STATEMENT OF ADDITIONAL INFORMATION (SAI)

SPONSORS

NAME OF MUTUAL FUND

Baroda BNP Paribas Mutual Fund

NAME OF THE ASSET MANAGEMENT COMPANY

Baroda BNP Paribas Asset Management India Private Limited

Corporate Identity Number (CIN): U65991MH2003PTC142972

NAME OF THE TRUSTEE COMPANY

Baroda BNP Paribas Trustee India Private Limited

Corporate Identity Number (CIN): U74120MH2011PTC225365

ADDRESSES OF THE ENTITIES

201(A), 2

floor, A wing, Crescenzo, C-38 & 39, G-Block, Bandra Kurla Complex,

Mumbai 400 051, Maharashtra, India.

WEBSITE OF THE ENTITY

www.barodabnpparibasmf.in

This Statement of Additional Information (SAI) contains details of Baroda BNP Paribas

Mutual Fund, its constitution, and certain tax, legal and general information. It is

incorporated by reference (is legally a part of the Scheme Information Document).

This SAI is dated August 26, 2024.

Bank Of Baroda

Registered Office: Baroda House, P. B. No.

506, Mandvi, Baroda - 390006.

BNP Paribas Asset Management Asia

Limited

Suite 1701, 17/F, Lincoln House, Taikoo

Kong

Statement of Additional Information

TABLE OF CONTENTS

I. INFORMATION ABOUT SPONSOR, AMC AND TRUSTEE OF BARODA BNP PARIBAS MUTUAL FUND .............. 3

A. CONSTITUTION OF THE MUTUAL FUND ..................................................................................... 3

B. SPONSORS ...................................................................................................................... 4

C. THE TRUSTEE ................................................................................................................... 5

D. ASSET MANAGEMENT COMPANY .......................................................................................... 10

E. SERVICE PROVIDERS ......................................................................................................... 23

F. CONDENSED FINANCIAL INFORMATION ................................................................................... 24

II. HOW TO APPLY? .................................................................................................................................................. 58

III. RIGHTS OF UNITHOLDERS OF THE SCHEME .................................................................................................... 76

IV. INVESTMENT VALUATION NORMS FOR SECURITIES AND OTHER ASSETS ................................................... 77

V. TAX & LEGAL AND GENERAL INFORMATION ..................................................................................................... 92

A. TAXATION ON INVESTING IN MUTUAL FUNDS ....................................................................................................... 94

B. LEGAL INFORMATION ................................................................................................................................................ 113

C. GENERAL INFORMATION ............................................................................................................................................ 122

I. INFORMATION ABOUT SPONSOR, AMC AND TRUSTEE OF BARODA BNP PARIBAS MUTUAL

FUND

A. CONSTITUTION OF THE MUTUAL FUND

Baroda BNP Paribas Mutual Fund (erstwhile Baroda Mutual Fund) has been constituted as a trust in accordance

with the provisions of the Indian Trusts Act, 1882 (2 of 1882), by BNP Paribas Asset

Management Asia Limited AM s, and Baroda BNP Paribas Trustee India Private Limited

(erstwhile Baroda Trustee India Private Limited) as per the terms of the Trust

Deed dated October 30, 1992 as amended vide the Supplement to the Deed of Trust dated August 12, 2008,

Supplemental Deed dated July 30, 2012, the Deed of Variation dated September 27, 2018 and Deed of Variation

. This Trust

Deed has been registered under the Indian Registration Act, 1908 in supersession to the Trust Deed under Fortis

Mutual Fund. Baroda BNP Paribas Mutual Fund has been registered with SEBI under the same registration number

viz. SEBI Registration No. MF/018/94/2 on April 13, 2022.

HISTORICAL BACKGROUND OF BARODA MUTUAL FUND

accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882) on 30th October 1992, originally with

Sponsor and the Board of Trustees to the Mutual Fund as the Trustee. The Trust

Deed has been registered under the Indian Registration Act, 1908. The Mutual Fund was registered with SEBI

on November 21, 1994 under Registration Code MF/018/94/2.

B. PGAM

AMC which was renamed as Baroda Pioneer Asset Management Company Ltd. effective

July 8, 2008 and PGAM became a co-sponsor of BOB Mutual Fund. The name of BOB Mutual Fund was

subsequently changed to Baroda Pioneer Mutual Fund, for which SEBI approval was received vide letter no.

IMD/RB/134922/08 dated August 12, 2008.

C. Effective November 1, 2017, PGAM was merged by way of incorporation, pursuant to Italian law, into its

UniCredit

obligations of PGAM were transferred to UniCredit by operation of law including, inter alia, those relating to

the ownership of 51% of the equity share capital of each of the AMC, investment manager to the Mutual Fund,

, trustee to the Mutual Fund.

D. On September 28, 2018, BOB acquired the entire shareholding of UniCredit in the AMC and Trustee and became

the sole Sponsor of the Mutual Fund. A Deed of Variation was executed on September 27, 2018 between BOB,

UniCredit and the Trustee to amend the Deed of Trust as amended from time to time, to reflect changes

relating to the change in Sponsor and other related changes. Subsequently, the name of the Mutual Fund was

/31324/1/2018

dated November 13, 2018.

E. On March 14, 2022, merged into Baroda BNP Paribas

Private Limited] (Baroda AMC and BBNPP AMC jointly

asset management company of Baroda BNP Paribas Mutual Fund (erstwhile Baroda Mutual Fund) (the

surviving mutual fund). BNP Paribas Trustee India Private Limited merged into Baroda BNP Paribas Trustee

BNP Paribas TC acting as the trustee company of Baroda BNP Paribas Mutual Fund. Further, there were change

of trusteeship of the schemes of BNP Pariba . SEBI has

-I DOF5/P/OW/2022/0000002171/1

dated January 17, 2022, SEBI/HO/IMD/IMD-I DOF5/P/OW/2022/0000002307/1 dated January 19, 2022,

SEBI/HO/IMD-II/DOF-10/P/OW/3575/1/2022 dated January 28, 2022 and SEBI/HO/IMD-II/DOF-

3/P/OW/3593/2022 dated January 28, 2022

HISTORICAL BACKGROUND OF BNP PARIBAS MUTUAL FUND

A. ABN AMRO Mutual Fund (subsequently BNP Paribas Mutual Fund) had been constituted as a trust in accordance

with the provisions of the Indian Trusts Act, 1882, by the original Sponsor, ABN AMRO Bank N.V., as per the

terms of the Trust Deed dated April 15, 2004. The Trust Deed had been registered under the Indian Registration

Act, 1908. The Mutual Fund had been registered with SEBI, vide. Registration No. MF/049/04/01 dated May 27,

2004.

B. Pursuant to an internal restructuring of ABN AMRO Group in 2005, ABN AMRO Asset Management (Asia) Limited

BNP Paribas Asset Management India Private Lim

letter no. IMD/SB/46021/05 dated August 4, 2005 and the transfer was made effective from October 31, 2005.

Accordingly, a Deed of Variation dated March 2, 2006 to the initial Deed of Trust was executed between ABN

AMRO Trustee (India) Private Limited, ABN AMRO Bank N.V. and ABN AMRO Asset Management (Asia) Limited.

C. Consequent to a global restructuring of ABN AMRO, ABN AMRO Asset Management became a part of Fortis

Investment Management with effect from April 1, 2008. SEBI vide its letter no. IMD/RB/139920/08 dated October

3, 2008 had conveyed its no-objection to the indirect change in control of ABN AMRO Asset Management (India)

Private Limited and ABN AMRO Trustee (India) Private Limited. Accordingly, ABN AMRO Mutual Fund had been

renamed to Fortis Mutual Fund with the same SEBI registration number being MF/049/04/01 with effect from

October 24, 2008. The AMC had been renamed to Fortis Investment Management (India) Pvt. Ltd. and Trustee

Company to Fortis Trustee (India) Pvt. Ltd. with effect from September 19, 2008.

D. Consequent to a global and internal restructuring of the Fortis group in the year 2009, the sponsor company is

known as BNP Paribas Asset Management Asia Limited with effect from January 19, 2010

E. 100% share capital of the sponsor, viz. BNP Paribas Asset Management Asia Limited is held by BNP Paribas

Asset Management Holding (erstwhile BNP Paribas Investment Partners SA). The ultimate parent company of

BNP Paribas Asset Management Holding is BNP Paribas SA which is a listed Bank located at Paris.

F. SEBI vide its letter no. OW/YE/23202/2010 dated October 12, 2010 has conveyed its no-objection to the indirect

(India) Private Limited. The Mutual Fund had been renamed to BNP Paribas Mutual Fund (effective October 20,

2010), the AMC to BNP Paribas Asset Management India Pvt. Ltd. (effective October 18, 2010) and the Trustee

Company to BNP Paribas Trustee India Pvt. Ltd. (effective October 22, 2010).

G. On March

Limited] (Baroda AMC and BBNPP AMC jointly referred to

management company of Baroda BNP Paribas Mutual Fund (erstwhile Baroda Mutual Fund) (the surviving

mutual fund). BNP Paribas Trustee India Private Limited merged into Baroda BNP Paribas Trustee India Private

TC acting as the trustee company of Baroda BNP Paribas Mutual Fund. Further, there were change of trusteeship

of the schemes of BNP Paribas Mutual Fun

objection via letter no. SEBI/HO/IMD/IMD-I DOF5/P/OW/2022/0000002171/1 dated January 17, 2022,

SEBI/HO/IMD/IMD-I DOF5/P/OW/2022/0000002307/1 dated January 19, 2022, SEBI/HO/IMD-II/DOF-

10/P/OW/3575/1/2022 dated January 28, 2022 and SEBI/HO/IMD-II/DOF-3/P/OW/3593/2022 dated January 28,

2022. Post completion of the transaction, registration certificate of BNP Paribas Mutual Fund was cancelled

w.e.f. April 13, 2022 by SEBI.

B. SPONSORS

BANK OF BARODA (THE CO-SPONSOR OF SURVIVING MF)

Bank of Baroda (BOB) is a body corporate under the Banking Companies (Acquisition and Transfer of Undertakings)

Act, 1970. BOB was founded in 1908 by Maharaja Sayajirao Gaekwad III and was nationalised in 1969. Presently,

BOB is an Indian state-owned entity in the banking and financial services sector. As on March 31, 2024, the

government owns 63.97% of its outstanding share capital. Its shares are listed on the Bombay Stock Exchange

Banking, Retail Banking and others. As on March 31, 2024, it had INR 13,26,957.84 crore and INR 10,90,505.80

crore in Global Deposits and Global Gross Advances respectively, with an Operating Profit of INR 30,965.23 Crore

and INR 15,85,797.09 crore worth of Total Assets. BOB has 8,243 branches in India, with over 74,000 employees.

Its international experience spans over 69 years, with 91 branches and offices (including branches of its

subsidiaries) across 17 countries. For more information, please see https://www.bankofbaroda.in/.

FINANCIAL PERFORMANCE FOR BANK OF BARODA (Rs. in crores)

Particulars

2023-2024

2022-2023

2021-2022

Net Worth

93,850. 76

76,591.07

61,521.92

Total Income

59,216.90

51,381.58

44,105.29

Profit/(Loss) after tax

17,788.78

14,109.62

7,272.28

Assets Under Management

N.A.

NA: Not Applicable

BNP PARIBAS ASSET MANAGEMENT ASIA LIMITED (THE CO-SPONSOR OF SURVIVING MF)

and is licensed with the Securities and Futures Commission to conduct Type 1 (dealing in securities), Type 4

(advising on securities), Type 5 (advising on futures contracts) and Type 9 (asset management) regulated activities

under the Securities and Futures Ordinance.

BNPP Asia specializes in the Asian markets for investment funds management /advisory and discretionary

mandates as a part of BNP Paribas Asset Management, the autonomous asset management business of the BNP

Paribas Group

For more information, please see https://www.bnpparibas-am.hk/

FINANCIAL PERFORMANCE FOR BNP PARIBAS ASSET MANAGEMENT ASIA LIMITED

Particulars

CY2024

CY2023

CY 2022

Net Worth (in millions of HKD)

386.58

540.20

237.35

Total Income (in millions of HKD)

229.50

251.79

327.97

Profit/(Loss) after tax (in millions of HKD)

(278.62)

232.85

41.86

Assets Under Management# (in Billion of HKD)

96.43

104.65

126.84

HKD: Hong Kong dollars; #as at 31-Dec

The Sponsor has entrusted a sum of Rs.10,00,000/- to the Trustee as the initial contribution towards the

corpus of the Mutual Fund

C. THE TRUSTEE

Baroda BNP Paribas Trustee India Private Limited (formerly Baroda Trustee India Private limited), through its

Board of Directors, shall discharge obligations as Trustee of Baroda BNP Paribas Mutual Fund. The Trustee ensures

that the transactions entered into by the AMC are in accordance with the SEBI Regulations and will also review

the activities carried on by the AMC. Pursuant to the no-objection certificate received from SEBI vide letter no.

OW/24482/2011 dated July 28, 2011, Baroda Trustee India Pvt. Ltd. (now known as Baroda BNP Paribas Trustee

India Private Limited), was incorporated on December 23, 2011. BNP Paribas Trustee India Private Limited merged

Private Limited], with Baroda BNP Paribas TC acting as the trustee company of Baroda BNP Paribas Mutual Fund.

Details of Trustee Directors:

Name

Age

Educational

Qualifications

Brief Experience

Mr. Ashok

Jangid

(Independent

Director)

63 years

B.Com, LL.B, FCS,

Certified Corporate

Director

Mr. Jangid has professional experience of over 40 years in the

Corporate Governance and Board Member. From 1982 to 2013, he

worked in the Senior Management of SIEMENS India & Germany

for 27 years, Urban Infrastructure Venture Capital Ltd. (RELIANCE

MDAG), SUZLON ENERGY Ltd. and ESSAR Group. He has been a

Member of the Boards of Directors and Board Committees of over

40 companies. Since 2014 he has been independently working as

Corporate Advisor, Arbitrator and also a Director on Boards of

certain companies. He has been primarily engaged in advising /

supporting certain foreign and Indian companies on Companies

Act, M&A transactions, Corporate Governance, Board and

Committee structure, processes and policies, Legal, Compliance,

anti-bribery & corruption laws, setting up companies and

operations in India, JVs, Wind Energy Projects, pre IPO

preparations, buyback of shares, delisting, NCLT, etc. which

includes interacting with the Regulators, Government agencies

and Departments. He holds memberships of ICSI, Institute of

Directors (IoD), Indian Institute of Corporate Affairs (IICA MCA) and

Indo-German Chamber of Commerce.

Other Directorship

• EKA Corporate Advisors & Services Private Limited

• C3X Entertainment Private Limited

• Warner Ads Private Limited

Mr. Deepak

Narang

(Independent

Director)

69 years

M.Sc. (Physics),

CAIIB, CFA (Inter)

Mr. Deepak Narang has more than 44 years of experience in the

banking industry and was associated with United Bank of India as

an Executive Director during March 2012 to March 2015 (upto his

retirement from the bank). Mr. Narang also held charge of the bank

from February 2014 to December 2014. Mr. Narang has worked in

senior level positions across various capacities in the bank,

especially in the areas of credit sanctioning and recovery.

Mr. Punit

Saxena

(Independent

Director)

67 years

B.Sc. Engg,

in Business

Administration,

CAIIB, Master of

Valuation

Mr. Punit Saxena has a wide experience of over 40 years of which,

more than 14 years is at the CEO/MD level and more than 25 years

is at Board level positions. Mr. Saxena has been associated with

the Unit Trust of India (Mutual Fund) since 1989, in senior level

positions across various functions. Mr. Saxena has held the position

of Chief Executive Officer in UTI Infrastructure and Services Ltd.

since January 2004 till its merger with UTI Technology Services Ltd.

in May 2009. Since then , Mr. Saxena held the position of Managing

Director & Chief Executive Officer of UTI Infrastructure and

Technology Services Ltd., (a Government of India Company under

the Ministry of Finance through Specified Undertaking of Unit Trust

of India) upto June 2017. Mr. Saxena is an Independent Director in

Flair Writing Industries Ltd. where he is the Chairman of Audit

Committee, and Chairman of Stakeholders Relationship Committee

and a member of Risk Management Committee. He is also on the

Board of Chetna Education Limited, Mumbai where he is the

Chairman of the Audit Committee and Chairman of the Stake

Holders Relationship Committee, and a Member of Nomination and

remuneration Committee. On the social front, he is the Hon.

Chairman of Association of Members of G Block, BKC, Mumbai.

Other Directorship

• Flair Writing Industries Limited

• Chetna Education Limited

Mr. Inumella

Venkata

Lakshmi

Sridhar

(Associate

Director)

57 years

B.Com; ACA

Mr. I.V.L. Sridhar is a Bachelor in Commerce and a Chartered

Accountant with overall experience of more than 28 years in the

Banking Industry. Mr. Sridhar worked for Union Bank of India

(1995-2005) and Dena Bank (2005-2007) prior to joining Vijaya

Bank in 2007 and worked in various roles and functions which

include credit, accounts and taxation. Post merger of Vijaya Bank

with Bank of Baroda in 2019, he became an employee of Bank of

Baroda and handled various areas of work as Head-Financial

Accounting (IND-AS), worked in Compliance Function and was

Head of Subsidiaries & Joint Ventures. Presently, he is acting as

Secretary to the Board of Bank of Baroda.

Ms. Jyothi

Krishnan

(Associate

Director)

43 years

BCom; A.C.S and

B.G.L

Ms. Jyothi Krishnan has an overall experience of 20 years in the

financial services industry.

Her work experience is as follows:

1. February 25, 2021 till date - BNP Paribas Asset Management

Asia Limited - Head Compliance APAC (ex-Japan) - Member

of regional management team and supervising local

compliance across APAC jurisdiction

2. May 2013 to February 2021 - BNP Paribas Asset Management

India Private Limited - Head Compliance, Legal, and

Secretarial - To ensure compliance with various regulations,

internal guidelines and corporate secretarial matters.

3. March 2009 to May 2013 - IDFC Asset Management Co. Ltd

Compliance Officer - To ensure compliance with various

regulations issued by SEBI / RBI / PFRDA/ any other regulators.

4. April 2005 to March 2009 - ING Investment Management India

Private Limited Head - Compliance and Risk Management

To ensure compliance with various regulations issued by

SEBI/any other regulators and comply with global

policies/guidelines.

June 2003 to April 2005 - Standard Chartered Mutual Fund - Legal

& Compliance - To ensure compliance with various regulations

issued by SEBI / any other regulators and comply with global

policies / guidelines.

Mr. Ashutosh

Bishnoi

62 Years

MBA, B.Com

Mr. Ashutosh Bishnoi has over four decades of rich corporate

experience and expertise in Asset Management industry. His stints

included Mahindra Manulife Investment Management Private

Limited, Association of Mutual Funds in India, L&T Mutual Fund,

State Street, Orbis Capital Limited, etc. He is serving as a member

of the NISM Committees for Empanelment of Resource Person and

the NISM Committees for CPE Accreditation since 2010. He is also

the visiting faculty member at NISM since 2009 and Symbiosis

Institute of Business Management since 2011. He has also received

the Best Alumni Award in 2005 by Symbiosis Institute of Business

Management, Pune. He was the speaker at the Harvard India

stitute of Banking & Finance in 2004.

Directorship:

Multi-Act Trade & Investments Private Limited

Mafatlal Industries Limited

Under the SEBI Regulations, the Trustee has, inter alia, the following rights, duties and responsibilities:

1. The trustees and the asset management company shall with the prior approval of the Board enter into an

investment management agreement.

2. The investment management agreement shall contain such clauses as are mentioned in the Fourth Schedule

and such other clauses as are necessary for the purpose of making investments.

3. The trustees shall have a right to obtain from the asset management company such information as is

considered necessary by the trustees

4. The Trustee shall approve the policy for empanelment of brokers by the AMC and shall ensure that the AMC

has been diligent in empaneling the brokers, in monitoring securities transactions with brokers and avoiding

undue concentration of business with any broker.

5. The Trustee shall ensure that

a. the Asset Management Company has not given any undue or unfair advantage to any associates or dealt

with any of the associates of the Asset Management Company in any manner detrimental to interest of

the Unit holders;

b. the transactions entered into by the Asset Management Company are in accordance with the SEBI

Regulations and the scheme;

c. the Asset Management Company has been managing the Mutual Fund schemes independently of other

activities and have taken adequate steps to ensure that the interest of investors of one scheme are not

being compromised with those of any other scheme or of other activities of the Asset Management

Company; and

d. All the activities of the Asset Management Company are in accordance with the provisions of the SEBI

Regulations.

6. Where the Trustee have reason to believe that the conduct of business of the Mutual Fund is not in accordance

with the SEBI Regulations, it shall forthwith take such remedial steps as are necessary by them and shall

immediately inform SEBI of the violation and the action taken by them.

7. The Trustee shall take steps to ensure that the transactions of the Mutual Fund are in accordance with the

provisions of the Trust Deed and SEBI Regulations.

8. The Trustee shall ensure that the income calculated by the AMC under sub-regulation (25) of regulation 25 of

these regulations is in accordance with the SEBI Regulations and the Trust Deed.

9. The Trustee shall obtain the consent of the Unit holders;

a. whenever required to do so by SEBI in the interest of the Unit holders; or

b. whenever required to do so on the requisition made by three fourths of the Unit holders of any scheme;

c. when the majority of the trustees decide to wind up a scheme in terms of clause (a) of sub regulation (2)

of regulation 39 or prematurely redeem the units of a close ended scheme ..

10. The trustees shall ensure that no change in the fundamental attributes of any scheme, the fees and expenses

payable or any other change which would modify the scheme and affect the interest of the unit holders is

carried out by the asset management company, unless it complies with sub-regulation (26) of regulation 25 of

these regulations. 11. The Trustee shall quarterly review all transactions carried out between the Mutual Fund,

Asset Management Company and its associates.

12. Each Trustee shall file the details of his transactions of dealing in securities with the Mutual Fund within the

time and manner as may be specified by the Board from time to time .

13. The Trustee shall call for the details of transactions in securities by the key personnel of the asset management

company in his own name or on behalf of the asset management company and shall report to the SEBI, as and

when required.

14. The Trustee shall quarterly review the net worth of the Asset Management Company and in case of any

shortfall, ensure that the Asset Management Company make up for the shortfall as per clause (f) of sub-

regulation (1) Regulation 21 of SEBI Regulations on a continuous basis.

15. The Trustee shall periodically review all service contracts such as custody arrangements, transfer agency of

the securities and satisfy itself that such contracts are executed in the interest of the Unit holders.

16. The Trustee shall ensure that there is no conflict of interest between the manner of deployment of its net

worth by the Asset Management Company and the interest of the Unit holders.

17. The Trustee shall be accountable for, and be the custodian of, the funds and property of the respective schemes

and shall hold the same in trust for the benefit of the unit holders in accordance with SEBI Regulations and the

provisions of Trust Deed.

18. The Trustee shall periodically review the investor complaints received and the redressal of the same by the

Asset Management Company.

19. The Trustee shall furnish to the SEBI on a half yearly basis, -

a. report on the activities of the mutual fund;

b. a certificate stating that the trustees have satisfied themselves that there have been no instances of self

dealing or front running by any of the trustees, directors and key personnel of the asset management

company;

c. a certificate to the effect that the asset management company has been managing the schemes

independently of any other activities and in case any activities of the nature referred to in [clause (b)] of

regulation 24 have been undertaken by the asset management company and has taken adequate steps to

ensure that the interest of the unitholders are protected.

20. The independent trustees referred to in sub-regulation (5) of Regulation 16 shall give their comments on the

report received from the asset management company regarding the investments by the mutual fund in the

securities of group companies of the Sponsor.

21. The Sponsor or the Trustee shall be entitled by one or more Deed/s supplemental to the Trust Deed to amend,

modify, alter or add to the provisions of the Trust Deed in such manner and to such extent as they may consider

expedient for any purpose, provided that:

a. no such amendment, modification, alteration or addition shall be made without the approval of the

Unitholders and SEBI;

b. no such modification, alteration or addition shall impose upon any Unitholder any obligation to make any

further payment in respect of his Units or to accept any liability in respect thereof.

22. Where the SEBI Regulations provide for seeking the approval of the Unitholders for any purpose, the Trustee

may adopt any of the following procedures:

a. Seeking approval by Postal Ballot or

b. Approval of the Unitholders present and voting at a meeting to be specifically convened by the Trustee

for the purpose. For this purpose, the Trustees shall give 21 days notice to the Unitholders and the

Trustees may lay down guidelines for the actual conduct and accomplishment of the voting at the meeting

and announcement of the results or

Such other means as may be approved by SEBI23.

or institutions or financial intermediaries or any body corporate with which any of the directors of the Trustee

may be associated.

23. To ensure that no director of the Trustee participates in meetings of the Board of Directors of the Trustee or in

any decision making process for any investments in which he/she may be deemed to be interested.

24. To furnish to the Trustee, particulars of interest that each of the directors of the Trustee may have in any other

company or institution or financial intermediary or any corporate by virtue of his/her position as director,

partner or with which he/she may be associated in any other capacity.

25. The Trustee shall abide by the Code of Conduct as specified in PART-A of the Fifth Schedule to the SEBI

Regulations.

26. The Trustee shall exercise due diligence as under;

a. General Due Diligence:

i. The Trustee shall be discerning in the appointment of the Directors on the Board of the Asset Management

Company.

ii. Trustee shall review the desirability of continuance of the Asset Management Company if substantial

irregularities are observed in any of the schemes and shall not allow the Asset Management Company to

float new schemes.

iii. The Trustee shall ensure that the trust property is properly protected, held and administered by proper

persons and by a proper number of such persons.

iv. The Trustee shall ensure that all service providers are holding appropriate registrations from SEBI or

concerned regulatory authority.

v. The Trustees shall arrange for test checks of service contracts.

vi. Trustees shall immediately report to SEBI of any special developments in the Mutual Fund.

b. Specific Due Diligence:

The Trustee shall:

i. Obtain internal audit reports at regular intervals from independent auditors appointed by the Trustee.

ii. Obtain compliance certificates at regular intervals from the Asset Management Company.

iii. Hold meeting of Trustee more frequently.

iv. Consider the reports of the independent auditor and compliance reports of Asset Management Company at

the meetings of Trustee for appropriate action.

v. Maintain records of the decisions of the Trustee at their meetings and of the minutes of the meetings.

vi. Prescribe and adhere to a code of ethics by the Trustee, Asset Management Company and its personnel.

vii. Communicate in writing to the Asset Management Company of the deficiencies and checking on the

rectification of deficiencies.

viii. The trustees shall also exercise due diligence on such matters as may be specified by the Board from time

to time.

27. The Independent Directors of the Trustee or Asset Management Company shall pay specific attention to the

following, as may be applicable, namely:

a. The Investment Management Agreement and the compensation paid under the agreement.

b. Service contracts with associates whether the Asset Management Company has charged higher fees than

outside contractors for the same services.

d. Securities transactions involving associates to the extent such transactions are permitted.

e. Selecting and nominating individuals to fill independent Directors vacancies.

f. Code of ethics must be designed to prevent fraudulent, deceptive or manipulative practices by insiders in

connection with personal securities transactions.

g. The reasonableness of fees paid to Sponsor, Asset Management Company and any others for services

provided.

h. Principal underwriting contracts and their renewals.

i. Any service contract with the associates of the Asset Management Company.

28. Notwithstanding anything contained in the SEBI Regulations 18 (1) to 18 (25), the Trustee shall not be held

liable for acts done in good faith if they have exercised adequate due diligence honestly.

The supervisory role of the Trustee will be discharged by reviewing the information and the operations of the

Mutual Fund based on the periodic reports submitted at the meetings of the Trustee and by reviewing the reports

submitted by the Internal Auditor. The Trustee will also conduct a detailed review of annual accounts of the

Scheme of the Mutual Fund. Presently the Board of Directors of Trustee is required to hold a meeting at least once

in two calendar months and at least six such meetings are required to be held every year. During the financial

year 2023-24, six Board Meetings had been held.

The Board of Directors of the Trustee has constituted an Audit Committee, comprising of 6 Directors of which 4 are

Independent Directors from the Board of Directors of the Trustee; pursuant to para 6.1 of SEBI Master circular

SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90 dated June 27, 2024 Trustee may require or give verification of identity

or other details regarding any subscription or related information from / of the Unit holders as may be required

under any law, which may result in delay in dealing with the applications, Units, benefits, distribution, etc.

Trustee - Fees and Expenses

Pursuant to the Trust Deed constituting the Mutual Fund, the Trustee in addition to reimbursement of all costs,

charges and expenses incurred in or about the administration and execution of the Mutual Fund, is entitled to

receive a fee computed at a rate specified in the individual Scheme Information Document.

The Trustee may charge further fees as permitted from time to time under the Trust Deed and the SEBI Regulations.

All Administration and Operational expenses are borne by Asset Management Company.

II. ASSET MANAGEMENT COMPANY

Baroda BNP Paribas Asset Management India Private Limited is a private limited company incorporated under the

Companies Act, 1956, having its Registered Office at 201(A) 2nd Floor, A wing, Crescenzo, C-38 & 39, G Block,

Bandra-Kurla Complex, Mumbai, -400051 Maharashtra, India. 50.1% of the paid up equity share capital of the

AMC is held by Bank of Baroda and 49.9% of the paid up equity share capital of the AMC is held by BNP Paribas

Asset Management Asia Limited.

Baroda BNP Paribas Asset Management India Private Limited has been appointed as Asset Management Company

of Baroda BNP Paribas Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated March

14, 2022 executed between Baroda BNP Paribas Trustee India Private Limited (erstwhile Baroda Trustee India

Private Limited) and Baroda BNP Paribas Asset Management India Private Limited (erstwhile BNP Paribas Asset

Management India Private Limited).

Historical background and other business of AMC:

• Erstwhile ABN AMRO Asset Management (India) Limited was a company incorporated under the Companies

Act, 1956 on November 4, 2003. ABN AMRO Asset Management (India) Limited had been appointed as Asset

Management Company of ABN AMRO Mutual Fund (Now known as BNP Paribas Mutual Fund) by the Trustee

vide Investment Management Agreement (IMA) dated April 15, 2004 and executed between ABN AMRO Trustee

(India) Private Limited and ABN AMRO Asset Management (India) Limited. SEBI had approved ABN AMRO Asset

Management (India) Limited to act as the Asset Management Company (AMC) of the Mutual Fund vide its

letter No. IMD/YK/11091/2004 dated May 28, 2004.

• Due to changes in minority shareholding, the Company was converted into a Private Limited Company and

was named as ABN AMRO Asset Management (India) Private Limited vide fresh Incorporation Certificate dated

June 20, 2008. Consequent to the global restructuring of ABN AMRO, ABN AMRO Asset Management had become

a part of Fortis Investment Management resulting in indirect change in the control of AMC. Subsequently,

name of ABN AMRO Asset Management (India) Private Limited had been changed to Fortis Investment

Management (India) Private Limited vide fresh Incorporation Certificate dated September 19, 2008.

• Pursuant to global restructuring of Fortis group and indirect change in the control of AMC, name of Fortis

Investment Management (India) Private Limited changed to BNP Paribas Asset Management India Private

Limited vide fresh Incorporation Certificate dated October 18, 2010. SEBI vide its letter no. OW/YE/23202/2010

dated October 12, 2010 had conveyed its no objection to the indirect change in control of Fortis Investment

and the AMC was renamed as BNP Paribas Asset Management

India Pvt. Ltd..

•

Management India Private Limited (BNP AMC) with BNP AMC acting as the surviving AMC of Baroda BNP

Paribas Mutual Fund (the surviving mutual fund) and the AMC was renamed as Baroda BNP Paribas Asset

Management India Private Limited. SEBI issued its no objection vide letter SEBI/HO/IMD/IMD-I

DOF5/P/OW/2022/0000002171/1 dated January 17, 2022, SEBI/HO/IMD/IMD-I

DOF5/P/OW/2022/0000002307/1 dated January 19, 2022, SEBI/HO/IMD-II/DOF-10/P/OW/3575/1/2022 dated

January 28, 2022 and SEBI/HO/IMD-II/DOF-3/P/OW/3593/2022 dated January 28, 2022.

Other business of AMC

In accordance with the SEBI Regulation 24(b), an asset management company, subject to certain conditions, is also

permitted to undertake activities in the nature of portfolio management services, management and advisory services

to offshore funds, pension funds, provident funds, venture capital funds, management of insurance funds, financial

consultancy and exchange of research on commercial basis and such other activities as may be permitted by SEBI

from time to time..

• ABN AMRO Asset Management (India) Private Limited (subsequently BNP Paribas Asset Management India

Private Limited) had received an approval from SEBI vide its letter No. IMD/SP/67987 dated May 29, 2006 for

rendering services as Portfolio Manager under SEBI (Portfolio Managers) Rules and Regulations, 1993 under

Registration no. PM/INP000001728. The AMC commenced Portfolio Management Service (PMS) with effect from

September 26, 2006. Rendering the PMS is not in conflict of interest with the activities of the Mutual Fund.

• Subsequent to the indirect change in control of Fortis Investment Management (India) Private Limited, SEBI

granted fresh registration in the name of BNP Paribas Asset Management India Private Limited (now known

as Baroda BNP Paribas Asset Management India Private Limited) vide its letter No. IMD/DOF

1/MT/OW/25642/2010 dated October 28, 2010 for rendering services as Portfolio Manager under SEBI

(Portfolio Managers) Rules and Regulations, 1993 under Registration No. PM/INP000003716. As a pre-

condition to the amalgamation of Baroda Asset Management India Limited with BNP Paribas Asset

Management India Private Limited, RBI directed vide letter no. DoR.AUT.No.S3289/24.01.002/2021-22 dated

January 05, 2022 that the merged entity shall only service the existing PMS customers till maturity and not

acquire any fresh business under PMS related services till further directions from RBI. Subsequently, RBI vide

letter bearing no. DoR.AUT. No. S8094/24.01.2022/2022-23 dated March 20, 2023 accorded approval for

undertaking new PMS business through Baroda BNP Paribas Asset Management India Private Limited. The

SEBI certificate for PMS in the name of Baroda BNP Paribas Asset Management India Private Limited

(Registration No. PM/INP000003716) is dated March 21, 2023. Further, SEBI has extended its no objection to

render non-binding Investment Advisory Services to Category I and / or Category II Foreign Portfolio Investors

(FPIs) in accordance with Regulation 24 (b) of SEBI (Mutual Funds) Regulations vide its letter dated

IMD/DF3/OW/P/2019/13985/1 dated June 7, 2019 to the merged entity i.e. Baroda BNP Paribas Asset

Management India Private Limited vide its letter SEBI/HO/IMD-II/DOF-10/P/OW/3573/1/2022 dated January

28, 2022.

• Further, SEBI vide its letter no. SEBI/HO/IMD/IMD-RAC-3/P/OW/2023/42457/1 dated October 16, 2023 granted

no-objection to the AMC to set up a branch in GIFT city, Ahmedabad. The International Financial Services

Centres Authority (IFSCA, regulator at GIFT city) granted certificate of registration dated March 6, 2024 to AMC

under the category - Registered Fund Management Entity (Non-Retail). The AMC provides investment

management and advisory services to offshore funds of BNP Paribas group from GIFT city.

The AMC undertakes the above activities (other than the Mutual Fund activity), after satisfying itself that there is no

potential conflict of interest between the activities and by ensuring that conditions as prescribed under SEBI MF

Regulations are adhered to.

DETAILS OF AMC DIRECTORS

Name

Age

Educational

Qualification

Brief Experience

Mr. Sanjay

Sachdev

(Independent

Director)

61Years

Certificate in

Corporate

Governance -

Wharton School of

Management;

LL.B Government

Law College,

University Of

Bombay;

International

Management -

American Graduate

School of

International

Management

(Thunderbird),

Phoenix, AZ, USA

2018 Harvard ALI

Fellow

Fellow of the LIMRA

Life Insurance

Institute

Mr. Sanjay Sachdev is Managing Director of Freedom Financial

Services, a family office focused on Investing in Financial Services

businesses and Education. He is a Senior Advisor to First Trust

Portfolios, a Global Asset Manager and the largest manager of

active ETFs in the world helping them with their Asia expansion for

over 7 years and an Advisory Board member of Apis Partners, a

Private Equity Impact Fund Manager for over 8 years. He is also a

Board member of BNP- Baroda Asset Management India Private

Limited and associated as a Senior Advisor to Brandeis University

helping them with social impact investments in India. Sanjay has

over 28 years of experience in the global financial services industry

in various leadership positions helping multinational businesses

invest in India and S.E. Asia and establishing financial services

businesses. He is a Fellow of the Advanced Leadership Initiative at

Harvard University focused on finding solutions to global issues

that Impact society. He was the Founding Chairperson of the United

Way of Mumbai in India and has been focused on championing

gender equality and women's rights and education in India.

He was the Founding Chairperson of the United Way of Mumbai and

a Board Member and Global Chairperson of the Financial Planning

Standards Board, a non-profit that issues the Certified Financial

Planner (CFP) designation for wealth managers in 26 countries. He

was also the founding President of the US-India Investment Forum

and was ranked by The Week Magazine as one of the 50 emerging

leaders in India in 2004. Besides his time at Harvard as an ALI

Fellow in 2018, Sanjay holds a Certificate in Corporate Governance

- Wharton School of Management, a MBA from the American

Graduate School of International Management (Thunderbird),

Phoenix, AZ, USA and a Degree in Law and Business from the

University of Bombay.

Ms. Aparna

Sharma

(Independent

Director)

Years

Bachelor of Arts

(History, Political

Science and

Economics) -

Maharani Laxmibai

College, Bhopal;

Ms. Aparna Sharma made her foray into the Corporate world

through NOCILI and moved into different roles in the HR function in

organisations like Monsanto, Novartis, UCB, Deutsche Bank, Lafarge

& Greaves Cotton. In her diverse roles, Aparna has successfully

been a learning partner, mentor and coach to leaders, leadership

• Post Graduate in

Personnel

Management &

Industrial Relations

- Tata Institute of

Social Sciences

(TISS), Mumbai

teams and organisations to build competencies, learning abilities

and nimbleness for achieving purposeful performance.

With over 28 years of experience in HR across different verticals,

she is currently contributing as a Board Mentor with various Boards

and as an advisor to various corporates in areas such as Strategic

Leadership, Planning, Organization Behaviour and Strategy for

Board Room Effectiveness, Organization Culture & Development,

Leadership Relationships, Temperamental Traits and Derailment

Factors within Boards, etc.

Beyond her corporate role as an HR Leader, Aparna also dons the

hat of HR contributor through her associations with the Indian

Society of Training & Development (ISTD), All India Management

Association (AIMA), National Institute of Personnel Management

(NIPM), National HRD Network and Sumedhas, where she actively

participates in disseminating her acquired knowledge and build the

HR fraternity by creating future leaders.

Aparna is also a celebrated author of 2 best-selling books -

Bytes -

foreword by Padma Bhushan Padma Shri Dr. Devi Shetty.

Other Directorships

Unitop Chemicals Private Limited

Rossari Biotech Limited

Fabtech Technologies Private Limited

Mr. Nagesh

Alai

(Independent

Director)

Years

Mr. Nagesh Alai is a Co-Founder of an AI technology enterprise

solutions start-up. He has been an Independent Director in

marquee brands like Morgan Stanley, Vodafone group companies,

FCB companies in India and abroad. Currently, Mr. Alai serves on

the board of Baroda BNP Paribas AMC as an Independent Director.

Mr. Alai has had an extensive professional work experience across

various functions namely management, strategy, finance, tax, legal,

corporate law, corporate governance, mergers and acquisitions and

human resources and has held top positions of responsibilities in

India and abroad.

His professional journey began with finance, tax and management

advisory practice. After a near decade in consultancy, he migrated

to the corporate world, beginning with a stint of over 8 years in the

pharma companies between 1983 and 1990 in MNCs like Boots

Pharmaceuticals (now Abbott) and John Wyeth (now Pfizer). In

1990, Mr. Alai moved on to FCB Ulka Advertising Pvt Ltd (a top four

advertising communications group in India), a wholly owned

subsidiary of the NYSE quoted Interpublic Group of Companies,

headquartered in New York, responsible for various functions like

finance, law, management, business, mergers and acquisitions, HR,

IT, etc, in India and across Asia and Pacific regions. Between 1990,

when he joined FCB, and 2016, when he superannuated, Mr. Alai

has held leadership positions such as CFO, Company Secretary,

General Counsel, Executive Director, CFO Asia Pacific and Africa and

Group Chairman.

His extensive experience and expertise have seen Mr. Alai playing

active leadership roles in industry bodies through his long career

including helming the apex Advertising Industry Association (AAAI)

as its President between 2010 - 2012 and the regional advertising

industry body, Confederation of Asian Advertising Agencies

Association as its Chairman between 2015 - 2017. Mr. Alai has been

active in self-regulation in advertising and has served on the apex

watch dog, Consumer Complaints Council of ASCI. Mr. Alai has been

on various committees of industry bodies like CII etc. and has been

and continues to be a guest columnist in business and general

magazines, covering topical business, economic, finance and social

issues.

Mr. Alai is also on the advisory Board of pan-India NGOs in the

skilling and livelihood space and is an independent Director on the

board of few corporates. He has also served on the Boards of other

NGOs in the geriatrics and elder care space. Mr. Alai is a guest

faculty at different management colleges including his alma mater,

teaching Finance, Financial Markets and Corporate Finance,

Leadership and Success Metrics. He is an active mentor to start ups

and businesses.

He is an avid art connoisseur/collector, voracious reader, high

altitude trekker, a marathoner and a motivational mentor.

Other Directorships

Wild Dreams Properties Private Limited

Mr. Vincent

Trouillard-

Perrot

(Associate

Director)

Years

Graduated of INSEEC

business school

(Paris Bachelor)

MBA in CECI

(International

commerce) and ITM

in Paris (Dealing

room specialization),

both in Paris

(France)

INSEEC Paris

Business school

Mr. Trouillard-Perrot spent all his career at BNP Paribas Group in

vast areas of business and responsibilities in Paris and in many

regions of the globe especially in Asia and in the Nordic countries.

After experiences in CIB, General Inspection and Private Banking,

Mr. Trouillard-Perrot joined the Asset Management business line

in 2003 as President and CEO of BNPPAM Japan based in Tokyo.

Then he was appointed CEO Asia and head of the regional APAC hub

based in Hong Kong. He then joined Alfred Group (a subsidiary of

BNPPAM) covering the Nordic and Baltic countries based in

Stockholm. In 2018, he was appointed back to the head office of

BNPPAM based in Paris, to oversee a wide number of countries

where BNPPAM has its operations, from Latam, Asia, EMEA and the

Nordic countries. Since 2020, he has the overall responsibility of

supervising and developing the strategic participations and Joint-

Ventures of BNPP Asset Management. With over 30 years of rich

and diverse experience in financial industry, especially in Wealth

Management for over 20 years (in Private Banking and Asset

Management), he has accumulated a successful and relevant

experience in dealing with many commercial and regulatory

environments, as a leader and as a Board member

Other Directorships

HFT IM China

(Norway)

NPP ABC WMC (China)

Mr. David

Vaillant

(Associate

Director)

Years

Harvard University,

Fintech Program

Master in Economic

Analysis and Policy

(applied

mathematics),

EHESS, Ecole

Normale Supérieure

Master in Political

Sciences and Public

Affairs, Science Po

Paris

Admitted to the Paris

Bar, Law, Paris Bar

School - EFB

Master in Corporate

Law, Université

Panthéon Assas

(Paris II)

Mr. David Vaillant oversees finance, strategy and participations,

inclusive of our joint ventures in Asia and Latin America. He serves

as the Deputy CEO for BNPP AM Europe and sits on the Executive

Committee of BNPP AM. In addition to these roles, Mr. Vaillant is

Chairman of the Board of Gambit Financial Solutions-a Fintech

specialized in digital investment platform and of IWC (International

Woodland Company), a leading provider of investment solutions in

forestry and agricultural land. He also holds the position of Director

at Aquis Exchange PLC and chairs the supervisory board of Aquis

Exchange Europe, a technology-led exchange group, listed on AIM.

Mr. Vaillant is a member of the IAPB International Advisory Panel

on Biodiversity Credits. Prior to his current engagements, Mr.

Banking / FIC division as the Head of Banking for EMEA.

transformational transactions (notably the acquisition of Fortis)

and has been a significant contributor to the BNP Paribas franchise

across Europe and emerging markets. Having initiated his

Master in Business

Law, Université René

Descartes (Paris V)

Master in

Communications/

Intellectual Property

law, Université

Panthéon Sorbonne

(Paris I)

Master in

Management,

Community of

European

Management

Schools (Rotterdam

University, Bocconi,

London School of

Economics, etc.)

Master in

Management, HEC

professional journey at Skadden as a lawyer, he later transitioned

to the French central bank (Banque de France). Mr. Vaillant has

taught finance, law and economics in various institutions and

presently lectures on Sustainable Finance at HEC Paris Business

in management from HEC Paris, a Master in Political Sciences and

Public Affairs from Sciences Po, a Master in Analysis and Policy in

Economics (applied mathematics) from EHESS / Ecole Normale

Supérieure, as well as fintech studies at Harvard, a Master in

Communications/Intellectual Property law from Paris I Sorbonne

University and a Master in Business Law from Paris II Assas

University.

Mr.Vaillant is a member of the Paris Bar.

Other Directorships

Europe

International Woodland Company Holding A/S

Gambit Financial Solutions

Mr. Sanjay

Kumar

Grover

years

Master in Economics,

CAIIB

Mr. Sanjay Grover, a seasoned banker and treasurer, is a senior

executive in Bank of Baroda. His area of expertise is Treasury

Operations where he has spent most of his career and gained skills

and expertise in the domain in true holistic sense. Presently, as

Chief General Manager, he is heading Treasury and Global Markets

in Bank of Baroda.

Mr Grover is associated with Bank of Baroda since 1993 in different

positions. He has completed two sought after stints of overseas

posting. One as Treasury Dealer in Dubai, UAE and second as

prestigious position of Chief Executive (European Operations) and

Managing Director & CEO of Bank of Baroda (UK) Limited.Mr Grover

Indian Institute of Bankers. He has successfully participated in

Leadership Development Program of IIM-B which is an initiative of

Bank Board Bureau in collaboration with IBA and supported by

Department of Financial Service, Ministry of Finance (GoI). Mr.

Grover has participated in numerous seminars, workshops and

training programs in India and overseas throughout his career.

Other Directorship:

FIMMDA

Ms. Shinjini

Kumar

Years

Master of Arts

Ms. Kumar has over three decades of work experience in senior

positions across various organizations including Reserve Bank of

India, Bank of America Merrill Lynch, PricewaterhouseCoopers

Private Limited, Paytm Payments Bank and Citibank India.

She is the co-founder and Director of Five Salts Private Limited and

Seven Salts Private Limited, building a woman-first fintech

platform offering personal finance products. Ms Kumar has degrees

in English Literature, journalism and Public Policy and is on various

Boards and the Executive Council of CGAP.

Other Directorship:

Seven Salts Financial Services Private Limited

Five Salts Private Limited

Nium Forex India Private Limited

The duties & obligations of the AMC shall, as specified in the SEBI Regulations and the Investment

Management Agreement, will be as follows:

1. Be responsible for formulating and floating one or more Schemes for the Mutual Fund after approval of the

same by the Trustee and SEBI, and managing the funds mobilised under various Schemes, in accordance with

the provisions of the Trust Deed, investment guidelines, if any, laid down by the Trustee from time to time,

the SEBI Regulations, the Scheme Information Document, the investment objectives of each Scheme and the

IMA. Further the AMC shall exercise due diligence and care in managing and/ or taking all its investment

decisions with respect to the funds mobilised under various Schemes as would be exercised by other persons

engaged in the same business.

The Asset Management Company shall obtain prior in principle approval from the recognized stock

exchange(s) where units are proposed to be listed in case of Close ended / interval income schemes (other

than an equity linked savings scheme).

2. Provide or cause to be provided to the Trustee, reports on its performance of duties, as the Trustee may

reasonably require, from time to time.

3. Ensure that adequate instructions are issued to and duly complied with by the custodian, stock brokers, agents

(including registrars and share transfer agents) for discharging its duties under the SEBI Regulations and / or

the IMA.

4. The Asset Management Company shall take all reasonable steps and exercise due diligence to ensure that the

investment of funds pertaining to any scheme is not contrary to the provisions of the SEBI Regulations and

the Trust Deed.

5. Provide information to SEBI and the Unitholders as required under the SEBI Regulations or as otherwise

required by SEBI.

6. The Asset Management Company shall exercise due diligence and care in all its investment decisions as would

be exercised by other persons engaged in the same business.

body corporate with which it may be associated.

8. The Asset Management Company shall be responsible for the acts of commission or omission by its employees

or the persons whose services have been procured by the Asset Management Company.

9. The Asset Management Company shall submit to the Trustees quarterly reports of each year on its activities

and the compliance with the SEBI Regulations.

10. Ensure that it does not give any undue or unfair advantage to any associates or deals with any of the associates

of the AMC in any manner detrimental to the interest of the Unitholders.

11.

may be required under any law or by the Trustee, such books, records and statements expressed in such

currencies as may be necessary to give a proper and complete record of all transactions carried out by the

AMC for or on behalf of the Mutual Fund and such other books, records and statements as may be required

by any law or the Trustee and shall permit the employees, authorised agents and auditors of the Trustee, to

inspect such books, records, and statements at all reasonable times and on request of the Trustee, furnish

true copies thereof.

12. The Asset Management Company shall not take up any activity that is in contravention of the SEBI Regulations.

13. The Asset Management Company shall not acquire any of the assets out of the scheme property which involves

the assumption of any liability which is unlimited or which may result in encumbrance of the scheme property

in any way.

14. The Trustees at the request of the Asset Management Company may terminate the assignment of the Asset

Management Company at any time:

Provided that such termination shall become effective only after the Trustees have accepted the termination

of assignment and communicated their decision in writing to Asset Management Company.

15. Notwithstanding anything contained in any contract or agreement or termination, the Asset Management

Company or its directors or other officers shall not be absolved of liability to the mutual fund for their acts of

commission or omission, while holding such position or office.

16. The Chief Executive Officer (whatever his designation may be) of the Asset Management Company shall ensure

that the mutual fund complies with all the provisions of SEBI Regulations and the guidelines or circulars issued

in relation thereto from time to time and that the investments made by the fund managers are in the interest

of the unit holders and shall also be responsible for the overall risk management function of the mutual fund.

17. The Asset Management shall not through any broker associated with the Sponsor, purchase or sell securities,

which is average of 5% or more of the aggregate purchases and sale of securities made by the mutual fund in

all its schemes:

Provided that for the purpose of the above, the aggregate purchase and sale of securities shall exclude sale

and distribution of units issued by the mutual fund:

Provided further that the aforesaid limit of 5% shall apply for a block of any 3 months.

The Asset Management Company shall not purchase or sell securities through any broker [other than a broker

referred to in clause (a) of sub-regulation 7 of Regulation 25 of SEBI Regulations] which is average of 5% or

more of the aggregate purchases and sale of securities made by the mutual fund in all its schemes, unless the

Asset Management Company has recorded in writing the justification for exceeding the limit of 5% and reports

of all such investments are sent to the Trustees on a quarterly basis:

Provided further that the aforesaid limit shall apply for a block of 3 months.

18. The Asset Management Company shall not utilize the services of the Sponsor or any of its associates,

employees or their relatives, for the purpose of any securities transaction and distribution and sale of

securities:

Provided that the Asset Management Company may utilize such services if disclosure to the effect is made to

the unit holders and the brokerage or commission paid is also disclosed in the half yearly accounts of the

mutual fund:

Provided further that the mutual funds shall disclose at the time of declaring half yearly and yearly results:

a. any underwriting obligations undertaken by the schemes of the mutual fund with respect to issue of

securities associate companies,

b. devolvement, if any,

c. subscription by the schemes in the issues lead managed by associate companies,

d. subscription to any issue of equity or debt on private placement basis where the sponsor or its associate

companies have acted as arranger or manager.

19. The Asset Management Company shall file with the Trustees the details of transactions in securities by the

key personnel of the Asset Management Company in their own name or on behalf of the Asset Management

Company and shall report to the SEBI, as when required by SEBI.

20. In case the Asset Management Company enters into any securities transactions with any of its associates a

report to that effect shall be sent to the Trustee at its next meeting.

21. In case any company has invested more than 5% of the net asset value of a scheme, the investment made by

that scheme or by any other scheme of the same mutual fund in that company or its subsidiaries shall be

brought to the notice of the trustees by the Asset Management Company and be disclosed in the half yearly

& annual accounts of the respective schemes with justification for such investment provided the latter

investment has been made within 1 year of the date of the former investment calculated on either side.

22. The Asset Management Company shall file with the Trustees and the SEBI

a. detailed bio data of all its directors along with their interest in other companies within 15 days of their

appointment;

b. any change in the interests of directors every 6 months;

c. a quarterly report to the Trustees giving details and adequate justification about the purchase and sale of

the securities of the group companies of the sponsor or the Asset Management Company, as the case may

be, by the mutual fund during the said quarter.

23. Each director of the Asset Management Company shall file the details of his transactions of dealing in

securities with the Trustees in a quarterly basis in accordance with guidelines issued by the SEBI.

24. The Asset Management Company shall not appoint any person as key personnel who has been found guilty of

any economic offence or involved in violation of securities laws.

25. The Asset Management Company shall appoint registrars and share transfer agents who are registered with

the SEBI:

Provided if the work relating to the transfer if units are processed in house, the charges at competitive market

rates may be debited to the scheme and for rates higher than the competitive market rates, prior approval of

the Trustees shall be obtained and reasons for charging higher rates shall be disclosed in the annual accounts.

26. Suspension or restriction of repurchase / redemption facility under any scheme of the Mutual Fund shall be

made applicable only after the approval from the Board of Directors of the Asset Management Company and

the Trustees. The approval from the AMC Board and the Trustees giving details of circumstances and

justification for the proposed action shall also be informed to SEBI in advance.

27. Chief Executive Officer (whatever be the designation) shall also ensure that the Asset Management Company

has adequate systems in place to ensure that the Code of Conduct for Fund Managers and Dealers specified

in PART - B of the Fifth Schedule of these regulations are adhered to in letter and spirit. Any breach of the said

Code of Conduct shall be brought to the attention of the Board of Directors of the Asset Management Company

and Trustees. The Dealers (whatever be the designation) shall ensure that orders are executed on the best

available terms, taking into account the relevant market at the time for transactions of the kind and size

concerned to achieve the objectives of the scheme and in the best interest of all the unit holders.

28. The Fund Managers (whatever the designation may be) shall ensure that the funds of the Scheme(s) are

invested to achieve the objectives of the scheme and in the interest of the unit holders.

29. The Fund Managers (whatever be the designation) shall abide by the Code of Conduct for Fund Managers and

Dealers specified in PART - B of the Fifth Schedule of Securities and Exchange Board of India (Mutual Funds)

Regulations, 1996 and submit a quarterly self-certification to the Trustees that they have complied with the

said code of conduct or list exceptions, if any

30. The Dealers (whatever be the designation) shall abide by the Code of Conduct for Fund Managers and Dealers

specified in PART - B of the Fifth Schedule of the Securities and Exchange Board of India (Mutual Funds)

Regulations, 1996 and submit a quarterly self-certification to the Trustees that they have complied with the

said code of conduct or list exceptions, if any.

31. The asset management company shall abide by the Code of Conduct as specified in [PART-A of] the Fifth

Schedule.

32. The Asset Management Company shall not invest in any of its scheme, unless full disclosure of its intention

to invest has been made in the offer documents.

Provided that an asset management company shall not be entitled to charge any fee on its investment in that

scheme.

33. The Asset Management Company shall not carry out its operations including trading desk, unit holder servicing

and investment operations outside the territory of India.

34. The Asset Management Company shall compute and carry out valuation of investments made by its scheme(s)

in accordance with the investment valuation norms specified in Eighth Schedule of SEBI Regulations, and shall

publish the same.

35. The Asset Management Company and the sponsor of the mutual fund shall be liable to compensate the

affected investors and/or the scheme for any unfair treatment to any investor as a result of inappropriate

valuation.

36. The Asset Management Company shall report and disclose all the transactions in debt and money market

securities, including inter scheme transfers, as may be specified by SEBI from time to time.

37. The board of directors of the asset management company shall exercise due diligence as follows:

a. The board of directors of the asset management company shall ensure before the launch of any scheme that

the asset management company has-

(i) systems in place for its back office, dealing room and accounting;

(ii) appointed all key personnel including fund manager(s) for the scheme(s) and submitted their bio-data

which shall contain the educational qualifications and past experience in the securities market with the

Trustees, within fifteen days of their appointment;

(iii) appointed auditors to audit its accounts;

(iv) appointed a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and

regulations, notifications, guidelines, instructions, etc., issued by the Board or the Central Government and

for redressal of investors grievances;

(v) appointed a registrar to an issue and share transfer agent registered under the Securities and Exchange

Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 and laid down

parameters for their supervision;

(vi) prepared a compliance manual and designed internal control mechanisms including internal audit systems;

(vii) specified norms for empanelment of brokers and marketing agents;

(viii) obtained, wherever required under these regulations, prior in principle approval from the recognized stock

exchange(s) where units are proposed to be listed.

b. The board of directors of the asset management company shall ensure that

(i) the asset management company has been diligent in empanelling the brokers, in monitoring securities

transactions with brokers and avoiding undue concentration of business with specific brokers;

(ii) the AMC has not given any undue or unfair advantage to any associate or dealt with any of the associate of

the asset management company in any manner detrimental to interest of the unit holders;

(iii) the transactions entered into by the asset management company are in accordance with these regulations

and the respective schemes;

(iv) the transactions of the mutual fund are in accordance with the provisions of the trust deed;

(v) the networth of the asset management company are reviewed on a quarterly basis to ensure compliance

with the threshold provided in clause (f) of sub-regulation (1) of regulation 21 on a continuous basis;

(vi) all service contracts including custody arrangements of the assets and transfer agency of the securities are

executed in the interest of the unit holders;

(vii) there is no conflict of interest between the manner of deployment of the networth of the asset management

company and the interest of the unit holders;

(viii) the investor complaints received are periodically reviewed and redressed;

(ix) all service providers are holding appropriate registrations with the Board or with the concerned regulatory

authority;

(x) any special developments in the mutual fund are immediately reported to the trustees;

(xi) there has been exercise of due diligence on the reports submitted by the asset management company to

the trustees;

(xii) there has been exercise of due diligence on such matters as may be specified by the Board from time to

time.

38. The compliance officer appointed under sub-clause (iv) of clause (a) of sub-regulation (22) shall independently

and immediately report to the Board any non-compliance observed by him.

39. The AMC shall constitute a Unit Holder Protection Committee in the form and manner and with a mandate

as may be specified by SEBI.

40. The AMC shall be responsible for calculation of any income due to be paid to Baroda BNP Paribas Mutual Fund

and also any income received in the mutual fund, for the unit holders of any scheme of the mutual fund, in

accordance with these regulations and the trust deed.

41. The AMC shall ensure that no change in the fundamental attributes of any scheme or the trust, fees and

expenses payable or any other change which would modify the scheme and affect the interest of unit holders,

shall be carried out unless,

(i) a written communication about the proposed change is sent to each unit holder and an advertisement is

issued in one English daily newspaper having nationwide circulation as well as in a newspaper published in

the language of region where the Head Office of the mutual fund is situated; and

(ii) the unit holders are given an option to exit at the prevailing Net Asset Value without any exit load.

Information on Key Personnel of the AMC

Name

Age

Designation

Educational

Qualification

Total No. of

years of

Experience

Nature of past experience

including assignments held

during the last 10 years

Mr. Suresh

Soni

years

[Chief Executive

Officer (CEO)]

B.Sc.

ACA, Grad CWA

28 Years

Mr. Soni is a seasoned Asset

management professional with rich

experience of over 28 years. His

experience spans across investment

and business management. He has

varied experience of working with

start-ups as well as global giants

and across retail as well as

institutional clients. Mr. Soni is the

CEO of Baroda Asset Management

India Limited as CEO from August 03,

2021. In his prior roles, he has also

worked at Deutsche Asset

Management, leading it to become

the most successful foreign bank

promoted asset manager in the

country. He was also CEO at

Edelweiss Alternative Asset

Advisors, one of the largest

alternative asset managers in the

country.

Mr. Vivek

Kudal

years

(Chief

Operating

Officer & Chief

Financial

Officer)

C.A.

B.Com

18 Years

Mr. Kudal has over 18 years of

experience in operations, finance

and technology related areas. His

previous stint was with BNP Paribas

Asset Management (BNPP AMC),

KPMG, BDO Consulting. His

responsibilities include managing

the Operations, Fund Accountancy,

Technology and Administration

functions. Mr. Kudal is instrumental

in driving operational excellence at

AMC. With a career reflecting strong

leadership skills and a team-based

management style, he is aptly

positioned to transform strategy

and process-orientation into

success.

Mr. Sanjay

Chawla

years

[Chief

Investment

Officer Equity

Chief

Investment

Officer Equity

(CIO-Equity)]

MMS-BITS,

Pilani

34 Years

Mr. Chawla has over 34 years of

experience in fund management,

equity research and Management

Consultancy. He is designated as

Chief Investment Officer - Equity

with Baroda BNP Paribas Asset

Management India Private Limited.

Name

Age

Designation

Educational

Qualification

Total No. of

years of

Experience

Nature of past experience

including assignments held

during the last 10 years

In his previous assignment, he has

worked with Baroda Asset

Management India Limited as Chief

Investment officer, Birla SunLife

AMC as Sr. Fund Manager-Equity,

managing various schemes with

different strategies. Mr. Chawla has

also worked as Head of Research

with SBI Capital Markets and in

various capacities in the equity

research space in Motilal Oswal

Securities, IDBI Capital Markets,

SMIFS Securities, IIT Invest Trust &

Lloyds Securities. He is the fund

manager for certain schemes of the

Mutual Fund.

Mr. Prashant

Pimple

Years

Chief

Investment

Officer -Fixed

Income

BCom,

MMS (Fin),

ACTM

25 Years

Mr. Prashant Pimple has an

overall experience of 25 years. He

is designated as Chief Investment

Officer Fixed Income of Baroda

BNP Paribas Asset Management

India Private Limited. His previous

stint was with JM Financial AMC as

CIO Fixed Income. Prior to that,

he has also worked with Nippon

AMC.

Mr. Jitendra

Sriram

years

(Senior Fund

Manager -

Equity)

M.B.A

(Finance)

B.E. (Electrical

& Electronics

Engineering)

27 Years

Mr. Jitendra Sriram has an overall

experience of 27 years. His last stint

was with Prabhudas Lilladher

Portfolio Management Services as

Senior Vice President Equity Fund

Manager. Prior to that, he has

worked with various companies viz.,

Max Life Insurance Company Private

Limited, HSBC Securities & Capital

Markets (India) Private Limited,

HSBC Asset Management (India)

Private Limited.

Ms. Nisha

Sanjeev

years

Head

Compliance,

Legal &

Secretarial

CS,

LLB,

M. Com

18 years

Ms. Nisha has over 18 years of

experience in compliance, legal and

secretarial functions within the

mutual fund industry. In her

previous assignment, she was

associated with ITI Mutual Fund as

Compliance Officer. Prior to that, she

was also associated with HSBC

Mutual Fund and DSP Mutual Fund,

where she was responsible for legal

and compliance functions.

Mr. Dipak M

Acharya

years

(Head Dealing

Equity)

M.Com

AICWA,

CAIIB, PGPMS

40 Years

Mr. Dipak Acharya has been working

in the investment area in the asset

management industry for over 40

years. Mr. Dipak Acharya heads

Equity Dealing at Baroda BNP

Paribas Mutual Fund. In his previous

assignment, he has worked with

Baroda Asset Management Company

as Fund Manager- Equity from

November-

Prior to this, he worked with Baroda

Pioneer Asset Management

Name

Age

Designation

Educational

Qualification

Total No. of

years of

Experience

Nature of past experience

including assignments held

during the last 10 years

Company Ltd as Fund Manager-

Equity, managing various schemes

with different strategies from August

2008 to September 2018. Mr. Dipak

Acharya joined Baroda Asset

Management India Limited in

September 2008 as Fund Manager.

He was also the Fund Manager at

BoB Mutual Fund from August 2003

to August 2008. . Prior to this, Mr.

Acharya was with Bank of Baroda,

where he worked in the Treasury

Dept. and Credit Dept for 10 years.

Mr. Anil

Chandran

years

Head Human

Resources

B Sc

(Electronics).

Masters DBA.

(Personnel),

Post Graduate

Certificate in

Human

Resources

28 years

Mr. Anil has overall experience of 28

years with more than 16 years of

experience in Human Resources. His

last stint was with Union Asset

Management Company Private

Limited where he was designated as

Head Human Resources for 13 years.

Before joining Union Asset

Management Company Private

Limited, Mr. Anil has experience of

over 15 years in handling human

resources and administration

responsibilities at reputed

organisations such as Guardian

Industries, General Motors, Asian

Paints, ACC Cements and Indian

Army in various capacities.

Mr.

Chandrashek

ar Jain

Years

(Head -

Institutional

Business and

Key Accounts)

B.E. (Civil) -

Madhav

Institute of

Science and

Technology,

Gwalior;

PGDM

(Finance) -

Institute of

Finance and

International

Management,

Bengaluru

21 Years

Mr. Jain has over two decades of

experience in Sales Function. His

last stint was with PGIM India Asset

Management Private Limited as

Head Institutional Sales. Prior to

that, Mr. Jain worked within sales

function with Deutsche Asset

Management India Private Limited,

IDFC Asset Management Company

Limited and Aditya Birla Capital.

Mr. Basha

Mahmood

Years

(Head - Retail &

International

Business)

MBA (Finance),

Osmania

University, CFP

27 Years

Mr. Mahmood Basha brings with

him 27 years of total experience. He

is designated as Head- Retail &

International Business with Baroda

BNP Paribas Asset Management

India Private Limited. Prior to this,

he was designated as Head - Sales

& Marketing with Baroda Asset

Management India Limited. He was

also National Sales Head for Pine

Bridge Investment Asset

Management ,Company (India)

Private Ltd. He has also worked for

companies like Franklin Templeton

Investments and Karvy Consultants.

Mr. Hardik

Mehta

years

Chief Risk

Officer

B.Com.

15 years

Mr. Mehta has over 15 years of

experience in Risk Management

Name

Age

Designation

Educational

Qualification

Total No. of

years of

Experience

Nature of past experience

including assignments held

during the last 10 years

Function. His last stint was with

Nippon Life India Asset

Management Limited, wherein he

was responsible for Market risk &

Investment risk for Mutual fund

schemes. Prior to Nippon Life India

Asset Management Limited, he has

worked with Kotak Securities

Limited for 3.5 years where he

used to look after risk

management of Equity derivatives

& Margin Funding products.

Mr. Neeraj

Saxena

years

(Fund Manager

& Dealer

Equity)

PGDBA

Finance from

Welingkars

Institute,

M.Sc. (Organic

Chemistry)

21 Years

Mr. Neeraj Saxena has rich

experience of 21 years in the Indian

financial services industry, handles

the responsibility of being the Fund

Manager & Dealer in equity domain

for Baroda BNP Paribas AMC. Prior

to joining BBNPP AMC, Mr. Saxena

was the Assistant Vice President -

Institutional Equity Sales at Stratcap

Securities. He has also held notable

positions like Head -

Communication Cell at Karvy Stock

Broking and Senior Investment

Advisor at Iden Investment Advisor.

Mr. Vikram

Pamnani

years

Senior Fund

Manager

PGDM

(Finance)

15 Years

Mr. Pamnani brings over 15 years of

experience in the Fixed Income

domain and he joins us from Essel

Finance Asset Management

Company Limited where he has

spent over 3 years playing a key role

in Fund Management of Mutual

Fund Schemes. Prior to this stint, he

has worked as Fixed Income trader

at Canara Robeco Mutual Fund and

was responsible for

trading/execution of fixed income

assets across duration schemes.

Prior to Canara Robeco Mutual Fund,

he has also worked with Deutsche

Bank as a Documentary Credit

Analyst.

Mr. Pratish

Krishnan

years

Fund Manager

& Senior Analyst

B. Com,

MMS

(Finance)

24 Years

Mr. Pratish Krishnan has over 24

years of experience in equity

markets covering equity research

and fund management. Mr.

Krishnan is designated as Fund

Manager & Senior Analyst with

Baroda BNP Paribas Asset

Management India Private Limited.

In his previous assignment, he has

worked with leading institutional

brokerage houses such as Antique

Finance, Bank of America Merrill

Lynch, SBI Capital Markets in equity

research.

Mr. Shiv

Kumar

Chanani

years

Senior Fund

Manager -

Equity

PGDBM

(IIM B),

25 Years

Mr. Shiv Chanani has an overall

experience of 25 years. His last

stint was with Elara Securities

Name

Age

Designation

Educational

Qualification

Total No. of

years of

Experience

Nature of past experience

including assignments held

during the last 10 years

CFA

Charterholder

(India) private Limited as Head

Equity Research & Strategy. Prior

to that he has worked with E Fund

Management (HK) Co. Ltd,

Sundaram Asset Management Co.

Ltd and Nippon Life India Asset

Management Limited (formerly

known as Reliance Capital Asset

Management).

Mr. Sandeep

Jain

years

Senior Analyst

& Fund

Manager

Chartered

Accountant

ICAI, B.Com

(Hons)

Kolkata

University

17 Years

Mr. Jain has an overall experience

of 17 years in research and fund

management. His last stint was

with Aditya Birla Sunlife Insurance

Limited as Fund Manager and

Research Analyst. Prior to that, he

has worked with various

companies viz., Sundaram Asset

Management Company Limited,

Emkay Global Financial Service

Ltd., IDBI Capital Markets &

Securities Limited.

Mr. Vishnu

Soni

Years

Senior

Manager

Credit Analyst

Chartered

Accountant,

Company

Secretary and

B. Com

9 Years

Mr. Vishnu Soni has 9 years of

varied experience into corporate

credit risk assessment across

Power, Roads, CGD, EPC, Telecom

sectors. His last stint was with

CRISIL Ratings Ltd. as Credit Risk

Analyst, Large Corporate & Infra

Ratings. Prior to that, he has

worked with various companies

viz., L&T Infra Finance Co Ltd, Axis

Bank Limited, DCB Bank Limited.

Mr. Miten

Vora

Years

Senior Analyst

& Fund

Manager

PGDM -

specialization

in Finance,

ICFAI

Hyderabad,

B.Com

15 Years

Mr. Miten Vora has an overall

experience of 15 years. Prior to

this, he has worked with Canara

HSBC Oriental Life Insurance, BNP

Paribas Asset Management India

Private Limited, IDBI Asset

Management Company and

Antique Stock Broking Limited. Mr.

Vora has done his PGDM in

Finance from Institute of

Chartered Financial Analysts of

India, Hyderabad.

Mr. Jay Sheth

42 years

Senior Credit

Analyst & Fund

Manager

(Electronics &

Telecom),

MBA

Finance

18 years

Mr. Sheth has an overall

experience of 18 years with around

15 years of experience in credit

risk analysis and credit ratings for

mid to large corporates across

various sectors. His last stint was

with ICICI Bank limited, wherein he

was responsible for credit risk

analysis and assessment of credit

proposals across industries. Prior

to ICICI Bank Limited, he has

worked with ICRA Limited for 14

years.

Name

Age

Designation

Educational

Qualification

Total No. of

years of

Experience

Nature of past experience

including assignments held

during the last 10 years

Mr. Madhav

Vyas

Years

Dealer Fixed

income

CA, MFM, FRM

(Level 1), and

B.com

9 Years

Mr. Madhav Vyas has an overall

experience of 9 years in Fixed

income dealing. Previously worked

with Bajaj Allianz General

Insurance, Derivium Securities,

SPA and Almondz Securities.

Madhav has completed MFM from

JBIMS, he is also a Chartered

Accountant and FRM Level 1.

Investment Decisions

The Board of Directors of the AMC have constituted an Investment Committee. This Committee has clearly laid

down various policies and processes covering investments for the Scheme(s) in light of the SEBI Regulations and

oversees the implementation of the investment process. However, the day to day investment management

decisions will solely be of the Fund Managers of the schemes.

The Fund Manager(s) ensure that the scheme(s) are invested to achieve the investment objectives of the respective

Scheme(s) and in the interest of the Unit holders. All investment decisions are recorded in accordance with SEBI

Master circular dated June 27, 2024 as amended from time to time.

The Investment Committee periodically reviews the performance of the scheme(s) and general market outlook.

The minutes of the Investment Committee are provided to the Board of Directors of the AMC and the Trustee

Company for their review.

Periodic presentations are made to the Board of Directors of the AMC and Trustee Company to review the

performance of the scheme(s) against their benchmark(s) as well as in light of performance of the Mutual Fund

industry.

III. SERVICE PROVIDERS

1. CUSTODIAN

Deutsche Bank AG, Address: Deutsche Bank House, Hazarimal Somani Marg, Fort, Mumbai 400001.

SEBI Registration Number: IN/CUS/003

2. REGISTRAR & TRANSFER AGENT

KFin Technologies Limited (KFintech)

SEBI Registration Number: INR000000221

Karvy Selenium, Tower B, Plot No 31 & 32, Financial District, Nanakramguda, Serilingampally, Hyderabad 500

032, Telangana, India. The Board of Trustees and the AMC have ensured that the Registrar has adequate capacity

to discharge responsibilities with regard to processing of applications and dispatching unit certificates to unit

holders within the time limit prescribed in the Regulations and also has sufficient capacity to handle investor

complaints.

3. STATUTORY AUDITOR OF THE MUTUAL FUND

S.R. Batliboi & Co. LLP, Chartered Accountants.

Regd Office: 22 Camac Street, Block C , 3

Floor, Kolkata 700016

STATUTORY AUDITORS OF THE TRUSTEE COMPANY

M/s. Morzaria & Associates, Chartered Accountants, (Reg. No. 129763W)

101, Ratna Kunj, Eksar Road, Borivali (West), Mumbai 400 092, Maharashtra, India

INTERNAL AUDITORS OF THE MUTUAL FUND, AMC AND TRUSTEE COMPANY

M. P. Chitale & Co. Chartered Accountants

1/11, Prabhadevi Ind. Estate, 1

Floor., Opp. Siddhivinayak Temple, Veer Savarkar Marg, Prabhadevi,

Mumbai 25 Tel.: 43474301-03 Fax: 43474304

4.LEGAL COUNSEL

The AMC will appoint a Legal Counsel as and when required.

5.FUND ACCOUNTANT

Deutsche Bank AG

Address: Deutsche Bank House, Hazarimal Somani Marg, Fort, Mumbai 400001

The Fund Administrator provides fund accounting, Net Asset Value calculation and other related services. SBI-SG

will charge a fee as per the Fund Accounting Services Agreement.

6.COLLECTING BANKERS

The collecting bankers, if any, shall be provided in the respective Scheme Information Document at the time of

NFO.

In addition, all the applicants can participate in the New Fund Offer through the ASBA process. ASBA applicants

should note that the ASBA process involves application procedures that are different from the procedure applicable

to applicants other than the ASBA applicants. Applicants applying through the ASBA process should carefully read

the provisions applicable to such applications before making their application through the ASBA process.

Notwithstanding any of the above conditions, any application may be accepted or rejected at the sole and absolute

discretion of the Trustee / AMC.

D. CONDENSED FINANCIAL INFORMATION

Historical Per Unit Statistics is presented below scheme wise for all the schemes launched by the

Mutual Fund during the last three fiscal years (excluding redeemed schemes) for each of the years.

Baroda BNP Paribas Large and Mid Cap Fund

Particulars

2021-22

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

12.8100

16.5122

16.0254

Regular Plan - IDCW Option

12.8100

15.5249

13.8567

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

12.9600

16.9752

16.7207

Direct Plan - IDCW Option

12.9600

16.9752

15.3769

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

1.1800

1.7500

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Baroda BNP Paribas Large and Mid Cap Fund

Particulars

2021-22

2022-23

2023-24

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

1.3100

1.9700

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

16.5122

16.0254

23.6397

Regular Plan - IDCW Option

15.5249

13.8567

18.6904

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

16.9752

16.7207

24.9759

Direct Plan - IDCW Option

16.9752

15.3769

20.9962

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

04-Sep-2020

Name of Benchmark Index

BSE 250 Large & Midcap TRI

Name of Additional Benchmark Index

Nifty 50 TRI

Scheme Return

Regular Plan Growth

28.90

-2.95

47.36

Direct Plan -Growth

30.98

-1.50

49.21

Benchmark Index Returns (%)

21.48

-0.75

34.68

Additional Benchmark Index Returns (%)

20.26

0.59

29.99

Net Assets end of the year end (Rs. Crs)

622.44

714.63

1,108.10

Baroda BNP Paribas Large and Mid Cap Fund

Particulars

2021-22

2022-23

2023-24

Ratio of Recurring Expenses to net assets

2.42%

2.44%

2.21%

Notes:

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct

Plan-Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under

the schemes for the investors would be net of distribution tax, if any.

Benchmark returns are given with respect to inception date of Growth option of the scheme.

Baroda BNP Paribas Equity Savings Fund

Particulars

2021-22

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

11.6700

12.3760

12.6996

Regular Plan - IDCW Option

11.6700

11.6235

11.0884

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

11.8900

12.7387

13.2156

Direct Plan - IDCW Option

11.8900

11.9660

11.5445

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

0.7500

0.8300

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

0.7700

0.8600

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Baroda BNP Paribas Equity Savings Fund

Particulars

2021-22

2022-23

2023-24

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

12.3760

12.6996

14.8338

Regular Plan - IDCW Option

11.6235

11.0884

12.9518

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

12.7387

13.2156

15.5933

Direct Plan - IDCW Option

11.9660

11.5445

13.6215

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

25-Jul-19

Name of Benchmark Index

NIFTY Equity Savings Index TRI

Name of Additional Benchmark Index

CRISIL 10 Year Gilt Index

Scheme Return

Regular Plan Growth

6.05^

2.61

16.76

Direct Plan -Growth

7.14^

3.74

17.94

Benchmark Index Returns (%)

9.95^

3.52

15.37

Additional Benchmark Index Returns (%)

1.08^

3.43

8.52

Net Assets end of the year end (Rs. Crs)

355.04

243.70

236.95

Ratio of Recurring Expenses to net assets

2.32%

2.45%

2.47%

Notes: than those shown above.

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct

Plan-Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under

the schemes for the investors would be net of distribution tax, if any.

Benchmark returns are given with respect to inception date of Growth option of the scheme.

Baroda BNP Paribas Aqua Fund of Fund

Particulars

2021-22

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

9.9265

10.4594

Regular Plan - IDCW Option

9.9265

10.4594

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.0306

10.6841

Direct Plan - IDCW Option

10.0306

10.6841

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

9.9265

10.4594

12.3152

Regular Plan - IDCW Option

9.9265

10.4594

12.3152

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Baroda BNP Paribas Aqua Fund of Fund

Particulars

2021-22

2022-23

2023-24

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.0306

10.6841

12.7135

Direct Plan - IDCW Option

10.0306

10.6841

12.7135

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

07-May-21

Name of Benchmark Index

MSCI World Index

Name of Additional Benchmark Inex

Nifty 50 TRI

Scheme Return

Regular Plan Growth

5.37

17.69

Direct Plan -Growth

6.52

18.94

Benchmark Index Returns (%)

0.84

18.94

Additional Benchmark Index Returns (%)

0.59

26.79

Net Assets end of the year end (Rs. Crs)

112.04

90.67

67.49

Ratio of Recurring Expenses to net assets

1.53%

1.46%

1.40%

Notes:

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any.

Benchmark returns are given with respect to inception date of Growth option of the scheme.

Baroda BNP Paribas Business Cycle Fund

Particulars

2021-22

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

9.9295

9.8272

Regular Plan - IDCW Option

9.9295

9.8272

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Baroda BNP Paribas Business Cycle Fund

Particulars

2021-22

2022-23

2023-24

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.0253

10.0736

Direct Plan - IDCW Option

10.0253

10.0736

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

9.9295

9.8272

14.2064

Regular Plan - IDCW Option

9.9295

9.8272

14.2064

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.0253

10.0736

14.7458

Direct Plan - IDCW Option

10.0253

10.0736

14.7458

Direct Plan - Daily IDCW Option

Baroda BNP Paribas Business Cycle Fund

Particulars

2021-22

2022-23

2023-24

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

15-Sep-21

Name of Benchmark Index

BSE 500 TRI

Name of Additional Benchmark Index

Nifty 50 TRI

Scheme Return

Regular Plan Growth

-1.03

44.42

Direct Plan -Growth

0.48

46.23

Benchmark Index Returns (%)

-0.91

40.03

Additional Benchmark Index Returns (%)

0.59

29.99

Net Assets end of the year end (Rs. Crs)

1,014.79

479.33

423.46

Ratio of Recurring Expenses to net assets

2.10%

2.21%

2.42%

Notes:

^ Returns do not take into account the load, if any. Hence,

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any.

Benchmark returns are given with respect to inception date of Growth option of the scheme.

Baroda BNP Paribas Banking and PSU Bond Fund

Particulars

2021-22

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

10.0047

10.4544

10.7032

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

10.0047

10.3237

10.0892

Regular Plan - Quarterly IDCW Option

10.0047

10.1388

10.0977

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.0176

10.5109

10.8048

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

10.0176

10.3499

10.1165

Direct Plan - Quarterly IDCW Option

10.0176

10.0442

10.1927

Baroda BNP Paribas Banking and PSU Bond Fund

Particulars

2021-22

2022-23

2023-24

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

0.1300

0.4700

0.6100

Regular Plan - Quarterly IDCW Option

0.3100

0.2800

0.6300

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

0.1600

0.5100

0.6100

Direct Plan - Quarterly IDCW Option

0.4600

0.1300

0.6600

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

10.4544

10.7032

11.4490

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

10.3237

10.0892

10.1625

Regular Plan - Quarterly IDCW Option

10.1388

10.0977

10.1549

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.5109

10.8048

11.6443

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

10.3499

10.1165

10.2709

Direct Plan - Quarterly IDCW Option

10.0442

10.1927

10.3056

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Baroda BNP Paribas Banking and PSU Bond Fund

Particulars

2021-22

2022-23

2023-24

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

17-12-2020

Name of Benchmark Index

CRISIL Banking and PSU Debt Index

Name of Additional Benchmark Index

CRISIL 10 Year Gilt Index

Scheme Return

Regular Plan Growth

4.49

6.95

Direct Plan -Growth

4.92

7.75

Benchmark Index Returns (%)

5.14

7.48

Additional Benchmark Index Returns (%)

1.08

8.52

Net Assets end of the year end (Rs. Crs)

312.97

106.83

28.86

Ratio of Recurring Expenses to net assets

0.73%

0.70%

0.67%

Notes:

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any.

Benchmark returns are given with respect to inception date of Growth option of the scheme.

Baroda BNP Paribas Flexi Cap Fund

Particulars

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

9.6638

Regular Plan - IDCW Option

9.6638

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

9.7734

Direct Plan - IDCW Option

9.7734

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Baroda BNP Paribas Flexi Cap Fund

Particulars

2022-23

2023-24

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

9.6638

13.5209

Regular Plan - IDCW Option

9.6638

13.5209

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

9.7734

13.8771

Direct Plan - IDCW Option

9.7734

13.8771

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

17-Aug-22

Name of Benchmark Index

Nifty 500 Total Return Index (TRI)

Name of Additional Benchmark Index

Nifty 50 TRI Index

Scheme Return

Regular Plan Growth

39.78

Baroda BNP Paribas Flexi Cap Fund

Particulars

2022-23

2023-24

Direct Plan -Growth

41.85

Benchmark Index Returns (%)

40.36

Additional Benchmark Index Returns (%)

29.99

Net Assets end of the year end (Rs. Crs)

1,312.03

1,254.23

Ratio of Recurring Expenses to net assets

2.03%

Notes:

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any.

Benchmark returns are given with respect to inception date of Growth option of the scheme.

Baroda BNP Paribas Multi Asset Fund

Particulars

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

9.9960

Regular Plan - IDCW Option

9.9960

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.0455

Direct Plan - IDCW Option

10.0455

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Baroda BNP Paribas Multi Asset Fund

Particulars

2022-23

2023-24

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

9.9960

12.8415

Regular Plan - IDCW Option

9.9960

12.8415

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.0455

13.1270

Direct Plan - IDCW Option

10.0455

13.1270

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

19-Dec-22

Name of Benchmark Index

65% of Nifty 500 TRI + 20% of NIFTY Composite

Debt Index + 15% of INR Price of Gold

Name of Additional Benchmark Index

Nifty 50 TRI

Scheme Return

Regular Plan Growth

28.38

Direct Plan -Growth

30.58

Benchmark Index Returns (%)

29.19

Additional Benchmark Index Returns (%)

29.99

Net Assets end of the year end (Rs. Crs)

1,327.04

1,173.35

Ratio of Recurring Expenses to net assets

2.11%

2.06%

Notes:

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any.

Benchmark returns are given with respect to inception date of Growth option of the scheme.

Baroda BNP Paribas Nifty SDL Dec 2026 Index Fund

Baroda BNP Paribas Nifty SDL Dec 2026 Index

Fund

Particulars

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

10.1267

Regular Plan - IDCW Option

10.1267

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.1322

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Baroda BNP Paribas Nifty SDL Dec 2026 Index

Fund

Particulars

2022-23

2023-24

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

10.1267

10.8202

Regular Plan - IDCW Option

10.1267

10.8202

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.1322

10.8586

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

25-Jan-23

Name of Benchmark Index

NIFTY SDL December 2026 Index

Name of Additional Benchmark Index

CRISIL 1-year T-bill Index

Scheme Return

Regular Plan Growth

6.83

Direct Plan -Growth

7.15

Benchmark Index Returns (%)

7.51

Additional Benchmark Index Returns (%)

7.15

Net Assets end of the year end (Rs. Crs)

184.43

120.14

Ratio of Recurring Expenses to net assets

0.33%

0.34%

Notes:

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any.

Benchmark returns are given with respect to inception date of option of the scheme.

Baroda BNP Paribas Nifty SDL Dec 2028 Index Fund

Particulars

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

10.0681

Regular Plan - IDCW Option

10.0681

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.0688

Direct Plan - IDCW Option

10.0688

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

0.7300

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

0.6700

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

10.0681

10.8088

Regular Plan - IDCW Option

10.0681

10.0788

Regular Plan - Daily IDCW Option

Baroda BNP Paribas Nifty SDL Dec 2028 Index Fund

Particulars

2022-23

2023-24

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.0688

10.8421

Direct Plan - IDCW Option

10.0688

10.1718

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

24-Mar-23

Name of Benchmark Index

NIFTY SDL December 2028 Index

Name of Additional Benchmark Index

CRISIL 1-year T-bill Index

Scheme Return

Regular Plan Growth

7.34

Direct Plan -Growth

7.66

Benchmark Index Returns (%)

8.13

Additional Benchmark Index Returns (%)

7.15

Net Assets end of the year end (Rs. Crs)

68.93

45.93

Ratio of Recurring Expenses to net assets

0.37%

0.41%

Notes:

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any. Benchmark returns are given for Growth option of the scheme.

Baroda BNP Paribas Floater Fund

Particulars

2023-24

NAV at the beginning of the year (In Rs.)

Regular Plan - Growth Option

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Baroda BNP Paribas Floater Fund

Particulars

2023-24

Direct Plan - Growth Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

0.6600

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

0.7065

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period -

Regular Plan - Growth Option

10.7356

Regular Plan - IDCW Option

10.0518

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.7756

Direct Plan - IDCW Option

10.0446

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Baroda BNP Paribas Floater Fund

Particulars

2023-24

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

26-04-2023

Name of Benchmark Index

CRISIL Low Duration Debt Index

Name of Additional Benchmark Index

Scheme Return

Regular Plan Growth

Direct Plan -Growth

Benchmark Index Returns (%)

Additional Benchmark Index Returns (%)

Net Assets end of the year end (Rs. Crs)

17.51

Ratio of Recurring Expenses to net assets

0.30%

Notes: ^ Returns do not take into account the load, if any.

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any. Benchmark returns are given for Growth option of the scheme.

Baroda BNP Paribas Gold ETF

Particulars

2023-24

NAV at the beginning of the year (In Rs.)

Regular Plan - Growth Option

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Baroda BNP Paribas Gold ETF

Particulars

2023-24

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period -

Regular Plan - Growth Option

66.6063

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

13-12-2023

Name of Benchmark Index

Domestic Price of Gold

Name of Additional Benchmark Index

Baroda BNP Paribas Gold ETF

Particulars

2023-24

Scheme Return

Regular Plan Growth

Direct Plan -Growth

Benchmark Index Returns (%)

Additional Benchmark Index Returns (%)

Net Assets end of the year end (Rs. Crs)

63.14

Ratio of Recurring Expenses to net assets

0.48%

Notes: Previous year figures are not available as the schemes have been launched in 2023-24^ Returns do not take into account the

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any. Benchmark returns are given for Growth option of the scheme.

Baroda BNP Paribas Small Cap Fund

Notes: * Previous year figures are not available as the schemes have been launched in 2023-24

Baroda BNP Paribas Small Cap Fund

Particulars

2023-24

NAV at the beginning of the year (In Rs.)

Regular Plan - Growth Option

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Baroda BNP Paribas Small Cap Fund

Particulars

2023-24

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period -

Regular Plan - Growth Option

11.4133

Regular Plan - IDCW Option

11.4133

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

11.5019

Direct Plan - IDCW Option

11.5019

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

29-01-2024

Name of Benchmark Index

Nifty 50 Total Returns Index

Name of Additional Benchmark Index

Scheme Return

Regular Plan Growth

Direct Plan -Growth

Baroda BNP Paribas Small Cap Fund

Particulars

2023-24

Benchmark Index Returns (%)

Additional Benchmark Index Returns (%)

Net Assets end of the year end (Rs. Crs)

71.45

Ratio of Recurring Expenses to net assets

0.50%

Notes: Previous year figures are not available as the schemes have been launched in 2023-24^ Returns do not take into account the

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any. Benchmark returns are given for Growth option of the scheme.

Baroda BNP Paribas Nifty 50 Index Fund

Particulars

2023-24

NAV at the beginning of the year (In Rs.)

Regular Plan - Growth Option

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Baroda BNP Paribas Nifty 50 Index Fund

Particulars

2023-24

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period -

Regular Plan - Growth Option

10.2821

Regular Plan - IDCW Option

10.2821

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.2892

Direct Plan - IDCW Option

10.2892

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

29-01-2024

Name of Benchmark Index

Nifty 50 Total Returns Index

Name of Additional Benchmark Index

Scheme Return

Regular Plan Growth

Direct Plan -Growth

Benchmark Index Returns (%)

Additional Benchmark Index Returns (%)

Net Assets end of the year end (Rs. Crs)

71.45

Ratio of Recurring Expenses to net assets

0.50%

Notes: * Previous year figures are not available as the schemes have been launched in 2023-24. ^ Returns do not take into account

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any. Benchmark returns are given for Growth option of the scheme.

Baroda BNP Paribas Innovation Fund

Particulars

2023-24

NAV at the beginning of the year (In Rs.)

Regular Plan - Growth Option

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period -

Regular Plan - Growth Option

10.2939

Regular Plan - IDCW Option

10.2939

Baroda BNP Paribas Innovation Fund

Particulars

2023-24

Regular Plan - Daily IDCW Option

Regular Plan - Weekly IDCW Option

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

10.3027

Direct Plan - IDCW Option

10.3027

Direct Plan - Daily IDCW Option

Direct Plan - Weekly IDCW Option

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

05-03-2024

Name of Benchmark Index

Nifty 500 TRI

Name of Additional Benchmark Index

Scheme Return

Regular Plan Growth

Direct Plan -Growth

Benchmark Index Returns (%)

Additional Benchmark Index Returns (%)

Net Assets end of the year end (Rs. Crs)

981.95

Ratio of Recurring Expenses to net assets

2.12%

Notes: * Previous year figures are not available as the schemes have been launched in 2023-24. ^ Returns do not take into account

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any. Benchmark returns are given for Growth option of the scheme.

Baroda BNP Paribas Overnight Fund

Particulars

2021-22

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

1,079.8014

1,114.5075

1,174.6282

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

1,000.0000

1,000.0018

Regular Plan - Weekly IDCW Option

1,000.0843

1,000.2723

1,000.6678

Regular Plan - Monthly IDCW Option

Baroda BNP Paribas Overnight Fund

Particulars

2021-22

2022-23

2023-24

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

1,080.9595

1,116.3259

1,177.2561

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

1,000.0000

1,000.0028

Direct Plan - Weekly IDCW Option

1,000.1500

1,000.2926

1,000.6900

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

1,000.0000

Unclaimed IDCW - Up to 3 Yrs

1,001.5743

1,056.2414

Unclaimed Redemption - Greater than 3 years

1,000.0000

Unclaimed Redemption - Up to 3 Yrs

1,001.5743

1,056.2413

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

31.2816

52.5446

65.0115

Regular Plan - Weekly IDCW Option

30.8555

52.2327

63.7680

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

27.9103

53.2066

65.8967

Direct Plan - Weekly IDCW Option

31.4068

52.7887

65.5624

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

1,114.5075

1,174.6282

1,253.6609

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

1,000.0018

1,000.0074

Regular Plan - Weekly IDCW Option

1,000.2723

1,000.6678

1,002.0545

Regular Plan - Monthly IDCW Option

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

1,116.3259

1,177.2561

1,257.4383

Direct Plan - IDCW Option

Baroda BNP Paribas Overnight Fund

Particulars

2021-22

2022-23

2023-24

Direct Plan - Daily IDCW Option

1,000.0028

1,000.0074

Direct Plan - Weekly IDCW Option

1,000.2926

1,000.6900

1,001.0626

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

1,000.0000

Unclaimed IDCW - Up to 3 Yrs

1,001.5743

1,056.2414

1,128.1815

Unclaimed Redemption - Greater than 3 years

1,000.0000

1,128.1814

Unclaimed Redemption - Up to 3 Yrs

1,001.5743

1,056.2413

1,128.1814

Date of Allotment

25-Apr-19

Name of Benchmark Index

CRISIL Overnight Fund AI Index

Name of Additional Benchmark Index

CRISIL 1 Year T-Bill Index

Scheme Return

Regular Plan Growth

3.18^

5.39

6.71

Direct Plan -Growth

3.25^

5.46

6.79

Benchmark Index Returns (%)

3.36^

5.53

6.83

Additional Benchmark Index Returns (%)

3.76^

4.49

7.15

Net Assets end of the year end (Rs. Crs)

312.70

402.44

280.66

Ratio of Recurring Expenses to net assets

0.12%

0.23%

0.25%

^ Returns do not take into account the

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any. Benchmark returns are given for Growth option of the scheme.

Baroda BNP Paribas Money Market Fund

Particulars

2021-22

2022-23

2023-24

NAV at the beginning of the year (In Rs.) 31.03.2023

Regular Plan - Growth Option

1,085.0292

1,120.0688

1,175.6946

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

1,005.8754

1,005.9752

1,005.9758

Regular Plan - Weekly IDCW Option

1,000.3014

1,000.5382

1,002.3460

Regular Plan - Monthly IDCW Option

1,000.8089

1,003.7841

1,007.8520

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

1,090.9937

1,129.1415

1,187.6546

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

1,000.7784

Baroda BNP Paribas Money Market Fund

Particulars

2021-22

2022-23

2023-24

Direct Plan - Weekly IDCW Option

1,002.2002

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Dividends paid per unit (In Rs.)

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

24.3943

48.2246

67.5876

Regular Plan - Weekly IDCW Option

31.4099

47.1547

68.5792

Regular Plan - Monthly IDCW Option

29.1803

44.8200

61.7300

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

5.2165

20.5592

Direct Plan - Weekly IDCW Option

22.5536

69.2911

Direct Plan - Monthly IDCW Option

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Net Asset Value Per Unit At The End Of The Period - 31.03.2024

Regular Plan - Growth Option

1,120.0688

1,175.6946

1,258.3050

Regular Plan - IDCW Option

Regular Plan - Daily IDCW Option

1,005.9752

1,005.9758

1,006.5367

Regular Plan - Weekly IDCW Option

1,000.5382

1,002.3460

1,001.7494

Regular Plan - Monthly IDCW Option

1,003.7841

1,007.8520

1,014.9719

Regular Plan - Quarterly IDCW Option

Regular Plan - Half Yearly IDCW Option

Regular Plan - Annual IDCW Option

Direct Plan - Growth Option

1,129.1415

1,187.6546

1,273.4906

Direct Plan - IDCW Option

Direct Plan - Daily IDCW Option

1,000.7784

1,000.5679

Direct Plan - Weekly IDCW Option

1,002.2002

Direct Plan - Monthly IDCW Option

1,009.8475

Direct Plan - Quarterly IDCW Option

Direct Plan - Half Yearly IDCW Option

Direct Plan - Annual IDCW Option

Baroda BNP Paribas Money Market Fund

Particulars

2021-22

2022-23

2023-24

Unclaimed IDCW - Greater than 3 years

Unclaimed IDCW - Up to 3 Yrs

Unclaimed Redemption - Greater than 3 years

Unclaimed Redemption - Up to 3 Yrs

Date of Allotment

19-Jun-19

Name of Benchmark Index

CRISIL Money Market Fund BI Index

Name of Additional Benchmark Index

CRISIL 1 Year T-Bill Index

Scheme Return

Regular Plan Growth

3.28

3.23

7.01

Direct Plan -Growth

3.62

3.5

7.21

Benchmark Index Returns (%)

4.63

3.95

7.51

Additional Benchmark Index Returns (%)

4.66

3.76

7.15

Net Assets end of the year end (Rs. Crs)

11.02

10.90

43.32

Ratio of Recurring Expenses to net assets

0.32%

0.25%

0.29%

Returns are absolute returns calculated on Rs. 10 invested at inception and are calculated for Regular Plan-Growth and Direct Plan-

Growth Option of the Scheme, considering the movement in NAV during the period. Performance of IDCW option under the schemes

for the investors would be net of distribution tax, if any. Benchmark returns are given for Growth option of the scheme.

V. RISK FACTORS

1. STANDARD RISK FACTORS

a. Standard Risk Factors for investments in Mutual Fund

• Investments in mutual fund units involves investment risks such as market risk, credit & default risk,

liquidity risk, trading volumes, settlement risk, including the possible loss of principal.

• As the price/ value/ interest rates of the securities in which the scheme invests fluctuate, the value of your

investments include, but are not limited to, fluctuations in the stock markets, bond markets, fluctuations in

interest rates, prevailing political and economic environment, changes in government policy, factors specific

to the companies and issuer of the securities, tax laws, liquidity of the underlying instruments, settlement

periods, trading volumes etc.

• Past performance of the Sponsor/ AMC/ Mutual Fund does not guarantee future performance of the scheme.

• The Schemes of the mutual fund do not in any manner indicate either the quality of the scheme or its future

prospects and returns.

• The Sponsor / its associates are not responsible or liable for any loss resulting from the operation of the

scheme beyond the initial contribution of Rs. 10,00,000/- (Rupees Ten lakh only) to the corpus of the Mutual

Fund made by it towards setting up the Fund.

• The present schemes of the Fund are not guaranteed or assured return schemes.

b. Risk factors of not maintaining average AUM of Rs. 20 crore on half yearly rolling basis (Applicable only

for open ended debt oriented schemes)

• The scheme(s) shall maintain an average AUM of Rs. 20 crore on half yearly rolling basis. In case, the

average AUM falls below Rs. 20 crore, the AMC shall scale up the AUM of such scheme(s) within a period of

six months so as to maintain the average AUM of Rs. 20 crore on half yearly rolling basis

c. Risks associated with different derivative strategies

The Schemes may use various derivative instruments and techniques, permitted within SEBI Regulation

from time to time only for portfolio balancing and hedging purpose, which may increase the volatility of

Schemes to certain risks inherent to such

derivatives.

Derivative products are specialized instruments and can provide disproportionate gains as well as

disproportionate losses to the investor. Execution of such strategies depends upon the ability of the fund

manager to identify such opportunities. Identification and execution of the strategies to be pursued by the

fund manager involve uncertainty and decision of fund manager may not always be profitable. No assurance

can be given that the fund manager will be able to identify or execute such strategies. The risks associated

with the use of derivatives are different from or possibly greater than the risks associated with investing

directly in securities and other traditional investments.

The use of a derivative requires an understanding not only of the underlying instrument but also of the

derivative itself. There is a possibility that a loss may be sustained by the Scheme as a result of the failure

of another party (usually referred to as the "counterparty") to comply with the terms of the derivatives

contract. Other risks in using derivatives include the risk of mispricing or improper valuation of derivatives

and the inability of derivatives to correlate perfectly with underlying assets, interest rates and indices. Even

a small price movement in the underlying instrument could have a large impact on their value. This could

In case of hedge, it is possible that derivative positions may not be perfectly in line with the underlying

assets they are hedging. As a consequence, the derivative cannot be expected to perfectly hedge the risk of

Some of the risks inherent to derivatives investments include:

1. Price Risk: Despite the risk mitigation provided by various derivative instruments, there remains an inherent

price risk which may result in losses exceeding actual underlying.

2. Default Risk: This is the risk that losses will be incurred due to default by counter party. This is also known

as credit risk or counterparty risk.

3. Basis Risk: This risk arises when the derivative instrument used to hedge the underlying asset does not

match the movement of the underlying being hedged for e.g. mismatch between the maturity date of the

futures and the actual selling date of the asset.

4. Limitations on upside: Derivatives when used as hedging tool can also limit the profits from a genuine

investment transaction.

5. Liquidity risk: This risk pertains to how saleable a security is in the market. All securities/instruments

irrespective of whether they are equity, bonds or derivatives may be exposed to liquidity risk (when the

sellers outnumber buyers) which may impact returns while exiting opportunities.

Interest Rate Swaps: An Interest Rate Swap is an agreement whereby two parties agree to exchange periodic

interest payments. The amount of interest payments exchanged is based on some predetermined principal,

called notional principal amount. The only amount that is exchanged between the parties is the interest

payment, not the notional principal amount.

Example: Use of IRS

(i)

The funds of the Scheme are reasonably invested, and the view of the fund manager is that interest rates are

expected to move up due to certain negative events, which have occurred. In such cases, the Scheme may

enter into a paid position (IRS)

Example A: Use of IRS Paid Position

Let us assume the Scheme has 10% of its portfolio in cash. The fund manager is of the view that the interest

rate scenario is bearish and call rates are likely to spurt over the next three months. The fund manager would

therefore prefer to pay a fixed rate of return on cash, which he is lending in the overnight call market. In other

words, he would like to move to a 91 days floating interest rate from an overnight fixed rate.

Say Notional Amount: Rs. 2 crores

Benchmark: NSE MIBOR

Tenor: 91 Days

Fixed Rate: 9.90%

At the end of 91 days: The Scheme pays a fixed rate for 91 days at 9.90% and receives a compounded rate at

10.25% for 91 days.

In practice the difference between the two amounts is settled. Here the Scheme receives Rs. 2,00,00,000 x

0.35% x 91 / 365 = 17,452. The players in IRS are scheduled commercial banks, primary dealers, corporates,

mutual funds and all India financial institutions.

(ii)

In the view of the fund manager, interest rates are expected to come down due to certain positive events,

which have occurred. In such cases, the Scheme may enter into a received position (IRS) where the Scheme

will receive a fixed rate for a specified maturity and pay a floating rate of interest. This is illustrated below:

Example B: Use of IRS Received Position

Let us assume the Scheme has 10% of its portfolio in cash. The fund manager is of the view that the interest

rate scenario is soft and call rates are unlikely to spurt over the next three months. The fund manager

would therefore prefer to receive a higher rate of return on his cash, which he is lending in the overnight

call market. In other words, he would like to move to a 91 days fixed interest rate from overnight floating

rate.

Say Notional Amount: Rs. 2 crores

Benchmark: NSE MIBOR

Tenor: 91 Days

Fixed Rate: 10.25%

At the end of 91 days;

The Scheme pays compounded call rates for 91 days at 9.90% and receives a fixed rate at 10.25% for 91 days.

In practice, the difference between the two amounts is settled. Here the Scheme receives Rs. 2,00,00,000 x

0.35% x 91 / 365 = 17,452. The players in IRS are scheduled commercial banks, primary dealers, corporate,

mutual funds and all India financial institutions.

Risk Factor: The risks arising out of use of the above derivative strategy are as under:

• Lack of opportunities available in the market.

• The risk of mispricing or improper valuation and the inability of derivatives to correlate perfectly with

underlying assets, rates and indices.

Forward Rate Agreement (FRA):

This is an agreement between two counterparties to pay or to receive the difference between an agreed fixed

rate (the FRA rate) and the interest rate prevailing on a stipulated future date based on the notional amount,

for an agreed period. The interest rate benchmarks that are commonly used for floating rate in interest rate

swaps are those on various Money Market Instruments. In Indian markets, the benchmark most commonly

used is MIBOR.

expected to occur at a specified future date. In such cases, the Scheme can enter into a paid position (FRA) at

a specified date in the future where the Scheme will pay a fixed rate for a specified maturity and receive the

floating rate of interest at a specified future date. This is illustrated below.

Example 1: Use of FRA

The fund manager believes that in 3 months, interest rates will be higher, and decides to enter into an FRA to

protect the portfolio return. Say the manager wants to hedge 10% of the portfolio which is for a notional

amount of Rs. 2 crore, where the bank agrees to pay 6% fixed; in case the 6 month OIS rate is greater than 6%,

the bank will pay the difference to the portfolio manager 3 months hence, for 6 months. Say, 3 months hence,

the OIS rate for six months is 6.50%.

This, like IRS, is cash settled and the bank, at the end of three months, will pay the portfolio manager the

following (6.50-6.00) x181x 200,000,00/(365*100+6.50*181) = Rs 48040.55 for that six months.

The view of the fund manager is interest rates are expected to move down due to certain positive events

which are expected to occur at a specified future date. In such cases, the Scheme can enter into a received

position (FRA) at a specified date in the future where the plans will receive a fixed rate for a specified maturity

and pay the floating rate of interest at a specified future date. This is illustrated below.

Example 2: Use of FRA

The fund manager believes that in 3 months, interest rates will be lower, and decides to enter into an FRA

agreement to protect the portfolio return. Say the manager wants to hedge 10% of the portfolio, which is for

a notional amount of Rs 2 crore, where the bank agrees to pay 6% fixed, in case the 6 month OIS rate is less

than 6%, the bank will pay the difference to the portfolio manager 3 months hence, for 6 months. Say, 3

months hence, the OIS rate for six months is 5.50%.

This, like IRS, is cash settled and the bank, at the end of three months, will pay the portfolio manager the

following (6.00-5.50) x181x 200,000,00/(365*100+5.50*181) = Rs. 48272.76 for six months.

Investment restrictions with regard to use of derivatives:

• When entering into plain vanilla interest rate swaps for hedging purposes for the scheme, the AMC will ensure

that the counter party is an entity recognized as a market maker by RBI. Further, the value of the notional

principal in such cases shall not exceed the value of respective existing assets being hedged by the Scheme.

• Exposure to a single counterparty in such transactions shall not exceed 10% of the net assets of the Scheme.

• Exposure due to derivative positions taken for hedging purposes in excess of the underlying position against

which the hedging position has been taken, shall be treated as part of the cumulative gross exposure limit

through equity, debt and derivative positions, which shall not exceed 100% of the net assets of the Scheme.

Risk Factors: The risks arising out of use of the above derivative strategy are as under:

• Forward Rate Agreements are leveraged instruments and can provide disproportionate gains as well as

disproportionate losses to the investors. Execution of such strategies depends upon the ability of the Fund

Manager to identify such opportunities. Identification and execution of the strategies to be pursued by the

Fund Manager involves uncertainty, and decision of Fund Manager may not always be profitable. No assurance

can be given that the Fund Manager will be able to identify or execute such strategies.

• Forward Rate Agreements are specialised instruments that require investment techniques and risk analysis.

• Other risks in using derivatives include the risk of mis-pricing or improper valuation of derivatives and the

inability of derivatives to correlate perfectly with underlying assets, rates and indices.

Swing Pricing

Pursuant to para 4.10 of SEBI Master Circular dated June 27, 2024, SEBI has prescribed swing pricing

framework for open ended debt schemes (excluding overnight funds, Gilt funds and Gilt with 10-year

maturity funds).

transaction costs stemming from net capital activity (i.e., flows into or out of the fund) to the investors

associated with that activity. Swing pricing mechanism would help ensure fairness of treatment of entering,

exiting and existing investors in the mutual fund schemes, particularly during market dislocation. When the

Swing pricing framework is triggered and swing factor is made applicable, both the incoming investors (ie.

who submit purchase / switch-in requests) and outgoing investors (i.e. who submit redemption / switch out

requests) shall get NAV adjusted to the extent of swing factor applied.

Investment in Corporate Debt Market Development Fund (CDMDF)

for purchase of investment grade corporate debt securities, to instil confidence amongst the participants

in the Corporate Debt Market during times of stress and to generally enhance secondary market liquidity

by creating a permanent institutional framework for activation in times of market stress.

In accordance with the requirement of regulation 43A of SEBI (Mutual Funds) Regulations, 1996 read with

SEBI Master circular on Investment by Mutual Fund Schemes and AMCs in units of CDMDF, certain debt

schemes (i.e., open ended debt oriented mutual fund schemes excluding Overnight funds and Gilt funds and

including Conservative Hybrid funds), shall invest 25 bps of its AUM as on December 31, 2022 in the units

of CDMDF within 10 working days from the request of CDMDF. Further, an incremental contribution to

CDMDF shall be made every six months within 10 working days from the end of half year starting from

December 2023 to ensure 25 bps of scheme AUM is invested in units of CDMDF. However, if AUM decreases

there shall be no return or redemption from CDMDF. Contribution made to CDMDF, including the

appreciations on the same, if any, shall be locked-in till winding up of the CDMDF. However, in case of

winding up of contributing scheme, inter-scheme transfers within the same Mutual Fund or across Mutual

Funds may be undertaken.

Liquidity Risk Management Framework

It takes into account the Liquidity Risk arising from the liability side & covers all potential liquidity risk

scenarios upto 99% confidence interval. Two types of liquid assets shall be maintained by Open ended debt

schemes. Both these ratios are calculated & liquid assets are maintained on a daily basis at a scheme level

for all open-ended debt schemes (except Overnight Fund, Gilt Fund and Gilt Fund with constant duration).

In the case where liquid assets in a scheme fall below the minimum required threshold then portfolio

manager cannot buy any other assets apart from liquid assets till time the liquid assets are replenished, as

per the SEBI guidelines

2. SPECIAL CONSIDERATIONS

1. From time to time, the sponsor, their affiliates, associates, subsidiaries, the Mutual Fund and the AMC may invest

directly or

collectively constitute a major investor in the Scheme. Accordingly, redemption / repurchase of Units held by

such entities may have an adverse impact on the Scheme because the timing of such redemption / repurchase

may impact the ability of other Unit holders to redeem their Units.

2. Redemption by the Unitholder due to change in the fundamental attributes of the Scheme or due to any other

reasons or winding-up of the Scheme for reasons mentioned in this Document may entail tax consequences. The

Trustee, AMC, Mutual Fund, their directors, officers or their employees shall not be liable for any such tax

consequences that may arise.

3. Investment decisions made by the AMC may not always be profitable.

4. The tax benefits described in this Scheme Information Document / SAI are as available under the prevailing

taxation laws. As is the case with any investment, there can be no guarantee that the tax position or the

proposed tax position prevailing at the time of an investment in the Schemes will endure indefinitely.

5. Investors should study this SID carefully in its entirety and should not construe the contents hereof as advice

relating to legal, taxation, investment or any other matters. Investors are advised to consult their legal, tax,

investment and other professional advisors to determine possible legal, tax, financial or other considerations

of subscribing to or redeeming units, before making a decision to invest / redeem units.

6. Neither this SID nor the Units have been registered in any jurisdiction. The distribution of this SID in certain

jurisdictions may be restricted or totally prohibited to registration requirements and accordingly, persons who

come into possession of this SID are required to inform themselves about and to observe any such restrictions.

7. No person has been authorised to issue any advertisement or to give any information, either oral or written

to make any representations other than that contained in this SID/SAI. Any communication in connection with

this offering not authorised by the Mutual Fund / Trustee / AMC and any information or representations not

contained herein must not be relied upon as having been authorised by the Mutual Fund / Trustee / AMC.

8. As the liquidity of the investments made by the Scheme(s) could, at times, be restricted by trading volumes and

settlement periods, the time taken by the Mutual Fund for Redemption of Units may be significant in the event

of an inordinately large number of Redemption requests or of a restructuring of the Scheme(s). In view of the

above, the AMC/Trustee has the right, in its sole discretion, to limit Redemptions (including suspending

Redemptions) under certain circumstances, as described here.

9. The Product labeling mandated by SEBI is to provide investors an easy understanding of the risk involved in

the kind of product / scheme they are investing to meet their financial goals. The Risk-o-meter categorizes

the schemes of Fund under different levels of risk in terms of parameters defined under para 17.4 of SEBI

Master circular. Investors are advised before investing to evaluate a scheme not only on the basis of the

Product labeling (including the Risk-o-meter) but also on other quantitative and qualitative factors such as

performance, portfolio, fund managers, asset manager, etc. and shall also consult their financial advisers, if

they are unsure about the suitability of the scheme before investing. Further, in terms of aforesaid para 17.4

SEBI Master circular, investors are requested to note that Risk-o-meter for the Scheme shall be evaluated on

monthly basis and AMC shall disclose the Risk-o-meter along with monthly portfolio disclosure for the Scheme

on its website and on AMFI website within 10 days from the close of each month. Additionally, in case of any

change in the risk-o-meter upon such evaluation, which will be done on monthly basis, the same shall be

communicated by way of Notice-cum-Addendum and by way of an e-mail or SMS to unitholders of the Scheme.

Investors are requested to note that change in risk-o-meter will not be considered as a Fundamental

Attribute Change of the Scheme in terms of regulation 18(15A) of SEBI (Mutual Funds) Regulations, 1996.

10.

its employees, agents and third party service providers as deemed necessary for conduct of business including

Registrar, Bankers/its agents and / or authorised external third parties who are involved in transaction

Scheme; (b) Distributors or

sub-brokers or Investment Advisors or intermediaries through whom applications of investors are received for

the Scheme or whose stamp appears on the application form; or (c) Any other organisations or

regulatory/statutory/judicial/quasi judicial entities (Indian or foreign) for compliance with any legal or

for complying with anti-money laundering requirements.

11. Common Reporting Standards (CRS)

requirements:

FATCA and CRS requirements may require disclosure regarding your investment in the units of the Scheme.

Investors are further informed that the AMC / the Fund are required to adhere to various requirements interalia

including submission of various information / details relating to the investors in the schemes of the mutual

for the purpose of onward transmission to the U.S. Internal Revenue Service or such other authority as

specified under the applicable laws from time to time. The information disclosed may include (but is not

limited to) the identity of investors and their direct or indirect beneficiaries, beneficial owners and controlling

persons, their residential status / details. Accordingly, Investors are requested to provide all the necessary

information / declarations and to comply with any reasonable request from the AMC/ the Fund to allow the

AMC/ the Fund to comply with such information reporting requirements.

ABOUT FATCA and CRS DISCLOSURE - Foreign Account Tax Compliance Act

India and US have signed an agreement on July 9, 2015 on the terms of an Inter-Governmental Agreement

-20 countries h

urposes of

CRS.

of FATCA is that the details of U.S. investors holding assets outside the U.S. will be reported by financial

institutions to the United States Internal Revenue Service (IRS), as a safeguard against U.S. tax evasion. As a

result of FATCA, and to discourage non-U.S. financial institutions from staying outside this regime, financial

institutions that do not enter and comply with the regime will be subject to a 30% withholding tax with respect

to certain U.S. source income. Under the FATCA regime, this withholding tax applies to payments that

constitute interest, dividends and other types of income from the US sources.

The AMC/Mutual Fund would be required to collect relevant information(s) from the investors towards FATCA

/ CRS compliance and report information on the holdings or investment to the relevant authorities as per the

stipulated timelines. The information disclosed may include (but is not limited to) the identity of investors and

their direct or indirect beneficiaries, beneficial owners and controlling persons

The FATCA requirements are effective from July 1, 2014. Investors can get more details on FATCA requirements

at http://www.irs.gov/Business/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

TO ENSURE COMPLIANCE WITH IRS CIRCULAR 230 AND SUCH OTHER APPLICABLE LAWS, EACH TAXPAYER IS

HEREBY NOTIFIED THAT: (A) ANY TAX DISCUSSION HEREIN IS NOT INTENDED OR WRITTEN TO BE USED, AND

CANNOT BE USED BY THE TAXPAYER FOR THE PURPOSE OF AVOIDING U.S. FEDERAL INCOME TAX PENALTIES

OR ANY OTHER AUTHORITY THAT MAY BE IMPOSED ON THE TAXPAYER; (B) ANY SUCH TAX DISCUSSION WAS

WRITTEN TO SUPPORT THE PROMOTION OR MARKETING OF THE TRANSACTIONS OR MATTERS ADDRESSED

HEREIN; AND (C) THE TAXPAYER SHOULD SEEK ADVICE BASED ON THE TAXPAYER'S PARTICULAR

CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.

VI. HOW TO APPLY?

1. New investors can purchase units of the respective Scheme(s)/Plans by using an application form, whereas,

existing Unit holders may use transaction slip or application form. Application forms or transaction slips will

be available at the Investor Service Centres (ISCs)/Official Points of Acceptance of transactions during

business hours on business days. The same can also be downloaded from the website of the Mutual Fund viz.

www.barodabnpparibasmf.in.

2. Applications must be completed in Block Letters in English.

3. Signatures should be in English or in any Indian Language.

4. In case of joint holdings, all joint holders are required to sign. Applications on behalf of minors should be

signed by their Guardian. In case of a HUF, the Karta should sign the application form on behalf of the HUF.

Investor who cannot sign and in case required to provide a thumb impression will have to contact the AMC

for the additional documentation/information required. For investments through Constituted Attorney, the

Power of Attorney has to be signed by the Applicant and Constituted Attorney. The signature in the Application

Form needs to clearly indicate that the signature is on behalf of the applicant by the Constituted Attorney.

5. The duly completed application form/transaction slip as the case maybe, can be submitted at the designated

ISCs/ official points of acceptance. The personnel at the official point of acceptance of transaction will time

stamp, and return the acknowledgement slip in the application form. The application shall be subject to

barodabnpparibasmf.in.

cheque or bank draft must accompany each application. Investors must use separate application forms for

investing simultaneously in Option(s) of the Scheme subject to the Minimum Application Amounts under each

Option.

7. It is mandatory for all applicants/investors (including guardians, joint holders, NRIs and power of attorney

holders) to mention their bank account No., permanent account number (PAN) irrespective of the amount of

purchase in the application form. In order to verify that the PAN of the applicants (in case of application in

joint names, each of the applicants) has been duly and correctly quoted therein, the applicants shall attach

along with the purchase application, a photocopy of the PAN card or KYC status from KRA website.

8. In addition to providing the redemption bank mandate, it is mandatory for applicants to mention their Bank

Account number, instrument number and the Bank name from which the subscription is funded, in their

subscription request.

9. For applications by a company, body corporate, eligible institutions, registered society, trusts, partnership or

other eligible non-individuals who apply in the Scheme should furnish a certified copy of resolution or

authority to make the application as the case may be and a certified copy of the Memorandum and Articles

of Association and / or bye-laws and / or Trust Deed and/ or Partnership Deed and certificate of registration

or any other document as the case may be. In case of a trust / fund, it shall submit a certified true copy of

the resolution from the trustee(s) authorizing such Subscriptions and Repurchase /Redemptions. The

authorized officials should sign the application under their official designation. A list of specimen signatures

of the authorized officials, duly certified / attested should also be attached to the Application Form.

10. Investors should mandatorily use the Application Forms, Transactions Request, SIP/STP/SWP forms included

in the KIM and other standard forms available at the ISC/ www.barodabnpparibasmf.in for any financial/non-

financial transactions. Any transactions received in any non-standard forms are liable to be rejected. Further,

any transaction or request received on a non-standard form or document not specified by the Fund will still

be governed and subject to terms and conditions of the standard forms and scheme related documents.

Investor using application form/ transaction request for financial/ non-financial transactions not provided by

the Fund declare that they have read and understood the contents of the Scheme Information Document and

Statement of Additional Information, Key Information Memorandum, instructions and addenda issued from

time to time. Any transactions request received with incomplete information are liable to be

rejected/processed at the sole discretion of the AMC

11. In case if the KYC formalities prescribed by AMC are not completed by the investor or AMC not being in a

position to verify the PAN details against the original as well as on the website of the Income Tax Department

as prescribed by SEBI, AMC reserves the right to reject the application, prevent further transactions by such

unit holder and or mandatory redeem all the units at applicable NAV, with the exit load if any. AMC also

reserves the right to ask for additional information from KYC perspective or report the relevant transactions

to the relevant statutory authorities in case AMC finds that the relevant information is not forthcoming from

the investor / unit holder or the transactions are suspicious in nature.

12. While making an application of subscription or redemption, investors shall ensure that he/she/they are not

prohibited from accessing capital markets under any order / ruling / judgment etc., of any law/regulation,

including SEBI and that the application is in compliance with applicable Indian and foreign laws. It shall be

the responsibility of the investor to ensure that he/she/they are competent under the applicable laws and duly

authorised where required, to make any investments in any of the schemes of Baroda BNP Paribas Mutual

Fund.

13. Investors shall not make any investments if they are or have been induced by any rebate or gifts, directly or

indirectly in making such investment.

14. Investors are requested to read and understand the terms of scheme offering documents (i.e. SAI, SID and

KIM) and the instructions contained in application forms carefully and all applicants are deemed to have

accepted such terms and bind themselves to such terms upon signing the Application Form and tendering the

payment.

15. Investors are requested to note that if any of the disclosures made / information provided to AMC/Trustee is

found to be contradictory or non-reliable or the investor fails to provide adequate and complete information,

the AMC / Mutual Fund / Trustees reserve the right to not create a folio / account, reject the application /

withhold the investments made by the investors and / or make disclosures and report the relevant details to

the competent authority and take such other actions as may be required to comply with the applicable law as

the AMC / Mutual Fund / Trustees may deem proper at their sole option. Investor is deemed to confirm that

the information provided in any of the application form is, to the best of his/her/it's knowledge and belief,

accurate and complete and further agree to furnish such other further/additional information as may be

required by the AMC / Fund, and the investor is required to advise the AMC / Mutual Fund/ Trustees promptly

of any change in circumstances which causes the information provided to AMC/Fund/ Trustees to become

incorrect and to provide the AMC / Fund/ Trustees with a suitably updated self-declaration within 30 days of

such change in circumstances. In addition, the investor agrees to indemnify the Fund, AMC, Trustee, RTA and

transactions.

16. Further, the investor is deemed to authorise the Fund, AMC and its Agents to disclose investor details including

s bank details provided, or to disclose said details to such service providers as

deemed necessary for conduct of business.

17. By making an application, the investor confirms that the ARN holder (AMFI registered Distributor) has

disclosed to the investor all the commissions (in the form of trail commission or any other mode), payable to

him / them for the different competing Schemes of various Mutual Funds from amongst which the Scheme

which is being recommended to the said investor and that the investor has not been offered / communicated

any indicative portfolio and / or any indicative yield by the Fund / AMC / its distributor for the investments.

18. In case the investor is a foreign national resident in India, such investors agree to redeem their entire

investment/s before they change their Indian residency status and such investor shall be fully liable for all

consequences (including taxation) arising out of the failure to redeem on account of any change in residential

status.

19. Additional Modes of Transaction:

A. Through Channel Distributors & SEBI Registered Investment Advisor (RIAs):

The investors using the online trading platforms provided by Channel Distributor(s), and RIA(s) are requested

to note that the Investors will have to complete the requisite documentation required by the channel

Distributor(s) and RIA(s). Investors are also requested to note that the Applicable NAV to the Investor would

be based on the time of receipt of the Instruction by Registrars to the Fund and time stamping of such

transactions by the Registrars. There could be delay in the communication of transaction details from Channel

Distributor(s) and RIA(s) to the Registrars of the Fund, leading to dispute over Applicable NAV by the Investor.

Neither the AMC nor the Mutual Fund, Trustees, Registrar shall be liable due to the errors, mistakes, defaults

by the Channel Distributor(s) and RIA(s).The Mutual Fund, Trustees or AMC, Registrars shall not be liable for

any failure to perform its obligations, to the extent that such performance has been delayed, hindered or

prevented by systems failures, network errors, delay or loss of data due to the above, unauthorized logins /

tampering of data and in circumstances of acts of God, floods, earthquake, epidemics, quarantine, riot or civil

commotion and war.The Investors are requested to ensure that they are eligible to make investments under

the relevant scheme.

B. Transactions through Stock Exchange Platform/Trading in units through Stock Exchange mechanism:

In terms of para 16.2 of SEBI Master circular of June 27, 2024, Existing/ New Investors may purchase/ redeem

units of the eligible Scheme(s)/ Plan(s) through the Stock Exchange Infrastructure. The investors may

Opt

Limited

available for transactions on such exchanges. For units held in demat mode, investor can also do switch

through those exchange platforms which provides the switch facility to the client. Various facilities of

transacting in mutual fund schemes through stock exchange infrastructure such as Systematic Investment

Plan (SIP) / Systematic Transfer Plan (STP) / Systematic Withdrawal Plan (SWP), SIP Pause Facility, myTrigger

Plan, mySWP Plan, SIP Top Up Facility etc. may also be availed by investors through the Stock Exchange

Platforms as per notices issued and in accordance with the terms and conditions as may be prescribed by the

respective Stock Exchanges from time to time. This facility of transacting in mutual fund schemes through

stock exchange infrastructure is available subject to such limits, operating guidelines, terms and conditions

as may be prescribed by NSE / BSE from time to time.

C. Transaction Through Designated Email Id of AMC/ Fund

AMC/Fund provides the facility to execute Transactions through Designated Email ID facility for Execution of

Mutual Fund Transactions through Designated Email ID.

For detailed disclosure, , please refer A. Special Products/facilities offered by the AMC/Scheme -

Transaction through Email Id and Fax, in this chapter.

D. Tele Transact Facility: For detailed disclosure, pls refer heading A. Special Products/facilities offered by

AMC/Schemes Tele Transact Facility

E. Other electronic modes such as website of AMC, RTA & MF Utilities India Private Limited. Accordingly, the

servers of the

be the official point of acceptance for all such online / electronic transaction facilities offered by the AMC.

20. The AMC / Trustee retain the sole and absolute discretion to reject any application.

21. MODE OF PAYMENT

Resident Investors

a. For Investors having a bank account with such banks with whom the AMC would have an arrangement

from time to time: Payment may be made for Subscription to the Units of the Scheme either by issuing a

cheque drawn on such banks or by giving a debit mandate to their account with any branch of such banks

with whom the AMC would have an arrangement from time to time.

b. For other Investors not covered by (a) above: Payment may be made through cheque payable locally &

is submitted to a designated Collection Centre (ISC). The cheques issued should confirm to the CTS 2010

standards in banking industry and be payable locally at the centre where the application forms /

transaction request is submitted. No cash, money orders, outstation cheques, post-dated cheques and

postal orders will be accepted.

NRIs, FIIs

a. Repatriation Basis

- In the case of NRIs/PIOs/OCIs, payment may be made either by inward remittance through normal banking

channels or out of funds held in his Non - Resident (External) Rupee Account (NRE)/ Foreign Currency

(Non-Resident) Account (FCNR) and other similar accounts as permitted by RBI from time to time. In case

Indian rupee drafts are purchased abroad or from Foreign Currency Accounts or Non-resident Rupee

Accounts an account debit certificate from the Bank issuing the draft confirming the debit shall also be

enclosed.

- FIIs shall pay their Subscription either by inward remittance through normal banking channels or out of

funds held in Foreign Currency Account or Non-Resident Rupee Account maintained with the designated

branch of an authorized dealer in accordance with the relevant exchange management regulations.

b. Non-repatriation Basis

- In the case of NRIs/PIOs/OCIs, payment may be made either by inward remittance through normal banking

channels or out of funds held in his Non-Resident Ordinary Rupee Account (NRO) and other similar

accounts as permitted by RBI from time to time.

- NRIs/PIOs/OCIs/FIs may also be requested to furnish such other documents as may be necessary and as

desired by the AMC/Mutual Fund/Registrar, in connection with the investment in the scheme of the Fund.

c. ASBA:

Prerequisites for New Fund Offer through Application Supported by Blocked Amount (ASBA) process are as

follows:

i. ASBA is an application containing an authorization to a Self Certified Syndicate Bank (SCSB) to block the

application money in the bank account maintained with the SCSB, for subscribing to an issue. Investors

who wish to apply through ASBA facility may approach Self Certified Syndicate Banks (SCSBs) authorized

by SEBI for this purpose. Please visit the website www.sebi.gov. in for further details on ASBA.

ii. ASBA Applicants shall submit an ASBA Application Form to the SCSB authorizing blocking of funds that are

available in the bank account specified in the ASBA Application Form only. The acknowledgement for

receiving the application by the designated Branches of the SCSBs does not guarantee that the Mutual

Fund units shall be allotted either by the SCSB or the Mutual Fund. The Application shall be further

processed by the Registrar & Transfer agent appointed by the Mutual Fund and units shall be allotted

after deducting the blocked amount, only if the application is complete in all respect to the Mutual Fund/

Registrar & Transfer Agent.

iii.

shall block an amount equivalent to the Application Amount in the bank account specified in the ASBA

Application Form. The SCSB shall keep the Application Amount in the relevant bank account blocked until

withdrawal / rejection of the ASBA Application or receipt of instructions from the Registrar to unblock the

Application Amount.

iv. In the event of withdrawal or rejection of the ASBA Application Form or for unsuccessful ASBA Application

Forms, the Registrar shall give instructions to the SCSB to unblock the application money in the relevant

bank account. The Application Amount shall remain blocked in the ASBA Account until scrutiny of the

documents by the registrar of the Mutual Fund and consequent transfer of the Application Amount to the

Account of the Mutual Fund, or until withdrawal / failure of the NFO or until rejection of the ASBA

Application, as the case may be.

Cash Investments in Mutual Funds:

Pursuant to para 16.7 of SEBI Master Circular dated June 27, 2024, in order to help enhance the reach of

mutual fund products amongst small investors, who may not be tax payers and may not have PAN/bank

accounts, such as farmers, small traders/businessmen/workers, SEBI has permitted receipt of cash for

purchases / additional purchases to the extent of Rs. 50,000/- per investor, per mutual fund, per financial year

subject to:

Compliance with Prevention of Money Laundering Act, 2002 and Rules framed there under; the SEBI Circular(s)

on Anti Money Laundering (AML) and other applicable AML rules regulations and guidelines

(ii) Sufficient systems and procedures in place. However, payment of redemption/IDCW proceeds, etc. with

respect to aforementioned investments shall be paid only through the banking channel.

Currently, the AMC is not accepting cash investments. Appropriate notice shall be displayed on its website as

well as at the Investor Service Centres, as and when the facility is made available to the investors.

REDEMPTIONS

As per SEBI Regulations, the Mutual Fund shall despatch redemption proceeds within 3 business days of

receiving a valid redemption / repurchase request. For schemes investing atleast 80% of total assets in

permissible overseas investments, redemption processed shall be dispatched within 5 working days of

accepting the valid Redemption request A penal interest of 15% p.a. or such other rate as may be

prescribed by SEBI from time to time, will be paid by the AMC for the period of delay in case the

redemption proceeds are not transferred within the specified timeline.

In case an investor has purchased units on more than one business day (either during the New Fund Offer

Period or through subsequent purchases) the units purchased first (i.e. those units which have been held

for the longest period of time), will be deemed to have been redeemed first i.e. on a first-in-first-out basis.

However, where Units under a Scheme are held under both Regular and Direct Plan and the redemption /

Switch request pertains to the Direct Plan, the same must clearly be mentioned on the request (along with

the folio number), failing which the request would be processed from the regular plan. However, where

Units under the requested Option are held only under one Plan, the request would be processed under such

Plan.

The redemption would be permitted to the extent of clear credit balance in the Unit holder's account and

the number of Units held by the Unit Holder in the folio will stand reduced by the number of Units

redeemed. The Redemption request can be made by specifying the rupee amount or by specifying the

number of Units to be redeemed. If a Redemption request is for both, a specified rupee amount and a

specified number of Units, the specified number of Units will be considered the definitive request. If only

the Redemption amount is specified by the Unit holder, the AMC will divide the Redemption amount so

specified by the Redemption Price to arrive at the number of Units. The request for Redemption of Units

could also be in fractions, upto three decimal places.

However, in case of units held in electronic (demat) mode, the redemption request can be given only in

number of Units. Also Switch transactions are currently not available in case of units held in electronic

(demat) mode. The minimum amount of Redemption may be changed in future by the AMC. If the balance

in the account of the Unit holder does not cover the amount of Redemption request, then the Mutual Fund

is authorised to close the account of the Unit holder and send the entire such (lesser) balance to the Unit

holder. It may, however, be noted that in the event of death of the unitholder, the nominee / legal heir (as

the case may be), subject to production of requisite documentary evidence, will be able to redeem the

investment.

A. Special Products/Facilities offered by the AMC/Schemes

SYSTEMATIC INVESTMENT PLAN (SIP)

1. This facility enables investors to save and invest periodically over a longer period of time. It is a convenient

averaging the acquisition cost of Units. Investors will have the facility of investing a fixed amount periodically,

through SIP.

2. SIP offers investors the following facilities:

Daily Systematic Investment Facility (DSIF)

Weekly Systematic Investment Facility (WSIF):

Monthly Systematic Investment Facility (MSIF):

Quarterly Systematic Investment Facility (QSIF):

Frequency

SIP Date

Minimum investment required

DSIF

All Business Days^

Minimum amount Rs. 500/- and in multiples of Re. 1/- thereafter.

Minimum no. of installments shall be 6.

WSIF

Any day of the week from

Monday to Friday

MSIF

Any date of the month.

QSIF

Any date of the month and on

a quarterly basis thereafter.

Rs. 1500/- and in multiples of Re.1/- thereafter on a quarterly basis

by providing for a minimum of 4 installments.

^Where the start date of Daily SIP is not mentioned, then the start date shall be deemed to be the 31

day (or

immediately next business day in case that day is a non-business day) from the date of submission of the Daily

SIP request.

In case the date falls on a non-business day or falls during a book closure period, the immediate next business day

will be considered for the purpose of determining the applicability of NAV subject to the realization of credit and

units will be allotted accordingly.

3. The provisions of entry and exit load as applicable to the normal investments as on the date of enrollment will

be applicable to fresh SIP investments.

4. Top-Up SIP facility: - - -

facility available under the designated schemes of the Fund. This feature enables the investors to enhance/

increase SIP installment at pre-defined intervals by a fixed amount, thus, providing the investors a simplified

method of aligning SIP installments amounts with increase in earnings over the tenure of SIP.

a. Frequency for Top-Up SIP

(i) For Monthly SIP:

(a) Half Yearly Top-Up SIP: Under this option, the amount of investment through SIP installment shall be

increased by amount chosen / designated by Investor post every 6th (sixth) SIP installment.

(b) Yearly Top-Up SIP: Under this option, the amount of investment through SIP installment shall be increased

by amount chosen / designated by Investor post every 12

(twelfth) SIP installment.

(ii) For Quarterly SIP:

(a) Yearly Top-Up SIP: Under this option, the amount of investment through SIP installment shall be increased

by amount chosen / designated by Investor post every 4

(fourth) SIP installment. In case the investor

who has registered under Quarterly SIP opts for Half Yearly Top-Up SIP, the same shall be registered and

processed as Yearly Top-Up SIP.

b. Minimum Top-Up SIP Amount: Rs. 100 and in multiples of Rs. 100 thereafter.

c. Default Top-Up SIP Frequency and amount: In case the investor fails to specify either the frequency or amount

for Top-Up SIP, the same shall be deemed as Yearly Top-Up SIP and Rs. 100 respectively and the application

form shall be processed accordingly. In case the investor fails to specify both, i.e. the frequency for Top- Up

SIP and amount for Top-Up SIP, the application form may be processed as conventional SIP, subject to it being

complete in all other aspects.

d. Top-Up SIP shall be available for SIP Investments through NACH / ECS (Debit Clearing) only. Top-Up SIP shall

not be available under SIP facility availed by Investors through Standing Instructions / PDCs or investing

through Channel Partners or through Stock Exchange Platforms.

e. Top-Up SIP facility shall not be available under Weekly SIP option.

f. Top-Up SIP facility can be availed by the investors only at the time of registration of SIP or renewal of SIP.

g. Investors should note that for modification of any of the details of Top-Up SIP details, the existing SIP with

Top-Up facility shall be required to be cancelled and investor would be required to enroll a fresh SIP with

modified Top-Up facility details.

To Illustrate: The calculation and advantages of Top-Up SIP

Conventional SIP

Top-Up SIP

• Fixed SIP Installment amount: Rs. 1,000/-

• SIP Period: 01-Dec-2018 till 31-Dec-2021 (3 years)

• SIP date: 1st of every month (36 installments)

By providing/choosing the following additional details, an

investor can opt for Top-Up SIP:

Example:

• Top-Up SIP Amount: Rs. 500/-

• Top-Up SIP Frequency: Every 6 months

The impact on the total invested value under both cases can be as explained below:

SIP Tenure

Total Invested Value (in Rs.)

Conventional SIP

Top-Up SIP

First 6 installments

6,000

Next 6 Installments

6,000

9,000

Next 6 Installments

6,000

12,000

Next 6 Installments

6,000

15,000

Next 6 Installments

6,000

18,000

Next 6 Installments

6,000

21,000

Total Amount Invested after 3 years

36,000

81,000

The above investment simulation is purely for illustrative purposes only and shall not be deemed as

guarantee/promise of minimum returns or to depict performance of any mutual fund scheme.

5. Separate SIP Enrolment Forms are required to be filled for DSIP, WSIF, MSIF and QSIF.

6. Incase of no credit receipt/failed debt instalment for Daily, Weekly, Monthly SIP for 3 consecutive installments,

SIP will be ceased. Incase of no credit receipt/failed debt instalment for Quarterly SIP for 2 consecutive

installments, SIP will be ceased.

7. Investors have the right to discontinue the SIP facility at any time by sending a written request to any of the

Official Points of Acceptance of transactions. Such notice should be received at least 10 days prior to the due

date of the next SIP date. On receipt and successful processing of such request, the SIP facility will be

terminated and confirmation of the same sent to the investor.

8. The enrolment period of SIP will be as per the instruction given by the investor. Investors will have to submit

SIP cancellation request to discontinue the SIP. In case of any ambiguity in enrolment period or if the end

date of SIP is not mentioned, the default period for SIP will be 40 years.

9. Incase investor has not selected any frequency or incase of any ambiguity, monthly frequency shall be

considered as default option. Similarly, 7th day shall be considered as default execution date. In case of any

ambiguity in the enrolment form, the SIP enrolment request shall be liable to be rejected.

10. In case of minor application, AMC will register standing instructions till the date of the minor attaining

majority, though the instructions may be for a period beyond that date. Prior to minor attaining majority, AMC

shall send advance notice to the registered correspondence address advising the guardian and the minor to

The account shall be frozen for operation by the guardian on the day the minor attains the age of majority

and no fresh transactions shall be permitted till the documents for changing the status are received.

11. Change in debit bank account details for SIP transactions: (i) Investors are requested to note that in case they

wish to change their bank account details for any of their ongoing SIP, the following documents should be

submitted atleast 21 days in advance of the next SIP debit date: (a) A request letter to change the existing

bank account details for SIP transaction mentioning old and new bank account details and details of ongoing

SIP transaction. (b) New SIP Auto Debit Facility Form with new bank account details. (ii) For Investors who

have availed Standing Instructions facility with HDFC Bank Ltd and wish to change their bank account details

for any of their ongoing SIP, the following documents should be submitted atleast 21 days in advance of the

next SIP debit date: (a) A request letter to discontinue such ongoing SIP transaction. (b) New SIP Auto Debit

Facility Form with new bank account details.

12. Change of Scheme request in ongoing SIP:

• Investor shall have to provide the Change of Scheme in ongoing SIP request in a pre-specified format. The

same shall also be made available on website of the Fund (www.barodabnpparibasmf.in). Request received

in other than the pre-specified format will be rejected.

• Based on the said request, the SIP in old scheme shall cease and new SIP shall be registered in the new

scheme for the balance months based on the details provided by the investor.

• Investors should note that a minimum of six SIP installments must be completed in the old scheme for

enabling this feature.

• The Change of Scheme request shall be processed provided criteria like minimum no of installments,

amount, etc. are being met as applicable for any new SIP registration and the same shall be registered

within 21 days from the date of receipt of the valid request.

• Transaction charges, if any, shall also be levied under the new scheme.

• In case of Change of Scheme request is rejected, the old scheme SIP shall continue for the Investor.

The Trustee / AMC reserve the right to change / modify the terms of the SIP from time to time on prospective basis.

Investors are advised to check the latest terms and conditions from any of the ISCs, before investing through SIP.

In addition, the latest terms and conditions of various payment facilities will be mentioned in the SIP form.

SIP PAUSE FACILITY

With the SIP Pause facility, the investor shall have an option to temporarily pause the SIP instalments for a

specified period of time. Upon expiry of the specified period, the SIP instalments would re-start automatically. The

features, terms and conditions for availing the SIP Pause facility shall be as follows:

1. Under this Facility, the Investor has an option to temporarily pause the SIP for specific number of installments

(i.e. Minimum 1 installment and Maximum 3 installments) by submitting the form for SIP Pause Facility

(available at www.barodabnpparibasmf.in) at any of the Official Points of Acceptance of Baroda BNP Paribas

Mutual Fund. Investors are further to requested to note that the forms for SIP Pause facility can be submitted

to the designated email ID (mumbai@barodabnpparibasmf.in) and transact@barodabnpparibasmf.in.

2. The SIP Pause form should be submitted at least 15 calendar days prior to the next SIP installment date (i.e.

excluding the request date and the next SIP installment date). Investor cannot cancel the SIP Pause once

registered.

3. Investors can avail this facility only once in the tenure of the particular SIP.

4. The SIP Pause facility is only available under Weekly, Monthly and Quarterly SIP frequencies.

5. The SIP shall restart automatically from the immediate next eligible installment after the completion of

specified pause period.

6. If the SIP pause period is coinciding with the Top-Up facility, the SIP installment amount post completion of

pause period would be inclusive of SIP Top-up amount. For e.g. SIP installment amount prior to Pause period

is INR 3,000/- and Top-up amount is INR 1,000/-. If the pause period is completed after date of Top-up, then

the SIP installment amount post completion of pause period shall be INR 4,000/-.

AMC/Fund reserves the right to amend the terms and conditions of the SIP Pause facility and/or withdraw the said

facility by issuing a suitable notice to this effect.

SYSTEMATIC TRANSFER PLAN (STP)

STP is a facility provided to the investors during ongoing period of the scheme wherein investors can opt to transfer

a fixed amount or capital appreciation amount at regular intervals from this scheme to all open ended schemes

of the Fund which is available for investment at that time.

1. Facilities available:

STP offers unit holders the following two facilities:

a. Fixed Systematic Transfer Facility (FSTF) where investor can issue a standing instruction to transfer sums

at Daily* / Weekly/ Fortnightly/ Monthly/ Quarterly (calendar quarter) intervals to plans / options within select

schemes of the Fund.

*Daily is currently not available under the scheme.

b. Capital Appreciation Systematic Transfer Facility (CASTF) where the investor can issue a standing

instruction to transfer the entire capital appreciation from Transferor Scheme at Weekly/ Fortnightly/

Monthly/ Quarterly intervals to designated Scheme(s) of the Fund.

Unit holder is free to opt for any of the above facilities and also choose the frequency of such transfers.

2. Date of transfer / minimum amount of transfer:

FSTF/ CASTF

Frequency

Date of transfer

Minimum amount of transfer*

Daily

Daily Interval (all Business Days)^

Rs. 1000 and in multiples of Re. 1

thereafter

Weekly

Transfer on a specific day of the week (either

Monday, Tuesday, Wednesday, Thursday or

Friday)#

Rs. 1000 and in multiples of Re. 1

thereafter

Fortnightly

Transfer on 1

& 15

or 7

and 25

of a month

Rs. 1000 and in multiples of Re. 1

thereafter

Monthly

Transfer on either of 1

, 7

, 10

, 15

, 25

of a month

Rs. 1000 and in multiples of Re. 1

thereafter

Quarterly

Transfer on either of 1

, 7

, 10

, 15

, 25

in a Quarter

Rs. 1500 and in multiples of Re. 1

thereafter

^Investors should note that in case of Daily STP, the commencement date for transfers shall be the 7

working

day from the date of receipt of a valid request and thereafter, transfers shall be effected on all business days at

NAV based prices, subject to applicable load.

# In case of weekly STP, investor has to select specific day of the week on which STP shall be processed. In case

investor opts for weekly STP and doesn't mention the day, default day selected for STP shall be Wednesday.

An investor will have to opt for a minimum of 6 installments under Daily, Weekly, Fortnightly, Monthly STP option

and minimum 4 installments for Quarterly STP option, otherwise STP enrolment request shall be rejected.

3. An investor has to clearly specify the name & the option of the Transferor & Transferee scheme in the

enrolment form. If the same is not stated or in case of any ambiguity STP enrolment request shall be liable

to rejected. In absence of information, the default option for Transferee scheme shall be growth option.

4. Load structure of the Transferor Scheme & Transferee Schemes shall also be applicable to STP transactions.

5. In case the Weekly /Fortnightly / Monthly / Quarterly STP execution dates fall on non business day, the next

business day will be considered as date of transfer.

case of any ambiguity, the STP enrolment request shall be rejected. However, in case investor has selected

any one of the facility but has not selected frequency and / or date or in case of any ambiguity, by default,

monthly frequency & 7th day shall be considered as frequency & execution date.

transfer into Transferee Scheme, the transfer shall not be executed and the request of unit holder will stand

withdrawn with immediate effect.

For Daily STP

STP installment amount, all outstanding units will be liquidated and Daily STP effected for such outstanding

balance and Daily STP terminated for subsequent installments. However, if the outstanding balance in

and Daily STP shall be terminated without effecting the last installment under Daily STP.

8. In CASTF, if there is no minimum appreciation amount in the transferor scheme for the consecutive three

installments, the STP request of the unitholder will stand withdrawn with immediate effect. The capital

appreciation, if any, will be calculated from the enrolment date of the CASTF under the folio, till the first

transfer date [e.g. if the unit holder has been allotted units on the 23

of September and the date of enrolment

for monthly CASTF is the 1st of November and the unit holder has opted for 15th of every month as the transfer

date, capital appreciation, if any, will be calculated from the 1st of November to the 15th of November (first

transfer date). Subsequent capital appreciation, if any, will be the capital appreciation between the previous

CASTF date (where transfer has been processed) and the next CASTF date].

9. A request for STP will be treated as a request for redemption from the transferor scheme and subscription into

the selected transferee scheme(s), at the applicable NAV, subject to load and statutory levy, if any.

10. In case of minor applicant, the guardian can opt for STP only till the date of minor attaining majority. AMC

shall suspend the standing instruction of STP enrollment from the date of minor attaining majoring by giving

adequate prior notice. Further, once the minor attains majority, the guardian will not be able undertake any

financial and non-financial transactions including fresh registration of Systematic Transfer Plan (STP) and the

folio shall be frozen for the further operation till the time requisite documents for changing the status from

minor to major is submitted to the Fund.

11. STP will be automatically terminated if all units are liquidated or withdrawn from the Transferor Scheme or

pledged or upon receipt of intimation of death of unit holder. A request for STP will be treated as a request for

redemption from/ subscription into the respective option(s)/ plan(s) of the scheme(s), at the applicable NAV,

subject to applicable load. In case the transfer dates fall on a non business day, the next business day will

be considered for this purpose.

12.

13. STP Enrolment Form complete in all respects must reach atleast 14 working days in advance of STP date at

any of the Official Points of Transactions.

14. Investors could choose to terminate the STP by giving a written notice at least 7 business days in advance to

the Official Points of Transactions. In case of Daily STP, termination shall be effected from 8th Business Day of

receipt of valid request.

15. Investors should note that more than one STP (i.e. daily / weekly / fortnightly / monthly or quarterly STP) can

be registered under same Plan / Option of the Transferor Scheme.

The Trustee / AMC reserve the right to change / modify the terms of the STP or withdraw this facility from time to

time

SYSTEMATIC WITHDRAWAL PLAN (SWP)

1. SWP is a facility wherein the investors can opt to withdraw (i.e. redeem from the Scheme) a fixed or a variable

amount from their investment accounts at periodic intervals through a one-time request.

2. SWP offers unit holders the following two facilities:

o Fixed Systematic Withdrawal Facility (FSWF) where the investor issues a standing instruction to withdraw

sums at Weekly/ Monthly / Quarterly (calendar quarter) intervals.

o Capital Appreciation Systematic Withdrawal Facility (CASWF) where the investor issues a standing

instruction to withdraw the entire capital appreciation from the Scheme at Weekly/ Monthly / Quarterly

intervals.

3. Weekly withdrawal on 1

or 7

or 15

or 25

of the month, Monthly withdrawal on 1

or 7

or 10

or 15

or 28

of the month and Quarterly Withdrawal on 1

or 7

or 10

or 15

or 25

or 28

of the first month

of a Quarter. If the day for SWP is not selected or in case of any ambiguity, 7

shall be treated as a Default

date.

4. Withdrawal must be for a minimum amount of Rs. 1,000/- or in multiples of Re.1/- thereafter in Weekly /

Monthly SWP and Rs. 1,500/- and in multiples of Re.1/- thereafter in Quarterly SWP. An investor will have to

opt for a minimum of 6 transactions under Weekly / Monthly SWP and 4 transactions under Quarterly SWP.

5. In FSWF, if the net asset value of the Units outstanding on the withdrawal date is insufficient to process the

withdrawal request, then the Mutual Fund will redeem all Units outstanding and the SWP request will stand

withdrawn for further processing.

6. In CASWF, if there is no minimum appreciation amount on the withdrawal date, then the Mutual Fund shall

process the withdrawal request for that date and the SWP request of the unit holder will stand withdrawn for

further processing. The capital appreciation, if any, will be calculated from the enrolment date of the CASWF

under the folio, till the withdrawal date i.e. 1

or 7

or 15

or 25

in a Weekly CASWF; 1

or 7

or 15

or 25

the month in the Monthly CASWF and 1

or 7

or 15

or 25

of the first month of Quarter (i.e., January, April,

July, October) in a quarterly CASWF). Subsequent capital appreciation, if any, will be the capital appreciation

between the previous CASWF date and the next CASWF date.

7. If the withdrawal date under FSWF / CASWF falls on a non-business day, the next business day will be

considered for this purpose.

8. A request for SWP will be treated as a request for redemption from the Scheme, at the applicable NAV, subject

to applicable load and statutory levy, if any.

9. Unit holders may change the amount of withdrawal, at any time by giving the ISC a written notice at least 7

business days prior to the next withdrawal date. However, the AMC at its sole discretion retains the right to

close an account if the outstanding balance, based on the Net Asset Value (NAV), falls below minimum balance.

10. SWP may terminate on receipt of a notice from the Unit holder. It will terminate automatically if all units are

liquidated or withdrawn from the folio or pledged or upon receipt of notification of death of the first named

Unit holder.

11. The Trustee / AMC reserve the right to change / modify the terms of the SWP or withdraw this facility from

time to time. The specified load structure will be in force till further notice. This load structure is subject to

change and may be imposed / modified prospectively from time to time, as may be decided by the Trustee /

AMC from time to time.

IDCW SWEEP OPTION

IDCW Sweep facility is available under designated schemes of the Fund. IDCW SWEEP is a facility wherein the unit

holder(s) of this Scheme ("Source Scheme") can opt to automatically invest the amount distributed under IDCW

Sweep (as reduced by the amount of applicable statutory levy) into the eligible "Target Scheme(s)" of the Fund.

The following are the terms and conditions with respect to availing IDCW SWEEP facility:

Terms & Conditions of IDCW Sweep Option:

1. IDCW SWEEP facility is available only for units held / to be held in non-demat mode in the Source and the

Target Scheme(s).

2. IDCW SWEEP facility is available to unit holder(s) only under the IDCW Sweep of the Source Scheme.

3. Unit holder(s) enrolment under the IDCW SWEEP facility will automatically override any previous

4. For the purpose of IDCW SWEEP, following are the eligible Target Scheme(s): All open ended schemes

offered by the Fund (except Baroda BNP Paribas ELSS Fund, Baroda BNP Paribas Overnight Fund and Baroda

BNP Paribas Liquid Fund).

5. The enrolment for IDCW SWEEP facility should be for all units under the respective IDCW Sweep of the

Source Scheme. Instructions for part Transfer of amount and part Payout / Reinvestment will not be

accepted. The distribution amount will be invested in the Target Scheme(s) under the same folio.

Accordingly, the unit holder(s) details and mode of holding in the Target Scheme(s) will be same as in the

Source Scheme.

6. The enrolment to avail of IDCW SWEEP facility has to be specified for each Scheme/Plan/Option separately

and not at the folio level.

7. Unit holders who wish to transfer amount of distribution to the Direct Plan of the Target Scheme(s) will

in the ARN column of the IDCW SWEEP enrolment form. However, in case Distributor code is mentioned in

Distributor code will not be considered and the application will be processed under Direct Plan. Further,

application will be processed under Direct Plan. Direct Plan shall be the default plan if the unitholder

EP enrolment form or in case of any ambiguity

8. In case, the unit holder fails to indicate option/ sub-options for the Target Scheme, then

9. Under IDCW SWEEP, amount of distribution declared (as reduced by the amount of applicable statutory levy)

in the Source scheme will be automatically invested into the Target Scheme(s), as opted by the unit holder,

on the immediate next Business Day after the Record Date at the applicable NAV of the Target Scheme(s)

and accordingly equivalent units will be allotted in the Target Scheme(s).

10. Investors are also requested to note that if the amount of distribution as eligible under IDCW SWEEP is

equal to or less than INR 200/-, then the amount would be compulsorily reinvested in the source scheme.

11. There will be no entry and/or exit load with respect to units invested through IDCW SWEEP. However,

subsequent switch-outs/ redemption from the Target Scheme(s) shall be subject to applicable exit load and

statutory levy, if any. The Trustee reserves the right to change the load structure under the IDCW SWEEP

facility at any time in future on a prospective basis.

12. The provision for 'Minimum Application Amount' specified for the respective Target Scheme(s) will not be

applicable under IDCW SWEEP.

13. Unitholders who wish to enroll for IDCW SWEEP facility are required to fill IDCW SWEEP Enrolment Form

available with the ISCs, distributors/agents and also available on the website www.barodabnpparibasmf.in

14. The request for enrolment for IDCW SWEEP must be submitted at least 10 days prior to the Record Date for

the distribution of amount under IDCW Sweep. In case of the condition not being met, the enrolment would

be considered valid from the immediately succeeding Record Date for distribution of amounts under IDCW

Sweep, provided the difference between the date of receipt of a valid application for enrolment under IDCW

SWEEP and the next Record Date is not less than 10 days.

15. Unit holders will have the right to discontinue/cancel the IDCW SWEEP facility at any time by submitting

the IDCW SWEEP cancellation form at the investor service centre. Request for cancellation of IDCW SWEEP

will be registered within 7 days of a valid request received. Any amount of distribution declared between

the time of submission of cancellation form at investor service centre and cancellation of IDCW SWEEP will

be transferred to the target scheme.

16. At the time of discontinuation of IDCW SWEEP facility, the unit holders should indicate their choice of option

i.e. re-investment or payout. In the event the unit holder does not indicate his choice of IDCW Sweep, the

amount of distribution, if any, shall be reinvested or paid out as per the instructions prior to enrolment of

IDCW SWEEP in the Source Scheme.

17. The amount transferred under IDCW SWEEP would be treated as switch-in / subscription transaction in the

target scheme(s) and will be liable to comply with the PAN and KYC provisions as may be applicable.

18. The AMC reserves the right to change/ modify the terms and conditions of the IDCW SWEEP including eligible

schemes without assigning any reason thereof. If IDCW SWEEP facility is withdrawn from any source scheme

or target scheme, all unit holders who have applied for IDCW SWEEP will be converted into re-investment

or payout option as per the instructions prior to enrolment of IDCW SWEEP in the Source Scheme.

Default Option

Growth Option

Default IDCW Frequency

Monthly IDCW Option

Default Facility

Payout of IDCW

SWITCHING OPTIONS

On an on-going basis, the Unitholders have the option to switch all or part of their investment from the Scheme

to any of the other schemes offered by the Mutual Fund, which is available for investment at that time, subject to

applicable Load structure of the respective schemes. Unitholders also have the option of switching into the Scheme

from any other schemes or switching between various Options of the Scheme. To effect a switch, a Unitholder

must provide clear instructions. A request for a switch may be specified either in terms of a rupee amount or in

terms of the number of Units of the Scheme from which the switch is sought. Where a request for a switch is for

both, amount and number of Units, the amount requested will be considered as the definitive request. Such

instructions may be provided in writing and lodged on at any of the Investor Service Centres / Designated Collection

Centres. The switch will be affected by redeeming Units from the Plan(s) / Option(s) of the Scheme in which the

Units are held and investing the net proceeds in the other Plan(s) / Option(s) of the Scheme, subject to the

minimum balance, minimum application amount and Subscription / Redemption criteria applicable for the

respective Scheme(s). A request for switch will be treated as a request for Redemption from / Subscription into

the respective options / Plans of the Schemes, at the Applicable NAV, subject to applicable Load and statutory levy,

if any.

A switch by NRI / FII Unit holders will be subject to relevant laws, rules, and regulations at the time of switch. The

AMC / Trustees reserves the right to charge different (including zero) Load on Applicable NAV on switchover as

compared to the redemption / repurchase as the case maybe.

ONLINE TRANSACTION FACILITY

AMC/Mutual Fund will allow Transactions including by way of Lumpsum Purchase/ Redemption / Switch of Units

by electronic mode through the website/Mobile Application as made available by AMC. The Subscription proceeds,

when invested through this mode, are by way of direct debits to the designated bank through payment gateway.

The Redemption proceeds, (subject to deduction of tax at source, if any) through this mode, are directly credited

to the bank account of the Investors who have an account at the designated banks with whom the AMC has made

arrangements from time to time or through NEFT/RTGS or through cheque/Payorder issuance or any other mode

allowed by Reserve Bank of India from time to time. The AMC will have right to modify the procedure of transaction

processing without any prior intimation to the Investor.

Investment amount through this facility may be restricted by the AMC from time to time in line with prudent risk

management requirements and to protect the overall interest of the Investors.

For details of the facility, investors are requested to refer to the website of the AMC. This facility of online

transaction is available subject to provisions stated in SAI, SID & KIM of the scheme, operating guidelines, terms

and conditions as may be prescribed by AMC from time to time.

TRANSACTIONS THROUGH STOCK EXCHANGE PLATFORM(S)

In terms of para 16.2 of SEBI Master circular of June 27, 2024, Existing/ New Investors may purchase/ redeem units

of the eligible Scheme(s)/ Plan(s) through the Stock Exchange Infrastructure. The investors may subscribe to the

providing Mutual Fund subscription facility, as and when units are available for transactions on such exchanges.

For units held in demat mode, investor can also do switch through those exchange platforms which provides the

switch facility to the client.

Various facilities of transacting in mutual fund schemes through stock exchange infrastructure such as Systematic

Investment Plan (SIP) / Systematic Transfer Plan (STP) / Systematic Withdrawal Plan (SWP), SIP Pause Facility,

myTrigger Plan, mySWP Plan, SIP Top Up Facility etc. may also be availed by investors through the Stock Exchange

Platforms as per notices issued and in accordance with the terms and conditions as may be prescribed by the

respective Stock Exchanges from time to time. This facility of transacting in mutual fund schemes through stock

exchange infrastructure is available subject to such limits, operating guidelines, terms and conditions as may be

prescribed by NSE / BSE from time to time.

TRANSACTION THROUGH EMAIL ID AND FAX

Investors are requested to note that application form for financial transactions can also be sent via Electronic

- - to the Baroda BNP Paribas Asset Management India Private Limited

numbers. The AMC/ Trustee may (at its sole discretion and without being obliged in any manner to do so and

without being responsible and/ or liable in any manner whatsoever) accept and process the application,

supporting documents and/ or instructions submitted by investors via E-Fax/E-mail. The application so received,

needs to be complete in all respect. In the absence of clear information or in case of any ambiguity, the AMC/RTA

reserves the right to reject such application.

Dedicated Email ID: transact@barodabnpparibasmf.in

Dedicated Fax Number: 022 69209608 / 022 69202308 / 022 41739608

(Dedicated Email Id and Fax Number - to be considered as Official Point of Acceptance) which shall be

designated to receive transaction requests over email/e-fax with immediate effect.

The AMC reserves the right to add or remove designated fax number(s) / email id(s) to/from the above list. The

considered for the purpose of NAV applicability. The uniform cut-off time as prescribed by SEBI and as mentioned

in the SIDs/ KIMs of the Schemes shall be applicable for transactions received through the above modes. Further,

the AMC reserves the right to not seek corresponding original document(s) in respect of a transaction received

through Fax/E-fax/E-mail and accordingly processed.

Investor(s) understand, agree and acknowledge that:

a) AMC/ RTA shall be entitled to treat the transaction received through Fax/E-fax/E-mail as issued by the

investor and shall be binding upon the investor and AMC/ RTAs shall further be entitled to take steps relying

upon the same and to act upon the same, believing the such requests, in good faith as appropriate and

notwithstanding any error in transmission or reception of such transactions or any misunderstanding or

ambiguity or lack of clarity in the terms of such transaction received through Fax/E-fax/E-mail.

b) AMC/ RTAs is not liable to take note or act on any instruction received to E-MAIL ids other than the designated

email id provided or Fax numbers other than the designated fax numbers. AMC/ RTAs shall not be liable to

confirm or verify the email request/ instruction (whether orally, written or otherwise) made by Investor(s).

c) AMC/ RTAs shall not be bound to act upon transactions received through Fax/E-fax/E-mail, which are illegible.

In the absence of relevant and adequate information required by the AMC/ its RTA, for carrying out any

transaction pursuant to receipt of the transactions through Fax/E-fax/E-mail. AMC/ RTAs shall not be held

liable /or responsible for any delay in completion/ not effecting of such transaction and any resulting loss or

damage to Investor(s) on account thereof.

d) Time displayed on Investor (s) screen is the indicative local machine time and not the actual server time of

AMC/ its RTA. If subscription/ purchase or Redemption transactions received through Fax/E-fax/E-mail are not

made in accordance with prescribed instructions / terms & conditions, AMC/ RTAs shall not be liable to take

or execute that transaction on that day.

Investor (s) shall indemnify AMC/ RTAs and keep AMC / RTAs indemnified and save harmless, at all times from

and against any and all claims, losses, damages, costs liabilities and expenses incurred, suffered or paid by the

AMC or required to be incurred, suffered or paid by AMC and also against all demands, actions, suits proceedings

made, filed instituted against AMC in connection with or arising out of or relation to : - a) AMC/ its RTA acting or

not acting pursuant to, in accordance with or relying upon, any transactions received through Fax/E-fax/E-mail

or otherwise pursuant to the request and authority conferred herein and/ or, b) AMC/ its RTA acting or not acting

pursuant to; in accordance with or relying upon any transactions received through Fax/E-fax/E-mail which it

believes in good faith, and / or, c) Any unauthorized or fraudulent transactions received through Fax/E-fax/E-mail

to AMC/ its RTA. d) Non-receipt of transactions through Fax/E-fax/E-mail claimed to have been sent by Investor(s).

The aforesaid addendum shall be effective until the situation comes under control and social distancing advisory

is withdrawn by the authorities and the AMC further issues a notice cum addendum to that effect.

APPOINTMENT OF MF UTILITIES INDIA PRIVATE LIMITED

Registrar

- a shared services initiative of various Asset Management Companies under the aegis of Association

Schemes of various Mutual Funds with a single form/transaction request and a single payment

instrument/instruction. Accordingly, all financial and non-financial transactions pertaining to the Schemes of the

Fund can also be submitted through MFU either electronically or physically through the authorized Points of

may be updated from time to time will be considered as the Investor Service Centres for transactions in the

Scheme.

For any queries or clarifications related to MFU, please contact the Customer Care of MFUI on +91-22-6134 4316

(during the business hours on all days except Sunday and Public Holidays) or send an email to

[email protected].

SWITCH ON CALL FACILITY

• This Facility is presently extended to the following type of Individual investors/ Unit holder: Existing Individual

• This Facility is not extended to the following type of Individual investors: NRI, NRO; and in the case of joint

• This Facility shall not be available to Non-Individual investors.

• Switches shall be allowed in all open ended schemes (excluding open ended liquid schemes) only where the

units are available. To avail this Facility, Unit holders are advised to call the Number 1800 102 2595 and

submit a request for transaction before 2:30 pm on all Business Days. If any call is received after this cut-off

time of 2.30 pm, the same will be considered as transaction for the next Business Day. All that the Unit holder

needs to do is to provide to our customer service representative the Folio Number, Scheme Name, Transaction

Type and Amount.

• The customer service representative will register the transaction by checking the answers to the following

time to time based on the requirement of the AMC)

• Once the transaction is registered, a validation (out bound) call will be made to the registered contact number

of the Unit holder.

• On completion of validation, the transaction will be registered and post completion of the transaction, Unit

holder will receive a Statement of Account as per guidelines in this regard. This Facility can be availed from 9

am to 6 pm on all Business Days. The actual time stamp will be the start time of the incoming call (and not

the validation call time). In case if there are 2 incoming calls due to incomplete first call, then, the incoming

call time of the second call will be considered for the purpose of Time Stamping. In case, the Unit holder wants

to change the units or amount after the inbound call (or during the validation out bound call), the said

transaction will be cancelled. The Unit holder will be requested to call again to register a fresh transaction.

Time stamping for the new transaction will be based on the fresh incoming call time - with the same Time

stamping logic mentioned above.

• The customer service staff will make 3 attempts to reach the Unit holder for validation. Despite 3 attempts if

it is not successful, transaction would be rejected. NAV would be allotted based on the realization/utilisation

of funds, wherever applicable, as per the prevailing SEBI regulations/circulars issued and amended from time

to time.

• The Unit holder agrees and confirms that the AMC has the right to ask the Unit holder for an oral or written

confirmation of any transaction request using the Facility and/or any additional information regarding the

Account of the Unit holder. If for any reason, the AMC is not satisfied with the replies of the Unit holder, the

AMC has at its sole discretion the right of refusing access to the Facility without assigning any reasons to the

Unit holder.

• The Unit holder agrees that it shall be his/her sole responsibility to ensure protection and confidentiality of

Unit holder agrees and acknowled

information shall be deemed to be that of the Unit holder. The Unit holder shall take responsibility for all the

transactions conducted by using the Facility and will abide by the record of transactions generated by the

AMC. The Unit holder shall check his/her account records carefully and promptly. If the Unit holder believes

that there has been a mistake in any transaction using the Facility, or that unauthorised transaction has been

effected, the Unit holder shall notify AMC immediately. If the Unit holder defaults in intimating the alleged

discrepancies in the statement within a period of thirty days of receipt of the statements, he waives all his

rights to raise the same in favour of the AMC, unless the discrepancy/error is apparent on the face of it.

• It is clarified that the Facility is only with a view to accommodate/facilitate the Unit holder and offered at the

sole discretion of the AMC. The AMC is not bound and/or obliged in any ways to give access to Facility to Unit

holder. The Unit holder agrees and confirms that the AMC may at its sole discretion suspend the Facility in

whole or in part at any time if (i) the Unit holder does not comply with any of the terms and conditions or any

modifications thereof, (ii) the AMC has the reason to believe that such processing is not in the interest of the

Unit holder or is contrary to any regulations/SID/or any amendments thereto and (iii) otherwise at the sole

discretion of the AMC in cases amongst when the markets are volatile or when there are major disturbances

in the market, economy, country, etc.

• Indemnities in favour of the AMC: The Unit holder shall not hold the AMC liable for the following: a) For any

transaction using the Facility carried out in good faith by the AMC on instructions of the Unit holder. b) For

the unauthorized usage/unauthorised transactions conducted by using the Facility. c) For any loss or damage

incurred or suffered by the Unit holder due to any error, defect, failure or interruption in the provision of the

Facility arising from or caused by technical reasons such as telephone lines not functioning, call drop, issues

with voice transmission, loss/limitations of connectivity etc., or for any reason(s) beyond the reasonable

control of the AMC. d) For any negligence/mistake or misconduct by the Unit holder and/or for any breach or

non-compliance by the Unit holder of the rules/terms and conditions stated herein. e) For accepting

For not carrying out any such instructions where the AMC could not

verify the genuineness of the identity of the person giving the telephone instructions in the unit holder name

or has reason to believe (which decision of the AMC the Unit holder shall not question or dispute) that the

instructions given are not genuine or are otherwise improper, unclear, vague or raise a doubt.

The AMC/Mutual Fund reserves the right to modify the terms and conditions of the Facility from time to time as

may be deemed expedient or necessary. The Unit holder agrees that use of the Facility will be deemed acceptance

of the terms and conditions for availing such Facility and the Unit holder will unequivocally be bound by these

terms and conditions.

TRANSACTIONS THROUGH TELE-TRANSACT FACILITY

Existing unit holders/investors in the category of HUF, Sole Proprietor or Individual and whose mode of holding in

transactions on the terms and conditions set out by the Mutual Fund, by making a phone call to our Toll Free No.

1800-2670-189. This facility is available to investors who have accounts with select banks participating in National

Automated Clearing House (NACH). Investors can refer to the website of NACH (www.npci.org.in) for further details.

The facility is currently available only for additional purchase and Switch. This facility is not available for SIP,

Redemption and Fresh Purchase transactions including for transactions which are of non-commercial nature.

Once registered, the maximum amount that can be invested through the facility is Rs. 2,00 000/- per business day.

However, the actual amount of investment cannot exceed the value mentioned by the investor in the mandate

form (For Purchase Transactions).

The AMC has the right to ask additional information from the investors before allowing them to avail the facility.

If, for any reason, the AMC is not satisfied with the replies of the investors, the AMC, at its sole discretion, can

refuse access of this facility to the investors.

The cut off time for the facility is 12.30 pm for liquid and overnight funds and 2.00 pm for all non-liquid

transactions on all business days and, units will be allotted as per the closing NAV of the day on which the funds

are received before the cut off time and the funds are available for utilization.

Investors shall take responsibility for all the transactions conducted by using the facility and shall abide by the

records at the AMC. Further, the Investors may note that such records generated by the AMC shall be conclusive

proof and binding for all purposes and may be used as evidence in any proceedings and the investor by using the

facility, unconditionally waives all objections in this behalf. The AMC may at its sole discretion suspend the facility

in whole or in part at any time without any prior notice.

Investors shall at all times be bound by any modifications and/or variations made to these Terms and Conditions

by the AMC at its sole discretion and without notice to them. Investors shall not assign any right or interest or

delegate any obligation arising herein.

Investors shall not hold the AMC liable for the following:

a. For any transaction using the facility carried out in good faith by the AMC on instructions of the investors.

b. For unauthorized usage/ unauthorized transactions conducted by using the facility.

c. For any direct or indirect loss or damage incurred or suffered by the investors due to any error, defect, failure

or interruption in the provision of the facility arising from or caused by any reason whatsoever.

d. For any negligence/mistake or misconduct by the investors.

e. For any breach or non-compliance by the investors of the rules/ terms and conditions stated in the SID.

f. For AMC accepting instructions given by any one of the investors in case of joint account/s having mode of

operations as "Either or Survivor" or "anyone or survivor".

g. For allowing any person who provides the relevant information pertaining to the investors, to transact using

the facility. The AMC shall be under no obligation to further ascertain the identity of the investors.

h. For not carrying out any such instructions where the AMC has reasons to believe (which decision of the AMC

the investors shall not question or dispute) that the instructions given are not genuine or are otherwise

improper, unclear, vague or cause for doubt.

i. For carrying out a transaction after such reasonable verification as the AMC may deem fit regarding the identity

of the investors.

j. In case of error in NAV communication.

k. For accepting instructions given by any one of the investors or their authorized person.

The Unit holder shall not hold the AMC liable for the following: a) For any transaction using the Facility carried

out in good faith by the AMC on instructions of the Unit holder. b) For the unauthorized usage/unauthorised

transactions conducted by using the Facility. c) For any loss or damage incurred or suffered by the Unit holder due

to any error, defect, failure or interruption in the provision of the Facility arising from or caused by technical

reasons such as telephone lines not functioning, call drop, issues with voice transmission, loss/limitations of

connectivity etc., or for any reason(s) beyond the reasonable control of the AMC. d) For any negligence/mistake or

misconduct by the Unit holder and/or for any breach or non-compliance by the Unit holder of the rules/terms and

conditions stated herein. e) For accepting instructions given by any one of the Unit holder in case of joint account/s

instructions where the AMC could not verify the genuineness of the identity of the person giving the telephone

instructions in the unit holder name or has reason to believe (which decision of the AMC the Unit holder shall not

question or dispute) that the instructions given are not genuine or are otherwise improper, unclear, vague or raise

a doubt.

The AMC/Mutual Fund reserves the right to modify the terms and conditions of the Facility from time to time as

may be deemed expedient or necessary. The Unit holder agrees that use of the Facility will be deemed acceptance

of the terms and conditions for availing such Facility and the Unit holder will unequivocally be bound by these

terms and conditions.

my TRIGGER FACILITY

This Facility of my Trigger Plan is intended to be a financial planning tool which is being provided to the investors

for initiating action based trigger. This Facility enables investors to switch a predetermined amount from a selected

Source Scheme to a selected Target Scheme of the Fund whenever there is a fall in the Nifty 50 Index or Nifty

Midcap 150 Index or Nifty 200 Index or Nifty 500 Index level by a certain percentage from the previous Business

The features, terms and conditions for availing the my Trigger Plan facility shall be as follows:

1. Trigger events/dates: The Trigger events/dates shall occur when the corresponding index falls (based on

Under this facility investors have an option to choose only one Target scheme for multiple trigger points

available along with specified amount for each Index fall as a trigger. However, at any point in time, only the

highest % of fall shall be considered for the purpose of investment under Target Scheme. For eg. If the Investor

has opted for index trigger level (fall) of 2%, 3%, and 4% for trigger of Rs. 10,000, Rs.15,000 and Rs. 20,000

respectively and if that specified index falls by 4% or more, then the highest level of index fall would be

considered for investment under the Target Scheme (i.e. 4% and Rs. 20,000 in this example).

2. For the purpose of my Trigger Plan facility following are the eligible Scheme(s):

a. Eligible Source Scheme(s): All open ended debt schemes.

b. Eligible Target Scheme(s) and the Index for determining trigger event:

The facility shall be available under all open ended equity and hybrid schemes and Investors may choose

any of the available Index (i.e. Nifty 50 Index or Nifty Midcap 150 Index or Nifty 200 Index or Nifty 500

Index) for the chosen trigger event.

3. Minimum Instalment Trigger Amount: Minimum trigger amount shall be Rs. 1,000.

4. Trigger Tenure: The myTrigger Plan shall be registered for tenure till 31-Dec-2099. Investors could choose to

terminate the myTrigger Plan Facility by submitting a written notice and the same shall be deactivated after

7 business days i.e., termination shall be effected from 8th Business Day of receipt of valid request.

time of enrolment of myTrigger Plan should be Rs. 100,000. If the minimum balance represented by clear units

is not available, the application will be liable to be rejected.

6. An investor has to clearly specify the name & the option of the Source & Target scheme in the enrolment form.

If the same is not stated or in case of any ambiguity, the enrolment request shall be liable to rejected. In

absence of information or in case of any ambiguity, the default option shall be Growth option for Target

scheme.

7. A request for myTrigger Plan facility will be processed as a request for redemption from the Source Scheme

and subscription into the selected Target Scheme(s), at the applicable NAV, subject to load and statutory levy,

if any. Load structure of the Source Scheme & Target Schemes shall be applicable to myTrigger Plan

transactions.

8. The trigger amount opted by the investor, is switched every time the trigger event occurs. The switch would

continue for the above period. If the balance amount under selected Source Scheme is less than the fixed

amount opted, the entire amount would be switched into the Target Scheme(s) selected by the investor and

the facility will get terminated.

9. In case of minor applicant, the guardian can opt for myTrigger Plan Facility only till the date of minor attaining

majority. AMC shall suspend the standing instruction of myTrigger Plan Facility enrollment from the date

minor turns major by giving adequate prior notice. Further, once the minor attains majority, the guardian will

not be able to undertake any financial and non-financial transactions including fresh registration of myTrigger

Plan Facility and the folio shall be frozen for the further operation till the time requisite documents for

changing the status from minor to major is submitted to the Fund.

10. myTrigger Plan Facility will be automatically terminated if all units are liquidated or withdrawn from the

Source Scheme or pledged or upon receipt of intimation of death of unit holder.

11. Investors are requested to note that for the trigger to be processed, the trigger date/day should be Business

day for both schemes i.e. the Source and the Target Scheme.

12.

Facility.

13. myTrigger Plan Enrolment Form complete in all respects shall be registered and activated within 5 business

days from date of receipt of such enrolment form (available at www.barodabnpparibasmf.in) at any of the

Official Points of Acceptance of Baroda BNP Paribas Mutual Fund. Investors are further to requested to note

that the forms for myTrigger Plan Facility can be submitted to the designated email ID

(mumbai@barodabnpparibasmf.in) as per the email facility made available via addendum no. 15/2020 dated

March 30, 2020 issued.

AMC/Fund reserves the right to amend the terms and conditions of the myTrigger Plan and/ or withdraw the said

facility by issuing a suitable notice to this effect.

MFCentral PLATFORM

In orderto comply with the requirements of RTA inter-

Age Management Services Limited (CAMS) have jointly developed MFCentral - A digital platform for Mutual Fund

investors.

MFCentral is created with an intent to be a one stop portal / mobile app for all Mutual fund investments and

service-related needs that significantly reduces the need for submission of physical documents by enabling various

digital / phygital services to Mutual fund investors across fund houses subject to applicable Terms & Conditions of

the MFCentral platform. MFCentral will be enabling varous features and services in a phased manner. MFCentral

may be accessed using link https://mfcentral.com/ (or its app in future). The AMC has designated MFCentral as its

official point of acceptance of transactions.

Any registered user of MFCentral, requiring submission of physical document as per the requirements of MFCentral,

may do so at any of the designated Investor Service centres or collection centres of Kfintech or CAMS.

B. DEFAULT SCENARIOS AVAILABLE TO THE INVESTORS UNDER PLANS/OPTIONS OF THE SCHEMES

The Schemes of the Fund offer two plans:

i)Regular Plan, and

ii)Direct Plan.

The Direct Plan is meant for direct investments, i.e. for investors who purchase/subscribe to the units of the

scheme directly with the Fund and is not available for investors who route their investments through a distributor,

while the Regular Plan is meant for investors who route their investments through distributors only.Both Plans

have a common portfolio but the Direct Plan a lower expense ratio on account of absence of brokerage and

commission. Hence, both Plans will have distinct NAVs.

The Schemes have the following options:

A. Growth Option (default option in case no option specified by investor);

B. IDCW Option

the availability of distributable surplus as calculated in accordance with the Regulations). However, investors are

requested to note that amount of distribution under IDCW option is not guaranteed and subject to availability of

distributable surplus.

Default Plan

The following matrix shall apply for default plan:

Scenario

Broker Code mentioned by the

investor

Plan mentioned by the investor

Default Plan to be

captured

Not mentioned

Direct Plan

Not mentioned

Direct

Direct Plan

Not mentioned

Regular Plan

Direct Plan

Mentioned

Direct

Direct Plan

Direct

Not mentioned

Direct Plan

Direct

Regular Plan

Direct Plan

Mentioned

Regular Plan

Mentioned

Not mentioned

Regular Plan

In cases of wrong/ invalid/ incomplete ARN codes mentioned on the application form, the application shall be

processed under Regular Plan. The AMC shall endeavor to obtain the correct ARN code within 30 calendar days of

the receipt of the application form, from the investor/ distributor. In case, the correct code is not received within

30 calendar days (remediation period), the AMC shall reprocess the transaction under Direct Plan from the date

of application without any exit load subject to following exceptions:

1. Such re-processing shall not be carried out in case of already redeemed units. i.e. re-processing shall only

be carried out for balance units as maybe available after 30 calendar days.

2. Any subsequent switch-out or STP (transfer out) request for units allotted under wrong/ invalid/ incomplete

ARN codes shall not be processed unless:

a. - to direct plan of target scheme / same scheme, as

maybe applicable or

b. Correct ARN code is provided and verified by AMC/Mutual Fund, to its satisfaction, prior to processing

of such switch request or registration of STP request.

3. In case of SIP transaction, the above time period for remediation shall be applicable from first

installment/registration only. In case correct ARN code is not provided within 30 calendar days of such first

installment, re-processing shall be carried out and subsequent SIP triggers shall happen in Direct Plan.

4. Notwithstanding any of the clauses as above, re-processing shall not be carried out, for units allotted under

wrong/ invalid/ incomplete ARN codes under IDCW option, in case any amount for distribution has been

declared during the aforesaid remediation period of 30 calendar days.

5. Subject to above, once the units are re-processed under Direct Plan, no submission of correct ARN code shall

be accepted by AMC for such re-processed units.

6. Investors are requested to note that pursuant to such re-processing, the number of units to the credit of such

investors may change and AMC / Mutual Fund/ Trustees /Sponsors shall not be liable for any loss that may

occur to investors/distributors or any scheme of Mutual Fund consequent to such re-processing.

7. Investors are strongly advised to provide the correct ARN codes in case they wish to subscribe to units

of the Scheme under Regular Plan.

Default Option/Facility:

If an investor does not clearly specify choice of option at the time of investing, it will be considered as Growth

Option. Likewise, if the investor does not clearly specify choice of sub-option under the IDCW Option, then dividend

re-investment will be considered as default.

Likewise, if the investor does not clearly specify choice of sub option under monthly dividend or quarterly dividend,

it will be considered as monthly dividend sub-option.

Reinvestment of IDCW facility shall not be available to investors who transact through the stock exchange in

dematerialized mode.

In respect of Units subscribed through SIP, allotment will be based on the Applicable NAV, and will be credited to

the demat account of the investor on a weekly basis upon realization of funds. For e.g. Units will be credited to

t every Monday for realization status received in the preceding week from Monday to

Friday.

Growth Option

The Scheme will not declare any distribution under this option. The income attributable to units under this option

will continue to remain invested in the option and will be reflected in the Net Asset Value of Units under this

option.

IDCW Option:

no. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2024/90 dated June 27, 2024 effective April 01, 2021)

Under IDCW Option, the amount of distribution, if any, shall be declared by Trustees from time to time. The NAV

of the unit holders in any of the IDCW options will stand reduced by the amount so distributed and statutory levy,

if any, under said IDCW option. The NAV of the Growth Option will remain unaffected.

It may be noted that the amount of distribution, if any, under IDCW option will be subject to the availability of

distributable surplus as computed in accordance with the SEBI Regulations and discretion of the Trustees/ AMC.

Investors are further requested to note that the AMC will endeavor to declare distribution rates under IDCW options

on the aforesaid record dates. There is no assurance or guarantee to unitholders as to the rate of distribution nor

that the amounts shall be distributed regularly. The Trustees / AMC reserve the right to distribute the amounts

under IDCW option in addition to the above stated frequency and/or change the aforesaid record dates from time

rate, timing and frequency of distribution shall be final.

In case of such additional declaration, if any, the distribution policy (i.e. dividend policy) shall be ensured. The

AMC may announce a book closure period for the purpose of distribution of amounts under IDCW option. Amount

of distribution, if declared, will be paid to the unit holders appearing in the register of unit holder on the Record

Date and for units held in demat form, the names appearing in the beneficial owners master with the Depository

as on the record date. To the extent the entire net income and realised gains are not distributed, the same will

remain invested in the option and will be reflected in the NAV.

Unitholders opting for the IDCW Option may choose to reinvest the amounts to be received by them under IDCW

option in additional Units of the said Option. Under the re-investment facility, the amount due and payable to the

unit holders will be compulsorily and without any further act by the unit holders, reinvested in the Schemes (under

the respective IDCW option) by crediting units to unit holders account, at a price based on the ex-distribution Net

Asset Value per unit. The amount reinvested will be net of tax deducted at source, wherever applicable. The amounts

so reinvested shall constitute a constructive payment of the income distribution cum capital withdrawal under IDCW

option to the Unitholders and a constructive receipt of the same amount from each Unitholder for reinvestment in

Units. Under the payout facility, the amount of distribution shall be paid to the unitholders within regulatory

timelines.

VII RIGHTS OF UNITHOLDERS OF THE SCHEME

1. Unit holders of the Scheme have a proportionate right in the beneficial ownership of the assets of the Scheme.

2. When the Mutual Fund declares an Income Distribution cum Capital Withdrawal (IDCW)/dividend under a

scheme, IDCW/ dividend warrants shall be dispatched to the Unit Holders within 7 working days from the

record date of IDCW/dividend. Consolidated Account St

calendar month will be issued on or before 15th day of succeeding month to all unit holders having financial

transactions and who have provided valid Permanent Account Number (PAN). For folios not included in the

CAS, the AMC shall issue a monthly account statement to the unit holders, pursuant to any financial transaction

done in such folios; the monthly statement will be send on or before 15th day of succeeding month. In case of

a specific request received from the unit holders, the AMC shall provide the account statement to the unit

holder within 5 business days from the receipt of such request. If a Unit holder so desires the Mutual Fund

shall issue a Unit certificate (non- transferable) within 5 Business Days of the receipt of request for the

certificate.

3. The Mutual Fund shall dispatch redemption or repurchase proceeds within 3 working days of accepting the

valid redemption or repurchase request. For schemes investing at least 80% of total assets in such permissible

overseas investments, 5 Working Days of accepting the valid redemption or repurchase request. Further, in

case of exceptional scenarios as prescribed by AMFI vide its communication no. AMFI/ 35P/ MEM-COR/ 74 /

2022-23 dated January 16, 2023, read with clause 14.1.3 of SEBI Master Circular No. of June 27, 2024 (SEBI

Master Circular), the AMC may not be able to adhere with the timelines prescribed above.

4. The Trustee is bound to make such disclosures to Unit holders as are essential in order to keep Unit holders

informed about any information known to Trustee which may have material adverse bearing on their

investments.

5. The appointment of the AMC for the Mutual Fund can be terminated by majority of the Directors of the Trustee

Board or by 75% of the Unit holders of the Scheme.

6. 75% of the Unit holders of a Scheme can pass a resolution to wind up a Scheme.

7. The Trustee shall obtain the consent of the Unit holders:

a. whenever required to do so by SEBI, in the interest of the Unit holders.

b. whenever required to do so if a requisition is made by three- fourths of the Unit holders of the Scheme.

c. when the Trustee decides to wind up the Scheme or prematurely redeem the Units.

8. The trustees shall ensure that no change in the fundamental attributes of any scheme, the fees and expenses

payable or any other change which would modify the scheme and affect the interest of the unit holders is

carried out by the asset management company, unless it complies with sub-regulation (26) of regulation 25

of SEBI (Mutual Funds) Regulations, 1996.

9. In specific circumstances, where the approval of unit holders is ought to be obtained on any matter, the same

shall be obtained by way of a postal ballot or such other means as may be approved by SEBI.

TREATMENT OF UNCLAIMED REDEMPTION & DIVIDEND

As per para 14.3 of SEBI Master Circular, unclaimed redemption and Income Distribution cum capital Withdrawal

amounts shall be deployed by the Mutual Fund in money market instruments only. SEBI as per para 14.3 of SEBI

Master Circular stated that the unclaimed Redemption and IDCW amounts may be deployed in separate plan of

Liquid scheme/Money market mutual fund scheme floated by Mutual Funds specifically for deployment of the

unclaimed Redemption and IDCW amounts.

Further, SEBI has allowed unclaimed redemption and IDCW amounts to be invested in a separate plan of Overnight

scheme in addition with the earlier schemes allowed i.e. Liquid scheme/ Money Market Mutual Fund scheme. The

investment management fee charged by the AMC for managing such unclaimed amounts shall lower of direct plan

of such scheme or at 50bps. Investors who claim the unclaimed amounts during a period of three years from the

due date shall be paid initial unclaimed amount along-with the income earned on its deployment. After a period

of three years, the income earned on such unclaimed amounts shall be used for the purpose of investor education

and the investors can claim the said amounts at the NAV prevailing at the end of the third year.

The AMC reminds investors about the unclaimed amount through periodic account statements. The details of such

unclaimed redemption/dividend amounts are also made available to investors upon them providing proper

credentials, on website of Mutual Funds and AMFI along with the information on the process of claiming the

unclaimed amount and the necessary forms / documents required for the same.

VIII. INVESTMENT VALUATION NORMS FOR SECURITIES AND OTHER ASSETS

1. INTRODUCTION

The Securities and Exchange Board of India (SEBI) has outlined investment valuation norms and accounting policies

under SEBI (Mutual Funds) Regulations, 1996 (the Regulations) as amended from time to time. The Investment

Valuation Norms are prescribed in the Eighth Schedule of the Regulations (regulation 47) and circulars issued by

SEBI from time to time. Further, SEBI has amended Regulation 47 and the Eight Schedule vide a gazette notification

no. LAD-NRO/GN/2011-12/38/4290 dated February 21, 2012 and has introduced overriding guiding principles in

The amended regulation requires that Mutual Funds shall follow principles of fair valuation to minimize the

difference in valuation of mutual fund assets relative to market values and also to enable fair treatment across all

classes of investors i.e. existing investors as well as investors seeking to subscribe or redeem units.

It further prescribes that the valuation of investments shall be based on the principles of fair valuation i.e. the

valuation shall be reflective of the realizable value of securities/ assets. The valuation shall be done in good faith

and in a true and fair manner through appropriate valuation policies and procedures as approved by the Board of

AMC. The valuation policies and procedures approved by the Board of AMC should seek to address conflict of

interest.

The amendment also states that in case of any conflict between the principles of fair valuation and valuation

guidelines as per Eighth Schedule and circulars issued by SEBI, the Principles of Fair Valuation shall prevail.

This Policy reflects the guiding principles to ensure fair valuation of all securities under the Schemes to comply

with the amended Regulation 47 and the Eight Schedule relating to valuation of investments on February 21, 2012

and February 28, 2012. Further, in accordance with the para 6.1.3 of SEBI Master Circular, every AMC should

formulate Valuation Committee to review investment valuation practices.

2. DISCLOSURE OF THE POLICY

The Valuation Policy approved by the AMC Board shall be disclosed in Statement of Additional Information (SAI),

website of the AMC and other documents as prescribed by the Regulations and guidelines.

3. VALUATION METHODOLOGIES

• Investment in any new type of security shall be made only after establishment of the valuation

methodology for such security with the approval of the Board of Directors of AMC.

• Valuation price of the security; arrived as per the policy; shall be applied consistently across the portfolios.

In other words; any particular security shall be valued at same price across all the portfolios and it cannot

have different prices for valuation on a particular day.

• In case there are multiple / dual credit ratings for the same company, the lowest among the same shall

be considered for valuation purpose; provided the structures of the instruments under consideration are

similar.

• Where it is observed that Valuation methodology mentioned below, does not lead to fair valuation of

securities, Valuation Committee may on a prospective basis deviate from the defined methodology and

adopt such alternate procedures / methods in conformance with the guiding principles of fair valuation in

good faith to arrive at the true and fair estimation of the realizable value of the security. The rationale for

any such deviations would be recorded in writing and placed before the Board of Directors of the AMC and

the Trustee.

VALUATION METHODOLOGIES

Asset Class

Traded/ Non

Traded/

Listed/

Unlisted

Valuation Methodology

Equity Shares,

Normal Preference

Shares and

Cumulative

Convertible

Preference Shares

Traded

Traded Securities are to be valued at the last quoted closing price on the primary Stock

Exchange (NSE). If a security is not traded on NSE on a particular valuation day, the

close price at which it is traded on BSE shall be considered.

When a security is not traded on any stock exchange on a particular valuation day, the

value at which it was traded on the selected stock exchange, as the case may be, on

the earliest previous day may be used provided such date is not more than thirty days

prior to valuation date.

Thinly traded/

Non-traded

Thinly Traded:

trading amount of Rs 5,00,000/- during a period of thirty days shall be categorized as

thinly traded scrip

Non Traded: If the equity securities are not traded on NSE and BSE for a period of thirty

days prior to the valuation date, the scrip must be treated as `non-traded' scrip.

price shall be used, provided such day is not more than thirty days prior to the valuation

date.

Thinly traded/ Non-

basis of the valuation principles laid down below:

Based on the latest available Balance Sheet, net worth shall be calculated as follows:

a) Net Worth per share = [Share Capital+ Reserves (excluding Revaluation Reserves)

Misc. expenditure and Debit Balance in P&L A/c] Divided by Number of Paid up Shares.

b) Average capitalization rate (P/E ratio) for the industry based upon either BSE or NSE

data (which should be followed consistently and changes, if any noted with proper

justification thereof) shall be taken and discounted by 75% i.e. only 25% of the Industry

average P/E shall be taken as capitalization rate (P/E ratio). Earnings per share (EPS)

of the latest audited annual accounts will be considered for this purpose.

c) Management to evaluate impact on valuation of thinly traded/non traded equity

d) The value as per the net worth value per share and the capital earning value

calculated as above shall be averaged and further discounted by 10% for ill-liquidity so

as to arrive at the fair value per share.

e) In case the EPS is negative, EPS value for that year shall be taken as zero for arriving

at capitalized earning.

f) In case where the latest balance sheet of the company is not available within nine

months from the close of the year, unless the accounting year is changed, the shares of

such companies shall be valued at zero.

g) In case an individual security accounts for more than 5% of the total assets of the

scheme, an independent valuer shall be appointed for the valuation of the said security.

To determine if a security accounts for more than 5% of the total assets of the scheme

, it should be valued by the procedure above and the proportion which it bears to the

total net assets of the scheme to which it belongs would be compared on the date of

valuation.

Preference Shares

Non-traded preference shares should be valued in good faith depending upon the type

of the preference share and after considering illiquidity discount, if any.

Unlisted Equity

These guidelines are similar to the guidelines issued by SEBI for non-traded / thinly

traded securities mentioned above except the following:

Computation of Net worth per share as lower of (i) and (ii):

(i) Net worth of the company = Paid up share capital + Reserves other than Revaluation

reserve - Miscellaneous expenditure not written off or deferred revenue expenditure,

intangible assets and accumulated losses / Number of Paid up Shares

(ii) Net worth of the company = Paid up capital + Consideration on exercise of

Option/Warrants received/receivable by the company + free reserves other than

Revaluation reserve Miscellaneous expenditure not written off or deferred revenue

expenditure, intangible assets and accumulated losses / {Number of paid-up shares +

number of shares that would be obtained on conversion/exercise of outstanding

warrants and options}.

If the net worth of the company is negative, the share should be marked down to Zero.

a) Average capitalization rate (P/E ratio) for the industry based upon either BSE or NSE

data (which should be followed consistently and changes, if any, noted with proper

justification thereof) shall be taken and discounted by 75% i.e. only 25% of the Industry

average P/E shall be taken as capitalization rate (P/E ratio). Earnings per share of the

latest audited annual accounts will be considered for this purpose.

b) The value as per the Net Worth value per share and the capital earning value

calculated as above shall be averaged and further discounted by 15 per cent for

illiquidity so as to arrive at the fair value per share.

c) Computation of fair value per share to be considered for valuation at 15 % discount

for illiquidity. [(Net worth per share + Capitalized value of EPS) / 2] * 0.85

The above valuation methodology shall be subject to the following conditions:

a. All calculations shall be based on audited accounts. Management to evaluate impact

on valuation of thinly traded/non-traded equity investments if there are qualification in

b. If the latest Balance Sheet of the company is not available within nine months from

the close of the year, unless the accounting year is changed, the shares of such

companies shall be valued at zero.

c. If the Net Worth of the company is negative, the share would be marked down to

zero.

d. In case the EPS is negative, EPS value for that year shall be taken as zero for arriving

at capitalized earning.

e. In case an individual security accounts for more than 5 per cent of the total assets of

the scheme, an independent valuer shall be appointed for the valuation of the said

security. To determine if a security accounts for more than 5 per cent of the total assets

of the scheme, it shall be valued in accordance with the procedure as mentioned above

on the date of valuation.

At the discretion of the AMC and with the approval of the trustees, an unlisted equity

share may be valued at a price lower than the value derived using the aforesaid

methodology.

Partly Paid-up Equity

Traded

If the partly paid-up equity shares are traded in market separately then the same shall

be valued at traded price (like any other equity instrument).

Non Traded

Non-traded partly paid-up equity shares shall be valued at Underlying Equity price as

reduced by the balance call money payable or zero, whichever is higher.

Right Shares

Traded:

Non

Traded/Unliste

d/Thinly Traded

If If the rights are traded, then the traded price will be considered for valuation.

Thinly Traded:

and trading amount of Rs 5,00,000/- during a period of thirty days shall be

categorized as thinly traded scrip

Non Traded: If the equity securities are not traded on NSE and BSE for a period of

thirty days prior to the valuation date, the scrip must be treated as `non-traded'

scrip.

Valuations of non-traded/thinly traded/Unlisted rights entitlement, SEBI Regulations

have explained this with the help of following formula:

Vr = n/m * (Pex Pof) Where

Vr = Value of Rights

n = Number of rights offered

m = Number of original shares held

Pex = Ex-right price

Pof = Rights offer price

The following issues while valuing the rights entitlements have to be addressed:

a) In case original shares on which the right entitlement accrues are not traded on the

Stock Exchange, right entitlement should be valued at zero

b) When rights are not treated pari passu with the existing shares such as, restrictions

with regard to dividend etc., suitable adjustment should be made by way of a discount

to the value of rights at the last dividend announced rate.

c) Where right entitlements are not subscribed to but are to be renounced, and where

renouncements are being traded, the right entitlements have to be valued at traded

renunciation value.

d) Where right entitlements are not traded and it is decided not to subscribe the rights,

the right entitlements have to be valued at zero.

e) In case the Rights Offer Price is greater than the ex-rights price, the value of the

rights share is to be taken as zero.

Warrants

Traded

If the warrants are traded, the traded price will be considered for valuation.

Non Traded

In respect of warrants to subscribe for shares attached to instruments, the warrants

can be valued at the value of the share which would be obtained on exercise of the

warrant as reduced by the amount which would be payable on exercise of the warrant.

If the amount payable on exercise of the warrants is higher than the value of the share,

the value of the warrants should be taken as zero.

Value of Warrant =Max [(Price of Underlying Security - Exercise Price), 0]

An illiquidity discount, as appropriate shall be taken into account for valuation.

Application Money

for Primary Market

Issue

Application money should be valued at cost up to allotment. Equity securities allotted

and proposed to be listed, but not listed, are to be valued at cost till listing.

Qualified

Institutional

Placement (QIP) /

Follow on Public

Offer

The equity shares allotted through QIP process should be considered on the same lines

as the existing listed equity shares and hence should be valued at the market/traded

price of the existing listed equity shares.

Suspended security

In case trading in an equity security is suspended upto 30 days, then the last traded

price would be considered for valuation of that security.

If an equity security is suspended for more than 30 days, then it would be considered

as non-traded and valued accordingly. In case the price used for valuation is different

from the arrived price using said methodology, the same needs to be approved by

Valuation Committee.

Shares tendered for

Buy-back

On tendering the shares for buyback: Valued normally at the NSE/BSE closing price.

Acceptance of offer: On receipt of the information from the custodian / company, the

quantity accepted would be removed from the holding at the buyback price.

Valuation of Shares

on Merger

In case of merger, if the shares are traded, the traded price will be considered for

valuation.

If the shares of the merged entity are not listed / traded, then valuation of the merged

entity will be decided on case to case basis by the Valuation Committee depending on

tive

companies prior to merger.

Valuation of shares

on De-merger

Both the shares are traded immediately on de-merger- In this case both the shares are

valued at respective traded prices.

Shares of only one company continued to be traded on de-merger- Traded shares are

to be valued at traded price and the non-traded/unlisted shares are to be valued at

traded value on the day before the de merger less value the opening value of traded

security post de-merger. In case value of the share of de-merged company is equal or

in excess of the value of the pre de-merger share, then the non-traded share is to be

valued at zero.

Both the shares are not traded on de-merger- Shares of de-merged companies are to

be valued equal to the pre de merger value up to a period of 30 days from the date of

demerger. The market price of the shares of the de-merged company one day prior to

ex-date can be bifurcated over the de-merged shares. The market value of the shares

can be bifurcated on an appropriate basis in the ratio of cost of shares, proportion of

net worth or any other measure, as per the decision of the Valuation Committee.

In case shares of both the companies are not traded for more than 30 days, these are

to be valued as unlisted security or Valuation Committee shall provide the fair valuation

for the same.

Other corporate action events

In case of any other type of capital corporate action event, the same shall be valued

at fair price, on case to case basis, as may be determined by the Valuation Committee.

Debt & Money Market

instruments

(including Bills

Rediscounting

Deposit Scheme,

Additional Tier I bonds

and Tier 2 bonds

issued under Basel III

framework, Perpetual

Bonds, Debt

Instrument like

subordination to

equity, convertible to

equity upon trigger of

a pre-specified event

until converted to

equity)

Traded/Non

Traded

Irrespective of the residual maturity these securities will be valued at average of

security level prices obtained from valuation agencies.(CRISIL & ICRA)

In case security level prices given by the valuation agencies are not available for a new

security, then such security may be valued at purchase yield on the date of allotment

/purchase.

Valuation of Perpetual Bonds (Other than bonds issued under Basel III framework)

For Valuation purpose, the maturity of all perpetual bonds (Excluding bonds issued

under Basel III framework) shall be treated as 100 years from the date of issuance of

the bond

Valuation of Bonds issued under Basel III framework

For valuation purpose, the deemed residual maturity for Additional Tier I bonds and Tier

2 bonds issued under Basel III framework will be as per SEBI Circular

SEBI/HO/IMD/DF4/CIR/P/2021/034 dated March 22, 2021 and detailed guidelines as per

AMFI Best Practices Guidelines Circular No. 91/ 2020 21 dated March 24, 2021.

TREPS, Reverse Repo,

Corporate Bond Repo,

and Fixed Deposits

with banks

TREPS, Reverse Repo, Corporate Bond Repo with tenor upto 30 days shall be valued at

cost plus accrual. For tenor exceeding 30 days, securities will be valued at average of

security level prices obtained from valuation agencies (CRISIL & ICRA).

Fixed Deposits will be valued at cost plus accrual.

OTC derivatives

including Interest

Rate Swaps (IRS)/

Forward Rate

Agreements (FRA)

The OTC derivatives will be valued at the average of security level price provided by the

valuation agencies (currently CRISIL & ICRA).

Interest Rate Futures

Traded

The exchange traded Interest Rate Futures shall be valued based on the last quoted

closing price on the stock exchange.

Non Traded

The non-traded IRF would be valued at the daily settlement price of the exchange.

Treasury Bills,

Government

Securities, State

Development Loans,

Cash Management

Bills

Traded/Non

Traded

Irrespective of the residual maturity these securities will be valued at average of

security level prices obtained from valuation agencies. (CRISIL & ICRA)

In case security level prices given by the valuation agencies are not available for a

new security then such security may be valued at purchase yield on the date of

allotment / purchase.

Securities with

Call/Put/ Both Call

and Put option:

Securities with call option:

The securities with call option shall be valued at the lower of the value as obtained by

valuing the security to final maturity and valuing the security to call option.

In case there are multiple call options, the lowest value obtained by valuing to the

various call dates and valuing to the maturity date is to be taken as the value of the

instrument.

Securities with Put option:

The securities with put option shall be valued at the higher of the value as obtained by

valuing the security to final maturity and valuing the security to put option.

In case there are multiple put options, the highest value obtained by valuing to the

various put dates and valuing to the maturity date is to be taken as the value of the

instruments.

Any put option inserted subsequent to the issuance of the security shall not be

considered for the purpose of valuation and original terms of the issue will be

considered for valuation

Securities with both Put and Call option on the same day:

Only securities with put / call options on the same day and having the same put and

call option price, shall be deemed to mature on such put / call date and shall be valued

accordingly. In all other cases, the cash flow of each put / call option shall be evaluated

and the security shall be valued on the following basis:

compared with price to other put options and maturity price.

lowest when

compared with price to other call options and maturity price.

valuation would be done to maturity price. In case one Trigger Date is available, then

valuation would be done as to the said Trigger Date. In case both Trigger Dates are

available, then valuation would be done to the earliest date

If a put option is not exercised by a Mutual Fund when exercising such put option would

have been in favour of the scheme, then:

• The justification for not exercising the put option will be provided to the

Valuation Committee, Valuation Agencies, Board of AMC and Trustees on or

before the last date of the notice period.

• For such cases with multiple put option, the valuation agency shall not take

into account the remaining put options for the purpose of valuation of the

security.

valuation price ignoring the put option under evaluation is more than the contractual

yield/coupon rate by 30 basis points.

Below Investment

Grade / Default

securities

Traded/Non

Traded

long term rating of the security issued by a SEBI registered Credit Rating Agency (CRA)

is below BBB- or if the short term rating of the security is below A3.

principal amount has not been received, on the day such amount was due or when such

In this respect, AMC shall promptly inform to the valuation agencies and the CRAs, any

instance of non-receipt of payment of interest and / or principal amount (part or full)

in any security.

All money market and debt securities which are rated below investment grade/Default

shall be valued at the average of security level prices provided by valuation agencies.

Till such time the valuation agencies compute the valuation of money market and debt

securities classified as below investment grade, such securities shall be valued on the

basis of indicative haircuts provided by these agencies. These indicative haircuts shall

be applied on the date of credit event i.e. migration of the security to sub-investment

grade and shall continue till the valuation agencies compute the valuation price of such

securities. Further, these haircuts shall be updated and refined, as and when there is

availability of material information which impacts the haircuts.

a) Consideration of Traded Price for Valuation

In case of trades during the interim period between date of credit event and receipt of

valuation price from valuation agencies, AMCs shall consider such traded price for

valuation if it is lower than the price post standard haircut. The said traded price shall

be considered for valuation till the valuation price is determined by the valuation

agencies.

In case of trades after the valuation price is computed by the valuation agencies as

referred above and where the traded price is lower than such computed price, such

traded price shall be considered for the purpose of valuation and the valuation price

may be revised accordingly.

The trades referred above shall be of a minimum size as determined by valuation

agencies.

Any deviation from the hair cut or valuation price for such securities should be approved

by the Valuation Committee.

b)Treatment of accrued interest/ future interest accrual

The indicative haircut that has been applied to the principal should be applied to any

accrued interest.

In case of securities classified as below investment grade but not default, interest

accrual may continue with the same haircut applied to the principal. In case of securities

classified as default, no further interest accrual shall be made.

c)Treatment for future recovery for both principal or interest

Any recovery shall first be adjusted against the outstanding interest recognized in the

NAV and any balance shall be adjusted against the value of principal recognized in the

NAV.

Any recovery in excess of the carried value (i.e. the value recognized in NAV) should

then be applied first towards amount of interest written off and then towards amount

of principal written off.

Derivative Products

Equity / Index Options Derivatives

(i) Market values of traded open option contracts shall be determined with respect to

the exchange on which contracted originally, i.e., traded option contracted on the

National Stock Exchange (NSE) would be valued at the settlement price on the NSE.

The price of the same option series on the Bombay Stock Exchange (BSE) shall not be

considered for the purpose of valuation, unless the option itself has been contracted on

the BSE. Thus; traded option shall be valued at the settlement price provided by the

respective Stock Exchanges.

(ii) When a security is not traded on the respective stock exchange on the date of

valuation, then the settlement price / any other derived price provided by the respective

stock exchange shall be considered for valuation.

Equity / Index Futures Derivatives

(i) Market values of traded futures contracts shall be determined with respect to the

exchange on which contracted originally, i.e., traded futures position contracted on the

National Stock Exchange (NSE) would be valued at the settlement price on the NSE.

The price of the same futures contract on the Bombay Stock Exchange (BSE) shall not

be considered for the purpose of valuation, unless the futures contract itself has been

contracted on the BSE. Thus; traded futures contracts shall be valued at the settlement

price provided by the respective Stock Exchanges.

(ii) When a security is not traded on the respective stock exchange on the date of

valuation, then the settlement price / any other derived price provided by the respective

stock exchange shall be considered for valuation.

Mutual Fund Units

and Exchange Traded

Funds (ETFs)

Listed &

Traded

At the closing traded price as on the valuation date

Unlisted &

Listed but not

Traded

At the last available NAV as per the AMFI website.

Overseas Mutual

Fund Units

The valuation of the investment in overseas Mutual Fund Units will be based on the

latest available NAV of the Underlying Fund on the date of the valuation.

On the valuation day, all the assets and liabilities in foreign currency will be valued in

Indian Rupees based on Foreign Exchange rate which will be the RBI Reference rate as

at the close of the Banking hours on that day in India. In case the RBI reference rate is

not available, Foreign Exchange rate quoted on Bloomberg/Reuters around India

markets close time (which is currently around 3:30 p.m. IST) shall be considered. The

Trustees/AMC reserves the right to change the source for determining the exchange

rate. The reasons for the change in the source for determining the exchange rate will

be recorded in writing. The Rupee value of Investments valued in the manner described

above and other assets and liabilities represented in foreign currency shall be obtained

by multiplying the aforesaid rate

Units of InvITs/REITs

Traded

The units of InvITs and REITs will be valued at the closing price at the principal stock

exchange.

If units are not traded on principal stockk exchange on a particular valuation day, the

closing price on any other stock exchange where units are traded will be used.

If units are not traded on any stock exchange on a particular valuation day, then closing

price at which it traded on the principal stock exchange or any other stock exchange,

as the case may be, on the earliest previous day will be used provided such date is not

more than 30 days prior to valuation date.

Further, on the date of listing, if the units of REITs and InvITs are not traded then the

units will be valued at the purchase price / allotted price or at the traded price for the

next 30 days.

Unlisted/ Non

Traded

Where units of InvITs and REITs are not traded on any stock exchange for a continuous

period of 30 days then the valuation for such units of InvIT and REIT will be determined

based on the price provided by an independent valuation agency(s). Where the

valuation of units of InvIT and ReIT is not available from any independent valuation

agency(s), the valuation will be determined by the fund manager or research analyst

based on the principles of fair valuation. The same shall be approved by the valuation

committee. The valuation derived as above will be reviewed at a frequency of 30 days.

Convertible

Debentures/Bonds

Traded/Non-

Traded

a) Traded Securities In case Compulsorily Convertible Debenture (CCD) are qualified as

traded then they would be valued as per the valuation guidelines applicable to equity

shares i.e. valued on closing traded price similar to equity shares. The value of CCD so

derived, shall be treated as dirty price of the CCD and accordingly valuation will be

done.

Non-Traded/ Thinly Traded

b) Thinly Traded / Non-Traded / Unlisted Securities The non-convertible and

convertible components will be valued separately:

(i) Non-convertible component of CCD will be valued on the same basis as would be

applicable to debt instrument.

(ii) Convertible component of CCD would be valued at the value of the equity share

which would be obtained on conversion, further appropriate discount for illiquidity

should be applied. The illiquidity percentage will be decided by the Valuation Committee

on a case- to-case basis. Valuation guidelines related to equity shares would be

applicable for the valuation of underlying equity shares.

c) If security level valuation (SLV) price of CCD is provided by the valuation agencies,

appointed by AMFI, then the same will be used for valuation.

d) The Valuation Committee may in specific cases decide to use a different method for

valuation of CCD by assigning reasons thereof:

Inter scheme

Transfers

Debt and related Securities

i) The AMC shall seek prices for IST of any money market or debt security (irrespective

of maturity), from the valuation agencies i.e CRISIL & ICRA.

ii) If prices from the valuation agencies are received within the pre-agreed TAT, an

average of the prices so received shall be used for IST pricing.

iii) If price from only one valuation agency is received within the agreed TAT, that price

may be used for IST pricing.

iv) If prices are not received from any of the valuation agencies within the agreed TAT,

AMCs shall determine the price for the IST, in accordance with Clause 3 (a) of Seventh

Schedule of SEBI (Mutual Funds) Regulations, 1996.

Equity Securities

Inter-scheme transfer of equity securities would be effected at the prevailing spot

market price of the security at the time the transfer is effected.

For this purpose, at the time of effecting the inter-scheme transfer, a record of the

prices for the security quoted in the relative stock exchange (i.e. NSE/BSE) or Bloomberg

Terminal in which it is traded or reported would be obtained, which would indicate the

date, time and the currently quoted price.

Valuation of Upfront

fees

(a) Upfront fees on all trades (including primary market trades) by whatever name

called, would be considered by the valuation agencies for the purpose of valuation of

the security

(b) Details of such upfront fees would be shared on the trade date with the valuation

agencies as part of the trade reporting to enable them to arrive at the fair valuation for

that date.

investment in the scheme that made the investment.

(d) In case upfront fees are received across multiple schemes, then such upfront fees

would be shared on a pro rata basis across such schemes.

Valuation of Gold

The gold held by a gold exchange traded fund scheme shall be valued at the AM fixing

price of London Bullion Market Association (LBMA) in US dollars per troy ounce for

gold having a fineness of 995.0 parts per thousand, subject to the following:

a) adjustment for conversion to metric measure as per standard conversion rates;

b) adjustment for conversion of US dollars into Indian rupees as per the RBI reference

rate declared by the Foreign Exchange Dealers Association of India (FEDAI); and

c)Addition of-

(i) transportation and other charges that may be normally incurred in bringing

such gold from London to the place where it is actually stored on behalf of the

mutual fund; and

(ii) notional customs duty and other applicable taxes and levies that may be

normally incurred to bring the gold from the London to the place where it is

actually stored on behalf of the mutual fund;

Provided that the adjustment under clause (c) above may be made on the basis of a

notional premium that is usually charged for delivery of gold to the place where it is

stored on behalf of the mutual fund;

Provided further that where the gold held by a gold exchange traded fund scheme has

a greater fineness, the relevant LBMA prices of AM fixing shall be taken as the

reference price under this sub-paragraph.

If the gold acquired by the gold exchange traded fund scheme is not in the form of

standard bars, it shall be assayed and converted into standard bars which comply with

the good delivery norms of the LBMA and thereafter valued in terms of above sub-

paragraph.

If on any day the LBMA AM fixing or RBI reference rate is not available due to holiday,

the value of gold.

The Trustee reserves the right to change the source (centre) for determining the

exchange rate. The AMC shall record in writing the reason for change in the source for

determining the exchange rate.

Premium or discount shall be applied to the valuation price arrived as per above

methodology to ensure it reflects the fair value. The premium / discount shall be

determined daily. The premium / discount shall be decided by comparing the domestic

price i.e. MCX spot price with the valuation price. In case MCX spot price is not available,

any other appropriate source may be used as agreed upon by valuation committee to

determine the domestic price.

Indian Depository

Receipts

Traded

Valuation of IDRs listed on the India Stock Exchange would follow the valuation

guidelines adopted for the Listed Indian Equity Shares.

Non-Traded/

Thinly Traded

In case the IDRs are classified as thinly traded / non-traded, the criteria, as laid above

for Listed Indian Equity Shares shall be applied taking into consideration the relevant

Foreign Securities

(Equities/ADRs/GDRs)

Any security issued outside India and listed on the stock exchanges outside India shall

be valued at the closing price on the stock exchange at which it is listed. However, in

case a security is listed on more than one stock exchange, the AMC reserves the right

to determine the stock exchange, the price of which would be used for the purpose of

valuation of that security and the reason for the selection will be recorded in writing.

Any subsequent change in the reference stock exchange used for valuation will be

backed by reasons for such change being recorded in writing by the AMC. Further in

case of extreme volatility in the overseas markets, the securities listed in those markets

may be valued on a fair value basis.

If a significant event has occurred after security prices were established for the

computation of NAV of the scheme, the AMC reserves the right to value the said

securities on fair value basis.

When on a particular valuation day, a security has not been traded on the selected stock

exchange; the value at which it is traded on another stock exchange or last quoted

closing price on selected stock exchange shall be used provided such date is not more

than thirty days prior to the valuation date. If the same is not available, fair value pricing

will be used.

In case of investment in foreign debt securities, on the valuation day, the securities shall

be valued in line with the valuation norms specified by SEBI for Indian debt securities.

However, in case valuation for a specific debt security is not covered by the SEBI

Regulations, then the security will be valued on fair value basis.

Due to difference in time zones of different markets, in case the closing prices of

securities are not available within a given time frame to enable the AMC to upload the

NAV for a valuation day, the AMC may use the previous day price or the last available

traded price as may be warranted / for the purpose of valuation.

On valuation date, all assets and liabilities in foreign currency shall be valued in Indian

Rupees at the RBI reference rate as at the close of banking hours on the relevant

business day in India. For Currencies where RBI reference rate is not available,

Bloomberg / Reuters shall be used. The Valuation Committee reserves the right to

change the source for determining the exchange rate.

Non -traded ADR /GDRs shall be valued after considering prices/ issue terms of

underlying security. Valuation Committee shall decide the appropriate discount for

illiquidity. Non- traded foreign security shall be valued by AMC at fair value after

considering relevant factors on case to case basis.

Corporate Action (Foreign Security): In case of any corporate action event, the same

shall be valued at fair price on case to case basis as may be determined by the Valuation

Committee in consultation with Independent advisors (if required).

Units of Alternative

Investment Fund

Units of Alternative Investment Fund (AIF) shall be valued based on the latest Net Asset

Value ("NAV") per unit by the respective Investment Manager.

1 Waterfall approach for valuation of money market and debt securities

SEBI, vide circular no. SEBI/HO/IMD/DF4/CIR/P/2019/102 dated September 24, 2019 on Valuation of money market and

debt securities, has laid down the broad principles for considering traded yields for the purpose of valuation of money

market and debt securities. The said circular prescribe AMFI to ensure valuation agencies have a documented waterfall

approach for valuation of Debt and Money Market securities.

As prescribed by AMFI in guidelines issued in circular no 83/2019-20 on November 18, 2019, the following shall be the

broad sequence of the waterfall for valuation of money market and debt securities:

1) Volume Weighted Average Yield (VWAY) of primary reissuances of the same ISIN (whether

through book building or fixed price) and secondary trades in the same ISIN;

2) VWAY of primary issuances through book building of same issuer, similar maturity (Refer Note 1 below);

3) VWAY of secondary trades of same issuer, similar maturity;

4) VWAY of primary issuances through fixed price auction of same issuer, similar maturity;

5) VWAY of primary issuances through book building of similar issuer, similar maturity (Refer Note 1 below);

6) VWAY of secondary trades of similar issuer, similar maturity;

7) VWAY of primary issuance through fixed price auction of similar issuer, similar maturity;

8) Construction of matrix (polling may also be used for matrix construction);

9) In case of exceptional circumstances, polling for security level valuation (Refer Note 2 below)

Note 1

Except for primary issuance through book building, polling shall be conducted to identify outlier trades. However, in

case of any issuance through book building which is less than INR 100 Cr, polling shall be conducted to identify outlier

trades.

Note 2

Some examples of exceptional circumstance would be stale spreads, any event/news in particular sector/issuer,

rating changes, high volatility, corporate action or such other event as may be considered by valuation agencies.

Here stale spreads are defined as spreads of issuer which were not reviewed/updated through trades/primary/polls

in same or similar security/issuers of same/similar maturities in waterfall approach in last 6 months. Further, the

exact details and reasons for the exceptional circumstances which led to polling shall be documented and reported

to AMCs. Further, a record of all such instances shall be maintained by AMCs and shall be subject to verification

during SEBI inspections.

Note 3

All trades on stock exchanges and trades reported on trade reporting platforms till end of trade reporting time

(excluding Inter-scheme transfers) should be considered for valuation on that day.

Note 4

It is understood that there are certain exceptional events, occurrence of which during market hours may lead to

significant change in the yield of the debt securities. Hence, such exceptional events need to be factored in while

calculating the price of the securities. Thus, for the purpose of calculation of VWAY of trades and identification of

outliers, on the day of such exceptional events, rather than considering

whole day trades, only those trades shall be considered which have occurred post the event (on the same day).

The following events would be considered as exceptional events:

i. Monetary/Credit Policy

ii. Union Budget

iii. Government Borrowing/ Auction Days

iv. Material Statements on Sovereign Rating

v. Issuer or Sector Specific events which have a material impact on yields

vi. Central Government Election Days

vii. Quarter end days

In addition to the above, valuation agencies may determine any other event as an exceptional event. All exceptional

events along-with valuation carried out on such dates shall be documented with adequate justification.

Definition of tenure buckets for Similar Maturity

When a trade in the same ISIN has not taken place, reference should be taken to trades of either the same issuer

or a similar issuer, where the residual tenure matches the tenure of the bond to be priced. However, as it may not

be possible to match the exact tenure, it is proposed that tenure buckets are created and trades falling within

such similar maturity be used as per table below:

Residual Tenure of Bond to be priced

Criteria for similar maturity

Upto 1 month

Calendar Weekly Bucket

Greater than 1 month to 3 months

Calendar Fortnightly Bucket

Greater than 3 months to 1 year

Calendar Monthly Bucket

Greater than 1 year to 3 years

Calendar Quarterly Bucket

Greater than 3 years

Calendar Half Yearly or Greater Bucket

In addition to the above:

a. In case of market events, or to account for specific market nuances, valuation agencies may be permitted to vary

the bucket in which the trade is matched or to split buckets to finer time periods as necessary. Such changes shall

be auditable. Some examples of market events / nuances include cases where traded yields for securities with

residual tenure of less than 90 days and more than 90 days are markedly different even though both may fall

within the same maturity bucket, similarly for less than 30 days and more than 30 days or cases where yields for

the last week v/s second last week of certain months such as calendar quarter ends can differ.

b. In the case of illiquid/ semi liquid bonds, it is proposed that traded spreads be permitted to be used for longer

maturity buckets (1 year and above). However, the yield should be adjusted to account for steepness of the yield

curve across maturities.

c. The changes/deviations mentioned in clauses a and b, above, should be documented, along with the detailed

rationale for the same. Process for making any such deviations shall also be recorded. Such records shall be

preserved for verification.

Process for determination of similar issuer

Valuation agencies shall determine similar issuers using one or a combination of the following criteria. Similar

issuer do not always refer to issuers which trade at same yields, but may carry spreads amongst themselves &

move in tandem or they are sensitive to specific market factor/s hence warrant review of spreads when such

factors are triggered.

i. Issuers within same sector/industry and/or

ii. Issuers within same rating band and/or

iii. Issuers with same parent/ within same group and/or

iv. Issuers with debt securities having same guarantors and/or

v. Issuers with securities having similar terms like Loan Against Shares (LAS)/ Loan Against Property

(LAP)

The above criteria are stated as principles and the final determination on criteria, and whether in combination

or isolation shall be determined by the valuation agencies. The criteria used for such determination should be

documented along with the detailed rationale for the same in each instance. Such records shall be preserved

for verification. Similar issuers which trade at same level or replicate each other's movements are used in

waterfall approach for valuations. However, similar issuer may also be used just to trigger the review of

spreads for other securities in the similar issuer category basis the trade/news/action in any security/ies within

the similar issuer group.

Recognition of trades and outlier criteria

i. Volume criteria for recognition of trades (marketable lot)

Paragraph 1.1.1.1(a) of SEBI vide circular no. SEBI/HO/IMD/DF4/CIR/P/2019/102 dated September 24, 2019

on Valuation of money market and debt securities, prescribes that the marketable lots shall be defined by

AMFI, in consultation with SEBI. In this regard, marketable lot is defined as under. The following volume

criteria shall be used for recognition of trades by valuation agencies.

Parameter

Minimum Volume Criteria for marketable lot

Primary

INR 25 cr for both Bonds/NCD/CP/ CD and other money market

instruments

Secondary

INR 25 cr for CP/ CD, T-Bills and other money market instruments

Secondary

INR 5 Cr for Bonds/NCD/ G-secs

Trades not meeting the minimum volume criteria i.e. the marketable lot criteria as stated above shall be

ignored.

ii. Outlier criteria

It is critical to identify and disregard trades which are aberrations, do not reflect market levels and may

potentially lead to mispricing of a security or group of securities. Hence, the following broad principles

would be followed by valuation agencies for determining outlier criteria.

a. Outlier trades shall be classified on the basis of liquidity buckets (Liquid, Semiliquid, Illiquid). Price

discovery for liquid issuers is generally easier than that of illiquid issuers and hence a tighter pricing band

as compared to illiquid issuers would be appropriate.

b. The outlier trades shall be determined basis the yield movement of the trade, over and above the yield

movement of the matrix. Relative movement ensures that general market movements are accounted for in

determining trades that are outliers. Hence, relative movement over and above benchmark movement shall

be used to identify outlier trades.

c. Potential outlier trades which are identified through objective criteria defined above will be validated

through polling from market participants. Potential outlier trades that are not validated through polling

shall be ignored for the purpose of valuation.

d. The following criteria shall be used by valuation agencies in determining Outlier Trades

Liquidity Classification

Bps Criteria (Yield movement over Previous Day yield after accounting for

yield movement of matrix)

Up to 15 days

15-30 days

Greater than 30 days

Liquid

30 bps

20 bps

10 bps

Semi-Liquid

45 bps

35 bps

25 bps

Illiquid

70 bps

50 bps

35 bps

The above criteria shall be followed consistently and would be subject to review on a periodic basis by valuation

agencies and any change would be carried in consultation with AMFI.

e. In order to ensure uniform process in determination of outlier trades the criteria for liquidity classification

shall be as detailed below.

Liquidity classification criteria - Liquid, semi-Liquid and Illiquid definition

Valuation agencies shall use standard criteria for classifying trades as Liquid, Semi-Liquid and illiquid basis the

following two criteria

a. Trading Volume

b. Spread over reference yield

Such criteria shall be reviewed on periodic basis in consultation with AMFI.

Trading Volume (Traded days) based criteria:

Number of unique days an issuer trades in the secondary market or issues a new security in the primary market

in a calendar quarter

• Liquid→ >=50% of trade days

• Semi liquid → >=10% to 50% trade days

• Illiquid→ <10% of the trade days

Spread based criteria:

Spread over the matrix shall be computed and based on thresholds defined, issuers shall be classified as

liquid, semi liquid and illiquid. For bonds thresholds are defined as upto 15 bps for liquid; >15-75 bps for

semi-liquid; > 75 bps for illiquid. (Here, spread is computed as average spread of issuer over AAA Public Sector

Undertakings/Financial Institutions/Banks matrix), For CP/ CD- upto 25 bps for liquid; >25-50 bps for

semiliquid; > 50 bps for illiquid. (Here, spread is computed as average spread of issuer over A1+/AAA CD Bank

matrix). The thresholds shall be periodically reviewed and updated having regard to the market.

The best classification (liquid being the best) from the above two criteria (trading volume and spread based)

shall be considered as the final liquidity classification of the issuer. The above classification shall be carried

out separately for money market instruments (CP/ CDs) and bonds.

Process for construction of spread matrix

Valuation agencies shall follow the below process in terms of calculating spreads and constructing the matrix:

Steps

Detailed Process

Step 1

Segmentation of corporates:

The entire corporate sector is first categorized across following four sectors i.e. all the corporates

will be catalogued under one of the below mentioned bucket:

1. Public Sector Undertakings/ Financial Institutions/Banks;

2. Non-Banking Finance Companies -except Housing Finance Companies;

3. Housing Finance Companies;

4. Other Corporates

Step 2

Representative issuers

For the aforesaid 4 sectors, representative issuers (Benchmark Issuers) shall be chosen by the

valuation agencies for only higher rating (I.e. "AAA" or AA+). Benchmark/Representative Issuers will

be identified basis high liquidity, availability across tenure in AAA/AA+ category and having lower

credit/liquidity premium. Benchmark Issuers can be single or multiple for each sector.

It may not be possible to find representative issuers in the lower rated segments, however in case

of any change in spread in a particular rating segment, the spreads in lower rated segments should

be suitably adjusted to reflect the market conditions. In this respect, in case spreads over

benchmark are widening at a better rated segment, then adjustments should be made across lower

rated segments, such that compression of spreads is not seen at any step. For instance, if there is

widening of spread of AA segment over the AAA benchmark, then there should not be any

compression in spreads between AA and A rated segment and so on.

Step 3

Calculation of benchmark curve and calculation of spread

1. Yield curve to be calculated for representative issuers for each sector for maturities

ranging from 1 month till 20 years and above.

2. Waterfall approach as defined in Part A (1) above will be used for construction of yield

curve of each sector.

3. In the event of no data related to trades/primary issuances in the securities of the

representative issuer is available, polling shall be conducted from market participants

4. Yield curve for Representative Issuers will be created on daily basis for all 4 sectors.

All other issuers will be pegged to the respective benchmark issuers depending on the

sector, parentage and characteristics. Spread over the benchmark curve for each

security is computed using latest available trades/primaries/polls for respective

maturity bucket over the Benchmark Issuer.

5. Spreads will be carried forward in case no data points in terms of

trades/primaries/polls are available for any issuer and respective benchmark

movement will be given

Step 4

1. The principles of VWAY, outlier trades and exceptional events shall be applicable while

constructing the benchmark curve on the basis of trades/primary issuances.

2. In case of rating downgrade/credit event/change in illiquidity or any other material

event in Representative Issuers, new Representative Issuers will be identified. Also, in

case there are two credit ratings, the lower rating to be considered.

3. Residential tenure of the securities of representative issuers shall be used for

construction of yield curve.

Part B : Valuation of G-Secs (T-Bill, Cash management bills, G-Sec and SDL)

The following is the waterfall mechanism for valuation of Government securities:

• VWAY of last one hour, subject to outlier validation

• VWAY for the day (including a two quote, not wider than 5 bps on NDSOM), subject to outlier

validation

• Two quote, not wider than 5 bps on NDSOM, subject to outlier validation

• Carry forward of spreads over the benchmark

• Polling etc

Note:

1. VWAY shall be computed from trades which meet the marketable lot criteria stated in Part A of these

Guidelines.

2. Outlier criteria: Any trade deviating by more than +/- 5 bps post factoring the movement of

benchmark security shall be identified as outlier. Such outlier shall be validated through polling for inclusion

in valuations. If the trades are not validated, such trades shall be ignored.

2 Abnormal situations and market disruptions

Following types of events could be classified as abnormal situations where current market information

may not be available / sufficient for valuation of securities. Given the exceptional nature of the following

events and the lack of clarity on how it would impact the markets, it may not be possible to define a

standard methodology to be adopted for fair valuation of securities for such events.

• Major policy announcements by the Central Bank, the Government or the Regulator;

• Natural disasters or public disturbances that force the markets to close unexpectedly or

functions abnormally;

• Significant volatility in the capital markets;

• Closure of the stock exchange where a particular security is listed;

• Events which lead to lack of availability of accurate or sufficient information to value the

securities.

• Significant illiquidity in fixed income markets.

• Events like sovereign bankruptcy, disruptive political scenarios that may impact the markets.

• Valuation Agencies do not provide valuation for particular security

The above list is illustrative and not exhaustive.

Valuation Committee shall be responsible for monitoring exceptional events and recommending appropriate

valuation methods. Necessary guidance may be sought from the Boards of AMC and Trustee.

3 Deviations from valuation guidelines

• In case the AMC decides to deviate from the valuation price given by the valuation agencies, the detailed

rationale for each instance of deviation shall be recorded by the AMC.

• The rationale for deviation along-with details such as information about the security (ISIN, issuer name,

rating etc.), price at which the security was valued vis-a-vis the price as per the valuation agencies and

the impact of such deviation on scheme NAV (in amount and percentage terms) shall be reported to the

Board of AMC and Trustee.

• The rationale for deviation along with details as mentioned above shall be disclosed immediately and

prominently, under a separate head on the website of the AMC.

• Further, while disclosing the total number of instances of deviation in the monthly and half-yearly

portfolio statements, the AMC will also provide the exact link to its website for accessing information

mentioned above.

4 Valuation of Segregated Portfolio

Based the decision to segregate the debt and money market instrument in accordance with SEBI Master circular,

the valuation should consider the credit event and value the portfolio based on the principles of fair valuation in

terms of relevant provisions of SEBI (Mutual Funds) Regulation, 1996 and circular(s) issued thereafter. Incase of

AT-1 Bonas and Tier 2 Bonds, the financial stress of the issuer and the capabilities of issuer to repay the dues are

considered in the valuation of securities from the trigger date onwards i.e date on which the instruments is to be

written off or converted to equity pursuant to any proposal or otherwise.

Irrespective of the above policy, the valuation committee might adopt valuation principles to align with fair

valuation norms.

COMPUTATION OF NAV

A. Policy of computation of NAV

The Net Asset Value (NAV) per Unit of the options of the Plan(s) under the Scheme will be computed by dividing

the net assets of the options of the Plan(s) under the Scheme by the number of Units outstanding under the options

of the Plan(s) under the Scheme on the valuation date. The Mutual Fund will value its investments according to

the valuation norms, as specified in Schedule VIII of the SEBI (MF) Regulations, or such norms as may be specified

by SEBI from time to time. In case of any conflict between the Principles of Fair Valuation and valuation guidelines

specified by SEBI, the Principles of Fair Valuation shall prevail.

The NAV of the units under each options of the Plan(s) under the Scheme shall be calculated as shown below:

NAV per

Unit

(Rs.)

- Current Liabilities and

Provisions

No. of Units outstanding under each option of the Plan(s) under the Scheme

Separate NAVs will be calculated and announced for each of the Plan(s) & option(s) under the scheme. The NAVs

will be rounded off up to 4 decimal places for the Scheme. The units will be allotted up to 3 decimal places.

subject to such norms and guidelines that SEBI may prescribe from time to time and shall be subject to audit on

an annual basis.

Pursuant to Regulation 49 (3) the repurchase Price of the units of an open ended scheme will not be lower than

95% of the NAV. Any imposition or enhancement of Load in future shall be applicable on prospective investments

only

B. Policy for computation of NAV in foreign securities

Incase of scheme investing in overseas funds, the valuation of the investment in the Units of the Underlying Fund

will be based on the NAV of the Underlying Fund on the date of the valuation converted into Indian Rupees.

Incase of Baroda BNP Paribas Aqua Fund of Fund, as this Scheme invests predominantly in BNP Paribas Funds Aqua

(Lux) (Underlying Fund), the NAV of the scheme will be based on the NAV of the Underlying Fund. Since the NAV of

the Underlying Fund would normally be declared on the next business day, the scheme will declare the NAV of the

day on the next Business Day, based on the NAV of the Underlying Fund.

subject to such norms and guidelines that SEBI may prescribe from time to time and shall be subject to audit on

an annual basis.

Valuation of Foreign Exchange Conversion:

On the valuation day, all the assets and liabilities in foreign currency will be valued in Indian Rupees on the basis

of Foreign Exchange rate which will be the RBI Reference rate as at the close of the Banking hours on that day in

India. In case the RBI reference rate is not available, Foreign Exchange rate quoted on Bloomberg/Reuters around

India markets close time (which is currently around 3:30 p.m. IST) shall be considered. The Trustees/AMC reserves

the right to change the source for determining the exchange rate. The reasons for the change in the source for

determining the exchange rate will be recorded in writing. The Rupee value of Investments valued in the manner

described above and other assets and liabilities represented in foreign currency shall be obtained by multiplying

the aforesaid rate.

C. Procedure in case of delay in disclosure of NAV

(www.amfiindia.com) by 11.00 p.m. (10 am on next business day incase of Fund of Fund scheme) and also on its

website (www.barodabnpparibasmf.in). The NAV shall be calculated for all Business Days. In case of any delay,

the reasons for such delay would also be explained to AMFI & SEBI in writing and the number of such instances

would also be reported to SEBI on a quarterly basis. If the NAVs are not available before the commencement of

business hours of the following day due to any reason, the AMC/Mutual Fund shall issue a press release providing

reasons and explaining when the AMC/Mutual Fund would be able to publish the NAVs. The NAV shall also be

made available to Unit Holders through SMS upon receiving a specific request in this regard on its website.

In case of debt schemes with investment in Corporate Debt Market Development (CDMDF), in the event the NAV

of CDMDF units is not available by 9:30 p.m. of same Business Day, NAV declaration timing for Mutual Fund

Schemes holding units of CDMDF shall be 10 a.m. on next business day instead of 11 p.m. on same Business Day.

IX. TAX & LEGAL AND GENERAL INFORMATION

A. TAXATION ON INVESTING IN MUTUAL FUNDS

I] TAX IMPLICATIONS COMMON FOR EQUITY & DEBT OF FUNDS SCHEMES OF THE MUTUAL FUND

A] In India

As per the taxation laws in force as at the date of the Document, the tax benefits that are available to the investors

investing in the Units of the Plans (on the presumption that the units are not held as stock in trade) are stated as

follows.

The tax benefits described in this Document are as per the provisions of the Income-tax Act, 1961 ( the Act ) as amended

by the Finance Act, 2023, and has come in force from 1 April 2023 (unless specified otherwise).

Baroda BNP Paribas Mutual Fund is a Mutual Fund registered with the Securities & Exchange Board of India and, hence,

the entire income of the Mutual Fund is exempt from income-tax in accordance with the provisions of Section 10(23D)

of the Act.

As per the Finance Act, 2021, dividend distribution tax and income distribution tax has been abolished and the

exemptions under section 10(34) and 10(35) of the Act have been withdrawn with effect from 1 April 2021. The Fund

has taken cognizance of the same and shall assess the impact accordingly.

The information given is included only for general purpose and is based on advice received by the AMC regarding the

law and practice currently in force in India and the investors/ unit holders should be aware that the relevant fiscal rules

or their interpretation may change. As is the case with any investment, there can be no guarantee that the tax position

prevailing at the time of an investment in the Scheme will endure indefinitely.

-18.

In view of the individual nature of tax consequences, each investor/ unit holder is advised to consult his/ her or its own

professional tax advisor.

TAX BENEFITS TO THE MUTUAL FUND

The Mutual Fund will receive all income without any deduction of tax at source under the provisions of Section 196(iv)

of the Act.

However, the Mutual Fund shall be liable to pay securities transaction tax in respect of certain transactions listed under

the Tax Implications of Equity Oriented Scheme

From 1 April 2020, income declared, distributed or paid on or after 1 April 2020 by a mutual fund is taxable in the hands

of the unit holders.

TAX IMPLICATIONS OF UNIT HOLDERS

a. Income-tax

–

Income distributed by the Mutual Fund: All Unit holders

Income received in respect of units of a mutual fund is taxable in the hands of the unit holders as per the rates applicable

to other income as per the First Schedule to the Finance Act, 2023. The income-tax rates for taxation are tabulated

below.

For residents

Individuals, Hindu Undivided

Families (‘HUF’), Association of

Persons (‘AOP’), Body of

Individuals (‘BOI’)

Alternatively, on satisfaction on

certain prescribed conditions, an

individual (resident/non-resident)

or HUF may opt to compute tax in

respect of total income (without

Total income for a tax year

Tax

<= Rs. 2.5 lac

Nil (basic exemption limit

)

> Rs. 2.5 lac and <= Rs. 5

lac

5% of total income exceeding Rs. 2.5 lac

> Rs. 5 lac and <= Rs. 10 lac

Rs. 12,500/- plus 20% of amount exceeding Rs. 5 lac

> Rs. 10 lac

Rs. 1,12,500/- plus 30% of amount exceeding Rs. 10

lac

# Basic exemption limit for resident individuals of the age of 60 years or more is

Rs. 3 lac and for individuals of the age of 80 years or more (very senior citizens) is

Rs. 5 lac.

Rebate from tax upto Rs. 12,500 is available for a resident individual whose total

income is below Rs. 5 lac.

Income

Tax

<= Rs. 3 lac

Nil (basic exemption limit

)

> Rs. 3 lac and <= Rs. 6 lac

5% of total income exceeding Rs. 3 lac

> Rs. 6 lac and <= Rs. 9 lac

Rs. 15,000/- plus 10% of amount exceeding Rs. 6 lac

> Rs. 9 lac and <= Rs. 12 lac

Rs. 45,000/- plus 15% of amount exceeding Rs. 9 lac

considering prescribed

exemptions/ deductions)

> Rs. 12 lac and <= Rs. 15

lac

Rs. 90,000/- plus 20% of amount exceeding Rs. 12

lac

> Rs. 15 lac

Rs. 1,50,000/- plus 30% of amount exceeding Rs. 15

lac

An individual/ HUF, having no business or professional income, can exercise his

option of choosing tax regime, every year, based on his deductions.

An individual/ HUF, having income from business or professional, can exercise his

option for the new tax regime, only once and the option once exercised, for a

previous year shall be valid for that previous year and all subsequent years.

The option can be withdrawn once in lifetime where it was exercised by the

Individual/ HUF having business income in the previous year other than the year

in which it was exercised except where Individual/ HUF ceases to have any business

income.

Rebate from tax upto Rs. 25,000 is available for a resident individual whose total

income is below Rs. 7 lac. Further, the concept of marginal rebate has been

introduced under section 87A, if the total income marginally exceeds Rs. 7 lac.

Partnerships (including Limited

Liability Partnerships)[‘LLP’]

30%

Resident companies

Turnover <= Rs. 400 crores

(turnover or gross receipts in FY

2021-22)

25%

Other Companies

30%

Alternate regime for Indian

companies (subject to certain

conditions)

22%

Domestic companies engaged in

manufacturing activities (subject

to certain conditions)

15%

Co-operative society

Existing regime

Income

Tax

< = Rs. 10,000

10%

> Rs. 10,000 and = < Rs. 20,000

Rs. 1,000/- plus 20% of amount exceeding Rs. 10,000

> Rs. 20,000

Rs. 3,000/- plus 30% of amount exceeding Rs. 20,000

Alternate regime for Indian co-

operative societies (subject to

certain conditions)

22%

Domestic co-operative societies

engaged in manufacturing

activities (subject to certain

conditions)

15%

For non-resident

Non-resident Indians

Alternatively, on satisfaction on

certain prescribed conditions, an

individual non-resident may opt to

compute tax in respect of total

income (without considering

prescribed exemptions/

deductions)

Total income for a tax

year:

Tax

<= Rs. 2.5 lac

Nil (basic exemption limit)

> Rs. 2.5 lac and <= Rs. 5 lac

5% of total income exceeding Rs. 2.5 lac

> Rs. 5 lac and <= Rs. 10 lac

Rs. 12,500/- plus 20% of amount exceeding Rs. 5

lac

> Rs. 10 lac

Rs. 1,12,500/- plus 30% of amount exceeding Rs. 10

lac

Income

Tax

<= Rs. 3 lac

Nil (basic exemption limit)

> Rs. 3 lac and <= Rs. 6 lac

5% of total income exceeding Rs. 3 lac

> Rs. 6 lac and <= Rs. 9 lac

Rs. 15,000/- plus 10% of amount exceeding Rs. 6 lac

> Rs. 9 lac and <= Rs. 12 lac

Rs. 45,000/- plus 15% of amount exceeding Rs. 9 lac

> Rs. 12 lac and <= Rs. 15

lac

Rs. 90,000/- plus 20% of amount exceeding Rs. 12

lac

> Rs. 15 lac

Rs. 1,50,000/- plus 30% of amount exceeding Rs. 15

lac

Investor [‘FPI’] (includes Foreign

Institutional Investor and QFI's)

20%

Foreign Companies

20%*/ 40%

*The rate of 20% shall be on the income received in respect of units, purchased in foreign currency

Note: The above rates are to be increased by the surcharge rate and health and education cess as mentioned in Annexure

1, except for companies/ co-operative societies opting for alternate regime or engaged in manufacturing activities

(section 115BAA, section 115BAB, section 115BAD, section 115BAE), wherein the rate shall be increased by surcharge @

10% on tax + cess @ 4% on (tax + surcharge).

However, in case of non-resident investor (including FPI) who is a resident of a country with which India has signed a

Double Taxation Avoidance Agreement ['DTAA'] (which is in force), income tax is payable at the rate provided in the Act

or the rate provided in the said agreement, whichever is more beneficial to such non-resident investor.

For non-residents claiming such tax treaty benefits, it is mandatory to obtain a tax residency certificate (‘TRC’) from the

home country tax authority. Further, the non-residents would also be required to furnish additional information in

electronically filed Form no. 10F along with the TRC. The investors should obtain specific advice from their tax

advisors regarding the availability of the tax treaty benefits.

–

Tax Deduction at Source on income distributed:

All Unit holders: From 1 April 2020, since the exemption under section 10(35) is discontinued vide Finance Act 2020 and

due to amendment of section 194K and 196, income distributed by mutual fund is subject to tax withholding at source.

Resident unit holders: As per section 194K, any person responsible for paying to a resident any income, other than

income is in the nature of capital gains and where such income does exceed Rs. 5,000, in respect of units of a Mutual

Fund specified under section 10(23D) shall withheld income tax at the rate of 10%.

Non-resident unit holders: As per section 196A, any person responsible for paying to a non-resident, not being a

company, or to a foreign company, any income in respect of units of a Mutual Fund specified under section 10(23D) shall

withhold income tax at the rate of 20%.

The above rates are to be increased by the surcharge rate and health and education cess as mentioned in Annexure 1.

–

Bonus stripping: All Unit holders

Additionally, as per sub clause (8) to section 94 of the Act, wherein in case of units purchased within a period of three

months prior to the record date for entitlement of bonus and sold within nine months after the record date, the loss

arising on transfer of original units shall be ignored for the purpose of computing the income chargeable to tax. The loss

so ignored shall be treated as cost of acquisition of such bonus units.

–

Other Benefits

o Investments in Units of the Mutual Fund will rank as an eligible form of investment under Section 11(5) of the Act

read with Rule 17C of the Income-tax Rules, 1962, for Religious and Charitable Trusts.

o Individuals and HUF can claim deduction from total income, under a section 80C of the Act, in respect of specified

investments made during the year upto Rs. 150,000.

b. Wealth-tax: Wealth tax has been abolished with effect from 1 April 2015.

B] Overseas

The Mutual Fund proposes to invest in overseas securities. Buying, holding or selling securities in the overseas

jurisdictions may crehate tax consequences for the Mutual Fund and/ or the unit holders of the Mutual Fund which

needs to be analysed and paid based on the applicable tax laws of the relevant overseas jurisdiction including the

applicable provisions of the DTAA between that overseas jurisdiction and India.

II] TAX IMPLICATIONS OF INVESTING IN THE UNITS OF THE EQUITY ORIENTED SCHEME OF THE MUTUAL FUND

Mutual Fund is not liable to pay distribution tax on the income distributed. However, it is liable to deduct TDS on the

income distribution as per the provisions of the Act as mentioned above.

The Mutual Fund shall be liable to pay securities transaction tax in respect of certain transactions listed hereunder:

Nature of Transaction

Payable

Value on which tax shall be

levied

Rates (%)

Delivery based purchase transaction in equity-oriented

fund entered in a recognized stock exchange

Purchaser

Value at which shares are bought

Nil

Delivery based sale transaction in units of equity-

oriented fund entered in a recognized stock exchange

Seller

Value at which units are sold

0.001

Non-delivery based sale transaction in units of equity

oriented fund entered in a recognized stock exchange.

Seller

Value at which shares / units are

sold

0.025

Sale of units of an equity-oriented fund to the mutual

fund

Seller

Value at which units are sold

0.001

Sale or surrender or redemption of a unit of an equity-

oriented fund to an insurance company, on maturity or

partial withdrawal, with respect to unit linked insurance

policy issued by such insurance company on or after the

first day of February, 2021

Seller

Maturity/ Withdrawal value

0.001

Equity oriented fund means a fund:

From 1 April 2018, equity-oriented fund has been defined to mean a fund set up under a scheme of a mutual fund

specified under clause (23D) of section 10 of the Act and,

(i) In a case where the fund invests in the units of another fund which is traded on a recognized stock exchange-

(a) A minimum of 90% of the total proceeds of such funds is invested in the units of such other fund; and

(b) such other fund also invests a minimum of 90% of its total proceeds in the equity shares of domestic companies

listed on recognized stock exchange; and

(ii) in any other case, a minimum of 65% of the total proceeds of such fund is invested in the equity shares of domestic

companies listed on recognized stock exchange.

Provided that the % of equity shareholding or unit held in respect of the fund, as the case may be, shall be computed

with reference to the annual average of the monthly averages of opening and closing figures

TAX IMPLICATION TO UNIT HOLDERS

Income-tax

–

Securities Transaction Tax: All Unit holders

Unit holders shall be liable to pay securities transaction tax in respect of transactions of purchase and sale of units of

equity-oriented fund at the rates as specified in the table above:

–

Capital Gains Tax – Equity oriented Mutual Fund

As per the provisions of section 2(42A) of the Act, a unit of an equity oriented Mutual Fund, held by the investor as a

capital asset, is considered to be a short-term capital asset, if it is held for 12 months or less from the date of its

acquisition by the unit holder. Accordingly, if the unit of equity oriented Mutual Fund is held for a period of more than

12 months, it is treated as a long-term capital asset.

–

Where sale/ repurchase transaction of units is chargeable to STT: All Unit Holders

Long-term capital gains

As per Section 112A of the Act, from 1 April 2018 onwards, long term capital gains exceeding Rs. 1 lac, would be

chargeable to tax at a concessional rate of 10%. Such gains shall be calculated without inflation index and currency

fluctuations.

The cost of acquisition in respect of long-term capital units acquired before 1 February 2018, shall be deemed to be

higher of the following:

1) Actual cost of acquisition of such unit; and

2) Lower of

a. Fair Market Value ( FMV ) of such unit; and

b. Full value of consideration received or accruing as a result of transfer of such unit

FMV:

Listed on recognised stock exchange

Highest price quoted on 31 January 2018

Listed on recognised stock exchange but not

traded on 31 January 2018

Highest price of unit (when the said units was traded) on

date immediately prevailing before 31 January 2018

Not listed on recognised stock exchange

NAV as on 31 January 2018

The long term capital gains will be computed basis the table as below, provided that in the case of an individual or a

HUF, being a resident, where the total income as reduced by such long-term capital gains is below the maximum amount

which is not chargeable to income-tax, then, the long-term capital gains, for the purposes of clause (i), shall be reduced

by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to

income-tax.

Short-term capital gains

As per Section 111A of the Act, short-term capital gains arising from the sale of unit of an equity-oriented fund entered

into in a recognised stock exchange or sale of such unit of an equity-oriented fund to the mutual fund shall be taxed at

the tax rates mentioned in the table below, provided such transaction of sale is chargeable to securities transaction tax.

However, in case of Individuals and HUF (being a resident), where taxable income as reduced by short-term capital gains

arising on sale of units of an equity-oriented fund is upto/ below the basic exemption limit, the short-term capital gains

shall be reduced to the extent of the shortfall and only the balance short-term capital gains shall be subjected to the

flat rate of income-tax.

The rates of capital gains for long-term and short-term capital gains are as under:

Capital Gains Taxation for Resident Individuals, HUF/ AOP/ BOI/ Firm/ Local Authority/ Co-operative Societies and

Companies

$For companies opting for alternate tax regime or companies engaged in manufacturing activities, subject to certain

conditions (section 115BAA and Section 115BAB)

Capital Gains Taxation for NRI/ FPI/ Overseas Financial organisation and Foreign Corporates All the tax rates are

subject to DTAA benefits.

Non-Resident Indian

Capital Gains Taxation

Income not exceeding Rs.

50 lacs

Income exceeding Rs. 50

lacs but upto Rs. 1 crore

Income exceeding Rs. 1

crore

Long Term Capital Gains (Units held for more than 12 months)

Equity Scheme

Upto Rs. 1 lac

Nil

Above Rs. 1 lac

10.40%*

11.44%*****

11.96%**

Short Term Capital Gains (Units held for 12 months or less)

Equity Scheme

15.6%*

17.16%*****

17.94%**

FPI (includes Foreign Institutional Investor and QFI's)

Non- Corporates

Corporates

Capital gains

taxation

Income not

exceeding

Rs. 50 lacs

Income

exceeding

50 lacs but

Income

exceeding Rs. 1

crore

Income not

exceeding Rs.

1 crore

Income

exceeding Rs.

1 crore but

Income

exceeding Rs.

10 crores

Resident Individual / HUF/

AOP/ BOI

Firm/ Local

Authority

Co-operative Societies

Domestic Companies

Capital Gains

Taxation

Income

not

exceedin

g Rs. 50

lacs

Income

exceedin

g Rs. 50

lacs but

upto Rs.

1 crore

Incom

exceed

ing Rs.

1 crore

Income

not

exceedin

g Rs. 1

crore

Income

exceedi

ng Rs. 1

crore

Income

not

exceedi

ng Rs. 1

crore

Income

exceeding

Rs. 1

crore but

upto Rs.

10 crores

Income

exceedi

ng Rs.

crores

Income not

exceeding

Rs. 1 crore

Income

exceeding

Rs. 1 crore

but upto Rs.

10 crores

Income

exceeding

Rs. 10

crores

Long Term Capital Gains (Units held for more than 12 months)

Equity Scheme

Upto Rs. 1 lac

Nil

Above Rs. 1 lac

10.40%*

11.44%**

***

11.96%

10.40%*

11.648%

****

10.40%*

11.128%*

11.648%

****

10.40%*/

$11.44%**

***

11.128%***/

$11.44%***

11.648%***

$11.44%***

Short Term Capital Gains (Units held for 12 months or less)

Equity Scheme

15.60%*

17.16%**

***

17.94%

15.60%*

17.472%

****

15.60%*

16.692%*

17.472%

****

15.60%*/

$17.16%**

***

16.692%***/

$17.16%***

17.472%***

$17.16%***

upto Rs. 1

crore

upto Rs. 10

crores

Long Term Capital Gains (Units held for more than 12 months)

Equity Scheme

Upto Rs. 1 lac

Nil

Above Rs. 1 lac

10.40%*

11.44%*****

11.96%**

10.40%*

10.608%******

10.92%*******

Short Term Capital Gains (Units held for 12 months or less)

Equity Scheme

15.60%*

17.16%*****

17.94%**

15.60%*

15.912%******

16.38%*******

Overseas Financial Organisation (units purchased in foreign currency)

Non- Corporates

Corporates

Capital Gains

Taxation

Income not

exceeding

Rs. 50 lacs

Income

exceeding

Rs. 50 lacs

but upto Rs.

1 crore

Rs Income

exceeding Rs. 1

crore

Income not

exceeding Rs.

1 crore

Income

exceeding Rs.

1 crore but

upto Rs. 10

crores

Income

exceeding Rs.

10 crores

Long Term Capital Gains (Units held for more than 12 months)

Equity Scheme

Upto Rs. 1 lac

Nil

Above Rs. 1 lac

10.40%*

11.44%*****

11.96%**

10.40%*

10.608%******

10.92%*******

Short Term Capital Gains (Units held for 12 months or less)

Equity Scheme

15.60%*

17.16%*****

17.94%**

15.60%*

15.912%******

16.38%*******

Foreign Companies

Capital Gains Taxation

Income not exceeding Rs.

1 crore

Income exceeding Rs. 1

crore but upto Rs. 10

crores

Income exceeding Rs. 10

crores

Long Term Capital Gains (Units held for more than 12 months)

Equity Scheme

Upto Rs.1 lac

Nil

Above Rs. 1 lac

10.4%*

10.608%******

10.92%*******

Short Term Capital Gains (Units held for 12 months or less)

Equity Scheme

15.6%*

15.912%******

16.38%*******

Notes:

*Tax + Cess @ 4% on Tax

**Tax + Surcharge @ 15% on Tax + cess @ 4% on (Tax + Surcharge)

***Tax + Surcharge @7% on Tax + cess @ 4% on (Tax + Surcharge)

****Tax + Surcharge @ 12% on Tax + cess @ 4% on (Tax + Surcharge)

*****Tax + Surcharge @ 10% on Tax + cess @ 4% on (Tax + Surcharge)

******Tax + Surcharge @ 2% on Tax + cess @ 4% on (Tax + Surcharge)

*******Tax + Surcharge @ 5% on Tax + cess @ 4% on (Tax + Surcharge)

MAT

All Indian Corporate Unit holders

Companies would be required to include such long-term capital gains in computing the book profits and MAT liability

under section 115JB of the Act. The Finance Act, 2006 amended the MAT provisions whereby long-term capital gains

arising on sale of shares and unit of equity-oriented fund though exempt under section 10(38) of the Act, would not be

excluded from the book profits to calculate profits chargeable to MAT. Any income accruing or arising to any foreign

company by way of capital gains from transactions in securities, interest, royalty or fees for technical services shall be

excluded from the ambit of MAT i.e., by excluding both the income and corresponding expenses in the computation.

The provisions of section 115JB of the Act have been further amended by the Finance Act 2016 to provide that MAT

provisions shall not be applicable to a foreign company if it is resident of a country with which India has a tax treaty

and it does not have a PE in India or it is a resident of a country with which India does not have a tax treaty and it is not

required to seek registration under any law relating to companies. These provisions are applicable with retrospective

effect from 1 April 2001.

The Finance Act, 2017 has introduced special provisions for computing MAT in cases of Ind-AS compliant Companies.

Further MAT carry forward period has also been extended from ten to fifteen years.

100

The provisions of MAT shall not apply to a person who has exercised the alternate option referred to in section 115BAA

and 115BAB.

Investors

An individual resident, whose total income does not exceed Rs. 5 lac, shall be eligible for a rebate lower of - amount of

income-tax payable on the total income for any AY or Rs. 12,500 with effect from 1 Apr 2019.

Further, an individual resident opting to pay tax under section 115BAC of the Act and whose total income is below Rs. 7

lac shall be eligible for a rebate lower of - amount of income-tax payable on the total income for any AY or Rs. 25,000.

Further, in case of non-resident unit holder who is a resident of a country with which India has signed a DTAA (which is

in force) income tax is payable at the rate provided in the Act or the rate provided in the said agreement, whichever is

more beneficial to such non-resident unit holder.

For non-residents claiming such tax treaty benefits, it is mandatory to obtain a TRC from the home country tax authority.

Further, the non-residents would also be required to furnish additional information in electronically filed Form no. 10F

along with the TRC.

Where sale/ repurchase is made during the minority of the child, tax will be levied on either of the parents, whose

income is greater, where the said income is not covered by the exception in the proviso to section 64(1A) of the Act.

When the child attains majority, such tax liability will be on the child.

Individuals and HUF, can claim deduction from total income, under section 80C of the Act, in respect of specified

investments made during the year upto Rs. 150,000.

Set off of Capital losses: All Unit Holders

The long-term capital loss suffered on sale/ repurchase of units shall be available for set off against long-term capital

gains arising on sale of other assets and balance unabsorbed long-term capital loss shall be carried forward for set off

only against long-term capital gains in subsequent years.

Short-term capital loss suffered on sale/ repurchase of units shall be available for set off against both long-term and

short-term capital gains arising on sale of other assets and balance unabsorbed short-term capital loss shall be carried

forward for set off against capital gains in subsequent years.

Such carry forward is admissible maximum upto eight AY.

Each Unit holder is advised to consult his/ her or its own professional tax advisor before claiming set off of long-term

capital loss arising on sale/ repurchase of units of an equity-oriented fund referred to above, against long-term capital

gains arising on sale of other assets.

Tax Deduction at Source on capital gains:

Domestic Unit holders

No income-tax is deductible at source from income by way of capital gains under the provisions of the Act and as per

Circular no. 715 dated August 8, 1995 issued by the Central Board of Direct Taxes ( CBDT ).

FPI

Under Section 196D of the Act, no deduction shall be made from any income by way of capital gains, in respect of transfer

of units referred to in Section 115AD of the Act.

Other non-resident Unit Holders (including Specified overseas financial organisation)

Income-tax is deductible on short-term capital gains arising on sale/ repurchase of unit of equity-oriented fund at the

below mentioned rates:

Income

Base

Rate (%)

Surcharg

e (%)

Education cess on

Tax plus Surcharge

(%)

Effective

Rate (%)

Foreign corporate (including corporate Specified

overseas financial organization)

16.38

Non-corporate

17.94

Income-tax is deductible on long term capital gains exceeding Rs. 1 lac arising on sale/ repurchase of unit of equity-

oriented fund at the below mentioned rates:

Income

Base

Rate (%)

Surcharg

e (%)

Education cess on

Tax plus Surcharge

(%)

Effective

Rate (%)

101

Foreign corporate (including corporate Specified

overseas financial organization)

10.92

Non-corporate

11.96

An amendment has been brought about in the Act through the Finance (No.2) Act, 2009 to provide for applying a penal

rate of TDS in case of payments to investors who do not furnish PAN. The penal rate of TDS is 20% or any higher rate of

TDS, as may be applicable under section 206AA of the Act. Further, Finance Act, 2016 provides that the above provisions

shall not apply to a non-resident (not being a Company), or to a foreign company subject to conditions as may be

prescribed.

The CBDT, vide notification dated 24 June 2016 introduced Rule 37BC clarifying that the provisions of higher rate of tax

prescribed under Section 206AA of the Act, shall not apply in respect of payments received by the non-residents

(including foreign company) which are in nature of interest, royalty, fees for technical services, payments on transfer of

any capital asset and dividend. The benefit of the same shall be available if the non-resident recipient furnishes the

following details/ documents to the deductor:

–

name, e-mail id, contact number;

–

address in the country or specified territory outside India of which the deductee is a resident;

–

a certificate of his being resident in any country or specified territory outside India from the Government of that

country or specified territory if the law of that country or specified territory provides for issuance of such certificate;

–

Tax Identification Number of the deductee in the country or specified territory of his residence and in case no such

number is available, then a unique number on the basis of which the deductee is identified by the Government of

that country or the specified territory of which he claims to be a resident.

Further, as per Rule 114AAA, in the case of a resident person, whose PAN has become inoperative due to PAN Aadhaar

are not being linked, it shall be deemed that he has not furnished the PAN and section 206AA shall be applicable for not

furnishing the PAN with effect from 1 July 2023. A penalty has been introduced for not linking Aadhaar with PAN till 31

March 2022. In case Aadhaar has been linked with PAN post 30 June 2022, the penalty shall be Rs. 1,000.

Section 206AB

As per Finance Act 2021, where tax is required to be deducted at source under the provisions of Chapter XVIIB, other

than sections 192, 192A, 194B, 194BA, 194BB, 194-IA, 194-IB, 194LBC, 194M or 194N on any sum or income or amount

paid, or payable or credited, by a person to a specified person, the tax shall be deducted at the higher of the following

rates, namely:

(i) at twice the rate specified in the relevant provision of the Act; or

(ii) at twice the rate or rates in force; or

(iii) at the rate of 5%

If the provisions of section 206AA is applicable to a specified person, in addition to the provision of this section, the tax

shall be deducted at higher of the two rates provided in this section and in section 206AA.

For the purpose of this section, specified person means a person who has not furnished the ROI for the AY relevant to

the previous year immediately preceding the FY in which tax is required to be deducted, for which the time limit of filing

ROI under sub-section (1) of section 139 has expired and the aggregate of tax deducted at source and tax collected at

source in his case exceeds Rs. 50,000 in the said previous years.

Provided that the specified person shall not include

(i) a non-resident who does not have a permanent establishment in India ; or

(ii)a person who is not required to furnish the ROI for the AY relevant to the said previous year and is notified by the

Central Government in the Official Gazette in this behalf.

Deduction for the Securities Transaction Tax

All unit holders

As per the Finance Act, 2008 deduction in respect of securities transaction tax paid is allowed under section 36 of the

Act, for the purpose of computation of business income, subject to the condition that such income from taxable securities

transaction is included under the head profits and gains of business or profession .

III] TAX IMPLICATIONS OF INVESTING IN THE DEBT ORIENTED SCHEME OF THE MUTUAL FUND (SPECIFIED MUTUAL

FUND)

Mutual Fund is not liable to pay distribution tax on the income distributed as mentioned above. However, it is liable to

deduct TDS on the income distribution as per the provisions of the Act, 1961

TAX IMPLICATIONS TO UNIT HOLDERS

Income-tax

Capital Gains Tax Specified Mutual Fund

As per the provisions of section 50AA of the Act, Specified Mutual Fund means a mutual fund acquired after 1 April 2023

by whatever name called, where not more than 35% of its total proceeds is invested in the equity shares of domestic

102

companies. Further, the capital gains arising on sale of such units of mutual fund shall always be treated as short-term

irrespective of the period of holding.

Individuals (including NRI) and HUF

Short-term capital gains arising to individuals (including NRI) and HUFs are taxable on progressive basis, as given below:

Old regime:

Total income for a tax year

Tax

<= Rs. 2.5 lac

Nil (basic exemption limit

)

> Rs. 2.5 lac and <= Rs. 5 lac

5% of total income exceeding Rs. 2.5 lac

> Rs. 5 lac and <= Rs. 10 lac

Rs. 12,500/- plus 20% of amount exceeding Rs. 5 lac

> Rs. 10 lac

Rs. 1,12,500/- plus 30% of amount exceeding Rs. 10 lac

#The basic exemption limit for resident individuals of the age of 60 years or more is 3 lac, for individuals of the age of

80 years or more (very senior citizens) is Rs 5 lac.

Rebate from tax upto Rs. 12,500 is available for a resident individual whose total income is below Rs. 5 lac.

New regime:

Alternatively, on satisfaction on certain prescribed conditions, an individual (resident/ non-resident) or HUF may opt to

compute tax in respect of total income (without considering prescribed exemptions/ deductions) as follows:

Income

Tax

<= Rs. 3 lac

Nil (basic exemption limit#)

> Rs. 3 lac and <= Rs. 6 lac

5% of total income exceeding Rs. 3 lac

> Rs. 6 lac and <= Rs. 9 lac

Rs. 15,000/- plus 10% of amount exceeding Rs. 6 lac

> Rs. 9 lac and <= Rs. 12 lac

Rs. 45,000/- plus 15% of amount exceeding Rs. 9 lac

> Rs. 12 lac and <= Rs. 15 lac

Rs. 90,000/- plus 20% of amount exceeding Rs. 12 lac

> Rs. 15 lac

Rs. 1,50,000/- plus 30% of amount exceeding Rs. 15 lac

An individual/ HUF, having no business or professional income, can exercise his option of choosing tax regime, every

year, based on his deductions.

An individual/ HUF, having income from business or professional, can exercise his option for the new tax regime, only

once and the option once exercised, for a previous year shall be valid for that previous year and all subsequent years.

The option can be withdrawn once in lifetime where it was exercised by the Individual/ HUF having business income in

the previous year other than the year in which it was exercised except where Individual/ HUF ceases to have any business

income.

Rebate from tax upto Rs. 25,000 is available for a resident individual whose total income is below Rs. 7 lac. Further, the

concept of marginal rebate has been introduced under section 87A, if the total income marginally exceeds Rs. 7 lac.

The above tax rates shall be increased by surcharge and education cess, applicable as provided in Annexure 1.

However, in case of such other non-resident unit holder who is a resident of a country with which India has signed a

DTAA (which is in force) income-tax is payable at the rate provided in the Act or the rate provided in the said agreement,

whichever is more beneficial to such other non-resident unit holder.

For non-residents claiming such tax treaty benefits, it is mandatory to obtain a TRC from the home country tax authority.

Further, the non-residents would also be required to furnish additional information in electronically filed Form no. 10F

along with the TRC.

Where sale/ repurchase is made during the minority of the child, tax will be levied on either of the parents, whose

income is greater, where the said income is not covered by the exception in the proviso to section 64(1A) of the Act.

When the child attains majority, such tax liability will be on the child.

Domestic Corporate

Income

Base

Rate (%)

Surcharge

(%)

Education cess

on Tax plus

Surcharge (%)

Effective Rate

(%)

Income not exceeding Rs. 1 crore

30/ 25#

31.2/ 26

Income exceeding Rs. 1 crore, but upto Rs. 10 crores

30/ 25#

33.384/ 27.82

Income exceeding Rs. 10 crores

30/ 25

34.944/ 29.12

Alternate regime for Indian companies (subject to

certain conditions)

25.168

103

Domestic companies engaged in manufacturing

activities (subject to certain conditions)

17.16

#Applicable for resident companies where turnover <= Rs. 400 crores in FY 2021-22

Resident local authority

Income

Base

Rate (%)

Surcharg

e (%)

Education cess on

Tax plus Surcharge

(%)

Effective

Rate (%)

Income not exceeding Rs. 1 crore

31.2

Income exceeding Rs. 1 crore

34.944

Resident co-operative society

Short-term capital gains arising to a co-operative society (being resident) are taxable on progressive basis as given

below:

Co-operative society

Existing regime

Income

Tax

< = Rs. 10,000

10%

> Rs. 10,000 and = < Rs. 20,000

Rs. 1,000/- plus 20% of amount exceeding Rs. 10,000

> Rs. 20,000

Rs. 3,000/- plus 30% of amount exceeding Rs. 20,000

Alternate regime for Indian co-operative societies (subject

to certain conditions)

22%

Domestic co-operative societies engaged in manufacturing

activities (subject to certain conditions)

15%

The said tax rates shall be increased by surcharge and education cess, applicable as provided in Annexure 1.

FPI

Income

Base Rate

(%)

Surcharge

(%)

Education

cess on Tax

plus

Surcharge

(%)

Effective

Rate (%)

Corporate

Income not exceeding Rs. 1 crore

31.2

Income exceeding Rs. 1 crore, but upto Rs. 10 crores

31.824

Income exceeding Rs. 10 crores in a year

32.76

Non-corporates

Income not exceeding Rs. 50 lacs

31.2

Income exceeding Rs. 50 lacs, but upto Rs. 1 crore

34.32

Income exceeding Rs. 1 crore

35.88

However, in case of FPI unit holder who is a resident of a country with which India has signed a DTAA (which is in force)

income tax is payable at the rate provided in the Act or the rate provided in the said agreement, whichever is more

beneficial to such FPI unit holder.

Specified overseas financial organisations

Each Unit holder is advised to consult his/ her or its own professional tax advisor for application of tax rate of 10%

(increased by applicable surcharge and education cess) on short- term capital gains arising on sale/ repurchase of such

units (other than unit of equity-oriented fund referred to above) purchased in foreign currency.

Income

Base Rate

(%)

Surcharge

(%)

Education

cess on Tax

plus

Surcharge (%)

Effective

Rate (%)

Corporate

Income not exceeding Rs. 1 crore

41.60

Income exceeding Rs. 1 crore, but upto Rs. 10 crores

42.432

Income exceeding Rs.10 crores

43.68

Non-corporates

Income not exceeding Rs. 50 lacs

31.20

Income exceeding Rs. 50 lacs, but upto Rs. 1 crore

34.32

104

Income exceeding Rs. 1 crore but upto Rs. 2 crores

35.88

Income exceeding Rs. 2 crores but upto Rs. 5 crores

39.00

Income exceeding Rs. 5 crores (not opting for new

regime)

42.744

However, in case of specified overseas financial organisation unit holder who is a resident of a country with which India

has signed a DTAA (which is in force) income tax is payable at the rate provided in the Act or the rate provided in the

said agreement, whichever is more beneficial to such specified overseas financial organisation unit holder.

Foreign Corporate

Income

Base

Rate (%)

Surcharg

e (%)

Education cess on

Tax plus Surcharge

(%)

Effective

Rate (%)

Income not exceeding Rs. 1 crore

41.6