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Dynamic Bond


Dynamic bond funds invest in debt instruments with different maturities, adapting to changing interest rate cycles. These funds aim to optimise returns by shifting between short- and long-term debt instruments based on Read more..market conditions.They offer flexibility, making them an attractive option for investors seeking steady returns despite fluctuating interest rates. Read less

 

Dynamic Bond List

Name
AUM
1Y Returns

ICICI Pru All Seasons Bond Fund - Regular (IDCW-A) - Reinvestment

Debt|Dynamic Bond

Buy

 ₹14790.38 cr. 10.02%

ICICI Pru All Seasons Bond Fund - Regular (IDCW-W)

Debt|Dynamic Bond

Buy

 ₹14790.38 cr. 10.03%

ICICI Pru All Seasons Bond Fund - Regular (IDCW-W) - Reinvestment

Debt|Dynamic Bond

Buy

 ₹14790.38 cr. 10.03%

ICICI Pru All Seasons Bond Fund - Regular (IDCW-Q)

Debt|Dynamic Bond

Buy

 ₹14790.38 cr. 10.02%

ICICI Pru All Seasons Bond Fund - Regular (IDCW-Q) - Reinvestment

Debt|Dynamic Bond

Buy

 ₹14790.38 cr. 10.02%

ICICI Pru All Seasons Bond Fund - Regular (IDCW)

Debt|Dynamic Bond

Buy

 ₹14790.38 cr. 10.03%

ICICI Pru All Seasons Bond Fund - Regular (IDCW) - Reinvestment

Debt|Dynamic Bond

Buy

 ₹14790.38 cr. 10.03%

ICICI Pru All Seasons Bond Fund - Regular (G)

Debt|Dynamic Bond

Buy

 ₹14790.38 cr. 10.03%

ICICI Pru All Seasons Bond Fund - Regular (IDCW-A)

Debt|Dynamic Bond

Buy

 ₹14790.38 cr. 10.02%

Aditya Birla SL Dynamic Bond Fund - Reg (G)

Debt|Dynamic Bond

Buy

 ₹1862.83 cr. 11.24%
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What is a Dynamic Bond?

A Dynamic Bond is a type of debt mutual fund that actively manages its portfolio by investing in various debt instruments, such as government securities, corporate bonds, and money market instruments, without a fixed maturity period. Unlike traditional debt funds that follow specific duration mandates, Dynamic Bonds adjust their duration based on interest rate movements.

Dynamic Bond Funds are designed to mitigate the risks associated with fluctuating interest rates. When interest rates are expected to rise, fund managers may shorten the portfolio duration to minimise losses. Conversely, when interest rates are expected to fall, they may extend the duration to benefit from capital appreciation. This flexibility helps optimise returns across different economic cycles.
 

How Does a Dynamic Bond Work?

Dynamic Bonds possess a flexible maturity structure, allowing fund managers to switch between short-term and long-term securities depending on the interest rate outlook. Unlike traditional bond funds that have a predetermined duration, these funds adopt a dynamic investment strategy to maximise returns and minimise risks.

The fund manager actively monitors macroeconomic factors such as government policies, inflation rates, and global market trends to decide the portfolio composition. If interest rates are expected to rise, the manager may reduce the fund’s duration by investing in short-term instruments. On the other hand, if rates are expected to decline, the manager may shift investments towards long-term bonds to lock in higher returns.

Dynamic Bonds also provide diversification benefits by investing in a mix of gilt funds, corporate bonds, and other debt instruments. This reduces the overall risk exposure while ensuring steady returns. However, they are subject to market fluctuations and require active fund management to navigate changing economic conditions effectively.
 

What are the Features of Dynamic Bonds?

Dynamic bonds come with unique features that make them a preferred choice for investors seeking flexibility in debt investments. Below are some key characteristics that define these funds:

  1. Investment Flexibility - Dynamic bond funds have the ability to switch between short-term and long-term debt instruments based on the prevailing interest rate scenario. Unlike traditional debt funds that have a fixed mandate, these funds can invest across various durations, making them more adaptable to changing market conditions.
  2. Active Interest Rate Management - The fund manager of a dynamic bond fund actively manages interest rate risk by adjusting the portfolio’s duration. When interest rates are expected to rise, the fund manager reduces the duration to minimise potential losses. Conversely, when interest rates are expected to fall, they increase the duration to capitalise on capital appreciation.
  3. Portfolio Churn - Since these funds do not have a fixed investment duration, fund managers frequently rebalance the portfolio based on interest rate expectations. This ensures that the portfolio is optimised to generate better returns over time.
  4. Lower Volatility Compared to Long-Duration Funds - While dynamic bond funds have exposure to long-term securities, they are generally less volatile than pure long-duration funds. This is because they can adjust their holdings in response to interest rate fluctuations, reducing the impact of sudden market movements.
  5. Potential for Higher Returns - Due to their active management and flexibility, dynamic bond funds can potentially generate better returns compared to traditional debt funds. The ability to switch between long and short-duration instruments helps in maximising gains while mitigating interest rate risk.
  6. Risk Factors - Dynamic bond funds are influenced by macroeconomic factors such as government policies, inflation, fiscal deficits, and global interest rate trends. These funds also carry credit risk, as they may invest in corporate bonds that could face defaults. Moreover, fund performance depends largely on the expertise of the fund manager in making accurate interest rate predictions.

     

Types of Dynamic Bonds

Dynamic bonds can be classified based on various factors such as investment strategy, duration flexibility, and credit risk. Here are the main types of dynamic bonds:

  1. Short-Duration Dynamic Bonds - These funds primarily invest in short-term debt securities with lower duration risk. They are ideal for conservative investors looking for stable returns with minimal exposure to interest rate fluctuations. The focus is on preserving capital while earning moderate returns.
  2. Medium-Duration Dynamic Bonds - These funds maintain a balance between short and long-term securities. They aim to offer better returns than short-duration bonds while managing volatility efficiently. This type of dynamic bond fund is suitable for investors with a moderate risk appetite.
  3. Long-Duration Dynamic Bonds - Long-duration dynamic bond funds invest in debt instruments with longer maturities, capitalising on declining interest rate trends. These funds can be more volatile due to their sensitivity to interest rate movements but offer higher return potential in favourable market conditions.
  4. Credit-Oriented Dynamic Bonds - These funds invest in corporate bonds with varying credit ratings, often targeting higher yields. While they offer attractive returns, they carry greater credit risk, making them more suitable for investors with a higher risk tolerance.
  5. Gilt Dynamic Bonds - Gilt dynamic bond funds invest predominantly in government securities, eliminating credit risk. They focus solely on managing interest rate risk, making them ideal for investors seeking stability with lower credit exposure.

     

Who Should Invest in Dynamic Bonds?

Dynamic bond funds are best suited for investors who seek flexibility in their debt investments and have a moderate risk appetite. These funds are ideal for individuals who understand interest rate trends and want to benefit from fluctuations in the debt market.

Key investor profiles include:

  • Investors Seeking Varied Returns - Those looking to maximise returns in different interest rate environments.
  • Moderate Risk-Takers - Investors who are comfortable with some level of risk associated with interest rate movements and fund manager decisions.
  • Long-Term Investors - Individuals who can commit to an investment horizon of at least three years to mitigate short-term volatility.
  • Knowledgeable Investors - Those who keep track of macroeconomic factors like fiscal policies, inflation, and interest rate trends to make informed decisions.
  • Systematic Investors - Investors who prefer a systematic investment plan (SIP) approach to counteract interest rate volatility effectively.


By understanding these factors, investors can determine if dynamic bonds align with their financial goals and risk tolerance.
 

How to Invest in Dynamic Bonds?

Investing in Dynamic Bond Funds is a straightforward process through Bajaj Broking. Follow these steps to get started:

Step 1: Open a Bajaj Broking Demat Account - If you don’t already have a Demat account, you’ll need to open one with Bajaj Broking. This involves completing the Know Your Customer (KYC) process and submitting necessary documents such as:

  • PAN card
  • Aadhaar card
  • Bank account details
     

Step 2: Log in to Your Bajaj Broking Account - Once your Demat account is active, log in using your registered mobile number and validate the OTP. Enter your MPIN to access your dashboard.

Step 3: Choose a Dynamic Bond Fund - Before investing, research and select a dynamic bond fund that suits your financial goals. Key factors to consider include:

  • Fund Performance: Analyse historical returns and risk-adjusted performance.
  • Interest Rate Outlook: Assess the fund manager’s strategy in different interest rate scenarios.
  • Portfolio Composition: Review the types of bonds included (government securities, corporate bonds, etc.).
  • Expense Ratio: Understand the costs involved in managing the fund.
  • Credit Rating: Ensure the fund invests in high-quality debt instruments to mitigate credit risk.
     

Step 4: Decide Investment Mode - You can invest in Dynamic Bond Funds in two ways:

  • Lump Sum Investment: A one-time investment in the chosen fund.
  • Systematic Investment Plan (SIP): A methodical approach where you invest a fixed amount at regular intervals to reduce market volatility impact.
     

Step 5: Complete the Investment

  • Enter the amount you wish to invest.
  • Choose your preferred payment method (UPI or net banking recommended).
  • If opting for SIP, set up a mandate for automatic deductions.
  • Confirm and complete the transaction.
     

Step 6: Monitor Your Investment - Regularly track your investment performance and stay updated on macroeconomic trends that could impact interest rates. If necessary, rebalance your portfolio to align with your evolving financial goals.

 

Advantages of Investing in Dynamic Bonds

Dynamic bond funds offer several advantages that make them an attractive investment option for those looking for flexibility in debt investments. Below are some key benefits:

  1. Investment Flexibility - Dynamic bond funds can invest in both long-term and short-term securities without being restricted by a fixed investment mandate. This allows fund managers to adjust the portfolio based on interest rate movements.
  2. Active Portfolio Management - Fund managers continuously rebalance the portfolio by investing in different debt instruments such as gilts and corporate bonds. This active approach helps optimise returns based on changing market conditions.
  3. Better Interest Rate Management - Unlike traditional debt funds, dynamic bond funds can adjust the duration of investments depending on interest rate trends. When interest rates are expected to fall, managers shift to longer-duration bonds to maximise returns. Conversely, they reduce duration when rates are expected to rise.
  4. Potential for Higher Returns - By actively managing the portfolio and investing in high-yield debt instruments, dynamic bond funds can generate better returns compared to short-term or long-duration funds, especially during fluctuating interest rate cycles.
  5. Risk Mitigation - Since these funds do not have a fixed duration, they can reduce downside risk by adjusting the portfolio as per market conditions. This makes them a less volatile option compared to long-duration debt funds, which cannot alter their duration beyond SEBI-prescribed limits.
  6. Tax Efficiency - Investors who hold dynamic bond funds for over three years benefit from long-term capital gains tax, which is taxed at 20% with an indexation benefit. This helps reduce tax liability by accounting for inflation.

     

Risks Involved in Dynamic Bonds

While dynamic bond funds offer flexibility and potential returns, they also come with certain risks that investors must consider:

  • Macroeconomic Influence - Interest rate fluctuations are impacted by various macroeconomic factors, including government policies, fiscal deficits, and global market trends. These factors can lead to unpredictable movements in bond yields.
  • Credit Risk - Although some dynamic bond funds invest in government securities (which carry sovereign guarantees), those investing in corporate bonds are exposed to credit risk. If an issuer defaults, it could lead to losses.
  • Portfolio Volatility - Since these funds frequently adjust their duration, their short-term performance can be volatile. Investors should ideally have a holding period of at least three years to mitigate this risk.
  • Management Risks - The success of dynamic bond funds heavily depends on the fund manager’s ability to predict interest rate movements accurately. A misjudgment in strategy could negatively impact returns.
  • Liquidity Risk - Certain debt securities in the portfolio may have lower liquidity, making it difficult for the fund manager to exit positions during unfavourable market conditions without incurring losses.
  • Tax Implications - If an investor sells units within three years, the gains are taxed as per their income tax slab, which could result in higher tax liabilities compared to long-term holdings.
     

Factors To Consider Before Investing in Dynamic Bond Funds

Investing in Dynamic Bond Funds requires a well-informed approach as these funds are actively managed and influenced by various factors. Here are some key aspects to consider before investing:

  1. Expert Fund Management - Dynamic Bond Funds rely heavily on the expertise of the fund manager. The fund manager's ability to predict interest rate movements and make timely adjustments to the portfolio plays a crucial role in determining returns. It is essential to review the historical performance of the fund manager across different interest rate cycles before making an investment decision.
  2. Macroeconomic Awareness - Interest rates are influenced by multiple macroeconomic factors such as government policies, fiscal deficits, oil prices, currency fluctuations, and inflation trends. Investors should stay updated with these factors as they directly impact bond yields and overall fund performance. A long-term investment perspective can help mitigate short-term risks arising from economic fluctuations.
  3. Risk Assessment - Dynamic Bond Funds do not have a fixed duration mandate and instead adjust their portfolio based on interest rate movements. This flexibility introduces an element of risk, as the fund manager's strategy determines the returns. A miscalculation in duration selection or market outlook can lead to losses. Therefore, investors should assess their own risk tolerance before investing in these funds.
  4. Investment Flexibility - Unlike other debt funds, which are bound by strict investment mandates, Dynamic Bond Funds have the freedom to invest across different maturities and debt instruments. This adaptability allows them to respond to changing market conditions, which can be advantageous during fluctuating interest rate cycles.
  5. Ideal Investment Horizon - These funds are best suited for investors with a medium to long-term investment horizon, ideally three to five years. Given their sensitivity to interest rate movements, short-term investments may not yield favourable results. Investors looking for stable returns over a longer period should consider Dynamic Bond Funds as a viable option.

     

Taxability of Dynamic Bond Funds

The tax treatment of Dynamic Bond Funds in India is similar to that of other debt funds. The taxation depends on the holding period of the investment:

Short-Term Capital Gains (STCG)

  • If units are held for less than 36 months, the gains are considered short-term.
  • STCG is taxed as per the investor’s income tax slab.
  • This can range from 5% to 30%, depending on the individual's taxable income.
     

Long-Term Capital Gains (LTCG)

  • If units are held for more than 36 months, the gains qualify as long-term capital gains.
  • LTCG is taxed at a flat rate of 20%.
  • Investors can avail of the indexation benefit, which adjusts the purchase price for inflation, reducing the overall tax liability.
     

Dividend Taxation

  • Dividends received from Dynamic Bond Funds are added to the investor’s total income.
  • They are taxed according to the individual's applicable income tax slab.
  • Additionally, there is a 10% Tax Deducted at Source (TDS) on dividends exceeding ₹5,000 in a financial year.
     

Tax on Reinvestment

  • Dividends are not taxed at the time of reinvestment but are taxed upon redemption of units.
  • Investors should consider this aspect when opting for the dividend reinvestment option.
     

Popular Dynamic Bond Funds in India

Dynamic bond funds adjust their portfolio strategies based on interest rate fluctuations, making them an attractive option for debt investors. Below is a comparison of the top five dynamic bond funds in India.

Fund Name

AUM (in ₹ crore)

3Y CAGR %

5Y CAGR %

Expense Ratio

ICICI Pru All Seasons Bond Fund

13,409.86

7.66

8.05

0.59

Kotak Dynamic Bond Fund

3,022.77

7.06

7.45

0.58

Bandhan Dynamic Bond Fund

3,076.30

6.74

7.26

0.71

SBI Dynamic Bond Fund

3,324.37

7.49

7.22

0.62

Nippon India Dynamic Bond Fund

4,233.54

6.55

6.86

0.32

These figures are based on a 5-year CAGR as of January 6, 2025, and are subject to change. For real-time updates, visit Bajaj Broking.

ICICI Prudential All Seasons Bond Fund

The ICICI Prudential All Seasons Bond Fund is a dynamic bond fund managing ₹13,409.86 crore in assets. It has delivered a 3-year CAGR of 7.66% and a 5-year CAGR of 8.05%, with an expense ratio of 0.59%. This fund focuses on active duration management, offering flexibility to navigate changing interest rate scenarios. Managed by ICICI Prudential AMC, a leader in the mutual fund space, the fund benefits from the AMC’s strong research and investment expertise.

Kotak Dynamic Bond Fund

The scheme was launched on 26th May 2008. It is managed by Mr. Deepak Agrawal since 25th November 2012 and Mr. Abhishek Bisen since 1st November 2022. Expense structures vary across different plans.

The Kotak Dynamic Bond Fund, with ₹3,022.77 crore in AUM, provides a 3-year CAGR of 7.06% and a 5-year CAGR of 7.45%, supported by an expense ratio of 0.58%. Managed by Kotak Mahindra AMC, the fund employs dynamic strategies to maximise returns in changing interest rate environments, appealing to risk-conscious debt investors.

Bandhan Dynamic Bond Fund

With an AUM of ₹3,076.30 crore, the Bandhan Dynamic Bond Fund offers a 3-year CAGR of 6.74% and a 5-year CAGR of 7.26%. The fund has an expense ratio of 0.71%. It leverages Bandhan AMC’s expertise in managing diverse debt instruments, ensuring flexibility and potential for steady returns amid varying market conditions. The fund offers a minimum investment of ₹1,000 and SIP starting at ₹100, with no exit load since 17th October 2016.

SBI Dynamic Bond Fund

The SBI Dynamic Bond Fund, managing ₹3,324.37 crore, is tailored for investors seeking flexible debt investments. It has achieved a 3-year CAGR of 7.49% and a 5-year CAGR of 7.22%, with an expense ratio of 0.62%. Backed by SBI Mutual Fund’s extensive market experience, the fund adjusts its portfolio dynamically to align with interest rate trends, making it a reliable choice.

Nippon India Dynamic Bond Fund

The Nippon India Dynamic Bond Fund is a versatile debt fund with an AUM of ₹4,233.54 crore. Offering a 3-year CAGR of 6.55% and a 5-year CAGR of 6.86%, it has an expense ratio of 0.32%, making it a cost-effective option. As part of Nippon India Mutual Fund, known for its robust risk management, the fund provides dynamic duration strategies to optimise returns across market conditions.
 

Conclusion

Dynamic bond funds offer investors the flexibility to navigate changing interest rate environments by adjusting the portfolio's duration and asset allocation. These funds are ideal for those seeking stable returns without being locked into a fixed maturity profile. As seen in the top-performing funds, factors such as fund management expertise, expense ratio, and historical performance play a crucial role in selecting the right investment. While dynamic bond funds can provide better risk-adjusted returns than traditional debt funds, investors should assess their risk appetite and investment horizon before making a decision.
 

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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 https://www.nseindia.com/

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

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

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 : https://www.bajajbroking.in/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.  

MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. 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. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. 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. 

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. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

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.