SCHEME INFORMATION DOCUMENT

HDFC NIFTY200 Momentum 30 Index Fund

An open ended scheme replicating/tracking NIFTY200 Momentum 30 Index (TRI)

This product is suitable for investors who are Riskometer#

seeking*
This product is suitable for investors who are
seeking*:
 Returns that are commensurate (before fees
and expenses) with the performance of the
NIFTY200 Momentum 30 Index (TRI) over
long term, subject to tracking error.
 Investment in equity securities covered by the
NIFTY200 Momentum 30 Index

*Investors should consult their financial advisers, if

in doubt about whether the product is suitable for
them.

# The product labeling assigned during the NFO is

based on internal assessment of the scheme
characteristics or model portfolio and the same
may vary post NFO when the actual investments
are made.

For latest riskometer, investors may refer to the

Monthly Portfolios disclosed on the website of the
Fund viz. [Link]

Offer of Units of Rs. 10 each during the New Fund Offer (NFO)
and Continuous Offer of Units at Applicable NAV
New Fund Offer (NFO) Opens on: February 09, 2024
New Fund Offer (NFO) Closes on: February 23, 2024
Scheme Reopens on: Scheme will re-open for continuous Sale and
Repurchase within 5 business days from the date of
allotment of units under NFO

Name of Mutual Fund (Fund): HDFC Mutual Fund

Name of Asset Management Company (AMC): HDFC Asset Management Company Limited
Name of Trustee Company: HDFC Trustee Company Limited

Address:
Asset Management Company (AMC): Trustee Company:
HDFC Asset Management Company Limited HDFC Trustee Company Limited
Registered Office: Registered Office:
HDFC House, 2nd Floor, H.T. Parekh Marg, HDFC House, 2nd Floor,
165-166, Backbay Reclamation, Churchgate, H.T. Parekh Marg, 165-166, Backbay
Mumbai - 400 020. Reclamation,
CIN No: L65991MH1999PLC123027 Churchgate, Mumbai - 400 020.
CIN No. U65991MH1999PLC123026

Page 1 of 136
 Website:
[Link]

The particulars of the Scheme have been prepared in accordance with the Securities
and Exchange Board of India (Mutual Funds) Regulations, 1996, (herein after referred
to as SEBI (MF) Regulations) as amended till date, and filed with SEBI, along with a
Due Diligence Certificate from the AMC. The units being offered for public
subscription have not been approved or recommended by SEBI nor has SEBI certified
the accuracy or adequacy of the Scheme Information Document.

The Scheme Information Document sets forth concisely the information about the Scheme
that a prospective investor ought to know before investing. Before investing, investors should
also ascertain about any further changes to this Scheme Information Document after the
date of this Document from the Mutual Fund / Investor Service Centres (ISCs) / Website /
Distributors or Brokers.

The investors are advised to refer to the Statement of Additional Information (SAI) for
details of HDFC Mutual Fund, Tax and Legal issues and general information on
[Link]

SAI is incorporated by reference (is legally a part of the Scheme Information

Document). For a free copy of the current SAI, please contact your nearest Investor
Service Centre or log on to our website - [Link]

The Scheme Information Document should be read in conjunction with the SAI and
not in isolation.

This Scheme Information Document is dated January 29, 2024.

Page 2 of 136
 Contents

HIGHLIGHTS / SUMMARY OF THE SCHEME .............................................................................. 4

I. INTRODUCTION .......................................................................................................................... 9
A. RISK FACTORS ...................................................................................................................... 9
B. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME .................................. 16
C. SPECIAL CONSIDERATIONS ............................................................................................ 16
D. DEFINITIONS ........................................................................................................................ 21
E. ABBREVIATIONS ................................................................................................................. 25
F. DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANY .................................. 27
G. RATIONALE AND PRODUCT DIFFERENTIATION ........................................................ 28
II. INFORMATION ABOUT THE SCHEME................................................................................. 30
A. TYPE OF THE SCHEME ..................................................................................................... 30
B. WHAT IS THE INVESTMENT OBJECTIVE OF THE SCHEME? .................................. 30
C. HOW WILL THE SCHEME ALLOCATE ITS ASSETS? .................................................. 30
D. WHERE WILL THE SCHEME INVEST? ........................................................................... 32
E. WHAT ARE THE INVESTMENT STRATEGIES? ............................................................ 37
F. CREATION OF SEGREGATED PORTFOLIO ................................................................. 43
G. FUNDAMENTAL ATTRIBUTES .......................................................................................... 47
H. HOW WILL THE SCHEME BENCHMARK ITS PERFORMANCE? .............................. 47
I. WHO MANAGES THE SCHEME? ..................................................................................... 51
J. WHAT ARE THE INVESTMENT RESTRICTIONS? ........................................................ 54
K. HOW HAS THE SCHEME PERFORMED? ....................................................................... 57
L. ADDITIONAL SCHEME RELATED DISCLOSURE(S) ............................................. 57
III. UNITS AND OFFER .............................................................................................................. 58
A. NEW FUND OFFER (NFO) ................................................................................................. 58
B. ONGOING OFFER DETAILS .............................................................................................. 68
C. PERIODIC DISCLOSURES ............................................................................................... 107
D. COMPUTATION OF NAV ...................................................................................................... 114
IV. FEES AND EXPENSES ........................................................................................................... 115
A. NEW FUND OFFER (NFO) EXPENSES............................................................................ 115
B. ANNUAL SCHEME RECURRING EXPENSES ................................................................ 115
C. TRANSACTION CHARGES .............................................................................................. 118
D. LOAD STRUCTURE ........................................................................................................... 118
E. WAIVER OF LOAD FOR DIRECT APPLICATIONS ...................................................... 119
F. STAMP DUTY ON ALLOTMENT/ TRANSFER OF UNITS* ............................................. 119
V. RIGHTS OF UNITHOLDERS .................................................................................................... 120
VI. PENALTIES, PENDING LITIGATION OR PROCEEDINGS, FINDINGS OF
INSPECTIONS OR INVESTIGATIONS FOR WHICH ACTION MAY HAVE BEEN TAKEN
OR IS IN THE PROCESS OF BEING TAKEN BY ANY REGULATORY AUTHORITY ........ 121

Page 3 of 136
HIGHLIGHTS / SUMMARY OF THE SCHEME
Name of the HDFC NIFTY200 Momentum 30 Index Fund
Scheme
Scheme Code HDFC/O/E/EIN/23/12/0131
Category of the Index Fund
Scheme
Type of the An open-ended scheme replicating/tracking NIFTY200 Momentum 30
Scheme Index (TRI).
Investment To generate returns that are commensurate (before fees and
Objective expenses) with the performance of the NIFTY200 Momentum 30 Index
(TRI), subject to tracking error.

There is no assurance that the investment objective of the

Scheme will be realized.
Liquidity The Scheme offered being an open-ended scheme will offer Units for
Sale / Switch-in and Redemption / Switch-out on every Business Day
at NAV based prices when the Scheme re-opens for ongoing
transactions (after the NFO).

As per SEBI (MF) Regulations, the AMC shall transfer redemption

proceeds within 3 working days from the date of redemption or such
other timeline as may be specified by SEBI / AMFI from time to time A
penal interest of 15% or such other rate as may be prescribed by SEBI
from time to time, will be paid by the AMC for the period of delay in
case the redemption proceeds are not transferred within the prescribed
time. Please refer to section “Redemption” on for details.
Benchmark NIFTY200 Momentum 30 Total Returns Index (TRI)
Index
Transparency / The AMC will calculate and disclose the first NAVs of the Scheme not
NAV Disclosure later than 5 Business Days from the date of allotment of units under
the NFO.

Subsequently, the AMC will calculate and disclose the NAVs under the
Scheme at the close of every Business Day. As required by SEBI, the
NAVs shall be disclosed in the following manner:
i. Displayed on the website of the Mutual Fund
([Link])
ii. Displayed on the website of Association of Mutual Funds in
India (AMFI) ([Link]).
iii. Any other manner as may be specified by SEBI from time to
time.

Mutual Fund / AMC will provide facility of sending latest available

NAVs to unitholders through SMS, upon receiving a specific request in
this regard.

AMC shall update the NAVs on the website of the Fund and AMFI by
11.00 p.m. on every Business day. In case of any delay in uploading
on AMFI website, the reasons for such delay would be explained to
AMFI and SEBI in writing. If the NAVs are not available before
commencement of business hours on the following day due to any
reason, Mutual Fund shall issue a press release providing reasons and
explaining when the Mutual Fund would be able to publish the NAVs.

Page 4 of 136
 The AMC will disclose portfolio (along with ISIN and other prescribed
details) of the Scheme in the prescribed format, as on the last day of
the month / half-year i.e. March 31 and September 30, on its website
viz. [Link]. com and on the website of Association of Mutual
Funds in India (AMFI) viz. [Link] within 10 days from the
close of each month/half-year respectively. In case of unitholders
whose e-mail addresses are registered, the AMC will send via email
both the monthly and half-yearly statement of scheme portfolio within
10 days from the close of each month/half-year respectively. AMC will
publish an advertisement every half-year in the all India edition of at
least two daily newspapers, one each in English and Hindi, disclosing
the hosting of the half-yearly statement of the Scheme portfolio on its
website and on the website of Association of Mutual Funds in India
(AMFI). AMC will provide a physical copy of the statement of its
Scheme portfolio, without charging any cost, on specific request
received from a unitholder.
Loads Entry Load: Not Applicable.
(For Lumpsum Pursuant to clause 10.4.1.a of Master Circular, no entry load will be
Purchases and charged by the Scheme to the investor.
Investments
Exit Load:
through SIP/STP)
NIL
No Entry / Exit Load shall be levied on bonus units and units allotted
on reinvestment of IDCW.

In respect of Systematic Transactions such as SIP, STPs etc. Exit

Load, if any, prevailing on the date of registration / enrolment shall be
levied.

For further details on load structure refer to the section 'Load Structure'
under Section ‘Fees and Expenses’.

Plans / Options The Scheme offers Regular Plan and Direct Plan.

Each Plan offers Growth Option Only

The Plans under the Scheme will have common portfolio.

The AMC reserves the right to introduce further Options as and when
deemed fit.

Regular Plan is for investors who wish to route their investment

through any distributor. Direct Plan is for investors who wish to invest
directly without routing the investment through any distributor.

Growth Option
All Income earned and realized profit in respect of a unit issued under
that will continue to remain invested until repurchase and shall be
deemed to have remained invested in the option itself which will be
reflected in the NAV.
Default Plan/Option
Each Plan offers Growth Option only.
Investors should indicate the Plan viz. Regular/ Direct for which the
subscription is made by indicating the choice in the appropriate box

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 provided for this purpose in the application form. In case of valid
applications received without indicating any choice of Plan, the
application will be processed for the Plan as under:

Scenario ARN Code Plan mentioned Default Plan

mentioned by the by the investor to be
investor captured
1 Not mentioned Not mentioned Direct Plan
2 Not mentioned Direct Direct Plan
3 Not mentioned Regular Direct Plan
4 Mentioned Direct Direct Plan
5 Direct Not Mentioned Direct Plan
6 Direct Regular Direct Plan
7 Mentioned Regular Regular Plan
8 Mentioned Not Mentioned Regular Plan
In cases of wrong/ invalid/ incomplete ARN codes are mentioned on
the application form, the application shall be processed under Regular
Plan. The AMC shall contact and obtain the correct ARN code within
30 calendar days of the receipt of the application form from the
investor/ distributor. In case, the correct code is not received within 30
calendar days, the AMC shall reprocess the transaction under Direct
Plan from the date of application without any exit load.

In case an investor submits an application with ARN number which is

valid, but the broker/distributor is not empaneled with the AMC, the
transaction will be processed under “Direct Plan” or in the manner
notified by SEBI / AMFI from time to time.

The financial transactions# of an investor where his distributor’s AMFI

Registration Number (ARN) has been suspended temporarily or
terminated permanently received during the suspension period shall be
processed under “Direct Plan” and continue to be processed under
“Direct Plan” perpetually unless after suspension of ARN is revoked,
unitholder makes a written request to process the future installments /
investments under “Regular Plan”. Any financial transactions requests
received through the stock exchange platform, from any distributor
whose ARN has been suspended, shall be rejected.
#
Financial Transactions shall include all Purchase / Switch requests
(including under fresh registrations of Systematic Investment Plan
(“SIP”) / Systematic Transfer Plan (“STP”) or under SIPs/ STPs
registered prior to the suspension period).
Minimum During NFO Period and continuous offer period (after scheme re-
Application opens for repurchase and sale):
Amount Purchase and additional purchase: Rs. 100 and any amount thereafter

Note: Allotment of units will be done after deduction of applicable

stamp duty and transaction charges, if any.
Applications Investors may apply through the ASBA process during the NFO period
Supported By of the Scheme by filling in the ASBA form and submitting the same to
Blocked Amount their respective banks, which in turn will block the amount in the
(ASBA) account as per the authority contained in ASBA form and undertake
other tasks as per the procedure specified therein.

Page 6 of 136
 For complete details on ASBA process refer Statement of Additional
Information (SAI) made available on our website [Link].
Transaction In accordance with clause 10.5 of Master Circular, HDFC Asset
Charges Management Company Limited (“the AMC”)/ Mutual Fund shall deduct
the Transaction Charges on purchase / subscription received from the
investors investing through a valid ARN Holder i.e. AMFI registered
Distributor including transactions routed through Stock exchange(s)
platform viz. NSE Mutual Fund Platform (“NMF II”) and BSE Mutual
Fund Platform (“BSE StAR MF”) (provided the distributor has opted-in
to receive the Transaction Charges for the Scheme type) as under:
(i) First Time Mutual Fund Investor (across Mutual Funds):
Transaction Charge of Rs. 150/- per purchase / subscription of
Rs.10,000/- and above will be deducted from the purchase /
subscription amount for payment to the distributor of such investor and
the balance shall be invested.
(ii) Investor other than First Time Mutual Fund Investor:
Transaction Charge of Rs. 100/- per purchase / subscription of
Rs.10,000/- and above will be deducted from the purchase /
subscription amount for payment to the distributor of such investor and
the balance shall be invested.
TRANSACTION CHARGES IN CASE OF INVESTMENTS THROUGH
SIP:
Transaction Charges in case of investments through SIP are
deductible only if the total commitment of investment (i.e. amount per
SIP installment x No. of installments) amounts to Rs. 10,000 or more.
In such cases, Transaction Charges shall be deducted in 3-4
installments.

Identification of investors as “first time” or “existing” will be based on

Permanent Account Number (PAN) at the First / Sole Applicant /
Guardian level. Hence, Unitholders are urged to ensure that their PAN
/ KYC is updated with the Fund. Unitholders may approach any of the
Official Points of Acceptances of the Fund i.e. Investor Service Centres
(ISCs) of the Fund / offices of our Registrar and Transfer Agent, M/s.
Computer Age Management Services Ltd. in this regard.
It may be noted that Transaction Charges shall not be deducted:
(a) where the distributor of the investor has not opted to receive
any Transaction Charges;
(b) for purchases / subscriptions / total commitment amount in
case of SIP of an amount less than Rs. 10,000/-;
(c) For transactions other than purchases / subscriptions relating to
new inflows i.e. through Switches/ Systematic Transfers /
Transfer of IDCW Plan (TIP Facility) / Reinvestment under
IDCW Option, etc.;
(d) for purchases/ subscriptions made directly with the Fund (i.e.
not through any distributor);
(e) for purchases/ subscriptions routed through Stock exchange(s)
through stock brokers as applicable.

Page 7 of 136
 IMPORTANT

Before investing, investors should also ascertain about any further changes
pertaining to scheme such as features, load structure, etc. made to this Scheme
Information Document by issue of addenda / notice after the date of this Document
from the AMC / Mutual Fund / Investor Service Centres (ISCs) / Website / Distributors
or Brokers or Investment Advisers having valid registrations.

Page 8 of 136
I. INTRODUCTION
A. RISK FACTORS

 Standard Risk Factors:

 Investment in Mutual Fund Units involves investment risks such as trading volumes,
settlement risk, liquidity risk, default risk including the possible loss of principal.
 As the price/ value/ interest rates of the securities in which the Scheme invests
fluctuates, the value of your investment in the Scheme may go up or down depending
on the various factors and forces affecting the capital markets and money markets.
 Past performance of the Sponsor and its associates / AMC / Mutual Fund does not
guarantee future performance of the Scheme of the Mutual Fund.
 The name of the Scheme does not in any manner indicate either the quality of the
Scheme or its future prospects and returns.
 The Sponsor is not responsible or liable for any loss resulting from the operation of
the Scheme beyond the initial contribution of Rs. 1 lakh made by it towards setting up
the Fund.
 The present Scheme is not a guaranteed or assured return Scheme.

 Scheme Specific Risk Factors

The Scheme is subject to the specific risks that may adversely affect the Scheme’s NAV,
return and / or ability to meet its investment objective.

The specific risk factors related to the Scheme include, but are not limited to the
following:

(i) Risks associated with Passive Investments:

 As the Scheme proposes to invest not less than 95% of the net assets in the
securities of the Underlying Index in the same proportion, the Scheme will not be
actively managed. Performance of the Underlying Index will have a direct bearing on
the performance of the Scheme. The Scheme may be affected by a general decline
in the Indian markets relating to its Underlying Index. The Scheme invests in the
securities included in its Underlying Index regardless of their investment merit. The
AMC does not attempt to individually select stocks or to take defensive positions in
declining markets.

Further, it is pertinent to note that there is no element of research recommendations

involved before the execution of trades in the Scheme. The decision of the Fund
Manager to execute trades including rebalancing required will be purely driven by the
inflows and outflows in the Scheme and composition of the Underlying Index.

(ii) Tracking Error / Tracking Difference Risk:

The Fund Manager would not be able to invest the entire corpus exactly in the same
proportion as in the Underlying Index due to certain factors such as the fees and
expenses of the Scheme, corporate actions, cash balance, changes to the Underlying
Index and regulatory policies which may affect AMC’s ability to achieve close correlation
with the Underlying Index of the Scheme. The Scheme’s returns may therefore deviate
from those of its Underlying Index.
“Tracking Error” is defined as the standard deviation of the difference in daily returns
between the Scheme and the Underlying Index annualized over 1 year period. Tracking
difference is the difference of returns between the Scheme and the index annualized
over 1 year, 3 year, 5 year, 10 year and since the scheme inception period. Tracking
Error / Tracking Difference may arise including but not limited to the following reasons: -

Page 9 of 136
 a. Expenditure incurred by the Scheme.
b. The holding of a cash position and accrued income prior to distribution of income and
payment of accrued expenses. The Scheme may not be invested at all times as it may
keep a portion of the funds in cash to meet redemptions or for corporate actions.
c. Securities trading may halt temporarily due to circuit filters.
d. Corporate actions such as debenture or warrant conversion, rights, merger, change in
constituents etc.
e. Rounding off of quantity of shares in Underlying Index.
f. Dividend received from underlying securities.
g. Disinvestments by Scheme to meet redemptions, recurring expenses, etc.
h. Execution of large buy / sell orders
i. Transaction cost (including taxes and insurance premium), recurring expenses and
other expenses, such as but not limited to brokerage, custody, trustee and investment
management fees
j. Realisation of Unit holders’ funds
k. The Scheme may not be able to acquire or sell the desired number of securities due
to conditions prevailing in the securities market, such as, but not restricted to: circuit
filters in the securities, liquidity and volatility in security prices.
l. The Index reflects the prices of securities at a point in time, which is the price at close
of business day on BSE / National Stock Exchange of India Limited (NSE). The
Scheme, however, may at times trade these securities at different points in time during
the trading session and therefore the prices at which the Plan trade may not be identical
to the closing price of each scrip on that day on the BSE / NSE. In addition, the Scheme
may opt to trade the same securities on different exchanges due to price or liquidity
factors, which may also result in traded prices being at variance, from BSE / NSE
closing prices.
m. In case of investments in derivatives like index futures, the risk reward would be the
same as investments in portfolio of shares representing an index. However, there may
be a cost attached to buying an index future. Further, there could be an element of
settlement risk, which could be different from the risk in settling physical shares and
there is a risk attached to the liquidity and the depth of the index futures market as it is
relatively new market.

It will be the endeavor of the fund manager to keep the tracking error as low as possible.
Under normal circumstances, such tracking error is not expected to exceed 2% per
annum for daily 12 month rolling return. However, in case of corporate action events
like, dividend received from underlying securities, rights issue from underlying securities
or market events like circuit filters in the securities and market volatility during
rebalancing of the portfolio following the rebalancing of the Underlying Index, etc. or in
abnormal market circumstances, the tracking error may exceed the above limits. There
can be no assurance or guarantee that the Scheme will achieve any particular level of
tracking error relative to performance of the Index.

(iii) Stock Liquidity in the event of Circuit Filter

Liquidity of stocks which are available only in cash segment and not in F&O segment
gets adversely impacted in the event of a circuit filter imposed by any of the stock
exchanges. Further, this may result in gain/loss to existing unit holders when finally the
purchase / sale of that stock is executed. This would also create tracking error while
comparing returns with benchmark.

Page 10 of 136
 Transaction
Upper circuit Lower circuit
type

The Scheme shall buy stocks as

per basket wherever no circuit,
In case of Circuit on any stock(s)
in the basket, the Scheme shall:
1. Hold cash for stock(s) on
Subscription circuit at the latest available NA
price on the stock exchange
when the circuit was
triggered
2. Buy the stock(s)
immediately when circuit is
open
This may impact performance
and result in tracking error.
The Scheme shall sell stocks as per
basket if no circuit.
In case of circuit on Stock(s) in the
basket, the Scheme shall:
1. Pay from cash or cash equivalent
or create cash to pay for stocks
on circuit at the latest available
Redemption NA price on the stock exchange when
the circuit was triggered by selling
other stocks which may impact
performance and result in tracking
error;
2. Sell stock immediately when
circuit is open and re-balance
portfolio which may impact
performance and result in tracking
error.

(iv) Risk factors associated with investing in equities and equity related instruments

 Equity shares and equity related instruments are volatile and prone to price
fluctuations on a daily basis. Investments in equity shares and equity related
instruments involve a degree of risk and investors should not invest in the Scheme
unless they can afford to take the risks.
 Securities, which are not quoted on the stock exchanges, are inherently illiquid in
nature and carry a larger amount of liquidity risk, in comparison to securities that are
listed on the exchanges. Investment in such securities may lead to increase in the
scheme portfolio risk.
 While securities that are listed on the stock exchange carry lower liquidity risk, the
ability to sell these investments is limited by the overall trading volume on the stock
exchanges and may lead to the Scheme incurring losses till the security is finally
sold.

Page 11 of 136
  Scheme's performance may differ from the benchmark index to the extent of the
investments held in the debt segment, as per the investment pattern indicated under
normal circumstances.

(v) Risk factors associated with investing in Fixed Income Securities

The Scheme will invest not less than 95% of its corpus in the securities representing the
Underlying Index as this Scheme endeavors to earn returns that correspond to the total
returns represented by the Underlying Index. The Scheme will have insignificant cash or
debt/money market investments. Therefore, the Scheme is not significantly susceptible
to risks associated with debt/money markets.

 The Net Asset Value (NAV) of the Scheme, to the extent invested in Debt and Money
Market instruments, will be affected by changes in the general level of interest rates. The
NAV of the Scheme is expected to increase from a fall in interest rates while it would be
adversely affected by an increase in the level of interest rate.

 Money market instruments, while fairly liquid, lack a well-developed secondary market,
which may restrict the selling ability of the Scheme and may lead to the Scheme
incurring losses till the security is finally sold.

 Investments in money market instruments involve credit risk commensurate with short
term rating of the issuers.

 Investment in Debt instruments are subject to varying degree of credit risk or default (i.e.
the risk of an issuer’s inability to meet interest or principal payments on its obligations)
or any other issues, which may have their credit ratings downgraded. Changes in
financial conditions of an issuer, changes in economic and political conditions in
general, or changes in economic or and political conditions specific to an issuer, all of
which are factors that may have an adverse impact on an issuer’s credit quality and
security values. The Investment Manager will endeavour to manage credit risk through
in-house credit analysis. This may increase the risk of the portfolio.

 Government securities where a fixed return is offered run price-risk like any other fixed
income security. Generally, when interest rates rise, prices of fixed income securities fall
and when interest rates drop, the prices increase. The extent of fall or rise in the prices
is a function of the existing coupon, days to maturity and the increase or decrease in the
level of interest rates. The new level of interest rate is determined by the rates at which
government raises new money and/or the price levels at which the market is already
dealing in existing securities. The price-risk is not unique to Government Securities. It
exists for all fixed income securities. However, Government Securities are unique in the
sense that their credit risk generally remains zero. Therefore, their prices are influenced
only by movement in interest rates in the financial system.

 The Scheme’s performance may differ from the benchmark index to the extent of the
investments held in the debt segment, as per the investment pattern indicated under
normal circumstances.

 Prepayment Risk: Certain fixed income securities give an issuer the right to call back
its securities before their maturity date, in periods of declining interest rates. The
possibility of such prepayment may force the Scheme to reinvest the proceeds of such
investments in securities offering lower yields, resulting in lower interest income for the
Scheme.

Page 12 of 136
 Reinvestment Risk: This risk refers to the interest rate levels at which cash flows
received from the securities in the Scheme are reinvested. The additional income from
reinvestment is the “interest on interest” component. The risk is that the rate at which
interim cash flows can be reinvested may be lower than that originally assumed.

 Settlement risk: Different segments of Indian financial markets have different

settlement periods and such periods may be extended significantly by unforeseen
circumstances. Delays or other problems in settlement of transactions could result in
temporary periods when the assets of the Scheme are uninvested, and no return is
earned thereon. The inability of the Scheme to make intended securities purchases, due
to settlement problems, could cause the Scheme to miss certain investment
opportunities. Similarly, the inability to sell securities held in the Scheme’s portfolio, due
to the absence of a well developed and liquid secondary market for debt securities, may
result at times in potential losses to the Scheme in the event of a subsequent decline in
the value of securities held in the Scheme's portfolio.

(vi) Risk factors associated with investment in Tri-Party Repo

The Mutual Fund is a member of securities segment and Triparty Repo trade settlement
of the Clearing Corporation of India (CCIL). All transactions of the mutual fund in
government securities and in Tri-party Repo trades are settled centrally through the
infrastructure and settlement systems provided by CCIL; thus, reducing the settlement
and counterparty risks considerably for transactions in the said segments. The members
are required to contribute an amount as communicated by CCIL from time to time to the
default fund maintained by CCIL as a part of the default waterfall (a loss mitigating
measure of CCIL in case of default by any member in settling transactions routed
through CCIL).

As per the waterfall mechanism, after the defaulter’s margins and the defaulter’s
contribution to the default fund have been appropriated, CCIL’s contribution is used to
meet the losses. Post utilization of CCIL’s contribution if there is a residual loss, it is
appropriated from the default fund contributions of the non-defaulting members. Thus,
the Scheme is subject to risk of the initial margin and default fund contribution being
invoked in the event of failure of any settlement obligations. In addition, the fund
contribution is allowed to be used to meet the residual loss in case of default by the other
clearing member (the defaulting member).

CCIL shall maintain two separate Default Funds in respect of its Securities Segment, one
with a view to meet losses arising out of any default by its members from outright and
repo trades and the other for meeting losses arising out of any default by its members
from Triparty Repo trades. The mutual fund is exposed to the extent of its contribution to
the default fund of CCIL, in the event that the contribution of the mutual fund is called
upon to absorb settlement/ default losses of another member by CCIL, as a result the
Scheme may lose an amount equivalent to its contribution to the default fund.

Page 13 of 136
(vii) General Risk Factors

 Trading volumes, settlement periods and transfer procedures may restrict the liquidity of
the investments made by the Scheme. Different segments of the Indian financial
markets have different settlement periods and such periods may be extended
significantly by unforeseen circumstances leading to delays in receipt of proceeds from
sale of securities. The NAV of the Units of the Scheme can go up or down because of
various factors that affect the capital markets in general.

 As the liquidity of the investments made by the Scheme could, at times, be restricted by
trading volumes and settlement periods, the time taken by the Mutual Fund for
redemption of Units may be significant in the event of an inordinately large number of
redemption requests or restructuring of the Scheme. In view of the above, the Trustee
has the right, in its sole discretion, to limit redemptions (including suspending
redemptions) under certain circumstances, as described under ‘Right to Restrict
Redemptions’ in Section ‘Restrictions, if any, on the right to freely retain or
dispose of units being offered’.

 At times, due to the forces and factors affecting the capital market, the Scheme may not
be able to invest in securities falling within its investment objective resulting in holding
the monies collected by it in cash or cash equivalent or invest the same in other
permissible securities / investments amounting to substantial reduction in the earning
capability of the Scheme. The Scheme may retain certain investments in cash or cash
equivalents for its day-to-day liquidity requirements.

 Performance of the Scheme may be affected by political, social, and economic

developments, which may include changes in government policies, diplomatic
conditions, and taxation policies.

(viii) Risk factors associated with investing in Derivatives

 The AMC, on behalf of the Scheme may use various derivative products, from time to
time, in an attempt to protect the value of the portfolio and enhance Unit holders’
interest. Derivative products are specialized instruments that require investment
techniques and risk analysis different from those associated with stocks and bonds. The
use of a derivative requires an understanding not only of the underlying instrument but
of the derivative itself. Other risks include, the risk of mispricing or improper valuation
and the inability of derivatives to correlate perfectly with underlying assets, rates and
indices.
 Derivative products are leveraged instruments and can provide disproportionate gains
as well as disproportionate losses to the investor. Execution of such strategies depends
upon the ability of the fund manager to identify such opportunities. Identification and
execution of the strategies to be pursued by the fund manager involve uncertainty and
decision of fund manager may not always be profitable. No assurance can be given that
the fund manager will be able to identify or execute such strategies.
 The risks associated with the use of derivatives are different from or possibly greater
than, the risks associated with investing directly in securities and other traditional
investments.
 Credit Risk: The credit risk in derivative transaction is the risk that the counter party will
default on its obligations and is generally low, as there is no exchange of principal
amounts in a derivative transaction.
 Market Risk: Market movements may adversely affect the pricing and settlement of
derivatives.

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 Illiquidity risk: This is the risk that a derivative cannot be sold or purchased quickly
enough at a fair price, due to lack of liquidity in the market.

(ix) Risks associated with Securities Lending

As with other modes of extensions of credit, there are risks inherent to securities lending,
including the risk of failure of the other party, in this case the approved intermediary, to
comply with the terms of the agreement entered into between the lender of securities i.e.
the Scheme and the approved intermediary. Such failure can result in the possible loss
of rights to the collateral put up by the borrower of the securities, the inability of the
approved intermediary to return the securities deposited by the lender and the possible
loss of any corporate benefits accruing to the lender from the securities deposited with
the approved intermediary. The scheme may not be able to sell lent out securities, which
can lead to temporary illiquidity & loss of opportunity.

(x) Risk factors associated with Creation of Segregated Portfolio

In the event of creation of Segregated Portfolio in case of a Credit Event, investors’

investments may be subject to following risks:

• Investor holding units of Segregated Portfolio may not able to liquidate their holding
till the time recovery of money from the issuer.
• Listing of units of Segregated Portfolio on recognised stock exchange does not
necessarily guarantee its liquidity. There may not be active trading of units on the
exchange. Further trading price of units on the exchange may be significantly lower
than the prevailing NAV.
• Security comprising Segregated Portfolio may not realise any value.

(xi) Risk factors associated with processing of transaction through Stock Exchange
Mechanism

The trading mechanism introduced by the Stock Exchange(s) is configured to accept and
process transactions for mutual fund Units in both Physical and Demat Form. The
allotment and/or redemption of Units through NSE and/or BSE or any other recognised
Stock Exchange(s), on any Business Day will depend upon the modalities of processing
viz. collection of application form, order processing /settlement, etc. upon which the Fund
has no control. Moreover, transactions conducted through the Stock Exchange
mechanism shall be governed by the operating guidelines and directives issued by
respective recognized Stock Exchange(s).

(xii) Disclaimer of indices

NIFTY200 Momentum 30 Index (Total Returns Index): The Scheme of HDFC Mutual Fund
(the "Product”) is not sponsored, endorsed, sold or promoted by NSE INDICES LTD. NSE
INDICES LTD does not make any representation or warranty, express or implied, to the
owners of the Product or any member of the public regarding the advisability of investing in
securities generally or in the Product particularly or the ability of the NIFTY200 Momentum
30 Index to track general stock market performance in India. The relationship of NSE
INDICES LTD to the Licensee is only in respect of the licensing of certain trademarks and
trade names of its Index which is determined, composed and calculated by NSE INDICES
LTD without regard to the Licensee or the Product. NSE INDICES LTD does not have any
obligation to take the needs of the Licensee or the owners of the Product into consideration
in determining, composing or calculating NIFTY200 Momentum 30 Total Returns Index. NSE
INDICES LTD is not responsible for or has participated in the determination of the timing of,
prices at, or quantities of the Product to be issued or in the determination or calculation of

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the equation by which the Product is to be converted into cash. NSE INDICES LTD has no
obligation or liability in connection with the administration, marketing or trading of the
Product.

NSE INDICES LTD does not guarantee the accuracy and/or the completeness of the
NIFTY200 Momentum 30 Index or any data included therein and they shall have no liability
for any errors, omissions, or interruptions therein. NSE INDICES LTD does not make any
warranty, express or implied, as to results to be obtained by the Licensee, owners of the
product, or any other person or entity from the use of the NIFTY200 Momentum 30 Index or
any data included therein. NSE INDICES LTD makes no express or implied warranties, and
expressly disclaim all warranties of merchantability or fitness for a particular purpose or use
with respect to the Index or any data included therein. Without limiting any of the foregoing,
NSE INDICES LTD expressly disclaim any and all liability for any damages or losses arising
out of or related to the Product, including any and all direct, special, punitive, indirect, or
consequential damages (including lost profits), even if notified of the possibility of such
damages.

An investor, by subscribing or purchasing an interest in the Product, will be regarded as

having acknowledged, understood and accepted the disclaimer referred to in Clauses above
and will be bound by it.

B. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME

The Scheme shall have a minimum of 20 investors and no single investor shall account for
more than 25% of the corpus of the Scheme. However, if such limit is breached during the
NFO of the Scheme, the Fund will endeavour to ensure that within a period of three months
or the end of the succeeding calendar quarter from the close of the NFO of the Scheme,
whichever is earlier, the Scheme complies with these two conditions. In case the Scheme
does not have a minimum of 20 investors in the stipulated period, the provisions of
Regulation 39(2)(c) of the SEBI (MF) Regulations would become applicable automatically
without any reference from SEBI and accordingly the Scheme shall be wound up and the
units would be redeemed at applicable NAV. The two conditions mentioned above shall be
complied within each calendar quarter, on an average basis, as specified by SEBI. If there is
a breach of the 25% limit by any investor over the quarter, a rebalancing period of one
month would be allowed and thereafter the investor who is in breach of the rule shall be
given 15 days’ notice to redeem his exposure over the 25% limit. Failure on the part of the
said investor to redeem his exposure over the 25% limit within the aforesaid 15 days would
lead to automatic redemption by the Mutual Fund on the applicable Net Asset Value on the
15th day of the notice period. The Fund shall adhere to the requirements prescribed by SEBI
from time to time in this regard.

C. SPECIAL CONSIDERATIONS

 The information set out in the Scheme Information Document (SID) and Statement of
Additional Information (SAI) are for general purposes only and do not constitute tax or
legal advice. The tax information provided in the SID/SAI does not purport to be a
complete description of all potential tax costs, incidence and risks inherent in
subscribing to the Units of Scheme offered by HDFC Mutual Fund. Investors should be
aware that the fiscal rules/ tax laws may change and there can be no guarantee that the
current tax position as laid out herein may continue indefinitely. The applicability of tax
laws, if any, on HDFC Mutual Fund/ Scheme/ investments made by the Scheme and/or
investors and/ or income attributable to or distributions or other payments made to
Unitholders are based on the understanding of the prevailing tax legislations and are

Page 16 of 136
 subject to adverse interpretations adopted by the relevant authorities resulting in tax
liability being imposed on the HDFC Mutual Fund/ Scheme/ Unitholders/ Trustee /AMC.

In view of the individual nature of the tax consequences, each investor is advised to
consult his/ her own professional tax advisor to determine possible legal, tax, financial or
other considerations for subscribing and/or redeeming the Units and/or before making a
decision to invest/ redeem Units. The tax information contained in SID/SAI alone may
not be sufficient and should not be used for the development or implementation of an
investment strategy or construed as investment advice. Investors alone shall be fully
responsible/ liable for any investment decision taken on the basis of this document.
Neither the Mutual Fund nor the AMC nor any person connected with it accepts any
liability arising from the use of this information.

 The Trustee, AMC, Mutual Fund, their directors or their employees shall not be liable for
any of the tax consequences that may arise, in the event that the Schemes are wound
up for the reasons and in the manner provided in SAI.

 Redemption by the Unit holder either due to change in the fundamental attributes of the
Scheme or due to any other reasons may entail tax consequences. The Trustee, AMC,
Mutual Fund, their directors or their employees shall not be liable for any such tax
consequences that may arise.

 Subject to SEBI (Mutual Funds) Regulations, 1996 in the event of substantial investment
by the Sponsor and its associates directly or indirectly in the Scheme of the Mutual
Fund, Redemption of Units by these entities may have an adverse impact on the
performance of the Scheme because of the timing of any such Redemptions and this
may also impact the ability of other Unit holders to redeem their Units.

 The Scheme has not been registered in any jurisdiction. The Scheme may however in
future be registered in any jurisdiction, as and when the AMC / Trustee desires. The
distribution of this SID in certain jurisdictions may be restricted or totally prohibited due
to registration or other requirements and accordingly, persons who come in possession
of this SID are required to inform themselves about and observe any such restrictions
and/ or legal, compliance requirements with respect to their eligibility for investment in
the Units of the Scheme. Any person receiving a copy of this SID, SAI or any
accompanying application form in such jurisdiction should not treat this SID, SAI or such
application form as constituting an invitation to them to subscribe for Units. Such
persons should in no event use any such application form unless in the relevant
jurisdiction such an invitation to subscribe could lawfully be made to them and such
application form could lawfully be used without complying with any registration or other
legal requirements by the AMC/Mutual Fund/Trustee.

 Any dispute arising out of the Scheme shall be subject to the non-exclusive jurisdiction
of the Courts in India. Statements in this SID are, except where otherwise stated, based
on the law, practice currently in force in India and are subject to changes therein.

 Investors are advised to rely upon only such information and/or representations as
contained in this SID. Any subscription or redemption made by any person on the basis
of statements or representations which are not contained in this SID or which are
inconsistent with the information contained herein shall be solely at the risk of the
Investor. The Investor is required to confirm the credentials of the individual/firm he/she
is entrusting his/her application form along with payment instructions for any transaction
in the Scheme. The Mutual Fund/Trustee/AMC shall not be responsible for any acts
done by the intermediaries representing or purportedly representing such Investor.

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 The AMC and/ or its Registrars & Transfer Agent (RTA) reserve the right to
disclose/share Unit holder's details of folio(s) and transaction details thereunder with the
following third parties:
a) RTA, Banks and/or authorised external third parties who are involved in transaction
processing, dispatching etc., of the Unitholder's investment in the Scheme;
b) Distributors or sub-brokers through whom the applications are received for the
Scheme;
c) Any other organizations for compliance with any legal or regulatory requirements or
to verify the identity of the Unitholders for complying with anti-money laundering
requirements.

 Mutual funds investments are subject to market risks and the Investors should
review/study this SID, the SAI and the addenda thereto issued from time to time
carefully in its entirety before investing and should not construe the contents hereof or
regard the summaries contained herein as advice relating to legal, taxation or
financial/investment matters. There can be no assurance or guarantee that the Scheme
objectives will be achieved. The investment decisions made by the AMC/Fund Manager
may not always be profitable.

 In terms of the Prevention of Money Laundering Act, 2002, the Rules issued there under
and the guidelines/circulars issued by SEBI regarding the Anti Money Laundering (AML
Laws), all intermediaries, including Mutual Funds, have to formulate and implement a
client identification i.e. Know Your Customer. programme, verify and maintain the record
of identity and address(es) of investors.

 The need to Know Your Customer (KYC) is vital for the prevention of money laundering.
The Trustee / AMC may seek information or obtain and retain documentation used to
establish identity. It may re-verify identity and obtain any missing or additional
information for this purpose. The Trustee / AMC may reject any application or prevent
further transactions by a Unit holder, if after due diligence, the Investor / Unit holder / a
person making the payment on behalf of the Investor does not fulfill the requirements of
the Know Your Customer (KYC).

 If after due diligence the Trustee / AMC has reason to believe that any transaction is
suspicious in nature as regards money laundering, the AMC shall report such
transactions to competent authorities under PMLA and rules/guidelines issued
thereunder by SEBI/RBI, furnish any such information in connection therewith to such
authorities and take any other actions as may be required for the purposes of fulfilling its
obligations under PMLA and rules/ guidelines issued thereunder without obtaining prior
approval of the Unitholder/any other person. In this connection the Trustee / AMC
reserves the right to reject any such application.

 As per clause 14.11 of Master Circular, in order to strengthen the Know Your Client
(KYC) norms and identify every participant in the securities market with their respective
Permanent Account Number (PAN) thereby ensuring sound audit trail of all the
transactions, PAN shall be the sole identification number for all participants transacting
in the securities market, irrespective of the amount of transactions (except for
specifically exempted cases). Exempted investors are required to provide alternate
proof of identity in lieu of PAN for KYC purposes and are allotted PAN-exempt KYC
Reference Number (PEKRN).

 Mandatory furnishing of PAN / PEKRN and failure consequences: Valid

PAN/PEKRN and KYC is mandatory for all financial transactions including non-investor

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 initiated. If not furnished, then from April 1, 2023, the impact on non-investor initiated
transactions shall include:
1. IDCW reinvestment option/facility being automatically changed to IDCW payout
option/facility
2. Registrations under Transfer of IDCW Plan facility, being cancelled and IDCW
declared, if any, being treated as “Payout”
3. All IDCW pay-out (including point 1 and 2 above) shall also be paid only after unit
holders furnish their PAN/PEKRN.

Further, such investors will also be able to lodge grievance or make service requests
only after furnishing the above details.

 Mandatory linking of PAN and Aadhaar and failure consequences: Currently, as per
Section 139AA of the Income Tax Act, 1961, every person who has been allotted a PAN
as on July 1, 2017, and who is eligible to obtain an Aadhaar number, shall have to
mandatorily link their Aadhaar and PAN latest by June 30, 2023, or such other timeline
as may be notified by SEBI from time to time, failing which such PAN shall become
inoperative immediately thereafter and attract higher TDS and transaction restrictions.

Note: Presently, Aadhaar-PAN linking does not apply to any individual who is (a)
residing in the States of Assam, Jammu and Kashmir, and Meghalaya; (b) a non-
resident as per the Income Tax Act, 1961 (NRI as per Income Tax records); or (c) of the
age of eighty years or more at any time during the previous year; or (d) not a citizen of
India. However, these exemptions may change or be revoked later.

 Mandatory nomination / opt-out and failure consequences: SEBI vide its clause
17.16 of Master Circular, has made it mandatory for investors subscribing to mutual fund
units on or after October 1, 2022, to either provide nomination details or opt out of
nomination in prescribed format. Further, all existing individual unit holder(s) (either sole
or joint) are required to provide nomination / opt out of nomination by June 30, 2024 or
such other timeline as may be notified by SEBI from time to time, failing which their folios
shall be frozen for debits.

 The AMC may either through itself or through its subsidiaries undertake other Business
Activities such as acting as the investment manager of various Alternative Investment
Funds (AIFs), providng portfolio management services, investment advisory services,
separately managed accounts; etc. as permitted under Regulation 24(b) of the SEBI
(Mutual Funds) Regulations, 1996, as amended from time to time (“the Regulations”)
and subject to such conditions as may be specified by SEBI from time to time. Any
potential conflicts between these activitites and the Mutual Fund will be adequately
addressed by compliance with the requirements under Regulation 24(b) of the
Regulations.

 The AMC offers portfolio management / non-binding investment advisory services and
such activities are not in conflict with the activities of the Mutual Fund. The AMC has
renewed its registration obtained from SEBI vide Registration No. - PM / INP000000506
dated February 18, 2016 to act as a Portfolio Manager under the SEBI (Portfolio
Managers) Regulations, 1993. The said certificate of registration is valid unless it is
suspended or cancelled by SEBI.

 The AMC acts as the investment manager for HDFC AMC AIF - II (“AIF Fund”), which is
formed as a trust and has received registration as a Category II Alternative Investment
Fund from SEBI vide Registration No. IN/AIF2/ 12-13/0038. The Certificate of
Registration is valid till the expiry of the last Scheme set up under the AIF Fund. The

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 AMC will ensure that there are no material conflicts of interest. Any potential conflicts
between the AIF Fund and the Mutual Fund will be adequately addressed by
compliance with the requirements under Regulation 24(b) of the SEBI (Mutual Funds)
Regulations, 1996; ensuring that the fund manager(s) of each Scheme of the Mutual
Fund, will not play any role in the day-today operations of the AIF Fund, and the key
investment team of the AIF Fund is not involved with the activities of the Mutual Fund;
and (c) ensuring that there is no inter-se transfer of assets between the Mutual Fund
and any Scheme of the AIF Fund.

 The AMC offers management and/or advisory services to permitted categories of foreign
portfolio investors investing in India, through fund manager(s) managing the Schemes of
the Fund (“Business Activity”) as permitted under Regulation 24(b) of the SEBI
(Mutual Funds) Regulations, 1996, as amended from time to time (“the Regulations”)
and subject to such conditions as may be specified by SEBI from time to time. The
services provided by the AMC for the said Business Activity shall inter-alia include
investment management and non-binding investment advice, India focused research,
statistical and analytical information. While, undertaking the said Business Activity, the
AMC shall ensure that (i) there is no conflict of interest with the activities of the Fund; (ii)
there exists a system to prohibit access to insider information as envisaged under the
Regulations; and (iii) Interest of the Unit holder(s) of the Schemes of the Fund are
protected at all times.

 The AMC / Trustee reserves the right to modify the provisions of the SID / KIM / SAI
from time to time as permissible under SEBI (MF) Regulations and circulars and
guidelines issued thereunder from time to time.

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D. DEFINITIONS

In this Scheme Information Document, the following words and expressions shall have the
meaning specified herein, unless the context otherwise requires:

"AMC" or "Asset HDFC Asset Management Company Limited, incorporated under

Management the provisions of the Companies Act, 1956 and approved by the
Company" or Securities and Exchange Board of India under Regulation 21 (2)
"Investment to act as the Asset Management Company for the Schemes of
Manager" HDFC Mutual Fund.
"Applicable NAV" The NAV applicable for purchase or redemption or switching of
Units based on the time of the Business Day on which the
application is accepted, subject to the provisions of ‘realisation of
funds’ and 'cut off timings' as described in this Scheme
Information Document.
"Beneficial owner" Beneficial owner as defined in the Depositories Act 1996 (22 of
1996) means a person whose name is recorded as such with a
depository.
"Business Day" A day other than:
(i) Saturday and Sunday; or
(ii) A day that may be declared as a Non-Business day on
account of the following -
a) Public and / or bank holiday; or
b) Banks / RBI in Mumbai are closed for business /
clearing; or
c) Stock Exchange (s) is / are closed; or
d) Any other reason as may be declared by the AMC /
Trustee
(iii)A day on which Sale / Redemption / Switching of Units is
suspended by the AMC / Trustee; or
(iv)A day on which normal business cannot be transacted due
to natural calamities, bandhs, strikes or such other events
as the AMC / Trustee may specify from time to time.

In case of clauses (ii) to (iv) above, the AMC will put up suitable
update / notification on its website.

The AMC / Trustee reserves the right to declare any day as a

Business Day or otherwise by way of notification on website.
"Business Hours" Presently 9.30 a.m. to 5.30 p.m. on any Business Day or such
other time as may be applicable from time to time.
“Clearing Member” Clearing Members are members of the Clearing Houses /
or “CM” Clearing Corporations who facilitate settlement of trades done on
Stock Exchanges.
“Consolidated Consolidated Account Statement is a statement containing
Account Statement” details relating to all the transactions across all mutual funds viz.
purchase, redemption, switch, payout / reinvestment under
IDCW Option, systematic investment plan, systematic withdrawal
plan, systematic transfer plan and bonus transactions, etc.
(including transaction charges paid to the distributor) and holding
at the end of the month.
"Custodian" A person who has been granted a certificate of registration to
carry on the business of custodian of securities under the

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 Securities and Exchange Board of India (Custodian of
Securities) Regulations 1996, or any other appropriate statutory /
regulatory authority in case of custodians for foreign securities.
For this scheme SBI-SG Global Securities Services Private
Limited shall act as the Custodian.
"Depository" Depository as defined in the Depositories Act, 1996 (22 of 1996)
and includes National Securities Depository Ltd (NSDL) and
Central Depository Services Ltd (CDSL).
"Depository A person registered as 'Depository Participant' under subsection
Participant" OR “DP” (1A) of section 12 of the Securities and Exchange Board of India
Act, 1992.
"Depository Depository Records as defined in the Depositories Act, 1996 (22
Records" of 1996) includes the records maintained in the form of books or
stored in a computer or in such other form as may be determined
by the said Act from time to time.
"Derivative" Derivative includes (i) a security derived from a debt instrument,
share, loan whether secured or unsecured, risk instrument or
contract for differences or any other form of security; (ii) a
contract which derives its value from the prices, or index of
prices, or underlying securities.
“Direct Plan” A Plan for investors who wish to invest directly without routing
the investment.
"Dividend" Income distributed on Mutual Fund Units from the distributable
/"Distribution"/ surplus, which may include a portion of the investor’s capital {i.e.
“IDCW” (Income part of Sale Price (viz. price paid by the investor for purchase of
Distribution cum Units) representing retained realized gains (equalisation reserve)
Capital Withdrawal) in the Scheme books}.
"Entry Load" or Load on Sale / Switch in of Units.
"Sales Load"
"Equity Related Equity Related Instruments includes convertible debentures,
Instruments" convertible preference shares, warrants carrying the right to
obtain equity shares, equity derivatives and any other like
instrument as may be specified by SEBI from time to time.
"Exit Load" or Load on Redemption / Switch out of Units.
"Redemption Load"
“Floating Rate Debt Debt instruments issued by Central and / or State Government,
Instruments” corporates or PSUs with interest rates that are reset periodically.
The periodicity of the interest reset could be daily, monthly,
quarterly, half-yearly, annually or any other periodicity that may
be mutually agreed with the issuer and the Fund.

The interest on the instruments could also be in the nature of

fixed basis points over the benchmark gilt yields.
“Foreign Portfolio FPI means a person who satisfies the eligibility criteria
Investor” or "FPI" prescribed under Regulation 4 and has been registered under
Chapter II of Securities and Exchange Board of India (Foreign
Portfolio Investors) Regulations, 2019.
"Gilts or Government Securities created and issued by the Central Government and/or
Securities" a State Government (including Treasury Bills) or Government
Securities as defined in the Government Securities Act, 2006, as
amended or re-enacted from time to time.
"Holiday" Holiday means the day(s) on which the banks (including the
Reserve Bank of India) are closed for business or clearing in
Mumbai or their functioning is affected due to a strike / bandh

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 call made at any part of the country or due to any other reason
or days when Depository(ies) is / are closed.
“Investment The agreement dated June 8, 2000 entered into between HDFC
Management Trustee Company Limited and HDFC Asset Management
Agreement” Company Limited, as amended from time to time.
"Investor Service Designated Offices of HDFC Asset Management Company
Centres" or "ISCs" Limited or such other centres/offices as may be designated by
the AMC from time to time for the purpose of submitting
transactions / service requests. Updated list of the same can be
viewed on the website.
"Load" In the case of Redemption / Switch-out of a Unit, the sum of
money deducted from the Applicable NAV on the Redemption /
Switch-out and in the case of Sale / Switch-in of a Unit, a sum of
money to be paid by the prospective investor on the Sale /
Switch-in of a Unit in addition to the Applicable NAV.
"Market Market value of the listed company, which is calculated by
Capitalisation" multiplying its current market price by number of its shares
outstanding.
"Money Market Includes commercial papers, commercial bills, treasury bills,
Instruments" Government securities having an unexpired maturity upto one
year, call or notice money, certificate of deposit, usance bills and
any other like instruments as specified by the Reserve Bank of
India from time to time.
"Mutual Fund" or HDFC Mutual Fund, a trust set up under the provisions of the
"the Fund" Indian Trusts Act, 1882.
"NAV" or “Net Asset Net Asset Value per Unit of the Scheme calculated in the
Value” manner described in this Scheme Information Document or as
may be prescribed by the SEBI (MF) Regulations from time to
time.
“New Fund Offer” or Offer for purchase of Units of the Scheme during the New Fund
“NFO” Offer Period as described hereinafter
“New Fund Offer The date on or the period during which the initial subscription of
Period” Units of the Scheme can be made subject to extension, if any,
such that the New Fund Offer Period does not exceed 15 days.
“Non-Resident A person resident outside India who is either a citizen of India or
Indian” or "NRI" a person of Indian origin.
"Official Points of Places, as specified by AMC from time to time where application
Acceptance" for subscription / redemption / switch will be accepted on
ongoing basis. The list is given at the end of the SID investor can
also view the updated list on the website.
“Overseas Citizen of A person registered as an overseas citizen of India by the
India” or “OCI” Central Government under section 7A of ‘The Citizenship Act,
1955’. The Central Government may register as an OCI a foreign
national (except a person who is or had been a citizen of
Pakistan or Bangladesh or such other person as may be
specified by Central Government by notification in the Official
Gazette), who was eligible to become a citizen of India on
26.01.1950 or was a citizen of India on or at any time after
26.01.1950 or belonged to a territory that became part of India
after 15.08.1947 and his/her children and grand children
(including Minor children), provided his/her country of citizenship
allows dual citizenship in some form or other under the local
laws.
"Person of Indian A citizen of any country other than Bangladesh or Pakistan, if (a)

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Origin" he at any time held an Indian passport; or (b) he or either of his
parents or any of his grand parents was a citizen of India by
virtue of Constitution of India or the Citizenship Act, 1955 (57 of
1955); or (c) the person is a spouse of an Indian citizen or
person referred to in sub-clause (a) or (b).
"Plans" Plans shall include and mean existing and any prospective
Plan(s) issued by the Scheme in accordance with SEBI (MF)
Regulations.
"Rating" Rating means an opinion regarding securities, expressed in the
form of standard symbols or in any other standardised manner,
assigned by a credit rating agency and used by the issuer of
such securities, to comply with any requirement of the SEBI
(Credit Rating Agencies) Regulations, 1999.
"RBI" Reserve Bank of India established under the Reserve Bank of
India Act, 1934, (2 of 1934).
“Redemption” Redemption of Units of the Scheme as permitted under the SID.
"Registrar and Computer Age Management Services Limited (CAMS), Chennai,
Transfer Agent" or currently acting as registrar to the Scheme, or any other registrar
“RTA” appointed by the AMC from time to time.
"Regulatory Agency" Government of India, SEBI, RBI or any other authority or agency
entitled to issue or give any directions, instructions or guidelines
to the Mutual Fund.
"Repo" Sale of Securities with simultaneous agreement to repurchase
them at a later date.
"Reverse Repo" Sale / Purchase of Government Securities with a simultaneous
agreement to repurchase/ sell them at a later date.
"Sale / Subscription" Sale or allotment of Units to the Unit holder upon subscription by
the investor / applicant under the Scheme.
"Scheme" HDFC NIFTY200 Momentum 30 Index Fund being offered under
this SID.
"Scheme Information This document issued by HDFC Mutual Fund, offering Units of
Document" or "SID" the Scheme for subscription.
"SEBI" Securities and Exchange Board of India established under the
Securities and Exchange Board of India Act, 1992.
"SEBI (MF) Securities and Exchange Board of India (Mutual Funds)
Regulations" or Regulations, 1996, as amended from time to time.
"Regulations"
"Securities Securities Consolidated Account Statement (‘SCAS’) is a
Consolidated statement sent by the Depository that shall contain details
Account Statement relating to all the transaction(s) viz. purchase, redemption,
('SCAS')" switch, payout / reinvestment under IDCW Option, systematic
investment plan, systematic withdrawal advantage plan,
systematic transfer plan, bonus transactions, etc. carried out by
the Beneficial Owner(s) (including transaction charges paid to
the distributor) across all schemes of all mutual funds and
transactions in securities held in dematerialized form across
demat accounts, during the month and holdings at the end of the
month.
"Sponsor" or HDFC Bank Limited
"Settlor"
"Stock Lending" Lending of securities to another person or entity for a fixed
period of time, at a negotiated compensation in order to enhance
returns of the portfolio.
"Statement of The document issued by HDFC Mutual Fund containing details

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 Additional of HDFC Mutual Fund, its constitution, and certain tax, legal and
Information" or "SAI"
general information. SAI is legally a part of the Scheme
Information Document.
"Switch" Redemption of a Unit in any scheme (including the plans /
options therein) of the Mutual Fund against purchase of a Unit in
another scheme (including the plans / options therein) of the
Mutual Fund, subject to completion of lock-in period, if any, of
the Units of the scheme from where the Units are being
switched.
“Tracking Error” “Tracking Error” is defined as the standard deviation of the
difference in daily returns between the Scheme and the
Underlying Index annualized over 1 year period.
Thus, Tracking Error is the extent to which the NAV of the
Scheme moves in a manner inconsistent with the movements of
the Underlying Index on any given day or over any given period
of time due to any cause or reason whatsoever including but not
limited to expenditure incurred by the Scheme, Dividend payouts
if any, whole cash not invested at all times as the Scheme may
keep a portion of funds in cash to meet redemption etc.
"Trust Deed" The Trust Deed dated June 8, 2000 made by and between
Sponsor and HDFC Trustee Company Limited ("Trustee"),
thereby establishing an irrevocable trust, called HDFC Mutual
Fund and deed of variations dated June 11, 2003 and June 19,
2003.
“Underlying Index” The Scheme shall invest in securities that are constituents of the
or “Index” Underlying Index. The Underlying Index for the Scheme is
NIFTY200 Momentum 30 Index.
"Unit" The interest of the Unit holder which consists of each Unit
representing one undivided share in the assets of the Scheme.
"Unit holder" or A person holding Units in the Scheme of HDFC Mutual Fund
"Investor" offered under this Scheme Information Document.

INTERPRETATION

For all purposes of this Scheme Information Document, except as otherwise expressly
provided or unless the context otherwise requires:
 All references to the masculine shall include all genders and all references to the
singular shall include the plural and vice-versa.
 All references to "dollars" or "$" refer to United States Dollars and "Rs." refer to Indian
Rupees. A "crore" means "ten million" and a "lakh" means a "hundred thousand".
 All references to timings relate to Indian Standard Time (IST).
 Words / phrases not defined herein shall have meanings as defined under SEBI (MF)
Regulations.
 All references to “Master Circular” refer to Master Circular for Mutual Funds dated May
19, 2023 issued by SEBI and as amended from time to time.

E. ABBREVIATIONS

In this Scheme Information Document, the following abbreviations have been used:

ADR American Depository Receipts

AMC Asset Management Company
AMFI Association of Mutual Funds in India

Page 25 of 136
BSE BSE Ltd.
CAGR Compound Annual Growth Rate
CDSL Central Depository Services (India) Limited
CE Credit enhanced debt
DP Depository Participant
ECS Electronic Clearing System
EFT Electronic Funds Transfer
FCNR A/c Foreign Currency (Non-Resident) Account
FPI Foreign Portfolio Investor
GDR Global Depository Receipts
GOI Government of India
GST Goods and Services Tax
IDCW Income Distribution cum Capital Withdrawal Option (erstwhile known as
Dividend Option)
ISC Investor Service Centre
KRA KYC Registration Agency
KYC Know Your Customer
MIBOR Mumbai Inter-Bank Offer Rate
NAV Net Asset Value
NECS National Electronic Clearing Service
NEFT National Electronic Funds Transfer
NFO New Fund Offer
NRE A/c Non-Resident (External) Rupee Account
NRI Non-Resident Indian
NRO A/c Non-Resident Ordinary Rupee Account
NSDL National Securities Depositories Limited
NSE National Stock Exchange of India Limited
OCI Overseas Citizen of India
PAN Permanent Account Number
PEKRN PAN Exempt KYC Reference Number
PIO Person of Indian Origin
RBI Reserve Bank of India
RIAs SEBI Registered Investment Advisers
RTA Registrar and Transfer Agent
RTGS Real Time Gross Settlement
SAI Statement of Additional Information
SEBI Securities and Exchange Board of India
SID Scheme Information Document
SIP Systematic Investment Plan
STP Systematic Transfer Plan
SWAP Systematic Withdrawal Advantage Plan
TREPS Tri-Party Repos on Government securities or treasury bills

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 F. DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANY

It is confirmed that:
(i) This Scheme Information Document has been prepared in accordance with the SEBI
(Mutual Funds) Regulations, 1996 and the guidelines and directives issued by SEBI
from time to time.
(ii) All legal requirements connected with the launching of the Scheme as also the
guidelines, instructions, etc., issued by the Government and any other competent
authority in this behalf, have been duly complied with.
(iii) The disclosures made in the Scheme Information Document are true, fair and adequate
to enable the investors to make a well-informed decision regarding investment in the
proposed Scheme.
(iv) The intermediaries named in the Scheme Information Document and Statement of
Additional Information are registered with SEBI and their registration is valid, as on date.
(v) We confirm that the contents of the SID including figures, data, yields, etc. have been
checked and are factually correct.

Signed: Sd/-
Place: Mumbai Name: Supriya Sapre
Date: January 29, 2024 Designation: Chief Compliance Officer

Page 27 of 136
G. RATIONALE AND PRODUCT DIFFERENTIATION

The Scheme will provide an avenue to investors who would prefer a passive investment fund
investing in companies that are constituents of the NIFTY200 Momentum 30 Index.

Scheme Name Scheme Category Type of Scheme

HDFC NIFTY200 Index Fund An open-ended scheme replicating/tracking
Momentum 30 NIFTY200 Momentum 30 Index (TRI)
Index Fund

Comparison with other open-ended equity-oriented index/ETF schemes of HDFC

Mutual Fund

Scheme Name Scheme Type of Scheme No. of AUM*

Category Folio* (Rs in
Crores)
HDFC Index Fund - Index Fund An open-ended scheme 338025 6,352.12
S&P BSE SENSEX replicating / tracking S&P
Plan BSE SENSEX Index
HDFC Index Fund - Index Fund An open ended scheme 292468 11,887.57
NIFTY 50 Plan replicating/tracking NIFTY 50
Index
HDFC NIFTY50 Index Fund An open ended scheme 40355 896.93
Equal Weight Index replicating/tracking NIFTY50
Fund Equal Weight Index
HDFC NIFTY Next Index Fund An open ended scheme 36168 433.53
50 Index Fund replicating/tracking NIFTY
Next 50 Index
HDFC Nifty 100 Index Fund An open ended scheme 11437 132.59
Index Fund replicating/tracking NIFTY
100 Index
HDFC Nifty 100 Index Fund An open ended scheme 7059 101.15
Equal Weight Index replicating/tracking NIFTY
Fund 100 Equal Weight Index
HDFC NIFTY Index Fund An open ended scheme 21452 80.47
Midcap 150 Index replicating/tracking NIFTY
Fund Midcap 150 Index
HDFC Nifty Index Fund An open ended scheme 26304 105.48
Smallcap 250 replicating/tracking Nifty
Index Fund Smallcap 250 Index
HDFC S&P BSE Index Fund An open ended scheme 7141 31.53
500 Index Fund replicating/tracking S&P BSE
500 Index
HDFC NIFTY 50 ETF An open ended scheme 18971 3,080.17
ETF replicating/tracking NIFTY 50
Index
HDFC S&P ETF An open ended scheme 8704 488.20
SENSEX ETF replicating/tracking S&P BSE
SENSEX Index

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 Scheme Name Scheme Type of Scheme No. of AUM*
Category Folio* (Rs in
Crores)
HDFC Nifty Bank ETF An open ended scheme 7502 2,495.90
ETF replicating/tracking NIFTY
Bank Index
HDFC Nifty 100 ETF An open ended scheme 3510 7.93
ETF replicating/tracking NIFTY
100 Index (TRI)
HDFC Nifty Next ETF An open ended scheme 2281 12.84
50 ETF replicating/tracking NIFTY
Next 50 Index (TRI)

HDFC NIFTY 100 ETF An open ended scheme 2337 11.49

Quality 30 ETF replicating/tracking NIFTY100
Quality 30 Index (TRI)

HDFC NIFTY 50 ETF An open ended scheme 2088 21.38

VALUE 20 ETF replicating/tracking NIFTY50
Value 20 Index (TRI)

HDFC NIFTY ETF An open ended scheme 2313 7.89

Growth Sectors 15 replicating/tracking NIFTY
ETF Growth Sectors 15 Index
(TRI)
HDFC NIFTY100 ETF An open ended scheme 2059 5.95
Low Volatility 30 replicating/tracking NIFTY100
ETF Low Volatility 30 Index (TRI)
HDFC NIFTY200 ETF An open ended scheme 2471 11.35
Momentum 30 ETF replicating/tracking NIFTY200
Momentum 30 Index (TRI)
HDFC NIFTY ETF An open ended scheme 1029 352.74
Private Bank ETF replicating/tracking NIFTY
Private Bank Index (TRI)
HDFC NIFTY IT ETF An open ended scheme 2190 59.21
ETF replicating/tracking NIFTY IT
Index (TRI)
HDFC S&P BSE ETF An open ended scheme 3232 6.49
500 ETF replicating/tracking S&P BSE
500 Index
HDFC NIFTY ETF An open ended scheme 13738 15.15
Midcap 150 ETF replicating/tracking NIFTY
Midcap 150 Index
HDFC Nifty ETF An open ended scheme 22868 130.75
Smallcap 250 ETF replicating/tracking Nifty
Smallcap 250 Index
* As on December 29, 2023

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II. INFORMATION ABOUT THE SCHEME

A. TYPE OF THE SCHEME

An open ended scheme replicating/tracking NIFTY200 Momentum 30 Index (TRI).

B. WHAT IS THE INVESTMENT OBJECTIVE OF THE SCHEME?

The investment objective of the Scheme is to generate returns that are commensurate
(before fees and expenses) with the performance of the NIFTY200 Momentum 30 Index
TRI (Underlying Index), subject to tracking error.

There is no assurance that the investment objective of the Scheme will be realized.

C. HOW WILL THE SCHEME ALLOCATE ITS ASSETS?

Under normal circumstances, the asset allocation (% of Net Assets) of the Scheme's
portfolio will be as follows:
Minimum Maximum
Allocation Allocation
Types of Instruments Risk Profile
(% of Total (% of Total
Assets) Assets)
Securities covered by NIFTY200
95 100 Very High
Momentum 30 Index
Debt Securities & Money Market
Low to
Instruments, units of Debt Schemes of 0 5
Medium
Mutual Funds@

As per clause 12.24.1 of Master Circular, the cumulative gross exposure through equity,
debt securities & money market instruments, derivative positions, repo transactions,
other permitted securities/assets and such other securities/assets as may be permitted
by SEBI from time to time shall not exceed 100% of the net assets of the Scheme. As
per SEBI letter to AMFI dated November 3, 2021, Cash or cash equivalents i.e.
Government Securities, T-Bills and Repo on Government Securities with residual
maturity of less than 91 days may be treated as not creating any exposure.

@ investments will be made Cash or cash equivalents i.e. Government Securities, T-

Bills and Repo on Government Securities, units of Liquid and Overnight Mutual Fund
Schemes for liquidity purposes.

The Scheme retains the flexibility to invest, in debt securities and money market
instruments as permitted by SEBI / RBI from time to time and subject to obtaining
regulatory approvals, if any, including schemes of mutual funds.

The Scheme does not intend to undertake / invest / engage in:Debt Derivatives;
 ADR /GDR /Foreign Securities;
 Securitized Debt;
 Credit Default Swaps;
 Short Selling;
 Repo/ Reverse Repo of corporate debt securities;

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 Debt instruments having special features viz. subordination to equity (absorbs losses
before equity capital) and /or convertible to equity upon trigger of a pre-specified
event for loss absorption;
 Structured obligations (SO rating) and/ or credit enhanced debt (CE rating); and
 Units of Real Estate Investment Trusts (REITs) and / or Infrastructure Investment
Trusts (InvITs) unless received as corporate action or the instrument / security is
added in the benchmark Index as a constituent.

The Scheme may invest upto 20% of its net assets in equity derivatives. The exposure to
derivatives shall be in accordance with clause 12.25 of Master Circular. Exposure to
equity derivatives of the index itself or its constituent stocks may be undertaken when
equity shares are unavailable, insufficient or for rebalancing in case of corporate actions
for a temporary period.

Index futures/options are meant to be an efficient way of buying/selling an index

compared to buying/selling a portfolio of physical shares representing an index for ease
of execution and settlement. It can help in reducing the tracking error in the Scheme.
Index futures/options may avoid the need for trading in individual components of the
index, which may not be possible at times, keeping in mind the circuit filter system and
the liquidity in some of the individual stocks. Index futures/options can also be helpful in
reducing the transaction costs and the processing costs on account of ease of execution
of one trade compared to several trades of shares comprising the Underlying Index and
will be easy to settle compared to physical portfolio of shares representing the
Underlying Index. In case of investments in index futures/options, the risk/reward would
be the same as investments in portfolio of shares representing an index. However, there
may be a cost attached to buying an index future/option. The Scheme will not maintain
any leveraged or trading positions.

A part of the total assets may be invested in the Tri-Party Repos on Government
Securities or Treasury Bills (TREPS) or reverse repo or in an alternative investment as
may be provided by RBI to meet the liquidity requirements, subject to regulatory
approval, if any. From time to time, the Scheme may hold cash.

Pending deployment of funds of the Scheme in securities in terms of the investment

objective of the Scheme, the AMC may park the funds of the Scheme in short term
deposits of scheduled commercial banks, subject to the clause 12.16 of Master Circular.
The AMC shall not charge investment management and advisory fees on such
investments. The Term Deposits placed as margin will be covered in exposure to cash
and cash equivalent.

Stock Lending by the Fund

Subject to the SEBI (MF) Regulations and in accordance, clause 12.11 of Master
Circular, as may be amended from time to time, the Scheme intends to engage in Stock
Lending.

The AMC shall adhere to the following limits should it engage in Stock Lending:

i. Not more than 20% of the net assets of the Scheme can be deployed in Stock Lending.
ii. Not more than 5% of the net assets of the Scheme can be deployed in Stock Lending
to any single intermediary i.e the limit will be at broker level.

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 Stock Lending means the lending of stock to another person or entity for a fixed period of
time, at a negotiated compensation in order to enhance returns of the portfolio. The
securities lent will be returned by the borrower on the expiry of the stipulated period.

The Mutual Fund may not be able to sell such lent out securities, and this can lead to
temporary illiquidity.

Change in Asset Allocation Pattern/ Portfolio Rebalancing

Short Term Defensive Consideration

As an index linked scheme, the investment policy is primarily passive management.
However, the above mentioned investment pattern is indicative and subject to the SEBI (MF)
Regulations and Circulars issued thereunder, the same may vary from time to time. As per,
clause [Link].b of Master Circular the Fund Manager, may deviate from the above
investment pattern for short term period on defensive considerations. The same will be
rebalanced within 7 Calendar Days.

Portfolio Replication norms

As per clause 3.6.7 of Master Circular,

 any transactions undertaken in the scheme portfolio in order to meet the redemption and
subscription obligations shall be done while ensuring that post such transactions
replication of the portfolio with the index is maintained at all points of time.
 in case of change in constituents of the index due to periodic review, the portfolio of the
Scheme shall be rebalanced within 7 calendar days or such other timeline as may be
prescribed by SEBI from time to time.

Tracking Error:
The Scheme, in general, will hold all the securities that constitute the Underlying Index in the
same proportion as the index. Expectation is that, over a period of time, the tracking error of
the Scheme relative to the performance of the Underlying Index will be relatively low. The
AMC would monitor the tracking error of the Scheme on an ongoing basis and would seek to
minimize tracking error to the maximum extent possible.

The AMC would monitor the tracking error of the Scheme on an ongoing basis and would
seek to minimize tracking error to the maximum extent possible. Under normal market
circumstances, such tracking error is not expected to exceed by [2.00%] p.a. (based on daily
rolling returns for last 12 months). However, in case of events like, Dividend issuance by
constituent members, rights issuance by constituent members, and market volatility during
rebalancing of the portfolio following the rebalancing of the Underlying Basket, etc. or in
abnormal market circumstances, the tracking error may exceed the above mentioned limits.

D. WHERE WILL THE SCHEME INVEST?

Investments in these securities will be as per the limits specified in the asset allocation
table of Scheme, subject to permissible limits laid under SEBI (MF) Regulations.

• Investment in equity and equity related instruments:

(i) The Scheme would invest in Securities which are constituents of the Underlying Index
and endeavor to track the Underlying Index.

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(ii) Stock futures / index futures and such other permitted derivative instruments only for
hedging and portfolio balancing.

(iii) Further, due to corporate action in companies comprising the Underlying Index, the
scheme may be allocated/allotted securities which are not part of the Underlying Index.
For example, the Scheme may receive stocks not included in the relevant Underlying
Index in order to reflect various corporate actions (such as mergers) and other changes
in the relevant Underlying Index (such as reconstitutions, additions, deletions and these
holdings will be in anticipation and in the direction of impending changes in the
Underlying Index)

• Debt securities:
The Scheme will invest in the debt instruments and money market instruments as mentioned
asset allocation pattern table above.
Investment in debt securities will usually be in instruments, which have been assessed as
"high investment grade" by at least one credit rating agency authorised to carry out such
activity under the applicable regulations. Pursuant to Clause 12.12 of the Master Circular,
the AMC may constitute committee(s) to approve proposals for investments in unrated debt
instruments. The AMC Board and the Trustee shall approve the detailed parameters for such
investments. The details of such investments would be communicated by the AMC to the
Trustee in their periodical reports. It would also be clearly mentioned in the reports, how the
parameters have been complied with. However, in case any unrated debt security does not
fall under the parameters, the prior approval of Board of AMC and Trustee shall be sought.
Investment in debt instruments shall generally have a low risk profile and those in money
market instruments shall have an even lower risk profile. The maturity profile of debt
instruments will be selected in accordance with the AMC's view regarding current market
conditions, interest rate outlook and the stability of ratings.

Investments in Debt and Money Market Instruments will be as per the limits specified in the
asset allocation table, subject to restrictions / limits laid under SEBI (MF) Regulations
mentioned under section 'WHAT ARE THE INVESTMENTRESTRICTIONS?'.

Investments in debt will be made through primary or secondary market purchases, other
public offers, placements and right offers (including renunciation). The securities could be
listed, unlisted (as permitted), privately placed, secured /unsecured, rated / unrated.

• Where the monies are parked in short term deposits of Scheduled Commercial Banks
pending deployment, the Scheme shall abide by the following guidelines as per Clause
12.16 of the Master Circular, as may be amended from time to time:
1) "Short Term" for parking of funds shall be treated as a period not exceeding 91 days.
2) Such short-term deposits shall be held in the name of the Scheme.
3) The Scheme shall not park more than 15% of the net assets in short term deposit(s)
of all the scheduled commercial banks put together. However, such limit may be
raised to 20% with prior approval of the Trustee.
4) Parking of funds in short term deposits of associate and sponsor scheduled
commercial banks together shall not exceed 20% of total deployment by the Mutual
Fund in short term deposits.
5) The Scheme shall not park more than 10% of the net assets in short term deposit(s),
with any one scheduled commercial bank including its subsidiaries.
6) The Scheme shall not park funds in short- term deposit of a bank, which has invested
in the Scheme. Trustees/ AMC shall also take steps to ensure that a bank in which
the Scheme has short term deposit does not invest in the Scheme until the Scheme
has short term deposit with such bank.
7) No investment management and advisory fees will be charged for such investments
in the Scheme.

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 The aforesaid limits shall not be applicable to term deposits placed as margins for
trading in cash and derivatives market.

• The Scheme may engage in securities lending within the overall framework of 'Securities
Lending Scheme, 1997 specified by SEBI and such other norms as may be specified by
SEBI from time to time.

• The Scheme may invest in other schemes managed by the AMC or in the schemes of
any other mutual funds, provided it is in conformity with the investment objectives of the
Scheme and in terms of the prevailing SEBI (MF) Regulations. As per the SEBI (MF)
Regulations, no investment management fees will be charged for such investments and
the aggregate inter scheme investment made by all the schemes of HDFC Mutual Fund
or in the schemes of other mutual funds shall not exceed 5% of the net asset value of the
HDFC Mutual Fund.

 Trading in Derivatives
The Scheme may take derivatives position based on the opportunities available subject
to the guidelines provided by SEBI from time to time and in line with the overall
investment objective of the Scheme. The Fund has to comply with the prescribed
disclosure requirements.

The Scheme intends to use derivatives mainly for the purpose of hedging and portfolio
balancing. Losses may arise as a result of using derivatives, but these are likely to be
compensated by the gains on the underlying cash instruments held by the Scheme. The
Scheme will not assume any leveraged exposure to derivatives.

Hedging does not mean maximisation of returns but only reduction of systematic or
market risk inherent in the investment. The Scheme intends to take position in derivative
instruments like Futures, Options, and such other derivative instruments as may be
permitted by SEBI from time to time.

Pursuant to clause [Link] of Master of the Master Circular, as may be amended from
time to time, the Scheme(s) shall be treated as Trading Members at par with a
registered FII in respect of position limits in index futures, index options, stock options
and stock futures contracts.

Derivatives can be traded over the exchange or can be structured between two counter-
parties. Those transacted over the exchange are called exchange Traded derivatives
whereas the other category is referred to as OTC (Over the Counter) derivatives. Some
of the differences of these two derivative categories are as under:

Exchange traded derivatives: These are quoted on the exchanges like any other
traded asset class. The most common amongst these are the Index Futures, Index
Options, Stock Futures and Options on individual equities / securities. The basic form of
the futures contract is similar to that of the forward contract, a futures contract obligates
its owner to purchase a specified asset at a specified exercise price on the contract
maturity date. Futures are cash-settled and are traded only in organised exchanges.
Exchange traded derivatives are standardised in terms of amount and delivery date.
Standardisation and transparency generally ensures a liquid market together with
narrower spreads. On the other hand, for delivery dates far in the future, there may be
insufficient liquidity in the futures market whereas an OTC price may be available.

OTC derivatives: OTC derivatives require the two parties engaging in a derivatives
transaction to come together through a process of negotiation. It is a derivative that is

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customised in terms of structure, amount, tenor, underlying assets, collateral etc. Some
of the common examples are interest rate and currency swaps, Forward Rate
Agreements (FRAs) etc.

Position Limits
The position limits for trading in derivatives by Mutual Funds specified by Clause 7.5 of
the Master Circular are as follows:

i. Position limit for Mutual Funds in index options contracts

a) The Mutual Fund position limit in all index options contracts on a particular
Underlying Index shall be Rs. 500 crore or 15% of the total open interest of the market
in index options, whichever is higher, per Stock exchange.
b) This limit would be applicable on open positions in all options contracts on a
particular Underlying Index.

ii. Position limit for Mutual Funds in index futures contracts

a) The Mutual Fund position limit in all index futures contracts on a particular Underlying
Index shall be Rs. 500 crore or 15% of the total open interest of the market in index
futures, whichever is higher, per Stock exchange.
b) This limit would be applicable on open positions in all futures contracts on a particular
underlying.

iii. Additional position limit for hedging

In addition to the position limits at point (i) and (ii) above, Mutual Funds may take
exposure in equity index derivatives subject to the following limits:
1. Short positions in index derivatives (short futures, short calls and long puts) shall not
exceed (in notional value) the Mutual Fund’s holding of stocks.
2. Long positions in index derivatives (long futures, long calls and short puts) shall not
exceed (in notional value) the Mutual Fund’s holding of cash, government securities, T-
Bills and similar instruments.

iv. Position limit for Mutual Funds for stock based derivative contracts
The Mutual Fund position limit in a derivative contract on a particular underlying stock,
i.e. stock option contracts and stock futures contracts will be as follows:-
The combined futures and options position limit shall be 20% of the applicable Market
Wide Position Limit (MWPL).

v. Position limit for each Scheme of a Mutual Fund

The Scheme-wise position limit requirements shall be:
1) For stock option and stock futures contracts, the gross open position across all
derivative contracts on a particular underlying stock of a Scheme of a mutual fund shall
not exceed the higher of:
1% of the free float market capitalization (in terms of number of shares). or
5% of the open interest in the derivative contracts on a particular underlying stock (in
terms of number of contracts).
2) This position limits shall be applicable on the combined position in all derivative
contracts on an underlying stock at a Stock exchange.
3) For index based contracts, Mutual Funds shall disclose the total open interest held by
its Scheme or all Schemes put together in a particular Underlying Index, if such open
interest equals to or exceeds 15% of the open interest of all derivative contracts on that
Underlying Index.

Exposure Limits
The exposure limits for trading in derivatives by Mutual Funds specified by Clause 12.25
of the Master Circular are as follows:

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1. The cumulative gross exposure through equity, debt securities & money market
instruments, derivative positions (other permitted securities/assets and such other
securities/assets as may be permitted by SEBI from time to time shall not exceed
100% of the net assets of the scheme.
2. Mutual Funds shall not write options or purchase instruments with em-bedded written
options except as permitted under SEBI circulars from time to time. Currently Mutual
Fund schemes (except Index Funds and ETFs) may write call options only under a
covered call strategy.
3. The total exposure related to option premium paid must not exceed 20% of the net
assets of the scheme.
4. Cash or cash equivalents i.e. Government Securities, T-Bills and Repo on
Government Securities with residual maturity of less than 91 days may be treated as
not creating any exposure.
5. Exposure due to hedging positions may not be included in the above-mentioned
limits subject to the following:
a) Hedging positions are the derivative positions that reduce possible losses on an
existing position in securities and till the existing position remains.
b) Hedging positions cannot be taken for existing derivative positions. Exposure
due to such positions shall have to be added and treated under limits mentioned
in Point 1.
c) Any derivative instrument used to hedge has the same underlying security as
the existing position being hedged.
d) The quantity of underlying associated with the derivative position taken for
hedging purposes does not exceed the quantity of the existing position against
which hedge has been taken.
6. (a) Mutual Funds may enter into plain vanilla Interest Rate Swaps (IRS) for
hedging purposes. The value of the notional principal in such cases must not
exceed the value of respective existing assets being hedged by the scheme.
(b) In case of participation in IRS is through over the counter transactions, the
counter party has to be an entity recognized as a market maker by RBI and
exposure to a single counterparty in such transactions should not exceed 10% of
the net assets of the scheme. However, if mutual funds are transacting in IRS
through an electronic trading platform offered by the Clearing Corporation of India
Ltd. (CCIL) and CCIL is the central counterparty for such transactions
guaranteeing settlement, the single counterparty limit of 10% shall not be
applicable.
7. Exposure due to derivative positions taken for hedging purposes in excess of the
underlying position against which the hedging position has been taken, shall be
treated under the limits mentioned in point 1.
8. Definition of Exposure in case of Derivative Positions:
Each position taken in derivatives shall have an associated exposure as defined
under. Exposure is the maximum possible loss that may occur on a position.
However, certain derivative positions may theoretically have unlimited possible loss.
Exposure in derivative positions shall be computed as follows:

Position Exposure
Long Future Futures Price * Lot Size * Number of Contracts
Short Future Futures Price * Lot Size * Number of Contracts
Option Bought Option Premium Paid * Lot Size * Number of Contracts

In terms of SEBI Clause 1.10.3 of the Master Circular, as amended from time to time,
NFO proceeds may be deployed in Tri-Party Repos on Government securities or
treasury bills (TREPS) before the closure of NFO period. However, no investment
management and advisory fees will be charged on funds deployed in TREPS during the

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 NFO period. Further, the appreciation received from investment in TREPS shall be
passed on to the investors. In case the minimum subscription amount is not garnered by
the scheme during the NFO period, the interest earned upon investment of NFO
proceeds in TREPS shall be returned to investors, in proportion of their investments,
alongwith the refund of the subscription amount.

E. WHAT ARE THE INVESTMENT STRATEGIES?

INVESTMENT STRATEGY AND RISK CONTROL

HDFC NIFTY200 Momentum 30 Index Fund will be managed passively with investments in
stocks comprising the Underlying Index subject to tracking error. The investment strategy
would revolve around reducing the tracking error to the least possible through regular
rebalancing of the portfolio, taking into account the change in weights of stocks in the Index
as well as the incremental collections/redemptions in the Scheme. A part of the funds may
be invested in debt and money market instruments, to meet the liquidity requirements.

Since the Scheme is index fund, it will only invest in securities constituting the Underlying
Index. However, due to corporate action in companies comprising the index, the Scheme
may be allocated/allotted securities which are not part of the index. Such holdings would be
rebalanced within 7 Calendar Days from the date of allotment / listing of such securities.

As part of the Fund Management process, the Scheme may use derivative instruments such
as index futures and options, or any other derivative instruments that are permissible or may
be permissible in future under applicable regulations. However, trading in derivatives by the
Scheme shall be for restricted purposes as permitted by the regulations.

Subject to the Regulations and the applicable guidelines, the Scheme may engage in Stock
Lending activities. The Scheme may also invest in the debt schemes of Mutual Funds in
terms of the prevailing SEBI (MF) Regulations.

Though every endeavor will be made to achieve the objective of the Scheme, the
AMC/Sponsor/ Trustee do not guarantee that the investment objective of the Scheme
will be achieved. No guaranteed returns are being offered under the Scheme.

RISK CONTROL
The Scheme aims to track the NIFTY200 Momentum 30 Index (TRI) before expenses. The
index will be tracked on a regular basis and changes to the constituents or their weights, if
any, will be replicated in the underlying portfolio with the purpose of minimizing tracking
errors.

The Scheme being a passive investment carries lesser risk as compared to active fund
management. The portfolio would follow the index and therefore the level of stock
concentration in the portfolio and its volatility would be the same as that of the index, subject
to tracking errors. Thus, there would be no additional element of volatility or stock
concentration on account of fund manager decisions. The fund manager would endeavor to
keep cash levels at the minimal to control tracking errors.

The Risk Mitigation strategy revolves around reducing the tracking error to the least possible
through regular rebalancing of the portfolio, taking into account the change in weights of
stocks in the Underlying Index as well as the incremental inflows into / redemptions from the
Scheme.

While these measures are expected to mitigate the above risks to a large extent, there can
be no assurance that these risks would be completely eliminated.

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Strategies for Investment in Derivatives

Basic Structure of an Index Future:

Index Futures are instruments designed to give exposure to the equity market indices. BSE
Limited and the National Stock Exchange of India Limited have started trading in index
futures of 1, 2 and 3 month maturities. The pricing of an index future is the function of the
Underlying Index and short term interest rates.

Example:
Assumptions:
1 month BSE 30 Future
Spot Index: 4900
Future Price on day 1: 4920
Fund buys 10,000 futures contracts On Date of settlement
Future price = Closing spot price = 4950
Profits for the Fund = (4950-4920)*10000 = Rs. 300,000 + interest for the 1 month period

Please note that the above example is given for illustration purposes only.

The net impact for the Fund will be in terms of the difference between the closing price of the
index and cost price (ignoring margins for the sake of simplicity) plus interest costs on funds
that would otherwise be invested in stocks comprising the index. The risks associated with
index futures are similar to those associated with equity investments. Additional risks could
be on account of illiquidity and/or mispricing of the future at any time during the life of the
contract.

The strategies below are given for illustration purposes only. Some of the strategies
involving derivatives that may be used by the Investment Manager, with an aim to protect
capital and enhance returns include:

Strategy Number 1
 Using Index Futures to increase percentage investment in equities
This strategy will be used for the purpose of generating returns on idle cash, pending its
investment in equities. The Scheme is subject to daily flows. There may be a time lag
between the inflow of funds and their deployment in stocks. If so desired, the scheme would
be able to take immediate exposure to equities via index futures. The position in index
futures may be reversed in a phased manner, as the funds are deployed in the equity
markets.

Example:
The scheme has a corpus of Rs. 50 crore and there is an inflow of Rs. 5 crores in a day. The
AMC may buy index futures contracts of a value of Rs. 5 crores. Later as the money is
deployed in the underlying equities, the value of the index futures contracts can be suitably
reduced.

Portfolio Event Equity Derivative Total

Portfolio gain / Portfolio
gain / (Loss) (Loss) gain /
(Rs. in (Rs. in (Loss)
crore) crore) (Rs. in
crore)
Rs. 50 Crore equity exposure 10% rise in equity 5 Nil 5
prices

Page 38 of 136
Rs. 50 Crore equity exposure + 10% rise in equity 5 0.5 5.5
Rs. 5 Crore long position index prices
futures
Rs. 50 Crore equity exposure 10% fall in equity (5) Nil (5)
prices
Rs. 50 Crore equity exposure + 10% fall in equity (5) (0.5 (5.5
Rs. 5 Crore long position index prices ) )
futures

RISKS
 The strategy of taking a long position in index futures increases the exposure to the
market. The long position is positively correlated with the market. However, there is
no assurance that the stocks in the portfolio and the index behave in the same
manner and thus this strategy may not provide gains perfectly aligned to the
movement in the index.

 The long position will have as much loss / gain as in the Underlying Index. e.g. if the
index appreciates by 10%, the index future value rises by 10%. However, this is true
only for futures contracts held till maturity. In the event that a futures contract is
closed out before its expiry, the quoted price of the futures contract may be different
from the gain / loss due to the movement of the Underlying Index. This is called the
basis risk.

 While futures markets are typically more liquid than the underlying cash market, there
can be no assurance that ready liquidity would exist at all points in time, for the
Scheme to purchase or close out a specific futures contract.

Strategy Number 2

 Downside Protection Using Stock Put

As a stock hedging strategy, the purchase of a put option on an underlying stock held would
lead to a capping of the loss in value of the stock in the event of a material decline in the
stock's price.

The purchase of a put option against a stock holding in the scheme gives the scheme the
option of selling the stock to the writer of the put at the predetermined level of the Put
Option, called the strike price. If the stock falls below this level, the downside for the scheme
is protected as it has already locked into the selling price. In case of a fall in the stock's price
below the strike price, the value of the Put Option appreciates, approximately corresponding
to the extent of the stock's price fall below the strike price.

Example:
Let us assume 20000 shares of XYZ Limited held in the portfolio with a market value of Rs.
1000 per share (overall Rs. 2 crores). The scheme purchases put options on the stock of
XYZ Limited (not exceeding its holding of 20000 shares) with a strike price of Rs. 990 for an
assumed cost (called Option Premium) of Rs.15 per share (Rs. 3 lakhs for 20000 shares).

By purchasing the above Put Option, the scheme has effectively set a floor to the realisation
from the stock at Rs. 975 per share (Rs. 990 strike price less Rs. 15 Option Premium paid).

Page 39 of 136
In case the stock price of the company falls below Rs. 975 per share, the gain in the price of
the Put Option when added to the actual market price of the stock would bring the sale
realisation per share close to Rs. 975 per share.

After purchasing the above Put Option, in case the price of the stock appreciates, remains
around Rs. 1000 or declines slightly to remain above the strike price, the scheme may not
avail of the option and the cost for having bought the option remains fixed at Rs. 15 per
share.

In effect, a floor (in this case effectively Rs. 975) is set to the stock by buying an Option at a
cost that is known (in this case Rs. 15 per share).

RISKS
 There can be no assurance that ready liquidity would exist at all points in time, for the
scheme to purchase or close out a specific options contract.

 A hedging strategy using Put Options is a perfect hedge on the expiration date of the put
option. On other days, there may be (temporary) imperfect correlation between the share
price and the put option.

Strategy Number 3
 Using Call option on Index to increase percentage investment in equities

This strategy will be used for the purpose of participating in the upside of the market.

Example:

Suppose, the Scheme has a corpus of Rs. 100 crore and the Scheme on January 31, 2021
buys upto maximum 20% of the total assets into Index call option wherein strike price of
underlying benchmark index is 10,000 and the premium on each call option for expiry after 3
years i.e. February 01, 2024 was at Rs. 2,000.

Based on the above strategy the total assets of the Scheme will be as under:
Existing Scheme Net Assets Revised Scheme Total Assets
Asset Type Rs. (in Asset Type Rs. (in
crores) crores)
Equity 70 Equity 70
Net Current Assets 30 Option Premium* 20
(20% of 100 crores)
Net Current Assets 10
Total Assets 100 Total Assets 100
* Option premium paid is to take an additional exposure of around Rs. 100 crores of
equities. Therefore, the total exposure to equity assets due to the said strategy will be
around Rs. 170 crores (i.e. Rs. 70 crores + Rs. 100 crores).

Assuming the market index goes up the value of call option will increase. Thus, one can
participate in the upside of the market as shown in the table below.
Date Closing value of underlying Call Premium/ value at
benchmark index expiry (Rs.)
31/01/2021 10,000 2,000
February 01, 2024 12,400 2,400

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Thus, the gain on the above strategy for the Scheme will be Rs. 400 (Rs. 2,400 - Rs. 2,000)
on each call option

RISKS
 The strategy of taking a long position in index call option increases the exposure to the
market. The long position is positively correlated with the market. However, there is no
assurance that the stocks in the portfolio and the index behave in the same manner and
thus this strategy may not provide gains perfectly aligned to the movement in the index.

 The risk/downside, if the market falls/remains flat is only limited to the option premium
paid.

 The long position will have as much loss / gain as in the Underlying Index. For e.g. if the
index appreciates by 10%, the index options value rises by 10%. However, this is true
only for options held till maturity.

 While option markets are typically less liquid than the underlying cash market, hence
there can be no assurance that ready liquidity would exist at all points in time, for the
Scheme to purchase or close out a specific contract.

Strategy Number 4
 Using Put option on Index to minimize downside in equities

This strategy will be used for the purpose of hedging against downside in the market and
capping the maximum loss in such a scenario.

Example:

Suppose, the Scheme has a corpus of Rs 100 crore and the Scheme on January 31, 2021
buys 6% of the total assets into At-the-money Index put option wherein strike price of
underlying benchmark index having expiry February 01, 2023 index put option is Rs 10,000,
bought at a premium of Rs. 600.
Based on the above strategy the total assets of the Scheme will be as under:
Existing Scheme Net Assets Revised Scheme Total Assets
Rs. (in Rs. (in
Asset Type crores) Asset Type crores)
Equity 100 Equity 94
Option Premium* 6
Total Assets 100 Total Assets 100
*Option premium paid is to take downside exposure to Rs 94 crore in underlying benchmark
index. Therefore, the total exposure to long equities is Rs 94 crore and participation in
downside of underlying benchmark index is Rs 94 crore through the option.

Date Closing value of underlying Put Premium/ value at expiry

benchmark index (Rs.)
January 31, 2021 10,000 600
February 01,
2023 9,000 1,000
Thus, the overall gain on the above put option for the Scheme will be Rs 400 (Rs. 1,000 -
Rs. 600) on each put option.

Page 41 of 136
RISKS
 The strategy of taking a long position in index put option hedges a portfolio of long only
stocks/funds against potential markets falls. The long position in the put option is
negatively correlated with the market. However, there is no assurance that the stocks in
the portfolio and the index behave in the same manner and thus this strategy may not
provide gains perfectly aligned to the movement in the index.
 The risk/downside, if the index remains above the strike price is only limited to the
option premium paid. The premium paid is the maximum downside to the portfolio.
There is positive return in the put strategy only if the index falls below the strike price.
 The long position will have as much loss / gain as the reverse of the Underlying Index.
For e.g. if the index depreciates by 10%, the index options value rises by 10%. However,
this is true only for options held till maturity.
 While option markets are typically less liquid than the underlying cash market, there can
be no assurance that ready liquidity would exist at all points in time, for the Scheme to
purchase or close out a specific contract.

PORTFOLIO TURNOVER

Portfolio turnover is defined as the lower of purchases and sales after reducing all
subscriptions and redemptions and derivative transactions there from and calculated as a
percentage of the average assets under management of the Scheme during a specified
period of time.

This Fund will follow a passive investment strategy, the endeavor will be to minimise portfolio
turnover subject to the exigencies and needs of the Scheme. Generally, turnover will be
confined to rebalancing of portfolio on account of new subscriptions, redemptions and
change in the composition of the Underlying Index and corporate actions of securities
included in the Underlying Index.

INVESTMENT DECISIONS

The Investment Committee comprising Head-Equities, Head-Fixed Income, Fund

Manager(s) - Equities (for equity related matters), Fund Manager(s) - Debt (for debt related
matters), Fund Manager(s) – Commodities (for Commodity related matters) and Chief
Compliance Officer will inter alia lay down the fund's investment philosophy, policy and
processes / procedures, review the performance / portfolios of the Schemes, monitor the
credit ratings of debt exposures, etc. Fund Manager(s) shall be responsible for taking
investment / divestment decisions for their respective scheme(s) and for adhering to the
Fund's investment philosophy, policy and processes / procedures. Investment decisions
shall be recorded by the respective Fund Manager(s) along with reasons for the same.
Research reports, both internal and external, covering inter alia factors like business outlook,
financial analysis, valuation, etc. shall assist the Fund Manager(s) in the decision- making.
Credit exposure limits shall be set and reviewed by the Head-Fixed Income, Fund
Manager(s) - Debt.

The Head-Equities, Head-Fixed Income and the Investment Committee report to the
Managing Director & CEO. Investment decisions are taken by the fund manager(s) of the
respective scheme(s) and the Managing Director & CEO does not play any role in the day-
to-day investment decisions. The Managing Director & CEO of the AMC shall ensure that the
investments made by the fund managers are in the interest of the Unit holders.

Periodic presentations will be made to the Board of Directors of the AMC and Trustee
Company to review the performance of the Scheme.

Page 42 of 136
INVESTMENT BY THE AMC IN THE SCHEME

The AMC may invest in the Scheme during the New Fund Offer Period and / or during
continuous offer period subject to the SEBI (MF) Regulations. As per the existing SEBI (MF)
Regulations, the AMC will not charge Investment Management and Advisory fee on the
investment made by it in the Scheme or other existing Schemes of the Mutual Fund.

F. CREATION OF SEGREGATED PORTFOLIO

In order to ensure fair treatment to all investors in case of a Credit Event and to deal with
liquidity risk, clause 4.4 of Master Circular, has allowed creation of Segregated Portfolio of
debt and money market instruments by mutual fund schemes. Creation of Segregated
Portfolio shall be optional and at the sole discretion of the asset management company.

The salient features of creation of Segregated Portfolio are as follows:

The term ‘Segregated Portfolio’ shall mean a portfolio, comprising debt or money market
instrument affected by a Credit Event that has been segregated in a mutual fund scheme.
The term ‘Main Portfolio’ shall mean the scheme portfolio excluding the Segregated
Portfolio.
The term ‘Total Portfolio’ shall mean the scheme portfolio including the securities affected by
the Credit Event.

The term “Credit Event” with respect to creation of a Segregated Portfolio, if any, refers to:
 Issuer level downgrade in credit rating by a SEBI registered Credit Rating Agency
(CRA) as under:
a. Downgrade of a debt or money market instrument to ‘below investment grade’,
b. Subsequent downgrades of the said instruments from ‘below investment grade’,
or
c. Similar such downgrades of a loan rating; or
d. Any other scenario as permitted by SEBI from time to time.
Note: In case of difference in rating by multiple CRAs, the most conservative rating shall be
considered.
Credit Event shall also include actual default of either the interest or principal of unrated debt
or money market instruments of an issuer that does not have any outstanding rated debt or
money market instruments.

The AMC at its sole option and discretion may create Segregated Portfolio in the Scheme,
with the approval of the Trustees, subject to the following:

Segregated portfolio may be created, in case of a Credit Event at issuer

Creation of Segregated Portfolio shall be based on issuer level Credit Events as detailed
above and implemented at the ISIN level.

Further, Segregated Portfolio may be created of unrated debt or money market instruments
of an issuer that does not have any outstanding rated debt or money market instruments but
only in case of actual default of either the interest or principal amount and subject to
guidelines prescribed by SEBI in this behalf from time to time.

It may be noted that even for the same security (ISIN level) held by multiple Schemes, the
AMC, in its sole discretion, may decide to segregate the portfolio only for select Schemes

Page 43 of 136
It may be noted that notwithstanding the above, segregation of portfolio may be effected in
such events and in such manner as may be permitted by SEBI whether by changes to
circulars or guidelines in this behalf or by way of clarifications issued thereto from time to
time or in any other manner.

Process for creation of Segregated Portfolio:

a) In case the AMC decides on creation of Segregated Portfolio on the day of a Credit
Event it shall:
i. seek approval of trustees prior to creation of the Segregated Portfolio.
ii. immediately issue a press release disclosing its intention to segregate such debt
and money market instrument and its impact on the investors and also disclose
that the segregation shall be subject to trustee approval. Additionally, the said
press release shall be prominently disclosed on the website of HDFC Mutual
Fund (“the Fund”).
iii. ensure that till the time the trustee approval is received, which in no case shall
exceed 1 business day from the day of Credit Event, the subscription and
redemption in the scheme(s) shall be suspended for processing with respect to
creation of units and payment on redemptions.

b) Process post receipt of trustee approval by the AMC for creation of Segregated Portfolio
in the Scheme(s):
i. Segregated Portfolio shall be effective from the day of Credit Event
ii. The AMC shall issue a press release immediately with all relevant information
pertaining to the Segregated Portfolio. The said information shall also be
submitted to SEBI.
iii. An e-mail or SMS shall be sent to all unit holders of the concerned scheme(s).
iv. The NAV of both segregated and Main Portfolio of the Scheme(s) shall be
disclosed from the day of the Credit Event.
v. All existing investors in the scheme(s) as on the day of the Credit Event shall be
allotted equal number of units in the Segregated Portfolio as held in the Main
Portfolio.
vi. No redemption and subscription shall be allowed in the Segregated Portfolio.
However, in order to facilitate exit to unit holders in Segregated Portfolio, the
AMC shall enable listing of units of Segregated Portfolio on the recognized stock
exchange within 10 working days of creation of Segregated Portfolio and also
enable transfer of such units held in demat mode on receipt of transfer requests.

c) If the trustees do not approve the proposal to Segregate Portfolio, the AMC shall issue a
press release immediately informing investors of the same.

Valuation and processing of subscriptions and redemptions

a) Notwithstanding the decision to segregate the debt and money market instrument, the
valuation shall take into account the Credit Event and the portfolio shall be valued based
on the principles of fair valuation (i.e. realizable value of the assets) in terms of the
relevant provisions of SEBI (Mutual Funds) Regulations, 1996 and Circular(s) issued
thereunder.
b) All subscription and redemption requests for which NAV of the day of Credit Event or
subsequent day is applicable will be processed as per the existing circular on
applicability of NAV as under:
i. Upon trustees’ approval to create a Segregated Portfolio -
 Investors redeeming their units will get redemption proceeds based on the
NAV of Main Portfolio and will continue to hold the units of Segregated
Portfolio.

Page 44 of 136
  Investors subscribing to the scheme(s) will be allotted units only in the Main
Portfolio based on its NAV.
ii. In case trustees do not approve the proposal of Segregated Portfolio,
subscription and redemption applications will be processed based on the NAV of
Total Portfolio.

TER for the Segregated Portfolio

a) The AMC will not charge investment and advisory fees on Segregated Portfolio.
However, TER (excluding the investment and advisory fees) may be charged, on a pro-
rata basis only upon recovery of the investments in Segregated Portfolio.
b) The TER so levied shall not exceed the simple average of such expenses (excluding the
investment and advisory fees) charged on daily basis on the Main Portfolio (in % terms)
of the scheme(s) during the period for which Segregated Portfolio was in existence.
c) The legal charges related to recovery of the investments of the Segregated Portfolio may
be charged to the Segregated Portfolio in proportion to the amount of recovery.
However, the same shall be within the maximum TER limit as applicable to the Main
Portfolio. The legal charges in excess of the TER limits, if any, shall be borne by The
AMC.
d) The costs related to Segregated Portfolio shall in no case be charged to the Main
Portfolio.

Periodic Disclosures:

In order to enable the existing as well as the prospective investors to take informed decision,
inter alia the following disclosures shall be made:
a) A statement of holding indicating the units held by the investors in the Segregated
Portfolio along with the NAV of both Segregated Portfolio and Main Portfolio as on
the day of the Credit Event shall be communicated to the investors within 5 working
days of creation of the Segregated Portfolio.
b) Adequate disclosure of the Segregated Portfolio shall appear in the scheme related
documents, in monthly and half-yearly portfolio disclosures and in the annual report
of the Scheme.
c) Net Asset Value (NAV) of Segregated Portfolio, if any, shall be declared on daily
basis.
d) Investors of the Segregated Portfolio shall be duly informed of the recovery
proceedings of the investments of the Segregated Portfolio. Status update may be
provided to the investors at the time of recovery and also at the time of writing-off of
the segregated securities.

Risk factors associated with Creation of Segregated Portfolio

a) Investor holding units of Segregated Portfolio may not be able to liquidate their
holding till recovery of money from the issuer.
b) Security comprising Segregated Portfolio may not realise any value.
c) Listing of units of Segregated Portfolio in recognised stock exchange does not
necessarily guarantee their liquidity. There may not be active trading of units in the
stock market. Further trading price of units on the stock market may be significantly
lower than the prevailing NAV.

Given below is an illustration explaining the segregation of portfolio:

Scheme Portfolio before the Credit Event

Assets Amount (Rs.)

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Debt A 50,000
Debt B 50,000
Debt C 50,000

Net Assets 1,50,000

Assuming number of units outstanding is 10,000 units
NAV = Net Assets / No of units = 150,000/10,000= Rs.15/-
There is a Credit Event in one of the Security (Debt C). Due to Credit Event the Debt C is
valued at Rs. 25,000/- in line with extant SEBI regulations on valuation of such securities.
AMC decides to segregate portfolio by segregating exposure in Debt C. The resultant split
will be as follows:

Scheme Main Portfolio

Assets Amount (Rs.)
Debt A 50,000
Debt B 50,000

Net Assets 100,000

NAV (Main Portfolio) = 100,000/10,000= Rs.10/-

Scheme Segregated Portfolio

Assets Amount (Rs.)
Debt C 25,000

Net Assets 25,000

NAV (Segregated Portfolio) = Rs. 25,000/10,000= Rs.2.5/-

Investor (having 1000 units) will see his scheme holdings as follows:
Particulars Before Credit After Credit Event
Event
Main Portfolio Segregated Portfolio
Market Value of Units 15,000 10,000 2500
(Rs.)
No of Units 1000 1000 1000
NAV per unit (Rs.) 15.00 10.00 2.50

Monitoring by Trustees

In order to ensure timely recovery of investments of a Segregated Portfolio, if any, the

trustees would continuously monitor the progress and take suitable action as they deem
appropriate. Trustees shall ensure that the AMC puts in sincere efforts to recover the
investments of the segregated portfolio and that upon recovery of money, whether partial or
full, it shall be immediately distributed to the investors in proportion to their holding in the
segregated portfolio. Any recovery of amount of the security in the segregated portfolio even
after the write off shall be distributed to the investors of the segregated portfolio.

In order to avoid mis-use of Segregated Portfolio, Trustees shall ensure that a mechanism is
put in place which will negatively impact the performance incentives of Fund Managers,
Chief Investment Officers (CIOs), etc. involved in the investment process of securities under
the Segregated Portfolio, mirroring the existing mechanism for performance incentives of the
AMC, including claw back of such amount to the Segregated Portfolio of the Scheme.

Page 46 of 136
G. FUNDAMENTAL ATTRIBUTES

Following are the Fundamental Attributes of the Scheme, in terms of Regulation 18 (15A) of
the SEBI (MF) Regulations:

(i) Type of a Scheme

An open-ended scheme replicating/tracking NIFTY200 Momentum 30 Index (TRI)
(ii) Investment objective
• Main Objective of the Scheme is to generate returns that are commensurate (before fees
and expenses) with the performance of the NIFTY200 Momentum 30 Index TRI
(Underlying Index), subject to tracking errors. There is no assurance that the investment
objective of the Scheme will be achieved.

 Investment pattern - Please refer to section ‘How will the Scheme Allocate its
Assets?’.

(iii) Terms of Issue

(a) Liquidity provisions such as listing, repurchase, redemption.

Please refer section “III. Units and Offer” for details.

b) Aggregate Fees and expenses charged to the Scheme

Please refer to section ‘Fees and Expenses’ for details.

c) Any safety net or guarantee provided

This Scheme does not provide any guaranteed or assured return.

Changes in Fundamental Attributes

 In accordance with Regulation 18 (15A) and Regulation 25(26) of the SEBI (MF)
Regulations, read with clause [Link] and 17.10 of Master Circular, the Trustee and
AMC shall ensure that no change in the fundamental attributes of the Scheme and the
Plan(s)/ Option(s) thereunder or fee and expenses payable or any other change which
would modify the Scheme and affect the interest of Unit holders is carried out by the
AMC unless:SEBI has reviewed and provided its comments on the proposal
 A written communication about the proposed change is sent to each Unit holder and an
advertisement is given in one English daily newspaper having nationwide circulation as
well as in a newspaper published in the language of the region where the Head Office of
the Mutual Fund is situated; and
 The Unit holders are given an option for a period of atleast 30 calendar days to exit at
the prevailing Net Asset Value without any exit Load.

H. HOW WILL THE SCHEME BENCHMARK ITS PERFORMANCE?

Nifty200 Momentum 30 Index (TRI)

The above Index has been chosen as the benchmark since the Scheme will invest in stocks
which are constituents of NIFTY200 Momentum 30 Index. Thus, the composition of the
aforesaid benchmark is such that it is most suited for comparing the performance of the
Scheme.
The Trustee reserves right to change the benchmark for performance of the scheme in
conformity with the investment objectives and appropriateness of the benchmark subject to
SEBI (MF) Regulations, and other prevailing guidelines, if any by suitable notification to the
investors to this effect.

Page 47 of 136
In accordance with the investment objective and tracking error definition, the Scheme
performance will be compared with the total returns of NIFTY200 Momentum 30 Index.
ABOUT THE UNDERLYING INDEX
The Nifty200 Momentum 30 Index (TRI) which aims to track the performance of the top 30
companies within the Nifty 200 selected based on their Normalized Momentum Score. The
Normalized Momentum Score for each company is determined based on its 6-month and 12-
month price return, adjusted for volatility. Stock weights are based on a combination of the
stock’s Normalized Momentum Score and its free-float market capitalization.
Eligibility criteria

 Stocks forming part / going to be a part of the Nifty 200 index at the time of review

 Constituents should have a minimum listing history of 1 year

 At the time of index reconstitution, a company which has undergone a scheme of

arrangement for corporate event such as spin-off, capital restructuring etc. would be
considered eligible for inclusion in the index if as on the cut-off date for sourcing data
of preceding twelve months for index reconstitution, a company has completed
twelve calendar months of trading period after the stock has traded on ex. basis
subject to fulfilment of all eligibility criteria for inclusion in the index.

 Stock should be available for trading in derivative segment (F&O) as on the effective
date.
Stock selection criteria:
Stocks shortlisted based on above mentioned criteria are further analysed as:
For each eligible stock, Z Score is calculated on the basis of 6-month momentum and 12-
month momentum-
• Momentum Ratio for a stock is calculated as: Momentum Ratio = (Price Return)/ σ p
▪ 12 month Momentum Ratio (MR12) = 12 month Price return / σp
12 month price return (12 M return): [Price (M-1)/Price (M-13)]-1, Where M is the rebal
month, and prices are as of the last trading day of M-1 Month and M-13 Month
[Link] (σp) : Annualised standard deviation of lognormal daily returns of the stock for
1 year
• 6 month Momentum Ratio (MR6) = 6 month Price return / σp
6 month price return (6 M return): [Price (M-1)/Price (M-7)]-1, Where M is the rebal month,
and prices are as of the last trading day of M-1 Month and M-7 Month
[Link] (σp ) : Annualised standard deviation of lognormal daily returns of the stock for
1 year

• Z Score of the Momentum Ratio for each security is calculated:

The 12 – month Momentum Z score for each stock is calculated as per the following formula:
[MR12 – μMR,12]/ σMR,12
Where;
MR12 is the 12 month Momentum Ratio of the stock
μMR, 12 is the mean of the 12 month Momentum Ratios of the eligible universe
σMR,12 is the std. deviation of the 12 month Momentum Ratios of the eligible universe

Page 48 of 136
Similarly, the 6 month Momentum Z score for each stock is calculated as per the following
formula:
[MR6 – μMR,6]/ σMR,6
Where;
MR6 is the 6 month Momentum Ratio of the stock
μMR, 6 is the mean of the 6 month Momentum Ratios of the eligible universe
σMR,6 is the std. deviation of the 6 month Momentum Ratios of the eligible universe
The Weighted Average Z score is calculated for each eligible stock as per the following
formula:
o Weighted Average Z Score = 50% * (12 month Momentum Z Score) + 50% * (6 month
Momentum Z Score)
The Normalized Momentum Score is calculated for each eligible stock from its Weighted
Average Z score as:
o Normalized Momentum Score = (1+ Wgt. Average Z score) if Wgt. Average Z score >=0
(1- Weighted Average Z score)^-1 if Wgt. Average Z score < 0
• The top 30 stocks with the highest Normalized Momentum Score are selected
Weights and Capping:

 Weight of the stock in the index is derived by multiplying the free float market cap
with the Normalized Momentum Score of that stock

 Each stock in the index is capped at the lower of 5% or 5 times the weight of the
stock in the index based only on free float market capitalization

 Capping will be done semi-annually at the time of rebalancing

Reconstitution

 Index rebalancing will be done on a semi-annual basis in June and December

 Stocks that move out of the Nifty 200 shall also move out of the Nifty200 Momentum
30 Index at the time of the review of the Nifty200 Momentum 30 Index

 From the eligible universe defined above, the top 15 ranked stocks on their
Normalized Momentum Score are compulsorily included in the index, whereas
existing stocks in the index whose rank goes beyond 45 are compulsorily excluded
from the index

 Apart from the scheduled semi-annual review, additional ad-hoc reconstitution and
rebalancing of the index shall be initiated in case any of the index constituents is
removed from Nifty 200 due to any corporate action (scheme of arrangement,
delisting etc.) or suspension by the exchange etc.

 Further, on a quarterly basis, indices will be screened for compliance with the
portfolio concentration norms for ETFs/ Index Funds announced by SEBI on January
10, 2019. In case of non-compliance of any of the stated norms, suitable corrective
measures such as replacement of ineligible stock, re-alignment of constituent
weights will be undertaken depending upon the nature of non-compliance to ensure
the compliance of norms

Page 49 of 136
Index Governance:
The indices are calculated and administered by NSE Indices Limited. A professional team at
NSE Indices Limited manages the indices, according to a detailed control and accountability
framework, that includes this methodology and incorporates the guidance of the NSE Indices
Index Maintenance Sub-Committee and with oversight from the NSE Indices Oversight
Committee.
Further, the updated constituents of the Index will be made available on the website of the
Fund.
List of Constituents (December 29, 2023)

Sr. Security Name Weightage

No.
1 TATA MOTORS LTD. (%)5.30
2 BAJAJ AUTO LTD. 5.14
3 DR. REDDY'S LABORATORIES LTD. 5.03
4 COAL INDIA LTD. 5.02
5 TRENT LTD. 5.02
6 TVS MOTOR COMPANY LTD. 4.96
7 LARSEN & TOUBRO LTD. 4.94
8 NTPC LTD. 4.91
9 HINDUSTAN AERONAUTICS LTD. 4.86
10 REC LTD. 4.81
11 POWER FINANCE CORPORATION LTD. 4.76
12 AUROBINDO PHARMA LTD. 4.25
13 HERO MOTOCORP LTD. 4.04
14 BHARAT ELECTRONICS LTD. 4.01
15 LUPIN LTD. 3.72
16 DLF LTD. 3.44
17 COLGATE PALMOLIVE (INDIA) LTD. 3.09
18 POLYCAB INDIA LTD. 3.07
19 BHARAT HEAVY ELECTRICALS LTD. 2.94
20 ALKEM LABORATORIES LTD. 2.49
21 NMDC LTD. 2.42
22 BHARAT FORGE LTD. 2.38
23 PUNJAB NATIONAL BANK 1.95
24 OBEROI REALTY LTD. 1.51
25 ZYDUS LIFESCIENCES LTD. 1.50
26 IPCA LABORATORIES LTD. 1.37
27 L&T FINANCE HOLDINGS LTD. 1.10
28 ESCORTS KUBOTA LTD. 0.74
29 THE RAMCO CEMENTS LTD. 0.73
30 SUN TV NETWORK LTD. 0.52

Source: NSE

Page 50 of 136
Portfolio Concentration Norms for Equity ETFs and Index Funds as per SEBI
guidelines

In accordance with clause 3.4 of Master Circular, the Index shall comply with the following
portfolio concentration norms:
(a) The Index shall have a minimum of 10 stocks as its constituents.
(b) No single stock shall have more than 25% weight in the Index.
(c) The weightage of the top three constituents of the Index, cumulatively shall not be more
than 65% of the Index.
(d) The individual constituent of the Index shall have a trading frequency greater than or
equal to 80% and an average impact cost of 1% or less over previous six months.
The Scheme shall monitor compliance with the aforesaid norms by the Index at the end of
every calendar quarter.
Further, the updated constituents of the Index will be made available on the website of the
Fund.
I. WHO MANAGES THE SCHEME?

The details of Fund Manager of the Scheme is as follows:

Name & Educational Experience (last 10 years) Fund(s) Managed*

Age Qualifications
Nirman  M.B.A - Collectively over 15 years of  HDFC Arbitrage Fund
Morakhia Financial experience in equity dealing. (Arbitrage Assets) (co-
Markets managed Scheme)
39 years (Institute of March 15, 2018 till date  HDFC Balanced Advantage
Technology and HDFC Asset Management Fund (Arbitrage Assets) (co-
Management, managed Scheme)
Navi Mumbai) Company Limited  HDFC Developed World
Indexes Fund of Funds (co-
 B.M.S managed Scheme)
November 19, 2007- March 14, 
(Mumbai HDFC Equity Savings Fund
University) (Arbitrage Assets) (co-
2018
managed Scheme)
Mirae Asset Global Investment  HDFC Gold Fund (co-
managed Scheme)
Management India Pvt. Ltd.  HDFC Index Fund - NIFTY 50
Plan (co-managed Scheme)
Last Position held: Equity Dealer
 HDFC Index Fund - SENSEX
Plan (co-managed Scheme)
 HDFC Multi-Asset Fund
(Arbitrage Assets) (co-
managed Scheme)
 HDFC NIFTY 100 Index Fund
(co-managed Scheme)
 HDFC Nifty Next 50 Index
Fund (co-managed Scheme)
 HDFC NIFTY50 Equal Weight
Index Fund (co-managed
Scheme)
 HDFC NIFTY 100 Equal
Weight Index Fund (co-
managed Scheme)
 HDFC Silver ETF Fund of

Page 51 of 136
 Fund (co-managed Scheme)
 HDFC S&P BSE 500 ETF
(co-managed Scheme)

 HDFC NIFTY Midcap 150

ETF (co-managed Scheme)

 HDFC NIFTY Smallcap 250

ETF (co-managed Scheme)

 HDFC NIFTY Midcap 150

Index Fund (Co-managed
scheme)
 HDFC NIFTY Smallcap 250
Index Fund (Co-managed
scheme)
 HDFC S&P BSE 500 Index
Fund (Co-managed scheme)
* excluding Overseas investments, if any
CO-FUND MANAGER:

Name & Educational Experience (last 10 years) Fund(s) Managed*

Age Qualifications
Arun Agarwal [Link]., Collectively over 25 years of  HDFC Arbitrage Fund (co-
experience in equity, debt and managed Scheme)
50 years Chartered
derivative dealing, fund
Accountant
management, internal audit and HDFC Balanced Advantage
treasury operations. Fund) (Arbitrage Assets) (co-
managed Scheme)
September 16, 2010 till Date
 HDFC Developed World
HDFC Asset Management
Company Limited Indexes Fund of Funds (co-
managed Scheme)

 HDFC Equity Savings Fund

(Arbitrage Assets) (co-
managed Scheme)

 HDFC Gold Fund (co-

managed Scheme)

 HDFC Index Fund - NIFTY 50

Plan (co-managed Scheme)

 HDFC Index Fund - S&P BSE

SENSEX Plan (co-managed
Scheme)

 HDFC Multi-Asset Fund

(Arbitrage Assets) (co-
managed Scheme)

Page 52 of 136
  HDFC NIFTY 50 ETF (co-
managed Scheme)

 HDFC NIFTY Bank ETF (co-

managed Scheme)

 HDFC Silver ETF Fund of

Fund (co-managed Scheme)

 HDFC S&P BSE SENSEX

ETF (co-managed Scheme)

 HDFC NIFTY50 Equal Weight

Index Fund (co-managed
Scheme)

 HDFC Nifty Next 50 Index

Fund (co-managed Scheme)

 HDFC Nifty 100 Index Fund

(co-managed Scheme)

 HDFC Nifty100 Equal Weight

Index Fund (co-managed
Scheme)

 HDFC NIFTY 100 ETF (co-

managed Scheme)

 HDFC Nifty Next 50 ETF (co-

managed Scheme)

 HDFC NIFTY100 Quality 30

ETF (co-managed Scheme)

 HDFC NIFTY50 Value 20 ETF

(co-managed Scheme)

 HDFC NIFTY Growth Sectors

15 ETF (co-managed
Scheme)

 HDFC NIFTY200 Momentum

30 ETF (co-managed
Scheme)

 HDFC NIFTY100 Low

Volatility 30 ETF (co-managed
Scheme)

 HDFC NIFTY Private Bank

Page 53 of 136
 ETF

 HDFC NIFTY IT ETF

 HDFC S&P BSE 500 ETF

 HDFC NIFTY Midcap 150 ETF

 HDFC NIFTY Smallcap 250

ETF

 HDFC S&P BSE 500 Index

Fund (Co-managed scheme)

 HDFC NIFTY Midcap 150

Index Fund (Co-managed
scheme)

 HDFC NIFTY Smallcap 250

Index Fund (Co- managed
scheme)

* excluding Overseas investments, if any

J. WHAT ARE THE INVESTMENT RESTRICTIONS?

As per the Regulations, the following investment restrictions are currently applicable to the
Scheme:

 The Mutual Fund shall buy and sell securities on the basis of deliveries and shall in all
cases of purchases, take delivery of relevant securities and in all cases of sale, deliver
the securities.

Provided further that the Mutual Fund may enter into derivatives transactions in a
recognized stock exchange, subject to the framework specified by SEBI.

Provided further that sale of government security already contracted for purchase shall
be permitted in accordance with the guidelines issued by the Reserve Bank of India in
this regard.

 The Mutual Fund shall enter into transactions relating to Government Securities only in
dematerialised form.

 The mutual fund shall get the securities purchased or transferred in the name of the
mutual fund on account of the Scheme, wherever investments are intended to be of long-
term nature.

 Save as otherwise expressly provided under SEBI (MF) Regulations, the Mutual Fund
shall not advance any loans for any purpose.

 The mutual fund shall not borrow except to meet temporary liquidity needs of the mutual
funds for the purpose of repurchase, redemption of units or payment of interest or IDCW
to the unitholders.

Page 54 of 136
 Provided that the mutual fund shall not borrow more than 20 per cent of the net asset of
the scheme and the duration of such a borrowing shall not exceed a period of six
months.

 As per SEBI (MF) Regulations, the mutual fund under all its Scheme(s) will not own more
than 10% of any company’s paid up capital carrying voting rights.

Provided that the Sponsor of the Fund, its associate or group company including the
asset management company of the Fund, through the Scheme(s) of the Fund or
otherwise, individually or collectively, directly or indirectly, shall not have 10% or more of
the share- holding or voting rights in the asset management company or the trustee
company of any other mutual fund.

Provided further that in the event of a merger, acquisition, scheme of arrangement or any
other arrangement involving the sponsor of the mutual funds, shareholders of the asset
management companies or trustee companies, their associates or group companies
which results in the incidental acquisition of shares, voting rights or representation on the
board of the asset management companies or trustee companies beyond the above
specified limit, such exposure may be rebalanced within a period of one year of coming
into force of such an arrangement.

 The Scheme shall only invest in equity shares or equity related instruments which are
listed or to be listed.

 The Scheme shall not make any investment in:

 Any unlisted security of an associate or group company of the Sponsor; or
 Any security issued by way of private placement by an associate or group
company of the Sponsor; or
 The listed securities of group companies of the Sponsor, which is in excess of
25% of the net assets of the Scheme of the Fund.
 any fund of funds Scheme.

 The cumulative gross exposure through all permissible investments viz. equity, debt and
derivative positions should not exceed 100% of the net assets of the Scheme except to
the extent of deployment of subscription cash flow.

 The Scheme shall not invest in unlisted debt instruments including commercial papers,
except Government Securities and other money market instruments.

Provided that the Scheme may invest in unlisted non- convertible debentures up to a
maximum of 10% of the debt portfolio of the Scheme subject to such conditions as may
be specified by SEBI from time to time.

Provided further that the Scheme shall comply with the norms under the above clauses
within the time and in the manner as may be specified by SEBI.

Provided further that the norms for investments by the Scheme in unrated debt
instruments shall be as specified by SEBI from time to time.

As per prevailing norms, investments in unrated debt and money market instruments,
other than government securities, treasury bills, derivative products such as Interest
Rate Swaps (IRS), Interest Rate Futures (IRF), etc. by mutual fund schemes shall not
exceed 5% of net assets of the Scheme.

Page 55 of 136
 Further, the Scheme shall comply with provisions of Clauses 4.3.1 and 12.1 of the
Master Circular regarding investment in Debt and Money Market Instruments, as
amended from time to time, to the extent applicable to the Scheme.

 Transfer of investments from one Scheme to another Scheme in the same mutual fund,
shall be allowed only if:

a) such transfers are made at the prevailing market price for quoted Securities on spot
basis.
Explanation: spot basis shall have the same meaning as specified by Stock exchange for
spot transactions.
Provided that inter scheme transfer of money market or debt security (irrespective of
maturity) shall take place based on prices made available by valuation agencies as
prescribed by SEBI from time to time.
b) the securities so transferred shall be in conformity with the investment objective of
the Scheme to which such transfer has been made.
c) Inter Scheme Transfers are effected in accordance with the guidelines specified by
Clause 12.30 of the Master Circular amended from time to time.

 The Scheme may invest in other scheme(s) under the same AMC or any other mutual
fund without charging any fees, provided that aggregate inter-scheme investment made
by all Schemes under the same AMC or in Schemes under the management of any other
asset management shall not exceed 5% of the net asset value of the Mutual Fund.
Further, the Scheme shall not invest in any fund of funds scheme.

 Pending deployment of funds of the Scheme in securities in terms of the investment

objectives of the Scheme, the Fund may invest the funds of the Scheme in short term
deposits of scheduled commercial banks subject to the following guidelines as specified
by SEBI
 “Short Term” for parking of funds shall be treated as a period not exceeding 91
days.
 Short Term deposits shall be held in the name of the Scheme.
 Total investment of the Scheme in short term deposit(s) of all the Scheduled
Commercial Banks put together shall not exceed 15% of the net assets.
However, this limit can be raised upto 20% of the net assets with prior approval of
the Board of Trustees.
 Investments in short term deposits of associate and sponsor scheduled
commercial banks together shall not exceed 20% of total deployment by the
Mutual Fund in short term deposits.
 The Scheme shall not invest more than 10% of the net assets in short term
deposit(s) of any one scheduled commercial bank including its subsidiaries.
 The Scheme shall not invest in short term deposit of a bank which has invested in
the Scheme. Trustees/ AMC shall also take steps to ensure that a bank in which
the Scheme has short term deposit does not invest in the Scheme until the
Scheme has short term deposit with such bank.
 No investment management and advisory fees will be charged for such
investments in the Scheme.
 The aforesaid limits shall not be applicable to term deposits placed as margins for
trading in cash market.
 However, period for ‘pending deployment’ as stated above for the Scheme shall
not exceed 7 days.

The AMC / Trustee may alter these above stated restrictions from time to time to the extent
the SEBI (MF) Regulations change, so as to permit the Scheme to make its investments in

Page 56 of 136
the full spectrum of permitted investments for mutual funds to achieve its respective
investment objective. The AMC/Trustee may from time to time alter these restrictions in
conformity with the SEBI (MF) Regulations. Further, apart from the investment restrictions
prescribed under SEBI (MF) Regulations, the Fund may follow any internal norms vis-à-vis
restricting / limiting exposure to a particular scrip or sector, etc
In terms of Clause 1.10.3 of the Master Circular, as amended from time to time, NFO
proceeds may be deployed in Tri-Party Repos on Government securities or treasury bills
(TREPS) before the closure of NFO period. However, no investment management and
advisory fees will be charged on funds deployed in TREPS during the NFO period. Further,
the appreciation received from investment in TREPS shall be passed on to the investors. In
case the minimum subscription amount is not garnered by the scheme during the NFO
period, the interest earned upon investment of NFO proceeds in TREPS shall be returned to
investors, in proportion of their investments, alongwith the refund of the subscription amount.

All investment restrictions shall be applicable at the time of making investment.

K. HOW HAS THE SCHEME PERFORMED?

This Scheme is a new Scheme and does not have any performance track record.

L. ADDITIONAL SCHEME RELATED DISCLOSURE(S)

This is a new Scheme and therefore, the requirement of following additional disclosures shall
not be applicable for the Scheme:
A. The tenure for which the fund manager has been managing the Scheme;
B. Portfolio holdings (top 10 holdings by issuer and fund allocation towards various
sectors), along with a website link to obtain Scheme’s latest monthly portfolio holding;
C. Portfolio turnover ratio
D. The aggregate investment in the Scheme under the following categories:
i. AMC’s Board of Directors
ii. Fund Manager(s) and
iii. Other Key Managerial Personnel

Page 57 of 136
III. UNITS AND OFFER
This Section provides details you need to know for investing in the Scheme.

A. NEW FUND OFFER (NFO)

New Fund offer NFO opens on: February 09, 2024

Period NFO closes on: February 23, 2024
This is the period In case the NFO Opening/ Closing Date is subsequently declared
during which a new as a non-Business Day, the following Business Day will be
Scheme sells its Units deemed to be the NFO Opening/ Closing Date.
to the investors.
The AMC/Trustee reserves the right to change the New Fund
Offer Dates / Period, subject to the condition that the New Fund
Offer shall remain open for subscription for a minimum period of
three (3) working days not be kept open for more than 15 days or
such other time permitted under the applicable regulations / law.
An addendum shall be uploaded on the Fund’s website notifying
the change in the NFO Dates / Period.
New Fund offer Offer of Units at Rs. 10 each during the NFO Period of the
Price Scheme.
This is the price per
Unit that the investors
have to pay to invest
during the NFO.
Minimum Amount For Purchase/ Switch-in: Rs 100 and any amount thereafter
for Application in
the NFO In case of investors opting to switch into the Scheme from the
existing Schemes of HDFC Mutual Fund (subject to completion of
Lock-in Period, if any) during the NFO Period and if the amount
of application is in odd multiples, the application will be
processed for the eligible amount and the balance amount will be
refunded.
Minimum Target The minimum target amount to be raised during the NFO Period
amount shall be Rs. 5 Crore.
This is the minimum
amount required to In case the Mutual Fund fails to collect the minimum subscription
operate the Scheme amount of Rs. 5 Crore under the Scheme, the Mutual Fund and
and if this is not the AMC shall be liable to refund the subscription amount to the
collected during the Applicants of the Scheme.
NFO period, then all
the investors would
be refunded the
amount invested
without any return.
However, if AMC fails
to refund the amount
within 5 working days
from the closure of
NFO, interest as
specified by SEBI
(currently 15% p.a.)
will be paid to the
investors from the

Page 58 of 136
expiry of 5 working
days from the date of
closure of the
subscription period.
Maximum Amount to There is no maximum subscription (target) amount for the
be raised (if any) Scheme to be raised and therefore, subject to the applications
This is the maximum being in accordance with the terms of this offer, full and firm
amount, which can be allotment will be made to the Unit holders.
collected during the
NFO period, as However, any application for subscription may be rejected due to
decided by the AMC. unavailability of underlying instruments, etc.
Plans/options The Scheme offers Regular Plan and Direct Plan.
offered
Each Plan offers Growth Option Only.

The Plans under the Scheme will have common portfolio.

The AMC reserves the right to introduce further Options as and

when deemed fit.

Regular Plan is for investors who wish to route their investment

through any distributor. Direct Plan is for investors who wish to
invest directly without routing the investment through any
distributor.

Growth Option
All Income earned and realized profit in respect of a unit issued
under that will continue to remain invested until repurchase and
shall be deemed to have remained invested in the option itself
which will be reflected in the NAV.

Default Plan/Option
Each Plan offers Growth Option only.

Investors should indicate the Plan viz. Regular/ Direct for which
the subscription is made by indicating the choice in the
appropriate box provided for this purpose in the application form.
In case of valid applications received without indicating any
choice of Plan, the application will be processed for the Plan as
under:
Scenario ARN Code Plan Default Plan
mentioned by mentioned by to be
the investor the investor captured
1 Not mentioned Not mentioned Direct Plan
2 Not mentioned Direct Direct Plan
3 Not mentioned Regular Direct Plan
4 Mentioned Direct Direct Plan
5 Direct Not Mentioned Direct Plan
6 Direct Regular Direct Plan
7 Mentioned Regular Regular Plan
8 Mentioned Not Mentioned Regular Plan
In cases of wrong/ invalid/ incomplete ARN codes are mentioned
on the application form, the application shall be processed under
Regular Plan. The AMC shall contact and obtain the correct ARN

Page 59 of 136
 code within 30 calendar days of the receipt of the application
form from the investor/ distributor. In case, the correct code is not
received within 30 calendar days, the AMC shall reprocess the
transaction under Direct Plan from the date of application without
any exit load.

In case an investor submits an application with ARN number

which is valid, but the broker/distributor is not empaneled with the
AMC, the transaction will be processed under “Direct Plan” or in
the manner notified by SEBI / AMFI from time to time.

The financial transactions# of an investor where his distributor’s

AMFI Registration Number (ARN) has been suspended
temporarily or terminated permanently received during the
suspension period shall be processed under “Direct Plan” and
continue to be processed under “Direct Plan” perpetually unless
after suspension of ARN is revoked, unitholder makes a written
request to process the future installments / investments under
“Regular Plan”. Any financial transactions requests received
through the stock exchange platform, from any distributor whose
ARN has been suspended, shall be rejected.
#Financial Transactions shall include all Purchase / Switch
requests (including under fresh registrations of Systematic
Investment Plan (“SIP”) / Systematic Transfer Plan (“STP”) or
under SIPs/ STPs registered prior to the suspension period).
Dividend/ IDCW Not Applicable as Scheme currently does not offer IDCW Option.
Policy
Allotment All Applicants whose monies towards purchase of Units have
been realised by the Fund will receive a full and firm allotment of
Units, provided also the applications are complete in all respects
and are found to be in order.

For applicants applying through 'APPLICATIONS SUPPORTED

BY BLOCKED AMOUNT (ASBA)', on allotment, the amount will
be unblocked in their respective bank accounts and account will
be debited only to the extent required to pay for allotment of Units
applied in the application form.

Units will be allotted upto 3 decimals. Face Value per unit of all
Plans/ Options under the Scheme is Rs. 10.
Note: Allotment of units will be done after deduction of applicable
stamp duty and transaction charges, if any.

Any application for subscription of units may be rejected if found

invalid, incomplete or due to unavailability of underlying
securities, etc.

Applicants under the Scheme will have an option to hold the

Units either in physical form (i.e. account statement) or in
dematerialized form. Accordingly, the AMC shall allot units either
in physical form (i.e. account statement) or in dematerialized form
within 5 working days from the date of closure of the NFO period.

Dematerialization The Applicants intending to hold the Units in

Page 60 of 136
 dematerialized mode will be required to have a beneficiary
account with a Depository Participant (DP) of the NSDL/CDSL
and will be required to mention in the application form DP's
Name, DP ID No. and Beneficiary Account No. with the DP at the
time of purchasing Units.
The Units allotted will be credited to the DP account of the Unit
holder as per the details provided in the application form. The
statement of holding of the beneficiary account holder for units
held in demat will be sent by the respective DPs periodically.

Units held in demat form are freely transferable.

If the Unit holder desires to hold the Units in a Dematerialized /

Rematerialized form at a later date, the request for conversion of
units held in Account Statement (non demat) form into Demat
(electronic) form or vice versa should be submitted alongwith a
Demat/Remat Request Form to their Depository Participants.

However, the Trustee / AMC reserves the right to change the

dematerialization / rematerialization process in accordance with
the procedural requirements laid down by the Depositories, viz.
NSDL/ CDSL and/or in accordance with the provisions laid under
the Depositories Act, 1996 and Regulations thereunder.

All Units will rank pari passu, among Units within the same Option
in the Scheme concerned as to assets and the earnings etc.

Allotment Confirmation
An allotment confirmation specifying the units allotted shall be
sent by way of email and/or SMS within 5 working days of the
closure of the NFO Period to the Unit holder's registered e-mail
address and/or mobile number.

Note: For the purpose of allotment of units / refund of monies

under NFO the term "working days" shall include Business Days
but shall not include Holidays.
Refund In case the Scheme fails to collect the minimum subscription
amount of Rs. 5 Crore, the Mutual Fund and the AMC shall be
liable to refund the subscription amount to the Applicants of the
Scheme.

Refunds of subscription money, if any, shall be completed within

5 working days from the closure of the New Fund Offer Period.
No Interest will be payable by the AMC on any subscription
money refunded within 5 working days from the closure of the
New Fund Offer Period. Interest on subscription amount will be
payable for amounts refunded by the AMC later than 5 working
days from the closure of the New Fund Offer Period at the rate of
15% per annum for the period in excess of 5 working days and
will be charged to the AMC.

Refund payments may be made through electronic modes such

as RTGS, NEFT, IMPS, direct credit, etc. as permitted by RBI
from time to time or in any other manner specified by SEBI from
time to time. Payment will be made favouring the Sole / First

Page 61 of 136
 Applicant.
Note: For the purpose of allotment of units / refund of monies
under NFO the term "working days" shall include Business Days
but shall not include Holidays.
Who Can Invest The following persons (i.e. an indicative list of persons) are
This is an indicative eligible and may apply for subscription to the Units of the Scheme
list and you are provided they are not prohibited by any law/ Constitutive
requested to seek documents governing them:
appropriate advice to 1. Resident adult individuals either singly or jointly (not
ascertain whether the exceeding three) or on an Anyone or Survivor basis;
scheme is suitable to 2. Karta of Hindu Undivided Family (HUF);
your risk profile. 3. Minor (as the first and the sole holder only) through a natural
guardian (i.e. father or mother, as the case may be) or a court
appointed legal guardian. There shall not be any joint holding
in a minor’s folio. Payment for investment shall be accepted
from the bank account of the minor, parent or legal guardian
of the minor or from a joint account of the minor with the
parent or legal guardian only.
4. Partnership Firms & Limited Liability Partnerships (LLPs);
5. Companies, Bodies Corporate, Public Sector Undertakings,
Association of Persons or bodies of individuals and societies
registered under the Societies Registration Act, 1860, Co-
Operative Societies registered under the Co-Operative
Societies Act, 1912, One Person Company;
6. Banks & Financial Institutions;
7. Mutual Funds/ Alternative Investment Funds registered with
SEBI;
8. Religious and Charitable Trusts, Wakfs or endowments of
private trusts (subject to receipt of necessary approvals as
required) and Private trusts authorised to invest in mutual
fund schemes under their trust deeds;
9. Non-resident Indians (NRIs)/Persons of Indian Origin residing
abroad (PIO)/ Overseas Citizen of India (OCI) on repatriation
basis or on non-repatriation basis;
10. Foreign Portfolio Investors (FPI) registered with SEBI in
accordance with applicable laws;
11. Army, Air Force, Navy and other paramilitary units and bodies
created by such institutions;
12. Council of Scientific and Industrial Research, India;
13. Multilateral Financial Institutions/ Bilateral Development
Corporation Agencies/ Bodies Corporate incorporated outside
India with the permission of Government of India/Reserve
Bank of India;
14. Other Schemes of HDFC Mutual Fund subject to the
conditions and limits prescribed by SEBI (MF) Regulations;
15. Trustee, AMC, Sponsor and their associates may subscribe
to Units under the Scheme;
16. Such other category of investors as may be decided by the
AMC / Trustee from time to time provided their investment is
in conformity with the applicable laws and SEBI (MF)
Regulations.
Note:
1. Non Resident Indians (NRIs) and Persons of Indian Origin
(PIOs) residing abroad / Overseas Citizens of India (OCI)
/ Foreign Portfolio Investors (FPIs) have been granted a

Page 62 of 136
 general permission by Reserve Bank of India under
Schedule 5 of the Foreign Exchange Management
(Transfer or Issue of Security by a Person Resident
Outside India) Regulations, 2000 for investing in /
redeeming units of the mutual funds subject to conditions
set out in the aforesaid regulations.
2. In case of application(s) made by Individual Investors
under a Power of Attorney, the original Power of Attorney
or a certified true copy duly notarised should be
submitted. In case of applications made by Non-Individual
Investors, the authorized signatories / officials of Non-
Individual investors should sign the application under their
official designation and as per the authority granted to
them under their Constitutive Documents/Board
resolutions, etc. A list of specimen signatures of the
authorized officials duly certified / attested should also be
attached to the Application Form. The
Fund/AMC/Trustees shall deem that the investments
made by the Investors are not prohibited by any
law/Constitutive documents governing them and they
possess the necessary authority to invest/transact.
3. Investors desiring to invest / transact in mutual fund
schemes are required to mandatorily furnish PAN (PAN of
the guardian in case minor does not have a PAN) and
comply with the KYC norms applicable from time to time.
Under the KYC norms, Investors are required to provide
prescribed documents for establishing their identity and
address including in case of non-individuals copy of the
Memorandum and Articles of Association / bye-laws/trust
deed/partnership deed/ Certificate of Registration along
with the proof of authorization to invest, as applicable, to
the KYC Registration Agency (KRA) registered with SEBI.
The Fund / AMC / Trustees / other intermediaries will rely
on the declarations/affirmations provided by the
Investor(s) in the Application/Transaction Form(s) and the
documents furnished to the KRA that the Investor(s) is
permitted/ authorised by the Constitution document/ their
Board of Directors etc. to make the investment / transact.
Further, the Investor shall be liable to indemnify the Fund /
AMC / Trustee / other intermediaries in case of any
dispute regarding the eligibility, validity and authorization
of the transactions and / or the applicant who has applied
on behalf of the Investors. The Fund / AMC / Trustee
reserves the right to call for such other information and
documents as may be required by it in connection with the
investments made by the investor. Where the Units are
held by a Unit holder in breach of any Regulations, AMC /
the Fund may effect compulsory redemption of such units.
4. Returned cheques are liable not to be presented again for
collection, and the accompanying application forms are
liable to be rejected. In case the returned cheques are
presented again, the necessary charges are liable to be
debited to the investor.
5. The Trustee reserves the right to recover from an investor
any loss caused to the Scheme on account of dishonour

Page 63 of 136
 of cheques issued by the investor for purchase of Units of
this Scheme.
6. No request for withdrawal of application will be
allowed after the closure of New Fund Offer Period.
7. Subject to the SEBI (MF) Regulations, the Trustee may
inter-alia reject any application for the purchase of Units if
the application is invalid or incomplete or non-permissible
under law or if the Trustee for any other reason does not
believe that it would be in the best interest of the Scheme
or its Unitholders to accept such an application.

Who cannot invest?

The aforementioned persons/entities as specified under section
“Who Can Invest?” shall not be eligible to invest in the Scheme,
if such persons/entities are:
1. United States Person (U.S. person*) as defined under the
extant laws of the United States of America, except the following:
a. NRIs/PIOs may invest/transact, in the Scheme, when
present in India, as lump sum subscription,
redemption and/or switch transaction and registrations
of systematic transactions only through physical form
and upon submission of such additional
documents/undertakings, etc., as may be stipulated by
AMC/ Trustee from time to time and subject to
compliance with all applicable laws and regulations
prior to investing in the Scheme.

b. FPIs may invest in the Scheme as lump sum

subscription and/or switch transaction (other than
systematic transactions) through submission of
physical form in India, subject to compliance with all
applicable laws and regulations and the terms,
conditions, and documentation requirements
stipulated by the AMC/Trustee from time to time, prior
to investing in the Scheme.

The Trustee/AMC reserves the right to put the transaction

requests received from such U.S. person on hold/reject the
transaction request/redeem the units, if allotted, as the case may
be, as and when identified by the AMC that the same is not in
compliance with the applicable laws and/or the terms and
conditions stipulated by Trustee/AMC from time to time. Such
redemptions will be subject to applicable taxes and exit load, if
any.

The physical application form(s) for transactions (in non-demat

mode) from such U.S. person will be accepted ONLY at the
Investor Service Centres (ISCs) of HDFC Asset Management
Company Limited (HDFC AMC). Additionally, such transactions in
physical application form(s) will also be accepted through
Distributors and other platforms subject to receipt of such
additional documents/undertakings, etc., as may be stipulated by
AMC/ Trustee from time to time from the Distributors/ Investors.
2. Residents of Canada;
3. Investors residing in any Financial Action Task Force (FATF)

Page 64 of 136
 designated High Risk Jurisdiction.

*The term “U.S. person” means any person that is a U.S. person
within the meaning of Regulation under the Securities Act of 1933
of U.S. or as defined by the U.S. Commodity Futures Trading
Commission or as per such further amended definitions,
interpretations, legislations, rules etc, as may be in force from
time to time.
Where can you The applications filled up and duly signed by the applicants
submit the filled up should be submitted at the office of the Collection Centres / ISCs
applications / Official Points of Acceptance, whose addresses are mentioned
at the end of the SID.

The Investors can also purchase Units of the Eligible Option of

the Scheme by placing an order with the members (stock
brokers) of stock exchanges, distributors or RIAs through the
stock exchange infrastructure or through Channel Distributors,
through MF Utility (MFU) or on MF Central. Please refer to
section “Special Products available during the NFO” for more
details.

Further, Investors may also apply through Applications Supported

By Blocked Amount (ASBA) process during the NFO period of
the Scheme by filling in the ASBA form and submitting the same
to their respective banks, which in turn will block the amount in
the account as per the authority contained in ASBA form, and
undertake other tasks as per the procedure specified therein. For
complete details and ASBA process refer SAI.
How to Apply The applications filled up and duly signed by the applicants
should be submitted at the office of the Collection Centres / ISCs/
Official Points of Acceptance or may be downloaded from the
website of AMC.

The list of the Investor Service Centres (ISCs)/Official Points of

Acceptance (OPAs) of the Mutual Fund are available on the
website of the AMC [Link]

For further details, please refer to the SAI and Application form
for the instructions.
Listing Being an open-ended Scheme, under which Purchase, and
Redemption of Units will be permitted on continuous basis by the
Mutual Fund, the Units of the Scheme are not proposed to be
listed on any stock exchange. However, the Mutual Fund may at
its sole discretion list the Units under the Scheme on one or more
stock exchange at a later date.
Special Products / SWITCHING OPTIONS
facilities available During the NFO period, the Unit holders holding Units in non-
during the NFO demat form will be able to invest in the NFO of the Scheme by
switching part or all of their Unit holdings held in the respective
option(s) /plan(s) of the existing scheme(s) established by the
Mutual Fund. Switch request will be accepted upto 3.00 p.m. (or
such other applicable cut-off time as notified by SEBI from time to
time) on the last day of the NFO. However, investors should
ensure to submit the switch-out request sufficiently in time before

Page 65 of 136
close of NFO, keeping in view the pay-out cycle of the switch-out
scheme so that the monies are realized by the switch-in Scheme
on or before the NFO allotment date. However, if application
monies (including for switchin) are not received before the
allotment date, the application shall be liable to be rejected.

This Option will be useful to Unit holders who wish to alter the
allocation of their investment among the scheme(s) / plan(s) of
the Mutual Fund (subject to completion of lock-in period, if
any, of the Units of the scheme(s) from where the Units are
being switched) in order to meet their changed investment
needs.

The Switch will be effected by way of a Redemption of Units from

the Scheme/ Plan and a reinvestment of the Redemption
proceeds in the Scheme and accordingly, to be effective, the
Switch must comply with the Redemption rules of the Scheme/
Plan and the issue rules of the Scheme (e.g. as to the minimum
number of Units that may be redeemed or subscribed, Exit Load
etc). The price at which the Units will be Switched-out of the
Scheme/ Plan will be based on the Redemption Price, and the
proceeds will be invested in the Scheme at the prevailing sale
price. If the amount of switch- in is in odd multiples, the
application will be processed for the eligible amount and the
balance amount will be refunded.

The Switch request can be made on a Transaction Slip, which

should be submitted at / sent by mail to any of the Official Points
of Acceptance.

During NFO, unitholders may purchase units of the Scheme

thorugh stock exchange platforms, channel distributors, MFU,
electronic modes.

SIP facility during NFO

Investors can enroll for SIP facility during the NFO period by
submitting duly completed SIP Enrolment Form available for
Investments at the Official Point(s) of Acceptance. The first SIP
installment through National Automated Clearing House (NACH) /
Direct Debit / Standing Instruction will commence after 15 days
from the closure of NFO. Where SIP application is accompanied
with first cheque / payment, allotment shall be done under NFO
for the same and the next SIP installment will commence after 25
days from the closure of the NFO. Provided that SIP will
commence only after and as per successful registration, for which
a confirmation containing SIP details (viz., start date, end date
amount etc) will be sent to the investor.

Other Facilities During NFO

The AMC may offer any other facility to invest during the NFO
such as registration of Systematic Transfer Plan (STP), switches
etc. from existing schemes into the NFO of this Scheme, subject
to applicable terms and conditions.

Page 66 of 136
 For further details on these facilties, refer to the section “Special
Products available” under “Ongoing Offer Details”.
The policy regarding The number of Units held by the Unit holder under his folio /
re-issue of Demat Account will stand reduced by the number of Units
repurchased units, redeemed. Presently, the AMC does not intend to reissue the
including the repurchased units. However, the Trustee reserves the right to
maximum extent, the reissue the repurchased units at a later date after issuing
manner of reissue, adequate public notices and taking approvals, if any, from SEBI.
the entity (the
Scheme or the AMC)
involved in the
same.

Restrictions, if any, RIGHT TO RESTRICT REDEMPTION AND / OR SUSPEND

on the right to freely REDEMPTION OF THE UNITS (as per clause 1.12 of Master
retain or dispose of Circular):
units being offered. The Fund at its sole discretion reserves the right to restrict
Redemption (including switch- out) of the Units (including Plan
/Option) of the Scheme of the Fund upon occurrence of the below
mentioned events for a period not exceeding ten (10) working
days in any ninety (90) days period subject to approval of the
Board of Directors of the AMC and the Trustee. The restriction on
Redemption (including switch-out) shall be applicable where the
Redemption (including switch-out) request is for a value above
Rs. 2,00,000/- (Rupees Two Lakhs). Further, no restriction shall
be applicable to the Redemption / switch-out request upto Rs.
2,00,000/- (Rupees Two Lakhs). It is further clarified that, in case
of redemption request beyond Rs. 2,00,000/- (Rupees Two
Lakhs), no restriction shall be applicable on first Rs. 2,00,000/-
(Rupees Two Lakhs).
The Trustee / AMC reserves the right to restrict Redemption or
suspend Redemption of the Units in the Scheme of the Fund on
account of circumstances leading to a systemic crisis or event(s)
that severely constrict market liquidity or the efficient functioning
of the markets.
A list of such circumstances under which the restriction on
Redemption or suspension of Redemption of the Units in the
Scheme of the Fund may be imposed are as follows:
1. Liquidity issues- when market at large becomes illiquid
affecting almost all securities rather than any issuer specific
security; or
2. Market failures / exchange closures; or
3. Operational issues; or
4. If so directed by SeBI.

It is clarified that since the occurrence of the abovementioned

eventualities have the ability to impact the overall market and
liquidity situation, the same may result in exceptionally large
number of Redemption requests being made and in such a
situation the indicative timelines, if any mentioned by the Fund in
the scheme offering documents, for processing of requests for
Redemption may not be applicable.
Any restriction on Redemption or suspension of Redemption of
the Units in the Scheme(s) of the Mutual Fund shall be made
applicable only after specific approval of the Board of Directors of

Page 67 of 136
 the AMC and Trustee Company and thereafter, immediately
informing the same to SEBI.

The AMC / Trustee reserves the right to change / modify the

provisions of right to restrict Redemption and / or suspend
Redemption of the Units in the Scheme of the Fund.

B. ONGOING OFFER DETAILS

Ongoing Offer Period The Scheme shall reopen not later than 5 Business Days after
This is the date from the date of allotment of units under the NFO. The Scheme will
which the scheme will offer Units for Sale / Switch-in and Redemption / Switch-out on
reopen for every Business Day at Applicable NAV.
subscriptions/redemptio
ns after the closure of Unit holders have an option to hold the Units in demat (electronic)
the NFO period. form. However, this facility is not available in case of units offered
under the Daily / Weekly / Fortnightly IDCW Option(s). Units held
in demat form are freely transferable. Holding / transacting of
units held in demat mode shall be in accordance with the
procedures / requirements laid down by the Depositories, viz.
NSDL / CDSL in accordance with the provisions under the
Depositories Act, 1996 and Securities and Exchange Board of
India (Depositories and Participants) Regulations, 2018.

Accordingly, the AMC shall allot units either in physical form (i.e.
account statement) or in dematerialized form within 5 working
days from the date of receipt of the valid application.

Subscription of Units
Existing / New Investors under the Scheme may submit their
purchase / switch - in requests as follows:
1. Account Statement (non-demat) form: Investors / existing
Unitholders opting for units in account statement (non- demat)
form, can submit their valid application for subscription / switch-in
at any of the Official Points of Acceptance of HDFC Mutual Fund.
2. Demat (Electronic) form: Investors / existing Unitholders,
opting for units in demat form, can submit their valid application
for subscription only at any of the Official Points of Acceptance of
HDFC Mutual Fund and not to their Depository Participants.
Investor opting for units in demat form will be required to mention
in the application form DP ID No. and Beneficiary Account No.
with the Depository Participant (DP). The Units allotted will be
credited to the demat account of the Unit holder as per the details
provided in the application form. AMC / RTA will endeavour to
credit the Units in the demat account within 5 Working Days of
receipt of a valid application alongwith proceeds. The statement
of holding of the beneficiary account holder for units held in
demat will be sent by the respective DPs / Depositories
periodically.
Applications by Existing / New Investors under the Scheme must
be for the minimum amount(s) as mentioned under section
'Highlights / Summary of the Scheme'. The AMC reserves the
right to change the minimum application amount from time to
time. Subscriptions on an ongoing basis may be made only by
specifying the amount to be invested and not the number of Units

Page 68 of 136
to be subscribed. The total number of Units allotted will be
determined with reference to the applicable Sale Price and
fractional Units may be created. Fractional Units will be computed
and accounted for upto three decimal places.

Redemption of Units
The Units can be Redeemed (i.e. sold back to the Mutual Fund)
or Switched-out on every Business Day at the Redemption Price
as follows:
1. For Units Held in Demat (electronic) form: Unitholders
should submit their valid redemption request to their Depository
Participant (DP). The redemption proceeds will be credited to the
bank account of the Unitholder, as per the bank account details
provided by the Depositories.
2. For Units Held in Account Statement (non-demat) form:
The Redemption / Switch-out request can be made by way of a
written request on a pre-printed form or Transaction Slip, which
should be submitted at / may be sent by mail to any of the Official
Points of Acceptance.

In case the Units are held in the names of more than one Unit
holder, where mode of holding is specified as “Joint”, Redemption
requests will have to be signed by all the joint holders. However,
in cases of holding specified as ‘Anyone or Survivor’, any of the
Unit holders will have the power to make Redemption request,
without it being necessary for all the Unit holders to sign.
However, in all cases, the Redemption proceeds will be paid only
to the first named holder.

Transferability of Units:
Units held in demat or physical mode are freely transferable. If an
applicant desires to transfer Units held in physical mode for e.g.
in statement of account form, the AMC shall, upon receipt of valid
and complete request for transfer together with the relevant
documents, register the transfer within 30 days. Provided that the
transferor(s) and the transferee(s) will have to comply with the
procedure for transfer as may be laid down by the AMC or as
required under the prevailing law from time to time including
payment of stamp duty for transfer of Units, etc.

Units held in Demat form are transferable in accordance with the

provisions of Depositories Act, 1996 and the Securities and
Exchange Board of India (Depositories and Participants)
Regulations, 2018 as may be amended from time to time.

Dematerialization / Rematerialization of Units

If the Unit holder desires to hold the Units in a Dematerialized /
Rematerialized form at a later date, the request for conversion of
units held in Account Statement (non demat) form into Demat
(electronic) form or vice versa should be submitted alongwith a
Demat / Remat Request Form to their Depository Participants.
The AMC/ RTA will endeavour to credit the units in the demat
account of the investor within 2 working days from the date of
receipt of valid request with complete details.

Page 69 of 136
 However, the Trustee / AMC reserves the right to change the
dematerialization / rematerialization process in accordance with
the procedural requirements laid down by the Depositories, viz.
NSDL / CDSL and / or in accordance with the provisions laid
under the Depositories Act, 1996 and the Regulations
thereunder.
Ongoing Price for The Sale Price will be the Applicable NAV of the Scheme / Plan /
subscription Option. i.e.
(purchase)/ switch-in Sale Price = Applicable NAV
(from other For a valid purchase request of Rs. 10,000 where the applicable
schemes/plans of the NAV is Rs.11.123, the units allotted will be:
mutual fund) by = 10,000 (i.e. purchase amount)
investors. 11.123 (i.e. applicable NAV)

= 899.038 units (rounded to three decimals)

Transaction charges and other charges/expenses, if any,

borne by the investors have not been considered in the
above illustration.
Ongoing Price for The Repurchase Price for a valid repurchase will be the
redemption (sale)/ applicable NAV reduced by any exit load (say 1%). i.e. applicable
switch-outs (to other NAV - (applicable NAV X applicable exit load).
schemes/plans of the
mutual fund) by For a valid repurchase request where the applicable NAV is Rs.
investors. 12.123, the repurchase price will be:

= 12.123 - (12.123 X 1.00%)

= 12.123 - 0.121
= Rs. 12.002
Therefore, for a repurchase of 899.038 units, the proceeds
received by the investor will be –

= 899.038 (units) * 12.002 (Repurchase price)

= Rs. 10,790.25 (rounded to two decimals)

Transaction charges and other charges/expenses, if any,

borne by the investors have not been considered in the
above illustration.
Cut off timing for The below cut-off timings and applicability of NAV shall be
subscriptions/ applicable in respect of valid applications received at the Official
redemptions/switches Point(s) of Acceptance on a Business Day:
This is the time before
which your application A] For Purchase (including switch-in) of any amount:
(complete in all • In respect of valid applications received upto 3.00 p.m. and
respects) should reach where the funds for the entire amount are available for utilization
the official points of before the cut-off time i.e. credited to the bank account of the
acceptance. Scheme before the cut-off time - the closing NAV of the day shall
be applicable.
• In respect of valid applications received after 3.00 p.m. and
where the funds for the entire amount are credited to the bank
account of the Scheme either at any time on the same day or
before the cut-off time of the next Business Day i.e. available for
utilization before the cut-off time of the next Business Day - the
closing NAV of the next Business Day shall be applicable.

Page 70 of 136
• Irrespective of the time of receipt of application, where the funds
for the entire amount are credited to the bank account of the
Scheme before the cut-off time on any subsequent Business Day
i.e. available for utilization before the cut-off time on any
subsequent Business Day - the closing NAV of such subsequent
Business Day shall be applicable.

B] For Switch-ins of any amount:

For determining the applicable NAV, the following shall be
ensured:
• Application for switch-in is received before the applicable cut-off
time.
•Funds for the entire amount of subscription/purchase as per the
switch-in request are credited to the bank account of the Scheme
before the cut-off time.
• The funds are available for utilization before the cut-off time.
• In case of ‘switch’ transactions from one scheme to another, the
allocation shall be in line with redemption payouts.

To clarify, for investments through systematic investment routes

such as Systematic Investment Plans (SIP), Flex SIP, Systematic
Transfer Plans (STP), Flex-STP, Swing STP, Transfer of Income
Distribution cum Capital Withdrawal (IDCW) Plan facility (TIP),
etc. the units will be allotted as per the closing NAV of the day on
which the funds are available for utilization within applicable cut-
off time by the Target Scheme irrespective of the installment date
of the SIP, STP or record date of IDCW etc.

While the AMC will endeavour to deposit the payment

instruments accompanying investment application submitted to it
with its bank expeditiously, it shall not be liable for delay in
realization of funds on account of factors beyond its control such
as clearing / settlement cycles of the banks.

Since different payment modes have different settlement cycles

including electronic transactions (as per arrangements with
Payment Aggregators / Banks / Exchanges etc), it may happen
that the investor's account is debited, but the money is not
credited within cut-off time on the same date to the Scheme's
bank account, leading to a gap / delay in Unit allotment. Investors
are therefore urged to use the most efficient electronic payment
modes to avoid delays in realization of funds and consequently in
Unit allotment.

C] For Redemption (including switch-out) applications

• In respect of valid applications received upto 3 p.m. on a
Business Day by the Fund, same day's closing NAV shall be
applicable.
• In respect of valid applications received after 3 p.m. on a
Business Day by the Fund, the closing NAV of the next Business
Day shall be applicable.

Transactions through online facilities / electronic modes:

The time of transaction done through various online facilities /
electronic modes offered by the AMC, for the purpose of

Page 71 of 136
 determining the applicability of NAV, would be the time when the
request for purchase / sale / switch of units is received in the
servers of AMC/RTA.

The AMC has the right to amend cut off timings subject to SEBI
(MF) Regulations for the smooth and efficient functioning of the
Scheme.
Where can the The application forms for subscription/ redemption#/switches
applications for should be submitted at / may be sent by mail to, any of the ISCs /
purchase/ Official Points of Acceptance whose addresses are mentioned at
redemption / switches the end of the SID.
be submitted? #In case of units held in demat mode, applications for
redemptions should be submitted to the respective Depository
Participants only.

The Investors can also purchase/redeem Units of the eligible

Plan(s) under the Scheme through various channels/modes.
Please refer to section "Special Products available" for more
details.

For details on updated list of ISCs / Official Points of Acceptance

investors are requested to call 1800 3010 6767/ 1800 419 7676
or contact the AMC branches or log on to our website
[Link].
Minimum amount for Minimum amount for Purchase (including Switch-in):
purchase/ For details refer section 'Highlights / Summary of the Scheme'
redemption/ switches Minimum Amount / Units for Redemption (including Switch-
out):
The request for minimum amount /units for redemption / switch-
out of Units under each plan / option would be Rs. 100/- and
multiples of Rs. 1/- thereafter.

There will be no minimum redemption criterion for Unit based

redemption.

Note: Provisions for minimum amount of purchase / redemptions

are not applicable in case of mandatory investments by the
Designated Employees of the AMC in accordance with Clause
6.10 of the Master Circular as amended from time to time

The Redemption / Switch-out would be permitted to the extent of

credit balance in the Unit holder’s account of the Plan(s)
/Option(s) of the Scheme (subject to completion of Lock-in period
or release of pledge / lien or other encumbrances).

The Redemption / Switch-out request can be made by specifying

the rupee amount or by specifying the number of Units of the
Plan(s) / Option(s) to be redeemed. In case a Redemption /
Switch-out request received is for both, a specified rupee amount
and a specified number of Units of the Plan(s) / Option(s), the
specified number of Units will be considered the definitive
request. In case the value / number of available units held in the
Unit holder’s folio / account under the Plan / Option of the
Scheme is less than the amount / number of units specified in the
redemption / switchout request, then the transaction shall be

Page 72 of 136
 treated as an ‘all units’ redemption and the entire balance of
available Units in the folio / account of the Unit holder under the
stated Plan / Option of the Scheme shall be redeemed.

The AMC / Trustee reserves the right to change / modify the

minimum amount / units for redemption (including switch-out)
provision offered under the Scheme of the Fund.
Minimum balance to There is no minimum balance requirement.
be maintained and
consequences of non-
maintenance.
Special Products SYSTEMATIC INVESTMENT PLAN (SIP)
available
The Unit holders under the eligible Scheme(s) can benefit by
investing specified Rupee amounts at regular intervals for a
continuous period. Under the SIP, Investors can invest a fixed
amount of Rupees at regular intervals for purchasing additional
Units of the Scheme(s) at Applicable NAV. This concept is called
Rupee Cost Averaging.

Unit holder can enroll for the SIP facility by submitting duly
completed Enrolment Form at the Official Point(s) of Acceptance.
It may be noted that new investors can apply for SIP without any
existing investment/folio.

The provision for minimum application amount shall not be

applicable to SIP investments, which have different minimum
installment amount.

Presently, SIP offers investors six frequencies viz. 'Daily

Systematic Investment Plan (DSIP)', ‘Weekly Systematic
Investment Plan (WSIP)’, 'Monthly Systematic Investment Plan
(MSIP)', 'Quarterly Systematic Investment Plan (QSIP), Half
Yearly Systematic Investment Plan (HYSIP) and Yearly
Systematic Investment Plan (YSIP)'.

DSIP shall be triggered and processed only on all Business

Days.

Mode of payment for DSIP installments shall be only through

OTM Debit Mandate.

The minimum amount and minimum number of installments for

SIP (under all Schemes except ELSS) are as under:

SIP Frequency Amount (Rs.)* Minimum number

of installments
Daily, Weekly & 100 6
Monthly
Quarterly 1,500-2,999 4
3,000 and above 2
Half Yearly 2,500 and above 2
Yearly 5,000 and above 1
* and in multiples of Re.1/- thereafter.

Page 73 of 136
There is no maximum duration for SIP enrolment.

Investors can choose any date of his / her preference as SIP

Debit Date. In case of weekly frequency, Investor can select any
Business Day between Monday to Friday. However, in case the
chosen or default date/day falls on a Non-Business Day or on a
day which is not available in a particular month, the SIP will be
processed on the immediate next Business Day. In case the SIP
Debit date is not indicated, 10th shall be treated as the Default
date. In case of weekly frequency, default day is Wednesday.
The cheques should be drawn in favour of the Scheme name e.g.
“HDFC NIFTY200 Momentum 30 Index Fund A/c PAN” or
“HDFC NIFTY200 Momentum 30 Index Fund A/c Investor
Name” and crossed “A/c Payee only”.

Note: SIP is only a disciplined way of investing and units may not
be allotted on the selected date if the amount is not available for
utilization by the Scheme.

Investors can invest under this facility at periodic intervals by

providing post-dated cheques for Monthly & Quarterly SIP to
Official Point(s) of Acceptance. An investor is eligible to issue
only one cheque for each month / quarter in the same SIP
enrolment form. All SIP cheques under MSIP, QSIP, HYSIP and
YSIP should be of the same amount and same date.

On receipt of the post dated cheques, the Fund will send a letter
to the Unit holder confirming that the Unit holder’s name has
been noted for the SIP facility. The cheques will be presented on
the dates mentioned on the cheque and subject to realization of
the cheque, Units will be allotted at the Applicable NAV. In case
the date falls on a holiday, the immediate next Business Day will
be considered for this purpose.

Investors may register for SIP through One Time Mandate (OTM)
for payment towards any future purchase transactions received
through any mode i.e. physical or electronic. AMC may choose
any mode such as NACH/ECS/DIRECT DEBIT/Standing
Instruction (SI) as per arrangements with banks or payment
aggregators. For online transactions, AMC may provide various
payment modes, as available from time to time for SIP
Enrolments.
The SIP registration will be discontinued in cases where six (6)
consecutive installments are not honored.
Investors will have the right to discontinue the SIP facility at any
time by sending a written request to any of the Official Point(s) of
Acceptance. Notice of such discontinuance should be received at
least 15 days prior to the due date of the next installment. On
receipt of such request, the SIP facility will be terminated. The
balance post-dated cheque/s will be returned to the Investor. SIP
will be terminated upon notification of death of the Unit holder.

Exit Load, if any, prevailing on the date of enrolment shall be

levied in the Scheme(s).

Page 74 of 136
Transactions Charges shall be deducted from SIP installments, if
applicable. For further details, refer to the section ‘Highlights /
Summary of the Scheme'.

The AMC / Trustee reserves the right to change / modify load

structure and other terms and conditions under the SIP
prospectively at a future date.

Please refer to the SIP Enrolment Form for terms &

conditions before enrolment.

SIP Top Up Facility:

Top up in Amount
Investors may avail SIP Top-up facility where they have an option
to increase the amount of the SIP Installment by a fixed amount
at pre-defined intervals. This will enhance the flexibility of the
investor to invest higher amounts during the tenure of the SIP.
SIP Top up facility is not available under Micro SIP and DSIP and
WSIP.

SIP Top-up facility shall be available for SIP Investments through

ECS (Debit Clearing) / Direct Debit Facility / Standing Instruction
only. The Top-up amount should be in multiples of Rs.100 only.
Monthly SIP offers top-up frequency at half yearly and yearly
intervals. Quarterly SIP offers top-up frequency at yearly intervals
only. In case the top-up frequency is not indicated under Monthly
SIP, it will be considered as yearly interval.

An Illustration: How to calculate the SIP Top-up amount?

SIP Period: 01-Jan-2022 to 01-Dec-2023 (2 Years)
Monthly SIP Installment Amount: Rs. 2,000
SIP Date: 1st of every month (24 installments)
Top-up Amount: Rs. 1,000
Top-up Frequency: Half Yearly
SIP Installments shall be as follows:
Install- From To Monthly SIP Increased
ment Date Date SIP Top-up Monthly
Nos. Install- Amount SIP
ment (Rs.) Installment
Amount Amount
(Rs.) (Rs.)
(A) (B) (A+B)
1 to 6 1-Jan- 1-Jun- 2,000 N.A. 2,000
22 22
7 to 12 1-Jul- 1-Dec- 2,000 1,000 3,000
22 22
13 to 1-Jan- 1-Jun- 3,000 1,000 4,000
18 23 23
19 to 1-Jul- 1-Dec- 4,000 1,000 5,000
24 23 23
N.A. - Not Applicable
Note: Monthly SIP Installment Amount increases by Top-up
amount Rs.1,000 at half-yearly intervals.

Page 75 of 136
Percentage Top-Up
Unit holders have an option to Top-up the SIP amount as a
percentage of the existing SIP installment. The features of the
said option are detailed below:
 Investor can Top-up the SIP amount by a minimum of
10% and in multiples of 1% thereafter, of the existing SIP
installment.
 SIP (including the Top-up) amount will be rounded off to
the nearest Rs. 10.
 Percentage Top-up can be done at annual frequency
only.
 In case the SIP amount (including Top-up) under the said
option exceeds the maximum amount mentioned by the
investor in the debit mandate, the said SIP Top-up
request will stand rejected and the SIP will continue to be
processed with the last topped up SIP installment amount.

An Illustration: How to calculate the SIP Top-up amount?

SIP Period: 01-Dec-2022 to 01-Nov-2027 (5 Years)

Monthly SIP Installment Amount: Rs. 2,000
SIP Date: 1st of every month (60 installments)
Top-up Percentage: 10%
Top-up Frequency: Annual

SIP Installments shall be as follows:

Install Fro To Monthl SIP SIP SIP
-ment m Dat y SIP Top-up Top-up Install-
Nos. Date e Install- Amoun rounde ment
ment t (Rs.) d off inclu-
Amoun [10% of Amount ding
t (Rs.) A] (Rs.) Top-up
Amoun
t (Rs.)

(A) (B) (A+B)

1 to 12 1- 1- 2000 N.A. N.A. 2000
Dec- Nov
22 -23
13 to 1- 1- 2000 200 N.A. 2200
24 Dec- Nov
23 -24
25 to 1- 1- 2200 220 N.A. 2420
36 Dec- Nov
24 -25
37 to 1- 1- 2420 242 240 2660
48 Dec- Nov
25 -26
49 to 1- 1- 2660 266 270 2930
60 Dec- Nov
26 -27
N.A. - Not Applicable
Top-up cap option:
Unit holders have an option to cap the SIP Top-up amount based

Page 76 of 136
on either a fixed pre-defined amount or date as detailed below:
 Top-up cap amount: Investor has an option to cap the
SIP Top-up amount once the SIP installment (including
Top-up amount) reaches a fixed predefined amount.
Thereafter the SIP installment will remain constant till the
end of SIP tenure.
The fixed pre-defined amount should be same as the
maximum amount mentioned by the investor in the debit
mandate. In case of difference between the cap amount &
the maximum amount mentioned in debit mandate, then
amount which is lower of the two amounts shall be
considered as the default SIP cap amount.
 Top-up cap month-year: Investor has an option to
provide an end date to the SIP Top-up amount. It is the
date from which Top - up to the SIP installment amount
will cease and the SIP installment will remain constant till
the end of SIP tenure.

Investor shall have flexibility to choose either top-up cap amount

or top-up cap month-year. In case of multiple selections, top-up
cap amount will be considered as default selection.

If none of the above options for Top-up cap is selected by the

investor, the SIP Top-up will continue as per the SIP end date
and Top-up amount specified by the investor.

Illustration 1: How to fix Top-up cap amount?

SIP Period: 01-Jan-2022 to 01-Dec-2024 (3 Years)
Monthly SIP Installment Amount: Rs. 2,000
SIP Date: 1st of every month (36 installments)
Top-up Amount: Rs. 1,000
Top-up Frequency: Half Yearly
Top-up cap amount (including SIP Installment): Rs. 5,000

SIP Installments shall be as follows:

Install- From To Monthly SIP Increased
ment Date Date SIP Top-up Monthly
Nos. Install- Amount SIP
ment (Rs.) Install-
Amount ment
(Rs.) Amount
(Rs.)
(A) (B) (A+B)
1 to 6 1-Jan- 1-Jun- 2,000 N.A. 2,000
22 22
7 to 12 1-Jul-22 1-Dec- 2,000 1,000 3,000
22
13 to 18 1-Jan- 1-Jun- 3,000 1,000 4,000
23 23
19 to 24 1-Jul-23 1-Dec- 4,000 1,000 5,000
23
25 to 30 1-Jan- 1-Jun- 5,000 N.A. 5,000
24 24
31 to 36 1-Jul-24 1-Dec- 5,000 N.A. 5,000

Page 77 of 136
 24
N.A. - Not Applicable. It may be seen in the above illustration that
once the Topup cap amount (including the SIP installment)
reaches Rs. 5,000, the SIP installment amount starting January
1, 2022 remains constant.

Illustration 2: How to fix top-up cap month-year?

SIP Period: 01-Jan-2020 to 01-Dec-2022 (3 Years)
Monthly SIP Installment Amount: Rs. 2,000
SIP Date: 1st of every month (36 installments)
Top-up Amount: Rs. 1,000
Top-up Frequency: Half Yearly
Top-up cap month - year: 01-Jul-2021
SIP Installments shall be as follows:
Install- From To Monthly SIP Increased
ment Date Date SIP Top-up Monthly
Nos. Install- Amount SIP
ment (Rs.) Install-
Amount ment
(Rs.) Amount
(Rs.)
(A) (B) (A+B)
1 to 6 1-Jan- 1-Jun- 2,000 N.A. 2,000
20 20
7 to 12 1-Jul-20 1-Dec- 2,000 1,000 3,000
20
13 to 1-Jan- 1-Jun- 3,000 1,000 4,000
18 21 21
19 to 1-Jul-21 1-Dec- 4,000 1,000 4,000
24 21
25 to 1-Jan- 1-Jun- 4,000 N.A. 4,000
30 22 22
31 to 1-Jul-22 1-Dec- 4,000 N.A. 4,000
36 22
N.A. - Not Applicable. It may be seen in the above illustration that
after 1-Jul-2021 (the pre- defined Top up cap month-year), the
SIP installment amount remains constant.

The AMC / Trustee reserve the right to change the terms and
conditions of this facility at a later date on a prospective basis.
The AMC / Trustee reserve the right to withdraw the SIP Top-up
facility.

MICRO SYSTEMATIC INVESTMENT PLAN (“MICRO SIP”)/

PAN EXEMPT INVESTMENTS

Investors i.e. either all jointholders or the first holder who do not
hold PAN or are PAN exempted investors may invest (via
lumpsum/SIP) upto Rs. 50,000 per year per investor. Such PAN
exempt SIPs are referred to as Micro SIP.

Investors may make PAN exempt investments subject to the

following provisions:

Page 78 of 136
 The limit of Rs. 50,000/- is applicable at an aggregate level
(SIP plus lumpsum investments) across all Schemes of the
Fund in a rolling 12 month period or in a financial year i.e.
April to March.
 This exemption is applicable only to investments by “Eligible
Investors” i.e. individuals [including Joint Holders who are
individuals, NRIs but not PIOs], Minors and Sole proprietary
firms, who do not possess a PAN*. Hindu Undivided Family
(HUF) and other categories are not eligible for PAN
exemption.
* In case of joint holders, first holder must not possess a
PAN.
 Eligible Investors are required to undergo Know Your
Customer (KYC) procedure with any of the SEBI registered
KYC Registration Agency (KRA).
 Eligible Investors must attach a copy KYC acknowledgement
letter containing the PAN Exempt KYC Reference No
(PEKRN) issued by the KRA along with the application form.
Eligible investors must hold only one PEKRN.

Eligible Investors who wish to enroll for Micro SIP are required to
fill in the SIP Enrolment Form available with the ISCs,
distributors/agents and also displayed on the website
[Link]

All terms and conditions (including load structure and Transaction

Charges) of Systematic Investment Plans (SIPs) (except SIP
Top-up facility) shall apply to Micro SIPs.

The detailed procedures / requirements for accepting PAN

exempt investments, including Micro SIPs, shall be as specified
by AMC / Trustee from time to time and their decision in this
behalf will be final and binding.

Please refer to the SIP / Micro SIP Enrolment Form for terms
& conditions before enrolment.

SIP Pause facility

The Fund offers Systematic Investment Plan (“SIP”) Pause

facility (“the Facility”) for investors who wish to temporarily pause
their SIP in the Schemes of the Fund.

The terms and conditions of the Facility are as follows:

[Link] Facility is applicable to SIPs registered through all

electronic platforms except SIP registered through MFSS
platform of NSE.
[Link] Facility is not available under Flex SIP.
[Link] Facility is available only for SIPs with Monthly and
Quarterly frequencies.
[Link] maximum number of installments that can be paused using
this facility are 3 (three) consecutive installments for SIPs
registered with Monthly frequency and 1 (one) for SIPs registered

Page 79 of 136
with Quarterly frequency.
[Link], automatically the balance SIP installments (as
originally registered) will resume.
[Link] case of SIP Top-Up registered in a folio, if the next SIP Top-
Up installment falls during the Pause period, the SIP installment
after the completion of Pause period will be inclusive of such SIP
Top-up amount. For eg. If current installment amount is Rs.3000,
if the SIP Pause period is 15.03.2020 to 15.05.2020 and the next
SIP Top-Up falls on 31.03.2020 for an amount of Rs.2000. The
SIP installment after the end of Pause period i.e. on 15.06.2020
will be Rs.5000.
[Link] pause request should be submitted at least 15 days before
the requested start date.
[Link] Pause once registered cannot be cancelled.
[Link] can opt for the Facility only once during the tenure of
the SIP.
10. The Investor understands and acknowledges that the SIP
Pause facility is merely a transaction related facility offered by the
Company; and the Investor unconditionally and irrevocably
agrees that HDFC Asset Management Company Limited (“the
AMC”) or HDFC Mutual Fund “the Fund” will not be liable for: (i)
acting in good faith on any instructions received from the
Investor; (ii) any force majeure events that are beyond the control
of any person; and (iii) any error, default, delay or inability of the
AMC or the Fund or its Agents to act on all or any of the
instructions from the Investor. The Investor hereby assumes and
undertakes the entire risk of using the Facility and agrees to take
full responsibility for the same.

The AMC/Trustee reserves the right to change / modify the

terms and conditions of the Facility or withdraw the Facility.
Please refer to the SIP Pause Facility Form and instructions
before enrolment.

Flex Systematic Investment Plan

Flex SIP is a facility whereby investors can invest at

predetermined intervals in Growth Option of open ended equity
oriented schemes (the eligible schemes) of the Fund, higher
amount(s) determined by a formula linked to value of
investments, to take advantage of market movements. The
eligible schemes for Flex SIP investments are subject to change
from time to time. Investors are requested to contact nearest
Investor Service Centre (ISC) of the Fund or email us at
hello@[Link] or visit our website [Link] for
the updated list of eligible schemes.

The first Flex SIP installment (not exceeding Rs. 1 Lakh) will be
processed for the fixed amount specified by the Unitholder in the
enrolment form. From the second installment onwards, the
investment amount shall be higher of:
 Fixed amount to be invested per installment; or
 The amount determined by the formula: (fixed amount to be
invested per installment X number of installments including

Page 80 of 136
 the current installment) – market value of the investments
through Flex SIP 2 Business Days prior to the SIP date.

At any given point in time, the subsequent Flex SIP installment

amount determined by the above formula shall be capped at 2
times the first Flex SIP installment amount or Rs.1,99,999/-
whichever is lower. The installment amount shall be rounded off
to nearest multiple of Re. 1/-.

The total amount invested during the tenure of the Flex SIP shall
not exceed the total enrolment amount i.e. fixed amount per
installment X total number of installments under the Flex SIP
registration. Thus, the last installment amount shall be decided
accordingly.

Illustration

Flex SIP Enrolment Details:

Scheme Name : HDFC XYZ Fund - Growth Option

(“the Scheme”)
Installment Date & : 15th of every month (T)
Frequency of Flex
SIP
Fixed Installment : Rs. 5000/-
Amount
Number of : 36
Installments
Total Enrolment : Rs 5000 X 36 = Rs 1,80,000
Amount
Period : January 2020 to December 2022

i. How would the Flex SIP installment be calculated?

Calculation of Flex SIP installment amount for instance on the
date of the fourth installment i.e. April 15, 2020 (T):
o Total units allotted upto the date of previous installment
i.e. March 15, 2020 is assumed as 685.50;
o The Net Asset Value (“NAV”) of the Scheme on April 13,
2020 (T-2) is assumed as Rs. 18/- per unit;
o Hence the market value of the investment in the Scheme
on April 13, 2020 is Rs. 12,339 [685.50 X 18].

The installment amount will be calculated as follows:

Fixed amount specified at the time of enrolment: Rs. 5,000/-

Or
As determined by the formula: [(5,000 X 4) – 12,339.00] =
Rs.7,661.00

whichever is higher

Hence, the installment amount on April 15, 2020 will be Rs.

7,661/-

Page 81 of 136
ii. How would maximum Flex SIP installment be calculated?

Calculation of Flex SIP installment amount for instance on the

date of the seventh installment i.e. July 15, 2020 (T):

o Total units allotted upto the date of previous

installment i.e. June 15, 2020 is assumed as
1,558.675;
o NAV of the Scheme on July 13, 2020 (T-2) is
assumed as Rs. 14/- per unit;
o Hence the market value of the investment as on
July 13, 2020 is Rs. 21,821 [1558.675 X 14].

The installment amount will be calculated as follows:

Fixed amount specified at the time of enrolment: Rs. 5,000/-

or
As determined by the formula: [(5,000 X 7) – 21,821.00] =
Rs.13,179.00

whichever is higher; subject to 2 times the initial

installment amount

Hence, the installment amount on July 15, 2020 will be Rs.

10,000/-

iii. How would the Flex SIP installment be calculated vis-à-

vis total enrolment amount?

In the above illustration, the total enrolment amount for Flex

SIP is Rs 1,80,000 (5000 X 36 months).

If the total amount invested in Flex SIP till the 34th month is
Rs 1,77,000, then the 35th installment will be Rs. 3000 (Rs.
1,80,000 – Rs. 1,77,000) and the Flex SIP will cease.

An investor has an option to choose from 5 Flex SIP tenures viz.

3 years, 5 years, 10 years, 15 years and 20 years. If a tenure is
not chosen, 5 years shall be the default Flex SIP tenure. The
facility offers Monthly Flex Systematic Investment Plan (MFLEX)
and Quarterly Flex Systematic Investment Plan (QFLEX)
frequencies. In case the frequency is not indicated, Monthly
frequency shall be treated as the Default Frequency.

The minimum amount per installment for shall be:

MFLEX: Rs. 500/- and in multiples of Rs. 100/- thereafter (For
Equity Linked Savings Schemes (ELSS), it shall be Rs. 500/-
and in multiples of Rs. 500/- thereafter)
QFLEX: Rs. 1500/- and in multiples of Rs. 100/- thereafter (For
ELSS, it shall be Rs. 1500/- and in multiples of Rs. 500/-
thereafter)

Investors can choose any preferred date of the month as SIP

debit date (10th is the default date). In case the chosen date falls
on a non-Business Day or on a date which is not available in a

Page 82 of 136
particular month, the SIP will be processed on the immediate
next Business Day. If an investor chooses more than one date for
SIP, separate SIPs shall be registered for each such date as per
the frequency selected by the investor. Flex SIP shall be
processed only through NACH mode.

Exit Load, if any, prevailing on the date of Flex SIP

enrolment shall govern the investments during the tenure.

In the following circumstances, the Flex SIP facility may cease

and SIP may be processed for the fixed installment amount
specified by the unitholder at the time of enrolment:
(a) If there is a reversal of any SIP installment due to insufficient
balance or technical reasons; or
(b) If there is redemption/ switch-out of any units allotted under
Flex SIP. (Units under a Scheme are redeemed on First In
First Out (FIFO) basis, irrespective of the mode of allotment).

Unitholders can discontinue the facility by giving thirty days

written notice to any of the Fund’s Investor Service Centres
(ISCs). An investor can place a request for cancellation for any
one SIP debit date, in case multiple debit dates are chosen.

Top up feature is not available under Flex SIP facility. All other
terms and conditions of the SIP facility shall apply mutatis
mutandis to the Flex SIP facility. The AMC/Trustee reserves the
right to change / modify the terms and conditions of Flex SIP
facility or withdraw the facility.

Please refer to the SIP / Flex SIP Enrolment Forms for further
details and the terms & conditions before enrolment.

OTM - One Time Mandate (‘Facility’):

OTM is a simple and convenient facility that enables the Unit
holders to transact in the Schemes of the Fund by submitting
OTM - One Time Mandate registration form to the Fund. It is a
one - time registration process wherein the Unit holder(s) of the
Scheme(s) of the Fund authorizes his / her bank to debit their
account upto a certain specified limit per transaction, on request
received from the Fund, as and when the transaction is
undertaken by the Unit holder, without the need of submitting
cheque or fund transfer letter with every transaction thereafter.
This Facility is only available to Unit holder(s) of the Fund who
have been assigned a folio number by the AMC.

Unit Holder(s) are requested to note that the AMC reserves the
right to amend the terms and conditions, or modify, or discontinue
the Facility for existing as well as prospective investors at
anytime in future. Complete paperless mandate registration
called 'E-mandate' or 'E-OTM' is available on HDFC MFOnline
Investors and Partners portal.
For general terms and conditions and more information, Unit
holder(s) are requested to read Terms and Conditions in the
OTM registration form available at the Investor Service
Centres (ISCs) of the Fund and also available on

Page 83 of 136
[Link].

SYSTEMATIC TRANSFER PLAN (STP)

A Unit holder holding units in non-demat form may enroll for the
Systematic Transfer Plan and choose to Switch on a daily,
weekly, monthly or quarterly basis from one HDFC Mutual Fund
scheme to another scheme, which is available for investment at
that time. The provision of “Minimum Redemption Amount” of the
designated Transferor Scheme and “Minimum Application
Amount” of the designated Transferee Scheme shall not be
applicable to STP.

The amount thus switched shall be converted into Units on the

scheduled date and such number of Units will be subtracted from
the Unit balance of the Transferor Scheme. In case these dates
fall on a Holiday, the next Business Day will be considered for
this purpose. The amount so switched shall be reinvested in the
Transferee Scheme / Plan.

Presently STP offers investor two plans viz. Fixed Systematic

Transfer Plan (FSTP) with daily, weekly, monthly and quarterly
frequency and Capital Appreciation Systematic Transfer Plan
(CASTP) with monthly and quarterly frequency.

The minimum number of installments under each Plan are as

follows:
Under Daily FSTP:
 where installment amount is less than Rs. 1,000/-: 12
 where installment amount is equal to or greater than Rs.
1,000/-: 6
Under Weekly STP:
Where installment amount is less than Rs. 1,000: 12 installments
Where installment amount is equal to or greater than Rs. 1,000: 6
installments
However, for weekly STP in equity linked savings schemes, there
should be a minimum of 6 installments for enrollment.

Under Monthly FSTP & Monthly CASTP:

 Minimum 6 installments

Under Quarterly FSTP & Quarterly CASTP:

 Minimum 2 installments

Further, the minimum balance in the Unit holders account or the

minimum amount of application at the time of enrolment for STP
in the Transferor Scheme should be Rs. 12,000.

There will be no maximum duration for STP enrolment.

The amount transferred under the STP from the Transferor
Scheme to the Transferee Scheme shall be effected by
redeeming units of Transferor Scheme at Applicable NAV, after
payment of Exit Load, if any, and subscribing to the units of the
Transferee Scheme at Applicable NAV in respect of each STP

Page 84 of 136
investment. In case the STP date falls on a Non-Business Day,
the immediate next Business Day will be considered for the
purpose of determining the applicability of NAV.
Unit holders may change the amount (but not below the specified
minimum) by giving written notice to any of the Official Point(s) of
Acceptance. Unit holders will have the right to discontinue the
STP facility at any time by sending a written request to the
Official Point(s) of Acceptance. Notice of such discontinuance
should be received at least 10 days prior to the due date of the
next transfer date. On receipt of such request, the STP facility will
be terminated. STP will be terminated automatically if all the
Units are liquidated or withdrawn from the Transferor Scheme or
pledged or upon the Fund’s receipt of notification of death or
incapacity of the Unit holder.

Exit Load, if any, prevailing on the date of enrolment shall be

levied in the Transferee Scheme.

The AMC / Trustee reserve the right to change / modify load

structure and other terms and conditions under the STP
prospectively at a future date.

Please refer to the STP Enrolment Form for terms and

conditions before enrolment.

HDFC FLEX SYSTEMATIC TRANSFER PLAN

HDFC Flex Systematic Transfer Plan (Flex STP) is a facility

wherein unit holder(s) holding units in non-demat form of
designated open-ended Scheme of HDFC Mutual Fund can opt
to transfer variable amount(s) linked to value of investments
under Flex STP on the date of transfer at pre-determined
intervals from designated open-ended Scheme of HDFC Mutual
Fund (hereinafter referred to as “Transferor Scheme”) to the
Growth Option of designated open-ended Scheme of HDFC
Mutual Fund (hereinafter referred to as “Transferee Scheme”).
Flex STP offers transfer facility at daily, weekly, monthly and
quarterly intervals. Unitholder is free to choose the frequency of
such transfers. The amount to be transferred under Flex STP
from Transferor Scheme to Transferee Scheme shall be
calculated as follows:

{fixed amount to be transferred per installment or the amount as

determined by the following formula [(fixed amount to be
transferred per installment X number of installments including the
current installment) - market value of the investments through
Flex STP in the Transferee Scheme on the date of transfer]
whichever is higher}.

There should be a minimum of 12 installments where installment

amount is less than Rs. 1,000/- and a minimum of 6 installments
where installment amount is equal to or greater than Rs. 1,000/-
under Flex STP - Daily & Weekly Intervals. There should be a
minimum of 6 installments for enrolment under Flex STP -
Monthly Interval and 2 installments under Flex STP - Quarterly

Page 85 of 136
Interval. Also, the minimum unit holder’s account balance or a
minimum amount of application at the time of Flex STP enrolment
in the Transferor Scheme should be Rs. 12,000.
In case the amount to be transferred is not available in the
Transferor Scheme in the unit holder’s account, the residual
amount will be transferred to the Transferee Scheme and Flex
STP will be closed.

The total Flex STP amount invested in the Transferee Scheme

shall not exceed the total enrollment amount i.e. amount per
installment X number of installments.

The amount transferred under the Flex STP from the Transferor
Scheme to the Transferee Scheme shall be effected by
redeeming units of Transferor Scheme at Applicable NAV, after
payment of Exit Load, if any, and subscribing to the units of the
Transferee Scheme at Applicable NAV in respect of each Flex
STP investment.

Exit Load, if any, prevailing on the date of enrolment shall be

levied in the Transferee Scheme.

Unitholders who wish to enroll for this facility are required to fill
HDFC Flex STP Enrolment Form available with the ISCs,
distributors / agents and also displayed on the website
[Link]

Unit holders may opt for either Swing STP or Flex STP
registration in a particular target scheme in a folio. Further,
multiple Swing STPs or multiple Flex STP registrations in the
same target scheme in a folio will also not be allowed.

The AMC / Trustee reserve the right to change / modify load

structure and other terms and conditions under the HDFC Flex
STP prospectively at a future date.

Please refer to the HDFC Flex STP Enrolment Form for terms
& conditions before enrolment.

HDFC SWING SYSTEMATIC TRANSFER PLAN

HDFC Swing Systematic Transfer Plan (Swing STP) is a facility

wherein unit holder(s) holding units in non-demat form can opt to
transfer an amount at regular intervals from designated open-
ended Scheme of HDFC Mutual Fund (“Transferor Scheme”) to
the Growth Option of designated open-ended Scheme of HDFC
Mutual Fund (“Transferee Scheme”) including a feature of
Reverse Transfer from Transferee Scheme into the Transferor
Scheme, in order to achieve the Target Market Value on each
transfer date in the Transferee Scheme. Swing STP offers
transfer facility at weekly, monthly and quarterly intervals.

The minimum amount per Swing STP installment shall be as

follows:

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 Swing STP - Weekly Interval: Rs. 500 and any amount
thereafter.
 Swing STP - Monthly Interval: Rs. 1,000 and any amount
thereafter.
 Swing STP - Quarterly Interval: Rs. 3,000 and any amount
thereafter.
There should be a minimum of 12 installments where installment
amount is less than Rs. 1,000/- and a minimum of 6 installments
where installment amount is equal to or greater than Rs. 1,000/-
under Swing STP- Weekly. However, for weekly STP in equity
linked savings schemes, there should be a minimum of 6
installments for enrollment. There should be a minimum of 6
installments for enrollment under Swing STP - Monthly Interval
and 2 installments under Swing STP - Quarterly Interval.
Beginning of quarter could be any month. There is no maximum
duration for Swing STP enrollment.

Also, the minimum unit holder’s account balance or a minimum

amount of application at the time of Swing STP enrolment in the
Transferor Scheme should be Rs. 12,000.

The provision of ‘Minimum Redemption Amount’ as specified in

the Scheme Information Document(s) of the respective
designated Transferor Scheme (Transferee Scheme in case of
Reverse Transfer) and ‘Minimum Application Amount’ specified in
the Scheme Information Document(s) of the respective
designated Transferee Scheme (Transferor Scheme in case of
Reverse Transfer) will not be applicable for Swing STP.

The objective of Swing STP is to achieve the Total Target Market

Value in the Transferee Scheme by transferring an amount from
the Transferor Scheme at regular intervals in such a way so as to
increase the Target Market Value of units in the Transferee
Scheme systematically by a fixed amount (i.e. the first installment
amount specified by the Unitholder) on the date of each transfer
till the tenure of the Swing STP.

The amount to be transferred under Swing STP from Transferor

Scheme to Transferee Scheme shall be calculated as follows:
 The first Swing STP installment will be processed for the first
installment amount specified by the Unitholder at the time of
enrollment.
 From the second Swing STP installment onwards, the
transfer amount may be higher/lower than the first
installment amount, as derived by the formula stated below:

(First installment amount X Number of installments including

the current installment) - Market Value of the investments
through Swing STP in the Transferee Scheme on the date of
transfer.

In case the amounts (as specified above) to be transferred are

not available in the Transferor Scheme in the unit holder’s
account, the residual amount will be transferred to the Transferee

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Scheme and Swing STP will be closed.

Reverse Transfer: On the date of transfer, if the Market Value of

the investments in the Transferee Scheme through Swing STP is
higher than the first installment amount X number of installments
(including the current installment), then a Reverse Transfer will
be effected from the Transferee Scheme to the Transferor
Scheme to the extent of the difference in the amount, in order to
arrive at the Target Market Value.

The total amount invested through Swing STP over its tenure in
the Transferee Scheme, may be higher or lower than the Total
Target Market Value of the investment (i.e. the first installment
amount X total number of installments specified by the
Unitholder). This may be on account of fluctuations in the Market
Value of the Transferee Scheme. If you decide to take up this
facility, you should be aware of the possibility, that the total
amount invested through Swing STP could be higher or
lower than the Total Target Market Value of the investment.

The redemption/ switch-out of units allotted in the Transferee

Scheme shall be processed on First In First Out (FIFO) basis. In
case there is a redemption/ switch-out of any units allotted
under Swing STP in the Transferee Scheme by the Unit
holder, the balance installments under Swing STP will be
processed as a normal STP for the remaining installments by
investing the amount indicated as first installment amount, on the
date of each transfer over the balance tenure of the Swing STP,
subject to availability of unit balance in the Transferor Scheme.

Swing STP will be automatically terminated if all units are

liquidated or withdrawn from the Transferor Scheme or pledged
or upon receipt of intimation of death of the unit holder.

Unit holders will have the right to discontinue the Swing STP
facility at any time by sending a written request to the ISC. On
receipt of such request, the Swing STP facility will be terminated
within 15 days.

The amount transferred under the Swing STP from the Transferor
Scheme to the Transferee Scheme shall be effected by
redeeming units of Transferor Scheme at the Applicable NAV,
after payment of Exit Load, if any, and subscribing to the units
of the Transferee Scheme at Applicable NAV.

Exit Load, if any, prevailing on the date of enrollment shall

be levied in the Transferee Scheme and Transferor Scheme
(for units purchased through Reverse Transfer).

Unit holders who wish to enroll for this facility are required to fill
HDFC Swing STP Enrolment Form available with the ISCs,
distributors/agents and also displayed on the website
[Link]
Unit holders may opt for either Swing STP or Flex STP
registration in a particular target scheme in a folio. Further,

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multiple Swing STPs or multiple Flex STP registrations in the
same target scheme in a folio will also not be allowed.

The AMC / Trustee reserve the right to change / modify load

structure and other terms and conditions under the HDFC Swing
STP prospectively at a future date.

Please refer to the HDFC Swing STP Enrolment Form for

further details and terms & conditions before enrolment.

TRANSFER OF INCOME DISTRIBUTION CUM CAPITAL

WITHDRAWAL (IDCW) PLAN FACILITY - "TIP FACILITY"

Transfer of IDCW Plan (TIP) is a facility wherein unit holder(s) of

“Source Scheme” of HDFC Mutual Fund can opt to automatically
invest the IDCW (as reduced by the amount of applicable
statutory levy) declared by the eligible Source Scheme into the
“Target Scheme” of HDFC Mutual Fund.

TIP Facility will be available to unit holder(s) holding units in non-

demat form under the IDCW Option of the Source Scheme.
However, the TIP Facility will not be available to unit holder(s)
under the Daily IDCW Option in the Source Scheme. Unit
holder(s)’ enrolment under the TIP Facility will automatically
override any previous instructions for ‘Payout’ or ‘Reinvestment’
facility in the Source Scheme. For updated list of eligible Source
Scheme and Target Scheme the Unit holder is advised to contact
nearest Investor Service Centre (ISC) of HDFC Mutual or the
distributor or visit our website [Link]

This Scheme shall only be a Target Scheme for TIP Facility.

The IDCW amount to be invested under the TIP Facility from the
Source Scheme to the Target Scheme shall automatically be
invested by subscribing to the units of the Target Scheme as per
the applicable NAV provisions mentioned in the cut-off timing
section.

Under normal circumstances, the Mutual Fund would endeavour

to transfer the IDCW proceeds to the Target Scheme within 2
Business Days from the record date.
No Exit Load will be levied on units allotted in the Target
Scheme under the TIP Facility.

The AMC / Trustee reserve the right to change/ modify the terms
and conditions of the TIP Facility on a prospective basis.

Please refer to TIP Facility Enrolment Form for terms and

conditions before enrolment.

SYSTEMATIC WITHDRAWAL ADVANTAGE PLAN (SWAP)

This facility, available to the Unit holders of the Scheme(s)

holding units in non-demat form, enables them to withdraw
(subject to deduction of tax at source, if any) fixed sum (Fixed

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Plan) or a variable amount (Variable Plan) from their Unit
accounts at periodic intervals (subject to completion of lock-in
period, if any). Fixed Plan is available for Growth as well as
IDCW Option and Variable Plan is available for Growth Option
only for eligible Scheme(s) / Plan(s) under SWAP facility.
Unitholder(s) who opt for Fixed Plan under systematic withdrawal
from each Scheme / Plan have an option of Monthly, Quarterly,
Half-Yearly and Yearly intervals and Unitholder(s) who opt for
Variable Plan under systematic withdrawal from each Scheme /
Plan have an option of Quarterly, Half-Yearly and Yearly
intervals. Unit holder can avail of this facility subject to the terms
and conditions contained in the SWAP Enrolment Form, by
choosing any date, as applicable, of his/her preference as SWAP
withdrawal date. In case the chosen date falls on a holiday or on
a date which is not available in a particular month, the immediate
next Business Day will be deemed as the SWAP withdrawal date.
In case no date is mentioned 25th will be considered as the
Default Date.

The amount withdrawn (subject to deduction of tax at source, if

any) under SWAP by Redemption shall be converted into the
specific Scheme / Plan Units at the NAV based prices as on the
SWAP withdrawal date of month/quarter/ half-year/ year, as
applicable, and such Units will be subtracted from the Unit
Balance of the Unit holders. If the net asset value of the Units
outstanding on the withdrawal date is insufficient to process the
withdrawal request, then the Mutual Fund will redeem the Units
outstanding in its entirety. SWAP will be terminated automatically
if all the Units are liquidated or withdrawn from the Scheme or
pledged or upon the Fund’s receipt of notification of death or
incapacity of the Unit holder.

In respect of amount withdrawn under SWAP, the Exit Load,

if any, applicable to the Scheme/Plan as on the date of
allotment of units in case of lumpsum investments and date
of registration in case of units allotted under all Systematic
Investment facilities i.e. all types of SIPs / STPs, shall be
levied.

Investors may note that if you decide to take up Fixed Plan

under SWAP facility, you should be aware of that the
withdrawals may take place from the principal amount
invested.

Investors can enroll themselves for the facility by submitting the

duly completed SWAP Enrolment Form at any of the OPAs.

The AMC / Trustee reserve the right to change / modify the terms
and conditions under the SWAP prospectively at a future date.

SWAP facility is available subject to terms & conditions.

Please refer to the SWAP Enrolment Form for terms &
conditions before enrolment.
MINOR ATTAINING MAJOR STATUS
The Mutual Fund/AMC will register SIP/STP/SWAP or any other

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systematic enrollment in the folio held by a minor only till the date
of the minor attaining majority, even though the instructions may
be for a period beyond that date. Such enrollments will
automatically stand terminated upon the Unit Holder attaining 18
years of age.
For folios where the units are held on behalf of the minor, the
account shall be frozen for operation by the guardian on the day
the minor attains majority and no transactions shall be permitted
till the requisite documents for changing the status of the account
from 'minor' to 'major' are submitted.

AUTOMATIC TRIGGER FACILITY

Under this facility, a Unit holder holding units in non-demat form

may opt for withdrawal and / or switch based on the Unit balance
attaining a minimum capital appreciation / gains, events, dates
etc (subject to deduction of tax at source, if any). The Units will
be redeemed as and when the balance reaches a desired value
or after certain period of time etc. In case of triggers linked with
events / dates, on realisation of gains, a specified amount / full
amount / gains / appreciation etc. would be redeemed and paid
either on the investment attaining a particular value or after a
particular period of time. Unit holders can enroll themselves for
the facility by filling in the appropriate box in the Application Form
or by subsequently making a written request to the ISC.

Please read the instructions on the Application Form for

further details.

SWITCHING OPTIONS

Unit holders under the Scheme(s) holding units in non-demat

form have the option to Switch part or all of their Unit holdings in
the Scheme to another Scheme established by the Mutual Fund
which is available for investment at that time or vice versa
(subject to completion of lock-in period, if any), or within the
Scheme from one Plan / Option to another Plan / Option, subject
to applicable exit load. This Option will be useful to Unit holders
who wish to alter the allocation of their investment among the
scheme(s) / Plan(s) / Option(s) of the Mutual Fund in order to
meet their changed investment needs.

The Switch will be effected by way of a Redemption of Units [On

a First In First Out (FIFO) basis] from the switch-out scheme /
plan and a reinvestment of the Redemption proceeds in the
switch-in scheme / plan and accordingly, to be effective, the
Switch must comply with the Redemption rules of the switch-out
scheme and the issue rules of the switch-in scheme (e.g. as to
the minimum number of Units that may be redeemed or issued,
Exit / Entry Load etc). The price at which the Units will be
Switched out of the switch-out scheme will be based on the
Redemption Price, and the proceeds will be invested in the
switch-in scheme / plan at the prevailing sale price for units in
that scheme / plan.

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Exit Load for switches within the Scheme:

i. No exit load shall be levied for switching between Options

under the same Plan within the Scheme.
ii. Switch of investments from Regular Plan to Direct Plan shall
be subject to applicable exit load, unless the investments were
made directly i.e. without any distributor code. However, any
subsequent switch-out or redemption of such investments
from Direct Plan will not be subject to any exit load.
iii. No exit load shall be levied for switch-out from Direct Plan to
Regular Plan. However, any subsequent switch-out or
redemption of such investment from Regular Plan shall be
subject to exit load based on the original date of investment in
the Direct Plan.

For further details on load structure, please refer to 'Load

Structure' under section 'Fees and Expenses'. The Trustee/AMC
reserves the right to modify the load structure for Switching
between Plans within the Scheme or Options within the Plans
under the Scheme at a future date.

FACILITY TO PURCHASE UNITS OF THE SCHEME

THROUGH STOCK EXCHANGE(S)

Units of the scheme shall be available for purchase / redeem /

switch through stock exchange platform(s) made available by
NSE and/or BSE i.e. Mutual Fund Service System (MFSS)
(Switch option is not available on NSE MFSS) and NSE Mutual
Fund (NMF II) of NSE and/or BSE StAR MF of BSE. Accordingly,
investors may approach their stock brokers / registered
investment advisers / mutual fund distributors /Depository
Participant, etc. for their transactions through the above
mechanism.

Under this facility, trading member can facilitate investors to

purchase / redeem/ switch units of the scheme using their
existing network and order collection mechanism as provided by
respective stock exchange. The AMC may offer any other facility/
systematic plans through the stock exchange platform. Investors
availing of this facility shall be allotted units in accordance with
the SEBI guidelines issued from time to time. For units held in
demat mode the records of the Depository Participant shall be
considered as final for such unitholders. The transactions carried
out on the above platform shall be subject to such guidelines as
may be issued by the respective stock exchanges SEBI (Mutual
Funds) Regulations, 1996 and circulars / guidelines issued by
SEBI/ AMFI thereunder from time to time.
Applications for purchase of Units which are incomplete /invalid
are liable to be rejected. The applicability of NAV will be subject
to guidelines issued by SEBI on Uniform cut-off timings for
applicability of NAV of Mutual Fund Scheme(s)/Plan(s). In case of
non-financial requests/ applications such as change of address,
change of bank details, etc. investors should approach Official
Point(s) of Acceptance of HDFC Mutual Fund if Units are held in
physical mode and the respective Depository Participant(s) /

Page 92 of 136
Depository if Units are held in Demat mode.

Investors will have to comply with Know Your Customer (KYC)

norms as prescribed by SEBI/BSE/NSE/CDSL/ NSDL and the
Mutual Fund to participate in this facility. Investors should contact
the Official Point(s) of Acceptance of HDFC Mutual Fund for
further details.

The Trustee reserves the right to modify / withdraw the facility to

transact through the Stock Exchange(s) infrastructure on a
prospective basis.

TRANSACTIONS THROUGH "CHANNEL DISTRIBUTORS"

Investors may enter into an agreement with certain distributors/
Registered Investment Advisers (RIAs) / Portfolio Managers (with
whom AMC also has a tie up) referred to as "Channel
Distributors" who provide the facility to investors to transact in
units of mutual funds through various modes such as their
website / other electronic means or through Power of
Attorney/agreement/ any such arrangement in favour of the
Channel Distributor, as the case may be.

Under such arrangement, the Channel Distributors will forward

the details of transactions (viz.
subscriptions/redemptions/switches) of investors electronically to
the AMC / RTA for processing on daily basis as per the cut-off
timings applicable to the relevant schemes and in accordance
with applicable SEBI / AMFI circulars issued from time to time.

The Channel Distributor is required to upload the scan copy of

investor documents like Account opening forms (AOF) to the RTA
(one time for central record keeping) as also the transaction
documents / proof of transaction authorization as the case may
be, to the AMC / RTA as per agreed timelines. In case necessary
documents are not furnished within the stipulated timeline, the
transaction request, shall be liable to be rejected.

Subscription proceeds, when invested through this mode, shall

be by way of direct credits to the specified bank account of the
Fund. The Redemption proceeds (subject to deduction of tax at
source, if any) and IDCW payouts, if any, are paid by the AMC to
the investor directly through direct credit in the specified bank
account of the investor or through issuance of payment
instrument, as applicable.

It may be noted that investors investing through this mode may

also approach the AMC / Official Points of Acceptance directly
with their transaction requests (financial / non-financial) or avail of
the online transaction facilities offered by the AMC.

The Mutual Fund, the AMC, the Trustee, along with their
directors, employees and representatives shall not be liable for
any errors, damages or losses arising out of or in connection with
the transactions undertaken by investors / Channel Distributors
through above mode.

Page 93 of 136
TRANSACTIONS OF UNITS THROUGH ELECTRONIC MODE

Subject to an investor fulfilling applicable terms and conditions as

may be stipulated by the AMC from time to time, the AMC/
Mutual Fund/ Registrar/ or any other agent or representative of
the AMC/ Mutual Fund/ Registrar ("Recipient") may accept
instructions/transaction requests transmitted through web / any
other electronic mode as may be permitted by the AMC from time
to time (hereinafter referred to as "electronic transactions") by
such investor (hereinafter referred to as "transmitter").

The acceptance of the electronic transactions will be solely at the

risk of the transmitter and the Recipient shall not be liable and/or
responsible for any loss or damage caused to the transmitter
directly and/or indirectly, as a result of sending and/or purporting
to send such electronic transactions including where such
electronic transactions sent / purported to be sent is not
processed by the Recipient for any reason whatsoever.

The transmitter acknowledges that electronic transactions is not a

secure means of giving instructions / transactions requests and is
aware of the risks involved including but not limited to such
instructions/requests being inaccurate, imperfect, ineffective,
illegible, having a lack of quality or clarity, garbled, altered,
distorted, not timely etc.

The transmitter acknowledges that the request to the Recipient to

act on any electronic transactions is for the transmitter's
convenience and the Recipient is not obliged or bound to act on
the same.

The transmitter authorizes the Recipient to accept and act on the

electronic transactions that the Recipient believes in good faith to
be given by the transmitter duly signed. The Recipient at its
discretion may treat such electronic transactions as final for all
record purposes.
In case there is any discrepancy between the particulars
mentioned in the electronic transactions and the original
document/s that may be received thereafter, the Recipient shall
not be liable for any consequences arising therefrom.

The transmitter agrees that security procedures adopted by the

Recipient may include signature verification, telephone call backs
or a combination of the same, that may be recorded by tape
recording device and the transmitter consents to such recording
and agrees to co-operate with the Recipient to enable
confirmation of such electronic transactions.

The transmitter accepts that the electronic transactions shall be

time stamped (wherever required) upon receipt by the Recipient
in accordance with SEBI (MF) Regulations.

In consideration of the Recipient accepting and at its sole

discretion acting on any electronic transactions received /

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purporting to be received from the transmitter, the transmitter
hereby agrees to indemnify and keep indemnified the AMC,
Directors, employees, agents, representatives of the AMC,
Mutual Fund and Trustee (hereinafter referred to as 'indemnified
parties') from and against all actions, claims, demands, liabilities,
obligations, losses, damages, costs and expenses of whatever
nature (whether actual or contingent) directly or indirectly
suffered or incurred, sustained by or threatened against the
indemnified parties whatsoever arising from and/or in connection
with or in any way relating to the indemnified parties in good faith
accepting and acting on the electronic transactions.

The AMC reserves the right to modify the terms and conditions
and/or to discontinue the facility at any time. On availing this
facility, transmitter will unequivocally be bound by what is stated
above.

Transact on Call facility:

Transact On call (“the Facility”) enables Investors to undertake

Eligible Transaction(s) on phone / Interactive Voice Response
(IVR) as it may decided from time to time by the Fund, at its sole
discretion through its Authorized Call Centre(s), in relation to the
Eligible Scheme(s) of the Fund. Accordingly, the Authorized Call
Centre(s) of the Fund shall act as Official Point(s) of Acceptance
of transactions under the Facility.
The detailed Terms and Conditions and any subsequent
amendments thereto which govern the use of the Facility from
time to time shall be made available on the website of the Fund
viz. [Link]. The Investors should carefully read the
Terms and conditions before placing / confirming any transaction
requests on phone.

The salient features of the Facility are as follows:

1. Eligible Investors (hereinafter also referred to as “the
Investor(s)”): The Facility shall be presently available only to
existing Resident adult individual investors with “Single” /
“Anyone or Survivor” as the mode of holding in the folio and
where (i) mobile number; and (ii) PAN, KYC and FATCA
compliance status is registered in that folio. Unitholders of folios
where Power of Attorney is registered, Minors, Non Individual
investors or Non-Resident Individuals cannot avail the Facility.
2. Eligible Schemes: The Facility shall currently be available for
transactions in all open ended Schemes of the Fund other than
Exchange Traded Funds, HDFC Liquid Fund**, HDFC Overnight
Fund**, HDFC Children’s Gift Fund, and HDFC Retirement
Savings Fund**. The Fund reserves the right to amend the list of
Eligible Schemes at its sole discretion from time to time.
**Currently, only SIP renewal transactions are available under the
Facility for this scheme.
3. Unit holding option: The Facility is available for Units held /
to be held in account statement form i.e. physical mode only. The
Facility shall not be available for Units held / to be held in Demat
mode.
4. Eligible Transactions: The AMC may accept various types of

Page 95 of 136
financial transactions from time to time through phone. Currently,
requests for purchase, switch, registrations for Systematic
Investment Plan (SIP), renewal of SIP and redemptions can be
made using the Facility by Eligible Investors. The Fund / AMC
reserves the right to amend the Eligible Transactions permitted
under the Facility, at its sole discretion, from time to time. Prior to
using the Facility, the Investors should refer to the terms and
conditions of the Facility on the website [Link]. No
request for non-financial transactions viz. change in any of the
registered details of the investors’ information shall be accepted
through the Facility. Transactions once placed and confirmed by
the investor cannot be cancelled / withdrawn or modified on
phone.
5. The Facility shall include:
“Outbound Facility” where outbound calls will be made by the
Authorized Call Centre to the Eligible Investors to enable them to
renew their SIP registrations.
“Inbound Facility” where Eligible Investors may place Eligible
Transactions requests by calling the Authorized Call Centres on
phone / Interactive Voice Response (IVR).
6. Call Centre timings for the Facility: Currently, the Call
Centre timings for the Inbound Facility shall be from 9:30 AM
to2:45 PM and from 3.15 PM to 5.30 PM on all Business Days.
7. Transaction limit: Currently, a maximum limit of Rs.5,00,000/-
per day, at PAN level in existing folios has been set for each type
of transaction (i.e. lumpsum purchase and redemption
transactions) through the Facility.
[Link] applicability:
The time when the request for transaction of units is received in
the servers of the Fund / AMC / RTA will be considered for the
purpose of time stamping and determining the applicability of
NAV. Further, the time of receipt of funds into the scheme’s bank
account will also be considered for the purpose of applicability of
NAV in case of Purchase (including) switch-in transactions.
[Link] key terms and conditions:
 Any Transaction for redemption or switch of all or part of
Units under a scheme shall be undertaken by the Fund /
AMC, only if the said Units are:
a) Free from any pledge, charge, lien, attachments, security
interest or any other encumbrance; and
b) No actions, suits, proceedings, investigations, litigation,
arbitration or administrative proceedings of any kind in any
court or before any arbitrator or any other governmental
authority are at present ongoing or pending or threatened, in
relation thereto.
 No request for non-financial transactions viz. change in any
of the registered details of the Investor’s information shall be
accepted through the Facility.
 The request for Transaction through the Facility will be
considered as accepted, subject to realization of funds by the
Fund / AMC towards the Transactions / purchases.
 Transactions on phone shall be recorded and the call
records may be used by the Fund / AMC in future for
verification and training purposes.

Page 96 of 136
 The Investor(s) shall always abide by the terms and
conditions of using the Facility and hereby undertakes not to
misuse the same and in the event of any damage shall
indemnify AMC / Fund / RTA for any loss arising therefrom.
 The Investor(s) agrees and confirms that the AMC has the
right to ask the Investor(s) for an oral or written confirmation
of any transaction request using the Facility and / or any
additional information regarding the Investor(s);
 The Investor(s) notes and agrees that the use of the Facility
will be deemed acceptance by the Investor of having read,
understood, irrevocably agreed to, accepted and confirmed
the Terms and Conditions of the Facility and the Investor(s)
will unequivocally be bound by them.
 The Fund / AMC / HDFC Trustee Company Limited reserve
the right to change / modify the terms and conditions of the
Facility or withdraw the Facility at any time at its sole
discretion.
 The Investor(s) shall at all times be bound by any change /
modifications made to the Terms and Conditions of the
Facility and / or suspension of the Facility by the Fund / AMC
at their sole discretion and without notice to them.
 The Investor(s) hereby acknowledges that the Investor is
availing the Facility at the Investor’s own risk and the
Investor shall not hold the Fund / AMC responsible or liable
for any of the risks

ELECTRONIC SERVICES
The eServices facility includes HDFCMFOnline Investors and
Partners, eDocs, eAlerts and ePayouts. The AMC/Fund may at
its sole discretion offer/ discontinue any and/or all of the
eServices facilities offered to any Unitholder in the event the offer
of the same is restricted under the applicable jurisdictional laws
of such Unitholder.

HDFCMFOnline Investors
This facility enables Unitholders to execute purchases,
redemptions, switches, Systematic transactions, Rollover,
Change IDCW option, Transfer IDCW plan, add/update Nominee
details, add/delete bank details, update contact details,view
account details, portfolio valuation online, download various
statements, request for documents via email and avail such other
services as may be introduced by the Fund from time to time on
the Fund's website [Link] using HDFCMFOnline.

HDFCMFOnline Partners
This facility enables Partners to execute purchases, redemptions,
switches Systematic transactions, Transfer IDCW plan, update
contact details and other transactions on behalf of investors, view
account details, Investor portfolio valuation online, AUM details,
download various statements of investors, download various
reports, request for documents via email and avail such other
services as may be introduced by the Fund from time to time on
the Fund's website [Link] using HDFCMFOnline.

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HDFCMFeServices
This facility provides online access on HDFCMFOnline Investors
for joint mode of holding and non-individual folios having Online
Access facility to execute purchases / avail such other services
as may be introduced by the Fund from time to time on the
Fund's website [Link] using HDFCMFInvestOnline.

eDocs
This facility enables the Unitholder to register an email address
with the AMC for receiving allotment confirmations, consolidated
account statement/account statement, annual report/abridged
summary thereof and/or any statutory / other information as
permitted by email.

eAlerts
This facility enables the Unit holder to receive SMS/ email /
WhatsApp/ other electronic / notifications/ confirmations for
purchase, redemption, SIP, switch, IDCW declaration details and
other alerts.

Apart from above mentioned facilities, the facility of ePayouts

comprising mode of payment of Redemption / IDCW Proceeds if
any, via Direct Credit / NEFT / RTGS or any other mode as is
available from time to time is covered under eServices facility.
For further details and the terms and conditions applicable for
availing eServices, please visit our website [Link]

MF Central
As per Clause 16.6 of the Master Circular, to comply with the
requirements of RTA inter-operable Platform for enhancing
investors’ experience in Mutual Fund transactions / service
requests, the Qualified RTAs, currently, Kfin Technologies
Private Limited (“KFintech”) and Computer Age Management
Services Limited (“CAMS”) have jointly developed MFCentral - A
digital platform for Mutual Fund investors (hereinafter referred to
as “MFCentral” or “the Platform”).

MFCentral is created with an intent to be a one stop portal /

mobile app for all Mutual fund investments and service-related
needs that significantly reduces the need for submission of
physical documents by enabling various digital / physical services
to Mutual fund investors across fund houses subject to applicable
Terms and Conditions of the Platform. MFCentral will be enabling
various features and services in a phased manner. MFCentral
may be accessed using [Link] and a Mobile App
in future.
Any registered user of MFCentral, requiring submission of
physical document as per the requirements of MFCentral, may do
so at any of the DISCs or collection centres of Kfintech or CAMS.

TRANSACTIONS THROUGH MF UTILITY ("MFU")

A unitholder may purchase units of the Plan(s) under the Scheme
through MFU.
The AMC has entered into an Agreement with MF Utilities India
Private Limited ("MFUI"), a "Category II - Registrar to an Issue"

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under SEBI (Registrars to an Issue and Share Transfer Agents)
Regulations, 1993, for usage of MF Utility ("MFU") a "Shared
Services" initiative formed by the Asset Management Companies
of SEBI registered Mutual Funds under the aegis of Association
of Mutual Funds in India (AMFI). MFU acts as a transaction
aggregation portal for enabling transaction in multiple Schemes
of various Mutual Funds with a single form and a single payment
instrument. Both financial and non-financial transactions
pertaining to Scheme(s) of HDFC Mutual Fund ('the Fund') can
be done through MFU at the authorized Points of Service ("POS")
of MFUI. The details of POS with effect from the respective dates
published on MFU website at [Link] will be
considered as Official Point of Acceptance (OPA) for transactions
in the Scheme(s) of the Fund.

Additionally, such transactions can also be carried out

electronically on the online transaction portal of MFU at
[Link] as and when such a facility is made
available by MFUI and that the same will be considered OPA for
transactions in the Scheme(s) of the Fund.

The key features of MFU are:

1. Investors will be required to obtain Common Account Number
("CAN") for transacting through MFU.
2. Investors can create a CAN by submitting the CAN
Registration Form (CRF) and necessary documents at the
Point of Service (POS) of MFUI. HDFC AMC and / or CAMS,
Registrar and Transfer Agent (RTA) of the Fund shall provide
necessary details to MFUI as may be needed for providing
the required services to investors / distributors through MFU.
3. Investors will be allotted a CAN, a single reference number
for all investments across Mutual Funds, for transacting in
multiple Schemes of various Mutual Funds through MFU and
to map existing folios, if any.
4. Currently, the transactions facilitated through MFU for the
investors are:
(i) CAN registration;
(ii) Submission of documents to KRAs for KYC Registration;
(iii) Financial transactions like Purchases, Redemptions and
Switches, Registration of Systematic Transactions like
Systematic Investments (SIP) using a single Mandate,
Systematic Withdrawals (SWP) and Systematic Transfers
(STP);
(iv) Non-financial transactions (NFT) like Bank Account
changes, facilitating change of address through KRAs etc.
based on duly signed written requests from the Investors.
5. The CRF and other relevant forms for transacting through
MFU can be downloaded from MFUI website at
[Link] or can be obtained from MFUI POS.
6. Investors transacting through MFU shall be deemed to have
consented to exchange of information viz. personal and / or
financial (including the changes, if any) between the Fund
/HDFC AMC and MFUI and / or its authorized service
providers for validation and processing of transactions carried
out through MFU.

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 7. For details on carrying out the transactions through MFU or
any queries or clarifications related to MFU, investors are
requested to contact the Customer Care of MFUI on 1800-
266-1415 (during the business hours on all days except
Sunday and Public Holidays) or send an email to
clientservices@[Link]. Investors of the Fund can also
get in touch with Investor Service Centres (ISCs) of HDFC
AMC to know more about MFU.
8. For any escalations and post-transaction queries pertaining to
Scheme(s) of the Fund, the Investors are requested to get in
touch with the ISCs of HDFC AMC.

The transactions carried out through MFU shall be subject to the

terms & conditions as may be stipulated by MFUI / Fund / HDFC
AMC from time to time.

The terms & conditions of offering of the Scheme(s) of the Fund

as specified in the Scheme Information Document (SID), Key
Information Memorandum ('KIM') and Statement of Additional
Information ('SAI') shall be applicable to transactions through
MFU.
Account Statements An allotment confirmation specifying the units allotted shall be
sent by way of email and/or SMS within 5 working days of the
closure of the NFO Period to the Unit holder's registered e-mail
address and/or mobile number.

ACCOUNT STATEMENTS DURING ONGOING OFFER

PERIOD
1. The AMC shall send an allotment confirmation specifying the
units allotted by way of email and/or SMS within 5 working
days of receipt of valid application/transaction to the Unit
holders registered e-mail address and/ or mobile number
(whether units are held in demat mode or in account
statement form).
2. The holding(s) of the beneficiary account holder for units held
in demat mode will be shown in the statement issued by
respective Depository Participants (DPs) periodically.
3. A Consolidated Account Statement (CAS) detailing all the
transactions across all mutual funds (including transaction
charges paid to the distributor) and holding at the end of the
month shall be sent to the Unit holders in whose folio(s)
transaction(s) have taken place during the month by mail or
e-mail on or before 15th of the succeeding month.
4. Half-yearly CAS shall be issued at the end of every six
months (i.e. September/ March) on or before 21st day of
succeeding month, to all investors providing the prescribed
details across all schemes of mutual funds and securities
held in dematerialized form across demat accounts, if
applicable.
5. Half yearly CAS will not be sent to those Unit holders who do
not have any holdings in the schemes of mutual fund and
where no commission against their investment has been paid
to distributors, during the concerned half-year period.
6. The periodical CAS will be sent by the Depositories to
investors holding demat accounts (whether or not units are

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 held in demat form) referred to as “SCAS” and by Mutual
Fund Industry to other investors referred to as “MF-CAS”.
7. The periodical CAS are issued on the basis of Permanent
Account Number (PAN). Thus, CAS shall not be received by
the Unit holders for the folios not updated with PAN and / or
KYC details. Unit holders are therefore requested to ensure
that the folios are updated with their PAN / KYC details.
8. For folios of the Fund not included in the CAS (due to non-
availability of PAN), the AMC shall issue the necessary
account statements within prescribed timeline by mail or
email.
9. In the event the account has more than one registered holder,
the first named Unit holder shall receive the CAS/ account
statement.
10. The Unit holder may request for a physical account statement
without any charges by writing to/calling the AMC/ISC/RTA.
The Mutual Fund/ AMC shall despatch an account statement
within 5 working days from the date of the receipt of request
from the Unit holder.

Pursuant to, clauses 14.4.3 and 11.3 of Master Circular, the

following additional disclosures will be provided in the CAS
issued to the investors:
 Each CAS/SCAS shall also provide the total purchase value /
cost of investment in each scheme. Further, whenever
distributable surplus is distributed, a clear segregation
between income distribution (appreciation on NAV) and
capital distribution (Equalization Reserve) shall be suitably
disclosed.
 CAS/SCAS issued for the half-year (ended September /
March) shall also provide (i) the amount of actual commission
paid by the AMC/ Fund to distributors (in absolute terms)
during the half-year period, and (ii) the scheme’s average
Total Expense Ratio (in percentage terms) along with the
break up between Investment and Advisory fees,
Commission paid to the distributor and Other expenses for
the half-year period for the scheme’s applicable Option
(regular or direct or both) where the concerned investor has
actually invested in.
 The term ‘commission’ refers to all direct monetary payments
and other payments made in the form of gifts / rewards, trips,
event sponsorships etc. by the AMC/Fund to distributors. The
commission disclosed is gross commission and does not
exclude costs incurred by distributors such as Goods &
Service Tax (wherever applicable, as per existing rates),
operating expenses, etc.
Further information pertaining to SCAS sent by
Depositories:
 In case an investor does not wish to receive SCAS, an option
shall be given by the Depository to indicate negative consent.
 In case an investor does not wish to receive SCAS through e-
mail, an option shall be given by the Depository to receive
SCAS in physical.
 Investor(s) having multiple demat accounts across the
Depositories shall have an option to choose the Depository

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 through which the SCAS will be received.
 The half yearly SCAS will be sent by mail/e-mail as per the
mode of receipt opted by the investors to receive monthly
SCAS.
 In case of demat accounts with NIL balance and no
transactions in mutual fund folios and in securities, the
depository shall send physical statement to investor(s) in
terms of regulations applicable to Depositories.

COMMUNICATION BY ELECTRONIC MODES:

Those unit holders whose email addresses/mobile number(s)
have been verified by the AMC, shall receive communication
through electronic mode.

Should the Unit holder experience any difficulty in accessing the

electronically delivered documents/communication, the Unit
holder shall promptly advise the Mutual Fund to enable the
Mutual Fund to make the delivery through alternate means. It is
deemed that the Unit holder is aware of all security risks including
possible third party interception of the documents and contents of
the documents becoming known to third parties. The AMC has
the right to verify the authenticity of the email address and mobile
number provided by the investor, in the manner prescribed by
SEBI/AMFI from time to time, before registering these details in
the folio.

The AMC reserves the right to communicate on the email/ mobile

numbers registered with KRA in the investors KYC records. For
certain communication, AMC may send the intimation only vide
email and/or sms and not through physical mode, at its
discretion.
IDCW Not Applicable as the Scheme currently does not offer IDCW
Option.
Redemption Payment of Redemption Proceeds
Unitholders will receive redemption proceeds directly into their
bank account through various electronic payout modes such as
Direct credit/ NEFT/ RTGS /IMPS /ECS /NECS etc. Physical
despatch of redemption proceeds shall be carried out only in
exceptional circumstances.

Redemption proceeds will be paid in favour of the Unit holder

(registered holder of the Units or, if there is more than one
registered holder, only to the first registered holder) with bank
account number furnished to the Mutual Fund (please note that it
is mandatory for the Unit holders to provide the Bank account
details as per the directives of SEBI. Redemption cheques will be
sent to the Unit holders address (or, if there is more than one
holder on record, the address of the first-named Unit holder).

As per SEBI (MF) Regulations, the AMC shall transfer

Redemption proceeds within 3 working days of the Redemption
date or such other timeline as may be specified by SEBI / AMFI
from time to time. A penal interest of 15% or such other rate as
may be prescribed by SEBI from time to time, will be paid by the
AMC for the period of delay in case the Redemption proceeds

Page 102 of 136

are not transferred within specified timeline.

Units will be redeemed on First In First Out (FIFO) basis at a folio

level.

Redemption request shall not be processed if PAN is not updated

in non-PAN exempt folios. Redemption request may also not be
processed if KYC compliant status is not updated in the folio.

For Units held in demat form

The redemption proceeds will be credited to the bank account of
the Unitholder, as per the bank account details recorded with the
DP through electronic modes or by forwarding a Cheque / Draft.

Redemption by NRIs/ PIOs/ OCIs/ FPIs

Payment to NRI / PIOs/ OCIs/ FPI Unit holders will be subject to
the relevant laws / guidelines of the RBI as are applicable from
time to time (also subject to deduction of tax at source as
applicable).
In the case of NRIs/ PIOs/ OCIs
Subject to RBI/FEMA Regulations, redemption proceeds may be:
(i) Credited to the Unitholder’s NRO account, where the
payment for the purchase of the Units redeemed was
made out of funds held in NRO account;
or
(ii) Credited at the Unitholder’s option to the NRE / FCNR/
NRO account, where the Units were purchased on
repatriation basis and the payment for such purchase was
made by inward remittance through normal banking
channels or out of funds held in NRE/ FCNR account of
the Unitholder;
or
(iii) any other mode permitted under FEMA Regulations at the
discretion of the AMC.

In the case of FPIs

The Fund will credit the net amount of redemption proceeds of
such Units to the foreign currency account or Special Non-
Resident Rupee Account of the FPI.
BANK DETAILS

In order to protect the interest of Unit holders from fraudulent

encashment of redemption / IDCW cheques, SEBI has made it
mandatory for investors to provide their bank details viz. name of
bank, branch, address, account type and number, etc. to the
Mutual Fund. The bank account registered in the folio of a minor
should be that of the minor or should be a joint account of the
minor with the guardian. Payment will be made only in the Bank
Account registered with the Mutual Fund. This also applies to
cases where investments are made through cash payments.
Applications without complete bank details shall be rejected.
Further, it will be mandatory for the investors to submit any one of
the documentary proof mentioned in point No.1, 2 and 3 as
detailed in procedure under below para on ‘Change in Bank
Account’ in case the pay-out bank account details (i.e. bank

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account for receipt of redemption/ IDCW proceeds) mentioned in
the application form for subscription under a new folio is different
from pay-in bank account details (i.e. bank account from which a
subscription payment is being made). The Fund / AMC / Trustee
reserves the right to call for such other information and
documents as may be required from the investors. Investors are
requested to note that applications for new folio creation
submitted (wherein pay-out bank details is different from pay in
bank details) without any of the required documentary proof
relating to pay-out bank account details will be treated as invalid
and liable to be rejected. The AMC will not be responsible for any
loss arising out of fraudulent encashment of cheques / warrants
and / or any delay / loss in transit.

Investments (including through existing SIP registrations) in the

name of minors shall be permitted only from bank account of the
minor, parent or legal guardian of the minor or from a joint
account of the minor with the parent or legal guardian.” It is
reiterated that the redemption/ Income Distribution cum Capital
Withdrawal (IDCW) proceeds for investments held in the name of
Minor shall continue to be transferred to the verified bank account
of the minor (i.e. of the minor or minor with parent/ legal
guardian) only. Therefore, investors must ensure to update the
folios with minor’s bank account details as the ‘Pay-out Bank
account’ by providing necessary documents before tendering
redemption requests / for receiving IDCW distributions.

• Multiple Bank Accounts Registration

The AMC/ Mutual Fund provides a facility to the investors to
register multiple bank accounts (currently upto 5 for Individuals
and 10 for Non - Individuals) for receiving redemption/ IDCW
proceeds etc. by providing necessary documents. Investors must
specify any one account as the "Default Bank Account". The
investor, may however, specify any other registered bank
account for credit of redemption proceeds at the time of
requesting for redemption.
Investors holding units in non-demat form are requested to avail
the facility of registering multiple bank accounts by filling in the
'Multiple Bank Accounts Registration Form' available at our
Investor Service Centres (ISCs) or on our website
[Link].

• Change in Bank Account

For investors holding units in demat mode, the procedure for
change in bank details would be as determined by the depository
participant.
For investors holding units in non-demat mode, the Unit holders
may change their bank details registered with the Mutual Fund by
submitting 'Multiple Bank Account Registration Form' or a
standalone separate Change of Bank Details Form.

In case a 'Change of Bank Details Form' is submitted, the

following procedure needs to be adhered to:
1. Unit holders will be required to submit the duly filled in
Change of Bank Details Form along with a cancelled original

Page 104 of 136

 cheque leaf of the new bank account as well as the bank
account currently registered with the Mutual Fund (where the
account number and first unit holder name is printed on the
face of the cheque). Unit holders should without fail cancel
the cheque and write 'Cancelled' on the face of it to prevent
any possible misuse.
2. Where such name is not printed on the original cheque, the
Unit holder may submit a letter from the bank on its letterhead
certifying that the Unit holder maintains/ maintained an
account with the bank, the bank account information like bank
account number, bank branch, account type, the MICR code
of the branch & IFSC Code (where available).
3. In case of non-availability of any of these documents, a self
attested copy of the bank pass book or a statement of bank
account with current entries not older than 3 months having
the name and address of the first unit holder and account
number.
Note: The above documents shall be submitted in Original. If
copies are furnished, the same must be submitted at the ISCs
where they will be verified with the original documents to the
satisfaction of the Fund. The original documents will be returned
across the counter to the Unit holder after due verification. In
case the original of any document is not produced for verification,
then the copies should be attested by the bank manager with his
/ her full signature, name, employee code, bank seal and contact
number.

In the event of a request for change in bank account information

being invalid / incomplete / not satisfactory in respect of signature
mismatch/document insufficiency/ not meeting any requirements
more specifically as indicated in clauses 1-3 above, the request
for such change will not be processed. Redemptions / IDCW
payments, if any, will be processed and the last registered bank
account information will be used for such payments to Unit
holders.

Unit holders may note that it is desirable to submit their requests

for change in bank details atleast 7 days prior to date of
redemption / IDCW payment, if any and ensure that the request
for change in bank details has been processed before submitting
the redemption request. If change in bank details has not been
processed, payment will be made in the existing bank account
registered in the folio. Further, in the event of a request for
redemption of units being received within seven days of change
in bank account details, the normal processing time as specified
in the Scheme Information Document, may not necessarily apply,
however it shall be within the regulatory limits. Any unregistered
bank account or a new bank account mentioned by the Unit
holder along with the redemption request may not be considered
for payment of redemption / IDCW proceeds.

Change of Address

1) For investors holding units in demat mode, the procedure

for change in address would be as determined by the depository

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 participant.
2) For investors holding units in non-demat mode, the
procedure as detailed below shall be applicable. Unit holder will
be required to submit a valid request for change in address
details along with the following supporting documents:
KYC Not Complied Folios/Clients:
 Investors are advised to complete KYC formalities as
required by KRAs and submit the request to AMC to update
their PAN/PEKRN in our records. The address will be
updated in the folios from the KRA record.
 Self attested copy of Proof of New Address; and
 Self attested copy of PAN or other proof of identity as may be
prescribed by SEBI from time to time, for PAN exempt cases.
KYC Complied Folios/Clients:
 Application form for change in address, as specified by KRAs
 Self attested copy of Proof of New Address; and
 Any other document/form that the KYC Registration Agency
(KRA) may specify from time to time.

The above documents will be forwarded to KRA for updations in

their record.

Note: The above documents shall be submitted in Original. If

copies are furnished, the same must be submitted at the ISCs
where they will be verified with the original documents to the
satisfaction of the Fund. The original documents will be returned
across the counter to the Unit holder after due verification. In
case the original of any document is not produced for verification,
then the copies should be properly attested / verified by entities
authorized for attesting/verification of the documents as per
extant KYC guidelines.
The AMC / Trustee reserves the right to amend the aforesaid
requirements.
Delay in payment of The AMC shall be liable to pay interest to the Unit holders at 15%
redemption/ or such other rate as may be prescribed by SEBI from time to
repurchase proceeds time for the period of delay, in case the redemption/ repurchase
proceeds are not transferred within the prescribed timeline.
However, the AMC will not be liable to pay any interest or
compensation or any amount otherwise, in case the AMC /
Trustee is required to obtain from the investor / unit holders
verification of identity or such other details relating to subscription
for Units under any applicable law or as may be requested by a
regulatory body or any government authority, which may result in
delay in processing the application.
Tax Status of Investors For all new purchases, the AMC reserves the right to update the
tax status of investors by referring to the information furnished in
the application form by the applicant(s) and as per the Permanent
Account Number/ Bank Account details or such other documents
submitted along with the application form. The AMC shall not be
responsible for any claims made by the investor/ third party on
account of updation of tax status basis the stated process.

Page 106 of 136

C. PERIODIC DISCLOSURES

Net Asset The AMC will calculate and disclose the first NAVs of the Scheme not later
Value than 5 Business Days from the date of allotment of units under the NFO
Period.
This is the Subsequently, the NAVs will be calculated and disclosed at the close of
value per unit every Business Day in the following manner:
of the scheme (i) Displayed on the website of the Mutual Fund ([Link])
on a particular (ii) Displayed on the website of Association of Mutual Funds in India
day. You can (AMFI) ([Link]).
ascertain the (iii) Any other manner as may be specified by SEBI from time to time.
value of your
investments by Mutual Fund / AMC will provide facility of sending latest available NAVs to
multiplying the unitholders through SMS, upon receiving a specific request in this regard.
NAV with your
unit balance. AMC shall update the NAVs on the website of the Fund and AMFI by
11.00 p.m. every Business day. In case of any delay in uploading on AMFI
website, the reasons for such delay would be explained to AMFI and SEBI
in writing. If the NAVs are not available before commencement of business
hours on the following day due to any reason, Mutual Fund shall issue a
press release providing reasons and explaining when the Mutual Fund
would be able to publish the NAVs.
Daily The AMC shall upload performance of the Scheme on a daily basis on
Performance AMFI website in the prescribed format along with other details such as
Disclosure Scheme AUM and previous day NAV, as prescribed by SEBI from time to
(after scheme time.
completes six
months of
existence)
Portfolio The AMC will disclose portfolio (along with ISIN) of the Scheme, including
Disclosure Segregated Portfolio, if any, in the prescribed format, as on the last day of
the month/ half-year i.e. March 31 and September 30, on its website viz.
[Link] and on the website of Association of Mutual Funds in
India (AMFI) viz. [Link] within 10 days from the close of each
month/ half-year respectively. In case of unitholders whose e-mail
addresses are registered, the AMC will send via email both the monthly
and half-yearly statement of scheme portfolio within 10 days from the
close of each month / half-year respectively.
AMC will publish an advertisement every half-year in the all India edition of
at least two daily newspapers, one each in English and Hindi, disclosing
the hosting of the half-yearly statement of the Scheme portfolio on its
website and on the website of Association of Mutual Funds in India
(AMFI). AMC will provide a physical copy of the statement of its Scheme
portfolio, without charging any cost, on specific request received from a
unitholder.
Monthly The Mutual Fund shall disclose the Monthly AAUM under different
Average Asset categories of Schemes as specified by SEBI in the prescribed format on a
under monthly basis on its website viz. [Link] and forward to AMFI
Management within 7 working days from the end of the month.
(Monthly
AAUM)
Disclosure
Product The Product labeling mandated by SEBI is to provide investors an easy

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Labelling understanding of the risk involved in the kind of product / scheme they are
investing to meet their financial goals. The Riskometer categorizes various
schemes under different levels of risk based on the investment objective,
asset allocation pattern, investment strategy and typical investment time
horizon of investors.
Therefore, the schemes falling under the same level of risk in the
Riskometer may not be similar in nature. Investors are advised before
investing to evaluate a Scheme not only on the basis of the Product
labeling (including the Riskometer) but also on other quantitative and
qualitative factors such as performance, portfolio, fund managers, asset
manager, etc. and shall seek appropriate advise, if they are unsure about
the suitability of the Scheme before investing. As per SEBI Guidelines,
Riskometer of the Scheme shall be reviewed on a monthly basis based on
evaluation of risk level of Scheme’s month end portfolios. Notice about
changes in Scheme’s Riskometer, if any, shall be issued.
The product labeling/ riskometer assigned during the NFO is based on
internal assessment of the scheme characteristics or model portfolio and
the same may vary post NFO when the actual investments are made.
For latest riskometers of the Scheme and the Benchmark, investors may
refer to the monthly portfolios disclosed on the website of the Fund viz.
[Link] as well as AMFI website within 10 days from the close
of each month.
Half Yearly The Mutual Fund shall host half yearly disclosures of the Scheme’s’
Results unaudited financial results in the prescribed format on its website viz.
[Link] and on the website of Association of Mutual Funds in
India (AMFI) viz. [Link] within one month from the close of
each half year i.e. on 31st March and on 30th September and shall publish
an advertisement in this regard in at least one English daily newspaper
having nationwide circulation and in a newspaper having wide circulation
published in the language of the region where the Head Office of the
Mutual Fund is situated.
Annual Report Scheme Annual report in the format prescribed by SEBI, will be hosted on
the website of the Fund viz. [Link] and on the website of
Association of Mutual Funds in India (AMFI) viz. [Link] as
soon as may be but not later than four months from the date of closure of
the relevant accounts year (i.e. 31st March each year). Mutual Fund /
AMC will publish an advertisement every year, in the all India edition of at
least two daily newspapers, one each in English and Hindi, disclosing the
hosting of the Scheme wise Annual Report on the website of the Fund and
on the website of Association of Mutual Funds in India (AMFI).

Mutual Fund / AMC will e-mail the Scheme Annual Report or Abridged
Summary thereof to those unitholders, whose email addresses are
registered with the Mutual Fund. Investors who have not registered their
email id will have an option of receiving a physical copy of the Annual
Report or Abridged Summary thereof. AMC will provide a physical copy of
the abridged summary of the Annual Report, without charging any cost, on
specific request received from a unitholder through any mode. A physical
copy of the scheme wise annual report shall be made available for
inspection to the investors at the registered office of the AMC.
Disclosures The AMC shall make necessary disclosures as mandated by SEBI with

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with respect respect to Segregated Portfolio, if any, in account statements, monthly/
to Segregated half yearly portfolio statements, scheme annual report, Key Information
Portfolio, if Memorandum, SID, Scheme Advertisements, Scheme Performance data,
any AMC’s Website, etc. Further, unitholders under the Segregated Portfolio, if
any, shall be duly informed of the recovery proceedings of the investments
of the Segregated Portfolio. Status update may be provided to such
unitholders at the time of recovery and also at the time of writing- off of the
segregated securities.
Associate Please refer to ‘Statement of Additional Information (‘SAI’).
Transactions
Other To enhance investor awareness and information dissemination to
disclosures investors, SEBI prescribes various additional disclosures to be made by
Mutual Funds from time to time on its website / on the website of AMFI,
stock exchanges, etc.

These disclosures include Scheme Summary Documents, Investor charter

(which details the services provided to Investors, Rights of Investors,
various activities of Mutual Funds with timelines, DOs and DON’Ts for
Investors, Grievance Redressal Mechanism, etc.)

Investors may refer to the same.

Disclosures 1. Change in constituents of the index, if any, shall be disclosed on the
by Debt and AMC website on the day of change.
Equity ETFs / 2. Further, Debt and Equity ETFs/ Index Funds shall disclose the
Index Funds following on monthly basis (as applicable):
i. Name and exposure to top 7 issuers and stocks respectively as a
percentage of NAV of the scheme
ii. Name and exposure to top 7 groups as a percentage of NAV of the
scheme.
iii. Name and exposure to top 4 sectors as a percentage of NAV of the
scheme.
The same may be disclosed in the monthly factsheet.
Tracking error The tracking error i.e. the standard deviation of the difference in daily
and tracking returns between the Scheme and the underlying index annualized over
difference 1year period based on past one year rolling data shall not exceed 2%. In
case of unavoidable circumstances in the nature of force majeure, which
are beyond the control of the AMCs, the tracking error may exceed 2%
and the same shall be brought to the notice of Trustees with corrective
actions taken by the AMC, if any.

In case the Scheme is in existence for a period of less than one year, the
annualized standard deviation shall be calculated based on available data.
The Scheme shall disclose the tracking error based on past one year
rolling data, on a daily basis, on the website of the AMC and AMFI.

Upon completion of 1 year of the Scheme, tracking difference i.e. the

difference of returns between the Scheme and the index annualized over 1
year, 3 year, 5 year, 10 year and since the scheme inception period shall
be disclosed on the website of the AMC and AMFI, on a monthly basis.
Taxation HDFC Mutual Fund is a Mutual Fund registered with the Securities &
The information Exchange Board of India and hence the entire income of the Mutual Fund
is provided for will be exempt from the Income tax in accordance with the provisions of
general section 10(23D) of the Income Tax Act, 1961 (the Act). The applicability of
information tax laws, if any, on HDFC Mutual Fund/ Scheme(s)/ investments made by

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only. However, the Scheme(s) /investors/ income attributable to or distributions or other
in view of the payments made to Unit holders are based on the understanding of the
individual current tax legislations.
nature of the
implications, Equity oriented Funds1
each investor is
advised to Tax implications on distributed income (hereinafter referred to as either
consult his or ‘dividend’ or ‘capital gains’) by Mutual Funds:
her own tax Particulars Resident Investors^^ Non- Mutual
advisors/
Resident Fund^^
authorised
dealers with Investors^^
respect to the Dividend:
specific amount
of tax and other TDS* 10% (if dividend income 20%2+ Nil
implications exceeds INR 5,000 in a applicable
arising out of financial year) (refer Note A
Surcharge +
his or her below)
4% Cess3
participation in
the schemes

Tax rates Individual / HUF: 20%+ Nil

Income tax rate applicable
(refer Note A
applicable to the Unit Surcharge +
below)
holders as per their 4% Cess3
income slabs

Domestic
Company:
30% + Surcharge as
applicable + 4%
Cess3

25%4 +Surcharge as
applicable + 4%
Cess3

22%5 + 10%
Surcharge & + 4%
Cess3

15%5 + 10%
Surcharge 5 + 4%
Cess3

Capital Gains2 6:

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 Long Term 10% without indexation7 10% without Nil
(period of + applicable Surcharge + indexation
holding 4% Cess3 and foreign
more than currency
12 months) fluctuation
benefits7 +
applicable
Surcharge +
4% Cess3

Short Term 15% + applicable 15% + Nil

(period of Surcharge + 4% Cess3 applicable
holding Surcharge +
less than or 4% Cess3
equal to 12
months)

Notes:
A. The levy of tax on distributed income payable by Mutual Funds has
been abolished w.e.f. April 1, 2020 and instead tax on income from
mutual fund units in the hands of the unit holders at their applicable
rates has been adopted.
1 Equity Oriented Funds will also attract Securities Transaction Tax at
applicable rates.
2As per amendment made vide Finance Act, 2023, withholding tax would
be lower of 20% (plus applicable surcharge and cess) or the rate provided
under the relevant tax treaty, whichever is lower, subject to eligibility and
compliance with applicable conditions.
As per the provisions of section 196D of the Act which is specifically
applicable in case of FPI/FII, the withholding tax rate of 20% (plus
applicable surcharge and cess) on any income in respect of securities
referred to in section 115AD(1)(a) credited / paid to FII shall apply. The
proviso to section 196D(1) of the Act provides for claiming the tax treaty
benefits at the time of withholding tax on income with respect to securities
of FPIs, subject to furnishing of tax residency certificate and such other
documents as may be required. As per section 196D(2) of the Act, no TDS
shall be made in respect of income by way of capital gain arising from the
transfer of securities referred to in section 115AD of the Act.
3
Health and education Cess shall be applicable at 4% on aggregate of
base tax and surcharge.
4 The Finance Act, 2023 provides that in case of domestic company, the
rate of income-tax shall be 25% if its total turnover or gross receipts in the
financial year 2021-22 does not exceed Rs. 400 crores.
5
The corporate tax rates for domestic companies (not claiming specified
incentives and deductions) at the rate of 22% under section 115BAA and
domestic manufacturing companies (not claiming specified incentives and
deductions) set-up and registered on or after 1 October 2019 at the rate of

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 15% under section 115BAB. The tax computed in case of domestic
companies whose income is chargeable to tax under section 115BAA or
section 115BAB shall be increased by a surcharge at the rate of 10%.
6 Short term/ long term capital gain tax will be deducted at the time of
redemption of units in case of NRI investors only. However, the Finance
Act, 2023 now provides withholding tax would be lower of the rate of 20%
(plus applicable surcharge and cess) or rates provided in the tax treaty of
20% (plus applicable surcharge and cess) on any income in respect of
units of mutual fund in case of non-residents as per section 196A of the
Act. The non-resident unitholders have to provide the required documents
for claiming the benefit of tax treaty.
7 Section 112A provides that long term capital gains arising from transfer
of a long term capital asset being a unit of an equity oriented fund shall be
taxed at 10% (without indexation and foreign currency fluctuation benefit)
of such capital gains exceeding one lakh rupees. The concessional rate of
10% shall be available only if STT has been paid on transfer in case of
units of equity-oriented mutual funds.
*Section 206AB would apply on any sum or income or amount paid, or
payable or credited, by a person (herein referred to as deductee) to a
specified person, as defined. This section shall not apply where the tax is
required to be deducted under sections 192, 192A, 194B, 194BA, 194BB,
194-IA, 194-IB, 194LBC, 194M or 194N of the Act. The TDS rate in this
section is higher of the followings rates:
• twice the rate specified in the relevant provision of the Act; or
• twice the rate or rates in force; or
• the rate of five per cent.
It is also provided that if the provision of section 206AA of the Act is
applicable to a specified person, in addition to the provision of this section,
the tax shall be deducted at higher of the two rates provided in this section
and in section 206AA of the Act. Specified person’ means a person
(excluding non-residents who do not have a permanent establishment in
India or person not required to file income-tax return and notified by
Central Government) who has not filed income-tax return under section
139(1) for the preceding year and aggregate of TDS and TCS in his case
is INR 50,000 or more in the said year.
^^ The information given herein is as per the prevailing tax laws. For
further details on taxation, please refer to the Section on Taxation on
investing in Mutual Funds in Statement of Additional Information
{SAI}. Investors should be aware that the fiscal rules/ tax laws may
change and there can be no guarantee that the current tax position
may continue indefinitely. In view of the individual nature of tax
implications, investors are advised to consult their professional tax
advisor
Investor Investors may contact any of the Investor Service Centres (ISCs) of the
services AMC for any queries/clarifications at telephone number 1800 3010
6767/1800 419 7676 (toll free), e-mail: hello@[Link]. Investors can
also post their grievances/feedback/suggestions on our website

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[Link] under the section ‘Feedback or queries’ appearing
under ‘Contact Us’. The Head Office of the AMC will follow up with the
respective ISCs to ensure timely redressal and prompt investor services.
Mr. Sameer Seksaria, Head - Client Services can be contacted at Ramon
House, 1st Floor, 169, Backbay Reclamation, Churchgate, Mumbai -
400020 at telephone number (022) 66316333 or e-mail:
hello@[Link].

For any grievances with respect to transactions through NSE/BSE, the

investors/Unit Holders should approach the investor grievance cell of the
stock exchange.

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D. COMPUTATION OF NAV

The Net Asset Value (NAV) per Unit of the Scheme will be computed by dividing the net
assets of the Scheme by the number of Units outstanding under the Scheme on the
valuation date. The AMC will value its investments according to the valuation norms, as
specified in Schedule VIII of the SEBI (MF) Regulations, or such norms as may be specified
by SEBI from time to time and as stipulated in the Valuation Policy and Procedures of the
Fund, provided in SAI / available on website.

In case of any conflict between the Principles of Fair Valuation and valuation guidelines
specified by SEBI, the Principles of Fair Valuation shall prevail.

NAV of Units of under the Scheme shall be calculated as shown below:

NAV (Rs.) per Unit = Market or Fair Value of the Scheme’s Investments
+ Current Assets - Current Liabilities and
Provisions
No. of Units outstanding under each Scheme

The AMC will calculate and disclose the first NAV of the Options not later than 5 Business
days from the allotment of Units. Subsequently, the NAV of the Scheme will be calculated
and disclosed at the close of every Business Day.

The NAV of the Scheme will be calculated upto 4 decimals.

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IV. FEES AND EXPENSES

This section outlines the expenses that will be charged to the Scheme and also about the
transaction charges to be borne by the investors. The information provided under this
Section seeks to assist the investor in understanding the expense structure of the scheme
and types of different fees / expenses/ loads and their percentage the investor is likely to
incur on purchasing and selling the Units of the scheme.

A. NEW FUND OFFER (NFO) EXPENSES

These expenses are incurred for the purpose of various activities related to the NFO like
sales and distribution, marketing and advertising, registrar expenses, printing and stationery,
bank charges etc. The NFO Expenses shall be borne by the AMC / the Trustee Company/
Sponsor.

B. ANNUAL SCHEME RECURRING EXPENSES

These are the fees and expenses incurred for the Scheme. These expenses include but are
not limited to Investment Management and Advisory Fee charged by the AMC, Registrar and
Transfer Agents' fee, marketing and selling costs, listing fee, etc.

The AMC has estimated that the following expenses will be charged to the Scheme as
permitted under Regulation 52 of SEBI (MF) Regulations. For the actual current expenses
being charged, the investor should refer to the website of the Mutual Fund viz.
[Link]
Expense Head % of daily net
assets*
(estimated) (p.a.)
Investment Management and Advisory Fees
Trustee Fees & Expenses1
Audit Fees & Expenses
Custodian Fees & Expenses
RTA Fees & Expenses
Marketing & Selling expenses including agent commission
Cost related to Investor Communication
Cost of fund transfer from location to location
Cost of providing account statements and redemption cheques and Upto 1.00%
warrants
Costs of Statutory Advertisements
Cost towards investor education & awareness (0.01% p.a.) 2
Brokerage & Transaction cost on value of trades for cash and derivative
market trades respectively
GST on expenses other than Investment Management and Advisory Fees 3
GST on brokerage and transaction cost3
Other Expenses
Maximum total expense ratio (TER) permissible under Regulation 52 (6)4 Upto 1.00%
Additional expenses under Regulation 52 (6A) (c)4# 0.05%
Additional expenses for gross new inflows from specified cities under Upto 0.30%
Regulation 52 (6A) (b)
* The TER of the Direct Plan will be lower to the extent of the above mentioned distribution
expenses/ commission which is charged in the Regular Plan.
# In terms of Clause 10.1.7 of the Master Circular, in case exit load is not levied / not
applicable, the AMC shall not charge the said additional expenses.

Notes:
1
Trustee Fees and Expenses

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In accordance with the Trust Deed constituting the Mutual Fund, the Trustee is entitled to
receive, in addition to the reimbursement of all costs, charges and expenses, a quarterly fee
computed at a rate not exceeding 0.10% per annum of the daily net assets of the Scheme or
a sum of Rs. 15,00,000 per annum, whichever is higher. However, the Trustee may charge
any fee amount within the rate/amount as specified hereto. Such fee shall be paid to the
Trustee within seven working days from the end of each quarter every year, namely, within 7
working days from June 30, September 30, December 31 and March 31 of each year. The
Trustee may charge further expenses as permitted from time to time under the Trust Deed
and SEBI (MF) Regulations.
2
Investor Education and Awareness initiatives
As per Clause 10.1.16 of the Master Circular, the AMC shall annually set apart 1 basis
points p.a. (i.e. 0.01% p.a.) on daily net assets of the Plan(s) under the Scheme within the
limits of total expenses prescribed under Regulation 52 of SEBI (MF) Regulations for
investor education and awareness initiatives undertaken.
3
Refer Point (3) below on GST on various expenses.
4There shall be no internal sub-limits within the expense ratio for expense heads mentioned
under Regulation 52 (2) and (4) viz. Investment Management and Advisory Fees and various
sub-heads of recurring expenses respectively.

All scheme related expenses including commission paid to distributors, if any, by

whatever name it may be called and in whatever manner it may be paid, shall necessarily
paid from the scheme only within the regulatory limits and not from the books of AMC, its
associate, sponsor, trustees or any other entity through any route in terms of SEBI circulars,
subject to the clarifications provided by SEBI to AMFI vide letter dated February 21, 2019 as
amended from time to time on implementation of clause 10.1.12 on Total Expense Ratio
(TER) and performance disclosure for Mutual Fund.

The purpose of the above table is to assist the Investor in understanding the various costs
and expenses that an Investor in the Plan(s) under the Scheme will bear directly or
indirectly. The figures in the table above are estimates. The actual expenses that can be
charged to the Scheme will be subject to limits prescribed from time to time under the SEBI
(MF) Regulations.

(1) Additional Expenses under Regulation 52 (6A):

(i)To improve the geographical reach of the Scheme in smaller cities / towns as may be
specified by SEBI from time to time, expenses not exceeding 0.30% p.a. of daily net assets,
if the new inflows from retail investors from such cities are at least (a) 30% of gross new
inflows in the Scheme or (b) 15% of the average assets under management (year to date) of
the Scheme, whichever is higher.
In case inflows from retail investors from such cities are less than the higher of (a) or (b)
above, such expenses on daily net assets of the Scheme shall be charged in accordance
with Clause 10.1.3 of the Master Circular.
The amount so charged shall be utilised for distribution expenses incurred for bringing
inflows from retail investors from such cities. However, the amount incurred as expense on
account of inflows from retail investors from such cities shall be credited back to the Scheme
in case the said inflows are redeemed within a period of one year from the date of
investment.

Currently, SEBI has specified that the above additional expense may be charged for inflows
from retail investors from beyond 'Top 30 cities'. Top 30 cities shall mean top 30 cities based
on Association of Mutual Funds in India (AMFI) data on 'AUM by Geography - Consolidated
Data for Mutual Fund Industry' as at the end of the previous financial year. Inflows from

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"retail investors" shall mean inflows of amount upto Rs 2 lakhs per day, from individual
investors.

Note: SEBI vide its letter no. SEBI/HO/IMD-SEC-3/P/OW/2023/5823/1 dated February 24,
2023 and AMFI letter dated No. 35P/ MEM-COR/ 85-a/ 2022-23 dated March 02, 2023 has
directed AMCs to keep B-30 incentive structure in abeyance with effect from March 01, 2023
till further notice.

(ii) Expenses not exceeding 0.05% p.a. of daily net assets towards Investment Management
and Advisory Fees and the various sub-heads of recurring expenses mentioned under
Regulation 52 (2) and (4) respectively of SEBI (MF) Regulations. Provided that such
additional expenses shall not be charged to the schemes where the exit load is not levied or
applicable.

(2) GST
As per Clause 10.3 of the Master Circular, GST shall be charged as follows:
1. GST on investment management and advisory fees shall be charged to the Scheme
in addition to the maximum limit of TER as prescribed in Regulation 52 (6) of the
SEBI (MF) Regulations.
2. GST on other than investment management and advisory fees, if any, shall be borne
by the Scheme within the maximum limit of TER as prescribed in Regulation 52 (6) of
the SEBI (MF) Regulations.
3. GST on exit load, if any, shall be paid out of the exit load proceeds and exit load net
of GST, if any, shall be credited to the Scheme.
4. GST on brokerage and transaction cost paid for execution of trade, if any, shall be
within the limit prescribed under Regulation 52 of the SEBI (MF) Regulations.

The total expenses charged to the Scheme shall not exceed the limits stated in Regulation
52 of the SEBI (MF) Regulations and as permitted under SEBI Circulars issued from time to
time. Any expenditure in excess of the SEBI regulatory limits shall be borne by the AMC or
by the Trustee or the Sponsor.

The mutual fund would update the current expense ratios on the website
([Link]) at least three working days prior to the effective date of the change and
update the TER under the Section titled “Statutory Disclosures” under sub- section titled
“Total Expense Ratio of Mutual Fund Schemes”.

Illustration: Impact of Expense Ratio on Scheme's return:

Expense ratio, normally expressed as a percentage of Average Assets under Management,
is calculated by dividing the permissible expenses under the Regulations by the average net
assets.
To further illustrate the above in rupees terms, for the Scheme under reference, suppose an
Investor invested Rs. 10,000/- (after deduction of stamp duty and transaction charges, if any)
the impact of expenses charged will be as under:

Particulars Regular Plan Direct Plan

Amount invested at the beginning of the year (Rs.) 10,000 10,000
Returns before expenses (Rs.) 1,500 1,500
Expenses other than Distribution expenses (Rs.) 150 150
Distribution expenses (Rs.) 50
Returns after expenses at the end of the year 1300 1350
(Rs.)
Returns (in %) 13% 13.5%

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Note(s):
 The purpose of the above illustration is purely to explain the impact of expense ratio
charged under the Scheme and should not be construed as providing any kind of
investment advice or guarantee of returns on investments.
 It is assumed that the expenses charged are evenly distributed throughout the year.
 The expenses of the Direct Plan under the Scheme will be lower to the extent of the
distribution expenses/commission
 Any tax impact has not been considered in the above example, in view of the individual
nature of the tax implications. Each investor is advised to seek appropriate advice.

C. TRANSACTION CHARGES
For details refer section ‘Highlights / Summary of the Scheme(s)’.

D. LOAD STRUCTURE

Load amounts are variable and are subject to change from time to time. For the current
applicable structure, please refer to the website of the AMC ([Link]) or may call
at (1800 3010 6767/1800 419 7676) or your distributor.

Details of Load Structure:

Entry/ Sales Load •Not Applicable.

Pursuant to clause 10.4.1.a of Master Circular, no entry load will

be charged by the Scheme to the investor.
Exit / Redemption NIL
Load
No Entry / Exit Load shall be levied on bonus units and units
allotted on reinvestment of IDCW.

In respect of Systematic Transactions such as SIP, STPs etc.

Exit Load, if any, prevailing on the date of registration / enrolment
shall be levied.

(i) No exit load shall be levied for switching between Options under the same Plan
within the Scheme.
(ii) Switch of investments from Regular Plan to Direct Plan under the same Scheme/
Plan shall be subject to applicable exit load, unless the investments were made
directly i.e. without any distributor code. However, any subsequent switch-out or
redemption of such investments from Direct Plan will not be subject to any exit load.
(iii) No exit load shall be levied for switch-out from Direct Plan to Regular Plan under the
same Scheme/ Plan. However, any subsequent switch-out or redemption of such
investment from Regular Plan shall be subject to exit load based on the original date
of investment in the Direct Plan.
(iv) No Exit load will be levied on Bonus Units.
(v) No Exit load will be levied on Units allotted in the Target Scheme under the Transfer
of Income Distribution cum Capital Withdrawal (IDCW) Plan Facility (TIP Facility).
(vi) In case of Systematic Transactions such as Systematic Investment Plan (SIP), Flex
SIP, Systematic Transfer Plan (STP), HDFC Flex Systematic Transfer Plan (Flex
STP), HDFC Swing Systematic Transfer Plan (Swing STP), Exit Load, if any,
prevailing on the date of registration / enrolment shall be levied.
(vii)Entry / Exit load is not applicable for Segregated Portfolio, if any, since subscription
and redemptions shall not be allowed in such Segregated Portfolio.

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Under the Scheme (s), the Trustee / AMC reserves the right to modify / change the Load
structure if it so deems fit in the interest of smooth and efficient functioning of the Mutual
Fund.

The AMC reserves the right to introduce / modify the Load Structure depending upon the
circumstances prevailing at that time subject to maximum limits as prescribed under the
SEBI (MF) Regulations. The Load may also be changed from time to time and in the case of
an Exit / Redemption Load this may be linked to the period of holding. Exit load (net of GST)
charged, if any, shall be credited to the Scheme. The investor is requested to check the
prevailing load structure of the Scheme before investing.

While determining the price of the units, the mutual fund shall ensure that the repurchase
price of an open-ended scheme is not lower than 95 per cent of the Net Asset Value.

Any imposition or enhancement of Exit Load in the load shall be applicable on prospective
investments only. However, AMC shall not charge any load on issue of bonus units and units
allotted on reinvestment of IDCW for existing as well as prospective investors. At the time of
changing the load structure the AMC / Mutual Fund may adopt the following procedure

(i) The addendum detailing the changes will be attached to Scheme Information Document
and Key Information Memorandum and displayed on our website [Link].
The addendum will be circulated to all the distributors / brokers so that the same can be
attached to all Scheme Information Document and Key Information Memorandum
already in stock.
(ii) Arrangements will be made to display the changes / modifications in the Scheme
Information Document in the form of a notice in all the Investor Service Centres and
distributors / brokers office.
(iii) The introduction of the Load along with the details will be stamped in the
acknowledgement slip issued to the investors on submission of the application form and
will also be disclosed in the Account Statement or in the covering letter issued to the Unit
holders after the introduction of such Load.

E. WAIVER OF LOAD FOR DIRECT APPLICATIONS

Pursuant to clause 10.4.1.a of Master Circular, no entry load shall be charged for all mutual
fund schemes.

Therefore, the procedure for waiver of load for direct applications is no longer applicable.

F. STAMP DUTY ON ALLOTMENT/ TRANSFER OF UNITS*

Mutual fund units issued against Purchase transactions (whether through lump-sum
investments or SIP or STP or switch-ins or Dividend reinvestment under IDCW Option)
would be subject to levy of stamp duty @ 0.005% of the amount invested. Transfer of mutual
fund units (such as transfers between demat accounts) are subject to payment of stamp duty
@ 0.015%. The rate and levy of stamp duty may vary as amended from time to time.

* Pursuant to Notification No. S.O. 4419(E) dated December 10, 2019 issued by Department
of Revenue, Ministry of Finance, Government of India, read with Part I of Chapter IV of
Notification dated February 21, 2019 issued by Legislative Department, Ministry of Law and
Justice, Government of India on the Finance Act, 2019, and subsequent Notification dated
March 30, 2020 issued by Department of Revenue, Ministry of Finance, Government of
India.

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The stamp duty will be deducted from the net investment amount i.e. gross investment
amount less any other deduction like transaction charge. Units will be created only for the
balance amount i.e. net investment amount as reduced by the stamp duty. The stamp duty
will be computed at the rate of 0.005% on an inclusive method basis as illustrated below:

For instance: If the investment amount is Rs. 100,100 and the transaction charge is Rs. 100,
the stamp duty will be calculated as follows: ((Investment Amount – Transaction Charge) /
100.005) *0.005 = Rs. 5. If the applicable Net Asset Value (NAV) is Rs. 10 per unit, then
units allotted will be calculated as follows: (Investment Amount - Transaction Charge -
Stamp Duty)/ Applicable NAV = 9,999.50 units.

V. RIGHTS OF UNITHOLDERS

Please refer to 'Statement of Additional Information ('SAI')' for details.

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VI. PENALTIES, PENDING LITIGATION OR PROCEEDINGS, FINDINGS OF
INSPECTIONS OR INVESTIGATIONS FOR WHICH ACTION MAY HAVE BEEN TAKEN
OR IS IN THE PROCESS OF BEING TAKEN BY ANY REGULATORY AUTHORITY

1. Penalties and action(s) taken against foreign Sponsor(s) limited to the jurisdiction of the
country where the principal activities (in terms of income / revenue) of the Sponsor(s) are
carried out and where the headquarters of the Sponsor(s) is situated. Also, top 10 monetary
penalties of foreign Sponsor(s) during the last three years.

Not Applicable.

2. In case of Indian Sponsor(s), details of all monetary penalties imposed and / or action
taken during the last three years or pending with any financial regulatory body or
governmental authority, against Sponsor(s) and / or the AMC and / or the Board of Trustees
/ Trustee Company; for irregularities or for violations in the financial services sector, or for
defaults with respect to share holders or debenture holders and depositors, or for economic
offences, or for violation of securities law. Details of settlement, if any, arrived at with the
aforesaid authorities during the last three years shall also be disclosed.

1) Reserve Bank of India (RBI) vide letter dated November 30, 2023 levied a penalty of
Rupees Ten Thousand on the bank under Section 11(3) of FEMA, 1999 highlighting that
the Bank did not obtain RBI’s approval for maintaining current and fixed deposit accounts
of a foreign bank post cancellation of their license by RBI, which was in contravention to
the para 13 of AP (DlR Series) Circular no. 67 dated May 05, 2016. The penalty was
paid by the bank on December 05, 2023.

2) NSE levied penalty on HDFC Bank of Rs.5,000/- vide letter dated November 17, 2023 for
operation of trading terminals without having valid NISM certification. However, the issue
is under discussion with NSE and request for waiver of penalty has been submitted to
NSE.

3) NSE levied a penalty on HDFC Bank of Rs.7,500/- vide email dated November 15, 2023
for delayed submission of Action Taken Report (ATR) of Cyber Security Audit report for
FY 2022-23. However, the issue is under discussion with NSE and request for waiver of
penalty have been submitted to NSE.

4) SEBI had issued Show Cause Notice dated June 19, 2023 to HDFC Bank as designated
depository participant in the matter of Foreign Portfolio Investors not meeting eligibility
criteria prescribed under SEBI (Foreign Portfolio Investors) Regulations. Response to the
Show Cause Notice was submitted to SEBI vide letter dated August 15, 2023 and
settlement application was also submitted to SEBI, which are pending disposal. A
settlement amount of Rs. 9,18,755.90 was paid by HDFC Bank to SEBI on January 17,
2024.

5) RBI issued an Order dated December 02, 2020 (“Order”) to HDFC Bank Limited (the
“Bank”) with regard to certain incidents of outages in the internet banking/mobile
banking/ payment utilities of the Bank over the past 2 years, including the outages in the
Bank’s internet banking and payment system on November 21, 2020 due to a power
failure in the primary data centre. RBI, vide above order, advised the Bank (a) to stop all
digital business generating activities planned under its ‘Digital 2.0’ and proposed
Business generating applications digital also imposed restrictions and (b) to stop
sourcing of new credit card customers. The Bank initiated remedial activities including
fixing of staff accountability and the same were communicated to the RBI. Basis the
Bank’s submission, RBI vide its letter dated August 17, 2021, relaxed the restriction
placed on sourcing of new credit cards customers and further vide its letter dated March

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 11, 2022 lifted the restrictions on the business generating activities planned under the
Bank’s Digital 2.0 program.

6) SEBI issued final order on January 21, 2021, levying a penalty of Rs. 1 crore on the
Bank, in the matter of invocation of securities pledged by BMA Wealth Creators (BRH
Wealth Kreators) for availing credit facilities. SEBI also directed the Bank to transfer sale
proceeds of Rs. 158.68 crores on invocation of securities, along with interest to escrow
account with a nationalised bank by marking lien in favour of SEBI. The Bank challenged
SEBI's order before SAT and SAT, vide its interim order, stayed operation of SEBI’s
order. SAT, vide its final order dated February 18, 2022, allowed the Bank’s appeal and
quashed SEBI’s Order.

7) RBI by an order dated May 27, 2021, levied a penalty of Rs. 10 cores (Rupees ten
crores only) for marketing and sale of third-party non-financial products to HDFC Bank’s
auto loan customers, arising from a whistle blower complaint, which revealed, inter alia,
contravention of Section 6(2) and Section 8 of the Banking Regulation Act, 1949. The
Bank has discontinued the sale of said third-party non-financial product since October
2019. The penalty was paid by the Bank on June 07, 2021.

3. Details of all enforcement actions (including the details of violation, if any) taken by SEBI
in the last three years and/ or pending with SEBI for the violation of SEBI Act, 1992 and
Rules and Regulations framed there under including debarment and/ or suspension and/ or
cancellation and/ or imposition of monetary penalty/adjudication/ enquiry proceedings, if any,
to which the Sponsor(s) and/ or the AMC and/ or the Board of Trustees /Trustee Company
and/ or any of the directors and/ or key personnel (especially the fund managers) of the AMC
and Trustee Company were/ are a party.

Please refer to the disclosures at point 2 (4) and (6) above.

4. Any pending material civil or criminal litigation incidental to the business of the Mutual
Fund to which the Sponsor(s) and/ or the AMC and/ or the Board of Trustees /Trustee
Company and/ or any of the directors and/ or key personnel are a party.

In accordance with applicable SEBI MF Regulations and the relevant Scheme Information
Document’s (SID) a few of the schemes of HDFC Mutual Fund (“the Fund”) had made
investments in Pass Through Certificates (PTCs) of certain securitisation trusts (“the
Trusts”). The returns filed by few of Trusts whose PTCs were held by the Fund were taken
up for scrutiny by the Income Tax Authorities for Assessment Years 2007-08, 2008-09,
2009- 10 and 2010-11. Arising out of this, they had raised a tax demand on such Trusts. On
failure to recover the same from them, they sent demand notices to the Fund along with
other Mutual Funds as beneficiaries / contributors to such Trusts. The Fund in consultation
with its tax and legal advisors had contested the applicability of such demand and got the
attachment order vacated by the Mumbai High Court in March 2012. The Securitisation
Trusts on their part have contested the matter and the ITAT has upheld their appeal and
dismissed the contentions and all the cross - appeals filed by the Tax Authorities. The Tax
Authorities have on their part preferred an appeal in the High Court against the ITAT order,
where the matter is being heard and had also filed a Miscellaneous application before the
ITAT, where the matter was dismissed vide their ITAT order dated March 25, 2022.

5. Any deficiency in the systems and operations of the Sponsor(s) and/ or the AMC and/ or
the Board of Trustees/ Trustee Company which SEBI has specifically advised to be
disclosed in the SID or notified by any other regulatory agency.

None.

Page 122 of 136

Notes:

1. Any amendments / replacement / re-enactment of SEBI (MF) Regulations subsequent

to the date of the Scheme Information Document shall prevail over those specified in
this Scheme Information Document.
2. The Scheme under this Scheme Information Document was approved by the Trustee
vide its resolution dated July 26, 2023.
3. Notwithstanding anything contained in this Scheme Information Document, the
provisions of the SEBI (Mutual Funds) Regulations, 1996 and circulars and guidelines
there under shall be applicable.

For and on behalf of the Board of Directors of

Place: Mumbai HDFC Asset Management Company Limited

Navneet Munot
Date: January 29, 2024 Managing Director and Chief Executive Officer

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HDFC ASSET MANAGEMENT COMPANY LIMITED (HDFC AMC LIMITED) - INVESTOR
SERVICE CENTRES / OFFICIAL POINTS OF ACCEPTANCE FOR HDFC MUTUAL FUND
(During NFO Period and Post NFO Period)

ANDHRA PRADESH: HDFC AMC Ltd., 18-2-299/B, 1st Floor, Leela Mahal Circle, Tirumala
Bypass Road, Tirupati - 517 507. Tel: (0877) 2222 871/872/873/874. HDFC AMC Ltd., 2nd
Floor, HDFC Bank Complex, Near Benz Circle, M. G. Road, Vijayawada- 520 010. Tele:
(0866) 3988029. HDFC AMC Ltd., First Floor, Saigopal Arcade, Waltair Main Road,
Siripuram, Visakhapatnam - 530 003. Tel: (0891) 3263457/, 6634001. ASSAM : HDFC
AMC Ltd., Premises- 1C, 1st Floor, Ganpati Enclave, [Link], Guwahati- 781 007. Tel:
(0361) 2464759/60. HDFC AMC Ltd.,Ground Floor, Prithvi Tower, Devi Pukhuri Road, Opp.
IDBI Bank, Tinsukia - 786 125. Tel: (0374) 2330058/2330059/2330057/2330056. BIHAR :
HDFC AMC Ltd., Ishwari Complex, 1st Floor, Dr. Rajendra Prasad Road, Bhagalpur - 812
002. Tel: (0641) 2300 390. HDFC AMC Ltd., Ground Floor, Zion Complex, Opp. Fire
Brigade, Swarajpuri Road, Gaya - 823 001. Tel No - 0631 – [Link] AMC Ltd.,
Premises No. 04, 1st Floor, Dighra House, KPS Market, (Above Bandhan Bank), Pani Tanki
Chowk, Ramna, Muzaffarpur - 842001. Tel: (0621) 2245036/37. HDFC AMC Ltd., C/o Hera
Enclave (Above TATA Docomo Office), 1st Floor, New Dak Bunglow Road, HDFC AMC
Ltd., Second Floor, Ashutosh Complex, G.M. Road, Darbhanga - 846 004, Bihar.
Telephone: 75-49997111.,Patna - 800 001. Tel: (0612) 6457554/6457557/3201439, Tele:
(0612) 2200747. CHHATTISGARH: HDFC AMC Ltd., Shop No 1, Ground Floor, Old Sada
Office Block, Nehru Nagar East, Bhilai–492020. Tel: (0788) 4092948, 4092846. HDFC AMC
LTD, Ground Floor, Krishna Complex, Near Shiv Talkies chowk, Tarbahar Road, Bilaspur -
495 001. Tel : +91- 7752 - 400305/6. HDFC AMC Ltd., Ground Floor, Chawla Complex,
Devendra Nagar, Sai Nagar Road, Near Vanijya Bhawan, Near Indhira Gandhi Square,
Raipur - 492 001. Tel: (0771) 4020 167/168. DELHI: HDFC AMC Ltd. Ground Floor, G-3,
Model Town Part 3, New Delhi - 110 009, Delhi. Tel No - 011-45704447. HDFC AMC Ltd.,
Ground Floor - 2 & 3 and First Floor, Prakashdeep Building, 7, Tolstoy Marg, Connaught
Place, New Delhi - 110 001. Tel: (011) 6632 4082. HDFC AMC Ltd; 402, 4th Floor, Mahatta
Tower, 54 B1 Block, Community Centre, Janakpuri, New Delhi -110058. Tel: 011-
41082129/30. HDFC AMC Ltd; 134/4 , Bhandari House, Lala Lajpat Rai Marg, Kailash
Colony - Main Road, Near Kailash Colony Metro Station, South Delhi, New Delhi – 110 048.
Tel : 011-42878375/41039543, Ground Floor, District Centre, Roots Tower, Laxmi Nagar,
Near Nirman Vihar Metro Station, New Delhi - 110092. Delhi. Landline No. 011-40071680.
A-21, First Floor, Aurobindo Marg, Green Park Main, New Delhi - 110016. Tel No - 011-
40071720 GOA : HDFC AMC Ltd., Ground Floor, G3 & G4, Jivottam, Minguel Miranda
Road, Off. Abade Faria Road, Margao - 403 601. Salcete. Tel: (0832) 2737410/11. HDFC
AMC Ltd., S1, Second Floor, Above Axis Bank, Edcon Centre, Angod, Mapusa - 403 507,
Bardez, Goa. Tel: (0832) 2253 460/461. HDFC AMC Ltd., A-3, First Floor, Krishna Building,
Opp. Education Department, Behind Susheela Building, G. P. Road, Panaji - 403 001. Tel:
0832 - 2425609, 2425610. HDFC AMC Ltd., 6, Ground Floor, Pereira Chambers, Padre
Jose Vaz Road, Vasco - 403 802, Mormugao. Tel: (0832) 2513 402/406. GUJARAT : HDFC
AMC Ltd., 2nd Floor, Megha House, Besides GRUH House, Mithakhali Six Roads,
Ahmedabad - 380 009. Tel.: 079 – 40220099/00. HDFC AMC Ltd., 2nd Floor, Amruta
Arcade, Maninagar Station Road, Maninagar, Ahmedabad - 380008. Tel.: 079-49062000
HDFC AMC Ltd., Maruti Sharanam, No.103, 1st Floor, Anand- Vidhyanagar Road, Opposite
Nandbhumi Party Plot, Anand - 388 001. Tel: (02692) - 245182. HDFC AMC Ltd., Shop No.
115 & 116, First Floor, Nexus Business Hub, Maktampur Road, Bharuch - 392 001. Tel:
(02642) 227205, Bharuch - 392 012. Tel: (0264) 2227205. HDFC AMC Ltd., 2nd Floor,
Gangotri Plaza, Opposite Daxinamurty School, Waghawadi Road, Bhavnagar - 364 001.
Tel: (0278) - 3988029HDFC AMC Ltd., 1st Floor, B Wing, Katira Complex, RTO Circle, Bhuj
- 370 001. Tel: (02832) 223 223. 946, HDFC AMC Ltd.103, Suman City, Sector 11, Plot No
17, Gandhinagar - 382 011, Gujarat. Tel. No. (079) 2324 [Link] AMC Ltd., 2nd Floor,

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Keshav Complex, P N Marg, Opposite Dhanvantry, Jamnagar - 361 001. Tel: (0288) -
2555663. HDFC AMC Ltd., 1st Floor, Nos. 104 – 105, MaryGold-2 Complex, Opp.
Bahhaudin College, College Road, Junagadh- 362001. Tel: (0285) 2670622/23. HDFC
AMC Ltd., F-2, First Floor, Sigma Oasis Complex, Near HDFC Bank, State Highway Road,
Mehsana - 384002. Tel: 02762-230121. HDFC AMC Ltd., Shop no-04,1st floor, City Center,
Near City Point, Santram Road, Nadiad – 387 001 HDFC AMC Ltd., 1st Floor, Nandini
Complex, Above HDFC Bank, Opp. Daboo Hospital, Station Road, Navsari- 396445. Tel:
(02637) 252681/82/83. HDFC AMC Ltd., 2nd Floor, Shiv Darshan, Dr. Radha Krishnan
Road, 5, Jagnath, Plot Corner, Rajkot - 360 001. Tel: 0281- 6624881/82. HDFC AMC Ltd.,
U1 - U3, Jolly Plaza, Opp. Athwa Gate Police Station, Athwa Gate, Surat – 395 001. Tel:
0261 – 2460082/83HDFC AMC Ltd., Upper Ground Floor, Gokulesh, R. C. Dutt Road,
Vadodara - 390 007. Tel: 0265 - 6621110/20. HDFC AMC Ltd., 5-B, 2nd Floor, Sapphire
Building, Daulatnagar, Chala-Vapi Road, Vapi - 396 191. Tel: (0260) 2465927. HARYANA :
HDFC AMC Ltd., 3rd Floor, Shanti Complex, Jagadhri Road [Link] Hospital, Ambala
Cantt - 133001. Tel: (0171) 2631995. HDFC AMC Ltd., TA - 12A, 15-18, Third Floor, Crown
Plaza, Sector 15A, Mathura Road, Faridabad – 121 001. Tel: (0124) 2221
338/339/341/342/343. HDFC AMC Ltd., Premises 105, 106 & 107, 1st Floor, Vipul Agora
Building, MG Road, Gurgaon - 122 002. Tel: (0124) 2560 450/51. SCO93, First Floor,
Green Square Market, Hisar - 125 001, Haryana. Tel No - 01662 - 231067. HDFC AMC Ltd.,
1175 B Royal 1, 1st Floor, Adjoining Gurudawara, G.T Road, Panipat - 132 103. Tel:(0180)
2646001/2. HIMACHAL PRADESH: HDFC AMC Ltd, 2nd Floor, Opposite Town Hall, 30,
The Mall, Shimla – 171 001. Tel: (0177) 2816860. JAMMU & KASHMIR : HDFC AMC Ltd.,
Hall No-102 A/2, South Block, Bahu Plaza, Gandhi Nagar, Jammu - 180 012. Tel: (0191)
2477911/13/(0191) 2474298/99. **2nd Floor, Aksa Mall, IG Road, Opposite Exhibition
Ground, Srinagar – 190001. JHARKHAND : Office Unit No. 105 & 106, 1st Floor, Ozone
Plaza, Bankmore, Dhanbad Jharia Road, Dhanbad - 826 001. Tel: (0326) 3205352,
2300552. HDFC AMC Ltd., Gayatri Enclave, 2nd Floor, “K Road”, Bistupur, Jamshedpur -
831 001. Tel: (0657) 2249691, Tele: (0657) 2249730. HDFC AMC Ltd., Pradhan Towers, 1st
Floor, 5, Main Road, Ranchi- 834 001. Tel: (0651) 6003358, 3242077. KARNATAKA :
HDFC AMC Ltd., Nitesh Broadway, No. 9/3, 1-A, Ground Floor, M. G. Road, Opposite Trinity
Metro Station, Bangalore – 560001. Tel: [Link]. 80/1, Ground Floor, Sriranga
Nilaya, West Park Road, 18th Cross Road, Malleswaram, Bangalore - 560 003. Tel: (080)
23465601. HDFC AMC Ltd., Garla Garnet No. 119/A/36, 9th Main, 4th Block, Jayanagar,
Bangalore – 560011. Tel: (080) 41460260. HDFC AMC Ltd., No 3, First Floor, A.V.S
Compound,80 Feet Road, Koramangala, Bangalore - 560034. Tel: (080) 40927295. HDFC
AMC Ltd., First Floor, Unique Tower, [Link].28/6, CTS No. 2714, Khanapur Road, Angol
Cross, Beside Big Bazaar, Belgaum - 590006. Karnataka. Tel No: 0831- 4206915/16 &
0831 4207002/03. HDFC AMC Ltd, Office No. 39 (Old No - 41), Ground Floor, Behind
Maremma Temple, Opposite HDFC Bank, Kappagal Road, Bellary – 583103 Ph: 08392-
256577. HDFC AMC Ltd., 190/3, 1st Floor, S.V.C. Plaza, Opposite Mothi Talkies, Gandhi
Circle, Davangere - 577 002. Tel: (08192) 250 240/241/242. HDFC AMC Ltd., VA Kalburgi
Square, Ground Floor, Desai Cross, Hubli - 580 029. Tel: 0836 - 4252 294/95. HDFC AMC
Ltd., UG-II, 6 & 7, Upper Ground Floor, Maximus Commercial Complex, Light House Hill
Road, Opp. KMC, Mangalore - 575 001. Tel. 0824 – 6620667/668. HDFC AMC Ltd., No.
2918, CH 51/1 B, 1st Floor, Patel Mansion, Kantharaj Urs Road, Saraswathipuram, Mysore
- 570 009. Tel: (0821) 4000 530. KERALA : HDFC AMC Ltd., 3rd Floor, City Mall, Opposite
YMCA, Kannur Road, Calicut - 673 001. Tel: (0495) 4099222. HDFC AMC Ltd., Ground
Floor, Cinema cum Commercial Complex, Behind Ravipuram Bus Stop, M. G. Road, Kochi -
682 016. Tel: (0484) 4305552/5553. HDFC AMC Ltd., 14/868, Ground Floor, Sri Krishna
Complex, Coimbatore Road, Palghat - 678 001. Tel: (0491) 2548300/302, 6452188. HDFC
AMC Ltd., 2nd Floor, E-Town Shopping, College Road, East Fort, Thrissur - 680 005. Tel:
(0487) 2422925. Tele: (0487) 2441976. 1st Floor, Suburban Square,Opposite Sugar N
Spice, Kanjikuzhy, Kottayam - 686004. Tel: (0481) 2585456/57. HDFC AMC Ltd., Ground
Floor, Bhadra Space, Jagathy, Thycaud P.O., Trivandrum – 695 014. MADHYA PRADESH
: HDFC AMC Ltd., 1st Floor, Ranjeet Tower, 8, Zone-II, M. P. Nagar, Bhopal – 462 011. Tel:

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0755 - 4285385, 4246995. HDFC AMC Ltd., M1, M2 & M3, Mezzanine Floor, Sterling
Arcade,15/3, Race Course Road, Indore - 452 001. Tel: 0731 - 4022241/42. HDFC AMC
Ltd., First Floor, Muthye Udyog Bhawan,1039, Wright Town, Opp. Telephone Exchange,
Jabalpur - 482 002. Tel: (0761) - 4049800, [Link] AMC Ltd., First Floor,
Alakhnanda Towers, Shrimant Madhav Rao Scindia Marg, City Centre, Gwalior - 474 001.
Tel: (0751) - 4066060, 3988029. MAHARASHTRA: HDFC AMC Ltd., Near Samarth Cyber
Cafe, 3419-Khist Galli, Ahmednagar - 414 001. Tel: (0241) 2345800. HDFC AMC Ltd.,
Ground Floor, Kuber Towers,Ganesh Wadi, Station Road, Sawastik Chowkh, Ahmednagar
- 414 001. [Link]. No. - 0241-2345800, 90491 05333. HDFC AMC Ltd., 18 & 18A,
First Floor, IT Square Park, Opp. Akola Janta Bank, Gaorakshan Road, Akola – 444 002.
HDFC AMC Ltd., 1st Floor, Amar Arcade - 2, Opp. Rajapeth Police Station, Raja Peth,
Amravati - 444 601. Tel: (0721) 2562 112/113. HDFC AMC Ltd., 2nd Floor, Renuka
Commercial Complex, Samarth Nagar, Nirala Bazar, Nageshwar Wadi Road, Aurangabad -
431 001. Tel: (0240) 3988029. HDFC AMC Ltd., Ground Floor, Ghanshyam Bhavan,
Opposite Police Headquarter, Nagpur Road, Chandrapur – 442401. HDFC AMC Ltd., 1st
Floor, Rathi Building, Opp. Renuka Decorators, Lane No - 6, Dhule - 424001. Tel: 02562
232900HDFC AMC Ltd., “Gangai”, Plot # 22, Ground Floor, Shikshakwadi, Near Jalgaon
People’s Bank, Ring Road, Jalgaon - 425 001. Tel: (0257) 2240500/2242500 Jalgaon – 425
002. Tel: (0257) 3982100/[Link] AMC Ltd., Royal Prestige, C1/C9, 1st Floor, E - Ward,
Sykes Extension, Rajarampuri Road, Kolhapur - 416 008. Tel: (0231) - 3988029. HDFC
AMC Ltd., Premises Nos. F1, 2, 3 & 4, 1st Floor, “Center Square”, S.V. Road, Andheri (W),
Mumbai - 400 058. Tel: (022) 26708239/26285389. HDFC AMC Ltd. Shop No. 5 - 6, 1st
Floor, Mayfair 14, Ramdas Sutrale Marg, Off Chandravarkar Road, Borivali (W), Mumbai -
400 092 Tel: (022) 28952702/28901497. HDFC AMC Ltd., 2nd Floor Sai Kiran, Central
Avenue, 11th Road Junction, Chembur, Mumbai - 400071, Maharashtra. Tel. no.: (022)
2527 0144, 2527 0145, 2527 [Link] AMC Ltd.,* “HDFC House”, 2nd Floor, H.T. Parekh
Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020. Tel: (022)
66316333. HDFC AMC Ltd., Ground Floor, Mafatlal House, H.T Parekh Marg, Backbay
Reclamation, Churchgate, Mumbai 400020. Maharashtra. Tel:
0226146300/66146319/66146398/66146349 HDFC AMC Ltd., Shop No 5 & 6, Ground Floor,
Dnyan Sagar Building, Andrade House CHS Ltd, S. K Bole Road, Dadar (West), Mumbai -
400028. Tel: (022) 24440537/24440539/24440538. HDFC AMC Ltd., 119, First Floor, Zest
Business Space, M.G Road, Ghatkopar East, Mumbai - 400 077. Tel: (022)
65253409/08/06/21. HDFC AMC Ltd., Limited# 201, Durga Centre, 2nd Floor, Water Field
Road, Bandra (West), Mumbai – 400 050. Tel: (022) 26434 760/762/763/[Link] AMC
Ltd., 159, 1st floor, Galleria Shopping Mall, Hiranandani Garden, Powai, Mumbai – 400 076.
Tel: (022) 25708471 HDFC AMC Ltd., Shop No. 2, Ground Floor, Sunvision Avenue, Opp
SBBJ and LIC, S.V. Road, Malad - West, Mumbai - 400 064. Tel: No. (022) 28838083.
HDFC AMC Ltd., Shop No. 13 & 14, Ground Floor, Virar Bolinj Shakti, Agasi Road, Virar -
West, Thane - 401 303. Tel No. 7738182645/[Link] AMC Ltd., Shop no. 1 & 2,
Ground floor, Gurangi Chambers, Opp. Damani Chambers, Near Teen Haath Naka, LBS
Marg, Thane (West) – 400 602. Tel: (022) 25391125. HDFC AMC Ltd., 106-110, 2nd Floor,
Shriram Shyam Towers, Near NIT Building, Kingsway, Sadar, Nagpur - 440 001. Tel: (0712)
6630301/02/04. HDFC AMC Ltd., Jay Plaza, Opp. Kulkarni Garden, L B Shastri Nagar,
Sharanpur Road, Nashik- 422002, Tel: (0253) 2570701, 2573701. HDFC AMC Ltd., Shop
no.127, Bahirwade Chambers, Opp. Hotel Hilton (erstwhile Panchsil), Telco road,
Chinchwad, Pune-411019. Tel: 020-27477772/[Link] AMC Ltd., Shop No: 01, 2421, East
street Gallaria, East street Camp, Pune – 411001. Tel.: (020) 41223301/02. Shop no.3 & 4,
Ideal Chambers, Ground Floor, Paud Road, Kothrud, Pune - 411038, Maharashtra. Tel:
(020) 2542 3627/28. HDFC AMC Ltd., Ground Floor, City Mall, University Circle,
Ganeshkhind Road, Pune - 411 007. Tel: (020) 66073301. HDFC AMC Ltd., Shop No. 3 & 4,
Ground Floor,Aditya Sai Landmark, Civil Hospital Road, Near Ram Mandir, Sangli - 416416.
Tel No - +91- 233-2320811/+91- [Link] AMC Ltd., Office No.13, Shanti Center
Premises, Plot No. 8, Sector 17, Vashi, Navi Mumbai - 400 703. Tel: (022) 39880299.
HDFC AMC Ltd., Office No. 6, First Floor, Neel Empress, Plot No. 92 & 93, Above HDFC

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Bank, Sector 1/S, New Panvel East, Panvel, Navi Mumbai - 410206. Maharashtra. Tel No.:
(+91) 90290 12615/90290 12617 HDFC AMC Ltd., 1st Floor, Anant Kuti (Bibikar Bldg.),
Manpada Road, Opp. Muncipal Corporation Bldg., Dombivli (East), Mumbai - 421 201. Tel:
(0251) 2860 648/649/645/656. HDFC AMC Ltd., Ground Floor, Rajgir Complex, 96A,
Railway Lines, Opposite St. Joseph High School, Solapur - 413 001. Meghalaya: HDFC
AMC Ltd., 2nd Floor, Sagarmal Ramkamal (Sai Mandir) Building, Thana Road, Police Bazar,
Shillong - 793001. Meghalaya. Tel. No. (0364) 2506242, 2502165, 2506241 ORISSA :
HDFC AMC Ltd., Sri Jagannath Complex, 1st Floor, Opposite Hari - Omm Bhawan, Barbil -
758 035. Tel: 09238106515/09238106525. HDFC AMC Ltd., Vinayak, 2nd Floor, 96,
Janpath, Bhubaneswar -751 001. Tel: (0674) 6450502/1502. HDFC AMC Ltd., 1st Floor,
Plot No. 2690 (P), Bajrakabati Road, Ranihat, Cuttack – 753 001. Tel: (0671) 2323724/725.
HDFC AMC Ltd., Praful Tower, 1st Floor, Panposh Road, Rourkela - 769 004. Tel: (0661)
3988029, 3982060/[Link] AMC LTD, 2nd Floor , Bata Building Main Road , Budharaja
Ainthapali, Sambalpur 768004. Telephone Nos:- 0663-2400323/339. Ground Floor, Subham
Sai Arcade, Northern Row of Khalasi Street, Near Stadium, Berhampur – 760001. Landline
Number- 0680- [Link]: HDFC AMC Ltd., No.17, I Floor, Sree Velayudham
Complex, Near Indhira Gandhi Square, Natesan Nagar, Pondicherry - 605 005. Tel: (0413)
4001300. PUNJAB : HDFC AMC Ltd., SCO-28, 1st Floor, Taneja Towers, District Shopping
Complex, Ranjit Avenue, Amritsar-143 001. Tel: (0183) 3988028/29/2570. HDFC AMC Ltd
Municipal No. 83 - B, 3A, Ground Floor, Corner Building, Liberty Chowk, Bhatinda - 151
001. Tel.: (0164) 5001982/83, 5011980. HDFC AMC Ltd., 1st Floor, SCO- 2909- 2910,
Sector - 22-C, Opp. Hotel J W Marriot, Chandigarh - 160 022. Tel: (0172) 5050888. HDFC
AMC Ltd., Office No. 31, 1st Floor, City Square Building, Civil Lines, GT Road, Jalandhar -
144001. Tel: (0181) 5004028. HDFC AMC Ltd., SCO 122, Feroze Gandhi Market, Ludhiana
- 141 001. Tel.: (0161)4917000. HDFC AMC Ltd. SCO No. 31 -32, Nanak Tower, Ground
Floor, New Leela Bhawan Market,Patiala - 147001. [Link] No - 0175-5010082. HDFC
AMC Ltd. Ground Floor, R K Complex, Dalhousie Road, Pathankot – 145001 Punjab.
Telephone No. :- 0186-2225818 RAJASTHAN : HDFC AMC Ltd., 2nd Floor, Above ICICI
Bank, India Heights Building, India Motor Circle, Ajmer - 305001. Tel: (0145) [Link]
AMC Ltd., “Moondhra Bhavan”, 3-Ajmer Road, Jaipur - 302 001. Tel: (0141) 5116681/82 ,
2374968, Plot No. 654 A/B, 1st Floor,Shree Pratap Tower, Jaljog Circle, Jodhpur - 342 003.
Tel: (0291) 2617787/88/89. HDFC AMC Ltd., 344, Mewara Plaza, Shopping Center,
Gumanpura, Rawatbhata Road, Kota - 324 007. Tel: 0744-2363733. HDFC AMC Ltd., Office
No. 4/1, First Floor of the Sukhadia Shopping Center, Sri Ganganagar - 335 001. HDFC
AMC Ltd., 1st Floor, Gowardhan Plaza, 25, Trench Colony, Opposite Lok Kalamandal,
Udaipur - 313 001. Tel: (0294) 3988029. Rajasthan. Telephone: 0154-2472570, 0154-
2472560, HDFC AMC Ltd., Time Square, Opposite U.I.T Office, Road No. 2, Alwar - 301
001. Rajasthan. Telephone : 01442700014, HDFC AMC Ltd., Ground Floor, Chugh Mansion,
Opposite DRM Office, Bikaner - 334001, Rajasthan Telephone : +91 151 2225222 Call
Center : 1800 3010 6767 / 1800 419 7676 (Toll Free), HDFC AMC Ltd., Shop No. 5, Ground
Floor, S K Plaza, Pur Road, Bhilwara - 311001. Rajasthan. Telephone: 01482-240214/13.
TAMIL NADU : HDFC AMC Ltd., ITC Centre, 1st Floor, 760, Anna Salai, Chennai – 600
002. Tel: (044) 43979797/43979719. HDFC AMC Ltd., 74, V Block, 5th Avenue, Near Ganga
Sweets, Anna Nagar, Chennai - 600040. HDFC AMC Ltd., No : 9, “Aurum” Building first
floor, Kannusamy Road, R.S. Puram, Coimbatore – 641002. Tel: (0422) 4391861/62/63.
HDFC AMC Ltd., Shop No. 5, 2nd Floor, Suriya Towers, 272 - 273 Goodshed Street,
Madurai - 625 001. Tel: (0452) 4001300. HDFC AMC Ltd., 1st Floor, No1 Bhimsena Garden
Street, Royapettah High Road, Mylapore, Chennai – 600 004. Tel: (044) 40001300. HDFC
AMC Ltd.,Tel: (0427) 4001300. HDFC AMC Ltd., 1st floor, No. 142/7, Sri Balaji Arcade, Opp.
Alagar Jewellery, Trivandrum Road, Palayamkottai, Tirunelveli – 627 002. Tel.: (0462)
2576174. HDFC AMC Ltd., No. 60, Sri Krishna Arcade, First Floor, Tennur High Road,
Tennur, Trichy - 620 017. Tel: (0431) 4003700. HDFC AMC Ltd., Premises No.73, 1st Floor
Door No. 73/19,Thiyagarjapuram Officer’s Line Officer’s Line, Vellore - 632 001. Tel: (0416)
2214670/2. TELANGANA: HDFC AMC Ltd6-3-885/7, IInd Floor, Saphire Square,
Somajiguda, Hyderabad - 500 282. Tel.: (040) 23417401/02/03/04/05. HDFC AMC Ltd.,

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Gem Square, 1-88/2, 1st Floor, Hi-tech City Main Road, Above HDFC Bank Madhapur, After
Indian Oil Petrol Pump, Near Krissh Saphire, Madhapur, Hyderabad - [Link] AMC
Ltd., 2-5-83/84, 1st Floor, Mitralaxmi Narayana Arcade, Nakkala Gutta, Hanmakonda,
Warangal- 506 002. Tel: (0870) 2566 005/006/007/008/009, , UTTARAKHAND: HDFC
AMC Ltd., 74 (New No 250/466), Rajpur Road, 1st Floor, Shri Ram Arcade, Dehradun - 248
001. Tel: (0135)2741424/425. HDFC AMC Ltd., Plot No. 1, 1st Floor, Durga City Centre,
Bhotia Parao, Nainital Road, Haldwani – 263 139. Tel: (05946) [Link] AMC Ltd., 1st
Floor, Kumar Complex, Chandracharya Chowk, Haridwar - 249407. Tel: (01334) 222406/7.
UTTAR PRADESH: HDFC AMC Ltd., 1-C, First Floor, Block no 10/8, Padamdeep Building,
Sanjay Place, Agra - 282002. Tel: (0562) 3984761-73, (0562) [Link] AMC Ltd.,
3/260-A, Arena Complex, Laxmibai Marg, Marris Road, Aligarh - 202 001. Tel: (0571) 2740
770/771/772 . HDFC AMC Ltd. Premises No. 60/34/1 & 60/34/2, 1st Floor, JMD Kripa
Building, Above HDFC Bank Ltd., S P Marg, Allahabad - 211001. Tel: (0532)
2260184/[Link] AMC Ltd., 146 Civil Lines, 1st Floor, Gupta Complex, Near Circuit House
Chouraha, Bareilly - 243 001. Tel: (0581) 2510 749/759. HDFC AMC Ltd., D-2, 1st Floor,
Raj Nagar District Centre, Raj Nagar, Gaziabad - 201 010. Tel: (0120) 301 0635. HDFC
AMC Ltd., Office Space Shop No. 8 to 13 situated on the UGF, Building ‘Cross Road The
Mall’, Bank Road, Gorakhpur – 273 001. Tel. No: (0551) 6060011/2/3. HDFC AMC Ltd.,
Office Space No. 1228, 1229, 1230, Ground Floor, Madhur Plaza Jhokanbagh, Civil Lines,
Jhansi - 284 001. Tel: (0510) 2371308/09. HDFC AMC Ltd., Office No. 106,107,108,109 ,
First Floor,15/63 Krishna Tower, Civil Lines , Kanpur -208001 ,Tel: 7084399991; 0512-
[Link] AMC Ltd., 1st Floor, Hindustan Times House,25, Ashoke Marg, Lucknow –
226006. Tel: (0522) 4155500 / 4155501. Tel: (0522) 4155500/01. HDFC AMC Ltd, 1st Floor,
Delhi - Agra Road, Opp. B.S.A College, Adjacent to HDFC Bank, Mathura-281001, Landline:
0565-2425199. HDFC AMC Ltd., 143/145/1, Ganpati Plaza, Ground Floor, Magal Pandey
Nagar, Meerut - 250 005. Tel: (0121) 2602 380/2601 965. HDFC AMC Ltd, First Floor, ‘Ravi
Plaza’, Opp. LIC Office, Pili Kothi Chauraha, Moradabad - 244 [Link]: (0591)
2486043/2483313. HDFC AMC Ltd., K-24/25, First Floor, Pearl Plaza Building, Sector-18,
Noida-204 301. Tel: (0120) 432 5757/5959..1st Floor, Himalaya Tower, Delhi Road,
Saharanpur - 247 001. Tel: (0132) 2971473. HDFC AMC Ltd., Premises No. D-64/127, 1st
Floor, Arihant Complex, Sigra, Varanasi - [Link] [Link]: 0524-
2225530/2225531/2225532. HDFC AMC Ltd.,1st Floor, Chabhiwala Building, Above Bank of
Baroda, Bazirao Katra, Mirzapur – 231001. Telephone: (0544) 2266872, 2nd Floor, SBD
Complex, Madhur Milan Building, Civil Lines, Ayodhya (Faizabad) - 224 001, Uttar Pradesh.
Telephone : 05278 – 221211 (0471) 3983 730/731/732. WEST BENGAL: HDFC AMC Ltd.,
2nd Floor, Chatterjee Plaza, 69/101, GT Road, Rambandhutala, Asansol - 713 303. Tel:
(0341) 2221220. HDFC AMC Ltd., Arihant Enclave, GT Road, Muchipara, Burdwan -
713103, West Bengal. Tel No - 0342- 2646394/397/398 HDFC AMC Ltd., City Plaza, City
Centre, 1st Floor, Durgapur - 713 216. Tel: (0343) 3982150. HDFC AMC Ltd., Krishna
Enclave, 2nd Floor, 2/1, Bhajanlal Lohia Lane, Opposite Howrah A.C. Market, Howrah - 711
101, Phone: (033) 33546150/163,.HDFC AMC Ltd., Menaka Estate, 1st Floor, 3 Red Cross
Place, Kolkata - 700 001. Tel: (033) 22312875, 22312876. HDFC AMC Ltd., G2, Thapar
House 163, Shyama Prasad Mukherjee Rd, Mudiali, Kolkata - 700026. Tel: 06292159241.
HDFC Asset Management Company Limited, CF 352 , Sector 1, Salt Lake City, Kolkata -
700 064. Tel. (033) 23212214 B 7/33 (S), HDFC Asset Management Company Limited,
Ground Floor, Central Park,Below Canara Bank, Kalyani - 741 235. West Bengal. Tel No -
[Link] Asset Management Company Limited, Hinterland Complex - 2, 6/A
Roy Ghat Lane, Serampore - [Link]. (033) 26520043 Gitanjali Complex, 2nd Floor,
Above Corporation Bank, Sevoke Road, Siliguri - 734 001. Tel: (0353) 6453474. HDFC
Asset Management Company Limited, Atwal Real Estate Pvt. Ltd., MS Tower II, OT Road,
Kharagpur, Paschim Medinipur, West Bengal - 721305. Tel. No. 7477785648/5649.

*This is not an Investor Service Centre for HDFC Mutual Fund. However, this is an official
point of acceptance for acceptance of all on-going transactions from Institutional Investors
only, i.e. broadly covering all entities other than resident / non resident individuals.

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Institutional Investors are free to lodge their applications at any other official points of
acceptance also.

CAMS - OFFICIAL POINTS OF ACCEPTANCE OF TRANSACTIONS

(During NFO Period and Post NFO Period)
A. List of Investor Service Centres (ISCs) of Computer Age Management Services
Ltd. (CAMS), Registrar & Transfer Agents of HDFC Mutual Fund. These ISCs will be
in addition to the existing points of acceptance at the offices of HDFC Asset
Management Company Ltd. (Investor Service Centres for HDFC Mutual Fund).
These ISCs of CAMS will be the official points of acceptance of transactions for
schemes of HDFC Mutual Fund except HDFC Arbitrage Fund.
ANDHRA PRADESH : AGVR Arcade, 2nd Floor, Plot No.37(Part), Layout No.466/79, Near
Canara Bank, Sangamesh Nagar, Anantapur -515 001. Door No.31-13-1158,1st floor,13/1,
Arundelpet, Ward No.6, Guntur-522002. Bandi Subbaramaiah Complex, Door No: 3/1718,
Shop No: 8, Raja Reddy Street, Kadapa - 516 001. D No-25-4-29, 1st floor, Kommireddy
Vari Street, Beside Warf Road,Opp. Swathi Medicals, Kakinada- 533001. Shop Nos. 26 and
27, Door No. 39/265A and 39/265B, Second Floor, Skanda Shopping Mall, Old Chad
Talkies, Vaddageri, 39th Ward, Kurnool - 518 001. 208, II Floor Jade Arcade,Paradise
Circle, Hyderabad, Telangana -5000033. Shop No. 2, 1st Floor, NSR Complex, James
Garden, Near Flower Market, Nellore - 524 001. Shop No.1128, First Floor,3rd Line,Sri
Bapuji Market Complex, Ongole-523001. Door No: 6-2-12, 1st Floor, Rajeswari Nilayam,
Near Vamsikrishna Hospital, Nyapathi Vari Street, T Nagar, Rajahmundry – 533 [Link]
No. 6, Door No. 19-10-8, (Opp. to Passport Office), AIR Bypass Road, Tirupathi - 517 501.
40-1- 68, Rao & Ratnam Complex, Near Chennupati Petrol Pump, M. G. Road, Labbipet,
Vijayawada – 520 010. Door No. 4-8-73, Beside Sub Post Office, Kothagraharam,
Vizianagaram - 535001. Flat No GF2, D NO 47-3-2/2 Vigneswara Plaza, 5th Lane,
Dwarakanagar Visakhapatnam- 530 016 Andhra Pradesh. ASSAM: Piyali Phukan Road, K.
C. Path, House No - 1, Rehabari, Guwahati – 781008. Bangiya Vidyalaya Road, Near Old
post office, Durgabari, Tinsukia, Pin – 786125. BIHAR: Ground Floor, Gurudwara Road,
Near Old Vijaya Bank, Bhagalpur – 812001. C/o Sri Vishwanath Kunj, Ground Floor,Tilha
Mahavir Asthan, Gaya – 823001. Brahman Toil, Durga Asthan, Gola Road, Muzaffarpur -
842 001. G-3, Ground Floor, Om Vihar Complex, SP Verma Road, Patna - 800 001.
CHHATTISGARH : First Floor, Plot No. 3, Block No. 1, Priyadarshini Parisar West, Behind
IDBI Bank, Nehru Nagar Square, Bhilai Dist. (Bhilai) - 490 020. Shop No. B - 104, First
Floor, Narayan Plaza, Link Road, Bilaspur - 495001. C-23, Sector 1, Devendra Nagar,
Raipur - 492 004. DELHI :.Office Number 112, 1st Floor, Mahatta Tower, B Block
Community Centre, Janakpuri, New Delhi – 110058. GOA: F4- Classic Heritage, Near Axis
Bank, Opp. BPS Club,Pajifond, Margao, Goa - 403 601. Office No. 103, 1st Floor, Unitech
City Centre, M.G. Road, Panaji - 403 001. GUJARAT: 111- 113, 1st Floor - Devpath,
Building, Off C G Road, Behind Lal Bungalow, Ellis Bridge, Ahmedabad – 380 006. No. 101,
A P Towers, B/H Sardar Gunj, Next to Nathwani Chambers, Anand - 388 001. Shop No - F -
56, 1st Floor, Omkar Complex, Opp. Old Colony, Near Valia Char Rasta, GIDC,
Ankleshwar – 393002. 501 – 503 , Bhayani Skyline, Behind Joggers Park, Atabhai Road,
Bhavnagar – 364001. Office No. 4-5, First Floor, RTO Relocation Commercial Complex - B,
Opp. Fire Station, Near RTO Circle, Bhuj-Kutch - 370 001. A/177, Kailash Complex, Opp.
Khedut Decor, Gondal - 360 311. 207, Manek Centre, P N Marg, Jamnagar - 361 001.
Aastha Plus'', 202-A, 2nd Floor, Sardarbag Road, Near. Alkapuri, Opp. Zansi Rani Statue,
Junagadh - 362 001. 1st Floor, Subhadra Complex, Urban Bank Road, Mehsana - 384 002.
214-215, 2nd Floor, Shivani Park, Opp. Shankheswar Complex, Kaliawadi, Navsari - 396
445. Office 207 - 210, Everest Building, Opp. Shastri Maidan, Limda Chowk, Rajkot - 360

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001. Shop No - G-5, International Commerce Center, Nr. Kadiwala School, Majura Gate,
Ring Road, Surat – 395 002. 103, Aries Complex, BPC Road, Off R.C. Dutt Road, Alkapuri,
Vadodara - 390 007 Gita Nivas, 3rd Floor, Opp. Head Post Office, Halar Cross Lane,
Valsad - 396 001. 208, 2nd Floor, Heena Arcade, Opp. Tirupati Tower, Near G.I.D.C. Char
Rasta, Vapi - 396 195. HARYANA : Opposite PEER, Bal Bhawan Road, Ground Floor,
Ambala City - 134 003. LG3, SCO 12, Sector 16, Behind Canara Bank, Faridabad – 121
002. Unit No-115, First Floor Vipul Agora Building Sector-28, Mehrauli Gurgaon Road
Chakkarpur Gurgaon - 122001. 12, Opp. HDFC Bank, Red Square Market, Hisar - 125 001.
83, Devi Lal Shopping Complex, Opp RBL Bank, G. T. Road, Panipat – 132 103. SCO 06,
Ground Floor, MR Complex, Near Sonipat, Stand Delhi Road, Rohtak-124001.124 - B/R,
Model Town, Yamuna Nagar – 135 001. HIMACHAL PRADESH: 328/12, Ram Nagar, 1st
Floor, Above Ram Traders, Mandi - 175 001. 1st Floor, Opp. Panchayat Bhawan Main Gate,
Bus Stand, Shimla – 171 001. JAMMU & KASHIMIR : JRDS Heights, Lane Opp. S&S
Computers, Near RBI Building, Sector 14, Nanak Nagar, Jammu - 180 004. JHARKHAND :
1st Floor, Plot No. HE-7 City Centre, Sector 4, Bokaro Steel City , Bokaro - 827 004. S. S.
M. Jalan Road, Ground Floor, Opp. Hotel Ashoke, Caster Town, Deoghar – 814 112. Urmila
Towers, Room No. 111, 1st Floor, Bank More, Dhanbad - 826 001. Municipal Market,
Annanda Chowk, Hazaribagh - 825 301. Tee Kay Corporate Towers, 3rd Floor, S B Shop
Area, Main Road, Bistupur, Jamshedpur - 831 001. 4, HB Road No. 206, 2nd Floor, Shri
Lok Complex, Ranchi - 834 001. KARNATAKA : Trade Centre, 1st Floor, 45, Dikensen
Road (Next to Manipal Centre), Bangalore - 560 042. First Floor, No. 17/1,- (272) 12Th
Cross Road, Wilson Garden, Bangalore – 560027. Shop No. 2, 1st Floor, Shreyas
Complex, Near Old Bus Stand, Bagalkot – 587 101. Classic Complex, Block No 104, 1st
Floor, Saraf Colony, Khanapur Road, Tilakwadi, Belgaum - 590 006. No.18/47/A,Govind
Nilaya,Ward No.20,Sangankal Moka Road, Gandhinagar, Ballari-583102. #13, 1st Floor,
Akkamahadevi Samaj Complex, Church Road, P J Extension, Davangere - 577 002. No.
204 - 205, 1st Floor, 'B' Block, Kundagol Complex, Opp. Court, Club Road, Hubli - 580 029.
No. 1, 1st Floor, CH.26, 7th Main, 5th Cross (Above Trishakthi Medicals) Saraswati Puram,
Mysore – 570 009. 14-6-674/15(1), Shop No -UG11-2, Maximus Complex, Light House Hill
Road, Mangalore- 575 001. No.65 1st Floor, Kishnappa, Compound 1st Cross, Hosmane
Extn, Shimoga - 577 201. PID No 88268, 2nd Floor, 2nd Cross, M G Road, Tumkur-
572101. KERALA: Doctor's Tower Building, 1st Floor, Door No. 14/2562, North of Iorn
Bridge, Near Hotel Arcadia Regency, Alleppey - 688 001. Building Name: Modayil, Door
No.: 39/2638 DJ, 2nd Floor, 2A, M. G. Road, Cochin - 682 016. Room No. 14/435, Casa
Marina Shopping Centre, Talap, Kannur - 670 004. Uthram Chambers (Ground Floor),
Thamarakulam, Kollam – 691 006.1307 B, Puthenparambil Building, KSACS Road, Opp.
ESIC Office, Behind Malayala Manorama, Muttambalam P.O.,Kottayam - 686 501. 29/97G,
2nd Floor, Gulf Air Building, Mavoor Road, Arayidathupalam, Kozhikode - 673 016.
Kadakkadan Complex, Opp. Central School, Malappuram – 670 504. Door No.18/507(3),
Anugraha , Garden Street, College Road, Palakkad – 678001. Room No. 26 & 27, Dee Pee
Plaza, Kokkalai, Thrissur – 680 001. TC No: 22/902, 1st – Floor, Blossom Bldg. Opp. NSS
Karayogam, Sasthamangalam Village P.O. Thiruvananthapuram Trivandrum - 695 010.1st
Floor, Room No-61(63), International shopping Mall, [Link] Thomas Evangelical Church,
Above Thomsan Bakery, Manjady, Thiruvalla-689105. MADHYA PRADESH : Plot No. 10,
2nd Floor, Alankar Complex, Near ICICI Bank, M. P. Nagar, Zone II, Bhopal - 462 011. G-6,
Global Apartment, Phase-II, Opposite Income Tax Office, Kailash Vihar City Centre, Gwalior
- 474 011. 101, Shalimar Corporate Centre, 8-B, South Tukoganj, Opp. Green Park, Indore -
452 001. 8, Ground Floor, Datt Towers, Behind Commercial Automobiles, Napier Town,
Jabalpur - 482 001. MAHARASHTRA: Opp. RLT Science College, Civil Lines, Akola – 444
001. 81, Gulsham Tower, Near Panchsheel, Amaravati - 444 601. 2nd Floor, Block No. D-
21-D-22, Motiwala Trade Center, Nirala Bazar, New Samarth Nagar, Opp. HDFC Bank,

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Aurangabad - 431001. 70, Navipeth, Opp. Old Bus Stand, Jalgaon – 425 001. Shop No. 6,
Ground Floor, Anand Plaza Complex, Bharat Nagar, Shivaji Putla Road, Jalna - 431 203.
Office No 413, 414, 415, 4th Floor, Seasons Business Centre, Opp. KDMC (Kalyan Dombivli
Municipal Corporation), Shivaji Chowk, Kalyan (W) – 421 301. 2 B, 3rd Floor, Ayodhya
Towers, Station Road, Kolhapur - 416 001. 351, Icon, 501, 5th Floor, Western Express
Highway, Andheri - East, Mumbai - 400 069. 077,Ground Floor, Rajabahadur Compound,
Opp. Allahabad Bank, Behind ICICI Bank, 30, Mumbai Samachar Marg, Fort, Mumbai – 400
023. Platinum Mall, Office No. 307, 3rd Floor, Jawahar Road, Ghatkopar East, Mumbai –
400. 501 – TIARA CTS 617, 617/1-4, Off Chandavarkar Lane, Maharashtra Nagar Borivali –
West, Mumbai – 400092. 145 Lendra Park, New Ramdaspeth, Behind IndusInd Bank,
Nagpur - 440 010. 1st Floor, "Shraddha Niketan", Tilak Wadi, Opp. Hotel City Pride,
Sharanpur Road, Nasik - 422 002. BSEL Tech Park, B-505, Plot No. 39/5 & 39/5A, Sector
30A, Opp. Vashi Railway Station, Vashi, Navi Mumbai 400705. Vartak Pride, 1st Floor,
Survay No 46, City Survay No 1477, Hingne Budruk D. P Road, Behind Dinanath
Mangeshkar Hospital, Karvenagar, Pune - 411052. Jiveshwar Krupa Bldg, Shop. No.2,
Ground Floor, Tilak Chowk, Harbhat Road, Sangli - 416 416. 117/A/3/22, Shukrawar Peth,
Sargam Apartment, Satara - 415 002. Flat No 109, 1st Floor A Wing, Kalyani Tower 126
Siddheshwar Peth, Near Pangal High School, Solapur - 413001. Dev Corpora, 1st Floor,
Office No. 102, Cadbury Junction, Eastern Express way, Thane (West) - 400 601. NEW
DELHI: 401 to 404, 4th Floor, Kanchan Junga Building, Barakhamba Road, New Delhi -
110001. Aggarwal Cyber Plaza-II, Commercial Unit No-371,3rd Floor, Plot No C-7, Netaji
Subhash Palace, Pitampura-110034. ORISSA: B. C. Sen Road, Balasore - 756 001. Kalika
Temple Street, Ground Floor, Beside SBI BAZAR Branch, Berhampur - 760 002. Das &
Das Complex, First Floor, By Pass Road, Opposite to Vishal Mega Mart, Chhapulia,
Bhadrak - 756 100. Plot No- 501/1741/1846, Premises No-203, 2nd Floor, Kharvel Nagar,
Unit-3, Bhubaneswar - 751 001. Near Indian Overseas Bank, Cantonment Road, Mala
Math, Cuttack - 753 001. J B S Market Complex, 2nd Floor, Udit Nagar, Rourkela – 769
012. [Link] High School, Sansarak, Sambalpur - 768 001. PONDICHERRY : S-8, 100,
Jawaharlal Nehru Street, (New Complex, Opp. Indian Coffee House), Pondicherry – 605
001. PUNJAB: 3rd Floor, Bearing Unit No - 313, Mukut House, , Amritsar – 143 001. 2907
GH, GT Road, Near Zilla Parishad, Bhatinda - 151 001. Deepak Towers, SCO 154-155, 1st
Floor, Sector 17-C, Chandigarh -160 017. 144, Vijay Nagar, Near Capital Small Finance
Bank, Football Chowk, Jalandar City-144001.U/GF, Prince Market, Green Field, Near
Traffic Lights, Sarabha Nagar Pulli, Pakhowal Road, Ludhiana - 141 002. 35, New Lal Bagh,
Opp. Polo Ground, Patiala - 147 001. RAJASTHAN: AMC No. 423/30, Near Church,
Brahampuri, Opposite T B Hospital, Jaipur Road, Ajmer – 305 001. 256 - A, Scheme No. 1,
Arya Nagar, Alwar - 301 001. Indraparshta Tower, Shop Nos. 209 - 213, Second Floor,
Shyam Ki Sabji Mandi, Near Mukharji Garden, Bhilwara - 311 001. Behind Rajasthan
Patrika, In front of Vijaya Bank, 1404, Amar Singh Pura, Bikaner – 334001. G-III, Park
Saroj, R-7, Yudhisthir Marg, C-Scheme, Behind Ashok Nagar Police Station, Jaipur - 302
001. B-33 'Kalyan Bhawan', Triangle Part, Vallabh Nagar, Kota – 324 007. 1/5, Nirmal
Tower, 1st Chopasani Road, Jodhpur – 342 003. 18 L Block, Sri Ganganagar - 335 001.
32, Ahinsapuri, Fatehpura Circle, Udaipur – 313 004. TAMIL NADU: No 1334, Thadagam
Road,Thirumoorthy Layout, [Link],Behind Venkteswara Bakery, Coimbatore - 641002.
178/10, Kodambakkam High Road, Opp. Hotel Palm Grove, Nungambakkam, Chennai -
600 034. III Floor, B R Complex, No.66, Door No. 11A, Ramakrishna Iyer Street, Opp.
National Cinema Theatre, West Tambaram, Chennai - 600 045. 171-E, Sheshaiyer
Complex, First Floor, Agraharam Street, Erode - 638 001. 126 GVP Towers, Kovai Road,
Basement of Axis Bank, Karur - 639 002. No.28/8, 1st Floor, Balakrishna Colony,
Pachaiappa Street, Near VPV Lodge, Kumbakonam - 612 001. Shop No 3 2nd Floor Surya
Towers, No 272/273 Goodshed Street, Madurai – [Link]. 2, 1st Floor, Vivekanand

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Street, New Fairland, Salem - 636 016. No. F4, Magnem Suraksaa Apartments,
Tiruvananthapuram Road, Tirunelveli - 627 002. No.1 (1), Binny Compound, 2nd Street,
Kumaran Road, Tiruppur - 641 601. No. 8, 1st Floor, 8th Cross West Extn., Thillainagar,
Trichy - 620 018. DOOR NO 86, BA Complex, 1st Floor, Shop No 3, Anna Salai (Officer
Line), Tollgate, , Vellore - 632 001. TELANGANA: H. No.7-1-257, Upstairs S.B.H,
Mankammathota, Karimnagar – 505 001. No.15-31-2M-1/4, 1st floor, 14-A, MIG, KPHB
colony, Kukatpally, Hyderabad-500072. 208, 2nd Floor, Jade Arcade, Paradise Circle,
Secunderabad - 500 003. A.B.K. Mall, Near Old Bus Depot Road, F-7, 1st Floor,
Ramnagar, Hanamkonda, Warangal - 506 001. TRIPURA : Nibedita,1st floor, JB Road
Palace Compound, Agartala, Near Babuana Tea and Snacks, Tripura (West)- 799001.
Krishnanagar, Advisor Chowmuhani (Ground Floor), Agartala - 799 001. UTTAR
PRADESH: No. 8, II Floor, Maruti Tower, Sanjay Place, Agra - 282 002. City Enclave, Opp.
Kumar Nursing Home, Ramghat Road, Aligarh - 202 001. 30/2, A&B, Civil Lines Station,
Besides Vishal Mega Mart, Strachey Road, Allahabad - 211 001. F-62-63, Second Floor,
Butler Plaza, Civil Lines, Bareilly - 243 001. 9/1/51, Rishi Tola Fatehganj, Ayodhya,
Faizabad - 224 001. First Floor, C-10 RDC, Rajnagar, Opp. Kacheri Gate No.2, Ghaziabad -
201 002, Ghaziabad - 201 002. Shop No. 5 & 6, 3rd Floor, Cross Road The Mall, A D
Tiraha, Bank Road, Gorakhpur - 273 001. No.372/18D,1st Floor Above IDBI Bank, Beside
V-Mart, Near RAKSHAN, Gwalior Road, Jhansi-284001 .106 -107 - 108, 1st Floor, IInd
Phase, City Centre, 63/2, The Mall, Kanpur - 208 001. UTTARAKHAND: 204/121, Nari
Shilp Mandir Marg, Old Connaught Place, Dehradun - 248 001. Dev Bazar, Bazpur Road,
Kashipur - 244713. WEST BENGAL: Apurba Market, Ground Floor, Vill Mirjapur, Opposite
to Basirhat College, P.O. Basirhat College, Dist. 24 P G S (North), Basirhat -743 412 ,
Kankaria Centre, 2/1, Russell Street,2nd Floor, Kolkata - 700 071. Block - G, 1st Floor, P C
Chatterjee Market Complex, Rambandhu Talab, P. O. Ushagram, Asansol - 713 303. 399,
G T Road, Basement Building Name - Talk of the Town, Burdwan - 713 101. Plot No 3601
Nazrul Sarani,City Centre, Durgapur - 713 216. A - 1/50, Block - A, Kalyani - 741 235.
"Silver Palace", OT Road, Inda - Kharagpur,G.P - Barakola, P.S – Kharagpur Local, Pin -
721 305. Anand Plaza, Shop No. 06, Second Floor, Sarbananda Sarkar Street
Munsifdanga, Purulia -723 101 , 47/5/1, Raja Rammohan Roy Sarani, P.O. Mallickpara,
Dist. Hoogly, Seerampur - 712 203. 78, Haren Mukherjee Road, 1st Floor, Beside SBI
Hakimpara, Siliguri – 734001.
B. List of Limited Transaction Points (LTPs) of Computer Age Management Services
Ltd. (CAMS), Registrar & Transfer Agents of HDFC Mutual Fund. These LTPs of
CAMS will be the official points of acceptance of transactions for schemes of HDFC
Mutual Fund except transactions of Liquid Schemes / Plans viz. HDFC Liquid Fund,
HDFC Overnight Fund and HDFC Arbitrage Fund. These LTPs will accept
transaction / service requests from Monday to Friday between 12 p.m. and 3 p.m.
only.
ANDAMAN AND NICOBAR ISLANDS: 1st floor, Opp. Mishra Store, Near Junglighat Milk
Booth, Khaitan Kalyana Mandapam, Jinglighat Colony, Port Blair – 744103. ANDHRA
PRADESH : Door No 4-4- 96, 1st Floor, Vijaya Ganapathi Temple Back Side, Nanubala
Street, Srikakulam - 532 001. ASSAM: House No-18B,1st Floor, C/O LT, Satyabrata
Purkayastha, Opp To Shiv Mandir, Landmark - Sanjay Karate Building, Near Iskon Mandir,
Ambicabathy, Silchar-788004. Dewal Road, Second Floor, Left side Second Building, Near
Budhi Gukhani Mandir, Gar Ali, Jorhat –785001. Kanak Tower - 1st Floor, Opp. IDBI
Bank/ICICI Bank, C.K. Das Road, Tezpur Sonitpur - 784001. Utaplendu Chakraborthy,
Amulapathy, [Link], House No.315, Nagaon - 782003. [Link], Bye Lane, Prakash
Cinema, Po & Dist. Bongaigaon - 783380. Amba Complex, Ground Floor, H S Road,
Dibrugarh - 786001. BIHAR : Old NCC Office, Ground Floor, Block Road, Arrah - 802 301.
Ground Floor, Belbhadrapur, Near Sahara Office, Laheriasarai Tower Chowk, Laheriasarai,

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Darbhanga - 846 001. R & C Palace, Amber Station Road, Opp.: Mamta Complex, Bihar
Sharif (Nalanda) - 803 101. C/o, Rice Education and IT Centre, Near Wireless Gali, Amla
tola,Katihar, Bihar -854105. CAMS SERVICE CENTRE,C/C Muneshwar Prasad, Sibaji
Colony, SBI Main Branch Road, Near - Mobile Tower, Purnea-854301. CHHATTISGARH :
KH. No. 183/2G, Opposite Hotel Blue Diamond, T.P. Nagar, Korba, 495677. GOA : Office
No. 503, Buildmore Business Park, New Canca By Pass Road, Ximer, Mapusa – 403 507.
No. DU 8, Upper Ground Floor, Behind Techoclean Clinic, Suvidha Complex, Near ICICI
Bank, Vasco da Gama – 403 802 GUJARAT : B-1,1st Floor, Mira Arcade, Library Road,
Opp. SBS Bank, Amreli – 365 601. F-10, First Wings, Desai Market, Gandhi Road, Bardoli
– 394601. A-111, First Floor, R K Casta, Behind Patel Super Market, Station Road, Bharuch
– [Link] Sadan, First Floor, Plot No.120,Sector 1/A, Gandhidham- 370201.507, 5th
Floor, Shree Ugati Corporate Park,Opp Pratik Mall, Near HDFC Bank, Kudasan,
Gandhinagar – 382421. D-78, First Floor, New Durga Bazar, Near Railway Crossing,
Himmatnagar – 383 001. 1st Floor, Prem Prakash Tower, B/H B N Chamber, Ankleshwar
Mahadev Road, Godhra – 389 001. F 142, First Floor, Ghantakarana Complex, Gunj Bazar,
Nadiad – 387 001. Gopal Trade Center, Shop No. 13-14, 3rd Floor, Nr. BK Mercantile Bank,
Opp. Old Gunj, Palanpur – 385001. Shop No. 12, M.D. Residency Swastik Cross Road,
Surendranagar – 363 001. Gujarat . HARYANA : Ground Floor of CA Deepak Gupta ,M G
Complex, Bhawna Marg , Beside Over Bridge, Bansal Cinema Market, Sirsa Haryana:
125055. SCO-12,1st Floor, Pawan Plaza, Atlas Road, Subhas Chowk, Sonepat-131001.
HIMACHAL PRADESH: 1st Floor, Above Sharma General Store, Near Sanki Rest house,
The Mall, Solan - 173 212. College Road, Kangra, Himachal Pradesh, Pin Code - 176001.
JAMMU AND KASHMIR: Guru Nanak institute, NH-1A, Udhampur, J&K - 182 101.
JHARKHAND: At, Gram- Gutusahi under the Nimdih Panchayat PO Chaibasa Thana:
Muftsil District- West Singbhum Jharkhand, Chaibasa Pin- 833001. KARNATAKA: Pal
Complex, Ist Floor, Opp. City Bus Stop, Super Market, Gulbarga - 585 101. 'PANKAJA' 2nd
Floor, Near Hotel Palika,Race Course Road, Hassan - 573201. *Shop No A2, Basement
Floor, Academy Tower, Opp. Corporation Bank, Manipal - 576104. Padmasagar Complex,
1st floor, 2nd Gate, Ameer Talkies Road, Vijayapur (Bijapur) – 586101. MADHYA
PRADESH: 2nd Floor, Parasia Road, Near Surya Lodge, Sood Complex, Above Nagpur CT
Scan, Chhindwara, Madhya Pradesh 480001. 11 Ram Nagar-1st Floor, [Link], Near
Indian- Allahabad Bank, Dewas- 455001. 1st' Floor, Gurunanak Dharmakanta, Jabalpur
Road, Bargawan, Katni – 483 501. 18, Ram Bagh, Near Scholar's School, Ratlam - 457
001. Opp. Somani Automoblies, Bhagwanganj, Sagar – 470 002. 1st Floor, Shri Ram
Market, Beside Hotel Pankaj, Satna-485001. Adjacent to our existing office at 109, 1st
Floor,Siddhi Vinayak Trade Center,Shahid Park , Ujjain - 456 010 Madhya Pradesh.
MAHARASHTRA: Office No 3, 1st Floor, Shree Parvati, Plot No. 1/175, Opp. Mauli
Sabhagruh, Zopadi Canteen, Savedi, Ahmednagar - 414 003. 3, Adelade Apartment,
Christian Mohala, Behind Gulshan-E-Iran Hotel, Amardeep Talkies Road, Bhusawal - 425
201. Opp Mustafa Décor, Behind Bangalore, Bakery Kasturba Road, Chandrapur,
Maharashtra, 442402. Computer Age Management Services Ltd., 1793/ A , J B Road, Near
Tower Garden, Dhule – 424001. Shop No. 8, 9 Cellar Raj Mohammed Complex” Main Road,
Shri Nagar, Nanded - 431605. Orchid Tower, Gr Floor, Gala No.06,S.V. No.301/Paiki
1/2,Nachane Municiple Aat, Arogya Mandir, Nachane Link Road, At, Post, Tal. Ratnagiri
Dist. Ratnagiri- 415612. Opp. Raman Cycle Industries, Krishna Nagar, Wardha - 442 001.
Pushpam, Tilakwadi, Opp. Dr. Shrotri Hospital, Yavatmal - 445 001. NAGALAND: H/NO-
2/2, SKK Building, OPP SUB-Urban Police Station, Dr Hokishe Sema Road, Signal Point,
Dimapur- 797112. ORISSA: Similipada, Near Sidhi Binayak +2 Science Collage, Angul -
759122. PUNJAB : Near Archies Gallery, Shimla Pahari Chowk, Hoshiarpur - 146 001.
Street No 8-9 Center, Aarya Samaj Road, Near Ice Factory, Moga - 142 001. Opp Bank of
Bikaner and Jaipur, Harchand Mill Road, Motia Khan, Mandi Gobindgarh, Punjab-147301.
13 - A, 1st Floor, Gurjeet Market, Dhangu Road, Pathankot – 145001. Shop No. 2, Model
Town, Near Joshi Driving School, Phagwara - 144401. RAJASTHAN : 3 Ashok Nagar, Near
Heera Vatika, Chittorgarh-312 001.C/O Gopal Sharma & Company Third Floor, Sukhshine
Complex, Near Geetanjali Book depot, Tapadia Bagichi, Sikar- 332 001. SIKKIM : House No

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: GTK /006/D/20(3) (Near Janata Bhawan) D.P.H. Road, Gangtok-737 101. TAMIL NADU :
Shop 7, AVC Arcade, 3, South Car Street, Chidambaram - 608 001. Tamil Nadu. 16A/63A,
Pidamaneri Road, Near Indoor Stadium, Dharmapuri - 636 701. Survey No. 25/204, Attibele
Road, HCF Post, Mathigiri, Above Time Kids School, Opposite to Kuttys Frozen Foods,
Hosur - 635 110. 4th Floor, Kalluveettil Shyras Center, 47, Court Road, Nagercoil - 629
001. 156A/1, First Floor, Lakshmi Vilas Building, Opp. to District Registrar Office, Trichy
Road, Namakkal - 637 001. D. No. 59A/1, Railway Feeder Road, (Near Railway Station),
Rajapalayam – 626 117. 4B/A-16 Mangal Mall Complex, Ground Floor, Mani Nagar,
Tuticorin - 628 003. TELANGANA: Shop No: 11 - 2 - 31/3, 1st Floor, Philips Complex,
Balajinagar, Wyra Road, Near Baburao Petrol Bunk, Khammam - 507 001. 6-4-80, 1st
Floor, Above Allahabad Bank, Opp. to Police Auditorium, VT Road, Nalgonda - 508 001. 5-
6-208, Saraswathi Nagar, Opposite Dr. Bharathi Rani Nursing Home, Nizamabad - 503 001.
UTTARAKHAND : F - 3, Hotel Shaurya, New Model Colony, Haridwar, Uttarkhand –
249408. Durga City Centre, Nainital Road, Haldwani - 263 139. 22 Civil Lines, Ground
Floor, Hotel Krish Residency, Roorkee - 247 667. UTTAR PRADESH : Office No. 3, 1st
Floor, Jamia Shopping Complex, Opposite Pandey School, Station Road, Basti - 272 002..
53,1st Floor, Shastri Market, Sadar Bazar, Firozabad – 283203. 248, Fort Road, Near
Amber Hotel, Jaunpur - 222 001. 159/160, Vikas Bazar, Mathura - 281 001. 235, Patel
Nagar, Near Ramlila Ground, New Mandi, Muzaffarnagar - 251 001. Uttar Pradesh.
Opposite Dutta Traders, Near Durga Mandir Balipur, Pratapgarh - 230 001. 17, Anand
Nagar Complex, Rae Bareli - 229 001. Mohd. Bijlipura, Old Distt Hospital, Jail Road,
Shahjahanpur - 242 001. Arya Nagar, Near Arya Kanya School, Sitapur – 261 001. 967,
Civil Lines, Near Pant Stadium, Sultanpur - 228 001. WEST BENGAL : Ward No.5,
Basantapur More, PO Arambag, Hoogly, Arambagh - 712 601. 1st Floor, Central Bank
Building, Machantala, PO Bankura, Dist Bankura, West Bengal, PIN – 722101.
Bhubandanga Opposite Shiv Shambhu Rice Mill 1st Floor, Bolpur - 731204.107/1 A C
Road, Ground Floor, Bohorompur, Murshidabad, West Bengal - 742103. N. N. Road, Power
House Choupathi, Coochbehar - 736 101. Mouza-Basudevpur, J.l. No. 126, Haldia
Municipality, Ward No 10, Durgachak, Haldia - 721 602. Dist Purba Medinipur. West Bengal
. Babu Para Beside Meenaar Apartment, Ward No VIII, Kotwali Police Station, Jalpaiguri -
735 101.3/1, R.N. Mukherjee Road 3rd Floor, Office Space -3C, “Shreeram Chambers”
Kolkata- 700001 . Daxhinapan Abasan, Opp Lane of Hotel Kalinga, SM Pally, Malda - 732
101. R.N Tagore Road, In front of Kotawali [Link], Nadia - 741101. Rabindra
Pally Beside of Gitanjali Cinema Hall PO & P S Raiganj, Dist North Dijajpur ,Raiganj , West
Bengal - 733134 .Police Line, Ramakrishnapally, Near Suri Bus Stand, Suri - 731101.
N/39, K.N.C Road, 1st Floor Shrikrishna Apartment, (Behind HDFC Bank Barasat Branch)
PO and PS : Barasat Dist : 24PGS (North), Kolkata - 700 124. Holding No-58, 1st Floor,
Padumbasan Ward No 10, Tamluk Maniktala More, Beside HDFC Bank, Tamluk, Purba
Medinipur, Tamluk- 721636.

* accepts transactions of Liquid Schemes / Plans viz. HDFC Liquid Fund and HDFC
Overnight Fund.

OFFICIAL POINT OF ACCEPTANCE FOR TRANSACTIONS IN ELECTRONIC FORM

Eligible investors can undertake any transaction, including purchase / redemption / switch
and avail of any services as may be provided by HDFC Asset Management Company
Limited (AMC) from time to time through the online/electronic modes (including email) via
various sources like its official website - [Link], mobile handsets, designated
email-id(s), etc. Additionally, this will also cover transactions submitted in electronic mode by
specified banks, financial institutions, distributors etc., on behalf of investors, with whom
AMC has entered or may enter into specific arrangements or directly by investors through
secured internet sites operated by CAMS. The servers including email servers (maintained
at various locations) of AMC and CAMS will be the official point of acceptance for all such
online / electronic transaction facilities offered by the AMC to eligible investors.

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POINTS OF SERVICE ("POS") OF MF UTILITIES INDIA PRIVATE LIMITED ('MFUI') AS
OFFICIAL POINTS OF ACCEPTANCE (OPA) FOR TRANSACTIONS THROUGH MF
UTILITY ("MFU")
Both financial and non-financial transactions pertaining to scheme(s) of HDFC Mutual Fund
('the Fund') can be done through MFU at the authorized POS of MFUI. The details of POS
published on MFU website at [Link] will be considered as Official Point of
Acceptance (OPA) for transactions in the Scheme.

AMFI CERTIFIED STOCK EXCHANGE BROKERS/ CLEARING MEMBERS

/DEPOSITORY PARTICIPANTS# AS OFFICIAL POINTS OF ACCEPTANCE FOR
TRANSACTIONS (PURCHASE/ REDEMPTION) OF UNITS OF HDFC MUTUAL FUND
SCHEMES THROUGH THE STOCK EXCHANGE(S) INFRASTRUCTURE (DURING NFO
PERIOD)
# For Processing only Redemption Request of Units Held in Demat Form. The eligible AMFI
certified stock exchange Brokers/ Clearing Members/ Depository Participants who have
complied with the conditions stipulated in clause [Link] of Master Circular for stock brokers
viz. AMFI/ NISM certification, code of conduct prescribed by SEBI for Intermediaries of
Mutual Fund will be considered as Official Points of Acceptance (OPA) of the Mutual Fund.

LIST OF SELF CERTIFIED SYNDICATE BANKS (SCSBS) TO ACCEPT ASBA

APPLICATION FORMS (DURING NFO PERIOD)
Name of the Bank (SCSB)
Ahmedabad Mercantile Co-Op Bank Ltd, AU Small Finance Bank Limited, Axis Bank,
Bandhan Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Barclays Plc., BNP
Paribas, Canara Bank, Catholic Syrian Bank Limited, Central Bank of India, CITI Bank NA,
City Union Bank Ltd., DBS Bank Ltd., DCB Bank Ltd., Deutsche Bank, Dhanlaxmi Bank
Limited, Equitas Small Finance Bank, GP Parsik Sahakari Bank Limited, HDFC Bank Ltd.,
HSBC Ltd., ICICI Bank Ltd., IDBI Bank Ltd., IDFC First Bank, Indian Bank, Indian Overseas
Bank Ltd., Indusind Bank Ltd., J. P. Morgan Chase Bank NA., Jammu and Kashmir bank,
Bank, Janata Sahakari Bank Ltd, Karnataka Bank, Karur Vasya Bank Ltd., Kotak Mahindra
Bank Ltd., Mehsana Urban Co-operative Bank Limited, Nutan Nagarik Sahakari Bank Ltd,
Punjab & Sind Bank, Punjab National Bank, Rajkot Nagarik Sahakari Bank Ltd, RBL Bank
Limited, South Indian Bank, Standard Chartered Bank, State Bank of Bikaner & Jaipur, State
Bank of Hyderabad, State Bank of India, State Bank of Mysore, State Bank of Patiala, State
Bank of Travancore, SVC Co-operative Bank Ltd., Syndicate Bank, Tamilnadu Mercantile
Bank Ltd., The Ahmedabad Mercantile Co-Op. Bank Ltd, The Federal Bank, The Jammu
&Kashmir Bank Limited, The Kalupur Commercial Co-operative Bank Ltd., The Lakshmi
Vilas Bank Ltd., The Saraswat Co-operative Bank Ltd., The Surat Peoples Co-op Bank,
TJSB Sahakari Bank Ltd, UCO Bank, Union Bank of India, YES Bank Ltd.

Investor may approach any of the above banks for submitting their ASBA Application forms
during this NFO. The above list is subject to change from time to time. For the updated list of
Self Certified Syndicate Banks (SCSBs) and their Designated Branches (DBs) and their
details, please refer to the website of SEBI, BSE, NSE or HDFC Mutual Fund.
MF CENTRAL AS OFFICIAL POINTS OF ACCEPTANCE (OPA) FOR TRANSACTIONS
As per clause 16.6 of Master Circular, Kfin Technologies Private Limited (“KFintech”) and
Computer Age Management Services Limited (“CAMS”) have jointly developed MFCentral -
A digital platform for transactions/ service requests by Mutual Fund investors. Accordingly,
MF Central will be considered as an Official Point of Acceptance (OPA) for transactions in
the Scheme.

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 HDFC ASSET MANAGEMENT COMPANY LIMITED
Registered Office:
HDFC House, 2nd Floor, H.T. Parekh Marg,
165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020
Tel.: 022-66316333 • Toll Free no. 1800 3010 6767/1800 419 7676
e-mail for Investors: hello@[Link]
e-mail for Distributors: partners@[Link]

website: [Link]

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