Date: 2015-03-02Category: Extra OrdinaryState: Union GovernmentCountry: India
The pattern of investment to be followed by Non-Govt. Provident Funds, Superannuation Funds and Gratuity Funds shall be as follows, effective from 1 April, 2015.
**Executive Summary:**
This notification outlines the revised investment pattern for Non-Government Provident Funds, Superannuation Funds, and Gratuity Funds, effective from April 1, 2015. It specifies the permissible investment categories and percentage amounts to be invested in each. The notification provides guidelines for investment management, risk mitigation, and due diligence.
**Key Points / Main Content:**
**Investment Pattern:**
* **Government Securities and Related Investments:** Minimum 45% to 50%
* Government Securities.
* Other Securities guaranteed by the Central or State Government (up to 10% of the total portfolio).
* Units of Mutual Funds dedicated to Government securities (up to 5% of the total portfolio, with fresh investments not exceeding 5% of fresh accretions in the year).
* **Debt Instruments and Related Investments:** Minimum 35% to 45%
* Listed debt securities issued by bodies corporate, including banks and public financial institutions.
* Basel III Tier I bonds issued by scheduled commercial banks under RBI Guidelines (total portfolio not exceeding 2%, initial offering investment not exceeding 20% of the initial offering).
* Rupee Bonds issued by specified international institutions with a maturity of at least 3 years.
* Term Deposit receipts of scheduled commercial banks with a duration of not less than one year, meeting specific financial criteria.
* Units of Debt Mutual Funds (fresh investment not more than 5% of fresh accretions, portfolio not exceeding 5% of the total portfolio).
* Infrastructure-related debt instruments, including securities issued by bodies involved in infrastructure, Indian Railways, or government authorities.
* Investments in subcategories a, b, and f (i to iv) require a minimum AA rating from at least two credit rating agencies, with exceptions for securities covered by Credit Default Swaps (CDSs).
* **Short-term Debt Instruments and Related Investments:** Up to 5%
* Money market instruments (commercial paper with a minimum A1 rating).
* Units of liquid mutual funds.
* Term Deposit Receipts of up to one year duration issued by scheduled commercial banks meeting specific financial criteria.
* **Equities and Related Investments:** Minimum 5% and upto 15%
* Shares of listed companies on BSE or NSE with a market capitalization of not less than Rs. 5000 crore.
* Units of mutual funds with minimum 65% investment in listed shares.
* Exchange Traded Funds (ETFs)/Index Funds replicating BSE Sensex or NSE Nifty 50 Index.
* ETFs issued by SEBI regulated Mutual Funds constructed specifically for disinvestment of shareholding of the Government of India.
* Exchange traded derivatives for hedging purposes (portfolio not exceeding 5% of the total portfolio invested in subcategories a to d).
* **Asset Backed, Trust Structured and Miscellaneous Investments:** Up to 5%
* Commercial or residential mortgage-based securities.
* Units issued by Real Estate Investment Trusts (REITs).
* Asset-Backed Securities.
* Units of Infrastructure Investment Trusts.
* Investments in this category must be in listed instruments or fresh issues proposed to be listed and have a minimum AA rating, with ratings relating to the sponsor entity for subcategories b and d.
**General Guidelines:**
* Fresh accretions must be invested according to the specified percentages.
* Proceeds from put options or asset switches can be reinvested within category limits.
* Turnover ratio (value of securities traded/average portfolio value) should not exceed two.
* If an instrument's rating falls below the minimum, exit options should be considered.
* The prescribed investment pattern should be achieved separately for each financial year.
* Investments should be made at arm's length, prioritizing the beneficiaries' interests.
* Investments exceeding 5% of fresh accretions in related companies/organizations are restricted.
* Due diligence must be followed, and securities must be permissible investments.
* Trustees have a fiduciary responsibility for prudent investment within the prescribed pattern.
* Trustees should control and optimize fund management costs and ensure investment process accountability and transparency.
* Prudent guidelines should be adopted to prevent concentration of investment.
* If professional fund managers are engaged, their fees should be adjusted to avoid double incidence of costs for mutual fund investments.
**Impact Analysis**
**Stakeholder: Non-Government Provident Funds, Superannuation Funds, and Gratuity Funds**
* **Impact:** Must adhere to the revised investment pattern and guidelines for all investments made on or after April 1, 2015. Changes in investment strategy may be required to comply with new limits and regulations.
* **Action Required:** Review current investment portfolios, adjust investment strategies to comply with the revised pattern, implement due diligence processes, and ensure compliance with all guidelines.
**Stakeholder: Trustees of the Funds**
* **Impact:** Increased responsibility for ensuring prudent investment decisions, managing risks, and maintaining transparency. They are accountable for the investment decisions.
* **Action Required:** Exercise fiduciary responsibility with due diligence, control fund management costs, ensure accountability and transparency, and implement guidelines to prevent investment concentration.
**Stakeholder: Professional Fund/Asset Managers**
* **Impact:** Must operate within the new guidelines and restrictions. Their fees may be affected by the adjusted calculation for mutual fund investments.
* **Action Required:** Adjust investment strategies to comply with the new pattern, ensure transparent fee structures, and avoid excessive churning of investments to increase fees.
**Stakeholder: Credit Rating Agencies**
* **Impact:** Their ratings will be used to determine the eligibility of certain investments, particularly in debt instruments and asset-backed securities.
* **Action Required:** Ensure accurate and reliable ratings for various investment instruments, particularly for securities requiring a minimum AA rating.
**Stakeholder: The Securities and Exchange Board of India (SEBI)**
* **Impact:** The investment pattern refers to SEBI regulations for Mutual Funds and ETFs.
* **Action Required:** Ensure that SEBI regulations are followed.
Key Entities Referenced
Non-Government Provident Funds, Superannuation Funds and Gratuity Funds: Funds whose investment patterns are being regulated by this notification.
Securities Contracts Regulation Act, 1956: An act defining 'securities' for the purpose of investments by the specified funds.
Securities and Exchange Board of India: Regulatory body for mutual funds and credit rating agencies, overseeing investments by the specified funds.
Companies Act, 2013: An act defining Public Financial Institutions.
Basel III TierI bonds: Specific type of bonds issued by scheduled commercial banks under RBI guidelines, eligible for investment.
Reserve Bank of India: Regulatory body issuing guidelines for Basel III Tier I bonds and regulating Non-Banking Financial Companies and Credit Default Swaps.
Securities and Exchange Board of India Credit Rating Agency Regulation, 1999: Regulation governing the registration and operation of credit rating agencies.
Indian Railways: An organization whose securities and securities of its majority shareholding body corporates are included in infrastructure related debt instruments.
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PART I—Section 1
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((((ििििवववव(cid:3)(cid:3)(cid:3)(cid:3)तत तत ीीीीयययय ससससववेेववेे ााााएएएएं ं ं ं ििििववववभभभभाााागगगग))))
अअअअििििधधधधससससचचूूचचूू ननननाााा
नई (cid:4)द(cid:6)ल ी, 2 माच(cid:12), 2015
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आंिशक संशोधन करत े "ए 01 अ$लै , 2015 से गैर-सरकारी भिव(य िनिधय ), अिधव*षता िनिधय) तथा उपदान िनिधय)
/ारा िनवेश क(cid:19) िन0 निलिखत प2ित अपनायी जाएगी:—
(cid:1)(cid:1)(cid:1)(cid:1)णणेेणणेे ीीीी ििििननननववववशशेेशशेे कककक(cid:11)(cid:11)(cid:11)(cid:11) पपपप(cid:13)(cid:13)(cid:13)(cid:13)िििितततत ििििननननववववशशेेशशेे कककक(cid:11)(cid:11)(cid:11)(cid:11) जजजजाााानननन ेे ेे
ववववााााललललीीीी (cid:18)(cid:18)(cid:18)(cid:18)ििििततततशशशशतततत ररररााााििििशशशश
(i) ससससररररककककााााररररीीीी (cid:18)(cid:18)(cid:18)(cid:18)ििििततततभभभभििूूििूूततततययययाााा ंं ंंततततथथथथाााा ससससबबंंबबंं ििंंििंंधधधधतततत ििििननननववववशशेेशशेे (cid:28)(cid:28)(cid:28)(cid:28)यय यय ननूूननूू ततततमममम 44445555%%%% ततततथथथथाााा
(क) सरकारी (cid:7)ितभूितया,ं 55550000%%%% ततततकककक
(ख) अ(cid:15) य (cid:7)ितभूितया ं {(cid:7)ितभूित संिवदा (िविनयमन), 1956 क(cid:18) धारा 2(ज) म(cid:20) यथा प(cid:23)रभािषत
(cid:7)ितभूितया}ं िजसके मूलधन और उस पर याज क(cid:18) पूरी और िबना शत# गारंटी क(cid:20)& सरकार अथवा रा’य
सरकार (ारा दी जाएगी।
(cid:7)ितभूितय+ के इस उप--ेणी के अंतग#त िनवेिशत पोट#फोिलयो िनिध के कुल पोट#फोिलयो के 10% अिधक
से नह3 होगा।
(ग) 4 यूचअल फंड क(cid:18) यूिनट सरकारी (cid:7)ितभूितय+ म(cid:20) िनवेश के िलए यथा िनधा(cid:23)# रत िनिधय+ के अनुसार
7 थािपत क(cid:18) जाएगी तथा इनका िविनयमन भारतीय (cid:7)ितभूित एवं िविनयमय बोड# (ारा 8कया जाएगा।
1007 GI/2015 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
बशत9 8क ऐसे 4 यूचअल फंड+ म(cid:20) िनवेश 8कया गया पोट#फोिलयो 8कसी भी समय कुल पोट#फोिलयो के 5%
से अिधक नह3 होगा और इनम(cid:20) 8कया गया नया िनवेश वष# के दौरान नई अिभवृि> के 5% से अिधक नह3
होगा।
(ii)
ऋऋऋऋणणणण ििििललललखखखखतततत ततततथथथथाााा सससस बबंंब ब ंं ििंंििंंधधधधतततत ििििननननववववशशेेशशेे (cid:28)(cid:28)(cid:28)(cid:28)यय यय ननूूननूू ततततमममम 33335555%%%% ततततथथथथाााा
(क) सूचीब> (या नए िनग#म के मामले म(cid:20) सूचीब> 8कए जाने के िलए (cid:7)7त ािवत) ब?क+ तथा सरकारी 44445555%%%% ततततकककक
िव@ तीय सं7 थाA सिहत िनगिमत िनकाय+ (ारा जारी ऋण (cid:7)ितभूितयां (कंपनी अिधि नयम, 2013 क(cid:18)
धारा 2 के अंतग#त यथा प(cid:23)रभािषत ‘सरकारी िव@त ीय सं7थ ान’), िजसक(cid:18) (cid:15)य ूनतम अविशCट प(cid:23)रपD वता
अविध िनवेश क(cid:18) तारीख से तीन वष# है।
(ख) अनुसूिचत वािणि’यक ब?क+ (ारा भारतीय (cid:23)रजव# ब?क के 8दशािनदश9 + के अंतग#त जारी बासेल-III
(cid:23)टयर-I बांड:
बशत 9 8क बाडं के आरंिभक (cid:7)7त ाव के मामल े म (cid:20) िनवशे केवल ऐस े (cid:23)टयर-I बाडं म (cid:20) 8कया जाएगा िज(cid:15)ह (cid:20)
सूचीब> 8कया जाना (cid:7)7 तािवत ह।ै
बशत9 8क 8कसी अनुसूिचत वािणि’यक ब?क+ के ऐसे बांड म(cid:20) गौण बाजार से िनवेश तभी 8कया जाएगा जब
ऐसे (cid:23)टयर-I बांड सूचीब> ह+ और िजनक(cid:18) HेIडग िनयिमत Jप से होती हो।
8कसी भी समय इस उप--ेणी म(cid:20) 8कए गए िनवेश का कुल पोट#फोिलयो िनिध के समK पोट#फोिलयो के
2% से अिधक नह3 होगा।
इस उप--ेणी म(cid:20) आरंिभक (cid:7)7 ताव म(cid:20) कोई िनवेश आरंिभक (cid:7)7त ाव के 20% से अिधक नह3 होगा। इसके
अलावा, 8कसी भी समय िनिध (ारा धा(cid:23)रत 8कसी ब?क के (cid:23)टयर-I बांड का समK मूLय उस ब?क (ारा
जारी ऐसे बांड के 20% से अिधक नह3 होगा।
(ग) इंटरनेशनल ब?क फॉर (cid:23)रकंसHD शन एंड डेवलेपम(cid:20)ट, इंटर नेशनल फाइन(cid:20)स कारपोरेशन तथा एिशयन
डेवलेपम(cid:20)ट ब?क जैसी सं7 थाA (ारा जारी Jपया बांड िजनक(cid:18) प(cid:23)रपD वता कम से कम तीन वष# शेष हो।
(घ) अनुसूिचत वािणि’यक ब?क+ (ारा जारी िमयादी जमा रसीद, िजसक(cid:18) अविध एक वष# से कम न हो
जो हाल के वषN के संबंध म(cid:20) कानून के अंतग#त उनके (ारा (cid:7)कािशत 8कए जाने हते ु यथापेिOत (cid:7)कािशत
वाPषक (cid:23)रपोट# के आधार पर िन4 निलिखत शतN को पूरी करती हो:-
(i) िवगत तीन िव@ तीय वषN म(cid:20) लाभ घोिषत 8कया हो;
(ii) जोिखम भा(cid:23)रत आि7त अनुपात क(cid:18) तुलना म (cid:20) नय ् ूनतम पूंजी 9% या आरबीआई के मौजूदा मानदडं +
(ारा अिधदिे शत अनुपात, जो भी अिधक हो, बनाए रखा हो;
(iii) िनवल अनज#क आि7त िनवल अिKम के 4% से अिधक न हो;
(iv) 200 करोड़ Tपए से कम (cid:15) यूनतम िनवल आि7त न हो।
(ड.) भारतीय (cid:7)ितभूित एवं िविनमय बोड# (ारा यथा िविनयिमत ऋण 4य ूचुअल फंड क(cid:18) इकाईयां।
बशत9 8क ऐसे 4 यूचअल फंड म(cid:20) िनवेश 8कया गया पोट#फोिलयो 8कसी भी समय कुल पोट#फोिलयो के 5%
से अिधक नह3 होगा और इनम(cid:20) 8कया गया नया िनवेश वष# के दौरान नई अिभवृि> के 5% से अिधक नह3
होगा।
(च) िन4 निलिखत अवसंरचना सबं > ऋण िलखत:
(i) अवसंरचना के िनमा#ण या सचं ालन या रख-रखाब या िन4न लागत वाले आवास के िनमा#ण या
िव@ तपोषण के U यवसाय म(cid:20) लगे सूचीब> (या नए िनग#म के मामले म(cid:20) सूचीब> 8कए जाने के िलए
(cid:7)7 तािवत) कारपोरेट िनकाय (ारा जारी ऋण (cid:7)ितभूितयां।
इसके अलावा, इस -ेणी म(cid:20) भारतीय रेल या 8कसी अ(cid:15)य कारपोरेट िनकाय िजसम(cid:20) इनक(cid:18) मुVय भागीदारी
हो, (ारा जारी (cid:7)ितभूितयां भी इसम(cid:20) शािमल ह+गी।¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 3
इस -ेणी म(cid:20) भारत सरकार के 8कसी (cid:7)ािधकरण जो कारपोरेट िनकाय न हो और िजसका गठन मुVय त:
अवसंरचना के संवध#न एवं िवकास के िलए 8कया गया ह,ै के (ारा जारी (cid:7)ितभूितयां भी शािमल ह+गी।
यह भी 7 पC ट 8कया जाता ह ै 8क अवसंरचना Uय वसाय म(cid:20) लगे कारपोरेट िनकाय (ारा जारी 8कसी
(cid:7)ितभूित के संबंध म(cid:20) क(cid:20)& सरकार, भारतीय रेल या क(cid:20)& सरकार के 8कसी (cid:7)ािधकरण (ारा जारी कोई
अवसंरचना@ मक दािय@ व या सुिवधा पX, जो सुिवधा पX या िलए गए दािय@व क(cid:18) शत# के बावजूद इस े
उपयु#D त -ेणी (i) (ख) के अंतग#त (cid:7)ितभूित के Jप म(cid:20) शािमल करने म(cid:20) असफल रहता ह,ै को इस उप--ेणी
के अंतग#त पाX (cid:7)ितभूित माना जाएगा।
(ii) 8कसी अनुसूिचत वािणि’यक ब?क (ारा जारी अवसंरचना तथा स7त ेआवासीय बांड, जो उपयु#Dत (ii)
(घ) म(cid:20) िनYदC ट शतN को पूरा करता ह।ै
(iii) अवसंरचना ऋण िनिध जो ग?र-ब?Zकग िव@त ीय कंपनी के Jप म(cid:20) संचािलत तथा भारतीय (cid:23)रजव# ब?क
(ारा िविनयिमत हो, (ारा जारी सूचीब> (या नए िनग#म के मामले म(cid:20) सूचीब> 8कए जाने के िलए
(cid:7)7 तािवत) (cid:7)ितभूितयां।
(iv) अवसंरचना ऋण िनिध, जो 4 यूचुअल फंड के Jप म(cid:20) संचािलत तथा भारतीय (cid:7)ितभूित एवं िविनयम
बोड# (ारा िविनयिमत हो, (ारा जारी सूचीब> (या नए िनग#म के मामले म(cid:20) सूचीब> 8कए जाने के िलए
(cid:7)7 तािवत) यूिनट।
यह 7 पC ट 8कया जाता ह ै 8क उपयु#D त अपवाद को छोड़कर, इस उप--ेणी (च) के (cid:7)योजन हते ु 8कसी OXे
को भारत सरकार क(cid:18) सुमेिलत अवसंरचना उपOेX मा7ट र सूची के अनुसार अवसंरचना के भाग के Jप म (cid:20)
माना जाएगा।
बशत9 8क -ेणी संV या (ii) क(cid:18) उप--ेणी (क), (ख) और (च) (i) से (iv) के अंतग#त िनवेश उ(cid:15)ह 3 (cid:7)ितभूितय+
म(cid:20) 8कया जाएगा िजनक(cid:18) (cid:15) यूनतम रे[टग भारतीय (cid:7)ितभूित एवं िविनमय बोड# के (\ेिडट रे[टग एज(cid:20)सी)
िविनयमन, 1999 के अंतग#त पंजीकृत कम से कम दो ऋण रे[टग एज(cid:20)िसय+ (ारा एए या (cid:7)यो’य रे[टग
पैमाने म(cid:20) समकO रे[टग हो। बशत9 8क उप--ेणी (च) (iii) के मामले म(cid:20) रे[टग गैर-ब?Zकग िव@त ीय कंपनी के
संबंध म(cid:20) तथा उप--ेणी (च) (iv) के संबंध म(cid:20) रे[टग पाX (cid:7)ितभूित के Jप म(cid:20) 8कए गए रे[टग िनिध क(cid:18)
योजना के उपयु#D त िनवेश Kेड म(cid:20) िनवेश के संबंध म(cid:20) होगा।
बशत9 और 8क य8द (cid:7)ितभूितया/ंकंपिनयां िजनक(cid:18) रे[टग दो से अिधक रे[टग एज(cid:20)िसय+ (ारा क(cid:18) गई हो, के
मामले म(cid:20) सभी रे[टग म (cid:20)से दो (cid:15) यूनतम रे[टग पर िवचार 8कया जाएगा।
बशत9 8क इस -ेणी के अंतग#त उपयु#D त यथा िनYदCट (cid:15)य ूनतम एए रे[टग, चूक के जोिखम के मामले म(cid:20) एए
से िन4 न रे[टग िनवेश रखने वाली (cid:7)ितभूितया,ं जो भारतीय (cid:23)रजव# ब?क (ारा जारी 8दशािनदश9 + के
अंतग#त ऋण चूक 7 वपै (सीडीएस) के साथ पूण#त: कवर ह ? तथा िजनका \य अंतPनिहत (cid:7)ितभूितय+ के
साथ 8कया गया ह,ै 7 वीकाय# ह+गी।
उप -ेणी (ग) के संबंध म(cid:20) घरेलू या अंतरा#C Hीय रे[टग एज(cid:20)सी (ारा एए क(cid:18) एकल रे[टग या उपयु#Dत रे[टग
7 वीकाय# होगी।
यह 7 पC ट 8कया जाता है 8क उपयु#D त -ेणी (i) (ख) के अंतग#त कवर क(cid:18) गई ऋण(cid:7)ितभूितय+ को इस -ेणी
(ii) से बाहर रखा गया ह।ै
(iii)
ललललघघघघ ुु ुुअअअअववववििििधधधध ऋऋऋऋणणणण ििििललललखखखखतततत ततततथथथथाााा ससससबबंंबबंं ििंंििंंधधधधतततत ििििननननववववशशेेशशेे 5555%%%% ततततकककक
धन बाजार िलखत
बशत9 और8क कारपोरेट िनकाय (ारा जारी वािणि’यक द7त ावेज म(cid:20) िनवेश केवल उ(cid:15)ह 3 िलखत म(cid:20) 8कया
जाएगा िजनक(cid:18) (cid:15) यूनतम रे[टग भारतीय (cid:7)ितभूित एवं िविनमय बोड# म(cid:20) पंजीकृत कम से कम दो रे[टग
एज(cid:20)िसय+ (ारा ए1+ हो।
बशत9 8क य8द वािणि’यक द7 तावेज क(cid:18) रे[टग दो से अिधक रे[टग एज(cid:20)िसय+ (ारा क(cid:18) जाती ह ै तो दो
(cid:15) यूनतम रे[टग पर िवचार 8कया जाएगा।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
बशत 9 और 8क अनुसूिचत वािणि’यक ब?क+ (ारा जारी एक वष# तक क(cid:18) अविध के जमा-(cid:7)माणपX+ के इस
उप--ेणी म(cid:20) िनवेश के संबंध म(cid:20) ब?क+ को उD त वग# (ii) (घ) म(cid:20) वPणत सभी शतN को पूरा करना होगा।
(ख) भारतीय (cid:7)ितभूित एवं िविनमय बोड# (ारा िविनयिमत नकदी 4य चू ुअल फंड ईकाइयां
(ग) सूचीब> वािणि’यक ब?क+ (ारा जारी एक वष# क(cid:18) अविध तक क(cid:18) साविध जमा रसीद,(cid:20) जो उपयु#Dत के
अनुसार वग# (ii) (घ) म(cid:20) वPणत शतN के अनुJप ह+।
(iv)
इइइइ(cid:30)(cid:30)(cid:30)(cid:30)(cid:31)(cid:31)(cid:31)(cid:31)टटटटीीीी एएएएवववव ंं ंंससससबबंंबबंं ििंंििंंधधधधतततत ििििननननववववशशेेशशेे (cid:28)(cid:28)(cid:28)(cid:28)यय यय ननूूननूू ततततमममम 5555%%%% औऔऔऔरररर
ब4 बई 7 टॉक एD सच(cid:20)ज (बीएसई) अथवा नेशनल 7ट ॉक एDस च(cid:20)ज (एनएसई) म(cid:20) सूचीब> िनगिमत संकाय+ 11115555%%%% ततततकककक
के शेयर, िजनम:(cid:20)-
(i) िनवेश क(cid:18) तारीख तक कम से कम 5000 करोड़Jपये तक क(cid:18) रािश का बाजार पूंजीकरण; एवं
(ii) दोन+ म(cid:20) से 8कसी एक 7 टॉक एD सच(cid:20)ज म(cid:20) कारोबार, िव]मान शेयर+ के साथ Uय ु@प ा8दत
(ख) भारतीय (cid:7)ितभूित एवं िविनमय बोड# (ारा िविनयिमत ऐस े 4 यूचुअल फंड+ क(cid:18) इकाइया,ं िजनका
बीएसई अथवा एनएसई म(cid:20) सूचीब> िनगिमत संकाय+ के शेयर+ म(cid:20) कम से कम 65% का िनवेश हो।
बशत9 8कऐसे 4 यूचुअल फंड+ म(cid:20) िनवेश क(cid:18) गयी सकल रािश 8कसी भी समय कुल कारोबार रािश के 5% स े
अिधक न हो तथा ऐसे 4 यूचुअल फंड+ म(cid:20) िनवेश क(cid:18) गयी नयी रािश भी वष# के दौरान कारोबार म(cid:20) वृि> के
5% से अिधक न ह+।
(ग) भारतीय (cid:7)ितभूित एवं िविनमय बोड# (ारा िविनयिमत एDस च(cid:20)ज Hेडेड फंड (ईटीएफएस)/इ(cid:15)ड ेDस फंड
व7 ततु : बीएसई स(cid:20)सेD स इ(cid:15) डेD स अथवा एनएसई िन^टी 50 इंडेD स म(cid:20) से 8कसी एक के कारोबार को ही
दशा#ते ह।?
(घ) सेबी िविनयिमत 4 यूचुअल फंड (ारा जारी ईटीएफएस िवशेष Jप से िनगिमत सं7थ ाA म(cid:20) भारत
सरकार क(cid:18) शेयरधा(cid:23)रता के िविनवेश हते ु तैयार 8कये गये ह?।
(ड.) भारतीय (cid:7)ितभूित एवं िविनमय बोड# (ारा िविनयिमत एDस च(cid:20)ज कारोबार Uय ु@प (cid:15)न क जो 8कसी भी
अनुमेय सूचीब> 7 टॉक अथवा इंडेD स म(cid:20) केवल बचाव हते ु शािमल ह।?
बशत9 8ककरार क(cid:18) शतN के अनुसार U यु@ प(cid:15) नक+ म(cid:20) िनवेश क(cid:18) गयी रािश उDत उपवग# (क) से (घ) म(cid:20) िनवेश
क(cid:18) गयी कुल रािश के 5% से अिधक न हो।
(v)
ससससमममम####थथथथतततत पपपप$$$$ररररसससस%%%%पप पप िििि&&&&ययययाााा,,ंं,,ंं गगगग$$$$ठठठठतततत ))))****टट टट एएएएववववं ं ं ं ििििववववििििववववधधधध ििििननननववववशशेेशशेे 5555%%%% ततततकककक
(क) वािणि’यक बंधक आधा(cid:23)रत (cid:7)ितभूितयां अथवा आवासीय बंधक आधा(cid:23)रत (cid:7)ितभूितया ं
(ख) भारतीय (cid:7)ितभूित एवं िविनयम बोड# (ारा िविनयिमत (cid:23)रयल ए7ट ेट िनवेश H7ट + (ारा जारी
इकाइयां
(ग) भारतीय (cid:7)ितभूित एवं िविनयम बोड# (ारा िविनयिमत प(cid:23)रस4प ि_ समPथत (cid:7)ितभूितया ं
(घ) भारतीय (cid:7)ितभूित एवं िविनमय बोड# (ारा िविनयिमत मूलभूत िनवेश H7ट + क(cid:18) इकाइयां
बशत9 8कवग# स.ं (v) के तहत यह िनवेश केवल सूचीब> िलखत+ अथवा सूचीब> 8कए जाने हते ु (cid:7)7त ािवत
नये िनग#म+ म(cid:20) हो।
बशत 9 8क इसके अलावा यह िनवेश इस वग # के तहत केवल ऐसी (cid:7)ितभिूतय+ म (cid:20) ही 8कया जाएगा िज(cid:15)ह (cid:20)
भारतीय (cid:7)ितभूित एवं िविनयम बोड# (\ेिडट रे[टग एज(cid:20)सी) िविनयमन, 1999 के तहत (cid:7)ितभूित एवं
िविनयमय बोड# (ारा पंजीकृत कम से कम दो \ेिडट रे[टग एजेि(cid:15)सय+ (ारा लागू रे[टग के पैमाने पर
(cid:15) यूनतम एए अथवा समकO रे[टग (cid:7)ा‘ त हो।
बशत 9 और 8क य8द (cid:7)ितभूितय+/क4 पिनय+ क(cid:18) रे[टग दो स े अिधक एजेि(cid:15)सय+ (ारा क(cid:18) गयी ह ै तो
(cid:15) यूनतमरे[टग पर िवचार 8कया जाएगा।¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 5
2. बढ़ी "ई नयी िनिध को िनवेश संरचना म (cid:28) िविन6द(ट अनुमेय वग9 म (cid:28) ही िनवेश (cid:4)कया जाएगा और यह िनवेश
$< येक वग(cid:12) म(cid:28) िनवेश क(cid:19) गयी रािश क(cid:19) िविन6द( ट अिधकतम अनुमेय $ितशतता के अन=ु प ही होगा। इसके साथ ही अनुमये
िनवेश) के िविवध उप वग9 पर लाग ू अ? य $ितबंध) का भी अनपु ालन (cid:4)कया जाएगा।
3. िनिधय) म(cid:28) नए संवध(cid:12)न पूव (cid:12) म(cid:28) अिनवेिशत िनिधय) तथा $ाि@य) जैसे िनिधय) म (cid:28) अंशदान, लाभांश/Aय ाज/
कमीशन, पूव(cid:12) िनवेश) क(cid:19) पBरपC वता रािशय) का योग होगा जो (cid:4)क िव<त वष(cid:12) के दौरान बाEय कारी Fय य/िनकास /ारा कम हो
गया हो।
4. िवGय िवक(cid:6) प क(cid:19) $(cid:4)Gया, अविध अथवा आि(cid:22)त ि(cid:22)वच अथवा पBरपCव ता स े पूव(cid:12) (cid:4)कसी आि(cid:22)त के Fय ापार स े
$ाH त होने वाली आय का िनवशे उपर व*णत क(cid:19) गई अनुमत Jेिणय) म(cid:28) से (cid:4)कसी भी Jणे ी म (cid:28) उस तरीके स े ता(cid:4)क (cid:4)कसी समय
पर Jणे ी के अंतग(cid:12)त आि(cid:22)तय) का $ितशत उस Jेणी के िलए िविनधा(cid:12)Bरत अिधकतम सीमा तथा साथ ही उप-Jेिणय) के िलए
िविनधा(cid:12)Bरत सीमा, य(cid:4)द हो, से अिधक नहK होना चािहए। तथािप, आरबीआई /ारा अिधदेिशत (cid:4)कसी सरकारी ऋण ि(cid:22)वच के
कारण आि(cid:22)त ि(cid:22)वचइस $ितबंध के तहत कवर नहK होगा।
5. खरीद-िबG(cid:19) अनुपात (वष (cid:12) म (cid:28) खरीदी-बेची गयी $ितभूितय) क(cid:19) क(cid:19)मत/वष(cid:12) के $ार0भ तथा अंत म (cid:28) पोट(cid:12)फोिलयो
क(cid:19) औसत क(cid:19)मत) दो से अिधक नहK होना चािहए।
6. य(cid:4)द उपर व*णत िलखत) म(cid:28) से (cid:4)कसी एक क(cid:19) रेNटग उस िलखत को Gय करत े समय उसम(cid:28) िनवशे हते ु िविनधा(cid:12)Bरत
? यूनतम अनुमत िनवेश Oडे स े िगर जाती ह,ै िजसक(cid:19) पुिQ (cid:4)कसी ऋण रेNटग एज(cid:28)सी /ारा क(cid:19) गयी हो, तो अिभदाताR के
सवS< तम िहत वाले तरीके म(cid:28) यथा उिचत िवकास के िवक(cid:6)प पर िवचार करके उसका उपयोग (cid:4)कया जाएगा।
7. इन (cid:4)दशािनदTश) के लाग ू होने पर समय स े और उिचत िनयोजन के माEय म से $<य के आगामी िव<त वष(cid:12) के िलए
ऊपर िविनधा(cid:12)Bरत िनवेश पैटन(cid:12) अलग-अलग हािसल (cid:4)कया जाएगा।
8. िनिधय) का िनवेश केवल लाभा*थय) के लाभ को Eय ान म(cid:28) रखते "ए, नजदीक ही (cid:4)कया जाना चािहए।
उदाहरणाथ,(cid:12) (cid:4)कसी िव< त वष (cid:12) म(cid:28) नए संवध(cid:12)न) के 5% स े अिधक िनवेश (यहां व*णत ऐसी कंपिनय)/संगठन) म (cid:28) समO) (cid:4)कसी
कंपनी/संगठन क(cid:19) $ितभूितय) अथवा (cid:4)कसी कंपनी/संगठन िजसम(cid:28) ऐसी कंपनी/सगं ठन पहली कंपनी/सगं ठन के कम(cid:12)चाBरय) के
लाभ हते ु सृिजत िनिध /ारा जारी $ितभूितय) के 10% से अिधक धारण करती ह ै तथा ऐसे िनवेश) का कुल आकार (cid:4)कसी भी
समय िनिध के कुल पोट(cid:12)फोिलयो से 5% से अिधक नहK होगा। ऐसे मामल) म (cid:28) देय सावधानी हते ु िविनधा(cid:12)Bरत $(cid:4)Gया का कड़ाई
से अनुपालन करना चािहए तथा िवचाराथ(cid:12) $ितभूितयां इन (cid:4)दशािनदTश) के अंतग(cid:12)त अनुमत िनवेश) के भीतर होनी चािहए।
9. i. िविनधा(cid:12)Bरत पैटन(cid:12) के भीतर (cid:4)कसी ?य ास/िनिध क(cid:19) िनिधय) का िववेकपूण(cid:12) िनवेश/िनिध?य ािसय) का $<य यी
उ< तरदािय< व ह ै तथा उसका सावधानीपूव(cid:12)क िनव(cid:12)हन (cid:4)कया जाना आवZय क ह।ै तदनुसार िनिधय) के िनवेश हते ु िलए गए
िनवेश िनण(cid:12)य) हते ु ? यासी उ< तरदायी ह)गे।
ii. िनिध के $बंधन क(cid:19) लागत को िनयंि(cid:16)त एवं वािजब बनाने हते ु?य ासी उिचत कदम उठाएंगे।
iii. ? यास यह सुिनि[त करेगा (cid:4)क िनवेश क(cid:19) $(cid:4)Gया जवाबदेह तथा पारदश\ हो।
iv. यह सुिनि[त (cid:4)कया जाएगा (cid:4)क िनिध /ारा (cid:4)कसी िवशेष आि(cid:22)त म(cid:28) िनवेश करते समय तथा उस अविध के दौरान
जब तक उसे िनिध /ारा धाBरत (cid:4)कया जाता ह ै (cid:4)कसी िवशेष आि(cid:22)त से "ड़े "ए जोिखम) का आकलन करते समय
उिचत सावधानी बरती गयी ह।ै इस अिधसूचना म (cid:28) रेNटग क(cid:19) यथा अिधदेिशत आवZय कता का उ]ेZय िनवेश) स े
जुड़े जोिखम को केवल F यापक सामा?य (cid:22)त र तक सीिमत करना ह।ै तदनुसार, (cid:4)कसी भी $कार स े यह नहK
समझा जाना चािहए (cid:4)क यह ?य ूनतम िविनधा(cid:12)Bरत रेNटग को पूरा करने वाली (cid:4)कसी आि(cid:22)त म(cid:28) िनवेश करने को
(cid:22) वीकृित देती ह ैअथवा िनिध/?य ास /ारा िविनधा(cid:12)Bरत उिचत सावधानी $(cid:4)Gया के िलए अनकु (cid:6)प ह।ै
v. ? यास/िनिध को (cid:4)कसी एक कंपनी, कारपोरेट समहू अथवा _े(cid:16) म (cid:28) िनवेश के क(cid:28)‘ीकरण क(cid:19) रोकथाम हते ु िववेकपूण (cid:12)
(cid:4)दशािनदTश अपनान े अथवा लागू करने चािहए।6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
10. य(cid:4)द अपनी आि(cid:22)तय) के $बंधन हते ु िनिध ने पशे ेवर िनिध/आि(cid:22)त $बधं क) क(cid:19) सेवाएं ली ह), िजसे $<य के लेन-
देन क(cid:19) क(cid:19)मत के आधार भुगतान (cid:4)कया जा रहा हो, उनके /ारा, व*णत Jेिणय) म (cid:28) से (cid:4)कसी एक 0य चू ुअल फंड अथवा ईटीएफ
अथवा इंडेC स िनिधय) म(cid:28) िनवशे क(cid:19) गयी िनिधय) क(cid:19) लागत उनको देय भुगतान क(cid:19) गणना करके पहले ही घटा दी जाएगी
ता(cid:4)क लागत के दोहरेपन से बचा जा सके। यह सुिनि[त करने के िलए उिचत सावधानी बरती जाएगी (cid:4)क देय शु(cid:6)क को बढ़ान े
के उ]ेZ य से एक ही िनवेश को बार-बार न कर (cid:4)दया जाए। इस संबंध म (cid:28) Jणे ी III िलखत) म(cid:28) िनवेश) के िलए कमीशन को
िवशेष =प से सावधानीपूव(cid:12)क िविनयिमत (cid:4)कया जाएगा।
शशांक सCस ने ा, आ*थक सलाहकार-II
MINISTRY OF FINANCE
(Department of Financial Services)
NOTIFICATION
New Delhi, the 2nd March, 2015
F. No. 11/14/2013–PR.—In partial modification of this Ministry’s Notification No. 5(88)/2006-PR
dated 14th August, 2008, the pattern of investment to be followed by Non-Government Provident Funds,
Superannuation Funds and Gratuity Funds shall be as follows, effective from 1st April, 2015:—
Category INVESTMENT PATTERN Percentage
amount to
be invested
(i) Government Securities and Related Investments Minimum
(a) Government Securities, 45% and
upto 50%
(b) Other Securities {‘Securities’ as defined in section 2(h) of the Securities
Contracts (Regulation) Act, 1956} the principal whereof and interest whereon
is fully and unconditionally guaranteed by the Central Government or any
State Government.
The portfolio invested under this sub-category of securities shall not be in
excess of 10% of the total portfolio of the fund.
(c) Units of Mutual Funds set up as dedicated funds for investment in Govt.
securities and regulated by the Securities and Exchange Board of India:
Provided that the portfolio invested in such mutual funds shall not be more
than 5% of the total portfolio at any point of time and fresh investments made
in them shall not exceed 5% of the fresh accretions in the year.
(ii) Debt Instruments and Related Investments Minimum
(a) Listed (or proposed to be listed in case of fresh issue) debt securities 35% and
issued by bodies corporate, including banks and public financial institutions upto 45%
(‘Public Financial Institutions’ as defined under Section 2 of the Companies
Act, 2013), which have a minimum residual maturity period of three years
from the date of investment.
(b) Basel III Tier-I bonds issued by scheduled commercial banks under RBI
Guidelines:
Provided that in case of initial offering of the bonds the investment shall be
made only in such Tier-I bonds which are proposed to be listed.
Provided further that investment shall be made in such bonds of a scheduled
commercial bank from the secondary market only if such Tier I bonds are
listed and regularly traded.
Total portfolio invested in this sub-category, at any time, shall not be more
than 2% of the total portfolio of the fund.
No investment in this sub-category in initial offerings shall exceed 20% of the
initial offering. Further, at any point of time, the aggregate value of Tier I¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 7
Category INVESTMENT PATTERN Percentage
amount to
be invested
bonds of any particular bank held by the fund shall not exceed 20% of such
bonds issued by that Bank.
(c) Rupee Bonds having an outstanding maturity of at least 3 years issued by
institutions of the International Bank for Reconstruction and Development,
International Finance Corporation and Asian Development Bank.
(d) Term Deposit receipts of not less than one year duration issued by
scheduled commercial banks, which satisfy the following conditions on the
basis of published annual report(s) for the most recent years, as required to
have been published by them under law:
(i) having declared profit in the immediately preceding three financial years;
(ii) maintaining a minimum Capital to Risk Weighted Assets Ratio of 9%, or
mandated by prevailing RBI norms, whichever is higher;
(iii) having net non-performing assets of not more than 4% of the net
advances;
(iv) having a minimum net worth of not less than Rs. 200 crores.
(e) Units of Debt Mutual Funds as regulated by Securities and Exchange
Board of India:
Provided that fresh investment in Debt Mutual Funds shall not be more than
5% of the fresh accretions invested in the year and the portfolio invested in
them shall not exceed 5% of the total portfolio of the fund at any point in
time.
(f) The following infrastructure related debt instruments:
(i) Listed (or proposed to be listed in case of fresh issue) debt securities
issued by body corporates engaged mainly in the business of development or
operation and maintenance of infrastructure, or development, construction or
finance of low cost housing.
Further, this category shall also include securities issued by Indian Railways
or any of the body corporates in which it has majority shareholding.
This category shall also include securities issued by any Authority of the
Government which is not a body corporate and has been formed mainly with
the purpose of promoting development of infrastructure.
It is further clarified that any structural obligation undertaken or letter of
comfort issued by the Central Government, Indian Railways or any Authority
of the Central Government, for any security issued by a body corporate
engaged in the business of infrastructure, which notwithstanding the terms in
the letter of comfort or the obligation undertaken, fails to enable its inclusion
as security covered under category (i) (b) above, shall be treated as an eligible
security under this sub-category.
(ii) Infrastructure and affordable housing Bonds issued by any scheduled
commercial bank, which meets the conditions specified in (ii)(d) above.
(iii) Listed (or proposed to be listed in case of fresh issue) securities issued by
Infrastructure debt funds operating as a Non-Banking Financial Company and
regulated by Reserve Bank of India.
(iv) Listed (or proposed to be listed in case of fresh issue) units issued by
Infrastructure Debt Funds operating as a Mutual Fund and regulated by
Securities and Exchange Board of India.
It is clarified that, barring exceptions mentioned above, for the purpose of this
sub-category (f), a sector shall be treated as part of infrastructure as per
Government of India’s harmonized master-list of infrastructure sub-sectors:8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
Category INVESTMENT PATTERN Percentage
amount to
be invested
Provided that the investment under sub-categories (a), (b) and (f) (i) to (iv) of
this category No. (ii) shall be made only in such securities which have
minimum AA rating or equivalent in the applicable rating scale from at least
two credit rating agencies registered with Securities and Exchange Board of
India under Securities and Exchange Board of India (Credit Rating Agency)
Regulation, 1999. Provided further that in case of the sub-category (f) (iii) the
ratings shall relate to the Non-Banking Financial Company and for the sub-
category (f) (iv) the ratings shall relate to the investment in eligible securities
rated above investment grade of the scheme of the fund.
Provided further that if the securities/entities have been rated by more than
two rating agencies, the two lowest of all the ratings shall be considered.
Provided further that investments under this category requiring a minimum
AA rating, as specified above, shall be permissible in securities having
investment grade rating below AA in case the risk of default for such
securities is fully covered with Credit Default Swaps (CDSs) issued under
Guidelines of the Reserve Bank of India and purchased along with the
underlying securities. Purchase amount of such Swaps shall be considered to
be investment made under this category.
For sub-category (c), a single rating of AA or above by a domestic or
international rating agency will be acceptable.
It is clarified that debt securities covered under category (i) (b) above are
excluded from this category (ii).
(iii) Short-term Debt Instruments and Related Investments Upto 5%
Money market instruments:
Provided that investment in commercial paper issued by body corporates shall
be made only in such instruments which have minimum rating of A1+ by at
least two credit rating agencies registered with the Securities and Exchange
Board of India.
Provided further that if commercial paper has been rated by more than two
rating agencies, the two lowest of the ratings shall be considered.
Provided further that investment in this sub-category in Certificates of Deposit
of up to one year duration issued by scheduled commercial banks, will require
the bank to satisfy all conditions mentioned in category (ii) (d) above.
(b) Units of liquid mutual funds regulated by the Securities and Exchange
Board of India.
(c) Term Deposit Receipts of up to one year duration issued by such
scheduled commercial banks which satisfy all conditions mentioned in
category (ii) (d) above.
(iv) Equities and Related Investments Minimum
Shares of body corporates listed on Bombay Stock Exchange (BSE) or 5% and
National Stock Exchange (NSE), which have: upto 15%
(i) Market capitalization of not less than Rs. 5000 crore as on the date of
investment; and
(ii) Derivatives with the shares as underlying, traded in either of the two
stock exchanges.
(b) Units of mutual funds regulated by the Securities and Exchange Board of
India, which have minimum 65% of their investment in shares of body
corporates listed on BSE or NSE.
Provided that the aggregate portfolio invested in such mutual funds shall not
be in excess of 5% of the total portfolio of the fund at any point in time and¹Hkkx Iµ[k.M 1º Hkkjr dk jkti=k % vlk/kj.k 9
Category INVESTMENT PATTERN Percentage
amount to
be invested
the fresh investment in such mutual funds shall not be in excess of 5% of the
fresh accretions invested in the year.
(c) Exchange Traded Funds (ETFs)/Index Funds regulated by the Securities
and Exchange Board of India that replicate the portfolio of either BSE Sensex
Index or NSE Nifty 50 Index.
(d) ETFs issued by SEBI regulated Mutual Funds constructed specifically for
disinvestment of shareholding of the Government of India in body corporates.
(e) Exchange traded derivatives regulated by the Securities and Exchange
Board of India having the underlying of any permissible listed stock or any of
the permissible indices, with the sole purpose of hedging.
Provided that the portfolio invested in derivatives in terms of contract value
shall not be in excess of 5% of the total portfolio invested in sub-categories
(a) to (d) above.
(v) Asset Backed, Trust Structured and Miscellaneous Investments Upto 5%
(a) Commercial mortgage based Securities or Residential mortgage based
securities.
(b) Units issued by Real Estate Investment Trusts regulated by the Securities
and Exchange Board of India.
(c) Asset Backed Securities regulated by the Securities and Exchange Board
of India.
(d) Units of Infrastructure Investment Trusts regulated by the Securities and
Exchange Board of India.
Provided that investment under this category No. (v) shall only be in listed
instruments or fresh issues that are proposed to be listed.
Provided further that investment under this category shall be made only in
such securities which have minimum AA or equivalent rating in the
applicable rating scale from at least two credit rating agencies registered by
the Securities and Exchange Board of India under Securities and Exchange
Board of India (Credit Rating Agency) Regulations, 1999. Provided further
that in case of the sub-categories (b) and (d) the ratings shall relate to the
rating of the sponsor entity floating the trust.
Provided further that if the securities/entities have been rated by more than
two rating agencies, the two lowest of the ratings shall be considered.
2. Fresh accretions to the fund will be invested in the permissible categories specified in this
investment pattern in a manner consistent with the above specified maximum permissible percentage amounts
to be invested in each such investment category, while also complying with such other restrictions as made
applicable for various sub-categories of the permissible investments.
3. Fresh accretions to the funds shall be the sum of un-invested funds from the past and receipts like
contributions to the funds, dividend/interest/commission, maturity amounts of earlier investments etc., as
reduced by obligatory outgo during the financial year.
4. Proceeds arising out of exercise of put option, tenure or asset switch or trade of any asset before
maturity can be invested in any of the permissible categories described above in the manner that at any given
point of time the percentage of assets under that category should not exceed the maximum limit prescribed for
that category and also should not exceed the maximum limit prescribed for the sub-categories, if any.
However, asset switch because of any RBI mandated Government debt switch would not be covered under
this restriction.10 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC. 1]
5. Turnover ratio (the value of securities traded in the year/average value of the portfolio at the
beginning of the year and at the end of the year) should not exceed two.
6. If for any of the instruments mentioned above the rating falls below the minimum permissible
investment grade prescribed for investment in that instrument when it was purchased, as confirmed by one
credit rating agency, the option of exit shall be considered and exercised, as appropriate, in a manner that is in
the best interest of the subscribers.
7. On these guidelines coming into effect, the above prescribed investment pattern shall be achieved
separately for each successive financial year through timely and appropriate planning.
8. The investment of funds should be at arms length, keeping solely the benefit of the beneficiaries
in mind. For instance, investment (aggregated across such companies/organizations described herein) beyond
5% of the fresh accretions in a financial year will not be made in the securities of a company/organization or
in the securities of a company/organization in which such a company / organization holds over 10% of the
securities issued, by a fund created for the benefit of the employees of the first company/organization, and the
total volume of such investments will not exceed 5% of the total portfolio of the fund at any time. The
prescribed process of due diligence must be strictly followed in such cases and the securities in question must
be permissible investments under these guidelines.
9. i. The prudent investment of the Funds of a trust/fund within the prescribed pattern is the fiduciary
responsibility of the Trustees and needs to be exercised with appropriate due diligence. The
Trustees would accordingly be responsible for investment decisions taken to invest the funds.
ii. The trustees will take suitable steps to control and optimize the cost of management of the fund.
iii. The trust will ensure that the process of investment is accountable and transparent.
iv. It will be ensured that due diligence is carried out to assess risks associated with any particular
asset before investment is made by the fund in that particular asset and also during the period over
which it is held by the fund. The requirement of ratings as mandated in this notification merely
intends to limit the risk associated with investments at a broad and general level. Accordingly, it
should not be construed in any manner as an endorsement for investment in any asset satisfying
the minimum prescribed rating or a substitute for the due diligence prescribed for being carried
out by the fund/trust.
v. The trust/fund should adopt and implement prudent guidelines to prevent concentration of
investment in any one company, corporate group or sector.
10. If the fund has engaged services of professional fund/asset managers for management of its assets,
payment to whom is being made on the basis of the value of each transaction, the value of funds invested by
them in any mutual funds mentioned in any of the categories or ETFs or Index Funds shall be reduced before
computing the payment due to them in order to avoid double incidence of costs. Due caution will be exercised
to ensure that the same investments are not churned with a view to enhancing the fee payable. In this regard,
commissions for investments in Category III instruments will be carefully regulated, in particular.
SHASHANK SAKSENA, Economic Adviser-II
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