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ELSS


Equity Linked Savings Scheme (ELSS) is a popular tax-saving investment option under Section 80C of the Income Tax Act. Designed for individuals seeking both tax benefits and potential long-term wealth creation, ELSS primarily invests in equity and equity-related instruments. It has one of the shortest lock-in period among tax-saving investments and offers higher return potential compared to traditional options.

ELSS Funds List

Name
AUM
1Y Returns

ICICI Pru ELSS Tax Saver Fund - (IDCW) - Payout

Equity|ELSS

Buy

 ₹14121.05 cr. 10.92%

ICICI Pru ELSS Tax Saver Fund - (G)

Equity|ELSS

Buy

 ₹14121.05 cr. 11.02%

Tata ELSS Tax Saver Fund (G)

Equity|ELSS

Buy

 ₹4404.79 cr. 9.29%

Aditya Birla SL ELSS Tax Saver Fund (IDCW) - Payout

Equity|ELSS

Buy

 ₹14818.26 cr. 7.20%

Shriram ELSS Tax Saver Fund (G)

Equity|ELSS

Buy

 ₹48.13 cr. -8.75%

SBI Long Term Equity Fund (G)

Equity|ELSS

Buy

 ₹28506.06 cr. 7.50%

Baroda BNP Paribas ELSS Tax Saver Fund - Regular (IDCW) - Payout

Equity|ELSS

Buy

 ₹886.46 cr. 7.48%

Shriram ELSS Tax Saver Fund (IDCW) - Payout

Equity|ELSS

Buy

 ₹48.13 cr. -8.75%

Aditya Birla SL ELSS Tax Saver Fund (G)

Equity|ELSS

Buy

 ₹14818.26 cr. 7.20%

Baroda BNP Paribas ELSS Tax Saver Fund - Regular (G)

Equity|ELSS

Buy

 ₹886.46 cr. 7.48%
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What is an ELSS?

An Equity Linked Savings Scheme (ELSS) is a type of mutual fund that allows investors to claim tax deductions of up to ₹1.5 lakh under Section 80C of the Income Tax Act. Unlike other tax-saving instruments, ELSS offers the advantage of equity exposure, making it suitable for investors with a moderate to high risk appetite. Key features include:

  • Equity-focused investment – A minimum of 80% of the fund’s corpus is invested in equity or equity-related securities.
  • Three-year lock-in period – The shortest among all tax-saving investments.
  • Potential for higher returns – Being market-linked, ELSS has the potential to generate superior returns over the long term.
  • Flexibility in investment – Investors can choose between lump sum and Systematic Investment Plan (SIP) modes.
     

How does ELSS work?

ELSS functions like any other mutual fund but with a mandatory three-year lock-in period. Investors can benefit from:

  • Diversified equity investment – ELSS funds invest across various sectors and market capitalisations, reducing risk through diversification.
  • Compounding effect – Long-term investment in equities allows wealth accumulation through the power of compounding.
  • Tax efficiency – Gains above ₹1 lakh are taxed at 10% as Long-Term Capital Gains (LTCG), ensuring favourable taxation.
  • Redemption flexibility – While funds can only be withdrawn after three years, investors can continue holding them for greater wealth accumulation.



With its blend of tax benefits and growth potential, ELSS is an attractive option for investors looking to grow their wealth while reducing their tax liability.
 

What are the Features of ELSS?

Equity-Linked Savings Scheme (ELSS) is a tax-saving mutual fund that primarily invests in equities. It offers significant benefits to investors looking to build wealth while enjoying tax deductions. Below are its key features:

  • Tax Benefits - Investments in ELSS qualify for tax deductions under Section 80C of the Income Tax Act, allowing investors to claim deductions of up to ₹1.5 lakh in a financial year.
  • Lock-in Period - ELSS funds have a mandatory lock-in period of three years, which is the shortest among tax-saving investment options. This restriction ensures disciplined investing while providing the potential for higher returns.
  • Equity Exposure - A majority of the fund's corpus is invested in equity and equity-related instruments, making it a high-risk, high-reward investment.
  • Potential for Higher Returns - ELSS offers equity market exposure, which differs from traditional tax-saving options like fixed deposits and PPF that are fixed-income instruments. The return potential and risk profile vary significantly across these options.
  • Systematic Investment Plan (SIP) Option - Investors can choose to invest through SIP, allowing them to spread their investments over time rather than making a lump-sum contribution. This helps in managing market fluctuations effectively.
  • No Maximum Investment Limit - While there is no cap on the amount an investor can invest in ELSS, the tax deduction benefit is available only up to ₹1.5 lakh per year.
  • Flexibility in Fund Selection - Investors can choose from a variety of ELSS funds offered by different asset management companies, depending on their financial goals and risk appetite.

 

Types of ELSS

ELSS funds can be categorised based on their investment strategy and risk profile. Understanding these types helps investors make informed decisions:

  • Growth-Oriented ELSS - These funds focus on capital appreciation and reinvest any returns earned. Ideal for long-term investors, growth ELSS funds aim to maximise wealth over time.
  • Dividend-Paying ELSS - These funds distribute profits as dividends to investors at regular intervals. Investors can choose between a dividend payout or reinvestment option, depending on their cash flow needs.
  • Large-Cap ELSS Funds - These funds primarily invest in large-cap companies that have stable financials and lower volatility. They are suitable for investors seeking steady growth with relatively lower risk.
  • Mid and Small-Cap ELSS Funds - These funds allocate a significant portion of their portfolio to mid and small-sized companies, offering higher growth potential but also carrying greater market risks.
  • Multi-Cap ELSS Funds - These funds invest across large, mid, and small-cap stocks, providing diversification and a balanced risk-return profile. They are suitable for investors looking for a mix of stability and high growth.


By selecting an ELSS that aligns with one’s financial goals, risk tolerance, and investment horizon, investors can optimise tax savings while participating in market-linked growth opportunities.
 

Who Should Invest in ELSS?

Equity-Linked Savings Scheme (ELSS) is a tax-saving mutual fund that offers capital appreciation along with tax benefits. It is suitable for different types of investors based on their financial goals and risk appetite. Below are the key investor profiles who may benefit from ELSS:

  • Taxpayers Seeking Deductions Under Section 80C - ELSS investments qualify for tax deductions of up to ₹1.5 lakh per year under Section 80C of the Income Tax Act, making it an ideal choice for individuals looking to reduce their taxable income.
  • Long-Term Investors Looking for Wealth Creation - Since ELSS funds primarily invest in equities, they are best suited for investors with a long-term perspective, aiming for capital growth. The mandatory three-year lock-in period also encourages long-term investing.
  • Investors Willing to Accept Market Risks - As ELSS funds invest in stocks, they are subject to market fluctuations. Investors who are comfortable with moderate to high risk in exchange for potentially higher returns may find ELSS a suitable option.
  • New Investors Looking to Enter the Stock Market - For beginners who want exposure to equities but prefer professional fund management, ELSS serves as a structured way to start investing in the stock market while also availing tax benefits.
  • Salaried Professionals Seeking Disciplined Investing - Employees can invest in ELSS through a Systematic Investment Plan (SIP), ensuring disciplined savings and investment habits while spreading market risk over time.

By aligning their investment goals with the characteristics of ELSS, investors can make an informed decision about whether this tax-saving option suits their financial needs.
 

How to Invest in ELSS?

Investing in ELSS is a straightforward process that can be done online or offline. Below are the step-by-step guidelines to help investors navigate the investment process efficiently:

  1. Select the Right ELSS Fund - Research different ELSS funds based on past performance, fund manager expertise, expense ratio, and portfolio composition. Choose a fund that aligns with your risk appetite and financial goals.
  2. Decide on Investment Mode – Lump Sum or SIP - Investors can either make a one-time lump sum investment or opt for a Systematic Investment Plan (SIP) to invest gradually. SIPs help mitigate market risks by spreading the investment over time.
  3. Complete KYC (Know Your Customer) Formalities - Before investing, ensure you have completed KYC verification, which includes submitting identity proof, address proof, and PAN details. This step is mandatory for all mutual fund investments.
  4. Choose an Investment Platform - Investors can invest directly through the fund house’s website, authorised online investment platforms, or registered intermediaries. Direct plans have lower expense ratios compared to regular plans.
  5. Make the Payment - Select the preferred mode of payment—net banking, UPI, or bank transfer—to initiate the investment. For SIP, set up auto-debit instructions to ensure timely contributions.
  6. Receive Investment Confirmation - Once the investment is processed, investors receive a confirmation email or SMS along with details of their ELSS holdings. Units are allotted based on the applicable Net Asset Value (NAV) on the investment date.
  7. Monitor and Track Investment Performance - Although ELSS has a three-year lock-in period, it is advisable to track fund performance periodically to ensure it aligns with long-term financial objectives. Reviewing the fund’s consistency in returns and portfolio allocation can help in future investment decisions.

By following these steps, investors can seamlessly invest in ELSS and maximise their tax-saving benefits while building long-term wealth.
 

Advantages of Investing in ELSS

Equity-Linked Savings Scheme (ELSS) offers several benefits to investors, making it a preferred choice for tax savings and wealth creation. Below are the key advantages of investing in ELSS:

  • Tax Benefits Under Section 80C - Investments in ELSS qualify for tax deductions of up to ₹1.5 lakh per financial year under Section 80C of the Income Tax Act. This allows investors to reduce their taxable income while simultaneously growing their wealth.
  • Shortest Lock-in Period Among Tax-Saving Options - ELSS has a mandatory lock-in period of just three years, which is the shortest among all tax-saving investment options under Section 80C, such as Public Provident Fund (PPF) or National Savings Certificate (NSC). This offers better liquidity compared to other tax-saving instruments.
  • Potential for Higher Returns - As ELSS primarily invests in equities, it has the potential to generate higher returns compared to fixed-income tax-saving instruments like PPF and Fixed Deposits (FDs). Over the long term, equity investments have historically provided superior inflation-adjusted returns.
  • Flexibility in Investment Modes - Investors can choose between a lump sum investment or a Systematic Investment Plan (SIP). SIPs allow for disciplined investing while reducing the impact of market volatility through rupee cost averaging.
  • Professional Fund Management - ELSS funds are actively managed by experienced fund managers who analyse market trends, sectors, and stocks to optimise returns. This makes ELSS a suitable option even for investors who lack expertise in stock selection.
  • Diversification Benefits - ELSS funds invest across different sectors and market capitalisations, ensuring a well-diversified portfolio. This diversification helps in reducing the overall investment risk associated with equity markets.

With its tax benefits, equity exposure, and a relatively short lock-in period, ELSS offers a distinct approach to combining tax-saving with long-term investment planning.
 

Risks Involved in ELSS

While ELSS offers several advantages, it also comes with certain risks due to its equity exposure. Investors should be aware of the following risks before investing:

  • Market Risk - ELSS funds invest in equities, making them susceptible to market fluctuations. Economic downturns, geopolitical events, or global financial crises can impact returns.
  • Volatility Risk - Since ELSS is linked to stock market performance, short-term price fluctuations can be significant, potentially affecting the investment value.
  • Lock-in Period Risk - ELSS has a mandatory three-year lock-in period, during which investors cannot withdraw their funds, even in case of market downturns.
  • Returns Are Not Guaranteed - Unlike fixed-income tax-saving options, ELSS does not provide assured returns. Market conditions influence the fund’s performance, making returns uncertain.
  • Fund Manager Risk - The success of an ELSS fund depends on the expertise of the fund manager. Poor investment decisions or misjudgements in stock selection may lead to underperformance.
  • Sectoral and Concentration Risk - Some ELSS funds may have higher exposure to specific sectors, making them vulnerable to sector-specific downturns. Lack of diversification within the portfolio can amplify risks.
  • Liquidity Risk - Although ELSS has a shorter lock-in period than other tax-saving instruments, investors cannot redeem their funds before three years, limiting liquidity in emergencies.


Understanding these risks allows investors to make informed decisions and align their investment strategy with their financial goals and risk appetite.

 

Factors to Consider Before Investing in ELSS

Before investing in an Equity-Linked Savings Scheme (ELSS), it is essential to evaluate key factors to ensure it aligns with your financial goals and risk tolerance. Below are the important aspects to consider:

  • Investment Objective - ELSS is ideal for individuals looking to save taxes while aiming for long-term capital growth. If your goal is wealth creation with a tax-saving benefit, ELSS can be a suitable option.
  • Risk Appetite - Since ELSS primarily invests in equities, it carries market-linked risks. Investors with a higher risk appetite and a long-term perspective can benefit from ELSS, whereas those seeking stable and assured returns may find it unsuitable.
  • Lock-in Period - ELSS comes with a mandatory three-year lock-in period, meaning investors cannot redeem or switch their units before this duration. It is essential to assess your liquidity needs before investing.
  • Historical Performance of the Fund - While past performance does not guarantee future returns, evaluating a fund’s track record over different market cycles can help in making an informed decision. Comparing returns across different ELSS funds can provide insight into their consistency.
  • Fund Manager’s Expertise - ELSS funds are actively managed, and the performance largely depends on the fund manager’s expertise. Reviewing the fund manager’s past decisions, investment strategy, and overall experience can help in selecting the right fund.
  • Mode of Investment – SIP vs Lump Sum - ELSS allows investment through a lump sum or Systematic Investment Plan (SIP). SIPs help in mitigating market volatility through rupee cost averaging, whereas lump sum investments can be beneficial in bullish markets.
  • Expense Ratio - The expense ratio represents the annual management fee charged by the fund. A lower expense ratio ensures that a larger portion of your investment is used for wealth creation rather than administrative costs.
  • Tax Implications on Returns - Although ELSS investments qualify for tax deductions under Section 80C, the gains on redemption are subject to taxation. Understanding the taxability of returns helps in better financial planning.


Considering these factors can help investors make informed decisions and choose an ELSS fund that aligns with their financial goals and risk appetite.
 

Taxability of ELSS

Understanding the tax implications of ELSS investments is crucial for effective financial planning. Below is a breakdown of the tax treatment of ELSS:

  • Tax Deduction Under Section 80C - Investments in ELSS qualify for tax deductions of up to ₹1.5 lakh per financial year under Section 80C of the Income Tax Act. This helps in reducing taxable income.
  • Long-Term Capital Gains (LTCG) Tax - Since ELSS has a three-year lock-in period, any gains from redemption fall under long-term capital gains (LTCG). Gains exceeding ₹1 lakh in a financial year are subject to 10% tax without indexation benefits.
  • Dividend Taxation - If the ELSS fund follows a dividend option, the dividend received by investors is added to their total income and taxed as per their applicable income tax slab under the new tax regime.
  • No Tax on Unrealised Gains - Since ELSS investments are locked in for three years, investors are not liable to pay tax on notional or unrealised gains during this period. Tax is applicable only upon redemption.


Investors should consider these tax aspects when planning their ELSS investments to optimise returns while adhering to tax regulations.
 

Popular ELSS in India

Equity-Linked Savings Schemes (ELSS) are a popular tax-saving investment option that offers equity market exposure along with Section 80C tax benefits. Below is a comparative table of the top five ELSS funds in India based on their 5-year CAGR as of January 2025.

Comparison of Top ELSS Funds

Name of the Fund

AUM (₹ Cr)

CAGR 5Y (%)

Expense Ratio (%)

Alpha

Sharpe Ratio

CAGR 3Y (%)

Quant ELSS Tax Saver Fund

10,512.81

30.25

0.59

-2.56

0.04

17.53

Parag Parikh ELSS Tax Saver Fund

4,506.61

23.46

0.63

3.43

1.14

18.21

Bank of India ELSS Tax Saver

1,441.45

23.07

0.83

0.69

0.47

17.35

SBI Long Term Equity Fund

27,791.08

23.05

0.95

4.64

1.14

24.12

Motilal Oswal ELSS Tax Saver Fund

4,414.88

21.15

0.64

5.48

1.05

22.65

The above funds are ranked based on their 5-year CAGR and provide a mix of high returns, risk-adjusted performance, and varied expense ratios. Below is an in-depth look at each of these funds.

Quant ELSS Tax Saver Fund

This fund ranks first in 5-year CAGR performance (30.25%). It has an AUM of ₹10,512.81 crore and the lowest expense ratio (0.59%) among the five funds. However, its alpha (-2.56) suggests underperformance relative to its benchmark, and its Sharpe ratio (0.04) indicates limited risk-adjusted returns. Over the last three years, it has delivered a CAGR of 17.53%, placing it fourth in 3-year performance.

Parag Parikh ELSS Tax Saver Fund

With a 5-year CAGR of 23.46%, this fund ranks second. It has an AUM of ₹4,506.61 crore and an expense ratio of 0.63%. The fund’s alpha (3.43) is the third highest among the five, indicating a solid performance against its benchmark. Additionally, its Sharpe ratio (1.14) is tied for the highest, reflecting strong risk-adjusted returns. Over the last three years, it has achieved a CAGR of 18.21%, ranking third in 3-year performance.

Bank of India ELSS Tax Saver

This fund ranks third with a 5-year CAGR of 23.07%. It has the lowest AUM (₹1,441.45 crore) among the top five and a relatively high expense ratio (0.83%). Its alpha (0.69) is moderate, and its Sharpe ratio (0.47) ranks fourth on the list. Over the last three years, it has recorded a CAGR of 17.35%, making it the lowest-performing fund in terms of 3-year returns.

SBI Long Term Equity Fund

With a 5-year CAGR of 23.05%, this fund ranks fourth. It has the highest AUM (₹27,791.08 crore) among the five funds, showing strong investor confidence. However, it also has the highest expense ratio (0.95%). The fund’s alpha (4.64) is the second highest, indicating strong performance against its benchmark, and its Sharpe ratio (1.14) is tied for the highest. It has the best 3-year CAGR (24.12%) among the five funds.

Motilal Oswal ELSS Tax Saver Fund

This fund ranks fifth with a 5-year CAGR of 21.15%. It has an AUM of ₹4,414.88 crore and an expense ratio of 0.64%. The fund’s alpha (5.48) is the highest among the five, suggesting strong outperformance against its benchmark. Additionally, its Sharpe ratio (1.05) ranks second, indicating good risk-adjusted returns. Over the last three years, it has delivered a CAGR of 22.65%, ranking second in 3-year performance.

These ELSS funds offer a combination of high growth potential, tax-saving benefits, and varying degrees of risk-adjusted returns. Investors should assess their risk appetite, investment goals, and fund performance before making a decision.

 

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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 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.