HDFC 3

SCHEME INFORMATION DOCUMENT
HDFC Housing Opportunities Fund

An open ended equity scheme following housing and allied activities theme
This product is suitable for investors who are seeking*: Riskometer#

- Capital appreciation over long term
- Investment predominantly in equity and equity related

instruments of entities engaged in and/ or expected to benefit
from the growth in housing and its allied business activities.
*Investors should consult their financial advisers, if in doubt about whether the product is suitable for
them.
#As on September 30, 2023. For latest riskometer, investors may refer to the Monthly Portfolios disclosed
on the website of the Fund viz. www.hdfcfund.com
HDFC HOF - I - 1140D November 2017 (1) - HDFC Housing Opportunities Fund - Series I
has been converted into an open ended equity Scheme on January 19, 2021 and has been
renamed as HDFC Housing Opportunities Fund (HOF).
Continuous Offer of Units at Applicable NAV
Name of Mutual Fund (Fund) : HDFC Mutual Fund

Name of Asset Management Company (AMC) : HDFC Asset Management Company Limited
Name of Trustee Company : HDFC Trustee Company Limited
Addresses, Website of the entities:
Address:
Asset Management Company (AMC) : Trustee Company :

HDFC Asset Management Company Limited HDFC Trustee Company Limited
Registered Office : Registered Office :
HDFC House, 2nd Floor, H.T. Parekh Marg, HDFC House, 2nd Floor, H.T. Parekh Marg,
165-166, Backbay Reclamation, 165-166, Backbay Reclamation,
Churchgate, Mumbai - 400 020. Churchgate, Mumbai - 400 020.
CIN No: L65991MH1999PLC123027 CIN No. U65991MH1999PLC123026
Website:
www.hdfcfund.com
HDFC Housing Opportunities Fund-SID

The particulars of the Scheme have been prepared in accordance with the Securities and Exchange
Board of India (Mutual Funds) Regulations, 1996, (herein after referred to as SEBI (MF) Regulations)
as amended till date, and filed with SEBI, along with a Due Diligence Certificate from the AMC. The
units being offered for public subscription have not been approved or recommended by SEBI nor
has SEBI certified the accuracy or adequacy of the Scheme Information Document.
The Scheme Information Document sets forth concisely the information about the Scheme that a
prospective investor ought to know before investing. Before investing, investors should also ascertain about
any further changes to this Scheme Information Document after the date of this Document from the Mutual
Fund/Investor Service Centres (ISCs)/Website/Distributors or Brokers.
The investors are advised to refer to the Statement of Additional Information (SAI) for details of
HDFC Mutual Fund, Tax and Legal issues and general information on www.hdfcfund.com
SAI is incorporated by reference (is legally a part of the Scheme Information Document). For a
free copy of the current SAI, please contact your nearest Investor Service Centre or log on to our
website www.hdfcfund.com
The Scheme Information Document should be read in conjunction with the SAI and not in
isolation.
This Scheme Information Document is dated October 30, 2023.

TABLE OF CONTENTS
HIGHLIGHTS/SUMMARY OF THE SCHEME ........................................................................................................................ 5

I. INTRODUCTION ....................................................................................................................................................... 10
A. RISK FACTORS ...................................................................................................................................................... 10
B. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME ............................................................................... 19
C. SPECIAL CONSIDERATIONS .................................................................................................................................. 19
D. DEFINITIONS ........................................................................................................................................................ 23
E. ABBREVIATIONS .................................................................................................................................................. 29
F. DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANY................................................................................. 30
G. PRODUCT DIFFERENTIATION............................................................................................................................... 30
II. INFORMATION ABOUT THE SCHEME ...................................................................................................................... 33
A. TYPE OF THE SCHEME ......................................................................................................................................... 33
B. WHAT IS THE INVESTMENT OBJECTIVE OF THE SCHEME?.................................................................................. 33
C. HOW WILL THE SCHEME ALLOCATE ITS ASSETS?................................................................................................ 33
D. WHERE WILL THE SCHEME INVEST? ................................................................................................................... 38
E. WHAT ARE THE INVESTMENT STRATEGIES? ....................................................................................................... 49
F. CREATION OF SEGREGATED PORTFOLIO: ........................................................................................................... 61
G. FUNDAMENTAL ATTRIBUTES .............................................................................................................................. 65
H. HOW WILL THE SCHEME BENCHMARK ITS PERFORMANCE? ............................................................................. 66
I. WHO MANAGES THE SCHEME? .......................................................................................................................... 66
J. WHAT ARE THE INVESTMENT RESTRICTIONS? ................................................................................................... 69
K. HOW HAVE THE SCHEME(S) PERFORMED? ........................................................................................................ 73
L. ADDITIONAL SCHEME RELATED DISCLOSURE(S): ................................................................................................ 74
III. UNITS AND OFFER ............................................................................................................................................... 76
A. NEW FUND OFFER (NFO) .................................................................................................................................... 76
B. ONGOING OFFER DETAILS ................................................................................................................................... 76
C. PERIODIC DISCLOSURES .................................................................................................................................... 121
D. COMPUTATION OF NAV .................................................................................................................................... 126
IV. FEES AND EXPENSES .......................................................................................................................................... 127
A. ANNUAL SCHEME RECURRING EXPENSES ......................................................................................................... 127
B. TRANSACTION CHARGES ................................................................................................................................... 130
C. LOAD STRUCTURE ............................................................................................................................................. 130
D. WAIVER OF LOAD FOR DIRECT APPLICATIONS ................................................................................................. 132
E. STAMP DUTY ON ALLOTMENT/TRANSFER OF UNITS*...................................................................................... 132
V. RIGHTS OF UNITHOLDERS ..................................................................................................................................... 132

VI. PENALTIES, PENDING LITIGATION OR PROCEEDINGS, FINDINGS OF INSPECTIONS OR INVESTIGATIONS FOR WHICH
ACTION MAY HAVE BEEN TAKEN OR IS IN THE PROCESS OF BEING TAKEN BY ANY REGULATORY AUTHORITY .......... 133

HIGHLIGHTS/SUMMARY OF THE SCHEME
Name of the HDFC Housing Opportunities Fund
Scheme
Scheme Code HDFC/O/E/THE/17/09/0029
Category of Thematic Fund
Scheme
Type of Scheme An open ended equity scheme following housing and allied activities theme
Investment To provide long-term capital appreciation by investing predominantly in equity
Objective and equity related instruments of entities engaged in and/or expected to benefit
from the growth in housing and its allied business activities.
There is no assurance that the investment objective of the Scheme will be
realized.
Benchmark Index Nifty Housing Index (TRI)
Loads (For Entry Load: Not Applicable.
Lumpsum Pursuant to clause 10.4.1.a of Master Circular, no entry load will be charged by
Purchases and the Scheme to the investor.
Investments
through SIP/STP) Exit Load:
(Applicable only for units allotted after conversion of scheme into open-ended
scheme i.e. on or after January 19,2021)
- In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is

payable if Units are redeemed/ switched-out within 30 days from the date of
allotment.
- No Exit Load is payable if Units are redeemed / switched-out after 30 days
from the date of allotment.
Note: To clarify, Unitholders who acquired units on or before January 18, 2021,
will not be charged exit load in respect of those units.
No Entry / Exit Load shall be levied on bonus units and on units allotted on
reinvestment of IDCW.
In respect of Systematic Transactions such as SIP, STPs etc., Exit Load, if

any, prevailing on the date of registration / enrolment shall be levied.
For further details on load structure refer to the section 'Load Structure'.
Minimum Purchase/Additional Purchase: Rs.100/- and any amount thereafter.
Application
Amount Note: Allotment of units will be done after deduction of applicable stamp duty
and transaction charges, if any.
Plans/Options Plans: Regular & Direct
Regular Plan is for investors who wish to route their investment through any
distributor. Direct Plan is for investors who wish to invest directly without routing
the investment through any distributor.
Regular and Direct Plans offer the following sub-options:

(a) Growth Option
(b) Income Distribution cum Capital Withdrawal (IDCW) Option
Growth Option
The income attributable to units under this Option will continue to remain

invested and will be reflected in their Net Asset Value. IDCW will not be
declared under this Option.
Income Distribution cum Capital Withdrawal (IDCW) Option

This Option provides for distributions subject to availability of distributable
surplus, computed in accordance with SEBI (MF) Regulations. Investors should
note that distributions can be made out of Equalization Reserves (representing
accumulated realized gains), which is part of sale price paid by them.
This Option offers following Sub-Options / facilities:

• Payout of Income Distribution cum Capital Withdrawal (IDCW) Option /
facility and
• Re-investment of Income Distribution cum Capital Withdrawal (IDCW)
Option / facility
•
Default Option
Growth Option in case Growth Option or Income Distribution cum Capital
Withdrawal (IDCW) Option is not indicated.
Payout Option / facility in case Payout of IDCW Option / facility or Reinvestment

of IDCW Option / facility is not indicated.
Default Plan
Investors should indicate the Plan viz. Regular/ Direct for which the subscription
is made by indicating the choice in the appropriate box provided for this
purpose in the application form. In case of valid applications received without
indicating any choice of Plan, the application will be processed for the Plan as
under:
Scenario ARN Code Plan mentioned Default Plan to be
mentioned by the by the investor captured
investor
1 Not mentioned Not mentioned Direct Plan
2 Not mentioned Direct Direct Plan
3 Not mentioned Regular Direct Plan
4 Mentioned Direct Direct Plan
5 Direct Not Mentioned Direct Plan
6 Direct Regular Direct Plan
7 Mentioned Regular Regular Plan
8 Mentioned Not Mentioned Regular Plan
In cases of wrong/ invalid/ incomplete ARN codes are mentioned on the

application form, the application shall be processed under Regular Plan. The
AMC shall contact and 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, the AMC shall reprocess
the transaction under Direct Plan from the date of application without any exit
load. In case an investor submits an application with ARN number which is
valid, but the broker/distributor is not empaneled with the AMC, the transaction
will be processed under “Direct Plan” or in the manner notified by SEBI / AMFI
from time to time.
The financial transactions# of an investor where his distributor's AMFI

Registration Number (ARN) has been suspended temporarily or terminated
permanently received during the suspension period shall be processed under
"Direct Plan" and continue to be processed under "Direct Plan" perpetually
unless after suspension of ARN is revoked, unitholder makes a written request
to process the future installments/ investments under "Regular Plan". Any
financial transactions requests received through the stock exchange platform,
from any distributor whose ARN has been suspended, shall be rejected.
#Financial Transactions shall include all Purchase / Switch requests (including

under fresh registrations of Systematic Investment Plan ("SIP") / Systematic
Transfer Plan ("STP") or under SIPs/ STPs registered prior to the suspension
period).
Liquidity The Scheme being offered is open-ended scheme and will offer Units for Sale /
Switch-in and Redemption/ Switch-out, on every Business Day at NAV based
prices.
As per SEBI (MF) Regulations, the Mutual Fund shall transfer redemption
proceeds within 3 working days from the date of redemption or such other
timeline as may be specified by SEBI / AMFI from time to time. A penal interest
of 15% 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 prescribed timeline. Please refer to section
“Redemption” on under ‘Ongoing Offer Period’.
Transparency/NAV The AMC will calculate and disclose the NAVs under the Scheme at the close
Disclosure of every Business Day. As required by SEBI, the NAVs shall be disclosed in the
following manner:
i) Displayed on the website of the Mutual Fund (www.hdfcfund.com)
ii) Displayed on the website of Association of Mutual Funds in India (AMFI)
(www.amfiindia.com).
iii) Any other manner as may be specified by SEBI from time to time.
Mutual Fund / AMC will provide facility of sending latest available NAVs to
unitholders through SMS, upon receiving a specific request in this regard. AMC
shall update the NAVs on the website of the Fund and AMFI by 11.00 p.m.
every Business day. In case of any delay in uploading on AMFI website, the
reasons for such delay would be explained to AMFI and SEBI in writing. If the
NAVs are not available before commencement of business hours on the
following day due to any reason, Mutual Fund shall issue a press release
providing reasons and explaining when the Mutual Fund would be able to
publish the NAVs. The Mutual Fund/ AMC will disclose portfolio (along with ISIN
and other prescribed details) of the Scheme in the prescribed format, as on the
last day of the month / half-year i.e. March 31 and September 30, on its website
viz. www.hdfcfund.com and on the website of Association of Mutual Funds in
India (AMFI) viz. www.amfiindia.com within 10 days from the close of each
month/ half-year respectively. In case of unitholders whose e-mail addresses
are registered, the Mutual Fund/AMC will send via email both the monthly and
half-yearly statement of scheme portfolio within 10 days from the close of each
month/half-year respectively. Mutual Fund / AMC will publish an advertisement
every half-year in the all India edition of at least two daily newspapers, one
each in English and Hindi, disclosing the hosting of the half-yearly statement of
the Scheme portfolio on its website and on the website of Association of Mutual
Funds in India (AMFI). Mutual Fund / AMC will provide a physical copy of the

statement of its Scheme portfolio, without charging any cost, on specific request
received from a unitholder.
Dematerialization The Unit holders would have an option to hold the Units in demat form or
of Units account statement (non-demat) form. Units held in Demat Form are freely
transferable. The Applicant intending to hold Units in demat form will be
required to have a beneficiary account with a Depository Participant (DP) of the
NSDL/CDSL and will be required to mention in the application form DP's Name,
DP ID No. and Beneficiary Account No. with the DP at the time of purchasing
Units.
Transaction In accordance with clause 10.5 of Master Circular, HDFC Asset Management
Charges Company Limited (“the AMC”)/Mutual Fund shall deduct the Transaction
Charges on purchase/subscription received from the investors investing
through a valid ARN Holder i.e. AMFI registered Distributor including
transactions routed through Stock Exchange(s) platform viz. NSE Mutual Fund
Platform (“NMF II”) and BSE Mutual Fund Platform (“BSE StAR MF”) (provided
the distributor has opted-in to receive the Transaction Charges for the scheme
type) as under:
(i) First Time Mutual Fund Investor (across Mutual Funds):
Transaction Charge of Rs. 150/- per purchase/subscription of Rs. 10,000/-
and above will be deducted from the purchase/subscription amount for
payment to the distributor of such investor and the balance shall be
invested.
(ii) Investor other than First Time Mutual Fund Investor:
Transaction Charge of Rs. 100/- per purchase/subscription of Rs. 10,000/-
and above will be deducted from the purchase/subscription amount for
payment to the distributor of such investor and the balance shall be
invested.
TRANSACTION CHARGES IN CASE OF INVESTMENTS THROUGH SIP:
Transaction Charges in case of investments through SIP are deductible only if
the total commitment of investment (i.e. amount per SIP installment x No. of
installments) amounts to Rs. 10,000 or more. In such cases, Transaction
Charges shall be deducted in 3-4 installments.
Identification of investors as “first time” or “existing” will be based on Permanent
Account Number (PAN)/PAN Exempt KYC Reference Number (PEKRN) at the
First/Sole Applicant /Guardian level. Hence, Unit holders are urged to ensure
that their PAN/PEKRN/KYC is updated with the Fund. Unit holders may
approach any of the Official Points of Acceptances of the Fund i.e. Investor
Service Centres (ISCs) of the Fund/offices of our Registrar and Transfer Agent,
M/s. Computer Age Management Services Ltd. in this regard.
It may be noted that Transaction Charges shall not be deducted:
(a) where the distributor of the investor has not opted to receive any
Transaction Charges;
(b) for purchases/subscriptions/total commitment amount in case of SIP of an
amount less than Rs. 10,000/-;
(c) For transactions other than purchases/subscriptions relating to new inflows
i.e. through Switches/Systematic Transfers/Transfer of IDCW Plan (TIP
Facility)/Reinvestment under IDCW Option, etc.;

(d) for purchases/subscriptions made directly with the Fund (i.e. not through
any distributor);
(e) for purchases/subscriptions routed through Stock Exchange(s) through
stock brokers.
Note: The facility of SWP & STP are currently not available for transactions
carried out through the stock exchange mechanism.
IMPORTANT:
Before investing, investors should also ascertain about any further changes pertaining to
scheme such as features, load structure, etc. made to this Scheme Information Document by
issue of addenda/notice after the date of this Document from the AMC/Mutual Fund/Investor
Service Centres (ISCs)/Website/Distributors or Brokers or Investment Advisers holding valid
registrations.

I. INTRODUCTION
A. RISK FACTORS
■ Standard Risk Factors:
● Investment in Mutual Fund Units involves investment risks such as trading volumes, settlement risk,
liquidity risk, default risk including the possible loss of principal.
● As the price / value / interest rates of the securities in which the Scheme invests fluctuates, the value of
your investment in the Scheme may go up or down depending on the various factors and forces
affecting the capital markets and money markets.
● Past performance of the Sponsor and its associates/ AMC/ Mutual Fund does not guarantee future
performance of the Scheme of the Mutual Fund.
● The name of the Scheme does not in any manner indicate either the quality of the Scheme or its future
prospects and returns.
● The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond
the initial contribution of Rs. 1 lakh made by it towards setting up the Fund.
● The present Scheme is not guaranteed or assured return scheme.
■ Scheme Specific Risk Factors
Some of the specific risk factors related to the Scheme include, but are not limited to the following:
Risk factors associated with investing in housing and allied business: The Scheme invests
predominantly in equity / equity related instruments of entities engaged in and/or expected to benefit from
growth in housing and its allied business activities. The Scheme is thematic in nature, hence will be
affected by the risks associated with the housing and its allied sectors. Owing to high concentration risk for
thematic scheme, risk of capital loss is highest. There is an element of unpredictable market cycles that
could run for extended periods. Loss of value due to obsolescence, or regulatory changes coupled with
structural rigidity of the Scheme can lead to permanent loss of capital. Thus, investing in a thematic fund
could involve potentially greater volatility and risk.
(i) Risk factors associated with investing in equities and equity related instruments
● Equity shares and equity related instruments are volatile and prone to price fluctuations on a daily basis.
Investments in equity shares and equity related instruments involve a degree of risk and investors
should not invest in the Scheme unless they can afford to take the risks.
● Securities, which are not quoted on the stock exchanges, are inherently illiquid in nature and carry a
larger amount of liquidity risk, in comparison to securities that are listed on the exchanges. Investment
in such securities may lead to increase in the scheme portfolio risk.
● While securities that are listed on the stock exchange carry lower liquidity risk, the ability to sell these
investments is limited by the overall trading volume on the stock exchanges and may lead to the
Scheme incurring losses till the security is finally sold.
● Scheme's performance may differ from the benchmark index to the extent of the investments held in the
debt segment, as per the investment pattern indicated under normal circumstances.
(ii) Risk factors associated with investing in Fixed Income Securities

 The Net Asset Value (NAV) of the Scheme, to the extent invested in Debt and Money Market
instruments, will be affected by changes in the general level of interest rates. The NAV of the
Scheme is expected to increase from a fall in interest rates while it would be adversely affected by
an increase in the level of interest rates.
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 Money market instruments, while fairly liquid, lack a well developed secondary market, which may
restrict the selling ability of the Scheme and may lead to the Scheme incurring losses till the security
is finally sold.
 Investments in money market instruments involve credit risk commensurate with short term rating of
the issuers.
 Investment in Debt instruments are subject to varying degree of credit risk or default (i.e. the risk of
an issuer's inability to meet interest or principal payments on its obligations) or any other issues,
which may have their credit ratings downgraded. Changes in financial conditions of an issuer,
changes in economic and political conditions in general, or changes in economic or and political
conditions specific to an issuer, all of which are factors that may have an adverse impact on an
issuer's credit quality and security values. This may increase the risk of the portfolio. The
Investment Manager will endeavour to manage credit risk through in-house credit analysis.
 Prepayment Risk: Certain fixed income securities give an issuer the right to call back its securities
before their maturity date, in periods of declining interest rates. The possibility of such prepayment
may force the Scheme to reinvest the proceeds of such investments in securities offering lower
yields, resulting in lower interest income for the Scheme.
 Reinvestment Risk: This risk refers to the interest rate levels at which cash flows received from the
securities in the Scheme are reinvested. The additional income from reinvestment is the "interest on
interest" component. The risk is that the rate at which interim cash flows can be reinvested may be
lower than that originally assumed.
 Settlement risk: Different segments of Indian financial markets have different settlement periods
and such periods may be extended significantly by unforeseen circumstances. Delays or other
problems in settlement of transactions could result in temporary periods when the assets of the
Scheme are uninvested and no return is earned thereon. The inability of the Scheme to make
intended securities purchases, due to settlement problems, could cause the Scheme to miss certain
investment opportunities. Similarly, the inability to sell securities held in the Scheme's portfolio, due
to the absence of a well developed and liquid secondary market for debt securities, may result at
times in potential losses to the Scheme in the event of a subsequent decline in the value of
securities held in the Scheme's portfolio.
 Government securities where a fixed return is offered run price-risk like any other fixed income
security. Generally, when interest rates rise, prices of fixed income securities fall and when interest
rates drop, the prices increase. The extent of fall or rise in the prices is a function of the existing
coupon, days to maturity and the increase or decrease in the level of interest rates. The new level of
interest rate is determined by the rates at which government raises new money and/or the price
levels at which the market is already dealing in existing securities. The price-risk is not unique to
Government Securities. It exists for all fixed income securities. However, Government Securities are
unique in the sense that their credit risk generally remains zero. Therefore, their prices are
influenced only by movement in interest rates in the financial system.
 Different types of fixed income securities in which the Scheme would invest as given in the Scheme
Information Document carry different levels and types of risk. Accordingly, the Scheme risk may
increase or decrease depending upon its investment pattern. e.g. corporate bonds carry a higher
level of risk than Government securities. Further even among corporate bonds, AAA rated bonds
are comparatively less risky than AA rated bonds.
 The AMC may, considering the overall level of risk of the portfolio, invest in lower rated / unrated
securities offering higher yields as well as zero coupon securities that offer attractive yields. This
may increase the absolute level of risk of the portfolio.
 As zero coupon securities do not provide periodic interest payments to the holder of the security,
these securities are more sensitive to changes in interest rates and are subject to issuer default risk.
Therefore, the interest rate risk of zero coupon securities is higher. The AMC may choose to invest
in zero coupon securities that offer attractive yields. This may increase the risk of the portfolio. Zero
coupon or deep discount bonds are debt obligations that do not entitle the holder to any periodic
payment of interest prior to maturity or a specified date when the securities begin paying current
interest and therefore, are generally issued and traded at a discount to their face values. The
11

discount depends on the time remaining until maturity or the date when securities begin paying
current interest. It also varies depending on the prevailing interest rates, liquidity of the security and
the perceived credit risk of the Issuer. The market prices of zero coupon securities are generally
more volatile than the market prices of securities that pay interest periodically.
 The Scheme at times may receive large number of redemption requests, leading to an asset-liability
mismatch and therefore, requiring the investment manager to make a distress sale of the securities
leading to realignment of the portfolio and consequently resulting in investment in lower yield
instruments.
 Risks associated with investment in unlisted securities: Except for any security of an associate
or group company, the scheme can invest in securities which are not listed on a stock exchange
(“unlisted Securities”) which in general are subject to greater price fluctuations, less liquidity and
greater risk than those which are traded in the open market. Unlisted securities may lack a liquid
secondary market and there can be no assurance that the Scheme will realise their investments in
unlisted securities at a fair value.
 Investment in unrated instruments may involve a risk of default or decline in market value higher
than rated instruments due to adverse economic and issuer-specific developments. Such
investments display increased price sensitivity to changing interest rates and to a deteriorating
economic environment. The market values for unrated investments tends to be more volatile and
such securities tend to be less liquid than rated debt securities.
(iii) Risks associated with Investing in Structured Obligation (SO) & Credit Enhancement (CE) rated
securities
The risks factors stated below for the Structured Obligations & Credit Enhancement are in addition to
the risk factors associated with debt instruments.
● Credit rating agencies assign CE rating to an instrument based on any identifiable credit enhancement
for the debt instrument issued by an issuer. The credit enhancement could be in various forms and
could include guarantee, shortfall undertaking, letter of comfort, etc. from another entity. This entity
could be either related or non-related to the issuer like a bank, financial institution, etc. Credit
enhancement could include additional security in form of pledge of shares listed on stock exchanges,
etc. SO transactions are asset backed/ mortgage backed securities, securitized paper backed by
hypothecation of car loan receivables, securities backed by trade receivables, credit card receivables
etc. Hence, for CE rated instruments evaluation of the credit enhancement provider, as well as the
issuer is undertaken to determine the issuer rating. In case of SO rated issuer, the underlying loan pools
or securitization, etc. is assessed to arrive at rating for the issuer.
● Liquidity Risk: SO rated securities are often complex structures, with a variety of credit enhancements.
Debt securities lack a well-developed secondary market in India, and due to the credit enhanced nature
of CE securities as well as structured nature of SO securities, the liquidity in the market for these
instruments is adversely affected compared to similar rated debt instruments. Hence, lower liquidity of
such instruments, could lead to inability of the scheme to sell such debt instruments and generate
liquidity for the scheme or higher impact cost when such instruments are sold.
● Credit Risk: The credit risk of debt instruments which are CE rated is based on the combined strength
of the issuer as well as the structure. Hence, any weakness in either the issuer or the structure could
have an adverse credit impact on the debt instrument. The weakness in structure could arise due to
inability of the investors to enforce the structure due to issues such as legal risk, inability to sell the
underlying collateral or enforce guarantee, etc. In case of SO transactions, comingling risk and risk of
servicer increases the overall risk for the securitized debt or assets backed transactions. Therefore,
apart from issuer level credit risk such debt instruments are also susceptible to structure related credit
risk.
12

(iv) Risk factors associated with investment in Tri-Party Repo
The mutual fund is a member of securities segment and Triparty Repo trade settlement of the Clearing
Corporation of India (CCIL). All transactions of the mutual fund in government securities and in Tri-party
Repo trades are settled centrally through the infrastructure and settlement systems provided by CCIL;
thus reducing the settlement and counterparty risks considerably for transactions in the said segments.
The members are required to contribute an amount as communicated by CCIL from time to time to the
default fund maintained by CCIL as a part of the default waterfall (a loss mitigating measure of CCIL in
case of default by any member in settling transactions routed through CCIL).
As per the waterfall mechanism, after the defaulter's margins and the defaulter's contribution to the
default fund have been appropriated, CCIL's contribution is used to meet the losses. Post utilization of
CCIL's contribution if there is a residual loss, it is appropriated from the default fund contributions of the
non-defaulting members. Thus the scheme is subject to risk of the initial margin and default fund
contribution being invoked in the event of failure of any settlement obligations. In addition, the fund
contribution is allowed to be used to meet the residual loss in case of default by the other clearing
member (the defaulting member).
CCIL shall maintain two separate Default Funds in respect of its Securities Segment, one with a view to
meet losses arising out of any default by its members from outright and repo trades and the other for
meeting losses arising out of any default by its members from Triparty Repo trades. The mutual fund is
exposed to the extent of its contribution to the default fund of CCIL, in the event that the contribution of
the mutual fund is called upon to absorb settlement/default losses of another member by CCIL, as a
result the scheme may lose an amount equivalent to its contribution to the default fund.
(v) General Risk factors

● Trading volumes, settlement periods and transfer procedures may restrict the liquidity of the
investments made by the Scheme. Different segments of the Indian financial markets have different
settlement periods and such periods may be extended significantly by unforeseen circumstances
leading to delays in receipt of proceeds from sale of securities. The NAV of the Units of the Scheme can
go up or down because of various factors that affect the capital markets in general.
● As the liquidity of the investments made by the Scheme 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 restructuring of the Scheme. In
view of the above, the Trustee has the right, in its sole discretion, to limit redemptions (including
suspending redemptions) under certain circumstances, as described under section Right to Restrict
Redemption and / or Suspend Redemption of the units.
● At times, due to the forces and factors affecting the capital market, the Scheme may not be able to
invest in securities falling within its investment objective resulting in holding the monies collected by it in
cash or cash equivalent or invest the same in other permissible securities / investments amounting to
substantial reduction in the earning capability of the Scheme. The Scheme may retain certain
investments in cash or cash equivalents for its day-to-day liquidity requirements.
● Investment strategy to be adopted by the Scheme may carry the risk of significant variance between the
portfolio allocation of the Scheme and the Benchmark particularly over a short to medium term period.
● Performance of the Scheme may be affected by political, social, and economic developments, which
may include changes in government policies, diplomatic conditions, and taxation policies.
13

(vi) Risk factors associated with investing in Foreign Securities
● Currency Risk:
Moving from Indian Rupee (INR) to any other currency entails currency risk. To the extent that the
assets of the Scheme will be invested in securities denominated in foreign currencies, the Indian Rupee
equivalent of the net assets, distributions and income may be adversely affected by changes in the
value of certain foreign currencies relative to the Indian Rupee.
● Interest Rate Risk:
The pace and movement of interest rate cycles of various countries, though loosely co-related, can
differ significantly. Hence by investing in securities of countries other than India, the Scheme stand
exposed to their interest rate cycles.
● Credit Risk:
Investment in Foreign Debt Securities are subject to the risk of an issuer's inability to meet interest and
principal payments on its obligations and market perception of the creditworthiness of the issuer. This is
substantially reduced since the SEBI (MF) Regulations stipulate investments only in debt instruments
with rating not below investment grade by accredited/registered credit rating agency.
● Taxation Risk:
In addition to the disclosure related to taxation mentioned under section “Special Consideration”,
Investment in Foreign Securities poses additional challenges based on the tax laws of each respective
country or jurisdiction. The scheme may be subject to a higher level of taxes than originally anticipated
and or dual taxation.
The Scheme may be subject to withholding or other taxes on income and/or gains arising from its
investment portfolio. Further, such investments are exposed to risks associated with the changing /
evolving tax / regulatory regimes of all the countries where the Scheme invests. All these may entail a
higher outgo to the Scheme by way of taxes, transaction costs, fees etc. thus adversely impacting its
NAV; resulting in lower returns to an Investor.
● Legal and Regulatory Risk:
Legal and regulatory changes could occur during the term of the Scheme which may adversely affect it.
If any of the laws and regulations currently in effect should change or any new laws or regulations
should be enacted, the legal requirements to which the Scheme and the investors may be subject could
differ materially from current requirements and may materially and adversely affect the Scheme and the
investors. Legislation/ Regulatory guidelines could also be imposed retrospectively.
● Country Risk:
The Country risk arises from the inability of a country, to meet its financial obligations. It is the risk
encompassing economic, social and political conditions in a foreign country, which might adversely
affect foreign investors' financial interests. In addition, country risks would include events such as
introduction of extraordinary exchange controls, economic deterioration, bi-lateral conflict leading to
immobilisation of the overseas financial assets and the prevalent tax laws of the respective jurisdiction
for execution of trades or otherwise.
● To manage risks associated with foreign currency and interest rate exposure, the Mutual Fund may use
derivatives for efficient portfolio management including hedging and in accordance with conditions as
may be stipulated by SEBI/ RBI from time to time.
 Exhaustion of Limit for investments in Overseas Securities:
In case the permissible limits for investments in overseas Securities by the Scheme, provided by regulatory
bodies is reached, then the scheme may not be able to make any further investments in permissible
Overseas Securities. This could lead to loss of investment opportunity.
14

(vii) Risk factors associated with investing in Derivatives
● The AMC, on behalf of the Scheme may use various derivative products, from time to time, in an
attempt to protect the value of the portfolio and enhance Unit holders' interest. Derivative products are
specialized instruments that require investment techniques and risk analysis different from those
associated with stocks and bonds. The use of a derivative requires an understanding not only of the
underlying instrument but of the derivative itself. Other risks include, the risk of mispricing or improper
valuation and the inability of derivatives to correlate perfectly with underlying assets, rates and indices.
● Derivative products are leveraged 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.
● Credit Risk:
The credit risk in derivative transaction is the risk that the counter party will default on its obligations and
is generally low, as there is no exchange of principal amounts in a derivative transaction.
● Market Risk:
Market movements may adversely affect the pricing and settlement of derivatives.
● Illiquidity risk:
This is the risk that a derivative cannot be sold or purchased quickly enough at a fair price, due to lack
of liquidity in the market.
(viii)Additional Risk viz. Basis Risk associated with imperfect hedging using Interest Rate Futures
(IRF): The imperfect correlation between the prices of securities in the portfolio and the IRF contract
used to hedge part of the portfolio leads to basis risk. Thus, the loss on the portfolio may not exactly
match the gain from the hedge position entered using the IRF.
(ix)Risk pertaining to covered call strategy

Incorrectly pricing the option premium before writing the covered call by ignoring factors which
determine pricing like number of days to expiry, adjustment with respect to announced corporate actions
like dividend etc.
(x) Risk factors associated with Securities Lending

As with other modes of extensions of credit, there are risks inherent to securities lending, including the
risk of failure of the other party, in this case the approved intermediary, to comply with the terms of the
agreement entered into between the lender of securities i.e. the Scheme and the approved
intermediary. Such failure can result in the possible loss of rights to the collateral put up by the borrower
of the securities, the inability of the approved intermediary to return the securities deposited by the
lender and the possible loss of any corporate benefits accruing to the lender from the securities
deposited with the approved intermediary. The scheme may not be able to sell lent out securities, which
can lead to temporary illiquidity & loss of opportunity.
15

(xi) Risk factors associated with investing in Securitised Debt
The Risks involved in Securitised Papers described below are the principal ones and does not represent
that the statement of risks set out hereunder is exhaustive.
● Limited Liquidity & Price Risk
There is no assurance that a deep secondary market will develop for the Certificates. This could limit
the ability of the investor to resell them.
● Limited Recourse, Delinquency and Credit Risk
The Credit Enhancement stipulated represents a limited loss cover to the Investors. These Certificates
represent an undivided beneficial interest in the underlying receivables and do not represent an
obligation of either the Issuer or the Seller or the originator, or the parent or any affiliate of the Seller,
Issuer and Originator. No financial recourse is available to the Certificate Holders against the Investors'
Representative. Delinquencies and credit losses may cause depletion of the amount available under the
Credit Enhancement and thereby the Investor Payouts to the Certificate Holders may get affected if the
amount available in the Credit Enhancement facility is not enough to cover the shortfall. On persistent
default of an Obligor to repay his obligation, the Servicer may repossess and sell the Asset. However,
many factors may affect, delay or prevent the repossession of such Asset or the length of time required
to realise the sale proceeds on such sales. In addition, the price at which such Asset may be sold may
be lower than the amount due from that Obligor.
● Risks due to possible prepayments and Charge Offs
In the event of prepayments, investors may be exposed to changes in tenor and yield. Also, any Charge
Offs would result in the reduction in the tenor of the Pass Through Certificates (PTCs).
● Bankruptcy of Bank with Liquidity facility
If the Bank with Liquidity facility, becomes subject to bankruptcy proceedings then an investor could
experience losses or delays in the payments.
● Risk of Co-mingling
With respect to the Certificates, the Servicer will deposit all payments received from the Obligors into
the Collection Account. However, there could be a time gap between collection by a Servicer and
depositing the same into the Collection account especially considering that some of the collections may
be in the form of cash. In this interim period, collections from the Loan Agreements may not be
segregated from other funds of originator. If originator in its capacity as Servicer fails to remit such funds
due to Investors, the Investors may be exposed to a potential loss.
(xii) Risk factors associated with investments in Perpetual Debt Instrument (PDI)
Perpetual Debt instruments are issued by Banks, NBFCs and corporates to improve their capital profile.
Some of the PDIs issued by Banks which are governed by the RBI guidelines for Basel III Capital
Regulations are referred to as Additional Tier I (AT1 bonds). While there are no regulatory guidelines for
issuance of PDIs by corporate bodies, NBFCs issue these bonds as per guidelines issued by RBI. The
instruments are treated as perpetual in nature as there is no fixed maturity date. The key risks
associated with these instruments are highlighted below:
Key Risk Factors:
- Risk on coupon servicing
Banks
As per the terms of the instruments, Banks may have discretion at all times to cancel distributions/
payment of coupons. In the event of non-availability of adequate distributable reserves and
surpluses or inadequacy in terms of capital requirements, RBI may not allow banks to make
payment of coupons.
16

NBFCs
While NBFCs may have discretion at all times to cancel payment of coupon, coupon can also be
deferred (instead of being cancelled), in case paying the coupon leads to breach of capital ratios.
Corporates
Corporates usually have discretion to defer the payment of coupon. However, the coupon is usually
cumulative and any deferred coupon shall accrue interest at the original coupon rate of the PDI.
- Risk of write-down or conversion into equity
Banks
As per the regulatory requirements, Banks have to maintain a minimum Common Equity Tier-1
(CET-1) ratio of Risk Weighted Assets (RWAs), failing which the AT-1 bonds can get written down.
Further, AT-1 Bonds are liable to be written down or converted to common equity, at the discretion
of RBI, in the event of Point of Non Viability Trigger (PONV). PONV is a point, determined by RBI,
when a bank is deemed to have become non-viable unless there is a write off/ conversion to equity
of AT-1 Bonds or a public sector capital injection happens. The write off/conversion has to occur
prior to public sector injection of capital. This risk is not applicable in case of NBFCs and Corporates.
- Risk of instrument not being called by the Issuer
Banks
The issuing banks have an option to call back the instrument after minimum specified period from
the date of issuance, subject to meeting the RBI guidelines. However, if the bank does not exercise
the call on first call date, the Scheme may have to hold the instruments for a period beyond the first
call exercise date.
NBFCs
The NBFC issuer has an option to call back the instrument after minimum specific period as per the
regulatory requirement from date of issuance and thereafter, subject to meeting the RBI guidelines.
However, if the NBFC does not exercise the call option the Scheme may have to hold the
instruments for a period beyond the first call exercise date.
Corporates
There is no minimum period for call date. However, if the corporate does not exercise the call option,
the Scheme may have to hold the instruments for a period beyond the call exercise date.
(xiii) Risk factors associated with Short Selling

Short-selling is the sale of shares which are not owned by the seller at the time of trade. Instead, he
borrows it from someone who already owns it. Later, the short seller buys back the stock he shorted and
returns the stock to close out the loan. If the price of the stock corrects, Short seller can buy the stock
back for less than he received for selling it and earn profit (the difference between higher short sale
price and the lower purchase price).If the price of stock appreciates, short selling results in loss. Thus,
Short positions carry the risk of losing money and these losses may grow theoretically unlimited if the
price increases without limit and shall result into major losses in the portfolio.
(xiv)Risk factors associated with Creation of Segregated Portfolio

In the event of creation of Segregated Portfolio in case of a Credit Event, investors' investments may be
subject to following risks:
17

● Investor holding units of Segregated Portfolio may not able to liquidate their holding till the time of
recovery of money from the issuer.
● Listing of units of Segregated Portfolio on recognised stock exchange does not necessarily
guarantee its liquidity.
There may not be active trading of units on the exchange.
Further trading price of units on the exchange may be significantly lower than the prevailing NAV.
● Security comprising Segregated Portfolio may not realise any value.
(xv) Risk factors associated with processing of transaction through Stock Exchange Mechanism
The trading mechanism introduced by the stock exchange(s) is configured to accept and process
transactions for mutual fund units in both Physical and Demat Form. The allotment and/or redemption of
Units through NSE and/or BSE or any other recognised stock exchange(s), on any Business Day will
depend upon the modalities of processing viz. collection of application form, order
processing/settlement, etc. upon which the Fund has no control. Moreover, transactions conducted
through the stock exchange mechanism shall be governed by the operating guidelines and directives
issued by respective recognized stock exchange(s).
(xvi) Risk factors associated with REITs and InvITs:

● Price Risk:
Securities/Instruments of REITs and InvITs are volatile and prone to price fluctuations on a daily basis
owing to market movements. The extent of fall or rise in the prices is a fluctuation in general market
conditions, factors and forces affecting capital market, Real Estate and Infrastructure sectors, level of
interest rates, trading volumes, settlement periods and transfer procedures.
● Interest Rate Risk:
Securities/Instruments of REITs and InvITs run interest rate risk. Generally, when interest rates rise,
prices of units fall and when interest rates drop, such prices increase.
● Credit Risk:
Credit risk means that the issuer of a REIT/InvIT security/ instrument may default on interest payment or
even on paying back the principal amount on maturity. Securities/ Instruments of REITs and InvITs are
likely to have volatile cash flows as the repayment dates would not necessarily be pre scheduled.
● Liquidity Risk:
This refers to the ease with which securities/instruments of REITs/InvITs can be sold. There is no
assurance that an active secondary market will develop or be maintained. Hence there would be time
when trading in the units could be infrequent. The subsequent valuation of illiquid units may reflect a
discount from the market price of comparable securities/instruments for which a liquid market exists. As
these products are new to the market they are likely to be exposed to liquidity risk.
● Reinvestment Risk:
Investments in securities/instruments of REITs and InvITs may carry reinvestment risk as there could be
repatriation of funds by the Trusts in form of buyback of units or Dividend pay-outs, etc. Consequently,
the proceeds may get invested in assets providing lower returns.
● Legal and Regulatory Risk
The regulatory framework governing investments in securities/instruments of REITs and InvITs
comprises a relatively new set of regulations and is therefore untested, interpretation and enforcement
by regulators and courts involves uncertainties. Presently, it is difficult to forecast as to how any new
laws, regulations or standards or future amendments will affect the issuers of REITs/InvITs and the
sector as a whole. Furthermore, no assurance can be given that the regulatory system will not change
18

in a way that will impair the ability of the Issuers to comply with the regulations, conduct the business,
compete effectively or make distributions.
Disclaimer of Index
Disclaimer pertaining to Nifty Housing Index (Total Returns Index):

The Scheme of HDFC Mutual Fund (the “Product”) is not sponsored, endorsed, sold or promoted by NSE
INDICES LTD. NSE INDICES LTD does not make any representation or warranty, express or implied, to
the owners of the Product or any member of the public regarding the advisability of investing in securities
generally or in the Product particularly or the ability of the Nifty Housing Index to track general stock market
performance in India. The relationship of NSE INDICES LTD to the Licensee is only in respect of the
licensing of certain trademarks and trade names of its Index which is determined, composed and calculated
by NSE INDICES LTD without regard to the Licensee or the Product. NSE INDICES LTD does not have
any obligation to take the needs of the Licensee or the owners of the Product into consideration in
determining, composing or calculating the Nifty Housing Index (Total Returns Index). NSE INDICES LTD is
not responsible for or has participated in the determination of the timing of, prices at, or quantities of the
Product to be issued or in the determination or calculation of the equation by which the Product is to be
converted into cash. NSE INDICES LTD has no obligation or liability in connection with the administration,
marketing or trading of the Product. NSE INDICES LTD does not guarantee the accuracy and/ or the
completeness of the Nifty Housing Index or any data included therein and they shall have no liability for any
errors, omissions, or interruptions therein.
NSE INDICES LTD does not make any warranty, express or implied, as to results to be obtained by the
Licensee, owners of the product, or any other person or entity from the use of the Nifty Housing Index or
any data included therein. NSE INDICES LTD makes no express or implied warranties, and expressly
disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Index
or any data included therein. Without limiting any of the foregoing, NSE INDICES LTD expressly disclaim
any and all liability for any damages or losses arising out of or related to the Product, including any and all
direct, special, punitive, indirect, or consequential damages (including lost profits), even if notified of the
possibility of such damages. An investor, by subscribing or purchasing an interest in the Product, will be
regarded as having acknowledged, understood and accepted the disclaimer referred to in Clauses above
and will be bound by it.
B. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME

The Scheme shall have a minimum of 20 investors and no single investor shall account for more than
25% of the corpus of the Scheme (at portfolio level). The two conditions mentioned above shall be
complied within each subsequent calendar quarter, on an average basis, as specified by SEBI. In case
the Scheme does not have a minimum of 20 investors in the stipulated period, the provisions of
Regulation 39(2)(c) of the SEBI (MF) Regulations would become applicable automatically without any
reference from SEBI and accordingly the Scheme shall be wound up and the units would be redeemed
at applicable NAV. If there is a breach of the 25% limit by any investor over the quarter, a rebalancing
period of one month would be allowed and thereafter the investor who is in breach of the rule shall be
given 15 days notice to redeem his exposure over the 25% limit. Failure on the part of the said investor
to redeem his exposure over the 25% limit within the aforesaid 15 days would lead to automatic
redemption by the Mutual Fund on the applicable Net Asset Value on the 15th day of the notice period.
The Fund shall adhere to the requirements prescribed by SEBI from time to time in this regard.
C. SPECIAL CONSIDERATIONS
● The information set out in the Scheme Information Document (SID) and Statement of Additional
Information (SAI) are for general purposes only and do not constitute tax or legal advice. The tax
19

information provided in the SID/SAI does not purport to be a complete description of all potential tax
costs, incidence and risks inherent in subscribing to the Units of scheme offered by HDFC Mutual Fund.
Investors should be aware that the fiscal rules/ tax laws may change and there can be no guarantee
that the current tax position as laid out herein may continue indefinitely. The applicability of tax laws, if
any, on HDFC Mutual Fund/ Scheme / investments made by the Scheme and/or investors and/ or
income attributable to or distributions or other payments made to Unitholders are based on the
understanding of the prevailing tax legislations and are subject to adverse interpretations adopted by
the relevant authorities resulting in tax liability being imposed on the HDFC Mutual Fund/ Scheme/
Unitholders/ Trustee /AMC.
In view of the individual nature of the tax consequences, each investor is advised to consult his/ her own
professional tax advisor to determine possible legal, tax, financial or other considerations for subscribing
and/or redeeming the Units and/or before making a decision to invest/ redeem Units. The tax
information contained in SID/SAI alone may not be sufficient and should not be used for the
development or implementation of an investment strategy or construed as investment advice. Investors
alone shall be fully responsible/ liable for any investment decision taken on the basis of this document.
Neither the Mutual Fund nor the AMC nor any person connected with it accepts any liability arising from
the use of this information.
● The Trustee, AMC, Mutual Fund, their directors or their employees shall not be liable for any of the tax
consequences that may arise, in the event that the Scheme is wound up for the reasons and in the
manner provided in SAI.
● Redemption by the Unit holder either due to change in the fundamental attributes of the Scheme or due
to any other reasons may entail tax consequences. The Trustee, AMC, Mutual Fund, their directors or
their employees shall not be liable for any such tax consequences that may arise.
● Subject to SEBI (Mutual Funds) Regulations, 1996 in the event of substantial investment by the
Sponsor and its associates directly or indirectly in the Scheme of the Mutual Fund, Redemption of Units
by these entities may have an adverse impact on the performance of the Scheme because of the timing
of any such Redemptions and this may also impact the ability of other Unit holders to redeem their
Units.
● The Scheme may be registered in any jurisdiction from time to time, as and when the Trustee/AMC
desires. The distribution of the Scheme(s) and the SID / SAI may be restricted or totally prohibited in
certain jurisdictions on account of non registration of the Scheme(s) or any other requirements in such
jurisdictions and, accordingly, persons who come in possession of the SID / SAI are required to apprise
themselves of and observe / adhere to any such restrictions and / or legal, compliance requirements
with respect to their eligibility for investment in the Scheme(s). Any person receiving a copy of this SID,
SAI or any application form accompanying the SID / SAI in such jurisdiction should not treat the receipt
thereof as an invitation to them to subscribe or invest in the Scheme. Such persons should in no event
use any such application form unless in the relevant jurisdiction such an invitation to subscribe could
lawfully be made to them and such application form could lawfully be used without complying with any
registration or other legal requirements by the AMC / Fund / Trustee.
● Any dispute arising out of the Scheme shall be subject to the non-exclusive jurisdiction of the Courts in
India. Statements in this SID are, except where otherwise stated, based on the law, practice currently in
force in India and are subject to changes therein.
● Investors are advised to rely upon only such information and/or representations as contained in this
SID. Any subscription or redemption made by any person on the basis of statements or representations
which are not contained in this SID or which are inconsistent with the information contained herein shall
be solely at the risk of the Investor. The Investor is required to confirm the credentials of the
individual/firm he/she is entrusting his/her application form alongwith payment instructions for any
transaction in the Scheme. The Mutual Fund/Trustee/AMC shall not be responsible for any acts done by
the intermediaries representing or purportedly representing such Investor.
● The AMC and/ or its Registrars & Transfer Agent (RTA) reserve the right to disclose/share Unit holder's
details of folio(s) and transaction details thereunder with the following third parties:
20

a) RTA, Banks and/or authorised external third parties who are involved in transaction processing,
dispatching etc., of the Unitholder's investment in the Scheme;
b) Distributors or sub-brokers through whom the applications are received for the Scheme;
c) Any other organizations for compliance with any legal or regulatory requirements or to verify the
identity of the Unitholders for complying with anti-money laundering requirements.
● Mutual funds investments are subject to market risks and the Investors should review/study this SID, the
SAI and the addenda thereto issued from time to time carefully in its entirety before investing and
should not construe the contents hereof or regard the summaries contained herein as advice relating to
legal, taxation or financial/investment matters. There can be no assurance or guarantee that the
Scheme objectives will be achieved. The investment decisions made by the AMC/ Fund Manager may
not always be profitable.
● In terms of the Prevention of Money Laundering Act, 2002, the Rules issued there under and the
guidelines/circulars issued by SEBI regarding the Anti Money Laundering (AML Laws), all
intermediaries, including Mutual Funds, have to formulate and implement a client identification i.e. Know
Your Customer programme, verify and maintain the record of identity and address(es) of investors.
The need to Know Your Customer (KYC) is vital for the prevention of money laundering. The Trustee /
AMC may seek information or obtain and retain documentation used to establish identity. It may re-
verify identity and obtain any missing or additional information for this purpose. The Trustee / AMC may
reject any application or prevent further transactions by a Unit holder, if after due diligence, the Investor
/ Unit holder / a person making the payment on behalf of the Investor does not fulfill the requirements of
the Know Your Customer (KYC).
If after due diligence the Trustee / AMC has reason to believe that any transaction is suspicious in
nature as regards money laundering, the AMC shall report such transactions to competent authorities
under PMLA and rules/guidelines issued thereunder by SEBI/RBI, furnish any such information in
connection therewith to such authorities and take any other actions as may be required for the purposes
of fulfilling its obligations under PMLA and rules/guidelines issued thereunder without obtaining prior
approval of the Unitholder/any other person. In this connection the Trustee / AMC reserves the right to
reject any such application.
● As per clause 14.11 of Master Circular, in order to strengthen the Know Your Client (KYC) norms and
identify every participant in the securities market with their respective Permanent Account Number
(PAN) thereby ensuring sound audit trail of all the transactions, PAN shall be the sole identification
number for all participants transacting in the securities market, irrespective of the amount of
transactions (except for specifically exempted cases). Exempted investors are required to provide
alternate proof of identity in lieu of PAN for KYC purposes and are allotted PAN-exempt KYC Reference
Number (PEKRN).
● Mandatory furnishing of PAN / PEKRN and failure consequences: Valid PAN/PEKRN and KYC is
mandatory for all financial transactions including non-investor initiated. If not furnished, then from April
1, 2023, the impact on non-investor initiated transactions shall include:
1. IDCW reinvestment option/facility being automatically changed to IDCW payout option/facility
2. Registrations under Transfer of IDCW Plan facility, being cancelled and IDCW declared, if any,
being treated as “Payout”
3. All IDCW pay-out (including point 1 and 2 above) shall also be paid only after unit holders furnish
their PAN/PEKRN.
Further, such investors will also be able to lodge grievance or make service requests only after
furnishing the above details.
● Mandatory linking of PAN and Aadhaar and failure consequences: Currently, as per Section 139AA
of the Income Tax Act, 1961, every person who has been allotted a PAN as on July 1, 2017, and who is
eligible to obtain an Aadhaar number, shall have to mandatorily link their Aadhaar and PAN latest by
June 30, 2023 or such other timeline as may be notified by SEBI from time to time, failing which such
21

PAN shall become inoperative immediately thereafter and attract higher TDS and transaction
restrictions.
Note: Presently, Aadhaar-PAN linking does not apply to any individual who is (a) residing in the States
of Assam, Jammu and Kashmir, and Meghalaya; (b) a non-resident as per the Income Tax Act, 1961
(NRI as per Income Tax records); or (c) of the age of eighty years or more at any time during the
previous year; or (d) not a citizen of India. However, these exemptions may change or be revoked later.
● Mandatory nomination / opt-out and failure consequences: SEBI vide its clause 17.16 of Master
Circular, has made it mandatory for investors subscribing to mutual fund units on or after October 1,
2022, to either provide nomination details or opt out of nomination in prescribed format. Further, all
existing individual unit holder(s) (either sole or joint) are required to provide nomination / opt out of
nomination by January 01, 2024 or such other timeline as may be notified by SEBI from time to time,
failing which their folios shall be frozen for debits.
● The AMC may either through itself or through its subsidiaries may undertake other Business Activities
such as acting as the investment manager of various Alternative Investment Funds (AIFs), providing
portfolio management services, investment advisory services, separately managed accounts; etc. as
permitted under Regulation 24(b) of the SEBI (Mutual Funds) Regulations, 1996, as amended from time
to time (“the Regulations”) and subject to such conditions as may be specified by SEBI from time to
time. Any potential conflicts between these activities and the Mutual Fund will be adequately addressed
by compliance with the requirements under Regulation 24(b) of the Regulations.
● The AMC offers portfolio management / non-binding investment advisory services, acts as an
investment manager to the Alternative Investment Fund (AIF) and such activities are not in conflict with
the activities of the Mutual Fund. The AMC has renewed its registration obtained from SEBI vide
Registration No. - PM / INP000000506 dated February 18, 2016 to act as a Portfolio Manager under the
SEBI (Portfolio Managers) Regulations, 1993. The said certificate of registration is valid unless it is
suspended or cancelled by SEBI.
● The AMC acts as the investment manager for HDFC AMC AIF - II ("AIF Fund"), which is formed as a
trust and has received registration as a Category II Alternative Investment Fund from SEBI vide
Registration No. IN/AIF2/ 12-13/0038. The Certificate of Registration is valid till the expiry of the last
scheme set up under the AIF Fund. The AMC will ensure that there are no material conflicts of interest.
Any potential conflicts between the AIF Fund and the Mutual Fund will be adequately addressed by (a)
compliance with the requirements under Regulation 24(b) of the SEBI (Mutual Funds) Regulations,
1996; (b) ensuring that the fund manager(s) of each scheme of the Mutual Fund, will not play any role in
the day-today operations of the AIF Fund, and the key investment team of the AIF Fund is not involved
with the activities of the Mutual Fund; and (c) ensuring that there is no interse transfer of assets
between the Mutual Fund and any scheme of the AIF Fund.
● The AMC offers management and/or advisory services to permitted categories of foreign portfolio
investors investing in India, through fund manager(s) managing the Schemes of the Fund (“Business
Activity”) as permitted under Regulation 24(b) of the SEBI (Mutual Funds) Regulations, 1996, as
amended from time to time (“the Regulations”) and subject to such conditions, as maybe specified by
SEBI from time to time. The services provided by the AMC for the said Business Activity shall inter-alia
include investment management and non-binding investment advice, India focused research, statistical
and analytical information. While, undertaking the said Business Activity, the AMC shall ensure that (i)
there is no conflict of interest with the activities of the Fund; (ii) there exists a system to prohibit access
to insider information as envisaged under the Regulations; and (iii) Interest of the Unit holder(s) of the
Schemes of the Fund are protected at all times.
● The AMC / Trustee reserves the right to modify the provisions of the SID / KIM / SAI from time to time
as permissible under SEBI (MF) Regulations and circulars and guidelines issued thereunder from time
to time.
22

D. DEFINITIONS
In this Scheme Information Document, the following words and expressions shall have the meaning
specified herein, unless the context otherwise requires:
"AMC" or "Asset Management HDFC Asset Management Company Limited, incorporated under
Company" or "Investment the provisions of the Companies Act, 1956 and approved by the
Manager" Securities and Exchange Board of India under Regulation 21 (2) to
act as the Asset Management Company for the Schemes of HDFC
Mutual Fund.
"Applicable NAV" The NAV applicable for purchase or redemption or switching of
Units based on the time of the Business Day on which the
application is accepted, subject to the provisions of ‘realisation of
funds’ and 'cut off timings' as described in this Scheme Information
Document.
“Beneficial Owner” Beneficial owner as defined in the Depositories Act 1996 (22 of
1996) means a person whose name is recorded as such with a
depository.
“Business Day” A day other than:
(i) Saturday and Sunday; or
(ii) A day that may be declared as a Non-Business day on account
of the following –
a) Public and / or bank holiday; or
b) Banks / RBI in Mumbai are closed for business / clearing; or
c) Stock Exchange (s) is / are closed; or
d) Any other reason as may be declared by the AMC / Trustee
(iii) A day on which Sale / Redemption / Switching of Units is
suspended by the AMC / Trustee; or
(iv) A day on which normal business cannot be transacted due to
natural calamities, bandhs, strikes or such other events as the
AMC / Trustee may specify from time to time.
In case of clauses (ii) to (iv) above, the AMC will put up suitable
update / notification on its website.
The AMC / Trustee reserve the right to declare any day as a
Business Day or otherwise by way of notification on website.
"Business Hours" Presently 9.30 a.m. to 5.30 p.m. on any Business Day or such
other time as may be applicable from time to time.
“Consolidated Account Consolidated Account Statement is a statement containing details
Statement” relating to all the transactions across all mutual funds viz.
purchase, redemption, switch, payout / reinvestment under IDCW
Option, systematic investment plan, systematic withdrawal plan,
systematic transfer plan and bonus transactions, etc. (including
transaction charges paid to the distributor) and holding at the end
of the month.
"Custodian" A person who has been granted a certificate of registration to carry
on the business of custodian of securities under the Securities and
Exchange Board of India (Custodian of Securities) Regulations
23

1996, or any other appropriate statutory / regulatory authority in
case of custodians for foreign securities. For schemewise list of
custodians, refer to the Statement of Additional Information (SAI)
available on the website of the Fund.
"Depository" Depository as defined in the Depositories Act, 1996 (22 of 1996)
and in this SID refers to National Securities Depository Ltd (NSDL)
and Central Depository Services Ltd (CDSL).
"Depository Participant" Depository Participant' means a person registered as such under
subsection (1A) of section 12 of the Securities and Exchange
Board of India Act, 1992.
"Depository Records" Depository Records as defined in the Depositories Act, 1996 (22 of
1996) includes the records maintained in the form of books or
stored in a computer or in such other form as may be determined
by the said Act from time to time.
"Derivative" Derivative includes (i) a security derived from a debt instrument,
share, loan whether secured or unsecured, risk instrument or
contract for differences or any other form of security; (ii) a contract
which derives its value from the prices, or index of prices, or
underlying securities.
"Direct Plan" A Plan for investors who wish to invest directly without routing the
investment through any distributor. This Plan shall have a lower
expense ratio excluding distribution expenses, commission, etc
and no commission for distribution of Units will be paid/ charged
under the Direct Plan.
"Dividend"/“Distribution”/“IDCW” Income distributed on Mutual Fund Units from the distributable
(Income Distribution cum Capital surplus, which may include a portion of the investor's capital {i.e.
Withdrawal) part of Sale Price (viz. price paid by the investor for purchase of
Units) representing retained realized gains (equalisation reserve)
in the Scheme books}.
"Entry Load" or "Sales Load" Load on Sale / Switch in of Units.
"Equity Related Instruments" "Equity Related Instruments" includes convertible debentures,
convertible preference shares, warrants carrying the right to obtain
equity shares, equity derivatives (where the scheme permits) and
any other like instrument as may be specified by SEBI from time to
time.
"Exit Load" or "Redemption Load on Redemption / Switch out of Units.
Load"
"Floating Rate Debt Instruments" Floating rate debt instruments are debt instruments issued by
Central and / or State Government, corporates or PSUs with
interest rates that are reset periodically. The periodicity of the
interest reset could be daily, monthly, quarterly, half-yearly,
annually or any other periodicity that may be mutually agreed with
the issuer and the Fund. The interest on the instruments could also
be in the nature of fixed basis points over the benchmark gilt
yields.
"Foreign Portfolio Investor" or FPI means a person who satisfies the eligibility criteria prescribed
"FPI" under Regulation 4 and has been registered under Chapter II of
Securities and Exchange Board of India (Foreign Portfolio Investor)
24

Regulations, 2019.
“Foreign Securities” Securities as specified in the clause 12.19 of Master Circular and
any subsequent amendments thereto specified by SEBI and/or RBI
from time to time.
"Gilts" or "Government Securities created and issued by the Central Government and/or a
Securities" State Government (including Treasury Bills) or Government
Securities as defined in the Government Securities Act, 2006, as
amended or re-enacted from time to time.
“Holiday” The day(s) on which the banks (including the Reserve Bank of
India) are closed for business or clearing in Mumbai or their
functioning is affected due to a strike/ bandh call made at any part
of the country or due to any other reason or days when
Depository(ies) is / are closed.
"Investment Management The agreement dated June 8, 2000 entered into between HDFC
Agreement" Trustee Company Limited and HDFC Asset Management
Company Limited, as amended from time to time.
"Investor Service Centres" or Designated Offices of HDFC Asset Management Company Limited
"ISCs" or such other centres/offices as may be designated by the AMC
from time to time for the purpose of submitting transactions /
service requests. Updated list of the same can be viewed on the
website.
"InvIT" or "Infrastructure “InvIT” or “Infrastructure Investment Trust” shall have the meaning
Investment Trust" assigned in clause (za) of sub-regulation (1) of regulation 2 of the
Securities and Exchange Board of India (Infrastructure Investment
Trusts) Regulations, 2014 As per SEBI (Infrastructure Investment
Trusts) Regulations, 2014, InvIT is defined as: “InvIT” or
“Infrastructure Investment Trust” shall mean the trust registered as
such under these regulations.
"Load" In the case of Redemption / Switch out of a Unit, the sum of money
deducted from the Applicable NAV on the Redemption / Switch out
and in the case of Sale/ Switch in of a Unit, a sum of money to be
paid by the prospective investor on the Sale / Switch in of a Unit in
addition to the Applicable NAV.
"Market Capitalisation" Market value of the listed company, which is calculated by
multiplying its current market price by number of its shares
outstanding.
The investment universe of “Large Cap” “Mid Cap” and "Small
Cap" shall comprise companies as defined by SEBI from time to
time. In terms of clause 2.7.1 of Master Circular, the same are as
follows:
• Large Cap: 1st -100th company in terms of full market
capitalization
• Mid Cap: 101st -250th company in terms of full market
capitalization
• Small Cap: 251st company onwards in terms of full market
capitalization If a stock is listed on more than one recognized stock
exchange, an average of full market capitalization of the stock on
all such stock exchanges, will be computed.
25

In case a stock is listed on only one of the recognized stock
exchanges, the full market capitalization of that stock on such an
exchange will be considered. While preparing the single
consolidated list of stocks, average full market capitalization of the
previous six month of the stocks shall be considered.
Mutual Funds would be required to adopt the list of stocks
prepared by AMFI, which would be updated every six months
(based on the data as on the end of June and December of each
year) within 5 calendar days from the end of the 6 months period.
Subsequent to any updation in the list, Mutual Funds would have
to rebalance their portfolios (if required) in line with updated list,
within a period of one month.
"Money Market Instruments" Includes commercial papers, commercial bills, treasury bills,
Government securities having an unexpired maturity upto one
year, call or notice money, certificate of deposit, usance bills and
any other like instruments as specified by the Reserve Bank of
India from time to time.
"Mutual Fund" or "the Fund" HDFC Mutual Fund, a trust set up under the provisions of the
Indian Trusts Act, 1882.
"Net Asset Value" or "NAV" Net Asset Value per Unit of the Scheme, calculated in the manner
described in this Scheme Information Document or as may be
prescribed by the SEBI (MF) Regulations from time to time.
"Non-Resident Indian" or "NRI" A person resident outside India who is either a citizen of India or a
person of Indian origin.
"Official Points of Acceptance" Places, as specified by AMC from time to time where application
or “OPA” for subscription/redemption/switch will be accepted on ongoing
basis. The list is given at the end of the SID investor can also view
the updated list on the website.
“Overseas Citizen of India” or A person registered as an overseas citizen of India by the Central
“OCI” Government under section 7A of 'The Citizenship Act, 1955'. The
Central Government may register as an OCI a foreign national
(except a person who is or had been a citizen of Pakistan or
Bangladesh or such other person as may be specified by Central
Government by notification in the Official Gazette), who was
eligible to become a citizen of India on 26.01.1950 or was a citizen
of India on or at any time after 26.01.1950 or belonged to a
territory that became part of India after 15.08.1947 and his/her
children and grand children (including Minor children), provided
his/her country of citizenship allows dual citizenship in some form
or other under the local laws.
"Person of Indian Origin" or A citizen of any country other than Bangladesh or Pakistan, if (a)
“PIO” he at any time held an Indian passport; or (b) he or either of his
parents or any of his grand parents was a citizen of India by virtue
of Constitution of India or the Citizenship Act, 1955 (57 of 1955); or
(c) the person is a spouse of an Indian citizen or person referred to
in sub-clause (a) or (b).
"Plans" Plans shall include and mean existing and any prospective Plan(s)
issued by the Scheme in accordance with SEBI (MF) Regulations.
"Rating" An opinion regarding securities, expressed in the form of standard
26

symbols or in any other standardised manner, assigned by a credit
rating agency and used by the issuer of such securities, to comply
with any requirement of the SEBI (Credit Rating Agencies)
Regulations, 1999.
"RBI" Reserve Bank of India, established under the Reserve Bank of
India Act, 1934, (2 of 1934)
"Registrar and Transfer Agent" Computer Age Management Services Limited (CAMS) Chennai,
or "RTA" currently acting as registrar to the Scheme, or any other registrar
appointed by the AMC from time to time.
"REIT" or "Real Estate “REIT” or “Real Estate Investment Trust” shall have the meaning
Investment Trust" assigned in clause (zm) of sub-regulation 1 of regulation 2 of the
Securities and Exchange Board of India (Real Estate Investment
Trusts) Regulations, 2014. As per SEBI (Real Estate Investment
Trusts) Regulations, 2014, REIT is defined as:“REIT” or “Real
Estate Investment Trust” shall mean a trust registered as such
under these regulations.
"Redemption / Repurchase" Redemption of Units of the Scheme as permitted under the SID.
"Regular Plan" This Plan is for investors who wish to route their investment
through any distributor.
“Regulatory Agency” Government of India, SEBI, RBI or any other authority or agency
entitled to issue or give any directions, instructions or guidelines to
the Mutual Fund
“Repo” Sale of Securities with simultaneous agreement to repurchase
them at a later date.
“Reverse Repo” Purchase of Securities with a simultaneous agreement to sell them
at a later date.
"Sale / Subscription" Sale or allotment of Units to the Unit holder upon subscription by
the investor / applicant under the Scheme.
“Scheme Information Document” This document issued by HDFC Mutual Fund, offering Units of the
“SID” Scheme
"SEBI" Securities and Exchange Board of India, established under the
Securities and Exchange Board of India Act, 1992.
"SEBI (MF) Regulations" or Securities and Exchange Board of India (Mutual Funds)
"Regulations" Regulations, 1996, as amended from time to time.
"Securities Consolidated Securities Consolidated Account Statement ('SCAS') is a
Account Statement ('SCAS')" statement sent by the Depository that shall contain details relating
to all the transaction(s) viz. purchase, redemption, switch, payout /
reinvestment under IDCW Option, systematic investment plan,
systematic withdrawal advantage plan, systematic transfer plan,
bonus transactions, etc. carried out by the Beneficial Owner(s)
(including transaction charges paid to the distributor) across all
schemes of all mutual funds and transactions in securities held in
dematerialized form across demat accounts, during the month and
holdings at the end of the month.
"Short Selling" Selling a stock which the seller does not own at the time of trade.
"Sponsor" or "Settlor" HDFC Bank Limited
"Statement of Additional The document issued by HDFC Mutual Fund containing details of
27

Information" or "SAI" HDFC Mutual Fund, its constitution, and certain tax, legal and
general information. SAI is legally a part of the Scheme Information
Document.
"Stock Lending" Lending of securities to another person or entity for a fixed period
of time, at a negotiated compensation in order to enhance returns
of the portfolio.
"Switch" Redemption of a unit in any scheme (including the plans / options
therein) of the Mutual Fund against purchase of a unit in another
scheme (including the plans/ options therein) of the Mutual Fund,
subject to completion of Lock-in Period, if any.
"Trust Deed" The Trust Deed dated June 8, 2000 made by and between the
sponsor and HDFC Trustee Company Limited ("Trustee"), thereby
establishing an irrevocable trust, called HDFC Mutual Fund and
deed of variations dated June 11, 2003 and June 19, 2003.
"Unit" The interest of the Unit holder which consists of each Unit
representing one undivided share in the assets of the Scheme
"Unit holder" or "Investor" A person holding Unit in the Scheme of HDFC Mutual Fund offered
under this Scheme Information Document.
INTERPRETATION
For all purposes of this Scheme Information Document, except as otherwise expressly provided or unless
the context otherwise requires:
 All references to “Master Circular” refer to Master Circular for Mutual Funds issued by SEBI dated
May 19, 2023 as amended from time to time.
 All references to the masculine shall include all genders and all references, to the singular shall
include the plural and vice-versa.
 All references to “dollars” or “$” refer to United States Dollars and “Rs.” refer to Indian Rupees. A
“crore” means “ten million” and a “lakh” means a “hundred thousand”.
 All references to timings relate to Indian Standard Time (IST).
 Words/phrases not defined herein shall have meanings as defined under SEBI (MF) Regulations.
28

E. ABBREVIATIONS
In this Scheme Information Document the following abbreviations have been used.
ADR American Depository Receipts
AMC Asset Management Company
AMFI Association of Mutual Funds in India
BSE BSE Ltd.
CAGR Compound Annual Growth Rate
CDSL Central Depository Services (India) Limited
CE Credit Enhanced Debt
DP Depository Participant
ECS Electronic Clearing System
EFT Electronic Funds Transfer
FCNR A/c Foreign Currency (Non-Resident) Account
FPI Foreign Portfolio Investor
GDR Global Depository Receipts
GOI Government of India
GST Goods and Services Tax
HOF HDFC Housing Opportunities Fund
IDCW Income Distribution cum Capital Withdrawal Option
ISC Investor Service Centre
KRA KYC Registration Agency
KYC Know Your Customer
MIBOR Mumbai Inter-Bank Offer Rate
NAV Net Asset Value
NECS National Electronic Clearing Service
NEFT National Electronic Funds Transfer
NRE A/c Non-Resident (External) Rupee Account
NRI Non-Resident Indian
NRO A/c Non-Resident Ordinary Rupee Account
NSDL National Securities Depositories Limited
NSE National Stock Exchange of India Limited
OCI Overseas Citizen of India
PAN Permanent Account Number
PEKRN PAN Exempt KYC Reference Number
PIO Person of Indian Origin
RBI Reserve Bank of India
RIAs SEBI Registered Investment Advisers
RTA Registrar and Transfer Agent
RTGS Real Time Gross Settlement
SAI Statement of Additional Information
SEBI Securities and Exchange Board of India
SID Scheme Information Document
SIP Systematic Investment Plan
SO Structured Obligation
STP Systematic Transfer Plan
SWAP Systematic Withdrawal Advantage Plan
TREPS Tri-Party Repos on Government securities or treasury bills
TRI Total Returns Index
29

F. DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANY
It is confirmed that:
(i) This Scheme Information Document has been prepared in accordance with the SEBI (Mutual Funds)
Regulations, 1996 and the guidelines and directives issued by SEBI from time to time.
(ii) All legal requirements connected with the launching of the Scheme as also the guidelines, instructions,
etc., issued by the Government and any other competent authority in this behalf, have been duly
complied with.
(iii) The disclosures made in the Scheme Information Document are true, fair and adequate to enable the
investors to make a well informed decision regarding investment in the Scheme.
(iv) The intermediaries named in the Scheme Information Document and Statement of Additional
Information are registered with SEBI and their registration is valid, as on date.
Signed : sd/-
Place : Mumbai Name : Supriya Sapre
Date : October 30, 2023 Designation : Chief Compliance Officer
G. PRODUCT DIFFERENTIATION
Comparison of actively managed open ended equity schemes of HDFC Mutual Fund
Sr. Scheme Name Scheme Type of Scheme AUM (Rs. in No. of Folios*
No. Category crores)*
1. HDFC Dividend Dividend Yield An open ended
Yield Fund Fund equity scheme
predominantly
3,763.57 146,993
investing in
dividend yielding
stocks
2. HDFC ELSS Tax ELSS An Open-ended
saver Equity Linked
Savings Scheme
11,502.44 739,683
with a statutory
lock in of 3 years
and tax benefit
3. HDFC Flexi Cap Flexi Cap Fund An open ended
Fund dynamic equity
scheme investing
39,801.98 1,233,135
across large cap,
mid cap, small
cap stocks.
4. HDFC Focused Focused Fund An open ended
30 Fund equity scheme
investing in
maximum 30
6,723.38 277,525
stocks in large-
cap, mid-cap and
small-cap
category (i.e.
30

Multi-Cap)
5. HDFC Large and Large and Midcap An open ended
Mid Cap Fund Fund equity scheme
investing in both 11,784.69 839,836
large cap and
mid cap stocks
6. HDFC Top 100 Large Cap Fund An open ended
Fund equity scheme
predominantly 26,394.70 1,077,642
investing in large
cap stocks
7. HDFC Mid-Cap Mid Cap Fund An open ended
Opportunities equity scheme
Fund predominantly 48,690.70 1,946,230
investing in mid
cap stocks
8. HDFC Multi Cap Multi Cap Fund An open ended
Fund equity scheme
investing across
8,836.86 544,113
large cap, mid
cap & small cap
stocks
9. HDFC Sectoral/Thematic An open-ended
Transportation Funds equity scheme
and Logistics investing in
Fund Transportation 542.33 62,147
and Logistics
themed
companies
10. HDFC Non- Sectoral/Thematic An open ended
Cyclical Funds equity scheme
Consumer Fund following non- 525.40 49,544
cyclical
consumer theme
11. HDFC Defence Sectoral/Thematic An open-ended
Fund Funds equity scheme
investing in
1,346.58 182,163
Defence &
allied sector
companies
12. HDFC MNC Sectoral/Thematic An open ended
Fund Funds equity scheme
following
454.86 40,625
multinational
company (MNC)
theme
13. HDFC Business Sectoral/Thematic An open ended
Cycle Fund Funds equity scheme
2,739.89 130,858
following
business cycle
31

based investing
theme
14. HDFC Banking & Sectoral/Thematic An open ended
Financial Funds equity scheme
Services Fund investing in
2,878.97 157,354
Banking and
Financial
Services Sector
Technology Fund Funds equity scheme
investing in
Technology & 661.68 78,347
technology
related
companies
Infrastructure Funds equity scheme
Fund following 919.60 87,617
infrastructure
theme
17. HDFC Housing Sectoral/Thematic An open ended
Opportunities Funds equity scheme
Fund following housing 1,163.45 72,171
and allied
activities theme
18. HDFC Small Cap Small Cap Fund An open ended
Fund equity scheme
predominantly 23,256.17 1,379,969
investing in small
cap stocks
19. HDFC Capital Value An open ended
Builder Value Fund/Contra equity scheme
Fund Fund following a value 5,778.07 252,501
investment
strategy.
* As on September 30, 2023.
32

II. INFORMATION ABOUT THE SCHEME
A. TYPE OF THE SCHEME
An open ended equity scheme following housing and allied activities theme.
B. WHAT IS THE INVESTMENT OBJECTIVE OF THE SCHEME?

To provide long-term capital appreciation by investing predominantly in equity and equity related
instruments of entities engaged in and/or expected to benefit from the growth in housing and its allied
business activities.
There is no assurance that the investment objective of the Scheme will be realized.
C. HOW WILL THE SCHEME ALLOCATE ITS ASSETS?

ASSET ALLOCATION:
Under normal circumstances, the asset allocation (% of Net Assets) of the Scheme's portfolio will be as
follows:
Type of Instruments Minimum Maximum Risk Profile
Allocation (% of Allocation
Net Assets) (% of Net Assets)
Equity and Equity Related Instruments
of entities in Housing and its Allied 80 100 High
Business activities
Equity and Equity Related Instruments
of entities other than Housing and its 0 20 High
Allied Business activities
Debt and money market instruments* 0 20 Low to Medium
Units issued by REITs and InvITs 0 10 Medium to High
* including securitised debt, other structured obligations (SO), credit enhanced debt (CE).
The Scheme intends to seek investment opportunity in the ADR / GDR / Foreign equity and debt securities,
in accordance with guidelines stipulated in this regard by SEBI and RBI from time to time. The Scheme
shall not have an exposure of more than 20% of its assets in ADRs/ GDRs and foreign securities (including
mutual funds and other approved instruments as detailed on under section D. Where will the Scheme
invest? subject to regulatory limits.
The Scheme may invest in the schemes of Mutual Funds in accordance with the applicable extant SEBI
(Mutual Funds) Regulations as amended from time to time.
The Scheme may invest in equity derivatives for other than hedging purposes up to a maximum of 50% of
the net assets allocated towards equities subject to a maximum of 20% towards other than Housing and its
Allied Business activities. The Scheme may also invest up to a maximum of 20% of its net assets in debt
derivatives. Scheme may undertake Imperfect hedging in accordance with guidelines and limits prescribed
by SEBI from time to time.
The total exposure related to option premium paid shall not exceed 20% of the net assets of the Scheme
(including entities in housing and its allied business activities and/or other than housing and its allied
33

business activities). However, if the fund manager sells the option before expiry of the contract, the
reinvestment, if any, would be subject to the maximum 20% limit on options premium.
The Scheme intends to take derivatives position based on the opportunities available subject to the
guidelines issued by SEBI from time to time and in line with the investment objective of the Scheme.
Exposure to Derivatives may be taken to hedge the portfolio, rebalance the same or to undertake any other
strategy as permitted under SEBI (MF) Regulations from time to time.
The Scheme may invest upto 20% of its net assets in either securitized debt or structured obligations or
credit enhancements. However, investment in the following instruments shall not exceed 10% of the debt
portfolio of the Scheme and the group exposure in such instruments shall not exceed 5% of the debt
portfolio of the Scheme:
a. Unsupported rating of debt instruments (i.e. without factoring-in credit enhancements) is
below investment grade; and
b. Supported rating of debt instruments (i.e. after factoring in credit enhancement) is above investment
grade.
For this purpose, a group means a group as defined under regulation 2 (mm) of the Regulations and shall
include an entity, its subsidiaries, fellow subsidiaries, its holding company and its associates.
As per clause 12.24.1 of Master Circular, the cumulative gross exposure through equity, debt, derivative
positions (including fixed income derivatives), repo transactions and Real Estate Investment Trusts
(REITs), Infrastructure Investment Trusts (InvITs), other permitted securities/assets and such other
securities/ assets as may be permitted by SEBI from time to time shall not exceed 100% of the net assets
of the Scheme. Security wise hedge positions using derivatives such as Interest Rate Swaps, call options
written under the covered call Strategy and any other positions specifically exempted under SEBI
guidelines from time to time, will not be considered in calculating above exposure.
The Scheme may undertake (i) repo / reverse repo transactions in Corporate Debt Securities not more than
10% of the net assets of the scheme or as permitted by extant SEBI regulation; (ii) Credit Default Swaps
and (iii) Short Selling in accordance with guidelines issued by SEBI from time to time.
Further, a part of the total assets may be invested in the Tri- Party Repos (TREPS) or repo or in an
alternative investment as may be provided by RBI to meet the liquidity requirements, subject to regulatory
approvals, if any. From time to time, the Scheme may hold cash.
Pending deployment of funds

Pending deployment of funds of the Scheme in securities in terms of the investment objective of the
Scheme, the AMC may park the funds of the Scheme in short term deposits of scheduled commercial
banks, subject to clause 12.16 of Master Circular. The AMC shall not charge investment management and
advisory fees on such investments. The Term Deposits placed as margin will be covered in exposure to
cash and cash equivalent.
Stock Lending by the Fund

Subject to the SEBI (MF) Regulations, Securities Lending Scheme, 1997 and in accordance with clause
12.11 of Master Circular, as may be amended from time to time, the Scheme seeks to engage in Stock
Lending.
The AMC shall adhere to the following limits should it engage in Stock Lending.
1. Not more than 20% of the net assets of the Scheme can be deployed in Stock Lending.
34

2. Not more than 5% of the net assets of the Scheme can be deployed in Stock Lending to any single
approved intermediary, i.e. the limit will be at broker level.
The Mutual Fund may not be able to sell such lent out securities and this can lead to temporary illiquidity.
Exposure limits for participation in repo in corporate debt securities

The gross exposure of the scheme to repo transactions in corporate debt securities shall not be more than
10% of the net assets of the scheme or as permitted by extant SEBI regulation. Additionally, other
restrictions on exposures to repo in corporate debt securities like tenor, rating category etc. would be
applicable, as permitted by SEBI and RBI from time to time.
As per applicable provisions under Para 12.18 of Master Circular, the Scheme shall participate in repos on
following corporate debt securities:
1. Listed AA and above rated corporate debt securities
2. Commercial Papers (CPs) and Certificate of Deposits (CDs).
Additionally, other restrictions on exposures to repo in corporate debt securities like tenor, rating category
etc. would be applicable, as permitted by SEBI and RBI from time to time.
Change in Asset Allocation Pattern

Subject to SEBI (MF) Regulations the asset allocation pattern indicated above may change from time to
time, keeping in view market conditions, market opportunities, applicable regulations and political and
economic factors. It must be clearly understood that the percentages stated above are only indicative and
not absolute and that they can vary substantially depending upon the perception of the Investment
Manager, the intention being at all times to seek to protect the interests of the Unit holders. As per clause
1.14.1.2.b of Master Circular, as may be amended from time to time, such changes in the investment
pattern will be for short term and for defensive consideration only.
In the event of change in the asset allocation, the fund manager will carry out portfolio rebalancing within 30
calendar days or such other timeline as may be prescribed by SEBI from time to time.
As per clause 2.9 of Master Circular, as may be amended/ clarified from time to time, in the event of
change in the asset allocation due to passive breaches (occurrence of instances not arising out of omission
and commission of the AMC), the fund manager is required to carry out portfolio rebalancing within 30
Business Days.
In case the portfolio is not rebalanced within the period of 30 Business days, justification in writing,
including details of efforts taken to rebalance the portfolio shall be placed before the Investment
Committee. The Investment Committee, if it so desires, can extend the timeline for rebalancing up to sixty
(60) Business days from the date of completion of mandated rebalancing period. In case the portfolio of the
scheme is not rebalanced within the aforementioned mandated plus extended timelines, the AMC shall
follow the requirements specified under the aforesaid circular including reporting the deviation to Trustees
at each stage.
Debt Market In India

The instruments available in Indian Debt Market are classified into two categories, namely Government and
Non - Government debt. The instruments available in these categories include:
A] Government Debt
 Central Government Debt
35

 Treasury Bills
 Dated Government Securities
– Coupon Bearing Bonds
– Floating Rate Bonds
– Zero Coupon Bonds
 State Government Debt
– State Government Loans
– Coupon Bearing Bonds
B] Non-Government Debt
 Instruments issued by Government Agencies and other Statutory Bodies
 Government Guaranteed Bonds
 PSU Bonds
 Instruments issued by Public Sector Undertakings
 Commercial Paper
 PSU Bonds
 Fixed Coupon Bonds
 Floating Rate Bonds
 Zero Coupon Bonds
 Instruments issued by Banks and Development Financial Institutions
 Certificates of Deposit
 Promissory Notes
 Bonds
 Fixed Coupon Bonds
 Floating Rate Bonds
 Zero Coupon Bonds
 Instruments issued by Corporate Bodies
 Non-Convertible Debentures
 Fixed Coupon Debentures
 Floating Rate Debentures
 Zero Coupon Debentures
 Pass Through Securities
Activity in the Primary and Secondary Market is dominated by Central Government Securities including
Treasury Bills. These instruments comprise close to 60% of all outstanding debt and more than 75% of the
daily trading volume on the Wholesale Debt Market Segment of the National Stock Exchange of India
Limited.
In the money market, activity levels of the Government and Non- Government Debt vary from time to time.
Instruments that comprise a major portion of money market activity include,
 Overnight Call
 Repo/Reverse Repo Agreements
 Tri-party Repos on Government securities or treasury bills (TREPS)
 Treasury Bills
 Government Securities with a residual maturity of < 1 year
36

 Certificates of Deposit
 Bills Rediscounting Scheme
Though not strictly classified as Money Market Instruments, PSU/ DFI / Corporate paper with a residual
maturity of < 1 year, are actively traded and offer a viable investment option.
The following table gives approximate yields prevailing during the month ended September 30, 2023 on
some of the instruments. These yields are indicative and do not indicate yields that may be obtained in
future as interest rates keep changing consequent to changes in macro economic conditions and RBI
policy.
Instrument Yield Range
(% per annum)
Inter bank Call Money 5.7 - 6.75
91 Day Treasury Bill 6.77 - 6.92

364 Day Treasury Bill 6.97 -7.08
A1 + Commercial Paper 90 Days 7.05 - 7.15
5 Year Government of India Security 7.1 - 7.25
1 Year Corporate Bond - AAA Rated 7.37 - 7.61
Source: Bloomberg
These yields are indicative and do not indicate yields that may be obtained in future as interest rates keep
changing consequent to changes in macro economic conditions and RBI policy. The price and yield on
various debt instruments fluctuate from time to time depending upon the macro economic situation, inflation
rate, overall liquidity position, foreign exchange scenario etc. Also, the price and yield vary according to
maturity profile, credit risk etc.
Generally, for instruments issued by a non-Government entity (corporate / PSU bonds), the yield is higher
than the yield on a Government Security with corresponding maturity. The difference, known as credit
spread, depends on the credit rating of the entity.
Overseas Debt Market
The nature and number of debt instruments available in international debt markets is very wide. In terms of
diverse instruments as well as liquidity, overseas debt markets offer great depth and are extremely well
developed.
Investment in international debt greatly expands the universe of top quality debt, which is no longer
restricted to the limited papers available in the domestic debt market. The higher rated overseas sovereign,
quasi-government and corporate debt offer lower default risk in addition to offering a high degree of liquidity
since these are traded across major international markets. Investments in rated international debt offer
multiple benefits of risk reduction, a much wider universe of top quality debt and also potential gains from
currency movements.
37

Investments in international markets are most often in U.S. dollars, though the Euro, Pound Sterling and
the Yen are also major currencies. Though this market is geographically well spread across global financial
centres, the markets in the U.S., European Union and London offer the most liquidity and depth of
instruments.
Besides factors specific to the country / issuer, international bond prices are influenced to a large extent by
a number of other factors; chief among these are the international economic outlook, changes in interest
rates in major economies, trading volumes in overseas markets, cross currency movements among major
currencies, rating changes of countries / corporations and major political changes globally.
The approximate yields to maturity in the US Bond Market are as follows:
Maturity US Treasury yields (%)
(As at September 29, 2023)
3 months 5.55
6 months 5.53
2 years 5.03
3 years 4.8
5 years 4.6
10 years 4.59
Source: H.15, Federal Reserve Statistical Release
Maturity US AA
Corporate Bond yields rate* (%)
(As at September 29, 2023)
1 year 5.6124
2 years 5.3551
5 years 5.1130
10 years 5.3237
(Source - Bloomberg)
* Composite curve include AA-, AA, AA+ as US AAA curve has been discontinued.
D. WHERE WILL THE SCHEME INVEST?

The corpus of the Scheme shall be invested in accordance with the investment objective in any (but not
exclusively) of the following securities:
 Equity and equity related instruments:
Investments in these securities will be as per the investment strategy and as per the limits specified in
the asset allocation table of Scheme, subject to permissible limits laid under SEBI (MF) Regulations.
 Debt securities:
The Scheme will retain the flexibility to invest in the entire range of debt instruments and money market
instruments. These instruments are more specifically highlighted below:
● Debt instruments (in the form of non-convertible debentures, bonds, secured premium notes, zero
interest bonds, deep discount bonds, floating rate bond / notes, securitised debt, pass through
38

certificates, asset backed securities, mortgage backed securities and any other domestic fixed
income securities including structured obligations etc.) include, but are not limited to:
1. Debt issuances of the Government of India, State and local Governments, Government Agencies
and statutory bodies (which may or may not carry a state / central government guarantee),
2. Debt Instruments that have been guaranteed by Government of India and State Governments,
3. Debt Instruments issued by Corporate Entities (Public / Private sector undertakings),
4. Debt Instruments issued by Public / Private sector banks and development financial institutions.
5. Securitized Debt, Structured Obligations, Credit enhanced Debt
6. Non Convertible Preference Shares
● Money Market Instruments include:
1. Commercial papers
2. Commercial bills
3. Treasury bills
4. Government securities having an unexpired maturity upto one year
5. Tri-party Repos on Government securities or treasury bills (TREPS)
6. Certificate of deposit
7. Usance bills
8. Permitted securities under a repo / reverse repo agreement
9. Any other like instruments as may be permitted by RBI / SEBI from time to time, subject to
necessary regulatory approvals.
Investment in debt will usually be in instruments, which have been assessed as "high investment
grade" by at least one credit rating agency authorised to carry out such activity under the applicable
regulations. Pursuant to clause 12.12 of Master Circular, the AMC may constitute committee(s) to
approve proposals for investments in unrated debt instruments. The AMC Board and the Trustee
shall approve the detailed parameters for such investments. The details of such investments would
be communicated by the AMC to the Trustee in their periodical reports. It would also be clearly
mentioned in the reports, how the parameters have been complied with. However, in case any
unrated debt security does not fall under the parameters, the prior approval of Board of AMC and
Trustee shall be sought. Investment in debt instruments shall generally have a low risk profile and
those in money market instruments shall have an even lower risk profile. The maturity profile of debt
instruments will be selected in accordance with the AMC's view regarding current market conditions,
interest rate outlook and the stability of ratings.
Investments in Debt and Money Market Instruments will be as per the limits specified in the asset
allocation table(s) of the Scheme, subject to permissible limits laid under SEBI (MF) Regulations.
Investments in both equity and debt will be made through secondary market purchases, initial public
offers, other public offers, placements and right offers (including renunciation). The securities could
be listed, unlisted (as permitted), privately placed, secured / unsecured, rated/ unrated.
 Pending deployment as per investment objective, the moneys under the Scheme may be parked in
short-term deposits of Scheduled Commercial Banks.
The Scheme shall abide by the guidelines for parking of funds in short term deposits as per clause
12.16 of Master Circular, as may be amended from to time. For details, refer section ‘What are the
Investment Restrictions’.
39

 The Scheme may invest in other schemes managed by the AMC or in the schemes of any other mutual
funds, provided it is in conformity with the investment objectives of the Scheme and in terms of the
prevailing SEBI (MF) Regulations. As per the SEBI (MF) Regulations, no investment management fees
will be charged for such investments and the aggregate inter scheme investment made by all the
schemes of HDFC Mutual Fund or in the schemes of other mutual funds shall not exceed 5% of the net
asset value of the HDFC Mutual Fund.
 The Scheme may engage in securities lending within the overall framework of 'Securities Lending
Scheme, 1997' specified by SEBI and such other norms as may be specified by SEBI from time to time.
 Investment in Foreign Securities

 The Scheme may also invest in suitable investment avenues in overseas financial markets for the
purpose of diversification, yield enhancement and to benefit from potential foreign currency
appreciation, commensurate with the Scheme objectives and subject clause 12.19 of Master Circular as
may be amended from time to time and any other requirements as may be stipulated by SEBI/RBI from
time to time. Towards this end, the Mutual Fund may also appoint overseas investment advisors and
other service providers, as and when permissible under the regulations. The Scheme may, in terms of
its investment objectives with the approval of SEBI/RBI invest in following Foreign Securities:
 ADRs/ GDRs issued by Indian or foreign companies
 Equity of overseas companies listed on recognized stock exchanges overseas
 Initial and follow on public offerings for listing at recognized stock exchanges overseas
 Foreign debt securities in the countries with fully convertible currencies, short term as well as
long term debt instruments with rating not below investment grade by accredited/registered
credit rating agencies
 Money market instruments rated not below investment grade
 Repos in the form of investment, where the counterparty is rated not below investment grade;
repos should not however, involve any borrowing of funds by mutual funds
 Government securities where the countries are rated not below investment grade
 Derivatives traded on recognized stock exchanges overseas only for hedging and portfolio
balancing with underlying as securities
 Short term deposits with banks overseas where the issuer is rated not below investment grade
 Units/securities issued by overseas mutual funds or unit trusts registered with overseas
regulators and investing in (a) aforesaid securities, (b) Real Estate Investment Trusts (REITs)
listed in recognized stock exchanges overseas or (c) permitted unlisted overseas securities (not
exceeding 10% of their net assets).
1. As per clause 12.19.1 of Master Circular:
1.1. Mutual Funds can make overseas investments subject to a maximum of US $ 1 billion per
Mutual Fund, within the overall industry limit of US $ 7 billion.
1.2. Mutual Funds can make investments in overseas Exchange Traded Fund (ETF(s)) subject
to a maximum of US $ 300 million per Mutual Fund, within the overall industry limit of US $
1 billion.
2. The allocation methodology of the aforementioned limits shall be as follows:
2.1. In case of overseas investments specified at Para 1.1 above, US $ 50 million would be
reserved for each Mutual Fund individually, within the overall industry limit of US $ 7
billion.
40

As per extant norms, 20% of the average AUM in Overseas securities / Overseas ETFs of the previous
three calendar months would be available to the Mutual Fund for investment that month to invest in
Overseas securities / Overseas ETFs subject to maximum limits specified at Para 1 above
Notwithstanding the above, the limit for investment in overseas securities including ETFs shall be as
permitted by SEBI from time to time.
The Scheme shall not have an exposure of more than 20% of its net assets in foreign securities, subject
to regulatory limits specified from time to time.
Subject to the approval of the RBI / SEBI and conditions as may be prescribed by them, the Mutual
Fund may open one or more foreign currency accounts abroad either directly, or through the
custodian/sub-custodian, to facilitate investments and to enter into/deal in forward currency contracts,
currency futures, index options, index futures, interest rate futures/swaps, currency options for the
purpose of hedging the risks of assets of a portfolio or for its efficient management.
The Mutual Fund may, where necessary appoint intermediaries as sub-managers, sub-custodians, etc.
for managing and administering such investments. The appointment of such intermediaries shall be in
accordance with the applicable requirements of SEBI and within the permissible ceilings of expenses as
stated under Regulation 52 of SEBI (MF) Regulations.
 Investment in Securitised Debt

A securitisation transaction involves sale of receivables by the originator (a bank, non-banking finance
company, housing finance company, or a manufacturing/service company) to a Special Purpose Vehicle
(SPV), typically set up in the form of a trust. Investors are issued rated Pass Through Certificates
(PTCs), the proceeds of which are paid as consideration to the originator. In this manner, the originator,
by selling his loan receivables to an SPV, receives consideration from investors much before the
maturity of the underlying loans. Investors are paid from the collections of the underlying loans from
borrowers. Typically, the transaction is provided with a limited amount of credit enhancement (as
stipulated by the rating agency for a target rating), which provides protection to investors against
defaults by the underlying borrowers.
Generally available asset classes for securitisation in India are:
● Commercial vehicles
● Auto and two wheeler pools
● Mortgage pools (residential housing loans)
● Personal loan, credit card and other retail loans
● Corporate loans/receivables
Investment / Risk Mitigation Strategy
1. Risk profile of securitised debt vis-à-vis risk appetite of the Scheme
The risk profile of securitised debt is generally at par with the risk profile of other debt securities at the
same level of credit rating. Securitised debt offers additional income (spread) over a debt security of
similar rating and maturity, which enables the scheme to optimize its income without taking any
additional credit risk. Securitised debt is generally less liquid, however, investment in securitised debt is
made to maintain a diversified portfolio of debt securities that optimizes return without increasing the
overall risk profile of the Scheme.
2. Policy relating to originators based on nature of originator, track record, NPAs, losses in earlier
securitised debt, etc
The originator is an entity (like banks, non-banking finance companies, corporates etc), which has
initially provided the loan & is also generally responsible for servicing the loans. The schemes will invest
in securitised debt of originators with at least investment grade credit rating and established track
41

record. A detailed evaluation of originator is done before the investment is made in securitised debt of
any originator on various parameters given below:
● Track record
The investment in securitised debt is done based on origination and underwriting process and
capabilities of the originator, overview of corporate structure, group to which they belong, experience
of the company in the business & how long they have been in the business, financial condition of the
company, credit rating, past performance of similar pools by the originator, etc.
● Willingness to pay through credit enhancement facilities etc.
Credit enhancement is provided by the originator, as indicated by rating agencies, so as to
adequately cover the defaults and acts as a risk mitigation measure. The size of the credit
enhancement as indicated by rating agency depends on the originator's track record, past
delinquencies, pattern of the portfolio & characteristics of the pool vis-a-vis of the portfolio, nature of
the asset class.
● Ability to pay
The quality of the origination impacts the performance of the underlying asset & thus originators with
strong systems and processes in place can eliminate poor quality assets. A robust risk management
system of the originator and availability of MIS reports on timely basis, results in creation of strong
asset portfolio.
● Business Risk Assessment
The business risk assessment of originator / underlying borrower also includes detailed credit
assessment wherein following factors are also considered:
- Outlook for the economy (domestic and global)
- Outlook for the industry
- Company specific factors
In addition, a detailed review and assessment of rating rationale is done along with interactions with
the company as well as the rating agency. All investment in securitised debt is done after taking into
account, the Critical Evaluation Parameters (for pool loan and single loan securitisation transactions)
regarding the originator / underlying issuer as mentioned below:
● Default track record/ frequent alteration of redemption conditions / covenants
● High leverage ratios of the ultimate borrower (for single-sell downs) - both on a standalone basis
as well on a consolidated level/ group level
● Higher proportion of reschedulement of underlying assets of the pool or loan, as the case may be
● Higher proportion of overdue assets of the pool or the underlying loan, as the case may be
● Poor reputation in market
● Insufficient track record of servicing of the pool or the loan, as the case may be.
3. Risk mitigation strategies for investments with each kind of originator
Investments are based on assessment of following parameters, so as to mitigate risk associated with
such investment:
a. Credit quality, size and reach of the originator
b. Nature of receivables/asset category i.e. cars, construction equipment, commercial vehicles,
personal loans etc.
c. Collection process, infrastructure and follow-up mechanism
d. Quality of MIS
e. Credit cum liquidity enhancement
f. Credit appraisal norms of originator
g. Asset Quality - portfolio delinquency levels
42

h. Past performance of rated pools
i. Pool Characteristics - seasoning, Loan-to-value ratios, geographic diversity etc.
4. The level of diversification with respect to the underlying assets, and risk mitigation measures
for less diversified investments
Diversification of underlying assets is achieved through a) prudent mix of asset categories - i.e. cars
(new, used), commercial vehicles, construction equipment, unsecured loans to individuals or small &
medium enterprises b) total number of contracts in a pool c) average ticket size of loans and d)
geographical distribution.
Risk mitigation measures for less diversified investments in pools is accomplished through the size of
credit enhancement, seasoning or loan to value ratios.
Illustrative framework, which will be applied while evaluating investment decision relating to a pool
securitisation transaction:
Characteristics/ Mortgage Commercial Car 2 Micro Personal Single Others
Type of Pool Loan Vehicle and wheelers Finance Loans Sell
Construction Pools Downs
Equipment
Approximate
12-60 8-40
Average maturity (in NA 12-60 months NA NA
months months
Months)
Collateral margin
(including cash,
guarantees, excess NA 5-20% 4-15% 4-15% NA NA
interest spread,
subordinate tranche)
Average Loan to Refer Refer
NA 80-95% 70-90% 70-95% NA NA Note A Note B
Value Ratio
Average seasoning 3-8 2-5
NA 3-8 months NA NA
of the Pool months months
Maximum single NA NA
exposure range NA 3-7% (Retail (Retail NA NA
pool) Pool)
Average single
NA 1-5% 0-1% 0-1% NA NA
exposure range %
NA - Not Applicable
Information in the table above is based on current scenario and is subject to change depending upon the
change in related factors.
Notes:
A. In case of securitised debt with underlying being single loan, the investment limit applicable to the
underlying borrower is considered.
B. Other investment will be decided on a case to case basis.
In case of asset backed pools (ABS), evaluation of the pool assets is done considering the following
factors: (Refer the table above which illustrates the averages of parameters considered while
selecting the pool)
43

 Size of the loan
 Average original maturity of the pool
 Loan to Value Ratio
 Average seasoning of the pool
 Default rate distribution
 Geographical Distribution
 Credit enhancement facility
 Liquid facility
 Structure of the pool
5. Minimum retention period of the debt by originator prior to securitisation
The illustrative average seasoning of the debt by originator prior to securitisation is given above in table
(Refer Point 4).
Minimum retention period of the debt by originator prior to securitisation in the case of asset pools is in
the form of seasoning of loans to various asset classes (cars, commercial vehicles, etc.) and generally
varies from one month to six months depending on the nature of asset.
6. Minimum retention percentage by originator of debts to be securitised
While minimum retention percentage by originator is not prescribed, any amount retained by the
originator through subordination is viewed positively at the time of making investment and generally
varies from 5% to 10%.
7. The mechanism to tackle conflict of interest when the mutual fund invests in securitised debt of
an originator and the originator in turn makes investments in that particular scheme of the fund
All proposals for investment in securitised debt are evaluated by the credit analyst based on several
parameters such as nature of underlying asset category, pool characteristics, asset quality, credit rating
of the securitisation transaction, and credit cum liquidity enhancement available. Investment in
securitised debt in any scheme is made by the respective fund manager in line with the investment
objective of that scheme.
8. The resources and mechanism of individual risk assessment with the AMC for monitoring
investment in securitised debt (in general)
Investment in securitised debt is monitored regularly with regards to its performance on various
parameters such as collection efficiency, delinquencies, prepayments and utilization of credit
enhancement. Information on these parameters is available through monthly reports from Pool Trustees
and through information disseminated by the rating agencies. Monthly performance report is released
by the credit analyst to the fund management team and the fund management team periodically reviews
the same.
Hybrid Securities:
The Scheme will retain the flexibility to invest in the hybrid securities viz. units of REITs and InvITs.
■ Trading in Derivatives
The Scheme may take derivatives position based on the opportunities available subject to the
guidelines provided by SEBI from time to time and in line with the overall investment objective of the
Scheme. The Fund has to comply with the prescribed disclosure requirements.
The Scheme intends to use derivatives mainly for the purpose of hedging and portfolio balancing.
Losses may arise as a result of using derivatives, but these are likely to be compensated by the gains
44

on the underlying cash instruments held by the Scheme. The Scheme will not assume any leveraged
exposure to derivatives.
Hedging does not mean maximisation of returns but only reduction of systematic or market risk inherent
in the investment. The Scheme may take position in derivative instruments like Futures, Options, and
such other derivative instruments as may be permitted by SEBI from time to time.
Derivatives can be traded over the exchange or can be structured between two counter-parties. Those
transacted over the exchange are called exchange Traded derivatives whereas the other category is
referred to as OTC (Over the Counter) derivatives. Some of the differences of these two derivative
categories are as under:
Exchange traded derivatives: These are quoted on the exchanges like any other traded asset class.
The most common amongst these are the Index Futures, Index Options, Stock Futures and Options on
individual equities / securities. The basic form of the futures contract is similar to that of the forward
contract, a futures contract obligates its owner to purchase a specified asset at a specified exercise
price on the contract maturity date. Futures are cash-settled and are traded only in organised
exchanges. Exchange traded derivatives are standardised in terms of amount and delivery date.
Standardisation and transparency generally ensures a liquid market together with narrower spreads. On
the other hand, for delivery dates far in the future, there may be insufficient liquidity in the futures market
whereas an OTC price may be available.
OTC derivatives: OTC derivatives require the two parties engaging in a derivatives transaction to come
together through a process of negotiation. It is a derivative that is customised in terms of structure,
amount, tenor, underlying assets, collateral etc. Some of the common examples are interest rate and
currency swaps, Forward Rate Agreements (FRAs) etc.
Exposure to Derivatives
Please refer to ‘Asset Allocation Table’ for the details of maximum exposure to investment in Derivatives
by the Scheme.
Position Limits
The position limits for trading in derivatives by Mutual Funds specified by clause 7.5 of Master circular
are as follows:
i. Position limit for Mutual Funds in index options contracts

a. The Mutual Fund position limit in all index options contracts on a particular underlying index shall
be Rs. 500 crore or 15% of the total open interest of the market in index options, whichever is
higher, per Stock Exchange.
b. This limit would be applicable on open positions in all options contracts on a particular underlying
index.
ii. Position limit for Mutual Funds in index futures contracts
a. The Mutual Fund position limit in all index futures contracts on a particular underlying index shall
be Rs. 500 crore or 15% of the total open interest of the market in index futures, whichever is
higher, per Stock Exchange.
45

b. This limit would be applicable on open positions in all futures contracts on a particular underlying.
iii. Additional position limit for hedging
In addition to the position limits at point (i) and (ii) above, Mutual Funds may take exposure in equity
index derivatives subject to the following limits:
1. Short positions in index derivatives (short futures, short calls and long puts) shall not exceed (in
notional value) the Mutual Fund's holding of stocks.
2. Long positions in index derivatives (long futures, long calls and short puts) shall not exceed (in
notional value) the Mutual Fund's holding of cash, government securities, T-Bills and similar
instruments.
iv. Position limit for Mutual Funds for stock based derivative contracts
The Mutual Fund position limit in a derivative contract on a particular underlying stock, i.e. stock
option contracts and stock futures contracts will be as follows:
The combined futures and options position limit shall be 20% of the applicable Market Wide Position
Limit (MWPL).
v. Position limit for each scheme of a Mutual Fund
The scheme-wise position limit requirements shall be:
1. For stock option and stock futures contracts, the gross open position across all derivative
contracts on a particular underlying stock of a scheme of a mutual fund shall not exceed the
higher of:
1% of the free float market capitalization (in terms of number of shares). or
5% of the open interest in the derivative contracts on a particular underlying stock (in terms of
number of contracts).
2. This position limits shall be applicable on the combined position in all derivative contracts on an
underlying stock at a Stock Exchange.
3. For index based contracts, Mutual Funds shall disclose the total open interest held by its scheme
or all schemes put together in a particular underlying index, if such open interest equals to or
exceeds 15% of the open interest of all derivative contracts on that underlying index.
Exposure Limits
The exposure limits for trading in derivatives by Mutual Funds specified by clauses 12.24 and 12.25
of Master Circular, are as follows:
1. The cumulative gross exposure through equity, debt, derivative positions (including fixed income
derivatives), repo transactions and credit default swaps (as and when permitted by SEBI in
future) in corporate debt securities, Real Estate Investment Trusts (REITs), Infrastructure
Investment Trusts (InvITs), other permitted securities/assets and such other securities/assets as
may be permitted by SEBI from time to time shall not exceed 100% of the net assets of the
scheme. Security wise hedge positions using derivatives such as Interest Rate Swaps, call
options written under the covered call Strategy and any other positions specifically exempted
under SEBI guidelines from time to time, will not be considered in calculating above exposure.
Mutual Funds shall not write options or purchase instruments with em-bedded written options
(except for exposure on account of call option written under the covered call strategy, if permitted
under the Scheme).
2. The total exposure related to option premium paid must not exceed 20% of the net assets of the
scheme.
46

3. Cash or cash equivalents i.e. Government Securities, T-Bills and Repo on Government
Securities having residual maturity of less than 91 days may be treated as not creating any
exposure.
4. Exposure due to hedging positions may not be included in the above mentioned limits subject to
the following:
a) Hedging positions are the derivative positions that reduce possible losses on an existing
position in securities and till the existing position remains.
b) Hedging positions cannot be taken for existing derivative positions. Exposure due to such
positions shall have to be added and treated under limits mentioned in Point 1.
c) Any derivative instrument used to hedge has the same underlying security as the existing
position being hedged.
d) The quantity of underlying associated with the derivative position taken for hedging
purposes does not exceed the quantity of the existing position against which hedge has
been taken.
5. (a) Mutual Funds may enter into plain vanilla Interest Rate Swaps (IRS) for hedging purposes.
The value of the notional principal in such cases must not exceed the value of respective existing
assets being hedged by the scheme.
(b) In case of participation in IRS is through over the counter transactions, the counter party has
to be an entity recognized as a market maker by RBI and exposure to a single counterparty in
such transactions should not exceed 10% of the net assets of the scheme. However, if mutual
funds are transacting in IRS through an electronic trading platform offered by the Clearing
Corporation of India Ltd. (CCIL) and CCIL is the central counterparty for such transactions
guaranteeing settlement, the single counterparty limit of 10% shall not be applicable.
6. 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 under the limits
mentioned in point 1.
7. Definition of Exposure in case of Derivative Positions

Each position taken in derivatives shall have an associated exposure as defined under. Exposure
is the maximum possible loss that may occur on a position. However, certain derivative positions
may theoretically have unlimited possible loss. Exposure in derivative positions shall be
computed as follows:
Position Exposure
Long Future Futures Price * Lot Size * Number of Contracts
Short Future Futures Price * Lot Size * Number of Contracts
Option Bought Option Premium Paid * Lot Size * Number of Contracts
Exposure on account of call option written under the covered call strategy:
The Scheme will write call options only under a covered call strategy for constituent stocks of NIFTY 50
and BSE SENSEX subject to the following:
a) The total notional value (taking into account strike price as well as premium value) of call options
written shall not exceed 15% of the total market value of the underlying equity shares held at all
47

points in time. In case of any passive breach, the Scheme shall have 7 trading days to rebalance
the portfolio. During the rebalancing period, no additional call options will can be written in the
Scheme.
b) The total number of shares underlying the call options written shall not exceed 30% of the
unencumbered shares of the particular company held in the Scheme at all points in time. The
unencumbered shares in a scheme shall mean shares that are not part of Securities Lending and
Borrowing Mechanism (SLBM), margin or any other kind of encumbrances.
c) In case the Scheme needs to sell securities on which a call option is written under a covered call
strategy, it must ensure compliance with (a) and (b) above while selling the securities.
d) The Scheme shall not write a call option without holding the underlying equity shares. A call option
can be written only on shares which are not hedged using other derivative contracts.
e) The total gross exposure related to option premium paid and received will not exceed 20% of the
net assets of the Scheme.
Exposure limits on Interest Rate Futures (IRF)

The exposure limits for trading in Interest Rate Futures (IRFs) by Mutual Funds specified by clause
12.25.9 of Master Circular are as follows:
i. To reduce interest rate risk in a debt portfolio, mutual funds may hedge the portfolio or part of the
portfolio (including one or more securities) on weighted average modified duration basis by using
Interest Rate Futures (IRFs). The maximum extent of short position that may be taken in IRFs to
hedge interest rate risk of the portfolio or part of the portfolio, is as per the formula given below:
(Portfolio Modified Duration*
Market Value of the Portfolio)
(Futures Modified Duration *Futures Price/PAR)
ii. In case the IRF used for hedging the interest rate risk has different underlying security(s) than the
existing position being hedged, it would result in imperfect hedging.
iii. Imperfect hedging using IRFs may be considered to be exempted from the gross exposure, upto
maximum of 20% of the net assets of the scheme, subject to the following:
a) Exposure to IRFs is created only for hedging the interest rate risk based on the weighted
average modified duration of the bond portfolio or part of the portfolio.
b) Mutual Funds are permitted to resort to imperfect hedging, without it being considered under the
gross exposure limits, if and only if, the correlation between the portfolio or part of the portfolio
(excluding the hedged portions, if any) and the IRF is atleast 0.9 at the time of initiation of hedge.
In case of any subsequent deviation from the correlation criteria, the same may be rebalanced
within 5 working days and if not rebalanced within the timeline, the derivative positions created
for hedging shall be considered under the gross exposure computed in terms of clause 12.24.1
of Master Circular. The correlation should be calculated for a period of last 90 days.
Explanation: If the fund manager intends to do imperfect hedging upto 15% of the portfolio using
IRFs on weighted average modified duration basis, either of the following conditions need to be
complied with:
i. The correlation for past 90 days between the portfolio and the IRF is at least 0.9 or
48

ii. The correlation for past 90 days between the part of the portfolio (excluding the hedged
portions, if any) i.e. at least 15% of the net asset of the scheme (including one or more
securities) and the IRF is at least 0.9.
c) At no point of time, the net modified duration of part of the portfolio being hedged should be
negative.
d) The portion of imperfect hedging in excess of 20% of the net assets of the scheme should be
considered as creating exposure and shall be included in the computation of gross exposure in
terms of clause 12.24.1 of Master Circular.
E. WHAT ARE THE INVESTMENT STRATEGIES?

The Fund would endeavour to generate capital appreciation by investing in entities belonging to businesses
that are engaged in and/or expected to benefit out of the demand for housing in India.
The indicative list of business activities considered under the 'Housing Theme" will generally include:
 Real Estate developers
 Financial Services providing housing finance
 Allied business activities such as
- Construction
- Cement & Cement product such as concrete, aggregates, bricks, etc.
- Chemical will include paints, adhesives, water-proofing chemicals, etc
- Metals will include iron & steel, aluminium, copper, zinc, etc
- Consumer durables will include home appliances, electronic items, furniture & fixtures, etc.
- Power and Gas Utilities
- Any stocks which are part of the benchmark
- Additionally building products will include glass, roofing, siding, lumber, plywood, insulation,
wallboard, windows, doors, cabinets, countertops, HVAC, piping, plumbing fixtures/fittings,
flooring, electrical products and many other products
- Any other business activity which in view of the fund manager is allied to the housing theme.
The Fund would take advantage of the availability of a large number of sectors to select stocks from and
would diversify its holding across these sectors covered under the housing theme from a risk mitigation
perspective.
The fund manager would aim to build a portfolio of entities within these sectors that are of superior quality
enjoying competitive advantages within their respective industries and likely to achieve above average
growth than the industry.
Investment in Debt & Money Market Instruments.

The Scheme will retain the flexibility to invest in the entire range of debt instruments and money market
instruments. Investment in Debt securities (including securitized debt) and Money Market Instruments will
be as per the limits in the asset allocation table of the Plan(s) under the Scheme, subject to permissible
limits laid under SEBI (MF) Regulations.
Investment in REITs and InvITs

The real estate and the infrastructure sectors are deeply linked to the economic performance and hence
likely to be major beneficiaries in the expected Indian economic growth. Thus, the Scheme may also invest
in the hybrid securities viz. units of REITs and InvITs for diversification and subject to necessary
stipulations by SEBI from time to time.
49

Investment in Foreign Securities
The Scheme may also invest in suitable investment avenues in overseas financial markets for the purpose
of diversification, yield enhancement and to benefit from potential foreign currency appreciation,
commensurate with the Scheme objectives and subject to necessary stipulations by SEBI / RBI.
Towards this end, the Mutual Fund may also appoint overseas investment advisors and other service
providers, as and when permissible under the regulations.
The Scheme may invest in other schemes managed by the AMC or in the schemes of any other mutual
funds in terms of the prevailing SEBI (MF) Regulations.
Subject to the Regulations and the applicable guidelines, the Scheme may, engage in Stock Lending
activities.
Though every endeavour will be made to achieve the objective of the Scheme, the
AMC/Sponsor/Trustee do not guarantee that the investment objective of the Scheme will be
achieved. No guaranteed returns are being offered under the Scheme.
Scheme Rationale:
The Scheme will primarily be managed as a "Housing Thematic scheme". The Scheme will invest primarily
in equity and equity related instruments of entities that are likely to be beneficiaries from growth in housing
and its allied business activities.
Demand for housing is likely to remain robust over medium to long term in India, in our opinion. The
underlying demand drivers like rise in population, growing urbanisation and increasing trend of nuclear
family should boost the housing demand. As per survey conducted by World Bank and UN, ~34% of Indian
population is living in urban areas and the same is expected to increase to 40% over next 10 years as job
opportunities in Technology, Services, etc. should attract younger population to urban areas. It is estimated
that housing shortages in urban areas stood at 10mn units while demand growth is expected to remain
strong. Further, increase in per capita income and rising aspiration level should help in driving demand for
relatively large houses with good amenities, facilities and fixtures.
In addition to above, prospect of rise in real estate prices over medium to long term is likely to attract
investors too and thereby, boosting demand.
Government policy actions are also supportive of real estate sector. As announced in its Aatma Nirbhar
Package, Indian government is planning to convert government funded housing in cities into affordable
rental housing complexes under PPP model. It will incentivize manufacturing units, industries and
institutions to develop affordable housing complexes on their private lands for rental purposes which will aid
in meeting the demand for Low Income group and migrant workers segments. Given the supportive policy
and low interest rates, the institutional rental housing sector could see strong traction over medium term.
In addition to above, Government's focus to provide 'Housing for All' coupled with lower interest rates is
likely to boost housing demand in India as the affordability has improved for home buyers. Further, the
Government initiatives and fiscal incentives towards affordable housing (including extension of Credit
Linked Subsidy Scheme till end of FY21) are also likely to provide a fillip to the housing sector.
Growing demand for new houses should aid growth for industries linked to the housing sector such as
cement, steel, banks, etc. as well. Further, trend of consolidation is strengthening in the real estate sector
as smaller and weaker players are exiting the space while larger players are gaining traction and creating
portfolios based on asset light models. Rise in consolidation and higher vertical development should result
50

in higher usage of technology and resources, in our view, and is likely to benefit companies which cater to
this need.
Risk Control
Investments made from the net assets of the Scheme would be in accordance with the investment objective
of the Scheme and the provisions of the SEBI (MF) Regulations. The AMC will strive to achieve the
investment objective by way of a portfolio comprising predominantly of equity and equity related
instruments across market capitalization of entities belonging to businesses that are engaged in and/or
expected to benefit out of the demand for housing in India. Every investment opportunity in Debt and
Money Market Instruments would be assessed with regard to credit risk, interest rate risk, liquidity risk,
derivatives risk and concentration risk.
Credit Evaluation Policy
The credit evaluation policy of the AMC entails evaluation of credit fundamentals of each investment
opportunity. Some of the factors that are evaluated inter-alia may include outlook on the sector, parentage,
quality of management, and overall financial strength of the credit. The AMC utilises ratings of recognized
rating agencies as an input in the credit evaluation process. Investments in bonds and debenture are
usually in instruments that have been assigned high investment grade ratings by a recognized rating
agency.
In line with clause 12.12 of Master Circular, the AMC may constitute committee(s) to approve proposals for
investments in unrated instruments. The AMC Board and the Trustee shall approve the detailed parameters
for such investments. The details of such investments would be communicated by the AMC to the Trustee
in their periodical reports. It would also be clearly mentioned in the reports, how the parameters have been
complied with. However, in case any security does not fall under the parameters, the prior approval of
Board of AMC and Trustee shall be sought.
 Liquidity Risk: Liquidity risk is the risk of not being able to sell / liquidate a security at short notice at
prevailing market prices or without incurring impact cost. While government bonds, money market
instruments and shorter maturity instruments are generally easier to sell, corporate bonds and other
instruments typically face higher liquidity risk. Further, higher rated securities normally are more liquid
compared to lower rated securities. As a result, different portfolios will face different levels of liquidity
risk based on the underlying portfolio composition. Some of the strategies to reduce liquidity risk are
creating portfolios that are diversified across maturities, ratings, types of securities, etc. in line with the
fund objectives, regulations and investment strategy.
 Credit Risk: Lower rated securities have a higher credit risk compared to higher rated securities.
Hence, credit risk faced by different schemes will be different based on the underlying portfolio /
investment strategy. To reduce the credit risk, a comprehensive and in-depth credit evaluation of each
issuer will be undertaken, using both quantitative (leverage, profitability, solvency ratios etc.) and
qualitative factors (parentage, track record etc.). Each of the scheme/portfolio will endeavour to
maintain adequate diversification across issuers / sectors in line with scheme objectives, regulations
and investment strategy. Unrated investments, if any, would require specific approval from a committee
constituted for the purpose.
 Debt Derivatives Risk: The AMC has provision for using derivative instruments for portfolio balancing
and hedging purposes. Interest Rate Swaps will be done with approved counter parties under pre
approved ISDA agreements. Mark to Market of swaps, netting off of cash flow and default provision
clauses will be provided as per standard practice on a reciprocal basis. Interest Rate Swaps and other
derivative instruments will be used as per local (RBI and SEBI) regulatory guidelines.
 Interest Rate Risk: Interest rate risk is the risk of change in the NAVs due to change in overall market
yields. The change in value of a security, for a given change in yield, is higher for a security with higher
duration and vice versa. Hence portfolios with higher duration will have higher volatility. The AMC shall
51

strive to actively manage the duration of the respective funds based on the prevailing market conditions
/ outlook of interest rates, keeping in mind the scheme objectives, investment strategy and applicable
regulations.
 Concentration Risk: The AMC will attempt to mitigate this risk by maintaining adequate diversification
across issuers/ sectors / instrument type in line with the scheme objectives, investment strategy and
applicable regulations. This will also be managed by keeping prudent investment limits on any particular
industry or issuer or issuer group based on the size, credit profile, etc. to reduce issuer or industry
specific risk.
Risk Mitigation factors relating to investment in Perpetual Debt Instruments (PDI):

Perpetual Debt instruments are issued by Banks, NBFCs and corporates to improve their capital profile.
Some of the PDIs issued by Banks which are governed by the RBI guidelines for Basel III Capital
Regulations are referred to as Additional Tier I (AT1 bonds). While there are no regulatory guidelines for
issuance of PDIs by corporate bodies, NBFCs issue these bonds as per guidelines issued by RBI. The
instruments are treated as perpetual in nature as there is no fixed maturity date. The key risks associated
with these instruments are highlighted below:
Key Risk Factors:
- Risk on coupon servicing
Banks
As per the terms of the instruments, Banks may have discretion at all times to cancel distributions/
payment of coupons. In the event of non-availability of adequate distributable reserves and
surpluses or inadequacy in terms of capital requirements, RBI may not allow banks to make
payment of coupons.
NBFCs
While NBFCs may have discretion at all times to cancel payment of coupon, coupon can also be
deferred (instead of being cancelled), in case paying the coupon leads to breach of capital ratios.
Corporates
Corporates usually have discretion to defer the payment of coupon. However, the coupon is usually
cumulative and any deferred coupon shall accrue interest at the original coupon rate of the PDI.
- Risk of write-down or conversion into equity
Banks
As per the regulatory requirements, Banks have to maintain a minimum Common Equity Tier-1
(CET-1) ratio of Risk Weighted Assets (RWAs), failing which the AT-1 bonds can get written down.
Further, AT-1 Bonds are liable to be written down or converted to common equity, at the discretion
of RBI, in the event of Point of Non Viability Trigger (PONV). PONV is a point, determined by RBI,
when a bank is deemed to have become non-viable unless there is a write off/ conversion to equity
of AT-1 Bonds or a public sector capital injection happens. The write off/conversion has to occur
prior to public sector injection of capital. This risk is not applicable in case of NBFCs and Corporates.
- Risk of instrument not being called by the Issuer
Banks
The issuing banks have an option to call back the instrument after minimum specified period from
the date of issuance and thereafter, subject to meeting the RBI guidelines. However, if the bank
does not exercise the call on first call date, the Scheme may have to hold the instruments for a
period beyond the first call exercise date.
NBFCs
The NBFC issuer has an option to call back the instrument after minimum specific period as per the
regulatory requirement from date of issuance and thereafter, subject to meeting the RBI guidelines.
52

However, if the NBFC does not exercise the call option the Scheme may have to hold the
instruments for a period beyond the first call exercise date.
Corporates
There is no minimum period for call date. However, if the corporate does not exercise the call option,
the Scheme may have to hold the instruments for a period beyond the call exercise date.
Strategies for Investment in Derivatives as per derivative strategy of the Scheme

Basic Structure of an Index Future
Index Futures are instruments designed to give exposure to the equity market indices. BSE Limited and the
National Stock Exchange of India Limited have started trading in index futures of 1, 2 and 3 month
maturities. The pricing of an index future is the function of the underlying index and short term interest
rates.
Example:
Assumptions:
1 month BSE 30 Future
Spot Index: 4900
Future Price on day 1: 4920
Fund buys 10,000 futures contracts
On Date of settlement
Future price = Closing spot price = 4950
Profits for the Fund = (4950-4920)*10000 = Rs. 300,000 + interest for the 1 month period
Please note that the above example is given for illustration purposes only.
The net impact for the Fund will be in terms of the difference between the closing price of the index and
cost price (ignoring margins for the sake of simplicity) plus interest costs on funds that would otherwise be
invested in stocks comprising the index. The risks associated with index futures are similar to those
associated with equity investments. Additional risks could be on account of illiquidity and/or mis pricing of
the future at any time during the life of the contract.
The strategies below are given for illustration purposes only. Some of the strategies involving derivatives
that may be used by the Investment Manager, with an aim to protect capital and enhance returns include:
Strategy Number 1
 Using Index Futures to increase percentage investment in equities
This strategy will be used for the purpose of generating returns on idle cash, pending its investment in
equities. The Scheme is subject to daily flows. There may be a time lag between the inflow of funds and
their deployment in stocks. If so desired, the scheme would be able to take immediate exposure to
equities via index futures. The position in index futures may be reversed in a phased manner, as the
funds are deployed in the equity markets.
Example:
The scheme has a corpus of Rs. 50 crore and there is an inflow of Rs. 5 crore in a day. The AMC may
buy index futures contracts of a value of Rs. 5 crore. Later as the money is deployed in the underlying
equities, the value of the index futures contracts can be suitably reduced.
Portfolio Event Equity Portfolio Derivative Gain / Total Portfolio
Gain / (Loss) (Loss) (Rs. in Gain / (Loss)
(Rs. in crore) crore) (Rs. in crore)
Rs. 50 Crore Equity 10% rise in 5 Nil 5
exposure equity prices
Rs. 50 Crore Equity 10% rise in 5 0.5 5.5
53

exposure + Rs. 5 Crore equity prices
long position index
futures
Rs. 50 Crore Equity 10% fall in (5) Nil (5)
exposure equity prices
Rs. 50 Crore Equity 10% fall in (5) (0.5) (5.5)
exposure + Rs. 5 Crore equity prices
long position index
futures
RISKS
 The strategy of taking a long position in index futures increases the exposure to the market. The
long position is positively correlated with the market. However, there is no assurance that the stocks
in the portfolio and the index behave in the same manner and thus this strategy may not provide
gains perfectly aligned to the movement in the index.
 The long position will have as much loss / gain as in the underlying index. e.g. if the index
appreciates by 10%, the index future value rises by 10%. However, this is true only for futures
contracts held till maturity. In the event that a futures contract is closed out before its expiry, the
quoted price of the futures contract may be different from the gain/ loss due to the movement of the
underlying index. This is called the basis risk.
 While futures markets are typically more liquid than the underlying cash market, there can be no
assurance that ready liquidity would exist at all points in time, for the Scheme to purchase or close
out a specific futures contract.
Strategy Number 2
 Downside Protection Using Stock Put
As a stock hedging strategy, the purchase of a put option on an underlying stock held would lead to a
capping of the loss in value of the stock in the event of a material decline in the stock's price.
The purchase of a put option against a stock holding in the scheme gives the scheme the option of
selling the stock to the writer of the put at the predetermined level of the Put Option, called the strike
price. If the stock falls below this level, the downside for the scheme is protected as it has already
locked into the selling price. In case of a fall in the stock's price below the strike price, the value of the
Put Option appreciates, approximately corresponding to the extent of the stock's price fall below the
strike price.
Example:
Let us assume 20000 shares of XYZ Limited held in the portfolio with a market value of Rs. 1000 per
share (overall Rs. 2 crores). The scheme purchases put options on the stock of XYZ Limited (not
exceeding its holding of 20000 shares) with a strike price of Rs. 990 for an assumed cost (called Option
Premium) of Rs.15 per share (Rs. 3 lakhs for 20000 shares).
By purchasing the above Put Option, the scheme has effectively set a floor to the realisation from the
stock at Rs. 975 per share (Rs. 990 strike price less Rs. 15 Option Premium paid).
In case the stock price of the company falls below Rs. 975 per share, the gain in the price of the Put
Option when added to the actual market price of the stock would bring the sale realisation per share
close to Rs. 975 per share.
After purchasing the above Put Option, in case the price of the stock appreciates, remains around Rs.
1000 or declines slightly to remain above the strike price, the scheme may not avail of the option and
the cost for having bought the option remains fixed at Rs. 15 per share.
In effect, a floor (in this case effectively Rs. 975) is set to the stock by buying an Option at a cost that is
known (in this case Rs. 15 per share).
54

RISKS
 There can be no assurance that ready liquidity would exist at all points in time, for the scheme to
purchase or close out a specific options contract.
 A hedging strategy using Put Options is a perfect hedge on the expiration date of the put option. On
other days, there may be (temporary) imperfect correlation between the share price and the put
option.
Strategy Number 3
 Using Call option on Index to increase percentage investment in equities.
This strategy will be used for the purpose of participating in the upside of the market.
Example:
Suppose, the Scheme has a corpus of Rs. 100 crore and the Scheme on January 31, 2021 buys upto
maximum 20% of the net assets into Index call option wherein strike price of underlying benchmark
index is 10,000 and the premium on each call option for expiry after 3 years i.e. February 1, 2024 was
at Rs. 2,000.
Based on the above strategy the net assets of the Scheme will be as under:
Existing Scheme Net Assets Revised Scheme Net Assets

Asset Type Rs. (in crores) Asset Type Rs. (in crores)
Equity 70 Equity 70
Net Current Assets 30 Option Premium* (20% 20
of 100 crores)
Net Current Assets 10
Total Assets 100 Total Assets 100
* Option premium paid is to take an additional exposure of around Rs. 100 crores of equities. Therefore,
the total exposure to equity assets due to the said strategy will be around Rs. 170 crores (i.e. Rs. 70
crores + Rs. 100 crores).
Assuming the market index goes up the value of call option will increase. Thus, one can participate in
the upside of the market as shown in the table below.
Date Closing value of underlying Call Premium/ value at expiry
benchmark index (Rs.)
31/01/2021 10,000 2,000
February 1, 2024 12,400 2,400
Thus, the gain on the above strategy for the Scheme will be Rs. 400 (Rs. 2,400 - Rs. 2,000) on each
call option
RISKS
 The strategy of taking a long position in index call option increases the exposure to the market. The
long position is positively correlated with the market. However, there is no assurance that the stocks
in the portfolio and the index behave in the same manner and thus this strategy may not provide
gains perfectly aligned to the movement in the index.
 The risk/downside, if the market falls/remains flat is only limited to the option premium paid.
 The long position will have as much loss / gain as in the underlying index. For e.g. if the index
appreciates by 10%, the index options value rises by 10%. However, this is true only for options
held till maturity.
 While option markets are typically less liquid than the underlying cash market, hence there can be
no assurance that ready liquidity would exist at all points in time, for the Scheme to purchase or
close out a specific contract.
55

Strategy Number 4
 Using Put option on Index to minimize downside in equities
This strategy will be used for the purpose of hedging against downside in the market and capping the
maximum loss in such a scenario.
Example:
Suppose, the Scheme has a corpus of Rs 100 crore and the Scheme on January 31, 2021 buys 6% of
the net assets into At-the-money Index put option wherein strike price of underlying benchmark index
having expiry February 1, 2024 index put option is Rs 10,000, bought at a premium of Rs. 600.
Based on the above strategy the net assets of the Scheme will be as under:
Existing Scheme Net Assets Revised Scheme Net Assets

Asset Type Rs. (in crores) Asset Type Rs. (in crores)
Equity 100 Equity 94
Option Premium* 6
Total Assets 100 Total Assets 100
* Option premium paid is to take downside exposure to Rs 94 crore in underlying benchmark index.
Therefore, the total exposure to long equities is Rs 94 crore and participation in downside of underlying
benchmark index is Rs 94 crore through the option.
Date Closing value of underlying Put Premium/ value at expiry (Rs.)

benchmark index
31/01/2021 10,000 600
February 1, 2024 9,000 1,000
Thus, the gain on the above strategy for the Scheme will be Rs. 400 (Rs. 1,000 - Rs. 600) on each call
option
RISKS
 The strategy of taking a long position in index put option hedges a portfolio of long only stocks/funds
against potential markets falls. The long position in the put option is negatively correlated with the
market. However, there is no assurance that the stocks in the portfolio and the index behave in the
same manner and thus this strategy may not provide gains perfectly aligned to the movement in the
index.
 The risk/downside, if the index remains above the strike price is only limited to the option premium
paid. The premium paid is the maximum downside to the portfolio. There is positive return in the put
strategy only if the index falls below the strike price.
 The long position will have as much loss / gain as the reverse of the underlying index. For e.g. if the
index depreciates by 10%, the index options value rises by 10%. However, this is true only for
options held till maturity.
 While option markets are typically less liquid than the underlying cash market, there can be no
assurance that ready liquidity would exist at all points in time, for the Scheme to purchase or close
out a specific contract.
In terms of clause 7.6.1 of Master Circular and Circular no. MPD.BC.187/07.01.279/1999-2000 dated
July 7, 1999 issued by Reserve Bank of India, Mutual Funds are permitted for participation in Interest
Rate Swaps and Forward Rate Agreements. These products were introduced for deepening the
country's money market. The Scheme may trade in these instruments for the purpose of hedging and
portfolio balancing or to undertake any other strategy as permitted under SEBI (MF) Regulations from
time to time. SEBI has also permitted trading of interest rate derivatives through Stock Exchange.
56

Covered Call Strategy:
When the Fund may sells a covered call (also known as writing a covered call), it would mean that the Fund
would already be owning shares of the underlying stock and is selling a call which grants the buyer right,
but not the obligation, to buy that stock at a set price until the option expires. The Fund would earn income
known as option price or value (commonly known as the option premium) premium. An option's premium is
based on several factors, like time value, intrinsic value, and implied volatility etc.
lllustration:
The Scheme owns 100 shares of Company A. Current Market Price (CMP) is Rs.50/- per share. The
Scheme writes a covered call with a strike price of Rs.55/- and receives a premium of Rs.2.50 per share.
Thus, the total premium received for selling the call option is Rs.250 (Rs 2.5*100 lot size). The call has an
expiration date of 3 months.
On the day of expiration of options contract:
Scenario 1: The market price of Company A is below Rs.55/-, the Scheme keeps the premium (Rs.250/-)
and also the stock as the buyer would let the call expire as CMP is lower than the strike price.
Scenario 2: The market price of Company A moves above Rs.55/-, the buyer would exercise the option
and the Scheme will have to deliver the underlying stock to settle this obligation. The Scheme will get the
strike price (Rs.5500/-) plus the premium (Rs.250/-).
Benefits:
The key benefit of writing a covered call option is to generate additional income (i.e. the proceeds of the
options sale or option premium) on a stock already owned by the Fund. This enhances returns on a
security that, in the fund manager's view, is not expected to move in the short-term. It can also be used as
used as an exit strategy for a long position.
Risk:
Incorrectly pricing the option premium before writing the covered call by ignoring factors which determine
pricing like number of days to expiry, adjustment with respect to announced corporate actions like dividend
etc.
Strategies for Investment in Debt Derivatives as per derivative strategy of Scheme

RBI and SEBI over the years vide various circulars have permitted Mutual Funds to participate in Interest
Rate Swaps, Forward Rate Agreements and Interest Rate Futures. These products were introduced for
deepening the country's debt and money markets. The Scheme may trade in these instruments or any new
instrument permitted by SEBI for the purpose of hedging and portfolio balancing or to undertake any other
strategy as permitted under SEBI (MF) Regulations from time to time. SEBI has also permitted trading of
interest rate derivatives through Stock Exchange.
Interest Rate Swaps (IRS)
All swaps are financial contracts, which involve exchange (swap) of a set of payments owned by one party
for another set of payments owned by another party, usually through an intermediary (market maker). An
IRS can be defined as a contract between two parties (Counter Parties) to exchange, on particular dates in
the future, one series of cash flows, (fixed interest) for another series of cashflows (variable or floating
interest) in the same currency and on the same principal for an agreed period of time. The exchange of
cashflows need not occur on the same date.
It may be noted that in such hedged positions (fixed v/s floating or vice versa), both legs of the transactions
have interest rate volatility as underlying.
Basic Structure of a Swap
Assume that the Scheme has a Rs. 20 crore floating rate investment linked to FBIL (Financial Benchmarks
India Private Ltd) – Overnight MIBOR (Mumbai Inter Bank Offered Rate). Hence, the Scheme is currently
running an interest rate risk and stands to lose if the interest rate moves down. To hedge this interest rate
risk, the Scheme can enter into a 6 month MIBOR swap. Through this swap, the Scheme will receive a
fixed predetermined rate (assume 7%) and pays the “benchmark rate” (MIBOR), which is fixed by the FBIL
57

or any other agency such as Reuters, etc. This swap would effectively lock-in the rate of 7% for the next 6
months, eliminating the daily interest rate risk.
The steps will be as follows -
• Assuming the swap is for Rs. 20 crore June 1, 2023 to December 1, 2023. The Scheme is a fixed rate
receiver at 7% and the counterparty is a floating rate receiver at the overnight rate on a compounded
basis (say MIBOR).
• On June 1, 2023 the Scheme and the counterparty will exchange only a contract of having entered this
swap. This documentation would be as per International Swap Dealers Association (ISDA).
• On a daily basis, the benchmark rate fixed by FBIL will be tracked by them.
• On December 1, 2023 they will calculate the following-
• The Scheme is entitled to receive interest on Rs. 20 crore at 7% for 183 days i.e. Rs. 0.7019 crore,
(this amount is known at the time the swap was concluded) and will pay the compounded
benchmark rate.
• The counterparty is entitled to receive daily compounded MIBOR rate for 183 days & pay 7% fixed.
• On December 1, 2023, if the total interest on the daily overnight compounded benchmark rate is higher
than Rs. 0.7019 crore, the Scheme will pay the difference to the counterparty. If the daily compounded
benchmark rate is lower, then the counterparty will pay the Scheme the difference.
• Effectively the Scheme earns interest at the rate of 7% p.a. for six months without lending money for 6
months fixed, while the counterparty pays interest @ 7% p.a. for 6 months on Rs. 20 crore, without
borrowing for 6 months fixed.
The above example illustrates the benefits and risks of using derivatives for hedging and optimizing the
investment portfolio. Swaps have their own drawbacks like credit risk, settlement risk. However, these risks
are substantially reduced as the amount involved is interest streams and not principal.
Forward Rate Agreement
A FRA is an agreement between two counter parties 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 a notional
amount, for an agreed period. In short, in a FRA, interest rate is fixed now for a future period. The special
feature of FRAs is that the only payment is the difference between the FRA rate and the Reference rate
and hence are single settlement contracts. As in the case of IRS, notional amounts are not exchanged.
Assume that on December 1, 2023, the 30 day commercial paper (CP) rate is 7.75% and the Scheme has
an investment in a CP of face value Rs. 25 crores, which is going to mature on December 30, 2023. If the
fund manager’s view is that the interest rates are likely to remain stable or decline after December 30,
2023, and if the fund manager, wants to re-deploy the maturity proceeds for 1 more month and does not
want to take the risk of interest rates going down, he can then enter into a following forward rate agreement
(FRA) say as on December 1, 2023:
He can receive 1 X 2 FRA at 7.75% (FRA rate in 1 month time for 1 months lending) on the notional
amount of Rs. 25 crores, with a reference rate of 30 day CP benchmark. If the CP benchmark on the
settlement date i.e. December 30, 2023 falls to 7.50%, then the Scheme receives the present value of 25
bps (7.75% - 7.50%) on the notional amount Rs. 25 crores for 1 month. The maturity proceeds are then
reinvested at say 7.50% (close to the benchmark). The scheme, however, would have locked in the rate
prevailing on December 1, 2023 (7.75%) as it would have received 25 basis points on Rs. 25 cr as
settlement amount from FRA. Thus the fund manager can use FRA to mitigate the reinvestment risk.
In this example, if the rates move up by 25 basis points to 8% on the settlement date (December 30, 2023),
the Scheme loses 25 basis points on Rs. 25 cr for 1 month, but since the reinvestment will then happen at
8%, effective returns for the Scheme is unchanged at 7.75%, which is the prevailing rate on December 1,
2022.
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Interest Rate Futures (IRFs):
An Interest Rate Futures contract is “an agreement to buy or sell a debt instrument at a specified future
date at a price that is fixed today.” The underlying security for Interest Rate Futures is either Government
Bond, T-Bill or any other permitted benchmark security. IRFs contracts are cash settled.
Holders of the fixed income securities are exposed to the risk of rising interest rates, which in turn results in
the reduction in the value of their portfolio. So in order to protect against a fall in the value of their portfolio
due to falling bond prices, they can take short position in IRF contracts.
Example:
Date: 15/12/2023
Spot price of GOI Security: Rs 105.05
May Futures price of IRF Contract: Rs 105.12
On 15/12/2023 ABC bought 2000 GOI securities from spot market at Rs 105.05. He anticipates that the
interest rate will rise in near future. Therefore to hedge the exposure in underlying market he may sell
December 2022 Interest Rate Futures contracts at Rs 105.12
On 30/12/2023 due to increase in interest rate: Spot price of GOI Security: Rs 104.24 Futures Price of IRF
Contract: Rs 104.28
Loss in underlying market will be (104.24 - 105.05)*2000 = Rs 1,620
Profit in the Futures market will be (104.28 – 105.12)*2000 = Rs 1,680.
Imperfect Hedging using IRF
IRF can be taken at portfolio level to reduce the interest rate risk of the portfolio or part of the portfolio
(including one or more securities). However, in case the IRF used for hedging the interest rate risk has
different underlying security(s) than the existing position being hedged, it would result in imperfect hedging
ie basis risk. In order to reduce the basis risk for the portfolio hedging strategy, the correlation between the
portfolio or part of the portfolio (excluding the hedged portions, if any) and the IRF would be atleast 0.9 at
the time of initiation of hedge. The correlation should be calculated for a period of last 90 days. Additionally,
Imperfect hedging using IRFs would be restricted upto maximum of 20% of the total assets of the scheme.
Example:
Date: 15/06/2021
Total Assets of the Scheme: Rs. 100 cr
Modified Duration of the Scheme: 4.75
August 2020 Future Price of IRF contract of 6.79 GOI 2030: 103.24
Modified Duration of 6.79 GOI 2030: 7.13
Correlation between IRF and Portfolio during last 90 days: 0.95
On 15/06/2021, the fund manager anticipates that the interest rates will rise in near future. Therefore, to
hedge the exposures of the portfolio he sells 19,00,000 IRF contracts of August 2021 6.79 GOI 2030 at
103.24. Thus, the value of Futures contract is Rs. 19.62 cr, which is less than 20% of Scheme value.
On 15/07/2021, due to interest rate increase by 5 basis points, the values of securities in the portfolio
reduced to Rs. 99.76 cr and the price of IRF contract for August 2021 6.79 GOI 2030 reduced to Rs.
102.88. This resulted in loss in the value of the securities of Rs. 0.24 cr (Rs. 100 cr - Rs. 99.76 cr) and
profit in the futures position of Rs. 0.07 cr {(103.24-102.88)*19,00,000}
Given that there was imperfect correlation between portfolio and the IRF (ie basis risk) as well as cap on
the maximum portfolio hedging allowed as per extant regulation, the loss in the value of portfolio was not
completely matched by the gain from the IRF contract. Nevertheless, the fund manager was able to protect
the value of the portfolio, to an extent, using the IRF contract. The loss on proportionate basis (ie ~20% of
portfolio) would have been only Rs. 0.05 cr as against gain of Rs. 0.07 cr of gain from IRF.
59

Risk Factors of SWAP/ Forward Rate Agreement (FRA)/ Interest Rate Futures (IRF)
• Credit Risk: This is the risk of defaults by the counterparty. This is usually negligible, as there is no
exchange of principal amounts in a derivative transaction.
• Market Risk: Market movements may adversely affect the pricing and settlement of derivatives.
• Liquidity Risk: The risk that a derivative cannot be sold or purchased quickly enough at a fair price,
due to lack of liquidity in the market.
• Additional Risk viz. Basis Risk associated with imperfect hedging using Interest Rate Futures
(IRF): The imperfect correlation between the prices of securities in the portfolio and the IRF contract
used to hedge part of the portfolio leads to basis risk. Thus, the loss on the portfolio may not exactly
match the gain from the hedge position entered using the IRF.
PORTFOLIO TURNOVER
The Scheme is an open-ended Scheme. It is expected that there would be a number of subscriptions and
redemptions on a daily basis. Consequently, it is difficult to estimate with any reasonable measure of
accuracy, the likely turnover in the portfolio.
INVESTMENT DECISIONS
The Investment Committee comprising Head-Equities, Head-Fixed Income, Fund Manager(s) - Equities (for
equity related matters), Fund Manager(s) - Debt (for debt related matters) Fund Manager(s) - Commodities
(for Commodity related matters) and Chief Compliance Officer will inter alia lay down the fund's investment
philosophy, policy and processes/procedures, review the performance/portfolios of the Schemes, monitor
the credit ratings of debt exposures, etc. Fund Manager(s) shall be responsible for taking investment/
divestment decisions for their respective Scheme and for adhering to the Fund's investment philosophy,
policy and processes/ procedures. Investment decisions shall be recorded by the respective Fund
Manager(s) along with reasons for the same. Research reports, both internal and external, covering inter
alia factors like business outlook, financial analysis, valuation, etc. shall assist the Fund Manager(s) in the
decision making. Credit exposure limits shall be set and reviewed by the Head-Fixed Income and Fund
Manager(s) - Debt.
Head-Equities, Head-Fixed Income and the Investment Committee report to the Managing Director & CEO.
Investment decisions are taken by the fund manager(s) of the respective scheme(s) and the Managing
Director & CEO does not play any role in the day-to-day investment decisions. The Managing Director &
CEO of the AMC shall ensure that the investments made by the fund managers are in the interest of the
Unit holders.
Periodic presentations will be made to the Board of Directors of the AMC and Trustee Company to review
the performance of the Scheme.
Investment by the AMC in the Scheme

The AMC may invest in the Scheme during continuous offer period subject to the SEBI (MF) Regulations.
AMC’s mandatory investment shall be made in accordance with clause 6.9 of Master Circular and
clarifications issued thereafter. The AMC may also invest in existing Scheme of the Mutual Fund. As per
the existing SEBI (MF) Regulations, the AMC will not charge Investment Management and Advisory fee on
the investment made by it in the Scheme or other existing Schemes of the Mutual Fund.
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F. CREATION OF SEGREGATED PORTFOLIO:
In order to ensure fair treatment to all investors in case of a Credit Event and to deal with liquidity risk, SEBI
vide its clause 4.4 of Master Circular has allowed creation of Segregated Portfolio of debt and money
market instruments by mutual fund schemes. Creation of Segregated Portfolio shall be optional and at the
sole discretion of the asset management company.
The salient features of creation of Segregated Portfolio are as follows:
The term 'Segregated Portfolio' shall mean a portfolio, comprising debt or money market instrument
affected by a Credit Event, that has been segregated in the scheme optionally and at the sole discretion of
the AMC.
The term 'Main Portfolio' shall mean the scheme portfolio excluding the Segregated Portfolio.
The term 'Total Portfolio' shall mean the scheme portfolio including the securities affected by the Credit
Event.
The term “Credit Event” with respect to creation of a Segregated Portfolio, if any, refers to:
 Issuer level downgrade in credit rating by a SEBI registered Credit Rating Agency (CRA) as under:
a. Downgrade of a debt or money market instrument to ‘below investment grade’,
b. Subsequent downgrades of the said instruments from ‘below investment grade’, or
c. Similar such downgrades of a loan rating; or
 Trigger of a pre-specified event for loss absorption in case of debt instruments with special features
such as subordination to equity (absorption of losses before equity capital) and/or conversion to equity
 Any other scenario as permitted by SEBI from time to time.
Note: In case of difference in rating by multiple CRAs, the most conservative rating shall be considered.
Credit Event shall also include actual default of either the interest or principal of unrated debt or money
market instruments of an issuer that does not have any outstanding rated debt or money market
instruments.
The AMC at its sole option and discretion may create Segregated Portfolio in the Scheme, with the
approval of the Trustees, subject to the following:
Segregated portfolio may be created, in case of a Credit Event at issuer level.
Creation of Segregated Portfolio shall be based on issuer level Credit Events as detailed above and
implemented at the ISIN level.
Further, Segregated Portfolio may be created of unrated debt or money market instruments of an issuer
that does not have any outstanding rated debt or money market instruments but only in case of actual
default of either the interest or principal amount and subject to guidelines prescribed by SEBI in this behalf
from time to time.
It may be noted that even for the same security (ISIN level) held by multiple Schemes, the AMC, in its sole
discretion, may decide to segregate the portfolio only for select Schemes.
In case of debt instruments with special features mentioned above, if the instrument is to be written off or
converted to equity pursuant to any proposal, the date of said proposal may be treated as the Trigger Date.
However, if the said instruments are written off or converted to equity without proposal, the date of write off
or conversion of debt instrument to equity may be treated as the Trigger Date.
It may be noted that notwithstanding the above, segregation of portfolio may be effected in such events and
in such manner as may be permitted by SEBI whether by changes to circulars or guidelines in this behalf or
by way of clarifications issued thereto from time to time or in any other manner.
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Process for creation of Segregated Portfolio:
a) In case the AMC decides on creation of Segregated Portfolio on the day of a Credit event/ Trigger Date
in case of debt instruments with special features it shall:
i. seek approval of trustees prior to creation of the Segregated Portfolio.
ii. immediately issue a press release disclosing its intention to segregate such debt and money market
instrument and its impact on the investors and also disclose that the segregation shall be subject to
trustee approval. Additionally, the said press release shall be prominently disclosed on the website
of HDFC Mutual Fund ("the Fund").
iii. ensure that till the time the trustee approval is received, which in no case shall exceed 1 business
day from the day of Credit Event, the subscription and redemption in the scheme(s) shall be
suspended for processing with respect to creation of units and payment on redemptions.
b) Process post receipt of trustee approval by the AMC for creation of Segregated Portfolio in the
Scheme(s):
i. Segregated Portfolio shall be effective from the day of Credit Event
ii. The AMC shall issue a press release immediately with all relevant information pertaining to the
Segregated Portfolio. The said information shall also be submitted to SEBI.
iii. An e-mail or SMS shall be sent to all unit holders of the concerned scheme(s).
iv. The NAV of both segregated and Main Portfolio of the Scheme(s) shall be disclosed from the day of
the Credit Event.
v. All existing investors in the scheme(s) as on the day of the Credit Event shall be allotted equal
number of units in the Segregated Portfolio as held in the Main Portfolio.
vi. No redemption and subscription shall be allowed in the Segregated Portfolio. However, in order to
facilitate exit to unit holders in Segregated Portfolio, the AMC shall enable listing of units of
Segregated Portfolio on the recognized stock exchange within 10 working days of creation of
Segregated Portfolio and also enable transfer of such units held in demat mode on receipt of
transfer requests.
c) If the trustees do not approve the proposal to Segregate Portfolio, the AMC shall issue a press release
immediately informing investors of the same.
Purchase/Switch-in and Repurchase / Redemptions including Switch-outs is not allowed under Segregated
Portfolio. However, units of Segregated Portfolio will be listed on a recognized Stock Exchange. Entry / Exit
load is not applicable for Segregated Portfolio, if any, since subscription and redemptions shall not be
allowed in such Segregated Portfolio.
Valuation and processing of subscriptions and redemptions

a) Notwithstanding the decision to segregate the debt and money market instrument, the valuation shall
take into account the Credit Event and the portfolio shall be valued based on the principles of fair
valuation (i.e. realizable value of the assets) in terms of the relevant provisions of SEBI (Mutual Funds)
Regulations, 1996 and Circular(s) issued thereunder.
b) All subscription and redemption requests for which NAV of the day of Credit Event or subsequent day is
applicable will be processed as per the existing circular on applicability of NAV as under:
i. Upon trustees' approval to create a Segregated Portfolio -
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- Investors redeeming their units will get redemption proceeds based on the NAV of Main Portfolio
and will continue to hold the units of Segregated Portfolio.
- Investors subscribing to the scheme(s) will be allotted units only in the Main Portfolio based on
its NAV.
ii. In case trustees do not approve the proposal of Segregated Portfolio, subscription and redemption
applications will be processed based on the NAV of Total portfolio.
TER for the Segregated Portfolio
a) The AMC will not charge investment and advisory fees on Segregated Portfolio. However, TER
(excluding the investment and advisory fees) may be charged, on a pro-rata basis only upon recovery of
the investments in Segregated Portfolio.
b) The TER so levied shall not exceed the simple average of such expenses (excluding the investment
and advisory fees) charged on daily basis on the Main Portfolio (in % terms) of the scheme(s) during the
period for which Segregated Portfolio was in existence.
c) The legal charges related to recovery of the investments of the Segregated Portfolio may be charged to
the Segregated Portfolio in proportion to the amount of recovery. However, the same shall be within the
maximum TER limit as applicable to the Main Portfolio. The legal charges in excess of the TER limits, if
any, shall be borne by the AMC.
d) The costs related to Segregated Portfolio shall in no case be charged to the Main Portfolio.
Periodic Disclosures:
In order to enable the existing as well as the prospective investors to take informed decision, inter alia the
following disclosures shall be made:
a) A statement of holding indicating the units held by the investors in the Segregated Portfolio along with
the NAV of both Segregated Portfolio and Main Portfolio as on the day of the Credit Event shall be
communicated to the investors within 5 working days of creation of the Segregated Portfolio.
b) Adequate disclosure of the Segregated Portfolio shall appear in the scheme related documents, in
monthly and half-yearly portfolio disclosures and in the annual report of the Scheme.
c) Net Asset Value (NAV) of Segregated Portfolio, if any, shall be declared on every Business day.
d) Investors of the Segregated Portfolio shall be duly informed of the recovery proceedings of the
investments of the Segregated Portfolio. Status update may be provided to the investors at the time of
recovery and also at the time of writing-off of the segregated securities.
e) The AMC shall make necessary disclosures as mandated by SEBI with respect to Segregated Portfolio,
if any, in account statements, monthly/half yearly portfolio statements, scheme annual report, Key
Information Memorandum, SID, Scheme Advertisements, Scheme Performance data, AMC’s Website,
etc.
f) Unitholders under the Segregated Portfolio, if any, shall be duly informed of the recovery proceedings of
the investments of the Segregated Portfolio. Status update may be provided to such unitholders at the
time of recovery and also at the time of writing- off of the segregated securities.
Risk factors associated with Creation of Segregated Portfolio
a) Investor holding units of Segregated Portfolio may not be able to liquidate their holding till recovery of
money from the issuer.
b) Security comprising Segregated Portfolio may not realise any value.
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c) Listing of units of Segregated Portfolio on recognised stock exchange does not necessarily guarantee
their liquidity. There may not be active trading of units in the stock market. Further trading price of units
on the stock market may be significantly lower than the prevailing NAV.
Given below is an illustration explaining the segregation of portfolio:
Scheme Portfolio before the Credit Event
Assets Amount (Rs.)
Debt A 50,000
Debt B 50,000
Debt C 50,000
Net Assets 1,50,000

Assuming number of units outstanding is 10,000 units
NAV = Net Assets/No of units = 150,000/10,000= Rs.15/-
There is a Credit Event in one of the Security (Debt C). Due to Credit Event the Debt C is valued at Rs.
25,000/- in line with extant SEBI regulations on valuation of such securities. AMC decides to segregate
portfolio by segregating exposure in Debt C. The resultant split will be as follows:
Scheme Main Portfolio
Assets Amount (Rs.)
Debt A 50,000
Debt B 50,000
Net Assets 100,000

NAV (Main Portfolio) = 100,000/10,000= Rs.10/-
Scheme Segregated Portfolio
Assets Amount (Rs.)
Debt C 25,000
Net Assets 25,000

NAV (Segregated Portfolio) = Rs. 25,000/10,000= Rs.2.5/-
Investor (having 1000 units) will see his scheme holdings as follows:
Particulars Before Credit After Credit Event
Event
Main Portfolio Segregated Portfolio
Market Value of Units 15,000 10,000 2500
(Rs.)
No of Units 1000 1000 1000
NAV per unit (Rs.) 15.00 10.00 2.50
64

Monitoring by Trustees
In order to ensure timely recovery of investments of a Segregated Portfolio, if any, the trustees would
continuously monitor the progress and take suitable action as they deem appropriate.
Trustees shall ensure that the AMC puts in sincere efforts to recover the investments of the segregated
portfolio and that upon recovery of money, whether partial or full, it shall be immediately distributed to the
investors in proportion to their holding in the segregated portfolio. Any recovery of amount of the security in
the segregated portfolio even after the write off shall be distributed to the investors of the segregated
portfolio.
In order to avoid mis-use of Segregated Portfolio, Trustees shall ensure that a mechanism is in place which
will negatively impact the performance incentives of Fund Managers, Chief Investment Officers (CIOs), etc.
involved in the investment process of securities under the Segregated Portfolio, mirroring the existing
mechanism for performance incentives of the AMC, including claw back of such amount to the Segregated
Portfolio of the scheme.
G. FUNDAMENTAL ATTRIBUTES
Following are the Fundamental Attributes of the Scheme, in terms of Regulation 18 (15A) of the SEBI (MF)
Regulations:
(i) Type of a scheme
Please refer to Section ‘Type of the Scheme’.
(ii) Investment Objective
Main Objective - Please refer to section ‘What is the Investment Objective of the Scheme?’.
Investment pattern - Please refer to section ‘How will the Scheme Allocate its Assets?’.
(iii) Terms of Issue
a) Liquidity provisions such as listing, repurchase, redemption.
b) Aggregate Fees and Expenses charged to the Scheme
Please refer to section 'Fees and Expenses' for details.
c) Any safety net or guarantee provided
The Scheme does not provide any guaranteed or assured return.
Changes in Fundamental Attributes

In accordance with Regulation 18 (15A) of the SEBI (MF) Regulations and clause 1.14.1.4 of Master
Circular, the Trustee shall ensure that no change in the fundamental attributes of the Scheme and the
Plan(s) / Option(s) thereunder or the trust or fee and expenses payable or any other change which would
modify the Scheme and the Plan(s)/ Option(s) thereunder and affect the interest of Unit holders is carried
out unless :
 SEBI has reviewed and provided its comments on the proposal
 A written communication about the proposed change is sent to each Unit holder and an
advertisement is given in one English daily newspaper having nationwide circulation as well as in a
newspaper published in the language of the region where the Head Office of the Mutual Fund is
situated; and
 The Unit holders are given an option for a period of atleast 30 calendar days to exit at the prevailing
Net Asset Value without any Exit Load.
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H. HOW WILL THE SCHEME BENCHMARK ITS PERFORMANCE?
BENCHMARK INDEX
Nifty Housing Index (TRI)
Nifty Housing Index seeks to measure the performance of a portfolio that form part of select basic
industries that are into housing and allied businesses such as cement, banks, paints,
housing finance, residential projects, steel, sanitary ware, house ware etc.
As required under clause 1.9 of Master Circular, the benchmark has been selected from amongst those
notified by AMFI as the first tier benchmark to be adopted by mutual funds and which are reflective of the
category of the scheme.
The Trustee reserves the right to change the benchmark for evaluation of performance of the Scheme from
time to time in conformity with the investment objectives and appropriateness of the benchmark subject to
SEBI (MF) Regulations, and other prevailing guidelines, if any.
I. WHO MANAGES THE SCHEME?

The details of Fund Managers of HDFC Housing Opportunities Fund are as follows:
Name, Age & Educational Experience (last 10 years) Other Fund(s)
tenure^ Qualifications Managed*
Rakesh Vyas  B.E. (Electrical); Collectively over 22 years experience in  HDFC
44 Years PGDBM from XLRI, which 3 years in Application Engineering Infrastructure
Tenure for Jamshedpur (Control & Automation) and 17 years in Fund
managing the equity research.
Scheme:  October 2009 till Date:
4 Years 3 HDFC Asset Management Company
Months Limited
* excluding Overseas investments if any.

^Cut-off date considered for calculation of tenure is September 30, 2023.
Dedicated Fund Manager for Overseas Investments

Name, Age & Educational Experience (last 10 years) Other Fund(s) Managed*
tenure^ Qualifications
Dhruv Muchhal  CFA (CFA Collectively over 12 years  HDFC Arbitrage Fund (co-
35 Years Institute) experience in equity research managed Scheme)
Tenure for  Chartered HDFC Asset Management  HDFC Balanced Advantage
managing the Accountant Company Limited Fund (co-managed
Scheme:  B Com. from  October 3, 2019 till Date: Scheme)
3 Months University of HDFC Asset Management  HDFC Banking & Financial
Mumbai Company Limited Services Fund
 August 27, 2014 till September  HDFC Banking and PSU
27, 2019: Debt Fund
Motilal Oswal Financial Services  HDFC Business Cycle Fund
Limited  HDFC Capital Builder Value
66

Last Position Held-Associate Fund
Vice President - Research  HDFC Childrens Gift Fund
 August 12, 2013 till August 24, (co-managed Scheme)
2014:  HDFC Corporate Bond Fund
Goldman Sachs (India)  HDFC Credit Risk Debt
Securities Private Limited Fund
Last Position Held - Research  HDFC Dividend Yield Fund
Analyst  HDFC Dynamic Debt Fund
 November 8, 2010 till August  HDFC Equity Savings Fund
8, 2013: (co-managed Scheme)
Crisil Limited  HDFC Flexi Cap Fund
Last Position Held - Senior  HDFC Floating Rate Debt
Research Analyst - Irevna FR- Fund (co-managed
Equity Research Scheme)
 HDFC Focused 30 Fund
 HDFC Gilt Fund
 HDFC Hybrid Debt Fund
(co-managed Scheme)
 HDFC Hybrid Equity Fund
(co-managed Scheme)
 HDFC Income Fund
 HDFC Infrastructure Fund
 HDFC Large and Mid Cap
Fund
 HDFC Liquid Fund (co-
managed Scheme)
 HDFC Long Duration Debt
Fund
 HDFC Low Duration Fund
(co-managed Scheme)
 HDFC Medium Term Debt
Fund
 HDFC Mid-Cap
Opportunities Fund
 HDFC Money Market Fund
 HDFC Multi Cap Fund
 HDFC Multi-Asset Fund (co-
managed Scheme)
 HDFC Retirement Savings
Fund - Equity Plan (co-
managed Scheme)
Fund - Hybrid-Debt Plan
(co-managed Scheme)
Fund - Hybrid-Equity Plan
(co-managed Scheme)
 HDFC Short Term Debt
Fund
 HDFC Small Cap Fund
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 HDFC ELSS Tax saver
 HDFC Top 100 Fund
 HDFC Ultra Short Term
Fund (co-managed
Scheme)
 HDFC Defence Fund
 HDFC MNC Fund
 HDFC Non-Cyclical
Consumer Fund
 HDFC Technology Fund
 HDFC Transportation and
Logistics Fund
 HDFC Pharma and
Healthcare Fund
 HDFC Charity Fund for
Cancer Cure (A Fixed
Maturity Plan)
^Cut-off date considered for calculation of tenure is September 30, 2023.
68

J. WHAT ARE THE INVESTMENT RESTRICTIONS?
Pursuant to SEBI (MF) Regulations, the following investment restrictions are applicable to the Scheme:
● The Mutual Fund shall buy and sell securities on the basis of deliveries and shall in all cases of
purchases, take delivery of relevant securities and in all cases of sale, deliver the securities:
Provided that the Mutual Fund may engage in short selling of securities in accordance with the
framework relating to short selling and securities lending and borrowing specified by SEBI.
Provided further that the Mutual Fund may enter into derivatives transactions in a recognized stock
exchange, subject to the framework specified by SEBI.
Provided further that sale of government security already contracted for purchase shall be permitted in
accordance with the guidelines issued by the Reserve Bank of India in this regard.
● The Mutual Fund shall enter into transactions relating to Government Securities only in dematerialised
form.
● Save as otherwise expressly provided under SEBI (MF) Regulations, the Mutual Fund shall not advance
any loans for any purpose.
● The Mutual Fund shall get the securities purchased/ transferred in the name of the Mutual Fund on
account of the respective Scheme, wherever the investments are intended to be of a long term nature.
● The upper ceiling on investments shall be in accordance with the weightage of the scrips in the
Benchmark index or 10% of the NAV of the scheme, whichever is higher.
● The Scheme shall not invest more than 10% of its NAV in debt instruments comprising money market
instruments and non-money market instruments issued by a single issuer which are rated not below
investment grade by a credit rating agency authorised to carry out such activity under the Act. Such
investment limit may be extended to 12% of the NAV of the scheme with the prior approval of the Board
of Trustees and the Board of directors of the asset management company.
The scheme shall not invest more than:
a. 10% of its NAV in debt and money market securities rated AAA; or
b. 8% of its NAV in debt and money market securities rated AA; or
c. 6% of its NAV in debt and money market securities rated A and below issued by a single issuer.
The above investment limits may be extended by up to 2% of its NAV of the Scheme with prior approval
of the Board of Trustees and Board of Directors of the AMC, subject to overall limit of 12% of its NAV of
the Scheme for a single issuer.
Provided that such limit shall not be applicable for investments in Government Securities, treasury bills
and Tri-party Repos on Government securities or treasury bills (TREPS).
Provided further that investment within such limit can be made in mortgaged backed securitised debt
which are rated not below investment grade by a credit rating agency registered with SEBI.
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Provided further that such limit shall not be applicable for investments in case of debt exchange traded
funds or such other funds as may be specified by SEBI from time to time.
● As per clause 12.2 of Master Circular, as amended from time to time, no Mutual Fund under all its
schemes shall own more than 10% of instruments issued by a single issuer in debt instruments with
special features such as subordination to equity (absorbs losses before equity capital) and /or
convertible to equity upon trigger of a pre-specified event for loss absorption (“hereinafter referred to as
“perpetual debt instruments”).
Further, a Mutual Fund scheme shall not invest -
a) more than 10% of its NAV of the debt portfolio of the scheme in perpetual debt instruments; and
b) more than 5% of its NAV of the debt portfolio of the scheme in perpetual debt instruments issued by
a single issuer.
The limit mentioned at a) and b) above shall be within the overall limit for debt instruments issued by
a single issuer and other prudential limits with respect to the debt instruments.
● The Scheme shall not invest in unlisted debt instruments including commercial papers, except
Government Securities and other money market instruments.
Provided that the Scheme may invest in unlisted non-convertible debentures up to a maximum of 10%
of the debt portfolio of the Scheme subject to such conditions as may be specified by SEBI from time to
time.
Provided further that the Scheme shall comply with the norms under the above clauses within the time
and in the manner as may be specified by SEBI.
Provided further that the norms for investments by the Scheme in unrated debt instruments shall be as
specified by SEBI from time to time. As per these norms, investments in unrated debt and money
market instruments, other than government securities, treasury bills, derivative products such as
Interest Rate Swaps (IRS), Interest Rate Futures (IRF), etc. by mutual fund schemes shall not exceed
5% of net assets of the Scheme.
Further, the Scheme shall comply with provisions of clause 12.1 of Master Circular regarding investment
in Debt and Money Market Instruments, as amended from time to time, to the extent applicable to the
Scheme.
● The Scheme shall invest in Debt instruments having Structured Obligations/ Credit Enhancements in
accordance with clause 12.3 of Master Circular as may be amended by SEBI from time to time. The
same are currently as under:
The investment of the Scheme in the following instruments shall not exceed 10% of the debt portfolio of
the Scheme and the group exposure in such instruments shall not exceed 5% of the debt portfolio of the
Scheme:
a. Unsupported rating of debt instruments (i.e. without factoring-in credit enhancements) is below
investment grade; and
b. Supported rating of debt instruments (i.e. after factoring-in credit enhancement) is above investment
grade.
For this purpose, a group means a group as defined under regulation 2 (mm) of the Regulations and
shall include an entity, its subsidiaries, fellow subsidiaries, its holding company and its associates.
However, the above Investment limits shall not be applicable on investments in securitized debt
instruments, as defined in SEBI (Public Offer and Listing of Securitized Debt Instruments) Regulations
2008.
70

Investment in debt instruments, having credit enhancements backed by equity shares directly or
indirectly, shall have a minimum cover of 4 times considering the market value of such shares.
● The Mutual Fund under all its Scheme will not own more than 10% of any Company's paid up capital
carrying voting rights.
Provided that the Sponsor of the Fund, its associate or group company including the asset management
company of the Fund, through the Scheme(s) of the Fund or otherwise, individually or collectively,
directly or indirectly, shall not have 10% or more of the share-holding or voting rights in the asset
management company or the trustee company of any other mutual fund.
Provided that in the event of a merger, acquisition, scheme of arrangement or any other arrangement
involving the sponsors of the mutual funds, shareholders of the asset management companies or
trustee companies, their associates or group companies which results in the incidental acquisition of
shares, voting rights or representation on the board of the asset management companies or trustee
companies beyond the above specified limit, such exposure may be rebalanced within a period of one
year of coming into force of such an arrangement.
● Transfer of investments from one scheme to another scheme in the same Mutual Fund, shall be allowed
only if:-
(a) such transfers are made at the prevailing market price for quoted Securities on spot basis
Explanation: spot basis shall have the same meaning as specified by Stock Exchange for spot
transactions
Provided that inter scheme transfer of money market or debt security (irrespective of maturity) shall
take place based on prices made available by valuation agencies as prescribed by SEBI from time
to time.
(b) the securities so transferred shall be in conformity with the investment objective of the scheme to
which such transfer has been made.
(c) Inter Scheme Transfers are effected in accordance with the guidelines specified by clause 12.30 of
Master Circular as amended from time to time.
● The Scheme may invest in another scheme(s) under the same AMC or any other mutual fund without
charging any fees, provided that aggregate inter-scheme investment made by all schemes under the
same AMC or in schemes under the management of any other asset management shall not exceed 5%
of the net asset value of the Mutual Fund.
Provided that the Scheme shall not invest in any fund of funds scheme.
● Pending deployment of funds of the Scheme in securities in terms of the investment objectives of the
Scheme, the Fund may invest the funds of the Scheme in short term deposits of scheduled commercial
banks subject to the following guidelines as specified by clause 12.16 of Master Circular, as amended from
time to time.
● “Short Term” for parking of funds shall be treated as a period not exceeding 91 days.
● Short Term deposits shall be held in the name of the Scheme.
● Total investment of the Scheme in short term deposit(s) of all the Scheduled Commercial Banks put
together shall not exceed 15% of the net assets.
● However, this limit can be raised upto 20% of the net assets with prior approval of the Board of
Trustees.
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● Investments in short term deposits of associate and sponsor scheduled commercial banks together
shall not exceed 20% of total deployment by the Mutual Fund in short term deposits.
● The Scheme shall not invest more than 10% of the net assets in short term deposit(s) of any one
scheduled commercial bank including its subsidiaries.
● The Scheme shall not invest in short term deposit of a bank which has invested in the Scheme.
Trustees/ AMC shall also take steps to ensure that a bank in which the Scheme has short term
deposit does not invest in the Scheme until the Scheme has short term deposit with such bank.
● No investment management and advisory fees will be charged for such investments in the Scheme.
● The aforesaid limits shall not be applicable to term deposits placed as margins for trading in cash
and derivative market.
● However, period for ‘pending deployment’ as stated above for the Scheme shall not exceed 7 days.
● The Scheme shall not make any investments in:

(a) any unlisted security of an associate or group company of the Sponsors;
(b) any security issued by way of private placement by an associate or group company of the
Sponsors;
(c) the listed securities of group companies of the Sponsors which is in excess of 25% of the net
assets;
(d) any fund of funds scheme.
● The Scheme may invest in the units of REITs and InvITs subject to the following:
(a) HDFC Mutual Fund under all its Schemes shall not own more than 10% of units issued by a single
issuer of REIT and InvIT; and
(b) The Scheme shall not invest –
(i) more than 10% of its NAV in the units of REIT and InvIT; and
(ii) more than 5% of its NAV in the units of REIT and InvIT issued by a single issuer.
● The Scheme shall only invest in equity shares or equity related instruments which are listed or to be
listed.
The AMC / Trustee may alter these above stated restrictions from time to time to the extent the SEBI (MF)
Regulations change, so as to permit the Scheme to make its investments in the full spectrum of permitted
investments for mutual funds to achieve its respective investment objective. The AMC/Trustee may from
time to time alter these restrictions in conformity with the SEBI (MF) Regulations. Further, apart from the
investment restrictions prescribed under SEBI (MF) Regulations, the Fund may follow any internal norms
vis-à-vis restricting/ limiting exposure to a particular scrip or sector, etc.
All investment restrictions shall be applicable at the time of making investment.
72

K. HOW HAVE THE SCHEME(S) PERFORMED?
Performance of the Scheme (as at September 30, 2023)
(Benchmarked to the Total Returns Index (TRI) Variant of the Index)
HDFC Housing Opportunities Fund - Regular Absolute returns for each financial year for last 5
Plan - Growth Option years^
Period Returns Benchmark

(%)^ Returns
(%)#
Last 1 Year 28.59 14.53
Last 3 Years 29.96 29.92
Last 5 Years 13.52 15.75
Since Inception* 9.07 13.37
^ Past performance may or may not be

sustained in the future
Returns greater than one year are compounded
annualized (CAGR).
* Inception Date: December 6, 2017 # Nifty
Housing Index (TRI)
Since inception returns are calculated on Rs. 10
(allotment price).
HDFC Housing Opportunities Fund - Direct Absolute returns for each financial year for last 5
Plan - Growth Option years^
Period Returns Benchmark

(%)^ Returns
(%)#
Last 1 Year 29.89 14.53
Last 3 Years 31.21 29.92
Last 5 Years 14.56 15.75
Since Inception* 10.20 13.37
^ Past performance may or may not be
sustained in the future
Returns greater than one year are compounded
annualized (CAGR).
*Inception Date: December 6, 2017
# Nifty Housing Index (TRI)
Since inception returns are calculated on Rs. 10
(allotment price)
73

Riskometer of the Scheme Riskometer of Benchmark#
L. ADDITIONAL SCHEME RELATED DISCLOSURE(S):

A. Portfolio Related Disclosures (as on September 30, 2023)
Portfolio - Top 10 Holdings (Issuer-wise) Sector Allocation (% of Net Assets)
Issuer % to NAV Sector Allocation % to NAV

9.24 28.45
HDFC Bank Ltd. $ FINANCIAL SERVICES
Larsen and Toubro Ltd. 8.78 CONSTRUCTION 19.63
NTPC Limited 8.23 CONSTRUCTION MATERIALS 12.94
ICICI Bank Ltd. 7.88 CONSUMER DURABLES 9.48
Ambuja Cements Ltd. 6.48 REALTY 9.28
Ashoka Buildcon Ltd. 5.57 POWER 8.23
Prestige Estates Projects Ltd. 5.53 METALS & MINING 5.28
State Bank of India 5.15 CONSUMER SERVICES 3.04
Tata Steel Ltd. 3.92 CAPITAL GOODS 2.63
UltraTech Cement Limited 3.62 OTHER 0.86
Grand Total 64.40 OIL, GAS & CONSUMABLE FUELS 0.18
Grand Total 100.00
$Sponsor.
Portfolio Turnover Ratio - Last 1 year: 6.02%

 Aggregate of equity securities and debt instruments held by the Scheme at issuer level/sectors are as
of the date indicated.
 Top 10 holdings disclosure do not include cash & cash equivalents, fixed deposits and/or exposure in
derivative instruments, if any.
 Others under sector disclosure include cash & cash equivalents.
 Total outstanding exposure in Derivative Instruments as on September 30, 2023: NA
 For complete details and latest monthly portfolio, investors are requested to visit
https://www.hdfcfund.com/statutory-disclosure/monthly-portfolio
74

B. Aggregate value of Investments held in the Scheme by the following category of person(s) as on
September 30, 2023):
Scheme Name Net Asset Value of Units held (Rs. in Lacs)
AMC’s Board of Fund Manager(s) Key Personnel* (Other than

Directors Scheme’s Fund Manager(s))
HDFC Housing
0.00 29.88 10.06
Opportunities Fund
* Managing Director and Chief Executive Officer of the AMC is covered under the category of Key
Personnel.
Note: Investments by Fund Manager(s) and Key Personnel includes mandatory investments made in
accordance with SEBI circular on "Alignment of Interest of Designated Employees of AMCs with Unit
holders of the Mutual Fund Scheme(s)" as amended from time to time.
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III. UNITS AND OFFER
This Section provides details you need to know for investing in the Scheme.
A. NEW FUND OFFER (NFO)

This section does not apply to the Scheme covered in this SID as the Scheme forming part of this SID have
already been launched. Therefore, the section ‘New Fund Offer (NFO)’ is not applicable except for the
relevant details covered under section ‘B. Ongoing Offer Details’.
B. ONGOING OFFER DETAILS

Plans/Options offered The Scheme offers following plans:
1. Regular Plan: This Plan is for investors who wish to route their
investment through any distributor.
2. Direct Plan: This Plan is for investors who wish to invest directly
without routing the investment through any distributor. This Plan shall
have a lower expense ratio excluding distribution expenses,
commission, etc and no commission for distribution of Units will be
paid/ charged under the Direct Plan.
Each Plan offers following Options:
Growth Option
The income attributable to units under this Option will continue to remain
invested and will be reflected in their Net Asset Value. IDCW will not be
declared under this Option.
Income Distribution cum Capital Withdrawal (IDCW) Option
This Option provides for distributions subject to availability of
distributable surplus, computed in accordance with SEBI (MF)
Regulations. Investors should note that distributions can be made
out of Equalization Reserves (representing accumulated realized
gains), which is part of sale price paid by them.
This option offers following Sub-Options / facilities:
- Payout of Income Distribution cum Capital Withdrawal (IDCW)
Option/ facility
IDCW, if declared, will be paid (subject to deduction of tax at source,
if any) to those Unit holders/ Beneficial Owners whose names appear
in the Register of Unit holders maintained by the Mutual Fund/
statement of beneficial ownership maintained by the Depositories, as
applicable, on the notified record date.
- Re-investment of Income Distribution cum Capital Withdrawal
(IDCW) Option / facility
Unit holders opting for this Option may choose to reinvest the IDCW
to be received by them in additional Units of the Scheme. Under this
facility, the IDCW due and payable to the Unit holders will be
compulsorily and without any further act by the Unit holders,
reinvested in this Option at the prevailing ex-IDCW Net Asset Value
per Unit on the record date. The amount of IDCW re-invested will be
net of tax deducted at source, wherever applicable. The IDCW so
76

reinvested shall constitute a constructive payment of IDCW to the Unit
holders and a constructive receipt of the same amount from each Unit
holder for reinvestment in Units.
On reinvestment of IDCW, the number of Units to the credit of Unit
holder will increase to the extent of the IDCW reinvested divided by
the Applicable NAV as explained above. There shall, however, be no
Entry Load and Exit Load on the IDCW so reinvested.
The AMC reserves the right to introduce a new option/ investment Plan
at a later date, subject to the SEBI (MF) Regulations.
Default Option
Growth Option in case Growth Option or Income Distribution cum Capital
Withdrawal (IDCW) Option is not indicated.
Payout Option in case Payout of IDCW Option / facility or Reinvestment
of IDCW Option / facility is not indicated.
Default Plan
Investors should indicate the Plan viz. Regular/ Direct for which the
subscription is made by indicating the choice in the appropriate box
provided for this purpose in the application form. In case of valid
applications received without indicating any choice of Plan, the
application will be processed for the Plan as under:
Scenario ARN Code Plan Default Plan to
mentioned by mentioned by be captured
the investor the investor
1 Not mentioned Not mentioned Direct Plan
2 Not mentioned Direct Direct Plan
3 Not mentioned Regular Direct Plan
4 Mentioned Direct Direct Plan
5 Direct Not Mentioned Direct Plan
6 Direct Regular Direct Plan
7 Mentioned Regular Regular Plan
8 Mentioned Not Mentioned Regular Plan
In cases of wrong/ invalid/ incomplete ARN codes are mentioned on the

application form, the application shall be processed under Regular Plan.
The AMC shall contact and 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, the AMC shall reprocess the transaction under Direct Plan from the
date of application without any exit load. In case an investor submits an
application with ARN number which is valid, but the broker/distributor is
not empaneled with the AMC, the transaction will be processed under
“Direct Plan” or in the manner notified by SEBI / AMFI from time to time.
The financial transactions# of an investor where his distributor's AMFI
Registration Number (ARN) has been suspended temporarily or
terminated permanently received during the suspension period shall be
processed under "Direct Plan" and continue to be processed under
"Direct Plan" perpetually unless after suspension of ARN is revoked,
77

unitholder makes a written request to process the future installments /
investments under "Regular Plan". Any financial transactions requests
received through the stock exchange platform, from any distributor
whose ARN has been suspended, shall be rejected.
#Financial Transactions shall include all Purchase / Switch requests
(including under fresh registrations of Systematic Investment Plan ("SIP")
/ Systematic Transfer Plan ("STP") or under SIPs/ STPs registered prior
to the suspension period).
Ongoing Offer Period The Scheme offer for Sale / Switch-in and Redemption / Switch-out of
This is the date from which the Units on every Business Day. Units of the Scheme would be available at
scheme will reopen for Applicable NAV on any Business Day.
subscriptions/ redemptions after Unit holders have an option to hold the Units in demat (electronic) form.
the closure of the NFO period. However, this facility is not available in case of units offered under the
Daily/ Weekly/Fortnightly IDCW Option(s). Units held in demat form are
freely transferable. Holding/ transacting of units held in demat mode shall
be in accordance with the procedures/ requirements laid down by the
Depositories, viz. NSDL/ CDSL in accordance with the provisions under
the Depositories Act, 1996 and Securities and Exchange Board of India
(Depositories and Participants) Regulations, 2018.
Subscription of Units
Existing/ New Investors under the Scheme may submit their
purchase/switch - in requests as follows:
1. Account Statement (non-demat) form: Investors/ existing
Unitholders opting for units in account statement (non- demat) form,
can submit their valid application for subscription/switch-in at any of
the Official Points of Acceptance of HDFC Mutual Fund.
2. Demat (Electronic) form: Investors/ existing Unitholders, opting for
units in demat form, can submit their valid application for subscription
only at any of the Official Points of Acceptance of HDFC Mutual
Fund and not to their Depository Participants. Investor opting for
units in demat form will be required to mention in the application form
DP ID No. and Beneficiary Account No. with the Depository
Participant (DP). The Units allotted will be credited to the Demat
account of the Unit holder as per the details provided in the
application form. AMC / RTA will endeavour to credit the Units in the
demat account within 5 Working Days of receipt of a valid application
alongwith proceeds. The statement of holding of the beneficiary
account holder for units held in demat will be sent by the respective
DPs / Depositories periodically.
Applications by Existing/ New Investors under the Scheme must be for
the minimum amount as mentioned in section 'Highlights / Summary of
the Scheme'. The AMC reserves the right to change the minimum
application amount from time to time.
Subscriptions on an ongoing basis may be made only by specifying the
amount to be invested and not the number of Units to be subscribed. The
total number of Units allotted will be determined with reference to the
applicable Sale Price and fractional Units may be created. Fractional
Units will be computed and accounted for upto three decimal places.
78

Redemption of Units
The Units can be Redeemed (i.e. sold back to the Mutual Fund) or
Switched-out on every Business Day at the Redemption Price.
Unit holders may submit their redemption/ switch-out requests as follows:
1. For units held in Demat (electronic) form: Unitholders should
submit their valid redemption request to their Depository Participant
(DP). The redemption proceeds will be credited to the bank account
of the Unitholder, per the bank account details provided by the
Depositories.
2. For units held in Account Statement (non-demat) form: The
Redemption/ Switch-out request can be made by way of a written
request on a pre-printed form or Transaction Slip, which should be
submitted at / may be sent by mail to any of the Official Point(s) of
Acceptance.
In case the Units are held in the names of more than one Unit holder,
where mode of holding is specified as ‘Joint’, Redemption requests will
have to be signed by all the joint holders. However, in cases of holding
specified as ‘Anyone or Survivor’, any of the Unit holders will have the
power to make Redemption request, without it being necessary for all the
Unit holders to sign. However, in all cases, the Redemption proceeds will
be paid only to the first named holder.
Transferability of Units:
Units held in demat or physical mode are freely transferable.
If an applicant desires to transfer Units held in physical mode for e.g. in
statement of account form, the AMC shall, upon receipt of valid and
complete request for transfer together with the relevant documents,
register the transfer within 30 days. Provided that the transferor(s) and
the transferee(s) will have to comply with the procedure for transfer as
may be laid down by the AMC or as required under the prevailing law
from time to time including payment of stamp duty for transfer of Units,
etc.
Dematerialization / Rematerialization of Units
If the Unit holder desires to hold the Units in a Dematerialized /
Rematerialized form at a later date, the request for conversion of units
held in Account Statement (non demat) form into Demat (electronic) form
or vice versa should be submitted alongwith a Demat / Remat Request
Form to their Depository Participants. The AMC/ RTA will endeavour to
credit the units in the demat account of the investor within 2 working days
from the date of receipt of valid request with complete details.
However the Trustee/ AMC reserves the right to change the
dematerialization/ rematerialization process in accordance with the
procedural requirements laid down by the Depositories, viz. NSDL /
CDSL and / or in accordance with the provisions laid under the
Depositories Act, 1996 and the Regulations thereunder.
IDCW Policy The Trustee may decide to declare distributions under the IDCW Option
of the Scheme subject to availability of distributable surplus. For IDCW
Options having a defined frequency, the Trustee at its sole discretion
may also declare interim distributions between two successive record
79

dates. The declaration / actual payment of IDCW and the frequency
thereof will depend on the availability of distributable surplus computed in
accordance with SEBI (MF) Regulations. The decision of the Trustee in
this regard shall be final.
IDCW, if declared, will be paid (subject to deduction of tax at source, if
any) to those Unit holders whose names appear in the Register of Unit
holders on the record date. In case of units held in dematerialized mode,
the Depositories (NSDL/CDSL) will provide the list of eligible demat
account holders and the number of units held by them in electronic form
on the Record date to the Registrars and Transfer Agent of the Mutual
Fund.
There is no assurance or guarantee to Unit holders as to the
rate/quantum of IDCW distribution nor that IDCW will be paid regularly.
On payment of IDCW, the NAV will stand reduced by the amount of
IDCW and Dividend distribution tax /statutory levy (if applicable) paid.
The Trustee/ AMC reserves the right to change the record date from time
to time.
IDCW Distribution Procedure
In accordance with clause 11.6.1 of Master Circular, the procedure for
IDCW Distribution would be as under:
1. Quantum of IDCW and the record date will be fixed by the Trustee in
their meeting. IDCW so decided shall be paid, subject to availability
of distributable surplus.
2. Within one calendar day of decision by the Trustee, the AMC shall
issue notice to the public communicating the decision about the
IDCW including the record date, in one English daily newspaper
having nationwide circulation as well as in a newspaper published in
the language of the region where the head office of the Mutual Fund
is situated.
3. The Record Date will be 2 working days from the date of publication
in at least one English newspaper or in a newspaper published in the
language of the region where the Head Office of the mutual fund is
situated, whichever is issued earlier. Record date shall be the date
which will be considered for the purpose of determining the eligibility
of investors whose names appear on the register of Unit holders
maintained by the Mutual Fund/ statement of beneficial ownership
maintained by the Depositories, as applicable, for receiving IDCW.
4. The notice will, in font size 10, bold, categorically state that pursuant
to payment of IDCW, the NAV of the Scheme would fall to the extent
of payout and statutory levy (if applicable).
5. The NAV will be adjusted to the extent of IDCW distribution and
statutory levy, if any, at the close of business hours on record date.
6. Before the issue of such notice, no communication indicating the
probable date of IDCW declaration in any manner whatsoever will be
issued by Mutual Fund.
The requirement of giving notice shall not be applicable for IDCW
Options having frequency upto one month.
80

Allotment All Applicants whose monies towards purchase of Units have been
realised by the Fund will receive a full and firm allotment of Units,
provided also the applications are complete in all respects and are found
to be in order. Any application for subscription of units may be rejected if
found invalid, incomplete or due to unavailability of underlying securities,
etc.
All Units will rank pari passu, among Units within the same Option in the
Scheme concerned as to assets, earnings and the receipt of IDCW
distributions, if any, as may be declared by the Trustee.
Face Value per unit of all Plans/ Options under the Scheme is Rs.10.
Who Can Invest The following persons (i.e. an indicative list of persons) are eligible and
This is an indicative list and you may apply for subscription to the Units of the Scheme provided they are
are requested to seek not prohibited by any law / Constitutive documents governing them:
appropriate advice to ascertain 1. Resident adult individuals either singly or jointly (not exceeding
whether the scheme is suitable three) or on an Anyone or Survivor basis;
to your risk profile. 2. Karta of Hindu Undivided Family (HUF);
3. Minor (as the first and the sole holder only) through a natural
guardian (i.e. father or mother, as the case may be) or a court
appointed legal guardian. There shall not be any joint holding in a
minor’s folio. Payment for investment shall be accepted from the
bank account of the minor, parent or legal guardian of the minor or
from a joint account of the minor with the parent or legal guardian.
4. Partnership Firms & Limited Liability Partnerships (LLPs);
5. Companies, Bodies Corporate, Public Sector Undertakings,
Association of Persons or bodies of individuals and societies
registered under the Societies Registration Act, 1860, Co-Operative
Societies registered under the Co-Operative Societies Act, 1912,
One Person Company;
6. Banks & Financial Institutions;
7. Mutual Funds/ Alternative Investment Funds registered with SEBI;
8. Religious and Charitable Trusts, Wakfs or endowments of private
trusts (subject to receipt of necessary approvals as required) and
Private trusts authorised to invest in mutual fund schemes under
their trust deeds;
9. Non-resident Indians (NRIs)/Persons of Indian Origin residing abroad
(PIO)/ Overseas Citizen of India (OCI) on repatriation basis or on
non-repatriation basis;
10. Foreign Portfolio Investors (FPI) registered with SEBI in accordance
with applicable laws;
11. Army, Air Force, Navy and other paramilitary units and bodies
created by such institutions;
12. Council of Scientific and Industrial Research, India;
13. Multilateral Financial Institutions/ Bilateral Development Corporation
Agencies/ Bodies Corporate incorporated outside India with the
permission of Government of India/Reserve Bank of India;
14. Other Schemes of HDFC Mutual Fund subject to the conditions and
81

limits prescribed by SEBI (MF) Regulations;
15. Trustee, AMC, Sponsor and their associates may subscribe to Units
under the Scheme;
16. Such other category of investors as may be decided by the AMC /
Trustee from time to time, so long as their investment is in conformity
with the applicable laws and SEBI (MF) Regulations.
Note :
1. NRIs and PIOs/ OCIs/ FPIs have been granted a general permission
by Reserve Bank of India Schedule 5 of the Foreign Exchange
Management (Transfer or Issue of Security by a Person Resident
Outside India) Regulations, 2000 for investing in / redeeming Units of
the mutual funds subject to conditions set out in the aforesaid
regulations.
2. In case of application(s) made by individual investors under a Power
of Attorney, the original Power of Attorney or a duly notarized copy
should be submitted alongwith the subscription application form. In
case of applications made by non-individual investors, the authorized
signatories of such non-individual investors should sign the
application form in terms of the authority granted to them under the
Constitutional Documents/Board resolutions/Power of Attorneys, etc.
A list of specimen signatures of the authorized signatories, duly
certified / attested should also be attached to the Application Form.
The Mutual Fund/AMC/Trustee shall deem that the investments
made by such non individual investors are not prohibited by any
law/Constitutional documents governing them and they possess the
necessary authority to invest.
3. Investors desiring to invest / transact in mutual fund schemes are
required to mandatorily furnish PAN (PAN of the guardian in case
minor does not have a PAN) and comply with the KYC norms
applicable from time to time. Under the KYC norms, Investors are
required to provide prescribed documents for establishing their
identity and address including in case of non-individuals copy of the
Memorandum and Articles of Association / bye-laws/trust deed/
partnership deed/ Certificate of Registration along with the proof of
authorization to invest, as applicable, to the KYC Registration
Agency (KRA) registered with SEBI. The Fund / AMC / Trustees /
other intermediaries will rely on the declarations/affirmations
provided by the Investor(s) in the Application/Transaction Form(s)
and the documents furnished to the KRA that the Investor(s) is
permitted/ authorised by the Constitution document/ their Board of
Directors etc. to make the investment / transact. Further, the Investor
shall be liable to indemnify the Fund / AMC / Trustee / other
intermediaries in case of any dispute regarding the eligibility, validity
and authorization of the transactions and / or the applicant who has
applied on behalf of the Investors. The Fund / AMC / Trustee
reserves the right to call for such other information and documents
as may be required by it in connection with the investments made by
the investor. Where the Units are held by a Unit holder in breach of
any Regulations, AMC / the Fund may effect compulsory redemption
of such units.
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4. Returned cheques are not liable to be presented again for collection
and the accompanying application forms are liable to be rejected by
the AMC. In case the returned cheques are presented again, the
necessary charges are liable to be debited to the investor.
5. The Trustee reserves the right to recover from an investor any loss
caused to the Scheme on account of dishonour of cheques issued by
the investor for purchase of Units of the Scheme.
6. Subject to SEBI (MF) Regulations, the AMC/Trustee may inter-alia
reject any application for the purchase of Units if the application is
invalid, incomplete or if the AMC/Trustee for any other reason does
not believe that it would be in the best interests of the Scheme or its
Unitholders to accept such an application.
Who cannot invest?
The aforementioned persons/entities as specified under section “Who
Can Invest?” shall not be eligible to invest in the Scheme, if such
persons /entities are:
1. United States Person (U.S. person*) as defined under the extant
laws of the United States of America, except the following:
a. NRIs/PIOs may invest/transact, in the Scheme, when present in
India, as lump sum subscription, redemption and/or switch
transaction and registrations of systematic transactions only
through physical form and upon submission of such additional
documents/undertakings, etc., as may be stipulated by
AMC/Trustee from time to time and subject to compliance with all
applicable laws and regulations prior to investing in the Scheme.
b. FPIs may invest in the Scheme as lump sum subscription and/or
switch transaction (other than systematic transactions) through
submission of physical form in India, subject to compliance with
all applicable laws and regulations and the terms, conditions, and
documentation requirements stipulated by the AMC/Trustee from
time to time, prior to investing in the Scheme.
The Trustee/AMC reserves the right to put the transaction requests
received from such U.S. person on hold/reject the transaction
request/redeem the units, if allotted, as the case may be, as and
when identified by the AMC that the same is not in compliance with
the applicable laws and/or the terms and conditions stipulated by
Trustee/AMC from time to time. Such redemptions will be subject to
applicable taxes and exit load, if any.
The physical application form(s) for transactions (in non-demat
mode) from such U.S. person will be accepted ONLY at the Investor
Service Centres (ISCs) of HDFC Asset Management Company
Limited (HDFC AMC). Additionally, such transactions in physical
application form(s) will also be accepted through Distributors and
other platforms subject to receipt of such additional
documents/undertakings, etc., as may be stipulated by AMC/Trustee
from time to time from the Distributors/Investors.
2. Residents of Canada;
3. Investor residing in any Financial Action Task Force (FATF)
83

designated High Risk jurisdiction.
*The term “U.S. person” means any person that is a U.S. person
within the meaning of Regulation S under the Securities Act of 1933
of U.S. or as defined by the U.S. Commodity Futures Trading
Commission or as per such further amended definitions,
interpretations, legislations, rules etc, as may be in force from time to
time.
How to Apply The Applications Forms shall be made available at Investor Service
Centres (ISCs)/Official Points of Acceptance (OPAs) of Mutual Fund
and/or may be downloaded from the website of AMC.
The list of the Investor Service Centres (ISCs)/Official Points of
Acceptance (OPAs) of the Mutual Fund will be provided on the website of
the AMC. i.e. www.hdfcfund.com.
For further details, please refer to the SAI and Application form
available on the website for the instructions.
Listing Being open ended Scheme under which Sale and Redemption of Units
will be made on continuous basis by the Mutual Fund (subject to
completion of lock-in period, if any), the Units of the Scheme are not
proposed to be listed on any stock exchange. However, the Mutual Fund
may at its sole discretion list the Units under the Scheme on one or more
stock exchange at a later date.
The policy regarding re-issue The number of Units held by the Unit holder under his folio / Demat
of repurchased units, Account will stand reduced by the number of Units redeemed. Presently,
including the maximum the AMC does not intend to reissue the repurchased units. However, the
extent, the manner of reissue, Trustee reserves the right to reissue the repurchased units at a later date
the entity (the scheme or the after issuing adequate public notices and taking approvals, if any, from
AMC) involved in the same. SEBI.
Restrictions, if any, on the
RIGHT TO RESTRICT REDEMPTION AND / OR SUSPEND
right to freely retain or
REDEMPTION OF THE UNITS (as per clause 1.12 of Master Circular):
dispose of units being
offered. The Fund at its sole discretion reserves the right to restrict Redemption
(including switch-out) of the Units (including Plan /Option) of the Scheme
of the Fund upon occurrence of the below mentioned events for a period
not exceeding ten (10) working days in any ninety (90) days period
subject to approval of the Board of Directors of the AMC and the Trustee.
The restriction on Redemption (including switch-out) shall be applicable
where the Redemption (including switch-out) request is for a value above
Rs. 2,00,000/- (Rupees Two Lakhs). Further, no restriction shall be
applicable to the Redemption / switch-out request upto Rs. 2,00,000/-
(Rupees Two Lakhs). It is further clarified that, in case of redemption
request beyond Rs. 2,00,000/- (Rupees Two Lakhs), no restriction shall
be applicable on first Rs. 2,00,000/- (Rupees Two Lakhs).
The Trustee / AMC reserves the right to restrict Redemption or suspend
Redemption of the Units in the Scheme of the Fund on account of
circumstances leading to a systemic crisis or event(s) that severely
constrict market liquidity or the efficient functioning of the markets. A list
of such circumstances under which the restriction on Redemption or
suspension of Redemption of the Units in the Scheme of the Fund may
be imposed are as follows:
84

1. Liquidity issues- when market at large becomes illiquid affecting
almost all securities rather than any issuer specific security; or
2. Market failures / Exchange closures; or
3. Operational issues; or
4. If so directed by SEBI.
It is clarified that since the occurrence of the abovementioned
eventualities have the ability to impact the overall market and liquidity
situation, the same may result in exceptionally large number of
Redemption requests being made and in such a situation the indicative
timelines, if any mentioned by the Fund in the scheme offering
documents, for processing of requests for Redemption may not be
applicable.
Any restriction on Redemption or suspension of Redemption of the Units
in the Scheme(s) of the Mutual Fund shall be made applicable only after
specific approval of the Board of Directors of the AMC and Trustee
Company and thereafter, immediately informing the same to SEBI.
The AMC / Trustee reserves the right to change / modify the provisions
of right to restrict Redemption and / or suspend Redemption of the Units
in the Scheme of the Fund.
Ongoing Price for The Sale Price will be the Applicable NAV of the Scheme / Plan / Option.
subscription (purchase)/ i.e. Sale Price = Applicable NAV
switch-in (from other For a valid purchase request of Rs. 10,000 where the applicable NAV is
schemes/ plans of the mutual Rs. 11.123, the units allotted will be:
fund) by investors.
= 10,000 (i.e. purchase amount)
This is the price you need to pay 11.123 (i.e. applicable NAV)
for purchase/ switch-in.
= 899.038 units (rounded to three decimals)
Transaction charges and other charges/expenses, if any, borne by the
investors have not been considered in the above illustration.
Ongoing Price for redemption The Repurchase Price for a valid repurchase will be the applicable NAV
(sale)/ switch-outs (to other reduced by any exit load (say 1%). i.e. applicable NAV - (applicable NAV
schemes/plans of the mutual X applicable exit load).
fund) by investors. For a valid repurchase request where the applicable NAV is Rs. 12.123,
This is the price you will receive the repurchase price will be:
for redemptions/ switch-outs. = 12.123 - (12.123 X 1.00%)
= 12.123 - 0.121
= Rs. 12.002
Therefore, for a repurchase of 899.038 units, the proceeds received by
the investor will be -
= 899.038 (units) * 12.002 (Repurchase price)
= Rs. 10,790.25 (rounded to two decimals)
Transaction charges and other charges/expenses, if any, borne by
the investors have not been considered in the above illustration.
Cut off timing for The below cut-off timings and applicability of NAV shall be applicable in
subscriptions/ respect of valid applications received at the Official Point(s) of
85

redemptions/switches Acceptance on a Business Day:
This is the time before which A] For Purchase (including switch-in) of any amount:
your application (complete in all ● In respect of valid applications received upto 3.00 p.m. and where
respects) should reach the the funds for the entire amount are available for utilization before
official points of acceptance. the cut-off time i.e. credited to the bank account of the Scheme
before the cut-off time - the closing NAV of the day shall be
applicable.
● In respect of valid applications received after 3.00 p.m. and where
the funds for the entire amount are credited to the bank account of
the Scheme either at any time on the same day or before the cut-
off time of the next Business Day i.e. available for utilization
before the cut-off time of the next Business Day - the closing NAV
of the next Business Day shall be applicable.
● Irrespective of the time of receipt of application, where the funds
for the entire amount are credited to the bank account of the
Scheme before the cut-off time on any subsequent Business Day
i.e. available for utilization before the cut-off time on any
subsequent Business Day - the closing NAV of such subsequent
Business Day shall be applicable.
B] For Switch-ins of any amount:
For determining the applicable NAV, the following shall be ensured:
● Application for switch-in is received before the applicable cut-off
time.
● Funds for the entire amount of subscription/purchase as per the
switch-in request are credited to the bank account of the Scheme
before the cut-off time.
● The funds are available for utilization before the cut-off time.
● In case of ‘switch’ transactions from one scheme to another, the
allocation shall be in line with redemption payouts.
In case of switches, the request should be received on a day
which is a Business Day for the Switch-out scheme. Redemption
for switch-out shall be processed at the applicable NAV as per
cut-off timing. Switch-in will be processed at the Applicable NAV
(on a Business Day) based on realization of funds as per the
redemption pay-out cycle for the switch-out scheme.
For investments through systematic investment routes such as
Systematic Investment Plans (SIP), Flex SIP, Systematic Transfer
Plans (STP), Flex-STP, Swing STP, Transfer of Income
Distribution cum Capital Withdrawal (IDCW) Plan facility (TIP),
etc. the units will be allotted as per the closing NAV of the day on
which the funds are available for utilization by the Target Scheme
irrespective of the installment date of the SIP, STP or record date
of IDCW etc.
While the AMC will endeavour to deposit the payment instruments
accompanying investment application submitted to it with its bank
expeditiously, it shall not be liable for delay in realization of funds
on account of factors beyond its control such as clearing /
86

settlement cycles of the banks.
Since different payment modes have different settlement cycles
including electronic transactions (as per arrangements with
Payment Aggregators / Banks / Exchanges etc), it may happen
that the investor's account is debited, but the money is not
credited within cut-off time on the same date to the Scheme's
bank account, leading to a gap / delay in Unit allotment. Investors
are therefore urged to use the most efficient electronic payment
modes to avoid delays in realization of funds and consequently in
Unit allotment.
C] For Redemption (including switch-out) applications
● In respect of valid applications received upto 3 p.m. on a Business
Day by the Fund, same day's closing NAV shall be applicable.
● In respect of valid applications received after 3 p.m. on a Business
Day by the Fund, the closing NAV of the next Business Day shall
be applicable.
Transactions through online facilities / electronic modes:
The time of transaction done through various online facilities / electronic
modes offered by the AMC, for the purpose of determining the
applicability of NAV, would be the time when the request for purchase /
sale / switch of units is received in the servers of AMC/RTA.
The AMC has the right to amend cut off timings subject to SEBI (MF)
Regulations for the smooth and efficient functioning of the Scheme.
Where can the applications The application forms for subscription/ redemption#/switches should be
for purchase/ redemption / submitted at / may be sent by mail to, any of the ISCs / Official Points of
switches be submitted? Acceptance whose addresses are mentioned at the end of the SID.
#In case of units held in demat mode, applications for redemptions
should be submitted to the respective Depository Participants only.
The Investors can also purchase/redeem Units of the eligible Plan(s)
under the Scheme through various channels/modes. Please refer to
section "Special Products available" for more details.
For details on updated list of ISCs / Official Points of Acceptance
investors are requested to call 1800 3010 6767/ 1800 419 7676 or
contact the AMC branches or log on to our website www.hdfcfund.com.
Minimum amount for Minimum amount for Purchase (including Switch-in):
purchase/redemption/switche For details refer section 'Highlights / Summary of the Scheme'.
s
Minimum Amount / Units For Redemption (including Switch-out):
The request for minimum amount /units for redemption / switch-out of
Units under each plan / option would be Rs. 100 and multiples of Re. 1/-
thereafter.
There will be no minimum redemption criterion for Unit based
redemption.
Note: Provisions for minimum amount of purchase / redemptions are not
applicable in case of mandatory investments by the Designated
Employees of the AMC in accordance with clause 6.10 of Master
Circular.
87

The Redemption / Switch-out would be permitted to the extent of credit
balance in the Unit holder’s account of the Plan(s) / Option(s) of the
Scheme (subject to completion of Lock-in period or release of pledge /
lien or other encumbrances).
The Redemption / Switch-out request can be made by specifying the
rupee amount or by specifying the number of Units of the respective
Plan(s) / Option(s) to be redeemed. In case a Redemption / Switch-out
request received is for both, a specified rupee amount and a specified
number of Units of the respective Plan(s)/ Option(s), the specified
number of Units will be considered the definitive request.
In case the value / number of available units held in the Unit holder’s folio
/ account under the Plan / Option of the Scheme is less than the amount
/ number of units specified in the redemption / switchout request, then
the transaction shall be treated as an ‘all units’ redemption and the entire
balance of available Units in the folio / account of the Unit holder under
the stated Plan / Option of the Scheme shall be redeemed.
Minimum balance to be There is no minimum balance requirement.
maintained and
consequences of non-
maintenance.
Special Products available SYSTEMATIC INVESTMENT PLAN (SIP)
The Unit holders under the eligible Scheme(s) can benefit by investing
specified Rupee amounts at regular intervals for a continuous period.
Under the SIP, Investors can invest a fixed amount of Rupees at regular
intervals for purchasing additional Units of the Scheme(s) at Applicable
NAV. This concept is called Rupee Cost Averaging.
Unit holder can enroll for the SIP facility by submitting duly completed
Enrolment Form at the Official Point(s) of Acceptance. It may be noted
that new investors can apply for SIP without any existing
investment/folio.
The provision for minimum application amount shall not be applicable to
SIP investments, which have different minimum installment amount.
Presently, SIP offers investors six frequencies viz. 'Daily Systematic
Investment Plan (DSIP)', 'Weekly Systematic Investment Plan (WSIP)',
'Monthly Systematic Investment Plan (MSIP)', 'Quarterly Systematic
Investment Plan (QSIP), Half Yearly Systematic Investment Plan
(HYSIP) and Yearly Systematic Investment Plan (YSIP)'.
DSIP shall be triggered and processed only on all Business Days.
Mode of payment for DSIP installments shall be only through OTM Debit
Mandate.
The minimum amount and minimum number of installments for SIP
(under all Schemes except ELSS) are as under:
SIP Frequency Minimum Amount Minimum number
(Rs.)* of installments
Daily, Weekly & 100 6
88

Monthly
Quarterly 1,500 - 2,999 4

3,000 and above 2
Half Yearly 2,500 and above 2
Yearly 5,000 and above 1
* and in multiples of Re.1/- thereafter.
There is no maximum duration for SIP enrolment.
Investors can choose any date of his / her preference as SIP Debit Date.
In case of weekly frequency, Investor can select any Business Day
between Monday to Friday. However, in case the chosen or default
date/day falls on a Non-Business Day or on a day which is not available
in a particular month, the SIP will be processed on the immediate next
Business Day. In case the SIP Debit date is not indicated, 10th shall be
treated as the Default date. In case of weekly frequency, default day is
Wednesday. The cheques should be drawn in favour of the Scheme
name e.g. “HDFC Scheme Name A/c PAN” or “HDFC Scheme Name
A/c Investor Name” and crossed “A/c Payee only”.
Note: SIP is only a disciplined way of investing and units may not be
allotted on the selected date if the amount is not available for utilization
by the Scheme.
Investors can invest under this facility at periodic intervals by providing
post-dated cheques for Monthly & Quarterly SIP to Official Point(s) of
Acceptance. An investor is eligible to issue only one cheque for each
month / quarter in the same SIP enrolment form. All SIP cheques under
MSIP and QSIP should be of the same amount and same date.
On receipt of the post dated cheques, the Fund will send a letter to the
Unit holder confirming that the Unit holder's name has been noted for the
SIP facility. The cheques will be presented on the dates mentioned on
the cheque and subject to realization of the cheque, Units will be allotted
at the Applicable NAV. In case the date falls on a holiday, the immediate
next Business Day will be considered for this purpose.
Investors may register for SIP through One Time Mandate (OTM) for
payment towards any future purchase transactions received through any
mode i.e. physical or electronic. AMC may choose any mode such as
NACH/ECS/DIRECT DEBIT/Standing Instruction (SI) as per
arrangements with banks or payment aggregators. For online
transactions, AMC may provide various payment modes, as available
from time to time for SIP Enrolments.
The SIP registration will be discontinued in cases where six (6)
consecutive installments are not honored.
Investors will have the right to discontinue the SIP facility at any time by
sending a written request to any of the Official Point(s) of Acceptance.
Notice of such discontinuance should be received at least 15 days prior
89

to the due date of the next installment. On receipt of such request, the
SIP facility will be terminated. The balance post-dated cheque/s will be
returned to the Investor. SIP will be terminated upon notification of death
of the Unit holder.
Exit Load, if any, prevailing on the date of enrolment shall be levied
in the Scheme.
Transactions Charges shall be deducted from SIP installments, if
applicable. For further details, refer to the section 'Highlights /
Summary of the Scheme'.
The AMC / Trustee reserves the right to change / modify load structure
and other terms and conditions under the SIP prospectively at a future
date.
Please refer to the SIP Enrolment Form for terms & conditions
before enrolment.
SIP Top Up Facility:

Top up in Amount
Investors may avail SIP Top-up facility where they have an option to
increase the amount of the SIP Installment by a fixed amount at pre-
defined intervals. This will enhance the flexibility of the investor to invest
higher amounts during the tenure of the SIP. SIP Top up facility is not
available under Micro SIP, DSIP and WSIP. SIP Top-up facility shall be
available for SIP Investments through ECS (Debit Clearing) / Direct Debit
Facility / Standing Instruction only. The Top-up amount should be in
multiples of Rs.100 only. Monthly SIP offers top-up frequency at half
yearly and yearly intervals. Quarterly SIP offers top-up frequency at
yearly intervals only. In case the top-up frequency is not indicated under
Monthly SIP, it will be considered as yearly interval.
An Illustration: How to calculate the SIP Top-up amount?
SIP Period : 01-Jan-2022 to 01-Dec-2023 (2 Years)
Monthly SIP Installment Amount : Rs. 2,000
SIP Date : 1st of every month (24 installments)
Top-up Amount: Rs. 1,000
Top-up Frequency: Half Yearly
SIP Installments shall be as follows:
Installment From To Date Monthly SIP Top-up Increased
No(s). Date SIP Amount Monthly SIP
Installment (Rs.) Installment
Amount (Rs.)
Amount
(Rs.)
(A) (B) (A+B)
1 to 6 1-Jan- 1-Jun-22 2,000 N.A. 2,000
22
90

7 to 12 1-Jul-22 1-Dec-22 2,000 1,000 3,000
13 to 18 1-Jan- 1-Jun-23 3,000 1,000 4,000
23
19 to 24 1-Jul-23 1-Dec-23 4,000 1,000 5,000
N.A. - Not Applicable
Note: Monthly SIP Installment Amount increases by Top-up amount
Rs. 1,000/-at half-yearly intervals.
Percentage Top-Up
Unit holders have an option to Top-up the SIP amount as a percentage
of the existing SIP installment. The features of the said option are
detailed below:
● Investor can Top-up the SIP amount by a minimum of 10% and in
multiples of 1% thereafter, of the existing SIP installment.
● SIP (including the Top-up) amount will be rounded off to the nearest
Rs. 10.
● Percentage Top-up can be done at annual frequency only.
● In case the SIP amount (including Top-up) under the said option
exceeds the maximum amount mentioned by the investor in the debit
mandate, the said SIP Top-up request will stand rejected and the SIP
will continue to be processed with the last topped up SIP installment
amount.
An Illustration: How to calculate the SIP Top-up amount?
SIP Period: 01-Dec-2022 to 01-Nov-2027 (5 Years)
Monthly SIP Installment Amount: Rs. 2,000
SIP Date: 1st of every month (60 installments)
Top-up Percentage: 10%
Top-up Frequency: Annual
Installment From To Date Monthly SIP Top- SIP Top- SIP
No(s). Date SIP up up Installment
Installment Amount Round including
Amount in in Rs. off Top-up
Rs. [10% of Amount Amount
(A)] in Rs. in Rs.
(A) (B) (A+B)
1 to 12 1-Dec- 1-Nov- 2000 N.A. N.A. 2000
22 23
13 to 24 1-Dec- 1-Nov- 2000 200 N.A. 2200
23 24
25 to 36 1-Dec- 1-Nov- 2200 220 N.A. 2420
24 25
37 to 48 1-Dec- 1-Nov- 2420 242 240 2660
91

25 26
49 to 60 1-Dec- 1-Nov- 2660 266 270 2930
26 27
N.A. - Not Applicable
Top-up cap option:
Unit holders have an option to cap the SIP Top-up amount based on
either a fixed pre-defined amount or date as detailed below:
● Top-up cap amount: Investor has an option to cap the SIP Top-up
amount once the SIP installment (including Top-up amount) reaches
a fixed predefined amount. Thereafter the SIP installment will remain
constant till the end of SIP tenure.
The fixed pre-defined amount should be same as the maximum
amount mentioned by the investor in the debit mandate. In case of
difference between the cap amount & the maximum amount
mentioned in debit mandate, then amount which is lower of the two
amounts shall be considered as the default SIP cap amount.
● Top-up cap month-year: Investor has an option to provide an end
date to the SIP Top-up amount. It is the date from which Top - up to
the SIP installment amount will cease and the SIP installment will
remain constant till the end of SIP tenure.
Investor shall have flexibility to choose either top-up cap amount or top-
up cap month-year. In case of multiple selections, top-up cap amount will
be considered as default selection.
If none of the above options for Top-up cap is selected by the investor,
the SIP Top-up will continue as per the SIP end date and Top-up amount
specified by the investor.
Illustration 1: How to fix Top-up cap amount?
SIP Period: 01-Jan-2022 to 01-Dec-2024 (3 Years)
Top-up cap amount (including SIP Installment): Rs. 5,000
Installment From To Date Monthly SIP Top-up SIP Installment
No(s). Date SIP Amount including Top-
Installment (Rs.) up Amount
Amount in Rs.
(Rs.)
(A) (B) (A+B)
1 to 6 1-Jan- 1-Jun-22 2,000 N.A. 2,000
22
92

7 to 12 1-Jul-22 1-Dec-22 2,000 1,000 3,000
13 to 18 1-Jan- 1-Jun-23 3,000 1,000 4,000
23
19 to 24 1-Jul-23 1-Dec-23 4,000 1,000 5,000
25 to 30 1-Jan- 1-Jun-24 5,000 N.A. 5,000
24
31 to 36 1-Jul-24 1-Dec-24 5,000 N.A. 5,000
N.A. - Not Applicable. It may be seen in the above illustration that once
the Top-up cap amount (including the SIP installment) reaches Rs.
5,000, the SIP installment amount starting January 1, 2022 remains
constant.
Illustration 2: How to fix top-up cap month-year?
SIP Period: 01-Jan-2022 to 01-Dec-2024 (3 Years)
Top-up cap month - year: 01-Jul-2022
Installment From To Date Monthly SIP Top-up SIP Installment
No(s). Date SIP Amount including Top-
Installment (Rs.) up Amount
Amount in Rs.
(Rs.)
(A) (B) (A+B)
1 to 6 1-Jan- 1-Jun-22 2,000 N.A. 2,000
22
7 to 12 1-Jul-22 1-Dec-22 2,000 1,000 3,000
13 to 18 1-Jan- 1-Jun-23 3,000 1,000 4,000
23
19 to 24 1-Jul-23 1-Dec-23 4,000 1,000 5,000
25 to 30 1-Jan- 1-Jun-24 5,000 N.A. 5,000
24
31 to 36 1-Jul-24 1-Dec-24 5,000 N.A. 5,000
N.A. - Not Applicable. It may be seen in the above illustration that after 1-
Jul-2023 (the pre- defined Top up cap month-year), the SIP installment
amount remains constant.
The AMC / Trustee reserves the right to change the terms and conditions
of this facility at a later date on a prospective basis. The AMC / Trustee
reserves the right to withdraw the SIP Top-up facility.
93

Investors can invest under this facility at periodic intervals by providing
post-dated cheques to Official Point(s) of Acceptance. An investor is
eligible to issue only one cheque for each month / quarter in the same
SIP enrolment form. All SIP cheques under MSIP and QSIP should be of
the same amount and same date.
MICRO SYSTEMATIC INVESTMENT PLAN ("MICRO SIP")/ PAN
EXEMPT INVESTMENTS
Investor i.e. either all jointholders or the first holder who do not hold PAN
or are PAN exempt investors may invest (via lumpsum/SIP) upto Rs.
50,000 per year per investor. Such PAN exempt SIPs are referred to as
Micro SIP.
Investors may make PAN exempt investments subject to the following
provisions:
• The limit of Rs. 50,000/- is applicable at an aggregate level (SIP plus
lumpsum investments) across all Schemes of the Fund in a rolling 12
month period or in a financial year i.e. April to March.
• This exemption is applicable only to investments by "Eligible
Investors" i.e. individuals [including Joint Holders who are
individuals, NRIs but not PIOs], Minors and Sole proprietary firms,
who do not possess a PAN*. Hindu Undivided Family (HUF) and
other categories are not eligible for PAN exemption.
*In case of joint holders, first holder must not possess a PAN.
• Eligible Investors are required to undergo Know Your Customer
(KYC) procedure with any of the SEBI registered KYC Registration
Agency (KRA).
• Eligible Investors must attach a copy of the KYC acknowledgement
letter containing the PAN Exempt KYC Reference No (PEKRN)
issued by the KRA along with the application form. Eligible investors
must hold only one PEKRN.
Eligible Investors who wish to enroll for Micro SIP are required to fill in
the SIP Enrolment Form available with the ISCs, distributors/agents and
also displayed on the website www.hdfcfund.com
All terms and conditions (including load structure and Transaction
Charges) of Systematic Investment Plans (SIPs) (except availability of
SIP Top-up facility) shall apply to Micro SIPs.
The detailed procedures / requirements for accepting PAN exempt
investments, including Micro SIPs, shall be as specified by AMC/Trustee
from time to time and their decision in this behalf will be final and binding.
Please refer to the Micro SIP Enrolment Form for terms & conditions
before enrolment.
SIP Pause facility

The Fund offers Systematic Investment Plan ("SIP") Pause facility ("the
Facility") for investors who wish to temporarily pause their SIP in the
Schemes of the Fund.
The terms and conditions of the Facility are as follows:
94

1. The Facility is applicable to SIPs registered through all electronic
platforms except SIP registered through MFSS platform of NSE.
2. This Facility is not available under Flex SIP.
3. This Facility is available only for SIPs with Monthly and Quarterly
frequencies.
4. The maximum number of installments that can be paused using this
facility are 3 (three) consecutive installments for SIPs registered with
Monthly frequency and 1 (one) for SIPs registered with Quarterly
frequency.
5. Thereafter, automatically the balance SIP installments (as originally
registered) will resume.
6. In case of SIP Top-Up registered in a folio, if the next SIP Top-Up
installment falls during the Pause period, the SIP installment after the
completion of Pause period will be inclusive of such SIP Top-up
amount. For eg. If current installment amount is Rs.3000, if the SIP
Pause period is 15.03.2022 to 15.05.2022 and the next SIP Top-Up
falls on 31.03.2022 for an amount of Rs.2000. The SIP installment
after the end of Pause period i.e. on 15.06.2022 will be Rs.5000.
7. SIP pause request should be submitted at least 15 days before the
requested start date.
8. SIP Pause once registered cannot be cancelled.
9. Investors can opt for the Facility only once during the tenure of the
SIP.
10. The Investor understands and acknowledges that the SIP Pause
facility is merely a transaction related facility offered by the
Company; and the Investor unconditionally and irrevocably agrees
that HDFC Asset Management Company Limited ("the AMC") or
HDFC Mutual Fund "the Fund" will not be liable for: (i) acting in good
faith on any instructions received from the Investor; (ii) any force
majeure events that are beyond the control of any person; and (iii)
any error, default, delay or inability of the AMC or the Fund or its
Agents to act on all or any of the instructions from the Investor. The
Investor hereby assumes and undertakes the entire risk of using the
Facility and agrees to take full responsibility for the same.
The AMC/Trustee reserves the right to change / modify the terms
and conditions of the Facility or withdraw the Facility. Please refer
to the SIP Pause Facility Form and instructions before enrolment.
Flex Systematic Investment Plan (FlexSIP)

Flex SIP is a facility whereby investors can invest at predetermined
intervals in Growth Option of open ended equity and hybrid schemes (the
eligible schemes) of the Fund, higher amount(s) determined by a formula
linked to value of investments, to take advantage of market movements.
The eligible schemes for Flex SIP investments are subject to change
from time to time. Investors are requested to contact nearest Investor
Service Centre (ISC) of the Fund or email us at [email protected] or
visit our website www.hdfcfund.com for the updated list of eligible
schemes.
95

The first Flex SIP installment (not exceeding Rs. 1 Lakh) will be
processed for the fixed amount specified by the Unitholder in the
enrolment form. From the second installment onwards, the investment
amount shall be higher of:
• Fixed amount to be invested per installment; or
• The amount determined by the formula: (fixed amount to be invested
per installment X number of installments including the current
installment) - market value of the investments through Flex SIP 2
Business Days prior to the SIP date.
At any given point in time, the subsequent Flex SIP installment
amount determined by the above formula shall be capped at 2 times
the first Flex SIP installment amount or Rs.1,99,999/- whichever is
lower. The installment amount shall be rounded off to nearest
multiple of Re. 1/-.
The total amount invested during the tenure of the Flex SIP shall not
exceed the total enrolment amount i.e. fixed amount per installment
X total number of installments under the Flex SIP registration. Thus,
the last installment amount shall be decided accordingly.
Illustration
Flex SIP Enrolment Details:
Scheme Name : HDFC XYZ Fund - Growth
Option ("the Scheme")
Installment Date & : 15th of every month (T)
Frequency of Flex SIP
Fixed Installment Amount : Rs. 5000/-
Number of Installments : 36
Total Enrolment Amount : Rs 5000 X 36 = Rs 1,80,000
Period : January 2022 to December
2024
i. How would the Flex SIP installment be calculated?

Calculation of Flex SIP installment amount for instance on the date
of the fourth installment i.e. April 15, 2022 (T):
• Total units allotted upto the date of previous installment i.e.
March 15, 2022 is assumed as 685.50;
• The Net Asset Value ("NAV") of the Scheme on April 13, 2022
(T-2) is assumed as Rs. 18/- per unit;
• Hence the market value of the investment in the Scheme on April
13, 2022 is Rs. 12,339 [685.50 X 18].
The installment amount will be calculated as follows:
Fixed amount specified at the time of enrolment: Rs. 5,000/-
or
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As determined by the formula: [(5,000 X 4) - 12,339.00] = Rs.
7,661.00
whichever is higher
Hence, the installment amount on April 15, 2020 will be Rs.
7,661/-
ii. How would maximum Flex SIP installment be calculated?
Calculation of Flex SIP installment amount for instance on the date
of the seventh installment i.e. July 15, 2022 (T):
• Total units allotted upto the date of previous installment i.e. June
15, 2022 is assumed as 1,558.675;
v NAV of the Scheme on July 13, 2022 (T-2) is assumed as Rs.
14/- per unit;
• Hence the market value of the investment as on July 13, 2022 is
Rs. 21,821 [1558.675 X 14].
The installment amount will be calculated as follows:
Fixed amount specified at the time of enrolment: Rs. 5,000/-
or
As determined by the formula: [(5,000 X 7) - 21,821.00] = Rs.
13,179.00
whichever is higher; subject to 2 times the initial installment
amount
Hence, the installment amount on July 15, 2022 will be Rs.
10,000/-
iii. How would the Flex SIP installment be calculated vis-à-vis total
enrolment amount?
In the above illustration, the total enrolment amount for Flex SIP is
Rs 1,80,000 (5000 X 36 months).
If the total amount invested in Flex SIP till the 34th month is Rs
1,77,000, then the 35th installment will be Rs. 3000 (Rs. 1,80,000 -
Rs. 1,77,000) and the Flex SIP will cease.
An investor has an option to choose from 5 Flex SIP tenures viz. 3 years,
5 years, 10 years, 15 years and 20 years. If a tenure is not chosen, 5
years shall be the default Flex SIP tenure. The facility offers Monthly Flex
Systematic Investment Plan (MFLEX) and Quarterly Flex Systematic
Investment Plan (QFLEX) frequencies. In case the frequency is not
indicated, Monthly frequency shall be treated as the Default Frequency.
The minimum amount per installment for shall be:
MFLEX: Rs. 500/- and in multiples of Rs. 100/- thereafter (For Equity
Linked Savings Schemes (ELSS), it shall be Rs. 500/- and in multiples of
Rs. 500/- thereafter)
QFLEX: Rs. 1500/- and in multiples of Rs. 100/- thereafter (For ELSS, it
shall be Rs. 1500/- and in multiples of Rs. 500/- thereafter)
For ELSS Schemes, the amount invested in each installment shall be in
multiples of Rs. 500/-. Investors can choose any preferred date of the
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month as SIP debit date (10th is the default date). In case the chosen
date falls on a non-Business Day or on a date which is not available in a
particular month, the SIP will be processed on the immediate next
Business Day. If an investor chooses more than one date for SIP,
separate SIPs shall be registered for each such date as per the
frequency selected by the investor. Flex SIP shall be processed only
through NACH mode.
Exit Load, if any, prevailing on the date of Flex SIP enrolment shall
govern the investments during the tenure.
In the following circumstances, the Flex SIP facility may cease and SIP
may be processed for the fixed installment amount specified by the
unitholder at the time of enrolment:
(a) If there is a reversal of any SIP installment due to insufficient balance
or technical reasons; or
(b) If there is redemption/ switch-out of any units allotted under Flex SIP.
(Units under a Scheme are redeemed on First In First Out (FIFO)
basis, irrespective of the mode of allotment).
Unitholders can discontinue the facility by giving thirty days written notice
to any of the Fund's Investor Service Centres (ISCs). An investor can
place a request for cancellation for any one SIP debit date, in case
multiple debit dates are chosen.
Top up feature is not available under Flex SIP facility. All other terms and
conditions of the SIP facility shall apply mutatis mutandis to the Flex SIP
facility. The AMC/Trustee reserves the right to change / modify the terms
and conditions of Flex SIP facility or withdraw the facility.
Please refer to the SIP / Flex SIP Enrolment Forms for further details
and the terms & conditions before enrolment.
OTM - One Time Mandate ('Facility'):

OTM is a simple and convenient facility that enables the Unit holders to
transact in the Schemes of the Fund by submitting OTM - One Time
Mandate registration form to the Fund. It is a one - time registration
process wherein the Unit holder(s) of the Scheme(s) of the Fund
authorizes his / her bank to debit their account upto a certain specified
limit per transaction, on request received from the Fund, as and when the
transaction is undertaken by the Unit holder, without the need of
submitting cheque or fund transfer letter with every transaction
thereafter. This Facility is only available to Unit holder(s) of the Fund who
have been assigned a folio number by the AMC.
Unit Holder(s) are requested to note that the AMC reserves the right to
amend the terms and conditions, or modify, or discontinue the Facility for
existing as well as prospective investors at any time in future. Complete
paperless mandate registration called 'E-mandate' or 'E-OTM' is available
on HDFC MFOnline Investors and Partners portal.
For general terms and conditions and more information, Unit
holder(s) are requested to read Terms and Conditions, OTM
registration form available at the Investor Service Centres (ISCs) of
the Fund and also available on www.hdfcfund.com.
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Systematic Transfer Plan (STP)
A Unit holder holding units in non-demat form may enroll for the
Systematic Transfer Plan and choose to Switch on a daily, weekly,
monthly or quarterly basis from one HDFC Mutual Fund scheme to
another scheme, which is available for investment at that time. The
provision of “Minimum Redemption Amount” of the designated Transferor
Scheme(s) and “Minimum Application Amount” of the designated
Transferee Scheme(s) shall not be applicable to STP.
The amount thus switched shall be converted into Units on the scheduled
date and such number of Units will be subtracted from the Unit balance
of the Transferor Scheme. In case these dates fall on a Holiday, the next
Business Day will be considered for this purpose. The amount so
switched shall be reinvested in the Transferee Scheme / Plan.
Presently STP offers investor two plans viz. Fixed Systematic Transfer
Plan (FSTP) with daily, weekly, monthly and quarterly frequency and
Capital Appreciation Systematic Transfer Plan (CASTP) with monthly
and quarterly frequency.
The minimum number of installments under each Plan are as follows.
Under Daily FSTP:
• where installment amount is less than Rs. 1,000/- : 12
• where installment amount is equal to or greater than Rs. 1,000/- : 6
Under Weekly STP:
• Where installment amount is less than Rs. 1,000: 12 installments
• Where installment amount is equal to or greater than Rs. 1,000: 6
installments
However, for weekly STP in equity linked savings schemes, there should
be a minimum of 6 installments for enrollment.
Under Monthly FSTP & Monthly CASTP:
• Minimum 6 installments
Under Quarterly FSTP & Quarterly CASTP:
• Minimum 2 installments
Further, the minimum balance in the Unit holders account or the
minimum amount of application at the time of enrolment for STP in the
Transferor Scheme should be Rs. 12,000.
There will be no maximum duration for STP enrolment.
The amount transferred under the STP from the Transferor Scheme to
the Transferee Scheme shall be effected by redeeming units of
Transferor Scheme at Applicable NAV, after payment of Exit Load, if any,
and subscribing to the units of the Transferee Scheme at Applicable NAV
in respect of each STP investment. In case the STP date falls on a Non-
Business Day, the immediate next Business Day will be considered for
the purpose of determining the applicability of NAV.
Unit holders may change the amount (but not below the specified
minimum) by giving written notice to any of the Official Point(s) of
Acceptance. Unit holders will have the right to discontinue the STP
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facility at any time by sending a written request to the Official Point(s) of
Acceptance. Notice of such discontinuance should be received at least
10 days prior to the due date of the next transfer date. On receipt of such
request, the STP facility will be terminated. STP will be terminated
automatically if all the Units are liquidated or withdrawn from the
Transferor Scheme or pledged or upon the Fund's receipt of notification
of death or incapacity of the Unit holder.
in the Transferee Scheme.
The AMC / Trustee reserves the right to change / modify load structure
and other terms and conditions under the STP prospectively at a future
date.
Please refer to the STP Enrolment Form for further details and
terms and conditions before enrolment.
HDFC FLEX SYSTEMATIC TRANSFER PLAN

HDFC Flex Systematic Transfer Plan (Flex STP) is a facility wherein unit
holder(s) holding units in non-demat form of designated open-ended
Scheme(s) of HDFC Mutual Fund can opt to transfer variable amount(s)
linked to value of investments under Flex STP on the date of transfer at
pre-determined intervals from designated open-ended Scheme(s) of
HDFC Mutual Fund (hereinafter referred to as “Transferor Scheme”) to
the Growth Option of designated open-ended Scheme(s) of HDFC
Mutual Fund (hereinafter referred to as “Transferee Scheme”). Flex
STP offers transfer facility at daily, weekly, monthly and quarterly
intervals. Unitholder is free to choose the frequency of such transfers.
The amount to be transferred under Flex STP from Transferor Scheme to
Transferee Scheme shall be calculated as follows:
{fixed amount to be transferred per installment or the amount as
determined by the following formula [(fixed amount to be transferred per
installment X number of installments including the current installment) -
market value of the investments through Flex STP in the Transferee
Scheme on the date of transfer] whichever is higher}.
There should be a minimum of 12 installments where installment amount
is less than Rs. 1,000/- and a minimum of 6 installments where
installment amount is equal to or greater than Rs. 1,000/- under Flex
STP - Daily & Weekly Intervals. However, for weekly STP in equity linked
savings schemes, there should be a minimum of 6 installments for
enrollment. There should be a minimum of 6 installments for enrolment
under Flex STP - Monthly Interval and 2 installments under Flex STP -
Quarterly Interval. Also, the minimum unit holder’s account balance or a
minimum amount of application at the time of Flex STP enrolment in the
Transferor Scheme should be Rs. 12,000.
In case the amount to be transferred is not available in the Transferor
Scheme in the unit holder's account, the residual amount will be
transferred to the Transferee Scheme and Flex STP will be closed.
The total Flex STP amount invested in the Transferee Scheme shall not
exceed the total enrollment amount i.e. amount per installment X number
of installments.
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The amount transferred under the Flex STP from the Transferor Scheme
to the Transferee Scheme shall be effected by redeeming units of
Transferor Scheme at Applicable NAV, after payment of Exit Load, if
any, and subscribing to the units of the Transferee Scheme at Applicable
NAV in respect of each Flex STP investment.
in the Transferee Scheme.
Unitholders who wish to enroll for this facility are required to fill HDFC
Flex STP Enrolment Form available with the ISCs, distributors/agents
and also displayed on the website www.hdfcfund.com.
Unit holders may opt for either Swing STP or Flex STP registration
in a particular target scheme in a folio. Further, multiple Swing STPs
or multiple Flex STP registrations in the same target scheme in a
folio will also not be allowed.
The AMC / Trustee reserve the right to change / modify load structure
and other terms and conditions under the HDFC Flex STP prospectively
at a future date.
Please refer to the HDFC Flex STP Enrolment Form for further
details and terms & conditions before enrolment.
HDFC SWING SYSTEMATIC TRANSFER PLAN

HDFC Swing Systematic Transfer Plan (Swing STP) is a facility wherein
unit holder(s) holding units in non-demat form can opt to transfer an
amount at regular intervals from designated open-ended Scheme(s) of
HDFC Mutual Fund ("Transferor Scheme") to the Growth Option of
designated open-ended Scheme(s) of HDFC Mutual Fund ("Transferee
Scheme") including a feature of Reverse Transfer from Transferee
Scheme into the Transferor Scheme, in order to achieve the Target
Market Value on each transfer date in the Transferee Scheme. Swing
STP offers transfer facility at weekly, monthly and quarterly intervals.
The minimum amount per Swing STP installment shall be as follows:
• Swing STP - Weekly Interval: Rs. 500 and any amount thereafter.
• Swing STP - Monthly Interval: Rs. 1,000 and any amount thereafter.
• Swing STP - Quarterly Interval: Rs. 3,000 and any amount thereafter.
There should be a minimum of 12 installments where installment amount
is less than Rs. 1,000/- and a minimum of 6 installments where
installment amount is equal to or greater than Rs. 1,000/- under Swing
STP- Weekly. However, for weekly STP in equity linked savings
schemes, there should be a minimum of 6 installments for enrollment.
There should be a minimum of 6 installments for enrollment under Swing
STP - Monthly Interval and 2 installments under Swing STP - Quarterly
Interval. Beginning of quarter could be any month. There is no maximum
duration for Swing STP enrollment.
Also, the minimum unit holder's account balance or a minimum amount
of application at the time of Swing STP enrolment in the Transferor
Scheme should be Rs. 12,000.
The provision of 'Minimum Redemption Amount' as specified in the
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Scheme Information Document(s) of the respective designated
Transferor Scheme(s) (Transferee Scheme(s) in case of Reverse
Transfer) and 'Minimum Application Amount' specified in the Scheme
Information Document(s) of the respective designated Transferee
Scheme(s) (Transferor Scheme(s) in case of Reverse Transfer) will not
be applicable for Swing STP.
The objective of Swing STP is to achieve the Total Target Market Value
in the Transferee Scheme by transferring an amount from the Transferor
Scheme at regular intervals in such a way so as to increase the Target
Market Value of units in the Transferee Scheme systematically by a fixed
amount (i.e. the first installment amount specified by the Unitholder) on
the date of each transfer till the tenure of the Swing STP.
The amount to be transferred under Swing STP from Transferor Scheme
to Transferee Scheme shall be calculated as follows:
• The first Swing STP installment will be processed for the first
installment amount specified by the Unitholder at the time of
enrollment.
• From the second Swing STP installment onwards, the transfer
amount may be higher/lower than the first installment amount, as
derived by the formula stated below:
(First installment amount X Number of installments including the
current installment) - Market Value of the investments through Swing
STP in the Transferee Scheme on the date of transfer.
In case the amounts (as specified above) to be transferred are not
available in the Transferor Scheme in the unit holder's account, the
residual amount will be transferred to the Transferee Scheme and Swing
STP will be closed.
Reverse Transfer: On the date of transfer, if the Market Value of the
investments in the Transferee Scheme through Swing STP is higher than
the first installment amount X number of installments (including the
current installment), then a Reverse Transfer will be effected from the
Transferee Scheme to the Transferor Scheme to the extent of the
difference in the amount, in order to arrive at the Target Market Value.
The total amount invested through Swing STP over its tenure in the
Transferee Scheme, may be higher or lower than the Total Target Market
Value of the investment (i.e. the first installment amount X total number
of installments specified by the Unitholder). This may be on account of
fluctuations in the Market Value of the Transferee Scheme. If you decide
to take up this facility, you should be aware of the possibility, that the
total amount invested through Swing STP could be higher or lower than
the Total Target Market Value of the investment.
The redemption/ switch-out of units allotted in the Transferee Scheme
shall be processed on First In First Out (FIFO) basis. In case there is a
redemption/ switch-out of any units allotted under Swing STP in the
Transferee Scheme by the Unit holder, the balance installments under
Swing STP will be processed as a normal STP for the remaining
installments by investing the amount indicated as first installment
amount, on the date of each transfer over the balance tenure of the
Swing STP, subject to availability of unit balance in the Transferor
102

Scheme.
Swing 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 the unit holder.
Unit holders will have the right to discontinue the Swing STP facility at
any time by sending a written request to the OPA. On receipt of such
request, the Swing STP facility will be terminated within 15 days.
The amount transferred under the Swing STP from the Transferor
Scheme to the Transferee Scheme shall be effected by redeeming units
of Transferor Scheme at the Applicable NAV, after payment of Exit Load,
if any, and subscribing to the units of the Transferee Scheme at
Applicable NAV.
Exit Load, if any, prevailing on the date of enrollment shall be levied
in the Transferee Scheme and Transferor Scheme (for units
purchased through Reverse Transfer).
Unit holders who wish to enroll for this facility are required to fill HDFC
Swing STP Enrolment Form available with the ISCs, distributors/agents
and also displayed on the website www.hdfcfund.com.
Unit holders may opt for either Swing STP or Flex STP registration
in a particular target scheme in a folio. Further, multiple Swing STPs
or multiple Flex STP registrations in the same target scheme in a
folio will also not be allowed.
The AMC / Trustee reserve the right to change / modify load structure
and other terms and conditions under the HDFC Swing STP
prospectively at a future date.
Please refer to the HDFC Swing STP Enrolment Form for further
details and terms & conditions before enrolment.
TRANSFER OF INCOME DISTRIBUTION CUM CAPITAL

WITHDRAWAL (IDCW) PLAN FACILITY:- "TIP FACILITY"
Transfer of IDCW Plan (TIP) is a facility wherein unit holder(s) of "Source
Scheme" of HDFC Mutual Fund can opt to automatically invest the IDCW
(as reduced by the amount of applicable statutory levy) declared by the
eligible Source Scheme into the "Target Scheme" of HDFC Mutual Fund.
TIP Facility will be available to unit holder(s) holding units in non-demat
form under the IDCW Option of the Source Scheme. However, the TIP
Facility will not be available to unit holder(s) under the Daily IDCW
Option in the Source Scheme. Unit holder(s)' enrolment under the TIP
Facility will automatically override any previous instructions for 'Payout' or
'Reinvestment' facility in the Source Scheme. For updated list of eligible
Source Scheme and Target Scheme the Unit holder is advised to contact
nearest Investor Service Centre (ISC) of HDFC Mutual or the distributor
or visit our website www.hdfcfund.com
The IDCW amount to be invested under the TIP Facility from the Source
Scheme to the Target Scheme shall automatically be invested by
subscribing to the units of the Target Scheme as per the applicable NAV
provisions mentioned in the cut-off timing section.
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Under normal circumstances, the Mutual Fund would endeavor to
transfer the IDCW proceeds to the Target Scheme within 2 Business
Days from the record date. No Exit Load will be levied on units
allotted in the Target Scheme under the TIP Facility.
The AMC / Trustee reserve the right to change/ modify the terms and
conditions of the TIP Facility on a prospective basis.
Please refer to TIP Facility Enrolment Form for terms and conditions
before enrolment.
Systematic Withdrawal Advantage Plan (SWAP)

This facility, available to the Unit holders of the Scheme holding units in
non-demat form, enables them to withdraw (subject to deduction of tax at
source, if any) fixed sum (Fixed Plan) or a variable amount (Variable
Plan) from their Unit accounts at periodic intervals (subject to
completion of lock-in period, if any). Fixed Plan is available for Growth
as well as IDCW Option and Variable Plan is available for Growth Option
only for eligible Scheme(s)/Plan(s) under SWAP facility. Unitholder(s)
who opt for Fixed Plan under systematic withdrawal from each Scheme/
Plan have an option of Monthly, Quarterly, Half-Yearly and Yearly
intervals and Unitholder(s) who opt for Variable Plan under systematic
withdrawal from each Scheme/Plan have an option of Quarterly, Half-
Yearly and Yearly intervals. Unit holder can avail of this facility subject to
the terms and conditions contained in the SWAP Enrolment Form, by
choosing any date, as applicable, of his/her preference as SWAP
withdrawal date. In case the chosen date falls on a holiday or on a date
which is not available in a particular month, the immediate next Business
Day will be deemed as the SWAP withdrawal date. In case no date is
mentioned 25th will be considered as the Default Date.
The amount withdrawn (subject to deduction of tax at source, if any)
under SWAP by Redemption shall be converted into the specific Scheme
/ Plan Units at the NAV based prices as on the SWAP withdrawal date of
month/quarter/ half-year/year, as applicable, and such Units will be
subtracted from the Unit Balance of the Unit holders. 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 the
Units outstanding in its entirety.
SWAP will be terminated automatically if all the Units are liquidated or
withdrawn from the Scheme or pledged or upon the Fund’s receipt of
notification of death or incapacity of the Unit holder.
In respect of amount withdrawn under SWAP, the Exit Load, if any,
applicable to the Scheme/Plan as on the date of allotment of units in
case of lumpsum investments and date of registration in case of
units allotted under all Systematic Investment facilities i.e. all types
of SIPs / STPs, shall be levied.
Investors may note that if you decide to take up Fixed Plan under
SWAP facility, you should be aware that the withdrawals may take
place from the principal amount invested.
Investors can enroll themselves for the facility by submitting the duly
completed SWAP Enrolment Form at any of the OPAs.
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The AMC / Trustee reserve the right to change / modify the terms and
conditions under the SWAP prospectively at a future date.
SWAP facility is available subject to terms & conditions. Please
refer to the SWAP Enrolment Form for terms & conditions before
enrolment.
MINOR ATTAINING MAJOR STATUS

The Mutual Fund/AMC will register SIP/STP/SWAP/or any other
systematic enrollment in the folio held by a minor only till the date of the
minor attaining majority, even though the instructions may be for a period
beyond that date. Such enrollments will automatically stand terminated
upon the Unit Holder attaining 18 years of age.
For folios where the units are held on behalf of the minor, the account
shall be frozen for operation by the guardian on the day the minor attains
majority and no transactions shall be permitted till the requisite
documents for changing the status of the account from 'minor' to 'major'
are submitted.
Automatic Trigger Facility

Under this facility, a Unit holder holding units in non-demat form may opt
for withdrawal and / or switch based on the Unit balance attaining a
minimum capital appreciation / gains, events, dates etc (subject to
deduction of tax at source, if any). The Units will be redeemed as and
when the balance reaches a desired value or after certain period of time
etc. In case of triggers linked with events / dates, on realisation of gains,
a specified amount / full amount / gains / appreciation etc. would be
redeemed and paid either on the investment attaining a particular value
or after a particular period of time. Unit holders can enroll themselves for
the facility by filling in the appropriate box in the Application Form or by
subsequently making a written request to the ISC.
Please read the instructions on the Application Form for further
details.
SWITCHING OPTIONS
Unit holders under the Scheme holding units in non-demat form have the
option to Switch part or all of their Unit holdings in the Scheme to another
scheme established by the Mutual Fund, or within the Scheme from one
Plan / Option to another Plan / Option (subject to completion of lock-in
period, if any) which is available for investment at that time, subject to
applicable exit load. This Option will be useful to Unit holders who wish to
alter the allocation of their investment among the Scheme(s) / Plan(s) /
Option(s) of the Mutual Fund in order to meet their changed investment
needs.
The Switch will be effected by way of a Redemption of Units [On a First
In First Out (FIFO) basis] from the Scheme / Plan and a reinvestment of
the Redemption proceeds in the other Scheme / Plan and accordingly, to
be effective, the Switch must comply with the Redemption rules of the
105

Scheme and the issue rules of the other scheme (e.g. as to the minimum
number of Units that may be redeemed or issued, Exit / Entry Load etc).
The price at which the Units will be Switched out of the Scheme will be
based on the Redemption Price, and the proceeds will be invested in the
other Scheme/ Plan at the prevailing sale price for units in that Scheme /
Plan.
Exit Load for switches within the Scheme:
(i) No exit load shall be levied for switching between Options under the
same Plan within the Scheme.
(ii) Switch of investments from Regular Plan to Direct Plan under the
same Scheme/ Plan shall be subject to applicable exit load, unless
the investments were made directly i.e. without any distributor code.
However, any subsequent switch-out or redemption of such
investments from Direct Plan will not be subject to any exit load.
(iii) No exit load shall be levied for switch-out from Direct Plan to Regular
Plan under the same Scheme/ Plan. However, any subsequent
switch-out or redemption of such investment from Regular Plan shall
be subject to exit load based on the original date of investment in the
Direct Plan.
For further details on load structure, please refer to 'Load Structure'
under section 'Fees and Expenses'.
The Trustee/AMC reserves the right to modify the load structure for
Switching between Plans within the Scheme or Options within the Plans
under the Scheme at a future date.
FACILITY TO PURCHASE / REDEEM / SWITCH UNITS OF THE

SCHEME THROUGH STOCK EXCHANGE(S)
Units of the scheme shall be available for purchase / redeem / switch
through stock exchange platform(s) made available by NSE and/or BSE
i.e. Mutual Fund Service System (MFSS) (Switch option is not available
on NSE MFSS) and NSE Mutual Fund (NMF II) of NSE and/or BSE StAR
MF of BSE. Accordingly, investors may approach their stock brokers /
registered investment advisers / mutual fund distributors /Depository
Participant, etc. for their transactions through the above mechanism.
Under this facility, trading member can facilitate investors to purchase /
redeem/ switch units of the scheme using their existing network and
order collection mechanism as provided by respective stock exchange.
The AMC may offer any other facility/ systematic plans through the stock
exchange platform. Investors availing of this facility shall be allotted units
in accordance with the SEBI guidelines issued from time to time. For
units held in demat mode, the records of the Depository Participant shall
be considered as final for such unitholders. The transactions carried out
on the above platform shall be subject to such guidelines as may be
issued by the respective stock exchanges, SEBI (Mutual Funds)
Regulations, 1996 and circulars / guidelines issued by SEBI/AMFI
thereunder from time to time.
Applications for purchase of Units which are incomplete /invalid are liable
to be rejected. The applicability of NAV will be subject to guidelines
106

issued by SEBI on Uniform cut-off timings for applicability of NAV of
Mutual Fund Scheme(s)/Plan(s). In case of non-financial requests/
applications such as change of address, change of bank details, etc.
investors should approach Official Point(s) of Acceptance of HDFC
Mutual Fund if Units are held in physical mode and the respective
Depository Participant(s) / Depository if Units are held in Demat mode.
Investors will have to comply with Know Your Customer (KYC) norms as
prescribed by SEBI/BSE/NSE/CDSL/ NSDL and the Mutual Fund to
participate in this facility. Investors should contact the Official Point(s) of
Acceptance of HDFC Mutual Fund for further details.
The Trustee reserves the right to modify / withdraw the facility to transact
through the Stock Exchange(s) infrastructure on a prospective basis.
Transactions through "Channel Distributors"

Investors may enter into an agreement with certain distributors/
Registered Investment Advisers (RIAs) / Portfolio Managers / Execution
only Platforms (with whom AMC also has a tie up) referred to as
"Channel Distributors" who provide the facility to investors to transact in
units of mutual funds through various modes such as their website/ other
electronic means or through Power of Attorney/agreement/ any such
arrangement in favour of the Channel Distributor, as the case may be.
Under such arrangement, the Channel Distributors will forward the
details of transactions (viz. subscriptions/redemptions/switches) of
investors electronically to the AMC / RTA for processing on daily basis as
per the cut-off timings applicable to the relevant schemes and in
accordance with applicable SEBI / AMFI circulars issued from time to
time.
The Channel Distributor is required to upload the scan copy of investor
documents like Account opening forms(AOF) to the RTA (one time for
central record keeping) as also the transaction documents / proof of
transaction authorization as the case may be, to the AMC / RTA as per
agreed timelines. In case necessary documents are not furnished within
the stipulated timeline, the transaction request, shall be liable to be
rejected.
Subscription proceeds, when invested through this mode, shall be by
way of direct credits to the specified bank account of the Fund. The
Redemption proceeds (subject to deduction of tax at source, if any) and
IDCW payouts, if any, are paid by the AMC to the investor directly
through direct credit in the specified bank account of the investor or
through issuance of payment instrument, as applicable.
It may be noted that investors investing through this mode may also
approach the AMC / Official Points of Acceptance directly with their
transaction requests (financial / non-financial) or avail of the online
transaction facilities offered by the AMC.
The Mutual Fund, the AMC, the Trustee, along with their directors,
employees and representatives shall not be liable for any errors,
damages or losses arising out of or in connection with the transactions
undertaken by investors / Channel Distributors through above mode.
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TRANSACTIONS OF UNITS THROUGH ELECTRONIC MODE
Subject to an investor fulfilling applicable terms and conditions as may be
stipulated by the AMC from time to time, the AMC/ Mutual Fund/
Registrar/ or any other agent or representative of the AMC/ Mutual Fund/
Registrar ("Recipient") may accept instructions/transaction requests
transmitted through web / any other electronic mode as may be permitted
by the AMC from time to time (hereinafter referred to as "electronic
transactions") by such investor (hereinafter referred to as
"transmitter").
The acceptance of the electronic transactions will be solely at the risk of
the transmitter and the Recipient shall not be liable and/or responsible for
any loss or damage caused to the transmitter directly and/or indirectly, as
a result of sending and/or purporting to send such electronic transactions
including where such electronic transactions sent / purported to be sent
is not processed by the Recipient for any reason whatsoever.
The transmitter acknowledges that electronic transactions is not a secure
means of giving instructions / transactions requests and is aware of the
risks involved including but not limited to such instructions/requests being
inaccurate, imperfect, ineffective, illegible, having a lack of quality or
clarity, garbled, altered, distorted, not timely etc.
The transmitter acknowledges that the request to the Recipient to act on
any electronic transactions is for the transmitter's convenience and the
Recipient is not obliged or bound to act on the same.
The transmitter authorizes the Recipient to accept and act on the
electronic transactions that the Recipient believes in good faith to be
given by the transmitter duly signed. The Recipient at its discretion may
treat such electronic transactions as final for all record purposes.
In case there is any discrepancy between the particulars mentioned in
the electronic transactions and the original document/s that may be
received thereafter, the Recipient shall not be liable for any
consequences arising therefrom.
The transmitter agrees that security procedures adopted by the Recipient
may include signature verification, telephone call backs or a combination
of the same, that may be recorded by tape recording device and the
transmitter consents to such recording and agrees to co-operate with the
Recipient to enable confirmation of such electronic transactions.
The transmitter accepts that the electronic transactions shall be time
stamped (wherever required) upon receipt by the Recipient in
accordance with SEBI (MF) Regulations.
In consideration of the Recipient accepting and at its sole discretion
acting on any electronic transactions received / purporting to be received
from the transmitter, the transmitter hereby agrees to indemnify and keep
indemnified the AMC, Directors, employees, agents, representatives of
the AMC, Mutual Fund and Trustee (hereinafter referred to as
'indemnified parties') from and against all actions, claims, demands,
liabilities, obligations, losses, damages, costs and expenses of whatever
nature (whether actual or contingent) directly or indirectly suffered or
incurred, sustained by or threatened against the indemnified parties
whatsoever arising from and/or in connection with or in any way relating
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to the indemnified parties in good faith accepting and acting on the
electronic transactions.
The AMC reserves the right to modify the terms and conditions and/or to
discontinue the facility at any time. On availing this facility, transmitter will
unequivocally be bound by what is stated above.
Transact on Call facility

Transact On call ("the Facility") enables Investors to undertake Eligible
Transaction(s) on phone / Interactive Voice Response (IVR) as it may
decide from time to time, at its sole discretion through its Authorized Call
Centre, in relation to the Eligible Scheme(s) of the Fund. Accordingly, the
Authorized Call Centre(s) of the Fund shall act as Official Point(s) of
Acceptance of transactions under the Facility.
The detailed Terms and Conditions and any subsequent amendments
thereto which govern the use of the Facility from time to time shall be
made available on the website of the Fund viz. www.hdfcfund.com. The
Investors should carefully read the Terms and conditions before placing /
confirming any transaction requests on phone.
The salient features of the Facility are as follows:
1. Eligible Investors (hereinafter also referred to as "the
Investor(s)"): The Facility shall be presently available only to
existing Resident adult individual investors with "Single" / "Anyone or
Survivor" as the mode of holding in the folio and where (i) mobile
number; and (ii) PAN, KYC and FATCA compliance status is
registered in that folio. Unitholders of folios where Power of Attorney
is registered, Minors, Non Individual investors or Non-Resident
Individuals cannot avail the Facility.
2. Eligible Schemes: The Facility shall currently be available for
transactions in all open ended Schemes of the Fund other than
Exchange Traded Funds, HDFC Liquid Fund**, HDFC Overnight
Fund**, HDFC Children's Gift Fund, and HDFC Retirement Savings
Fund**. The Fund reserves the right to amend the list of Eligible
Schemes at its sole discretion from time to time.
**Currently, only SIP renewal transactions are available under the
Facility for this scheme.
3. Unit holding option: The Facility is available for Units held / to be
held in account statement form i.e. physical mode only. The Facility
shall not be available for Units held / to be held in Demat mode.
4. Eligible Transactions: The AMC may accept various types of
financial transactions from time to time through phone. Currently,
requests for purchase, switch, registrations for Systematic
Investment Plan (SIP), renewal of SIP and redemptions can be made
using the Facility by Eligible Investors. The Fund/AMC reserves the
right to amend the Eligible Transactions permitted under the Facility,
at its sole discretion, from time to time. Prior to using the Facility, the
Investors should refer to the terms and conditions of the Facility on
the website www.hdfcfund.com. No request for non-financial
transactions viz. change in any of the registered details of the
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investors' information shall be accepted through the Facility.
Transactions once placed and confirmed by the investor cannot
be cancelled / withdrawn or modified on phone.
5. The Facility shall include:
"Outbound Facility" where outbound calls will be made by the
Authorized Call Centre to the Eligible Investors to enable them to
renew their SIP registrations.
"Inbound Facility" where Eligible Investors may place Eligible
Transactions requests by calling the Authorized Call Centres on
phone / Interactive Voice Response (IVR).
6. Call Centre timings for the Facility: Currently, the Call Centre
timings for the Inbound Facility shall be from 9:30 AM to 2:45 PM
and from 3.15 PM to 5.30 PM on all Business Days.
7. Transaction limit: Currently, a maximum limit of Rs. 5,00,000/- per
day, at PAN level in existing folios has been set for each type of
transaction (i.e. lumpsum purchase and redemption transactions)
through the Facility.
8. NAV applicability:
The time when the request for transaction of units is received in the
servers of the Fund / AMC / RTA will be considered for the purpose
of time stamping and determining the applicability of NAV. Further,
the time of receipt of funds into the scheme's bank account will also
be considered for the purpose of applicability of NAV in case of
Purchase (including) switch-in transactions.
9. Other key terms and conditions:
• Any Transaction for redemption or switch of all or part of Units
under a scheme shall be undertaken by the Fund / AMC, only if
the said Units are:
a) Free from any pledge, charge, lien, attachments, security
interest or any other encumbrance; and
b) No actions, suits, proceedings, investigations, litigation,
arbitration or administrative proceedings of any kind in any
court or before any arbitrator or any other governmental
authority are at present ongoing or pending or threatened, in
relation thereto.
• No request for non-financial transactions viz. change in any of
the registered details of the Investor's information shall be
accepted through the Facility.
• The request for Transaction through the Facility will be
considered as accepted, subject to realization of funds by the
Fund / AMC towards the Transactions / purchases.
• Transactions on phone shall be recorded and the call records
may be used by the Fund / AMC in future for verification and
training purposes.
• The Investor(s) shall always abide by the terms and conditions of
using the Facility and hereby undertakes not to misuse the same
and in the event of any damage shall indemnify AMC / Fund /
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RTA for any loss arising therefrom.
• The Investor(s) agrees and confirms that the AMC has the right
to ask the Investor(s) for an oral or written confirmation of any
transaction request using the Facility and / or any additional
information regarding the Investor(s);
• The Investor(s) notes and agrees that the use of the Facility will
be deemed acceptance by the Investor of having read,
understood, irrevocably agreed to, accepted and confirmed the
Terms and Conditions of the Facility and the Investor(s) will
unequivocally be bound by them.
• The Fund / AMC / HDFC Trustee Company Limited reserve the
right to change / modify the terms and conditions of the Facility or
withdraw the Facility at any time at its sole discretion.
• The Investor(s) shall at all times be bound by any change /
modifications made to the Terms and Conditions of the Facility
and / or suspension of the Facility by the Fund / AMC at their
sole discretion and without notice to them.
• The Investor(s) hereby acknowledges that the Investor is availing
the Facility at the Investor's own risk and the Investor shall not
hold the Fund / AMC responsible or liable for any of the risks.
Electronic services
The eServices facility includes HDFCMFOnline Investors and
Partners, eDocs, eAlerts and ePayouts. The AMC/Fund may at its sole
discretion offer/ discontinue any and/or all of the eServices facilities
offered to any Unitholder in the event the offer of the same is restricted
under the applicable jurisdictional laws of such Unitholder.
HDFCMFOnline Investors
This facility enables Unitholders to execute purchases, redemptions,
switches, Systematic transactions, Rollover, Change IDCW option,
Transfer IDCW plan, add/update Nominee details, add/delete bank
details, update contact details, view account details, portfolio valuation
online, download various statements, request for documents via email
and avail such other services as may be introduced by the Fund from
time to time on the Fund's website www.hdfcfund.com using
HDFCMFOnline.
HDFCMFOnline Partners
This facility enables Partners to execute purchases, redemptions,
switches Systematic transactions, Transfer IDCW plan, update contact
details and other transactions on behalf of investors, view account
details, Investor portfolio valuation online, AUM details, download various
statements of investors, download various reports, request for
documents via email and avail such other services as may be introduced
by the Fund from time to time on the Fund's website www.hdfcfund.com
using HDFCMFOnline.
HDFCMFeServices
This facility provides online access on HDFCMFOnline Investors for
joint mode of holding and non-individual folios having Online Access
facility to execute purchases / avail such other services as may be
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introduced by the Fund from time to time on the Fund's website
www.hdfcfund.com using HDFCMFInvestOnline.
eDocs
This facility enables the Unitholder to register an email address with the
AMC for receiving allotment confirmations, consolidated account
statement/account statement, annual report/abridged summary thereof
and/or any statutory / other information as permitted by email.
eAlerts
This facility enables the Unit holder to receive SMS/ email / WhatsApp/
other electronic / notifications/ confirmations for purchase, redemption,
SIP, switch, IDCW declaration details and other alerts.
Apart from above mentioned facilities, the facility of ePayouts comprising
mode of payment of Redemption / IDCW Proceeds if any, via Direct
Credit / NEFT/ RTGS/ or any other mode as is available from time to
time, is covered under eServices facility.
For further details and the terms and conditions applicable for availing
eServices, please visit our website www.hdfcfund.com
MF Central
As per clause 16.6 of Master Circular, to comply with the requirements of
RTA inter-operable Platform for enhancing investors’ experience in
Mutual Fund transactions / service requests, the Qualified RTAs,
currently, Kfin Technologies Private Limited (“KFintech”) and Computer
Age Management Services Limited (“CAMS”) have jointly developed
MFCentral - A digital platform for Mutual Fund investors (hereinafter
referred to as “MFCentral” or “the Platform”).
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 / physical services to Mutual fund investors
across fund houses subject to applicable Terms and Conditions of the
Platform. MFCentral will be enabling various features and services in a
phased manner. MFCentral may be accessed using
https://mfcentral.com/ and a Mobile App in future.
Any registered user of MFCentral, requiring submission of physical
document as per the requirements of MFCentral, may do so at any of the
DISCs or collection centres of Kfintech or CAMS.
TRANSACTIONS THROUGH MF UTILITY ("MFU")

The AMC has entered into an Agreement with MF Utilities India Private
Limited ("MFUI"), a "Category II - Registrar to an Issue" under SEBI
(Registrars to an Issue and Share Transfer Agents) Regulations, 1993,
for usage of MF Utility ("MFU") a "Shared Services" initiative formed by
the Asset Management Companies of SEBI registered Mutual Funds
under the aegis of Association of Mutual Funds in India (AMFI). MFU
acts as a transaction aggregation portal for enabling transaction in
multiple Schemes of various Mutual Funds with a single form and a
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single payment instrument. Both financial and non-financial transactions
pertaining to Scheme(s) of HDFC Mutual Fund ('the Fund') can be done
through MFU at the authorized Points of Service ("POS") of MFUI. The
details of POS with effect from the respective dates published on MFU
website at www.mfuindia.com will be considered as Official Point of
Acceptance (OPA) for transactions in the Scheme(s) of the Fund.
Additionally, such transactions can also be carried out electronically on
the online transaction portal of MFU at www.mfuonline.com as and when
such a facility is made available by MFUI and that the same will be
considered OPA for transactions in the Scheme(s) of the Fund.
The key features of MFU are:
1. Investors will be required to obtain Common Account Number
("CAN") for transacting through MFU.
2. Investors can create a CAN by submitting the CAN Registration
Form (CRF) and necessary documents at the Point of Service (POS)
of MFUI. HDFC AMC and / or CAMS, Registrar and Transfer Agent
(RTA) of the Fund shall provide necessary details to MFUI as may
be needed for providing the required services to investors /
distributors through MFU.
3. Investors will be allotted a CAN, a single reference number for all
investments across Mutual Funds, for transacting in multiple
Schemes of various Mutual Funds through MFU and to map existing
folios, if any.
4. Currently, the transactions facilitated through MFU for the investors
are:
(i) CAN registration;
(ii) Submission of documents to KRAs for KYC Registration;
(iii) Financial transactions like Purchases, Redemptions and
Switches, Registration of Systematic Transactions like
Systematic Investments (SIP) using a single Mandate,
Systematic Withdrawals (SWP) and Systematic Transfers (STP);
(iv) Non-financial transactions (NFT) like Bank Account changes,
facilitating change of address through KRAs etc. based on duly
signed written requests from the Investors.
5. The CRF and other relevant forms for transacting through MFU can
be downloaded from MFUI website at www.mfuindia.com or can be
obtained from MFUI POS.
6. Investors transacting through MFU shall be deemed to have
consented to exchange of information viz. personal and / or financial
(including the changes, if any) between the Fund /HDFC AMC and
MFUI and / or its authorized service providers for validation and
processing of transactions carried out through MFU.
7. For details on carrying out the transactions through MFU or any
queries or clarifications related to MFU, investors are requested to
contact the Customer Care of MFUI on 1800-266-1415 (during the
business hours on all days except Sunday and Public Holidays) or
send an email to [email protected]. Investors of the Fund
can also get in touch with Investor Service Centres (ISCs) of HDFC
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AMC to know more about MFU.
8. For any escalations and post-transaction queries pertaining to
Scheme(s) of the Fund, the Investors are requested to get in touch
with the ISCs of HDFC AMC.
The transactions carried out through MFU shall be subject to the terms &
conditions as may be stipulated by MFUI / Fund / HDFC AMC from time
to time. The terms & conditions of offering of the Scheme(s) of the Fund
as specified in the Scheme Information Document (SID), Key Information
Memorandum ('KIM') and Statement of Additional Information ('SAI') shall
be applicable to transactions through MFU.
Account Statements 1. The AMC shall send an allotment confirmation specifying the units
allotted by way of email and/or SMS within 5 working days of receipt
of valid application/transaction to the Unit holders registered e-mail
address and/ or mobile number (whether units are held in demat
mode or in account statement form).
2. The holding(s) of the beneficiary account holder for units held in
demat mode will be shown in the statement issued by respective
Depository Participants (DPs) periodically.
3. A Consolidated Account Statement (CAS) detailing all the
transactions across all mutual funds (including transaction charges
paid to the distributor) and holding at the end of the month shall be
sent to the Unit holders in whose folio(s) transaction(s) have taken
place during the month by mail or e-mail on or before 15th of the
succeeding month.
4. Half-yearly CAS shall be issued at the end of every six months (i.e.
September/ March) on or before 21st day of succeeding month, to all
investors providing the prescribed details across all schemes of
mutual funds and securities held in dematerialized form across demat
accounts, if applicable.
5. Half yearly CAS will not be sent to those Unit holders who do not
have any holdings in the schemes of mutual fund and where no
commission against their investment has been paid to distributors,
during the concerned half-year period.
6. The periodical CAS will be sent by the Depositories to investors
holding demat accounts (whether or not units are held in demat form)
referred to as "SCAS" and by Mutual Fund Industry to other investors
referred to as "MF-CAS".
7. The periodical CAS are issued on the basis of Permanent Account
Number (PAN). Thus, CAS shall not be received by the Unit holders
for the folios not updated with PAN and / or KYC details. Unit holders
are therefore requested to ensure that the folios are updated with
their PAN / KYC details.
8. For folios of the Fund not included in the CAS (due to non-availability
of PAN), the AMC shall issue the necessary account statements
within prescribed timeline by mail or email.
9. In the event the account has more than one registered holder, the first
named Unit holder shall receive the CAS/ account statement.
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10. The Unit holder may request for a physical account statement without
any charges by writing to/calling the AMC/ISC/RTA. The Mutual
Fund/ AMC shall despatch an account statement within 5 working
days from the date of the receipt of request from the Unit holder.
Pursuant to clauses 14.4.3 and 11.3 of Master Circular, the following
additional disclosures will be provided in the CAS issued to the investors:
Each CAS/SCAS shall also provide the total purchase value / cost of
investment in each scheme. Further, whenever distributable surplus is
distributed, a clear segregation between income distribution (appreciation
on NAV) and capital distribution (Equalization Reserve) shall be suitably
disclosed.
CAS/SCAS issued for the half-year (ended September / March) shall
also provide (i) the amount of actual commission paid by the AMC/ Fund
to distributors (in absolute terms) during the half-year period, and (ii) the
scheme's average Total Expense Ratio (in percentage terms) along with
the break up between Investment and Advisory fees, Commission paid to
the distributor and Other expenses for the half-year period for the
scheme's applicable Option (regular or direct or both) where the
concerned investor has actually invested in.
The term 'commission' refers to all direct monetary payments and other
payments made in the form of gifts / rewards, trips, event sponsorships
etc. by the AMC/Fund to distributors. The commission disclosed is gross
commission and does not exclude costs incurred by distributors such as
Goods & Service Tax (wherever applicable, as per existing rates),
operating expenses, etc.
Further information pertaining to SCAS sent by Depositories:
● In case an investor does not wish to receive SCAS, an option shall
be given by the Depository to indicate negative consent.
● In case an investor does not wish to receive SCAS through e-mail,
an option shall be given by the Depository to receive SCAS in
physical.
● Investor(s) having multiple demat accounts across the Depositories
shall have an option to choose the Depository through which the
SCAS will be received.
● The half yearly SCAS will be sent by mail/e-mail as per the mode of
receipt opted by the investors to receive monthly SCAS.
● In case of demat accounts with NIL balance and no transactions in
mutual fund folios and in securities, the depository shall send
physical statement to investor(s) in terms of regulations applicable to
Depositories.
COMMUNICATION BY ELECTRONIC MODES:
Those unit holders whose email addresses/ Mobile number(s) have been
validated by the AMC, shall receive communication through electronic
mode.
Should the Unit holder experience any difficulty in accessing the
electronically delivered documents/communication, the Unit holder shall
promptly advise the Mutual Fund to enable the Mutual Fund to make the
delivery through alternate means. It is deemed that the Unit holder is
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aware of all security risks including possible third party interception of the
documents and contents of the documents becoming known to third
parties. The AMC has the right to verify the authenticity of the email
address and mobile number provided by the investor, in the manner
prescribed by SEBI/AMFI from time to time, before registering these
details in the folio.
AMC reserves the right to communicate on the email/ mobile numbers
registered with KRA in the investors KYC records. For certain
communication, AMC may send the intimation only vide email and/or
sms and not through physical mode, at its discretion.
IDCW
 The IDCW proceeds will be paid directly into the Unitholder's bank
account through various electronic payout modes such as Direct
credit/ NEFT/RTGS/IMPS/ECS/NECS etc. Please note that physical
despatch of IDCW payment shall be made by the AMC only in
exceptional circumstances.
 The proceeds will be paid in favour of the Unit holder (registered
holder of the Units or, if there is more than one registered holder, only
to the first registered holder) with bank account number furnished to
the Mutual Fund (please note that it is mandatory for the Unit holders
to provide the Bank account details as per the directives of SEBI,
even in cases where investments are made in cash).
 The IDCW payment shall be transferred to the Unitholders within 7
working days of the record date of such declaration of IDCW or such
other timeline as may be specified by SEBI from time to time. In the
event of failure of transfer of IDCW within the stipulated period, the
AMC shall be liable to pay interest @ 15% per annum to the
Unitholders for the delay in payment as computed from the Record
Date or from such other date or for such period as may be advised by
SEBI from time to time.
 For units held in demat form: The IDCW proceeds will be credited to
the bank account of the Unitholder, as per the bank account details
recorded with the Depository Participant based on the list provided by
the Depositories (NSDL/ CDSL) giving the details of the demat
account holders and the number of Units held by them in demat form
on the Record date.
Redemption Payment of Redemption Proceeds
Unitholders will receive redemption proceeds directly into their bank
account through various electronic payout modes such as Direct credit/
NEFT/ RTGS/ IMPS etc. Physical despatch of redemption proceeds shall
be carried out only in exceptional circumstances.
Redemption proceeds will be paid in favour of the Unit holder (registered
holder of the Units or, if there is more than one registered holder, only to
the first registered holder) with bank account number furnished to the
Mutual Fund (please note that it is mandatory for the Unit holders to
provide the Bank account details as per the directives of SEBI.
Redemption cheques will be sent to the Unit holders address (or, if there
is more than one holder on record, the address of the first-named Unit
holder).
As per SEBI (MF) Regulations, the Mutual Fund shall transfer
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Redemption proceeds within 3 working days of the Redemption date or
such other timeline as may be specified by SEBI / AMFI from time to
time. A penal interest of 15% or such other rate as may be prescribed by
SEBI from time to time, will be paid by the AMC in case the Redemption
proceeds are not dispatched within the specified timeline.
Units will be redeemed on First In First Out (FIFO) basis at a folio level.
Redemption will not be processed if PAN is not updated in non-PAN
exempt folios. Redemption may also not be processed if KYC compliant
status is not updated in the folio.
For units held in demat form
Unitholders should submit their valid redemption request to their
Depository Participant (DP). The redemption proceeds will be credited to
the bank account of the Unitholder, as per the bank account details
recorded with the DP through electronic modes or by forwarding a
Cheque / Draft.
Redemption by NRIs/ PIOs/ OCIs/ FPIs
Payment to NRI/ PIOs/ OCIs/ FPI Unit holders will be subject to the
relevant laws/ guidelines of the RBI as are applicable from time to time
(also subject to deduction of tax at source as applicable).
In the case of NRIs/ PIOs/ OCIs
Subject to RBI/FEMA Regulations, redemption proceeds may be:
(i) Credited to the Unitholder’s NRO account, where the payment for the
purchase of the Units redeemed was made out of funds held in NRO
account; or
(ii) Credited at the Unitholder’s option to the NRE / FCNR/ NRO
account, where the Units were purchased on repatriation basis and
the payment for such purchase was made by inward remittance
through normal banking channels or out of funds held in NRE/ FCNR
account of the Unitholder; or
(iii) any other mode permitted under FEMA Regulations at the discretion
of the AMC.
In the case of FPIs
The Fund will credit the net amount of redemption proceeds of such
Units to the foreign currency account or Special Non-Resident Rupee
Account of the FPI.
BANK DETAILS
In order to protect the interest of Unit holders from fraudulent
encashment of redemption / IDCW cheques, SEBI has made it
mandatory for investors to provide their bank details viz. name of bank,
branch, address, account type and number, etc. to the Mutual Fund.
Payment will be made only in the Bank Account registered with the
Mutual Fund. The bank account registered in the folio of a minor should
be that of the minor or should be a joint account of the minor with the
guardian. Applications without complete bank details shall be rejected.
Further, it will be mandatory for the investors to submit any one of the
documentary proof mentioned in point No.1, 2 and 3 as detailed in
procedure under section ‘Change in Bank Account’ in case the pay-out
bank account details (i.e. bank account for receipt of redemption/ IDCW
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proceeds) mentioned in the application form for subscription under a new
folio is different from pay-in bank account details (i.e. bank account from
which a subscription payment is being made). The Fund / AMC / Trustee
reserves the right to call for such other information and documents as
may be required from the investors. Investors are requested to note that
applications for new folio creation submitted (wherein pay-out bank
details is different from pay-in bank details) without any of the required
documentary proof relating to pay-out bank account details will be
treated as invalid and liable to be rejected. The AMC will not be
responsible for any loss arising out of fraudulent encashment of cheques/
warrants and/ or any delay/ loss in transit.
Investments (including through existing SIP registrations) in the name of
minors shall be permitted only from bank account of the minor, parent or
legal guardian of the minor or from a joint account of the minor with the
parent or legal guardian.
It is reiterated that the redemption/ Income Distribution cum Capital

Withdrawal (IDCW) proceeds for investments held in the name of Minor
shall continue to be transferred to the verified bank account of the minor
(i.e. of the minor or minor with parent/ legal guardian) only. Therefore,
investors must ensure to update the folios with minor’s bank account
details as the ‘Pay-out Bank account’ by providing necessary documents
before tendering redemption requests / for receiving IDCW distributions.
● Multiple Bank Accounts Registration

The AMC/ Mutual Fund provides a facility to the investors to register
multiple bank accounts (currently upto 5 for Individuals and 10 for Non -
Individuals) for receiving redemption/ IDCW proceeds etc. by providing
necessary documents. Investors must specify any one account as the
"Default Bank Account". The investor, may however, specify any other
registered bank account for credit of redemption proceeds at the time of
requesting for redemption.
Investors holding units in non-demat form are requested to avail the
facility of registering multiple bank accounts by filling in the 'Multiple Bank
Accounts Registration Form' available at our Investor Service Centres
(ISCs) or on our website www.hdfcfund.com.
● Change in Bank Account
For investors holding units in demat mode, the procedure for change in
bank details would be as determined by the depository participant.
For investors holding units in non-demat mode, the Unit holders may
change their bank details registered with the Mutual Fund by submitting
'Multiple Bank Account Registration Form' or a standalone separate
Change of Bank Details Form.
In case a 'Change of Bank Details Form' is submitted, the following
procedure needs to be adhered to:
1. Unit holders will be required to submit the duly filled in Change of
Bank Details Form along with a cancelled original cheque leaf of the
new bank account as well as the bank account currently registered
with the Mutual Fund (where the account number and first unit holder
name is printed on the face of the cheque). Unit holders should
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without fail cancel the cheque and write 'Cancelled' on the face of it
to prevent any possible misuse.
2. Where such name is not printed on the original cheque, the Unit
holder may submit a letter from the bank on its letterhead certifying
that the Unit holder maintains an account with the bank, the bank
account information like bank account number, bank branch, account
type, the MICR code of the branch & IFSC Code (where available).
3. In case of non-availability of any of these documents, a self attested
copy of the bank pass book or a statement of bank account with
current entries not older than 3 months having the name and
address of the first unit holder and account number.
Note: The above documents shall be submitted in Original. If copies are
furnished, the same must be submitted at the ISCs where they will be
verified with the original documents to the satisfaction of the Fund. The
original documents will be returned across the counter to the Unit holder
after due verification. In case the original of any document is not
produced for verification, then the copies should be attested by the bank
manager with his / her full signature, name, employee code, bank seal
and contact number.
In the event of a request for change in bank account information being
invalid/ incomplete / not satisfactory in respect of signature
mismatch/document insufficiency/ not meeting any requirements more
specifically as indicated in clauses 1-3 above, the request for such
change will not be processed. Redemptions/ IDCW payments, if any, will
be processed and the last registered bank account information will be
used for such payments to Unit holders.
Unit holders may note that it is desirable to submit their requests for
change in bank details atleast 7 days prior to date of redemption / IDCW
payment, if any and ensure that the request for change in bank details
has been processed before submitting the redemption request. If change
in bank details has not been processed, payment will be made in the
existing bank account registered in the folio. Further, in the event of a
request for redemption of units being received within seven days of
change in bank account details, the normal processing time as specified
in the Scheme Information Document, may not necessarily apply,
however it shall be within the regulatory limits. Any unregistered bank
account or a new bank account mentioned by the Unit holder along with
the redemption request may not be considered for payment of
redemption /IDCW proceeds.
Change of Address
1) For investors holding units in demat mode, the procedure for change
in address would be as determined by the depository participant.
2) For investors holding units in non-demat mode, the procedure as
detailed below shall be applicable. Unit holder will be required to
submit a valid request for change in address details along with the
following supporting documents:
● KYC Not Complied Folios/Clients:
• Investors are advised to complete KYC formalities as
119

required by KRAs and submit the request to AMC to update
their PAN/PEKRN in our records. The address will be
updated in the folios from the KRA record.
• Self attested copy of Proof of New Address; and
• Self attested copy of PAN card copy or other proof of identity
as may be prescribed by SEBI from time to time, for PAN
exempt cases.
● KYC Complied Folios/Clients:
• Application form for change in address, as specified by
KRAs
• Self attested copy of Proof of New Address; and
• Any other document/form that the KYC Registration Agency
(KRA) may specify from time to time.
The above documents will be forwarded to KRA for updation in their
record.
Note: The above documents shall be submitted in Original. If copies are
furnished, the same must be submitted at the ISCs where they will be
verified with the original documents to the satisfaction of the Fund. The
original documents will be returned across the counter to the Unit holder
after due verification. In case the original of any document is not
produced for verification, then the copies should be properly attested /
verified by entities authorized for attesting/verification of the documents
as per extant KYC guidelines.
The AMC / Trustee reserves the right to amend the aforesaid
requirements.
Tax Status of the investor For all new purchases, the AMC reserves the right to update the tax
status of investors on a best effort basis by referring to the information
furnished on the application form by the applicant(s) and as per the
documents provided for Permanent Account Number/ Bank Account
details or such other documents submitted along with the application
form. The AMC will rely on the information provided in feed files by
entities like Channel Partners / MFU / Stock exchange platforms. The
AMC shall not be responsible for any claims made by the investor/ third
party on account of updation of tax status basis the stated process.
Delay in payment of The AMC shall be liable to pay interest to the Unit holders at 15% or
redemption / repurchase such other rate as may be prescribed by SEBI from time to time, in case
proceeds the redemption/repurchase proceeds are not transferred within the
prescribed timeline. However, the AMC will not be liable to pay any
interest or compensation or any amount otherwise, in case the
AMC/Trustee is required to obtain from the investor/unitholders
verification of identity or such other details relating to subscription for
Units under any applicable law or as maybe requested by a regulatory
body or any government authority, which may result in delay in
processing the application.
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C. PERIODIC DISCLOSURES
Net Asset Value The AMC will calculate and disclose NAVs at the close of every Business
This is the value per unit of the Day. As required by SEBI, the NAVs shall be disclosed in the following
scheme on a particular day. You manner:
can ascertain the value of your i) Displayed on the website of the Mutual Fund (www.hdfcfund.com)
investments by multiplying the ii) Displayed on the website of Association of Mutual Funds in India
NAV with your unit balance. (AMFI) (www.amfiindia.com).
iii) Any other manner as may be specified by SEBI from time to time.
Mutual Fund / AMC will provide facility of sending latest available NAVs to
unitholders through SMS, upon receiving a specific request in this regard.
AMC shall update the NAVs on the website of the Fund and AMFI by
11.00 p.m. every Business day. In case of any delay in uploading on
AMFI website, the reasons for such delay would be explained to AMFI
and SEBI in writing. If the NAVs are not available before commencement
of business hours on the following day due to any reason, Mutual Fund
shall issue a press release providing reasons and explaining when the
Mutual Fund would be able to publish the NAVs.
Daily Performance Disclosure The AMC shall upload performance of the Scheme on a daily basis on
AMFI website in the prescribed format along with other details such as
Scheme AUM and previous day NAV, as prescribed by SEBI from time to
time.
Portfolio Disclosure The Mutual Fund/ AMC will disclose portfolio (along with ISIN and other
prescribed details) of the Scheme in the prescribed format, as on the last
day of the month/ half-year i.e. March 31 and September 30, on its
website viz. www.hdfcfund.com and on the website of Association of
Mutual Funds in India (AMFI) viz. www.amfiindia.com within 10 days from
the close of each month/ half-year respectively. In case of unitholders
whose e-mail addresses are registered, the Mutual Fund / AMC will send
via email both the monthly and half-yearly statement of scheme portfolio
within 10 days from the close of each month / half-year respectively.
Mutual Fund / AMC will publish an advertisement every half-year in the all
India edition of at least two daily newspapers, one each in English and
Hindi, disclosing the hosting of the half-yearly statement of the Scheme
portfolio on its website and on the website of Association of Mutual Funds
in India (AMFI). Mutual Fund / AMC will provide a physical copy of the
statement of its Scheme portfolio, without charging any cost, on specific
request received from a unitholder.
Portfolio Rebalancing - As per clause 2.9.4 of Master Circular, on Portfolio rebalancing due to
Disclosure requirements to passive breaches, the following disclosures will be made:
Unitholders i. In case the AUM of deviated portfolio is more than 10% of the AUM of
main portfolio of the scheme the AMC will immediately after the expiry of
the mandated rebalancing period (i.e. 30 business days):
1. disclose the same to investors through SMS and email / letter
including details of portfolio not rebalanced.
2. communicate to investors through SMS and email / letter when
the portfolio is rebalanced.
Further, scheme wise deviation of the portfolio (beyond the above
limit) from the mandated asset allocation beyond 30 days shall also
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be disclosed on the website.
ii Any deviation from the mandated asset allocation shall also be
disclosed along with periodic portfolio disclosures as specified by
SEBI from the date of lapse of mandated plus extended rebalancing
timelines.
Monthly Average Asset under The Mutual Fund shall disclose the Monthly AAUM under different
Management (Monthly AAUM) categories of Schemes as specified by SEBI in the prescribed format on a
Disclosure monthly basis on its website viz. www.hdfcfund.com and forward to AMFI
within 7 working days from the end of the month.
Product Labelling 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 Riskometer categorizes
various schemes under different levels of risk based on the investment
objective, asset allocation pattern, investment strategy and typical
investment time horizon of investors. Therefore, the schemes falling
under the same level of risk in the Riskometer may not be similar in
nature. Investors are advised before investing to evaluate a Scheme not
only on the basis of the Product labeling (including the Riskometer) but
also on other quantitative and qualitative factors such as performance,
portfolio, fund managers, asset manager, etc. and shall seek appropriate
advise, if they are unsure about the suitability of the Scheme before
investing. As per SEBI Guidelines, Riskometer of the Scheme shall be
reviewed on a monthly basis based on evaluation of risk level of
Scheme’s month end portfolios. Notice about changes in Scheme's
Riskometers, if any, shall be issued. The product labeling assigned during
the NFO is based on internal assessment of the scheme characteristics or
model portfolio and the same may vary post NFO when the actual
investments are made. For latest riskometers of the Scheme and the
Benchmark, investors may refer to the monthly portfolios disclosed on the
website of the Fund viz. www.hdfcfund.com as well as AMFI website
within 10 days from the close of each month.
Half Yearly Results The Mutual Fund shall host half yearly disclosures of the Scheme's'
unaudited financial results in the prescribed format on its website viz.
www.hdfcfund.com and on the website of Association of Mutual Funds in
India (AMFI) viz. www.amfiindia.com within one month from the close of
each half year i.e. on 31st March and on 30th September and shall
publish an advertisement in this regard in at least one English daily
newspaper having nationwide circulation and in a newspaper having wide
circulation published in the language of the region where the Head Office
of the Mutual Fund is situated.
Annual Report Scheme Annual report in the format prescribed by SEBI, will be hosted on
the website of the Fund viz. www.hdfcfund.com and on the website of
Association of Mutual Funds in India (AMFI) viz. www.amfiindia.com as
soon as may be but not later than four months from the date of closure of
the relevant accounts year (i.e. 31st March each year). Mutual Fund /
AMC will publish an advertisement every year, in the all India edition of at
least two daily newspapers, one each in English and Hindi, disclosing the
hosting of the Scheme wise Annual Report on the website of the Fund
and on the website of Association of Mutual Funds in India (AMFI).
Mutual Fund / AMC will e-mail the Scheme Annual Report or Abridged
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Summary thereof to those unitholders, whose email addresses are
registered with the Mutual Fund. Investors who have not registered their
email id will have an option of receiving a physical copy of the Annual
Report or Abridged Summary thereof. Mutual Fund / AMC will provide a
physical copy of the abridged summary of the Annual Report, without
charging any cost, on specific request received from a unitholder through
any mode. A physical copy of the scheme wise annual report shall be
made available for inspection to the investors at the registered office of
the AMC.
Associate Transactions Please refer to ‘Statement of Additional Information (‘SAI’)’.
Other disclosures To enhance investor awareness and information dissemination to

investors, SEBI prescribes various additional disclosures to be made by
Mutual Funds from time to time on its website / on the website of AMFI,
stock exchanges, etc.
These disclosures include Scheme Summary Documents, Investor
charter (which details the services provided to Investors, Rights of
Investors, various activities of Mutual Funds with timelines, DOs and
DON'Ts for Investors, Grievance Redressal Mechanism, etc.) Investors
may refer to the same.
Taxation HDFC Mutual Fund is a Mutual Fund registered with the Securities &
The information is provided for Exchange Board of India and hence the entire income of the Mutual Fund
general information will be exempt from the Income tax in accordance with the provisions of
only.
However, in view of the section 10(23D) of the Income Tax Act, 1961 (the Act). The applicability of
individual nature of tax laws, if any, on HDFC Mutual Fund/ Scheme(s)/ investments made by
the
implications, each investor is the Scheme(s) /investors/ income attributable to or distributions or other
advised to consult his or her payments made to Unit holders are based on the understanding of the
own tax advisors/ authorised current tax legislations.
dealers with respect to the Equity oriented Funds1
specific amount of tax and other Tax implications on distributed income (hereinafter referred to as either
implications arising out of his or 'dividend' or 'capital gains') by Mutual Funds:
her participation in the schemes
Particulars Resident Investors^^ Non-Resident Mutual
Investors^^ Fund^^
Dividend:
TDS* 10% (if dividend income 20%2+ Nil

exceeds INR 5,000 in a applicable (Refer Note
financial year) Surcharge + 4% A below)
Cess3
Tax rates Individual / HUF: 20%+ Nil

Income tax rate applicable (Refer Note
applicable to the Unit Surcharge + 4% A below)
holders as per their Cess3
income slabs
Domestic Company:
123

30% + Surcharge as
applicable + 4% Cess3
25%4 +Surcharge as
applicable + 4% Cess3
22%5 + 10% Surcharge
& + 4% Cess3
15%5 + 10%
Surcharge5 + 4% Cess3
Capital Gains26:
Long Term 10% without 10% without Nil

(Period of indexation7 + applicable indexation and
holding more Surcharge + 4% Cess3 foreign currency
than 12 fluctuation
months) benefits7 +
applicable
Surcharge + 4%
Cess3
Short Term 15% + applicable 15% + Nil

(period of Surcharge + 4% Cess3 applicable
holding less Surcharge + 4%
than or equal Cess3
to 12 months)
Notes:
A. The levy of tax on distributed income payable by Mutual Funds has
been abolished w.e.f. April 1, 2020 and instead tax on income from
mutual fund units in the hands of the unit holders at their applicable
rates has been adopted.
1
Equity Oriented Funds will also attract Securities Transaction Tax at
applicable rates.
2
As per amendment made vide Finance Act, 2023, withholding tax would
be lower of 20% (plus applicable surcharge and cess) or the rate provided
under the relevant tax treaty, whichever is lower, subject to eligibility and
compliance with applicable conditions.
As per the provisions of section 196D of the Act which is specifically
applicable in case of FPI/FII, the withholding tax rate of 20% (plus
applicable surcharge and cess) on any income in respect of securities
referred to in section 115AD(1)(a) credited / paid to FII shall apply. The
proviso to section 196D(1) of the Act provides for claiming the tax treaty
benefits at the time of withholding tax on income with respect to securities
of FPIs, subject to furnishing of tax residency certificate and such other
documents as may be required. As per section 196D(2) of the Act, no
TDS shall be made in respect of income by way of capital gain arising
from the transfer of securities referred to in section 115AD of the Act.
3
Health and education Cess shall be applicable at 4% on aggregate of
base tax and surcharge.
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4
The Finance Act, 2023 provides that in case of domestic company, the
rate of income-tax shall be 25% if its total turnover or gross receipts in the
financial year 2021-22 does not exceed Rs. 400 crores.
5
The corporate tax rates for domestic companies (not claiming specified
incentives and deductions) at the rate of 22% under section 115BAA and
domestic manufacturing companies (not claiming specified incentives and
deductions) set-up and registered on or after 1 October 2019 at the rate
of 15% under section 115BAB. The tax computed in case of domestic
companies whose income is chargeable to tax under section 115BAA or
section 115BAB shall be increased by a surcharge at the rate of 10%.
6
Short term/ long term capital gain tax will be deducted at the time of
redemption of units in case of NRI investors only. However, the Finance
Act, 2023 now provides withholding tax would be lower of the rate of 20%
(plus applicable surcharge and cess) or rates provided in the tax treaty of
20% (plus applicable surcharge and cess) on any income in respect of
units of mutual fund in case of non-residents as per section 196A of the
Act. The non-resident unitholders have to provide the required documents
for claiming the benefit of tax treaty. 7 Section 112A provides that long
term capital gains arising from transfer of a long term capital asset being
a unit of an equity oriented fund shall be taxed at 10% (without indexation
and foreign currency fluctuation benefit) of such capital gains exceeding
one lakh rupees. The concessional rate of 10% shall be available only if
STT has been paid on transfer in case of units of equity-oriented mutual
funds.
*Section 206AB would apply on any sum or income or amount paid, or
payable or credited, by a person (herein referred to as deductee) to a
specified person, as defined. This section shall not apply where the tax is
required to be deducted under sections 192, 192A, 194B, 194BA, 194BB,
194-IA, 194-IB, 194LBC, 194M or 194N of the Act. The TDS rate in this
section is higher of the followings rates:
• twice the rate specified in the relevant provision of the Act; or
• twice the rate or rates in force; or
• the rate of five per cent.
It is also provided that if the provision of section 206AA of the Act 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 of the Act. Specified person’ means a
person (excluding non-residents who do not have a permanent
establishment in India or person not required to file income-tax return and
notified by Central Government) who has not filed income-tax return
under section 139(1) for the preceding year and aggregate of TDS and
TCS in his case is INR 50,000 or more in the said year.
^^ The information given herein is as per the prevailing tax laws. For
further details on taxation, please refer to the Section on Taxation on
investing in Mutual Funds in Statement of Additional Information
{SAI}. Investors should be aware that the fiscal rules/ tax laws may
change and there can be no guarantee that the current tax position
may continue indefinitely. In view of the individual nature of tax
125

implications, investors are advised to consult their professional tax
advisor.
Investor services Investors may contact any of the Investor Service Centres (ISCs) of the
AMC for any queries/clarifications at telephone number 1800 3010
6767/1800 419 7676 (toll free), e-mail: [email protected]. Investors
can also post their grievances/feedback/suggestions on our website
www.hdfcfund.com under the section ‘Feedback or queries’ appearing
under ‘Contact Us’. The Head Office of the AMC will follow up with the
respective ISCs to ensure timely redressal and prompt investor services.
Mr. Sameer Seksaria, Head - Client Services can be contacted at Ramon
House, 1st Floor, 169, Backbay Reclamation, Churchgate, Mumbai -
400020 at telephone number (022) 66316333 or e-mail:
[email protected].
For any grievances with respect to transactions through NSE / BSE, the
investors/Unit holders should approach the investor grievance cell of the
stock exchange.
D. COMPUTATION OF NAV
The Net Asset Value (NAV) per Unit of the Scheme will be computed by dividing the net assets of the
Scheme by the number of Units outstanding 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.
NAV of Units under each Scheme/ Plan shall be calculated as shown below:
Market or Fair Value of the Scheme’s Investments
+ Current Assets
NAV - Current Liabilities and Provisions
(Rs.) = _________________________________________________
per Unit
No. of Units outstanding under the
Scheme/Plan
The NAV of the Scheme will be calculated and disclosed at the close of every Business Day.
Separate NAV will be calculated and announced for each of Plans/Options. The NAVs will be calculated
upto 3 decimals. Units will be allotted upto 3 decimals.
Valuation of Foreign Securities including ADR/GDR

(i) Traded Securities
Traded foreign securities including ADR/GDR shall be valued based on the latest available
closing price of the stock exchange on which the security is listed. If the security is listed on more
than one stock exchange, the AMC shall select the appropriate stock exchange and the reasons
for selection of the stock exchange shall be recorded in writing and approved by Valuation
Committee.
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If the security is listed in a time zone ahead of ours than the same day’s closing price would be
used for Valuation. If the security is listed in the time zone behind ours then the previous day’s
closing price would be used for valuation.
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 available price on the
selected stock exchange shall be used provided such date is not more than thirty days prior to
the valuation date.
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.
If the security is listed in currency for which RBI reference rate is not available, the exchange
rates available from Reuters will be used. In case the direct exchange rates are not available on
Reuters, then cross currency rate with USD would be considered and converted as per the
INR/USD RBI reference rate.
(ii) Non Traded Securities
Non traded foreign security shall be valued by AMC at fair value after considering relevant
factors on case to case basis. Non-traded ADR/GDR shall be valued after considering
prices/issue terms of underlying security. Valuation committee shall decide the appropriate
discount for illiquidity.
IV. FEES AND EXPENSES

This section outlines the expenses that will be charged to the Scheme and also about the transaction
charges to be borne by the investors. The information provided under this Section seeks to assist the
investor in understanding the expense structure of the Scheme and types of different fees / expenses/
loads the investor is likely to incur on purchasing and selling the Units of the Scheme.
A. ANNUAL SCHEME RECURRING EXPENSES

These are the fees and expenses incurred for the Scheme. These expenses include but are not limited to
Investment Management and Advisory Fees charged by the AMC, Registrar and Transfer Agents' Fees &
expenses, Marketing and Selling costs etc.
The AMC has estimated that the following expenses will be charged to the Scheme, as permitted under
Regulation 52 of SEBI (MF) Regulations. The expenses are estimated on assets under management (daily
net assets) of Rs. 500 crores. For the actual current expenses being charged, the investor should refer to
the website of the Mutual Fund viz. www.hdfcfund.com
Expense Heads [% of daily net assets
^(estimated) (p.a.)]
Investment Management and Advisory Fees
Trustee Fees & Expenses1
Audit Fees & Expenses
Custodian Fees & Expenses
RTA Fees & Expenses
Upto 2.25%
Marketing & Selling expenses including agent commission
Cost related to Investor Communication
Cost of fund transfer from location to location
Cost of providing account statements and IDCW / redemption
proceeds
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Costs of Statutory Advertisements
Cost towards investor education & awareness (at least 0.02%
p.a.) 2
Brokerage & Transaction cost on value of trades for cash and
derivative market trades respectively
GST on expenses other than Investment Management and
Advisory Fees3
GST on brokerage and transaction cost3
Other Expenses
Maximum total expense ratio (TER) permissible under
Upto 2.25%
Regulation 52 (6) 4
Additional expenses under Regulation 52 (6A) (c) 4# Upto 0.05%
Additional expenses for gross new inflows from specified
Upto 0.30%
cities under Regulation 52 (6A) (b)
^ The TER of the Direct Plan under the Scheme will be lower to the extent of the distribution expenses /
commission which is charged in the Regular Plan.
# In terms of clause 10.1.7 of Master Circular, in case exit load is not levied / not applicable, the AMC shall
not charge the said additional expenses.
Notes:
1
Trustee Fees and Expenses
In accordance with the Trust Deed constituting the Mutual Fund, the Trustee is entitled to receive, in
addition to the reimbursement of all costs, charges and expenses, a quarterly fee computed at a rate not
exceeding 0.10% per annum of the daily net assets of the Scheme or a sum of Rs. 15,00,000 per annum,
whichever is higher. Such fee shall be paid to the Trustee within seven working days from the end of each
quarter every year, namely, within 7 working days from June 30, September 30, December 31 and March
31 of each year. The Trustee may charge expenses as permitted from time to time under the Trust Deed
and SEBI (MF) Regulations.
2
Investor Education and Awareness initiatives
As per clause 10.1.16 of Master Circular, the AMC shall annually set apart at least 2 basis points p.a. (i.e.
0.02% p.a.) on daily net assets of the Scheme within the limits of total expenses prescribed under
Regulation 52 of SEBI (MF) Regulations for investor education and awareness initiatives undertaken.
3 Refer Point (3) below on GST on various expenses / exit load.
4
There shall be no internal sub-limits within the expense ratio for expense heads mentioned under
Regulation 52 (2) and (4) viz. Investment Management and Advisory Fees and various sub-heads of
recurring expenses, respectively.
All scheme related expenses including commission paid to distributors, by whatever name it may be
called and in whatever manner it may be paid, shall necessarily paid from the scheme only within the
regulatory limits and not from the books of AMC, its associate, sponsor, trustees or any other entity through
any route in terms of SEBI circulars, subject to the clarifications provided by SEBI to AMFI vide letter
dated February 21, 2019 on implementation of clause 10.1.12 of Master Circular on Total Expense Ratio
(TER) and performance disclosure for Mutual Fund.
The purpose of the above table is to assist the Investor in understanding the various costs and expenses
that an Investor in the Scheme will bear directly or indirectly. The figures in the table above are estimates.
The actual expenses that can be charged to the Scheme will be subject to limits prescribed from time to
time under the SEBI (MF) Regulations. Currently these are as under:
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(1) Maximum Total Expense Ratio under Regulation 52 (6):
On the first Rs.500 crores of the daily net assets - 2.25% p.a.
On the next Rs.250 crores of the daily net assets - 2.00% p.a.
On the next Rs.1,250 crores of the daily net assets - 1.75% p.a.
On the next Rs.40,000 crores of the daily net assets - Total expense ratio reduction of 0.05% for every
increase of Rs.5,000 crores of daily net assets or part thereof.
On balance of the assets - 1.05% p.a.
(2) Additional Expenses under Regulation 52 (6A):
(i) To improve the geographical reach of the Scheme in smaller cities / towns as may be specified by
SEBI from time to time, expenses not exceeding 0.30% p.a. of daily net assets, if the new inflows
from retail investors from such cities are at least (a) 30% of gross new inflows in the Scheme or (b)
15% of the average assets under management (year to date) of the Scheme, whichever is higher.
In case inflows from retail investors from beyond top 30 cities is less than the higher of (a) or (b)
above, additional TER on daily net assets of the scheme shall be charged on a proportionate basis
as follows:
Daily net assets X 30 basis points X New inflows from retail investors from beyond top 30 cities
365* X Higher of (a) or (b) above
* 366, wherever applicable.
The amount so charged shall be utilised for distribution expenses incurred for bringing inflows from
retail investors from such cities. However, the amount incurred as expense on account of inflows
from retail investors from such cities shall be credited back to the Scheme in case the said inflows
are redeemed within a period of one year from the date of investment.
Currently, SEBI has specified that the above additional expense may be charged for inflows from
retail investors from beyond 'Top 30 cities'. Top 30 cities shall mean top 30 cities based on
Association of Mutual Funds in India (AMFI) data on 'AUM by Geography - Consolidated Data for
Mutual Fund Industry' as at the end of the previous financial year.
Inflows from "retail investors" shall mean inflows of amount upto Rs 2 lakhs per day, from individual
investors.
Note: SEBI vide its letter no. SEBI/HO/IMD-SEC-3/P/OW/2023/5823/1 dated February 24, 2023 and
AMFI letter dated No. 35P/ MEM-COR/ 85-a/ 2022-23 dated March 02, 2023 has directed AMCs to
keep B-30 incentive structure in abeyance with effect from March 01, 2023 till further notice.
Accordingly, the B-30 incentive structure shall be implemented as per SEBI / AMFI directions from
time to time.
(ii) Expenses not exceeding 0.05% p.a. of daily net assets towards Investment Management and
Advisory Fees and the various sub-heads of recurring expenses mentioned under Regulation 52 (2)
and (4) respectively of SEBI (MF) Regulations. Provided that such additional expenses shall not be
charged to the schemes where the exit load is not levied or applicable.
(3) GST
As per clause 10.3 of Master Circular, GST shall be charged as follows:
1. GST on investment management and advisory fees shall be charged to the Scheme in addition to
the maximum limit of TER as prescribed in Regulation 52 (6) of the SEBI (MF) Regulations.
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2. GST on other than investment management and advisory fees, if any, shall be borne by the Scheme
within the maximum limit of TER as prescribed in Regulation 52 (6) of the SEBI (MF) Regulations.
3. GST on exit load, if any, shall be paid out of the exit load proceeds and exit load net of GST, if any,
shall be credited to the Scheme.
4. GST on brokerage and transaction cost paid for execution of trade, if any, shall be within the limit
prescribed under Regulation 52 of the SEBI (MF) Regulations.
The total expenses charged to the Scheme shall not exceed the limits stated in Regulation 52 of the SEBI
(MF) Regulations and as permitted under SEBI Circulars issued from time to time. Any expenditure in
excess of the SEBI regulatory limits shall be borne by the AMC or by the Trustee or the Sponsor.
The mutual fund would update the current expense ratios on the website (www.hdfcfund.com) at least three
working days prior to the effective date of the change and update the TER under the Section titled
“Statutory Disclosures” under sub-section titled “Total Expense Ratio of Mutual Fund Schemes”.
Illustration: Impact of Expense Ratio on Scheme's return:

Expense ratio, normally expressed as a percentage of Average Assets under Management, is calculated by
dividing the permissible expenses under the Regulations by the average net assets.
To further illustrate in rupee terms the above, for the Scheme under reference, suppose an Investor
invested Rs. 10,000/- (after deduction of stamp duty and transaction charges, if any) under the Growth
Option, the impact of expenses charged will be as under:
Particulars Regular Plan Direct Plan
Amount invested at the beginning of the year (Rs.) 10,000 10,000
Returns before expenses (Rs.) 1,500 1,500
Expenses other than Distribution expenses (Rs.) 150 150
Distribution expenses (Rs.) 50 0
Returns after expenses at the end of the year (Rs.) 1300 1350
Returns (in %) 13% 13.5%
Note(s):
● The purpose of the above illustration is purely to explain the impact of expense ratio charged to the
Plan(s) under the Scheme and should not be construed as providing any kind of investment advice or
guarantee of returns on investments.
● It is assumed that the expenses charged are evenly distributed throughout the year.
● The expenses of the Direct Plan of the Scheme will be lower to the extent of the distribution expenses/
commission
● Any tax impact has not been considered in the above example, in view of the individual nature of the tax
implications. Each investor is advised to seek appropriate advice.
B. TRANSACTION CHARGES
For details refer section ‘Highlights/Summary of the Scheme’.
C. LOAD STRUCTURE
Load amounts are variable and are subject to change from time to time. For the current applicable
structure, please refer to the website of the Fund (www.hdfcfund.com) or call at Toll Free No. 1800 3010
6767/ 1800 419 7676 or your distributor.
130

Details of Load Structure
(On Ongoing basis)
Entry/Sales Load Not Applicable.
Pursuant to clause 10.4.1.a of Master Circular, no entry load will be charged by the
Scheme to the investor.
Exit/Redemption (Applicable only for units allotted after conversion of scheme into open-ended
Load scheme i.e. on or after January 19,2021)
- In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is payable

if Units are redeemed/ switched-out within 30 days from the date of allotment.
- No Exit Load is payable if Units are redeemed / switched-out after 30 days from
the date of allotment.
Note: To clarify, Unitholders who acquired units on or before January 18, 2021, will
not be charged exit load in respect of those units.
No Entry / Exit Load shall be levied on bonus units and on units allotted on
reinvestment of IDCW.
(i) No exit load shall be levied for switching between Options under the same Plan within the Scheme.
(ii) Switch of investments from Regular Plan to Direct Plan under the same Scheme/ Plan shall be subject
to applicable exit load, unless the investments were made directly i.e. without any distributor code.
However, any subsequent switch-out or redemption of such investments from Direct Plan will not be
subject to any exit load.
(iii) No exit load shall be levied for switch-out from Direct Plan to Regular Plan under the same Scheme/
Plan. However, any subsequent switch-out or redemption of such investment from Regular Plan shall be
subject to exit load based on the original date of investment in the Direct Plan.
(iv) No Exit load will be levied on Units allotted on Re-investment of Income Distribution cum Capital
Withdrawal.
(v) No Exit load will be levied on Units allotted in the Target Scheme under the Transfer of Income
Distribution cum Capital Withdrawal (IDCW) Plan Facility (TIP Facility).
(vi) In case of Systematic Transactions such as Systematic Investment Plan (SIP), Flex Systematic
Investment Plan (Flex SIP), Systematic Transfer Plan (STP), HDFC Flex Systematic Transfer Plan
(Flex STP), HDFC Swing Systematic Transfer Plan (Swing STP), Exit Load, if any, prevailing on
the date of registration / enrolment shall be levied.
Under the Scheme, the Trustee / AMC reserves the right to modify / change the Load structure if it so
deems fit in the interest of smooth and efficient functioning of the Mutual Fund.
The AMC reserves the right to introduce / modify the Load Structure depending upon the circumstances
prevailing at that time subject to maximum limits as prescribed under the SEBI (MF) Regulations. The Load
may also be changed from time to time and in the case of an Exit / Redemption Load this may be linked to
the period of holding. Exit load (net of service tax) charged, if any, shall be credited to the Scheme. The
investor is requested to check the prevailing load structure of the Scheme before investing.
While determining the price of the units, the mutual fund shall ensure that the repurchase price of an open
ended scheme is not lower than 95 per cent of the Net Asset Value.
Any imposition or enhancement of Exit Load in the load shall be applicable on prospective invesments only.
However, AMC shall not charge any load on issue of units allotted on reinvestment of IDCW for existing as
131

well as prospective investors. At the time of changing the load structure the AMC / Mutual Fund may adopt
the following procedure:
(i) The addendum detailing the changes will be attached to Scheme Information Document and Key
Information Memorandum and displayed on our website www.hdfcfund.com. The addendum will be
circulated to all the distributors / brokers so that the same can be attached to all Scheme Information
Document and Key Information Memorandum already in stock.
(ii) Arrangements will be made to display the changes /modifications in the Scheme Information Document
in the form of a notice in all the Investor Service Centres and distributors / brokers office.
(iii) The introduction of the Load along with the details will be stamped in the acknowledgement slip issued
to the investors on submission of the application form and will also be disclosed in the Account
Statement or in the covering letter issued to the Unit holders after the introduction of such Load.
D. WAIVER OF LOAD FOR DIRECT APPLICATIONS

Pursuant to clause 10.4.1.a of Master Circular, no entry load shall be charged for all mutual fund schemes.
Therefore, the procedure for waiver of load for direct applications is no longer applicable.
E. STAMP DUTY ON ALLOTMENT/TRANSFER OF UNITS*

Mutual fund units issued against Purchase transactions (whether through lump-sum investments or SIP or
STP or switch-ins or reinvestment under IDCW Option) would be subject to levy of stamp duty @ 0.005% of
the amount invested. Transfer of mutual fund units (such as transfers between demat accounts) are subject
to payment of stamp duty @ 0.015%. The rate and levy of stamp duty may vary as amended from time to
time.
* Pursuant to Notification No. S.O. 4419(E) dated December 10, 2019 issued by Department of Revenue,
Ministry of Finance, Government of India, read with Part I of Chapter IV of Notification dated February 21,
2019 issued by Legislative Department, Ministry of Law and Justice, Government of India on the Finance
Act, 2019, and subsequent Notification dated March 30, 2020 issued by Department of Revenue, Ministry
of Finance, Government of India.
The stamp duty will be deducted from the net investment amount i.e. gross investment amount less any
other deduction like transaction charge. Units will be created only for the balance amount i.e. net
investment amount as reduced by the stamp duty. The stamp duty will be computed at the rate of 0.005%
on an inclusive method basis as illustrated below:
For instance: If the investment amount is Rs. 100,100 and the transaction charge is Rs. 100, the stamp
duty will be calculated as follows: ((Investment Amount - Transaction Charge) / 100.005) *0.005 = Rs. 5. If
the applicable Net Asset Value (NAV) is Rs. 10 per unit, then units allotted will be calculated as follows:
(Investment Amount - Transaction Charge - Stamp Duty)/ Applicable NAV = 9,999.50 units.
V. RIGHTS OF UNITHOLDERS
Please refer to ‘Statement of Additional Information (‘SAI’)’ for details.
132

VI. PENALTIES, PENDING LITIGATION OR PROCEEDINGS, FINDINGS OF INSPECTIONS OR
INVESTIGATIONS FOR WHICH ACTION MAY HAVE BEEN TAKEN OR IS IN THE PROCESS OF BEING
TAKEN BY ANY REGULATORY AUTHORITY
1. Penalties and action(s) taken against foreign Sponsor(s) limited to the jurisdiction of the country where
the principal activities (in terms of income/revenue) of the Sponsor(s) are carried out and where the
headquarters of the Sponsor(s) is situated. Also, top 10 monetary penalties of foreign Sponsor(s) during
the last three years.
Not Applicable.
2. In case of Indian Sponsor(s), details of all monetary penalties imposed and/or action taken during the
last three years or pending with any financial regulatory body or governmental authority, against
Sponsor(s) and/or the AMC and/or the Board of Trustees/Trustee Company; for irregularities or for
violations in the financial services sector, or for defaults with respect to share holders or debenture
holders and depositors, or for economic offences, or for violation of securities law. Details of settlement,
if any, arrived at with the aforesaid authorities during the last three years shall also be disclosed.
i. SEBI had issued Show Cause Notice dated June 19, 2023 to HDFC Bank as designated
depository participant in the matter of Foreign Portfolio Investors not meeting eligibility criteria
prescribed under SEBI (Foreign Portfolio Investors) Regulations. Response to the Show Cause
Notice was submitted to SEBI vide letter dated August 15, 2023 and settlement application was
also submitted to SEBI, which are pending disposal.
ii. Reserve Bank of India (RBI) by an order dated May 27, 2021, levied a penalty of Rs. 10 cores
(Rupees ten crores only) for marketing and sale of third-party non-financial products to HDFC
Bank’s auto loan customers, arising from a whistle blower complaint, which revealed, inter alia,
contravention of Section 6(2) and Section 8 of the Banking Regulation Act, 1949. The Bank has
discontinued the sale of said third-party non-financial product since October 2019. The penalty
was paid by the Bank.
iii. SEBI issued final order on January 21, 2021, levying a penalty of Rs. 1 crore on the Bank, in the
matter of invocation of securities pledged by BMA Wealth Creators (BRH Wealth Kreators) for
availing credit facilities. SEBI also directed the Bank to transfer sale proceeds of Rs. 158.68
crores on invocation of securities, along with interest to escrow account with a nationalised bank
by marking lien in favour of SEBI. The Bank challenged SEBI's order before SAT and SAT, vide
its interim order, stayed operation of SEBI’s order. SAT, vide its final order dated February 18,
2022, allowed the Bank’s appeal and quashed SEBI’s Order.
iv. RBI issued an Order dated December 02, 2020 (“Order”) to HDFC Bank Limited (the “Bank”) with
regard to certain incidents of outages in the internet banking/mobile banking/ payment utilities of
the Bank over the past 2 years, including the outages in the Bank’s internet banking and
payment system on November 21, 2020 due to a power failure in the primary data centre. RBI,
vide above order, advised the Bank (a) to stop all digital business generating activities planned
under its ‘Digital 2.0’ and proposed Business generating applications digital also imposed
restrictions and (b) to stop sourcing of new credit card customers. The Bank initiated remedial
133

activities including fixing of staff accountability and the same were communicated to the RBI.
Basis the Bank’s submission, RBI vide its letter dated August 17, 2021, relaxed the restriction
placed on sourcing of new credit cards customers and further vide its letter dated March 11,
2022 lifted the restrictions on the business generating activities planned under the Bank’s Digital
2.0 program.
3. Details of all enforcement actions (including the details of violation, if any) taken by SEBI in the last
three years and/or pending with SEBI for the violation of SEBI Act, 1992 and Rules and Regulations
framed there under including debarment and/or suspension and/or cancellation and/or imposition of
monetary penalty/adjudication/enquiry proceedings, if any, to which the Sponsor(s) and/or the AMC
and/or the Board of Trustees/Trustee Company and/or any of the directors and/or key personnel
(especially the fund managers) of the AMC and Trustee Company were/are a party.
Please refer to the disclosures at point 2 (i) and (iii) above.
4. Any pending material civil or criminal litigation incidental to the business of the Mutual Fund to which the
Sponsor(s) and/or the AMC and/or the Board of Trustees/Trustee Company and/or any of the directors
and/or key personnel are a party.
In accordance with applicable SEBI MF Regulations and the relevant Scheme Information Document’s
(SID) a few of the schemes of HDFC Mutual Fund (“the Fund”) had made investments in Pass Through
Certificates (PTCs) of certain securitisation trusts (“the Trusts”). The returns filed by few of these Trusts
whose PTCs were held by the Fund were taken up for scrutiny by the Income Tax Authorities for
Assessment Years 2007-08, 2008-09, 2009- 10 and 2010-11. Arising out of this, they had raised a tax
demand on such Trusts. On failure to recover the same from them, they sent demand notices to the
Fund along with other Mutual Funds as beneficiaries/contributors to such Trusts. The Fund in
consultation with its tax and legal advisors had contested the applicability of such demand and got the
attachment order vacated by the Mumbai High Court in March 2012. The Securitisation Trusts on their
part have contested the matter and the ITAT has upheld their appeal and dismissed the contentions and
all the cross - appeals filed by the Tax Authorities. The Tax Authorities have on their part preferred an
appeal in the High Court against the ITAT order, where the matter is being heard and had also filed a
Miscellaneous application before the ITAT, where the matter was dismissed vide ITAT order dated
March 25, 2022.
5. Any deficiency in the systems and operations of the Sponsor(s) and/or the AMC and/or the Board of
Trustees/Trustee Company which SEBI has specifically advised to be disclosed in the SID, or notified
by any other regulatory agency.
None.
Notes:
1. Any amendments / replacement / re-enactment of SEBI (MF) Regulations subsequent to the date of the
Scheme Information Document shall prevail over those specified in this Scheme Information Document.
2. The Scheme under this Scheme Information Document was approved by the Trustee in their Board
Meeting held on May 26, 2017. Further, the Conversion of the Scheme into an open ended scheme
134

under this Scheme Information Document was approved by the Trustee vide its resolution dated May
27, 2020.
3. The Scheme Information Document is an updated version of the same in line with the current laws/
regulations and other developments.
4. Notwithstanding anything contained in this Scheme Information Document, the provisions of the
SEBI (Mutual Funds) Regulations, 1996 and circulars and the guidelines there under shall be
applicable.
For and on behalf of the Board of Directors of
HDFC Asset Management Company Limited
NAVNEET MUNOT
Place: Mumbai Managing Director and
Date: October 30, 2023 Chief Executive Officer
135

OFFICIAL POINTS OF ACCEPTANCE
HDFC ASSET MANAGEMENT COMPANY LIMITED (HDFC AMC LIMITED) - INVESTOR SERVICE
CENTRES / OFFICIAL POINTS OF ACCEPTANCE FOR HDFC MUTUAL FUND
(For ongoing Transactions)
ANDHRA PRADESH: HDFC AMC Ltd., 18-2-299/B, 1st Floor, Leela Mahal Circle, Tirumala Bypass Road,
Tirupati - 517 507. Tel: (0877) 2222 871/872/873/874. HDFC AMC Ltd., 2nd Floor, HDFC Bank Complex,
Near Benz Circle, M. G. Road, Vijayawada- 520 010. Tele: (0866) 3988029. HDFC AMC Ltd., First Floor,
Saigopal Arcade, Waltair Main Road, Siripuram, Visakhapatnam - 530 003. Tel: (0891) 3263457/,
6634001. ASSAM : HDFC AMC Ltd., Premises- 1C, 1st Floor, Ganpati Enclave, G.S.Road, Guwahati- 781
007. Tel: (0361) 2464759/60. HDFC AMC Ltd. Ground Floor, Prithvi Tower, Devi Pukhuri Road, Opp. IDBI
Bank, Tinsukia - 786 125. Tel: (0374) 2330058/2330059/2330057/2330056. BIHAR : HDFC AMC Ltd.,
Ishwari Complex, 1st Floor, Dr. Rajendra Prasad Road, Bhagalpur - 812 002. Tel: (0641) 2300 390. HDFC
AMC Ltd., Ground Floor, Zion Complex, Opp. Fire Brigade, Swarajpuri Road, Gaya - 823 001. Tel No -
0631 – 2222504.HDFC AMC Ltd., Premises No. 04, 1st Floor, Dighra House, KPS Market, (Above
Bandhan Bank), Pani Tanki Chowk, Ramna, Muzaffarpur - 842001. Tel: (0621) 2245036/37. HDFC AMC
Ltd., C/o Hera Enclave (Above TATA Docomo Office), 1st Floor, New Dak Bunglow Road, HDFC AMC Ltd.,
Second Floor, Ashutosh Complex, G.M. Road, Darbhanga - 846 004, Bihar. Telephone: 75-
49997111.,Patna - 800 001. Tel: (0612) 6457554/6457557/3201439, Tele: (0612) 2200747.
CHHATTISGARH: HDFC AMC Ltd., Shop No 1, Ground Floor, Old Sada Office Block, Nehru Nagar East,
Bhilai–492020. Tel: (0788) 4092948, 4092846. HDFC AMC Ltd, Ground Floor, Krishna Complex,
Near Shiv Talkies chowk, Tarbahar Road, Bilaspur - 495 001. Tel : +91- 7752 - 400305/6. HDFC AMC
Ltd., Ground Floor, Chawla Complex, Devendra Nagar, Sai Nagar Road, Near Vanijya Bhawan, Near
Indhira Gandhi Square, Raipur - 492 001. Tel: (0771) 4020 167/168. DELHI: HDFC AMC Ltd.Ground
Floor, G-3, Model Town Part 3, New Delhi - 110 009, Delhi. Tel No - 011-45704447. HDFC AMC Ltd.,
Ground Floor - 2 & 3 and First Floor, Prakashdeep Building, 7, Tolstoy Marg, Connaught Place, New Delhi
- 110 001. Tel: (011) 6632 4082. HDFC AMC Ltd; 402, 4th Floor, Mahatta Tower, 54 B1 Block, Community
Centre, Janakpuri, New Delhi -110058. Tel: 011-41082129/30. HDFC AMC Ltd; 134/4 , Bhandari House,
Lala Lajpat Rai Marg, Kailash Colony - Main Road, Near Kailash Colony Metro Station, South Delhi, New
Delhi – 110 048. Tel : 011-29244801/02, Ground Floor, District Centre, Roots Tower, Laxmi Nagar, Near
Nirman Vihar Metro Station, New Delhi - 110092. Delhi. Landline No. 011-40071680. A-21, First Floor,
Aurobindo Marg, Green Park Main, New Delhi - 110016. Tel No - 011-40071720. GOA : HDFC AMC Ltd.,
Ground Floor, G3 & G4, Jivottam, Minguel Miranda Road, Off. Abade Faria Road, Margao - 403 601.
Salcete. Tel: (0832) 2737410/11. HDFC AMC Ltd., S1, Second Floor, Above Axis Bank, Edcon Centre,
Angod, Mapusa - 403 507, Bardez, Goa. Tel: (0832) 2253 460/461. HDFC AMC Ltd., A-3, First Floor,
Krishna Building, Opp. Education Department, Behind Susheela Building, G. P. Road, Panaji - 403 001.
Tel: 0832 - 2425609, 2425610. HDFC AMC Ltd., 6, Ground Floor, Pereira Chambers, Padre Jose Vaz
Road, Vasco - 403 802, Mormugao. Tel: (0832) 2513 402/406. GUJARAT : HDFC AMC Ltd., 2nd Floor,
Megha House, Besides GRUH House, Mithakhali Six Roads, Ahmedabad - 380 009. Tel.: 079 –
40220099/00. HDFC AMC Ltd., 2nd Floor, Amruta Arcade, Maninagar Station Road, Maninagar,
Ahmedabad - 380008. Tel.: 079-49062000 HDFC AMC Ltd., Maruti Sharanam, No.103, 1st Floor, Anand-
Vidhyanagar Road, Opposite Nandbhumi Party Plot, Anand - 388 001. Tel: (02692) – 245182. HDFC AMC
Ltd., Shop No. 115 & 116, First Floor, Nexus Business Hub, Maktampur Road, Bharuch - 392 001. Tel:
(02642) 227205, Bharuch - 392 012. Tel: (0264) 2227205. HDFC AMC Ltd., 2nd Floor, Gangotri Plaza,
Opposite Daxinamurty School, Waghawadi Road, Bhavnagar - 364 001. Tel: (0278) – 3988029. HDFC
AMC Ltd., 1st Floor, B Wing, Katira Complex, RTO Circle, Bhuj - 370 001. Tel: (02832) 223 223. 946,
HDFC AMC Ltd.103, Suman City, Sector 11, Plot No 17, Gandhinagar - 382 011, Gujarat. Tel. No. (079)
2324 0813. HDFC AMC Ltd., 2nd Floor, Keshav Complex, P N Marg, Opposite Dhanvantry, Jamnagar -
361 001. Tel: (0288) - 2555663. HDFC AMC Ltd., 1st Floor, Nos. 104 – 105, MaryGold-2 Complex, Opp.
136

Bahhaudin College, College Road, Junagadh- 362001. Tel: (0285) 2670622/23. HDFC AMC Ltd., F-2,
First Floor, Sigma Oasis Complex, Near HDFC Bank, State Highway Road, Mehsana - 384002. Tel:
02762-230121. HDFC AMC Ltd., Shop no-04,1st floor, City Center, Near City Point, Santram Road, Nadiad
– 387 001 HDFC AMC Ltd., 1st Floor, Nandini Complex, Above HDFC Bank, Opp. Daboo Hospital, Station
Road, Navsari- 396445. Tel: (02637) 252681/82/83. HDFC AMC Ltd., 2nd Floor, Shiv Darshan, Dr. Radha
Krishnan Road, 5, Jagnath, Plot Corner, Rajkot - 360 001. Tel: 0281- 6624881/82. HDFC AMC Ltd., U1 -
U3, Jolly Plaza, Opp. Athwa Gate Police Station, Athwa Gate, Surat – 395 001. Tel: 0261 – 2460082/83.
HDFC AMC Ltd., Upper Ground Floor, Gokulesh, R. C. Dutt Road, Vadodara - 390 007. Tel: 0265 -
6621110/20. HDFC AMC Ltd., 5-B, 2nd Floor, Sapphire Building, Daulatnagar, Chala-Vapi Road, Vapi -
396 191. Tel: (0260) 2465927. HARYANA : HDFC AMC Ltd., 3rd Floor,Shanti Complex, Jagadhri Road
Opp. Civil Hospital, Ambala Cantt - 133001. Tel: (0171) 2631995. HDFC AMC Ltd., TA - 12A, 15-18, Third
Floor, Crown Plaza, Sector 15A, Mathura Road, Faridabad – 121 001. Tel: (0124) 2221
338/339/341/342/343. HDFC AMC Ltd., Premises 105, 106 & 107, 1st Floor, Vipul Agora Building, MG
Road, Gurgaon - 122 002. Tel: (0124) 2560 450/51. SCO93, First Floor, Green Square Market, Hisar - 125
001, Haryana. Tel No - 01662 - 231067. HDFC AMC Ltd., 1175 B Royal 1, 1st Floor, Adjoining
Gurudawara, G.T Road, Panipat - 132 103. Tel:(0180) 2646001/2. HIMACHAL PRADESH: HDFC AMC
Ltd, 2nd Floor, Opposite Town Hall, 30, The Mall, Shimla – 171 001. Tel: (0177) 2816860. JAMMU &
KASHMIR : HDFC AMC Ltd., Hall No-102 A/2, South Block, Bahu Plaza, Gandhi Nagar, Jammu - 180
012. Tel: (0191) 2477911/13/(0191) 2474298/99. **2nd Floor, Aksa Mall, IG Road, Opposite Exhibition
Ground, Srinagar – 190001. JHARKHAND : Office Unit No. 105 & 106, 1st Floor, Ozone Plaza, Bankmore,
Dhanbad Jharia Road, Dhanbad - 826 001. Tel: (0326) 3205352, 2300552. HDFC AMC Ltd., Gayatri
Enclave, 2nd Floor, “K Road”, Bistupur, Jamshedpur - 831 001. Tel: (0657) 2249691, Tele: (0657)
2249730. HDFC AMC Ltd., Pradhan Towers, 1st Floor, 5, Main Road, Ranchi- 834 001. Tel: (0651)
6003358, 3242077. KARNATAKA : HDFC AMC Ltd., Nitesh Broadway, No. 9/3, 1-A, Ground Floor, M. G.
Road, Opposite Trinity Metro Station, Bangalore – 560001. Tel: 080-66205300.No. 80/1, Ground Floor,
Sriranga Nilaya, West Park Road, 18th Cross Road, Malleswaram, Bangalore - 560 003. Tel: (080)
23465601. HDFC AMC Ltd., Garla Garnet No. 119/A/36, 9th Main, 4th Block, Jayanagar, Bangalore –
560011. Tel: (080) 41460260. HDFC AMC Ltd., No 3, First Floor, A.V.S Compound, 80 Feet Road,
Koramangala, Bangalore - 560034. Tel: (080) 40927295. HDFC AMC Ltd., First Floor, Unique Tower,
S.No.28/6, CTS No. 2714, Khanapur Road, Angol Cross, Beside Big Bazaar, Belgaum - 590006.
Karnataka. Tel No: 0831- 4206915/16 & 0831 4207002/03. HDFC AMC Ltd, Office No. 39 (Old No - 41),
Ground Floor, Behind Maremma Temple, Opposite HDFC Bank, Kappagal Road, Bellary – 583103 Ph:
08392-256577. HDFC AMC Ltd., 190/3, 1st Floor, S.V.C. Plaza, Opposite Mothi Talkies, Gandhi Circle,
Davangere - 577 002. Tel: (08192) 250 240/241/242. HDFC AMC Ltd., VA Kalburgi Square, Ground Floor,
Desai Cross, Hubli - 580 029. Tel: 0836 - 4252 294/95. HDFC AMC Ltd., UG-II, 6 & 7, Upper Ground Floor,
Maximus Commercial Complex, Light House Hill Road, Opp. KMC, Mangalore - 575 001. Tel. 0824 –
6620667/668HDFC AMC Ltd., No. 2918, CH 51/1 B, 1st Floor, Patel Mansion, Kantharaj Urs Road,
Saraswathipuram, Mysore - 570 009. Tel: (0821) 4000 530. KERALA : HDFC AMC Ltd., 3rd Floor, City
Mall, Opposite YMCA, Kannur Road, Calicut - 673 001. Tel: (0495) 4099222. HDFC AMC Ltd., Ground
Floor, Cinema cum Commercial Complex, Behind Ravipuram Bus Stop, M. G. Road, Kochi - 682 016. Tel:
(0484) 4305552/5553. HDFC AMC Ltd., 14/868, Ground Floor, Sri Krishna Complex, Coimbatore Road,
Palghat - 678 001. Tel: (0491) 2548300/302, 6452188. HDFC AMC Ltd., 2nd Floor, E-Town Shopping,
College Road, East Fort, Thrissur - 680 005. Tel: (0487) 2422925. Tele: (0487) 2441976. 1st Floor,
Suburban Square,Opposite Sugar N Spice, Kanjikuzhy, Kottayam - 686004. Tel: (0481) 2585456/57.
HDFC AMC Ltd., Ground Floor, Bhadra Tower, Cotton Hill Road, Vazhuthacaud, Thycaud P.O.,
Trivandrum – 695 014. MADHYA PRADESH : HDFC AMC Ltd., 1st Floor, Ranjeet Tower, 8, Zone-II, M.
P. Nagar, Bhopal – 462 011. Tel: 0755 - 4285385, 4246995. HDFC AMC Ltd., M1, M2 & M3, Mezzanine
Floor, Sterling Arcade,15/3, Race Course Road, Indore - 452 001. Tel: 0731 - 4022241/42. HDFC AMC
Ltd., First Floor, Muthye Udyog Bhawan,1039, Wright Town, Opp. Telephone Exchange, Jabalpur - 482
002. Tel: (0761) - 4049800, 3988029. HDFC AMC Ltd., First Floor, Alakhnanda Towers, Shrimant Madhav
Rao Scindia Marg, City Centre, Gwalior - 474 001. Tel: (0751) - 4066060, 3988029. MAHARASHTRA:
HDFC AMC Ltd., Near Samarth Cyber Cafe, 3419-Khist Galli, Ahmednagar - 414 001. Tel: (0241)
2345800. HDFC AMC Ltd., Ground Floor, Kuber Towers,Ganesh Wadi, Station Road, Sawastik Chowkh,
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Ahmednagar - 414 001. Maharashtra.Tel. No. - 0241-2345800, 90491 05333. HDFC AMC Ltd., 1st Floor,
Amar Arcade - 2, Opp. Rajapeth Police Station, Raja Peth, Amravati - 444 601. Tel: (0721) 2562 112/113.
HDFC AMC Ltd., 2nd Floor, Renuka Commercial Complex, Samarth Nagar, Nirala Bazar, Nageshwar Wadi
Road, Aurangabad - 431 001. Tel: (0240) 3988029. HDFC AMC Ltd., Ground Floor, Ghanshyam Bhavan,
Opposite Police Headquarter, Nagpur Road, Chandrapur – 442401. HDFC AMC Ltd., 1st Floor, Rathi
Building, Opp. Renuka Decorators, Lane No - 6, Dhule - 424001. Tel: 02562 232900. HDFC AMC Ltd.,
“Gangai”, Plot # 22, Ground Floor, Shikshakwadi, Near Jalgaon People’s Bank, Ring Road, Jalgaon - 425
001. Tel: (0257) 2240500/2242500 Jalgaon – 425 002. Tel: (0257) 3982100/01. HDFC AMC Ltd., Royal
Prestige, C1/C9, 1st Floor, E - Ward, Sykes Extension, Rajarampuri Road, Kolhapur - 416 008. Tel: (0231)
- 3988029. HDFC AMC Ltd., Premises Nos. F1, 2, 3 & 4, 1st Floor, “Center Square”, S.V. Road, Andheri
(W), Mumbai - 400 058. Tel: (022) 26708239/26285389. HDFC AMC Ltd. Shop No. 5 - 6, 1st Floor, Mayfair
14, Ramdas Sutrale Marg, Off Chandravarkar Road, Borivali (W), Mumbai - 400 092 Tel: (022)
28952702/28901497. HDFC AMC Ltd., 2nd Floor Sai Kiran, Central Avenue, 11th Road Junction,
Chembur, Mumbai - 400071, Maharashtra. Tel. no.: (022) 2527 0144, 2527 0145, 2527 0146.HDFC AMC
Ltd.,* “HDFC House”, 2nd Floor, H.T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai
- 400 020. Tel: (022) 66316333. HDFC AMC Ltd., Ground Floor, Mafatlal House, H.T
Parekh Marg, Backbay Reclamation, Churchgate, Mumbai-400020. Maharashtra. Tel:
0226146300/66146319/66146398/66146349. HDFC AMC Ltd., Shop No 5 & 6, Ground Floor, Dnyan Sagar
Building, Andrade House CHS Ltd, S. K Bole Road, Dadar (West), Mumbai - 400028. Tel: (022)
24440537/24440539/24440538. HDFC AMC Ltd., 119, First Floor, Zest Business Space, M.G Road,
Ghatkopar East, Mumbai - 400 077. Tel: (022) 65253409/08/06/21. HDFC AMC Ltd., Limited# 201, Durga
Centre, 2nd Floor, Water Field Road, Bandra (West), Mumbai – 400 050. Tel: (022) 26434
760/762/763/764.HDFC AMC Ltd., 159, 1st floor, Galleria Shopping Mall, Hiranandani Garden, Powai,
Mumbai – 400 076. Tel: (022) 25708471. HDFC AMC Ltd., Shop No. 2, Ground Floor, Sunvision Avenue,
Opp SBBJ and LIC, S.V. Road, Malad - West, Mumbai - 400 064. Tel: No. (022) 28838083. HDFC AMC
Ltd., Shop No. 13 & 14, Ground Floor, Virar Bolinj Shakti, Agasi Road, Virar - West, Thane - 401 303. Tel
No. 7738182645/7738182531. HDFC AMC Ltd., Shop no. 1 & 2, Ground floor, Gurangi Chambers, Opp.
Damani Chambers, Near Teen Haath Naka, LBS Marg, Thane (West) – 400 602. Tel: (022) 25391125.
HDFC AMC Ltd., 106-110, 2nd Floor, Shriram Shyam Towers, Near NIT Building, Kingsway, Sadar,
Nagpur - 440 001. Tel: (0712) 6630301/02/04. HDFC AMC Ltd., Jay Plaza, Opp. Kulkarni Garden, L B
Shastri Nagar, Sharanpur Road, Nashik- 422002, Tel: (0253) 2570701, 2573701. HDFC AMC Ltd., Shop
no.127, Bahirwade Chambers, Opp. Hotel Hilton (erstwhile Panchsil), Telco road, Chinchwad, Pune-
411019. Tel: 020-27477772/3. HDFC AMC Ltd., Shop No: 01, 2421, East street Gallaria, East street Camp,
Pune – 411001. Tel.: (020) 41223301/02. Shop no.3 & 4, Ideal Chambers, Ground Floor, Paud Road,
Kothrud, Pune - 411038, Maharashtra. Tel: (020) 2542 3627/28. HDFC AMC Ltd., Ground Floor, City Mall,
University Circle, Ganeshkhind Road, Pune - 411 007. Tel: (020) 66073301. HDFC AMC Ltd., Shop No. 3
& 4, Ground Floor,Aditya Sai Landmark, Civil Hospital Road, Near Ram Mandir, Sangli - 416416. Tel No -
+91- 233-2320811/+91- 233-2325811. HDFC AMC Ltd., Office No.13, Shanti Center Premises, Plot No. 8,
Sector 17, Vashi, Navi Mumbai - 400 703. Tel: (022) 39880299. HDFC AMC Ltd., Office No. 6, First Floor,
Neel Empress, Plot No. 92 & 93, Above HDFC Bank, Sector 1/S, New Panvel East, Panvel, Navi Mumbai -
410206. Maharashtra. Tel No.: (+91) 90290 12615/90290 12617. HDFC AMC Ltd., 1st Floor, Anant Kuti
(Bibikar Bldg.), Manpada Road, Opp. Muncipal Corporation Bldg., Dombivli (East), Mumbai - 421 201. Tel:
(0251) 2860 648/649/645/656. HDFC AMC Ltd., Ground Floor, Rajgir Complex, 96A, Railway Lines,
Opposite St. Joseph High School, Solapur - 413 001. Meghalaya: HDFC AMC Ltd., 2nd Floor, Sagarmal
Ramkamal (Sai Mandir) Building, Thana Road, Police Bazar, Shillong - 793001. Meghalaya. Tel. No.
(0364) 2506242, 2502165, 2506241 ORISSA : HDFC AMC Ltd., Sri Jagannath Complex, 1st Floor,
Opposite Hari - Omm Bhawan, Barbil - 758 035. Tel: 09238106515/09238106525. HDFC AMC Ltd.,
Vinayak, 2nd Floor, 96, Janpath, Bhubaneswar -751 001. Tel: (0674) 6450502/1502. HDFC AMC Ltd., 1st
Floor, Plot No. 2690 (P), Bajrakabati Road, Ranihat, Cuttack – 753 001. Tel: (0671) 2323724/725. HDFC
AMC Ltd., Praful Tower, 1st Floor, Panposh Road, Rourkela - 769 004. Tel: (0661) 3988029, 3982060/70.
HDFC AMC LTD, 2nd Floor , Bata Building Main Road , Budharaja Ainthapali, Sambalpur 768004.
Telephone Nos:- 0663-2400323/339. Ground Floor, Subham Sai Arcade, Northern Row of Khalasi Street,
Near Stadium, Berhampur – 760001. Landline Number- 0680- 228809. PONDICHERRY: HDFC AMC Ltd.,
138

No.17, I Floor, Sree Velayudham Complex, Near Indhira Gandhi Square, Natesan Nagar, Pondicherry -
605 005. Tel: (0413) 4001300. PUNJAB : HDFC AMC Ltd., SCO-28, 1st Floor, Taneja Towers, District
Shopping Complex, Ranjit Avenue, Amritsar-143 001. Tel: (0183) 3988028/29/2570. HDFC AMC Ltd
Municipal No. 83 - B, 3A, Ground Floor, Corner Building, Liberty Chowk, Bhatinda - 151 001. Tel.: (0164)
5001982/83, 5011980. HDFC AMC Ltd., 1st Floor, SCO- 2909- 2910, Sector - 22-C, Opp. Hotel J W
Marriot, Chandigarh - 160 022. Tel: (0172) 5050888. HDFC AMC Ltd., Office No. 31, 1st Floor, City
Square Building, Civil Lines, GT Road, Jalandhar - 144001. Tel: (0181) 5004028. HDFC AMC Ltd., SCO
122, Feroze Gandhi Market, Ludhiana - 141 001. Tel.: (0161)4917000. HDFC AMC Ltd. SCO No. 31 -32,
Nanak Tower, Ground Floor, New Leela Bhawan Market,Patiala - 147001. Punjab. Tel No - 0175-5010082.
HDFC AMC Ltd. Ground Floor, R K Complex, Dalhousie Road, Pathankot – 145001 Punjab. Telephone No.
:- 0186-2225818. RAJASTHAN : HDFC AMC Ltd., 2nd Floor, Above ICICI Bank, India Heights Building,
India Motor Circle, Ajmer - 305001. Tel: (0145) 262066. HDFC AMC Ltd., “Moondhra Bhavan”, 3-Ajmer
Road, Jaipur - 302 001. Tel: (0141) 5116681/82 , 2374968, Plot No. 654 A/B, 1st Floor, Shree Pratap
Tower, Jaljog Circle, Jodhpur - 342 003. Tel: (0291) 2617787/88/89. HDFC AMC Ltd., 344, Mewara Plaza,
Shopping Center, Gumanpura, Rawatbhata Road, Kota - 324 007. Tel: 0744-2363733. HDFC AMC Ltd.,
1st Floor, Gowardhan Plaza, 25, Trench Colony, Opposite Lok Kalamandal, Udaipur - 313 001. Tel: (0294)
3988029. Rajasthan. Telephone: 0154-2472570, 0154-2472560, HDFC AMC Ltd., Time Square, Opposite
U.I.T Office, Road No. 2, Alwar - 301 001. Rajasthan. Telephone : 01442700014, HDFC AMC Ltd., Ground
Floor, Chugh Mansion, Opposite DRM Office, Bikaner - 334001, Rajasthan Telephone : +91 151 2225222
Call Center : 1800 3010 6767 / 1800 419 7676 (Toll Free), HDFC AMC Ltd., Shop No. 5, Ground Floor, S K
Plaza, Pur Road, Bhilwara - 311001. Rajasthan. Telephone: 01482-240214/13. TAMIL NADU : HDFC
AMC Ltd., ITC Centre, 1st Floor, 760, Anna Salai, Chennai – 600 002. Tel: (044) 43979797/43979719.
HDFC AMC Ltd., 74, V Block, 5th Avenue, Near Ganga Sweets, Anna Nagar, Chennai - 600040. HDFC
AMC Ltd., No : 9, “Aurum” Building first floor, Kannusamy Road, R.S. Puram, Coimbatore – 641002. Tel:
(0422) 4391861/62/63. HDFC AMC Ltd., Shop No. 5, 2nd Floor, Suriya Towers, 272 - 273 Goodshed
Street, Madurai - 625 001. Tel: (0452) 4001300. HDFC AMC Ltd., 1st Floor, No1 Bhimsena Garden Street,
Royapettah High Road, Mylapore, Chennai – 600 004. Tel: (044) 40001300, HDFC AMC Ltd.,. Tel: (0427)
4001300. HDFC AMC Ltd., 1st floor, No. 142/7, Sri Balaji Arcade, Opp. Alagar Jewellery, Trivandrum Road,
Palayamkottai, Tirunelveli – 627 002. Tel.: (0462) 2576174. HDFC AMC Ltd., No. 60, Sri Krishna Arcade,
First Floor, Tennur High Road, Tennur, Trichy - 620 017. Tel: (0431) 4003700. HDFC AMC Ltd., Premises
No.73, 1st Floor Door No. 73/19,Thiyagarjapuram Officer’s Line Officer’s Line, Vellore - 632 001. Tel:
(0416) 2214670/2. TELANGANA: HDFC AMC Ltd6-3-885/7, IInd Floor, Saphire Square, Somajiguda,
Hyderabad - 500 282. Tel.: (040) 23417401/02/03/04/05. HDFC AMC Ltd., Gem Square, 1-88/2, 1st Floor,
Hi-tech City Main Road, Above HDFC Bank Madhapur, After Indian Oil Petrol Pump, Near Krissh Saphire,
Madhapur, Hyderabad - 500081. HDFC AMC Ltd., 2-5-83/84, 1st Floor, Mitralaxmi Narayana Arcade,
Nakkala Gutta, Hanmakonda, Warangal- 506 002. Tel: (0870) 2566 005/006/007/008/009. HDFC AMC
Ltd.,172-G, Block, 1st Floor, Hotel Prateek Plaza, Sukhadia Circle, Sri Ganganagar - 335001
UTTARAKHAND: HDFC AMC Ltd., 74 (New No 250/466), Rajpur Road, 1st Floor, Shri Ram Arcade,
Dehradun - 248 001. Tel: (0135)2741424/425. HDFC AMC Ltd., Plot No. 1, 1st Floor, Durga City Centre,
Bhotia Parao, Nainital Road, Haldwani – 263 139. Tel: (05946) 285286. HDFC AMC Ltd., 1st Floor, Kumar
Complex, Chandracharya Chowk, Haridwar - 249407. Tel: (01334) 222406/7. UTTAR PRADESH: HDFC
AMC Ltd., 1-C, First Floor, Block no 10/8, Padamdeep Building, Sanjay Place, Agra - 282002. Tel: (0562)
3984761-73, (0562) 3984777.HDFC AMC Ltd., 3/260-A, Arena Complex, Laxmibai Marg, Marris Road,
Aligarh - 202 001. Tel: (0571) 2740 770/771/772 . HDFC AMC Ltd. Premises No. 60/34/1 & 60/34/2, 1st
Floor, JMD Kripa Building, Above HDFC Bank Ltd., S P Marg, Allahabad - 211001. Tel: (0532)
2260184/87. HDFC AMC Ltd., 146 Civil Lines, 1st Floor, Gupta Complex, Near Circuit House Chouraha,
Bareilly - 243 001. Tel: (0581) 2510 749/759. HDFC AMC Ltd., D-2, 1st Floor, Raj Nagar District Centre,
Raj Nagar, Gaziabad - 201 010. Tel: (0120) 301 0635. HDFC AMC Ltd., Office Space Shop No. 8 to 13
situated on the UGF, Building ‘Cross Road The Mall’, Bank Road, Gorakhpur – 273 001. Tel. No: (0551)
6060011/2/3. HDFC AMC Ltd., Office Space No. 1228, 1229, 1230, Ground Floor, Madhur Plaza
Jhokanbagh, Civil Lines, Jhansi - 284 001. Tel: (0510) 2371308/09. HDFC AMC Ltd. Office No.
106,107,108,109 , First Floor,15/63 Krishna Tower, Civil Lines , Kanpur -208001 ,Tel: 7084399991; 0512-
2390008.HDFC AMC Ltd., 1st Floor, Hindustan Times House,25, Ashoke Marg, Lucknow – 226006. Tel:
139

(0522) 4155500 / 4155501. Tel: (0522) 4155500/01.HDFC AMC Ltd, 1st Floor, Delhi - Agra Road, Opp.
B.S.A College, Adjacent to HDFC Bank, Mathura-281001, Landline: 0565-2425199. HDFC AMC Ltd.,
143/145/1, Ganpati Plaza, Ground Floor, Magal Pandey Nagar, Meerut - 250 005. Tel: (0121) 2602
380/2601 965. HDFC AMC Ltd, First Floor, ‘Ravi Plaza’, Opp. LIC Office, Pili Kothi Chauraha, Moradabad -
244 001.Tel: (0591) 2486043/2483313. HDFC AMC Ltd., K-24/25, First Floor, Pearl Plaza Building, Sector-
18, Noida-204 301. Tel: (0120) 432 5757/5959..1st Floor, Himalaya Tower, Delhi Road, Saharanpur - 247
001. Tel: (0132) 2971473. HDFC AMC Ltd., Premises No. D-64/127, 1st Floor, Arihant Complex, Sigra,
Varanasi - 221010.Uttar Pradesh. Tel: 0524- 2225530/2225531/2225532. HDFC AMC Ltd.,1st Floor,
Chabhiwala Building, Above Bank of Baroda, Bazirao Katra, Mirzapur – 231001. Telephone: (0544)
2266872, 2nd Floor, SBD Complex, Madhur Milan Building, Civil Lines, Ayodhya (Faizabad) - 224 001,
Uttar Pradesh. Telephone : 05278 – 221211 (0471) 3983 730/731/732. WEST BENGAL: HDFC AMC
Ltd., 2nd Floor, Chatterjee Plaza, 69/101, GT Road, Rambandhutala, Asansol - 713 303. Tel: (0341)
2221220. HDFC AMC Ltd., Arihant Enclave, GT Road, Muchipara, Burdwan - 713103, West Bengal. Tel
No - 0342- 2646394/397/398 HDFC AMC Ltd., City Plaza, City Centre, 1st Floor, Durgapur - 713 216. Tel:
(0343) 3982150. HDFC AMC Ltd., Krishna Enclave, 2nd Floor, 2/1, Bhajanlal Lohia Lane, Opposite Howrah
A.C. Market, Howrah - 711 101, Phone: (033) 33546150/163,.HDFC AMC Ltd., Menaka Estate, 1st Floor,
3 Red Cross Place, Kolkata - 700 001. Tel: (033) 22312875, 22312876. HDFC AMC Ltd., G2, Thapar
House 163, Shyama Prasad Mukherjee Rd, Mudiali, Kolkata - 700026. Tel: 06292159241. HDFC Asset
Management Company Limited, CF 352 , Sector 1, Salt Lake City, Kolkata - 700 064. Tel. (033) 23212214
B 7/33 (S), HDFC Asset Management Company Limited, Ground Floor, Central Park, Below Canara Bank,
Kalyani - 741 235. West Bengal. Tel No - 033-33541154.HDFC Asset Management Company Limited,
Hinterland Complex - 2, 6/A Roy Ghat Lane, Serampore - 712201.Tel. (033) 26520043 Gitanjali Complex,
2nd Floor, Above Corporation Bank, Sevoke Road, Siliguri - 734 001. Tel: (0353) 6453474. HDFC Asset
Management Company Limited, Atwal Real Estate Pvt. Ltd., MS Tower II, OT Road, Kharagpur, Paschim
Medinipur, West Bengal - 721305. Tel. No. 7477785648/5649.
*This is not an Investor Service Centre for HDFC Mutual Fund. However, this is an official point of
acceptance for acceptance of all on-going transactions from Institutional Investors only, i.e. broadly
covering all entities other than resident / non resident individuals. Institutional Investors are free to lodge
their applications at any other official points of acceptance also.
CAMS - OFFICIAL POINTS OF ACCEPTANCE OF TRANSACTIONS
A. List of Investor Service Centres (ISCs) of Computer Age Management Services Ltd. (CAMS),
Registrar & Transfer Agents of HDFC Mutual Fund. These ISCs will be in addition to the existing
points of acceptance at the offices of HDFC Asset Management Company Ltd. (Investor Service
Centres for HDFC Mutual Fund). These ISCs of CAMS will be the official points of acceptance of
transactions for schemes of HDFC Mutual Fund except HDFC Arbitrage Fund.
ANDHRA PRADESH : AGVR Arcade, 2nd Floor, Plot No.37(Part), Layout No.466/79, Near Canara Bank,
Sangamesh Nagar, Anantapur -515 001. Door No.31-13-1158,1st floor,13/1, Arundelpet, Ward No.6,
Guntur-522002. Bandi Subbaramaiah Complex, Door No: 3/1718, Shop No: 8, Raja Reddy Street, Kadapa
- 516 001. D No-25-4-29, 1st floor, Kommireddy Vari Street, Beside Warf Road,Opp. Swathi Medicals,
Kakinada- 533001. Shop Nos. 26 and 27, Door No. 39/265A and 39/265B, Second Floor, Skanda
Shopping Mall, Old Chad Talkies, Vaddageri, 39th Ward, Kurnool - 518 001. 208, II Floor Jade Arcade,
Paradise Circle, Hyderabad, Telangana -5000033. Shop No. 2, 1st Floor, NSR Complex, James Garden,
Near Flower Market, Nellore - 524 001. Shop No.1128, First Floor,3rd Line,Sri Bapuji Market Complex,
Ongole-523001. Door No: 6-2-12, 1st Floor, Rajeswari Nilayam, Near Vamsikrishna Hospital, Nyapathi
Vari Street, T Nagar, Rajahmundry – 533 101.Shop No. 6, Door No. 19-10-8, (Opp. to Passport Office),
140

AIR Bypass Road, Tirupathi - 517 501. 40-1- 68, Rao & Ratnam Complex, Near Chennupati Petrol Pump,
M. G. Road, Labbipet, Vijayawada – 520 010. Door No. 4-8-73, Beside Sub Post Office, Kothagraharam,
Vizianagaram - 535001. Flat No GF2, D NO 47-3-2/2 Vigneswara Plaza, 5th Lane, Dwarakanagar
Visakhapatnam- 530 016 Andhra Pradesh. ASSAM: Piyali Phukan Road, K. C. Path, House No - 1,
Rehabari, Guwahati – 781008. Bangiya Vidyalaya Road, Near Old post office, Durgabari, Tinsukia, Pin –
786125. BIHAR: Ground Floor, Gurudwara Road, Near Old Vijaya Bank, Bhagalpur – 812001. C/o Sri
Vishwanath Kunj, Ground Floor, Tilha Mahavir Asthan, Gaya – 823001. Brahman Toil, Durga Asthan, Gola
Road, Muzaffarpur - 842 001. G-3, Ground Floor, Om Vihar Complex, SP Verma Road, Patna - 800 001.
CHHATTISGARH : First Floor, Plot No. 3, Block No. 1, Priyadarshini Parisar West, Behind IDBI Bank,
Nehru Nagar Square, Bhilai Dist. Durg (Bhilai) - 490 020. Shop No. B - 104, First Floor, Narayan Plaza,
Link Road, Bilaspur - 495001. C-23, Sector 1, Devendra Nagar, Raipur - 492 004. DELHI :.Office Number
112, 1st Floor ,Mahatta Tower, B Block Community Centre, Janakpuri, New Delhi – 110058. GOA: F4-
Classic Heritage, Near Axis Bank, Opp. BPS Club,Pajifond, Margao, Goa - 403 601. Office No. 103, 1st
Floor, Unitech City Centre, M.G. Road, Panaji - 403 001. GUJARAT: 111- 113, 1st Floor - Devpath,
Building, Off C G Road, Behind Lal Bungalow, Ellis Bridge, Ahmedabad – 380 006. No. 101, A P Towers,
B/H Sardar Gunj, Next to Nathwani Chambers, Anand - 388 001. Shop No - F -56, 1st Floor, Omkar
Complex, Opp. Old Colony, Near Valia Char Rasta, GIDC, Ankleshwar – 393002. 501 – 503 , Bhayani
Skyline, Behind Joggers Park, Atabhai Road, Bhavnagar – 364001. Office No. 4-5, First Floor, RTO
Relocation Commercial Complex - B, Opp. Fire Station, Near RTO Circle, Bhuj-Kutch - 370 001. A/177,
Kailash Complex, Opp. Khedut Decor, Gondal - 360 311. 207, Manek Centre, P N Marg, Jamnagar - 361
001. Aastha Plus'', 202-A, 2nd Floor, Sardarbag Road, Near. Alkapuri, Opp. Zansi Rani Statue, Junagadh
- 362 001. 1st Floor, Subhadra Complex, Urban Bank Road, Mehsana - 384 002. 214-215, 2nd Floor,
Shivani Park, Opp. Shankheswar Complex, Kaliawadi, Navsari - 396 445. Office 207 - 210, Everest
Building, Opp. Shastri Maidan, Limda Chowk, Rajkot - 360 001. Shop No - G-5, International Commerce
Center, Nr. Kadiwala School, Majura Gate, Ring Road, Surat – 395 002. 103, Aries Complex, BPC Road,
Off R.C. Dutt Road, Alkapuri, Vadodara - 390 007. Gita Nivas, 3rd Floor, Opp. Head Post Office, Halar
Cross Lane, Valsad - 396 001. 208, 2nd Floor, Heena Arcade, Opp. Tirupati Tower, Near G.I.D.C. Char
Rasta, Vapi - 396 195. HARYANA : Opposite PEER, Bal Bhawan Road, Ground Floor, Ambala City - 134
003. LG3, SCO 12, Sector 16, Behind Canara Bank, Faridabad – 121 002. Unit No-115, First Floor Vipul
Agora Building Sector-28, Mehrauli Gurgaon Road Chakkarpur Gurgaon - 122001. 12, Opp. HDFC Bank,
Red Square Market, Hisar - 125 001. 83, Devi Lal Shopping Complex, Opp. RBL Bank, G. T. Road,
Panipat – 132 103. SCO 06, Ground Floor, MR Complex, Near Sonipat, Stand Delhi Road, Rohtak-
124001.124 - B/R, Model Town, Yamuna Nagar – 135 001. HIMACHAL PRADESH: 328/12, Ram Nagar,
1st Floor, Above Ram Traders, Mandi - 175 001. 1st Floor, Opp. Panchayat Bhawan Main Gate, Bus
Stand, Shimla – 171 001. JAMMU & KASHIMIR : JRDS Heights, Lane Opp. S&S Computers, Near RBI
Building, Sector 14, Nanak Nagar, Jammu - 180 004. JHARKAND : Mazzanine Floor, F-4, City Centre
Sector 4, Bokaro Steel City, Bokaro - 827 004. S. S. M. Jalan Road, Ground Floor, Opp. Hotel Ashoke,
Caster Town, Deoghar – 814 112. Urmila Towers, Room No. 111, 1st Floor, Bank More, Dhanbad - 826
001. Municipal Market, Annanda Chowk, Hazaribagh - 825 301. Millennium Tower, Room No:15, First
Floor, R- Road, Bistupur, Jamshedpur - 831 001. 4, HB Road No. 206, 2nd Floor, Shri Lok Complex,
Ranchi - 834 001. KARNATAKA : Trade Centre, 1st Floor, 45, Dikensen Road (Next to Manipal Centre),
Bangalore - 560 042. First Floor, No. 17/1,- (272) 12Th Cross Road, Wilson Garden, Bangalore – 560027.
Shop No. 2, 1st Floor, Shreyas Complex, Near Old Bus Stand, Bagalkot – 587 101. Classic Complex,
Block No 104, 1st Floor, Saraf Colony, Khanapur Road, Tilakwadi, Belgaum - 590 006. No.18/47/A,
Govind Nilaya,Ward No.20,Sangankal Moka Road, Gandhinagar, Ballari-583102. #13, 1st Floor,
Akkamahadevi Samaj Complex, Church Road, P J Extension, Davangere - 577 002. No. 204 - 205, 1st
Floor, 'B' Block, Kundagol Complex, Opp. Court, Club Road, Hubli - 580 029. No. 1, 1st Floor, CH.26, 7th
Main, 5th Cross (Above Trishakthi Medicals) Saraswati Puram, Mysore – 570 009. 14-6-674/15(1), Shop
No -UG11-2, Maximus Complex, Light House Hill Road, Mangalore- 575 001. No.65 1st Floor, Kishnappa,
141

Compound 1st Cross, Hosmane Extn, Shimoga - 577 201. PID No 88268, 2nd Floor, 2nd Cross, M G
Road, Tumkur-572101. KERALA: Doctor's Tower Building, 1st Floor, Door No. 14/2562, North of Iorn
Bridge, Near Hotel Arcadia Regency, Alleppey - 688 001. Building Name: Modayil, Door No.: 39/2638 DJ,
2nd Floor, 2A, M. G. Road, Cochin - 682 016. Room No. 14/435, Casa Marina Shopping Centre, Talap,
Kannur - 670 004. Uthram Chambers (Ground Floor), Thamarakulam, Kollam – 691 006.1307 B,
Puthenparambil Building, KSACS Road, Opp. ESIC Office, Behind Malayala Manorama, Muttambalam
P.O.,Kottayam - 686 501. 29/97G, 2nd Floor, Gulf Air Building, Mavoor Road, Arayidathupalam,
Kozhikode - 673 016. Kadakkadan Complex, Opp. Central School, Malappuram – 670 504. Door
No.18/507(3), Anugraha , Garden Street, College Road, Palakkad – 678001. Room No. 26 & 27, Dee Pee
Plaza, Kokkalai, Thrissur – 680 001. TC No: 22/902, 1st – Floor, Blossom Bldg. Opp. NSS Karayogam,
Sasthamangalam Village P.O. Thiruvananthapuram Trivandrum - 695 010. 1st Floor, Room No-61(63),
International shopping Mall, Opp.ST Thomas Evangelical Church, Above Thomsan Bakery, Manjady,
Thiruvalla-689105. MADHYA PRADESH : Plot No. 10, 2nd Floor, Alankar Complex, Near ICICI Bank, M.
P. Nagar, Zone II, Bhopal - 462 011. G-6, Global Apartment, Phase-II, Opposite Income Tax Office,
Kailash Vihar City Centre, Gwalior - 474 011. 101, Shalimar Corporate Centre, 8-B, South Tukoganj, Opp.
Green Park, Indore - 452 001.8, Ground Floor, Datt Towers, Behind Commercial Automobiles, Napier
Town, Jabalpur - 482 001. MAHARASHTRA: Opp. RLT Science College, Civil Lines, Akola – 444 001.
81, Gulsham Tower, Near Panchsheel, Amaravati - 444 601. 2nd Floor, Block No. D-21-D-22, Motiwala
Trade Center, Nirala Bazar, New Samarth Nagar, Opp. HDFC Bank, Aurangabad - 431001. 70, Navipeth,
Opp. Old Bus Stand, Jalgaon – 425 001. Shop No. 6, Ground Floor, Anand Plaza Complex, Bharat Nagar,
Shivaji Putla Road, Jalna - 431 203. Office No 413, 414, 415, 4th Floor, Seasons Business Centre, Opp.
KDMC (Kalyan Dombivli Municipal Corporation), Shivaji Chowk, Kalyan (W) – 421 301. 2 B, 3rd Floor,
Ayodhya Towers, Station Road, Kolhapur - 416 001. 351, Icon, 501, 5th Floor, Western Express Highway,
Andheri - East, Mumbai - 400 069. 077, Ground Floor, Rajabahadur Compound, Opp. Allahabad Bank,
Behind ICICI Bank, 30, Mumbai Samachar Marg, Fort, Mumbai – 400 023. Platinum Mall, Office No. 307,
3rd Floor, Jawahar Road, Ghatkopar East, Mumbai – 400. 501 – TIARA CTS 617, 617/1-4, Off
Chandavarkar Lane, Maharashtra Nagar Borivali – West, Mumbai – 400092. 145 Lendra Park, New
Ramdaspeth, Behind IndusInd Bank, Nagpur - 440 010. 1st Floor, "Shraddha Niketan", Tilak Wadi, Opp.
Hotel City Pride, Sharanpur Road, Nasik - 422 002. BSEL Tech Park, B-505, Plot No. 39/5 & 39/5A, Sector
30A, Opp. Vashi Railway Station, Vashi, Navi Mumbai 400705. Vartak Pride, 1st Floor, Survay No 46, City
Survay No 1477, Hingne Budruk D. P Road, Behind Dinanath Mangeshkar Hospital, Karvenagar, Pune -
411052. Jiveshwar Krupa Bldg, Shop. No.2, Ground Floor, Tilak Chowk, Harbhat Road, Sangli - 416 416.
117/A/3/22, Shukrawar Peth, Sargam Apartment, Satara - 415 002. Flat No 109, 1st Floor A Wing, Kalyani
Tower 126 Siddheshwar Peth, Near Pangal High School, Solapur - 413001. Dev Corpora, 1st Floor, Office
No. 102, Cadbury Junction, Eastern Express way, Thane (West) - 400 601.NEW DELHI: 401 to 404, 4th
Floor, Kanchan Junga Building, Barakhamba Road, New Delhi - 110001. Aggarwal Cyber Plaza-II,
Commercial Unit No-371,3rd Floor, Plot No C-7, Netaji Subhash Palace, Pitampura-110034. ORISSA: B. C.
Sen Road, Balasore - 756 001. Kalika Temple Street, Ground Floor, Beside SBI BAZAR Branch,
Berhampur - 760 002. Plot No- 501/1741/1846, Premises No-203, 2nd Floor, Kharvel Nagar, Unit-3,
Bhubaneswar - 751 001. Near Indian Overseas Bank, Cantonment Road, Mala Math, Cuttack - 753 001.
J B S Market Complex, 2nd Floor, Udit Nagar, Rourkela – 769 012. Opp.Town High School, Sansarak,
Sambalpur - 768 001. PONDICHERRY : S-8, 100, Jawaharlal Nehru Street, (New Complex, Opp. Indian
Coffee House), Pondicherry – 605 001.PUNJAB: 3rd Floor, Bearing Unit No - 313, Mukut House, ,
Amritsar – 143 001. 2907 GH, GT Road, Near Zilla Parishad, Bhatinda - 151 001. Deepak Towers, SCO
154-155, 1st Floor, Sector 17-C, Chandigarh -160 017. 144, Vijay Nagar, Near Capital Small Finance
Bank, Football Chowk, Jalandar City-144001.U/GF, Prince Market, Green Field, Near Traffic Lights,
Sarabha Nagar Pulli, Pakhowal Road, Ludhiana - 141 002. 35, New Lal Bagh, Opp. Polo Ground, Patiala -
147 001. RAJASTHAN: AMC No. 423/30, Near Church, Brahampuri, Opposite T B Hospital, Jaipur Road,
Ajmer – 305 001. 256 - A, Scheme No. 1, Arya Nagar, Alwar - 301 001. Indraparshta Tower, Shop Nos.
142

209 - 213, Second Floor, Shyam Ki Sabji Mandi, Near Mukharji Garden, Bhilwara - 311 001. Behind
Rajasthan Patrika, In front of Vijaya Bank, 1404, Amar Singh Pura, Bikaner – 334001. G-III, Park Saroj, R-
7, Yudhisthir Marg, C-Scheme, Behind Ashok Nagar Police Station, Jaipur - 302 001. B-33 'Kalyan
Bhawan', Triangle Part, Vallabh Nagar, Kota – 324 007. 1/5, Nirmal Tower, 1st Chopasani Road, Jodhpur
– 342 003. 18 L Block, Sri Ganganagar - 335 001. 32, Ahinsapuri, Fatehpura Circle, Udaipur – 313 004.
TAMIL NADU: No 1334, Thadagam Road,Thirumoorthy Layout, R.S.Puram,Behind Venkteswara Bakery,
Coimbatore - 641002. 178/10, Kodambakkam High Road, Opp. Hotel Palm Grove, Nungambakkam,
Chennai - 600 034. III Floor, B R Complex, No.66, Door No. 11A, Ramakrishna Iyer Street, Opp. National
Cinema Theatre, West Tambaram, Chennai - 600 045. 171-E, Sheshaiyer Complex, First Floor,
Agraharam Street, Erode - 638 001. 126 GVP Towers, Kovai Road, Basement of Axis Bank, Karur - 639
002. No.28/8, 1st Floor, Balakrishna Colony, Pachaiappa Street, Near VPV Lodge, Kumbakonam - 612
001. Shop No 3 2nd Floor Surya Towers, No 272/273 Goodshed Street, Madurai – 625001.No. 2, 1st
Floor, Vivekanand Street, New Fairland, Salem - 636 016. No. F4, Magnem Suraksaa Apartments,
Tiruvananthapuram Road, Tirunelveli - 627 002. No.1 (1), Binny Compound, 2nd Street, Kumaran Road,
Tiruppur - 641 601. No. 8, 1st Floor, 8th Cross West Extn., Thillainagar, Trichy - 620 018. DOOR NO 86,
BA Complex, 1st Floor, Shop No 3, Anna Salai (Officer Line), Tollgate, , Vellore - 632 001. TELANGANA:
H. No.7-1-257, Upstairs S.B.H, Mankammathota, Karimnagar – 505 001. No.15-31-2M-1/4, 1st floor, 14-A,
MIG, KPHB colony, Kukatpally, Hyderabad-500072. 208, 2nd Floor, Jade Arcade, Paradise Circle,
Secunderabad - 500 003. A.B.K. Mall, Near Old Bus Depot Road, F-7, 1st Floor, Ramnagar,
Hanamkonda, Warangal - 506 001. TRIPURA : Nibedita,1st floor, JB Road Palace Compound, Agartala,
Near Babuana Tea and Snacks, Tripura (West)- 799001. Krishnanagar, Advisor Chowmuhani (Ground
Floor), Agartala - 799 001. UTTAR PRADESH: No. 8, II Floor, Maruti Tower, Sanjay Place, Agra - 282
002. City Enclave, Opp. Kumar Nursing Home, Ramghat Road, Aligarh - 202 001. 30/2, A&B, Civil Lines
Station, Besides Vishal Mega Mart, Strachey Road, Allahabad - 211 001. F-62-63, Second Floor, Butler
Plaza, Civil Lines, Bareilly - 243 001. First Floor, C-10 RDC, Rajnagar, Opp. Kacheri Gate No.2,
Ghaziabad - 201 002, Ghaziabad - 201 002. Shop No. 5 & 6, 3rd Floor, Cross Road The Mall, A D Tiraha,
Bank Road, Gorakhpur - 273 001. No.372/18D,1st Floor Above IDBI Bank, Beside V-Mart, Near
RAKSHAN, Gwalior Road, Jhansi-284001 .106 -107 - 108, 1st Floor, IInd Phase, City Centre, 63/2, The
Mall, Kanpur - 208 001. UTTARAKHAND: 204/121, Nari Shilp Mandir Marg, Old Connaught Place,
Dehradun - 248 001. Dev Bazar, Bazpur Road, Kashipur - 244713. WEST BENGAL: Kankaria Centre,
2/1, Russell Street,2nd Floor, Kolkata - 700 071. Block - G, 1st Floor, P C Chatterjee Market Complex,
Rambandhu Talab, P. O. Ushagram, Asansol - 713 303. 399, G T Road, Basement Building Name - Talk
of the Town, Burdwan - 713 101. Plot No 3601 Nazrul Sarani, City Centre, Durgapur - 713 216. A - 1/50,
Block - A, Kalyani - 741 235. "Silver Palace",OT Road, Inda - Kharagpur, G.P - Barakola, P.S – Kharagpur
Local, Pin - 721 305. 47/5/1, Raja Rammohan Roy Sarani, P.O. Mallickpara, Dist. Hoogly, Seerampur -
712 203. 78, Haren Mukherjee Road, 1st Floor, Beside SBI Hakimpara, Siliguri – 734001.
B. List of Limited Transaction Points (LTPs) of Computer Age Management Services Ltd. (CAMS),
Registrar & Transfer Agents of HDFC Mutual Fund. These LTPs of CAMS will be the official points
of acceptance of transactions for schemes of HDFC Mutual Fund except transactions of Liquid
Schemes / Plans viz. HDFC Liquid Fund, HDFC Overnight Fund and HDFC Arbitrage Fund. These
LTPs will accept transaction / service requests from Monday to Friday between 12 p.m. and 3 p.m.
only.
ANDAMAN AND NICOBAR ISLANDS: 1st floor, Opp. Mishra Store, Near Junglighat Milk Booth, Khaitan
Kalyana Mandapam, Jinglighat Colony, Port Blair – 744103. ANDHRA PRADESH : Door No 4-4- 96, 1st
Floor, Vijaya Ganapathi Temple Back Side, Nanubala Street, Srikakulam - 532 001. ASSAM: House No-
18B,1st Floor, C/O LT, Satyabrata Purkayastha, Opp To Shiv Mandir, Landmark - Sanjay Karate Building,
Near Iskon Mandir, Ambicabathy, Silchar-788004. Dewal Road, Second Floor, Left side Second Building,
Near Budhi Gukhani Mandir, Gar Ali, Jorhat –785001. Kanak Tower - 1st Floor, Opp. IDBI Bank/ICICI
143

Bank, C.K. Das Road, Tezpur Sonitpur - 784001. Utaplendu Chakraborthy, Amulapathy, V.B.Road, House
No.315, Nagaon - 782003. G.N.B.Road, Bye Lane, Prakash Cinema, Po & Dist. Bongaigaon - 783380.
Amba Complex, Ground Floor, H S Road, Dibrugarh - 786001. BIHAR : Old NCC Office, Ground Floor,
Block Road, Arrah - 802 301. Ground Floor, Belbhadrapur, Near Sahara Office, Laheriasarai Tower
Chowk, Laheriasarai, Darbhanga - 846 001. R & C Palace, Amber Station Road, Opp.: Mamta Complex,
Bihar Sharif (Nalanda) - 803 101. C/o, Rice Education and IT Centre, Near Wireless Gali, Amla
tola,Katihar, Bihar -854105. CAMS SERVICE CENTRE,C/C Muneshwar Prasad, Sibaji Colony, SBI Main
Branch Road, Near - Mobile Tower, Purnea-854301. CHHATTISGARH : KH. No. 183/2G, Opposite Hotel
Blue Diamond, T.P. Nagar, Korba, 495677. GOA : Office No. 503, Buildmore Business Park,New Canca
By Pass Road, Ximer, Mapusa – 403 507. No. DU 8, Upper Ground Floor, Behind Techoclean Clinic,
Suvidha Complex, Near ICICI Bank, Vasco da Gama – 403 802. GUJARAT : B-1,1st Floor, Mira Arcade,
Library Road, Opp. SBS Bank, Amreli – 365 601. F-10, First Wings, Desai Market, Gandhi Road, Bardoli
– 394601. A-111, First Floor, R K Casta, Behind Patel Super Market, Station Road, Bharuch –
392001.Shyam Sadan, First Floor, Plot No.120,Sector 1/A, Gandhidham- 370201. 507, 5th Floor, Shree
Ugati Corporate Park,Opp Pratik Mall, Near HDFC Bank, Kudasan, Gandhinagar – 382421. D-78, First
Floor, New Durga Bazar, Near Railway Crossing, Himmatnagar – 383 001. 1st Floor, Prem Prakash Tower,
B/H B N Chamber, Ankleshwar Mahadev Road, Godhra – 389 001. F 142, First Floor, Ghantakarana
Complex, Gunj Bazar, Nadiad – 387 001. Gopal Trade Center, Shop No. 13-14, 3rd Floor, Nr. BK
Mercantile Bank, Opp. Old Gunj, Palanpur – 385001. Shop No. 12, M.D. Residency Swastik Cross Road,
Surendranagar – 363 001. Gujarat . HARYANA : Ground Floor of CA Deepak Gupta ,M G Complex,
Bhawna Marg , Beside Over Bridge, Bansal Cinema Market, Sirsa Haryana: 125055. SCO-12,1st Floor,
Pawan Plaza, Atlas Road, Subhas Chowk, Sonepat-131001. HIMACHAL PRADESH: 1st Floor, Above
Sharma General Store, Near Sanki Rest house, The Mall, Solan - 173 212. College Road, Kangra,
Himachal Pradesh, Pin Code - 176001. JAMMU AND KASHMIR: Guru Nanak institute, NH-1A,
Udhampur, J&K - 182 101. JHARKHAND: At, Gram- Gutusahi under the Nimdih Panchayat PO Chaibasa
Thana: Muftsil District- West Singbhum Jharkhand, Chaibasa Pin- 833001. KARNATAKA: Pal Complex,
Ist Floor, Opp. City Bus Stop, Super Market, Gulbarga - 585 101. 'PANKAJA' 2nd Floor, Near Hotel
Palika,Race Course Road, Hassan - 573201. *Shop No A2, Basement Floor, Academy Tower, Opp.
Corporation Bank, Manipal - 576104. Padmasagar Complex, 1st floor, 2nd Gate, Ameer Talkies Road,
Vijayapur (Bijapur) – 586101. MADHYA PRADESH: 2nd Floor, Parasia Road, Near Surya Lodge, Sood
Complex, Above Nagpur CT Scan, Chhindwara, Madhya Pradesh 480001. 11 Ram Nagar-1st Floor,
A.B.Road, Near Indian- Allahabad Bank, Dewas- 455001. 1st' Floor, Gurunanak Dharmakanta, Jabalpur
Road, Bargawan, Katni – 483 501. 18, Ram Bagh, Near Scholar's School, Ratlam - 457 001. Opp. Somani
Automoblies, Bhagwanganj, Sagar – 470 002. 1st Floor, Shri Ram Market, Beside Hotel Pankaj, Satna-
485001. Adjacent to our existing office at 109, 1st Floor, Siddhi Vinayak Trade Center, Shahid Park , Ujjain
- 456 010 Madhya Pradesh. MAHARASHTRA: Office No 3, 1st Floor, Shree Parvati, Plot No. 1/175, Opp.
Mauli Sabhagruh, Zopadi Canteen, Savedi, Ahmednagar - 414 003. 3, Adelade Apartment, Christian
Mohala, Behind Gulshan-E-Iran Hotel, Amardeep Talkies Road, Bhusawal - 425 201. Opp Mustafa Décor,
Behind Bangalore, Bakery Kasturba Road, Chandrapur, Maharashtra, 442402. Computer Age
Management Services Ltd., 1793/ A , J B Road, Near Tower Garden, Dhule – 424001. Shop No. 8, 9
Cellar Raj Mohammed Complex” Main Road, Shri Nagar, Nanded - 431605. Orchid Tower, Gr Floor, Gala
No.06,S.V. No.301/Paiki 1/2,Nachane Municiple Aat, Arogya Mandir, Nachane Link Road, At, Post, Tal.
Ratnagiri Dist. Ratnagiri- 415612. Opp. Raman Cycle Industries, Krishna Nagar, Wardha - 442 001.
Pushpam, Tilakwadi, Opp. Dr. Shrotri Hospital, Yavatmal - 445 001. NAGALAND: H/NO-2/2, SKK
Building, OPP SUB-Urban Police Station, Dr Hokishe Sema Road, Signal Point, Dimapur- 797112.
ORISSA: Similipada, Near Sidhi Binayak +2 Science Collage, Angul - 759122. PUNJAB : Near Archies
Gallery, Shimla Pahari Chowk, Hoshiarpur - 146 001. Street No 8-9 Center, Aarya Samaj Road, Near Ice
Factory, Moga -142 001. Moga - 142 001. Opp Bank of Bikaner and Jaipur, Harchand Mill Road, Motia
Khan, Mandi Gobindgarh, Punjab-147301. 13 - A, 1st Floor, Gurjeet Market, Dhangu Road, Pathankot –
145001. Shop No. 2, Model Town, Near Joshi Driving School, Phagwara - 144401. RAJASTHAN : 3
Ashok Nagar, Near Heera Vatika, Chittorgarh-312 001.C/O Gopal Sharma & Company Third Floor,
Sukhshine Complex, Near Geetanjali Book depot, Tapadia Bagichi, Sikar- 332 001. SIKKIM : House No :
GTK /006/D/20(3) (Near Janata Bhawan) D.P.H. Road, Gangtok-737 101. TAMIL NADU : Shop 7, AVC
144

Arcade, 3, South Car Street, Chidambaram - 608 001. Tamil Nadu. 16A/63A, Pidamaneri Road, Near
Indoor Stadium, Dharmapuri - 636 701. Survey No. 25/204, Attibele Road, HCF Post,Mathigiri, Above
Time Kids School,Opposite to Kuttys Frozen Foods, Hosur - 635 110. 4th Floor, Kalluveettil Shyras Center,
47, Court Road, Nagercoil - 629 001. 156A/1, First Floor, Lakshmi Vilas Building, Opp. to District Registrar
Office, Trichy Road, Namakkal - 637 001. D. No. 59A/1, Railway Feeder Road, (Near Railway Station),
Rajapalayam – 626 117. 4B/A-16 Mangal Mall Complex, Ground Floor, Mani Nagar, Tuticorin - 628 003.
TELANGANA: Shop No: 11 - 2 - 31/3, 1st Floor, Philips Complex, Balajinagar, Wyra Road, Near Baburao
Petrol Bunk, Khammam - 507 001. 6-4-80, 1st Floor, Above Allahabad Bank, Opp. to Police Auditorium,
VT Road, Nalgonda - 508 001. 5-6-208, Saraswathi Nagar, Opposite Dr. Bharathi Rani Nursing Home,
Nizamabad - 503 001. UTTARAKHAND : F - 3, Hotel Shaurya, New Model Colony, Haridwar, Uttarkhand
– 249408. Durga City Centre, Nainital Road, Haldwani - 263 139. 22 Civil Lines, Ground Floor, Hotel Krish
Residency, Roorkee - 247 667. UTTAR PRADESH : Office No. 3, 1st Floor, Jamia Shopping Complex,
Opposite Pandey School, Station Road, Basti - 272 002. 1/13/196, A, Civil Lines, Behind Tirupati Hotel,
Faizabad - 224 001. 53,1st Floor, Shastri Market, Sadar Bazar, Firozabad – 283203. 248, Fort Road, Near
Amber Hotel, Jaunpur - 222 001. 159/160, Vikas Bazar, Mathura - 281 001. 235, Patel Nagar, Near
Ramlila Ground, New Mandi, Muzaffarnagar - 251 001. Uttar Pradesh. Opposite Dutta Traders, Near
Durga Mandir Balipur, Pratapgarh - 230 001. 17, Anand Nagar Complex, Rae Bareli - 229 001. Mohd.
Bijlipura, Old Distt Hospital, Jail Road, Shahjahanpur - 242 001. Arya Nagar, Near Arya Kanya School,
Sitapur – 261 001. 967, Civil Lines, Near Pant Stadium, Sultanpur - 228 001. WEST BENGAL : Ward
No.5, Basantapur More, PO Arambag, Hoogly, Arambagh - 712 601. 1st Floor, Central Bank Building,
Machantala, PO Bankura, Dist Bankura, West Bengal, PIN – 722101.Bhubandanga Opposite Shiv
Shambhu Rice Mill 1st Floor, Bolpur - 731204.107/1 A C Road, Ground Floor, Bohorompur, Murshidabad,
West Bengal - 742103. N. N. Road, Power House Choupathi, Coochbehar - 736 101. Mouza-
Basudevpur, J.l. No. 126, Haldia Municipality, Ward No 10, Durgachak, Haldia - 721 602. Dist Purba
Medinipur. West Bengal . Babu Para Beside Meenaar Apartment, Ward No VIII, Kotwali Police Station,
Jalpaiguri - 735 101.3/1, R.N. Mukherjee Road 3rd Floor, Office Space -3C, “Shreeram Chambers”
Kolkata- 700001 . Daxhinapan Abasan, Opp Lane of Hotel Kalinga, SM Pally, Malda - 732 101. R.N
Tagore Road, In front of Kotawali P.S.Krishnanagar, Nadia - 741101. Rabindra Pally Beside of Gitanjali
Cinema Hall PO & P S Raiganj, Dist North Dijajpur ,Raiganj , West Bengal - 733134 .Police Line,
Ramakrishnapally, Near Suri Bus Stand, Suri - 731101. N/39, K.N.C Road, 1st Floor Shrikrishna
Apartment, (Behind HDFC Bank Barasat Branch) PO and PS : Barasat Dist : 24PGS (North), Kolkata - 700
124. Holding No-58, 1st Floor, Padumbasan Ward No 10, Tamluk Maniktala More, Beside HDFC Bank,
Tamluk, Purba Medinipur, Tamluk- 721636.
* accepts transactions of Liquid Schemes / Plans viz. HDFC Liquid Fund and HDFC Overnight Fund.
OFFICIAL POINT OF ACCEPTANCE FOR TRANSACTIONS IN ELECTRONIC FORM

Eligible investors can undertake any transaction, including purchase / redemption / switch and avail of any
services as may be provided by HDFC Asset Management Company Limited (AMC) from time to time
through the online/electronic modes (including email) via various sources like its official website -
www.hdfcfund.com, mobile handsets, designated email-id(s), etc. Additionally, this will also cover
transactions submitted in electronic mode by specified banks, financial institutions, distributors etc., on
behalf of investors, with whom AMC has entered or may enter into specific arrangements or directly by
investors through secured internet sites operated by CAMS. The servers including email servers
(maintained at various locations) of AMC and CAMS will be the official point of acceptance for all such
online / electronic transaction facilities offered by the AMC to eligible investors.
145

POINTS OF SERVICE ("POS") OF MF UTILITIES INDIA PRIVATE LIMITED ('MFUI') AS OFFICIAL
POINTS OF ACCEPTANCE (OPA) FOR TRANSACTIONS THROUGH MF UTILITY ("MFU")
Both financial and non-financial transactions pertaining to scheme(s) of HDFC Mutual Fund ('the Fund') can
be done through MFU at the authorized POS of MFUI. The details of POS published on MFU website at
www.mfuindia.com will be considered as Official Point of Acceptance (OPA) for transactions in the
Scheme.
AMFI CERTIFIED STOCK EXCHANGE BROKERS/ CLEARING MEMBERS /DEPOSITORY

PARTICIPANTS# AS OFFICIAL POINTS OF ACCEPTANCE FOR TRANSACTIONS (PURCHASE/
REDEMPTION) OF UNITS OF HDFC MUTUAL FUND SCHEMES THROUGH THE STOCK
EXCHANGE(S) INFRASTRUCTURE
# For Processing only Redemption Request of Units Held in Demat Form.The eligible AMFI certified stock
exchange Brokers/ Clearing Members/ Depository Participants who have complied with the conditions
stipulated in clause 16.2.4.8 of Master Circular for stock brokers viz. AMFI/ NISM certification, code of
conduct prescribed by SEBI for Intermediaries of Mutual Fund will be considered as Official Points of
Acceptance (OPA) of the Mutual Fund.
MF CENTRAL AS OFFICIAL POINTS OF ACCEPTANCE (OPA) FOR TRANSACTIONS

As per clause 16.6 of Master Circular, Kfin Technologies Private Limited (“KFintech”) and Computer Age
Management Services Limited (“CAMS”) have jointly developed MFCentral - A digital platform for
transactions/ service requests by Mutual Fund investors. Accordingly, MF Central will be considered as an
Official Point of Acceptance (OPA) for transactions in the Scheme.
146

HDFC ASSET MANAGEMENT COMPANY LIMITED
Registered Office :
HDFC House, 2nd Floor, H.T. Parekh Marg,
165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020
Tel.: 022-66316333 • Toll Free no. 1800 3010 6767/1800 419 7676
e-mail for Investors: [email protected]
e-mail for Distributors: [email protected]
website : www.hdfcfund.com
147

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SCHEME INFORMATION DOCUMENT

HDFC Housing Opportunities Fund

This product is suitable for investors who are seeking*: Riskometer#

- Investment predominantly in equity and equity related

on the website of the Fund viz. www.hdfcfund.com

Continuous Offer of Units at Applicable NAV

Name of Mutual Fund (Fund) : HDFC Mutual Fund

Asset Management Company (AMC) : Trustee Company :

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HIGHLIGHTS/SUMMARY OF THE SCHEME ........................................................................................................................ 5

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

- In respect of each purchase / switch-in of Units, an Exit Load of 1.00% is

In respect of Systematic Transactions such as SIP, STPs etc., Exit Load, if

Regular and Direct Plans offer the following sub-options:

HDFC Housing Opportunities Fund-SID

Income Distribution cum Capital Withdrawal (IDCW) Option

This Option offers following Sub-Options / facilities:

Payout Option / facility in case Payout of IDCW Option / facility or Reinvestment

In cases of wrong/ invalid/ incomplete ARN codes are mentioned on the

The financial transactions# of an investor where his distributor's AMFI

HDFC Housing Opportunities Fund-SID

#Financial Transactions shall include all Purchase / Switch requests (including

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

(ii) Risk factors associated with investing in Fixed Income Securities

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

(v) General Risk factors

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

(ix)Risk pertaining to covered call strategy

(x) Risk factors associated with Securities Lending

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

(xiii) Risk factors associated with Short Selling

(xiv)Risk factors associated with Creation of Segregated Portfolio

HDFC Housing Opportunities Fund-SID

(xvi) Risk factors associated with REITs and InvITs:

HDFC Housing Opportunities Fund-SID

Disclaimer pertaining to Nifty Housing Index (Total Returns Index):

B. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

HDFC Housing Opportunities Fund-SID

B. WHAT IS THE INVESTMENT OBJECTIVE OF THE SCHEME?