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Fixed Maturity Plans


Investors seeking stable returns with a fixed tenure often explore options beyond traditional fixed deposits. Fixed Maturity Plans (FMPs) have emerged as a compelling alternative, offering potential tax advantages and competitive returns. Read more..While they share similarities with fixed deposits, FMPs follow a distinct investment approach, making them suitable for those with specific financial goals. Read less

 

Fixed Maturity Plans List

Name
AUM
1Y Returns

ICICI Pru FMP - Sr.85-10Years Plan I-Reg (G)

Debt|Fixed Maturity Plans

Buy

 ₹433.64 cr. 9.16%

ICICI Pru FMP - Sr.85-10Years Plan I-Reg (IDCW-Q)

Debt|Fixed Maturity Plans

Buy

 ₹433.64 cr. 9.16%

ICICI Pru FMP - Sr.85-10Years Plan I-Reg (IDCW-Q)

Debt|Fixed Maturity Plans

Buy

 ₹433.64 cr. 9.16%

ICICI Pru FMP - Sr.85-10Years Plan I-Reg (G)

Debt|Fixed Maturity Plans

Buy

 ₹433.64 cr. 9.16%

ICICI Pru FMP - Sr.88-1226Days Plan F-Reg (IDCW-Q)

Debt|Fixed Maturity Plans

Buy

 ₹127.05 cr. 7.91%

ICICI Pru FMP - Sr.88-1303Days Plan S-Reg (G)

Debt|Fixed Maturity Plans

Buy

 ₹61.11 cr. 7.99%

ICICI Pru FMP - Sr.88-1303Days Plan S-Reg (IDCW)

Debt|Fixed Maturity Plans

Buy

 ₹61.11 cr. 7.99%

ICICI Pru FMP - Sr.88-1226Days Plan F-Reg (IDCW-Q)

Debt|Fixed Maturity Plans

Buy

 ₹127.05 cr. 7.91%

ICICI Pru FMP - Sr.88-1226Days Plan F-Reg (G)

Debt|Fixed Maturity Plans

Buy

 ₹127.05 cr. 7.91%

ICICI Pru FMP - Sr.88-1226Days Plan F-Reg (G)

Debt|Fixed Maturity Plans

Buy

 ₹127.05 cr. 7.91%
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What are Fixed Maturity Plans?

Fixed Maturity Plans (FMPs) are close-ended debt mutual funds with a predetermined lock-in period ranging from 30 days to five years. Unlike open-ended debt funds, FMPs are available for investment only during the New Fund Offer (NFO) period. Once the subscription window closes, no further investments can be made, and redemption is only possible at maturity.

FMPs invest primarily in fixed-income instruments such as:

  • Certificates of Deposit (CDs)
  • Commercial Papers (CPs)
  • Treasury Bills (T-bills)
  • Corporate Bonds
  • Non-Convertible Debentures (NCDs)
  • Government Securities


The objective of an FMP is to provide investors with a predictable return by mitigating interest rate fluctuations. While FMPs do not guarantee returns like fixed deposits, they aim to generate stable earnings by holding securities until maturity.

 

How Do Fixed Maturity Plans Work?

Fixed Maturity Plans (FMPs) function as close-ended debt mutual funds with a fixed tenure, meaning investors can only invest during the New Fund Offer (NFO) period. Once the NFO closes, no additional investments are allowed, and redemption is possible only upon maturity. FMPs primarily invest in fixed-income instruments such as certificates of deposit, commercial papers, treasury bills, corporate bonds, and non-convertible debentures, aligning their maturity with the fund’s tenure.

Unlike actively managed debt funds, FMPs follow a buy-and-hold strategy, where the fund manager selects securities and retains them until maturity, minimising transaction costs and interest rate risks. This structured approach helps reduce market volatility and provides relatively stable returns. Additionally, FMPs offer potential tax efficiency through indexation benefits, making them an attractive option for investors seeking predictable returns with lower tax liability. However, since premature withdrawals are not permitted, investors must assess their liquidity needs before investing in FMPs.

 

What are the Features of Fixed Maturity Plans?

Fixed Maturity Plans (FMPs) come with distinct features that set them apart from other investment options. Below are the key characteristics of FMPs:

  1. Fixed Period - FMPs have a predetermined lock-in period, typically ranging from 30 days to five years. Investors can only redeem their investment upon maturity, ensuring stability and predictability of returns. This feature allows investors to plan their cash flow effectively in line with their financial objectives.
  2. Close-Ended Scheme - Unlike open-ended mutual funds, FMPs are close-ended, meaning that investors can only subscribe during the New Fund Offer (NFO) period. Once the NFO closes, no further investments can be made. However, investors holding units in Demat form can sell them on stock exchanges, providing a limited exit option before maturity.
  3. Fund Strategy - FMPs primarily invest in fixed-income instruments such as commercial papers (CPs), certificates of deposit (CDs), money market instruments, corporate bonds, government bonds, and non-convertible debentures (NCDs). Fund managers align the maturity of these securities with the tenure of the FMP to minimise interest rate risks.
  4. Interest Rate Sensitivity - Since FMPs follow a buy-and-hold strategy, they are less sensitive to interest rate fluctuations. Holding securities until maturity helps stabilise returns, making them a preferred option during a falling interest rate scenario.
  5. Credit Risk - FMPs generally invest in high-rated debt instruments to reduce the risk of default. However, they do not guarantee complete safety, as the credit rating of underlying securities may change over time, potentially impacting returns.
  6. Indexation Benefit - Most FMPs have a tenure of three years or more, making them eligible for long-term capital gains tax benefits. Investors can take advantage of indexation, which adjusts the investment cost for inflation, reducing tax liability on returns.
  7. Low Cost - Compared to open-ended mutual funds, FMPs have a lower expense ratio due to minimal buying and selling of securities. This leads to lower management and operational costs, benefiting investors with cost-effective returns.

 

Types of Fixed Maturity Plans

FMPs can be categorised based on their maturity period and investment strategy. Below are the different types of FMPs available:

  1. Short-Term Fixed Maturity Plans - These FMPs have a maturity period ranging from 30 days to one year. They are suitable for investors looking for short-term investments with stable returns, making them an alternative to short-term fixed deposits.
  2. Medium-Term Fixed Maturity Plans - FMPs in this category have a maturity period between one to three years. They balance risk and return, offering moderate interest rate sensitivity while benefiting from indexation for tax efficiency.
  3. Long-Term Fixed Maturity Plans - Long-term FMPs come with a tenure of three to five years or more. These plans are preferred by investors seeking higher tax benefits through indexation and stable returns over an extended period.
  4. Credit-Risk Fixed Maturity Plans - These FMPs invest in lower-rated debt instruments that offer higher potential returns. However, they carry increased credit risk and are suitable only for investors with a higher risk appetite.
  5. Government Securities Fixed Maturity Plans - These FMPs invest primarily in government bonds and treasury bills, ensuring lower risk and stable returns. They are ideal for conservative investors prioritising capital protection.
  6. Corporate Debt Fixed Maturity Plans - These FMPs focus on high-rated corporate bonds and non-convertible debentures (NCDs). They offer better yields than government securities while maintaining relatively lower credit risk.

 

Who should invest in Fixed Maturity Plans?

Fixed Maturity Plans (FMPs) are well-suited for specific types of investors based on their financial goals, risk appetite, and investment horizon. Understanding whether an FMP aligns with your investment needs is crucial before making any commitments.

  • Conservative Investors - If you prefer a relatively secure investment option and are not comfortable with the volatility of equity markets, FMPs can be a suitable choice.
  • Investors Seeking Higher Returns than FDs - While FMPs do not provide guaranteed returns like Fixed Deposits (FDs), they often offer potentially higher yields over the fixed tenure.
  • Tax-Conscious Investors - FMPs held for more than three years qualify for long-term capital gains tax with indexation benefits, reducing tax liabilities compared to interest earned on FDs, which is taxed as per the investor’s income slab.
  • Individuals with a Defined Investment Horizon - If you have funds that you do not require for a specific period (ranging from 30 days to five years), FMPs help in structured financial planning.
  • Investors Looking for Portfolio Diversification - FMPs allow diversification within a debt-based portfolio by investing in a mix of commercial papers (CPs), certificates of deposit (CDs), government securities, and corporate bonds.
  • Investors Seeking Stability in a Falling Interest Rate Scenario - As FMPs hold investments until maturity, they are less impacted by interest rate fluctuations, making them more stable than other debt funds in such scenarios.

 

How to invest in Fixed Maturity Plans?

Investing in FMPs requires following a structured approach as they are closed-ended schemes available only during a specific period. Here’s a step-by-step guide:

  1. Step 1: Select a Suitable FMP Scheme - Research and compare different FMPs based on their tenure, expected yields, portfolio composition, and risk factors. Platforms like Bajaj Broking provide insights into available FMP schemes, helping investors make informed decisions.
  2. Step 2: Check the New Fund Offer (NFO) Period - FMPs are available only during the NFO period. Investors must subscribe within this window as additional investments are not allowed once the offer period closes.
  3. Step 3: Assess Investment Objectives and Risk Tolerance - Before investing, ensure that the FMP aligns with your financial objectives. Since FMPs do not allow premature withdrawals, it is essential to match the investment tenure with your liquidity requirements.
  4. Step 4: Open a Demat and Trading Account - To invest in FMPs, you need a Demat and trading account, which can be easily opened through Bajaj Broking. The account enables you to hold FMP units in electronic form and trade them on stock exchanges if required.
  5. Step 5: Invest Through Lump Sum Mode - FMPs do not offer a Systematic Investment Plan (SIP) option. Investments must be made as a lump sum during the NFO period.
  6. Step 6: Hold Until Maturity - Once invested, the funds are locked in until the maturity date. However, if you need liquidity before maturity, you may sell FMP units on the stock exchange (if held in Demat form), subject to market demand and prevailing prices.
  7. Step 7: Monitor Performance and Taxation Aspects - Track your investment periodically and be aware of taxation rules. If held for over three years, FMPs attract long-term capital gains tax with indexation benefits, potentially lowering tax liability.

 

Advantages of Investing in Fixed Maturity Plans

  1. Stable Investment - Fixed Maturity Plans (FMPs) are designed to be held until maturity, reducing the impact of market volatility. Unlike open-ended mutual funds, which may be subject to fluctuations in interest rates and market movements, FMPs maintain a stable investment environment. Since these plans primarily invest in debt securities with fixed maturity, they offer a relatively predictable return structure over the investment tenure.
  2. Stable Asset Structure - FMPs follow a closed-ended structure, meaning that investments are locked in until maturity. This stability allows fund managers to plan their investment strategies without worrying about frequent redemptions. Unlike open-ended funds, where investors can withdraw their money at any time, FMPs have a predetermined maturity period, ensuring a stable corpus throughout the tenure.
  3. Low Cost - FMPs generally have a lower expense ratio compared to actively managed debt funds. Since the fund manager follows a buy-and-hold strategy, there is minimal trading of securities, leading to lower turnover costs. This makes FMPs a cost-effective investment option for those looking for stable returns without high management fees.
  4. Tax Efficiency with Indexation Benefits - One of the key advantages of investing in FMPs is the tax benefit on long-term capital gains. If an investor holds an FMP for more than 36 months, they are eligible for indexation benefits, which adjust the purchase price for inflation. This helps in reducing the overall tax liability, making FMPs more tax-efficient compared to fixed deposits, where interest income is taxed as per the individual’s income slab.
  5. Better Returns Compared to Fixed Deposits - While fixed deposits (FDs) offer guaranteed returns, the interest rates have been declining in recent years. FMPs, on the other hand, have the potential to deliver higher returns as they invest in debt instruments like corporate bonds, commercial papers, and government securities. During a falling interest rate scenario, FMPs tend to provide better yields than FDs.
  6. Diversification of Portfolio - FMPs invest in a mix of high-rated debt instruments, reducing the concentration risk associated with investing in a single fixed-income product. For investors who traditionally invest in bank FDs, adding FMPs to their portfolio can provide diversification and optimise returns while maintaining a low-risk approach.

 

Risks Involved in Fixed Maturity Plans

Market-Linked Returns

  • Unlike fixed deposits, where returns are guaranteed, FMPs provide only indicative yields.
  • The actual returns may vary depending on interest rate movements and market conditions.

 

Low Liquidity

  • FMPs are closed-ended funds, meaning investors cannot withdraw their money before maturity.
  • Premature redemption is not allowed, making them less liquid than fixed deposits.
  • However, investors holding FMP units in Demat form may sell them on stock exchanges, though liquidity may be limited.

 

Credit Risk

  • FMPs invest in debt securities, and the creditworthiness of these instruments can change over time.
  • In case of a downgrade or default by the issuer, investors may face potential losses.

 

Interest Rate Sensitivity

  • While FMPs aim to eliminate interest rate fluctuations by holding securities until maturity, changes in the interest rate environment can impact the Net Asset Value (NAV).
  • A rising interest rate scenario may result in lower-than-expected returns.

 

No Assured Returns

  • Returns from FMPs depend on the performance of the underlying securities.
  • There is no guarantee of fixed returns, unlike fixed deposits where interest rates are predetermined.

 

Inflation Risk

  • Even though FMPs provide better post-tax returns compared to FDs, inflation can still erode the real value of returns.
  • Investors should consider inflation-adjusted returns while making investment decisions.
     

FMPs are ideal for investors looking for stable returns with relatively low risk. However, understanding the risks involved is crucial before making an investment decision. Investors should assess their financial goals, risk tolerance, and investment horizon before opting for FMPs.

 

Factors to Consider Before Investing in Fixed Maturity Plans

Before investing in Fixed Maturity Plans (FMPs), investors must carefully assess several factors to ensure alignment with their financial goals and risk appetite. Below are key considerations:

  1. Returns and Liquidity - FMPs do not guarantee returns as they are market-linked. While they may offer higher returns compared to Fixed Deposits (FDs), the actual returns depend on the market conditions and underlying securities. Additionally, FMPs have limited liquidity, meaning investors cannot redeem their investments before maturity, unlike FDs, which offer premature withdrawal options (albeit with a penalty).
  2. Investment Tenure - Fixed Maturity Plans come with a predetermined tenure, ranging from 30 days to 5 years. Investors must ensure that their investment horizon aligns with the maturity period, as premature withdrawal is not allowed. Only those who can commit their funds for the entire tenure should consider investing in FMPs.
  3. Risk Profile - FMPs are less volatile compared to equity funds but still carry risks such as credit risk and interest rate fluctuations. The Net Asset Value (NAV) of FMPs may fluctuate due to market movements, and the credit ratings of underlying debt securities may change over time. Investors with a low-risk tolerance may find FMPs suitable, but they must be aware of potential risks.
  4. Tax Benefits - Tax efficiency is an important factor to consider. FMPs held for more than 36 months qualify for long-term capital gains (LTCG) tax, which includes the benefit of indexation. This makes FMPs more tax-efficient than FDs, where interest earnings are taxed as per the investor’s income slab. Those in higher tax brackets may find FMPs particularly advantageous.
  5. Expense Ratio - FMPs generally have a lower expense ratio than open-ended mutual funds. Since fund managers adopt a buy-and-hold strategy, transaction costs are minimised. This helps in keeping overall costs lower, benefiting investors in the long run.
  6. Exit Options - Investors can exit an FMP before maturity only if they hold units in Demat form and trade them on the stock exchange. However, liquidity in the secondary market is limited, and investors may have to sell at a discount. Therefore, those needing easy access to funds may not find FMPs suitable.
  7. Credit Quality of Investments - FMPs primarily invest in high-rated debt instruments like corporate bonds, commercial papers, treasury bills, and government securities. While fund managers aim to minimise default risks, changes in the credit ratings of underlying securities can impact returns. Investors should review the credit quality of the securities in the portfolio before investing.

 

Taxability of Fixed Maturity Plans

Taxation plays a crucial role in investment decisions, and understanding how Fixed Maturity Plans are taxed can help investors make informed choices.

  1. Short-Term vs. Long-Term Capital Gains Tax
    • If an investor holds an FMP for less than 36 months, the gains are considered short-term capital gains (STCG) and are taxed as per the investor’s applicable income tax slab.
    • If the investment is held for more than 36 months, the gains qualify as long-term capital gains (LTCG) and are taxed at 20% with the benefit of indexation. Indexation helps adjust the purchase price for inflation, reducing taxable gains and lowering the overall tax liability.
  2. Taxation Based on Investment Option - FMPs offer two investment options—Dividend Option and Growth Option, and their tax treatments differ:
    • Dividend Option: The returns are subject to Dividend Distribution Tax (DDT), which is deducted before distribution.
    • Growth Option: Investors pay tax on capital gains, benefiting from indexation in the case of LTCG.
  3. Comparison with Fixed Deposits (FDs) - In FDs, interest earnings are taxed as per the investor’s tax slab, leading to a higher tax liability for those in higher income brackets. In contrast, FMPs provide a tax-efficient structure, especially for long-term investors who benefit from indexation.
  4. TDS Implications - Unlike FDs, where Tax Deducted at Source (TDS) is applicable on interest earnings, FMPs do not have TDS deductions. Investors are responsible for declaring and paying applicable taxes at the time of filing returns.

 

Popular Fixed Maturity Plans in India

Fixed Maturity Plans (FMPs) are close-ended debt funds that invest in fixed-income instruments with a defined maturity period. They offer predictable returns and tax efficiency, making them a popular choice among investors seeking stable income. Below is a detailed comparison of some well-known FMPs in India:

Fixed Maturity Plans – Key Details

Fund Name

AUM (₹ Cr)

Since Inception Return

3-Year Return

5-Year Return

Expense Ratio

UTI Annual Interval Fund-II Direct (G)

13

6.5%

6.3%

5.2%

0.3%

UTI Quarterly Interval Fund - II Direct (G)

2

6.6%

6.1%

4.9%

0.1%

UTI Quarterly Interval Fund - I Direct (G)

10

6.5%

6.3%

5.0%

0.1%

Nippon India Monthly Interval Series II Direct (G)

4

10.3%

5.8%

4.8%

0.9%

Nippon India Quarterly Interval Series III Direct (G)

3

6.6%

6.4%

5.0%

0.9%

 

Detailed Fund Insights

1. UTI Annual Interval Fund-II Direct (G)

This is a Debt Fund with an AUM of ₹13 crores. It has delivered a 1-year return of 6.9%, a 3-year return of 6.3%, and a 5-year return of 5.2%. The fund has an expense ratio of 0.3% and allocates 90.46% of its portfolio to debt instruments. The minimum SIP investment is ₹1000, while the minimum lump sum investment is ₹10000.

2. UTI Quarterly Interval Fund - II Direct (G)

This Debt Fund has an AUM of ₹2 crores and has delivered returns of 6.4% (1 year), 6.1% (3 years), and 4.9% (5 years). It has a low expense ratio of 0.1% and uniquely allocates 100% of its assets to non-debt investments. Investors can start with a minimum SIP of ₹1000 or a lump sum investment of ₹10000.

3. UTI Quarterly Interval Fund - I Direct (G)

With an AUM of ₹10 crores, this Debt Fund has provided a 1-year return of 6.7%, a 3-year return of 6.3%, and a 5-year return of 5.0%. The expense ratio is 0.1%, and the fund’s portfolio comprises 96.67% debt and 3.33% other investments. The minimum SIP amount is ₹1000, while the lump sum investment starts at ₹10000.

4. Nippon India Monthly Interval Series II Direct (G)

This Debt Fund has an AUM of ₹4 crores and has delivered returns of 5.7% (1 year), 5.8% (3 years), and 4.8% (5 years). It has a higher expense ratio of 0.9%, with only 0.56% of the portfolio allocated to debt, and the rest (99.44%) invested in other assets. The minimum SIP investment is ₹1000, and lump sum investment starts at ₹5000.

5. Nippon India Quarterly Interval Series III Direct (G)

With an AUM of ₹3 crores, this Debt Fund has given a 1-year return of 6.1%, a 3-year return of 6.4%, and a 5-year return of 5.0%. The expense ratio stands at 0.9%, and the portfolio comprises 0.57% debt and 99.43% other investments. The minimum SIP amount is ₹1000, and the lump sum investment starts at ₹5000.

 

Conclusion

Fixed Maturity Plans are a suitable investment option for individuals looking for a balance between risk and returns while benefiting from tax efficiency. They offer higher potential returns compared to FDs, albeit with limited liquidity and market-linked risks. Investors must evaluate their financial goals, risk tolerance, and investment horizon before investing. For those in higher tax brackets, FMPs can be an attractive option due to the indexation benefit. Investors looking to explore FMPs can consider Bajaj Broking for a seamless investment experience.

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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) | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403. 

Website: https://www.bajajbroking.in/

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: compliance_sec@bajajbroking.in
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 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.