informed about any information which mayhave an adverse bearing on the Scheme. As such, the disclosureof information, etc. of the Scheme will be in accordance with SEBIRegulations including Schedule XI & XII thereof.

An abridged Schemewise annual report shall be mailed to allunitholders not later than six months from the date of closure of therelevant accounting year and the full annual report shall be availablefor inspection at TAML; a copy shall be made available to theunitholders on request, on payment of nominal Fees, if any. TheAnnual Report and abridged summary thereof shall contain detailsas specified in the Eleventh Schedule of the SEBI Regulations andsuch other details as are necessary for the purpose of providing atrue and fair view of the operations of the mutual fund; Providedthat the abridged schemewise annual report mailed to unitholdersneed not contain full portfolio disclosure, if the full accounts arepublished in newspapers, but should contain details of groupcompany investments such as the name of the company, theamount of investment made in each company of the Group byeach scheme and the aggregate investments made by all schemesin the group companies of the sponsor.

The Annual Report of the Asset Management Company will alsobe displayed on the website of the AMC.

Annual Report, Half Yearly Results and Half Yearly PortfolioStatement of Mutual Fund will also be displayed on the website ofAMC and AMFI.

Mutual Funds can send account statements annual report, portfoliostatements and other correspondence to the unit holders using e-mail as an alternate mode of communication, with the consent oftheir unitholders.

iv. Meeting and consent of UnitholdersPursuant to Clause 15 of Regulation 18 of the SEBI (Mutual Funds)Regulations, 1996, the Trustee Company shall call for a meetingand obtain the consent of the Unitholders of the Scheme (entirelyat the option of the Trustee Company, either at a meeting of theunitholders or through postal ballot or any other mode ofcommunication in conformity with the Regulations and/or SEBIRegulations) under any of the following circumstances:

whenever required to do so by SEBI in the interest of theUnitholders.

upon the request of three-fourths of the Unitholders of theScheme.

if the Trustee Company determines to wind up the Scheme orprematurely redeem the units.

v. Benefits to the Unitholders

All benefits accruing / earned under the Scheme in respect ofincome ( not included in NAV ), capital, reserves and surpluses, ifany, at the time of their declaration or otherwise under the Scheme

53


shall be available only to the Unitholders who hold the Units at thetime of its / their declaration.

vi. Documents available for inspectionFollowing documents will be available for inspection by theprospective investors / Unitholders on all Business Days between11.00 am and 1.00 p.m. at the Office of Tata Asset ManagementLimited.

A copy of Memorandum & Articles of Association of TAML.

A copy of the Custodian Agreement.

Consent from the Auditors to act in the said capacity.

SEBI (Mutual Funds) Regulations, 1996.

A copy of the Offering Circular.

Copy of the Trust Deed.

Copy of Memorandum & Articles of Association of TrusteeCompany.

Copy of Investment Management Agreement.

Copy of Registration Certificate from SEBI.

Copy of Agreement with Registrars

Indian Trusts Act, 1882

XXI. INVESTOR GRIEVANCES REDRESSAL MECHANISMThe complaints by investors were usually received at CAMS,Authorised Investor Service Centres. If the complaints are querieslike non-receipt of certificate, change of address etc. which areonly redressable by the Mumbai office they are answered by thesame. Complaints/ queries solvable at the local Authorised InvestorService Centres are addressed accordingly.

A complete record of complaints received and attended ismaintained and a review is carried out periodically by TAML toensure prompt redressal of complaints.

Yearwise breakup of Investor Complaints

Up to Opening Letters Total Letters LettersBalance Received Attended Balance

31/03/2004 9 6966 6975 6975 0

31/03/2005 0 2287 2287 2287 0

31/03/2006 0 2980 2980 2954 26

30/04/2006 26 205 231 172 59

Conflict of interestThe Trustee Company, the Asset Management Company, theCustodian, the Registrar, any Associate, any Distributor, Dealer,other companies within the Tata group, etc. may from time to timeact (individually and / or jointly) as manager, custodian, registrar,administrator, investment adviser, distributor or dealer or agent ormarketing associate, respectively in relation to, or be otherwiseinvolved in, other Schemes / Funds / Activities (in the same ordifferent capacity) (to the extent permitted under various relevantRegulations), which may have similar investment objectives tothose of the Scheme/ Fund. The Asset Management Company,may for example, make investments for other permitted businessactivities or on its own behalf without making the same available tothe Scheme / Fund. The Asset Management Company/TrusteeCompany will, at all times, have regard in such event to itsobligations to act in the best interests of the Scheme / Fund so faras is practicable, having regard to its obligations to other permittedbusiness activities and will ensure that such transactions areconducted with / by the Scheme / Fund purely on commercialterms / on an arm’s length basis as principal to principal.

TAML may, utilise the services of the Companies stated in theclause “Associate Transactions” (& to whom selling commissionhas been paid/provided for their marketing efforts in mobilisingsubscription for the units of the previous schemes of the Fund)and/or the Sponsors, Associates, other Companies within the TATAgroup, Employees or their relatives, etc. for the purpose of anysecurities transactions and distribution and sale of Units / securities,provided that any deal in securities through any broker associatedwith the Sponsors should not be beyond 5% of the quarterlyaggregate purchase and sale of securities by TMF, as per SEBIRegulations and the brokerage or commission paid as perprevailing market practice and/or approved rates is disclosed inthe half yearly annual accounts of the Fund . TAML may, invest inUnits of the Funds / Schemes in TMF (the existing Funds / Schemesincluding the present Scheme and others as may be announced /launched from time to time), only after full disclosure of its intentionto invest has been made in the Offering Circulars. TAML shall notcharge any fees on its investment in Units of the Funds / Schemesin TMF.

TAML shall not act as a Trustee of any Mutual Fund and shall notundertake any other business activities except activities in thenature of management and advisory services to offshore funds,pension funds, provident funds, venture capital funds, managementof insurance funds, financial consultancy and exchange of researchon commercial basis, if any of such activities are not in conflictwith the activities of the Fund. Provided that TAML may itself orthrough its subsidiaries undertake such activities if it satisfiesSEBI that its key personnel, the systems, back office, bank andsecurities accounts are segregated activity wise and there existsystems to prohibit access to inside information of various activities.Provided further that TAML shall meet capital adequacyrequirements, if any, separately for each such activity and obtainseparate approval, if necessary under the relevant Regulations.Please refer to the clauses on “The Asset Management Company”and “Investment Limitations”.

XXII. PENALTIES PENDING LITIGATION OR PROCEEDINGS,FINDINGS OF INSPECTIONS OR INVESTIGATIONS FORWHICH ACTION MAY HAVE BEEN TAKEN OR IS IN THEPROCESS OF BEING TAKEN BY ANY REGULATORYAUTHORITY

1. Cases of penalties awarded by SEBI Act or any of itsregulations against the Sponsor of the Mutual Fund or anycompany associated with the Sponsor in any capacityincluding the Asset Management Company, Trustee Company/Board of Trustees, or any of the Asset Management Companyand Trustee Company. For Sponsor and its associates, otherthan the penalties as mentioned above, the penalties fordefaults in respect of shareholders, debenture holders anddepositors shall also be disclosed. Additionally, penaltiesawarded for any economic offence and violation of anysecurities laws shall be disclosed.

A fine of Rs. 2 lacs has been paid by Tata Asset ManagementLtd. to SEBI (on behalf of the AMC and the Mutual Fund) fordisclosure of portfolio statement to Unitholders not being inthe exact format as prescribed by SEBI.

2. Pending material litigation proceedings incidental to thebusiness of the Mutual Fund to which the Sponsor of theMutual Fund or any company associated with the Sponsor inany capacity including the AMC, Board of Trustee/TrusteeCompany or any of the directors or key personnel is a party.Any pending criminal cases against the Sponsor or anycompany associated with the Sponsor in any capacityincluding the AMC, Board of Trustee/Trustee Company orany of the directors or key personnel should be also bedisclosed separately.

54


“SEBI has filed a writ petition before the Bombay High Courtseeking direction to the Additional Metropolitan Magistrate(the Magistrate) to expedite the case in a criminal complaint(for alleged insider trading) initiated by them earlier againstHindustan Lever Ltd. (HLL) and its five Executive Directorswho held such office in March 1996. Thereafter, the Magistratehas taken cognizance of SEBI’s complaint and has directedthe issue of summons to HLL and the five Executive DirectorsMr. S.M. Datta, a director of the Tata Trustee Company Pvt.Ltd., was one of the five Executive Directors of HLL who arebeing proceed against.”

3. Deficiency in the systems and operations of the Sponsor ofthe Mutual Fund or any company associated with the sponsorin any capacity including the AMC or the Trustee Companywhich SEBI has specifically advised to be disclosed in theoffer document, or which has been notified by any otherregulatory agency, shall be disclosed. – NIL.

4. Enquiry/adjudication proceedings under the SEBI Act and theRegulations made thereunder, that are in progress againstthe Sponsor of the Mutual Fund or any company associatedwith the Sponsor in any capacity including the AMC, Board ofTrustee/Trustee Company or any of the Directors of keypersonnel of the Asset Management Company shall bedisclosed. – NIL.

MISCELLANEOUS

Statements in this Offering Circular are, except where otherwisestated, based on the law and practice currently in force in Indiaand are subject to changes therein. The information contained inthis Offering Circular regarding taxation is for general informationpurposes only and is in conformity with the relevant provisions ofthe Income Tax Act, 1961, Wealth Tax Act, 1957, and Gift Tax Act,1958, respectively and has been included relying upon adviceprovided to the Fund by S.B.Billimoria & Co. Chartered Accountants,auditors of TMF, based on the relevant prevailing provisions.Further investments by NRI will also be in accordance with theprovisions of Foreign Exchange Management Act, 1999 and RBIdirections and permissions for offer of units to NRIs/ FIIs. Allnecessary and required permissions have been / are being takenand resolutions have been / are being passed. This Offering Circularis approved by the Trustee Company on 23rd February, 2006.

The contents of the Offering Circular including figures, data, yields,etc. have been checked and are factually correct.

All points mentioned in the SEBI (Mutual Fund) Circular MFD/CIR/06/275/2001 dated July 9, 2001 and revised as on December26, 2003 have been included in this Offering Circular.

Notwithstanding anything contained in the Offering Circular theprovisions of the SEBI (Mutual Funds) Regulations, 1996 and theguidelines thereunder shall be applicable.

By orderBoard of Directors

Tata Asset Management Limited.

Place: Mumbai H. A. BulsaraDate: 5

th May, 2006 Chief Operating Officer

55


COLLECTION OF APPLICATION FORMS ONLY DURING THE NFO

ICICI BANK NFO COLLECTION CENTRESAhmedabad: Chirag Patel, JMC House, Opp. Parimal Gardens, Ambawadi, Ahmedabad-380006, Tel: (079) 55523700, Fax: (079) 55523720, BM Tel.: (079)55523716, Mobile No. 9879114830. Bangalore: Kalyana Chakravarthy, ICICI Bank Towers, 1, Commissariat Road, Ground Floor, Bangalore-560025. Tel: 080 -51296007, Fax: 080 - 51124607, BM Tel.: 080 - 51296008. Cochin: Gibi George, Emgee Square, M.G.Road, Ernakulam, Kochi. Cochin-682035. Te.: 0484 -2382026 / 27 /28, Fax: 0484 - 2372739, BM Tel.: 0484 - 2290163, Mobile No. 9349779825. Coimbatore: Senthil Kumar R, Cheran Plaza, 1090, Trichy Road,Coimbatore-641018. Te.: 0422-4292102 - 4292115, Fax: 0422 - 2300172, BM Tel.: 0422-4292101, Mobile No. 9994345670. Hyderabad: Rahul Godse, 6-2-1012,TGV Mansions, Opp. Institution of Engineers, Khairatabad, Hyderabad-500004. Tel: 040 - 23301534;55662345;23376844;55626660, Fax: 040 - 23321181, BM Tel.:040 - 23394077, Mobile No. 98855 66088. Jamshedpur: Arnab Sensarma, Natraj Mansion, Main Road, Bistupur, Jamshedpur-831001. Tel.: 0657 - 2422509 / 10/ 2425907 / 12, Fax: 0657 - 2425865, BM Tel.: 0657 - 2425924, Mobile No. 09334042602, Kanpur: Barindra, J.S Towers ; 16/106 - The Mall. Kanpur-208001.Tel.:0512 - 2331041,42,43,44,45, Fax: 0512 - 2331042, BM Tel.: 0512 - 2331042, Mobile No. 9839600345, 9839086665. Kolkata: Manoj Kumar Jaiswal, 22, R NMukherjee Road, Kolkata-700001. Tel.:033 - 22428537 / 22100995. Fax: 033 - 22426696, BM Tel.: 033-22137601, Mobile No. 9830088088. Lucknow: SaurabPathak, 11, MG Road, Hazarat Gunj, Lucknow-226001. Tel.:0522 - 2214246 /2214247 / 2214254 Fax: 0522 - 2225232, BM Tel.: 0522 - 2201055, Mobile No.9838513469. Mumbai: Capital Market Division, 30, Mumbai Samachar marg, Fort, Mumbai 400 001 Nasik: Sandeep Gore, U-1, Crown Commercial Complex,Opp. Rajiv Gandhi Bhavan (NMC), Utility Centre, Sharanpur Road, Nashik-422002. Tel.:0253 - 5605600/ 5606032/ 5606033, Fax: 0253 - 2313475, BM Tel.: 0253- 5605191 Mobile No. 9823330060. New Delhi: Rahul Krishnatrey, 9A, Phelps Building, Inner Circle,Connaught Place, New Delhi-110001. Tel.:011 -51517954-58,Fax: 011 - 23351092, BM Tel.: 011 - 51516142, Mobile No. +919811203153. Panji: Anant Narayan Samant, 65, Sindur Business Centre, Swami VivekanandRoad, Panji-403001. Tel.:0832 - 2232180 / 2424217/ 2424225/ 2423444, Fax: 0832 - 2232390, BM Tel.: 0832 - 2421639. Mobile No. 9823144162. Patna: AmitBhattacharjee, Shahi Bhawan Ground Floor Exihibition Road Patna-800001. Tel.:0612 -2205398, 2205400, 2205400, Fax: 0612 - 2202968, BM Tel.: 0612 -2202966, Mobile No. 9835030917. Pune: Yatin Gupta, A-Wing, Shangrila Gardens, Bund Garden Road, Pune-411001. Tel.:020 - 26128248 , 26054345, Fax: 020 -26128594, BM Tel.: 020 - 26111690, Mobile No. 9823330074. Vadodara: Hemant Gulabchand Baid, Landmark Building, Race Course Circle, Alkapuri, Vadodara-390007. Tel.:0265 - 2339923 / 2339924 / 2339925 / 2339927 / 2339928, Fax: 0265 - 2339926, BM Tel.: 0265 - 2325318, Mobile No. 9825047840NRI Centres : Mumbai, Kolkata, Bangalore, Cochin, Ahmedabad and Vadodra

HDFC BANK NFO COLLECTION CENTRESAgra: Manoj Minocha/ Puneet Prakash, SHOP NO - 11, Block No-17/2/4, Friends Plaza, Sanjay Place, Agra-282 002. Tel.: (0562) 2524089. Ahmedabad: KunalKak/Mahyar Chhindiawala, HDFC Bank House, Near Mithakali Six Roads, Navrangpura-380 009 Tel.: 079 -55217163 / 55217184. Ahmednagar: Anand Lele,Amber Plaza,Station Road, Opp ADCC Bank Sahakar Gruh, Ahmednagar-414 001. Tel.: 95241-2451962-63 / 2451194. Ajmer: Manish Vashistha, AMC NO - 13/10& 14/10, Near Suchma Kendra, Adajcent to Swami Complex, Ajmer-305 001. Tel.: 0145-5100123. Akola: Sachin Raje/Shrinivas Dhankar/Anand Karajgikar/Shukla,Sethi Heights, Opp To Collector Office, Z P ROAD, Akola-444 001. Tel.: 0724-2432204 (D), 2441128 & 2431446 (Ext 110). Allahabad: Abhishek Pathak, 54/1 S.P.Marg Civil Lines, Allahabad-211 003. Tel.: 0532- 2260049. Alwar: C. P. Jangir, Bhagat Singh Circle, Road No 2, Alwar-301 001. Tel.: 0144-5100880. Ambala:Balwinder Singh Sondhi, Shingar Palace Complex, Nicholson Road, Ambala Cantt 133 001 Tel.: 0171-2600044 (D), 0171-2600045. Amravati: Suryakant Sisodiya/ Yatin Deshpande, C/o. Rasik Plaza, Jaistambh Chowk, Morshi Road, Amravati-444 601. Tel.: 0721- 2568432,05,06 Amritsar: Deepak Gohlan/Anoop Grover/Guneet Pal Singh/Rajpal Singh, 39, The Mall Amritsar, Tel.: 0183-2564616. Anand: Ankit Shah, 1St Floor , Sanket Towers, Opp Anand Arts College , Grid Road,Anand-388 001. Tel.: 02692- 573195. Ankleshwar: Mr. Tarak Gandhi,Mr Ritesh Shah, S A Motors Building, S A Motors Building, Ankleshwar395 002. Tel.: (02646)227704/227705. Asansol: Amitabha, CMS Dept, P C Chatterjee Market, G.t Road, Rambhandu Tala, Asansol-713 303. Tel.: 0341-2214848. Aurangabad: Mr. AmolBhale / Mr. Azeemuddine Shaikha / Mr Nitin Sawant / Madhu, Shivani Chambers, Manjeet Nagar , Jalna Road , Opp Akashwani, Aurangabad-431 001. Tel.: (0240)2362042/47. Balasore: Subrat Mohanty, C/o Bharat Motors, F.M Circle, Balasore-756 001. Tel.: 06782 - 263335. Bangalore: P Sugunan/ KT Bhanushree / JosephMarian, NO 8 / 24 Salco Centre, Richmond Road, Bangalore-560 025. Tel.: 080-41266865. Bardoli: Mr Jaideep SHekhawat (Manager) Daxesh SHukla (TBG),Shree Ambika Niketan Temple, Shree Ambika Niketan Temple, Bardoli-394 601. Tel.: 02622 223627, (02622) 223879. Barielly: Vinod Mishra, 154 , KRISHNAPALACE, CIVIL LINES, BAREILLY-243 001. Tel.: (0581) - 3099631. Belgaum: Mr Vinay Balwally / Mr Ravi Kiran Ganti/ Girish , 4830 / 28 A Opp District Hospital, DrAmbedkar Road, Belgaum-590 002. Tel.: 2404411/15. Bharuch: Anuradha Gupta/Surya Prakash Patel, Near Octroi Naka Link Road, Near Octroi Naka , Link Road,Bharuch-392 001. Tel.: Direct No.222031 (02642), Board line -220108,222032 extn.23. Bhatinda: Sunil Seth, 3027 - B Guru Kanshi Marg, Bhatinda-151 001. Tel.:0164-2240832,2240993-996. Bhavnagar: Manish Malkan, Gopi Arcade, Opp Takhteshwar Post Office, Bhavnagar. Tel.: (0278) 5540340. Bhilwara: Rahul Atal /Tushar Mathur, 2-3-4, S.K PLAZA COMPLEX, PUR ROAD, BHILWARA. Tel.: 01482- 512686. Bhopal: Tavinder Pal Singh, Sumeet Kapoor, Monu Mehra, E - 1/57, Arera Colony, Bhopal-462 016. Tel.: 0755-2461145 (Direct), Board-5281616,5276007,5276008. Bhubaneshwar: Subir Roy / Subrat Mohanty, Junction of Janpath& Gandhi Marg, Hotal Jajati Complex , Kharvelanagar, Unit - III , Master Canteen Square, Bhubaneshwar-751 001. Tel.: 0674-2400986/95. Bhuj: Parth, 101 & 102Sunrise Tower, 11 - Vijaynagar Society , Hospital Road, Bhuj -370 001.Tel.: 02832-571466. Bokaro: Shamim Ahmed, B-9 City Centre, Sector IV, B - 9, City Center,Sector IV, Bokaro Steel City, Bokaro-827 004. Tel.: 06542-232786/87/88. Calicut: Ratheesh Vellora Vadakkeveettil, Malabar Palace, G.H Road, Calicut-673 001.Tel.: 0495-2727759. Chalakudy: Rajeev R, Police Station Road, Chalakudy-680 307. Tel.: 0480/2707754/55. Chandigarh: Hemant/Deepak, Sco 371/372, Sector35 - B, Chandigarh.tel.: 0172-2711285/5088303. Changanacherry: Gireesh G, Cms Dept, Golden Tower, Golden Tower , M C Road, Vezhakattiuchira, Changanacherry-686 101. Tel.: 0481 2425002/2425004. Chengannur: Mathew Jacob, Govt Hospital Junction, Chengannur 689 121 Tel.: 0479-2456215. Chennai: K L Lakshman/ Sridhar Ramamurthy, 751 - B Anna Salai, Mariam Centre, Chennai-600 002. Tel.: 044-28420870 / 76 : Extn : 203 / 204. Cochin: R Bhagawatheeswaran, 2nd Floor, Elmar Square, M.g Road, M.g Road, Ravipuram, Cochin-682 016. Tel.: 0484-2359436./09349133907. Coimbatore: Mohan Kumar / Somaprakash, 1635 ClassicTower, Trichy Road, Coimbatore 641 018 Tel.: 0422-2302630/46/2303300. Cuttack: Ashim, Bajrakbati Road, Cuttack-753 001. Tel.: 0671-2332744/33/22/11,Davangere: Prashanth Ubrangala, No 621, Bhm Enclave, Binny Co Road, Mandipet, Davangere. Tel.: 08192-232781. Dehradun: Rupesh Nath, 56, Rajpur Road,Uttaranchal, Dehradun 248 001 Tel.: 0135-2745295. Dhanbad: Kamal Matwala, Sri Ram Plaza , 1st Floor, Bank More Dhanbad, Jharkhand 826 001 Tel.: (0326)2308831. Durgapur: Nirmalya Banerjee / Snehamay De, A102 & 103, City Centre, Bengal Shristi Complex , City Center, Durgapur Road, Durgapur-713 216 Tel.:0343- 2549962- 65. Erode: R Shri Krishnan, 456 Brough Road, Erode-638 001. Tel.: (95424) - 2261287 / 2268522 - Extn 0424. Gandhidham: Tejas Mankad, PlotNo 1, Sector 8, Rabindranath Tagore Road , Near Gpo, Gandhidham-370 201 Tel.: (02836) - 573251. Gaya: Navneen, Near Ganta Ghar, K.p Road, Gaya-823 001.Tel.: (0631) -2220012. Gorakhpur: Prashant Kumar, Cms Dept, Prahlad Rai Trade Centre, Ayodhya Crossing, Bank Road, Gorakhpur-273 001 Tel.: (0551) -2342612. Guntur: Gupta K.s, 87-90 , Main Road, Lakshmipuram, Guntur-52 2007 Tel.: (0863) -2265648. Guwahati: Mr. Nayanjyoti Das, House No 126 , Opp TimesOf India, Bhangagarh, Guwahati-781 005 Tel.: 0361-2461082 (D), 74/80/81. Gwalior: Suresh Asolia / Gopal Sharma, Block G1 , Plot No . 43, Anand Deep Building,City Centre, Gwalior-474 011 Tel.: 0751 4015007. Himatnagar: Vandan Patel, G.F. Shop No 5-8 & First Floor 4 - 9, Kumar House, Durga Oil Mill Compound,Himmatnagar-383 001 Tel.: 02772-571156/9898592977 Hosur: C . N. Vinay, No. 24 & 25, Maruthi Nagar, Near Dharga, Sipcot Po, Hosur, 635 126 Tel.: 04344-500554 Hubli: Madhusudhan Radhakrishnan, T B Revankar Complex, Vivekanand Hospital Road, Hubli 580 029 Tel.: 0836-2217084 Hyderabad: Umesh Krishna/ Krishna Phani Sharma Ammiraju / Shivaji, 6-1-73 3rd Floor Saeed Plaza, Lakadikapaul, Hyderabad 500 004 Tel.: 040-55666821/ 55630666 / 32347423/ 32347412Indore: Mr.K.vinod Kumar / Raghunatha Reddy, 3 Rd Floor , 9/1A , U.V.house, South Tukonj, Indore 452 001. Tel.: 0731- 5201919/5077794 / 5077793 / 5200043Irinjalakuda: Tito P J, Ushus Complex, Main Road West Tana Po, Irinjalaguda 680 121 Tel.: 0480 2829655 Jabalpur: Mr. Akhilesh Thakur, 1702, Naiper Town,Model Road, Jabalpur 482 002 Tel.: (0761) 5018773, 5063040 Or 41. Jaipur: Puneet Saxena / Ajay Rastogi, 1st Floor ,O - 10 , Ashok Marg, Ahimsa Circle, CScheme, Jaipur 302 001 Tel.: 0141-5593966 Jalandhar: Raj Chaudhry, 911 , Near Narinder Cinema, G T Road, Jalandhar 144 001 Tel.: 0181-5071644. Jalgaon:Ashutosh Rana / Suresh Pawar, Plot No 134 / 135 , Dsp Chowk, Facing Mahal Road, Jalgaoan 4425 001 Tel.: 0257-2237642 / 2238948 / 2238958 / 223878 Extn- 104 /110. Jamnagar: Nilesh Dhruve, Plot No 6 , Park Colony, St Ann’s School, Bedi Bunder Road, Jamnagar3361 008 Tel.: 0288 - 2662035 , 0288-3112594.Jamshedpur: Sanjay Karmarkar / Babita Thakur / Arup / Arti, C/o Mithila Motors Ltd, Near Ram Mandir, Bistupur, Jamshedpur 831 001 Tel.: 0657-2756006 /2756066. Jodhpur: Arun Verma / Anil Vyas, Plot No 57 / B, 9th Chopasani Road, Jodhpur 342 003 Tel.: 0291-5106400 / 5106100 / 5106200 / 51062300 Extn 108/ 110. Kadi: Amrish Jhala, Radhaswami Complex ,R.S. No 242, Nr. N.c. Desai Petrol Pump , Highway Char Rastha, Kadi-382 715Tel.: 02764 - 242027. Kanpur:Vasudha Khemka, Navin Market Branch, 15/46 Civil Lines, Kanpur 280 001 Tel.: 00512-3018052. Karad: Vishal Phadnis, Mr Pravin Shaligram,, Near HotelSangam, Pune Bangalore Highway, Karad 415 110 Tel.: 02164-229679. Karnal: Rohit Budhiraja, Sco 778-779, Opp Mahabir Dal Hospital, Kanjpura Road, KarnalTel.: 00184-2202789. Kolhapur: Harshad Kulkarni / Amita Marathe, Jaju Arcade,TTarabai Park, Kolhapur 416 003 Tel. 0231-2651906, 2651908. Kolkata: AnishGandhi / Debjyoti, Abhilasha Ii ,6, 1st Floor, 6 Royd Street, Kolkata 700 016 Tel.: 0033-22273760-65,2227 3761. Quilon: Harish Sivaram,Vgp Buildings , Door NoXVI / 1539 (1320a), Vadakumbhagom Ward , Irumpupalam, Kollam6691 001 Tel.: 00474 2766171 / 74. Kota: Deepak Gupta, Neeraj Agarwal, Show Room No 13- 14, Main Jhalawar Road,Kota3324 007 Tel.: 00744-2390485 (D), 9829 230 230. Kottayam: Manoj Kumar K.C, Unity Building , Opp Midc Centre, K K Road,Kottayam6686 002 Tel.: 00481-2302361 Latur: Pradeep D. Walunj, Shri Prabha Arcade , Shop No 3-6, M.G. Road, Near Nagar Parishad , Opp Town Hall, Latur 413512 Tel.: 002382 - 255116. Lucknow: Nitish Srivastav / Anirudh Ramodarai / Amit Srivatava / Shivam Saxena, Pranay Tower,Darbari Lal Sharma Marg, BesidePratibha Cinema, Lucknow 226 001Tel.: 0522-3019124-27 /3919811 / 3919813 /3019132/3019136 /3019140. Ludhiana: Mr Sanjeev Katare, Vishesh Sudhkaker,

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CMS Dept , 5th Floor,MMall Road, Ludhiana00 Tel.: 00161- 2422344 / 5021699. Madurai: Sridhar / Kannan Manikandan, 7 - A , West Veli Street, Opp RailwayStation, Madurai6625 001 Tel.: 00452-2350707. Mangalore: Muralidhar Hande / Vishwanath Attar, M.N. Towers,KKadri,MMangalore5575 002 Tel.: 00824 - 2225405/2225410. Manjeri: Madhusoodanan P.V. / Shabeer, CMS Dept ,Kurikal Plaza, Bldg #20/1245 Kacheripady,Malapurram Road, Manjeri 676 121 Tel.: 0483 3094040/3091472. Mathura: Saurabh Pandya, CMS Dept, Ops Bsa College, Gaushala Raod, Mathura 281 001 Tel.: 0565-2463805 / 2463808. Meerut: Sumeet Talwar,3381Western Kachery Road, Meerut2250 001 Tel.: 0121-2666080/2665799. Mehsana: Jigar Patel / Ketan Engineer, Prabhu Complex , Near Raj Kamal Petrol Pump,AbhuHighway, Mehsana 384 002 Tel.: 002762-243173, 02762 - 243 008. Moradabad: Manish B Saxena, Chaddha Shopping Complex,GGmd Road, Moradabad2244001Tel.: 00591- 2310508 / 09. Mumbai: Deepak Rane / Tushar Gavankar / Sunil Kolencherry, Maneckjiwadia Building, Nanik Motwani Marg, Mumbai 4400023Tel.: 022 - 56573657 / 56573669 / 22679947 / 22679961. Muzzafarpur: Pintu Kumar Singh, Above Maruti Showroom, Choti Saria Ganj, Muzzafarpur 842 001Tel.: 0621-2241638 Mysore: Harsha, Nageetha Complex, Vishwamanawa Double Road, Saraswathi Puram, Mysore 570 009 Tel.: 0821-5255304. Nadiad: RakeshParmar, Shoot Out Building , Nadiad Ice Factory Compound, College Road,Nadiad 387 001 Tel.: 0268- 5540114. Nagpur: Chandramouli Bharadwaj/PratimaSarangi, 303 & 304, 3rd Floor , Wardh Road,112, Milestone, Near Lokmat Square, Nagpur4440 010 Tel.: 0712- 2554405 / 2551746 Extn - 119 And 111 Nasik: BinojParameswaran / Prashant Pisolkar, Archit Centre, 3rd Floor, Chandak Circle Link Road,Opp Sandeep Hotel , Near Mahamarg Bus Stand, Nasik 422 002 Tel.: 0253-5647594 / 97 / 98. Navsari: Nirav Gandhi, Nandini Complex, Ground Floor, Station Road , Sandh Kuva,NNavsari 396 445 Tel.: 02637 280901 / 240702 / 247896Nellore: T N Raj Kumar,G.T. Road, Nellore 524 001 Tel.: 00861-2327181 Delhi: Rahul Sikka / Chetan Sondhi / Bharat Chadha,, Figops , Ist Floor, Kailash Building, 26 K G Marg, New Delhi 110 001 Tel.: 011-41699406 / 41699406 Palanpur: Shauank Pandya, Parth Complex , Near Cozy Tower, Opp Joravar Palace,Palanpur3385001 Tel.: 02742-571638,9327568081 Panipat: Harish Singla/Puneet Gupta/Gurpreet Singh/Ashu Gupta, 801 / 4 , G.T. Road, Panipat1132 103Tel.: 00180 - 5015268(D) , 2648619-20 Ext 207 Panjim: Kamlakant Bhartu / Amar,Swami Vivekanand Road, 301 , Milroc Lar Menezes,Opp Gomantak Maratha Samaz, Panjim4403001Tel.: 0832 - 5621250 / 5621251 / 2421952 Pathanamthitta: Prajish M, CMS Dept , Aban Arcade Ward # 9/1128, Pathanathitta-kumbazha Road, Pathanathitta689 645 Tel.: 0468-2322378 Patiala: Jaswinder Singh/ Inder Pal Singh,SS.C.O. 70 - 73 , Leela Bhawan Market, Patiala1147 001Tel.: 00175 5002500 Patna:Rakesh Verma / Pintu Kumar, Rajendra Ram Plaza,Exhibition Road, Patna 800 001Tel.: 00612-2206161,2224332,3116348 Perinthalmanna: Prasanth P R,Calicut Road, Perinthalmanna , Malappura Dist, Perinthalmanna Tel.: 04933-395306 Phagwara: Gurpreet Singh, Kalra Road , Opp Hanuman Garhi Mandir,GG.tRoad, Phagwara 144 401Tel.: 01824-221844-45 Pondicherry: R. Kumar,TTS No 6 , 100 Feet Road, Ellaipillaichavady, Pondhicherry 605 005Tel.: 00413-2200741Pune: Mangesh Dhole/ Nitin Mandke, 5th Floor Millennium Tower, Bhandarkar Road, Shivaji Nagar ,Pune 411 004 Tel.: 020 -25651575 Extn 121 Raipur: SunilNagpal / Vaibhav Agarwal, Chawla Complex, Near Vanijya Bhawan, Sai Nagar, Devendra Nagar Road, Raipur4492 009Tel.: 0771 - 252 9110 (D), 0771 - 505 8901/02 / 03 Ext. 201 / 202 Rajahmundry: Mr. Narayana Rao / Lakshminarayana, H.No : 46-17-20,MMain Road, Danavaipet,Rajahmundry 533 103Tel.: 0883-2442928Rajkot: Rajiv S. Sheth / Bharat Pandya,Opp Alfred High School, 2nd Floor , Panchratna Bldg, Jawahar Road, Rajkot 360 001 Tel.: 0281-5595553 Ranchi: SanjibJha, Ranchi Club Shopping Complex,Apt No. 11 , Main Road,Ranchi 8834 001Tel.: 00651-2308148 Rohtak: Rajesh Gupta,,4401 -402, D Park, Model Town , MainDelhi Road, Rohtak 124 001 Tel.: 001262-210936, 01262-211064 Ext 211 & 212 Rourkela: Suvankar Pal,Bisra Road , Dwivedi Bhawan,Dwivedi Square, Rourkela769 001Tel.: 00661- 2500666 ( D ) / 2511666 / 2522666 / 2514666 Rudrapur: Ankur Jain,Plot No1&2,Nanital Road, Plot No1&2,Nanital Road, Rudrapur 263 153Tel.:05944-241747. Saharanpur: Alok Balodi, Mission Compound,Court Road, Adjoining Top Shop, Saharanpur 247 001 Tel.: 0132 - 2726467 Salem: Mr.Shanmugham,55 / 241 - F, Rathna Arcade, Omalur Main Road,Salem36636 004lTel.: 0427-2331604, 03A, Sangli: Prashant C, 640, Venkatesh Senate, MirajRoad,NSangli4414 416l Tel.: 0233-2327836H, Shimla: Ms. Anupama Srivastava, Jankidas Building, 3, The Mall , Shimla1171 001lTel.: 0177-2658541 / 26585412/ 26585413 Siliguri: Arupendu, 3 No , Ramkrishna Samity Building, Sevoke Road, Pani Tanki More,LSiliguri 734 401 Tel.: 0353-2640726., 0353 2642566 Extn. 112/114U. Surat: Devang Desai / Tejas Mehta, 7th Floor, Kashi Plaza, Next To Dr Bipin Desai Children Hospital , Majura Gate, Surat5 002 Tel.: 0261 - 5563650.Thalassery: Biju M R, Avk Nair Road, Thalassery 670 001 Tel.: 0490 - 2325104. Thiruvalla: Prasanth P R, Illampallil Buildings, 26/149(1&2), Mc Road, Tiruvalla689 101 Tel.: 0469 2741378. Trichur: Ramachandran Naganathan, Kalliyath Royal Square, Palace Road, Trichur-680 020 Tel.: 0487-2330980/2330981, Trichy:S. Madhankumar, A - 10 , Lakshmi Arcade, 11th Cross Main Road , Thillainagar, Trichy 620 018. Tel.: 0431 - 2742204. Trivandrum: Akilandeswari / Harikrishnan,Kenton Towers, Vazhuthacaud, Trivandrum 695 014 Tel.: 0471 2337615. Udaipur: Hitesh Babel, 358 Post Office Road, Chetak Circle , Adjacent To Chetak Cinema,Udaipur-313 001 Tel.: 0294- 5103355. Unjha: Manish, Suvidhi Complex, 1 St Floor, Nr. Radha Krishna Temple, Station Road, Unjha 382 170 Tel.: 02767-240623 Ext107, 02767-240624 Direct. Baroda: Rakesh Sharma / Dheeraj Patange, 5th Floor , Midway Heights, Next To Panchmukhi Hanuman Temple , Lokmanya Tilak Road,Kirti Mandir ,Near Kala Ghoda , Raopura Baroda - 390 001 Baroda 390 001 Tel.: 0265-5585516, 09327585780-Rakesh Sharma, Valsad: Sudeep Shah / Nitesh Gajjar,1st Floor ,Ekta Appt , Near R J J High School, Thithal Road, Valsad 396 001 Tel.: 02632-572201. Vapi: Hitesh, Snehal Prajapati, Komal Bhatt, Nilesh Unalkat, LowerGround , Emperor Arcade, Chala Road, Vapi 396 191 Tel.: 0260 - 5548104 R93275 68120. Varanasi: Mukesh Kumar Verma/ Pragya, D 58 / 2 Kuber Complex,Rathyatra Crossing, Varanasi 221 010 Tel.: 0542-2226203. Vishakapatnam: Mr K Srinivasa Raju / N Ratna Kumar. 1st Floor , Potluri Castle, Above RayomondShowroom Dwarka Nagar, Vishakapatnam Tel.: 0891-5571123NRI Centres : Mumbai, New Delhi, Bangalore, Chennai and Surat

IDBI BANK LIMITED NFO COLLECTION CENTRESAhmedabad: N.G.S. Ramesh, CG Road, IDBI Complex, Lal Bungalows, Off CG Road, Ahmedabad, Gujarat-380006 Tel.: +91 (79) 6431296. Bangalore: VenugopalN, Mission Road, IDBI House, 58 Mission Road, Bangalore, Karnataka-560027 Tel.: +91 (80) 2279576 Bhavnagar: Madhu Sudan Nandyala, Bhavnagar, G-10,Ground Floor, Radhe Shyam Complex, Waghawadi Road, Bhavnagar, Gujarat-364001 Tel.: +91 (278) 517-000. Bhilai: Rabi Narayan Mishra, Bhilai, New Era, 19,Priyadarshni Parisar, Nehru Nagar Square, Bhilai, Madhya Pradesh 490020 Tel.: +91 (788) 292-156 Bikaner: Amit Modani, Bikaner, Vyapar Udyog Bhavan, NearDRM Office, Modern Market, Bikaner Rajasthan 334001 Tel.: 0151-2200166,167. Chennai: Krishnadas C.H., Greams Road, PM Towers, 37, Greams Road, Chennai, Tamil Nadu 600006 Tel.: +91 (44) 28292375. Chittorgarh: Anjali Chawat, Chittorgarh, B-1 Meera Market, Chittorgarh, Chittorgarh, Rajasthan 312001 Tel.: 01472 -246424/ 4151. Cochin: Jorty M. Chacko, Kochi, Dhanwantari Building, Near Padma Theater, MG Road, Kochi, Kerala-682035 Tel.: +91 (484) 382519. Coimbatore:Narasimhan Venkatesh, Coimbatore, Ground Floor, Viscose Towers, 1078, Avinashi Road, Coimbatore Tamil Nadu 641018 Tel.: +91 (422) 210-158. Hyderabad:Vasudevan Govindarajulu, Basheerbagh, Mahavir House, Basheerbagh Square, Hyderabad Andhra Pradesh 500029 Tel.: +91 (40) 3224822. Kakinada: JagadishGullapally, Kakinada, R K Electrical Works, Door No 43-1-28, Main Road, Kakinada Andhra Pradesh 533001 Tel.: 0884-2345602. Kolkata: Sourav Kar, Park Street,Siddha Point, Ground Floor, 101, Park Street, Kolkata, West Bengal 700016 Tel.: +91 (33) 2175040. Lucknow: Mamta Rohit, Lucknow, Dhan Complex, 15, AshokaMarg, Lucknow, Uttar Pradesh 226001 Tel.: +91 (522) 2287102. Madgaon: Yogesh Hanuman Shinde, Margao, Jyoti Plaza, Isidorio Baptista Road, Margaon Goa403601. Mumbai: Vasumati Jokelkar, Nariman Point, Mittal Tower, C Wing, Grnd floor, Nariman Point, Mumbai-400021 Maharashtra Tel.: +91 (22) 22024831.Nagpur: Rupesh N. Nagar, Nagpur, Gupta House, Plot no 1, Ravindra Nath Tagore Marg, Civil Lines, Nagpur-440001, Maharashtra Tel.: +91 (712) 2549797. NewDelhi: Sunil Sehgal, KG Marg, Surya Kiran Building, Ground Floor, 19 K G Marg, New Delhi110001 Delhi (UT - NCT) Tel.: +91 (11) 23358290 . Pune: Dhananjay Lele,FC Road, Dynaneshwar Paduka Chowk, Fergusson College Road, Pune-411004 Maharashtra Tel.: +91 (20) 5672191 Rajkot: Ashvin Panchal, Rajkot, ShivDarshan, Jagnath plot corner, Dr. Radhakrishna Road, Opp. Rajkumar College, Near trikon bagh, Off Yagnik Road, Rajkot-360001 Gujarat Tel.: 281- 2467000/ 01/ 02.Renukoot: Mukul Kumar, Renukoot, Birla Market, Renukoot, Sonbhadra District, Renukoot, Uttar Pradesh 231217 Tel.: +91 (5446) 54500 Ujjain: Krishnaraj C.P.,Ujjain, Hotel Ashray, 77, Devas Road, Ujjain Madhya Pradesh 456010 Tel.: +91 (734) 2526133 Vadodara: Mahendra Ramabhai Patel, Baroda, Concorde, RC DuttRoad, Alkapuri , Vadodara-390007 Gujarat Tel.: +91 (265) 2333200 Vallabh Vidhyanagar: Niral Chokshi, Vallabh Vidyanagar, Nana Bazar, Vallabh Vidyanagar-388120 Gujarat Tel.: +91 (2692) 238-201 Vijayawada: Venkateshwarlu Mallineni, Vijayawada, BSR Plaza, Near Maris Stella College, Ring Road, Vijayawada-520008Andhra Pradesh Tel.: +91 (866) 2496912

STANDARD CHARTERED BANK LTD. NFO COLLECTION CENTRESBhubaneshwar: Plot No 3, Bapuji Nagar, Janpath; Bhubaneshwar 751 009. Guwahati: G N Bardoli Road,Ambari, Guwahati-781001. Kolkata: 19 Netaji SubhasRoad, Kolkata 700001. Patna: Bhagwati Dwaraka Arcade, Plot No: 830 P, Exhibition Road, Patna -800 001. Chandigarh: SCO, 137-138,Sector – 9C, MadhyaMarg,Chandigarh. Jaipur: H8, Showroom No.1, Bhagwat Bhawan, MI Road, Jaipur. Kanpur: 16/105, M.G. Marg, Kanpur – 208 001. Ludhiana: SCO 16-17, FerozeGandhi Market,Ludhiana,Punjab- 141001. Lucknow: 4 Shahnajaf Road ,Lucknow , UP-226001. New Delhi: H2, Connaught Circle New Delhi 110001. Bangalore:6TH Floor , West Wing Raheja Tower, 26th M .G Road Banglore –560001. Chennai: 19, RAJAJI SALAI ,CHENNAI 600001. Cochin: XXIV/ 1633, KPK Menon Road,Willingdon Island, Cochin- 682003. Coimbatore: 509, D. B. Road,R.S.Puram,Coimbatore- 641 002. Hyderabad: 6-3 1090 Raj Bhavan Road Somajiguda ,Hyderabad 500082. Ahmedabad: Abhijeet Ii, Ground Florr Meetakali, 6th Road Ahmedabad –380006. Bhopal: Ground Floor, Northern Wing, Alankar Complex,PlotNo.10,Zone II, MP Nagar, ,Bhopal-462011. Indore: DM Towers; 21 / 1 Race Course Road,Indore, MP 452 001. Mumbai: 270 D.N.Road, Fort Mumbai 400001.Pune: Shrirang House, 364-365,Junglee Maharaj Road,Shivaji Nagar, Pune – 411 005. Surat: Manav Mandir,UG4 & FF, Parle Point,Surat 395007. Vadodara:Gokulesh, R C Dutt Road, Vadodara – 390 009 .

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KOTAK MAHINDRA BANK LTD. NFO COLLECTION CENTRESKolkata: Apeejay House 15, Park Street Kolkatta -700 016. Lucknow: 17 Ground Floor Speed Building 3rd Shahjanaf Road,Opposite Narayan,Lucknow-226001.New Delhi: Ground Floor, Ambadeep, 14, K.G. Marg, New Delhi-110001. Bangalore: 10/7, Umiya Land mark, Next to Chancery Hotel, Lavelle Road, Bangalore560 001. Chennai: Capitale’ Ground Floor, 555, Anna Salai, Chennai - 600 018. Ahmedabad: 213/214, Sakar II, Ellis Bridge Corner, Ashram Road, Ahmedabad,Gujarat-380006 Ahmedabad, Kadi: Kunal Complex Opp. J.K. petrol pump, Highway Cross roads, Kadi. Dist Mehsana Mumbai: 5 C/ II, Mittal Court, 224, NarimanPoint, Mumbai - 400 021. Pune: M-4, Virwani Plaza,11, East Street, Pune. Surat: Megh Mayur Plaza, Parle Point, Surat Dumas Road, Athwa Lines, Surat - 395 007.Unjha: 2nd Floor, Old APMC Building, Above Bhojnalaya, Ganj Bazar, Unjha - 384 170 Gujarat. Vadodara: Panorama Building, Ground Floor, R.C.Dutta Road,Alkapuri, Vadodara-390 005.

INDIAN OVERSEAS BANK COLLECTION CENTRESMumbai: 2/10, Elphinstone Building, Veernariman Road, Horniman Circle, Fort, Mumbai - 400 023. Tel.: 22817899 / 22045761 / 22047341 New Delhi: F47,Malhotra Buildings, Janpath, Queensway, New Delhi - 110 001. Tel.: 23350036 / 23731508 / 23310560 Kolkata: P35 Indian Exchange Place, Kolkata - 700 001.Tel.: 22218690 / 22254674 / 22254055 Chennai: 762, IOB Building, Anna Salai, Chennai - 600 002. Tel.: 28514695 / 28548089 / 28523833 Bangalore: 7,Srisailam, I Main Road, Gandhi Nagar, Bangalore - 560 009. Tel.: 22950228 / 22950224 / 22950225 Hyderabad: 104 / 1 Abids to Koti Road, Sultan Bazar,Hyderabad - 500 095. Tel.: 24755324 / 24756655 / 24756656

INVESTOR SERV ICE CENTRES - AMC OFFICES

CALL FREE : 1-800-22-0101West Zone:- Ahmedabad: Hitesh Pujara, Tata Asset Management Ltd, 702, "Abhijeet - 1", Mithakhali Circle, Navarangpura, Ahmedabad - 380 009 Tel.: (079)55418989, 26466080, Bhopal: Mr. Swadesh Dubey, Tata Asset Management Ltd. MF - 12, Block - A, Mansarovar Complex, Near Habibganj Railway Station, Bhopal- 462 016 Tel.: (0755) 4229379, Goa: Mr. Kaushal Shah, Tata Asset Management Ltd, Flat No.7 - Cristina Apartment, Behind Ashwin Garage, Alto - Porvorim, Goa- 403 521 Tel.: 9850368867, Indore: Mr. Atul Bhagtya, Tata Asset Management Ltd, G - 25, City Centre, 570, M. G. Road, Indore 452 001. Tel.: (0731) 4201806 / 7,Jabalpur: Nimish Bhangre- 9826339115, Mumbai: Kiran, Mulla House, Ground Floor, 51, M.G. Road, Near Flora Fountain Mumbai - 400001. Tel.: 56315191 / 2 /3, Nagpur: Mr. Veerendra Kothekar, Tata Asset Management Ltd., Near RSS Building, Garud Khamb Road Mahal Area, Nagpur - 440 002. Tel.: 9373127111,Nashik: Mr. Santosh Trivedi, Tata Asset Management Ltd., Samruddhi Residency, Opp hotel City pride, Tilak wadi, Nashik - 422 007. Tel.: (0253) 5605138 /2573689, Pune: Mr. Rahul Khandekar, Office No.14, Karnik Heritage, 2nd Floor, 1225 D Shivaji Nagar, Off F. C. Rd, Near Hotel Roopali, Opp Venus Traders, Pune411 004. Tel.: (020) 56052827 / 8 / 9, Rajkot: Mr. Amit Desai, Tata Asset Management Ltd., Arihant Plaza, 201, 2nd Floor, Subhash Road, Near Moti Taki, Rajkot -360 001.Tel.: (0281) 5524848, 5544949, Surat: Harnish Rathod, Tata Asset Management Ltd, 421, Jolly Plaza, Nr Collectors Office, Next to G. P. College, AthwaGate, Surat - 395 001. Tel.: (0261) 5554418 /19, Vadodara: Nutan Gupta, 9824557567, Vijay Pandya, 9824312354, 6/55, Marutidham Society, G.I.D.C., Makarpura,Vadodara - 390 010. 9824312354. East Zone:- Bhubaneshwar: Mr. Gopabandu Mohanty, Tata Asset Management Ltd,Narayan Market Complex, 2nd Floor,Janapath, 48 - Ashok Nagar,Bhubaneswar - 751 009.Tel.: (0674) 2533818. Dhanbad: Neeraj Anand, C/o UTI Securities Ltd, Shriram Plaza, 4th Floor, Bank More,Dhanbad, Jharkhand - 826 001. Tel.: 9934174385, Durgapur: Mrinmoy Ukil- 9932241935, Guwahati: Bineet Singh, Tata Asset Management Ltd. 109, 1st Floor,Orion Tower, Christian Basti, G. S. Road, Guwahati - 781 005. Assam, 9864176896, Jamshedpur: Anu Verma, Tata Asset Management Ltd, C/o Mithila Motors Ltd.1st Floor, Main Road, Bistupur,Jamshedpur - 831 004, Tel.: 0657-2756021/22/23, Kolkata: Nikhat Budharaja, Tata Asset Management Ltd, Tata Centre, 1st Floor,43, Jawaharlal Nehru Rd, Kolkata 700 071. Tel.: (033) 22881534 / 22883413 / 22883415. Patna: Ravi Shanker Prasad, Tata Asset Management Ltd. 3-A, 3rd Floor,Anand Tower, Exhibition Road, Patna - 800 001. Tel.: (0612) 2322214, Raipur: Ravi Mullick, Tata Asset Management Ltd. 331 & 332, 3rd Floor, Lalganga, ShoppingMall, G.E.Road, Raipur - 492 001, Tel.: (0771) 5537340, Ranchi: Amit Sinha, Tata Asset Management Ltd. C/o Mr. Alok Sinha (Works Manager), M/s J J IndustriesCorporation, Workshop under overbridge, Nivaranpur, Main Road, Ranchi - 834 001, Chhatrisgarh, Tel.: (0651) 2330704 / 2330226. North Zone:- Agra: DilipKumar, C/o Rahul Gupta, 10, Subhash Nagar, Karan Yogi Enclave Road, Kamla Nagar, Agra 5, Tel.:9335092813, Allahabad: Amit Jadoun, C/o R. K. Singh, 306,Madhavpur, Baihrana, Opp. New Nanny Bridge, Behind Bangar Dharmashala, Allahabad 211 003, Tel.:9839600696, Chandigarh: Manmohan, Tata Asset Manage-ment Ltd, Cabin No. - 3-4-5 1st Floor, S.C.O. - 487 - 488, Sector - 35C, Chandigarh - 160 022, Tel.: (0172) 2605320, Dehradun: Sunil Ahuja, 379/1, Street No. 4,Lane No. 4, Rajinder Nagar, Dehradun - 248 001, 9719127277, Delhi: Rinki, Tata Asset Management Ltd, 710 - 712, 7th Floor, Prakashdeep Building, 7, TolstoyMarg, New Delhi - 110 001, Tel.: (011) 55303252 / 53, Jaipur: Sandeep Mathur, Tata Asset Management Ltd, 233, Ganpati Plaza, 2nd Floor, M I Road, Jaipur - 302001. Tel.: (0141) 5105177/78, Jodhpur: Himanshu Acharya, 95, Shanti Priya Nagar, Behind Kamla Nagar hospital, Jodhpur, 9829652615, Kanpur: Nirmal, TataAsset Management Ltd, Survey No.419/1, Agarwal Building, Grnd Floor, Adjoining Oriental Bank of Commerce, Cantts-The Mall, Kanpur - 208 004, Tel.: (0512)2306066, Lucknow: Devendra Mani, Tata Asset Management Ltd, Office No - 4, 1st Floor, Centre Court Building, Adjacent Saran Chamber 1, 3 C, 5 - Park Road,Lucknow 226 001, Tel.: (0522) 4001731, Ludhiana: Sumit Mahajan, Tata Asset Management Ltd, Cabin No- 301, 3rd Floor, SCO 18, Opp Ludhiana Stock Ex-change, Feroze Gandhi Market, Ludhiana - 141 001, Tel.: (0161) 5089667, Moradabad: Deepanshu Kumar, C/o Shri Krishna Kumar, 15 / B, Neel Kanth Colony,Civil Lines, Moradabad, Tel.: 9837054178. Udaipur: Umesh Daila, 2nd Flr, Office No. 4, Madhav Comp, Opp. GPO, Chetak Circle, Udaipur, 313 001, Tel.:9829455338,Varanasi: Rakesh Kumar, Rashmi Nagar Colony, D - 31 / 82, K - 6 Lanka, Varanasi, Tel.: (0542) 55446555, Jalandhar: Varun Gupta, 91, New Johar Nagar,Jalandar - 144 001 Tel.: 9876601508. South Zone:- Bangalore: Tata Asset Management Ltd, No. 1/4, 1st Floor, Batra Chambers, Cunningham Crescent Road,Bangalore - 560 052. Tel.: (080) 57561313, 55335986, 55335987, Calicut: Kishore Krishna, 17/1865, S-Malabar Palace, Manuel Sons Junction, G. H. Road,Calicut, Tel.: 9895072920, Chennai: Tata Asset Management Ltd. Flat-C, 1st Floor, Ashika Chambers, Opp. Cars India Showroom, Next to Satyam Building, 22,Chamiers Road, Teynampet, Chennai - 600 018, Tel.: (044) 24320032, 55510243, 24320033, Cochin: (0484) 2377580 / 520, Coimbatore: Tata Asset ManagementLtd, 208, Gowtham Arcade, 3rd Floor, T.V. Samy Rd (E), Near Post Office, R. S. Puram. Coimbatore - 641 002, Tel.: (0422) 5365635, Hyderabad: Tata AssetManagement Ltd, R.R.Estates, Block - B, 3rd Floor, G. S. Mall, Somajiguda, Hyderabad - 500 082, Tel.: (040) 55961237/38, 55548290, Madurai: Gopal Subramanyam,Tata Asset Management Ltd, D2 3rd Floor, Ar. Plaza, 16/17. North Veli Street, Madurai - 625001,Tel.: 9894905546. Mangalore: Basavaraj, (Res.)44/41-B, Trinetra,2nd Main, 2nd Cross, Land Links Township, Mangalore-08, Tel.: 9886972305, Mysore: Ganapathy- 9980523994, Vijaywada: Sudhir Simhadri, 24-7-12 RamaNagar, Gokul Building, Jonnavithulavari Veedhi, Vijaywada - 520 003, 9849999468, Vishakapatnam: Prakash, Tata Asset Management Ltd. D.No:48-9-1, 1stfloor,Office No: 10&11, Srimukha Complex, Dwarakanagar, Visakhapatnam - 16. Tel.: 9885555900. Trichur: Harsha Mohan, 2nd Flr, Ajay Vihar, M. G. Road, Cochin682 016, Tel.: 9895090489, Kottayam: Boby Paul, 2nd Flr, Ajay Vihar, M. G. Road, Cochin 682 016, Tel.: 9447781954, Hubli: Pawan Kumar, 15/16, EurekaJunction, Travellers Bunglow Road, Hubli 29, Tel.: 9880044750, Salem: Anand Raj, (Res.) Neelmegha Resi., 2/3, Voc Street, Subramania Nagar, Salem 4, Tel.:9843798654, Trichy: Senthil Kumar- 9842995983, Trivandrum: Dhanish Kumar, Tata Asset Management Ltd., 2nd Floor, Akshaya Towers, Sasthamangalam,Trivandrum - 695 010. 9249886732.

COMPUTER AGE MANAGEMENT SERVICES (P) LTD.

Agra : Mr. Pankaj Jain, CAMS Transaction Point, F-39/203, Sky Tower, Sanjay Place, Agra - 282002, Tel.: 0562 – 252 1812 Email ID: [email protected] : Mr. Mukesh Shah / Mr. Bangdiwala, CAMS Investor Service Center, 402-406, 4th Floor - Devpath Building, Off C G Road, Behind Lal Bungalow, EllisBridge, Ahmedabad - 380006 , Phone- (079) 2642 4940, 2646 4929 Fax: 2642 4950, E Mail: [email protected] Allahabad : Ms. Preeti Agarwal, CAMSTransaction Point, 1st Floor, Chandra Shekhar Azad Complex, (Near Indira Bhawan), 5, S.P. Marg, Civil Lines, Allahabad – 211001 Tel.: 0532 – 260 1602 Email ID:[email protected] Amaravati : Mr. Rahamathullah, CAMS Transaction Point, 81, Gulsham Tower, Near Panchsheel Amaravati - 444 601, Tel.: 0721 –3099512, Email ID: [email protected], Amritsar : Mr. Sanjay Kapoor, CAMS Transaction Point, 378-Majithia Complex, 1st Floor, M. M. Malviya Road,Amritsar – 143001 , Tel.: 0183 – 221 1194 Email ID: [email protected] Aurangabad : Mr. Mohd. Rahmatullah, CAMS Transaction Point, Office No. 1, 1stFloor, Amodi Complex, Juna Bazar, Aurangabad - 431 001 Tel.: 0240 – 2363 664 Email ID: [email protected] Bangalore : Mrs. Girija Raman / Mr. Perviz,CAMS Investor Service Center, Trade Centre, 1st Floor, , 45, Dikensen Road ( Next to Manipal Centre ), Bangalore – 560 042, Tel.: 080 – 3094 1357 / 3094 2468,E Mail : [email protected], Bhubaneswar : Mr. Subrat Mishra / Mr. Kailash, CAMS Investor Service Center, 101/ 7, Janpath, Unit – III , Bhubaneswar : 751001, Tel.:(0674) 253 4909, 253 5395 Fax : 253 4777, E Mail : [email protected] Belgaum : Mr Megharaj Habib, CAMS Transaction Point, No. 21, GroundFloor, Arvind Complex, 1552, Maruti Galli, Belgaum-590 002 Tel.: 0831 – 2425 305 Email ID: [email protected] Bhilai : Mr. Sanjay Kumar, CAMSTransaction Point, 209 , Khichariya Comple, Opp IDBI Bank, Nehru Nagar Square, Bhilai - 490 020 Tel.: 0788 – 505 0568 Email ID: [email protected] : Mr. Ashish Ojha, CAMS Transaction Point, C-12, 1st Floor, Above Life Line Hospital, Zone-I, M.P.Nagar, Bhopal – 462011 (M.P.) Tel.: 0755 – 528 5266,Email ID: [email protected] Calicut : Mr Nijas, CAMS Transaction Point, 17/28, H 1st Floor, Manama Towers, Marvoor Road, Calicut – 673 001, Tel.: 0495– 272 3173, Email ID: [email protected] Chandigarh : Mr. Ramesh Bhatia / Mr. Jagjith Singh , CAMS Investor Service Center, SCO 154-155, 1st Floor,Sector 17-C, , Chandigarh-160017., Phone: (0172) – 2706 651 , 2711 325 Fax : 2705 217 , E Mail: [email protected], Chennai : Mr. Somakumar /Venkatesh Pai , Computer Age Management Services Pvt. Ltd., 178/10, Kodambakkam High Road, Nungambakkam, Chennai - 600 034 , Phone: (044) – 28295163, 2829 1549 Fax: 2829 5403, E Mail: [email protected],Cochin : Mr.George Varghese / Mr. Datta , CAMS Investor Service Center, 40 / 9633 D,

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Veekshanam Road,, Near International hotel, Cochin – 682 035, E Mail: [email protected], Coimbatore : Mr.Vetrivel / Ms. Kalpana, CAMS InvestorService Center, 66. Lokamanya Street (West) , Ground Floor, , R.S.Puram, , Coimbatore - 641 002, Phone: (0422) 5369 575, 5369 576 , E Mail:[email protected] Dhanbad : Mr. Gopal Agarwal, CAMS Transaction Point, Urmila Towers, Room No: 111(1st Floor), Bank More, Dhanbad - 826 001 Tel.:0326 - 230 4675 Email ID: [email protected] Dehradun : Ms. Monika, CAMS Transaction Point, 81, Chakrata Road, Dehradun - 248 001, Tel.: 0135 - 2713233 Email ID: [email protected] Durgapur : Mr. Falguni Ghosh, CAMS Transaction Point, SN- 10, Ambedkar Sarani, City Centre, Durgapur – 713216Tel.: 0343 – 254 8190 Email ID: [email protected] Guntur : Mr. A. S.Raju, CAMS Transaction Point, Shyamsunder Golden Towers, Ground Floor 3rdLane, Brodipet, Adjacent to Over-bridge, Guntur - 522 002 Tel.: 0863 – 5580 838 Email ID: [email protected] Guwahati : Mr. Prodipta Bhattacharjee,CAMS Transaction Point, Old Post Office Lane, Bye-Lane No. 1, Rehabari, Guwahati –781008, Tel.: 0361 – 260 7771, Email ID: [email protected], Hubli: Mr. Veeresh CAMS Transaction Point, No.208, ‘ A ‘ Block,1st Floor, Kundagol Complex, Opp. Court, Club Road, Hubli - 580029, Tel.: 0836 – 225 1213, Email ID:[email protected], Indore : Ms. Kavita Dalal / Mr. Manoj, CAMS Investor Service Center, Dalal Chambers, 101.Sagarmatha Apartments, , 1st Floor, 18 /7 MG Road, , Indore - 452 003, Phone: (0731) 252 8609, 252 9261, E Mail : [email protected], Mr. K.K.Khilnani / Mr. Pintu, CAMS Investor Service Center,G-III, Park Saroj , Behind Ashok Nagar Police Station , R-7, Yudhisthir Marg ,C-Scheme , Jaipur - 302 001, Phone 0141 – 222 0948 / 222 0951, E Mail :[email protected], Jalandhar : Mrs. Monisha Sikka, CAMS Transaction Point, 367/8, Central TownOpp. Gurudwara Diwan Asthan, Jalandhar - 144001,Tel.: 0181 – 2456336 Email ID: [email protected], Jamnagar : Mr. Manish Bhuva, CAMS Transaction Point, 207/209, K.P. Shah House I, K.V. Road,Jamnagar - 361 001, Tel.: 0288 - 255 8467, 0288 – 3111909 Email ID: [email protected], Jamshedpur : Mr. Subrat Mishra, CAMS Transaction Point,Panch Bhawan, ‘R’ Road, Bistupur, Gr.Floor, (Near Rajasthan Bhawan), Jamshedpur – 831 001 Tel.: 0657 – 310 5930 Email ID: [email protected] : CAMS Transacation Point, 1/5, Nirmal Tower,, Ist Chopasani Road, , Jodhpur – 342 003, Tel.: 0291 – 309 2892 / 262 8039 , Email ID:[email protected], Kanpur : Mr. Rishi Ranjan / Mr. Ashish , CAMS Investor Service Center, G – 27,28 – Ground Floor , City Centre, 63/ 2, The Mall, Kanpur– 208 001, Phone: (0512) 230 6668, 230 6685, E Mail: [email protected], Kolkata : Mr. Sukumar / Ms. Keya Banerjee, Computer Age ManagementServices Pvt Ltd., “LORDS Building”, 7/1,Lord Sinha Road, Ground Floor, Kolkata – 700 071, Phone: ( 033 ) 3058 2297/3058 2285/3058 2303 Fax : 033 3058 2288, E Mail: [email protected], Kota : Mr. Prabhat Gupta, CAMS Transaction Point, B-33 ‘Kalyan Bhawan’, Triangle Part ,Vallabh Nagar, Kota – 324 007 Tel.:0744 – 2505 452 Email ID: [email protected], Lucknow : Mr. Sandeep Das / Mr. Dinesh, CAMS Investor Service Center, No.3.First Floor , SaranChambers 1,, 5. Park Road , Lucknow – 226 001 , Phone: ( 0522 ) – 2237309 Fax : 2237310 , E Mail: [email protected], Ludhiana : Mr.Rajesh Dewan/ Mr. Ajay, CAMS Investor Service Center, Shop no. 20-21 ( Ground Floor ), Prince Market, near Traffic Lights, Sarabha Nagar Pulli, Pakhowal Road, P.O: ModelTown, Ludhiana - 141 002, Tel.:(0161) 501 7502 , 241 0279 Fax : 245 8840, E Mail : [email protected], Madurai : Mr. S Duramimurthy, CAMS TransactionPoint 86/71A, Tamilsangam Road, , Madurai - 625 001 , Tel.: 0452 - 2622 682 , Email ID: [email protected], Manipal : Mr. Ravi, CAMS Transaction Point,Academy Annex, First Floor , Opposite Corporation Bank, , Upendra Nagar, , Manipal – 576104, Tel.: 0820 – 257 3333, 529 2033, Email ID: [email protected],Merrut : Mr. Pankaj Jain, CAMS Transaction Point, 108 Ist Floor Shivam Plaza, Opposite Eves Cinema, Hapur Road, Merrut – 250 002, Tel.: 0121 – 2400 700 EmailID: [email protected], Mangalore : Mr. Veeresh Inchalmath / Mr. Raghavendra, CAMS Investor Service Center, 6. First Floor, West Gate Terminus,Falnir Road, Opp. Unity Health Complex, Highlands , Mangalore – 575 002, Phone: (0824) 243 6567, 525 2525, E Mail : [email protected], Moradabad: Mr. Manoj Jain, CAMS Transaction Point, B-612 ‘Sudhakar’, Lajpat Nagar, Moradabad – 244 001, Tel.: 0591 - 3092844, Email ID: [email protected] ,Mysore : Mr. ST Patil, CAMS Transaction Point, No.3, 1st Floor, , CH.26 7th Main , 5th Cross , (Above Trishakthi Medicals) , Saraswati Puram, Mysore – 570 009,Tel.: 0821 – 309 1244 / 234 2182, Email ID: [email protected], Mumbai : Mr. R.Vaidyanathan / Mr. Jalson , Computer Age Management Services Pvt.Ltd., Rajabahdur Compound, Ground Floor, Opp Allahabad Bank, Behind ICICI Bank, 30, Mumbai Samachar Marg, Fort,, Mumbai – 400 023, Phone: 22702414,22702415, 22702416, 22622903,22622904 , Fax: 22622561, E Mail: [email protected], Nagpur : Ms. Anitha Mokha / Ms. Geetha, CAMS InvestorService Center, 145 Lendra Park,Behind Shabari,, New Ramdaspeth, , Nagpur – 440 010., Phone: (0712) 253 2447, 253 7321 Fax: 254 1449, E Mail:[email protected], Nasik : MR Raman Balkisan Dhoot, CAMS Transaction Point, “Varsha Bungalow”, , 1st Floor, Near Rungtha High School, 493, AshokStambh, Nasik - 422001, Tel.: 0253 - 257 7449 Email ID: [email protected], New Delhi : Mr. Suresh Kalra / Mr. Felix, Computer Age ManagementServices Pvt. Ltd., 304-305 III Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi - 110 001., Phone: ( 011 ) 2335 3831, 2335 3832 , 2335 3833 Fax:2335 3834, E Mail: [email protected], Nellore : Mr. Srinivas, CAMS Transaction Point, Shop No.13, First Floor, KAC Plaza, R R Street, Nellore – 524 001Tel.: 0861 – 5512 582, Email ID: [email protected] ,Panaji Goa : Mr. Vivekanand / Mr. Sudhil , CAMS Investor Service Center, No.108, 1st Floor,Gurudutta Bldg,, Above Weekender, M G Road, , Panaji Goa-403 001, Phone (0832) - 5645787, 2424527 , Fax: 242 4529 , E Mail: [email protected],Patiala : Mr. Vikas Gupta, CAMS Transaction Point, 35, New lal Bagh Colony, Patiala – 147001 Tel.: 0175 – 222 9633, 309 3724 Email ID: [email protected],Patna : Mr. Sunil Kumar / Mr. Anand Kumar, CAMS Investor Service Center, Kamlalaye Shobha Plaza (1st Floor) , Behind RBI Near Ashiana Tower, Exhibition Road,Patna – 800 001 , Tel.: ( 0612 ) 2322 206, Email : [email protected], Panipat: 83, Devilal Shopping Centre, Opp. ABN Amro Bank, G. T. Rd. Panipat -132103, Pondicherry : Mr. Hashim, CAMS Transaction Point, 25, First Floor, Jawaharlal Nehru Street, Pondicherry – 605 001 Tel.: 0413 – 222 0575 / 233 5722Email ID: [email protected], Pune : Mr. Yatin Desai / Mr. Kamaal, CAMS Investor Service Center, Nirmiti Eminence, Off No. 6, I Floor, Opp Abhishek HotelMehandale Garage Road, , Erandawane , Pune – 411 004, Tel.: 020 – 3028 3003, 3028 3004. , Fax: 020 – 2541 2294, E Mail: [email protected], Raipur: Mr. Ajay Maloo, CAMS TRANSACTION POINT, C-23, Sector 1 , Devendra Nagar , Raipur – 492004 Tel.: 0771 – 309 0830 Email ID: [email protected],Rajahmundry : Mr. Pavan Kumar, CAMS Transaction Point, D.no 7-27-4, Krishna Complex, Baruvari Street, T Nagar, Rajahmundry – 533101, Tel.: 0883 –5565531, Email ID: [email protected], Rajkot : Mr. Kalpesh Mehta, CAMS Transaction Point 111, Pooja Complex , Harihar Chowk , Near GPO , Rajkot- 360001 , Tel.: 0281 - 2241 399 , Email ID: [email protected], Ranchi : Mr. Praveen Sharma, CAMS Transaction Point, 223,Tirath Mansion (Near OverBridge),1st Floor, Main Road, Ranchi – 834 001, Tel.: 0651 – 309 5122, Email ID: [email protected], Rourkela : Mr Amit, CAMS Transaction Point, 1stFloor , Mangal Bhawan , Phase II , Power House Road , Rourkela – 769001, Ph: Ph : 0661 2513098, Email : [email protected], Salem : Mr. ARPalaniappan, CAMS Transaction Point 28, I Floor , Advytha Ashram Road , Salem - 636 004 , Tel.: 0427 - 244 6338 , Email ID: [email protected],Secunderabad : Mr.Bhavanarayanan / Mr. Ramakrishna, CAMS Investor Service Center, 102, First Floor , Jade Arcade, Paradise Circle, Secunderabad - 500 003,Phone- 040 - 5532 1531 , 5532 1532 Fax : 5532 1531, E Mail: [email protected], Siliguri : Mr. Sunando Sarkar, CAMS Transaction Point, No 8, SwamijiSarani, Ground Floor,, Hakimpara, Siliguri – 734401, Tel.: 0353 - 221 6065, Email ID: [email protected], Surat : Mr. Ashish Engineer / Pragna Engineer,CAMS Investor Service Center, Niva Apartments,, Above Sagrampura-Rudarpura Co-op Bank, , Bhatia Street, Nanpura, Surat – 395001, Phone: (0261) – 246 4887/ 246 4679 / 246 2531, E Mail : [email protected], Trichur : Mr. Sibu K A, CAMS TRANSACTION POINT, VIII/350/15, O K John Memorial Building ,Ekkanda Warrier Road , Trichur – 686 001 Tel.: 0487 – 2420646, Email ID: [email protected], Trichy : Mrs V Jothi, CAMS Transaction Point, No 8, I Floor,8th Cross West Extn., Thillainagar, , Trichy - 620 018 , Tel.: 0431 - 274 1717 , Email ID: [email protected], Trivandrum : Mr. Viji Thomas, CAMS TransactionPoint, Tc 15 / 2012,, Sheelatha Building,, Womens’ College Lane,, Vazuthacadu,, Trivandrum – 695 014, Tel.: 0471 – 3950 414, Email ID: [email protected],, Udaipur : Mr. Rajesh Surana, CAMS Transaction Point, 32, Ahinsapuri, Fatehpura Circle, Udaipur – 313004, Tel.: 0294 - 3091722, Email ID:[email protected], Vadodara : Mr. Satish Shah / Mr. Dilip Shah , CAMS Investor Service Center, 109 - Silver Line, Besides world Trade Centre,Sayajigunj, Vadodara – 390 005., Phone: (0265) – 222 5146, 236 2412, E Mail: [email protected], Varanasi : Mr Deepak Kumar Gujrati, CAMS TransacationPoint, C 27/249 - 22A, Vivekanand Nagar Colony, , Maldhaiya, , Varanasi – 221002 , Tel.: 0542 – 220 8546 / 311 3810, Email ID: [email protected],Vijayawada : Mr. BVD Prasad, CAMS Transaction Point 40-1-48/2, Bandar Road, Adj. To HDFC Bank, Vijayawada – 520010, Tel.: 0866 – 559 5657, Email ID:[email protected], Valsad : Mr. Kausik Mistry, CAMS Transaction Point, C/o. CAD House, Siddhivinayak Complex,, F-1, First Floor, Avenue Building,, NearR.J.J. School,, Tithal Road, , Valsad – 396001, Tel.: 02632 – 249 957, Email ID: [email protected], Visakhapatnam : Mr. Sastry / Mr. Murthy , CAMSInvestor Service Center, 47/ 9 / 17, 1st Floor,, 3rd Lane , Dwaraka Nagar , Visakhapatnam - 530 016. , Phone: (0891) – 2598 875, 2540 175, E Mail:[email protected].

Contact : 1-600-33-4449