5 October 2026
4 mins read
In India, mutual funds have a three-tier structure of sponsor, trustees and Asset Management Company (AMC) supported by custodians and other intermediaries. All structures play a part in managing investments and protecting investors’ interests. The article describes the structure of mutual funds in India, the role played by each participant and how the structure ensures transparency, regulatory compliance and efficient management of the funds.
A lump sum calculator is used to check how a one-time investment might grow after some time. It works with basic details like the amount, expected return, and number of years. The result is not exact and may change if the inputs are different. It simply gives a rough picture of how the value could change, making it easier to understand possible outcomes.
The mutual fund structure in India is designed to safeguard investors and ensure smooth management of funds. This structure operates within a three-tiered framework that involves various participants, each with defined roles and responsibilities. The key players include the sponsor, the trustees, and the Asset Management Company (AMC).
The process begins with the sponsor setting up a trust and appointing trustees to oversee the mutual fund’s operations. The trustees are responsible for ensuring compliance with the guidelines laid down by the Securities and Exchange Board of India (SEBI). The AMC, which is appointed by the trustees, manages the fund and invests the pooled money from investors into various securities according to the fund’s objectives.
India’s mutual funds are structured in three layers to protect investors and ensure transparency in the running of funds. The sponsor, trustees and asset management company have their own set of duties to perform under the supervision of SEBI.
Beyond this basic framework, the day-to-day operations are supported by custodians, brokers and auditors. Using a SIP calculator, investors can calculate their contributions in the regulated framework and choose a scheme that suits their goals.
A mutual fund structure is a well-defined system that regulates how mutual funds operate in India. The structure ensures that public money is managed efficiently while protecting the interests of investors. It begins with the sponsor, who establishes the mutual fund and appoints trustees and an AMC.
The trustees safeguard investor interests and monitor the fund's compliance with SEBI regulations. The AMC manages the day-to-day operations of the fund and makes investment decisions. Custodians, brokers, and other intermediaries facilitate the smooth functioning of the fund by ensuring the safekeeping of securities, assisting with investor transactions, and providing regular reports.
By following this structured approach, the mutual fund industry creates a secure and transparent environment, allowing investors to participate in various investment schemes with confidence.
The fund sponsor initiates the formation of a mutual fund and is the driving force behind its creation. As per SEBI regulations, the sponsor can be an individual or a company with at least five years of experience in the financial sector. They must also meet specific criteria related to financial stability and operational experience.
The sponsor's responsibilities include:
Establishing a mutual fund by creating a trust.
Appointing the board of trustees who will oversee the functioning of the mutual fund.
Ensuring the trust is registered with SEBI under the Indian Trust Act, 1882.
Contributing at least 40% to the net worth of the AMC.
The sponsor sets the foundation for the mutual fund’s success by ensuring that all operations align with regulatory guidelines. Their role is pivotal in maintaining trust and ensuring smooth management of public investments.
Once the mutual fund is created, the trust and trustees safeguard the interests of investors and ensure that the fund operates in line with SEBI regulations. The trust is established through a trust deed, and the trustees act as the legal custodians of the mutual fund’s assets.
Key responsibilities of the trustees include:
Ensuring that the AMC operates in accordance with SEBI guidelines.
Protecting the rights and interests of the unit holders.
Monitoring the performance of the fund and submitting reports to SEBI every six months.
Ensuring compliance with the mutual fund regulations.
The trustees act as intermediaries between the investors and the AMC, ensuring that the fund’s objectives are met while adhering to ethical and legal standards.
Asset Management Companies (AMCs) play a crucial role in managing the day-to-day operations of a mutual fund. After being appointed by the trustees, the AMC designs and launches various schemes that align with the fund’s objectives and the risk profiles of potential investors.
The AMC’s primary responsibilities include:
Managing the fund’s portfolio by investing in securities like equities, bonds, and money market instruments.
Conducting research and analysing market trends to make informed investment decisions.
Providing regular updates and performance reports to investors.
By ensuring professional management of the pooled investments, AMCs play an integral role in maximising returns while adhering to the regulatory framework.
Additional Read: What are Mutual Fund Portfoliio
Apart from the core entities such as sponsors, trustees, and Asset Management Companies (AMCs), several other participants contribute to maintaining transparency and efficiency in the mutual fund structure. These participants include brokers, custodians, registrars and transfer agents, intermediaries, and auditors.
Each of these participants plays a unique role in ensuring that the operations of the fund remain compliant with regulations. Their combined efforts safeguard investor interests by maintaining security, processing transactions, and verifying the integrity of the fund’s operations.
A broker serves as a licensed intermediary who facilitates trading in the financial markets on behalf of the AMC. Brokers play a critical role in connecting AMCs with the stock market and ensuring that buy and sell orders are executed correctly.
Key responsibilities of brokers include:
Executing trades in the stock and bond markets.
Providing market analysis and research reports to guide AMC decisions.
Acting as a link between the mutual fund and the stock exchanges.
Brokers hold a valid licence from SEBI and ensure that all transactions are conducted in compliance with applicable regulations, making them an essential part of the mutual fund structure.
A custodian is a SEBI-registered entity that safeguards the securities and assets of a mutual fund. Their primary duty is to ensure the safekeeping of the fund’s holdings and manage the settlement of transactions.
The main functions of custodians include:
Safekeeping and maintenance of mutual fund securities.
Monitoring the delivery and transfer of securities.
Collecting dividends, interest, and other benefits from investments.
Facilitating periodic updates for investors regarding their holdings.
Custodians play a crucial role in maintaining the integrity and security of the mutual fund’s assets, ensuring that all transactions are processed smoothly.
Registrars and Transfer Agents (RTAs) act as intermediaries between investors and fund managers. Their primary role is to handle the administrative aspects of mutual fund investments, ensuring that investor records are properly maintained.
Key responsibilities of RTAs include:
Processing mutual fund applications and maintaining investor records.
Handling Know Your Customer (KYC) verification procedures.
Providing periodic account statements and reports to investors.
Managing changes in investor details and processing redemptions.
RTAs streamline administrative tasks, ensuring that investors receive timely updates and support in managing their mutual fund investments.
Intermediaries include agents, bankers, and distributors who act as a link between investors and AMCs. They provide valuable guidance to investors and facilitate investments in mutual fund schemes.
The primary roles of intermediaries include:
Recommending suitable mutual fund schemes to investors.
Assisting investors with investment and redemption processes.
Acting as a communication bridge between retail investors and the AMC.
Earning a commission from the AMC for their services.
Intermediaries help investors navigate the complexities of mutual fund investments by offering personalised advice and support.
An auditor ensures that the financial statements and records of the AMC remain accurate and compliant with relevant regulations. By conducting periodic audits, auditors maintain the transparency and integrity of the fund’s operations.
Key duties of auditors include:
Verifying the accuracy of the AMC’s financial records.
Ensuring compliance with SEBI guidelines and mutual fund regulations.
Certifying that the mutual fund’s operations are free from fraudulent practices.
Providing detailed audit reports for public transparency.
Auditors play a vital role in maintaining investor trust by ensuring that mutual fund operations are transparent and compliant with industry standards.
Additional Read: Types of Mutual Fund
In mutual funds, RTA stands for Registrar and Transfer Agent. RTAs are entities registered with the Securities and Exchange Board of India (SEBI) that specialise in maintaining records for mutual fund companies. They provide a centralised source for all mutual fund investment-related information to investors.
The selection of a fund manager is typically the responsibility of the mutual fund's board of directors or trustees. They oversee the management and operations of the fund, ensuring that the appointed fund manager aligns with the fund's objectives and acts in the best interests of the investors.
Mutual funds can be structured in various ways, including:
Open-end funds: These funds continuously issue and redeem shares at their net asset value (NAV), allowing investors to enter or exit the fund at any time.
Closed-end funds: These funds issue a fixed number of shares through an initial public offering (IPO) and trade on stock exchanges. Investors buy and sell shares at market prices, which may differ from the NAV.
Unit investment trusts (UITs): These are investment companies that offer a fixed portfolio of securities and have a predetermined termination date.
The governance of a mutual fund involves a board of directors or trustees who oversee the fund's management and operations. Their responsibilities include approving fees, monitoring compliance programs, and ensuring that the fund operates in the best interests of its shareholders. This structure is designed to protect investors and maintain transparency.
A typical hedge fund is structured as a limited partnership, comprising:
General Partner (GP): The fund manager responsible for investment decisions and daily operations.
Limited Partners (LPs): Investors who provide capital and have limited liability, restricted to their investment amount.
This structure allows the GP to manage the fund's investments while LPs benefit from potential returns without participating in management.
A money market mutual fund is structured similarly to other mutual funds, comprising a sponsor, trustees, an Asset Management Company (AMC), custodians, and transfer agents. The AMC manages the pooled investments, focusing on short-term, high-quality debt instruments to maintain liquidity and stability.
A managed fund, often known as a managed investment scheme, pools money from multiple investors into a single unit trust. An investment manager oversees this collective pool, making investment decisions on behalf of all participants to achieve the fund's objectives.
An Asset Management Company (AMC) is a firm that creates and manages mutual funds. While the AMC oversees the fund's operations and investment strategies, a mutual fund is the actual investment vehicle that pools resources from investors to purchase a diversified portfolio of securities.
A fund of funds (FoF) is an investment vehicle that allocates its assets by investing in a portfolio of other funds rather than directly in individual securities. This structure offers investors diversification across various fund managers and asset classes, aiming to mitigate risk and enhance returns.
Disclaimer :
The information on this website is provided on "AS IS" basis. Bajaj Broking (BFSL) does not warrant the accuracy of the information given herein, either expressly or impliedly, for any particular purpose and expressly disclaims any warranties of merchantability or suitability for any particular purpose. While BFSL strives to ensure accuracy, it does not guarantee the completeness, reliability, or timeliness of the information. Users are advised to independently verify details and stay updated with any changes.
The information provided on this website is for general informational purposes only and is subject to change without prior notice. BFSL shall not be responsible for any consequences arising from reliance on the information provided herein and shall not be held responsible for all or any actions that may subsequently result in any loss, damage and or liability. Interest rates, fees, and charges etc., are revised from time to time, for the latest details please refer to our Pricing page.
Neither the information, nor any opinion contained in this website constitutes a solicitation or offer by BFSL or its affiliates to buy or sell any securities, futures, options or other financial instruments or provide any investment advice or service.
BFSL is acting as distributor for non-broking products/ services such as IPO, Mutual Fund, Insurance, PMS, and NPS. These are not Exchange Traded Products. For more details on risk factors, terms and conditions please read the sales brochure carefully before investing.
Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For more disclaimer, check here : https://www.bajajbroking.in/disclaimer
Level up your stock market experience: Scan the QR to download the Bajaj Broking App for effortless investing and trading
Access Research Backed Stock Recommendations
|
Open Your Free Demat Account
Access Research Backed Stock Recommendations
|
"Investments in securities market are subject to market risk, read all the scheme related documents carefully before investing."
"Prevent Unauthorized transactions in your Trading/Demat Account. Update your mobile numbers/email IDs with your stock brokers/Depository Participant. Receive alerts/information of your transaction/all debit and other important transactions in your Trading/ Demat Account directly from Exchange/CDSL/NSDL at the end of the day. Issued in the interest of investors."
" We collect, retain, and use your contact information for legitimate business purposes only, to contact you and to provide you information & latest updates regarding our products & services."
"KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."
"We understand that certain investment advisors may be approaching members of the public including our clients, representing that they are our partners, or representing that their investment advice is based on our research. Please note that we have not engaged any third parties to render any investment advisory services on our behalf nor are we providing any stock recommendations/tips/research report/advisory. Persons making investments on the basis of such advice may lose all or a part of their investments along with the fee paid to such unscrupulous persons. Please be cautious about any phone call that you may receive from persons representing to be such investment advisors, or a part of research firm offering advice on securities. Do not make payments through e-mail links, WhatsApp or SMS. Please do not share your personal or financial information with any person without proper verification. Always trade through a registered broker."
Bajaj Financial Securities Limited is a subsidiary of Bajaj Finance Limited and is a corporate trading and clearing member of BSE Ltd. and National Stock Exchange of India Ltd. (NSEIL), and also a Depository participant with National Securities Depository Ltd (“NSDL”) and Central Depository Services Ltd. (“CDSL”).
Bajaj Financial Securities Limited is engaged in the business of Stock Broking and as a Depository Participant.Bajaj Financial Securities Limited does not provide any advisory services to its clients. Bajaj Financial Securities Limited may share updates from time to time (through various electronic communication modes) which are sourced from public domain and the same are NOT to be construed as any advice or recommendation from Bajaj Financial Securities Limited. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever.
BSE Ltd. is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai, SEBI Act or any other laws in force from time to time.
BSE Ltd. is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.
Personal Loan, Fixed Deposit, EMI Card are provided by Bajaj Finance Limited. Bajaj Financial Securities Limited is only a distributor. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism.
No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.
Client Registration Documents (Rights & Obligations, Risk Disclosure Document, Do's & Don'ts) in Vernacular Language: BSE | NSE
If the client wishes to revoke /cancel the EDIS mandate placed by them, they can write on email us or call on the toll free number.
Advisory for Investors : NSE | BSE
We also do pro-account trading in Equity & Derivatives Segment.
Filling complaints on SCORES/SMARTODR - Easy & Quick
A. Register on SCORES/SMARTODR portal B. Mandatory details for filling complaints on SCORES/SMARTODR (i) Name, PAN, Address, Mobile Number, E-mail ID C. Benefits: (i) Effective Communication (ii) Speedy redressal of the grievances.
SEBI Registration No.: INZ000218931 | BSE Cash/CDS/F&O (Member ID: 6706) | NSE Cash/F&O/CDS (Member ID: 90177) | MCX Member ID: 57680 | DP registration No : IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN – 163403 Research Analyst SEBI Registration No. INH000010043
Compliance officer:
Mr. Harinatha Reddy Muthumula
TEL: 020-48574486
Email for any investor grievances or write to us for DP related matters.
DISCLAIMER
STANDARD DISCLAIMER
Investments in the securities market are subject to market risk, read all related documents carefully before investing.
Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | MCX Member ID: 57680 | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403.
Website: Bajaj Broking
RESEARCH DISCLAIMER
Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014 | CIN: U67120PN2010PLC136026 | Research Analyst SEB I Registration No: INH000010043.
Details of Compliance Officer:
Mr. Harinatha Reddy Muthumula (For Broking/DP/Research)
Email | Contact No.: 020-4857 4486
Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.
DISCLOSURES
Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations)
Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043.
DISCLAIMER
This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects.
This service / information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose unless otherwise expressly authorised. This service / information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subjectBajaj Financial Securities Limited and affiliates/ group/holding companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe any such restrictions.
The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Bajaj Financial Securities Limited or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Bajaj Financial Securities Limited or its subsidiaries and associated companies to provide the data. In no event shall the Bajaj Financial Securities Limited or its holding and associated companies be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the Bajaj Financial Securities Limited or its holding and associated companies.
ADDITIONAL DISCLAIMER FOR U.S. PERSONS
Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.
ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS
Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.
This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.
DISCLAIMER FOR REPORT DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)
Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.
This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.
This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.
We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.
Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.
Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.
Research analyst has served as an officer, director or employee of subject Company: No
Bajaj Financial Securities Limited has financial interest in the subject companies: No
Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.
Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No
Subject company may have been client during twelve months preceding the date of distribution of the research report.
There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at NSE
ANALYST CERTIFICATION
The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
RISK DISCLOSURE ON DERIVATIVES
SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.
BROKERAGE DISCLAIMER
All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : Pricing
MTF
As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).
US INVESTING
International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.
IPO
This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.
SCREENERS
Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform.
SECURITIES
Securities quoted are exemplary and not recommendatory.
IPV
Account would be open after all procedure relating to IPV and client due diligence is completed.
IMAGES
The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites.
THIRD PARTY PRODUCT DISCLAIMER
Bajaj Financial Securities Limited is a distributor for Non-Broking Products/Services such as Mutual Funds, Mutual Funds SIP, IPO, Bonds, Insurance, PMS, Global Investing, any other third-party products/services. These are not Exchange Traded Products, and we are only acting as distributors. All disputes with respect to the distribution activity, would not have access to SCORES/ODR, Exchange investor redressal forum or Arbitration mechanism. Please refer to the detailed disclaimer for Third-Party Products.
As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.
