Official Gazette Notification Text
Official TranscriptDRAFT INVESTMENT STRATEGY INFORMATION DOCUMENT SECTION I iSIF Sector Rotation Long-Short Fund (An open ended investment strategy investing in equity and equity related instruments including limited short exposure in equity through derivative instruments, of maximum four sectors) The product is suitable for investors Risk-band* Benchmark Risk - band: – who are seeking# Nifty 500 TRI • Capital...
DRAFT INVESTMENT STRATEGY INFORMATION DOCUMENT
SECTION I iSIF Sector Rotation Long-Short Fund (An open ended investment strategy investing in equity and equity related instruments including limited short exposure in equity through derivative instruments, of maximum four sectors) The product is suitable for investors Risk-band* Benchmark Risk - band: – who are seeking# Nifty 500 TRI • Capital appreciation over long term • An open ended investment strategy investing in equity and equity related instruments including limited short exposure in equity through derivative instruments, of maximum four sectors.
#Investors should consult their financial advisers if in doubt about whether the product is suitable for them. *The Risk Band is as per AMFI Specifications.
The above product labelling assigned during the New Fund Offer (NFO) is based on internal assessment of the characteristics of the investment strategy or model portfolio and the same may vary post NFO when the actual investments are made.
In accordance with the SEBI Master circular on Mutual Funds dated March 20, 2026, (the Master
Circular), the AMC reserves the right to make any changes in the dates of the New Fund Offer
(NFO) subject to the conditions that in case of pre- closure the NFO shall be open for a minimum of 3working days and the extension, if any, shall not be for more than 15 calendar days or such period as allowed by SEBI. The AMC shall publish an addendum to this effect on the website of the SIF.
Offer of units of Rs. 10 each during the New Fund Offer and Continuous offer for Units at NAV based prices.
1 Draft Investment Strategy Information Document iSIF Sector Rotation Long-Short FundNew Fund Offer Opens on:
New Fund Offer Closes on:
Investment strategy re-opens on:
Name of SIF iSIF Name of Mutual Fund ICICI Prudential Mutual Fund Name of Asset ICICI Prudential Asset Management Company Limited Management Company (Corporate Identity Number:
L99999DL1993PLC054135)
Address of the Asset Registered Office:
Management Company 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001
Corporate Office:
ICICI Prudential Mutual Fund Tower, Vakola, Santacruz East, Mumbai 400055.
Tel.: (+91 22) 6647 0200/ 2652 5000 and Fax: (+91 22) 6666 6582 / 83
Central Service Office:
2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East), Mumbai - 400 063 Name of the Trustee ICICI Prudential Trust Limited Company (Corporate Identity Number:
U74899DL1993PLC054134) Address of the Trustee 12th Floor, Narain Manzil, 23, Barakhamba Road, New Company Delhi – 110 001.
Website https://www.isif.icicipruamc.com The particulars of iSIF Sector Rotation Long-Short Fund (the Investment Strategy) have been prepared in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations 2026, (herein after referred to as SEBI (MF) Regulations) as amended till date and circulars issued thereunder by 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 Investment Strategy Information Document (ISID).
The ISID sets forth concisely the information about the investment strategy that a prospective investor ought to know before investing. Before investing, investors should also ascertain about any further changes to this ISID after the date of this Document from the SIF/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 iSIF, Mutual Fund, Standard Risk Factors, Special Considerations, Tax and Legal issues
and general information on https://www.icicipruamc.com, https://www.isif.icicipruamc.com.
2 Draft Investment Strategy Information Document iSIF Sector Rotation Long-Short FundSAI is incorporated by reference (is legally a part of the Investment Strategy Information Document). For a free copy of the current SAI, please contact your nearest Investor Service Centre or log on to our website - www.icicipruamc.com,
https://www.isif.icicipruamc.com The Investment Strategy Information Document (Section I and II) should be read in conjunction with the SAI and not in isolation.
Investors are advised to note that investments in Specialized Investment Fund involves relatively higher risk including potential loss of capital, liquidity risk and market volatility.
Please read all investment strategy related documents carefully before making the investment decision.
This Investment Strategy Information Document is dated __________.
3 Draft Investment Strategy Information Document iSIF Sector Rotation Long-Short FundPART I. HIGHLIGHTS/SUMMARY OF THE INVESTMENT STRATEGY Sr. Title Description No.
I. Name of the iSIF Sector Rotation Long-Short Fund Investment Strategy II. Category of the Sector Rotation Long-Short Fund Investment Strategy III. Type of Investment An open ended investment strategy investing in equity and Strategy equity related instruments including limited short exposure in equity through derivative instruments, of maximum four sectors.
IV. Investment (To be updated before launch of the investment strategy) strategy code V. Investment To generate capital appreciation in long term by objective predominantly investing in equity and equity related securities including limited short exposure through unhedged derivative positions, of maximum four sectors.
There is no assurance that the investment objective of the Investment strategy will be achieved.
VI. Liquidity / listing Liquidity: details The Investment Strategy being offered is open ended strategy and will offer units for sale / switch-in and redemption / switch-out, on each business day at NAV based prices subject to applicable loads. As per SEBI (Mutual Funds) Regulations, 2026, the redemption proceeds shall be dispatched within three (3) business days from the date of redemption request subject to exceptional situations and additional timelines for redemption payments as mentioned in the paragraph 15.3.3 of the Master Circular. A penal interest of 15% p.a. or such other rate as may be prescribed by SEBI from time to time, will be paid in case the payment of redemption proceeds is not made within the stipulated timelines.
Listing:
Being an open-ended investment strategy, the Units of the investment strategy will not be listed on any stock exchange, at present. The Trustee may, at its sole discretion, cause the Units under the investment strategy to be listed on one or more Stock Exchanges.
VII. Benchmark (Total The performance of the Investment Strategy would be Return Index) benchmarked against Nifty 500 TRI.
Nifty 500 TRI is a broad market Index that provides a broad representation of the Indian Equity Market across market 4 Draft Investment Strategy Information Document iSIF Sector Rotation Long-Short FundSr. Title Description No.
capitalization (large, mid and small cap stocks) and covering various sectors.
The investment strategy shall invest minimum 80% in Equity covering maximum 4 sectors. Hence, Nifty 500 index shall be most suited for comparing the performance of Investment strategy as the index is market cap agnostic and sector agnostic The Trustees reserves the right to change the benchmark in future if a benchmark better suited to the investment objective of the Investment Strategy is available.
VIII. Subscription Daily frequency The Trustees reserves the right to change the Subscription frequency in future, subject to SEBI Regulations and any other law, as applicable.
IX. Redemption Daily frequency The Trustees reserves the right to change the Redemption frequency in future, subject to SEBI Regulations and any other law, as applicable.
X. NAV disclosure The AMC will calculate and disclose the first NAVs of the Investment Strategy not later than 5 Business Days from the date of allotment of units under the NFO.
Subsequently, the AMC shall calculate and disclose the NAVs under the Investment Strategy by 11.00 p.m.* on every Business day on the website(s) of the SIF (https://www.isif.icicipruamc.com.) and AMFI (www.amfiindia.com).
*Notes: ➢ The investment strategy is permitted to take exposure to overseas securities. In case where the Investment Strategy has taken exposure to overseas securities, the NAV of the investment strategy would be declared by
10.00 a.m. on the following business day. ➢ In case the investment strategy ceases to hold exposure to any overseas securities during the business day, NAV of the investment strategy for that day would continue to be declared on 10.00 am on the following business day.
Subsequent to that day, NAV of the investment strategy shall be declared on 11.00 p.m., on the same day.
Further details mentioned in Section II – ‘III. Other Details’ – ‘C. Transparency/NAV’.
5 Draft Investment Strategy Information Document iSIF Sector Rotation Long-Short FundXI. Applicable Timelines for: timelines • Dispatch of redemption proceeds: As per SEBI (Mutual Funds) Regulations, 2026, the redemption proceeds shall be dispatched within three (3) business days from the date of redemption request subject to exceptional situations and additional timelines for redemption payments in accordance with clause 15.3.3 of the Master Circular. A penal interest of 15% p.a. or such other rate as may be prescribed by SEBI from time to time, will be paid in case the payment of redemption proceeds is not made within the stipulated timelines.
• Dispatch of IDCW: Not applicable.The Trustees reserve the right to enable the IDCW option for the Investment Strategy at a future date.
XII. Plans and Options Plans available under the Investment Strategy: - Plans/Options and • iSIF Sector Rotation Long-Short Fund - Regular Plan sub options under • iSIF Sector Rotation Long-Short Fund - Direct Plan the Investment Options under each Plan(s):
strategy • Growth Including Default option/ facility (as applicable) are as
follows:
Default Plan • If broker code is not (if no plan is mentioned the default plan is selected) iSIF Sector Rotation Long-Short Fund – Direct Plan • If broker code is mentioned the default plan is iSIF Sector Rotation Long-Short Fund – Regular Plan Default Plan • If iSIF Sector Rotation (in certain Long-Short Fund – Direct Plan is circumstances) opted, but ARN code is also stated, then application would be processed under iSIF Sector Rotation Long-Short Fund – Direct Plan • If iSIF Sector Rotation Long-Short Fund – Regular Plan is opted, but ARN code is not stated, then the application would be processed under iSIF Sector Rotation Long-Short Fund – Direct Plan Default Option Growth Option The investment strategy currently offers only Growth option.
The Trustees reserve the right to enable the IDCW option for the Investment Strategy at a future date.
6For detailed disclosure on default plans and options and Treatment of Transactions received with invalid ARNs kindly refer SAI.
XIII. Load Structure Exit Load: • 1% of applicable Net Asset Value - If the amount sought to be redeemed or switched out within 12 months from allotment. • NIL - If the amount sought to be redeemed or switched out after 12 months.
The Trustees shall have a right to prescribe or modify the exit load structure with prospective effect subject to the maximum prescribed under the Regulations.
XIV. Minimum Pursuant to SEBI circulars on SIF Framework as amended Investment from to time, an aggregate investment by an investor across Threshold all investment strategies offered by iSIF, at the Permanent Account Number (‘PAN’) level, should not be less than Rs. 10 lakhs (‘Minimum Investment Threshold’).
The AMC will monitor compliance with the Minimum Investment Threshold on a daily basis and ensure that there are no active breaches. The AMC will ensure that the investor’s total investment value does not fall below the Minimum Investment Threshold due to redemption transactions initiated by the investor.
Passive breaches (occurrence of instances not arising out of omission and commission by AMC), such as those caused by decline in Net Asset Value (NAV), shall not be treated as a violation of the Minimum Investment Threshold. However, if the total investment value falls below the threshold due to a passive breach, the investor shall only be permitted to redeem the entire remaining investment amount from the SIF.
In case of any active breach of the Minimum Investment Threshold by an investor, including through transactions on stock exchanges or off-market transfers: i. all units of such investor held across investment strategies of the SIF shall be frozen for debit, and ii. a notice of 30 calendar days shall be given to such investor to rebalance the investments in order to comply with the Minimum Investment Threshold.
Pursuant to the notice to the investor as mentioned above: • in case investor rebalances his/her investments in SIF within the notice period of 30 calendar days, the units 7of SIF of such investor shall be unfreezed, and no further action shall be taken with regard to compliance with Minimum Investment Threshold.
In case the investor fails to rebalance the investments within the aforesaid 30 calendar day period, the frozen units shall be automatically redeemed by the AMC, at the applicable Net Asset Value of the next immediate business day after the 30th calendar day of the notice period.
XV. MinimumApplicati • Minimum Application/Switch In Amount for first time on Amount/ switch investor in SIF in – - Rs. 10,00,000/- and in multiples of Re.1/- thereafter - For accredited investor Rs. 10,000/- and in multiples of (During NFO & on Re. 1/- thereafter continuous basis) Additionally, the investor may submit the Systematic Investment Plan (SIP) subject to Investor fulfilling minimum subscription amount of Rs.10 Lakhs:
Daily SIP: Rs. 5,000 and in multiples of Re. 1 thereof;
Minimum Installments - 6 Weekly, Fortnightly, Monthly SIP: Rs. 10,000/- and in multiples of Re. 1 thereof; Minimum Installments - 6
Quarterly SIP: Rs. 20,000/- and in multiples of Re. 1 thereof;
Minimum Installments - 4 • Minimum Application/Switch In Amount for existing investor who have complied with the Minimum Investment Threshold - Rs. 10,000 (plus in multiple of Re. 1/-).
Additionally, existing investor may submit the Systematic Investment Plan (SIP) as follow:
Daily SIP: Rs. 5,000 and in multiples of Re. 1 thereof;
Minimum Installments - 6 Weekly, Fortnightly, Monthly SIP: Rs. 10,000/- and in multiples of Re. 1 thereof; Minimum Installments - 6
Quarterly SIP: Rs. 20,000/- and in multiples of Re. 1 thereof;
Minimum Installments - 4
Note:
Allotment of units will be done after deduction of applicable stamp duty.
Switches allowed from iSIF investment strategies.
8XVI. Minimum Rs. 10,000/-(plus in multiples of Re. 1).
Additional application Amount (including switch in) XVII. Minimum Any amount subject to provisions of minimum investment Redemption/switc threshold as specified below. h out amount
Minimum Investment Threshold: − Aggregate investment by an investor across all investment strategies offered by iSIF, at the Permanent Account Number (‘PAN’) level, shall not be less than Rs.10,00,000/ − In case of any request(s) for partial redemption/switch out by the investor/(s), the AMC reserves the right to reject the redemptions entirely if the amount post payout of redemptions falls below Minimum Investment Threshold.
XVIII. Notice Period Not applicable. (Maximum duration of notice period shall not exceed 15 working days.) XIX. New Fund Offer NFO opens on:
Period This is the NFO closes on: period during which a new The NFO shall be open for a minimum of 3 working days and investment will not be kept open for more than 15 calendar days. strategy sells its units to the Any changes in dates will be published through notice on the investors. AMC’s SIF website i.e. https://isif.icicipruamc.com.
Transfer cheques and Real Time Gross Settlement (RTGS) requests will be accepted till the end of business hours up to _________.
MICR cheques shall be accepted till the end of business hours up to ___________.
No switches allowed from Mutual Fund Schemes.
XX. New Fund Offer The units being offered will have a face value of Rs. 10 each
Price: This is the during the New Fund Offer. price per unit that the investors have to pay to invest during the NFO.
9XXI. Segregated The AMC may create a segregated portfolio of debt and money portfolio /side market instruments in the Investment Strategy in case of a pocketing credit event and to deal with liquidity risk. For Details, kindly disclosure refer SAI.
XXII. Swing pricing Not applicable disclosure XXIII. Stock The Investment Strategy may engage in stock lending activity lending/short and short selling. selling Kindly refer to asset allocation section for more details.
XXVI How to Apply Investors can apply for their transactions requests either offline or online / electronically using the relevant application / transaction request forms available on our website or at any of our Officials Points of Acceptance or any other mode as may be prescribed from time to time.
Offline transaction requests:
The application form / transactions requests for subscription/ redemption/ switches can be submitted at official points of acceptance of the AMC and CAMS Transaction Points
provided in the link: https://isif.icicipruamc.com Online / Electronic Transactions:
Investors can undertake transactions via electronic mode through various online facilities offered by the AMC i.e.
Website: (https://isif.icicipruamc.com) and Mobile Application of the AMC (i-invest ipru) / other platforms (RTA, MFU, MF Central, Channel partners/Distributors/RIAs/Portfolio Managers /Execution Only platforms (EOP)) specified by AMC from time to time.
The above list is indicative. For further details, including cut- off timing and applicability of NAV, refer Section II.
Pursuant to paragraph 15.10 of the Master Circular, an investor can also subscribe to the New Fund Offer (NFO) through ASBA facility. ASBAs can be accepted only by SCSB’s whose names appear in the list of SCSBs as displayed by SEBI on its website www.sebi.gov.in.
For more Details, refer Section II.
10XXV. Investor Services Contact details for general service requests and complaint
resolution:
Investors can contact at the below toll free numbers • (MTNL/BSNL) 1800222999; • (Others) 18002006666 • Website: https://isif.icicipruamc.com • e-mail:support_sif@icicipruamc.com The AMC will follow-up with Customer Service Centers and Registrar on complaints and enquiries received from investors for resolving them promptly.
For this purpose, Mr. Rajen Kotak is the Investor Relations Officer. He can be contacted at the Central Service Office of the AMC. The address and phone numbers are:
2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express Highway, Goregaon (East), Mumbai – 400 063, Tel No.: 022 26852000, Fax No.: 022-2686 8313 e-mail - support_sif@icicipruamc.com XXVI. Specific attribute Category – Sector Rotation Long-Short Fund of the investment strategy (such as lock-in, duration in case of close ended Investment Strategy as applicable) XXVII. Special Please refer to Minimum Application Amount/ switch in product/facility section given above.
available XXVIII. Weblink TER Link: Total Expense Ratio Factsheet link (the factsheet will be available in the month succeeding the allotment of units): Downloads - Application Forms, SID, KIM, SAI & Others | ICICI Prudential Mutual Fund The AMC reserves the right to change/ modify any features of aforesaid facilities, available under the Investment Strategy, subject to SEBI Regulations and any other laws applicable from time to time.
11DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANY
It is confirmed that:
(i) The Draft Investment Strategy Information Document submitted to SEBI is in accordance with SEBI (Mutual Funds) Regulations, 2026 and other guidelines and directives issued by SEBI from time to time (the Regulations).
(ii) All legal requirements connected with the launching of the Investment strategy as also the guidelines, instructions, etc., issued by the Government and any other competent authority in this behalf, have been duly complied with.
(iii) The disclosures made in the Investment Strategy Information Document are true, fair and adequate to enable the investors to make a well informed decision regarding investment in the Investment Strategy.
(iv) The intermediaries named in the Investment Strategy Information Document and Statement of Additional Information are registered with SEBI and their registration is valid, as on date.
(v) The contents of the Investment Strategy Information Document including figures, data, yields etc. have been checked and are factually correct.
(vi) The AMC has complied with the compliance checklist applicable for Investment Strategy Information Document and there are no deviations from the Regulations.
(vii) Notwithstanding anything contained in this Investment Strategy Information Document, the provisions of the SEBI (Mutual Funds) Regulations, 2026 and the guidelines there under shall be applicable.
(viii) The Trustees have ensured that the Investment Strategy approved by them is a new product offered by iSIF and is not a minor modification of any existing Investment Strategies.
Sd/- Rakesh Shetty Chief Compliance Officer and Company Secretary
Place: Mumbai
Date: _________ 12PART II. INFORMATION ABOUT THE INVESTMENT STRATEGY A. HOW WILL THE INVESTMENT STRATEGY ALLOCATE ITS ASSETS? Under normal circumstances, the asset allocation under the Investment Strategy will
be as follows: - Indicative allocations Instruments (% of total assets) Minimum Maximum Equity and Equity related instruments* of maximum four sectors (including up to 25%** in Unhedged short exposure 80 100 through derivative instruments)# Debt & Money Market instruments and Units of Debt Oriented 0 20 Mutual Funds Units issued by Infrastructure Investments Trusts 0 20 *includes investments of up to 35% in overseas markets in equity & equity related instruments including Global Depository Receipts (GDRs), ADRs, foreign securities, bonds, mutual funds, ETFs and such other instruments as may be allowed under the Regulations from time to time.
**Short exposure shall apply at the sector level, covering all stocks within that sector held in the portfolio. # Derivatives exposure will be upto 100% of net assets and unhedged short position can be upto 25% of net assets. Exposure through such derivative Instruments (including unhedged short exposure) shall include Stock / Index Futures, Stock / Index Options and other derivative instruments permitted by SEBI.
Cumulative Gross exposure: − The cumulative gross exposure through equity, debt, derivative positions, overseas securities, Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts
(InvITs) 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 investment strategy. − Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure. SEBI vide letter dated November 3, 2021 has clarified that Cash Equivalent shall consist of Government Securities, T-Bills and Repo on Government Securities.
− The Margin may be placed in the form of such securities / instruments / deposits as may be permitted/eligible to be placed as margin from the assets of the investment strategy. The securities / instruments / deposits so placed as margin shall be classified under the applicable category of assets for the purposes of asset allocation.
13− Exposure to various instruments will be as per the indicative table given below: (Below percentages shall be subject to applicable SEBI circulars):
Sr. Type of Instrument Percentage of Circular no exposure references*
1. Stock Lending Up to 20% of Net Assets and Paragraph 13.6 of single intermediary (broker) limit the Master Circular up to 5% of net assets
2. Short exposure through Up to 25% Net Assets Paragraph 21.6 of Derivatives for non- the Master Circular hedging and other than for portfolio rebalancing purposes
3. Securitized Debt Up to 20% of the debt portfolio Paragraph 21.5(2) of the Master
Circular
4. Overseas securities/ Up to 35% of the net assets Paragraph 13.11 Overseas Mutual fund of the Master units & Overseas ETFs Circular
5. Units of InVITS Up to 20% of the net assets and Paragraph 21.5 (4) upto 10 % of its NAV in case of of the Master units issued by a single issuer. Circular
6. Debt instruments with Nil Not applicable special features (AT1 and Tier II Bonds)
7. Debt Instruments with Up to 10% of the debt portfolio Paragraph 13.1(10) SO /CE of the investment strategy and of the Master the group exposure in such Circular. instruments shall not exceed 5% of the debt portfolio of the investment strategy in the
following instruments: a. Unsupported rating of debt instruments (i.e. without factoring-in credit enhancements) is below investment grade and b. Supported rating of debt instruments (i.e. after factoring - in credit enhancement) is above investment grade
8. Tri-party repos Up to 20% of Net Assets As per SEBI and RBI requirement, issued from time to time.
9. Repo/ reverse repo Up to 10% of Net Assets Paragraph 13.8 of transactions in the Master Circular corporate debt 14Sr. Type of Instrument Percentage of Circular no exposure references* securities
10. Credit Default Swaps Nil Not applicable
11. Units of REITs Investment in units of Real Paragraph 13.13 Estate Investment Trusts of the Master
(REITs) shall be in accordance Circular. with paragraph 13.13 of the Master Circular
12. Units of Debt Mutual The Investment Strategy may Clause 3 of Fund Schemes invest in units of Mutual Fund Schedule 6 read under the same asset with Regulation management company or any 41(1) other mutual fund without charging any fees, provided that aggregate inter scheme Investment made by all Investment Strategies under the same management or in Mutual Funds under the management of any other asset management company shall not exceed 5% of the net asset value of the mutual fund.
Rebalancing due to Short Term Defensive Consideration: Due to market conditions, the AMC may invest beyond the range set out in the asset allocation. Such deviations shall normally be for a short term and defensive considerations as per Paragraph 1.9.1.b of the Master Circular on Mutual Funds, and the fund manager will rebalance the portfolio within 30 calendar days from the date of deviation.
Rebalancing due to Passive Breaches: Further, as per Paragraph 3.11 of the Master
Circular, as may be amended from time to time, in the event of deviation from mandated asset allocation due to passive breaches (occurrence of instances not arising out of omission and commission of the AMC), the fund manager shall rebalance the portfolio of the Investment Strategy within 30 Business Days. In case the portfolio of the Investment Strategy is not rebalanced within the period of 30 Business Days, justification in writing, including details of efforts taken to rebalance the portfolio shall be placed before the Investment Committee of the AMC. The Investment Committee, if it so desires, can extend the timeline for rebalancing up to sixty (60) Business Days from the date of completion of mandated rebalancing period. Further, 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 Paragraph 3.11.3 of the Master Circular.
Further, in case of any passive breaches of prudential limits inter alia including issuer limits, group limits and sector limits etc. prescribed in SEBI (Mutual Funds) Regulations, 2026 and 15circulars issued thereunder, the rebalancing of such passive breaches shall be carried out in accordance with the provisions prescribed under paragraph 3.11 of the Master Circular,
provided the specific timeline for rebalancing is not prescribed for the respective prudential limit.
Deployment of Funds collected in New Fund Offer (NFO) period: - Pursuant to paragraph
7.24 of the Master Circular, the Investment Strategy shall deploy the funds garnered during the NFO within 30 business days from the date of allotment of units. If the AMC is unable to deploy the funds within the 30 business days period, a written explanation, including details of the efforts taken to deploy the funds, must be presented to the AMC’s Investment Committee. The Investment Committee may extend the deployment timeline by up to 30 business days and will provide recommendations to ensure timely deployment in the future.
In case the funds are not deployed as per the asset allocation mentioned in the ISID as per the aforesaid mandated plus extended timelines, the AMC shall: • not be permitted to receive fresh flows in the Investment Strategy till the time the funds are deployed as per the asset allocation mentioned in the ISID;
• not be permitted to levy exit load, if any, on the investors exiting the Investment Strategy after 60 business days of not complying with the asset allocation of the Investment Strategy; • inform all investors of the NFO, about the exit option without exit load, via email, SMS or other similar mode of communication;
• report deviation, if any, to Trustees at each of the above stages.
Apart from the above investment restrictions, the investment strategy may follow certain internal norms vis-à-vis limiting exposure to scrips, sectors etc., within the above mentioned restrictions, and these are subject to review from time to time.
Negative list: The Investment Strategy will not invest/ have exposure in the following:
Sr. No. Particulars
1. Credit Default Swaps
2. Debt instruments with special features (AT1 and Tier II Bonds) B. WHERE WILL THE INVESTMENT STRATEGY INVEST? In terms of Regulation 39 and 51 of SEBI MF Regulations, detailed description of the instruments as permitted and subject to the Section “How will the investment strategy allocate its Assets”, the corpus of the Investment Strategy can be invested in any (but not exclusive) of the following securities/ instruments:
i. Equity and equity related securities including convertible bonds and debentures, Indian Depository Receipts (IDRs), warrants carrying the right to obtain equity shares and units issued by Real Estate Investment Trusts (REITs).
ii. 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).
iii. Securities guaranteed by the Central, State and local Governments (including but not limited to coupon bearing bonds, zero coupon bonds and treasury bills) iv. Debt securities issued by domestic Government agencies and statutory bodies, which may or may not carry a Central/State Government guarantee.
16v. Listed and unlisted Corporate debt securities (of both public and private sector undertakings) including corporate bonds having structured obligations and credit enhancements vi. Securities issued by banks (both public and private sector) including term deposit with the banks as permitted by SEBI/RBI from time to time and development financial institutions vii. Money market instruments, as permitted by SEBI/ RBI.
viii. Securitized Debt. ix. The non-convertible part of convertible securities x. Derivative instruments like Stock / Index Futures, Stock / Index Options, Interest Rate Derivatives, Overnight Index Swaps, Forward Rate Agreements, and such other derivative instruments permitted by SEBI.
xi. Units of domestic and overseas mutual fund (including ETFs), subject to applicable regulations. xii. Overseas Securities as permitted by Reserve Bank of India and Securities and Exchange Board of India xiii. Infrastructure Investment Trust (InvITs) xiv. Non-Convertible Preference shares (NCPSs), to be considered as debt instruments xv. Cash & Cash equivalents xvi. Any other security as may be permitted by SEBI Subject to the Regulations, the securities mentioned in “Where will the investment strategy invest” above could be listed, unlisted, privately placed, secured, unsecured, rated or unrated and of varying maturity. The securities may be acquired through Initial Public Offerings, secondary market operations, private placement, rights offer (including renunciation) or negotiated deals.
The investment strategy may also enter into repurchase and reverse repurchase obligations in all securities held by it as per the guidelines and regulations applicable to such transactions. Further the investment strategy intends to participate in stock lending as permitted under the Regulations.
The inter strategy transfer of investments, if applicable, shall be in accordance with the provisions contained in paragraph 10.13 of the Master Circular.
C. WHAT IS THE INVESTMENT APPROACH? iSIF Sector Rotation Long-Short Fund is an open ended investment strategy, investing minimum 80% in equity and equity related instruments of maximum four sectors. The Investment Strategy shall follow an active investment approach.
The Investment strategy may adopt defensive or opportunistic strategies in order to meet the Investment strategy objective. Both short and long exposures may be held through stocks, basket of stocks and various stock/ index derivatives representing a sector. The allocation shall be based on various parameters such as macro-economic trends, specific news regarding the sector, fundamental parameters etc. The investment strategy can use various derivative instruments for the purpose of hedging, portfolio balancing and other purposes, as permitted under the Regulations.
The investment strategy can have up to 25% unhedged short exposure in equity and equity related instruments applying at the sector level, covering all stocks within that sector held 17in the portfolio. The maximum number of sectors shall be determined including sectors with long and short positions. Short on a sector refers to having unhedged position in any of the stock/index of a particular sector.
As part of the investment strategy, sectors shall include below macro-economic sectors:
1. Commodities
2. Financial Services
3. Information Technology
4. Diversified
5. Services
6. Energy
7. Healthcare
8. Industrials
9. Consumer Discretionary
10. Fast Moving Consumer Goods
11. Telecommunication
12. Utilities The above list shall be subject to change, as notified by AMFI from time to time.
The Investment strategy may also invest up to 35% in overseas markets in equity & equity related instruments including Global Depository Receipts (GDRs), ADRs, foreign securities, bonds, mutual funds, ETFs and such other instruments as may be allowed under the Regulations from time to time.
The Investment strategy may invest in the mutual fund schemes managed by the AMC or in the schemes of any other Mutual Funds in terms of the prevailing Regulations. As per the Regulations, no investment management fees will be charged for such investments.
The Investment strategy may also invest in Debt & Money Market Securities/Instruments and Units of Debt Mutual Fund. The investment strategy aims to identify debt/ money market securities which offer optimal level of yields/returns, considering risk-reward ratio.
With the aim of controlling risks, rigorous in depth credit evaluation of the securities proposed to be invested in will be carried out by the Risk Management Team of the AMC.
The credit evaluation includes a study of the operating environment of the issuer, the short as well as long-term financial health of the issuer. Rated debt instruments in which the investment strategy invests will be of investment grade as rated by a credit rating agency.
The AMC may consider the ratings of such Rating Agencies as approved by SEBI to carry out the functioning of rating agencies. The investment strategy may invest in securitised debt.
The investment strategy may also undertake repo transactions in corporate debt securities in accordance with the directions issued by RBI and SEBI from time to time. Such investment shall be made subject to the guidelines which may be prescribed. For the present, the investment strategy does not intend to enter into underwriting obligations. However, if the Investment Strategy does enter into an underwriting agreement, it would do so after complying with the Regulations and with the prior approval of the Board of the AMC/Trustee.
The investment strategy may invest in units issued by InvITs and other prmissible asset 18classes.
The investment strategy may undertake following derivative strategies:
Broad Derivatives Strategy Explanation Equity Arbitrage Short Futures against the underlying stock Covered Calls Short Calls against the underlying stock Portfolio Hedging with Index Options Buying Index Put Option to hedge the Equity portfolio Portfolio Hedging with Index Future Shorting Index Future to hedge the Equity Portfolio Protective Stock Puts Buying Puts against underlying stock Protective Stock Calls Long Calls against Short Stock Future Short Call Short a call option, profiting if the asset price is below strike price Short Put Short a put option, profiting if the asset price is above strike price Long Put Option Buying a put option to profit from decline in the asset price Long Call Option Buying a Call option to profit from advance in the asset price Long Futures Buying Futures to profit from advance in the asset price Short Futures Shorting Futures to profit from decline in the asset price Bull Put Spread Buy a put at lower strike price and Short a put at higher strike price. Profit if the asset price is above the higher strike price Bear Call Spread Short a Call at lower strike price and Buy a Call at higher strike price. Profit if the asset price stays below the lower strike price Shorting Straddle/Strangle Shorting Put and Call options to profit from the asset prices remaining range-bound It may be noted that the above list of derivative strategies is for illustration purpose and additional derivative strategies may be undertaken/ introduced based on evolving market conditions. As per the SEBI guidelines, the investment strategy is allowed to offset certain derivative transactions. The risk factors and risk mitigation related strategies is specified in the “RISK FACTORS”.
Offsetting of transactions: SEBI circular on SIF framework permits the investment strategy to offset certain derivative transactions. Below are some of the illustrative
scenarios for offsetting of positions on the same underlying security:
19No. Position 1 Position 2 Offsetting Net exposure to be allowed/not? considered 1 Equity Long Futures Short Yes Equity Long only 2 Equity /Futures Long Call option Short Yes Equity /Futures Long only 3 Equity /Futures Long Put option Long Yes Equity /Futures Long only 4 Futures Short Call option Long Yes Futures Short only 5 Futures Short Put option Short Yes Futures Short only 6 Call option Long Call option Short Yes Call option Short only 7 Put option Long Put option Short Yes Put option short only 8 Equity Long Futures Long No Equity Long + Futures Long 9 Equity /Futures Long Call option Long No Equity /Futures Long + Call option Long 10 Equity /Futures Long Put option Short No Equity /Futures Long + Put option Short 11 Futures Short Call option Short No Futures short + Call option short 12 Futures Short Put option Long No Futures short + Put option Long 13 Call option Long Put option Short No Call option Long + Put option Short 14 Call option Short Put option Long No Call option Short + Put Option Long For offsetting of positions, the futures and options contracts shall be on the same underlying security and having same expiry date.
Portfolio turnover - Portfolio turnover is defined as the lower of purchases and sales after reducing all subscriptions and redemptions transactions there from and calculated as a percentage of the average assets under management of the Investment Strategy during a specified period of time.
The AMC’s portfolio management style is conducive to a low portfolio turnover rate.
However, the AMC will take advantage of the opportunities that present themselves from time to time because of the inefficiencies in the securities markets. The AMC will endeavour to balance the increased cost on account of higher portfolio turnover with the benefits derived there from.
D. HOW WILL THE INVESTMENT STRATEGY BENCHMARK ITS PERFORMANCE? The performance of the Investment Strategy would be benchmarked against Nifty 500 TRI.
Nifty 500 TRI is a broad market Index that provides a broad representation of the Indian Equity Market.
The investment strategy shall invest 80% in Equity and equity related instruments of maximum four sectors. Since Nifty 500 Index provides for mix of large, mid and small cap stocks it serves as a relevant benchmark for this type of strategies wherein investment would span across all market caps ).
20Hence Nifty 500 index shall be most suited for comparing the performance of Investment strategy.
The Trustees reserves the right to change the benchmark in future if a benchmark better suited to the investment objective of the Investment Strategy is available.
E. WHO MANAGES THE INVESTMENT STRATEGY? The investments under the Investment Strategy will be managed by Mr. Sankaran Naren.
His qualifications and experience is as under:
Name of the Experience Other Investment Fund Strategies managed Manager/ by the Fund Manager Age/ Qualification Mr. Sankaran Mr. Sankaran Naren is the Executive Director iSIF Equity Ex-Top 100 Naren / 59 / B. and Chief Investment Officer of our Long-Short Fund Tech – IIT Company. He holds a bachelor’s degree in Chennai technology in mechanical engineering from PGDM – IIM the Indian Institute of Technology, Madras, Kolkata and a post graduate diploma in management from the Indian Institute of Management, Calcutta. He has more than 28 years of experience in the financial services industry including, inter alia, investment banking, fund management, equity research, and stock broking operations. He is presently a member of committee on equity matters at AMFI. He has previously been associated with Refco - Sify Securities India Private Limited, HDFC Securities Limited, The Hongkong and Shanghai Banking Corporation Limited and Yoha Securities Limited.
Naren has been the CIO of ICICI Prudential Mutual Fund and has been managing various Equity and Hybrid mutual fund schemes that are having derivative exposure.
Since it is a new Investment Strategy, tenure of the fund manager for this investment strategy is not applicable.
F. HOW IS THE INVESTMENT STRATEGY DIFFERENT FROM EXISTING INVESTMENT STRATEGIES OF THE SIF? As on ____, 2026, iSIF has following investment strategy under the Equity category:
1. iSIF Equity Ex-Top 100 Long-Short Fund A detailed comparison between the existing strategy of the iSIF is available at the 21following link: Downloads - Application Forms, SID, KIM, SAI & Others | ICICI Prudential Mutual Fund G. HOW HAS THE INVESTMENT STRATEGY PERFORMED? Since this Investment Strategy is a new investment strategy it does not have any performance track record.
H. ADDITIONAL INVESTMENT STRATEGY RELATED DISCLOSURES i. Investment Strategy’s portfolio holdings (top 10 holdings by issuer and fund allocation towards various sectors to be provided through a functional website link that contains detailed description): Since this is a new Investment Strategy, the portfolio holdings are not available.
ii. Functional website link for Portfolio Disclosure - Since this is a new Investment Strategy, the portfolio holdings are not available. iii. Portfolio Turnover Rate particularly for equity oriented Investment Strategies shall
also be disclosed: Since this is a new Investment Strategy, the portfolio turnover ratio is not available. iv. Functional website link to respective addendums to the ISID: Since this is a new investment strategy, the same is not applicable.
v. Aggregate investment in the Investment Strategy by: Since this is a new Investment Strategy, the Aggregate investment details are not available.
Sr. No. Category of Persons Net Value
1. Concerned Investment Strategy’s Fund Units NAV per unit Manager(s) For any other disclosure w.r.t investments by key personnel and AMC directors including regulatory provisions in this regard kindly refer SAI.
vi. Investments of AMC in the Investment Strategy From time to time and subject to provisions of SEBI (Mutual Funds) Regulations, 2026 read with the relevant provisions of the MF Regulations, sponsors, the mutual funds and investment Companies managed by them, their associate companies, subsidiaries of the sponsors and the AMC may invest in either directly or indirectly in the Investment Strategy. The funds managed by these associates and/ or the AMC may acquire a substantial portion of the Investment Strategy. Accordingly, redemption of units held by such funds, associates and sponsors may have an adverse impact on the units of the Strategy because the timing of such redemption may impact the ability of other unit holders to redeem their units.
22PART III- OTHER DETAILS A. COMPUTATION OF NAV The NAV of the Units of the Investment Strategy will be computed by dividing the net assets of the Investment Strategy by the number of Units outstanding on the valuation date. Investments of the Investment Strategy shall be valued according to the valuation norms, as specified in Schedule VII of the Regulations, or such norms as may be prescribed by SEBI from time to time and as stipulated in the valuation policy and procedures of the Fund, provided in Statement of Additional Information (SAI).
The NAV of the Investment Strategy shall be rounded off up to two decimals.
NAV of units under the Investment Strategy shall be calculated as shown below:
Market or Fair Value of Investment Strategy’s investments + Current Assets - Current Liabilities and Provision NAV (Rs.) =____________________________________________________________ No. of Units outstanding under Investment Strategy The NAV will be calculated as of the close of every Business Day of the respective Investment Strategy. The valuation of the Investment Strategy’s assets and calculation of the Investment Strategy’s NAV shall be subject to audit on an annual basis and such regulations as may be prescribed by SEBI from time to time.
The repurchase price of an open ended Investment Strategy shall not be lower than 97 per cent of the Net Asset Value.
Illustration of computation of NAV:
If the net assets of the Investment Strategy are Rs.10,45,34345.34 and units outstanding are 1,00,00,000, then the NAV per unit will be computed as follows:
10,45,34,345.34 / 1,00,00,000 = Rs. 10.45 p.u. (rounded off to two decimals).
For further details, such as policies with respect to computation of NAV, rounding off, valuation of investment in foreign securities, procedure in case of delay in disclosure of NAV etc, please refer to SAI.
Methodology for calculation of Sale Price:
The price or NAV an investor is charged while investing in an open-ended Investment Strategy is called sale / subscription price. Pursuant to clause 10.4.1.a of the SEBI Master
circular for Mutual Funds, no entry load will be charged by the Investment Strategy to the investors.
Therefore, Sale / Subscription price = Applicable NAV Methodology of calculating the repurchase price Repurchase or redemption price is the price or NAV at which an open-ended Investment Strategy purchases or redeems its units from the investors. It may include exit load, if applicable. The exit load, if any, shall be charged as a percentage of Net Assets Value
(NAV) i.e. applicable load as a percentage of NAV will be deducted from the “Applicable 23NAV” to calculate the repurchase price.
Therefore, Repurchase / Redemption Price = Applicable NAV *(1 – Exit Load, if any) The Repurchase Price will not be lower than 95% of the NAV. For other details such as policies w.r.t computation of NAV, rounding off, procedure in case of delay in disclosure of NAV etc. refer to SAI.
B. NEW FUND OFFER (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 stationary, bank charges etc.
No New Fund Offer Expenses will be charged to the Investment Strategy. The NFO expenses for launch of Investment Strategy will be borne by the AMC.
C. ANNUAL RECURRING EXPENSES These are the fees and expenses for operating the Investment Strategy. These expenses include Investment Management and Advisory Fee charged by the AMC, Registrar and Transfer Agents’ fee, marketing and selling costs etc. as given in the table below:
The AMC has estimated that up to 2.10% of the daily net assets of the Investment Strategy will be charged to the Investment Strategy as expenses. For the actual current expenses being charged, the investor should refer to the website of the SIF. In case of any change in the expense ratio, the AMC would update the current expense ratios on the website at least three business days prior to the effective date of the change. The requirement for disclosing such change would be subject to paragraph 11.4 of the Master Circular.
Investor can refer Total Expense Ratio of Mutual Fund Schemes (icicipruamc.com) for Total Expense Ratio (TER) details.
Details of Annual Investment Strategy Recurring Expenses under the Investment
Strategy is as follows:
Particulars iSIF Sector Rotation Long- Short Fund (% per annum of net assets) Investment Management and Advisory Fees Audit Fees and expenses of trustees Custodian Fees Registrar & Transfer Agent Fees including cost of providing account statements/IDCW/redemption Up to 2.10 cheques/warrants Marketing & Selling Expenses including Agents Commission and statutory advertisement Cost related to investor communications Cost of fund transfer from location to location Cost towards investor education, awareness and 24financial inclusion Brokerage cost pertaining to execution of trades Cost of Statutory advertisements Other Expenses* Maximum base expense ratio (BER) permissible Up to 2.10 under Regulation 66 The aforesaid does not include Statutory levies charged to the investor.
Statutory levies (including GST) on all expenses GST of 18% or any other rate as excluding brokerage and transaction cost may be levied from time to time on the Taxable/ Invoice/ Contract amount.
Additionally, levies such as Stamp Duty, STT etc.
Statutory levies (including GST) on brokerage and Will be charged on Turnover of transaction cost securities which will be at prescribed rates.
The returns of the Direct Plan for the Investment Strategy shall be exclusive of distribution commission and statutory levies charged on the same. *As permitted under the Regulation 66 of SEBI (MF) Regulations, 2026 Direct Plan shall have a lower expense ratio excluding distribution expenses and its statutory levies, commission, etc as compared to other Plan and no commission for distribution of Units will be paid/ charged under Direct Plan.
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 other than Direct Plan.
The Investment Strategy can charge expenses within overall maximum limits prescribed under SEBI (MF) Regulations, without any internal cap allocated to any of the expense heads specified in the above table. Types of expenses charged shall be as per the SEBI (Mutual Funds) Regulations, 2026.
As per the Regulations, the maximum recurring expenses that can be charged to the Investment Strategy shall be subject to a percentage limit of daily net assets as in the table
below:
First Next Next Rs. Next Rs. Next Rs. Balance Next Rs. 40,000 Rs. 500 Rs. 250 1,250 3,000 5,000 crores crore crore crore crore crore
2.10% 1.90% 1.60% 1.50% 1.40% 0.95% TER reduction of
0.05% for every increase of Rs. 5,000 crore of daily net assets or part thereof 25The above expense percentage excludes additional expenses charged towards statutory levy, transaction charges incurred for the purpose of execution of a trade which includes regulatory levies and any other expense charged by the stock exchanges, clearing corporations and clearing houses, as applicable.
The AMC shall pay additional commission to distributors for onboarding new individual investors (new PAN) from B-30 cities at the mutual fund industry Level and new women individual investors (new PAN) from both Top 30 and B-30 cities.
The additional distribution commission shall be paid from the 2 basis points on daily net assets, mandated to be set apart annually by AMCs for investor education, awareness and financial inclusion initiatives, subject to adequate claw back provisions.
The additional commission specified above shall be in addition to the existing trail commission paid to the distributor from the Investment Strategy.
At least 2 basis points on daily net assets within the maximum limit of overall expense Ratio shall be annually set apart for investor education and awareness initiatives. The same shall be within limits specified under paragraph 11.9.3 of the Master Circular.
Brokerage cost incurred for the purpose of execution of trade shall be subject to a maximum of 6 bps of trade value in case of cash market transactions and 2 bps of trade value in case of derivatives transactions. Any payment towards brokerage and transaction costs, over and above the said 6 bps and 2bps for cash market transactions and derivatives transactions respectively may be charged to the Investment Strategy within the maximum limit of Base Expense Ratio as prescribed under regulation 66.
No charges other than the base expense ratio, brokerage cost, transaction cost, statutory levy and exit load including levies as may be specified by the Board, shall be charged to the investors.
Expenses shall be charged / borne in accordance with the Regulations prevailing from time to time.
Illustration impact of expense ratio on Investment Strategy’s return:
Impact of TER on returns of Both direct plan and regular plan, following is an illustration of the
impact of expense ratio on the Investment Strategy returns:
Particulars Regular Plan Direct Plan Amount Invested at the beginning of the year 10,00,000 10,00,000 Returns before Expenses 1,50,000 1,50,000 Expenses other than Distribution Expenses 15,000 15,000 Distribution Expenses and its statutory 5,000 - expenses Returns after Expenses at the end of the Year 1,30,000 1,35,000 For calculating expense of iSIF Sector Rotation Long-Short Fund – Direct Plan, distribution expenses will not be considered.
26D. LOAD STRUCTURE Exit Load is an amount which is paid by the investor to redeem the units from the Investment Strategy. Load amounts are variable and are subject to change from time to time. For the current applicable structure, please refer to the website of https://isif.icicipruamc.com or your distributor.
Type of Load Load chargeable (as %age of NAV) Exit • 1% of applicable Net Asset Value - If the amount sought to be redeemed or switched out within 12 months from allotment. • NIL - If the amount sought to be redeemed or switched out more than 12 months.
The repurchase price of an open ended Investment Strategy shall not be lower than 97 per cent of the Net Asset Value.
Notes on Exit load: a) Goods and Services Tax on exit load shall be paid out of the exit load proceeds and exit load net of Goods and Services Tax shall be credited to the Investment Strategy. b) Exit Load, if any, prevailing on the date of enrolment of SIP shall be levied in the Investment Strategy.
c) Any redemption/switch arising out of excess holding by an investor beyond 25% of the net assets of the Investment Strategy in the manner envisaged in paragraph 7.9.1 (b) of the Master Circular, such redemption / switch will not be subject to exit load. The exit load charged, if any, shall be credited back to the respective Investment Strategy. If the redemption results in investment amount falling below the minimum investment threshold, entire investment amount across all investment strategies will be redeemed.
d) The investor is requested to check the prevailing load structure of the Investment Strategy before investing. For any change in load structure, the AMC will issue an addendum and display it on the website/Investor Service Centers. Any imposition or enhancement in the load shall be applicable on prospective investments only.
e) Subject to the Regulations, the Trustee reserves the right to modify/alter the load structure on the Units subscribed/redeemed on any Business Day. At the time of changing the load structure, the AMC / Mutual Fund may adopt the following procedure:
• The addendum detailing the changes will be attached to Investment Strategy Information Document and key information memorandum. The addendum will be circulated to all the distributors/brokers so that the same can be attached to all Investment Strategy Information Document and key information memoranda already in stock.
• Arrangements will be made to display the addendum in the Investment Strategy Infor mation Document in the form of a notice in all the investor service centres and distribu tors/brokers office. • A public notice shall be provided on the website of the AMC in respect of such changes.
27Section II I. Introduction A. Definitions/interpretation
Accredited Investor: means any person who is granted a certificate of accreditation by an
accreditation agency upon qualifying the following criteria for accreditation:
Category of persons seeking Criteria recognition as ‘accredited investor’
1) Individuals, HUFs, Family Trusts • Annual Income >= INR 2 Crores; OR and Sole Proprietorships • Net Worth >= INR 7.5 Crores, out of which at least INR 3.75 Crores is in the form of financial assets; OR • Annual Income >= INR 1 Crore+ Net Worth >= INR 5 Crores, out of which at least INR
2.5 Crores is in the form of financial assets.
2) Partnership Firms Each partner has to independently meet the criteria for accreditation as set out above.
3) Trusts (other than family trusts) Net worth exceeding or equal to INR 50 Crores.
4) Body Corporates Net worth exceeding or equal to INR 50 Crores.
It is to be noted that the Central Government and the State Governments, developmental agencies set up under the aegis of the Central Government or the State Governments, funds set up by the Central Government or the State Governments, Qualified Institutional Buyers, Category I FPI investors, Sovereign Wealth Funds, and other multilateral agencies are deemed to be accredited investors and are not required to obtain certification from accredited agencies.
Detailed Definitions for the words and expressions used in the ISID are available at the
following link: Downloads - Application Forms, SID, KIM, SAI & Others | ICICI Prudential Mutual Fund B. Risk factors
1. For standard risk factors please refer to SAI.
2. Investment Strategy specific risk factors:
Include risk factors associated with investment in various instruments in which the investment strategy intends to invest as indicated in asset allocation section. ➢ Risk associated with investment in equities, equity related instruments and units
of ReITs: • The value of the underlying investments, may be affected generally by factors affecting securities markets, such as price and volume volatility in the capital markets, 28interest rates, currency exchange rates, changes in policies of the Government, taxation laws or any other appropriate authority policies and other political and economic developments which may have an adverse bearing on individual securities, a specific sector or all sectors including equity and debt markets. Consequently, the NAV of the Units may fluctuate and can go up or down.
• Investors may note that AMC/Fund Manager’s investment decisions may not be always profitable, as actual market movements may be at variance with anticipated trends. Trading volumes, settlement periods and transfer procedures may restrict the liquidity of these investments. Different segments of the Indian financial markets have different settlement periods and such periods may be extended significantly by unforeseen circumstances. The inability of the Investment strategy to make intended securities purchases due to settlement problems could cause the Investment strategy to miss certain investment opportunities.
• The SIF may not be able to sell / lend out securities, which can lead to temporary illiquidity. There are risks inherent in securities lending, including the risk of failure of the other party, in this case the approved intermediary to comply with the terms of the agreement. Such failure can result in a possible loss of rights to the collateral, the inability of the approved intermediary to return the securities deposited by the lender and the possible loss of corporate benefits accruing thereon.
• Investors may note that the dividend is due only when declared and there is no assurance that a company (even though it may have a track record of payment of dividend in the past) may continue paying dividend in future. As such, the investment strategy is vulnerable to instances where investments in securities may not earn dividend or where lesser dividend is declared by a company in subsequent years in which investments are made by the investment strategy. As the profitability of companies are likely to vary and have a material bearing on their ability to declare and pay dividend, the performance of the investment strategy may be adversely affected due to such factors. In addition, investments in units of REITs could also receive funds through repatriation of funds by these Trusts in form of buyback of units along with dividend pay-outs, etc. Hence reinvestments of the proceeds carry a risk of lower returns. However, the reinvestment risk will be limited as the proceeds are expected to be a small portion of the portfolio value.
• Securities, which are not quoted on the stock exchanges, are inherently illiquid in nature and carry a larger amount of liquidity risk. Within the Regulatory limits, the AMC may choose to invest in unlisted securities.
• While securities that are listed on the stock exchange carry lower liquidity risk, the ability to sell these investments is limited by the overall trading volume on the stock exchanges. The liquidity of the investments is inherently restricted by trading volumes in the securities in which it invests.
• Fund manager endeavours to generate returns based on certain past statistical trend.
The performance of the investment strategy may get affected if there is a change in the said trend. There can be no assurance that such historical trends will continue. • In case of abnormal circumstances, it will be difficult to complete the square off 29transaction due to liquidity being poor in stock futures/spot market. However, fund will aim at taking exposure into relatively liquid stocks where there will be minimal risk to square off the transaction. The Investment strategy investing in foreign securities will be exposed to settlement risk, as different countries have different settlement periods.
• The investment strategy is also vulnerable to movements in the prices of securities invested by the investment strategy which again could have a material bearing on the overall returns from the investment strategy.
• Changes in Government policy in general and changes in tax benefits applicable to SIFs may impact the returns to investors in the Investment strategy or business prospects of the Company in any particular sector.
• In case of warrants, a relatively small movement in the price of the underlying security results in a disproportionately large movement, unfavourable or favourable, in the price of the warrant. The prices of warrants can therefore be volatile.
• It is essential for the investors to understand that the right to subscribe which a warrant confers is invariably limited in time with the consequence that if the investor fails to exercise this right within the predetermined timeline then the investment becomes worthless. Investment in a warrant can result in a total loss of the money invested plus any commission or other transaction charges.
• The value of units of REITs is derived based on the prevailing interest rate. Generally, when interest rates rise, value of units falls and when interest rates drop, such value increases. Hence, the prices of units of REITs is susceptible to changes in interest rate.
➢ Risk associated with Sector Rotation strategy The Investment Strategy shall invest minimum 80% in equity and equity related instruments of maximum four sectors. The Investment Strategy shall follow an active investment approach by identifying and investing in sectors anticipated to benefit from the prevailing market conditions. Thus, the Investment Strategy shall be subject to the risks associated with concentration of investments in a particular sector thus leading to a non-diversified portfolio as compared to diversified equity oriented Investment Strategy. The volatility and/or performance of the said sectors and/or of the companies belonging to those sectors may have a material adverse bearing on the performance of the Investment Strategy. Any changes in Government policy/regulation/reforms etc. affecting the sector where the Investment Strategy has investments may have a significant bearing on performance of the Investment Strategy. Due to the rotation of the sectors, the portfolio can have higher volatility compared to diversified equity oriented Investment Strategy.
➢ Risk associated with high portfolio turnover Portfolio turnover refers to the rate at which investments in a fund or portfolio are bought and sold within a given period, typically a year. A high portfolio turnover ratio means a high proportion of the SIF has been traded within a year. Considering the investment strategy of the SIF, there could be entry/ exit of its investments in a 30particular sector which would lead to high turnover. High turnover may lead to higher transaction costs (brokerage fees, etc.) which may adversely affect the performance of the SIF.
➢ Risk associated with investment in fixed income and money market securities • Market Risk/Interest Rate Risk: The NAV of the Investment strategy, to the extent invested in fixed income and money market securities, will be affected by changes in the general level of interest rates. The NAV is expected to increase from a fall in interest rates while it would be adversely affected by an increase in the level of interest rates.
• Liquidity Risk: The liquidity of a security may change depending on market conditions leading to changes in the liquidity premium linked to the price of the security. At the time of selling the security, the security can become illiquid leading to loss in the value of the portfolio.
• Credit Risk: Investments in fixed income securities and money market instruments are subject to the risk of an issuer's inability to meet interest and principal payments on its obligations and market perception of the creditworthiness of the issuer.
• Price Risk: Government securities where a fixed return is offered run price-risk like any other fixed income security. Generally, when interest rates rise, prices of fixed income securities fall and when interest rates drop, the prices increase. The extent of fall or rise in the prices is a function of the existing coupon, days to maturity and the increase or decrease in the level of interest rates. The new level of interest rate is determined by the rates at which government raises new money and/or the price levels at which the market is already dealing in existing securities. The price-risk is not unique to Government Securities. It exists for all fixed income securities. However, Government Securities are unique in the sense that their credit risk generally remains zero.
Therefore, their prices are influenced only by movement in interest rates in the financial system. • Reinvestment Risk: This risk refers to the interest rate levels at which cash flows received from the securities in the Investment strategy are reinvested. The additional income from reinvestment is the “interest on interest” component. The risk is that the rate at which interim cash flows can be reinvested may be lower than that originally assumed.
• Regulatory Risk: Changes in government policy in general and changes in tax benefits applicable to SIFs may impact the returns to investors in the Investment strategy. • Risks associated with investment in unlisted securities: Except for any security of an associate or group company, the underlying investment strategy may invest in securities which are not listed on a stock exchange or receive unlisted securities which in general are subject to greater price fluctuations, less liquidity and greater risk than those which are traded in the open market. These securities may lack a liquid secondary market and there can be no assurance that the underlying investment strategy will realise its investments in unlisted securities at a fair value.
31• Settlement risk: The inability of the Investment strategy to make intended securities purchases due to settlement problems could cause the Investment strategy to miss certain investment opportunities. By the same rationale, the inability to sell securities held in the Investment strategy’s portfolio due to the extraneous factors that may impact liquidity would result, at times, in potential losses to the Investment strategy.
• Different types of fixed income securities in which the Investment strategy would invest as given in the Investment Strategy Information Document carry different levels and types of risk. Accordingly, the Investment strategy risk may increase or decrease depending upon its investment pattern. e.g. corporate bonds carry a higher level of risk than Government securities.
• The AMC may, considering the overall level of risk of the portfolio, invest in lower rated / unrated securities offering higher yields as well as zero coupon securities that offer attractive yields. This may increase the absolute level of risk of the portfolio.
• As zero coupon securities does not provide periodic interest payments to the holder of the security, these securities are more sensitive to changes in interest rates. Therefore, the interest rate risk of zero coupon securities is higher. The AMC may choose to invest in zero coupon securities that offer attractive yields. This may increase the risk of the portfolio.
• The Investment strategy at times may receive large number of redemption requests, leading to an asset-liability mismatch and therefore, requiring the investment manager to make a distress sale of the securities leading to realignment of the portfolio and consequently resulting in investment in lower yield instruments.
➢ Risk associated with investment in units of mutual funds The investment strategy may make investments in units of mutual funds. Investments in Investment Strategys of mutual funds are subject to market risks and there is no assurance or guarantee that the objectives of the Investment Strategy will be achieved.
Further, any investment in mutual funds is also subject to risk factors outlined in the offer document of the mutual fund and an adverse performance of a mutual fund Scheme in which the Investment Strategy has made investments could adversely impact the Investment Strategy’s performance and NAV of the Investment Strategy.
➢ Risk associated with investment in units of Infrastructure Investment Trusts
(InvITs) • Regulatory and Policy Risk: InvITs operate under a defined regulatory regime. Any changes in government policies, tax laws, or SEBI regulations can materially impact the structure, returns, and compliance obligations of InvITs.
• Market Risk: InvITs are volatile and prone to price fluctuations on a daily basis owing to market movements. Investors may note that AMC/Fund Manager’s investment decisions may not always be profitable, as actual market movements may be at variance with the anticipated trends relating to various factors including demand and supply trends. The NAV of the Investment strategy is vulnerable to movements in the prices of securities invested by the investment strategy, due to various market related 32factors like changes in the general market conditions, factors and forces affecting capital market, level of interest rates, trading volumes and Infrastructure sectors, settlement periods and transfer procedures. The investment strategy will undertake active portfolio management as per the investment objective to reduce the market risk.
• Liquidity Risk: As the liquidity of the investments made by the Investment strategy could, at times, be restricted by trading volumes and settlement periods, the time taken by the SIF for liquidating the investments in the investment strategy may be high in the event of immediate redemption requirement. Investment in such securities may lead to increase in the investment strategy’s portfolio risk. The fund will try to maintain a proper asset-liability match to ensure redemption payments are made on time and not affected by illiquidity of the underlying units.
• Reinvestment Risk: Investments in units of InvITs may carry reinvestment risk as there could be repatriation of funds by the Trusts in form of buyback of units or dividend pay- outs, etc. Consequently, the proceeds may get invested in assets providing lower returns. However, the reinvestment risk will be limited as the proceeds are expected to be a small portion of the portfolio value.
• Interest Rate Risk: The value of units of InvITs is derived based on the prevailing interest rate. Generally, when interest rates rise, value of units falls and when interest rates drop, such value increases. Hence, the prices of units of InvITs is susceptible to changes in interest rate.
• Sector Concentration Risk: InvITs often focus on specific infrastructure sectors (e.g., roads, power transmission). Sector-specific regulatory changes or economic stress can disproportionately affect performance.
• Counterparty and Credit Risk: InvITs rely on counterparties such as concession authorities, contractors, and lenders. Defaults or delays in payments by these entities can impair cash flows and distributions to unit holders.
• Force Majeure and Environmental Risk: Infrastructure assets are exposed to risks arising from natural disasters, extreme weather events, and other force majeure situations, which can disrupt operations and revenue generation.
The above are some of the common risks associated with investments in units of InvITs.
There can be no assurance that an Investment Strategy's investment objectives will be achieved, or that there will be no loss of capital. Investment results may vary substantially on a monthly, quarterly or annual basis.
➢ Risk associated with investment in Overseas equity Securities/Overseas Mutual Funds/Overseas ETFs It is AMC’s belief that the investment in ADRs/GDRs/overseas securities/Overseas ETFs offers new investment and portfolio diversification opportunities into multi-market and multi-currency products. However, such investments also entail additional risks. Such investment opportunities may be pursued by the AMC provided they are considered appropriate in terms of the overall investment objectives of the Investment strategy.
Since the Investment strategy would invest only partially in ADRs/GDRs/overseas securities/Overseas ETFs, there may not be readily available and widely accepted 33benchmarks to measure performance of the Investment strategy. To manage risks associated with foreign currency and interest rate exposure, the Fund may use derivatives for efficient portfolio management including hedging and in accordance with conditions as may be stipulated by SEBI/RBI from time to time.
To the extent that the assets of the Investment strategy will be invested in securities denominated in foreign currencies, the Indian Rupee equivalent of the net assets, distributions and income may be adversely affected by the changes in the value of certain foreign currencies relative to the Indian Rupee. The repatriation of capital also may be hampered by changes in regulations concerning exchange controls or political circumstances as well as the application to it of the other restrictions on investment.
Offshore investments will be made subject to any/all approvals, conditions thereof as may be stipulated by SEBI/RBI and provided such investments do not result in expenses to the Fund in excess of the ceiling on expenses prescribed by and consistent with costs and expenses attendant to international investing. The Fund may, where necessary, appoint other intermediaries of repute as advisors, custodian/sub-custodians etc. for managing and administering such investments. The appointment of such intermediaries shall be in accordance with the applicable requirements of SEBI and within the permissible ceilings of expenses. The fees and expenses would illustratively include, besides the investment management fees, custody fees and costs, fees of appointed advisors and sub-managers, transaction costs, and overseas regulatory costs.
Investors are requested to note that the costs associated with overseas investments like advisory fees (other than those expenses permissible under regulation 52 of SEBI Regulations) would not be borne by the investment strategy.
➢ Risk associated with investment in Derivatives • The Investment strategy may use various derivative products as permitted by the Regulations. Use of derivatives requires an understanding of not only the underlying instrument but also of the derivative itself. Other risks include the risk of mis-pricing or improper valuation and the inability of derivatives to correlate perfectly with underlying assets, rates and indices.
• The Investment strategy may use derivatives instruments like Interest Rate Swaps, Forward Rate Agreements or other derivative instruments for the purpose of hedging and portfolio balancing, as permitted under the Regulations and guidelines. Usage of derivatives will expose the Investment strategy to certain risks inherent to such derivatives.
• Execution of such strategies depends upon the ability of the fund manager to identify such opportunities. Identification and execution of the strategies to be pursued by the fund manager involve uncertainty and decision of fund manager may not always be profitable. No assurance can be given that the fund manager will be able to identify or execute such strategies.
• Thus, derivatives are highly leveraged instruments. Even a small price movement in the underlying security could have a large impact on their value.
34• 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. • Risk of loss in trading futures contracts can be substantial, because of the low margin deposits required, the extremely high degree of leverage involved in futures pricing and potential high volatility of the futures markets.
• Price movements of derivative contracts including options and futures are influenced by, among other things, interest rates, changing supply and demand relationships, trade, fiscal, monetary and exchange control programs and policies of governments, and national and international political and economic events and policies.
• The specific risk factors arising out of a derivative strategy used by the Fund Manager
may be as below: o The risk of mispricing or improper valuation and the inability of derivatives to correlate perfectly with underlying assets, rates and indices.
o Execution Risk: The prices which are seen on the screen need not be the same at which execution will take place
o Basis Risk: This risk arises when the derivative instrument used to hedge the underlying asset does not match the movement of the underlying asset being hedged o Exchanges could raise the initial margin, variation margin or other forms of margin on derivative contracts, impose one sided margins or insist that margins be placed in cash. All of these might force positions to be unwound at a loss, and might materially impact returns.
o The derivative contracts at times are undertaken with various counterparties.
These counterparties may not be able to meet the obligations under such derivative contracts. This would lead to credit risk in derivative transactions, Hence, derivative trades are undertaken with approved counterparties or through exchanges. This mitigates credit risk on derivative transactions.
Risk associated with uncovered options • Put options and call options typically have similar structural characteristics and operational mechanics regardless of the underlying instrument on which they are purchased or sold. A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security at the exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying security at the exercise price.
• If a put or call option purchased by the Fund were permitted to expire without being sold or exercised, the Fund would lose the entire premium it paid for the option. The risk involved in writing a put option is that there could be a decrease in the market value of the underlying security caused by rising interest rates or other factors. If this occurred, the option could be exercised and the underlying security, currency or other asset would then be sold to the Fund at a higher price than its current market value. The risk involved in writing a call option is that there could be an increase in the market value of the underlying security caused by declining interest rates or other factors. If this occurred, 35the option could be exercised and the underlying security would then be sold by the Fund at a lower price than its current market value.
• Purchasing and writing put and call options and, in particular, writing “uncovered” options are highly specialized activities and entail greater than ordinary investment risks.
In particular, the writer of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. This risk is enhanced if the security being sold short is highly volatile and there is a significant outstanding short interest. These conditions exist in the stocks of many companies. The securities necessary to satisfy the exercise of the call option may be unavailable for purchase except at much higher prices. Purchasing securities to satisfy the exercise of the call option can itself cause the price of the securities to rise further, sometimes by a significant amount, thereby exacerbating the loss. Accordingly, the sale of an uncovered call option could result in a loss by the Fund of all or a substantial portion of its assets.
Risk associated with use of uncovered derivatives Investment strategy allows usage of uncovered derivatives including short positions.
Usage of derivative position that are directionally short could lead to significant loss, as the portfolio does not have underlying asset on which derivatives are taken. Hence, theoretically loss on uncovered short exposures could be unlimited. Generally, the notional value of derivatives in form of options is significantly higher than the premium on such options. Hence, writing an uncovered option may result in a loss substantially greater than the premium due to adverse changes in the value of the underlying asset.
Risk associated with writing covered call options for equity shares A call option gives the holder (buyer) the right but not the obligation to buy an asset by a certain date for a certain price. Covered calls are an options strategy where a person holds a long position in an asset and writes (sells) call options on that same asset to generate an income stream. The Investment strategy may write call options under covered call strategy, as permitted by the regulations. Risks associated thereto are
mentioned below: • Writing call options are highly specialized activities and entail higher than ordinary investment risks. In such investment strategy, the profits from call option writing is capped at the option premium, however the downside depends upon the increase in value of the underlying equity shares.
• The Investment strategy may write covered call option only in case it has adequate number of underlying equity shares as per regulatory requirement. This would lead to setting aside a portion of investment in underlying equity shares. If covered call options are sold to the maximum extent allowed by regulatory authority, the investment strategy may not be able to sell the underlying equity shares immediately if the view changes to sell and exit the stock. The covered call options need to be unwound before the stock positions can be liquidated. This may lead to a loss of opportunity, or can cause exit issues if the strike price at which the call option contracts have been written become illiquid. Hence, the investment strategy may not be able to sell the underlying equity shares, which can lead to temporary illiquidity of the underlying equity shares and result in loss of opportunity.
36• The writing of covered call option would lead to loss of opportunity due to appreciation in value of the underlying equity shares. Hence, when the appreciation in equity share price is more than the option premium received the investment strategy would be at a loss.
• The total gross exposure related to option premium paid and received must not exceed the regulatory limits of the net assets of the investment strategy. This may restrict the ability of Investment strategy to buy any options.
➢ Benefits of using Covered Call strategy in SIFs The covered call strategy can be followed by the Fund Manager in order to hedge risk thereby resulting in better risk adjusted returns of the Investment strategy. The strategy
offers the following benefits: • Hedge against market risk - Since the fund manager sells a call option on a stock already owned by the SIF, the downside from fall in the stock price would be lower to the extent of the premium earned from the call option.
• Generating additional returns in the form of option premium in a range bound market.
Thus, a covered call strategy involves gains for unit holders in case the strategy plays out in the right direction. ➢ Risk associated with imperfect hedging using interest rate futures An Interest Rate Futures is an agreement to buy or sell a debt instrument at a specified future date at a price that is fixed today. Interest Rate Futures are Exchange traded.
These future contracts are cash settled.
1. Perfect Hedging means hedging the underlying using IRF contract of same underlying.
2. Imperfect hedging means the underlying being hedged and the IRF contract has correlation of closing prices of more than 90%.
In case of imperfect hedging, the portfolio can be a mix of:
1) Corporate Bonds and Government securities or
2) Only Corporate debt securities or
3) Only government securities with different maturities ➢ Risk associated with imperfect hedging includes: • Basis Risk: The risk arises when the price movements in derivative instrument used to hedge the underlying assets does not match the price movements of the underlying assets being hedged. Such difference may potentially amplify the gains or losses, thus adding risk to the position.
• Price Risk: The risk of mispricing or improper valuation and the inability of derivatives to correlate perfectly with underlying assets, rates and indices. • Risk of mismatch between the instruments: The risk arises if there is a mismatch between the prices movements in derivative instrument used to hedge, compared to 37the price movement of the underlying assets being hedged. For example, when IRF which has government security as underlying is used, to hedge a portfolio that contains corporate debt securities.
• Correlation weakening and consequent risk of regulatory breach: SEBI Regulation mandates minimum correlation criterion of 0.9 (calculated on a 90 day basis) between the portfolio being hedged and the derivative instrument used for hedging. In cases where the correlation falls below 0.9, a rebalancing period of 5 business days has been permitted. Inability to satisfy this requirement to restore the correlation level to the stipulated level, within the stipulated period, due to difficulties in rebalancing 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.
➢ Risk associated with high portfolio turnover Portfolio turnover refers to the rate at which investments in a fund or portfolio are bought and sold within a given period, typically a year. A high portfolio turnover ratio (100% or more) means the entire portfolio, or even more, has been traded within the year. Considering the investment strategy of the SIF, the portfolio would be subject to high turnover. High turnover may lead to higher transaction costs (brokerage fees, etc.) which may adversely affect the performance of the SIF. The portfolio turnover rate may vary year to year as well as within a year.
➢ Risk associated with investment in Securitized Debt A securitization transaction involves sale of receivables by the originator (a bank, non- banking finance company, housing finance company, microfinance companies 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. Generally available asset classes for securitization in India
are: • Commercial vehicles • Auto and two wheeler pools • Mortgage pools (residential housing loans) • Personal loan, credit card and other retail loans • Corporate loans/receivables • Microfinance receivables
In pursuance to SEBI communication dated: August 25, 2010, given below are the requisite details relating to investments in Securitized debt. • Risk profile of securitized debt vis-à-vis risk appetite of the investment strategy:
38The Investment strategy aims to provide reasonable returns to investors with a long-term investment horizon. To ensure the investment strategy targets only long term investors, the investment strategy has exit loads of upto 1 year which acts as a deterrent to short term investors. Securitized debt instruments are relatively illiquid in the secondary market and hence they are generally held to maturity which would match with the long-term investment horizon of these investors.
Investment in these instruments may help the fund in aiming at reasonable returns.
These returns come with a certain degree of risks which are covered separately in the Investment strategy Information Document. Accordingly, the medium risk profile of the securitised debt instruments matches that of the prospective investors of this investment strategy.
• Policy relating to originators based on nature of originator, track record, NPAs, losses in earlier securitized debt, etc. • Risk mitigation strategies for investments with each kind of originator For a complete understanding of the policy relating to selection of originators, the AMC has first analysed below risks attached to a securitization transaction.
In terms of specific risks attached to securitization, each asset class would have different underlying risks, however, residential mortgages are supposed to be having lower default rates as an asset class. On the other hand, repossession and subsequent recovery of commercial vehicles and other auto assets is fairly easier and better compared to mortgages. Some of the asset classes such as personal loans, credit card receivables etc., being unsecured credits in nature, may witness higher default rates.
As regards corporate loans/receivables, depending upon the nature of the underlying security for the loan or the nature of the receivable the risks would correspondingly fluctuate. However, the credit enhancement stipulated by rating agencies for such asset class pools is typically much higher, which helps in making their overall risks comparable to other AAA/AA rated asset classes.
The Investment strategy may invest in securitized debt assets. These assets would be in the nature of Asset Backed Securities (ABS) and Mortgage Backed Securities (MBS) with underlying pool of assets and receivables like housing loans, auto loans and single corporate loan originators. The Investment strategy intends to invest in securitized instruments rated AAA/AA by a SEBI recognized credit rating agency.
Before entering into any securitization transaction, the risk is assessed based on the
information generated from the following sources:
(1) Rating provided by the rating agency
(2) Assessment by the AMC
(1) Assessment by a Rating Agency In its endeavor to assess the fundamental uncertainties in any securitization transaction, a credit rating agency normally takes into consideration following factors:
39• Credit Risk Credit risk forms a vital element in the analysis of securitization transaction. Adequate credit enhancements to cover defaults, even under stress scenarios, mitigate this risk.
This is done by evaluating following risks: o Asset risk o Originator risk o Portfolio risk o Pool risks The quality of the pool is a crucial element in assessing credit risk. In the Indian context, generally, pools are ‘cherry-picked’ using positive selection criteria. To protect the investor from adverse selection of pool contracts, the rating agencies normally take into consideration pool characteristics such as pool seasoning (seasoning represents the
number of installments paid by borrower till date: higher seasoning represents better quality), over dues at the time of selection and Loan to Value (LTV). To assess its risk profile vis-à-vis the overall portfolio, the pool is analyzed with regard to geographical location, borrower profile, LTV, and tenure.
• Counterparty Risk There are several counterparties in a securitization transaction, and their performance is crucial. Unlike in the case of credit risks, where the risks emanate from a diversified pool of retail assets, counterparty risks result in either performance or non- performance. The rating agencies generally mitigate such risks through the usage of stringent counterparty selection and replacement criteria to reduce the risk of failure.
The risks assessed under this category include: o Servicer risk o Commingling risk o Miscellaneous other counterparty risks • Legal Risks The rating agency normally conducts a detailed study of the legal documents to ensure that the investors' interest is not compromised and relevant protection and safeguards are built into the transaction.
• Market Risks Market risks represent risks not directly related to the transaction, but other market related factors, stated below, which could have an impact on transaction performance, or the value of the investments to the investors.
o Macro-economic risks o Prepayment risks o Interest rate risks ➢ Other Risks associated with investment in securitized debt and mitigation
measures: • Limited Liquidity and Price Risk 40There is no assurance that a deep secondary market will develop for the Certificates.
This could limit the ability of the investor to resell them.
Risk Mitigation: Securitized debt instruments are relatively illiquid in the secondary market and hence they are generally held to maturity. The liquidity risk and HTM nature is taken into consideration at the time of analyzing the appropriateness of the securitization.
• Limited Recourse, Delinquency and Credit Risk The Credit Enhancement stipulated represents a limited loss cover to the Investors.
These Certificates represent an undivided beneficial interest in the underlying receivables and do not represent an obligation of either the Issuer or the Seller or the originator, or the parent 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 to the Certificate Holders 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 Asset. However, many factors may affect, delay or prevent the repossession of such Asset or the length of time required to realise 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.
Risk Mitigation: In addition to careful scrutiny of credit profile of borrower/pool additional security in the form of adequate cash collaterals and other securities may be obtained to ensure that they all qualify for similar rating.
• 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;
o Obligor pays the Receivable due from him at any time prior to the scheduled maturity date of that Receivable; or o Receivable is required to be repurchased by the Seller consequent to its inability to rectify a material misrepresentation with respect to that Receivable; or o The Servicer recognizing a contract as a defaulted contract and hence repossessing the underlying Asset and selling the same o In the event of prepayments, investors may be exposed to changes in tenor and yield.
Risk Mitigation: A certain amount of prepayments is assumed in the calculations at the time of purchase based on historical trends and estimates. Further a stress case estimate is calculated and additional margins are built in.
• Bankruptcy of the Originator or Seller If originator becomes subject to bankruptcy proceedings and the court in the 41bankruptcy 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 the assignment of Receivables to Trust in trust for and for the benefit of the Investors, as envisaged herein, would constitute a true sale.
Risk Mitigation: Normally, specific care is taken in structuring the securitization transaction so as to minimize the risk of the sale to the trust not being construed as a 'true sale'. It is also in the interest of the originator to demonstrate the transaction as a true sell to get the necessary revenue recognition and tax benefits.
• 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 swap 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.
Risk Mitigation: 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.
• Credit Rating of the Transaction / Certificate The credit rating is not a recommendation to purchase, hold or sell the Certificate in as much as the ratings do not comment on the market price of the Certificate or its suitability to a particular investor. 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.
• Risk of Co-mingling With respect to the Certificates, the Servicer will 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 originator. If originator in its capacity as Servicer fails to remit such funds due to Investors, the Investors may be exposed to a potential loss.
42(2) Assessment by the AMC The investment strategy may invest in securitized debt originated by Banks, NBFCs and other issuers. The AMC may evaluate following factors, while investing in securitized
debt: • Originator Acceptance Evaluation Parameters (For Pool Loan and Single Loan Securitization Transactions) • Track record The AMC ensures that there is adequate past track record of the Originator before selection of the pool including a detailed look at the number of issuances in past, track record of issuances, experience of issuance team, etc.
• Willingness to pay As the securitized structure has underlying collateral structure, depending on the asset class, historical NPA trend and other pool / loan characteristics, a credit enhancement in the form of cash collateral, such as fixed deposit, bank, guarantee etc. is obtained, as a risk mitigation measure.
• Ability to pay This assessment is based on a strategic framework for credit analysis, which entails a detailed financial risk assessment.
Management analysis is used for identifying company specific financial risks. One of the most important factors for assessment is the quality of management based on its past track record and feedback from market participants. In order to assess financial risk a broad assessment of the issuer’s financial statements is undertaken to review its ability to undergo stress on cash flows and asset quality. Business risk assessment,
wherein following factors are considered: o Outlook for the economy (domestic and global) o Outlook for the industry o Company specific factors In addition, a detailed review and assessment of rating rationale is done including interactions with the company as well as agency.
➢ Critical Evaluation Parameters (For Pool Loan and Single Loan Securitization Transactions) Typically, the AMC would avoid investing in securitization transaction (without specific risk mitigant strategies / additional cash/security collaterals/ guarantees) if there are concerns on the following issues regarding the originator / underlying issuer:
• High default track record/ frequent alteration of redemption conditions / covenants • High leverage ratios – both on a standalone basis as well on a consolidated level/ group level 43• 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.
➢ Advantages of Investments in Single Loan Securitized Debt • Wider Coverage: A Single Loan Securitized Debt market offers a more diverse range of issues / exposures as the Banks / NBFCs lend to larger base of borrowers.
• Credit Assessment: Better credit assessment of the underlying exposure as the Banks / NBFCs ideally co-invest in the same structure or take some other exposure on the same borrower in some other form.
• Better Structuring: Single Loan Securitized Debt investments facilitates better structuring than investments in plain vanilla debt instruments as it is governed by Securitization guidelines issued by RBI.
• Better Legal documentation: Single Loan Securitized Debt structures involve better legal documentation than Non-Convertible Debenture (NCD) investments. • End use of funds: Securitized debt has better standards of disclosures as well as limitation on end use of funds as compared to NCD investments wherein the end use is general corporate purpose.
• Yield enhancer: Single Loan Securitized Debt investments give higher returns as compared to NCD investments in same corporate exposure. • Regulator supervision: Macro level supervision from RBI in Securitization Investments as compared to NCD investments.
• Tighter covenants: Single Loan Securitized Debt structures involve tighter financial covenants than NCD investments. ➢ Disadvantages of Investments in Single Loan Securitized Debt • Liquidity risk: Investments in Single Loan Securitized Debts have relatively less liquidity as compared to investments in NCDs.
• Co-mingling risk: Servicers in a securitization transaction normally deposit all payments received from the obligors into a collection account. However, there could be a time gap between collection by a servicer and depositing the same into the collection account. In this interim period, collections from the loan agreements by the servicer may not be segregated from other funds of the servicer. If the servicer fails to remit such funds due to investors, investors in the Investment strategy may be exposed to a potential loss.
Table below illustrates examples that may be applied while evaluating investment decision
relating to a pool securitization transaction:
Characteristics/Type Mortga Commercial CAR 2 Micro Personal of Pool ge Loan Vehicle and wheeler Finance Loans Construction s Pools Equipment 44Approximate 36-120 12- 60 12-60 15-48 15-80 5 months Average maturity (in month months months month weeks -3 years Months) s s Collateral margin 3-10% 4-12% 4-13% 4-15% 5-15% 5-15% (including cash ,guarantees, excess interest spread , subordinate tranche) Average Loan to 75%- 80%-98% 75%- 70%- Unsecured Unsecure Value Ratio 95% 95% 95% d Average seasoning 3-5 3-6 months 3-6 3-5 2-7 weeks 1-5 of the Pool month months month months s s Maximum single 4-5% 3-4% NA NA NA (Very NA (Retail exposure range (Retail (Retail Small Pool) Pool) Pool) Retail loan) Average single 0.5%- 0.5%-3% <1% of <1% of <1% of the <1% of exposure range % 3% the Fund the Fund size the Fund size Fund size size
Notes: • Retail pools are the loan pools relating to Car, 2 wheelers, micro finance and personal loans, wherein the average loan size is relatively small and spread over large number of borrowers. • Information illustrated in the Tables above, is based on the current scenario relating to Securitized Debt market and is subject to change depending upon the change in the related factors.
• The level of diversification with respect to the underlying assets, and risk mitigation measures for less diversified investments • Majority of our securitized debt investments shall be in asset backed pools wherein the AMC may have underlying assets as Medium and Heavy Commercial Vehicles, Light Commercial Vehicles (LCV), Cars, and Construction Equipment etc. Where the AMC invests in Single Loan Securitization, as the credit is on the underlying issuer, the AMC focuses on the credit review of the borrower.
In addition to the framework as per the table above, the AMC also take into account following factors, which are analyzed to ensure diversification of risk and measures identified for less
diversified investments: • Size of the Loan The AMC generally analyze the size of each loan on a sample basis and analyze a static pool of the originator to ensure the same matches the static pool characteristics. Also indicates whether there is excessive reliance on very small ticket size, which may result in difficult and costly recoveries. To illustrate, the ticket size of housing loans is generally higher than that of personal loans. Hence in the construction of a housing loan asset pool for say Rs.1,00,00,000/- it may be easier to construct a pool with just 10 housing loans of Rs.10,00,000 each rather than to construct a pool of personal loans as the ticket size 45of personal loans may rarely exceed Rs.5,00,000/- per individual. Also to amplify this illustration further, if one were to construct a pool of Rs.1,00,00,000/- consisting of personal loans of Rs.1,00,000/- each, the larger number of contracts (100 as against one of 10 housing loans of Rs.10 lakh each) automatically diversifies the risk profile of the pool as compared to a housing loan based asset pool.
• Average Original Maturity of the Pool Indicates the original repayment period and whether the loan tenors are in line with industry averages and borrower’s repayment capacity. To illustrate, in a car pool consisting of 60-month contracts, the original maturity and the residual maturity of the pool viz. number of remaining installments to be paid gives a better idea of the risk of default of the pool itself. If in a pool of 100 car loans having original maturity of 60 months, if more than 70% of the contracts have paid more than 50% of the installments and if no default has been observed in such contracts, this is a far superior portfolio than a similar car loan pool where 80% of the contracts have not even crossed 5 installments.
• Default Rate Distribution The AMC generally ensure that all the contracts in the pools are current to ensure zero default rate distribution. 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. The rationale here being, as against 0-30 DPD, the 60-90 DPD is certainly a higher risk category.
• Geographical Distribution Regional/state/ branch distribution is preferred to avoid concentration of assets in a particular region/state/branch. • Loan to Value Ratio Indicates how much % 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 lakhs, 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 lakhs 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 latter would have higher risk of default than the former.
• Average seasoning of the pool Indicates whether borrowers have already displayed repayment discipline. To illustrate, in the case of a personal loan, if a pool of assets consists 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.
46• Risk Tranching Typically, the AMC may avoid investing in mezzanine debt or equity of Securitized debt in the form of sub ordinate tranche, without specific risk mitigant strategies / additional cash / security collaterals/ guarantees, etc.
• The mechanism to tackle conflict of interest when the SIF invests in securitized debt of an originator and the originator in turn makes investments in that particular investment strategy of the fund Investments made by the investment strategy in any asset are done based on the requirements of the investment strategy and is in accordance with the investment policy.
All Investments are made entirely at an arm's length basis with no consideration of any existing / consequent investments by any party related to the transaction (originator, issuer, borrower etc.). Investments made in Securitized debt are made as per the Investment pattern of the Investment strategy and are done after detailed analysis of the underlying asset. There might be instances of Originator investing in the same investment strategy but both the transactions are at arm's length and avoid any conflict of interest.
In addition to internal controls in the fixed income investment process, there is regular monitoring by the compliance team, risk management group, and internal review teams.
Normally the issuer who is securitizing instrument is in need of money and is unlikely to have long term surplus to invest in the SIF. • In general, the resources and mechanism of individual risk assessment with the AMC for monitoring investment in securitized debt The risk assessment process for securitized debt, as detailed in the preceding paragraphs, is same as any other credit. The investments in securitized debt are done after appropriate research. The ratings are monitored for any movement. Monthly Pool Performance MIS is received from the trustee and is analyzed for any variation. The entire securitized portfolio is published in the fact sheet and disclosed in the website with details of underlying exposure and originator.
Note: The information contained herein is based on current market conditions and may change from time to time based on changes in such conditions, regulatory changes and other relevant factors. Accordingly, our investment strategy, risk mitigation measures and other information contained herein may change in response to the same.
➢ Risk associated with investment in Gilt Securities Generally, when interest rates rise, prices of fixed income securities fall and when interest rates drop, the prices increase. The extent of fall or rise in prices is a function of the existing coupon, days to maturity and the increase or decrease in interest rates. Price-risk is not unique to government securities but is true for all fixed income securities. The default risk however, in respect of Government securities is zero. Therefore, their prices are influenced only by movement in interest rates in the financial system. On the other hand, in the case of corporate or institutional fixed income securities, such as bonds or debentures, prices are influenced by credit standing of the issuer as well as the general level of interest rates.
47Even though the Government securities market is more liquid compared to other debt instruments, on occasions, there could be difficulties in transacting in the market due to extreme volatility or unusual constriction in market volumes or on occasions when an unusually large transaction has to be put through.
➢ Risks associated with stock lending Stock lending is lending of securities through an approved intermediary to a borrower under an agreement for a specified period with the condition that the borrower will return equivalent securities of the same type or class at the end of the specified period along with the corporate benefits accruing on the securities borrowed.
The risks in security lending consist of the failure of intermediary / counterparty, to comply with the terms of agreement entered into between the lender of securities i.e. the Investment strategy and the intermediary / counterparty. Such failure to comply can result in the possible loss of rights in the collateral put up by the borrower of the securities, the inability of the approved intermediary to return the securities deposited by the lender and the possible loss of any corporate benefits accruing to the lender from the securities deposited with the approved intermediary. The investment strategy may not be able to sell lent out securities, which can lead to temporary illiquidity & loss of opportunity.
Investors are requested to refer to section “How will the Investment strategy allocate its assets?” for maximum permissible exposure to Stock Lending. ➢ Risk associated with investment in Preference Shares • Credit Risk - Investments in Preference Shares are subject to the risk of an issuer's inability to meet dividend and redemption by the issuer. Further, for non-cumulative preference shares, issuer also has an option to not pay dividend on preference shares in case of inadequate profits in any year.
• Liquidity Risk - Preference shares lack a well-developed secondary market, which may restrict the selling ability of the Investment strategy and may lead to the Investment strategy incurring losses till the security is finally sold.
• Unsecured in nature - Preference shares are unsecured in nature and rank lower than secured and unsecured debt in hierarchy of payments in case of liquidation. Thus, there is significant risk of capital erosion in case the company goes into liquidation.
• Market Risk – The investment strategy will be vulnerable to movements in the prices of securities invested by the investment strategy which could have a material bearing on the overall returns from the investment strategy.
➢ Risk associated with investment in Tri Party Repo through CCIL (TREPS) The SIF is a member of securities segment and Tri-party Repo trade settlement of the Clearing Corporation of India (CCIL). All transactions of the SIF in government securities and in Tri-party Repo trades are settled centrally through the infrastructure and settlement systems provided by CCIL; thus reducing the settlement and counterparty risks considerably for transactions in the said segments.
48CCIL maintains prefunded resources in all the clearing segments to cover potential losses arising from the default member. In the event of a clearing member failing to honour his settlement obligations, the default Fund is utilized to complete the settlement. The sequence in which the above resources are used is known as the “Default Waterfall”.
As per the waterfall mechanism, after the defaulter’s margins and the defaulter’s contribution to the default fund have been appropriated, CCIL’s contribution is used to meet the losses. Post utilization of CCIL’s contribution if there is a residual loss, it is appropriated from the default fund contributions of the non-defaulting members.
Thus the investment strategy is subject to risk of the initial margin and default fund contribution being invoked in the event of failure of any settlement obligations. In addition, the fund contribution is allowed to be used to meet the residual loss in case of default by the other clearing member (the defaulting member).
However, it may be noted that a member shall have the right to submit resignation from the membership of the Security segment if it has taken a loss through replenishment of its contribution to the default fund for the segments and a loss threshold as notified have been reached. The maximum contribution of a member towards replenishment of its contribution to the default fund in the 7 days (30 days in case of securities segment) period immediately after the afore-mentioned loss threshold having been reached shall not exceed 5 times of its contribution to the Default Fund based on the last re- computation of the Default Fund or specified amount, whichever is lower.
Further, it may be noted that, CCIL periodically prescribes a list of securities eligible for contributions as collateral by members. Presently, all Central Government securities and Treasury bills are accepted as collateral by CCIL. The risk factors may undergo change in case the CCIL notifies securities other than Government of India securities as eligible for contribution as collateral.
➢ Risk associated with repo transactions in corporate debt securities • Lending transactions The investment strategy may be exposed to counter party risk in case of repo lending transactions in the event of the counterparty failing to honour the repurchase agreement.
However, in repo lending transactions, the collateral may be sold and a loss is realized only if the sale price is less than the repo amount. The risk may be further mitigated through over-collateralization (the value of the collateral being more than the repo amount). Further, the liquidation of underlying securities in case of counterparty default would depend on liquidity of the securities and market conditions at that time. It is endeavoured to mitigate the risk by following an appropriate counterparty selection process, which include their credit profile evaluation and over-collateralization to cushion the impact of market risk on sale of underlying security.
• Borrowing transactions In the event of the investment strategy being unable to pay back the money to the counterparty as contracted, the counter party may dispose of the assets (as they have sufficient margin). This risk is normally mitigated by better cash flow planning to take 49care of such repayments. Further, there is also a Credit Risk that the Counterparty may fail to return the security or Interest received on due date. It is endeavoured to mitigate the risk by following an appropriate counterparty selection process, which include their credit profile evaluation.
➢ Risks associated with Investing in Structured Obligation (SO) & Credit Enhancement (CE) rated securities The risks factors stated below for the Structured Obligations & Credit Enhancement are in addition to the risk factors associated with debt instruments.
Credit rating agencies assign CE rating to an instrument based on any identifiable credit enhancement for the debt instrument issued by an issuer. The credit enhancement could be in various forms and could include guarantee, shortfall undertaking, letter of comfort, etc. from another entity. This entity could be either related or non-related to the issuer like a bank, financial institution, etc. Credit enhancement could also include additional security in form of pledge of shares listed on stock exchanges, etc. SO transactions are asset backed/ mortgage backed securities, securitized paper backed by hypothecation of car loan receivables, securities backed by trade receivables, credit card receivables etc. Hence, for CE rated instruments evaluation of the credit enhancement provider, as well as the issuer is undertaken to determine the issuer rating. In case of SO rated issuer, the underlying loan pools or securitization, etc. is assessed to arrive at rating for the issuer. Following risks are associated with CE and SO:
• Liquidity Risk: SO rated securities are often complex structures, with a variety of credit enhancements. Debt securities lack a well-developed secondary market in India, and due to the credit enhanced nature of CE securities as well as structured nature of SO securities, the liquidity in the market for these instruments is adversely affected compared to similar rated debt instruments. Hence, lower liquidity of such instruments, could lead to inability of the investment strategy to sell such debt instruments and generate liquidity for the investment strategy or higher impact cost when such instruments are sold.
• Credit Risk: The credit risk of debt instruments which are CE rated derives rating based on the combined strength of the issuer as well as the structure. Hence, any weakness in either the issuer or the structure could have an adverse credit impact on the debt instrument. The weakness in structure could arise due to inability of the investors to enforce the structure due to issues such as legal risk, inability to sell the underlying collateral or enforce guarantee, etc. In case of SO transactions, comingling risk and risk of servicer increases the overall risk for the securitized debt or assets backed transactions. Therefore, apart from issuer level credit risk such debt instruments are also susceptible to structure related credit risk.
➢ Risk associated with creation of segregated portfolios • Liquidity risk – A segregated portfolio is created when a credit event occurs at an issuer level in the investment strategy. This may reduce the liquidity of the security issued by the said issuer, as demand for this security may reduce. This is also further accentuated by the lack of secondary market liquidity for corporate papers in India.
50As per SEBI norms, the investment strategy is to be closed for redemption and subscriptions until the segregated portfolio is created, running the risk of investors being unable to redeem their investments. However, it may be noted that, the proposed segregated portfolio is required to be formed within one day from the occurrence of the credit event.
Investors may note that no redemption and subscription shall be allowed in the segregated portfolio. However, in order to facilitate exit to unit holders in segregated portfolio, AMC shall list the units of the segregated portfolio on a recognized stock exchange within 10 business days of creation of segregated portfolio and also enable transfer of such units on receipt of transfer requests. For the units listed on the exchange, it is possible that the market price at which the units are traded may be at a discount to the NAV of such Units. There is no assurance that a deep secondary market will develop for units of segregated portfolio listed on the stock exchange. This could limit the ability of the investors to resell them.
• Valuation risk – The valuation of the securities in the segregated portfolio is required to be carried out in line with the applicable SEBI guidelines. However, it may be difficult to ascertain the fair value of the securities due to absence of an active secondary market and difficulty to price in qualitative factors.
C. Risk Mitigation Strategies The Investment strategy by utilizing a holistic risk management strategy will endeavour to manage risks associated with investing in debt and equity markets. The risk control process involves identifying & measuring the risk through various risk measurement tools.
The Investment strategy has identified following risks of investing in equity and debt and designed risk management strategies, which are embedded in the investment process to manage such risks.
Risks associated with Equity investments Concentration Risk The Investment strategy will try and Concentration risk represents the mitigate this risk by investing across probability of loss arising from heavily large number of companies/sectors and lopsided exposure to a particular group of endeavor to keep stock-specific sectors or securities. concentration risk relatively low.
Market Risk Market risk is a risk which is inherent to The investment strategy is vulnerable to an equity investment strategy. The movements in the prices of securities Investment strategy may use derivatives invested by the investment strategy, to limit this risk.
which could have a material bearing on the overall returns from the investment strategy Derivatives Risk The Investment strategy may invest in As and when the Investment strategy derivative for the purpose of hedging, trades in the derivatives market there are portfolio balancing and other purposes risk factors and issues concerning the use as may be permitted under the of derivatives since derivative products Regulations. Derivatives will be used in are specialized instruments that require the form of Index Options, Index Futures, 51investment techniques and risk analyses Stock Options and Stock Futures and different from those associated with other instruments as may be permitted stocks and bonds. by SEBI. All derivatives trade will be done only on the exchange with guaranteed settlement. Exposure with respect to derivatives shall be in line with regulatory limits and the limits specified in the ISID.
No OTC contracts will be entered into.
Liquidity risk As such the liquidity of stocks that the The liquidity of the Investment Strategy’s fund invests into could be relatively low. investments is inherently restricted by The fund will try to maintain a proper trading volumes in the securities in which asset-liability match to ensure it invests. redemption / Maturity payments are made on time and not affected by illiquidity of the underlying stocks.
Currency Risk The Investment strategy may employ The Investment strategy may invest in various measures (as permitted by foreign securities as permitted by the SEBI/RBI) including but not restricted to concerned regulatory authorities in India. currency hedging (such as currency Since the assets will be invested in options and forward currency exchange securities denominated in foreign contracts, currency futures, written call currency, the INR equivalent of the net options and purchased put options on assets, distributions and income may be currencies and currency swaps), to adversely affected by changes / manage foreign exchange movements fluctuations in the value of the foreign arising out of investment in foreign currencies relative to the INR. securities.
All currency derivatives trade, if any will be done only through the stock exchange platform.
Risks associated with Debt investment Market Risk/ Interest Rate Risk In a rising interest rates scenario the As with all debt securities, changes in investment strategy may increase its interest rates may affect the Investment investment in money market securities Strategy’s Net Asset Value as the prices whereas if the interest rates are of securities generally increase as expected to fall the allocation to debt interest rates decline and generally securities with longer maturity may be decrease as interest rates rise. Prices of increased thereby mitigating risk to that long-term securities generally fluctuate extent.
more in response to interest rate changes than do short-term securities.
Indian debt markets can be volatile leading to the possibility of price movements up or down in fixed income securities and thereby to possible movements in the NAV.
Liquidity or Marketability Risk The Investment strategy may invest in This refers to the ease with which a government securities, corporate bonds security can be sold at or near to its and money market instruments. While valuation yield-to-maturity (YTM). the liquidity risk for government 52securities, money market instruments and short maturity corporate bonds may be low, it may be high in case of medium to long maturity corporate bonds.
The Investment strategy will however, endeavor to minimize liquidity risk by investing in securities having a relatively liquid market.
Credit Risk Credit risk or default risk refers to the risk Management analysis will be used for that an issuer of a fixed income security identifying company specific risks. In may default (i.e., will be unable to make order to assess financial risk, a detailed timely principal and interest payments on assessment of the issuer’s financial the security). statements will be undertaken to review its ability to undergo stress on cash flows and asset quality. A detailed evaluation of accounting policies, off-balance sheet exposures, notes, auditors’ comments and disclosure standards will also be made to assess the overall financial risk of the potential borrower.
Reinvestment Risk Reinvestment risks will be limited to the This risk refers to the interest rate levels extent of coupons received on debt at which cash flows received from the instruments, which will be a very small securities in the Investment strategy is portion of the portfolio value.
reinvested The risk is that the rate at which interim cash flows can be reinvested may be lower than that originally assumed.
Currency Risk The Investment strategy may employ The Investment strategy may invest in various measures (as permitted by foreign securities as permitted by the SEBI/RBI) including but not restricted to concerned regulatory authorities in currency hedging (such as currency India. Since the assets will be invested in options and forward currency exchange securities denominated in foreign contracts, currency futures, written call currency, the INR equivalent of the net options and purchased put options on assets, distributions and income may be currencies and currency swaps), to adversely affected by changes / manage foreign exchange movements fluctuations in the value of the foreign arising out of investment in foreign currencies relative to the INR. securities.
All currency derivatives trade, if any will be done only through the stock exchange platform.
53Derivatives Risk The Investment strategy may invest in As and when the Investment strategy derivative for the purpose of hedging, trades in the derivatives market there portfolio balancing and other purposes are risk factors and issues concerning as may be permitted under the the use of derivatives since derivative Regulations. Mark to Market of swaps, products are specialized instruments netting off of cash flow and default that require investment techniques and provision clauses will be provided as per risk analyses different from those international best practice on a associated with stocks and bonds. There reciprocal basis. Interest Rate Swaps is the possibility that a loss may be will be done with approved counter sustained by the portfolio as a result of parties under pre-approved ISDA the failure of another party (usually agreements. Interest rate swaps and referred to as the “counter party”) to other derivative instruments will be used comply with the terms of the derivatives as per local (RBI and SEBI) regulatory contract. Other risks in using derivatives guidelines.
include the risk of mis-pricing or improper valuation of derivatives and the inability of derivatives to correlate perfectly with underlying assets, rates and indices.
II. Information about the investment strategy:
A. Where will the investment strategy invest? In terms of Regulation 39 and 51 of SEBI MF Regulations, detailed description of the instruments as permitted and subject to the Section “How will the investment strategy allocate its Assets”, the corpus of the Investment Strategy can be invested in any (but not exclusive) of the following securities/ instruments:
i. Equity and equity related securities including convertible bonds and debentures, Indian Depository Receipts (IDRs), warrants carrying the right to obtain equity shares and Units issued by Real Estate Investment Trusts (REITs).
ii. 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).
iii. Securities guaranteed by the Central, State and local Governments (including but not limited to coupon bearing bonds, zero coupon bonds and treasury bills) iv. Debt securities issued by domestic Government agencies and statutory bodies, which may or may not carry a Central/State Government guarantee.
v. Listed and unlisted Corporate debt securities (of both public and private sector undertakings) including corporate bonds having structured obligations and credit enhancements vi. Securities issued by banks (both public and private sector) including term deposit with the banks as permitted by SEBI/RBI from time to time and development financial institutions vii. Money market instruments, as permitted by SEBI/ RBI.
viii. Securitized Debt. ix. The non-convertible part of convertible securities 54x. Derivative instruments like Stock / Index Futures, Stock / Index Options, Interest Rate Swaps, Overnight Index Swaps, Forward Rate Agreements, and such other derivative instruments permitted by SEBI.
xi. Units of domestic and overseas mutual fund Scheme(including ETFs), subject to applicable regulations. xii. Overseas Securities as permitted by Reserve Bank of India and Securities and Exchange Board of India xiii. Infrastructure Investment Trust (InvITs) xiv. Non-Convertible Preference shares (NCPSs), to be considered as debt instruments xv. Cash & Cash equivalents xvi. Any other security as may be permitted by SEBI Subject to the Regulations, the securities mentioned in “Where will the investment strategy invest” above could be listed, unlisted, privately placed, secured, unsecured, rated or unrated and of varying maturity. The securities may be acquired through Initial Public Offerings, secondary market operations, private placement, rights offer (renunciation) or negotiated deals.
The investment strategy may also enter into repurchase and reverse repurchase obligations in all securities held by it as per the guidelines and regulations applicable to such transactions.
Further the investment strategy intends to participate in stock lending as permitted under the Regulations POSITION OF DEBT MARKET IN INDIA There are three main segments in the debt markets in India, viz., Government Securities, Public Sector Units (PSU) bonds, and corporate securities. A bulk of the debt market consists of Government Securities. Other instruments available currently include Corporate Debentures, Bonds issued by Financial Institutions, Commercial Paper, Certificates of Deposits and Securitized Debt. Securities in the Debt market typically vary based on their tenure and rating. Government Securities have tenures from one year to thirty years whereas the maturity period of the Corporate Debt now goes upto sixty years and more (perpetual). Perpetual bonds are now issued by banks as well. Securities may be both listed and unlisted and there is increasing trend of securities of maturities of over one year being listed by issuers.
The yields and liquidity on various securities as on _______ are as under:
Issuer Instrument Maturity Yields (%) Liquidity GOI Treasury Bill 91 Days 5.28% High GOI Treasury Bill 364 Days 5.65% High GOI Short Dated 1-3 Years 5.98% - 6.45% High GOI Medium Dated 3-5 Years 6.45% - 6.76% High GOI Long Dated 5-10 Years 6.76% - 7.02% High Corporates Taxable Bonds (AAA) 1-3 Years 7.42% - 7.70% Medium Corporates Taxable Bonds (AAA) 3-5 Years 7.70% - 7.72% Low to Medium Corporates CDs (A1+) 3 months 6.45% Medium to High Corporates CPs (A1+) 3 months 7.00% Medium to High 55B. What are the investment restrictions? Pursuant to the Regulations and amendments thereto and subject to the investment approach of the Investment Strategy, following investment restrictions are presently applicable to the
Investment Strategy:
1. An investment strategy under Specialized Investment Fund shall not invest more than 20 per cent 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 Act. Such investment limit may be extended to 25 per cent of the NAV of the investment strategy with the prior
approval of the Board of Trustees and Board of Directors of the asset management company:
Provided that such limit shall not be applicable for investments in Government Securities,
treasury bills and triparty repo on Government securities or treasury bills:
Provided further that investments 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:
Provided further that such limit shall not be applicable for investments in case of debt exchange traded funds or such other funds as may be specified by the Board from time to time.
2. No Specialized Investment Fund under all its investment strategies should own more than fifteen per cent of any company’s paid up capital carrying voting rights or fifteen percent of units of REITs issued issued by a single issuer, as the case may be:
Provided that investment in the asset management company or the trustee company of a mutual fund shall be governed by Regulation 6(1)(a):
Provided further that the limit mentioned in sub-regulation (2) above shall be inclusive of ten per cent limit for mutual fund schemes as specified at Item No. 5 under paragraph 13.1 of the Master Circular
Explanation: If a mutual fund under all its schemes owns ten per cent of any company’s paid up capital carrying voting rights, then the Specialized Investment fund under all its investment strategies shall not own more than five per cent of that company’s paid up capital carrying voting rights.
3. No investment strategy of a Specialized Investment Fund shall invest more than 10 per cent of its NAV in the equity shares and equity-related instruments of any entity.
Provided further that the limit shall also be applicable for investment in units of Venture capital funds.
4. A Specialized Investment Fund may invest in the units of InvITs subject to the following: a) No Specialized Investment Fund under all its investment strategies shall own more than 20 per cent of units issued by a single issuer of InvIT:
56Provided that the limit mentioned in clause (a) of sub-regulation 4 above shall be inclusive of 10 per cent limit for mutual fund scheme as specified at Item No. (a)a under paragraph
13.13.5 of the Master Circular.
(b) An investment strategy under Specialized Investment Fund shall not invest -
(i) more than 20 per cent of its NAV in the units of InvITs; and
(ii) more than 10 per cent of its NAV in the units of InvIT issued by a
single issuer:
Provided that the limits mentioned in sub-clauses (i) and (ii) above shall not be applicable for investments in case of index fund or sector or industry specific scheme pertaining to InvIT.
5. Investment Strategy shall not invest in any other unlisted debt instruments including commercial papers (CPs), other than (a) government securities, (b) other money market instruments and (c) derivative products such as Interest Rate Swaps (IRS), Interest Rate Futures (IRF), etc. which are used by Investment Strategiesfor hedging.
However, Investment Strategy may invest in unlisted Non-Convertible Debentures (NCDs) not exceeding 10% of the debt portfolio of the Investment Strategy 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.
For the above purposes, listed debt instruments shall include listed and to be listed debt instruments.
6. The Investment Strategy shall not invest more than 5% of its net assets 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. All such investments shall be made with the prior approval of the Board of Trustees and the Board of AMC.
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, 2026 and various circulars issued thereunder.
7. The Investment Strategy may invest in other Mutual Fund Schemes under ICICI Prudential Mutual Fund or any other Mutual Fund without charging any fees, provided the aggregate investment made by all the Strategies in Mutual Fund Schemes under the same management or in Schemes under management of any other asset management company shall not exceed 5% of the Net Asset Value of the Fund. No investment management fees shall be charged for investing in other Schemes of the Fund or in the Schemes of any other mutual fund.
8. The Specialized investment 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 that a Specialized investment fund may engage in short selling of securities in accordance with the framework relating to short selling and securities lending and borrowing specified by SEBI. Provided further that the Specialized Investment Fund may 57enter 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 RBI in this regard
9. Pending deployment of funds of the Investment Strategy in terms of the investment objective of the Investment Strategy, the Specialized Investment Fund may invest them in short term deposits of scheduled commercial banks in accordance with paragraph 13.7 of the Master
Circular. The following guidelines shall be followed for parking of funds in short term deposits
of Scheduled commercial Banks pending deployment: a. “Short Term” for such parking of funds by Specialized Investment Fund shall be treated as a period not exceeding 91 days. b. Such short term deposits shall be held in the name of the concerned Investment Strategy c. No Investment Strategy shall park more than 15% of the net assets in Short term deposit(s) of all the scheduled commercial banks put together. However, it may be raised to 20% with prior approval of the trustees. 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 Specialized Investment Fund in short term deposits.
d. No Investment Strategy shall park more than 10% of the net assets in short term deposit(s), with any one scheduled commercial bank including its subsidiaries. e. Trustees/Asset Management Companies (AMCs) shall ensure that no funds of an Investment Strategy are parked in short term deposit (STD) of a bank which has invested in that Investment Strategy. Trustees/AMCs shall also ensure that the bank in which an Investment Strategy has STD does not invest in the said Investment Strategy until the Investment Strategy has STD with such bank.
f. Asset Management Company (AMC) shall not be permitted to charge any investment management and advisory fees for parking of funds in short term deposits of scheduled commercial banks.
The above conditions are not applicable to term deposits placed as margins for trading in cash and derivative market.
10. No Investment Strategy shall make any investments in; a) any unlisted security of an associate or group company of the sponsor; or b) any security issued by way of private placement by an associate or group company of the Sponsor; or c) the listed securities of group companies of the Sponsor which is in excess of 25% of its net assets except for investments by equity oriented exchange traded funds and index funds and subject to such conditions as may be specified by the Board.
11. The Investment Strategy shall not invest in Fund of funds Schemes.
12. All investments by Investment Strategy in equity shares and equity related instruments shall only be made provided such securities are listed or to be listed.
13. The Investment Strategy shall not borrow except to meet temporary liquidity needs of the Fund for the purpose of repurchase/ redemption of units or payment of interest to the unit holders. Such borrowings shall not exceed more than 20% of the net assets of the Investment Strategy and the duration of the borrowing shall not exceed a period of 6 months.
14. Transactions are only through dematerialised securities, except for securities specified 58otherwise.
15. Specialized investment fund 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 Investment Strategy. 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 Investment Strategy. However, if Specialized Investment Fund 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. 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 above.
16. An investment strategy under SIF shall not invest more than 20% of its NAV in debt and money market securities issued by a single issuer and rated AAA or 16% in securities rated AA or 12% in securities rated A and below. These instrument limits may be extended by up to 5% of the NAV of investment strategy with prior approval of trustees of MF and board of AMC.
17. An investment strategy under the SIF shall not invest more than 25% of its NAV in debt and money market securities of a particular sector.
18. In accordance with paragraph 13.18 of the Master Circular, 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, , 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 investment strategy. The said limit shall be subject to the offsetting provisions provided under SEBI guidelines.
19. The total exposure at any point of time shall be the sum of exposure through instruments in both the cash market and derivatives market. Passive breaches in any, shall be rebalanced in accordance with the provisions of paragraph 3.11 of the Master Circular.
20. The Investment Strategy will comply with any other Regulation applicable to the investments of mutual funds from time to time.
All investment restrictions shall be applicable at the time of making investment.
59C. Fundamental Attributes Following are the Fundamental Attributes of the Investment Strategy, in terms of paragraph 1.9 of the Master Circular:
1. Type of investment strategy: Please refer to point no. III of ‘Part I. Highlights/Summary of the Investment Strategy’.
2. Investment Objective: Please refer to point no. V of ‘Part I. Highlights/Summary of the Investment Strategy’ and point no. A of ‘Part II. Information about the Investment Strategy’.
3. Terms of Issue: o Liquidity provisions such as listing, repurchase, redemption.
Listing: Being an open ended investment strategy, the Units of the Investment Strategy will not be listed on any stock exchange, at present. The Trustee may, at its sole discretion, cause the Units under the Investment Strategy to be listed on one or more Stock Exchanges. Notification of the same will be made through Customer Service Centres of the AMC and as may be required by the respective Stock Exchanges.
For details on redemption, repurchase of units, please refer section ‘Other Investment Strategy Specific Disclosures’. o Aggregate fees and expenses charged to the investment strategy.
For details on aggregate fees and expenses charged, please refer to section “Part III - Other Details”. o Any safety net or guarantee provided.
The Investment Strategy does not provide guaranteed or assured return.
In accordance with Regulation 22(9) SEBI (MF) Regulations and Clause 1.9.2 of the Master
Circular for Mutual Funds, the Trustees shall ensure that no change in the fundamental attributes of the investment strategy or the trust or fee and expenses payable or any other change which would modify the investment strategy thereunder and affect the interests of
Unitholders is carried out unless: • SEBI has reviewed and provided its comments on the proposal • A written communication about the proposed change is sent to each Unitholder and an advertisement is given in one English daily newspaper having nationwide circulation as well as in a newspaper published in the language of the region where the Head Office of the Mutual Fund is situated; and • The Unitholders are given an option for a period of atleast 30 calendar days to exit at the prevailing Net Asset Value without any exit load.
D. Floors and ceiling within a range of 5% of the intended allocation against each sub class of asset, as per clause 14.5.1 of SEBI master circular for mutual funds dated March 20, 2026: Not applicable.
60E. Other Investment Strategy Specific Disclosures:
Listing and transfer of Listing: Being an open ended investment strategy, the units Units of the investment strategy will not be listed on any stock exchange, at present. The Trustee may, at its sole discretion, cause the Units under the investment strategy to be listed on one or more Stock Exchanges. Notification of the same will be made through Customer Service Centres of the AMC and as may be required by the respective Stock Exchanges.
Transfer:
Transfer of units held in Demat mode:
The Units of the Investment Strategy in demat form can be transferred in accordance with the provisions of SEBI (Depositories and Participants) Regulations, 2018 as may be amended from time to time and as stated in paragraph
15.7.3 of the Master Circular.
Transfer of units held in SOA mode:
Pursuant to the provisions of AMFI Best Practices Guidelines Circular No.116 /2024-25 dated August 14, 2024 and AMFI best practice guidelines no. 135/BP/ 119 /2025-26 dated May 09, 2025, units held by individual unitholders in Non-Demat (‘SoA’) mode can be transferred. Details process on transfer of units under SOA mode, please refer SAI.
Dematerialization of The Unit holders are given an Option to hold the units by units way of an Account Statement (Physical form) or in Dematerialized (‘Demat’) form.
The applicants intending to hold Units in demat mode would be required to have a beneficiary account with a Depository Participant of the NSDL/CDSL and would be required to mention in the application form DP's Name, DP ID No. and Beneficiary Account No. with the DP at the time of purchasing Units during the NFO.
In case, the investor desires to hold the Units in a Dematerialized /Rematerialized form at a later date, the request for conversion of units held in Account Statement (non- demat) mode into electronic (demat) form or vice- versa should be submitted alongwith a Demat/Remat Request Form to their Depository Participant(s). Investors should ensure that the combination of names in the account statement is the same as that in the demat account.
The AMC shall issue units in dematerialized form to a unit holder in a Investment Strategy within two working days 61of the receipt of request from the unit holder.
The holding(s) of the beneficiary account holder for units held in demat mode will be shown in the statement issued by respective Depository Participants (DPs) periodically.
For further details, please refer SAI.
Minimum Target amount The minimum subscription amount to be raised by the (This is the minimum Investment Strategy at the time of new fund offer shall be amount required to Rs.10 crore. operate the investment strategy and if this is not collected during the NFO period, then all the investors would be refunded the amount invested without any return.) Redemption and Subscription subscription frequency The subscription frequency of investment strategy shall be Of the investment daily.
strategy
Redemption:
The redemption frequency of the investment strategy shall be daily.
The Trustees reserves the right to change the Subscription/Redemption frequency in future, subject to SEBI Regulations and any other law, as applicable.
Notice period of the Not applicable investment strategy Maximum Amount to be There is no maximum amount. raised (if any) Minimum Balance Not Applicable Requirement IDCW Policy The Investment strategy is currently not offering IDCW option. However, the said option may be introduced at later date.
The investment strategy currently offers only Growth option. Subscription for IDCW option has been disabled for the Investment strategy. The Trustees reserve the right to enable the IDCW option for the Investment Strategy at a future date.
Allotment (Detailed Allotment procedure: procedure) All Applicants whose monies towards purchase of Units have been realised by the Fund on or before the allotment date, will receive a full and firm allotment of Units,
provided also the applications are complete in all respects 62(including pre-condition of Minimum investment threshold as defined above) and are found to be in order. Any application for subscription of Units may be rejected if found invalid or incomplete.
Applicants under the Investment Strategy will have an option to hold the Units either in physical form (i.e. account statement) or in dematerialized form. Accordingly, the AMC shall allot units either in physical form (i.e. account statement) or in dematerialized form within 5 working days from the date of closure of the NFO period / date of receipt of valid application during Continuous Offer Period.
The Applicants intending to hold the Units in dematerialized mode will be required to have a beneficiary account with a Depository Participant (DP) of the NSDL/CDSL and will be required to mention in the application form DP's Name, DP ID No. and Beneficiary Account No. with the DP at the time of purchasing Units.
The holding(s) of the beneficiary account holder for units held in demat mode will be shown in the statement issued by respective Depository Participants (DPs) periodically.
For applicants applying through 'APPLICATIONS SUPPORTED BY BLOCKED AMOUNT (ASBA)', during NFO, under the Demat mode, on or before allotment, the amount will be unblocked in their respective bank accounts and account will be debited only to the extent required to pay for allotment of Units applied in the application form.
The AMC shall issue units in dematerialized form to a unit holder in a Investment Strategy within two working days of the receipt of request from the unit holder.
Allotment of units will be done after deduction of applicable stamp duty and transaction charges, if any.
For the purpose of allotment of units / refund of monies under NFO the term "working days" shall include Business Days but shall not include Holidays.
Units will be allotted upto 3 decimals. Face Value per unit of all Plans/ Options under the Investment Strategy is Rs.
10.
63Allotment Confirmation:
An allotment confirmation specifying the units allotted shall be sent by way of email and/or SMS not later than 5 business days from the closure of the NFO Period / date of receipt of valid application during Continuous Offer Period to the Unit holder's registered e-mail address and/or mobile number.
Refund In case the investment strategy fails to collect the minimum subscription amount of Rs. 10 Crore, the AMC shall be liable to refund the subscription amount to the Applicants.
Refunds of subscription money, if any, shall be completed within 5 working days from the closure of the New Fund Offer Period. No Interest will be payable by the AMC on any subscription money refunded within 5 working days from the closure of the New Fund Offer Period. Interest on subscription amount will be payable for amounts refunded by the AMC later than 5 working days from the closure of the New Fund Offer Period at the rate of 15% per annum for the period in excess of 5 working days and will be charged to the AMC.
Note: For the purpose of allotment of units / refund of monies under NFO the term "working days" shall include Business Days but shall not include Holidays.
Who can invest The following persons are eligible and may apply for This is an indicative list and subscription to the Units of the Investment Strategy investors shall consult their (subject, wherever relevant, to purchase of units of Mutual financial advisor to Funds being permitted under respective constitutions and ascertain whether the relevant statutory regulations):
investment strategy is - Resident adult individual, either singly or jointly (not suitable to their risk profile. exceeding four) - Minor through parent/lawful guardian - Companies, Bodies Corporate, Public Sector Undertakings, association of persons or bodies of individuals and societies registered under the Societies Registration Act, 1860 (so long as the purchase of units is permitted under the respective constitutions) - Religious and Charitable Trusts (eligible to invest in certain securities) under the provisions of 11(5) of the Income-tax Act, 1961 read with Rule 17C of Income- Tax Rules, 1962 subject to the provisions of the respective constitutions under which they are established permits to invest - Any other trust, including private trusts as may be permitted by their respective Regulator - Non-Government Organizations as may be permitted by their respective Regulator - Partnership Firms and Limited Liability Partnerships
(LLPs) 64- Hindu Undivided Family (HUF) through its Karta - Banks & Financial Institutions - Non-resident Indians/Persons of Indian origin residing abroad (NRIs) on full repatriation basis or on non- repatriation basis - FPIs may invest in the Investment Strategy through submission of physical form in India, subject to compliance with all applicable laws and regulations and the terms, conditions, and documentation requirements stipulated by the AMC/Trustee from time to time and subject to compliance with all applicable laws and regulations.
- Army, Air Force, Navy and other paramilitary funds - Scientific and Industrial Research Organizations - Investment strategies launched under iSIF by the AMC - Other Investment Strategies of AMCs - Alternate Investment Funds, Portfolio Management Services, etc.
- Authorized Government entities as may be approved by State Governments or Central Government - EPFOs - Such other category of investors as may be decided by the AMC/Trustee from time to time provided their investment is in conformity with the applicable laws and SEBI (MF) Regulations.
Investors are requested to ensure compliance with the regulatory guidelines applicable to them, while making such investments.
Every investor, depending on any of the above category under which he/she/ it falls, is required to provide the relevant documents along with the application form as may be prescribed by AMC.
Subject to the SEBI (MF) Regulations, the Trustee may inter-alia reject any application for the purchase of Units if the application is invalid or incomplete or non- permissible under law or if the AMC/Trustee for any other reason does not believe that it would be in the best interest of the Investment Strategy or its Unitholders to accept such an application.
Who cannot invest The following persons are not eligible to invest in the
Investment Strategy: - A person who falls within the definition of the term “U.S.
Person” under ‘Regulation S’ promulgated under the Securities Act of 1933 of the United States, as amended, and corporations or other entities organised under the laws of the U.S. are not eligible to invest in the investment strategy and apply for subscription to 65the units of the Investment Strategy, except for lumpsum subscriptions, systematic transactions and switch transactions requests received from following
individuals: a) Non-resident Indians (NRIs) /Persons of Indian origin (PIOs) who 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 ICICI Prudential Asset Management Company Limited (the AMC)/ICICI Prudential Trust Limited (the Trustee) from time to time.
b) The AMC shall accept such investments subject to the applicable laws and such other terms and conditions as may be notified by the AMC/the Trustee. The investor shall be responsible for complying with all the applicable laws for such investments.
- Person who is resident of Canada or any Canadian jurisdiction under the applicable securities laws. - Such other individuals/institutions/body corporate etc., as may be decided by the AMC from time to time.
The AMC reserves the right to put the transaction requests on hold/reject the transaction request/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.
How to Apply (details) Investors can apply for their transactions requests either offline or online / electronically using the relevant application / transaction request forms available on our website or at any of our Officials Points of Acceptance or any other mode as may be prescribed from time to time.
Offline transaction requests:
The application form / transactions requests for subscription/ redemption can be submitted at official points of acceptance of the AMC and CAMS Transaction
Points provided in the link: https://isif.icicipruamc.com Online / Electronic Transactions: - AMC’s Digital Properties: Investors can undertake transactions via electronic mode through various online facilities offered by the AMC i.e. Website:
(https://isif.icicipruamc.com) and Mobile Application of the AMC mobile app by downloading from the google play store or apple store. - CAMS (RTA) Website and Mobile App: Investor can 66also subscribe to the Units of the Investment Strategy through the website of CAMS (www.camsonline.com) through their mobile app (myCAMS) by downloading from the google play store or apple store.
- MF Utilities (MFU): Investors may purchase units of the Plan(s) under the investment strategy through MFU. All financial and non-financial transactions pertaining to investment strategy of the AMC can also be submitted through MFU either electronically or physically through the authorized Points of Service (“POS”) of MFU. The list of POS of MFU is published on the website of MFU at www.mfuindia.com and may be updated from time to time.
- MFCentral: Investor can also submit their applications through MFCentral, a unified platform for mutual fund transactions and services. - Stock Exchanges: Investors can also subscribe to the Units of the investment strategy on BSE StAR MF Platform, MFSS and NSE NMF II.
- Channel Partners / Execution Only Platforms (EOP): For electronic transactions received from the Channel Partners / EOP with whom the AMC has entered or may enter specific arrangements for all financial transactions relating to the units of investment strategy.
- Pursuant to paragraph 15.10 of the Master Circular, an investor can also subscribe to the New Fund Offer
(NFO) through ASBA facility. ASBAs can be accepted only by SCSB’s whose names appear in the list of SCSBs as displayed by SEBI on its website www.sebi.gov.in.
For the purpose of, determining the applicability of NAV, the time when the request for purchase / sale / switch of units is received in the servers of AMC/ RTA or such other service provider/ transaction platform, shall be considered.
It is mandatory for investors to mention bank account numbers in their applications/requests for redemption.
For more Details, refer SAI.
The policy regarding Not applicable reissue of repurchased units, including the maximum extent, the manner of reissue, the 67entity (the investment strategy or the AMC) involved in the same.
Restrictions, if any, on Subscription: In the interest of the investors and in order the right to freely retain to protect the portfolio from market volatility, the Trustees or dispose of units reserve the right to limit or discontinue subscriptions being offered. under the Investment Strategy for a specified period of time or till further notice subject to SEBI Regulations and any other laws applicable from time to time
Redemption: Suspension or restriction of repurchase/ redemption facility under any Investment Strategy of the mutual fund shall be made applicable only after obtaining the approval from the Boards of Directors of the AMC and the Trustees except for complying with Minimum Investment Threshold. After obtaining the approval from the AMC Board and the Trustees, intimation would be sent to SEBI in advance providing details of circumstances and justification for the proposed action shall also be informed.
Cut off timing for The below cut-off timings and applicability of NAV shall subscriptions/ be applicable in respect of valid applications received at redemptions/ switches the Official Point(s) of Acceptance on a Business Day:
This is the time before For Purchase and Switch-in transactions: which your application a) In respect of valid applications received upto 3.00 (complete in all respects) p.m. and where the funds for the entire amount are should reach the official available for utilization before the cut-off time i.e.
points of acceptance. 3.00 p.m. - the closing NAV of the day shall be applicable. b) In respect of valid applications received after 3.00 p.m. and where the funds for the entire amount are available for utilization on the same day or before the cut-off time of the next business day - the closing NAV of the next Business Day shall be applicable.
c) Irrespective of the time of receipt of application, where the funds for the entire amount are available for utilization before the cut-off time on any subsequent Business Day - the closing NAV of such subsequent Business Day shall be applicable.
d) In case of switches, the request should be received on a day which is a Business Day for the Switch-out investment strategy. Switch-in will be processed at the Applicable NAV (on a Business Day) based on realization of funds as per the redemption pay-out cycle for the switch-out investment strategy.
Since different payment modes have different settlement cycles including electronic transactions (as per arrangements with Payment Aggregators / Banks / Exchanges etc), it may happen that the investor's 68account is debited, but the money is not credited within cut-off time on the same date to the investment strategy bank account, leading to a gap / delay in Unit allotment.
Investors are therefore urged to use the most efficient electronic payment modes to avoid delays in realization of funds and consequently in Unit allotment.
Redemptions including switch-outs: a) In respect of valid applications received upto 3.00 pm on a business day by the Mutual Fund, same day’s closing NAV shall be applicable. b) In respect of valid applications received after the cut
off time by the Mutual Fund: the closing NAV of the next business day.
Transactions through online-mode or electronic mode:
For the purpose of, determining the applicability of NAV, the time when the request for purchase / sale / switch of units is received in the servers of AMC/ RTA or such other service provider/ transaction platform, shall be considered.
Where can the Please refer the AMC’s SIF Webpage at the following link applications for for the list of official points of acceptance, collecting purchase/redemption banker details etc. Downloads - Application Forms, SID, switches be submitted? KIM, SAI & Others | ICICI Prudential Mutual Fund For further details, refer to how to apply section.
Minimum amount for • Minimum Application/Switch In Amount for first time purchase/redemption/s investor in SIF witches - Rs. 10,00,000/- and in multiples of Re.1/- thereafter - For accredited investor Rs. 10,000/- and in multiples (During NFO & on of Re. 1/- thereafter continuous basis) Additionally, the investor may submit the Systematic Investment Plan (SIP) subject to Investor fulfilling minimum subscription amount of Rs.10 Lakhs:
Daily SIP: Rs. 5,000 and in multiples of Re. 1 thereof;
Minimum Installments - 6 Weekly, Fortnightly, Monthly SIP: Rs. 10,000/- and in multiples of Re. 1 thereof; Minimum Installments - 6
Quarterly SIP: Rs. 20,000/- and in multiples of Re. 1 thereof; Minimum Installments - 4 • Minimum Application/Switch In Amount for existing investor who have complied with the Minimum Investment Threshold - Rs. 10,000 (plus in multiple of Re. 1/-).
69Additionally, existing investor may submit the Systematic Investment Plan (SIP)
Daily SIP: Rs. 5,000 and in multiples of Re. 1 thereof;
Minimum Installments - 6 Weekly, Fortnightly, Monthly SIP: Rs. 10,000/- and in multiples of Re. 1 thereof; Minimum Installments - 6
Quarterly SIP: Rs. 20,000/- and in multiples of Re. 1 thereof; Minimum Installments - 4
Note:
Allotment of units will be done after deduction of applicable stamp duty.
Switches allowed from iSIF investment strategies.
Minimum threshold Pursuant to clause 21.4 of the Master Circular, an requirement and aggregate investment by an investor across all consequences of non- investment strategies offered by iSIF, at the Permanent maintenance Account Number (‘PAN’) level, should not be less than Rs.
10 lakhs (‘Minimum Investment Threshold’).
The AMC will monitor compliance with the Minimum Investment Threshold on a daily basis and ensure that there are no active breaches. The AMC will ensure that the investor’s total investment value does not fall below the Minimum Investment Threshold due to redemption transactions initiated by the investor.
Passive breaches (occurrence of instances not arising out of omission and commission by AMC), such as those caused by decline in Net Asset Value (NAV), shall not be treated as a violation of the Minimum Investment Threshold. However, if the total investment value falls below the threshold due to a passive breach, the investor shall only be permitted to redeem the entire remaining investment amount from the SIF.
In case of any active breach of the Minimum Investment Threshold by an investor, including through transactions on stock exchanges or off-market transfers: i. all units of such investor held across investment strategies of the SIF shall be frozen for debit, and ii. a notice of 30 calendar days shall be given to such investor to rebalance the investments in order to comply with the Minimum Investment Threshold.
70Pursuant to the notice to the investor as mentioned above: • in case investor rebalances his/her investments in SIF within the notice period of 30 calendar days, the units of SIF of such investor shall be unfreezed, and no further action shall be taken with regard to compliance with Minimum Investment Threshold.
• In case the investor fails to rebalance the investments within the aforesaid 30 calendar day period, the frozen units shall be automatically redeemed by the AMC, at the applicable Net Asset Value of the next immediate business day after the 30th calendar day of the notice period.
Accounts Statements Account Statements: and Consolidated • The AMC shall send an allotment confirmation Account Statement specifying the units allotted by way of email and/or SMS within 5 Business Days of receipt of valid application/transaction to the Unit holders registered e- mail address and/ or mobile number.
• In case of a specific request received from the unit holder, the AMC shall provide the account statement to the investors within 5 business days from the receipt of such request.
Consolidated Account Statement (CAS): • The Consolidated Account Statement (CAS) for each calendar month will be issued on or before fifteenth day of succeeding month to the investors. Further, CAS will be sent via email where any of the folios consolidated has an email id or to the email id of the first unit holder as per KYC records.
• In case if no transaction has taken place in a folio during the period of six months ended September 30 and March 31, the CAS detailing the holdings across all SIF Investment Strategies, shall be emailed at the registered email address of the unitholders on half yearly basis, on or before twenty first day of succeeding month, unless a specific request is made to receive the same in physical form.
• Investors may note that Half-yearly CAS shall be issued to all investors, excluding those investors who do not have any holdings in any of SIF investment strategies and where no commission against their investment has been paid to distributors, during the concerned half- year period.
• In case of the units are held in dematerialized (demat) form, the statement of holding or Consolidated Account Statement (CAS) of the beneficiary account holder will be sent by the respective Depositories in accordance 71with SEBI Master circular for Depositories. Dispatch of CAS by the depositories would constitute compliance by the AMC/ the Mutual Fund with the requirement under Regulation 34(1) of SEBI (Mutual Funds) Regulations, 2026.
• In the case of joint holding in a folio, the first named Unit holder shall receive the CAS/account statement. The holding pattern has to be same in all folios across Specialized Investment Funds for CAS.
• Each CAS issued to the investors shall also provide the total purchase value / cost of investment in each investment strategy. • The AMC reserves the right to furnish the account statement in addition to the CAS, if deemed fit in the interest of investor(s).
For further details, refer SAI.
Redemption The redemption or repurchase proceeds shall be dispatched to the unitholders within three working days from the date of redemption or repurchase.
For list of exceptional circumstances refer paragraph
15.3.3 of the Master Circular. For investment strategies investing atleast 80% of total assets in permissible overseas investments as per Clause 13.11 of the Master
Circular, the transfer of redemption or repurchase proceeds to the unitholders shall be made within five working days from the date of redemption or repurchase.
Bank Mandate In order to protect the interest of Unit holders from fraudulent encashment of redemption / IDCW cheques, SEBI has made it mandatory for investors to provide their bank details viz. name of bank, branch, address, account type and number, etc. to the AMC. Payment will be made only in the Bank Account registered with the Mutual Fund.
No bank account shall be registered in the investor account/folio as part of account opening or subsequent addition or change of bank request unless a validation is undertaken through any one of the following modes whereby the investors name, account number /details are verified and validated.
The AMC would validate the Bank Account details through PAN based account validation facility provided by NCPI or Penny Drop facility. Where the bank mandate cannot be validated by any of the stated methods, the bank account validation may be done on the basis of the
any one of the following documents: a) Original cancelled cheque having the First Holder Name and bank account number printed on the 72cheque. b) Original bank statement reflecting the First Holder Name, Bank Account Number and Bank Name as specified in the application.
c) Self-certified cheque copy/bank passbook and verified with the original by AMC/ RTA. d) Photocopy of the bank statement duly attested by the bank manager/ authorized personnel with designation, employee number and bank seal.
e) Confirmation by the bank manager with seal, designation and employee number on the bank’s letter head confirming the name of investor, account type, bank branch, MICR and IFSC code of the bank branch. The letter should not be older than 3 months.
If the bank account details cannot be validated, the AMC reserves the right to reject the application and in case of redemption, the payout will be issued by way of warrant/cheque.
In case the bank account details are not mentioned or found to be incomplete or invalid in a purchase application, then the AMC may consider the account details as appearing in the investment amount cheque and the same shall be updated under the folio as the payout bank account for the payment of redemption amount etc.
The AMC reserves the right to call for any additional documents as may be required, for processing of such transactions with missing/ incomplete/ invalid bank account details. The AMC also reserves the right to reject such applications.
In case of units held in demat mode, payment will be made to the bank account linked to the demat account.
The bank account registered in the folio of a minor should be that of the minor or should be a joint account of the minor with the guardian. Applications without complete bank details shall be rejected. The AMC will not be responsible for any loss arising out of fraudulent encashment of cheques/ warrants and/ or any delay/ loss in transit.
Change in Bank Account For investors holding units in demat mode, the procedure for change in bank details would be as determined by the depository participant.
For investors holding units in non-demat mode, the Unit 73holders may change their bank details registered with the Mutual Fund by submitting 'Multiple Bank Account Registration Form' or a standalone separate Change of Bank Details Form.
Delay in payment of The Asset Management Company shall be liable to pay redemption / repurchase interest to the unitholders at 15% per annum as specified proceeds/IDCW vide paragraph 15.4 of the Master Circular for the period of such delay.
IDCW – Not applicable The investment strategy currently offers only Growth option.. The Trustees reserve the right to enable the IDCW option for the Investment Strategy at a future date.
However, the AMC will not be liable to pay any interest or compensation or any amount otherwise, in case the AMC / Trustee is required to obtain from the investor / unit holders verification of identity or such other details relating to subscription for Units under any applicable law or as may be required by a regulatory body or any government authority, which results in delay in processing the application.
Unclaimed Redemption The treatment of unclaimed redemption will be in and IDCW accordance with paragraph 15.5 of the Master Circular.
IDCW – Not applicable The investment strategy currently offers only Growth option. The Trustees reserve the right to enable the IDCW option for the Investment Strategy at a future date.
Disclosure w.r.t Pursuant to paragraph 15.13 of the Master Circular, a investment by Minors minor can invest through his/her parent/lawful guardian and Payment for investment shall be accepted from the bank account of the minor, parent or legal guardian of the minor, or from a joint account of the minor with parent or legal guardian.
Upon the minor attaining the status of major, the minor in whose name the investment was made, shall be required to provide all the KYC / FATCA details, updated bank account details including cancelled original cheque leaf of the new account and his/her specimen signature duly authenticated by banker/guardian. Investors shall additionally note that, upon the minor attaining the status of major, no further transactions shall be allowed till the status of the minor is changed to major.
For further details, please refer to SAI.
74Any other disclosure Nomination:
SEBI (Mutual Funds) Regulations, 2026 notifies that the mutual fund shall provide nomination facility to the unit holders to nominate a person in whose favour the units shall be transmitted in the event of death of the unitholder.
Any new investor, investing in Mutual Fund Units shall mandatorily have to provide nomination or Opt out of nomination through physical or online mode. The requirement of nomination shall be optional for jointly held folios. For detailed guidelines on Nomination please refer to SAI.
KYC rules for investors:
All the prospective and existing investors / Unit holders of the Fund are requested to note that, pursuant to SEBI Master Circular on Know Your Client (KYC) norms for the securities market dated October 12, 2023, regarding uniformity in KYC process in the securities market and development of a mechanism for centralization of the KYC records, the following KYC procedure is being carried out:
A) Requirement of PAN: • In order to strengthen the KYC norms and identify every participant in the securities market with their respective PAN thereby ensuring sound audit trail of all the transactions, PAN shall be the unique identification number for all participants transacting in the securities market, irrespective of the amount of transaction • The following are exempted from the mandatory
requirement of PAN: a. Transactions undertaken on behalf of Central Government and/or State Government and by officials appointed by Courts e.g. Official liquidator, Court receiver etc. (under the category of Government) for transacting in the securities market.
b. Investors residing in the state of Sikkim. c. UN entities/multilateral agencies exempt from paying taxes/filing tax returns in India.
B) List of Officially Valid Documents (OVDs):
The aforesaid circular specifies list of documents considered as Officially Valid Documents for Proof of Identity (PoI) and Proof of Address (POA). The
investor shall visit the https://isif.icicipruamc.com of the Specialised Investment Fund and go on KYC Corner section which will have FAQs providing required details.
75C) Methods for completing KYC process and know your
KYC status:
Physical KYC process: • To bring uniformity in KYC process, SEBI has introduced a common KYC application form for all the SEBI registered intermediaries viz. Mutual Funds, Depository Participants, Stock Brokers, etc.
are therefore requested to use the Common KYC application form to apply for KYC and mandatorily undergo - In Person Verification (IPV) requirements. For Common KYC Application Form please visit our website
https://isif.icicipruamc.com
Digital KYC process: • The investor shall visit the
https://isif.icicipruamc.com of the Specialised Investment Fund and go on new investor section and fill up the required details and online KYC form and submit requisite documents. Digital KYC process will be in accordance with SEBI Master
circular of KYC dated October 12, 2023.
Review of KYC status by existing investors:
The investor shall visit the https://isif.icicipruamc.com of the Mutual fund and go on KYC Corner in Quick link
section and fill up the required details to check their KYC status. Further, if investors wish to modify its KYC status, the same can also be done from that section of the website.
III. Other Details a. Periodic Disclosures • Portfolio Disclosures The SIF shall disclose portfolio (along with ISIN), including derivative instruments, as on the last day of every alternate month (i.e. as on the end of May, July, September, November, January and March) for all its investment strategies on the respective AMC website i.e. Downloads - Application Forms, SID, KIM, SAI & Others | ICICI Prudential Mutual Fund and on the website of AMFI i.e www.amfiindia.com. within 10 days from the close of such month in a user friendly and downloadable spreadsheet format.
The AMC shall send via email investment strategy portfolio within 10 days from the close of each alternate month respectively. The AMC shall send the details of the portfolio while communicating the statement of investment strategy portfolio at the end of every alternate month via email or any other mode as may be communicated by SEBI/AMFI from time to time within the prescribed timelines. The AMC shall provide a feature wherein a link is provided to the investors to their registered email address to enable the 76investor to directly view/download only the portfolio of investment startegies subscribed by the said investor. The portfolio disclosure shall also include the investment strategy risk-band, name of benchmark and risk- band of benchmark.
AMCs shall declare on their website the hosting of the monthly/fortnightly statement of its schemes portfolio on their respective website and on the website of AMFI and the modes such as SMS, telephone, email or written request (letter) through which a unit holder can submit a request for a physical or electronic copy of the statement of scheme portfolio The unitholders whose e-mail addresses are not registered with the SIF are requested to update / provide their email address to the Fund for updating the database. The AMC shall provide a physical copy of the statement of Strategy portfolio, without charging any cost, on specific request received from a unit holder.
• Annual Report The investment strategy wise annual report in a machine readable format shall be hosted on the website of the AMC and on the website of the AMFI. The link for the same will be prominently displayed on the AMC’s website i.e. Downloads - Application Forms, SID, KIM, SAI & Others | ICICI Prudential Mutual Fund and the physical copies shall be made available to the unit holders, at their registered offices at all times.
AMCs shall send an email/SMS to all unitholders regarding the hosting of investment strategy wise annual report on their website and on the website of AMFI. AMCs shall e- mail the scheme annual reports in machine readable formats, to all such unit holders, whose email addresses are registered with the Mutual Fund, within 4 months from the date of closure of the relevant financial year.
• Half – Yearly Financial Results The AMC shall within one month from the close of each half year, that is on 31st March and on 30th September, host its unaudited financial results on their website i.e. Downloads - Application Forms, SID, KIM, SAI & Others | ICICI Prudential Mutual Fund.
• Disclosure on Risk-Band and Summary Documents In accordance with paragraph 21.12 of the Master Circular, Risk- band shall be evaluated on a monthly basis and SIFs/AMCs shall disclose the Risk-Band for all their investment strategies on their respective website and on AMFI website within 10 days from the close of each month. Any change in Risk-band of the investment strategy or benchmark shall be communicated by way of Notice cum Addendum and by way of an e-mail or SMS to unitholders of that particular investment strategy. Further, the SIFs shall disclose the risk level of investment strategies as on March 31st of every year, along with number of times the risk level has changed over the year, on their websites and AMFI website.
Risk Band shall have following five levels of risk (low to very high) for the Investment
Strategy as follows: a. Risk Band Level 1 b. Risk Band Level 2 c. Risk Band Level 3 d. Risk Band Level 4 77e. Risk Band Level 5 The evaluation of risk levels of investment strategy shall be done in accordance with the aforesaid circular.
An Investment Strategy Summary Document (SSD) contains details such as features, Fund Manager details, investment details, investment objective, expense ratio etc will be made available on the website of the AMC and AMFI. The SSD will be updated within 5 working days from the date of change or modification in the Investment Strategy.
b. Scenario Analysis for Derivatives Positions (As specified by AMFI) A. The assumptions are based on a strategy wherein a Fund has:
1. Long exposure towards Nifty futures (long) and short exposure towards Banking and IT Sectors.
2. Return assumptions: a. Nifty: 10% b. IT Sector: -15% c. Banking: 8.5%
3. The assumption is based on movement in Nifty +/-10% and the return expectation in IT and Banking maintains status quo.
B. The outcome reflects: a. Nifty (long position) moving +/- 10%, will have positive/negative impact on the returns generated from Nifty. b. Nifty moving +/- 10% shall have direct impact on banking and IT sector. Hence.
when Nifty moves up Banking sector will generate positive returns, whereas, IT will generate negative returns and vice versa. i. Considering the short position in IT sector and negative return consideration for IT (as compared to Nifty, 10% Nifty compared to -15% IT), the position shall generate positive/ negative performance in IT, when Nifty generates a positive/ negative performance.
ii. Considering the short position in Banking sector and positive return consideration for Banking (as compared to Nifty, 10% Nifty compared to 8% Banking), the position shall generate negative/ positive performance in Banking, when Nifty generates a positive/ negative performance.
The illustration assumes a negative correlation between Nifty and IT sector & positive correlation between Nifty and Banking sector. Since major stocks from Nifty 50 forms part of IT & Banking sector, the same were considered for the illustration. The illustration is further explained in the table below.
The following table shows the performance of Nifty50 index and individual
performance of other indices:
Nifty50 10.00% IT Sector -15.00% Banking Sector 8.50% 78Total AUM of Investment ₹ 100,000,000 Strategy Scenario 1: Without any unhedged short derivative exposure:
Weight Net Asset Value PnL (Nifty up by PnL (Nifty down Portfolio (NAV/Tot
(NAV) 10%) by 10%) al NAV) Equity Nifty50 95.0% ₹ 95,000,000 ₹ 9,500,000 ₹ (9,500,000) Cash - 5.0% ₹ 5,000,000 - - Total 100.0% ₹ 100,000,000 ₹ 9,500,000 ₹ (9,500,000)
9.50% (9.50%) Scenario 2: 25% short exposure in IT Sector Weight (NAV/T Net Asset Value PnL (Nifty up PnL (Nifty Portfolio otal (NAV) by 10%) down by 10%) NAV) Equity Nifty50 70.0% ₹ 70,000,000 ₹ 7,000,000 ₹ (7,000,000) Unhedg ed IT
25.0% ₹ 25,000,000 ₹ 3,750,000 ₹ (3,750,000) Futures Sector Short Cash 5.0% ₹ 5,000,000 - -
100.000 Total ₹ 100,000,000 ₹ 10,750,000 ₹ (10,750,000) %
10.75% (10.75%) Scenario 3: 25% short exposure in Banking Sector Weight (NAV/T Net Asset PnL (Nifty up PnL (Nifty down Portfolio otal Value(NAV) by 10%) by 10%) NAV) Equity Nifty50 70.0% ₹ 70,000,000 ₹ 7,000,000 ₹ (7,000,000) Unhed Bankin ged g 25.0% ₹ 25,000,000 ₹ (2,125,000) ₹ 2,125,000 Future Sector s Short Cash 5.0% ₹ 5,000,000 - -
100.000 Total ₹ 100,000,000 ₹ 4,875,000 ₹ (4,875,000) %
4.88% (4.88%) Scenario 4: 15% short exposure in IT Sector and 10% short exposure in Banking sector Weight Net Asset PnL (Nifty up PnL (Nifty down Portfolio (NAV/Tot Value(NAV) by 10%) by 10%) al NAV) 79Equity Nifty50 70.0% ₹ 70,000,000 ₹ 7,000,000 ₹ (7,000,000) Unhed ged IT
15.0% ₹ 15,000,000 ₹ 2,250,000 ₹ (2,250,000) Future Sector s Short Unhed Bankin ged g 10.0% ₹ 10,000,000 ₹ (850,000) ₹ 850,000 Future Sector s Short Cash 5.0% ₹ 5,000,000 - - Total 100.000% ₹ 100,000,000 ₹ 8,400,000 ₹ (8,400,000)
8.40% -8.40%
Note:
1. Equity Derivatives may include exchange traded Futures and Options on equity securities.
2. NAV is representative of the market value at the asset level and aggregates to 100% at the fund level. c. Liquidity risk management tools and its applicability – Not applicable d. Transparency/NAV Disclosure (Details with reference to information given in Section I) The AMC will calculate and disclose the first NAV of the Investment Strategy not later than 5 Business Days from the date of allotment of units under the NFO. NAV will be determined on every Business Day except in special circumstances. NAV of the Investment Strategy
shall be: • Prominently disclosed by the AMC under a separate head on the AMC’s website (https://isif.icicipruamc.com) by 11.00 p.m. on every business day, • On the website of Association of Mutual Funds in India - AMFI (www.amfiindia.com) by 11.00 p.m. on every business day, and • Shall be made available at all Customer Service Centres of the AMC.
The investment strategy is permitted to take exposure to overseas securities. In such cases where the investment strategy has taken exposure to overseas securities, the NAV of the relevant investment strategy would be declared by 10.00 a.m. on the following business day.
In case the investment strategy ceases to hold exposure to any overseas securities during a business day, NAV of the investment strategy for that day would continue to be declared on 10.00 am on the following business day. Subsequent to that day, NAV of the relevant investment strategy shall be declared on 11.00 p.m., on the same day.
In case of any delay, the reasons for such delay would be explained to AMFI and SEBI by the next business day. If the NAVs 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 and explaining when the Fund would be able to publish the NAVs.
e. Transaction charges and stamp duty No transaction charges to be levied on the investment amount from transactions/applications (including SIPs) received through distributors (i.e. for Regular 80Plans). Accordingly, payment of transaction charges to the distributors has been discontinued.
Please refer to SAI for more details
Stamp Duty:
Pursuant to Notification No. S.O. 1226(E) and G.S.R. 226(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, a stamp duty @ 0.005% of the transaction value would be levied on applicable mutual fund transactions, with effect from July 1, 2020. Accordingly, pursuant to levy of stamp duty, the number of units allotted on purchase transactions to the unitholders would be reduced to that extent.
f. Associate Transactions- Please refer to Statement of Additional Information (SAI). g. Taxation- As per the provisions of the Income Tax Act, 2025 as amended from time to time, taxation on investing in mutual funds is mentioned below.
"Equity oriented fund" has been defined to mean a fund set up under a scheme of a mutual fund specified in Schedule VII (Table Sl. No. 20 and 21) and —
(i) in a case where the fund invests in the units of another fund which is traded on a recognised stock exchange,—
(A) a minimum of 90% of the total proceeds of such fund is invested in the units of such other fund; and
(B) such other fund also invests a minimum of 90% of its total proceeds in the equity shares of domestic companies listed on a recognised stock exchange; and
(ii) in any other case, a minimum of 65% of the total proceeds of such fund is invested in the equity shares of domestic companies listed on a recognised stock exchange Particulars Tax rates# applicable Tax rates# applicable Tax rates applicable for Resident Investors for Non-Resident for Mutual Fund (Refer note 2) Investors (Refer note 2) Tax on Taxable as per Taxable as per Nil IDCW applicable tax rates applicable tax rates Long Term 12.5% without 12.5% without Capital Gains Indexation Indexation on sale of (Exceeding INR 1.25 (Exceeding INR 1.25 listed and Lakhs) in case of Lakhs) without unlisted units redemption of units Indexation in case of Nil where STT is payable redemption of units on redemption [u/s where STT is paid on 198] transfer [u/s 198] ( held for more than 12 81months) (held for more than 12 months) Short Term 20% without 20% without Capital Gains Indexation on Indexation on on sale of redemption of units redemption of units listed and where STT is payable where STT is payable unlisted units on redemption (u/s on redemption (u/s Nil
196) 196) (held for less than 12 (held for less than 12 months) months)
1. Income of the Mutual Fund is exempt from income tax in accordance with the provisions of
Section 11(3) read with Sr. No. 20 of Schedule VII of the Act.
2. If the total income of a resident investor (being individual or HUF) [without considering such Long Term Capital Gains / Short Term Capital Gains] is less than the basic exemption limit, then such Long-term capital gains/short-term capital gains should be first adjusted towards basic exemption limit and only excess should be chargeable to tax.
3. Non-resident investors may be subject to a separate of tax regime / eligible to benefits under Tax Treaties, depending upon the facts of the case. The same has not been captured above.
4. A rebate of up to Rs. 12,500 is available under the old regime for resident individuals whose total income does not exceed Rs. 5,00,000.
5. Section 156 of the Act to provide that where an Individual apply for lower slab rates
provided under section 202(1) of the Act (i.e. the new regime): i. The total income does not exceed twelve lakhs rupees, a rebate shall be provided on tax to the extent of an amount equal to 100% of such income-tax or an amount of INR 60,000 (whichever is less);
ii. The total income exceeds twelve lakhs rupees and the income-tax payable on such total income exceeds the amount by which the total income is in excess of twelve lakhs rupees, a rebate shall be provided on tax of an amount equal to the amount by which the tax payable is in excess of the amount by which the total income exceeds twelve lakhs rupees.
Further, such rebate of income-tax will not be available on tax on incomes chargeable to tax at special rates (for e.g.: capital gains u/s 196, 197 and 198 of the Act etc.) # Excluding applicable surcharge and cess.
h. Rights of Unitholders- Please refer to SAI for details. i. List of official points of acceptance: The details of the points of acceptance/ Additional official transaction acceptance points CAMS Transaction Points) can be accessed at the
following link: Downloads - Application Forms, SID, KIM, SAI & Others | ICICI Prudential Mutual Fund 82j. Penalties, Pending Litigation or Proceedings, Findings of Inspections or Investigations for Which Action May Have Been Taken or Is In The Process Of Being Taken By Any Regulatory Authority The details of such penalties, pending litigations 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 can be accessed at the following link: Downloads - Application Forms, SID, KIM, SAI & Others | ICICI Prudential Mutual Fund Notwithstanding anything contained in this Investment Strategy Information Document, the provisions of the SEBI (Mutual Funds) Regulations, 2026 and the guidelines there under shall be applicable.
Note: The Investment Strategy under this Investment Strategy Information Document (ISID) was approved by the Directors of ICICI Prudential Trust Limited on __________. The Trustees have ensured that iSIF Sector Rotation Long-Short Fund approved by them is a new product offered by ICICI Prudential Mutual Fund and is not a minor modification of the existing Investment Strategy.
For and on behalf of the Board of Directors of ICICI Prudential Asset Management Company Limited Sd/- Nimesh Shah Managing Director
Place: Mumbai
Date : _____________ “Investments in Specialized Investment Fund involves relatively higher risk including potential loss of capital, liquidity risk and market volatility. Please read all investment strategy related documents carefully before making the investment decision.” 83iSIF Official Points of Acceptance STATE ADDRESS CITY PINCODE Jharkhand ICICI Prudential Asset Management Company Jharkhand 831 001 Limited, Shantiniketan Building, 1st Floor, 1 S.B.
Shop Area, Bistupur, Main Road, Jamshedpur, Jharkhand Top Link Serenity Building, 1st Floor, Unit No. 102 Jharkhand 834001 & 2nd Floor, Unit No. 202, Line Tank Road, Near Firayalal Chowk, P.O.: Ranchi, Dist.: Ranchi Assam KK Tower, 1st Floor, GS Road, Bora Service Guwahati 781007 Bihar 1st Floor, Kashi Place, Dak Bungalow Road, Patna 800001 Chhattisgarh SCO 463-464, 1st & 2nd Floor, Sector - 35C Chandigarh 160022 ICICI Prudential Asset Management Company Raipur 492001 Ltd. Raheja Tower, 1st Floor, Shop no. 6,7,8 & 9, Jail Road, Raipur - 492001, Chhattisgarh Goa Ground floor, Shop No. G 2, Milroc Lar Meneze, Panjim 403001 Swami Vivekanand Road, Opposite Old Passport Office, Panjim UG-20, Vasant Arcade, Behind Police Station, GOA 403601 Comba, Margao Gujarat Shop No 2,3,4and5 ,Madhav Arcade,-Opp Garden, Rajkot 360001 Nr RMC Commissioner, Bunglow,-Ram Krishna Nagar Main Road HG 30, B Block, International Trade Center, Majura Surat 395002 Gate First Floor, Unit no 108,109,110,Midtown Heights, Baroda 390007 Opp Bank of Baroda, Jetalpur Road (Vadodara) 307, 3rd Floor, Zodiac Plaza, Beside NABARD Ahmedabad 380009 VIHAR, Near St. Xavier's College Corner,H.L Collage Road, Off C. G. Road Ground Floor, Unit no 2&3, Bhayani Mension, Jamnagar 361001 Gurudwara Road Valsad, Unit no A1&A2, Ground Floor, Zenith Valsad 396001 Doctor House, Halar Cross Road, Valsad Unit No. 129, First Floor, Narayan Empire, Anand 388001 Anand - Vidhyanagar Road ICICI Prudential Asset Management Company 370001 Limited, Ground Floor - 43, Jubilee Colony, Jubilee Bhuj Circle, Near Phone Wale, Bhuj-Kutch First Floor, Unit no. 107/108,Nexus Business Hub, 392001 City Survey no 2513, ward no 1, Beside Rajeshwar Bharuch Petrol Pump,Opp Pritam Society 2, Mojampur Haryana Scf - 38, Ground floor, Market 2, Sector - 19, 121002 Faridabad Faridabad Unit No 125, First Floor, Vipul Agora Building, 122002 Gurgaon M.G.Road, Gurgaon ICICI Prudential Asset Management company Panipat 132103 Limited, 510-513, ward no.8, 1st floor, Above Federal Bank, opp. Bhatak Chowk, G T Road, 84Panipat Himachal Unit No. 21, First Floor, The Mall Road Shimla 171001 Pradesh Jammu & Unit No. 101, First Floor, South Block A2, Bahu Jammu 180012 Kashmir Plaza Shopping Center, Jammu, Karnataka Ground Floor, Lakshmi Arcade, No: 298/1, Bangalore 560003 17th Cross 2nd Main Road, Sampige Road, Malleswaram ICICI Prudential AMC Ltd. No. 311/7, Ground Floor Bangalore 560041 9th Main, 5th Block, Jayanagar Phoenix Pinnacle, First Floor Unit 101 -104, No 46 Bangalore 560042 Ulsoor Road Ground Floor, No: 644, 6th Block, 17th Main, 100 ft Bengaluru 560095 Road, Near Sony world signal, Koramangala Maximus Commercial Complex, UG 3 & 4 Light Mangalore 575001 House Hill Road Ground Floor, No: 17/A, 8th Cross, 5th Main, Mysore 570009 Kamakshi Hospital Road, Saraswathipuram
Kerala Ground Floor No: 44/856, MM Towers, Thiruvananth 695014 Vazhuthacaud Road, Cotton Hill, Edapazhanji apuram
(Trivandrum) Ground and First Floor, Parambil Plaza, Kaloor Cochin 682017 Kadavanthra road, Kathirkadavu, Ernakulam, Cochin Madhya Unit no. G3 on Ground Floor and unit no. 104 on Indore 452001 Pradesh First Floor, Panama Tower, Manorama Ganj Extension, Near Crown Palace Hotel Ground Floor, Kay Kay Business Center, Ram Bhopal 462023 Gopal Maheshwari, Zone 1,Maharana Pratap Nagar Ground Floor, Radha Sawmi bldg, Plot no 943, Gwalior 474011 Patel Nagar, City Center Ground Floor Unit no 12/13, Plot no. 42/B3, Napier Jabalpur 482001 Town, OPP Bhawartal Garden Maharashtra ICICI Prudential Asset Management Co Ltd,2nd Mumbai 400001 Floor. Brady House,12/14 Veer Nariman Road Fort.
Ground Unit No 3 , First Floor, Unit No - Mumbai 400050 13,Esperanza, Linking Road, Bandra (West) ICICI Prudential Assets Management Company Mumbai 400058 Limited, Vivekanand villa, Opp. HDFC bank, Swami Vivekanand Road, Andheri (West), Mumbai 2nd Floor, Block B-2, Nirlon Knowledge Park, Mumbai 400063 Western Express Highway, Goregaon ICICI Prudential Asset Management Company Mumbai 400077 Limited, Unit No. 1, Ground Floor, RNJ Corporate, Plot no 9, Jawahar Road, Opposite Ghatkopar Railway Station, Ghatkopar East ICICI Prudential Mutual Fund, Ground Floor, Mumbai 400092 85Suchitra Enclave Maharashtra Lane, Borivali
(West) ICICI Prudential Mutual Fund, Ground Floor, Thane 400602 Mahavir Arcade,Ghantali Road, Naupada, Thane West Unit no B15/15C, Ground Floor, Vardhman Navi 400705 Chambers, Plot no. 84, Sector 17,Vashi Mumbai Shop No 1,2,3, Ground Floor of Cross wind, City Nagpur 440010 Survey no 597, Mauza - Ambazari, North Ambazari Road, Gandhi Nagar Ground Floor,Plot no 57, Karamkala, New Pandit Nashik 422002 Colony, Opp Old Municipal Corporation,(NMC) Off Sharanpur Road, ICICI Prudential AMC Ltd,Ground Floor, Office no Pune 411001 6, Chetna CHS Ltd. General Thimayya Marg,Camp-Pune 1205 / 4 / 6 Shivaji Nagar, Chimbalkar House, Opp Pune 411004 Sambhaji Park, J M Road Ground Floor, Empire Estate-4510,Premiser City PUNE 411019 Bldg, Unit No. A-20,Pimpri, Pune Shop no A1,Ground floor, Dhaiwat Viva Palghar 401303 Swarganga,Next to Icici Bank, Aghashi Road, Virar West, Dist -Palghar, Ground Floor, Shop no 1 and 2, Radhe Govind Aurangabad 431001 Bungalow, House No. 212/1, opposite HP gas agency, Samarth Nagar., Chhatrapati Sambhajinagar (Aurangabad) ICICI Prudential AMC Ltd, Neel Empress, Ground Panvel 410206 Floor, Plot No 92, Sector 1/S 1089, E Ward, Anand Plaza, Rajaram Road Kolhapur 416001 ICICI Prudential Asset Management Company Mumbai 421301 Limited, Ground Floor, Unit no .7, Vikas Heights, Ram Baugh, Santoshi Mata Road, Kalyan ICICI Prudential Asset Management Company Mumbai 400064 Limited, Ground Floor, 301, Pai Mansion, 5, Padma Nagar, Ramachandra Lane, Evershine Nagar, Malad West Ground Floor, Pride Coronet, Beside BATA Pune 411045 Showroom, Baner Office no. 102, First Floor, Sai Kiran Apartments, Mumbai 400 071 Plot no 217, 11th Road, Central Avenue, chembur New Delhi ICICI Prudential Asset Management Company New Delhi 110001 Limited, 1201-1212, 12th Floor, Narian Manzil, 23, Barakhamba Road, Connaught Place UNIT No. 17-24, S-1 level, Ground Floor,Block F, Delhi 110019 American Plaza International Trade Tower, Nehru Place Unit No. 123-126, First Floor, Aggarwal Cyber New Delhi 110034 Plaza, Plot No. C-4,5,6, Tower – 1, Netaji Subhash Place, New Delhi – 110034 86ICICI Prudential AMC Ltd, B23, Ground Floor, New Delhi 110058 community Center, Janak Puri Orissa ICICI Prudential Asset Management Company Bhubhanesh 751001 Ltd., Plot No – 381, Khata – 84, MZ Kharvel war Nagar,Near Ram Mandir,Dist – Khurda, Bhubaneswar, Odisha ICICI Prudential Asset Management Company Ltd Cuttack 753012 515, Jagannath Bhawan Complex, Block-B/GF/1, Ground Floor, BK – Professor Pada Road, PO-AD Market, PS Badambadi, Cuttack, Odisha Punjab Ludhiana Stock Exchange Building, built upon Ludhiana 141001 Property bearing Municipal No. 751/133, Khasra No. 720, Feroze Gandhi Market ICICI Prudential AMC Ltd. SCF-30, Ground Floor, Amritsar 143008 Ranjit Avenue, B Block , Amritsar Unit No.22, Ground Floor, City Square Building, EH Jalandhar 144001 197, Civil Lines ICICI Prudential Mutual Fund, Property No. 7, 1st Patiala 147001 Floor, Old MC No 1623/5 III and 1623-E/5, Khewat No. 1892, Khasra No. 95/2-0, situated at Happy Nest, Bhupindra Road, Near Petrol Pump Rajasthan Unit No. D-34, Ground Floor, G - Business Jaipur 302001 Park,Subhash Marg, C Scheme, ICICI Prudential AMC Ltd SHOP NO. 2, RATNAM, Udaipur 313001 PLOT NO.-14, BHATTJI KI BADI ICICI Prudential Asset Management Company Jodhpur 342003 Ltd.Plot no. 437 B, Ground Floor, Sardarpura Shop No 3, Ground floor, Taleda Square, Near Ajmer 3005001 Ajmer Railway Station Unit No. 381-382, Shopping Center, Rawat Bhatta Kota 324006 Road, Near IDBI Bank Tamil Nadu Abithil Square,189, Lloyds Road,Royapettah Chennai 600014 1st Floor, A Wing, Kimbarley Towers, Y-222, 2nd Chennai 600040 Avenue,Anna Nagar Unit No. 2E, at New Door Nos.43 & 44 / Old Nos.96 Chennai 600083 & 97, 11th Avenue, Ashok Nagar Ground Floor, No:1, Father Rhondy Street, Azad Coimbatore 641002 Road, R.S.Puram Door No.24, Ground Floor, GST Road, Tambaram Chennai 600047 Sanitorium, Chennai First Floor, Block No: 138, No: 465/5, 100 Feet By Chennai 600042 Pass Road, Velachery, Chennai – 600 042 Telanga Ground & First Floor, No: 1-10-72/A/2, Hyderabad 500016 Pochampally House, Sardar Patel Road, Begumpet Tripura 11, Central Road, House No. 203775, 1st Floor, Agartala 799001 near Jackson Gate, Uttar Unit No. G-5, Sai square 16/116, (45), Bhargava Kanpur 208001 P radesh Estate Civil Lines Unit No. 1, Ground Floor, 14/113 Kan Chamber, Kanpur 208001 87Civil Line Regency Plaza, Ground and First Floor, 5 Park Lucknow 226001 Road.
D-58/12A-7, Ground Floor, Sigra, Varanasi Varanasi 221010 ICICI Prudential Asset Management Company Allahabad 211001 Limited Shop No FF-1,FF-2 Vashishtha Vinayak Tower,38/1 Tashkant Marg,Civil Lines, Allahabad Unit No. C-65, Ground Floor, Raj Nagar District Ghaziabad 201002 Center First Floor, Sector-18, Noida,Uttar Pradesh,K-20 Noida 201301 Block No 18/4, Red Square, 1st Floor, Sanjay Place Agra 282002 Commercial Complex Ploat no -409 ,1st floor,Gram Chawani,Near Moradabad 244001 Mahila Thana Civil Lines Plot No. 24, First Floor, Block H-A1, Sector - 63, Noida 201301 Noida, Gautam Budh Nagar P P Plaza, Plot No. 177 A/1, Ground Floor, Mangal Meerut 250002 Pandey Nagar Aarna Tower, Shop no. "c", Ground Floor, 1- Dehradun 248001 Uttrakhand Mahant Laxman Dass Road Room No 208, 2nd Floor, Oswal Chambers, 2, Kolkata 700001 Church Lane, Ground Floor, Apeejay House, Block A, 3rd Floor, Kolkata 700 016 Apeejay House, Block A, 15 Park Street, Kolkata, West Bengal 1st Floor, 1/393 Garihat Road (South) Opp. Kolkata 700068 Jadavpur Police Station, Prince Alwar Shah Road Shanti Square, Ground floor, Sevok Road, 2nd Siliguri 734001 Mile, Siliguri, West Bengal Mezzanine Floor, Lokenath Mansion, Sahid Durgapur 713216 Khudiram Sarani, CityCentre ICICI Prudential Asset Management Company Kalyani 741235 Limited, Ground Floor, B-07/25 (S), PO - Kalyani, West Bengal Near central Park More, Dist. – Nadia, West Bengal, Kalyani – 741235.
Shop A & B, Block - A, Apurba Complex, Asansol 713304 Senraleigh Road, Upcar Garden, Ground Floor, Near Axis Bank, Asansol 1st Floor, Siddheswari garden, Building # 181, Kolkata 700074 DUM DUM Road, Kolkata 74/A, Nutanchati, Vani Vihar, Ground Floor, P.O. & Bankura 722101 District - Bankura ICICI Prudential Asset Management Company Purba 713103 Limited Ground Floor G.T. Road, East end Burdwan Muchipara, Burdwan Sadar, Purba Burdwan 79/A, Mukherjee Para Lane, Ground Floor, Hoogly 712201 Sreerampore, Dist. – Hooghly Sr. Nos Email-IDs:
881. TrxnETF@icicipruamc.com
2. TRXN@icicipruamc.com
3. TrxnChandigarh@icicipruamc.com
4. TrxnIndore@icicipruamc.com
5. TrxnJaipur@icicipruamc.com
6. TrxnLucknow@icicipruamc.com
7. TrxnMUMretail@icicipruamc.com
8. TrxnNCRretail@icicipruamc.com
9. TrxnPatna@icicipruamc.com
10. TrxnAhmedabad@icicipruamc.com
11. TrxnBangalore@icicipruamc.com
12. TrxnChennai@icicipruamc.com
13. TrxnDelhi@icicipruamc.com
14. TrxnHyderabad@icicipruamc.com
15. TrxnKerala@icicipruamc.com
16. TrxnKolkatta@icicipruamc.com
17. TrxnMumbai@icicipruamc.com
18. TrxnNRI@icicipruamc.com
19. TrxnPune@icicipruamc.com
Toll Free Numbers and MF central mobile application: • (MTNL/BSNL) 1800222999; • (Others) 18002006666 • Website: https://www.icicipruamc.com/i-sif MF Central platform enables a user-friendly digital interface for investors for execution of transactions in an integrated manner subject to applicable terms and conditions of the Platform.
MF Central will be operational in phased manner starting with non-financial transactions. MF
Central can be accessed using https://mfcentral.com/ and a Mobile App which will be launched in future. Any registered user of MF Central, requiring submission of physical document as per the requirements of MF Central, may do so at any of the designated Investor Service centres or collection centres of Kfintech or CAMS.MF Central application will be available as and when the same is launched.
Computer Age Management Services Limited (“CAMS”/ the “Registrar”), having its principal business at New No 10. Old No. 178, Opp. To Hotel Palm Grove, MGR Salai (K.H.Road) Chennai – 600 034 is the Registrar and Transfer Agent. Website- https://www.camsonline.com/.
Other Cities: Additional official transaction acceptance points (CAMS Transaction Points) 89• Agartala: Nibedita, 1st Floor, JB Road, Palace Compound, Agartala, Near Babuana Tea and Snacks, Tripura (West), Pin – 799 001. • Agra: No. 8, II Floor Maruti Tower Sanjay Place, Agra 282002, Uttar Pradesh • 303 – 304, 3rd Floor Marcado, Opp. Municipal Market, Near President Hotel, C G Road, Ahmedabad – 380009, Gujarat.• Nadiad: F -134, First Floor, Ghantakarna Complex, Gunj Bazar, Nadiad – 387001, Gujarat • Bijapur: Padmasagar Complex, 1st Floor, 2nd Gate, Ameer Talkies Road, Vijayapur (Bijapur) – 568101, Karnataka • Ajmer: Shop No.S-5, Second Floor Swami Complex, Ajmer 305001, Rajasthan • Akola: Opp. RLT Science College Civil Lines, Akola 444001, Maharashtra • Aligarh: City Enclave, Opp. Kumar Nursing Home Ramghat Road, Aligarh 202001, Uttar Pradesh • 18/18A, FF-3, Gayatri Dham Milan Tower, MG Marg, Civil Lines, Prayagraj, Allahabad - 211 001•Assam: Kanak Tower 1st Floor, Opp. IDBI Bank/ICICI Bank, C.K.Das Road, Tezpur Sonitpur, Assam - 784 001• Alleppey: Doctor’s Tower Building, Door No.
14/2562, 1st floor, North of Iorn Bridge, Near Hotel Arcadia Regency, Alleppey 688011, Kerala •
Alwar: 256A, Scheme No:1, Arya Nagar, Alwar 301001, Rajasthan • Sikar: C/O Gopal Sharma & Company, Third Floor, Sukhshine Complex Near Geetanjali Book depot Tapariya Bagichi, Sikar 332001, Rajasthan • Amaravati : 81, Gulsham Tower, 2nd Floor Near Panchsheel Talkies, Amaravati 444601, Maharashtra • Ambala : Shop No. 4250, Near B D Senior Secondary School, Ambala Cantt, Ambala, Haryana – 133 001• Jalpaiguri: Babu Para, Beside Meenaar Apartment, Ward No VIII, Kotwali Police Station, PO & Dist Jalpaiguri, Pincode: 735101, West Bengal •
Amritsar: 3rd Floor, bearing Unit No. 313, Mukut House, Amritsar 143001, Punjab • Anand: 101, A.P. Tower, B/H, Sardhar Gunj Next to Nathwani Chambers , Anand 388001, Gujarat • Anantapur:
AGVR Arcade, 2nd Flsoor, Plot No. 37 (Part), Layout No. 466/79, Near Canara Bank, Sangamesh Nagar, Andhra Pradesh, Pin code - 515001 • Andhra Pradesh : 22b-3-9, Karl Marx Street, Powerpet, Eluru – 534002 • Andheri (parent: Mumbai ISC): CTS No 411, Citipoint, Gundivali, Teli Gali, Above C.T. Chatwani Hall, Andheri 400069, Maharashtra • Angul : Near Siddhi Binayak +2 Science College, Similipada, Angul – 759122, Orissa • Ankleshwar: Shop # F -56,1st Floor, Omkar Complex,Opp Old Colony, Near Valia Char Rasta, G.I.D.C., Ankleshwar 393002, Gujarat • Asansol:
Block – G 1st Floor P C Chatterjee Market Complex Rambandhu Talab P O Ushagram, Asansol 713303, West Bengal • S N Road Bye Lane, Badur Bagan, Near Gouri Shankar, P.O. & Dist.
Coochbehar – 736101, West Bengal. • KH. No. 183/2G, opposite Hotel Blue Diamond, T.P. Nagar, Korba, Chhatisgarh – 495677 • CAMS Service Center, C/o. Rice Education and IT Centre, Near Wireless Gali, Amla Tola, Katihar Bihar – 854105 • Mukherjee Building First Floor, Beside MP Jewellers, next to Mannapuram Ward no. 5, Link Road, Arambag, Hooghly 712 601, West Bengal • House No. 18B, 1st Floor, C/o. Lt. Satyabrata Purkayastha, Opposite to Shiv Mandir, Landmark:
Sanjay Karate Building, Near Isckon Mandir, Ambicapatty, Silchar – 788 004 • Aurangabad:2nd Floor, Block D-21-D-22, Motiwala Trade Centre, Nirala Bazar, New Samarth Nagar, Opp. HDFC Bank, Aurangabad 431001, Maharashtra • Balasore: B C Sen Road, Balasore 756001, Orissa •
Bangalore: Trade Centre, 1st Floor 45, Dikensen Road (Next to Manipal Centre), Bangalore 560042, Karnataka • Karnataka :Shop No. 2, 1st Floor, Shreyas Complex, Near Old Bus Stand, Bagalkot - 587 101, Karnataka • Bangalore: 1st Floor, 17/1, 272, 12th Cross Road, Wilson Garden, Bangalore – 560027 • Bankura: 1st Floor, Central Bank Building Machantala, PO Bankura Dist.
Bankura, West Bengal - 722 101 • Bareilly: F-62, 63, Second Floor,, Butler Plaza Civil Lines, Bareilly 243001, Uttar Pradesh • Belgaum: Classic Complex, Block no. 104, 1st Floor, Saraf Colony Khanapur Road, Tilakwadi, Belgaum - 590 006, Karnataka • Bellary: CAMS Service centre, 18/47/A, Govind Nilaya, Ward No. 20, Sangankal Moka Road, Gandhinagar, Ballari - 583102, Karnataka • Berhampur: First Floor, Upstairs of Aaroon Printers Gandhi Nagar Main Road, Berhampur 760001, Orissa • Bhagalpur: Ground floor, Gurudwara road, Near old Vijaya Bank, Bhagalpur 812 001, Bihar • Purnea: CAMS Service Centre, C/O Muneshwar Prasad, Sibaji Colony, SBI Main Branch Road, Near Mobile Tower, Purnea – 854301, Bihar • Bharuch: A-111, First Floor, R K Casta, Behind Patel Super Market, Station Road, Bharuch - 392001, Gujarat • Bhatinda: 2907 GH,GT Road Near Zila Parishad, Bhatinda 151001, Punjab • Bhavnagar: 501-503, Bhayani 90Skyline, Behind Joggers Park, Atabhai Road, Bhavnagar, Gujarat, Pin code – 364 001. • Bhilai:
Shop No. 117, Ground Floor, Khicharia Complex, Opposite IDBI Bank, Nehru Nagar Square, Bhilai 490020, Chattisgarh • Bhilwara: Indraparstha tower Shop Nos 209-213, Second floor, Shyam ki sabji mandi Near Mukharji garden, Bhilwara 311051, Rajasthan • Bhojpur: Ground Floor, Old NCC Office, Club Road, Arrah – 802301, Bhojpur, Bihar • Bhopal: Plot No . 10, 2nd floor, Alankar Complex, Near ICICI Bank, M P Nagar, Zone II, Bhopal 462011, Madhya Pradesh • Bhubaneswar:
101/ 7, Janpath, Unit-III, Bhubaneswar 751001, Orissa • Bhuj: Tirth kala, First Floor, Opp. BMCB Bank, New Station Road, Bhuj, Kutch – 370 001, Gujarat • Bolpur: Room No. FB26, 1st Floor, Netaji Market, Bolpur, West Bengal – 731204 • Godhra: 1st Floor, Prem Prakash Tower, B/H B.N Chambers, Ankleshwar Mahadev Road, Godhra - 389001, Gujarat • Bhavnagar: Shop No. 1, Ground Floor, Victoria Prime, Block D5/5-A, Kaliyabid Water Tank, Near Dilbahar, Lakhubha Hall Road, Bhavnagar, Gujarat - 364 002. • Nalanda: R-C Palace, Amber Station Road, Opp.: Mamta Complex, Bihar Sharif (Nalanda) Bihar 803 101. • Bhusawal (Parent: Jalgaon TP): 3, Adelade Apartment Christain Mohala, Behind Gulshan-E-Iran Hotel Amardeep Talkies Road Bhusawal, Bhusawal 425201, Maharashtra • Bikaner: Behind Rajasthan patrika, in front of Vijaya Bank, 1404 Amar Singh Pura, Bikaner 334 001, Rajasthan • Bilaspur: Shop No. B-104, First Floor, Narayan Plaza, Link Road, Bilaspur, (C.G), 495 001 Contact:9203900626 • Bokaro: 1st Floor, Plot No. HE- 7, City Centre, Sector 4, Bokaro Steel City Bokaro - 827004, Jharkhand, India • Bongaigaon: G.N.B Road, Bye Lane, Prakash Cinema, Bongaigaon – 783380, Assam • Burdwan: Basement, Building
Name: - Talk of the Town, 399 G T Road, Burdwan, West Bengal, - 713 101• Calicut: 29/97G 2nd Floor Gulf Air Building Mavoor Road Arayidathupalam, Calicut 673016, Kerala • Chandigarh:
Deepak Towers, SCO 154-155, 1st Floor, Sector17-C, Chandigarh 160017, Punjab •Mandi 328/12, Ram Nagar, 1st Floor, Above Ram Traders, Mandi – 175001 Himachal Pradesh•Door No. 4-8-73, Beside Sub Post Office, Kothagraham, Vijaynagaram – 535001, Andhra Pradesh •Haryana : Sco- 11-12,1st Floor, Pawan Plaza, Model Town, Atlas Road, Subhash Chowk, Sonepat-130301•
Maharashtra: 1st Floor, Shraddha Niketan,Tilakwadi, Opp. Hotel City Pride, Sharanpur Road Nasik - 422 002 • Maharashtra: Dev Corpora, 1st Floor, Office no. 102, Cadbury Junction, Eastern Express Highway, Thane (West) - 400 601 1 • Maharashtra: st Floor, Shraddha Niketan, Tilakwadi, Opp.
Hotel City Pride, Sharanpur Road Nasik - 422 002• Chandrapur: Opp. Mustafa Décor, Near Bangalore Bakery, Kasturba Road, Chandrapur, Maharashtra 442 402. Tel. No. 07172 – 253108,
Chennai: Ground Floor No.178/10, Kodambakkam High Road Opp. Hotel Palmgrove Nungambakkam, Chennai 600034, Tamil Nadu • Chennai: 7th floor, Rayala Tower - III,158, Annasalai,Chennai, Chennai 600002, Tamil Nadu • Chennai: Ground floor, Rayala Tower- I,158, Annasalai, Chennai, Chennai 600002, Tamil Nadu • Cochin: Door No. 39/2638 DJ, 2nd Floor, 2A, M. G. Road, Modayil Building,, Cochin - 682 016. Tel.: (0484) 6060188/6400210 • Coimbatore: Old # 66 New # 86, Lokamanya Street (West) Ground Floor R.S. Puram, Coimbatore 641002, Tamil Nadu • Cuttack: Near Indian Overseas Bank Cantonment Road Mata Math, Cuttack 753001, Orissa • Davenegere: 13, Ist Floor, Akkamahadevi Samaj Complex Church Road P.J.Extension, Devengere 577002, Karnataka • Dehradun: 204/121 Nari Shilp Mandir Marg Old Connaught Place, Dehradun 248001, Uttaranchal • Delhi: CAMS Service Center, 401 to 404, 4th Floor, Kanchan Junga Building, Barakhamba Road, New Delhi 110001., New Delhi • CAMS Service Centre Office Number 112, 1st Floor, Mahatta Tower, B Block Community Centre, Janakpuri, New Delhi-110058 • Deoghar: S S M Jalan Road Ground floor Opp. Hotel Ashoke Caster Town, Deoghar 814112, Jharkhand • Dewas: Tarani Colony, Near Pushp Tent House, Dewas – 455001, Madhya Pradesh• Dhanbad: Urmila Towers Room No: 111(1st Floor) Bank More, Dhanbad 826001, Jharkhand • Dhule: House No. 3140, Opp. Liberty Furniture, Jamnalal Bajaj Road, Near Tower Garden, Dhule 424001 • Durgapur: City Plaza Building, 3rd floor, City Centre, Durgapur 713216, West Bengal • Erode: 197, Seshaiyer Complex Agraharam Street, Erode 638001, Tamil Nadu •
Faridhabad:LG3, SCO 12 Sector 16, Behind Canara Bank, Faridabad - 121 002• Gaya: C/o Sri Vishwanath Kunj, Ground Floort, Tilha Mahavir Asthan, Gaya, Bihar – 823001 • Ghaziabad: 113/6 91I Floor Navyug Market, Gazhiabad 201001, Uttar Pradesh • Ground Floor, Canara Bank Building, Dhundhi Katra, Mirzapur, 231 001, Uttar Pradesh, Contact no: 05442 – 220282, Email ID:
camsmpr@camsonline.com• F-10, First Wings, Desai Market, Gandhi Road, Bardoli, 394 601,
Contact No: 8000791814, Email ID: camsbrd@camsonline.com •Hyderabad: No. 15-31-2M-1/4, 1st floor, 14-A, MIG, KPHB Colony, Kukatpally, Hyderabad 500072• Office No. 103, 1st Floor, Unitech City Centre, M.G. Road, Panaji Goa, Goa - 403001• Gondal: Parent CSC - Rajkot,A/177, Kailash Complex, Khedut Decor, Gondal 360311, Gujarat • Gandhinagar : 507, 5th Floor, Shree Ugati Corporate Park, Opposite Pratik Mall, Near HDFC Bank, Kudasan, Gandhinagar – 382421 •
Gorakhpur: Shop No. 5 & 6, 3rd Floor Cross Road, The Mall, AD Tiraha, Bank Road,Gorakhpur 273001, Uttar Pradesh • Gobindgarh: Opposite State Bank of Bikaner and Jaipur, Harchand Mill Road, Motia Khan, Mandi Gobindgarh, Punjab – 147 301 • Guntur: Door No 5-38-44 5/1 BRODIPET Near Ravi Sankar Hotel, Guntur 522002, Andhra Pradesh • Gurgaon: Unit No - 115, First Floor, Vipul Agora Building,Sector - 28, Mehrauli Gurgaon Road, Chakkarpur, Gurgaon 122001, Haryana • Guwahati: Piyali Phukan Road, K.C Path, House No.-1 Rehabari, Guwahati 781008, Assam •H.
No.: 14-3-178/1B/A/1, Near Hanuman Temple, Balaji Nagar, Bhoothpur Road, Mahbubnagar, Telangana - 509 001 •B1, 1st floor, Mira Arcade, Library Road, Amreli, 365601• Gwalior: G-6, Global Apartment Phase-II,Opposite Income Tax Office, Kailash Vihar City Centre, Gwalior 474001, Madhya Pradesh • House No: Gtk /006/D/20(3), (Near Janata Bhawan) D. P. H. Road, Gangtok - 737 101. Sikkim • Haridwar – F-3, Hotel Shaurya, New Model Colony, Haridwar, Uttarkhand, 249408 • Vidya Bhavan Building, 1st Floor, Old Bus Stand Road, Hassan - 573201 •
Hazaribag: Municipal Market Annanda Chowk, Hazaribagh 825301, Jharkhand • Hisar: 12, Opp.
Bank of Baroda Red Square Market, Hisar 125001, Haryana • Hubli: No.204 - 205, 1st Floor, ’ B ‘ Block, Kundagol Complex, Opp. Court, Club Road, Hubli 580029, Karnataka • Hyderabad: 208, II Floor, Jade Arcade Paradise Circle, Secunderabad 500003, Andhra Pradesh • Indore: 101, Shalimar Corporate Centre 8-B, South Tukogunj, Opp.Greenpark, Indore 452001, Madhya Pradesh • Jabalpur: 975, Chouksey Chambers, Near Gitanjali School, 4th Bridge, Napier Town, Jabalpur 482001, Madhya Pradesh • Jaipur: R-7, Yudhisthir Marg, C-Scheme Behind Ashok Nagar Police Station, Jaipur 302001, Rajasthan • Jalandhar: 367/8, Central Town Opp. Gurudwara Diwan Asthan, Jalandhar 144001, Punjab • Jalgaon: Rustomji Infotech Services 70, Navipeth Opp. Old Bus Stand, Jalgaon 425001, Maharashtra • Jalna C.C. (Parent: Aurangabad): Shop No 6, Ground Floor, Anand Plaza Complex, Bharat Nagar, Shivaji Putla Road, Jalna 431203, Maharashtra •
Jammu: JRDS Heights, Lane Opp. S&S Computers,Near RBI Building, Sector 14, Nanak Nagar, Jammu 180004, Jammu & Kashmir • Jamnagar: 207, Manek Centre, P N Marg, Jamnagar 361001, Gujarat. Tel.: (0288) 6540116 • Jamshedpur: Tee Kay Corporate Towers 3rd Floor, S.B. Shop Area, Main Road, Bistupur, Jamshedpur-831001• Jhansi: 372/18 D, 1st floor, Above IDBI Bank, Beside V-Mart, Near RASKHAN, Gwalior Road, Jhansi 284001 • Jodhpur: 1/5, Nirmal Tower Ist Chopasani Road, Jodhpur 342003, Rajasthan • Singh building, Ground Floor, C/o Prabhdeep Singh, Punjabi Gali, Opp. V-mart, Gar Ali, PO & PS, Jorhat – 785001, Assam • Junagadh: Circle Chowk, Near Choksi Bazar Kaman, Gujarat, Junagadh 362001, Gujarat • D.No: 3/2151/2152, Shop No. 4, Near Food Nation, Raja Reddy Street,, Kadapa: Kadapa 516001, Andhra Pradesh. West Bengal • R. N.
Tagore Road, Kotwali P. S.,Krishnanagar, Nadia, West Bengal. Pin code - 741101 •Kangra: C/O Dogra Naresh and Associates, College Road, Kangra, Himachal Pradesh, 176001• D No – 25-4- 29, 1st floor, Kommireddy vari street, Beside Warf Road, Opp Swathi Medicals, Kakinada 533001, Andhra Pradesh • Kalyani: A - 1/50, Block - A, Dist Nadia, Kalyani 741224, West Bengal • Kannur:
Room No.14/435 Casa Marina Shopping Centre Talap, Kannur 670004, Kerala • Kanpur: I Floor 106 to 108 CITY CENTRE Phase II 63/ 2, The Mall, Kanpur 208001, Uttar Pradesh • Karimnagar:
HNo.7-1-257, Upstairs S B H Mangammathota, Karimnagar 505001, Andhra Pradesh • Karnal (Parent: Panipat TP): 29 Avtar Colony, Behind Vishal Mega Mart, Karnal 132001• Karur: # 904, 1st Floor Jawahar Bazaar, Karur 639001, Tamil Nadu • Kasaragod: KMC XXV/88, 1st and 2nd Floor, Stylo Complex, Above Canara Bank, Bank Road, Kasaragod - 671121, Kerala • Kashipura: Dev 92Bazaar, Bazpur Road, Kashipur – 244713, Uttarkhand • Kharagpur: 623/1 Malancha Main Road, PO Nimpura, Ward No - 19, Kharagpur 721304, West Bengal • Kharagpur: “Silver Palace”, OT Road, Inda – Kharagpur, G.P Barakola, P.S – Kharagpur local, West Midnapore – 721305 •
Kolhapur: 2 B, 3rd Floor, Ayodhya Towers,Station Road, Kolhapur 416001, Maharashtra • Kolkata:
N/39, K.N.C Road, 1st Floor, Shrikrishna Apartment, (Behind HDFC Bank Barasat Branch), PO and PS: Barasat District: 24 PGS (North), Pincode - 700 124 • Kolkata – 2A, Ganesh Chandra Avenue, Room No. 3A “Commerce House” (4th floor), Kolkata 700013 • Kolkata: CAMS Service Centre Kankaria Centre, 2/1,Russell Street ,2nd Floor, West Bengal - 700071, Kolkata 700071, West Bengal •Kadakkan Complex, Opp Central School, Malappuram 670 504• First Floor, Adjacent to Saraswati Shishu Mandir School, Gaushala, Near UPPCL Sub Station (Gandhi Park), Company Bagh Chauraha, Firozabad - 283 2033• Kollam: Uthram Chambers, (Ground Floor), Thamarakulam, Kollam – 691 006., Kerala • Kota: B-33 ‘Kalyan Bhawan Triangle Part ,Vallabh Nagar, Kota 324007, Rajasthan • 1307 B, Puthenparambil Building, KSACS Road, Opposite ESIC Office, Behind Malayala Manorama, Muttanbalam P.O., Kottayam – 686 501, Kottayam: Door No - XIII/658, Thamarapallil Building, M L Road, Near KSRTC Bus Stand Road, Kottayam - 686001• No. 28/8, 1st Floor, Balakrishna Colony, Pachayappa Street, Near VPV Lodge, Kumbakonam - 612001• Kurnool: H.No.43/8, Upstairs Uppini Arcade, N R Peta, Kurnool 518004, Andhra Pradesh • Shop No. 1128, First Floor, 3rd Line, Sri Bapuji Market Complex, Ongole, Andhra Pradesh, Pin code - 523 001 • Lucknow: Off # 4,1st Floor,Centre Court Building, 3/C, 5 - Park Road, Hazratganj, Lucknow 226001, Uttar Pradesh • Ludhiana: U/ GF, Prince Market, Green Field Near Traffic Lights, Sarabha Nagar Pulli Pakhowal Road, Ludhiana 141002, Punjab • Madurai: Cams Service Centre, # Ist Floor,278, North Perumal, Maistry Street (Nadar Lane), Madurai 625001, Tamil Nadu •
Mangaluru: 14-6-674/15(1), Shop No - UG11-2 Maximus Complex, Light House Hill Road, Mangaluru - 575001, Karnataka.• Mapusa: Office no. 503, Buildmore Business Park, New Canca by pass road, Ximer, Mapusa, 403 507, Goa. • Margao: F4 – Classic Heritage, Near Axis Bank, Opp.
BPS Club, Pajifond, Margao, Goa 403601• Meerut: 108 Ist Floor Shivam Plaza Opposite Eves Cinema, Hapur Road, Meerut 250002, Uttar Pradesh • Mehsana: 1st Floor, Subhadra Complex Urban Bank Road, Mehsana 384002, Gujarat • Moradabad: H 21-22, 1st Floor,Ram Ganga Vihar Shopping Complex, Opposite Sales Tax Office,, Uttar Pradesh • 501 - TIARA CTS 617, 617/1-4, Off Chandavarkar Lane, Maharashtra Nagar,Borivali (West), Mumbai - 400 092. • Mumbai -
Ghatkopar: Office no. 307, 3rd Floor, Platinum Mall, Jawahar Road, Ghatkopar East, Mumbai – 400077 • Mumbai: Rajabahdur Compound, Ground Floor Opp Allahabad Bank, Behind ICICI Bank 30, Mumbai Samachar Marg, Fort, Mumbai 400023, Maharashtra • Navi Mumbai:CAMS Service Centre BSEL Tech Park, B-505, Plot no 39/5 & 39/5A, Sector 30A, Opp. Vashi Railway Station, Vashi, Navi Mumbai - 400705• Muzaffarnagar 235, Patel Nagar,Near Ramlila Ground,New Mandi,, Muzaffarnagar - 251001 • Muzzafarpur: Brahman toli, Durgasthan Gola Road, Muzaffarpur 842001, Bihar • Mysore: No.1, 1st Floor CH.26 7th Main, 5th Cross (Above Trishakthi Medicals) Saraswati Puram, Mysore 570009, Karnataka • Nadiad: F 142, First Floor, Gantakaran Complex, Gunj Bazar, Nadiad 387001, Gujarat • Nagpur: 145 Lendra Park, Behind Indus Ind Bank New Ramdaspeth, Nagpur 440010, Maharashtra • Nagercoil IV Floor, Kalluveettil Shyras Center 47, Court Road, Nagercoil - 629 001 • Nanded: Shop No.8 and 9 Cellar, Raj Mohd. complex, Main Road Sree nagar, Nanded – 431 605. Tel. No. 9579444034 Nasik: 1st Floor, Shraddha Niketan, Tilakwadi, Opp. Hotel City Pride,Sharanpur Road, Nasik 422005, Maharashtra • Navsari: CAMS Service Center,16, 1st Floor, Shivani Park, Opp. Shankheswar Complex, Kaliawadi, Navsari, Navasari 396445, Gujarat • Nagaland: House no. 436, Ground Floor, MM Apartment, Dr. Hokishe Sema Road, Near Bharat Petroleum, Lumthi Colony, Opposite T.K Complex, Dimapur – 797112 •
Nellore: Shop No. 2, 1st Floor, NSR Complex, James Garden, Near Flower Market, Nellore - 524001, Andhra Pradesh. • New Delhi: Number G-8, Ground Floor, Plot No C-9, Pearls Best Height - II, Netaji Subhash Place, Pitampura, New Delhi – 110 034 • New Delhi : CAMS Service Center, 401 to 404, 4th Floor, Kanchan Junga Building, Barakhamba Road, New Delhi 110001., New Delhi 93•Nizamabad: CAMS Service Centre, 5-6-208, Saraswathi Nagar, Opposite Dr. Bharathi Rani Nursing Home, Nizamabad – 503001, Telangana • Noida: Commercial Shop No. GF 10 & GF 38, Ground Floor, Ansal Fortune Arcade, Plot No. K-82, Sector - 18, Noida – 201 301 • Palakkad:
18/507(3) Anugraha Garden Street, College Road , Palakkad 678001, Kerala • Panipat: 83, Devi Lal Shopping Complex Opp ABN Amro Bank, G.T. Road, Panipat 132103, Haryana • Patiala: 35 New Lal Bagh, Opposite Polo Ground,Patiala 147001, Punjab • Patna: 301-B, Third Floor, Patna One Plaza, Near Dak Bunglow Chowk, Patna 800001, Bihar • Pathankot: 13-A, 1st Floor, Gurjeet Market, Dhangu Road, Pathankot 145001, Punjab • • Port Blair CAMS Service Center C-101/2, 1st floor, near cottage industries, Middle point (Phoenix Bay), Port Blair- 744101, South Andaman •
Phagwara : Shop no. 2, Model Town, Near Joshi Driving School, Phagwara – 144401, Punjab •
Pondicherry: S-8, 100, Jawaharlal Nehru Street (New Complex, Opp. Indian Coffee House), Pondicherry 605001, Pondichery • Pune: Vartak Pride, First Floor, Suvery No. 46, City Survey No.
1477, Hingne Budruk, D.P Road, Behind Dinanath Mangeshkar Hospital, Karvenagar, Pune - 411052, Maharashtra •Raipur: HIG,C-23, Sector - 1, Devendra Nagar, Raipur 492004, Chattisgarh • Rajahmundry: Cabin 101 D.no 7-27-4 1st Floor Krishna Complex Baruvari Street T Nagar, Rajahmundry 533101, Andhra Pradesh • Rajkot: Office 207 - 210, Everest Building Harihar Chowk, Opp Shastri Maidan, Limda Chowk, Rajkot 360001, Gujarat • Ranchi: 4, HB Road, No: 206, 2nd Floor Shri Lok Complex, Ranchi 834001, Jharkhand • Rohtak: 205, 2ND Floor, Blg. No. 2, Munjal Complex, Delhi Road, Rohtak 124001, Haryana • Rourkela: JBS Market complex, 2nd Floor, Udit Nagar, Rourkela - 769012, Odisha • Saharanpur: I Floor, Krishna Complex Opp. Hathi Gate Court Road, Saharanpur 247001, Uttar Pradesh • Salem: No.2, I Floor Vivekananda Street, New Fairlands, Salem 636016, Tamil Nadu • Sambalpur: C/o Raj Tibrewal & Associates Opp.Town High School, Sansarak, Sambalpur 768001, Orissa • Sangli: Jiveshwar Krupa Bldg, Shop. No. 2, Ground Floor, Tilak Chowk, Harbhat Road, Sangli 416416, Contact No.: 0233-6600510 •Satna: 1st Floor, Shri Ram Market, Beside Hotel Pankaj, Birla Road, Satna 485001, Madhya Pradesh •Satara: 117 / A / 3 / 22, Shukrawar Peth Sargam Apartment, Satara 415002, Maharashtra • Shillong: 3rd Floor, RPG Complex, Keating Road, Shillong 793001, Meghalaya, Tel: (0364) 2502511 • Shimla: I Floor, Opp. Panchayat Bhawan Main gate Bus stand, Shimla 171001, Himachal Pradesh •
Shimoga: Nethravathi Near Gutti Nursing Home Kuvempu Road, Shimoga 577201, Karnataka •
Sikar: Pawan Travels Street, Opposite City Center Mall, Sikar – 332001, Rajasthan • Siliguri: 78, First Floor, Haren Mukherjee Road, Beside SBI Hakimpara, Siliguri - 734001, West Bengal •
Solapur: 4, Lokhandwala Tower, 144, Sidheshwar Peth, Near Z.P. Opp. Pangal High School, Solapur 413001, Maharashtra • 47/5/1, Raja Rammohan Roy Sarani, PO Mallickpara, Dist Hoogly, Sreerampur 712203 • Surat: Office No 2 Ahura -Mazda Complex First Floor, Sadak Street Timalyawad, Nanpura, Surat 395001, Gujarat • Shop No - 2, Solaris Royce, - Opp Old RTO, Besides AGS Eyes Hospital, Athwagate, Surat - 395007•Thane –Dev Corpora, A Wing, 3rd floor, Office no. 301, Cadbury Junction, Eastern Express way, Thane (West) - 400 601• Thiruppur: 1(1), Binny Compound, II Street, Kumaran Road, Thiruppur 641601, Tamil Nadu • Thiruvalla: Central Tower,Above Indian Bank Cross Junction, Tiruvalla 689101, Kerala • Thiruvalla: 1st Floor, Room No. 61 (63), International Shopping Mall, Opp. St. Thomas Evangelical Church, Above Thomson Bakery, Manjady, Thiruvalla, 689105, Kerala • Tirunelveli: III Floor, Nellai Plaza 64-D, Madurai Road, Tirunelveli 627001, Tamil Nadu • Tirunelvli: No. F4, Magnem Suraksha Apartments, Thiruvananthapuram Road, Tirunelveli - 627 002, Kerala •Tirupathi: Shop No: 6, Door No: 19-10- 8 (Opp to Passport Office), AIR Bypass Road Tirupati - 517501, Andhra Pradesh, Tel: (0877) 6561003 • No. A5 75/1, Vaiyapuri Nagar 2nd Cross, Karur, Tamil Nadu – 639002 • Trichur: Room No. 26 & 27,DEE PEE PLAZA, Kokkalai, Trichur 680001, Kerala • Trichy: No 8, I Floor, 8th Cross West Extn Thillainagar, Trichy 620018, Tamil Nadu • Trivandrum: TC No: 22/902, 1st - Floor “BLOSSOM” Bldg, Opp. NSS Karayogam, Sasthamangalam Village P.O, Trivandrum – 695 010, Kerala., Kerala • Udaipur: 32, Ahinsapuri, Fatehpura circle, Udaipur – 313001, Email Id - camsudp@camsonline.com, Rajasthan • Udhampur: Guru Nank Institute, NH-1A, Udhampur, 94Jammu & Kashmir – 182101 • Vadodara: 103 Aries Complex, BPC Road, Off R.C. Dutt Road, Alkapuri, Vadodara 390007, Gujarat • Valsad: Ground Floor Yash Kamal -”B” Near Dreamland Theater Tithal Road, Valsad 396001, Gujarat • VAPI: 208, 2nd Floor, Heena Arcade, Opp. Tirupati Tower, Near G.I.D.C., Char Rasata, Vapi 396195, Gujarat • Varanasi: Office no 1, Second floor, Bhawani Market, Building No. D-58/2-A1, Rathyatra, Beside Kuber Complex Varanasi - 221010, Uttar Pradesh • Vellore: Door No. 86, BA Complex, 1st Floor, Shop No. 3, Anna Salai (Officer Line), Tollgate, Vellore,Tamilnadu - 632 001. • Vijayawada: 40-1-68, Rao & Ratnam Complex Near Chennupati Petrol Pump M.G Road, Labbipet, Vijayawada 520010, Andhra Pradesh • Himachal
Pradesh: 328/12, Ram Nagar, 1st Floor, Above Ram Traders, Mandi – 175001 • Flat No GF2, D NO 47-3-2/2, Vigneswara Plaza, 5th Lane, Dwarakanagar, Visakhapatnam - 530 016, Andhra Pradesh • Warangal: A.B.K Mall, Near Old Bus Depot Road, F-7, 1st Floor, Ramnagar, Hanamkonda, Warangal 506001, Andhra Pradesh • Yamuna Nagar: 124-B/R Model Town Yamunanagar, Yamuna Nagar 135001, Haryana. • Gopal katra, 1st Floor, Fort Road Jaunpur – 222001, Contact no: 05452 321630 Jaunpur• Hosur: Survey No.25/204, Attibele Road, HCF Post, Mathigiri, Above Time Kids School, Opposite to Kutty’s Frozen Foods, Hosur - 635 110, Tamil Nadu,
Contact no: 04344 – 262303. Ground Floor, Kalika Temple Street, Beside SBI Bazar Branch, Berhampur, 760 002, Odisha. Opposite Dutta Traders, Near Durga Mandir, Balipur, Pratapgarh, Uttar Pradesh, Pin Code – 230 001. • CAMS Service Center, Office No 413, 414, 415, 4th Floor, Seasons Business Centre, Opp. KDMC (Kalyan Dombivli Municipal Corporation) Shivaji Chowk, Kalyan (W) - 421 301. • Police Line, Ramakrishna Pally, Near Suri Bus Stand, Suri, West Bengal – 731101. CAMS Service Center, Anand Plaza, Shop number 6, 2nd floor, Sarbananda Sarkar Street, Munsifdanga, Purulia, West Bengal – 723101. • CAMS Service Center, 58 Padumbasan Maniktala more, 1st floor, Purba Medinipur, Tamluk, West Bengal – 721636. • CAMS Service Center, Das & Das Complex, First Floor, By-Pass Road, Opposite to Vishal Mega Mart, Chhapulia, Bhadrak, Odisha – 756100. • CAMS Service Centre, near New ERA Public School, Rajbagh, Srinagar, Jammu & Kashmir – 190 008. • CAMS Service Center, Shop No 5 & 6, B2B Elite, Ground Floor, Near Deshikendra School, Signal Camp, Latur, Maharashtra, Pin – 413512. • CAMS SERVICE CENTER, Shop No. 112, First Floor, Anant Vaibhav, University Road, Rewa, Madhya Pradesh, Pin – 486001 • Computer Age Management Services Ltd, Darji Pokhari Chakka, Above OM Jewelers, Hospital Square, Puri, Odisha – 752001. • Plot No 49, Ward No 31, Swami Vivekanand Ward, Gully No 1, Padawa, Khandwa – 450001, Madhya Pradesh. •12/179, Bairagdar Building, Behind Congress Committee Office, Ichalkaranji – Maharashtra – 416115.
TP Lite Centres •Ahmednagar: Baiju Heights, 2nd Floor, Near Changedia Medical, Old Vasant Talkies, Dharti Chowk, Maliwada, Ahilyanagar, Ahmednagar – 414001, Maharashtra• Basti: Office # 3, 1st Floor, Jamia Shopping Complex, Opp Pandey School, Station Road, Basti 272002, Uttar Pradesh •
Chhindwara: 2nd Floor, Parasia Road, Near Surya Lodge, Sood Complex, Above Nagpur CT Scan, Chhindwara – 480001, Madhya Pradesh • Chittorgarh: CAMS Service centre, 3 Ashok Nagar,Near Heera Vatika, Chittorgarh, Chittorgarh 312001, Rajasthan • Darbhanga: Shahi Complex,1st Floor Near RB Memorial hospital,V.I.P. Road, Benta Laheriasarai, Darbhanga 846001, Bihar •
Dharmapuri : # 16A/63A, Pidamaneri Road, Near Indoor Stadium, Dharmapuri, Dharmapuri 636701, Tamil Nadu • Shop No 26 and 27, Door No. 39/265A and 39/265B, Second Floor, Skanda Shopping Mall, Old Chad Talkies, Vaddageri, 39th Ward, Kurnool, Andhra Pradesh, 518001 •
Dhule : H. No. 1793 / A, J.B. Road, Near Tower Garden, Dhule 424001, Maharashtra • Faizabad:
9/1/51, Rishi Tola, Fatehganj, Ayodhya, Faizabad, Uttar Pradesh–224001• Gandhidham: Office No. 4,, Ground Floor, Ratnakala Arcade, Plot No. 231, Ward – 12/B, Gandhidham 370201, Gujarat • Gulbarga: Pal Complex, Ist Floor Opp. City Bus Stop, SuperMarket, Gulbarga 585101, Karnataka • Haldia: 2nd Floor, New Market Complex, Durgachak Post Office, Purba Medinipur District, Haldia 95721602, West Bengal • Haldwani: Durga City Centre, Nainital Road Haldwani, Haldwani 263139, Uttaranchal • Himmatnagar: Unit No. 326, Third Floor, One World - 1, Block - A, Himmatnagar, Gujarat - 383 001. • Hoshiarpur: Near Archies Gallery Shimla Pahari Chowk, Hoshiarpur 146001, Punjab • Hosur: No.303, SIPCOT Staff Housing Colony, Hosur 635126, Tamil Nadu • Jaunpur: 248, Fort Road, Near Amber Hotel, Jaunpur 222001, Uttar Pradesh • Katni: 1st Floor, Gurunanak Dharmakanta, Jabalpur Road, Bargawan, Katni 483501, Madhya Pradesh • Khammam: Door No.15-11-432, 1st Floor, Krushi Bhavan Road, Beside Minerva Grand Hotel, VDO’s Colony, Khammam - 507002, Telangana, Andhra Pradesh • Malda: Daxhinapan Abasan, Opp Lane of Hotel Kalinga, SM Pally, Malda 732101, West Bengal • Manipal: CAMS Service Centre, Basement floor, Academy Tower, Opposite Corporation Bank, Manipal 576104, Karnataka • Mathura:
159/160 Vikas Bazar, Mathura 281001, Uttar Pradesh • Moga:Street No 8-9 Center, Aarya Samaj Road, Near Ice Factory, Moga - 142001, Punjab., • Namakkal: 156A / 1, First Floor, Lakshmi Vilas Building Opp. To District Registrar Office, Trichy Road, Namakkal 637001, Tamil Nadu • Palanpur:
Gopal Trade Centre, Shop No. 13-14, 3rd Floor, Near BK Mercantile Bank, Opp. Old Gunj, Palanpur 385001, Gujarat • Rae Bareli: No.17 Anand Nagar Complex, Rae Bareli 229001, Uttar Pradesh •
Rajapalayam: D. No. 59 A/1, Railway Feeder Road Near Railway Station, Rajapalayam 626117, Tamil Nadu • Ratlam: Dafria & Co 81, Bajaj Khanna, Ratlam 457001, Madhya Pradesh • Ratnagiri:
Orchid Tower, Ground Floor, Gala No. 06, S.V. Road No. 301/Paiki ½, Nachane Municipal Aat, Arogya Mandir, Nachane Link Road, Ratnagiri – 415612, Maharashtra • Roorkee: Cams Service Center, 22 Civil Lines Ground, Floor, Hotel Krish Residency, (Haridwar), Roorkee 247667, Uttaranchal • Sagar: Opp. Somani Automobiles Bhagwanganj, Sagar 470002, Madhya Pradesh • Shahjahanpur: Bijlipura, Near Old Distt Hospital, Jail Road, Shahjahanpur 242001, Uttar Pradesh • Sirsa: Bansal Cinema Market, Beside Overbridge, Next to Nissan car showroom, Hissar Road, Sirsa 125055, Haryana • Sitapur: Arya Nagar Near Arya Kanya School, Sitapur 262001, Uttar Pradesh • Solan: 1st Floor, Above Sharma General Store Near Sanki Rest house The Mall, Solan 173212, Himachal Pradesh • Srikakulam: Door No 10-5-65, 1st Floor Dhanwanthri Complex, Kalinga Road, Opp Chandramouli Departmenta Store, Near Seven Roads Junction, Srikakulam – 532 001, Andhra Pradesh• Sultanpur: 967, Civil Lines Near Pant Stadium, Sultanpur 228001, Uttar Pradesh • Surendranagar: 2 M I Park, Near Commerce College Wadhwan City, Surendranagar 363035, Gujarat • Tinsukia: Bangiya Vidyalaya Road, Near old post office, Durgabari, Tinsukia 786125, Assam • Tuticorin: 4B / A-16 Mangal Mall Complex,Ground Floor, Mani Nagar, Tuticorin 628003, Tamil Nadu • Ujjain: 109, 1st Floor, Siddhi Vinayak Trade Centre, Shaheed Park, Ujjain 456010, Madhya Pradesh • Vasco: No DU 8, Upper Ground Floor, Behind Techoclean Clinic, Suvidha Complex,Near ICICI Bank, Vasco da gama 403802, Goa •Wardha: CAMS Service Center, Opp. Raman Cycle Industries, Shastri Chowk, Krishna Nagar, Wardha, Maharashtra – 442001
Yavatmal: Pushpam, Tilakwadi, Opp. Dr. Shrotri Hospital, Yavatmal 445001, Maharashtra. • PID No. 88268, 2nd Floor, 2nd Cross, M G Road, Tumkur, Karnataka, Pin-572 101 • CAMS Service Center, 12/179, Bairagdar Building, Behind Congress Committee Office, Ichalkaranji – Maharashtra – 416115 • CAMS Service Center Plot No 49, Ward No 31, Swami Vivekanand Ward, Gully No 1, Padawa, Khandwa – 450001, Madhya Pradesh • CAMS Service CentreFirst Floor, MIG - 25, Blessed Villa, Lochan Nagar, Raigarh, Chhattisgarh –496001.
In addition to the existing Official Point of Acceptance of transactions, Computer Age Management Services Ltd. (CAMS), the Registrar and Transfer Agent of ICICI Prudential Mutual Fund, having its office at New No 10. Old No. 178, Opp. to Hotel Palm Grove, MGR Salai (K.H.Road), Chennai - 600 034 shall be an official point of acceptance for electronic transactions received from the Channel Partners with whom ICICI Prudential Asset Management Company Limited has entered or may enter into specific arrangements for all financial transactions relating to the units of Investment Strategies. Additionally, the secure Internet sites operated by CAMS will also be official point of acceptance only for the limited purpose of all channel partners transactions based on 96agreements entered into between IPMF and such authorized entities. Additionally, the Internet site(s) operated by the AMC and online applications of the AMC [including i-Invest iPru (previously IPRUTouch)] will also be official point of acceptance. The AMC also accepts applications received on designated FAX numbers.
In addition to the existing Official Point of Acceptance of transactions, authorized Points of Service
(POS) of MF Utilities India Private Limited (MFUI) shall be an official point of acceptance for all financial and non- financial transactions. The updated list of POS of MFUI is available on www.mfuindia.com. The online transaction portal of MFU is www.mfuonline.com. Further, Investors can also subscribe units of the Investment Strategy during the NFO Period by availing the platforms/facilities made available by the Stock Exchanges.
For the updated list of official Point of Acceptance of transactions of AMC and CAMS, please refer the website of the SIF viz., https://www.isif.icicipruamc.com 97