Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. RELIANCE ETF NIFTY 100 formerly R*Shares CNX 100 ETF (An Open Ended Index Exchange Traded Fund) RELIANCE ETF CONSUMPTION formerly R*Shares Consumption ETF (An Open Ended Index Exchange Traded Fund) RELIANCE ETF DIVIDEND OPPORTUNITIES formerly R*Shares Dividend Opportunities ETF (An Open Ended Index Exchange Traded Fund) RELIANCE ETF SENSEX formerly R*Shares Sensex ETF (An Open Ended Index Exchange Traded Fund) RELIANCE ETF NV20 formerly R*Shares NV20 ETF (An Open Ended Index Exchange Traded Fund) Abridged Annual Report 2016-2017 RELIANCE ETF LONG TERM GILT formerly R*Shares Long Term Gilt ETF (An Open Ended Index Exchange Traded Fund) RELIANCE ETF NIFTY BeES formerly R*Shares Nifty BeES (An Open Ended Index Exchange Traded Scheme) RELIANCE ETF JUNIOR BeES formerly R*Shares Junior BeES (An Open Ended Index Exchange Traded Fund) RELIANCE ETF PSU BANK BeES formerly R*Shares PSU Bank BeES (An Open Ended Index Exchange Traded Scheme) RELIANCE ETF BANK BeES formerly R*Shares Bank BeES (An Open Ended Index Exchange Traded Scheme) Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited) A Reliance Capital Company RELIANCE ETF SHARIAH BeES formerly R*Shares Shariah BeES (An Open Ended Index Exchange Traded Scheme) RELIANCE ETF HANG SENG BeES formerly R*Shares Hang Seng BeES (An Open Ended Index Exchange Traded Scheme) RELIANCE ETF INFRA BeES formerly R*Shares Infra BeES (An Open Ended Index Exchange Traded Scheme) Reliance Mutual Fund (A Trust under the Indian Trust Act, 1882) SPONSOR Reliance Capital Limited (Incorporated under the Companies Act, 1956) Regd. Office : H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairane, Navi Mumbai - 400 710. Tel.: +9122 3032 7000, Fax: +9122 3032 7202 Nippon Life Insurance Company (Co-sponsor) Regd. Office: 3-5-12, Imabashi, Chuo-ku, Osaka 541-8501, Japan. TRUSTEE Reliance Capital Trustee Co. Limited [CIN - U65910MH1995PLC220528] (Incorporated under the Companies Act, 1956) Regd. Office : Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. Tel No. - 022-33031000. Fax: 022-33037662 Website : www.reliancemutual.com DIRECTORS OF RELIANCE CAPITAL TRUSTEE CO. LIMITED Mr. A. N. Shanbhag Mr. P. P. Vora Mr. S. Santhanakrishnan CA Uttam Prakash Agarwal Mr. Arvind Mayaram* (*Appointed on June 28, 2017) INVESTMENT MANAGER Reliance Nippon Life Asset Management Limited (RNAM) (formerly Reliance Capital Asset Management Limited) [CIN - U65910MH1995PLC220793] (Incorporated under the Companies Act, 1956) Regd. Office : Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. Tel No. - 022-33031000. Fax: 022-33037662 Website : www.reliancemutual.com DIRECTORS OF RELIANCE NIPPON LIFE ASSET MANAGEMENT LIMITED (formerly Reliance Capital Asset Management Limited) Mr. V. N. Kaul* Mr. S. C. Tripathi Mr. Kanu Doshi Ms. Ameeta Chatterjee Mr. Kazuhide Toda Mr. Takayuki Murai$ Mr. Sundeep Sikka General Ved Prakash Malik (Retd.) (*Appointed on June 7, 2017) ($Appointed on April 22, 2017) AUDITOR Haribhakti & Co. LLP Chartered Accountants 705, Leela Business Park, Andheri Kurla Road, Andheri (E), Mumbai 400 059, INDIA CUSTODIAN Deutsche Bank A.G. Deutsche Bank House, Hazarimal Somani Marg, Fort, Mumbai 400 001, INDIA Citibank NA First International Financial Centre, 11th Floor, Plot Nos. C 54 and C55, G Block, Bandra Kurla Complex, Bandra East, Mumbai 400051. REGISTRAR Karvy Computershare Private Limited Karvy Selenium Tower B Plot no 31 and 32, Gachibowli, Financial District, Nanakramguda Serilingampally Mandal Hyderabad 500032 Ph : 040-67162222, 33211000 INTERNAL AUDITOR for Financial 2016-17 Deloitte Haskins & Sells LLP Indiabulls Finance Centre, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai - 400 013, Maharashtra, India. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Trustee Report 1. Scheme Performance, Future Outlook and Operations of the Scheme PERFORMANCE OF THE SCHEMES VIS - A - VIS BENCHMARK INDICES as on 31.03.2017 Name of the Scheme / Benchmarks Date of Inception Compounded Annualised Returns 1 year 3 years 5 years Since Inception Reliance ETF Nifty 100 Reliance ETF Nifty 100 22-Mar-13 21.26 13.38 NA 14.76 Nifty 100 20.87 12.78 NA 14.21 Reliance ETF Consumption Reliance ETF Consumption 3-Apr-14 18.61 NA NA 15.78 Nifty India Consumption 17.36 NA NA 14.53 Reliance ETF Dividend Opportunities Reliance ETF Dividend Opportunities 15-Apr-14 31.47 NA NA 13.70 Nifty Dividend Opportunities 50 28.41 NA NA 10.85 Reliance ETF Sensex Reliance ETF Sensex 24-Sep-14 18.35 NA NA 5.40 S&P BSE Sensex 16.88 NA NA 4.14 Reliance ETF NV20 Reliance ETF NV20 18-Jun-15 13.72 NA NA 5.44 Nifty 50 Value 20 12.12 NA NA 4.05 Reliance ETF Long Term Gilt Reliance ETF Long Term Gilt 5-Jul-16 NA NA NA 8.73 Nifty 8-13 yr G-Sec Index NA NA NA 8.98 Reliance ETF Nifty BeES Reliance ETF Nifty BeES 28-Dec-01 19.52 12.04 12.76 16.55 Nifty 50 18.55 11.01 11.60 15.37 Reliance ETF Junior BeEs Reliance ETF Junior BeES 21-Feb-03 34.48 23.39 19.52 22.94 Nifty Next 50 33.92 23.07 19.15 22.70 Reliance ETF PSU Bank BeEs Reliance ETF PSU Bank BeES 25-Oct-07 44.31 9.33 2.48 4.45 Nifty PSU Bank 44.00 8.79 0.82 3.16 Reliance ETF Bank BeEs Reliance ETF Bank BeES 27-May-04 33.36 19.45 16.90 19.12 Nifty Bank 32.85 18.93 15.97 18.09 Reliance ETF Shariah BeEs Reliance ETF Shariah BeES 18-Mar-09 17.43 11.86 12.48 15.90 Nifty 50 Shariah 17.33 11.55 12.10 15.43 Reliance ETF Hang Seng BeEs Reliance ETF Hang Seng BeES 9-Mar-10 15.78 8.15 11.00 9.62 HangSeng 16.05 2.86 3.24 1.83 Reliance ETF Infra BeEs Reliance ETF Infra BeES 29-Sep-10 21.95 6.18 4.68-2.58 Nifty Infrastructure 21.53 5.79 4.29-2.77 Notes Past Performance may or may not be sustained in future and the same may not necessarily provide the basis for comparison with other investment. The ETF Schemes dosen t offer any Plans / options. Calculation assume that all payouts during the period have been reinvested in the units of the schemes at the then prevailing NAVs. Returns less than 1 year are calculated on absolute basis and more than or equal one year is calculated on compounded annualised basis. For all schemes where inception date is after Mar 31, 2016, since inception returns are calculated on absolute basis. Reliance ETF Nifty 100 It is an Index Exchange Traded Fund (ETF) listed on National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) tracking Nifty 100 index. A single unit will offer diversification benefit of investment in 100 companies & across 38 sectors. The Fund has outperformed the benchmark since inception. Reliance ETF Consumption The Fund is listed on NSE and invests in Nifty India Consumption index companies in the same proportion as the underlying Index. It provides an opportunity to Investors, who would like to participate in the domestic consumption growth story by passively investing in a well-diversified portfolio of well-known companies as approximately represented by Nifty India Consumption. The Fund has outperformed the benchmark since inception. Reliance ETF Dividend Opportunities The Fund is listed on NSE and invests in stocks of Nifty Dividend Opportunities 50 index in the same proportion as the underlying Index. It provides an opportunity to investors for passively investing in a well-diversified portfolio of well-known high dividend yielding companies as approximately represented by Nifty Dividend Opportunities 50 index. The Fund has performed better than the benchmark since inception. Reliance ETF Sensex The Fund invests into S&P BSE Sensex Index companies only, in the same proportion as the underlying index, It allows investors to take part in India growth story by essentially investing through India s one of the oldest and one of the most prominent benchmark in India. The Fund has outperformed the benchmark since inception. Reliance ETF NV20 This is a passively managed ETF which employ an investment approach designed to track the performance of Nifty 50 Value 20 index by investing in securities constituting the underlying index in the same proportion as in the index. Reliance ETF Long Term Gilt This is a passively managed exchange traded fund, listed on NSE and invests in securities constituting Nifty 8-13 yr G Sec index in the same proportion as in the index. It allows investors to take part in most active tenor of the Indian G-Sec market by essentially investing in 5 most liquid bonds with maturity between 8-13 yrs. Reliance ETF Nifty BeES This is an Index Exchange Traded Fund (ETF) listed on National Stock Exchange (NSE) tracking Nifty 50 index. A single unit will offer diversification benefit of investment in 50 companies & across 22 sectors. The Fund has outperformed the benchmark since inception. Reliance ETF Junior BeES This is a passively managed ETF which employ an investment approach designed to track the performance of Nifty Next 50 index by investing in securities constituting the underlying index in the same proportion as in the index. The Fund has outperformed the benchmark across all time periods under consideration since inception. Reliance ETF PSU Bank BeES This is a passively managed exchange traded fund, listed on NSE. The Fund employs an investment approach designed to track the performance of Nifty PSU Bank index by investing in securities constituting the underlying index in the same proportion as in the index. The Fund has consistently performed better than the benchmark since inception. Reliance ETF Bank BeES The Fund is listed on NSE & BSE, and invests in stocks of Nifty Bank index in the same proportion as the underlying Index. It provides an opportunity to investors for passively investing in a well-expanded portfolio of top banks as per free float market capitalization, as approximately represented by Nifty Bank index. The Fund has outperformed the benchmark since inception. Reliance ETF Shariah BeES This is a passively managed exchange traded fund, listed on NSE. The Fund employs an investment approach designed to track the performance of Nifty 50 Shariah index, which represents constituents from Nifty 50 after screening for shariah compliance. The Fund achieves its objective by investing in securities constituting the underlying index in the same proportion as in the index. The Fund has outperformed the benchmark since inception. Reliance ETF Hang Seng BeES This is a passively managed exchange traded fund, listed on NSE. The Fund employs an investment approach designed to track the performance of Hang Seng index by investing in securities constituting the underlying index in the same proportion as in the index. Reliance ETF Infra BeES This is a passively managed exchange traded fund, listed on NSE. The Fund employs an investment approach designed to track the performance of Nifty Infrastructure index by investing in securities constituting the underlying index in the same proportion as in the index. Abridged Annual Report 2016-2017 2
Future Outlook - The Indian Mutual Fund industry is one of the fastest growing industries in the financial services sector with 41 AMCs currently operating in the country. The industry quarterly AAUM has changed with an absolute growth rate of 16% over last year with Rs. 18,29,534 crore of quarterly average assets as on March 31, 2017. Your Company intends to aggressively pursue growth opportunities in the mutual fund industry both domestic and international and therefore be the most preferred investment choice for investors. Your Company expects that an emerging market like India would experience a sustained higher growth rate. Given the country s high household savings rate along with the current low levels of investments by retail investors where only less than 3% of the household savings is channeled into capital markets, your Company believes that the Mutual Fund Industry is still in a nascent stage and has a huge opportunity for growth and expansion. Being one of the large players in the Industry, your Company will continue investing in growing the market size, achieving product innovation, educating the investors, increasing the distribution reach, enhancing customer service infrastructure with aggressive expansion strategies. 2. Brief background of Sponsors, Trust, Trustee Co. and AMC. a. Reliance Capital Limited (RCL) [Sponsor] RCL is sponsor & settler of Reliance Mutual Fund (RMF). RCL is a RBI registered Non-Banking Finance Company (NBFC) and has its business interests in Asset Management, Life Insurance, General Insurance, Private Equity, Proprietary Investments, Stock Broking and other activities in the financial services sector. b. Nippon Life Insurance Company (NLI) [Co-Sponsor] NLI is co-sponsor of RMF. NLI is Japan s leading private life insurer and offers a wide range of financial products, including individual and group life and annuity policies through various distribution channels, mainly using face-to-face sales channels for its traditional insurance products. It primarily operates in Japan, North America, Europe and Asia, and is headquartered in Osaka, Japan. NLI conducts asset management operations in Asia, through its subsidiary Nissay Asset Management Corporation ( Nissay ), which manages assets globally. As sponsors, RCL and NLI are responsible for discharging its functions and responsibilities towards RMF in accordance with the Securities and Exchange Board of India (Mutual Fund) Regulations, 1996. c. Reliance Mutual Fund [Trust] Reliance Mutual Fund (RMF or Trust) has been set up as a Trust in accordance with the provisions of the Indian Trust Act, 1882 by RCL acting as its Settlor/ Sponsor. The Trust came into being vide Trust Deed dated April 25, 1995 (the Original Trust Deed ), which was duly registered under the Indian Registration Act, 1908. The Original Trust Deed has also been subsequently am from time to time. In order to consolidate all amendments to the Original Trust Deed, an Am and Restated Trust Deed was executed on March 15, 2011 (the Am and Restated Trust Deed ), which was then duly registered under the Indian Registration Act, 1908. The Am and Restated Trust Deed was further am vide the Amendment to Trust Deed dated July 14, 2016, which was also duly registered under the Indian Registration Act, 1908. d. Reliance Capital Trustee Co Limited [Trustee] Reliance Capital Trustee Co. Limited (RCTC) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on March 01, 1995, having its registered and Corporate Office at Reliance Centre, 7 th Floor (South Wing), Off Western Express Highway, Santacruz (East), Mumbai - 400055. RCTC is a subsidiary of RCL. RCTC has been appointed as the Trustee of RMF vide Trust Deed dated April 25, 1995 and which Trust Deed has been am from time to time. As Trustee to RMF, RCTC is discharging its duties and carrying out its responsibilities in terms of the applicable SEBI Regulations and as more particularly provided in the Trust Deed. e. Reliance Nippon Life Asset Management Limited (formerly Reliance Capital Asset Management Limited) [Asset Manager] Reliance Nippon Life Asset Management Limited (RNAM) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered and Corporate Office at Reliance Centre, 7th Floor (South Wing), Off Western Express Highway, Santacruz (East), Mumbai - 400055. RNAM is a subsidiary of RCL. RNAM has been appointed as an Asset Manager of Reliance Mutual Fund by the Trustee i.e. RCTC, vide Investment Management Agreement (IMA) dated May 12, 1995. The IMA has been executed between RCTC and RNAM and has since been am on August 12, 1997, on January 20, 2004 and then on February 17, 2011. 3. Investment Objective of the Schemes Reliance ETF Nifty 100 (An Open Ended Index Exchange Traded Fund): The investment objective of the scheme is to provide investment returns that, before expenses, closely correspond to the total returns of the securities as represented by the Nifty 100 Index, subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Consumption (An Open Ended Index Exchange Traded Fund): The investment objective of the scheme is to provide investment returns that, before expenses, closely correspond to the total returns of the securities as represented by the Nifty India Consumption Index, subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Dividend Opportunities (An Open Ended Index Exchange Traded Fund): The investment objective of the scheme is to provide investment returns that, before expenses, closely correspond to the total returns of the securities as represented by the Nifty Dividend Opportunities 50 Index, subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Sensex (An Open Ended Index Exchange Traded Fund): The investment objective of the scheme is to provide investment returns closely corresponding to the total returns of the securities as represented by the S&P BSE Sensex Index before expenses, subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF NV20 (An Open Ended Index Exchange Traded Fund): The investment objective of the scheme is to provide investment returns closely corresponding to the total returns of the securities as represented by the Nifty 50 Value 20 Index before expenses, subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Long Term Gilt (An Open Ended Index Exchange Traded Fund): The investment objective of the scheme is to provide investment returns closely corresponding to the total returns of the securities as represented by the Nifty 8-13 yr G-Sec Index before expenses, subject to tracking errors. However, there can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Nifty BeES (An Open Ended Index Exchange Traded Scheme): The investment objective of Reliance ETF Nifty BeES is to provide investment returns that, before expenses, closely correspond to the total returns of the Securities as represented by the Nifty 50 Index. There can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Junior BeES (An Open Ended Index Exchange Traded Fund): The investment objective of the Scheme is to provide returns that, before expenses, closely correspond to the returns of Securities as represented by Nifty Next 50 Index. There can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF PSU Bank BeES (An Open Ended Index Exchange Traded Scheme): The investment objective of Reliance ETF PSU Bank BeES is to provide returns that, before expenses, closely correspond to the total returns of the Securities as represented by the Nifty PSU Bank Index. There can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Bank BeES (An Open Ended Index Exchange Traded Scheme): The investment objective of Reliance ETF Bank BeES is to provide returns that, before expenses, closely correspond to the total returns of the Securities as represented by the Nifty Bank Index. There can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Shariah BeES (An Open Ended Index Exchange Traded Scheme): The investment objective of Reliance ETF Shariah BeES is to provide returns that, before expenses, closely correspond to the total returns of the Securities as represented by the Nifty50 Shariah Index by investing in Securities which are constituents of the Nifty50 Shariah Index in the same proportion as in the Index. Investors to note that Reliance ETF Shariah BeES is not a Shariah compliant scheme. There can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Hang Seng BeES (An Open Ended Index Exchange Traded Scheme): The investment objective of Reliance ETF Hang Seng BeES is to provide returns that, before expenses, closely correspond to the total returns of Securities as represented by Hang Seng Index of Hang Seng Data Services Limited, by investing in the Securities in the same proportion as in the index. There can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Reliance ETF Infra BeES (An Open Ended Index Exchange Traded Fund): The investment objective of Reliance ETF Infra BeES is to provide returns that, before expenses, closely correspond to the total returns of the Securities as represented by the Nifty Infrastructure Index by investing in the Securities in the same proportion as in the Index. There can be no assurance or guarantee that the investment objective of the Scheme will be achieved. Abridged Annual Report 2016-2017 3
4. Significant Accounting Policies: Accounting policies followed by Reliance Mutual Fund are in accordance with Securities Exchange Board of India (Mutual Funds) Regulations, 1996. 5. Unclaimed Dividend & Redemptions: Unclaimed Dividend Unclaimed Redemptions Name of the Scheme No. of No. of Amount Amount (Rs.) investors investors (Rs.) Reliance ETF Nifty 100 Nil Nil Nil Nil Reliance ETF Consumption Nil Nil Nil Nil Reliance ETF Dividend Nil Nil Nil Nil Opportunities Reliance ETF Sensex Nil Nil Nil Nil Reliance ETF NV20 Nil Nil Nil Nil Reliance ETF Long Term Gilt Nil Nil Nil Nil Reliance ETF Nifty BEes 4,194 1,499,947 47 5,742 Reliance ETF Junior BEes 156 37,059 - - Reliance ETF Psu Bank Bees 9 960 - - Reliance ETF Bank BEes 385 193,787 198 165,066 Reliance ETF Shariah BEes 5 172 67 2,033 Reliance ETF Hang Seng Nil Nil Nil Nil BEes Reliance ETF Infra BEes Nil Nil Nil Nil 6. Details of Investor Complaints: The Statement on Status of Redressal of Complaints received against Reliance Mutual Fund during the financial year 2016-17 is annexed as Annexure A and forms part of the Trustee Report. 7. Role of Mutual Funds In Corporate Governance Of Public Listed Companies: In terms of the circular no. SEBI/ IMD/ CIR No. 18/198647/ 2010 dated March15, 2010 & circular no. CIR/IMD/DF/05/2014 dated March 24, 2014 issued by SEBI, Reliance Nippon Life Asset Management Limited ( RNAM ) (formerly Reliance Capital Asset Management Limited) has framed a Voting Policy and relevant procedures ( Voting Policy ) for the purposes of exercising the voting rights in respect of shares held by the Schemes of Reliance Mutual Fund. This Voting Policy has also been adopted & approved by the Board of Directors of Reliance Capital Trustee Co. Limited. As required in terms of the regulatory requirements, RNAM has voted on all material resolutions, keeping in view the interests of the investors. For the financial year 2016-17, the Voting Policy along with the details of proxy votes exercised at the meetings of the investee companies and the required certificate from the Auditor have been appropriately disclosed on RNAM s website i.e. www.reliancemutual.com. In case any investor desires to have a physical copy of the Voting Policy and other relevant details, then the same will be available at request at the corporate office of the Company at Reliance Centre, 7th Floor South Wing, Off Western Express Highway, Santacruz (East), Mumbai - 400 055. Tel No. - 022-33031000. 8. Statutory Information: a. The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of the Fund beyond their initial contribution (to the extent contributed) of Rs. 1 Lakh for setting up the Fund, and such other accretions / additions to the same. b. The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments. c. Full Annual Report shall be disclosed on the website (www.reliancemutual. com) and shall be available for inspection at the Head Office of the mutual fund. Present and prospective unit holder can obtain copy of the trust deed, the full Annual Report of the Fund / AMC at a price. For and on behalf of Reliance Capital Trustee Co. Limited Sd/- Sd/- Place: Mumbai A.N. Shanbhag P.P. Vora Date: June 28, 2017 Director Director Abridged Annual Report 2016-2017 4
Annexure to Trustee Report Redressal of Complaints received during Name of the Mutual Fund : Reliance Mutual Fund Total Number of Folios : 6846156 (as on 31 st March, 2017) Annexure - A Complaint code Type of complaint# (a) No. of complaints pending at the beginning of the year (b) No of complaints received during the year Within 30 days 30-60 days Resolved 60-180 days Action on (a) and (b) Beyond 180 days Non Actionable* I A Non receipt of Dividend on Units 1 10 10 1 0 0 0 0 0 0 0 I B Interest on delayed payment of 0 0 0 0 0 0 0 0 0 0 0 Dividend I C Non receipt of Redemption 1 41 40 1 1 0 0 0 0 0 0 Proceeds I D Interest on delayed payment of 0 5 5 0 0 0 0 0 0 0 0 Redemption II A Non receipt of Statement of 0 3 3 0 0 0 0 0 0 0 0 Account/Unit Certificate II B Discrepancy in Statement of 0 148 148 0 0 0 0 0 0 0 0 Account II C Data corrections in Investor 0 0 0 0 0 0 0 0 0 0 0 details II D Non receipt of Annual Report/ 0 0 0 0 0 0 0 0 0 0 0 Abridged Summary III A Wrong switch between Schemes 1 23 22 0 1 1 0 0 0 0 0 III B Unauthorized switch between 0 0 0 0 0 0 0 0 0 0 0 Schemes III C Deviation from Scheme attributes 0 0 0 0 0 0 0 0 0 0 0 III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0 III E Non updation of changes viz. 1 57 57 0 0 0 0 0 0 1 0 address, PAN, bank details, nomination, etc IV Others Others** 5 81 83 2 0 0 0 1 0 0 0 V SIP Related 9 711 666 47 6 0 0 1 0 0 0 VI Purchase related 1 180 168 3 3 0 0 7 0 0 0 VII Online Transaction Related 2 50 48 3 0 0 0 1 0 0 0 Total 21 1309 1250 57 11 1 0 10 0 1 0 Particulars Count Total Complaints Received During 1309 Total Number of Folios 6846156 Percentage Complaints Against Folios 0.019% ** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separately. # including against its authorized persons/ distributors/ employees. etc. *Non actionable means the complaint that are incomplete / outside the scope of the mutual fund. Classification of Complaints TYPE OF COMPLAINT TYPE I Delay/Non-receipt of money TYPE III Service related I A Dividend on Units III A Wrong switch between Schemes I B Interest on delayed payment of Dividend III B Unauthorized switch between Schemes I C Redemption Proceeds III C Deviation from Scheme attributes I D Interest on delayed payment of Redemption III D Wrong or excess charges/load TYPE II Statement of Account/Unit Certificate/Annual Report III E Non updation of changes viz. address, PAN, bank details, nomination, etc 0-3 months 3-6 months Pending 6-9 months 9-12 months II A Non receipt of Statement of Account/Unit Certificate TYPE IV Others II B Discrepancy in Statement of Account II C Data corrections in Investor details II D Non receipt of Annual Report/Abridged Summary Abridged Annual Report 2016-2017 5
INDEPENDENT AUDITORS REPORT To The Trustees of Reliance Mutual Fund Report on the Financial Statements We have audited the accompanying financial statements of the 13 Schemes as mentioned in Annexure A (Collectively the Schemes ) of the Reliance Mutual Fund, which comprises the Balance Sheets as at March 31, 2017, the Revenue Accounts, the Cash Flow Statements for the year/period then and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements The Managements of Reliance Capital Trustee Co. Limited and Reliance Nippon Life Asset Management Limited (Formerly Reliance Capital Asset Management Limited) (the Investment Manager ) are responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Scheme in accordance with the accounting principles generally accepted in India, including accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto ( the Regulations ). This responsibility includes the maintenance of adequate accounting records for safeguarding the assets of the Scheme and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of internal control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Schemes internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Regulations and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Scheme as at March 31, 2017, its Surplus and its cash flow for the year/period then. Report on Other Legal and Regulatory Requirements As required under the Regulations, we report that: 1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; 2. The Balance Sheets, Revenue Accounts and Cash Flow Statements dealt with by this Report are in agreement with the books of account of the respective Schemes; 3. In our opinion, the Balance Sheets, Revenue Accounts and Cash Flow Statements dealt with by this report have been prepared in accordance with the accounting policies and standards as specified in the Ninth Schedule of the Regulations. 4. The methods used to value non traded securities, as determined by Reliance Nippon Life Asset Management Limited (Formerly Reliance Capital Asset Management Limited) and as approved by the Trustee of Reliance Mutual Fund are in good faith and in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, and are fair and reasonable. For HARIBHAKTI & CO. LLP Chartered Accountants ICAI Firm Registration No.103523W/W100048 Sd/- PURUSHOTTAM NYATI (Partner) Membership No. 118970 Place: Mumbai Date: 28 th June, 2017 Annexure A List of Schemes referred to in Auditor s Report dated June 28, 2017 Sr. No Name of Scheme 1 RELIANCE ETF NIFTY 100 2 RELIANCE ETF CONSUMPTION 3 RELIANCE ETF DIVIDEND OPPORTUNITIES 4 RELIANCE ETF SENSEX 5 RELIANCE ETF NV20 6 RELIANCE ETF LONG TERM GILT 7 RELIANCE ETF NIFTY BeES 8 RELIANCE ETF JUNIOR BeES 9 RELIANCE ETF PSU BANK BeES 10 RELIANCE ETF BANK BeES 11 RELIANCE ETF SHARIAH BeES 12 RELIANCE ETF HANG SENG BeES 13 RELIANCE ETF INFRA BeES Abridged Annual Report 2016-2017 6
Abridged Balance Sheet as at March 31, 2017 RELIANCE ETF NIFTY 100 RELIANCE ETF CONSUMPTION RELIANCE ETF DIVIDEND OPPORTUNITIES RELIANCE ETF SENSEX RELIANCE ETF NV20 Rupees in Lakhs RELIANCE ETF LONG TERM GILT As at As at As at As at As at As at As at As at As at As at As at 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 LIABILITIES 1 Unit Capital 78.68 79.03 405.51 405.51 628.76 629.11 131.14 147.14 37.45 46.45 1,226.80 2 Reserves & Surplus 680.73 550.01 1,272.99 1,009.60 952.27 574.14 3,881.93 3,657.35 1,493.62 1,623.50 828.51 2.1 Unit Premium Reserves 336.85 342.13 613.09 613.09 406.34 406.57 3,420.91 3,844.08 1,352.25 (3.82) 657.80 2.2 Unrealised Appreciation Reserve 83.83-410.71 209.97 270.50-362.02-99.72-21.20 2.3 Other Reserves 260.05 207.88 249.19 186.54 275.43 167.57 99.00 (186.73) 41.65 1,627.32 149.51 3 Loans & Borrowings - - - - - - - - - - - 4 Current Liabilities & Provisions 5.41 20.77 0.83 0.40 0.87 0.40 0.45 0.31 0.28 0.16 0.19 4.1 Provision for doubtful Income/Deposits - - - - - - - - - - - 4.2 Other Current Liabilities & Provisions 5.41 20.77 0.83 0.40 0.87 0.40 0.45 0.31 0.28 0.16 0.19 TOTAL 764.82 649.81 1,679.33 1,415.51 1,581.90 1,203.65 4,013.52 3,804.80 1,531.35 1,670.11 2,055.50 ASSETS 1 Investments 1.1 Listed Securities: 757.17 616.80 1,672.50 1,406.10 1,561.56 1,174.19 4,001.97 3,776.18 1,522.82 1,649.71-1.1.1 Equity Shares 757.17 616.80 1,672.50 1,406.10 1,561.56 1,174.19 4,001.97 3,776.18 1,522.82 1,649.71-1.1.2 Preference Shares - - - - - - - - - - - 1.1.3 Equity Linked Debentures - - - - - - - - - - - 1.1.4 Other Debentures & Bonds - - - - - - - - - - - 1.1.5 Securitised Debt securities - - - - - - - - - - - 1.1.6 Derivatives - - - - - - - - - - - 1.2 Securities Awaited Listing: - - - - - - - - - - - 1.2.1 Equity Shares - - - - - - - - - - - 1.2.2 Preference Shares - - - - - - - - - - - 1.2.3 Equity Linked Debentures - - - - - - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - - - - - - 1.2.5 Securitised Debt securities - - - - - - - - - - - 1.3 Unlisted Securities - - - - - - - - - - - 1.3.1 Equity Shares - - - - - - - - - - - 1.3.2 Preference Shares - - - - - - - - - - - 1.3.3 Equity Linked Debentures - - - - - - - - - - - 1.3.4 Other Debentures & Bonds - - - - - - - - - - - 1.3.5 Securitised Debt securities - - - - - - - - - - - - - 1.4 Government Securities - - - - - - - - - - 2,019.17 1.5 Treasury Bills - - - - - - - - - - - 1.6 Commercial Paper - - - - - - - - - - - 1.7 Certificate of Deposits - - - - - - - - - - - 1.8 Bill Rediscounting - - - - - - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - - - - - - 1.10 Foreign Securities - - - - - - - - - - - Total Investments 757.17 616.80 1,672.50 1,406.10 1,561.56 1,174.19 4,001.97 3,776.18 1,522.82 1,649.71 2,019.17 2 Deposits - - - - - 0.01-0.01 - - 0.20 3 Other Current Assets 7.65 33.01 6.83 9.41 20.34 29.45 11.55 28.61 8.53 20.40 36.13 3.1 Cash & Bank Balance 0.17 0.11 0.13 0.10 0.36 0.10 0.33 0.10 0.47 0.10 0.10 3.2 CBLO/ Reverse Repo Lending 1.13 12.71 6.70 9.31 18.04 29.02 11.22 27.72 8.07 20.23 11.98 3.3 Others 6.35 20.19 - - 1.94 0.33-0.79 (0.01) 0.07 24.05 4 Deferred Revenue Expenditure - - - - - - - - - - - (to the extent not written off) TOTAL 764.82 649.81 1,679.33 1,415.51 1,581.90 1,203.65 4,013.52 3,804.80 1,531.35 1,670.11 2,055.50 Notes to Accounts - Annexure I Abridged Annual Report 2016-2017 7
Abridged Balance Sheet as at March 31, 2017 Rupees in Lakhs RELIANCE ETF NIFTY BeES RELIANCE ETF JUNIOR BeES RELIANCE ETF PSU BANK BeES RELIANCE ETF BANK BeES As at As at As at As at As at As at As at As at 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 LIABILITIES 1 Unit Capital 973.16 1,230.75 61.24 63.24 188.25 88.75 679.79 364.35 2 Reserves & Surplus 90,265.76 95,311.86 12,394.82 9,501.92 7,176.05 2,317.16 146,566.17 58,813.27 2.1 Unit Premium Reserves 159.01 10,445.82 (15,136.78) (2,979.11) (1,495.43) 8,289.00 (29,271.02) (13,008.26) 2.2 Unrealised Appreciation Reserve 9,898.31-1,907.82 22.92 793.17-19,675.44-2.3 Other Reserves 80,208.44 84,866.04 25,623.78 12,458.11 7,878.31 (5,971.84) 156,161.75 71,821.53 3 Loans & Borrowings - - - - - - - - 4 Current Liabilities & Provisions 1,672.57 6,487.22 1,859.85 2,593.73 1.72 2.89 8,320.21 3,710.74 4.1 Provision for doubtful Income/Deposits - - - - - - - - 4.2 Other Current Liabilities & Provisions 1,672.57 6,487.22 1,859.85 2,593.73 1.72 2.89 8,320.21 3,710.74 TOTAL 92,911.49 103,029.83 14,315.91 12,158.89 7,366.02 2,408.80 155,566.17 62,888.36 ASSETS 1 Investments 1.1 Listed Securities: 90,830.76 96,198.34 12,029.33 9,456.44 7,359.75 2,401.74 146,992.68 59,155.28 1.1.1 Equity Shares 90,830.76 96,198.34 12,029.33 9,456.44 7,359.75 2,401.74 146,992.68 59,155.28 1.1.2 Preference Shares - - - - - - - - 1.1.3 Equity Linked Debentures - - - - - - - - 1.1.4 Other Debentures & Bonds - - - - - - - - 1.1.5 Securitised Debt securities - - - - - - - - 1.1.6 Derivatives - - - - - - - - 1.2 Securities Awaited Listing: - - - - - - - - 1.2.1 Equity Shares - - - - - - - - 1.2.2 Preference Shares - - - - - - - - 1.2.3 Equity Linked Debentures - - - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - - - 1.2.5 Securitised Debt securities - - - - - - - - 1.3 Unlisted Securities - - - - - - - - 1.3.1 Equity Shares - - - - - - - - 1.3.2 Preference Shares - - - - - - - - 1.3.3 Equity Linked Debentures - - - - - - - - 1.3.4 Other Debentures & Bonds - - - - - - - - 1.3.5 Securitised Debt securities - - - - - - - - 1.4 Government Securities - - - - - - - - 1.5 Treasury Bills - - - - - - - - 1.6 Commercial Paper - - - - - - - - 1.7 Certificate of Deposits - - - - - - - - 1.8 Bill Rediscounting - - - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - - - 1.10 Foreign Securities - - - - - - - - Total Investments 90,830.76 96,198.34 12,029.33 9,456.44 7,359.75 2,401.74 146,992.68 59,155.28 2 Deposits - 2.00 - - - - - 4.00 3 Other Current Assets 2,080.73 6,829.49 2,286.58 2,702.45 6.27 7.06 8,573.49 3,729.08 3.1 Cash & Bank Balance 142.07 91.32 496.85 59.74 0.17 6.06 89.96 24.39 3.2 CBLO/ Reverse Repo Lending 45.80 267.76 44.75 2.34 5.89 0.74 82.29 71.73 3.3 Others 1,892.86 6,470.41 1,744.98 2,640.37 0.21 0.26 8,401.24 3,632.96 4 Deferred Revenue Expenditure - - - - - - - - (to the extent not written off) TOTAL 92,911.49 103,029.83 14,315.91 12,158.89 7,366.02 2,408.80 155,566.17 62,888.36 Notes to Accounts - Annexure I Abridged Annual Report 2016-2017 8
Abridged Balance Sheet as at March 31, 2017 RELIANCE ETF SHARIAH BeES RELIANCE ETF HANG SENG BeES Rupees in Lakhs RELIANCE ETF INFRA BeES As at As at As at As at As at As at 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 LIABILITIES 1 Unit Capital 6.26 13.26 2.37 2.62 52.97 55.47 2 Reserves & Surplus 127.06 227.30 558.56 533.05 1,614.56 1,376.41 2.1 Unit Premium Reserves 12.82 49.69 (239.53) (3,302.55) 972.74 2,015.29 2.2 Unrealised Appreciation Reserve 19.94 3.48 169.61 126.75 146.27-2.3 Other Reserves 94.30 174.13 628.48 3,708.85 495.55 (638.88) 3 Loans & Borrowings - - - - - - 4 Current Liabilities & Provisions 4.85 6.71 5.96 5.05 0.57 132.01 4.1 Provision for doubtful Income/Deposits - - - - - - 4.2 Other Current Liabilities & Provisions 4.85 6.71 5.96 5.05 0.57 132.01 TOTAL 138.17 247.27 566.89 540.72 1,668.10 1,563.89 ASSETS 1 Investments 1.1 Listed Securities: 131.22 238.76 - - 1,660.07 1,426.27 1.1.1 Equity Shares 131.22 238.76 - - 1,660.07 1,426.27 1.1.2 Preference Shares - - - - - - 1.1.3 Equity Linked Debentures - - - - - - 1.1.4 Other Debentures & Bonds - - - - - - 1.1.5 Securitised Debt securities - - - - - - 1.1.6 Derivatives - - - - - - 1.2 Securities Awaited Listing: - - - - - - 1.2.1 Equity Shares - - - - - - 1.2.2 Preference Shares - - - - - - 1.2.3 Equity Linked Debentures - - - - - - 1.2.4 Other Debentures & Bonds - - - - - - 1.2.5 Securitised Debt securities - - - - - - 1.3 Unlisted Securities - - - - - - 1.3.1 Equity Shares - - - - - - 1.3.2 Preference Shares - - - - - - 1.3.3 Equity Linked Debentures - - - - - - 1.3.4 Other Debentures & Bonds - - - - - - 1.3.5 Securitised Debt securities - - - - - - 1.4 Government Securities - - - - - - 1.5 Treasury Bills - - - - - - 1.6 Commercial Paper - - - - - - 1.7 Certificate of Deposits - - - - - - 1.8 Bill Rediscounting - - - - - - 1.9 Units of Domestic Mutual Fund - - - - - - 1.10 Foreign Securities - - 551.53 529.62 - - Total Investments 131.22 238.76 551.53 529.62 1,660.07 1,426.27 2 Deposits - - - - - - 3 Other Current Assets 6.95 8.51 15.36 11.10 8.03 137.62 3.1 Cash & Bank Balance 0.88 1.42 6.32 5.41 0.10 5.46 3.2 CBLO/ Reverse Repo Lending - 0.04 5.99 0.19 5.56 0.36 3.3 Others 6.07 7.05 3.05 5.50 2.37 131.80 4 Deferred Revenue Expenditure - - - - - - (to the extent not written off) TOTAL 138.17 247.27 566.89 540.72 1,668.10 1,563.89 Notes to Accounts - Annexure I Abridged Annual Report 2016-2017 9
Abridged Revenue Account For The / Period Ended March 31, 2017 Rupees in Lakhs RELIANCE ETF NIFTY 100 RELIANCE ETF CONSUMPTION RELIANCE ETF DIVIDEND OPPORTUNITIES RELIANCE ETF SENSEX 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 1 INCOME 1.1 Dividend 10.55 10.82 16.67 18.05 38.76 38.60 53.18 78.89 1.2 Interest 0.59 0.68 0.77 1.18 1.62 0.76 1.59 0.91 1.3 1.4 1.5 1.6 Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gains / (Losses) on Interscheme sale of investments Realised Gains / (Losses) on External sale / redemption of investments Realised Gains / (Losses) on Derivative Transactions - - - - - - - - - - - - - - - - 3.00 (268.70) 46.69 9.08 28.54 14.65 (4.24) (129.13) - - - - - - - - 1.7 Other Income - - - - - - - - ( A ) 14.14 (257.20) 64.13 28.31 68.92 54.01 50.53 (49.33) 2 EXPENSES 2 2.1 Management fees 5.33 11.69 0.33 0.33 0.28 0.28 1.36 2.82 2.2 Service tax on Management fees 0.80 1.52 0.05 0.05 0.04 0.04 0.20 0.37 2.3 Transfer agents fees and expenses - - - - - - - - 2.4 Custodian fees - - - - - - - - 2.5 Trusteeship fees - 0.01 0.01 0.01 - - 0.01 0.02 2.6 Commission to Agents - - - - - - - - 2.7 Marketing & Distribution expenses 1.01 0.41 0.71 0.32 0.76 0.31 0.30 0.16 2.8 Audit fees 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 2.9 Investor education expense 0.14 0.22 0.31 0.28 0.28 0.25 0.76 0.95 2.10 Other operating expenses 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 2.11 Deferred Revenue Expenses written off - - - - - - - - ( B ) 7.35 13.92 1.48 1.06 1.43 0.95 2.70 4.40 3 4 5 6 7 7.1 7.2 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) Change in Unrealised Depreciation in value of investments (D) NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E = C+D) Change in unrealised appreciation in the value of investments (F) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F = G) Add: Balance transfer from Unrealised Appreciation Reserve Less: Balance transfer to Unrealised Appreciation Reserve 6.79 (271.12) 62.65 27.25 67.49 53.06 47.83 (53.73) 51.15 (51.15) - - 40.49 (40.49) 244.65 (244.65) 57.94 (322.27) 62.65 27.25 107.98 12.57 292.48 (298.38) 83.83 (13.25) 200.74 (8.29) 270.50 (105.61) 362.02 (137.30) 141.77 (335.52) 263.39 18.96 378.48 (93.04) 654.50 (435.68) - 13.25 209.97 218.26-105.61-137.30 83.83-410.71 209.97 270.50-362.02-7.3 Add / (Less): Equalisation (5.77) (1,217.12) - - (0.12) (1.08) (6.75) 32.26 7.4 Net Gain/(Loss) Brought Forward From Previous 207.88 1,747.27 186.54 159.29 167.57 156.08 (186.73) 79.39 8 Total 260.05 207.88 249.19 186.54 275.43 167.57 99.00 (186.73) 9 Dividend appropriation - - - - - - - - 9.1 Income Distributed during the year / period - - - - - - - - 9.2 10 Tax on income distributed during the year / period Retained Surplus / (Deficit) carried forward to Balance sheet - - - - - - - - 260.05 207.88 249.19 186.54 275.43 167.57 99.00 (186.73) Notes to Accounts - Annexure I Abridged Annual Report 2016-2017 10
Abridged Revenue Account For The / Period Ended March 31, 2017 Rupees in Lakhs RELIANCE ETF NV20 RELIANCE ETF LONG TERM GILT RELIANCE ETF NIFTY BeES RELIANCE ETF JUNIOR BeES RELIANCE ETF PSU BANK BeES Period Period 31.03.2017 31.03.2016 31.03.2017 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 1 INCOME 1.1 Dividend 25.96 25.82-1,314.98 1,189.84 206.31 181.02 22.22 68.83 1.2 Interest 1.06 1.59 109.17 48.51 27.15 1.25-0.47-1.3 1.4 1.5 1.6 Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gains / (Losses) on Interscheme sale of investments Realised Gains / (Losses) on External sale / redemption of investments Realised Gains / (Losses) on Derivative Transactions - - - - - - - - - - - - - - - - - - (6.38) (19.12) 43.90 5,642.10 259.80 1,248.64 591.57 (65.40) (693.42) - - - - - (6.43) - - - 1.7 Other Income - - - 0.26-0.04-0.01 - ( A ) 20.64 8.29 153.07 7,005.85 1,476.79 1,449.81 772.59 (42.70) (624.59) 2 EXPENSES 2 2.1 Management fees 4.56 4.70 0.13 363.50 301.11 92.10 76.08 16.57 9.81 2.2 Service tax on Management fees 0.68 0.67 0.02 54.22 41.95 13.75 10.60 2.48 1.35 2.3 Transfer agents fees and expenses - - - 28.39 40.88 3.77 5.11 1.13 1.84 2.4 Custodian fees - - - 8.78 12.11 0.31 1.19 0.08 0.32 2.5 Trusteeship fees - - 0.01 6.85 8.20 3.57 4.89 0.25 0.35 2.6 Commission to Agents - - - - - - - - - 2.7 Marketing & Distribution expenses - - 0.08 41.39 3.95 0.99 0.58 6.27 0.24 2.8 Audit fees - - 0.06 1.42 6.28 0.24 4.12 0.11 1.03 2.9 Investor education expense 0.29 0.29 0.30 19.67 16.40 2.14 1.96 1.15 0.69 2.10 Other operating expenses - - 0.01 11.50 10.71 2.50 3.13 2.50 2.50 2.11 Deferred Revenue Expenses written off - - - - - - - - - ( B ) 5.53 5.66 0.61 535.72 441.59 119.37 107.66 30.54 18.13 3 4 5 6 7 7.1 7.2 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) Change in Unrealised Depreciation in value of investments (D) NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E = C+D) Change in unrealised appreciation in the value of investments (F) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F = G) Add: Balance transfer from Unrealised Appreciation Reserve Less: Balance transfer to Unrealised Appreciation Reserve 15.11 2.63 152.46 6,470.13 1,035.20 1,330.44 664.93 (73.24) (642.72) 76.23 (76.23) - 1,100.12 (1,100.12) - - 728.43 463.52 91.34 (73.60) 152.46 7,570.25 (64.92) 1,330.44 664.93 655.19 (179.20) 99.72-21.20 9,898.31 (6,465.91) 1,884.91 (946.92) 793.17-191.06 (73.60) 173.66 17,468.56 (6,530.83) 3,215.35 (281.99) 1,448.36 (179.20) - - - - 6,465.91 22.92 969.84 - - 99.72-21.20 9,898.31-1,907.82 22.92 793.17-7.3 Add / (Less): Equalisation (1,677.01) 1,700.92 (2.95) (12,227.85) 11,395.54 11,835.22 296.81 13,194.96 16,478.93 7.4 Net Gain/(Loss) Brought Forward From Previous 1,627.32 - - 84,866.04 73,535.42 12,458.11 11,496.37 (5,971.84) (22,271.57) 8 Total 41.65 1,627.32 149.51 80,208.44 84,866.04 25,623.78 12,458.11 7,878.31 (5,971.84) 9 Dividend appropriation - - - - - - - - - 9.1 Income Distributed during the year / period - - - - - - - - - 9.2 Tax on income distributed during the year / period Retained Surplus / (Deficit) carried 10 forward to Balance sheet Notes to Accounts - Annexure I - - - - - - - - - 41.65 1,627.32 149.51 80,208.44 84,866.04 25,623.78 12,458.11 7,878.31 (5,971.84) Abridged Annual Report 2016-2017 11
Abridged Revenue Account For The / Period Ended March 31, 2017 Rupees in Lakhs RELIANCE ETF BANK BeES RELIANCE ETF SHARIAH BeES RELIANCE ETF HANG SENG BeES RELIANCE ETF INFRA BeES 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 1 INCOME 1.1 Dividend 645.86 1,487.20 2.31 3.02 20.52 22.97 24.00 19.09 1.2 Interest 26.43 10.03 - - 0.12-0.10-1.3 1.4 1.5 1.6 Realised Gain / (Loss) on Foreign Exchange Transactions Realised Gains / (Losses) on Interscheme sale of investments Realised Gains / (Losses) on External sale / redemption of investments Realised Gains / (Losses) on Derivative Transactions - - - - 19.55 36.59 - - - - - - - - - - 2,404.73 (6,608.81) 13.91 15.82 8.16 (3.28) (158.54) (41.93) - 61.29 - - - - - - 1.7 Other Income 0.03 - - - 0.01-0.02 - ( A ) 3,077.05 (5,050.29) 16.22 18.84 48.36 56.28 (134.42) (22.84) 2 EXPENSES 2 2.1 Management fees 292.07 439.92 - - - - 10.12 8.09 2.2 Service tax on Management fees 43.60 60.45 - - - - 1.51 1.11 2.3 Transfer agents fees and expenses 16.17 40.37 1.28-0.99-2.41 3.71 2.4 Custodian fees 4.87 18.60 0.01 0.05 0.90 1.88 0.10 0.15 2.5 Trusteeship fees 5.23 11.47 0.01 0.02 0.04 0.07 0.11 0.17 2.6 Commission to Agents - - - - - - - - 2.7 Marketing & Distribution expenses 132.52 2.58 0.01 0.04 0.02 0.12 0.06 0.23 2.8 Audit fees 1.21 6.88 0.07 0.16 0.08 0.97 0.10 0.99 2.9 Investor education expense 20.47 22.93 0.04 0.04 0.12 0.14 0.33 0.33 2.10 Other operating expenses 11.76 15.08 0.55 1.77 3.74 3.64 2.50 2.67 2.11 Deferred Revenue Expenses written off - - - - - - - - ( B ) 527.90 618.28 1.97 2.08 5.89 6.82 17.24 17.45 3 4 5 6 7 7.1 7.2 NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD (A -B = C) Change in Unrealised Depreciation in value of investments (D) NET GAINS / (LOSSES) FOR THE YEAR / PERIOD (E = C+D) Change in unrealised appreciation in the value of investments (F) NET SURPLUS / (DEFICIT) FOR THE YEAR / PERIOD (E + F = G) Add: Balance transfer from Unrealised Appreciation Reserve Less: Balance transfer to Unrealised Appreciation Reserve 2,549.15 (5,668.57) 14.25 16.76 42.47 49.46 (151.66) (40.29) 5,557.30 (3,893.59) - - - - 333.76 (306.45) 8,106.45 (9,562.16) 14.25 16.76 42.47 49.46 182.10 (346.74) 19,675.44-16.46 (24.38) 42.86 (120.33) 146.27-27,781.89 (9,562.16) 30.71 (7.62) 85.33 (70.87) 328.37 (346.74) - - 3.48 27.86 126.76 247.09 - - 19,675.44-19.94 3.48 169.61 126.76 146.27-7.3 Add / (Less): Equalisation 76,233.77 (105,024.91) (94.08) 64.31 (3,122.85) (15.29) 952.33 236.48 7.4 Net Gain/(Loss) Brought Forward From Previous 71,821.53 186,408.60 174.13 93.06 3,708.85 3,674.68 (638.88) (528.62) 8 Total 156,161.75 71,821.53 94.30 174.13 628.48 3,708.85 495.55 (638.88) 9 Dividend appropriation - - - - - - - - 9.1 Income Distributed during the year / period - - - - - - - - 9.2 Tax on income distributed during the year / period Retained Surplus / (Deficit) carried 10 forward to Balance sheet Notes to Accounts - Annexure I - - - - - - - - 156,161.75 71,821.53 94.30 174.13 628.48 3,708.85 495.55 (638.88) Abridged Annual Report 2016-2017 12