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Infrastructure Benchmark Exchange Traded Scheme An Open Ended Listed Index Scheme Exchange Traded Fund Infrastructure The Driver of Economic Growth Inf

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Infrastructure Benchmark Exchange Traded Scheme An Open Ended Listed Index Scheme Exchange Traded Fund Infrastructure The Driver of Economic Growth Inf Powered By Docstoc
					Infrastructure Benchmark Exchange Traded Scheme

   (An Open Ended Listed Index Scheme
         Exchange Traded Fund)
Infrastructure
The Driver of Economic Growth
                            Infrastructure – For Sustainable Growth
               Good quality infrastructure is the most critical physical requirement for attaining
               faster growth in a competitive world

               Average GDP growth of 7.7% achieved in the tenth five year plan period has been the
               highest in any Plan period so far

               India has entered the Eleventh Plan period with an impressive record of economic
               growth

               Adequate investment is necessary to support higher growth and improved quality of
               both urban and rural class

               Average GDP growth of 9% or above can be achieved and sustained only if
               infrastructure deficit can be overcome




Source: Planning Commission Government of India – 11th Five Year Plan Report
                                  Infrastructure – Miles To Go
      Infrastructure Facilities              India          United States            China
      Electricity Production (billion
                                        723.8 (2009 est.)   4,110 (2008 est.)   3,451(2008 est.)
      KWH)
      Airports (2010)                         352                15079                502
                                                             226427 (2007
      Railways (KMS)                    64015 (2009 est.)                       77834 (2008 est.)
                                                                 est.)
                                        3,320,410 (2009     6,465,799 (2007     3,583,715 (2007
      Roadways (KMS)
                                              est.)               est.)               est.)
                                                                                 110000 (2008
      Waterways (KMS)                   14500 (2008 est.)   41009 (2008 est.)
                                                                                     est.)




Source: CIA- The World Factbook
       Infrastructure Bottlenecks – A Major Concern....
                           Sector                                               Deficit

                                             65590 km of NH compris e only 2% of network; ca rry 40% of tra ffic;
                     Roads /Highways
                                                    12% 4-la ned; 50% 2-la ned; a nd 38% s ing le-la ned

                             Ports                         Ina dequa te berths a nd ra il/roa d connectivity

                                             Ina dequa te runwa ys , a ircra ft ha ndling , ca pa city, pa rking s pa ce a nd
                           Airports
                                                                          termina l building s
                                              Old technolog y; s a tura ted routes ; s low s peeds (freig ht: 22 kmph;
                          Railways
                                                    pa s s eng ers : 50 kmph); low pa yloa d to ta re ra tio (2.5)
                                               13.8% pea king deficit; 9.6% energ y s horta g e; 40% tra ns mis s ion
                            Power
                                                      a nd dis tribution los s es ; a bs ence of competition
                                              1123 BCM utiliza ble wa ter res ources ; yet nea r cris is in per ca pita
                          Irrigation
                                                a va ila bility a nd s tora g e; only 43% of net s own a rea irrig a ted
                                              Only 18% of ma rket a cces s ed; obs olete ha rdwa re; a cute huma n
                         Telecom/IT
                                                                    res ources ’ s horta g es


Source: Planning Commission Government of India – 11th Five Year Plan Report
                           ....But Government Has Started Addressing Them

                                                                 700000                                                       9.34       10




                                                                                                                                              Projected Infra. Inv. as % of GDP
                              Projected Total Infra. Inv. (Rs.                                                                           9
                                                                 600000                                             8.19
                                                                                                            7.25                         8
                                                                 500000                            6.53                                  7
                                                                                        5.98
                                                                             5.43                                                        6
                                                                 400000
                                          Crs.)




                                                                                                                                         5
                                                                 300000                                                                  4
                                                                 200000                                                                  3
                                                                                                                                         2
                                                                 100000
                                                                                                                                         1
                                                                      0                                                                  0
                                                                          2006-07 2007-08 2008-09 2009-10 2010-11 2011-12

                                                                  Projected Total Inf ra. Inv. (Rs. Crs.)     Projected Inf ra. Inv. as % of GDP



                      Total Infrastructure investment as % of GDP in XIth Five Year Plan is estimated to
                                    increase to 7.55% as against 5.08% in Xth Five Year Plan

Source: Planning Commission Government of India – 11th Five Year Plan Report and Mid Term Appraisal of
11th 5 year plan report. At 2006-07 prices.
               Government Renewed Focused Reflected in Increased Spending...

                                   P ro jected Investm en t in Infrastru cture Du rin g Eleven th F ive Y ear Plan

                                                        X th Plan                            XIth Pla n                X Ith P lan % Incr ease
                       Sectors
                                                                                                                            O ver Xth P lan
                                             Rs . Crs   US$ bn*     S hare (% )   Rs. Crs    US$ bn*      S hare (%)
             Elect ricity                    291 850     72.96         33.4 9     666 525    1 66.63         32.42           128. 38%
             Roads & Brid ges                144 892     36.22         16.6 3     314 152     78.54          15.28           116. 82%
             Tele com m unicat ions          103 365     25.84         11.8 6     258 439     64.61          12.57           150. 03%
             Railways                        119 658     29.91         13.7 3     261 808     65.45          12.73           118. 80%
             Irrigation                      111 503     27.88         12.8 0     253 301     63.32          12.32           127. 17%
             W ater S upply & San itat ion   648 03       16.2         7.4 4      143 730     35.93           6.99           121. 80%
             Ports                           140 71       3.52         1.6 1       87 995       22            4.28           525. 36%
             Airp orts                        67 71       1.69         0.7 8       30 968      7.74           1.51           357. 36%
             Storag e                         48 19       1.2          0.5 5       22 378      5.59           1.09           364. 37%
             Ga s                             97 13       2.43         1.1 1       16 855      4.21           0.82           73.5 3%
             Tota l                          871 445    2 17.85       100. 00     205 6151   5 14.02        1 00.00          135 .95%




                      Government’s projected infrastructure spending in XIth Five Year Plan has more than
                           doubled to 514.04 US$ bn from 217.86 US$ bn in Xth plan Five Year Plan

Source: Planning Commission Government of India – 11th Five Year Plan Report & Internal.
Exchange rate: Rs. 40/US$. At 2006-07 prices.
                               ....With Private Sector Participation
                                              Projected Investment in Infrastructure During Eleventh Five Year Plan
                                                                            Xth Plan                   XIth Plan
                                                   Sectors
                                                                      Rs. Crs     Share (%)      Rs. Crs      Share (%)
                                         Electricity                  291850                     666525
                                         Public                       200016           68.53     481013            72.17
                                         Private                      91834            31.47     185512            27.83
                                         Roads & Bridges              144892                     314152
                                         Public                       137888           95.17     207359            66.01
                                         Private                       7004            4.83      106792            33.99
                                         Telecommunications           103365                     258439
                                         Public                       49013            47.42      80753            31.25
                                         Private                      54352            52.58     177686            68.75
                                         Railways                     119658                     261808
                                         Public                       119352           99.74     211453            80.77
                                         Private                       307             0.26       50354            19.23
                                         Irrigation                   111503                     253301
                                         Public                       111503        100.00       253302        100.00
                                         Private                         -            -              -           -
                                         Water Supply & Sanitation    64803                      143730
                                         Public                       63781            98.42     138309            96.23
                                         Private                       1022            1.58        5421            3.77
                                         Ports                        14071                       87995
                                         Public
                                         Private
                                                                       3715
                                                                      10356
                                                                                       26.40
                                                                                       73.60
                                                                                                  33516
                                                                                                  54479
                                                                                                                   38.09
                                                                                                                   61.91     Increased
                                         Airports
                                         Public
                                                                       6771
                                                                       3835            56.64
                                                                                                  30968
                                                                                                   9338            30.15   Private Sector
                                                                                                                            Participation
                                         Private                       2936            43.36      21630            69.85
                                         Storage                       4820                       22378
                                         Public                        1443            29.94      11189            50.00
                                         Private                       3377            70.06      11189            50.00
                                         Gas                           9713                       16855
                                         Public                        8713         89.70         10327        61.27
                                         Private                       1000         10.30          6528        38.73
                                         Total                        871445        100.00       2056150       100.00
                                         Public                       699257        80.24        1436559       69.87
                                         Private                      172188        19.76        619591        30.13


Source: Planning Commission Government of India – 11th Five Year Plan Report & Internal. At 2006-07 prices.
                                    Eleventh Plan Physical Targets
                            Sector                                   Eleventh Plan Targets

                                             6-la ne 6500 km in GQ; 4-la ne 6736 km NS -E W; 4-la ne 20000 km; 2-
                      Roads /Highways
                                                            la ne 20000 km; 1000 km E xpres s wa y

                              Ports            New ca pa city: 485 m MT in ma jor ports ; 345 m MT in minor ports

                                              Modernize 4 metro a nd 35 non-metro a irports ; 3 g reenfield in NE R ;
                            Airports
                                                                  7 other g reenfield a irports
                                                 8132 km new ra il; 7148 km g a ug e convers ion; modernize 22
                           Railways
                                                           s ta tions ; dedica ted freig ht corridors

                             Power                       Add 78577 MW; a cces s to a ll rura l hous eholds

                           Irrigation                    Develop 16 mha ma jor a nd minor works ; 10.25

                                              R ea ch 600 m s ubs cribers —200 m in rura l a rea s ; 20 m broa dba nd;
                          Telecom/IT
                                                                          40 m Internet



Source: Planning Commission Government of India – 11th Five Year Plan Report
                    Government Committed To Infrastructure Development

                                                                   1200000                                                             11
                              Projected GCF in Infra. (Rs. Crs.)




                                                                                                                                            Projected GCF in Infra. as % of
                                                                                                                     10      10.25
                                                                   1000000                         9.5      9.75                       10
                                                                                        9.25
                                                                               9
                                                                   800000                                                              9




                                                                                                                                                        GDP
                                                                   600000                                                              8

                                                                   400000                                                              7

                                                                   200000                                                              6

                                                                        0                                                              5
                                                                             2011-12 2012-13 2013-14 2014-15- 2015-16 2016-17

                                                                       Projected GCF in Infra. (Rs. Crs.)      Projected GCF in Infra as % of GDP


                     Government’s projected GCF (Gross Capital Formation) in Infrastructure investment in
                                    XIIth Five Year Plan would increase to US$ 1018.74 bn
                                          From US$ 502.88 bn in XIth Five Year Plan
Source: Planning Commission Government of India – 11th Five Year Plan Report
Estimates: GDP to grow at 9% per year and GCF in infrastructure as percentage of GDP would rise from 9 % in 2011-12 to 10.25 % in 2016-17.
Exchange rate: Rs. 40/US$. At 2006-07 prices.
Presenting
              Infra BeES – Best of Both Worlds
Like an Index Fund…                         Like a Stock…
     Constructed to track the Index              Trading flexibility intraday on the
     Open ended mutual fund                      exchange
     Low expense ratio                           Real Time Price
     Low turnover                                Put Limit Price
     Transparent                                 Minimum Trading lot is just 1 unit
                                                 Delivery in your Demat account


                Index Fund                             Stocks




                                      ETF
               About CNX Infrastructure Index
Includes companies belonging to Telecom, Power, Port, Air,            Roads, Railways,
shipping and other Utility Services providers

Index is calculated using the market capitalisation weighted method

Base value and base date of index are 1000 and Jan. 01, 04 resp.

Companies are selected based on the below parameters
  Market capitalisation
  Turnover
  Net worth
  Company should be available for trading in the derivatives segment
  (Stock Futures & Options market) on NSE

For detailed criteria of CNX Infrastructure index, refer to indices section of
www.nseindia.com
                      CNX Infrastructure Index – Security Weightage
  Sr.                                                                       Sr.
               Company Name                      Industry            %                   Company Name                       Industry           %
  No.                                                                       No.
   1      NTPC Ltd                       Power                      17.65   14    Unitech Ltd                      Construction               2.19
   2      Bharti Airtel Ltd              Telecom - Services         13.72   15    GMR Infrastructure Ltd           Construction Project       2.18
   3      Larsen & Toubro Ltd            Construction Project       12.25   16    Crompton Greaves Ltd             Industrial Capital Goods   1.98

   4      Bharat Heavy Electricals Ltd   Industrial Capital Goods   11.97   17    ABB Ltd                          Industrial Capital Goods   1.93

   5      DLF Ltd                        Construction               6.33    18    Lanco Infratech Ltd              Construction Project       1.71
   6      Reliance Power Ltd             Power                      3.80    19    Suzlon Energy Ltd                Industrial Capital Goods   0.90

   7      Reliance Communications Ltd    Telecom - Services         3.43    20    Tata Communications Ltd          Telecom - Services         0.86

   8      Tata Power Co Ltd              Power                      3.17          IRB Infrastructure Development
                                                                            21                                     Transportation             0.85
                                                                                  Ltd
   9      Siemens Ltd                    Industrial Capital Goods   2.74    22    The Indian Hotels Co. Ltd        Hotels                     0.70

          Neyveli Lignite Corporation                                       23    Shipping Corp Of India Ltd       Transportation             0.68
   10                                    Power                      2.63
          Ltd
   11     Reliance Infrastructu Ltd      Power                      2.58    24    Punj Lloyd Ltd                   Construction Project       0.41
   12     Jaiprakash Associates Ltd      Cement                     2.53
                                                                            25    Mahanagar Telephone Nigam Ltd    Telecom - Services         0.38
   13     Idea Cellular Ltd              Telecom - Services         2.40



Source: NSE. Data as on Sept. 30, 2010 & AMFI.
                  CNX Infrastructure Index – Industry Classification
                                                                  16.25%
                               19.54%                                                   8.51%
                                                                                            2.40%

                                                                                                1.54%


                                                                                            0.70%


                           21.04%                                              29.99%

                                       Pow er                       Telecom - Services
                                       Industrial Capital Goods     Construction Project
                                       Construction                 Cem ent
                                       Transportation               Hotels


Source: NSE. & AMFI. Data as on Sept. 30, 2010.
                                                                                               Performance - Indices
                                 Normalised To 1 Lac As On Jan 01, 2004
                                                                          750000

                                                                          650000

                                                                          550000

                                                                          450000

                                                                          350000

                                                                          250000

                                                                          150000

                                                                          50000
                                                                                   01-Jan-04

                                                                                                 01-Jul-04

                                                                                                             01-Jan-05

                                                                                                                         01-Jul-05

                                                                                                                                      01-Jan-06

                                                                                                                                                  01-Jul-06

                                                                                                                                                              01-Jan-07

                                                                                                                                                                          01-Jul-07

                                                                                                                                                                                      01-Jan-08

                                                                                                                                                                                                  01-Jul-08

                                                                                                                                                                                                              01-Jan-09

                                                                                                                                                                                                                            01-Jul-09

                                                                                                                                                                                                                                        01-Jan-10

                                                                                                                                                                                                                                                    01-Jul-10
                                                                                                             CNX Infrastructure Index                                         S&P CNX Nifty                               BSE Sensex


                                                                                                 Rs.                                 CNX Infrastructure Index S&P CNX Nifty BSE Sensex

                                                                            Initial Investment As On
                                                                                                                                                        100000                                    100000                            100000
                                                                                    Jan 1, 2004
                                                                             Value As On Sept. 30,
                                                                                                                                                        371930                                    315333                            339265
                                                                                     2010
                                                                                               CAGR(%)                                                 21.48%                                     18.55%                            19.84%



Source: MFI explorer. Data as on Sept. 30, 2010. Past performance may or may not be sustained in future.
                                                    Performance - Indices
           45

                                 34
           30                              26
                                      25
                                                    22 19 20

           15     13
                                                                                                                      5 Yrs Rolling Returns,
     (%)




                           7
                                                                                                                        Frequency – Daily,
                       7                                            5   5   5

                                                                                                                 Period – Jan 01, 09 to Sept 30, 10
            0
                  M inim um      M axim um          Ave r age      Annualis e d
                                                                    V olatility
           -15


           -30
                   CNX Infrastructure Index     S& P CNX Nifty   BSE Sensex             90

                                                                                        75                      72

                                                                                        60                                53
                                                                                                                     49
                                                                                        45
                                                                                                                                  26
                                                                                  (%)
                                                                                        30                                                         24
                      3 Yrs Rolling Returns,                                                                                           20 21
                                                                                                                                                        15 17
                        Frequency – Daily,                                              15
                                                                                              -7   -6   -8
                 Period – Jan 02, 07 to Sept 30, 10                                      0
                                                                                              Minim um           Maxim um           Average        Annualised
                                                                                        -15
                                                                                                                                                    Volatility
                                                                                        -30
                                                                                                   CNX Infrastructure Index    S&P CNX Nifty   BSE Sensex



Source: MFI explorer and Internal. Note: The above performance is CAGR(%). Past performance may or may not be sustained in future.
                                        Statistics - Indices

                                                      CNX
               (As on Sept. 30, 2010)                             S&P CNX Nifty
                                                 Infrastructure


         Full Market Cap (Rs. Crores)              1,013,748        3,759,495

         P/E Ratio                                   32.47            25.46

         P/B                                          3.22            3.82

         Dividend Yield                               0.76            1.03




Source: NSE.
About
                                                    Overview
             Investment Objective
             The investment objective of the Scheme is to provide returns that, before expenses, closely
             correspond to the total returns of the securities as represented by the CNX Infrastructure Index
             by investing in the securities in the same proportion as in the Index.

             However, the performance of Scheme may differ from that of the Underlying Index due to tracking
             error. There can be no assurance or guarantee that the investment objective of the Scheme will be
             achieved.

             Investment Pattern
               Instruments                                                   %             Risk Profile
               Securities covered by the CNX Infrastructure Index        95%-100%         Medium to High

               Money    Market     Instruments,     G-Secs,   Bonds,       0%-5%                Low
               Debentures and cash at call

             Taxation of a equity oriented fund is applicable to the scheme
Note: Please refer to SID & SAI for more details.
                     Scheme Features

Minimum Application Amount
On the Exchange
       The units of Infra BeES are listed on the National Stock Exchange of India Ltd.
        (NSE). On NSE, the units of Infra BeES can be purchased/redeemed in minimum
        lot of 1 unit and in multiples thereof.

Directly with the Fund
        The Minimum number of units of Infra BeES that investors can create/redeem in
        exchange of Portfolio Deposit and cash component is 10,000 units and in
        multiples thereof.

 Option
The Scheme offers only growth option

 Entry & Exit Load
Nil
                           Scheme Features
      Benchmark Index
CNX Infrastructure Index

      Pricing Per Unit
1/10th of CNX Infrastructure Index


        NSE Symbol
INFRABEES


        Issue of Units
Units of the scheme will be issued/repurchased and traded compulsorily in demat form


  NAV Declaration
The AMC will calculate and disclose the NAV of the Scheme at the close of every Business Day
About Benchmark
                         Benchmark - Highlights
Differentiation in Investment Philosophy, Product structures and Product delivery
mechanism
Leadership position in indexing and ETF areas
A track record of successfully conceptualizing and launching innovative products with
many Firsts
    Nifty BeES – The First ETF In Asia (Barring Japan)
    Junior BeES – The First Midcap ETF In India
    Liquid BeES – The First Money Markey ETF In The World and The Only One In India
    Bank BeES – The First Sector Based ETF In India
    Gold BeES – The First Gold Linked ETF In India
    PSU Bank BeES – The First PSU Bank Sector Based ETF In India
    Shariah BeES – The First S&P CNX Nifty Shariah Based ETF In India
    Hang Seng BeES – India’s First ETF investing in overseas securities which are constituents of Hang Seng
    Index
    Benchmark Derivative Fund – The First Equity Arbitrage Fund In India
    Benchmark S&P CNX 500 Fund – The First and Only Index Fund In India Benchmarked to S&P CNX 500
    Index
                                                               Achievements
   Nifty Benchmark Exchange Traded Scheme (Nifty BeES) was Awarded Best Performing Mutual Fund of The
  Year Award In The Index Fund Category at the CNBC – TV18 – CRISIL Mutual Fund of The Year Award 2007,
                                         2008 & 2009*, respectively




                       2007                                              2008                                              2009
                                                         Eligibility Criteria & Methodology
In total 11 schemes in year 2007, 12 schemes in year 2008 and 13 schemes in year 2009 were eligible for award universe. Schemes present in all four quarterly CRISIL
CPRs for each calendar year were considered for the award. The award is based on consistency of the scheme’s performance in the four quarterly CRISIL CPR
rankings released during the respective calendar year. The individual CRISIL CPR parameter scores averaged for the four quarters for each calendar year were further
multiplied by the parameter weights as per the CRISIL CPR methodology to arrive at the final scores. A detailed methodology of the CRISIL CPR is available at
www.crisilfundservices.com. Past performance is no guarantee of future results.
       Rankings and Award Source: CRISIL FundServices, CRISIL Ltd.                      * Past performance is no guarantee of future results.
Investment Objective
The investment objective of Nifty BeES is to provide investment returns that, before expenses, closely correspond
to the total returns of the securities as represented by the S&P CNX Nifty Index. However, the performance of
Scheme may differ from that of the Underlying Index due to tracking error.
Investment Pattern
Upto 100% of net assets in Securities covered by the S&P CNX Nifty Index; Upto 10% of net assets in Money
Market instruments, convertible bonds & other securities including cash at call but excluding subscription &
redemption Cash Flow
An Open-ended, exchange listed, Index Scheme
Terms of Issue
On NSE, the units of Nifty BeES can be purchased/sold in minimum lot of 1unit and in multiples thereof. Directly
with the Fund - The minimum number of units of Nifty BeES that investors can create/redeem in exchange of
Portfolio Deposit and cash component is 10,000 units and in multiples thereof.
Pricing : Each Unit is priced at 1/10th of the S&P CNX Nifty Index
Entry & Exit Load : NIL
Options: The Scheme offers only Growth Option.
Units of the scheme will be issued/repurchased and traded compulsorily in demat form.
Disclaimers
Risk Factors

General:
(1) All Mutual funds and Securities investments are subject to market risks and there can be
no assurance or guarantee that the objective of the Schemes will be achieved. (2) As with any
investment in securities, the Net Asset Value (NAV) of the units issued under the Schemes
can go up or down depending on the factors and forces affecting the securities market/bullion
market. (3) Past performance of the Sponsors/Investment Manager/Mutual Fund and its
affiliates does not indicate the future performance of the Scheme and may not provided a
basis of comparison with other investments. (4) Infrastructure Benchmark Exchange Traded
Scheme (Infra BeES), Nifty BeES, Junior BeES, Bank BeES, PSU Bank BeES, Shariah BeES,
Gold BeES, Liquid BeES, Hang Seng BeES, Benchmark Derivative Fund and Benchmark S&P
CNX 500 Fund are the name of the Schemes and does not in any manner indicate either the
quality of the Schemes or its future prospects and the returns. Investors are therefore urged
to study the terms of offer carefully and consult their Investment Advisor before they invest in
the Schemes. (5) The Sponsor is not responsible or liable for any loss or shortfall resulting
from the operation of the Schemes beyond the initial contribution made by it of an amount of
Rs. 1 Lac towards setting up of the Mutual Fund. (6) The present Scheme is not a guaranteed
or assured return Scheme.
Disclaimers
(Contd.)
(7) The Scheme’s NAV will react to the securities market movements. The Investor could
lose money over short periods due to fluctuation in the Scheme’s NAV in response to factors
such as economic and political developments, changes in interest rates and perceived trends
in securities prices, market movements, and over longer periods during market downturns.
(8) IISL Disclaimer : The Product on CNX Infrastructure Index is not sponsored, endorsed,
sold or promoted by India Index Services & Products Limited (IISL). IISL does not make and
expressly disclaims any representation or warranty, express or implied (including warranties
of merchantability or fitness for particular purpose or use) regarding the advisability of
investing in the Product linked to CNX Infrastructure Index or particularly in the ability of the
CNX Infrastructure Index to track general stock market performance in India. Please read
the full Disclaimers in relation to the CNX Infrastructure Index in the Scheme Information
Document / Prospectus / Information Statement. (9) NSE Disclaimer : It is to be distinctly
understood that the permission given by NSE should not in any way be deemed or construed
that the Scheme Information Document has been cleared or approved by NSE nor does it
certify the correctness or completeness of any of the contents of the Draft Scheme
Information Document . The investors are advised to refer to the Scheme Information
Document for the full text of the Disclaimer Clause of NSE. (10) Please read the Scheme
Information Document and Statement of Additional Information carefully before investing.
(11) For Scheme specific risk factors kindly refer SID.
Disclaimers
(Contd.)
Statutory Details:
Constitution: Benchmark Mutual Fund has been set up as a Trust under the Indian Trust Act,
1882. Trustee: Benchmark Trustee Company Pvt. Ltd. Investment Manager: Benchmark
Asset Management Company Pvt. Ltd. Sponsor: Niche Financial Services Pvt. Ltd.

For more details please refer the SID, Key Information Memorandum and Application Form
which are available at the Office of the AMC or can be downloaded from
www.benchmarkfunds.com
Thank You

				
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