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Personal Finance 13

Q&A
Taxation

Why Buy NCDs? Get Them for a Discount

Some of the NCDs announced recently are now available at a discount in the secondary market
PRASHANT MAHESH

The Financial Week

MON TUE WED THU FRI GROWTH INVESTING INCOME INVESTING INSURANCE FINANCIAL PLANNING REAL ESTATE & SPENDING

NCDs Quoting at a Discount

Company IIISL-N4 L&TFINANCE-N5 IIISL-N1 Yield (%) 14.02 13.92 12.96 12.68 12.32 12.06 11.92 11.54 11.35 11.31 Duration 3.92 1.37 2.61 3.28 3.97 2.26 3.90 2.27 3.22 3.21 LTP (`) 937.05 974.99 980.12 978.00 990.00 995.38 990.00 999.95 971.00 980.00 Volume 8276 343 404 55 101 520 35 9914 38 10
SOURCE EDELWEISS.IN

VAIBHAV SANKLA
Executive director, Adroit

Factor in the Tax Outgo while Calculating NCD Returns

Check the yield to maturity before buying nonconvertible debentures (NCDs) NCDs could be illiquid. Buy them with an objective of holding till maturity Look at the duration of the NCDs and also if there are any put or call options Interest income on NCDs is taxable. Take that into account while computing your returns Just because NCDs offer high returns, dont go overboard when buying them

low coupon rates, continue to trade at a premium because they are not frequent bond market visitors, the fund manager says. The SBI N5 series, with a coupon rate of 9.95%, trades at `10,800, a premium of `800 to its . . offer price.
IS THE YIELD ATTRACTIVE?

sense to buy a paper maturing beyond that time. The L&T Finance N5 paper will give you a 13.92% yield, if you do not need money in 2013, but then there is the reinvestment risk. Retail investors would do well to buy paper with an objective of holding it to maturity, says Pankaj Jain.
LOOK OUT FOR PUT AND CALL OPTIONS

CASH GIFT FOR BUYING PROPERTY What will be the tax implication if my daughter invests a cash amount gifted by me in a flat? The flat will be for self-occupation; there will be no income from it. SC SACHDEVA
The income from the self-occupied house will be considered as nil. Consequently, there will be no tax implication for either of you.

GIFT OR LOAN? I intend to sell my property and invest a major portion of the receipts in another property. From the surplus amount, I plan to give `20 lakh each to my two sons. What will . be the tax implication for me and my sons if the amount is gifted and if it is loaned? What is the formality to gift the amount? TS CHHABRA
You can record the gift on a stamp paper. There will be no tax implications on the gift transaction. In case the amount is given as loan, the interest on the loan will be taxable in your hands. The deductibility of the interest expense for the sons would depend on its end use. For example, if the loan amount is utilised for purchasing a house, then the deduction on the interest payable on the loan can be claimed under section 24(b) of the Income-Tax Act, 1961.

ith equity markets in the doldrums, there is demand from investors for fixed income products. August saw back-to-back non-convertible debenture (NCD) issues from India Infoline Investment Services, Shriram City Union Finance, Mannapuram Finance and Muthoot Finance, with a fixed interest rate ranging between 11.5% and 12.25%. The NCD issue of Religare Finvest, which offers an even higher coupon rate of 12.5%, is currently on for subscription. After the initial public offering, all these NCDs get listed on the stock exchange. Hence, even after the issues close, investors have the opportunity to buy the NCDs from the secondary market. In fact, today in the secondary market, some of these NCDs are available at a discount to their face value (see table). This means that these NCDs will give you a higher yield compared with what was on offer at the time of the issue.

IIISL-N2 SHRIRAMCIT-N2 SRTRANSFIN-NC SRTRANSFIN-NN SRTRANSFIN-ND SRTRANSFIN-N7 SRTRANSFIN-N6

As on 9th September 2011; LTP = Last Traded Price

The secondary market price (of an NCD) is determined by various factors such as companys outlook, financial strength, liquidity in the secondary market, demand and supply of the particular issue, coupon rate, duration of the bond, etc. Rajaraman, CFP and advisor, fundsindia.com

A 12% to 14% yield is very tempting (see table) for investors, but financial planners advise investors to do their due diligence before putting their money in NCDs. That is because NCDs are illiquid and their trading volumes are thin. This means that if you want to buy a higher quantity, you may have to pay a higher price. So what should retail investors do? A buyer in the secondary market looking to hold the bond till maturity should look at the YTM (yield to maturity) and the rating of the bond, says Ramalingam K, director and chief financial planner, Holistic Investment Planners
CHECK THE QUALITY OF PAPER

UPNESH

THE REASONS FOR A DISCOUNT

NHAI, REC BONDS Is the amount received on redemption of NHAI, REC bonds taxable in the hands of the assessee if the amount invested was from the sale of capital asset, if the investment was for tax-saving purpose and if I have already paid tax on the interest from the bonds when the interest was due? ASHISH DUGGAL
The principal amount received on the redemption of NHAI or REC bonds is not taxable.

Analysts cite many reasons why NCDs trade at a discount. The secondary market price is determined by various factors such as companys outlook, financial strength, liquidity in the secondary market, demand and supply of the particular issue, coupon rate, duration of the bond, etc, says Rajaraman, certified financial planner and advisor, fundsindia.com. The major reason for a bond to quote at a discount is a change in

the interest rate scenario. Interest rates and bond prices are inversely related, so when the interest rates go up, bond prices fall. If the coupon rate on a bond is lower than the prevailing interest rates, the market price of a bond falls. Now take the case of L&T Finance's N5 series bond. It is a 36month bond issued in March 2010, with a coupon of 8.4%. But, . now, it is quoting at `975, which means the effective yield for an investor would be 13.92%. As the rates have been on a continuous rise since March 2010, the bond price of L&T Finance N5 series has been aligning itself to the current interest rates of similar trading papers. Since March 2010, the RBI has raised interest rates 11 times.

Hence, now, the bond has a mere 18 months left for maturity; it matures in March 2013. There are a set of investors who feel that interest rates are high today and close to their peaks. They , therefore, want to lock their investments in high interest rate bonds with longer maturity . Some investors are switching out from low coupon paying bonds and investing the proceeds in high coupon paying bonds with a longer tenure of five years and above, says Ajay Manglunia, SVP fixed , income, Edelweiss Capital. Another reason for a discount is the risk aversion of investors post the credit crisis in the US. After the downgrade of US by S&P and the worries in Europe, the risk appetite has gone down

especially for NBFCs and those having exposure to broking or real estate, says Pankaj Jain, fund manager, Taurus Mutual Fund. This could probably explain why the NCDs of India Infoline Securities trades at a discount. Last but not the least, successive issuances from the same company lead to a discount. That may explain the discount on the NCDs of Shriram Transport Finance, which has been tapping the NCD market regularly . Once investors know that the company is going to tap the markets regularly there is lower de, mand for the issues of that company , which explains the discount, says a fund manager, who did not want to be named. Companies like SBI, despite their

NCDs are rated by credit-rating agencies. Rating gives you an idea of a companys financial strength and its capability to repaying debt on time. So, while an NCD of SBI was rated AAA, indicating highest degree of safety with regards to timely repayment of principal and interest, the NCDs from issuers like Muthoot Finance and Mannapuram Finance were rated AA-, indicating high degree of safety. One also needs to remember that ratings can change from time to time. Any downgrade in rating could lead to lower returns
THE DURATION IS IMPORTANT

A put option means the investor has the option to sell the NCD back to the issuer at particular time, while a call option means the company has the option to repay the NCD money before it matures. In a rising interest rate scenario, a put option will work in the investors favour while in a falling interest rate scenario, it will work in the companys favour. The first issue of Tata Capital launched two years ago had a put and call option at the end of 36 months and the 5-year bond of Shriram Transports issue in June had a put and call option at the end of four years. However, the issues of Muthoot Finance and Mannapuram finance did not have the put and call options.
INVEST AS PER YOUR ASSET ALLOCATION PLAN

All NCDs are different products maturing at different times. While the L&T Finance N5 paper matures in March 2013, an SBI N5 matures in March 2026. If you need money to meet a goal in say 2013, it would not make

Do not go overboard in buying NCDs just because they offer you a higher yield. Most NCD offerings are from NBFCs that carry higher risk due to their very nature of business. Do not invest more than 10-15% of your fixed income portfolio in NCDs. Even that amount should be spread across at least 2-3 companies, says Anup Bhaiya, MD and CEO, Money Honey Financial Services.
prashant.mahesh@timesgroup.com TOMORROW With Terror Strikes on the Rise, Would Terrorism Cover Make Sense?

NPS WITHDRAWALS I have invested in both the tier 1 and tier 2 options of the NPS. What is the tax implication on withdrawals from the tier 2 account within a year and after a year of subscription? Is tax payable on dividends from fixed maturity plans? Is there any difference in the tax treatment on dividends from a scheme with 90-day tenure and a scheme with 13-month tenure? M SUBRAMANIAN
Any amount withdrawn (excluding the amount used for purchasing an annuity plan) from the NPS account is taxable under section 80CCD. As regards your question on FMPs, dividends are tax exempt in either case. But, you will be eligible to claim long-term capital loss on FMPs.

Keep off Trouble, Know the Difference Between Tax Planning & Tax Avoidance
Expert Take
Tax Act ,1961, so that the tax burden is minimised in the hands of the taxpayer without violating the legal provisions. For instance, tax planning can be done by investing in specified permissible avenues eligible for deduction under section 80C or investment in an SEZ unit. It is legitimate as the legislature intends optimum utilisation of these deductions and exemptions to promote economic activity in the country. Tax avoidance is reducing or negating tax liability in legally permissible ways by structuring ones affairs. Any such transaction would be valid only if it has commercial substance and is not a colourable device. The Supreme Court, in M/s McDowell and Co Ltd Vs Commercial Tax officer, 1985, (154 ITR 148(SC), held that for tax planning to be legitimate it must be within the legal framework and colourable devices cannot be part of tax planning. In deciding whether a transaction is a genuine or colourable device, it is open for the tax authorities to go behind the transaction and examine the substance and not merely the form. The recent Vodafone controversy is an attempt by the tax authorities in this direction. In the case of Vodafone, the shares of a foreign company were transferred by one nonresident to another non-resident where the only principal asset of the foreign company was shareholding in the underlying Indian company. The tax authorities, disregarding the corporate veil, treated the transfer of shares of the foreign company as effectively resulting in transfer of shares of the Indian company and taxed the capital gains arising on such transfer of shares in India. The contention of the tax authorities was upheld by the Mumbai High Court and the matter is now pending before the Supreme Court. Tax evasion is the method or means by which the tax is illegally avoided through unacceptable means. It refers to a situation where a person tries to reduce his tax liability by deliberately suppressing the income or by inflating the expenditure, recording fictitious transactions, etc. It is to be noted that the proposed Direct Tax Code (DTC) provides for general anti-avoidance rules (GAAR) to address the concerns of tax avoidance. The provisions of GAAR may be invoked by the commissioner of income-tax, wherein a taxpayer has entered into an arrangement to obtain tax benefit and such arrangement fulfils any one of the following conditions: I it is not at arms length; or I it represents misuse or abuse of the provisions of DTC; or I it lacks commercial substance; or I it is entered into or carried on in a manner not normally employed for bonafide business purpose. To avoid arbitrary application of GAAR, it is expected that the Central Board of Direct taxes will provide the threshold limit and the guidelines to specify the circumstances under which GAAR may be invoked. Accordingly the new rules under , DTC (ie, GAAR) shall have far-reaching implications on the transactions that lack commercial substance or represent abuse of tax provisions. As such, it is important for the taxpayers to understand the distinction between tax planning and tax avoidance to avoid unwarranted tax and penal consequences.

Wealth Tax
Primer
Wealth tax can be levied if an individuals wealth . crosses `30 lakh. It is taxed at 1% of the wealth.
WHO IS LIABLE TO PAY WEALTH TAX?

Suresh Surana FOUNDER

RSM Astute Consulting Group

Individuals, HUFs and companies (other than notfor-profit companies registered u/s 25 of the Companies Act, 1956) have to pay wealth tax.
INCLUSIONS

NSC MATURITY AMOUNT I had invested `70,000 in NSC in 2005 and . received `1,12,070 on its maturity. I have . not been showing the accrued interest during the last six years in my I-T returns. However, I have also not shown the investment amount for claiming exemption under Sec 80C in the year of investment. Can I show . the gain of `32,070 under capital gains and claim indexation benefit? If yes, what is the indexation benefit available? THIAGU
The accumulated interest will be taxed as income from other sources. This transaction does not give rise to any capital gains. Please refer to the Kerala High Court's judgment in the Dr RP Patel Vs Commissioner of Income Tax (2009) case on a similar issue.

Our expert guides you in matters relating to taxation. Email to etquerytax@indiatimes.com

The interface between tax planning and tax avoidance has been a constant subject matter of debate between taxpayers, tax authorities and judicial authorities. In the recent years, we have been witnessing a significant change in the approach of tax and judicial authorities across the globe, who are closely scrutinising transactions entailing reduction of taxes. Tax incidence can be reduced through tax planning, tax avoidance or tax evasion. To begin with, there is a thin line separating tax planning from tax avoidance. Legitimate tax planning may reduce the incidence of tax but impermissible tax avoidance may lead to tax and penal consequences. Tax planning may be defined as an arrangement of ones financial affairs to take full advantage of all eligible tax exemptions, deductions, concessions, rebates, allowances permitted under the Income-

I Residential house (including a guest house) and commercial building; I Jewellery gold and other , precious metals, including articles made of precious metals; I Yachts, boats and aircraft (other than those used by the taxpayer for commercial purposes); I Urban land; I Cash in hand in excess of `50,000 of individuals and . Hindu Undivided Families; I Motor cars (other than those used in taxpayers hiring business or used as stock-in-trade).
EXCLUSIONS

I Moneys and the value of assets brought into India by an Indian citizen or a PIO on his permanent relocation to India and the value of the assets acquired by him out of such moneys within a year immediately preceding the date of his return and at any time thereafter; I Any house which is occupied for the purposes of tax payers own business or profession; I Any residential property that has been let out for a minimum period of three hundred days in the financial year; I Any property in the nature of commercial complex/establishment. To check if you are liable to pay wealth tax, you have to compute the market value of your assets. If you are servicing a loan on your property, then the wealth tax payable is the net value minus the outstanding loan amount. For example, if the market val. ue of the property is `50 lakh and you are servicing . a loan of `35 lakh, then the . wealth tax is payable on `15 lakh. However, if you have rented the house for more than 300 days in one financial year, you are exempted from paying wealth tax on that property. The due date of filing wealth tax return is the same as the one for filing of return of income, which is July 31.

I One house or part of a house or a plot of land belonging to an individual or a Hindu Undivided Family; I A plot of land comprising an area of five hundred square metres or less;

MUTUAL FUNDS NAVs Heres a ready reckoner to track the day-on-day changes in your equity and balanced fund portfolio
SCHEME NAV %CHG -1.62 -1.62 -2.35 -2.31 -2.31 -1.69 -1.69 -2.09 -2.09 -2.10 -2.11 -2.10 -2.14 -2.12 -2.04 -2.12 -2.16 -1.82 -1.82 -1.82 -2.06 -2.04 -2.06 -2.05 -1.30 -1.29 -1.42 -2.23 -2.22 -1.47 -1.46 -1.45 -1.59 -1.58 -1.59 -1.59 SCHEME NAV %CHG -1.57 -2.01 -1.95 0.00 -1.95 -1.24 -1.22 -1.41 -1.41 -2.16 -2.19 -0.76 -0.74 -1.01 -1.03 -0.97 -0.80 -0.80 -1.74 -1.66 -1.70 -1.72 -1.39 -1.40 -1.74 -1.71 -1.69 -1.73 -1.56 -1.64 -2.74 -2.73 -1.06 -1.04 -1.01 -1.01 SCHEME DEUTSCHE Alpha Equity-D Alpha Equity-G Tax Saving -D Tax Saving -G NAV %CHG 14.80 67.99 11.12 11.89 -1.92 -1.93 -2.03 -2.06 -0.37 -0.35 -1.48 -1.50 -1.55 -1.49 -1.47 -1.49 -1.35 -1.36 -2.19 -2.16 -2.23 -2.21 -2.17 -1.67 -1.67 -1.63 -1.66 -2.79 -2.79 -1.57 -1.57 -1.78 -1.78 -1.95 -2.00 -1.58 -1.60 -2.10 -2.10 SCHEME Index BSE-G Index Nifty-D Index Nifty-G NAV %CHG 46.72 -2.14 39.08 -2.23 39.08 -2.23 -2.93 -0.04 -0.04 -0.09 0.00 -2.99 -2.39 -2.45 0.00 -2.22 -3.62 -2.20 -2.13 -1.96 -2.11 -2.14 -1.80 -1.84 -2.40 -2.41 -2.12 -2.13 -2.34 -2.35 -1.81 -1.81 -1.91 -1.92 -2.27 -2.27 SCHEME NAV %CHG -1.60 -1.60 -1.87 -1.88 -2.54 -2.55 -1.68 -1.71 -1.83 -1.84 -1.54 -1.53 -3.25 -3.30 0.09 0.00 -1.95 -0.47 -2.07 -2.07 -2.06 -2.19 -2.22 -2.21 -2.20 -1.87 -1.96 -1.95 -0.05 -0.03 -2.10 -2.06 -2.09 0.00 0.00 0.00 0.00 -2.11 -1.52 SCHEME NAV %CHG -1.52 -1.52 -2.29 -2.27 -2.33 -2.32 -2.32 -2.14 -2.38 -2.36 -2.23 -2.23 -2.30 -2.30 -2.90 -2.90 -2.71 -2.70 -2.73 -2.22 -2.27 -2.23 -1.40 -1.37 -1.40 -1.39 -1.85 -1.93 -1.85 -1.86 -1.88 -1.45 -1.45 -1.84 -1.83 -2.02 -2.01 -2.16 -2.18 SCHEME NAV %CHG SCHEME Sensex -G Sensex Adv-D Sensex Adv-G Tax -D Tax -G UL Insurance NAV %CHG 30.96 10.30 29.13 9.20 25.71 9.27 -2.12 -2.00 -1.99 -2.34 -2.24 -1.17 -3.01 -3.01 -1.95 -1.96 SCHEME NAV %CHG -2.12 -2.15 -2.15 -2.17 -2.25 -2.22 -2.52 -2.55 -2.06 -2.04 -2.18 -1.26 -1.26 -2.12 -2.21 -1.84 -1.81 -1.88 -1.88 -2.68 -2.68 -2.68 -2.72 -2.74 -2.70 -2.74 -2.74 -2.29 -2.25 -2.28 -2.29 -2.28 -2.78 -2.29 -2.29 -2.29 -0.15 -0.22 SCHEME NAV %CHG -2.31 -2.33 -2.32 -2.31 -2.31 -2.42 -2.42 -2.43 -2.43 -2.43 -2.00 -2.03 -2.00 -2.52 -2.51 -2.52 -1.71 -1.71 -1.71 -0.80 -0.79 -0.80 -2.63 -2.64 -2.64 -2.57 -2.54 -2.57 -2.56 -2.53 -1.75 -1.69 -1.45 -1.48 -1.95 -1.95 -1.95 -1.95 -1.95 SCHEME RELIGARE AGILE -D AGILE -G AGILE Tax-D AGILE Tax-G Arbitrage-D Arbitrage-G Banking-RtD Banking-RtG BusinessLead-D BusinessLead-G Contra -D Contra -G Equity -D Equity -G Growth-D Growth-G PSU Equity-D PSU Equity-G Tax Plan -D Tax Plan -G NAV %CHG 6.09 6.08 6.86 6.86 10.91 13.33 13.87 17.71 10.13 11.13 11.44 14.79 11.77 11.77 10.66 11.73 8.97 9.95 11.25 16.80 -0.81 -0.82 -0.87 -0.72 0.09 0.08 -2.53 -2.53 -1.84 -1.85 -1.63 -1.60 -1.67 -1.67 -1.84 -1.84 -1.32 -1.29 -1.40 -1.41 0.08 0.00 -1.85 -1.90 -0.69 -1.30 -1.30 -0.43 -0.39 -2.13 -2.11 -2.01 -2.02 -1.66 -1.66 -0.79 -2.99 -0.38 -0.38 SCHEME NAV %CHG -1.42 -1.44 -1.24 -1.23 -2.34 -2.33 -1.56 -1.56 -2.26 -2.22 -1.88 -1.84 -2.37 -2.38 -1.87 -1.87 -1.92 -1.92 -1.45 -1.45 -3.06 -3.04 -0.88 -0.87 -1.28 -1.30 -1.32 -1.25 -1.68 -1.69 -1.69 -1.69 -1.67 -1.68 -1.56 -1.60 -1.39 -1.39 -1.58 SCHEME NAV %CHG -1.58 -1.49 -1.48 -1.53 -1.51 -1.96 -1.94 -1.65 -1.61 -1.35 -1.31 -1.30 -3.07 -3.07 -3.05 -3.09 -2.14 -2.19 -2.28 -2.25 -1.60 -1.55 -2.07 -2.11 -1.93 -1.90 -1.74 -1.63 -1.62 -1.49 -1.46 -1.72 -1.80 -2.06 -2.07 -1.72 -1.72 -1.94 SCHEME BARODA PIONEER Balance -D 26.14 Balance -G 26.14 Elss 96 20.80 Growth -D 25.00 Growth -G 44.37 PSU Eqty-D 7.55 PSU Eqty-G 7.55 Pioneer Infra-D 7.98 Pioneer Infra-G 7.98 BHARTI AXA Equity Eco-B 15.82 Equity Eco-D 11.13 Equity Eco-G 15.82 Equity Eco-QD 10.06 Equity-B 15.70 Equity-D 11.07 Equity-G 15.70 Equity-QD 9.97 Focused Infra-D 8.64 Focused Infra-G 8.64 Focused InfraQD 8.64 Tax Advt Eco-D 10.96 Tax Advt Eco-G 20.14 Tax Advt-D 10.91 Tax Advt-G 20.02 BIRLA SUN 95 Pl.A -D 95 Pl.B -G Freedom Index -D Index -G 100.99 295.46 14.56 18.89 48.88 Eqty Taxsaver-G 24.52 Force-D 11.68 Force-G 12.54 Force-ID 10.00 Force-IG 12.57 Infrastr -D 16.76 Infrastr -G 21.04 Large Cap -D 9.79 Large Cap -G 9.79 Nifty -G 26.27 Nifty -I 17.43 DSP BLACKROCK Balanced -D 20.77 Balanced -G 63.16 Equity-D 45.21 Equity-G 15.39 Equity-IG 12.21 Focus 25-RD 9.87 Focus 25-RG 9.87 Micro Cap-D 9.01 Micro Cap-G 14.84 Opportun-D 25.43 Opportun-G 78.31 Small Midcap-D 14.18 Small Midcap-G 16.89 TIGER -D 15.22 TIGER -G 39.65 TIGER -ID 8.12 TIGER -IG 11.39 Tax Saver (D) 10.70 Tax Saver (G) 14.99 Tech.com-D 19.49 Tech.com-G 26.71 Top 100 -D 19.62 Top 100 -G 92.49 Top 100-ID 12.72 Top 100-IG 12.72 GOLDMAN SACHS Bank BeES 952.74 Deravative-D 1085.56 Derivative-G 1501.20 Eqty&Derv-D 11.16 Eqty&Derv-G 12.53 HangSeng BeES1198.93 Infra BeES 274.26 Junior BeES 99.95 Liquid BeES 1000.00 Nifty BeES 504.39 PSU Bank BeES 323.30 S&P CNX 500-D 10.65 S&P CNX 500-G 17.03 Shariah BeES 110.63 HDFC Cap Builder-D 21.77 Cap Builder-G 99.89 Core&Satell.-D 18.53 Core&Satell.-G 35.79 Equity -D 41.47 Equity -G 245.47 Growth -D 27.73 Growth -G 78.23 LT Advantage-D 32.57 LT Advantage-G124.51 Pre.MultiCap-D 13.60 Pre.MultiCap-G 26.59 TaxSaver -D 53.42 TaxSaver -G 210.25 Top 200 -D 40.52 Top 200 -G 187.15 Dynamic -D 9.20 Dynamic -G 9.20 Equity -D 23.03 Equity -G 91.55 Midcap Eqty-D 9.20 Midcap Eqty-G 17.21 Opportunities-D 15.20 Opportunities-G 32.26 TaxSaver Eqty-D11.83 TaxSaver Eqty-G12.83 ICICI PRUDENTIAL Balanced -D 15.33 Balanced -G 45.56 Bank & Fin-RtD 15.20 Bank & Fin-RtG 15.54 Blended A-D 11.61 Blended A-G 15.55 ChildCare Gift 52.40 ChildCare Study 29.78 Discovery -D 17.49 Discovery -G 43.48 Discovery FII-G 19.49 Dynamic -D 15.65 Dynamic -G 95.56 Dynamic -InstI 15.06 Dynamic-IG 8.90 EmergStar FII 12.06 EmergStar-D 14.54 EmergStar-G 29.20 FMCG -D 42.22 FMCG -G 78.13 Focused Eq.-IG 15.41 Focused Eq.-RtD 14.29 Focused Eq.-RtG 14.97 Inc Optimis-ID 11.78 Inc Optimis-IG 14.12 Inc Optimis-RtD 11.62 Inc Optimis-RtG 13.97 Index 46.43 IndoAsia Eq-ID 9.70 IndoAsia Eq-RtD 9.70 IndoAsia Eq-RtG 9.70 Infrastruc-D 10.24 Infrastruc-G 25.43 Infrastruc-IG 13.86 Nifty Jr-D 8.86 Nifty Jr-G 8.86 SPICE 174.43 Serv Inds-D 11.50 Serv Inds-G 15.29 Target Ret-RtD 12.26 Target Ret-RtG 12.26 Tax -D 17.01 Tax -G 126.63 Technology-D 14.41 Technology-G 14.41 Top 100 Inst IG 16.85 Top 100-D 12.59 Top 100-G 118.36 Top 200 Inst-I 27.73 Top 200-D 14.64 Top 200-G 98.63 Wealth Opti-RtD 12.00 Wealth Opti-RtG 13.71 ING INVESTMENT Balanced -D 16.89 Balanced -G 24.15 Contra-B 14.33 Contra-D 12.22 Contra-G 14.33 Core Eqty-D 15.87 Core Eqty-G 34.93 Div Yield -D 16.98 Div Yield -G 21.80 Domestic Opp-D 12.79 Domestic Opp-G 33.87 Midcap -D 15.50 Midcap -G 19.52 Nifty Plus -D 16.74 Nifty Plus -G 25.11 Tax Savings -B 27.44 -1.47 Tax Savings -D 13.52 -1.46 Tax Savings -G 27.40 -1.47 JM Arbitrage Adv-D 10.37 Arbitrage Adv-G 14.26 Balanced -D 14.92 Balanced -G 20.91 Basic -D 7.90 Basic -G 11.31 Equity -D 12.47 Equity -G 30.65 Multi Strat-D 10.66 Multi Strat-G 11.46 Tax Gain-D 5.87 Tax Gain-G 5.87 L&T Contra -Cum 9.19 Contra -D 9.19 Growth -Cum 34.88 Growth -QD 16.51 Hedged Eqty-Cum12.09 Hedged Eqty-D 8.59 MidCap-Cum 35.78 MidCap-D 18.18 Opportun R-QD 14.79 Opportun-Cum 37.54 TaxSaver-Cum 13.85 TaxSaver-D 12.87 LIC Balanced -D Balanced -G Equity -D Equity -G Growth-D Nifty -D Nifty -G Opportun.-D Opportun.-G Sensex -D 10.95 51.82 9.15 23.23 10.02 10.17 27.58 9.22 16.20 10.61 0.00 0.00 -1.45 -1.51 -2.71 -2.75 -2.35 -2.30 -2.65 -2.63 -2.33 -2.33 -2.03 -2.03 -2.10 -2.08 -2.42 -2.39 -2.03 -2.05 -2.05 -2.09 -2.05 -2.05 -1.53 -1.56 -2.24 -2.19 -2.24 -2.21 -2.16 -2.33 -2.35 -2.12 Emer Bluechip-D19.39 Emer Bluechip-G25.44 Growth -D 20.01 Growth -G 44.16 Index -D 19.94 Index -G 33.93 Infra&Service-D 10.83 Infra&Service-G 12.21 Large Cap -D 17.14 Large Cap -G 25.02 Personal TaxSav 82.96 Smart Eqty-D 9.44 Smart Eqty-G 9.44 Tax Savings 64.58 QUANTUM Index ETF LT Equity -D LT Equity -G Tax Saving-D Tax Saving-G 503.37 20.26 20.09 19.86 19.87 87.44 32.69 87.44 7.86 10.65 10.44 11.34 11.34 31.19 8.70 33.06 21.37 33.06 11.55 11.94 11.94 11.94 13.40 13.40 Growth -B 66.77 Growth -D 45.74 Growth -G 402.62 Growth ID 389.49 Growth IG-G 406.32 Infrastruc-ID 7.26 Infrastruc-IG 7.26 Infrastruc-RtB 7.24 Infrastruc-RtD 7.24 Infrastruc-RtG 7.24 Media&Entert-B 24.99 Media&Entert-D 15.46 Media&Entert-G 24.99 NRI Equity -B 34.36 NRI Equity -D 18.22 NRI Equity -G 34.36 Nat Res-D 9.75 Nat Res-GB 9.75 Nat Res-GG 9.75 Pharma -B 54.30 Pharma -D 37.77 Pharma -G 54.30 Power-D 32.92 Power-GB 57.97 Power-GG 57.97 Quant Plus-RtB 11.74 Quant Plus-RtD 9.59 Quant Plus-RtG 11.74 RegSav.Eqty-G 26.65 SaveEquity-D 18.91 Savings Bal-D 12.38 Savings Bal-G 20.37 TaxSaver ELSS-D13.61 TaxSaver ELSS-G19.34 Vision -B 40.25 Vision -D 35.19 Vision -G 239.12 Vision ID 216.15 Vision IG-G 239.53 Mag Bal -D 22.24 Mag Bal -G 45.17 Mag Comma-D 15.14 Mag Comma-G 22.42 Mag Equity-D 26.71 Mag Equity-G 39.76 Mag Global-D 26.48 Mag Global-G 56.31 Mag Index -D 21.64 Mag Index -G 42.24 Mag Midcap-D 16.74 Mag Midcap-G 21.83 Mag MultiCap-D 11.52 Mag MultiCap-G 15.16 Mag TaxGain93-D33.06 Mag TaxGain93-G54.16 One India -D 9.71 One India -G 9.71 PSU -D 8.85 PSU -G 8.85 SAHARA Bank & Fin-D 11.08 Bank & Fin-G 26.14 Growth -D 21.46 Growth -G 73.94 Infrastr FP-D 10.00 Infrastr FP-G 13.67 Infrastr VP-D 10.46 Infrastr VP-G 14.24 MidCap -D 12.85 MidCap -G 29.04 Midcap -B 29.04 Midcap Auto PO 29.04 Power&NatRes-D 9.99 Power&NatRes-G11.71 Star Value-D 10.12 Star Value-G 11.04 Super 20-D 10.67 Super 20-G 10.67 TaxGain 34.78 TaxGain -D 13.05 WealthPlus FP-D16.53 WealthPlus FP-G19.96 WealthPlus VP-D17.40 WealthPlus VP-G20.85 SUNDARAM BNP Balanced -App 43.47 Balanced -D 9.62 Capex Opp.-D 10.16 Capex Opp.-G 19.60 EntertainOpp-D 9.53 EntertainOpp-G 12.07 EntertainOpp-IG 12.18 Financial Opp-D 10.74 Financial Opp-G 16.76 Financial OppID 10.82 Financial OppIG 16.95 Growth -D 10.98 Growth -G 81.40 Leadership-D 11.58 Leadership-G 37.77 PSU (D) 9.25 PSU (G) 10.16 Rural India -D 10.41 Rural India -G 14.38 SMILE -D 10.15 SMILE -G 28.42 Select Focus-D 8.46 Select Focus-G 78.22 Select Focus-IG 79.38 Select MidCap-D 16.53 Select MidCap-G145.95 Tax Saver -D 9.15 TaxSaver -App 38.78 TATA Contra -App Contra -D Div Yield-App Div Yield-D Eqty P/E A5%-D 16.63 14.63 31.41 17.11 29.25 Equity Opport-D 18.78 Equity Opport-G 73.25 Equity PE -App 42.31 Equity PE -D 30.70 Growth -App 40.69 Growth -Bon App36.97 Growth -D 16.27 Index Nifty -A 29.49 Index Sensex -A 40.20 Index Sensex -B 13.15 Infrastruc-App 27.91 Infrastruc-D 18.39 LifeSci&Tech-D 31.88 LifeSci&Tech-G 63.43 MidCap -App 16.23 MidCap -D 13.94 Pure Equity -G 89.50 Pure Equity-D 33.67 Select Eqty -D 39.58 Select Eqty-G 61.26 Service Ind-App 20.68 Service Ind-D 15.43 Tax Saving 43.66 UTI Auto -G 26.41 Auto -IR 13.22 Banking -G 36.20 Banking -IR 16.68 Contra -G 11.39 Contra -IR 10.51 Div Yield -G 30.24 Div Yield -IR 13.40 Energy-G 9.83 Energy-IR 11.14 Eqty TaxSave-G 36.38 Eqty TaxSave-IR 14.52 Equity -G 50.63

NAVs in as on 12.09.2011
NAV %CHG -1.68 -1.64 -1.92 -1.92 -1.79 -1.81 -1.81 -2.25 -2.17 -2.16 -2.10 -2.13 -2.00 -1.99 -1.58 -1.48 -1.62 -1.64 -1.66 -1.67 -1.85 -1.84 -1.56 -1.57 -1.56 -3.26 -3.30 -1.98 -2.05 -1.27 -1.25 -1.40 -1.42 -1.54 -1.56 -1.73 SCHEME NAV %CHG -1.76 -0.70 -2.29 -2.29 -1.93 -1.93 -1.32 -1.31 -2.15 -2.15 -1.89 -1.89 -1.48 -1.47 -1.76 -1.80 -1.44 -1.44 -2.24 -2.25 -1.44 -1.42 -0.51 -0.53 -3.02 -3.01 0.07 0.08 -2.08 -1.43 -1.41

EDELWEISS Abso RetuFund-D10.84 Abso RetuFund-G11.37 E.D.G.E. A-D 11.28 E.D.G.E. A-G 13.12 E.D.G.E. B-D 13.34 E.D.G.E. B-G 13.18 E.D.G.E. C-D 11.37 E.D.G.E. C-G 13.21 ELSS-D 12.46 ELSS-G 18.17 Nifty Enhan C-G 9.83 Nifty EnhancA-D10.41 Nifty EnhancA-G 11.42 Nifty EnhancerD 11.48 Nifty EnhancerG 11.27 Select Midcap-D 9.98 Select Midcap-G 9.98 FIDELITY Equity -D 19.27 Equity -G 32.60 GlobRealAsset-D11.50 GlobRealAsset-G 11.50 India Gr-D 11.30 India Gr-G 11.30 Intnl Opp-D 12.12 Intnl Opp-G 12.12 SplSituation-D 15.12 SplSituation-G 16.67 TaxAdvantage-D16.86 TaxAdvantage-G 20.24 Value-D 9.79 Value-G 9.79

MIRAE ASSET AGC Stocks-D 11.27 AGC Stocks-G 11.27 Opportun-D 12.60 Opportun-G 15.04

MORGAN STANLEY A.C.E.-D 12.31 -2.07 A.C.E.-G 13.07 -2.10 Active Bond-G 10.62 0.00 Active Bond-IG 10.09 -0.10 Active Bond-QD 10.62 0.00 Growth 54.01 -2.01 Growth-D 16.49 -2.02 ST Bond-D 10.11 0.00 ST Bond-G 11.49 0.09 ST Bond-ID 10.11 0.10 ST Bond-IG 11.57 0.09 ST Bond-IWD 10.09 -0.10 MOTILAL OSWAL Midcap 100 ETF 7.34 -2.26 NASDAQ 100 ETF100.70 -1.47 Shares M50 ETF 67.25 -2.10 PRAMERICA Dynamic-D Dynamic-G Equity-D Equity-G PRINCIPAL Balanced -D Balanced -G Child -CB Child1-d Div Yield -D Div Yield -G 8.90 8.90 8.25 8.25 14.16 28.03 78.44 9.01 15.45 20.93 -1.44 -1.44 -2.14 -2.14 -1.53 -1.51 -1.88 -1.85 -2.03 -2.06

CANARA ROBECO Emerg.Eqties-B 18.09 Emerg.Eqties-G 21.62 Emerg.Eqties-I 14.92 Eqty Divers-B 23.56 Eqty Divers-G 51.72 Eqty Divers-I 23.52 Eqty Taxsaver 17.28

DAIWA Ind Leaders-RtD 10.43 -1.97 Ind Leaders-RtG 10.43 -1.97

FRANKLIN TEMPLETON Index BSE-D 46.72 -2.14

HSBC Advant.India-D 8.61 -2.05 Advant.India-G 10.12 -2.13 Brazil-D 8.88 -1.77 Brazil-G 8.88 -1.77

RELIANCE Banking -B Banking -D Banking -G Banking-IG Eqty Adv ID Eqty Adv RtD Eqty Adv RtG-B Eqty Adv RtG-G Eqty Opp ID Eqty Opp IG-G Eqty Oppor.-B Eqty Oppor.-D Eqty Oppor.-G EqtyAdv IG-B Equity -B Equity -D Equity -G Gold Savings-D Gold Savings-G

SBI Arbitrage Opp-D 12.10 Arbitrage Opp-G 14.04 Blue Chip -D 10.09 Blue Chip -G 12.91 Gold ETS 2772.14 Infrastru-1 D 8.33 Infrastru-1 G 8.33 M NRI Inv FAP-D28.00 M NRI Inv FAP-G 27.90 MMP 1993-D 46.43 MMP 1993-G 73.41 MSFU Contra -D 19.53 MSFU Contra -G 48.98 MSFU EBF -D 16.55 MSFU EBF -G 43.71 MSFU FMCG 32.68 MSFU IT 18.48 MSFU Pharma -D36.75 MSFU Pharma -G44.47

Equity -IR 44.74 Gold ETF 2720.73 Infrastr-G 27.71 Infrastr-IR 15.76 Leadersp Eqty-G 13.70 Leadersp EqtyIR 12.70 MNC -G 60.55 MNC -IR 39.10 MasterIndex-G 51.49 MasterIndex-IR 51.49 MasterPlus-G 76.29 MasterPlus-IR 54.99 MasterShare-G 49.91 MasterShare-IR 26.83 MasterValue-G 49.57 MasterValue-IR 20.78 MidCap -G 30.17 MidCap -IR 20.57 Nifty Index -IR 15.70 Nifty Index-G 30.84 Opportunities-G 26.09 OpportunitiesIR 13.17 PharmaHealth-G 38.92 PharmaHealth-IR30.08 Services-G 50.14 Services-IR 21.56 Spread -G 14.71 Spread -IR 12.10 Sunder 540.47 Top 100-D 20.62 Top 100-G 26.55 UNION KBC Equity-D Equity-G

9.03 -2.27 9.03 -2.27

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