Fund of the Month

January 11, 2016

Start accumulating quality portfolio

With markets having corrected more than 16% from the

highs, the risk-reward ratio for investment is favourable. It
is difficult to build a portfolio at precise market bottoms.
However, with a favourable reward to risk ratio, we
believe this is an opportune time for portfolio construction
from a long term perspective

Indian equity markets have witnessed selling pressure over the last few
months on the back of weak global markets. Indian markets have
corrected more than 16% from the all time high levels achieved in March
2015. The flight of capital from emerging markets on the back of concern
of further rate hikes from the US Federal Reserve on one hand and global
slowdown concern leading by slowdown in China have led to weakening
of market sentiments. We believe that the breather in 2015 forms part of
the larger bull market which began since mid 2013 and provides an
attractive incremental buying opportunity for long term investors.
The broader markets have consistently outperformed the benchmarks on
relative as well as absolute terms since the outcome of General Election in
May 2014. During structural downtrends, the broader markets are
generally hammered down and tend to underperform the benchmarks
owing to low risk appetite. However, strength in broader markets during
last 10 month corrective phase suggests strong appetite among
participants to own stocks even as benchmarks are undergoing a
corrective phase
Although the market sentiment may remain weak, stock specific
investment opportunities persist across the market segment irrespective of
the market capitalization. As earnings visibility exists in selected broader
market stocks, investors should focus on funds with quality stocks which
have higher growth potential. So, one has to be selective while investing,
thereby focusing on visibility of revenues, balance sheet strength, cash
flow profile and management quality

Exhibit 1: Forward PE ratio gap declines as we discount future

earnings

Exhibit 2: as earnings growth in midcap likely to be better for many of

the midcap stocks

Trend in one year forward P/Es

Earnings CAGR over FY15-FY18E of BSE Sensex vs. BSE Midcap

24.8
18.4

20.0

25
16.9

16.1

14.0

12.9 11.9

20
(x)

(x)

30
30
25
20
15
10
5
0

15
10

24.4
15.7

5
FY15

FY16E
Midcap P/E

FY17E

FY18E

0
Sensex

Sensex P/E

BSE Midcap Index

Source: Bloomberg, ICICIdirect.com Research

Source: Bloomberg, ICICIdirect.com Research

Indian economy poised for upturn

Research Analyst
Sachin Jain
sachin.jain@icicisecurities.com
Isha Bansal
isha.bansal@icicisecurities.com

Amid the earnings hiccups the macro indicators show that the economy is
poised for a cyclical upturn. The Chinese slowdown and the resultant
falling commodity prices (especially crude) have provided a huge cushion
to the government to maintain a balance between growth and fiscal
consolidation.
Furthermore, with falling inflation, the rate cut cycle (125 bps repo rate cut
in CY15) has begun, which is expected to be a huge boost for a revival of
the capex cycle as well as relief on working capital strains. The
governments improving gross tax collection (21.7% YoY in H1FY16) is

ICICI Securities Ltd | Retail Mutual Fund Research

also expected to provide a lever for higher allocation towards

infrastructure spending.
The government has initiated a number of structural policy reforms like
power reforms, road sector reforms, implementation of DBT in centrally
funded welfare schemes, increasing FDI in many sectors, thrust on
manufacturing in sectors like defence, focus on ease of doing business,
taxation reforms, etc. The GST bill proposed to be discussed in Rajya
Sabha in the ongoing winter session is a crucial development which
investors will be watching. Any positive development on this front will
boost investor sentiments. Structurally, the outlook for Indian equity
markets remains good on the back of a steep correction in commodities,
especially crude oil & industrial metals, 125 bps repo rate cut and
subsequent transmission of the same to corporate balance sheets along
with relatively stable exchange rates
Exhibit 3: Declining trend of CRB index indicates fall in commodity
prices since June 2014

Exhibit 4: Crude prices have declined by 70% from $114/bl in June14

120

340
90
$/bl

290
240

60

190
30

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15

Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16

140

CRB Index

Brent Crude

Source: Bloomberg

Source: Bloomberg

Any intermediate throwbacks from here on should be utilised to buy in a

staggered manner from a medium-term perspective to ride the larger
uptrend

Preferred midcap funds:

Recommended funds

SBI Magnum Global Fund

HDFC Midcap Opportunities Fund

SBI Magnum Global Fund

Franklin India Smaller Companies Fund

HDFC Midcap Opportunities Fund

Franklin India Smaller Companies Fund

(Refer to attached fund cards for scheme details)

ICICI Securities Ltd | Retail Mutual Fund Research

Page 2

SBI Magnum Global Fund - 1994

Fund Objective

To provide the investors maximum growth opportunity through well researched investments in Indian equities, PCDs and FCDs from selected
industries with high growth potential and Bonds.

Standard Deviation (%)

Beta
Sharpe ratio
R Squared
Alpha (%)
Large
Mid
Small

Risk Parameters

Market Capitalisation (%)

Data as on January 05,2016 ;Portfolio details as on Nov-2015

Source: ACEMF
ICICIdirect.com

Mutual Fund Research

18.2
7.6

24.4

15.2

5.9

5.9

2.8
-1

31-Dec-12
31-Dec-13
9.71
-5.73

500

600

546.2

1000

459.7

1500

1064.9
1

1562.4

SIP Performance (Value if invested | 5000 per month (in'000))

2000

300

%
9.4
7.9
6.6
4.7
4.2
4.2
4.1
4.0
3.6
3.1

Asset Type
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities

Last Three Years Performance

31-Dec-14
31-Dec-13
31-Dec-15
31-Dec-14
7.92
66.56
SBI Magnum Global Fund 7.43
54.69
Benchmark

263.3

Top 10 Sectors
Finance - NBFC
Chemicals
Bearings
Textile
Finance - Housing
Household & Personal Products
Batteries
Leather
Consumer Food
Tyres & Allied

5 Year

Benchmark

249.6

%
8.9
4.2
3.8
3.6
36
3.5
3.1
3.0
3.0
2.9
2.8

3 Year

Fund Name

180

Top 10 Holdings
Asset Type
CBLO
Cash & Cash Equivalents
Procter & Gamble Hygiene & Health Care Ltd Domestic Equities
Solar Industries (India) Ltd.
Domestic Equities
Britannia
Ltd.
Domestic
Equities
Bi
i IIndustries
d
i L
d
D
i E
ii
Cholamandalam Investment & Finance Com Domestic Equities
MRF Ltd.
Domestic Equities
Sundaram Finance Ltd.
Domestic Equities
Grindwell Norton Ltd.
Domestic Equities
Shriram City Union Finance Ltd.
Domestic Equities
Kajaria Ceramics Ltd.
Domestic Equities

1 Year
Fund

59.9

2011
78.2
-14.2
-34.2
899

6 Month

61.9

Calendar Year-wise Performance

2015
2014
2013
2012
NAV as on Dec 31 (|)
209.7
194.4
116.7
106.4
Return (%)
7.9
66.6
9.7
36.0
Benchmark (%)
7.4
54.7
-5.7
38.5
Net Assets (| Cr)
2378
1738
910
959

30
20
10
0
-10

60

SIP

Expense Ratio (%)

Exit Load
Benchmark
Last declared Quarterly AAUM(| cr)

Performance vs. Benchmark

133.5
September 30, 1994
R. Srinivasan
5000
1000
1.95
1% on or before 12M, Nil after 12M
S&P BSE Mid-Cap
2378

Return%

Key Information
NAV as on January 05, 2016 (|)
Inception Date
Fund Manager
Minimum Investment (|)
Lumpsum

0
1Yr

3Yrs

Total Investment

5Yrs

Fund Value

Benchmark Value

Whats In

Whats out
Kennametal India Ltd.

%
0.3

13.22
0.62
0.00
0.74
11.96

Total Stocks
Top 10 Holdings (%)
Fund P/E Ratio
Benchmark P/E Ratio
Fund P/BV Ratio

14.8
56.1
20.4

Equity
Debt
Cash

10Yrs

Portfolio Attributes

Asset Allocation

38.0
38.8
41.7
-10.0
91.3
0.0
8.7

Performance of all the schemes managed by the fund manager

31-Dec-14 31-Dec-13 31-Dec-12
Fund Name
31-Dec-15 31-Dec-14 31-Dec-13
SBI Small & Midcap Fund-Reg(G)
20.56
110.66
7.85
S&P BSE Small-Cap
6.76
69.24
-11.23
SBI Magnum Global Fund 94-Reg(D)
7.92
66.55
9.69
S&P BSE Mid-Cap
7.43
54.69
-5.73
SBI Magnum Balanced Fund-Reg(D)
7.36
43.23
11.85
Crisil Balanced Fund Index
0.48
25.34
6.05
SBI Emerging Businesses Fund-Reg(G)
4.33
58.01
-7.87
S&P BSE 500
-0.82
36.96
3.25
SBI Magnum Equity Fund-Reg(D)
2.43
42.65
5.54
NIFTY 50
-4.06
31.39
6.76
SBI Contra Fund-Reg(D)
-0.09
47.65
-1.75
S&P BSE 100
-3.25
32.28
5.87

Dividend History
Date
Oct-30-2015
Jun-06-2014
May-31-2011
Mar-12-2010
Mar-26-2007
Jul-01-2005
Value of investment of | 10000 invested since
inception
SBI Magnum Global fund
Benchmark
Additional Benchmark

Fund name

Product Label

This product is suitable for investors seeking*:

Long term growth opportunity
Investments in Indian equities, PCDs and FCDs
from selected industries with high growth
potential to provide investors maximum growth
opportunities

Data as on January 05,2016 ;Portfolio details as on Nov-2015

Source: ACEMF
ICICIdirect.com

Mutual Fund Research

Dividend (%)
51
57
50
50
50
42.5

|
NA
N/A
N/A

HDFC Mid-Cap Opportunities Fund

Fund Objective

The aim of the fund is to generate long-term capital appreciation from a portfolio that is substantially constituted of equity and equity related
securities of small and mid-cap companies.

Top 10 Sectors
Pharmaceuticals & Drugs
Bank - Private
IT - Software
Bank - Public
Finance - NBFC
Pesticides & Agrochemicals
Printing And Publishing
Air Conditioners
Tyres & Allied
Bearings

Standard Deviation (%)

Beta
Sharpe ratio
R Squared
Alpha (%)
Large
Mid
Small

Risk Parameters

Market Capitalisation (%)

Source: ACEMF
Mutual Fund Research

18.5

25.9

15.7

6.6

0.6

Fund

3 Year

5 Year

Benchmark

Last Three Years Performance

31-Dec-14
31-Dec-13
31-Dec-15
31-Dec-14
5.81
76.63
HDFC Mid-Cap Opportunities
6.46
55.91
Benchmark
Fund Name

31-Dec-12
31-Dec-13
9.64
-5.10

1Yr

3Yrs

Total Investment

5Yrs

Fund Value

%
0.3
0.2

Whats out

Total Stocks
Top 10 Holdings (%)
Fund P/E Ratio
Benchmark P/E Ratio
Fund P/BV Ratio

29.7
46.9
18.0

Equity
Debt
Cash

Portfolio Attributes

Asset Allocation

10Yrs

Benchmark Value

Whats In
Petronet LNG Ltd.
Interglobe Aviation Ltd.

15.03
0.76
-0.01
0.86
10.04

465.9

557.8

SIP Performance (Value if invested | 5000 per month (in'000))

600
500
00
400
300
200
100
0

300

%
10.6
7.4
7.2
6.8
4.7
4.4
3.8
3.8
3.2
2.9

1 Year

27
71

Asset Type
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities

6 Month

249
9.4

%
3.0
2.9
2.3
2.3
23
2.3
2.3
2.3
2.3
2.1
2.0

180

Asset Type
Domestic Equities
Cash & Cash Equivalents
Domestic Equities
mestic
Funds
Un
i Mutual
M
lF
d U
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities

Data as on January 05,2016 ;Portfolio details as on Nov-2015

ICICIdirect.com

2011
13.4
-18.3
-31.0
1593

10

61.7

Top 10 Holdings
Bajaj Finance Ltd.
CBLO
Aurobindo Pharma Ltd.
HDFC Li
Liquid
Fund(G)-Direct
Plan
id F
d(G) Di
Pl
Hindustan Petroleum Corporation Ltd.
Divis Laboratories Ltd.
Torrent Pharmaceuticals Ltd.
Voltas Ltd.
NIIT Technologies Ltd.
Ipca Laboratories Ltd.

2012
18.6
39.6
39.2
2756

20

60.7

Calendar Year-wise Performance

2015
2014
2013
NAV as on Dec 31 (|)
38.2
36.1
20.4
Return (%)
5.8
76.6
9.6
Benchmark (%)
6.5
55.9
-5.1
Net Assets (| Cr)
10763
9161
3049

30

60

SIP

Expense Ratio (%)

Exit Load
Benchmark
Last declared Quarterly AAUM(| cr)

Performance vs. Benchmark

37.9
June 25, 2007
Chirag Setalvad
5000
0
1.75
1% on or before 1Y, NIL after1Y
NIFTY MIDCAP 100
10763

Return%

Key Information
NAV as on January 05, 2016 (|)
Inception Date
Fund Manager
Minimum Investment (|)
Lumpsum

74.0
23.6
26.1
25.5
4.4
94.6
0.0
5.4

Performance of all the schemes managed by the fund manager

31-Dec-14 31-Dec-13 31-Dec-12
Fund Name
31-Dec-15 31-Dec-14 31-Dec-13
HDFC Small and Mid Cap Fund-Reg(G)
6.42
51.48
7.52
NIFTY SMALL 100
7.21
54.95
-8.28
HDFC Mid-Cap Opportunities Fund(G)
5.81
76.63
9.64
NIFTY MIDCAP 100
6.46
55.91
-5.10
HDFC Multiple Yield Fund 2005(G)
4.67
20.43
6.65
Crisil MIP Blended Index
6.79
16.83
4.41
HDFC Long Term Adv Fund(G)
-2.40
44.68
10.96
S&P BSE SENSEX
-5.03
29.89
8.98

Dividend History
Date
Mar-25-2015
Feb-28-2014
Feb-28-2013
Feb-23-2012
Value of investment of | 10000 invested since inception
HDFC Mid cap Opportunities fund
Benchmark
Additional Benchmark

Product Label
Fund name
This product is suitable for investors seeking*:
Long term capital appreciation
Investment predominantly in equity and equity
related instruments of Small and Mid Cap
companies

Data as on January 05,2016 ;Portfolio details as on Nov-2015

Source: ACEMF
ICICIdirect.com

Mutual Fund Research

Dividend (%)
20
17.5
11.5
15
|
NA
N/A
N/A

Franklin India Smaller Companies Fund

Fund Objective

An open end diversified equity fund that seeks to provide long term capital appreciation by investing in mid and small cap companies.

Top 10 Sectors
Bank - Private
Bearings
Air Conditioners
IT - Software
Cable
Chemicals
Cement & Construction Materials
Construction - Real Estate
Printing And Publishing
BPO/ITeS

Standard Deviation (%)

Beta
Sharpe ratio
R Squared
Alpha (%)
Large
Mid
Small

Risk Parameters

Market Capitalisation (%)

Data as on January 05,2016 ;Portfolio details as on Nov-2015

Source: ACEMF
ICICIdirect.com

Mutual Fund Research

21.6

15.7

7.9

6.6

642.3

SIP Performance (Value if invested | 5000 per month (in'000))

800
600
400
200

465.9

%
12.7
6.7
4.6
3.5
3.5
3.3
3.2
3.2
3.1
3.0

31-Dec-12
31-Dec-13
13.22
-5.10

300
0

Asset Type
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities

Last Three Years Performance

31-Dec-14
31-Dec-13
31-Dec-14
31-Dec-15
9.56
89.92
Franklin India Smaller Comp
6.46
55.91
Benchmark

295

%
9.5
3.5
3.0
2.8
28
2.8
2.4
2.4
2.3
2.2
2.1

5 Year

Benchmark

4
249.4

Asset Type
Cash & Cash Equivalents
Domestic Equities
Domestic Equities
Domestic
Equities
D
i E
ii
Domestic Equities
Rights
Domestic Equities
Domestic Equities
Domestic Equities
Domestic Equities

3 Year

Fund Name

180

Top 10 Holdings
Call Money
Finolex Cables Ltd.
eClerx Services Ltd.
FAG Bearings
India
B i
I di Ltd.
Ld
Yes Bank Ltd.
Tata Motors - DVR Ordinary
Voltas Ltd.
Repco Home Finance Ltd.
Atul Ltd.
HDFC Bank Ltd.

2011
11.3
-25.9
-31.0
307

1 Year
Fund

61.7

2012
17.1
51.7
39.2
344

6 Month

62

Calendar Year-wise Performance

2015
2014
2013
NAV as on Dec 31 (|)
40.2
36.7
19.3
Return (%)
9.6
89.9
13.2
Benchmark (%)
6.5
55.9
-5.1
Net Assets (| Cr)
2651
1774
369

SIP

40
30
20
10
0

60

Expense Ratio (%)

Exit Load
Benchmark
Last declared Quarterly AAUM(| cr)

31.9

Performance vs. Benchmark

40.0
January 13, 2006
R. Janakiraman
5000
0
2.35
1% on or before 1Y
NIFTY MIDCAP 100
2651

Return%

Key Information
NAV as on January 05, 2016 (|)
Inception Date
Fund Manager
Minimum Investment (|)
Lumpsum

0
1Yr

3Yrs

Total Investment

5Yrs

Fund Value

Benchmark Value

Whats In

Whats out
AIA Engineering Ltd.

%
0.7

14.47
0.73
0.01
0.80
12.42

Total Stocks
Top 10 Holdings (%)
Fund P/E Ratio
Benchmark P/E Ratio
Fund P/BV Ratio

12.5
29.0
49.1

Equity
Debt
Cash

10Yrs

Portfolio Attributes

Asset Allocation

70.0
32.8
26.7
25.5
4.5
88.2
0.0
11.8

Performance of all the schemes managed by the fund manager

31-Dec-14 31-Dec-13 31-Dec-12
Fund Name
31-Dec-15 31-Dec-14 31-Dec-13
Franklin India Smaller Cos Fund(G)
9.56
89.92
13.22
NIFTY MIDCAP 100
6.46
55.91
-5.10
Franklin India Feeder - Franklin U.S. Opport
8.76
8.37
55.24
----Franklin India Prima Fund(G)
6.81
78.14
7.40
NIFTY 500
-0.72
37.82
3.61
Franklin India Opportunities Fund(G)
2.30
58.58
2.14
S&P BSE 200
-1.48
35.47
4.38
Franklin India Flexi Cap Fund(G)
1.96
55.90
7.07
NIFTY 500
-0.72
37.82
3.61
Franklin India High Growth Cos Fund(G)
1.49
79.58
9.22
NIFTY 500
-0.72
37.82
3.61
Franklin Asian Equity Fund(G)
-4.59
9.18
12.36
-----

Dividend History
Date
Feb-23-2015
Feb-17-2014
Feb-25-2013
Aug-09-2007
Value of investment of | 10000 invested since
inception
Franklin India Smaller companies
Benchmark
Additional Benchmark

Product Label

This product is suitable for investors seeking*:

Long term capital appreciation
A fund that invests primarily in small and mid
cap companies

Data as on January 05,2016 ;Portfolio details as on Nov-2015

Source: ACEMF
ICICIdirect.com

Mutual Fund Research

Dividend (%)
20
15
25
9
|
570000
871370
736745

Pankaj Pandey

Head Research

pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No. 7, MIDC,
Andheri (East)
Mumbai 400 093
research@icicidirect.com

Disclaimer
ANALYST CERTIFICATION
We Sachin Jain, CA and Isha Bansal, MBA (Fin) Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views
expressed in this research report accurately reflect our views about the subject issuer(s) or Funds. We also certify that no part of our compensation
was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
Terms & conditions and other disclosures:
ICICI Securities Limited (ICICI Securities) AMFI Regn. No.: ARN-0845. Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Centre, H. T. Parekh
Marg, Churchgate, Mumbai - 400020, India. ICICI Securities Limited is a Sebi registered Research Analyst having registration no. INH000000990. ICICI
Securities is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock broking and distribution of financial
products. ICICI Securities is a wholly-owned subsidiary of ICICI Bank which is Indias largest private sector bank and has its various subsidiaries
engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, distribution of
financial products etc. (associates), the details in respect of which are available on www.icicibank.com.
ICICI Securities is one of the leading distributors of Mutual Funds and participate in distribution of Mutual Fund Schemes of almost all AMCs in India.
The selection of the Mutual Funds for the purpose of including in the indicative portfolio does not in any way constitute any recommendation by ICICI
Securities Limited (hereinafter referred to as ICICI Securities) with respect to the prospects or performance of these Mutual Funds. The investor has the
discretion to buy all or any of the Mutual Fund units forming part of any of the indicative portfolios on icicidirect.com. Before placing an order to buy
the funds forming part of the indicative portfolio, the investor has the discretion to deselect any of the units, which he does not wish to buy. Nothing in
the indicative portfolio constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or
appropriate to the investor's specific circumstances.
The details included in the indicative portfolio are based on information obtained from public sources and sources believed to be reliable, but no
independent verification has been made nor is its accuracy or completeness guaranteed. The funds included in the indicative portfolio may not be
suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs.
This may not be taken in substitution for the exercise of independent judgement by any investor. The investor should independently evaluate the
investment risks. ICICI Securities and affiliates accept no liabilities for any loss or damage of any kind arising out of the use of this indicative portfolio.
Past performance is not necessarily a guide to future performance. Actual results may differ materially from those set forth in projections. ICICI
Securities may be holding all or any of the units included in the indicative portfolio from time to time as part of our treasury management. ICICI
Securities Limited is not providing the service of Portfolio Management Services (Discretionary or Non Discretionary) to its clients.
Mutual fund investments are subject to market risks, read all scheme related documents carefully.
Kindly note that such research recommended funds in indicative portfolio are not based on individual risk profile of each customer unless a customer
has opted for a paid Investment Advisory Service offered by I-Sec. Investors should consult their financial advisers if in doubt about whether the
product is suitable for them.
The information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to,
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who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use
would be contrary to law, regulation or which would subject I-Sec and affiliates to any registration or licensing requirement within such jurisdiction.
ICICI Securities and/or its associates receive compensation/ commission for distribution of Mutual Funds from various Asset Management Companies
(AMCs). ICICI Securities host the details of the commission rates earned by ICICI Securities from Mutual Fund houses on our website
www.icicidirect.com. Hence, ICICI Securities or its associates may have received compensation from AMCs whose funds are mentioned in the report
during the period preceding twelve months from the date of this report for distribution of Mutual Funds or for providing marketing advertising support
to these AMCs. ICICI Securities also provides stock broking services to institutional clients including AMCs. Hence, ICICI Securities may have received
brokerage for security transactions done by any of the above AMCs during the period preceding twelve months from the date of this report

ICICI Securities Ltd | Retail Mutual Fund Research

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