BAJAJ BROKING

open-demat-imgOpen Demat
Login-imgLogin
be-a-partner-imgBe a Partner
samadhan-imgSamadhan
open-demat-imgOpen Demat
InstallInstall App
Download AppInstall App
Notification close image
No new Notification messages
card image
Aegis Vopak Terminals IPO is Open!
Apply for the Aegis Vopak Terminals IPO through UPI in just minutes.
delete image
card image
Open a Free Demat Account
Pay ZERO maintenance charges for the first year, get free stock picks daily, and more.
delete image
card image
Trade Now, Pay Later with up to 4x
Never miss a good trading opportunity due to low funds with our MTF feature.
delete image
card image
Track Market Movers Instantly
Stay updated with real-time data. Get insights at your fingertips.
delete image

Gilt Fund


Investors often have two primary financial objectives: capital appreciation and capital preservation. While capital appreciation involves higher risks, capital preservation comes with relatively lower risks. Read more..For those prioritising capital preservation, gilt mutual funds present an attractive investment avenue. These funds are a type of debt fund that invests predominantly in government securities, making them one of the lowest-risk investment options in the mutual fund category.

Gilt funds exclusively invest in bonds and fixed-interest securities issued by the Central and State Governments. As per the Securities and Exchange Board of India (SEBI) guidelines, at least 80% of a gilt fund’s assets must be allocated to government securities. The remaining portion may be invested in other types of bonds. Due to their government backing, gilt funds are widely preferred by risk-averse investors looking for stable and moderate returns. Read less

Gilt Fund List

Name
AUM
1Y Returns

ICICI Pru Gilt Fund (G)

Debt|Gilt Fund

Buy

 ₹7265.89 cr. 10.47%

ICICI Pru Gilt Fund (IDCW) - Reinvestment

Debt|Gilt Fund

Buy

 ₹7265.89 cr. 10.47%

ICICI Pru Gilt Fund (IDCW)

Debt|Gilt Fund

Buy

 ₹7265.89 cr. 10.47%

Tata Gilt Securities Fund - Regular (IDCW) - Reinvestment

Debt|Gilt Fund

Buy

 ₹1144.20 cr. 10.59%

Aditya Birla SL Govt Securities Fund (G)

Debt|Gilt Fund

Buy

 ₹1993.83 cr. 10.31%

Aditya Birla SL Govt Securities Fund (IDCW-Q) - Payout

Debt|Gilt Fund

Buy

 ₹1993.83 cr. 10.31%

Tata Gilt Securities Fund - Regular (G)

Debt|Gilt Fund

Buy

 ₹1144.20 cr. 10.59%

Tata Gilt Securities Fund - Regular (IDCW)

Debt|Gilt Fund

Buy

 ₹1144.20 cr. 10.59%

SBI Magnum Gilt Fund - (G)

Debt|Gilt Fund

Buy

 ₹12309.96 cr. 10.86%

Canara Robeco Gilt Fund (IDCW) - Reinvestment

Debt|Gilt Fund

Buy

 ₹146.07 cr. 10.42%
  • 1
  • 2
  • ...
  • 11
  • >

What is a Gilt Fund?

A gilt fund is a type of mutual fund that primarily invests in government securities, also known as G-secs. These securities are issued by the Central and State Governments to meet financial obligations. Gilt funds are divided into two main categories:

  • Funds that invest in government securities with varying maturities.
  • Funds with a constant maturity of 10 years, requiring at least 80% of total assets to be invested in securities with a 10-year maturity period.


Unlike equity or hybrid funds, gilt funds do not carry credit risk, as they are backed by the government. However, they are highly sensitive to interest rate fluctuations, which impact their Net Asset Value (NAV). These funds tend to perform well when interest rates are declining and may deliver lower returns in a rising interest rate scenario.

 

How Does a Gilt Fund Work?

When the government needs funds for infrastructure development and other expenses, it approaches the Reserve Bank of India (RBI), which acts as its banker. The RBI raises capital by borrowing from banks, insurance companies, and financial institutions. In return, the RBI issues government securities (G-secs) with fixed tenures.

Gilt funds subscribe to these government securities and hold them until maturity. When the securities reach maturity, the government repays the borrowed amount, and the gilt fund earns returns based on the interest accrued. Investors in gilt funds benefit from exposure to government-backed instruments, which offer lower credit risk. However, the performance of these funds depends on prevailing interest rates, making them more favourable during periods of declining rates.

For investors looking to invest in gilt funds, Bajaj Broking provides a seamless platform to explore and invest in various gilt fund options, ensuring efficient portfolio management tailored to different financial goals.

 

What are the Features of Gilt Fund?

Gilt funds come with several distinct features that make them a preferred choice for risk-averse investors. While they offer stability and low credit risk, they are also influenced by interest rate changes. Below are the key features explained in detail:

  1. Market Volatility - Gilt funds invest at least 80% of their corpus in government securities (G-secs) and do not have exposure to equities. This makes them immune to equity market volatility, ensuring a stable investment environment for risk-averse investors.
  2. Interest Rate Regime - While gilt funds are free from credit risk, they are highly sensitive to interest rate fluctuations. Their Net Asset Value (NAV) moves inversely with interest rates. A falling interest rate regime boosts gilt fund returns, whereas rising rates negatively impact them.
  3. Returns - Gilt funds do not guarantee fixed returns as their performance depends on interest rate movements. In favourable market conditions with declining interest rates, they can deliver returns ranging from 10-15%.
  4. Expense Ratio - Like other mutual funds, gilt funds charge an expense ratio, which is a fee for fund management. This fee is deducted annually, slightly reducing the investor’s net returns.
  5. Maturity - Gilt funds come with varying investment horizons—short-term, medium-term, and long-term. Investors can choose a suitable tenure based on their financial goals and risk appetite.

     

Types of Gilt Fund

Gilt funds can be broadly classified into two types based on their investment strategy and maturity profile. Understanding these categories can help investors choose a fund that aligns with their financial goals. The two main types are:

  1. Gilt Funds with Different Maturities - These funds invest in government securities with varied maturities. The fund manager adjusts the portfolio by selecting bonds of different durations, depending on market conditions and interest rate trends.
  2. Gilt Funds with Constant Maturity of 10 Years - These funds are mandated to invest at least 80% of their corpus in government securities that have a fixed maturity of 10 years. They are suitable for investors looking for predictable long-term returns and are highly sensitive to interest rate movements.
  3. Invest in Gilt Funds with Bajaj Broking - Bajaj Broking provides a seamless platform for investing in gilt mutual funds. Whether you are a conservative investor seeking stability or looking to hedge against market downturns, gilt funds can be a strategic addition to your portfolio. Choose a suitable fund, assess market conditions, and align your investment with your financial goals for optimal returns.

     

Who Should Invest in Gilt Funds?

Gilt funds are an ideal investment option for specific types of investors, primarily those with a conservative approach. These funds cater to individuals seeking capital preservation while earning moderate returns. Below are the key investor profiles who should consider investing in gilt funds:

  • Conservative Investors - Gilt funds are best suited for investors with low risk tolerance since they do not invest in high-risk instruments like corporate bonds or equities. These funds primarily invest in government securities (G-Secs), ensuring stability and security.
  • Investors Seeking Capital Preservation and Moderate Returns - Those looking for a safe investment avenue while still generating reasonable returns can benefit from gilt funds. Since these funds are backed by the government, they have minimal credit risk.
  • Investors with Short to Long-Term Investment Horizons - Gilt funds are available in short, medium, and long-term variants. Investors can choose the appropriate option based on their financial goals and investment timeline.
  • Investors Looking for Portfolio Diversification - For individuals who want to balance their portfolios with low-risk investments, gilt funds can provide a stable component alongside equities and other higher-risk assets.
  • Investors Seeking Actively Managed Funds - Those who want a relatively stable return without actively monitoring the market can invest in gilt funds. These funds are managed by professional fund managers who handle the portfolio allocation on behalf of the investor.
  • Investors Looking for Stability During Market Downturns - Gilt funds perform well in a declining interest rate environment. Therefore, investors who want to hedge against market fluctuations can consider these funds during economic downturns.
  • High-Income Investors Seeking Tax Efficiency - Compared to fixed deposits, gilt funds offer better tax efficiency for investors in the higher-income tax bracket. Long-term capital gains on gilt funds are taxed at 20% with indexation benefits, making them a tax-efficient option.
     

How to Invest in Gilt Funds?

Investing in gilt mutual funds through Bajaj Broking is a simple and efficient process. Follow these steps to get started:

Step 1: Log in to Your Bajaj Broking Account

  • Open the Bajaj Broking app or visit the official website.
  • Enter your registered mobile number.
  • Validate the OTP (One-Time Password) sent to your phone.
  • Enter your MPIN to securely access your account.


Note: If you do not have a Demat account with Bajaj Broking, you must open one by completing the KYC (Know Your Customer) process and submitting the necessary documents.

Step 2: Choose the Right Gilt Fund

  • Navigate to the Mutual Funds section in your Bajaj Broking account.
  • Use the search option to find specific gilt funds or browse through the recommended list curated by Bajaj Broking.
  • Evaluate different gilt funds based on the following factors:
    • Historical Performance: Analyse past returns to assess consistency.
    • Tax Implications: Understand how capital gains and dividends are taxed.
    • Risk Profile: Ensure the fund aligns with your risk tolerance.
    • Fund Ratings: Check ratings from reputed agencies (typically on a scale of 1 to 5).
    • Expense Ratio: Opt for funds with lower costs to maximise net returns.


Step 3: Make Your Investment

  • After selecting a suitable gilt fund, go to the investment section.
  • Decide whether to invest a lump sum amount or set up a Systematic Investment Plan (SIP).
  • Enter the amount you wish to invest and select your preferred payment mode: UPI (Recommended for quick transactions), Net Banking, Debit Card (if applicable)
  • Confirm and place your order.


Step 4: Set Up SIP Mandate (If Applicable)

  • If you choose the SIP route, establish an auto-debit mandate for future instalments.
  • Ensure sufficient balance in your linked bank account for seamless monthly deductions.


Step 5: Monitor Your Investment

  • Regularly track the performance of your gilt fund through the Bajaj Broking app or website.
  • Adjust your investment strategy based on interest rate trends and market conditions.


Advantages of Investing in Gilt Funds

Investing in gilt funds offers several benefits, making them a preferred choice for conservative investors seeking stability and steady returns. Here are the key advantages:

  1. High Credit Quality - Gilt funds invest in government securities, which have the highest credit rating as they are backed by the government. This minimises the risk of default, ensuring the safety of your investment.
  2. Relatively Low Risk - Since these funds invest exclusively in government bonds, they are not exposed to credit risk. Investors benefit from secure returns without worrying about corporate defaults or credit downgrades.
  3. Portfolio Diversification - Gilt funds add a layer of stability to an investment portfolio by balancing out the risk from equities and other market-linked instruments. They serve as a hedge during volatile market conditions.
  4. Potential for Capital Appreciation - When interest rates decline, the price of government securities rises, leading to capital appreciation. Investors in gilt funds can benefit from this inverse relationship between interest rates and bond prices.
  5. Liquidity - Gilt funds offer relatively high liquidity, allowing investors to redeem their units with ease. However, exit loads may apply depending on the fund’s structure.
  6. Transparency - Government bonds have a high level of transparency in terms of pricing and valuation, giving investors clear visibility into their investments.
  7. Suitable for Long-Term Goals - Gilt funds are ideal for long-term investors looking for stable returns with minimal credit risk. They are particularly useful for retirement planning and wealth preservation.
  8. Professional Fund Management - Investing through gilt funds allows individuals to benefit from expert fund management, as professional managers at reputed institutions like Bajaj Broking make informed decisions based on market conditions.

     

Risks Involved in Gilt Funds

While gilt funds offer stability, they are not entirely risk-free. Investors should consider the following risks before investing:

  • Interest Rate Risk - The value of gilt funds fluctuates based on changes in interest rates. A rise in interest rates can lead to a decline in bond prices, negatively impacting returns.
  • Market Volatility - While government bonds are considered safe, their market prices can be volatile, especially in a rising interest rate environment.
  • Liquidity Risk - Although government securities are highly liquid, certain gilt funds may impose exit loads or redemption restrictions, impacting immediate access to funds.
  • Inflation Risk - If inflation rises faster than the returns from gilt funds, the real value of earnings may erode over time.
  • Longer Maturity Risk - Gilt funds with long-duration bonds are more sensitive to interest rate changes, making them riskier in a volatile market.
  • Taxation - Returns from gilt funds are subject to capital gains tax. Short-term capital gains (if held for less than three years) are taxed as per the investor’s income slab, while long-term capital gains attract indexation benefits.
     

Factors To Consider Before Investing in Gilt Funds

  1. Interest Rate Sensitivity - Gilt funds primarily invest in government securities, making them highly sensitive to interest rate fluctuations. When interest rates rise, bond prices fall, which in turn negatively impacts the Net Asset Value (NAV) of the fund. Conversely, when interest rates fall, gilt funds tend to generate better returns. Investors should carefully analyse interest rate trends before investing in these funds.
  2. Investment Horizon - Since gilt funds are susceptible to interest rate movements, they are best suited for investors with a medium- to long-term investment horizon. The volatility in short-term periods can be high, so investors looking for stability should remain invested for at least three to five years.
  3. Credit Risk - Gilt funds primarily invest in government-backed securities, meaning the risk of default is virtually non-existent. However, in the case of state government bonds, there might be minimal credit risk. Investors should verify the credit quality of the fund’s holdings to ensure alignment with their risk tolerance.
  4. Expense Ratio - Like all mutual funds, gilt funds charge an annual management fee known as the expense ratio. A lower expense ratio can improve returns over time. Investors should compare various gilt funds and opt for funds with cost-effective management fees to maximise gains.
  5. Tax Efficiency - Gilt funds can offer tax advantages, especially for high-income earners. Long-term capital gains (for investments held beyond three years) are taxed at 20% with indexation benefits, making them more tax-efficient compared to traditional fixed-income instruments such as Fixed Deposits (FDs). Short-term capital gains (for investments held for less than three years) are taxed as per the investor’s income tax slab.
  6. Liquidity Constraints - Certain gilt funds may have a lock-in period, making them illiquid. However, there are funds available without a lock-in period, providing flexibility to investors. It is essential to check the exit load and redemption terms before investing.
  7. Risk-Return Trade-off - Gilt funds offer moderate yet stable returns. While they typically yield higher returns than other fixed-income options like FDs and Recurring Deposits (RDs), they do not match the potential gains of equity or hybrid mutual funds. Investors should assess their risk appetite and return expectations accordingly.
  8. Market Timing - Understanding the economic cycle is key when investing in gilt funds. They generally perform well during recessions or when interest rates are on a downward trend. Investing during a rising interest rate regime may lead to suboptimal returns. Thus, timing entry and exit points is crucial for maximising gains.

     

Taxability of Gilt Funds

Understanding the tax implications of gilt funds is crucial for making informed investment decisions. The tax treatment depends on the holding period of the investment, and different rules apply to short-term and long-term capital gains. Here’s what you need to know:

  1. Short-Term Capital Gains (STCG) - If an investor holds gilt fund units for less than three years, any gains realised from selling these units are classified as Short-Term Capital Gains (STCG). These gains are added to the investor’s annual taxable income and taxed as per their applicable income tax slab.
  2. Long-Term Capital Gains (LTCG) - For investments held for more than three years, the gains are considered Long-Term Capital Gains (LTCG) and are subject to a 20% tax rate with indexation benefits. Indexation allows investors to adjust the purchase price of the units based on inflation, effectively reducing the taxable capital gains.
  3. Tax on Dividends - If an investor receives dividends from their gilt mutual fund, the dividend amount is treated as part of their taxable income and taxed at their respective income tax slab rate. Additionally, if the dividend amount exceeds Rs. 5000 in a financial year, a 10% Tax Deducted at Source (TDS) is applied.
  4. Comparing with Fixed Deposits - Gilt funds offer a tax-efficient alternative to Fixed Deposits (FDs) for high-income earners. While FD interest is taxed at the investor’s slab rate, gilt funds provide indexation benefits on long-term holdings, making them more attractive for wealth preservation and growth.
  5. Tax Implications for Systematic Investment Plans (SIPs) - If an investor chooses to invest in gilt funds via a Systematic Investment Plan (SIP), each instalment is treated as a separate investment with its own holding period. Gains on SIP investments held for less than three years are taxed as STCG, whereas those held for more than three years qualify for LTCG taxation.

     

Popular Gilt Funds in India

Gilt funds are mutual funds that invest exclusively in government securities, making them a preferred choice for risk-averse investors. Below is a table showcasing the top gilt mutual funds in India based on their 5-year CAGR as of January 8, 2025.

Fund Name

AUM (in ₹ crores)

CAGR 3Y (%)

Expense Ratio (%)

CAGR 5Y (%)

Edelweiss Government Securities Fund

172.66

6.94

0.47

7.89

ICICI Pru Gilt Fund

6,780.56

7.57

0.56

7.86

Kotak Gilt Fund-PF & Trust

4,441.90

7.26

0.47

7.76

DSP Gilt Fund

1,781.58

7.33

0.57

7.76

Kotak Gilt Fund (Q-IDCW)

4,441.90

7.26

0.47

7.76

Note: The above funds are listed for informational purposes only and are not recommendations. Investors should check real-time data before making any decisions.

Edelweiss Government Securities Fund

With an AUM of ₹172.66 crore, this fund is ideal for conservative investors seeking stability through government securities. Its 3-year CAGR stands at 6.94%, while its 5-year CAGR is 7.89%. The fund's Sharpe ratio of 2.52 indicates strong risk-adjusted returns. The average maturity of 21.7 years reflects its preference for long-duration securities.
 

ICICI Pru Gilt Fund

This fund, managing an AUM of ₹6,780.56 crore, offers stable returns through government securities. With a 3-year CAGR of 7.57% and a 5-year CAGR of 7.86%, it has demonstrated consistent performance. A Sharpe ratio of 3.04 highlights its excellent risk-adjusted returns. Its average maturity of 6.51 years provides a balanced duration strategy.
 

Kotak Gilt Fund – PF & Trust

With an AUM of ₹4,441.90 crore, this fund is structured for institutions like provident funds and trusts. It has delivered a 3-year CAGR of 7.26% and a 5-year CAGR of 7.76%. The fund maintains a Sharpe ratio of 1.98 and an average maturity of 26.86 years, making it a suitable option for long-term investors.
 

DSP Gilt Fund

This fund, with an AUM of ₹1,781.58 crore, focuses solely on government securities. It has generated a 3-year CAGR of 7.33% and a 5-year CAGR of 7.76%, ensuring steady returns. Its Sharpe ratio of 2.32 indicates good risk-adjusted performance, while an average maturity of 30.66 years shows its emphasis on long-duration holdings.
 

Kotak Gilt Fund (Q-IDCW)

Managing an AUM of ₹4,441.90 crore, this fund is designed for investors seeking stable returns with quarterly dividends. With a 3-year CAGR of 7.26% and a 5-year CAGR of 7.76%, it ensures consistent growth. Its Sharpe ratio of 1.97 reflects strong risk-adjusted performance, while an average maturity of 26.86 years highlights its long-term focus.
 

Conclusion

Gilt funds provide a safe investment avenue with low credit risk and moderate returns, making them an attractive option for conservative investors. However, they are highly sensitive to interest rate movements. Before investing, it is crucial to assess personal risk tolerance, investment goals, and tax implications. By carefully timing entry and exit, investors can make the most of gilt funds while maintaining a stable financial portfolio.

 

Frequently Ask Questions

No Data Found

search icon
banner-icon

Start your SIP with just ₹100

Choose from 4,000+ funds on Bajaj Broking

+91

|

Please Enter Mobile Number

Start your SIP with just ₹100

Choose from 4,000+ funds on Bajaj Broking

+91

|

TRENDING CALCULATORS AND STOCKS ON BAJAJ BROKING

Popular Stock

top-popular-on-bfsl

POPULAR STOCKS: Tata Motors Share Price Infosys Share Price IRFC Share Price SBI Card Share Price Cipla Share Price NBCC Share Price IDFC First Bank Share Price IRCTC Share Price PNB Share Price Vodafone Idea Share Price Axis Bank Share Price JSW Steel Share Price Bandhan Bank Share Price SBI Share Price Tata Steel Share Price ONGC Share Price Ashok Leyland Share Price Paytm Share Price Subex Share Price DLF Share Price Reliance Share Price HDFC Bank Share Price Suzlon Share Price IOC Share Price HUL Share Price Asian Paints Share Price Bank Of Baroda Share Price ITC Share Price TCS Share Price HFCL Share Price Icici Bank Share Price Tata Chemicals Share Price CDSI Share Price MRF Share Price Tata Power Share Price Adani Green share price BPCL Share Price Vedanta Share Price Dmart Share Price Hindalco Share Price LIC Share Price SAIL Share Price Adani Port Share Price IEX Share Price Nalco Share Price L&T Share Price Adani Power Share Price BHEL Share Price Bajaj Finance Share Price Canara Bank Share Price Indusind Bank Share Price Gail Share Price Yes Bank Share Price Wipro Share Price Happiest Minds Share Price Coal India Share Price Maruti Share Price Reliance Power Share Price

 

INDIAN INDICES: Nifty 50 Share Price SENSEX Share Price Nifty Next 50 Share Price BSE100 Share Price Nifty Bank Share Price LRGCAP Share Price Nifty 100 Share Price MIDCAP Share Price Nifty 200 Share Price SMLCAP Share Price Nifty 500 Share Price BSE500 Share Price Nifty Midcap 50 Share Price ALLCAP Share Price NIFTY SMLCAP 50 Share Price BSE200 Share Price India VIX Share Price BSEIPO Share Price

ATTENTION INVESTORS:

“Investments in securities market are subject to market risk, read all the scheme related documents carefully before investing."

"Prevent Unauthorized transactions in your Trading/Demat Account. Update your mobile numbers/email IDs with your stock brokers/Depository Participant. Receive alerts/information of your transaction/all debit and other important transactions in your Trading/ Demat Account directly from Exchange/CDSL/NSDL at the end of the day. Issued in the interest of investors."

" We collect, retain, and use your contact information for legitimate business purposes only, to contact you and to provide you information & latest updates regarding our products & services."  

"KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary."

"We understand that certain investment advisors may be approaching members of the public including our clients, representing that they are our partners, or representing that their investment advice is based on our research. Please note that we have not engaged any third parties to render any investment advisory services on our behalf nor are we providing any stock recommendations/tips/research report/advisory. Persons making investments on the basis of such advice may lose all or a part of their investments along with the fee paid to such unscrupulous persons. Please be cautious about any phone call that you may receive from persons representing to be such investment advisors, or a part of research firm offering advice on securities. Do not make payments through e-mail links, WhatsApp or SMS. Please do not share your personal or financial information with any person without proper verification. Always trade through a registered broker."

Bajaj Financial Securities Limited is a subsidiary of Bajaj Finance Limited and is a corporate trading and clearing member of BSE Ltd. and National Stock Exchange of India Ltd. (NSEIL), and also a Depository participant with National Securities Depository Ltd (“NSDL”) and Central Depository Services Ltd. (“CDSL”).

Bajaj Financial Securities Limited is engaged in the business of Stock Broking and as a Depository Participant.Bajaj Financial Securities Limited does not provide any advisory services to its clients. Bajaj Financial Securities Limited may share updates from time to time (through various electronic communication modes) which are sourced from public domain and the same are NOT to be construed as any advice or recommendation from Bajaj Financial Securities Limited. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever.

BSE Ltd. is not in any manner answerable, responsible or liable to any person or persons for any acts of omission or commission, errors, mistakes and/or violation, actual or perceived, by us or our partners, agents, associates etc., of any of the Rules, Regulations, Bye-laws of the Stock Exchange, Mumbai, SEBI Act or any other laws in force from time to time.

BSE Ltd. is not answerable, responsible or liable for any information on this Website or for any services rendered by our employees, our servants, and us.

Personal Loan, Fixed Deposit, EMI Card are provided by Bajaj Finance Limited. Bajaj Financial Securities Limited is only a distributor. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism.

No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account.

Please Note:

  1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 1, 2020

  2. Update your mobile number & email ID with your stock broker/depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge.

  3. Pay 20% upfront margin of the transaction value to trade in cash market segment.

  4. Investors may please refer to the Exchange's Frequently Asked Questions (FAQs) issued vide circular reference NSE/INSP/45191 dated July 31, 2020 and NSE/INSP/45534 and BSE vide notice no. 20200731-7 dated July 31, 2020 and 20200831-45 dated August 31, 2020 and other guidelines issued from time to time in this regard.

  5. Check your Securities /MF/ Bonds in the consolidated account statement issued by NSDL/CDSL every month.

Client Registration Documents (Rights & Obligations, Risk Disclosure Document, Do's & Don'ts) in Vernacular Language: BSE | NSE

If the client wishes to revoke /cancel the EDIS mandate placed by them, they can write on email to connect@bajajbroking.in  or call on the toll free number.

Advisory for Investors : NSE | BSE

ADVISORY - KYC COMPLIANCE

ADVISORY – PRECAUTIONS FOR CLIENTS DEALING IN OPTIONS

We also do pro-account trading in Equity & Derivatives Segment.

Filling complaints on SCORES - Easy & Quick

A.  Register on SCORES portal B. Mandatory details for filling complaints on SCORES (i) Name, PAN, Address, Mobile Number, E-mail ID C. Benefits: (i) Effective Communication (ii) Speedy redressal of the grievances.

SEBI Registration No.: INZ000218931 | BSE Cash/CDS/F&O (Member ID: 6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No : IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN – 163403 Research Analyst SEBI Registration No. INH000010043

Compliance officer:

Mr. Harinatha Reddy Muthumula
TEL: 020-48574486
Email: compliance_sec@bajajbroking.in, for any investor grievances write to compliance_sec@bajajbroking.in for DP related to Compliance_dp@bajajbroking.in .

DISCLAIMER

STANDARD DISCLAIMER

Investments in the securities market are subject to market risk, read all related documents carefully before investing.

Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | 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.