SCHEME INFORMATION DOCUMENT

DSP HEALTHCARE FUND

An open ended equity scheme investing in healthcare and pharmaceutical sector

This open ended equity Scheme is suitable for investor who are seeking*

• Long term capital growth

• Investment in equity and equity related Securities of healthcare and pharmaceutical
companies

*Investors should consult their financial advisers if in doubt about whether the Scheme is suitable for
them.
Riskometer#
Scheme Benchmark
S&P BSE Healthcare TRI

(# For latest Riskometers, investors may refer on the website of the Fund viz. www.dspim.com)

Continuous Offer of units at NAV based prices

Name of Mutual Fund DSP Mutual Fund

Name of Asset Management Company DSP Asset Managers Private Limited
CIN (U65990MH2021PTC362316)
Name of Trustee Company DSP Trustee Private Limited
CIN (U65991MH1996PTC100444)
Addresses of the entities Mafatlal Centre, 10th Floor, Nariman Point, Mumbai 400021
Website www.dspim.com

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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 DSP Mutual Fund / Investor Service Centres / Website / Distributors or
Brokers.

The investors are advised to refer to the Statement of Additional Information (SAI) for details of
DSP Mutual Fund, Tax and Legal issues and general information on www.dspim.com.

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.

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

This Scheme Information Document is dated October 31, 2023.

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 TABLE OF CONTENTS

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

SECTION I - INTRODUCTION ........................................................................................ 6
A. RISK FACTORS .................................................................................................... 6
B. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME ................................................ 16
C. SPECIAL CONSIDERATIONS ................................................................................... 17
D. DEFINITIONS ................................................................................................... 20
E. DUE DILIGENCE BY THE AMC ................................................................................. 23
SECTION II - INFORMATION ABOUT THE SCHEME............................................................. 24
A. TYPE OF THE SCHEME ......................................................................................... 24
B. WHAT IS THE INVESTMENT OBJECTIVE OF THE SCHEME? ................................................ 24
C. HOW WILL THE SCHEME ALLOCATE ITS ASSETS? .......................................................... 24
D. WHERE WILL THE SCHEME INVEST? ......................................................................... 25
E. WHAT ARE THE INVESTMENT STRATEGIES? ................................................................ 31
F. FUNDAMENTAL ATTRIBUTES ................................................................................. 44
G. HOW WILL THE SCHEME BENCHMARK ITS PERFORMANCE? .............................................. 44
H. WHO WILL MANAGE THE SCHEME? .......................................................................... 44
I. WHAT ARE THE INVESTMENT RESTRICTIONS? .............................................................. 46
J. HOW HAS THE SCHEME PERFORMED? ....................................................................... 50
K. HOW IS THE SCHEME DIFFERENT FROM THE EXISTING SCHEMES OF THE MUTUAL FUND? .......... 51
L. INVESTMENT BY THE AMC .................................................................................... 62
SECTION III. UNITS AND OFFER .................................................................................. 63
A. NEW FUND OFFER (NFO) ..................................................................................... 63
B. ONGOING OFFER DETAILS .................................................................................... 63
C. PERIODIC DISCLOSURES ...................................................................................... 88
D. COMPUTATION OF NAV ....................................................................................... 99
SECTION IV. FEES AND EXPENSES ............................................................................. 100
A. NFO EXPENSES ................................................................................................ 100
B. ANNUAL SCHEME RECURRING EXPENSES .................................................................. 100
C. LOAD STRUCTURE ............................................................................................ 103
D. TRANSACTION CHARGE ...................................................................................... 104
E. STAMP DUTY................................................................................................... 104
F. WAIVER OF LOAD FOR DIRECT APPLICATIONS ............................................................ 105
SECTION V. RIGHTS OF UNITHOLDERS ....................................................................... 105
SECTION VI. PENALTIES AND PENDING LITIGATION ........................................................ 105

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HIGHLIGHTS/SUMMARY OF THE SCHEME
Name of Scheme DSP Healthcare Fund
Type of Scheme An open ended equity scheme investing in healthcare and
pharmaceutical sector
Scheme Code DSPM/O/E/SEC/18/05/0035
Investment Objective The primary investment objective of the scheme is to seek to
generate consistent returns by predominantly investing in equity and
equity related securities of pharmaceutical and healthcare
companies.

However, there can be no assurance that the investment objective

of the scheme will be realized.
Liquidity As per SEBI (MF) Regulations, redemption proceeds shall be
dispatched within 3 Working Days from the date of such acceptance.

Investor may note that in case of exceptional scenarios as prescribed

by AMFI vide its communication no. AMFI/ 35P/ MEM-COR/ 74 / 2022-
23 dated January 16, 2023 read with clause 14.1.3 of SEBI Master
Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/74 dated May 19,
2023 on Master Circular for Mutual Funds (‘SEBI Master Circular'),
the AMC may not be able to adhere with the timelines prescribed
above.
Benchmark S&P BSE Healthcare TRI
Transparency/NAV The NAVs of the Scheme/plans will be calculated by the Mutual Fund
Disclosure on each Business Day and will be made available by 10 a.m. of the
Immediately succeeding Business Day.

In case of unit holders whose email addresses are registered with the
Fund, the AMC shall send monthly/half yearly portfolio via email
within 10 days from the end of each month/ half-year.

The monthly/half yearly portfolio of the Schemes shall be available

in a user-friendly and downloadable spreadsheet format on the
AMFI’s website www.amfiindia.com and website of AMC viz.
www.dspim.com on or before the 10th day of succeeding month.

The AMC shall publish an advertisement every year disclosing the

hosting of the scheme wise annual report on their respective website
and on the website of AMFI and the modes such as SMS, telephone,
email or written request (letter) through which unitholders can
submit a request for a physical or electronic copy of the scheme wise
annual report or abridged summary thereof. Such advertisement shall
be published in the all India edition of at least two daily newspapers,
one each in English and Hindi.

The AMC shall provide a physical copy of the statement of the Scheme
portfolio, without charging any cost, on specific request received
from a unitholder.

Latest available NAVs shall be available to unitholders through SMS,

upon receiving a specific request in this regard. NAV will be
calculated and declared on every Business Day, except in special
circumstances described under ‘Suspension of Sale and Redemption
of Units’ in the SAI. The AMC will declare separate NAV under Regular
Plan and Direct Plan of Scheme.

Refer relevant disclosures mentioned in the Statement of Additional

Information (‘SAI’) available on the AMC’s website. i.e.
www.dspim.com.

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Loads Entry Load: Not Applicable

Exit Load (as a % of Applicable NAV):

Holding period from the date of allotment:
<= 1 month – 0.50%
> 1 month – Nil

Note: No exit load shall be levied in case of switch of investment

from Regular Plan to Direct Plan and vice versa.

Minimum Application Rs. 100/– and any amount thereafter.

Amount
Note: The minimum application amount will not be applicable for
(First purchase during New
investment made in schemes in line with SEBI guidelines on Alignment
Fund Offer and
of interest of Designated Employees of AMC.
continuous/ongoing
Offer/For subsequent
purchase)
Minimum installment Rs. 100/- and any amount thereafter.
Amount for Systematic
Investment Plan (SIP)
Minimum installment Rs. 100/- and any amount thereafter.
Amount for Systematic
Withdrawal Plan (SWP)/STP
Plan Available under the 1. Regular Plan
Scheme 2. Direct Plan

The Plans under the Scheme will have common portfolio.

Options (under both the • Growth
plans)
• Income Distribution cum Capital Withdrawal option (IDCW)
- Payout of Income Distribution cum Capital Withdrawal
(IDCW)
- Reinvestment of Income Distribution cum Capital
Withdrawal (IDCW)

Default Option
- Growth Option in case Growth Option or Income Distribution cum
Capital Withdrawal (IDCW) Option is not indicated.
- Payout sub-option in case Payout of IDCW Option or Reinvestment
of IDCW Option is not indicated.

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SECTION 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 invest fluctuates, the
value of your investment in the Scheme may go up or down. In addition to the factors that affect
the value of individual investments in the Scheme, the NAV of the Scheme can be expected to
fluctuate with movements in the broader equity and bond markets and may be influenced by
factors affecting capital and money markets in general, such as, but not limited to, changes in
interest rates, currency exchange rates, changes in Governmental policies, taxation, political,
economic or other developments and increased volatility in the stock and bond markets.
• Past performance of the Sponsors/AMC/Mutual Fund does not guarantee future performance of
the scheme.
• The name of the scheme does not in any manner indicate either the quality of the scheme or its
future prospects and returns.
• The Sponsors are 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 Mutual Fund.
• The present Scheme is not a guaranteed or assured return Scheme.

Additional Risk Factors for Foreign Portfolio Investors:

1. Political Risk
Investments in mutual fund Units in India may be materially adversely impacted by Indian politics and
changes in the political scenario in India either at the central, state or local level. Actions of the
central government or respective state governments in the future could have a significant effect on
the Indian economy, which could affect companies, general business and market conditions, prices
and yields of securities in which the Scheme invest.

The occurrence of selective unrest or external tensions could adversely affect the political and
economic stability of India and consequently have an impact on the securities in which the Scheme
invests. Delays or changes in the development of conducive policy frameworks could also have an
impact on the securities in which the Scheme invests.

2. Economic Risk
A slowdown in economic growth or macro-economic imbalances such as the increase in central and
state level fiscal deficits may adversely affect investments in the country. The underlying growth in
the economy is expected to have a direct impact on the volume of new investments in the country.

3. Foreign Currency Risk

The Scheme is denominated in Indian Rupees (INR) which is different from the home currency for
Foreign Investors in the mutual fund Units. The INR value of investments when translated into home
currency by Foreign Investors could be lower because of the currency movements. The AMC does not
manage currency risk for foreign investors and it is the sole responsibility of the Foreign Investors to
manage or reduce currency risk on their own. The Sponsor/Fund/Trustees/AMC are not liable for any
loss to Foreign Investors arising from such changes in exchange rates.

4. Convertibility and Transferability Risk

In the event capital and exchange controls are imposed by the government authorities, it would
prevent Foreign Investors’ ability to convert INR into home currency and/or transfer funds outside
India. The convertibility and transferability of INR proceeds into home currency is the responsibility
of the Foreign Investors.

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 Scheme Specific Risk Factors

• Market Liquidity Risk:

The liquidity of investments made in the Scheme may be restricted by trading volumes, settlement
periods and transfer procedures.

Different segments of the Indian financial markets have different settlement periods and such periods
may be extended significantly by unforeseen circumstances. There have been times in the past, when
settlements have been unable to keep pace with the volume of securities transactions, making it
difficult to conduct further transactions. 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. By the same token, the
inability to sell securities held in the Scheme’ portfolios, due to the absence of a well developed and
liquid secondary market for debt securities, would result at times, in potential losses to the Scheme,
should there be a subsequent decline in the value of securities held in the Scheme’ portfolios.

Money market securities, 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.

• Market Liquidity Risk with fixed rate Government securities:

Even though the Government securities market is more liquid compared to other debt instruments,
on occasion, there could be difficulties in transacting in the market due to extreme volatility leading
to constriction in market volumes. Liquidity of the Scheme may suffer in case any relevant guideline
issued by RBI undergoes any adverse changes.

• Credit Risk:

Fixed income securities (debt and money market securities) are subject to the risk of an issuer’s
inability to meet interest and principal payments on its debt obligations. The Investment Manager
will endeavour to manage credit risk through in-house credit analysis.

Different types of securities in which the Scheme would invest as given in the SID carry different
levels of credit risk. Accordingly, the Scheme’ risk may increase or decrease depending upon their
investment patterns. E.g. corporate bonds carry a higher amount of risk than Government securities.
Further, even among corporate bonds, bonds which are rated AAA are comparatively less risky than
bonds which are AA rated.

• Rating Migration Risk:

Fixed income securities are exposed to rating migration risk, which could impact the price on account
of change in the credit rating. For example: One notch downgrade of a AAA rated issuer to AA+ will
have an adverse impact on the price of the security and vice-versa for an upgrade of a AA+ issuer.

• Term Structure of Interest Rates (TSIR) Risk:

The NAV of the Scheme’ Units, to the extent that the Scheme are invested in fixed income securities,
will be affected by changes in the general level of interest rates. When interest rates decline, the
value of a portfolio of fixed income securities can be expected to rise. Conversely, when interest
rates rise, the value of a portfolio of fixed income securities can be expected to decline.

• Re-investment Risk:

The investments made by the Scheme are subject to 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

7
 at which interim cash flows can be reinvested may be lower than that originally assumed.

• Market Risk related to equity and equity related securities:

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.

• Risk associated with floating rate securities:

To the extent the Scheme’ investments are in floating rate debt instruments or fixed debt instruments
swapped for floating rate return, they will be affected by: Interest rate movement (Basis Risk) -
Coupon rates on floating rate securities are reset periodically in line with the benchmark index
movement. Normally, the interest rate risk inherent in a floating rate instrument is limited compared
to a fixed rate instrument. Changes in the prevailing level of interest rates will likely affect the value
of the Scheme’ holdings until the next reset date and thus the value of the Scheme’ Units. The value
of securities held by the Scheme generally will vary inversely with changes in prevailing interest
rates. The Mutual Fund could be exposed to interest rate risk (i) to the extent of time gap in the
resetting of the benchmark rates, and (ii) to the extent the benchmark index fails to capture interest
rate changes appropriately; Spread Movement (Spread Risk) - Though the basis (i.e. benchmark) gets
readjusted on a regular basis, the spread (i.e. markup) over benchmark remains constant. This can
result in some volatility to the holding period return of floating rate instruments; Settlement Risk
(Counterparty Risk) - Specific floating rate assets may also be created by swapping a fixed return into
a floating rate return. In such a swap, there is the risk that the counterparty (who will pay floating
rate return and receive fixed rate return) may default; Liquidity Risk: The market for floating rate
securities is still in its evolutionary stage and therefore may render the market illiquid from time to
time, for such securities that the Scheme are invested in.

• Risks associated with mid-cap and small-cap companies:

The Investment Manager has defined the market capitalization spectrum as follows:

(a) Large Cap: 1st -100th company in terms of full market capitalization
(b) Mid Cap: 101st -250th company in terms of full market capitalization
(c) Small Cap: 251st company onwards in terms of full market capitalization

Investment in mid-cap and small-cap companies are based on the premise that these companies have
the ability to increase their earnings at a faster pace as compared to large- cap companies and grow
into larger, more valuable companies. However, as with all equity investments, there is a risk that
such companies may not achieve their expected earnings results, or there could be an unexpected
change in the market, both of which may adversely affect investment results.

Historically, it has been observed that as you go down the capitalization spectrum i.e. from large-
cap stocks to mid-cap stocks and beyond, there are higher risks in terms of volatility and market
liquidity. Scheme also invests in mid-cap and small-cap companies and hence is exposed to associated
risks.

• Pharmaceutical and Healthcare Sector Concentration Risk:

The Scheme predominately focuses in equities of selected companies in pharmaceutical and

associated sectors. Consequently, the NAV of the Scheme is linked to the equity performance of such
companies and may be more volatile than a more diversified portfolio of equities, as the returns are
subject to the sector's performance and dynamics.

• Risks associated with Pharmaceutical and Healthcare Companies:

The Scheme is sectoral in nature, hence will be affected by the risks associated with the
Pharmaceutical and Healthcare companies in India such as:

8
 (a) Pricing of drugs is subject to price control and any reduction in prices of bulk
drugs/formulations manufactured by pharmaceutical companies may affect the valuation of
the concerned companies adversely.
(b) High competition in the generics market may impact the margins of Indian pharmaceutical
companies.
(c) Other barriers for growth of pharmaceutical companies could be inadequate patent
infrastructure, weak redressal system for patent infringement etc.
(d) INR appreciation may hit pharmaceutical companies’ competitiveness and margins
(e) Healthcare companies are often subject to regulatory interventions, M&As and litigations,
which could impact the prospects of the companies that the scheme would invest in

• Security Concentration Risk:

The relatively high percentage of Scheme’s assets invested in a limited number of equity and equity
related securities may expose the portfolio to higher levels of volatility vis-à-vis other equity oriented
schemes. However as observed in various research under modern portfolio theory and investment
analysis, while the first 20 stocks reduce the portfolio’s risk significantly, the additional stocks
between 20 and 1,000 reduce the portfolio’s risk very marginally. Although the investment universe
constitutes securities which will have high market liquidity, there is a possibility that market liquidity
could get impacted on account of company/sector/general market related events and there could be
a price impact on account of portfolio rebalancing and/or liquidity demands on account of
redemptions.

• Risks associated with trading in derivatives:

The use of derivatives may expose Scheme to a higher degree of risk. In particular, derivative
contracts can be highly volatile, and the amount of initial margin is generally small relative to the
size of the contract so that transactions may be leveraged in terms of market exposure. A relatively
small market movement may have a potentially larger impact on derivatives than on standard bonds
or equities. Leveraged derivative positions can therefore increase Scheme volatility.

Derivatives require the maintenance of adequate controls to monitor the transactions and the
embedded market risks that they add to the portfolio. Besides the price of the underlying asset, the
volatility, tenor and interest rates affect the pricing of derivatives. Other risks in using derivatives
include but are not limited to:

a) Counterparty Risk - this occurs when a counterparty fails to abide by its contractual
obligations and therefore, the Scheme are compelled to negotiate with another counter
party, at the then prevailing (possibly unfavourable) market price. For exchange traded
derivatives, the risk is mitigated as the exchange provides the guaranteed settlement but one
takes the performance risk on the exchange.

b) Market Liquidity Risk - this occurs where the derivatives cannot be transacted due to limited
trading volumes and/or the transaction is completed with a severe price impact.

c) Model Risk - the risk of mis-pricing or improper valuation of derivatives.

d) Basis Risk - arises due to a difference in the price movement of the derivative vis-à-vis that
of the security being hedged.

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 involve uncertainty and decision of the Investment Manager may not always be profitable.
No assurance can be given that the Investment Manager will be able to identify or execute such
strategies. Some other risks investors must read carefully before making any investments in this
Scheme, as it is expected to make investments in equity derivatives are as follows:

Derivative trades involve execution risks, whereby the rates seen on the screen may not be the rate
at which ultimate execution takes place.

9
 a. The option buyer’s risk is limited to the premium paid.

b. Investments in index/stock futures face the similar risk as the investments in the underlying stock
or index.

c. Risk of loss in trading in futures contracts can be substantial, because of the low margin deposits
required, the extremely high degree of leverage involved in futures pricing and potentially high
volatility of the futures markets.

d. The derivatives market may not have the volumes that may be seen in other developed markets,
which may result in volatility in the values.

e. 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.

• Risks associated with investments in Securitised Assets

A securitization transaction involves sale of receivables by the originator (a bank, non-banking finance
company, housing finance company, or a manufacturing/service company) to a Special Purpose
Vehicle (SPV), typically set up in the form of a trust. Investors are issued rated Pass Through
Certificates (PTCs), the proceeds of which are paid as consideration to the originator. In this manner,
the originator, by selling his loan receivables to an SPV, receives consideration from investors much
before the maturity of the underlying loans. Investors are paid from the collections of the underlying
loans from borrowers. Typically, the transaction is provided with a limited amount of credit
enhancement (as stipulated by the rating agency for a target (rating), which provides protection to
investors against defaults by the underlying borrowers.

Some of the risk factors typically analyzed for any securitization transaction are as follows:

1. Risks associated with asset class: Underlying assets in securitised debt may assume different
forms and the general types of receivables include commercial vehicles, auto finance, credit
cards, home loans or any such receipts. Credit risks relating to these types of receivables depend
upon various factors including macroeconomic factors of these industries and economies. Specific
factors like nature and adequacy of collateral securing these receivables, adequacy of
documentation in case of auto finance and home loans and intentions and credit profile of the
borrower influence the risks relating to the asset borrowings underlying the securitised debt.

2. Risks associated with pool characteristics:

a) Size of the loan: This generally indicates the kind of assets financed with loans. While a pool of
loan assets comprising of smaller individual loans provides diversification, if there is excessive
reliance on very small ticket size, it may result in difficult and costly recoveries.
b) Loan to Value Ratio: This indicates how much percentage value of the asset is financed by
borrower’s own equity. The lower LTV, the better it is. This ratio stems from the principle that
where the borrowers own contribution of the asset cost is high, the chances of default are lower.
To illustrate for a Truck costing Rs. 20 lakh, if the borrower has himself contributed Rs.10 lakh
and has taken only Rs. 10 lakh as a loan, he is going to have lesser propensity to default as he
would lose an asset worth Rs. 20 lakh if he defaults in repaying an installment. This is as against
a borrower who may meet only Rs. 2 lakh out of his own equity for a truck costing Rs. 20 lakh.
Between the two scenarios given above, the later would have higher risk of default than the
former.
c) Original maturity of loans and average seasoning of the pool: Original maturity indicates the
original repayment period and whether the loan tenors are in line with industry averages and
borrower’s repayment capacity. Average seasoning indicates whether borrowers have already
displayed repayment discipline. To illustrate, in the case of a personal loans, if a pool of assets
consist of those who have already repaid 80% of the installments without default, this certainly
is a superior asset pool than one where only 10% of installments have been paid. In the former
case, the portfolio has already demonstrated that the repayment discipline is far higher.
d) Default rate distribution: This indicates how much % of the pool and overall portfolio of the
originator is current, how much is in 0-30 DPD (days past due), 30-60 DPD, 60-90 DPD and so on.

10
 The rationale here is very obvious, as against 0-30 DPD, the 60-90 DPD is certainly a higher risk
category.

3. Credit Rating and Adequacy of Credit Enhancement: Unlike in plain vanilla instruments, in
securitisation transactions, it is possible to work towards a target credit rating, which could be
much higher than the originator’s own credit rating. This is possible through a mechanism called
“Credit enhancement”. The process of “Credit enhancement” is fulfilled by filtering the
underlying asset classes and applying selection criteria, which further diminishes the risks
inherent for a particular asset class. The purpose of credit enhancement is to ensure timely
payment to the investors, if the actual collection from the pool of receivables for a given period
is short of the contractual payout on securitisation. Securitisation is normally non-recourse
instruments and therefore, the repayment on securitisation would have to come from the
underlying assets and the credit enhancement. Therefore the rating criteria centrally focus on
the quality of the underlying assets.

The Scheme will predominantly invest in those securitisation issuances which have AA and above
rating indicating high level of safety from credit risk point of view at the time of making an
investment. However, there is no assurance by the rating agency either that the rating will remain
at the same level for any given period of time or that the rating will not be lowered or withdrawn
entirely by the rating agency.

4. Limited Liquidity & Price Risk: Presently, the secondary market for securitised papers is not very
liquid. There is no assurance that a deep secondary market will develop for such securities. This
could limit the ability of the investor to resell them. Even if a secondary market develops and
sales were to take place, these secondary transactions may be at a discount to the initial issue
price due to changes in the interest rate structure.

5. Limited Recourse to Originator & Delinquency: Securitised transactions are normally backed by
pool of receivables and credit enhancement as stipulated by the rating agency, which differ from
issue to issue. The Credit Enhancement stipulated represents a limited loss cover to the Investors.
These Certificates represent an undivided beneficial interest in the underlying receivables and
there is no obligation of either the Issuer or the seller or the originator, or the parent or any
affiliate of the seller, issuer and originator. No financial recourse is available to the Certificate
Holders against the Investors” Representative. Delinquencies and credit losses may cause
depletion of the amount available under the credit enhancement and thereby the investor
payouts may get affected if the amount available in the credit enhancement facility is not enough
to cover the shortfall. On persistent default of an obligor to repay his obligation, the servicer
may repossess and sell the underlying Asset. However many factors may affect, delay or prevent
the repossession of such asset or the length of time required to realize the sale proceeds on such
sales. In addition, the price at which such asset may be sold may be lower than the amount due
from that Obligor.

6. Risks due to possible prepayments: Weighted Tenor / Yield: Asset securitisation is a process
whereby commercial or consumer credits are packaged and sold in the form of financial
instruments Full prepayment of underlying loan contract may arise under any of the following
circumstances;

a) Obligor pays the receivable due from him at any time prior to the scheduled maturity date of
that receivable; or
b) Receivable is required to be repurchased by the seller consequent to its inability to
rectify a material misrepresentation with respect to that Receivable; or
c) The servicer recognizing a contract as a defaulted contract and hence repossessing the
underlying asset and selling the same.
d) In the event of prepayments, investors may be exposed to changes in tenor and yield.

7. Bankruptcy of the Originator or Seller: If originator becomes subject to bankruptcy proceedings

and the court in the bankruptcy proceedings concludes that the sale from originator to trust was
not a sale then an Investor could experience losses or delays in the payments due. All possible
care is generally taken in structuring the transaction so as to minimize the risk of the sale to
Trust not being construed as a ‘True Sale’. Legal opinion is normally obtained to the effect that

11
 the assignment of Receivables to Trust in trust for and for the benefit of the Investors, as
envisaged herein, would constitute a true sale.

8. Bankruptcy of the Investor’s Agent: If Investor’s agent becomes subject to bankruptcy

proceedings and the court in the bankruptcy proceedings concludes that the recourse of Investor’s
Agent to the assets/receivables is not in its capacity as agent/Trustee but in its personal capacity,
then an Investor could experience losses or delays in the payments due under the agreement. All
possible care is normally taken in structuring the transaction and drafting the underlying
documents so as to provide that the assets/receivables if and when held by Investor’s Agent is
held as agent and in Trust for the Investors and shall not form part of the personal assets of
Investor’s Agent. Legal opinion is normally obtained to the effect that the Investors Agent’s
recourse to assets/ receivables is restricted in its capacity as agent and trustee and not in its
personal capacity.

9. Risk of co-mingling: The servicers normally deposit all payments received from the obligors into
the collection account. However, there could be a time gap between collection by a servicer and
depositing the same into the collection account especially considering that some of the
collections may be in the form of cash. In this interim period, collections from the loan
agreements may not be segregated from other funds of the servicer. If the servicer fails to remit
such funds due to Investors, the Investors may be exposed to a potential loss. Due care is normally
taken to ensure that the Servicer enjoys highest credit rating on standalone basis to minimize co-
mingling risk.

10. Risks relating to tax incidence on securitization Special Purpose Vehicles: In October 2011,
the income tax authorities issued a claim on certain securitisation SPVs, stating that the gross
income of such SPVs was liable to tax. The matter is presently under sub judice with the Bombay
High Court. Several industry participants approached the Ministry of Finance (MoF) to seek clarity
and reinforce the “pass through” status of a securitisation SPV. The Finance Bill, 2013, has sought
to clarify the tax position by stating that securitisation SPVs are not liable to pay income tax.
However, any tax incidence on gross income of SPVs could result in dilution of payouts to
investors.

• Risk associated with favourable taxation of equity-oriented Scheme:

In the event that investible funds of more than 65% of the total proceeds in each Scheme are not
invested in the equity shares of domestic companies, the tax exemption, if any, on income
distribution will not be available to the Unit Holders.

• Risk associated with Stock Lending: Securities Lending and Borrowing (“SLB”) is an exchange traded
product in India, with trades done on order matching platforms setup by the clearing
corporation/house of recognized stock exchanges. In accordance with SEBI guidelines, there is a
robust risk management system and safeguards exercised by the clearing corporation/house, which
also guarantee financial settlement hence eliminating counterparty risk on borrowers.
The Scheme may participate as a lender in the SLB market and lend securities held in the portfolio
for earning fees from such lending to enhance revenue of the Scheme. The key risk to the Scheme is
creation of temporary illiquidity due to the inability to sell such lent securities, till the time such
securities are returned on the contractual settlement date or on exercise of early recall.

• Risks associated with Overseas Investments

Subject to necessary approvals, in terms of all applicable guidelines issued by SEBI and RBI from time
to time and within the investment objectives of the Schemes, the Schemes may invest in overseas
markets and securities which carry a risk on account of fluctuations in the foreign exchange rates,
nature of securities market of the country concerned, repatriation of capital due to exchange controls
and political circumstances.

• Risk associated with investments in repo of corporate debt securities

In repo transactions, also known as a repo or sale repurchase agreement, securities are sold with the
seller agreeing to buy them back at later date. The repurchase price should be greater than the

12
 original sale price, the difference effectively representing interest. A repo is economically similar to
a secured loan, with the buyer receiving corporate debt securities as collateral to protect against
default. The Scheme may invest in repo of corporate debt securities which are subject to the
following risks:

i. Counterparty Risk: This refers to the inability of the seller to meet the obligation to buy back
securities at the contracted price. The Investment Manager will endeavour to manage
counterparty risk by dealing only with counterparties having strong credit profiles assessed
through in-house credit analysis or with entities regulated by SEBI/RBI/IRDA.

ii. Collateral Risk: In the event of default by the repo counterparty, the scheme has recourse to
the corporate debt securities. Collateral risk arises when the market value of the securities is
inadequate to meet the repo obligations. This risk is mitigated by restricting participation in
repo transactions only in AA and above rated money market and corporate debt securities. In
addition, appropriate haircuts are applied on the market value of the underlying securities to
adjust for the illiquidity and interest rate risk on the underlying instrument.

• Risks Associated With Transaction In Units Through Stock Exchange Mechanism

In respect of transactions in Units of the Scheme through NSE and/or BSE or any other recognised
stock exchange, allotment and redemption of Units on any Business Day will depend upon the order
processing/settlement by NSE, BSE or such other exchange and their respective clearing corporations
on which the Fund has no control. Further, transactions conducted through the stock exchange
mechanism shall be governed by the operating guidelines and directives issued by NSE, BSE or such
other recognised exchange in this regard.

• Risks associated with investments in REITs and InvITs

Risk of lower than expected distributions: The distributions by the REIT or InvIT will be based on
the net cash flows available for distribution. The amount of cash available for distribution principally
depends upon the amount of cash that the REIT/INVIT receives as IDCW or the interest and principal
payments from portfolio assets. The cash flows generated by portfolio assets from operations may
fluctuate based on, among other things
a. success and economic viability of tenants and off-takers
b. economic cycles and risks inherent in the business which may negatively impact valuations, returns
and profitability of portfolio assets
c. force majeure events related such as earthquakes, floods etc. rendering the portfolio assets
inoperable
d. debt service requirements and other liabilities of the portfolio assets
e. fluctuations in the working capital needs of the portfolio assets
f. ability of portfolio assets to borrow funds and access capital markets
g. changes in applicable laws and regulations, which may restrict the payment of IDCW by portfolio
assets
h. amount and timing of capital expenditures on portfolio assets
i. insurance policies may not provide adequate protection against various risks associated with
operations of the REIT/InvIT such as fire, natural disasters, accidents

Price-Risk: The valuation of the REIT/InvIT units may fluctuate based on economic conditions,
fluctuations in markets (eg. real estate) in which the REIT/InvIT operates and the resulting impact on
the value of the portfolio of assets, regulatory changes, force majeure events etc. REITs & InvITs may
have volatile cash flows. As an indirect shareholder of portfolio assets, unit holders rights are
subordinated to the rights of creditors, debt holders and other parties specified under Indian law in
the event of insolvency or liquidation of any of the portfolio assets

Interest-Rate Risk: Generally, when interest rates rise, prices of units fall and when interest rates
drop, such prices increase.

Liquidity Risk: This refers to the ease with which REIT/InvIT units can be sold. There is no assurance
that an active secondary market will develop or be maintained. Hence there would be time when

13
 trading in the units could be infrequent. The subsequent valuation of illiquid units may reflect a
discount from the market price of comparable securities for which a liquid market exists.

• Risk Factors Associated with Imperfect Hedging using Interest Rate Futures
1. Basis Risk — risk associated with divergence in the price movement of the portfolio being hedged
and the price movement of the derivative serving as the hedge e.g. a loss (gain) in the market value
of bonds in the portfolio (or the part thereof that is being hedged), may be accompanied by a
disproportionate gain (loss) in the market value of the derivatives being used to serve as the hedge.
This imperfect correlation between the two investments creates the potential for excess gains or
losses in a hedging strategy, thus adding risk to the position.

2. Mispricing Risk, or improper valuation — market circumstances may necessitate unwinding the
derivative positions at sub-optimal prices during periods of market dislocation triggered by contagion
or tumult e.g. if the expected upward trajectory of yields reverses course and begins to spiral
downward, most participants with short Interest Rate Futures positions are likely to seek an
unwinding, leading to a potential amplification in the adverse price movement, and impact
therefrom.

3. Correlation weakening, and consequent risk of regulatory breach — SEBI regulation mandates a
minimum correlation criteria of 0.9 (calculated on a 90 day basis) between the portfolio being hedged
and the derivative serving as the hedge; in cases where this limit is breached (i.e. when the 90-day
correlation falls below 0.9), a rebalancing period of 5 working days has been permitted.
Inability to satisfy this requirement within the stipulated period due to difficulties in re-balancing
would lead to a lapse of the exemption in gross exposure computation. The entire derivative exposure
would then need to be included in gross exposure, which may result in gross exposure in excess of
100% of net asset value; leverage is not permitted as per SEBI guidelines.

RISK MANAGEMENT STRATEGIES

DSPAM is committed to a strong control and compliance environment and ensuring that the
management structure is appropriate to the scale of the business. DSPAM’s fiduciary business is
managed according to the rules and a regulation stipulated for Asset Management Companies by the
Securities & Exchange Board of India (SEBI) and also incorporates DSPAM’s internal policies.

The AMC has systems and processes to monitor all the investment restrictions specified by SEBI and
in this document on a regular basis.

• Market Liquidity Risk:

The liquidity risk will be managed and/or sought to be addressed by creating a portfolio which has
adequate access to liquidity. The Investment Manager will select securities, which have or are
expected to have good secondary market liquidity. There is good secondary market liquidity in large
cap stocks. Market Liquidity Risk will be managed actively within the portfolio liquidity limits. The
first access to liquidity is through cash and fixed income securities.

• Credit Risk:

Credit Risk associated with Fixed Income securities will be managed by making investments in
securities issued by borrowers, which have a very good credit profile. Limits are assigned for each of
the issuers (other than government of India); these limits are for the amount as well as maximum
permissible tenor for each issuer. The credit process ensures that issuer level review is done at
inception as well as periodically by taking into consideration the balance sheet and operating strength
of the issuer.

• Term Structure of Interest Rates (TSIR) Risk:

The Investment Manager will endeavour to actively manage the duration based on the ensuing market
conditions. As the fixed income investments of the Scheme are generally short duration in nature,
the risk can be expected to be small.

14
• Rating Migration Risk:

The endeavour is to invest in high grade/quality securities. The due diligence performed before
assigning credit limits should mitigate company-specific issues. The limits are monitored after they
have been assigned, on an ongoing basis.

• Re-investment Risk: Re-investment Risk is prevalent for fixed income securities, but as the fixed
income investments of the Scheme are generally short duration in nature, the impact can be expected
to be small.

• Market Risk related to equity and equity related securities

The Investment Manager endeavours to invest in companies, where adequate due diligence and
research has been performed by the Investment Manager. As not all these companies are very well
researched by third-party research companies, the Investment Manager also relies on its own
research. This involves one-to-one meetings with the management of companies, attending
conferences and analyst meets and also tele-conferences. The company– wise analysis will focus,
amongst others, on the historical and current financial condition of the company, potential value
creation/unlocking of value and its impact on earnings growth, capital structure, business prospects,
policy environment, strength of management, responsiveness to business conditions, product profile,
brand equity, market share, competitive edge, research, technological know- how and transparency
in corporate governance.

• Risk associated with floating rate securities:

There is very low liquidity in floating rate securities, resulting in lack of price discovery. Hence,
incremental investments in floating rate securities are going to be very limited.

• Pharmaceutical and Healthcare Sector Concentration Risk:

The Scheme has primary investment objective to invest in Pharmaceutical and Healthcare sectors.
Being a sector fund, it will have higher risk as compared to a diversified equity fund. The Investment
Manager will endeavour due diligence in the stock selection. The investors are informed that a pure
sector fund will have high volatility. This risk cannot be defeased and is the primary feature of the
Scheme.

• Risks associated with Pharmaceutical and Healthcare Companies:

The Investment Manager will focus on companies with strong managements, responsiveness to
business conditions, product profile, brand equity, market share, competitive edge, research,
technological know-how and transparency in corporate governance besides financial condition of the
company, potential value creation/unlocking of value and its impact on earnings growth, capital
structure, business prospects and policy environment. The Investment Manager believes the good
managements create good and sustainable companies and hence management quality will be a key
differentiator.

• Risk associated with favourable taxation of equity-oriented Scheme

This risk is mitigated as there is a regular monitoring of equity exposure of each of the equity oriented
Scheme of the Fund.

• Risk associated with Stock Lending

The investment managers will ensure adherence to the limits assigned for stock lending and will
ensure that the liquidity Risk is managed actively within the portfolio liquidity limits by maintaining
proper asset-liability match to ensure payout of the obligations. Also to ensure that the counterparty
risk is limited the AMC will participate in stock lending only through exchange mechanism where the
settlement is guaranteed.

15
• Risk associated with investments in repo of corporate debt securities

The Investment Manager will endeavour to manage counterparty risk in corporate debt repos by
dealing only with counterparties having strong credit profiles. These could include SEBI regulated
mutual funds, RBI regulated Banks, Non-Banking Finance Companies, Primary Dealers and IRDA
regulated Insurance companies. Corporates for whom credit limits have been assigned are eligible
counterparties. These corporates should have a minimum investment grade credit rating. For new
counterparties, approval from Head – Risk will be taken and an assessment will be done by the
Quantitative Investment & Analytics team.

The collateral risk is mitigated by restricting participation in repo transactions only in AA and above
rated money market and corporate debt securities, where potential for downgrade/ default is low.
In addition, appropriate haircuts are applied on the market value of the underlying securities to
adjust for the illiquidity and interest rate risk on the underlying instrument.

• Risk associated with trading in derivatives

The Scheme can use equity derivatives, both for directional (including equitisation of cash) and yield
enhancement strategies. The credit risk associated with equity derivatives is defeased as only
exchange traded equity derivatives are permitted. On the performance, portfolio and regulatory
limits, there is an established daily monitoring process. As limits could be breached because of
changes in the open interest, which is a function of market-wide activity and not specific to the
Scheme and are not in control, there are hard and soft limits. Any breach beyond the soft limit is
immediately rectified and brought within the specified limit.

The guidelines issued by SEBI / RBI from time to time for forward rate agreements and interest rate
swaps and other derivative products would be adhered to.

• Risks Associated With Overseas Investments

The portfolio is predominantly in INR denominated securities. Should there be investments in

ADRs/GDRs of Indian companies or foreign securities, the investment process of the fund manager
will ensure that a comprehensive company specific due diligence is performed.

• Risks associated with investments in REITs and InvITs

The Investment Manager endeavours to invest in REITS/InvITs, where adequate due diligence and
research has been performed by the Investment Manager. The Investment Manager also relies on its
own research as well as third party research. This involves one-to-one meetings with the
managements, attending conferences and analyst meets and also tele-conferences. The analysis will
focus, amongst others, on the predictability and strength of cash flows, value of assets, capital
structure, business prospects, policy environment, strength of management, responsiveness to
business conditions, etc.

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 Mutual Fund will endeavor 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 also be complied within each subsequent calendar quarter thereafter, 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

16
of the notice period. The Fund shall adhere to the requirements prescribed by SEBI from time to time
in this regard.

C. SPECIAL CONSIDERATIONS

• Subject to the SEBI (MF) Regulations, funds managed by the associates of the Sponsors may invest
either directly or indirectly in the Scheme and may acquire a substantial portion of the Scheme
Units and collectively constitute a majority investor in the Scheme. Accordingly, redemption of
Units held by such funds may have an adverse impact on the value of the Units of the Scheme
because of the timing of any such redemption and may impact the ability of other Unit Holders to
redeem their respective Units.
• As the liquidity of the Scheme investments may sometimes 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 of a restructuring of the
Scheme portfolios. In view of this, the Trustee has the right, in its sole discretion, to limit
redemptions under certain circumstances.
• Neither the SID and SAI, nor the Units have been registered in any jurisdiction. The distribution of
this SID in certain jurisdictions may be restricted or subject to registration requirements and,
accordingly, persons who come into possession of this SID and the SAI in such jurisdictions are
required to inform themselves about, and to observe, any such restrictions. No person receiving a
copy of this SID or any accompanying application form in such jurisdiction may treat this SID or
such application form as constituting an invitation to them to subscribe for Units, nor should they
in any event use any such application form, unless in the relevant jurisdiction such an invitation
could lawfully be made to them and such application form could lawfully be used without
compliance of any registration or other legal requirements.
• Investment decisions made by the Investment Manager may not always be profitable.
• The AMC provides Investment Management Services to DSP India Fund and DSP India Investment
Fund (both based out in Mauritius). The AMC provides investment management and trade
execution related services to offshore sovereign funds. The AMC also provides a non- binding
advisory services to the offshore funds/ offshore investment manager, who is managing an
offshore fund which will invest through FPI route. The AMC also provides investment management
advice and execution services to DSP ICAV, an umbrella type Irish Collective Asset-management
Vehicle. The AMC is the holding company to DSP Pension Fund Managers Private Limited (DSPPFM)
and it acts as a Sponsor to DSPPFM pursuant to Pension Fund Regulatory and Development
Authority Regulations, 2015 (PFRDA Regulations) and PFRDA letter dated July 10, 2023, and in
accordance with SEBI approval dated January 03, 2013, under Regulation 24 (b) of SEBI (Mutual
Fund) Regulations, 1996. The AMC, in accordance with SEBI approval, acts as Investment Managers
to DSP Alternative Investment Fund Category III (DSPAIF – C - III) (SEBI registration no. IN/AIF3/13-
14/0059). Further, DSP Trustee Private Limited, act as Trustees to the DSPAIF - C - III. The AMC
is the holding company to DSP Fund Managers IFSC Private Limited (‘DSP IFSC’). Pursuant to SEBI
approval Dated February 8, 2023 and IFSC approval dated August 31, 2023 and other applicable
regulatory approvals, DSP IFSC provides investment management and/or advisory services to the
Funds set up under IFSCA (Fund Management) Regulations, 2022. The said funds being (a) Foreign
Portfolio Investors ('FPls') operating from IFSC-GIFT and regulated by International Financial
Services Centres Authority ('IFSCA') and falling under the categories as specified under clause
17.3.1 of SEBI Master Circular. (b) FPls operating from IFSC-GIFT and regulated by IFSCA specified
under clause 17.3.3 of SEBI Master Circular subject to complying with applicable conditionalities
mentioned thereunder. (c) Other broad-based funds (not being FPls) investing in overseas
securities. The AMC intends to provide non- binding advisory services to a DSP IFSC in accordance
with Regulation 24 of SEBI (Mutual Funds) Regulations, 1996. The AMC has systems in place to
ensure that there is no conflict of interest between the aforesaid activities. There are instances
where AMC has appointed common Fund Manager for managing domestic mutual fund schemes
and managing/advising offshore funds. Further, it may be noted that the dealing function
(excluding passive schemes) is common for mutual fund/AIF/offshore advisory cum management
activities. The AMC has systems in place to ensure that there is no conflict of interest between
the aforesaid activities.
• The Mutual Fund/AMC has not authorized any person to give any information or make any

17
 representations, either oral or written, not stated in this SID in connection with issue of Units
under the Scheme. Prospective investors are advised not to rely upon any information or
representations not incorporated in this SID as the same have not been authorized by the Mutual
Fund or the AMC. Any subscription, purchase or sale 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.
• Suspicious Transaction Reporting: If after due diligence, the AMC believes that any transaction is
suspicious in nature as regards money laundering, the AMC shall report any such suspicious
transactions to competent authorities under PMLA and rules/guidelines issued thereunder by SEBI
and/or 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 by SEBI and/or RBI without obtaining the prior approval of the
investor/Unit Holder/any other person.
• The AMC and its Registrar reserve the right to disclose/share investors’ personal information with
the following third parties:
a. Registrar, Banks and / or authorised external third parties who are involved in transaction
processing, dispatches, etc., of investors’ investment in the Scheme;
b. Distributors or Sub-brokers or Registered Investment Advisors through whom applications of
investors are received for the Scheme; or;
c. Any other organisations for compliance with any legal or regulatory requirements or to verify
the identity of investors for complying with anti-money laundering requirements.
Account statements or financial information pertaining to the investor, if it is to be sent over the
internet to the Unitholder, distributors or any other entity as indicated above, will be sent only
through a secure means and / or through encrypted electronic mail.
• Non-Individual Investors should note the following:
a. A list of specimen signatures of the authorized officials, duly certified / attested should also
be attached to the Application Form.
b. In case of application for any transaction, the authorized signatories/officials should sign such
application under their official designation and as per the authority granted to them under
their constitutional documents/board resolutions etc.
c. In case a generic board resolution authoring investment has been submitted, the AMC/Fund
reserves the right to consider such generic resolution as a valid authorisation for all other
financial and non-financial transactions including but not limited to redemption/switches etc.
Accordingly, all transactions executed by the officials named in such generic resolution would
be processed by the AMC/Fund.
• The tax benefits described in this Scheme Information Document and Statement of Additional
Information are as available under the present taxation laws and are available subject to relevant
conditions. The information given is included only for general purpose and is based on advise
received by the AMC regarding the law and practice currently in force in India and the Unit holders
should be aware that the relevant fiscal rules or their interpretation may change. As is the case
with any investment, there can be no guarantee that the tax position or the proposed tax position
prevailing at the time of an investment in the Scheme will endure indefinitely. In view of the
individual nature of tax consequences, each Unit holder is advised to consult his/her own
professional tax advisor.
• Investors should study this Scheme Information Document and the Statement of Additional
Information carefully in its entirety and should not construe the contents as advise relating to
legal, taxation, investment or any other matters. Investors are advised to consult their legal, tax,
investment and other professional advisors to determine possible legal, tax, financial or other
considerations of subscribing to or redeeming units, before making a decision to invest / redeem
Units.
• Any dispute arising out of the Scheme shall be subject to the exclusive jurisdiction of the Courts
in India. Statements in this Scheme Information Document are, except where otherwise stated,
based on the law, practice currently in force in India, and are subject to changes therein.

18
• The Mutual Fund may disclose details of the investor’s account and transactions there under to
those intermediaries whose stamp appears on the application form. In addition, the Mutual Fund
may disclose such details to the bankers / its agents, as may be necessary for the purpose of
effecting payments to the investor. Further, the Mutual Fund may disclose details of the investor’s
account and transactions thereunder to any Regulatory/Statutory entities as per the provisions of
law.
• This SID is not an offer of units of the Scheme for sale or solicitation of an offer to purchase the
units of the Scheme in the United States or in any other jurisdiction where such offer may be
restricted. Offers to sell or solicitations of offers to purchase units of any Scheme referred herein
may be made only by means of a prospectus and in accordance with applicable securities laws.
Securities may not be offered or sold in the United States absent registration under the US
Securities Act of 1933, as amended or an exemption therefrom. The Schemes referred herein have
not and do not intend to register any securities under the US Securities Act of 1933, as amended,
and do not intend to offer any securities in the United States. The Schemes referred herein have
not been and will not be registered under the US Investment Company Act of 1940, and investors
therein will not be entitled to the benefits thereof.
• DSP Investment Managers Private Limited (“DSPIM”) has transferred its asset management business
to another DSP group company DSP Asset Managers Private Limited (“DSPAM”), as part of internal
restructuring (demerger) of its business with effect from April 01, 2023.

It is to be noted, that pursuant to said demerger, there is (a) no change in ultimate ownership and
control of the Asset Management Company (AMC) of the Fund; (b) sponsors of the Fund; and (c)
name of the Fund. Further, Securities and Exchange Board of India (“SEBI”) vide its letter dated
December 01, 2022 bearing reference no. SEBI/HO/OW/IMD RAC2/P/2022/60211/1 (“SEBI NOC”)
has approved the said Demerger with no objection to transfer the AMC Business of DSPIM to DSPAM.

Investors are urged to study the terms of the offer carefully before investing in the Scheme and
retain this SID and the SAI for future reference.

19
D. DEFINITIONS

Applicable NAV The NAV applicable for purchase /redemption/switch on the Business Day
on which the subscription/redemption/switch is sought by the investor and
determined by the Fund.
Application Supported ASBA is an application containing an authorization to a Self Certified
by Blocked Amount Syndicate Bank (SCSB) to block the application money in the bank account
(ASBA) maintained with the SCSB, for subscribing to a New Fund Offer.
AMC or Investment DSP Asset Managers Private Limited), the asset management company, set
Manager or DSPAM up under the Companies Act 2013, and authorized by SEBI to act as the asset
management company to the schemes of DSP Mutual Fund.
Beneficial owner Beneficial Owner as defined in the Depositories Act, 1996 means a person
whose name is recorded as such with a depository.
Business/Working Day A day other than:
(1) Saturday and Sunday;
(2) a day on which the National Stock Exchange is closed
(3) a day on which the Sale and Redemption of Units is suspended

The AMC reserves the right to declare any day as a non-business day at any
of its locations at its sole discretion.
Continuous Offer of Units when the Scheme becomes available for subscription, after
Offer/Ongoing Offer the closure of the New Fund Offer.
Custodian Citibank, acting as custodian to the Schemes, or any other Custodian who is
approved by the Trustee.
Clearcorp Repo Order CROMS is an STP (Straight through Processing) enabled anonymous Order
Matching System Matching Platform launched by Clearcorp Dealing Systems (India) Limited
(CROMS) for facilitating dealing in Market Repos in all kinds of Government Securities.

Date of Allotment The date on which Units subscribed to during the New Fund Offer Period will
be allotted.
DSPHF DSP Healthcare Fund
Depository National Securities Depository Limited (NSDL)/Central Depository Services
(India) Limited (CDSL) or such other depository as approved by the Trustee,
being a body corporate as defined in the Depositories Act, 1996.
Depository Depository Participant (DP) is an agent of the Depository which acts like an
Participant/DP intermediary between the Depository and the investors. DP is an entity
which is registered with SEBI to offer depository-related services.
Direct Plan Direct Plan is a separate plan for direct investments i.e. investments not
routed through a distributor.
Entry Load Load on purchase of Units
Exit Load Load on redemption of Units
Equity related Equity related instruments include convertible debentures, convertible
instrument preference shares, warrants carrying the right to obtain equity shares,
equity derivatives and such other instrument as may be specified by the
Board from time to time.
First time mutual fund An investor who invests for the first time ever in any mutual fund either by
investor way of subscription or systematic investment plan.
Fund/Mutual Fund DSP Mutual Fund, a trust set up under the provisions of the Indian Trust Act,
1882, and registered with SEBI vide Registration No. MF/036/97/7.
FPI Foreign Portfolio Investor, registered with SEBI under the Securities and
Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014 as
amended from time to time
Investment Management The Agreement dated December 16, 1996 amended vide Amendatory
Agreement Agreement dated April 01, 2023, entered into between DSP Trustee Private
Limited and DSP Asset Managers Private Limited, as amended from time to
time.

20
NAV Net Asset Value of the Units of the Scheme (Plans and Options, if any,
therein) calculated in the manner provided in this SID or as may be
prescribed by the SEBI (MF) Regulations, from time to time.
Non Business Day A day other than a Business Day.
NRI Non Resident Indian.
Offer Document This Scheme Information Document (SID) and the Statement of Additional
Information (SAI) (collectively)
PIO Person of Indian Origin.
Registrar and Transfer Computer Age Management Services Limited (CAMS)
Agent/RTA
Self Certified Syndicate The list of banks that have been notified by SEBI to act as a SCSB for the
Banks (SCSB) ASBA process as provided on www.sebi.gov.in.
Scheme Information This document issued by DSP Mutual Fund, offering Units of DSP Healthcare
Document/SID Fund
Statement of Additional A document containing details of the Mutual Fund, its constitution, and
Information/SAI certain tax, legal and general information, and legally forming a part of the
SID.
Scheme DSP Healthcare Fund
SEBI Securities and Exchange Board of India, established under the Securities and
Exchange Board of India Act, 1992.
SEBI Master Circular SEBI Master Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/74 dated May
19, 2023 on Master Circular for Mutual Funds.
Sponsors DSP ADIKO Holdings Private Limited & DSP HMK Holdings Private Limited
Stock BSE Limited, NSE or any other recognized stock exchange in India, as may
Exchange/Exchange be approved by the Trustee.
Trustee DSP Trustee Private Limited, company set up under the Companies Act, 1956
and approved by SEBI to act as the Trustee to the schemes of DSP Mutual
Fund.
Unit The interest of an investor which consists of one undivided share in the Unit
Capital of the relevant Option under the Scheme offered by this SID.
Unit Holder/Investor A participant/holder of Units in the Scheme offered under this SID.

21
ABBREVIATIONS & INTERPRETATIONS

In this SID, the following abbreviations have been used:

AMC: Asset Management Company MBS: Mortgaged Backed Securities

AMFI : Association of Mutual Funds in India MFSS: Mutual Fund Service System
AML: Anti-Money Laundering MFU: MF Utilities India Private Limited
ABS: Asset Backed Securities NAV: Net Asset Value
ASBA: Application Supported by Blocked NEFT: National Electronic Funds
Amount Transfer
AOP: Association of Person NFO: New Fund Offer
BSE: BSE Limited NRI: Non-Resident Indian
BSE StAR BSE Stock Exchange Platform for NRE: Non Resident External
MF: Allotment and Repurchase of Mutual
Funds
CAS: Consolidated Account Statement NRO: Non Resident Ordinary
CAMS: Computer Age Management Services NSE / National National Stock Exchange of India
Limited Stock Limited
Exchange:
CDSL: Central Depository Services (India) NSDL: National Securities Depository
Limited Limited
DFI: Development Financial Institutions OTC: Over the Counter
DP: Depository Participant OTM: One Time Mandate
ECS: Electronic Clearing System POA: Power of Attorney
EFT: Electronic Funds Transfer PIO: Person of Indian Origin
FPI: Foreign Portfolio Investor PMLA: Prevention of Money Laundering
Act, 2002
FRA: Forward Rate Agreement POS: Points of Service
FIRC: Foreign Inward Remittance Certificate PSU: Public Sector Undertaking
FOF: Fund of Funds RBI: Reserve Bank of India
FPI: Foreign Portfolio Investor REITs: Real Estate Investment Trusts
FATCA: Foreign Account Tax Compliance Act RTGS: Real Time Gross Settlement
Flex STP: Flex Systematic Transfer Plan SEBI: Securities and Exchange Board of
India
HUF: Hindu Undivided Family SI: Standing Instructions
IDCW: Income Distribution cum Capital SIP: Systematic Investment Plan
Withdrawal
IMA: Investment Management Agreement SWP: Systematic Withdrawal Plan
InvITs: Infrastructure Investment Trusts STP: Systematic Transfer Plan
IRS: Interest Rate Swap STT: Securities Transaction Tax
ISC: Investor Service Centre SCSB: Self Certified Syndicate Bank
KYC: Know Your Customer SLR: Statutory Liquidity Ratio
LTV: Loan to Value Ratio UBO: Ultimate Beneficial Ownership
TREPS: Tri-party REPOs Value STP : Value Systematic Transfer Plan

INTERPRETATION

For all purposes of this SID, except as otherwise expressly provided or unless the context otherwise
requires:

• The terms defined in this SID include the plural as well as the singular.
• Pronouns having a masculine or feminine gender shall be deemed to include the other.
• All references to “US$” refer to United States Dollars and “Rs.” refer to Indian Rupees. A “Crore”
means “ten million” and a “Lakh” means a “hundred thousand”.
• References to times of day (i.e. a.m. or p.m.) are to Indian Standard Time (IST) and
references to a day are to a calendar day including non-Business Day.

22
E. DUE DILIGENCE BY THE AMC

It is confirmed that:

 The SID forwarded to SEBI is in accordance with the SEBI (MF) Regulations, 1996 and the
guidelines and directives issued by SEBI from time to time.

 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.

 The disclosures made in the SID are true, fair and adequate to enable the investors to make
a well informed decision regarding investment in the proposed Scheme.

 The intermediaries named in the SID and SAI are registered with SEBI and their registration is
valid, as on date.

Place: Mumbai Signed : Sd/-

Date : October 31, 2023 Name : Pritesh Majmudar (Dr.)
Head – Legal and Compliance

23
SECTION II - INFORMATION ABOUT THE SCHEME

A. TYPE OF THE SCHEME

An open ended equity scheme investing in healthcare and pharmaceutical sector

B. WHAT IS THE INVESTMENT OBJECTIVE OF THE SCHEME?

The primary investment objective of the scheme is to seek to generate consistent returns by
predominantly investing in equity and equity related securities of pharmaceutical and healthcare
companies.

However, there can be no assurance that the investment objective of the scheme will be realized.

C. HOW WILL THE SCHEME ALLOCATE ITS ASSETS?

Under normal circumstances, it is anticipated that the asset allocation of the Scheme shall be as
follows:
Indicative allocations
Instruments (% of total assets) Risk Profile
Minimum Maximum
Equity and equity related securities of pharmaceutical 80% 100% Medium to High
and healthcare companies
Equity and Equity related securities of other Companies 0% 20% Medium to High
Debt, securitized debt and Money Market Securities 0% 20% Low to Medium
Units issued by REITs & InvITs 0% 10% Medium to High

The Scheme retains the flexibility to invest across all the securities in the debt and money markets
as permitted by SEBI / RBI from time to time, including schemes of mutual funds.

Stock lending

Subject to SEBI (MF) Regulations and the applicable guidelines issued by SEBI, the Mutual Fund may
engage in stock lending. The AMC shall comply with all reporting requirements and the Trustee shall
carry out periodic review as required by SEBI guidelines. Stock lending means the lending of stock to
another person or entity for a fixed period of time, at a negotiated compensation. The securities lent
will be returned by the borrower on expiry of the stipulated period.

The Investment Manager will apply the following limits, should it desire to engage in Stock Lending:

1. Not more than 20% of the net assets of a Scheme can generally be deployed in Stock Lending.
2. Not more than 5% of the net assets of a Scheme can generally be deployed in Stock Lending to
any single counter party.

Overseas Investments
Under normal circumstances the Schemes shall not have an exposure of more than 25% of its net
assets in foreign assets/securities, subject to applicable regulatory limits.

Trading in Derivatives
The net derivative position in the Scheme may be upto 100% of the net assets, subject to applicable
regulatory limits, as mentioned in, “Where will the Scheme Invest?”.

The Scheme will participate in repo of corporate debt securities.

The Scheme will not invest in foreign debt securities and credit default swaps.

The cumulative gross exposure through equity, debt, derivative positions (including fixed income
derivatives), repo transactions and Real Estate Investment Trusts (REITs), Infrastructure Investment
Trusts (InvITs), other permitted securities/assets and such other securities/assets as may be
permitted by the Board from time to time should not exceed 100% of the net assets of the scheme.

24
Pending deployment of funds of the Scheme shall be in terms of clause 12.16 of the SEBI Master
Circular. The AMC may invest funds of the Scheme in short-term deposits of scheduled commercial
banks, subject to the following conditions:
1. The term ‘short term’ for parking of funds shall be treated as a period not exceeding 91 days.
2. Such deposits shall be held in the name of the Scheme.
3. The Scheme shall not park more than 15% of its net assets in the short term deposit(s) of all
the scheduled commercial banks put together. However, it may be raised to 20% with the prior
approval of the Trustee. Also, 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.
4. The Scheme shall not park more than 10% of its net assets in short term deposit(s) with any one
scheduled commercial bank including its subsidiaries.
5. The Trustee shall ensure that the funds of the Scheme are not parked in the short term
deposits of a bank which has invested in that Scheme.
6. AMC will not charge any investment management and advisory fees for parking of funds in short
term deposits of scheduled commercial banks.
7. The Trustee shall also ensure that the bank in which a scheme has short term deposits do not
invest in the scheme until the scheme has short term deposits with such bank.

The above provisions do not apply to term deposits placed as margins for trading in cash and derivative
market.

Portfolio Rebalancing:

a. Action with respect to passive breaches:

As per the clause 2.9 of the SEBI Master Circular and the clarifications/ guidelines issued by AMFI/
SEBI from time to time, in the event of deviation from mandated asset allocation mentioned, passive
breaches (i.e. occurrence of instances not arising out of omission and commission of AMC) shall be
rebalanced within 30 business days. Where the portfolio is not rebalanced within above mentioned
period, justification in writing, including details of efforts taken to rebalance the portfolio shall be
placed before Investment Committee. The Investment Committee, if so desires, can extend the
timelines up to sixty (60) business days from the date of completion of mandated rebalancing period.

In case the portfolio is not rebalanced within the aforementioned mandated plus extended timelines
the AMC shall comply with the prescribed restrictions, the reporting and disclosure requirements as
specified in clause 2.9.3 and 2.9.4 of the SEBI Master Circular.

b. Action with respect to breaches arising due to defensive consideration:

In addition to above, in line with clause 1.14.1.2 of the SEBI Master Circular, asset allocation pattern
can be altered for a short term period on defensive considerations.

It may be noted that no prior intimation/indication will be given to investors when the
composition/asset allocation pattern under the Scheme undergoes changes within the permitted band
as indicated above.

D. WHERE WILL THE SCHEME INVEST?

Subject to the Regulations and the disclosures as made under the section “How the Scheme will
allocate its Assets”, the corpus of the Scheme can be invested in any (but not exclusively) of the
following securities:

1. Equity and equity related Instruments

2. Equity Derivatives, which are financial instruments, generally traded on the stock exchange, the
price of which is directly dependent upon (i.e., “derived from”) the value of equity shares or
equity indices. Derivatives involve the trading of rights or obligations based on the underlying,
but do not directly transfer property

25
 3. Securities created and issued by the Central and State Governments and/or repos/reverse repos
in such Government Securities as may be permitted by RBI (including but not limited to coupon
bearing bonds, zero coupon bonds and treasury bills);
4. Securities guaranteed by the Central and State Governments (including but not limited to coupon
bearing bonds, zero coupon bonds and treasury bills);
5. Fixed Income Securities of domestic Government agencies and statutory bodies, which may or
may not carry a Central/State Government guarantee;
6. Corporate debt (of both public and private sector undertakings);
7. Money market instruments as permitted by SEBI/RBI;
8. Usance bills;
9. Securitised Debt;
10. The non-convertible part of convertible securities;
11. Any other domestic fixed income securities as permitted by SEBI/ RBI from time to time.
12. Derivative instruments like Interest Rate Swaps, Forward Rate Agreements, Interest Rate
Derivatives and such other derivative instruments permitted by SEBI/RBI.
13. Investment in units of Real Estate Investment Trust (‘REIT’) & Infrastructure Investment Trust
(‘InvIT’)

Debt and money market securities include, but are not limited to:

• Debt obligations of the Government of India, state and local governments, government agencies,
statutory bodies, public sector undertakings, scheduled commercial banks, non-banking finance
companies, development financial institutions, supranational financial institutions, corporate entities
and trusts (securitised debt)
• Pass through, Pay through or other Participation Certificates, representing interest in a pool of
assets including receivables
• The non-convertible part of convertible securities
• Units of Mutual funds as may be permitted by regulations

Any other like instruments as may be permitted by RBI/SEBI/such other Regulatory Authority from
time to time.

The securities mentioned in, “Where will the Scheme(s) invest?”, could be listed, to be listed
,unlisted, privately placed, secured, unsecured, rated or unrated (subject to the rating or
equivalency requirements discussed above) and of any maturity. The securities may be acquired
through secondary market operations, primary issues/offerings, other public offers, Private
Placement and negotiated deals amongst other mechanisms.

The Scheme may invest in other Schemes managed by the AMC or in the Schemes of any other Mutual
Fund(s), provided such investment is in conformity to the investment objectives of the Scheme and
in terms of the prevailing Regulations. As per the Regulations, no investment management fees will
be charged for such investments and the aggregate inter-scheme investment made by all Schemes of
the Mutual Fund or in the Scheme under the management of other asset management companies shall
not exceed 5% of the net asset value of the Mutual Fund.

• Investment in Short-Term Deposits

Pending deployment of the funds of the Scheme shall be in terms of clause 12.16 of the SEBI Master
Circular. The AMC may invest funds of the Scheme in short term deposits of scheduled commercial
banks, subject to following conditions:

1. The term ‘short term’ for parking of funds shall be treated as a period not exceeding 91 days.
2. Such deposits shall be held in the name of the Scheme.
3. Each Scheme shall not park more than 15% of its net assets in the short term deposit(s) of all the
scheduled commercial banks put together. However, it may be raised to 20% with the prior
approval of the Trustee. Also, 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.
4. Each Scheme shall not park more than 10% of its net assets in short term deposit(s) with any one
scheduled commercial bank including its subsidiaries.

26
 5. The Trustee shall ensure that the funds of each Scheme are not parked in the short term deposits
of a bank which has invested in that Scheme.
6. AMC will not charge any investment management and advisory fees for parking of funds in short
term deposits of scheduled commercial banks.
7. Trustees shall also ensure that the bank in which a scheme has short term deposit do not invest
in the said scheme until such scheme has short term deposits with such bank.

The above provisions do not apply to term deposits placed as margins for trading in cash and derivative
market.

Investment in domestic Securitized Debt:

Depending upon the Investment Manager’s views, the Scheme may invest in domestic securitized debt
such as ABS or MBS. The investments in domestic securitized debt will be made only after giving due
consideration to factors such as but not limited to the securitization structure, quality of underlying
receivables, credentials of the servicing agent, level of credit enhancement, liquidity factor, returns
provided by the securitized paper vis-a-vis other comparable investment alternatives.

Although the returns provided by securitized debt could be higher, one must not lose sight of the fact
that risks also exist with regard to investments in securitized debt. Investments in pass-through
certificates of a securitization transaction represent an undivided beneficial interest in the underlying
receivables and do not represent an obligation of either the issuer or the seller, or the parent of the
seller, or any affiliate of the seller or the issuer or the trustee in its personal capacity, save to the
extent of credit enhancement to be provided by the credit enhancer. The trust’s principal asset will
be the pool of underlying receivables. The ability of the trust to meet its obligations will be dependent
on the receipt and transfer to the designated account of collections made by the servicing agent from
the pool, the amount available in the cash collateral account, and any other amounts received by the
trust pursuant to the terms of the transaction documents. However, the credit enhancement
stipulated in a securitization transaction represents a limited loss cover only. Delinquencies and credit
losses may cause depletion of the amount available under the cash collateral account and thereby
the scheduled payouts to the investors may get affected if the amount available in the cash collateral
account is not enough to cover the shortfall.

Further Unit holders are requested to refer below the disclosure relating to investments in securitized
debt, in the SEBI prescribed format:

(i) How the risk profile of securitized debt fits into the risk appetite of the Scheme:

The Scheme seeks to generate an attractive return, consistent with prudent risk, from a portfolio
which is substantially constituted of quality debt securities. The Scheme also seeks to generate
capital appreciation by investing a smaller portion of its corpus in equity and equity related securities
of issuers domiciled in India.

In line with the investment objective, securitised debt instruments having a high credit quality
commensurate with other debt instruments in the portfolio will be considered for investment.

(ii) Policy relating to originators based on nature of originator, track record, NPAs, losses in
earlier securitized debt, etc

The parameters used to evaluate originators are

 Track record
 Willingness to pay, through credit enhancement facilities etc.
 Ability to pay
 Business risk assessment, wherein following factors are considered:
- Outlook for the economy (domestic and global)
- Outlook for the industry
- Company specific factors

In addition, a detailed review and assessment of rating rationale is done including interactions with
the originator as well as rating agency.

27
Critical Evaluation Parameters (for pool loan) regarding the originator / underlying issuer:
 Default track record/ frequent alteration of redemption conditions / covenants
 High leverage ratios of the ultimate borrower - both on a standalone basis as well on a
consolidated level/ group level
 Higher proportion of re-schedulement of underlying assets of the pool or loan, as the case may
be
 Higher proportion of overdue assets of the pool or the underlying loan, as the case may be
 Poor reputation in market
 Insufficient track record of servicing of the pool or the loan, as the case may be.

(iii) Risk mitigation strategies for investments with each kind of originator

Analysis of originator: Dedicated credit research analysts, analyses and evaluates each originator and
sets up limits specifying both the maximum quantum and maximum tenor for investments and
investments are considered only within these limits.
Originator analysis typically encompasses:
 Size and reach of the originator
 Collection process, infrastructure and follow-up mechanism
 Quality of MIS
 Credit enhancement for different type of originator

(iv) The level of diversification with respect to the underlying assets, and risk mitigation
measures for less diversified investments

Eligible assets: Only assets with an established track record of low delinquencies and high credit
quality over several business cycles will be considered for investment.

Analysis of pool: Characteristics such as average pool maturity (in months), average loan to value
ratio, average seasoning of the pool, maximum single exposure, geographical distribution and average
single exposure are studied to determine pool quality

Risk mitigating measures: Credit enhancement facilities (including cash, guarantees, excess interest
spread, subordinate tranches), liquidity facilities and payment structure are studied in relation to
historical collection and default behavior of the asset class to ensure adequacy of credit enhancement
in a stress scenario.

(v) Minimum retention period of the debt by originator prior to securitization

We will follow the guidelines on minimum holding period requirements as laid down by SEBI and RBI
from time to time.

(vi) Minimum retention percentage by originator of debts to be securitized

We will follow the guidelines on minimum holding period requirements as laid down by SEBI and RBI
from time to time.

(vii) The mechanism to tackle conflict of interest when the Mutual Fund invests in securitized
debt of an originator and the originator in turn makes investments in that particular Scheme
of the Fund

The AMC has an independent RQA team which is distinct from the Sales function and the Investments
function and has a separate reporting and appraisal structure designed to avoid conflict of interest.
Investments can be initiated by the fund managers only after the RQA team has assigned limits for
the originator. The originator wise limits specify both the maximum quantum and maximum tenor for
investments.

(viii) The resources and mechanism of individual risk assessment with the AMC for monitoring
investment in securitized debt

28
The AMC has a rigorous risk management process for all fixed income investments, which also
encompasses securitized debt. Dedicated credit research analysts are responsible for monitoring risks
including credit and liquidity risk. The functions of the team include:

 Detailed credit analysis of issuers: based on the management evaluation, operating strength and
financial strength to determine suitability for investment. Periodic reviews on a quarterly/annual
basis are under taken for eligible issuers. Ratings are monitored on a daily basis and any changes
are immediately recorded and suitable action taken.

For securitized pool loan exposures, the analysis includes pool seasoning, pool asset quality,
diversification, collateral margin, originator analysis and credit enhancement mechanisms. Pool
performance statistics published by rating agencies are analyzed for performance of other securitised
pools of the same originator as well as for the performance of the asset class as a whole. Regular
interactions with the rating agencies are done to discuss performance trends. Documents are vetted
by the legal and compliance team. In addition, monthly payout reports from the trustees are analysed
for collection performance and adequacy of cash collateral.

Framework that is applied while evaluating investment decision relating to a pool securitization
transaction:

Charact Commercial
eristics Mortgage Vehicle and
CAR 2 wheelers Others
/ Type of Loan Construction
Pool Equipment
Approxi In line In line with In line with In line with In line with
mate with average maturity average average average maturity
Average average of Commercial maturity of maturity of two- of the asset class
maturity maturity Vehicle and car loans as wheeler loans as as per industry
(in of Construction per industry per industry norms.
Months) mortgage Equipment loans norms. norms. Typically
loans as as per industry Typically less less than 4
per norms. Typically than 4 years. years.
industry less than 4 years.
norms.
Typically
less than
10 years.
Collatera The The collateral The collateral The collateral The collateral
l margin collateral margin will be margin will be margin will be margin will be
(includin margin adequate for the adequate for adequate for adequate for the
g cash, will be pool to achieve a the pool to the pool to pool to achieve a
guarante adequate rating in the high achieve a achieve a rating rating in the high
es, for the safety category at rating in the in the high safety category at
excess pool to the time of initial high safety safety category the time of initial
interest achieve a rating. The category at at the time of rating.
spread , rating in collateral margin the time of initial rating. The collateral
subordin the high will ensure at least initial rating. The collateral margin will ensure
ate safety a 3 times cover The collateral margin will at least a 3 times
tranche) category over historical margin will ensure at least a cover over historical
at the losses observed in ensure at 3 times cover losses observed in
time of the asset class. least a 3 times over historical the asset class.
initial cover over losses observed
rating. historical in the asset
The losses class.
collateral observed in
margin the asset
will class.
ensure at
least a 3

29
 Charact Commercial
eristics Mortgage Vehicle and
CAR 2 wheelers Others
/ Type of Loan Construction
Pool Equipment
times
cover
over
historical
losses
observed
in the
asset
class.

Average In line In line with average In line with In line with In line with average
Loan to with Loan to Value ratio average Loan average Loan to Loan to Value ratio
Value average of Commercial to Value ratio Value ratio of of the asset class
Ratio Loan to Vehicle and of car loans as two-wheeler loans as per
Value Construction per industry loans as per industry norms.
ratio of Equipment loans as norms. industry norms.
mortgage per industry norms. Typically less Typically less
loans as Typically less than than 85 per than 85 per
per 85 per cent. cent. cent.
industry
Average In line In line with industry In line with In line with In line with industry
seasonin with norms and industry industry norms norms and
g of the industry guidelines laid norms and and guidelines guidelines laid
Pool norms down by RBI/SEBI guidelines laid laid down by down by RBI/SEBI
and from time to time. down by RBI/SEBI from from time to time.
guidelines Typically, more RBI/SEBI from time to time.
laid down than 3 months time to time. Typically, more
by Typically, than 3 months
RBI/SEBI more than 3
from time months
to time.
Typically,
more
than 3
months
Maximu Not more Not more than Not more Not more than Not more than 10%
m single than 10% 10% than 10% 10%
exposure
range
Average Not more Not more than Not more Not more than Not more than 10%
single than 10% 10% than 10% 10%
exposure
* Kindly note that all references to single loan securitization has been removed as securitization
of single corporate loans are no longer envisaged under revised RBI guidelines on securitization

The Scheme will not be investing in foreign securitised debt.

• Investment in Overseas Financial Assets/Foreign Securities

According to clause No. 12.19 of the SEBI Master Circular mutual funds can invest in ADRs/GDRs/other
specified foreign securities and, such investments are subject to an overall limit of US$ 7 bn. for all
mutual funds put together. The Mutual Fund has been allowed an individual limit of US$ 1 bn. The

30
overall ceiling for investment in overseas ETFs that invest in securities is US$ 1 billion subject to a
maximum of US$ 300 million per mutual fund.

The dedicated fund manager appointed for making overseas investments by the Mutual Fund will be
in accordance with the applicable requirements of SEBI.

Further, SEBI vide its letter no. SEBI/HO/OW/IMD-II/DOF3/P /25095/2022 dated June 17, 2022 had
advised AMFI that Mutual Fund schemes may resume subscriptions and make investments in overseas
funds/securities upto the headroom available, without breaching the overseas investment limits as
of end of day of February 01, 2022 at Mutual Fund level.

E. WHAT ARE THE INVESTMENT STRATEGIES?

Strategy for Equity Securities

The Investment Manager prefers adopting a top-down approach with regard to investment in equity
and equity related securities. This approach encompasses an evaluation of key economic trends and
a diligent study of various investment opportunities within the specified sectors in each Scheme. In
picking out individual investment opportunities for the portfolio, the Investment Manager will seek
both value and growth. Value is discerned when the Investment Manager believes that the inherent
worth or long-term growth potential of a company is not fully reflected in the share price of the
company. Growth stocks, as the term suggests, are those stocks that are currently in the growth
phase. Such growth in earnings could be due to a new product, a new process, growing market share,
stronger brand equity, technological breakthrough and unique or predominant position in a market,
among other factors.

The Investment Manager will conduct in-house research in order to identify value and growth stocks.
The analysis will focus, among other things, on the historical and current financial condition of the
company, capital structure, business prospects, strength of management, responsiveness to business
conditions, product profile, brand equity, market share, competitive edge, research and
technological know-how and transparency in corporate governance. The quality or strength or
management would be a key focus area.

• Strategies for trading in equity derivatives

The Mutual Fund may use the following strategies while trading in derivatives for the purpose of
efficient portfolio management:

1. Reverse Arbitrage:
This strategy will be adopted if the cash price of a stock (say “XYZ”) is reasonably greater than single
stock futures of XYZ, and then the Investment Manager may sell cash position in XYZ and buy single
stock futures of XYZ. In this case the Investment Manager will still be having a long-term view on the
stock XYZ but is able to minimize the cost of holding of XYZ.

2. Arbitrage:
This strategy will be adopted if the single stock future of XYZ is reasonably greater than the cash
price of XYZ, then the Investment Manager will buy the shares of XYZ in the cash market and sell
equivalent numbers of single stock futures of XYZ. In this case the Investment Manager may not have
an investment view of the stock XYZ but would like to enhance the portfolio value.

3. Portfolio Hedging:
This strategy will be adopted:
a. If in an already invested portfolio of a Scheme, the Investment Manager is expecting a market
correction, the Investment Manager may sell Index Futures to insulate the portfolio from the
market related risks.
b. If there are significant inflows to the Scheme and the market expectations are bullish, the
Investment Manager may buy Index Futures to continue participation in the equity markets. This
strategy is used to reduce the time to achieve the desired invested levels.

31
Strategy for Fixed Income Securities

Fixed Income research by the Investment Manager will emphasise credit analysis, in order to
determine credit risk. Credit analysis will focus on the issuer’s historical and current financial
condition, current and anticipated cash flow and borrowing requirements, value of assets in relation
to historical cost, strength of management, responsiveness to business conditions, credit standing,
future business prospects as well as current and anticipated operating results, among other things.
The Investment Manager will also analyse various economic trends in seeking to determine the likely
future course of interest rates. The Investment Manager will invest only in those debt securities that
are rated investment grade by a domestic credit rating agency such as CRISIL, ICRA, CARE etc. or in
unrated debt securities, which the Investment Manager believes to be of equivalent quality. Where
investment in unrated debt securities is sought to be made, specific approval of the Committee/Board
of Directors of the AMC and the Trustee shall be obtained prior to investment.

Representative Index

DSPHF, a sector specific Scheme, shall focus on investing in pharmaceutical, healthcare and
associated companies as mentioned earlier, keeping ‘S&P BSE Healthcare Index’ (the Index) as the
representative index. The Scheme shall have the flexibility to invest in stocks that are outside the
composition of the Index but are within the investment focus of the Scheme. The Scheme may broadly
follow the composition of the Index without necessarily tracking it. In accordance with clause 12.5.1
of SEBI Master Circular, the Scheme being a sector specific Scheme, the upper ceiling on equity
investments in a company by the Scheme shall be the weightage of the company in the representative
sectoral index i.e., the Index as disclosed above or 10% of the NAV of the Scheme, whichever is higher.

The Trustees reserves the right to change the Index, if any other appropriate/suitable index is
available at a future date, in accordance with SEBI (MF) Regulations.

The composition of the Index as on as on September 29, 2023 is given below for reference. Investors
are requested to note that the composition and weightage of the scrips in the index may be modified
by The Stock Exchange, Mumbai, from time to time.

S&P BSE Healthcare Index - Constituents as on September 29, 2023

Sr. No. Name of Company

1 Aarti Drugs Ltd
2 Aarti Pharmalabs Ltd.
3 Abbott India Ltd
4 Advanced Enzyme Technologies Ltd
5 Ajanta Pharma Ltd
6 Alembic Pharmaceuticals Ltd
7 Alkem Laboratories Ltd
8 Ami Organics Limited
9 Apollo Hospitals Enterprise Ltd
10 Artemis Medicare Services Ltd
11 Aster DM Healthcare Ltd
12 AstraZeneca Pharm India
13 Aurobindo Pharma Ltd
14 Bajaj Healthcare Ltd
15 Biocon Ltd
16 Bliss Gvs Pharma Ltd
17 Caplin Point Laboratories Ltd
18 Cipla Ltd/India

32
19 Dishman Carbogen Amics Ltd
20 Divi's Laboratories Ltd
21 Dr Reddy's Laboratories Ltd
22 Dr. Lal PathLabs Ltd
23 Eris Lifesciences Ltd
24 FDC Ltd
25 Fortis Healthcare Ltd.
26 Gland Pharma Ltd
27 GlaxoSmithKline Pharmaceuticals Ltd
28 Glenmark Life Sciences Ltd
29 Glenmark Pharmaceuticals Ltd
30 Global Health Ltd
31 Granules India Ltd
32 Gufic BioSciences Ltd
33 Gujarat Themis Biosyn Ltd
34 HESTER PHARM
35 HealthCare Global Enterprises Ltd
36 Hikal Ltd.
37 IOL Chemicals and Pharmaceuticals Ltd
38 Indoco Remedies Ltd.
39 Indraprastha Medical Corp. Ltd.
40 Ipca Laboratories Ltd
41 J.B.Chemicals & Pharmaceuticals Ltd.
42 Jagsonpal Pharmaceuticals Ltd
43 Jubilant Pharmova Sciences Ltd
44 KMC Speciality Hospitals
45 KOVAI MEDICAL CENTER & HOSPITAL LTD
46 Kopran Ltd
47 Krishna Institute of Medical Sciences Ltd
48 Krsnaa Diagnostics Ltd
49 Laurus Labs Ltd
50 Lincoln Pharmaceuticals ltd
51 Lupin Ltd
52 Mankind Pharma Ltd
53 Marksans Pharma Ltd
54 Max Healthcare Institute Ltd
55 Medicamen Biotech Ltd
56 Metropolis Healthcare Ltd
57 Morepen Laboratories Ltd
58 NGL Fine Chem Ltd
59 Narayana Hrudayalaya Ltd
60 Natco Pharma Ltd
61 Neuland Laboratories Ltd
62 Novartis India Ltd
63 Panacea Biotec Ltd

33
 64 Pfizer Ltd (India)
65 Piramal Pharma Ltd
66 Poly Medicure Ltd
67 Procter & Gamble Health Limited
68 RPG Life Sciences Ltd
69 Rainbow Children's Medicare Ltd
70 Rajnish Wellness Ltd
71 SMS Pharmaceuticals Ltd
72 Sanofi India Ltd
73 Sastasundar Ventures Limited
74 Sequent Scientific Ltd
75 Shalby Ltd
76 Shilpa Medicare Ltd
77 Sigachi Industries Ltd
78 Solara Active Pharma Sciences Ltd
79 Strides Pharma Science Ltd
80 Sun Pharma Advanced Research Co Ltd
81 Sun Pharmaceutical Industries Ltd
82 Supriya Lifescience Ltd
83 Suven Life Sciences Ltd
84 Suven Pharmaceuticals Limited
85 Syncom Formulations India Ltd
86 Syngene International Ltd
87 Tarsons Products Ltd
88 Themis Medicare Ltd
89 Thyrocare Technologies Ltd
90 Torrent Pharmaceuticals Ltd
91 Unichem Laboratories Ltd
92 Vijaya Diagnostic Centre Limited
93 Vimta Labs Ltd.
94 Wockhardt Ltd
95 Zydus Lifesciences Ltd

Source: BSE Website

Portfolio Turnover

Portfolio turnover is defined as the lower of the aggregate value of purchases or sales as a percentage
of the corpus of a scheme during a specified period of time. This will exclude purchases and sales of
money market securities. The Scheme is open ended, with subscriptions and redemptions expected
on a daily basis, resulting in net inflow/outflow of funds, and on account of the various factors that
affect portfolio turnover; it is difficult to give an estimate, with any reasonable amount of accuracy.
Therefore, the Scheme has no specific target relating to portfolio turnover.

Overview of Debt Market in India

The Indian bond market comprises mainly of Government securities; State Development Loans (SDL),
bonds issued by Public Sector Undertakings (PSU), Development Financial Institutions (DFI) and

34
Infrastructure–related agencies; debentures and money market instruments issued by corporate
sectors and banks. The Government of India routinely issues Government securities and Treasury bills
for liquidity and fiscal management. While the Government issues Treasury bills for 91 days, 182 days
and 364 days in a discounted form, coupon-bearing Government securities are issued for maturity
ranging from 1 year to as high as 50 years. Both Treasury bills and coupon-bearing securities are
auctioned by the RBI on behalf of the Government of India. The Indian bond market has also witnessed
issuance of bonds from Government-sponsored institutions, DFIs, and infrastructure-related agencies.
These bonds are rated by credit rating agencies like CRISIL, ICRA, CARE and India Ratings. They are
widely held by market participants because of their liquidity and reduced risk perception due to the
government stake in some of them.

The Indian corporate sector has also been frequently raising capital through issuance of non-
convertible debentures and commercial papers. These debentures/commercial Papers are mostly
rated by rating agencies like CRISIL, ICRA, CARE and India Ratings. There is an active and vibrant
secondary market for these debentures/commercial Papers. These normally trade at a marginally
higher yield than bonds issued by PSU and other government-sponsored agencies.

Overview of Money Market in India

Money market instruments includes commercial papers, commercial bills, treasury bills, Government
securities having an unexpired maturity up to 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. Money market assets are liquid and actively traded segment of fixed income markets.
Treasury bills are issued by the Government of India through regular weekly auctions, while Cash
Management Bills are issued on an ad-hoc basis. They are mostly subscribed by banks, state
governments, mutual funds and other entities. As on 22 Sep 2023, total outstanding treasury bills are
Rs. 9,32,379 crore*.

Certificate of Deposits are issued by scheduled banks for their short-term funding needs. They are
normally available for up to 365 days tenor. Certificate of deposits issued by public sector banks are
normally rated A1+ (highest short-term rating) by various rating agencies. As on 22 Sep 2023,
outstanding Certificate of Deposits are Rs. 2,91,830 crore*. Certificate of deposits currently trade at
a spread of around 45 basis points** over comparable treasury bills as on 29 Sep 2023, for a one-year
tenor.

Commercial Papers are issued by corporate entities for their short-term cash requirements.
Commercial Papers are normally rated A1+ (highest short-term rating). As on 15 Sep 2023, total
outstanding Commercial Papers are Rs. 4,32,569 crore*. Commercial papers trade at around 75 basis
points** over comparable treasury bills as on 29 Sep 2023, for a one-year tenor.

Call Money, TREPS and CROMS are mainly used by the borrowers to borrow a large sum of money on
an over-night basis. While Call Money is an unsecured mode of borrowing, TREPS and CROMS are
secured borrowing backed by collaterals approved by the Clearing Corporation of India.
*Source: Reserve Bank of India Bulletin, Weekly Statistical Supplement, September 29, 2023
**Internal estimates.

Trading in Derivatives

The Mutual Fund may use various derivatives and hedging products/ techniques, in order to seek to
generate better returns for the Scheme. Derivatives are financial contracts of pre-determined fixed
duration, whose values are derived from the value of an underlying primary financial instrument,
commodity or index. The Scheme while investing in equities shall transact in exchange traded equity
derivatives only and these instruments may take the form of Index Futures, Index Options, Futures
and Options on individual equities/securities and such other derivative instruments as may be
appropriate and permitted under the SEBI Regulations and guidelines from time to time.

Advantages of Trading in Derivatives

35
Advantages of derivatives are many. The use of derivatives provides flexibility to the Schemes to
hedge whole or part of the portfolio. The following section describes some of the more common
derivatives transactions along with their benefits:

Derivatives are financial contracts of pre-determined fixed duration, whose values are derived from
the value of an underlying primary financial instrument, commodity or index, such as interest rates,
exchange rates, commodities and equities.

1. Futures

A futures contract is a standardized contract between two parties where one of the parties commits
to sell, and the other to buy, a stipulated quantity of a security at an agreed price on or before a
given date in future.
Currently, futures contracts have a maximum expiration cycle of 3 months. Three contracts are
available for trading, with 1 month, 2 months and 3 months expiry respectively. A new contract is
introduced on the next trading day following the expiry of the relevant monthly contract. Futures
contracts typically expire on the last Thursday of the month. For example a contract with the March
2021 expiration expires on the last Thursday of March 2021 (March 25, 2021).

Basic Structure of an Index Future

The Stock Index futures are instruments designed to give exposure to the equity markets indices. The
Stock Exchange, Mumbai (BSE) and The National Stock Exchange (NSE) have 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. Index futures are cash settled, there is no delivery of the underlying
stocks.

Example using hypothetical figures:

1 month ABC Index Future

If the Scheme buys 2,000 futures contracts, each contract value is 50 times the futures index price.
Purchase Date :March 01, 2021
Spot Index :11,200.00
Future Price :11,300.00
Date of Expiry : March 25, 2021
Margin :10%
Assuming the exchange imposes a total margin of 10%, the Investment Manager will be required to
provide a total margin of approx. Rs. 113,000,000 (i.e. 10%*11,300*2000*50) through eligible securities
and cash.
Assuming on the date of expiry, i.e. March 25 , 2021, ABC Index closes at 11,350, the net impact will
be a profit of Rs. 5,000,000 for the Scheme, i.e. (11,350-11,300) * 2000 * 50 (Futures price = Closing
spot price = Rs. 11,350.00)
Profits for the Scheme = (11,350-11,300) * 2000*50 = Rs. 5,000,000.
Please note that the above example is given for illustration purposes only. Some assumptions have
been made for the sake of simplicity.
The net impact for the Scheme will be in terms of the difference of the closing price of the index and
cost price. Thus, it is clear from the above example that the profit or loss for the Scheme will be the
difference between the closing price (which can be higher or lower than the purchase price) and the
purchase price. The risks associated with index futures are similar to those associated with equity
investments. Additional risks could be on account of illiquidity and potential mis-pricing of the
futures.

Basic Structure of a Stock Future

A futures contract on a stock gives its owner the right and obligation to buy or sell stocks. Single Stock
Futures traded on NSE (National Stock Exchange) are cash settled; there is no delivery of the
underlying stocks on the expiration date. A purchase or sale of futures on a security gives the trader
essentially the same price exposure as a purchase or sale of the security itself. In this regard, trading
stock futures is no different from trading the security itself.

Example using hypothetical figures:

36
The Scheme holds shares of XYZ Limited, the current price of which is Rs. 500 per share. The Scheme
sells one month futures on the shares of XYZ Limited at the rate of Rs. 540.
If the price of the stock falls, the Mutual Fund will suffer losses on the stock position held. However,
in such a scenario, there will be a profit on the short futures position.
At the end of the period, the price of the stock falls to Rs. 450 and this fall in the price of the stock
results in a fall in the price of futures to Rs. 470. There will be a loss of Rs. 50 per share (Rs. 500 -
Rs. 450) on the holding of the stock, which will be offset by the profits of Rs. 70 (Rs. 540 - Rs. 470)
made on the short futures position.
Please note that the above example is given for illustration purposes only. Some assumptions have
been made for the sake of simplicity. Certain factors like margins and other related costs have been
ignored. The risks associated with stock futures are similar to those associated with equity
investments. Additional risks could be on account of illiquidity and potential mis-pricing of the
futures.

2. Options

An option gives a person the right but not an obligation to buy or sell something. An option is a
contract between two parties wherein the buyer receives a privilege for which he pays a fee
(premium) and the seller accepts an obligation for which he receives a fee. The premium is the price
negotiated and set when the option is bought or sold. A person who buys an option is said to be long
in the option. A person who sells (or writes) an option is said to be short in the option.

An option contract may be of two kinds:

1) Call option
An option that provides the buyer the right to buy is a call option. The buyer of the call option
can call upon the seller of the option and buy from him the underlying asset at the agreed price.
The seller of the option has to fulfill the obligation upon exercise of the option.
2) Put option
The right to sell is called a put option. Here, the buyer of the option can exercise his right to sell
the underlying asset to the seller of the option at the agreed price.
Option contracts are classified into two styles:
(a) European Style
In a European option, the holder of the option can only exercise his right on the date of
expiration only.
(b) American Style
In an American option, the holder can exercise his right anytime between the purchase date
and the expiration date.

Basic Structure of an Equity Option

In India, options contracts on indices are European style and cash settled whereas, option contracts
on individual securities are American style and cash settled.

Example using hypothetical figures:

Market type : N
Instrument Type : OPTSTK
Underlying : XYZ Limited (XYZ)
Purchase date : March 1, 2021
Expiry date : March 25, 2021
Option Type : Put Option (Purchased)
Strike Price : Rs. 9,750.00
Spot Price : Rs. 9,800.00
Premium : Rs. 200.00
Lot Size : 100
No. of Contracts : 50
Say, the Mutual Fund purchases on March 1, 2021, 1 month Put Options on XYZ Limited (XYZ) on the
NSE i.e. put options on 5000 shares (50 contracts of 100 shares each) of XYZ.
As these are American style options, they can be exercised on or before the exercise date i.e. March
25, 2021. If the share price of Limited falls to Rs. 9,500/- on March 25, 2021, and the Investment
Manager decides to exercise the option, the net impact will be as Follows:

37
Premium Expense = Rs. 200 * 50 * 100 =
Rs. 10,00,000/-
Option Exercised at = Rs. 9,500/-
Profits for the Mutual Fund = (9,750.00 - 9,500.00) * 50 * 100
= Rs. 12,50,000/-
Net Profit = Rs. 12,50,000 - Rs. 10,00,000 = Rs. 2,50,000/-

In the above example, the Investment Manager hedged the market risk on 5000 shares of XYZ Limited
by purchasing put options.
Please note that the above example is given for illustration purposes only. Some assumptions have
been made for the sake of simplicity. Certain factors like margins have been ignored. The purchase
of Put Options does not increase the market risk in the Mutual Fund as the risk is already in the
Mutual Fund’s portfolio on account of the underlying asset position (in his example shares of XYZ
Limited ). The Premium paid for the option is treated as an expense and added to the holding cost
of the relevant security. Additional risks could be on account of illiquidity and potential mis-pricing
of the options.

Exposure to Equity Derivatives

i. Position limit for the Mutual Fund 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 in 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 the Mutual Fund 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 in 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 index.

iii. Additional position limit for hedging:

In addition to the position limits at point (i) and (ii) above, Fund may take exposure in equity
index derivatives subject to the following limits:
a. 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.
b. 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 the Mutual Fund for stock based derivative contracts:
The combined futures and options position limit shall be 20% of the applicable Market Wide
Position Limit (MWPL).

v. Position limit for the Scheme:

The position limits for the Scheme and disclosure requirements are as follows:
a. 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 Fund shall not exceed the higher
of 1% of 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).
b. This position limit shall be applicable on the combined position in all derivative contracts
on a underlying stock at a Stock Exchange.
c. For index based contracts, the Mutual Fund 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.

38
 As and when SEBI notifies amended limits in position limits for exchange traded derivative
contracts in future, the aforesaid position limits, to the extent relevant, shall be read as if
they were substituted with the SEBI amended limits.

Exposure Limits:

With respect to investments made in derivative instruments, the Scheme shall comply with the
following exposure limits in line with clause 12.24.1 and clause 12.25 of the SEBI Master Circular:

1. The cumulative gross exposure through equity, debt, derivative positions (including commodity
and fixed income derivatives), repo transactions and credit default swaps in corporate debt
securities, Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), other
permitted securities/assets and such other securities/assets as may be permitted by SEBI from
time to time should not exceed 100% of the net assets of the scheme. However, the following shall
not be considered while calculating the gross exposure:

i. Security-wise hedged position and

ii. Exposure in cash or cash equivalents with residual maturity of less than 91 days

2. The total exposure related to option premium must not exceed 20% of the net assets of the
Scheme.

3. The Mutual Fund shall not write options or purchase instruments with embedded written options.

4. 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.

5. (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.

6. 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.

7. 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:

39
 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

3. Interest Rate Swap (IRS)

Any swap is effectively an exchange of one set of cash-flows for another considered to be of equal
value. If the exchange of cash flows is linked to interest rates, it becomes an interest rate swap.

An interest rate swap is an agreement between two parties to exchange future payment streams
based on a notional amount. Only the interest on the notional amount is swapped, and the
principal amount is never exchanged.
In a typical interest rate swap, one party agrees to pay a fixed rate over the term of the agreement
and to receive a variable or floating rate of interest. The counterparty receives a stream of fixed
rate payments at regular intervals as described in the agreement and pays the floating rate of
interest. A fixed/ floating interest rate swap is characterized by:
1. Fixed interest rate;
2. Variable or floating interest rate, which is periodically reset;
3. Notional principal amount upon which total interest payments are based; and
4. The terms of the agreement, including a schedule of interest rate reset dates, payment dates
and termination date.

The primary reason for engaging in an interest rate swap is to hedge the interest rate exposure.
An illustration could be an institution having long-term fixed rate assets (longer tenor securities
receiving fixed rate) in a rising interest rate environment; it can hedge the interest rate exposure
by purchasing an interest rate swap where the institution receives floating interest rate and pays
fixed rate. In this case, an interest rate swap is likely to reduce the duration and interest rate
volatility of the fund.

Example:
Terms:
Fixed Interest Rate : 8.50% p.a.
Variable Interest Rate : NSE Over-Night MIBOR reset daily and compounded daily
Notional Principal Amount : Rs.100 Crore
Period of Agreement : 1 year
Payment Frequency : Semi-annual

Now, suppose the six-month period from the effective date of the swap to the first payment
date comprises 182 days and the daily compounded NSE Over-Night MIBOR is 8.15% p.a. on
the first payment date, then the fixed and variable rate payment on the first payment date
would be as follows:

Fixed rate payment:

Rs. 4,23,83,562 = (Rs.100,00,00,000) x (8.50%) x (182 Days / 365 Days)
Variable rate payment:
Rs. 4,06,38,356 = (Rs.100,00,00,000) x (8.15%) x (182 Days / 365 Days)

40
 Often, a swap agreement will call for only the exchange of net amount between the
counterparties. In the above example, the fixed-rate payer will pay the variable-rate payer a net
amount of Rs. 17,45,205 = Rs. 4,23,83,562 - Rs. 4,06,38,356.
The second and final payment will depend on the daily NSE MIBOR compounded daily for the
remaining 183 days. The fixed rate payment will also change to reflect the change in holding
period from 182 days to 183 days.

4. Forward Rate Agreement (FRA)

An FRA is an off balance sheet agreement to pay or receive on an agreed future date, the
difference between an agreed interest rate and the interest rate actually prevailing on that future
date, calculated on an agreed notional principal amount. It is settled against the actual interest
rate prevailing at the beginning of the period to which it relates rather than paid as a gross
amount.
An FRA is referred to by the beginning and end dates of the period covered. Thus a 5x8 FRA is one
that covers a 3-month period beginning in 5-months and ending in 8-months. FRAs are purchased
to hedge the interest rate risk; an investor facing uncertainty of the interest rate movements can
fix the interest costs by purchasing an FRA.
An illustration could be a corporation having floating rate debt linked to an index such as say, 3-
Month MIBOR. If the existing interest cost is at 8% on Rs.100 Crore for the next three months, the
corporation can purchase a 3x6 FRA @ 8.1% on Rs.100 Crore and fix the interest cost for the 3-6
months period. If the actual 3-Month MIBOR after 3-months is at 8.25%, the corporation has saved
15 bps in interest cost. As the settlement is done at the beginning of the period, the savings in
interest expense are discounted to a present value using a 3-month rate to calculate the actual
settlement amount.
The flows for the institution will be, as follows:
Interest Savings = Rs. 100 Crore * 15 bps * 92/365
(assuming 92 days in the 3 month FRA period
and 365 days in the conventional year)
= Rs.3,78,082.19
Settlement Amount = Rs.3,78,082.19/ (1+8.25%*92/365)
Please note that the above examples are hypothetical in nature and the figures are assumed.

5. Interest Rate Futures

An Interest Rate Futures (‘IRF’) contract is "an agreement to buy or sell a debt instrument at a
specified future date at a price that is fixed today." The underlying security for Interest Rate Futures
is either Government Bond or T-Bill. Interest Rate Futures are Exchange traded and standardized
contracts based on 6 year, 10 year and 13 year Government of India Security and 91-day Government
of India Treasury Bill (91DTB). These future contracts are cash settled. These instruments can be used
for hedging the underlying cash positions.
The overall gross exposure for a fund is computed as sum of exposure to equity, cash, debt
instruments and derivatives (other than for hedging purposes) and it should not be more than 100%.
Derivative position is considered to be for hedging purposes only if the following conditions are met:
• Perfect Hedging - We hedge the underlying using IRF contract of same underlying
• Imperfect hedging – the Underlying being hedged and the IRF contract has a 90 day correlation
of closing prices of more than 90%. In case of correlation breaking at any time the derivative
position would be counted as an exposure. SEBI allows maximum of 20% imperfect hedging.
For example, assume a portfolio comprising the following structure:

Security Amount (crs) Price (Rs)

IGB 6.79% 2027 100 100.40
IGB 6.79% 2029 50 98.35
IGB 7.72% 2025 25 104.55
Cash 25
Total 200

41
Assuming the fund manager intends to hedge the portfolio using IRF and uses contracts on IGB 6.79%
2027 as it is most liquid.

Maximum imperfect hedging allowed, based on SEBI limit of 20% for the above fund is 200*20% = 40
crs

Maximum perfect hedging using 6.79% 2027 is 100 crs (as amount of 6.79% 2027 in the fund is 100 crs)

Total hedge the fund can do = 100 crs + 40 crs =140 crs

Assuming the 90 day historical correlation between the instruments in the portfolio are as follows

90 day historical correlation IGB 6.79% 2027 IGB 6.79% 2029 IGB 7.72% 2025

IGB 6.79% 2027 1 0.95 0.80

IGB 6.79% 2029 0.95 1 0.75
IGB 7.72% 2025 0.80 0.75 1

Given that we are using IRF on 6.79% 2027, we can hedge 6.79% 2029 using IRFs as correlation is more
than 90% upto 40 crs (based on the 20% limit of imperfect hedging).

Since one contract of IRF has a notional of Rs. 2 lakhs, in this example the fund manager sells Rs. 140
crores/2 lakhs = 7000 contracts, to hedge his position.

Hence after hedging the fund is as shown below:

Security Amount (crs) Price Comments

(Rs)
IGB 6.79% 2027 100 100.40 100% hedged – Perfect hedging
IGB 6.79% 2029 50 98.35 40% hedged – Imperfect hedging
IGB 7.72% 2025 25 104.55 Unhedged
Cash 25 Unhedged
IRF 6.79% 2027 140 100.35
Total 200

At maturity of the Interest Rate Futures

Case 1: bonds close higher than at the time the hedge was entered into

Amount Price before Price on maturity

Security Gain Net Gain (lakhs)
(crs) hedging(Rs) of hedge (Rs)
IGB 6.79% 2027 100 100.4 100.5 0.1 10.00
IGB 6.79% 2029 50 98.35 98.5 0.15 7.50
IGB 7.72% 2025 25 104.55 104.6 0.05 1.25
Cash 25 -
Without IRF 18.75
IRF 6.79% 2027 140 100.35 100.5 -0.15 (21.00)
Total With IRF 200 (2.25)

Case 2: bonds close lower than at the time the hedge was entered into

Security Amount Price before Price on maturity of Gain Net Gain

(crs) hedging hedge (Rs) (lakhs)
IGB 6.79% 2027 100 100.4 100.3 -0.1 (10.00)
IGB 6.79% 2029 50 98.35 98.23 -0.12 (6.00)
IGB 7.72% 2025 25 104.55 104.5 -0.05 (1.25)

42
 Cash 25 -
Without IRF (17.25)
IRF 6.79% 2027 140 100.35 100.3 0.05 7.00
Total with IRF 200 (10.25)

As can be seen in the cases above, in case yields move higher, IRFs help in reducing the loss to the
fund.

Investments in repo of corporate debt securities.

Guidelines for participation of mutual funds in Repo in money market and corporate debt
securities.

SEBI has vide clause 12.18 of the SEBI Master Circular, enabled mutual funds to participate in repos
in corporate debt securities as per the guidelines issued by RBI from time to time and subject to few
conditions listed thereunder. Accordingly, the Scheme may participate in Repo in money market and
corporate debt securities in accordance with directions issued by RBI and SEBI from time to time and
in accordance with guidelines framed by the Board of AMC and Trustee Company in this regard.

Conditions applicable: -

(a) The net exposure of any Mutual Fund scheme to repo transactions in money market and
corporate debt securities shall not be more than 10 % of the net assets of the Scheme.
(b) The cumulative gross exposure through repo transactions in money market and corporate debt
securities along with debt and derivatives shall not exceed 100% of the net assets of the
Scheme.
(c) Mutual funds shall participate in repo transactions only in AA and above rated money market
and corporate debt securities.

These conditions will be subject to any revisions announced by SEBI from time to time.

Other Guidelines

1. Category and credit rating of counter party:

a. SEBI regulated mutual funds

b. RBI regulated Banks, Non-Banking Finance Companies, Primary Dealers
c. IRDA regulated Insurance companies

d. Corporates for whom credit limits have been assigned are eligible counterparties.
These corporates should have a minimum investment grade credit rating. For new
counterparties, approval from Head – Risk will be taken and an assessment will be
done by the Quantitative Investment & Analytics team.

2. Tenor of collateral: <=20 years for corporate debt securities.

3. Applicable haircuts: RBI, in its circular no. IDMD.PCD. 09 /14.03.02 /2012-13 dated January
7, 2013 prescribed the following minimum haircuts on the market value of the underlying
security:
a. AAA rated: 7.5%
b. AA+ rated: 8.5%
c. AA rated: 10%

The above haircuts are subject to change based on how market practice evolves with respect
to corporate bond repo. Prior approval of the Investment committee shall be sought for
change in the haircut from existing % to such other % as deemed fit.

4. Valuation of repo assets: At cost.

43
F. FUNDAMENTAL ATTRIBUTES

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

(i) Type of Scheme –

An open ended equity scheme investing in healthcare and pharmaceutical sector

(ii) Investment Objective

• Main Objective – Please refer “What is the Investment Objective of the Scheme?”
• Investment pattern – Please refer “How will the Scheme allocate its assets?”

(iii) Terms of Issue

(i) Liquidity provisions such as listing, repurchase, redemption. Please refer, “Section- Units
and Offer.”
(ii) Aggregate fees and expenses charged to the Scheme. Please refer, “Section- Fees and
Expenses.”
(iii) Any safety net or guarantee provided – Not applicable.

In accordance with Regulation 18(15A) of the SEBI (MF) Regulations, the Trustee shall ensure that no
change in the fundamental attributes of the Scheme and the Plan(s) / Option(s) thereunder or the
trust or fees and expenses payable or any other change which would modify the Scheme and the
Plan(s) / Option(s) thereunder and affect the interests of Unit Holders is carried out unless:

i. An application has been made with SEBI and views/comments of SEBI are sought on the
proposal for fundamental attribute changes;
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
ii. The Unit Holders are given an option for a period of 30 days to exit at the prevailing NAV
without any exit load.

G. HOW WILL THE SCHEME BENCHMARK ITS PERFORMANCE?

The Board adopted Benchmark for comparing the performance of the Scheme S&P BSE Healthcare TRI

The composition of the benchmark is such that they are most suited for comparing performance of
the Scheme. The Trustee may change the benchmark for any of the Schemes in future, if a benchmark
better suited to the investment objective of that Scheme is available at such time subject to the
guidelines and directives issued by SEBI from time to time.

H. WHO WILL MANAGE THE SCHEME?

Fund Age Tenure Qualifications Brief Experience Other schemes

Manager managed
Chirag Dagli 44 2 years B.Com, CA Over 22 years of experience N.A
Years 10 as detailed under:
months From April 01, 2023 to till
(Managi date: Equity Research in
ng the Healthcare – DSPAM
scheme From November 02, 2020 to
since March 31, 2023: Equity
Decemb Research in Healthcare –
er 2020) DSPIM
From November 2012 to
October 2020: Senior Equity
Analyst –HDFC AMC Ltd.

44
Fund Age Tenure Qualifications Brief Experience Other schemes
Manager managed
From August 2012 to October
2012: Senior Manager - Fund
Management - Aviva Life
Insurance
From October 2010 to August
2012: Vice President - ICICI
Securities
From March 2009 to October
2010: Vice President –
Research - Infinity.Com
Financial Securities Ltd
(Pioneer Invest Corp)
From April 2008 to February
2009: Asst. Vice President -
Global Markets - Deutsche
Equities India Private
Limited
From October 2003 to April
2008: Research Analyst -
Citigroup Global Markets
India Private Limited
From May 2001 to September
2003: Associate - Equity
Research - ICICI Securities
Jay Kothari 42 4 Years Bachelor in Over 18 years of experience DSP Equity
(Dedicated years 10 Management as detailed under: Opportunities
Fund months Studies (BMS) From April 2023 to present – Fund,
Manager (Managi Mumbai Vice President in Equity DSP Equity
for ng University Investments and a Product Savings Fund,
overseas MBA Strategist at DSPAM
Scheme DSP Focus Fund,
investments) From 2010 to March 2023 –
since (Finance) - DSP Global
Vice President in Equity
Novemb Mumbai Allocation Fund,
Investments and a Product
er 2018) University Strategist at DSPIM DSP Global
From 2005 to 2010 – Mumbai Innovation Fund
Banking Sales Head at DSPIM. of Fund,
DSP India
T.I.G.E.R Fund
(The
Infrastructure
Growth and
Economic
Reforms Fund),
DSP Mid Cap
Fund,
DSP Multi Asset
Allocation Fund,
DSP Natural
Resources & New
Energy Fund,
DSP Regular
Savings Fund,
DSP Small Cap
Fund,

45
 Fund Age Tenure Qualifications Brief Experience Other schemes
Manager managed
DSP Top 100
Equity Fund,
DSP US Flexible*
Equity Fund,
DSP Value Fund,
DSP World
Agriculture
Fund,
DSP World
Energy Fund,
DSP World Gold
Fund of Fund,
DSP World
Mining Fund.

*The term "Flexible" in the name of the Scheme signifies that the Investment Manager of the
Underlying Fund can invest either in growth or value investment characteristic securities placing an
emphasis as the market outlook warrants

I. WHAT ARE THE INVESTMENT RESTRICTIONS?

As per the Trust Deed read with the SEBI (MF) Regulations, the following investment restrictions apply
in respect of the Scheme at the time of making investments. However, all investments by the Scheme
will be made in accordance with its investment objective, investment focus and investment pattern,
as described earlier, as well as the SEBI (MF) Regulations, including Schedule VII thereof, as amended
from time to time.

1. (i) The Schemes shall not invest more than 10% of its NAV in debt instruments comprising money
market instruments and non-money market instruments issued by a single issuer which are rated
not below investment grade by a credit rating agency authorized to carry out such activity under
the SEBI Act 1992. Such investment limit may be extended to 12% of the NAV of the scheme with
the prior approval of the Board of Trustees and the Board of AMC.

In accordance with clause 12.8.3 of SEBI Master Circular, following are the norms for credit rating
based single issuer limit for actively managed mutual fund schemes.

A Scheme shall not invest more than:

a. 10% of its NAV in debt and money market securities rated AAA; or
b. 8% of its NAV in debt and money market securities rated AA; or
c. 6% of its NAV in debt and money market securities rated A and below

issued by a single issuer.

The above investment limits may be extended by up to 2% of the NAV of the scheme with prior
approval of the Board of Trustees and Board of Directors of the AMC, subject to compliance with
the overall 12% limit specified in clause 1 of Seventh Schedule of the Mutual Fund Regulation.

Provided that such limit shall not be applicable for investments in Government securities, T-Bills
and triparty repo on Government securities or treasury bills

Provided further that investment within such limit can be made in mortgaged backed securitised
debt which are rated not below investment grade by a credit rating agency registered with the
Board.

(ii) The Scheme shall not invest in unlisted debt instruments including commercial papers (CPs),
other than (a) government securities, (b) other money market instruments and (c) derivative

46
 products such as Interest Rate Swaps (IRS), Interest Rate Futures (IRF), etc. which are used by
mutual funds for hedging.

Provided that Mutual Fund Schemes may invest in unlisted Non-Convertible Debentures (NCD)
upto a maximum of 10% of the debt portfolio of the scheme subject to the condition that such
unlisted NCDs have a simple structure (i.e. with fixed and uniform coupon, fixed maturity period,
without any options, fully paid up upfront, without any credit enhancements or structured
obligations) and are rated and secured with coupon payment frequency on monthly basis.

(iii) Investment 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. shall be subject to the following:

a. Investments should only be made in such instruments, including bills re-discounting, usance
bills, etc., that are generally not rated and for which separate investment norms or limits are
not provided in SEBI (Mutual Fund) Regulations, 1996 and various circulars issued thereunder.
b. Exposure of mutual fund schemes in such instruments shall not exceed 5% of the net assets
of the schemes.
All such investments shall be made with the prior approval of the Board of AMC and the Board of
trustees.

2. All fresh investments by mutual fund schemes in CPs would be made only in CPs which are listed
or to be listed.

3. Restrictions on Investment in debt instruments having Structured Obligations / Credit

Enhancements:
The investment of mutual fund schemes in the following instruments shall not exceed 10% of the
debt portfolio of the schemes and the group exposure in such instruments shall not exceed 5% of
the debt portfolio of the schemes:
i. Unsupported rating of debt instruments (i.e. without factoring-in credit enhancements) is
below investment grade and
ii. Supported rating of debt instruments (i.e. after factoring-in credit enhancement) is above
investment grade.
iii. Investment limits as mentioned above shall not be applicable on investments in securitized
debt instruments, as defined in SEBI (Public Offer and Listing of Securitized Debt Instruments)
Regulations 2008.
iv. Investment in debt instruments, having credit enhancements backed by equity shares directly
or indirectly, shall have a minimum cover of 4 times considering the market value of such
shares.

For this purpose, a group means a group as defined under regulation 2 (mm) of SEBI (Mutual
Funds) Regulations, 1996 (Regulations) and shall include an entity, its subsidiaries, fellow
subsidiaries, its holding company and its associates.

4. The Mutual Fund under all its schemes shall not own more than 10% of any company's paid up
capital carrying voting rights.

5. The upper ceiling for investments shall be in accordance with the weightage of the scrips in the
representative sectoral index i.e. S&P BSE Healthcare Index or 10% of the NAV of the scheme,
whichever is higher.

6. The Scheme will not invest in a fund of funds scheme.

7. The Scheme will not invest in credit default swaps.

8. Transfer of investments from one scheme to another scheme in the same mutual fund shall be
allowed as per guidelines prescribed in clause 12.30 of the SEBI Master Circular and amendments
made from time to time. Also clause 9.11 of the SEBI Master Circular has prescribed the
methodology for determination of price to be considered for inter-scheme transfers.

47
9. The Scheme may invest in another scheme under the same AMC or any other mutual fund without
charging any fees, provided that the aggregate inter–scheme investment made by all schemes
under the same management or in schemes under the management of any other asset
management company shall not exceed 5% of the net asset value of the Mutual Fund.

10. 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.

11. The Mutual Fund shall get the securities purchased/transferred in the name of the Mutual Fund
on account of the Scheme, wherever the instruments are intended to be of long term nature.

12. Pending deployment of funds of the Scheme shall be in terms of clause 12.16 of the SEBI Master
Circular. The AMC may invest funds of the Scheme in short-term deposits of scheduled commercial
banks, subject to the following conditions
i. “Short Term” for parking of funds shall be treated as a period not exceeding 91 days.
ii. Such short-term deposits shall be held in the name of the Scheme.
iii. The Scheme shall not park more than 15% of their net assets in the short term deposit(s)
of all the scheduled commercial banks put together. However, it may be raised to 20%
with the prior approval of the Trustee. Also, 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.
iv. The Scheme shall not park more than 10% of their net assets in short term deposit(s) with
any one scheduled commercial bank including its subsidiaries.
v. The Trustee shall ensure that the funds of the Scheme are not parked in the short term
deposits of a bank which has invested in the Scheme.
vi. AMC will not charge any investment management and advisory fees for parking of funds
in short term deposits of scheduled commercial banks.
vii. The Trustee shall also ensure that the bank in which a scheme has short term deposits do
not invest in the scheme until the scheme has short term deposits with such bank.

The above provisions do not apply to term deposits placed as margins for trading in cash and
derivative market.

13. The Scheme shall not make any investment in:

(i) any unlisted security of any associate or group company of the sponsor; or
(ii) any security issued by way of private placement by an associate or group company of
the sponsor; or
(iii) the listed securities of group companies of the sponsor which is in excess of 25% of the
net assets.

14. Save as otherwise expressly provided under SEBI (MF) Regulations, the Scheme shall not advance
any loans for any purpose and the Scheme shall not borrow except to meet temporary liquidity
needs of the Scheme for the purpose of payment of interest or IDCW to Unit Holders, provided
that the Mutual Fund shall not borrow more than 20% of the net assets of each of the Scheme and
the duration of such borrowing shall not exceed a period of six months.

15. The Scheme shall not invest more than 5% of its NAV in the unlisted equity shares/equity related
instruments or unlisted securities or units of venture capital funds.

16. The cumulative gross exposure through equity, debt, derivative positions (including commodity
and fixed income derivatives), repo transactions and credit default swaps in corporate debt
securities, Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), other
permitted securities/assets and such other securities/assets as may be permitted by the Board

48
 from time to time should not exceed 100% of the net assets of the scheme.. However, the
following shall not be considered while calculating the gross exposure:
a. Security-wise hedged position and
b. Exposure in cash or cash equivalents with residual maturity of less than 91 days

17. No sponsor of a mutual fund, its associate or group company including the asset management
company of the fund, through the schemes of the mutual fund or otherwise, individually or
collectively, directly or indirectly, have -
a. 10% or more of the share-holding or voting rights in the asset management company or the
trustee company of any other mutual fund; or
b. representation on the board of the asset management company or the trustee company of
any other mutual fund.

18. The Mutual Fund under all its schemes shall not invest more than 10% of units issued by a single
issuer of REITs and InvITs.

19. The Scheme shall not invest:

• more than 10% of its NAV in the units of REITs and InvITs; and
• more than 5% of its NAV in the units of REITs and InvITs issued by a single issuer.

20. The Scheme will comply with any other Regulation applicable to the investments of mutual funds
from time to time.

These investment limitations/parameters as expressed (linked to the Net Asset/Net Asset

Value/capital) shall, in the ordinary course, apply as at the date of the most recent transaction or
commitment to invest, and changes do not have to be effected merely because, owing to appreciation
or depreciation in value or by reason of the receipt of any rights, bonuses or benefits in the nature
of capital or of any Scheme of arrangement or for amalgamation, reconstruction or exchange, or at
any repayment or redemption or other reason outside the control of the Mutual Fund, any such limits
would thereby be breached. If these limits are exceeded for reasons beyond its control, the AMC shall
adopt as a priority objective the remedying of that situation, taking due account of the interests of
the Unit Holders.

Apart from the Investment Restrictions prescribed under the SEBI (MF) Regulations, internal risk
parameters for limiting exposure to a particular scheme may be prescribed from time to time to
respond to the dynamic market conditions and market opportunities.

The Trustee/AMC may alter the above stated limitations from time to time, and also to the extent
the SEBI (MF) Regulations change, so as to permit the Scheme to make its investments in the full
spectrum of permitted investments in order to achieve its investment objectives.

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

49
J. HOW HAS THE SCHEME PERFORMED?

(a) Absolute Returns

120.00%
DSP Healthcare Fund - Dir - Growth

79.90%
77.17%
76.44%
100.00%
DSP Healthcare Fund - Reg - Growth
80.00% S&P BSE Healthcare TRI

60.00%

40.00%

15.82%

14.59%
14.19%
Returns

5.65%
4.89%
4.21%

3.76%
0.58%

20.00%

0.00%

-3.09%
-4.41%
-20.00%

-9.30%
-14.74%

-40.00%

-60.00%
FY19 (30/Nov-29/Mar) FY20 FY21 FY22 FY23
The above scheme returns are for Growth Option under Direct/Regular plan and computed from the
Date of Allotment/1st April, as the case may be, to 31st March of the respective financial year.

(b) Compounded Annualised Returns as of September 29, 2023

DSP
Healthcare
Fund – S&P BSE DSP Healthcare
S&P BSE Healthcare
Regular Healthcar Fund – Direct Plan
TRI
Plan – e TRI – Growth Option
Growth
Period Option
Last 1 Year 24.99% 22.98% 26.67% 22.98%
Last 3 Year 14.37% 13.67% 15.99% 13.67%
Last 5 Year -- -- -- --
Since Inception 22.14% 16.10% 24.04% 16.10%
NAV/ Index value 26.2860 32,686.09 28.3200 32,686.09
Date of allotment 30-Nov-18 30-Nov-18

Note: As per the SEBI standards for performance reporting, the “since inception” returns are
calculated on Rs. 10/- invested at inception. For this purpose the inception date is deemed to be the
date of allotment. The “Returns” shown are for the growth option. Past performance may or may
not be sustained in future and should not be used as a basis for comparison with other
investments.

##Total Return (TR) Index: Total return index calculation consider over a given evaluation period.
Total return includes interest, capital gains, IDCW and distributions the actual rate of return of an
investment or a pool of investments over a given evaluation period. Total return includes interest,
capital gains, IDCW and distributions realized over a given period of time

The Regular Plan and Direct Plan under the Scheme will have a common portfolio; however, their
returns are expected to vary in line with the specified expense ratio under the relevant Plan.
All benchmark returns are computed basis Total Return Index.

50
 Disclosure as per Clause 5.8.1.2 of the SEBI Master Circular:

SCHEME PORTFOLIO HOLDING (TOP 10 HOLDINGS)

Top 10 Holdings issuer wise (As on September 30, 2023) % of Scheme

Sun Pharmaceutical Industries Limited 13.65%
Cipla Limited 8.76%
IPCA Laboratories Limited 7.62%
Lupin Limited 7.40%
Suven Pharmaceuticals Limited 6.82%
Alembic Pharmaceuticals Limited 5.63%
Apollo Hospitals Enterprise Limited 5.53%
Procter & Gamble Health Limited 4.69%
Globus Medical Inc 4.10%
Concord Biotech Limited 3.91%

Link to the scheme’s latest monthly portfolio holding:

https://www.dspim.com/mandatory-disclosures/portfolio-disclosures

SECTOR ALLOCATION

Sector wise break up as on September 30, 2023

DSP Healthcare Fund

Sector % of Scheme
Healthcare 94.52%
TREPS / Reverse Repo / Corporate Debt Repo 2.43%
FINANCIAL SERVICES 1.83%
Mutual Fund 0.97%
CONSUMER SERVICES 0.85%
Net Receivables/Payables -0.60%
Grand Total 100.00%

Portfolio Turnover Ratio: 0.23 Times

K. HOW IS THE SCHEME DIFFERENT FROM THE EXISTING SCHEMES OF THE MUTUAL FUND?

Scheme Investment Objective Allocation Number of Folios AUM as on September

Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
DSP Focus The primary investment (a) Equity & equity
Fund objective of the Scheme related instruments:
is to generate long-term 65% - 100%
capital growth from a
portfolio of equity and (b) Debt and Money
10025 56268 392.99 1,594.58
equity-related Market Securities*: 0%
securities including - 35%
equity derivatives. The
portfolio will consist of (c) Units issued by
multi cap companies by REITs & InvITs: 0% -10%

51
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
market capitalisation.
The Scheme will hold *Debt and money
equity and equity- market instruments
related securities will include
including equity investments in
derivatives, of upto 30 securitised debt.
companies. The Scheme
may also invest in debt
and money market
securities, for defensive
considerations and/or
for managing liquidity
requirements.
There is no assurance
that the investment
objective of the Scheme
will be realized.
DSP Flexi The primary investment Equity and equity
Cap Fund objective of the Scheme related securities: 65%
is to seek to generate - 100%
long term capital
appreciation, from a *Debt and Money
portfolio that is Market Securities: 0% -
substantially 35%
constituted of equity
securities and equity *Debt securities
53365 247812 1,344.45 7,805.70
related securities of /instruments are
issuers domiciled in deemed to include
India. This shall be the securitised debts.
fundamental attribute
of the Scheme.
There is no assurance
that the investment
objective of the Scheme
will be realized.
DSP India The primary investment Equity and equity
T.I.G.E.R. objective of the Scheme related securities of
Fund ( The is to seek to generate Companies whose
Infrastruct capital appreciation, fundamentals and
ure Growth from a portfolio that is future growth could be
and substantially influenced by the
Economic constituted of equity ongoing process of
Reforms securities and equity economic reforms
Fund) related securities of and/or Infrastructure
12621 95228 282.80 2,248.74
corporates, which could development theme:
benefit from structural 80% - 100%
changes brought about
by continuing Equity and Equity
liberalization in related securities of
economic policies by the other Companies: 0% -
Government and/or 20%
from continuing
investments in

52
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
infrastructure, both by Debt, securitized debt
the public and private and Money Market
sector. There is no Securities: 0% - 20%
assurance that the
investment objective of Units of REITs and
the Scheme will be InvITs: 0%-10%
realized.
DSP Natural The primary investment Equity and Equity
Resources objective of the Scheme related Securities of
and New is to seek to generate companies domiciled
Energy capital appreciation and in India, and
Fund provide long term principally engaged in
growth opportunities by the discovery,
investing in equity and development,
equity related securities production or
of companies domiciled distribution of Natural
in India whose pre- Resources and
dominant economic Alternative Energy :
activity is in the: 65% - 100%
(a) discovery,
development, (a) Equity and Equity
production, or related Securities of
distribution of natural companies domiciled
resources, viz., energy, overseas and
mining etc.; principally engaged in
(b) alternative energy the discovery,
and energy technology development,
sectors, with emphasis production or
given to renewable distribution of Natural
energy, automotive and Resources and
on-site power Alternative Energy. 42691 34458 308.93 440.76
generation, energy
storage and enabling (b) Units/shares of
energy technologies. (i) BGF - SEF
(ii) BGF - WEF and
The Scheme will also (iii) Similar other
invest a certain portion overseas mutual fund
of its corpus in the schemes: 0% - 35%
equity and equity
related securities of Debt and Money
companies domiciled Market Securities: 0% -
overseas, which are 20%
principally engaged in
the discovery,
development,
production or
distribution of natural
resources and
alternative energy
and/or the units/shares
of BlackRock Global
Funds – Sustainable
Energy Fund, BlackRock
Global Funds – World

53
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
Energy Fund and similar
other overseas mutual
fund schemes. There is
no assurance that the
investment objective of
the Scheme will be
realized.
DSP Equity The primary investment 1(a) Equity & equity
Opportuniti objective is to seek to related instruments of
es Fund generate long term large cap companies#:
capital appreciation 35%-65%
from a portfolio that is
substantially 1(b) Equity & equity
constituted of equity related instruments of
and equity related mid cap companies$:
securities of large and 35%-65%
midcap companies.
From time to time, the 1(c) Investment in
fund manager will also other equity and
seek participation in equity related
other equity and equity instruments: 0%-30%
related securities to
achieve optimal 2. Debt* and Money
portfolio construction. Market Securities: 0%-
There is no assurance 30%
that the investment
37259 229485 1,369.01 7,742.97
objective of the Scheme 3. Units of REITs and
will be realized InvITs: 0%-10%
# st
1 - 100th company in
terms of full market
capitalization would
be considered as large
cap companies.
$
101st - 250th company
in terms of full market
capitalization would
be considered as
midcap companies.

*Debt
securities/instruments
are deemed to include
securitized debts.
DSP Mid The primary investment 1(a) Equity & equity
Cap Fund objective is to seek to related instruments of
generate long term mid cap companies#:
capital appreciation 65%-100%
112556 530291 2,641.83 12,388.22
from a portfolio that is
substantially 1(b) Other equity &
constituted of equity equity related
and equity related instruments: 0%-35%

54
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
securities of midcap
companies. From time 2. Debt and Money
to time, the fund Market Securities*: 0%-
manager will also seek 35%
participation in other
equity and equity 3. Units issued by
related securities to REITs & InvITs: 0%-10%
achieve optimal
portfolio construction. *Debt and money
There is no assurance market instruments
that the investment will include
objective of the Scheme investments in
will be realized securitised debt.
#
101st - 250th company
in terms of full market
capitalization would
be considered as
midcap companies.
DSP Tax The primary investment Equity and equity
Saver Fund objective of the scheme related securities: 80%
is to seek to generate - 100%
medium to long-term
capital appreciation of which Investments
from a diversified in ADRs, GDRs and
portfolio that is foreign equity
substantially securities: 0% - 20%
constituted of equity
and equity related Debt, securitised
securities of corporates, debt* and money 318002 643090 2,906.65 9,179.78
and to enable investors market securities: 0% -
avail of a deduction 20%
from total income, as
permitted under the *Exposure to
Income Tax Act, 1961 securitized debt will
from time to time. not exceed 10% of the
There is no assurance net assets of the
that the investment Scheme
objective of the Scheme
will be realized
DSP Top The primary investment 1(a) Equity & equity
100 Equity objective is to seek to related
Fund generate long term instruments of large
capital appreciation cap companies# - 80% -
from a portfolio that is 100%
substantially
constituted of equity 1(b) Investment in 17313 107721 348.23 2,668.31
and equity related other equity and
securities of large cap equity related
companies. From time instruments - 0% - 20%
to time, the fund
manager will also seek
participation in other

55
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
equity and equity 2. Debt* and Money
related securities to Market Securities - 0%
achieve optimal - 20%
portfolio construction.
There is no assurance 3. Units of REITs and
that the investment InvITs - 0% - 10%
objective of the Scheme
will be realized. #1st-100th company in
terms of full market
capitalization would
be considered as large
cap companies.

*Debt
securities/instruments
are deemed to include
securitized debts.
DSP Small The primary investment 1(a) Equity & equity
Cap Fund objective is to seek to related instruments of
generate long term small cap companies#:
capital appreciation 65% - 100%
from a portfolio that is
substantially 1(b) Other equity &
constituted of equity equity related
and equity related instruments which are
securities of small cap in the top 250 stocks
companies. From time by market
to time, the fund capitalization: 0% -
manager will also seek 35%
participation in other
equity and equity 2. Debt* and Money
related securities to Market Securities: 0% -
achieve optimal 35%
portfolio construction. 113570 364046 2,760.35 9,337.99
There is no assurance 3. Units issued by
that the investment REITs & InvITs: 0% -
objective of the Scheme 10%
will be realized
#
251st company
onwards in terms of
full market
capitalization would
be considered as small
cap companies.

*Debt instruments may

include securitised
debt upto 10% of the
net assets of the
Scheme.
DSP Equity The investment Under normal
Savings objective of the Scheme circumstances, when 2278 8224 256.65 421.40
Fund is to generate income adequate arbitrage

56
Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
through investments in opportunities are
fixed income securities available and
and using arbitrage and accessible in the cash
other derivative and derivative
Strategies. The Scheme market segment, the
also intends to generate asset allocation of the
long-term capital Scheme will be as
appreciation by follows:
investing a portion of
the Scheme’s assets in A. Equity & Equity
equity and equity related instruments
related instruments. including derivatives:
65%- 75%
However, there can be
no assurance that the A1. Of which cash-
investment objective of futures arbitrage*:
the scheme will be 10%-55%
realized.
A2. Of which net long
equity exposure^: 20%
- 55%

B. Debt and money

market instruments
:10% - 35%

C. Units issued by
REITs & InvITs: 0% -10%

When adequate
arbitrage
opportunities are not
available and
accessible in the cash
and derivative
market segment
(Defensive
Consideration), the
asset allocation of the
Scheme will be as
follows:
A. Equity & Equity
related instruments
including derivatives:
55%- 65%

A1. Of which cash-

futures arbitrage*: 0%-
45%

A2. Of which net long

equity exposure^: 20%
- 55%

57
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
B. Debt and money
market instruments
:25% - 60%

C. Units issued by
REITs & InvITs: 0% -10%

*Refers to equity
exposure completely
hedged with
corresponding equity
derivatives
^Refers to only net
long equity exposures
aimed to gain from
potential capital
appreciation and thus
is a directional equity
exposure which will
not be hedged.
DSP Equity The primary investment Equity and equity
& Bond objective of the Scheme related securities: 65%
Fund is to seek to generate - 75%
long term capital
appreciation and Fixed income
current income from a securities (Debt,
portfolio constituted of securitized debt and
equity and equity money market
related securities as securities): 25% - 35% 19055 154796 570.10 7,645.19
well as fixed income
securities (debt and
money market
securities).
There is no assurance
that the investment
objective of the Scheme
will be realized.
DSP The investment A. Equity & Equity
Dynamic objective of the Scheme related instruments
Asset is to seek capital Including derivatives:
Allocation appreciation by 65% - 100%
Fund managing the asset
allocation between B. Debt and money
equity and fixed income market instruments:
securities. The Scheme 0%-35%
10575 47992 466.22 2,804.85
will dynamically manage
the asset allocation
between equity and
fixed income. Equity
allocation will be
decided based on a
combination of
valuation and

58
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
momentum while fixed
income and arbitrage
will be resultant
allocation.

The Scheme intends to

generate long-term
capital appreciation by
investing in equity and
equity related
instruments and seeks
to generate income
through investments in
fixed income securities
and by using arbitrage
and other derivative
strategies.
However, there can be
no assurance that the
investment objective of
the scheme will be
realized.
DSP The investment Under normal
Arbitrage objective of the Scheme circumstances, when
Fund is to generate income arbitrage
through arbitrage opportunities are
opportunities between available and
cash and derivative accessible, the asset
market and arbitrage allocation of the
opportunities within the Scheme will be as
derivative market. follows:
Investments may also be Equity & Equity
made in debt & money related instruments
market instruments. including Equity
However, there can be Derivatives including
no assurance that the Index Futures, Stock
investment objective of Futures, Stock
the scheme will be Options, Index Options
1842 3875 1,295.77 868.15
realized. etc.#: 65% - 100%
Debt, Money market
instruments: 0-35%

When adequate
arbitrage
opportunities are not
available in the
Derivative and equity
markets:

Equity & Equity

related instruments
including Equity
Derivatives including
Index Futures, Stock

59
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
Futures, Stock
Options, Index Options
etc.#: 0% - 65%

Debt, Money market

instruments: 35% -
100%

# The exposure to
derivative shown in
the above asset
allocation table is
exposure taken against
the underlying equity
investments i.e. in
case the Scheme shall
have a long position in
a security and a
corresponding short
position in the same
security, then the
exposure for the
purpose of asset
allocation will be
counted only for the
long position. The
intent is to avoid
double counting of
exposure and not to
take additional asset
allocation with the use
of derivative.

DSP The primary investment A. Equity and equity

Healthcare objective of the scheme related securities of
Fund is to seek to generate pharmaceutical and
consistent returns by healthcare companies:
predominantly investing 80% - 100%
in equity and equity
related securities of B. Equity and Equity
pharmaceutical and related securities of
healthcare companies. other: 0% - 20%
32117 55496 536.15 1,194.01
However, there can be Companies
no assurance that the
investment objective of C. Debt, securitized
the scheme will be debt and Money
realized. Market Securities: 0% -
20%

Units issued by REITs &

InvITs: 0% - 10%

60
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
DSP Quant The investment A. Equity & Equity
Fund objective of the Scheme related instruments
is to deliver superior including derivatives:
returns as compared to 80%-100%
the underlying
benchmark over the B. Debt and money
medium to long term market instruments:
through investing in 0%- 20%
equity and equity
related securities. The C. Units issued by
portfolio of stocks will REITs & InvITs: 0%- 5%
be selected, weighed
and rebalanced using
stock screeners, factor
based scoring and an 14330 20393 681.38 558.52
optimization formula
which aims to enhance
portfolio exposures to
factors representing
‘good investing
principles’ such as
growth, value and
quality within risk
constraints.
However, there can be
no assurance that the
investment objective of
the scheme will be
realized.
DSP Value The primary investment Equity & Equity
Fund objective of the scheme related instruments
is to seek to generate including derivatives$:
consistent returns by 65%- 100%
investing in equity and
equity related or fixed Debt, securitized
income securities which debt* and money
are currently market instruments:
undervalued. 0%-35%
However, there is no
assurance that the Units issued by REITs &
8607 22816 204.23 453.06
investment objective of InvITs: 0%-10%
the scheme will be
realized. *Exposure to
securitized debt will
not exceed 10% of the
net assets of the
Scheme.
$The Scheme may
invest up to 35% of its
total assets in foreign
securities.
DSP Multi The investment A. Equity & Equity
Asset objective of the Scheme related instruments 13972 36417 33.77 895.32

61
 Scheme Investment Objective Allocation Number of Folios AUM as on September
Name as on September 30, 2023
30, 2023 (Rs. in crores)
Direct Regular Direct Regular
Plan Plan Plan Plan
Allocation is to seek to generate including derivatives –
Fund long term capital 35% - 80%
appreciation by
investing in multi asset B. Debt and money
classes including equity market instruments* -
and equity related 10% - 50%
securities, debt and
money market C. Gold ETFs & other
instruments, commodity Gold related
ETFs, exchange traded instruments (including
commodity derivatives ETCDs) as permitted
and overseas securities by SEBI from time to
time - 10% - 50%
There is no assurance
that the investment D. Other Commodity
objective of the Scheme ETFs, Exchange
will be achieved. Traded Commodity
Derivatives (ETCDs) &
any other mode of
investment in
commodities as
permitted by SEBI
from time to time. – 0%
- 20%

E. Units of REITs &

InvITs – 0% - 10%

*The Scheme retains

the flexibility to invest
across all the
securities in the debt
and money markets as
permitted by SEBI /
RBI from time to time,
including schemes of
mutual funds.

For detailed of asset allocation of the aforesaid schemes you may refer its Scheme Information
documents available on www.dspim.com

L. INVESTMENT BY THE AMC

In terms of sub-regulation 16(A) in Regulation 25 of SEBI (Mutual Funds) Regulations, 1996 read along
with clause 6.9 of the SEBI Master Circular and AMFI Best Practice Guidelines Circular No.100 /2022-
23 dated April 26, 2022 on ‘Alignment of interest of AMCs with the Unitholders of the Mutual Fund
schemes’, the AMC shall invest such amounts in such schemes of the mutual fund, based on the risks
associated with the schemes, as may be specified by the SEBI from time to time.

62
SECTION III. UNITS AND OFFER

This section provides details an investor needs to know for investing in the Scheme.

A. NEW FUND OFFER (NFO)

This section does not apply, as the ongoing offer of the Scheme has commenced after the NFO, and
the Units are available for continuous subscription and redemption.

B. ONGOING OFFER DETAILS

1. Ongoing/Continuous Offer Period

(This is the date from which the Scheme will reopen for subscriptions/redemptions after the closure
of the NFO period)

The Continuous offer for the Scheme commenced from

• Regular Plan – 04 December 2018
• Direct Plan – 04 December 2018

2. Plans and Options offered under the Scheme

Plan Options Available Sub-Option

Regular Plan and Direct Growth -

Plan
IDCW Payout of IDCW & Reinvestment of IDCW
Monthly IDCW Payout of IDCW & Reinvestment of IDCW
Quarterly IDCW Payout of IDCW & Reinvestment of IDCW

“Investors may note that under Income Distribution cum Capital Withdrawal options the amounts can
be distributed out of investor’s capital (Equalization Reserve), which is part of sale price that
represents realized gains.”

Notes:
a) It should be noted that actual distribution of IDCW and the frequency of distribution indicated
above are provisional and will be entirely at the discretion of the Trustees. The Trustee reserves
the right to alter the Record Date as stated herein, at its discretion. To the extent the entire
net income and realised gains are not distributed, the same will remain invested in the Scheme
concerned and be reflected in the NAV. If the record date for all frequency (other than monthly
frequency) falls on a non Business Day, the immediate next Business Day shall be considered as
the Record Date.
b) There is no assurance or guarantee to the Unit Holders as to the rate of IDCW distribution nor
that IDCW will be regularly paid, though it is the intention of the Scheme to make IDCW
distribution under the respective plan/options of the Scheme.
c) An investor on record of the CAMS / Statement of Beneficiary Owners maintained by the
Depositories for the purpose of IDCW distribution is an investor who is a Unit Holder/ Beneficial
Owners as on the Record Date. In order to be a Unit Holder, an investor has to be allocated Units
representing receipt of clear funds by the Scheme.
d) Investors should indicate the Scheme / Plan and / or Option / Sub Option, wherever applicable,
for which the subscription is made by mentioning the full name of Scheme/ Plan/ option or sub
option in the appropriate space provided for this purpose in the application form. In case of
valid applications received, without indicating the Scheme / Plan and / or Option etc. or where
the details regarding Plan and/or Option are not clear or ambiguous, the following defaults will
be applied:

63
 If no indication is given under the following Default
Option – Growth / Monthly IDCW/ Quarterly IDCW Growth

Sub-option – Payout of IDCW & Reinvestment of IDCW Payout of IDCW

In case an investor/Unit Holder fails to mention the plan and broker details in the application form,
then the application shall be processed under respective option/sub-option under Direct Plan of the
Scheme.

Processing of Application Form/Transaction Request: The below table summarizes the procedures
which would be adopted while processing application form/transaction request by the AMC.

Sr No. AMFI Registration Number Plan as selected in Transaction shall be

(ARN) Code/Direct/Blank as the application processed and Units shall
mentioned in the application form/transaction be allotted under
form/ transaction request request
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 mentioned in the purchase request or the ARN is
not empanelled, the purchase shall be processed under Direct Plan.

a) Any change in IDCW sub option due to additional investment or customer request will be
applicable to all existing Units in the IDCW option of the Scheme concerned.
b) Investors shall note that once Units are allotted, AMC shall not entertain requests regarding
change of Plan/Option, with a retrospective effect.
c) Applications not specifying Scheme/Plans/Options and/ or accompanied by cheque/demand
drafts/account to account transfer instructions favouring Scheme/Plans/Options other than
those specified in the application form are liable to be rejected.
d) Where the Scheme name as written on the application form and on the payment instrument
differs, the proceeds may, at the discretion of the AMC be allotted in the Scheme as mentioned
on the application form.
e) IDCW payments shall be made to the Unit Holders within 7 Working Days from the record date
for declaration of the IDCW.
f) Investors should provide details/instructions only in the space provided in the form. Any
details/noting/information/ instruction provided at a non designated area of the standard form
being used, or any additional details, for which space is not designated in the standard form,
may not be executed and the AMC will not be liable for the same.
g) The AMC and its Registrar reserve the right to disclose the details of investors and their
transactions to third parties viz. banks, distributors, Registered Investment Advisors from whom
applications of investors are received and any other organization for the purpose of compliance
with legal and regulatory requirements or for complying with anti- money laundering
requirements.
h) Returned cheques are liable not to be presented again for collection, and the accompanying
application could also be rejected. In case returned cheques are presented, the necessary
charges including returned charges may be debited to the investor.

3. IDCW Policy

Options Available Sub-Option IDCW Frequency/Record

Date
Growth - -

64
 IDCW Payout of IDCW & Reinvestment of IDCW Annual^
Monthly IDCW Payout of IDCW & Reinvestment of IDCW 28th of each month#

Quarterly IDCW Payout of IDCW & Reinvestment of IDCW 28th of each quarter of
the financial year#
^ The Trustee, in its sole discretion, may also declare interim IDCW.
# If 28th is not a Business Day, the record date shall be the immediately preceding Business
Day. It should be noted that the actual distribution of IDCW and frequency of distribution will
be entirely at the discretion of the Trustee and shall be subject to availability of distributable
surplus.
If record date for all frequency (other than monthly frequency) falls on a non-Business Day, the
immediate next Business Day shall be considered as the Record Date.

All the Plans and option under the Scheme will have common portfolio.

(i) Growth Option

The Mutual Fund will not declare any IDCW under this option. The income earned under this Option
will remain invested in the option and will be reflected in the NAV. This option is suitable for investors
who are not looking for current income but who have invested with the intention of capital
appreciation. Moreover, if Units under this option are held as capital asset for a period of greater
than 36 months from the date of acquisition, Unit Holders will get the benefit of long term capital
gains tax.

(ii) IDCW/Monthly IDCW/Quarterly IDCW

The above Option is suited for investors seeking income through IDCW declared by the Scheme. Only
Unit Holders opting for the IDCW/Monthly IDCW/Quarterly IDCW will receive IDCW. The Trustee, in
its sole discretion, may also declare interim IDCW.

This Option in turn offers two sub-options i.e. “Payout of IDCW” and “Reinvest of IDCW”, as under:

Payout of Income Distribution cum Capital Withdrawal option (IDCW)

As per the SEBI (MF) Regulations, the Mutual Fund shall despatch IDCW proceeds to the Unit Holders
within 7 Working Days from the record date for declaration of the IDCW. IDCW will be paid by
cheque, net of taxes, as may be applicable. Unit Holders will also have the option of direct payment
of IDCWto the bank account. The cheques will be drawn in the name of the sole/first holder and will
be posted to the registered address of the sole/first holder as indicated in the original application
form.
To safeguard the interest of Unit Holders from loss or theft of IDCW cheques, investor should provide
the name of their bank, branch and account number in the Application Form. IDCW cheques will be
sent to the Unit Holder after incorporating such information.
Investors may however note that in case the IDCW distributed (net of tax deducted at source,
wherever applicable) is for an amount equal to or less than Rs. 100/-, the IDCW, instead of being paid
out to the Unit holder will be reinvested by issuing additional Units of the Scheme at the Applicable
NAV on the next Business day after the Record Date. The additional Units issued and held as long term
capital asset will get the benefit of long-term capital gains tax if sold after being held for greater
than 36 months. For this purpose, 36 months will be computed from the date when such additional
units are allotted.
Reinvestment of Income Distribution cum Capital Withdrawal option (IDCW)
Under this sub-option, IDCW are reinvested by way of allotment of additional Units of the Scheme,
instead of receiving IDCWpayout. Such additional Units by way of reinvestment of IDCW will be at the
Applicable NAV on the next Business day after the Record Date. The additional Units issued under this
sub-option and held as long term capital asset will get the benefit of long-term capital gains tax if
sold after being held for greater than 36 months. For this purpose, 36 months will be computed from
the date when such additional units are allotted.

65
Effect of IDCW: The NAV of the Unit Holders in IDCW Option will stand reduced by the amount of
IDCW declared.

On declaration of IDCW, the NAV of the IDCW option will further stand reduced by the applicable
statutory levy/surcharge/cess/ any other levy payable by the scheme in respect of separate category
of investors if any. Notwithstanding varying rates of statutory levies, the ex- IDCW NAV will remain
the same for all categories of investors in a particular option, though the amount of IDCW received
by Unit Holders may vary depending on the category of each Unit Holder.

For details on taxation of IDCW please refer the SAI.

4. Minimum amount for Application/Redemption/switches

First Purchase and Subsequent Purchase Rs. 100/- and any amount thereafter

Note: The minimum application amount will not be

applicable for investment made in schemes in line
with SEBI guidelines on Alignment of interest of
Designated Employees of AMC.
SIP Purchase Rs. 100/- and any amount thereafter
Minimum amount for Not applicable
Redemption/repurchase*

*In case of Units held in dematerialized mode, the redemption request can be given only with DPs or
on Stock exchange Platform; and only in number of Units.

The Trustee shall have absolute discretion to reject any application for purchase of Units, if in its
opinion, increasing the size of the Unit Capital is not in the general interest of the Unit Holders, or if
for any other reason it does not believe it would be in the best interest of the Scheme or its Unit
Holders to accept such an application.

5. Ongoing price for subscription (Purchase Price)/Switch-in (from other schemes/plans of the
mutual fund) by Investors
(This is the price you need to pay for purchase/switch-in)

The Purchase Price of the Units on an ongoing basis will be calculated as described below, which is
based on the Applicable NAV
Purchase Price = Applicable NAV

Illustration:
Say, Applicable NAV = Rs. 12/-
Therefore, Purchase Price = Rs.12/-

6. Ongoing price for redemption (sale) /switch outs (to other Schemes/plans of the Mutual
Fund)/intra-Plan switching by investors (Redemption Price)
(This is the price you will receive for redemptions/switch outs)

Redemption Price of Units will be calculated on the basis of the Applicable NAV, subject to the Exit
Load applicable.
Redemption Price = Applicable NAV x (1 - Exit Load)
Illustration:
Say, Applicable NAV = Rs. 12.0000 and the Exit Load is 0.50%,
Redemption Price = 12 x (1-0.005) = Rs. 11.9400.

The Mutual Fund shall ensure that the repurchase price is not lower than 95%.

66
For details on load structure please see, under Section ‘Fees and Expenses, C. Load Structure.’

7. Applicable NAV and Cut-off time for subscriptions/ redemptions/ switches

Applicable NAV is the Net Asset Value per Unit at the close of the Business Day on which a valid
application is accepted and time stamped. An application will be considered accepted on a Business
Day, subject to it being complete in all respects and received and time stamped upto the relevant
cut-off time as specified below, at any of the official points of acceptance of transactions.
Applications received via post or courier at any of the centres will be accepted on the basis of when
the application is time stamped by the centre and not on the basis of date and time of receipt of the
post or the courier.

In accordance with the clause 8.4.6.2 of the SEBI Master Circular, in respect of purchase of units of
mutual fund schemes (except liquid and overnight schemes), closing NAV of the day shall be
applicable on which the funds are available for utilization irrespective of the size and time of receipt
of such application.

Pursuant to above, the NAV applicability for purchase/switch-in/ subscription in the Scheme will be
subject to following clauses:
1. Application for purchase/subscription/switch-in is received before the applicable cut-off
time on a Business Day.
2. Funds for the entire amount of purchase/subscription/switch-in as per the application is
credited before the cut-off time to the bank account of the Scheme in which subscription is
made.
3. The funds are available for utilization before the cut-off time the Scheme.

(a) Purchase and Switch-in

Particulars Applicable NAV

Where the valid application is received upto cut-off time of 3.00 p.m. Closing NAV of same Business
on a business day at the official point(s) of acceptance and funds for Day shall be applicable
the entire amount of subscription/purchase are available for
utilization upto 3.00 p.m. on the same Business Day.

Where the valid application is received upto cut-off time of 3.00 p.m. Closing NAV of such
on a business day at the official point(s) of acceptance and funds for subsequent Business Day on
the entire amount of subscription/purchase are available for which the funds are available
for utilization prior to 3.00
utilization after 3.00 p.m. on the same Business Day or on any p.m.
subsequent Business Day

Where the valid application is received after cut-off time of 3.00 p.m. Closing NAV of subsequent
on a business day at the official point(s) of acceptance and funds for Business Day shall be
the entire amount of subscription/purchase/switch-in are available applicable
for utilization upto 3.00 p.m. on the same Business Day.

(b) Redemption and Switch-out

Particulars Applicable NAV

Where the valid application is received on any Business Day at the NAV of the same day
official points of acceptance of transactions upto 3.00 p.m.

Where the valid application is received after 3.00 p.m. NAV of the next Business Day.

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

67
applicability of NAV, would be the time when the request of purchase/sale/switch of units is received
in the servers of AMC/RTA as per terms and conditions of such facilities.

With respect to investors who transact through the stock exchange, Applicable NAV shall be
reckoned on the basis of the time stamping as evidenced by confirmation slip given by stock
exchange mechanism.
Applicable Net Asset Value in case of Multiple applications/transactions received under all open-
ended Schemes of the Fund: All transactions as per conditions mentioned below shall be aggregated
and closing NAV of the day on which funds for respective transaction (irrespective of source of funds)
are available for utilization.
a. All transactions received on same Business Day (as per cut-off timing and Time stamping rule).
b. Aggregation of transactions shall be applicable to the Scheme.
c. Transactions shall include purchases, additional purchases and exclude Switches, SIP/STP and
trigger transactions.
d. Aggregation of transactions shall be done on the basis of investor/s/Unit Holder/s Permanent
Account Number (PAN). In case of joint holding in folios, transactions with similar holding
pattern will be aggregated. The principle followed for such aggregation will be similar as
applied for compilation of Consolidated Account Statement (CAS).
e. All transactions will be aggregated where investor holding pattern is same as stated in point
no.4 above.
f. Only transactions in the same Scheme of the Fund shall be clubbed. It will include transactions
at Plans/Options level (i.e. Regular Plan, Direct Plan, IDCW Option, Growth Option, etc).
g. Transactions in the name of minor received through guardian will not be aggregated with the
transaction in the name of same guardian. However, two or more transactions in folios of a
minor received through same guardian will be considered for aggregation.
h. In the case funds are received on separate days and are available for utilization on different
business days before the cut off time, the applicable NAV shall be of the Business day/s on
which the cleared funds are available for utilization for the respective application amount.
i. Irrespective the date and time of debit to the customer bank accounts, the date and time of
actual credit in the Scheme’s bank account, which could be different due settlement cycle
in the banking industry, would be considered for applicability of NAV.
j. Investors are advised to make use of digital/electronic payment to transfer the funds to the
Scheme’s bank account.

Note for switching: Where there is a switch application from one scheme to another, ‘Switch out’
shall be treated as redemption in one scheme and the Applicable NAV based on the cut off time for
redemption and payout rules shall be applied. Similarly, the ‘switch in’ shall be treated as purchase
and the Applicable NAV based on the cut off time for purchase and realization of funds by the ‘switch
in’ scheme related rules shall be applied.
Where an application is received and time stamping is done after the cut-off time, the request
will be deemed to have been received on the next Business Day.

8. Who can invest?

The following persons (subject to, wherever relevant, purchase of units of mutual funds, being
permitted under respective constitutions, and relevant statutory regulations) are eligible and may
apply for subscription to the Units of the Scheme:
• Resident Adult Individuals either singly or jointly (not exceeding three)
• Minors through parent/legal guardian
• Companies, Bodies Corporate, Public Sector Undertakings, association of persons or bodies of
individuals whether incorporated or not and societies registered under the Societies Registration
Act, 1860 (so long as the purchase of Units is permitted under the respective constitutions)
• Religious, Charitable and Private Trusts, under the provisions of 11(5) of Income Tax Act, 1961
read with Rule 17C of Income Tax Rules, 1962 (subject to receipt of necessary approvals as "Public
Securities", where required)
• Trustee of private trusts authorised to invest in mutual fund Scheme under the Trust Deed
• Partnership Firms
• Karta of Hindu Undivided Family (HUF)

68
• Banks (including Co-operative Banks and Regional Rural Banks) and Financial Institutions
• NRIs/Persons of Indian Origin residing abroad on full repatriation basis (subject to RBI approval, if
any) or on non-repatriation basis
• Foreign Portfolio Investors (FPI) as defined in Regulation 2(1) (h) of Securities and Exchange Board
of India (Foreign Portfolio Investors) Regulations, 2014
• Army, Air Force, Navy and other para-military funds
• Scientific and Industrial Research Organisations
• International Multilateral Agencies approved by the Government of India
• Non-Government Provident/Pension/Gratuity funds as and when permitted to invest
• Mutual Funds registered under the SEBI (Mutual Funds) Regulations, 1996
• Others who are permitted to invest in the Scheme as per their respective constitutions
• The scheme of the Mutual Fund, subject to the conditions and limits prescribed in SEBI (MF)
Regulations and/or by the Trustee, AMC or Sponsors (The AMC shall not charge any fees on such
investments).
• The AMC (No fees shall be charged on such investments).

All category of investors (whether existing or new) as permitted above are eligible to subscribe under
Direct Plan. Investments under the Direct Plan can be made through various mode offered by the
Fund for investing directly in the Fund.
Note: For Investments ‘On behalf of Minor’: Where the investment is on behalf of minor by the
guardian, please note the following important points.
a. The minor shall be the sole and only first holder in the account. Nomination facility is not
available for applications/ folios on behalf of a minor. Joint holders’ details and nomination
details, even if mentioned and signed will not be considered.
b. Guardian of the minor should either be a natural guardian (i.e. father or mother) or a court
appointed legal guardian.
c. Details like minor’s date of birth, Guardian’s relation with Minor, Guardian name, PAN, KYC are
mandatory, along with supporting documents. Photo copy of the document evidencing the date
of birth of minor like
i) Birth certificate of the minor, or
ii) School leaving certificate / Mark sheet issued by Higher Secondary Board of respective states,
ICSE, CBSE etc., or
iii) Passport of the minor, or
iv) any other suitable proof should be attached with the application form.
d. Where the guardian is not a natural guardian (father or mother) and is a court appointed legal
guardian, suitable supporting documentary evidence should be provided.
e. If the mandatory details and/or documents are not provided, the application is liable to be
rejected without any information to the applicant.
f. Payment towards subscription/investment through any mode in units of the scheme of the Fund
shall be accepted from the bank account of the minor, bank account of the parent or legal
guardian of the minor, or from a joint bank account of the minor with parent or legal guardian.
g. All redemption proceeds shall be credited only in the verified bank account of the minor or a
joint bank account of the minor with the parent or legal guardian after completing all the KYC
formalities.
h. For existing folios in the name of the minors, the bank account in the name of the minor or a
joint account of the minor with the parent or legal guardian should be updated before placing
any redemption request otherwise the redemption will be rejected.

Further, all other requirement for investments by minor and process of transmission shall be followed
in line with clause 17.6 of the SEBI Master Circular read with SEBI circular no. SEBI/HO/IMD/POD-
II/CIR/P/2023/0069 dated May 12, 2023 as amended from time to time.

• Aggregate investment in the scheme under the following categories:

Sr. Category Total amount invested as on

no. September 30, 2023 (Amt in Crs.)
1 AMC’s Board of Directors* 39.9171
2 Concerned scheme’s Fund Manager(s) and 0.9005

69
 3 Other key managerial personnel 0.8680

The above investment indicates details of investment where the said Director/personnel is the first
holder.
*Investments made by Mr. Kalpen Parekh (Managing Director and Chief Executive officer, DSP Asset
Managers Private Limited) and Ms. Aditi Kothari Desai (Director and Head- Digital, Marketing, Strategy
& New Initiatives, DSP Asset Managers Private Limited) have been considered under the category of
AMC’s Board of Directors.

• Applicability and provisions of Foreign Account Compliance Act (FATCA):

For further details relating to FATCA, investors are requested to refer SAI which is available on the
website viz. www.dspim.com

Non-acceptance of subscriptions from U.S. Persons and Residents of Canada in Scheme of the
Fund

United States Person (U.S. Person), corporations and other entities organized under the applicable
laws of the U.S. and Residents of Canada as defined under the applicable laws of Canada should not
invest in units of any of the Schemes of the Fund and should note the following:

• No fresh purchases /additional purchases/switches in any Schemes of the Fund would be allowed.
However, existing Unit Holder(s) will be allowed to redeem their units from the Schemes of the
Fund. If an existing Unit Holder(s) subsequently becomes a U.S. Person or Resident of Canada,
then such Unit Holder(s) will not be able to purchase any additional Units in any of the Scheme
of the Fund.

However, subscription (including systematic investments) and switch transactions requests

received from U.S. persons who are Non-resident Indians (NRIs) /Persons of Indian origin (PIO)
and at the time of such investment, are present in India and submit a physical transaction request
along with such documents as may be prescribed by the AMC/ Trustee Company from time to
time shall be accepted.

The AMC shall accept such investments subject to the applicable laws and such other terms and
conditions as may be notified by the AMC/ Trustee Company. The investor shall be responsible
for complying with all the applicable laws for such investments. The AMC reserves the right to
reject the transaction request or redeem with applicable exit load and TDS or reverse allotted
units, as the case may be, as and when identified by the AMC, which are not in compliance with
the terms and conditions notified in this regard.

• For transaction from Stock Exchange platform, while transferring units from the broker account
to investor account, if the investor has U.S./Canadian address then the transactions , subject to
the abovementioned conditions, may be rejected.

• In case the AMC/Fund subsequently indentifies that the subscription amount is received from U.S.
Person(s) or Resident(s) of Canada, in that case the AMC/Fund at its discretion shall redeem all
the units held by such person from the Scheme of the Fund at applicable Net Asset Value

9. Where can the applications for purchase/redemption/ switch be submitted?

All transaction requests can be submitted at any of the official points of acceptance of
transactions, the addresses of which are given at the end of this SID. Stock brokers registered
with recognized stock exchanges and empanelled with the AMC shall also be considered as ‘official
points of acceptance of transactions. Investors can also submit their applications at the Registrar’s
office at Computer Age Management Services Limited, Ground Floor, Rayala Towers - I, 158, Anna
Salai, Chennai - 600 002.

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10. How to Apply?

Please refer to the SAI and application form for details and instructions.

Application form and Key Information Memorandum may be obtained from Official Points of
Acceptance (OPAs) / Investor Service Centres (ISCs) of the AMC or RTA or Distributors or can be
downloaded from our website www.dspim.com.

The list of the OPA / ISC are available on our website as well. Please refer to the SAI and Application
form for further details and the instructions.

11. Dematerialization

Investors subscribing for the Units (other than by way of switch-in) may opt to hold Units in
dematerialized mode by filling and providing details of their demat account in the specified
application form. Units shall be allotted in physical form by default, unless the investors intimate
their intention of holding Units in demat form by filling in the specified application form. This option
shall be available in accordance with the provisions laid under the respective scheme(s) and in terms
of guidelines/procedural requirements as laid by the depositories (NSDL/CDSL) from time to time.

Investors intending to hold the Units in Demat form are required to have a beneficiary account with
the Depository Participant (DP) registered with NSDL/CDSL and will be required to indicate in the
specified application form, the DP’s name, DP ID number and the beneficiary account number of the
Unit holder with the DP. In case the Demat account details are not provided or the details are
incomplete or the details do not match with the records as per Depository(ies), Units will be allotted
in physical form. The sequence of names/pattern of holding as mentioned in the application form
must be same as that in the demat account. Units shall be credited to the investors’ demat account
only after the funds are credited into the Mutual Fund’s scheme(s) account to the satisfaction of the
AMC.

In case of credit of Units to depository account, applicants’ details like the mode of holding, bank
account, correspondence address, payment bank, nomination etc. will be considered as appearing in
the depository account for various purposes. For any subsequent change in static information like
address, bank details, nomination etc. investors should approach their respective depository.

If the demat account details do not match with applicants' name and order, units will be allotted the
in physical form. Bank details in such cases shall be captured from the payment instrument provided
by the investor. No further transactions shall be permitted in such folio till the KYC related documents
or a valid depository account details are provided.

In case, 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 non-demat form into Demat (electronic) form or
vice-versa should be submitted alongwith a Demat/Remat Request Form to their Depository
Participants. Rematerialization of Units will be in accordance with the provisions of SEBI (Depositories
& Participants) Regulations, 2018 as may be amended from time.

The asset management company shall issue units in dematerialized form to a unit holder in a scheme
within two working days of the receipt of request from the unit holder.

Units held in demat form will be transferable subject to the provisions laid under the respective
Scheme(s)/Plan(s) and in accordance with 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.

12. Listing and Transfer of Units

The Scheme is open ended and the Units are not proposed to be listed on any stock exchange.
However, the Mutual Fund may, at its sole discretion, list the Units on one or more Stock Exchanges

71
at a later date, and thereupon the Mutual Fund will make suitable public announcement to that
effect.
The Mutual Fund will offer and redeem Units on a continuous basis during the Continuous Offer Period.

The Unit holders are given an option to hold the Units by way of an Account Statement (physical form)
or in Dematerialized (demat form). Units held in Demat form are transferable (subject to lock-in
period, if any and subject to lien, if any marked on the units) in accordance with the provisions of
SEBI (Depositories and Participants) Regulations, 2018, as may be amended from time to time.
Transfer can be made only in favor of transferees who are capable of holding Units and having a
Demat Account. The delivery instructions for transfer of Units will have to be lodged with the DP in
requisite form as may be required from time to time and transfer will be effected in accordance with
such rules / regulations as may be in force governing transfer of securities in dematerialized mode.
Further, for the procedure of release of lien, the investors shall contact their respective DP.

However, if a person becomes a holder of the Units consequent to operation of law or upon
enforcement of a pledge, the Mutual Fund will, subject to production of satisfactory evidence, effect
the transfer, if the transferee is otherwise eligible to hold the Units. Similarly, in cases of transfers
taking place consequent to death, insolvency etc., the transferee’s name will be recorded by the
Mutual Fund subject to production of satisfactory evidence.

13. Allotment

Full allotment will be made to all valid applications received. Allotment to NRIs/FPIs will be subject
to RBI approval, if required. Subject to the SEBI (MF) Regulations, the Trustee may reject any
application received in case the application is found invalid/incomplete or for any other reason in
the Trustee's sole discretion. All allotments will be provisional, subject to realization of payment
instrument and subject to the AMC having been reasonably satisfied about receipt of clear funds.
Any redemption or switch out transaction in the interim is liable to be rejected at the sole discretion
of the AMC. In case of cheque returns, the Mutual Fund will send the copy of the returned cheque
and bank return memo by normal post within 15 days of the Registrar having received, at it’s
registered office, the physical and the return memo. The Mutual Fund will not be responsible for any
loss or damage to the applicant on account of any delay in informing him/her/it about the return of
the cheque, where such delay is caused by the clearing mechanisms of banks and clearing houses
involved in realization of cheques.
It is mandatory for NRIs to attach a copy of the payment cheque/FIRC/Debit Certificate to ascertain
the repatriation status of the amount invested. NRI applicants should also clearly tick on account type
as NRE or NRO or FCNR to determine the repatriation status of the investment amount. The AMC and
the Registrar may ascertain the repatriation status purely based on the details provided in the
application form under ‘Investment and payment details’ and will not be liable for any incorrect
information provided by the applicants. Applicants will have to coordinate with their authorized
dealers and banks to repatriate the investment amount as and when needed.
All applications and/or refunds that are rejected for any reason whatsoever will be returned through
instruments or payment channels such as RTGS, NEFT, IMPS, direct credit, etc. or any other mode
allowed by Reserve Bank of India from time to time, for payments including refunds to unitholders in
form of the cheque, demand draft

Further, AMCs may also use modes of despatch such as speed post, courier etc. for payments including
refunds to unitholders in addition to the registered post with acknowledgement due within 15 days
to the address as mentioned by the applicant.
The Mutual Fund reserves the right to recover from an investor any loss caused to the Scheme on
account of dishonour of cheques issued by him/her/it for purchase of Units.

Where the Scheme name as written on the application form and on the payment instrument differs,
the proceeds may, at the discretion of the AMC be allotted in the Scheme as mentioned on the
application form.

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Allotment confirmation specifying the number of Units allotted shall be sent to the Unit holders at
their registered e-mail address and/or mobile number by way of email and/or SMS within 5 Business
Days from the date of receipt of transaction request.

14. Minimum balance to be maintained and consequences of non maintenance

Not Applicable.

15. Special facilities available

For general terms and conditions and more information, Unit holder(s) are requested to read Terms
and Conditions available on www.dspim.com

(i) Systematic Investment Plan (SIP)

Investors can benefit by investing specific Rupee amounts periodically, for a continuous period
through SIP. SIP allows investors to invest a fixed amount of Rupees on daily (business days) or specific
dates every month or quarter by purchasing Units of a Scheme at the Purchase Price prevailing at
such time. The minimum installment shall be 12 instalments. Investors can enroll themselves for SIP
in the Scheme by ticking the appropriate box in the application form and filling up the relevant SIP
form. If start date for SIP period is not specified, SIP will be registered to start anytime from a period
after five business days from the date of receipt of application based on the SIP date available /
mentioned, subject to mandate being registered. If end date is not specified the SIP will be registered
for 30 years from the start date or end date of mandate/tenure of the scheme, whichever is earlier.

Units will be allotted at the applicable NAV as on the SIP Date opted for by the investor. Where such
SIP Date is not a Business Day, Units will be allotted at the applicable NAV of the immediately
succeeding Business Day.

The AMC may change the terms and conditions for SIP from time to time, due to changing market and
operational conditions. Investors are advised to check the latest terms and conditions from any of the
offices of the AMC, before investing same is available on www.dspim.com.

Daily SIP facility

Under Daily SIP, the Unit Holder can invest a fixed amount into the scheme on a daily basis. Daily SIP
installment shall be processed only when it is a Business Day for the scheme. It is to be noted that
allotment of units are subject to realization of credit in the scheme. In case, if more than one SIP
instalments credits are realized on a particular day, both the instalments will be processed for the
applicable NAV in terms of the provisions of the Scheme Information Document.

SIP TOP-UP facility

SIP Top-Up facility provides flexibility to the investors to increase the SIP installment over the tenure
of the SIP. SIP Top-Up facility will be available under scheme offering SIP facility. SIP Top-Up
frequency in case of investors availing this facility will be half yearly and yearly. If the SIP Top-Up
frequency is not indicated for SIP under frequencies daily or monthly or quarterly, it will be
considered as yearly interval.

The AMC may change the terms and conditions for SIP TOP-UP facility from time to time, due to
changing market and operational conditions. Investors are advised to check the latest terms and
conditions from any of the offices of the AMC, before investing same is available on www.dspim.com

SIP Pause Facility;

Under the SIP Pause Facility (‘Facility’), the investor can stop the running SIP for certain period and
Restart the SIP again (at a folio level) by filling up a designated Change Request Form.

The detailed terms and conditions for availing the Facility are as follows:

73
a. Investors who wish to Pause their SIP instalments debit for a certain period can fill in the “SIP
Pause” section. Separate form should be filled for each SIP registration.

b. SIP Pause can be for a minimum period of 1 month to a maximum period of 6 months.

c. SIP Pause request should be submitted 15 days before the next SIP instalment date.

d. The SIP instalment debit will re-start in the month/quarter following the SIP Pause end month.

e. SIP pause applications are liable to be rejected in case the details are not proper and clear or in
case of incomplete details, non-clarity or ambiguity.

f. If the Pause period is coinciding with the Top-Up facility, the SIP instalment amount post
completion of Pause period would be inclusive of Top-Up amounts falling during that Top-Up
cycle;

g. It is possible that the investors’ Bank does not stop the SIP debits on the instalment date or delays
the processing of the SIP Pause instruction from DSP Asset Managers Private Limited (‘AMC’) or its
agents, if the investor has given a separate standing instruction to the Bank to debit the account
on the specified date. The investor will not hold the Fund/AMC/RTA responsible in whatsoever
manner in such cases.

h. DSP Asset Managers Private Limited (‘AMC’) or the Fund or the Registrar and other service
providers shall not be responsible and liable for any damages or compensation for any loss,
damage, etc. incurred by the investor due to reasons which are caused by circumstances not in
the ordinary course of business and beyond the control of the Fund.

All other terms and conditions as applicable to SIP facility will be applicable to SIP Pause facility.

The Trustee reserves the right to change the terms and conditions of this facility at a later date. The
Trustee also reserves the right to withdraw the SIP Pause facility.

(ii) Systematic Withdrawal plan (SWP)

A Unit Holder may, through SWP, receive regular payments by way of withdrawals from a Scheme (in
the said folio) on a weekly, monthly, quarterly, half yearly or yearly basis with specific SWP dates. A
Unit holder may avail of SWP by ticking the appropriate box in the application form and filling up the
SWP form, specifying therein the ‘SWP Date’ and period. To start an SWP, the unit holder should
submit the SWP form atleast seven days prior to the first desired SWP date. To discontinue the SWP,
the unit holder should provide atleast 30 days written notice to the Registrar/AMCs offices. A Unit
Holder who opts for an SWP has the choice of withdrawing (i) a fixed amount or (ii) an amount equal
to the periodic appreciation on his/her/its investment in the Scheme from which the withdrawal is
sought.

If the Units available are less than required withdrawal amount, then such Units will be redeemed
and SWP facility registered in such scheme will be discontinued. Similarly, if there are no units in the
Scheme to redeem or withdraw, the SWP facility registered in such Scheme will be discontinued.

In case the SWP Date happens to be a Non-Business Day, the transaction will be processed on the
immediately succeeding Business Day. On the other hand, the Mutual Fund may terminate the SWP,
if all the Units concerned are liquidated or withdrawn from the account or pledged or upon the Mutual
Fund’s receipt of notification of death or incapacity of the Unit Holder. All terms and conditions for
SWP, including Exit Load, if any, prevailing in the date of SWP enrolment/registration by the fund
shall be levied in the Scheme.

The AMC may change the terms and conditions for SWP facility from time to time, due to changing
market and operational conditions. Investors are advised to check the latest terms and conditions
from any of the offices of the AMC, before investing same is available on www.dspim.com .

(iii) Systematic Transfer Plan (STP)

74
A Unit Holder may transfer, through STP, part of his/her/its investment in the Scheme (in the said
folio) to another Scheme on a weekly (on any week day i.e Monday to Friday), monthly, quarterly,
half yearly and yearly basis with specific STP dates. The transfer will be effected by way of a switch,
i.e. redemption of Units from one Scheme and investment of the proceeds thereof, in the other
scheme, at the then prevailing terms of both schemes. Therefore, all provisions pertaining to Inter-
Scheme Switching will apply to an STP (Please refer to “Switching” for provisions on switching).
Also, all provisions pertaining to Entry and Exit Load in an STP transaction will be same as applicable
for purchase or redemption of investment made through SIP. All transactions by way of STP shall,
however, be subject to the terms (other than minimum application amount) of the target Scheme.

All terms and conditions for STP, prevailing on the date of STP enrolment/registration by the fund
shall be levied in the Scheme.

A Unit Holder who opts for an STP has the choice of switching (i) A fixed amount or (ii) an amount
equal to the periodic appreciation on his/her/its investment in the Scheme from which the transfer
is sought.

The AMC may change the terms and conditions for SWP facility from time to time, due to changing
market and operational conditions. Investors are advised to check the latest terms and conditions
from any of the offices of the AMC, before investing same is available on www.dspim.com .

Daily STP facility

Under Daily STP, the Unit Holder can switch a fixed amount from any one Scheme (Source Scheme)
to any other Scheme (Target Scheme) on a daily basis subject to exit load as applicable. The minimum
period for Daily STP shall be 6 days and maximum for any period subject to the end period being year
2099. STP installment shall be processed only when it is a Business day for both source and target
Scheme. In case the start date is not mentioned, the Daily STP shall start from the 7th day from the
date of submission of valid STP registration form. In case the end date is not mentioned, the STP shall
be registered for a period of one year.

For general terms and conditions and more information, Unit holder(s) are requested to read Terms
and Conditions available on www.dspim.com.

Flex Systematic Transfer Plan (‘Flex STP’)

Flex STP Facility, is a facility wherein Unit holder(s) of designated open-ended Scheme of the Fund
can opt to systematically transfer amount(s), which may vary based on the value of investments
already made/transferred under this facility, on the date of transfer at predetermined intervals from
designated open-ended Scheme of the Fund [hereinafter referred to as “Transferor Scheme”] to the
‘Growth Option’ only, of designated open-ended scheme of the Fund [hereinafter referred to as
“Transferee Scheme”]. Transferor Scheme means all scheme of the Fund currently having STP facility
and Transferee Scheme means growth option of all scheme of the Fund.

All other terms and conditions as applicable to STP facility will be applicable to Flex STP. For general
terms and conditions and more information, Unit holder(s) are requested to read Terms and
Conditions available on www.dspim.com

Value Systematic Transfer Plan (‘Value STP’)

Value STP facility, is a facility wherein Unit holder(s) of designated open-ended scheme of the Fund
can opt to systematically transfer amount(s), which may vary based on the value of investments
already made/transferred under this facility, on the date of transfer at predetermined intervals from
designated open-ended scheme of the Fund [hereinafter referred to as “Transferor Scheme”] to the
‘Growth Option’ only of designated open-ended Scheme of the Fund [hereinafter referred to as
“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, subject to the terms and conditions of Value STP.

75
The AMC reserves the right to modify the above terms and conditions of Flex STP and Value STP
at any time without prior notice to the unitholders and such amended terms and conditions will
thereupon apply to and be binding on the unitholders. The updated terms and conditions of Flex
STP and Value STP will be available on our website www.dspim.com.

Note:
(i) SIP/SWP/STP facility is available in all Plans of the Scheme.
(ii) SWP and STP facilities are available/applicable to the investors in each plan of the Scheme.
(iii) STP/SWP facilities are currently not available to investors who wish to transact through
the stock exchange mechanism.

(iv) Switching

A switch has the effect of redemption from one scheme/ plan/option and a purchase in the other
scheme/plan/ option to which the switching has been done. To effect a switch, a Unit Holder must
provide clear instructions. Such instructions may be provided in writing or by completing the
transaction slip/form attached to the account statement. The switch request can be made for any
amount of Rs. 100/- or more . A Unit Holder may request switch of a specified amount or a specified
number of Units only. If the Unit Holder has specified both the amount (in Rs.) and the number of
Units, switch-out of units will be carried out based on the number of units specified by the Unit
Holder.

All allotments will be provisional, subject to realisation of payment instrument and subject to the
AMC having been reasonably satisfied that the Mutual Fund has received clear funds. Any redemption
or switch out transaction in the interim is liable to be rejected at the sole discretion of the AMC.
Investors may note that switch facility is currently not available for units held in demat mode and
will be provided as and when enabled by stock exchange platforms and depositories as the units are
held in demat account.. Unit holders are requested to note that application for switch-out for units
for which funds are not realized via purchase or switch-in in the Scheme of the Fund shall be liable
to be rejected. In other words, switch out of units will be processed only if the funds for such units
are realized in the Scheme by a way of payment instructions/transfer or switch-in funding process.

(a) Inter-Scheme Switching

Unit Holders will have the option to switch all or part of their investment in the Scheme, to any other
Scheme established by the Mutual Fund, which is are available for investment at that time. The switch
will be affected by way of redemption of Units from a Scheme and re-investment of the redemption
proceeds in the other Scheme selected by the Unit Holder at the prevailing terms of the Scheme to
which the switch is taking place.

The price at which the Units will be switched out of the Scheme will be based on the Redemption
Price on the Business Day of acceptance of switching request and the net proceeds will be invested
in the other Scheme at the prevailing Purchase Price for Units in that/those Scheme. Please see the
clause on “Ongoing price for redemption (sale)/switch outs (to other Scheme/plans of the Mutual
Fund)/intra- Plan switching by investors (Redemption Price)”.

(b) Inter-Plan Switching

Unit Holders will have the option to switch all or part of their investment(s) from one plan of a Scheme
to the other plan of that Scheme. The switch will be effected by way of a redemption of Units of the
relevant plan of a Scheme as per terms and conditions of redemption and re-investment of the
redemption proceeds in the other plan of the Scheme selected by the Unit Holder on the prevailing
terms of that Plan as a purchase as per purchase terms and conditions of purchase.

(c) Switch of units from Regular Plan to Direct Plan within the same Scheme of the Fund:

No exit load shall be levied in case of switch of investment from Regular Plan to Direct Plan and vice
versa.

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Such Switch may entail tax consequences. Investors/Unit Holder(s) should consult their professional
tax advisor before initiating such requests.

(d) Inter-Option Switching

Unit Holders have the option to switch all or part of their investments from one Option of a
Scheme/Plan to the other Option of the same Scheme/Plan.

The switch will be affected by way of redemption of Units of the relevant Option and reinvestment
of the redemption proceeds in the other Option selected by the Unit Holder on the prevailing terms
of that Scheme/Plan. The price at which the Units will be switched out will be at the Applicable NAV
on the Business Day of acceptance of switching request and the net proceeds will be invested in the
other Option at the Applicable NAV of that Option.

The AMC may change the terms and conditions for switching facility from time to time, due to
changing market and operational conditions. Investors are advised to check the latest terms and
conditions from any of the offices of the AMC, before investing same is available on www.dspim.com

(v) Pledge of Units for Loans

Units can be pledged by the Unit Holders as security for raising loans, subject to any rules/restrictions
that the Trustee may prescribe from time to time.

For Units held in demat form, the rules of the respective DP will be applicable for pledge of the Units.
Units held in demat form can be pledged by completing the requisite forms/formalities as may be
required by the Depository. The pledge gets created in favour of the pledgee only when the pledgee’s
DP confirms the creation of pledge in the system.

In case of Units held in physical form, the Registrar will note and record such pledge. A standard form
for this purpose is available at any of the official points of acceptance of transactions and on
www.dspim.com.

(vi) Transfer of Income Distribution cum Capital Withdrawal plan (IDCW)

Unit holders under the Regular Plan & Direct Plan (wherever applicable) and IDCW Options(s) (other
than DailyIDCW Reinvest sub-option) of all the open ended Scheme of the Mutual Fund can opt to
transfer their IDCW to any other option under the Regular Plan & Direct Plan (wherever applicable)
(other than Daily IDCW Reinvest sub-option) of all the open- ended Scheme of the Mutual Fund by
availing the facility of IDCW Transfer Plan

Under IDCW Transfer , IDCW as & when declared (as reduced by the amount of applicable statutory
levy) in the transferor Scheme (subject to minimum of Rs.100/-) will be automatically invested
without any exit load into the transferee Scheme, as opted by the Unit holder. Such transfer will be
treated as fresh subscription in the transferee Scheme and invested at the Applicable NAV on the
Business Day immediately following the record date, subject to terms and conditions applicable to
the transferee Scheme.

Investors are requested to note that the AMC may change the terms and conditions for SWP facility
from time to time, due to changing market and operational conditions. Investors are advised to check
the latest terms and conditions from any of the offices of the AMC, before investing same is available
on www.dspim.com .

(vii) OTM – One Time Mandate (‘Facility’)

This Facility enables the Unit Holder/s of DSP - Mutual Fund (‘Fund’) to transact with in a simple,
convenient and paperless manner by submitting OTM - One Time Mandate registration form to the
Fund which authorizes his/her bank to debit their account up to a certain specified limit per day, as
and when they wish to transact with the Fund, without the need of submitting cheque or fund transfer
letter with every transaction thereafter.

77
This Facility enables Unit holder(s) of the Fund to start Systematic Investment Plan (SIP) or invest
lump sum amounts in any Scheme of the Fund by sending instructions through Transaction forms, and
online facility specified by the AMC. 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 in line with the requirement of SEBI and AMFI Circulars on
Two Factor Authentication[2FA], SMS based transaction facility and transaction through Call Centre
for all forms of transaction, including but not limited to purchase, redemptions, switches, systematic
registrations will be discontinued with effect from June 01, 2022.

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.

For general terms and conditions and more information, Unit holder(s) are requested to read
Terms and Conditions, OTM - One Time Mandate registration form available at the Official Point
of Acceptance of Transactions of AMC/ CAMS and also available on www.dspim.com.

16. Transactions Through Channel Distributors

Investors may enter into an agreement with certain distributors (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 in favour of the Channel Distributor, as the case may be.

Under such arrangement, the Channel Distributors will aggregate the details of transactions (viz.
subscriptions/ redemptions/switches) of their various investors and forward the same electronically
to the AMC / RTA for processing on daily basis as per the cut-off timings applicable to the relevant
Scheme. The Channel Distributor is required to send copy of investors’ KYC and agreement entered
into between the investor & distributor 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.

Normally, the subscription proceeds, when invested through this mode, are by way of direct credits
to the specified bank account of DSP Mutual 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 bank account of the investor specified by the distributor or through issuance of
payment instrument, as applicable

In case KYC and other necessary documents are not furnished within the stipulated timeline, the
transaction request shall be liable to be rejected or the folio will be locked for future subscriptions/
switches. 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 or as provided by the distributors through the above
mode.

It may be noted that investors investing through this mode may also approach the AMC / ISC directly
with their transaction requests (financial / non-financial) or avail of the online transaction facilities
offered by the AMC.

17. Subscription of Units Through Electronic Mode

Subject to the investor fulfilling certain terms and conditions as stipulated by AMC from time to
time, the AMC, Mutual Fund, Registrar or any other agent or representative of the AMC, Mutual
Fund, the Registrar (“Recipient”) may accept transactions through any electronic mode (fax/web/
electronic transactions) (“Electronic Transactions”). The acceptance of Electronic Transactions will
be solely at the risk of the investor and the Recipient shall not in any way be liable or responsible for
any loss, damage caused to the investor directly or indirectly, as a result of the investor sending or
purporting to send such transactions including where such transaction sent / purported to be sent is
not processed on account of the fact that it was not received by the Recipient.

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The investor acknowledges that Electronic Transaction is not a secure means of giving instructions /
transactions requests and that the investor is aware of the risks involved including those arising out
of such transmission being inaccurate, imperfect, ineffective, illegible, having a lack of quality or
clarity, garbled, altered, distorted, not timely etc. The investor’s request to the Recipient to act on
Electronic Transaction is for the investor’s convenience and the Recipient is not obliged or bound to
act on the same. The investor authorizes the recipient to accept and act on any Electronic Transaction
which the recipient believes in good faith to be given by the investor and the recipient may at its
discretion treat any such transaction as if the same was given to the recipient under the investor’s
original signature.

In case there is any difference between the particulars mentioned in the fax/ web/ electronic
transmission received as against the original document which may be received thereafter, the
Recipient shall not be liable for any consequences arising therefrom.

The investor agrees that the recipient may adopt additional security measures including signature
verification, telephone call backs or a combination of the same, which may be recorded and the
investor consents to such recording and agrees to co-operate with the recipient to enable
confirmation of such transaction requests. In consideration of the Recipient from time to time
accepting and at its sole discretion (including but not limited to the AMC extending/ discontinuing
such facilities from time to time) acting on any Electronic Transaction request received / purporting
to be received from the investor, the investor agrees to indemnify and keep indemnified the AMC,
Directors, employees, agents, representatives of the AMC, Mutual Fund and Trustees 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 or in connection with or any way
relating to the indemnified parties in good faith accepting and acting on Electronic Transaction
requests including relying upon such transaction requests purporting to come from the investor even
though it may not come from the Investor. The AMC reserves the right to modify the terms and
conditions or to discontinue the facility at any point of time.

Unit holders should note that Two Factor Authentication [2FA] is mandatory for all subscriptions
including SIP registration submitted through electronic mode. OTP will be sent to either email id or
mobile number registered in the folio and the Unit holder have to confirm on the OTP received. On
successful validation only, the subscriptions / systematic registration will be accepted and processed.

18. Suspension/Restriction on Redemption of Units of the Scheme

Subject to the approval of the Boards of the AMC and of the Trustee and subject also to necessary
communication of the same to SEBI, the redemption of / switch-out of Units of Scheme(s) of the
Fund, may be temporarily suspended/ restricted. In accordance with clause 1.12 of the SEBI Master
Circular and subject to prevailing regulations, restriction on/suspension of redemptions / switch-out
of Units of the Scheme(s) of the Fund, may be imposed when there are circumstances leading to
systemic crisis or event that severely constricts market liquidity or the efficient functioning of
markets such as:

a) Liquidity issues: when market at large becomes illiquid affecting almost all securities rather than
any issuer specific security;
b) Market failures, exchange closures: when markets are affected by unexpected events which
impact the functioning of exchanges or the regular course of transactions. Such unexpected
events could also be related to political, economic, military, monetary or other emergencies;
c) Operational issues: when exceptional circumstances are caused by force majeure, unpredictable
operational problems and technical failures (e.g. a black out).

Restriction on / suspension of redemption of Units of the Scheme(s) may be imposed for a specified
period of time not exceeding 10 working days in any 90 days period.

When restriction on / suspension of redemption of Units of the Scheme(s) is imposed, the following
procedure shall be applied:

79
i. No redemption / switch-out requests upto Rs. 2 lakhs shall be subject to such restriction.
ii. Where redemption / switch-out requests are above Rs. 2 lakhs, the AMC shall redeem the first
Rs. 2 lakhs without such restriction and remaining part over and above Rs. 2 lakhs shall be subject
to such restriction.

Also refer to the section ‘Suspension of Purchase and Redemption of Units’ in the Statement of
Additional Information.

19. Account Statements

Under Regulation 36(4) of SEBI (Mutual Funds) Regulations, 1996, the AMC/ RTA is required to send
consolidated account statement for each calendar month to all the investors in whose folio
transaction has taken place during the month. Further, SEBI vide its circular ref. no.
CIR/MRD/DP/31/2014 dated November 12, 2014, in order to enable a single consolidated view of all
the investments of an investor in Mutual Fund and securities held in demat form with Depositories,
has required Depositories to generate and dispatch a single consolidated account statement for
investors having mutual fund investments and holding demat accounts.

In view of the said requirements the account statements for transactions in units of the Fund by
investors will be dispatched to investors in following manner:

I. Investors who do not hold Demat Account

• Consolidated account statement^, based on PAN of the holders, shall be sent by AMC/ RTA to
investors not holding demat account, for each calendar month within 15th day of the
succeeding month to the investors in whose folios transactions have taken place during that
month.

• Consolidated account statement shall be sent by AMC/RTA every half yearly (September/
March), on or before 21st day of succeeding month, detailing holding at the end of the six
month, to all such investors in whose folios there have been no transactions during that period.
^Consolidated account statement sent by AMC/RTA is a statement containing details relating
to all financial transactions made by an investor across all mutual funds viz. purchase,
redemption, switch, IDCW payout, IDCW reinvestment, systematic investment plan,
systematic withdrawal plan, systematic transfer plan, bonus etc. (including transaction
charges paid to the distributor) and holding at the end of the month.

II. Investors who hold Demat Account

• Consolidated account statement^^, based on PAN of the holders, shall be sent by

Depositories to investors holding demat account, for each calendar month within 15th day of
the succeeding month to the investors in whose folios transactions have taken place during
that month.
• Consolidated account statement shall be sent by Depositories every half yearly (September/
March), on or before 21st day of succeeding month, detailing holding at the end of the six
month, to all such investors in whose folios and demat accounts there have been no
transactions during that period.
• In case of demat accounts with nil balance and no transactions in securities and in mutual fund
folios, the depository shall send account statement in terms of regulations applicable to the
depositories.
^^Consolidated account statement sent by Depositories is a statement containing details
relating to all financial transactions made by an investor across all mutual funds viz. purchase,
redemption, switch, IDCW payout, IDCW reinvestment, systematic investment plan,
systematic withdrawal plan, systematic transfer plan, bonus etc. (including transaction
charges paid to the distributor) and transaction in dematerialised securities across demat
accounts of the investors and holding at the end of the month.

Following provisions shall be applicable to CAS sent through AMC/ RTA and CAS sent through
depositories:

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a. Investors are requested to note that for folios which are not included in the CAS, AMC shall
henceforth issue monthly account statement to the unit holders, pursuant to any financial
transaction done in such folios; the monthly statement will be sent on or before fifteenth day of
succeeding month. Such statements shall be sent in physical form if no email id is provided in the
folio.

b. The statement sent within the time frame mentioned above is provisional and is subject to
realisation of payment instrument and/or verification of documents, including the application
form, by the RTA/AMC.

c. In the event the folio/demat account has more than one registered holder, the first named Unit
holder/Account holder shall receive the CAS (AMC/RTA or Depository). For the purpose of CAS
(AMC/RTA or Depository), common investors across mutual funds/depositories shall be identified
on the basis of PAN. Consolidation shall be based on the common sequence/ orders of investors
in various folios/demat accounts across mutual funds / demat accounts across depository
participants.

d. Investors whose folio(s)/demat account(s) are not updated with PAN shall not receive CAS.
Investors are therefore requested to ensure that their folio(s)/demat account(s) are updated with
PAN. For folios not included in the CAS (due to non-availability of PAN), the AMC shall issue
monthly account statement to such Unit holder(s), for any financial transaction undertaken during
the month on or before 15th of succeeding month by mail or email.

For folios not eligible to receive CAS (due to non-availability of PAN), the AMC shall issue an
account statement detailing holding across all schemes at the end of every six months (i.e.
September/March), on or before 21st day of succeeding month, to all such Unit holders in whose
folios no transaction has taken place during that period shall be sent by mail/e-mail.

e. For Unit Holders who have provided an e-mail address in KYC records, the CAS will be sent by e-
mail.

f. The Unit Holder may request for a physical account statement by writing to/calling the AMC/RTA.
In case of a specific request received from the unit holders, the AMC/RTA shall provide the
account statement to the unit holders within 5 business days from the receipt of such request.

g. Account Statements shall not be construed as proof of title and are only computer printed
statements indicating the details of transactions under the Scheme during the current financial
year and giving the closing balance of Units for the information of the Unit Holder.

h. Units held, either in the form of Account Statement or Unit Certificates, are non-transferable.
The Trustee reserves the right to make the Units transferable at a later date subject to SEBI (MF)
Regulations issued from time to time.

20. IDCW Warrants

IDCW warrants shall be dispatched to the Unit Holders within 7 Working days from the record date
for the date of declaration of the IDCW. In the event of delay/failure to despatch the IDCW warrants
within the aforesaid 7 Working days, the AMC will be liable to pay interest to the Unit Holders at such
rate as may be specified by SEBI for the period of such delay (currently @ 15% per annum).

21. Redemption

Units can be redeemed (sold back to the Mutual Fund) at the relevant Redemption Price. The
redemption requests can be made on the pre-printed forms (transaction slip/common transaction
form) or by using the form at the bottom of the account statement. The redemption request can be
submitted at any of the Official Points of Acceptance of transaction, the details of which are
mentioned at the end of this SID. As all allotments are provisional, subject to realization of payment
instrument and subject to the AMC having been reasonably satisfied that the Mutual Fund has received

81
clear funds, any redemption or switch out transaction in the interim is liable to be rejected at the
sole discretion of the AMC.

A unit Holder may request redemption of a specified amount or a specified number of Units only. If
the redemption request is made for a specified amount and the number of Units is also specified by
the Unit Holder, the number of Units specified will be considered for deciding the redemption
amount. Unit Holders may also request for redemption of their entire holding and close the account
by indicating the same at an appropriate place in the transaction slip/common transaction slip.

In case an investor has purchased Units on more than one day (either under the NFO period or through
subsequent purchase) the Units purchased first (i.e. those Units which have been held for the longest
period of time), will be deemed to have been redeemed first, i.e. on a First-In-First-Out basis.

In case the Units are standing 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 joint holders. However, in cases
of holding specified as ‘Anyone or Survivor’, any one of the Units Holders will have the power to make
redemption requests, without it being necessary for all the Unit Holders to sign. However, in all cases,
the proceeds of the redemption will be paid to the first-named holder only.

Redemption or repurchase proceeds shall be dispatched to Unit Holders within 3 working days from
the date of redemption or repurchase.
Investor may note that in case of exceptional scenarios as prescribed by AMFI vide its communication
no. AMFI/ 35P/ MEM-COR/ 74 / 2022-23 dated January 16, 2023 read with clause 14.1.3 of the SEBI
Master Circular, the AMC may not be able to adhere with the timelines prescribed above.

Unit holders are advised to submit their requests for change in bank mandate atleast 10 days prior to
date of redemption/ IDCW payment, if any. Any unregistered bank account or a new bank account
mentioned by the Unit holder along with the redemption request shall not be considered for payment
of redemption /IDCW proceeds.
The redemption cheque will be issued in favour of the sole/first Unit Holder's registered name and
bank account number, if provided, and will be sent to the registered address of the sole/first Holder
as registered with the Registrar. The redemption cheque/demand draft will be payable at par at all
the places where the official points of acceptance of transaction are located. Charges as levied by
State Bank of India for normal banking accounts will be borne by AMC. With a view to safeguarding
their interest, it is desirable that Unit Holders indicate their Bank Account No., name of the bank and
branch in the application for purchasing Units of the Scheme. A fresh account statement will also be
sent/emailed to redeeming investors, indicating the new balance to the credit in the account, along
with the redemption cheque.
The proceeds towards redemptions and IDCW will be dispatched by a reasonable mode of despatch
like courier, Speed post, etc. in case of cheque/demand draft or directly credited to the bank
account (as per the details mentioned by the investor) in case of direct credit facility, entirely and
solely at the risk of the investor. The Mutual Fund will endeavour to remit redemption proceeds via
electronic means, as made available by RBI. Where such electronic means are not available or feasible
under any circumstances, the Mutual Fund will remit the redemption proceeds by way of cheques.
The investor will not hold the Mutual Fund or the AMC or the Registrar responsible for any non-receipt
or delay of receipt of redemption &IDCW proceeds due to any negligence or deficiency in service by
the courier company, postal authorities or the bank executing direct credits, or due to incorrect bank
account details provided by the investor.

In case of redemptions, Unit holders should note that Two Factor Authentication [2FA] is mandatory
for all redemption / switches including STP/SWP submitted through electronic mode. OTP will be
sent to either email id or mobile number registered in the folio and the Unit holder have to confirm
on the OTP received. On successful validation only, the redemptions will be accepted and processed.

Redemption by NRIs and FPIs

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Credit balances in the account of an NRI/FPI investor may be redeemed by such investors in
accordance with the procedure described above and subject to the procedures laid down by RBI, if
any. Such redemption proceeds will be paid by means of a Rupee cheque payable to the NRI's/FPIs.
Effect of Redemption
On redemption, the unit capital and reserves will stand reduced by an amount equivalent to the
product of the number of Units redeemed and the Redemption Price as on the date of redemption.
Units once redeemed will be extinguished and will not be re-issued.
Fractional Units
Since a request for purchase is generally made in Rupee amounts and not in terms of number of Units
of the Scheme, a Unit Holder may be left with fractional Units. Fractional Units will be computed and
accounted for up to three decimal places. However, fractional Units will, in no way, affect the Unit
Holder’s ability to redeem the Units, either in part or in full, standing to his/her/its credit.

Redemption by investors transacting through the Stock Exchange mechanism

Investors who wish to transact through the stock exchange shall place orders for redemptions as
currently practiced for secondary market activities. Investors must submit the Delivery Instruction
Slip to their Depository Participant on the same day of submission of redemption request, within such
stipulated time as may be specified by NSE/BSE, failing which the transaction will be rejected.
Investors shall seek redemption requests in terms of number of Units only and not in Rupee amounts.
Redemption amounts shall be paid by the AMC to the bank mandate registered with the Depository
Participant. Refer point “Trading in Units through Stock Exchange mechanism” for detailed provisions
Redemption by investors who hold Units in dematerialized form

Redemption request for Units held in demat mode shall not be accepted at the offices of the Mutual
Fund/AMC/Registrar. Unit holders shall submit such request only through their respective Depository
Participant.

22. Delay in payment of redemption / repurchase proceeds

As per SEBI (MF) Regulations, the Mutual Fund shall despatch the redemption proceeds within 3
Working Days from the date of acceptance of redemption request. In the event of delay/failure to
despatch the redemption/repurchase proceeds within the aforesaid 3 Working Days, the AMC will be
liable to pay interest to the Unit Holders at such rate as may be specified by SEBI for the period of
such delay (currently @ 15% per annum).

Investor may note that in case of exceptional scenarios as prescribed by AMFI vide its communication
no. AMFI/ 35P/ MEM-COR/ 74 / 2022-23 dated January 16, 2023 read with clause 14.1.3 of the SEBI
Master Circular, the AMC may not be able to adhere with the timelines prescribed above.

23. Bank Mandate

It is mandatory for every applicant to provide the name of the bank, branch, address, account type
and number as per requirements laid down by SEBI and any other requirements stated in the
Application Form. Applications without these details will be treated as incomplete. Such incomplete
applications will be rejected. The Registrar/AMC may ask the investor to provide a blank cancelled
cheque or its photocopy for the purpose of verifying the bank account number.

Investor/s or /Unit Holder/s are requested to note that any one of the following documents shall be
submitted by the investor/s or /Unit Holder/s, in case the cheque provided along with fresh
subscription/new folio creation does not belong to the bank mandate specified in the application
form:

• Original cancelled cheque having the First Holder Name printed on the cheque [or]
• Original bank statement reflecting the First Holder Name, Bank Account Number and Bank
Name as specified in the application [or]
• Photocopy of the bank statement / bank pass book duly attested by the bank manager and
bank seal preferably with designation and employee number [or]

83
 • Photocopy of the bank statement / passbook / cancelled cheque copy duly attested by the
AMC/ RTA branch officials after verification of original bank statement / passbook / cheque
shown by the investor or their representative [or]
• Confirmation by the bank manager with seal, on the bank’s letter head with name,
designation and employee number confirming the investor details and bank mandate
information.

Where such additional documents are not provided for the verification of bank account for
redemption or IDCW payment, the AMC reserves the right to capture the bank account used towards
subscription payment for the purpose of redemption and IDCW payments.

24. Process for change of address

Investors who wish to change their address have to get their new address updated in their KYC
records. Investor will have to submit a KYC Change Request Form in case of individual investors and
KYC form in case of non individual investors along with proof of address and submit to any of the AMC
Offices or CAMS Investor Service Centers. Based on the new address updated in the KYC records, the
same will be updated in the investor folio.

25. Multiple Bank Accounts Registration Facility

In compliance to AMFI Best Practice Guidelines, AMFI circular No. 17/10-11 dated October 22, 2010,
the Mutual Fund offers its Unit holders, facility to register multiple bank accounts for pay-in & payout
purposes and designate one of the registered bank account as “Default Bank Account”. Individuals,
HUFs, Sole proprietor firms can register upto five bank accounts and a non-individual investor can
register upto ten bank accounts in a folio. This facility can be availed by using a designated “Bank
Accounts Registration Form” available at Investor Service Centers and Registrar and Transfer Agent’s
offices. In case of first-time investors, the bank account mentioned on the purchase application form,
will be treated as default bank account till a separate request to register multiple bank accounts and
change the default bank account to any of other registered bank account is submitted by such
investor.

Registered bank accounts may also be used for verification of pay-ins (i.e. receiving of subscription
funds) to ensure that a third party payment is not used for mutual fund subscription. The default
bank account will be used for all IDCW and redemptions payouts unless Unit holder(s) specifies one
of the existing registered bank account in the redemption request for receiving redemption proceeds.
However, in case Unit holder(s) do not specify the default account, the Mutual Fund reserves the
right to designate any of the registered bank accounts as default bank account.

New bank accounts can only be registered using the designated “Bank Accounts Registration Form”.
If Unit holder(s) provide a new and unregistered bank mandate or a change of bank mandate request
with specific redemption/ IDCWpayment request (with or without necessary supporting documents),
such bank account will not be considered for payment of redemption/ IDCW proceeds, or the Mutual
Fund withhold the payment for upto 10 calendar days to ensure validation of new bank mandate
mentioned.

Any request without the necessary documents will be treated invalid and will not be acted upon and
any financial transaction, including redemptions, will be carried with the previously registered details
only. Valid change of bank mandate requests with supporting documents will be processed within ten
days of documents reaching the head office of the Registrar and any financial transaction request
received in the interim will be carried based on the previously registered details.

This facility is however not available to investors holding Units in dematerialized mode. For such
investors bank account details as registered with their respective depository participant shall be
considered for various purposes.

Bank Account Details / Multiple Bank Account Registration:

It is mandatory for all investors to provide their bank mandate which will be used for payment of
redemption/IDCW payout. Applications without the mandatory bank details and supporting

84
documents are liable to be rejected. Investors should ideally mention account details of the same
bank account from where the payment towards purchase is made. If the bank account details
mentioned are different from purchase pay-in bank, investors should attach a cancelled cheque off
the said account with name and account number pre-printed. Should the investor fail to provide the
documents, the Fund/AMC/RTA reserve the right to register the pay-in bank details as the redemption
bank details and use such bank account for payment of any redemption/IDCW proceeds.

The Mutual Fund offers its Unit holders, facility to register multiple bank accounts for pay-in & payout
purposes and designate one of the registered bank account as “Default Bank Account”. This facility
can be availed by using a designated “Bank Accounts Registration Form. In case of new investors, the
bank account mentioned on the purchase application form used for opening the folio will be treated
as default bank account till a separate request to register multiple bank accounts and change the
default bank account to any of other registered bank account is submitted by such investor.
Registered bank accounts may also be used for verification of payins (i.e. receiving of subscription
funds) to ensure that a third party payment is not used for mutual fund subscription.
Change of Bank

New bank accounts can only be registered using the designated “Bank Accounts Registration Form”
/’Change of Bank Form’. If Unit holder(s) provide a new and unregistered bank mandate or a change
of bank mandate request with specific redemption/ IDCW payment request (with or without necessary
supporting documents), such bank account will not be considered for payment of redemption/ IDCW
proceeds, or the Mutual Fund withhold the payment for upto 10 calendar days to ensure validation of
new bank mandate mentioned. Change of bank mandate would not be processed based on the request
submitted along with the redemption request and the investor will have to submit a fresh request for
change of bank mandate with supporting documents. Any request without the necessary documents
will be treated invalid and will not be acted upon and any financial transaction, including
redemptions, will be processed with the existing registered details only. Valid change of bank
mandate requests with supporting documents will be processed within ten days of documents reaching
the head office of the Registrar and any financial transaction request received in the interim will be
carried based on the previously registered details.

26. Non acceptance of third party payment

In case of subscriptions, the Mutual Fund shall verify the bank account from which the funds have
been paid for the subscription. In case it is identified that the funds have not come from the
investor’s bank account, the subscription will be rejected. Please refer SAI for details.

27. Cash Investments in mutual funds

In order to help enhance the reach of mutual fund products amongst small investors, who may not be
tax payers and may not have PAN/bank accounts, such as farmers, small
traders/businessmen/workers, SEBI has permitted receipt of cash transactions for fresh purchases/
additional purchases to the extent of Rs. 50,000/- per investor, per financial year shall be allowed
subject to:
i. compliance with Prevention of Money Laundering Act, 2002 and Rules framed there under; the
SEBI Circular(s) on Anti Money Laundering (AML) and other applicable Anti Money Laundering
Rules, Regulations and Guidelines; and
ii. sufficient systems and procedures in place.

However, payment towards redemptions, IDCW, etc. with respect to aforementioned investments
shall be paid only through banking channel.

The Fund/AMC is currently in the process of setting up appropriate systems and procedures for the
said purpose. Appropriate notice shall be displayed on its website viz. as well as at the Investor
Service Centres, once the facility is made available to the investors.

28. Trading in Units through Stock Exchange mechanism

85
The facility of transacting through the stock exchange mechanism enables investors to buy and sell
the Units of the Scheme through the stock brokers registered with the BSE and/or NSE in accordance
with the guidelines issued by SEBI and operating guidelines and directives issued by NSE, BSE or such
other recognized stock exchange in this regard and agreed with the Asset Management Company/
Registrar and Transfer Agent. The investor shall be serviced directly by such stock brokers/ Depository
Participant. The Mutual Fund will not be in a position to accept any request for transactions or service
requests in respect of Units bought under this facility in demat mode. This facility will be offered to
investors who wish to hold Units in dematerialized form or in physical mode. Further, the minimum
purchase/ redemption amount in the respective plan / option of such notified Scheme of the Fund
will be applicable for each transaction. This facility will currently not support transactions done
through switches or facilities such as SWP and STP.

In case of non-financial requests/applications such as change of address, change of bank details, etc.,
investors should approach the respective Depository Participant(s).
Unit holders may have/open a beneficiary account with a Depository Participant of a Depository and
choose to hold the Units in dematerialized mode. The Unit holders have the option to dematerialize
the Units as per the account statement sent by the Registrar by making an application to the
AMC/registrar for this purpose.

Rematerialization of Units can be carried out in accordance with the provisions of SEBI (Depositories
and Participants) Regulations, 2018 as may be amended from time to time. Investors, who wish to
get back their securities in physical form, may request their respective Depository Participant for
rematerialization of Units in their beneficiary accounts. The Depository Participant will generate a
rematerialization request number and the request will be dispatched to the AMC/ Registrar. On
acceptance of request from the Depository Participant, the AMC/Registrar will dispatch the account
statement to the investor and will also send confirmation to the Depository participant.

Transactions conducted through the Stock Exchange mechanism shall be governed by the SEBI (Mutual
Funds) Regulations 1996 and operating guidelines and directives issued by NSE, BSE or such other
recognized exchange in this regard.

Further, in line with SEBI circular no. SEBI/HO/MRD1/DSAP/CIR/P/2020/29 dated February 26, 2020
as amended from time to time, investors can directly buy/redeem units of the Scheme through stock
exchange platform.

29. Facility to transact in units of the Schemes through MF Utility portal & MFUI Points of
Services.

DSP Asset Managers Private Limited (“the AMC”) has entered into an Agreement with MFUI, for usage
of MF Utility (“MFU”) - a shared services initiative of various Asset Management Companies, which
acts as a transaction aggregation portal for transacting in multiple Scheme of various Mutual Funds
with a single form and a single payment instrument.

Investors can execute financial and non-financial transactions pertaining to Scheme of DSP Mutual
Fund (‘the Fund’) electronically on the MFU portal i.e. www.mfuonline.com as and when such a
facility is made available by MFUI. The MFU portal i.e. www.mfuonline.com will be considered as
Official Point of Acceptance for such transactions.

The Points of Service (“POS”) of MFUI with effect from the respective dates as published on MFUI
website i.e. www.mfuindia.com against the POS locations will be considered as Official Point of
Acceptance/ Investor Services Centre where application for financial transactions in Scheme of the
Fund will be accepted on an ongoing basis. Further, investors can also submit their non-financial
transaction requests at the POS.

The salient features of the facility to transact in units of the Scheme through MFU are given below:

1. Common Account Number (“CAN”): Investors are required to submit duly filled in CAN
Registration Form (“CRF”) and prescribed documents at the MFUI POS to obtain CAN. The CRF
can be downloaded from MFUI website i.e. www.mfuindia.com or can be obtained from MFUI
POS.

86
 CAN is a single reference number for all investments in the Mutual Fund industry, for
transacting in multiple Scheme of various Mutual Funds through MFU and to map existing
investments, if any.

MFU will map the existing folios of investors in various Scheme of Mutual Funds to the CAN to
enable transacting across Scheme of Mutual Funds through MFU. The AMC and / or its Registrar
and Transfer Agent (RTA) shall provide necessary details to MFUI as may be needed for providing
the required services to investors/ distributors through MFU.

CAN registered investors can transact in physical mode through MFUI POS by submitting relevant
Common Transaction Form prescribed by MFUI.

2. CAN registered investors can transact through electronic mode through MFU portal i.e.
www.mfuonline.com as and when such a facility is made available to them by MFUI. The time
of transaction submission done through MFU portal i.e. www.mfuonline.com and the successful
receipt of the same in the servers of MFUI would be the time-stamp for the transaction.
3. Investors not registered with MFUI can also submit their financial & non-financial transactions
request at MFUI POS by giving reference of their existing folio number allotted by the Fund.
4. The transactions on the MFU portal shall be subject to the terms & conditions as may be
stipulated by MFUI / Mutual Fund / the AMC from time to time.
5. All other terms and conditions of offering of the Scheme 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 transaction through MFUI.

30. KYC Requirements

Investor are requested to take note that it is mandatory to complete the KYC requirements (including
updation of Permanent Account Number) for all unit holders, including for all joint holders and the
guardian in case of folio of a minor investor. Accordingly, financial transactions (including
redemptions, switches and all types of systematic plans) and non-financial requests are liable to be
rejected, if the unit holders have not completed the KYC requirements.

Notwithstanding in the above cases, the AMC reserves the right to ask for any requisite documents
before processing of financial and non-financial transactions or freeze the folios as appropriate.
Unit holders are advised to use the applicable KYC Form for completing the KYC requirements and
submit the form at the point of acceptance. Further, upon updation of PAN details with the KRA (KRA-
KYC)/ CERSAI (CKYC), the unit holders are requested to intimate us/our Registrar and Transfer Agent
their PAN information along with the folio details for updation in our records.

31. Facility to transact in units of the Schemes through MFCentral:

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 & Conditions of the Platform from time to time. MFCentral will be
enabling various features and services in a phased manner. MFCentral may be accessed using
https://mfcentral.com/ and a Mobile App in future.

DSP Mutual fund designates MFCentral as its Official point of acceptance (DISC – Designated investor
Service Centre) with effect from 23rd September 2021.

32. Nomination for Mutual Fund Unit Holders

Pursuant to clause 17.16 of SEBI Master Circular read with SEBI Circular No. SEBI/HO/IMD/IMD-I
POD1/P/CIR/2023/160 dated September 27, 2023 with respect to nomination for unitholders, the
following shall be considered:

1. New Investors:

87
Investors who are subscribing to units of DSP Mutual Fund on or after October 1, 2022, shall submit
either the nomination form or the prescribed declaration form for opting out of nomination in physical
or online as per the choice of the unit holder(s).
a. In case of physical option: The forms shall carry the wet signature of all the unit holder(s).
b. In case of online option:
(1) The unit holder(s) shall validate the forms by using e-Sign facility recognized under Information
Technology Act, 2000 or
(2) Through two factor authentication (2FA) in which one of the factor shall be a One-Time
Password sent to the unit holders at their email/phone number registered with the KYC
Registration Authority or AMC.

Implication of failure with respect to nomination:

On or after October 01, 2022, the application will be rejected if the applicant does not provide
nomination or does not provide declaration form for opting out of nomination, duly signed in physical
form or through online modes.
2. Existing Unitholders:
The existing individual unitholders of DSP Mutual Fund shall provide the nomination/ opting out of
nomination duly signed in physical form or through online modes on or before December 31, 2023 or
such other timeline as may be notified by SEBI from time to time, failing which the folios shall be
frozen for debits.
3. Who cannot nominate:
The nomination can be made only by individuals applying for/holding units on their own behalf singly
or jointly. Non-individuals including a Society, Trust, Body Corporate, Partnership Firm, Karta of
Hindu undivided family, a Power of Attorney holder and/or Guardian of Minor unitholder Holder of
Power of Attorney (POA) cannot nominate. The application will be rejected if the holder aforesaid
non individual sign the nomination form.
33. Unclaimed Redemption and Income Distribution cum Capital Withdrawal Amount
The treatment of unclaimed redemption and IDCW amounts shall be in terms of clause 14.3 of SEBI
Master Circular and the same is specified in SAI.

C. PERIODIC DISCLOSURES

Net Asset Value Net Asset Value: The NAVs of the Scheme/plans will be calculated by the
(This is the value Mutual Fund on each Business Day and will be made available by 10 a.m. of
per Unit of the the immediately succeeding Business Day.
Scheme on a
particular day. The information on NAVs of the Scheme/plans may be obtained by the Unit
You can ascertain Holders, on any day, by calling the office of the AMC or any of the Investor
the value of your Service Centres at various locations. The NAV of the Scheme will also be
investments by updated on the AMFI website www.amfiindia.com and on www.dspim.com
multiplying the
NAV with your Unit In case of delay, the reasons for such delay would be explained to AMFI in
balance) writing. If the NAVs of the Scheme are not available before commencement
of business hours on the following day due to any reason, the Fund shall issue
a press release providing reasons for the delay and explaining when the Fund
would be able to publish the NAVs.

Latest available NAVs shall be available to unitholders through SMS, upon

receiving a specific request in this regard. Refer relevant disclosures
mentioned in the SAI available on AMC website i.e. www.dspim.com.

Reason for delayed disclosure of NAV:

The Scheme has investment in overseas securities and in order to capture

88
 same day price of such underlying overseas investment, the time limit for
disclosure of the NAV for the said scheme is changed from 11 p.m. of the
same Business Day to 10 a.m. of the immediately succeeding Business Day.

However, if in case of non-availability of price/valuation for the underlying

overseas investments (due to various reasons including observation of Non-
Business Day of underlying overseas fund), consequent to which there would
be inability in capturing same day price/valuation for such underlying
investments, then NAV of the Scheme will be declared as and when the
price/valuation for such underlying investment is available.

Half yearly In case of unit holders whose email address are registered with the Fund, the
Disclosures: AMC shall send half yearly portfolio via email within 10 days from the end of
Portfolio each half-year. The half yearly portfolio of the Scheme shall also be available
(This is a list of in a user-friendly and downloadable spreadsheet format on the AMFI’s
securities where website www.amfiindia.com and website of AMC viz. www.dspim.com on or
the corpus of the before the 10th day of succeeding month.
Scheme is
currently The advertisement in this reference will be published by the Fund in all India
invested. The edition of atleast two daily newspapers, one each in English and Hindi.
market value of
these investments The AMC shall provide a physical copy of the statement of the Scheme
is also stated in portfolio, without charging any cost, on specific request received from a
portfolio unitholder.
disclosures)
Half Yearly The Fund shall, before the expiry of one month from the close of each half
Financial Results year, (i.e. March 31 and September 30) shall display the unaudited financial
results on www.dspim.com and the advertisement in this regards will be
published by the Fund 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 Fund is situated.

Annual Report Annual report or Abridged Summary, in the format prescribed by SEBI, will be
hosted on AMC’s website www.dspim.com and on the website of AMFI
www.amfiindia.com. Annual Report or Abridged Summary will also be sent by
way of e-mail to the investor’s who have registered their email address with
the Fund not later than four months from the date of the closure of the
relevant financial year i.e. March 31 each year.

In case of unit holders whose email addresses are not available with the Fund,
the AMC shall send physical copies of scheme annual reports or abridged
summary to those unitholders who have ‘opted-in’ to receive physical copies.
The opt-in facility to receive physical copy of the scheme-wise annual report
or abridged summary thereof shall be provided in the application form for
new subscribers.

Unitholders who still wish to receive physical copies of the annual

report/abridged summary notwithstanding their registration of e-mail
addresses with the Fund, may indicate their option to the AMC in writing and
AMC shall provide abridged summary of annual report without charging any
cost. Physical copies of the report will also be available to the unitholders at
the registered offices at all times. For request on physical copy refer relevant
disclosures mentioned in the SAI available on AMC website i.e.
www.dspim.com

The advertisement in this reference will be published by the Fund in all India
edition of atleast two daily newspapers, one each in English and Hindi.

Investors are requested to register their e-mail addresses with Mutual Fund.

89
Monthly Portfolio The monthly portfolio of the Scheme shall be available in a user-friendly and
Disclosure downloadable format on the website viz. www.dspim.com on or before the
tenth day of succeeding month. In case of unit holders whose email addresses
are registered with the Fund, the AMC shall send monthly portfolio via email
within 10 days from the end of each month.

The AMC shall provide a physical copy of the statement of the Scheme
portfolio, without charging any cost, on specific request received from a
unitholder.
Associate Please refer the SAI.
Transactions
Dashboard In accordance with Clause 5.8.4 of the SEBI Master Circular, the AMC has
developed a dashboard on the website wherein the investor can access
information relating to scheme’s AUM, investment objective, expense ratios,
portfolio details and past performance of each scheme.
Investor services Investors may contact any of the Investor Service Centers (ISCs) of the AMC
for any queries / clarifications, may call on 1800-200-4499 (toll free), e-mail:
[email protected]. Mr. Prakash Pujari has been appointed as the Investor
Relations Officer. He can be contacted at DSP Asset Managers Private Limited
Natraj, Office Premises No. 302, 3rd Floor, M V Road Junction. W. E. Highway,
Andheri - East, Mumbai – 400069, Tel.: 022 - 67178000. For any grievances
with respect to transactions through stock exchange mechanism, Unit Holders
must approach either stock broker or the investor grievances cell of the
respective stock exchange.

Investors may 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 [email protected] for any service required or for
resolution of their grievances for their transactions with MFUI.
Performance In accordance with clause 5.9 of the SEBI Master Circular, the AMC shall
disclosure disclose the performance of all schemes on the website of AMFI on a daily
basis. The disclosure shall include other scheme AUM and previous day NAV.

Riskometer In accordance with clause 5.16.1 of the SEBI Master Circular, AMC based on
internal assessment shall disclose the following in all disclosures, including
promotional material or that stipulated by SEBI:

a. risk-o-meter of the scheme wherever the performance of the scheme is

disclosed
b. risk-o-meter of the scheme and benchmark wherever the performance of
the scheme vis-à-vis that of the benchmark is disclosed.

Tthe portfolio disclosure shall also include the scheme risk-o-meter, name of
benchmark and riskometer of benchmark.

Further, as per clause 17.4.1.i and 17.4.1.j of the SEBI Master Circular No.
SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/74 dated May 19, 2023, Risk-o-meters
shall be evaluated on a monthly basis and Mutual Funds/AMCs shall disclose
the Risk-o-meters along with portfolio disclosure for their schemes on AMCs
website and on AMFI website within 10 days from the close of each month.
Mutual Funds shall also disclose the risk level of schemes as on March 31 of
every year, along with number of times the risk level has changed over the
year, on AMCs website and AMFI website.

Investors may please note that the Risk-o-meter disclosed is basis internal
assessment of the scheme portfolio as on the date of disclosure.
Scheme Summary The AMC has provided on its website a standalone scheme document for all
Document the Schemes which contains all the details of the Scheme including but not

90
 limited to Scheme features, Fund Manager details, investment details,
investment objective, expense ratios, etc. Scheme summary document is
uploaded on the websites of AMC, AMFI and stock exchanges in 3 data formats
i.e. PDF, Spreadsheet and a machine readable format (either JSON or XML).

Taxation

(The information is provided for general information only. However, in view of the individual nature
of the implications, each investor is advised to consult his or her own tax advisors/authorized dealers
with respect to the specific amount of tax and other implications arising out of his or her participation
in the Schemes.)

Income Tax Rates and Withholding Rates (TDS) on Capital Gains

Tax Rates* under the Act TDS Rates under the Act
Residents NRI/PIOs &
NRI/PIOs & Other Other Non-
Category of units
Non- resident other FPIs Residents resident FPIs
than FPI other than
FPI
Short Term Capital Gains$
5. Units of a non- Taxable at In respect of non- 30% (u/s Nil 30%* for Nil
equity oriented normal rates resident non- 115AD) non-
Scheme other than of tax corporate Taxable at residents
!specified mutual applicable to normal rates of tax non
fund the assessee applicable to the corporates,
6. Units of a assessee. 40%* for
!Specified Mutual non-resident
Fund acquired In respect of non- corporates
prior to 1 April resident corporates - (u/s 195)
2023 40%.
7. Units of a
!Specified Mutual

Fund acquired on
or after 1 April
2023

Units of an equity 15% on redemption of Units where STT is payable on Nil 15%* Nil
oriented Scheme redemption (u/s 111A) (u/s 195)
(listed and
unlisted)
Long Term Capital Gain$
1. Listed units of a 20% with 20% with indexation, 10% (u/s Nil 20%* with Nil
non-equity oriented indexation, (u/s 112)** 115AD) ** indexation
Scheme other than (u/s 112) ** (u/s 195) **
!specified mutual

fund
2. Listed Units of a
!Specified Mutual

Fund acquired
prior to 1 April
2023

1. Unlisted units of 20% with 10% without 10% (u/s Nil 10%* without Nil
a non-equity indexation, indexation and no 115AD) ** indexation &
oriented Scheme (u/s 112) ** exchange exchange
other than fluctuation**(u/s 112) fluctuation
!specified mutual (u/s 112) **
fund
2. Unlisted Units of
a !Specified Mutual
Fund acquired
prior to 1 April
2023

91
Units of an equity 10% without indexation on redemption of Units Nil 10%* without Nil
oriented Scheme*** where STT is payable on redemption (u/s 112A) in indexation &
excess of INR 1 lakh exchange
fluctuation
(exceeding
INR 1 lac)#
** Capital gains on redemption of units held for a period of more than 36 months from the date of allotment

***Capital gains on redemption of units held for a period of more than 12 months from the date of allotment

$ including in case of consolidation of options under any scheme of a mutual fund (in the absence of any specific exemption provision in the
Income-tax Act, 1961)

#With effect from 1 April 2022

Income Tax Rates and Withholding Rates (TDS) on income distributed by Mutual Funds

As per Finance Act 2020, any distribution by mutual fund will be taxed in the hands of the Unit Holders.

Distribution by Mutual Fund

Tax Rates* under the Act TDS Rates under the Act
Particula Residents NRI/PIOs & NRI/PIOs &
rs Other Non- Other Non-
FPIs Residents FPIs
resident other resident other
than FPI than FPI
Any Taxable In respect of 20% 10% (u/s 20%* (u/s 20%*
distributi at normal non-resident (u/s 194K) 196A) or as (u/s
on by rates of non-corporate 115AD) per 196D)or
equity/ tax Taxable at applicable as per
non- applicabl normal rates of DTAA applica
equity e to the tax applicable whichever ble
fund / assessee to the assessee is lower DTAA
!specified (other than whiche
mutual units purchased ver is
fund in foreign lower
currency)

In respect of
non-resident
(not being
company) or
foreign
corporates -
20%(for
units
purchased in
foreign
currency)

*plus surcharge and Health and Education cess at the rate of 4% on income tax and surcharge.

Surcharge rates on Capital Gains shall be as per the below table:

Income > Income > Income > Income > 5 Income

Nature of 50 lakhs 1 cr and 2 cr and cr and upto exceeding
Status of Investor Gains and upto 1 upto 2 upto 5 10 cr(in Rs) 10 cr(in
crores(in cr(in Rs) cr(in Rs) Rs)
Rs)

92
 Individuals/HUFs/BOIs/ Long term & 10% 15% 15% 15% 15%
AOPs and Artificial Short term
juridical persons capital gains
on Equity
Oriented
Funds and
^Long term
capital gains
on Non-
equity
oriented
funds (other
than
!specified

mutual
funds)
Individuals/HUFs/BOIs/ Short term 10% 15% 25%
AOPs and Artificial capital gains
juridical persons on Non @25% @25%

Equity
oriented
funds (other
than
!specified

mutual
funds)
Individuals/HUFs/BOIs/ Capital gains 10% 15% 25%
AOPs and Artificial on !specified @25% @25%

juridical persons mutual

funds
Firms, Local authorities All Capital - 12% 12% 12% 12%
Gains

Co-operative societies All Capital 7% 7% 7% 12

Gains

Domestic Company All Capital - 7% 7% 7% 12%

Gains
++(New regime under
section 115BAA) 10% 10% 10% 10%
Foreign Company All Capital - 2% 2% 2% 5%
Gains

Surcharge and effective TDS rates for income distributed in respect of units of mutual fund shall be as per below
table:

Sr. Investor Category Dividend Effective TDS

TDS rate Surcharge Cess
No. amount rate
1 All Resident Investors 10% Excess of - - 10.000%
(Individual & Non Rs.5000
Individual)
Non Resident Individuals 20% 0 to 50L 0% 4% 20.800%
(NRI), FIIs, FPIs & NRIs. 50L to 1 Cr 10% 4% 22.880%
2 AOP(Other than Co- > 1 Cr to 2 Cr 15% 4% 23.920%
operative Society),BOI, > 2 Cr to 5 Cr 25% 4% 26%
artificial juridical person > 5 Cr and @25% 4% 26.000%
above
3 Resident investors 20% Any Amount - - 20.000%
without PAN, invalid PAN,
PEKRAN
4 Non-filers of return+ 20% Any Amount - - 20.000%
5 FII/ FPI 20% 1 Cr to 10 Cr 2% 4% 21.216%
Foreign company
more than 10 5% 4% 21.84%
Crore &
above

93
 6 Non resident (other than company)
(d) Co-operative society 20% 1cr to 10cr 7% 4% 22.258%

More than 12% 4% 23.296%

10cr

(b) Firm 20% More than 12% 4% 23.296%

1cr

@Finance Act, 2023 has amended surcharge rates for individuals and HUFs or association of persons [other than
a cooperative society], or body of individuals, whether incorporated or not, or an artificial juridical person
referred to in sub-clause (vii) of clause (31) of section 2 who opt for the new tax regime under section 115BAC.
As per the amended section, the maximum rate of surcharge shall be 25% for income computed under section
115BAC of the Income tax Act, 1961 (new tax regime) instead of 37% under normal provisions (Old tax regime).
The new tax regime would be the default tax regime from FY 2023-24 onwards.

^The Finance Act, 2022 has levied the surcharge to be at par with Equity Oriented Scheme with effect from 1 April
2022
++In case company opts for new regime of taxation, then the surcharge would be applicable at the rate of 10%

irrespective of the taxable income.

!Specified Mutual Fund" means a Mutual Fund by whatever name called, where not more than thirty five per cent.
of its total proceeds is invested in the equity shares of domestic companies. Finance Act 2023 has inserted
Section 50AA in the Income Tax Act, 1961. As per the said section, with effect from 1 April 2023, gains/losses
from units of Specified Mutual Fund would be deemed to be short term capital gain/loss irrespective of period of
holding i.e. the definition of holding for more than 36 months to be considered as long term capital asset is
withdrawn. This is applicable for all such units which are acquired on or after Apr 1, 2023.
+The Finance Act 2021 introduced special provisions for higher rate of TDS in case of non-filers of Income tax return
(referred to as “specified person”). Specified person does not include a non-resident who does not have permanent
establishment in India. Finance Act 2023, with effect from 1st April, 2023, amended the said proviso to also exclude
a person who is not required to furnish the return of income for the assessment year relevant to the said previous
year and is notified by the Central Government in the Official Gazette in this behalf.

Any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB
(hereafter referred to as deductee), shall furnish his Permanent Account Number to the person responsible for
deducting such tax (hereafter referred to as deductor), failing which tax shall be deducted at the higher of the
following rates, namely:

(i) at the rate specified in the relevant provision of this Act; or

(ii) at the rate or rates in force; or

(iii) at the rate of twenty per cent.

The aforesaid provision dealing with higher taxation in the absence of furnishing Permanent Account Number shall
not apply to a non-resident with effect from 1st June, 2016 on furnishing the following details and documents by
such non-resident:
(i) name, e-mail id, contact number;
(ii) address in the country or specified territory outside India of which the non-resident is a resident;
(iii) a certificate of his being resident in any country or specified territory outside India from the Government of
that country or specified territory if the law of that country or specified territory provides for issuance of such
certificate;
(iv) Tax Identification Number of the non-resident in the country or specified territory of his residence and in case
no such number is available, then a unique number on the basis of which the non-resident is identified by the
Government of that country or the specified territory of which he claims to be a resident.

In case of investments by NRIs in closed ended funds during NFO, at the time of redemption of units, TDS will
be deducted at the applicable rate. However, in respect of those Unit Holders who have acquired the units on
the Stock Exchange post listing of units, the Unit Holders would need to provide a certificate from a Chartered
Accountant certifying the details of acquisition of units to the Fund within two days of maturity of the Scheme,
so as to enable the Fund to deduct TDS at the applicable rates. In the event of such details not being provided,
the Fund would deduct TDS on the redemption proceeds at the highest rate of TDS applicable.

94
For further details on taxation please refer to the clause on Taxation in the SAI.

Tax Chapter for investment in Overseas securities

The information is provided for general information only. This information does not purport to be a
complete analysis of all relevant tax considerations; nor does it purport to be a complete description of
all potential tax costs, tax incidence and risks for the investors. In view of the individual nature of the
implications, each investor is advised to consult his or her own tax advisors/authorized dealers with
respect to the specific amount of tax and other implications arising out of his or her participation in the
schemes.
• USA securities

1. General US Taxation Rules with Respect to Foreign Persons

Generally, US imposes tax on foreign person either on gross basis or on net basis. Foreign persons
who are not engaged in a trade or business in the US are subject to US gross withholding tax on
US source income which is fixed determinable annual or periodical generally called as FDAP
income. A foreign person that is engaged in a US trade or business will be subject to US taxation
on effectively connected taxable income (ECTI). In addition to the income tax imposed on ECTI,
the US also imposes a branch profits tax on foreign corporations that has branch or permanent
establishment in US. The branch profit tax is imposed on deemed remittances of after-tax
effectively connected earnings and profits of foreign corporation’s US branch or permanent
establishment. One can claim reduced tax rate or exemption from tax under US income tax
treaty. The below discussion is based on the understanding that the Scheme would be treated
as a corporation for US tax purposes. and the investors in the Mutual Fund Scheme are not tax
resident of the USA or based in the USA. Thus, as long as the Scheme is treated as a corporation
for US tax purposes, the investors in the Scheme should not directly be subject to US tax. For
purposes of this discussion, a foreign person is a person who is not a US citizen or US resident
for tax purposes and includes a foreign entity that is classified as a corporation for US tax
purposes.

2. Investment in US listed companies

a) US Taxation on Disposition of Shares of US listed Companies

Subject to the discussion below concerning the taxation of ECTI, generally income from the
sale of personal property by a foreign person is not US source income and should not be
subject to US taxation. Thus, capital gains received by the Scheme on the disposition of
shares of US listed companies, should not be subject to taxation in the US.

Trading in stock or securities is generally not considered US trade or business unless taxpayer
is a dealer in stock or securities and effects the trade through US offices directly or through
US office of its agent other than independent agent.

However if the Scheme invests in any entities that are treated as partnership for U.S federal
income tax purposes and if these partnerships are engaged in a U.S. trade or business, then
the Scheme itself would be treated as engaged in such a U.S. trade or business and would
likely be required to file a U.S. income tax return and potentially pay U.S. tax on its
distributive share of partnership income. It may also be subject to potential withholding tax
with respect to sales of an interest in such partnership.

Gain derived by a non-U.S resident from the disposition of a U.S Real Property Interest
(USRPI) may be treated as income that is effectively connected with the conduct of a U.S
trade of business and thus subject to U.S federal income tax (and to a requirement to file
a U.S. income tax return) under the Foreign Investment in Real Property Tax Act (FIRPTA).
A USRPI includes an interest in a US Real Property Holding Company (USRPHC) which
generally is defined as a US company whose assets, measured by fair market value, consist
of 50% or more of USRPIs at any time during a five-year period. Such income is considered
to be ECTI with the conduct of a U.S trade of business and is subject to US taxation. A

95
 foreign person who disposes of a USRPI will be subject to a 15% (w.e.f. 16 February 2016)
withholding tax on the gross proceeds received and will be required to file a US federal
income tax return. The final tax liability on the recognized gain on disposition of the USRPI
will be set off by the 15% withholding tax on gross proceeds.

There is an exception that applies to FIRPTA for publicly traded shares of a - Qualified
Investment Entity (QIE). The exception provides that if the stock of a QIE is regularly traded
on an established securities market located in the USA (e.g., the NYSE), the stock will be
treated as a USRPI only in the case of a more than 5% holder (over the course of a 5 year
look-back period). The 5% holding is increased to 10% for publicly traded real estate
investment trust (REIT). Such exception also applies to the disposition of an interest in a
publicly traded partnership (PTP).

Thus, capital gains derived by the Scheme from the sale of regularly traded listed US equities
should not be subject to tax in the US provided the Scheme holds an interest of 5% (10% for
publicly traded REIT) or less of any class of stock. In cases where the Scheme has held, at
any time within the 5-year period ending on the date of disposition, more than 5% (10% for
publicly traded REIT) of the shares of a publicly-traded company that is also a USRPI, gain
from disposition of such interest is subject to US federal corporate income tax.

If a partnership (including a PTP), is engaged in a U.S. trade or business, and if a non-U.S.

partner disposes of the partnership interest, a portion of gain or loss is treated as connected
with the conduct of a U.S. trade or business, and is therefore subject to U.S. tax. Such
income also generates a requirement to file a U.S. tax return. This provision is not subject
to 5% exception as mentioned above for PTPs that are USPRI. US requires 10% withholding
if non-U.S. partner disposes of an interest in the partnership. Such tax withheld can be set
off against the final tax liability of the partner who sold its interest.

b) Dividend Income

US source non-effectively connected dividend income received by a foreign person is subject

to a 30% withholding tax. Thus US source dividends received by the Scheme from
investments in US listed companies should be subject to withholding tax of 30%. Such
dividend withholding tax can be reduced pursuant to a double tax treaty as discussed further
below.

3. Investment in US Mutual Funds (US MF) or Exchange Traded Funds (US ETF)

j. US Taxation on Disposition of Units of US MF or US ETF

As discussed above in point 1, generally income from the sale of personal property by a
foreign person is not US source income and should not be subject to US taxation. Thus,
capital gains received by the Scheme on the disposition of interests in mutual funds and
exchange traded funds (ETF), should not be subject to taxation in the US.

However, if the mutual fund or ETF that is sold is a USRPHC, then the gain is considered to
be effectively connected with a U.S. trade or business and thus subject to U.S taxation,
unless the mutual fund or ETF whose shares are sold is (a)publicly traded and the investor
held an interest of 5% or less in the mutual fund or ETF at all times during the year preceding
the sale or (b) the mutual fund is a domestically controlled qualified investment entity.

k. US Taxation on Income Distribution by US MF or US ETF

US source non-effectively connected dividend income received by a foreign person is subject

to a 30% withholding tax. A mutual fund or ETF that is not subject to the USRPHC - related
rules described above may distribute ordinary dividends which should be subject to 30%
withholding tax. Dividends designated by a Regulated Investment Company (RIC) (e.g. a

96
 mutual fund) as capital gain dividends are treated as long term capital gains in the hands of
the shareholders. Except as described above for mutual funds or ETFs that otherwise qualify
as USRPHCs, because long-term capital gains are sourced to the domicile of the recipient,
such capital gain dividends should not be U.S source if the recipient is a non-U.S person,
and thus would not be subject to U.S taxation.

A foreign person or other qualified investment entity by a qualified investment entity to the
extent attributable to gain from sales or exchanges by the qualified investment entity of
USRPIs, is treated as gain from the sale or
exchange of a USRPI by the foreign person unless such distribution is with respect to stock
that is publicly traded on a U.S exchange and the foreign person did not own more than 5%
(or no more than 10% in the case of a REIT) of such class of stock at any time during the 1-
year period ending on the date of distribution. Where the distribution is treated as gain
from the sale or exchange of a USRPI, the distribution is treated as income effectively
connected to a U.S trade or business, subject to tax at U.S corporate tax rates and withheld
on at a rate of 21% of the distribution. The total amount in tax paid should not exceed the
liability as determined by applying the U.S corporate rate.

Where distributions from the mutual fund or ETF are characterized as gain from the sale of
a USRPI as discussed above, the income is considered effectively connected with the conduct
of a U.S trade or business such that the branch profits tax provisions must be considered.
The dividend equivalent amounts are subject to withholding tax at a rate of 30%. The
dividend equivalent amount is generally equal to a foreign corporation’s effectively
connected earnings and profits. Generally, gain on disposition of an interest in a USRPHC is
excluded from the definition of effectively connected earnings and profits.

4. Treaty Benefits to the Mutual Fund or ETF:

It is likely that the Scheme should be considered as a Person under Indian tax laws and so a tax
resident of India and so is likely to be eligible to claim the Double Taxation Avoidance Agreement
(‘the DTAA’ or ‘the Treaty’) benefits between India and the US on the income earned and tax,
if any, payable in the US subject to completion of necessary documentations and the Scheme
obtaining a tax residence certificate form the Indian tax authorities. As long as the Scheme is
treated as a corporation for US tax purposes, the investors in the Scheme should not directly be
subject to US tax. The main benefit of the DTAA is that it reduces the US withholding tax amount
with respect to certain U.S. source FDAP payments and may exempt ECTI if it is not attributable
to a U.S. permanent establishment.
As per the Treaty:
iii. The Business income earned by the Scheme in the US should not be taxable in the US if
the Fund does not have a permanent establishment in the US; If the Scheme has a
permanent establishment in the US, then it will be subject to US tax on profits that are
attributable to that permanent establishment. US attributes business profits to U.S.
permanent establishments of Indian resident corporations under the same ECTI rules
applicable to non-treaty residents with respect to the assets and activities conducted
in the permanent establishment. A more limited force of attraction rule is also
applicable.; The Scheme could be considered to have a permanent establishment in the
US if it invests in a partnership that is engaged in a trade or business in the US;
iv. Capital gains arising on disposition of USRPIs is taxable in the US as per the US tax laws.
There is no exception in the DTAA for US taxation of disposition of USRPIs under the
FIRPTA rules;
v. In general, dividend income beneficially earned by the Scheme in the US should be
taxable at the rate of 25% for portfolio ownership interests below 10%;
vi. Interest income beneficially earned by the Scheme in the US should be subject to
withholding tax at the rate of 15% (to the extent not otherwise exempt under US internal
rules such as the portfolio interest exception); and
vii. Any other income should be taxable in the US as per US tax laws.

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• Luxembourg securities
Taxation on investment in Luxembourg investment funds
There are no withholding taxes on dividends paid by Luxembourg investment funds.
The fund being Non-residing investors (individuals or corporations) are exempt from taxation
in Luxembourg on capital gains realized upon sale of their shares in a Luxembourg corporate
investment fund (even in cases where they held a substantial shareholding of more than
10%).

• Ireland securities
Taxation on investment in an Irish Fund
Where a Shareholder is not resident (or ordinarily resident) in Ireland for Irish tax purposes,
an Irish Fund should not deduct any Irish tax in respect of the Shareholder’s Shares. In order
for the non-Irish resident shareholder to be exempt from Irish Investment Undertaking Tax
(“IUT”), it must complete the relevant non-resident declaration and provide a copy of that
declaration to the Irish Fund. The declaration may also be provided by an Intermediary who
holds Shares on behalf of non-Irish Resident Shareholders provided that, to the best of the
Intermediary’s knowledge, the Shareholders are not resident (or ordinarily resident) in
Ireland.

If this declaration is not received by an Irish Fund (and in the absence of written notice of
approval from Revenue Commissioners being obtained by the Irish Fund dispensing with the
requirement to provide such a declaration), an Irish Fund should deduct Irish tax in respect
of the shares held by the non-Irish Resident Shareholder. An Irish Fund should also deduct
Irish tax if the Irish Fund has information which reasonably suggests that a Shareholder’s
declaration is incorrect. A Shareholder will generally have no entitlement to recover such
Irish tax. An Irish Fund must be informed if a Shareholder becomes Irish tax resident.
Generally, Shareholders who are not Irish tax resident will have no other Irish tax liability
with respect to their Shares. However, if a Shareholder is a company which holds its Shares
through an Irish branch or agency, the Shareholder may be liable to Irish corporation tax in
respect of profits and gains arising in respect of the Shares (on a self-assessment basis).

In case if the fund is deemed to be a Non-Exempt Shareholders then a Shareholder is subject

to tax (e.g. because it has not provided the required non-resident declaration), an Irish Fund
should deduct Irish tax on distributions, redemptions and transfers and, additionally, on
‘eighth anniversary’ events, as described below.
Distributions from an Irish Fund
If an Irish Fund pays a distribution to a non-exempt Shareholder, an Irish Fund should deduct
Irish tax from the distribution. The amount of Irish tax deducted will be:
1. 25% of the distribution; where the distribution is paid to a shareholder who is an Irish
resident company which has made the relevant declaration for the 25% rate to apply.
2. 41% of the distribution in all other cases.

Redemptions and transfer of shares

If an Irish Fund redeems Shares held by a non-exempt Shareholder, an Irish Fund should
deduct Irish tax from the redemption payment made to the Shareholder. Similarly, if a non-
exempt Shareholder transfers (by sale or otherwise) an entitlement to Shares, an Irish Fund
will account for Irish Investment Undertaking tax in respect of that transfer. The amount of
Irish tax deducted or accounted for will be calculated by reference to the gain (if any) which
has accrued to the Shareholder on the Shares being redeemed or transferred and will be
equal to:
1. 25% of such gain; where the shareholder is an Irish resident company which has made the
appropriate declaration for the 25% rate to apply;
2. 41% of the gain in all other cases.

If Shares are not denominated in euro, a Shareholder may be liable (on a self-assessment
basis) to Irish capital gains taxation on any currency gain arising on the redemption or
transfer of the Shares.

98
 “Eighth Anniversary” Events
If a non-exempt Shareholder does not dispose of Shares within eight years of acquiring them,
the Shareholder will be deemed for Irish tax purposes to have disposed of the Shares on the
eighth anniversary of their acquisition (and any subsequent eighth anniversary). On such
deemed disposal, an Irish Fund will account for Irish tax in respect of the increase in value
(if any) of those Shares over that eight-year period. The amount of Irish tax accounted for
will be equal to:
1. 25% of the increase in value of the shares where the Shareholder is a company which has
made the appropriate declaration for the 25% rate to apply;
2. 41% of the increase in value in all other cases.

Any Irish tax paid in respect of the increase in value of Shares over the eight-year period
may be set off on a proportionate basis against any future Irish tax which would otherwise
be payable in respect of those Shares and any excess may be recovered on an ultimate
disposal of the Shares.
Share Exchanges
Where a Shareholder Exchanges Shares on arm’s length terms for other Shares in the Irish
Fund and no payment is received by the Shareholder, an Irish Fund should not deduct Irish
tax in respect of the exchange.

Stamp Duty on transacting in shares

No Irish stamp duty (or other Irish transfer tax) will apply to the issue, transfer or
redemption of Shares. If a Shareholder receives a distribution in specie of assets from the
ICAV, a charge to Irish stamp duty could potentially arise.
Taxation on investment in Irish Exchange Traded Funds (ETFs)
Similar to active funds, ETFs are exempt from Irish tax on income and gains derived from
their investments and are not subject to Irish tax on their net asset value. As such income
and gains arising to an ETF are allowed to accumulate gross of Irish tax.
Non-Irish Resident Shareholders do not suffer any Irish tax on the occurrence of a chargeable
event (e.g. distribution or redemption) provided that the relevant non-resident declaration
has been provided to the fund. If the relevant declaration is not in place the ETF may be
obliged to withhold tax at the appropriate rate. However, withholding tax does not need to
be applied in the event that shares are held in a recognized clearing system (regardless of
whether or not there is a declaration in place).

D. COMPUTATION OF NAV

NAV of Units under the Scheme will be calculated by following method shown below:
Market or Fair Value of Scheme’s investments
+ Current Assets - Current Liabilities and Provisions
NAV (Rs.) =
No. of Units outstanding under the Scheme

NAVs will be rounded off to three decimal places and will be computed and declared on every Business
Day, as of the close of such Business Day. The valuation of the Schemes’ assets and calculation of the
Schemes’ NAV shall be subject to audit on an annual basis and such regulations as may be prescribed
by SEBI from time to time.
The first NAV will be calculated and announced within 5 Business Days from the date of allotment.

Note: There will be more than one NAV, one for each option, after the declaration of the first IDCW.

99
SECTION IV. FEES AND EXPENSES

This section outlines various expenses that will be borne by the Scheme. The information provided
below would assist the investor in understanding the expense structure of the Scheme, types of
different fees / expenses, their percentage the investor is likely to incur on purchasing and selling
the Units of the Scheme

A. NFO EXPENSES

These expenses are incurred for the purpose of various activities related to the NFO like sales and
distribution fees paid, marketing and advertising, registrar expenses, printing and stationery, bank
charges etc. All such expenses were borne by AMC.

B. ANNUAL SCHEME RECURRING EXPENSES

These are the fees and expenses incurred for operating the Scheme. These expenses include and are
not limited to Investment Management and Advisory Fee charged by the AMC, Registrar’s fee,
Marketing and selling costs etc., as given in the Table 2 which summarizes estimated annualized
recurring expenses as a % of daily net assets of the Scheme.

Operating & recurring expenses under regulation 52 (6) & 52 (6A):

The Scheme may charge expenses within overall limits as specified in the Regulations except those
expenses which are specifically prohibited. The annual total of all charges and expenses of the
Scheme shall be subject to the following limits, defined under Regulation 52 of SEBI MF regulations:

Table 1: Limit as prescribed under regulation 52 of SEBI MF regulations for equity oriented
scheme:

Slab Rates As a % of daily net assets as Additional TER as Additional TER

per Regulation 52(6) (c) per Regulation 52 as per
(6A) (c)^ Regulation 52
(6A) (b)^
on the first Rs.500 crores of 2.25% 0.05% 0.30%
the daily net assets
on the next Rs.250 crores of 2.00% 0.05% 0.30%
the daily net assets
on the next Rs.1,250 crores 1.75% 0.05% 0.30%
of the daily net assets
on the next Rs.3,000 crores 1.60% 0.05% 0.30%
of the daily net assets
on the next Rs.5,000 crores 1.50% 0.05% 0.30%
of the daily net assets
On the next Rs.40,000 crores Total expense ratio 0.05% 0.30%
of the daily net assets reduction of 0.05% for every
increase of Rs.5,000 crores
of daily net assets or part
thereof
On balance of the assets 1.05% 0.05% 0.30%

Notes to Table 1:
^In addition to expenses as permissible under Regulation 52 (6) (c), the AMC may also charge the
following to the Scheme of the Fund under Regulation 52 (6A):

a. Brokerage and transaction costs which are incurred for the purpose of execution of trade up
to 0.12 per cent of trade value in case of cash market transactions and 0.05 per cent of trade
value in case of derivatives transactions. .

100
 It is clarified that the brokerage and transaction cost incurred for the purpose of execution
of trade over and above the said 0.12 percent and 0.05 percent for cash market transactions
and derivatives transactions respectively may be charged to the Scheme within the maximum
limit of Total Expense Ratio (TER) as prescribed under regulation 52 of the SEBI (Mutual Funds)
Regulations, 1996.
b. Additional expenses up to 0.30 per cent of daily net assets of the concerned Schemes of the
Fund if new inflows from such cities as may be specified by Regulations from time to time
are at least:
i. 30 per cent of gross new inflows from retail investors* in the concerned Scheme, or;
ii. 15 per cent of the average assets under management (year to date) of the concerned
Scheme, whichever is higher.

Provided that if inflows from such cities is less than the higher of (i) or (ii) mentioned above,
such expenses on daily net assets of the concerned Scheme shall be charged on proportionate
basis.

* Inflows of amount upto Rs 2,00,000/- per transaction, by individual investors shall be

considered as inflows from “retail investors.

The additional expenses charged shall be utilized for distribution expenses incurred for
bringing inflows from such cities. The additional expense charged to the Scheme on account
of inflows from such cities shall be credited back to the concerned Scheme in case such
inflows are redeemed within a period of one year from the date of investment.

c. Note: Pursuant to the directions received from SEBI vide its letter no. SEBI/HO/IMD-SEC-
3/P/OW/2023/5823/1 dated February 24, 2023 read along with AMFI communication dated
March 02, 2023, w.e.f March 01, 2023 no additional expense shall be charged on the new
inflows received on or after March 01, 2023 from specified cities as per Regulation 52 (6A)
(b) till any further guidance is received from SEBI in this regard.Additional expenses not
exceeding 0.05 % of daily net assets of the scheme as per Regulation 52(6A)(c). Provided that
such additional expenses shall not be charged to the schemes where the exit load is not levied
or applicable

GST on investment and advisory fees:

a) AMC may charge GST on investment and advisory fees of the Scheme in addition to the
maximum limit of TER as per the Regulation 52(6) and (6A).

b) GST on expenses other than investment and advisory fees: AMC may charge GST on expenses
other than investment and advisory fees of the Scheme, if any within the maximum limit of
TER as per the Regulation under 52(6) and (6A).

c) GST on brokerage & transaction cost: GST on brokerage and transaction costs which are
incurred for the purpose of execution of trade, will be within the limit of expenses as per the
Regulation 52(6) and (6A).

Others:

In accordance with clause 10.1.12.(a) of the Master Circula, all scheme related expenses including
commission paid to distributors, by whatever name it may be called and in whatever manner it may
be paid, shall be paid from the scheme only within the regulatory limits and not from the books of
the AMC, or by the trustee or sponsors.

Provided that the expenses that are very small in value but high in volume (as provided by AMFI in
consultation with SEBI) may be paid out of AMC’s books. Such expenses can be paid out of AMC’s
books at actuals or not exceeding 2 bps of the Scheme AUM, whichever is lower.

Further with regards to the cost of borrowings in terms of Regulation 44(2), the same shall be adjusted
against the portfolio yield of the Scheme and borrowing costs in excess of portfolio yield, if any, shall
be borne by the AMC.

101
Disclosure relating to changes in TER:

In accordance with clause 10.1.8 of the SEBI Master Circular, the AMC shall prominently disclose TER
on daily basis on the website www.dspim.com. Further, changes in the base TER (i.e. TER excluding
additional expenses provided in Regulation 52(6A)(b), 52(6A)(c) of SEBI (Mutual Funds) Regulations,
1996 and Goods and Services Tax on investment and advisory fees) in comparison to previous base
TER charged to any scheme/plan shall be communicated to investors of the scheme/plan through
notice via email or SMS at least three working days prior to effecting such change.

The notices of change in base TER shall be updated on the website at least three working days prior
to effecting such change Provided that any decrease in TER in a mutual fund scheme due to various
regulatory requirements, would not require issuance of any prior notice to the investors.

The prior intimation/notice shall not be required for any increase or decrease in base TER due to
change in AUM and any decrease in base TER due to various regulatory requirements.

A. Illustrative example for estimating expenses for a scheme with corpus of 100 crores:

The AMC in good faith has estimated and summarized in the below table for each Scheme, the
expenses on a corpus size of Rs. 100 crores. The actual total expenses may be more or less than as
specified in the table below. The below expenses are subject to inter-se change and may
increase/decrease as per actuals, and/or any change in the Regulations.

Table 2: The estimated total expenses as a % of daily net assets of the Scheme are as follows:

Sr No. Indicative Expense Heads % of daily net

assets
(i) Investment Management and Advisory Fees
(ii) Fees and expenses of trustees*
(iii) Audit fees
(iv) Custodian fees
(v) RTA Fees
(vi) Marketing & Selling expense incl. agent commission
(vii) Cost related to investor communications
(viii) Cost of fund transfer from location to location
Upto 2.25%
(ix) Cost of providing account statements and IDCW redemption cheques and
warrants
(x) Costs of statutory Advertisements
(xi) Cost towards investor education & awareness (at least 0.02 percent)

(xii) Brokerage & transaction cost over and above 0.12 percent and 0.05
percent for cash and derivative market trades, respectively.
(xiii) GST on expenses other than investment and advisory fees
(xiv) GST on brokerage and transaction cost
(a) Maximum total expense ratio (TER) permissible under Regulation 52 Upto 2.25%
(6) (c)
(b) Additional expenses under regulation 52 (6A) (c)$ Upto 0.05%

(c) Additional expenses for gross new inflows from specified cities under Up to 0.30%
regulation 52(6A)(b)
* The Trusteeship fees as per the provisions of the Trust Deed are subject to a maximum of
0.02% of the average net Trust Funds per annum. It has been decided by the Trustee to charge the
Trusteeship Fees in proportion to the net assets of each of the Scheme of the Mutual Fund. The

102
 Trustee reserves the right to change the method of allocation of Trusteeship fees for the Scheme,
from time to time.
$ The nature of expenses can be any permissible expenses including management fees.

The goods and service tax on Investment Management and Advisory fees will depend on the total
amount charged as Investment Management and Advisory fees. Currently it is chargeable at 18% on
Investment Management and Advisory Fees.

Expense Structure for Direct Plan -.

Direct Plan will have lower expense ratio than Regular Plan of the Scheme. The expenses under Direct
Plan shall exclude the distribution and commission expenses and additional expenses for gross new
flows from specified cities under regulation 52(6A)(b). All fees and expenses charged in a direct plan
(in percentage terms) under various heads including the investment and advisory fee shall not exceed
the fees and expenses charged under such heads in a Regular Plan.

The above expense structures are indicative in nature. Actual expenses could be lower than
mentioned above.

The purpose of the above table is to assist the investor in understanding the various costs & expenses
that the investor in the Scheme will bear directly or indirectly.

For the actual current expenses being charged, the investor should refer to the website of the
Mutual Fund.

B. Illustration of impact of expense ratio on scheme’s returns:

Particulars Regular Plan Direct Plan

Amount invested at the beginning of the year 10,000 10,000
Annual income accrued to the scheme 1,000 1,000
Expenses other than Distribution expenses 75 75
Distribution expenses 25
Returns after expenses at the end of the year 900 925
% Returns after expenses at the end of the year 9.00% 9.25%

Link for TER disclosure: https://www.dspim.com/mandatory-disclosures/ter

C. LOAD STRUCTURE

Load is an amount which is paid by the investor to subscribe to the Units or to redeem the units from
the Scheme. Load amounts are variable and are subject to change from time to time. For the current
applicable structure, investors may refer the website of the AMC www.dspim.com or call at 1800-
200-44-99 (toll free) or may contact their distributor.

The following load structure will be applicable to the Scheme both the plans:

Entry Load Not Applicable

(Applicable during New Fund Offer and Continuous
Offer)

103
 Exit Load #(as a % of Exit Load (as a % of Applicable NAV):
Applicable NAV)
Holding period from the date of
allotment:
<= 1 month – 0.50%
> 1 month – Nil

#Applicable for investments made through normal purchase and SIP/STP/SWP transactions.

Note on load exemptions:

• There will be no Exit Load on inter-option switching.
• No load will be charged on issue of Units allotted on reinvestment of IDCW for existing as well
as prospective investors.
• No exit load shall be levied in case of switch of investment from Regular Plan to Direct Plan
and vice versa.

Exit load charged shall be credited to the Scheme. The service tax on exit load shall be paid out of
the exit load proceeds and exit load net of service tax shall be credited to the scheme.

Investors may note that the Trustee has the right to modify the existing load structure, subject to a
maximum as prescribed under the SEBI (MF) Regulations. Any imposition or enhancement in the load
shall be applicable on prospective investments only. At the time of changing the load structure, the
AMC shall consider the following measures to avoid complaints from investors about investment in
the schemes without knowing the loads:

i) Addendum detailing the changes will be attached to the SID and Key Information Memorandum
(KIM). The addendum may be circulated to all the distributors/brokers so that the same can be
attached to all SIDs and KIMs already in stock.
ii) Arrangements will be made to display the addendum to the SID in the form of a notice in all the
ISCs/offices of the AMC/Registrar.
iii) The introduction of the Exit Load along with the details may be stamped in the acknowledgement
slip issued to the investors on submission of the application form and will also be disclosed in the
statement of accounts issued after the introduction of such load.

Investors are advised to contact any of the Investor Service Centers or the AMC to know the latest
position on Exit Load structure prior to investing in the Scheme.

D. TRANSACTION CHARGE

Investors may note that the AMC has discontinued the payment of transaction charges to distributors
effective May 01, 2023.

Accordingly, effective May 01, 2023, no transaction charges shall be deducted from the investment
amount given by the investor, for transactions / applications received through the distributors (i.e.
in Regular Plan) and full investment amount will be invested in the Scheme.

E. STAMP DUTY

Investors / Unit Holders of all the scheme(s) of DSP Mutual Fund are advised to take note that,
pursuant to notification no. S.O. 4419(E) dated December 10, 2019 read with notification no. S.O.
115(E) dated January 08, 2020 and notification no. S.O. 1226(E) dated March 30, 2020 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, applicable stamp duty would be levied on mutual fund
investment transactions with effect from July 1, 2020.

104
Accordingly, pursuant to levy of stamp duty, the number of units allotted on purchases, switch-ins,
SIP/STP installments, (including IDCW reinvestment) to the unit holders would be reduced to that
extent.

F. WAIVER OF LOAD FOR DIRECT APPLICATIONS

Pursuant to Clause 10.4.1.a. of the SEBI 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.

SECTION V. RIGHTS OF UNITHOLDERS

Please refer to SAI for details.

SECTION VI. PENALTIES AND PENDING LITIGATION

Penalties and 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. 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:

None.

2. Details of all enforcement actions 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:

• An Adjudication Order dated December 29, 2022 has been issued in the matter of practice of
charging total expense ratio to AMC books by DSP Mutual Fund in case of DSP Nifty 50 ETF.
Pursuant to said order, a monetary penalty of Rs. One lakh each has been imposed on DSP
Investment Managers Private Limited and DSP Trustee Private Limited which was paid on
January 30, 2023 and January 27, 2023, respectively.

3. 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:

• On January 21, 2020, the AMC filed a plaint in the Honorable High Court of Judicature at
Bombay, Ordinary Original Civil Jurisdiction in its Commercial Division a suit for infringement
of trademark and passing off (Category Code no.1017 Act Code No.87) against DSP Realty, a
proprietary concern of Shrikant Bhausahub Pawar (‘Defendant’). The mentioned suit was filed
inter-alia for the acts of infringement, passing off and damages by the Defendant, whose
trade mark is deceptively similar to the AMC’s registered DSP marks. On February 04, 2020,
the Honorable High Court granted ad-interim relief restraining the Defendant from using of
trademark. The matter is now at hearing stage and the AMC is awaiting an intimation in
relation to the hearing date from the High Court.

• AMC holds non-convertible debentures issued by Accelerating Education and Development

Private limited (AEDPL), a Resonance group entity vide Debenture Trust Deed dated
November 10, 2016. AEDPL defaulted in repayment of redemption amount. AMC filed a
petition under section 9 of the Arbitration and Conciliation Act, 1996 before the Delhi High

105
 Court seeking interim reliefs inter alia in the nature of non-alienation of assets for securing
the entire amount of Rs. 144,76,82,011/- due and payable by Resonance Group to AMC. During
the course of hearing dated 28th May 2021 AEDPL and other Resonance group entities had
undertaken not to alienate their assets. The pleadings stand completed and the matter is ripe
for arguments. The matter is listed for hearing on 22nd January 2024.

4. 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
which has been notified by any other regulatory agency:

None.

Notwithstanding anything contained in this SID, the provisions of the SEBI (MF) Regulations, 1996
and the guidelines there under shall be applicable.

For DSP Trustee Private Limited

Trustee: DSP Mutual Fund

Sd/-
Shitin D. Desai
Chairman

Place: Mumbai
Date: October 31, 2023

106
 List of Official Points of Acceptance of Transactions*
DSP Asset Managers Private Limited - Investor Service Centres

Head Office Mafatlal Centre, 10th Floor, Nariman Point, Mumbai - 400 021.

Agra Shanta Tower, Office No. 12, 1st Floor, Block No. E-14, 16, Sanjay Place, Agra – 282002.

Ahmedabad 3rd EYE ONE, Office No. 301, 3rd Floor, Opposite Havmor Restaurant, C.G. Road, Panchvati, Ahmedabad - 380006.

Andheri NATRAJ, Office No. 302, 3rd Floor, Plot No – 194, MV Road Junction, Western Express Highway, Andheri (East), Mumbai – 400069.

Bangalore Raheja Towers, West Wing, Office No. 104 -106, 1st floor, 26-27, M.G. Road, Bengaluru - 560001.

Bhopal Star Arcade, Office No. 302, 3rd Floor, Plot No. 165 A and 166, Zone-1, M.P Nagar, Bhopal - 462011.

Bhubneshwar Lotus House, Office No. 3, 2nd Floor, 108 - A, Kharvel Nagar, Unit III, Master Canteen Square, Bhubaneshwar - 751001.

Chandigarh SCO 2471 – 72, 1st Floor, Sector 22 – C, Chandigarh - 160022.

Chennai Raheja Towers, 7th Floor, Office No. 712, Alpha Wing of Block ‘A’, Anna Salai, Mount Road, Chennai, Tamil Nadu – 600002

Coimbatore A.M.I. Midtown, Office No. 25A4, 3rd Floor, D.B. Road, R.S. Puram, Coimbatore - 641002.

Dehradun NCR Plaza, Ground floor, Office No. G 12/A, (No. 24-A) (New No. 112/28, Ravindranath Tagore Marg), New Cantt Road, Hathibarhkala, Dehradun – 248001.

Goa Cedmar Apartments, Block D-A, 3rd Floor, Next to Hotel Arcadia, M.G. Road, Panjim, Goa - 403001

Gurgaon Vipul Agora Mall, Office No 227 & 228, Near Sahara Mall, Mehrauli-Gurgaon Rd, Sector 28, Gurugram, Haryana 122001

Guwahati Bibekananda Complex, Office No. 3, 2nd Floor, Near ABC Bus Stop, G S Road, Guwahati - 781005.

Hyderabad RVR Towers, Office No. 1-B, 1st Floor, Door No.6-3-1089/F, Rajbhavan Road, Somajiguda, Hyderabad - 500082

Indore Starlit Tower, Office No. 206, 2nd Floor, 29/1, Y.N Road, Opp. S.B I Indore Head Office, Indore - 452001.

Jaipur Green House, Office No. 308, 3rd Floor, Ashok Marg, Jaipur - 302001

Jamshedpur Shantiniketan, 2nd Floor, Main Road, P.O. Bistupur, Jamshedpur - 831 001.

Jodhpur LOTUS Tower, Block No E, 1st Floor, Plot No 238, Sardarpura, 3rd B Road, Opposite Gandhi Maidan, Jodhpur - 342003

Kanpur KAN Chambers, Office No. 701 & 702, 7th Floor, 14/113, Civil Lines, Kanpur - 208001.

Kochi Amrithaa Towers, Office No. 40 / 1045 H1, 6th Floor, Opp. Maharajas College Ground, M.G. Road, Kochi - 682011.

Kolkata Legacy Building, 4th Floor, Office no. 41B, 25A Shakespeare Sarani, Kolkata - 700017.

Lucknow Capital House, 3rd Floor, 2, Tilak Marg, Hazratganj, Lucknow - 226001.

Ludhiana SCO-29, 1st Floor, Feroze Gandhi Market, Pakhowal Road, Ludhiana -141001.

Mangalore Maximus Commercial Complex, Office No. UGI - 5, Upper Ground Floor, Light House Hill Road, Opp. KMC, Mangalore - 575001.

Nagpur Milestone, Office No. 108 & 109, 1st Floor, Ramdaspeth, Wardha Road, Nagpur - 440010.

Nashik Bedmutha's Navkar Heights, Office No 1 & 2, 3rd Floor, New Pandit Colony, Sharanpur Road, Nashik - 422002.

New Delhi Narian Manzil , 219 to 224, 2nd Floor, 23 Barakhamba Road, New Delhi - 110011

Patna Dumraon Place, L309 & L310, 3rd Floor, Frazer Road, Patna 800001.

Pune City Mall, 1st Floor, Office No. 109 (B&C) University Square, University Road, Pune-411007.

Raipur Raheja Towers, Office No. SF 18, 2nd Floor, Near Hotel Celebration, Fafadih, Raipur - 492001

Rajkot Hem Arcade, Office No. 303, 3rd Floor, Opposite Swami Vivekanand Statue, Dr. Yagnik Road, Rajkot - 360001.

Ranchi Shrilok Complex, Office No 106 to 109, 1st Floor, Plot No - 1999 & 2000, 4, Hazaribagh Road, Ranchi - 834001.

Surat International Trade Centre (ITC), B-Wing, Office No. G-28, Ground Floor, Majura Gate Crossing, Ring Road, Surat - 395002.

Trivandrum Menathottam Chambers, TC-2442(6), 2nd Floor, Pattom PO, Thiruvananthapuram – 695004.

Vadodara Naman House, 1st Floor, 1/2 - B, Haribhakti Colony, Opp. Race Course Post Office, Race Course, Near Bird Circle, Vadodara - 390007.

Vapi Bhikaji Regency, Office No. 3, 1st Floor, Opposite DCB Bank, Vapi - Silvasa Road, Vapi - 396195.

Varanasi Arihant Complex, 7th Floor, D-64/127, C-H, Sigra, Varanasi - 221010

Vizag VRC complex, Office No. 304B, 47-15-14/15, Rajajee Nagar, Dwaraka Nagar, Visakhapatnam – 530016.
 CAMS Investor Service Centres and Transaction Points

Agartala Nibedita, 1st floor, JB Road, Palace Compound, Agartala, Near Babuana Tea and Snacks, Tripura west,799001
Agra No. 8, II Floor Maruti Tower Sanjay Place ,Agra ,Uttarpradesh-282002
Ahmedabad 111- 113,1 st Floor- Devpath Building Off C G Road Behind Lal Bungalow,Ellis Bridge, Ahmedabad Gujarat 380006
Ahmednagar CAMS SERVICE CENTER,Office No.3.1st Floor,Shree Parvati,Plot No.1/175,Opp. Mauli Sabhagruh,Zopadi Canteen,Savedi,Ahmednagar-414003
Ajmer AMC No. 423/30 Near Church, Brahampuri, Opp T B Hospital,Jaipur Road,Ajmer,Rajasthan,305001
Akola Opp. RLT Science CollegeCivil Lines,Akola,Maharashtra,444001
Aligarh City Enclave, Opp. Kumar Nursing Home Ramghat Road Aligarh Uttarpradesh-202001
Allahabad 30/2, A&B, Civil Lines Station Besides ,Vishal Mega Mart Strachey Road, Allahabad ,Uttarpradesh-211001
Alleppey Doctor's Tower Building,Door No. 14/2562, 1st floor,North of Iorn Bridge, Near Hotel Arcadia Regency, Alleppey Kerala,688001
Alwar 256A, Scheme No:1,Arya Nagar,Alwar,Rajasthan,301001
Amaravati 81, Gulsham Tower,2nd Floor,Near Panchsheel Talkies,Amaravati,Maharashtra,444601
Ambala CAMS SERVICE CENTRE,SCO 48-49,Ground Floor,opp peer, Bal Bhawan Road, Near HDFC Bank,Ambala City, Haryana - 134 003
Amritsar CAMS SERVICE CENTER,3rd Floor,Bearing Unit No-313,Mukut House,Amritsar-143001
Anand 101, A.P. Tower,B/H, Sardhar Gunj,Next to Nathwani Chambers,AnandGujarat388001
Anantapur AGVR Arcade, 2nd Floor, Plot No.37 (Part), Layout No.466/79, Near: Canara Bank, Sangamesh Nagar, Anantapur -515001 Andhra Pradesh
Andheri CAMS Pvt Ltd,No.351,Icon,501,5th Floor,Western Express Highway,Andheri East,Mumbai-400069
Ankleshwar Shop No - F -56, First Floor,Omkar ComplexOpp Old Colony,Nr Valia Char Rasta,GIDC,Ankleshwar,Gujarat,393002
Asansol Block – G 1st Floor,P C Chatterjee Market Complex Rambandhu Talab PO, Ushagram Asansol Westbengal Pin No 713303
Aurangabad CAMS SERVICE CENTRE,2nd Floor,Block No.D-21-D-22,Motiwala Trade Centre,Nirala Bazar,New Samarth Nagar,Opp.HDFC Bank,Aurangabad-431001
Balasore B C Sen Road,Balasore,Orissa,756001
Ballari CAMS SERVICE CENTER,No.18/47/A,Govind Nilaya,Ward No.20,Sangankal Moka Road,Gandhinagar,Ballari-583102
Bangalore Trade Centre,1st Floor45, Dikensen Road ( Next to Manipal Centre ),Bangalore,Karnataka,560042
Bangalore(Wilson Garden) CAMS SERVICE CENTER,First Floor,No.17/1,-(272) 12Th Cross Road,Wilson Garden,Bangalore-560027
Bankura 1st Floor, Central Bank Building, Machantala, PO Bankura, Dist Bankura, West Bengal, PIN – 722101
Bareilly CAMS SERVICE CENTER,F-62-63,2nd Floor,Butler Plaza Commercial Complex Civil Lines Bareilly Uttarpradesh-243001
Basti CAMS C/O RAJESH MAHADEV & CO SHOP NO 3,1st Floor, JAMIA COMLEX STATION ROAD, BASTI PIN - 272002
Belgaum CAMS SERVICE CENTRE,Classic Complex,Block No.104,1st Floor,Saraf Colony,Khanapur Road,Tilakwadi,Belgaum-590006
Berhampur CAMS SERVICE CENTER,Kalika temple Street,Ground Floor,Beside SBI BAZAR Branch,Berhampur-760002
Bhagalpur CAMS SERVICE CENTRE,Ground Floor, Gurudwara Road, Near Old Vijaya Bank, Bhagalpur – 812001
Bharuch CAMS SERVICE CENTRE,A-111,First Floor,R K Casta,Behind Patel Super Market,Station Road,Bharuch-392001
Bhatinda 2907 GH,GT Road,Near Zila Parishad,Bhatinda,Punjab,151001
Bhavnagar 501-503, Bhayani Skyline, Behind Joggers Park, Atabhai Road, Bhavnagar – 364001
Bhilai CAMS SERVICE CENTRE,1st Floor,Plot No.3,Block No.1,Priyadarshini Pariswar west,Behind IDBI Bank,Nehru Nagar,Bhilai-490020
Bhilwara C/o Kodwani Associtates Shope No 211-213 2nd floor Indra Prasth Tower syam Ki Sabji Mandi Near Mukerjee Garden Bhilwara-311001 (Rajasthan)
Bhopal Plot no 10, 2nd Floor,Alankar Complex,Near ICICI Bank,MP Nagar, Zone II,Bhopal,MadhyaPradesh462011
Bhubaneswar Plot No -111,Varaha Complex Building3rd Floor,Station Square,Kharvel Nagar,Unit 3-Bhubaneswar-Orissa-751001
Bhuj CAMS SERVICE CENTRE,Office No.4-5,First Floor,RTO Relocation Commercial Complex-B,Opp.Fire Station,Near RTO Circle,Bhuj-Kutch-370001
Bhusawal (Jalgaon TP) 3, Adelade Apartment,Christain Mohala, Behind Gulshan-E-Iran Hotel,Amardeep Talkies Road,Bhusawal,Maharashtra,425201
Bikaner Behind rajasthan patrika In front of vijaya bank 1404,amar singh pura Bikaner.334001
Bilaspur CAMS SERVICE CENTRE,Shop No.B-104, First Floor,Narayan Plaza,Link Road,Bilaspur(C.G)-495001
Bokaro Mazzanine FloorF-4, City Centre, Sector 4, Bokaro Steel City,Bokaro,Jharkhand,827004
Borivali 501 – TIARA, CTS 617, 617/1-4, Off Chandavarkar Lane, Maharashtra Nagar, Borivali – West, Mumbai – 400092
Burdwan No. 399 G T Road, Basement, Building Name Talk of the town, Burdwan, Westbangal – 713101
Calicut 29/97G 2nd Floor,S A Arcade,Mavoor Road,Arayidathupalam,CalicutKerala-673016
Chandigarh Deepak Tower, SCO 154-155,1st Floor-Sector 17-Chandigarh-Punjab-160017
Chennai Ground Floor No.178/10,Kodambakkam High Road, Opp. Hotel Palmgrove,Nungambakkam-Chennai-Tamilnadu-600034
Chennai-Satelite ISC No.158,Rayala Tower-1,Anna salai,Chennai-600002
Chhindwara CAMS SERVICE CENTER,2nd Floor,Parasia Road,Near Surya Lodge,Sood Complex,Above Nagpur CT Scan, Chhindwara,MadhyaPradesh 480001
Chittorgarh 3, Ashok Nagar, Near Heera Vatika,Chittorgarh, Rajasthan 312001
Cochin CAMS SERVICE CENTER,Building Name Modayil,Door No. 39/2638 DJ,2nd Floor 2A M.G. Road,Cochin - 682 016
Coimbatore CAMS SERVICE CENTRE,No.1334,Thadagam Road,Thirumurthy Layout,R.S.Puram,Behind Venketeswara Bakery,Coimbatore-641002
Coochbehar Nipendra Narayan Road (N.N Road) Opposite Udichi Market Near – Banik Decorators PO & Dist , Cooch Behar, West Bengal, Pin 736101
Cuttack Near Indian Overseas BankCantonment Road,Mata Math,Cuttack,Orissa,753001
Darbhanga Ground Floor , Belbhadrapur, Near Sahara Office, Laheriasarai Tower Chowk, Laheriasarai, Darbhanga- 846001.
Davangere 13, Ist Floor,Akkamahadevi Samaj ComplexChurch Road,P.J.Extension,Davangere,Karnataka,577002
Dehradun 204/121 Nari Shilp Mandir Marg(Ist Floor) Old Connaught Place,Chakrata Road,Dehradun,Uttarakhand,248001
Deoghar S S M Jalan RoadGround floorOpp. Hotel Ashoke,Caster Town,Deoghar,Jharkhand,814112
Dhanbad Urmila Towers,Room No: 111(1st Floor) Bank More,Dhanbad,Jharkhand,826001
Dharmapuri 16A/63A, Pidamaneri Road, Near Indoor Stadium,Dharmapuri,Tamilnadu 636701
Dhule House No 3140, Opp Liberty Furniture,Jamnalal Bajaj Road, Near Tower Garden,Dhule,Maharashtra 424001
Dibrugarh CAMS SERVICE CENTER,Amba Complex,Ground Floor,H S Road,Dibrugarh-786001
Durgapur CAMS SERVICE CENTRE,Plot No.3601,Nazrul Sarani,City Centre,Durgapur-713216
Erode 197, Seshaiyer Complex,Agraharam Street,Erode,Tamilnadu,638001
Faizabad CAMS SERVICE CENTRE,1/13/196,A,Civil Lines,Behind Tripati Hotel,Faizabad,Uttarpradesh-224001
Faridabad B-49, 1st Floor,Nehru Ground,Behind Anupam Sweet House NIT,Faridabad,Haryana,121001
Gandhidham CAMS SERVICE CENTER,Shyam Sadan,First Floor,Plot No.120,Sector 1/A,Gandhidham-370201
Gaya CAMS SERVICE CENTER,North Bisar Tank,Upper Ground Floor,Near-I.M.A. Hall,Gaya-823001
Ghatkopar CAMS SERVICE CENTRE,Platinum Mall,Office No.307,3rd Floor,Jawahar Road,Ghatkopar East,Mumbai-400077
Ghaziabad CAMS SERVICE CENTER,1st Floor,C-10 RDC Rajnagar,Opp Kacheri Gate No.2,Ghaziabad-201002
Goa CAMS SERVICE CENTER,Office No.103,1st Floor,Unitech City Centre,M.G.Road,Panaji Goa,Goa-403001
Gondal (Parent Rajkot) A/177, Kailash Complex Opp. Khedut Decor Gondal,Gujarat,360311
Gorakhpur CAMS SERVICE CENTRE,Shop No.5 & 6,3Rd Floor,Cross Road The mall,A D Tiraha,bank Road,Gorakhpur-273001
Gulbarga Pal Complex, Ist Floor,Opp. City Bus Stop,SuperMarket,Gulbarga,Karnataka 585101
Guntur CAMS SERVICE CENTER,Door No.31-13-1158,1st floor,13/1,Arundelpet,Ward No.6,Guntur-522002
Gurgaon Unit No-115, !st Floor, Vipul Agora Building, Sector-28, Mehrauli Gurgaon Road, Chakkar Pur, Gurgaon-122001
Guwahati CAMS SERVICE CENTRE,Piyali Phukan Road,K.C.Path,House No.1,Rehabari,Guwahati-781008
Gwalior G-6 Global Apartment,Kailash Vihar Colony, Opp. Income Tax Office, City Centre, Gwalior Madhya Pradesh-474002
Haldia MOUZA-BASUDEVPUR, J.L. NO. 126, Haldia Municipality, Ward No 10, Durgachak, Haldia – 721602
Haldwani Durga City Centre, Nainital Road, Haldwani, Uttarakhand-263139
Haridwar F - 3, Hotel Shaurya, New Model Colony, Haridwar, Uttarkhand – 249408
Hazaribag Municipal MarketAnnanda Chowk,Hazaribag,Jharkhand,825301
Himatnagar D-78, First Floor,New Durga Bazar,Near Railway Crossing,Himmatnagar,Gujarat 383001
Hisar CAMS SERVICE CENTRE,No-12, Opp. HDFC Bank,Red Square Market,Hisar,Haryana,125001
Hoshiarpur Near Archies Gallery,Shimla Pahari Chowk,Hoshiarpur ,Punjab 146001
Hosur CAMS SERVICE CENTER,Survey No.25/204,Attibele Road,HCF Post,Mathigiri,Above Time Kids School,Oppsite To Kuttys Frozen Foods,Hosur-635110
Hubli No.204 - 205,1st Floor' B ' Block, Kundagol ComplexOpp. Court, Club Road,Hubli,Karnataka,580029
Indore 101, Shalimar Corporate Centre, 8-B, South Tukogunj,Opp.Greenpark, Indore,MadhyaPradesh,452001
Jabalpur 8, Ground Floor, Datt Towers,Behind Commercial Automobiles,Napier Town,Jabalpur,MadhyaPradesh,482001
Jaipur R-7, Yudhisthir Marg C-SchemeBehind Ashok Nagar Police Station,Jaipur,Rajasthan,302001
Jalandhar CAMS SERVICE CENTER, 144,Vijay Nagar,Near Capital Small Finance Bank,Football Chowk,Jalandar City-144001
Jalgaon Rustomji Infotech Services70, NavipethOpp. Old Bus StandJalgaon,Maharashtra,425001
Jalna Shop No 6, Ground Floor,Anand Plaza Complex,Bharat Nagar,Shivaji Putla Road,Jalna,Maharashtra,431203
Jammu JRDS Heights Sector 14 Nanak Nagar Near Peaks Auto Showroom Jammu Jammu & Kashmir, 180004
Jamnagar 207,Manek Centre,P N Marg,Jamnagar,Gujarat,361001
Jamshedpur Millennium Tower, "R" Road, Room No:15 First Floor, Bistupur,Jamshedpur,Jharkhand,831001
Janakpuri Office Number 112, 1st Floor Mahatta Tower, B Block Community Centre, Janakpuri, New Delhi -110058
Jaunpur 248, Fort Road Near Amber Hotel, Jaunpur Uttarpradesh-222001
Jhansi No.372/18D,1st Floor Above IDBI Bank,Beside V-Mart,Near RAKSHAN,Gwalior Road,Jhansi-284001
Jodhpur 1/5, Nirmal Tower,1st Chopasani Road,Jodhpur,Rajasthan,342003
Junagadh "Aastha Plus", 202-A, 2nd FloorSardarbag Road, Nr. AlkapuriOpp. Zansi Rani Statue, Junagadh Gujarat-362001
Kadapa Bandi Subbaramaiah Complex,D.No:3/1718, Shop No: 8, Raja Reddy Street,Kadapa,AndhraPradesh,516001
Kakinada CAMS SERVICE CENTRE,D No.25-4-29,1St floor,Kommireddy vari street,Beside Warf Road,Opp swathi medicals,Kakinada-533001
Kalyani A – 1/50, Block A Kalyani, Dt - Nadia, West Bengal, PIN- 741235
Kannur Room No.PP.14/435Casa Marina Shopping CentreTalap,Kannur,Kerala,670004
Kanpur First Floor 106 to 108City Centre Phase II,63/ 2, The Mall Kanpur Uttarpradesh-208001
Karimnagar HNo.7-1-257, Upstairs S B H mangammathota,Karimnagar,Telangana,505001
Karnal No.29,Avtar Colony,Behind vishal mega mart,Karnal-132001
Karur 126 G, V.P.Towers, Kovai Road,Basement of Axis BankKarur,Tamilnadu,639002
Katni 1st Floor,Gurunanak dharmakanta,Jabalpur Road,Bargawan,Katni,MadhyaPradesh 483501
Khammam Shop No: 11 - 2 - 31/3, 1st floor,Philips Complex,Balajinagar, Wyra Road,Near Baburao Petrol Bunk,Khammam,Telangana 507001
Kharagpur CAMS SERVICE CENTRE,"Silver Palace" OT Road,Inda-Kharagpur,G-P-Barakola,P.S.Kharagpur Local,Dist West Midnapore-721305
Kolhapur 2 B, 3rd Floor,Ayodhya Towers,Station Road,Kolhapur,Maharashtra,416001
Kolkata CAMS SERVICE CENTER,2/1,Russell Street,2nd Floor,Kankaria Centre,Kolkata-700071
Kolkata-CC (Central) Cams Collection Centre, 3/1,R.N. Mukherjee Road, 3rd Floor, Office space -3C, “Shreeram Chambers”, Kolkata -700 001
Kollam CAMS SERVICE CENTRE,Uthram Chanmbers(Ground Floor),Thamarakulam,Kollam-691006
Kota B-33 'Kalyan Bhawan, Near Triangle Park,Vallabh Nagar,Kota,Rajasthan,324007
Kottayam CAMS SERVICE CENTER,1307 B,Puthenparambil Building,KSACS Road,Opp.ESIC Office,Behind Malayala Manorama Muttambalam P O,Kottayam-686501
Kukatpally CAMS SERVICE CENTRE,No.15-31-2M-1/4,1st floor,14-A,MIG,KPHB colony,Kukatpally,Hyderabad-500072
Kumbakonam No.28/8 1st Floor, Balakrishna Colony, Pachaiappa Street, Near VPV Lodge, Kumbakonam – 612001
Kurnool CAMS SERVICE CENTRE,Shop No.26 and 27,Door No.39/265A and 39/265B,Second Floor,Skanda Shopping Mall,Old Chad Talkies,Vaddageri,39th Ward,Kurnool-518001
Lucknow CAMS SERVICE CENTER,Office No.107,1St Floor,Vaisali Arcade Building,Plot No 11, 6 Park Road,Lucknow-226001
Ludhiana U/ GF, Prince Market, Green Field,Near Traffic Lights,Sarabha Nagar Pulli,Pakhowal Road,Ludhiana,Punjab,141002
Madurai Shop No 3 2nd Floor Surya Towers,No 272/273 Goodshed Street, Madurai – 625001
Malda Daxhinapan Abasan,Opp Lane of Hotel Kalinga,SM Pally,Malda,Westbangal 732101
Mangalore No. 14-6-674/15(1), SHOP NO -UG11-2,Maximus Complex, Light House Hill Road, Mangalore- 575 001
Manipal CAMS SERVICE CENTER,Shop No-A2,Basement floor, Academy Tower,Opposite Corporation Bank,Manipal,Karnataka 576104
Mapusa (Parent ISC : Goa) CAMS COLLECTION CENTRE,Office No.503,Buildmore Business Park,New Canca By pass Road,Ximer,Mapusa Goa-403507
Margao CAMS SERVICE CENTRE,F4-Classic Heritage,Near Axis Bank,Opp.BPS Club,Pajifond,Margao,Goa-403601
Mathura 159/160 Vikas Bazar Mathura Uttarpradesh-281001
Meerut 108 Ist Floor Shivam Plaza,Opp: Eves Cinema, Hapur Road,Meerut,Uttarpradesh,250002
Mehsana 1st Floor,Subhadra ComplexUrban Bank RoadMehsana,Gujarat,384002
Moga Street No 8-9 Center, Aarya Samaj Road, Near Ice Factory. Moga -142 001
Moradabad H 21-22, Ist Floor, Ram Ganga Vihar Shopping Complex, Opposite Sale Tax Office, Moradabad-244001
Mumbai Rajabahdur Compound,Ground FloorOpp Allahabad Bank, Behind ICICI Bank30, Mumbai Samachar Marg, FortMumbai,Maharashtra,400023
Muzaffarpur Brahman Toli,DurgasthanGola Road,Muzaffarpur,Bihar,842001
Mysore No.1,1st Floor,CH.26 7th Main, 5th Cross (Above Trishakthi Medicals),Saraswati Puram,Mysore,Karnataka,570009
Nadiad F 142, First Floor, Ghantakarna Complex, Gunj Bazar, Nadiad, Gujarat, 387001
Nagpur 145 ,Lendra, Behind Indusind Bank, New Ramdaspeth,Nagpur,Maharashtra,440010
Namakkal 156A / 1, First Floor, Lakshmi Vilas BuildingOpp. To District Registrar Office, Trichy Road,Namakkal,Tamilnadu 637001
Nasik CASM SERVICE CENTRE,1st Floor,"Shraddha Niketan",Tilak Wadi,Opp Hotel City Pride,Sharanpur Road,Nasik-422002
Navsari CAMS Service Centre,214-215,2nd floor, Shivani Park,Opp.Shankheswar Complex,Kaliawadi,Navsari –396445,Gujarat
Nellore 97/56, I Floor, Immadisetty TowersRanganayakulapet Road, Santhapet,Nellore,AndhraPradesh,524001
New Delhi 401 to 404, 4th Floor, Kanchan Junga Building, Barakhamba Road New Delhi 110001
Noida CAMS SERVICE CENTER,Commercial Shop No. GF10 & GF38, Ground Floor, Ansal Fortune Arcade, Plot No. K-82, Sector -18,Noifs - 201301
Palakkad 10 / 688, Sreedevi Residency,Mettupalayam Street,Palakkad,Kerala,678001
Palanpur CAMS SERVICE CENTER,Gopal Trade center,Shop No.13-14,3Rd Floor,Nr.BK Mercantile bank,Opp.Old Gunj,Palanpur-385001
Panipat SCO 83-84, First Floor, Devi Lal Shopping Complex, Opp RBL Bank, G.T.Road , Panipat, Haryana, 132103
Patiala CAMS SERVICE CENTRE,No.35 New Lal Bagh,Opp.Polo Ground,Patiala-147001
Patna G-3, Ground Floor,OM ComplexNear Saket Tower, SP Verma Road,Patna,Bihar,800001
Pitampura CAMS SERVICE CENTRE,Aggarwal Cyber Plaza-II,Commercial Unit No-371,3rd Floor,Plot No C-7,Netaji Subhash Palace,Pitampura-110034
Pondicherry S-8, 100,Jawaharlal Nehru Street(New Complex, Opp. Indian Coffee House),Pondicherry,Pondicherry,605001
Pune ,Vartak Pride,1st Floor,Survey No.46,City Survey No.1477,Hingne budruk,D.P.Road,Behind Dinanath mangeshkar Hospital, Karvenagar , Pune-411052
Rae Bareli 17, Anand Nagar Complex Opposite Moti Lal Nehru Stadium SAI Hostel Jail Road Rae Bareilly Uttar pradesh -229001
Raipur HIG,C-23 Sector - 1Devendra Nagar,Raipur,Chattisgarh,492004
Rajahmundry Door No: 6-2-12, 1st Floor,Rajeswari Nilayam,Near Vamsikrishna Hospital,Nyapathi Vari Street, T Nagar,Rajahmundry,AndhraPradesh,533101
Rajapalayam No 59 A/1, Railway Feeder Road(Near Railway Station)RajapalayamTamilnadu-626117
Rajkot Office 207 - 210, Everest BuildingHarihar ChowkOpp Shastri Maidan,Limda Chowk,Rajkot,Gujarat,360001
Ranchi 4,HB RoadNo: 206,2nd Floor Shri Lok ComplexH B Road Near Firayalal,Ranchi,Jharkhand,834001
Ratlam Dafria & Co,No.18, Ram Bagh, Near Scholar's School,Ratlam, MadhyaPradesh 457001
Ratnagiri ,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
Rohtak CAMS SERVICE CENTRE,SCO 06,Ground Floor,MR Complex,Near Sonipat Stand Delhi Road,Rohtak-124001
Roorkee 22, Civil Lines, Ground Floor,Hotel Krish Residency,Roorkee,Uttarakhand 247667
Rourkela CAMS SERVICE CENTRE,2nd Floor,J B S Market Complex,Udit Nagar,Rourkela-769012
Sagar Opp. Somani Automobile,s Bhagwanganj Sagar, MadhyaPradesh 470002
Saharanpur I Floor, Krishna ComplexOpp. Hathi GateCourt Road,Saharanpur,Uttarpradesh,247001
Salem No.2, I Floor Vivekananda Street,New Fairlands,Salem,Tamilnadu,636016
Sambalpur C/o Raj Tibrewal & Associates, Opp.Town High School,Sansarak Sambalpur,Orissa,768001
Sangli Jiveshwar Krupa BldgShop. NO.2, Ground Floor,Tilak ChowkHarbhat Road,Sangli,Maharashtra-416416
Satara 117 / A / 3 / 22, Shukrawar Peth,Sargam Apartment,Satara,Maharashtra,415002
Secunderabad (Hyderabad) 208, II FloorJade ArcadeParadise Circle,Hyderabad,Telangana,500003
Shahjahanpur Bijlipura, Near Old Distt Hospital, Jail Road ,Shahjahanpur Uttarpradesh-242001
Shimla I Floor, Opp. Panchayat Bhawan Main gate Bus stand, Shimla, Himachal Pradesh, 171001
Shimoga No.65 1st FloorKishnappa Compound1st Cross, Hosmane Extn,Shimoga,Karnataka,577201
Siliguri CAMS SERVICE CENTER,No.78,Haren Mukherjee Road,1st Floor,Beside SBI Hakimpara,Siliguri-734001
Sirsa Ground Floor of CA Deepak Gupta,,M G Complex, Bhawna marg , Beside Over Bridge,bansal Cinerma Market, Sirsa Haryana,125055
Sitapur Arya Nagar Near Arya Kanya School Sitapur Uttarpradesh-261001
Solan 1st Floor, Above Sharma General Store,Near Sanki Rest house,The Mall,Solan, HimachalPradesh 173212
Solapur Flat No 109, 1st FloorA Wing, Kalyani Tower126 Siddheshwar Peth,Near Pangal High SchoolSolapur,Maharashtra,413001
Sri Ganganagar 18 L Block Sri Ganganagar,Rajasthan,335001
Srikakulam Door No 4—4-96,First Floor.Vijaya Ganapathi Temple Back Side,Nanubala Street ,Srikakulam, AndhraPradesh 532001
Sultanpur 967, Civil Lines Near Pant Stadium Sultanpur Uttarpradesh-228001
Surat CAMS SERVICE CENTRE,Shop No.G-5,International Commerce Center,Nr.Kadiwala School,Majura Gate,Ring Road,Surat-395002
Surendranagar Shop No. 12,M.D. Residency,Swastik Cross Road,Surendranagar - 363001
Tambaram CAMS SERVICE CENTER,3rd Floor, B R Complex,No.66,Door No.11A,Ramakrishna Iyer Street,Opp.National Cinema Theatre,West Tambaram,Chennai-600045
Thane CAMS SERVICE CENTER,Dev Corpora,1st Floor,Office No.102,Cadbury Junction,Eastern Express Way,Thane-400601
Thiruvalla CAMS SERVICE CENTER,1st Floor,Room No-61(63),International shopping Mall,Opp.ST Thomas Evangelical Church,Above Thomsan Bakery,Manjady,Thiruvalla-689105
Tinsukia Bhawal Complex Ground Floor, Durgabari Rangagora Road, Near Dena Bank PO Tinsukia, Dist Tinsukia, Assam - 786 125
Tirunelveli CAMS SERVICE CENTRE,No.F4,Magnam Suraksaa Apatments,Tiruvananthapuram Road,Tirunelveli-627002
Tirupati Shop No : 6,Door No: 19-10-8,(Opp to Passport Office),AIR Bypass Road,Tirupati-517501, AndhraPradesh
Tirupur 1(1), Binny Compound,II Street,Kumaran Road,Tirupur,Tamilnadu,641601
Trichur Room No. 26 & 27Dee Pee Plaza,Kokkalai,Trichur,Kerala,680001
Trichy No 8, I Floor, 8th Cross West Extn,Thillainagar,Trichy,Tamilnadu,620018
Trivandrum R S Complex,Opp of LIC Building,Pattom PO,Trivandrum,Kerala,695004
Tuticorin 4B/A16, Mangal Mall Complex,Ground Floor,Mani Nagar,TuticorinTamilnadu-628003
Udaipur CAMS SERVICE CENTRE,No.32,Ahinsapuri,Fatehpura Circle, Near Bal Bhawan School, Udaipur-313001
Ujjain Adjacent to our existing Office at 109, 1st Floor, Siddhi Vinayak Trade Center, Shahid Park, Ujjain – 456010
Vadodara 103 Aries Complex,Bpc Road, Off R.C.Dutt Road,Alkapuri,Vadodara,Gujarat,390007
Valsad 3rd floor,Gita Nivas, opp Head Post Office,Halar Cross LaneValsad,Gujarat,396001
Vapi 208, 2nd Floor HEENA ARCADE,Opp. Tirupati TowerNear G.I.D.C. Char Rasta,Vapi,Gujarat,396195
Varanasi Office no 1, Second floor, Bhawani Market, Building No. D-58/2-A1, Rathyatra Beside Kuber Complex, Varanasi, Uttarpradesh-221010
Vasco(Parent Goa) No DU 8, Upper Ground Floor, Behind Techoclean Clinic, Suvidha Complex Near ICICI Bank,Vasco,Goa,403802
Vashi CAMS SERVICE CENTRE,BSEL Tech Park,B-505,Plot No.39/5 & 39/5A,Sector 30A,Opp.Vashi Railway StationmVashi,Navi Mumbai-400705
Vellore CAMS SERVICE CENTRE,Door No 86, BA Complex, 1st Floor Shop No 3, Anna Salai (Officer Line) Tolgate,Vellore-632001
Vijayawada 40-1-68, Rao & Ratnam Complex,Near Chennupati Petrol Pump,M.G Road, Labbipet,Vijayawada,AndhraPradesh,520010
Visakhapatnam (Vizag) CAMS Service Center, Flat No GF2, D NO 47-3-2/2, Vigneswara Plaza, 5th Lane, Dwarakanagar, Visakhapatnam- 530 016, ANDHRA PRADESH
Warangal Hno. 2-4-641, F-7, 1st Floor, A.B.K Mall, Old Bus Depot Road, Ramnagar, Hanamkonda, Warangal.Telangana- 506001
Yamuna Nagar 124-B/R,Model TownYamunanagar,Yamuna Nagar,Haryana,135001
Yavatmal Pushpam, Tilakwadi,Opp. Dr. Shrotri Hospital,Yavatmal,Maharashtra 445001

Point of Services (“POS”) of MF Utilities India Private Limited (“MFUI”)

The list of POS of MFUI is published on the website of the Fund at www.dspim.com and MFUI at www.mfuindia.com and will be updated from time to time.

AGARTALA Krishna Nagar Advisor Chowmuhani (Ground Floor) Agartala 799001

AGARTALA Old RMS Chowmuhani Mantri Bari Road, 1st Floor, Near Traffic Point Tripura ( West ) Agartala 799001

AGRA No. 8 II Floor Maruti Tower Sanjay Place Agra 282002

AGRA House No. 17/2/4, 2nd Floor Deepak Wasan Plaza Behind Hotel Holiday INN Sanjay Place Agra 282002

AHMEDABAD 111- 113 1st Floor, Devpath Building Off: C G Road, Behind Lal Bungalow Ellis Bridge Ahmedabad 380006

AHMEDABAD Office No. 401, on 4th Floor ABC-I, Off. C.G. Road Ahmedabad 380009

AJMER No. 423/30 Near Church Brahampuri, Jaipur Road Opp T B Hospital Ajmer 305001

AJMER 302 3rd Floor Ajmer Auto Building, Opposite City Power House Jaipur Road Ajmer 305001

AKOLA Opp. R L T Science College Civil Lines Akola 444001

AKOLA Yamuna Tarang Complex Shop No 30 Ground Floor, Opp Radhakrishna Talkies N.H. No- 06 Murtizapur Road Akola 444004

ALIGARH City Enclave Opp. Kumar Nursing Home Ramghat Road Aligarh 202001

ALIGARH Sebti Complex Centre Point Aligarh 202001

ALLAHABAD 30/2 A&B Civil Lines Station Besides Vishal Mega Mart Strachey Road Allahabad 211001

ALLAHABAD Saroj Bhawan Patrika Marg Civil Lines Allahabad 211001

ALLEPPEY Doctor's Tower Building Door No. 14/2562 1st Floor North of Iron Bridge, Near Hotel Arcadia Regency Alleppey 688001

ALWAR 256 A Scheme 1 Arya Nagar Alwar 301001

ALWAR Office Number 137, First Floor Jai Complex Road No.2 Alwar 301001

AMARAVATI 81 Gulsham Tower Near Panchsheel Amaravati 444601

AMARAVATI Shop No. 21 2nd Floor Gulshan Tower, Near Panchsheel Talkies Jaistambh Square Amaravati 444601

AMBALA Opposite Peer Bal Bhawan Road Ambala 134003

AMBALA 6349, 2nd Floor, Nicholson Road Adjacent Kos Hospital Ambala Cant Ambala 133001

AMRITSAR SCO 18J 'C' Block Ranjit Avenue Amritsar 140001

AMRITSAR SCO 5 ,2nd Floor District Shopping Complex Ranjit Avenue Amritsar 143001

ANAND 101 A. P. Towers B/H. Sardar Gunj Next To Nathwani Chambers Anand 388001

ANAND B-42 Vaibhav Commercial Center Nr TVS Down Town Show Room Grid Char Rasta Anand 380001

ANANTAPUR AGVR Arcade, 2nd Floor, Plot No.37(Part), Layout No.466/79, Near: Canara Bank, Sangamesh Nagar, Anantapur -515001 Andhra Pradesh

ANANTAPUR 13/4, Vishnupriya Complex, Beside SBI Bank Near Tower Clock Anantapur 515001

ANKLESHWAR Shop No F 56 First Floor Omkar Complex Opp Old Colony, Nr Valia Char Rasta GIDC Ankleshwar 393002

ASANSOL Block G First Floor P C Chatterjee Market Complex Rambandhu, Talabpo Ushagram Asansol 713303

ASANSOL 112/N, G T Road Bhanga Pachil Asansol 713303

AURANGABAD 2nd Floor, Block No. D-21-D-22 Motiwala Trade Center, Nirala Bazar New Samarth Nagar, Opp. HDFC Bank Aurangabad 431001

AURANGABAD Shop no B 38 Motiwala Trade Center Nirala Bazar Aurangabad 431001

AZAMGARH House No. 290, Ground Floor Civil lines, Near Sahara Office Azamgarh 276001

BALASORE B C Sen Road Balasore 756001

BALASORE 1-B. 1st Floor, Kalinga Hotel Lane Baleshwar, Baleshwar Sadar Balasore 756001

BANGALORE Trade Center 1st Floor 45 Dickenson Road (Next To Manipal Center) Bangalore 560042
BANGALORE No 35, Puttanna Road Basavanagudi Bangalore 560004

BANKURA Plot nos- 80/1/A, Natunchati Mahala, 3rd floor Ward no-24, Opposite P.C Chandra Bankura 722101

BAREILLY F-62 63 IInd Floor Butler Plaza Commercial Complex Civil Lines Bareilly 243001

BAREILLY 1ST FLOOR REAR SIDEA -SQUARE BUILDING 54-CIVIL LINES Ayub Khan Chauraha Bareilly 243001

BEGUSARAI C/o Dr Hazari Prasad Sahu,Ward No 13 Behind Alka Cinema Begusarai (Bihar) Begusarai 851117

BELGAUM 1st Floor 221/2A/1B Vaccine Depot Road, Tilakwadi Near 2nd Railway Gate Belgaum 590006

BELGAUM No 101, CTS NO 1893 Shree Guru Darshani Tower Anandwadi Hindwadi Belgaum 590011

BELLARY # 60/5 Mullangi Compound Gandhinagar Main Road (Old Gopalswamy Road) Bellary 583101

BELLARY GROUND FLOOR,3RD OFFICE NEAR WOMENS COLLEGE ROAD BESIDE AMRUTH DIAGNOSTIC SHANTHI ARCHADE Bellary 583103

BERHAMPUR Kalika Temple Street, Ground Floor Beside SBI BAZAR Branch Berhampur 760002

BERHAMPUR Opp –Divya Nandan Kalyan Mandap 3rd Lane Dharam Nagar Near Lohiya Motor Berhampur 760001

BHAGALPUR Ground Floor Gurudwara Road Near Old Vijaya Bank Bhagalpur 812001

BHAGALPUR 2nd Floor, Chandralok Complex Near Ghanta Ghar Bhagalpur 812001

BHARUCH 123 Nexus business Hub Near Gangotri Hotel B/s Rajeshwari Petroleum Makampur Road Bharuch 392001

BHATINDA 2907 GH GT Road Near Zila Parishad Bhatinda 151001

BHATINDA MCB -Z-3-01043, 2nd Floor Goniana Roda, Opp: Nippon India MF Near Hanuman Chowk, GT Road Bhatinda 151001

BHAVNAGAR 305-306 Sterling Point Waghawadi Road Opp. HDFC Bank Bhavnagar 364002

BHAVNAGAR 303, Sterling Point Waghawadi Road Bhavnagar 364001

BHILAI First Floor, Plot No. 3, Block No. 1 Priyadarshini Parisar West Behind IDBI Bank, Nehru Nagar Bhilai 490020

BHILAI Office No.2, 1st Floor Plot No 9/6 Nehru Nagar- East Bhilai 490020

BHILWARA Indra Prasta Tower IInd Floor Syam Ki Sabji Mandi Near Mukerjee Garden Bhilwara 311001

BHILWARA Office No. 14 B, Prem Bhawan Pur Road Gandhi Nagar Near CanaraBank Bhilwara 311001

BHOPAL Plot No 10 2nd Floor Alankar Complex, MP Nagar Zone II Near ICICI Bank Bhopal 462011

BHOPAL SF-13 Gurukripa Plaza, Plot No. 48A, Opposite City Hospital zone-2 M P nagar Bhopal 462011

BHUBANESWAR Plot No- 501/1741/1846 Premises No-203, 2nd Floor Kharvel Nagar Unit 3 Bhubaneswar 751001

BHUBANESWAR A/181 Back Side of Shivam Honda Show Room Saheed Nagar Bhubaneswar 751007

BHUJ Office No. 4-5, First Floor RTO Relocation Commercial Complex –B Opp. Fire Station, Near RTO Circle Bhuj 370001

BIKANER Shop No F 4 & 5 Bothra Compex Modern Market Bikaner 334001

BIKANER 70-71 2nd Floor Dr.Chahar Building Panchsati Circle, Sadul Ganj Bikaner 334001

BILASPUR Beside HDFC Bank Link Road Bilaspur 495001

BILASPUR ANANDAM PLAZA Shop.No. 306; 3rd Floor Vyapar Vihar Main Road Bilaspur 495001

BOKARO Mazzanine Floor F-4 City Centre Bokaro Steel City Bokaro 827004

BOKARO B-1 1st Floor City Centre Sector- 4 Near Sona Chandi Jwellars Bokaro 827004

BURDWAN 399 G T Road 1st Floor Above Exide Showroom Burdwan 713101

BURDWAN Saluja Complex, 846, Laxmipur G. T. Road Burdwan 713101

CALICUT 29 / 97G Gulf Air Building 2nd Floor Arayidathupalam Mavoor Road Calicut 673016

CALICUT Second Floor,Manimuriyil Centre Bank Road Kasaba Village Calicut 673001

CHANDIGARH Deepak Towers SCO 154-155 1st Floor Sector 17-C Chandigarh 160017

CHANDIGARH SCO 2469-70 Sector 22-C Chandigarh 160022

CHENNAI No.178/10 Kodambakkam High Road Ground Floor Opp. Hotel Palmgrove, Nungambakkam Chennai 600034

CHENNAI 9th Floor, Capital Towers 180,Kodambakkam High Road Nungambakkam Chennai 600034

CHINSURAH 96, Doctors Lane Hooghly Dt Chinsurah 712101

COCHIN Modayil, 39/2638 DJ 2nd Floor, 2A M.G Road Cochin 682016

COCHIN Ali Arcade 1st Floor, Near Atlantis Junction Kizhavana Road Panampilly Nagar Ernakualm 682036

COIMBATORE No 1334; Thadagam Road Thirumoorthy Layout, R.S.Puram Behind Venkteswara Bakery Coimbatore 641002

COIMBATORE 3rd Floor Jaya Enclave 1057 Avinashi Road Coimbatore 641018

CUTTACK Near Indian Overseas Bank Cantonment Road Mata Math Cuttack 753001

CUTTACK SHOP NO-45,2ND FLOOR NETAJI SUBAS BOSE ARCADE (BIG BAZAR BUILDING) ADJUSENT TO RELIANCE TRENDS Cuttack 753001
DARBHANGA 2nd Floor, Raj Complex Near Poor Home Darbhanga 846004

DAVANGERE Akkamahadevi Samaja Complex Church Road P J Extension Davangere 577002

DAVANGERE D.No 162/6 , 1st Floor, 3rd Main P J Extension, Davangere taluk Davangere Mandal Davangere 577002

DEHRADUN 204/121 Nari Shilp Mandir Margold Connaught Place Dehradun 248001

DEHRADUN Shop No-809/799 , Street No-2 A,Rajendra Nagar Near Sheesha Lounge Kaulagarh Road Dehradun 248001

DEOGHAR S S M Jalan Road Ground Floor Opp. Hotel Ashoke Caster Town Deoghar 814112

DEORIA K. K. Plaza, Above Apurwa Sweets Civil Lines Road Deoria 274001

DHANBAD Urmila Towers Room No: 111 (1st Floor) Bank More Dhanbad 826001

DHANBAD 208 New Market 2nd Floor, Katras Road Bank More Dhanbad 826001

DHULE Ground Floor Ideal Laundry Lane No 4 Khol Galli, Near Muthoot Finance Opp Bhavasar General Store Dhule 424001

DURGAPUR Plot No 3601, Nazrul Sarani City Centre Durgapur 713216

DURGAPUR Mwav-16 Bengal Ambuja 2nd Floor City Centre 16 Dt Burdwan Durgapur 713216

ELURU D.No:23B-5-93/1 Savithri Complex Near Dr.Prabhavathi Hospital Edaravari Street, R.R.Pet Eluru 534002

ERODE 171-E Sheshaiyer Complex First Floor Agraharam Street Erode 638001

ERODE No 38/1,Sathy Road,(VCTV Main Road) Sorna Krishna Complex,Ground Floor Erode 638003

FARIDABAD B-49 First Floor Nehru Ground Behind Anupam Sweet House Nit Faridabad 121001

FARIDABAD A-2B Ist Floor Nehru Ground NIT Faridabad 121001

FEROZEPUR The Mall Road Chawla Bulding Ist Floor, Opp. Centrail Jail Near Hanuman Mandir Ferozepur 152002

GANDHIDHAM Shop No: 12 Shree Ambica Arcade Plot No: 300 Ward 12. Opp. CG High School Near HDFC Bank Gandhidham 3 Gandhidham 370201

GANDHINAGAR 123 First Floor Megh Malhar Complex Opp. Vijay Petrol Pump Sector - 11 Gandhinagar 382011

GAYA Property No. 711045129 Ground Floor, Hotel Skylark Swaraipuri Road Gaya 823001

GHAZIABAD B-11, LGF RDC Rajnagar Ghaziabad 201002

GHAZIABAD FF - 31 Konark Building Rajnagar Ghaziabad 201001

GHAZIPUR House No. 148/19 Mahua bagh Ghazipur 233001

GONDA H No 782, Shiv Sadan, ITI Road Near Raghukul Vidyapeeth Civil lines Gonda 271001

GORAKHPUR Shop No 3 2nd Floor Cross Road The Mall A D Chowk Bank Road Gorakhpur 273001

GORAKHPUR Shop No 8-9, 4th Floor Cross Road The Mall Bank Road Gorakpur 273001

GULBARGA H NO 2-231,Krishna Complex 2nd Floor Opp. Municipal corporation Office Jagat Station Main Road Gulbarga 585105

GUNTUR Door No. 5-38-44 5/1 Brodipet Near Ravi Sankar Hotel Guntur 522002

GUNTUR 2nd Shutter, 1st Floor,Hno. 6-14-48 14/2 Lane,,Arundal Pet Guntur 522002

GURGAON Unit No-115, 1st Floor, VipulAgora Building Sector 28 Mehrauli Gurgaon Road, Chakkar Pur Gurgaon 122001

GURGAON 2nd Floor, Vipul Agora M. G. Road Gurgaon 122001

GUWAHATI A.K. Azad Road Rehabari Guwahati 781008

GUWAHATI Ganapati Enclave, 4th Floor Opposite Bora service Ullubari Guwahati 781007

GWALIOR G-6 Global Apartment Kailash Vihar Colony, City Centre Opp. Income Tax Office Gwalior 474002

GWALIOR City Centre Near Axis Bank Gwalior 474011

HALDWANI Shop No 5 KMVN Shoping Complex Haldwani 263139

HARIDWAR Shop No - 17 Bhatia Complex Near Jamuna Palace Haridwar 249410

HASSAN SAS NO: 490, HEMADRI ARCADE 2ND MAIN ROAD SALGAME ROAD NEAR BRAHMINS BOYS HOSTEL Hassan 573201

HAZARIBAG Municipal Market Annanda Chowk Hazaribag 825301

HISAR 12 Opp. Bank of Baroda Red Square Market Hisar 125001

HISSAR Shop No. 20, Ground Floor, R D City Centre Railway Road Hisar 125001

HOSHIARPUR Unit # SF-6,The Mall Complex,2nd Floor Opposite Kapila Hospital Sutheri Road Hoshiarpur 146001

HUBLI No.204 205 1st Floor 'B' Block Kundagol Complex Opp. Court Club Road Hubli 580029

HUBLI R R Mahalaxmi Mansion Above INDUSIND Bank, 2nd Floor Desai Cross, Pinto Road Hubballi 580029

HYDERABAD No:303, Vamsee Estates Opp: Bigbazaar Ameerpet Hyderabad 500016

HYDERABAD KARVY SELENIUM, Plot No. 31 & 32, Tower B Survey No. 115 /22, 115/24 & 115/25, Financial District, Gachibowli Nanakramguda, Serlingampally Mandal Hyderabad 500032

INDORE 101 Shalimar Corporate Centre 8-B South Tukoganj Opposite Green Park Indore 452001
INDORE 101, Diamond Trade Center 3-4 Diamond Colony New Palasia Above khurana Bakery Indore 452001

JABALPUR 8 Ground Floor Datt Towers Behind Commercial Automobiles Napier Town Jabalpur 482001

JABALPUR 2nd Floor 290/1 (615-New) Near Bhavartal Garden Jabalpur 482001

JAIPUR R-7 Yudhisthir Marg C-Scheme Behind Ashok Nagar Police Station Jaipur 302001

JAIPUR Office Number 101, 1st Floor, Okay Plus Tower Next to Kalyan Jewellers Government Hostel Circle, Ajmer Road Jaipur 302001

JALANDHAR 367/8 Central Town Opp. Gurudwara Diwan Asthan Jalandhar 144001

JALANDHAR Office No 7, 3rd Floor City Square building E-H197 Civil Lines Jalandhar 144001

JALGAON 70 Navipeth Opp. Old Bus Stand Jalgaon 425001

JALGAON 3rd floor,269 JAEE Plaza Baliram Peth near Kishore Agencies Jalgaon 425001

JALNA Shop No 6 Ground Floor Anand Plaza Complex Bharat Nagar Shivaji Putla Road Jalna 431203

JALPAIGURI D B C Road Opp Nirala Hotel Jalpaiguri 735101

JAMMU JRDS Heights, Lane Opp. S & S Computers Near Rbi Building Sector 14 Nanak Nagar Jammu 180004

JAMMU 1D/D Extension 2 Valmiki Chowk Gandhi Nagar Jammu 180004

JAMNAGAR 207 Manek Centre P N Marg Jamnagar 361001

JAMNAGAR 131 Madhav Plazza Opp SBI Bank Nr Lal Bunglow Jamnagar 361001

JAMSHEDPUR Room No. 15 Ist Floor Millennium Tower "R" Road Bistupur Jamshedpur 831001

JAMSHEDPUR Madhukunj, 3rd Floor Q Road, Sakchi, Bistupur East Singhbhum Jamshedpur 831001

JHANSI 372/18 D, Ist Floor above IDBI Bank Beside V-Mart, Near "RASKHAN" Gwalior Road Jhansi 284001

JHANSI 1st Floor, Puja Tower Near 48 Chambers ELITE Crossing Jhansi 284001

JODHPUR 1/5 Nirmal Tower 1st Chopasani Road Jodhpur 342003

JODHPUR Shop No. 6, GANG TOWER, G Floor OPPOSITE ARORA MOTER SERVICE CENTRE NEAR BOMBAY MOTER CIRCLE Jodhpur 342003

JUNAGADH Aastha Plus 202-A 2nd Floor Sardarbag Road Nr.Alkapuri Opp. Zansi Rani Statue Junagadh 362001

JUNAGADH Shop No. 201 2nd Floor V-ARCADE Complex Near vanzari chowk M.G. Road Junagadh 362001

KADAPA D.No:3/1718 Shop No: 8 , Bandi Subbaramaiah Complex Besides Bharathi Junior College Raja Reddy Street Kadapa 516001

KAKINADA No.33-1 44 Sri Sathya Complex Main Road Kakinada 533001

KALYANI A-1/50 Block Akalyani Dist Nadia Kalyani 741235

KANNUR Room No. PP 14/435 Casa Marina Shopping Centre Talap Kannur 670004

KANNUR 2nd Floor Global Village Bank Road Kannur 670001

KANPUR First Floor 106-108 City Centre Phase II 63/ 2 The Mall Kanpur 208001

KANPUR 15/46 B Ground Floor Opp : Muir Mills Civil Lines Kanpur 208001

KARIMNAGAR H.No.7-1-257 Upstairs S.B.H Mankammathota Karimnagar 505001

KARIMNAGAR 2nd Shutter, HNo. 7-2-607 Sri Matha Complex Mankammathota Karimnagar 505001

KARNAL 3 Randhir Colony Near Doctor J.C.Bathla Hospital Karnal 132001

KARUR 126 GVP Towers Kovai Road Basement of Axis Bank Karur 639002

KARUR No 88/11, BB plaza NRMP street K S Mess Back side Karur 639002

KHARAGPUR Shivhare Niketan H.No.291/1 Ward No-15, Malancha Main Road Opposite Uco Bank Kharagpur 721301

KHARAGPUR Holding No 254/220, SBI BUILDING Malancha Road Ward No.16 PO: Kharagpur Kharagpur 721304

KOLHAPUR 2 B 3rd Floor Ayodhya Towers Station Road Kolhapur 416001

KOLHAPUR 605/1/4 E Ward Shahupuri 2nd Lane Laxmi Niwas Near Sultane Chambers Kolhapur 416001

KOLKATA Saket Building 44 Park Street 2nd Floor Kolkata 700 016

KOLKATA 2/1,Russel Street 4thFloor Kankaria Centre Kolkata-700001

KOLLAM Uthram Chambers (Ground Floor) Thamarakulam Kollam 691006

KOLLAM Sree Vigneswara Bhavan Shastri Junction Kadapakada Kollam 691001

KOTA B-33 'Kalyan Bhawan' Triangle Part Vallabh Nagar Kota 324007

KOTA D-8, SHRI RAM COMPLEX OPPOSITE MULTI PURPOSE SCHOOL GUMANPUR Kota 324007

KOTTAYAM Building No: KMC IX / 1331 A, Thekkumkattil Building Opp.: Malayala Manorama Railway Station Road Kottayam 686001

KOTTAYAM 1st Floor Csiascension Square Railway Station Road Collectorate P O Kottayam 686002

KUMBAKONAM Jailani Complex 47 Mutt Street Kumbakonam 612001

KURNOOL Shop Nos. 26 and 27, Door No. 39/265A and 39/265B Second Floor, Skanda Shopping Mall Old Chad Talkies, Vaddageri, 39th Ward Kurnool 518001

KURNOOL Shop No.47 2nd Floor S komda Shoping mall Kurnool 518001

LUCKNOW No. 4 First Floor Centre Court 5 Park Road, Hazratganj Lucknow 226001

LUCKNOW 1st Floor, A A Complex Thaper House 5 Park Road, Hazratganj Lucknow 226001

LUDHIANA U/GF Prince Market, Green Field Near Traffic Lights (Above Dr. Virdis Lab), Sarabha Nagar, Pulli Pakhowal Road P.O. Model Town Ludhiana 141002

LUDHIANA SCO 122 2nd Floor Above HDFC Mutual fund Feroze Gandhi Market Ludhiana 141001

MADURAI Shop No 3 2nd Floor, Suriya Towers 272/273 – Goodshed Street Madurai 625001

MADURAI No. G-16/17, AR Plaza 1st floor, North Veli Street Madurai 625001

MALDA Ram Krishna Pally Ground Floor English Bazar Malda 732101

MANDI House No. 99/11, 3rd Floor Opposite GSS Boy School School Bazar Mandi 175001

MANGALORE No. G4 & G5 Inland Monarch Opp. Karnataka Bank Kadri Main Road Kadri Mangalore 575003

MANGALORE Mahendra Arcade Opp Court Road Karangal Padi Mangalore 575003

MARGAO Virginkar Chambers I Floor Near Kamat Milan Hotel, Old. Station Road New Market Near Lily Garments Margao 403601

MARGAO SHOP NO 21, OSIA MALL, 1ST FLOOR NEAR KTC BUS STAND SGDPA MARKET COMPLEX Margao 403601

MATHURA Shop No. 9, Ground Floor, Vihari Lal Plaza Opposite Brijwasi Centrum Near New Bus Stand Mathura 281001

MEERUT 108 1st Floor Shivam Plaza Opposite Eves Cinema Hapur Road Meerut 250002

MEERUT Shop No:- 111, First Floor Shivam Plaza, Near Canara Bank Opposite Eves Petrol Pump Meerut 250001

MEHSANA 1st Floor Subhadra Complex Urban Bank Road Mehsana 384002

MEHSANA FF-21 Someshwar Shopping Mall Modhera Char Rasta Mehsana 384002

MIRZAPUR Triveni Campus Near SBI Life Ratanganj Mirzapur 231001

MOGA 1st Floor Dutt Road Mandir Wali Gali Civil Lines Barat Ghar Moga 142001

MORADABAD B-612 'Sudhakar' Lajpat Nagar Moradabad 244001

MORADABAD Chadha Complex G. M. D. Road Near Tadi Khana, Chowk Moradabad 244001

MORENA House No. HIG 959, Near Court Front of Dr. Lal Lab Old Housing Board Colony Morena 476001

MUMBAI Hirji Heritage, 4th Floor, Office no 402 Landmark : Above Tribhuwandas Bhimji Zaveri (TBZ) L.T. Road, Borivali - West Mumbai - 400 092

MUMBAI 351, Icon, 501, 5th floor Western Express Highway Andheri East Mumbai - 400069

MUMBAI Rajabahdur Compound Ground Floor Opp Allahabad Bank, Behind ICICI Bank 30. Mumbai Samachar Mar, Fort Mumbai 400023

MUMBAI Platinum Mall Office No.307, 3rd Floor Jawahar Road, Ghatkopar East Mumbai 400077

MUMBAI Shop No. 1, Ground Floor Dipti Jyothi Co Op Hsg Soc, Near MTNL Office P M Road, Vileparle East Mumbai 400057

MUMBAI 6/8 Ground Floor, Crossley House Near BSE ( Bombay Stock Exchange) Next to Union Bank, Fort Mumbai 400001

MUMBAI Gomati Smuti, Ground Floor Jambli Gully, Near Railway Station Borivali (West) Mumbai 400092

Mumbai Office No 413, 414, 415, 4th Floor, Seasons Business Centre, Opp. KDMC ( Kalyan Dombivli Municipal Corporation ), Shivaji Chowk, Kalyan (W),421301

MUZAFFARPUR Brahman Toli Durgasthan Gola Road Muzaffarpur 842001

MUZAFFARPUR First Floor, Saroj Complex Diwam Road Near Kalyani Chowk Muzaffarpur 842001

MYSORE No.1 1st Floor Ch.26 7th Main 5th Cross, Saraswati Puram Above Trishakthi Medicals Mysore 570009

MYSORE NO 2924, 2ND FLOOR, 1ST MAIN 5TH CROSS SARASWATHI PURAM Mysore 570009

NADIAD 311-3rd Floor City Center Near Paras Cinema Nadiad 387001

NAGERCOIL 45 East Car Street 1st Floor Nagercoil 629001

NAGPUR 145 Lendra Park Behind Shabari New Ramdaspeth Nagpur 440010

NAGPUR Plot No 2/1 House No 102/1, Mangaldeep Appartment Opp Khandelwal Jewelers Mata Mandir Road, Dharampeth Nagpur 440010

NANDED Shop No.4 Santakripa Market G G Road Opp.Bank of India Nanded 431601

NASIK Ruturang Bungalow 2, Godavari Colony Behind Big Bazar, Near Boys Town School Off College Road Nasik 422005

NASIK F-1 Suyojit Sankul Sharanpur Road Nasik 422002

NAVI MUMBAI BSEL Tech Park B-505 Plot no 39/5 & 39/5A Sector 30A, Vashi Navi Mumbai 400705

NAVSARI 16 1st Floor Shivani Park Opp. Shankheswar Complex Kaliawadi Navsari 396445

NAVSARI 103 , 1st Floor Landmark Mall Near Sayaji Library Navsari 396445

NELLORE 9/756 First Floor Immadisetty Towers Ranganayakulapet Road, Santhapet Nellore 524001

NEW DELHI 7-E 4th Floor, Deen Dayaal Research Institute Bldg Swamiram Tirath Nagar, Jhandewalan Extn Near Videocon Tower New Delhi 110055
NEW DELHI 305 New Delhi House 27 Barakhamba Road New Delhi 110001

SIKAR First Floor Super Tower Behind Ram Mandir Near Taparya Bagichi Sikar 332001

SILCHAR N.N. Dutta Road Chowchakra Complex Premtala Silchar 788001

SILIGURI 17B Swamiji Sarani Siliguri 734001

SILIGURI Nanak Complex Sevoke Road Siliguri 734001

SITAPUR 12/12-A Sura Complex Arya Nagar Opp Mal Godam Sitapur 261001

SOLAN Disha Complex, 1St Floor Above Axis Bank Rajgarh Road Solan 173212

SOLAPUR Flat No 109 1st Floor A Wing Kalyani Tower, Near Pangal High School 126 Siddheshwar Peth Solapur 413001

SOLAPUR Shop No 106. Krishna complex 477 Dakshin Kasaba Datta Chowk Solapur 413007

SONEPAT 2nd floor, DP Tower Model Town, Near Subhash Chowk Sonepat 131001

SRI GANGANAGAR 18 L Block Sri Ganganagar 335001

SRI GANGANAGAR Shop No. 5, Opposite Bihani Petrol Pump Near Baba Ramdev Mandir, NH - 15 Sri Ganganagar 335001

SULTANPUR 1st Floor, Ramashanker Market Civil Line Sultanpur 228001

SURAT Shop No-G-5, International Commerce Center, Nr.Kadiwala School Majura Gate, Ring Road Surat 395002

SURAT G-5 Empire State Buliding Nr Udhna Darwaja Ring Road Surat 395002

THANE 102, Dev Corpora , 'A' wing ,Ist Floor Eastern Express Highway Cadbury Junction Thane (West) 400601

THANE Room No. 302, 3rd Floor Ganga Prasad, Near RBL Bank Ltd Ram Maruti Cross Road, Naupada Thane 400602

THIRUVALLA 1st Floor, Room No - 61(63), International Shopping Mall Opp. St. Thomas Evangelical Church Above Thomson Bakery, Manjady Thiruvalla 689105

THIRUVALLA 2nd Floor Erinjery Complex Ramanchira Opp Axis Bank Thiruvalla 689107

THRISSUR Room No 26 & 27 Dee Pee Plaza Kokkalai Thrissur 680001

THRISSUR 4th Floor, Crown Tower Shakthan Nagar Opp: Head Post Office Thrissur 680001

TIRUNELVELI 1st Floor Mano Prema Complex 182/6 S. N High Road Tirunelveli 627001

TIRUNELVELI 55/18 Jeney Building S N Road Near Aravind Eye Hospital Tirunelveli 627001

TIRUPATHI Shop No : 6 Door No: 19-10-8 (Opp To Passport Office) Air Bypass Road Tirupathi 517501

TIRUPATHI Shop No:18-1-421/f1, CITY Center K.T.Road Airtel Backside office Tirupathi 517501

TIRUPUR 1 (1) Binny Compound 2nd Street Kumaran Road Tirupur 641601

TRICHY No 8 I Floor 8th Cross West Extn. Thillainagar Trichy 620018

TRICHY No 23C/1 E V R road Near Vekkaliamman Kalyana Mandapam Putthur Trichy 620017

TRIVANDRUM R S Complex Opposite of LIC Buildings Pattom P O Trivandrum 695004

TRIVANDRUM 1st FLOOR , MARVEL BUILDING Opp: SL ELECTRICALS UPPALAM ROAD STATUE PO Trivandrum 695001

TUTICORIN 4 B A34 A37 Mangalmal Mani Nagar, Opp. Rajaji Park Palayamkottai Road Tuticorin 628003

UDAIPUR Shree Kalyanam, 50, Tagore Nagar Sector – 4, Hiranmagri Udaipur 313001

UDAIPUR Shop No. 202, 2nd Floor business centre 1C Madhuvan Opp G P O Chetak Circle Udaipur 313001

UJJAIN Heritage Shop No. 227,87 Vishvavidhyalaya Marg Station Road Near ICICI bank Above Vishal Megha Mar Ujjain 456001

VADODARA 103 Aries Complex BPC Road Off R.C. Dutt Road Alkapuri Vadodara 390007

VADODARA 1st Floor 125 Kanha Capital Opp. Express Hotel R C Dutt Road Alkapuri Vadodara 390007

VALSAD Gita Nivas 3rd Floor Opp. Head Post Office Halar Cross Lane Valsad 396001

VALSAD 406 Dreamland Arcade Opp Jade Blue Tithal Road Valsad 396001

VAPI 208 2nd Floor Heena Arcade Opp. Tirupati Tower Near G.I.D.C. Char Rasta Vapi 396195

VAPI A-8, First Floor, Solitaire Business Centre OPP DCB BANK , GIDC CHAR RASTA SILVASSA ROAD Vapi 396191

VARANASI Office No 1 Second Floor, Bhawani Market Building No. D58/2A1 Rathyatra Beside Kuber Complex Varanasi 221010

VARANASI D-64/132 KA , 2nd Floor Anant Complex Sigra Varanasi 221010

VASHI Vashi Plaza,Shop no. 324 C Wing 1ST Floor Sector 17 Vashi, Mumbai 400705

VELLORE AKT Complex 2nd Floor No 1,3 New Sankaranpalayam Road Tolgate Vellore 632001

VELLORE No 2/19,1st floor Vellore city centre Anna salai Vellore 632001

VIJAYAWADA 40-1-68 Rao & Ratnam Complex Near Chennupati Petrol Pump M.G Road Labbipet Vijayawada 520010

VIJAYAWADA HNo26-23, 1st Floor, Sundarammastreet GandhiNagar Krishna Vijayawada 520010

VISAKHAPATNAM 47/9/17 1st Floor 3rd Lane Dwaraka Nagar Visakhapatnam 530016
VISAKHAPATNAM 48-10-40, Ground Floor Surya Ratna Arcade, Srinagar Beside Taj Hotel Lodge Visakhapatnam 530016

WARANGAL A.B.K Mall Near Old Bus Depot Road F-7 Ist Floor Ramnagar, Hanamkonda Warangal 506001

WARANGAL Shop No22 , ,Ground Floor Warangal City Center 15-1-237 Mulugu Road Junction Warangal 506002

YAMUNA NAGAR 124 B/R Model Town Yamuna Nagar 135001

YAMUNA NAGAR B-V, 185/A, 2nd Floor, Jagdhari Road Near DAV Girls College, (UCO Bank Building) Pyara Chowk Yamuna Nagar 135001

*Any new offices/centres opened will be included automatically. For updated list, please visit www.dspim.com and www.camsonline.com.

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