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Gilt Fund with 10-Year Constant Duration


Investing in government-backed securities is one of the safest ways to grow wealth with minimal credit risk. A Gilt Fund with a 10-year constant duration is a debt mutual fund that primarily invests in government securities Read more..with a fixed maturity period of 10 years. Unlike other debt funds that actively manage duration, these funds maintain a steady 10-year Macaulay duration, offering predictability and stability.

For risk-averse investors looking for long-term allocation in fixed-income securities, a Gilt Fund with a 10-year constant duration can be an excellent option. It provides the security of sovereign backing, potential for better returns than fixed deposits, and tax efficiency. However, since these funds are sensitive to interest rate movements, investors should be prepared for short-term fluctuations while benefiting from the long-term stability they offer.

To invest in Gilt Funds with a 10-year constant duration, consider using Bajaj Broking, a trusted platform for seamless mutual fund investments. Read less

Gilt Fund with 10 year Constant duration List

Name
AUM
1Y Returns

ICICI Pru Constant Maturity Gilt Fund-Reg (IDCW-Q)

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹2543.75 cr. 12.23%

ICICI Pru Constant Maturity Gilt Fund-Reg (IDCW-Q) - Reinvestment

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹2543.75 cr. 12.23%

ICICI Pru Constant Maturity Gilt Fund-Reg (G)

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹2543.75 cr. 12.24%

SBI Magnum Constant Maturity Fund (IDCW) - Reinvestment

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹1907.58 cr. 11.73%

SBI Magnum Constant Maturity Fund (G)

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹1907.58 cr. 11.73%

SBI Magnum Constant Maturity Fund (IDCW)

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹1907.58 cr. 11.73%

DSP 10Y G-Sec (G)

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹61.81 cr. 11.29%

DSP 10Y G-Sec (IDCW) - Payout

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹61.81 cr. 10.57%

Bandhan GSF Constant Maturity Plan (IDCW-M) - Payout

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹361.02 cr. 11.04%

DSP 10Y G-Sec (IDCW) - Reinvestment

Debt|Gilt Fund with 10 year Constant duration

Buy

 ₹61.81 cr. 10.57%
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What is a Gilt Fund with 10-Year Constant Duration?

A Gilt Fund with a 10-year constant duration is a type of debt mutual fund that invests primarily in government securities with a fixed maturity period of 10 years. These funds allocate at least 80% of their portfolio to government-issued bonds, ensuring a high level of security.

The Reserve Bank of India (RBI) issues government securities to raise funds for central and state government operations. These securities offer fixed interest rates and are considered one of the safest investment options.

A Gilt Fund with a 10-year constant duration does not actively adjust its maturity duration based on market conditions. Instead, it maintains a fixed 10-year Macaulay duration, making it an attractive option for long-term investors seeking stable returns with minimal credit risk.

 

How Does a Gilt Fund with a 10-Year Constant Duration Work?

The performance of a Gilt Fund with a 10-year constant duration is closely tied to interest rate movements. The RBI periodically adjusts repo rates, influencing market interest rates.

  • Falling Interest Rates - When interest rates decline, bond prices rise, leading to higher returns for investors in gilt funds. Investing in such a fund during a falling interest rate scenario can be beneficial.
  • Rising Interest Rates - Conversely, when interest rates increase, bond prices drop, potentially reducing returns. Since gilt funds do not actively trade securities to manage duration, they may experience short-term volatility.


Despite these fluctuations, a Gilt Fund with a 10-year constant duration remains a low-risk investment since it is backed by government securities. Investors should be prepared for short-term market movements while focusing on long-term wealth preservation.

 

What are the Features of Gilt Fund with 10-Year Constant Duration?

A Gilt Fund with a 10-year constant duration has several distinct features that make it a unique and stable investment option for investors looking for long-term exposure to government-backed securities. Below are its key characteristics:

  1. Fixed Duration of 10 Years - Unlike actively managed debt funds, a gilt fund with a 10-year constant duration maintains a fixed maturity period of 10 years. This ensures that the Macaulay duration of the portfolio remains constant, providing a predictable investment horizon for investors.
  2. Investment in Government Securities - These funds allocate at least 80% of their portfolio to government-issued securities, ensuring a high level of safety. As these securities are backed by the central and state governments, the risk of default is almost negligible.
  3. No Credit Risk - Since gilt funds invest exclusively in government bonds, they do not carry credit risk like corporate debt funds. The government is obligated to pay both the principal and interest on the investments, making these funds one of the safest options for conservative investors.
  4. Sensitivity to Interest Rate Movements - Gilt funds with a 10-year constant duration are highly sensitive to interest rate changes. When interest rates fall, bond prices rise, leading to higher returns for investors. Conversely, rising interest rates can negatively impact returns in the short term.
  5. Taxation Similar to Debt Mutual Funds - Investments in gilt funds are subject to capital gains tax based on the holding period:
    • Short-term capital gains (STCG) - If redeemed within three years, gains are taxed as per the investor’s income tax slab.
    • Long-term capital gains (LTCG) - If held for more than three years, a 20% tax with indexation benefits is applicable for investments made before April 2023. For investments made after April 2023, LTCG is taxed according to the investor’s income tax slab.
  6. Ideal for Long-Term Investors - Due to their fixed 10-year duration, these funds are suitable for investors with a long-term investment horizon. They work well for those who seek stable, sovereign-backed investments with potentially higher returns than traditional fixed deposits.

For those looking to invest in Gilt Funds with a 10-year constant duration, Bajaj Broking provides a seamless platform to explore and invest in these funds.

 

Types of Gilt Fund with 10-Year Constant Duration

Gilt funds with a 10-year constant duration are classified based on their investment strategies and risk exposure. Below are the key types:

  1. Regular Gilt Funds with 10-Year Constant Duration - These funds invest in government securities with a fixed 10-year duration. The fund manager ensures that the overall portfolio duration remains constant at 10 years, without frequently adjusting the holdings based on interest rate fluctuations.
  2. Actively Managed Gilt Funds - While maintaining a focus on government securities, actively managed gilt funds may adjust their portfolio allocation based on interest rate forecasts. However, they still adhere to the 10-year constant duration mandate.
  3. Passive Gilt Funds (Index-Based) - These funds function similarly to index funds, mirroring the performance of a benchmark index comprising 10-year government bonds. They do not engage in frequent buying or selling of securities, maintaining a consistent duration of 10 years.
  4. Target Maturity Gilt Funds - Target maturity gilt funds invest in specific government bonds that mature around a predetermined date (e.g., 10 years from inception). These funds are ideal for investors who prefer a fixed investment term with a clearly defined maturity date.
     

Each type of gilt fund with a 10-year constant duration offers a different approach to government securities investment, catering to various investor preferences.

 

Who Should Invest in Gilt Fund with 10-Year Constant Duration?

Gilt funds with a 10-year constant duration are ideal for investors seeking a secure, long-term debt investment with minimal credit risk. These funds primarily suit:

  • Conservative Investors - Those looking for a stable investment with government-backed security and lower default risk.
  • Long-Term Investors - Individuals willing to stay invested for a decade to benefit from consistent, risk-free returns.
  • Portfolio Diversification Seekers - Investors aiming to balance their portfolios with a secure, fixed-income option.
  • Investors Expecting a Decline in Interest Rates - Since bond prices rise when interest rates fall, those anticipating a reduction in repo rates may benefit from potential capital appreciation.
  • Individuals Seeking Better Tax-Efficient Returns than Fixed Deposits - Gilt funds offer indexation benefits when held for more than three years, potentially leading to lower tax liabilities compared to traditional fixed deposits.


While these funds provide safety due to government backing, they are still subject to interest rate risks. Investors should not be concerned by short-term volatility and should align their investments with a long-term financial strategy.

 

How to Invest in Gilt Fund with 10-Year Constant Duration?

Investing in a Gilt Fund with a 10-year constant duration is a straightforward process. Follow these steps to get started:

Step 1: Open an Account with Bajaj Broking - If you don’t already have an account, you will need to open a Demat and trading account with Bajaj Broking. This involves:

  • Completing the KYC (Know Your Customer) process
  • Submitting necessary documents such as PAN card, Aadhaar card, and bank details


Step 2: Log in to Your Bajaj Broking Account - Once your account is active, log in using your registered credentials. Ensure you validate any required OTPs for security purposes.

Step 3: Search for Gilt Funds with 10-Year Constant Duration - Navigate to the mutual funds section in your Bajaj Broking account and search for gilt funds with a 10-year constant duration.    

Step 4: Analyse Fund Options - Before investing, evaluate different fund options based on:

  • Past performance and returns
  • Risk profile and interest rate sensitivity
  • Expense ratio and fund management strategy


Step 5: Choose Investment Mode - Decide whether you want to invest through:

  • Lump Sum Investment: A one-time investment in the chosen fund
  • Systematic Investment Plan (SIP): A recurring investment to average out market fluctuations


Step 6: Enter Investment Details - Enter the amount you wish to invest and select your preferred payment method, such as UPI or net banking.

Step 7: Complete the Investment Process - Confirm your investment and complete the payment. If you have opted for SIP, you can set up a mandate for seamless future instalments.

 

Advantages of Investing in Gilt Fund with 10-Year Constant Duration

Investing in gilt funds with a 10-year constant duration comes with several benefits, particularly for risk-averse investors looking for stability and consistent returns. Below are some key advantages:

  1. Secure Investment - Gilt funds invest primarily in government securities, making them one of the safest investment options. Since these funds are backed by the Government of India, they have zero default risk on principal and interest payments.
  2. No Credit Risk - Unlike corporate bonds or other debt funds, gilt funds carry no risk of default as the government is obligated to repay both the principal and interest.
  3. Long-Term Stability - These funds are ideal for investors looking for long-term stability with a predictable return profile. A 10-year duration ensures a consistent investment horizon.
  4. Better Returns than Fixed Deposits - Gilt funds may offer better returns compared to traditional fixed deposits (FDs). Additionally, they provide indexation benefits if held for more than three years, reducing the overall tax liability compared to FDs.
  5. Portfolio Diversification - Investing in a Gilt Fund with a 10-year constant duration can help diversify an investment portfolio by adding a low-risk debt component, balancing out equity exposure.
  6. Tax Efficiency
    • If held for over three years, long-term capital gains (LTCG) tax applies with indexation benefits, making it more tax-efficient than FDs.
    • If redeemed before three years, short-term capital gains (STCG) tax is applicable as per the investor’s income tax slab.
  7. Beneficial During Falling Interest Rate Scenarios - When interest rates decline, gilt fund prices rise, potentially leading to capital appreciation and better returns.

For a seamless investment experience in gilt funds with a 10-year constant duration, Bajaj Broking provides an easy-to-use platform to explore and invest in these funds efficiently.
 

Risks Involved in Gilt Fund with 10-Year Constant Duration

Investing in a Gilt Fund with a 10-year constant duration comes with specific risks that investors should be aware of before committing their funds. Below are the key risks associated with these funds:

  • Interest Rate Risk
    • Gilt funds are highly sensitive to interest rate fluctuations.
    • A rise in interest rates leads to a decline in bond prices, reducing returns for investors.
    • The longer the duration of the gilt fund, the more exposed it is to interest rate volatility.
  • Market Risk
    • Although government securities have no credit risk, their value can fluctuate due to changes in the economic environment.
    • Market downturns or economic instability can impact gilt fund performance.
  • Liquidity Risk
    • Gilt funds may face difficulty in selling their holdings at favourable prices, especially in times of financial distress.
    • Low demand for government securities can lead to higher transaction costs.
  • Inflation Risk
    • If inflation rises, the real returns on gilt funds may decrease.
    • Fixed-income instruments often struggle to keep pace with inflation, impacting overall purchasing power.
  • Negative Returns in Rising Rate Scenarios
    • When interest rates rise, the market value of existing bonds declines.
    • Gilt funds with a 10-year constant duration can experience negative returns if interest rates increase significantly.
  • Long-Term Commitment
    • These funds are suited for long-term investors as they have a fixed 10-year maturity.
    • Short-term investors might face losses if they exit the investment before maturity due to market fluctuations.
       

Factors to Consider Before Investing in Gilt Fund with 10-Year Constant Duration

Before investing in a gilt fund with a 10-year constant duration, investors should carefully evaluate the following factors:

  • Interest Rate Outlook
    • Interest rate movements directly impact gilt funds.
    • Falling interest rates can lead to capital appreciation, while rising rates can cause capital erosion.
  • Inflation Trends
    • Inflation can diminish the real returns of fixed-income investments.
    • Consider the inflation-adjusted returns when planning long-term investments.
  • Credit Quality
    • Gilt funds primarily invest in government securities, which have negligible default risk.
    • Ensure the fund’s portfolio maintains a high credit quality to minimise risks.
  • Fund Manager Expertise
    • Evaluate the fund manager’s track record and ability to manage interest rate risks.
    • An experienced fund manager can make strategic decisions to optimise returns.
  • Investment Horizon
    • Gilt funds with a 10-year constant duration are best suited for long-term investors.
    • Ensure your financial goals align with the investment’s fixed tenure.
  • Risk Tolerance
    • While gilt funds are considered low-risk, they are subject to interest rate volatility.
    • Investors with a low-risk appetite should assess their comfort level with market fluctuations.
  • Tax Implications
    • Long-term capital gains on gilt funds are taxed at 20% with indexation for investments made before April 2023.
    • Investments made after April 2023 are taxed as per the investor’s income tax slab.
    • Dividend earnings are added to taxable income, and TDS is applicable on dividends exceeding ₹5,000 per financial year.


For investors seeking a reliable long-term investment option, Gilt Funds with a 10-year constant duration can be a good choice. However, investors should consider the associated risks and market conditions before making a decision.
 

Taxability of Gilt Fund with 10-Year Constant Duration

When investing in a gilt mutual fund with a 10-year constant duration, it is essential to understand the tax implications. These funds fall under the debt mutual fund category and are taxed accordingly. The tax structure depends on the duration of the investment and the type of capital gains realised.
 

Capital Gains Taxation

Type of Capital Gain

Holding Period

Tax Rate

Short-Term Capital Gains (STCG)

Less than 36 months

Taxed as per the investor’s income tax slab

Long-Term Capital Gains (LTCG)

36 months or more

- Funds purchased before 1st April 2023: Taxed at 20% with indexation benefits.

Funds purchased after 1st April 2023: Taxed as per the investor’s income tax slab.

Dividend Taxation

  • Dividends earned from a gilt fund with a 10-year constant duration are added to the investor’s taxable income and taxed based on the applicable income tax slab.
  • A 10% Tax Deducted at Source (TDS) is applicable on dividend income exceeding ₹5,000 in a financial year.


Investors should evaluate their tax liabilities before choosing between growth and dividend options in gilt funds.
 

Popular Gilt Funds with 10-Year Constant Duration in India

Gilt funds with a 10-year constant duration invest predominantly in government securities (G-Secs) with a fixed maturity profile, offering stability and predictable returns. These funds are suitable for risk-averse investors looking for low-credit risk and a long-term investment horizon. Below is a comparison of the top gilt funds in this category based on their performance and expense ratios.

Top 5 Gilt Funds with 10-Year Constant Duration

Fund Name

AUM (in ₹ crores)

CAGR 3Y (%)

Expense Ratio (%)

CAGR 5Y (%)

ICICI Pru Constant Maturity Gilt Fund

2,475.31

6.36

0.23

7.02

SBI Magnum Constant Maturity Fund

1,881.28

6.46

0.31

6.68

Bandhan G-Sec-Constant Maturity Plan

359.61

6.27

0.15

6.66

DSP 10Y G-Sec Fund

56.55

5.92

0.31

5.96

UTI Gilt Fund with 10-Year Constant Duration (H-IDCW)

167.82

–

0.22

–

Note: The above funds are for informational purposes only and not investment recommendations. Performance data is as of 9th January 2025 and is subject to change.
 

ICICI Pru Constant Maturity Gilt Fund

The ICICI Pru Constant Maturity Gilt Fund is a low-cost investment with an expense ratio of 0.23%, ensuring cost-efficient returns. It has a Yield to Maturity (YTM) of 6.91%, indicating competitive returns for a gilt fund. The Sharpe ratio of 2.53 highlights strong risk-adjusted performance. By investing primarily in government securities, the fund offers safety and stability to conservative investors.
 

SBI Magnum Constant Maturity Fund

The SBI Magnum Constant Maturity Fund balances safety and performance with an expense ratio of 0.31%. It offers a YTM of 6.93%, in line with category averages, and a Sharpe ratio of 2.61, reflecting strong risk-adjusted returns. This fund is managed by SBI Funds Management Ltd., ensuring stability for long-term investors. With no lock-in period or exit load, it offers liquidity along with secure, long-term returns.
 

Bandhan G-Sec-Constant Maturity Plan

The Bandhan G-Sec-Constant Maturity Plan stands out with a low expense ratio of 0.15%, making it a cost-effective choice. It offers a YTM of 6.95%, the highest in this category, and a Sharpe ratio of 2.74, indicating excellent risk-adjusted returns. Investing primarily in government securities, it ensures stability and reliability. Additionally, no lock-in period or exit load makes it a flexible investment option.
 

DSP 10Y G-Sec Fund

The DSP 10Y G-Sec Fund provides a balanced investment approach with an expense ratio of 0.31%. It offers a YTM of 6.86%, supported by a Sharpe ratio of 2.49, indicating solid risk-adjusted performance. The fund focuses on government securities with a 10-year maturity, making it an ideal choice for conservative investors seeking predictable returns and low credit risk.
 

UTI Gilt Fund with 10-Year Constant Duration

The UTI Gilt Fund with 10-Year Constant Duration has an expense ratio of 0.22%, ensuring cost-efficient investing. It offers a YTM of 6.92%, which is competitive in the category. While its Sharpe ratio of 1.66 is below the category average, it remains a reliable option for risk-averse investors. Managed by UTI AMC, the fund primarily invests in long-term government securities, ensuring safety and stability.
 

Conclusion

Gilt funds with 10-year constant duration are a suitable choice for investors seeking low-risk, long-term investment avenues. These funds provide stable returns with minimal credit risk due to their government security investments. Investors should carefully evaluate expense ratios, YTM, and risk-adjusted returns before investing.

 

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Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043. 

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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.