Key Information Memorandum

Transcription

1 Key Information Memorandum IDFC Arbitrage Plus Fund (An Open ended Equity Scheme) (Offer of Units at NAV based prices during the Continuous Offer Period) P r o d u c t L a b e l This Product is suitable for investors who are seeking*: IDFC Arbitrage Plus Fund (An Open Ended Equity Scheme) - to generate low volatility returns over short to medium term - Investments predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Mutual Fund : IDFC Mutual Fund Investors understand that their principal will be at moderate risk Asset Management Company Trustee Company Address Website : IDFC Asset Management Company Limited : IDFC AMC Trustee Company Limited : 6th Floor, One IndiaBulls Centre, Jupiter Mills Compound,841, Senapati Bapat Marg, Elphinstone (W), Mumbai : This Key Information Memorandum (KIM) sets forth the information, which a prospective investor ought to know before investing. For further details of the scheme/mutual Fund, due diligence certificate by the AMC, Key Personnel, investors rights & services, risk factors, penalties & pending litigations etc. investors should, before investment, refer to the Scheme Information Document and Statement of Additional Information available free of cost at any of the Investors Service Centres or distributors or from websitewww.idfcmf.com. The Scheme particulars have also been prepared in accordance with Securities and Exchange Board of India (Mutual Funds) Regulations 1996, as amended till date, and filed with the Securities and Exchange Board of India (SEBI). The units being offered for public subscription have not been approved or disapproved by SEBI, nor has SEBI certified the accuracy or adequacy of this KIM. This Scheme Information Document is dated May 31, 2016.

2 Investment Objective Asset Allocation Pattern of the scheme The investment objective of the scheme is to generate income (absolute to low volatility returns) by taking advantage of opportunities in the cash and the derivative segments of the equity markets including the arbitrage opportunities available within the derivative segment, by using other derivative based strategies and by investing the balance in debt and money market instruments. However there is no assurance that the investment objective of the scheme will be realized. Asset Class (under normal circumstances) Equities & Equity related instruments* Derivatives * Debt & Money Market instruments including the margin money deployed in derivative transactions Range of allocation (% of Net Assets) Risk profile Medium to High Medium to High 0 35 Low Under Defensive circumstances+ : Equities & Equity related instruments * 0-35 Medium to High 0-35 Derivatives * Medium to High Debt & Money Market instruments including the margin money Low deployed in derivative transactions +Defensive circumstances are when the arbitrage opportunities in the market are negligible, in view of the fund manager. *Equity allocation is measured as the Gross exposure to equities, equity related instruments and derivatives. The scheme will enter into equity positions to hedge the investments in derivatives. The derivative positions will be hedged against corresponding positions in either equity or derivative markets depending on the strategies involved and execution costs. On the total portfolio level there will be no short-positions. Unhedged positions in the portfolio (investments in equity shares without corresponding exposure to equity derivative) shall not exceed 5%. Investments in securitized debt can be made upto 35% of the portfolio. Investment in derivatives can be made upto 100% of the net assets of the scheme. Investment in Securities Lending can be made upto 50% of net assets of scheme. Investments in Foreign debt instruments can be made upto 35% of the net assets of the Scheme. Investments in ADRs and GDRs issued by Companies in India, as permitted by SEBI regulations - upto 50% of the net assets of the scheme. Gross Exposure to Repo of Corporate Debt Securities upto 10% of the net assets of the Scheme Investment Strategy The investment objective of the scheme is to generate income (absolute to low volatility returns) by taking advantage of opportunities in the cash and the derivative segments of the equity markets including the arbitrage opportunities available within the derivative segment, by using other derivative based strategies and by investing the balance in debt and money market instruments. The scheme will enter into derivative based strategies to take advantage of pricing inefficiencies in the market. These strategies will be undertaken based on certain statistical models/ technical analysis carried out by the fund manager. The scheme will also invest a part of its corpus in debt and money market instruments. The scheme will target to generate returns with a low correlation with equity markets. The following strategies will be used by the fund manager : 1. Cash-Futures Arbitrage 2. Relative Value Trades 3. Derivative strategies and structured investments. Additionally the fund manager may invest in debt and money market instruments for margin and cash flow management purposes. For detailed explanation of individual strategies please refer SID. 1. Cash-Futures Arbitrage

3 a. cash and carry arbitrage The scheme will endeavor to invest predominantly in arbitrage opportunities between spot and futures prices of exchange traded equities. Such opportunities may arise due to differences in prices between the spot and futures of the same stock. The fund manager will evaluate the difference between the price of the stock in the futures market and in the spot market. Typically future prices tend to trade at a premium to the spot prices. If the price of a stock in the futures market is higher than in the spot market, after adjusting for costs and taxes the scheme shall buy the stock in the spot market and sell the same stock in equal quantity in the futures market, simultaneously. For example, on , the scheme buys 10,000 shares of Reliance capital on Rs and at the same time sells 10,000 Reliance Capital futures for December 2013 Rs The scheme thus enters into a fully hedged transaction by selling the equity position in the futures market for expiry on say 25 December If the scheme holds this position till expiry of the futures, the scheme earns an annualized return of 16.97% irrespective of what is the price of Reliance Capital on the date of expiry. In the eventuality that the scheme has to unwind the transaction prior the expiry date on account of redemption pressures or any other reason, the returns would be a function of the spread at which the transaction is unwound. For example, if spot is sold at Rs.430 and the futures are bought at Rs.433 then there would be negative returns on the trade. If the spot is sold at Rs.430 and the futures are sold at Rs. 431 then there would be positive returns from the trade. On the date of expiry, if the price differential between the spot and futures position of the subsequent month maturity still remains attractive, the scheme may rollover* the futures position and hold onto the position in the spot market. In case such an opportunity is not available, the scheme would liquidate the spot position and settle the futures position simultaneously. *Rolling over of the futures transaction means unwinding the short position in the futures of the current month and simultaneously shorting futures of the subsequent month maturity, and holding onto the spot position. There could also be instances of unwinding both the spot and the future position before the expiry of the current-month future to increase the base return or to meet redemption. Return enhancement through the use of arbitrage opportunity would depend primarily on the availability of such opportunities. The scheme will endeavor to build similar market neutral positions that offer an arbitrage potential for e.g. buying the basket of index constituents in the cash or futures segment and selling the index futures, selling the basket of index constituents in futures and buying the index futures, Buying ADR/GDR and selling the corresponding stock future etc. the scheme will also look at arbitrage opportunities arising out of ETFs/ Index futures linked to the Indian equity markets in other overseas exchanges such as Singapore, Hong Kong etc. The scheme would also look to avail of opportunities between one futures contract and another. For example on 16 March 2016, the scheme buys 1000 futures contracts of ABB Ltd. for March expiry at Rs.3000 each and sells an equivalent 1000 futures contract of ABB Ltd. for April expiry at Rs Thereby the scheme enters into a fully hedged transaction. Closer to the expiry date of the March contract, the scheme has two options. 1) Unwind the transaction by selling the 1000 March contracts and buying 1000 April contracts of ABB. The returns are a function of the spread between the sale price of the April contract and the buy price of the March contract. If this spread is less than Rs.30, the returns are positive else the returns are negative.

4 2) On the expiry date i.e. 30 March 2016, the scheme would let the March contract expire and square off 1000 contracts that it holds for April maturity. The returns would be a function of the spread between settlement price of the March contract and the price at which April contracts are squared-off. If this spread is lower than Rs.30 then the returns are positive and if it is higher than Rs.30 the returns are negative. The scheme can also initiate the transaction in the opposite direction i.e. by selling the March futures and buying the April futures, if it sees a profit potential. Under all circumstances the scheme would keep its net exposures neutral to the underlying direction of the market by maintaining completely hedged positions. In addition to stock specific futures, the scheme can also take offsetting positions in index futures of different calendar month. b. Reverse cash and carry arbitrage If permitted by SEBI, the scheme may enter into reverse cash and carry arbitrage. This will involve borrowing stock for a defined period from a recognized counter-party and selling it in the market while simultaneously taking a long position in the stock futures. The above trade will be remunerative in scenarios where the stock/ index futures are trading at a discount to the underlying cash market. Once the discount narrows or converts to a premium, the position is unwound by buying back the stock/index and squaring off the futures transaction. The purchased stock/index is returned to the lender as per the agreed terms. c. Dividend arbitrage Around dividend declaration time, the stock futures/options market can provide a profitable opportunity. Generally, the stock price decline by the dividend amount when the stock goes exdividend. Risk associated with this strategy: Lack of opportunities available in the market Inability of the derivatives to correlate perfectly with underlying assets, indices etc. Mispricing or improper valuation Execution risk, whereby the rates seen on the screen may not be the rates at which the ultimate execution takes place. 2. Relative Value Trades Consists of purchase and sale of diversified basket of securities selected by the Fund Manager using certain statistical/ analytical models. The long and short positions will be balanced and hence expected to be market-neutral in nature. There are different approaches possible for selection of the long-short baskets. The various approaches to be considered by the fund managers are as listed below. a. Pair Trades Fund managers will create and review pairs of stocks that are correlated. Long-short positions can be taken in such pairs when one of stocks moves out of its historical trading range with respect to the other stock and the fund manager expects the pair to revert to the trading range. Illustration: Consider hypothetical stocks A and B. The 2 have a historical price ratio of 2, that is the price of A tends to be twice the price of B. On a given trading day the price could be as follows: Stock A 125 Stock B 50 Hence the ratio between the stocks based on the above prices is 120/50 = 2.4. The same is higher than the historical mean of 2 as mentioned earlier.

5 If the fund manager feels that the pair will revert to the mean of 2, it can take a position where it can go long on Stock B in either cash or futures market, and correspondingly go short on Stock A in the futures market. To take a position of Rs 10,000 on each side, it would involve: Sell Short Stock A 80 shares Go Long Stock B 200 shares Assuming the pair revert to the ratio of 2 as follows Stock A 150 Stock B 75 Then the scheme will lose 80*( ) = 2000 on its short position on Stock A, but will gain 200*(75-50) = 5000 on its long position on Stock B for a net gain of Rs 3000 on its position. Its notable that the above gains are independent of the direction taken by the share and depend on only the price ratio. Hence the strategy is market neutral. Pair strategy can also be used for a basket of stocks rather than a single stock. The pair in such a scenario can be either a single stock against a basket of stocks or one basket of stocks against another basket of stocks. Except for the number of stocks, all other aspects of the trade remain similar to the single stock pair scenario as described above. Risk associated with this strategy: Lack of opportunities available in the market Loss due to non performance of the selected stock / basket etc. Inability of the derivatives to correlate perfectly with underlying assets, indices etc. Mispricing or improper valuation Execution risk, whereby the rates seen on the screen may not be the rates at which the ultimate execution takes place. a. Alpha Trades Fund managers will select a stock/basket of stocks/index using fundamental/ technical/ quantitative analysis that are expected to beat another stock/basket of stocks/index. The scheme can then take a long position in the first stock/basket/index while going short on second stock/basket/index to capture this out performance. Provided below are illustrations of trades that the fund manager can take in order to seek alpha: a) buying a bank stock and selling the bank index future (if that stock is expected out-perform the bank index), or b) by buying any stock and selling Nifty future (if that stock is expected to out-perform Nifty), or c) by buying bank index and selling the IT index (if the bank index is expected to outperform the IT index) As explained in the pair trade section, the returns from the above strategy are also independent of the direction taken by the market and instead depend on the chosen long basket outperforming the short position. Risk associated with this strategy: Lack of opportunities available in the market Loss due to non performance of the selected stock / basket etc. Inability of the derivatives to correlate perfectly with underlying assets, indices etc. Mispricing or improper valuation Execution risk, whereby the rates seen on the screen may not be the rates at which the ultimate execution takes place. b. Corporate action/ event driven strategies Buy backs/ open offers Companies that are targets for buy-backs/ open offers, provide opportunities depending on the

6 difference between the traded price and the buy-back open offer price. The scheme will take a long position in a stock for which the buy-back/ open offer price is expected to be higher than the traded price. Depending on the probability of the open offer and acceptance of shares, the scheme may take a certain short position in the future of the same stock. Since the position is related to a stock-specific event, it is expected to be uncorrelated with the overall direction of the equity markets. Risk Arbitrage This strategy involves investment in shares of companies that are the subject of a takeover bid or other corporate action. Typically, the anticipated event is the closing of an acquisition. Since the position is related to a stock-specific event, it is expected to be uncorrelated with the overall direction of the equity markets. Merger When the Company announces any merger, amalgamation, hive off, de-merger, etc, there could be opportunities due to price differential in the cash and the derivative market. Convertible Securities Arbitrage (when available) This strategy attempts to extract value from options embedded in convertible securities. Typically, the strategy involves purchasing a convertible security and then hedging the underlying equity security. Risk associated with this strategy: Lack of opportunities available in the market Inability of the derivatives to correlate perfectly with underlying assets, indices etc. Execution risk, whereby the rates seen on the screen may not be the rates at which the ultimate execution takes place 3. Derivative strategies & Structured Investments The scheme will take structured positions in derivative markets depending on certain views and costbenefit analysis. The positions will involve buying/ selling stock/ index futures and/or options. The positions will strive to take advantage from perceived anomalies in option prices across different expirations and strike prices. Provided below is an illustration of certain strategies that the fund manager will consider deploying. a. Volatility trades These positions look at the current implied volatilities in the option markets and compare it with historical implied and actual levels. The expectation is that the volatility is mean reverting and hence option positions can go long on volatility (typically through purchase of options) when current implied volumes are high relative to historical levels. The opposite position is taken in the converse market scenario. The option trades for the above can consist of single options, covered call strategies, straddles or strangles. Covered call strategies consist of writing a call option and simultaneously taking a long position on the underlying. The strategy allows the fund manager to earn premium from writing the option. Covered put strategies consist of writing a put option and simultaneously taking a short position on the futures of the underlying.

7 Straddles and strangles consist of simultaneously buying a call and a put option of either the same strike price close to current market levels (straddle) or different strike prices around the current market levels (strangle). The position can be either long or short depending on whether the implied volumes are low or high respectively compared to expected levels. Flow Strategies consist of purchase or sale of instruments for which the Fund manager believes that there is or is anticipated to be a temporary supply or demand imbalance. Such imbalances may occur as a result of, among other things, high demand for an initial public offering, the inclusion of a security in an index, or imbalances resulting from significant short selling in a security. b. Spread trades Spread trades are undertaken to take advantage of anticipated market direction in the short term based on technical and statistical analysis by the fund manager. While individual trades may be directionally linked to the markets, the fund manager can create the position to benefit from either up moves or down moves and hence overall the strategy s returns are expected to have a low correlation with the market and will depend on the accuracy of the fund manager s models. A spread trade consists of a long and short position in either a put or a call with different strike prices. For example a bull spread can be created by buying an at-the-money call option and reducing the cost of purchase of the option by selling an out-of-the-money call option. This strategy will be adopted if the security is expected to go up as per the technical/ statistical models created by the fund manager. c. Structured debentures The scheme will look to invest in variable rate equity-linked debentures based on the pay-off conditions and comparing them with the view of the fund manager. The investments will target coupons/ absolute return which are higher than the comparable fixed income papers and with a low correlation to the direction of the equity market. 4. Debt & Money Market Instruments The debt and money market instruments include any margin money that has to be maintained for the derivative position. The margin money could also be maintained partly as Fixed Deposits with scheduled commercial banks. The maturity profile of the rest of the debt and money market component would be determined by the view of the fund manager. Risk Profile of the Scheme If the view of the fund manager is that interest rates would go up then the average maturity of the debt and money market portfolio would be reduced and if the view of the fund manager is that interest rates would decline, then the average maturity may be increased. This would however depend on the view of the fund manager and can substantially change, depending on the prevailing market circumstances. Mutual Fund Units involve investment risks including the possible loss of principal. Please read the SID carefully for details on risk factors before investment. The scheme proposes to invest in equity and equity related instruments. Equity instruments by nature are volatile and prone to price fluctuations on a daily basis due to both micro and macro factors. Trading volumes, settlement periods and transfer procedures may restrict the liquidity of these investments. Different segments of financial markets have different settlement periods and such periods may be extended significantly by unforeseen circumstances. The inability of the Scheme tomake intended securities purchases due to settlement problems could cause the Scheme to miss certain investment opportunities. Risk Mitigation Factors The Fund by utilizing a holistic risk management strategy will endeavor to manage risks associated with investing in thematic equity funds. The risk control process involves identifying & measuring the risk through various risk measurement tools.the Fund has identified following risks and designed risk management strategies, which are embedded in the investment process to manage such risks.

8 Risk Quality risk : Risk of investing in stocks with poor performance Market risk : Risk of adverse price movement in portfolio Concentration risk : Risk of undue concentration in a single stock Liquidity risk : Risk of liquidity impact of entering/ exiting the underlying stocks in the portfolio Risk mitigants / management strategy Portfolio carefully selected to only include high quality stocks Equity as an asset class tends to be volatile in the short term. The fund manager will have appropriate risk management policies to ensure that the portfolio is not unduly concentrated The fund manager will give due care to the liquidity of the stocks while deciding its allocation to the portfolio. Plans and Options No. of Folios and AUM (As on April 30, 2016) Applicable NAV Plan Options and sub options available Default option under the plan Default Dividend option Regular/ Direct* Growth, Dividend& Annual Dividend (Payout, Reinvest & Sweep) Growth Dividend Reinvestment *Direct Plans: Direct Plan is only for investors who purchase /subscribe Units in a Scheme directly with the Fund and is not available for investors who route their investments through a Distributor. Folios -1187; AUM - Rs Cr. Cut-off timing for Subscriptions including Switch-ins For amount less than Rs 2 Lakhs: i) In respect of valid applications received upto 3.00 p.m on a Business Day by the Fund along with a local cheque or a demand draft payable at par at the official point(s) of acceptance where the application is received, the closing NAV of the day on which application is received shall be applicable. ii) In respect of valid applications received after 3.00 p.m on a Business day by the Fund along with a local cheque or a demand draft payable at par at the official point(s) of acceptance where the application is received, the closing NAV of the next Business day shall be applicable. iii) However, in respect of valid applications, with outstation cheques/demand drafts not payable at par at the official point(s) of acceptance where the application is received, closing NAV of the day on which cheque/demand draft is credited shall be applicable. For amount of Rs 2 Lakhs and above: i) In respect of valid application received upto 3.00 p.m on a day at the official point(s) of acceptance and funds for the entire amount of subscription/purchase as per the application are credited to the bank account of the respective Scheme before the cut-off time i.e available for utilization before the cut-off time - the closing NAV of the day shall be applicable. ii) In respect of valid application received after 3.00 p.m on a day at the official point(s) of acceptance and funds for the entire amount of subscription/purchase as per the application are credited to the bank account of the respective Scheme before the cut-off time of the next Business Day i.e available for utilization before the cut-off time of the next Business Day- the closing NAV of the next Business Day shall be applicable Irrespective of the time of receipt of application for an amount equal to or more than Rs. 2 lakhs at the official point(s) of acceptance, where funds for the entire amount of subscription/purchase as per the application are credited to the bank account of the respective Scheme before the cut-off time on any subsequent Business Day - i.e available for utilization before the cut-off time on any subsequent Business Day the closing NAV of such subsequent Business Day shall be applicable. Cut-off timing for Redemption including Switch-outs i) In respect of valid applications received upto 3.00 p.m. at the Official Points of Acceptance of Transactions, the closing NAV of the day of receipt of application shall be applicable. ii) In respect of valid applications received after 3.00 p.m. at the Official Points of Acceptance of

9 Transactions, the closing NAV of the next business day shall be applicable. Minimum Application Despatch of Repurchase (Redemption) Request Benchmark Index Dividend Policy Name of the Fund Manager Name of the Trustee Company Performance of the scheme Purchase Rs.5000 and in multiples of Re.1 thereafter Additional Purchase Rs.1000 and any amount thereafter Repurchase Rs.500 and any amount thereafter SIP - Rs and in multiples of Rs. 1 thereafter; SWP - Rs. 500 and in multiples of Re. 1 thereafter; STP (in) - Rs and any amount thereafter Within 10 working days of the receipt of the redemption request at the authorisedcentre of IDFC Mutual Fund. CRISIL Liquid Fund Index Under Dividend Option, dividend will be declared subject to availability of distributable surplus and at discretion of AMC / Trustee. The undistributed portion of the income will remain in the Option and be reflected in the NAV, on an ongoing basis. The Trustee s decision with regard to availability and adequacy, rate, timing and frequency of distribution of dividend shall be final. Mr. Yogik Pitti (Managing the fund since June 27, 2013) Ms. Meenakshi Dawar (Managing the fund since September 7, 2015) IDFC AMC Trustee Company Limited Return (%) of Growth Option as at April 30, 2016 Period Direct Plan Regular Plan Returns Crisil Liquid Returns Crisil Liquid Fund Index Fund Index 1 Year Years NA Years NA Since Inception *Date of Inception : Direct Plan : 02-Jan-14 Regular Plan : 09-Jun-08 Returns more than 1 year are calculated on compounded annualised basis IDFC Arbitrage Plus Fund - Dir - Growth Crisil Liquid Fund Index IDFC Arbitrage Plus Fund - Reg - Growth 0 FY FY FY FY FY Expenses of the (i) Load Structure:

10 Scheme Waiver of Load for Direct Applications Tax treatment for the Investors (Unitholders) Daily Net Asset Value (NAV) Publication For Investor Grievances please contact Exit Load: 0.25% if redeemed within 3 months from the date of allotment (ii) Actual expenses for the previous financial year (inclusive of Service Tax and Additional TER, if any): Regular Plan 1.11%; Direct Plan %. Pursuant to SEBI circular no. SEBI/IMD/CIR No.4/ / 09 dated June 30, 2009, there is no entry load for Mutual Fund schemes. Hence, the procedure for waiver of load for Direct Applications is no longer applicable. Investor will be advised to refer to the details in the Statement of Additional Information and also independently refer to his tax advisor. The NAV of the Fund will be calculated on all Business Days. The NAV will be published in 2 daily newspapers having nationwide circulation and will also be updated on the AMFI website i.e. by 9.00 P.M. on all business days. The NAV can also be viewed on the website of the Mutual Fund i.e. Name and Address of Registrar Computer Age Management Services Private Limited (CAMS) 7th Floor, Tower II, Rayala Towers, No.158, Anna Salai, Chennai Name Region Address and Contact Number Neeta Singh West- Maharashtra Ramon House, 169 Backbay Reclamation, H.T Parekh Marg, Churchgate, Mumbai Tel.: id : neeta.singh@idfc.com BansariSoni Gujarat and rest of West B Wing, 3rd Floor, Chandan House, OppGruh Finance, Mithakhali Six Roads, Law Garden, Ahmedabad Tel.: , , Id: bansari.soni@idfc.com Additi Bhardwaj North- Delhi 4th Floor, NarainManzil, 23, Barakhamba Road, New Delhi Tel: Fax: , Id: additi.bhardwaj@idfc.com BaldevShandil Rest of North SCO: ,1St Floor, Sector-22-C Chandigarh Tel.: , Ext Mobile: Id: baldev.shandil@idfc.com VijithRaghavan East Oswal Chambers, 1st Floor, 2 Church Lane, Kolkata Phone: to 1004 Fax: Id: vijith.raghavan@idfc.com Vithya Kumar South (including Tamil Nadu & Kerala) 8th Floor, KRM Towers, No.1, Harrington Road, Chetpet, Chennai Tel.: Extn: Id: vithya.k@idfc.com

11 Dipesh K. Shah South Andhra Pradesh and Karnataka 6th Floor, East Wing, Raheja Towers, #26 & 27, M. G. Road, Bangalore Tel: / 05/ 06 Id: Ramya Adepu South - Hyderabad /7/C/2/S2, 2nd Floor, Amit Plaza, Somajiguda, Hyderabad Tel: id: ramya.adepu@idfc.com Unitholders Information On acceptance of the application for subscription, an allotment confirmation specifying the number of units allotted by way of and/or SMS within 5 business days from the date of closure of NFO will be sent to the Unit Holders registered address and/or mobile number. Consolidated Account Statement (CAS): Pursuant to sub regulation (1), (2) and (4) of Regulation 36 of SEBI (Mutual Funds) Regulations, 1996 read with SEBI circular no. Cir/ IMD/DF/16/ 2011 dated September 8, 2011 and SEBI circular no. Cir/MRD/D9/31/2014 dated November 12, 2014, investors are requested to note the following regarding dispatch of account statements: Investors who hold demat account: For transactions in the schemes of IDFC Mutual Fund, a Consolidated Account Statement, based on PAN of the holders, shall be sent by Depositories to investors holding demat account, for each calendar month within 10th day of the succeeding month to the investors in whose folios transactions have taken place during that month. Consolidated account statement shall be sent by Depositories every half yearly (September/March), on or before 10th day of succeeding month, detailing holding at the end of the six month, to all such investors in whose folios and demat accounts there have been no transactions during that period. In case of demat accounts with nil balance and no transactions in securities and in mutual fund folios, the depository shall send account statement in terms of regulations applicable to the depositories. Investors whose folio(s)/demat account(s) are not updated with PAN shall not receive CAS. Investors are therefore requested to ensure that their folio(s)/demat account(s) are updated with PAN. For Unit Holders who have provided an address to the Mutual Fund or in KYC records, the CAS will be sent by . However, where an investor does not wish to receive CAS through , option shall be given to the investor to receive the CAS in physical form at the address registered in the Depository system. Investors who do not wish to receive CAS sent by depositories have an option to indicate their negative consent. Such investors may contact the depositories to opt out. Investors who do not hold demat account: i) The Consolidated Account Statement (CAS) for each calendar month is to be issued on or before tenth day of succeeding month to the investors who have provided valid Permanent Account Number (PAN). Due to this regulatory change, AMC has now ceased sending physical account statement to the investors after every financial transaction including systematic transactions. Further, CAS will be sent via where any of the folios consolidated has an id or to the id of the first unit holder as per KYC records. ii) A consolidated account statement every half yearly (September/ March) is to be issued, on or before tenth day of succeeding month, detailing holding at the end of the six month, across all schemes of all mutual funds, to all such investors in whose folios no transaction has taken place during that period. iii) For folios not included in the Consolidated Account Statement (CAS), the AMC shall

12 iv) henceforth issue account statement to the investors on a monthly basis, pursuant to any financial transaction in such folios on or before tenth day of succeeding month. In case of a New Fund Offer Period (NFO), the AMC shall send confirmation specifying the number of units allotted to the applicant by way of a physical account statement or an and/or SMS s to the investor s registered address and/or mobile number not later than five business days from the date of closure of the NFO. In case of a specific request received from the unit holder, the AMC shall provide the account statement to the investor within 5 business days from the receipt of such request. Account Statement: For normal transactions: The AMC shall issue to the investor whose application has been accepted, an account statement specifying the number of units allotted within five business days from the date of closure of NFO. The unitholder may request for a physical account statement by writing/calling the AMC/ISC/R&T. Any communication /dispatch of redemption /dividend proceeds, account statements etc. to the unitholders would be made by the Registrar/AMC in such a manner as they may consider appropriate in line with reasonable standards of servicing. The Unitholder may request the AMC / Registrar to provide him a fresh account statement by approaching any office of either the AMC or its registrar. Annual Report: The Scheme wise annual report or an abridged summary hereinafter shall be sent by AMC/Mutual Fund as under: (i) by to the Unit holders whose address is available with the Fund, (ii) in physical form to the Unit holders whose address is not available with the Fund and/or to those Unit holders who have opted / requested for the same. The scheme wise annual report or an abridged summary shall be sent by mail/ not later than four months from the date of closure of the relevant accounting year (i.e. 31st March each year). The physical copy of the scheme wise annual report or abridged summary shall be made available to the investors at the registered office of the AMC. A link of the scheme annual report or abridged summary shall be displayed prominently on the website of the Fund. Half Yearly Portfolio Disclosures: (This is a list of securities where the corpus of the scheme is currently invested. The market value of these investments is also stated in portfolio disclosures) The mutual fund shall publish a complete statement of the scheme portfolio, within one month from the close of each half year (i.e. 31 st March and 30th September), by way of an advertisement at least, in one National English daily and one regional newspaper in the language of the region where the head office of the mutual fund is located. Half Yearly Results: The Mutual Fund shall within one month from the close of each half year, that is on 31st March and on 30th September, host a soft copy of its unaudited financial results on their website and shall publish an advertisement disclosing the hosting of such financial results on their website, in atleast one English daily newspaper having nationwide circulation and in a newspaper having wide circulation published in the language of the region where the Head Office of the mutual fund is situated. Portfolio Holdings and fund allocation towards various sectors Top 10 holdings of the Scheme as on April 30, 2016 is stated here below: Company Industry (%) NAV Asian Paints Limited Consumer Non Durables 3.65%

13 Aurobindo Pharma Limited Pharmaceuticals 3.56% Grasim Industries Limited Cement 3.45% Bharat Petroleum Corporation Limited Petroleum Products 3.42% ITC Limited Consumer Non Durables 3.26% Hero MotoCorp Limited Auto 3.19% Infosys Limited Software 3.18% Cipla Limited Pharmaceuticals 3.04% Britannia Industries Limited Consumer Non Durables 2.94% HDFC Bank Limited Banks 2.88% Exposure of the Scheme across various sectors: 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 11.74% 10.83% 9.64% 8.07% 6.80% 5.75% 3.45% 2.10% 1.52% 1.47% 1.44% 1.25% 0.99% 0.39% 0.07% %NAV Portfolio Turnover ratio [Portfolio Turnover Ratio is calculated as lower of purchase or sale during the period April 1, 2015 to March 31, 2016/ Average AUM for the last one year (includes Fixed Income securities and Equity derivatives)]

14 COMPARISON OF EQUITY SCHEMES WITH OTHER SCHEMES OF IDFC MUTUAL FUND IS AS UNDER: Scheme IDFC Classic Equity Fund IDFC Equity Fund IDFC Imperial Equity Fund IDFC Premier Equity Fund IDFC Sterling Equity Fund IDFC Dynamic Equity Fund IDFC Arbitrage Fund IDFC Arbitrage Plus Fund IDFC Tax Advantage (ELSS) Fund IDFC Infrastructure Fund IDFC Nifty Fund Comparison Market cap: Diversified Sector Bias: Diversified Portfolio consists of Core & Satellite strategies. Core part predominantly focuses on large cap companies and Satellite section focuses on emerging sectors/companies in the mid & small cap space. Classic Equity Fund is benchmark sensitive. Market cap: Large Cap Sector Bias: Diversified Invest in companies in growth phase. Investing in companies seeking growth capital through IPOs/secondary market issuances. Balance allocation closely in line with Nifty 50 Index. Market cap: Large cap Sector Bias: Diversified, active portfolio construction The fund is a pure large cap fund with focus on active stock selection within top 100 companies by market cap. Market cap: No market cap bias Sector Bias: Multicap The fund is benchmark agnostic and seeks to invest in themes/sectors/companies in an early stage of the economic cycle. The fund is open for lumpsum investments only during the periods when fund managers believe there are investment opportunities in the markets The Scheme is benchmark agnostic w.r.t underlying sectors. Market cap: Mid cap Sector Bias: Diversified The fund is positioned as a pure mid cap fund. IDFC Dynamic Equity Fund is an equity fund which aims to dynamically manage the equity and debt exposure based on the month-end weighted average PE ratio and 200 Day Moving Average (DMA) of Nifty 50 Index. It s an asset allocation product based on a quant model. No active stock selection. A pure arbitrage fund - Equity portion is completely hedged. Arbitrage Plus Fund can have unhedged positions in the portfolio (investments in equity shares without corresponding exposure to equity derivative) up to 5%. The Scheme would also look at actively managing its debt allocations. The scheme is an Equity Linked Savings Scheme offering Section 80C Income Tax benefits with 3 years lock-in. A sectorial fund focused on Infrastructure sector. An equity scheme passively tracking Nifty 50 index.

15 CAMS TRANSACTION POINTS Agartala : Advisor Chowmuhani (Ground Floor), Krishnanagar, Agartala, Tripura Agra : No.8, II Floor, Maruti Tower, Sanjay Place, Agra, Uttar Pradesh Ahmedabad : , 1st Floor,, Devpath Building, Off C. G. Road, Behind Lal Bungalow, Ellis Bridge, Ahmedabad, Gujarat Ajmer:AMC No.423/30, Near Church Brahampuri, Opp. T.B.Hospital, Jaipur Road, Ajmer, Rajasthan Akola: Opp.RLT Science College, Civil Lines, Akola, Maharashtra Aligarh:City Enclave, Opp.Kumar Nursing Home, RamghatRoad, Aligarh, Uttar Pradesh Allahabad : 30/2, A&B, Civil Lines Station, Besides Vishal Mega Mart, Strachey Road, Allahabad, Uttar Pradesh Alleppey :Doctor'sTower Building, Door No.14/2562, 1st floor, North of Iorn Bridge, Near Hotel Arcadia Regency, Alleppey, Kerala Alwar :256A,Scheme No.1, Arya Nagar, Alwar, Rajasthan Amaravati : 81, Gulsham Tower, 2nd Floor, Near Panchsheel Talkies, Amaravati, Maharashtra Ambala : Opposite PEER, Bal Bhavan Road, Ambala, Haryana Amritsar : SCO-18J, 'C'BLOCK, RANJIT AVENUE, Amritsar, Punjab Anand : 101, A.P.Tower, B/H SardharGunj, Next to Nathwani Chambers, Anand, Gujarat Anantapur : , I Floor, Pallavi Towers, Anantapur, Andhra Pradesh Andheri : CTS No.411, Citipoint, Gundavali, TeliGali, Above C.T.Chatwani Hall, Andheri, Maharashtra Ankleshwar : Shop No.F-56, First Floor, Omkar Complex, Opp.Old Colony, Nr. Valia Char Rasta, GIDC,Ankleshwar-Bharuch, Gujarat Asansol:Block G, 1st Floor,P.C.Chatterjee Market Complex, RambandhuTalab P O Ushagram, Asansol, West Bengal Aurangabad:Office No.1, 1st Floor, Amodi Complex, Juna Bazar, Aurangabad,Maharashtra Balasore:B.C.Sen Road, Balasore, Orissa Bangalore: Trade Centre, 1st Floor, 45, Dikensen Road, Next to Manipal Centre, Bangalore, Karnataka Bareilly:F-62-63, Butler Plaza, Civil Lines, Bareilly, Uttar Pradesh Belgaum:1st Floor, 221/2A/1B, Vaccine Depot Road, Near 2nd Railway gate, Tilakwadi, Belgaum,Karnataka Bellary:60/5, Mullangi Compound, Gandhinagar Main Road (Old Gopalswamy Road), Bellary, Karnataka Berhampur: First Floor, Upstairs of AaroonPrinters, Gandhi Nagar Main Road, Orissa, Berhampur, Orissa Bhagalpur:Krishna, I Floor, Near Mahadev Cinema, Dr.R.P.Road, Bhagalpur, Bihar Bhatinda:2907 GH,GT Road, Near ZilaParishad, Bhatinda, Punjab Bhavnagar: , Sterling Point, Waghawadi Road, Opp.HDFC BANK, Bhavnagar, Gujarat Bhilai:209,Khichariya Complex, Opp.IDBI Bank, Nehru Nagar Square, Bhilai, Chhattisgarh Bhilwara:Indraparstha Tower, Second floor, Shyam kisabjimandi, Near Mukharji garden, Bhilwara, Rajasthan Bihar Sharif (Nalanda); R C Palace, Amber Station Road, Opp.: Mamta Complex, Bihar Sharif (Nalanda), Bihar Bhopal: Plot no.10, 2nd Floor, Alankar Complex, Near ICICI Bank, MP Nagar, Zone II, Bhopal, Madhya Pradesh Bhubaneswar:Plot No. 111,Varaha Complex Building, 3rd Floor, Station Square, Kharvel Nagar Unit 3, Bhubaneswar, Orissa Bhuj:Data Solution, Office No.17, Ist Floor, Municipal Building, Opp.HotelPrince,Station Road, Bhuj-Kutch, Gujarat Bikaner: Behind Rajasthan Patrika, In front of Vijaya Bank, 1404, Amar Singh Pura, Bikaner, Rajasthan Bilaspur:Beside HDFC Bank, Link Road, Bilaspur, Chattisgarh Bokaro:Mazzanine Floor, F-4, City Centre, Sector 4, Bokaro Steel City, Bokaro, Jharkhand Burdwan:399, G.T.Road, Basement of Talk of the Town, Burdwan, West Bengal Calicut:29/97G 2nd Floor, Gulf Air Building, Mavoor Road, Arayidathupalam, Calicut, Kerala Chandigarh:Deepak Tower, SCO , 1st Floor, Sector 17-C, Chandigarh, Punjab Chennai No. 158, Anna Salai, 7th Floor, Tower II, Rayala Towers, Chennai Chennai:Ground Floor,No.178/10, Kodambakkam High Road, Opp.HotelPalmgrove, Nungambakkam, Chennai, Tamil Nadu Cochin:Ittoop's Imperial Trade Center, Door No. 64/5871 D, 3rd Floor, MG. Road(North), Cochin, Kerala Coimbatore:Old #66 New #86, Lokamanya Street (West), Ground Floor, R.S.Puram, Coimbatore, Tamil Nadu Cuttack:NearIndianOverseas Bank, Cantonment Road, Mata Math, Cuttack, Orissa Davenegere:13, Ist Floor, AkkamahadeviSamaj Complex, Church Road, P.J.Extension, Devengere, Karnataka Dehradun:204/121 NariShilpMandir Marg, Old Connaught Place, Dehradun, Uttaranchal Deoghar:SSMJalan Road, Ground floor, Opp.HotelAshoke, Caster Town,Deoghar, Jharkhand Dhanbad:Urmila Towers, Room No.111(1st Floor), Bank More, Dhanbad, Jharkhand Durgapur:City Plaza Building, 3rd floor, City Centre,Durgapur, West Bengal Erode:197, Seshaiyer Complex, Agraharam Street, Erode, Tamil Nadu Faridhabad:B-49, Ist Floor, Nehru Ground, Behind Anupam SweetHouse, NIT, Faridhabad, Haryana Faizabad: Amar Deep Building, 3/20/14, 2nd Floor, Niyawan, Faizabad Mobile : Ghaziabad:113/6, I Floor, Navyug Market, Gazhiabad, Uttar Pradesh Goa:No.108, 1st Floor, GuruduttaBldg, Above Weekender,M.G.Road, Panaji, Goa Firozabad: 53, 1st Floor, Shastri Market, Sadar Bazar, Firozabad Gorakhpur:Shop No.3, Second Floor, The Mall, Cross Road, A.D.Chowk, Bank Road, Gorakhpur, Uttar Pradesh Guntur:Door No , 5/1BRODIPET, Near Ravi Sankar Hotel, Guntur, Andhra Pradesh Gurgaon:SCO-16, Sector-14, First floor, Gurgaon, Haryana Guwahati:A.K.Azad Road, Rehabari,Guwahati, Assam Gwalior: G-6 Global Apartment, KailashVihar Colony, Opp.Income Tax Office, City Centre, Gwalior, Madhya Pradesh Hazaribag:Municipal Market AnnandaChowk, Hazaribagh, Jharkhand Hisar:12, Opp.Bank of Baroda, Red Square Market, Hisar, Haryana Hubli:No , 1st Floor, 'B' Block, Kundagol Complex, Opp. Court, Club Road, Hubli, Karnataka Hyderabad:208, II Floor, Jade Arcade, Paradise Circle, Secunderabad, Andhra Pradesh Indore:101, Shalimar Corporate Centre, 8-B, South Tukogunj, Opp.Greenpark, Indore, Madhya Pradesh Jabalpur:8, Ground Floor, Datt Towers, Behind Commercial Automobiles, Napier Town,Jabalpur, Madhya Pradesh Jaipur:R-7, Yudhisthir Marg, C-Scheme, Behind Ashok Nagar Police Station, Jaipur, Rajasthan Jalandhar:367/8, Central Town,Opp.GurudwaraDiwanAsthan, Jalandhar, Punjab Jalgaon:Rustomji Infotech Services, 70, Navipeth, Opp.Old Bus Stand, Jalgaon, Maharashtra Jalna:Shop No.6,Ground Floor, Anand Plaza Complex, Bharat Nagar, ShivajiPutla Road, Jalna, Maharashtra Jammu: JRDS Heights, Lane Opp. S&S Computers, Near RBI Building, Sector 14,Nanak Nagar, Jammu, J&K Jamnagar: 217/218, Manek Centre, P.N.Marg, Jamnagar, Gujarat Jamshedpur: Millennium Tower, "R" Road, Room No.15 First Floor,Bistupur, Jamshedpur, Jharkhand Jhansi:Opp.SBI Credit Branch, Babu LalKharkana Compound, Gwalior Road, Jhansi, Uttar Pradesh Jodhpur:1/5, Nirmal Tower, IstChopasani Road, Jodhpur, Rajasthan Junagadh:202-A, 2nd Floor, Aastha Plus Complex, Opp.Jhansi Rani Statue Near Alkapuri, Sardarbaug Road, Junagadh, Gujarat Kadapa:BandiSubbaramaiah Complex, D.No.3/1718, Shop No.8, Raja Reddy Street, Kadapa, Andhra Pradesh Kakinada:No.33-1, 44 Sri Sathya Complex, Main Road, Kakinada,Andhra Pradesh Kalyani:A - 1/50, Block-A, Dist Nadia, Kalyani, West Bengal Kannur:Room No.14/435, Casa Marina Shopping Centre, Talap, Kannur, Kerala Kanpur:I Floor, 106 to 108, CITY CENTRE Phase II, 63/ 2, THE MALL, Kanpur, Uttar Pradesh Karimnagar:HNo , Upstairs SBH Mangammathota, Karimnagar,Andhra Pradesh Karur:126 G, V.P.Towers, Kovai Road, Basement of Axis Bank, Karur, Tamil Nadu Kharagpur:H.NO.291/1, ward no.15, malancha main road,opposite UCO bank, Kharagpur, West Bengal Kobra - Shop No. 6, Shriram Commercial Complex, Infront of Hotel Blue Diamond, Ground Floor, T. P. Nagar, Korba, Chhattisgarh Kolhapur:2B, 3rd Floor, Ayodhya Towers, Station Road, Kolhapur, Maharashtra Kolkata:Saket Building, 44 ParkStreet, 2nd Floor, Kolkata, West Bengal Kollam:Kochupilamoodu Junction, Near VLC, Beach Road, Kollam, Kerala Kota:B-33 KalyanBhawan, Triangle Part, VallabhNagar, Kota, Rajasthan Kottayam: Jacob Complex, Building No - Old No-1319F, New No D, Behind Makkil Centre, Good Sheperd Road, Kottayam Kumbakonam:JailaniComplex, 47, Mutt Street, Kumbakonam, Tamil Nadu Kurnool:H.No.43/8, Upstairs, Uppini Arcade, N R Peta, Kurnool, Andhra Pradesh Lucknow:Off #4,1st Floor,Centre Court Building, 3/c, 5-Park Road, Hazratganj, Lucknow, Uttar Pradesh Ludhiana:U/GF, Prince Market, Green Field, Near Traffic Lights, Sarabha Nagar, PulliPakhowalRoad, Ludhiana, Punjab Madurai:Ist Floor, 278, North Perumal Maistry street, Nadar Lane, Madurai, Tamil Nadu Mangalore:No.G4& G5, Inland Monarch, Opp.Karnataka Bank, Kadri Main Road, Kadri, Mangalore, Karnataka Goa: B-301, Reliance Trade Center, opp. Grace Nursing Home, near Cafe Tato V.V. Road (VardeValaulikar), Margao, Goa Meerut:108 Ist Floor Shivam Plaza, Opposite Eves Cinema, Hapur Road, Meerut, Uttar Pradesh Mehsana:1st Floor, Subhadra Complex, UrbanBank Road, Mehsana, Gujarat Moradabad:H 21-22, 1st Floor, Ram Ganga Vihar Shopping Complex, Opposite Sale Tax Office, Moradabad, Uttar Pradesh Mumbai:Rajabahdur Compound, Ground Floor, Opp. Allahabad Bank, Behind ICICI Bank, 30, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra Muzzafarpur:Brahmantoli, Durgasthan, Gola Road, Muzaffarpur, Bihar Mysore:No.1, 1st Floor, CH.26 7th Main, 5th Cross(Above Trishakthi Medicals), Saraswati Puram, Mysore, Karnataka Nagpur:145Lendra, New Ramdaspeth, Nagpur,Maharashtra Nasik:Ruturang Bungalow, 2 Godavari Colony, Behind Big Bazar, Near Boys Town School, Off College Road, Nasik, Maharashtra Navsari:DineshVasani& Associates. 103-Harekrishna Complex, above IDBI Bank, Nr.Vasant Talkies, Chimnabai Road, Navasari, Gujarat Nellore:97/56, I Floor Immadisetty Towers, RanganayakulapetRoad, Santhapet, Nellore, Andhra Pradesh New Delhi:7-E, 4th Floor, DeenDayaal Research Institute Building, Swami Ram Tirath Nagar, Near Videocon Tower JhandewalanExtension, New Delhi Noida:C-81, 1st floor, Sector-2, Noida Palakkad:10/688, Sreedevi Residency, Mettupalayam Street, Palakkad, Kerala Panipat:83,Devi Lal Shopping Complex, Opp.ABNAmro Bank, G.T.Road, Panipat, Haryana Patiala:35, New lalbagh Colony, Patiala, Punjab Patna:G-3, Ground Floor, Om ViharComplex, SP Verma Road, Patna, Bihar Pondicherry:S-8, 100, Jawaharlal Nehru Street(New Complex, Opp.Indian Coffee House), Pondicherry Pune:Nirmiti Eminence, Off No.6, I Floor, Opp.Abhishek Hotel Mehandale Garage Road, Erandawane, Pune, Maharashtra Raipur:HIG,C-23, Sector-1, Devendra Nagar, Raipur, Chhattisgarh Rajahmundry:Door No , 1st Floor, RajeswariNilayam, Near Vamsikrishna Hospital, NyapathiVari Street, T Nagar, Rajahmundry, Andhra Pradesh Rajkot:Office , Everest Building, HariharChowk, Opp.ShastriMaidan, LimdaChowk, Rajkot, Gujarat Ranchi:4, HB Road, No.206, 2nd Floor Shri Lok Complex, H.B.Road Near Firayalal, Ranchi, Jharkhand Rohtak:205, 2ND Floor, Blg. No.2, Munjal Complex, Delhi Road, Rohtak, Haryana Rourkela:1st Floor, MangalBhawan, Phase II, Power HouseRoad, Rourkela, Orissa Saharanpur:IFloor, Krishna Complex, Opp.Hathi Gate, Court Road, Saharanpur, Uttar Pradesh Salem:No.2, I Floor Vivekananda Street, NewFairlands, Salem, Tamil Nadu Sambalpur:C/o Raj Tibrewal& Associates, Opp.Town High School, Sansarak, Sambalpur, Orissa Sangli:DiwanNiketan, 313,Radhakrishna Vasahat, Opp. Hotel Suruchi, Near S.T.Stand, Sangli, Maharashtra Satara:117/A/3/22, ShukrawarPeth, Sargam Apartment, Satara, Maharashtra Shillong: 3rd Floor, RPG Complex, Keating Road, Shillong, Meghalaya Shimla:IFloor, Opp.PanchayatBhawan Main gate, Bus stand, Shimla, Himachal Pradesh Shimoga:Nethravathi, Near Gutti Nursing Home, Kuvempu Road, Shimoga, Karnataka Siliguri:No 7, SwamijiSarani, Ground Floor, Hakimpara, Siliguri, West Bengal Solapur:Flat No.109, 1st Floor, A Wing, Kalyani Tower, 126 SiddheshwarPeth, NearPangal High School, Solapur, Maharashtra Sriganganagar:18 L Block, Sri Ganganagar, Rajasthan Surat:Plot No.629, 2nd Floor, Office No.2-C/2-D MansukhlalTower,Beside Seventh Day Hospital, Opp.Dhiraj Sons, Athwalines, Surat, Gujarat Thane:3rd Floor, Nalanda Chambers, "B" Wing, Gokhale Road, Near Hanuman Temple, Naupada,Thane, Maharashtra Thiruppur:1(1), Binny Compound, II Street, Kumaran Road, Thiruppur, Tamil Nadu Thiruvalla:Central Tower, Above Indian Bank, Cross Junction,Thiruvalla, Kerala Tirunelveli:1 Floor, Mano Prema Complex 182 / 6, S.N High Road, Tirunelveli, Tamil Nadu Tirupathi:Door No , Near ChandanaRameshShowroom, Bhavani Nagar, Tirumala Bypass Road, Tirupathi, Andhra Pradesh Trichur:Room No.26 & 27, DEE PEE PLAZA, Kokkalai, Trichur, Kerala Trichy:No.8, IFloor, 8th Cross West Extn, Thillainagar, Trichy, Tamil Nadu Trivandrum:RS Complex, Opposite of LIC Building, Pattom PO, Trivandrum, Kerala Udaipur:32Ahinsapuri,Fatehpura Circle, Udaipur, Rajasthan Vadodara:103, Aries Complex, BPC Road, Off R.C.Dutt Road, Alkapuri, Vadodara, Gujarat Valsad:3rd floor, Gita Nivas,opp.Head Post Office, Halar Cross Lane, Valsad, Gujarat Vapi: , Heena Arcade, Opp.Tirupati Tower, Near G.I.D.C, Char Rasta, Vapi, Gujarat Varanasi:C-28/142-2A, Near TeliyaBagh Crossing, TeliyaBagh, Varanasi, Uttar Pradesh Vellore:No.1, Officer's Line, 2nd Floor, MNR Arcade, Opp.ICICI Bank, Krishna Nagar, Vellore, TamilNadu Vijayawada: , Rao &Ratnam Complex, Near Chennupati Petrol Pump, M.G.Road, Labbipet, Vijayawada, Andhra Pradesh Visakhapatnam:Door No , Flat No 2, 1st Floor, Sidhi Plaza, Near Visakha Library, Srinagar, Visakhapatnam Warangal:A.B.K Mall, Near Old Bus Depot road, F-7, Ist Floor, RamnagarHanamkonda, Warangal, AndhraPradesh Yamuna Nagar:124-B/R, Model Town, Yamunanagar, Haryana