STATEMENT OF ADDITIONAL INFORMATION (SAI)

This Statement of Additional Information (SAI) contains details of Axis Mutual Fund, its constitution,
and certain tax, legal and general information. It is incorporated by reference (is legally a part of
the Scheme Information Document (SID)).

This SAI is dated December 21, 2022.

Interpretation
For all purposes of the SAI, except as otherwise expressly provided or unless the context otherwise
requires:
• all references to the masculine shall include the feminine and all references, to the singular shall
include the plural and vice-versa.
• all references to "dollars" or "$" refer to United States Dollar`s and "Rs" or “₹” refer to Indian Rupees.
A "crore" means "ten million" and a "lakh" means a "hundred thousand".
• all references to timings relate to Indian Standard Time (IST).
• References to a day are to a calendar day including non Business Day.

Please note that words and expressions used in the SAI will have the same meaning assigned from
time to time in the SID.

Name of the Investor: Mr. Soumya Bhattacharyya

DOB: 06/04/1988

Address: F-II-A, Krishnalaya Apartment, Nabapally, Barasat

Pin: 700126

Nominee Name: Bela Bhattacharyya

Relationship: Mother

Provisional Amount: 8.55 lakh (Rupees Eight Lakh and Fifty Five Thousand Only)

Date of Issue: 13.02.2017

Date of Maturity: 12.02.2023

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I. INFORMATION ABOUT SPONSOR, TRUSTEE COMPANY AND ASSET MANAGEMENT COMPANY
(AMC)

A. Constitution of the Mutual Fund

Axis Mutual Fund (the “Mutual Fund”) has been constituted as a trust on June 27, 2009 in
accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882) with Axis Bank Limited, as
the Sponsor and Axis Mutual Fund Trustee Limited (“the Trustee Company” / “Trustee”) as the Trustee
to the Mutual Fund. The Deed of Trust has been registered under the Indian Registration Act, 1908.
The Mutual Fund was registered with SEBI on September 04, 2009 under Registration Code MF-
/061/09/02.

The head office of the Mutual Fund is at Axis House, 1st Floor, C-2, Wadia International Centre,
Pandurang Budhkar Marg, Worli, Mumbai – 400025.

B. Sponsor
Axis Mutual Fund is sponsored by Axis Bank Limited (“Axis Bank”). The Sponsor is the Settler of the
Mutual Fund Trust. The Sponsor has entrusted a sum of Rs. 1,00,000/- (Rs. One Lakh only) to Axis Mutual
Fund Trustee Limited (‘the Trustee Company’) as the initial contribution towards the corpus of the
Mutual Fund.

Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of
financial services to customer segments covering Large and Mid-Corporates, MSME, Agriculture and
Retail Businesses.

Axis Bank is one of the first new generation private sector banks to have begun operations in 1994.
The Bank was promoted in 1993, jointly by Specified Undertaking of Unit Trust of India (SUUTI) (then
known as Unit Trust of India), Life Insurance Corporation of India (LIC), General Insurance
Corporation of India (GIC), National Insurance Company Ltd., The New India Assurance Company
Ltd., The Oriental Insurance Company Ltd. and United India Insurance Company Ltd. The
shareholding of Unit Trust of India was subsequently transferred to SUUTI, an entity established in 2003.

The Bank has following tweleve subsidiaries:

Axis Capital Limited
Axis Trustee Services Limited
Axis Mutual Fund Trustee Limited
Axis Asset Management Company Limited
Axis Capital USA, LLC
Axis Bank UK Limited
Axis Finance Limited
Axis Securities Limited
A. Treds Limited
Freecharge Payment Technologies Private Limited
Max Life Insurance Company LimitedAssets Care & Reconstruction Enterprise Limited (ACRE)

The Bank has a large footprint of 4,758 domestic branches (including extension counters) with
10,990ATMs & 5,972 cash recyclers spread across the country as on 31st March, 2022. The Bank has
six Axis Virtual Centres with over 1500 Virtual Relationship Managers as on 31st March 2022. The
Overseas operations of the Bank are spread over eight international offices with branches in
Singapore, Dubai (at DIFC), and Gift City-IBU; representative offices in Dhaka, Dubai, Abu Dhabi,
Sharjah and an overseas subsidiary in London, UK. The international offices focus on Corporate
Lending, Trade Finance, Syndication, Investment Banking, Liability Businesses, and Private
Banking/Wealth Management offerings.

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Financial performance
The shareholders’ funds of Axis Bank grew 13% YOY and stood at Rs. 115,025 crores as on 31st March
2022. The Bank is well capitalised and the Capital Adequacy Ratio (CAR) as on 31st March 2022
under Basel III was 18.54% and Tier-I CAR was 16.34%.

Financial Performance of the Sponsor (past three years):

(Rs. In Crores)
Particulars 2021-2022 2020-2021 2019-2020
Net Worth 107,194.56 93,734.10 77,252.09
Total Income 82,597.37 78,483.49 78,171.72
Profit after tax 13,025.48 6,588.50 1,627.22
Assets Under Management
Not applicable Not applicable Not applicable
(if applicable)

C. The Trustee
The Trustee Company through its Board of Directors, shall discharge its obligations as Trustee of the
Mutual Fund. The Trustee ensures that the transactions entered into by the AMC are in accordance
with the SEBI (Mutual Funds) Regulations, 1996 (“MF Regulations”/ “Regulations”) and will also review
the activities carried on by the AMC.

I. Details of Trustee Directors:

Name Age/ Qualification Brief Experience
Mr. Murray Age: 58 years Mr. Murray Coble has been associated with the Schroders
Coble# Group since 1994. He was the Chief Operating Officer, Asia
Qualification: Pacific for the group. In previous roles he has assumed
Associate Member various important roles such as Chief Operating Officer,
of the Australian Asia Pacific for the group, Managing Director, South East
Institute of Asia and Executive Committee Member, Treasurer and
Chartered Secretary of the Investment Management Association of
Accountants, Singapore. Prior to joining Schroders, he has been
Bachelor of associated with Deloitte Touche Tohmatsu, Sydney
Business, Australia and London UK as an auditor since 1984.
University of
Technology
Mr. Age: 66 years Mr. Nair was a Member (Finance & Investments) of
Radhakrishnan Insurance Regulatory and Development Authority (IRDA)
Nair Qualification: from March 2010 to March 2015. During his tenure he
Master of ushered in new investment and accounting regulations for
Science, Bachelor the Life Insurance industry. He was also involved in framing
in Law, Master in the new regulatory architecture for Unit Linked Insurance
Business Plans and also chaired the committee on implementing
Administration IFRS and the new corporate governance framework for
(Financial Insurers. He has special knowledge and practical
Management) experience in, inter alia, accountancy, agriculture and
and Post Graduate rural economy, banking, co-operation, economics and
Diploma, Securities finance. Prior to this, Mr. Nair was Executive Director of
Laws. Securities and Exchange Board of India (SEBI) from July
2005 to March 2010 where he handled the Investment
Management Department (Mutual Funds, Venture Capital
Funds and Foreign Venture Capital Investors), Corporate
Debt Department, Economic and Policy Analysis
Department, Office of Investor Assistance, Education,
Surveillance and Administration. In his previous roles he has
also been the General Manager of Corporation Bank and
Managing Director of Corporation Bank Securities Ltd.

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Mr. G. Age: 65 years Mr. G Gopalakrishna was with the Reserve Bank of India
Gopalakrishna (RBI) for over 33 years. A career Central Banker, he worked
Qualification: B.A., in various capacities predominantly in Supervision and
LLB., CAIIB Regulation Departments of RBI thus having all round
experience as a Regulator and Supervisor of banks and
financial sector. He was an Executive Director, RBI till 2014
and was appointed as Director, CAFRAL thereafter. He
held this post till April 2017.

As Executive Director, RBI from October 2007 to April 2014,

he was overseeing the Department of Banking Supervision,
Dept. of Non-Banking Supervision, Financial Stability Unit,
Department of Communication, Dept. of Information
Technology, Foreign Exchange Department, Department
of Payment and Settlement System, etc. He also headed
the Deposit Insurance and Credit Guarantee Corporation
(DICGC).

He was the Chairman and Member of several Working

Groups set up by the RBI. During 2011, he chaired the
Working Group on Information Security, Electronic Banking
Technology, Risk Management and Cyber Frauds, the
recommendations of which have been implemented in
April 2011. RBI guidelines have become benchmark
standard for the Industry in information security, information
audit, I.T Governance and Cyber frauds. He was also
Chairman of the Technical Group set up to Review
Supervisory Rating Framework as a part of the High Level
Steering Committee appointed by RBI in 2012 to review the
Supervisory process in India. As Chairman of sub-
committee of FSDC, he chaired the Committee which
implemented LEI in India in 2013.

He lead the RBI team which created the large value credit
registry in 2014 for reporting large value loans (CRILC). Mr.
Gopalakrishna Chaired the Committee constituted to
examine the recommendations of FSLRC relating to
Capacity Building in Banking and non-banking sector. The
report has been accepted and implemented by the
Reserve Bank of India and IBA in 2016. He is also a director
on the Board of various companies.
Mrs. Age: 66 years Mrs. Vijayalakshmi Rajaram Iyer has 41 years of experience
Vijayalakshmi in the Banking Sector with exposure to Infrastructure,
Rajaram Iyer Qualification: Corporates, SMEs & NBFCs.
M.Com, Certified
Associate of Indian Mrs. Iyer had served as member (Finance & Investment) at
Institute of Banking the Insurance Regulatory and Development Authority of
and Finance India (IRDAI) from June 2015 to May 2017 where she played
(CAIIB) a significant role in the introduction and amendments to
Insurance Act.

Mrs. Iyer was Chairperson & Managing Director of Bank of

India from November 2012 to May 2015. She was Executive
Director of Central Bank of India from October 2010 to
October 2012. Prior to this, she was associated with Union

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 Bank of India since December 1975 and held various
important positions in the Bank. She is also a director on the
Board of various companies.
Mr. Venkat Age: 61 years Mr. Venkat Nageswar Chalasani, retired as Deputy
Nageswar Managing Director, International Banking Group of State
Chalasani Qualification: Bank of India on 30th April 2021. During a span of 37 and
BSC, PGDJ, CAIIB half years of service in the Bank, Mr. Chalasani held various
distinguished positions in the Bank, pan India and abroad.
He worked in various areas of Banking viz. Credit, Treasury,
Retail, International Banking, Finance, Risk Management
etc.

As DMD, IBG, Mr. Chalasani was overseeing 233 foreign

offices spread across 32 countries with balance sheet size
more than $ 62 billion. He had held the CFO position of the
Bank, briefly for 6 months, as additional charge, from
March 2020 to September 2020. Prior to his assignment as
DMD (IBG), he was DMD, Global Markets, overseeing the
largest Banking treasury operations in the country. Earlier he
was Regional Head, Hongkong in charge of East Asian
operations. He had served in several capacities in the
bank, which included General Manager, Network 1,
Bangalore, DGM, Treasury Management Group, Asst
General Manager, Raipur, Chief Dealer at Bahrain, etc.

He attended various senior management training seminars,

including sessions on Executive Education Program,
University of Chicago Business Booth school, Asset and
Liability Management training by Euromoney Training at
Cairo, Derivatives Training at Cambridge University,
Executive development program at IIM Calcutta and
Leadership Development Program (3 phases) at ISB,
Hyderabad. He is also a director on the board of various
Companies.
Mr. Rudrapriya Age: 60 years Mr. Rudrapriya Ray has been associated with Axis Bank for
Ray# more than 25 years and is currently Advisor - IMO &
Qualification: Integration. He has over three decades of experience in
B.Com (Hons), the banking and financial services sector & was previously
Certified Associate designated as Head -Corporate Affairs and Chief Ethics
of India Institute of Officer of Axis Bank.
Bankers
In the career spanning more than three decades has an
extensive experience in various areas in the financial
Industry. He started his career as a Probationary Officer
with State Bank of Mysore (SBM) in 1985. After a seven years
stint in SBM, 2 years with PCS Data Products Ltd and 3 years
thereafter with Fortis Financial Services (A Ranbaxy Group
NBFC), Mr. Ray joined Axis Bank (erstwhile UTI Bank) in 1997.
His career spans across diverse departments and functions
within the Bank. He has worked in Retail Banking, Credit
Risk, Corporate Banking, Human Resources (as Head of the
Department), Head of Structured Finance Group and
Chief Compliance Officer.
# Associate Director

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II. Rights, obligations, responsibilities and duties of the Trustee under the deed of Trust and the
Regulations.
Pursuant to the Deed of Trust dated June 27, 2009, constituting the Mutual Fund, and in terms of the
Regulations, the rights, obligations, responsibilities and duties of the Trustee are as under:
1. To enter into Investment Management Agreement with the prior approval of SEBI.
2. To ensure that the Investment Management Agreement contains clauses as are mentioned in
the Fourth Schedule of the Regulations and such other clauses as are necessary for the purpose
of entrusting investment management of the Mutual Fund.
3. The Trustee shall have a right to obtain from the AMC such information as is considered
necessary by the Trustee.
4. The Trustee shall ensure before the launch of any scheme that the AMC, has:
(a) Systems in place for its back office, dealing room and accounting;
(b) Appointed all key personnel including fund manager(s) for the scheme(s) and submitted
their bio-data which shall contain the educational qualifications, past experience in the
securities market with the Trustee, within 15 days of their appointment;
(c) Appointed auditors to audit its accounts;
(d) Appointed a compliance officer who shall be responsible for monitoring the compliance of
the SEBI Act, 1992, rules and Regulations, notifications, guidelines, instructions, etc., issued by
the Board or the Central Government and for redressal of investors grievances;
(e) Appointed registrars and laid down parameters for their supervision;
(f) Prepared a compliance manual and designed internal control mechanisms including
internal audit systems;
(g) Specified norms for empanelment of brokers and marketing agents;
(h) Obtained, wherever required under the Regulations, prior in principle approval from the
recognised stock exchange(s) where units are proposed to be listed.
5. The Trustee shall ensure that
(a) the AMC has been diligent in empanelling the brokers, in monitoring securities transactions
with brokers and avoiding undue concentration of business with any broker.
(b) the AMC has not given any undue or unfair advantage to any associates or dealt with any
of the associates of the AMC in any manner detrimental to interest of the unitholders.
(c) The transactions entered into by the AMC are in accordance with the Regulations and the
scheme.
(d) AMC has been managing the Mutual Fund schemes independently of other activities and
have taken adequate steps to ensure that the interest of investors of one scheme are not
being compromised with those of any other scheme or of other activities of the AMC.
(e) The activities of the AMC are in accordance with the provisions of the Regulations.
(f) The transactions of the Mutual Fund are in accordance with the provisions of the Deed of
Trust.
(g) There is no conflict of interest between the manner of deployment of its net worth by the
AMC and the interest of the unit- holders.
(h) The investment of the Trust Fund and unit Capital of each scheme is made only in the
permitted securities and within limits prescribed by the Deed of Trust, the Regulations, and
the SID of the scheme concerned.
(i) The income due to be paid to the schemes is collected and properly accounted for and
shall claim any repayment of tax and holding any income received in trust for the holders in
accordance with the Deed of Trust and the Regulations.
(j) No change in the fundamental attributes of any scheme or the trust or fees and expenses
payable or any other change which would modify the scheme and affects the interest of
unitholders, shall be carried out unless,
(i) A written communication about the proposed change is sent to each unitholder and an
advertisement is given in one English daily newspaper having nationwide circulation as
well as in a newspaper published in the language of region where the Head Office of
the Mutual Fund is situated; and
(ii) The unitholders are given an option for a period of 30 days to exit at the prevailing Net
Asset Value without any exit load.

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6. Where the Trustee has reason to believe that the conduct of business of the Mutual Fund is not
in accordance with the Regulations and the scheme they shall forthwith take such remedial
steps as are necessary by them and shall immediately inform the Board of the violation and the
action taken by them.
7. Each Director of the Trustee Company shall file the details of his transactions of dealing in
securities within the time and manner as may be specified by the Board from time to time.
8. The Trustee shall be accountable for, and be the custodian of, the funds and property of the
respective schemes and shall hold the same in trust for the benefit of the unit holders in
accordance with the Regulations and the provisions of Deed of Trust.
9. The Trustee shall be responsible for the calculation of any income due to be paid to the Mutual
Fund and also of any income received in the Mutual Fund for the holders of the units of any
scheme in accordance with the Regulations and the Deed of Trust.
10. The Trustee shall obtain the consent of the unit holders
(a) Whenever required to do so by the Board in the interest of the unit holders or
(b) Whenever required to do so on the requisition made by three-fourths of the unit holders of
any scheme or
(c) When the majority of the Trustee decide to wind up or prematurely redeem the units.
11. The Trustee shall:
(a) Periodically review the investor complaints received and the redressal of the same by the
AMC.
(b) Call for the details of transactions in securities by the key personnel of the AMC in his own
name or on behalf of the AMC and shall report to the Board, as and when required.
(c) Quarterly review all transactions carried out between the Mutual Fund, AMC and its
associates.
(d) Quarterly review the net worth of the AMC to ensure compliance with the threshold on a
continuous basis.
(e) Periodically review all service contracts such as custody arrangements, transfer agency of
the securities and satisfy itself that such contracts are executed in the interest of the
unitholders.
(f) Abide by the Code of Conduct as specified in the Fifth Schedule – PART A.
(g) Be bound to make such disclosures to the unit holders as are essential in order to keep them
informed about any information, which may have an adverse bearing on their investments.
12. The Trustee shall furnish to the Board on a half-yearly basis,
(a) A report on the activities of the Mutual Fund.
(b) A certificate stating that the Trustee has satisfied itself that there have been no instances of
self-dealing or front running by any of the Director of the Trustee Company, directors and
key personnel of the AMC.
(c) A certificate to the effect that the AMC has been managing the schemes independently of
any other activities and in case any activities of the nature referred to in sub-regulation (2)
of regulation 24 have been undertaken by the asset management company and has taken
adequate steps to ensure that the interests of the unit holders are protected.
13. The independent Directors of Trustee Company referred to in sub-regulation (5) of regulation 16
shall give their comments on the report received from the AMC regarding the investments by
the Mutual Fund in the securities of group companies of the sponsor.
14. The Trustee, in carrying out its responsibilities under the Deed of Trust and the Regulations, shall
maintain arm's length relationship with other companies, institutions or financial intermediaries
or any body corporate with which it is associated.
15. A Director of the Trustee Company shall not participate in the meetings of the Trustee or in any
decision making process in respect of any investments for the Mutual Fund in which he may be
interested.
16. The Trustee in discharge of its duties and in exercise of all discretionary powers, may engage,
appoint, employ, retain or authorize the AMC to engage, appoint, employ or retain any
solicitors, advocates, bankers, brokers, accountants, professional advisors and consultants as it
may deem appropriate.
17. Trustee shall exercise due diligence as under :

7
 A. General Due Diligence:
(i) The Trustee shall be discerning in the appointment of the directors on the Board of the
AMC.
(ii) Trustee shall review the desirability or continuance of the AMC if substantial irregularities
are observed in any of the schemes and shall not allow the AMC to float new schemes.
(iii) The Trustee shall ensure that the trust property is properly protected, held and administered
by proper persons and by a proper number of such persons.
(iv) The Trustee shall ensure that all service providers are holding appropriate registrations from
the Board or concerned regulatory authority.
(v) The Trustee shall arrange for test checks of service contracts.
(vi) The Trustee shall immediately report to the Board of any special developments in the
Mutual Fund.
B. Specific due diligence:
(i) Obtain internal audit reports at regular intervals from independent auditors appointed by
the Trustee,
(ii) Obtain compliance certificates at regular intervals from the AMC,
(iii) Hold meeting of Trustee more frequently,
(iv) Consider the reports of the independent auditor and compliance reports of AMC at the
meetings of Trustee for appropriate action,
(v) Maintain records of the decisions of the Trustee at its meetings and of the minutes of the
meetings,
(vi) Prescribe and adhere to a code of ethics by the Trustee, AMC and its personnel,
(vii) Communicate in writing to the AMC of the deficiencies and checking on the rectification
of deficiencies.
18. The independent directors of the Trustee Company shall pay specific attention to the following:-
(a) The Investment Management Agreement and the compensation paid under the
agreement;
(b) Service contracts with associates (whether the AMC has charged higher fees than outside
contractors for the same services);
(c) Selection of the AMC’s independent directors;
(d) Securities transactions involving associates to the extent such transactions are permitted;
(e) Selecting and nominating individuals to fill independent director’s vacancies;
(f) Code of ethics must be designed to prevent fraudulent, deceptive or manipulative
practices by insiders in connection with personal securities transactions;
(g) The reasonableness of fees paid to sponsors, AMC and any others for services provided;
(h) Principal underwriting contracts and their renewals;
(i) Any service contract with the associates of the AMC.

Notwithstanding anything contained in the SEBI Regulations the Trustee shall not be held liable
for the acts done in good faith and if adequate due diligence has been exercised by it.

Amendments to the Deed of Trust shall not be carried out without the prior approval of SEBI and
Unitholders’ approval/consent as per the procedure/provisions laid down in the Regulations.

19. Supervisory Role of the Trustee

The supervisory role of Trustee will be discharged inter alia by reviewing the information and
operations of the Mutual Fund based on the internal audit reports/compliance reports received
on a periodical basis. The Compliance Officer has direct reporting line to the Board of Directors
of the Trustee. The Board Meeting of the Trustee shall be held at least once in every two calendar
months and at least six such meetings shall be held in every year or at such frequency as may
be prescribed under the Regulations. The Board Meeting of the Trustee has been held seven
times during the financial year 2021-22. Further, the quorum for a Board meeting of the Trustee
shall not be constituted unless such number of independent directors as may be prescribed by
SEBI from time to time, are present at the meeting.

8
 Further the Audit Committee chaired by an independent director of the Trustee Company is
responsible for:
• Review of the periodic financial statements of the Trustee and Mutual Fund
including audit observations
• To review the internal audit systems and internal and statutory audit reports
• Recommending appointment of auditors

Trustee - Fees and Expenses

In accordance with the Deed of Trust constituting the Mutual Fund, the Trustee shall be entitled to
receive a fee not exceeding 0.10% per annum of the average daily/weekly net assets of the Fund.
In addition to the aforesaid remuneration, the Trustee shall be entitled for reimbursement of all costs,
charges and expenses incurred in or about the administration and execution of the Fund. Such
reimbursement from and out of the Trust Funds would always be to the extent permitted under the
Regulations.

D. Asset Management Company

Axis Asset Management Company Limited (‘AMC’/‘Axis AMC’) is a public limited company
incorporated under the Companies Act, 1956 on January 13, 2009, having its Registered Office at
Axis House, 1st Floor, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai –
400025. Axis AMC has been appointed as the Investment Manager of the Axis Mutual Fund by the
Trustee vide Investment Management Agreement (‘IMA’) dated June 27, 2009, amended IMA
dated May 17, 2022, and executed between the Trustee and the AMC.

The AMC has obtained Certificate of Registration as Portfolio Manager under the SEBI (Portfolio
Managers) Regulations, 1993 vide registration no. INP000003534 with effect from January 04, 2010.
There is no conflict of interest between the Mutual Fund and the PMS activity.

SEBI has vide its letter dated January 10, 2013, accorded it’s no objection to the AMC for undertaking
non-binding investment advisory and other related services to overseas fund manager(s) of offshore
funds /other entities investing in India. Axis AMC has signed agreement(s) with offshore fund
manager(s) to provide Non-binding Advisory and related services in respect of offshore fund(s)
investing in India. Axis AMC has been providing non-binding investment advisory services to offshore
fund(s) with effect from September 10, 2013. The AMC provides only non-binding advice and hence
it is not required to disclose the returns on the website etc. Fund managers (Equity/Fixed Income) of
the schemes of Axis Mutual Fund provide the investment advise on behalf of Axis AMC for Indian
equities and Fixed Income securities/markets to offshore fund(s).

Further, the AMC is acting as the investment managers to following Alternative Investment Funds
registered with SEBI under SEBI (Alternative Investment Funds) Regulations, 2012 viz. Axis Alternative
Investment Funds - Category II registered with SEBI vide registration no. IN/AIF2/17-18/0512 dated
January 19, 2018, Axis Real Estate Alternative Investment Fund - Category II registered with SEBI vide
registration No IN/AIF/22-23/1057 dated May 04, 2022, Axis Inversion Alternative Investment Fund-
Category II registered with SEBI vide registration no. IN/AIF2/22-23/1103 dated July 14, 2022 and Axis
Alternative Investment Fund - Category III, registered with SEBI vide registration no. IN/AIF3/18-
19/0628 dated December 13, 2018.

Additionally, SEBI vide its letter dated July 04, 2013, accorded it’s no objection to the AMC for
undertaking Pension Fund Business. Subsequently AMC constituted a step-down subsidiary
company namely Axis Pension Fund Management Limited (APFML) dated May 17. 2022 & acts as
sponsor of APFML. APFML is registered with PFRDA vide registration no. PFRDA/PF/2022/23 dated July
1, 2022 and received Certificate of Commencement of Business from PFRDA on September 20, 2022.
APFML started its operations from October 21, 2022.

The AMC ensures that there are no material conflict of interests in aforesaid activities with the
activities of Mutual Fund.

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I. Details of Axis AMC Directors:

Name Age / Brief Experience

Qualification
Mr. Amitabh Age: 56 years Mr. Amitabh Chaudhry has been appointed as Managing
Chaudhry# Director & Chief Executive Officer of Axis Bank Limited, with
Qualification: effect from January 1, 2019. Prior to this, he was the Managing
Chairman B.E in Director & CEO of HDFC Standard Life Insurance Company
(Electronics Ltd. ("HDFC Life"). He had been associated with HDFC Life
and Electricals) since January 2010.
from
Birla Institute of In a career spanning more than three decades, Mr. Chaudhry
Technology & has had extensive experience in various areas in the financial
Science, Pilani services industry. Mr. Chaudhry started his career in Corporate
and Banking with Bank of America in 1987, where he worked in
PGDM from IIM, diverse roles ranging from Country Finance Officer, Head of
Ahmedabad. Wholesale and GCMG Finance in Asia Division and thereafter,
as Managing Director and Head - Technology Investment
Banking, Asia. He was also associated with CALYON Bank
(formerly Credit Lyonnais Securities Asia (CLSA)), as its
Managing Director, Head - South East Asian Investment
Banking and Head - Technology Investment Banking. Prior to
joining HDFC Life, he joined Infosys BPO Ltd. in 2003 and was
elevated as its Managing Director & CEO in 2006. He was also
Head - Independent Validation & Testing Unit (IVS) of Infosys
Technologies Ltd. He is also a director on the Board of various
companies.

Mr. Ravi Age: 52 years Mr. Narayanan is the President and Head of Branch Banking
Narayanan at Axis Bank Limited. Mr. Narayanan has a rich experience in
# Qualification: B business expansion, sales & distribution, customer service and
Tech (HONS) process compliance. He was the head of branch banking
from IIT (BHU) and retail trade forex at HDFC Bank. He also has a vast
and Master’s experience in Merchant Acquiring, Cash Management
degree in Services and Current Account Product Business. He had
Business played an integral role in shaping the Bank’s foray in Current
Administration Accounts in retail space.
from FMS, Delhi
University

10
Mr. Age: 57 years Mr. Anantharaman is an experienced senior investment and
Venkatara corporate banking professional with extensive advisory
manan Qualification: experience and strengths in client management, organization
Ananthara Bachelor of & team leadership, risk and governance areas. He has worked
man Metallurgical in leading international banks and led diverse global teams.
Engineering He is also Director on the board of various companies.
(Hons), Post
Graduate He was the Global Head, Global Industries Group, Standard
Diploma in Chartered Bank from March 2017 till November, 2018. Prior to
Business this, he held other senior roles in the Standard Chartered Bank,
Management Credit Suisse, Deutsche Bank, Bank of America.
from XLRI,
Jamshedpur
and Professional
Diploma in
Financial Times,
a course for
Non-Executive
Director from
Pearson
Education, UK
Mr. Age: 52 years Beginning with SBI Mutual Fund in 1991 he has over 28 years'
Chandresh experience in investments function. As Head – Investments at
Kumar Qualification: Axis AMC he had overall responsibility of the Investments
Nigam#, Bachelor of function from April 2010 to May 2013. In this role he managed
Managing Technology, a team of investment professionals to deliver investment
Director Post Graduate performance across asset classes.
and Chief Diploma in
Executive Management He has been appointed as Managing Director and Chief
Officer (IIM Calcutta) Executive Officer of Axis AMC with effect from May 1, 2013.
Mr. Lieven Age: 52 years Mr. Debruyne is the Chief Executive Officer for Asia Pacific for
Michael O Schroders Investment Management, responsible for the
Debruyne# Qualification: strategy management and oversight of Schroders business in
Master of the Asia Pacific region. He is also member of the Group
Science in Management Committee. He began his career with
Economics Schroders in London in 2000 and held several senior
management and leadership positions. Prior to joining
Schroders, he worked with Mees Pierson Capital
Management (Hong Kong) and Fortis Investments (Paris)
where he held various senior positions as Asian Equities Fund
Manager, Chief Investment Officer. He was also Chairman of
the Hong Kong Investment Fund Association (HKIFA) and was
also appointed on the Board of the Asian Securities &
Financial Markets Association (ASIFMA) and the Executive
Committee of its Asset Management Group. He is also an
Adjunct Professor, Faculty of Business Administration at the
Chinese University of Hong Kong. He is also a director on the
Board of various companies.

11
Mr. Age: 62 years Mr. Shailendra Bhandari has more than three decades of rich
Shailendra experience in financial services industry. Mr. Bhandari was
Bhandari Qualification: Managing Director & CEO of ING Vysya Bank Ltd. from August
B.A. (Hons) in 2009 until January 2015. Before this he was heading the Private
Economics from Equity arm of Tata Capital Ltd. Earlier as Managing Director
St . Stephen’s and CEO of Centurion Bank of Punjab from 2004 until 2008, he
College in Delhi, led the successful turnaround of the Bank. He has functioned
Master’s (MBA) as the Managing Director and CEO of ICICI Prudential Asset
in Management Company Ltd. from 2000 to 2004 and was also
Management Director on the Board of AMFI (Association of Mutual Funds in
from India). Before this, he was a part of the core team to set up
IIM, HDFC Bank in 1994, as Treasurer and Executive Director. Mr.
Ahmedabad Bhandari had also spent thirteen years with Citibank N.A.,
India & Indonesia in several roles.
Ms. Sonia Age: 56 years Ms. Sonia Singh has been an Independent Brand Strategist
Singh working with various International brands. She has worked with
Qualification: some highly reputed brands like Nokia (London, Tokyo, Delhi),
BA Pepsi (Delhi), Friesland Foods (Hong Kong), Unilever (Mumbai,
(HONS) and Warsaw) and Heineken (Warsaw) during the period 2005 - 14.
MBA
Prior to that, during 1998 - 2005, she worked with Unilever,
where she played various important roles as General
Manager - Marketing for Lakme, Head - Marketing Learning
and in Corporate Marketing. She was also associated with
Lakme in various roles in marketing, branding and product
management functions during 1988 - 1998.

In a career spanning over 30 years, she has been responsible

for drawing marketing plans for various products, developing
strategies, managing financial aspects including driving
revenue and profitability of identified markets for business
units, channels and products. She is also director on the Board
of various companies.
Mr. Ravi Age: 56 years Mr. Ravi Garikipati is an entrepreneur with over 30 years of
Garikipati experience mostly in technology related areas and executive
Qualification: leadership roles. He is a board member and advisor to many
M.S., Software late stage startups and is an active angel investor in
Systems and deepTech, finTech and consumer Tech startups.
MMS,
Management Mr. Garikipati’s experience has a rich combination of
Studies technology and financial services.

Mr. Garikipati is the co-founder and CEO of Davinta Finserv, a

technology and product focused NBFC which specializes in
providing break through finserv and fintech solution.

Prior to this, as the CTO & Head - Fintech at Flipkart, he defined

and executed Shared Technology & Services vision and
roadmap - helping Flipkart group reach new heights through
highly scalable cloud infrastructure, robust multi-tenant
platforms and highly optimised application architecture.

12
 Prior to Flipkart he was President and Chief Technology Officer
at [24]7 Innovation Labs, a sequoia funded company and was
based out of Campbell, CA/Bangalore where he led global
product and technology groups to build one of the largest
omni-channel customer acquisition & engagement platform
driven by predictive modelling hosted in the cloud. He holds
a number of patents in omni-channel predictive experience
for his industry leading work.

Mr. Ravi also held various senior engineering management

positions at Oracle and Covansys, where he gained extensive
experience in building scalable enterprise application
architectures and services. He is also a director on the Board
of various companies.
# Associate Director

II. Duties and Responsibilities of the AMC as specified in the Regulations

1. The AMC shall take all reasonable steps and exercise due diligence to ensure that the
investment of funds pertaining to any scheme is not contrary to the provisions of the SEBI
Regulations and the Deed of Trust.
2. The AMC shall exercise due diligence and care in all its investment decisions as would be
exercised by other persons engaged in the same business.
3. The AMC shall obtain, wherever required under the Regulations, prior in-principle approval from
the recognized stock exchange(s) where units are proposed to be listed.
4. The AMC shall be responsible for the acts of commission or omission by its employees or the
persons whose services have been procured by the AMC.
5. The AMC shall submit to the Trustee quarterly reports of each year on its activities and the
compliance with the SEBI Regulations.
6. The Trustee at the request of the AMC may terminate the assignment of the AMC at any time,
provided that such termination shall become effective only after the Trustee have accepted
the termination of assignment and communicated their decision in writing to the AMC.
7. Notwithstanding anything contained in any contract or agreement or termination, the AMC or
its directors or other officers shall not be absolved of liability to the Mutual Fund for their acts of
commission or omission, while holding such position or office.
8. The Chief Executive Officer (whatever his designation may be) of the AMC shall ensure that the
Mutual Fund complies with all the provisions of the SEBI Regulations and the guidelines or
circulars issued in relation thereto from time to time and that the investments made by the fund
managers are in the interest of the unit holders and shall also be responsible for the overall risk
management function of the Mutual Fund.
Chief Executive Officer (whatever be the designation) shall also ensure that the Asset
Management Company has adequate systems in place to ensure that the Code of Conduct
for Fund Managers and Dealers specified in PART - B of the Fifth Schedule of these regulations
are adhered to in letter and spirit. Any breach of the said Code of Conduct shall be brought to
the attention of the Board of Directors of the Asset Management Company and Trustees.
9. The fund managers (whatever the designation may be) shall ensure that the funds of the
schemes are invested to achieve the objectives of the scheme and in the interest of the unit
holders.
10. (a) The AMC shall not through any broker associated with the sponsor, purchase or sell securities,
which is average of 5 per cent or more of the aggregate purchases and sale of securities
made by the Mutual Fund in all its schemes. For this purpose, the aggregate purchase and
sale of securities shall exclude sale and distribution of units issued by the Mutual Fund. The
aforesaid limit of 5 percent shall apply for a block of any three months.
(b) The AMC shall not purchase or sell securities through any broker [other than a broker referred
to in Pt. 10(a) above which is average of 5 per cent or more of the aggregate purchase and
sale of securities made by the Mutual Fund in all its schemes, unless the AMC has recorded
13
 in writing the justification for exceeding the limit of 5 per cent and reports of all such
investments are sent to the Trustee on a quarterly basis. The aforesaid limit shall apply for a
block of three months.
11. The AMC shall not utilise the services of the sponsor or any of its associates, employees or their
relatives, for the purpose of any securities transaction and distribution and sale of securities.
However, the AMC may utilise such services if disclosure to that effect is made to the unitholders
and the brokerage or commission paid is also disclosed in the half-yearly annual accounts of
the Mutual Fund. Provided further that the Mutual Fund shall disclose at the time of declaring
half yearly and yearly results:
(i) any underwriting obligations undertaken by the schemes of the Mutual Funds with respect
to issue of securities associate companies,
(ii) devolvement, if any,
(iii) subscription by the schemes in the issues lead managed by associate companies,
subscription to any issue of equity or debt on private placement basis where the sponsor or
its associate companies have acted as arranger or manager.
12. The AMC shall file with the Trustee the details of transactions in securities by the key personnel of
the AMC in their own name or on behalf of the AMC and shall also report to the SEBI, as and
when required by SEBI.
13. In case the AMC enters into any securities transactions with any of its associates a report to that
effect shall be sent to the Trustee at its next meeting.
14. In case any company has invested more than 5 per cent of the net asset value of a scheme,
the investment made by that scheme or by any other scheme of the Mutual Fund in that
company or its subsidiaries shall be brought to the notice of the Trustee by the AMC and be
disclosed in the half-yearly and annual accounts of the respective schemes with justification for
such investment provided the latter investment has been made within one year of the date of
the former investment calculated on either side.
15. The AMC shall file with the Trustee and the Board—
(a) detailed bio-data of all its directors along with their interest in other companies within fifteen
days of their appointment
(b) any change in the interests of directors every six months
16. a quarterly report to the Trustee giving details and adequate justification about the purchase
and sale of the securities of the group companies of the sponsor or the AMC, as the case may
be, by the Mutual Fund during the said quarter
17. Each director of the AMC shall file the details of his transactions of dealing in securities with the
Trustee on a quarterly basis in accordance with guidelines issued by SEBI.
18. The AMC shall not appoint any person as key personnel who has been found guilty of any
economic offence or involved in violation of securities laws.
19. The AMC shall appoint registrars and share transfer agents who are registered with SEBI, provided
if the work relating to the transfer of units is processed in-house, the charges at competitive
market rates may be debited to the scheme and for rates higher than the competitive market
rates, prior approval of the Trustee shall be obtained and reasons for charging higher rates shall
be disclosed in the annual accounts.
(1) The AMC shallnot invest in any of its schemes unless full disclosure of its intention to invest has
been made in the SID, provided that an AMC shall not be entitled to charge any fees on its
investment in that scheme.
20. The AMC shall abide by the Code of Conduct as specified in the Fifth Schedule to the
Regulations.

21. The asset management company shall report and disclose all the transactions in debt and
money market securities, including inter scheme transfers, as may be specified by the Board.

22. The asset management company and the sponsor of the mutual fund shall be liable to
compensate the affected investors and/or the scheme for any unfair treatment to any investor
as a result of inappropriate valuation.

23. The asset management company shall compute and carry out valuation of investments made
14
 by its scheme(s) in accordance with the investment valuation norms specified in Eighth
Schedule, and shall publish the same.

24. The asset management company shall not carry out its operations including trading desk, unit
holder servicing and investment operations outside the territory of India:

III. Information on Key Personnel of the Asset Management Company:

Employee Designation/ Age (in Qualificati Total No. of Assignments Period
Function years) ons years of held during last From – To
Experience 10 years
Mr. Managing 52 B. Tech, Over 30 Axis Asset May 1, 2013
Chandresh Director & PGDBM years. Management till date
Kumar Chief (IIM Company Ltd.
Nigam Executive Calcutta) (Managing
Officer (MD & Director & Chief
CEO) Executive
Officer)
Axis Asset April 2010 -
Management April 2013
Company Ltd.
(Head -
Investments)
Axis Asset July 2009 -
Management April 2010
Company Ltd.
(Head - Equity)
TCG Advisory 2005-2009
Services Pvt. Ltd.
(Advisor to long
biased long short
India dedicated
fund)
Prudential ICICI 2003-2005
Asset
Management
Company Ltd.
(Equity Fund
Manager)
Zurich Asset 1993-2003
Management
Company (I) Pvt.
Ltd. (now a part
of HDFC Mutual
Fund) (Equity
Fund Manager)
Mr. Chief Business 52 Associate 30 Axis Asset November
Raghav N. Officer Chartered Management 25, 2019 - till
Iyengar Accounta Company Ltd. date
nt (ACA), =(Chief Business
Graduate Officer)
Cost & Indiabulls Asset August
Managem Management 2018 -
ent Company November
Accounta Limited 2019
nt and (Chief Executive
Bachelor Officer)

15
Employee Designation/ Age (in Qualificati Total No. of Assignments Period
Function years) ons years of held during last From – To
Experience 10 years
of ICICI Prudential December
Commerc Asset 2006 - July
e Management 2018
Company
Limited
(Executive Vice
President and
Head of
Institutional &
Retail Business)
Mr. R. Head – Fixed 46 Bachelor Over 23 Axis Asset Sept. 02,
Sivakumar Income of years Management 2010 till
Technolog Company Ltd. date
y, IIT, (Head - Fixed
Madras Income)
Axis Asset Aug. 2009 –
PGDM, IIM, Management Sept. 2010
Ahmedab Company Ltd.
ad (Fund Manager -
PMS)
Fortis Investment 2004-2009
Management
(India) Pvt. Ltd. -
previously known
as ABN AMRO
Asset
Management
(India) Pvt. Ltd.

(Last position
held – Chief
Operating
Officer. Previous
roles included
Fund Manager –
Fixed Income, VP
– Product
Development
and Portfolio
Management
and Head –
Structured
Products.)
Sundaram Asset 2001-2004
Management
Company Ltd.
(Fund Manager –
Fixed Income)
Zurich Asset 1999-2000
Management
(India) Pvt. Ltd.
(Research
Analyst)

16
Employee Designation/ Age (in Qualificati Total No. of Assignments Period
Function years) ons years of held during last From – To
Experience 10 years
Mr. Jinesh Head – Equity 42 B.Com, Over 20 Axis Asset Aug. 24,
Gopani Master of years Management 2016 till
Managem Company Ltd. date
ent Studies (Head - Equity)
Axis Asset Oct. 21,
Management 2009 - Aug.
Company Ltd. 23 2016
(Fund Manager -
Equity)
Birla Sun Life 2008 - 2009
Asset
Management
Company Ltd.
(Portfolio
Manager)
Voyager India 2006 – 2008
Capital Pvt. Ltd.
(Research
Analyst and
Portfolio
Manager)
Emkay Share & 2002 - 2006
Stock Brokers Ltd.
(Research
Analyst)
Net Worth Stock 2001 –2002
Broking Ltd.
(Research
Analyst)
Mr. Gopal Chief 47 B.Com, Over 23 Axis Asset Sept. 2015
Menon Operating ACA, L.L.B years. Management till date
Officer and (Hons) Company Ltd.
Chief (Chief Operating
Financial Officer and Chief
Officer Financial Officer)
Axis Asset Dec. 2012 -
Management Sept. 24,
Company Ltd. 2015
(Head –
Compliance,
Legal,
Secretarial)
Universal Trustees 2011 - 2012
Pvt. Ltd. (Head
Compliance,
Legal &
Secretarial)

17
Employee Designation/ Age (in Qualificati Total No. of Assignments Period
Function years) ons years of held during last From – To
Experience 10 years
Sanlam 2009 - 2011
Investments &
Advisors (India)
Ltd. (Wealth
Management)
and Sanlam
Investment
Management
(India) Limited
(SIML)(Asset
Management)
(Head
Compliance,
Legal &
Secretarial)
IDFC / Standard 2005 – 2009
Chartered Asset
Management
Company (Vice
President Risk &
Compliance)
HSBC Asset 2003 - 2005
Management
(India) Pvt. Ltd.
(Manager
Compliance &
Secretarial)
Zurich Asset 2001 - 2003
Management
(India) Pvt. Ltd.
(Manager
Compliance &
Legal
Mr. Deputy Head 39 B.Com, Over 17 Axis Asset Oct. 16,
Devang – Fixed A.C.A years Management 2012 till
Shah Income Company Ltd. date
(Deputy Head –
Fixed Income)
ICICI Prudential 2008-2012
Asset
Management
Company Ltd.
(Fund Manager)
Deutsche Asset 2006-2008
Management
(India) Pvt. Ltd.
(Analyst)
Pricewaterhouse 2004-2006
Coopers

18
Employee Designation/ Age (in Qualificati Total No. of Assignments Period
Function years) ons years of held during last From – To
Experience 10 years
Mr. Senior Fund 42 Bachelor Over 18 Axis Asset Nov. 16,
Shreyash Manager – in years Management 2016 till
Devalkar Equity Chemical Company Ltd. date
Engineerin (Senior Fund
g & Manager -
Masters in Equity)
Managem BNP Paribas Jan. 17,
ent Studies Asset 2011 to
Management Nov. 15,
India Pvt. Ltd. 2016
(Fund Manager)
IDFC Asset July 24,
Management 2008 to
Company Ltd. Jan. 14,
(Vice President - 2011
Research)
IDFC Securities Sept. 07,
Ltd. (Research 2005 to July
Analyst) 23, 2008
Mr. Fund 44 Chartered Over 14 Axis Asset Sept. 23,
Anupam Manager – Accounta years Management 2016 till
Tiwari Equity nt Company Ltd. date
(Fund Manger -
Equity)
Principal PNB July 25,
Asset 2011 to
Management Sept. 21,
Company Pvt. 2016
Ltd. (Fund
Manager)
Reliance Life Sept. 22,
Insurance Ltd. 2010 to July
(Fund Manager) 15, 2011
Reliance Capital Mar. 21,
Asset 2005 to
Management Sept. 21,
Company Ltd. 2010
(Equity Analyst)
Mr. Ashwin Head – 43 BE Over 20 Axis Asset March 07,
Patni Products & (Metallurg years Management 2019 till
Alternatives y), PGDM Company Ltd date
(Head – Products
& Alternatives)
Axis Asset April 11,
Management 2015 till
Company Ltd March 06,
(Fund Manager - 2019
Equity & Head -
Products)

19
Employee Designation/ Age (in Qualificati Total No. of Assignments Period
Function years) ons years of held during last From – To
Experience 10 years
Axis Asset 2010 - 2015
Management
Company Ltd.
(Portfolio
Manager -
Portfolio
Management
Services
IDFC AMC Ltd. 2007 - 2009
(previously
known as
Standard
Chartered Asset
Management
Company Pvt.
Ltd.)
(Designated as
Portfolio
Manager,
Structured
Products)
Standard 2005 - 2007
Chartered Bank
(Product
Manager,
Investment
Services)
ICICI Bank 2003 - 2005
(Designated as
Manager,
Syndication)
Mr. Ashish Fund 38 BE Over 14 Axis Asset June 2016
Naik Manager Computer years. Management till date
s, PGDBM, Company Ltd.
FRM (Fund Manager -
(GARP) Equity)
Axis Asset Aug. 2009 -
Management June 2016
Company Ltd.
(Research
Analyst - Equity)
Goldman Sachs April 2007 -
India Securities July 2009
Ltd. (Business
Analyst)
Hexaware Aug. 2003 -
Technologies May 2005
Ltd. (Software
Engineer)

20
Employee Designation/ Age (in Qualificati Total No. of Assignments Period
Function years) ons years of held during last From – To
Experience 10 years
Mr. Aditya Fund 37 Post Over 14 Axis Asset Aug. 1,
Pagaria Manager - Graduate years Management 2016 till
Fixed Income Diploma in Company Ltd. date
Business (Fund Manager -
Managem Fixed Income)
ent ICICI Prudential Nov. 2011 -
Asset July 2016
Management
Company Ltd.
(Fund Manager -
Fixed Income)
ICICI Prudential May 2007 -
Asset Nov. 2011
Management
Company Ltd.
- (Operations)
Mr. Compliance 42 B. Com, Over 18 Axis Asset Dec. 28,
Darshan Officer CS, LLB years. Management 2015 - till
Kapadia Company Ltd. date
(Compliance
Officer)
DSP BlackRock Sept. 2013
Investment to Nov.
Managers Pvt. 2015
Ltd. (Associate
Vice President -
Compliance,
Legal &
Secretarial)
Religare Invesco Jan. 2009
Asset to Sept.
Management 2013
Company Pvt.
Ltd. (Associate
Vice President -
Compliance,
Legal &
Secretarial)
Religare AEGON June 2008
Asset to Jan.
Management 2009
Company Pvt.
Ltd. (Manager -
Compliance,
Legal &
Secretarial)

21
Employee Designation/ Age (in Qualificati Total No. of Assignments Period
Function years) ons years of held during last From – To
Experience 10 years
Birla Sun Life Dec. 2005
Asset to June
Management 2008
Company Ltd.
(Assistant
Manager -
Compliance,
Legal &
Secretarial)
Reliance Jan. 2003
Industries Ltd. to Nov.
(Executive 2005
Officer -
Secretarial)
Ms. Head - Risk 46 FRM, MBA Over 21 Axis Asset June 14,
Meenal (Finance), years Management 2021 – till
Baheti Masters in Company Ltd. date
Software (Head - Risk)
Engineerin SBI Funds October
g Management 01, 2010 to
Pvt. Ltd. May 31,
2021

Mr. Ajish Head – Data 43 M.M.S.- Over 18 Axis Asset January 20,
Abdul Science Marketing, years Management 2022 – till
Rehman B.E. Company Ltd date
Automobil (Head – Data
e Science)
IndiaFirst Life November
Insurance 24, 2016 –
Company January 19,
Limited (Head - 2022
Data Science)
HDFC Standard June 29,
Life Insurance 2007 –
Company November
Limited 22, 2016
(Analytics &
Modeling)
Mr. Chief 40 B.E. 14 Years Axis Asset From 11-
Bhagwatip Information Computer Management July-2022 to
rasad Security Engg, Company Ltd present
Dubey Officer Master in HDFC Life From 24-
Informatio Insurance Co Ltd Feb-2020 to
n 07-Jul-2022
Managem TATA AIG From 10-
ent, ITIL General Jun-2019 to
Expert, ISO Insurance Co. 20-Feb-
27001:2013 Ltd. 2020
Lead SBI Life Insurance From 07-
Auditor, Co. Ltd. Feb-2013 to
CEH V9.0 06-Jun-
Certified, 2019
22
Employee Designation/ Age (in Qualificati Total No. of Assignments Period
Function years) ons years of held during last From – To
Experience 10 years
CRiSP iGATE Global 05-May-
Certified Solutions Ltd 2010 to 06-
Profession Feb-2013
al
Mr. Head – 39 PGP 16 years Axis Asset June 1,
Himanshu Human Human Management 2022 till
Misra Resources Resource Company Ltd date
Managem
ent – MDI Axis Bank Ltd November
Gurgaon 23, 2015 –
Bachelor May 31,
of 2022
Computer Citi Bank NA August 22,
Applicatio 2012 –
ns – DAVV, November
Indore 18, 2015
Mr. C P Investor 51 Bachler of 25 years Axis Asset With effect
Shivkumar Relations years Commerc in Management from
Nair Officer e Investor Company September
from Services Limited 21, 2022
Calicut (Investor
University Relations
< Masters Officer)
in Axis Asset December
Financial Management 16, 2014 to
Managem
Company September
e Limited 20, 2022
nt –
(Investor
Mumbai Services)
University
Birla Sunlife May 28,
Asset 2008
Management to
Company December
Limited (Head 15, 2014
– Branch
operations and
Investor
services – West
Zone)

23
Investment Team Personnel (Designated Key Personnel)

Employee Designatio Age Qualific Total Assignments held during last Period From
n/ (in ations No. of 10 years - To
Function year years of
s) Experie
nce
Mr. Hitesh Fund 36 PGDM, Over Axis Asset Management October
Das Manager – MTech, 11 Company Ltd. [Fund Manager 22, 2018 till
(For Foreign BTech years – (For Foreign Securities)] date
Securities) Axis Asset Management June 17,
Company Ltd. (Equity 2015 till
Research Analyst) October
21, 2018
Barclays Securities India Pvt. Jan. 2012
Ltd. (Equity Research Analyst) to June
2015
Credit Suisse Securities (India) July 2011-
Pvt. Ltd. (Equity Research Dec 2012
Analyst)
Ebusinessware (India) Pvt. Ltd. Feb. 2011 –
(Equity Research Analyst) June 2011
Yes Bank (Risk Analyst) May 2010-
Feb 2011
Mr. Equity - 37 Bachel Over Axis Asset Management Dec. 02,
Mayank Research or of 13 Company Ltd. (Equity 2015 – till
Hyanki Analyst Technol years Research Analyst) date
ogy, Reliance Industries Ltd. (Equity Apr. 2015 to
Post Strategist - Treasury) Nov. -2015
Gradua Birla Sun Life Asset Mar. 2010
te Management Company Ltd. to Apr. 2015
Diplom (Analyst - Equity Investments)
a in ING Investments (India) Pvt. May 2008
Manag Ltd. (Analyst - Equity to Mar.
ement Investments) 2010
Mr. Pawan Dealer - 35 B.Com., Over Axis Asset Management June 01,
Jhangiani Equity Masters 14 Company Ltd. (Dealer Equity) 2016 - till
in years date
Financi ICICI Prudential Asset Oct. 2011
al Management Company Ltd. - to May
Manag Dealer (Dealer - Mutual 2016
ement Fund/PMS Division)
(Indian ICICI International Ltd. - Dealer Aug. 2009 -
Educati (Dealer) Sept. 2011
onal ICICI Prudential Asset July 2008 -
Society) Management Company Ltd. July 2009
(Dealer - PMS Division)
ShareKhan Ltd - Dealer Apr. 2007 to
June 2008
Mr. Fund 38 B.E. Over Axis Asset Management Sep 4, 2020
Kaustubh Manager – (Comp 16 Company Ltd. (Assistant Fund till date
Sule Fixed uter years Manager - Fixed Income)
Income Enginee Axis Asset Management Aug. 1,
ring) & Company Ltd. (Dealer - Fixed 2016 to Sep
MBA(Fin Income) 3, 2020
24
Employee Designatio Age Qualific Total Assignments held during last Period From
n/ (in ations No. of 10 years - To
Function year years of
s) Experie
nce
ance) HDFC Standard Life Insurance Feb. 2013
Company Ltd. (Dealer - Fixed to July 2016
Income)
Reliance Life Insurance Jan. 2011
Company Ltd. (Dealer - Fixed to Feb.
Income) 2013
Union Bank of India (Dealer - July 2009 to
Fixed Income) Jan. 2011
Hexaware Technologies Ltd. July 2004 to
(Software Engineer) May 2007
Mr. Sachin Fund 34 PGDM, Over 9 Axis Asset Management Sep 4, 2020
Jain Manager – B.TECH years Company Ltd. (Assistant Fund - till date
Fixed Manager - Fixed Income)
Income Axis Asset Management July 11,
Company Ltd. (Dealer - Fixed 2017 – Sep
Income) 3, 2020
Sundaram Asset June 3,
Management Company Ltd. 2013 – July
(Trader – Fixed Income ) 10, 2017
ICAP Ltd. (Dealer – Fixed November
Income) 9, 2010 –
May 31,
2013
Sundhi Securities and Finance November
Ltd. (Dealer – Fixed Income) 2, 2009 –
October
29, 2010
Mr. Hardik Assistant 27 MBA - Over 7 Axis Asset Management May 22,
Satra$ Dealer - Financi years Company Ltd. - [Fund 2019 till
Fixed al Manager – (For Commodities date
Income Plannin based funds)]
g Axis Asset Management June 15,
Company Ltd. - (Portfolio 2016 till
Analytics) May 21,
2019
Axis Asset Management Apr. 1, 2016
Company Ltd. - (MIS to June 14,
management) 2016
Axis Securities Ltd. - July 9, 2012
(Institutional Sales/MIS to Mar. 31,
Management) 2016
Mr. Analyst - 29 Over 6 Axis Asset Management Jan. 15,
Vinayak ESG B.Com year Company Ltd. (Analyst - ESG) 2021 till
Jayanath (Bankin date
g and Axis Asset Management Jan. 09,
Insuran Company Ltd. (Investment 2017 till Jan
Associate) 14, 2021

25
Employee Designatio Age Qualific Total Assignments held during last Period From
n/ (in ations No. of 10 years - To
Function year years of
s) Experie
nce
ce), Kotak Mahindra Old Mutual May 18,
MBA Life Insurance Ltd. (Project 2015 to
Capital Management) Jan. 6, 2017
Markets
Mr. Akhil Assistant 35 Master Over Axis Asset Management November
Bipin Fund in 11 Company Ltd. (Credit Analyst 27, 2017 – till
Thakker*# Manager – Manag years - Fixed Income) date
Fixed ement CRISIL Ltd. (Credit Risk September
Income Studies, Assessment) 14, 2015 –
Charter November
ed 13, 2017
iFinanci CARE Ratings Ltd. (Credit Risk June 8,
al Assessment) 2010-
Analyst September
7, 2015
Mr. Nitin Equity 35 MSC in Over Axis Asset Management February 2,
Arora Research Finance 12 Company Ltd. (Equity 2018 - till
Analyst and years Research Analyst) date
Investm Aviva Life Insurance Company June 20,
ents India Ltd. (Equity Research 2016 –
Analyst) January 31,
2018
Emkay Global Financial March 1,
Services Ltd. (Equity Research 2013 - May
Analyst) 31, 2016
Nirmal Bang Institutional January 3,
Equities Ltd. (Equity Research 2011 -
Analyst) February
28, 2013
Bloomberg UTV Ltd. (Equity February 2,
Research Analyst) 2009 –
December
31, 2010
Mr. Nilay Research 36 Masters 11 Axis Asset Management December
Dalal Analyst - in Company Ltd. 12, 2019 - till
Equity Manag (Research Analyst - Equity) date
ement SBI Life Insurance Company May 09,
Studies Limited 2011 –
(Financ (Research Analyst) December
e) 02, 2019
Ms. Junior 35 B.Com, 11 Axis Asset Management January 06,
Anagha Credit Charter Company Ltd (Junior Credit 2020 - till
Prabhakar Analyst – ed Analyst – Fixed Income) date
Darade* Fixed Accoun Axis Asset Management September
Income tan Company Ltd. (Senior 11, 2013 –
Manager - Fund Accounting ) January 05,
2020
Haribhakti & Co. (Audit & Sept 2010 -
Assurance Services) Sept 2013

26
Employee Designatio Age Qualific Total Assignments held during last Period From
n/ (in ations No. of 10 years - To
Function year years of
s) Experie
nce
R.S. Sanghai & Associates Jan 2010 -
(Audit & Assurance Services) Sept 2010

Ms. Investment 26 Charter 3 Axis Asset Management May 12,

Krishnaa Associate ed years Company Ltd 2021 – till
Narayan Accoun date
tant Price Waterhouse & Co LLP April 22,
and 2019 - May
Bachel 07, 2021
or of
Comm
erce
Mr. Hardik Fund 37 MBA Over Axis Asset Management January 20,
Shah Manager – (Financ 13 Company (Fund Manager) 2022 – till
Fixed e), B.E years date
Income (I.T) SBI LIFE Insurance Co. Ltd. June 30,
(Fund Manager) 2020 –
January 17,
2022
Nippon India Asset July 15,
Management Co. Ltd. (Fund 2013 – June
Manager) 29, 2020

Quantum Mutual Fund March 10,

(Dealing & FPI advisory) 2010 – July
12, 2013
Ms. Riddhi Assistant 24 MBA, 2 Axis Asset Management With effect
Jain Dealer – BMS years Company Ltd. (Assistant from April 1,
Fixed Dealer – Fixed Income) 2022
Income Axis Asset Management February 1,
Company Ltd. (Assistant 2021 to
Manager – Fixed Income) March 31,
2022
Manubhai & Shah LLP May 2, 2018
(Management Trainee) to
September
7, 2018
Mr. Assistant 36 Post 15 Axis Asset Management With effect
Santosh Dealer – Gradua Company Ltd. (Assistant from May
Shetty Equity te Dealer – Equity) 10, 2022
Diplom Axis Asset Management June 25
a in Company Ltd. (Manager - 2012 to
Finance Settlement Operations) May 09,
Manag 2022
ement.
Mr. Pratik Fund 35 B.com, 10 Axis Asset Management June 01,
Tibrewal Manager – LLB Company Ltd 2022 till
Commoditi (Gen), date
es MBA Inditrade Capital Limited August 31,
(Financ 2018 to
May 31,
27
Employee Designatio Age Qualific Total Assignments held during last Period From
n/ (in ations No. of 10 years - To
Function year years of
s) Experie
nce
e) 2022
Edelweiss Asset Management January 31,
Limited 2018 to
August
30,
2018
Inditrade Capital Limited November
16, 2016 to
January
30, 2018

Edelweiss Commodities July 12, 2012

trading Ltd. to
November
15,
2016
Ms. Assistant 33 MBA in Over Axis Asset Management July 4, 2022
Simranjeet Dealer – Finance 11 Company Limited – till date
Gill Equity years (Assistant Dealer)
ICICI Prudential Asset December
Management Company 01, 2016 till
Limited (International Business) September
09, 2021
Morningstar India Pvt. Limited August 01,
(Business Development) 2016 till
November
25, 2016
Axis Asset Management July 15,
Company Limited 2015 till July
(Investment Associate) 29, 2016
Axis Asset Management April 01,
Company Limited 2015 to July
(MIS & Product Associate) 14, 2015
Axis Securities Limited July 22,
(MIS & Product Associate) 2013 to
March 31,
2015
Prime Securities Ltd July 01,
(Research Associate) 2012 to July
19, 2013
Mr. Manish Chief 59 B.Com; 33 Axis Asset Management September
Shah Dealer - yea Charter years Company Limited 27, 2022
Equity rs ed (Chief Dealer - Equity) onwards
Account HDFC Asset Management Co. October
ant Ltd 01, 2013 to
(Head- Equity Dealing) September
26, 2022
Antique Stock Broking Ltd January 01,
(VP - Equity Sales) 2008 to
September
30, 2013
28
 Employee Designatio Age Qualific Total Assignments held during last Period From
n/ (in ations No. of 10 years - To
Function year years of
s) Experie
nce
Mr. Aakash Dealer - 35 MMS 10 Axis Asset Management September
Shah Equity yea (Financ years Company Limited 30, 2022
rs e), BE (Dealer - Equity) onwards
(Compu Max Life Insurance Ltd December
ters) (Dealer – Equity) 01, 2017 to
September
28, 2022
SBI Life Insurance Ltd May 21,
(Dealer – Equity) 2012 to
November
30, 2017

*They shall also support the Fund Management & Dealing team (Fixed Income) in placing the bids
on Electronic Debt Bidding Platforms (EBP) of exchanges as per the instructions of Fund Managers
along with their existing primary responsibilities. However, the responsibility for execution of such bids
shall lie with the Fund Management & Dealing Team only.

#They will continue to manage research related activities.

$ He will continue to manage fixed Income dealing related activities
All the key personnel are based at the Registered Office of the AMC in Mumbai.

IV. Shareholding of the AMC

Axis Asset Management Company Ltd. is a subsidiary of Axis Bank.
Name of the Shareholder % of holding

Axis Bank Limited and its nominees 74.99

Schroder Singapore Holdings Private Limited 25.00*

* Schroder Singapore Holdings Private Limited holds 25% plus one equity share capital of the total
issued and paid up equity share capital in Axis Asset Management Company Ltd.

Brief background of Schroders and Schroder Investment Management (Singapore) Ltd (SIMSL)
Schroders plc, the ultimate holding company of Schroders Group, is among the 100 largest
companies listed on the London Stock Exchange and has a history of over 200 years. Schroders is a
leading international asset management managing investments of US$990.9 billion as on December
31, 2021, on behalf of institutional and retail investors, financial institutions and high net worth clients
from around the world, invested in a broad range of asset classes across equities, fixed income,
multi-asset and alternatives.

It operates worldwide in 37 different countries across Europe, the Americas, Asia, the Middle East
and Africa. Schroders has developed under stable ownership for over 200 years and long-term
thinking that governs its approach to investing, building client relationships and growing its business.

Schroders has operated in Singapore since 1977 and SIMSL, a company wholly owned by the
Schroders Group, was incorporated as an asset management company in 1992. SIMSL is one of the
largest asset managers in Singapore. SIMSL manages funds for a broad list of clientele including
official institutions, pension funds, insurance companies, local statutory boards, government - linked
companies, high net worth individuals and retail investors.

V. Procedure and Recording of Investment Decisions

All investment decisions, relating to the Schemes, will be undertaken by the AMC in accordance

29
with the Regulations, the investment objectives specified in the SID the Investment Manual of the
AMC All investment making decisions taken by the AMC in relation to the corpus of the Schemes
will be recorded.

A detailed report will be made before taking any decision to invest in a company/issuer for the first
time. Individual scrip wise reasons will be recorded by the fund manager at the time of placing
individual orders. Performance of the Schemes will be periodically tabled before the Boards of the
AMC and the Trustee, respectively. Performance of the Schemes vis-à-vis their respective
benchmark indices will be periodically monitored by the Boards of the Trustee and the AMC. Further,
the Boards of the Trustee and the AMC will also review the performance of the Schemes in the light
of performance of the mutual fund industry.

The AMC has appointed an investment committee for the equity, debt / fixed income and other
Schemes comprising of the Managing Director and CEO, Head - Equity, Head - Fixed Income and
Fund Manager(s). The Committee lays down the broad investment policy for the Schemes, review
the policy and review the portfolio and performance of the Schemes periodically. However, the
day to day investment management decision will solely be of the fund manager of the respective
Scheme.

All investment decisions shall be recorded in terms of various applicable Regulations / circulars /
guidelines as amended from time to time.

The Managing Director and Chief Executive Officer of the AMC shall inter-alia ensure that the
investments made by the fund managers are in the interest of the Unit holders. The Fund Managers
shall ensure that the funds of the Scheme(s) are invested in line with the investment objective of the
Scheme(s) and in the interest of the Unit holders.

E. Service providers
Custodian
Deutsche Bank A.G.
Deutsche Bank House, Hazarimal Somani Marg, Fort, Mumbai - 400 001.
SEBI Registration Number: IN/CUS/003.

Registrar and Transfer agent

KFin Technologies Limited
Unit: Axis Mutual Fund, Selenium, Tower B, Plot number 31 & 32, Financial District, Gachibowli,
Nanakramguda, Serilingampally Mandal, Hyderabad - 500 032.
SEBI Registration Number: INR000000221.

The Trustee and the AMC have ensured that the Registrar has adequate capacity to discharge
responsibilities with regard to processing of applications and dispatching unit certificates to Unit
holders within the time limit prescribed in the Regulations and also has sufficient capacity to handle
investor complaints.

Statutory auditor of the Mutual Fund

M/s. BSR & Co. LLP, Chartered Accountants
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express
Highway, Goregaon (East), Mumbai - 400 063.

Legal counsel
There are no retained legal counsels to the Mutual Fund or AMC. The AMC uses the services of
renowned legal counsel, if need arises.

Fund Accountant
Deutsche Bank A.G.
Deutsche Bank House, Hazarimal Somani Marg, Fort, Mumbai - 400 001.

30
Collecting Bankers
Axis Bank, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, State Bank of India and / or such other
scheduled commercial banks may be appointed as the collecting banker(s)/paying banker(s)
under the scheme on such terms and conditions as may be decided by the AMC from time to time.

Principal business address of the Bank

Axis Bank
(SEBI Registration No: INB 100000017)
Axis House, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai - 400 025.

HDFC Bank Limited

(SEBI Registration No: INB 100000063)
HDFC Bank House, Dr Annie Besant Rd, Shiv Sagar Estate, Worli, Mumbai, Maharashtra 400 018.

Kotak Mahindra Bank Limited

(SEBI Registration No: INB31.03.17 100000927)
3rd floor,27BKC,Plot No.C-27, Bandra Kurla Complex, Bandra-East, Mumbai – 400051.

31
F. Condensed financial information (CFI)

Historical Cost Per Unit Statistic

Historical Cost Per Unit

Axis Money Market Fund Axis Esg Equity Fund
Statistic

Date of launch @ 6-Aug-19 12-Feb-20

August February
April 01,2021 April 01,2020 April 01,2021
6,2019 April 01,2020 12,2020
to to to
to to to
March March March
March March 31,2021 March
31,2022 31,2021 31,2022
31,2020 31,2020
NAV at the beginning
of the period

Regular Growth 1,104.2394 1,046.4609 ** 13.58 9.02 **

Regular Daily IDCW 1,005.6127 1,002.4686 ** - - -

Regular Monthly IDCW **

1,006.4809 1,008.5878 - - -
Regular Quarterly
IDCW **
1,035.2113 1,019.5403 - - -

Regular IDCW **
- - - 13.58 9.02

Regular Annual IDCW **

1,104.2309 1,046.4565 - - -

Direct Growth ** **
1,106.8851 1,047.4197 13.83 9.04

Direct IDCW - - - 13.83 9.04 **

Direct Monthly IDCW 1,008.4030 1,009.6290 ** - - -

Direct Quarterly IDCW **

1,038.0490 1,020.2798 - - -

Direct Daily IDCW 1,005.6107 1,002.5075 ** - - -

Direct Annual IDCW 1,107.0819 1,047.6255 ** - - -

Dividends

Regular Daily IDCW 38.3408 50.8089 40.7855

- - -

Regular Monthly IDCW 38.4305 56.2746 37.0226 - - -

Regular Quarterly
40.0000 40.0000 26.5000
IDCW - - -

Regular IDCW 1.2000

- - - - -

Regular Annual IDCW 40.0000

- - - - -

Direct IDCW 1.1500

- - - - -

32
Direct Daily IDCW 39.8428 52.2982 41.4362 - -

Direct Monthly IDCW 40.0271 57.0957 36.9298

- - -

Direct Quarterly IDCW 40.0000 40.0000 26.5000 - - -

NAV at the End of

period

Regular Growth
1,147.2526 1,104.2394 1,046.4609 15.42 13.58 9.02

Regular Daily IDCW

1,005.6125 1,005.6127 1,002.4686 - - -

Regular Monthly IDCW

1,006.5391 1,006.4809 1,008.5878 - - -
Regular Quarterly
IDCW 1,034.9262 1,035.2113 1,019.5403 - - -

Regular IDCW
- - - 14.20 13.58 9.02

Regular Annual IDCW

1,107.2219 1,104.2309 1,046.4565 - - -

Direct Growth
1,151.7852 1,106.8851 1,047.4197 15.96 13.83 9.04

Direct IDCW - - - 14.79 13.83 9.04

Direct Monthly IDCW 1,008.4580 1,008.4030 1,009.6290 - - -

Direct Quarterly IDCW

1,039.6308 1,038.0490 1,020.2798 - - -

Direct Daily IDCW

1,005.6136 1,005.6107 1,002.5075 - - -

Direct Annual IDCW

1,111.8613 1,107.0819 1,047.6255 - - -

Annualised Returns Please refer Note 1

Net Assets at the end

of the period 5,169.69 2,229.15 454.00 1,897.46 1,903.29 1,553.96
(Rs in Crs.)
Ratio of Recurring
expenses to Net 0.22% 0.19% 0.19% 2.03% 2.01% 2.02%
Assets (%) ^^

Historical Cost Per

Axis Retirement Savings Fund - Aggressive
Unit Statistic Axis Nifty 100 Index Fund
Plan

Date of launch @ 18-Oct-19 20-Dec-19

April 01,2021 April 01,2020 October April 01,2021 December
to to 18,2019 to April 01,2020 20,2019
to to to
March March March
March March 31,2021 March
31,2022 31,2021 31,2022
31,2020 31,2020

33
NAV at the
beginning of the
period

Regular Growth 12.50 7.46 ** 11.97 8.46 **

Regular IDCW 12.50 7.46 ** 11.97 8.46 **

Direct Growth 12.64 7.48 ** 12.24 8.50 **

Direct IDCW 12.66 7.49 ** 12.21 8.48 **

NAV at the End of

period

Regular Growth 14.9018 12.50 7.46 12.76 11.97 8.4558

Regular IDCW 14.9027 12.50 7.46 12.76 11.97 8.4569

Direct Growth 15.2055 12.64 7.48 13.26 12.24 8.4977

Direct IDCW 15.2272 12.66 7.49 13.23 12.21 8.4816

Annualised Please refer Note 1

Returns

Net Assets at the end

of the period
(Rs in Crs.) 767.83 399.92 267.32 640.73 567.87 398.84
Ratio of Recurring 0.55% 0.81% 0.96% 2.24% 2.31% 2.35%
expenses to Net
Assets (%) ^^

Historical Cost Per

Axis Retirement Savings Fund - Dynamic Axis Retirement Savings Fund -
Unit Statistic
Plan Conservative Plan

Date of launch @ 20-Dec-19 20-Dec-19

December December
April 01,2021 April 01,2020 April 01,2021
20,2019 April 01,2020 20,2019
to to to
to to to
March March March
March March 31,2021 March
31,2022 31,2021 31,2022
31,2020 31,2020
NAV at the
beginning of the
period

Regular Growth 12.0534 9.07 ** 11.5070 9.5503 **

Regular IDCW 12.0537 9.07 ** 11.5063 9.5497 **

34
Direct Growth 12.3360 9.11 ** 11.7713 9.5990 **

Direct IDCW 12.2371 9.05 ** 11.6997 9.5576 **

NAV at the End of

period

Regular Growth 12.99 12.0500 9.0660 12.6232 11.5070 9.5503

Regular IDCW 12.99 12.0500 9.0663 12.6224 11.5063 9.5497

Direct Growth 13.54 12.3400 9.1113 13.1369 11.7713 9.5990

Direct IDCW 13.41 12.2400 9.0476 13.0402 11.6997 9.5576

Annualised Returns Please refer Note 1

Net Assets at the

end of the period
(Rs in Crs.) 283.21 256.94 227.08 99.64 102.98 100.86
Ratio of Recurring 2.30% 2.31% 2.36% 2.01% 2.04% 2.11%
expenses to Net
Assets (%) ^^

Historical Cost
Per Unit Axis All Seasons Debt Fund Of Axis Global Equity Alpha Fund
Axis Banking ETF
Statistic Funds Of Fund

Date of launch
@ 28-Jan-20 24-Sep-20 3-Nov-20
April April January September
April 01,2021 November
01,2021 01,2020 28,2020 April 01,2021 24,2020
to 03,2020
to to to to to
March to
March March March March 31,2022 March
31,2022 March 31,2021
31,2022 31,2021 31,2020 31,2021
NAV at the
beginning of
the period
Regular
Growth 10.9852 10.1883 ** 11.5726 ** 332.9096 **
Regular
Monthly IDCW 10.9846 10.1914 ** -
Regular
Quarterly
IDCW 10.9854 10.1884 ** -
Regular Half
Yearly IDCW 11.8316 11.3724 ** -

Regular IDCW 10.9851 10.1942 ** 11.5726 **

Regular
Annual IDCW 11.0131 10.2232 **

35
Direct Growth 11.0209 10.1937 ** 11.6484 **

Direct IDCW 11.6483 **

Direct Regular
IDCW 11.0256 10.1939 ** -
Direct Monthly
IDCW 11.0304 10.1995 **
Direct
Quarterly
IDCW 11.0242 10.1938 **
Direct Annual
IDCW 11.0252 10.1937 **

Dividends
Regular
Quarterly
IDCW 0.2500 - - - - - -
Regular Half
Yearly IDCW 0.2500 - - - - - -
Regular
Annual IDCW 0.2500 - - - - - -
Direct
Quarterly
IDCW 0.2500 - - - - - -

NAV at the
End of period
Regular
Growth 11.5362 10.9852 10.1883 12.90 11.5726 364.5111 332.9096
Regular
Monthly IDCW 11.5355 10.9846 10.1914 - - - -
Regular
Quarterly
IDCW 11.2861 10.9854 10.1884 - - - -
Regular Half
Yearly IDCW 12.1776 11.8316 11.3724 - - - -

Regular IDCW 11.5360 10.9851 10.1942 12.90 11.5726 - -

Regular
Annual IDCW 11.3151 11.0131 10.2232 - - - -

Direct Growth 11.6163 11.0209 10.1937 13.15 11.6484 - -

Direct IDCW 11.6225 - 13.15 11.6483 - -

Direct Regular
IDCW - 11.0256 10.1939 - - - -
Direct Monthly
IDCW 11.6261 11.0304 10.1995 - - - -
Direct
Quarterly
IDCW 11.3693 11.0242 10.1938 - - - -

36
Direct Half
Yearly IDCW 10.2801 - - - - - -
Direct Annual
IDCW 11.3718 11.0252 10.1937 - - - -

Annualised
Returns Please refer Note 1

Net Assets at
the end of the
period
(Rs in Crs.) 174.55 113.43 62.48 1,339.08 1,383.58 56.44 43.89
Ratio of 0.35% 0.28% 0.27% 1.47% 1.56% 0.16% 0.16%
Recurring
expenses to
Net Assets (%)
^^

Historical Cost
Axis Special Situations Axis Greater China Equity
Per Unit Statistic Axis Technology ETF
Fund Fund Of Fund

Date of launch
@ 24-Dec-20 10-Feb-21 25-Mar-21
December February
April 01,2021 April 01,2021
24,2020 April 01,2021 10,2021 March 25,2021
to to
to to to to
March March
March March 31,2022 March March 31,2021
31,2022 31,2022
31,2021 31,2021
NAV at the
beginning of
the period
Regular
Growth 10.33 ** 9.07 ** 258.47 **

Regular IDCW 10.33 ** 9.07 **

Direct Growth 10.38 ** 9.08 **

Direct IDCW 10.38 ** 9.08 **

Dividends - - - - - -

NAV at the End

of period
Regular
Growth 12.6500 10.33 7.45 9.07 367.9690 258.4725

Regular IDCW 12.6500 10.33 7.45 9.07 - -

Direct Growth 12.9000 10.38 7.55 9.08 - -

37
Direct IDCW 12.9000 10.38 7.55 9.08 - -

Annualised Please refer Note 1

Return

Net Assets at
the end of the
period
(Rs in Crs.) 2,160.32 2,287.70 129.82 44.17 29.28 46.93
Ratio of 1.91% 1.98% 0.88% 1.08% 0.22% 0.22%
Recurring
expenses to
Net Assets (%)
^^

Historical Axis
Cost Per Axis AAA
Axis
Unit AAA Axis Bond
Nifty
Statistic Bond Axis Global Axis Axis Axis Plus SDL
Axis Value Midcap
Plus SDL Healthcare Innovation Quant Floater Consumption ETF -
Fund 50
ETF - ETF Fund of Fund Fund ETF 2026
Index
2026 Fund Maturity
Fund
Maturity Fund of
Fund
Date of 11-May- 28-May- 20-Oct- 28-
launch @ 21 17-May-21 21 1-Jul-21 29-Jul-21 17-Sep-21 22-Sep-21 21 Mar-22
May May May July July September September October March
11,2021 17,2021 28,2021 1,2021 29,2021 17,2021 22,2021 20,2021 28,2022
to to to to to to to to to
March March March March March March March March March
31,2022 31,2022 31,2022 31,2022 31,2022 31,2022 31,2022 31,2022 31,2022
NAV at the
beginning
of the
period
Regular
Growth ** ** ** ** ** ** ** ** **
Regular
Daily IDCW - - - - **
Regular
Monthly
IDCW **
Regular
Quarterly
IDCW **
Regular
IDCW ** ** ** ** **
Regular
Annual
IDCW **
Direct
Growth ** ** ** ** ** **

38
Direct
IDCW ** ** ** ** **
Direct
Monthly
IDCW **
Direct
Quarterly
IDCW **
Direct
Daily IDCW **
Direct
Annual
IDCW **

Dividends
Regular
Daily IDCW - - - - 23.3709 - - - -
Regular
Monthly
IDCW - - - - 21.6990 - - - -
Regular
Quarterly
IDCW - - - - 13.00 - - - -
Regular
Annual
IDCW - - - - 6.00 - - - -
Direct
Daily IDCW - - - - 26.2152 - - - -
Direct
Monthly
IDCW - - - - 24.5590 - - - -
Direct
Quarterly
IDCW - - - - 13.00 - - - -
Direct
Annual
IDCW - - - - 6.00 - - - -

NAV at the
End of
period
Regular
Growth 10.5451 84.9953 9.9000 10.88 1,024.9511 68.5096 9.89 10.1741 10.0068
Regular
Daily IDCW - - - - 1,001.3038 - - - -
Regular
Monthly
IDCW - - - - 1,002.9856 - - - -
Regular
Quarterly
IDCW - - - - 1,011.8078 - - - -
Regular
IDCW - - 9.9000 10.88 - - 9.89 10.1741 10.0068

39
Regular
Annual
IDCW - - - - 1,018.9360 - - - -
Direct
Growth - - 10.0000 11.02 1,027.9605 - 9.97 10.1809 10.0076
Direct
IDCW - - 10.0000 11.02 - - 9.97 10.1809 10.0076
Direct
Monthly
IDCW - - - - 1,003.0570 - - - -
Direct
Quarterly
IDCW - - - - 1,014.7847 - - - -
Direct
Daily IDCW - - - - 1,001.3095 - - - -
Direct
Annual
IDCW - - - - 1,021.9029 - - - -

Annualised Please refer Note 1

Return

Net Assets
at the end
of the
period
(Rs in Crs.) 869.34 21.29 1,540.52 1,529.88 1,057.70 11.68 239.62 143.12 19.86
Ratio of 0.13% 0.22% 1.56% 2.02% 0.45% 0.33% 2.21% 0.12% 0.51%
Recurring
expenses
to Net
Assets (%)
^^

Historical Cost Axis CPSE Axis

Per Unit Statistic Axis Nifty Plus SDL CRISIL SDL Axis Axis Nifty
Axis Nifty 50 Axis Multicap
Next 50 2025 70:30 2027 Debt Equity Smallcap 50
Index Fund Fund
Index Fund Debt Index Index ETFs FOF Index Fund
Fund Fund
24-Feb-
Date of launch @ 3-Dec-21 17-Dec-21 28-Jan-22 28-Jan-22 23-Feb-22
22
10-Mar-22
December December January January February February
3,2021 17,2021 28,2022 28,2022 23,2022 24,2022 March 10,2022
to to to to to to to
March March March March March March March 31,2022
31,2022 31,2022 31,2022 31,2022 31,2022 31,2022
NAV at the
beginning of the
period
Regular Growth ** ** ** ** ** ** **
Regular IDCW ** ** ** ** ** ** **
Regular Annual
IDCW

40
Direct Growth ** ** ** ** ** ** **
Direct IDCW ** ** ** ** ** ** **

Dividends - - - - - - -

NAV at the End of

period
Regular Growth 10.1312 9.82 9.9899 10.0805 10.0075 10.4626 10.2313
Regular IDCW 10.1312 9.82 9.9899 10.0805 10.0075 10.4626 10.2313
Direct Growth 10.1411 9.86 10.0001 10.0831 10.0091 10.4643 10.2359
Direct IDCW 10.1411 9.86 10.0003 10.0831 10.0090 10.4643 10.2359

Annualised
Return

Net Assets at the

end of the period
(Rs in Crs.) 100.27 5,338.39 55.41 450.42 610.39 18.15 22.96
Ratio of Recurring 0.23% 1.82% 0.48% 0.19% 0.18% 0.20% 0.56%
expenses to Net
Assets (%) ^^

@ Date of launch is deemed to be the date of allotment of respective schemes.

** Scheme launched during the respective financial year hence there are no NAVs at the beginning
of the respective financial year.
^^ Ratio of recurring expenses includes management fees, service tax/GST on management fees,
other fees and expense accrued with respect to inflows from B-15/B30 cities, where applicable.

NOTE NO. 1:
PERFORMANCE OF SCHEMES

Since
01.04.19- 01.04.20- 01.04.21- Date of
Scheme & Benchmark Name Inception
31.03.20 31.03.21 31.03.22 inception
(CAGR)
Axis Equity Saver Fund - Growth -6.18% 27.02% 9.59% 8.03%
NIFTY Equity Savings Index & -4.47% 26.39% 9.95% 8.89% 14-Aug-15
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.34%
Axis Equity Saver Fund - Direct Plan -
-5.02% 28.73% 11.10% 9.38%
Growth
NIFTY Equity Savings Index & -4.47% 26.39% 9.95% 8.89% 14-Aug-15

NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.34%

Axis Childrens Gift Fund - Compulsory Lock-
-10.85% 47.31% 19.15% 11.86%
in - Regular Plan - Growth
NIFTY 50 Hybrid Composite Debt 65:35 08-Dec-15
-12.88% 48.18% 14.93% 13.15%
Index&
Nifty 50 TRI&& -25.02% 72.54% 20.26% 15.25%
Axis Childrens Gift Fund - Compulsory Lock-
-9.63% 49.17% 20.46% 13.45%
in - Direct Plan - Growth
08-Dec-15
NIFTY 50 Hybrid Composite Debt 65:35
-12.88% 48.18% 14.93% 13.15%
Index&

41
 Since
01.04.19- 01.04.20- 01.04.21- Date of
Scheme & Benchmark Name Inception
31.03.20 31.03.21 31.03.22 inception
(CAGR)
Nifty 50 TRI&& -25.02% 72.54% 20.26% 15.25%
Axis Childrens Gift Fund - No Lock-in -
-10.85% 47.31% 19.15% 11.86%
Regular Plan - Growth
NIFTY 50 Hybrid Composite Debt 65:35 08-Dec-15
-12.88% 48.18% 14.93% 13.15%
Index&
Nifty 50 TRI&& -25.02% 72.54% 20.26% 15.25%
Axis Childrens Gift Fund - No Lock-in - Direct
-9.55% 49.36% 20.70% 13.68%
Plan - Growth
NIFTY 50 Hybrid Composite Debt 65:35 08-Dec-15
-12.88% 48.18% 14.93% 13.15%
Index&
Nifty 50 TRI&& -25.02% 72.54% 20.26% 15.25%
Axis Credit Risk Fund- Growth 4.27% 7.40% 5.70% 7.30%
NIFTY Credit Risk Bond Index& 9.31% 10.29% 8.16% 9.14% 15-Jul-14
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 7.17%
Axis Credit Risk Fund - Direct Plan - Growth 5.53% 8.58% 6.67% 8.50%
NIFTY Credit Risk Bond Index& 9.31% 10.29% 8.16% 9.14% 15-Jul-14
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 7.17%
Axis Arbitrage Fund - Growth 6.15% 3.16% 4.04% 5.68%
Nifty 50 Arbitrage Index& 6.09% 2.34% 3.82% 5.24% 14-Aug-14
NIFTY 1 Year T-Bill Index&& 7.30% 5.10% 4.25% 6.80%
Axis Arbitrage Fund - Direct Plan - Growth 6.91% 3.93% 4.82% 6.51%
Nifty 50 Arbitrage Index& 6.09% 2.34% 3.82% 5.24% 14-Aug-14
NIFTY 1 Year T-Bill Index&& 7.30% 5.10% 4.25% 6.80%
Axis Bluechip Fund - Growth -8.09% 48.88% 15.68% 13.03%
S&P BSE 100 TRI& -25.56% 73.48% 20.66% 11.64% 05-Jan-10
Nifty 50 TRI&& -25.02% 72.54% 20.26% 11.60%
Axis Bluechip Fund - Direct Plan - Growth -6.97% 50.71% 17.07% 16.48%
S&P BSE 100 TRI& -25.56% 73.48% 20.66% 13.89% 01-Jan-13
Nifty 50 TRI&& -25.02% 72.54% 20.26% 13.72%
Axis Long Term Equity Fund - Growth -11.91% 57.63% 12.84% 17.00%
Nifty 500 TRI& -26.62% 77.58% 22.29% 11.90% 29-Dec-09
Nifty 50 TRI&& -25.02% 72.54% 20.26% 11.74%
Axis Long Term Equity Fund - Direct Plan -
-11.16% 58.97% 13.80% 19.17%
Growth
Nifty 500 TRI& -26.62% 77.58% 22.29% 14.35% 01-Jan-13

Nifty 50 TRI&& -25.02% 72.54% 20.26% 13.72%

Axis Focused 25 Fund - Growth -13.69% 60.24% 15.02% 16.15%
Nifty 500 TRI& -26.62% 77.58% 22.29% 15.23% 29-Jun-12
Nifty 50 TRI&& -25.02% 72.54% 20.26% 14.41%
Axis Focused 25 Fund - Direct Plan - Growth -12.59% 62.07% 16.35% 16.58%
01-Jan-13
Nifty 500 TRI& -26.62% 77.58% 22.29% 14.35%

42
 Since
01.04.19- 01.04.20- 01.04.21- Date of
Scheme & Benchmark Name Inception
31.03.20 31.03.21 31.03.22 inception
(CAGR)
Nifty 50 TRI&& -25.02% 72.54% 20.26% 13.72%
Axis Midcap Fund - Growth -10.60% 67.75% 23.38% 18.72%
S&P BSE Midcap 150 TRI& -28.53% 101.99% 24.99% 15.91% 18-Feb-11
Nifty 50 TRI&& -25.02% 72.54% 20.26% 12.39%
Axis Midcap Fund - Direct Plan - Growth -9.36% 70.03% 25.03% 20.28%
S&P BSE Midcap 150 TRI& -28.53% 101.99% 24.99% 17.82% 01-Jan-13
Nifty 50 TRI&& -25.02% 72.54% 20.26% 13.72%
Axis Small Cap Fund - Growth -12.41% 80.92% 40.21% 24.31%
Nifty Smallcap 250 TRI& -40.22% 118.68% 37.02% 19.70% 29-Nov-13
Nifty 50 TRI&& -25.02% 72.54% 20.26% 14.64%
Axis Small Cap Fund - Direct Plan - Growth -11.15% 84.03% 42.41% 25.90%
Nifty Smallcap 250 TRI& -40.22% 118.68% 37.02% 19.70% 29-Nov-13
Nifty 50 TRI&& -25.02% 72.54% 20.26% 14.64%
Axis Triple Advantage Fund - Growth -8.00% 46.41% 17.56% 9.97%
NIFTY Composite Debt Index (20%), Nifty 50
-10.02% 46.02% 17.25% 11.17% 23-Aug-10
TRI (65%), Gold (15%) &
Nifty 50 TRI&& -25.02% 72.54% 20.26% 11.72%
Axis Triple Advantage Fund - Direct Plan -
-6.84% 48.62% 19.54% 11.12%
Growth
NIFTY Composite Debt Index (20%), Nifty 50 01-Jan-13
-10.02% 46.02% 17.25% 11.93%
TRI (65%), Gold (15%) &
Nifty 50 TRI&& -25.02% 72.54% 20.26% 13.72%
Axis Nifty ETF -25.11% 72.00% 20.17% 14.87%
Nifty 50 TRI& -25.02% 72.54% 20.26% 14.78% 03-Jul-17
S&P BSE Sensex TRI&& -22.86% 69.82% 19.50% 15.46%
Axis Capital Builder Fund - Series 1 – Reg –
-16.52% 63.65% 13.98% 11.65%
Growth
Nifty 500 TRI& -26.62% 77.58% 22.29% 14.49% 08-Mar-18

Nifty 50 TRI&& -25.02% 72.54% 20.26% 15.43%

Axis Capital Builder Fund - Series 1 – Dir –
-15.95% 64.96% 14.82% 12.72%
Growth
Nifty 500 TRI& -26.62% 77.58% 22.29% 14.49% 08-Mar-18

Nifty 50 TRI&& -25.02% 72.54% 20.26% 15.43%

Axis Corporate Debt Fund - Reg - Growth 5.83% 9.21% 4.41% 6.99%
NIFTY Corporate Bond Index& 9.55% 9.90% 5.54% 7.54% 13-Jul-17
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 4.50%
Axis Corporate Debt Fund - Dir - Growth 6.66% 9.97% 5.11% 7.81%
NIFTY Corporate Bond Index& 9.55% 9.90% 5.54% 7.54% 13-Jul-17
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 4.50%
Axis Balanced Advantage Fund – Reg -
-6.04% 24.07% 10.68% 7.63% 01-Aug-17
Growth

43
 Since
01.04.19- 01.04.20- 01.04.21- Date of
Scheme & Benchmark Name Inception
31.03.20 31.03.21 31.03.22 inception
(CAGR)
NIFTY 50 Hybrid Composite Debt 50:50
-7.42% 38.37% 12.66% 11.06%
Index&
Nifty 50 TRI&& -25.02% 72.54% 20.26% 13.74%
Axis Balanced Advantage Fund – Dir -
-4.90% 25.84% 12.13% 9.19%
Growth
NIFTY 50 Hybrid Composite Debt 50:50 01-Aug-17
-7.42% 38.37% 12.66% 11.06%
Index&
Nifty 50 TRI&& -25.02% 72.54% 20.26% 13.74%
Axis Flexicap Fund – Reg - Gr -8.47% 49.37% 19.56% 15.18%
Nifty 500 TRI& -26.62% 77.58% 22.29% 13.03% 20-Nov-17
Nifty 50 TRI&& -25.02% 72.54% 20.26% 14.22%
Axis Flexicap Fund – Dir - Gr -7.16% 51.58% 21.03% 16.87%
Nifty 500 TRI& -26.62% 77.58% 22.29% 13.03% 20-Nov-17
Nifty 50 TRI&& -25.02% 72.54% 20.26% 14.22%
Axis Regular Saver Fund - Growth -3.76% 19.52% 8.99% 7.92%
NIFTY 50 Hybrid Composite Debt 15:85
5.90% 17.06% 7.37% 8.84% 16-Jul-10
Index&
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.40%
Axis Regular Saver Fund - Direct Plan -
-2.74% 20.73% 10.35% 9.55%
Growth
NIFTY 50 Hybrid Composite Debt 15:85 04-Jan-13
5.90% 17.06% 7.37% 9.15%
Index&
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.35%
Axis Gilt Fund - Growth 14.29% 8.27% 3.38% 7.26%
NIFTY All Duration G-Sec Index& 13.19% 6.37% 4.03% 7.64% 23-Jan-12
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.59%
Axis Gilt Fund - Direct Plan - Growth 14.81% 8.86% 4.01% 7.82%
NIFTY All Duration G-Sec Index& 13.19% 6.37% 4.03% 7.49% 01-Jan-13
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.40%
Axis Dynamic Bond Fund - Growth 12.68% 7.66% 4.69% 8.34%
NIFTY Composite Debt Index& 11.86% 8.62% 5.12% 8.33% 27-Apr-11
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.66%
Axis Dynamic Bond Fund - Direct Plan -
13.43% 8.11% 5.11% 9.09%
Growth
NIFTY Composite Debt Index& 11.86% 8.62% 5.12% 8.17% 02-Jan-13

NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.40%

Axis Strategic Bond Fund - Growth 7.56% 8.01% 5.64% 8.35%
NIFTY Medium Duration Debt Index& 10.58% 9.34% 5.68% 8.61% 28-Mar-12
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.85%
Axis Strategic Bond Fund - Direct Plan -
8.29% 8.77% 6.38% 8.97%
Growth 07-Jan-13
NIFTY Medium Duration Debt Index& 10.58% 9.34% 5.68% 8.32%

44
 Since
01.04.19- 01.04.20- 01.04.21- Date of
Scheme & Benchmark Name Inception
31.03.20 31.03.21 31.03.22 inception
(CAGR)
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.33%
Axis Short Term Fund - Growth 9.47% 7.92% 4.34% 7.78%
NIFTY Short Duration Debt Index& 8.87% 8.21% 4.92% 7.88% 22-Jan-10
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.23%
Axis Short Term Fund - Retail - Growth 9.47% 7.93% 4.34% 7.75%
NIFTY Short Duration Debt Index& 8.87% 8.21% 4.92% 7.92% 02-Mar-10
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.46%
Axis Short Term Fund - Direct Plan - Growth 10.17% 8.67% 5.04% 8.52%
NIFTY Short Duration Debt Index& 8.87% 8.21% 4.92% 7.98% 01-Jan-13
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.40%
Axis Banking & PSU Debt Fund - Growth 9.41% 7.75% 3.95% 8.06%
NIFTY Banking & PSU Debt Index& 9.65% 7.75% 4.93% 8.06% 08-Jun-12
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.63%
Axis Banking & PSU Debt Fund - Direct Plan -
9.73% 8.08% 4.26% 8.22%
Growth
NIFTY Banking & PSU Debt Index& 9.65% 7.75% 4.93% 7.89% 01-Jan-13

NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.40%

Axis Treasury Advantage Fund - Growth 8.08% 6.44% 4.00% 7.61%
NIFTY Low Duration Debt Index& 7.73% 5.91% 4.14% 7.68% 09-Oct-09
NIFTY 1 Year T-Bill Index&& 7.30% 5.10% 4.25% 6.59%
Axis Treasury Advantage Fund - Retail -
8.29% 6.44% 4.00% 7.29%
Growth
NIFTY Low Duration Debt Index& 7.73% 5.91% 4.14% 7.75% 03-Mar-10

NIFTY 1 Year T-Bill Index&& 7.30% 5.10% 4.25% 6.68%

Axis Treasury Advantage Fund - Direct Plan
8.41% 6.77% 4.33% 7.94%
- Growth
NIFTY Low Duration Debt Index& 7.73% 5.91% 4.14% 7.45% 01-Jan-13

NIFTY 1 Year T-Bill Index&& 7.30% 5.10% 4.25% 6.93%

Axis Liquid Fund - Growth 6.25% 3.58% 3.40% 7.08%
NIFTY Liquid Index& 6.06% 3.70% 3.61% 7.05% 09-Oct-09
NIFTY 1 Year T-Bill Index&& 7.26% 5.10% 4.25% 6.59%
Axis Liquid Fund - Retail - Growth 5.78% 3.06% 2.88% 6.69%
NIFTY Liquid Index& 6.06% 3.70% 3.61% 7.16% 01-Mar-10
NIFTY 1 Year T-Bill Index&& 7.26% 5.10% 4.25% 6.68%
Axis Liquid Fund - Direct Plan - Growth 6.31% 3.65% 3.47% 6.92%
NIFTY Liquid Index& 6.06% 3.70% 3.61% 6.78% 31-Dec-12
NIFTY 1 Year T-Bill Index&& 7.26% 5.10% 4.25% 6.93%
Axis Gold ETF 37.83% -0.11% 16.99% 7.23%
10-Nov-10
Domestic Price of Gold& 38.61% 0.28% 18.11% 8.61%
Axis Gold Fund - Growth 37.92% 0.25% 14.08% 4.35% 20-Oct-11

45
 Since
01.04.19- 01.04.20- 01.04.21- Date of
Scheme & Benchmark Name Inception
31.03.20 31.03.21 31.03.22 inception
(CAGR)
Domestic Price of Gold& 38.61% 0.28% 18.11% 6.73%
Axis Gold Fund - Direct Plan - Growth 38.13% 0.54% 14.36% 4.28%
01-Jan-13
Domestic Price of Gold& 38.61% 0.28% 18.11% 5.93%
AFTP - Sr 100 - Regular Plan – Growth 9.48% 8.64% 4.00% 7.70%
50% CRISIL Composite Bond Fund Index +
50% CRISIL Short Term Bond Fund Index 11.27% 7.75% 4.83% 8.08% 22-Jan-19
(Benchmark)
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.02%
AFTP - Sr 100 - Direct Plan - Growth 9.75% 8.91% 4.26% 7.97%
50% CRISIL Composite Bond Fund Index +
50% CRISIL Short Term Bond Fund Index 11.27% 7.75% 4.83% 8.08% 22-Jan-19
(Benchmark)
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.02%
AFTP - Sr 101 - Regular Plan – Growth 9.58% 8.63% 4.06% 7.68%
50% CRISIL Composite Bond Fund Index +
50% CRISIL Short Term Bond Fund Index 11.27% 7.75% 4.83% 8.05% 13-Feb-19
(Benchmark)
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 5.97%
AFTP - Sr 101 - Direct Plan - Growth 9.86% 8.90% 4.32% 7.95%
50% CRISIL Composite Bond Fund Index +
50% CRISIL Short Term Bond Fund Index 11.27% 7.75% 4.83% 8.05% 13-Feb-19
(Benchmark)
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 5.97%
AFTP - Sr 102 - Regular Plan – Growth 9.64% 8.60% 4.00% 7.62%
50% CRISIL Composite Bond Fund Index +
50% CRISIL Short Term Bond Fund Index 11.27% 7.75% 4.83% 8.15% 06-Mar-19
(Benchmark)
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.16%
AFTP - Sr 102 - Direct Plan - Growth 9.92% 8.88% 4.26% 7.89%
50% CRISIL Composite Bond Fund Index +
50% CRISIL Short Term Bond Fund Index 11.27% 7.75% 4.83% 8.15% 06-Mar-19
(Benchmark)
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 6.16%
AFTP - Sr 104 - Regular Plan – Growth 9.55% 8.24% 3.83% 7.20%
50% CRISIL Composite Bond Fund Index +
50% CRISIL Short Term Bond Fund Index 11.27% 7.75% 4.83% 7.93% 28-Mar-19
(Benchmark)
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 5.97%
AFTP - Sr 104 - Direct Plan - Growth 9.88% 8.57% 4.14% 7.52%
50% CRISIL Composite Bond Fund Index +
50% CRISIL Short Term Bond Fund Index 11.27% 7.75% 4.83% 7.93% 28-Mar-19
(Benchmark)
NIFTY 10 yr Benchmark G-Sec&& 14.31% 3.33% 0.95% 5.97%
Axis Capital Builder Fund - Series 4 - Reg -
-17.69% 63.22% 20.14% 17.71% 21-Dec-18
Growth

46
 Since
01.04.19- 01.04.20- 01.04.21- Date of
Scheme & Benchmark Name Inception
31.03.20 31.03.21 31.03.22 inception
(CAGR)
Nifty 500 TRI (Benchmark) -26.62% 77.58% 22.29% 17.57%
Nifty 50TRI&& -25.02% 72.54% 20.26% 17.29%
Axis Capital Builder Fund - Series 4 - Dir -
-17.04% 64.59% 21.03% 18.73%
Growth
Nifty 500 TRI (Benchmark) -26.62% 77.58% 22.29% 17.57% 21-Dec-18

Nifty 50 TRI&& -25.02% 72.54% 20.26% 17.29%

Axis Equity Hybrid Fund - Reg - Growth -11.01% 45.15% 17.97% 12.50%
CRISIL Hybrid 35+65 - Aggressive Index
-12.93% 49.75% 15.29% 12.58% 09-Aug-18
(Benchmark)
Nifty 50 TRI&& -25.02% 72.54% 20.26% 13.50%
Axis Equity Hybrid Fund - Dir - Growth -9.72% 47.28% 19.63% 14.18%
CRISIL Hybrid 35+65 - Aggressive Index
-12.93% 49.75% 15.29% 12.58% 09-Aug-18
(Benchmark)
Nifty 50 TRI&& -25.02% 72.54% 20.26% 13.50%
Axis Growth Opportunities Fund - Reg -
-11.21% 68.93% 29.38% 23.39%
Growth
NIFTY Large Midcap 250 TRI (Benchmark) -27.48% 85.91% 22.90% 20.01% 22-Oct-18

Nifty 50 TRI&& -25.02% 72.54% 20.26% 18.11%

Axis Growth Opportunities Fund - Dir -
-9.61% 71.52% 31.35% 25.47%
Growth
NIFTY Large Midcap 250 TRI (Benchmark) -27.48% 85.91% 22.90% 20.01% 22-Oct-18

Nifty 50 TRI&& -25.02% 72.54% 20.26% 18.11%

Axis Overnight Fund - Reg - Growth 5.17% 3.02% 3.24% 3.85%
Nifty 1D Rate Index (Benchmark) 5.28% 3.08% 3.36% 3.93% 15-Mar-19
NIFTY 1 Year T-Bill Index&& 7.26% 5.10% 4.25% 5.53%
Axis Overnight Fund - Dir - Growth 5.24% 3.07% 3.30% 3.91%
Nifty 1D Rate Index (Benchmark) 5.28% 3.08% 3.36% 3.93% 15-Mar-19
NIFTY 1 Year T-Bill Index&& 7.26% 5.10% 4.25% 5.53%
Axis Ultra Short Term Fund - Reg - Growth 7.03% 4.53% 3.31% 5.46%
NIFTY Ultra Short Duration Debt Index
7.43% 4.91% 4.05% 5.91% 10-Sep-18
(Benchmark)
NIFTY 1 Year T-Bill Index&& 7.30% 5.10% 4.25% 6.11%
Axis Ultra Short Term Fund - Dir - Growth 8.02% 5.48% 4.22% 6.40%
NIFTY Ultra Short Duration Debt Index
7.43% 4.91% 4.05% 5.91% 10-Sep-18
(Benchmark)
NIFTY 1 Year T-Bill Index&& 7.30% 5.10% 4.25% 6.11%
Axis Money Market Fund - Reg - Growth - 5.52% 3.90% 5.32%
NIFTY Money Market Index (Benchmark) - 4.48% 3.76% 4.61% 06-Aug-19
NIFTY 1 Year T-Bill Index&& - 5.10% 4.25% 5.40%
Axis Money Market Fund - Dir - Growth - 5.68% 4.06% 5.47%
NIFTY Money Market Index (Benchmark) - 4.48% 3.76% 4.61% 06-Aug-19
NIFTY 1 Year T-Bill Index&& - 5.10% 4.25% 5.40%

47
 Since
01.04.19- 01.04.20- 01.04.21- Date of
Scheme & Benchmark Name Inception
31.03.20 31.03.21 31.03.22 inception
(CAGR)
Axis Nifty 100 Index Fund - Reg - Growth - 67.56% 19.21% 17.67%
NIFTY 100 TRI (Benchmark) - 71.18% 20.63% 19.06% 18-Oct-19
Nifty 50 TRI&& - 72.54% 20.26% 19.13%
Axis Nifty 100 Index Fund - Dir - Growth - 68.76% 20.30% 18.64%
NIFTY 100 TRI (Benchmark) - 71.18% 20.63% 19.06% 18-Oct-19
Nifty 50 TRI&& - 72.54% 20.26% 19.13%
Axis Retirement Savings Fund - Aggressive
- 41.66% 6.52% 11.25%
Plan - Reg - Growth
NIFTY 50 Hybrid Composite Debt 70:30 20-Dec-19
- 51.53% 15.69% 15.72%
Index (Benchmark)
Nifty 50 TRI&& - 72.54% 20.26% 18.01%
Axis Retirement Savings Fund - Aggressive
- 44.00% 8.33% 13.18%
Plan - Dir - Growth
NIFTY 50 Hybrid Composite Debt 70:30 20-Dec-19
- 51.53% 15.69% 15.72%
Index (Benchmark)
Nifty 50 TRI&& - 72.54% 20.26% 18.01%
Axis Retirement Savings Fund -
- 20.49% 9.70% 10.76%
Conservative Plan - Reg - Growth
NIFTY 50 Hybrid Short Duration Debt 25:75 20-Dec-19
- 22.56% 8.73% 10.24%
Index (Benchmark)
NIFTY 10 yr Benchmark G-Sec&& - 3.33% 0.95% 4.12%
Axis Retirement Savings Fund -
- 22.62% 11.60% 12.72%
Conservative Plan - Dir - Growth
NIFTY 50 Hybrid Short Duration Debt 25:75 20-Dec-19
- 22.56% 8.73% 10.24%
Index (Benchmark)
NIFTY 10 yr Benchmark G-Sec&& - 3.33% 0.95% 4.12%
Axis Retirement Savings Fund - Dynamic
- 33.00% 7.80% 12.16%
Plan - Reg - Growth
NIFTY 50 Hybrid Composite Debt 65:35 20-Dec-19
- 48.18% 14.93% 15.26%
Index (Benchmark)
Nifty 50 TRI&& - 72.54% 20.26% 18.01%
Axis Retirement Savings Fund - Dynamic
- 35.46% 9.72% 14.22%
Plan - Dir - Growth
NIFTY 50 Hybrid Composite Debt 65:35 20-Dec-19
- 48.18% 14.93% 15.26%
Index (Benchmark)
Nifty 50 TRI&& - 72.54% 20.26% 18.01%
Axis All Seasons Debt Fund of Funds - Reg -
- 7.82% 5.01% 6.80%
Growth
NIFTY Composite Debt Index (Benchmark) - 8.62% 5.12% 7.48% 28-Jan-20

NIFTY 1 Year T-Bill Index&& - 5.10% 4.25% 5.16%

Axis All Seasons Debt Fund of Funds - Dir -
- 8.12% 5.40% 7.14%
Growth
NIFTY Composite Debt Index (Benchmark) - 8.62% 5.12% 7.48% 28-Jan-20

NIFTY 1 Year T-Bill Index&& - 5.10% 4.25% 5.16%

Axis ESG Equity Fund - Reg - Growth - 50.55% 13.55% 22.53% 12-Feb-20

48
 Since
01.04.19- 01.04.20- 01.04.21- Date of
Scheme & Benchmark Name Inception
31.03.20 31.03.21 31.03.22 inception
(CAGR)
NIFTY 100 ESG TRI (Benchmark) - 77.23% 21.10% 22.92%
Nifty 50 TRI&& - 72.54% 20.26% 19.68%
Axis ESG Equity Fund - Dir - Growth - 52.99% 15.40% 24.52%
NIFTY 100 ESG TRI (Benchmark) - 77.23% 21.10% 22.92% 12-Feb-20
Nifty 50 TRI&& - 72.54% 20.26% 19.68%
Axis Banking ETF - - 9.49% 30.79%
NIFTY Bank TRI (Benchmark) - - 9.61% 28.42% 03-Nov-20
Nifty 50 TRI&& - - 20.26% 33.43%
Axis Global Equity Alpha Fund Of Fund -
- - 11.47% 18.30%
Reg - Growth
MSCI World Net Total Return Index 24-Sep-20
- - 13.57% 24.31%
(Benchmark)
Nifty 50 TRI&& - - 20.26% 38.76%
Axis Global Equity Alpha Fund Of Fund - Dir
- - 12.87% 19.79%
- Growth
MSCI World Net Total Return Index 24-Sep-20
- - 13.57% 24.31%
(Benchmark)
Nifty 50 TRI&& - - 20.26% 38.76%
Axis Greater China Equity Fund of Fund -
- - -17.86% -22.86%
Reg - Growth
MSCI Golden Dragon Index (Benchmark) - - -18.89% -24.09% 10-Feb-21

Nifty 50 TRI&& - - 20.26% 15.00%

Axis Greater China Equity Fund of Fund - Dir
- Growth - - -16.85% -21.95%

MSCI Golden Dragon Index (Benchmark) - - -18.89% -24.09% 10-Feb-21

Nifty 50 TRI&& - - 20.26% 15.00%

Axis Special Situations Fund - Reg - Growth - - 22.46% 20.41%
Nifty 500 TRI (Benchmark) - - 22.29% 25.45% 24-Dec-20
Nifty 50 TRI&& - - 20.26% 22.13%
Axis Special Situations Fund - Dir - Growth - - 24.28% 22.28%
Nifty 500 TRI (Benchmark) - - 22.29% 25.45% 24-Dec-20
Nifty 50 TRI&& - - 20.26% 22.13%
Axis Technology ETF - - 42.36% 42.07%
Nifty IT TRI (Benchmark) - - 42.96% 45.56% 25-Mar-21
Nifty 50 TRI&& - - 20.26% 22.91%

Past performance may or may not be sustained in future. Calculations are based on Regular Plan -
Growth Option NAV and Direct Plan – Growth Option NAV, as applicable.
& : (Benchmark), && : (Additional Benchmark)

^For schemes launched in the last financial year 21-22 and since inception returns have been provided
in absolute terms.

49
 Performance of Schemes in SEBI prescribed format for period ended March 31, 2022:

1 Year 3 Years 5 Years 10 Years Since Inception

Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Axis Long
Term Equity
Fund - 12.84% 11,284 16.10% 15,668 14.70% 19,859 18.52% 54,790 17.00% 68,566
Regular Plan
- Growth 29-Dec-
Nifty 500 TRI 09
(Benchmark) 22.29% 12,229 16.75% 15,934 14.55% 19,734 14.74% 39,610 11.90% 39,675
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 14.07% 37,331 11.74% 38,999
Benchmark)
Axis Long
Term Equity
Fund - Direct 13.80% 11,380 17.08% 16,072 15.77% 20,801 NA NA 19.17% 50,625
Plan -
Growth
01-Jan-13
Nifty 500 TRI
22.29% 12,229 16.75% 15,934 14.55% 19,734 NA NA 14.35% 34,570
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 13.72% 32,831
Benchmark)
Axis Nifty 100
Index Fund -
19.21% 11,921 NA NA NA NA NA NA 17.67% 14,902
Regular Plan
- Growth
Nifty 100 TRI 18-Oct-19
(Benchmark) 20.63% 12,063 NA NA NA NA NA NA 19.06% 15,338
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 19.13% 15,362
Benchmark)
Axis Nifty 100
Index Fund -
20.30% 12,030 NA NA NA NA NA NA 18.64% 15,206
Direct Plan -
Growth
Nifty 100 TRI 18-Oct-19
(Benchmark) 20.63% 12,063 NA NA NA NA NA NA 19.06% 15,338
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 19.13% 15,362
Benchmark)
Axis Banking
& PSU Debt
Fund - 08-Jun-12 3.95% 10,395 6.99% 12,253 7.41% 14,301 NA NA 8.06% 21,407
Regular Plan
- Growth

50
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
NIFTY
Banking &
PSU Debt 4.93% 10,493 7.41% 12,398 6.97% 14,012 NA NA 8.06% 21,401
Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 6.63% 18,783
(Additional
Benchmark)
Axis Banking
& PSU Debt
Fund - Direct 4.26% 10,426 7.31% 12,364 7.71% 14,500 NA NA 8.22% 20,773
Plan -
Growth
NIFTY
Banking &
PSU Debt 01-Jan-13 4.93% 10,493 7.41% 12,398 6.97% 14,012 NA NA 7.89% 20,192
Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 6.40% 17,756
(Additional
Benchmark)
Axis Gold
Fund -
14.08% 11,408 16.36% 15,774 10.68% 16,615 3.94% 14,721 4.35% 15,602
Regular Plan
- Growth 20-Oct-11
Domestic
Price of Gold 18.11% 11,811 17.92% 16,418 12.39% 17,941 6.24% 18,323 6.73% 19,759
(Benchmark)
Axis Gold
Fund - Direct
14.36% 11,436 16.63% 15,883 11.16% 16,978 NA NA 4.28% 14,729
Plan -
Growth 01-Jan-13
Domestic
Price of Gold 18.11% 11,811 17.92% 16,418 12.39% 17,941 NA NA 5.93% 17,031
(Benchmark)
Axis Capital
Builder Fund -
Series 1 - 08-Mar-18 13.98% 11,398 15.86% 15,572 NA NA NA NA 11.65% 15,650
Regular Plan
- Growth

51
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Nifty 500 TRI
22.29% 12,229 16.75% 15,934 NA NA NA NA 14.49% 17,337
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 15.43% 17,921
Benchmark)
Axis Capital
Builder Fund -
Series 1 - 14.82% 11,482 16.72% 15,920 NA NA NA NA 12.72% 16,270
Direct Plan -
Growth
08-Mar-18
Nifty 500 TRI
22.29% 12,229 16.75% 15,934 NA NA NA NA 14.49% 17,337
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 15.43% 17,921
Benchmark)
Axis Capital
Builder Fund -
Series 4 - 20.14% 12,014 17.25% 16,140 NA NA NA NA 17.71% 17,060
Regular Plan
- Growth 21-Dec-
Nifty 500 TRI 18
22.29% 12,229 16.75% 15,934 NA NA NA NA 17.57% 16,997
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 17.29% 16,864
Benchmark)
Axis Capital
Builder Fund -
Series 4 - 21.03% 12,103 18.17% 16,525 NA NA NA NA 18.73% 17,550
Direct Plan -
Growth 21-Dec-
Nifty 500 TRI 18
(Benchmark) 22.29% 12,229 16.75% 15,934 NA NA NA NA 17.57% 16,997
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 17.29% 16,864
Benchmark)
Axis Short
Term Fund -
4.34% 10,434 7.20% 12,326 6.99% 14,021 7.95% 21,505 7.78% 24,929
Regular Plan
- Growth
NIFTY Short
22-Jan-10
Duration
4.92% 10,492 7.30% 12,361 7.19% 14,153 8.23% 22,063 7.88% 25,226
Debt Index
(Benchmark)
NIFTY 10 yr
0.95% 10,095 6.02% 11,924 4.81% 12,651 6.82% 19,359 6.23% 20,902
Benchmark

52
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
G-Sec
(Additional
Benchmark)
Axis Short
Term Fund -
5.04% 10,504 7.92% 12,576 7.71% 14,501 NA NA 8.52% 21,306
Direct Plan -
Growth
NIFTY Short
Duration
4.92% 10,492 7.30% 12,361 7.19% 14,153 NA NA 7.98% 20,339
Debt Index 01-Jan-13
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 6.40% 17,756
(Additional
Benchmark)
Axis Short
Term Fund -
4.34% 10,434 7.20% 12,328 6.99% 14,022 7.92% 21,438 7.75% 24,651
Retail Plan -
Growth
NIFTY Short
Duration
4.92% 10,492 7.30% 12,361 7.19% 14,153 8.23% 22,063 7.92% 25,116
Debt Index 02-Mar-10
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 6.82% 19,359 6.46% 21,312
(Additional
Benchmark)
Axis Liquid
Fund -
3.40% 10,340 4.40% 11,379 5.50% 13,070 7.05% 19,769 7.08% 23,499
Regular Plan
- Growth
NIFTY Liquid
Index 09-Oct-09 3.61% 10,361 4.45% 11,396 5.45% 13,042 7.00% 19,678 7.05% 23,397
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,753 6.11% 13,457 7.01% 19,706 6.59% 22,178
(Additional
Benchmark)
Axis Liquid
Fund - Direct 31-Dec-
3.47% 10,347 4.46% 11,401 5.56% 13,110 NA NA 6.92% 18,571
Plan - 12
Growth

53
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
NIFTY Liquid
Index 3.61% 10,361 4.45% 11,396 5.45% 13,042 NA NA 6.78% 18,350
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,753 6.11% 13,457 NA NA 6.93% 18,591
(Additional
Benchmark)
Axis Liquid
Fund - Retail
2.88% 10,288 3.90% 11,216 4.96% 12,739 6.51% 18,801 6.69% 21,870
Plan -
Growth
NIFTY Liquid
Index 01-Mar-10 3.61% 10,361 4.45% 11,396 5.45% 13,042 7.00% 19,678 7.16% 23,084
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,753 6.11% 13,457 7.01% 19,706 6.68% 21,858
(Additional
Benchmark)
Axis Treasury
Advantage
Fund - 4.00% 10,400 6.14% 11,965 6.57% 13,750 7.67% 20,952 7.61% 24,971
Regular Plan
- Growth
NIFTY Low
Duration 09-Oct-09
4.14% 10,414 5.90% 11,882 6.43% 13,657 7.67% 20,954 7.68% 25,191
Debt Index
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,757 6.11% 13,457 7.01% 19,706 6.59% 22,178
(Additional
Benchmark)
Axis Treasury
Advantage
Fund - Direct 4.33% 10,433 6.47% 12,076 7.00% 14,030 NA NA 7.94% 20,270
Plan -
Growth
NIFTY Low
Duration 01-Jan-13
4.14% 10,414 5.90% 11,882 6.43% 13,657 NA NA 7.45% 19,446
Debt Index
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,757 6.11% 13,457 NA NA 6.93% 18,584
(Additional
Benchmark)

54
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Axis Treasury
Advantage
Fund - Retail 4.00% 10,400 6.21% 11,987 6.52% 13,714 7.25% 20,153 7.29% 23,412
Plan -
Growth
NIFTY Low
Duration 03-Mar-10
4.14% 10,414 5.90% 11,882 6.43% 13,657 7.67% 20,954 7.75% 24,640
Debt Index
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,757 6.11% 13,457 7.01% 19,706 6.68% 21,855
(Additional
Benchmark)
Axis Fixed
Term Plan -
Series 100
4.00% 10,400 7.32% 12,369 NA NA NA NA 7.70% 12,670
(1172D) -
Regular Plan
- Growth
50% CRISIL
Composite
Bond Fund
Index + 50% 22-Jan-19
4.83% 10,483 7.90% 12,569 NA NA NA NA 8.08% 12,814
CRISIL Short
Term Bond
Fund Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 6.02% 12,048
(Additional
Benchmark)
Axis Fixed
Term Plan -
Series 100
4.26% 10,426 7.59% 12,463 NA NA NA NA 7.97% 12,772
(1172D) -
Direct Plan -
Growth
50% CRISIL
22-Jan-19
Composite
Bond Fund
Index + 50%
4.83% 10,483 7.90% 12,569 NA NA NA NA 8.08% 12,814
CRISIL Short
Term Bond
Fund Index
(Benchmark)

55
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 6.02% 12,048
(Additional
Benchmark)
Axis Fixed
Term Plan -
Series 101
4.06% 10,406 7.38% 12,388 NA NA NA NA 7.68% 12,607
(1154D) -
Regular Plan
- Growth
50% CRISIL
Composite
Bond Fund
Index + 50% 13-Feb-19
4.83% 10,483 7.90% 12,569 NA NA NA NA 8.05% 12,741
CRISIL Short
Term Bond
Fund Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 5.97% 11,989
(Additional
Benchmark)
Axis Fixed
Term Plan -
Series 101
4.32% 10,432 7.65% 12,481 NA NA NA NA 7.95% 12,706
(1154D) -
Direct Plan -
Growth
50% CRISIL
Composite
Bond Fund
Index + 50% 13-Feb-19
4.83% 10,483 7.90% 12,569 NA NA NA NA 8.05% 12,741
CRISIL Short
Term Bond
Fund Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 5.97% 11,989
(Additional
Benchmark)
Axis Fixed
Term Plan - 06-Mar-19 4.00% 10,400 7.37% 12,384 NA NA NA NA 7.62% 12,529
Series 102

56
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
(1133D) -
Regular Plan
- Growth
50% CRISIL
Composite
Bond Fund
Index + 50%
4.83% 10,483 7.90% 12,569 NA NA NA NA 8.15% 12,720
CRISIL Short
Term Bond
Fund Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 6.16% 12,014
(Additional
Benchmark)
Axis Fixed
Term Plan -
Series 102
4.26% 10,426 7.64% 12,478 NA NA NA NA 7.89% 12,625
(1133D) -
Direct Plan -
Growth
50% CRISIL
Composite
Bond Fund
Index + 50% 06-Mar-19
4.83% 10,483 7.90% 12,569 NA NA NA NA 8.15% 12,720
CRISIL Short
Term Bond
Fund Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 6.16% 12,014
(Additional
Benchmark)
Axis Fixed
Term Plan -
Series 104
3.83% 10,383 7.16% 12,312 NA NA NA NA 7.20% 12,328
(1112D) -
Regular Plan
- Growth 28-Mar-19
50% CRISIL
Composite
Bond Fund 4.83% 10,483 7.90% 12,569 NA NA NA NA 7.93% 12,582
Index + 50%
CRISIL Short

57
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Term Bond
Fund Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 5.97% 11,907
(Additional
Benchmark)
Axis Fixed
Term Plan -
Series 104
4.14% 10,414 7.48% 12,424 NA NA NA NA 7.52% 12,440
(1112D) -
Direct Plan -
Growth
50% CRISIL
Composite
Bond Fund
Index + 50% 28-Mar-19
4.83% 10,483 7.90% 12,569 NA NA NA NA 7.93% 12,582
CRISIL Short
Term Bond
Fund Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 5.97% 11,907
(Additional
Benchmark)
Axis NIFTY ETF 20.17% 12,017 15.63% 15,479 NA NA NA NA 14.87% 19,306
Nifty 50 TRI 03-Jul-17
(Benchmark) 20.26% 12,026 15.82% 15,557 NA NA NA NA 14.78% 19,233
S&P BSE
SENSEX TRI
19.50% 11,950 16.06% 15,654 NA NA NA NA 15.46% 19,781
(Additional
Benchmark)
Axis
Technology 42.36% 14,236 NA NA NA NA NA NA 42.07% 14,290
ETF 25-Mar-21
Nifty IT TRI
42.96% 14,296 NA NA NA NA NA NA 45.56% 14,646
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 22.91% 12,333
Benchmark)
Axis Bluechip
Fund - 05-Jan-10 15.68% 11,568 16.49% 15,829 16.44% 21,416 15.76% 43,266 13.03% 44,780

58
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Regular Plan
- Growth
S&P BSE 100
TRI 20.66% 12,066 15.88% 15,581 14.74% 19,898 14.37% 38,336 11.64% 38,492
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 14.07% 37,331 11.60% 38,334
Benchmark)
Axis Bluechip
Fund - Direct
17.07% 11,707 17.91% 16,414 17.95% 22,841 NA NA 16.48% 40,993
Plan -
Growth
S&P BSE 100
01-Jan-13
TRI 20.66% 12,066 15.88% 15,581 14.74% 19,898 NA NA 13.89% 33,299
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 13.72% 32,831
Benchmark)
Axis Flexicap
Fund -
19.56% 11,956 17.75% 16,346 NA NA NA NA 15.18% 18,520
Regular Plan
- Growth
20-Nov-
Nifty 500 TRI
17 22.29% 12,229 16.75% 15,934 NA NA NA NA 13.03% 17,063
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 14.22% 17,859
Benchmark)
Axis Flexicap
Fund - Direct
21.03% 12,103 19.37% 17,032 NA NA NA NA 16.87% 19,740
Plan -
Growth
20-Nov-
Nifty 500 TRI
17 22.29% 12,229 16.75% 15,934 NA NA NA NA 13.03% 17,063
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 14.22% 17,859
Benchmark)
Axis Focused
25 Fund -
15.02% 11,502 16.69% 15,908 15.29% 20,373 NA NA 16.15% 43,110
Regular Plan
- Growth
Nifty 500 TRI 29-Jun-12
(Benchmark) 22.29% 12,229 16.75% 15,934 14.55% 19,734 NA NA 15.23% 39,890
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 14.41% 37,196
Benchmark)

59
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Axis Focused
25 Fund -
16.35% 11,635 18.07% 16,483 16.68% 21,634 NA NA 16.58% 41,321
Direct Plan -
Growth
Nifty 500 TRI 01-Jan-13
22.29% 12,229 16.75% 15,934 14.55% 19,734 NA NA 14.35% 34,570
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 13.72% 32,831
Benchmark)
Axis Midcap
Fund -
23.38% 12,338 22.70% 18,504 19.35% 24,232 20.31% 63,636 18.72% 67,390
Regular Plan
- Growth
S&P BSE
Midcap 150 18-Feb-11
24.99% 12,499 21.68% 18,045 15.66% 20,704 18.05% 52,643 15.91% 51,642
TRI
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 14.07% 37,331 12.39% 36,648
Benchmark)
Axis Midcap
Fund - Direct
25.03% 12,503 24.36% 19,268 20.87% 25,813 NA NA 20.28% 55,172
Plan -
Growth
S&P BSE
Midcap 150 01-Jan-13
24.99% 12,499 21.68% 18,045 15.66% 20,704 NA NA 17.82% 45,566
TRI
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 13.72% 32,831
Benchmark)
Axis Small
Cap Fund -
40.21% 14,021 30.39% 22,218 20.60% 25,524 NA NA 24.31% 61,410
Regular Plan
- Growth
NIFTY
29-Nov-
Smallcap 250
13 37.02% 13,702 21.38% 17,913 12.09% 17,702 NA NA 19.70% 44,795
TRI
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 14.64% 31,260
Benchmark)
Axis Small 29-Nov-
Cap Fund - 42.41% 14,241 32.44% 23,284 22.27% 27,341 NA NA 25.90% 68,270
13

60
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Direct Plan -
Growth
NIFTY
Smallcap 250
37.02% 13,702 21.38% 17,913 12.09% 17,702 NA NA 19.70% 44,795
TRI
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 14.64% 31,260
Benchmark)
Axis Growth
Opportunities
Fund - 29.38% 12,938 24.66% 19,407 NA NA NA NA 23.39% 20,610
Regular Plan
- Growth
NIFTY Large
22-Oct-18
Midcap 250
22.90% 12,290 18.28% 16,569 NA NA NA NA 20.01% 18,731
TRI
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 18.11% 17,730
Benchmark)
Axis Growth
Opportunities
Fund - Direct 31.35% 13,135 26.67% 20,364 NA NA NA NA 25.47% 21,830
Plan -
Growth
NIFTY Large
22-Oct-18
Midcap 250
22.90% 12,290 18.28% 16,569 NA NA NA NA 20.01% 18,731
TRI
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 18.11% 17,730
Benchmark)
Axis
Retirement
Savings Fund
- Aggressive 6.52% 10,652 NA NA NA NA NA NA 11.25% 12,750
Plan -
20-Dec-
Regular Plan
- Growth 19
NIFTY 50
Hybrid
15.69% 11,569 NA NA NA NA NA NA 15.72% 13,950
Composite
Debt 70:30

61
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 18.01% 14,585
Benchmark)
Axis
Retirement
Savings Fund
- Aggressive 8.33% 10,833 NA NA NA NA NA NA 13.18% 13,260
Plan - Direct
Plan -
Growth
NIFTY 50 20-Dec-
Hybrid 19
Composite
15.69% 11,569 NA NA NA NA NA NA 15.72% 13,950
Debt 70:30
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 18.01% 14,585
Benchmark)
Axis
Retirement
Savings Fund
-
9.70% 10,970 NA NA NA NA NA NA 10.76% 12,622
Conservative
Plan -
Regular Plan
- Growth
NIFTY 50
20-Dec-
Hybrid Short
19
Duration
8.73% 10,873 NA NA NA NA NA NA 10.24% 12,489
Debt 25:75
Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 NA NA NA NA NA NA 4.12% 10,964
(Additional
Benchmark)
Axis
Retirement
Savings Fund 20-Dec-
11.60% 11,160 NA NA NA NA NA NA 12.72% 13,137
- 19
Conservative
Plan - Direct

62
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Plan -
Growth
NIFTY 50
Hybrid Short
Duration
8.73% 10,873 NA NA NA NA NA NA 10.24% 12,489
Debt 25:75
Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 NA NA NA NA NA NA 4.12% 10,964
(Additional
Benchmark)
Axis
Retirement
Savings Fund
- Dynamic 7.80% 10,780 NA NA NA NA NA NA 12.16% 12,990
Plan -
Regular Plan
- Growth
NIFTY 50 20-Dec-
Hybrid 19
Composite
14.93% 11,493 NA NA NA NA NA NA 15.26% 13,824
Debt 65:35
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 18.01% 14,585
Benchmark)
Axis
Retirement
Savings Fund
- Dynamic 9.72% 10,972 NA NA NA NA NA NA 14.22% 13,540
Plan - Direct
Plan -
Growth
NIFTY 50 20-Dec-
Hybrid 19
Composite
14.93% 11,493 NA NA NA NA NA NA 15.26% 13,824
Debt 65:35
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 18.01% 14,585
Benchmark)

63
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Axis ESG
Equity Fund -
13.55% 11,355 NA NA NA NA NA NA 22.53% 15,420
Regular Plan
- Growth
Nifty 100 ESG
12-Feb-20
TRI 21.10% 12,110 NA NA NA NA NA NA 22.92% 15,524
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 19.68% 14,667
Benchmark)
Axis ESG
Equity Fund -
15.40% 11,540 NA NA NA NA NA NA 24.52% 15,960
Direct Plan -
Growth
Nifty 100 ESG
12-Feb-20
TRI 21.10% 12,110 NA NA NA NA NA NA 22.92% 15,524
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 19.68% 14,667
Benchmark)
Axis Global
Equity Alpha
Fund of Fund
11.47% 11,147 NA NA NA NA NA NA 18.30% 12,899
- Regular
Plan -
Growth
MSCI World 24-Sep-20
Net Total
13.57% 11,357 NA NA NA NA NA NA 24.31% 13,906
Return Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 38.76% 16,426
Benchmark)
Axis Global
Equity Alpha
Fund of Fund 12.87% 11,287 NA NA NA NA NA NA 19.79% 13,147
- Direct Plan -
Growth
MSCI World
24-Sep-20
Net Total
13.57% 11,357 NA NA NA NA NA NA 24.31% 13,906
Return Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 38.76% 16,426
Benchmark)

64
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Axis Special
Situations
Fund -
22.46% 12,246 NA NA NA NA NA NA 20.41% 12,650
Regular Plan
- Growth
Option 24-Dec-
20
Nifty 500 TRI
22.29% 12,229 NA NA NA NA NA NA 25.45% 13,325
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 22.13% 12,879
Benchmark)
Axis Special
Situations
Fund - Direct
24.28% 12,428 NA NA NA NA NA NA 22.28% 12,900
Plan -
Growth
Option 24-Dec-
20
Nifty 500 TRI
22.29% 12,229 NA NA NA NA NA NA 25.45% 13,325
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 22.13% 12,879
Benchmark)
Axis Greater
China Equity
Fund of Fund -
-17.86% 8,214 NA NA NA NA NA NA 7,450
- Regular 22.86%
Plan -
Growth
MSCI Golden 10-Feb-21
Dragon -
-18.89% 8,111 NA NA NA NA NA NA 7,315
Index 24.09%
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 15.00% 11,717
Benchmark)
Axis Greater
China Equity
-
Fund of Fund -16.85% 8,315 NA NA NA NA NA NA 7,550
21.95%
- Direct Plan -
Growth 10-Feb-21
MSCI Golden
Dragon -
-18.89% 8,111 NA NA NA NA NA NA 7,315
Index 24.09%
(Benchmark)

65
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 15.00% 11,717
Benchmark)
Axis Ultra
Short Term
Fund - 3.31% 10,331 4.93% 11,558 NA NA NA NA 5.46% 12,081
Regular Plan
- Growth
NIFTY Ultra
Short
10-Sep-18
Duration 4.05% 10,405 5.44% 11,727 NA NA NA NA 5.91% 12,267
Debt Index
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,757 NA NA NA NA 6.11% 12,348
(Additional
Benchmark)
Axis Ultra
Short Term
Fund - Direct 4.22% 10,422 5.88% 11,874 NA NA NA NA 6.40% 12,468
Plan -
Growth
NIFTY Ultra
Short
10-Sep-18
Duration 4.05% 10,405 5.44% 11,727 NA NA NA NA 5.91% 12,267
Debt Index
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,757 NA NA NA NA 6.11% 12,348
(Additional
Benchmark)
Axis Regular
Saver Fund -
8.99% 10,899 7.80% 12,535 7.31% 14,234 8.38% 22,377 7.92% 24,420
Regular Plan
- Growth
NIFTY 50
Hybrid
Composite
7.37% 10,737 9.97% 13,310 8.85% 15,286 9.54% 24,893 8.84% 26,975
Debt 15:85 16-Jul-10
Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 6.82% 19,359 6.40% 20,682
(Additional
Benchmark)
66
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Axis Regular
Saver Fund -
10.35% 11,035 9.00% 12,958 8.50% 15,040 NA NA 9.55% 23,232
Direct Plan -
Growth
NIFTY 50
Hybrid
Composite
7.37% 10,737 9.97% 13,310 8.85% 15,286 NA NA 9.15% 22,460
Debt 15:85 04-Jan-13
Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 6.35% 17,671
(Additional
Benchmark)
Axis
Overnight
Fund - 3.24% 10,324 3.80% 11,186 NA NA NA NA 3.85% 11,218
Regular Plan
- Growth
NIFTY 1D
15-Mar-19
Rate Index 3.36% 10,336 3.90% 11,217 NA NA NA NA 3.93% 11,247
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,753 NA NA NA NA 5.53% 11,782
(Additional
Benchmark)
Axis
Overnight
Fund - Direct 3.30% 10,330 3.86% 11,206 NA NA NA NA 3.91% 11,238
Plan -
Growth
NIFTY 1D
15-Mar-19
Rate Index 3.36% 10,336 3.90% 11,217 NA NA NA NA 3.93% 11,247
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,753 NA NA NA NA 5.53% 11,782
(Additional
Benchmark)
Axis Money
Market Fund
06-Aug-
- Regular 3.90% 10,390 NA NA NA NA NA NA 5.32% 11,473
19
Plan -
Growth

67
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
NIFTY Money
Market Index 3.76% 10,376 NA NA NA NA NA NA 4.61% 11,270
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 NA NA NA NA NA NA 5.40% 11,497
(Additional
Benchmark)
Axis Money
Market Fund
4.06% 10,406 NA NA NA NA NA NA 5.47% 11,518
- Direct Plan -
Growth
NIFTY Money
06-Aug-
Market Index 3.76% 10,376 NA NA NA NA NA NA 4.61% 11,270
19
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 NA NA NA NA NA NA 5.40% 11,497
(Additional
Benchmark)
Axis
Arbitrage
Fund - 4.04% 10,404 4.43% 11,393 5.04% 12,786 NA NA 5.68% 15,242
Regular Plan
- Growth
Nifty 50
14-Aug-
Arbitrage
14 3.82% 10,382 4.06% 11,272 4.38% 12,394 NA NA 5.24% 14,772
Index
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,757 6.11% 13,457 NA NA 6.80% 16,521
(Additional
Benchmark)
Axis
Arbitrage
Fund - Direct 4.82% 10,482 5.20% 11,647 5.84% 13,281 NA NA 6.51% 16,186
Plan -
Growth
Nifty 50
14-Aug-
Arbitrage
14 3.82% 10,382 4.06% 11,272 4.38% 12,394 NA NA 5.24% 14,772
Index
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 5.53% 11,757 6.11% 13,457 NA NA 6.80% 16,521
(Additional
Benchmark)

68
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Axis Gilt Fund
- Regular
3.38% 10,338 8.53% 12,793 6.86% 13,937 7.51% 20,650 7.26% 20,435
Plan -
Growth
NIFTY All
Duration G-
4.03% 10,403 7.77% 12,525 6.96% 14,001 7.83% 21,267 7.64% 21,177
Sec Index 23-Jan-12
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 6.82% 19,359 6.59% 19,158
(Additional
Benchmark)
Axis Gilt Fund
- Direct Plan - 4.01% 10,401 9.11% 13,000 7.42% 14,308 NA NA 7.82% 20,066
Growth
NIFTY All
Duration G-
4.03% 10,403 7.77% 12,525 6.96% 14,001 NA NA 7.49% 19,507
Sec Index
01-Jan-13
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 6.40% 17,756
(Additional
Benchmark)
Axis
Childrens Gift
Fund -
Compulsory 19.15% 11,915 16.05% 15,649 12.91% 18,358 NA NA 11.86% 20,295
Lock-in -
Regular Plan
- Growth
NIFTY 50 08-Dec-
Hybrid 15
Composite
14.93% 11,493 14.01% 14,837 12.96% 18,396 NA NA 13.15% 21,824
Debt 65:35
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 15.25% 24,505
Benchmark)
Axis
Childrens Gift
08-Dec-
Fund - 20.46% 12,046 17.49% 16,238 14.47% 19,665 NA NA 13.45% 22,192
15
Compulsory
Lock-in -
69
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Direct Plan -
Growth
NIFTY 50
Hybrid
Composite
14.93% 11,493 14.01% 14,837 12.96% 18,396 NA NA 13.15% 21,824
Debt 65:35
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 15.25% 24,505
Benchmark)
Axis
Childrens Gift
Fund - No
19.15% 11,915 16.05% 15,649 12.91% 18,357 NA NA 11.86% 20,292
Lock-in -
Regular Plan
- Growth
NIFTY 50
08-Dec-
Hybrid
15
Composite
14.93% 11,493 14.01% 14,837 12.96% 18,396 NA NA 13.15% 21,824
Debt 65:35
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 15.25% 24,505
Benchmark)
Axis
Childrens Gift
Fund - No
20.70% 12,070 17.65% 16,307 14.64% 19,810 NA NA 13.68% 22,471
Lock-in -
Direct Plan -
Growth
NIFTY 50
08-Dec-
Hybrid
15
Composite
14.93% 11,493 14.01% 14,837 12.96% 18,396 NA NA 13.15% 21,824
Debt 65:35
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 15.25% 24,505
Benchmark)
Axis Dynamic
Bond Fund -
27-Apr-11 4.69% 10,469 8.27% 12,700 7.25% 14,196 8.30% 22,216 8.34% 24,010
Regular Plan
- Growth

70
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
NIFTY
Composite
5.12% 10,512 8.47% 12,772 7.43% 14,310 8.51% 22,652 8.33% 23,984
Debt Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 6.82% 19,359 6.66% 20,231
(Additional
Benchmark)
Axis Dynamic
Bond Fund -
5.11% 10,511 8.80% 12,889 7.94% 14,657 NA NA 9.09% 22,364
Direct Plan -
Growth
NIFTY
Composite
5.12% 10,512 8.47% 12,772 7.43% 14,310 NA NA 8.17% 20,665
Debt Index 02-Jan-13
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 6.40% 17,751
(Additional
Benchmark)
Axis Strategic
Bond Fund -
5.64% 10,564 7.05% 12,273 7.22% 14,172 8.35% 22,315 8.35% 22,315
Regular Plan
- Growth
NIFTY
Medium
Duration 5.68% 10,568 8.49% 12,777 7.63% 14,449 8.61% 22,860 8.61% 22,875
28-Mar-12
Debt Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 6.82% 19,359 6.85% 19,420
(Additional
Benchmark)
Axis Strategic
Bond Fund -
6.38% 10,638 7.79% 12,531 7.95% 14,663 NA NA 8.97% 22,094
Direct Plan -
Growth
NIFTY 07-Jan-13
Medium
Duration 5.68% 10,568 8.49% 12,777 7.63% 14,449 NA NA 8.32% 20,909
Debt Index
(Benchmark)

71
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 6.33% 17,624
(Additional
Benchmark)
Axis Equity
Saver Fund -
9.59% 10,959 9.28% 13,059 8.85% 15,284 NA NA 8.03% 16,690
Regular Plan
- Growth
NIFTY Equity
Savings
14-Aug- 9.95% 10,995 9.88% 13,275 9.51% 15,753 NA NA 8.89% 17,596
Index
15
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 6.34% 15,030
(Additional
Benchmark)
Axis Equity
Saver Fund -
11.10% 11,110 10.72% 13,583 10.19% 16,251 NA NA 9.38% 18,120
Direct Plan -
Growth
NIFTY Equity
Savings
14-Aug- 9.95% 10,995 9.88% 13,275 9.51% 15,753 NA NA 8.89% 17,596
Index
15
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 6.34% 15,030
(Additional
Benchmark)
Axis Equity
Hybrid Fund -
17.97% 11,797 15.03% 15,238 NA NA NA NA 12.50% 15,360
Regular Plan
- Growth
CRISIL Hybrid
35+65 - 09-Aug-
Aggressive 18 15.29% 11,529 14.51% 15,032 NA NA NA NA 12.58% 15,400
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 13.50% 15,864
Benchmark)
Axis Equity 09-Aug-
19.63% 11,963 16.69% 15,908 NA NA NA NA 14.18% 16,210
Hybrid Fund - 18

72
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Direct Plan -
Growth
CRISIL Hybrid
35+65 -
Aggressive 15.29% 11,529 14.51% 15,032 NA NA NA NA 12.58% 15,400
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 13.50% 15,864
Benchmark)
Axis Credit
Risk Fund -
5.70% 10,570 5.77% 11,837 6.07% 13,428 NA NA 7.30% 17,217
Regular Plan
- Growth
NIFTY Credit
Risk Bond
8.16% 10,816 9.22% 13,039 8.53% 15,058 NA NA 9.14% 19,638
Index 15-Jul-14
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 7.17% 17,063
(Additional
Benchmark)
Axis Credit
Risk Fund -
6.67% 10,667 6.90% 12,223 7.30% 14,223 NA NA 8.50% 18,764
Direct Plan -
Growth
NIFTY Credit
Risk Bond
8.16% 10,816 9.22% 13,039 8.53% 15,058 NA NA 9.14% 19,638
Index 15-Jul-14
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 4.81% 12,651 NA NA 7.17% 17,063
(Additional
Benchmark)
Axis All
Seasons
Debt Fund of
5.01% 10,501 NA NA NA NA NA NA 6.80% 11,536
Funds -
28-Jan-20
Regular Plan
- Growth
NIFTY
5.12% 10,512 NA NA NA NA NA NA 7.48% 11,697
Composite

73
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Debt Index
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 NA NA NA NA NA NA 5.16% 11,154
(Additional
Benchmark)
Axis All
Seasons
Debt Fund of
5.40% 10,540 NA NA NA NA NA NA 7.14% 11,616
Funds -
Direct Plan -
Growth
NIFTY
28-Jan-20
Composite
5.12% 10,512 NA NA NA NA NA NA 7.48% 11,697
Debt Index
(Benchmark)
NIFTY 1 Year
T-Bill Index
4.25% 10,425 NA NA NA NA NA NA 5.16% 11,154
(Additional
Benchmark)
Axis Banking
9.49% 10,949 NA NA NA NA NA NA 30.79% 14,583
ETF 03-Nov-
Nifty Bank TRI 20
(Benchmark) 9.61% 10,961 NA NA NA NA NA NA 28.42% 14,213
Nifty 50 TRI
(Additional 20.26% 12,026 NA NA NA NA NA NA 33.43% 14,999
Benchmark)
Axis Gold ETF 16.99% 11,699 17.17% 16,107 11.57% 17,294 4.89% 16,125 7.23% 22,150
Domestic 10-Nov-
Price of Gold 10 18.11% 11,811 17.92% 16,418 12.39% 17,941 6.24% 18,323 8.61% 25,616
(Benchmark)
Axis
Corporate
Debt Fund - 4.41% 10,441 6.45% 12,068 NA NA NA NA 6.99% 13,757
Regular Plan
- Growth
NIFTY
Corporate
13-Jul-17 5.54% 10,554 8.29% 12,706 NA NA NA NA 7.54% 14,088
Bond Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 4.50% 12,308
(Additional
Benchmark)

74
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Axis
Corporate
Debt Fund - 5.11% 10,511 7.21% 12,329 NA NA NA NA 7.81% 14,260
Direct Plan -
Growth
NIFTY
Corporate
13-Jul-17 5.54% 10,554 8.29% 12,706 NA NA NA NA 7.54% 14,088
Bond Index
(Benchmark)
NIFTY 10 yr
Benchmark
G-Sec 0.95% 10,095 6.02% 11,924 NA NA NA NA 4.50% 12,308
(Additional
Benchmark)
Axis
Balanced
Advantage
10.68% 11,068 8.84% 12,903 NA NA NA NA 7.63% 14,090
Fund -
Regular Plan
- Growth
NIFTY 50
01-Aug-
Hybrid
17
Composite
12.66% 11,266 12.97% 14,431 NA NA NA NA 11.06% 16,311
Debt 50:50
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 13.74% 18,234
Benchmark)
Axis
Balanced
Advantage
12.13% 11,213 10.27% 13,419 NA NA NA NA 9.19% 15,070
Fund - Direct
Plan -
Growth
NIFTY 50
01-Aug-
Hybrid
17
Composite
12.66% 11,266 12.97% 14,431 NA NA NA NA 11.06% 16,311
Debt 50:50
Index
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 NA NA NA NA 13.74% 18,234
Benchmark)
Axis Triple 23-Aug-
Advantage 10 17.56% 11,756 16.51% 15,835 12.42% 17,962 10.39% 26,891 9.97% 30,155

75
 1 Year 3 Years 5 Years 10 Years Since Inception
Point-to- Point-to- Point-to- Point-to-
Point-to-
Point Point Point Point
Point returns
returns on returns on returns on returns on
Date of CAGR CAGR CAGR CAGR on Standard CAGR
Fund Name Standard Standard Standard Standard
inception (%) (%) (%) (%) Investment (%)
Investment Investment Investment Investment
of Rs.
of Rs. of Rs. of Rs. of Rs.
10,000/- 10,000/- 10,000/- 10,000/- 10,000/-
Fund -
Regular Plan
- Growth
NIFTY
Composite
Debt Index
(20%), Nifty
17.25% 11,725 15.45% 15,406 13.73% 19,038 12.26% 31,823 11.17% 34,202
50 TRI
(65%),Gold
(15%)
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 14.07% 37,331 11.72% 36,206
Benchmark)
Axis Triple
Advantage
Fund - Direct 19.54% 11,954 18.23% 16,551 13.97% 19,237 NA NA 11.12% 26,527
Plan -
Growth
NIFTY
Composite
Debt Index
01-Jan-13
(20%), Nifty
17.25% 11,725 15.45% 15,406 13.73% 19,038 NA NA 11.93% 28,371
50 TRI
(65%),Gold
(15%)
(Benchmark)
Nifty 50 TRI
(Additional 20.26% 12,026 15.82% 15,557 15.14% 20,246 NA NA 13.72% 32,831
Benchmark)

^^ Benchmark, ** Additional Benchmark, ^For schemes launched in the last financial year 20-21
and since inception returns (including growth of Rs. 10,000) have been provided in absolute terms,
DP GR - Direct Plan – Growth, RP GR - Regular Plan – Growth, GR – Growth and AFTP – Axis Fixed
Term Plan

Past performance may or may not be sustained in future. Calculations are based on Regular Plan -
Growth Option NAV and Direct Plan – Growth Option NAV. Different plans have different expense
structure. Face Value per unit : Rs. 1,000/- for Axis Liquid Fund, Axis Treasury Advantage Fund, Axis
Money Market Fund, Axis Overnight Fund and Axis Banking & PSU Debt Fund, , Re. 1 for Gold ETF and
Rs. 10/- for all other schemes.

II. HOW TO APPLY?

This section must be read in conjunction with the Section “Units and Offer” of the SID.
1. The application form/Transaction Slip for the Sale of Units of the respective Schemes/ Plans will
be available and accepted at the office of the ISCs / Official Points of acceptance during their

76
 business hours on their respective business days. In respect of New Fund Offer (NFO) of
Schemes/Plan(s), an investor can subscribe to the NFO through Applications Supported by
Blocked Amount (ASBA) facility by applying for the Units offered under the Option(s)/Plan(s) of
the Scheme(s) in the ASBA Application Form and following the procedure as prescribed in the
form. For details please refer to the Section "Additional mode of payment through Applications
Supported by Blocked Amount (ASBA) facility ".
2. Applications must be completed in Block Letters in English.
3. Applications filled up and duly signed by the applicant and in case of joint applicants by all joint
applicants should be submitted along with the cheque/draft/other payment instrument or
instruction to a designated ISC /Official Point of acceptance of AMC or the Registrar as
specified. Signatures should be in English or in any Indian Language.
4. All cheques and bank drafts must be drawn in favour of "a Specific Scheme" and crossed "A/c
Payee only". A separate cheque or bank draft must accompany each application/each
scheme. Investors must use separate application forms for investing simultaneously in more than
one Plan of the Scheme subject to the minimum subscription requirements under each Plan. If
the amount mentioned on the application is different from the amount mentioned on the
accompanying cheque or bank / demand draft or the amount is not mentioned in the
application form, then the amount on the cheque will be treated as the application amount
and the application will be processed accordingly. In case the name of the Scheme/Plan
mentioned on the application form differs from the name mentioned on the accompanying
payment instrument, then the application will be treated as an application for the Scheme/Plan
mentioned on the application form.
5. All cheques and bank drafts accompanying the application form should contain the
application form number / folio number, scheme name and name of first investor on its reverse.
6. In order to protect the interest of Investors from fraudulent encashment of cheques, the current
SEBI Regulations, have made it mandatory for Investors to mention in their Application /
Redemption request, their bank name, branch, address, account type and account number.
The Registrar/AMC may ask the investor to provide a blank cancelled cheque or its photocopy
for the purpose of verifying the bank account number.
7. PAN issued by the Income Tax authorities is used as the sole identification number for all investors
transacting in the securities market including mutual funds, irrespective of the amount of
transaction. Thus, all investors (including resident and non-resident investors) are required to
provide valid PAN, along with a certified copy of the valid PAN card for all transactions in Units
of the schemes of the Fund irrespective of the amount of transaction.

PAN will not be required in case of Systematic Investment Plans (SIPs) where aggregate of
installments in a financial year i.e. April to March does not exceed Rs 50,000/- (hereafter referred
to as “Micro Investments”). This exemption will be applicable only to investments by Individuals
& Non Resident Indian. Accordingly, w.e.f. February 11, 2013, where the aggregate of the
lumpsum investment (fresh & additional purchase) and micro SIP installments by an investor
based on the rolling 12 month period/in a financial year i.e. April to March does not exceed Rs.
50,000/-, it shall be exempt from the requirement of PAN. However, requirements of Know Your
Customer (KYC)/ Central KYC Registry (CKYC) shall be mandatory.

Accordingly, investors seeking the above exemption from PAN still need to submit the KYC
Acknowledgment i.e. PAN Exempt KYC Reference No (PEKRN) / KYC Identification No. (KIN)
acknowledgement issued by KRA / CKYC, irrespective of the amount of investment. For the
purpose of identifying Micro Investments, the value of investments at the Investor level (first
holder) will be aggregated based on the unique ID number mentioned on the KYC
Acknowledgment / KIN No. and such aggregation shall be done irrespective of the number of
folios/ accounts under all the schemes of the Fund which the investor had invested. This
exemption will be available only to Micro investment made by the individuals being Indian
citizens (including NRIs, Joint holders*, minors acting through guardian and sole proprietary firms
not having PAN). Person of Indian Origin (PIO), Hindu Undivided Family (HUF) and other
categories of investors will not be eligible for this exemption.

77
 *In case of joint holders, first holder must not possess a PAN.

PAN requirement is also exempt for investors residing in the state of Sikkim, Central Government,
State Government, and the officials appointed by the courts e.g. Official liquidator, Court
receiver etc. (under the category of Government). However, this would be subject to verifying
the veracity of the claim of the specified organizations or residents of Sikkim, by collecting
sufficient documentary evidence in support of their claim for such an exemption. Please refer to
the application form for details of the document(s) which are required to be submitted in such
cases.

The detailed procedures/requirements for accepting PAN exempt investments shall be as

specified by the AMC / Trustee from time to time and their decision in this behalf will be final and
binding.

8. Cash Investments in mutual funds:

In order to help enhance the reach of mutual fund products amongst small investors, who may
not be tax payers and may not have PAN/bank accounts, such as farmers, small traders/
businessmen/ workers, SEBI has permitted receipt of cash transactions for fresh purchases/
additional purchases to the extent of 50,000/- per investor, per financial year, per mutual fund
shall be allowed subject to:
i. compliance with Prevention of Money Laundering Act, 2002 and Rules framed there under;
the SEBI Circular(s) on Anti Money Laundering (AML) and other applicable Anti Money
Laundering Rules, Regulations and Guidelines; and
ii. sufficient systems and procedures in place.

However, payment towards redemptions, IDCW, etc. with respect to aforementioned

investments shall be paid only through banking channel.

The Fund/ AMC is currently in the process of setting up appropriate systems and procedures for
the said purpose. Appropriate notice shall be displayed on its website viz. as well as at the
Investor Service Centres, once the facility is made available to the investors.

9. Know Your Client (“KYC”) formalities under the Prevention of Money Laundering Act, 2002
(“PMLA”) and the related guidelines issued by SEBI are required to be completed by investors
for all fresh investments / applications irrespective of the amount of investment.

KYC requirements will have to be complied with for any amount of investment for the following
transactions w.e.f. January 01, 2011:
1. New / Additional Purchases
2. Switch Transactions
3. New SIP Registrations
4. New STP Registrations

Income Distribution cum Capital Withdrawal (IDCW) reinvestment transactions of any amount
will not be subject to the KYC Compliance requirements.

Please refer to para on “Prevention of Money Laundering - Know Your Customer (KYC)
Compliance” under section “Legal Information” for detailed procedures and other information
related to KYC compliances.

Foreign Account Tax Compliance Act (“FATCA”) and Common Reporting Standards (“CRS”)
requirements:
As a part of various ongoing tax and regulatory developments around the globe [e.g. information
exchange laws such as Foreign Account Tax Compliance Act (‘FATCA’) and Common Reporting

78
Standard (‘CRS')], financial institutions like Axis Mutual Fund (‘Axis MF’ or ‘the Fund’) are being cast
with additional investor and counterparty account related due diligence requirements.

The Central Board of Direct Taxes (CBDT) has notified Rules 114F to 114H, as part of the Income-tax
Rules, 1962, which Rules require Indian financial institutions such as the Banks, Mutual Funds, etc. to
seek additional personal, tax and beneficial owner information and certain certifications and
documentation from all our investors and counterparties. According to the FATCA-CRS Rules,
financial institutions in India are required to report tax information about account holders that are
tax resident of U.S. and other foreign countries, to the CBDT/ Indian Government which will, in turn,
relay that information to the US Internal Revenue Service (IRS) and governments of other foreign
countries.

These developments have resulted in compliance and reporting obligations on Financial Institutions
like Axis MF. In relevant cases, information will have to be reported to tax authorities/appointed
agencies. In this respect, Axis MF would rely on the relevant information provided by its Registrar and
would also use its discretion. Towards compliance, the Fund may also be required to provide
information to any institutions such as withholding agents for the purpose of ensuring appropriate
withholding from the account or any proceeds in relation thereto. As may be required by domestic
or overseas regulators/ tax authorities, we may also be constrained to withhold and pay out any
sums from your account or close or suspend your account(s). Axis MF may also have to comply with
other similar laws as and when applicable.

Prospective investors and Unit holders will therefore be required to comply with the request of the
Fund to furnish such information / documentation / declarations as and when deemed necessary
by the Investment Manager in accordance with Applicable Laws. In case prospective investor / Unit
holder fails to furnish the relevant information / documentation / declarations in accordance with
Applicable Laws, the Fund reserves the right to reject the application or redeem the Units held
directly or beneficially and may also require reporting of such accounts and/or levy of withholding
tax on payments made to the Unit holders / investor and/or take any other action/s in accordance
with Applicable Laws. FATCA-CRS provisions are relevant not only at on-boarding stage of Unit
holders but also throughout the life cycle of investment with the Fund. Unit holders therefore should
intimate to the Fund/the Investment Manager, any change in their status with respect to any FATCA-
CRS related information / documentation / declarations provided by them previously, including but
not limited to any declarations provided in respect of residency of the Unit holders for tax purposes
promptly, i.e. within 30 days. Further, if the Fund and/or the Investment Manager is required by
Applicable Laws, to provide information regarding the Fund and/or the unit holders / investors to
any authority and/or the Fund Investments and/or income therefrom, and the Fund and/or the
Investment Manager complies with such request in good faith, whether or not it was in fact
enforceable, they shall not be liable to the Unit holders / investors or to any other party as a result of
such compliance or in connection with such compliance.

Prospective investors / Unit holders should consult their own advisors to understand the implications
of FATCA-CRS provisions/requirements. Please note that Axis MF will be unable to provide advice to
any investor or counterparty about their tax status or FATCA/CRS classification relevant to their
account. It is the responsibility of the investor or counterparty to ensure that they record their correct
tax status / FATCA/ CRS classification. Investor/ counterparty may seek advice from their tax advisor
in this regard. The onus to provide accurate, adequate and timely inputs in this regard would be
that of the investor or counterparty. Any changes in earlier information provided must be intimated
within 30 days of such change.

Investors are requested to provide all the necessary information / declarations to facilitate
compliance, considering India’s commitment to implement CRS and FATCA under the relevant
international treaties.

Ultimate Beneficial Owner

79
SEBI vide its circular no. CIR/MIRSD/2/2013 dated January 24, 2013 has prescribed its guidelines for
identification of Beneficial Ownership to be followed by the intermediaries for determination of
beneficial owners. Further, AMFI vide its circular no. 62/2015-16 dated September 18, 2015 has issued
best practice guidelines to be followed by AMCs for identification of beneficial ownership. A
‘Beneficial owner’ is defined as a natural person or persons who ultimately own, control or influence
a client and/or persons on whose behalf a transaction is being conducted, and includes a person
who exercise ultimate effective control over a legal person or arrangement. In this regard, all
categories of investors (including all new / existing investors / unitholders) (except individuals,
companies listed on a stock exchange or majority-owned subsidiary of such companies) are
mandatorily required to provide details about beneficial ownership for all investments. Failing which
the Fund reserves the right to reject applications/ subscription requests / additional subscription
requests (including switches) /restrict further investments or seek additional information from
investors who have not provided the requisite information on beneficial ownership. In the event of
change in beneficial ownership, investors are requested to immediately update the details with the
Fund/Registrar.

Subscriptions from U.S. Persons and Residents of Canada

Axis Mutual Fund restricts subscriptions from U.S. Persons (including NRIs and all persons residing in
U.S, U.S Corporations or other entities organised under the laws of U.S) and Residents of Canada in
the Schemes of Axis Mutual Fund.

U.S. Persons and Residents of Canada are requested to note the following:
a) No fresh purchases (including Systematic Investment Plans, Systematic Transfer Plans and IDCW
Transfer Plans)/additional purchases/switches in any Schemes of Axis Mutual Fund would be
allowed. However, existing Unit Holder(s) will be allowed to redeem their units from the Schemes
of Axis Mutual Fund;
b) If an existing Unit Holder(s) subsequently becomes a U.S. Person or Resident of Canada, then
such Unit Holder(s) will not be able to purchase any additional Units in any of the Schemes of
Axis Mutual Fund;
c) All existing registered Systematic Investment Plans, Systematic Transfer Plans and IDCW Transfer
Plans alongwith related mandates would cease from the effective date;
d) In case Axis Asset Management Company Ltd./Axis Mutual Fund subsequently identifies, that
the subscription amount has been received from U.S. Person(s) or Resident(s) of Canada, then
Axis Asset Management Company Ltd./ Axis Mutual Fund at its discretion shall redeem all the
units held by such person from the Scheme at applicable Net Asset Value.

However, transactions from U.S. Persons and Residents of Canada meeting following requirements
will be accepted:
a. subscriptions received by way of lump sum / switches /systematic transactions received from
Non-resident Indians (NRIs) / Persons of Indian origin (PIO) / Overseas Citizen of India (OCI) who
at the time of such investment, are present in India and
b. FPIs

These investors need to submit a physical transaction request along with such documents as may
be prescribed by the AMC/ the Trustee/ the Fund from time to time.
The AMC reserves the right to put the transaction requests on hold/reject the transaction
request/reverse allotted units, as the case may be, as and when identified by the AMC, which are
not in compliance with the terms and conditions notified in this regard.
The Trustee / the AMC /the Fund reserve the right to change/ modify the above provisions at a later
date.

80
Mode of Payment
Payment can be made by either through
• cheque;
• draft (i.e. demand draft or bank draft); or
• a payment instrument (such as pay order, banker's cheque, etc.)
• a payment mode as may be approved by the AMC from time to time.

I. Resident Investors
a) For Investors having a bank account with Axis Bank or such banks with whom the AMC would
have an arrangement from time to time:
Payment may be made for subscription to the Units of the Scheme either by issuing a cheque drawn
on such banks or by giving a debit mandate to their account with a branch of Axis Bank situated at
the same location as the ISC/ Official Point of acceptance or such other banks with whom the AMC
would have an arrangement from time to time.

b) For Investors not covered by (a) above:

Payment may be RTGS/NEFT or made by cheque or bank draft drawn on any bank, which is situated
at and is a member of the Bankers’ Clearing House, located at the place where the application is
submitted.

In addition to existing facility available for payments through Direct Debits/ / Standing Instructions
for investments in SIP, the unit holders can now also make payment of SIP instalments through NACH
facility. NACH is a centralized system, launched by National Payments Corporation of India (NPCI)
with an aim to consolidate multiple NACH mandates. This facility will enable the unit holders of the
Fund to make SIP investments through NACH by filling up the SIP Registration cum mandate form. A
Unique number will be allotted to every mandate registered under NACH called as Unique Mandate
Reference Number (“UMRN”) which can be used for SIP transactions. The NACH facility shall be
available subject to terms and conditions contained in the SIP registration Mandate Form and as
prescribed by NPCI from time to time.

No cash, money orders and postal orders will be accepted, however outstation cheques (i.e. if the
cheque is payable at a bank’s branch which does not participate in local clearing mechanism of
the city where the application is submitted) shall be accepted at the sole discretion of AMC.

The AMC will reimburse demand draft charges subject to maximum of Rs. 10,000/- per transaction
for purchase of units by investors residing at location where the ISC’s/Official Points of Acceptance
are not located as per the table below:
Amount of Investments Rate of Charge of Demand Drafts
Upto Rs 10,000 At actuals subject to a maximum of Rs 50
Above Rs 10,000 Re. 1 per Rs 1000
Maximum Charges Rs 10,000

The AMC reserves the right to refuse bearing of demand draft charges, in case of investments made
by the same applicant(s) through multiple applications at its own discretion which will be final and
binding on the investor. Investors residing at places other than where the ISC’s/Official Point of
Acceptance are located, are requested to make the payment by way of demand draft(s) after
deducting charges as per the rates indicated in the above table. The AMC reserves the right to insist
for the proof of demand draft charges. It may be noted that additional charges, if any, incurred by
the investor over and above the levels indicated above will not be borne by the AMC. No demand
draft charges will be borne by the AMC for the purchase of Units by investors residing at such
locations where the ISC’s / Official Points of Acceptance are located. Reimbursement of demand
draft charges will be applicable for all equity schemes and hybrid schemes. Further demand draft
charges will also be reimbursed for Axis Regular Saver Fund.

81
Investors may kindly note that DD charges will not be reimbursed for debt and liquid schemes of the
Mutual Fund. Applications accompanied by cheques/drafts not fulfilling the above criteria are
liable to be rejected.

II. Non Resident Indians (NRI)/Persons of Indian Origin (PIO), Foreign Portfolio Investment (FPI)
a) Repatriation Basis
In the case of NRIs including PIOs, payment may be made either by inward remittance through
normal banking channels or out of funds held in his Non - Resident (External) Rupee Account (NRE)
/ Foreign Currency (Non- Resident) Account (FCNR). In case Indian rupee drafts are purchased
abroad or from Foreign Currency Accounts or Non-resident Rupee Accounts an account debit
certificate from the Bank issuing the draft confirming the debit shall also be enclosed.

FPI shall pay their subscription either by inward remittance through normal banking channels or out
of funds held in Foreign Currency Account or Non- Resident Rupee Account maintained by the FPI
with a designated branch of an authorised dealer in accordance with the relevant exchange
management regulations.

b) Non-Repatriation Basis
In the case of NRIs/PIOs, payment may be made either by inward remittance through normal
banking channels or out of funds held in his NRE / FCNR / Non-Resident Ordinary Rupee Account
(NRO). In case Indian rupee drafts are purchased abroad or from Foreign Currency Accounts or
Non-resident Rupee Accounts an account debit certificate from the Bank issuing the draft
confirming the debit shall also be enclosed.

Application incomplete in any respect (other than mentioned above) will be liable to be rejected.
In order to protect investors from frauds, it is advised that the Application Form number / folio
number, scheme name and name of the first investor should be written overleaf the cheque / draft,
before they are handed over to any courier / messenger / distributor / ISC.

In order to protect investors from fraudulent encashment of cheques, Regulations require that
cheques for Redemption of Units specify the name of the Unit Holder and the bank name and
account number where payments are to be credited. Hence, all applicants for Purchase of Units
must provide a bank name, bank account number, branch address and account type in the
Application Form.

Returned cheque(s) are liable not to be presented again for collection, and the accompanying
Application Form is liable to be rejected. In case the returned cheque(s) are presented again, the
necessary charges may be debited to the Investor.

Application on behalf of minor accounts

• Minor shall be the first and the sole holder in an account. There shall not be any joint accounts
with minor as the first or joint holder.
• Guardian in the folio on behalf of the minor should either be a natural guardian (i.e. father or
mother) or a court appointed legal guardian, and should mandatorily submit requisite
documentation to the AMC evidencing the relationship/status of the guardian.
• Date of birth of the minor along with photocopies of the supporting documents (viz. birth
certificate, school leaving certificate/ Mark sheet issued by Higher Secondary Board of
respective states, ICSE, CBSE etc., or, passport or any other document evidencing the date of
birth of the minor) should be mandatorily provided while opening the account.

However, pursuant to SEBI circular SEBI/HO/IMD/DF3/CIR/P/201916624 Dt.24/12/2019 the following

process shall be applicable for Investments made in the name of a Minor through a Guardian -

I. Payment for investment by means of Cheque, Demand Draft or any

other mode shall be accepted from the bank account of the minor or

82
 from a joint account of the minor with the guardian only. For existing folios,
the AMCs shall insist upon a Change of Pay-out Bank mandate before redemption is
processed.
II. Upon the minor attaining the status of major, the minor in whose name the
investment was made, shall be required to provide all the KYC details,
updated bank account details including cancelled original cheque leaf of the new
account. No further transactions shall be allowed till the status of the minor is changed to
major.
III. In case of existing systematic transactions, system controls are built
at the account set up stage of Systematic Investment Plan (SIP), Systematic Transfer Plan
(STP) and Systematic Withdrawal Plan (SWP) on the basis of which, the standing
instruction is suspended when the minor attains majority, till the status is changed to
major.

Further AMFI vide best practice guidelines dated March 28, 2022 clarified that - Wherever the minor’s
PAN has been provided in the MF folio:
• Where Guardian in the folio is a natural guardian, TDS should be paid against / quoting the
PAN of Guardian.
• Where Guardian in the folio is a court appointed guardian (other than one of the parents),
TDS should be paid against / quoting the minor’s PAN
Change in guardian
In case of change in guardian, the new guardian must be a natural guardian (i.e. father or mother)
or a court appointed legal guardian and such guardian shall mandatorily submit prescribed
documentation to the AMC evidencing the relationship/status of the guardian, proof of KYC
compliance, attestation of signature of new guardian from the bank maintaining the minor’s
account where the new guardian is registered as the guardian, etc.

Application under Power of Attorney

An applicant wanting to transact through a power of attorney must lodge the photocopy of the
Power of Attorney (PoA) attested by a Notary Public or the original PoA (which will be returned after
verification) within 30 days of submitting the Application Form / Transaction Slip at a Designated
ISC’s/Official Point of acceptance or along with the application in case of application submitted
duly signed by POA holder. Applications are liable to be rejected if the power of attorney is not
submitted within the aforesaid period.

Application by a Non – individual investor

In case of an application by a company, body corporate, society, mutual fund, trust or any other
organisation not being an individual, a duly certified copy of the relevant resolution or document
along with the updated Specimen Signature list of Authorised Signatories must be lodged along with
the Application Form / Transaction Slip at a Designated ISC’s/Official Point of acceptance. Further,
the AMC may require that a copy of the incorporation deeds / constitutive documents (e.g.
Memorandum and Articles of Association) be also submitted to the ISC’s/Official Point of
acceptance.

Requests for redemption may not be processed if the necessary documents are not submitted.

Restriction on Acceptance of Third Party Payments for Subscription of Units

(a) When payment is made through instruments issued from an account other than that of the
beneficiary investor, the same is referred to as Third-Party payment. In case of payments from a
joint bank account, the first holder of the mutual fund folio has to be one of the joint holders of
the bank account from which payment is made.
(b) The Asset Management Company shall not accept subscriptions with Third-Party payments
except in the following exceptional situations:
1. Payment by Parents/Grand-Parents/related persons on behalf of a minor in consideration of
natural love and affection or as gift for a value not exceeding Rs.50,000/- (each regular

83
 purchase or per SIP installment). However, this restriction will not be applicable for payment
made by a guardian whose name is registered in the record of Mutual Fund in that folio.
2. Payment by Employer on behalf of employee under Systematic Investment Plans or lump
sum / one-time subscription through Payroll deductions or deduction out of expense
reimbursements.
3. Custodian on behalf of an Foreign Portfolio Investor (FPI) or a client.

Documents to be obtained for exceptional cases:

Investors submitting their applications through the above mentioned 'exceptional cases' are
required to comply with the following, without which applications for subscriptions for units will be
rejected / not processed / refunded.
i. Mandatory KYC for all investors (guardian in case of minor) and the person making the payment
i.e. third party. In order for an application to be considered as valid, investors and the person
making the payment should attach their valid KYC Acknowledgement Letter to the application
form.
ii. Submission of a separate, complete and valid 'Third Party Payment Declaration Form' from the
investors (guardian in case of minor) and the person making the payment i.e. third party. The
said Declaration Form shall, inter-alia, contain the details of the bank account from which the
payment is made and the relationship with the investor(s). Please contact the nearest OPA/ISC
of Axis Mutual Fund or visit our website www.axismf.com for the said Declaration Form.

Adoption of a safe mode of writing a cheque

In order to avoid fraud, the investors shall make the payment instrument (cheque, demand draft,
pay order, etc) favouring “XYZ Scheme A/c First Investor name” or “XYZ Scheme A/c Permanent
Account Number”.

Process to identify Third-Party payments:

The following process shall be followed for identifying Third-Party Cheques:
An investor at the time of his/her purchase must provide the details of his pay-in bank account (i.e.
account from which a subscription payment is made) and his pay-out bank account (i.e. account
into which redemption / IDCW proceeds are to be paid).

Identification of third party cheques by the AMC / Mutual Fund / Registrar & Transfer Agent (R&TA)
will be on the basis of either matching of pay-in bank account details with pay-out bank account
details or by matching the bank account number / name / signature of the first named applicant /
investor with the name / account number / signature available on the cheque. If the name is not
pre-printed on the cheque or signature on the cheque does not match, then the first named
applicant / investor should submit any one of the following documents:
i. a copy# of the bank passbook or a statement of bank account having the name and address
of the account holder and account number;
ii. a letter (in original) from the bank on its letterhead certifying that the investor maintains an
account with the bank, along with information like bank account number, bank branch,
account type, the MICR code of the branch & IFSC Code (where available).

In respect of (ii) above, it should be certified by the authorized signatory of the bank with his / her
full signature, name, employee code, bank seal and contact number.

# Investors should also bring the original documents along with the documents mentioned in (i)
above to the ISCs / Official Points of Acceptance of Axis Mutual Fund. The copy of such documents
will be verified with the original documents to the satisfaction of the AMC / Mutual Fund / R&TA. The
original documents will be returned across the counter to the investor after due verification.

Investors should note that where the bank account numbers have changed on account of the
implementation of core banking system at their banks, any related communication from the bank

84
towards a change in bank account number should accompany the application form for
subscription of units.
(a) If the subscription is settled with pre-funded instruments such as Pay Order, Demand Draft issued
against debit to investor’s bank account, Banker’s cheque, etc., the AMC will accept any one
of following as a valid supporting document:
1. a proof of debit to the investor’s bank account in the form of a bank manager's certificate
with details of account holder’s Name, bank account number and PAN as per bank records,
if available.
2. a copy of the acknowledgement from the bank, wherein the instructions to debit carry the
bank account details and name of the investor as an account holder are available.
3. a copy of the passbook/bank statement evidencing the debit for issuance of a DD
(b) A pre-funded instrument issued by the Bank against Cash shall not be accepted for investments
of Rs.50,000/- or more. This also should be accompanied by a certificate from the banker giving
name, bank account number, address and PAN (if available) of the person who has requested
for the demand draft.
(c) If payment is made by RTGS, NEFT, , bank transfer, etc., a copy of the instruction to the bank
stating the account number debited must accompany the purchase application.

The above broadly covers the various modes of payment for mutual fund subscriptions. The above
list is not a complete list and is only indicative in nature and not exhaustive. Any other method of
payment, as introduced by the Mutual Fund, will also be covered under these provisions.

In case the application for subscription does not comply with the above provisions, the AMC
/Trustee retains the sole and absolute discretion to reject / not process such application and refund
the subscription money and shall not be liable for any such rejection.

Mode of Holding
An application can be made by up to a maximum of three applicants. Applicants must specify the
'mode of holding' in the Application Form.

If an application is made by one Unit Holder only, then the mode of holding will be considered as
‘Single’. If an application is made by more than one investors, they have an option to specify the
mode of holding as either 'Jointly' or 'Anyone or Survivor'.

In either of the cases referred above i.e. application made by one investor/more than one investor,
the Fund shall not entertain requests for including any other person as a joint holder once the
application has been accepted.

If the mode of holding is specified as 'Jointly', all instructions to the Fund would have to be signed
by all the Unit Holders, jointly. The Fund will not be empowered to act on the instruction of any one
of the Unit Holders in such cases. If the mode of holding is specified as 'Anyone or Survivor', an
instruction signed by any one of the Unit Holders will be acted upon by the Fund. It will not be
necessary for all the Unit Holders to sign. If an application is made by more than one investor and
the mode of holding is not specified, the mode of holding would be treated as joint. The Fund will
not be empowered to act on the instruction of any one of the Unit Holders in such cases.

In all cases, all communication to Unit Holders (including account statements, statutory notices and
communication, etc.) will be addressed to the first-named Unit Holder. All payments, whether for
redemptions, IDCWs, etc will be made favouring the first-named Unit Holder. The first named Unit
Holder shall have the right to exercise the voting rights associated with such Units as per the
applicable guidelines.

Investors should carefully study the paragraphs on “Transfer and Transmission” and “Nomination
Facility” before ticking the relevant box pertaining to the mode of holding in the Application Form.

85
Option to hold Units in Dematerialized (demat) form
Investors shall have an option to receive allotment of Mutual Fund units in their demat account while
subscribing to the Units of the Scheme in terms of the guidelines/ procedural requirements as laid
by the Depositories (NSDL/CDSL) from time to time.

Investors desirous of having the Units of the Scheme in dematerialized form should contact the ISCs
of the AMC/Registrar.

Where units are held by investor in dematerialized form, the demat statement issued by the
Depository Participant would be deemed adequate compliance with the requirements in respect
of dispatch of statements of account.

In case investors desire to convert their existing physical units (represented by statement of account)
into dematerialized form or vice versa, the request for conversion of units held in physical form into
Demat (electronic) form or vice versa should be submitted along with a Demat/Remat Request
Form to their Depository Participants. In case the units are desired to be held by investor in
dematerialized form, the KYC performed by Depository Participant shall be considered compliance
of the applicable SEBI norms.

Units held in Demat form are freely transferable in accordance with the provisions of SEBI
(Depositories and Participants) Regulations, as may be amended from time to time. Transfer can be
made only in favour of transferees who are capable of holding units and having a Demat Account.
The delivery instructions for transfer of units will have to be lodged with the Depository Participant in
requisite form as may be required from time to time and transfer will be affected in accordance
with such rules / regulations as may be in force governing transfer of securities in dematerialized
mode.

For details, Investors may contact any of the Investor Service Centres of the AMC.

Account Statements
The Account Statement is non-transferable. Dispatch of account statements to NRIs/FPI will be
subject to applicable regulations, if required. In case of Unit holder who have provided their e-mail
address the Fund will provide the Account Statement only through e-mail message, subject to
Regulations and unless otherwise required. In cases where the email does not reach the Unit holder,
the Fund / its Registrar & Transfer Agents will not be responsible, but the Unit holder can request for
fresh statement. The Unit holder shall from time to time intimate the Fund / its Registrar & Transfer
Agent about any changes in his e-mail address. In case of Unit Holders holding units in the
dematerialized mode, the Fund will not send the account statement to the Unit Holders. The
statement provided by the Depository Participant will be equivalent to the account statement. The
Unit holder may request for a physical account statement by writing/calling the AMC/ISC/Registrar.
In case of specific request received from the Unit Holders, the AMC/Fund will provide the Account
Statement to the Investors within 5 business days from the receipt of such request.

Consolidated Account Statement

Consolidated is an account statement detailing all the transactions and holding at the end of the
month including transaction charges paid to the distributor, across all schemes of all mutual funds,
CAS issued to investors shall also provide the total purchase value/cost of investment in each
scheme.

Further, CAS issued for the half-year (September/ March) shall also provide
a. The amount of actual commission paid by AMC/Mutual Fund to distributors (in absolute terms)
during the half-year period against the concerned investor’s total investments in each scheme.
b. The scheme’s average Total Expense Ratio (in percentage terms) along with the break up
between Investment and Advisory fees, Commission paid to the distributor and Other expenses
for the period for each scheme’s applicable plan (regular or direct or both) where the

86
 concerned investor has actually invested in.

Further, whenever distributable surplus is distributed, a clear segregation between income

distribution (appreciation on NAV) and capital distribution (Equalization Reserve) shall be suitably
disclosed in the CAS.

The word transaction will include purchase, redemption, switch, IDCW payout, IDCW reinvestment,
systematic investment plan, systematic withdrawal plan and systematic transfer plan.

a) For Unitholders not holding Demat Account:

CAS for each calendar month shall be issued, on or before 15th day of succeeding month by the
AMC.

The AMC shall ensure that a CAS for every half yearly (September/ March) is issued, on or before
21st 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.

The AMC shall identify common investors across fund houses by their Permanent Account Number
(PAN) for the purposes of sending CAS. In the event the account has more than one registered
holder, the first named Unit Holder shall receive the Account Statement.

The AMC will send statement of accounts by e-mail where the Investor has provided the e-mail id.
Additionally, the AMC may at its discretion send Account Statements individually to the investors.

b) For Unitholders holding Demat Account:

SEBI vide its circular no. CIR/MRD/DP/31/2014 dated November 12, 2014 read with other applicable
circulars issued by SEBI from time to time, in order to enable a single consolidated view of all the
investments of an investor in Mutual Fund and securities held in demat form with Depositories, has
required Depositories to generate and dispatch a single CAS for investors having mutual fund
investments and holding demat accounts.

In view of the aforesaid requirement, for investors who hold demat account, for transactions in the
schemes of Axis Mutual Fund, a CAS, based on PAN of the holders, will be sent by Depositories to
investors holding demat account, for each calendar month within 15th day of the succeeding
month to the investors in whose folios transactions have taken place during that month.

CAS will be sent by Depositories every half yearly (September/March), on or before 21st 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.

CAS sent by Depositories is a statement containing details relating to all financial transactions made
by an investor across all mutual funds viz. purchase, redemption, switch, IDCW payout, IDCW
reinvestment, systematic investment plan, systematic withdrawal plan, systematic transfer plan
(including transaction charges paid to the distributor) and transaction in dematerialized securities
across demat accounts of the investors and holding at the end of the month.

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.

Consolidation of account statement is done on the basis of PAN. Investors are therefore requested
to ensure that their folio(s)/demat account(s) are updated with PAN. In case of multiple holding, it
shall be PAN of the first holder and pattern of holding.

87
For Unit Holders who have provided an e-mail address to the Mutual Fund or in KYC records, the
CAS is sent by e-mail. However, where an investor does not wish to receive CAS through email,
option is 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 continue to receive Consolidated Account Statement sent by RTA/AMC, based on
the PAN, covering transactions across all mutual funds as per the current practice.

In case an investor has multiple accounts across two depositories; the depository with whom the
account has been opened earlier will be the default depository.

The dispatch of CAS by the depositories constitute compliance by the AMC/ the Fund with the
requirement under Regulation 36(4) of SEBI (Mutual Funds) Regulations. However, the AMC reserves
the right to furnish the account statement in addition to the CAS, if deemed fit in the interest of
investor(s).

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 folios not included in the CAS (due to non-availability of PAN), the AMC shall issue monthly
account statement to such Unit holder(s), for any financial transaction undertaken during the month
on or before 15th of succeeding month by mail or email.

For folios not eligible to receive CAS (due to non-availability of PAN), the AMC shall issue an account
statement detailing holding across all schemes at the end of every six months (i.e.
September/March), on or before 21st day of succeeding month, to all such Unit holders in whose
folios no transaction has taken place during that period shall be sent by
mail/e-mail.

Additional facilities for Subscription/Redemption/Switch of Units

Transactions through Electronic Mode
The Mutual Fund may allow subscriptions of Units by electronic mode including through the various
web sites with which the AMC would have an arrangement from time to time.

Subject to the investor fulfilling certain terms and conditions as stipulated by AMC from time to time,
the AMC, Mutual Fund, Registrar or any other agent or representative of the AMC, Mutual Fund, the
Registrar may accept transactions through any electronic mode including through fax/web/ phone
transactions as permitted by SEBI or other regulatory authorities.

For details investors are advised to refer to the SID of the respective Scheme(s) of the Mutual Fund.

Online Transactions
Investors can avail of the online facility which enables them to transact online on www.axismf.com.
For details and applicable terms and conditions for such transactions investors are advised to refer
to ‘SID’ of the respective Scheme(s) of the Mutual Fund and the website of the Asset Management
Company i.e. www.axismf.com.

Online Schedule Transaction Facility (‘the OST facility’):

The OST facility shall enable Unitholders to schedule subscription / redemption / switch transaction(s)
on specified date for specified amount/ units by giving online instruction. For details investors are
advised to refer to the SID of the respective Scheme(s) of the Mutual Fund.
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Transactions through Whatsapp
Investors can avail this facility by initiating message / request through WhatsApp to “+91-
7506771113” through their registered mobile number. The investor transaction / service requests will
be enabled after appropriate verification of the investor.

The transactions / services through this facility shall be subject to such limits, operating guidelines
and terms & conditions as may be prescribed by Axis MF from time to time.

Online modes (including WhatsApp Facility) and other various digital platforms offered by Axis
Mutual Fund shall be treated as Official Point of Acceptance. Please note the uniform cut - off timing
as prescribed by SEBI from time to time and mentioned in the SID and KIM of the Fund shall be
applicable for transactions received through these platforms.

Additional mode of payment through Applications Supported by Blocked Amount (ASBA) facility:
Pursuant to SEBI Circular No. SEBI/IMD/CIR No 18 /198647 /2010 dated March 15, 2010, an investor
can subscribe to the New Fund Offer (NFO) through ASBA facility by applying for the Units offered
under the Option(s)/Plan(s) of the Scheme(s) in the ASBA Application Form and following the
procedure as prescribed in the form. ASBA is an application containing an authorization given by
the Investor to block the application money in his specified bank account towards the subscription
of Units offered during the NFO of the Scheme of Axis Mutual Fund. Thus, for an investor who applies
through ASBA facility, the application money towards the subscription of Units shall be debited from
his specified bank account only if his/her application is selected for allotment of Units.

Benefits of Applying through ASBA facility

(i) Writing cheques and demand drafts is not required, as investor needs to submit ASBA
application Form accompanying an authorization to block the account to the extent of
application money towards subscription of Units. The balance money, if any, in the account
can be used for other purposes by the investors.
(ii) Release/Unblocking of blocked funds after allotment is done instantaneously.
(iii) Unlike other modes of payment, ASBA facility prevents the loss of interest income on the
application money towards subscription of Units as it remains in the bank account of the
investor till the allotment is made.
(iv) Refunds of money to the investors do not arise as the application money towards subscription
of Units gets blocked only on the allotment of Units.
(v) The investor deals with the known intermediary i.e. his/her own bank.
(vi) The application form is simpler as the application form for ASBA will be different from the NFO
application form.

ASBA Procedure
(a) An Investor intending to subscribe to the Units of the NFO through ASBA, shall submit a duly
completed ASBA Application Form to a Self Certified Syndicate Bank (SCSB), with whom his/her
bank account is maintained.
(b) The ASBA Application Form towards the subscription of Units can be submitted through one of
the following modes
i. Submit the form physically with the Designated Branches (DBs) of the SCSB (“Physical ASBA”);
or
ii. Submit the form electronically through the internet banking facility offered by the SCSB
(“Electronic ASBA”).
(c) An acknowledgement will be given by the SCSB in the form of the counter foil or specifying the
application number for reference. Such acknowledgement does not guarantee, in any manner
that the investors will be allotted the Units applied for.
(d) If the bank account specified in the ASBA Application Form does not have sufficient credit
balance to meet the application money towards the subscription of Units, the Bank shall reject
the ASBA Application form.

89
(e) On acceptance of Physical or Electronic ASBA, the SCSB shall block funds available in the bank
account specified to the extent of the application money specified in the ASBA Application
Form.
(f) The application money towards the Subscription of Units shall be blocked in the account until (i)
Allotment of Units is made or (ii) Rejection of the application or (iii) Winding up of the Scheme,
as the case may be.
(g) SCSBs shall unblock the bank accounts for (i) Transfer of requisite money to the Mutual Fund /
Scheme bank account against each valid application on allotment or (ii) in case the
application is rejected.
(h) The list of SCSBs and their DBs where ASBA application form can be submitted is available on the
websites of BSE (www.bseindia.com), NSE (www.nseindia.com) and SEBI (www.sebi.gov.in) and
shall also be given in the ASBA application form of respective schemes.

Note: No request for withdrawal of ASBA application form made during the NFO Period will be
allowed.

Grounds for Technical Rejections of ASBA application forms

ASBA Application Forms can be rejected, at the discretion of Registrar and Transfer Agent of Axis
Mutual Fund or SCSBs including but not limited on the following grounds-:
1. Applications by persons not competent to contract under the Indian Contract Act, 1872,
including but not limited to minors, insane persons etc.
2. Mode of ASBA i.e. either Physical ASBA or Electronic ASBA, not selected or ticked.
3. ASBA Application Form without the stamp of the SCSB.
4. Application by any person outside India if not in compliance with applicable foreign and Indian
laws.
5. Bank account details not given/incorrect details given.
6. Duly certified Power of Attorney, if applicable, not submitted alongwith the ASBA application
form.
7. No corresponding records available with the Depositories matching the parameters namely (a)
Names of the ASBA applicants (including the order of names of joint holders) (b) DP ID (c)
Beneficiary account number or any other relevant details pertaining to the Depository Account.

Mechanism for Redressal of Investor Grievances

All grievances relating to the ASBA facility may be addressed to the respective SCSBs, giving full
details such as name, address of the applicant, number of Units applied for, counterfoil or the
application reference given by the SCSBs, DBs or CBs, amount paid on application and the
Designated Branch or the collection centre of the SCSB where the Application Form was submitted
by the ASBA Investor. If the SCSB is unable to resolve the grievance, it shall be addressed to Investor
Relations Officer of Axis Mutual Fund

Additional official points of acceptance of transactions through MF Utility pursuant to appointment

of MF Utilities India Pvt. Ltd.
Axis Asset Management Company Limited (“the AMC”) has entered into an Agreement with MF
Utilities India Private Limited (“MFUI”), a “Category II – Registrar to an Issue” under SEBI (Registrars to
an Issue and Share Transfer Agents) Regulations, 1993, for usage of MF Utility (“MFU”) - a shared
services initiative of various Asset Management Companies, which acts as a transaction
aggregation portal for transacting in multiple Schemes of various Mutual Funds with a single form
and a single payment instrument.

Accordingly, investors are requested to note that in addition to the existing official points of
acceptance (“OPA”) for accepting transactions in the units of the schemes of the Axis Mutual Fund
as disclosed in the SID, www.mfuonline.com i.e. online transaction portal of MFU and the authorized
Points of Service (“POS”) designated by MUFI shall also be the OPA with effect from the dates as
may be specified by MFUI on its website/AMC by issuance of necessary communication.

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All financial and non-financial transactions pertaining to Schemes of Axis Mutual Fund can be done
through MFU either electronically on www.mfuonline.com as and when such a facility is made
available by MFUI or physically through the POS of MFUI with effect from the respective dates as
published on MFUI website against the respective POS locations. The list of POS of MFUI is published
on the website of MFUI at www.mfuindia.com. This will be updated from time to time.

The uniform cut-off time as prescribed SEBI (Mutual Funds) Regulations 1996, circulars issued by SEBI
and as mentioned in the SID / KIM of respective schemes shall be applicable for applications
received on the portal of MFUI i.e. www.mfuonline.com. However, investors should note that
transactions on the MFUI portal shall be subject to the terms & conditions (including those relating
to eligibility of investors) as stipulated by MFUI / Axis Mutual Fund / the AMC from time to time and
in accordance to the laws applicable.

Further, MFUI will allot a Common Account Number (“CAN”), a single reference number for all
investments in the Mutual Fund industry, for transacting in multiple Schemes of various Mutual Funds
through MFU and to map existing folios, if any. Investors can create a CAN by submitting the CAN
Registration Form (CRF) and necessary documents at the MFUI POS. The AMC and / or its Registrar
and Transfer Agent (RTA) shall provide necessary details to MFUI as may be needed for providing
the required services to investors / distributors through MFU. Investors are requested to visit the
websites of MFUI or the Axis Mutual Fund i.e. axismf.com to download the relevant forms.

For any queries or clarifications related to MFU, please contact the Customer Care of MFUI on 1800-
266-1415 (during the business hours on all days except Sunday and Public Holidays) or send an email
to clientservices@mfuindia.com.

• RIGHTS OF UNITHOLDERS OF THE SCHEME

1. Unit holders of the Scheme have a proportionate right in the beneficial ownership of the assets
of the Scheme.
2. When the Mutual Fund declares a IDCW under the Scheme, the IDCW warrants shall be
dispatched within 15 days of the record date. The unitholders whose application for subscription
has been accepted by the Fund, a consolidated account statement (CAS) for each calendar
month, detailing:

a. all the transactions carried out by the unitholders across all Schemes of all mutual funds
during the month and
b. holding at the end of the month including transaction charges if any, paid to the distributor,
shall be sent to the unitholder(s) by email on or before 15th of the succeeding month. For folios
not included in the CAS (due to non-availability of PAN), the AMC shall issue monthly account
statement to such Unit holder(s), for any financial transaction undertaken during the month on
or before 15th of succeeding month by mail or email.

3. The Mutual Fund shall dispatch Redemption proceeds within 10 Business Days of receiving the
Redemption request.
4. The Trustee is bound to make such disclosures to the Unit holders as are essential in order to keep
the unitholders informed about any information known to the Trustee which may have a material
adverse bearing on their investments.
5. The appointment of the AMC for the Mutual Fund can be terminated by majority of the Directors
of the Trustee Company or by 75% of the Unit holders of the Scheme.
6. 75% of the Unit holders of a Scheme can pass a resolution to wind- up a Scheme.
7. The Trustee shall obtain the consent of the Unit holders:
- whenever required to do so by SEBI, in the interest of the Unit holders.
- whenever required to do so if a requisition is made by three- fourths of the Unit holders of the
Scheme.
- when the Trustee decides to wind up the Scheme or prematurely redeem the Units.

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8. The Trustee shall ensure that no change in the fundamental attributes of any Scheme or the trust
or fees and expenses payable or any other change which would modify the Scheme and
affects the interest of Unit holders, shall be carried out unless:
(i) An application has been made with SEBI and views/comments of SEBI are sought on the
proposal for fundamental attribute changes;
(ii) an addendum to the existing SID shall be issued and displayed on AMC website;
(iii) a written communication about the proposed change is sent to each Unit holder and an
advertisement is given in one English daily newspaper having nationwide circulation as well
as in a newspaper published in the language of the region where the Head Office of the
Mutual Fund is situated;
(iv) the Unit holders are given an option to exit at the prevailing Net Asset Value without any Exit
Load; and
v) SID shall be revised and updated immediately after completion of duration of the exit
option (not less than 30 days from date of notice);In specific circumstances, where the
approval of unit holders is sought on any matter, the same shall be obtained by way of a
postal ballot or such other means as may be approved by SEBI.

III. INVESTMENT VALUATION NORMS FOR SECURITIES AND OTHER ASSETS

SECTION I

VALUATION NORMS FOR EQUITY/EQUITY RELATED SECURITIES

A. TRADED SECURITIES

1. EQUITY AND EQUITY RELATED SECURITIES:

SEBI Regulations has prescribed following methodology for valuation of Equity and Equity related
securities:

Traded Securities are to be valued at the last quoted closing price on the selected Stock Exchange.
Where security is not traded on the selected stock exchange, the last quoted closing price of
another Stock Exchange may be used. If a security is not traded on any stock exchange on a
particular valuation day, the value at which it was traded on the selected stock exchange or any
other stock exchange, as the case may be, on the earliest previous day may be used, provided
such date is not more than thirty days prior to valuation date.

(Ref: SEBI (Mutual Fund) Regulations, 1996 Schedule VII and amendments through SEBI Circular No.
MFD/CIR No.14/442/2002 dated February 20, 2002.)

 The steps involved in valuation of traded securities are:

(i) Selection of principal stock exchange (i.e. appropriate Stock Exchange) (as per offer
document) by Asset Management Company (AMC) and valuing the security at the closing
price on the date of valuation.
(ii) Valuing security at the closing price of another Stock Exchange, if it is not traded on the
valuation date on the Stock Exchange as selected at (i) above.
(iii) Valuing security at the earliest previous day’s quotes of selected stock exchange or any other
stock exchange as the case may be (being not more than thirty days prior to valuation date).

Clearly, for reasons of speed and regular flow of data in electronic form, our choice of stock
exchange for trading is limited to the two premier exchanges of India - the Bombay Stock Exchange
(BSE) and the National Stock Exchange (NSE). Both these exchanges have electronic trading,

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greater transparency, quicker and more efficient settlements, which enable better cash
management, and are popular with other major institutions.

 Process followed for valuation of traded equity and equity related securities by Axis MF would
be as follows:

(i) For valuation purposes NSE has been selected as principal stock exchange for equity and
equity related securities held by all the schemes.
(ii) Wherever equity and equity related securities are not listed on NSE or are not traded on a
certain day at NSE, the closing price at BSE should be considered, followed by any other
regional exchanges.
(iii) In case of securities which have been allotted under preferential / private allotment and are
not listed or traded on both the stock exchanges, the scrip is valued at last quoted price on
the Stock Exchange where it was traded (provided the last quoted price is not more than
thirty days prior to the valuation date.)
(iv) To summarise, if a security is not traded on NSE on a particular valuation day, the value at
which it was traded on BSE, on the earliest previous day is used, provided such day is not more
than thirty days prior to the valuation date.
(v) Normal Preference shares and Cumulative Convertible Preference shares (CCPS) shall be
valued at traded price (as mentioned in above Para). In case the same are not traded for
more than 30 days, the same shall be valued in good faith (after obtaining valuation
committee’s approval) by AMC depending on the type of preference share. Appropriate
Illiquidity discount shall be given by AMC.
(vi) If the equity securities are not traded on any stock exchange for a period of thirty days prior
to the valuation date, the scrip must be treated as ‘non-traded' scrip and should be valued
as non-traded security as per the norms given separately by us in Equity Section-Non-Traded
and also in case of equity securities not listed on any stock exchange, the scrip is to be valued
as per the norms given separately in Equity Section-Non Traded.

a. Selection of stock exchange for valuation:

Board of AMC for all its equity and equity related securities would select NSE/BSE as appropriate
stock exchange for the valuation of securities.
Appropriate stock exchange that would be considered for valuation is also specified in the scheme
offer document.

b. Change in the selected Stock Exchange:

In case selected stock exchange for valuation of any or all securities is to be changed, reasons for
change have to be recorded in writing by the valuation committee and approved by the Board of
AMC.

2. VALUATION OF FOREIGN SECURITIES, MUTUAL FUND UNITS and ADR/GDR:

a. Selection of Exchange

Exchange to be considered for valuation of foreign securities and ADRs/GDRs is to be approved by

the Valuation Committee. Any subsequent change in the reference stock exchange used for
valuation will be necessarily backed by reasons for such change being recorded in writing and
placed in the Valuation Committee. If a security is listed in multiple exchanges in the same domicile
and for any reason a quote/closing price is not available from the primary exchange, a suitable
pre-approved exchange where the security is also listed can be used for valuation purposes.

b. Valuations of Foreign Securities and ADR/GDR

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Foreign securities shall be valued based on the last closing prices at the Overseas Stock Exchange
on which the respective securities are listed. If the security is listed in a time zone ahead of ours than
the same day’s closing price (obtained at 5pm IST) would be used for Valuation. If the security is
listed in the time zone behind ours then the previous day’s closing price (obtained at 5pm IST) would
be used for valuation. When on a particular valuation day, a security has not been traded on the
selected stock exchange; the value at which it is traded on another pre-approved stock exchange
will be used.
If a security such as ADR/GDR, etc. are traded in OTC (Over the Counter) market, in such cases
closing price (source: Reuters/Bloomberg) in OTC market will be considered for valuation.

When on a particular valuation day, a security has not been traded across pre-approved
exchanges or counters as applicable, the last available closing price shall be used, provided such
date is not more than thirty days prior to the valuation date. If the same is not available, fair value
pricing will be used.

In case of exceptional events in the overseas markets post the closure of the relevant markets, the
AMC shall have the right to value the security at a suitable fair value.

The fair value will be decided by the valuation committee on a case to case basis and the reason
for deviations will be documented. Valuation committee shall decide the appropriate discount for
illiquidity.

c. International Mutual Funds

International Mutual fund units would be valued at their latest available NAV as on the valuation
date and cut-off time.

d. Converting the price in Indian Rupees (INR)

On the valuation day, all the assets and liabilities denominated in foreign currency will be valued in
Indian Rupees. The valuation price of the security will be converted to INR based on FBIL/any other
designated agency, reference rate at the close of banking hours in India. If required, the AMC may
change the source of determining the exchange rate.

3. DERIVATIVES - EQUITY / INDEX OPTIONS AND FUTURES:

 Equity / Index Options:

(i) Market values of traded option contracts shall be determined with respect to the exchange
on which it is contracted originally, i.e., if an option contracted on the NSE would be valued
at the closing price on the NSE. The price of the same option series on the BSE cannot be
considered for the purpose of valuation, unless the option itself has been contracted on the
BSE.

(ii) The Exchanges give daily settlement prices in respect of all derivatives positions. These
settlements prices would be adopted for valuing the positions, which are not traded.

 Equity / Index Futures:

(i) Market values of traded futures contracts shall be determined with respect to the exchange
on which contracted originally, i.e., if futures position contracted on the NSE would be
valued at the closing price on the NSE. The price of the same futures contract on the BSE
cannot be considered for the purpose of valuation, unless the futures contract itself has been
contracted on the BSE.

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 (ii) The Exchanges give daily settlement prices in respect of all derivatives positions. These
settlements prices would be adopted for valuing the positions, which are not traded.

B. NON-TRADED / THINLY TRADED SECURITIES

If the equity securities are not traded on any stock exchange for a period of thirty days prior to
the valuation date, the scrip must be treated as `non-traded' scrip.

Basic Conditions of valuation of Non-traded / Thinly traded Securities:

The Regulations prescribe following conditions for valuation of non-traded securities:

i) Non-traded securities shall be valued in `good faith’ on the basis of the valuation principles
laid down by SEBI.
ii) The basis should be appropriate valuation methods on the principles approved by Board of
AMC.
iii) Such basis should be documented in Board minutes
iv) Methods used to arrive at good faith valuation should be periodically reviewed by the
Trustees.
v) Methods used to arrive at good faith valuation should be such that the auditor’s report the
same as `fair and reasonable’ in their report on the annual accounts.
vi) Same price needs to considered for the particular security across the schemes
vii) Valuation needs to be done on trade date itself and not on settlement date

1. APPLICATION MONEY FOR PRIMARY MARKET ISSUE:

Application money should be valued at cost up to 30 days from the closure of the issue or
traded price whichever is earlier. If the security is not allotted / traded within 30 days from
the closure of the issue, application money is to be valued as per the directives of valuation
committee, which shall be ratified in the next board meeting. Rationale of valuing such
application money should also be recorded.

2. NON-TRADED / THINLY TRADED EQUITY:

Thinly traded equity/ equity related security is defined in SEBI (Mutual Fund) Regulations as
follows:
When trading in an equity/equity related security (such as convertible debentures, equity
warrants, etc.) in a month is both less than Rs. 5 lacs and the total volume is less than 50,000
shares, it shall be considered as thinly traded security and valued accordingly. Ref: SEBI
Circular No. MFD/CIR/14 /088 / 2001 dated March 28, 2001.
It is evident that any security to qualify as thinly traded security it should satisfy both the
aforesaid conditions.

 Process to be followed for determining whether security is thinly traded

- In order to determine whether a security is thinly traded or not, the volumes traded in
Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) for the last month
are considered.
- On the last day of the month service vendor viz. Bilav software Pvt. Ltd. send soft copy
containing scrip-wise volume on BSE and NSE. This data is used to determine whether
any of the equity security held in the portfolio is thinly traded.

 As per SEBI Circular No. MFD/CIR/ 8 / 92 / 2000 dated September 18, 2000 non-traded / thinly
traded equity is to be valued as follows:
Based on the latest available Balance Sheet, net worth shall be calculated as follows:
i. Net Worth per share = [share capital+ reserves (excluding revaluation reserves) –
misc. expenditure and debit balance in P&L A/c] divided by No. of Paid up Shares.

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 ii. Average capitalisation rate (P/E ratio) for the industry based upon either BSE or NSE data
(which should be followed consistently and changes, if any noted with proper justification
thereof) shall be taken and discounted by 75% i.e. only 25% of the Industry average P/E shall
be taken as capitalisation rate (P/E ratio). Earnings per share (EPS) of the latest audited
annual accounts will be considered for this purpose.
iii. The value as per the net worth value per share and the capital earning value calculated as
above shall be averaged and further discounted by 10% for ill-liquidity so as to arrive at the
fair value per share.
iv. In case the EPS is negative, EPS value for that year shall be taken as zero for arriving at
capitalised earning.
v. In case where the latest balance sheet of the company is not available within nine months
from the close of the year, unless the accounting year is changed, the shares of such
companies shall be valued at zero.
vi. In case an individual security accounts for more than 5% of the total assets of the scheme,
an independent valuer shall be appointed for the valuation of the said security.

 In line with these guidelines issued by SEBI, non-traded / thinly traded securities should be
valued as follows:
i. Net worth per share is computed as follows:
a. Net worth of the company = Paid up share capital + Reserves other than Revaluation
reserve - miscellaneous expenditure, debit balance in Profit and Loss account and certain
contingent liabilities.
b. Net worth per share = (Net worth of the company / Number of paid up shares).

ii. Computation of capitalised value of earning per share (EPS):

a. Determination of the Industry Price Earning Ratio (P/E) to which the company belongs.
 Classification of industries provided by AMFI should be adopted.
 Presently Industry P/E Ratio used is provided by NSE on a monthly basis. However,
the P/E ratio data if not available from BSE/NSE, P/E provided by the Capital Market,
Prowess (CMIE), Bloomberg etc. should be taken.
b. Compute EPS from the latest audited annual accounts. In case the EPS is negative, EPS
value shall be considered as zero
c. Compute capitalised value of EPS at 75% discount
(P/E*0.25) * EPS

iii. Computation of fair value per share to be considered for valuation at 10 % discount for
illiquidity.
[(Net worth per share + Capitalised value of EPS) / 2] * 0.90

iv. In case the latest balance sheet i.e. balance sheet prepared within nine months from the
close of the accounting year of the company, is not available (unless the accounting year
is changed) the shares should be valued as zero.

v. Axis Mutual Fund would value such security at market price or fair value as computed above,
whichever is less.

vi. In case an individual non traded / thinly traded security as valued aforesaid, accounts for
more than 5% of the total asset of the scheme, AMC should appoint an independent valuer.
The security shall be valued on the basis of the valuation report of the valuer.

vii. To determine if the security is more than 5% of the total assets of the scheme, security value
based on the procedure mentioned above should be compared with total net assets of the
scheme on the date of valuation.

3. VALUATION OF UNLISTED EQUITY:

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 SEBI Circular No. MFD/CIR/03/526/2002 dated May 9, 2002 has prescribed the method of
valuation for unlisted equity securities. These guidelines are similar to the guidelines issued by
SEBI for non traded / thinly traded securities mentioned above only except the following:

 Computation of Net worth per share as lower of (i) and (ii):

i.
a. Net worth of the company = Paid up share capital + Reserves other than Revaluation
reserve - Miscellaneous expenditure not written off or deferred revenue expenditure,
intangible assets and accumulated losses.
b. Net worth per share = (Net worth of the company / Number of paid up shares).

ii.
a. Net worth of the company = Paid up capital + Consideration on exercise of
Option/Warrants received/receivable by the company + free reserves other than
Revaluation reserve – Miscellaneous expenditure not written off or deferred revenue
expenditure, intangible assets and accumulated losses.
b. Net worth per share = (Net worth of the company/{Number of paid-up shares + number
of shares that would be obtained on conversion/exercise of outstanding warrants and
options}).If the net worth of the company is negative, the share should be marked down
to Zero.

 Computation of fair value per share to be considered for valuation at 15 % discount for
illiquidity.
[(Net worth per share + Capitalised value of EPS) / 2] * 0.85

 In case the latest balance sheet i.e. balance sheet prepared within nine months from
the close of the accounting year of the company, is not available (unless the
accounting year is changed) the shares should be valued as zero.

 At the discretion of the AMC/valuation committee and with the approval of the trustees,
unlisted equity scrip may be valued at a price lower than the value derived using the
aforesaid methodology.

4. VALUATION OF SUSPENDED SECURITY:

 In case trading in an equity security is suspended for trading on the stock exchange, the
last traded price would be considered for valuation of that security upto 30 days.

 If an equity security remains suspended for trading on the stock exchange for more than
30 days, then it would be considered as non traded and valued accordingly.

5. VALUATION OF NON-TRADED RIGHTS ENTITLEMENTS:

 As per Schedule VIII of SEBI (Mutual Fund) Regulations

i. When Company announces rights to the existing equity shareholders, under its Listing
Agreement with Stock Exchange; it has to declare ex-right date for the purpose of trading
on the Stock Exchange. Ex-right date is a date from which the underlying shares, which are
traded on the Stock Exchange, will not be entitled to the rights. These rights entitlements can
also be renounced in favour of a willing buyer. These renunciations are in some cases traded
on the Stock Exchange. In such case these should be valued as traded equity related
securities.

ii. Till the rights are subscribed, the entitlements as per Regulations have to be valued as under:

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 Valuation of non-traded rights entitlement is principally the difference between the right
price and ex-right price. SEBI Regulations have explained this with the help of following
formula:
Vr = n / m x (Pex – Pof) Where
Vr = Value of Rights
n = Number of rights offered
m = Number of original shares held
Pex = Ex-right price
Pof = Rights offer price

iii. The following issues while valuing the rights entitlements have to be addressed:

i) In case original shares on which the right entitlement accrues are not traded on the Stock
Exchange on an ex-right basis, right entitlement should not be recognised as investments.
ii) When rights are not treated pari passu with the existing shares such as, restrictions with
regard to dividend etc., suitable adjustment should be made by way of a discount to the
value of rights at the last dividend announced rate.
iii) Where right entitlements are not subscribed to but are to be renounced, and where
renouncements are being traded, the right entitlements have to be valued at traded
renunciation value.

iv. Where right entitlements are not traded and it was decided not to subscribe the rights, the
right entitlements have to be valued at zero.

v. In case the Rights Offer Price is greater than the ex-rights price, the value of the rights share
is to be taken as zero.

 Valuation procedure adopted by the Axis AMC:

Until the right entitlements are traded, the value of the “rights” shares should be calculated
as:

Value of rights entitlement = Ex-right price – Rights offer price

6. VALUATION OF NON -TRADED WARRANTS:

 As per Eighth Schedule to SEBI (Mutual Fund) Regulations

 Warrants are the entitlements to subscribe for the shares at a predetermined price at a
later date in future.
 In respect of warrants to subscribe for shares attached to instruments, the warrants can
be valued at underlying equity price as reduced by the amount which would be payable
on exercise of the warrant. An appropriate discount must be deducted to account for
the period which must elapse before the warrant can be exercised.

 Valuation procedure adopted by the Axis AMC

Value of Warrant = [Value of underlying shares - exercise price]

i. An appropriate discounting factor shall be decided by the valuation committee on case to

case basis.
ii. If the amount payable on exercise of the warrants is higher than the value of the share, the
value of the warrants should be taken as zero.

7. VALUATION OF NON-TRADED PREFERENCE SHARES:

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 SEBI has not prescribed any methodology for valuation of preference shares. Non traded
preference shares shall be valued in good faith depending upon the type of the preference
Share and after considering illiquidity discount, if any.
Valuation of non-traded preference shares would depend on the terms of issue of
preference shares. i.e. convertible/non-convertible.

 Convertible preference shares should be valued like convertible debentures

 Non-convertible preference shares should be valued like Non-convertible debentures.

8. VALUATION OF SHARES ON DE-MERGER:

On de-merger valuation shall be carried out based on the following possibilities:

 Both the shares are traded immediately on de-merger: In this case both the shares are
valued at respective traded prices.

 Shares of only one company continued to be traded on de-merger: Traded shares is to

be valued at traded price and the other security is to be valued at traded value on the
day before the de merger less value of the traded security post de merger or AMC shall
provide the fair valuation for the same. In case value of the share of de merged company
is equal or in excess of the value of the pre de merger share, then the non-traded share
is to be valued at zero.

In case shares of other company are not traded for more than 30 days, these are to be
valued as unlisted security or AMC shall provide the fair valuation for the same.

 Both the shares are not traded on de-merger: Shares of de-merged companies are to be
valued equal to the pre de merger value up to a period of 30 days from the date of de
merger. The market price of the shares of the de-merged company one day prior to ex-
date can be bifurcated over the de-merged shares. The market value of the shares can
be bifurcated in the ratio of cost of shares.

In case shares of both the companies are not traded for more than 30 days, these are to be
valued as unlisted security or AMC shall provide the fair valuation for the same.

9. VALUATION OF PARTLY PAID-UP EQUITY SHARES:

Partly paid-up equity shares shall be valued at Underlying Equity price as reduced by the
balance call money payable.

10. VALUATION OF INFRASTRUCTURE INVESTMENT TRUST (InvIT) AND REAL ESTATE INVESTMENT
(REIT):

• Units of InvIt and REIT are to be valued at the last quoted closing price on the principal
stock exchange (i.e. NSE). If no trade is reported on the principal stock exchange on a
particular valuation date, it shall be valued at the last quoted closing price on other
recognized stock exchange.
• If units of InvIT and REIT are not traded on any stock exchange on a particular valuation
day, the value at which it was traded on the selected stock exchange or any other stock
exchange, as the case may be, on any day immediately prior to valuation day, shall be
considered for valuation provided that such date is not more than thirty days prior to the
valuation date.

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 • If units of InvIT and REIT are not traded on any stock exchange for a continuous period of
30 days than the valuation will be determined by the Valuation Committee based on the
principles of fair valuation.

11. VALUATION POLICY – TO BE LISTED EQUITY SHARES AND EQUITY RELATED INSTRUMENTS (PRE-
PUBLIC OFFERING): -

• Valuation will be at cost till date of IPO or 60 days – whichever is earlier

• If such shares do not get listed on recognised stock exchange within 60 days, shares will be
valued as per methodology given below.

a. Based on the latest available audited balance sheet, Net Worth shall be calculated as the
lower of item (1) and (2) below:
1. Net Worth per share = [Share Capital + Free Reserves (excluding revaluation reserves) -
Miscellaneous expenditure not written off or deferred revenue expenditure, intangible
assets and accumulated losses] / Number of Paid up Shares.
2. After taking into account the outstanding warrants and options, Net Worth per share
shall again be calculated and shall be = [Share Capital + consideration on exercise of
Option and/or Warrants received/receivable by the Company + Free Reserves
(excluding Revaluation Reserves) - Miscellaneous expenditure not written off or deferred
revenue expenditure, intangible assets and accumulated losses] / Number of Paid up
Shares plus Number of Shares that would be obtained on conversion and/or exercise of
Outstanding Warrants and Options.
3. The lower of (1) and (2) above shall be used for calculation of Net Worth per share and
for further calculation in (c) below.
b. Average capitalisation rate (P/E ratio) for the industry based upon either BSE or NSE data
(which shall be followed consistently and changes, if any, noted with proper justification
thereof) shall be taken and discounted by 75 per cent. i.e. only 25 per cent of the industry
average P/E shall be taken as capitalisation rate (P/E ratio). Earnings per share (EPS) of the
latest audited annual accounts will be considered for this purpose.
c. The value as per the Net Worth value per share and the capital earning value calculated
as above shall be averaged and further discounted by 15 per cent for illiquidity so as to
arrive at the fair value per share.

The above valuation methodology shall be subject to the following conditions:

a. All calculations shall be based on audited accounts.
b. If the latest Balance Sheet of the company is not available within nine months from the
close of the year, unless the accounting year is changed, the shares of such companies
shall be valued at zero.
c. If the Net Worth of the company is negative, the share would be marked down to zero.
d. In case the EPS is negative, EPS value for that year shall be taken as zero for arriving at
capitalised earning.
e. In case an individual security accounts for more than 5 per cent of the total assets of the
scheme, an independent valuer shall be appointed for the valuation of the said security.
To determine if a security accounts for more than 5 per cent of the total assets of the
scheme, it shall be valued in accordance with the procedure as mentioned above on the
date of valuation.

At the discretion of the AMCs and with the approval of the Trustees, unlisted equity shares
may be valued at a price lower than the value derived using the aforesaid methodology.

Equity and equity related instrument under lock-in period (post listing) – Security shall be
valued based on last quoted closing price after applying suitable discount for illiquidity. The
valuation committee shall decide on the illiquid discount to be applied, on a case to case
basis.

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 12. VALUATION OF OTHER INSTRUMENTS:

In case of any other type of capital corporate action event, the same shall be valued at fair
price on case to case basis after obtaining necessary approval from board/valuation
committee.
SECTION II

VALUATION NORMS FOR MONEY MARKET AND DEBT SECURITIES

VALUATION NORMS FOR INVESTMENT GRADE MONEY MARKET AND DEBT SECURITIES

SEBI vide its circular No. Cir/IMD/DF/6/2012 dated February 28, 2012 forwarded a copy of the
Gazette Notification No. LAD-NRO/GN/2011-12/38/4290 dated February 21, 2012 amending SEBI
(Mutual Funds) Regulations, 1996 on Valuation encircling Principle of Fair Valuation.

With reference to the SEBI notification dated February 21, 2012, valuation shall be reflective of the
realizable value of securities and shall be done in good faith and in true and fair manner through
appropriate valuation policies and procedures approved by the Board of the Axis Asset
Management Company (AMC).

The amendment also states that in case of any conflict between the principles of fair valuation and
valuation guidelines as per Eighth Schedule and circulars issued by SEBI, the Principles of Fair
Valuation shall prevail.

The SEBI regulations/circulars referenced above permit valuation on the basis of amortization for
short term debt and money market instruments with residual maturity up to 60 days (subject to the
valuation being reflective of fair value). This has been amended through circular number
SEBI/HO/IMD/DF4/CIR/P/2019/41 dated March 22,2019 reducing the maturity period for
amortization to 30 days. This circular also provides guidelines for valuation in case of instruments
rated below investment grade.

Further, SEBI vide its circular SEBI/HO/IMD/DF4/CIR/P/2019/102 dated September 24, 2019 has
amended the existing provisions on valuation of money market and debt securities.

As per the above mentioned amendment and circulars, the Board of Directors of Axis Asset
Management Company Limited and Axis Mutual Fund Trustee Limited has approved the Valuation
Policy and Procedure for Money Market and Debt Instruments.
1. VALUATION OF MONEY MARKET AND DEBT SECURITIES WITH RESIDUAL MATURITY OF UPTO 30 DAYS:

Money Market and Debt instruments include Commercial Paper (CP), Certificate of Deposit (CD),
Fixed Coupon Bonds, Zero Coupon Bonds and Pass Through Certificates, Floating rate security (FRN),
BRDS, etc.

All Money Market and Debt securities shall be valued on amortization basis.

The amortized price shall be compared with the reference price which shall be the average of the
security level price of such security as provided by the agency(ies) appointed by AMFI (Crisil and
Icra). The amortized price shall be used for valuation only if it is within a threshold of ±0.025% of the
reference price. In case of deviation beyond this threshold, the price shall be adjusted to bring it
within the threshold of ±0.025% of the reference price.

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In case security level prices given by valuation agencies are not available for a new security (which
is currently not held by any Mutual Fund), then such security may be valued on amortization basis
on the date of allotment / purchase.

Further, with effect from June 30, 2020, amortization based valuation shall be dispensed with and
irrespective of residual maturity, all money market and debt securities shall be valued as per point
no. 2 below (valuation of money market and debt securities with residual maturity of over 30 days).

2. VALUATION OF MONEY MARKET AND DEBT SECURITIES WITH RESIDUAL MATURITY OF OVER 30
DAYS:

Money Market and Debt instruments include CP, CD, Fixed Coupon Bonds, Zero Coupon Bonds and
Pass Through Certificates, Floating rate security (FRN), BRDS, etc.

Money Market and Debt Instruments shall be valued at average of security level prices obtained
from valuation agencies.

• In case security level prices given by valuation agencies are not available for a new security
(which is currently not held by any Mutual Fund), then such security may be valued at purchase
yield on the date of allotment / purchase.

• Abnormal situations and market disruptions where current market information may not be
obtainable / adequate for valuation of securities, valuation Committee shall be responsible for
monitoring these kinds of events. Abnormal situations and market disruptions cases shall be reported
to the board from time to time.

• Any change in the policy on account of clarification or communication from AMFI or internal
shall be communicated to the board from time to time.

3. VALUATION OF OTHER MONEY MARKET AND DEBT SECURITIES:

 VALUATION OF GOVERNMENT SECURITIES (Irrespective of residual maturity):

Central Government Securities (CGs), State Development Loans (SDLs), Treasury Bill, Cash
Management Bill, etc. shall be valued on the basis of security level prices obtained from
valuation agencies.

 DEPOSITS:
Deposits with banks shall be valued at cost plus accrual basis. In case of any prepayment
penalty, accrual rate would be the rate applicable for that period less any prepayment
penalty.

 TRI-PARTY REPO (TREPS)/REVERSE REPO/CORPORATE BOND REPO WITH RESIDUAL MATURITY OF

UPTO 30 DAYS:

Securities shall be valued at cost plus accrual basis. Whenever a security moves from 31 days’
residual maturity to 30 days’ residual maturity, the price as on 31st day shall be used for
amortization from 30th day.

 TRI-PARTY REPO (TREPS)/REVERSE REPO/CORPORATE BOND REPO WITH RESIDUAL MATURITY OF

ABOVE 30 DAYS:

Securities shall be valued at average of security level prices obtained from valuation
agencies.

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 In case security level prices given by valuation agencies are not available (which is currently
not held by any Mutual Fund), then such securities will be valued at purchase yield on the
date of purchase.

 SECURITIES PURCHASED ON PRIVATE PLACEMENT BASIS:

In case the security is purchased on private placement basis, the same would be valued at
cost on the date of purchase. As per SEBI Regulations, such security can be valued at cost for
15 days. However, taking in to consideration the volatility in the market, it could be valued at
cost on the date of purchase only and from the next day, valuation could be carried out like
any other debt security or AMC shall provide the fair valuation for the same .

 VALUATION OF SECURITIES WITH PUT/CALL OPTIONS:

The option embedded securities would be valued as follows:

i. Securities with call option:

The securities with call option shall be valued at the lower of the value as obtained by valuing
the security to final maturity and valuing the security to call option. In case there are multiple
call options, the lowest value obtained by valuing to the various call dates and valuing to the
maturity date is to be taken as the value of the instrument.

ii. Securities with Put option:

The securities with put option shall be valued at the higher of the value as obtained by valuing
the security to final maturity and valuing the security to put option. In case there are multiple
put options, the highest value obtained by valuing to the various put dates and valuing to the
maturity date is to be taken as the value of the instrument.

iii. Securities with both Put and Call option on the same day:

Only securities with put / call options on the same day and having the same put and call
option price, shall be deemed to mature on such put / call date and shall be valued
accordingly. In all other cases, the cash flow of each put / call option shall be evaluated and
the security shall be valued on the following basis:

i) Identify a ‘Put Trigger Date’, a date on which ‘price to put option’ is the highest when
compared with price to other put options and maturity price.

ii) Identify a ‘Call Trigger Date’, a date on which ‘price to call option’ is the lowest when
compared with price to other call options and maturity price.

iii) In case no Put Trigger Date or Call Trigger Date (‘Trigger Date”) is available, then valuation
would be done to maturity price. In case one Trigger Date is available, then valuation would
be done as to the said Trigger Date. In case both Trigger Dates are available, then valuation
would be done to the earliest date.

If a put option is not exercised by a Mutual Fund when exercising such put option would have
been in favour of the scheme, in such cases the justification for not exercising the put option
shall be provided to the Board of AMC and Trustees.

 Valuation of AT-1 Bonds and Tier 2 Bonds (w.e.f. April 01, 2021)

SEBI, vide para 2 of SEBI circular No. SEBI/HO/IMD/DF4/CIR/P/2021/034 March 22, 2021, has specified
the glide path for the purpose of valuation of existing as well as new bonds issued under Basel III

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framework w.r.t. implementation of para 8 of SEBI circular No. SEBI/HO/IMD/DF4/CIR/P/2021/032
dated March 10, 2021.

Further, AMFI, vide its letter No. 135/BP/91/2020-21, has issued the detailed guidelines under the
directive of SEBI for being uniformly followed and implemented by all Mutual Funds.
SECTION III

VALUATION OF OTHER SECURITIES

1. MUTUAL FUND UNITS:

 Mutual Fund Units listed and Traded would be valued at the closing traded price as on the
valuation date.
 Unlisted Mutual Fund Units and listed but not traded Mutual Fund Units would be valued at the
last declared NAV on AMFI website as on the valuation date.

2. VALUATION OF GOLD IN CASE OF EXCHANGE TRADED GOLD FUND:

 As prescribed by SEBI Regulations:

I. The gold held by a gold exchange traded fund scheme shall be valued at the AM fixing price of
London Bullion Market Association (LBMA) in US dollars per troy ounce for gold having a fineness
of 995.0 parts per thousand, subject to the following:
i. Adjustment for conversion to metric measures as per standard conversion rates;
ii. Adjustment for conversion of US dollars into Indian rupees as per the RBI reference rate declared
by the Foreign Exchange Dealers Association of India (FEDAI); and
iii. Addition of –
a. Transportation and other charges that may be normally incurred in bringing such gold from
London to the place where it is actually stored on behalf of the mutual fund; and
b. Notional customs duty and other applicable taxes and levies that may be normally incurred to
bring the gold from London to the place where it is actually stored on behalf of the mutual fund:

Provided that the adjustment under clause (iii) above may be made on the basis of a notional
premium that is usually charged for delivery of gold to the place where it is stored on behalf of
the mutual fund:

Provided further that where the gold held by a gold exchange traded fund scheme has a
greater fineness, the relevant LBMA prices of AM fixing shall be taken as the reference price
under this sub-paragraph.

If the gold acquired by the gold exchange traded fund scheme is not in the form of standard
bars, it shall be assayed and converted into standard bars which comply with the good
delivery norms of the LBMA and thereafter valued in terms of sub-paragraph (I)

 VALUATION PROCESS FLOW SHALL BE AS BELOW:

i. LBMA Gold Fixing: - As per SEBI Guidelines Gold would be valued at AM fixing price for the
day available on the LBMA site.
ii. The Gold Premium and fixing charges for valuation purpose would be fixed on 1st working
day of every month and same will be applicable for that month.
iii. LBMA Gold price is quoted for USD/Oz for 999 fineness. For conversion of Troy Ounces to
Kilogram, use the NYMEX conversion factor of 31.99 Troy ounces per kilogram for 995 purity.
The fineness quotient is to be adjusted by using the factor 0.995996 (0.995/0.999) in case if
the gold lying in stock is of 999 fineness.

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iv. To convert it into Rs/Kg, it has to be multiplied by INR reference rate as provided by Financial
Benchmarks India Pvt. Ltd. (FBIL)/any other similar agency. In case, reference rate for any
day is not published the latest available reference rate should be considered.
v. Custom duty is fixed on per Kg basis.
vi. GST is excluded from the Valuation.

3. VALUATION OF INTEREST RATE FUTURES (IRF):

i. Market values of traded futures contracts shall be determined with respect to the
exchange on which contracted originally, i.e., if futures position contracted on the NSE
would be valued at the closing price on the NSE. The price of the same futures contract on
the BSE cannot be considered for the purpose of valuation, unless the futures contract itself
has been contracted on the BSE.

ii. The Exchanges give daily settlement prices in respect of all derivatives positions. These
settlements prices would be adopted for valuing the positions, which are not traded.

4. VALUATION OF MARKET LINKED DEBENTURES AND ALL OTC DERIVATIVES INCLUDING INTEREST
RATE SWAPS (IRS) / FORWARD RATE AGREEMENTS (FRA)

Irrespective of the residual maturity, securities shall be valued at average of security level
prices obtained from valuation agencies.

5. VALUATION OF CONVERTIBLE DEBENTURES AND BONDS:

As per Eighth Schedule of SEBI (Mutual Fund) Regulations method of valuation of convertible
debentures is prescribed and will be followed by Axis MF
In respect of convertible debentures and bonds, the non-convertible and convertible
components shall be valued separately. The non-convertible component should be valued
on the same basis as would be applicable to a debt instrument. The convertible component
should be valued on the same basis as would be applicable to an equity instrument. If, after
conversion the resultant equity instrument would be traded pari passu with an existing
instrument which is traded, the value of the latter instrument can be adopted after an
appropriate discount of the non-tradability of the instrument during the period preceding
the conversion while valuing such instruments, the fact whether the conversion is optional
should also be factored in.

6. ILLIQUID SECURITIES:

(a) Aggregate value of “illiquid securities” of scheme, which are defined as non-traded, thinly
traded and unlisted equity shares, shall not exceed 15% of the total assets of the scheme
and any illiquid securities held above 15% of the total assets shall be assigned zero value.

(b) All funds shall disclose as on March 31 and September 30 the scheme-wise total illiquid
securities in value and percentage of the net assets while making disclosures of half yearly
portfolios to the unit holders. In the list of investments, an asterisk mark shall also be given
against all such investments, which are recognized as illiquid securities.

(c) Mutual Funds shall not be allowed to transfer illiquid securities among their schemes w.e.f.
October 1, 2000.

7. DEVIATION FROM VALUATION GUIDELINES:

(a) As per the Principles of Fair Valuation specified in Eighth Schedule of SEBI (Mutual Funds)
Regulations, 1996, AMCs are responsible for true and fairness of valuation and correct NAV.

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 Considering the same, in case an AMC decides to deviate from the valuation price given
by the valuation agencies, the detailed rationale for each instance of deviation shall be
recorded by the AMC.

(b) The rationale for deviation along-with details such as information about the security (ISIN,
issuer name, rating etc.), price at which the security was valued vis-a-vis the price as per the
valuation agencies and the impact of such deviation on scheme NAV (in amount and
percentage terms) shall be reported to the Board of AMC and Trustees.

(c) The rationale for deviation along-with details shall also be disclosed immediately and
prominently, under a separate head on the website of AMC.

(d) Further, while disclosing the total number of instances of deviation in the monthly and half-
yearly portfolio statements, AMCs shall also provide the exact link to their website for
accessing the information.

8. VALUATION OF MONEY MARKET AND DEBT SECURITIES RATED BELOW INVESTMENT

GRADE/DEFAULT

DEFINITION OF BELOW INVESTMENT GRADE AND DEFAULT:

A money market or debt security shall be classified as “below investment grade” if the long term
rating of the security issued by a SEBI registered Credit Rating Agency (CRA) is below BBB- or if the
short term rating of the security is below A3.

A money market or debt security shall be classified as “Default” if the interest and / or principal
amount has not been received, on the day such amount was due or when such security has been
downgraded to “Default” grade by a CRA. In this respect, Mutual Funds shall promptly inform to
the valuation agencies and the CRAs, any instance of non-receipt of payment of interest and / or
principal amount (part or full) in any security.

Para 2.0 of SEBI Circular No. SEBI/HO/IMD/DF4/CIR/P/2019/41 dated March 22, 2019 provides for
valuation of money market and debt securities at prices provided by the valuation agencies
notified by AMFI. Till the time scrip level valuation is not available from the agencies securities are to
be valued on the basis of indicative haircuts provided by the agencies. These haircuts shall be
updated and refined as and when there is availability of material information which impacts the
haircuts. During this period if there are trades in the security it may be considered for valuation if it is
lower than the price post standard haircut. The minimum trade size in such cases will be determined
by the valuation agencies.

The current indicative haircuts as determined by the valuation agencies and communicated by
AMFI are:
For senior, secured securities
Rating/sector Infrastructure, Real Other Manufacturing Trading, Gems
Estate, Hotels, Loan and Financial Jewellery and Others
against shares and Institutions
Hospitals
BB 15% 20% 25%
B 25% 40% 50%
C 35% 55% 70%
D 50% 75% 100%

For subordinated, unsecured or both

Rating/sector Infrastructure, Real Manufacturing and Trading, Gems &
Estate, Hotels, Loan Financial Institutions Jewellery and Others

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 against shares and
Hospitals
BB 25% 25% 25%
B 50% 50% 50%
C 70% 70% 70%
D 100% 100% 100%

In terms of the above circular, the determination of whether the rating is below investment grade
will be performed by considering the most conservative rating on the instrument if it is rated by more
than one rating agency.

The AMC may deviate from the indicative haircuts and/or the valuation price for money market
and debt securities rated below investment grade provided by the valuation agencies subject to
the following:
1. The detailed rationale for deviation from the price post haircuts or the price provided by the
valuation agencies shall be recorded by the AMC.
2. The rationale for deviation along with details such as information about the security (ISIN, issuer
name, rating etc.), price at which the security was valued vis-a-vis the price post haircuts or the
average of the price provided by the valuation agencies (as applicable)and the impact of such
deviation on scheme NAV (in amount and percentage terms)shall be reported to the Board of
AMC and Trustees.
3. The rationale for deviation along with details shall also be disclosed to investors under a separate
head on the website. Further, the total number of such instances shall also be disclosed in the
monthly and half-yearly portfolio statements for the relevant period along with an exact link to
the website wherein the details of all such instances of deviation are available.

In case some of the debt securities or money market instruments of an issuer are rated below
investment grade while others of a similar seniority are retained at investment grade, it may be
appropriate to apply a haircut on such securities if an appropriate discount is not already captured
by the valuation agencies. In such cases a haircut of 50% of the standard indicative haircut securities
appropriate for the sector & seniority for the alternate rating will be applied to the valuation
provided by the valuation agencies. In case the alternate (non-investment grade) rating is a short
term rating (i.e. A4+/A4), the equivalent long term rating shall be taken as BB.

For example a manufacturing company senior debenture rated BBB having another senior security
being rated BB would have an additional discount of 10% applied on the face value of the
instrument (50% of the standard haircut of 20% applicable for BB rated senior debt of Manufacturing
companies). This additional haircut will be applied over four equal steps on a weekly basis at the
start of each week following the downgrade until the price is reduced by at least the haircut amount
(in the example 10%) taking into account the price provided by the valuation agencies and the
haircuts applied. It is anticipated that during this four week period either the rating agency or the
valuation agencies would have the opportunity to revise the rating/valuation. Following this
example, if the valuation agencies’ price is Rs. 97 (for Rs. 100 face value), additional haircut of Rs.
7.5 will be applied (Rs. 2.5 per week for 3 weeks) till the price falls to Rs. 89.5 (haircut of 10% reached).
In case the security price provided is reduced by the valuation agencies to Rs. 95 after two weeks,
further additional haircuts will not be applied and the resulting price of Rs. 90 (95 reduced by 2
weekly cuts of Rs. 2.5) will be applied. Similarly if the security gets downgraded below investment
grade, the standard haircuts will apply and the additional haircuts will be withdrawn. During the four
week period, the Valuation Committee of the AMC may consider it appropriate to deviate from this
policy in the interest of providing fair valuation. In such cases the provisions for deviation from the
policy will apply.

9. CHANGES IN TERMS OF INVESTMENT:

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 While making any change to terms of an investment, Mutual Funds shall adhere to the following
conditions:

Any changes to the terms of investment, including extension in the maturity of a money market or
debt security, shall be reported to valuation agencies and SEBI registered Credit Rating Agencies
(CRAs) immediately, along with reasons for such changes.

Any extension in the maturity of a money market or debt security shall result in the security being
treated as “Default”, for the purpose of valuation.

If the maturity date of a money market or debt security is shortened and then subsequently
extended, the security shall be treated as “Default” for the purpose of valuation.

Any put option inserted subsequent to the issuance of the security shall not be considered for the
purpose of valuation and original terms of the issue will be considered for valuation.

W.e.f. May 15, 2020, as per SEBI circular dated April 23, 2020, the securities, wherein issuers have
rescheduled the payment towards principal/interest solely due to COVID-19 pandemic lockdown
and/or in light of the moratorium permitted by Reserve Bank of India (RBI), are being valued at the
conservative price obtained from valuation agencies.

10. VALUATION APPROACH FOR TRADED AND NON-TRADED MONEY MARKET AND DEBT SECURITIES
SEBI, vide circular no. SEBI/HO/IMD/DF4/CIR/P/2019/102 dated September 24, 2019 on Valuation
of money market and debt securities, has laid down the broad principles for considering traded
yields for the purpose of valuation of money market and debt securities. In this regard, the
following are the areas identified for issuing standard guidelines.
1. Waterfall mechanism for valuation of money market and debt securities
2. Definition of tenure buckets for similar maturity
3. Process for determination of similar issuer
4. Recognition of trades and outlier criteria
5. Process for construction of spread matrix

Part A: Valuation of Money Market and Debt Securities other than G-Secs

1. Waterfall Mechanism for valuation of money market and debt securities:

The following shall be the broad sequence of the waterfall for valuation of money market and debt
securities:

i. Volume Weighted Average Yield (VWAY) of primary reissuances of the same ISIN (whether
through book building or fixed price) and secondary trades in the same ISIN
ii. VWAY of primary issuances through book building of same issuer, similar maturity (Refer
Note 1 below)
iii. VWAY of secondary trades of same issuer, similar maturity
iv. VWAY of primary issuances through fixed price auction of same issuer, similar maturity
v. VWAY of primary issuances through book building of similar issuer, similar maturity (Refer
Note 1 below)
vi. VWAY of secondary trades of similar issuer, similar maturity.
vii. VWAY of primary issuance through fixed price auction of similar issuer, similar maturity
viii. Construction of matrix (polling may also be used for matrix construction)
ix. In case of exceptional circumstances, polling for security level valuation (Refer Note
2 below)

Note 1

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 Except for primary issuance through book building, polling shall be conducted to identify outlier
trades. However, in case of any issuance through book building which is less than INR 100 Cr, polling
shall be conducted to identify outlier trades.
Note 2
Some examples of exceptional circumstance would be stale spreads, any event/news in particular
sector/issuer, rating changes, high volatility, corporate action or such other event as may be
considered by valuation agencies. Here stale spreads are defined as spreads of issuer which were
not reviewed/updated through trades/primary/polls in same or similar security/issuers of
same/similar maturities in waterfall approach in last 6 months.
Further, the exact details and reasons for the exceptional circumstances which led to polling shall
be documented and reported to AMCs. Further, a record of all such instances shall be maintained
by AMCs and shall be subject to verification during SEBI inspections.
Note 3
All trades on stock exchanges and trades reported on trade reporting platforms till end of trade
reporting time (excluding Inter-scheme transfers) should be considered for valuation on that day.
Note 4
It is understood that there are certain exceptional events, occurrence of which during market hours
may lead to significant change in the yield of the debt securities. Hence, such exceptional events
need to be factored in while calculating the price of the securities. Thus, for the purpose of
calculation of VWAY of trades and identification of outliers, on the day of such exceptional events,
rather than considering whole day trades, only those trades shall be considered which have
occurred post the event (on the same day).
The following events would be considered exceptional events:
i. Monetary/ Credit Policy
ii. Union Budget
iii. Government Borrowing/ Auction Days
iv. Material Statements on Sovereign Rating
v. Issuer or Sector Specific events which have a material impact on yields
vi. Central Government Election Days
vii. Quarter end days

In addition to the above, valuation agencies may determine any other event as an exceptional
event. All exceptional events along-with valuation carried out on such dates shall be documented
with adequate justification.

2. Definition of tenure buckets for Similar Maturity

When a trade in the same ISIN has not taken place, reference should be taken to trades of either
the same issuer or a similar issuer, where the residual tenure matches the tenure of the bond to be
priced. However, as it may not be possible to match the exact tenure, it is proposed that tenure
buckets are created and trades falling within such similar maturity be used as per table below.

Residual Tenure of Bond to be priced Criteria for similar maturity

Upto 1 month Calendar Weekly Bucket

Greater than 1 month to 3 months Calendar Fortnightly Bucket

Greater than 3 months to 1 year Calendar Monthly Bucket

Greater than 1 year to 3 years Calendar Quarterly Bucket
Greater than 3 years Calendar Half Yearly or Greater Bucket

In addition to the above:

a. In case of market events, or to account for specific market nuances, valuation

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 agencies may be permitted to vary the bucket in which the trade is matched or to split
buckets to finer time periods as necessary. Such changes shall be auditable. Some
examples of market events / nuances include cases where traded yields for securities
with residual tenure of less than 90 days and more than 90 days are markedly different
even though both may fall within the same maturity bucket, similarly for less than 30
days and more than 30 days or cases where yields for the last week v/s second last
week of certain months such as calendar quarter ends can differ.
b. In the case of illiquid/ semi liquid bonds, it is proposed that traded spreads be permitted
to be used for longer maturity buckets (1 year and above). However, the yield should be
adjusted to account for steepness of the yield curve across maturities.
c. The changes/ deviations mentioned in clauses a and b, above, should be documented,
along with the detailed rationale for the same. Process for making any such deviations
shall also be recorded. Such records shall be preserved for verification.

3. Process for determination of similar issuer

Valuation agencies shall determine similar issuers using one or a combination of the following
criteria. Similar issuer do not always refer to issuers which trade at same yields, but may carry
spreads amongst themselves & move in tandem or they are sensitive to specific market factor/s
hence warrant review of spreads when such factors are triggered.
i. Issuers within same sector/industry and/or
ii. Issuers within same rating band and/or
iii. Issuers with same parent/ within same group and/or
iv. Issuers with debt securities having same guarantors and/or
v. Issuers with securities having similar terms like Loan Against Shares (LAS)/ Loan Against Property
(LAP)

The above criteria are stated as principles and the final determination on criteria, and whether in
combination or isolation shall be determined by the valuation agencies. The criteria used for such
determination should be documented along with the detailed rationale for the same in each
instance. Such records shall be preserved for verification. Similar issuers which trade at same
level or replicate each other's movements are used in waterfall approach for valuations.
However, similar issuer may also be used just to trigger the review of spreads for other securities
in the similar issuer category basis the trade/news/action in any security/ies within the similar issuer
group.

4. Recognition of trades and outlier criteria

i. Volume criteria for recognition of trades (marketable lot)

The following volume criteria shall be used for recognition of trades by valuation agencies:

Parameter Minimum Volume Criteria for marketable lot

Primary INR 25 Cr for both Bonds/NCD/CP/ CD and other money market
instruments
Secondary INR 25 Cr for CP/ CD, T-Bills and other money market instruments
Secondary INR 5 Cr for Bonds/NCO/ G-secs
Trades not meeting the minimum volume criteria i.e. the marketable lot criteria as stated
above shall be ignored.

ii. Outlier criteria

It is critical to identify and disregard trades which are aberrations, do not reflect market
levels and may potentially lead to mispricing of a security or group of securities. Hence,

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 the following broad principles would be followed by valuation agencies for determining
outlier criteria.

a. Outlier trades shall be classified on the basis of liquidity buckets (Liquid, Semi-liquid,
Illiquid). Price discovery for liquid issuers is generally easier than that of illiquid issuers and
hence a tighter pricing band as compared to illiquid issuers would be appropriate.
b. The outlier trades shall be determined basis the yield movement of the trade, over and
above the yield movement of the matrix. Relative movement ensures that general
market movements are accounted for in determining trades that are outliers. Hence,
relative movement over and above benchmark movement shall be used to identify
outlier trades.
c. Potential outlier trades which are identified through objective criteria defined
above will be validated through polling from market participants. Potential outlier
trades that are not validated through polling shall be ignored for the purpose of
valuation.
d. The following criteria shall be used by valuation agencies in determining Outlier Trades

Liquidity Bps Criteria (Yield movement over Previous Day yield after
Classification accounting for yield movement of matrix)
Upto 15 days 15-30 days Greater than 30 days
Liquid 30 bps 20 bps 10 bps
Semi-liquid 45 bps 35 bps 20 bps
Illiquid 70 bps 50 bps 35 bps
The above criteria shall be followed consistently and would be subject to review on a periodic
basis by valuation agencies and any change would be carried in consultation with AMFI.

e. In order to ensure uniform process in determination of outlier trades the criteria for liquidity
classification shall be as detailed below.
Liquidity classification criteria - liquid, semi Liquid and Illiquid definition
Valuation agencies shall use standard criteria for classifying trades as Liquid, Semi-Liquid
and illiquid basis the following two criteria
a. Trading Volume
b. Spread over reference yield

Such criteria shall be reviewed on periodic basis in consultation with AMFI.

Trading Volume (Traded days) based criteria:

Number of unique days an issuer trades in the secondary market or issues a new security
in the primary market in a calendar quarter
• Liquid >=50% of trade days
• Semi liquid >=10% to 50% trade days
• Illiquid <10 % of trade days

Spread based criteria:

Spread over the matrix shall be computed and based on thresholds defined, issuers
shall be classified as liquid, semi liquid and illiquid. For bonds thresholds are defined as
upto 15 bps for liquid; >15-75 bps for semi-liquid; > 75 bps for illiquid. (Here, spread is

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 computed as average spread of issuer over AAA Public Sector Undertakings/Financial
Institutions/Banks matrix), For CP/ CD- upto 25 bps for liquid; >25- 50 bps for semiliquid;
> 50 bps for illiquid. (Here, spread is computed as average spread of issuer over
Al+/AAA CD Bank matrix).
The thresholds shall be periodically reviewed and updated having regard to the market.

The best classification (liquid being the best) from the above two criteria (trading
volume and spread based) shall be considered as the final liquidity classification of the
issuer. The above classification shall be carried out separately for money market
instruments {CP/ CDs) and bonds.

5. Process for construction of spread matrix

Valuation agencies shall follow the below process in terms of calculating spreads and
constructing the matrix:

Steps Detailed Process

Step 1 Segmentation of corporates-
The entire corporate sector is first categorised across following four sectors i.e.
all the corporates will be catalogued under one of the below mentioned
bucket:
1. Public Sector Undertakings/Financial Institutions/Banks;
2. Non-Banking Finance Companies -except Housing Finance Companies;
3. Housing Finance Companies;
Other Corporates
Step 2 Representative issuers -
For the aforesaid 4 sectors, representative issuers (Benchmark Issuers) shall be
chosen by the valuation agencies for only higher rating {I.e. "AAA" or AA+).
Benchmark/Representative Issuers will be identified basis high liquidity, availability
across tenure in AAA/AA+ category and having lower credit/liquidity premium.
Benchmark Issuers can be single or multiple for each sector. It may not be possible
to find representative issuers in the lower rated segments. however, in case of any
change in spread in a particular rating segment, the spreads in lower rated segments
should be suitably adjusted to reflect the market conditions. In this respect, in case
spreads over benchmark are widening at a better rated segment, then adjustments
should be made across lower rated segments, such that compression of spreads is not
seen at any step. For instance, if there is widening of spread of AA segment over the
AAA benchmark, then there should not be any compression in spreads between AA
and A rated segment and so on.
Step 3 Calculation of benchmark curve and calculation of spread -
1. Yield curve to be calculated for representative issuers for each sector for
maturities ranging from 1 month till 20 years and above.
2. Waterfall approach as defined in Part A (1) above will be used for construction
of yield curve of each sector.
3. In the event of no data related to trades/primary issuances in the securities
of the representative issuer is available, polling shall be conducted from market

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 participants
4. Yield curve for Representative Issuers will be created on daily basis for all 4
sectors. All other issuers will be pegged to the respective benchmark issuers
depending on the sector, parentage and characteristics. Spread over the
benchmark curve for each security is computed using latest available
trades/primaries/polls for respective maturity bucket over the Benchmark Issuer.
5. Spreads will be carried forward in case no data points in terms of
trades/primaries/polls are available for any issuer and respective
benchmark movement will be given
Step 4 1. The principles of VWAY, outlier trades and exceptional events shall be
applicable while constructing the benchmark curve on the basis of trades/primary
issuances.
2. In case of rating downgrade/credit event/change in liquidity or any other
material event in Representative Issuers, new Representative Issuers will be identified.
Also, in case there are two credit ratings, the lower rating to be considered.
3. Residual tenure of the securities of representative issuers shall be
used for construction of yield curve.

Part B: Valuation of G-Secs {T-Bill, Cash management bills, G-Sec and SOL)
The following is the waterfall mechanism for valuation of Government securities:

• VWAY of last one hour, subject to outlier validation

• VWAY for the day (including a two quote, not wider than 5 bps on NDSOM), subject to outlier
validation
• Two quote, not wider than 5 bps on NDSOM, subject to outlier validation
• Carry forward of spreads over the benchmark
• Polling etc.

Note:
1. VWAY shall be computed from trades which meet the marketable lot criteria stated in Part A
of these Guidelines.
2. Outlier criteria: Any trade deviating by more than+/- 5 bps post factoring the movement of
benchmark security shall be identified as outlier. Such outlier shall be validated through polling
for inclusion in valuations. If the trades are not validated, such trades shall be ignored.
The aforesaid provisions related to Waterfall approach for valuation of debt and money market
securities prescribed by SEBI circular dated September 24, 2019 and AMFI circular dated
November 18, 2019 shall be effective from the date of implementation of the requirements of
the circular by the Valuation agencies.

11. TREATEMENT OF UPFRONT FEES ON TRADES

• Upfront fees on all trades (including primary market trades), by whatever name and manner
called, shall be considered by the valuation agencies for the purpose of valuation of the
security.
• Details of such upfront fees shall be shared by the AMCs on the trade date to the valuation
agencies as part of the trade reporting to enable them to arrive at the fair valuation for that
date.
• For the purpose of accounting, such upfront fees shall be reduced from the cost of the
investment in the scheme that made the investment.
• In case upfront fees are received across multiple schemes, then such upfront fees shall be
shared on a pro-rata basis across such schemes.

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12. INVESTMENT IN PARTLY PAID DEBENTURES

• Mutual Fund schemes shall make investment in partly paid debentures only when payment of
the remaining amount is linked to clear, pre-defined events (i.e. is subject to conditions
precedent). For avoidance of doubt any event which is purely time based shall not be
considered as a pre-defined events. Such conditions precedent should be clearly outlined in
the Agreement for subscription of the debentures/ Offer Document for the issue, as the case
may be. Conditions precedent mean the clearly defined obligations/ events that need to be
fulfilled before calling upon the investor to make payment for the remaining portion of the
subscription. Such obligations/ events, to name a few, could include achievement of certain
milestones linked with the object for which the debentures were issued or linked to the
enhancement of credit rating of the Issuer or linked to other financial or operating parameters
of the Issuer or linked to the happening of an event. AMCs shall not resort to the practice of
investing in partly paid debentures without any condition precedent.
• There should not be any linkages across schemes while investing in partly paid debentures.
For example: if the agreement for partly paid debentures also envisages investment in any
other type of instrument such as a commercial paper then the AMC should ensure that
subscription to the residual part of the issue/ the investment in the other instrument is made by
the scheme which made the original investment in partly paid debentures.
• While investing in partly paid debentures, AMCs shall ensure that interest of one set of
unitholders/ schemes is not compromised at the cost of another.
• All regulatory limits have to be complied with at the time of each such part payment.
• In order to avoid a situation where a MF scheme is unable to honor future part payments, AMCs
should avoid excessive concentration in partly paid debentures.
• Any investment in partly paid debentures has to be disclosed in the monthly portfolio disclosures
of the scheme. This should include, inter-alia, the amount that has been contracted but not yet
paid by the scheme, the dates of such future pay-ins, triggers for future pay-ins as well as any
other detail that in the fund house's view may be of material interest to its investors.

13. VALUATION OF SECURITIES NOT COVERED UNDER THE CURRENT VALUATION POLICY:

In case of securities purchased by mutual fund does not fall within the current framework of the
valuation of securities then the mutual fund shall report immediately to AMFI regarding the same.
Further, at the time of investment AMCs shall ensure that the total exposure in such securities does
not exceed 5% of the total AUM of the scheme.

AMFI has been advised that the valuation agencies should ensure that the valuation of such
securities gets covered in the valuation framework within six weeks from the date of receipt of such
intimation from mutual fund.

In the interim period, till AMFI makes provisions to cover such securities in the valuation of securities
framework, the mutual funds shall value such securities using their proprietary model which has been
approved by their independent trustees and the statutory auditors.

14. INVESTMENT IN NEW TYPE OF SECURITIES:

Investment in new type of securities/assets by the Axis MF scheme shall be made only after
establishment of the valuation methodologies for such securities with the approval of the Board of
the Axis AMC.

15. INTER-SCHEME TRANSFERS:

AMCs shall seek prices for IST of any money market or debt security (irrespective of maturity), from
the valuation agencies.

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 AMFI, in consultation with valuation agencies shall decide a turn-around-time (TAT), within which IST
prices shall be provided by the agencies.
If prices from the valuation agencies are received within the pre-agreed TAT, an average of the
prices so received shall be used for IST pricing.
If price from only one valuation agency is received within the agreed TAT, that price may be used
for IST pricing.
If prices are not received from any of the valuation agencies within the agreed TAT, AMCs may
determine the price for the IST, in accordance with Clause 3 (a) of Seventh Schedule of SEBI (Mutual
Funds) Regulations, 1996.

Clause 3 (a) - such transfers are done at the prevailing market price for quoted instruments on spot
basis.

16. REVIEW OF VALUATION POLICIES:

The implemented valuation policies and procedures shall be regularly reviewed (at least once in a
Financial Year) by an independent auditor to seek to ensure their continued appropriateness.

17. CONSIDERATION OF PRICE OF SAME/SIMILAR SECURITIES:

CRISIL and ICRA shall consider the price of same/similar securities under Scrip Level Valuation as per
the methodology discussed and agreed with the AMFI.

18. INTRA-DAY VALUATION IN CASE OF DEBT ETF:

AMC shall follow the following procedure to compute the intra-day NAV of Debt ETF. The same will
be applicable for all ongoing subscription/redemption transactions received through Authorized
Participants and Large Investors.

A. AMC will obtain the intra-day prices for the previous day’s portfolio details from the valuation
agencies.
B. Intra-day portfolio value will be computed on the basis of average of intra-day prices received
from valuation agencies. In case price is received from one valuation agency only, such price
will be considered for computation of Intra-day portfolio value. Previous day’s valuation price
shall be used for computation of Intra-day portfolio value in case intra-day prices are not
received from both the valuation agencies.
C. Net current assets of previous day’s will be considered for computing intra-day NAV.
D. Investments like TREPS, etc. will be carried forward at cost and interest accrual thereon will be
computed as per previous day’s yield.
E. Portfolio details as per previous valuation date will be referred to compute interest accrual on
Corporate Bonds and State Development Loans.
F. In case of business day, subsequent to holidays and weekends, the number of days for interest
accrual will be counted from previous valuation date and interest will be computed
accordingly.
G. The sum of amounts as mentioned in point B, C, D and E will be divided by previous day’s
outstanding number of units to arrive the Intra-day NAV.

However, in case of significant intra-day volatility in the market where the valuation of securities
cannot be credibly established, the AMC reserves the right to process all the intra-day
transactions received for unit creation at Day-End NAV declared by the AMC.

19. ABNORMAL EVENTS:

Following are the illustrative types of events which could be classified as Abnormal situations and
market disruptions where current market information may not be obtainable / adequate for

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valuation of securities:-

a. Significant volatility in the capital markets.

b. Natural disasters or public disturbances that force the markets to close unexpectedly.
c. Major policy announcements by the Central Bank, the Government or the Regulator.
d. Large redemptions.

Valuation Committee shall be responsible for monitoring abnormal situations.

Under above mentioned abnormal situations and market disruptions, Valuation Committee shall
seek the guidance of the Axis AMC Board/committee of the Board of Directors appointed for this
purpose in deciding the appropriate methodology for Valuation of affected securities. Any such
abnormal situations shall be reported to the board of the AMC at the subsequent meeting.

If the above mentioned policies and procedures of valuation do not result in fair/ appropriate
valuation, the Axis asset management company shall deviate from the above mentioned policies
and procedures in order to value the assets/ securities at fair value.

Any deviation from the disclosed valuation policy and procedures may be with appropriate
reporting to Board of Trustees and the Board of the Asset Management Company and appropriate
disclosures to investors.

IV. TAX & LEGAL & GENERAL INFORMATION

The information furnished below outlines briefly the key income-tax implications applicable to the
unit holders of the Scheme and to the Mutual Fund based on relevant provisions of the Income-tax
Act, 1961 [as amended by the Finance Act, 2022(FA 2022)] (collectively called ‘the relevant
provisions’).

The information given is included only for general purpose and is based on advise received by the
Asset Management Company (AMC) regarding the law and practice currently in force in India and
the Investors/Unit holders should be aware that the relevant fiscal rules or their explanation may
change. As is the case with any investment, there can be no assurance that the tax position or the
proposed tax position prevailing at the time of an investment in the Scheme will endure indefinitely.

In view of the individual nature of tax consequences, each Investor / Unit holder is advised to consult
his / her own professional tax advisor.

A. INCOME-TAX BENEFITS TO THE MUTUAL FUND

Axis Mutual Fund is a Mutual Fund registered with the Securities & Exchange Board of India (SEBI)
and, hence, the entire income of the Mutual Fund is exempt from income-tax in accordance with
the provisions of Section 10(23D) of the Income-tax Act, 1961 (the Act).

The Mutual Fund will receive all income without any deduction of tax at source under the provisions
of Section 196(iv) of the Act.

However, the Mutual Fund shall be liable to pay securities transaction tax (STT) in respect of certain
transactions (refer Note 1).

B. INCOME-TAX BENEFITS TO THE UNIT HOLDERS

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Tax on Income Distribution Cum Capital Withdrawal (IDCW)1 [also known as dividend income]
distributed by the Mutual Fund

Currently, the IDCW (also known as dividend income) is taxable in the hands of the unitholders at
the applicable tax slab rates (Refer Note 2 for tax rates) and also, subject to withholding of taxes at
source by Mutual Fund:

Tax Implications in IDCW Withholding of Taxes by

Particulars
received by unit holders Mutual Fund

Resident (Individuals / Taxed in the hands of unitholders 10% under section 194K of
Non-corporates / at applicable rate under the the Act*
Corporates) provisions of the Act
Non-residents Taxed in the hands of unitholders 20% (plus applicable
(Individuals / Non- at the rate of 20% under section surcharge and cess) under
corporates / 115A/115AD of the Act (plus section 196A/196D^ of the
Corporates) ** applicable surcharge and cess) Act

* As per provision of section 194K of the Act, where the amount of income credited or paid in a
financial year, in aggregate, does not exceed INR 5,000, no withholding is required to be carried
out.

** As per the provisions of section 196A of the Act which is specifically applicable in case of non-
resident unitholders, the Mutual Fund shall have to deduct TDS at the rate of 20% (plus applicable
surcharge and cess) on IDCW (i.e. also known as dividend income) credited or paid, as section
196A of the Act does not make reference to “rates in force” but provides the withholding tax rate
of 20% (plus applicable surcharge and cess). Rates as per tax treaty cannot be considered for
withholding of taxes by the Mutual Fund.

Non-resident unitholders would in such a scenario, need to consider DTAA benefits at the time of
filing their tax returns and claim a refund of excess taxes, if any unless adjustable against other tax
liabilities arising in the course of the tax year (excess tax withheld may be adjusted against capital
gains tax liability, if any, arising in the course of the tax year).

^ Section 196D of the Act provides for deduction of tax on income of FPI from securities as referred
to in section 115AD(1)(a) of the Act (other than interest referred in section 194LD of the Act) at the
rate of 20 percent.

Section 196D of the Act provides that tax shall be deducted on the above income, at the rate of
20 percent or the rates provided in the relevant DTAA, whichever is lower, provided the payee
furnishes a tax residency certificate and such other information and documents as may be
prescribed.

1Investors are requested to note that, pursuant to SEBI circular no. SEBI/HO/IMD/DF3/CIR/P/2020/194 dated 5 October, 2020
the nomenclature of the “Dividend Option(s) / Sub-option(s)” offered under all the existing schemes of Axis MF has been
renamed with effect from 1 April, 2021.

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Tax on Capital Gains on transfer of Mutual Fund Units

As per the provisions of section 2(42A) of the Act, a unit of an equity oriented Mutual Fund, held by
the investor as a capital asset, is considered to be a short-term capital asset, if it is held for 12 months
or less from the date of its acquisition by the unit holder. A unit of other than equity-oriented Mutual
Fund is considered to be a short-term capital asset, if it is held for 36 months or less from the date of
its acquisition by the unit holder.

Accordingly, if the unit of the equity-oriented Mutual Fund or other than equity-oriented mutual fund
is held for a period of more than 12 months or 36 months, respectively, it is treated as a long-term
capital asset.

Long Term Capital Gains

Equity-oriented Mutual Fund

All Unit Holders

With effect from 1 April 2018 the exemption on long term capital gains on sale of Units as provided
in clause (38) of section 10 of the Act has been withdrawn and section 112A of the Act for taxability
of long-term capital gain arising from transfer of a long-term capital asset being a unit of equity-
oriented fund has been introduced.

Under the provisions of section 112A of the Act, long term capital gain arising from transfer of a long
term capital asset shall be taxed @10% on entire capital gains exceeding Rs. 1,00,000. The said tax
rate shall be increased by applicable surcharge and cess (Refer Note 3). The tax rate of 10% will be
applicable to such long-term capital gains, if long term capital asset is in the nature of a unit of an
equity-oriented fund and STT has been paid on transfer of such capital asset.

Further, the third proviso to section 48 of the Act, provides that the:

i) The long term capital gains will be computed without giving effect to the first and second
provisos to section 48, i.e. inflation indexation in respect of cost of acquisition and cost of
improvement, if any, and the benefit of computation of capital gains in foreign currency in the
case of a non-resident, will not be allowed.

ii) Section 55(2)(ac) of the Act provides the mode of computation of cost of acquisition in respect
of the long term capital asset being an equity share in a company or unit of an equity oriented
fund or unit of business trust acquired by the assessee before the 1st day of February, 2018, shall
be deemed to be the higher of –

a) the actual cost of acquisition of such asset; and

b) the lower of –
(I) the fair market value of such asset; *and
(II) the full value of consideration received or accruing as a result of the transfer of the
capital asset.

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 *Fair market value has been defined to mean –

a) in a case where the capital asset is listed on any recognized stock exchange, the highest
price of the capital asset quoted on such exchange on the 31st day of January, 2018.
However, where there is no trading in such asset on such exchange on the 31st day of
January, 2018 , the highest price of such asset on such exchange on a date immediately
preceding the 31st day of January, 2018 when such asset was traded on such exchange
shall be the fair market value; and

b) in a case where the capital asset is a unit of an equity oriented mutual fund and is not
listed on recognized stock exchange, the net asset value of such asset as on the 31st day
of January, 2018.

As per the Explanation to provisions of section 112A of the Act (a) “equity oriented fund” means a
fund set up under a scheme of a mutual fund specified under clause (23D) of section 10 and,—

(i) in a case where the fund invests in the units of another fund which is traded on a recognised
stock exchange,—
(A) a minimum of ninety per cent of the total proceeds of such fund is invested in the units of such
other fund; and
(B) such other fund also invests a minimum of ninety per cent of its total proceeds in the equity shares
of domestic companies listed on a recognised stock exchange; and
(ii) in any other case, a minimum of sixty-five per cent of the total proceeds of such fund is invested
in the equity shares of domestic companies listed on a recognized stock exchange.

Provided that the percentage of equity shareholding or unit held in respect of the fund, as the case
may be, shall be computed with reference to the annual average of the monthly averages of the
opening and closing figures

In case of individuals/ HUFs, being residents, where the total taxable income excluding long-term
capital gains is below the maximum amount not chargeable to tax (refer note 2), then the
difference between the current maximum amount not chargeable to tax and total income
excluding long-term capital gains, shall be adjusted from long-term capital gains. Therefore, only
the balance long term capital gains will be liable to income-tax at the rate of 10 percent, plus health
and education cess.

Other than equity-oriented Mutual Fund

FPI unit holders

Long-term capital gains arising on sale / repurchase of other than equity-oriented mutual fund units
shall be taxed at the rate of 10% under Section 115AD of the Act. The said tax rate shall be increased
by applicable surcharge and health and education cess (refer Note 3). Such gains shall be
calculated without inflation index and currency fluctuations.

Specified overseas financial organisations

As per the provisions of section 115AB of the Act, long-term capital gains arising on sale / repurchase

119
of units of other than equity-oriented mutual fund purchased in foreign currency shall be liable to
tax at the concessional rate of 10%. The said tax rate shall be increased by applicable surcharge
and health and education and cess (refer Note 3). However, such gains shall be computed without
the benefit of cost indexation where the gross total income of the offshore fund consists only of
income from units or income by way of long-term capital gains arising from the transfer of units

Unit holders other than FPI and Specified overseas financial organisations

In case of listed securities and unlisted securities sold by resident unit holders and listed securities sold
by non-resident unit holders, long-term capital gains arising on sale / repurchase of units of other
than equity-oriented mutual fund shall be chargeable under Section 112 of the Act, at concessional
rate of tax, at 20%. The said tax rate shall be increased by applicable surcharge and health and
education cess (refer note 3).

The following amounts shall be deductible from the full value of consideration, to arrive at the
amount of capital gains:

Cost of acquisition of Units as adjusted by Cost Inflation Index notified by the Central Government,
and Expenditure incurred wholly and exclusively in connection with such transfer. STT is not
deductible while computing capital gains.

In case of individuals/ HUFs, being residents, where the total taxable income excluding long-term
capital gains is below the maximum amount not chargeable to tax (refer note 2), then the
difference between the current maximum amount not chargeable to tax and total income
excluding long-term capital gains, shall be adjusted from long-term capital gains. Therefore, only
the balance long term capital gains will be liable to income-tax at the rate of 20 percent, plus health
and education cess.

In case of Unlisted securities:

Further, long-term capital gains arising out of the transfer of unlisted securities in case of non-resident
unit holders shall be subject to tax at the rate of 10% (plus applicable surcharge and health and
education cess – Refer Note 3) without giving effect to indexation and foreign exchange fluctuation
benefit.
Short-term Capital Gains

Equity-oriented Mutual Fund

All unit holders

As per Section 111A of the Act, short-term capital gains arising from the sale of a unit of an equity-
oriented fund is taxed at 15% provided such transaction of sale is chargeable to STT.

The said tax rate shall be increased by applicable surcharge and cess (Refer Note 3).

In case of individuals/ HUFs, being residents, where the total taxable income excluding short-term
capital gains is below the maximum amount not chargeable to tax (refer note 2),then the difference
between the current maximum amount not chargeable to tax and total income

120
excluding short-term capital gains, shall be adjusted from short-term capital gains. Therefore, only
the balance short term capital gains will be liable to income-tax at the rate of 15 percent, plus
health and education cess.

Other than equity-oriented mutual fund

FPI unit holders

Short-term capital gains arising on sale / repurchase of units of other than equity-oriented mutual
fund shall be taxed at the rate of 30% (as increased by applicable surcharge and education cess,
if any (refer Note 3).

Other than FPI

Short-term capital gains arising on sale / repurchase of units of other than equity-oriented mutual
fund shall be taxed at following rates (as increased by applicable surcharge and education cess, if
any (refer Note 3).

Investors Tax rate

Individual, HUF, AOP, BOI Slab rates (Refer Note 2)
Firm 30%
Resident company 30%/25%2/22%3/15%4 (discussed detail in Note 2 below)
Foreign company 40%

In case of individuals/ HUFs, being residents, where the total taxable income excluding short-term
capital gains is below the maximum amount not chargeable to tax (refer note 2), then the
difference between the current maximum amount not chargeable to tax and total income
excluding short-term capital gains, shall be adjusted from short-term capital gains. Therefore, only
the balance short term capital gains will be liable to income-tax at the slab rates, plus health and
education cess.

Relief under double taxation avoidance agreement (DTAA)

Section 90 of the Act provides that where an double taxation avoidance agreement (DTAA) has
been executed between the Government of India and the Government of any other country, the
provisions of the Act will apply to the extent they are more beneficial to the non-resident unit holder.
Section 90(4) of the Act provides that a tax payer, not being a resident, to whom a DTAA applies,
shall not be entitled to claim any relief under such DTAA unless a certificate of it being a resident in
a country outside India is obtained by it from the Government of that country. Further, section 90(5)
provides that a tax payer to whom a DTAA applies, as referred to in section 90(4) of the Act, shall
provide information in Form 10F where the required information5 is not explicitly mentioned in the
TRC.

2 If the total turnover of the resident corporate investor does not exceed INR 400 crores during financial year 2020-21, a
concessional rate of 25% (plus applicable surcharge and health & education cess) may apply.
3 Applicable to existing companies opting to discharge taxes at 22% and fulfils prescribed conditions.
4 Applicable to a domestic manufacturing company incorporated after 1 October 2019 and fulfils prescribed conditions.
5 -Status (individual, company, firm etc.) of the taxpayer;

- Nationality (in case of an individual) or country or specified territory of incorporation or registration (in case of others);
- Taxpayer's tax identification number in the country or specified territory of residence (In case there is no such number,
then, a unique number on the basis of which the person is identified by the Government of the country or the specified
territory of which the taxpayer claims to be a resident);
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Further, as per provisions of section 90 of the Act, a non-resident unit holder would be able to
claim beneficial rate under relevant DTAA subject to furnishing of TRC and Form 10F (if required).

Tax Deduction at Source on capital gains

Domestic Unit holders

No tax is required to be deducted at source from capital gains arising to resident investors at the
time of repurchase or redemption of the units6.

Foreign Portfolio Investors (FPI)

Under Section 196D of the Act, no deduction shall be made from any income by way of capital
gains, in respect of transfer of units referred to in Section 115AD of the Act.

Specified overseas financial organizations

As per section 196B of the Act, income-tax is deductible on long-term capital gains arising on sale /
repurchase of units of other than equity oriented mutual fund purchased in foreign currency, at the
rate of 10 per cent. The said tax rate shall be increased by applicable surcharge and cess (refer
Note 3).

Income-tax is deductible on short-term capital gains arising on sale / repurchase of such units at the
rate of 40 per cent plus applicable surcharge and cess (refer Note 3) in case of foreign companies;
and 30 per cent plus applicable surcharge and cess (refer Note 3) in case of non-corporate Unit
holders.

Other Non-resident Unit holders

Income-tax is deductible at source on short-term capital gains arising on sale / repurchase of units
of equity oriented mutual fund at the rate of 15% plus applicable surcharge and health and
education cess (refer Note 3).

Income-tax is deductible on long-term capital gains arising on sale / repurchase of unit of equity-
oriented fund referred to above at the rate of 10 % plus applicable surcharge and cess (refer Note
3).

Tax at source on long-term capital gains arising on sale / repurchase of units of other that equity-
oriented mutual fund it shall be deducted at the rate of 20 per cent in case of listed units (capital
gains to be calculated with indexation) and 10 per cent in case of unlisted units (capital gains to
be calculated without indexation). Surcharge on income-tax will be levied as applicable and cess
(refer Note 3).

- Period for which the residential status, as mentioned in the certificate of residence is applicable; and
- Address of the taxpayer in the country or specified territory outside India, during the period for which the certificate is applicable.

6 Withholding under section 194K of the Act is not applicable on capital gains arising on redemption of units of Mutual Fund.

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Tax is deductible on short-term capital gains arising on sale / repurchase of units at the marginal
rates, viz. at 30 per cent in case of individuals (assuming the individual falls in the highest tax bracket)
and other non-corporate Unit holders; and at 40 per cent in case of corporate Unit holders(being
non-resident). Surcharge on income-tax will be levied as applicable and cess (refer Note 3).

However, in case of such other non-resident unit holder who is a resident of a country with which
India has signed a DTAA (which is in force), income-tax is payable at the rate provided in the Act or
the rate provided in the said agreement, whichever is more beneficial to such other non-resident unit
holder which can be claimed in the return of income to be filed by such investors.

If the non-resident unit holder produces a nil or lower withholding certificate from the income tax
authorities, then tax shall be deducted at such rates mentioned in the certificate during the validity
of the certificate.

Other Benefits and Important concerns

Certain deductions available under Chapter VI-A of the Act (Equity Linked Savings Schemes)

Equity Linked Savings Schemes (ELSS) are schemes formulated under the Equity Linked Savings
Scheme (ELSS), 2005, issued by the Central Government.

Accordingly, any investment made by an assessee in the ELSS of the Fund up to a sum of Rs.
150,000/- in a financial year would qualify for deduction under Section 80C of the Act.

An “assessee” as per ELSS 2005 means:—

(i) an individual; or
(ii) a Hindu undivided family; or
(iii) an association of persons or a body of individuals consisting, in either case, only of husband and
wife governed by the system of community of property in force in the State of Goa and Union
Territories of Dadra and Nagar Haveli and Daman and Diu by whom, or on whose behalf, investment
is made;

Note-

Section 115BAC of the Act provides an optional tax regime for the taxpayers like individual and HUF,
where taxpayers are given an option to pay taxes at a concessional rate (slab rates) from Financial
year (FY) 2020-21 onwards. Any individual/ HUF opting to be taxed under such tax regime from FY
2020-21 onwards will have to give up certain exemptions and deductions. Since, individuals/ HUF
opting for the optional tax regime are not eligible for Chapter VI-A deductions, the investment in
ELSS Funds cannot be claimed as deduction from the total income.

Minimum Alternate Tax (All Corporate investors)

Section 115JB(1) of the Act provides that, if the tax payable by a company on the total income
computed as per the provisions of the Act is less than 15 per cent of its ‘book profit’, then
notwithstanding anything contained in any other provision of the Act, the ‘book profit’ shall be
deemed to be the total income of the tax payer, and the amount of tax payable shall be the
amount of income-tax at the rate of 15 per cent (plus applicable surcharge and health and

123
education cess) on such total income. This tax prescribed on book profits under section 115JB is
commonly referred to as MAT.

MAT provisions shall not be applicable and shall be deemed to have never been applicable to a
foreign company:

i. if such foreign company is a resident of a country or specified territory with which the
Government of India has entered into a DTAA or such other agreement as specified in Section
90A(1) of the Act, and the foreign company does not have a permanent establishment in India
in accordance with the provisions of such agreement; or

ii. if the foreign company is a resident of a country with which India does not have an agreement
as stated above and the foreign company is not required to seek registration under any law for
the time being in force relating to companies.

Further, the provisions of this aforementioned section shall not be applicable and shall be deemed
never to have been applicable to an assessee being a foreign company where its total income
comprises solely of profits and gains from business referred to in section 44B, 44BB, 44BBA or 44BBB of
the Act and such income has been offered to tax at the rates specified in those sections.

Further, MAT shall not be applicable to resident companies opting taxation under section 115BAA
and section 115BAB (Refer Note 2 below).

Deduction for the Securities Transaction Tax

As per the Finance Act, 2008 deduction in respect of STT paid is allowed in the computation of
business income. This is subject to the condition that such income from taxable securities transaction
is included under the head “profit and gains from business and profession”.

Religious and Charitable Trusts

Investments in Units of the Mutual Fund will rank as an eligible form of investment under Section 11(5)
of the Act read with Rule 17C of the Income-tax Rules, 1962 (Rules), for Religious and Charitable
Trusts.

Set off of Capital losses

The long-term capital loss suffered on sale / repurchase of units shall be available for set off against
long-term capital gains arising on sale of other assets and balance unabsorbed long-term capital
loss shall be carried forward for set off only against long-term capital gains in subsequent years.

Short-term capital loss suffered on sale / repurchase of units shall be available for set off against
both long-term and short-term capital gains arising on sale of other assets and balance unabsorbed
short-term capital loss shall be carried forward for set off against capital gains in subsequent years.

Such carry forward is admissible maximum upto eight assessment years.

Each Investor is advised to consult his / her or its own professional tax advisor before claiming set off

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of long-term capital loss arising on sale of units of an equity-oriented fund/ other than equity-
oriented fund referred to above, against long-term capital gains arising on sale of other assets.

Bonus stripping

Additionally, as per section 94(8) of the Act, wherein in case of securities and units purchased within
a period of three months prior to the record date for entitlement of bonus and sold within nine
months after the record date, the loss arising on transfer of original securities and units shall be
ignored for the purpose of computing the income chargeable to tax. The loss so ignored shall be
treated as cost of acquisition of such bonus units.

Furnishing of Permanent Account Number (PAN)

As per the provisions of the section 206AA of the Income-tax Act, 1961, any person whose receipts
are subject to deduction of tax at source shall mandatorily furnish his PAN to the deductor failing
which the deductor shall deduct tax at source at higher of the following rates:

i. the rate prescribed in the Act;

ii. at the rates in force (this takes into account the rates as per the DTAA)
iii.at the rate of 20%

The provisions of Section 206AA of the Act shall not apply to anon-resident investor if he receives
income in the nature of interest, royalty, fees for technical services, dividend or transfer of any
capital asset and provides alternate documents as may be prescribed under Rule 37BC of the Rules
instead of the PAN. In view of the same, a non-resident is technically required to have a PAN or such
other document as may be prescribed under the provisions of the Act and non-availability of the
same may result in withholding tax at higher rate. However, if PAN or such other document
prescribed is available, then the beneficial rates as per DTAA (if applicable) can be availed subject
to deductee being eligible for DTAA benefits.

Further, FA 2022 has amended the section 206AB of the Act which provides higher rates of
withholding tax where the recipient (being a specified person):

• has not filed the return of income for an assessment year (“AY") relevant to the previous year
immediately prior to the previous year in which tax is required to be deducted;
• has an aggregate of tax deducted at source and tax collected at source of
INR 50,000 or more in such previous year; and
• for whom the time limit of filing return of income under Section 139(1) of the Act has expired.

Where the recipient qualifies as a specified person under section 206AB of the Act, withholding
shall be higher of the following:

• twice the rate specified in the relevant provision of the IT Act; or

• twice the rate or rates in force; or
• the rate of 5%

Further, where provisions of section 206AA of the Act is applicable to a specified person, in
addition to the provision of section 206AB of the Act, the tax shall be deducted at higher of the
two rates provided in section 206AB and in section 206AA of the Act.

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However, it is pertinent to note that non-residents who do not have a permanent establishment in
India have been excluded from the definition of specified person.

Manner of making Permanent Account Number (PAN) inoperative

Rule 114AAA of the Rules provides that where a taxpayer does not link his PAN with his Aadhaar
number, then PAN of such a taxpayer shall become inoperative and consequences for not
furnishing, intimating or quoting of PAN under the Act shall be applicable. However, PAN will again
become operative as and when the taxpayer links it with the Aadhaar number.

In this regard, Central Board of Direct Taxes (CBDT) vide Notification No. 37/2017, F. No.
370133/6/2017-TPL, dated 11 May 2017 has clarified that provisions of section 139AA of the IT Act
shall not apply to an individual who does not possess the Aadhaar number or the Enrolment ID
and is a non-resident as per the Act.

Given that provisions of section 139AA of the Act does not apply to a non-resident, consequently,
the provisions of Rule 114AAA of the Rules shall also not apply.

Wealth-tax
The provisions of Wealth Tax Act cease to apply from A.Y 2016-17 i.e. there will be no wealth tax
liability for F.Y 2015-16 onwards.

Gift Tax
Since the provision of Gift Tax Act, 1958 have ceased to apply with effect from October 1,1998, gift
of units of mutual funds made on or after October 1,1998 will not be liable to Gift Tax under the Gift
Tax Act, 1958. However, pursuant to the finance Act, 2009, Section 56 of the Income Tax Act has
been amended to provide that value of any property, including units of mutual funds, received
without consideration or for inadequate consideration on or after October 1, 2009 (from the person
or in situations other than those exempted under Section 56(2)(vii) of the Act) will be included in the
computation of total income of the recipient and be subject to tax. With effect from 1 April 2017,
section 56(2)(vii) of the Act has now been replaced with section 56(2)(x) of the Act.

Note 1:
Nature of Transaction Payable Value on which tax Rates
by shall be levied (%)
Delivery based purchase transaction in equity Purchaser Value at which shares 0.1
shares in a company entered in a recognized are bought
stock exchange
Delivery based purchase transaction in units of Purchaser Value at which units Nil
equity oriented fund entered in a recognized are bought
stock exchange
Delivery based sale transaction in equity shares Seller Value at which shares 0.1
entered in a recognized stock exchange are sold
Delivery based sale transaction in units of equity Seller Value at which units 0.001
oriented fund entered in a recognized stock are sold
exchange
Non-delivery based sale transaction in equity Seller Value at which shares 0.025
shares or units of equity oriented fund entered in / units are sold
a recognised stock exchange.

126
 Transaction for sale of futures in securities Seller Value at which futures 0.01
are traded
Transaction for sale of an option in securities Seller The option premium 0.05
Transaction for sale of an option in securities, Purchaser difference between 0.125
where the option is exercised settlement price and
strike price
Sale of units of an equity-oriented fund to the Seller Value at which units 0.001
mutual fund are sold
Transactions for sale of unlisted equity shares Seller Value at which shares 0.2
under an offer for sale to public are sold
Transactions for sale of unlisted units of a business Seller Value at which units 0.2
trust under an offer for sale to public are sold

Value of taxable securities transaction in case of units shall be the price at which such units are
purchased or sold.

Note 2:
Rates of income-tax

Prior to the Taxation Laws (Amendment) Act, 2019, existing domestic companies were liable to tax
at basic rate of either 25% or 30%. The tax rate of 25% was applicable to two types of domestic
companies viz.

(a) those having turnover or gross receipts not exceeding Rs. 400 crores in financial
year 2020-21; and

(b) new domestic manufacturing companies set up and registered on or after 1 March 2016 fulfilling
specified conditions.

Taxation Laws (Amendment) Act, 2019 introduced a new section 115BAA of the Act, which states
that with effect from AY 2020-21, domestic companies7 shall have an option to pay income tax at
the rate of 22% plus 10% surcharge and 4% cess, subject to the condition that they will not avail
specified tax exemptions or incentives under the Act. Such option once exercised cannot be
subsequently withdrawn. Companies exercising such option will not be required to pay MAT.

Domestic companies claiming any tax exemptions or incentives shall also be eligible to exercise
such option after the expiry of the tax incentive period.

Further, Taxation Laws (Amendment) Act, 2019 introduced a new section 115BAB of the Act, which
states that with effect from AY 2020-21, new domestic manufacturing companies, incorporated on
or after
1 October 2019 and commencing manufacturing on or before 31 March 2023, making fresh
investments in manufacturing will have an option to avail an even lower tax rate of 15% plus 10%
surcharge and 4% cess. Companies exercising such option will not be required to pay MAT.
However, such new domestic manufacturing company should fulfil, inter alia, following conditions:

7 i.e. defined in the current Indian tax law to mean Indian company or any other company which, in respect of its income
liable to tax in India, has made prescribed arrangements for the declaration and payment, within India, of the dividends
(including dividends on preference shares) payable out of such income
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(i) It is not formed by splitting-up/ reconstruction of a business already in existence;

(ii) It should not use the following assets:

• Any plant or machinery previously used in India in value exceeding 20% of total value of
plant or machinery;
• Any building previously used as a hotel/ convention centre;

(iii) It should not claim any specified tax incentive;

(iv) It should exercise option to claim the benefit of lower tax rate in the first of the returns to be filed
by it and such option once exercised cannot be withdrawn.

Individuals, Hindu Undivided Total income for a Tax

Families, Association of Persons, tax year:
Body of Individuals, Non resident <=Rs. 2.5 lacs : Nil (basic exemption limit#)
Indians and PIOs > Rs. 2.5 lacs and : 5% of total income
<=Rs 5 lacs exceeding Rs 2.5 lacs
> Rs 5 lacs and <=Rs : Rs. 12,500 /- plus 20% of
10 lacs amount exceeding Rs 5 lacs
> Rs 10 lacs : Rs.1,12,500 /- plus 30% of
amount exceeding Rs 10
lacs
# Basic exemption limit for resident individuals of the

age of 60 years or more but less than 80 years is Rs.

3 lacs, for individuals of the age of 80 years or more
(very senior citizens) is Rs. 5 lacs.
An additional rebate upto Rs 12,500 /- is being
provided for residential individuals whose income
doesn’t exceed Rs 5,00,000 /-
Partnerships (including LLPs) 30%
Resident companies 30%/25%1/ 22%2/15%3
Foreign companies other than FPIs 40%

Section 115BAC of the Act provide individuals and HUFs for an option to pay taxes as
per concessional tax slabs which are as follows:

Total income for a tax year: Tax Rate

<=Rs. 2.5 lacs Nil (basic exemption limit#)

> Rs. 2.5 lacs and <=Rs 5 lacs 5%
> Rs 5 lacs and <=Rs 7.5 lacs 10%
> Rs 7.5 lacs and <=Rs 10 lacs 15%
> Rs 10 lacs and <=Rs 12.5 lacs 20%
> Rs 12.5 lacs and <=Rs 15 lacs 25%
> Rs 15 lacs 30%

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 # Basic exemption limit for resident individuals of the age of 60 years or more but less than 80
years is Rs. 3 lacs, for individuals of the age of 80 years or more (very senior citizens) is Rs. 5
lacs.
An additional rebate upto Rs 12,500 /- is being provided for residential individuals whose
income doesn’t exceed Rs 5,00,000 /-

Note - Any individual/ HUFs opting to be taxed under the above tax regime from
Financial year 2020-21 onwards will have to give up certain exemptions and deductions.
Further, individuals and HUF who do not have business income or income from profession
can opt for new tax regime on a year on year basis. However, taxpayers earning business
income or income from profession can opt into the regime only once on irrevocable basis.
Such option will apply to all subsequent tax years and in a case where such option is
withdrawn by the taxpayer, he shall not be eligible to avail the concessional slab rates in
subsequent years until he ceases to have business income or income from profession

Note 3: Surcharge rate

Individual/ HUF/ AOP/ BOI

Income Individual, HUF, Cess

AOP, BOI
(a)Rs.50 lakh to 1 crore (including income under 10% 4% on tax plus
section 111A and 112A of the Act) Surcharge,
(b)Above Rs 1 crore upto Rs 2 crores (including 15% applicable in all
income under section 111A and 112A of the Act) cases
(c)Above Rs 2 crores upto Rs 5 crores (excluding 25%
dividend (dividend received from domestic
companies only) and capital gains income
income under section 111A, 112 and 112A of the
Act)
(d)Above Rs 5 crores (excluding dividend 37%
(dividend received from domestic companies
only) and capital gains income income under
section 111A, 112 and 112A of the Act)
(e) Above 2 crores [including dividend income 15%
(dividend received from domestic companies
only) and capital gains income under section
111A, 112 and 112A of the Act)] but not covered
in point (c) and (d) above

Non-corporate/ Non-firm FPIs

Income Surcharge rate for Surcharge rate Cess
capital gains and for other than
dividend from capital gains
domestic and dividend
companies

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 from domestic
companies
Rs.50 lakh to 1 crore 10% 10% 4% on tax
Above Rs 1crore upto Rs 2 15% 15% plus
crores Surcharge,
Above Rs 2 crores upto Rs 5 15% 25% applicable
crores in all cases
Above Rs 5 crores 15% 37%

Companies

Income Resident Foreign Cess

companies* Company/
Corporate FPIs
Above Rs 1crore 7% 2% 4% on tax
upto Rs 10 crores plus
Above Rs 10 12% 5% Surcharge,
crores applicable
in all cases

*Surcharge rate shall be 10% in case resident companies opting taxation under section 115BAA and
section 115BAB on any income earned.

In case of firm with total income exceeding Rs.1 crore, surcharge rate shall be 12%.

C. LEGAL INFORMATION
1. Nomination Facility
i. Pursuant to Regulation 29A of the SEBI Regulations, the AMC provides an option to the Unit
holder to nominate (in the manner prescribed under the SEBI Regulations), a person(s) in whom
the Units held by him shall vest in the event of his death. Where the Units are held by more than
one person jointly, the joint Unit holders may together nominate a person(s) in whom all the
rights in the Units shall vest in the event of death of all the joint Unit holders. By provision of this
facility the AMC is not in any way attempting to grant any rights other than those granted by
law to the nominee(s).
ii. A nomination in respect of the Units does not create an interest in the property after the death
of the Unit holder. The nominee(s) shall receive the Units only as an agent and trustee for the
legal heirs or legatees as the case may be. It is hereby clarified that the nominees(s) under the
nomination facility provided herein shall not necessarily acquire any title or beneficial interest
in the property by virtue of this nomination.
iii. Nomination can be made only by individuals on their own behalf, either singly or jointly. Non-
individuals including society, trust, body corporate, partnership firm, Karta of Hindu Undivided
Family, holder of Power of Attorney cannot nominate.
iv. Only the following categories of Indian Residents can be nominated: (a) individuals (b) minors
through parent/legal guardian (c) religious and charitable trusts and (d) Central Government,
State Government, a local authority or any person designated by virtue of his office.
v. The Nominee shall not be a trust other than a religious or charitable trust, society, body
corporate, partnership firm, Karta of Hindu Undivided Family or a Power of Attorney holder.
vi. A non-resident Indian can be a Nominee subject to the exchange controls in force from time
to time.
vii. Minor(s) can be nominated and in that event, the name and address of the guardian of the
minor nominee shall be provided by the Unit holder. Nomination can also be in favour of the
Central Government, State Government, a local authority, any person designated by virtue of
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 his office or a religious or charitable trust.
viii. Nomination can be made for maximum of 3 nominees. In case of multiple nominees, the
percentage of allocation / share in favour of each of the nominees should be indicated
against their name and such allocation / share should be in whole numbers without any
decimals making a total of 100 percent. In the event of Unit holders not indicating the
percentage of allocation / share for each of the nominees, the Mutual Fund /the AMC, by
invoking default option shall settle the claim equally amongst all the nominees.
ix. Nomination in respect of the Units stands rescinded upon the Redemption of Units.
x. Cancellation of nomination can be made only by those individuals who hold Units on their own
behalf singly or jointly and who made the original nomination. On cancellation of the
nomination the nomination shall stand rescinded and the Mutual Fund / AMC shall not
be under any obligation to transfer the Units in favour of the nominee(s).
xi. The nomination facility extended under the Scheme is subject to existing laws. The AMC shall,
subject to production of such evidence which in their opinion is sufficient, proceed to effect
the payment/transfer to the Nominee(s). Transfer of Units / payment to the nominee(s) of the
sums shall discharge the Mutual Fund / AMC of all liability towards the estate of the deceased
Unit holder and his/her/their successors/legal heirs.
xii. The Fund, the AMC and the Trustee are entitled to be indemnified from the deceased Unit
Holder’s estate against any liabilities whatsoever that any of them may suffer or incur in
connection with a nomination.
xiii. Nomination will be mandatory for new folios/accounts opened by individuals especially with
sole/single holding.
xiv. Investors who do not wish to nominate must sign separately confirming their non-intention to
nominate.
xv. In case of joint holdings in a folio, all joint holders will be required to sign the request for
nomination/cancellation of nomination, even if the mode of holding is not joint. The facility to
nominate will not be available in a folio held on behalf of a minor. Nomination form cannot be
signed by Power of Attorney (PoA) holders.
xvi. The facility to nominate will not be available in a folio held on behalf of a minor.
xvii. Nomination shall be maintained at the folio or account level and shall be applicable for
investments in all schemes in the folio or account.
xviii. Every new nomination in a folio will over write the existing nomination.

xix. Investors subscribing to mutual fund units, will have the choice of:
• Providing nomination in the format specified in fourth schedule of SEBI (Mutual Funds)
Regulations, 1996 (or)
• In case investor wishes to opt- out of nomination need to submit a signed Declaration form
as provided by AMC.

Investors may note that where the Units are transferred in favor of the nominee, the “Know Your
Customer” norms, where applicable will have to be fulfilled by the nominee.

2. Prevention of Money Laundering - Know Your Customer (KYC) Compliance

i. Prevention of Money Laundering Act, 2002 (hereinafter referred to as "Act") came into effect
from July 1, 2005 vide Notification No. GSR 436(E) dated July 1, 2005 issued by Department of
Revenue, Ministry of Finance, Government of India. Further, SEBI vide its circular reference
number ISD/CIR/RR/AML/1/06 dated January 18, 2006 including amendments thereto
mandated that all intermediaries including mutual funds should formulate and implement a
proper policy framework as per the guidelines on anti money laundering measures and also to
adopt a Know Your Customer (KYC) policy. The intermediaries may, according to their
requirements specify additional disclosures to be made by clients for the purpose of identifying,
monitoring and reporting incidents of money laundering and suspicious transactions Undertaken
by clients. SEBI also issued another circular reference no. ISD/CIR/RR/AML/2/06 dated March 20,
2006 advising all intermediaries to take necessary steps to ensure compliance with the
requirement of section 12 of the Act inter-alia maintenance and preservation of records and

131
 reporting of information relating to cash and suspicious transactions to Financial Intelligence
Unit-India (FIU-IND), New Delhi.
ii. All investors shall complete a one-time process of KYC, which is mandatory for any amount of
investment for the New / Additional Purchases, Switch Transactions, New SIP Registration, New
STP Registrations.
iii. The investor(s) should ensure that the amount invested in the scheme is through legitimate
sources only and does not involve and is not designated for the purpose of any contravention
or evasion of the provisions of the Income Tax Act, Prevention of Money Laundering Act,
Prevention of Corruption Act and / or any other applicable law in force and also any laws
enacted by the Government of India from time to time or any rules, regulations,
notifications or directions issued thereunder.
iv. Investors should note that it is mandatory for all applications for subscription of any amount to
quote the KYC Compliance Status of each applicant (guardian in case of minor) in the
application for subscription and attach proof of KYC Compliance viz. KYC Acknowledgement
Letter Printout of KYC Compliance Status downloaded from KRA website using the PAN Number.
v. *Valid only where investors who have already obtained the erstwhile Mutual Fund Identification
Number (MIN) by submitting the PAN copy as the proof of identity.
vi. Applicants intending to apply for units through a Power of Attorney (PoA) must ensure that the
issuer of the PoA and the holder of the PoA must mention their KYC Compliance Status and
attach proof of KYC Compliance at the time of investment. In the event of non compliance of
KYC requirements, the Trustee / AMC reserves the right to freeze the folio of the investor(s) folio.
vii. To ensure appropriate identification of the investor(s) under its KYC policy and with a view to
monitor transactions for the prevention of money laundering, the AMC / the Mutual Fund
reserves the right to seek information, record investor's telephonic calls and / or obtain and retain
documentation for establishing the identity of the investor, proof of residence, source of funds,
etc.
viii. It may re-verify identity and obtain any incomplete or additional information for this purpose.
ix. The investor(s) and their attorney, if any, shall produce reliable, independent source documents
such as photographs, certified copies of ration card/ passport/ driving license/PAN card, etc.
and/or such documents or produce such information as may be required from time to time for
verification of the identity, residential address and financial information of the investor(s) by the
AMC/Mutual Fund.
x. If the investor(s) or the person making payment on behalf of the investor(s), refuses / fails to
provide the required documents/ information within the period specified in the
communication(s) sent by the AMC to the investor(s) then the AMC, after applying appropriate
due diligence measures, believes that the transaction is suspicious in nature within the purview
of the Act and SEBI circulars issued from time to time and/or on account of deficiencies in the
documentation, shall have absolute discretion to report suspicious transactions to FIU-IND and /
or to freeze the folios of the investor(s), reject any application(s) / allotment of units.
xi. The KYC documentation shall also be mandatorily complied with by the holders entering the
Register of Unitholders by virtue of operation of law e.g. transmission, etc. The Mutual Fund, AMC,
Trustee and their Directors, employees and agents shall not be liable in any manner for any
claims arising whatsoever on account of freezing the folios / rejection of any application /
allotment of units due to non-compliance with the provisions of the Act, SEBI circular(s) and KYC
policy and / or where the AMC believes that transaction is suspicious in nature within the purview
of the Act and SEBI circular(s) and reporting the same to FIU-IND.

Know Your Customer (KYC) Procedure - KYC Registration Agency (KRA)

Investors may note that pursuant to SEBI Circular no. MIRSD/ Cir-26/ 2011 dated December 23, 2011,
SEBI (KYC Registration Agency) Regulations, 2011 and SEBI Circular no. MIRSD/SE/Cir-21/2011 dated
October 5, 2011, regarding uniformity in the Know Your Customer (KYC) process in the securities
market and development of a mechanism for centralization of the KYC records to avoid duplication
of KYC Process across the intermediaries in the securities market, with effect from January 1, 2012.
1. SEBI has introduced a common KYC Application Form for all the SEBI registered intermediaries
viz. Mutual Funds, Portfolio Managers, Depository Participants, Stock Brokers, Venture Capital
Funds, Collective Investment Schemes, etc. New Investors are therefore requested to use the
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 common KYC Application Form and carry out the KYC process including In-Person Verification
(IPV) with any SEBI registered intermediaries including mutual funds.
2. The Mutual Fund shall perform the initial KYC of its new investors and may undertake enhanced
KYC measures commensurate with the risk profile of its investors. The Mutual Fund shall upload
the details of the investors on the system of the KYC Registration Agency (KRA). Registrar &
Transfer Agent (RTA) of the Mutual Fund may also undertake the KYC of the investors on behalf
of the Mutual Fund. KRA shall send a letter to the investor within 10 working days of the receipt
of the initial/updated KYC documents from the Mutual Fund, confirming the details thereof.
3. Once the investor has done KYC with a SEBI registered intermediary, the investor need not
undergo the same process again with another intermediary including mutual funds. However,
the Mutual Fund reserves the right to carry out fresh KYC/additional KYC of the investor.
4. It is mandatory for intermediaries including mutual funds to carry out In-Person Verification (IPV)
of its new investors from January 1, 2012. The IPV carried out by any SEBI registered intermediary
can be relied upon by the Mutual Fund. Axis Asset Management Company Limited and NISM /
AMFI certified distributors who are KYD compliant are authorised to undertake the IPV for Mutual
Fund investors. Further, in case of any applications received directly (i.e. without being routed
through the distributors) from the investors, the Mutual Fund may rely upon the IPV (on the KYC
Application Form) performed by the scheduled commercial banks.
5. Existing KYC compliant investors of the Mutual Fund can continue to invest as per the current
practice.

Please refer to the paragraph “How to apply” for the process to complete KYC formalities.

Operationalisation of Central KYC Records Registry (CKYCR)

Central Registry of Securitisation and Asset Reconstruction and Security interest of India (“CERSAI”)
has been authorised by Government of India to act as Central KYC Records Registry under
Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (“PMLA Rules”).

SEBI vide its circular no. CIR/MIRSD/66/2016 dated July 21, 2016 and circular no. CIR/MIRSD/120/2016
dated November 10, 2016 has prescribed that the Mutual Fund/ AMC should capture KYC
information for sharing with CKYCR as per the KYC template prescribed by CERSAI.

In accordance with the aforesaid SEBI circulars and AMFI best practice guidelines for
implementation of CKYC norms with effect from February 1, 2017:
a) Individual investors who have never done KYC process under KRA regime i.e. a new investor
who is new to KRA system and whose KYC is not registered or verified in the KRA system shall be
required to provide KYC details in the CKYC Form to the Mutual Fund/ AMC. The said form is
available on Axis Mutual Fund website www.axismf.com.
b) Individual investor who fills old KRA KYC Form, should provide additional / missing information
using Supplementary KYC Form or fill CKYC Form.
c) Details of investors shall be uploaded on the system of CKYCR and a 14 digit unique KYC
identifier (‘KIN’) will be generated for such customer.
d) New investors, who have completed CKYC process & have obtained KIN may quote their KIN in
the application form instead of submitting CKYC Form/ Supplementary KYC Form.
e) AMC/ Mutual Fund shall use the KIN of the investor to download the KYC information from CKYCR
system and update its records.
f) If the PAN of investor is not updated on CKYCR system, the investor should submit self-certified
copy of PAN card to the Mutual Fund/ AMC.

The AMC reserves the right to reject transaction application in case the investor(s) fails to submit
information and/or documentation as mentioned above. In the event of non-compliance of KYC
requirements, the Trustee / AMC reserves the right to freeze the folio of the investor(s).

Implementation of the Prevention of Money-laundering (Maintenance of Records) Second

Amendment Rules, 2017 with respect to seeding of Aadhaar number:

133
Pursuant to requirement under Prevention of Money Laundering (Maintenance of Records) Rules,
2005, as amended from time to time, proof of possession of Aadhaar can be accepted as a valid
document for proof of address or proof of identity of investors, provided the investor redact or
blackout his Aadhaar number while submitting the applications for investments.

The aforesaid guidelines will be subject to change as per the directives issued by the concerned
regulatory/ government authority from time to time.

3. Transfer and Transmission Facility

i. Units of the schemes shall be non-transferable unless the Units are held in demat form shall be
freely transferable under the depository system and in accordance with the provisions of the
SEBI (Depositories and Participants) Regulations, 1996. However, restrictions on transfer of Units
of Axis Long Term Equity Fund during the lock in period shall continue to be applicable as per
the ELSS guidelines. Further, transfer of units shall be subject to lock in period, as applicable to
the respective scheme. If a person becomes a holder of the units consequent to operation of
law, or upon enforcement of a pledge, the Mutual Fund will, subject to production of
satisfactory evidence, effect the transfer, if the transferee is otherwise eligible to hold the units.
ii. In case units are held in a single name by a unit holder, units shall be transmitted in favour of the
nominee, where the unit holder has appointed a nominee, upon production of death certificate
and other document to the satisfaction of the Mutual Fund, AMC/Trustee or Registrar.
iii. If the unit holder has not appointed a nominee, the units shall be transmitted in favour of the
unit holder’s executor / administrator of estate / legal heir(s), as the case may be, on production
of death certificate and other document to the satisfaction of the Mutual Fund, AMC/Trustee
or Registrar.
iv. In case units are held by more than one registered unit holder, then upon death of first unit
holder, units shall be transmitted in favour of the second named holder on production of a death
certificate and other document to the satisfaction of the Mutual Fund, AMC/Trustee or Registrar.
v. The rights in the units will vest in the nominee upon the death of all joint unit holders upon the
nominee producing a death certificate and other document to the satisfaction of the Mutual
Fund, AMC/Trustee or Registrar.

Transmission Process:
i. In case of transmission of Units, the transferee will have to comply with the applicable “Know
Your Customer” Norms.
ii. In case of transmission of Units, the claimant(s) of Units will be required to submit the prescribed
documents as may be applicable. Investors may refer to our website (www.axismf.com) or
contact any of our investor service centres for the various documents required under different
transmission scenarios.
iii. In case of transmission of Units to a claimant who is a minor, the prescribed documents like PAN,
KYC, bank details, indemnity, etc. of the guardian will be required.
iv. If the amount involved in transmission exceeds Rs. 2 lakh, the AMC/Mutual Fund may, on a case
to case basis, seek additional documents from the claimant(s) of Units.
v. Requests for redemption will not be accepted from a claimant pending completion of the
transmission of units in his / her favour.

4. Duration of the Scheme and Winding Up

i. Each closed-ended Scheme/ Plan wil have a Maturity Date / Final Redemption Date and will
be compulsorily and without any act by the unit holder(s) redeemed on Maturity Date / Final
Redemption Date. On Maturity / Final Redemption Date of the Scheme/ Plan, the units will be
redeemed at the Applicable NAV.
ii. The Mutual Fund may convert the Scheme/ Plans under the Scheme after the Maturity Date /
Final Redemption Date into an open-end Scheme/ Plan and this shall be in accordance with
the SEBI Regulations.
iii. The Units of close-ended Scheme/ Plan may be converted into open-ended scheme,
a) If the SID of such scheme discloses the option and the period of such conversion; or
b) The Unit holders are provided with an option to redeem their units in full.
iv. A close-ended scheme shall be fully redeemed at the end of the maturity period.
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 Provided that a close ended scheme may be allowed to be rolled over if the purpose, period
and other terms of the roll over and all other material details of the scheme including the likely
composition of assets immediately before the roll over, the net assets and net asset value of the
scheme, are disclosed to the Unit holders and a copy of the same has been filed with SEBI.

Provided further, that such roll over will be permitted only in case of those Unit holders who
express their consent in writing and the Unit holders who do not opt for the roll over or have
not given written consent shall be allowed to redeem their holdings in full at net asset value
based price.
v. A closed-ended Scheme/ Plan shall be wound up on the expiry of duration fixed in the Scheme/
Plan on the redemption of the Units unless it is rolled-over for a further period under sub-
regulation (4) of regulation 33.
vi. An Open-ended / Interval Scheme has a perpetual life.
vii. Where the Scheme is a Close - Ended Schemes with automatic conversion into Open-Ended
Scheme upon Maturity, such schemes will remain close - ended for the period mentioned in the
SID and subsequently the scheme will automatically be converted into an open-ended scheme
without any further reference from the Mutual Fund/ Trustee/ AMC/ Unit holders. Thereafter, the
duration of the Scheme is perpetual.
viii. However, in terms of the Regulations, an open-ended schemes may be wound up anytime, and
close-ended scheme may be wound up at any time prior to the maturity date, after repaying
the amount due to the unit holders under the following circumstances:
1) On happening of any event, which in the opinion of the Trustee, requires the Scheme
concerned to be wound up, OR
2) If 75% of the unit holders of the Scheme concerned pass a resolution that the Scheme be
wound up, OR
3) If SEBI so directs in the interests of unit holders.
4) In addition to the above, an open- ended scheme may also be wound up if the
scheme/investment Plan fails to fulfill the condition of a minimum of 20 investors on an
ongoing basis for each calendar quarter.

5. Procedure and Manner of Winding Up

i. The Trustee shall call a meeting of the Unit holders of the Scheme to consider and pass necessary
resolutions by simple majority of Unit holders present and voting at the meeting for authorising
the AMC or any other person / agency to take the steps for winding up of the Scheme.
ii. Provided that a meeting shall not be necessary if the Scheme is wound up at the end of the
maturity period.
iii. The Trustee or the person authorised as above, shall dispose the assets of the Scheme
concerned in the best interests of the Unit holders of the Scheme.
iv. The proceeds of the sale made in pursuance of the above, shall in the first instance be utilised
towards discharge of such liabilities as are properly due under the Scheme and after making
appropriate provision for meeting the expenses connected with such winding up, the balance
shall be paid to the Unit holders in proportion to their respective interests in the assets of the
Scheme as on the date when the decision for the winding up was taken.
v. On the completion of the winding up, the Trustee shall forward to SEBI and the Unit holders, a
report on the winding up containing particulars such as circumstances leading to the winding
up, the steps taken for disposal of assets of the Scheme before winding up, expenses of the
Scheme for winding up, net assets available for distribution to the Unit holders and a certificate
from the Auditors of the Mutual Fund.
vi. Notwithstanding anything contained herein, the application of the provisions of SEBI Regulations
in respect of disclosures of half-yearly reports and annual reports shall continue to be applicable
until the winding up is completed or the Scheme ceases to exist.
vii. After the receipt of report referred to the above under "Procedure and Manner of Winding up"
if SEBI is satisfied that all measures for winding up of the Scheme have been complied with, the
Scheme shall cease to exist.
viii. The aforesaid provisions pertaining to “Procedure and Manner of Winding Up” shall apply in
respect of each individual scheme and to the extent possible shall apply mutatis mutandis to
each Investment Plan.
135
The units of schemes which are in the process of winding-up in terms of Regulation 39(2)(a) of the
Regulations, shall be listed on recognized stock exchange, subject to compliance with listing
formalities as stipulated by the stock exchange.

6. Consolidation of Folios
In case an investor has multiple folios, the AMC reserves the right to consolidate all the folios into
one folio, based on such criteria as may be determined by the AMC from time to time. In case of
additional purchases in same scheme / fresh purchase in new scheme, if the investor fails to provide
the folio number, the AMC reserves the right to allot the units in the existing folio, based on such
integrity checks as may be determined by the AMC from time to time.

7. Miscellaneous
Investors may note that in case of fresh/additional purchases, if the name of the Scheme on the
application form/transaction slip differs with the name on the Cheque/Demand Draft/payment
instrument/transfer letter, then the AMC will allot units under the Scheme mentioned on the
application form. In case of fresh/additional purchases, if the Scheme name is not mentioned on
the application form/transaction slip, then the units will be allotted under the Scheme mentioned
on the Cheque/Demand Draft/payment instrument/transfer letter. The Plan/Option that will be
considered in such cases if not specified by the customer will be the default option of the Scheme
as per the SID. However, in case additional purchase is under the same scheme as fresh purchase,
then the AMC reserves the right to allot units in the option under which units were allotted at the
time of fresh purchase.

8. Investor Having Multiple Accounts

The Mutual Fund has also provided a facility to the investors to register multiple bank accounts. By
registering multiple bank accounts, the investors can use any of the registered bank accounts to
receive redemption / IDCW proceeds. These account details will be used by the AMC / Mutual Fund
/ R&TA for verification of instrument used for subscription to ensure that third party payments are not
used for mutual fund subscription, except where permitted above. Investors are requested to avail
the facility of registering multiple bank accounts by filling in the Application Form for Registration of
Multiple Bank Accounts available at our ISCs/OPAs or on our website www.axismf.com. For details,
please refer to the ‘Multiple Bank Account Registration Form’.

9. Change in Bank Mandate

The process for change in bank mandate/address to be followed by unitholders is as follows:
i. Updation of Bank Account in Customer’s Folio shall be either through “Multiple Bank Account
Registration Form” or a standalone separate “Change of Bank Mandate Form”;
ii. In case of standalone change of bank details, documents as entailed below should be
submitted as a proof of new bank account details. Based on Axis AMC’s internal risk assessment,
Axis AMC may also consider collecting proof of old bank account and proof of identity of the
clients, while effecting the change of bank account;
iii. Customers are advised to register multiple bank accounts and choose any of such registered
bank accounts for receipt of redemption proceeds;
iv. Any unregistered bank account or new bank account forming part of redemption request shall
not be entertained or processed;
v. Such Investors, who have not already provided bank mandate at the time of making
investment, are required to submit proof of new bank account details as entailed here below.
Such investors are also required to submit valid Proof of Identity as prescribed under KYC
guidelines along with Proof of Investment; and
vi. Any change of Bank Mandate request received/processed few days prior to submission of a
redemption request or on the same day as a standalone change request, Axis AMC will
continue to follow cooling period of 10 calendar days for validation of the same.

Investors are required to submit any one of the following documents in Original or produce originals
for verification or copy attested by the Bank –

136
New Bank Account/Bank details Registration
‐ Cancelled original cheque of new bank mandate with first unit holder name and bank account
number printed on the face of the cheque; OR
‐ Self - attested copy of bank statement; OR
‐ Bank Passbook with current entries not older than 3 months; OR
‐ Letter from the bank on its letterhead confirming the bank account holder with the account
details, duly signed by the Branch Manager/authorised personnel.

AND Proof of Identity as prescribed under KYC guidelines along with Proof of Investment - only for
such investors who have not registered their bank mandate at the time of making investment.

Change in Existing Bank Mandate

‐ Cancelled original cheque with first unitholder name and bank account number printed on the
face of the cheque; OR
‐ Original bank account statement or pass book; OR
‐ Original letter issued by the Bank on the letterhead confirming the bank account holder with
the account details, duly signed by the Branch Manager; OR
‐ In case such Bank account is already closed, a duly signed and stamped original letter from
such bank on the letter head of bank, confirming the closure of said account.

10. Change in Address

Investors / unit holders are requested to note that self- attested copies of the below mentioned
documents shall be submitted along with a duly filled in 'Change of Address Form".

a. KYC not complied folios

‐ Proof of new Address
‐ Proof of Identity (in case of PAN updated folios - only PAN card copy shall be accepted, and in
other case
‐ PAN/other valid proof of identity shall be accepted
‐ Based on Axis AMCs internal risk assessment, Axis AMC may also consider collecting proof of old
address, while effecting change of address

b. KYC complied folios:

‐ Proof of new Address
‐ Any other document/form that the KYC Registration Agency (KRA) may specify from time to
time or may be required under CKYCR process.

Copies of all documents submitted by the Investors should be self-attested and accompanied by
originals for verification.

In case the original of any document is not produced for verification, then the copies should be
properly attested/ verified by entities authorised for attesting / verification of the documents as per
KYC guidelines.

11. Application with/without broker

Investors may note and follow the below-mentioned directions while applying for the units of the
schemes of the Mutual Fund:
i. In case where the Broker code is already printed in Application form / Transaction form /
Purchase request form by the AMC / Registrar / Distributor :
Where the Investor wishes to apply directly (i.e. not through existing broker / distributor), then the
investor should strike off the broker code (printed) and should write “Direct Applications” or “Not
Applicable (N.A.)” and countersign the same
ii. In case where the Broker code is not printed in Application form / Transaction form / Purchase
request form :

137
 In case of direct applications, the Investor should write in the space provided for the broker
code “Direct Application” or “Not Applicable (N.A.)”.
iii. In case of change in broker, the investor will be required to strike off the old broker code and
countersign near the new broker code, before submitting the application form / transaction
form / purchase form to the designated ISC’s/ OPA (Official points of Acceptance).
iv. The Registrar and the AMC shall effect the application for changes in the broker code within
the reasonable period of time from the time of receipt of written request from the investor at the
designated ISC’s / OPA. Decision of the Registrar/AMC in this regard shall be final and
acceptable to all.
v. All Unitholders who have invested/may invest through channel distributors and intend to make
their future investments through the direct route, are advised to complete the procedural
formalities prescribed by AMC from time to time.
vi. Investors applying for units of the Schemes in Direct Plans of MF using advise of their stock-brokers
and their stockbroker code must place trades via the Stock Exchange infrastructure if the stock
broker does not have SEBI RIA registration.
vii. Investors applying for units of the Schemes in Direct Plans of MF using advise of their stock-brokers
and their stockbroker code can transact directly with MF or through any other platform if the
stock broker has SEBI RIA registration.

A. GENERAL INFORMATION
1. Inter-Scheme Transfer of Investments
Transfers of investments from one scheme to another scheme in the Mutual Fund shall be allowed only
if:
(a) The securities so transferred are in conformity with the investment objective of the scheme to which
such transfer has been made.
(b) In case of unquoted securities, the transfers will be as per the Valuation policy laid down by the
Trustee from time to time
Pursuant to SEBI circular dated September 24, 2019 mutual funds shall not use their own trades for ISTs.
Further, in accordance with the aforesaid circular prices for ISTs is provided by the valuation agencies
and the average of the prices so received is used for IST pricing. If the prices are not received from any
valuation agencies within the agreed TAT, the AMC may determine IST prices in accordance with
clause 3(a) of Seventh Schedule of SEBI (MF) Regulation.

Inter Scheme Transfers are also required to comply with the guidelines specified by SEBI circular
dated October 08, 2020. The guidelines prescribe additional safeguards to be ensured for ISTs of
securities between schemes.

2. Associate Transactions
A. Investment in Group Companies

During the period April 1, 2019 to March 31, 2020, the following investments were made in the securities
of Group Companies of Sponsors & Associate:
Rs. In crores
Name of company Particulars Scheme Name
Axis Arbitrage Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 1,38,08,00,000 88.98 4.10%
Axis Bank Ltd Sell 49,10,00,000 - -
Cipla Ltd^ Buy 47,24,200 -0.04 -0.0017%
Cipla Ltd^ Sell 47,24,200 - -
Tata Power Company Ltd^ Buy 14,22,000 - -
Tata Power Company Ltd^ Sell 14,22,000 - -

138
 Name of company Particulars Scheme Name
Axis Dynamic Equity Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 54,01,00,000 54.01 3.53%
Cipla Ltd^ Buy 8,00,000 - -
Cipla Ltd^ Sell 8,00,000 - -
Tata Power Company Ltd^ Buy 9,18,000 - -
Tata Power Company Ltd^ Sell 9,18,000 - -
The Karnataka Bank Ltd^ Buy 42,300 - -
The Karnataka Bank Ltd^ Sell 42,300 - -

Name of company Particulars Scheme Name

Axis Nifty ETF
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 986 0.13 2.37%
Axis Bank Ltd Sell 325 - -
Cipla Ltd^ Buy 75 0.03 0.60%
Cipla Ltd^ Sell 92 - -

Name of company Particulars Scheme Name

Axis Bluechip Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 2,07,02,00,000 157.92 1.44%
Cipla Ltd^ Buy 5,49,999 - -
Cipla Ltd^ Sell 5,49,999 - -

Name of company Particulars Scheme Name

Axis Capital Builder Fund - Series 4 (1582 days)
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 14,73,00,000 14.73 2.00%

Name of company Particulars Scheme Name

Axis Credit Risk Fund
Quantity Market Value % to Net Assets
Tata Power Company Ltd^ Sell 52,00,000 25.00 2.33%

Name of company Particulars Scheme Name

Axis Dynamic Bond Fund
Quantity Market Value % to Net Assets
Tata Power Company Ltd^ Sell 4,00,000 - -

Name of company Particulars Scheme Name

Axis Equity Hybrid Fund
Quantity Market Value % to Net Assets
Tata Power Company Ltd^ Buy 12,00,000 12.80 0.96%
139
 Name of company Particulars Scheme Name
Axis Equity Saver Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 29,46,00,000 29.46 4.33%
Tata Power Company Ltd^ Buy 20,00,000 10.03 1.48%

Name of company Particulars Scheme Name

Axis Focused 25 Fund
Quantity Market Value % to Net Assets
Cipla Ltd^ Buy 9,23,000 - -
Cipla Ltd^ Sell 9,23,000 - -

Name of company Particulars Scheme Name

Axis Hybrid Fund Series-33 (1358 Days)
Quantity Market Value % to Net Assets
Tata Power Company Ltd^ Sell 20,00,000 - -

Name of company Particulars Scheme Name

Axis Liquid Fund
Quantity Market Value % to Net Assets
Tata Power Company Ltd^ Buy 5,00,00,000 498.23 2.49%

Name of company Particulars Scheme Name

Axis Midcap Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 19,64,00,000 68.74 1.55%
JK Cement Ltd^ Buy 5,68,627 53.20 1.20%
Kansai Nerolac Paints Ltd^ Buy 7,43,710 - -
Kansai Nerolac Paints Ltd^ Sell 14,56,000 - -
The Indian Hotels Company Ltd^ Buy 40,07,077 15.00 0.34%
The Indian Hotels Company Ltd^ Sell 50,70,000 - -
Trent Ltd^ Buy 15,15,830 121.27 2.74%

Name of company Particulars Scheme Name

Axis Money Market Fund
Quantity Market Value % to Net Assets
Tata Power Company Ltd^ Buy 25,00,000 24.89 6.21%

Name of company Particulars Scheme Name

Axis Multicap Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 78,96,00,000 78.96 1.56%

140
 Name of company Particulars Scheme Name
Axis Nifty 100 Index Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 1,90,977 5.48 2.05%
Axis Bank Ltd Sell 46,361 - -
Cipla Ltd^ Buy 43,001 1.37 0.51%
Cipla Ltd^ Sell 10,605 - -

Name of company Particulars Scheme Name

Axis Overnight Fund
Quantity Market Value % to Net Assets
Tata Power Company Ltd^ Buy 2,50,00,000 - -

Name of company Particulars Scheme Name

Axis Retirement Savings Fund - Dynamic Plan
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 4,91,00,000 4.91 2.16%

Name of company Particulars Scheme Name

Axis Small Cap Fund
Quantity Market Value % to Net Assets
JK Cement Ltd^ Buy 5,90,527 64.41 3.43%
JK Cement Ltd^ Sell 8,752 - -

Name of company Particulars Scheme Name

Axis Strategic Bond Fund
Quantity Market Value % to Net Assets
Coastal Gujarat Power Ltd^ Sell 10,00,000 36.75 2.99%
Tata Power Company Ltd^ Buy 4,00,000 13.87 1.13%

Name of company Particulars Scheme Name

Axis Ultra Short Term Fund
Quantity Market Value % to Net Assets
Coastal Gujarat Power Ltd^ Buy 10,00,000 55.40 2.02%
Tata Power Company Ltd^ Buy 20,00,000 20.06 0.73%

^These companies get classified as associates, as the SEBI (MF) Regulations inter alia define that if any
of the directors of the AMC are directors on the Board of any other Company, such Company shall be
considered as an associate of the AMC.

During the period April 1, 2020 to March 31, 2021, the following investments were made in the securities
of Group Companies of Sponsors & Associate:

141
 Rs. In crores
Name of company Particulars Scheme Name
Axis Arbitrage Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 5,96,91,00,000 493.60 16.33%
Axis Bank Ltd Sell 44,19,00,000 - -
Cipla Ltd^ Buy 26,51,000 - -
Cipla Ltd^ Sell 26,51,000 - -

Name of company Particulars Scheme Name

Axis Dynamic Equity Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 2,51,21,00,000 74.05 5.54%
Axis Bank Ltd Sell 73,85,00,000 - -
Cipla Ltd^ Buy 75,000 - -
Coastal Gujarat Power Ltd^ Buy 5,00,000 - -
Coastal Gujarat Power Ltd^ Sell 4,00,000 - -

Name of company Particulars Scheme Name

Axis Nifty ETF
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 12,170 0.97 2.73%
Axis Bank Ltd Sell 1,753 - -
Cipla Ltd^ Buy 1,867 - -
Cipla Ltd^ Sell 236 - -

Name of company Particulars Scheme Name

Axis Bluechip Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 6,07,93,00,000 212.73 0.86%
Axis Bank Ltd Sell 1,18,44,00,000 - -
Cipla Ltd^ Buy 1,15,91,750 - -
Cipla Ltd^ Sell 64,41,750 - -

Name of company Particulars Scheme Name

Axis Capital Builder Fund - Series 4 (1582 days)
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 24,55,00,000 9.82 0.82%
Cipla Ltd^ Buy 1,00,000 - -

Name of company Particulars Scheme Name

Axis Credit Risk Fund
Quantity Market Value % to Net Assets
Coastal Gujarat Power Ltd^ Sell 45,00,000 - -
JK Cement Ltd^ Buy 15,00,000 - -
Tata Power Company Ltd^ Buy 15,50,000 - -
Tata Power Company Ltd^ Sell 25,00,000 - -

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 Name of company Particulars Scheme Name
Axis Equity Hybrid Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 56,46,50,000 8.59 0.54%
Axis Bank Ltd Sell 9,82,00,000 - -
Coastal Gujarat Power Ltd^ Sell 10,00,000 - -
The Indian Hotels Company Ltd^ Buy 10,00,000 - -
The Indian Hotels Company Ltd^ Sell 30,000 - -

Name of company Particulars Scheme Name

Axis Equity Saver Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 1,26,84,00,000 57.01 7.87%
Cipla Ltd^ Buy 1,00,000 - -
Coastal Gujarat Power Ltd^ Sell 10,00,000 - -

Name of company Particulars Scheme Name

Axis Focused 25 Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 7,80,58,00,000 301.51 0.02
Axis Bank Ltd Sell 1,82,87,00,000 - -
Cipla Ltd^ Buy 56,55,000 - -
Cipla Ltd^ Sell 23,46,500 - -

Name of company Particulars Scheme Name

Axis Liquid Fund
Quantity Market Value % to Net Assets
Tata Power Company Ltd^ Buy 4,50,00,000 - -

Name of company Particulars Scheme Name

Axis Midcap Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 1,43,19,00,000 - -
Axis Bank Ltd Sell 24,75,00,000 - -
JK Cement Ltd^ Buy 63,042 - -
JK Cement Ltd^ Sell 42,627 - -
The Indian Hotels Company Ltd^ Buy 1,05,43,994 - -
The Indian Hotels Company Ltd^ Sell 20,00,000 - -
Trent Ltd^ Buy 8,21,943 - -
Trent Ltd^ Sell 1,59,805 - -

143
 Name of company Particulars Scheme Name
Axis Flexicap Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 2,66,94,00,000 74.25 0.97%
Axis Bank Ltd Sell 64,23,00,000 - -
Cipla Ltd^ Buy 28,37,400 - -
Cipla Ltd^ Sell 11,07,400 - -
Trent Ltd^ Buy 2,21,401 - -
Trent Ltd^ Sell 2,21,401 - -

Name of company Particulars Scheme Name

Axis Nifty 100 Index Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 48,511 9.42 2.36%
Axis Bank Ltd Sell 58,133 - -
Cipla Ltd^ Buy 4,249 - -
Cipla Ltd^ Sell 4,086 - -

Name of company Particulars Scheme Name

Axis Retirement Savings Fund - Dynamic Plan
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 9,82,00,000 - -
Axis Bank Ltd Sell 14,73,00,000 - -

Name of company Particulars Scheme Name

Axis Small Cap Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 29,46,00,000 9.82 0.22%
JK Cement Ltd^ Sell 1,06,573 - -

Name of company Particulars Scheme Name

Axis Strategic Bond Fund
Quantity Market Value % to Net Assets
Coastal Gujarat Power Ltd^ Buy 20,00,000 - -
Coastal Gujarat Power Ltd^ Sell 55,00,000 - -
JK Cement Ltd^ Buy 25,00,000 - -
Tata Power Company Ltd^ Buy 9,50,000 - -

Name of company Particulars Scheme Name

Axis Ultra Short Term Fund
Quantity Market Value % to Net Assets
Coastal Gujarat Power Ltd^ Buy 20,00,000 - -
JK Cement Ltd^ Buy 10,00,000 - -
Tata Power Company Ltd^ Sell 20,00,000 - -

144
 Name of company Particulars Scheme Name
Axis Triple Advantage Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 12,27,50,000 6.14 0.66%
The Indian Hotels Company Ltd^ Buy 7,27,285 - -

Name of company Particulars Scheme Name

Axis Regular Saver Fund
Quantity Market Value % to Net Assets
The Indian Hotels Company Ltd^ Buy 1,01,670 - -
The Indian Hotels Company Ltd^ Sell 4,476 - -

Name of company Particulars Scheme Name

Axis Long Term Equity Fund
Quantity Market Value % to Net Assets
The Indian Hotels Company Ltd^ Buy 1,79,07,507 - -
The Indian Hotels Company Ltd^ Sell 61,25,744 - -

Name of company Particulars Scheme Name

Axis Growth Opportunities Fund
Quantity Market Value % to Net Assets
The Indian Hotels Company Ltd^ Buy 50,52,762 - -
The Indian Hotels Company Ltd^ Sell 22,05,333 - -
Trent Ltd^ Buy 1,40,000 - -
Trent Ltd^ Sell 1,40,000 - -

Name of company Particulars Scheme Name

Axis Banking ETF
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 2,33,238 5.79 13.19%
Axis Bank Ltd Sell 1,50,211 - -

Name of company Particulars Scheme Name

Axis Children's Gift Fund
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 19,64,00,000 2.46 0.43%
Axis Bank Ltd Sell 4,91,00,000 - -
The Indian Hotels Company Ltd^ Buy 1,00,000 - -

145
 Name of company Particulars Scheme Name
Axis Emerging Opportunities Fund - Series 1 (1400 Days)
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 14,73,00,000 - -
JK Cement Ltd^ Sell 10,000 - -

Name of company Particulars Scheme Name

Axis Emerging Opportunities Fund - Series 2 (1400 Days)
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 19,64,00,000 - -

Name of company Particulars Scheme Name

Axis Equity Advantage Fund - Series 2
Quantity Market Value % to Net Assets
Axis Bank Ltd Buy 30,00,000 - -

^These companies get classified as associates, as the SEBI (MF) Regulations inter alia define that if any
of the directors of the AMC are directors on the Board of any other Company, such Company shall be
considered as an associate of the AMC.

During the period April 1, 2021 to March 31, 2022, the following investments were made in the securities
of Group Companies of Sponsors & Associate:
Rs. In crores
Name of company Particulars Scheme Name
Axis Arbitrage Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 3,31,17,00,000 - -
Axis Bank Limited Sell 4,64,54,00,000 - -

Name of company Particulars Scheme Name

Axis Balanced Advantage Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 2,26,26,00,000 167.34 7.83%
Axis Bank Limited Sell - - -

Name of company Particulars Scheme Name

Axis Banking ETF
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 25,623 6.55 11.60%
Axis Bank Limited Sell 22,658 - -

Name of company Particulars Scheme Name

Axis Bluechip Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 7,46,21,00,000 355.52 0.99%
Axis Bank Limited Sell 3,61,03,00,000 - -

146
 Name of company Particulars Scheme Name
Axis Children's Gift Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 3,68,25,000 1.23 0.17%
Axis Bank Limited Sell - - -

Name of company Particulars Scheme Name

Axis Equity Advantage Fund - Series 1
Quantity Market Value % to Net Assets

Axis Bank Limited Buy 19,64,00,000 - -

Axis Bank Limited Sell - - -

Name of company Particulars Scheme Name

Axis Equity Hybrid Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 4,91,00,000 4.91 0.26%
Axis Bank Limited Sell - - -

Name of company Particulars Scheme Name

Axis Equity Saver Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 1,74,85,00,000 115.93 9.44%
Axis Bank Limited Sell - - -

Name of company Particulars Scheme Name

Axis Flexi Cap Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 2,12,33,00,000 93.89 0.87%
Axis Bank Limited Sell 93,69,00,000 - -

Name of company Particulars Scheme Name

Axis Focused 25 Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 4,94,40,00,000 395.60 2.03%
Axis Bank Limited Sell 49,30,00,000 - -

Name of company Particulars Scheme Name

Axis Midcap Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 2,07,42,00,000 207.42 1.17%
Axis Bank Limited Sell - - -

Name of company Particulars Scheme Name

Axis Multicap Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 3,96,00,00,000 198.00 3.71%
Axis Bank Limited Sell - - -

147
 Name of company Particulars Scheme Name
Axis Nifty 100 Index Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 92,819 16.87 2.20%
Axis Bank Limited Sell 6,234 - -

Name of company Particulars Scheme Name

Axis Nifty 50 Index Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 35,528 2.57 2.57%
Axis Bank Limited Sell 1,698 - -

Name of company Particulars Scheme Name

Axis Nifty ETF
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 30,527 3.32 2.63%
Axis Bank Limited Sell 818 - -

Name of company Particulars Scheme Name

Axis Special Situations Fund
Quantity Market Value % to Net Assets

Axis Bank Limited Buy 9,82,00,000 - -

Axis Bank Limited Sell 9,82,00,000 - -

Name of company Particulars Scheme Name

Axis Triple Advantage Fund
Quantity Market Value % to Net Assets
Axis Bank Limited Buy 4,91,00,000 4.91 0.28%
Axis Bank Limited Sell - - -

B. Securities Transactions with Associates

The AMC has dealt with the following associates for the purpose of securities transaction (aggregate
purchase and sale) during the period April 1, 2019 to March 31, 2020:
Rs. In crore
Name of Name of the Scheme Amount Transaction
Nature of
Associate Type
(Counterparty) security
AXIS BANK LTD. Axis Banking & PSU Debt Fund CORPORATE 25.03 Buy
Axis Credit Risk Fund CORPORATE 25.09 Buy
Axis Banking & PSU Debt Fund CORPORATE 25.02 Buy
Axis Short Term Fund CORPORATE 25.03 Buy
Axis Treasury Advantage Fund CP 46.88 Buy
Axis Short Term Fund CORPORATE 50.17 Buy
Axis Corporate Debt Fund CORPORATE 10.00 Buy
Axis Strategic Bond Fund CORPORATE 15.01 Buy
Axis Short Term Fund CORPORATE 25.08 Buy
Axis Short Term Fund CORPORATE 25.02 Buy
Axis Short Term Fund CORPORATE 25.03 Buy

148
Axis Liquid Fund CP 495.61 Buy
Axis Liquid Fund CP 247.84 Buy
Axis Regular Saver Fund CP 9.92 Buy
Axis Liquid Fund CP 793.65 Buy
Axis Arbitrage Fund CORPORATE 26.09 Buy
Axis Treasury Advantage Fund CORPORATE 26.09 Buy
Axis Equity Hybrid Fund CORPORATE 25.08 Buy
Axis Banking & PSU Debt Fund CORPORATE 60.13 Buy
Axis Liquid Fund TBILL 186.06 Buy
Axis Dynamic Equity Fund CORPORATE 25.04 Buy
Axis Banking & PSU Debt Fund CORPORATE 25.94 Buy
Axis Short Term Fund CORPORATE 25.06 Buy
Axis Credit Risk Fund CORPORATE 35.37 Buy
Axis Ultra Short Term Fund CORPORATE 40.42 Buy
Axis Banking & PSU Debt Fund CORPORATE 50.07 Buy
Axis Short Term Fund CORPORATE 25.02 Buy
Axis Strategic Bond Fund CORPORATE 24.86 Sell
Axis Treasury Advantage Fund CORPORATE 5.71 Buy
Axis Treasury Advantage Fund CORPORATE 5.50 Buy
Axis Treasury Advantage Fund CORPORATE 5.68 Buy
Axis Banking & PSU Debt Fund CORPORATE 25.11 Buy
Axis Strategic Bond Fund CORPORATE 25.11 Buy
Axis Short Term Fund CORPORATE 25.01 Buy
Axis Treasury Advantage Fund CORPORATE 50.27 Buy
Axis Banking & PSU Debt Fund CORPORATE 40.21 Buy
Axis Treasury Advantage Fund CORPORATE 50.07 Buy
Axis Strategic Bond Fund CORPORATE 50.07 Buy
Axis Short Term Fund CORPORATE 75.51 Buy
Axis Treasury Advantage Fund CORPORATE 25.36 Buy
Axis Treasury Advantage Fund CORPORATE 35.27 Buy
Axis Short Term Fund CORPORATE 35.18 Buy
Axis Short Term Fund CORPORATE 15.08 Buy
Axis Short Term Fund CORPORATE 25.01 Buy
Axis Short Term Fund CORPORATE 50.54 Buy
Axis Short Term Fund CORPORATE 25.01 Buy
Axis Treasury Advantage Fund CORPORATE 25.00 Buy
Axis Dynamic Bond Fund CORPORATE 14.12 Buy
Axis Short Term Fund CORPORATE 11.09 Buy
Axis Banking & PSU Debt Fund CORPORATE 15.17 Buy
Axis Short Term Fund CORPORATE 25.47 Buy
Axis Corporate Debt Fund CORPORATE 10.22 Buy
Axis Banking & PSU Debt Fund CORPORATE 110.33 Buy
Axis Banking & PSU Debt Fund CORPORATE 50.17 Buy
Axis Banking & PSU Debt Fund CORPORATE 50.12 Buy
Axis Banking & PSU Debt Fund CORPORATE 100.33 Buy
Axis Dynamic Bond Fund CORPORATE 5.08 Buy
Axis Short Term Fund CORPORATE 10.02 Buy
Axis Treasury Advantage Fund CORPORATE 15.03 Buy
Axis Dynamic Bond Fund CORPORATE 5.03 Buy
Axis Liquid Fund TBILL 197.92 Buy
Axis Liquid Fund TBILL 98.96 Buy

149
Axis Liquid Fund TBILL 197.92 Buy
Axis Regular Saver Fund CORPORATE 4.90 Buy
Axis Short Term Fund CORPORATE 25.12 Buy
Axis Treasury Advantage Fund CORPORATE 50.08 Buy
Axis Short Term Fund CORPORATE 75.15 Buy
Axis Treasury Advantage Fund CORPORATE 25.05 Buy
Axis Banking & PSU Debt Fund CORPORATE 100.03 Buy
Axis Banking & PSU Debt Fund CORPORATE 25.04 Buy
Axis Liquid Fund TBILL 198.26 Buy
Axis Liquid Fund TBILL 99.13 Buy
Axis Liquid Fund TBILL 198.26 Buy
Axis Retirement Savings Fund -
CORPORATE 10.01 Buy
Aggressive Plan
Axis Retirement Savings Fund -
CORPORATE 10.01 Buy
Conservative Plan
Axis Retirement Savings Fund -
CORPORATE 5.01 Buy
Dynamic Plan
Axis Banking & PSU Debt Fund CORPORATE 50.05 Buy
Axis Short Term Fund CORPORATE 100.04 Buy
Axis Short Term Fund CORPORATE 100.73 Buy
Axis Short Term Fund CORPORATE 50.08 Buy
Axis Liquid Fund TBILL 99.33 Buy
Axis Liquid Fund TBILL 198.67 Buy
Axis Liquid Fund TBILL 198.67 Buy
Axis Retirement Savings Fund -
CORPORATE 10.08 Buy
Aggressive Plan
Axis Retirement Savings Fund -
CORPORATE 5.04 Buy
Conservative Plan
Axis Retirement Savings Fund -
CORPORATE 5.04 Buy
Dynamic Plan
Axis Short Term Fund CORPORATE 41.37 Buy
Axis Banking & PSU Debt Fund CORPORATE 10.34 Buy
Axis Banking & PSU Debt Fund CORPORATE 50.05 Buy
Axis Equity Hybrid Fund CORPORATE 25.11 Buy
Axis Ultra Short Term Fund CORPORATE 25.11 Buy
Axis Banking & PSU Debt Fund CORPORATE 50.07 Buy
Axis Short Term Fund CORPORATE 50.15 Buy
Axis Treasury Advantage Fund CORPORATE 50.15 Buy
Axis Dynamic Equity Fund FDMARGIN 54.01 Buy
Axis Banking & PSU Debt Fund CORPORATE 25.06 Buy
Axis Bluechip Fund FDMARGIN 9.82 Buy
Axis Arbitrage Fund FDMARGIN 49.10 Buy
Axis Retirement Savings Fund -
FDMARGIN 4.91 Buy
Dynamic Plan
Axis Dynamic Equity Fund CORPORATE 50.05 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Capital Builder Fund - Series 4
FDMARGIN 14.73 Buy
(1582 days)
Axis Bluechip Fund FDMARGIN 49.10 Buy
Axis Multicap Fund FDMARGIN 29.46 Buy
Axis Midcap Fund FDMARGIN 49.10 Buy
Axis Bluechip Fund FDMARGIN 99.00 Buy

150
 Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Midcap Fund FDMARGIN 19.64 Buy
Axis Multicap Fund FDMARGIN 49.50 Buy
Axis Arbitrage Fund FDMARGIN 49.17 Sell
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 14.73 Buy
Axis Arbitrage Fund FDMARGIN 88.98 Buy

The AMC has dealt with the following associates for the purpose of securities transaction (aggregate
purchase and sale) during the period April 1, 2020 to March 31, 2021:
Rs. In crore
Name of
Nature of Transaction
Associate Name of the Scheme Amount
security Type
(Counterparty)
AXIS BANK LTD. Axis Flexi Cap Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Focused 25 Fund FDMARGIN 14.73 Buy
Axis Short Term Fund CORPORATE 49.87 Sell
Axis Short Term Fund CORPORATE 49.87 Sell
Axis Treasury Advantage Fund CORPORATE 24.94 Sell
Axis Focused 25 Fund FDMARGIN 108.82 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Focused 25 Fund FDMARGIN 49.50 Buy
Axis Short Term Fund CORPORATE 25.00 Buy
Axis Children's Gift Fund FDMARGIN 4.91 Buy
Axis Equity Hybrid Fund FDMARGIN 14.73 Buy
Axis Short Term Fund CORPORATE 25.00 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Short Term Fund CORPORATE 25.02 Buy
Axis Equity Hybrid Fund CORPORATE 15.22 Buy
Axis Short Term Fund CORPORATE 21.30 Buy
Axis Capital Builder Fund - Series 4
CORPORATE 14.20 Buy
(1582 days)
Axis Small Cap Fund FDMARGIN 4.91 Buy
Axis Emerging Opportunities Fund -
FDMARGIN 4.91 Buy
Series 1 (1400 Days)
Axis Emerging Opportunities Fund -
FDMARGIN 4.91 Buy
Series 2 (1400 Days)
Axis Focused 25 Fund FDMARGIN 9.82 Buy
Axis Dynamic Equity Fund FDMARGIN 9.82 Buy
Axis Arbitrage Fund FDMARGIN 19.64 Buy
Axis Small Cap Fund FDMARGIN 4.91 Buy
Axis Triple Advantage Fund FDMARGIN 4.91 Buy
Axis Bluechip Fund FDMARGIN 24.55 Buy
Axis Dynamic Equity Fund FDMARGIN 4.91 Buy
Axis Equity Hybrid Fund FDMARGIN 3.68 Buy
Axis Children's Gift Fund FDMARGIN 1.23 Buy
Axis Triple Advantage Fund FDMARGIN 1.23 Buy
Axis Flexi Cap Fund FDMARGIN 9.82 Buy
Axis Short Term Fund CORPORATE 25.08 Sell

151
 Axis Short Term Fund CORPORATE 70.01 Buy
Axis Treasury Advantage Fund CORPORATE 30.01 Buy
Axis Equity Hybrid Fund CORPORATE 5.18 Sell
Axis Short Term Fund CORPORATE 20.73 Sell
Axis Short Term Fund CORPORATE 50.43 Buy
Axis Short Term Fund CORPORATE 15.31 Buy
Axis Corporate Debt Fund CORPORATE 10.21 Buy
Axis Short Term Fund CORPORATE 16.11 Sell
Axis Short Term Fund CORPORATE 45.86 Sell
Axis Treasury Advantage Fund CORPORATE 5.10 Sell
Axis Children's Gift Fund CORPORATE 5.11 Sell
Axis Short Term Fund CORPORATE 45.98 Sell
Axis Banking & PSU Debt Fund CORPORATE 50.01 Buy
Axis Equity Saver Fund FDMARGIN 3.00 Buy
Axis Arbitrage Fund FDMARGIN 49.50 Buy
Axis Midcap Fund FDMARGIN 4.91 Buy
Axis Bluechip Fund FDMARGIN 9.82 Buy
Axis Securities
Axis Treasury Advantage Fund CORPORATE 25.42 Sell
Limited
AXIS BANK LTD. Axis Retirement Savings Fund -
FDMARGIN 9.82 Buy
Dynamic Plan
Axis Bluechip Fund FDMARGIN 9.82 Buy
Axis Flexi Cap Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 49.50 Buy
Axis Short Term Fund CORPORATE 25.09 Buy
Axis Arbitrage Fund FDMARGIN 29.46 Buy
Axis Retirement Savings Fund -
FDMARGIN 4.95 Sell
Dynamic Plan
Axis Retirement Savings Fund -
FDMARGIN 9.83 Sell
Dynamic Plan
Axis Dynamic Equity Fund FDMARGIN 4.51 Buy
Axis Dynamic Equity Fund FDMARGIN 49.50 Buy
Axis Bluechip Fund FDMARGIN 9.82 Buy
Axis Regular Saver Fund CORPORATE 5.21 Buy
Axis Short Term Fund CORPORATE 31.23 Buy
Axis Short Term Fund CORPORATE 52.06 Buy
Axis Focused 25 Fund FDMARGIN 14.83 Sell
Axis Focused 25 Fund FDMARGIN 109.54 Sell
Axis Focused 25 Fund FDMARGIN 49.80 Sell
Axis Focused 25 Fund FDMARGIN 9.85 Sell
Axis Corporate Debt Fund CORPORATE 5.22 Buy
Axis Strategic Bond Fund CORPORATE 46.95 Buy
Axis Credit Risk Fund CORPORATE 43.22 Buy
Axis Short Term Fund CORPORATE 26.22 Buy
Axis Arbitrage Fund FDMARGIN 19.64 Buy
Axis Arbitrage Fund FDMARGIN 19.64 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Capital Builder Fund - Series 4
FDMARGIN 14.73 Buy
(1582 days)

152
Axis Short Term Fund CORPORATE 100.02 Buy
Axis Treasury Advantage Fund CORPORATE 50.01 Buy
Axis Short Term Fund CORPORATE 35.01 Buy
Axis Corporate Debt Fund CORPORATE 15.00 Buy
Axis Bluechip Fund FDMARGIN 49.50 Buy
Axis Midcap Fund FDMARGIN 49.50 Buy
Axis Flexi Cap Fund FDMARGIN 29.66 Buy
Axis Bluechip Fund FDMARGIN 99.00 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Midcap Fund FDMARGIN 19.64 Buy
Axis Flexi Cap Fund FDMARGIN 49.50 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 88.98 Buy
Axis Equity Saver Fund FDMARGIN 24.55 Buy
Axis Dynamic Equity Fund FDMARGIN 4.91 Buy
Axis Strategic Bond Fund CORPORATE 21.16 Buy
Axis Dynamic Equity Fund FDMARGIN 19.64 Buy
Axis Short Term Fund CORPORATE 10.58 Buy
Axis Strategic Bond Fund CORPORATE 21.17 Buy
Axis Dynamic Equity Fund FDMARGIN 34.57 Buy
Axis Flexi Cap Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 29.46 Buy
Axis Dynamic Equity Fund FDMARGIN 4.91 Buy
Axis Dynamic Equity Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Focused 25 Fund FDMARGIN 49.50 Buy
Axis Children's Gift Fund FDMARGIN 4.91 Buy
Axis Equity Hybrid Fund FDMARGIN 14.73 Buy
Axis Focused 25 Fund FDMARGIN 39.48 Buy
Axis Small Cap Fund FDMARGIN 4.91 Buy
Axis Emerging Opportunities Fund -
FDMARGIN 4.91 Buy
Series 2 (1400 Days)
Axis Emerging Opportunities Fund -
FDMARGIN 4.91 Buy
Series 1 (1400 Days)
Axis Focused 25 Fund FDMARGIN 24.75 Buy
Axis Short Term Fund CORPORATE 77.69 Buy
Axis Dynamic Equity Fund FDMARGIN 9.82 Buy
Axis Arbitrage Fund FDMARGIN 19.64 Buy
Axis Arbitrage Fund FDMARGIN 14.73 Buy
Axis Focused 25 Fund FDMARGIN 9.82 Buy
Axis Focused 25 Fund FDMARGIN 19.64 Buy
Axis Arbitrage Fund FDMARGIN 24.75 Buy
Axis Small Cap Fund FDMARGIN 4.91 Buy
Axis Triple Advantage Fund FDMARGIN 4.91 Buy
Axis Dynamic Bond Fund CORPORATE 15.01 Buy
Axis Equity Advantage Fund - Series 2 FDMARGIN 0.30 Buy
Axis Bluechip Fund FDMARGIN 24.55 Buy
Axis Dynamic Equity Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 39.48 Buy

153
Axis Flexi Cap Fund FDMARGIN 9.82 Buy
Axis Emerging Opportunities Fund -
FDMARGIN 4.91 Buy
Series 1 (1400 Days)
Axis Emerging Opportunities Fund -
FDMARGIN 4.91 Buy
Series 2 (1400 Days)
Axis Focused 25 Fund FDMARGIN 29.66 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 29.62 Sell
Axis Dynamic Equity Fund FDMARGIN 24.75 Buy
Axis Arbitrage Fund FDMARGIN 14.77 Sell
Axis Bluechip Fund FDMARGIN 49.50 Buy
Axis Midcap Fund FDMARGIN 49.50 Buy
Axis Flexi Cap Fund FDMARGIN 29.66 Buy
Axis Bluechip Fund FDMARGIN 99.00 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Midcap Fund FDMARGIN 19.64 Buy
Axis Flexi Cap Fund FDMARGIN 49.50 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Corporate Debt Fund CORPORATE 25.71 Buy
Axis Short Term Fund CORPORATE 25.71 Buy
Axis Short Term Fund CORPORATE 51.37 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Children's Gift Fund FDMARGIN 4.91 Buy
Axis Equity Hybrid Fund FDMARGIN 14.73 Buy
Axis Focused 25 Fund FDMARGIN 39.48 Buy
Axis Short Term Fund CORPORATE 101.61 Buy
Axis Equity Hybrid Fund FDMARGIN 3.68 Buy
Axis Focused 25 Fund FDMARGIN 24.75 Buy
Axis Dynamic Equity Fund FDMARGIN 14.73 Buy
Axis Small Cap Fund FDMARGIN 4.91 Buy
Axis Children's Gift Fund FDMARGIN 1.23 Buy
Axis Triple Advantage Fund FDMARGIN 1.23 Buy
Axis Emerging Opportunities Fund -
FDMARGIN 4.91 Buy
Series 2 (1400 Days)
Axis Dynamic Equity Fund FDMARGIN 9.82 Buy
Axis Dynamic Bond Fund CORPORATE 25.03 Buy
Axis Focused 25 Fund FDMARGIN 9.82 Buy
Axis Focused 25 Fund FDMARGIN 19.64 Buy
Axis Children's Gift Fund FDMARGIN 4.91 Sell
Axis Equity Hybrid Fund FDMARGIN 9.83 Sell
Axis Children's Gift Fund FDMARGIN 1.23 Buy
Axis Bluechip Fund FDMARGIN 19.64 Buy
Axis Equity Saver Fund FDMARGIN 3.00 Buy
Axis Short Term Fund CORPORATE 40.85 Buy
Axis Corporate Debt Fund CORPORATE 15.48 Buy
Axis Short Term Fund CORPORATE 36.13 Buy
Axis Short Term Fund CORPORATE 107.80 Buy

154
Axis Arbitrage Fund FDMARGIN 39.48 Buy
Axis Banking & PSU Debt Fund CORPORATE 250.10 Buy
Axis Focused 25 Fund FDMARGIN 29.66 Buy
Axis Ultra Short Term Fund CORPORATE 5.00 Buy
Axis Strategic Bond Fund CORPORATE 15.01 Buy
Axis Strategic Bond Fund CORPORATE 10.01 Buy
Axis Strategic Bond Fund CORPORATE 5.00 Buy
Axis Ultra Short Term Fund CORPORATE 15.01 Buy
Axis Dynamic Equity Fund FDMARGIN 24.75 Buy
Axis Flexi Cap Fund FDMARGIN 49.68 Sell
Axis Midcap Fund FDMARGIN 24.84 Sell
Axis Dynamic Equity Fund FDMARGIN 14.77 Sell
Axis Dynamic Equity Fund FDMARGIN 9.84 Sell
Axis Short Term Fund CORPORATE 25.11 Buy
Axis Treasury Advantage Fund CORPORATE 25.11 Buy
Axis Bluechip Fund FDMARGIN 49.70 Sell
Axis Bluechip Fund FDMARGIN 24.85 Sell
Axis Bluechip Fund FDMARGIN 9.84 Sell
Axis Dynamic Equity Fund FDMARGIN 4.96 Sell
Axis Dynamic Equity Fund FDMARGIN 19.83 Sell
Axis Dynamic Equity Fund FDMARGIN 24.76 Sell
Axis Bluechip Fund FDMARGIN 4.92 Sell
Axis Bluechip Fund FDMARGIN 4.92 Sell
Axis Bluechip Fund FDMARGIN 4.94 Sell
Axis Bluechip Fund FDMARGIN 4.94 Sell
Axis Bluechip Fund FDMARGIN 4.94 Sell
Axis Bluechip Fund FDMARGIN 4.94 Sell
Axis Bluechip Fund FDMARGIN 4.94 Sell
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Flexi Cap Fund FDMARGIN 9.89 Sell
Axis Flexi Cap Fund FDMARGIN 4.97 Sell
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Hybrid Fund FDMARGIN 4.91 Buy
Axis Focused 25 Fund FDMARGIN 187.98 Buy
Axis Capital Builder Fund - Series 4
FDMARGIN 9.82 Buy
(1582 days)
Axis Focused 25 Fund FDMARGIN 29.66 Buy
Axis Small Cap Fund FDMARGIN 4.91 Buy
Axis Focused 25 Fund FDMARGIN 24.75 Buy
Axis Focused 25 Fund FDMARGIN 9.82 Buy
Axis Focused 25 Fund FDMARGIN 19.64 Buy
Axis Children's Gift Fund FDMARGIN 1.23 Buy
Axis Bluechip Fund FDMARGIN 133.57 Buy
Axis Short Term Fund CORPORATE 100.07 Buy
Axis Arbitrage Fund FDMARGIN 39.48 Buy
Axis Arbitrage Fund FDMARGIN 24.75 Buy
Axis Equity Saver Fund FDMARGIN 3.00 Buy

155
 Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 39.48 Buy
Axis Bluechip Fund FDMARGIN 49.50 Buy
Axis Flexi Cap Fund FDMARGIN 74.25 Buy
Axis Dynamic Equity Fund FDMARGIN 24.75 Buy
Axis Bluechip Fund FDMARGIN 29.66 Buy
Axis Arbitrage Fund FDMARGIN 19.64 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 29.66 Buy
Axis Focused 25 Fund FDMARGIN 29.66 Buy
Axis Securities
Axis Treasury Advantage Fund CORPORATE 5.13 Sell
Limited

The AMC has dealt with the following associates for the purpose of securities transaction (aggregate
purchase and sale) during the period April 1, 2021 to March 31, 2022:
Rs. In crore
Name of
Transaction
Associate Name of the Scheme Nature of security Amount
Type
(Counterparty)
Axis Arbitrage Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 4.91 Buy
Axis Bluechip Fund FDMARGIN 19.64 Buy
Axis Arbitrage Fund FDMARGIN 54.41 Buy
Axis Bluechip Fund FDMARGIN 49.50 Buy
Axis Midcap Fund FDMARGIN 49.50 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 24.75 Buy
Axis Focused 25 Fund FDMARGIN 24.75 Buy
AXIS BANK LTD. Axis Bluechip Fund FDMARGIN 34.57 Buy
Axis Arbitrage Fund FDMARGIN 14.73 Buy
Axis Focused 25 Fund FDMARGIN 24.75 Buy
Axis Bluechip Fund FDMARGIN 24.75 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Arbitrage Fund FDMARGIN 74.25 Buy
Axis Focused 25 Fund FDMARGIN 49.50 Buy
Axis Flexi Cap Fund FDMARGIN 24.75 Buy
Axis Arbitrage Fund FDMARGIN 24.75 Buy
Axis Equity Hybrid Fund FDMARGIN 4.91 Buy
Axis Focused 25 Fund FDMARGIN 187.98 Buy
Axis Flexi Cap Fund FDMARGIN 19.64 Buy
Axis Focused 25 Fund FDMARGIN 19.64 Buy

156
 Axis Equity Advantage Fund - Series 1 FDMARGIN 19.64 Buy
Axis Focused 25 Fund FDMARGIN 29.66 Buy
Axis Focused 25 Fund FDMARGIN 24.75 Buy
Axis Focused 25 Fund FDMARGIN 9.82 Buy
Axis Focused 25 Fund FDMARGIN 19.64 Buy
Axis Children's Gift Fund FDMARGIN 1.23 Buy
Axis Bluechip Fund FDMARGIN 133.57 Buy
Axis Dynamic Bond Fund CORPORATE 30.01 Buy
Axis Short Term Fund CORPORATE 50.02 Buy
Axis Corporate Debt Fund CORPORATE 20.01 Buy
Axis Arbitrage Fund FDMARGIN 49.50 Buy
Axis Arbitrage Fund FDMARGIN 19.64 Buy
Axis Arbitrage Fund FDMARGIN 49.50 Buy
Axis Special Situations Fund FDMARGIN 9.82 Buy
Axis Focused 25 Fund FDMARGIN 29.66 Buy
Axis Short Term Fund CORPORATE 40.83 Sell
Axis Corporate Debt Fund CORPORATE 10.21 Sell
Axis Liquid Fund TBILL 496.41 Sell
Axis Midcap Fund FDMARGIN 29.66 Buy
Axis Arbitrage Fund FDMARGIN 39.71 Sell
Axis Arbitrage Fund FDMARGIN 24.89 Sell
Axis Arbitrage Fund FDMARGIN 39.69 Sell
Axis Arbitrage Fund FDMARGIN 29.80 Sell
Axis Arbitrage Fund FDMARGIN 19.71 Sell
Axis Arbitrage Fund FDMARGIN 54.60 Sell
AXIS BANK LTD. Axis Short Term Fund CORPORATE 5.29 Sell
Axis Arbitrage Fund FDMARGIN 49.57 Sell
Axis Arbitrage Fund FDMARGIN 19.66 Sell
Axis Arbitrage Fund FDMARGIN 49.54 Sell
Axis Midcap Fund FDMARGIN 4.91 Buy
Axis Midcap Fund FDMARGIN 4.91 Buy
Axis Midcap Fund FDMARGIN 4.91 Buy
Axis Midcap Fund FDMARGIN 4.91 Buy
Axis Strategic Bond Fund RFV_N-AMRT 15.02 Buy
Axis Short Term Fund RFV_N-AMRT 10.01 Buy
Axis Strategic Bond Fund RFV_N-AMRT 21.03 Buy
Axis Credit Risk Fund RFV_N-AMRT 21.03 Buy
Axis Flexi Cap Fund FDMARGIN 19.69 Sell
Axis Flexi Cap Fund FDMARGIN 24.82 Sell
Axis Short Term Fund CORPORATE 25.66 Buy
Axis Strategic Bond Fund CORPORATE 25.66 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy

157
 Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Midcap Fund FDMARGIN 49.50 Buy
Axis Regular Saver Fund FDMARGIN 1.00 Sell
Axis Children's Gift Fund FDMARGIN 1.00 Sell
Axis Equity Hybrid Fund FDMARGIN 1.00 Sell
Axis ESG Equity Fund FDMARGIN 1.00 Sell
Axis Growth Opportunities Fund FDMARGIN 1.00 Sell
Axis Midcap Fund FDMARGIN 5.00 Sell
Axis Long Term Equity Fund FDMARGIN 4.00 Sell
Axis Triple Advantage Fund FDMARGIN 1.00 Sell
Axis Flexi Cap Fund FDMARGIN 4.00 Sell
Axis Bluechip Fund FDMARGIN 39.48 Buy
Axis Balanced Advantage Fund FDMARGIN 34.57 Buy
Axis Balanced Advantage Fund CORPORATE 26.01 Buy
Axis Midcap Fund FDMARGIN 19.64 Buy
Axis Dynamic Bond Fund CORPORATE 26.01 Buy
Axis Equity Saver Fund CORPORATE 10.40 Buy
Axis Retirement Savings Fund -
Aggressive Plan CORPORATE 5.20 Buy
Axis Retirement Savings Fund -
Conservative Plan CORPORATE 5.20 Buy
Axis Strategic Bond Fund CORPORATE 5.20 Buy
Axis Short Term Fund CORPORATE 40.02 Buy
AXIS BANK LTD. Axis Corporate Debt Fund CORPORATE 10.01 Buy
Axis Midcap Fund FDMARGIN 39.48 Buy
Axis Bluechip Fund FDMARGIN 39.48 Buy
Axis Balanced Advantage Fund FDMARGIN 9.82 Buy
Axis Bluechip Fund FDMARGIN 39.48 Buy
Axis Ultra Short Term Fund CP 223.70 Sell
Axis Bluechip Fund FDMARGIN 4.91 Buy
Axis Bluechip Fund FDMARGIN 4.91 Buy
Axis Bluechip Fund FDMARGIN 24.75 Buy
Axis Bluechip Fund FDMARGIN 24.75 Buy
Axis Bluechip Fund FDMARGIN 4.91 Buy
Axis Bluechip Fund FDMARGIN 4.91 Buy
Axis Flexi Cap Fund FDMARGIN 59.32 Buy
Axis Treasury Advantage Fund CP 24.87 Sell
Axis Ultra Short Term Fund CP 24.87 Sell
Axis Arbitrage Fund FDMARGIN 74.53 Sell

158
 Axis Arbitrage Fund FDMARGIN 24.84 Sell
Axis Arbitrage Fund FDMARGIN 14.79 Sell
Axis Arbitrage Fund FDMARGIN 24.86 Sell
Axis Floater Fund IRS1 50.00 Buy
Axis Floater Fund IRS1 50.00 Sell
Axis Short Term Fund CORPORATE 199.95 Buy
Axis Credit Risk Fund CORPORATE 19.99 Buy
Axis Strategic Bond Fund CORPORATE 29.99 Buy
Axis Small Cap Fund FDMARGIN 3.00 Sell
Axis Treasury Advantage Fund CORPORATE 50.20 Buy
Axis Triple Advantage Fund FDMARGIN 4.91 Buy
Axis Flexi Cap Fund FDMARGIN 39.48 Buy
Axis Bluechip Fund FDMARGIN 108.82 Buy
Axis Balanced Advantage Fund FDMARGIN 4.91 Buy
Axis Bluechip Fund FDMARGIN 39.48 Buy
Axis Flexi Cap Fund FDMARGIN 19.64 Buy
Axis Floater Fund IRS1 25.00 Buy
Axis Floater Fund IRS1 25.00 Sell
Axis Floater Fund IRS1 40.00 Buy
Axis Floater Fund IRS1 40.00 Sell
Axis Equity Saver Fund FDMARGIN 9.82 Buy
Axis Flexi Cap Fund FDMARGIN 4.91 Sell
Axis Flexi Cap Fund FDMARGIN 4.91 Sell
Axis Flexi Cap Fund FDMARGIN 4.91 Sell
Axis Flexi Cap Fund FDMARGIN 4.91 Sell
Axis Bluechip Fund FDMARGIN 134.15 Sell
AXIS BANK LTD. Axis Bluechip Fund FDMARGIN 19.77 Sell
Axis Bluechip Fund FDMARGIN 49.80 Sell
Axis Bluechip Fund FDMARGIN 34.76 Sell
Axis Bluechip Fund FDMARGIN 24.89 Sell
Axis Short Term Fund CORPORATE 25.10 Buy
Axis Floater Fund IRS1 75.00 Buy
Axis Floater Fund IRS1 75.00 Sell
Axis Focused 25 Fund FDMARGIN 29.77 Sell
Axis Focused 25 Fund FDMARGIN 19.73 Sell
Axis Short Term Fund CORPORATE 25.39 Buy
Axis Bluechip Fund FDMARGIN 99.11 Sell
Axis Flexi Cap Fund FDMARGIN 29.70 Sell
Axis Floater Fund IRS1 25.10 Buy
Axis Floater Fund IRS1 25.02 Sell
Axis Short Term Fund CORPORATE 25.01 Buy

159
 Axis Corporate Debt Fund CORPORATE 50.03 Buy
Axis Focused 25 Fund FDMARGIN 24.75 Buy
Axis Equity Saver Fund FDMARGIN 9.82 Buy
Axis Equity Saver Fund FDMARGIN 9.82 Buy
Axis Dynamic Bond Fund CORPORATE 10.41 Sell
Axis Corporate Debt Fund CORPORATE 25.36 Buy
Axis Short Term Fund CORPORATE 25.39 Buy
Axis Flexi Cap Fund FDMARGIN 24.75 Buy
Axis Floater Fund IRS1 40.17 Buy
Axis Floater Fund FRN 50.03 Buy
Axis Floater Fund IRS1 40.21 Sell
Axis Floater Fund FRN 40.05 Buy
Axis Balanced Advantage Fund FDMARGIN 14.73 Buy
Axis Floater Fund FRN 10.02 Buy
Axis Short Term Fund CORPORATE 40.55 Sell
Axis Dynamic Bond Fund CORPORATE 38.98 Buy
Axis Special Situations Fund FDMARGIN 9.88 Sell
Axis Balanced Advantage Fund FDMARGIN 9.82 Buy
Axis Corporate Debt Fund CORPORATE 25.42 Sell
Axis Bluechip Fund FDMARGIN 29.66 Buy
Axis Short Term Fund CORPORATE 25.62 Sell
Axis Children's Gift Fund FDMARGIN 1.23 Buy
Axis Balanced Advantage Fund FDMARGIN 19.64 Buy
Axis Short Term Fund CORPORATE 50.05 Buy
Axis Strategic Bond Fund CORPORATE 50.05 Buy
Axis Equity Saver Fund FDMARGIN 9.82 Buy
Axis Balanced Advantage Fund FDMARGIN 14.73 Buy
AXIS BANK LTD. Axis Equity Saver Fund FDMARGIN 9.82 Buy
Axis Multicap Fund FDMARGIN 198.00 Buy
Axis Treasury Advantage Fund CORPORATE 26.16 Sell
Axis Children's Gift Fund CORPORATE 15.41 Sell
Axis Focused 25 Fund FDMARGIN 24.75 Buy
Axis Equity Saver Fund FDMARGIN 9.82 Buy
Axis Treasury Advantage Fund TBILL 143.49 Buy
Axis Equity Saver Fund FDMARGIN 9.82 Buy
Axis Treasury Advantage Fund CORPORATE 15.04 Sell
Axis Short Term Fund CORPORATE 31.28 Sell
Axis Bluechip Fund FDMARGIN 88.98 Buy
Axis Floater Fund IRS1 100.00 Buy
Axis Floater Fund IRS1 100.00 Sell
Axis Balanced Advantage Fund FDMARGIN 14.73 Buy

160
 Axis Short Term Fund CORPORATE 50.22 Buy
Axis Banking & PSU Debt Fund CORPORATE 50.22 Buy
Axis Balanced Advantage Fund FDMARGIN 9.82 Buy
Axis Arbitrage Fund TBILL 245.94 Buy
Axis Bluechip Fund FDMARGIN 29.66 Buy
Axis Children's Gift Fund FDMARGIN 1.23 Buy
Axis Equity Saver Fund FDMARGIN 3.00 Buy
Axis Balanced Advantage Fund FDMARGIN 19.64 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Balanced Advantage Fund FDMARGIN 44.39 Buy
Axis Equity Saver Fund FDMARGIN 19.64 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 4.91 Buy
Axis Equity Saver Fund FDMARGIN 9.82 Buy
Axis Balanced Advantage Fund FDMARGIN 14.73 Buy
Axis Equity Saver Fund FDMARGIN 9.82 Buy
Axis Multicap Fund FDMARGIN 198.00 Buy
Axis CPSE Plus SDL 2025 70:30 Debt Index
Fund GSEC-S 10.27 Buy
Axis Short Term Fund CORPORATE 51.58 Buy
AXIS BANK LTD. Axis Strategic Bond Fund CORPORATE 51.58 Buy
Axis Focused 25 Fund FDMARGIN 24.75 Buy
Axis Balanced Advantage Fund FDMARGIN 14.73 Buy
Axis Equity Saver Fund FDMARGIN 9.82 Buy

CORPORATE – Corporate Bond, CP - Commercial Paper, IRS - Interest Rate Swap, FRN - Floating Rate
Note, RFV_N-AMRT - Reduced Face Value Bonds, GSEC-S – State Governement Bond, TBILL - Treasury
Bill

C. Amount paid for services obtained from Associates

a) Amount paid to Associate Companies during the period April 1, 2019 to March 31, 2020:

Amount (Rs. Cr.)

Axis
Mutual Axis
Axis Bank Limited Fund Capital
Trustee Ltd
Ltd

Securities
Cash Physical Verification,
Professional and CBLO
Scheme Management Derivatives Cancellation Trustee Brokerage
Clearing Settlement
Name Service Settlement and Debit Fees on Trades
Member Processing
Charges Charges Charges
Charges Charges

161
Axis Liquid
0.08 - - - 0.04 0.16 -
Fund
Axis Treasury
Advantage 0.01 - - 0.00 0.00 0.01 -
Fund
Axis Bluechip
0.02 0.15 0.01 0.10 0.00 0.04 0.33
Fund
Axis Long
Term Equity 0.04 - - 0.11 0.00 0.10 0.26
Fund
Axis Short
0.01 - - 0.00 0.00 0.02 -
Term Fund
Axis Regular
0.00 - - 0.01 0.00 0.00 0.00
Saver Fund
Axis Triple
Advantage 0.00 - - 0.02 0.00 0.00 0.00
Fund
Axis Gold Etf 0.00 - - - 0.00 0.00 -
Axis Midcap
0.01 0.03 - 0.05 0.00 0.02 0.11
Fund
Axis Dynamic
0.00 - - 0.00 0.00 0.00 -
Bond Fund
Axis Gold
0.00 - - 0.01 0.00 0.00 -
Fund
Axis Gilt Fund 0.00 - - - 0.00 0.00 -
Axis Strategic
0.00 - - 0.00 0.00 0.01 -
Bond Fund
Axis Banking
& Psu Debt 0.02 - - 0.00 0.00 0.04 -
Fund
Axis Focused
0.02 0.08 - 0.27 0.00 0.04 0.55
25 Fund
Axis
Arbitrage 0.00 0.90 0.03 0.00 0.00 0.01 0.63
Fund
Axis Credit
0.00 - - 0.00 0.00 0.01 -
Risk Fund
Axis Equity
0.00 0.09 0.01 0.01 0.00 0.00 0.06
Saver Fund
Axis
Children's 0.00 0.00 - 0.00 0.00 0.00 0.00
Gift Fund
Axis Small
0.00 0.00 0.01 0.00 0.00 0.01 0.10
Cap Fund
Axis Hybrid
Fund - Series
- - - - 0.00 0.00 -
31 (1381
Days)
Axis Hybrid
Fund - Series
- - - - 0.00 0.00 -
32 (1367
Days)
Axis Hybrid
- - - - 0.00 0.00 -
Fund - Series
162
33 (1358
Days)
Axis Hybrid
Fund - Series
- - - - 0.00 0.00 -
35 (1359
Days)
Axis
Emerging
Opportunities - 0.00 0.00 - 0.00 0.00 0.02
Fund - Series
1 (1400 Days)
Axis
Emerging
Opportunities - 0.00 0.00 - 0.00 0.01 0.03
Fund - Series
2 (1400 Days)
Axis Hybrid
Fund - Series - - - - 0.00 0.00 -
5 (1346 Days)
Axis Hybrid
Fund - Series - - - - 0.00 0.00 -
6 (1324 Days)
Axis Hybrid
Fund - Series - - - - 0.00 0.00 -
7 (1305 Days)
Axis Equity
Advantage
- - - - 0.00 0.01 -
Fund - Series
1
Axis Nifty Etf 0.00 - - - 0.00 0.00 -
Axis
Corporate 0.00 - - 0.00 0.00 0.00 -
Debt Fund
Axis Dynamic
0.00 0.26 0.01 0.01 0.00 0.01 0.45
Equity Fund
Axis Equity
Advantage
- - - - 0.00 0.00 -
Fund - Series
2
Axis Multicap
0.01 0.08 0.01 0.02 0.00 0.02 0.14
Fund
Axis Capital
Builder Fund -
- - - - 0.00 0.00 0.01
Series 1 (1540
Days)
Axis Fixed
Term Plan -
- - - - 0.00 0.00 -
Series 95
(1185 Days)
Axis Equity
0.00 - - 0.00 0.00 0.01 0.15
Hybrid Fund
Axis Fixed
- - - - 0.00 0.00 -
Term Plan -

163
Series 96
(1124 Days)
Axis Ultra
Short Term 0.00 - - 0.00 0.00 0.01 -
Fund
Axis Fixed
Term Plan -
- - - - 0.00 0.00 -
Series 97
(1116 Days)
Axis Growth
Opportunities 0.00 - - 0.00 0.00 0.00 0.01
Fund
Axis Capital
Builder Fund -
- - - - 0.00 0.00 -
Series 4 (1582
Days)
Axis Fixed
Term Plan -
- - - - 0.00 0.00 -
Series 100
(1172 Days)
Axis Fixed
Term Plan -
- - - - 0.00 0.00 -
Series 101
(1154 Days)
Axis Fixed
Term Plan -
- - - - 0.00 0.00 -
Series 102
(1133 Days)
Axis
Overnight 0.00 - - - 0.00 0.01 -
Fund
Axis Fixed
Term Plan -
- - - - 0.00 0.00 -
Series 104
(1112 Days)
Axis Money
0.00 - - - 0.00 0.00 -
Market Fund
Axis Nifty 100
0.00 - - - 0.00 0.00 0.12
Index Fund
Axis
Retirement
Savings Fund 0.00 - - - 0.00 0.00 -
- Aggressive
Plan
Axis
Retirement
Savings Fund
0.00 - - - 0.00 0.00 -
-
Conservative
Plan
Axis
Retirement 0.00 0.00 - - 0.00 0.00 0.01
Savings Fund

164
 - Dynamic
Plan
Axis All
Seasons
0.00 - - - 0.00 0.00 -
Debt Fund
Of Funds
Axis Esg
0.00 - - - 0.00 0.00 -
Equity Fund
Axis Fixed
Term Plan - - - - - 0.00 0.00 -
Series 64
Axis Hybrid
Fund - Series
- - - - 0.00 0.00 -
27 (1351
Days)
Axis Hybrid
Fund - Series
- - - - 0.00 0.00 -
28 (1331
Days)
Axis Hybrid
Fund - Series
- - - - 0.00 0.00 -
29 (1275
Days)
Axis Hybrid
Fund - Series
- - - - 0.00 0.00 -
30 (1297
Days)
Axis Capital
Protection
Oriented - - - - 0.00 0.00 -
Fund - Series
5
Total 0.23 1.60 0.08 0.61 0.07 0.57 3.00

‘0.00’ denotes Values are less than Rs 0.005 Crores

Payment made to associates are considered on a gross basis.

b) Amount paid to Associate Companies during the period April 1, 2020 to March 31, 2021:

Amount (Rs. Cr.)

Axis AXIS
Mutual AXIS SECUR
AXIS BANK LTD. Fund CAPITAL ITIES
Trustee LIMITED LIMITE
Limited D

Cash Verificatio Securities

Professio Physical Dema
Managem n, and TREPS Brokerag
Scheme nal Derivative NACH Trustee t
ent Cancellati Settlement e on
Name Clearing s charge Fees Charg
Service on and Processing Trades
Member Settlement s es
Charges Debit Charges
Charges Charges
Charges

165
Axis
Banking &
115.39 - - 0.24 1.28 9.51 399.55 - 4.39
PSU Debt
Fund
Axis
Capital
Builder
Fund - - - - - - 0.22 13.14 43.97 -
Series 1
(1540
days)
Axis
Children's 6.83 17.96 - 3.82 32.37 0.32 12.59 383.03 0.78
Gift Fund
Axis
Corporate 18.29 - - 0.05 0.37 8.42 75.89 - 0.85
Debt Fund
Axis
Dynamic 8.70 - - 0.94 0.15 1.65 32.12 - 1.05
Bond Fund
Axis
Dynamic
25.58 816.74 85.17 15.92 51.64 0.71 32.70 4,658.93 1.95
Equity
Fund
Axis Equity
Advantag
- - - - - 2.59 28.09 71.19 -
e Fund -
Series 1
Axis Equity
Advantag
- - - - - 0.24 2.29 341.35 -
e Fund -
Series 2
Axis
Arbitrage 38.34 6,936.89 379.42 0.03 0.55 1.42 65.60 908.93 1.57
Fund
Axis
Emerging
Opportunit
ies Fund – - 7.81 - - - 0.43 3.47 997.96 -
Series 1
(1400
Days)
Axis
Emerging
Opportunit
ies Fund – - 38.43 - - - 1.16 15.02 2,726.95 -
Series 2
(1400
Days)
Axis
Bluechip 204.32 848.02 925.63 217.58 990.57 7.26 506.42 1,337.20 161.70
Fund

166
Axis Equity
Saver 11.51 507.80 8.08 12.66 11.17 0.38 16.53 1,101.62 0.83
Fund
Axis
Focused 154.83 1,735.30 133.48 458.46 1,214.74 4.39 322.88 4,126.57 71.36
25 Fund
Axis Gold
2.71 - - - - 0.06 8.36 - -
ETF
Axis Gold
1.54 - - 17.22 0.79 0.07 4.84 - 2.07
Fund
Axis
Strategic 7.04 - - 2.34 0.94 2.66 25.73 - 0.33
Bond Fund
Axis Credit
3.90 - - 1.18 0.75 0.56 13.56 - 0.25
Risk Fund
Axis
Regular
1.68 - - 9.49 1.36 0.56 4.82 54.36 0.29
Saver
Fund
Axis Liquid
315.59 - - - 0.03 168.75 623.69 - 23.75
Fund
Axis Gilt
1.12 - - - 0.03 1.28 3.99 - 0.52
Fund
Axis
Midcap 80.50 - - 108.10 396.66 5.66 198.20 218.80 56.55
Fund
Axis
Flexicap 82.50 22.37 - 43.38 857.36 1.52 169.06 3,743.36 37.44
Fund
Axis Nifty
1.45 - - - - 0.00 0.70 15.72 -
ETF
Axis Small
31.74 - - 0.70 82.54 2.51 84.97 945.06 22.03
Cap Fund
Axis Short
80.43 - - 1.00 2.12 37.10 302.20 - 6.90
Term Fund
Axis
Treasury
61.63 - - 0.96 3.01 11.45 219.63 - 7.68
Advantag
e Fund
Axis Triple
Advantag 6.33 37.59 - 53.98 5.74 0.56 16.10 1,025.66 1.62
e Fund
Axis Long
Term
343.02 - - 231.65 1,069.67 4.28 606.63 2,844.89 91.00
Equity
Fund
Axis Fixed
Term Plan -
Series 95 - - - - - 0.07 2.65 - -
(1185
Days)
Axis Equity
Hybrid 25.45 56.39 - 0.53 23.14 0.43 38.05 2,753.63 2.14
Fund

167
Axis Fixed
Term Plan -
Series 96 - - - - - 0.03 1.22 - -
(1124
Days)
Axis Ultra
Short Term 32.32 - - 0.01 5.56 8.76 115.62 - 12.43
Fund
Axis Fixed
Term Plan -
Series 97 - - - - - 0.14 9.23 - -
(1116
Days)
Axis
Growth
19.10 - - 1.09 59.96 0.87 47.75 301.19 9.22
Opportunit
ies Fund
Axis
Capital
Builder
Fund - - 10.06 - - - 0.53 25.85 290.71 -
Series 4
(1582
days)
Axis Fixed
Term Plan -
Series 100 - - - - - 0.01 0.63 - -
(1172
Days)
Axis Fixed
Term Plan -
Series 101 - - - - - 0.01 0.75 - -
(1154
Days)
Axis Fixed
Term Plan -
Series 102 - - - - - 0.02 0.89 - -
(1133
Days)
Axis
Overnight 33.50 - - - 0.00 115.81 124.41 - 1.63
Fund
Axis Fixed
Term Plan -
Series 104 - - - - - 0.05 2.46 - -
((1112
Days))
Axis
Money
12.07 - - - 0.08 4.28 45.84 - 0.88
Market
Fund
Axis Nifty
100 Index 5.41 - - - 1.93 0.04 8.67 275.03 1.93
Fund

168
Axis
Retirement
Savings
7.01 - - - 0.02 0.23 12.39 38.73 0.88
Fund -
Aggressive
Plan
Axis
Retirement
Savings
1.57 - - - - 0.14 2.41 333.76 0.05
Fund -
Conservati
ve Plan
Axis
Retirement
Savings
3.68 1.32 - - 0.01 0.17 5.86 101.98 0.18
Fund -
Dynamic
Plan
Axis All
Seasons
0.56 - - - - 0.02 2.07 - 0.11
Debt Fund
of Funds
Axis ESG
Equity 25.23 - - - 0.11 0.41 44.44 46.51 2.43
Fund
Axis
Global
Equity
7.44 - - 0.00 0.12 1.34 30.34 - 2.26
Alpha
Fund of
Fund
Axis
Banking 1.48 - - - - 0.02 0.99 253.70 -
ETF
Axis
Special
6.99 - - - - 2.94 34.21 1,039.87 1.88
Situations
Fund
Axis
Greater
China
0.05 - - - - 0.04 0.28 - 0.04
Equity
Fund of
Fund
Axis
Technolog - - - - - 0.01 0.19 105.40 -
y ETF
Axis
Banking &
69.74 - - 0.20 - 6.70 254.97 - 1.11
PSU Debt
Fund
Axis
Capital
- - - - - 0.26 7.02 11.39 -
Builder
Fund -
169
Series 1
(1540
days)
Axis
Children's 1.92 24.02 - 2.82 - 0.12 7.07 334.11 0.27
Gift Fund
Axis
Corporate 1.17 - - 0.04 - 1.01 5.69 - 0.15
Debt Fund
Axis
Dynamic 3.01 - - 0.70 - 0.77 10.46 - 0.19
Bond Fund
Axis
Dynamic
7.20 765.58 8.89 14.00 - 0.27 25.68 5,644.98 0.63
Equity
Fund
Axis Equity
Advantag
- - - - - 1.52 16.46 - -
e Fund -
Series 1
Axis Equity
Advantag
- - - - - 0.26 1.66 31.59 -
e Fund -
Series 2
Axis
Arbitrage 13.34 4,684.69 504.40 0.02 - 2.22 47.42 1,863.72 1.67
Fund
Axis
Emerging
Opportunit
ies Fund – - 5.08 - - - 0.65 8.81 255.78 -
Series 1
(1400
Days)
Axis
Emerging
Opportunit
ies Fund – - 10.15 - - - 1.55 18.80 459.05 -
Series 2
(1400
Days)
Axis
Bluechip 89.69 915.69 425.49 169.10 - 15.98 230.89 3,122.41 54.85
Fund
Axis Equity
Saver 3.28 351.92 43.88 11.73 - 0.16 11.43 578.02 0.30
Fund
Axis
Focused 54.82 957.76 - 399.17 - 5.90 165.50 3,433.95 24.28
25 Fund
Axis Gold
- - - - - 0.05 3.76 - -
ETF
Axis Gold
1.64 - - 12.66 - 0.05 2.10 - 0.52
Fund

170
Axis Hybrid
Fund
Series-31 - - - - - 0.61 1.05 - -
(1381
Days)
Axis Hybrid
Fund
Series-32 - - - - - 1.10 2.99 - -
(1367
Days)
Axis Hybrid
Fund
Series-33 - - - - - 0.65 2.87 - -
(1358
Days)
Axis Hybrid
Fund
Series-35 - - - - - 0.77 3.08 - -
(1359
Days)
Axis
Strategic 4.36 - - 1.97 - 2.07 15.45 - 0.12
Bond Fund
Axis Credit
3.56 - - 1.12 - 0.55 12.28 - 0.11
Risk Fund
Axis
Regular
0.80 - - 7.76 - 0.16 2.87 54.72 0.09
Saver
Fund
Axis Liquid
204.00 - - - - 102.64 486.77 - 10.42
Fund
Axis Gilt
1.19 - - - - 0.77 2.05 - 0.25
Fund
Axis
Midcap 32.73 166.94 - 83.90 - 10.26 89.69 1,487.18 14.74
Fund
Axis
Flexicap 30.66 530.63 204.55 35.74 - 8.27 96.07 1,563.76 13.23
Fund
Axis Nifty
- - - - - 0.00 0.20 22.07 -
ETF
Axis Small
18.20 - - 0.58 - 2.46 37.81 529.07 7.35
Cap Fund
Axis Short
29.39 - - 0.85 - 15.94 112.54 - 1.26
Term Fund
Axis
Treasury
24.04 - - 0.72 - 6.45 88.95 - 2.24
Advantag
e Fund
Axis Triple
Advantag 1.65 16.43 - 40.41 - 0.19 5.54 399.11 0.43
e Fund
Axis Long
107.45 - - 190.48 - 13.27 329.14 1,792.49 34.46
Term

171
Equity
Fund
Axis Hybrid
Fund -
Series 5 - - - - - 0.05 0.16 - -
(1346
Days)
Axis Hybrid
Fund -
Series 6 - - - - - 0.02 0.07 - -
(1324
Days)
Axis Hybrid
Fund -
Series 7 - - - - - 0.03 0.09 - -
(1305
Days)
Axis Fixed
Term Plan -
Series 95 - - - - - 0.02 1.82 - -
(1185
Days)
Axis Equity
Hybrid 7.17 77.55 - 0.44 - 0.32 24.77 894.62 0.66
Fund
Axis Fixed
Term Plan -
Series 96 - - - - - 0.03 0.82 - -
(1124
Days)
Axis Ultra
Short Term 16.35 - - 0.01 - 5.58 57.52 - 3.74
Fund
Axis Fixed
Term Plan -
Series 97 - - - - - 0.11 6.21 - -
(1116
Days)
Axis
Growth
6.79 - - 0.95 - 0.43 18.77 11.79 1.71
Opportunit
ies Fund
Axis
Capital
Builder
Fund - - - - - - 0.28 13.81 34.36 -
Series 4
(1582
days)
Axis Fixed
Term Plan -
Series 100 - - - - - 0.01 0.42 - -
(1172
Days)

172
Axis Fixed
Term Plan -
Series 101 - - - - - 0.01 0.51 - -
(1154
Days)
Axis Fixed
Term Plan -
Series 102 - - - - - 0.01 0.61 - -
(1133
Days)
Axis
Overnight 17.51 - - - - 81.21 64.29 - 0.75
Fund
Axis Fixed
Term Plan -
Series 104 - - - - - 0.04 1.67 - -
((1112
Days))
Axis
Money
3.67 - - - - 1.27 14.18 - 0.15
Market
Fund
Axis Nifty
100 Index 3.38 - - - - 0.05 5.47 222.87 0.65
Fund
Axis
Retirement
Savings
2.17 - - - - 0.33 7.28 - 0.28
Fund -
Aggressive
Plan
Axis
Retirement
Savings
0.49 - - - - 0.17 1.72 - 0.01
Fund -
Conservati
ve Plan
Axis
Retirement
Savings
1.10 45.95 - - - 0.25 3.94 193.71 0.05
Fund -
Dynamic
Plan
Axis All
Seasons
0.31 - - - - 0.01 1.04 - 0.03
Debt Fund
of Funds
Axis ESG
Equity 8.58 - - - - 0.63 27.77 - 0.27
Fund
Axis
Global
- - - - - - - - -
Equity
Alpha

173
 Fund of
Fund

‘0.00’ denotes Values are less than Rs 0.005 Crores

Payment made to associates are considered on a gross basis.

c) Amount paid to Associate Companies during the period April 1, 2021 to March 31, 2022:
Amount (Rs. Cr.)
Axis Mutual
Axis Axis
Fund
AXIS BANK LTD Capital Securities
Trustee
Limited Limited Limited
Securities
Cash Professiona Physical Verification,
and TREPS
Scheme Manageme l Clearing Derivatives Cancellatio NACH Trustee Brokerage Demat
Settlement
Name nt Service Member Settlement n and Debit charges Fees on Trades Charges
Processing
Charges Charges Charges Charges
Charges
Axis Banking
& PSU Debt
Fund 0.01 - - 0.00 0.00 0.00 0.07 - 0.00
Axis Capital
Builder Fund
- Series 1
(1540 days) - 0.00 - - - 0.00 0.00 0.01 -
Axis
Children's
Gift Fund 0.00 - - 0.00 0.01 0.00 0.00 0.07 0.00
Axis
Corporate
Debt Fund 0.00 - - 0.00 0.00 0.00 0.02 - 0.00
Axis
Dynamic
Bond Fund 0.00 - - 0.00 0.00 0.00 0.01 - 0.00
Axis
Balanced
Advantage
Fund 0.00 0.17 0.01 0.00 0.01 0.00 0.01 0.58 0.00
Axis
Arbitrage
Fund 0.00 1.53 0.14 0.00 0.00 0.00 0.02 0.06 0.00
Axis
Bluechip
Fund 0.02 0.36 1.09 0.03 0.15 0.00 0.13 0.31 0.02
Axis Equity
Saver Fund 0.00 0.13 0.00 0.00 0.00 0.00 0.00 0.20 0.00
Axis Focused
25 Fund 0.01 0.71 0.15 0.06 0.17 0.00 0.08 0.26 0.01

Axis Gold ETF 0.00 - - - - 0.00 0.00 - -

Axis Gold
Fund 0.00 - - 0.00 0.00 0.00 0.00 - 0.00
Axis
Strategic
Bond Fund 0.00 - - 0.00 0.00 0.00 0.01 - 0.00

174
Axis Credit
Risk Fund 0.00 - - 0.00 0.00 0.00 0.00 - 0.00
Axis Regular
Saver Fund 0.00 - - 0.00 0.00 0.00 0.00 0.02 0.00
Axis Liquid
Fund 0.04 - - - 0.00 0.02 0.11 - 0.00
Axis Gilt
Fund 0.00 - - - 0.00 0.00 0.00 - 0.00
Axis Midcap
Fund 0.01 0.09 0.39 0.02 0.06 0.00 0.06 0.16 0.01
Axis Flexicap
Fund 0.01 0.08 0.19 0.01 0.13 0.00 0.04 0.16 0.00

Axis Nifty ETF 0.00 - - - - 0.00 0.00 0.01 -

Axis Small
Cap Fund 0.01 - - 0.00 0.01 0.00 0.03 0.13 0.01
Axis Short
Term Fund 0.01 - - 0.00 0.00 0.00 0.05 - 0.00
Axis Treasury
Advantage
Fund 0.01 - - 0.00 0.00 0.00 0.04 - 0.00
Axis Triple
Advantage
Fund 0.00 0.00 - 0.01 0.00 0.00 0.01 0.22 0.00
Axis Long
Term Equity
Fund 0.02 - - 0.03 0.16 0.00 0.13 0.08 0.01
Axis Equity
Hybrid Fund 0.00 - - 0.00 0.00 0.00 0.01 0.19 0.00
Axis Ultra
Short Term
Fund 0.00 - - 0.00 0.00 0.00 0.02 - 0.00
Axis Growth
Opportunitie
s Fund 0.00 - - 0.00 0.01 0.00 0.02 0.00 0.00
Axis Capital
Builder Fund
- Series 4
(1582 days) - 0.00 - - - 0.00 0.01 0.19 -
Axis Fixed
Term Plan -
Series 100
(1172 Days) - - - - - 0.00 0.00 - -
Axis Fixed
Term Plan -
Series 101
(1154 Days) - - - - - 0.00 0.00 - -
Axis Fixed
Term Plan -
Series 102
(1133 Days) - - - - - 0.00 0.00 - -
Axis
Overnight
Fund 0.01 - - - - 0.02 0.04 - 0.00

175
Axis Fixed
Term Plan -
Series 104
((1112
Days)) - - - - - 0.00 0.00 - -
Axis Money
Market Fund 0.00 - - - 0.00 0.00 0.02 - 0.00
Axis Nifty 100
Index Fund 0.00 - - 0.00 0.00 0.00 0.00 0.07 0.00
Axis
Retirement
Savings
Fund -
Aggressive
Plan 0.00 - - - 0.00 0.00 0.00 0.00 0.00
Axis
Retirement
Savings
Fund -
Conservativ
e Plan 0.00 - - - - 0.00 0.00 0.01 0.00
Axis
Retirement
Savings
Fund -
Dynamic
Plan 0.00 0.00 - - - 0.00 0.00 0.01 0.00
Axis All
Seasons
Debt Fund
of Funds 0.00 - - - - 0.00 0.00 - 0.00
Axis ESG
Equity Fund 0.00 - - 0.00 0.00 0.00 0.01 0.03 0.00
Axis Global
Equity Alpha
Fund of
Fund 0.00 - - 0.00 0.00 0.00 0.01 - 0.00
Axis Banking
ETF 0.00 - - - - 0.00 0.00 0.01 -
Axis Special
Situations
Fund 0.00 0.00 - 0.00 0.00 0.00 0.01 0.27 0.00
Axis Greater
China Equity
Fund of
Fund 0.00 - - - - 0.00 0.00 - 0.00
Axis
Technology
ETF 0.00 - - - - 0.00 0.00 0.01 -
Axis AAA
Bond Plus
SDL ETF -
2026
Maturity - - - - - 0.00 0.00 - -

176
Axis
Heathcare
ETF - - - - - 0.00 0.00 0.01 -
Axis Global
Innovation
FOF 0.00 - - 0.00 0.00 0.00 0.01 - 0.00
Axis Quant
Fund 0.00 - - 0.00 0.00 0.00 0.00 0.38 0.00
Axis Floater
Fund 0.00 - - - - 0.00 0.01 - 0.00
Axis
Consumptio
n ETF 0.00 - - - - 0.00 0.00 0.02 0.00
Axis Value
Fund 0.00 - - - 0.00 0.00 0.00 0.02 0.00
Axis AAA
Bond Plus
SDL ETF -
2026
Maturity FOF 0.00 - - - - 0.00 0.00 0.00 0.00
Axis Fixed
Term Plan -
Series 109
(111 Days) - - - - - 0.00 0.00 - -
Axis Nifty 50
Index Fund 0.00 - - - 0.00 0.00 0.00 0.02 0.00
Axis
Multicap
Fund 0.00 - - - 0.00 0.00 0.01 0.10 0.00
Axis CPSE
Plus SDL
2025 70:30
Debt Index
Fund 0.00 - - - - 0.00 0.00 - 0.00
Axis Nifty
Next 50
Index Fund 0.00 - - - - 0.00 0.00 0.01 0.00
Axis Equity
ETFs FoF 0.00 - - - - 0.00 0.00 0.00 0.00
Axis Crisil SDL
2027 Debt
Index Fund 0.00 - - - - 0.00 0.00 - 0.00
Axis Nifty
Small cap 50
Index Fund 0.00 - - - - 0.00 0.00 0.01 0.00
Axis Nifty
Midcap 50
Index Fund 0.00 - - - - 0.00 0.00 - 0.00
Axis Equity
Advantage
Fund - Series
1 - 0.00 - - - 0.00 0.00 0.03 -
Axis Fixed
Term Plan - - - - - - 0.00 0.00 - -

177
Series 95
(1185 Days)
Axis Fixed
Term Plan -
Series 96
(1124 Days) - - - - - 0.00 0.00 - -
Axis Fixed
Term Plan -
Series 97
(1116 Days) - - - - - 0.00 0.00 - -

‘0.00’ denotes Values are less than Rs 0.005 Crores

Payment made to associates are considered on a gross basis.

D. Underwriting Obligations with respect to issues of Associates

The Scheme(s) of the Fund have not undertaken any underwriting obligation with respect to issues
of associate companies.

E. Brokerage paid to Associates for securities transactions

Securities transactions of the Scheme(s) of the Fund were routed through associate broker i.e. Axis
Capital Ltd. during the F.Y. 2019-20, 2020-21 and 2021-22. However, such transactions have not
exceeded 5% of the aggregate purchase and sale of securities made by the Fund through brokers
in its Schemes. Details of Brokerage paid are as follows:
Name of Nature of Value of transaction Brokerage
associate/relate Associati (in Rs. Cr. & % of total (Rs Cr & % of total
d parties/group on/ Period covered value of transaction brokerage paid by
companies of Nature of of the fund) the fund)
Sponsor/AMC relation Rs. Cr. % Rs. Cr. %
Group 01.04.19 to 31.03.20 12,286.00 1.85% 3.00 4.46%
Compan 01.04.20 to 31.03.21 17,719.75 2.73% 5.40 6.35%
Axis Capital Ltd.
y and
Associate 01.04.21 to 31.03.22 14,476.56 2.03% 3.70 4.36%

F. Subscription in Issues lead managed by Sponsor

During the period April 1, 2019 to March 31, 2020, the Scheme(s) of Axis Mutual Fund has subscribed
to the following issues lead managed by sponsor:

Type of Applied Allotted

Name of Security Name of the Scheme
Security (Rs. in cr) (Rs. in cr)
7.87% Larsen & Toubro Ltd Corporate Axis Short Term Fund 70.00 70.00
18.04.2022 Bond
7.87% Larsen & Toubro Ltd Corporate Axis Banking & Psu 30.00 30.00
18.04.2022 Bond Debt

During the period April 1, 2020 to March 31, 2021, the Scheme(s) of Axis Mutual Fund has subscribed
to the following issues lead managed by sponsor:

Type of Applied Allotted

Name of Security Name of the Scheme
Security (Rs. in cr) (Rs. in cr)
7.20 Larsen & Toubro Ltd Corporate Axis Short Term Fund 50.00 50.00
20.04.2020 Bond

178
During the period April 1, 2021 to March 31, 2022, the Scheme(s) of Axis Mutual Fund has subscribed
to the following issues lead managed by sponsor:

Name of Security Type of Security Name of the Scheme Applied Allotted (Rs.
(Rs. in cr) in cr)
Tega Industries Limited Initial Public Offer Axis Triple Advantage
(IPO) Fund 0.58 0.58
Tega Industries Limited Initial Public Offer Axis Regular Saver
(IPO) Fund 0.08 0.08
Tega Industries Limited Initial Public Offer Axis Equity Hybrid
(IPO) Fund 0.50 0.50
Tega Industries Limited Initial Public Offer Axis Small Cap Fund
(IPO) 1.16 1.16
MedPlus Health Services Initial Public Offer Axis Midcap Fund
Limited (IPO) 5.65 5.65
MedPlus Health Services Initial Public Offer Axis Small Cap Fund
Limited (IPO) 2.26 2.26
MedPlus Health Services Initial Public Offer Axis Multicap Fund
Limited (IPO) 2.26 2.26
MedPlus Health Services Initial Public Offer Axis Equity Hybrid
Limited (IPO) Fund 0.62 0.62
MedPlus Health Services Initial Public Offer Axis Triple Advantage
Limited (IPO) Fund 0.51 0.51
MedPlus Health Services Initial Public Offer Axis Children'S Gift
Limited (IPO) Fund 0.56 0.56
7.78% Greenlam Industries Corporate Bond Axis Strategic Bond
Limited 2025_Series II Fund 19.00 19.00
7.78% Greenlam Industries Corporate Bond Axis Credit Risk Fund
Limited 2025_Series II 10.00 10.00
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2028 strip I Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2028 strip I Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2028 strip I 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2028 strip I 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2028 strip I Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2028 strip I Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2028 strip I 21.50 21.50
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2028 strip I Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2028 strip I Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2029 strips II Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2029 strips II Fund 7.50 7.50

179
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2029 strips II 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2029 strips II 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2029 strips II Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2029 strips II Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2029 strips II 21.50 21.50
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2029 strips II Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2029 strips II Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2032 strip v Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2032 strip v Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2032 strip v 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2032 strip v 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2032 strip v Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2032 strip v Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2032 strip v 21.50 21.50
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2032 strip v Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2032 strip v Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2033 strip VI Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2033 strip VI Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2033 strip VI 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2033 strip VI 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2033 strip VI Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2033 strip VI Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2033 strip VI 21.50 21.50
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2033 strip VI Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2033 strip VI Fund 7.50 7.50

180
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2034 strip VII Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2034 strip VII Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2034 strip VII 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2034 strip VII 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2034 strip VII Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2034 strip VII Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2034 strip VII 21.50 21.50
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2034 strip VII Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2034 strip VII Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2035 strip VIII Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2035 strip VIII Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2035 strip VIII 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2035 strip VIII 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2035 strip VIII Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2035 strip VIII Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2035 strip VIII 21.50 21.50
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2035 strip VIII Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2035 strip VIII Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2037 strips X Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2037 strips X Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2037 strips X 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2037 strips X 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2037 strips X Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2037 strips X Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2037 strips X 21.50 21.50

181
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2037 strips X Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2037 strips X Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2031 strips IV Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2031 strips IV Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2031 strips IV 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2031 strips IV 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2031 strips IV Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2031 strips IV Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2031 strips IV 21.50 21.50
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2031 strips IV Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2031 strips IV Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2036 strip IX Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2036 strip IX Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2036 strip IX 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2036 strip IX 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2036 strip IX Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2036 strip IX Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2036 strip IX 21.50 21.50
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2036 strip IX Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2036 strip IX Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Children'S Gift
Ltd 16.03.2030 Strip III Fund 0.50 0.50
6.85 DME Development Corporate Bond Axis Corporate Debt
Ltd 16.03.2030 Strip III Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Credit Risk Fund
Ltd 16.03.2030 Strip III 0.50 0.50
6.85 DME Development Corporate Bond Axis Floater Fund
Ltd 16.03.2030 Strip III 5.00 5.00
6.85 DME Development Corporate Bond Axis Regular Saver
Ltd 16.03.2030 Strip III Fund 0.50 0.50

182
6.85 DME Development Corporate Bond Axis Retirement
Ltd 16.03.2030 Strip III Savings Fund -
Conservative Plan 0.50 0.50
6.85 DME Development Corporate Bond Axis Short Term Fund
Ltd 16.03.2030 Strip III 21.50 21.50
6.85 DME Development Corporate Bond Axis Strategic Bond
Ltd 16.03.2030 Strip III Fund 7.50 7.50
6.85 DME Development Corporate Bond Axis Treasury Advt
Ltd 16.03.2030 Strip III Fund 7.50 7.50

G. Distribution fees paid to Associates

The AMC has utilized the services of its associates for distribution and sale of units of scheme(s) of
Axis Mutual Fund. Details of commission paid to the associates for distribution of units are as follows:
Name of Nature of Business given Commission paid
Associate Association % of total % of total
Period covered Amount in Amount in
business commissi
Cr. Cr.
received on paid
Axis Bank Sponsor 01.04.19 – 31.03.20 39,688.42 3.47% 244.03 40.72%
Ltd. 01.04.20 – 31.03.21 15,000.26 2.85% 258.66* 30.22%
01.04.21 – 31.03.22 17,401.69 2.41% 321.52** 24.57%
Axis Group 01.04.19 – 31.03.20 218.44 0.02% 3.23 0.54%
Securities Company 01.04.20 – 31.03.21 249.05 0.05% 4.26 0.50%
Ltd. and Associate 01.04.21 – 31.03.22 276.99 0.04% 6.81 0.52%
*Includes transaction charges Rs. 2.47 Cr. **Includes transaction charges Rs.3.55 Cr.

Associate transactions are conducted at arm’s length relationship and do not in any manner affect
the performance of the schemes.

The AMC may for the purposes of providing certain services utilize the services of the Sponsor, group
companies and any other subsidiary or associate company of the Sponsor established or to be
established at a later date, who is in a position to provide the requisite services to the AMC. Following
are the group companies of the sponsor and AMC with which the Mutual Fund proposes to have
dealings, transactions and those whose services may be used for marketing and distributing the
scheme and the commissions that may be paid to them. The AMC may also utilize the services of
other associates for the mutual fund transactions and for distributing the units of the scheme.

Axis Bank Limited

Axis Capital Limited
Axis Capital USA, LLC
Axis Trustee Services Limited
Axis Mutual Fund Trustee Limited
Axis Bank UK Limited (formerly known as Axis UK Limited)
Axis Securities Ltd
Axis Finance Limited
A. Treds Limited
Freecharge Payment Technologies Private Limited
Max Life Insurance Company Limited
Assets Care & Reconstruction Enterprise Limited (ACRE)

The scheme(s) will invest in group companies of the sponsor or the sponsor in accordance with the
provisions of the Regulations.

183
The AMC, on behalf of the Fund, shall conduct its business with the aforesaid companies (Including
their employees or relatives) on commercial terms and on arms-length basis and at mutually agreed
terms and conditions to the extent permitted under the Regulations.

3. Stock Lending by the Mutual Fund

Subject to the SEBI Regulations as applicable from time to time, the Mutual Fund may, engage in
Stock Lending. Stock Lending means the lending of stock to another person or entity for a fixed
period of time, at a negotiated compensation. The securities lent will be returned by the borrower
on the expiry of the stipulated period.

For details, investors are requested to refer to the Scheme Information Document of the respective
schemes.

4. Borrowing by the Mutual Fund

The Mutual Fund is allowed to borrow to meet the temporary liquidity needs of the schemes for the
purpose of repurchase, redemption of units or payment of interest or dividend to the unit holders,
provided that the Mutual Fund shall not borrow more than 20% of the net assets of each scheme
and the duration of such borrowing shall not exceed a period of six months. Schemes of Axis Mutual
Fund had borrowed to fund redemptions from scheduled commercial banks and through Tri-party
Repos from time within the limit as specified above.

5. Unclaimed Redemption and Dividend Amount

As per circular no. MFD/CIR/9/120/2000, dated November 24, 2000, issued by SEBI, unclaimed
redemption and dividend amounts shall be deployed by the Mutual Fund in money market
instruments and such other instruments/securities as maybe permitted from time to time. The
investment management fee charged by the AMC for managing such unclaimed amounts shall
not exceed 50 basis points. Investors who claim these amounts during a period of three years from
the due date shall be paid at the prevailing NAV. After a period of three years, this amount can be
transferred to a pool account and the investors can claim the said amounts at the NAV prevailing
at the end of the third year. The AMC shall make a continuous effort to remind investors through
letters to take their unclaimed amounts.

Further, according to circular no. SEBI/HO/IMD/DF2/CIR/P/ 2016/37 dated February 25, 2016 the
unclaimed Redemption and dividend amounts may be deployed in separate plan of overnight
scheme/Liquid scheme/Money market mutual fund scheme floated by Mutual Funds specifically
for deployment of the unclaimed Redemption and dividend amounts. Provided that such schemes
where the unclaimed redemption and dividend amounts are deployed shall be only those
Overnight scheme/ Liquid scheme / Money Market Mutual Fund schemes which are placed in A-1
cell (Relatively Low Interest Rate Risk and Relatively Low Credit Risk) of Potential Risk Class matrix as
per SEBI Circular No. SEBI/HO/IMD/IMD-II/ DOF3/P/CIR/2021/573 dated June 07, 2021.

6. Suspension/Restriction of the Subscription of Units of Scheme(s)

Subject to the approval of the Boards of the AMC and of the Trustee and subject also to necessary
communication of the same to SEBI, the determination of the NAV of the Units of a Scheme and the
Subscription of / Switch-into the Units of Scheme(s) of the Fund, may be temporarily suspended in
any of the conditions described below:
a) When one or more stock exchanges or markets which provide the basis of valuation for a
substantial portion of the assets of the Scheme is closed otherwise than for ordinary holidays.
b) When, as a result of political, economic or monetary events or any other circumstances outside
the control of the Trustee and the AMC, the disposal of the assets of the Scheme is not
considered to be reasonably practicable or might otherwise be detrimental to the interests of
the Unit Holders.
c) In the event of breakdown in the means of communication used for the valuation of investments
of the Scheme, so that the value of the securities of the Scheme cannot be accurately or reliably
arrived at.

184
d) If, in the opinion of the AMC, extreme volatility of markets causes or might cause, prejudice to
the interests of the Unit Holders of the Scheme.
e) In case of natural calamities, war, strikes, riots and bandhs.
f) In case of any other event of force majeure or disaster that in the opinion of the AMC affects
the normal functioning of the AMC or the Registrar.
g) During the period of Book Closure.
h) If so directed by SEBI.

In any of the above eventualities, the time limits for processing requests for subscription of Units of
the Scheme(s) will not be applicable.

Further, subject to the approval of the Boards of the AMC and of the Trustee and subject also to
necessary communication of the same to SEBI, the redemption of / switch-out of Units of Scheme(s)
of the Fund, may be temporarily suspended/ restricted. In accordance with SEBI circular ref. no.
SEBI/HO/IMD/DF2/CIR/P/2016/57 dated May 31, 2016 and subject to prevailing regulations,
restriction on/suspension of redemptions / switch-out of Units of the Scheme(s) of the Fund, may be
imposed when there are circumstances leading to systemic crisis or event that severely constricts
market liquidity or the efficient functioning of markets such as:
a) Liquidity issues: when market at large becomes illiquid affecting almost all securities rather than
any issuer specific security;
b) Market failures, exchange closures: when markets are affected by unexpected events which
impact the functioning of exchanges or the regular course of transactions. Such unexpected
events could also be related to political, economic, military, monetary or other emergencies;
c) Operational issues: when exceptional circumstances are caused by force majeure,
unpredictable operational problems and technical failures (e.g. a black out).

Restriction on / suspension of redemption of Units of the Scheme(s) may be imposed for a specified
period of time not exceeding 10 working days in any 90 days period.

When restriction on / suspension of redemption of Units of the Scheme(s) is imposed, the following
procedure shall be applied
i. No redemption / switch-out requests upto Rs. 2 lakhs shall be subject to such restriction.
ii. Where redemption / switch-out requests are above Rs. 2 lakhs, the AMC shall redeem the first
Rs. 2 lakhs without such restriction and remaining part over and above Rs. 2 lakhs shall be
subject to such restriction.

In addition to the above, the AMC / Trustee may restrict / suspend redemptions / switch-out of Units
of the Scheme(s) pursuant to direction/ approval of SEBI. In any of the above eventualities, the time
limits for processing requests for redemption of Units will not be applicable.

7. Documents Available for Inspection

The following documents will be available for inspection at the office of the Mutual Fund at Axis
House, 1st Floor, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli, Mumbai – 400
025 during business hours on any day (excluding Saturdays, Sundays and public holidays):
• Memorandum and Articles of Association of the AMC
• Investment Management Agreement
• Deed of Trust and amendments thereto, if any
• Mutual Fund Registration Certificate
• Agreement between the Mutual Fund and the Custodian
• Agreement with Registrar and Transfer Agents
• Consent of Auditors to act in the said capacity
• Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments from
time to time thereto.
• Indian Trusts Act, 1882.

185
8. Underwriting by the Mutual Fund
Subject to SEBI Regulations, the Scheme may enter into underwriting agreements after the Mutual
Fund obtains a certificate of registration in terms of the Securities and Exchange Board of India
(Underwriters) Rules and Securities and Exchange Board of India (Underwriters) Regulations, 1993
authorising it to carry on activities as underwriters. The capital adequacy norms for the purpose of
underwriting shall be the net assets of the respective Scheme/ Plans and the underwriting obligation
of the respective Scheme/ Plans shall not at any time exceed the total net asset value of the
respective Scheme/ Plans.

9. Investor Grievances Redressal Mechanism

Investors can lodge any service request or complaints or enquire about NAVs, Unit Holdings,
Valuation, IDCW, etc by calling the investor line of the AMC at 1800 221 322 (toll-free number) and
Additional Contact no. – 8108622211 (chargeable) from 9.00 am to 6.00 pm (Monday to Saturday)
or email – customerservice@axismf.com. The service representatives may require personal
information of the investor for verification of his / her identity in order to protect confidentiality of
information. The AMC will at all times endeavour to handle transactions efficiently and to resolve
any investor grievances promptly.

Any complaints should be addressed to Mr. Milind Vengurlekar, who has been appointed as the
Investor Relations Officer and can be contacted at:
Address: Axis House, 1st Floor, C-2, Wadia International Centre, Pandurang Budhkar Marg, Worli,
Mumbai - 400 025. Phone no.: 022 4325 4123

Investor Complaints history

Given below is the status of Investeor Complaints / Queries for the last three financial years and till
July 31, 2022.

a) Given below is the status of Investor Complaints / Queries for the period April 1, 2019 to March
31, 2020.
Number of Complaints & Queries
Scheme Name
Received Redressed Pending
Axis Arbitrage Fund 7 7 0
Axis Banking & PSU Debt Fund 12 12 0
Axis Bluechip Fund 229 221 12
Axis Capital Protection Oriented Fund - Series 5 1 1 0
Axis Childrens Gift Fund - No Lock-In 3 3 0
Axis Corporate Debt Fund 2 2 0
Axis Credit Risk Fund 2 2 0
Axis Dynamic Equity Fund 11 9 2
Axis Emerging Opportunities Fund – Series 2
3 3 0
(1400 Days)
Axis Equity Hybrid Fund 10 10 0
Axis Equity Saver Fund 5 6 0
Axis ESG Equity Fund 8 6 2
Axis Fixed Term Plan - Series 69 (3 Years) 1 1 0
Axis Focused 25 Fund 95 94 3
Axis Gilt Fund 1 1 0
Axis Growth Opportunities Fund 5 5 0
Axis Hybrid Fund - Series 14 (1274 Days) 2 2 0
Axis Hybrid Fund - Series 15 (1275 Days) 1 1 0
Axis Hybrid Fund - Series 31 (1381 Days) 1 1 0
Axis Hybrid Fund - Series 32 (1367 Days) 1 1 0
Axis Hybrid Fund Series-22 (1278 Days) 1 1 0

186
Axis Hybrid Fund Series-24 (1276 Days) 1 1 0
Axis Hybrid Series 26 (1276 Days) 1 1 0
Axis Hybrid Series 27 (1351 Days) 1 1 0
Axis Liquid Fund 55 56 1
Axis Long Term Equity Fund 291 284 10
Axis Mid Cap Fund 59 58 1
Axis Multicap Fund 62 63 0
Axis Regular Saver Fund 1 1 0
Axis Retirement Savings Fund - Aggressive Plan 3 3 0
Axis Retirement Savings Fund - Dynamic Plan 6 6 0
Axis Short Term Fund 4 4 0
Axis Small Cap Fund 32 31 1
Axis Strategic Bond Fund 1 1 0
Axis Treasury Advantage Fund 9 8 1
Axis Ultra Short Term Fund 18 18 0
Non Scheme Specific 17 17 0
Grand Total 962 942 33

b) Given below is the status of Investor Complaints / Queries for the period April 1, 2020 to March
31, 2021.
Scheme Name Received Redressed Pending
Axis All Seasons Debt Fund of Funds 6 6 0
Axis Arbitrage Fund 4 4 0
Axis Banking & PSU Debt Fund 13 13 0
Axis Bluechip Fund 424 436 0
Axis Capital Builder Fund - Series 4 (1582 days) 1 1 0
Axis Children’s Gift Fund 12 12 0
Axis Corporate Debt Fund 3 3 0
Axis Credit Risk Fund 3 3 0
Axis Dynamic Bond Fund 3 3 0
Axis Dynamic Equity Fund 5 7 0
Axis Emerging Opportunities Fund – Series 1
6 6 0
(1400 Days)
Axis Emerging Opportunities Fund – Series 2
8 8 0
(1400 Days)
Axis Equity Advantage Fund - Series 1 3 3 0
Axis Equity Hybrid Fund 5 5 0
Axis Equity Saver Fund 3 3 0
Axis ESG Equity Fund 10 12 0
Axis Flexi Cap Fund 108 108 0
Axis Focused 25 Fund 232 235 0
Axis Global Equity Alpha Fund of Fund 8 8 0
Axis Gold Fund 1 1 0
Axis Growth Opportunities Fund 21 21 0
Axis Hybrid Fund - Series 31 (1381 Days) 4 4 0
Axis Hybrid Fund - Series 32 (1367 Days) 4 4 0
Axis Hybrid Fund - Series 33 (1358 Days) 1 1 0
Axis Hybrid Funds Series 35 (1359 days) 1 1 0
Axis Liquid Fund 108 109 0
Axis Long Term Equity Fund 330 340 0
Axis Mid Cap Fund 95 96 0
Axis NIFTY 100 Index Fund 11 11 0
Axis Overnight Fund 1 1 0

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Axis Regular Saver Fund 2 2 0
Axis Retirement Savings Fund - Aggressive Plan 1 1 0
Axis Short Term Fund 16 16 0
Axis Small Cap Fund 36 37 0
Axis Special Situations Fund 2 2 0
Axis Strategic Bond Fund 2 2 0
Axis Treasury Advantage Fund 6 7 0
Axis Triple Advantage Fund 5 5 0
Axis Ultra Short Term Fund 11 11 0
Non Scheme Specific 15 15 0
Grand Total 1530 1563 0

c) Given below is the status of Investor Complaints / Queries for the period April 1, 2021 to March
31, 2022.
Scheme Name Received Redressed Pending
Axis All Seasons Debt Fund of Funds 6 6 0
Axis Banking & PSU Debt Fund 6 6 0
Axis Bluechip Fund 523 523 0
Axis Capital Builder Fund - Series 4 (1582 days) 1 1 0
Axis Children’s Gift Fund 19 19 0
Axis Corporate Debt Fund 5 5 0
Axis Credit Risk Fund 3 3 0
Axis Dynamic Bond Fund 9 9 0
Axis Equity Advantage Fund - Series 1* 8 8 0
Axis Equity Hybrid Fund 19 19 0
Axis Equity Saver Fund 7 7 0
Axis ESG Equity Fund 13 13 0
Axis Flexi Cap Fund 143 143 0
Axis Focused 25 Fund 186 185 1
Axis Global Equity Alpha Fund of Fund 20 20 0
Axis Growth Opportunities Fund 109 109 0
Axis Healthcare ETF 2 2 0
Axis Liquid Fund 88 88 0
Axis Long Term Equity Fund 419 419 0
Axis Mid Cap Fund 214 214 0
Axis Money Market Fund 1 1 0
Axis NIFTY 100 Index Fund 8 8 0
Axis Overnight Fund 7 7 0
Axis Short Term Fund 16 16 0
Axis Small Cap Fund 97 97 0
Axis Treasury Advantage Fund 8 8 0
Axis Triple Advantage Fund 28 28 0
Axis Ultra Short Term Fund 22 22 0
Axis Global Innovation Fund of Fund 11 11 0
Axis Hybrid Fund - Series 33 (1358 Days) 1 1 0
Axis Quant Fund 18 18 0
Axis Retirement Savings Fund - Aggressive Plan 8 8 0
Axis Special Situations Fund 8 8 0
Axis Greater China Equity Fund of Fund 3 3 0
Axis Value Fund 3 3 0
Axis Arbitrage Fund 5 5 0
Axis Balanced Advantage Fund** 21 21 0

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 Axis AAA Bond Plus SDL ETF - 2026 Maturity Fund
1 1 0
of Fund
Axis Capital Builder Fund - Series 1 (1540 days) 2 2 0
Axis Floater Fund 2 2 0
Axis Multicap Fund 38 38 0
Axis Gold Fund 1 1 0
Axis NIFTY 50 Index Fund 1 1 0
Axis Hybrid Series 27 (1351 Days) 1 1 0
Axis CPSE Plus SDL 2025 70:30 Debt Index Fund 2 2 0
Axis NIFTY Next 50 Index Fund 1 1 0
Axis Regular Saver Fund 1 1 0
Non Scheme Specific 25 25 0
Grand Total 2,140 2,139 1

Note:
1) *Axis Equity Advantage Fund – Series 1 has been merged with Axis Flexi Cap Fund from close
of business hours on September 30, 2021
2) **Effective October 1, 2021, fundamental attribute of Axis Balanced Advantage Fund
(erstwhile Axis Dynamic Equity Fund) has been revised.

d) Given below is the status of Investor Complaints / Queries for the period April 1, 2022 to
November 30, 2022

Investor Complaints History – From Apr 2022 – Nov 2022-Axis Mutual Fund
Scheme Name Received Redressed Pending
Axis Arbitrage Fund 7 7 0
Axis Banking & PSU Debt Fund 11 10 1
Axis Bluechip Fund 263 262 1
Axis Capital Builder Fund - Series 1 (1540 days) 2 2 0
Axis Childrens Gift Fund 17 17 0
Axis Equity Advantage Fund - Series 1 4 4 0
Axis Equity Hybrid Fund 8 8 0
Axis Equity Saver Fund 5 5 0
Axis ESG Equity Fund 11 11 0
Axis Flexi Cap Fund 80 80 0
Axis Focused 25 Fund 111 112 0
Axis Global Equity Alpha Fund of Fund 11 11 0
Axis Growth Opportunities Fund 56 56 0
Axis Liquid Fund 49 49 0
Axis Long Term Equity Fund 225 224 1
Axis Mid Cap Fund 113 113 0
Axis Money Market Fund 2 2 0
Axis Multicap Fund 29 29 0
Axis Short Term Fund 4 4 0
Axis Small Cap Fund 89 89 0
Axis Treasury Advantage Fund 4 4 0
Axis Triple Advantage Fund 12 12 0

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Axis Ultra Short Term Fund 19 19 0
Axis Balanced Advantage Fund 6 6 0
Axis NIFTY 100 Index Fund 5 5 0
Axis Quant Fund 5 5 0
Axis Regular Saver Fund 1 1 0
Axis Retirement Savings Fund - Aggressive Plan 3 3 0
Axis Special Situations Fund 3 3 0
Axis Value Fund 1 1 0
Axis Hybrid Funds Series 35 (1359 days) 1 1 0
Axis Corporate Debt Fund 1 1 0
Axis Emerging Opportunities Fund – Series 2 (1400
1 1 0
Days)
Axis Dynamic Bond Fund 1 1 0
Axis Nifty AAA Bond Plus SDL Apr 2026 50:50 ETF 4 4 0
Axis CRISIL IBX SDL May 2027 Index Fund 1 1 0
Axis Fixed Term Plan - Series 52 1 1 0
Axis Global Innovation Fund of Fund 1 1 0
Axis NASDAQ 100 Fund of Fund 1 1 0
Axis Nifty Smallcap 50 Index Fund 1 1 0
Axis Overnight Fund 1 1 0
No scheme 5 5 0
Grand Total 1175 1173 3

Notwithstanding anything contained in this Statement of Additional Information, the provisions of

the SEBI (Mutual Funds) Regulations, 1996 and the guidelines thereunder shall be applicable.

For and on behalf of the Board of Directors of

Axis Asset Management Company Limited

Sd/-
Chandresh Kumar Nigam
Managing Director & CEO

Place: Mumbai
Dated: December 21, 2022

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