Monthly Update March 10, 2014 · Monthly Update March 10, 2014 A fter a mild start in Jan’14, ... when more news and developments take place, the volatility is bound to increase

Monthly Update March 10, 2014

After a mild start in Jan’14, Indian equities advanced by 2.6% in Feb’14 with

capital goods,Auto, durables and Pharma sector leading the rally.

The pre election cacophony has already settled in with the announcement of poll

dates. General elections are arguably the most important political event in any

country. And with the same a few months away in India, it would definitely have its

implications in terms of influencing stock price movement in the short term. As and

when more news and developments take place, the volatility is bound to increase.

Especially, considering that a good portion of the investors have placed long term

bets on India from a perspective of a stable government coming into power.

The outcome of the elections may see some major market swings for a short span but

earnings and valuations are tickers that would drive long term investments.

From a long term perspective, Indian markets are trading at a discount to its historical

valuations. Considering a nominal earnings growth of 10% and a P/E multiple of

19x, the Sensex can deliver ~21% returns in the next year.

But there are multiple macro factors at play - which would decide the direction of

Indian equities. On the positive side we have a fading CAD gap, stabilizing Rupee,

rebuilding forex reserves, committed fiscal deficit, erupting industrial production

and a receding inflation. Contrastingly, all these factors are interconnected and a

slight change in any one of these could prolong this recovery, as seen recently.

Inflation, being the most vulnerable amongst these is on constant radar of RBI.

Internationally, Japan & Europe remains fully committed to the massive amounts of

QE at least till CY14 and US FED is likely to continue tapering as labour market

statistics improve. Additionally, the standoff between Russia, Ukraine & other G7

nations is another short term concern which would impact Indian stock valuations.

The extent of such geo-political risks cannot be measured. Warren Buffett said that,

"You're going to invest your money in something over time. The one thing you can be

quite sure of is if we went into some kind of very major war, the value of money

would go down. That's happened in virtually every war I'm aware of. The last thing

you'd want to do is hold money during a war. You might want to own a farm, you

might want to own an apartment house, and you might want to own securities. During

World War II the stock market advanced. "

We cannot abandon investment in equities under threat of such geo-political risks.

Contrarily, depressed stock prices during these periods can actually be looked upon

as an opportunity to buy into the stocks of some fundamentally very good companies.

What we can say here is that despite our history of international tensions in the past,

Indian equities have certainly rewarded shareholders in the longer run despite near

term hiccups.

Happy Investing!

Special Review

Gratuity - The reward of Loyalty

2

What is Gratuity?

Eligibility:

How gratuity amount is calculated:

Tax Treatment of gratuity:

Gratuity is a part of salary that is received by an employee from his/her

employer in gratitude for the services offered by the employee in the

company. Gratuity is a defined benefit plan and one of the many

retirement benefits offered by the employer to the employee upon

leaving his job. Job hopping may lead to increase in salary pay package

but staying on with the existing employer for long has its own benefits.

Gratuity is one those benefits. Those who understands gratuity restricts

themselves from shifting job in the 4th year of continuous service and if

at all they decide to move, gratuity becomes a point of negotiation

between new employer and employee. This article is about Gratuity, its

calculation, taxability and other important points related to it.

As per Section 10 (10) of Income Tax Act, gratuity is paid when an

employee completes 5 or more years of full time service with the

employer (minimum 240 days a year).

Gratuity becomes payable on Retirement, Resignation, termination,

retrenchment, death or disablement. In case of death or disability the

condition of 5 year continuous service is waived off. In this case even if

someone has worked for 1 year, his/her nominee will be paid gratuity.

Gratuity is a kind of Thanks giving from employer to employee.

Here continuous service includes all approved leaves, weekly offs,

legal strike etc. It means that if you are absent from work for a valid,

legal and approved reason that it should not be treated against any

continuous service condition. You need not to be present in an

establishment for 365 days a year. In fact there is a judgment by

Hon’ble Madras high court declaring that even if an employee has

completed 4 years 10 months and 18 days service without break i.e. 4

years and 240 days, it should be considered as completed 5 years under

payment of gratuity act. But let’s keep things simple, and keep only

complete 5 years in mind for gratuity eligibility with a minimum 240

days of presence every year.

Gratuity is a payment mandated by law, so no employer can refuse it on

grounds of financial losses to the company.And it is something which a

company has to pay as a “Severance pay” in case company is getting

wound up with whatever reason.

As per law the gratuity amount would be 15 days or half month’s salary

(as the case may be) for every full year of your employment with a

maximum limit of Rs 10 lakh. Employer may pay this amount out of his

own funds or can even buy a group gratuity scheme from Life

Insurance Company. The calculation of gratuity amount differs

between companies which are covered under payment of gratuity act

and which are not. Below are the details.

In this case Salary includes Basic pay plus Dearness allowance plus

Commission (if a fixed %age of sales turnover). Dearness allowance is

generally a part of government employee’s salary. The calculation

formula is as under

In this case if an employee has covered more than 6 months of service,

it will be treated as a full year. Like if someone is in job for 6 years 7

months, then for gratuity calculation the numbers of completed years

of service will be taken as 7 and not six. Had this been 6 years 5 months,

then the number of completed years would be counted as 6

In This case formula would be as below:

Here Salary definition is the same which includes basic plus Dearness

Allowance plus Commission (if fixed %age of sales turnover). Point to

note here is that only full years’service is considered in this case and no

part thereof applies here. Also Average salary means last 10 month’s

salary immediately preceding the month of leaving the job divided by

10.

The gratuity so received by the employee is taxable under the head

‘Income from salary’. In case gratuity is received by the nominee/legal

heirs of the employee, the same is taxable in their hands under the head

‘Income from other sources’. This tax treatment varies for different

categories of individual assesses. We shall discuss the tax treatment of

gratuity for each assesse in detail.

For the purpose of calculation of exempt gratuity, employees may be

divided into 3 categories -

1. Government employees and2. Non-government employees covered under the Payment of

GratuityAct, 19723. Non-government employees not covered under the Payment of

GratuityAct, 1972

In case of government employees - they are fully exempt from receipt

of gratuity.

In case of non - government employees covered under the Payment of

Gratuity Act, 1972 - Maximum exemption from tax is least of the 3

below:

1. Actual gratuity received2. INR 10,00,0003. 15 day’s salary for each completed year of service or part thereof

In case of non - government employees not covered under the Payment

of GratuityAct, 1972 - Maximum exemption from tax is at least of the 3

below:

1. Actual gratuity received2. INR 10,00,0003. 15 day’s salary for each completed year of service or part thereof

If gratuity is a part of your CTC and it is showing as deduction from

your salary slip every month, this does not mean that you can claim

your gratuity anytime. 5 years continuous employment is Mandatory.

Calculation of Gratuity amount where company is covered under

Payment of Gratuity act.1972

Monthly salary*15/26* Number of years of completed service or part

thereof

Calculation of Gratuity amount where company is not covered under

payment of Gratuity act

Monthly salary*15/30*Average salary for each completed year of

service

March 10, 2014

3

Special Review

The life expectancy in India has been rising steadily over the past few

decades. Thus it is difficult to sustain a decent lifestyle if anyone does

not have adequate savings after his/her retirement. The continuous rise

in medical and day-to-day expenses has forced many senior citizens

who do not have regular income or financial support from their children

to think about reverse mortgage.

“Reverse Mortgage” means “an agreement under which an owner of a

primary residential property borrows funds from a bank/financial

institution (being the lender) against security of ownership rights in

his/her primary residential property by mortgaging the same and

receives loan amounts by way of regular tax free payments

(monthly/quarterly) from the lender without having to sell his

residential property during the validity of the mortgage.

For a person who is asset-rich but cash-poor, reverse mortgage is an

ideal way to generate regular income. By opting to such an option, the

bank pays a monthly amount to the owner of the house. With each

payment, bank’s ownership of the property increases.After the death of

the owner, his legal heirs can either repay the loan along with the

interest or let the bank sell the property. The bank will deduct the

borrowed amount from the sale proceeds and give the balance to the

heirs. The option of reverse mortgage is only available to senior

citizens and they should be living in the house. It will help a retired

person to live a life of dignity and financial freedom.

• Applicant for reverse mortgage should be above 60 years.

• The property should be in the name of the applicant

• Property should be free from any encumbrances

• Property should be the permanent primary residence of the

individuals

• Maximum loan amount is 60% of the value of the residential

property

• Tenure of the mortgage ranges between 10-20 years

• Customer can opt for monthly, quarterly, annually or lump sum

payment.

• Property revaluation will be done once in every 5 years

• Lump sum option - a lump sum of cash at closing

• Tenure option - equal monthly payments as long as the homeowner

lives in the home

• Term option - equal monthly payments for a fixed number of years

• Line of credit option - draw any amount at any time until the line of

credit is exhausted

• Any combination of those listed above

• Areverse mortgage is the opposite of a conventional home loan.

• A reverse mortgage enables senior citizens to receive a regular

monthly income from bank against the mortgage of his/her home.

The borrower continues to reside in the property till the end of

his/her life and receives a periodic payment on it.

• First the value of the property is calculated by the bank based on the

current property price and the condition of the house.

• The bank then pays a loan amount to the borrower in the form of

periodic payments after considering interest cost and price

fluctuation.

• The bank pays periodic payments to the borrower known as reverse

EMI over a fixed tenure.

• Additionally, the property prices are reviewed every 5 years. On

escalation of property prices, the installment income or annuity

also goes up accordingly which benefits the retired person.

With an aim to make the reverse mortgage facility more attractive

amongst senior citizens, the government has decided that the annuity

would be tax exempt. Earlier the period of reverse mortgage loan was

20 years from the date of signing the agreement by the reverse

mortgagor and approved lending institution. But now period has been

extended to “the residual life time of the borrower”.

• Low risk of default: The mortgager’s house cannot be taken from

him/her for the reasons of non-payment. However one must

continue to pay for upkeep and taxes & insurance on his/her home.

• No downside: With a reverse mortgage, one will never owe more

than his/her home’s value at the time the loan is repaid even if the

mortgage lenders have paid more money than the value of the

home. This is particularly useful advantage if one opts for a reverse

mortgage and then home price declines.

• Tax free: As a reverse mortgage is a loan, the money from it is tax

free whether it is received as fixed income or in lump sum.

• No restrictions: There are no restriction on how one uses the funds

that he/she received from reverse mortgage.

• Flexible payment options: Depending on the type of loan, the

mortgager receives the reverse mortgage loan money in the form of

a lump sum, annuity, credit line or some combination of the above.

• Home ownership: With a reverse mortgage, one can retain the

ownership rights and the ability to live in his/her home.

Eligibility Criteria:

Guidelines for reverse mortgage:

Distribution of money from a reverse mortgage:

How does it work?

Tax Treatment:

Key advantages and benefits of Reverse Mortgages are:

Reverse Mortgage – Use Home To Stay At Home Happily

March 10, 2014

4

Fixed Income Update Equities Update

Debt: Liquid 1M 3M 6M

Institutional Activity ( Feb 01- Feb 31 ) (Rs cr)

Fund Performance Fund Performance

Equity: Large & Mid Cap 3M 1Y 3Y

Forex / Call / Economic Indicators

Equity Purchase Sales Net InvDebt Purchase Sales Net Inv

Key Indices 28-Feb 31-Jan %Chg. I Yr Ret Key Indices 28 %Chg. I Yr Ret-Feb 31-Jan

Other -Feb 31-JanIndices 28 %Chg. I Yr Ret

Portfolio as on Jan 31, 2014 & Return as on 09th March 2014

NSE G Sec Composite Index 350.35 347.28 0.88 2.13%

NSE Treasury Bill Index 359.24 356.89 0.66 8.76%

10-Mar 10-Feb

Rupee/$ 61.07 62.68

Call Rate 8.40% 8.80%

Total Forex ($ bn) 294.36 291.07

Inflation 5.05% 6.16%

FIIs 27657.00 16320.10 11336.90

Mutual Funds 118152.70 56138.10 62014.60

BSE Sensex 21120.12 20513.85 2.96 6.16%

S&P CNX Nifty 6276.95 6089.50 3.08 4.01%

BSE IT Index 9792.25 9476.62 3.33 53.16%

BSE Healthcare 10839.95 10109.76 7.22 35.21%

BSE FMCG Index 6483.96 6517.93 -0.52 9.49%

BSE PSU Index 5514.88 5554.94 -0.72 -28.02%

BSE Bankex 12284.27 11712.31 4.88 -15.75%

FIIs 48428.50 47024.20 1404.30

Mutual Funds 8468.80 9814.10 -1345.30

Birla Sun Life Frontline Equity 3.44 12.70 9.45

Birla Sun Life Top 100 Fund 4.16 14.79 10.32

ICICI Pru Focused Bluechip 2.80 13.20 9.39

SBI Magnum Bluechip 5.36 10.59 10.31

UTI Opportunities 4.43 12.49 10.48

Debt: Ultra Short Term 1M 3M 6M Equity : Mid & Small Cap 3M 1Y 3Y

Birla Sun Life Savings Fund 9.17 8.97 10.22

ICICI Pru Flexible Income Plan 9.02 8.92 10.08

DWS Ultra Short Term Fund 7.54 8.00 9.68

IDFC Ultra Short Term Fund 9.03 8.97 10.22

Templeton India Ultra Short Bond Fund 8.74 8.99 9.79

Birla SL Cash Plus 8.72 8.89 9.63

LIC Nomura MF Liquid Fund 8.85 8.82 9.43

Reliance Liquid Treasury 8.70 8.85 9.53

SBI Premier Liquid Fund 8.71 8.82 9.44

Templeton India TMA Reg 8.23 8.26 8.78

Franklin India Prima 5.55 16.54 13.16

HDFC Mid-Cap Opportunities 9.60 20.94 14.87

ICICI Prudential Discovery Reg 7.03 15.43 11.89

IDFC Premier Equity Regular 7.88 15.53 13.50

Reliance Equity Opportunities 7.41 10.97 12.28

Debt: Short Term 1M 3M 6M Equity: Tax Planning 3M 1Y 3Y

Birla SL Short Term Opportunity 8.12 8.62 10.58

HDFC Short Term Opportunity 8.05 8.53 10.96

IDFC-SSIF- Short Term 6.95 7.38 9.95

SBI Short Term Debt 6.42 7.14 8.70

Templeton Low Duration Fund 9.14 9.21 10.18

Birla SL Tax Relief 96 4.79 15.74 7.10

HDFC LT Advantage 5.81 15.02 9.17

ICICI Pru Tax Plan 3.85 15.83 9.85

Reliance Tax Saver 7.81 13.86 9.92

SBI Magnum Tax Gain 6.59 15.23 9.52

Debt: Income/ Dynamic 1M 3M 6M Equity: Thematic 1M 3M 6M

Hybrid: Equity-oriented 1M 3M 6M

Hybrid: Debt-oriented 1M 3M 6M

Birla SL Dynamic Bond Ret 4.00 7.90 9.11

DWS Premier Plus Bond Fund 4.57 8.10 10.18

IDFC SSIF MTP 4.66 7.62 7.42

Reliance Dynamic Bond -1.24 7.61 5.66

UTI Dynamic Bond Fund 5.88 8.41 9.07

Debt: Accrual Funds 1M 3M 6M

Birla SL Medium Term 7.30 9.42 11.35

ICICI Pru Regular Savings Fund 6.90 8.36 10.92

Reliance Regular Savings Fund - DEBT 7.02 7.99 9.30

Templeton India Corp Bond Opportunities 6.51 8.61 11.76

Templeton India Income Opportunities 6.87 8.46 11.14

Debt: Gilt 1M 3M 6M

HDFC Gilt Fund - L T P -1.32 9.88 5.01

IDFC GSF Investment Regular 0.79 11.31 3.79

Kotak Gilt - Investment Plan -3.48 8.03 2.38

Reliance G Sec Fund -3.03 10.83 4.99

SBI Magnum Gilt LTP -3.26 9.00 4.77

Birla SL MNC Fund 73.98 11.92 29.11

ICICI Pru Banking & Finance 162.87 -8.99 38.28

ICICI Pru FMCG 30.38 16.40 7.58

Reliance Banking Fund 182.87 0.66 41.74

SBI Magnum Pharma 24.12 47.58 42.79

HDFC Prudence Fund 95.14 17.51 41.07

ICICI Pru Balanced Advantage 67.18 13.58 28.42

SBI Magnum Balanced 58.35 10.17 30.33

TATA Balanced Fund Plan A 85.04 20.41 26.33

UTI Balanced Fund 62.14 14.04 27.39

Birla Sun Life MIP II Savings 5 8.00 9.72 11.27

HDFC MIP Long-term 33.94 10.73 17.61

HSBC MIP Savings 19.76 9.62 10.74

ICICI Pru MIP 5 -2.87 6.17 6.70

Reliance MIP 19.41 10.72 12.20

March 10, 2014

*CA : Compound Annualized

Simple Annualized

Simple Annualized

Absolute CA*

This Month in Debt :

5

Indian indices i.e. Nifty & Sensex gained 2.6% and 2.3% respectively in Feb’14. Amajority of these gains accrued during the last week post announcement of interim

budget.

Amongst the sectoral indices, capital goods (9.4%), auto (8.9%), consumer durables(7.3%) and pharma (7.2%) led the rally.At the bottom end, oil & gas (-0.3), FMCG (-0.5%), realty (-0.7%) and metal (-5.4%) indices suffered loss during Feb’14. Large,mid and small cap index generated 2.7%, 3.1% & 2.9% return respectively.

India’s manufacturing PMI recovered further at 52.5 in Feb against 51.4 in Jan’14indicating better output growth ahead. IIP degrew by 0.6% in Dec’13 against -1.3%in Nov’13 and -1.5% in Oct’13. Amongst the sectoral indices, mining (0.4%) andelectricity (7.5%) reported growth while manufacturing @ -1.7% drove IIP intonegative zone.

An important segment showing high negative growth in Dec’13 on YoY basis was‘Gems and Jewellery’ (-33.3%). The de-growth in Jewellery segment also coincidewith a significant drop in jewellery exports resulting from the curbs on imported rawmaterial i.e. Gold. Gem & jewellery segment has 1.8% weight in IIP basket andconstitutes ~14% of total export basket.

On MoM basis, IIP grew at its fastest pace over the past 9 months @ 8.9% with allsectoral indices reporting growth - Mining, manufacturing & electricity grew by7.43%, 9.49% & 6.88% respectively. This data signifies the onset of recovery inmanufacturing segment. However, the volatility in past data has created a series ofhigh & low bases - resulting into growth/degrowth onYOYbasis. Going forward, wemay again see high growth in IIPfromApr’14 onwards, as a low base affect kicks in.Meanwhile, Q3FY14 GDP growth stood 4.7% taking overall growth in FY14 @4.6%. Thus, growth in Q4 has to be above 5.7% to achieve the target of 4.9%.

On investment side, FII’s invested INR 14.0 bn in Feb’14 against 7.1 bn in Jan’14while DII’s invested INR 6.7 bn in Feb ’14 against a divestment of INR 14.6 bn inJan’14. Within DII’s - mutual funds continued to remain net sellers @ INR 25.2 bnin Feb’14 against INR 4.1 bn in Jan’14. Long term investments under FDI routestood at INR 998.1 bn in FY14 (Apr-Dec) against INR 922.4 bn in similar period ofFy13. Internationally, China, the world’s second largest economy and also the largestimporter of commodities is witnessing economic downturn. China’s manufacturingPMI continued below 50 for the 2nd consecutive month. This may create a rippleeffect on the emerging economies which export heavily to China. India is noexception and more specifically the Indian metal industry, which may face adverseimplications if the situation becomes more severe in China. Additionally, theeruption of interest in financial markets on the standoff between Russia, Ukraine &other G7 nations is another short term concern.

Positive core sector growth and escalating PMI indicate that new order flows havefirmed with the improvement in external demand and the reduction inmacroeconomic uncertainty relatively. However, the recovery process may belengthy given the lingering structural constraints. Inflation remains the biggestconstraint which may keep RBI hawkish and compel it to maintain its tight stanceahead. Going forward, markets are likely to remain volatile ahead of the generalelections. But for long term investors this is the opportunity to build an opportunisticportfolio expecting a stable government in place. One should be choosy whileselecting individual stocks based on the valuations and growth models.Alternatively, mutual funds offer the expertise of experienced fund managementteam and a diversified portfolio with minimum ticket size. Thus going by the MFroute would not only limit your downside potential but also remove the individualbias from behavioral finance perspective. We recommend a diversified portfoliowith allocation in large cap/ diversified schemes @ 50%; mid & small cap schemes@ 25%, Dividend yield schemes @ 20% & Sectoral schemes @ 5%.

Outlook:

The benchmark G-sec yield moved up further from 8.79 in Jan’13 to 8.91 in

Feb’14 following the unexpected policy rate hike by RBI to counter inflation.

Adjacently, GOI also revised GDP growth lower @ 4.9% for FY14 and US FED

Chairman Janet Yellen spoke over continuing their QE tapering program. All these

factors cumulatively led to the decline in investor sentiments and caused G-sec yields

to notch higher.

The fiscal deficit for FY14 overflew the budget target with two more months to go.

Fiscal deficit reached 101.6% of budget target between Apr-Jan’14 with total receipts

@ 69.2% of target and total expenditure @ 79.8% of budget. While the Finance

ministry has revised its fiscal target downward from 4.8% of GDP to 4.6% in FY14 -

this seem achievable only with hefty tax inflows in Q4.

WPI inflation fell further to 5.05% in Jan’14 against 6.16% in Dec’13 and 7.31% in

Jan’13. On the other hand, CPI inflation also declined to 8.79% in Jan’14 from 9.87%

in Dec’13 & 10.79% in Jan’13.

In terms of contribution to inflation, Primary articles contribution declined from

~39.3% in Dec’13 to 29.5% in Jan’14. Similarly, in CPI basket also food index

contribution declined from ~62.0% in Dec’13 to 55.8% in Jan’14. While food prices

continued to correct, core inflation notched up to its highest level since Apr’13 @

~3.0% against 2.8% in Dec’13. This led the benchmark G-Sec yield move up by ~4

bps immediately from 8.83% to 8.87%.

Liquidity in banking system eased slightly in Feb’14 as average LAF borrowings

declined. Avg daily LAF borrowings declined from INR 513.6 bn in Jan’14 to INR

446.2 bn in Feb’14. In contrast, average MSF borrowings increased from INR 48.8 bn

to INR 67.4 bn in Feb’14 as incremental credit-deposit ratio enhanced from 66.4% in

Jan’14 to 78.9% in Feb’14 leading banks to borrow more to meet their ALM

requirement.

The incremental investment-deposit ratio has increased from 26.4% in Jan’14 to

35.6% in Feb’14 indicating redeployment of banks cash into investments. This ratio

was reducing over the past 3 months as banks stalled their investment decisions

expectating a rate cut. However, post RBI’s change of stance, this money is flowing

back into high interest bearing short term investments.

Debt market investments, which went negative since July’13 (RBI raised policy rates

and import duty on gold) have become positive over the past 3 months. FII’s invested

INR 113.4 bn in Feb’14 against INR 126.1 bn in Jan’14. Amongst DII, Mutual funds

invested INR 437.4 bn against INR 454.2 bn in Jan’14. Overall, FII & QFI utilization

status in Govt debt stood at 54.8% in Feb’14 against 47.5% in Jan’14.All these suggest

higher institutional participation in debt segment.

The current investment scenario remains indecisive with changing macro dynamics.

The inflation & fiscal deficit targets seem optimistic and are the key drivers of India’s

interest rate regime and sovereign credit rating. While interest rates are likely to

remain elevated for the coming 2/3 quarters depending on the inflation trajectory,

limiting the fiscal deficit to 4.6% of GDP would require handsome advance tax

inflows in Q4.

With the current policy guidance, we continue with our recommendation of 65:35 in

short: long term debt funds. FMP’s could also be good investment option for the short

term horizon. Also a new category of credit opportunities funds have evolved, which

invest in lower rated papers (AA-) and enjoy higher yields on interest spreads. Within

the long tenure segment, Tax free bonds are the most lucrative options to reap high

interest income as well as potential capital gains.

Investment Strategy:

02-D

ec

09-D

ec

16-D

ec

23-D

ec

30-D

ec

06-J

an

13-J

an

20-J

an

27-J

an

03-F

eb

10-F

eb

17-F

eb

24-F

eb

NS

EG

Sec

Co

mp

osit

eIn

dex

NS

ETre

asu

ryB

illIn

dex

360

358

356

354

352

350

348

360

355

350

345

340

335

330

NSE G Sec Composite IndexNSE Treasury Bill Index

March 10, 2014

Returns Nifty Dow FTSE 100Hang

SengKospi Nasdaq Nikkei

S&P BSE

Sensex

TTM 10.26% 16.13% 7.06% -0.80% -2.29% 35.07% 28.39% 11.97%

Feb’14 2.56% 3.70% 4.06% 3.14% 2.00% 5.36% -3.53% 2.29%

02-D

ec

16-D

ec

30-D

ec

13-J

an

27-J

an

10-F

eb

24-F

eb

This Month in Equity :

BS

ES

en

sex

S&

PC

NX

Nif

ty

21600

21400

21200

21000

20800

20600

20400

20200

20000

6400

6350

6300

6250

6200

6150

6100

6050

6000

SENSEXS&P CNX Nifty

6

Mutual Fund Performance Update

Equity: Large Cap

Equity: Large & Mid Cap

Equity: Multi Cap

as on31/12/2013

IT OIL AUTO Fin. Pharma Others FICA AUM Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y


Franklin India Bluechip 13.13 19.87 3.34 23.02 10.09 27.78 2.77 4958.00 1.48 14.91 6.60 6.49

ICICI Pru Focused Bluechip Equity Reg 17.17 13.49 9.54 24.29 6.87 24.58 4.06 4705.00 2.53 14.66 10.49 5.35

JP Morgan India Equity 20.88 7.62 8.81 24.29 8.62 25.51 4.27 194.00 3.53 15.76 10.10 6.17

Pramerica Large Cap Equity 22.08 10.21 1.38 22.60 11.94 23.49 8.30 45.00 3.36 13.09 10.34 3.36

Reliance Quant Plus Retail 22.75 12.77 10.09 25.37 6.79 20.36 1.87 43.00 6.45 21.13 9.96 7.64

Religare Invesco AGILE 38.60 0.00 16.53 8.14 27.29 9.10 0.34 37.00 6.68 16.11 13.23 7.82

SBI Magnum Equity 19.86 14.20 11.04 23.11 7.66 18.36 5.77 1053.00 3.25 14.89 7.70 7.60

Tata Index Sensex B 19.80 15.52 10.19 24.56 5.74 23.58 0.61 6.00 2.74 13.43 12.37 6.85

UTI Mastershare 19.40 12.17 4.67 17.23 10.04 32.62 3.87 2242.00 2.87 15.68 9.47 6.53

Birla Sun Life Frontline Equity 16.66 10.60 8.67 19.93 7.97 33.27 2.90 3586.00 3.44 17.57 12.70 9.45

Birla Sun Life Top 100 17.44 10.13 8.84 19.19 8.92 33.01 2.47 328.00 4.16 19.45 14.79 10.32

DSPBR Opportunities 16.94 12.22 7.80 18.34 11.32 28.50 4.88 490.00 3.00 15.87 11.34 6.01

Franklin India Opportunities 14.99 7.95 3.52 23.91 9.82 34.39 5.42 267.00 2.25 19.50 10.19 4.99

HDFC Growth 16.53 16.40 3.50 21.85 8.03 31.46 2.23 1019.00 2.36 16.03 2.69 4.17

HDFC Equity 15.98 18.69 8.24 23.64 5.59 26.83 1.03 10249.00 5.39 25.57 11.07 5.79

HSBC India Opportunities 16.64 8.74 9.74 21.35 8.28 33.40 1.85 172.00 8.36 26.30 18.59 8.64

ICICI Prudential Dynamic Reg 13.04 19.44 2.49 14.82 6.22 28.87 15.12 3573.00 4.32 20.26 18.93 9.85

IDFC Classic Equity Plan B 25.42 7.37 5.18 20.62 10.46 29.61 1.34 158.00 3.12 13.95 6.58 6.00

Kotak Equity FoF 3.84 1.60 2.91 5.39 1.23 84.07 0.96 22.00 4.05 18.56 11.13 6.02

L&T Equity 17.38 8.94 9.05 23.13 6.78 30.65 4.07 2010.00 4.08 16.25 10.69 5.79

L&T Indo Asia 16.87 7.27 4.74 47.63 4.92 17.80 0.77 256.00 2.53 8.38 9.44 7.14

Mirae Asset India Opportunities Regular 14.99 9.63 6.52 22.08 12.85 32.10 1.83 309.00 6.25 22.15 16.36 10.50

Morgan Stanley Growth Reg 11.96 5.10 8.10 18.46 11.55 44.04 0.79 1236.00 3.30 15.30 7.61 5.96

Principal Large Cap 20.88 7.85 12.07 22.99 5.67 26.98 3.56 297.00 6.33 19.27 12.55 6.57

Quantum Long Term Equity 8.85 16.57 13.41 13.78 0.00 31.68 15.71 201.00 4.20 20.16 12.56 9.41

Religare Invesco Equity 14.02 5.23 4.25 14.54 10.05 24.99 26.92 23.00 0.58 14.80 15.00 9.63

Reliance NRI Equity 17.31 8.94 8.32 20.72 11.12 27.70 5.89 81.00 2.25 15.21 8.12 7.22

Reliance Focused Large Cap 18.34 7.62 9.33 17.29 14.92 28.30 4.20 966.00 4.70 21.50 14.74 8.06

SBI Magnum MultiCap 15.96 10.93 8.29 21.00 8.85 29.14 5.83 341.00 3.53 18.96 9.23 6.07

Tata Equity Opportunities Plan A 17.75 11.14 10.41 17.50 9.79 26.89 6.52 440.00 4.02 14.71 13.05 9.42

Tata Retirement Savings Progressive A 18.11 13.41 9.06 16.61 7.71 24.33 10.77 39.00 2.03 12.91 5.86 --

UTI Contra 14.67 11.70 6.15 19.13 5.11 39.86 3.38 124.00 -0.09 15.88 4.08 1.45

UTI Dividend Yield 19.76 14.90 5.55 18.64 4.24 32.20 4.71 2976.00 3.06 15.40 4.57 4.24

UTI Opportunities 21.23 8.75 10.90 16.58 5.65 33.13 3.76 3565.00 4.43 16.25 12.49 10.48

Birla Sun Life Asset Allocation Aggressive 19.93 0.00 0.00 0.00 0.00 59.75 20.32 8.00 3.82 16.77 8.83 4.81

BNP Paribas Dividend Yield 13.07 10.79 5.88 18.50 6.98 28.95 15.83 35.00 0.95 10.68 6.44 9.70

DSPBR Equity 21.12 7.72 8.18 16.99 7.56 37.08 1.35 1825.00 3.34 19.39 7.04 4.82

HDFC Core & Satellite 25.66 10.78 6.61 8.23 6.82 36.41 5.49 230.00 0.47 22.94 3.19 0.32

ICICI Pru Nifty Junior Index 9.90 6.64 3.42 17.53 9.86 47.74 4.91 5.00 0.73 17.14 7.53 5.26

IDBI Nifty Junior Index 10.13 6.67 3.58 17.66 10.11 51.63 0.22 28.00 0.69 16.72 6.93 5.18

L&T India Value 19.12 12.75 4.76 17.22 3.30 37.96 4.89 44.00 4.33 17.74 9.87 7.46

L&T India Special Situations 16.59 9.04 5.53 20.19 4.56 41.41 2.68 566.00 4.35 18.26 9.95 8.97

PineBridge India Equity Standard 17.17 2.03 17.73 16.85 5.91 38.62 1.69 134.00 5.27 17.09 13.45 8.30

Principal Dividend Yield 13.96 14.58 16.11 20.90 2.45 31.56 0.44 94.00 2.83 17.49 1.53 4.18

Principal Growth 12.43 8.16 16.09 19.13 7.91 31.20 5.08 242.00 4.60 20.22 6.07 3.91

Reliance Growth 18.57 2.51 2.49 15.31 13.79 43.16 4.17 4205.00 2.95 18.12 5.77 3.92

Reliance Regular Savings Equity 16.81 0.82 12.26 13.14 16.83 38.80 1.34 2212.00 4.54 20.74 5.62 4.81

Tata Ethical Plan A 24.91 17.97 6.29 0.00 16.22 26.90 7.71 115.00 6.95 16.17 19.52 12.36

Tata Equity PE Plan A 20.98 6.60 5.47 24.10 4.58 33.29 4.98 386.00 7.60 23.61 9.43 5.06

Taurus Ethical 29.83 6.70 8.61 2.17 9.22 40.59 2.88 19.00 7.81 19.98 22.80 7.58

Templeton India Eqt Income 4.37 17.05 1.09 33.77 1.47 40.38 1.87 911.00 1.60 12.55 7.09 6.39

So

urc

e:-

ww

w.m

utu

alfu

nd

sin

dia

.co

m

March 10, 2014

Return(%)

IT OIL Auto Fin. Pharma Others FICA AUM Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

7


Equity: Mid & Small Cap

Hybrid: Asset Allocation

as on31/12/2013

Equity: Infrastructure


Equity: Tax Planning

Axis Midcap 8.63 5.74 5.22 21.96 8.18 39.85 10.42 248.00 4.59 26.50 10.79 12.32

BNP Paribas Midcap 6.72 1.01 5.30 17.29 8.87 50.96 9.85 49.00 3.15 20.12 14.24 16.07

Canara Robeco Emerging Equities Reg 5.71 2.66 8.95 17.32 9.36 54.09 1.91 38.00 9.86 31.76 14.52 11.47

Franklin India Prima 7.29 3.17 3.52 18.17 8.45 52.46 6.94 867.00 5.55 25.56 16.54 13.16

Franklin India Smaller Companies 3.97 3.98 1.12 14.27 6.15 58.40 12.11 321.00 7.33 32.29 22.38 14.29

HDFC Mid-Cap Opportunities 11.48 2.41 3.46 13.86 17.07 47.42 4.30 2803.00 9.60 32.66 20.94 14.87

IDFC Premier Equity 2.50 7.17 5.38 5.55 0.00 69.29 10.11 3448.00 7.88 26.57 15.53 13.50

IDFC Sterling Equity Reg 4.91 9.92 2.75 12.42 11.23 51.10 7.67 1304.00 1.97 17.72 5.77 9.12

JP Morgan India Smaller Companies 9.23 0.53 11.83 17.32 14.97 40.12 6.00 114.00 7.31 25.78 14.13 11.34

Mirae Asset Emerging Bluechip Reg 7.70 7.76 4.88 17.37 18.74 39.00 4.55 157.00 12.23 34.04 22.91 16.75

Principal Emerging Bluechip 10.26 4.34 10.21 14.38 14.98 44.71 1.12 234.00 9.17 28.46 15.50 10.65

Reliance Long Term Equity 7.27 2.91 4.13 14.28 13.59 56.61 1.21 754.00 5.79 24.37 14.51 7.28

Reliance Small Cap 13.80 1.87 9.00 6.59 10.78 44.17 13.79 310.00 8.97 40.97 25.49 10.09

SBI Magnum Midcap 8.42 1.13 12.31 10.22 17.59 39.42 10.91 185.00 13.95 42.39 29.60 16.59

Sundaram Select Midcap Reg 7.06 0.52 9.04 16.72 12.61 53.47 0.58 1664.00 6.13 24.16 12.88 8.81

Sundaram S.M.I.L.E. Reg 4.48 0.89 9.50 14.40 12.09 58.64 0.00 275.00 2.67 22.74 4.97 2.08

Birla Sun Life Tax Plan 15.48 5.37 11.73 23.48 11.70 31.05 1.19 116.00 4.54 20.29 15.12 8.27

Birla Sun Life Tax Relief 96 15.65 5.44 11.87 23.70 11.83 31.36 0.15 1401.00 4.79 20.67 15.74 7.10

BNP Paribas Tax Advantage Plan 13.75 9.19 6.47 19.65 7.26 33.75 9.93 145.00 3.34 14.08 10.89 12.45

BOI AXA Tax Advantage Eco 19.78 7.77 9.65 22.73 11.71 25.40 2.96 30.00 4.41 18.39 16.28 7.50

BOI AXA Tax Advantage Reg 19.78 7.77 9.65 22.73 11.71 25.40 2.96 30.00 4.23 18.07 15.62 7.07

Canara Robeco Equity Tax Saver Reg 16.53 6.65 11.41 21.12 7.97 33.09 3.23 606.00 3.24 15.75 8.75 8.71

DSPBR Tax Saver 16.48 10.65 9.10 17.60 8.84 34.63 2.70 726.00 4.09 18.51 12.35 8.55

Franklin India Taxshield 13.00 12.49 5.18 24.58 13.77 26.88 4.10 967.00 4.19 18.22 11.56 9.63

HDFC LT Advantage 17.52 9.30 11.27 18.07 5.65 33.40 4.79 836.00 5.81 22.83 15.02 9.17

HDFC Taxsaver 18.91 9.36 10.04 18.03 7.31 31.06 5.29 3424.00 2.56 22.70 10.98 5.92

HSBC Tax Saver Equity 11.88 3.56 10.54 24.57 9.90 37.44 2.11 168.00 7.40 24.67 13.67 9.69

ICICI Prudential Tax Plan Reg 11.90 15.58 1.75 16.06 13.74 33.93 7.04 1511.00 3.85 21.48 15.83 9.85

IDFC Tax Advantage (ELSS) Reg 13.08 3.44 8.01 16.53 13.71 37.12 8.11 162.00 3.99 21.77 14.65 10.16

L&T Tax Adv 16.63 10.06 8.06 21.43 7.48 31.11 5.23 1113.00 3.56 16.16 11.39 6.26

Principal Personal Tax Saver 21.01 7.93 12.12 23.26 5.70 27.31 2.67 339.00 6.38 19.34 12.89 5.99

Reliance Tax Saver 0.00 8.93 19.73 9.98 8.04 51.71 1.61 1864.00 7.81 29.59 13.86 9.92

Religare Invesco Tax Plan 17.83 7.48 3.37 20.18 9.25 36.70 5.19 139.00 4.86 21.69 13.57 9.60

SBI Magnum Taxgain 20.32 11.13 7.50 18.88 9.79 29.00 3.38 4075.00 6.59 22.71 15.23 9.52

Sundaram Taxsaver 18.71 12.48 5.93 23.01 7.74 30.62 1.51 1167.00 2.95 15.49 4.28 5.61

Tata Tax Saving 18.42 12.49 9.69 17.81 11.13 21.86 8.60 126.00 4.66 14.90 11.26 8.26

Taurus Tax Shield 17.21 18.16 7.96 21.87 7.73 25.99 1.08 87.00 1.67 18.19 4.84 4.60

UTI Equity Tax Savings 21.26 8.78 4.42 17.92 9.94 32.92 4.76 427.00 3.53 15.40 10.26 6.11

HDFC Infrastructure 0.00 17.95 5.14 29.69 4.95 38.63 3.64 434.00 1.71 32.38 -3.75 -4.69

ICICI Prudential Infrastructure Reg 0.00 18.26 0.00 21.23 0.00 54.20 6.31 1250.00 -0.38 19.59 0.53 -2.15

Tata Infrastructure Plan A 0.00 22.10 0.00 23.50 0.00 51.69 2.71 662.00 1.70 18.75 -3.19 -4.95

UTI Infrastructure 0.00 20.82 2.50 20.02 0.00 54.14 2.52 1277.00 1.47 22.73 -2.75 -4.01

ING OptiMix Asset Allocator MMFoF 0.00 0.00 0.00 0.00 0.00 61.72 38.28 3.00 3.58 13.43 4.78 -2.06

FT India Dynamic PE Ratio FoF 8.45 12.79 2.15 14.82 7.02 19.02 35.75 992.00 1.45 11.04 5.65 7.07

Pramerica Dynamic Asset Allocation 14.25 6.86 1.25 12.83 5.17 13.90 45.74 50.00 2.56 9.28 5.66 4.18

Principal Smart Equity 17.13 6.44 9.92 18.86 4.79 21.97 20.89 57.00 6.12 18.83 13.57 9.51

Sourc

e:-

ww

w.m

utu

alfu

ndsi

ndia

.com

March 10, 2014

Return(%)

Compound Annualized

8


Hybrid: Equity-oriented

Debt: Income

Hybrid: Arbitrage

as on31/12/2013

Return(%)

Return(%)as on31/12/2013

IT OIL Auto Fin. Pharma Others FICA AUM

& Gas (Cr.) 3M 6M 1Y 3Y

Absolute Compound Annualized

AAA P1+ Sov. AA & Others Cash AUM Avg. Exp. Simple Annualized CA*

Below (Cr.) Maturity 7D 1M 3M 6M 1Y


Birla Sun Life 95 11.88 8.62 7.29 18.05 5.66 23.12 25.38 620.00 4.33 15.16 9.71 7.89

Canara Robeco Balance Reg 11.46 5.40 5.82 17.17 5.25 28.24 26.66 194.00 3.19 14.25 7.96 8.77

DSPBR Balanced 16.01 5.59 5.47 12.42 5.48 25.89 29.14 513.00 2.76 14.02 4.53 4.73

HDFC Balanced 14.16 1.74 5.23 10.40 11.55 27.47 29.45 1157.00 6.94 22.35 15.63 11.12

HDFC Prudence 10.02 10.05 5.42 15.49 4.74 28.96 25.32 5201.00 4.32 22.25 9.08 7.36

ICICI Prudential Balanced Reg 9.99 5.98 10.58 11.48 9.37 20.08 32.52 588.00 5.09 17.73 13.98 12.74

Reliance Regular Savings Balanced 12.04 3.21 10.43 13.48 8.19 27.52 25.13 550.00 4.99 18.90 8.74 8.53

SBI Magnum Balanced 4.37 4.73 7.79 13.43 0.00 33.46 36.22 421.00 2.51 16.43 12.66 9.13

Sundaram Balanced Reg 13.79 10.78 2.84 13.55 5.17 18.71 35.16 36.00 0.99 9.68 6.05 3.34

Tata Balanced Plan A 16.03 4.47 7.79 14.64 6.97 24.62 25.48 603.00 5.03 15.50 11.83 11.03

UTI Balanced 13.85 8.95 6.29 11.88 5.94 26.72 26.37 924.00 3.46 15.33 9.65 6.74

Birla Sun Life Enhanced Arbitrage 5.41 0.00 0.00 -3.03 0.00 -2.74 100.36 120.00 1.49 3.27 8.95 7.93

HDFC Arbitrage Retail 5.48 13.13 0.00 19.82 8.86 19.74 32.97 29.00 2.24 4.65 8.37 8.25

ICICI Prudential Blended Plan A Reg 4.23 9.28 4.40 17.25 12.90 18.26 33.68 292.00 2.34 4.80 9.38 9.22

ICICI Pru Equity Arbitrage Reg 1.08 8.76 5.43 12.64 12.99 26.26 32.84 239.00 2.29 4.81 9.52 9.14

IDFC Arbitrage Regular -0.05 -0.07 -0.02 -0.08 -0.07 -0.13 100.42 664.00 2.31 4.94 9.40 8.93

IDFC Arbitrage Plus Plan B -0.03 -0.03 -0.02 -0.09 -0.06 -0.14 100.37 9.00 1.98 4.37 8.63 8.23

JM Arbitrage Advantage 4.90 5.67 2.63 13.89 12.34 25.92 34.65 61.00 2.32 4.84 9.18 8.92

Kotak Equity Arbitrage 10.27 3.45 3.74 13.62 11.91 -43.48 100.49 484.00 2.43 5.08 9.26 8.93

Reliance Arbitrage Advantage 14.89 13.48 1.97 10.85 8.06 11.86 38.89 445.00 2.07 4.09 9.37 9.39

Religare Invesco Arbitrage -0.08 -0.08 -0.01 -0.07 -0.05 -0.16 100.45 73.00 1.85 4.25 7.91 8.27

SBI Arbitrage Opportunities 8.06 8.65 2.60 12.36 7.50 27.14 33.69 109.00 2.30 4.60 9.16 8.98

UTI SPrEAD -0.08 -0.08 -0.01 -0.07 -0.05 -0.16 100.45 21.00 2.18 4.40 7.88 8.35

Birla Sun Life Dynamic Bond Ret 27.80 10.55 26.91 26.71 0.00 8.03 12930.00 0.00 1.08 23.23 4.00 7.90 9.11 6.40

Birla Sun Life Income Plus 10.58 0.00 77.68 8.60 0.00 3.14 5854.00 0.00 1.79 31.67 -6.11 6.75 3.03 0.44

BNP Paribas Flexi Debt Reg Plan A 4.58 5.82 48.65 6.18 0.00 34.77 492.00 4.55 2.25 18.54 0.82 8.92 5.64 6.43

DSPBR Bond Ret 25.81 0.00 18.98 13.89 0.00 41.32 308.00 5.34 2.09 18.74 0.04 7.29 3.95 2.06

DWS Premier Bond Reg 87.61 2.12 0.00 0.00 0.00 10.27 1011.00 3.38 0.97 17.61 3.13 6.80 8.91 5.17

HDFC High Interest Dynamic 21.34 0.00 70.54 0.83 0.00 7.29 1037.00 9.61 1.59 37.00 -2.44 7.65 5.23 4.01

HDFC Income 29.45 0.00 54.56 11.73 0.00 4.26 4368.00 11.80 1.89 35.97 -3.41 7.22 5.00 0.77

HSBC Income Investment 38.92 0.00 51.73 0.00 0.00 9.35 103.00 7.26 1.96 27.88 -2.09 7.36 4.30 1.65

ICICI Prudential Income Opp Reg 90.64 1.56 0.00 0.00 0.00 7.80 4880.00 7.34 0.98 47.27 -5.16 7.75 3.48 -0.49

IDFC SSI Inv Regular 14.15 0.00 54.79 4.20 0.00 26.86 3112.00 4.92 1.80 16.62 1.23 10.05 3.10 3.24

IDFC SSI Medium-term Reg 51.86 8.60 14.73 18.04 0.00 6.77 3095.00 2.25 1.54 14.59 4.66 7.62 7.42 5.40

ING Income 26.95 0.00 51.32 6.67 0.00 15.06 15.00 7.49 2.09 25.87 -1.63 9.68 6.67 1.99

Kotak Bond Deposit 5.10 0.00 67.66 22.79 0.00 4.45 6045.00 9.05 1.91 32.91 -1.69 6.73 3.90 0.82

Kotak Bond Plan A 5.10 0.00 67.66 22.79 0.26 4.19 6045.00 9.05 1.74 32.73 -1.62 6.85 3.94 0.79

LIC Nomura MF Bond 53.80 6.74 10.59 20.29 0.00 8.58 154.00 4.12 2.09 18.41 2.31 6.51 7.70 3.62

Morgan Stanley Active Bond Reg 31.48 21.81 40.69 1.03 1.16 3.83 547.00 5.51 1.80 25.17 -2.68 6.19 3.26 5.59

Pramerica Dynamic Bond 13.40 35.20 34.59 0.00 0.00 16.81 65.00 2.42 1.93 16.99 1.39 5.64 2.33 2.31

Principal Income Long Term 24.94 0.00 56.77 0.00 0.00 18.29 143.00 5.73 1.75 25.73 -0.77 7.18 4.39 2.89

Reliance Income 19.50 2.94 58.71 1.35 0.00 17.50 5212.00 7.15 1.81 22.91 -3.91 6.85 3.87 1.12

Reliance Regular Savings Debt 11.33 5.53 0.00 65.08 3.74 14.32 3734.00 1.85 1.82 14.33 7.02 7.99 9.30 7.89

SBI Magnum Income 36.58 13.31 36.11 7.02 0.00 6.98 5462.00 4.67 1.83 19.37 0.58 5.76 2.65 2.11

Sundaram Bond Saver Reg 25.30 0.00 61.17 7.74 0.00 5.79 452.00 8.96 2.23 28.72 -4.56 7.29 4.77 2.62

Tata Income Plan A 29.68 6.94 51.92 2.76 0.00 8.70 1101.00 4.40 1.15 21.44 1.05 6.49 6.90 5.78

Tata Income Plus Plan A 9.63 0.00 31.26 41.74 0.00 17.37 187.00 4.48 0.00 18.87 1.08 6.74 7.47 5.45

Templeton India Income Opportunities 4.52 10.55 0.00 77.82 0.00 7.11 3797.00 2.10 1.65 16.01 6.87 8.46 11.14 8.58

UTI Bond 15.20 0.00 48.98 15.07 0.00 20.75 3205.00 8.04 1.88 24.08 -3.42 6.66 2.60 1.99

Sourc

e:-

ww

w.m

utu

alfu

ndsi

ndia

.com

March 10, 2014



9

Hybrid: Debt-oriented Conservativeas on

31/12/2013Return(%)

Return(%)

Return(%)

Debt: Short-termas on

31/12/2013

AAA P1+ Sov. AA & Others Cash Equity Equiry AUM Avg. Exp. Simple Annualized CA*

Below Range (Cr.) Maturity 1M 3M 6M 1Y


Hybrid: Debt-oriented Aggressiveas on

31/12/2013

IT OIL Auto Fin. Pharma Others FICA AUM Simple Annualized CA*

& Gas (Cr.) 3M 6M 1Y 3Y

Birla Sun Life MIP II Savings 5 27.29 8.53 47.35 4.18 0.00 3.32 9.33 0.00-9.80 257.00 0.00 1.18 8.00 9.72 11.27 6.13

Birla Sun Life MIP 15.02 4.39 23.27 38.40 0.00 3.86 15.06 0.00-16.03 124.00 0.00 2.38 11.54 8.51 11.49 5.19

DWS Income Advantage Reg 41.91 0.00 7.29 38.47 0.00 11.74 0.59 1.25-9.22 42.00 0.00 2.57 20.04 4.20 7.37 5.68

DWS Twin Advantage 10.67 0.00 0.00 52.27 0.00 18.57 18.49 9.96-19.84 4.00 1.07 2.57 14.66 7.09 10.02 6.16

FT India Life Stage FoF 50s Plus 0.00 0.00 0.00 0.00 0.00 80.62 19.38 0.00-26.56 10.00 0.00 1.66 24.85 7.18 11.26 4.70

HDFC Childrens Gift-Sav 34.48 0.00 17.01 0.00 0.00 29.67 18.84 0.00-19.88 73.00 2.57 2.71 24.22 12.37 16.54 7.03

HDFC MIP Short-term 41.62 10.42 0.00 20.36 0.00 5.19 22.41 14.41-23.78 197.00 5.71 2.81 25.12 6.17 15.65 6.35

HSBC MIP Regular 32.86 6.04 38.94 1.50 0.00 5.59 15.07 11.90-15.12 146.00 15.07 2.57 19.76 9.62 10.74 4.76

HSBC MIP Savings 24.16 3.72 38.20 1.39 0.00 7.43 25.10 0.00-25.30 246.00 6.59 2.49 34.22 11.37 13.94 5.90

ICICI Prudential ChildCare-Study Reg 26.75 0.00 43.63 0.00 0.00 6.02 23.60 0.00-25.22 37.00 6.93 1.49 27.96 17.01 24.13 13.55

ICICI Pru MIP Reg 12.52 0.00 31.63 38.19 0.00 2.89 14.77 0.00-15.17 417.00 5.85 2.58 10.82 9.19 11.61 5.63

Kotak MIP 9.57 0.00 21.32 45.57 0.00 3.59 19.95 0.00-19.96 153.00 4.11 2.58 25.03 9.22 15.32 4.99

L&T MIP 52.81 0.00 5.23 20.28 0.00 5.96 15.72 0.00-18.50 57.00 2.75 2.25 16.94 7.80 5.99 2.57

LIC Nomura MF MIP 15.85 67.41 0.00 0.00 0.00 1.13 15.61 11.06-18.57 72.00 0.49 2.17 20.00 7.94 9.87 8.62

Peerless Income Plus 21.15 1.21 0.00 54.13 0.00 6.39 17.12 0.00-18.06 81.00 2.55 2.93 18.25 4.71 8.80 7.80

Principal Debt Savings 16.76 15.60 29.10 13.03 0.00 17.32 8.19 2.04-12.20 31.00 0.00 2.25 7.14 8.13 9.85 6.02

Reliance MIP 15.06 0.00 35.05 25.48 0.00 4.51 19.90 0.00-20.17 2861.00 6.95 2.08 19.41 10.72 12.20 4.67

SBI Magnum MIP 32.92 6.09 18.95 19.36 0.00 8.15 14.53 0.00-24.34 346.00 3.89 2.54 13.64 6.30 8.25 3.98

SBI Magnum MIP Floater 0.00 71.32 0.00 0.00 0.00 15.88 12.80 0.00-15.69 8.00 0.40 2.52 3.80 6.35 9.63 8.14

Sundaram MIP Moderate 19.02 19.66 0.00 41.35 0.00 19.89 0.08 3.45-20.02 181.00 0.00 2.00 6.55 6.38 8.36 6.75

Tata MIP Plus Plan A 28.52 0.51 36.15 0.81 0.00 14.74 19.27 0.00-20.12 127.00 4.35 2.22 20.78 7.45 9.34 5.47

UTI Monthly Income Scheme 32.22 0.00 13.14 25.90 0.00 14.75 13.99 0.00-15.34 285.00 5.00 2.19 12.44 7.42 11.06 6.03

Birla Sun Life Asset Allocation Moderate 16.93 0.00 0.00 0.00 0.00 41.09 41.98 4.00 13.38 23.67 6.63 5.85

FT India Life Stage FoF 30s 6.36 8.48 2.27 14.21 5.25 18.44 44.99 7.00 8.92 19.79 6.41 7.48

ICICI Prudential Advisor-Moderate Reg 3.81 3.14 1.80 5.18 1.28 37.20 47.59 5.00 13.35 21.65 5.99 7.80

Sundaram MIP Aggressive 2.81 0.00 4.86 5.57 2.45 10.09 74.22 22.00 12.12 12.59 1.72 5.55

Tata Young Citizens Plan A 12.00 5.42 3.50 10.12 3.78 15.44 49.74 175.00 10.03 14.02 6.30 8.30

UTI Retirement Benefit Pension 6.84 3.88 4.09 7.57 2.52 13.51 61.59 997.00 8.56 15.46 6.22 6.79

Axis Short Term Retail 50.70 8.13 7.20 14.13 0.00 19.84 790.00 1.12 1.17 17.81 6.61 7.68 9.97 7.32

Canara Robeco Short Term Regular 36.32 59.60 0.00 2.08 0.00 2.00 337.00 1.70 0.93 17.80 6.26 7.68 8.57 7.80

DSPBR Short-term 23.75 56.15 0.00 17.72 0.00 2.38 715.00 1.17 1.01 17.79 7.57 7.85 10.19 7.92

DWS Short Maturity Premium Plus 16.50 33.88 4.37 20.30 0.00 24.95 25251.00 3.08 0.75 15.35 5.01 7.36 9.47 7.82

HDFC Short term 36.57 18.32 1.06 28.11 4.00 11.94 2088.00 1.44 1.54 18.60 7.86 8.64 10.63 7.43

HSBC Income Short-term 47.98 29.95 0.00 13.25 0.00 8.82 1047.00 1.47 1.30 15.25 6.29 7.58 9.45 7.17

ICICI Pru Short-term Reg 21.97 0.00 23.92 46.09 0.00 8.02 3904.00 2.92 1.00 19.80 3.35 7.19 9.44 6.74

IDFC SSI Short Term Plan D 76.06 1.77 0.00 16.94 0.00 5.23 2776.00 1.37 0.32 16.04 6.95 7.38 9.95 7.75

Kotak Bond Short-term 44.54 22.04 1.72 19.01 0.00 12.69 1935.00 1.93 1.13 20.31 6.53 7.61 9.43 6.95

Kotak Income Opportunities 13.90 27.09 0.00 47.36 6.49 5.16 679.00 2.25 2.33 14.58 5.81 7.79 10.11 7.35

Pramerica Credit Opportunities 3.95 17.59 0.90 74.13 0.00 3.43 254.00 2.26 2.09 14.39 4.86 9.00 10.24 7.27

Reliance Short-term 48.14 8.97 0.00 34.15 0.00 8.74 4091.00 2.04 0.78 17.67 6.48 7.90 9.59 7.46

SBI Short Horizon Debt Short Term Ret 60.07 18.99 1.94 12.18 0.00 6.82 3858.00 1.83 0.71 14.66 6.42 7.14 8.70 7.42

Templeton India Short-term Income Ret 2.16 15.67 0.00 75.13 0.00 7.04 7393.00 1.75 1.52 15.71 7.23 8.47 11.10 8.89

UTI Short-term Income Regular 32.30 17.82 4.02 25.15 0.00 20.71 2731.00 1.80 0.99 12.05 6.04 7.66 9.74 8.11

So

urc

e:-

ww

w.m

utu

alfu

nd

sin

dia

.co

m

March 10, 2014




10


Debt: Ultra Short-term

Debt: Liquid

as on31/12/2013

Return %




Axis Treasury Advantage Ret 2.20 93.17 0.21 0.00 0.00 4.42 1377.00 0.11 0.62 11.21 7.53 7.69 9.05 8.44

Baroda Pioneer Treasury Advantage Reg 2.35 82.39 0.00 4.15 0.00 11.11 406.00 0.14 0.43 13.56 8.64 8.88 10.24 9.16

Birla SL Cash Manager 14.87 51.60 0.00 18.15 0.00 15.38 2947.00 0.00 0.87 13.89 8.67 8.45 9.64 8.89

Birla Sun Life Ultra Short-term 54.11 7.72 0.00 17.12 0.00 21.05 382.00 0.00 0.42 12.70 8.88 8.70 9.94 9.35

Birla Sun Life Savings Ret 13.01 27.61 0.04 17.71 0.00 41.63 4408.00 0.00 0.52 12.70 8.88 8.70 9.94 9.35

BNP Paribas Money Plus Reg 22.30 45.28 8.06 11.25 0.00 13.11 298.00 0.44 0.62 7.76 7.48 7.71 9.02 8.38

DSPBR Money Manager Reg 8.14 65.72 6.20 6.50 0.00 13.44 1895.00 0.23 0.90 12.35 8.35 8.11 9.70 9.25

DWS Treasury Investment Reg 0.00 87.20 0.00 0.00 0.00 12.80 780.00 0.09 0.48 13.69 8.83 8.68 10.20 8.65

ICICI Prudential Flexible Income Reg 24.85 30.87 8.17 17.34 0.00 18.77 9093.00 0.36 0.40 13.14 7.96 7.88 8.97 8.71

ICICI Prudential Savings Reg 18.97 42.59 4.68 8.56 0.00 25.20 837.00 0.26 0.80 11.75 7.74 7.83 8.83 8.53

ICICI Pru Ultra Short Term Reg 34.17 29.36 2.07 0.00 4.16 30.24 1309.00 0.20 0.46 13.37 8.60 8.22 9.53 8.44

IDBI Ultra Short Term 0.00 74.64 7.50 0.00 0.00 17.86 300.00 0.11 0.65 9.99 8.30 8.68 9.66 9.15

IDFC Money Manager Investment A 0.00 100.20 0.00 0.00 0.00 -0.20 1780.00 0.12 0.53 12.50 8.78 8.72 10.46 8.71

Indiabulls Ultra Short Term 0.00 100.71 0.00 0.00 0.00 -0.71 49.00 0.23 0.58 11.76 8.02 7.95 9.17 8.64

JP Morgan India Treasury Retail 2.68 65.40 0.00 12.82 0.00 19.10 3218.00 0.62 1.08 14.59 8.19 8.20 9.91 8.34

Kotak Flexi Debt Regular 0.00 24.25 20.03 47.99 0.00 7.73 952.00 0.75 0.98 15.18 7.59 7.96 9.63 8.69

Kotak Floater LT 1.24 59.19 11.26 19.52 0.00 8.79 2376.00 0.31 0.60 14.60 8.98 8.63 10.08 9.02

L&T Floating Rate 16.75 49.99 0.00 4.09 0.00 29.17 333.00 0.23 0.40 13.06 8.35 8.06 8.62 8.94

L&T Ultra Short Term 2.82 62.78 12.24 2.47 0.00 19.69 531.00 0.21 0.24 18.33 8.41 7.99 9.17 8.72

Escorts Short Term Debt 0.00 37.45 0.00 40.91 0.00 21.64 8.00 0.98 1.00 9.78 11.98 8.90 9.96 9.36

Religare Invesco Credit Opportunities 0.00 95.93 0.00 3.41 0.00 0.66 871.00 0.09 0.71 14.86 7.68 8.37 10.55 7.96

Pramerica Short Term Floating Rate 10.96 84.77 0.00 0.00 0.00 4.27 50.00 0.19 0.24 9.39 9.29 9.01 9.59 9.15

Reliance Medium Term 20.44 63.15 0.00 9.82 0.00 6.59 1943.00 0.49 0.54 17.52 8.40 8.11 10.07 8.60

Reliance Money Manager Retail 6.32 59.43 7.25 4.68 1.22 21.10 7142.00 0.19 0.54 11.02 8.27 8.30 9.52 9.03

Sundaram Ultra ST Ret 4.11 84.74 0.00 2.67 0.00 8.48 869.00 0.26 0.58 10.83 7.35 7.41 8.65 8.44

Tata Floater Plan A 2.48 69.26 16.49 6.68 0.00 5.09 2012.00 0.23 0.25 10.23 8.53 8.74 9.96 9.42

Taurus Ultra Short Term Bond Retail 0.00 94.42 0.64 0.00 0.00 4.94 138.00 0.06 0.44 9.04 7.71 8.05 9.50 9.10

Templeton Floating Rate Ret 0.00 98.94 0.00 0.00 0.00 1.06 435.00 0.25 1.12 17.05 8.22 7.92 9.68 9.05

Templeton India Low Duration 0.00 61.40 0.00 35.21 0.00 3.39 1778.00 0.22 0.77 12.22 9.14 9.21 10.18 9.69

Templeton India Ultra Short Bond Ret 7.49 65.11 0.70 13.07 2.51 11.12 3623.00 0.21 0.86 11.11 8.74 8.99 9.79 9.56

UTI Floating Rate ST Reg 7.93 58.02 23.49 0.00 2.80 7.76 3388.00 0.09 0.53 7.83 7.71 8.13 9.45 9.72

UTI Treasury Advantage 8.25 66.16 5.02 3.53 0.00 17.04 6092.00 0.12 0.46 8.67 7.81 8.21 9.25 9.17

Axis Liquid Retail 0.00 54.93 8.67 0.00 0.00 36.40 5115.00 0.06 0.13 8.33 8.18 8.32 8.95 8.72

Birla Sun Life Cash Plus Ret 0.49 48.16 0.00 2.19 1.12 48.04 18809.00 0.00 0.25 8.40 8.08 8.23 9.01 8.84

DSPBR Liquidity Reg 0.00 71.43 0.00 0.00 0.00 28.57 5418.00 0.06 0.48 8.66 8.54 8.58 9.18 9.01

DWS Insta Cash Plus Reg 0.00 80.33 0.66 0.00 0.00 19.01 5564.00 0.09 0.27 6.53 6.42 6.51 7.12 7.56

HDFC Cash Mgmt Savings 0.00 69.80 6.26 0.00 0.00 23.94 6713.00 0.07 0.29 8.81 8.64 8.82 9.50 9.30

HDFC Liquid 0.00 63.52 10.61 0.00 1.93 23.94 15690.00 0.09 0.18 8.87 8.69 8.83 9.49 9.37

ICICI Prudential Liquid Plan Reg 1.20 63.59 14.15 0.00 0.00 21.06 21578.00 0.06 0.16 8.08 7.84 7.89 8.49 8.32

ICICI Pru Money Market Reg 0.00 76.59 0.00 0.00 0.00 23.41 1335.00 0.07 0.35 8.04 7.85 7.85 8.02 8.18

IDFC Cash Regular 3.18 58.37 11.64 1.07 0.00 25.74 7478.00 0.11 0.29 8.30 8.28 8.27 8.86 8.71

JP Morgan India Liquid Retail 0.00 77.19 0.00 0.00 0.00 22.81 2620.00 0.07 0.59 8.94 8.54 8.67 9.27 9.04

Kotak Liquid Regular 1.78 87.03 13.21 0.00 0.00 -2.02 9399.00 0.08 0.15 7.95 7.75 8.04 8.63 8.34

Morgan Stanley Liquid Reg 0.00 94.52 0.20 0.00 0.00 5.28 674.00 0.04 0.08 8.27 8.39 8.67 9.42 9.42

Pramerica Liquid 1.21 65.18 0.00 0.00 0.00 33.61 836.00 0.05 0.17 8.86 8.84 8.85 9.46 9.19

Reliance Liquidity 0.00 63.02 2.49 0.00 0.00 34.49 7931.00 0.09 0.12 8.92 8.73 8.83 9.49 9.31

Religare Invesco Liquid Retail 0.00 82.46 12.18 0.43 0.00 4.93 5221.00 0.07 0.10 7.69 7.47 7.54 8.19 7.87

Tata Liquid RI 0.00 56.97 14.19 0.00 0.00 28.84 5796.00 0.11 0.85 8.15 8.10 8.14 8.66 8.56

Taurus Liquid 0.00 92.45 0.00 0.00 0.00 7.55 2427.00 0.06 0.40 8.06 8.02 8.13 8.82 8.60

UTI Liquid Cash Regular 3.38 68.16 9.21 0.00 0.00 19.25 16579.00 0.07 0.14 8.19 8.02 8.13 8.78 8.56

So

urc

e:-

ww

w.m

utu

alfu

nd

sin

dia

.co

m

March 10, 2014


Sov. Others Cash AUM Avt. Expense Simple Annualized CA*

(Cr.) Maturity 7D 1M 3M 6M 1Y


11

Debt Gilt: Short-term

Debt Gilt: Medium & Long-termas on

31/12/2013Return(%)

Portfolio as on Jan 31, 2014 & Return as on 09th March 2014 *CA : Compound Annualized

Axis Constant Maturity 10 Year 89.22 0.00 10.78 33.00 9.45 1.10 53.30 -2.26 10.34 1.45 -1.50

Baroda Pioneer Gilt 93.86 0.00 6.14 22.00 10.84 1.50 37.32 -7.65 7.22 2.69 2.74

Birla Sun Life GSF Long-term 94.54 0.00 5.46 489.00 0.00 1.74 46.72 -5.99 8.83 4.11 0.72

Birla Sun Life Gilt Plus PF 95.31 0.00 4.69 31.00 0.00 1.48 60.52 -1.93 10.95 0.49 -1.23

Canara Robeco Gilt PGS 97.06 0.00 2.94 20.00 8.74 1.68 36.53 -3.45 8.04 0.71 2.15

DSPBR Government Securities 26.59 0.00 73.41 191.00 12.52 1.26 17.41 -5.27 9.21 0.26 -0.38

DWS Gilt Reg 97.33 0.00 2.67 1178.00 9.17 0.87 45.25 -11.47 3.84 5.23 0.60

Edelweiss Gilt 84.12 0.00 15.88 0.00 8.26 0.37 54.54 -2.42 8.75 -2.02 -4.53

HDFC Gilt Long-term 88.21 0.00 11.79 323.00 11.08 0.82 45.59 -1.32 9.88 5.01 0.04

ICICI Prudential Long Term Gilt Reg 96.96 0.00 3.04 484.00 14.85 1.42 45.30 -7.01 8.99 2.18 -1.10

IDFC GSF Investment Plan A 69.86 0.00 30.14 397.00 6.56 1.37 21.71 0.79 11.31 3.79 4.02

IDFC GSF Investment Reg 69.86 0.00 30.14 397.00 6.56 1.02 21.71 0.79 11.31 3.79 4.02

IDFC GSF PF Regular 71.07 0.00 28.93 66.00 7.15 1.37 24.16 0.04 11.56 4.14 4.19

ING Gilt PF Dynamic 77.57 0.00 22.43 5.00 8.91 1.54 20.24 -2.95 13.38 5.46 -2.06

JM G-Sec 66.39 0.00 33.61 24.00 5.90 2.62 36.12 -4.81 8.30 2.59 1.97

Kotak Gilt Inv Regular 92.87 0.00 7.13 699.00 11.90 2.06 44.66 -3.48 8.03 2.38 -1.76

Kotak Gilt Investment Regular 92.87 0.00 7.13 3.00 11.90 2.06 44.81 -3.39 8.06 2.52 -1.72

L&T Gilt Investment 76.97 0.00 23.03 79.00 9.34 1.50 36.26 -1.48 8.13 6.18 7.47

LIC Nomura MF Govt Sec 93.22 0.00 6.78 43.00 10.29 2.30 45.74 -3.93 9.81 2.51 -0.58

Motilal Oswal MOSt 10 Year Gilt 96.14 0.00 3.86 67.00 9.67 0.99 59.58 -2.48 9.52 -1.12 -3.37

Principal GSF 83.44 0.00 16.56 56.00 7.37 1.50 30.86 -2.20 8.15 2.05 0.82

Reliance Gilt Securities 86.54 0.00 13.46 365.00 9.59 1.76 34.02 -3.03 10.83 4.99 1.65

Religare Invesco Gilt Longer Duration 94.03 0.00 5.97 47.00 9.90 1.56 16.06 3.09 16.55 7.58 0.99

SBI Magnum Gilt Long-term 95.51 0.00 4.49 245.00 9.32 1.50 35.85 -3.26 9.00 4.77 4.30

Tata GSF HI 91.99 0.00 8.01 106.00 12.61 1.60 32.41 -3.50 9.70 6.18 3.88

Tata Gilt Mid Term Plan A 82.76 0.00 17.24 43.00 6.46 1.60 28.02 1.51 8.46 7.61 6.63

Tata Gilt Retirement280225-G 91.99 0.00 8.01 106.00 12.61 0.00 32.41 -3.50 9.70 6.18 3.88

Tata GSF Plan A 91.99 0.00 8.01 106.00 12.61 1.60 32.02 -3.86 9.34 5.98 3.78

Taurus Gilt 0.00 0.00 100.00 0.08 0.00 1.57 5.00 9.00 6.84 7.77 7.58

Templeton India GSF Composite 94.74 0.00 5.26 99.00 18.45 99.00 56.73 -4.63 10.17 4.33 -0.42

Templeton India GSF Long-term 94.07 0.00 5.93 113.00 20.44 1.71 59.94 -4.00 10.84 3.48 -1.04

UTI Gilt Advantage Long-term 80.73 0.00 19.27 181.00 9.82 1.55 34.39 -6.79 6.65 0.11 1.49

UTI Gilt Advantage Long-term Provident 80.73 0.00 19.27 181.00 9.82 1.50 34.42 -6.79 6.65 0.11 1.49

Birla Sun Life Gilt Plus Liquid 0.00 0.00 100.00 58.00 0.00 0.26 6.97 7.58 8.01 8.65 9.41

Birla Sun Life GSF Short-term 0.00 0.00 100.00 4.00 0.00 0.55 6.97 7.57 7.77 8.15 8.39

Canara Robeco Gilt Advantage Reg 0.00 0.00 100.00 2.00 0.01 1.23 6.96 7.14 7.24 7.58 7.66

DSPBR Treasury Bill 99.58 0.00 0.42 790.00 0.56 0.55 7.78 7.14 7.42 8.71 10.03

HDFC Gilt Short-term 93.76 0.00 6.24 8.00 5.17 0.52 7.50 3.76 7.89 8.07 5.32

ICICI Prudential Short Term Gilt Reg 97.59 0.00 2.41 294.00 5.50 0.63 24.32 -3.43 5.91 8.29 4.66

ICICI Prudential Gilt Treasury PF Reg 99.86 0.00 0.14 107.00 0.41 1.06 16.83 -12.62 -6.52 3.37 2.68

Religare Invesco Gilt Short Duration 90.09 0.00 9.91 204.00 0.05 0.69 9.36 8.12 8.18 8.77 9.72

SBI Magnum Gilt Short-term 40.59 0.00 59.41 73.00 0.83 0.90 17.06 6.20 9.73 10.21 8.52

Sundaram Gilt Reg 63.96 0.00 36.04 18.00 0.01 0.54 7.51 7.52 10.35 12.91 18.05

Tata GSF Short Maturity Plan A 54.86 0.00 45.14 36.00 0.00 1.60 19.77 3.28 8.26 9.62 6.72

UTI G-Sec Short-term 98.19 0.00 1.81 0.19 0.15 0.68 7.75 7.81 7.78 8.83 8.41

March 10, 2014

So

urc

e:-

ww

w.m

utu

alfu

nd

sin

dia

.co

m

Risk Factors/Disclaimers: Mutual Funds and Securities Investments are subject tomarket risks and their NAVs / prices can fluctuate on factors affecting capital/debtmarkets. Past performance is not an indicator of future performance of theInvestments. Efforts have been made to ensure that the information provided areaccurate, complete and up-to date, irrespective please read the offer document of therespective schemes before investing. SPA Group is not liable for any inaccurate orincomplete information. SPA Group also takes no responsibility for any gain/ loss onany investment made pursuant to the above letter.

SPA Capital Services Ltd.

Investment Advisory services

AMFI Reg. No. ARN-0007

SPA Capital Advisors Limited

SEBI registered Category-I Merchant Banker

SEBI Regn. No. INM000010825

SPA ComTrade Pvt. Ltd.

Member-National Commodity Exchange of India Ltd.

FMC Reg. No. - NCDEX/TCM/CORP/0714

SPA Insurance Broking Services Ltd.

Direct Broker for Life and General Insurance broking

IRDA Lic. Code No. DB053/03-273

Corporate Offices

New Delhi 25, C-Block Community Centre, Janak PuriNew Delhi - 110 058Tel.: (011) 25517371, 25515086 Fax : (011) 25532644

101-A, 10th Floor, Mittal Court, Nariman Point,Mumbai - 400021Tel.: (022) 22801240-49, Fax : (022) 22846318

Mumbai

Jamshedpur

Kolkata

Meerut

Noida

Patna

Pune

Agra

Ahmedabad

Bangalore

Chandigarh

Chennai

Hyderabad

Jaipur

SPA Securities Ltd.

Member NSE (CM, CD, WDM & F&O), Member BSE (CM, WDM & CD)

Member MCX-SX (CM, CD & F&O)

Equity - Debt - Currency Broking

SEBI Registered Portfolio Manager

NSE (CM) INB231178238, NSE (CD) INE231178238

NSE (WDM) INB231178238, NSE (FO) INF231178238

BSE (CM) INB011178234, BSE (WDM) INB011178234

BSE (CD) INE011178234, MCX-SX (CM) INB2611782231

MCX-SX (FO) INF261178231, MCX-SX (CD) INE261178238

USE (CD) INE271178234, OCTEI: INB200891838

CDSL:IN-DP-CDSL485-2008, NSDL:IN-DP-NSDL-316-2009

PMS:SEBI Regn. No. INP000003179

March 10, 2014

For contact details of other branches and zonal offices,Please visit www.spacapital.com

CONTACT US

Documents

Monthly Update March 10, 2014 · Monthly Update March 10, 2014 A fter a mild start in Jan’14, ... when more news and developments take place, the volatility is bound to increase