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Focused Fund


A focused fund is a category of mutual fund that strategically invests in a limited number of securities. Unlike diversified mutual funds, which spread investments across numerous stocks and sectors, focused funds concentrate their Read more..holdings on a small selection of securities that have been thoroughly researched. This approach aims to maximise returns by investing in high-potential assets rather than distributing capital broadly. However, this also means focused funds are more volatile compared to diversified funds. Read less

Focused Fund List

Name
AUM
1Y Returns

ICICI Pru Focused Equity Fund (IDCW) - Reinvestment

Equity|Focused Fund

Buy

 ₹11018.79 cr. 12.91%

ICICI Pru Focused Equity Fund (IDCW)

Equity|Focused Fund

Buy

 ₹11018.79 cr. 12.91%

ICICI Pru Focused Equity Fund (G)

Equity|Focused Fund

Buy

 ₹11018.79 cr. 12.94%

Tata Focused Equity Fund (G)

Equity|Focused Fund

Buy

 ₹1762.66 cr. 5.78%

Aditya Birla SL Focused Fund (G)

Equity|Focused Fund

Buy

 ₹7595.10 cr. 11.49%

Tata Focused Equity Fund (IDCW) RI

Equity|Focused Fund

Buy

 ₹1762.66 cr. 5.78%

Tata Focused Equity Fund (IDCW) RI - Reinvestment

Equity|Focused Fund

Buy

 ₹1762.66 cr. 5.78%

Baroda BNP Paribas Focused Fund (G)

Equity|Focused Fund

Buy

 ₹670.23 cr. -0.09%

Aditya Birla SL Focused Fund (IDCW) - Payout

Equity|Focused Fund

Buy

 ₹7595.10 cr. 11.49%

LIC MF Focused Fund - Regular (G)

Equity|Focused Fund

Buy

 ₹132.11 cr. 9.72%
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What is a Focused Fund?

A focused fund is a type of mutual fund that invests in a restricted number of stocks, typically between 20 to 30. These funds allocate their holdings based on a "best idea" investment strategy, ensuring that each chosen security has undergone rigorous research and selection. Focused funds can be classified into various categories, including large-cap, mid-cap, small-cap, or multi-cap, depending on the nature of the investments.

These funds function similarly to traditional equity mutual funds but with an added emphasis on specific themes, sectors, or stocks with high growth potential. While they offer the advantage of selective stock-picking, the lack of diversification can make them riskier than broader mutual fund options. Focused funds aim to achieve higher returns by concentrating investments in a limited number of high-quality securities rather than spreading risk across a large portfolio.


How Does a Focused Fund Work?

Focused mutual funds adopt a concentrated investment strategy, meaning they invest in a limited number of securities rather than holding a broad mix. This approach contrasts with traditional equity mutual funds, which often hold between 50 to 100 stocks to diversify risk. The key characteristics of focused funds include:

  • Selective Stock Investments - Focused funds limit their holdings to a small number of carefully chosen stocks. This means that the fund managers dedicate extensive research efforts to picking the best-performing securities.
  • Flexible Investment Strategy - Unlike some mutual funds restricted by sector or market capitalisation, focused funds can invest in a mix of large-cap, mid-cap, and small-cap stocks.
  • Potential for Higher Returns - The strategy aims to maximise gains by investing in high-performing assets. However, with a concentrated portfolio, these funds are subject to increased volatility and market risk.
  • Limited Diversification - Unlike diversified funds that balance risk across multiple sectors, focused funds have a higher concentration in select stocks. This can lead to significant gains but also exposes investors to greater risks if those stocks underperform.


What are the Features of Focused Funds?

Focused funds come with distinct characteristics that set them apart from diversified equity funds. These features include:

  • Limited Number of Securities - Focused funds invest in a small number of securities, usually ranging from 20 to 30 stocks. This allows fund managers to conduct in-depth research and select high-quality stocks with strong growth potential.
  • Higher Volatility - Due to the concentrated investment approach, focused funds tend to be more volatile than diversified equity funds. The performance of a few stocks has a significant impact on overall returns, making them suitable for investors with a higher risk appetite.
  • Potential for Higher Returns - By concentrating on carefully researched stocks, focused funds aim to generate superior returns. This strategy allows investors to capitalise on the growth potential of specific companies and sectors, potentially outperforming broader market indices.
  • Sector and Market Capitalisation Flexibility - Focused funds are not restricted to a particular sector or market capitalisation. Fund managers have the flexibility to invest in large-cap, mid-cap, and small-cap stocks based on market trends and investment objectives.
  • Risk-Adjusted Diversification - While focused funds limit diversification, they still aim for optimal risk-adjusted returns by selecting stocks from different sectors and market capitalisations. This strategy helps mitigate risks associated with overexposure to a single sector or company.
  • Open-Ended Structure - Most focused funds are open-ended mutual funds, allowing investors to enter or exit at any time. This provides liquidity and flexibility for investors who may need to adjust their portfolios based on market conditions.
  • Research-Driven Investment Strategy - Fund managers rely on fundamental analysis and extensive research to select stocks. Each stock is included in the portfolio after evaluating financial performance, industry position, and future growth prospects.


Types of Focused Funds

Focused funds can be categorised based on their investment strategy and portfolio composition. The main types include:

  • Large-Cap Focused Funds - These funds primarily invest in large-cap companies with strong market presence and stable financial performance. Large-cap focused funds offer relatively lower risk while aiming for consistent long-term growth.
  • Mid-Cap Focused Funds - Mid-cap focused funds allocate capital to medium-sized companies with high growth potential. These funds carry a higher risk than large-cap funds but offer better growth opportunities for investors willing to take calculated risks.
  • Small-Cap Focused Funds - Small-cap focused funds invest in smaller companies with significant growth potential. While these funds can generate substantial returns, they also come with higher volatility and risk.
  • Multi-Cap Focused Funds - Multi-cap focused funds invest across large-cap, mid-cap, and small-cap stocks, offering a balanced approach to diversification. These funds provide exposure to a variety of companies, helping investors benefit from different market segments.
  • Sector-Specific Focused Funds - These funds concentrate on a particular sector, such as technology, healthcare, or finance. Sector-specific focused funds are ideal for investors who have strong convictions about the growth potential of a specific industry.
  • Thematic Focused Funds - Thematic focused funds invest in companies based on a particular investment theme, such as emerging technologies, sustainable energy, or digital transformation. These funds provide targeted exposure to evolving market trends.
  • Value-Oriented Focused Funds - Value-oriented focused funds invest in undervalued stocks with strong fundamentals. These funds aim to generate long-term gains by selecting companies that are expected to grow significantly over time.
  • Growth-Oriented Focused Funds - Growth-oriented focused funds focus on stocks with high growth potential. These funds prioritise companies that are expanding rapidly, making them suitable for investors looking for aggressive capital appreciation.
  • Contra Focused Funds - Contra focused funds follow a contrarian investment strategy by investing in undervalued stocks that may be overlooked by the market. These funds aim to capitalise on potential market corrections and long-term growth opportunities.


Who Should Invest in Focused Funds?

Focused funds are an ideal investment option for individuals who have a high-risk appetite and a strong understanding of the stock market. Unlike diversified mutual funds, which spread investments across multiple securities, focused funds invest in a limited number of stocks, often between 20 and 30. This concentration increases potential returns but also elevates the risk.

Investors who are comfortable with market volatility and are willing to take calculated risks to achieve higher returns may find focused funds suitable. These funds are generally recommended for those with a moderate to long-term investment horizon, as they require time to realise their full growth potential.

Additionally, experienced investors who can assess market trends and have a deep understanding of sectoral movements may benefit from focused funds. Since these funds rely heavily on stock selection, the role of the fund manager is crucial. Therefore, individuals who trust the expertise of a fund manager and are willing to accept the associated risks can consider investing in focused funds.

However, novice investors or those seeking stable and predictable returns may not find focused funds suitable due to their inherent volatility. It is crucial to assess personal financial goals, risk tolerance, and investment knowledge before allocating funds to a focused mutual fund.


How to Invest in Focused Funds?

Investing in focused funds involves a structured approach that allows investors to choose the right fund based on their financial objectives and risk tolerance. Follow these steps to invest in a focused fund:

Step 1: Choose a Fund Based on Financial Goals - Before investing, assess financial goals, risk appetite, and investment horizon. Focused funds have higher volatility due to concentrated holdings, making them more suitable for investors with a long-term perspective.

Step 2: Research and Analyse Fund Performance - Evaluate different focused funds based on key parameters such as historical returns, expense ratio, portfolio holdings, and the expertise of the fund manager. Reviewing past performance and assessing risk-adjusted returns can provide insights into the fund’s potential.

Step 3: Decide on Investment Mode - Investors can opt for either:

  • Lump-Sum Investment: A one-time investment in the fund.
  • Systematic Investment Plan (SIP): A disciplined approach where investments are made at regular intervals, reducing the impact of market volatility.
     

Step 4: Complete the KYC Process - Before investing in a focused fund, ensure that the Know Your Customer (KYC) process is completed. This typically involves submitting identity proof, address proof, and a PAN card.

Step 5: Make the Investment - After selecting the fund and completing KYC requirements, investors can proceed with their chosen investment amount. Payments can be made through various methods such as net banking, UPI, or debit transactions.

Step 6: Monitor Fund Performance - Once the investment is made, regularly monitor the performance of the focused fund. Reviewing the fund’s progress and making informed decisions regarding holding or exiting based on market trends is essential for maximising returns.

By following these steps, investors can make informed decisions and optimise their investment in focused funds, ensuring alignment with their financial objectives and risk appetite.


Advantages of Investing in Focused Fund

Investing in focused funds offers several benefits, making them an attractive choice for certain investors. The key advantages are:

  • The Benefit of Well-Researched Investment - Focused funds offer a curated selection of stocks, where each security in the portfolio undergoes extensive research before being included. The meticulous approach ensures that only high-quality stocks with strong potential for growth are selected, providing investors with optimised returns. Unlike broader mutual funds that invest across a large number of stocks, focused funds prioritise in-depth analysis and strategic stock-picking, reducing exposure to underperforming assets.
  • Higher Returns Than Average - By concentrating investments in a select group of high-performing assets, focused funds have the potential to generate significantly higher returns compared to traditional diversified mutual funds. Instead of spreading capital across numerous securities, which may dilute returns, focused funds aim to maximise gains by allocating a substantial portion of their portfolio to stocks with strong growth prospects. This targeted investment approach can enhance capital appreciation for investors seeking long-term wealth accumulation.
  • Minimises Risk with Selected Diversification - Although focused funds have fewer stocks in their portfolio, they still maintain a level of diversification within their concentrated approach. The careful selection of stocks ensures that each holding is chosen to mitigate risks while maximising gains. By concentrating on sectors and stocks with strong financial health, these funds aim to limit exposure to underperforming areas. This strategic diversification within a smaller pool of assets helps balance risk while ensuring optimal performance over time.


Risks Involved in Focused Fund

While focused funds offer strong growth potential, they also come with inherent risks. Investors should be aware of the following:

  • Higher Volatility - Due to the concentrated nature of focused funds, their performance is more sensitive to market fluctuations. Since a limited number of stocks make up the portfolio, the impact of any underperformance is amplified, leading to higher volatility.
  • Lack of Diversification - While focused funds rely on careful stock selection, the limited number of holdings means investors are exposed to greater risks. If one or more of the selected stocks underperform, the fund lacks the broader diversification benefits that traditional mutual funds provide to offset potential losses.
  • Stock Selection Risk - The performance of a focused fund heavily depends on the expertise of the fund manager in selecting the right stocks. If the selected securities do not perform as expected, the overall fund returns could be significantly impacted.
  • Sector-Specific Risks - Many focused funds concentrate on specific industries or sectors, making them vulnerable to sector-wide downturns. If an entire sector experiences a decline, the fund may suffer substantial losses due to its heavy reliance on a few key stocks.
  • Market Timing Risk - Focused funds require precise timing and market expertise to make the right investment decisions. Since they concentrate investments in a limited number of stocks, any misjudgement in timing can lead to significant losses or missed opportunities for growth.
  • Potentially Higher Expense Ratios - Given the research-intensive approach required to manage focused funds effectively, these funds may have slightly higher expense ratios compared to diversified mutual funds. This could impact net returns over time, particularly if the fund underperforms its benchmark.


Factors To Consider Before Investing in Focused Funds

When contemplating investments in focused funds, it is essential to weigh several key factors before making a decision. Given that these funds concentrate on a limited number of securities, they carry a unique set of risks and rewards that must be carefully assessed.

  • Investment Horizon - Focused funds tend to be more volatile due to their concentrated nature. Therefore, they are more suited for long-term investments. Investors should be prepared for fluctuations in the short term but can benefit from potentially higher returns over extended periods.
  • Risk Tolerance - Since focused funds invest in a smaller number of stocks, the impact of poor performance from any one security is greater compared to diversified funds. This makes them inherently riskier. Investors must assess their risk appetite before investing in these funds, as they require the ability to withstand market fluctuations.
  • Fund Manager Expertise - The success of a focused fund heavily depends on the expertise of the fund manager. Since these funds hold fewer securities, the selection process is critical. Investors should research the fund manager’s track record, experience, and ability to navigate market cycles to maximise returns.
  • Portfolio Concentration - Understanding how a fund allocates its investments is crucial. Focused funds may concentrate on specific sectors or stocks, meaning investors must ensure that the fund’s focus aligns with their financial goals and risk tolerance. If a particular sector underperforms, it can significantly impact the fund’s returns.
  • Expense Ratio - The expense ratio directly affects overall returns. Lower costs translate into better net returns for investors. Given that focused funds require in-depth research and active management, their expense ratios may be higher compared to broader mutual funds. Investors should compare the expense ratios of different focused funds before making a choice.


Taxability of Focused Funds

The taxation of focused funds follows the same principles as equity mutual funds. Investors must understand the tax implications for both short-term and long-term capital gains, as well as dividend taxation.

  • Short-Term Capital Gains (STCG) - If an investor redeems their focused fund units within 12 months of investment, the capital gains are classified as short-term capital gains (STCG). These gains are taxed at a flat rate of 15%.
  • Long-Term Capital Gains (LTCG) - For investments held for more than 12 months, the capital gains are considered long-term capital gains (LTCG). LTCG above ₹1 lakh in a financial year is taxed at 10% without indexation benefits. A simple way to calculate capital gain tax is by deducting the redemption value from the initial investment amount. Investors should keep track of their holding periods to optimise tax efficiency.
  • Dividend Taxation - Dividend income from focused funds is added to the investor’s total taxable income and is taxed as per the applicable income tax slab. Additionally, if the dividend exceeds ₹5,000 in a financial year, the mutual fund house deducts a 10% Tax Deducted at Source (TDS) before distributing the dividend.
  • Considerations for Tax Planning - Investors looking to optimise tax liability should consider holding their investments for more than a year to benefit from lower LTCG tax rates. Additionally, opting for growth-oriented focused funds instead of dividend-paying ones may be more tax-efficient for investors in higher tax brackets.


Popular Focused Funds in India

Focused funds invest in a limited number of stocks, allowing fund managers to concentrate on high-conviction investments. These funds can deliver substantial returns but come with a higher risk due to their concentrated nature. Below is a table highlighting some of the top-performing focused funds in India based on a 5-year CAGR as of January 8, 2025.

Fund Name

AUM
(in ₹ crores)

Expense Ratio (%)

CAGR 3Y (%)

CAGR 5Y (%)

ICICI Pru Focused Equity Fund

9,944.67

0.59

20.73

25.31

HDFC Focused 30 Fund

15,520.74

0.60

24.44

24.51

Quant Focused Fund

1,075.42

0.68

18.02

23.94

360 ONE Focused Equity Fund (IDCW-Reinv)

7,305.03

0.87

14.20

21.51

Franklin India Focused Equity Fund

12,183.26

0.94

16.76

21.03

Note: The funds listed above are for informational purposes only and do not constitute investment recommendations. Mutual fund performance is subject to change, and investors should check real-time data on Bajaj Broking.

ICICI Pru Focused Equity Fund

This fund balances risk and returns with an expense ratio of 0.59% and a Sharpe ratio of 1.66, indicating superior risk-adjusted performance. Its portfolio has an average PE ratio of 50.66, aligning with a growth-driven investment strategy.

Managed by ICICI Prudential AMC, a joint venture between ICICI Bank and Prudential Plc, this fund benefits from extensive market experience. ICICI Prudential AMC, managing ₹8.18 lakh crore across 99 schemes, is a leader in the Indian mutual fund space, ensuring reliable fund management.

HDFC Focused 30 Fund

With an expense ratio of 0.60%, this fund delivers impressive risk-adjusted returns, as reflected in its Sharpe ratio of 1.69. It has a conservative PE ratio of 38.46, making it appealing to value-conscious investors.

Managed by HDFC Asset Management Company, this fund benefits from the expertise of HDFC and Standard Life Investments. HDFC AMC has ₹7,64,728.25 crore in AUM and manages 83 schemes, making it one of India’s most trusted investment firms.

Quant Focused Fund

Offering an expense ratio of 0.68%, this fund features a PE ratio of 46.19, indicative of a diversified yet growth-oriented portfolio. However, its Sharpe ratio of 0.57 suggests moderate risk-adjusted returns.

Managed by Quant Money Managers Limited (QMML), this fund leverages the AMC’s expertise since its establishment in 1995. The fund’s strategy focuses on market trends and data-driven investment decisions.

360 ONE Focused Equity Fund

This fund maintains a balance between cost and growth, with an expense ratio of 0.87% and a PE ratio of 43.02. It offers consistent risk-adjusted returns, as evidenced by its Sharpe ratio of 0.73.

Managed by 360 ONE Mutual Fund, an AMC established in 2011, this fund follows a high-conviction investment approach. With ₹11,687.54 crore in AUM across 7 schemes, 360 ONE has grown into a prominent name in India’s wealth and asset management industry.

Franklin India Focused Equity Fund

This fund takes a strategic approach to investing, featuring an expense ratio of 0.94% and a PE ratio of 37.20, making it suitable for value-driven investors. Its Sharpe ratio of 1.07 highlights stable risk-adjusted returns.

Managed by Franklin Templeton Investments, which has been operating in India since 1996, this fund benefits from global investment expertise. Franklin Templeton Mutual Fund manages ₹1.13 lakh crore in AUM across 36 schemes, offering a diverse range of investment opportunities.

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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.