NOTICE CUM ADDENDUM

This Notice cum addendum sets out changes to be made in the Statement of Additional Information (SAI) of Tata
Mutual Fund.

Appointment of Independent Director of Tata Trustee Company Private Limited effective from 10th November 2023.

Ms. Varsha Purandare, aged 65 years, has been appointed as an Independent Director of Tata Trustee Company
Private Limited.

Educational Qualification:
Bachelor of Science (Chemistry) Pune University, Diploma in Business Management Pune University.

Brief Experience:
She has held the position of Managing Director & CEO with SBI Capital Markets Limited and earlier as Deputy Managing
Director & Chief Credit Officer & Risk Officer with State Bank of India.

She is currently holding the position as Independent Director in Deepak Fertilisers and Petrochemicals Corporation
Limited, Orient Cement Limited, The Federal Bank Limited, TMF Business Services Limited (Formerly known as Tata
Motors Finance Limited), Tata Motors Finance Solutions Limited, TMF Holdings Limited, Tata Cleantech Capital Limited,
Tata Capital Limited, Tata Capital Financial Services Limited and Tata Play Limited.

Notes:
• This notice cum addendum will form an integral part of the SAI.
• All other terms and conditions of SAI read with other addendums if any remain unchanged.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TTCPL – U65991-MH-1995-PTC-087722
 ADDENDUM
This addendum sets out changes to be made in the Statement of Additional Information (SAI) of Tata Mutual
Fund.
Pursuant to AMFI letter AMFI/35P/ MEM-COR/ 72 / 2023-24 dated October 17, 2023, Investors are
requested to note the following procedures pertaining to dematerialisation or rematerialisation of mutual
fund units:

1. How to apply for / get allotment of units in Demat mode:

The investors who intend to deal in depository mode (Demat mode) are required to have a demat account with
Central Depository Services (India) Ltd (“CDSL”) / National Securities Depository Ltd. (“NSDL”).
The investors who subscribe for units through Exchange (BSE / NSE) and wish to have units in Dematerialised form,
are required to place an order for purchase of units with the AMFI certified distributor or SEBI registered investment
advisors.
The investor should provide their depository account details to AMFI certified distributor or SEBI registered
investment advisors.
The purchase order will be entered in the Stock Exchange system by AMFI certified distributor or SEBI registered
investment advisors & an order confirmation slip will be issued to investor.
The investor will transfer the funds to the clearing corporation.
For purchases through other modes, depository account details to be mentioned in the transactions if the units are
required in Demat mode. Such units, post allotment, will be credited to the mentioned depository account post
validation.

2. How to convert the units held in SoA mode to Demat mode:

Investors desiring to convert the physical units (SoA mode) into dematerialized form, need to submit the
dematerialized request along with their latest account statement with their Depository Participant.

3. How to convert the units held in Demat mode to Remat mode:

Investor has to apply for Remat through his Depository Participant (DP) and complete the prescribed applications
available at DP end. Once this is done, DP will send the same to RTA for processing.

4. How to redeem the units held in Demat mode:

The investors who hold units in dematerialised form are required to place an order for redemption with the AMFI
certified distributor or SEBI registered investment advisors. The investors should provide their AMFI certified
distributor or SEBI registered investment advisors with Depository Instruction Slip with relevant units to be debited
from his account.

The redemption order will be entered in the system & an order confirmation slip will be issued to investor.

Presently no limit is applicable for the redemption of units. However, redemptions can be placed only in terms of
units.

Page 1 of 2
 Investor’s also have an option of placing redemption on dematerialised units directly through their depository
participant, wherein DP will upload redemptions directly with the depository which will be picked by RTA for
processing.
5. Is switch-transaction permissible if the units are held in Demat:
Investors who intend to switch their demat units (Switch-in and switch-out transactions), need to submit the
request through Stock Exchange platforms.

6. The procedure for change in investor’s profile / bank account details etc. in respect of units held in demat mode
(i.e., To whom the investor is required to approach, in case of such requests):
In case of non-financial requests/ applications such as change of investor's profile, address, bank details, complaints
etc. investors should approach their respective Depository Participant(s) if units are held in demat mode.

Notes:
• This notice cum addendum will form an integral part of the SAI.
• All other terms and conditions of SAI read with other addendums if any remain unchanged.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Corporate Identity Number: TAMPL – U65990-MH-1994-PTC-077090

Page 2 of 2
 ADDENDUM

This addendum sets out the changes to be carried out in the Statement of Additional Information (SAI) of
Tata Mutual Fund.

Unitholders are requested to note that Ms. Jennifer Karkaria (Cash market Dealer), is re-designated as
Assistant Vice-President - Investments (Dealing) at Tata Asset Management Pvt Ltd.
She is a key personnel of Tata Asset Management Pvt Ltd.

Notes:
• The above revision will be implemented prospectively and shall remain in force till further notice.
• This addendum will form an integral part of the SAI.
• All other terms & conditions of SAI read with other addendums remain unchanged.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TAMPL – U65990-MH-1994-PTC-077090
 ADDENDUM

This addendum sets out changes to be made in the Statement of Additional Information (SAI) of Tata
Mutual Fund.

Effective Date: 26th October, 2023

Mr. Adil Busha has resigned from the services of Tata Asset Management Pvt. Ltd. from the end of the
business hours on 25th October, 2023 and hence ceases to be key personnel from the effective date.

Addendum Date: 26th October, 2023

Notes:
• This addendum will form an integral part of the Statement of Additional Information.

• All other terms and conditions of the Statement of Additional Information read with other addendums
if any remain unchanged.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TAMPL – U65990-MH-1994-PTC-077090
 ADDENDUM
This addendum sets out changes to be made in the Statement of Additional Information (SAI) of Tata Mutual Fund,
Scheme Information Document (SID) & Key Information Memorandum (KIM) of the below specified schemes of Tata
Mutual Fund.

Effective Date: 18th October, 2023

Mr. Arvindkumar Chetty has resigned from the services and hence ceased to be a key personnel at Tata Asset
Management Pvt. Ltd. and Fund Manager for overseas investment from close of business hours on 17th October, 2023.

Unitholders are requested to note the update in Fund Manager for the schemes as mentioned below from the effective
date.
Existing New
Sr No. Scheme Name
Fund Manager(s) Fund Manager(s)
1. Murthy Nagarajan
1. Murthy Nagarajan
2. Rahul Singh
1 Tata Business Cycle Fund 2. Rahul Singh
3. Sailesh Jain *
3. Sailesh Jain *
4. Arvindkumar Chetty
1. Meeta Shetty
2 Tata Digital India Fund Meeta Shetty
2. Arvindkumar Chetty
1. Murthy Nagarajan
1. Murthy Nagarajan
3 Tata Dividend Yield Fund 2. Sailesh Jain
2. Sailesh Jain
3. Arvindkumar Chetty
1. Meeta Shetty
4 Tata Focused Equity Fund Meeta Shetty
2. Arvindkumar Chetty
1. Abhinav H Sharma
5 Tata Large Cap Fund Abhinav H Sharma
2. Arvindkumar Chetty
1. Murthy Nagarajan
1. Murthy Nagarajan
6 Tata Housing Opportunities Fund 2. Tejas Gutka
2. Tejas Gutka
3. Arvindkumar Chetty
1. Murthy Nagarajan
1. Murthy Nagarajan
2. Rahul Singh
7 Tata Multicap Fund 2. Rahul Singh
3. Tejas Gutka
3. Tejas Gutka
4. Arvindkumar Chetty
*Assistant Fund Manager

Notes:
• The above revision will be implemented prospectively and shall remain in force till further notice.
• This addendum will form an integral part of the SAI, SID/KIM cum Application Form.
• All other terms and conditions along with risk o meter of schemes, PRC Matrix of the SID & KIM cum Application
Form & SAI read with other addendums if any remain unchanged.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TAMPL – U65990-MH-1994-PTC-077090
 ADDENDUM
This addendum sets out changes to be made in the Statement of Additional Information (SAI), Scheme
Information Document(s) (SID) and Key Information Memorandum(s) (KIM) of all the Scheme(s) of Tata
Mutual Fund.

Unitholders/Investors are requested to kindly note that the Jamshedpur Branch office of Tata Asset
Management Pvt. Ltd. (TAMPL) shall be shifted temporarily to the address mentioned below. This change in
address is effective from 16th October 2023.The details are as follows:

Existing Address New Address (Temporary)

Voltas House, Mezzanine Floor, Main Road 1st Floor, North Side, Block No. 7, Voltas House,
Bistupur, Jamshedpur - 831001. Tel.: 0657-2321302 Bistupur Jamshedpur, Jharkhand - 831001.
/ 363 / 6576911. Phone No: (0657) 2321302 / 2321363

Notes:
• This addendum will form an integral part of the SAI, SID & KIM cum Application Form of the schemes.
• All other terms & conditions of the SAI, SIDs & KIMs cum Application Form read with other addendums
if any remain unchanged.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TAMPL – U65990-MH-1994-PTC-077090
 ADDENDUM

This addendum sets out changes to be made in the Statement of Additional Information (SAI) of Tata Mutual
Fund, Scheme Information Document (SID) & Key Information Memorandum (KIM) of following schemes
of Tata Mutual Fund.

With effect from 3rd October, 2023. Mr. Aditya Bagul & Mr. Jeetendra Khatri, are designated as key
personnel at Tata Asset Management Pvt Ltd.

Unitholders are requested to note the change/modification in the Fund Managers for the schemes as mentioned
below with effect from w.e.f. 3rd October, 2023.

Sr Existing New
Scheme Name
No. Fund Manager(s) Fund Manager(s)

1. Sonam Udasi
1 Tata India Consumer Fund 1. Sonam Udasi
2. Aditya Bagul *

1. Amey Sathe 1. Amey Sathe

2 Tata Flexi Cap Fund
2. Abhinav H Sharma 2. Aditya Bagul *

1. Chandraprakash Padiyar 1. Chandraprakash Padiyar

3 Tata Small Cap Fund
2. Satish Chandra Mishra 2. Jeetendra Khatri *

1. Satish Chandra Mishra

4 Tata Mid Cap Growth Fund 1. Satish Chandra Mishra
2. Abhinav H Sharma

*Assistant Fund Manager

Details of Key Personnel are as under:

Name and Age Aditya Bagul, Age – 35 years

Designation Assistant Fund Manager and Research Analyst

Qualification Chartered Financial Analyst (CFA), Chartered Accountant (ACA), B.Com

From 3rd Oct’ 23 onwards
With Tata Asset Management Private Limited as Assistant Fund Manager & Research
Analyst, having responsibilities for Consumer sector coverage & reporting to Chief
Investment Officer.
Brief
Experience: From 27th Sept’ 21 till 2nd Oct’ 23
(10Years) With Tata Asset Management Private Limited as Research Analyst, having
responsibilities of Consumer sector coverage & reporting to Chief Investment Officer.

From 2nd Nov’ 15 till 17th Sept’ 21

With Axis Capital as Vice President, having responsibilities of Midcap Coverage
Analyst & reporting to Head of Research.
 From 15th Sept’ 14 till 23rd Oct’ 15
With Ambit Capital as Research Associate, having responsibilities of Consumer
coverage & reporting to Equity Analyst.

From 4th Jan’ 12 till 28th Aug’ 14

With Reliance Capital Asset Management as Research Associate, having
responsibilities of BFSI coverage & reporting to Assistant Fund Manager.

Total Experience
11 years
Years

Name and Age Jeetendra Khatri, Age – 39 years

Designation Assistant Fund Manager and Research Analyst

Qualification Bachelor of Management Studies (BMS)

From 3rd Oct’ 23 onwards

With Tata Asset Management Private Limited as Assistant Fund Manager & Research
Analyst, having responsibilities of tracking automotives and automotive ancillaries &
reporting to Chief Investment Officer.

From 11th Jan’ 22 till 2nd Oct’ 23

With Tata Asset Management Private Limited as Research Analyst, having
Brief responsibilities of tracking automotives and automotive ancillaries & reporting to
Experience: Chief Investment Officer.
(10Years)
From 10th Aug’ 17 till 10th Jan’ 22
With Quantum Advisors Private Limited as Research Analyst, having responsibilities
of tracking automotives and automotive ancillaries & reporting to Chief Investment
Officer.

From 21st Mar’ 12 till 4th Aug’ 17

With ICICI Securities as Research Analyst, having responsibilities of tracking
automotives and automotive ancillaries, strategy and capital goods and utilities &
reporting to Head of Equities.
Total Experience
16 years
Years

Notes:
• The above revision will be implemented prospectively and shall remain in force till further notice.
• This addendum will form an integral part of the SAI, SID/KIM cum Application Form.
• All other terms and conditions along with risk o meter of schemes, PRC Matrix of the SID & KIM cum
Application Form & SAI read with other addendums if any remain unchanged.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TAMPL – U65990-MH-1994-PTC-077090
 ADDENDUM

This addendum sets out changes to be made in the Statement of Additional Information (SAI) of Tata
Mutual Fund.
Mr. Pratip Kar (Independent Director) has retired from the Board of Tata Trustee Company Private
Limited with effect from 30th September 2023.

Notes:
• This addendum will form an integral part of the SAI.
• All other terms and conditions of the SAI read with other addendums if any remain unchanged.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TTCPL – U65991-MH-1995-PTC-087722
 NOTICE CUM ADDENDUM

Investors are requested to note that pursuant to SEBI circular number SEBI/HO/OIAE/OIAE_IAD-
1/P/CIR/2023/131 dated July 31, 2023 read with SEBI circular no. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/135
dated August 04, 2023 on Online Resolu�on of Disputes in the Indian Securi�es Market, a link for Online Dispute
Resolu�on (ODR) is uploaded on our website.
Accordingly, in the Para IV. RIGHTS OF UNITHOLDERS OF THE SCHEME of “Statement of Addi�onal Informa�on”
(SAI) the following is included:
This facility can be availed by Investors who have:
1. First lodged their grievance with the Mutual Fund and the grievance is not redressed sa�sfactorily.
2. A�er escala�on of the grievance through SEBI’s scores Portal.
3. A�er exhaus�ng all available op�ons for resolu�on of the grievance, if the investor is s�ll not sa�sfied
with the outcome.
For further informa�on on Online Dispute Resolu�on, Concilia�on and Arbitra�on process, Investors are
requested to refer to the above-men�oned SEBI circulars.

Notes:
• This no�ce cum addendum will form an integral part of the Statement of Addi�onal Informa�on (SAI).
• All other terms and condi�ons of the SAI read with other addendums if any remain unchanged.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Iden�ty Number: TAMPL – U65990-MH-1994-PTC-077090
 ADDENDUM
This addendum sets out changes to be made in the Statement of Additional Information (SAI), Scheme Information
Document(s) (SID) and Key Information Memorandum(s) (KIM) of all the Scheme(s) of Tata Mutual Fund.

Effective Date: 26th September, 2023

Unitholders / Investors are requested to kindly note that the Tata Asset Management Pvt. Ltd. (TAMPL) is opening
new branch in Ahmedabad which will be operational & an additional point of acceptance from effective date.

Address: 201, 2nd Floor, Capital One Business Hub, Near HDFC Bank Ltd, Mithakali Six Road, Navrangpura, Ahmedabad
- 380 009, Tel: (079) 35217721, (079) 35218612.

Notes:
• This addendum will form an integral part of the SAI, SID & KIM cum Application Form of the schemes.
• All other terms & conditions of the SAI, SIDs & KIMs cum Application Form read with other addendums if any
remain unchanged.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TAMPL – U65990-MH-1994-PTC-077090
 ADDENDUM
This addendum sets out the changes to be carried out in the Statement of Additional Information (SAI) of
Tata Mutual Fund.

Unitholders are requested to note that w.e.f. 14th September, 2023 Mr. Arun Mahendra Jain, is designated
as key personnel at Tata Asset Management Pvt Ltd.

Name and Age Arun Mahendra Jain, Age - 46 years

Designation Chief Financial Officer

Qualification Chartered Accountant & Licentiate Company Secretary

From 14th September, 2023 onwards

With Tata Asset Management Private Limited as Chief Financial Officer, having
responsibilities of finance function & various enterprise vide projects.

From 01st October, 2016 till 13th September, 2023

Brief Experience:
With HSBC Asset Management (I) Pvt Limited as Senior Vice President & Head
(10Years)
of Finance, having responsibilities of finance function & various enterprise vide
projects.

From 07th July, 2010 till 30th September, 2016

With HSBC Asset Management (I) Pvt Limited as Senior Vice President & Head
of Operations, having responsibilities of fund operations & various enterprise
vide projects.

Total Experience Years 23 years

Addendum Date: 20th September, 2023

Notes:
• The above revision will be implemented prospectively and shall remain in force till further notice.
• This addendum will form an integral part of the SAI.
• All other terms & conditions of SAI read with other addendums remain unchanged.

Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TAMPL – U65990-MH-1994-PTC-077090
 ADDENDUM
Effective Date: 14th September, 2023

This addendum sets out changes to be made in the Statement of Additional Information (SAI), Scheme Information
Document(s) (SID) and Key Information Memorandum(s) (KIM) of all the Scheme(s) of Tata Mutual Fund.

Unitholders/Investors are requested to kindly note the change in address of Udaipur Branch of Tata Asset
Management Private Limited. The details are as follows:

Old Address New Address

No - 4, 2nd Floor, Madhav Apartment,
222/16, First Floor, Mumal Tower, Above IDBI Bank,
Opp GPO, Chetak Circle,
Saheli Marg, Udaipur- 313001 (Rajasthan)
Udaipur - 313 001.
Ph: (0294) 2429371
Tel.: 0294-2429371, Fax: 0294-2429371.

Notes:
• This addendum will form an integral part of the SID/KIM cum Application Form.
• All other terms & conditions of the SIDs & KIMs cum Application Form read with other addendums if any remain
unchanged.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Corporate Identity Number: TAMPL – U65990-MH-1994-PTC-077090
 STATEMENT OF ADDITIONAL
INFORMATION (SAI)

1903, B-Wing, Parinee Crescenzo, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051
Tel: (022) 66578282 Fax: (022) 22042701
E-mail: [email protected] Website: www.tatamutualfund.com
Corporate Identity Number: TAMPL - U65990-MH-1994-PTC-077090, TTCPL - U65991-MH-1995-PTC-087722
 STATEMENT OF ADDITIONAL INFORMATION (SAI)

Sr. No. Table of Contents Page No.

I. INFORMATION ABOUT SPONSORS, AMC AND TRUSTEE COMPANIES
A. Constitution of Mutual Fund 01
B. Sponsors 01
C. Trustee 02
D. Asset Management Company 05
E. Service Providers 16
II. CONDENSED FINANCIAL INFORMATION 17
III. HOW TO APPLY 37
IV. RIGHTS OF UNITHOLDERS OF THE SCHEME 57
V. INVESTMENT VALUATION NORMS FOR SECURITIES & OTHER ASSETS 58
VI. TAX & LEGAL & GENERAL INFORMATION
A. Tax on Investing in Mutual Fund 69
B. Legal Information 78
C. General Information 84

0
 STATEMENT OF ADDITIONAL INFORMATION (SAI)

This Statement of Additional Information (SAI) contains details of Tata Mutual Fund, its constitution, and certain tax, legal and general information. It is
incorporated by reference (is legally a part of the Scheme Information Document).

This SAI is dated 30th June, 2023.

I. INFORMATION ABOUT SPONSOR, AMC AND TRUSTEE COMPANY

A. Constitution of the Mutual Fund

Tata Mutual Fund has been constituted as a trust on 9th May, 1995 in accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882) with
Tata Sons Pvt Ltd (TSPL) and Tata Investment Corporation Ltd (TICL) as the Sponsors and the Settlers and Tata Trustee Company Pvt Ltd (TTCPL)
as the Trustee. The Trust Deed has been registered under the Indian Registration Act, 1908. The Mutual Fund was registered with SEBI on 30th June,
1995 under Registration Code MF/023/95/9.

Tata Sons Pvt Ltd (TSPL) and Tata Investment Corporation Ltd (TICL) are the Sponsors and the Settlors and Tata Trustee Company Pvt Ltd is the
Trustee Company. The Trustee Company has appointed Tata Asset Management Pvt Ltd (TAMPL) as the Asset Management Company. TSPL and
TICL have made an aggregate initial contribution of Rs.1 lac towards setting up of TMF.
Share holding pattern of Tata Asset Management Pvt Ltd (TAMPL) and Tata Trustee Company Pvt Ltd (TTCPL)

TAMPL TTCL
Tata Sons Pvt Ltd 67.91% 50%
Tata Investment Corporation Ltd 32.09% 50%

B. Sponsors
Tata Mutual Fund is sponsored by Tata Sons Pvt Ltd (TSPL) and Tata Investment Corporation Ltd (TICL). The Sponsors are the Settlers of the Mutual
Fund Trust. The Sponsors has entrusted a sum of Rs. 1 lac to the Trustee as the initial contribution towards the corpus of the Mutual Fund.

1. Tata Sons Pvt Ltd (TSPL)

Tata Sons Pvt Ltd is the promoter and the principal investment holding company of Tata’s. Established as a trading firm in 1868, it is the promoter of
many Tata companies and holds the promoter shareholding along with other entities in listed companies such as India’s largest IT Services company
Tata Consultancy Services Ltd, Tata Motors Ltd, Tata Steel Ltd, Tata Power Company Ltd and Tata Tea Ltd, to name a few. It is also the majority
shareholder in unlisted companies such as Tata Asset Management Pvt Ltd, Tata AIA Life Insurance Company Ltd and Tata AIG General Insurance
Company Ltd - in the financial services segment.

Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising 30 companies across 10 verticals. Tata
Sons is the principal investment holding company and promoter of Tata companies. Sixty-six percent of the equity share capital of Tata Sons is held by
philanthropic trusts, which support education, health, livelihood generation and art and culture.

In 2021-22, the revenue of Tata companies, taken together, was $128 billion (INR 9.6 trillion). These companies collectively employ over 935,000
people. Each Tata company or enterprise operates independently under the guidance and supervision of its own board of directors. There are 29
publicly-listed Tata enterprises with a combined market capitalisation of $311 billion (INR 23.6 trillion) as on March 31, 2022. Companies include Tata
Consultancy Services, Tata Motors Tata Steel, Tata Chemicals, Tata Consumer Products, Titan, Tata Capital, Tata Power, Indian Hotels, Tata
Communications, Tata Digital, and Tata Electronics.

(Source: www.tata.com)

Financial Performance of TSPL:

(Rs. in crore)
Particulars 2022-23 2021-22 2020-2021

Net Worth 90,651.47 68,902.11 51820.06

Total Income 35,058.47 24,132.97 19598.35

Profit after tax 22,132.38 17,171.21 6511.63

Assets Under Management (if applicable) NA NA NA

2. Tata Investment Corporation Ltd (TICL)

Tata Investment Corporation Ltd. was promoted by Tata Sons Ltd. in 1937, with the main objective of being an investment company, and was initially
called The Investment Corporation of India Ltd. It remained closely held till 1959, when it was listed on the Bombay Stock Exchange.

Financial Performance of TICL:

(Rs. In crore)
Particulars
2022-2023 2021-2022 2020-2021
Net Worth/Book Value per Share 3835 3861 2789

288.34 253.52 140.16

Total Income

Profit after tax 240.90 201.36 108.83

Assets Under Management (if applicable) NA NA NA

1
C. The Trustee
Tata Trustee Company Pvt Ltd, through its Board of Directors, shall discharge its obligations as trustee of Tata Mutual Fund. The Trustee ensures that
the transactions entered into by the AMC are in accordance with the SEBI Regulations and will also review the activities carried on by the AMC.

Name Age/Qualification Brief Experience

Mr. Pratip Kar 71 years Mr. Pratip Kar is the Chairman and Independent Director on the Board. He
was an Executive Director on the Board of Securities and Exchange Board
Master of Business of India (1988 to 2006 August). He was also Dean at the Tata Management
Administration (INSEAD), Training Center (Pune) during the period from September 01, 2006 to March
Master of Science 31, 2009.He was the member of the Advisory Council, India of the Global
(Physics). Corporate Governance Forum, International Finance Corporation,
Washington D.C from 2009 to 2012.He was also the Director of Globsyn
Business School from 2009 to 2012.

Mr. Phillie Dara Karkaria 74 Years Mr. Phillie Dara Karkaria is an Independent Director on the Board. He was
an Executive Director of Tata Realty & Infrastructure Limited, (TRIL) from
FCMA- UK, B.Com 2007 to 2013. He is currently an Independent Director on the Board of
Oriental Hotels Ltd., PIEM Hotels Ltd., Duville Estates Pvt Ltd. OHL
International (HK) Limited, Sattva Holding and Trading Private Limited, Taj
Air Limited and the vice chairman of Zoroastrian Cooperative Bank Ltd.

Mr. Neeraj Jain 61 Years Mr. Neeraj Jain is an Independent Director on the Board. He has worked for
14 years with Johnson & Johnson in Medical Devices (MD&D) and Consumer
Graduated in Commerce, businesses. Prior to that he has worked for 17 years with Hindustan Unilever
Chartered Accountant, Ltd (HUL) - the Indian subsidiary of Unilever - in varied businesses. For 4
Company Secretary. years with AF Ferguson & Co (now part of Deloitte),Management Consulting
Division and over a year with Jay Pee Hotels in New Delhi.

He is currently also an invitational speaker at various finance, supply chain,

legal and business events as a keynote speaker, moderator or a panelist. He
is a mentor to start-ups and to some professionals in Asia, a co-founder of
an Angel group in Mumbai and an Independent consultant.

He is currently, Director at Value Angels Network Pvt Ltd. and an

Independent Director on the Board of Tata Pension Management Private
Limited.

Mr. Kersi R Bhagat 64 Mr.Kersi R Bhagat is an Associate Director on the Board. He is currently a
Director with Mohar Export Services Private Limited, Brihat Trading Private
Graduated in Commerce, Limited, Malusha Travels Private Limited, Rapid Transporters Private
Chartered Accountant Limited, Tej Transportation Private Limited, Sarash Investments Private
and Company Secretary Limited, Aida Marketing Services Private Limited, Kaygee Advertising Private
Limited, Unnath Advertising Private Limited, Chic Interiors Private Limited,
Panatone Finvest Limited, Indian Rotorcraft Limited, TASL Aerostructures
Private Limited, Nova Integrated Systems Limited, India Emerging
Companies Investment Limited and Akashashta Technologies Private
Limited.

He was the Head - Legal and Secretarial with Tata Digital Private Limited
and has held the position as Senior Vice President - Finance with Tata Sons
Private Limited from October 1993 to November 2018.

Duties and Responsibilities of the Trustee Company

(1) The trustees and the asset management company shall with the prior approval of the Board enter into an investment management agreement.
(2) The investment management agreement shall contain such clauses as are mentioned in the Fourth Schedule and such other clauses as are
necessary for the purpose of making investments.
(3) The trustees shall have a right to obtain from the asset management company such information as is considered necessary by the trustees.
(4) The trustees shall ensure before the launch of any scheme that the asset management company has: -
(a) Systems in place for its back office, dealing room and accounting.
(b) Appointed all key personnel including fund manager(s) for the scheme(s) and submitted their bio-data which shall contain the
educational qualifications, past experience in the securities market with the trustees, within 15 days of their appointment.
(c) Appointed auditors to audit its accounts.
(d) appointed a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and regulations, notifications,
guidelines instructions etc issued by the Board or the Central Government and for redressal of investors' grievances;
(e) Appointed registrars and laid down parameters for supervision.
(f) Prepared a compliance manual and designed internal control mechanisms including internal audit systems.
(g) Specified norms for empanelment of brokers and marketing agents;

2
 (h) Obtained, wherever required under these regulations, prior in principle approval from the recognised stock exchange(s) where units
are proposed to be listed.
(A) The compliance officer appointed under clause (d) of sub-regulation (4) shall immediately and independently report to the Board any non-
compliance observed by him.
(5) The trustees shall ensure that an asset management company has been diligent in empaneling the brokers, in monitoring securities transactions
with brokers and avoiding undue concentration of business with any broker.
(6) The trustees shall ensure that the asset management company has not given any undue or unfair advantage to any associates or dealt with any
of the associates of the asset management company in any manner detrimental to interest of the unitholders.
(7) The trustees shall ensure that the transactions entered into by the asset management company are in accordance with these regulations and
the scheme.
(8) The trustees shall ensure that the asset management company has been managing the mutual fund schemes independently of other activities
and have taken adequate steps to ensure that the interest of investors of one scheme are not being compromised with those of any other
scheme or of other activities of the asset management company.
(9) The trustees shall ensure that all the activities of the asset management company are in accordance with the provisions of these regulations.
(10) Where the trustees have reason to believe that the conduct of business of the mutual fund is not in accordance with these regulations and the
scheme they shall forthwith take such remedial steps as are necessary by them and shall immediately inform the Board of the violation and the
action taken by them.
(11) Each trustee shall file the details of his transactions of dealing in securities with the Trust on a quarterly basis.
(12) The trustees shall be accountable for, and be the custodian of, the funds and property of the respective schemes and shall hold the same in
trust for the benefit of the unit holders in accordance with these regulations and the provisions of trust deed.
(13) The trustees shall take steps to ensure that the transactions of the mutual fund are in accordance with the provisions of the trust deed.
(14) The trustees shall be responsible for the calculation of any income due to be paid to the mutual fund and also of any income received in the
mutual fund for the holders of the units of any scheme in accordance with these regulations and the trust deed.
(15) (A) The trustees shall obtain the consent of the unitholders:-
(a) whenever required to do so by the Board in the interest of the unitholders: or
(b) whenever required to do so on the requisition made by three-fourths of the unit holders of any scheme: or
(c) when the majority of the trustees decide to wind up a scheme in terms of clause (a) of sub regulation (2) of regulation 39 or prematurely
redeem the units of a close ended scheme.
(B) The trustees shall ensure that no change in the fundamental attributes of any scheme or the trust or fees and expenses payable or any
other change which would modify the scheme and affects the interest of unitholders, shall be carried out unless:-
(i) a written communication about the proposed change is sent to each unitholder 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
(ii) the unitholders are given an option to exit at the prevailing Net Asset Value without any exit load.
Trustees shall take comments from SEBI before bringing change in the fundamental attribute of any scheme.

(16) The trustees shall call for the details of transactions in securities in securities by the key personnel of the asset management company in his
own name or on behalf of the asset management company and shall report to the Board, as and when required.
(17) The trustees shall quarterly review all transactions carried out between the mutual funds, asset management company and its associates.
(18) The trustees shall quarterly review the networth of the asset management company and in case of any shortfall, ensure that the asset
management company make up for the shortfall as per clause (f) of sub-regulation (1) of regulation 21.
(19) The trustees shall periodically review all service contracts such as custody arrangements, transfer agency of the securities and satisfy itself that
such contracts are executed in the interest of the unitholders.
(20) The trustees shall ensure that there is no conflict of interest between the manner of deployment of its networth by the asset management
company and the interest of the unitholders.
(21) The trustees shall periodically review the investor complaints received and the redressal of the same by the asset management company.
(22) The trustees shall abide by the Code of Conduct as specified in the PARTA of Fifth Schedule.
(23) The trustees shall furnish to the Board on a half yearly basis:-
(a) a report on the activities of the mutual fund covering the detail as prescribed by SEBI.
(b) a certificate stating that the trustees have satisfied themselves that there have been no instances of self dealing or front running by any of
the trustees, directors and key personnel of the asset management company:
(c) a certificate to the effect that the asset management company has been managing the schemes independently of any other activities and
in case any activities of the nature referred to in sub-regulation (2) of regulation 24 have been undertaken by the asset management
company and has taken adequate steps to ensure that the interest of the unitholders are protected.
(24) The independent trustees referred to in sub-regulation (5) of regulation 16 shall give their comments on the report received from the asset
management company regarding the investments by the mutual fund in the securities of group companies of the sponsor.
(25) Trustees shall exercise due diligence as under:
A. General Due Diligence:
(i) The Trustees shall be discerning in the appointment of the directors on the Board of the asset management company.
(ii) Trustees shall review the desirability of continuance of the asset management company if substantial irregularities are observed in
any of the schemes and shall not allow the asset management company to float new schemes.
(iii) The trustees shall ensure that the trust property is properly protected, held and administered by proper persons and by a proper
number of such persons.
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 (iv) The trustee shall ensure that all service providers are holding appropriate registrations from the Board or concerned regulatory
authority.
(v) The trustees shall arrange for test checks of service contracts.
(vi) Trustees shall immediately report to the Board of any special developments in the mutual fund.

B. Specific Due Diligence:

The Trustees shall:

(i) Obtain internal audit reports at regular intervals from independent auditors appointed by the Trustees.
(ii) Obtain compliance certificates at regular intervals from the asset management company
(iii) Hold meeting of trustees more frequently.
(iv) Consider the reports of the independent auditor and compliance reports of asset management company at the meetings of trustees
for appropriate action.
(v) Maintain records of the decisions of the Trustees at their meetings and of the minutes of the meetings.
(vi) Prescribe and adhere to a code of ethics by the Trustees, asset management company and its personnel.
(vii) Communicate in writing to the asset management company of the deficiencies and checking on the rectification of deficiencies.

(26) Notwithstanding anything contained in sub-regulations (1) to (25), the trustees shall not be held liable for acts done in good faith if they have
exercised adequate due diligence honestly.
(27) The independent directors of the trustees or asset management company shall pay specific attention to the following, as may be applicable,
namely:
(i) The Investment Management Agreement and the compensation paid under the agreement.
(ii) Service contract with associates – whether the asset management company has charged higher fees than outside contractors for the
same services.
(iii) Selection of the asset management company’s independent directors.
(iv) Securities transactions involving associates to the extent such transactions are permitted.
(v) Selecting and nominating individuals to fill independent director’s vacancies.
(vi) Code of ethics must be designed to prevent fraudulent, deceptive or manipulative practices by insiders in connection with personal
securities transactions.
(vii) The reasonableness of fees paid to sponsors, asset management company and any others for services provided.
(viii) Principal underwriting contracts and their renewals.
(ix) Any service contract with the associates of the asset management company.
(28) In carrying out his/her responsibilities as a member of the Board of Trustee, each Trustee shall maintain an arms’ length relationship with other
companies, or institutions or financial intermediaries or any body corporate with which he may associated in any transaction also involving the
mutual fund.
(29) No Trustee shall participate in the meetings of the Board of Trustee when any decisions for investments in which he/she may be interested are
taken.
(30) All the Trustee shall furnish to the Board of Trustee, particulars of interest which he/she, may have in any other company, or institution or financial
intermediary or any corporate by virtue of his/her position as director, partner or with which he/she may be associated in any other capacity.
(31) No amendments to the trust deed shall be carried out without the prior approval of the SEBI and unitholders’ approval would be obtained where
it affects the interests of the unitholders.

Procedure for Change in Control of AMC

According to Regulation 22(e) of MF Regulations, no change in the control of the AMC, directly or indirectly, can be made unless the following conditions
are complied with:

i. prior approval of the trustees and the Board is obtained;

ii. a written communication about the proposed change is sent to each unitholder (for those unitholders whose e-mail IDs are registered with the mutual
funds, the communication can be sent through e-mail) and an advertisement is given in one English daily newspaper having nationwide circulation and
in a newspaper published in the language of the region where the Head Office of the mutual fund is situated; and

iii. the unitholders are given an option to exit on the prevailing Net Asset Value (NAV) without any exit load within a time period not less than 30 calendar
days from the date of communication.

New Sponsor(s)

In case the applicant proposing to take the control of an AMC is not an existing sponsor of a mutual fund registered with SEBI, it shall apply to the Board
for approval of taking over control of an existing AMC under MF Regulations.

Undertakings by new Trustee(s)/Sponsor(s)

In case of new sponsor(s) or in case of taking over of the schemes by an existing mutual fund, the undertakings on the following lines are required to
be given to the Board and to the unitholders:

i. Taking full responsibility of the management and the administration of the schemes including the matters relating to the reconciliation of accounts (as
if the schemes had been floated by the new trustees on the date of taking over).

ii. Assumption of the trusteeship of the assets and liabilities of the schemes including outstanding borrowings, unclaimed dividends and unclaimed
redemptions, if any.

4
iii. Assuming all responsibilities and obligations relating to the investor grievances, if any, in respect of the schemes taken over, in accordance with and
pursuant to MF Regulations and various circulars issued thereunder.

Disclosures to Unitholders

While seeking the approval of the Board for change in the control of the AMC, the mutual fund handing over the control to another person, should also
file the draft letter / email to be sent to the unitholders along with draft advertisement to be published in the newspaper.

Supervision over TAMPL:

The supervisory role of the Trustee’s supervisory role is discharged by reviewing the information and the operations of the Fund based on the reports
submitted at the Board Meetings of the Trustee, by reviewing the reports being submitted by the Internal Auditor and the quarterly and half-yearly
compliance reports. The trustee also conducts a detailed review of the half-yearly and annual accounts of the schemes of the Fund. During the period,
April 01, 2022 to March 31, 2023, seven meetings of the Directors of the Trustees were held & from April 01, 2023 to May 31, 2023, two meetings were
held.
Power to make rules:
The Trustee company may, from time to time, as per provisions of SEBI Regulations (with the prior permission from the Unitholders in case of change
of fundamental attributes in accordance with Clause 15 of Regulation18 of the SEBI (Mutual Funds) Regulations, 1996 and otherwise to be in conformity
with the SEBI Regulations or to reflect the change in rules and regulations generally applicable to mutual funds or trusts), prescribe such forms and
make such rules for the purpose of giving effect to the provisions of the Scheme, with the power to the Trustee Company/Asset Management Company
to add to, alter or amend all or any of the forms and rules that may be framed from time to time.

The trustees shall ensure that no change in the fundamental attributes of any scheme or the trust or fees and expenses payable or any other change
which would modify the scheme and affect the interests of unitholders, shall be carried out unless comments of the Board(SEBI) was obtained before
bringing such change(s).

The procedure to be followed in case of changes to the open ended and interval scheme shall be as under:

a. In case of change in fundamental attributes in terms of Regulation 18 (15A):

i. An addendum to the existing SID shall be issued and displayed on AMC website immediately.

ii. SID shall be revised and updated immediately after completion of duration of the exit option (not less than 30 days from the notice date).

iii. A public notice shall be given in respect of such changes in one English daily newspaper having nationwide circulation as well as in a newspaper
published in the language of region where the Head Office of the Mutual Fund is situated.

b. In case of other changes:

i. The AMC shall be required to issue an addendum and display the same on its website immediately.

ii. The addendum shall be circulated to all the distributors/brokers/Investor Service Centre (ISC) so that the same can be attached to all KIM and SID
already in stock till it is updated.

iii. Latest applicable addendum shall be a part of KIM and SID. (E.g. in case of changes in load structure the addendum carrying the latest applicable
load structure shall be attached to all KIM and SID already in stock till it is updated).

iv. Further, the account statements shall continue to include applicable load structure.

Power to remove difficulties:

If any difficulty arises in giving effect to the provisions of the Scheme, the Trustee Company may take such steps which are not inconsistent with these
provisions, which appear to them to be necessary or expedient, for the purpose of removing the difficulties.

D. Asset Management Company

Tata Asset Management Pvt Ltd (TAMPL) is a company incorporated under the Companies Act, 1956 on 15th March, 1994, having its Registered Office
at 1903, B Wing, Parinee Crescenzo, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400 051. TAMPL has been appointed as the Asset
Management Company for Tata Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated 9th May, 1995, and executed between
TTCL and TAMPL.

The Trustee Company has appointed TAMPL as the Asset Management Company for Tata Mutual Fund (TMF). The shareholders of TAMPL are TSPL
and TICL. TAMPL has entered into an Investment Management Agreement dated 9th May, 1995 with TTCL, pursuant to which TAMPL will run the
operations of TMF and manage the assets of TMF’s Schemes. TAMPL, is a Company incorporated under the Companies Act, 1956 on 15th March
1994 and was approved to act as an Asset Management Company for TMF by SEBI on 30th June, 1995. The unaudited net worth of TAMPL as on
March 31, 2023 is approximately Rs.452.29 crores. TAMPL is currently (As on 31/05/2023) managing fifty open ended mutual fund schemes. The Asset
Management Company shall be entitled to fees as stated in the clause on “Investment Management Fee”. The appointment of TAMPL as the Asset
Management Company can be terminated with the approval of SEBI and upon resolution by the Trustee Company, or by 75% of the Unitholders of the
Scheme.

SEBI vide circular no. SEBI/HO/IMD/DF2/CIR/P/2021/17 dated February 2, 2021 on the subject ‘Setting up of Limited Purpose Clearing Corporation
(LPCC) by Asset Management Companies (AMCs) of Mutual Funds’ and SEBI/HO/IMD-1 DOF2/P/CIR/2021/0548 dated April 6, 2021 has stipulated
that AMCs of Mutual Funds should set up a LPCC for clearing and settling repo transactions in corporate debt securities by contributing an amount of
₹150 Crore. Accordingly, Tata Asset Management Pvt. Ltd. has contributed their share towards the share capital of LPCC. AMC has already been
allotted shares of AMC Repo Clearing Limited and is a shareholder of the company.

5
AMC has obtained registration from SEBI vide Registration No. INP000001058 dated September 14, 2004 to act as a Portfolio Manager under SEBI
(Portfolio Managers) Regulations, 1993. AMC has appointed separate Fund Manager(s) for the same and back office is also segregated from Mutual
Fund Back Office.

AMC managing schemes of Tata Alternative Investment Fund (Alternative Investment Fund-Category II & Category III). AMC has appointed separate
Fund Manager(s) for the same and back office is also segregated from Mutual Fund Back Office.

AMC has obtained no objection from SEBI for providing investment advisory service and investment management services to Offshore Funds. These
funds are registered with SEBI as Foreign Portfolio Investors (FPIs). In terms of Regulation 24 (b) (vi) of SEBI (Mutual Funds) Regulations, 1996 there
is no need to appoint separate fund manager for managing these offshore funds. Tata Asset Management (Mauritius) Pvt Limited (TAMMPL), fully
owned subsidiary of AMC, is holding management shares in couple of Offshore Funds and is providing administrative and supervisory services to such
Offshore funds.

Tata Asset Management Pvt Ltd. has also received no objection to investment management services through its subsidiary company Tata Pension
Management Ltd under regulation 24(2) of SEBI (Mutual Funds) Regulations1996 and has started operations. Since the investment activities of
Pension Funds will managed by a separate Fund Manager, there will not be any conflict with investment activities of Tata Mutual fund.

AMC has implemented necessary controls to avoid conflicts of interest in managing above activities.

Wherever required by Regulation, The AMC has systems in place to ensure that there is no conflict of interest between the activities. This includes:

• Segregation of bank and securities account

• Maintained Capital adequacy for different activities as mandated by SEBI
• Segregation of key investment personnel ad order management system wherever mandated under the regulations
• Restriction on transfer of securities in certain circumstances

All other business activities mentioned above will be explicitly forbidden from the acquisition of any asset out of the assets of the mutual fund scheme
which involves the assumption of any liability which is unlimited or shall not result in encumbrance of the assets of the mutual fund scheme in any way
and also should not affect the net worth requirements of Tata Asset Management Pvt Limited for mutual fund operation.

1. Details of AMC Directors:

Name of Director Age/Qualification Profile Summary

Mr. Rajiv 57 years Mr. Rajiv Sabharwal is the Chairman of Tata Asset Management Pvt Limited and an
Sabharwal Associate Director on the Board. He is also on the Boards of Tata Capital Housing Finance
B.Tech (Mechanical Limited, Tata Securities Limited, Tata Cleantech Capital Limited, Tata Capital Limited, Tata
Engineering) from IIT Delhi Capital Financial Services Limited, Tata Capital Pte Ltd, Tata Capital Advisors Pte, and
and PGDM from IIM other companies. Ltd He has more than 29 years of experience in the banking & financial
Lucknow. services industry. He was a Partner in True North Managers LLP, where he was mainly
involved in building & managing businesses with a primary focus in the financial service
sector. He also served as an Executive Director on the Board of ICICI Bank where he was
responsible for several businesses including retail banking, business banking, rural banking,
financial inclusion business & digital banking technology.

Mr. Prathit D. 52 Years Mr. Prathit. D Bhobe is the CEO and Managing Director of Tata Asset Management Pvt
Bhobe Ltd., an Associate Director on the Board. He is on the Board of Tata Capital PLC, London
B.Com , MMS from Prof. L.N. and Tata Pension Management Private Ltd. Over 25 years of experience in financial
Welingkar Institute of services across various areas of banking and wealth management. He was with ICICI Bank
Management for more than 11 years where he headed Retail Liabilities Product, Wealth Management
and Private Banking business. Prior to ICICI Bank he was with Citibank for 8 years where
he successfully ran the Banking vertical in the distribution business.

Mr. Suprakash 58 Years Mr. Suprakash Mukhopadhyay is an Associate Director on the Board. Currently he is Tata
Mukhopadhyay Group Corporate Secretary & Company Secretary of Tata Sons Limited. He is a director in
B.Com (Hons),ACA, AICWA, Jamshedpur Football and Sporting Pvt Ltd, Tata Digital Private Limited, SIMTO Investment
ACS Company Ltd, Tata Payments Ltd and in other Tata Companies. He was with Tata
Consultancy Services Ltd (TCS) in charge of Corporate Secretarial & Governance, Treasury
– Fund Management and Internal Audit activities and Compliance & Governance issues
across the globe.
Prior to TCS he was with Tata Financial Services as General Manager. He played a key
role in TCS public offering in 2004.

(Retd.) Justice 67 Years (Retd.) Justice Prabhat Chandra Tripathi is an Independent Director on the Board He has
Prabhat Chandra 37 years of experience in the Judicial Service at the various capacity beginning from Munsif
Tripathi BSc., LLB Magistrate to the Justice of High Court. As a Justice of Allahabad High Court and District
and Session Judge of various districts and CBI special Judge he has adequate experience
in various matters, including those relating to financial services.

Mr. Sujit Kumar 62 Years Mr. Sujit Kumar Varma is an Independent Director on the Board. He has worked with State
Varma Bank of India at various levels as under: Deputy Managing Director, Corporate Accounts
B.A in English Group (2018-21), Chief General Manager, International Banking (2015-18), General
Certifications from: Indian Manager, Mid-Corporate Regional Office (2013-15), Chief Executive Officer, SBI New York
Institute of Banking & Finance, (2009-13). He was on the Board of Nepal SBI Bank Ltd as Chairman, Bank SBI Indonesia
Mumbai, India - Certified as President & Commissioner, Sterling Bank Lagos as Non-Executive Director, with SBI

6
 Name of Director Age/Qualification Profile Summary
Associate Leading Global Mauritius Ltd, SBI Canada Bank, SBI U.K. Ltd and Commercial Indo Bank as Board
Businesses - Harvard Member.
Business School NYU Stern
School of Business, New
York, USA - Corporate
Finance. Indian Institute of
Management, Ahmedabad,
India - Executive Programme
for Banking & Financial Sector
(EPBFS) Indian Institute of
Management, Calcutta, India -
Strategic Leadership

Mr. Gagan Rai 67 Years Mr. Gagan Rai is an Independent Director on the Board. He has served as M.D and C.E.O
of NSDL e-Governance Infrastructure Limited from 2013 to 2021 and National Securities
B. Com (Hons.), Cost & Depository Ltd. from 2008 to 2013. He has an experience of four decades in IT-enabled
Management Accountant, M.A Governance & Financial Market solutions. He has served on several Committees of SEBI
(Economics), C.A.I.I.B, and RBI in the past including Secondary Market Advisory Committee (SEBI), Technical
Diploma - Project Planning Advisory Committee on Financial Markets (RBI) and Pension Advisory Committee
Evaluation and Control (PFRDA). He has also served as Associate in Development Bank Management of
Association of Development Financing Institutions (DFIs) in Asia and the Pacific (ADFIAP),
Manila.

1. Duties and Obligations of TAMPL

(1) The asset management company shall take all reasonable steps and exercise due diligence to ensure that the investment of funds pertaining to
any scheme is not contrary to the provisions of these regulations and the trust deed.
(2) The asset management company shall exercise due diligence and care in all its investments decisions as would be exercised by other persons
engaged in the same business.
(2A) The asset management company shall obtain, wherever required under these regulations, prior in-principle approval from the recognized stock
exchange(s) where units are proposed to be listed.
(3) The asset management company shall be responsible for the acts of commissions or omissions by its employees or their persons whose services
have been procured by the asset management company.
(4) The asset management company shall submit to the trustees quarterly reports of each year on its activities and the compliance with these
regulations.
(5) The trustees at the request of the asset management company may terminate the assignment of the asset management company at any time:
Provided that such termination shall become effective only after the trustees have accepted the termination of assignment and communicated their
decision in writing to the asset management company.
(6) Notwithstanding anything contained in any contract or agreement or termination, the asset management company or its directors or other officers
shall not be absolved of liability to the mutual fund for their acts of commission or omissions, while holding such position or office.
(6A)(a) The Chief Executive Officer (whatever his designation may be) of the asset management company shall ensure that the mutual fund
complies with all the provisions of the regulations and the guidelines or circulars issued in relation thereto from time to time and that the investments
made by the fund managers are in the interest of the unit holders and shall also be responsible for the overall risk management function of the
mutual fund.
(b) Chief Executive Officer (whatever be the designation) shall also ensure that the Asset Management Company has adequate systems in place
to ensure that the Code of Conduct for Fund Managers and Dealers specified in PART - B of the Fifth Schedule of these regulations are adhered
to in letter and spirit. Any breach of the said Code of Conduct shall be brought to the attention of the Board of Directors of the Asset Management
Company and Trustees.
Explanation: For the purpose of this sub-regulation, the words ‘these regulations’ shall mean and include the Securities and Exchange Board of
India (Mutual Funds) Regulations, 1996 as amended from time to time.
(6B) [(a)] The fund managers [(whatever be the designation)] shall ensure that the funds of the schemes are invested to achieve the objectives of
the scheme and in the interest of the unit holders.]

(b) The Fund Managers (whatever be the designation) shall abide by the Code of Conduct for Fund Managers and Dealers specified in PART - B
of the Fifth Schedule of Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and submit a quarterly self-certification to the
Trustees that they have complied with the said code of conduct or list exceptions, if any.
Explanation:- For the purposes of this sub-regulation, the phrase “Fund Managers” shall include Chief Investment Officer (whatever be the
designation).
(6C) (a) The Dealers (whatever be the designation) shall ensure that orders are executed on the best available terms, taking into account the
relevant market at the time for transactions of the kind and size concerned to achieve the objectives of the scheme and in the best interest of all
the unit holders.

(b) The Dealers (whatever be the designation) shall abide by the Code of Conduct for Fund Managers and Dealers specified in PART - B of the
Fifth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and submit a quarterly self-certification to the
Trustees that they have complied with the said code of conduct or list exceptions, if any.
(7) (a) An asset management company shall not through any broker associated with the sponsor, purchase or sell securities, which is average of
5% or more of the aggregate purchases and sale or securities made by the mutual fund in all its schemes.
Provided that for the purpose of this sub-regulation, aggregate purchase and sale of securities shall exclude sale and distribution of units
issued by the mutual fund.
7
 Provided further that the aforesaid limit of 5% shall apply for a block of any three months
(b) An asset management company shall not purchase or sell securities through any broker [ other than a broker referred to in clause (a) of sub-
regulation (7)] which is average of 5% or more of the aggregate purchases and sale of securities made by the mutual fund in all its schemes,
unless the asset management company has recorded in writing the justification for exceeding the limit of 5% and reports of all such
investments are sent to the trustees on a quarterly basis.
Provided that the aforesaid limit shall apply for a block of three months.
(8) An asset management company shall not utilise the services of the sponsor or any of its associates, employees or their relatives, for the purpose
of any securities transaction and distribution and sale of securities:
Provided that an asset management company may utilise such services if disclosure to that effect is made to the unit holders and the brokerage
or commission paid is also disclosed in the half yearly annual accounts of the mutual fund.
Provided further that the mutual funds shall disclose at the time of declaring half-yearly and yearly results:
(i) any underwriting obligations undertaken by the schemes of the mutual funds with respect to issue of securities of associate companies.
(ii) Devolvement, if any;
(iii) Subscription by the schemes in the issues lead managed by associate companies.
(iv) Subscription to any issue of equity or debt on private placement basis where the sponsor or its associate companies have acted as arranger
or manager.
(9) The asset management company shall file with the trustees the details of transactions in securities by the key personnel of the asset management
company in their own name or on behalf of the asset management company and shall also report to the Board, as and when required by the Board.
(10) In case the asset management company enters into any securities transactions with any of its associates a report to that effect shall be sent to the
trustees at its next meeting.
(11) In case any company has invested more than 5 per cent of the net asset value of a scheme, the investment made by that scheme or by any other
scheme of the same mutual fund in that company or its subsidiaries shall be brought to the notice of the trustees by the asset management
company and be disclosed in the half yearly and annual accounts of the respective schemes with justification for such investment provided the
latter investment has been made within one year of the date of the former investment calculated on either side.
(12) The asset management company shall file with the trustees and the Board:-
(a) detailed bio-data of all its directors along with their interest in other companies within fifteen days of their appointment; and
(b) any change in the interests of directors every six months.
(c) a quarterly report to the trustees giving details and adequate justification about the purchase and sale of the securities of the group companies
of the sponsor or the asset management company as the case may be, by the mutual fund during the said quarter.
(13) Each director of the Asset Management Company shall file the details of his transactions of dealing in securities with the trustees on a quarterly
basis in accordance with the guidelines issued by the Board.
(14) The asset management company shall not appoint any person as key personnel who has been found guilty of any economic offense or involved
in violation of securities laws.
(15) The asset management company shall appoint registrars and share transfer agents who are registered with the Board.
Provided if the work relating to the transfer of units is processed in-house, the charges at competitive market rates may be debited to the scheme
and for rates higher than the competitive market rates, prior approval of the trustees shall be obtained and reasons for charging higher rates shall
be disclosed in the annual accounts.
(16) The asset management company shall abide by the Code of Conduct as specified in the PART A of Fifth Schedule.

(16A) The asset management company shall invest such amounts in such schemes of the mutual fund, based on the risks associated with the schemes,
as may be specified by the Board from time to time.

(17) The asset Management Company shall not invest in any of its scheme, unless full disclosure of its intention to invest has been made in the offer
documents, in case of schemes launched after the notification of Securities and Exchange Board of India (Mutual Funds) (Amendment)
Regulations,2011: Provided that an asset management company shall not be entitled to charge any fee on its investment in that scheme.

(18) The asset management company shall not carry out its operations including trading desk, unit holder servicing and investment operations outside
the territory of India:

(19) The asset management company shall compute and carry out valuation of investments made by its scheme(s) in accordance with the investment
valuation norms specified in Eighth Schedule, and shall publish the same.

(20) The asset management company and the sponsor of the mutual fund shall be liable to compensate the affected investors and/or the scheme for
any unfair treatment to any investor as a result of inappropriate valuation.

(21) The asset management company shall report and disclose all the transactions in debt and money market securities, including inter scheme
transfers, as may be specified by the Board.

2. Information on Key Personnel

Name Designation Total Exp (yrs) Age Qualification Brief Experience

Prathit D. Bhobe Chief 29 52 B. Com, Mr. Prathit Bhobe is Chief Executive Officer and
Executive MMS Managing Director of Tata Asset Management Pvt Ltd.
Officer and since May 2018.He is on the Board of AMFI, Tata Capital
PLC London & Tata Pension Management Ltd.

8
 Name Designation Total Exp (yrs) Age Qualification Brief Experience

Managing July 2010 to May 2018: He was with ICICI Bank for more
Director than 11 years where he headed Retail Liabilities Product,
Wealth Management and Private Banking business.
February 2003 to June 2010 with Citibank as Senior Vice
President.

Anand Vardarajan Business 21 44.5 B. Com, MBA Mr. Anand Vardarajan is Business Head – Banking,
Head – Alternate Products & Product Strategy. He is with Tata
Banking & Asset Management Pvt Ltd. since June 2018. Reports to
Institutional Chief Executive Officer and Managing Director.
Sales,
Alternate June 2011 to June 2018 with ICICI Bank Ltd as DGM &
Products and Head- Investments, Wealth Management Reporting to
Product Joint Deputy General Manager & Head – Wealth
Strategy Management.
December 2008 to June 2011 with Citibank N.A as
Assistant Vice President & Investment Counsellor- Fort
Branch. Reporting to Vice President & Regional
Investment Counsellor.

Rahul Singh Chief 28 51.5 B.Tech, Mr. Rahul Singh is Chief Investment Officer-Equities. He
Investment PGDBM is with Tata Asset Management Pvt Ltd. since October
Officer- 2018. Reports to Chief Executive Officer and Managing
Equities Director.
From July 2015 to October 2018 with Ampersand Capital
Investment Advisors LLP as Managing Partner.
From August 2010 to March 2015 with Standard
Chartered Securities Ltd. as Managing Director Reporting
to CEO.
From August 2005 to June 2010 with Citigroup Global
Markets as Senior Research Analyst Reporting to Head
of Research.

Murthy Nagarajan Head-Fixed 27 54 B. Com, Mr. Murthy Nagarajan is Head-Fixed Income. He is with
Income Tata Asset Management Pvt Ltd. since March 2017.
M. Com, Reports to Chief Executive Officer and Managing
PGPMS, Director.
ICWA (Inter)
October 2013 to February 2017 with Quantum Asset
Management Co. Pvt. Ltd. as Head – Fixed Income,
Reporting to Chief Executive Officer.
February 2010 to October 2013 with Tata Asset
Management Pvt Ltd. as Head -Fixed Income, Reporting
to Chief Investment Officer.
December 2007 to January 2010 with Mirae Asset Global
Investment India Pvt. Ltd. as Head - Fixed Income,
reporting to Managing Director.
August 1999 to November 2007 with Tata Asset
Management Pvt Ltd. as Head -Fixed Income, reporting
to Managing Director.

Upesh Shah Head – Risk 30 54 B. Com, ACA, Mr. Upesh Shah is Head-Risk Management. He is with
Management ICWA Tata Asset Management Pvt Ltd. since July 2005. .
Reports to Chief Executive Officer and Managing
Director.
ICICI Prudential AMC Ltd - From April 2005 to June 2005
– Assistant Vice President Internal Audit – Reporting to
Senior Vice President – Compliance.
Tata Asset Management Pvt Ltd - From April 2003 to
March 2005 – Joined as Deputy General Manager
Compliance - Reporting to the Chief Operating Officer.
IDBI Principal Asset Mgt Co Ltd – From August 1996 to
March 2003 as Compliance Officer.

Padmanabhan Compliance 31 56 MBA From May 2022 till date with Tata Asset Management Pvt
Ramanathan Officer (Finance), Ltd As Deputy Vice President- Compliance. . Reports to
LLM. Chief Executive Officer and Managing Director.. From
July 1991 till May 2022 with UTI AMC Ltd • As Senior Vice

9
 Name Designation Total Exp (yrs) Age Qualification Brief Experience

President (last designation). Reporting to Compliance –

Officer.

Adil Busha Head – 32 54 B. Com, MSc. Mr. Adil Busha is Head-Finance. He is with Tata Asset
Finance in Finance & Management Pvt Ltd. since December 1994. . Reports to
Accounting Chief Executive Officer and Managing Director.

Kashmira Kalwachwala Head - 35 57 B. Com, M. Ms. Kashmira Kalwachwala is Head-Investor Services.

Investor Com She is with Tata Asset Management Pvt Ltd. Since May
Services 2011. . Reports to Chief Executive Officer and Managing
Director.
From July 2000 to April 2011-Principal Pnb Asset
Management, as Head - Transaction & Customer
Services.
She has also been actively involved in streamlining and
coordinating activities pertaining to takeovers and
mergers of Sun F&C and PNB Mutual Fund. Reporting to
Head Operations Control & Risk
From May1988 to June 2000-Tata Share Registry Ltd
responsible for Registrars business for share transfer
processing and client servicing and also setting up the
registry unit for Mutual Fund processing.

Utpal Sarma Head – 25 50 B.Sc., Mr. Utpal Sarma is Head-Business Analytics. He is with
Business PGDBA Tata Asset Management Pvt Ltd. Since June 2018.
Analytics Reports to Chief Executive Officer and Managing
Director.
September 2006 to June 2018 with ICICI Bank Ltd. as
Business Practice Head, Business Intelligence &
Analytics Unit Reporting to Joint General Manager.

Hemant Kumar Business 19 44 B.E Mr. Hemant Kumar is Business Head-IFA and National
Head - IFA Mechanical, Distributors. He is with Tata Asset Management Pvt Ltd.
and National PGDBM from since August 2018. Reports to Chief Executive Officer
Distributors K J Somaiya and Managing Director.
Institute of
Management From November 2012 to August 2018 with Citibank N. A.
Studies where he was Senior Vice President Reporting to Retail
Bank Head.
From June 2009 to October 2012 with ING Vyasa Bank
as Cluster Head Reporting to Zonal Head.
From August 2008 to May 2009 with Citi bank N. A. as
Branch Manager Reporting to Cluster Head.

Shailly Kedia Company 21 41 B.Com., ACS From April 2022 onwards till date with Tata Asset
Secretary & Management Pvt. Ltd. Deputy Vice President -Secretarial
Legal & Legal, reporting to Chief Executive Officer and
Managing Director. From July 2021 to April 2022
Edelweiss Financial Services Limited Assistant Vice
President -Compliance reporting to Group Compliance
Officer. From February 2015 to July 2021 Daiwa Portfolio
Advisory (India) Pvt. Ltd. Assistant Vice President -
Compliance, Secretarial & legal reporting to Chief
Executive Officer. From December 2011 to February
2015 Quantum Asset Management Company Private Ltd.
Senior Manager – Compliance, Secretarial & legal
reporting to Head Compliance

Jaideep B Shetty Vice 30 54 B.Com, MMS Mr. Jaideep B Shetty is Equity Dealer. He is with Tata
President_ Asset Management Pvt Ltd. Since March.2006. Reports
Dealer to Chief Investment Officer – Equities.

10
 Name Designation Total Exp (yrs) Age Qualification Brief Experience

Sonam Udasi Senior Fund 26 50 B. Com, Mr. Sonam Udasi is Fund Manager. He is with Tata Asset
Manager PGDM- Management Pvt Ltd. since April 2014. Reports to Chief
Finance Investment Officer-Equities.
Responsibilities held in past – Principal - PMS, Head
Research.
June 2010 – March 2014 with IDBI Capital Market
Services Ltd as Head Research Reporting to Executive
Vice President.
November 2008 – April 2010 with BRICS Securities as
Head – Consumer Vertical, Reporting to Head Equities.
August 2007 – October 2008 with Prime Securities as
Head Research Reporting to President.
February 2006 – June 2007 with JM Financial AMC as
Senior Analyst Reporting to Chief Investment Officer.
June 2005 – January 2006 with ASK Raymond James as
Lead Analyst, Reporting to Head Research.

Chandraprakash Senior Fund 23 45 MBA Mr. Chandraprakash Padiyar is Senior Fund Manager. He
Padiyar Manager (Finance), is with Tata Asset Management Pvt Ltd. since September
cleared all 3 2018. Reports to Chief Investment Officer-Equities.
levels of CFA
Program from
The CFA From April 2007 to August 2018 with Alchemy Capital
Institute, Management Pvt. Ltd. where he was & Portfolio for their
USA. onshore long only strategies. Reporting to Chief
Investment Officer.

Sailesh Jain Fund 21 44 B.Com, MBA Mr. Sailesh Jain is Fund Manager. He is with Tata Asset
Manager (Finance) Management Pvt Ltd. since November 2018. Reports to
from Chief Investment Officer-Equities.
Queensland From April 2016 to October 2018 with IDFC Securities Ltd
University of as Head Derivatives – Institutional sales. Reporting to
Technology Managing Director and Chief Executive Officer.
Queensland,
Australia. From January 2010 to April 2016 with Quant Broking Pvt
Ltd as Vice President – Institutional Sales – Derivatives
and cash. Reporting to Chief Executive Officer and
Managing Director.
From June 2008 to December 2009 with IIFL (India
Infoline) as Vice President – Institutional Sales -Head
Equity Derivatives. Reporting to Head Institutional Sales.

Akhil Mittal Senior Fund 22 42 B. Com, MBA Mr. Akhil Mittal is Senior Fund Manager. He is with Tata
Manager Asset Management Pvt Ltd. since June 2014. Reports to
Head-Fixed Income.
March 2011- June 2014 with Canara Robecco Asset
Management Ltd. As Senior Fund Manager. Reporting to
Head Fixed Income.
November 2010- February 2011 with Principal PNB Asset
Management Co Ltd. As Senior Fund Manager. Reporting
to Head Fixed Income.
September 2008 to November 2010 with Canara
Robecco Asset Management Ltd. As Fund Manager.
Reporting to Head Fixed Income.
June 2006 to August 2008 with Edelweiss Securities Ltd.
as Senior Manager.
June 2004 to May 2006 with Rallis India Ltd as Assistant
Manager reporting to DGM Treasury.

11
 Name Designation Total Exp (yrs) Age Qualification Brief Experience

Amit Somani Senior Fund 22 45 B. Com, Mr. Amit Somani is Senior Fund Manager. He is with Tata
Manager PGDBM, Asset Management Pvt Ltd since June 2010. Reports to
CFA (US) Head -Fixed Income.
September 2006 – April 2010 with Fidelity Investments as
Research Associate
July 2004 to August 2004 with Netscribes Pvt. Ltd as
Research analyst.
Jun 2003 to July 2004 with SPA Capital as debt market
dealer.
February 2001 to May 2003 with Khandwala Securities as
debt market dealer.

Aurobinda Prasad Head- 18 41 BCA, MBA Presently working with Tata Asset Management Pvt Ltd.
Gayan Commodities Finance since 26th December, 2018 as Head Commodities
Strategies Strategies, Reports to Chief Investment Officer.
From February 2015 to December 2018 with Kotak
Commodities Services Pvt. Ltd as Research Head,
Reporting to Chief Executive Officer.
From February 2006 to January 2015 with Karvy
Comtrade Ltd. as Research Head, Reporting to Business
Head & Vice President.

Amey Sathe Senior 16 41 MMS, CFA Mr. Amey Sathe is Lead Fund Manager for few schemes.
Research He is with Tata Asset Management Pvt Ltd. since May
Analyst & 2015. Reports to Chief Investment Officer – Equities.
Fund
Manager October 2009 to May 2015 with JM Financial Securities
Ltd as Assistant Vice President Equity Research.
Reporting to Head of Research.
April 2009 to October 2009 with CARE Ratings as Deputy
Manager. Reporting to Manager.
June 2008 to March 2009 with HDFC Securities as
Research Analyst. Reporting to Head of Equities.

Abhinav Sharma Senior 17 42 B.Tech, Mr. Abhinav Sharma is Lead Fund Manager for few
Research PGDM schemes. He is with Tata Asset Management Pvt Ltd.
Analyst & since July 2015. Reports to Chief Investment Officer –
Fund Equities.
Manager
May 2012 to July 2015 with HDFC Securities Ltd as
Research Analyst. Reporting to Head of Research.
August 2008 to May 2012 with JM Financial Asset
Management Ltd as Research Analyst. Reporting to Head
of Research.

Meeta Shetty Fund 17 43 Bachelor in Ms. Meeta Shetty is Fund Manager for few schemes. She
Manager Economics, was Research Analyst (since March 2017), tracking
CFA Pharma, Technology and Telecom sector. Reports to the
Charterholder Chief Investment Officer - Equities.
From Dec 2014 to Feb 2017 with Kotak Securities,
tracking Pharma sector. Reporting to the Head of
Research.
From Jun 2013 to Nov 2014 with HDFC Securities, as
Research Analyst, tracking Pharma sector. Reporting to
Head of Research.
From Sep 2011 to Jun 2013 with AMSEC (Asian Market
Securities) as Research Analyst, tracking Pharma sector.
Reporting to Head of Research.
From May 2010 to Sep 2011 with Dalal & Broacha Stock
Broking as Research Analyst, tracking Pharma sector.
Reporting to Head of
Research.
From Dec 2002 to Feb 2005 with Karvy Stock Broking as
Equity Advisor - Manager – PCG. Reporting to Head
PCG.

12
 Name Designation Total Exp (yrs) Age Qualification Brief Experience

Satish Chandra Mishra Senior 17 41 B. Tech IIT Mr. Satish Chandra Mishra is Lead Fund Manager for few
Research (BHU) schemes. He is with Tata Asset Management Pvt Ltd.
Analyst & Varanasi, since July 2015. Reports to Chief Investment Officer –
Fund PGDM Equities.
Manager (TAPMI)
From July 2017 till date with Tata Asset Management Pvt
Ltd was Research Analyst, tracking Oil & Gas, Metals &
Mining and Chemicals. Reporting to Chief Investment
Officer Equities.
From May 2012 to July 2017 with HDFC Securities Ltd as
Assistant Vice President, tracking Oil & Gas and
Chemicals. Reporting to Head of Research.
From June 2008 to May 2012 with PINC Research as
Research Analyst, tracking Oil & Gas,
Fertilisers and Engineering sectors. Reporting to Head of
Research.

Abhishek Sonthalia Fund 15 39 CFA Charter Mr. Abhishek Sonthalia is Fund Manager-Credit
Manager- holder, Strategies. From Dec 2013 till date with Tata Asset
Credit management Management Pvt Ltd .Earlier, he was Credit Analyst/AVP
Strategies programme Credit, tracking all leading sectors and macro-economics
from NITIE research. Reports to the Head Fixed Income/Chief
(Mumbai), Investment Officer.
Bachelor in
Commerce From June 2011 to Nov 2013 with CRISIL Ltd, tracking
financial sector and carrying out credit rating analysis for
companies in the financial sector. Reporting to the
Associate Director.

From July 2009 to May 2011 with CRISIL Ltd, in the credit
ratings business as an intern/trainee.

From September 2007 to July 2008 with TCS as

Associate, working on a consulting project for a UK based
Chartered Accountancy firm.

Tejas Laxmichand Fund 17 41 B.Sc, MMS Mr.Tejas Laxmichand is Fund Manager. He is with Tata
Gutka Manager Asset Management Pvt Ltd. Since March 2021. Reports
to Chief Investment Officer – Equities.

From May 01 2006 to December 2008 with Care Ratings

as Manager.
From January 2009 to August 2015 with Barclays
Securities India Pvt Ltd as AVP.
From September 2015 to November 2019 with Barclays
Securities India Pvt Ltd as AVP.
Earlier Tejas Heading the Portfolio management services
in PMS Department with Tata Asset Management Pvt Ltd.
Since December 2019.

Arti Agarwal Head- 15 41 B.Com, M.A, From 2nd March 2020 - till date with Tata Asset
Human M.B.A Management Pvt Ltd as Head - Human Resources. .
Resources Reports to Chief Executive Officer and Managing
Director.

From 16th April 2018 to 30th Sept 2019 with Faber-

Castell, India as Director - HR, Reporting to CEO & MD.

From 21st May 2007 to 02nd April 2018 with Essar Group
as Head Corporate & International HR Reporting to Group
President HR.
From 1st Jan 2002 till date with Tata Asset Management
Girish Babu Head -IT 31 53 BSc Physics, Pvt Ltd as Vice President – Infotech . Reports to Chief
MBA Executive Officer and Managing Director.Tata Asset
Management Pvt Ltd - From 1996 to 2002 as Sr. System
Engineer.
Techlink Devices Pvt Ltd - From 1992 to 1996, as Sr.
Engineer.

Shaily Gang Head - 19 42 B.Com, Post- From February 2019 with Tata Asset Management Pvt Ltd
Products and Graduate as Head- Products, Reports to Business Head Banking,
Alternates Diploma in Product Strategy.
Business
Management
13
 Name Designation Total Exp (yrs) Age Qualification Brief Experience

From September 2011 to Jan 2019 with ICICI Bank as

Product Manager, Investments Reporting to Head,
Business and Product Strategy.

From February 2006 to September 2011 with ABN AMRO

Bank as Investment Counsellor Reporting to Branch
Manager.

Dhawal Joshi Dealer 10 34 Bachelor of From Sep 2019 till date with Tata Asset Management Pvt
Engineering Ltd, as Dealer. Reports to - Head Fixed Income.
(IT), MMS
(Finance) From Oct 2017 - Sep 2019 with A.K Capital Services Ltd,
as Primary Desk Dealer. Reporting to - Head Primary
Debt Securities.

From July 2016 - October 2017 with Crest Capital Ltd, as

Primary Desk Dealer. Reporting to - Head Primary Debt
Securities. From Mar 2016 - June 2016 with A.K Capital
Services Ltd, as Primary Desk Dealer. Reporting to -
Head Primary Debt Securities
From Oct 2019 till date with Tata Asset Management Pvt
Sachin Parekh Senior 18 44 PGDBA (Fin Ltd, as Sr Manager - Investments. Reports to Chief
Manager & Mktg), Investment Ofiicer - Equities
BCom
From Jul 2018 - Oct 2019 with BOI AXA Investment
Managers Pvt Ltd, as Sr Manager - Dealer. Reporting to -
CIO.

From Dec 2015 - Jul 2018 with IDFC Securities Ltd, as

AVP. Reporting to - VP Head Derivative.

From Aug 2014 - Dec 2015 with Sharekhan Ltd, as

Manager F&O - Institution Derivative Desk. Reporting to -
VP - Institution Sales .

From Dec 2010 - Aug 2013 with Systematix Shares &

Stockbroker, as Sales Trader. Reporting to - Head - Sales
Trading & Research.

From Sep 2006 - Oct 2010 with Societe Generale & New
Edge Broker (I) Pvt Ltd, as AVP - Trader. Reporting to -
Chief Operating Officer – India

Kapil Menon Senior 20 41 B. Com From June2021-till date with Tata Asset Management Pvt
Manager Ltd as Dealer. Reporting to Head –Investment
Operations. From September 2006 to May2021 with Tata
Asset Management Pvt Ltd as Senior Manager –
Investments. Reports to Chief Investment Officer -
Equities.

Abhinav Sharma Head - 22 45 B.Com, From July 2021 - till date with Tata Asset Management
International PGDBM Pvt Ltd. as Head - International Business. Reports to
Business (MBA) Chief Executive Officer and Managing Director. From
April 2019 to July 2021 with Tata Capital PLC, London as
Head - International Business, Reporting to Senior
Manager - International Business. From Feb 2019 to April
2019 with Tata Capital Limited as DVP - Alliances &
Banking PCG Sales, Reporting to CHRO. From Jan 2019
to Feb 2019 with Tata Capital Financial Services Limited
as DVP - Alliances & Banking PCG Sales, Reporting to
CHRO. From Oct 2013 to Jan 2019 with Tata Asset
Management Limited as Head - Alliances & Banking PCG
Sales, Reporting to Business Head – Banking, Alternate
Products & Product Strategy. From Dec 2004 to Oct 2013
with BNP Paribas Asset Management as Head
Institutional Sales & Key Accounts, Reporting to Head -
Sales.

Tapan Mukundbhai Research 10 34 CFA, MFA From 27 September 2022 onwards till date with Tata
Patel Analyst - from ICFAI. Asset Management Pvt. Ltd. Reporting to Head -
Commodities BBA from Commodities Strategy, Research. From 02 May 2018 to
Gujarat 23 September 2022 with HDFC Securities Limited as
University Senior Manager - Research, Reporting to Deputy Head of
Research. From 16 January 2017 to 27 April 2018 with
LKP Securities Ltd as Associate Vice President -
Research, Reporting to CEO. From 29 August 2013 to 13
January 2017 with Kotak Commodity Services Pvt. Ltd. as
Manager (Analyst) - Research, Reporting to Head of
Research. From 01 January 2008 to 20 August 2013 with
14
 Name Designation Total Exp (yrs) Age Qualification Brief Experience

Edelweiss Comtrade Ltd, as Associate - Research,

Reporting to Head of Research.

Jennifer Karkaria Assistant 20 41 B.Com, From Oct 2021 - till date with Tata Asset Management
Vice PGDBA Ltd. as Cash Market Dealer. Reports to Head - Fixed
President - Income. From June 2005 to Oct 2021 with Tata Asset
Investment Management Ltd. as AVP - Investments Fixed Income,
Reporting to Head - Fixed Income.

Arvindkumar Fund 7 32 B. Tech Tata Asset management Private Limited From 1-Dec-
Kumaresan Chetty Manager – (Mechanical) 2022 onwards Fund Manager for Overseas Investments,
Overseas from Nirma reporting to CIO - Equities From 31- Oct- 2022 till 30-Nov-
Investments University, 2022 Research Analyst, reporting to CIO - Equities Max
Post Life Insurance From 01-May-2018 till 20-Oct-2022 Senior
Graduate Manager – Investments, reporting to Chief Investment
Diploma in Officer (CIO) Thermax Limited From 01-Aug-2013 to 31-
Management May-2016 Executive, reporting to Head – Marketing
(PGDM) from
MDI Gurgaon
From 01st June, 2023 onwards
Rakesh Indrajeet Senior 18 45 B.Com With Tata Asset Management Private Limited for dealing
Prajapati Manager function as a Senior Manager Investment, Reports to
Investment Chief Investment Ofiicer - Equities

From Aug 2021 till 31st May 2023

With ICICI Securities Ltd for derivative dealing function
including trade execution & sending confirmation to
clients, as a Senior Associate,

From Apr 2021 till Aug 2021

With JM Financial for derivative dealing function including
trade execution & sending confirmation to clients, as a
Senior Manager,

From March 2020 till Apr 2021

With Edelweiss Securities Ltd for derivative dealing
function including trade execution & sending confirmation
to clients, as an Associate Sales Trader,

From May 2006 till March 2020

With IDFC Securities Ltd for derivative dealing function
including trade execution & sending confirmation to
clients, as a Senior Manager.

The Investment Process:

The Fund Managers take day to day decisions on buying or selling of securities which are part of the approved universe. Fund Managers ensure that
investments are being made in accordance with the regulatory guidelines and internal investment policy. Justification of each investment decision is
maintained (in writing or electronically).

In case of equity, investment universe is approved by the Equity Investment Committee comprising of Chief Investment Officer-Equities and Equity Fund
Managers. In case of Fixed Income Securities, investment universe is approved by the credit committee consisting of the Head fixed Income, CIO-
Equity, Fund managers, Credit analyst.

In case of equity, the stock selection is based on various criteria but not limited to, business fundamentals, management quality, valuations, stock
liquidity, benchmark weight etc. In case of fixed income, issues are approved based on internal rating criteria based on business fundamentals, financial
analysis, macro environment, management quality to evaluate corporate governance standard, etc.

Debt investment committee and Equity Investment Committee meet at regular intervals to review portfolios, scheme performance, market outlook/trends,
past events etc.

The investment committee comprises of Managing Director/CEO, Chief Operating Officer, Chief Investment Officer-Equities, Head of Fixed Income,
Head-Risk, Head-Product Development, Head Compliance, Business Head- Banking, Alternate Products and Product Strategy and Fund Managers.
The team periodically reviews the portfolio risk and performance of the schemes relative to respective peer’s /benchmark index.

Performance of the schemes vis a vis benchmark index and peers are placed for before the Board of Directors of the AMC and the Trustee Company
for review and comments.

15
 E. Service Providers
1. Custodian:

Sr. SEBI Registration

Name and Address of Custodians Schemes
No. Number
1 HDFC Bank Ltd IN/CUS/001 Tata Hybrid Equity Fund
Tata India Tax Savings Fund
Custody & Depository Services, Tata Equity P/E Fund
Lodha - I Think Techno Campus, Tata Treasury Advantage Fund
Building - Alpha, 8th Floor, Tata Liquid Fund
Next to Kanjur Marg Railway Station, Tata Money Market Fund
Kanjur Marg (E), Tata Small Cap Fund
Mumbai – 400042 Tata Nifty 50 Exchange Traded Fund
Tata Ultra Short Term Fund
Tata Overnight Fund
Tata Nifty Private Bank Exchange Traded Fund
Tata Nifty India Digital Exchange Traded Fund
Tata Nifty India Digital ETF Fund of Fund
Tata Nifty SDL Plus AAA PSU Bond Dec 2027 6040 Index
Fund
2 Standard Chartered Bank IN/CUS/006 Tata Ethical Fund
Crescenzo, C-38/39, G Block, 3rd floor. Tata Gilt Securities Fund
Bandra Kula Complex. Bandra (East). Tata Nifty 50 Index Fund
Mumbai-400051 TATA S&P BSE SENSEX Index Fund
Tata Mid Cap Growth Fund
Tata Banking & Financial Services Fund
Tata India Consumer Fund
Tata Digital India Fund
Tata India Pharma & Healthcare Fund
Tata Resources & Energy Fund
Tata Flexi Cap Fund
Tata Short Term Bond Fund
Tata Retirement Savings Fund
Tata Young Citizens' Fund
Tata Banking & PSU Debt Fund
Tata Quant Fund
Tata Focused Equity Fund
Tata Large Cap Fund
Tata Dividend Yield Fund
Tata Business Cycle Fund
Tata Floating Rate Fund
Tata Corporate Bond Fund
Tata Housing Opportunities Fund
Tata Multicap Fund
Tata CRISIL-IBX Gilt Index - April 2026 Index Fund
TATA NIFTY G-SEC DEC 2029 INDEX FUND
TATA NIFTY MIDCAP 150 MOMENTUM 50 INDEX FUND
TATA NIFTY G SEC DEC 2026 INDEX FUND

3 ICICI Bank Limited IN/CUS/005 Tata Arbitrage Fund

Securities Markets Services Tata Balanced Advantage Fund
Empire Complex, 1st Floor Tata Equity Savings Fund
E7/F7, Senapati Bapat Marg
Lower Parel, Mumbai – 400 013.

4 Deutsche Bank IN/CUS/003 Tata Large & Mid Cap Fund

Tata Infrastructure Fund
Deutsche Bank AG, DB House , Hazarimal
Somani Marg. P.O. Box no –1142.
Fort Mumbai—400001
5 Orbis Financial Corporation Ltd. IN/CUS/020 Tata Multi Asset Opportunities Fund
4A Ocus Technopolis, Golf Club Road, Sector
54, Gurgaon 122002

Note: Data upto 30.06.2022

2. Transfer Agent

Name of Registrars and SEBI Registration

Sr. No.
Principal business address Number
1 Computer Age Management Services (Private) Ltd (Cams), INR000002813
No. 178 / 10 M G R Salai (Kodambakkam High Road), Opposite to
Hotel Palmgrove, Nungambakkam, Chennai – 600034

16
TAMPL and TTCL ensures that the Registrar has adequate capacity to discharge responsibilities with regard to processing of applications and
dispatching account statements to unitholders within the time limit prescribed in the Regulations and also has sufficient capacity to handle investor
complaints.

3. Statutory Auditor

TTCPL shall have the financial statements for the Scheme audited by such Chartered Accountant(s) as may be appointed for that purpose by the
Trustee Company. S R Batliboi & Co. LLP Chartered Accountants, 12th Floor, The Ruby, 29 Senapati Bapat Marg, Dadar (West), Mumbai - 400 028
Maharashtra, India have been appointed in such capacity upto the financial year ending 31st March’2023.

4. Fund Accountant
Done In-house

5. Collecting Bankers:
The list of collecting bankers during the NFO will be disclosed in the SID of the particular new scheme as and when launched. There are no collecting
bankers for ongoing subscriptions.

II. CONDENSED FINANCIAL INFORMATION (CFI)

Condensed Financial Information of Schemes launched during the last three financial years (excluding redeemed schemes) is given below:
Sr No. Name of Schemes Type of Scheme Date of Launch Date of Initial Allotment
1. Tata Floating Rate Fund Open Ended Debt June 21, 2021 July 07,2021
2. Tata Business Cycle Fund Open Ended Equity July 16,2021 August 04,2021
3. Tata Corporate Bond Fund Open Ended Debt November 22,2021 December 01,2021
4. Tata Nifty India Digital Exchange Open Ended ETF March 14,2022 March 31,2022
Traded Fund
5. Tata Nifty SDL Plus AAA PSU Bond Open Ended Target March 24,2022 March 30,2022
Dec 2027 60:40 Index Fund Maturity Debt Index
Fund
6. Tata Nifty India Digital ETF FOF Open ended fund of March 25, 2022 April 13, 2022
fund
7. Tata Housing Opportunities Fund Open Ended Equity August 16, 2022 September 2, 2022

8. TATA CRISIL-IBX Gilt Index - April Open-ended Target September 23, 2022 September 30, 2022
2026 Index Fund Maturity Debt Index
Fund
9. TATA MULTICAP FUND Open Ended Equity January 16, 2023 February 2, 2023
10. TATA NIFTY G-SEC DEC 2026 Open-ended Target January 4, 2023 January 16, 2023
INDEX FUND Maturity Debt Index
Fund
11. TATA NIFTY G-SEC DEC 2029 Open-ended Target January 3, 2023 January 13, 2023
INDEX FUND Maturity Debt Index
Fund
12. TATA NIFTY MIDCAP 150 Open-ended Target October 4, 2022 October 20, 2022
MOMENTUM 50 INDEX FUND Maturity Debt Index
Fund

Condensed Financial Information for the Schemes launched (excluding redeemed schemes) during the last three financial years.

Tata Business Tata Corporate Tata

Sr. Historical Per Tata Tata Cycle Fund Tata Business Bond Fund Corporate
No. Unit Statistics Floating Floating Cycle Fund Bond Fund
Rate Fund Rate Fund
31/03/2023 31/03/2022 31/03/2023 31/03/2022 31/03/2023 31/03/2022
1 NAV at the REG( MD) 10 REG(D) 10 REG(MD) = 10
beginning of the =10.2520 =10.6830 10.0885
year/period (Rs.) REG(QD) REG(G) REG(QD) =
=10.2520
=10.6830 10.0885
REG(PD)=1 REG(PD) =
0.2520 DIR(D) =10.8056
DIR(G) =10.8056 10.0885
REG(G)
=10.2520 REG(G) =
DIR(MD) 10.0885
=10.2869 DIR(MD) =
DIR(QD) 10.1138
=10.2869
17
 DIR(PD) DIR(QD) =
=10.2869 10.1138
DIR(G) DIR(PD) =
=10.2869 10.1138
DIR(G)=
10.1138
2 Income NIL NIL Nil NIL NIL NIL
Distribution Cum
Capital
Withdrawal
(per unit)
3 NAV at the end REG( MD) REG(MD) = REG( D) REG(D) = REG(MD) = REG(MD) =
of the year(Rs.) =10.7891 10.2522 =11.2408 10.6830 10.4160 10.1017
REG(QD) REG(QD) REG( G) REG(G) = REG(QD) = REG(QD)
=10.7891 =10.2522 =11.2408 10.6830 =10.1017
REG(PD)= REG(PD) = DIR(D) =11.5667 DIR(D) = 10.4160 REG(PD) =
10.7891 10.2522 DIR(G) =11.5667 10.8055 REG(PD) = 10.1017
REG(G) REG(G) = DIR(G) = 10.4160 REG(G)
=10.7891 10.2522 10.8055 REG(G) = =10.1017
DIR(MD) DIR(MD) = 10.4160 DIR(MD) =
=10.8736 10.2871 DIR(MD) = 10.1270
DIR(QD) DIR(QD) = 10.5059 DIR(QD)
=10.8736 10.2871 =10.1270
DIR(QD) =
DIR(PD) DIR(PD) = DIR(PD) =
10.5059
=10.8736 10.2871 10.1270
DIR(G) DIR(G) = DIR(PD) = DIR(G) =
=10.8736 10.2871 10.5059 10.1270
DIR(G)=
10.5059
4(a) Annualised 4.81 3.4477 10.68 10.4308 3.95 2.6919
Return (%) –
Regular Plan -
Growth Option#
4(b) Benchmark 5.05 5.0446 7.95 11.0525 5.50 3.4789
returns (%) #
5 Net Assets at 207.31 515.88 899.56 970.33 573.34 294.93
the end of the
period (Rs.
Crores)
6 Ratio of DIR = 0.30 DIR = 0.27 DIR = 0.57 DIR = 0.27 DIR = 0.28 DIR = 0.21
Recurring REG = 0.73 REG = 0.72 REG = 2.22 REG = 1.92 REG = 0.87 REG = 0.86
Expenses to
Daily Net Assets
(%)

Tata Nifty Tata Nifty Tata Nifty Tata Nifty SDL Tata Nifty India Tata Housing
India Digital India Digital SDL Plus Plus AAA PSU Digital ETF FOF Opportunities Fund
Sr. Historical Per Exchange Exchange AAA PSU Bond Dec 2027
No. Unit Statistics Traded Fund Traded Fund Bond Dec 60:40 Index Fund
2027 60:40
Index Fund
31/03/2023 31/03/2022 31/03/2023 31/03/2022 31/03/2023 31/03/2023
1 NAV at the DIR = NIL REG(D) 10 REG(D) =10 REG(D) =10
beginning of the 63.9680 =10.0018 REG(G) =10 REG(G) =10
year/period (Rs.) REG(G) DIR(D) =10 DIR(D) =10
=10.0018 DIR(G) =10 DIR(G) =10
DIR(D)
=10.0023
DIR(G)
=10.0023
2 Income NIL NIL NIL NIL NIL NIL
Distribution Cum
Capital Withdrawal
(per unit)
3 NAV at the end of DIR = Nil REG(D) REG(D) =8.2182 REG(D) =9.8515
the year(Rs.) 52.2797 =10.4304 REG(D) = REG(G) =8.2182 REG(G) =9.8515
10.0018
REG(G) DIR(D) =8.2625 DIR(D) =9.9653
=10.4304 REG(G) = 10.0018
DIR(D) = 10.0023 DIR(G) =8.2625 DIR(G) =9.9653
DIR(D) DIR(G) = 10.0023
=10.4654
DIR(G)
=10.4654

18
 4(a) Annualised Return -9.47 NA 5.27 NA -9.06 12.71
(%) –Regular Plan
-Growth Option#
4(b) Benchmark -9.97 NA 4.85 NA -10.38 -3.11
returns (%) #
5 Net Assets at the 42.44 NIL 757.55 164.64 31.35 363.63
end of the period
(Rs. Crores)
6 Ratio of Recurring DIR =0.41 NIL DIR = 0.13 DIR = 0.13 DIR = 0.05 DIR = 0.68
Expenses to Daily REG =0.46 REG =0.36 REG =0.55 REG =2.38
Net Assets (%)

TATA TATA TATA TATA NIFTY G- TATA NIFTY

CRISIL-IBX MULTICAP NIFTY G- SEC DEC 2029 MIDCAP 150
Sr. Gilt Index - FUND SEC DEC INDEX FUND MOMENTUM 50
No. Historical Per Unit Statistics April 2026 2026 INDEX FUND
Index Fund INDEX
FUND
31/03/2023 31/03/2023 31/03/2023 31/03/2023 31/03/2023
1 NAV at the beginning of the REG(D) =10 REG(D) =10 REG(D) REG(D) =10 REG(D) =10
year/period (Rs.) REG(G) =10 REG(G) =10 =10 REG(G) =10 REG(G) =10
DIR(D) =10 DIR(D) =10 REG(G) DIR(D) =10 DIR(D) =10
DIR(G) =10 DIR(G) =10 =10 DIR(G) =10 DIR(G) =10
DIR(D) =10
DIR(G) =10
2 Income Distribution Cum NIL NIL NIL NIL NIL
Capital Withdrawal
(per unit)
3 NAV at the end of the REG(D) REG(D) REG(D) REG(D) =10.1540 REG(D) =9.3275
year(Rs.) =10.3643 =9.8145 =10.124 REG(G) =10. 1540 REG(G) =9.3275
REG(G) REG(G) REG(G) DIR(D) =10.1680 DIR(D) =9.3708
=10.3643 =9.8145 =10.124 DIR(G) =10.1680 DIR(G) =9.3708
DIR(D) DIR(D) DIR(D)
=10.3814 =9.8406 =10.1372
DIR(G) DIR(G) DIR(G)
=10.3814 =9.8406 =10.1372
4(a) Annualised Return (%) – 8.26 NA NA NA 5.79
Regular Plan -Growth Option#
4(b) Benchmark returns (%) # 8.53 NA NA NA 7.21
5 Net Assets at the end of the 1150.19 1846.57 105.79 114.88 42.96
period (Rs. Crores)
6 Ratio of Recurring Expenses DIR = 0.11 DIR = 0.53 DIR = 0.10 DIR = 0.09 DIR = 0.11
to Daily Net Assets (%) REG =0.36 REG =2.03 REG =0.45 REG =0.44 REG =1.00

Note:
# Annualized Returns have been calculated since inception of the schemes. Wherever the scheme period is less than one year, absolute returns were
given. Wherever scheme has not completed 6 months then NA is mentioned.
Data given above are unaudited.
Past performance may or may not be sustain in future.

Performance of all schemes as on 31st May 2023

Comparative Performance of all schemes as on 31st May 2023

Inception
1 Year 3 Years 5 Years Since Inception
Date
Fund / Benchmark
Amount Returns Amount Returns Amount Returns Amount Returns
in Rs. (%) in Rs. (%) in Rs. (%) in Rs. (%)

12,203 22.03 21,206 28.42 19,527 14.31 3,77,713 12.74 25-Feb-93

Tata Large & Mid Cap
Fund - Reg - Growth

19
 11,543 15.43 22,419 30.81 18,756 13.40 NA NA
Scheme Benchmark
(NIFTY Large Midcap 250
TRI)

11,405 14.05 20,037 26.02 18,827 13.48 3,40,118 12.35

Additional Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Chandraprakash Padiyar (Managing Since 3-Sep-18 ) & Meeta Shetty (Assistant Fund Manager) (Managing Since 1-Nov-19)

11,048 10.48 20,238 26.44 18,566 13.17 5,67,442 16.11 24-May-96

Tata Ethical Fund - Reg -
Growth

10,736 7.36 19,709 25.33 18,590 13.20 NA NA

Scheme Benchmark
(Nifty 500 Shariah TRI)

11,294 12.94 20,037 26.02 18,344 12.89 2,35,741 12.40

Additional Benchmark
(Nifty 50 TRI)
Fund Manager: Abhinav Sharma (Managing Since 06-Sep-21)

11,454 14.54 18,201 22.05 16,147 10.05 4,83,785 15.05 08-Oct-95

Tata Hybrid Equity Fund
- Reg - Growth

11,149 11.49 16,958 19.21 17,318 11.60 NA NA

Scheme Benchmark
(CRISIL Hybrid 35+65
Aggressive Index)

11,405 14.05 20,037 26.02 18,827 13.48 2,64,597 12.57

Additional Benchmark
(S&P BSE Sensex TRI)

Fund Manager: Chandraprakash Padiyar (Managing Since 3-Sep-18) (Equity) & Murthy Nagarajan (Managing since 1-Apr-17) (Debt) & Satish
Chandra Mishra (Assistant Fund Manager) (Managing Since 1-Nov-19)

10,930 9.30 17,230 19.84 NA NA 16,266 10.82 06-Sep-18

Tata Flexi Cap Fund -
Reg - Growth

11,274 12.74 20,806 27.61 NA NA 16,895 11.71

Scheme Benchmark
(Nifty 500 TRI)

20
 11,405 14.05 20,037 26.02 NA NA 17,297 12.27
Additional Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Amey Sathe (Managing Since 05-Apr-23 ) & Abhinav Sharma (Assistant Fund Manager) (Managing Since 01-Nov-19)

12,681 26.81 30,271 44.56 NA NA 25,581 22.92 12-Nov-18

Tata Small Cap Fund -
Reg - Growth

11,539 15.39 28,748 42.10 NA NA 19,911 16.34

Scheme Benchmark
(Nifty Smallcap 250 TRI)

11,294 12.94 20,037 26.02 NA NA 18,643 14.67

Additional Benchmark
(Nifty 50 TRI)

Fund Manager: Chandraprakash Padiyar (Managing Since 19-Oct-18 ) & Satish Chandra Mishra (Assistant Fund Manager) (Managing Since 1-
Nov-19)

11,714 17.14 19,727 25.36 15,991 9.84 2,22,245 17.80 29-Jun-04

Tata Equity P/E Fund -
Reg - Growth

11,274 12.74 20,806 27.61 17,904 12.35 1,59,628 15.76

Scheme Benchmark
(Nifty 500 TRI)

11,405 14.05 20,037 26.02 18,827 13.48 1,68,264 16.08

Additional Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Sonam Udasi (Managing Since 1-Apr-16 ) & Amey Sathe (Assistant Fund Manager) (Managing Since 18-Jun-
18)

11,323 13.23 19,302 24.46 17,992 12.46 1,81,239 15.36 25-Feb-03

TATA S&P BSE SENSEX
INDEX FUND - Reg

11,405 14.05 20,037 26.02 18,827 13.48 2,56,603 17.36

Scheme Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Sonam Udasi (Managing Since 1- Apr-16)

21
 11,281 12.81 19,874 25.67 17,028 11.23 7,73,426 18.93 07-May-98
Tata Large Cap Fund -
Reg - Growth

11,107 11.07 19,538 24.96 17,675 12.06 NA NA

Scheme Benchmark
(Nifty 100 TRI)

11,294 12.94 20,037 26.02 18,344 12.89 2,18,160 13.08

Additional Benchmark
(Nifty 50 TRI)

Fund Manager: Abhinav Sharma (Managing Since 05-Apr-23 ), Arvindkumar Kumaresan Chetty (Overseas Investment) (Managing Since 01-
Dec-22)

11,126 11.26 19,542 24.97 16,600 10.66 9,04,024 18.02 31-Mar-96

Tata India Tax Savings
Fund - Reg - IDCW

11,274 12.74 20,806 27.61 17,904 12.35 3,43,490 13.89

Scheme Benchmark
(Nifty 500 TRI)

11,294 12.94 20,037 26.02 18,344 12.89 2,59,602 12.72

Additional Benchmark
(Nifty 50 TRI)
Fund Manager: Tejas Gutka (Managing Since 09-Mar-21 ) & Sailesh Jain (Assistant Fund Manager) (Managing Since 16-Dec-
21 )

11,147 11.47 16,787 18.81 14,908 8.31 44,139 13.67 01-Nov-11

Tata Retirement Savings

Fund - Progressive Plan
- Reg

11,274 12.74 20,806 27.61 17,904 12.35 43,072 13.43

Scheme Benchmark
(Nifty 500 TRI)

11,405 14.05 20,037 26.02 18,827 13.48 41,841 13.15

Additional Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Sonam Udasi (Managing Since 1-Apr-16) (Equity) & Murthy Nagarajan (Managing since 1-Apr-17) (Debt)

12,309 23.09 25,870 37.20 19,228 13.96 1,09,979 13.90 31-Dec-04

Tata Infrastructure Fund
- Reg - Growth
22
 11,529 15.29 25,558 36.64 15,587 9.28 NA NA

Scheme Benchmark
(S&P BSE India
Infrastructure TRI)

11,294 12.94 20,037 26.02 18,344 12.89 1,11,859 14.00

Additional Benchmark
(Nifty 50 TRI)
Fund Manager: Abhinav Sharma (Managing Since 09-Mar-21)

11,231 12.31 19,568 25.03 17,709 12.10 1,84,694 15.47 25-Feb-03

TATA NIFTY 50 INDEX
FUND - Reg

11,294 12.94 20,037 26.02 18,344 12.89 2,31,252 16.76

Scheme Benchmark
(Nifty 50 TRI)
Fund Manager: Sonam Udasi (Managing Since 1-Apr-16 )

11,665 16.65 22,232 30.45 19,581 14.38 3,46,133 13.03 01-Jul-94

Tata Mid Cap Growth
Fund - Reg - IDCW

11,981 19.81 25,613 36.74 19,766 14.59 NA NA

Scheme Benchmark
(Nifty Midcap 150 TRI)

11,294 12.94 20,037 26.02 18,344 12.89 2,02,670 10.96

Additional Benchmark
(Nifty 50 TRI)
Fund Manager: Satish Chandra Mishra (Managing Since 09-Mar-21) & Abhinav Sharma (Assistant Fund Manager) (Managing Since 09-Mar-
21)

11,463 14.63 19,883 25.69 16,746 10.86 2,65,732 12.60 14-Oct-95

Tata Young Citizens
Fund - Reg

11,274 12.74 20,806 27.61 17,904 12.35 3,23,541 13.40

Scheme Benchmark
(Nifty 500 TRI)

11,405 14.05 20,037 26.02 18,827 13.48 2,65,806 12.60

Additional Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Amey Sathe (Managing Since 09-Mar-21 )

23
 11,155 11.55 16,258 17.55 14,929 8.34 44,978 13.86 01-Nov-11

Tata Retirement Savings

Fund - Moderate Plan -
Reg

11,183 11.83 17,923 21.43 17,639 12.01 39,249 12.53

Scheme Benchmark
(Crisil Hybrid 25+75 -
Aggressive Index)

11,405 14.05 20,037 26.02 18,827 13.48 41,841 13.15

Additional Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Sonam Udasi (Managing Since 1-Apr-16) (Equity) & Murthy Nagarajan (Managing since 1-Apr-17) (Debt)

10,702 7.02 13,641 10.88 13,851 6.73 49,006 7.12 27-Apr-00

Tata Equity Savings
Fund - Reg - Mthly
IDCW

10,866 8.66 14,072 12.04 15,228 8.77 NA NA

Scheme Benchmark
(NIFTY Equity Savings
Index)

11,004 10.04 10,979 3.16 13,922 6.84 NA NA

Additional Benchmark
(CRISIL 10 Year Gilt
Index)
Fund Manager: Sailesh Jain (Managing Since 9-Nov-18) (equity) & Murthy Nagarajan (Managing since 1-Apr-17) (Debt)

10,716 7.16 12,521 7.77 13,568 6.29 25,944 8.58 01-Nov-11

Tata Retirement Savings

Fund - Reg -
Conservative Plan

10,858 8.58 13,606 10.79 15,430 9.06 28,971 9.62

Scheme Benchmark
(CRISIL Short Term Debt
Hybrid 75+25 Index)

24
 11,004 10.04 10,979 3.16 13,922 6.84 21,818 6.97
Additional Benchmark
(CRISIL 10 Year Gilt
Index)
Fund Manager: Sonam Udasi (Managing Since 1-Apr-16) (Equity) & Murthy Nagarajan (Managing since 1-Apr-17) (Debt)

10,879 8.79 11,149 3.69 13,970 6.91 67,623 8.38 06-Sep-99

Tata Gilt Securities Fund
- Reg - Growth

11,026 10.26 11,499 4.76 14,617 7.88 73,338 8.75

Scheme Benchmark
(Crisil Dynamic Gilt
Index)

11,004 10.04 10,979 3.16 13,922 6.84 NA NA

Additional Benchmark
(CRISIL 10 Year Gilt
Index)
Fund Manager: Akhil Mittal (Managing Since 01-Mar-22)

10,632 6.32 11,483 4.71 12,856 5.15 41,493 7.07 08-Aug-02

Tata Short Term Bond
Fund - Reg - Growth

10,673 6.73 11,615 5.11 13,981 6.93 41,388 7.06

Scheme Benchmark
(CRISIL Short Duration
Debt A-II Index)

11,004 10.04 10,979 3.16 13,922 6.84 35,437 6.26

Additional Benchmark
(CRISIL 10 Year Gilt
Index)
Fund Manager: Mr. Murthy Nagarajan (Managing Since 1-Apr-17) & Abhishek Sonthalia (Co-Fund Manager)(Managing Since 6-Feb-20)

10,615 6.15 11,330 4.25 12,903 5.23 35,587 7.00 01-Sep-04

Tata Liquid Fund - Reg -
Growth

10,635 6.35 11,403 4.47 12,938 5.28 33,279 6.62

Scheme Benchmark
(CRISIL Liquid Debt A-I
Index)

25
 10,626 6.26 11,313 4.20 13,182 5.68 29,651 5.97
Additional Benchmark
(CRISIL 1 Year T-Bill
Index)
Fund Manager: Amit Somani (Managing Since 16-Oct-13) & Abhishek Sonthalia (Co-Fund Manager)(Managing Since 6-Feb-
20)

10,611 6.11 11,546 4.90 12,775 5.02 33,925 7.13 06-Sep-05

Tata Treasury
Advantage Fund - Reg -
Growth

10,668 6.68 11,590 5.03 13,640 6.40 34,625 7.25

Scheme Benchmark
(CRISIL Low Duration
Debt A-I Index)

10,626 6.26 11,315 4.20 13,182 5.68 28,267 6.03

Additional Benchmark
(CRISIL 1 Year T-Bill
Index)
Fund Manager: Akhil Mittal (Managing Since 26-Jun-14) & Abhishek Sonthalia (Co-Fund Manager)(Managing Since 6-Feb-
20)

10,664 6.64 11,564 4.95 12,540 4.63 36,439 6.67 22-May-03

Tata Money Market
Fund - Reg - Growth

10,671 6.71 11,527 4.84 13,282 5.84 37,565 6.83

Scheme Benchmark
(CRISIL Money Market B-
I Index)

10,626 6.26 11,315 4.20 13,182 5.68 31,220 5.85

Additional Benchmark
(CRISIL 1 Year T-Bill
Index)
Fund Manager: Amit Somani (Managing Since 16-Oct-13)

12,622 26.22 19,861 25.65 16,356 10.33 29,647 15.76 28-Dec-15

Tata Banking And

Financial Services Fund -
Reg - Growth

26
 11,907 19.07 20,879 27.75 18,042 12.52 29,306 15.58
Scheme Benchmark
(Nifty Financial Services
TRI)

11,294 12.94 20,037 26.02 18,344 12.89 25,653 13.52

Additional Benchmark
(Nifty 50 TRI)
Fund Manager:Amey Sathe (Managing Since 14-Oct-2021 and overall experience of 15 years)

10,195 1.95 24,310 34.39 23,335 18.46 32,679 17.28 28-Dec-15

Tata Digital India Fund -
Reg - Growth

10,039 0.39 22,061 30.12 23,714 18.84 30,081 15.98

Scheme Benchmark
(Nifty IT TRI)

11,405 14.05 20,037 26.02 18,827 13.48 26,374 13.95

Additional Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Meeta Shetty (Managing Since 09-Mar-21), Arvindkumar Kumaresan Chetty (Overseas Investment) (Managing Since 01-Dec-
22)

11,872 18.72 18,918 23.63 16,010 9.86 29,223 15.53 28-Dec-15

Tata India Consumer
Fund - Reg - Growth

11,638 16.38 17,913 21.41 16,777 10.90 24,307 12.70

Scheme Benchmark
(Nifty India
Consumption TRI)

11,294 12.94 20,037 26.02 18,344 12.89 25,653 13.52

Additional Benchmark
(Nifty 50 TRI)
Fund Manager: Sonam Udasi (Managing Since 1-Apr-16)

10,678 6.78 15,234 15.03 20,930 15.91 16,937 7.35 28-Dec-15

Tata India Pharma And
Healthcare Fund - Reg -
Growth

27
 10,144 1.44 13,243 9.80 16,017 9.87 11,082 1.39
Scheme Benchmark
(Nifty Pharma TRI)

11,294 12.94 20,037 26.02 18,344 12.89 25,653 13.52

Additional Benchmark
(Nifty 50 TRI)
Fund Manager: Meeta Shetty (Managing Since 09-Mar-21)

10,867 8.67 21,509 29.02 20,025 14.89 29,308 15.58 28-Dec-15

Tata Resources &
Energy Fund - Reg -
Growth

10,811 8.11 22,480 30.93 17,351 11.65 28,218 14.99

Scheme Benchmark
(Nifty Commodities TRI)

11,294 12.94 20,037 26.02 18,344 12.89 25,653 13.52

Additional Benchmark
(Nifty 50 TRI)
Fund Manager: Satish Chandra Mishra (Managing Since 09-Mar-21)

10,548 5.48 11,258 4.02 NA NA 12,406 4.96 18-Dec-18

Tata Arbitrage Fund -
Reg - Growth

10,554 5.54 11,261 4.03 NA NA 12,229 4.62

Scheme Benchmark
(Nifty 50 Arbitrage
Index)

10,626 6.26 11,315 4.20 NA NA 12,666 5.45

Additional Benchmark
(CRISIL 1 Year T-Bill
Index)
Fund Manager: Sailesh Jain (Managing Since 10-Dec-18)

11,034 10.34 15,591 15.92 NA NA 15,900 11.28 28-Jan-19

Tata Balanced
Advantage Fund - Reg -
Growth

28
 11,095 10.95 15,587 15.92 NA NA 16,438 12.13

Scheme Benchmark
(CRISIL Hybrid 50+50 -
Moderate Index)

11,405 14.05 20,037 26.02 NA NA 18,499 15.23

Additional Benchmark
(S&P BSE Sensex TRI)
Fund Managers: Rahul Singh (Managing Since 09-Jan-19), Sailesh Jain (Managing Since 09-Jan-19), Akhil Mittal (Managing Since 09-Jan-19)

10,571 5.71 11,279 4.09 NA NA 12,337 4.94 22-Jan-19

Tata Ultra Short Term
Fund - Reg - Growth

10,700 7.00 11,659 5.24 NA NA 12,888 6.00

Scheme Benchmark
(CRISIL Ultra Short
Duration Debt B-I Index)

10,626 6.26 11,315 4.20 NA NA 12,563 5.38

Additional Benchmark
(CRISIL 1 Year T-Bill
Index)
Fund Manager: Akhil Mittal (Managing Since 11-Jan-19)

11,286 12.86 20,016 25.97 NA NA 17,850 14.03 01-Jan-19

TATA NIFTY 50
EXCHANGE TRADED
FUND

11,294 12.94 20,037 26.02 NA NA 17,901 14.10

Scheme Benchmark
(Nifty 50 TRI)
Fund Manager: Sailesh Jain (Managing Since 17-Dec-18)

10,581 5.81 11,254 4.02 NA NA 11,901 4.25 27-Mar-19

Tata Overnight Fund -
Reg - Growth

29
 10,601 6.01 11,313 4.20 NA NA 11,976 4.41

Scheme Benchmark
(CRISIL Liquid Overnight
Index)

10,626 6.26 11,313 4.20 NA NA 12,371 5.22

Additional Benchmark
(CRISIL 1 Year T-Bill
Index)
Fund Manager: Amit Somani (Managing Since 25-Mar-19)

10,631 6.31 11,655 5.23 NA NA 12,358 5.99 10-Oct-19

Tata Banking & PSU
Debt Fund - Reg -
Growth

10,703 7.03 11,686 5.32 NA NA 12,474 6.26

Scheme Benchmark
(CRISIL Banking and PSU
Debt Index)

11,004 10.04 10,979 3.16 NA NA 11,845 4.76

Additional Benchmark
(CRISIL 10 Year Gilt
Index)
Fund Manager: Amit Somani (Managing Since 06-Sep-19)

12,430 24.30 21,479 28.96 NA NA 15,059 11.52 30-Aug-19

Tata Nifty Private Bank
Exchange Traded Fund

12,487 24.87 21,494 29.00 NA NA 14,864 11.14

Scheme Benchmark
(Nifty Private Bank TRI)

11,294 12.94 20,037 26.02 NA NA 17,524 16.12

Additional Benchmark
(Nifty 50 TRI)
Fund Manager: Sailesh Jain (Managing Since 16-Aug-19)

30
 11,261 12.61 20,480 26.94 NA NA 15,996 14.42 05-Dec-19

Tata Focused Equity

Fund - Reg - Growth

11,274 12.74 20,806 27.61 NA NA 16,754 15.95

Scheme Benchmark
(Nifty 500 TRI)

11,405 14.05 20,037 26.02 NA NA 15,997 14.42

Additional Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Meeta Shetty (Managing Since 11-Apr-22), Arvindkumar Kumaresan Chetty (Overseas Investment) (Managing Since 01-Dec-
22)

11,600 16.00 14,949 14.31 NA NA 11,300 3.71 22-Jan-20

Tata Quant Fund - Reg -
Growth

11,258 12.58 20,523 27.02 NA NA 16,374 15.83

Scheme Benchmark
(S&P BSE 200 TRI)

11,405 14.05 20,037 26.02 NA NA 15,866 14.74

Additional Benchmark
(S&P BSE Sensex TRI)
Fund Manager: Sailesh Jain (Managing Since 03-Jan-20 and overall experience of 17 years)

11,168 11.68 17,345 20.11 NA NA 16,862 17.49 04-Mar-20

Tata Multi Asset

Opportunities Fund -
Reg - Growth
Scheme Benchmark
(65% S&P BSE 200 TRI +
15% CRISIL Short Term
Bond Index + 20% 10,642 6.42 17,871 21.31 NA NA 15,908 15.40
iCOMDEX Composite
Index)

11,405 14.05 20,037 26.02 NA NA 16,965 17.71

Additional Benchmark
(S&P BSE Sensex TRI)

Fund Manager: Rahul Singh (Managing Since 12-Mar-20), Sailesh Jain (Managing Since 12-Mar-20), Murthy Nagarajan (Managing Since 12-
Mar-20) and Aurobinda Prasad Gayan (Managing Since 12-Mar-20)

31
 11,460 14.60 NA NA NA NA 12,142 10.03 20-May-21

Tata Dividend Yield

Fund - Reg - Growth

11,274 12.74 NA NA NA NA 12,669 12.36

Scheme Benchmark
(Nifty 500 TRI)

11,294 12.94 NA NA NA NA 12,762 12.76

Additional Benchmark
(Nifty 50 TRI)

Fund Manager: Sailesh Jain (Managing Since 03-May-21), Murthy Nagarajan (Managing Since 03-May-21) (Debt), Arvindkumar Kumaresan
Chetty (Overseas Investment) (Managing Since 01-Dec-22)

10,621 6.21 NA NA NA NA 10,933 4.81 07-Jul-21

Tata Floating Rate Fund
- Reg - Growth

10,700 7.00 NA NA NA NA 10,980 5.05

Scheme Benchmark
(CRISIL Short Term Bond
Index)

11,004 10.04 NA NA NA NA 10,630 3.27

Additional Benchmark
(CRISIL 10 Year Gilt
Index)
Fund Manager: Akhil Mittal (Managing Since 21-Jun-21)

11,857 18.57 NA NA NA NA 12,030 10.68 04-Aug-21

Tata Business Cycle

Fund - Reg - Growth

11,274 12.74 NA NA NA NA 11,496 7.95

Scheme Benchmark
(Nifty 500 TRI)

11,294 12.94 NA NA NA NA 11,630 8.64

Additional Benchmark
(Nifty 50 TRI)

Fund Manager: Rahul Singh (Managing Since 16-Jul-21), Murthy Nagarajan (Debt Portfolio) (Managing Since 16-Jul-21), Arvindkumar
Kumaresan Chetty (Overseas Investment) (Managing Since 01-Dec-22) Assistant Fund Manager: Sailesh Jain (Managing Since 16-Dec-22)

32
 10,655 6.55 NA NA NA NA 10,597 3.95 01-Dec-21

Tata Corporate Bond

Fund - Reg - Growth

10,730 7.30 NA NA NA NA 10,834 5.50

Scheme Benchmark
(CRISIL Corporate Bond
B-II Index)

11,004 10.04 NA NA NA NA 10,554 3.67

Additional Benchmark
(CRISIL 10 Year Gilt
Index)
Fund Manager: Abhishek Sonthalia (Managing Since 22-Nov-21)

10,797 7.97 NA NA NA NA 10,619 5.27 30-Mar-22

Tata Nifty SDL Plus AAA

PSU Bond Dec 2027 60:
40 Index Fund - Reg -
Growth

10,831 8.31 NA NA NA NA 10,569 4.85

Scheme Benchmark
(Nifty SDL Plus AAA PSU
Bond Dec 2027 60: 40
Index TRI)

11,004 10.04 NA NA NA NA 10,656 5.58

Additional Benchmark
(CRISIL 10 Year Gilt
Index)
Fund Manager: Amit Somani (Managing Since 24-Mar-2022)

10,053 0.53 NA NA NA NA 8,904 -9.47 31-Mar-22

Tata Nifty India Digital
Exchange Traded Fund

10,099 0.99 NA NA NA NA 8,847 -9.97

Scheme Benchmark
(Nifty India Digital TRI)

33
 11,294 12.94 NA NA NA NA 10,772 6.58
Additional Benchmark
(Nifty 50 TRI)
Fund Manager: Meeta Shetty (Managing Since 14-Mar-2022 )

10,029 0.29 NA NA NA NA 8,982 -9.06 13-Apr-22

Tata Nifty India Digital
ETF Fund of Fund - Reg -
Growth

10,099 0.99 NA NA NA NA 8,834 -10.38

Scheme Benchmark
(Nifty India Digital TRI)

11,294 12.94 NA NA NA NA 10,764 6.73

Additional Benchmark
(Nifty 50 TRI)

Meeta Shetty (Managing Since 25-Mar-2022 and overall experience of 15 years)

Tata Indian
11,220 12.20 19,633 25.17 17,183 11.43 14,170 11.52 31-May-06
Opportunities Fund

S&P BSE Sensex TRI 11,060 10.60 20,037 26.02 18,827 13.48 75,867 12.65

Fund Manager: Chandraprakash Padiyar (Managing Since 20-Mar-20 )

Tata Indian Sharia

10,557 5.57 19,536 24.96 18,030 12.51 35,152 10.44 05-Oct-10
Equity Fund

Nifty 500 Shariah TRI 10,257 2.57 19,709 25.33 18,590 13.20 43,134 12.24

Nifty 50 TRI 12,602 26.02 20,037 26.02 18,344 12.89 35,139 10.44
Fund Manager: Abhinav
Sharma (Managing
Since 06-Sep-21 )

Tata India Equity Fund

11,146 11.46 19,355 24.57 NA NA 21,049 24.56 10-Jan-20
(UCITS) - Plan B

MSCI India 10,359 3.59 18,946 23.69 NA NA 15,432 13.66

Nifty 50 TRI 10,996 9.96 20,037 26.02 NA NA 15,730 14.30

Fund Manager: Chandraprakash Padiyar (Managing Since 10-Jan-20 )

Inception
Fund / Benchmark 6 Months 1 Year 3 Years 5 Years Since Inception
Date

34
 Amount Returns Amount Returns Amount Returns Amount Returns Amount in Returns
in Rs. (%) in Rs. (%) in Rs. (%) in Rs. (%) Rs. (%)

Tata CRISIL-IBX Gilt

Index April 2026 10,377 NA NA NA NA NA NA 10,543
Index Fund - Reg - 30-Sep-
Growth 7.71 8.26 22

Scheme Benchmark
10,392 NA NA NA NA NA NA 10,560
(CRISIL-IBX Gilt Index –
April 2026 TRI) 8.01 8.53
Additional Benchmark
(CRISIL 10 Year Gilt 10,543 NA NA NA NA NA NA 10,751
Index) 11.19 11.49

Fund Manager: Amit

Somani (Managing
Since 23-Sep-2022)

Tata Nifty Midcap 150 20-Oct-

10,157 NA NA NA NA NA NA 10,350
Momentum 50 Index 22
Fund - Reg - Growth 3.18 5.79

Scheme Benchmark
10,309 NA NA NA NA NA NA 10,434
(Nifty Midcap150
Momentum 50 TRI) 6.29 7.21

Additional Benchmark 9,920 NA NA NA NA NA NA 10,596

(Nifty 50 TRI) -1.61 9.93

Fund Manager: Meeta

Shetty (Managing
Since 25-Mar-2022)

Tata Housing 10,718 NA NA NA NA NA NA 10,929

Opportunities Fund - 02-Sep-
Reg - Growth 14.91 12.71 22

Scheme Benchmark 9,386 NA NA NA NA NA NA 9,768

(NIFTY Housing TRI) -11.93 -3.11

Additional Benchmark 9,920 NA NA NA NA NA NA 10,618

(Nifty 50 TRI) -1.61 8.41

Fund Manager: Tejas Gutka (Managing Since 16-Aug-2022 ),Murthy Nagarajan (Managing Since 16-Aug-2022), Arvindkumar Kumaresan Chetty (Overseas
Investment) (Managing Since 01-Dec-22)

* Less than 1 year Simple Annualized returns, Greater than or Equal to 1 year Simple Annualized returns

Notes
1) Scheme returns in terms of CAGR are provided for past 1 year, 3 years, 5 years and since inception.

2) Point-to-point returns on a standard investment of Rs. 10,000/- are in addition to CAGR for the schemes.

3) Different plans shall have a different expense structure. The performance details provided herein are of regular plan growth option
except for Tata India Tax Savings Fund , TATA Mid Cap Growth Fund & TATA Equity Savings Fund where performance details given is for
regular plan dividend option.

4 ) NA stands for schemes in existence for more than 1 year but less than 3 years or 5 years, or instances where benchmark data for for
corresponding period not available.

5) Period for which schemes performance has been provided is computed basis last day of the month - ended preceding the date of
advertisement.

35
6) Past performance may or may not be sustained in future. For computation of since inception returns the allotment NAV has been
taken as Rs. 10.00 (Except for Tata Liquid Fund, Tata Treasury Advantage Fund, Tata Money Market Fund and Tata Overnight Fund where
NAV is taken as Rs. 1,000). *All payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV.
Load is not considered for computation of returns. While calculating returns dividend distribution tax is excluded. Schemes in existence
for less than 1 year, performance details for the same are not provided.

7) For Benchmark Indices Calculations , Total Return Index(TRI) has been used. Where ever TRI not available Composite CAGR has been
disclosed .Please refer Disclaimer sheet for composite CAGR disclosure.

8) Impact of creation of segregated portfolio in following schemes as given below.

Recovery proceedings in respect of Segregated portfolio:

Tata Corporate Tata Medium Tata Treasury

Bond Fund Term Fund Advantage Fund
Particulars / Schemes Segregated Segregated Segregated Portfolio
Portfolio1 Portfolio1 1
(Amount in Rs.) (Amount in Rs.) (Amount in Rs.)
Exposure to Securities of Dewan Housing Finance corporation LTD (DHFL)
Gross Exposure to DHFL on the date of Maturity of the Security 577,958,246.57 117,800,066.05 788,527,303.70
Less: Provisions made against DHFL Exposure due to default by DHFL 465,538,246.57 102,800,066.05 669,327,303.70
Net Exposure accounted in the Net assets on the date of Maturity 112,420,000.00 15,000,000.00 119,200,000.00
Recovery from DHFL pursuant the NCLT Order dt.07th June 2021. 256,691,020.00 45,427,916.00 320,030,263.00
Cash Received (amount Credited to Bank Account of the Scheme) - (A) 116,603,020.00 20,635,916.00 145,374,263.00

Face Value of the new security (PIRAMAL CAPITAL & HOUSING 140,088,000.00 24,792,000.00 174,656,000.00
FINANCE LTD 6.75 LOA 26SP31 FVRS1000) received

Amount received on sale of (PIRAMAL CAPITAL & HOUSING FINANCE 120,303,511.78 21,291,359.45 149,989,127.67
LIMITED 6.75 LOA 26SP31 FVRS1000) (Incl interest) ( B )
Net payout to Investors ( A + B ) 236,906,531.78 41,927,275.45 295,363,390.67
a ) In the performance data of Tata Short Term Bond Fund there is no impact of segregated portfolio which was created in Tata
Corporate Bond Fund. Main portfolio of Tata Corporate Bond Fund was merged with Tata Short Term Bond Fund wef 14th December
2019. Due to credit event (Default of Debt Servicing by Dewan Housing Finance Ltd (DHFL) on 4th June’2019), segregated portfolio
of securities of DHFL was created in Tata Corporate Bond Fund on 15th June 2019. The creation of Segregated Portfolio, had impacted
the NAV of the Tata Corporate Bond Fund to the extent of (-15.02% ) of NAV. On account of recoveries received on september 2021,
the nav of the segregrated portfolio increased by 102.30 %.
As per National Company Law Tribunal (NCLT) approved resolution plan on 7th June 2021, the segregated portfolio of the scheme(i.e
Tata Corporate Bond Fund-Segregated Portfolio) has received Rs. 25.67 Crores against gross receivable of Rs.57.80 Crores. The final
repayment was in the form of upfront cash and secured 10 year 6.75% par bonds issued by Piramal Capital and Housing Finance Ltd.
(PCHFL). The segregated portfolio of the scheme has received Rs. 11.66 Crores in Cash and total face value of Rs.14.01 crores of PCHFL
bonds. The cash component was paid out to the investors immediately and the payout amount was credited to the investors bank
account on October 12, 2021. The Bonds of Piramal Capital and Housing Finance Ltd (PCHFL) bonds were sold in the open market and
the proceeds of Rs 12.03 crores were distributed to investors on February 14, 2022

b )TATA CORPORATE BOND FUND had 1 segregated portfolio which was created under Tata Medium Term Fund.
Portfolio of Tata Medium Term Fund have merged with Tata Corporate Bond Fund w.e.f. 24th September 2022
The creation of Segregated Portfolio 1 in the scheme has impacted the NAV of the scheme to the extent of (-5.15% ) of NAV. On
account of recoveries received on september 2021 , the nav of the segregrated portfolio increased by 168.34 %.Recovery proceedings
in case of Segregated Portfolio created in Tata Medium Term Fund : Due to credit event (Default of Debt Servicing by Dewan Housing
Finance Corporation Ltd (DHFL) in June’2019), segregated portfolio of securities of DHFL was created in the scheme wef 15th
June’2019. Impact on NAV is negative (5.15%) of the scheme is on account of segregation of Portfolio. Piramal group had secured
the bid for DHFL. Piramal has completed the acquisition of DHFL. NCLT had approved the resolution plan on June 7th, 2021 with
approvals in place from Reserve Bank of India (RBI), Competition Commission of India (CCI) and National Company Law Tribunal
(NCLT). The consideration for DHFL creditors is in the form of a mix of upfront cash and secured, 10 year bonds issued by Piramal
Capital and Housing Finance Ltd( PCHFL). Total consideration of ~INR 38000cr paid for the completion of the acquisition. Piramal
Capital and Housing Finance Ltd. (PCHFL) merged with DHFL and the resultant entity has been named as PCHFL.

c ) Tata Treasury Advantage Fund : The creation of Segregated Portfolio 1 in the scheme has impacted the NAV of the scheme to the
extent of (-1.66% ) of NAV . On account of recoveries received on september 2021 , the nav of the segregrated portfolio increased by
137.87 %.
As per National Company Law Tribunal (NCLT) approved resolution plan on 7th June 2021, the segregated portfolio of the scheme
(i.e Tata Treasury Advantage Fund-Segregated Portfolio) has received Rs. 32.00 Crores against gross receivable of Rs.78.85 Crores.
The final repayment were in the form of upfront cash and secured 10 year 6.75% par bonds issued by Piramal Capital and Housing
Finance Ltd. (PCHFL). The segregated portfolio of the scheme has received Rs. 14.54 Crores in Cash and total face value of Rs.17.46
crores of PCHFL bonds. The cash component was paid out to the investors immediately and the payout amount was credited to the
investors bank account on October 12, 2021. The Bonds of Piramal Capital and Housing Finance Ltd (PCHFL) bonds were sold in the
open market and the proceeds of Rs 15.00 crores were distributed to investors on February 14, 2022.
36
 9) Returns for TATA NIFTY G-SEC DEC 2029 INDEX FUND, TATA NIFTY G-SEC DEC 2026 INDEX FUND and TATA Multicap Fund have
not been provided since the have not completed six months.

10) No Subscription and Redemption is allowed in Segregated portfolio hence benchmark data is not provided.

11) a) Offshore Funds performance may differ from performance of other domestic funds managed by the Fund Manager. The
Offshore Fund strategies are independent of the Domestic Funds managed by the same Fund Manager. The returns are calculated in
INR terms.
11) b) The difference in returns of domestic Funds and the Offshore Funds can be attributed to several factors including impact of
Currency exchange rate fluctuations, Fund flows and timing of portfolio investments. Foreign Portfolio Investment Schemes are also
subject to Company and Sector level limits imposed by RBI & SEBI which can be different from domestic funds leading to difference
in portfolio of similar strategy in domestic fund and FPI Funds.

TATA Mutual Fund Link for recovery from Dewan Housing Finance Corporation Limited (DHFL) -
https://www.tatamutualfund.com/docs/default-source/statutory-disclosures/other-statutory-disclosures/2021/october/update-
on-recovery-from-dhfl---30-sept-2021.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

Disclosure for Composite CAGR Calculation

Tata Large & Mid Cap Fund - Reg – Growth S&P BSE Sensex TRI As TRI data is not available since Inception of the scheme, benchmark
performance is calculated using composite CAGR of S&P BSE Sensex
PRI values from date 25-Feb-1993 to date 19-Aug-1996 and TRI
values since date 19-Aug-1996
Tata Hybrid Equity Fund - Reg – Growth S&P BSE Sensex TRI As TRI data is not available since Inception of the scheme, benchmark
performance is calculated using composite CAGR of S&P BSE Sensex
PRI values from date 06-Oct-1995 to date 19-Aug-1996 and TRI
values since date 19-Aug-1996

Tata Young Citizens Fund – Reg S&P BSE 200 TRI As TRI data is not available since Inception of the scheme, benchmark
performance is calculated using composite CAGR of S&P BSE 200
PRI values from date 13-Oct-1995 to date 01-Aug-2006 and TRI
values since date 01-Aug-2006.

Tata Ethical Fund - Reg – Growth Nifty 50 TRI As TRI data is not available since Inception of the scheme, benchmark
performance is calculated using composite CAGR of Nifty 50 PRI
values from date 24-May-1996 to date 30-Jun-1999 and TRI values
since date 30-Jun-1999.
Tata India Tax Savings Fund - Reg - Dividend S&P BSE Sensex TRI As TRI data is not available since Inception of the scheme, benchmark
performance is calculated using composite CAGR of S&P BSE Sensex
PRI values from date 29-Mar-1996 to date 19-Aug-1996 and TRI
values since date 19-Aug-1996

Tata Mid Cap Growth Fund - Reg – Dividend Nifty 50 TRI As TRI data is not available since Inception of the scheme, benchmark
performance is calculated using composite CAGR of Nifty 50 PRI
values from date 01-Jul-1994 to date 30-Jun-1999 and TRI values
since date 30-Jun-1999

III. HOW TO APPLY

Application forms complete in all respects, accompanied by cheque / draft /fund transfer letter are to be submitted to any of the Authorised Investor
Service Centres, as stated in the respective Schemes’ Scheme Information Document (SID) or as may be declared from time to time. All cheques and
bank drafts accompanying the application form should contain the application form number or the Permanent Account Number (PAN) or PAN Exempt
KYC Acknowledgement Number (PEKRN) and the name of the applicant/s on its reverse. For additional instructions, investors are requested to follow
the application form carefully. All cheques/ drafts by the applicants should be made out in favour of the Scheme and should be crossed “A/c Payee and
Not Negotiable”.

The facility to accept payments through RTGS / NEFT / Debit mandates with select banks is also available. However, investors are requested to check
with the Investor Services Centers for the applicability for various schemes, eligibility and operational processes.

The Authorised Collection Centers / Investor Service Centres / Marketing Associates who receive the application form shall stamp and return the
“Acknowledgement Slip” of the application form, thereby acknowledging receipt of the application form. The investors are requested to preserve the
acknowledgement slip duly stamped by the Collection Centers / Authorised Investor Service Centres / Marketing Associates. This shall be subject to
final verification and scrutiny by the Trustee Company / Asset Management Company that the cheque / demand draft and application form are in order
/ valid.
37
In case of Tata Young Citizens’ Fund, the donor can invest in the name of the beneficiary child. Kindly refer the scheme SID for further details.
During the New Fund Offer Period, Application form (duly completed) along with a cheque (drawn on respective centers) / DD (payable at respective
center) can be submitted at the Collection Centers or Investors Service Centers mentioned in the Scheme Information Document. The refunds will be
carried out within 5 days of the closure of NFO or receipt of funds whichever is later, Refunds may be carried out in a phased manner subject to receipt
of fund and reconciliation thereof within the stipulated regulatory timeframes. In case of NFO devolvement or rejection of application for which the funds
are already received by the fund house, the investors may inform the fund house to allocate the funds for purchase in any other scheme of Tata Mutual
Fund.
For ongoing purchase and redemption, applications completed in all respects, must be submitted only at the Investors Service Centers as mentioned
on the back cover page of the respective scheme SID.
Existing investors can also subscribe/redeem units through online mode at www.tatamutualfund.com. For further details kindly refer our website
www.tatamutualfund.com or contact our Investor Service Centre. Know Your Customer (KYC) compliant investors new to TATA Mutual Fund (TMF) can
also subscribe units through online mode on www.tatamutualfund.com.
For investors whose bank account details are not updated and physical cheques are issued for redemption proceeds and dividend proceeds ,are
requested to update bank account details.

All investment cheques should be current dated.

If there are no authorized Investor Services Centers where the investor resides, the application form duly completed along with a DD payable at nearest
TMF Branch, after deducting bank charges/commission (not exceeding rate prescribed by State Bank of India) from the amount of investment, may be
sent by mail directly to the same TMF Branch.

If such bank charges / commission are not deducted by the applicant, then the same may not be reimbursed. However, in case of application along with
local Cheque or Bank Draft payable at / from locations where TMF has its designated Authorised Investor Service Centres, Bank Draft charges/
commission may have to be borne by the applicant. In such cases the Trustee Company is entitled, in its sole and absolute discretion, to reject or accept
any application.

Example:
If an amount of Rs. 10,000/- is being invested in some scheme of TMF by an investor resident in India having no specified collection centre near his /
her residence, the Demand Draft charges that he /she can deduct has been illustrated below:

The correct amount of payment after recovery of

Investment made (Rs.) (say) Demand Draft charges (Rs.)
demand draft charges (Rs.)

10,000.00 50.00 9950.00

Please note that Stock invests, Cash and postdated Cheques, money orders and postal orders would not be accepted.
Subscription by NRIs
In terms of Schedule 5 of Notification no. FEMA 20/2000 dated May 3, 2000, RBI has granted general permission to NRIs to purchase, on a repatriation
basis units of domestic mutual funds. Further, the general permission is also granted to NRIs to sell the units to the mutual funds for repurchase or for
the payment of maturity proceeds, provided that the units have been purchased in accordance with the conditions set out in the aforesaid notification.
For the purpose of this section, the term “mutual funds” is as referred to in Clause (23D) of Section 10 of Income-Tax Act 1961. However, NRI investors,
if so desired, also have the option to make their investment on a non-repatriable basis.

Mode of Payment on Repatriation basis

NRIs
In case of NRIs and persons of Indian origin residing abroad, payment may be made by way of Indian Rupee drafts purchased abroad and payable at
Mumbai or by way of cheques drawn on Non-Resident (External) (NRE) Accounts payable at par at Mumbai. Payments can also be made by means
of rupee drafts payable at Mumbai and purchased out of funds held in NRE / FCNR Accounts.
In case Indian rupee drafts are purchased abroad or from Foreign Currency Accounts or Non-resident Rupee Accounts an account debit certificate from
the Bank issuing the draft confirming the debit shall also be enclosed.

FPI

Subscription by Foreign Portfolio investor (FPI) means a person who satisfies the eligibility criteria prescribed under regulation 4 and has been registered
under Chapter II of SEBI (Foreign Portfolio Investors) Regulations, 2014, provided that any foreign institutional investor or qualified foreign investor who
holds a valid certificate of registration shall be deemed to be a foreign portfolio investor till the expiry of the block of three years for which fees have
been paid. No person shall buy, sell or otherwise deal in securities as a foreign portfolio investor unless it has obtained a certificate granted by the
designated depository participant on behalf of SEBI.

Under SEBI (Foreign Portfolio Investors) Regulations, 2014 FPI (FII/Sub Account of FII/QFI’s) are allowed to invest in units of schemes floated by
domestic mutual funds, whether listed on a recognized stock exchange or not; subject to compliance of the investment limits and terms and conditions
as may be specified by SEBI/RBI.

FPI may pay their subscription amounts either by way of inward remittance through normal banking channels or out of funds held in Foreign Currency
Account or Non-resident Rupee Account maintained with a designated branch of an authorized dealer with the approval of the RBI subject to the terms
and conditions set out in the aforesaid notification.

Mode of payment on Non-Repatriation basis

In case of NRIs/Persons of Indian origin seeking to apply for Units on a non-repatriation basis, payments may be made by cheques/demand drafts
drawn out of Non-Resident Ordinary (NRO) accounts/ Non-Resident Special Rupee (NRSR) accounts and Non-Resident Non-Repatriable (NRNR)
accounts payable at the city where the Application Form is accepted.

Refunds, interest and other distribution (if any) and maturity proceeds/repurchase price and /or income earned (if any) will be payable in Indian Rupees
only. The maturity proceeds/repurchase value of units issued on repatriation basis, income earned thereon, net of taxes may be credited to NRE/FCNR
38
account (details of which should be furnished in the space provided for this purpose in the Application Form) of the non-resident investor or remitted to
the non-resident investor by way of Indian Rupees converted into US dollars or into any other currency, as may be permitted by the RBI, at the rate of
exchange prevailing at the time of remittance and will be dispatched through Registered Post at the unitholders risk. The Fund will not be liable for any
loss on account of exchange fluctuations, while converting the rupee amount in US dollar or any other currency. Credit of such proceeds to NRE/FCNR
account or remittance thereof may be permitted by authorized dealer only on production of a certificate from the Fund that the investment was made
out of inward remittance or from the Funds held in NRE/FCNR account of the investor maintained with an authorized dealer in India. However, there is
no objection to credit of such proceeds to NRO/NRSR account of the investor if he so desires.
Subscription by Multilateral Funding Agencies, on full repatriation basis, is subject to approval by the Foreign Investment Promotion Board.

Uniform process shall be applicable for investments made in the name of minor through a guardian:
In case of application in the name of minor, the minor has to be the first and the sole holder. No joint holder will be allowed with the Minor as the first or
sole holder. The Guardian of the minor should either be a natural guardian (i.e. father or mother) or a court appointed legal guardian. A copy of birth
certificate, passport copy, etc evidencing date of birth of the minor and relationship of the guardian with the minor, should be mandatorily attached
with the application.

a. AMC will follow uniform process ‘in respect of investments made in the name of a minor through a guardian’ by SEBI vide circular no
SEBI/HO/IMD/DF3/CIR/P/2019/166 dated December 24, 2019 & circular no. HO/IMD/POD-II/CIR/P/2023/0069 dated May 12, 2023 which states that
payment for investment by any mode 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 parent or legal guardian. For existing folios, the AMCs shall insist upon a Change of Pay-out Bank mandate before redemption is
processed. Irrespective of the source of payment for subscription, all redemption proceeds shall be credited only in the verified bank account of the
minor i.e., the account the minor may hold with the parent/legal guardian after completing all KYC formalities.

b. Upon the minor attaining the status of major/attaining 18 years of age, the minor in whose name the investment was made, shall be required to
complete the CKYC process and provide PAN, all the KYC details, FATCA details, updated bank account details including cancelled original cheque
leaf with the name of major printed over it and by filling up a prescribed attaining Major status available on our website. No further transactions shall be
allowed till the status of the minor is changed to major.

c. Any instructions registered for Systematic Investment Plan (SIP), Systematic Transfer Plan (STP), Systematic Withdrawal Plan (SWP) etc. shall be
suspended when the minor attains majority, till the status is changed to major.

d. The major may update Nomination in favour of an individual.

Modes of Payments and Despatch
AMCs may also use instruments or payment channels such as RTGS, NEFT, IMPS, direct credit, etc. or any other mode allowed by Reserve Bank of
India from time to time, for payments including refunds to unitholders in addition to the cheque, demand draft or dividend warrants. If IFSC code provided
in application form is Null or Incorrect/Invalid then AMC/RTA reserves the right to update/overwrite/correct the details as per RBI master.

Further, AMCs may also use modes of despatch such as ordinary post, speed post, courier etc. for payments including refunds to unitholders in addition
to the registered post with acknowledgement due.
Updation of Contact Details and Correspondence Address

a. Applicants/unitholders are requested to provide contact information such as email id, mobile telephone number/s and correspondence address.
However, the fund reserves the right to update communication postal address, email id, mobile number from KYC records of SEBI designated KYC
Registration Authority (KRA).

b. Investors should ensure that, the email id, mobile number provided in the application form should be their own or any of the immediate family member
and should be same as the ones provided in the KRA. Where the email id, mobile number are not provided or where provided but the same is found to
be invalid, or seems to be not pertaining to the investor or any of the immediate family member or is of a distributor or any other agency, then AMC/RTA
reserves the right to remove the email id, mobile number without any notice and the email id, mobile number as per KRA records may be updated in
the folio.

c. Investors will need to update the email id / mobile number with the KRA in case of any change.

d. Account statements, annual reports, portfolio and other communication, including statutory communication, will be sent through email/sms only
instead of physical, for investors who provide their email address/mobile on the application form. Should they wish to have a physical copy, they are
requested to send a request to the AMC/RTA.

e. It is deemed that the applicants are aware of all the security risks associated with online communication, including possible third-party interception of
documents sent via email.

f. In case of any investor being suspended / debarred by any statutory or government authority, the AMC/RTA reserves the right to reject any transaction
without any notice.

Unitholders are requested to complete your KYCs / Minor to Major (Tax status change) / PAN validations and Transmission if any, to avoid delay in
maturity payments. Aadhaar may be inked with PAN number for smooth operation of the account.

Restriction on Acceptance of Third Party Payments for Subscription of units of schemes:

In pursuance to Best Practice Guidelines issued by Association of Mutual Funds in India [AMFI] Vide Circular No.135/BP/16/10 dated August 16th, 2010
& subsequent amendments thereof for Restriction on acceptance of Third party cheques, Tata Asset Management Pvt Ltd has decided henceforth not
to accept subscriptions with Third-Party cheques* except in the following exceptional situations:

a) Payment by Employer on behalf of employee under Systematic Investment Plans or lump sum/one time subscription through Payroll deductions. or
deductions out of the expense reimbursements, AMC may take extra due diligence in terms of ensuring the authenticity of such arrangements from a
fraud prevention & KYC perspective.

b) Custodian on behalf of an FII/FPI or a client.

39
c) Payment by an AMC to an empanelled distributor on account of commission /incentive etc. in the form of the mutual fund units of the schemes
managed by AMC through SIP or lump sum/ one time subscription, subject to compliance with SEBI Regulations and guidelines issued by AMFI from
time to time.

d) Payment by a corporate to its agent/distributor/dealer (similar arrangement with principal agent relationship), on account of commission or incentive
payable for sale of its goods/services, in the form of the mutual fund units through SIP or lump sum/one time subscription, subject to compliance with
SEBI Regulations & guidelines issued by AMFI.

* Third Party Cheque means:

i. When payment is made through instruments issued from an account other than that of the beneficiary investor, the same is referred to as Third-Party
payment.

ii. In case of payments from a joint bank account, the first holder of the mutual fund folio has to be one of the joint holders of the bank account from
which payment is made, otherwise it will be treated as third party cheque.

iii. Investments from the investor’s account with a different bank i.e., the pay-in and payout banks are different, if the pay-in bank mandate could not be
established to be that of the investor, it will also be treated as third party investment.

1) Acceptance of third party cheques in the above situation shall be subject to compliance with the KYC (Know Your Client) requirements by the person
making the payment and beneficiary owner of the units. The person making payment shall give details of the bank account from which the payment is
made and the relationship with the beneficiary in the application form.

In order to prevent frauds and misuse of payment instruments, the investors are mandated to make the payment instrument (cheque, demand draft,
pay order,etc.) favouring either of the following (Investors are urged to follow the order of preference in making the payment instrument favouring as
under):

a. “XYZ Scheme A/c Permanent Account Number”

b. “XYZ Scheme A/c First Investor Name”
c. “XYZ Scheme A/c Existing folio number “

2) In case of an application for investment accompanied with the Pay-order, Demand Draft, Banker’s cheque, the following additional documents are
required to be submitted:

♦ A Certificate from the Issuing banker, stating the Account holder’s name, PAN No, Address and the Account number which has been debited for issue
of the instrument.
The account number mentioned in the certificate should be a registered bank account or the first named applicant/ investor should be one of the account
holders to the bank account debited for issue of such instruments.
♦ additionally if a pre-funded instrument issued by the bank against cash, it shall not be accepted for investment of Rs 50000/- or more. The investor
should submit a certificate (in original) obtained from the bank giving name address and PAN (if available) of the person who has requested for the
payment of instrument. The said certificate should be duly certified by the Bank Manager with his/her full signature, name, employee code, bank seal
and contact number.

3) In case payment is made by RTGS, NEFT, Online Bank Transfer, etc., a copy of the instruction to the bank stating the account number debited must
accompany the purchase application.

4) In case of subscription through net banking, AMC shall endeavour to obtain the details of the bank account debited from the payment gateway service
provider and match the same with the registered pay-in accounts. In case it is found that the payment is not made from a registered bank account or
from an account not belonging to the first named unit holder, the AMC/R&TA shall reject the transaction with due intimation to the investor.

5) In case of rejection of the transaction for non-compliances, the amount will be refunded without any interest to the investor.

Investor may view the common application form/ application form of schemes for detail procedure/ clarification on the subject.

As recommended by AMFI vide circular no.135/BP/24/2011-12 dated June 17,2011 for payments through net banking and debit cards, TAMPL shall
endeavor to obtain the details of the bank account debited from the payment gateway service provider and match the same with the registered pay-in
accounts. In case it is found that the payment is not made from a registered bank account or from an account not belonging to the first named unitholder,
the AMC/ R&TA may reject the transaction with due intimation to the investor.

The above broadly covers the various modes of payment for mutual fund subscriptions. The above list is not a complete list and is only indicative in
nature and not exhaustive.

Additional Mode of Payment through Applications Supported by Blocked Amount (ASBA):

In line with SEBI Circular dated SEBI/MD/CIR No 18/198647 /2010 March 15, 2010 and CIR/IMD/DF/6/2010 dated 28th July’2010, an investor can
subscribe to the New Fund Offer (NFO) launched on or after October 01, 2010 through ASBA facility by applying for the units offered under the
Option(s)/Plan(s) of the Scheme(s) in the ASBA* Application Form and following the procedure as prescribed in the form. This facility shall co-exist with
the current process, wherein cheques/ demand drafts are used as a mode of payment.

*Application Supported by Blocked Amount or ASBA - An application containing an authorization given by the Investor to block the Amount” or “ASBA”
application money in his specified bank account towards the subscription of Units offered during the NFO of the Scheme. If an investor is applying
through ASBA facility, the application money towards the subscription of Units shall be debited from his specified bank account only if his/her application
is selected for allotment of units.
Benefits of Applying through ASBA facility:

I. Writing cheques and demand drafts is not required, as investor needs to submit ASBA application Form accompanying an authorization to block
the account to the extent of application money towards subscription of Units. The balance money, if any, in the account can be used for other
purposes by the investors.
II. Release/Unblocking of blocked funds after allotment is done instantaneously.

40
III. Unlike other modes of payment, ASBA facility prevents the loss of interest income on the application money towards subscription of Units as it
remains in the bank account of the investor till the allotment is made.
IV. Refunds of money to the investors do not arise as the application money towards subscription of Units gets blocked only on the allotment of Units.
V. The investor deals with the known intermediary i.e. his/her own bank.
VI. The application form is simpler as the application form for ASBA will be different from the NFO application form.

ASBA Procedure
(a) An Investor intending to subscribe to the Units of the NFO through ASBA, shall submit a duly completed ASBA Application Form to a Self-Certified
Syndicate Bank (SCSB), with whom his/her bank account is maintained.
Note: Self Certified Syndicate Bank (SCSB): Self Certified Syndicate Bank (SCSB) means a bank registered with SEBI to offer the facility of applying
through the ASBA process. ASBAs can be accepted only by SCSBs, whose name appears in the list of SCSBs as displayed by SEBI on its website at
www.sebi.gov.in.
(b) The ASBA Application Form towards the subscription of Units can be submitted through one of the following Modes:
i) Submit the form physically with the Designated Branches (DBs) of the SCSB (“Physical ASBA”); or
Note: Designated Branches (DBs) of the SCSB: Designated Branches (DBs) of the SCSBs are the branches of the SCSBs which shall collect the ASBA
Application form duly filled by the Investors towards the subscription to the Units of the Scheme offered during the NFO. The list of these Designated
Branches shall be available at www.sebi.gov.in/pmd/scsb.pdf.
ii) Submit the form electronically through the internet banking facility offered by the SCSB (“Electronic ASBA”).
(c) An acknowledgement will be given by the SCSB in the form of the counter foil or specifying the application number for reference. Such
acknowledgement does not guarantee, in any manner that the investors will be allotted the Units applied for.
Note: if the bank account specified in the ASBA Application Form does not have sufficient credit balance to meet the application money towards the
subscription of Units, the Bank shall reject the ASBA application form.
(d) On acceptance of Physical or Electronic ASBA, the SCSB shall block funds available in the bank account specified to the extent of the application
money specified in the ASBA Application Form.
(e) The application money towards the Subscription of Units shall be blocked in the account until
(i) Allotment of Units is made or (ii) Rejection of the application or (iii) Winding up of the Scheme, as the case may be.
(f) SCSBs shall unblock the bank accounts for (i) Transfer of requisite money to the Mutual Fund / Scheme bank account against each valid application
on allotment or (ii) in case the application is rejected.
(g) The list of SCSBs and their DBs where ASBA application form can be submitted is available on the websites of BSE (www.bseindia.com), NSE
(www.nseindia.com) and SEBI (www.sebi.gov.in) and shall also be given in the ASBA application form.

Note: No request for withdrawal of ASBA application form made during the NFO Period will be allowed.

Grounds for Technical Rejections of ASBA application forms

ASBA Application Forms can be rejected, at the discretion of Registrar and Transfer Agent of Tata Mutual Fund or SCSBs including but not limited on
the following grounds-:
1. Applications by persons not competent to contract under the Indian Contract Act, 1872, including but not limited to minors, insane persons etc.
2. Mode of ASBA i.e. either Physical ASBA or Electronic ASBA, not selected or ticked.
3. ASBA Application Form without the stamp of the SCSB.
4. Application by any person outside India if not in compliance with applicable foreign and Indian laws.
5. Bank account details not given/incorrect details given.
6. Duly certified Power of Attorney, if applicable, not submitted alongwith the ASBA application form.
7. No corresponding records available with the Depositories matching the parameters namely (a) Names of the ASBA applicants (including the order
of names of joint holders) (b) DP ID (c) Beneficiary account number or any other relevant details pertaining to the Depository Account.

Rejection of applications
Applications not complete in any respect are liable to be rejected. The Trustee Company may reject any application not in accordance with the terms of
the Scheme.

General Instructions
Documents to be submitted in the case of applications under Power of Attorney:
If any application is signed by a person holding a valid Power of Attorney, the original Power of Attorney or a certified copy duly notarized should be
submitted with the application. The Power of Attorney has to be signed by the Applicant and Constituted Attorney. The signature in the Application Form
needs to clearly indicate that the signature is on behalf of the applicant by the Constituted Attorney.
Non-individual investors (Corporates, Societies, Trusts, etc.) who are already KYC verified are required to submit Resolution and Authorised Signatory
List mentioning the clause for investment in Mutual Funds, the mode of operation and specimen signatures of all authorized signatories along with the
subscription application. Tata Asset Management Pvt Ltd. reserves the right to call for other documents as and when required. Units allotted to the non-
individual investors are subject to scrutiny of such statutory documents. If required document(s) are not provided along with transaction or the documents
provided by the non-individual investors are insufficient / inaccurate, then the transactions are liable to be reversed with all costs and consequences to
the investor.
Availability of Application Forms, Statement of Additional Information (SAI) and Scheme Information Document (SID)
Application forms and copies of SAI/SID may be obtained from the office of Tata Asset Management Pvt Ltd., Offices of the Authorised Investor Service
Centres listed in the Scheme Information Document or any agents of TMF. The soft copies are also available in Tata AMC website.
41
Delivery of Account Statement by Post/Courier Services (For details kindly refer SID of individual schemes)

Investors will be sent Account Statements by email where email id is registered else by post/courier services. The Cheques will be sent by courier/speed
post/registered post. The courier and the postal department as the case may be shall be treated as agents of the investor. Delivery of the statement
and cheques to the courier / postal department shall be treated as delivered to the investor. The mutual fund / registrars are not responsible for any
delayed delivery or non-delivery or any consequences thereof.
Bank Account Details
It shall be mandatory for the Unitholders to mention their bank account numbers in their applications/requests for redemptions. Unitholders are requested
to give the full particulars of their Bank Account i.e. Account Number, Account type, Nine digit MICR code No.,11 digit IFSC code for NEFT and RTGS
payout, branch address of the bank at the appropriate space in the application form. For electronic payout, it is mandatory to provide a cancelled cheque
along with the application. In case pay in (i.e. application) and pay out (i.e. redemption) banks are different, cancelled copy of the cheque of pay out
bank is required to be submitted along with the application to capture that bank details for redemption, else pay in bank details will be captured and
payments will happen in this bank.
Any application for subscription / request for redemption without Bank account details will be rejected by the mutual fund.

The Fund will disclose details of the investor’s account and all his transactions to the intermediaries whose stamp appears on the application form. In
addition, the Fund will disclose details as necessary, to the Fund’s and investor’s bankers, for the purpose of effecting payments to the investor. Further,
investors’ details may also be disclosed to Government Authorities such as income tax authorities, SEBI. Further, the investor’s account statement may
be shared with the brokers/advisors/distributors on record in the folio.
For Change of Bank Mandate details kindly refer to SID/Addendums, Instructions form of respective schemes.
Multiple Bank Account Registration facility: An investor in Tata Mutual Fund scheme may register multiple bank accounts (currently upto 5 for
Individuals and 10 for Non – Individuals) for receiving redemption/ dividend proceeds etc. by providing necessary documents and filing up of Multiple
Bank Accounts Registration form.

Know Your Client (KYC) & Permanent Account Number (PAN)

Know Your Client (KYC):
SEBI vide Circular no. CIR/MIRSD/66/2016 dated July 21, 2016 and circular no. CIR/MIRSD/120/2016 dated November 10, 2016 has intimated about
the operationalization of Central KYC Records Registry (“CKYCR”).
AMFI vide Best Practice Guideline circular no. 135/BP/68/2016-17 dated December 22, 2016 has prescribed guidelines including Central KYC (“CKYC”)
forms for implementing the CKYC norms.
In this regard, any individual customer who has not done/registered KYC under the KYC Registration Agency (KRA) regime shall fill the new CKYC
form.
Non-Individual Investors to use the existing KYC forms for KYC process.
The KYC Application Forms for Individual and Non-Individuals are also available on our website www.tatamutualfund.com.
The list of documents required to complete the KYC Process is given in the CKYC/KYC application form.
Units held in electronic (demat) form: For units held in demat form, the KYC performed by the Depository Participant of the applicants will be considered
as KYC verification done by the Trustee / AMC. The AMC reserves the right to ask for further documentation if required.
PAN Exempt Investments:
Exemption from PAN requirement for Micro Investment i.e. investments in mutual funds schemes (including investments in SIPs) of upto Rs. 50,000
per investor per year across all schemes of the Fund shall be exempt from the requirement of PAN. In case of Micro Systematic Investment Plans (SIPs)
i.e. SIP for an aggregate investment of up to Rs 50,000/- in a financial year per investor shall be exempted from the requirement of PAN. This exemption
will be applicable only to investments by individuals, Non-Resident Indian (NRI), minors, joint holders and sole proprietary firms (but not including
Persons of Indian Origin (PIO), Hindu Undivided Family (HUF) and other categories). This is also applicable to lump sum investment up to Rs. 50,000
per year.
Those investors (including joint holders) subscribing to a micro SIP/lumpsum will be required to quote PAN Exempt KYC Reference Number (PEKRN)
issued by the KRA / KYC Identification Number (KIN) in the application form. In case the applicant is a minor, PAN /PEKRN / KIN details of the Guardian
shall be submitted, as applicable. Eligible Investors (i.e. the First Holder) must not possess a PAN at the time of submission of application form.
Prevention of Money Laundering and Know Your Client (KYC) Compliance:
This clause has been explained further in this SAI.
Declaration For ‘Ultimate Beneficial Ownership’ (UBO)

Pursuant to SEBI master circular ref. no. CIR/ISD/AML/3/2010 dated December 31, 2010 on anti-money laundering standards and guidelines on
identification of Beneficial Ownership issued by SEBI vide its circular ref. no. CIR/MIRSD/2/2013 dated January 24, 2013, investors (other than
Individuals) are required to provide details of Ultimate Beneficial Owner(s) (‘UBO’) and submit proof of identity (viz. PAN with photograph or any other
acceptable identity proof prescribed in common KYC form) of UBO(s).

The Ultimate Beneficial Owner means:

For Investor other than Trust:

A ‘Natural Person’, who, whether acting alone or together, or through one or more juridical person, exercises control through ownership or who ultimately
has a controlling ownership interest. Controlling ownership interest means ownership of/entitlements to:

• more than 10% of shares or capital or profits of the juridical person, where the juridical person is a company;

• more than 10% of the capital or profits of the juridical person, where the juridical person is a partnership; or

• more than 10% of the property or capital or profits of the juridical person, where the juridical person is an unincorporated association or body of
individuals.

42
In cases where there exists doubt as to whether the person with the controlling ownership interest is the beneficial owner or where no natural person
exerts control through ownership interests, the identity details should be provided of the natural person who is exercising control over the juridical person
through other means (i.e. control exercised through voting rights, agreement, arrangements or in any other manner). However, where no natural person
is identified, the identity of the relevant natural person who holds the position of senior managing official should be provided.

For Trust:

The settler of the trust, the trustees, the protector, the beneficiaries with 10% or more of interest in the trust and any other natural person exercising
ultimate effective control over the trust through a chain of control or ownership.

Exemption in case of listed companies:

The provisions w.r.t. Identification of UBO are not applicable to the investor or the owner of the controlling interest is a company listed on a stock
exchange, or is a majority-owned subsidiary of such a company.

Applicability for foreign investors:

The identification of ultimate beneficial ownership in case of Foreign Institutional Investors (FIIs), their sub-accounts and Multilateral Funding
Agencies/Bodies Corporate incorporated outside India with the permission of Government of India/Reserve Bank of India are guided by the clarifications
issued vide SEBI circular CIR/MIRSD/11/2012 dated September 5, 2012. As per said circular, list of beneficial owners with shareholding or beneficial
interest in the applicant/investor equal to or above 25% is required or the Global Custodian/Local Custodian may provide an undertaking to submit these
details. Any change in the list may be required to be submitted to the Mutual Fund/Authorized parties.
Tata AMC has the right to cancel any application in case of inadequate/inappropriate disclosure by the investor.
Foreign Account Tax Compliance Act (FATCA)
United States of America (US) has introduced chapter no. 4 in the US Internal Revenue Code as a part of the Hiring Incentives to Restore Employment
(HIRE) Act, which was enacted by the US legislature to create employment opportunities in US. The HIRE Act includes Foreign Account Tax Compliance
Act (FATCA), which now forms a part of the US-IR Code. The regulations for FATCA have undergone revision since 2010 and the final regulations
make the FATCA provisions effective from July 1, 2014.

The objective of FATCA is to detect "US Persons", who evade US taxes by using financial account maintained outside US. The US persons are defined
as those who have either US citizenship or US residency. The FATCA stipulates reporting on -

i. US taxpayers about certain foreign financial accounts and offshore assets.

ii. Foreign Financial Institutions (FFIs) about financial accounts with them of US taxpayers or foreign entities in which US taxpayers hold substantial
ownership interest.

FFIs (including mutual funds in India) are required to periodically report information on accounts of US persons, who maintain balances above a
threshold. In the event of a default in the reporting of information on accounts of US taxpayers, a withholding of 30% of the payment made from US
sources will be imposed on the recalcitrant account holders and non-participating Financial Institutions. SEBI vide its circular no. CIR/MIRSD/2/2014
dated June 30, 2014, has advised that Government of India and US Government have reached an agreement in substance on the terms of an Inter-
Governmental Agreement (IGA) to implement FATCA and India is now treated as having an IGA in effect from April 11, 2014. Tata Asset Management
Company Pvt Limited (TAMPL) is classified as a Foreign Financial Institution (FFI) under the FATCA provisions and in accordance therewith, the AMC
would be required to comply with the rules & regulations of FATCA, from time to time.

Common Reporting Standard (CRS)

On similar lines of FATCA, the Organization of Economic Development (OECD), along with the G 20 countries, of which India is a member, has released
a ‘Standard for Automatic Exchange of Financial Account Information in Tax matters’. In order to combat the problem of offshore tax evasion and
avoidance and stashing of unaccounted money abroad, the G 20 & OECD countries have together developed a common reporting standard(CRS) on
automatic exchange of information(AEOI). On June 3,2015 India has joined the Multilateral Competent Authority Agreement(MCAA) on AEOI. The CRS
on AEOI requires the financial institutions of the ‘source’ jurisdiction to collect and report information to their tax authorities about account holders
‘resident’ in other countries. The information to be exchanged relates not only to individuals, but also to shell companies and trusts having beneficial
ownership or interest in the ‘resident’ countries.

In view of India’s commitment to implement the CRS on AEOI and also the IGA with USA and with a view to provide information to other countries
necessary legislative changes has already been made in Finance Act & by inserting Rules 114F to 114H and Form 61B to provide a legal basis for the
Reporting Financial Institutions (RFIs) for maintaining and reporting information about the reportable accounts.

Applicants are required to refer to the “FATCA/CRS information” section in the application and mandatorily fill/sign off on the same. Applications without
this information / declaration being filled/signed off will be deemed as incomplete and are liable to be rejected. Investors are requested to note that the
contents of the information to be provided/ declaration in the application form may undergo a change on receipt of communication / guidelines from
Government of India or AMFI or SEBI or any other regulatory authority.

With the change in guidelines, investors may be called for additional information required by the law. Investors are requested to keep Mutual Fund
updated with change in information already submitted by them with Mutual Fund. FATCA provisions are relevant not only at on-boarding stage of
investor(s)/unit holder(s) but also throughout the life cycle of investment with the Fund/the AMC. In view of this, Investors should immediately intimate
to the Fund/the AMC, in case of any change in their status with respect to FATCA/CRS related declaration provided by them previously.

Investors(s)/Unit holder(s) should consult their own tax advisors to understand the implications of FATCA/CRS provisions /requirements.

It is mandatory to provide the Tax Identification Number of the country where the investor’s tax residency is other than India. Tata Asset M C p l
reserves the right to recover any financial liability imposed on the Asset Management Company due to incorrect data filing in the FATCA / CRS where
no / incorrect / incomplete information has been provided by the investor.

Facilitating transactions in Mutual Fund schemes through the Stock Exchange infrastructure:

43
Following schemes of Tata Mutual Fund have been admitted on the order routing platform of Bombay Stock Exchange Ltd ("BSE") & National Stock
Exchange of India Ltd ("NSE"). Under this facility, investors can submit the application for subscription & redemption of units of following schemes of
Tata Mutual Fund though the Stock Exchange platform. The introduction of this facility is pursuant to guidelines issued by SEBI vide circular
SEBI/IMD/CIR No.11/183204/2209 dated November 13, 2009 & the Stock Exchanges viz. BSE & NSE:

List of Scheme(s) available on BSE StAR MF & NSE NMFII platform for subscription and redemption in Demat & Physical mode:

Schemes routed through Exchange Platform BSE/NSE : Demat & Physical Mode
TATA DIVIDEND YIELD FUND - DIRECT PLAN - MONTHLY IDCW PAYOUT
TATA DIVIDEND YIELD FUND - DIRECT PLAN - MONTHLY IDCW REINVESTMENT
TATA DIVIDEND YIELD FUND - REGULAR PLAN - MONTHLY IDCW PAYOUT
TATA DIVIDEND YIELD FUND - REGULAR PLAN - MONTHLY IDCW REINVESTMENT
TATA DIVIDEND YIELD FUND - DIRECT PLAN GROWTH
TATA DIVIDEND YIELD FUND - REGULAR PLAN GROWTH
TATA ARBITRAGE FUND - DIRECT PLAN - MONTHLY IDCW PAYOUT
TATA ARBITRAGE FUND - DIRECT PLAN - MONTHLY IDCW REINVESTMENT
TATA ARBITRAGE FUND - REGULAR PLAN - MONTHLY IDCW PAYOUT
TATA ARBITRAGE FUND - REGULAR PLAN - MONTHLY IDCW REINVESTMENT
TATA ARBITRAGE FUND DIRECT PLAN GROWTH
TATA ARBITRAGE FUND REGULAR PLAN GROWTH
TATA BALANCED ADVANTAGE FUND - DIRECT PLAN - IDCW PAYOUT
TATA BALANCED ADVANTAGE FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA BALANCED ADVANTAGE FUND - REGULAR PLAN - IDCW PAYOUT
TATA BALANCED ADVANTAGE FUND DIRECT PLAN GROWTH
TATA BALANCED ADVANTAGE FUND REGULAR PLAN GROWTH
TATA BALANCED ADVATANGE FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA BANKING AND FINANCIAL SERVICES FUND DIRECT PLAN GROWTH
TATA BANKING AND FINANCIAL SERVICES FUND DIRECT PLAN IDCW PAYOUT
TATA BANKING AND FINANCIAL SERVICES FUND DIRECT PLAN IDCW REINVESTMENT
TATA BANKING AND FINANCIAL SERVICES FUND REGULAR PLAN GROWTH
TATA BANKING AND FINANCIAL SERVICES FUND REGULAR PLAN IDCW PAYOUT
TATA BANKING AND FINANCIAL SERVICES FUND REGULAR PLAN IDCW REINVESTMENT
TATA BANKING AND PSU DEBT FUND - DIRECT PLAN-IDCW PAYOUT
TATA BANKING AND PSU DEBT FUND - DIRECT PLAN-IDCW REINVESTMENT
TATA BANKING AND PSU DEBT FUND - REGULAR PLAN-IDCW PAYOUT
TATA BANKING AND PSU DEBT FUND - REGULAR PLAN-IDCW REINVESTMENT
TATA BANKING AND PSU DEBT FUND DIRECT PLAN GROWTH
TATA BANKING AND PSU DEBT FUND REGULAR PLAN GROWTH
TATA DIGITAL INDIA FUND DIRECT PLAN GROWTH
TATA DIGITAL INDIA FUND DIRECT PLAN IDCW PAYOUT
TATA DIGITAL INDIA FUND DIRECT PLAN IDCW REINVESTMENT
TATA DIGITAL INDIA FUND REGULAR PLAN GROWTH
TATA DIGITAL INDIA FUND REGULAR PLAN IDCW PAYOUT
TATA DIGITAL INDIA FUND REGULAR PLAN IDCW REINVESTMENT
TATA DYNAMIC BOND FUND DIRECT PLAN - IDCW PAYOUT
TATA DYNAMIC BOND FUND DIRECT PLAN - IDCW REINVESTMENT
TATA DYNAMIC BOND FUND DIRECT PLAN GROWTH
TATA DYNAMIC BOND FUND REGULAR PLAN - IDCW PAYOUT
TATA DYNAMIC BOND FUND REGULAR PLAN - IDCW REINVESTMENT
TATA DYNAMIC BOND FUND REGULAR PLAN GROWTH
TATA EQUITY P/E FUND DIRECT PLAN - IDCW TRIGGER A (5%) PAYOUT
44
TATA EQUITY P/E FUND DIRECT PLAN - IDCW TRIGGER A (5%) REINVESTMENT
TATA EQUITY P/E FUND DIRECT PLAN - IDCW TRIGGER B (10%) PAYOUT
TATA EQUITY P/E FUND DIRECT PLAN - IDCW TRIGGER B (10%) REINVESTMENT
TATA EQUITY P/E FUND DIRECT PLAN GROWTH
TATA EQUITY P/E FUND REGULAR PLAN - IDCW TRIGGER A (5%) PAYOUT
TATA EQUITY P/E FUND REGULAR PLAN - IDCW TRIGGER A (5%) REINVESTMENT
TATA EQUITY P/E FUND REGULAR PLAN - IDCW TRIGGER B (10%) PAYOUT
TATA EQUITY P/E FUND REGULAR PLAN - IDCW TRIGGER B (10%) REINVESTMENT
TATA EQUITY P/E FUND REGULAR PLAN GROWTH
TATA EQUITY SAVINGS FUND DIRECT PLAN - MONTHLY IDCW PAYOUT
TATA EQUITY SAVINGS FUND DIRECT PLAN - MONTHLY IDCW REINVESTMENT
TATA EQUITY SAVINGS FUND DIRECT PLAN - PERIODIC IDCW PAYOUT
TATA EQUITY SAVINGS FUND DIRECT PLAN - PERIODIC IDCW REINVESTMENT
TATA EQUITY SAVINGS FUND DIRECT PLAN GROWTH
TATA EQUITY SAVINGS FUND REGULAR PLAN - MONTHLY IDCW PAYOUT
TATA EQUITY SAVINGS FUND REGULAR PLAN - MONTHLY IDCW REINVESTMENT
TATA EQUITY SAVINGS FUND REGULAR PLAN - PERIODIC IDCW PAYOUT
TATA EQUITY SAVINGS FUND REGULAR PLAN - PERIODIC IDCW REINVESTMENT
TATA EQUITY SAVINGS FUND REGULAR PLAN GROWTH
TATA ETHICAL FUND DIRECT PLAN - IDCW PAYOUT
TATA ETHICAL FUND DIRECT PLAN - IDCW REINVESTMENT
TATA ETHICAL FUND DIRECT PLAN GROWTH
TATA ETHICAL FUND REGULAR PLAN - IDCW PAYOUT
TATA ETHICAL FUND REGULAR PLAN - IDCW REINVESTMENT
TATA ETHICAL FUND REGULAR PLAN GROWTH
TATA FLEXI CAP FUND - DIRECT PLAN - GROWTH OPTION
TATA FLEXI CAP FUND - DIRECT PLAN - IDCW PAYOUT
TATA FLEXI CAP FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA FLEXI CAP FUND - REGULAR PLAN - GROWTH
TATA FLEXI CAP FUND - REGULAR PLAN - IDCW PAYOUT
TATA FLEXI CAP FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA FOCUSED EQUITY FUND - DIRECT PLAN - IDCW PAYOUT
TATA FOCUSED EQUITY FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA FOCUSED EQUITY FUND - REGULAR PLAN - IDCW PAYOUT
TATA FOCUSED EQUITY FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA FOCUSED EQUITY FUND DIRECT PLAN GROWTH
TATA FOCUSED EQUITY FUND REGULAR PLAN GROWTH
TATA GILT SECURITIES FUND DIRECT PLAN - IDCW PAYOUT
TATA GILT SECURITIES FUND DIRECT PLAN - IDCW REINVESTMENT
TATA GILT SECURITIES FUND DIRECT PLAN GROWTH
TATA GILT SECURITIES FUND REGULAR PLAN - IDCW PAYOUT
TATA GILT SECURITIES FUND REGULAR PLAN - IDCW REINVESTMENT
TATA GILT SECURITIES FUND REGULAR PLAN GROWTH
TATA HYBRID EQUITY FUND DIRECT PLAN - MONTHLY IDCW PAYOUT
TATA HYBRID EQUITY FUND DIRECT PLAN - MONTHLY IDCW REINVESTMENT
TATA HYBRID EQUITY FUND DIRECT PLAN - PERIODIC IDCW PAYOUT
TATA HYBRID EQUITY FUND DIRECT PLAN - PERIODIC IDCW REINVESTMENT
TATA HYBRID EQUITY FUND DIRECT PLAN GROWTH

45
TATA HYBRID EQUITY FUND REGULAR PLAN - MONTHLY IDCW PAYOUT
TATA HYBRID EQUITY FUND REGULAR PLAN - MONTHLY IDCW REINVESTMENT
TATA HYBRID EQUITY FUND REGULAR PLAN - PERIODIC IDCW PAYOUT
TATA HYBRID EQUITY FUND REGULAR PLAN - PERIODIC IDCW REINVESTMENT
TATA HYBRID EQUITY FUND REGULAR PLAN GROWTH
TATA INCOME FUND DIRECT PLAN - HALF YEARLY IDCW PAYOUT
TATA INCOME FUND DIRECT PLAN - HALF YEARLY IDCW REINVESTMENT
TATA INCOME FUND DIRECT PLAN - PERIODIC IDCW PAYOUT
TATA INCOME FUND DIRECT PLAN - PERIODIC IDCW REINVESTMENT
TATA INCOME FUND DIRECT PLAN GROWTH
TATA INCOME FUND REGULAR PLAN - HALF YEARLY IDCW PAYOUT
TATA INCOME FUND REGULAR PLAN - HALF YEARLY IDCW REINVESTMENT
TATA INCOME FUND REGULAR PLAN - PERIODIC IDCW PAYOUT
TATA INCOME FUND REGULAR PLAN - PERIODIC IDCW REINVESTMENT
TATA INCOME FUND REGULAR PLAN GROWTH
TATA INDEX FUND NIFTY - REGULAR PLAN - GROWTH
TATA INDEX FUND NIFTY - DIRECT PLAN - GROWTH
TATA INDEX FUND SENSEX - DIRECT PLAN - GROWTH
TATA INDEX FUND SENSEX - REGULAR PLAN - GROWTH
TATA INDIA CONSUMER FUND DIRECT PLAN GROWTH
TATA INDIA CONSUMER FUND DIRECT PLAN IDCW PAYOUT
TATA INDIA CONSUMER FUND DIRECT PLAN IDCW REINVESTMENT
TATA INDIA CONSUMER FUND REGULAR PLAN GROWTH
TATA INDIA CONSUMER FUND REGULAR PLAN IDCW PAYOUT
TATA INDIA CONSUMER FUND REGULAR PLAN IDCW REINVESTMENT
TATA INDIA PHARMA AND HEALTHCARE FUND DIRECT PLAN GROWTH
TATA INDIA PHARMA AND HEALTHCARE FUND DIRECT PLAN IDCW PAYOUT
TATA INDIA PHARMA AND HEALTHCARE FUND DIRECT PLAN IDCW REINVESTMENT
TATA INDIA PHARMA AND HEALTHCARE FUND REGULAR PLAN GROWTH
TATA INDIA PHARMA AND HEALTHCARE FUND REGULAR PLAN IDCW PAYOUT
TATA INDIA PHARMA AND HEALTHCARE FUND REGULAR PLAN IDCW REINVESTMENT
TATA INDIA TAX SAVING FUND DIRECT PLAN - IDCW PAYOUT
TATA INDIA TAX SAVINGS FUND DIRECT PLAN GROWTH
TATA INDIA TAX SAVINGS FUND REGULAR PLAN GROWTH
TATA INDIA TAX SAVINGS FUND-REGULAR PLAN-IDCW PAYOUT
TATA INFRASTRUCTURE FUND DIRECT PLAN - IDCW PAYOUT
TATA INFRASTRUCTURE FUND DIRECT PLAN - IDCW REINVESTMENT
TATA INFRASTRUCTURE FUND DIRECT PLAN GROWTH
TATA INFRASTRUCTURE FUND REGULAR PLAN - IDCW PAYOUT
TATA INFRASTRUCTURE FUND REGULAR PLAN - IDCW REINVESTMENT
TATA INFRASTRUCTURE FUND REGULAR PLAN GROWTH
TATA LARGE AND MID CAP FUND DIRECT PLAN - IDCW PAYOUT
TATA LARGE AND MID CAP FUND DIRECT PLAN - IDCW REINVESTMENT
TATA LARGE AND MID CAP FUND DIRECT PLAN GROWTH
TATA LARGE AND MID CAP FUND REGULAR PLAN - IDCW PAYOUT
TATA LARGE AND MID CAP FUND REGULAR PLAN - IDCW REINVESTMENT
TATA LARGE AND MID CAP FUND REGULAR PLAN GROWTH
TATA LARGE CAP FUND DIRECT PLAN GROWTH

46
TATA LARGE CAP FUND DIRECT PLAN IDCW PAYOUT
TATA LARGE CAP FUND DIRECT PLAN IDCW REINVESTMENT
TATA LARGE CAP FUND REGULAR GROWTH
TATA LARGE CAP FUND REGULAR IDCW PAYOUT
TATA LARGE CAP FUND REGULAR IDCW REINVESTMENT
TATA LIQUID FUND DIRECT PLAN GROWTH
TATA LIQUID FUND REGULAR PLAN GROWTH
TATA MEDIUM TERM FUND DIRECT PLAN - IDCW PAYOUT
TATA MEDIUM TERM FUND DIRECT PLAN - IDCW REINVESTMENT
TATA MEDIUM TERM FUND DIRECT PLAN GROWTH
TATA MEDIUM TERM FUND REGULAR PLAN - IDCW PAYOUT
TATA MEDIUM TERM FUND REGULAR PLAN - IDCW REINVESTMENT
TATA MEDIUM TERM FUND REGULAR PLAN GROWTH
TATA MID CAP GROWTH FUND DIRECT PLAN - IDCW PAYOUT
TATA MID CAP GROWTH FUND DIRECT PLAN - IDCW REINVESTMENT
TATA MID CAP GROWTH FUND DIRECT PLAN GROWTH
TATA MID CAP GROWTH FUND REGULAR PLAN - IDCW PAYOUT
TATA MID CAP GROWTH FUND REGULAR PLAN - IDCW REINVESTMENT
TATA MID CAP GROWTH FUND REGULAR PLAN GROWTH
TATA MONEY MARKET FUND DIRECT PLAN GROWTH
TATA MONEY MARKET FUND REGULAR PLAN GROWTH
TATA MULTI ASSET OPPORTUNITIES FUND - DIRECT PLAN - IDCW PAYOUT
TATA MULTI ASSET OPPORTUNITIES FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA MULTI ASSET OPPORTUNITIES FUND - REGULAR PLAN - IDCW PAYOUT
TATA MULTI ASSET OPPORTUNITIES FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA MULTI ASSET OPPORTUNITIES FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA MULTI ASSET OPPORTUNITIES FUND REGULAR PLAN GROWTH
TATA OVERNIGHT FUND DIRECT PLAN GROWTH
TATA OVERNIGHT FUND REGULAR PLAN GROWTH
TATA QUANT FUND - DIRECT PLAN - IDCW PAYOUT
TATA QUANT FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA QUANT FUND - REGULAR PLAN - IDCW PAYOUT
TATA QUANT FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA QUANT FUND DIRECT PLAN GROWTH
TATA QUANT FUND REGULAR PLAN GROWTH
TATA RESOURCES AND ENERGY FUND DIRECT PLAN GROWTH
TATA RESOURCES AND ENERGY FUND DIRECT PLAN IDCW PAYOUT
TATA RESOURCES AND ENERGY FUND DIRECT PLAN IDCW REINVESTMENT
TATA RESOURCES AND ENERGY FUND REGULAR PLAN GROWTH
TATA RESOURCES AND ENERGY FUND REGULAR PLAN IDCW PAYOUT
TATA RESOURCES AND ENERGY FUND REGULAR PLAN IDCW REINVESTMENT
TATA RETIREMENT SAVINGS FUND - CONSERVATIVE DIRECT PLAN - GROWTH
TATA RETIREMENT SAVINGS FUND - CONSERVATIVE PLAN - GROWTH
TATA RETIREMENT SAVINGS FUND - MODERATE DIRECT PLAN - GROWTH
TATA RETIREMENT SAVINGS FUND - MODERATE PLAN - GROWTH
TATA RETIREMENT SAVINGS FUND - PROGRESSIVE DIRECT PLAN - GROWTH
TATA RETIREMENT SAVINGS FUND - PROGRESSIVE PLAN - GROWTH
TATA SHORT TERM BOND FUND DIRECT PLAN - MONTHLY IDCW PAYOUT

47
TATA SHORT TERM BOND FUND DIRECT PLAN - MONTHLY IDCW REINVESTMENT
TATA SHORT TERM BOND FUND DIRECT PLAN GROWTH
TATA SHORT TERM BOND FUND DIRECT PLAN PERIODIC IDCW PAYOUT
TATA SHORT TERM BOND FUND DIRECT PLAN PERIODIC IDCW REINVESTMENT
TATA SHORT TERM BOND FUND REGULAR PLAN - MONTHLY IDCW PAYOUT
TATA SHORT TERM BOND FUND REGULAR PLAN - MONTHLY IDCW REINVESTMENT
TATA SHORT TERM BOND FUND REGULAR PLAN - PERIODIC IDCW PAYOUT
TATA SHORT TERM BOND FUND REGULAR PLAN - PERIODIC IDCW REINVESTMENT
TATA SHORT TERM BOND FUND REGULAR PLAN GROWTH
TATA SMALL CAP FUND - DIRECT PLAN - IDCW PAYOUT
TATA SMALL CAP FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA SMALL CAP FUND - REGULAR PLAN - IDCW PAYOUT
TATA SMALL CAP FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA SMALL CAP FUND DIRECT PLAN GROWTH
TATA SMALL CAP FUND REGULAR PLAN GROWTH
TATA TREASURY ADVANTAGE FUND DIRECT PLAN - PERIODIC IDCW PAYOUT
TATA TREASURY ADVANTAGE FUND DIRECT PLAN - PERIODIC IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND DIRECT PLAN GROWTH
TATA TREASURY ADVANTAGE FUND REGULAR PLAN - PERIODIC IDCW PAYOUT
TATA TREASURY ADVANTAGE FUND REGULAR PLAN - PERIODIC IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND REGULAR PLAN GROWTH
TATA ULTRA SHORT TERM FUND - DIRECT PLAN - MONTHLY IDCW PAYOUT
TATA ULTRA SHORT TERM FUND - DIRECT PLAN - MONTHLY IDCW REINVESTMENT
TATA ULTRA SHORT TERM FUND - DIRECT PLAN - WEEKLY IDCW REINVESTMENT
TATA ULTRA SHORT TERM FUND - REGULAR PLAN - MONTHLY IDCW PAYOUT
TATA ULTRA SHORT TERM FUND - REGULAR PLAN - MONTHLY IDCW REINVESTMENT
TATA ULTRA SHORT TERM FUND - REGULAR PLAN - WEEKLY IDCW REINVESTMENT
TATA ULTRA SHORT TERM FUND - DIRECT PLAN GROWTH
TATA ULTRA SHORT TERM FUND - REGULAR PLAN GROWTH
TATA FLOATING RATE FUND - REGULAR PLAN - GROWTH
TATA FLOATING RATE FUND - DIRECT PLAN - GROWTH
TATA FLOATING RATE FUND - REGULAR PLAN - IDCW MONTHLY
TATA FLOATING RATE FUND - REGULAR PLAN - IDCW MONTHLY PAYOUT
TATA FLOATING RATE FUND - DIRECT PLAN - IDCW MONTHLY
TATA FLOATING RATE FUND - REGULAR PLAN - IDCW PERIODIC
TATA FLOATING RATE FUND - REGULAR PLAN - IDCW PERIODIC PAYOUT
TATA FLOATING RATE FUND - DIRECT PLAN - IDCW PERIODIC
TATA FLOATING RATE FUND - REGULAR PLAN - IDCW QUARTERLY
TATA FLOATING RATE FUND - REGULAR PLAN - IDCW QUARTERLY PAYOUT
TATA FLOATING RATE FUND - DIRECT PLAN - IDCW QUARTERLY
TATA FLOATING RATE FUND - DIRECT PLAN - IDCW PERIODIC PAYOUT
TATA FLOATING RATE FUND - DIRECT PLAN - IDCW MONTHLY PAYOUT
TATA FLOATING RATE FUND - DIRECT PLAN - IDCW QUARTERLY PAYOUT
TATA BUSINESS CYCLE FUND - REGULAR PLAN - IDCW
TATA BUSINESS CYCLE FUND - DIRECT PLAN - IDCW
TATA BUSINESS CYCLE FUND - REGULAR PLAN - IDCW PAYOUT
TATA BUSINESS CYCLE FUND - DIRECT PLAN - IDCW PAYOUT
TATA BUSINESS CYCLE FUND - REGULAR PLAN - GROWTH

48
TATA BUSINESS CYCLE FUND - DIRECT PLAN - GROWTH
TATA CORPORATE BOND FUND - REGULAR PLAN - GROWTH
TATA CORPORATE BOND FUND - REGULAR PLAN - IDCW MONTHLY PAYOUT
TATA CORPORATE BOND FUND - REGULAR PLAN - IDCW QUARTERLY PAYOUT
TATA CORPORATE BOND FUND - REGULAR PLAN - IDCW PERIODIC PAYOUT
TATA CORPORATE BOND FUND - REGULAR PLAN - IDCW MONTHLY
TATA CORPORATE BOND FUND - REGULAR PLAN - IDCW QUARTERLY
TATA CORPORATE BOND FUND - REGULAR PLAN - IDCW PERIODIC
TATA CORPORATE BOND FUND - DIRECT PLAN - GROWTH
TATA CORPORATE BOND FUND - DIRECT PLAN - IDCW MONTHLY PAYOUT
TATA CORPORATE BOND FUND - DIRECT PLAN - IDCW QUARTERLY PAYOUT
TATA CORPORATE BOND FUND - DIRECT PLAN - IDCW PERIODIC PAYOUT
TATA CORPORATE BOND FUND - DIRECT PLAN - IDCW MONTHLY
TATA CORPORATE BOND FUND - DIRECT PLAN - IDCW QUARTERLY
TATA CORPORATE BOND FUND - DIRECT PLAN - IDCW PERIODIC
TATA NIFTY SDL PLUS AAA PSU BOND DEC 2027 60: 40 INDEX FUND - REGULAR PLAN - IDCW
TATA NIFTY SDL PLUS AAA PSU BOND DEC 2027 60: 40 INDEX FUND - REGULAR PLAN - IDCW PAYOUT
TATA NIFTY SDL PLUS AAA PSU BOND DEC 2027 60: 40 INDEX FUND - DIRECT PLAN - IDCW
TATA NIFTY SDL PLUS AAA PSU BOND DEC 2027 60: 40 INDEX FUND - DIRECT PLAN - IDCW PAYOUT
TATA NIFTY SDL PLUS AAA PSU BOND DEC 2027 60: 40 INDEX FUND - REGULAR PLAN - GROWTH
TATA NIFTY SDL PLUS AAA PSU BOND DEC 2027 60: 40 INDEX FUND - DIRECT PLAN - GROWTH
TATA NIFTY INDIA DIGITAL ETF FUND OF FUND - DIRECT PLAN - GROWTH
TATA NIFTY INDIA DIGITAL ETF FUND OF FUND - DIRECT PLAN - IDCW PAYOUT
TATA NIFTY INDIA DIGITAL ETF FUND OF FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA NIFTY INDIA DIGITAL ETF FUND OF FUND - REGULAR PLAN - GROWTH
TATA NIFTY INDIA DIGITAL ETF FUND OF FUND - REGULAR PLAN - IDCW PAYOUT
TATA NIFTY INDIA DIGITAL ETF FUND OF FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA HOUSING OPPORTUNITIES FUND-DIRECT PLAN-GROWTH
TATA HOUSING OPPORTUNITIES FUND-DIRECT PLAN-IDCW REINVESTMENT
TATA HOUSING OPPORTUNITIES FUND-DIRECT PLAN-IDCW PAYOUT
TATA HOUSING OPPORTUNITIES FUND-REGULAR PLAN-GROWTH
TATA HOUSING OPPORTUNITIES FUND-REGULAR PLAN-IDCW REINVESTMENT
TATA HOUSING OPPORTUNITIES FUND-REGULAR PLAN-IDCW PAYOUT
TATA CRISIL-IBX GILT INDEX - APRIL 2026 INDEX FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA CRISIL-IBX GILT INDEX - APRIL 2026 INDEX FUND - REGULAR PLAN - IDCW PAYOUT
TATA CRISIL-IBX GILT INDEX - APRIL 2026 INDEX FUND - DIRECT PLAN - IDCW PAYOUT
TATA CRISIL-IBX GILT INDEX - APRIL 2026 INDEX FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA CRISIL-IBX GILT INDEX - APRIL 2026 INDEX FUND - REGULAR PLAN - GROWTH
TATA CRISIL-IBX GILT INDEX - APRIL 2026 INDEX FUND - DIRECT PLAN - GROWTH
TATA NIFTY MIDCAP 150 MOMENTUM 50 INDEX FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA NIFTY MIDCAP 150 MOMENTUM 50 INDEX FUND - REGULAR PLAN - IDCW PAYOUT
TATA NIFTY MIDCAP 150 MOMENTUM 50 INDEX FUND - DIRECT PLAN - IDCW PAYOUT
TATA NIFTY MIDCAP 150 MOMENTUM 50 INDEX FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA NIFTY MIDCAP 150 MOMENTUM 50 INDEX FUND - REGULAR PLAN - GROWTH
TATA NIFTY MIDCAP 150 MOMENTUM 50 INDEX FUND - DIRECT PLAN - GROWTH
TATA NIFTY G-SEC DEC 2029 INDEX FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA NIFTY G-SEC DEC 2029 INDEX FUND - REGULAR PLAN - IDCW PAYOUT
TATA NIFTY G-SEC DEC 2029 INDEX FUND - REGULAR PLAN - GROWTH

49
 TATA NIFTY G-SEC DEC 2029 INDEX FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA NIFTY G-SEC DEC 2029 INDEX FUND - DIRECT PLAN - GROWTH
TATA NIFTY G-SEC DEC 2029 INDEX FUND - DIRECT PLAN - IDCW PAYOUT
TATA NIFTY G-SEC DEC 2026 INDEX FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA NIFTY G-SEC DEC 2026 INDEX FUND - REGULAR PLAN - IDCW PAYOUT
TATA NIFTY G-SEC DEC 2026 INDEX FUND - REGULAR PLAN - GROWTH
TATA NIFTY G-SEC DEC 2026 INDEX FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA NIFTY G-SEC DEC 2026 INDEX FUND - DIRECT PLAN - GROWTH
TATA NIFTY G-SEC DEC 2026 INDEX FUND - DIRECT PLAN - IDCW PAYOUT
TATA MULTICAP FUND - REGULAR PLAN - IDCW REINVESTMENT
TATA MULTICAP FUND - REGULAR PLAN - IDCW PAYOUT
TATA MULTICAP FUND - REGULAR PLAN - GROWTH
TATA MULTICAP FUND - DIRECT PLAN - IDCW PAYOUT
TATA MULTICAP FUND - DIRECT PLAN - IDCW REINVESTMENT
TATA MULTICAP FUND - DIRECT PLAN - GROWTH

Schemes routed through Exchange Platform BSE/NSE : Physical Mode

TATA LIQUID FUND DIRECT PLAN- DAILY IDCW REINVESTMENT
TATA LIQUID FUND DIRECT PLAN- DAILY IDCW REINVESTMENT
TATA LIQUID FUND REGULAR PLAN - DAILY IDCW REINVESTMENT
TATA LIQUID FUND REGULAR PLAN - DAILY IDCW REINVESTMENT
TATA MONEY MARKET DIRECT PLAN - DAILY IDCW REINVESTMENT
TATA MONEY MARKET DIRECT PLAN - DAILY IDCW REINVESTMENT
TATA MONEY MARKET REGULAR PLAN DAILY IDCW REINVESTMENT
TATA MONEY MARKET REGULAR PLAN DAILY IDCW REINVESTMENT
TATA OVERNIGHT FUND - DIRECT PLAN - DAILY IDCW REINVESTMENT
TATA OVERNIGHT FUND - DIRECT PLAN - DAILY IDCW REINVESTMENT
TATA OVERNIGHT FUND - REGULAR PLAN - DAILY IDCW REINVESTMENT
TATA OVERNIGHT FUND - REGULAR PLAN - DAILY IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND DIRECT PLAN - DAILY IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND DIRECT PLAN - DAILY IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND DIRECT PLAN - WEEKLY IDCW PAYOUT
TATA TREASURY ADVANTAGE FUND DIRECT PLAN - WEEKLY IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND DIRECT PLAN - WEEKLY IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND REGULAR PLAN - DAILY IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND REGULAR PLAN - DAILY IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND REGULAR PLAN - WEEKLY IDCW PAYOUT
TATA TREASURY ADVANTAGE FUND REGULAR PLAN - WEEKLY IDCW REINVESTMENT
TATA TREASURY ADVANTAGE FUND REGULAR PLAN - WEEKLY IDCW REINVESTMENT
TATA ULTRA SHORT TERM FUND - DIRECT PLAN - WEEKLY IDCW PAYOUT
TATA ULTRA SHORT TERM FUND - REGULAR PLAN - WEEKLY IDCW PAYOUT

The above list of eligible schemes is subject to change from time to time.

The following are the salient features of the facility introduced for the benefit of investors:

1) This facility i.e. purchases (lumpsum and SIP)/redemption of units will be available to both existing & new investors.

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2) The investors will be eligible to purchase /redeem units of the aforesaid schemes. The list of eligible schemes is subject to change from time to
time.

3) All trading members of BSE & NSE who are registered with AMFI as Mutual Fund Advisors & registered with BSE & NSE as Participants ("AMFI
certified stock exchange brokers") will be eligible to offer this facility to investors. In order to facilitate transactions in mutual fund units through
the stock exchange infrastructure, BSE has introduced BSE StAR MF Platform & NSE has introduced Mutual Fund Service System (MFSS).

4) The eligible AMFI certified stock exchange brokers will be considered as Official Points of Acceptance (OPA) of Tata Mutual Fund as per SEBI
circular No. SEBI/IMD/CIR No/11/78450/06 dated October 11, 2006.

5) The units of eligible Schemes are not listed on BSE & NSE & the same cannot be traded on the Stock Exchange like shares. The window for
submission of application for purchase/redemption of units on BSE & NSE will be available between 9 a.m. & 3 p.m. or such other timings as
may be decided by the Stock Exchanges.

6) Investors have an option to subscribe/redeem units in physical or dematerialized form on BSE StAR & NSE MFSS & NMF II system. In case of
redemption request received through MFSS/BSE StAR/DP residual units will continue to remain in the Registrar & Transfer Agents records and
the residual units will be redeemed only after investor request to redeem.

7) The facility to purchase through SIP is available in demat form on both BSE StAR and NSE MFSS platform.

8) As clarified by SEBI vide its circular no. CIR/IMD/DF/10/2010 dated August 18, 2010, restriction on transfer of units shall not be applicable to
units held in dematerialized mode and thus the units are freely transferable. However, the restrictions on transfer of units o ELSS schemes
during the lock in period shall continue to be applicable as per the ELSS guidelines.

9) Investors will be able to purchase/redeem units in eligible schemes in the following manner:

(i.) Purchase of Units:

a. Physical Form (Available on both platforms BSE StAR & NSE NMF II Platform)

• The investor who chooses the physical mode is required to submit all requisite documents along with the purchase application to the
AMFI certified stock exchange brokers.

• The AMFI certified stock exchange broker shall verify the application for mandatory details & KYC compliance.

• After completion of the verification, the purchase order will be entered in the Stock Exchange system & an order confirmation slip will be
issued to investor.

• The investor will transfer the funds to the AMFI certified stock exchange brokers.

• Allotment details will be provided by the AMFI certified stock exchange brokers to the investor.

b. Dematerialized Form (Available on both platforms i.e. NSE MFSS & BSE StAR MF)

• The investors who intend to deal in depository mode are required to have a demat account with Central Depository Services (India) Ltd
(“CDSL”) / National Securities Depository Ltd. (“NSDL”).

• The investor who chooses the depository mode is required to place an order for purchase of units with the AMFI certified stock exchange
brokers.

• The investor should provide their depository account details to the AMFI certified stock exchange brokers.

• The purchase order will be entered in the Stock Exchange system & an order confirmation slip will be issued to investor.

• The investor will transfer the funds to the AMFI certified stock exchange brokers.

(ii.) Redemption of Units:

a. Physical Form (Available on both platforms i.e on BSE StAR & NSE NMFII Platform)

• The investor who chooses the physical mode is required to submit all requisite documents along with the redemption application to the
AMFI certified stock exchange brokers. There is no maximum cap on redemption request.

• The redemption order will be entered in the Stock Exchange system & an order confirmation slip will be issued to investor.

• The redemption proceeds will be credited to the bank account of the investor, as per the bank account mandate recorded with Tata Mutual
Fund & within the timelines as per SEBI regulations as applicable from time to time or it will be sent to the investor in the mode selected
by the investor.

• Redemption request may also be submitted to any of the Investor service centers if the units are held in physical form.

• In case investors desire to convert the physical units into dematerialized form, the dematerialized request will have to be submitted with
their Depository Participant.

b. Dematerialized Form (Available on both platforms i.e. NSE MFSS & BSE StAR MF)

• The investors who intend to deal in depository mode are required to have a demat account with CDSL/ NSDL & units converted from
physical mode to demat mode prior to placing of redemption order.

• The investor who chooses the depository mode is required to place an order for redemption with the AMFI certified stock exchange
brokers. The investors should provide their Depository Participant with Depository Instruction Slip with relevant units to be credited to
Clearing Corporation pool account.

• The redemption order will be entered in the system & an order confirmation slip will be issued to investor.

• Presently no limit is applicable for the redemption of units.

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 • In respect of investors having demat account and purchasing and redeeming units through stock brokers and clearing members, investors
shall receive redemption amount (If units are redeemed) and units (if units are purchased) through broker/clearing member’s pool account.
The Asset Management Company/ Mutual Fund will pay proceeds to the broker/clearing member (in case of redemption) and
broker/clearing member in turn to the respective investor and similarly units shall be credited by MF/AMC into broker/clearing members’
pool account (in case of purchase) and broker/clearing member in turn to the respective investor. It is to be noted that payment of
redemption proceeds to the broker/clearing members by MF/AMC shall discharge MF/AMC of its obligation of payment to individual
investor and in case of purchase of units, crediting units into broker/clearing member pool account shall discharge MF/AMC of its obligation
to allot units to individual investor. Stock Exchanges and Depositories shall provide investor grievance handling mechanism to the extent
they relate to disputes between their respective regulated entity and their client.

10) Applications for purchase/redemption of units which are incomplete /invalid are liable to be rejected.

11) In case of non-financial requests/ applications such as change of address, change of bank details, etc. investors should approach Investor
Service Centres (ISCs) of Tata Mutual Fund if units are held in physical mode & the respective Depository Participant(s) if units are held in
demat mode.

12) An account statement will be issued by Tata Mutual Fund to investors who purchase/ redeem their units under this facility in physical mode. In
case of investors who intend to deal in units in depository mode, a demat statement will be sent by Depository Participant showing the credit/debit
of units to their account.

13) The applicability of NAV will be subject to guidelines issued by SEBI from time to time on Uniform cut-off timings for applicability of NAV of
Mutual Fund Scheme(s)/Plan(s).

14) Investors will have to comply with Know Your Client (KYC) norms as prescribed by BSE/NSE/CDSL/ NSDL & Tata Mutual Fund to participate in
this facility.

15) Investors should get in touch with Investor Service Centres (ISCs) of Tata Mutual Fund for further details.

All other terms & conditions of the Schemes will remain unchanged. The Trustee reserves the right to change/modify the features of this facility at a
later date.

As per clause 5.1. of SEBI circular no. SEBI /IMD / CIR No.11/183204/ 2009 dated 13-Nov-2009 on “Facilitating transactions in Mutual Fund schemes
through the Stock Exchange Infrastructure”, the stock brokers who extend the transactions in mutual funds through stock exchange mechanism are
required to (i) pass the certification examination and (ii) get registered with AMFI & obtain ARN and abide by the Code of Conduct. Further, as per
clause 5.1.3 of the above circular, SEBI has clarified that, stock exchanges will monitor the compliance of the code of conduct specified in the SEBI
circular MFD/CIR/20/23230/02 dated November 28, 2002 by the stock brokers.

Option to hold units in dematerialized (demat) form including SIP:

Pursuant to SEBI Circular no. CIR/IMD/DF/9/2011 dated May 19, 2011 and further as per AMFI Circular No 35P/MEM-COR/35/11-12 dated Dec 23,
2011, Mutual Fund shall provide an option to investors to hold units in demat mode. Hence investors opting for allotment of units in demat form shall
mention demat account details in the application form. Demat facility is available for all schemes of Tata Mutual Fund except for subscription in Plans /
Options where dividend distribution frequency is less than one month.
Subscription by way of Systematic Investment Plan option shall also be available for SIP transactions w.e.f. January 1, 2012 and units will be allotted
based on the applicable NAV as per respective Scheme Information Document and will be credited to investors Demat Account on weekly basis on
realization of funds.

Process for Investments made in the name of a Minor through a Guardian

In order to bring about uniform processes across Asset Management Companies (AMCs) in respect of investments made in the name of a minor through
a guardian SEBI vide circular no. SEBI/HO/IMD/DF3/CIR/P/2019/166 December 24, 2019 has instructed AMCs to follow the below procedures:

a. AMC will follow uniform process ‘in respect of investments made in the name of a minor through a guardian’ by SEBI vide: circular no
SEBI/HO/IMD/DF3/CIR/P/2019/166 dated December 24, 2019 & circular no. HO/IMD/POD-II/CIR/P/2023/0069 dated May 12, 2023 which states that
payment for investment by any mode 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 parent or legal guardian. For existing folios, the AMCs shall insist upon a Change of Pay-out Bank mandate before redemption is
processed. Irrespective of the source of payment for subscription, all redemption proceeds shall be credited only in the verified bank account of the
minor i.e., the account the minor may hold with the parent/legal guardian after completing all KYC formalities.

b. Upon the minor attaining the status of major, the minor in whose name the investment was made, shall be required to provide all the KYC details,
updated bank account details including cancelled original cheque leaf of the new account. No further transactions shall be allowed till the status of the
minor is changed to major.

c. AMC will build a system control at the account set up stage of Systematic Investment Plan (SIP), Systematic Transfer Plan (STP) and Systematic
Withdrawal Plan (SWP) on the basis of which, the standing instruction is suspended when the minor attains majority, till the status is changed to major.

The guardian cannot undertake any financial and non-financial transactions after the date of the minor attaining majority in an account (folio) where the
units are held on behalf of the minor, and further, no financial and non-financial transactions can be undertaken till the time the change in the status
from 'minor' to 'major' is registered in the account (folio) by the AMC/ Mutual Fund.

Accounts Statement/Consolidated Accounts Statements (CAS):

An applicant in a scheme whose application has been accepted shall have the option either to receive the statement of accounts or to hold the units in
dematerialised form and the asset management company shall issue to such applicant, a statement of accounts specifying the number of units allotted
to the applicant or issue units in the dematerialized form as soon as possible but not later than five working days from the date of closure of the initial
subscription list or from the date of receipt of the application.

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 1. On acceptance of application for financial transaction, a confirmation specifying the number of Units allotted/redeemed will be sent by way of e-mail
and/or SMS to the applicant’s registered e-mail address and/or mobile number within five Business Days from the date of transaction/closure of
New Fund Offer (NFO) Period.

2. Tata Mutual Fund will send account statement with all details registered in the folio by way of an e-mail and/ or SMS to the investor’s registered
address/email address/registered mobile number not later than five business days from the date of subscription/closure of New Fund Offer (NFO)
period or by way of physical statement not later than five business days from the date of receipt of request from the unitholder.

In compliance with the SEBI Circulars, Tata Mutual Fund will send the Consolidated Account Statement (CAS) to investors as follows:

1. A single Consolidated Account Statement (CAS) on basis of PAN (PAN of the first holder & pattern of holding, in case of multiple holding) will be
dispatched to unitholders having Mutual Fund investments & holding Demat accounts by Depositories as per the specified timeline specified by
board at the end of the month in which transaction (the word ‘transaction’ shall include all financial transactions in demat accounts/Mutual Fund
folios of the investor) takes place.

2. The CAS will not be received by the investors for the folio(s) not updated with PAN details. The Unit holders are therefore requested to ensure that
the folio(s) are updated with their PAN. Such investors will get monthly account statement from Tata Mutual Fund in respect of transactions carried
out in the schemes of Tata Mutual Fund during the month on or within fifteenth day of the succeeding month.

3. In other cases i.e. where unitholders having no Demat account & only Tata MF units holding, Tata Mutual Fund shall continue to send the CAS as
is being send on or within fifteenth day of the succeeding month in which financial transaction takes place.

4. In case statements are presently being dispatched by e-mail either by the Fund or the Depository then CAS will be sent through email. However
the Unitholders have an option to receive CAS in physical form at the address registered in the Depository system.

5. The dispatch of CAS by Depositories to Unitholders would constitute compliance by Tata Asset Management Pvt Ltd / the Fund with the
requirements under Regulation 36(4) of SEBI (Mutual Funds) Regulations 1996.

6. Each CAS issued to the investors shall also provide the total purchase value / cost of investment in each scheme.

7. In case if no transaction has taken place in a folio during the period of six months ended September 30 and March 31, the CAS detailing the
holdings across all schemes of all mutual funds, shall be emailed on half yearly basis, as per the specified timeline specified by board of succeeding
month, unless a specific request is made to receive the same in physical form.

8. Half-yearly CAS shall be issued to all Mutual Fund investors, excluding those investors who do not have any holdings in MF schemes and where
no commission against their investment has been paid to distributors, during the concerned half-year period on or within twenty first day of the
succeeding month. Further, CAS issued for the half-year(September/March) shall also provide:

a. The amount of actual commission paid by Tata AMC/Mutual Fund to distributors (in absolute terms) during the half-year period against the
concerned investor’s total investments in each mutual fund scheme. The term “commission‟ here refers to all direct monetary payments and
other payments made in the form of gifts / rewards, trips, event sponsorships etc. by Tata AMC/MF to distributors. Further, a mention may be
made in such CAS indicating that the commission disclosed is gross commission and does not exclude costs incurred by distributors such as
Goods & Services Tax (wherever applicable, as per existing rates), operating expenses, etc.

b. 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 period for each scheme’s applicable plan (regular or direct or both) where the
concerned investor has actually invested in.

Just SMS Facility: Just SMS facility is introduced by Tata Mutual Fund is currently available for existing investors (resident individuals only including
guardian on behalf of minor). New investors also can avail this facility after opening a folio in the scheme /(s).

Just SMS facility enables the unitholders to

• Subscription of units of the scheme for amounts less than Rs.2 lacs.
• Redemption of units in the scheme (and amount/ All units) Switch out from the scheme (any amount/ All units)

This facility is available for all open-ended schemes of Tata Mutual Fund excepting Tata Retirement Savings Fund, Tata Young Citizens’ Fund, Tata
Liquid Fund and Tata Money Market Fund.

For detail terms & conditions, kindly refer our website tatamutualfund.com.

Insta IMPS for redemption: This Instant Access Facility facilitates credit of redemption proceeds into the bank account of the investor instantly through
Immediate Payment Services (IMPS). The facility is available under the Tata Liquid Fund Growth option of the Direct and Regular Plan. Currently this
facility is available only on the Tata Mutual Fund website and Tata Savings + app. Subsequently the AMC may offer the same through other electronic
/ digital platforms. Refer Scheme Information Document of Tata Liquid Fund for further terms and conditions of the facility.

“WhatsApp” communication channel for transaction alerts and confirmations for financial and/or non-financial transactions and other
services:

Tata Asset Management Pvt Limited (TAMPL) / Tata Mutual Fund (TMF) is offering a facility to the unitholder/ investors to receive transaction alerts and
confirmations for financial and/ or non-financial transactions and other services on “WhatsApp” which is enabled on the mobile numbers of unitholders
registered in Tata Mutual Fund folios.

To receive such information/messages on WhatsApp, the unitholder / investor needs to provide their consent or “Opt In” and agree to receive various
messages or other services. Investors can provide this ‘opt in’ on online mode and through physical modes like application form, through SMS etc.

The Terms and conditions for using the facility:

• The user agrees to subscribe to the WhatsApp service & promotional alerts from TAMPL/TMF.

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• The user can unsubscribe to the channel at any time by sending an email to us at [email protected].

• This channel cannot be used for grievance redressal or reporting fraud as of now, TAMPL/TMF will have no liability if any such incidents are reported
on this channel.

• It is advisable for customers who have subscribed to this service to delete WhatsApp when changing their device.

• Customers shall not submit or transmit any content through this service which:

❖ Is Obscene, Vulgar, Pornographic, Political, Religious, etc.

❖ Encourages the commission of a crime or violation of any law Violates any state or Central law in India and/or the jurisdiction in which he resides
and/or any applicable law.
❖ Infringes the intellectual or copyrights of a third party.

• Under no circumstances shall TAMPL/TMF, or its agents, associated companies, officers, directors, employees, and contractors be liable for any
direct, indirect, punitive, incidental, special, or consequential damages that result from the use of, or inability to use, this service or for receipt of any
answer provided by the program running at the back-end.

• The customer understands that using WhatsApp application may carry extra risks and may not be secured. Further any message and information
exchanged is subject to the risk of being read, interrupted, intercepted, or defrauded by third party or otherwise subject to manipulation by third party or
involve delay in transmission.

• TAMPL/TMF shall not be responsible or liable to the customer or any third party for the consequences arising out of or in connection with using of this
service.
• The customer is responsible for keeping security safeguard of his WhatsApp account linked to the registered mobile number.

• TAMPL/TMF has the right to retract the service anytime it deems fit.

• The customer agrees that he shall not have any claim against TAMPL/TMF on account of any suspension, interruption, non-availability or
malfunctioning of the service due to any link/mobile/system failure at TAMPL/TMF’s end for any reason thereof.

• These terms and conditions may be withdrawn/ superseded/ modified at any time whatsoever, by TAMPL/TMF without any prior notice.

Unique Identity Number (EUIN) : Pursuant to Securities and Exchange Board of India (SEBI) circular number CIR/IMD/DF/21/2012 dated September
13, 2012, investor/s shall have the provision in the application / transaction form to specify the unique identity number (EUIN) of the
employee/relationship manager/sales person (sales person) of the distributor interacting with the investor/s for the sale of mutual fund products, along
with the Association of Mutual Fund in India (AMFI) Registration Number (ARN) of the distributor. Investors are hereby requested to note the following
with respect to EUIN:

1. AMFI has allotted EUIN to all the sales person of AMFI registered distributors.
2. Investor/s shall specify the valid ARN code, and the valid EUIN of the sales person in the application/transaction form. This will assist in handling the
complaints of mis-selling, if any, even if the sales person on whose advice the transaction was executed leaves the employment of the distributor.
3. Investors are requested to use the application /transaction forms which have space for sub-broker ARN code and EUIN.

Pursuant to AMFI Best Circular No 135/BP/81/2019-20 dated September 24,2019 on standard process for treatment of business received
through suspended distributors:

The financial transactions of an investor where his distributor’s AMFI Registration Number (ARN) has been suspended temporarily or terminated
permanently by Association of Mutual Funds in India (AMFI) shall be processed as follows:

1. All purchase and switch transactions including SIP/STP registered prior to the date of suspension and fresh SIP/STP registrations received under the
ARN code of a suspended distributor during the period of suspension, shall be processed under ’Direct Plan’ and shall be continued under Direct Plan
perpetually except in case where TAMPL receives any written request/ instructions from the unitholder/s to shift back to Regular Plan under the ARN of
the distributor post the revocation of suspension of ARN.

2. All Purchase and Switch Transactions including SIP/STP transactions received through the stock exchange platform through a distributor whose ARN
is suspended shall be rejected.

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.

In case of transactions through online facilities / electronic modes, the movement of funds from the investors’ bank account to the Scheme’s bank
account may happen via the Intermediary / Aggregator service provider through a Nodal bank account and post reconciliation of fund. The process of
movement of funds from the investors’ bank account into the Scheme’s Bank account in case of online transaction is governed by Reserve Bank of
India (RBI)vide their circular Ref. RBI/2009-10/231 DPSS.CO.PD.No.1102/02.14.08/2009-10 dated 24th November, 2009. The process followed by the
aggregator and the time lines within which the Funds are credited into the Scheme’s bank account is within the time lines provided by RBI which is T+3
settlement cycle / business days, where T is the date of Transaction / day of intimation regarding completion of transaction. The nodal bank account as
stated above is an internal account of the bank and such accounts are not maintained or operated by the intermediary / aggregator or by the Mutual
Fund.

While the movement of Funds out of the investors’ Bank account may have happened on T day, however post reconciliation and as per statutory norms
the allotment can happen only on availability of Funds for utilization by the AMC/MF and accordingly the transaction will processed as per the applicable
NAV based on availability of funds for utilization. This lag may impact the applicability of NAV for transactions where NAV is to be applied, based on

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actual realization of funds by the Scheme. Under no circumstances will Tata Asset Management Pvt Limited or its bankers or its service providers be
liable for any lag / delay in realization of funds and consequent pricing of units.

The AMC has the right to amend cut off timings subject to SEBI (MF) Regulations for the smooth and efficient functioning of the Scheme(s).

Pursuant to Association of Mutual Funds in India (AMFI) Best Practices Guidelines Circular No. 48/2014-15 dated June 24, 2014 the process for dealing
with applications where the scheme name in the Application form / Transaction Slip and payment instrument differs has been standardized.
In case of fresh/additional purchases, if the name of a particular Scheme on the application form/transaction slip differs from the name of the scheme
on the Payment instrument, the application will be processed and units allotted at applicable NAV of the scheme mentioned in the application form /
transaction slip duly signed by investor(s).

Tata Asset Management Pvt Ltd. (AMC) reserves the right to call for other additional documents as may be required, for processing such transactions.
The AMC also reserves the right to reject such transactions.

eSign mechanism of Aadhaar shall be accepted in lieu of a Digital Signature

SEBI, from time to time has issued various circulars to simplify, harmonize the process of KYC by investors / RI. Constant technology evolution has
taken place in the market and innovative platforms are being created to allow investors to complete KYC process online. SEBI held discussions with
various market participants and based on their feedback and with a view to allow ease of doing business in the securities market, it has been decided
to make use of following technological innovations which can facilitate online KYC:
a. eSign service is an online electronic signature service that can facilitate an Aadhaar holder to forward the document after digitally signing the same
provided the eSign signature framework is operated under the provisions of Second schedule of the Information Technology Act and guidelines issued
by the controller.
b. In terms of PML Rule 2 (1) (cb) “equivalent e-document” means an electronic equivalent of a document, issued by the issuing authority of such
document with its valid digital signature, including documents issued to the Digital Locker account of the investor as per Rule 9 of the Information
Technology (Preservation and Retention of Information by Intermediaries Providing Digital Locker Facilities) Rules, 2016.
c. Section 5 of the Information Technology Act, 2000 recognizes electronic signatures (which includes digital signature) and states that where any law
provides that information or any other matter shall be authenticated by affixing the signature or any document shall be signed or bear the signature of
any person then such requirement shall be deemed to have been satisfied, if such information or matter is authenticated by means of a digital signature
affixed in such manner as prescribed by the Central Government. Therefore, the eSign mechanism of Aadhaar shall be accepted in lieu of wet signature
on the documents provided by the investor. Even the cropped signature affixed on the online KYC form under eSign shall also be accepted as valid
signature.

Legal Entity Identifier (LEI):

Reference to circular from RBI on mandatory requirement of LEI (Legal Entity Identifier) for all payment transactions of value ₹50 crore and above
undertaken by entities (non-individuals) through RTGS and NEFT. As per the circular LEI will have to be mandatorily included as part of the RTGS /
NEFT instructions for any non-individual transactions beyond 50 crores w.e.f. 1st April’2021. Hence, LEI details are to be updated in the registrars
records.

Application Under Power of Attorney:

Application under Power of Attorney/ Body Corporate/ Registered Society/ Partnership/ Sole Proprietorship Account Every investor, depending on the
category under which he/she/ it falls, is required to provide the relevant documents along with the application form as may be prescribed by AMC. In
case of an application under the Power of Attorney or by a limited company, body corporate, registered society or partnership etc., the relevant Power
of Attorney or the relevant resolution or authority to make the application as the case may be, or duly certified copy thereof, along with the memorandum
and articles of association/bye-laws must be lodged at the Registrar’s Office at the time of submission of application. In case an investor has issued
Power of Attorney (POA) for making investments, switches, redemptions etc. under his folio, both the signature of the investor and the POA holder have
to be clearly captured in the POA document to be accepted as a valid document. At the time of making redemption / switches the fund would not be in
a position to process the transaction unless, POA holder's signature is available in the POA. Original or certified true copies of the following documents
should be submitted by Companies/Bodies Corporate/PSUs/Banks and Financial Institutions along-with the application form: · Board resolution
authorizing the investment · List of authorized officials to make such investment along with the specimen signature of such authorized officials · Know
Your Client (KYC), FATCA, CRS & Ultimate Beneficial Ownership (UBO) Self Certification.

TMF Virtual Assistant – Chatbot

Chatbot has been utilized to servicing investor request. TATA MF has developed the ChatBot through solution provider called Jio Haptik Technologies
using AI/ML technology which currently providing information on products, processes. In future more development is planned in this section and
additional facilities will be offered through this medium.

Transactions through Electronic/Digital mode

Investors / unit holders will be allowed to transact in schemes of the Fund through secured internet sites operated by CAMS and or by distributors with
whom AMC has entered into specific arrangements.

The uniform cut off time will be applicable for transactions received through electronic platforms and the time of receipt of transaction recorded on the
server of CAMS will be reckoned as the time of receipt of transaction for the purpose of determining applicability of NAV, subject to credit of funds to
bank account of scheme(s), wherever applicable.

Acceptance of electronic transactions( including internet technology or mobile technology) will be as per processes / methodologies permitted by SEBI
or other regulatory authorities from time to time and will be solely at the risk of the investor using the electronic transaction (‘Investor’) and Tata Mutual
Fund shall not be in any way liable or responsible for any loss, damage, caused to the Investor directly or indirectly, for transactions made through
electronic platform of CAMS or any other third party. The investor acknowledges that electronic transaction is not a secure means of giving instructions
/ transaction requests and that the investor is aware of the risk involved including those arising out of such transmission being inaccurate, illegible,
having a lack of quality or clarity ,distorted, not timely etc. and that the Investor’s request to the Mutual Fund to act on electronic transaction is for the
investor’s convenience and the AMC / Trustee / Mutual Fund shall not be obliged or bound to act on the same.

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The facility to transact in electronic platforms is available subject to such operating guidelines, terms and conditions like KYC/CKYC / restriction on
acceptance of third party payments for subscription of units of schemes as may be prescribed from time to time by CAMS/Tata AMC Ltd./Distributors
and applicable laws for the time being in force.

SEBI has issued instructions regarding transactions in unjts of mutual funds on digital platforms and other issues on July 10,2020, AMC will ensure that
digital platforms selling products shall adhere to SEBI Circular.

SIP with Top-Up Facility:

Currently investors can invest specified amounts (in rupees) at regular intervals. Systematic Investment Plan (SIP) allows the unitholders to invest a
fixed amount of Rupees at regular intervals for purchasing additional units of the scheme at NAV based prices. Investment can be done with the
minimum / maximum amount and number of cheques specified by AMC from time to time.

SIP with Top-up SIP is a facility whereby an investor has 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.

Terms and conditions of top-up SIP are as follows:

i. The Top-up option must be specified by the investors while enrolling for the SIP facility.
ii. The minimum SIP Top-up amount is Rs. 500 and in multiples of Rs. 500.
iii. The Top-up details cannot be modified once enrolled. In order to make any changes, the investor must cancel the existing SIP and enroll for
a fresh SIP with Top-up option.
iv. Under monthly SIP investors can opt for top up amount at half-yearly and yearly intervals. If the investor does not specify the frequency, the
default interval for Top-up will be considered as yearly.
v. In case of Quarterly SIP, investors can opt for only Yearly interval top-up frequency.

For complete details regarding the SIP with top-up facility refer to SIP Auto Debt Form with Top up facility enrollment form.

Flexi STP Facility:

'Flexi STP' facility has been introduced in few schemes of Tata Mutual Fund .Flexible Systematic Transfer Plan (“Flex STP”) by Tata Mutual Fund is a
facility wherein a Unitholder(s) of designated open-ended Scheme(s) can opt to transfer variable amounts linked to the value of his investments on the
date of transfer at pre-determined intervals from designated open-ended (source scheme) to the growth option of another open-ended scheme (target
scheme).

Salient Features of Flex STP are as follows:

1. The amount to be transferred under Flex STP from source scheme to target scheme shall be calculated using the below formula:
Flex STP amount = [(fixed amount to be transferred per instalment x number of instalments already executed, including the current instalment) - market
value of the investments through Flex STP in the Transferee Scheme on the date of transfer]
2. The first Flex STP instalment will be processed for the fixed instalment amount specified by the investor at the time of enrolment. From the second
Flex STP instalment onwards, the transfer amount shall be computed as per formula stated above.
3. Flex STP would be available for Monthly and Quarterly frequencies.
4. Flex STP is not available from “Daily / Weekly” dividend plans of the source schemes.
5. Flex STP is available only in “Growth” option of the target scheme.
6. Conversion to Normal STP: If there is any other financial transaction (purchase, redemption or switch) processed in the target scheme during the
tenure of Flex STP, the Flex STP will be processed as normal STP for the rest of the instalments for a fixed amount.
7. Flex STP will stop/cease on occurrence of any of the following event whichever is earlier.
a. Flex STP will cease after the specified End Date / Specified number of instalments have been transferred.
b. In case the amount (as per the formula) to be transferred is not available in the source scheme in the investor's folio, the residual amount will be
transferred to the target scheme and Flex STP will be closed.
8. A single Flex STP enrolment Form can be filled for transfer into one Scheme/Plan/Option only.
9. In case the date of transfer falls on a Non-Business Day, then the immediate following Business Day will be considered for the purpose of determining
the applicability of NAV.
10. The request for flex STP should be submitted at least 10 calendar days before the first STP date.
11. All other terms & conditions of Systematic Transfer Plan are also applicable to Flex STP.

For detail terms & conditions, unitholders are requested to contact investor service centre of Tata Mutual Fund.

Risk O Meter of Schemes: The Product labeling mandated by SEBI is to provide investors an easy understanding of the risk involved in the kind of
product / scheme they are investing to meet their financial goals. The Risk o meter categorizes the scheme of Fund under different levels of risk based
on the respective scheme's investment objective, asset allocation pattern, investment strategy and typical investment time horizon of investors.
Therefore, the scheme falling under the same level of risk in the Risk o meter 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 Risk-o-meter) but also on other quantitative and qualitative factors such
as performance, portfolio, fund managers, asset manager, etc. and shall also consult their financial advisers, if they are unsure about the suitability of
the scheme before investing. Further, pursuant to SEBI circular dated October 05, 2020, Risk-o- meters shall be evaluated on a monthly basis and
Mutual Funds/AMCs shall disclose the Risk-o-meters along with portfolio disclosure for their schemes on their website and on AMFI website within 10
days from the close of each month. Mutual Funds shall also disclose the risk level of schemes as on March 31 of every year, along with number of times
the risk level has changed over the year, on their website and AMFI website.

MF Utility (MFU): MF Utility (MFU) is an innovative “Shared Services” initiative by the Mutual Fund industry under the aegis of Association of Mutual
Funds in India (AMFI), which acts as a “Transaction Aggregation Portal” through which a Mutual Fund customer is enabled to transact in multiple
schemes across Mutual Funds using a single form/payment.
It provides browser based access to Mutual Fund customers, with connectivity to Registrars and Transfer Agents (RTA), Banks, Asset Management
Companies (AMC), Payment Gateways (PG) and KYC Registration Agencies (KRAs) and enables online transaction submission in multiple schemes
across Mutual Funds through a single form/payment.

MF Utility (MFU) provides a whole lot of features to Investors as given below:

• Common Account Number (CAN) – a single reference for all the Mutual Fund investments

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 • KYC Registration facility for the purpose of CAN creation
• Multiple modes of transaction submission – Online and Offline
• Neutral Points of Service (POS) – irrespective of the RTA servicing the Mutual Fund
• Common Transaction Form to transact in multiple schemes at a time, across Mutual Funds
• Single payment facility for investments in multiple schemes across Mutual Funds, using a single form
• Multiple modes of payments for investments through physical and electronic means
• Consolidated view of investments across the industry using CAN
• Industry level alerts, triggers, reminders etc. for transactions, SIP expiry
• Centralized complaint management and tracking system to login complaints across the industry

MF Utility (MFU) is operated by MF Utilities India Pvt Ltd (MFUI) which is equally owned by the participating AMCs listed under http://www .mfuindia.com
/Participating AMCs. Tata AMC is a participating AMC in MF utility initiative.

MF Central: MF Central platform enables a user-friendly digital interface for investors for execution of mutual fund transactions for all Mutual Funds in
an integrated manner subject to applicable terms and conditions of the Platform. MFCentral will be operational in phased manner starting with non-
financial transactions. MF Central can be accessed using https://mfcentral.com/ and a Mobile App which will be launched 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 designated Investor Service
centres or collection centres of Kfintech or CAMS. MF Central application will be available as and when the same is launched.

MFCentral has roll out financial transactions live for all users in MF Central portal w.e.f. 24th May 2022. The website https://www.mfcentral.com.

In the initial phase of roll-out, they have enabled the same for existing Individual investor (with any of the Mutual funds in India) with single mode of
holding to carry out the following financial transactions:

1. New purchase
2. Additional investments
3. Redemption
4. Switch
5. SIP registrations (with existing mandates at funds level, RTA level or registration of new mandates)

While, MFCentral has attempted to place all relevant common validations to accept investments, redemptions and switches across open ended
schemes, there are a few special schemes that carry - age, value, investment threshold, gender, category, etc based validations and will not be initially
enabled. While these exclusions are clearly specified in the FAQ section of MFCentral currently, MF Central team is working on building these scheme
specific validations and enabling these soon, in a phased manner.

IV. RIGHTS OF UNITHOLDERS OF THE SCHEME

1. Unit holders of the Scheme have a proportionate right in the beneficial ownership of the assets of the Scheme.
2. When the Mutual Fund declares a dividend under the Scheme, the dividend warrants shall be despatched within 7 working daysfrom the record
date.
3. The Mutual Fund shall dispatch Redemption proceeds within 3 working days of receiving the valid Redemption request.
4. The Trustee is bound to make such disclosures to the Unit holders as are essential in order to keep the unitholders informed about any information
known to the Trustee which may have a material adverse bearing on their investments.
5. The appointment of the AMC for the Mutual Fund can be terminated by majority of the Directors of the Trustee Board or by 75% of the Unit holders
of the Scheme.
6. 75% of the Unit holders of a Scheme can pass a resolution to wind-up a Scheme.
7. The Trustee shall obtain the consent of the Unit holders:

- whenever required to do so by SEBI, in the interest of the Unit holders.

- whenever required to do so if a requisition is made by three- fourths of the Unit holders of the Scheme.
- when the majority of the trustees decide to wind up a scheme in terms of clause (a) of sub regulation (2) of regulation 39 or prematurely
redeem the units of a close ended scheme.
The trustees shall ensure that no change in the fundamental attributes of any scheme or the trust or fees and expenses payable or any other change
which would modify the scheme and affect the interests of unitholders, shall be carried out unless comments of the Board (SEBI) was obtained before
bringing such change(s).

The procedure to be followed in case of changes to the open ended and interval scheme shall be as under:

a. In case of change in fundamental attributes in terms of Regulation 18 (15A):

i. An addendum/notice to the existing SID shall be issued and displayed on AMC website immediately.

ii. SID shall be revised and updated immediately after completion of duration of the exit option (not less than 30 days from the notice date).

iii. A public notice shall be given in respect of such changes in one English daily newspaper having nationwide circulation as well as in a newspaper
published in the language of region where the Head Office of the Mutual Fund is situated.

b. In case of other changes:

i. The AMC shall be required to issue an addendum and display the same on its website immediately.

ii. The addendum shall be circulated to all the distributors/brokers/Investor Service Centre (ISC) so that the same can be attached to all KIM and SID
already in stock till it is updated.

iii. Latest applicable addendum shall be a part of KIM and SID. (E.g. in case of changes in load structure the addendum carrying the latest applicable
load structure shall be attached to all KIM and SID already in stock till it is updated).
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iv. Further, the account statements shall continue to include applicable load structure.

8. In specific circumstances, where the approval of unitholders is sought on any matter, the same shall be obtained by way of a postal ballot or such
other means as may be approved by SEBI.

In order to facilitate awareness of investors about various activities which an investor deals with, SEBI has prepared an Investor Charter for Mutual
Funds, inter-alia, detailing the services provided to Investors, Rights of Investors, various activities of Mutual Funds with timelines, DOs and DON’Ts for
Investors and Grievance Redressal Mechanism. The same has been available on the website of AMC. According to Investor Chapter ‘the rights’ of the
investors are:

1. Right to receive information and details about the scheme including about its investment philosophy, risk profile, portfolio holdings, fees, charges and
expenses and such other information as may be required under SEBI regulations to enable investors to make an informed decision about investing in
a scheme, prior to making any such investment.

2. Right to timely receipt of account statement evidencing a transaction as specified in the SEBI Mutual Funds Regulations, or to receive such statements
on request.

3. Right to receive Consolidated Account Statement (CAS) at a periodic frequency as specified by SEBI.

4. Right to timely disclosure of daily Net Asset Values (NAV), Portfolio and Performance of each scheme including scheme’s AUM, investment objective,
expense ratios on mutual fund website.

5. Right to receive Annual report / abridged annual report of the scheme(s) invested in

6. Right to timely receipt of redemption proceeds / dividend payments / refunds, as applicable.

7. Right to be notified about any change in the fundamental attributes (features) of a mutual fund scheme in which the investor has investments and to
be provided a right to exit the scheme without cost, if so desired, as a result of the fundamental attribute change.

8. Right to be informed about such disclosures which may have a material bearing on their investments in mutual fund schemes.

9. Right to privacy of information in accordance with the applicable laws of the land.

10. Right to security of, and access to, information provided to Asset Management Companies and their service providers in relation to investments in
mutual funds. Right to have such information corrected and receive confirmation of such correction.

11. Right to information about how complaints are handled and can be escalated in the event investors are not satisfied with the resolution provided.

12. Right to timely redressal of grievances and complaints within the timelines specified by regulations and the right to escalate complaint not resolved
satisfactorily to the Investor Grievance Officer of the respective Asset Management Company.

13. Right to escalate unresolved complaints to SEBI via the SCORES portal.

V. INVESTMENT VALUATION NORMS FOR SECURITIES AND OTHER ASSETS

Valuation of Assets

NAV of the Scheme as stated in the foregoing clause for “Computation & Determination of NAV” will be determined by dividing the net assets of the
Scheme by the number of outstanding Units on the valuation date.
As per SEBI Regulation / Guidelines, Tata Asset Management Pvt Limited (TAMPL) has adopted the below mentioned Valuation Policy for valuation of
investment securities.

I EQUITY / EQUITY RELATED SECURITIES

A. Equity Shares

1. Traded Securities: For the purpose of valuation, TAMPL has adopted National Stock Exchange (NSE) as the Primary Stock Exchange and
Bombay Stock Exchange (BSE) as the Secondary Stock Exchange, except for Tata Index Fund – Sensex for which BSE will be considered as the
Primary Stock Exchange and NSE will be considered as the Secondary Stock Exchange.
(a) The securities shall be valued at the closing price on the Primary Stock Exchange.
(b) When on a particular valuation day, a security has not been traded on the Primary Stock Exchange; the value at which it is traded on the
Secondary Stock Exchange will be considered.
(c) When a security is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the selected stock
exchange or any other stock exchange, as the case may be, on the earliest previous day may be used provided such date is not more than
30 days prior to valuation date. If no price is available on any Stock Exchange for more than 30 days, than the security will be treated as a
non-traded security and valued accordingly.

2. Thinly Traded Equity / Equity Related Securities.

(a) When trading in an equity/equity related security (such as convertible debentures, equity warrants, etc.) in a month is both less than Rs.5
lacs and the total volume is less than 50,000 shares, it shall be considered as a thinly traded security and valued accordingly.
(b) In order to determine whether a security is thinly traded or not, the volumes traded in all recognised stock exchanges in India may be taken
into account.

3. (i) Non-Traded Equity Securities: When a security is not traded on any stock exchange for a period of thirty days prior to the valuation date,
the scrip must be treated as a ‘non-traded’ security.

(ii) Non-traded / thinly traded equity securities:

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 Non-traded /thinly traded securities shall be valued ‘in good faith’ by TAMPL on the basis of the valuation principles laid down below:

(a) Based on the latest available Balance Sheet, net worth shall be calculated as follows:

Methodology:

(b) Net Worth per share = [share capital+ free reserves (excluding revaluation reserves) – Misc. expenditure and Debit Balance in P&L A/c,
intangible assets and accumulated losses] Divided by No. of Paid up Shares.
(c) Average capitalization rate (P/E ratio) for the industry based upon either NSE or BSE data (which should be followed consistently and
changes, if any, to be noted with proper justification thereof) shall be taken and discounted by 75% i.e. only 25% of the Industry Average P/E
shall be taken as capitalization rate (P/E ratio). Earnings per share of the latest audited annual accounts will be considered for this purpose.
(d) The value as per the net worth value per share and the capital earning value calculated as above shall be averaged so as to arrive at the
fair value per share.

Conditions:
(e) In case the EPS is negative, EPS value for that year shall be taken as zero for arriving at capitalized earning.
(f) In case where the latest balance sheet of the company is not available within nine months from the close of the year, unless the accounting
year is changed, the shares of such companies shall be valued at zero.
(g) In case an individual security accounts for more than 5% of the total assets of the scheme, an independent valuer shall be appointed for
the valuation of the said security.
“To determine if a security accounts for more than 5% of the total assets of the scheme, it should be valued by the procedure above and the
proportion which it bears to the total net assets of the scheme to which it belongs would be compared on the date of valuation".
(h) If the networth of the company is negative, the share would be marked down to zero.
(i) All calculation as aforesaid shall be based on audited accounts.
(j) In case an individual security accounts for more than 5 percent of the total assets of the scheme, an independent valuer shall be appointed
for the valuation of the said security. To determine if a security accounts for more than 5 per cent. of the total assets of the scheme, it shall
be valued by the procedure above and the proportion which it bears to the total net assets of the scheme to which it belongs will be compared
on the date of valuation.
(k) In case trading in an equity security is suspended up to thirty days, then the last traded price shall be considered for valuation of that
security. If an equity security is suspended for more than thirty days, then the AMC(s) or Trustees shall decide the valuation norms to be
followed and such norms shall be documented and recorded.

(iii) Unlisted equity shares:

Unlisted equity shares will be valued as per the following methodology.

i. Based on the latest available audited balance sheet, Net Worth shall be calculated as the lower of item (1) and (2) below:
1. Net Worth per share = [Share Capital + Free Reserves - Miscellaneous expenditure not written off or deferred revenue
expenditure, intangible assets and accumulated losses] / Number of Paid-up Shares.
2. After taking into account the outstanding warrants and options, Net Worth per share shall again be calculated and shall be =
[Share Capital + consideration on exercise of Option and/or Warrants received/receivable by the Company + Free Reserves
(excluding Revaluation Reserves) - Miscellaneous expenditure not written off or deferred revenue expenditure, intangible assets
and accumulated losses] / Number of Paid up Shares plus Number of Shares that would be obtained on conversion and/or
exercise of Outstanding Warrants and Options.
3. The lower of (1) and (2) above shall be used for calculation of Net Worth per share and for further calculation in (c) below.

ii. Average capitalisation rate (P/E ratio) for the industry based upon either BSE or NSE data (which shall be followed consistently and
changes, if any, noted with proper justification thereof) shall be taken and discounted by 75 per cent. i.e. only 25 per cent of the industry
average P/E shall be taken as capitalisation rate (P/E ratio). Earnings per share (EPS) of the latest audited annual accounts will be
considered for this purpose.

iii. The value as per the Net Worth value per share and the capital earning value calculated as above shall be averaged and further
discounted by 15 per cent for illiquidity so as to arrive at the fair value per share.

In the event that an unlisted equity share is given due to merger of companies, the average cost of the existing company should continue in
the new unlisted company and the last market price of the existing company should be considered for valuation of the new unlisted company
till such time that the shares are listed.

(iv) Tracking mechanism for ‘thinly’ / ‘non-traded’ securities:

Fund has appointed an independent agency for providing the data for thinly traded / non-traded securities.

(v) Initial Public Offer / Anchor investments / Other Public Offers:

Stocks allotted under IPO / Anchor investments / Other Public Offers will be held at cost until listing.

B Compulsory Convertible debentures (CCD)

(a) CCD shall be valued at the closing price available on the Primary Stock Exchange as on the valuation date.
(b) When on a particular valuation day, CCD has not been traded on the Primary Stock Exchange; the value at which it is traded on the
Secondary Stock Exchange will be considered.
(c) When a CCD is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the selected stock
exchange or any other stock exchange, as the case may be, on the earliest previous day may be used provided such date is not more
than 30 days prior to valuation date. If no price is available on any Stock Exchange for more than 30 days, than the security will be
treated as a non-traded security and valued accordingly.

CCD with implicit characteristics of a debenture will be considered as a NCD and valued accordingly.

C Preference Shares

(i) Preference shares are valued at cost till the time they are listed and traded on a stock exchange.
(ii) The Preference shares when traded shall be valued at the closing price on the Primary Stock Exchange.
(iii) When on a particular valuation day, a Preference share has not been traded on the Primary Stock Exchange; the value at which it is
traded on the Secondary Stock Exchange will be used.
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 (iv) When a Preference share is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the
selected stock exchange, as the case may be, on the earliest previous day may be used provided such date is not more than 30 days
prior to valuation date. If no price is available on any Stock Exchange for more than 30 days, the Preference share will be valued at
average cost.

D Warrants

(i) Warrants are valued at the value of the shares which would be obtained on exercise of the warrants as reduced by the amount which
would be payable on exercise of the warrant.
(ii) The warrants when traded shall be valued at the closing price on the Primary Stock Exchange.
(iii) When on a particular valuation day, a warrant has not been traded on the Primary Stock Exchange; the value at which it is traded
on the Secondary Stock Exchange will be considered.

E Rights Entitlement

Right entitlements if traded will be valued at the closing price on the Principal stock exchange (NSE). If the entitlements are not traded on
NSE but are traded on any other stock exchange the closing price of the exchange where it is traded will be considered for valuation.

When a traded rights entitlement is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the
selected stock exchange or any other stock exchange, as the case may be, on the earliest previous day may be used provided such date is
not more than 30 days prior to valuation date. If no price is available on any Stock Exchange for more than 30 days, than the security will be
treated as a non-traded security and valued accordingly.

Non-traded rights entitlement will be valued as the difference between the ex-rights price of the underlying equity share and the rights offer
price. In case the rights offer price is greater than the ex-rights price, the value of the rights share is to be taken as zero.

Value of right entitlement = No. of rights X (ex-rights price of the underlying shares at primary stock exchange – rights offer price)

Where it is decided not to subscribe for the rights but to renounce them and renunciations are being traded, the rights can be valued at the
renunciation value.

Partly paid-up equity shares issued as rights will be valued at the value of the underlying fully paid up share less amount payable in future.

F Merger /Demerger

Merger

In case of merger, when company ‘A’ is merged with company ‘B’ and company ‘B’ continues to be listed, the proportionate shares allotted of
‘B’ company against company ‘A’ will be valued at the closing price of company ‘B’ on the stock exchange. The cost of company ‘A’ shares
will be added to the cost of company ‘B’ shares.

In case of merger when company ‘A’ and company ‘B’ are merged to form company ‘C’, the value of unlisted company ‘C’ will be the total
valuation price of company ‘A’ and company ‘B’ before the ex-date till the new entity company ‘C’ is listed and traded on a stock exchange.
The cost of company ‘A’ and company ‘B’ shares will be added to derive the cost of company ‘C’ shares.

Demerger
In case where one entity is demerged into two or more entities and one of those entities continues to be listed, the value of unlisted entity will
be calculated as the difference between the closing price of the security that continues to be listed on the ex-date (after demerger) and the
previous trading day (before demerger). The difference in price of two dates will be the valuation price of the unlisted entity/entities
proportionately, till they are listed and traded on a stock exchange. The cost price of new entity/entities would be derived proportionately from
the cost price of parent entity and the same will be kept constant until listing.

The benefit of this method of valuation is that it is not a subject matter and is determined based on the market price.
In case of a demerger in which the resultant security is the same as the base security, then the price of the base security will be considered.

On merger / demerger, in case the company specifies any regulations / method for cost bifurcation or valuation the same will be adopted. In
case there are no details available by the company, the same will be valued at fair value as determined by the valuation committee.

If the above companies remained unlisted for more than 3 months, illiquidity discount on the derived prices may be applied. Valuation
committee will take decision regarding discount to be given on the basis of the market capitalization of the issuer not less than 5%, 10% and
15%, for Large cap, Mid cap, and Small cap respectively. Discount will be re-visited after every three months.

However, if more than 9 months have elapsed from the date of corporate action and the security is still not listed, the same shall be valued at
the higher discount as decided by the Valuation Committee on case to case basis.

G Stock Split/ Face value change

In case of stock split, the face value of a stock is reduced and proportionately number of shares is increased. The valuation price will be
derived on the basis of the closing price before the ex-date and adjusted in proportion of stock split, till the new stock split shares are listed
and traded on a stock exchange. The cost of one share will be proportionately adjusted in line with stock split change, to derive the new cost
of share.

On stock split/face value change, in case the company specifies any regulations/ method for cost bifurcation or valuation the same will be
adopted.

H Derivative Product – Index and Stock Futures

(1) Valuation of Traded Futures

Futures are valued at the settlement price on the valuation day provided by the respective stock exchanges.
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 (2) Valuation of Non -Traded Futures
When the security is not traded on the respective stock exchange on the date of valuation, then any other derived price provided
by the respective stock exchange will be used.

Derivative Product – Index and Stock Options

(1) Valuation of Traded Options

Options are valued at the settlement price on the valuation day provided by the respective stock exchanges.

(2) Valuation of Non -Traded Options

When the security is not traded on the respective stock exchange on the date of valuation, then any other derived price provided
by the respective stock exchange will be used.

I Partly / Fully Convertible debentures and bonds.

In respect of convertible debentures, the non-convertible and convertible components shall be valued separately. The non-convertible
component should be valued on the same basis as would be applicable to a debt instrument. The convertible component should be valued
on the same basis as would be applicable to an equity instrument. If, after conversion the resultant equity instrument would be traded pari-
passu with an existing instrument which is traded, the value of the latter instrument can be adopted during the period preceding the conversion.
While valuing such instruments, the fact whether the conversion is optional should also be factored in.

J. Partly Paid-up Equity shares.

1. Listed partly paid-up Equity shares will be valued in the same manner as Equity shares.

2. Exception will be made when the shares are suspended for installments due and in that case, the last traded price plus the current amount
of installment paid will be considered from the date of payment. Till the payment is made it will be valued at the last traded price.

3. On paying the last installment the security will be merged with the main security and valued accordingly.

II Debt Securities including Interest Rate Swaps, Bills Rediscounting and Sovereign Securities

Debt Securities including Interest Rate Swaps, Bills Rediscounting and Sovereign Securities will be valued based on the Average of security
level prices obtained from valuation agencies. If no price is provided by valuation agencies on the first day of purchase of an instrument, the
same will be valued at purchase price plus amortisation, till such time the scrip level price is provided by the rating agencies.

Waterfall mechanism for valuation of money market and debt securities to the used by the valuation agencies
The waterfall mechanism for valuation of money market and debt securities to be used by valuation agencies as per SEBI circular no.
SEBI/HO/IMD/DF4/CIR/P/2019/102 dated 24 September 2019 and AMFI circular no. 135/ BP/ 83/ 2019-20 dated 18 November 2019 is given
in the enclosed Annexure.

Polling process by valuation agencies

The polling process by valuation agencies as per SEBI circular no. SEBI/HO/IMD/DF4/CIR/P/2019/102 dated 24 September 2019 and AMFI
circular no. 135/ BP/ 83/ 2019-20 dated 18 November 2019 is given in the enclosed Annexure.

A. Other Instruments:

Investments in short-term deposits with banks (pending deployment) and repurchase (repo) transactions (including tri-party repo i.e. (TREPS) with
tenure of upto 30 days, shall be valued on cost plus accrual basis.

The interest accruals / amortisation on the above instruments will be booked separately as income.

B. Guidelines for inter-scheme transfer of debt and money market instruments:

Inter Scheme Transfer

Inter scheme transfers will now be carried out as per the guidelines prescribed by SEBI as follows:

1. AMCs shall seek prices for IST of any money market or debt security (irrespective of maturity), from the valuation agencies.
2. The valuation agencies shall provide these prices to all AMC’s irrespective whether they have asked for it or not twice a day at pre-agreed time.
3. If prices from both the valuation agencies are received, an average of the prices so received shall be used for IST pricing.
4. If price from only one valuation agency is received, that price may be used for IST pricing.
5. If prices are not received from any of the valuation agencies, AMCs may determine the price for the IST, in accordance with Clause 3 (a) of Seventh
Schedule of SEBI (Mutual Funds) Regulations, 1996, which is given below.

If prices are not received from any agency, the below methodology will be used to carry out inter scheme transfers:
The traded price of the same or similar securities available on public platform before concluding inter scheme transfers should be verified. All inter-
scheme transfer shall be done at weighted average YTM. Trades shall be spooled only after 12.00 p.m. reported on the public platform to be considered
for inter scheme of any debt and money market instrument, after excluding any abnormal trades reported. Own trades price will not be used for valuation
of inter-scheme transfers.

The weighted average YTM will be used only if the following criteria’s are met:

For securities having maturity upto 1 year:

All trades with minimum traded lot of INR 25 crores of face value or more will be aggregated for same or similar security on a public platform

For securities having maturity of more than 1 year:

All trades with minimum traded lot of INR 5 crores of face value or more will be aggregated for same or similar security on a public platform.
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In case a closed ended scheme is in need of liquidity for making payment of expenses only, where value of inter-scheme transfer will be upto 2 crores,
above volume condition will not be applicable and price of a single trade in same or similar security irrespective of the volume will be considered for
inter-scheme.
If same or similar security on a public platform is not available at the time of inter-scheme, previous day closing price would be used for valuation or any
other method as may be approved by the valuation committee.

Criteria for identifying the similar securities:

For the purpose of valuation, similar security shall be identified by the following means:

[i] Securities having maturity upto 30 days:

1. Same issuer having maturity within +/- 15 days

2. In case of Private Bank CDs and CPs and NCDs issued by NBFC, manufacturing companies and PSUs:
• Having long term rating of AAA and AA+ and short-term rating of A1+ will be considered as comparable.
• Having long term rating of AA and AA- and short-term rating of A1+ will be considered as comparable.
Securities having maturity within a period of +/- 15 days same calendar quarter* fulfilling the above criteria would be considered.

[ii] Securities having maturity of more than 30 days:

1. Same issuer
2. Similar short term and long-term rating
3. Similar industry
We will classify the same into three sectors Banking, Manufacturing and Non-Banking Finance Companies (NBFC). Bank CDs will be inter-schemed
against bank CDs (within bank CDs PSU CDs will be compared to PSU CDs and Private / Foreign bank CDs will be compared to Private / Foreign
bank CDs, Manufacturing papers will be inter schemed against manufacturing papers and NBFC will be inter schemed against NBFC.
4. Similar characteristics e.g. Floating rate paper will be compared with another floating rate paper only.

5. Maturity near to the maturity of the security being transferred as mentioned in the table below:

Sr. Maturity of Security being Maturity of the benchmark security

No. transferred
1 Between 31 days to 91 days +/- 15 days from the maturity of security transferred provided the
maturity benchmark security is maturing in the same calendar quarter*

2 between 92 days to 365 days +/-45 days from the maturity of security transferred
3 above 365 days
- 1 - 3 Years +/- 06 months from the maturity of security transferred

- 3 years and above +/- 12 months from the maturity of security transferred

*For example, if a security maturing on 28th June has to be transferred on 20th of June and traded price of 3rd July is available, It can never be fairly
priced for inter-scheme because the yields of 28th June paper and 3rd July paper will be different. Today the yield of 28th June paper in market is 8.50%
and that of 3rd July paper is 9.30%. Thus, in case the above safeguard is not incorporated the inter-scheme can happen at wrong prices. This happens
at every quarter end.
Notes:
a. Public Platform refers to FTRAC / FIMMDA for commercial papers or certificate of deposits and NSE / BSE for corporate bonds / debentures
(including securitized assets) and any other platform as available from time to time as may be notified. For Treasury bills and Government securities,
it refers to NDS OM.
b. Units / shares of mutual funds will be valued at the last published NAV.
c. Weighted average YTM shall be rounded up to two digits after decimal point.
d. Outlier trades, if any, shall be ignored after suitable justification by Fund Managers is provided.

C. Valuation of money market and debt securities which are rated below investment grade:

All money market and Debt Securities below investment grade (i.e. if the long term rating of the security issued by a SEBI registered Credit Rating
agency (CRA) is below BBB- or if the short term rating of the security is below A3) and “Default” security shall be valued at a aggregated price
provided by the Valuation Agencies.

Till such time the valuation agencies compute the valuation of money market and debt securities classified as below investment grade, such
securities shall be valued on the basis of indicative haircuts provided by these agencies. These indicative haircuts shall be applied on the date of
credit event i.e. migration of the security to sub-investment grade and shall continue till the valuation agencies compute the valuation price of such
securities. Further, these haircuts shall be updated and refined, as and when there is availability of material information which impacts the haircuts.

AMCs may deviate from the indicative haircuts and/or the valuation price for money market and debt securities rated below investment grade
provided by the valuation agencies subject to the following:

• The detailed rationale for deviation from the price post haircuts or the price provided by the valuation agencies shall be recorded by the
AMC.

• The rationale for deviation along-with details such as information about the security (ISIN, issuer name, rating etc.), price at which the
security was valued vis-a-vis the price post haircuts or the average of the price provided by the valuation agencies (as applicable) and
the impact of such deviation on scheme NAV (in amount and percentage terms) shall be reported to the Board of AMC and Trustees.

• The rationale for deviation along-with details as mentioned above shall also be disclosed to investors. In this regard, all AMCs shall
immediately disclose instances of deviations under a separate head on their website. Further, the total number of such instances shall

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 also be disclosed in the monthly and half-yearly portfolio statements for the relevant period along-with an exact link to the website wherein
the details of all such instances of deviation are available.

D. Inflation Index Bonds:

Inflation Index Bonds will be valued based on the aggregated prices provided by valuation agencies.

E. Interest Rate Futures:

The exchange traded Interest Rate Futures would be valued based on the Daily settlement price or any other derived price provided by the exchange.

F. Interest Rate Swaps:

Interest Rate Swaps would be valued as per the aggregated valuation provided by the valuation agencies, in line with the valuation policy for NCD’s

G. Commodities:

Exchange Traded Commodities – Futures and Options:

• For the purpose of valuation, Exchange Traded Commodities – Futures and Options will be valued at the price as provided by the
exchange from where the same was purchased.

• When a security is not traded on the stock exchange from where the commodity was purchased on a particular valuation day, the value
at which it was traded on the on the earliest previous day may be used provided such date is not more than 30 days prior to valuation
date. If no price is available for more than 30 days, then the security will be treated as a non-traded security and valued accordingly.

Other than exchange traded commodities (physical):

Upon the receipt of physical stocks at the exchange accredited warehouse in the allocated location the commodity can be valued daily. The
pooled physical price of the respective location is published by the respective commodity exchanges. Example: Pooled price of Gold ex-
Ahmedabad is published by 12:00 noon every day at the MCX website which can be referred for valuation of stocks lying in Ahmedabad
warehouse / designated vaults under MF Schemes. These published prices will be considered for valuation.

If the physical prices are not provided by the stock exchanges, the price of the nearest derivative position in which we have a holding will be
considered for valuation.

III Foreign Securities

1 Foreign Securities includes:

(a) ADRs/ GDRs issued by Indian or foreign companies
(b) Equity of overseas companies listed on recognized stock exchanges overseas
(c) Initial and follow-on public offerings for listing at recognized Stock Exchanges Overseas
(d) 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.
(e) Money market instruments rated not below investment grade.
(f) 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.
(g) Government securities where the countries are rated not below investment grade.
(h) Derivatives traded on recognized stock exchanges overseas only for hedging and portfolio balancing with underlying
as securities
(i) Short term deposits with banks overseas where the issuer is rated not below investment grade
(j) 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) unlisted
overseas securities (not exceeding 10% of their net assets).
(k) Overseas Exchange Traded Funds (ETFs).

2. Valuation of Foreign Securities

Valuation of traded securities:

On the valuation day, the securities issued outside India and listed on the stock exchanges outside India shall be valued at the closing price
on the stock exchange at which it is listed or at the last traded price reported on the exchange platform / Bloomberg price at a pre-decided
time by the Valuation Committee, depending on the jurisdiction. However, for US markets it has been decided to take the previous day’s
closing price of the relevant stock exchanges. In case a security is listed on more than one stock exchange, TAMPL reserves the right to
determine the stock exchange, the price of which would be used for the purpose of valuation of that security.

Valuation of non-traded securities:

In case any particular security is not traded on the Valuation Day, the same shall be valued the previous days price will be used for a period
not more than 30 days ‘in good faith’ by TAMPL on the basis of the valuation principles laid down by SEBI.

Investments in Units of overseas mutual fund scheme (Offshore Units). Such offshore units shall be valued at last available Net Asset Value
(less exit charge if applicable).

On the valuation day, prices in foreign currency will be valued in Indian Rupees at the FBIL reference rate as at the close of banking hours
on that day in India.

IV Investment in Mutual Fund Units

Mutual Fund Units including Fund of Funds investing in Exchange Traded Funds which are listed and traded on exchanges would be valued
at the closing traded price on the valuation date. Accordingly, closing price of the units on primary stock exchange would be used for valuation
as on the valuation date.

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 Unlisted Mutual Fund Units and listed but not traded Mutual Fund Units will be valued at the NAV as on the valuation day.

Overseas Mutual Fund units would be valued at the NAV as on the valuation day.

V Investment in ReITs, InvITs

On the valuation day, at the last quoted closing price on the NSE / BSE or any other stock exchange, where such security is listed. If it’s not
traded on the primary stock exchange which is NSE then the closing traded price on BSE or than on any other stock exchange will be
considered. In case if it’s not traded on any exchange on any valuation day, the valuation committee would recommend appropriate valuation
methodology to determine the fair value.

Abnormal situations & market disruptions:

In normal situations the above methods may be used for valuation. However, in abnormal market conditions, due to lack of market trading or otherwise
it may not be possible to obtain fair valuation using “normal” means. In such situations, the realizable value may be substantially different from the
benchmark-based prices obtained. This could lead to, for example, an overvalued portfolio which could be used by some investors to redeem their
holdings having an adverse impact on residual investors.

As by definition, abnormal events are abnormal, no prescriptive guidelines are proposed to value securities / portfolios during such events. Following
type of events could be classified as exceptional events where current market information may not be available / sufficient for valuation of securities:

1) Major policy announcements by RBI or Central / State Government or SEBI or any other regulatory related event.
2) Unproportionate large redemptions.
3) Natural disasters, public disturbances, riots, war, global events etc. that may force the markets to close unexpectedly or not function normally.
4) Significant volatility in the stock markets
5) Events which lead to lack of availability of accurate or sufficient information to value the securities.

The above-mentioned list is only indicative and may not reflect all the possible exceptional events / circumstances. In case of exceptional events /
circumstances, the valuation committee shall assess the situation and recommend appropriate method of valuation of the impacted securities.

Deviations:

The investments of TMF schemes shall be valued as per the methodologies mentioned in this Valuation Policy, which shall endeavor true and fairness
in valuing them. However, if the valuation of any particular security does not result in a fair valuation, the Valuation Committee would have the right to
deviate from the established policies in order to value the security at fair value.

Deviations from the valuation policy and principles, if any, will be informed to the AMC and Trustee Boards alongwith detailed rationale. This information
will also be displayed on our website and will be disclosed in the monthly and half yearly portfolio statements.

Conflict of interest:

In case if any situation arises that leads to conflict of interest, the same shall be raised to the Valuation Committee and the Committee shall endeavor
to resolve the same such that the valuation provides for fair treatment to all investors including existing and prospective investors.

Audit review:

The valuation policies and procedures shall be reviewed yearly by the internal auditors to ensure their continued appropriateness.

Annexure to the Valuation Policy

Part A: Valuation of Money Market and Debt Securities other than G-Secs 1. Waterfall Mechanism for Valuation of money market and debt
securities:
The following shall be the broad sequence of the waterfall for valuation of money market and debt securities:

i. Volume Weighted Average Yield (VWAY) of primary reissuances of the same ISIN (whether through book building or fixed price) and secondary
trades in the same ISIN
ii. VWAY of primary issuances through book building of same issuer, similar maturity (Refer Note 1 below)
iii. VWAY of secondary trades of same issuer, similar maturity
iv. VWAY of primary issuances through fixed price auction of same issuer, similar maturity
v. VWAY of primary issuances through book building of similar issuer, similar maturity (Refer Note 1 below)
vi. VWAY of secondary trades of similar issuer, similar maturity.
vii. VWAY of primary issuance through fixed price auction of similar issuer, similar maturity
viii. Construction of matrix (polling may also be used for matrix construction)
ix. In case of exceptional circumstances, polling for security level valuation (Refer Note 2 below)

Note 1
Except for primary issuance through book building, polling shall be conducted to identify outlier trades. However, in case of any issuance through book
building which is less than INR 100 Cr, polling shall be conducted to identify outlier trades.

Note 2

64
Some examples of exceptional circumstance would be stale spreads, any event/news in particular sector/issuer, rating changes, high volatility, corporate
action or such other event as may be considered by valuation agencies. Here stale spreads are defined as spreads of issuer which were not
reviewed/updated through trades/primary/polls in same or similar security/issuers of same/similar maturities in waterfall approach in last 6 months.

Further, the exact details and reasons for the exceptional circumstances which led to polling shall be documented and reported to AMCs. Further, a
record of all such instances shall be maintained by AMCs and shall be subject to verification during SEBI inspections.

Note 3
All trades on stock exchanges and trades reported on trade reporting platforms till end of trade reporting time (excluding Inter-scheme transfers) should
be considered for valuation on that day.

Note 4
It is understood that there are certain exceptional events, occurrence of which during market hours may lead to significant change in the yield of the
debt securities. Hence, such exceptional events need to be factored in while calculating the price of the securities. Thus, for the purpose of calculation
of VWAY of trades and identification of outliers, on the day of such exceptional events, rather than considering whole day trades, only those trades shall
be considered which have occurred post the event (on the same day).

In addition to the above, valuation agencies may determine any other event as an exceptional event. All exceptional events along-with valuation carried
out on such dates shall be documented with adequate justification.

The following events would be considered exceptional events:

i) Monetary/Credit Policy

ii) Union Budget

iii) Government Borrowing/Auction Days

iv) Material Statements on sovereign rating

v) Issuer or sector specific events which have a material impact on yields

vi) Central Government Election Days

vii) Quarter end days

2. Definition of tenure buckets for Similar Maturity

When a trade in the same ISIN has not taken place, reference should be taken to trades of either the same issuer or a similar issuer, where the residual
tenure matches the tenure of the bond to be priced. However, as it may not be possible to match the exact tenure, it is proposed that tenure buckets
are created and trades falling within such similar maturity be used as per table below.
1
Residual Tenure of Bond to be priced Criteria for similar maturity
Upto 1 month Calendar Weekly Bucket
Greater than 1 month to 3 months Calendar Fortnightly Bucket
Greater than 3 months to 1 year Calendar Monthly Bucket
Greater than 1 year to 3 years Calendar Quarterly Bucket
Greater than 3 years Calendar Half Yearly or Greater Bucket

In addition to the above:

a. In case of market events, or to account for specific market nuances, valuation agencies may be
permitted to vary the bucket in which the trade is matched or to split buckets to finer time periods as necessary. Such changes shall be auditable. Some
examples of market events / nuances include cases where traded yields for securities with residual tenure of less than 90 days and more than 90 days
are markedly different even though both may fall within the same maturity bucket, similarly for less than 30 days and more than 30 days or cases where
yields for the last week v/s second last week of certain months such as calendar quarter ends can differ.

b. In the case of illiquid/ semi liquid bonds, it is proposed that traded spreads be permitted to be used for longer maturity buckets (1 year and above).
However, the yield should be adjusted to account for steepness of the yield curve across maturities.

c. The changes / deviations mentioned in clauses a and b, above, should be documented, along with the detailed rationale for the same. Process for
making any such deviations shall also be recorded. Such records shall be preserved for verification.

3. Process for determination of similar issuer

65
Valuation agencies shall determine similar issuers using one or a combination of the following criteria. Similar issuer do not always refer to issuers
which trade at same yields, but may carry spreads amongst themselves & move in tandem or they are sensitive to specific market factor/s hence
warrant review of spreads when such factors are triggered.
i. Issuers within same sector/industry and/or
ii. Issuers within same rating band and/or
iii. Issuers with same parent/ within same group and/or
iv. Issuers with debt securities having same guarantors and/or
v. Issuers with securities having similar terms like Loan Against Shares (LAS)/ Loan Against Property (LAP)

The above criteria are stated as principles and the final determination on criteria, and whether in combination or isolation shall be determined by the
valuation agencies. The criteria used for such determination should be documented along with the detailed rationale for the same in each instance.
Such records shall be preserved for verification. Similar issuers which trade at same level or replicate each other's movements are used in waterfall
approach for valuations. However, similar issuer may also be used just to trigger the review of spreads for other securities in the similar issuer category
basis the trade/news/action in any security/ies within the similar issuer group.

4. Recognition of trades and outlier criteria

i. Volume criteria for recognition of trades (marketable lot)

Paragraph 1.1.1.1(a) of SEBI vide circular no. SEBI/HO/IMD/DF4/CIR/P/2019/102 dated September 24, 2019 on Valuation of money market and debt
securities, prescribes that the marketable lots shall be defined by AMFI, in consultation with SEBI. In this regard, marketable lot is defined as under.
The following volume criteria shall be used for :

Parameter Minimum Volume Criteria for marketable lot

Primary INR 25 Cr for both Bonds/NCD/CP/ CD and other money market instruments

Secondary INR 25 Cr for CP/ CD, T-Bills and other money market instruments

Secondary INR 5 Cr for Bonds/NCD/ G-secs

Trades not meeting the minimum volume criteria i.e the marketable lot criteria as stated above shall be ignored.

ii. Outlier criteria

It is critical to identify and disregard trades which are aberrations, do not reflect market levels and may potentially lead to mispricing of a security or
group of securities. Hence, the following broad principles would be followed by valuation agencies for determining outlier criteria.

a. Outlier trades shall be classified on the basis of liquidity buckets (Liquid, Semi-liquid, Illiquid). Price discovery for liquid issuers is generally easier
than that of illiquid issuers and hence a tighter pricing band as compared to illiquid issuers would be appropriate.

b. The outlier trades shall be determined basis the yield movement of the trade, over and above the yield movement of the matrix. Relative movement
ensures that general market movements are accounted for in determining trades that are outliers. Hence, relative movement over and above benchmark
movement shall be used to identify outlier trades.

c. Potential outlier trades which are identified through objective criteria defined above will be validated through polling from market participants.
Potential outlier trades that are not validated through polling shall be ignored for the purpose of valuation.

d. The following criteria shall be used by valuation agencies in determining outlier trades:

Liquidity Classification Bps Criteria (Yield movement over Previous Day yield after accounting for yield movement of
matrix)

Upto 15 days 15-30 days Greater than 30 days

Liquid 30 bps 20 bps 10 bps

Semi-liquid 45 bps 35 bps 20 bps

Illiquid 70 bps 50 bps 35 bps

The above criteria shall be followed consistently and would be subject to review on a periodic basis by valuation agencies and any change
would be carried out in consultation with AMFI.

66
e. In order to ensure uniform process in determination of outlier trades the criteria for liquidity classification shall be as detailed below.

Liquidity classification criteria — Liquid, semi-liquid and Illiquid definition

Valuation agencies shall use standard criteria for classifying trades as Liquid, Semi-Liquid and illiquid basis the following two criteria
a. Trading Volume
b. Spread over reference yield

Such criteria shall be reviewed on periodic basis in consultation with AMFI.

Trading Volume (Traded daysl based criteria:

Number of unique days an issuer trades in the secondary market or issues a new security in the primary market in a calendar quarter
• Liquid -> >=50% of trade days
• Semi liquid-* >=10% to 50% trade days
• Illiquid-> <10 % of trade days

Spread based criteria:

Spread over the matrix shall be computed and based on thresholds defined, issuers shall be classified as liquid, semi liquid and illiquid. For bonds
thresholds are defined as upto 15 bps for liquid; >15-75 bps for semi-liquid; > 75 bps for illiquid. (Here, spread is computed as average spread of
issuer over AAA Public Sector Undertakings/Financial Institutions/Banks matrix), For CP/ CD- upto 25 bps for liquid; >25-50 bps for semiliquid; > 50
bps for illiquid. (Here, spread is computed as average spread of issuer over A1+/AAA CD Bank matrix).

The thresholds shall be periodically reviewed and updated having regard to the market. The best classification (liquid being the best) from the above
two criteria (trading volume and spread based) shall be considered as the final liquidity classification of the issuer. The above classification shall be
carried out separately for money market instruments (CP/ CDs) and bonds.

5. Process for construction of spread mix

Valuation agencies shall follow the below process in terms of calculating spreads and constructing the matrix:

Steps Detailed Process

Step 1 Segmentation of corporates –
The entire corporate sector is first categorised across following four sectors i.e. all the corporates will be
catalogued under one of the below mentioned bucket:
1. Public Sector Undertakings/Financial Institutions/Banks;
2. Non-Banking Finance Companies -except Housing Finance Companies;
3. Housing Finance Companies;
4. Other corporate
Step 2 Representative issuers –
For the aforesaid four sectors, representative issuers (Benchmark Issuers) shall be chosen by the valuation
agencies for only higher rating {I.e. "AAA" or AA+). Benchmark/Representative Issuers will be identified basis high
liquidity, availability across tenure in AAA/AA+ category and having lower credit/liquidity premium. Benchmark
Issuers can be single or multiple for each sector.
It may not be possible to find representative issuers in the lower rated segments, however in case of any change
in spread in a particular rating segment, the spreads in lower rated segments should be suitably adjusted to reflect
the market conditions. In this respect, in case spreads over benchmark are widening at a better rated segment, then
adjustments should be made across lower rated segments, such that compression of spreads is not seen at any step.
For instance, if there is widening of spread of AA segment over the AAA benchmark, then there should not be any
compression in spreads between AA and A rated segment and so on.
Step 3 Calculation of benchmark curve and calculation of spread —
1. Yield curve to be calculated for representative issuers for each sector for maturities
ranging from 1 month till 20 years and above.
2. Waterfall approach as defined in Part A (1) above will be used for construction of yield
curve of each sector.
3. In the event of no data related to trades/primary issuances in the securities of the
representative issuer is available, polling shall be conducted from market participants
4. Yield curve for Representative Issuers will be created on daily basis for all 4 sectors. All
other issuers will be pegged to the respective benchmark issuers depending on the
sector, parentage and characteristics. Spread over the benchmark curve for each

67
 Steps Detailed Process
security is computed using latest available trades/primaries/polls for respective
maturity bucket over the Benchmark Issuer.
5. Spreads will be carried forward in case no data points in terms of
trades/primaries/polls are available for any issuer and respective benchmark
movement will be given
Step 4 1. The principles of VWAY, outlier trades and exceptional events shall be applicable
while constructing the benchmark curve on the basis of trades/primary issuances.
2. In case of rating downgrade/credit event/change in liquidity or any other material
event in Representative Issuers, new Representative Issuers will be identified. Also, in
case there are two credit ratings, the lower rating to be considered.
3. Residual tenure of the securities of representative issuers shall be used for
construction of yield curve.

Part B : Valuation of G-Secs (T-Bill, Cash management bills, G-Sec and SDL)
The following is the waterfall mechanism for valuation of Government securities:

• VWAY of last one hour, subject to outlier validation

• VWAY for the day (including a two quote, not wider than 5 bps on NDSOM), subject to outlier validation
• Two quote, not wider than 5 bps on NDSOM, subject to outlier validation
• Carry forward of spreads over the benchmark
• Polling etc.

Note:
1. VWAY shall be computed from trades which meet the marketable lot criteria stated in Part A of these Guidelines.
2. Outlier criteria: Any trade deviating by more than +/- 5 bps post factoring the movement of benchmark security shall be identified as outlier. Such
outlier shall be validated through polling for inclusion in valuations. If the trades are not validated, such trades shall be ignored.

II. AMFI GUIDELINES ON POLLING PROCESS FOR MONEY MARKET AND DEBT SECURITIES

Please refer to Paragraph 2.2.5 of SEBI vide circular no. SEBI/HO/IMD/DF4/CIR/P/2019/102 dated September 24, 2019 on Valuation of money market
and debt securities, which prescribes that considering the importance of polling in the valuation process, guidelines shall be issued by AMFI on polling
by valuation agencies and on the responsibilities of Mutual Funds in the polling process, as part of the waterfall approach for valuation of money market
and debt securities. In this regard, the following Guidelines were approved by the Board of AMFI, in consultation with SEBI.

Polling Guidelines:

1 Valuation agencies shall identify the Mutual Funds who shall participate in the polling process on a particular day, taking into account factors
such as diversification of poll submitters and portfolio holding of the Mutual Funds. Mutual Funds who are identified by the valuation agencies
shall necessarily participate in the polling process. However, in case any Mutual Fund does not participate in the polling process, detailed reason
for the same shall be recorded at the time and subsequently made available during SEBI inspections. In this respect, since a Mutual Fund may
have investments in similar securities, a security not forming part of investment universe may not be considered as an adequate reason for not
participating in the polling process.
2. Polling will be carried out on a daily basis by the valuation agencies, in terms of points 9-11 below.

3. Each valuation agency needs to take polls from at least 5 unique Mutual Funds on a daily basis. Hence, between the two valuation agencies
10 unique Mutual Funds to be polled. They may cover more Mutual Funds, over and above this. For benchmark securities a poll constituting at least 5
responses will be considered as valid. In case of non-benchmark securities a poll constituting at least 3 responses will be considered as valid. The
responses received by each valuation agency will be shared with the other agency also.

4. Median of polls shall be taken for usage in valuation process.

5. The valuation agencies will also need to cover as many non- Mutual Fund participants as possible, over and above the Mutual Funds, to improve
on the polling output quality.

6. Endeavour would be made to have adequate representation of both holders and non-holders of the same bond/same issuer for non-benchmark
securities in the poll process. Where this is not possible, valuation agencies may seek polls from holders of bonds with a similar structure.

7. In the case of issuers with multiple notch rating upgrades / downgrades over short periods of time, valuation agencies shall:

68
a. Conduct polls with a larger universe of pollers.
b. Increase the frequency of polling
8. Suo moto feedback on valuations should be entertained only through formal mails from persons designated by AMC for said purpose, and the
same shall be validated through repolling. Any such feedback shall be duly recorded by the valuation agencies, including the reason for the challenge,
results of repolling and subsequent changes in valuation on repolling, if any. Such records shall be preserved by the valuation agencies, for verification.

9. Polling will be done for two sets of securities, Benchmark & Others.

10. Benchmark will be defined for the following categories across tenors.

a) Treasury Bills
b) Central Government Securities

c) State Government Securities

d) AAA PSU / PFI / PSU Banks
e) AAA Private
f) NBFC
g) HFC
h) Any other as required for improving fair valuations

11. Polling shall be conducted in the following two scenarios:

a) Validation of traded levels if they are outlier trades.

b) Non traded Securities (in exceptional circumstances as defined in the waterfall mechanism for valuation of money market and debt securities).

12. Best efforts should be made by poll submitters to provide fair valuation of a security.

13. The polling process will be revalidated by external audit of the valuation agencies with at least an annual frequency

14. AMCs shall have a written policy, approved by the Board of AMC and Trustees, on governance of the polling process. The aforesaid policy shall
include measures for mitigation of potential conflicts of interest in the polling process and shall identify senior officials, with requisite knowledge and
expertise, who shall be responsible for polling. Further, the policy should outline the following aspects.

a. the process of participating in a polling exercise.

b. identify the roles and responsibilities of persons participating in the polling.
c. include policies and procedures for arriving at the poll submission
d. cover the role of the Board of AMC and Trustees, and the periodic reporting that needs to be submitted to them.
e. All polling should be preferably over email. In case for any reason, the polling is done by way of a telephonic call then such a call should be over
recorded lines, followed subsequently by an email.
f. AMCs should have adequate business continuity arrangements for polling, with the necessary infrastructure / skill to ensure that consistent delivery
of poll submissions is made without material interruption due to any failure, human or technical.

15. All polling done will have to be documented and preserved in format approved by the Board of AMC, for a period of eight years, along-with
details of the basis of polling (such as market transactions, market quotes, expert judgement etc.).

16. AMCs shall ensure that participation in the polling process is not mis-used to inappropriately influence the valuation of securities. The officials
of the AMC who are responsible for polling in terms of point no. 14 above, shall also be personally liable for any misuse of the polling process.
17. AMCs shall maintain an audit trail for all polls submitted to valuation agencies.

VI. TAX & LEGAL & GENERAL INFORMATION

Certain tax benefits as described below are available, under present taxation laws to the unitholders holding units of equity oriented mutual funds as
well as units of debt funds (i.e. other than equity oriented funds) as an investment. The information set out below is included for general information
purposes only and does not constitute legal or tax advice. In view of the individual nature of the tax consequences, each investor is advised to consult
his or her own tax consultant with respect to specific tax implications arising out of their participation in the Scheme. Income Tax benefits to the mutual
fund and to the unit holder is in accordance with the prevailing tax law as certified by the mutual funds tax consultant.

For this purpose, an equity oriented mutual fund is defined in Section 10(38) of the Income-tax Act, 1961 (the Act) to mean the Securities and Exchange
Board of India (SEBI) registered fund where more than 65% of the investible funds are invested in equity shares of domestic companies. The percentage
of equity shareholding of the fund shall be computed with reference to the annual average of the monthly averages of the opening and closing figures.

69
Tata Mutual Fund is a Mutual Fund registered with SEBI and hence the entire income of the Fund will be exempt from income-tax in accordance with
the provisions of Section 10(23D) of the Act. The Fund is entitled to receive all income without any deduction of tax at source under the provisions of
Section 196(iv), of the Act.
I. TAX TREATMENT OF INVESTMENTS IN EQUITY ORIENTED FUNDS
i. CONCESSIONAL RATE OF TAX TO THE MUTUAL FUND Until the Finance Act 2017, the equity-oriented Fund is not required to pay any
Dividend Distribution Tax u/s 115R of the Act in respect of the income, if any, distributed by it to its unitholders. It is enacted in the Finance
Act, 2018 i.e., from 1st April, 2018 that equity-oriented fund would be required to withhold 10% tax on distribution of income to its unit holders.
Further, it is enacted by Finance Act, 2019, that no additional income tax shall be chargeable in respect of income distributed by Specified
Mutual Fund (Mutual Fund specified under clause (23D) of section 10, is located in any International Financial Services Centre and all the
units are held by non-residents) on or after 1st September, 2019 out of, its income derived from transactions made on a recognized stock
exchange located in any International Financial Services Centre and where the consideration is paid or payable in convertible foreign
exchange. As per Finance Act, 2020, income distribution tax as mentioned above as per section 115R of the Act will be payable on income
distribution on or before 31st March, 2020.
ii. TAX BENEFITS TO THE UNITHOLDERS
1. Income Tax As per Section 10(35) of the Act, any income other than capital gain received in respect of units of a mutual fund specified
under Section 10(23D) of the Act will be exempt from income-tax in the hands of the unitholders.
2. As per the Finance Act, 2020, the said exemption shall not be applicable in respect of income received on or after 1st April, 2020. Further,
under section 57, unit holders would be eligible to take the deduction for interest expense from dividend or income received from units not
exceeding 20 percent of the dividend or income received from units.
3. Capital Gains Tax
a. Long Term Capital Gains on Transfer of Units Under the existing provisions of Section 10(38) of the Act, long term capital gains arising on
transfer of units of equityoriented funds are exempt from income tax in the hands of unit holders, provided Securities Transaction Tax (STT)
is charged by the Mutual Fund on the said redemption/buy back of the units. As per the Finance Act, 2018, the exemption available under
section 10(38) has been withdrawn by prospectively inserting section 112A in the Act. Accordingly, long term capital gains arising from transfer
of such units/ securities exceeding INR 1,00,000 would be taxable at 10% plus applicable surcharge and Cess under section 112A with effect
from 1st April 2018. Further, the enhanced surcharge (of 25% and 37%) as levied on income arising from the transfer of equity share/unit
referred to in section 112A in Finance Act, 2019, has been withdrawn by the Govt. of India vide its press release as on 24th August, 2019 and
further confirmed vide Taxation Laws (Amendment) Ordinance, 2019. No indexation benefit would be available in respect of such long-term
capital gains. However, gains made up to 31st January 2018 will be grandfathered. To give effect to the grandfathered provisions, the cost of
acquisition will be deemed to be higher of: a. Actual cost of acquisition; and b. Lower of-  Fair market value (i.e., the highest price quoted on
a recognized stock exchange on or near 31st January 2018 in case of listed asset or net asset value in case of unlisted units); and  Full
value of consideration received or accruing as a result of the transfer.
b. Short Term Capital Gains on Transfer of Units Section 111A provides that short-term capital gains arising on transfer of units of equity-
oriented funds are chargeable to income tax at a concessional rate of 15% plus applicable surcharge, health & education Cess as applicable,
provided STT is charged on such transaction. In the case of a domestic company whose income is chargeable to tax under section 115BAB
of the Income-Tax Act, 1961, tax rate @ 22% shall be applicable, subject to conditions mentioned therein. In the case of companies (except
such domestic companies whose income is chargeable to tax under section 115BAA or 115BAB of the Income-Tax Act) if income exceeds
Rs. 1 crore but does not exceed Rs 10 crores, then the tax payable would be increased by a surcharge @ 7% in case of domestic companies
and @ 2% in case of foreign companies and if income exceeds Rs 10 crore then surcharge @ 12% in case of domestic companies and @
5% in case of foreign companies would be applicable. For companies covered under section 115BAA or 115BAB surcharge @ 10% is
applicable, irrespective of the amount of income. In the case of Individuals, as per Finance Act, 2019, where taxable income of the individual
exceeds Rs 50 lakhs but does not exceed Rs 1 crore, surcharge @ 10% would be applicable, where taxable income exceeds Rs 1 crore,
surcharge @ 15% shall be applicable. In all cases, the tax payable [as increased by surcharge would be further increased by Health &
Education Cess (4%)]. Further, Section 48 provides that no deduction shall be allowed in respect of STT paid for the purpose of computing
Capital Gains. The Finance Act, 2023 has capped the rate of surcharge for individuals and HUFs taxed under the new regime at 25%.
Accordingly, short-term capital gains of non-residents (not covered under section 111A) would be liable to maximum rate of surcharge of 25%,
provided they are liable to be taxed under the new regime.
iii. TAX DEDUCTION AT SOURCE
1. For Income in Respect of Units
As per the proviso to Section 196A(1) of the Act, no tax shall be deducted at source from any income credited or paid to non-resident
unitholders in respect of units of a mutual fund specified under Section 10(23D) of the Act. The Finance Act, 2020 deleted the said proviso
from 1st April 2020. Accordingly, TDS on income of non-resident in respect of units of mutual fund @ 20% shall be applicable. Finance Act,
2020 has inserted new section 194K with effect from 1st April 2020 to provide that any person responsible for paying to a resident any income
in respect of units of Mutual Fund specified under clause (23D) of section 10 shall at the time of credit of such income to the account of the
payee or at the time of payment thereof by any mode, whichever is earlier, deduct income-tax there on at the rate of 10 percent for income
exceeding 5,000 rupees. Further, as per the provisions of Section 196B of the Act, tax is required to be deducted at source at the rate of 10%
plus applicable surcharge and Cess (see note 1 below), in the case of any income in respect of units referred to in section 115AB payable to
an overseas financial organization (referred to as Offshore Fund).
Taxation of dividends/ income on units to be in the hands of the shareholder / unit holder
Taxation of dividends will now be in the hands of the shareholder/ unit holder at the slab rate applicable to them. For a shareholder being an
individual and HUFs whose total income exceed INR 1 crores, dividend income will be taxable at a maximum effective rate of 35.88%
(Including surcharge and cess, whereas maximum surcharge on dividends would be restricted to 15%). Further, non-resident will be eligible
to claim benefit of applicable tax treaties which would include limit on tax rate for dividend specified in the treaty and tax credit in the home
country.
70
Tax implications in the hands of Partnerships Firms and Limited Liability Partnership (LLP): Dividend income received by partnership firms
and LLP will be taxable at effective tax rate of 31.2%. If total income of firm/ LLP exceeds INR 1 crore, then dividend income will be taxable
at effective tax rate of 34.94%.
Tax implication in the hands of domestic companies:
Dividend income received by domestic company is taxable at tax rate depending upon whether the company has opted for concessional tax
regime under section 115BAA or Section 115BA of Act.
Section 115BBDA levying tax on dividend income only in excess of INR 10 lakh @ 10% in the hands of the shareholder will no longer be
applicable.
Exemption hitherto granted to dividend/ income on units under section 10(34)/ 10(35) will no longer be available.
TDS on dividends/ income on units by mutual funds/ income from units of a business trust to resident shareholder/ unit holder- Section 194,
194K and 194LBA:
Section 194 provides that dividend declared by a domestic company to a resident person, will be liable for TDS @ 10%. However, in case of
resident Individual, TDS shall be applicable only if dividend is in excess of INR 5,000. In case dividend is paid by cash, the threshold of INR
5,000 will not be applicable.
Section 194K has been introduced to provide for an obligation to deduct TDS @ 10% when a mutual fund distributes income to a resident
unit holder subject to a threshold of INR 5,000.
Section 194LBA has been amended to provide for TDS @ 10% in respect of income distributed by a business trust to a resident unit holder
being dividend received or receivable from a Special Purpose Vehicle.
TDS on dividend/ income on units by mutual funds to non-resident shareholder/ unit holder- Section 195 and 196A:
Section 115AD provides dividend income of Foreign Portfolio Investors (FPIs) from securities, will be liable for TDS @ 20% (plus applicable
surcharge and cess) under section 196D.
Section 115E (Non- resident Indian) provides dividend income of non-resident Indian from shares of an Indian Company purchased in foreign
currency, will be liable for TDS @ 20% (plus applicable surcharge and cess) under section 195.
Section 115A (Non-resident or foreign co.) provides dividend income of non-resident in any other case, will be liable for TDS @ 20% (plus
applicable surcharge and cess).
Rates of surcharge for non-resident individuals, HUF, AOP, BOI:

Dividend amount Rate of Surcharge

Above ₹ 50 Lacs but not exceeding ₹ 1 Crore 10%
Above ₹ 1 Crore but not exceeding ₹ 2 Crore 15%
Above ₹ 2 Crore but not exceeding ₹ 5 Crore 15%
Above ₹ 5 Crore 15%

Rates of surcharge for non-resident companies:

Dividend amount Rate of Surcharge

Above ₹ 1 Crore but not exceeding ₹ 10 Crores 2%
Above ₹ 10 Crores 5%

Rates of surcharge for Non-resident who is a firm.

Dividend amount Rate of Surcharge

Above ₹ 1 Crore 12%

Health and Education Cess of 4% is applicable for all the above categories of non-residents.

As per the provisions of Section 195 of the Act read with Section 90 of the Act, for dividend payments made to nonresidents (other than FII/
FPI), tax can be deducted as per the provisions of the Act or as per the provisions of the applicable Double Tax Avoidance Agreement (‘DTAA’)
/ Tax Treaty with the country of residence of the shareholder, whichever is more beneficial.
Under the present provisions, the income of FIIs from securities attracts withholding tax at 20% irrespective of the rates mentioned in the
agreement under Section 90 or 90A of the Act. However, the Finance Act, 2021 has amended section 196D, whereby the withholding rates
shall be the lower of the rates mentioned in the agreement under section 90 or 90A of the Act or 20%, provided the FIIs has Tax Residency
Certificate.
2. For Capital Gain
(a) In respect of Resident Unitholders: No tax is required to be deducted at source on capital gains arising to any resident unit holder (under
erstwhile section 194K) vide circular no. 715 dated August 8, 1995 issued by the Central Board of Direct Taxes (CBDT).
As per newly inserted section 194K, no tax shall be required to be deducted by the Mutual Fund from income which is in the nature of capital
gain.
71
(c) In respect of Non-Resident Unitholders #:
(d) As per the provisions of Section 195 read with section 196D(2) of the Act, tax is required to be deducted at source from the redemption
proceeds paid to investors. This withholding is in addition to and independent of the securities transaction tax payable, if any, by the investor.
Under Section 195 of the Act, tax shall be deducted at source in respect of capital gains as under:

Category of Rate at which tax is deductible on Rate at which tax is

Investor short term capital gains (see note 1 deductible on long term
below) capital gains (see note 1
below)
Foreign Companies 15% 10%
FIIs and FPI Nil Nil
Non-resident Indians 15% 10%
(NRIs)
Other non-residents 15% 10%

Further, as per the provisions of Section 196B of the Act, tax is required to be deducted at source at the rate of 10% plus applicable surcharge
and Cess (see note 1 below), in the case of any income or long-term capital gains arising from the transfer of unit of a SEBI registered mutual
Fund payable to an Offshore Fund.
Further, a new section i.e. 206AB has been inserted vide Finance Act, 2021 providing for higher rate for TDS for the non-filers of income-tax
return. TDS rate will be higher of the followings rates: i) twice the rate specified in the relevant provision of the Act; or ii) twice the rate or rates in
force; or iii) the rate of five per cent. However, the said proposed provisions will not apply to a non-resident who does not have a permanent
establishment in India.
# As per the provisions of section 196A which is specifically applicable in case of non-resident unitholders, the withholding tax rate of 20% (plus
applicable surcharge and Cess) on any income in respect of units of a Mutual Fund credited / paid to non-resident unitholders shall apply, as
section 196A does not make reference to “rates in force” but provide the withholding tax rate of 20% (plus applicable surcharge and Cess).
Note:
1. Surcharge Rates Applicable:
In the case of foreign companies if income exceeds Rs.1 crore but does not exceed Rs 10 crores, then the tax payable would be increased by a
surcharge of 2% and if income exceeds Rs 10 crores then surcharge of 5% would be levied. In all cases, the tax payable (as increased by
surcharge) would be further increased by Health & Education Cess (4%).
In the case of Individuals, as per Finance Act, 2019, where taxable income of the individual exceeds Rs 50 lakhs but does not exceed Rs 1 crore,
surcharge @ 10% would be applicable. where taxable income exceeds Rs 1 crore but does not exceed Rs 2 crore, surcharge @ 15% shall be
applicable, where the taxable income exceeds Rs 2 crore but does not exceed Rs 5 crore, surcharge @ 25% shall be applicable and where the
taxable income exceeds Rs 5 crore, surcharge @ 37% shall be applicable. The tax payable (as increased by surcharge) would be further increased
by Health & Education Cess (4%). However, Govt. of India vide its The Taxation Laws (Amendment) Act, 2019, has withdrawn levy of enhanced
surcharge income arising from the transfer of equity share/unit referred to in section 111A, 112A and 115AD by Finance Act, 2019 (i.e., where the
taxable income exceeds Rs 2 crore but does not exceed Rs 5 crore, surcharge @ 25% and where the taxable income exceeds Rs 5 crore,
surcharge @ 37%).
In the case of Partnership Firms where taxable income exceeds Rs 1 crore, surcharge @ 12% would be applicable. The tax payable (as increased
by surcharge) would be further increased by Health & Education Cess (4%).
In the case of an AOP which has all its members as companies, the rate of surcharge is capped at 15% vide Finance Act 2022.

2. Relief as per Double Taxation Avoidance Agreements:

As per circular no. 728 dated October 1995 by CBDT and section 90(2) of the Act, in the case of a remittance to a country with which a Double
Taxation Avoidance Agreement (‘DTAA’) is in force, the tax should be deducted at the rate provided in the Finance Act of the relevant year or at
the rate provided in DTAA whichever is more beneficial to the assessee. As per the Finance Act 2013, in order to claim the benefits under the
DTAA, the assessee would have to provide a “certificate of his being resident” (commonly known as ‘Tax Residency Certificate’) from the
government of the country in which he is a resident. In addition to the said certificate, the concerned non-resident is also required to provide
certain information in Form 10F such as status, nationality, Tax Identification Number, period for which the assessee is a resident in the concerned
country, address and a declaration that the certificate of him being a resident is obtained. If any information in Form 10F is already provided on
the “certificate of residency, then the same need not be provided again in the form.
India has signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (commonly
referred to as MLI), which has since been ratified. India has since deposited the Instrument of Ratification to OECD, Paris, as a result of which
MLI has entered into force for India on 1st October, 2019 and its provisions will be applicable on India’s DTAAs on dates as mentioned/to be
mentioned in the respective DTAAs. The MLI is an outcome of the G20-OECD project to tackle Base Erosion and Profit Shifting (the BEPS
Project), i.e., tax planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there
is little or no economic activity, resulting in little or no overall tax being paid. The MLI will modify India’s DTAAs to curb revenue loss through treaty
abuse and base erosion and profit shifting strategies by ensuring that profits are taxed where substantive economic activities generating the profits
are carried out. The MLI will be applied alongside existing DTAAs, modifying their application in order to implement the BEPS measures.

72
Article 6 of MLI provides for modification of the Covered Tax Agreement to include the following preamble text:
“Intending to eliminate double taxation with respect to the taxes covered by this agreement without creating opportunities for non-taxation or
reduced taxation through tax evasion or avoidance (including through treaty-shopping arrangements aimed at obtaining reliefs provided in this
agreement for the indirect benefit of residents of third jurisdictions),”
The availability of benefits under the DTAAs will be subject to the amended provisions contained therein pursuant to MLI.
3. Higher tax to be withheld for non-furnishing of PAN by investor:
Further, where the non-resident unit holder does not furnish his / its Permanent Account Number to the mutual fund, then tax will be withheld at
the higher rate of 20% even if the relevant DTAA or the Act provides for a lower rate. However, with effect from 1 June 2016, this higher withholding
tax rate of 20% may not apply for non-residents if the following details prescribed under Rule 37BC of the Income Tax Rules, 1962 (the Rules)
are furnished by the non-resident recipient to the payer. • Name, e-mail id, contact number. • Address in the country or specified territory outside
India of home country of the non-resident. • Tax residency certificate (TRC) • Tax Identification Number of the non-resident in the country or
specified of his residence. However, if the capital gain itself is not taxable under the relevant DTAA then a higher withholding tax rate of 20% will
not apply even if PAN is not available. iv. SECURITIES TRANSACTION TAX Securities Transaction Tax (“STT”) is applicable on transactions of
purchase or sale of units of an equity-oriented fund entered into on a recognized stock exchange or on sale of units of equity-oriented fund to the
Fund. The STT rates as applicable are given in the following table: Taxable securities transaction Payable by Rate (As a % of value of the
transaction) Purchase/ Sale of an equity share in a company where. a) the transaction of such purchase is entered into in a recognized stock
exchange; and b) the contract for the purchase of such share is settled by the actual delivery or transfer of such share Purchaser/ Seller 0.1%
Purchase of a unit of an equity-oriented fund, where a) the transaction of such purchase is entered into in a recognized stock exchange; and b)
the contract for the purchase of such unit is settled by the actual delivery or transfer of such unit Purchaser NIL Taxable securities transaction
Payable by Rate (As a % of value of the transaction) Sale of a unit of an equity-oriented fund, where a) the transaction of such sale is entered into
in a recognized stock exchange; and b) the contract for the sale of such unit is settled by the actual delivery or transfer of such unit Seller 0.001%
Sale of an equity share in a company or a unit of an equity-oriented funds on non-delivery basis Seller 0.025% Sale of option in securities Seller
0.0625 % Sale of an option securities, where option is exercised Purchaser 0.125% Sale in a future in securities Seller 0.0125% Sale of unit of
an equity-oriented fund to the Mutual Fund itself Seller 0.001% The Fund is responsible for collecting the STT from every person who sells the
unit to it at the rate mentioned above. The STT collected by the Fund during any month will have to be deposited with the Central Government by
the seventh day of the month immediately following the said month. As per the Finance Act, 2013, CTT is charged in respect of every taxable
commodities transaction, being sale of commodity derivative, at the rate of 0.01 per cent on the value of such transaction and such tax shall be
payable by the seller. Commodities transaction means a transaction of sale of commodity derivatives in respect of commodities, other than
agricultural commodities, traded in recognized associations. As per the Finance Act, 2020, with effect from 1st April, 2020, commodities transaction
means a transaction of sale of commodity derivatives or sale of commodity derivatives based on prices or indices of prices of commodity
derivatives or option on commodity derivatives or option in goods in respect of commodities, other than agricultural commodities, traded in
recognized stock exchange. The CTT rate as applicable is given in the following table: Taxable commodities transaction Payable by Rate (As a
% of value of the transaction) Sale of commodity derivative Seller 0.01% Sale of commodity derivatives based on prices or indices of prices of
commodity derivatives Seller 0.01% Sale of option on commodity derivative Seller 0.05% Sale of option in goods Seller 0.05% Sale of option on
commodity derivative, where option is exercised Purchaser 0.0001% Sale of option in goods, where option is exercised resulting in actual delivery
of goods Purchaser 0.0001% Sale of option in goods, where option is exercised resulting in a settlement otherwise than by the actual delivery of
goods Purchaser 0.125% As per the Finance Act 2023, with effect from 1st April 2023, the rate of STT on sale of options hiked up to 0.0625%
and on sale of futures hiked up to 0.0125%. II. TAX TREATMENT OF INVESTMENTS IN OTHER THAN EQUITY ORIENTED (DEBT) FUNDS i.
INCOME DISTRIBUTION TAX PAYABLE BY MUTUAL FUND On income distribution, if any, made by the Fund to its unitholders of non-equity-
oriented fund, income distribution tax will be payable under Section 115R of the Act at the following rates: • At 25 percent (plus surcharge @ 12
percent and an additional surcharge by way of Health & Education Cess of 4 percent on the amount of tax plus surcharge) on income distributed
to Individuals or HUFs by a Money Market Mutual Fund or a Liquid Fund. • At 30 percent (plus surcharge @ 12 percent and an additional surcharge
by way of Health & Education Cess of 4 percent on the amount of tax plus surcharge) on income distributed to any other person by a Money
Market Mutual Fund or a Liquid Fund. • At 5 percent (plus surcharge @ 12 percent and an additional surcharge by way of Health & Education
Cess of 4 percent on the amount of tax plus surcharge) on the income distributed by mutual fund to a nonresident or to a foreign company under
an infrastructure debt scheme. • At 25 percent (plus surcharge @ 12 percent and an additional surcharge by way of Health & Education Cess of
4 percent on the amount of tax plus surcharge) on income distributed to individuals or HUFs by a fund other than a money market mutual fund or
a liquid fund. • At 30 percent (plus surcharge @ 12 percent and an additional surcharge by way of Health & Education Cess of 4 percent on the
amount of tax plus surcharge) on income distributed by other funds to persons other than individuals and HUFs, for instance, corporates. Further,
it is enacted by Finance Act, 2019, that no additional income tax shall be made by Specified Mutual Fund (Mutual Fund specified under clause
(23D) of section 10, is located in any International Financial Services Centre and all the units are held by non-residents) on or after 1st September,
2019 out of, its income derived from transactions made on a recognized stock exchange located in any International Financial Services Centre
and consideration is paid or payable in convertible foreign exchange. On income distribution, if any, made by the Fund to its unit holders of equity-
oriented fund, income distribution tax will be payable under Section 115R of the Act at 10 percent (plus surcharge @ 12 percent and an additional
surcharge by way of Health& Education Cess of 4 percent on the amount of tax plus surcharge). With effect from 1st October, 2014, as per the
amendments made effective by the Finance (No. 2) Act, 2014, the amount on which the above tax rates apply needs to be grossed up. As per
Finance Act, 2020, income distribution tax as mentioned above as per section 115R of the Act will be payable on income distribution on or before
31st March, 2020. As per Finance Act, 2023, the capital gains from sale of non-equity-oriented fund with investment of less than or equal to 35%
in equity instruments would be charged as short-term capital gains regardless of period of holding. This would be applicable for investments in
non-equity-oriented funds made by the assessee on or after 1st April 2023. ii. TAX BENEFITS TO THE UNITHOLDERS 1. Income Tax As per
Section 10(35) of the Income Tax Act, any income other than capital gain received in respect of units of a mutual fund specified under Section
10(23D) will be exempt from income-tax in the hands of the unitholders. As per the Finance Act, 2020, the said exemption shall not be applicable
in respect of income received on or after 1st April, 2020. Further, as per section 57-unit holders would be eligible to take the deduction for interest
expense from dividend or income received from units not exceeding 20 percent of the dividend or income received from units. However, any
income received from the units as referred in Section 115AB of the Act, would be taxed at the rate of 10% plus applicable surcharge and Cess.
2. Long Term Capital Gains on Transfer of Units Long-term capital gains on sale of units of Mutual Funds other than equity-oriented funds are not
exempt from income tax under Section 10(38) of the Act in the hands of unit holders. While computing the gains, in some cases, the benefit of
73
indexation of cost of acquisition is available. In some cases, the investor has the option to pay tax on indexed gains or unindexed gains whichever
is more beneficial. Further, Section 48 provides that no deduction shall be allowed in respect of STT paid for the purpose of computing Capital
Gains. The provisions for taxation of long-term capital gains for different categories of assessee are explained hereunder: Category of Investor
Rate at which tax is payable (see note 1 and 2 below) Whether benefit of indexation of cost is available? Resident unit holders 20% (see note 3
and 4 below) Yes Foreign Companies (listed schemes not sold on recognized stock exchange) 20% Yes Foreign Companies (unlisted schemes)
10% No NRIs (listed schemes not sold on recognized stock exchange) 20% Yes NRIs (unlisted schemes) 10% No Category of Investor Rate at
which tax is payable (see note 1 and 2 below) Whether benefit of indexation of cost is available? NRIs (section 115E) 20% (for unspecified asset)
10% (for specified asset) No (see note 5 below) Overseas Financial Organisations (Section 115AB) and Foreign Institutional Investors, Foreign
Portfolio Investors (115AD) 10% (see note 6 and 7 below) No Any other Non-residents (listed schemes not sold on recognized stock exchange)
20% Yes Any other Non-residents (unlisted schemes) 10% No Notes: 1. In the case of companies (except such domestic companies whose
income is chargeable to tax under section 115BAA or 115BAB of the Income-Tax Act 1961) if income exceeds Rs. 1 crore but does not exceed
Rs 10 crores, then the tax payable would be increased by a surcharge (@ 7 % in case of domestic companies and @ 2% in case of foreign
companies) & if income exceeds Rs 10 crore then surcharge @ 12 % in case of domestic companies (except such domestic company whose
income is chargeable to tax under section 115BAA or 115BAB of the IncomeTax Act 1961) & @ 5% in case of foreign companies would be
applicable. In all cases, the tax payable (as increased by surcharge in case of companies referred to above) would be further increased by Health
& Education Cess (4%). For companies covered under section 115BAA or 115BAB surcharge @ 10% is applicable, irrespective of the amount of
income. 2. In the case of Individuals, as per Finance Act, 2019, where taxable income of the individual exceeds Rs 50 lakhs but does not exceed
Rs 1 crore, surcharge @ 10% would be applicable, where taxable income exceeds Rs 1 crore but does not exceed Rs 2 crore, surcharge @ 15%
shall be applicable, where the taxable income exceeds Rs 2 crore but does not exceed Rs 5 crore, surcharge @ 25% shall be applicable and
where the taxable income exceeds Rs 5 crore, surcharge @ 37% shall be applicable. The tax payable [as increased by surcharge would be further
increased by Health and Education Cess (4%)]. In the case of Partnership Firms where taxable income exceeds Rs 1 crore, surcharge @ 12%
would be applicable. The tax payable (as increased by surcharge would be further increased by Health & Education Cess (4%). However, Govt.
of India vide its press release dated 24th August, 2019 and Taxation Laws (Amendment) Ordinance, 2019, has withdrawn in case of individuals,
an levy of enhanced surcharge income arising from the transfer of equity share/unit referred to in section 111A, 112A and 115AD by Finance Act,
2019 (i.e. where the taxable income exceeds Rs 2 crore but does not exceed Rs 5 crore, surcharge @ 25% and where the taxable income exceeds
Rs 5 crore, surcharge @ 37%). 3. Long-term Capital Gains in respect of units of non-equity oriented Mutual Funds held by resident unit holders
for a period of more than 36 months will be chargeable under section 112 of the Act at the rate of 20% plus surcharge, as applicable and Cess.
Capital gains would be computed after taking into account cost of acquisition as adjusted by Cost Inflation Index [With effect from financial year
2017-18, the base year for indexation would be 01.04.2001] notified by the Central Government and expenditure incurred wholly and exclusively
in connection with such transfer. 4. In the case of Resident Individuals and HUFs, where taxable income as reduced by long term capital gains is
below the exemption limit, the long-term capital gains will be reduced to the extent of the shortfall and only the balance long term capital gains will
be charged at the flat rate of 20% and Health & Education Cess. 5. Under the provisions of section 115E of the Act for non-resident Indians,
income by way of long-term capital gains in respect of specified assets purchased in convertible foreign exchange as defined under the provisions
of section 115C of the Act (which includes shares, debentures, deposits in an Indian Company and security issued by Central Government) is
chargeable at the rate of 10% plus Cess. Such long-term capital gains would be calculated without indexation of the cost of acquisition. It may be
possible for non-resident Indians to opt for computation of long-term capital gains as per Section 112 where tax on listed schemes would be
chargeable at 20% (after indexation) and on unlisted schemes would be chargeable at 10% (without indexation). 6. Under section 115AB of the
Act, income earned by way of long-term capital gains in respect of units purchased in foreign currency held for a period of more than 12 months
by Overseas Financial Organization will be chargeable to tax at the rate of 10%, plus applicable surcharge and Health & education Cess. The
capital gain would be calculated without indexation of the cost of acquisition. 7. Under the provisions of section 115AD of the Act, income by way
of long-term capital gains in respect of securities (other than units referred to in section 115AB) of FPIs/FIIs will be chargeable at the rate of 10%
plus surcharge, as may be applicable and Cess. The capital gain would be calculated without indexation of the cost of acquisition. 8. All non-
resident investors such as Overseas Financial Organizations, FIIs, FPIs, NRIs, etc. are also eligible for claiming benefits under a Double Tax
Avoidance Agreement / Treaty (DTAA) entered into by India with the country of which the concerned investor is a tax resident. As per circular no.
728 dated October 1995 by CBDT, in the case of a remittance to a country with which a DTAA is in force, the tax should be deducted at the rate
provided in the Finance Act of the relevant year or at the rate provided in DTAA whichever is more beneficial to the assessee. As per the Finance
Act 2013, in order to claim the benefits under the DTAA, the taxpayer would have to provide a “certificate of his being resident” (commonly known
as Tax Residency Certificate) from the government of the country in which he is a resident. In addition to the said certificate, the concerned non-
resident is also required to provide certain information in Form 10F such as status, nationality, Tax Identification Number, period for which the
assessee is a resident in the concerned country, address and a declaration that the certificate of him being a resident is obtained. If any information
in Form 10F is already provided on the “certificate of residency, the same need not be provided again the form. These provisions should be read
with the provisions of Tax Deduction at Source explained subsequently. 9. With effect from 1st April, 2014, units held by all FIIs/FPIs would be
classified as capital assets and accordingly, the gains/losses from the disposal of the said units would constitute capital gains/loss in their hands.
These investors would not be considered to have business income as far as transactions in units are concerned. Exemption from Long Term
Capital Gains: As per Finance Act, 2018 under Section 54EC (1) of the Act, taxable capital gains, arising on transfer of a long term capital asset
being land or building or both, shall not be chargeable to tax to the extent such capital gains are invested in notified bonds by Central Government
(redeemable after 3 years if investment is made on or after 1st April 2007 but before 1st April 2018 and redeemable after 5 years if investment is
made on or after 1st April 2018) within six months from the date of the transfer of the said capital asset subject to an upper limit of Rs. 50 lakhs
whether the said investment is made in the same year (of transfer) or the succeeding year. With effect from 1 April 2016, as per new Section
54EE(1) of the Act, taxable capital gains, arising on transfer of a longterm capital asset, shall not be chargeable to tax to the extent such capital
gains are invested in long term specified assets within six months from the date of transfer of the said capital asset subject to an upper limit of Rs.
50 lakhs whether the said investment is made in the same year (of transfer) or the succeeding year. For the purpose of this section, “long term
specified asset” means a unit or units, issued before the 1st day of April, 2019, of such fund as may be notified by the Central Government in this
behalf. Under Section 54F(1) of the Act, subject to the conditions specified therein, in the case of an individual or a HUF, capital gains (subject to
the exemption of long-term capital gains provided for in section 10(38) of the Act, discussed elsewhere in this Statement) arising on transfer of a
long term capital asset (not being a residential house) are not chargeable to tax if the entire net consideration received on such transfer is invested
within the prescribed period in one residential house in India. To avail this deduction, the investor should not own more than one residential house
in addition to the proposed new residential house for which deduction is sought to be claimed. If part of such net consideration is invested within

74
the prescribed period in one residential house, then such gains would not be chargeable to tax on a proportionate basis. For this purpose, net
consideration means the full value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by any
expenditure incurred wholly and exclusively in connection with such transfer. The Finance Act, 2023 provides that maximum deduction that can
be claimed by the assessee for investment in residential property will be limited to INR 10 Crores. Accordingly, the maximum deduction that can
be claimed under section 54F is INR 10 Crores. 3.Short Term Capital Gains on Transfer of Units Short-term capital gains in respect of short-term
capital assets, other than equity shares in a company or equity-oriented units or units of business trust held for a period of not more than 36
months, are added to the total income. The tax rates provided below are subject to relief available under the double taxation avoidance agreement
entered into between the Government of India and country of residence of the foreign companies, non-resident Indians, FPIs and FIIs. Individuals
Total income including short-term capital gains is chargeable to tax as per the relevant slab rates for individuals (including non-resident individuals).
In the case of Individuals (including non-resident individuals), as per Finance Act, 2019, where taxable income exceeds Rs 50 lakhs but does not
exceed Rs 1 crore, surcharge @ 10% would be applicable, where taxable income exceeds Rs 1 crore but does not exceed Rs 2 crore, surcharge
@ 15% shall be applicable, where the taxable income exceeds Rs 2 crore but does not exceed Rs 5 crore, surcharge @ 25% shall be applicable
and where the taxable income exceeds Rs 5 crore, surcharge @ 37% shall be applicable. The tax payable (as increased by surcharge referred
to above) would be further increased by Health & Education Cess (4%). Domestic Companies In case of domestic companies (except such
domestic company whose income is chargeable to tax under section 115BAA or 115BAB of the Income-Tax Act 1961), short term capital gain will
be chargeable to tax at the applicable corporate tax rate (generally, 30%; tax rate of 25% would be applicable if total turnover or gross receipts
during the financial year 2017-18 does not exceed Rs 400 crores). However, if a company opts for concessional tax rate under section 115BAA
and 115BAB respectively, tax rate @ 22% shall be applicable, subject to conditions mentioned therein. If the taxable income exceeds Rs. 1 crore
but not more than Rs 10 crore, then the tax payable would be increased by a surcharge @ 7% and if income exceeds Rs 10 crore then surcharge
@ 12% would be applicable. For companies covered under section 115BAA or 115BAB surcharge @ 10% is applicable. The tax payable (as
increased by surcharge) would be further increased by Health & Education Cess (4%). FIIs, FPIs In the case of FIIs and FPIs, short term capital
gain will be chargeable to tax at the flat rate of 30%. The rate of surcharge would depend on the legal status of the FII/FPI. The tax payable (as
increased by surcharge) would be further increased by Health & Education Cess (4%). Other foreign companies In the case of foreign companies,
short term capital gain will be chargeable to tax at the flat rate of 40%. If income exceeds Rs. 1 crore but not more than Rs 10 crore, then the tax
payable would be increased by a surcharge @ 2% and if income exceeds Rs 10 crore then surcharge @ 5% would be applicable. The tax payable
(as increased by surcharge) would be further increased by Health & Education Cess (4%). iii. TAX DEDUCTION AT SOURCE 1. For Income in
Respect of Units As per the proviso to Section 196A(1) of the Act, no tax shall be deducted at source from any income credited or paid to non-
resident unitholders in respect of units of a mutual fund specified under Section 10(23D) of the Act. The Finance Act, 2020 has deleted the said
proviso from 1st April 2020. Accordingly, TDS on income of non-resident in respect of units of mutual fund is applicable @ 20%. Finance Act,
2020 has inserted new section 194K with effect from 1st April 2020 to provide that any person responsible for paying to a resident any income in
respect of units of Mutual Fund specified under clause (23D) of section 10 shall at the time of credit of such income to the account of the payee
or at the time of payment thereof by any mode, whichever is earlier, deduct income-tax there on at the rate of 10 percent for income exceeding
5,000 rupees. Taxation of dividends/ income on units to be in the hands of the shareholder / unit holder Taxation of dividends will now be in the
hands of the shareholder/ unit holder at the slab rate applicable to them. For a shareholder being an individual and HUFs whose total income
exceed INR 1 crores, dividend income will be taxable at a maximum effective rate of 35.88% (Including surcharge and cess, whereas maximum
surcharge on dividends would be restricted to 15%). Further, non-resident will be eligible to claim benefit of applicable tax treaties which would
include limit on tax rate for dividend specified in the treaty and tax credit in the home country. Tax implications in the hands of Partnerships Firms
and Limited Liability Partnership (LLP): Dividend income received by partnership firms and LLP will be taxable at effective tax rate of 31.2%. If
total income of firm/ LLP exceeds INR 1 crore, then dividend income will be taxable at effective tax rate of 34.94%. Tax implication in the hands
of domestic companies: Dividend income received by domestic company is taxable at tax rate depend upon whether the company has opted for
concessional tax regime under section 115BAA or Section 115BA of Act. Section 115BBDA levying tax on dividend income only in excess of INR
10 lakh @ 10% in the hands of the shareholder will no longer be applicable. Exemption hitherto granted to dividend/ income on units under section
10(34)/ 10(35) will no longer be available. TDS on dividends/ income on units by mutual funds/ income from units of a business trust to resident
shareholder/ unit holder- Section 194, 194k and 194LBA: Section 194 provides that dividend declared by a domestic company to a resident
person, will be liable for TDS @ 10%. However, in case of resident Individual, TDS shall be applicable only if dividend is in excess of INR 5,000.
In case dividend is paid by cash, the threshold of INR 5,000 will not be applicable. Section 194K has been introduced to provide for an obligation
to deduct TDS @ 10% when a mutual fund distributes income to a resident unit holder subject to a threshold of INR 5,000. Section 194LBA has
been amended to provide for TDS @ 10% in respect of income distributed by a business trust to a resident unit holder being dividend received or
receivable from a Special Purpose Vehicle. TDS on dividend/ income on units by mutual funds to non-resident shareholder/ unit holder- Section
195 and 196A: Section 115AD provides dividend income of Foreign Portfolio Investors (FPIs) from securities, will be liable for TDS @ 20% (plus
applicable surcharge and cess) under section 196D. Section 115E (Non- resident Indian) provides dividend income of non-resident Indian from
shares of an Indian Company purchased in foreign currency, will be liable for TDS @ 20% (plus applicable surcharge and cess) under section
195. Section 115A (Non-resident or foreign co.) provides dividend income of non-resident in any other case, will be liable for TDS @ 20% (plus
applicable surcharge and cess). Rates of surcharge for non-resident individuals, HUF, AOP, BOI: Dividend amount Rate of Surcharge Above ₹
50 Lacs but not exceeding ₹ 1 Crore 10% Above ₹ 1 Crore but not exceeding ₹ 2 Crore 15% Above ₹ 2 Crore but not exceeding ₹ 5 Crore 15%
Above ₹ 5 Crore 15% Rates of surcharge for non-resident companies: Dividend amount Rate of Surcharge Above ₹ 1 Crore but not exceeding ₹
10 Crores 2% Above ₹ 10 Crores 5% Rates of surcharge for Non-resident who is a firm: Dividend amount Rate of Surcharge Above ₹ 1 Crore
12% Health and Education Cess of 4% is applicable for all the above categories of non-residents. As per the provisions of Section 195 of the Act
read with Section 90 of the Act, for dividend payments made to nonresidents (other than FII/ FPI), tax can be deducted as per the provisions of
the Act or as per the provisions of the applicable Double Tax Avoidance Agreement (‘DTAA’) / Tax Treaty with the country of residence of the
shareholder, whichever is more beneficial. Under the present provisions, the income of FIIs from securities attracts withholding tax at 20%
irrespective of the rates mentioned in the agreement under Section 90 or 90A of the Act. However, the Finance Act, 2021 has amended section
196D, whereby the withholding rates shall be the lower of the rates mentioned in the agreement under section 90 or 90A of the Act or 20%,
provided the FIIs has Tax Residency Certificate. 2. For Capital Gain (a) In respect of Resident Unit holders: No tax is required to be deducted at
source on capital gains arising to any resident unit holder (under erstwhile section 194K) vide circular no. 715 dated August 8, 1995 issued by the
Central Board for Direct Taxes (CBDT). As per newly inserted section 194K, no tax shall be required to be deducted by the Mutual Fund from
income which is in the nature of capital gain. (b) In respect of Non- Resident Unit holders #: As per the provisions of Section 195 r.w.s. 196D(2)
of the Act, tax is required to be deducted at source from the redemption proceeds paid to investors; this withholding is in addition to the securities

75
transaction tax payable, if any, by the investor. Under Section 195 of the Act of the Act, tax shall be deducted at source in respect of capital gains
as under: Category of Investor Rate at which tax is deductible on short term capital gains (see note 1 below) Rate at which tax is deductible on
long term capital gains (see note 1 below) Foreign companies (listed schemes not sold on a recognized stock exchange) 40% 20% Foreign
companies (unlisted schemes) 40% 10% FIIs and FPIs NIL NIL Overseas Financial Organisation 30% 10% Non-resident Indians (listed schemes
not sold on a recognized stock exchange) 30% 20% Non-resident Indians (unlisted schemes) 30% 10% Any other non-residents (listed schemes
not sold on a recognized stock exchange) 30% 20% Any other non-residents (unlisted schemes) 30% 10% # As per the provisions of section
196A which is specifically applicable in case of non-resident unitholders, the withholding tax rate of 20% (plus applicable surcharge and Cess) on
any income in respect of units of a Mutual Fund credited / paid to non-resident unitholders shall apply, as section 196A does not make reference
to “rates in force” but provide the withholding tax rate of 20% (plus applicable surcharge and Cess). Note: 1. Surcharge Rates Applicable: In the
case of foreign companies if income exceeds Rs.1 crore but does not exceed Rs 10 crores, then the tax payable would be increased by a
surcharge of 2% and if income exceeds Rs 10 crores then surcharge of 5% would be levied. In all cases, the tax payable (as increased by
surcharge) would be further increased by Health & Education Cess (4%). In the case of Individuals, as per Finance Act, 2019, where taxable
income of the individual exceeds Rs 50 lakhs but does not exceed Rs 1 crore, surcharge @ 10% would be applicable, where taxable income
exceeds Rs 1 crore but does not exceed Rs 2 crore, surcharge @ 15% shall be applicable, where the taxable income exceeds Rs 2 crore but
does not exceed Rs 5 crore, surcharge @ 25% shall be applicable and where the taxable income exceeds Rs 5 crore, surcharge @ 37% shall be
applicable. The tax payable (as increased by surcharge) would be further increased by Health & Education Cess (4%). However, Govt. of India
vide The Taxation Laws (Amendment) Act, 2019, has withdrawn a levy of enhanced surcharge income arising from the transfer of equity share/unit
referred to in section 111A, 112A and 115AD by Finance Act, 2019 (i.e. where the taxable income exceeds Rs 2 crore but does not exceed Rs 5
crore, surcharge @ 25% and where the taxable income exceeds Rs 5 crore, surcharge @ 37%). Further Finance Act 2022 has capped the rate
of surcharge in case of long-term capital gains taxable u/s 112 at 15% where income exceeds INR 1 crore. For income less than 50 lacs but more
than 1 crore, surcharge of 10% continues to apply. In the case of Partnership Firms where taxable income exceeds Rs 1 crore, surcharge @ 12%
would be applicable. The tax payable (as increased by surcharge) would be further increased by Health & Education Cess (4%). As mentioned
above, the Finance Act, 2023 has capped the rate of surcharge for individuals and HUFs taxed under new regime at 25%. Accordingly, short-term
capital gains of non-residents (not covered under section 111A) would be liable to maximum rate of surcharge of 25%, provided they are liable to
be taxed under the new regime. 2. Relief as per Double Taxation Avoidance Agreements: As per circular no. 728 dated October 1995 by CBDT,
in the case of a remittance to a country with which a Double Taxation Avoidance Agreement (‘DTAA’) is in force, the tax should be deducted at
the rate provided in the Finance Act of the relevant year or at the rate provided in DTAA whichever is more beneficial to the assessee. As per the
Finance Act 2013, in order to claim the benefits under the DTAA, the assessee would have to provide a “certificate of his being resident” (commonly
known as ‘Tax Residency Certificate’) from the government of the country in which he is a resident. In addition to the said certificate, the concerned
non-resident is also required to provide certain information in Form 10F such as status, nationality, Tax Identification Number, period for which
the assessee is a resident in the concerned country, address and a declaration that the certificate of him being a resident is obtained. If any
information in Form 10F is already provided on the “certificate of residency, then the same need not be provided again in the form. India has
signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (commonly referred to
as MLI), which has since been ratified. India has since deposited the Instrument of Ratification to OECD, Paris, as a result of which MLI has
entered into force for India on 1st October, 2019 and its provisions will be applicable on India’s DTAAs on dates as mentioned/to be mentioned in
the respective DTAAs. The MLI is an outcome of the G20-OECD project to tackle Base Erosion and Profit Shifting (the BEPS Project), i.e. tax
planning strategies that exploit gaps and mismatches in tax rules to artificially shift profits to low or no-tax locations where there is little or no
economic activity, resulting in little or no overall tax being paid. The MLI will modify India’s DTAAs to curb revenue loss through treaty abuse and
base erosion and profit shifting strategies by ensuring that profits are taxed where substantive economic activities generating the profits are carried
out. The MLI will be applied alongside existing DTAAs, modifying their application in order to implement the BEPS measures. Article 6 of MLI
provides for modification of the Covered Tax Agreement to include the following preamble text: “Intending to eliminate double taxation with respect
to the taxes covered by this agreement without creating opportunities for non-taxation or reduced taxation through tax evasion or avoidance
(including through treaty-shopping arrangements aimed at obtaining reliefs provided in this agreement for the indirect benefit of residents of third
jurisdictions),” The availability of benefits under the DTAAs will be subject to the amended provisions contained therein pursuant to MLI. 3. Higher
tax to be withheld for non-furnishing of PAN by investor: Further, where the non-resident unit holder does not furnish his / its Permanent Account
Number to the mutual fund, then tax will be withheld at the higher rate of 20% even if the relevant DTAA or the Act provides for a lower rate.
However, with effect from 1 June 2016, this higher withholding tax rate of 20% may not apply for non-residents, if the following details prescribed
under Rule 37BC of the Income Tax Rules, 1962 (the Rules) are furnished by the non-resident recipient to the payer. • Name, e-mail id, contact
number. • Address in the country or specified territory outside India of home country of the non-resident. • Tax residency certificate (TRC) • Tax
Identification Number of the non-resident in the country or specified of his residence. However, if the capital gain itself is not taxable under the
relevant DTAA then a higher withholding tax rate of 20% will not apply even if PAN is not available. 4. Higher tax to be withheld for non-filing of
returns. The Finance Act, 2021 has introduced a special provision for deduction of tax at source for non-filers of income tax return with effect from
01/07/2021 read as under: Where tax is required to be deducted at source under the provisions of Chapter XVIIB, other than sections 192, 192A,
194B, 194BB, 194LBC or 194N on any sum or income or amount paid, or payable or credited, by a person (hereafter referred to as deductee) to
a specified person, the tax shall be deducted at the higher of the following rates, namely:– (i) at twice the rate specified in the relevant provision
of the Act; or (ii) at twice the rate or rates in force; or (iii) at the rate of five per cent. If the provisions of section 206AA are 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. “specified person” means a person who has not filed the returns of income for an assessment year relevant to the previous years
immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing return of income under sub-section
(1) of section 139 has expired; and the aggregate of tax deducted at source and tax collected at source in his case is rupees fifty thousand or
more in the said previous year: Provided that the specified person shall not include a non- resident, who does not have a permanent establishment
in India. For the purposes of this sub-section, the expression “permanent establishment “includes a fixed place of business through which the
business of the enterprise is wholly or partly carried on.’. Accordingly, TDS at higher rate could apply in such case. III. Taxability in relation to
Segregated Portfolio In the case of segregated portfolio or side pocketing of a debt instrument from a debt-oriented fund, the original date of
acquisition of main portfolio will be considered as date of acquisition for taxation purposes in the segregated portfolio. Further, the cost of
acquisition for the units of the segregated portfolio shall be the amount of cost of acquisition of total portfolio in the proportion of Net Asset Value
(“NAV”) of assets transferred to the segregated portfolio to the NAV of total portfolio before the segregation. Simultaneously, the cost of acquisition
of units in the main portfolio will be reduced to the extent of cost of acquisition in the segregated portfolio. IV. OTHER POINTS i. Capital Losses

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Losses under the head "Capital Gains" cannot be set off against income under any head other than capital gains. Further within the head "Capital
Gains", losses arising from the transfer of long-term capital assets cannot be adjusted against gains arising from the transfer of a short-term capital
asset. However, losses arising from the transfer of short-term capital assets can be adjusted against gains arising from the transfer of either a
long-term or a short-term capital asset. Under Section 10(38) of the Act, long-term capital gains arising from the sale of units of an equity-oriented
fund are exempt from Income Tax provided certain conditions are fulfilled. Conversely, losses arising from such type of transaction of sale of units
of Equity Oriented Fund would not be eligible for a set-off against taxable capital gains. However, as per the Finance Act, 2018, since long-term
capital gains arising on sale of units of equity-oriented fund would be taxable with effect from 1st April 2018, losses incurred post 1st April 2018
would be allowed to be set-off against taxable capital gains. Unabsorbed loss under the head capital gains can be carried forward and set-off
against the income under the head Capital Gains in subsequent eight assessment years, except that loss arising from transfer of long-term capital
assets cannot be set-off against gain arising from transfer of short-term capital assets. As per Section 94(7) of the Act, if any person buys or
acquires units within a period of three months prior to the record date fixed for declaration of dividend or distribution of income and sells or transfers
the same within a period of nine months from such record date, then losses arising from such sale to the extent of income received or receivable
on such units, which are exempt under the Act, will be ignored for the purpose of computing his income chargeable to tax. Further, Section 94(8)
of the Act provides that, where additional units have been issued to any person without any payment on the basis of existing units held by such
person then the loss on sale of original units shall be ignored for the purpose of computing income chargeable to tax, if the original units were
acquired within three months prior to the record date fixed for receipt of bonus units and sold within nine months from such record date. However,
the loss so ignored shall be considered as the cost of acquisition of such additional units held on the date of sale by such person. ii. Investments
by Charitable and Religious Trusts Units of a Fund Scheme referred to in clause 23D of section 10 of the Act constitute an eligible avenue for
investment by charitable or religious trusts per rule 17C of the Rules, read with clause (xii) of sub-section (5) of Section 11 of the Act. iii. Wealth
Tax Finance Act, 2015 has abolished the applicability of wealth tax with effect from 1st April 2015. Hence, the same will not be applicable. iv. Gift
Tax The Gift Tax Act, 1958, has ceased to apply to gifts made on or after 1st October 1998. Gifts of Units, purchased under the Schemes, would
therefore, be exempt from gift tax. At the same time, with effect from 1st October, 2009, gift of units of mutual fund received by an Individual or an
HUF from a person other than a relative as defined in Section 56 of the Act in excess of Rs. 50,000 per year will be considered as income in the
hands of the recipient and the value of the gift would be added to the taxable income of the said person. v. Deduction under section 80C [Applicable
only for ELSS schemes currently (Tata India Tax Savings Fund)] As per Section 80C of the Act, subject to certain conditions, an individual/HUF
is entitled to a deduction from Gross Total Income up to Rs. 1,50,000/- (along with other prescribed investments) for amounts invested in any
units of a mutual fund notified under section 10(23D) of the Act, under any plan formulated in accordance with such scheme as the Central
Government may notify. However, the Finance Act, 2020 has introduced alternate tax structure wherein resident individuals & HUF have an option
to either continue with existing tax rates or exercise the option of alternative tax rates which is given below. While the rates under the existing
structure continue to be same, the Finance Act, 2023 has made changes in the tax slabs under the alternate tax regime (new regime): Income
slabs (Rs.) Existing Tax Rate Upto 2,50,000 Nil From 250,001 to 500,000 5% From 500,001 to 1,000,000 20% Above 1,000,000 30% Income Tax
Slabs (Rs.) Alternate Tax Rate Upto 3,00,000 Nil From 300,001 to 600,000 5% From 600,001 to 900,000 10% From 900,001 to 1,200,000 15%
From 1,200,001 to 1,500,000 20% Above 1,500,000 30% Note: The above rates are subject to surcharge and Cess, as applicable. Under the
existing tax structure, for Resident Individual having (a) age of 60 years to less than 80 years, the income up to INR 300,000 is non-taxable. and
(b) age from 80 years and above the income up to INR 500,000 is non-taxable. Individuals or HUFs opting for taxation under the new tax regime
shall not be eligible to claim the following exemptions/ deductions while computing their income: Section Particulars 10(5) Leave Travel
Concession 10(13A) House Rent Allowance 10(14) Allowance other than Transport Allowance granted to a divyang employee, Conveyance
Allowance, travel on tour or transfer allowance and daily allowance to meet the ordinary daily charges incurred by an employee on account of
absence from his normal place of duty 10(17) Allowances to MPs/MLAs 10(32) Deduction of income of minor child upto Rs.1,500 per child for
maximum 2 children 10AA Special provisions in respect of newly established Units in Special Economic Zones 16 Standard deduction of
Rs.50,000, deduction for entertainment allowance for government employees of Rs.5,000 and professional tax Rs.2,500; 24(b) Interest on house
property in respect of self-occupied or vacant property (Loss from rented house property shall not be allowed to be set off under any other head
and would be allowed to be carried forward); 32(1)(iia) Additional deprecation @ 20% 32AD Investment in new plant and machinery in notified
backward areas in certain states. 33AB Tea/Coffee/Rubber development account 33ABA Site Restoration Fund 35(1)(ii) Deduction in respect of
amount paid to certain scientific research to university, college or other institution 35(1)(iia) Deduction in respect of amount paid to certain
companies to be used for scientific research 35(1)(iii) Deduction in respect of amount paid to research association 35(2AA) Expenditure on
scientific research 35AD Deduction in respect of expenditure on specified business 35CCC Expenditure by way of payment to association and
institutions for carrying out programmes of conservation of natural resources 57(iia) Deduction from family pension Chapter VI-A Certain specified
deductions in respect of investment made. (Other than section 80CCD(2) employer contribution on account of employee in notified pension
scheme; and section 80JJAA i.e. deduction in respect of employment of new employees) Further, they would need to compute their income: •
without set-off of any loss carried forward or depreciation from any earlier assessment year if such loss or depreciation is attributable to any of the
deductions referred to in the above table (such loss will be deemed to have been allowed) • without set-off of any loss under the head house
property with any other head of income • by claiming the depreciation, other than additional depreciation, determined in such manner as may be
prescribed. • without any exemption or deduction for allowance of perquisite provided under any other law for the time being in force. Further, the
Finance Act, 2023 has enhanced the rebate limit to INR 700,000 i.e. taxpayer opting for new regime shall not be required to pay tax if the total
income is less than or equal to INR 700,000. Further, the Finance Act, 2023 has reduced the highest rate of surcharge from 37% to 25% under
the new tax regime (highest effective tax rate under new tax regime will be 39%). Further, the Finance Act, 2023 also provides that the new tax
regime will be treated as default tax regime. Thus, if the unit holders don’t provide any confirmation on selection of tax regime, taxes may be
withheld under new regime. vi. Market Linked Debentures (MLDs) In order to rationalize the provisions, the Finance Act, 2023 has inserted a new
section 50AA in order to determine the taxability of MLDs with effect from AY 2024-25. The gain on sale of MLDs are to be taxed as short-term
capital gains and accordingly chargeable to tax at applicable slab rates to the taxpayer. As of now, there are no specific provisions for withholding
tax on capital gains on sale of MLDs for resident individuals. However, taxes may be withheld for nonresidents at the highest applicable rate of
tax.

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 B. Legal Information
Listing, Transfer & Pledge of Units

a) Listing

For open ended schemes:

As the Fund will be repurchasing the Units on an ongoing basis, the units of the Schemes are not proposed to be listed on any Stock Exchange. The
Trustee may, at its sole discretion, cause the units under the Scheme to be listed on one or more Stock Exchange. Notification of the same will be made
through Investor Service Centers or the AMC and as may be required by the respective Stock Exchanges.
For close ended schemes:

In accordance with SEBI Circular No. SEBI/IMD/CIR No.12/147132/08 dated December 11, 2008 all close ended schemes (except Equity Linked
Savings Schemes) launched after 12th December, 2008 will be listed on the National Stock Exchange (NSE) and / or Bombay Stock Exchange (BSE).
b) Transfer
Units of the schemes are freely transferable on demat or non demat mode. SEBI vide its circular no. CIR / IMD / DF / 10/ 2010 dated August 18, 2010
transfer of units shall not be applicable to units held in dematerialized mode and thus such units are freely transferable. However, restrictions on transfer
of units of ELSS schemes during the lock-in period shall continue to be applicable as per the ELSS guidelines.
Unitholders desirous of transferring units shall submit the transfer request in the prescribed form or convert his/her holding in non demat mode or demat
mode. Any addition / deletion of name from the folio of the unitholder is deemed as transfer of unit. Transfer of unit(s) shall be subject to payment of
applicable stamp duty by the unitholder(s) and applicable laws.

The above provisions in respect of deletion of names will not be applicable in case of death of unitholder (in respect of joint holdings) as this is treated
as transmission of units and not transfer. For detail transmission process refer website or contact investor service centre.

Transfer would be only in favor of transferees who are capable of holding units. The Fund will not be bound to recognize any other transfer. The delivery
instructions for transfer of units will have to be lodged with the DP in the requisite form as may be required from time to time and transfer will be affected
in accordance with such rules/regulations as may be in force governing transfer of securities in dematerialized mode.

c) Pledge
Units under the schemes can be pledged (converted into money) with scheduled banks, financial institutions, NBFCB, or any other body by the
unitholders as security for raising loans. TMF will take note of such pledge / charge in its records. A standard form / appropriate documentation has
been drafted for this purpose and is available on request. However, disbursement of such loans will be at the entire discretion of scheduled banks,
financial institutions, NBFCB, or any other body concerned and TMF assumes no responsibility therefore.
For units of the schemes held in demat form, the rules/byelaws of Depository is applicable for lien/pledge will be applicable to the units of the schemes.
The unitholder and lender must have a beneficial account with the depository.
Nomination Facility
As per AMFI Circular No. 35/MEM-COR/65/07-08 dated February 15, 2008, The Fund proposes to follow following procedure with respect to Multiple
Nomination:
An Investor can have a maximum of three nominees. It is mandatory for the investor to indicate clearly the percentage of allocation / share (in case of
more than one nominee) in favour of each of the nominees against their name and such allocation / share should be in whole number without any
decimals making a total of 100%. If percentage of allocation / share for each of the nominees is not indicated by the investor, the AMC, by invoking
default option shall settle the claim equally amongst all the nominees.
payments and settlements made to such nominee and a receipt thereof shall be a valid discharge by the Fund. Unitholders being either parent or lawful
guardian on behalf of a minor and power of attorney holder of an eligible institution, societies, Funds, bodies corporate, partnership firms and HUF shall
have no right to make any nomination. Nomination in favour of Non-Residents will be governed by the rules formulated by Reserve Bank of India from
time to time.
The provisions for nomination with regard to Mutual Funds would be as per Section 56 and Section 69 (regarding the right of the beneficiary to transfer
possession) of the Indian Trusts Act, 1882 since the Mutual Fund is formed as a Trust under the said Act.
The AMC has provided this nomination facility as an additional feature available free of cost. By provision of this facility the AMC is not in any way
attempting to grant any rights other than those granted by law to the nominee. A nomination in respect of the Units does not create an interest in the
property after the death of the Unitholder. The nominee shall receive the units only as an agent and trustee for the legal heirs or legatees as the case
may be. It is hereby clarified that the nominees under the nomination facility provided herein shall not necessarily acquire any title or beneficial interest
in the property by virtue of this nomination & the transmission of units would normally be governed as per succession certificate/probate of the will.
Nomination can be made only by individuals applying / holding units on their own behalf singly or jointly. Non-individuals including society, trust other
than a religious or charitable trust, body corporate, partnership firm, Karta of Hindu Undivided Family, holder of Power of Attorney or any other
artificial/judicial person cannot nominate. Nomination can also be in favour of the Central Government, State Government, a local authority, any person
designated by virtue of his office or a religious or charitable trust. A non-resident Indian can be a nominee subject to exchange controls in force and as
decided by Asset Management Company from time to time.
A minor can be made a nominee and the name and address of the guardian of the nominee minor shall be provided by the unitholder. Nomination shall
not be allowed in a folio held on behalf of a minor and where a folio has joint holders, all joint holders should sign the request for nomination /cancellation
of nomination, irrespective of the mode of holding. It is to be noted that nomination form cannot be signed by Power of Attorney (PoA) holders.

Nomination in respect of the units stands rescinded upon the transfer of units. Transfer of units in favour of a Nominee shall be valid discharge by the
asset management company against the legal heir. The cancellation of nomination can be made only by those individuals who hold units on their own
behalf singly or jointly and who made the original nomination. On cancellation of the nomination, the nomination shall stand rescinded and the asset
management company shall not be under any obligation to transfer the units in favour of the Nominee.

SEBI has issued an circular HO/IMD/IMD-II DOF3/P/CIR/2022/82 dated June 15, 2022 on “Nomination for Mutual Fund Unit Holders”. As per the
circular, effective August 01, 2022, Investors subscribing to MF units shall have the choice of (a) Providing nomination in the format specified in fourth
schedule of SEBI (Mutual Funds) Regulations, 1996 (or) (b) Opting out of nomination through a signed Declaration form either in physical or online
mode.

78
The circular also prescribes the following:-

1. All the unitholders are required to provide wet signature in case of nomination made by submitting physical form.
2. In case of online option, the forms shall be using e-Sign facility recognized under Information Technology Act, 2000, instead of wet
signature(s) of all the unit holder(s).
3. Ensure that adequate systems are in place for providing the e- Sign facility and take all necessary steps to maintain confidentiality and
safety of client records.
4. For all existing individual unit holder(s) holding mutual fund units either solely or jointly are requested for registering nomination / opting out
of nomination process failing which the folios shall be frozen for debits.

Transmission of Units
If Units are held by more than one registered Unit Holder, then, upon death of one of the Unit Holders, the Units shall be transmitted in favour of the
remaining Holder(s) (in the order in which the names appear in the register of Unit Holders with the Registrar) on production of a death certificate and /
or any other documents to the satisfaction of the AMC / Registrar. In case of death of all the unitholders, units shall be transmitted in favour of the
nominee.
If Units are held in a single name by the Unit Holder, Units shall be transmitted in favour of the nominee where the Unit Holder has appointed a nominee
upon production of death certificate or any other documents to the satisfaction of the AMC / Registrar. If the Unit Holder has not appointed a nominee
or in the case where the nominee dies before the Unit Holder, the Units shall be transmitted in favour of or as otherwise directed by the Unit Holder’s
legal heir(s)on production of the death certificate and / or any other documents to the satisfaction of the AMC / Registrar.
Transmission cum redemption/switch request at the same point of time will not be accepted. A standalone request is required to be submitted for the
transmission of units. A new folio is created on transmission of units. Unit holder can submit redemption/switch request only after the transmission of
units is through.

As per AMFI Best Practice Guidelines:

In case of transmission of units, the claimants of units will be required to submit the prescribed documents as may be applicable. Investors may refer
the funds website (www.tatamutualfund.com) for a ready reckoner matrix of various documents required.

In the event of transmission of units to a claimant who is a minor, the prescribed documents like PAN, KYC, Bank Details, Indemnity, etc of the guardian
will be required. AMC/ Tata Mutual Fund reserves the right to seek additional documents from the claimants of the units.

In addition to the para on transmission of units in the SAI it is clarified that in case of death of unitholder:

• In case of units in ELSS Schemes in case of death of the unitholder the nominee or the legal heirs shall be able to withdraw the investment under
ELSS after the completion of one year from the date of allotment of the units to the investor but before the completion of three years’ lock-in period.
• In case of units under close ended schemes in case of death of the sole unitholder or all unitholders the claimant i.e the nominee or the legal heir shall
be able to withdraw the investment only after maturity period of the scheme. The transmission of units in favour of the claimants may be completed
before the maturity date of the scheme provided the claimant is otherwise eligible to hold the units under the respective scheme and has completed the
KYC process. If the claimant desires to redeem the units before the maturity date, he/she may be advised to - a) Complete the transmission procedure
first. b) Apply for dematerialisation of the units (after the units are transmitted in favour of the claimant). c) Subsequently sell the units in the secondary
market.
Investors are requested to visit Tata MF website for the list of prescribed documents under any of the above producers or call the investors service
centers for any clarification on the above.

Process for transmission of Units

a. In order to improve the processing turnaround time for transmission requests, AMC will implement image based processing wherever the claimant is
a nominee or a joint holder in the investor folio.

b. AMC will have a dedicated, Central Help Desk and a webpage carrying relevant information and instructions in order to provide assistance on the
transmission process.

c. AMC will adopt a common Transmission Request Form (common fields) and NOC form as and when provided by AMFI.

d. AMC will implement a common set of document requirements for transmission of units to claimant who are nominees or joint holders in the investor
account.

e. AMC will implement a uniform process for treatment of unclaimed funds to be transferred to the claimant including the unclaimed dividends.

f. AMCs will not accept requests for redemption from a claimant pending completion of the transmission of units in his / her favour.

g. The Stamp duty payable by the claimant with respect to the indemnity bond and affidavit, shall be in accordance with the stamp duty prescribed by
law and will be borne by the unitholders.

Nomination Facility for Tata Young Citizens’ Fund(TYCF)

Any time after attaining maturity i.e. after 18 years of age, the Unitholders under this scheme, can write to CAMS Authorised Investor Service Centres
requesting for a Nomination Form to nominate a successor to receive the Units upon his / her death, to the extent provided in the Regulations. All
payments made to such nominee and a and settlements receipt thereof shall be a valid discharge by the Fund. Unitholders being either parent or lawful
guardian on behalf of a minor and power of attorney holder of an eligible institution, societies, Funds, bodies corporate, partnership firms and HUF shall
have no right to make any nomination excepts allowed under law. Nomination in favour of Non-Residents will be governed by the rules formulated by
Reserve Bank of India from time to time
The provisions for nomination with regard to Mutual Funds would be as per Section 56 and Section 69 (regarding the right of the beneficiary to transfer
possession) of the Indian Trusts Act, 1882 since the Mutual Fund is formed as a Trust under the said Act.

79
The AMC has provided this nomination facility as an additional feature. By provision of this facility the AMC is not in any way attempting to grant any
rights other than those granted by law to the nominee. A nomination in respect of the Units does not create an interest in the property after the death of
the Unitholder. The nominee shall receive the units only as an agent and trustee for the legal heirs or legatees as the case may be. It is hereby clarified
that the nominees under the nomination facility provided herein shall not necessarily acquire any title or beneficial interest in the property by virtue of
the nomination & the transmission of units would normally be governed as per succession certificate/probate of the will.
Nomination can be made only by individuals applying / holding units on their own behalf singly or jointly. Non-individuals including society, trust (other
than religious or charitable trust), body corporate, partnership firm, Karta of Hindu Undivided Family, holder of Power of Attorney cannot nominate. If
the units are held jointly all joint holders will sign the nomination form. A minor can be made a nominee and the name and address of the guardian of
the nominee minor shall be provided by the unitholder. A non-resident Indian can be a nominee subject to exchange controls in force form time to time.
Nomination can also be made in favour of the Central Government, State Government, a local authority, any person designated by virtue of his office
or a religious or charitable trust.
Nomination shall not be allowed in a folio held on behalf of a minor and where a folio has joint holders, all joint holders should sign the request for
nomination /cancellation of nomination, even if the mode of holding is not “joint”. It is to be noted that nomination form cannot be signed by Power of
Attorney (PoA) holders.

Application ‘On behalf of Minor’ Accounts:

Where the account/folio (account) is opened on behalf of a minor, mutual funds and RTA should follow these guidelines:

1 The minor shall be the sole holder in an account. There shall not be any joint accounts with the minor, either as the first holder or as joint holder.

2 Guardian in the folio on behalf of the minor should either be a natural guardian (i.e. father or mother) or a court appointed legal guardian.
2.1 AMCs shall mandatorily obtain information on the relationship/status of the guardian as father, mother or legal guardian in the application form.
2.2 In case of natural guardian, AMC shall obtain a document evidencing the relationship with the minor, if the same is not available as part of the
documents submitted as per 2.3 below.
2.3 In case of court appointed legal guardian, a copy of the court order in respect of the appointment of the Legal Guardian shall be obtained.

3 Date of birth of the minor along with photocopies of the supporting documents as enumerated below shall be mandatory while opening the account
on behalf of minor:
3.1 Birth certificate of the minor, or
3.2 School leaving certificate / Mark sheet issued by Higher Secondary Board of respective states, ICSE, CBSE etc., or
3.3 Passport of the minor, or
3.4 Any other suitable proof evidencing the date of birth of the minor.

4 Standing instructions like SIP, SWP, STP in respect of a minor’s folio shall be registered / executed only till prior to the date of the minor attaining
majority, even if the standing instructions in the SIP, SWP, STP mandate form might be for a period beyond that date.

Minor Attaining Majority – Status Change: In case the units are held on behalf of the minor, the ownership of the units rests with the minor. A guardian
operates the account until the minor attains the age of majority. on minor attaining majority the minor shall submit an application form along with the
following documents to change the status to ‘major’:

In this regard, SEBI has, vide circular no. SEBI/HO/IMD/DF3/CIR/P/2019/166 dated December 24, 2019 mandated that upon the minor attaining the
status of major, the minor in whose name the investment was made, shall be required to provide all the KYC details, updated bank account details
including cancelled original cheque leaf of the new account. No further transactions shall be allowed till the status of the minor is changed to major.

Accordingly, when a minor turns a major, AMCs shall obtain relevant documents and follow the guidelines as mentioned below:

1 The AMC shall send an advance intimation to the registered address of the minor unitholder at least 30 days prior to the minor attaining the age of
majority, advising the unitholder to submit a prescribed application form for change in status of the Unitholder from Minor to Major, along with the
prescribed documents. The prescribed form shall be enclosed with the above intimation. AMCs may also consider sending a reminder via email / SMS
advising the unitholder to complete the process for change in status from minor to major.

1.1 It should also be stated in the advance intimation that before submitting the MAM application form for change in status from Minor to Major, the
unitholder should –
i. Apply for PAN & obtain a PAN card;

ii. Complete the KYC process; and

iii. Change his/her status in his/her existing bank account from Minor to Major OR open a new bank account immediately upon becoming a major and
procure a new cheque book with his/her name pre-printed on the cheque.

Only after fulfilling the above steps, he/she should submit the prescribed MAM form duly completed to the AMC/ Registrar along with the requisite
supporting documents.

1.2 It shall also be clearly stated in the above communication that –

a. The guardian shall not be allowed undertake any financial or non-financial transactions from the date of the minor attaining majority.

b. All existing standing instructions like SIP, SWP & STP, if registered for a period beyond the date on which the minor attains majority, will cease to
be executed from the date of the minor attaining majority.

c. The unitholder (erstwhile minor) will need to submit a fresh SIP, STP, SWP mandate in the prescribed form while applying for change in status from
minor to major, in order to continue the SIP, STP, SWP.

2 The minor’s account shall be frozen for operation by the guardian on the day the minor attains the age of majority and no further customer-initiated
transactions shall be permitted till the status is changed from minor to major.

Note:

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Dividend pay-out or dividend reinvestment shall continue to be processed, being a corporate action and not investor initiated. In such cases, dividend
amount, net of TDS (wherever applicable), shall be credited to the unitholder’s registered bank account or reinvested in the folio, as the case may be.

3 AMC shall discontinue all standing instructions like SIPs, SWPs, STPs etc. with effect from the date of the minor attaining majority. In other words, all
existing running SIP, STP, SWP transactions shall be discontinued from the date on which the minor attains the age of majority.

4. List of documents to be obtained to change the status from minor to major:

i. The prescribed MAM form as per specimen attached, duly filled in all respects.

Signature of the applicant (minor who has turned major) in the MAM form shall be duly attested in the space provided therein by the parent/ legal
guardian whose signature is registered in the records of the mutual fund against the folio of the minor unitholder or by a Notary or a Judicial Magistrate
First Class. Alternatively, the applicant’s signature may be attested by the unitholder’s bankers in the prescribed form.

ii. Copy of PAN Card of the applicant

iii. KYC Acknowledgment or a duly competed KYC form.

iv. A cancelled cheque leaf with the applicant’s name pre-printed or the applicant’s latest Bank Statement/Passbook.

v. Nomination Form.

Change in Guardian:

When there is a change of guardian of the minor unitholder either due to mutual consent between the parents or due to demise of the existing guardian,
mutual funds shall seek the following documents prior to registering the new guardian:

1 An application for change in guardian of the minor unitholder in a standard / prescribed form, as per the format attached hereto along with PAN card
copy and KYC acknowledgement of the new guardian and a cancelled cheque evidencing the change of guardian in respect of the minor’s registered
bank account with the new guardian’s name.

2 A Consent Letter from existing guardian or Court Order for new guardian, in case the existing guardian is alive.

3 A copy of the Death Certificate of the deceased guardian, where applicable duly attested by a Notary Public or a Judicial Magistrate First Class
(JMFC) or a Gazetted Officer. The attestation may also be done by authorised official of the AMC after verifying the original.

4 The new guardian must be a natural guardian (i.e. father or mother) or a court appointed legal guardian and the new guardian’s name & signature
should have been registered as the guardian with the minor’s bankers in respect of the minor’s bank account.
4.1 AMCs shall invariably obtain the information regarding the relationship/ status of the guardian as father, mother or legal guardian in the application
form.
4.2 In case of natural guardian, AMC shall obtain a document evidencing the relationship with the minor, if the same is not available as part of the
documents submitted as per 2.3 above.
4.3 In the case of a court appointed legal guardian, a copy of the court order in respect of the appointment of Legal Guardian shall be obtained.

5 In case of change in guardian with mutual consent between the parents, the signature of the new guardian shall be duly attested by the existing
guardian whose signature is registered in the records of the mutual fund against the folio of the minor unitholder in the space provided in the form.

6 In all other cases, Bank attestation in respect of the signature of the new guardian shall be obtained on a separate letter / form as per format given in
Annexure 1 hereto, from the bank where the bank account of the minor where the new guardian should have been registered as the guardian.

7 The new guardian shall be registered as the guardian in respect of the registered bank account of the minor unitholder. A cancelled cheque evidencing
the change of guardian in respect of the minor’s registered bank account shall be attached to the application for change in Guardian of Minor Unitholder.

8 Wherever the minor’s PAN has been provided in the MF folio, TDS should be paid against / quoting the minor’s PAN. This would enable the parents
of the minor to report the minor’s dividend amount against the PAN of the parent in whose income the minor’s income needs to be clubbed while filing
their tax returns.

Prevention of Money Laundering and Know Your Client (KYC) Compliance

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 programme, verify
and maintain the record of identity and address(es) of investors.
SEBI vide Circular no. CIR/MIRSD/66/2016 dated July 21, 2016 and circular no. CIR/MIRSD/120/2016 dated November 10, 2016 has intimated about
the operationalization of Central KYC Records Registry (“CKYCR”).
AMFI vide Best Practice Guideline circular no. 135/BP/68/2016-17 dated December 22, 2016 has prescribed guidelines including Central KYC (“CKYC”)
forms for implementing the CKYC norms.
In this regard, any individual customer who has not done KYC under the KYC Registration Agency (KRA) regime shall fill the new CKYC form.
In accordance with the aforesaid SEBI circulars and AMFI best practice guidelines for implementation of CKYC norms with effect from February 1, 2017:

a) Individual investors who have never done KYC process under KRA regime i.e. a new investor who is new to KRA system and whose KYC is not
registered or verified in the KRA system shall be required to provide KYC details in the CKYC Form to the Mutual Fund/ AMC.

b) Individual investor who fills old KRA KYC Form, should provide additional / missing information using Supplementary KYC Form or fill CKYC Form.

c) Details of investors shall be uploaded on the system of CKYCR and a 14 digit unique KYC identifier (‘KIN’) will be generated for such customer.

d) New investors, who have completed CKYC process & have obtained KIN may quote their KIN in the application form instead of submitting CKYC
Form.

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e) If the PAN of investor is not updated on CKYCR system, the investor should submit self-certified copy of PAN card to the Mutual Fund/ AMC.
The AMC reserves the right to reject transaction application in case the investor(s) fails to submit information and/or documentation as mentioned above.
In the event of non-compliance of KYC requirements, the Trustee / AMC reserves the right to freeze the folio of the investor(s).

Non-Individual Investors to use the existing KYC forms for KYC process.
Units held in electronic (demat) form: For units held in demat form, the KYC performed by the Depository Participant of the applicants will be considered
as KYC verification done by the Trustee / AMC. The AMC reserves the right to ask for further documentation if required. For DP account held in joint
names, the rules of he depository for operation of such DP account will be applicable.
SEBI vide circular no. CIR/IMD/DF/21/2012 dated September 13, 2012 & subsequently vide circular no CIR/IMD/DF/10/2014 dated May 22,2014 had
permitted cash transaction in mutual funds to the extent of Rs.50000/- per investor, per mutual fund, per financial year subject to (i) compliance with
Prevention of Money Laundering Act, 2002 and Rules framed there under (ii) sufficient systems and procedures in place. At present, Tata Mutual Fund
schemes are not accepting cash transaction.

SEBI vide circular dated 20th July’2017, had given exemption of certain KYC requirement under Rule 9 of the Prevention of Money Laundering
(Maintenance of Records) Rules, 2005.

Investors are requested to note that the Ministry of Finance (Department of Revenue) in consultation with the Reserve Bank of India has made certain
amendments to the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, namely, the Prevention of Money-laundering (Maintenance
of Records) Second Amendment Rules, 2017. These Rules have come into force with effect from June 1, 2017.

Accordingly, investors are requested to note the following requirements in relation to submission of Aadhaar number (not mandatory) and other
prescribed details to Tata Mutual Fund (TMF) / Tata Asset Management Pvt Limited (“the AMC”) / Computer Age Management Services Limited (CAMS)
its Registrar and Transfer Agent:

i. Where the investor is an individual, who is eligible to be enrolled for Aadhaar number, the investor may submit the Aadhaar (not mandatory) issued
by UIDAI. If such an individual investor is not eligible to be enrolled for Aadhaar number, and in case the Permanent Account Number (PAN) is not
submitted, the investor shall submit the PAN or one certified copy of an officially valid document containing details of his identity and address and one
recent photograph along with such other details as may be required by the Mutual Fund.

The investor is required to submit PAN as defined in the Income Tax Rules, 1962.

ii. Where the investor is a non-individual, Aadhaar numbers (not mandatory) and PANs (as defined in Income-tax Rules, 1962) of managers, officers or
employees or persons holding an attorney to transact on the investor’s behalf is required to be submitted, apart from the constitution documents. In
case PAN is not submitted, an officially valid document is required to be submitted. If a person holding an authority to transact on behalf of such an
entity is not eligible to be enrolled for Aadhaar and does not submit the PAN, certified copy of an officially valid document containing details of identity,
address, photograph and such other documents as prescribed is required to be submitted.

Where the investors who are individuals or in the case of investors who are non-individuals, managers, officers or employees or persons holding an
attorney to transact on the investor’s behalf, as the case may be, do not have an Aadhaar number, the proof of enrolment for Aadhaar can be submitted.
However, in such cases, the Aadhaar number shall be required to be provided for eventual authentication within the prescribed timeframe of 6 months
as aforesaid, failing which the account / folio shall cease to be operational.

Kindly note that all Joint holders, Parents/legal Guardian/ in case of Minor, Karta in case of HUF, Sole Proprietors, Partners in case of Partnership,
Directors/Manager etc in case of Companies, POA holder’s, Third party investment with proper documentation and verification, are covered for seeding
of Aadhaar number. It may also be noted that the requirement of submitting Form 60 as prescribed in the aforesaid notification is not applicable for
investment in mutual fund units.

Investors were requested to provide primary holders email address and mobile number for speed and ease of communication and for 2 factor
authentication in order to help prevent fraudulent transactions.

Mandatory Up-dation of Know Your Customer (KYC) requirements for processing of mutual fund transactions

With reference to communication on updation of Permanent Account Number (PAN)/Know Your Customer (KYC) for processing redemption and related
transactions in Non-PAN exempt folios from time to time, unitholders may note that it is mandatory to complete the KYC requirements for all
applicants/investors (including existing investors and joint holders) and in case of folio of a minor investor, the KYC of the legal guardian is mandatory
irrespective of the amount of investment.

Accordingly, financial transactions (including Fresh Purchases, Additional Purchases, Switch transactions, Redemption and all types of systematic
plans) and non-financial requests will not be processed if the applicants (including existing investors and joint holders) and unitholders have not
completed KYC requirements.

Unitholders are advised to use the applicable KYC Form for completing the KYC requirements and submit the form at the point of acceptance. Further,
upon updation of PAN/PEKRN details with the KRA (KRA-KYC)/CERSAI (CKYC), the unitholders are requested to intimate us/our Registrar and Transfer
Agent i.e. Computer Age Management Services Limited (CAMS) their PAN information along with the folio details for updation in our records.

SEBI vide its circular MIRSD/Cir- 26 /2011 dated December 23,2011 had issued guidelines to implement the SEBI {KYC Registration Agency (KRA)}
Regulations, 2011. SEBI KRA Regulations, 2011, has been amended on January 28,2022 vide a Gazette Notification No. SEBI/LAD-NRO/GN/2022/72.
With a view to implement the regulations effectively, additional guidelines has been issued by SEBI for implementation.

E-KYC: Clarification on Know Your Client (KYC) Process and Use of Technology for KYC

SEBI vide circular dt 24th April 2020 has clarified process to be followed while using technology for KYC verification. The process is summarized below:

1.The KYC process requires every SEBI registered intermediary (hereinafter referred to as ‘RI’) to collect and verify the Proof of Identity (PoI) and Proof
of Address (PoA) from the investor.

2.The provisions as laid down under the Prevention of Money-Laundering Act, 2002, Prevention of Money-Laundering (Maintenance of Records) Rules,
2005, SEBI Master Circular on Anti Money Laundering (AML) dated October 15, 2019 and relevant KYC / AML circulars issued from time to time shall
continue to remain applicable.

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3.SEBI registered intermediary shall continue to ensure to obtain the express consent of the investor before undertaking online KYC.

4.The eSign mechanism of Aadhaar shall be accepted in lieu of wet signature on the documents provided by the investor. Even the cropped signature
affixed on the online KYC form under eSign shall also be accepted as valid signature.

5.Online KYC process shall be completed in the following manner:

a. The investor visits the website/App/digital platform of the Regulated Intermediary (RI) and fills up the online KYC form and submits requisite
documents online.
b. The name, photograph, address, mobile number, email ID, Bank details of the investor shall be captured online and OVD / PAN / signed
cancelled cheque shall be provided as a photo / scan of the original under eSign and the same shall be verified as under:
c. Mobile and email is verified through One Time Password (OTP) or other verifiable mechanism. The mobile number/s of investor accepted as
part of KYC should preferably be the one seeded with Aadhaar.
d. Aadhaar is verified through UIDAIs authentication / verification mechanism. (The usage of Aadhaar is optional and purely on a voluntary basis
by the investor. RI should not store/save Aadhaar in their system)
e. PAN is verified online using the Income Tax Database (PAN is mandatory)
f. Bank account details are verified by Penny Drop mechanism or any other mechanism using API of the Bank . The name and bank details as
obtained shall be verified with the information provided by investor.
g. Any OVD other than Aadhaar shall be submitted through DigiLocker / under eSign mechanism.

6.Once all the information as required as per the online KYC form is filled up by the investor, KYC process could be completed as under:

I. The investor would take a print out of the completed KYC form and after affixing their wet signature, send the photograph of the same to the
RI under eSign, or
II. Affix online the cropped signature on the filled KYC form and submit the same to the RI under eSign.

7. The RI shall forward the KYC completion intimation letter through registered post/ speed post or courier, to the address of the investor in cases where
the investor has given address other than as given in the OVD. In such cases of return of the intimation letter for wrong / incorrect address, addressee
not available etc, at the discretion of the AMC/MF no transactions shall be allowed in such account and intimation may also sent to the Stock Exchange
and Depository.

8. IPV/ VIPV would not be required when the KYC of the investor is completed using the Aadhaar authentication / verification of UIDAI.

9. IPV / VIPV shall not be required by the RI when the KYC form has been submitted online, documents have been provided through DigiLocker or any
other source which could be verified online.

Duration of the Scheme

Regarding open ended schemes:

The Schemes have been structured as open-ended Schemes. Investors can invest on an ongoing basis on Business Days at prevailing NAV related
price. The Units under the Scheme stand redeemed on happening of various events as stated elsewhere in this SAI. As such except on the happening
of any event as stated in the clause relating to winding up, the Scheme has perpetual existence and therefore there is no fixed duration of the Scheme.

Regarding close ended schemes:

Duration of Schemes under the fund are fixed. The units under various Schemes of the fund stand redeemed on maturity or on happening of various
events as stated elsewhere in this SAI. The AMC and the Trustee reserve the right to make such change/alterations in each Scheme (including the
charging of fees and expenses) offered under this SAI to the extent permitted by the applicable Regulations.
Kindly refer to the scheme information document for the exact duration of the scheme.

Winding Up
1) in accordance with the SEBI Regulations, the Scheme may be wound up:
• on the happening of any event which, in the opinion of the Trustee Company, requires the Scheme to be wound up; or
• if seventy-five percent of the Unitholders of a Scheme pass a resolution that the Scheme be wound up; or
• if the SEBI so directs in the interests of the Unitholders.
2) Where a Scheme is to be wound up pursuant to the above Regulation, the Trustee Company shall give notice of the circumstances leading to the
winding up of the Scheme
• To SEBI; and
• in two daily newspapers having circulation all over India and also in a vernacular newspaper circulating at the place where the Fund is
established.

Procedure for Winding Up

The Trustee Company shall call a meeting of the Unitholders to consider and pass necessary resolutions by simple majority of the Unitholders present
and voting at the meeting for authorising the Trustee Company or any other person to take steps for winding up the Scheme. The Trustee Company or
the person authorised as above, shall dispose off the assets of the Scheme concerned in the best interests of the Unitholders of the Scheme.
The proceeds of sale made in pursuance of the above shall in the first instance be utilised towards the discharge of such liabilities as are properly due
and payable under the Scheme and after making appropriate provision for liability and for meeting the expenses connected with such winding up, the
balance shall be paid to the Unitholders in proportion to their respective interest in the assets of the Scheme as on the date when the decision for
winding up was taken.
On the completion of the winding up, the Trustee Company shall forward to SEBI and the Unitholders a report on the winding up containing particulars
such as circumstances leading to the winding up, the steps taken for disposal of assets of the Scheme before winding up, expenses of the Scheme for
winding up, net assets available for distribution to the Unitholders and a certificate from the Auditors of the Fund.
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Notwithstanding anything contained herein, the provisions of the SEBI Regulations in respect of disclosures of half- yearly reports and annual report
shall continue to apply.
After the receipt of the report referred to above under “Procedure for Winding Up”, if SEBI is satisfied that all measures for winding up of the Scheme
have been completed, the Scheme shall cease to exist.

Listing of Mutual Fund schemes that are in the process of winding up:
Every close-ended scheme and units of segregated portfolio shall be listed on recognized stock exchanges. SEBI vide Circular No
SEBI/HO/IMD/DF3/CIR/P/2020/086 dated May 20,2020, has extended the provisions for listing of the mutual funds units which are in the process of
winding up. Accordingly in terms of regulation 39(2)(a) i.e on the happening of any event which, in the opinion of the trustees, requires the scheme to
be wound up> the units of Mutual Fund schemes which are in the process of winding-up shall be listed on the recognized stock exchange to allow the
investor an exit option. However, SEBI has also clarified that the trading of the investor on the stock exchange is not mandatory, This is an exit option
given to investor if they desire to take exit from the scheme. Trading in such listed scheme which is under process of winding up, shall be done only in
demat form. AMCs shall enable transfer of such units which are held in form of Statement of Account (SoA) / unit certificates.
C. General Information
Transaction through Channel Partners:
Those investors, who have invested in the schemes of TMF through the channel partners of TMF, can approach directly to the TMF / TAMPL for financial
and non-financial transactions with respect to their investments.

Investors may enter into an agreement with certain distributors (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 in favour of the Channel Distributor, as the case may be. Under such arrangement, the Channel Distributors will aggregate the details of
transactions (viz. subscriptions/ redemptions/switches) of their various investors and forward the same electronically to the AMC / R&TA for processing
on daily basis as per the cut-off timings applicable to the relevant schemes.

Securities Lending by the Mutual Fund

Subject to the SEBI Regulations as applicable from time to time the Fund may, if the Trustee permits, engage in Stock Lending. Stock Lending
means the lending of securities to SEBI approved intermediaries for a fixed period of time at a negotiated compensation in order to enhance returns of
the scheme portfolio. The securities lent will be returned by the borrower on the expiry of the stipulated period. The AMC will adhere to the following
strict internal limits should it engage in Stock Lending.
Generally not more than 25% of the net assets of the scheme/s can generally be deployed in stock lending . Collateral would always be obtained by
the approved intermediary. Collateral value would always be more than the value of the security lent. Collateral can be in form of cash, bank guarantee,
government securities, as may be agreed upon with the approved intermediary, and would also be subject to a mark to market valuation on a daily
basis.
Example:

A fund has an equity share of a company which it would wish to hold for a long period of time as a core holding in the portfolio as per the fund manager’s
plan. In that case the investors would be benefited only to the extent of the rise in the value of the share, from time to time if any, on the exchange. If
the fund is enabled to lend the said security to a borrower who would be wanting to take advantage of the market fluctuations in its price, the borrower
would return the security to the lender (scheme) at a stipulated time or on demand for a negotiated compensation. The fund’s unitholders can enhance
their returns to the extent of the compensation it will earn for lending the same. An adequate security or collateral will have to be maintained by the
intermediary. This should always be higher than the cost of the security. Thus it is in the interest of the investors that returns can be enhanced by way
of stock lending rather than hold the security only for capital appreciation potential.
Thus the scenario under which the fund would participate in stock lending would be:
1. There is a holding of security eg 1 lakh shares of XYZ Ltd in the fund which the fund manager wants to be the core holding of the scheme for
approximately 6 to 12 months.
2. There is a borrower (not mutual fund) for the security, (who has taken a short position in the market and needs XYZ Ltd shares to settle it) who is
willing to put up a proper collateral for the same.(In all cases higher than the price of the script).
3. The borrower is represented by a proper recognized intermediary.
4. The agreement is to return the security or the amount so negotiated at a particular period of time or on demand.
Then the security will be lent by the fund and the unitholders would benefit from the additional compensation earned for lending, apart from the capital
appreciation which also happens in that stock. Thus, to summarize, stock lending would be done by the scheme only in the following circumstances:
a) If permitted by trustees and the extent SEBI regulations in that regard, from time to time.
b) If such activity generates additional returns for the scheme and helps to enhance the scheme returns.
c) If considering the above, and other factors all considered in totality, such activity is in the interest of unitholders in the scheme.

Underwriting by the Scheme

The Scheme may also undertake underwriting and sub underwriting activities (only for equity and equity related instruments) in order to augment its
income, after complying with the approval and compliance process specified in the SEBI (underwriters) Rules & Regulations, 1993 and further subject
to the following norms:
• The capital adequacy of the Mutual Fund for the purposes of SEBI (Underwriters) Rules and Regulations, 1993 shall be the net assets of the
Scheme.
• The total underwriting obligation of the Scheme shall not exceed 25% of the total net asset value of the Scheme.
• No Underwriting commitment may be undertaken in respect of the Scheme during the period of 6 months prior to the date of redemption of the
Scheme.
• The decision to take up any underwriting commitment shall be made as if the Scheme is actually investing in that particular security.

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• As such, all investment restrictions and prudential guidelines relating to investments, individually and in aggregate as mentioned in SEBI
Regulations shall, in so far as may be applicable, apply to underwriting commitments which may be undertaken under the Scheme.
These underwriting norms / parameters (as expressed / linked to the net asset/ net asset value/ capital) shall in the ordinary course apply as at the date
of the most recent transaction of commitment to underwrite, and changes do not have to be effected merely because, owing to appreciations or
depreciations in value or by reason of the receipt of any rights, bonuses or benefits in the nature of capital or of any scheme of arrangement or for
amalgamation, reconstruction or exchange, or at any repayment or redemption or other reason outside the control of the Fund, any such limits would
thereby be breached. If these limits are exceeded for reasons beyond its control, TAMPL shall adopt as a priority objective the remedying of that
situation, taking due account of the interests of the Unitholders.
As such all underwriting and sub-underwriting activities of the Fund will be undertaken in accordance with SEBI (Underwriters) Rules and Regulations,
1993, and the norms as laid down by SEBI Circular dated June 30, 1994, and as amended from time to time.
Suspension of ongoing Sale/Switch-in of Units
The ongoing Sale/Switch-in of Units may be suspended temporarily or indefinitely under any of the following circumstances:
1) Stock markets stop functioning or trading is restricted.
2) Periods of extreme volatility in the capital / stock markets, which in the opinion of the Asset Management Company is prejudicial to the
interests of the Unitholders.
3) A complete breakdown or dislocation of business in the major financial markets.
4) Natural calamities.
5) Declaration of war or occurrence of insurrection, civil commotion or any other serious or sustained financial, political or industrial emergency
or disturbance.
6) SEBI, by order, so directs.
7) On a requisition made by three-fourths of the Unitholders.
8) If in the opinion of the AMC further sale of units is not in the interest of unitholders.
Additionally the AMC reserves the right in its sole discretion to withdraw the facility of Sale (including switch-in) of Units into and out of the Scheme(s)
(including any one Plan / Option of the Scheme), temporarily or indefinitely, if AMC views that changing the size of the corpus may prove detrimental
to the existing Unit holders of the Scheme(s).

Restriction on Redemptions / Switch out of units

The Asset Management Company (AMC) may, in the general interest of the Unit holders of the Scheme, keeping in view the unforeseen
circumstances/unsure conditions, limit the total number of Units which may be redeemed on any Business Day. Restrictions may be imposed under the
following circumstances that leads to a systemic crisis or event that severely constricts market liquidity or the efficient functioning of markets.

a) Liquidity issues - When markets at large become illiquid affecting almost all securities rather than any issuer specific security.

b) Market failures, exchange closures - When markets are affected by unexpected events which impact the functioning of exchanges or the regular
course of transactions. Such unexpected events could also be related to political, economic, military, monetary or other emergencies.

c) Operational issues - When exceptional circumstances are caused by force majeure, unpredictable operational problems and technical failures
(e.g. a black out).

Under the aforesaid circumstances, the AMC / Trustee may restrict redemption for a specified period of time not exceeding 10 working days in any 90
days period.

Any imposition of restriction on redemption / switch of units would require specific approval of Board of AMCs and Trustees and the same should be
informed to SEBI immediately.

Unitholders should note that the following provisions shall be applicable when redemption requests are placed during such restricted period.

i) No redemption requests upto Rs. 2 lakh shall be subject to such restriction and
ii) Where redemption requests are above Rs. 2 lakh, AMCs shall redeem the first Rs. 2 lakh without such restriction and remaining part over and
above Rs. 2 lakh shall be subject to such restriction.

Meeting and consent of Unitholders

Pursuant to Clause 15 of Regulation 18 of the SEBI (Mutual Funds) Regulations, 1996 (the SEBI Regulations), the Trustee Company shall call for a
meeting and obtain the consent of the Unitholders of the Scheme (entirely at the option of the Trustee Company, either at a meeting of the unitholders
or through postal ballot or any other mode of communication in conformity with the Regulations and/or SEBI Regulations) under any of the following
circumstances:
• whenever required to do so by SEBI in the interest of the Unitholders.
• whenever required to do so on the requisition made by three-fourths of the unit-holders of any scheme; or
• when the majority of the trustees decide to wind up a scheme in terms of clause (a) of sub regulation (2) of regulation 39 or prematurely redeem
the units of a close ended scheme.

85
Unclaimed Redemption/Dividend Amount

Unclaimed redemption and dividend amounts, that are currently allowed to be deployed only in call money market or money market instruments, shall
also be allowed to be invested in a separate plan of Overnight scheme / Liquid scheme/ Money Market Mutual Fund scheme floated by Mutual Funds
specifically for deployment of the unclaimed amounts. Investors who claims these amounts during a period of three years from the due date shall be
paid initial unclaimed amount along with the income earned on its deployment. Investors who claim these amount after 3 years , shall be paid initial
unclaimed amount along with the income earned on its deployment till the end of the third year. After the third year, the income earned on such unclaimed
amounts shall be used for the purpose of investor education.
AMC shall play a proactive role in tracing the rightful owner of the unclaimed amounts considering the steps suggested by regulator vide circular No
SEBI/HO/IMD/DF2/CIR/P/2016/37 dated February 25, 2016. Further, AMC shall not charge any exit load in this plan and TER (Total Expense Ratio) of
such plan shall be capped as per the TER of direct plan of such scheme or at 50 bps, whichever is lower..

Inter-Scheme Transfer of Investments

Transfers of investments from one scheme to another scheme in the same mutual fund shall be allowed only if -
(a) such transfers are done at the prevailing market price^ for quoted instruments on spot basis.
Explanation: “spot basis” shall have same meaning as specified by stock exchange for spot transactions.
(b) the securities so transferred shall be in conformity with the investment objective of the scheme to which such transfer has been made.

^Note: SEBI vide circular no SEBI/HO/IMD/DF4/CIR/P/2019/102 dt. September 24, 2019 has prescribed the methodology for determination of price to
be considered for inter scheme transfers. SEBI has prescribed additional safeguard in this respect vide circular no SEBI/HO/IMD/DF4 /CIR/P/2020 /202
dated October 8,2020 which AMC will abide.

Borrowing by the Mutual Fund:

Under the SEBI Regulations, the Mutual Fund is allowed to borrow to meet the temporary liquidity requirements of its Scheme for the purpose of
repurchase or redemption of Units or the payment of interest or dividend to the Unit holders. Further, as per the SEBI Regulations, the Mutual Fund
shall not borrow more than 20% of the Net Assets of the Scheme and the duration of such borrowing shall not exceed a period of six months. However,
the fund may borrow in excess of 20% of the net asset of the scheme subject to the prior approval of SEBI.
Tata Mutual Fund may raise such borrowings from the Sponsor or its group companies, subsidiaries, associates, etc., or Banks in India or any other
entity at market related rates prevailing at the time and applicable to similar borrowings. The security for such borrowings, if required, will be as
determined by the Trustee. Cost associated (including interest) with the borrowing may be charged to the scheme.
Associate Transactions
a) Details of underwriting obligations undertaken by the Schemes of Tata Mutual Fund with respect to issue of associate companies:
During the last three financial years no schemes of Tata Mutual Fund has undertaken taken such obligations.
b) Details of subscription by the schemes in issues lead managed by the associate companies:
During the last three financial years no schemes of Tata Mutual Fund has subscribed to such issues.
c) Details of business with associate brokers:
No brokerage was paid to associates/related parties/group companies of Sponsor/AMC during the year 2019-2020.
No brokerage was paid to associates/related parties/group companies of Sponsor/AMC during the year 2020-2021.
No brokerage was paid to associates/related parties/group companies of Sponsor/AMC during the year 2021-2022.
No brokerage was paid to associates/related parties/group companies of Sponsor/AMC during the year 2022-2023.
No brokerage was paid to associates/related parties/group companies of Sponsor/AMC during the months April to May 2023
Transaction with associates for buying and selling of shares / securities (if any) are/will be done at the fair market price/charges and brokerage amount
paid to them gets capitalized and added to the cost of investments within the specified limit prescribed by SEBI under the scheme which is in line with
the transactions with non-associated entities.
d) Details of distribution of unit performed by associate companies:

The fund has been utilizing the services of associate companies for distribution of units of Tata Mutual Fund schemes, the following amount were paid
/ provided for as selling commission by the respective scheme to associate companies for their marketing efforts in mobilizing subscriptions for the units
of such schemes: Disclosure also has been made for payment made to relatives of employee in case of distribution of units of Tata Mutual Fund.
Commission Paid to associates related parties group companies of sponsor / AMC: Period April 2020 to March 2021:

Scheme Name of associate Nature of Period Value of transaction & % of Gross % of

/group companies of Association Covere total value of transaction of Brokerage total
sponsor/AMC / Nature of d the fund Paid Rs. brokerag
relation e paid by
Business % of the fund
given Rs. total
busines
s
received
by the
fund
Tata Arbitrage Fund Tata Capital Financial Group 2020-
175,154,288 0.31 389,451.87 0.48
Services Ltd. Company 2021

86
 Tata Securities Ltd. Group 2020-
10,000 0.00 7.62 0.00
Company 2021
Tata Balanced Advantage Tata Securities Ltd. Group 2020-
156,992 0.00 133.54 0.00
Fund Company 2021
Hetal Akhil Mittal Relative of 2020-
99,995 0.00 8,567.42 0.00
Employee 2021
Tata Capital Financial Group 2020-
40,736,784 0.28 1,349,012.72 0.71
Services Ltd. Company 2021
Tata Banking & PSU Debt Tata Securities Ltd. Group 2020-
150 0.00 0.18 0.00
Fund Company 2021
Tata Capital Financial Group 2020-
243,399,001 3.32 369,588.07 4.28
Services Ltd. Company 2021
Tata Banking & Financial Tata Securities Ltd. Group 2020-
431,096 0.01 17,955.23 0.03
Services Fund Company 2021
Tata Capital Financial Group 2020-
7,543,614 0.22 73,012.45 0.14
Services Ltd. Company 2021
Tata Digital India Fund Tata Securities Ltd. Group 2020-
7,302,571 0.10 34,410.18 0.08
Company 2021
Tata Capital Financial Group 2020-
4,173,115 0.06 37,608.03 0.09
Services Ltd. Company 2021
Tata Dynamic Bond Fund Tata Securities Ltd. Group 2020-
0.00 0.00 1,397.08 0.01
Company 2021
Tata Capital Financial Group 2020-
666,026 0.21 177.51 0.00
Services Ltd. Company 2021
Tata Equity PE Fund Tata Securities Ltd. Group 2020-
1,000 0.00 4,083.01 0.00
Company 2021
Hetal Akhil Mittal Relative of 2020-
70,497 0.00 1,828.79 0.00
Employee 2021
Tata Capital Financial Group 2020-
13,439,116 0.18 2,571,173.82 0.70
Services Ltd. Company 2021
Tata Equity Savings Fund Tata Securities Ltd. Group 2020-
5,000 0.00 11,468.18 0.15
(formerly known as Tata Company 2021
Regular Savings Equity Fund)
Tata Capital Financial Group 2020-
1,500 0.00 416.43 0.01
Services Ltd. Company 2021
Tata Ethical Fund Tata Sons Ltd. Sponsor 2020-
0.00 0.00 335.11 0.00
2021
Tata Securities Ltd. Group 2020-
215,990 0.01 32,898.37 0.07
Company 2021
Tata Capital Financial Group 2020-
907,965 0.06 24,048.64 0.05
Services Ltd. Company 2021
Tata Fixed Maturity Plan Tata Capital Financial Group 2020-
0.00 0.00 10,413.26 1.72
Series 56 Scheme D Services Ltd. Company 2021
Tata Fixed Maturity Plan Tata Capital Financial Group 2020-
0.00 0.00 4,497.35 1.23
Series 56 Scheme F Services Ltd. Company 2021
Tata Focused Equity Fund Tata Securities Ltd. Group 2020-
37,003 0.00 811.37 0.00
Company 2021
Hetal Akhil Mittal Relative of 2020-
0.00 0.00 6,894.32 0.00
Employee 2021
Tata Capital Financial Group 2020-
7,475,240 0.53 1,006,481.82 0.46
Services Ltd. Company 2021
Tata Gilt Securities Fund Tata Securities Ltd. Group 2020-
2,000 0.00 15,586.04 0.14
Company 2021
Tata Capital Financial Group 2020-
0.00 0.00 106,623.12 0.97
Services Ltd. Company 2021
Tata Hybrid Equity Fund Tata Securities Ltd. Group 2020-
88,547 0.00 84,326.46 0.03
(formerly known as Tata Company 2021
Balanced Fund)
Tata Capital Financial Group 2020-
2,646,064 0.11 535,039.42 0.21
Services Ltd. Company 2021
Tata Income Fund Tata Securities Ltd. Group 2020-
502 0.00 35,703.90 1.43
Company 2021

87
Tata Index Fund - Nifty Plan Tata Securities Ltd. Group 2020-
28,003 0.00 680.43 0.09
Company 2021
Tata Index Fund - Sensex Plan Tata Securities Ltd. Group 2020-
31,998 0.01 7.39 0.00
Company 2021
Tata India Consumer Fund Tata Securities Ltd. Group 2020-
184,209 0.01 12,803.58 0.01
Company 2021
Hetal Akhil Mittal Relative of 2020-
0.00 0.00 839.01 0.00
Employee 2021
Tata Capital Financial Group 2020-
5,568,015 0.23 403,311.33 0.34
Services Ltd. Company 2021
Tata India Pharma & Tata Securities Ltd. Group 2020-
1,410,738 0.05 29,625.88 0.09
Healthcare Fund Company 2021
Tata Capital Financial Group 2020-
6,225,145 0.20 59,576.46 0.18
Services Ltd. Company 2021
Tata India Tax Savings Fund Tata Sons Ltd. Sponsor 2020-
0.00 0.00 33.59 0.00
2021
Tata Securities Ltd. Group 2020-
281,986 0.01 12,212.51 0.01
Company 2021
Hetal Akhil Mittal Relative of 2020-
337,983 0.01 698.55 0.00
Employee 2021
Tata Capital Financial Group 2020-
8,459,458 0.26 274,687.78 0.13
Services Ltd. Company 2021
Tata Infrastructure Fund Tata Securities Ltd. Group 2020-
12,000 0.00 23,952.82 0.13
Company 2021
Tata Capital Financial Group 2020-
605,348 0.13 12,852.97 0.07
Services Ltd. Company 2021
Tata Securities Ltd. Group 2020-
0.00 0.00 29.24 0.00
Company 2021
Tata Large & Mid Cap Fund Tata Securities Ltd. Group 2020-
105,841 0.00 188,335.10 0.17
(formerly known as Tata Equity Company 2021
Opportunities Fund)
Hetal Akhil Mittal Relative of 2020-
99,996 0.00 435.11 0.00
Employee 2021
Tata Capital Financial Group 2020-
1,515,168 0.04 99,592.34 0.09
Services Ltd. Company 2021
Tata Large Cap Fund Tata Securities Ltd. Group 2020-
117,995 0.01 108,949.91 0.30
Company 2021
Tata Capital Financial Group 2020-
186,373 0.02 48,018.34 0.13
Services Ltd. Company 2021
Tata Liquid Fund Tata Securities Ltd. Group 2020- 166,296,618,78 10,786,659.0
10.89 36.86
Company 2021 5 6
Hetal Akhil Mittal Relative of 2020-
908,162 0.00 234.07 0.00
Employee 2021
Tata Capital Financial Group 2020-
3,697,975,206 0.24 246,600.99 0.84
Services Ltd. Company 2021
Tata Medium Term Fund Tata Securities Ltd. Group 2020-
(formerly known as Tata Company 2021 - 0.00 16,532.73 0.50
Income Plus Fund)
Tata Mid Cap Growth Fund Tata Securities Ltd. Group 2020-
64,997 0.00 23,241.02 0.03
Company 2021
Hetal Akhil Mittal Relative of 2020-
14,999 0.00 9.13 0.00
Employee 2021
Tata Capital Financial Group 2020-
3,760,846 0.20 35,862.52 0.05
Services Ltd. Company 2021
Tata Money Market Fund Tata Securities Ltd. Group 2020-
1,982,132 0.00 31,177.93 0.80
Company 2021
Tata Capital Financial Group 2020-
32,845,968 0.06 2,138.93 0.06
Services Ltd. Company 2021
Tata Multi Asset Opportunities Tata Securities Ltd. Group 2020-
13,148 0.00 148.48 0.00
Scheme Company 2021

88
 Tata Capital Financial Group 2020-
8,875,812 0.33 773,291.08 1.04
Services Ltd. Company 2021
Tata Flexi Cap Fund(Earlier Tata Securities Ltd. Group 2020-
18,499 0.00 84.76 0.00
Tata Multi Cap Fund) Company 2021
Hetal Akhil Mittal Relative of 2020-
1,094,359 0.03 15,809.19 0.01
Employee 2021
Tata Capital Financial Group 2020-
23,310,147 0.63 774,626.07 0.46
Services Ltd. Company 2021
Tata Overnight Fund Tata Securities Ltd. Group 2020- 544,935,172,68
59.20 6,332,560.30 68.78
Company 2021 3
Tata Capital Financial Group 2020-
7,489,672,888 0.81 206,323.19 2.24
Services Ltd. Company 2021
Tata Quant Fund Tata Securities Ltd. Group 2020-
16,499 0.01 4.69 0.00
Company 2021
Hetal Akhil Mittal Relative of 2020-
0.00 0.00 233.97 0.00
Employee 2021
Tata Capital Financial Group 2020-
0.00 0.00 69,009.18 0.45
Services Ltd. Company 2021
Tata Resources & Energy Tata Securities Ltd. Group 2020-
153,143 0.04 8,389.60 0.21
Fund Company 2021
Tata Capital Financial Group 2020-
770,259 0.18 7,091.51 0.18
Services Ltd. Company 2021
Tata Retirement Savings Tata Securities Ltd. Group 2020-
0.00 0.00 5,121.91 0.04
Fund-Conservative Company 2021
Tata Capital Financial Group 2020-
0.00 0.00 12,021.83 0.10
Services Ltd. Company 2021
Tata Retirement Savings Tata Securities Ltd. Group 2020-
4,000 0.00 18,920.43 0.01
Fund-Moderate Company 2021
Tata Capital Financial Group 2020-
293,725 0.02 85,586.96 0.06
Services Ltd. Company 2021
Tata Retirement Savings Tata Securities Ltd. Group 2020-
16,999 0.00 226.40 0.00
Fund-Progressive Company 2021
Tata Capital Financial Group 2020-
371,986 0.02 50,617.48 0.05
Services Ltd. Company 2021
Tata Short Term Bond Fund Tata Securities Ltd. Group 2020-
0.00 0.00 4,242.45 0.01
Company 2021
Tata Capital Financial Group 2020-
15,284,278 0.03 30,379.94 0.04
Services Ltd. Company 2021
Tata Small Cap Fund Tata Securities Ltd. Group 2020-
26,999 0.00 192.71 0.00
Company 2021
Hetal Akhil Mittal Relative of 2020-
0.00 0.00 477.73 0.00
Employee 2021
Tata Capital Financial Group 2020-
2,258,434 0.10 180,058.46 0.17
Services Ltd. Company 2021
Tata Treasury Advantage Tata Securities Ltd. Group 2020-
1,484,500 0.00 22,324.05 0.23
Fund Company 2021
Tata Capital Financial Group 2020-
8,006,155 0.02 1,856.71 0.02
Services Ltd. Company 2021
Tata Ultra Short Term Fund Tata Capital Financial Group 2020-
14,849 0.00 4,953.97 0.04
Services Ltd. Company 2021

Tata Young Citizens Fund Tata Securities Ltd. Group 2020-

0.00 0.00 250,368.74 5.57
Company 2021
Tata Capital Financial Group 2020-
0.00 0.00 3,658.46 0.08
Services Ltd. Company 2021

Commission Paid to associates related parties group companies of sponsor / AMC: Period April 2021 to March 2022:

89
 Value of transaction & % of
total value of transaction of
the fund & % of
Nature of total
Name of associate Gross
Association Period brokera
Scheme /group companies Brokerage
/ Nature of Covered % of total ge paid
of sponsor/AMC Paid Rs.
relation Business business by the
given Rs. received by fund
the fund

Tata Capital Financial Group 2021-

Tata Arbitrage Fund Services Ltd. Company 2022 408,316,142 0.27 1,368,953 0.49
Group 2021-
Tata Securities Ltd. Company 2022 294,597 - 1,804 -
Tata Balanced Advantage Relative of 2021-
Fund Hetal Akhil Mittal Employee 2022 799,960 - 16,471 -
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 180,569,440 0.67 2,725,195 0.53
Tata Banking & PSU Debt Tata Capital Financial Group 2021-
Fund Services Ltd. Company 2022 33,870,471 1.06 257,751 2.14
Group 2021-
Tata Securities Ltd. Company 2022 409,556 0.01 24,830 0.02
Tata Banking & Financial Relative of 2021-
Services Fund Hetal Akhil Mittal Employee 2022 499,975 0.01 1,974 -
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 2,482,180 0.05 136,824 0.14
Group 2021-
Tata Securities Ltd. Company 2022 5,989,756 0.06 46,963 0.05
Relative of 2021-
Tata Business Cycle Fund
Hetal Akhil Mittal Employee 2022 949,935 0.01 9,584 0.01
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 39,280,100 0.39 363,653 0.42
Group 2021-
Tata Securities Ltd. Company 2022 132,393 - 135 -
Tata Corporate Bond Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 5,028,135 0.08 4,747 0.10
Group 2021-
Tata Securities Ltd. Company 2022 47,892,226 0.09 353,195 0.15
Relative of 2021-
Tata Digital India Fund
Hetal Akhil Mittal Employee 2022 4,606,917 0.01 41,610 0.02
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 57,086,106 0.11 408,024 0.18
Group 2021-
Tata Securities Ltd. Company 2022 3,907,374 0.06 40,478 0.05
Tata Dividend Yield Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 96,779,525 1.50 1,259,943 1.56
Group 2021-
Tata Securities Ltd. Company 2022 3,414 - 404 0.01
Tata Dynamic Bond Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 19,999 0.01 89 -
Group 2021-
Tata Securities Ltd. Company 2022 106,945 - 7,039 -
Relative of 2021-
Tata Equity PE Fund
Hetal Akhil Mittal Employee 2022 59,997 - 1,524 -
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 24,508,557 0.29 1,515,432 0.39
Group 2021-
Tata Securities Ltd. Company 2022 20,083 - 15,634 0.15
Tata Equity Savings Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 4,521,881 0.46 9,204 0.09
Group 2021-
Tata Securities Ltd. Company 2022 9,998,530 0.26 103,274 0.12
Tata Capital Financial Group 2021-
Tata Ethical Fund
Services Ltd. Company 2022 1,153,942 0.03 19,149 0.02
2021-
Tata Sons Ltd. Sponsor 2022 - - 549 -

Tata Fixed Maturity Plan Tata Capital Financial Group 2021-

Series 56 Scheme D Services Ltd. Company 2022 - - 8,158 1.73

Tata Fixed Maturity Plan Tata Capital Financial Group 2021-

Series 56 Scheme F Services Ltd. Company 2022 - - 4,737 1.20
Group 2021-
Tata Securities Ltd. Company 2022 256,155 0.01 1,657 -
Relative of 2021-
Tata Flexi Cap Fund
Hetal Akhil Mittal Employee 2022 500,367 0.01 16,012 0.01
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 34,019,755 0.81 1,751,765 0.71

90
 Group 2021-
Tata Securities Ltd. Company 2022 360,991 0.00 500 0.01
Tata Floating Rate Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 64,566,772 0.53 125,818 2.31
Group 2021-
Tata Securities Ltd. Company 2022 425,396 0.02 3,545 -
Relative of 2021-
Tata Focused Equity Fund
Hetal Akhil Mittal Employee 2022 - - 10,289 0.01
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 3,334,750 0.17 1,011,066 0.56
Group 2021-
Tata Securities Ltd. Company 2022 4,000 - 7,752 0.05
Tata Gilt Securities Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 - - 108,973 0.64
Group 2021-
Tata Securities Ltd. Company 2022 359,764 0.01 97,467 0.04
Tata Hybrid Equity Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 3,144,664 0.10 522,686 0.20
Group 2021-
Tata Income Fund Tata Securities Ltd. Company 2022 135,632 0.11 45,232 1.65
Group 2021-
Tata Securities Ltd. Company 2022 299,885 0.02 1,413 0.06
Tata Index Fund - Nifty Plan
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 249,988 0.02 353 0.01
Group 2021-
Tata Index Fund - Sensex Tata Securities Ltd. Company 2022 383,581 0.05 954 0.11
Plan Tata Capital Financial Group 2021-
Services Ltd. Company 2022 501,541 0.06 614 0.07
Group 2021-
Tata Securities Ltd. Company 2022 348,071 0.01 15,432 0.01
Relative of 2021-
Tata India Consumer Fund
Hetal Akhil Mittal Employee 2022 923,655 0.04 7,815 0.01
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 972,351 0.04 384,393 0.29
Group 2021-
Tata India Pharma & Tata Securities Ltd. Company 2022 3,483,879 0.15 63,549 0.10
Healthcare Fund Tata Capital Financial Group 2021-
Services Ltd. Company 2022 747,270 0.03 154,709 0.25
Group 2021-
Tata Securities Ltd. Company 2022 1,165,942 0.03 27,843 13.74
Relative of 2021-
Hetal Akhil Mittal Employee 2022 458,977 0.01 7,860 -
Tata India Tax Savings Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 3,315,956 0.09 403,804 0.15
2021-
Tata Sons Ltd. Sponsor 2022 - - 51 -
Group 2021-
Tata Securities Ltd. Company 2022 310,561 0.02 39,819 0.10
Tata Infrastructure Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 18,399 - 24,952 0.06
Group 2021-
Tata Securities Ltd. Company 2022 604,636 0.01 285,045 0.14
Relative of 2021-
Tata Large & Mid Cap Fund
Hetal Akhil Mittal Employee 2022 179,991 - 2,126 -
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 2,164,981 0.03 109,250 0.05
Group 2021-
Tata Securities Ltd. Company 2022 511,935 0.02 178,470 0.30
Relative of 2021-
Tata Large Cap Fund
Hetal Akhil Mittal Employee 2022 369,982 0.02 1,206 -
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 96,495 - 50,680 0.09
2021-
Group 53,914,349,26
2022
Tata Securities Ltd. Company 2 3.63 5,088,489 27.09
Tata Liquid Fund Relative of 2021-
Hetal Akhil Mittal Employee 2022 469,977 - 352 -
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 815,700,208 0.05 230,362 1.23
Group 2021-
Tata Medium Term Fund Tata Securities Ltd. Company 2022 4,684 - 17,388 0.34
Group 2021-
Tata Securities Ltd. Company 2022 461,674 0.01 22,936 0.02
Relative of 2021-
Tata Mid Cap Growth Fund
Hetal Akhil Mittal Employee 2022 64,997 - 586 -
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 3,397,264 0.09 118,346 0.09
Group 2021-
Tata Money Market Fund
Tata Securities Ltd. Company 2022 1,455,603 - 32,718 0.14

91
 Tata Capital Financial Group 2021-
Services Ltd. Company 2022 20,109,807 0.01 5,380 0.02
Tata Capital Financial Group 2021-
Tata Multi Asset Opportunities Services Ltd. Company 2022 14,053,668 0.18 967,550 0.61
Fund Group 2021-
Tata Securities Ltd. Company 2022 681,766 0.01 2,457 -
2021-
Group 694,994,755,2
2022
Tata Overnight Fund Tata Securities Ltd. Company 62 48.07 3,971,280 57.65
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 2,329,883,506 0.16 102,832 1.49
Group 2021-
Tata Securities Ltd. Company 2022 29,648 0.03 157 -
Relative of 2021-
Tata Quant Fund
Hetal Akhil Mittal Employee 2022 - - 300 -
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 - - 52,676 0.69
Group 2021-
Tata Resources & Energy Tata Securities Ltd. Company 2022 1,792,689 0.12 18,696 0.14
Fund Tata Capital Financial Group 2021-
Services Ltd. Company 2022 12,255 - 21,616 0.16
Group 2021-
Tata Retirement Savings Tata Securities Ltd. Company 2022 3,094,263 0.63 16,571 0.10
Fund-Conservative Tata Capital Financial Group 2021-
Services Ltd. Company 2022 - - 12,953 0.08
Group 2021-
Tata Retirement Savings Tata Securities Ltd. Company 2022 12,149 - 9,650 0.01
Fund-Moderate Tata Capital Financial Group 2021-
Services Ltd. Company 2022 272,986 0.01 31,348 0.02
Group 2021-
Tata Retirement Savings Tata Securities Ltd. Company 2022 307,535 0.02 2,143 -
Fund-Progressive Tata Capital Financial Group 2021-
Services Ltd. Company 2022 584,804 0.03 79,105 0.05
Group 2021-
Tata Securities Ltd. Company 2022 1,644 - 4,435 -
Tata Short Term Bond Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 222,989 - 25,801 0.02
Group 2021-
Tata Securities Ltd. Company 2022 1,786,922 0.01 5,223 -
Relative of 2021-
Tata Small Cap Fund
Hetal Akhil Mittal Employee 2022 - - 874 -
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 2,518,705 0.02 290,891 0.15
Group 2021-
Tata Treasury Advantage Tata Securities Ltd. Company 2022 912,177 - 20,731 0.10
Fund Tata Capital Financial Group 2021-
Services Ltd. Company 2022 1,906 - 97 -
Tata Capital Financial Group 2021-
Tata Ultra Short Term Fund Services Ltd. Company 2022 - - 2,501 0.01
Group 2021-
Tata Securities Ltd. Company 2022 - - 382,334 5.33
Tata Young Citizens Fund
Tata Capital Financial Group 2021-
Services Ltd. Company 2022 - - 5,404 0.08

Commission Paid to associates related parties group companies of sponsor / AMC: Period April 2022 to March 2023:

Name of & % of
Nature of
associate Period Value of transaction & Gross total
Association/
Scheme /group Covere % of total value of Brokerage brokerage
Nature of
companies of d transaction of the fund Paid Rs. paid by
relation
sponsor/AMC the fund

92
 % of
total
busine
Business given ss
Rs. receive
d by
the
fund

Tata Securities Group 2022-

Tata Ltd. Company 2023 800 - 1 -
Arbitrage
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 40,07,23,464 0.97 18,53,582 0.79

Tata Securities Group 2022-

Ltd. Company 2023 20,64,911 0.01 7,364 -
Hetal Akhil Relative of 2022-
Tata Mittal Employee 2023 2,99,985 - 26,585 -
Balanced
Advantage Tata Capital
Fund Financial Group 2022-
Services Ltd. Company 2023 19,05,20,636 0.72 42,02,863 0.56
DCB Bank Group 2022-
Ltd. Company 2023 74,996 - 50,460 0.02

Tata Securities Group 2022-

Tata Banking Ltd. Company 2023 18,499 - 34 -
& PSU Debt
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 53,44,733 0.35 1,61,102 2.83

Tata Securities Group 2022-

Tata Banking Ltd. Company 2023 5,28,274 0.01 31,872 0.02
& Financial
Services Tata Capital
Fund Financial Group 2022-
Services Ltd. Company 2023 27,76,095 0.06 1,47,018 0.10

Tata Securities Group 2022-

Ltd. Company 2023 18,32,995 0.11 80,652 0.06
Tata Hetal Akhil Relative of 2022-
Business Mittal Employee 2023 - - 15,048 0.01
Cycle Fund
Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 9,61,538 0.06 6,36,597 0.45

Tata Securities Group 2022-

Tata Ltd. Company 2023 16,499 - 22,113 0.22
Corporate
Tata Capital
Bond Fund
Financial Group 2022-
Services Ltd. Company 2023 14,99,925 0.05 11,426 0.11
93
 Tata Securities Group 2022-
Ltd Company 2023 - - 3 -

Tata Crisil
Gilt Index
Fund April Tata Securities Group 2022-
2026 Ltd. Company 2023 1,04,995 - 89 0.01

Tata Securities Group 2022-

Ltd. Company 2023 6,08,05,985 0.18 9,24,472 0.21
Hetal Akhil Relative of 2022-
Mittal Employee 2023 11,999 - 54,700 0.01
Tata Digital
India Fund Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 3,99,51,935 0.12 9,55,074 0.22
DCB Bank Group 2022-
Ltd Company 2023 900 - 7 -

Tata Securities Group 2022-

Tata Ltd. Company 2023 8,75,971 0.10 47,673 0.05
Dividend
Tata Capital
Yield Fund
Financial Group 2022-
Services Ltd. Company 2023 9,33,042 0.11 12,81,793 1.45

Tata Securities Group 2022-

Tata Ltd. Company 2023 - - 4 -
Dynamic
Tata Capital
Bond Fund
Financial Group 2022-
Services Ltd. Company 2023 10,000 0.01 41 -

Tata Securities Group 2022-

Ltd. Company 2023 2,78,786 0.01 12,177 -
Hetal Akhil Relative of 2022-
Mittal Employee 2023 59,997 - 2,224 -
Tata Equity
PE Fund Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 1,23,61,781 0.23 14,61,866 0.37
DCB Bank Group 2022-
Ltd. Company 2023 69,997 - 8,121 -

Tata Securities Group 2022-

Ltd. Company 2023 73,132 0.02 15,351 0.22

Tata Equity Tata Capital

Savings Fund Financial Group 2022-
Services Ltd. Company 2023 38,978 0.01 2,826 0.04
DCB Bank Group 2022-
Ltd. Company 2023 - - 735 0.03

Tata Ethical 2022-

Fund Tata Sons Ltd. Sponsor 2023 - - 577 -
94
 Tata Securities Group 2022-
Ltd. Company 2023 86,46,997 0.17 2,62,803 0.21
Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 18,80,629 0.04 20,314 0.02
DCB Bank Group 2022-
Ltd. Company 2023 - - 2,441 -

Tata Securities Group 2022-

Ltd. Company 2023 2,20,240 0.01 4,895 -
Hetal Akhil Relative of 2022-
Mittal Employee 2023 4,79,976 0.01 20,239 0.01
Tata Flexi
Cap Fund Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 1,55,44,055 0.46 18,32,885 0.71
DCB Bank Group 2022-
Ltd Company 2023 10,000 - 209 -

Tata Securities Group 2022-

Ltd. Company 2023 2,77,014 0.01 916 0.01
Tata Floating
Rate Fund Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 10,99,945 0.03 9,211 0.13

Tata Fixed
Maturity Tata Capital
Plan Series Financial Group 2022-
56 Scheme F Services Ltd. Company 2023 - - 450 1.20

Tata Securities Group 2022-

Ltd. Company 2023 33,101 - 2,119 -
Hetal Akhil Relative of 2022-
Mittal Employee 2023 - - 10,878 0.01
Tata Focused
Equity Fund Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 67,92,410 0.34 9,42,062 0.55
DCB Bank Group 2022-
Ltd. Company 2023 - - 1,168 -

Tata Securities Group 2022-

Tata Gilt Ltd. Company 2023 - - 8,172 0.08
Securities
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 17,15,962 0.18 55,158 0.53

Tata Securities Group 2022-

Ltd. Company 2023 27,58,226 0.07 21,502 0.07

95
Tata Housing Tata Capital
Opportunities Financial Group 2022-
Fund Services Ltd. Company 2023 45,56,559 0.12 37,013 0.12

Tata Securities Group 2022-

Ltd. Company 2023 3,06,925 0.01 1,49,540 0.06

Tata Hybrid Tata Capital

Equity Fund Financial Group 2022-
Services Ltd. Company 2023 19,21,067 0.07 3,28,578 0.13
DCB Bank Group 2022-
Ltd. Company 2023 4,000 - 2,140 -

Tata Income Tata Securities Group 2022-

Fund Ltd. Company 2023 31,883 0.05 1,15,489 6.84

Tata Securities Group 2022-

Ltd. Company 2023 4,59,835 0.02 17,897 0.01
Tata India Hetal Akhil Relative of 2022-
Consumer Mittal Employee 2023 - - 14,610 0.01
Fund
Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 9,57,468 0.05 3,83,007 0.27

Tata Securities Group 2022-

Tata India Ltd. Company 2023 18,23,305 0.15 73,435 0.13
Pharma &
Healthcare Tata Capital
Fund Financial Group 2022-
Services Ltd. Company 2023 11,51,510 0.10 1,43,604 0.25

2022-
Tata Sons Ltd. Sponsor 2023 - - 153 -
Tata Securities Group 2022-
Ltd. Company 2023 20,47,899 0.05 56,115 0.02
Tata India Hetal Akhil Relative of 2022-
Tax Savings Mittal Employee 2023 5,55,972 0.01 14,858 0.01
Fund
Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 26,33,188 0.06 4,11,390 0.15
DCB Bank Group 2022-
Ltd. Company 2023 47,998 - 2,970 -

Tata Securities Group 2022-

Ltd. Company 2023 2,30,103 0.01 56,614 0.09
Tata Tata Capital
Infrastructure Financial Group 2022-
Fund Services Ltd. Company 2023 23,94,308 0.13 23,233 0.04
Tata Securities Group 2022-
Ltd Company 2023 - - 56 -

96
 DCB Bank Group 2022-
Ltd. Company 2023 6,000 - 17,517 0.06

Tata Securities Group 2022-

Ltd. Company 2023 5,01,162 0.01 2,87,339 0.09
Hetal Akhil Relative of 2022-
Tata Large & Mittal Employee 2023 1,79,991 - 4,416 -
Mid Cap
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 57,00,212 0.06 1,44,170 0.05
DCB Bank Group 2022-
Ltd. Company 2023 - - 25,121 0.02

Tata Securities Group 2022-

Ltd. Company 2023 3,64,835 0.01 1,71,567 0.16
Hetal Akhil Relative of 2022-
Mittal Employee 2023 2,59,987 0.01 8,980 0.01

Tata Large Tata Capital

Cap Fund Financial Group 2022-
Services Ltd. Company 2023 55,85,625 0.17 57,806 0.05
Tata Securities Group 2022-
Ltd Company 2023 - - 3 -
DCB Bank Group 2022-
Ltd. Company 2023 3,000 - 11,103 0.02

Tata Securities Group 2022- 47,40,50,41,132.

Ltd. Company 2023 27 2.84 36,30,099 16.93

Tata Liquid Hetal Akhil Relative of 2022-

Fund Mittal Employee 2023 - - 190 -
Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 38,78,79,376 0.02 2,02,538 0.94

Tata Medium Tata Securities Group 2022-

Term Fund Ltd. Company 2023 - - 10,293 0.34

Tata Securities Group 2022-

Ltd. Company 2023 2,62,742 0.01 24,538 0.01
Hetal Akhil Relative of 2022-
Tata Mid Mittal Employee 2023 54,997 - 1,446 -
Cap Growth
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 1,02,81,423 0.22 1,45,960 0.08
DCB Bank Group 2022-
Ltd. Company 2023 34,998 - 6,381 0.01

Tata Money Tata Securities Group 2022-

Market Fund Ltd. Company 2023 21,94,940 - 36,301 0.10

97
 Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 1,10,60,876 - 9,341 0.03

Tata Securities Group 2022-

Tata Multi Ltd. Company 2023 2,78,236 0.01 11,180 0.01
Asset
Opportunities Tata Capital
Fund Financial Group 2022-
Services Ltd. Company 2023 2,40,29,864 0.46 10,35,939 0.49

Tata Securities Group 2022-

Tata Ltd. Company 2023 45,44,525 0.02 5,109 0.02
Multicap
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 22,02,80,017 1.16 2,26,138 1.02

Tata Nifty G
Sec Index
Fund
December Tata Securities Group 2022-
2026 Ltd. Company 2023 12,499 - 4 0.02

Tata Nifty G
Sec Index
Fund
December Tata Securities Group 2022-
2029 Ltd. Company 2023 54,997 - 17 0.22

Tata Nifty 50 Tata Securities Group 2022-

Index Fund Ltd. Company 2023 1,98,540 0.01 1,961 0.05
(formerly Tata Capital
known as Financial Group 2022-
Tata Index Services Ltd. Company 2023 4,272 - 875 0.02
Fund - Nifty
Plan) DCB Bank Group 2022-
Ltd. Company 2023 - - 59 -

Tata Securities Group 2022-

TATA Nifty Ltd. Company 2023 42,80,389 0.96 9,867 2.05
India Digital
ETF Fund of Tata Capital
Fund Finanacial Group 2022-
Services Ltd Company 2023 5,000 - 16 -

Tata Nifty
Midcap 150
Tata Securities
Momentum
Ltd.
50 Index Group 2022-
Fund Company 2023 2,70,346 0.05 717 0.40

Tata Nifty Tata Securities Group 2022-

SDL Plus Ltd. Company 2023 3,000 - 29 -

98
AAA Psu
Bond Dec Tata Capital
2027 60 40 Financial Group 2022-
Index Fund Services Ltd. Company 2023 2,79,98,600 0.37 28,555 1.57

Tata Securities Group 2022- 508460669320.5

Tata Ltd. Company 2023 9 26.79 25,58,281 34.48
Overnight
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 1,01,155 - 4 -

Tata Securities Group 2022-

Ltd. Company 2023 12,899 0.02 212 -

Tata Quant Hetal Akhil Relative of 2022-

Fund Mittal Employee 2023 - - 294 0.01
Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 - - 34,312 0.73

Tata Securities Group 2022-

Tata Ltd. Company 2023 17,57,341 0.10 34,749 0.15
Resources &
Tata Capital
Energy Fund
Financial Group 2022-
Services Ltd. Company 2023 86,776 0.01 21,939 0.09

Tata Securities Group 2022-

Tata Ltd. Company 2023 49,498 0.02 25,388 0.15
Retirement Tata Capital
Savings Financial Group 2022-
Fund- Services Ltd. Company 2023 - - 12,835 0.08
Conservative
DCB Bank Group 2022-
Ltd. Company 2023 - - 297 -

TATA Tata Securities Group 2022-

Retirement Ltd. Company 2023 56,997 - 655 -
Savings
Tata Capital
Fund-
Financial Group 2022-
Moderate
Services Ltd. Company 2023 26,21,848 0.18 15,326 0.01

Tata Securities Group 2022-

Tata Ltd. Company 2023 5,79,371 0.03 9,324 0.01
Retirement Tata Capital
Savings Financial Group 2022-
Fund- Services Ltd. Company 2023 2,14,989 0.01 1,02,845 0.06
Progressive
DCB Bank Group 2022-
Ltd Company 2023 - - 43 -

Tata S&P Tata Securities Group 2022-

BSE Sensex Ltd. Company 2023 1,53,942 0.01 1,563 0.10

99
 Index Fund
(formerly
known as
Tata Index Tata Capital
Fund - Financial Group 2022-
Sensex Plan) Services Ltd. Company 2023 26,264 - 1,380 0.09

Tata Securities Group 2022-

Tata Short Ltd. Company 2023 - - 4,547 0.01
Term Bond
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 7,13,744 0.01 3,878 0.01

Tata Securities Group 2022-

Ltd. Company 2023 44,28,267 0.03 36,718 0.02
Hetal Akhil Relative of 2022-
Mittal Employee 2023 9,49,953 0.01 3,011 -
Tata Small
Cap Fund Tata Capital
Financial Group 2022-
Services Ltd. Company 2023 90,50,521 0.06 3,15,939 0.14
DCB Bank Group 2022-
Ltd. Company 2023 - - 438 -

Tata Securities Group 2022-

Ltd. Company 2023 3,38,352 - 68,300 0.25
Tata
Treasury Tata Capital
Advantage Financial Group 2022-
Fund Services Ltd. Company 2023 1,760 - 156 -
DCB Bank Group 2022-
Ltd. Company 2023 11,462 - 160 -

Hetal Akhil Relative of 2022-

Tata Ultra Mittal Employee 2023 49,998 - 38 -
Short Term
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 1,49,27,723 0.04 2,200 -

Tata Securities Group 2022-

Tata Young Ltd. Company 2023 - - 4,09,568 4.60
Citizens
Tata Capital
Fund
Financial Group 2022-
Services Ltd. Company 2023 - - 5,570 0.06

Commission (Gross) data (amount and % figures) also includes the payment of brokerage on business provided by the associates in previous year for
which payment has been made in the reporting year.

e) Policy regarding investment in Group Companies:

As per SEBI (Mutual Funds) Regulations 1996, the Fund shall not make any investments in any un-listed securities of associate / group companies
of the Sponsors. The Fund will also not make investment in privately placed securities issued by associate / group companies of the Sponsors.
The Fund may invest not more than 25% of the net assets in listed securities of Group companies.
100
 Aggregate market value of investments in group companies / associate of the sponsors and AMC by all schemes:

Period Investment made (market value) in Associate Companies (Rs. In crore) % of total AUM of the Fund
2019-2020 1885.71 4.66
2020-2021 3460.36 5.78
2021-2022 6544.97 7.52
2022-2023* 5861.23 5.89

* As on March 31, 2023 Unaudited data.

f) Details of investments by the Fund in group companies in excess of 25% of the net assets: Nil
g) Name of the Associates of the sponsor or the AMC with which the Mutual Fund proposes to have dealing, transactions and those whose
services may be used for marketing and distributing the schemes and the commissions that may be paid:
At present the fund will/is utilizing services of following associate entities and brokerage and commissions paid/payable to them are competitive:

For Distribution of Schemes’ units For Securities Transactions

Tata Capital Ltd Tata Securities Ltd

Tata International Ltd -
Tata Securities Ltd -
Tata Sons Ltd -
Tata Capital Financial Services Ltd -

Documents Available for Inspection

The following documents will be available for inspection at the office of the Mutual Fund at Head Office during business hours on any day (excluding
Saturdays, Sundays and public holidays):
• A copy of Memorandum and Articles of Association of the AMC
• A copy of Investment Management Agreement
• A copy of Trust Deed and amendments thereto, if any
• A copy of Mutual Fund Registration Certificate
• A copy of Agreement between the Mutual Fund and the Custodian
• A copy of Agreement with Registrar and Share Transfer Agents
• A copy of Consent of Auditors to act in the said capacity
• A copy of Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments from time to time thereto.
• Indian Trusts Act, 1882.

Conflict of interest

The Trustee Company, the Asset Management Company, the Custodian, the Registrar, any Associate, any Distributor, Dealer, other companies within
the Tata group, etc. may from time to time act (individually and / or jointly) as manager, custodian, registrar, administrator, investment adviser, distributor
or dealer or agent or marketing associate, respectively in relation to, or be otherwise involved in, other Schemes / Funds / Activities (in the same or
different capacity) (to the extent permitted under various relevant Regulations), which may have similar investment objectives to those of the Scheme/
Fund. The Asset Management Company, may for example, make investments for other permitted business activities or on its own behalf without making
the same available to the Scheme / Fund. The Asset Management Company/Trustee Company will, at all times, have regard in such event to its
obligations to act in the best interests of the Scheme / Fund so far as is practicable, having regard to its obligations to other permitted business activities
and will ensure that such transactions are conducted with / by the Scheme / Fund purely on commercial terms / on an arm’s length basis as principal to
principal.
TAMPL may, utilise the services of the Companies stated in the clause “Associate Transactions” (& to whom selling commission has been paid/provided
for their marketing efforts in mobilising subscription for the units of the previous schemes of the Fund)and/or the Sponsors, Associates, other Companies
within the TATA group, Employees or their relatives, etc. for the purpose of any securities transactions & distribution & sale of Units / securities, provided
that any deal in securities through any broker associated with the Sponsors should not be beyond 5% of the quarterly aggregate purchase & sale of
securities by TMF, as per SEBI Regulations & the brokerage or commission paid as per prevailing market practice and/or approved rates is disclosed
in the half yearly annual accounts of the Fund. TAMPL may, invest in Units of the Funds / Schemes in TMF (the existing Funds / Schemes including the
present Scheme & others as may be announced / launched from time to time), only after full disclosure of its intention to invest has been made in the
Offering Circulars. TAMPL shall not charge any fees on its investment in Units of the Funds / Schemes in TMF.
TAMPL shall not act as a Trustee of any Mutual Fund and shall not undertake any business activities except activities in the nature of management and
advisory services provided to pooled assets including offshore funds, pension funds, provident funds, insurance funds, , if any of such activities are
not in conflict with the activities of the mutual fund. Provided that TAMPL may itself or through its subsidiaries undertake such activities if it satisfies
SEBI to undertake such activities as permitted under clause (b) of Section 24 of SEBI (Mutual Fund) Regulations, 1996.

Investor Grievances Redressal Mechanism

Investors may contact the ISCs (Investor Service Centres) or the office of the AMC for any queries / clarifications. The Head Office of the AMC will
follow up with the respective ISC to ensure timely redressal and prompt investor services.

Year wise breakup of Investor Complaints:

Up to Opening Balance Complaints Received Total Complaints Attended Complaints Balance

101
 31/03/2021 00 108 108 105 03
31/03/2022 03 107 110 109 01
31/03/2023 01 93 94 91 03
As on 31/5/2023 outstanding complaints(numbers): 02

Status of Redressal of Investor Complaints for the period April '2022 to June '2022

(a) No. of Action on (a) and (b)

Complaints Resolved Pending
(b) No. of
pending at
Type of Complaints
the Within 30- 60- Beyond Non
Complaint received 0-3 3-6 6-9 9-12
beginning 30 60 180 180 Actionable*
during the months months months months
of the days days days days
period
period
SEBI 0 0 0 0 0 0 0 0 0 0 0
AMC/Registrar 1 25 26 0 0 0 0 0 0 0 0
Total 1 25 26 0 0 0 0 0 0 0 0

Status of Redressal of Investor Complaints for the period July '2022 to September '2022

(a) No. of Action on (a) and (b)

Complaints Resolved Pending
(b) No. of
pending at
Type of Complaints
the Within 30- 60- Beyond Non
Complaint received 0-3 3-6 6-9 9-12
beginning 30 60 180 180 Actionable*
during the months months months months
of the days days days days
period
period
SEBI 0 0 0 0 0 0 0 0 0 0 0
AMC/Registrar 0 13 13 0 0 0 0 0 0 0 0
Total 0 13 13 0 0 0 0 0 0 0 0

Status of Redressal of Investor Complaints for the period October '2022 to December '2022

(a) No. of Action on (a) and (b)

Complaints Resolved Pending
(b) No. of
pending at
Type of Complaints
the Within 30- 60- Beyond Non
Complaint received 0-3 3-6 6-9 9-12
beginning 30 60 180 180 Actionable*
during the months months months months
of the days days days days
period
period
SEBI 0 2 2 0 0 0 0 0 0 0 0
AMC/Registrar 0 24 22 0 0 0 0 2 0 0 0
Total 0 26 24 0 0 0 0 2 0 0 0

Status of Redressal of Investor Complaints for the period January '2023 to March '2023

(a) No. of Action on (a) and (b)

Complaints Resolved Pending
(b) No. of
pending at
Type of Complaints
the Within 30- 60- Beyond Non
Complaint received 0-3 3-6 6-9 9-12
beginning 30 60 180 180 Actionable*
during the months months months months
of the days days days days
period
period
SEBI 0 1 0 0 0 0 0 1 0 0 0
AMC/Registrar 2 31 30 0 0 0 0 3 0 0 0
Total 2 32 30 0 0 0 0 4 0 0 0

Status of Redressal of Investor Complaints for the period April '2023 to May '2023

(a) No. of Action on (a) and (b)

SUMMARY complaints
Resolved Pending

102
 pending at (b) No. of Within 30- 60- Beyond 0-3 3-6 6-9 9-12
the Complaints 30 60 180 180 Non months months months months
beginning received days days days days Actionable
of the during the *
period period
SEBI 1 0 0 0 0 0 1 0 0 0

AMC/Registrar 3 13 13 0 0 0 0 0 0 0

Total 4 13 13 0 0 0 1 0 0 0

Data on complaints is being regularly placed before the Board of Directors of Tata Asset Management Pvt Ltd & Tata Trustee Company Pvt Ltd. on a
Quarterly basis.

Notwithstanding anything contained in this Statement of Additional Information, the provisions of the SEBI (Mutual Funds) Regulations, 1996
and the guidelines thereunder shall be applicable.

***** ***** ***** ***** ***** ***** ***** *****

103
Investor Service Centres - AMC OFFICES Call Free : (022) 6282 7777 (Monday to Saturday 9:00 am to 5:30 pm)

West Zone:
Aurangabad: Plot No 66, Bhagya Nagar, Near S T Office, Kranti Chowk Police Station to Employment Office Road, Aurangabad - 431001.
Tel: (0240) 2351591/90. Ahmedabad: 402, ‘Megha House’, Mithakhali - Law Garden Road, Netaji Marg, Ahmedabad - 380 006. Tel.: 079
- 26466080 / 40076949. Bhopal: MF-12, Block-A, Mansarovar Complex, Near Habibganj Railway Station, Bhopal - 462 016. Tel.: 0755 -
2574198 / 4209752. Borivali: Shop No. 1 and 2, Ground Floor, Ganjawalla Residency, Ganjawalla Lane, Borivali West, Mumbai - 400092.
Tel.: 022- 28945923 / 8655421234. Goa: F- 4, 1st Floor, Edcon Tower, Next to Hotel Salida Del Sol, Near Apple Corner, Menezes Braganza
Road, Panaji - Goa - 403 001. Tel.: 7888051135, Fax: 0832-2422135. Gurgaon: Unit No. 209, 2nd Floor, Vipul Agora Mall, Sector 28, M. G.
Road, Gurgaon - 122 001. Indore: 204, D.M. Tower, Race Course Road, Near Zanjeerwala Chourha, Indore - 452 003. Tel.: 0731-4201806,
Fax 0731-4201807. Jabalpur: Office No. 4, 1178, Napier Town, Home Science College Road, Jabalpur - 482 001(M.P.). Tel.: 0761-4074263
Kolhapur: Gemstone Building, Ground Floor, Opposite Parikh Pool North Side, Near Central Bus Stand, Kolhapur - 416001, Maharashtra.
Mumbai: Mulla House, Ground Floor, 51, M. G. Road, Near Flora Fountain, Mumbai - 400 001. Tel: 022- 66505243 / 66505201, Fax:
022- 66315194. Nagpur: 104, Shivaji Complex, Near Times of India, Dharampeth, WHC Road, Nagpur - 440 010, Tel.: 0712 - 6630425 /
6502885. Nashik: 5, Samriddhi Residency, Opp Hotel City Pride, Tilakwadi, Nashik - 422 002. Tel.: (0253) 2959098, Fax: 0253-2579098.
Navsari: Shop No.1, Swiss Cottage, Ashanagar Main Road, Navsari - 396 445. Tel: 02637 - 281991. Pune: Kohinoor B-Zone, Shop no. 110,
1st Floor, Old Mumbai-Pune Highway, Near Pimple Petroleum, Above Maharashtra Electronics, Pimpri, Pune - 411 017. Tel.: 020-41204949 /
950. Rajkot: 402, The Imperia, Opp. Shastri Maidan, Limda Chowk, Rajkot - 360 001. Tel: (0281) 2964848 / 849 Surat: G-18, Ground Floor,
ITC Building, Near Majuragate, Ring Road, Surat – 395 002. Tel.: 0261 - 4012140, Fax: 0261-2470326. Thane: Shop No. 9, Konark Tower,
Ghantali Devi Road, Thane (West) - 400 602. Tel.: 022 – 25300912. Vadodara: Emerald One, 314, 3rd Floor, Jetalpur Main Road, Before
Jetalpur Bridge, Jetalpur, Vadodara - 390 007. Tel.: (0265) 2991037, Fax: 0265-6641999.
East Zone:
Bhubaneswar: Room-309, 3rd Floor, Janpath Tower, Ashok Nagar, Bhubaneswar - 751009. Tel.: 0674 -2533818/ 7064678888. Dhanbad:
Shriram Plaza, 2nd Floor, Room No.202 (B), Bank More, Jharkhand, Dhanbad - 826 001. Tel.: 0326-2300304 / 9234302478. Durgapur:
8C, 8th Floor, Pushpanjali, C-71/A, Saheed Khudiram Sarani, City Centre, Durgapur - 713 216. Tel: (0343) 2544463/65. Guwahati: Jain
Complex, 4th Floor, Beside Axis Bank, G. S. Road, Guwahati - 781005. Tel: (0361) 2343084. Jamshedpur: Voltas House, Mezzanine Floor,
Main Road Bistupur, Jamshedpur - 831001. Tel.: 0657-2321302 / 363 / 6576911. Kolkata: Apeejay House, Ground Floor, 15, Park Street,
Kolkata - 700016. Tel.: (033) 44063300/3301/3331/3319. Fax: 033-4406 3315. Patna: 301, 3rd Floor, Grand Plaza, Frazer Road, Patna
- 800 001. Tel.: (0612) 2216994. Raipur: Shop No. S-10, 2nd Floor, Raheja Tower, Near Fafadhi Chowk, Jail Road, Raipur (Chhattisgarh)
492001. Tel.: 0771-4040069 / 6537340. Ranchi: 406 - A, 4th Floor, Satya Ganga Arcade, Sarjana Chowk, Lalji Hirji Road, Ranchi - 834001.
Tel.: 0651-2210226 / 8235050200.
North Zone:
Ajmer: 02 Floor, Agra Gate Circle, P. R. Marg, Ajmer - 305 001. Tel: (0145) 2625316. Agra: Unit No. 2, 1st Floor, Block No. 54, Prateek
Tower Commercial Complex, Sanjay Place, Agra| - 282002. Tel.:- 0562-2525195. Allahabad: Shop No. 10, Upper Ground Floor, Vashistha
Vinayak Tower, Tashkand Marg, Civil Lines, Allahabad -211 001. Tel.:- 0532-2260974. Amritsar: Mezzanine Floor, S.C.O – 25, B Block,
District Shopping Complex, Ranjit Avenue, Amritsar – 143 001. Tel.: 0183-5011181/5011190. Chandigarh: SCO - 2473-74, 1st Floor,
Sector- 22C, Chandigarh - 160 022. Tel.: 0172-5037205/5087322, Fax: 0172 - 2603770. Dehradun: Shop No. 19, Ground Floor, Shree
Radha Palace, 78, Rajpur Road, Dehradun – 248 001, Uttarakhand. Tel.: 0135-2740877 / 2741877. Jalandhar: Shop No.32, 5th Floor,
City Square Building, Near Kesar Petrol Pump, Jalandhar - 144 001, Tel.: 0181 - 5001024/25. Jaipur: Office Number 52-53, 1 Floor, Laxmi
Complex, Subhash Marg, M.I. Road Corner, C Scheme, Jaipur - 302 001. Tel.: 0141 - 5105177 / 78 / 2389387, Fax: 5105178. Jodhpur:
Sanskriti Plaza, 840, Mezzanine Floor, Devendra Singhvi Marg, Opp. HDFC Bank, 9th Chopasani Road, Sardarpura, Jodhpur - 342003. Tel:
(0291) 2631257. Kanpur: 4th Floor, Office No. 412 - 413, KAN Chambers, 14 / 113, Civil Lines, Kanpur - 208 001. Tel.: 0512-2306065 /
6066, Fax: 0512 - 2306065. Lucknow: 11 B & 12, Ground Floor, Saran Chamber II, Vikramaditya Marg, 5 Park Road, Lucknow - 226001.
Tel: (0522) 4001731 / 4308904 Ludhiana: Cabin No. 201, 2nd. Floor, SCO 18, Opp Ludhiana Stock Exchange, Feroze Gandhi Market,
Ludhiana - 141 001. Tel.: 0161-5089667 / 668, Fax: 0161-2413498. Meerut: G-13, Rama Plaza, Near Bachha Park, Western Kutchery
Road, Meerut (U.P.) – 250 001. Tel.: 0121-4035585. Moradabad: Ground Floor, Near Hotel Rajmahal, Civil Lines, Moradabad – 244 001,
Tel.: 0591-2410667. New Delhi: Flat No. 506 - 507, Kailash Building, 26, Kasturba Gandhi Marg, Connaught Place, New Delhi - 110001.
Tel.: 011-66324101/102/103/104/105, Fax: 011-66303202. Udaipur: Office No - 4, 2nd Floor, Madhav Appartment, Opp GPO, Chetak
Circle, Udaipur - 313 001. Tel.: 0294-2429371, Fax: 0294-2429371. Varanasi: D-64/127, 2nd Floor, C-H Arihant Complex, Sigra, Varanasi
- 221010 Tel.: 0542-2222179 / 2221822.
South Zone:
Bengaluru: 91, Springboard Business Hub Private Ltd. Gopala Krishna Complex, 45/3, Residency Road, MG Road, Shanthala Nagar, Ashok
Nagar, Bengaluru, Karnataka 560025. Tel.: 080 45570100. Fax: 080-22370512. Chennai: 3rd Floor, Sri Bala Vinayagar Square, No.2, North
Boag Road, Near AGS Complex, T Nagar, Chennai - 600 017. Tel.: 044 - 48641878 / 48631868 / 48676454. Fax: 044-43546313. Cochin:
2nd Floor, Ajay Vihar, Near Hotel Avenue Regent, M. G. Road, Cochin - 682 016. Tel.: 0484-4865813 / 814 / 815. Fax: 0484 - 2377581.
Coimbatore: Tulsi Chambers, 195-F, Ground Floor, West T V Swamy Road, R S Puram, Coimbatore – 641002. Tel.: 0422-4365635, Fax:
2546585. Hyderabad: 1st Floor, Nerella House, Nagarjuna Hills, Above Kotak Mahindra Bank, Punjagutta, Hyderabad - 500082. Tel.:
040-67308989 / 8901 / 8902. Fax: 040-67308990. Hubli: No 19 & 20, 1st Floor, Eureka Junction, T B Road, Hubli – 580029. Tel.: 0836
- 4251510 Fax: 4251510. Kottayam: CSI Ascention Square, Logos Junction, Collectorate P. O., Kottayam - 686 002. Tel.: 0481 2568450.
Mangalore: Essel Towers, 1st Floor, Bunts Hostel Circle, Above UTI Bank, Mangalore - 575 003. Tel.: 0824 - 4260308. Madurai: 1st Floor,
Old No. 11B, Opp. Sethupathy Higher Secondary School, North Veli Street, Madurai – 625 001. Tel.: 0452-4246315 Fax: 0452-4246315.
Mysore: CH-16, 1st Floor, Prashanth Plaza, 4th Main, 5th Cross, Saraswathipuram, Mysore - 570009. Tel.: 0821 - 4246676 Fax: 4246676.
Salem: Kandaswarna Shopping Mall, First Floor, 1/194/4, Saradha College Main Road, Fairlands, Salem - 636016, Tamil Nadu. Tel: (0427)
4042028. Thrissur: 4th Floor, Pathayappura Buildings, Round South, Thrissur - 680 001. Tel.: 0487 - 2423330. Trivandrum: Ground Floor,
Sai Kripa Building, TC-1956/3, Ganapthi Temple Road, Vazhuthacaud, Trivandrum – 695 014. Tel.: 0471 - 4851431. Trichy: C-53/4, Sky
Tower, 4th Floor, 5th Cross, Thillai Nagar, North East, Trichy - 620018. Tel.: (0431) 4024060. Vijaywada: D No: 38-8-42, Plot No - 303,
White House Complex, 3rd Floor, M G Road, Vijayawada - 520010, Tel: (0891) 2503292. Visakhapatnam: Door No: 47-15-13/35, Navaratna
Jewel Square, Shop No. 7, 3rd Floor, Near Khajana to Jyothi Book Depot Station Road, Dwarakanagar, Visakhapatnam - 530016, Tel: (0891)
2503292.