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Document is

PORTFOLIO

Dis

Regulation 14

(hereinafter rd of India (‘Se SEBI (Portfo

ent is to provner to assist er.

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ly read the Dces. .

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sset Managemction House chand Marg umbai – 4000993PLC07100

ararobeco.co

dated 8th Feb

O MANAGEME

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ENT SERVICES

ument

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l information the investors

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n about the Ps in making

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PORTANTCLOSURE

 

 

 

 

Portfolioara Robeco A

SEBI Regis

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T E

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tax and the ent regulatio similar devel/ Portfolio. Ins should be artfolio.

nt Services ement CompaNP00003740

ure Documenn only and, endorsem

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regulatory reons, social opments), w

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Managemeen the Portfo

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under a stment or

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Valuation Day

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escription

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ans Securitiese Portfolio Mahe account opManager focurities or othunds and bontfolio, so long

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nager” meannder the Com

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93.

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or “SEBI Regulations, 199

s the Securiti time to time

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ressions not in terms of 1996, the Co

meaning.

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s and/or fundanagement Spening form, r being maher realizationnus, dividendg as the samement.

ns Canara Rompanies Act, ager vide Rethe Securitie

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ecurities andard of India A

y as defined ities shall no or advising o

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ds managed bServices Agree any further Snaged pursun of the portfs or other rec

me is manage

obeco Asset 1956 and regegistration Ces and Exch

he Portfolio Mignated as pr

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ange Board

Exchange Boct, 1992.

in Section 2(ot include aon under the

the securitie to time.

h the portfolio

ed shall, whect, 1992 or ct, 1956 and

nd of the Port

mpany LimitedAct, 1956 an

by the Portfoement and in

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CoU6 CRCotheIndCaAss In duthe CR(PoregactMaas da Pre Fu SEadCR

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nara Robecooep N.V., Net

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obeco India Hobeco Groep otterdam, Theoviding asset e company h

merging mark

House, 5, Wa93PLC071003

riginally incor, 1956 on 2nd re entered bB. V. (100% etained the rment Compan

Corporation, r 2016, Orix ing the 100%

ertificate of Rnagers) Reguvalid till 27th Jet ManagemAgreement dand under SEBber, 1993.

MC is managi

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d No objectioes as a separa Sub-advisor t

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onsors

o Asset Manatherlands.

Canara Bank,Bank in India 1969. Canahes, 1 represerves over 5.55

Holding B.V. N.V).: Robee Netherlands managemen

has a strong kets such as In

alchand Hira).

rporated as March, 1993

between Cana subsidiary ofemaining 51%

ny Ltd.

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Registration Nulations, 199June, 2019. Ient Companated 16th JuneBI (Mutual Fu

ng all the sch

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achand Marg

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ara Bank andf Robeco Gro%. Conseque

red 90.01% s acquired the of Robeco Gr

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hares of Rob balance 9.9roep N.V.

0003740 dat a Portfolio o acting as a a Robeco Muara Robeco Mtions, 1996 v

ara Robeco M

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tter dated Juently, under

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pe and Asia

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nagement Se Canbank Mutoep N. V. onuired 49% stC was renam

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anbank (Offsh

une 29, 2011 offshore advents

und

etween Cana

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ding B.V. beine Office at Wading asset mal and private and a develo

bai 400 00

ervices Ltd. utual Fund. Pu 26.09.2007take in CRAM

med as Canar

bobank. Subslding from R

016 issued uand the certanager, CRAMunder an In

is registered tion No.MF-0

hore) Mutual

for carryingisory busines

ara Bank and

560 002 is Karnataka,

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ng 100% subWeena 850, management e clients worldoping presen

 

01 (CIN -

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sequently abobank,

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MC is also vestment

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l Fund.

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nce in key

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M(A

M

MSD

2013, ORIX Cring Octoberereby becomanagement e

obeco Groep m

e share holdi

nara Bank – 5obeco India H

rectors of Por

NameMr. Rakesh ShAssociate Dire

Mr. Masaaki K

Mr. B Maheshingh(Associat

Director)

Corporation, r 2016, Orix

ming the 100expertise for O made a net p

ng pattern of

51% olding B. V. –

rtfolio Manag

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57(ECA

Kawano 56DKwUJa

h Kumar te

5GAE

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f Canara Robe

– 49%

ger

Age/Qualifi7/ B.Com, M.Economics), AIIB

6/ Graduatedepartment ofwansei Gakuiniversity, Hyo

apan

57/M.Sc{Agri}Gold medAgricultural Economics

red 90.01% s acquired theder of Robection in Europ237 Million in

eco Asset Ma

cation .A. M

DiHediinMetwwGe

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ogo,

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hares of Rob balance 9.9

co Groep N.Ve. .

n the calendar

nagement Co

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Mr. Kawano is rix Corporatusiness Devegal and Eorporate Come also is a meobeco Institute has an extarious funct

Marketing, Finusiness Develegal and Comeld various se

Managing DirMalaysia Berh

irector- Projept, Tokyo, Dviation Systeombard ORIX

Mr. B Mahesheneral Manag

e has a richxperience wit

beco from Ra99% shareholV. Robeco is

r year 2016.

ompany Ltd a

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oining Canarad as Manag

Vilas Bank Lger with State presently thetion inter-a

velopment, External Relmmunicationsember of the tional Asset Mtensive experional areas nance & Trlopment, Alte

mpliance. Durienior level porector & C.had, Kuala ect and BuDeputy Manaems Limited, Leasing Limith Kumar Singer with Cana

and multi-dth exposure

bobank. Subslding from R the center

as on date is a

rience sently the Mank. of rich and

rience with eg, Asset cation, Trade a Bank, Mr. ging Director Limited and e Bank of Inde Executive Olia responsiGroup Comations Depas and Robeco Supervisory

Management rience of 30 such as easury, Projernative Invesing his career

ositions as the.F.O., ORIX

Lumpur, Msiness Deve

aging Directo, Dublin, Dited, London engh is preseara Bank.

dimensional in General B

 

sequently abobank,

of asset-

as under:

Managing

d multi-expertise

Liability Finance Sharma & CEO

as Chief ia.

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mpliance, artment, o Group. Board of B. V. years in Leasing, ect and stments, r, he has e Deputy Leasing

Managing lopment

or - ORIX irector -

etc. ntly the

banking Banking,

M(ID

M(ID

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Mr. Shital KumIndependent

Director)

Mr. S. VenkataIndependent

Director)

Mr. . V. Kanna

mar Jain

76UD

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etail/Corporaperations inorking in Heaanager hea

esources winncompassing arketing and

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Mr. Jain has 3herein he hand North Ame

Mr. S. Venkataerguson & Cenior Consultssistant Manauring his 30tibank NA In

apacities befo005. As Sr. Vhe Head of egal issues rompliance madia. Post reti

ullerton India

e is a Direnancial Serviformation Se

f Eco Friendly Mr. V Kannan hears as a Banom his assoc

Maharashtra, jaya Bank. uring his assoe has headtegrated tre

ommercial annding and

ehabilitation. s Executive ommerce hevestment a

ctivities. In thManaging Diresponsible forf the Bank.

te Banking various c

ad Office in thading Markg with funct Retail Re Associate Pa Director on Ltd. & PNB H1 years of exd worked in

erica. achalam wasCo., Charteretant before ager in Citiba0 year careendia, he has

ore retiring asVice Presiden

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ector on theices Softwareervices Pvt. Lt Environmenthas an extensnker in the Piation with B

Oriental Ban

ociation with ded various asury and in

nd Corporate d Credit Director ofe was supeand accounthe capacity orector of Vir overall deve

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s associated wed Accountan joining Citignk NA India iner with Citigs worked in s Sr. Vice Presnt, he, has se Tax, Regulfor all regulgroup & Citibacted as an adoration Ltd., M

e Boards ofe Ltd, Equifatd & Sam Fout Chennai Pvtsive experienublic Sector cank of India,

nk of Comme

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rnational Presently f General Retail

nsibilities Publicity,

of R. S. nce Ltd. Citi Bank s of Asia

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group & various sident in erved as atory & atory & bank NA dvisor to

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arashtra such as

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es in India ad between po

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merce Life Insmited

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ager executesms of the PM

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turnover; hod 10 are the

poration, Japaep N.V)

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advisor in resent of securiti

exercise sol securities or tsecurities inve from Client t

oyment of theo review at an ground of fr

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over basis

pany Limited

owever, they entities wheran is an ultim

ll be in the ortfolio straterms of the A

make any inv

pect of Portfes and / or ad

le and abso the funds of ested / disinv to Client. Thee Clients’ Porny time durinraud, conflict

s in securitiesnt. The Portfo

y are not listerein, Orix Cor

mate holding

nature of inegy and inve

Agreement anvestment on

folio of the Cdministrative

lute discretio the clients invested by thee decision of rtfolio is absong the current of interest

s as per the dolio Manage

 

ed as per rporation, company

vestment estment / nd within behalf of

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on as to n terms of Portfolio Portfolio olute and ncy of the or gross

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ve and excepder SEBI Actogress againscluding the Borsonnel of CR

warded for an

e nature of pe

described ab

nalties impos

ere are no peolation of any

ny pending mparate disclos

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Suit No.for a totcertain the tran

e above casend. Therefore

ny deficiency gulatory agen

ere has beenBI or any regu

viding researger shall exec

ding Litigation

alties impose made there u

13th January,ual Funds) Reument of Can

nalty of Rs.3 , CRAMC paid

pt the abovet or Regulatiost the Sponsooard of Truste

RAMC under ty economic o

enalty / direct

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sed for any ec

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aterial litigatsure regarding

ase was filed

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payments/shnsactions ente

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n no deficienulatory agenc

rch, investmecute orders as

ns or Proceed

ed by SEBI or tnder:

, 2000, SEBI gulations, 19npep-93 Sche lacs which wd the penalty

, neither SEBons and ther

or/promoter oees of Canara

the SEBI Act ooffences and v

tion:

conomic offen

sed on the Pows.

tion/legal prog pending crim

against the C

s been filed bRs.60,41,79,9hares alleged ered by him w

led in respeclity of CRAMC

ms and oper

cy in the systcy.

ent advice as per the man

dings etc.

the directions

ordered adju96, pertainin

eme. By ordeas upheld in of Rs.3 lacs o

BI nor any otre is no enq

or any compaa Robeco Muor any other R violation of se

nce and/or for

ortfolio Mana

oceedings agaminal cases, i

CRAMC:

by Shrenik K. J981/- togethe to be due to

with the Fund

ct of the claimC suffering a d

rations of th

tems and op

nd trade exendate receive

s issued by SEB

udication for ng to nondiscr dated 10th N appeal by th

on 3rd May, 20

her Regulatouiry or adjudany associatetual Fund or

Regulations. Iecurities laws

r violation of a

ager for any e

ainst the port if any:

Jhaveri, Stocker with furthe him from Ca prior to form

ms purporteddecree is rem

e portfolio m

erations of t

ecution facilied from Client

BI under the S

violation of losure of certNovember, 2he Securities 001.

ory body has dication proced with the Sp CRAMC, any n addition, ns.

any securities

economic offe

tfolio manage

k Broker befor interest @

anbank Mutuamation of AMC

d to be due fote.

manager obs

he Portfolio

ity to the Clt.

SEBI Act, 1992

Regulation 2tain informat000, the Adj Appellate Tri

awarded anceeding/s, thponsor in any of the Directoo penalties h

s laws:

ence and / or

er /key perso

re Mumbai H 24% p.a. in ral Fund on aC;

from Canban

erved by SEB

Manager obs

 

ient. The

2 or Rules

29(2) and ion in the udicating ibunal. In

y penalty at are in y capacity ors or key

have been

for

nnel with

High Court respect of

ccount of

nk Mutual

BI or any

served by

F. Anprior the

ThdirPoRe

ThPo

5. Se (i) Th

As poSetheCliCli

(ii) Th

sec

ny enquiry/adjincipal officer its directors, ere under:

ere is no enqrectors, princortfolio Mana

gulations ma

e above infoortfolio Manag

rvices Offere

e Portfolio M Advisory seDiscretionaNon-discret

on date theortfolio servic

rvices intende requiremenent in accordent.

e Client’s fucurities which

Equity & Eq1. Equity

warran2. Equity 3. Equity Debt & Mo1. Certific2. Fixed D3. Comm4. Treasu5. Collate6. Govern7. Non Co

promo8. Floatin9. Repo (

djudication pror or employee principal offi

quiry/ adjudiccipal officer ager or its dade thereund

ormation hasger.

d

anager offers

rvices ary portfolio stionary portfo

e portfolio mes. However,s to design th

nts of Clients.dance with th

nds may be h will, inter-al

quity Related and Equity rents, convertib linked instrum Derivatives in

oney Market Incate of DeposDeposits with

mercial Papersry Bills (T-Bills

eralised Borronment Securitonvertible Deted / owned g rate debt inRepurchase A

oceedings inie or any persoicer or emplo

cation proceeor employeedirectors, prier.

s been disclo

s the followin

ervices olio services

manager is n, the Portfolhe portfolios . The Portfolie investment

invested in ia, include:

Instruments:elated instrule preferencements ncluding Futu

nstruments: its (CDs) Banks s (CPs) s)

owing and Lenties bentures as w by the Centranstruments

Agreement) o

itiated by SEBon directly or oyee, under th

edings initiatee or any perincipal office

sed in good

ng services un

not offering io Manager with differeno Manager st objectives st

equity, debt

ments includ

e shares, etc.

res and Optio

nding Obligat

well as bondsal or State Go

or Reverse Re

BI against the indirectly conhe SEBI Act, 1

ed by SEBI agrson directly er or employ

faith as per

nder its Portfo

any specific under its Disnt investmentshall deploy ttated in the r

t, money ma

ding convertib

ons

tions (CBLO)

s or securitiesovernments a

po

e portfolio mannected with 1992 or Rules

gainst the Po or indirectlyyees, under

r the informa

olio Managem

portfolios uscretionary Pt objectives athe Securities respective Po

arket instrum

ble bonds, co

s issued by cond statutory b

anager or its the portfolio s or Regulatio

ortfolio Manay connected the Act or

ation availab

ment Services

nder its discPortfolio Man

nd policies tos and/ or funortfolio select

ments and su

onvertible de

ompanies / in bodies

 

directors, manager ons made

ger or its with the Rules or

ble to the

:

cretionary nagement o cater to

nds of the ed by the

uch other

bentures,

stitutions

(iii) Mi

Thfunamor un

(iv) Po

Posucinvat thewitCli

(v) Tra

ThcoPoactMaun

6. Ris A. Se

ob B. No C. Inv

10. Secur(MBS)

11. Pass Th12. Bills Re13. Negoti14. Debt d

Units of ScMutual Fun

The portfol

nimum Inves

e Client shallnds of an am

mount as spec more occasider the servic

olicy for invest

ortfolio Managch investmenvestments to the time of e associate /thin the oveent.

ansactions wi

e Portfolio mmmercial ter

ortfolio Manativities like Danagement Sder the regul

sk Factors:

curities invesbjectives of the

o services hav

vestment dec

ritised Debt hrough Certifediscounting able instrumeerivative instr

chemes of mnd.

io manager m

stment Amou

deposit withmount prescrcified under Son(s) or on ce.

tment in Asso

ger will, befonts, the crite be made und investments / group comprall framewo

th Associates

manager mayms and on ar

ager may alsDepository PaServices on colations.

stments are se PMS produ

ve been offere

isions made b

including Ass

icate (PTC) ents ruments inclu

mutual funds

may lend the

nt

h the Portfolioibed by Portf

SEBI Regulati a continual b

ociates/ Group

ore investing ieria for the eder the Client may be uptopanies includ

ork of Regula

s/ Group Com

y conduct its rms length baso utilise thearticipant (DPommercial ter

subject to macts/clients wi

ed till date, th

by the Portfo

set Backed S

uding Interest

registered w

securities thr

o Manager, afolio Manageons, as amenbasis, make f

p Companies

in the securitevaluation bt’s Portfolio. To 100% of Clieding in Schemations and in

mpanies

business witasis and to the services of P/ Security brms and on a

arket risk anll be achieved

here is no pas

lio Manager m

ecurities (AB

t Rate Swaps

with SEBI incl

rough an app

an initial corper for a specnded from tim

further place

of the Portfo

ies of its assoeing the sam

The investmeent’s Portfolimes of Canan terms of PM

th associate e extent perm Associate Croking / dist

arms length b

d there is nod.

st performanc

may not alwa

BS) or Mortga

and Forward

uding schem

roved interm

pus consistingcific Portfolio,me to time. Tement of Sec

olio Manager

ociate / groupme as is appnts in associao. The investra Robeco MMS Agreeme

companies/ missible undeompanies/ Gribution, etc.

basis and to t

o assurance o

ce of the port

ays be profita

age Backed S

d Rate Agreem

mes of Canara

ediary, for in

g of Securitie, subject to mThe Client maurities and /

:

p companies,plied to otheate / group cotments in sec

Mutual Fund went executed

group comper the regulatGroup Compa. relating to

the extent pe

or guarantee

folio manage

ble.

 

Securities

ment

a Robeco

terest.

s and /or minimum ay on one or funds

evaluate er similar ompanies curities of

would be with the

panies on ions. The anies for Portfolio ermissible

e that the

er.

D. Proshato adsubthecoor incto taxsec

E. Th

lawonin chaproIn pro

F. Th

Loc G. An

ma H. Th

the I. Th

J. Ris

i.

ospective inveall not constr legal, taxatiovisor(s) as tobscription, gife treatment nsequences r conversion corporation, d be used to px, financial ocurities befor

e tax benefitws and are avly and is base

India and thange. As is thoposed tax po view of the inofessional tax

e investmentcal / Internat

ny policy chanade in a parti

e Portfolio Me Portfolios.

e Portfolio M

sk arising from

Risk associa

Equity and The liquiditsettlement circumstanto settlemeSimilarly, tlosses to thportfolio. Aexchange economic ospecific sect

estors shouldrue the conteon, or financiao the legal, fting, acquisit of income

relevant to th into mone domicile etc. purchase/gift or other cone making an

ts described ivailable subjeed on advice e investors shhe case with osition prevandividual natx advisor.

ts made are sional Market

nge / technocular industry

Manager is nei

anager does

m the investm

ated with Equ

equity relatety of investm periods. Sces. The inabent problemshe inability the client, shoAlso, the valu rates, chang or other deve

tor or all sect

d review / stuents hereof oal / investme

tax, financiation, holding(if any), capheir portfolio,ey) of portf or under the portfolio of sequences of investment.

n this Disclosect to condit received by thhould be awa any investmeiling at the tiure of tax co

subject to exts which affect

logy change y.

ither respons

not offer any

ment objective

uity and Equi

ed securities aments made Settlement pbility of the Pos, could cauo sell securit

ould there bee of the portf

ges in law / elopments whtors.

udy this Disclor regard the

ent matters anl or any oth, disposal (sa

pitalisation, c, acquisition,folio within laws of any j

securities aref subscribing

sure Documeions. The infohe Portfolio Mare that the ent, there came of an invensequences,

ernal risks suts stock mark

/ obsolescen

ible nor liable

y guarantee /

e, investment

ty Related Se

are volatile a in the portfoperiods mayortfolio Manase the portfoties held in the a subsequefolio investm policies of hich may hav

osure Docume summaries cnd are adviseer requiremele or convers

capital gains, holding, cap

their jurisd urisdiction toe subject, andg / gifting, p

ent are as avormation giv

Manager rega relevant fiscan be no guaestment in th each investo

ch as War, nakets.

nce of techno

e for any loss

/ assured retu

t strategy and

ecurities:

and prone to olio may be y be extendager to make olio to miss he portfolio wnt decline in ents may be

the governme an adverse

ent carefully contained hered to consult tents or restriion into mon, any distribpitalisation, ddiction of no which they od also to detepurchasing or

ailable underen is includearding the lawal rules or therantee that t

he Portfolio wr is advised to

atural calami

ology would a

ses resulting f

urns.

d asset alloca

price fluctua restricted by ded significa intended sec certain inve would result the value of affected by in

ment, taxatio bearing on i

and in its entrein as advice their own proctions relatin

ney) of Portfoution, and o

disposal (saleationality, r

or any managermine possir holding po

r the presentd for generaw and practiceir interpretahe tax positio

will endure indo consult his/

ties, policy ch

affect the inv

from the ope

ation are as fo

tions on a da trading voluantly by uncurities purchstment oppo at times, in f securities henterest rates,

on laws and ndividual Sec

 

tirety and e relating ofessional ng to the lio and to other tax

e, transfer esidence, ged funds ble legal,

ortfolio of

t taxation l purpose

ce in force ation may on or the definitely. / her own

hanges of

vestments

rations of

ollows:

aily basis. umes and nforeseen ases, due

ortunities. potential eld in the , currency political, curities, a

ii.

Investmentnot invest i Securities wa larger liqexit optionin unlisted increase thits holdingsof disinvest

Risk associa Interest - Rmoney mainterest ratsuch pricesmaturity of

Re - investrates prevathe bond.

Basis Risk: active or mmovement

Spread Riskover the beloss in valuspread of tthe security

Liquidity Richanges insecurity, th

Credit RiskinstrumentEven when credit ratinand is thesecurities. higher by a

Liquidity Rinvestmentprior to thedivestmentthe portfoli

ts in equity an n the equity p

which are notuidity risk in cs to the inves securities the risk of the s of unlisted stment.

ated with Fix

Rate Risk: Fixrket instrumetes rise, prices increase. Tf the security.

ment Risk: Inailing on the c

The underlymay cease tos, leading to

k: In a floatinenchmark rat

ue of the porthe security o

y.

isk: The liqui the liquiditye security can

: This is the r defaulting o there is no dg of the issue safest. Corp

Within corpo particular ra

Risk on accouts due to theeir target datt date and seo.

nd equity rela portfolio unle

t quoted on th comparison wstors, includin

hat offer attra portfolio. Ad securities ma

xed Income an

xed income sents and deres of existinghe extent of It also depen

nvestments in coupon paym

ing benchmao exist and loss of value

ng rate securte. In the lifetfolio. The yie

over the unde

dity of a bony premium atn become illiq

risk associateon coupon pa default, the per. It is to be nporate bondorate bonds ting agency i

unt of unlistir holdings ofte of divestm

elling of these

ated securitieess they can a

he stock exchwith securitiesng put optionactive yields ditionally, the

ay be affected

nd Money Ma

securities sucrivatives run g fixed incomf fall or rise nds upon the

n fixed incomment or matur

ark of a float thus may no of the portfo

ity the coupoe of the secureld of the unerlying bench

nd may changttached to thquid, leading

d with the issyments or in

price of a secu noted here th

s carry a hig also there a s safer than a

ed securitiesf unlisted sec

ment. The unle securities be

es involve a deafford to take

hanges are ins that are listns. The portfo within the ree liquidity an

d if they have

arket Securiti

h as governm price-risk or

me securities in the price yield level at

me securities rity dates may

ing rate secuot be able tlio.

on is expresserity this spreaderlying bencmark might i

ge, dependinhe price of th to loss in valu

suer of a deb paying back urity may chaat a Governmgher amountre different l

a bond rated

s: The liquidcurities may bisted securityefore the div

egree of risk the risk of los

herently illiqued on the ex

olio manageregulatory lim

nd valuation o to be sold p

ies:

ment bonds, interest-rate fall and whees depends u which the se

carry re-invesy differ from t

urity or a swao capture th

ed in terms oad may movechmark migh

increase lead

g on market e bond. At tue of the port

benture / bon the principalange with ex

ment Security t of credit r

levels of safe lower by the

ity and valua be affected ify can go dowestment date

and the cliensing their inv

uid in nature changes or or may choose

mit. This may of the portfol

rior to the ta

corporate bo risk. Genera

en interest raupon the couecurity is being

stment risk a the original c

ap might beche exact inte

f a spread ore adversely leht not changeding to loss in

conditions lehe time of setfolio.

nd or a monel amount on pected chang is a sovereig

risk than Govety and a bo same rating

ation of the f they have t

wn in value be can lead to

 

nts should estment.

and carry ffer other to invest however lio due to rget date

onds, and lly, when

ates drop, upon and g traded.

s interest coupon of

come less erest rate

r mark up eading to e, but the n value of

eading to elling the

ey market maturity. ges in the n security vernment ond rated agency.

portfolio o be sold efore the

o losses in

iii.

Settlementability of thmovement

Risks assoc

The Portfol(ABS) or Massets are loans againreceivables

At present

1. Auto Lo2. Reside3. Consum4. Person5. Corpor

In terms ounderlying classes, burecovery ofmortgageseconomic dnature of tcorrespond

The rating with simila

a) Assets loan anorigina

b) Diversiin lowe

c) Loan toequity.contrib

d) Averagrepaympertain

PrepayWhen borrowthere imortga

Reinveintrodulower r

t Risk: Fixed ihe Portfolio Ms in value of t

ciated with In

lio Manager Mortgage Bac receivables anst consumers arising from

in Indian mar

oans (cars / cntial Mortgagmer Durable Lnal Loans rate Loans

of specific ris risks. Residet repossessiof commercial. Asset classe

downturn ma the underlyindingly fluctuat

agencies defr AAA rated s

securitized and the averagating and servification: Diveer delinquenco Value Ratio The lower t

bution of the age seasoningment disciplinning to Securi

yment Risk: T interest ratewed at a lowes some prepaage when the

estment Risk:uces reinvestm rate.

ncome securManager to s the portfolio.

nvesting in Se

may invest incked Securitiearising from r durables, et loans backed

rket, followin

commercial veges or Housin Loans

sks attachedential Mortgaon becomes l vehicles andes like persoay witness higng security fote.

fine margins,ecurities. The

and Size of thge ticket size vicing of the aersification a

cy. o: Indicates hthis value the asset cost is hg of the poolne. The highe

tised debt ar

This arises wes decline, ber interest raayment risk ee house is sold

: Since prepament risk, wh

ities run the rswiftly execut

ecuritised Deb

n domestic ses (MBS). AB various loanc. MBS are sed by mortgag

g types of loa

ehicles / two ng Loans

to securitizages genera

difficult. On d other auto nal loans, crgher default. or the loan

, over collatee factors typic

he loan: This of the loan. Aassets. cross geogra

ow much % ve better it is.

high; the chanl: This indicater the numbee as follows:

hen the borrorrowers tente, which sho

even if intered or an auto l

ayment risk ihich is the ris

risk of settlemte trading str

bt:

ecuritized deBS are securns including aecuritized debge of resident

ans are securi

wheelers)

ation, each lly have low

the other ha assets is faiedit card rec A corporate

or the natur

eralization ancally analyzed

s indicates th A very low tic

phical bound

value of the a. This suggesnces of defautes whether

er, the more

rower pays ond to pay offortens the avst rates rise,

loan is paid o

ncreases whesk that the pr

ment which carategies whic

bt such as Aitized debts wautomobile lbts where theial / commer

itized:

asset class er default ra

and, repossesrly easier an

ceivables are loan receivabre of the rec

nd guarantee for any pool

he kind of asscket size migh

daries and tic

asset is financsts that wherult are lower. borrowers h superior it is

off the loan sf high intere

verage matur such as wheoff when the c

en interest rarincipal can o

an adversely h can lead to

sset Backed S where the uoans, person

e underlying acial propertie

would have ates than otssion and sud better com unsecured able, depends ceivable and

es to bring ri are as follow

sets financedht mean mor

cket sizes mig

ced by borrowre the borrow ave already . The other m

ooner than eest loans witrity of ABSs. n an owner p

car is sold.

ates decline, only be reinve

 

affect the o adverse

Securities nderlying

nal loans, assets are es.

different her asset bsequent

mpared to and in an upon the the risks

sk in line ws:

with the re costs in

ght result

wer’s own wers own

displayed main risks

expected. th money However, pays off a

this also ested at a

iv.

v.

vi.

vii

Risks assoc The use of derivative igains as wethe ability othe strategPortfolio MManager winstrumentwith stockstransactionthe ability tof derivativdirectly in smispricing underlying able to sell

Risks assoc As with otincluding thwith the teManager athe collaterto return thaccruing toPortfolio Milliquidity.

Risks assoc The Portfolof each suc In case of Portfolio Mschemes. Hhad he inve

. Structured P The Portfolthis could rPortfolio. Fsubstantialand the ret

ciated with In

derivative req tself. Derivatell as disprop

of the Portfolgies to be p

Manager may will be able tos that require and bonds.

ns entered int to forecast prves are diffe

securities and or improper assets, rates or purchase

ciated with Se

her modes ohe risk of failrms of the agnd the approral put up by he securities o the lender

Manager may

ciated with in

io Manager mch underlying investments Management Hence, the Cliested directly

Products / Ca

io Manager m result in negFurther, at anly less than t

turn and/ or m

nvesting in De

quires an undive products

portionate losio Manager tursued by th not always bo identify or e investment Derivatives reto, the abilityice of interestrent from or

d other tradit valuation ans and indices derivative qu

ecurities Lend

of extensionsure of the otgreement enoved interme the borrowe deposited byr from the sy not be able

vestments in

may invest in scheme will in Mutual Fu Services in ient may rece in the under

apital Protect

may invest inligible returnny time durinhe actual val

maturity proc

erivatives:

derstanding n are leveragedsses to the cli to identify suche Portfolio be profitable execute such techniques aequire the may to assess thet rate movem

r possibly greional investmnd the inabil, illiquidity riickly enough

ding:

s of credit, ther party, in tered into bediary. Such far of the secury the lender asecurities dep to sell such

n Mutual Fund

schemes of M be applicablend units, the

addition to eive lower prelying mutual

ion Portfolios

securities lins or no retur

ng the tenor ue of the Por

ceeds of the P

not only of thd instrumentsent. Executioch opportunit Manager inv. No assuran

h strategies. and risk analyaintenance oe risk that a d

ments correctleater than, t

ments. Other rity of the desk whereby t at a fair price

there are ris this case theetween the leailure can resrities, the ina and the possposited with lent securitie

ds:

Mutual Fundse to the portfoe Client shall the expensee-tax returns fund scheme

s:

nked to indexrns over the of the Portfortfolio at the Portfolio there

he underlying s and can pro

on of such strties. Identificavolve uncerta

nce can be gi Derivative prysis different ff adequate co

derivative addly. The risks ahe risks asso

risks include srivative to co

the Portfolio e.

sks inherent approved int

ender of secusult in the pobility of the a

sible loss of a the approves and this c

. Hence scheolios. bear the recues of the un compared to

es in the same

x(s) and/ or u entire tenor olio, value of end of tenor.eon, are not g

instrument bovide dispropategies depeation and exeainty and deven that the oducts are sp

from those aontrols to mods to the portssociated wit

ociated with settlement riorrelate perfe Manager ma

to securitiestermediary, trities i.e. the

ossible loss ofapproved inteany corporateed intermed

can lead to te

me specific ri

urring expensderlying mut

o what he mae proportions

ndertaking st or part theref the Portfolio. Further, the guaranteed o

 

but of the ortionate nds upon

ecution of ecision of Portfolio pecialized ssociated

onitor the tfolio and th the use investing sk, risk of ectly with ay not be

lending, to comply

Portfolio f rights to ermediary e benefits diary. The emporary

sk factors

ses of the tual fund ay receive .

tocks and eof of the o may be Portfolio

or insured

K. Thinvnoindde

L. Thco196

M. Aft

deop

N. ThPoMu

7. Cli The Posection 8. Fin Based its capa

Total I

Profit/

Profit/

Net W

Earnin

Divide

Paid u

9. Po

The Po2016.

in any manPortfolio m

e investmentvestments in

on diversificatdustry would pendent on p

e arrangemenstrued as an61 and taxed

ter acceptingploy the sam

pportunity loss

e Portfolio Mortfolio Manautual Fund.

ent Represen

ortfolio Manan.

nancial Perfor

on the auditeacity as the In

Particu

ncome

/(Loss) Before

/(Loss) After T

Worth

ng Per Share (

nd

p equity shar

ortfolio Mana

ortfolio Mana As on date t

nner by any emay be liquida

t according t a specific section. Further, be exposed t

performance

ent of poolingn ‘Association accordingly.

the corpus fme or there s.

Manager has ager has fund

ntation:

ager is yet to

rmance of the

ed financial snvestment Ma

ulars

e Tax

Tax

(Rs.)

re capital

gement Perfo

ager has beethe portfolio

entity. In caseted at a date

to investmenurity / sector/, the portfoli to risk associ of such secto

g of funds fron of Persons’

for managem may be dela

not offered d manageme

commence

e Portfolio M

tatements, thanager to the

FinancMar

ormance of t

en granted R manager is

e of occurrence much before

nt objective / issuer, whico with investated with sucr / industry.

om various Cl’ (AOP) in Ind

ment, the Poray in deploym

Portfolio Maent experien

PMS activity.

Manager:

he financial pe Schemes of

ial Year Enderch 31, 2016

843,469.0

184,959.7 151,975

1,265,595.8

3.0

49,854.3

4,98,543.5

he Portfolio M

egistration C not offering

ce of any evee the tenor of

of a Portfolich may expostment objectch sector / in

lients and invdia under the

rtfolio Managment. In such

anagement Sce as Investm

. Hence, no

performance Canara Robe

(Rs In Th

ed

FinanEnded

2

07 6,

73 2,

5.61

1

86 11,

05

36

57 4,

Manager:

Certificate Nog any specific

ent caused byf the Portfolio

io may resulse the Portfoltive to investndustry and it

vesting them e provisions o

ger may not h situation t

Services in thment Manag

representatio

of the Portfoeco Mutual Fu

housands)

cial Year March 31, 2015

96,062.85

24,504.66

,94,184.53

,76,252.38

3.90

NIL

,98,543.57

o. PM/INP00c portfolios u

y a Force Majo at a fair valu

t in concentio to risk arisi in a specificts performan

in Securities of the Income

get an oppohe Clients m

he past. Howger to Canara

on is made u

lio Manager,und, is as follo

FinancialEnded Ma

2014

6,17

1,09

98

9,82

4,98

003740 on under its disc

 

eure, the ue.

tration of ing out of c sector / ce will be

could be e-tax Act,

rtunity to may suffer

wever, the a Robeco

under this

acting in ows:

l Year rch 31,

4

7,992.98

9,253.62

8,053.04

2,067.85

1.97

NIL

8,543.57

05th July, cretionary

portfolnot cap

10. Na

The foManagannexechargeincurra a. Po

Thof co

b. Up Thex

c. Ot Apboba (i)

(ii)

(iii

io services orpable of being

ature of Expen

llowing are tgement Serviced to the Agd may vary fr

al basis to the

ortfolio Mana

e fees relate a percentagmbination of

pfront Fee / W

e Portfolio Mit fees / withd

her Expenses

part from Pororne by the C

sis.

CustodiaThe charcharges fwith the

) Registrar

Charges includingand othe Similarly,collectionmaintenaclient rep

i) Brokerag

The brokincludingstatutoryunits of M

r non-discretiog indicated as

nses:

the broad tyces. The exacgreement exrom Client to Client’s Portf

gement Fees

to portfolio mge of the asf both.

Withdrawal Fe

Manager may drawal fees a

s:

rtfolio Managlient availing

n / Depositorrges relate to for securities, operation an

r and transfer payable to rg stamp charger related cha

, charges payn of applicatance of clienports, respond

ge and transakerage chargg bank chargy authorities oMutual Funds

onary services on date.

pes of costs t quantum ofecuted betw Client. The exfolio as and w

s:

managementsets under m

ee:

also charge ut time of rede

gement Fees the Portfolio

ry fees: o opening an dematerializd manageme

r agent fees: registrars andges, cost of afrges .

yable to regisions togethe

nt accounts, ding to enqui

action costs: ges and otheges, turnover on the purch

.

s to any of its

and expensef the fees / ex

ween the Cliexpenses incur

when the sam

t services offemanagement

upfront (entryemption of th

s, the followio Manageme

nd operationzation and rement of the dep

d transfer agffidavits, nota

trars and tranr with paym

preparation ries made by

er charges li tax, securitiase and sale

s client. So pe

es chargeablxpenses relat

ent and the rred shall be

me becomes d

ered to the Clt or linked to

y) fee at the the portfolio b

ing are the gent Services o

n of depositomaterializatiopository accou

gents in connary charges, p

nsfer agents ents from cl

& mailing sy clients etc.,

ke service taies transactio of securities

erformance o

e to Clients ting to each o

Portfolio Ma directly debitdue for payme

lients. The feo portfolio r

time of subscy Client.

general costsof the Portfol

ory accounts, on and other unts.

nection with postage stam

in connectionients, redem

statements o

ax, stamp duon tax or an and entry or

of portfolio m

availing the of the serviceanager. The ed on actual ent.

es may be in returns achie

ription and p

s and expensio Manager

custody and charges in co

transfer of mp and courie

n with serviception of invef accounts a

uty, transacty other tax

r exit loads (i

 

anager is

Portfolio s shall be

expenses expenses

the form eved or a

remature

ses to be on actual

d transfer onnection

securities er charges

es such as estments, and other

ion costs levied by if any) on

(iv

(v)

(vi

(vi

An

v) SecuritieThe chargconnecte

) Certificat

Charges legal serbankers o

i) Services Charges tax, postmanager

ii) Any othe

All incideon behaManager

n indicative ta

S. No 1. Up2. Fix

AsRsRsRs

3. Pe

4. Cu

5. De6. Ex

ExEx

7. Re8. Se

oth9. Br10. Ou

ex

s lending relages pertainin

ed with the le

tion and profe payable for orvices etc. fo or regulatory

related expe in connectional, telegraph

r would be re

er incidental ental and anclf of the Clier in terms of t

ble of the cha

Npfront Fee xed Managemsets Under M.10 lacs to < R.100 lacs to <.500 lacs & A

erformance B

ustodian Fees

epository Chaxit Load

it between 0 it after 12 mo

egistrar & Traervice Tax, Seher Statutoryokerage ut of pocket &xpenses

ated expenseg to lending nding operat

essional char out sourced p

r documenta authorities in

nses: n with day to

hic any other covered.

and ancillarycillary expensent for Portfo

the Agreemen

arges that ma

Nature of Fees

ment Fee Management Rs.100 lacs < Rs.500 lacs Above

ased Manage

s

arges

months – 12 onths ansfer Fees curity Transa

y levies

& other incide

es: of securities ions would b

rges: professional sation, notarizncluding lega

o day operat out of pocke

y charges: es not covereolio Managent shall be ch

ay be levied b

FEE STRUCs

ement Fee

months

ction Tax &

ental

and costs asse recovered.

services like azations, certifal fees etc wou

ions like couet expenses a

ed above but ement and earged to the

by the Portfol

CTURE

2

The abovaverage 20% proBasis

(

0.25% oof the As

2.00 %

sociated with

accounting, afications, attuld be recove

rier expensesas may be inc

incurred by txpenses incu Client.

io Manager is

Fee2.00 % of the

Per An2.01.501.00

ve fee will be market value

ofit sharing on

(see below foPer An

of the daily assets

As app

% on the amoN

As appAs app

As appAt ac

transfers of

auditing, taxatestations reqered.

s, stamp dutcurred by the

the Portfolio urred by the

s given hereu

es % Initial Corpu nnum 0 % 0 % 0 %

e charged on te of the Portfn High Water

or illustration)nnum verage mark

plicable ount of withd

Nil plicable plicable

plicable ctuals

 

securities

ation and quired by

y, service portfolio

Manager Portfolio

under:

s

the daily olio.

rmarking

)

ket value

drawal

Th Ththethewo

Illustra

Ass A. B. C. D.

E. F. G. H. I. J. Ch

CLeAAGLe(eLeLeLeLeSTN%

Calcula

S

e above state

e actual fees e fees may vae Portfolio Mould be levied

ation on Fees

sumption of t

Size of samPeriod : OnHurdle RateBrokerage/percentageindicative cUpfront FeeManagemePerformancExit Fee (0%Service TaxThe frequen

arges on Por

Capital Contribess: Upfront F

Assets under mAdd: Profits onGross value of ess: Brokerae.g.2% of 98,ess: Managemess: Performaess: Exit Feesess: Service tatutory levieotal charges

Net Value of th% of change o

ation of PerfoS.No

ed fee and the

charged by tary from Clien

Manager fromd separately a

& Charges The compu

the Portfolio

mple portfolio ne Year e : 10% of the/ DP Chargese of assets ucharges as a pe (e.g. 2%) ent Fee (e.g. 2ce Fee (e.g. 2% upto 12 mo

x, Security Trancy of calcula

rtfolio perform

Natubution Fees managementn investment the portfolioge/ DP Cha,00,000) ment Fee (e.gance Fee (e.g Tax, Secur

es (e.g. 0.5% during the yehe portfolio a

over capital co

ormance Fee f

e charges wil

the Portfolio nt to Client. F

m time to timas per the pre

utation given

Manager for

: Rs.100 lacs

e amount inves/ Custodiannder manage

percentage of

2%) 20% of profitsonths) nsaction Tax

ating all fees i

mance: Gain

ure of Fees

t (AUM) during the ye

o at the end orges/ Custod

g.2% of 98,0g.20% of 9,80

rity Transact of 98,00,00ear at the end of tontributed

for the aboveNatu

l be debited t

Manager for Further, the fee shall be givvailing rates

n below is for

r illustration:

ested / R&T Chargement) levief assets unde

s over hurdle

& other Stat s annual.

of 20%

ear @20% onf the year

dian/ R&T C

0,000) 0,000)

tion Tax & 0)

the year

e: ure of Fees

to the Client’s

each Client sees chargeabven separate from time to

illustrative p

ges: Weighted in the pasr manageme

rate)

utory levies (

Am10

91n AUM

Charges

other

s Portfolio on

shall be deterble for new po

ly. Service ta time.

purposes only

ed average ost year/ in cant (e.g. 2%)

e.g. 0.5%)

mount in Rs. 0,00,000.002,00,000.00

8,00,000.009,60,000.00

1,96,000.00

1,96,000.001,96,000.00

0.0049,000.00

a quarterly b

rmined separortfolios introax and statut

y

of such chargase of new p

Amount 0 0

0 0

1,17,60,00

0 0 0 0

6,37,0 1,11,23,0 1

Amount in

 

basis.

rately and oduced by ory levies

ges (as a portfolio -

in Rs.

00.00

00.00 00.00 11.23%

n Rs.

1.234

Charge

CLeALeGLe9LeLeLeLeleTN%

Charge

CLeAAGLe9LeLeLeLeleTN%

11. TAThe folfacts of

. Profit f2. Less : M

. Amoun4. Perform

es on Portfoli

Capital Contribess: Upfront F

Assets under mess : Loss on

Gross value of ess: Brokerag

98,00,000) ess: Managemess: Performaess: Exit Feesess: Service Tevies (e.g.0.5otal charges

Net Value of th% of change o

es on Portfoli

Capital Contribess: Upfront F

Assets under mAdd : Profit/LoGross value of ess: Brokerag

98,00,000) ess: Managemess: Performaess: Exit Feesess: Service Tevies (e.g.0.5otal charges

Net Value of th% of change o

XATION: llowing tax if each individ

for the year Minimum pront on which Pmance Fee (@

o performanc

Nabution Fees management investment d the portfolioge/ DP Char

ment Fee (e.gance Fee, if a

Tax, Security5% of 98,00,0 during the yehe portfolio a

over capital co

o performanc

Nabution Fees managementoss on investm the portfolioge/ DP Char

ment Fee (e.gance Fee, if a

Tax, Security5% of 98,00,0 during the yehe portfolio a

over capital co

mplications adual case. Fur

ofit level (HurdProfit Sharing @20% of C)

ce: Loss of 20

ature of Fees

t (AUM) uring the yea

o at the end orges/ Custod

g.2% of 98,0ny

y Transaction 000) ear at the end of tontributed

ce : No Chang

ature of Fees

t (AUM) ment during to at the end orges/ Custod

g.2% of 98,0ny

y Transaction000) ear at the end of tontributed

are broad imthermore, th

dle Rate@10 Fees to be ca

0%

ar @20% on Af the year ian Charges

0,000)

Tax & othe

the year

ge

the year @0%f the year ian Charges

0,000)

Tax & othe

the year

mplications. The tax rates an

% on Rs.98,0alculated (1 - 2

AUM

(e.g.2% of

er Statutory

% on AUM

(e.g.2% of

er Statutory

hey may diffend provisions

00,000.00) 2)

Amount in100,00,00

2,00,00

98,00,0019,60,00

1,96,00

1,96,00

49,00

Amount in 100,00,000

2,00,000

98,00,0000

1,96,000

1,96,00000

49,000

er taking into are based on

19,60,00 9,80,00

9,80,001,96

Rs. Amou0.00 0.00

0.00 0.00

78,400.00

0.00 0.00 0.00 0.00

4,41 73,99

Rs. Amou0.00 0.00

0.00 0.00

98,000.00

0.00 0.00 0.00 0.00

4,41 93,59

o account thn the law pre

 

00.00 00.00 00.00 6,000

unt in Rs.

0,000.00

1,000.00 9,000.00

(24.5%)

unt in Rs.

0,000.00

1,000.00 9,000.00

(4.5%)

e specific vailing as

at the 2015. The clieexact t Tax ImIncomebusinesrelevan

The sabusinesbe cons

Any sinshares. Investodated J

In the f(“IT Acscenari

Any seunder t

Securit

STT is oriente

date of this d

ents are accoax implicatio

plications e arising fromss income ornt as the tax c

aid issue is ss/trading assidered while

Motive for t

Frequency o

Length of p

Treatment disclosure i

Source of fu

Existence ocorporates.

Circumstan

Acquisition

Infrastructu

ngle factor dis. All factors an

ors may refer June 15, 2007

following parct”) arising iios, viz:

Securitie

Securitie

curity held b the SEBI Act, 1

ties Transacti

applicable oed units), whi

document an

ordingly advisns.

m purchase anr capital gain computation

essentially assets or on cae determining

the purchase

of transaction

period of hold

of the secur n notes there

unds out of w

of an objects.

nces responsib

of the securit

ure and set –

scussed abovnd principles

r to CBDT ins7 for further g

ragraphs, wen the hands

es in the Port

es in the Port

by a Foreign 1992, will be

on Tax (“STT

on certain spch are tabula

nd also incorp

ed to utilise t

nd sale of secns in the han and rates diff

question ofapital accoung the nature o

of securities.

ns.

ding of the sec

ities and proeto.

which the secu

s clause perm

ble for the sal

ties – from pr

up employed

ve in isolation need to be co

truction no. guidance on t

have consid of the Clien

tfolio held as

tfolio held on

Portfolio Inv classified as

”)

pecified transated below:

porating the a

the services o

curities undernds of the Clifer in either o

f fact and dt. Based on j

of assets as ab

.

curities.

fit or loss on

urities were a

mitting tradin

le of securitie

rimary marke

d for undertak

n cannot be construed harm

1827 dated A the matter.

ered the broants (resident

business asse

capital accou

vestor (“FPI”) a capital asse

sactions (on

amendments

of a professio

r Portfolio Maent. The issu

of the two situ

depends on judicial decisbove:

n their sale in

cquired – bor

ng in securit

es.

et or seconda

king the secu

conclusive to moniously.

August 31, 19

ad implicatio as well as t

et; and

unt.

), invested inet under secti

the stock ex

s made by Th

nal consultan

anagement Seue of charactuations.

whether theions, the follo

n the accoun

rrowed or ow

ies - relevan

ry market.

rities transact

determine th

989 read wit

ns under the the non-resid

n accordanceon 2(14) of th

xchange or

e Finance (N

nt in determin

ervices can gierization of i

e shares areowing factors

ts of the ass

wn.

nt only in the

tions by the c

he exact natu

h CBDT Circu

e Income Tax dent) under

e with the rehe Income-ta

redemption

 

o. 2) Act,

ning their

ive rise to ncome is

e held as s need to

sesee and

e case of

client.

ure of the

ular no. 4

Act, 1961 both the

gulations x Act.

of equity

Sr. No.

1 Dtb

2 Du

3 Do

4. St

5. Nsun

6. D

7 D

8 Sts

9 SB(A

The abcapital

A. Trea

i.

            1 Businesare requiBoard of

Natu

Delivery btransaction inbusiness trust

Delivery baseunits of equit

Delivery baseof equity orieSale of units to the mutuaNon-delivery shares / unitsunits of businot defined.

Derivatives: F

Derivatives: O

Sale of unlistthe public isubsequentlySale of unlBookmark n(with effect frAct, 2015)

ove STT is pa assets.

atment of Div

Any dividendpaid under section 10(34

                      s Trust is definedired to be listed o India Act, 1992 a

ure of Transa

based purcn equity shart1

ed purchase y oriented fu

ed sale transanted fund of an equity l fund

based transas of ‘equity oness trustErr

Futures

Options

ted equity shaincluded in

y listed on a reisted units ot defined. rom 1 June 20

ayable, irrespe

vidend from C

income from section 115-4) of the IT A

                       as a trust registe

on a recognized sand notified by th

action

chase/ sares or units o

transaction nd

action in uni

oriented fun

action in equitoriented fundror! Bookmar

ares under a an initial pecognized sto

of a bus under an in015 – amend

ective of whe

Companies a

m a domestic O of the IT

Act. Howeve

    ered as an Infrasttock exchange, in

he Central Govern

Transacon sto

exchan

le of

Yes

in Yes

ts Yes

nd No

ty ’/ rk

Yes

Yes

Yes

n offer for sapublic offer

ock exchange siness trustEnitial public ed by the Fin

ether the secu

nd Mutual fu

company, onT Act, on dir, the domes

tructure Investmen accordance wit

nment in this beh

ction ock nge

R

Both to pa

NIL

Seller0.001

Seller0.001

Seller0.025

Seller0.01%

Wherexercpay 0Wherexercpay 0

ale to and

Seller

Error! offer nance

Seller

urities are cha

unds

n which dividestributed prostic company

ent Trust or a Reah the regulationsalf.

Rate of STT

buyer & sely 0.1%

r to pay 1% r to pay 1% r to pay 5 %

r to pay %

re Option is ncised - Seller0.05% re Option cised – Buyer0.125% r to pay 0.2%

r to pay 0.2%

aracterized as

end distributioofits, is exey is subject t

al Estate Investmes made under the

‘ValueSTT is

ller Price shares are pusold Not App

Price units arPrice units arPrice shares sold

Futureswhich ftraded

not r to

PayableOption

is to

PayableSettlem

% Price shares a

% Price atunits ar

s business as

on tax (DDT) mpt from tato DDT at th

ent Trust, the unie Securities and E

 

’ on which s payable

at which or units urchased /

plicable

at which re sold at which

re sold at which

/ units are

: Price at futures are e on Premium

e on ment Price

at which are sold

t which the re sold

sets or as

has been ax under e rate of

ts of which Exchange

ii.

B. Trea Inte(refresii.

ii.

iii.

            2 Base raof surcharate shou17.304%3 SEBI hainto a sinQFIs. Furtlaws, FPI

20.3582% (indistributed o Further, the distributing distributed, tthat where thdistribution amore than on Income (oth10(23D) of ththe IT Act, thholders shall a. In case o

38.45%

b. In case i49.44%

c. In case company

atment of Int

erest income fer paragraphdents. These As per sectiosecurities (explus surcharg As per sectioJuly 2017 in (where the rthe State Basurcharge as

As per sectiobe chargeabl

                      ate of 15% has bearge and educatiould be grossed up).

as introduced thengle category, rether, the Central s registered with

nclusive of sur paid by it.

IT Act, intera dividend the amount ohe subsidiary and that the nce.

er than on the IT Act is exhe mutual fu be liable to a

of income dist (inclusive of s

ncome distrib (inclusive of s

of an Infrasty @ 6.07% (

terest on fixe

received by ah E for the ta exceptions a

on 115AD of txcept securitiege as applicab

n 115AD of th respect of inate on such nk of India) applicable an

n 115E of thele to tax at th

                      een considered (ion cess) for the pp which would be

e SEBI (Foreign Poferred to as Fore Board of Direct T SEBI are to be re

urcharge @ 1

r alia, providto its shareh

of dividend rec is a domestic same amoun

transfer of uxempt under nd (except a

additional inc

tributed to a surcharge @1

buted to any surcharge @1

tructure debtinclusive of su

ed income sec

any taxpayer ax rates) exc

are discussed he IT Act, intes referred toble and educa

he IT Act, intenvestments m

bond does no or in Governnd education

e IT Act, interehe rate of 20%

    .e. the rate presc

purpose of grossine inclusive of sur

ortfolio Investorseign Portfolio Inv Taxes (CBDT) has egarded as FIIs an

12% and edu

des that for holders can ceived from itc company, thnt of dividend

nits) from u section 10(35an equity oriecome tax as u

resident indi12% and educ

other person12% and educ

t fund, incomurcharge @12

curities

is taxable atcept with res below. terest receiveo in point (ii) ation cess.

rest payable tmade in rupeot exceed 50ment securit cess.

est received b% plus educat

cribed under sectng up. However, charge and educ

) Regulations, 20estors (FPIs), wit issued a notificat

nd be taxed accor

ucation cess

the purpose reduce, from ts subsidiary he subsidiary d shall not b

nits of a mu5) of the IT Aented fund) d

under:

ividual or Hincation cess @

n except mencation cess @

me distribute2% and educa

the normal tpect to certa

ed by an FII/ below) is ch

to a FII/ FPI oee denomina

00 basis poinies is charge

by NRI in resption cess.

ion 115-O of the I one may argue tcation cess (i.e. in

014 (FPI Regulatith the objective otion stating that rdingly.

@ 3%) on t

e of computm the amou during the sa has paid thee taken into

utual fund spAct. However, distributing a

ndu Undivided@ 3%)

ntioned in (a)@ 3%)

ed to any noation cess @

tax rates appin interest in

FPI3 in respeargeable to t

on or after 1 Jated bonds ots over the aable to tax a

pect of foreig

Income-tax Act, 1 that for the purpon this case, base

ons) and mergedof rationalizing in for the purpose o

he dividend

ting DDT, a nt of divide

ame tax year, DDT on such account for

pecified unde under sectio

any income t

d Family at th

) above, at th

on-resident o 3%)

plicable to thencome arising

ect of coupon tax at the rat

June 2013 buof an Indian pplicable bas

at the rate of

gn exchange

1961, instead of raose of calculation rate would be co

d FIIs, sub accounnvestments made of taxability unde

 

declared,

company nd being provided

h dividend reduction

er section on 115R of to its unit

he rate of

he rate of

or foreign

e investor g to non-

n bearing te of 20%

t before 1 company se rate of f 5% plus

asset will

ate inclusive n of DDT, the onsidered as

nts and QFIs e by FIIs and er Indian tax

iv.

v.

(A) Tax

II. Pro

The fol

If the ssale of sectionor Prof

In termdisallowincomeRule 8incurre InteresSourcededuct As per exchanasset, iof acquthey ar Furtherthan equp to 3are tre STT pai

As per sectiofund and inte1 July 2017 assurcharge as As per sectio2013 but befIndian compapplicable bathe rate of 5%

x Implication

ofits and Gain

lowing are th

Gains on sa

Dividend in

Interest inc

ecurities in th such securiti

n 28 of the IT fession” after

ms of sectiowances of exe will not be aD in the inco

ed in relation

st income aris’. Any expen

tion.

the provisionnge or a unit is considereduisition by there treated as a

r, securities oquity oriente

36 months. Aated as a lon

id on securitie

on 115A of theerest receiveds approved by applicable an

n 115A of thefore 1 July 20

pany (where ase rate of th% plus surcha

ns where secu

ns of Business

he various inc

ale of securitie

ncome on sha

come on debt

he Portfolio aes would be t Act. The gain allowing nor

n 14A of thxpenses relat allowed to thome tax rules to earning of

sing on secunses incurred

ns of section 2 of an equity to be a shor

e unit holder. a long-term c

other than thd funds) are

Accordingly, ifg-term capita

es held on bu

e IT Act, inted from long-ty the Central nd education

e IT Act, intere017 in respec the rate one State Bank

arge as applic

urities are bus

s or Professio

come streams

es;

ares / Income

t securities.

re regarded a taxed under tn / loss is to rmal business

e IT Act, thing to earnine investors. Ins laying dowf exempt inco

urities may bd to earn suc

2(42A) of the y oriented fut-term capita Accordingly,

capital assets

hose listed on classified as f such securitial asset.

usiness accou

rest receivedterm infrastru Government, cess.

est payable toct of investmen such bond of India) or i

cable and edu

siness assets

n

s that can aris

-distribution

as a business the head “Pro be computeds expenses (in

e Assessing ng exempt inn March 200n the formul

ome.

e categorizedh interest (su

Act, securitiend or Zero C

al asset, if the, if such asset.

n recognized short term caes/ units are

nt is allowabl

d by a non-reucture bonds , will be charg

o a Qualified ents made in does not e

in Governmenucation cess.

se from secur

on units; and

/trading asseofits and Gaind under the hnclusive of the

Officer has ncome. Howe8, Central Bola for compu

d as ‘Businesuch as intere

es (other thanCoupon Bondese are held fts are held fo

stock exchaapital asset w held for a pe

le deduction

sident from issued after 1geable to tax

Foreign Inven rupee denoxceed 500 bnt securities i

rities held in t

d

et, then any gns of Businesshead “Profits e expenses in

been given ever, expenseoard of Direct

ting the disa

ss Income’ ost expense) w

n units) listeds held by the

for 12 monthsr a period of

nge and mutwhere they areriod of more

in computing

an infrastruct 1 July 2012 bx at the rate o

stor on or aftominated bonbasis points

is chargeable

he Portfolio:

gain / loss ariss or Professio and Gains ofncurred on tra

the power es for earning Taxes (CBDT)

allowance of

r ‘Income fro would be ava

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tual fund unre held for a than 36 mon

g business inc

 

ture debt ut before

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ter 1 June nds of an over the e to tax at

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business incom

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ms & Indian Cany

cable to indiv

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ation cess is

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nt senior citiz years of age

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Dividencontinupower earningthe for Interesincurreavailab As per exchanasset, iof acquthey ar Furtherthan equp to 3are tre

case of loss t can be set oher head (ext any other ht the profits

quent assessm

e the loss is inly against s company wh

est on securitiompany the ng of loans anvery based) isative gains wny is trading ation busines

Act has beend as a specue from Busine

x Implication

lowing are thGains on saDividend inInterest inc

nd on sharesue to be exem to disallow ag exempt incmula for com

st income arised wholly anble as deducti

the provisionnge or a unit is considereduisition by there treated as

r, securities oquity oriente

36 months. Aated as a lon

under the he off against thxcept certain head in the sa and gains o

ment years.

n the naturepeculation ga

hose gross toties”, “Income principal busnd advances, s considered ithin a period in shares, suss and accord

amended tolative transa

ess.

ns where secu

he various incale of Securiticome on shaome on debt

s (referred tompt under theany expenses come will not

mputing such

sing on securd exclusivelyion.

ns of section 2 of an equity to be a shore unit holder. long-term cap

other than thd funds) are

Accordingly, ifg-term capita

ead ‘Profits ahe income fro exceptions) iame assessmof the busin

e of speculatiain. In termstal income coe from house siness of wh loss on sale

as speculatiod of 4 subsequch business dingly, loss ar

o exclude deraction. The g

urities are Cap

come streamses; res / Income Securities.

o in section 1e IT Act. In te relating to int be allowed t disallowed am

ities would be for the earn

2(42A) of the y oriented fut-term capita. Accordingly,pital assets.

hose listed on classified as f such securitial asset.

nd Gains of om any other in the same

ment year, theess (other th

on loss, set-os of Explanatinsists mainly property”, “ich is the bu

of shares formon loss. Such uent assessm

of purchase rising from s

ivatives transain/loss from

pital Assets

s that can aris

-distribution o

115-O of the rms of sectio

ncome not in to the investomount of exp

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al asset, if the, if such asset

n recognized short term caes/ units are

Business or Pr source unde assessment yen it will be chan speculat

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y of income wCapital gains

usiness of traming part of loss can be

ment years. W and sale of such business

sactions tradem derivatives

se from Secur

on units; and

Act) and incn 14A of the Icludible in toors. Rule 8D

penditure.

d as ‘Income f income (suc

es (other thanCoupon Bondese are held fts are held for

stock exchaapital asset w held for a pe

Profession’ (oer the same h

year. If such carried forwative loss), wi

available in n 73, in case

which is charge and “Income

ading in shar the business carried forwaWhere the prishares would will not be t

ed on a stocks transaction

rities forming

d

come distribu IT Act, the Assotal income. H

of the Incom

from Other Sch as interes

n units) listeds held by the

for 12 monthsr a period of

nge and mutwhere they areriod of more

other than sp head or incom loss cannot brd and shall ithin the per

the same ase of a compaeable under te from other res or bankin of the compaard for set-ofincipal busine not be rega

treated as sp

k exchange fro would be tr

part of the P

uted by Mutusessing OfficeHowever, expme Tax Rules

ources’. Any st expense) w

on a recognie investor as s or less from more than 12

tual fund unre held for a than 36 mon

 

peculative me under

be set off be set off riod of 8

sessment ny, other

the heads sources”, ng or the any (even ff against ess of any rded as a eculation

om being reated as

Portfolio:

ual Funds er has the penses for prescribe

expenses would be

ized stock a capital

m the date 2 months,

its (other period of nths, they

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Note 2etc. Nocompu

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ode of compuonsideration xpenses on T

Net Consideost of Acquisi

Capital Gain

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2: This would ormal businesting taxable

3: In case ofed in foreign f acquisition er buying andting such gain

ovisions of thlowing parag

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erm capital ga

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erm capital g paid, are exem

sident Indian for indexatio

utation of cap ransfer (Noteeration ition (Note 1)ns (Note 3)

he computatir than bonds sfer of shares

include only ss expenses w capital gains.

f non-residen currency, wil & expenses d selling ratesns into Indian

e Act, in relatraphs.

Gains

ains are taxa

duals (includi

ains arising ompt from tax

ains arising fwould be ta Minimum Al

ns of Sectiont to tax @ 2 The tax payaned above) w

g on sale of lis

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ains arising ompt from tax

ns are permiton) or the spe

pital gains wo

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expenses rel would not be.

nts (other thl be compute on transfer s prevailing on currency (at

tion to taxati

ble in the han

ng proprietor

on transfer o under Sectio

rom transfer ken into accternate Tax p

n 112 of the 20% (plus a

able could altwithout indexsted securities

on transfer o under Sectio

ted to be govecial provision

ould be as foll

erm capital gaures). Indexates of an India

ating to transe allowable.

an FIPs), caped in foreign into foreign on the date ot Telegraphic

on of long te

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f equity shareon 10 (38) of t

of equity shacount in com provisions (se

Act, long-terpplicable su

ternatively bexation. Such as (other than

f equity shareon 10 (38) of t

verned by thns contained

ows:

ains, option otion benefits an company.

sfer of securit Further, STT

pital gains fr exchange by currency at of purchase / transfer buyi

erm and short

nt categories

/ Partnership

es or units of the Act.

ares / unit of mputing the bection 115 JB o

rm capital garcharge and

e determined an option is a units) or zero

es or units of the Act.

e general pro in section 115

of indexation are generally

ties such as b is not allowa

rom sale of y converting t the rates (Av/ sale, as the ng rate on da

t-term capita

s of assesses a

p firms & Ind

f an equity-or

an equity oribook profit aof the Act).

ains (other t cess as me @ 10% (plus

available onlyo coupon bon

f an equity-or

ovisions of th5E of the Act.

xxx (xx) xxx (xxx) xxx

of cost is avay not availabl

rokerage, staable as a ded

shares or dehe sale consiverage of Te case may beate of transfe

l gains are pr

as under:

ian companie

riented fund

ented mutuaand tax paya

han those exntioned abos applicable sy in case of Lnds.

riented fund

he Act (same

 

ailable on e to non-

amp duty, duction in

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rovided in

es

on which

al fund on able by a

xempt as ve), with

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the special papital gains i

which include is chargeable

nefit of indext.

the general p than equity ss as mention

may be. The tion cess as m

r, long-term cte of 10% (ption and fore

ove mentione

eductions from

Assessee

Sale of whsecurity Asset to purchased claim exemption

Time-limit purchase frohe date of s

of MF units Amount Exem

Lock-in Period

term Capital G

rovisions of s in respect of es shares, dee at the rate o

xation is not a

provisions Se oriented fundned above) w

tax payable cmentioned abo

capital gains plus applicabeign exchange

ed rates wou

m Long-term

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hich Any

be -to

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for om ale

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mpt Investmasset owhiche

d 3 years

Gains

section 115E o specified assbentures, de

of 10% (plus a

available to n

ection 112 of td) will be cha

with applicabl could alternaove) without

arising out oble surchargee fluctuation

ld be subject

Capital Gains

Section 54 ECrson

ed Bonds ofEC notified bl Governmeofficial g

ment cap olacs durin

al year in s transferred bsequent fin

ths

ment in the ner capital gain

ever is lower

s

of the IT Act fosets purchaseposits in an

applicable sur

non-resident I

the IT Act, lonargeable undle foreign exctively be dete indexation.

of the transfee and cess a benefit.

to applicable

s

C Indi

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f NHAI by the

ent in gazette of Rs. ng a which and in nancial

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3 ye

or non-resideed in foreign Indian Comprcharge and c

ndians, claim

ng term capitder at a rate change fluctuermined at 10

r of unlisted as mentioned

e treaty relief

Section 54ividuals / HUF

y (not dential houseresidential

perty

chase: 1 yearyears forwa

nstruction: 3ward pital portionate testment made proceeds

ears

ent Indians, in currency as

pany and secucess as mentio

ming taxability

tal gains in c of 20% (plusuation benefit0% (plus app

securities shad above) wit

as mentione

4 F F No

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e) SpSe

house SpSe

r back / ard &

3 years

6 m

Gains to the

de from

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ncome by way defined undeurity issued boned above)

y under sectio

ase of listed s applicable st or indexatioplicable surch

all be subjectthout giving

d below

Section 115 Fon-Resident dian ecified curities ecified curities

months

pital Gaoportionate e investmade from soceeds

years

 

y of long-er section by central

on 115E of

securities surcharge on, as the harge and

to tax at effect to

F

ains to

ent sale

1. Unshaap

2. Ththotaxun

3. Fo

HitSEcapcoSEJunsinregno

FPresOrBil

Tax

Ca

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Shofunme

Shotax

Anyap

4. Caheshoga

nder Section 1ares in a complicable surch

e tax rates aose referred axable on shorder Section 1

reign Portfoli

therto, foreigBI Foreign Inpital market rncept of QuaBI issued the ne 2014. Thr

ngle investor gistration for

otified that the

I has been desident of a ganisation oateral Memo

x on FPIs

pital gains ar

ng-term capithich STT is pai

ng-term capicurities, shallove). Such crrency conver

ort-term capind on which Sentioned abov

ort term capixable at the ra

y income arisplicable surch

pital Loss: Load. Further, ort-term capins.

111A of the IT mpany or a un

harge and ces

pplicable to above) wouldrt term capita15AD of the IT

io Investors

gn portfolio institutional In regulator, soalified Foreign SEBI (Foreignough these re class with

r different cae tax regime

efined as a pe country whof Securities orandum of U

ising to an FP

tal gains arisd, are exemp

tal gains (ot be taxable

capital gains rsion;

ital gains aris STT is paid, sve);

tal gains on wate of 30% (p

sing to an FPIharge and ces

osses under th within the heital gains. H

Act, income fnit of equity oss as mention

different cated be the normal gains @ 30

T Act.

nvestors wernvestors “FII”ught to widenn Investors “Qn Portfolio Invegulations, th

a view to eategories of f prevailing fo

erson not resiose securitie

Commission nderstanding

PI will be taxa

sing on transpt from tax un

ther than th at the rate would be c

sing to an FPhall be taxab

which STT is plus applicabl

by way of hoss as mention

he head ‘Capead ‘Capital owever, sho

from Short teriented fund

ned above).

egories of assmal rates as m0% plus appl

re making inv” Regulationsn the stream QFI” to makevestors) Reguhe SEBI seeksensure unifoforeign invesr erstwhile FII

dent in India es market re (IOSCO) Mug.

able as under

sfer of equitynder Section 1

ose exempt of 10% (pluscomputed wit

PI on transfer ble at the rate

not paid, arise surcharge a

olding of secuned above).

ital Gains’ ca Gains’, long-rt-term capit

erm Capital G (on which ST

sesses on Shmentioned abicable surcha

vestments ins. Vide circu of foreign po

e investmentsulations 2014s to harmonisrm guideline

stors. The CI will apply to

and not a Noegulator is ultilateral Me

:

y shares or u 10 (38) of the

as above) as applicable sthout giving

of equity she of 15% (plu

sing to a FPI f and cess as m

urities would

nnot be set oterm capital

tal losses can

Gains arising fTT is paid) are

ort term Capbove) except farge and cess

India under lar dated 7 J

ortfolio invests in India. O “FPI Regulat

se FIIs, sub aces and proventral Gover

o FPI as well.

on Resident Ina signatory emorandum

nits of an eqe IT Act;

arising to an surcharge an effect of in

ares or units us applicable

from transfermentioned ab

be taxable at

off against inc losses cannon be adjuste

from transfer e taxable @ 1

pital Gains (ot for FPIs who as mentione

the provisioJune 2012, Stors by introdn 7 January 2tions”, effecticounts and Qide a singlenment has s

ndian. FPI sh to the Inte of Understa

quity-oriented

FPI from trnd cess as mdexation and

of an equity surcharge an

r of securitiesove);

t the rate of 2

come under aot be adjusted against an

 

of equity 5 % (plus

ther than would be ed above)

ns of the EBI – the ucing the

2014, the ive from 1

QFIs into a e window since also

ould be a ernational anding or

d fund on

ransfer of mentioned

d foreign

y oriented nd cess as

s, shall be

20% (plus

any other d against

ny capital

Unga

Unhe

Other r

5. Tax

Thschfun(Mme It hshacosch

6. AltAlltheof pefol

AMincforAMadjcha

7. Tax

In Dopatre

nabsorbed lonins arising in

nabsorbed shad Capital Ga

relevant provi

x neutrality o

e Finance Achemes of an nd, in accord

Mutual Fund) erger will not

has been amall be the cosnsolidated schemes.

ternate Minim unit holderse adjusted to the Act is lessr AMT. “Adjlowing deduc

claim, if anthan section

claim, if any

claim, if anydepreciatiosection 35Aclaimed.

MT will not apcome of such rward to ten

MT. Further, cjusted total inapter VI-A or

xability of no

case of non-ouble Taxatioyable at the

eaty, if any, w

ng-term capit subsequent e

ort-term capiains in subseq

visions

on merger of

ct, 2015 has equity orientdance with t Regulations, result in tran

ended to prost of units in cheme shall

mum Tax (“A (other than

otal income. s than the AMjusted total ictions:

y, under sectn 80P);

y, under secti

y, under sectin allowable i

AD was allow

ply to an Indi person does subsequent yredit of AMT ncome does section 10AA

on-residents i

-resident union Avoidance rates provide

whichever is m

tal loss can b eight assessm

ital loss can bquent eight as

similar schem

amended toed fund or twthe process o 1996, shall

nsfer and will

ovide that the the consolid

include the

AMT”) companies) In a situation

MT on “adjustncome” for t

tion C, - ‘Ded

on 10AA; and

ion 35AD (in in accordanceed in respect

ividual, HUF, not exceed I

years and se paid in a giv not exceed IN or section 35

nvestors

t holder who Agreement ed in the Act

more beneficia

be carried forment years.

be carried forssessment ye

mes of Mutua

o provide thawo or more scof consolidat be tax neutr not be liable

e cost of acqudating schem period for w

are subject ton where the ed total incom

this purpose

duction in res

d

respect of cae with the prt of the asset

AOP, BOI or NR 20 lakhs.

t off in the yven year can NR 20 lakhs o5AD of the Act

o is a residen (“DTAA” or t, as discusseal to such non

rward and se

rward and seears.

al Fund

at the consochemes of a ftion of mutural to the inv to capital ga

uisition of thee and the pe

which the uni

o tax under A income-tax cme”, the unit is the total i

spect of certa

pital expendrovision of sets on which t

an Artificial J. Further, creyears(s) wher be claimed i

or where no t.

nt of a coun “tax treaty”)ed above, or n-resident un

et off against

t off against

olidation/ me fund other thual fund schevestors. Thusains.

e units of theeriod of holdits were held

AMT at the raomputed as t holder shall

income befor

ain incomes’

iture) as reduection 32 as he deduction

uridical Persoedit of AMT isre regular inc

n any subseq deduction ha

try with whic) (which is in the rates proit holder.

the long-ter

the income u

erger of two han an equityemes under s, such conso

e consolidatedng of the un

d in the cons

ate of 18.5 pe per normal p be liable to pre giving effe

of chapter VI

uced by the a if no deductin under that

on if the adju allowed to bcome tax excquent year evas been claim

ch India has n force) incomovided in the

 

m capital

under the

or more y oriented the SEBI olidation/

d scheme nits of the solidating

ercent on provisions pay tax as ect to the

I-A (other

mount of on under

section is

sted total be carried ceeds the ven if the

med under

signed a me tax is such tax

Foco

8. Mi

Tharichashaacc

9. Ge

As finma

GApriseetrapre

10. Tax

In widres

Specia Dividen Under monthof comSecurit Record

(i) a c(ii) a M

to un

Bonus Under date ofthe trathe pur

r non-residenuntry tax aut

inimum Alter

e Finance Actsing to foreiargeable to tall be reducecount corresp

eneral Anti Av

per the Finaancial year 2ade up to 31 M

AAR empoweimary purposek to confe

ansactions/ pesumed to ex

xability of Ca

the context dened with rsidents, gains

l Provisions r

nd Stripping

section 94(7s of the recor

mputing incomties / Units.

d date means

company for t Mutual Fund in the Explanits to receive

Stripping

section 94(8f entitlementnsfer of the orpose of com

nts claiming shority, a tax r

rnate Tax (“M

t, 2015 has aign companieax at the rate

ed from the ponding to su

voidance Rule

ance Act, 202017-18. Furth March 2017 fr

rs the tax aue of tax avoidr on the ta

persons in situxist in law.

apital Gains

of taxation retro-effect fs from direct o

elating to Av

) of the Act, rd date and s

me chargeabl

the date as m

the purposes or the Adminnation to clau income, or a

8) of the Act, t of bonus anoriginal units puting the in

such tax treat residency cert

MAT”) applica

mended the es by way ofes specified in book profit uch income, s

es (GAAR)

15, the impleher, the provrom the appl

uthorities to dance as an iax officer exuations wher

of capital garom 1 April 1

or indirect tra

voidance of Ta

loss arising osold within nie to tax to th

may be fixed

of entitlemenistrator of thuse (35) of seadditional uni

for units purnd sold within (while contincome charge

ty benefits, thtificate (‘TRC’

ability to FPI’s

MAT provisiof capital gainn chapter XII.

and the exphall be added

ementation ovisions have aicability of GA

treat any tra mpermissiblextensive powre there is a

ains, the def 1962 specificansfer of asse

ax

on sale of secne months thhe extent of

by—

nt of the holde specified unction 10, for tt without any

rchased within a period of nuing to hold able to tax.

he Act manda’) and form 10

s

ns to excludens from tran. Thus, the penditures, if d back to the

of GAAR has also been amAAR.

ansaction or e avoidance awers, to dis tax avoidanc

finitions of “cally with a vets in India;

curities or unhe record dat exempt inco

der of the secndertaking or

the purposes y consideratio

in a period o nine months the addition

ates the obta0F in the pres

e from its chasactions in srofit correspo any, debited book profit w

been deferrmended to pr

arrangement arrangementsregard/ comce motive or

“capital assetview to tax,

nits, which arte, shall be igome received

urities to recer the specified of entitleme

on, as the cas

f three monts after this daal bonus unit

aining, from tscribed forma

argeability, thsecurities andonding to sucd to the profwhile computi

red to apply rotect the inv

t entered int. The GAAR p

mbine/ recha where such

t” and “tran in the hands

e bought witnored for the or receivable

eive dividendd company asnt of the hold

se may be.

ths prior to thate the loss ats) shall be ig

 

the home at.

e income d interest ch income fit & loss ing MAT.

from the vestments

to for the provisions aracterise motive is

nsfer” are s of non-

thin three e purpose e on such

; or s referred der of the

he record arising on nored for

The amunits a

Default

Sectionthat thtax at s

(A) We

Unsec

(B) Gif

Thsubsecwit Furec(a)(b)(c)(d)(e)(f)

(g) Thfro ThA]

B]

mount of loss s are held by

t in providing

n 206AA of the deductee is

source at the 1. Th2. Th3. Th

ealth Tax

nits held undection 2(ea) of

ft Tax

e Gift -tax Actbject to incocurities, the fthout adequa

rthermore thceived by the ) From any re) On the occa Under a wi) In contemp) From any lo

From any fumedical insor

) From any tr

e definition oom October 1,

e term ‘relati In the case o(i) The spo(ii) The brot(iii) The brot(iv) The brot(v) Any line(vi) Any line(vii) The spo

In the case o

so ignored s the Assessee

g the Perman

he Act insertes required to p higher of thee rate prescrie rate in forcee rate of 20%

er the schemef the Wealth-t

t, 1958 has bme tax in th

fair market vate considera

he above pro donee: elative; or asion of the mll or by way o

plation of the ocal authorityund or foundastitution or an

rust or institu

of ‘relative’ ha, 2009.

ve’ shall meaof an Individuause of the indther or sister ther or sister ther or sister

eal ascendanteal ascendantuse of the pe

of a HUF, any

hall be deeme on the date

nent Account

d by the Fina provide his PAe following raibed in the Ace; or

%.

e of the Mututax Act, 1957

een repealede hands of t

value of whiction are taxa

ovision of sec

marriage of thof inheritance death of the y as defined ination or univeny trust or ins

ution registere

as been amen

an: al - dividual of the individ of the spouse of either of th or descenda or descendarson referred

member ther

med to be the of such sale o

Number (‘PA

nce (No.2) AcAN to the dedtes:

ct;

al Fund are n and are, the

d since 1 Octothe donee. Uch exceeds fible as income

ction 56(2)(vi

he individual;; or payer or donn the Explanaersity or othetitution refer

ed under sect

nded vide the

dual e of the indivihe parents ofnt of the indint of the spou

d to in clausesreof.

cost of purch or transfer.

AN’)

ct, 2009, effeductor failing

not treated asrefore, not lia

ober, 1998. A Under sectionifty thousande in the hand

ii) shall not a

; or

nor, as the casation to clausr educationared to in clau

tion 12AA of t

e Finance Act,

idual f the individuavidual use of the inds (ii) to (vi), a

hase / acquis

ective from 1 A which the de

s assets withinable to Wealt

gift of Mutua 56(2)(vii), r

d rupees, witds of individua

apply to any

se may be; ore (20) of sectl institution o

use (23C) of se

he Act.

, 2012, with r

al

dividual nd

sition of the a

April, 2010, steductor shall d

n the meaninth Tax.

al Fund units receipts of shhout consideals / HUFs.

shares and

r tion 10 of the

or hospital or ection 10 of t

etrospective e

 

additional

tates deduct

ng of

would be hares and eration or

securities

e Act; or other he Act;

effect

Advanc

It wthe

(C) No

i.

ii.

iii.

iv.

v.

12. Acc A. Th

forun

B. ForectraFin

C. Foacc1. 2.

3.

4.

ce tax obligat

will be the ree due dates s

otes:

The tax inccapital gain Tax rates inof the Inves In view of town tax ad The provisiotax overvie General Anarrangemeby the Finacommencin

counting Poli

e Portfolio Mr accounting der SEBI (Porr every Clientcords and doansactions annancial Statemllowing Accocounts & reco

InvestmentDividend indate the shstock exchaIn respect ois earned. Tlast interesshall be defor the peraddition toIn determinFirst-in-First

tions

esponsibility opecified unde

idence to invns versus busi

n India may cstors.

the particulavisor with res

ons of the prow.

nti Avoidanceent(s) are fouance Act, 20ng 1 April, 201

cies

Manager shall the assets ofrtfolio Managt Portfolio, thocuments, fond to disclosements and in unting Policieords of the Clts are stated ancome earnedhare is quoteange, dividen

of all interest- Therefore, whst due date uebited to Inteiod from the sale value buning the holdt-out (FIFO) m

of the Client ter the Income

estors could viness profits)

change from t

rized nature spect to the s

oposed Direct

Rules (‘GAAnd to be imp

013, the GAA15.

maintain a sf the Client agers) Regulatihe Portfolio Mr the Client,

e at any poin particular gives are proposient.

at cost of acqd shall be recoed on an ex-dd income sha-bearing invehen such inveupto the daterest Recovera last interest

ut shall be creding cost of inmethod shall

to meet the ae-tax laws.

vary materia accruing to t

time to time.

of tax consepecific tax co

t Tax Code Bi

R’) may be ipermissible av

R provisions

eparate Portfnd any receipions, 1993.

Manager shal on mercantt of time the

ve a true and sed to be fol

uisition by thognized, not dividend basiall be recognistments, inco

estments are e of purchaseable Account due date up

edited to Intenvestments a be followed.

advance tax o

lly based on them.

. Any changes

quences, eacnsequences o

ll, 2013, have

nvoked by thvoidance arra will come in

folio record inpt, income in

ll keep and mtile system oe financial po fair view of tlowed for the

e Portfolio M on the date ts. For investmzed on the da

ome shall be purchased, in shall not be. Similarly, in

p to the daterest Recoverand the gains

obligation ins

the character

s may advers

ch investor is of investing in

e not been co

he Indian incangements. Anto effect fro

n the name on connection

maintain propf accounting

osition of the he state of afe purpose of

Manager. the dividend iments, whichate of receipt accrued on anterest paid foe treated as anterest receiv of sale shallable Account. or loss on sa

stallments pa

rization of inc

sely affect the

advised to cn securities.

onsidered in t

ome-tax authAs per the amom the finan

of the Client in therewith as

per books of a, so as to e Client’s Portffairs. maintaining

is declared, bh are not quo. day-to- day bor the perioda cost of purced at the timl not be treat.

ale of investm

 

ayable on

come (i.e.

e taxation

consult its

the above

horities if mendment ncial year

n its book provided

accounts, xplain its tfolio and

books of

but on the oted on a

basis as it from the

chase but me of sale

ted as an

ments, the

5.

6.

7.

8.

9.

1011.

12.13.

14

15.

16

Transactionas of the serecorded anBonus sharaccrues areRights ententitlementThe cost ofcharge custIn respect ofrom the co

. All other ex Investment

the Nationathe securitsecurity onmay be. In price shall valued at tof the repo

. Open posit

. Private equat which co

. Unrealised and the his

. Where invethrough prbe recordeenforceableenforceableinstrument

. Securities bSecurity at The accounto time byRegulation

ns for purchasettlement dand reflected ires shall be ree traded on thitlement shat accrues are f investmenttomarily inclu

of privately post of the invexpenses payats in listed eqal Stock Exchies are not t the Bombay case of the s

be used for the Net Asset rt. ions in deriva

uity/Pre IPO pompany has p gain/losses torical cost of

estment tranivate placem

ed, in the eve obligation te right to cos sold. brought in o NSE. If closin

nting policies y Portfolio Ms.

se or sale of ite, so that th

n the financiaecognized onhe stock exchaall be recogn traded on thts acquired ouded in the brplaced debt inestment. ble by the Cli

quity and debange (NSE)/Btraded on thy Stock Excha securities are the valuation

Value of the

ative transact placements wplaced shares are the differf the securitiesactions takeent or purch

vent of a pu to pay the prollect the pro

or withdrawng price on NS

and standardManager. Ho

investments she effect of aal statementsly when the oange on an e

nized only we stock excha

or purchased roker’s boughnstruments a

ent shall be abt instrumentBombay Stoche NSE/BSE onge/NSE will

e not traded o of securities

e previous day

ions, will be mwill be valued to other inverences, betwes. e place outsidases or salesrchase, as ofrice or, in theoceeds of sal

by the ClienSE is not availa

ds as outlinedowever such

shall be recogall investments for that year original shareex-bonus basiwhen the origange on an ex shall includeht note. any front-end

accrued as ans will be valuk Exchange (on the valual be used for

on the valuat. Investmenty declared fo

marked to ma at cost or at

estors till it is een the curre

de the stock s through privf the date o

e event of a sle or an enfo

nt shall be vable, BSE pric

d above are sh changes w

gnized as of tts traded durr. es on which ts. ginal shares x-rights basise brokerage,

discount off

d when Liabiued at the cloBSE)- (Princiption day, the valuation of tion date, thes in units of Mr the relevan

arket on the vt a last deal p listed. ent market v

market, for vate treaty, t

on which thesale, when thorceable obl

valued at thece would be c

subject to chawould be in

the trade datering a financi

the bonus en

on which t. stamp duty

fered shall be

lity is incurredosing market pal Stock Exche closing pric securities ase last availab

Mutual Fundsnt Scheme on

valuation daypublicly availa

alue/ Net As

example, acqthe transactioe portfolio ob

e portfolio oigation to de

e closing pric considered.

anges made f conformity

 

e and not ial year is

ntitlement

he rights

and any

e reduced

d. prices on hange). If ce of the

s the case ble traded s shall be the date

y. able price

set Value

quisitions on should btains an btains an eliver the

ce of the

from time with the

13. Inv (i) Con

(ii)

vestor Service

ntact Informa

Name, addInvestor qu Name : MAddress : C C

B Telephone Fax : 022 –Email : m.p

The officer ensure thahandle inve

Grievance R The Portfolcauses for remains diinvestor an All disputesPortfolio Mprovision modificatioshall be he

es

ation

dress and teleeries and com

Mr. M Papara Canara RobecConstruction Ballard Estate

: 022 – 6658– 6658 5012/paparao@ca

mentioned at this officiaestor complai

Redressal and

lio Manager grievance, fossatisfied witd the Portfoli

s, differencesManager and/

of The Arbion or re-enacld at Mumba

ephone nummplaints:

ao co Asset Mana House, 4th Fle, Mumbai 4

8 5000 /13 nararobeco.c

above will enl is vested wints.

d Dispute Set

will endeavoor whatever th the remeio Manager s

s, claims and/or their respeitration and

ctment thereoi or such othe

ber of the In

agement Comoor, 5, Walch00 001

com

nsure prompwith necessar

ttlement Mec

r to address reason, in aedies offered hall abide by

d questions wective represe Conciliationof for the timer place as the

vestor Relati

mpany Ltd. hand Hiracha

pt investor sery authority,

chanism

all complaint reasonable or the actio the following

whatsoever aentatives shan Act, 1996

me being in foe portfolio m

on Officer wh

nd Marg,

ervices. The P independenc

ts regarding manner andon of the pog mechanism

rising betweell be settled i or any storce. Such aranager think

ho shall atten

Portfolio Mance and the m

service deficid time. If theortfolio mana

ms:-

en the Client n accordance

atutory requrbitration pros fit.

 

nd to the

nager will means to

iencies or e investor ager, the

t and the e with the uirement, oceedings

Date: CanaraAddres5, WalcBallardCIN - U Dear Si

With ______Ltd. Thanki Yours T Signatu Name …………….…………………….………

a Robeco Assess: Constructiochand Hirach

d Estate, Mum65990MH19

ir,

Sub: DiscloMan

reference to_______for t

ng You,

Truly,

ure of Client:

& Address of …………………………………………

…………………………………………

et Managemeon House, 4th

and Marg, mbai 400 001

93PLC071003

osure Documagement Com

o the abov the Portfolio

Client: ……… ……..

……… ……..

DECL

ent Companyh Floor,

. 3

ment for the mpany Ltd.

ve I/we con Managemen

LARATION BY

Ltd.

Portfolio M

nfirm the rnt Services of

CLIENT

anagement

receipt of tf Canara Rob

Services of C

the Disclosubeco Asset M

Canara Robe

re DocumenManagement

 

eco Asset

nt dated Company

CONTA CanaraConstruBallardT +91 2Toll freWebsit

ACT:

a Robeco Asseuction House

d Estate, Mum22 66585000e No.: 1800-2

te: www.cana

et Manageme, 4th Floor, 5,

mbai 400 0010 F +91 2209-2726

ararobeco.com

ent Company Walchand H

22 6658 5012

m

Ltd.( PMS divirachand Mar

2

vision) rg,