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ELSS Mutual Funds

Paying taxes is a legal obligation, but optimizing tax-saving opportunities is a smart financial move. ELSS Mutual Funds allow investors to claim deductions of up to ₹1.5 lakh under Section 80C of the Income Tax Act, reducing taxable income while investing in equity markets. With a mandatory three-year lock-in period, they have the shortest holding requirement among Section 80C tax-saving instruments. While ELSS has the potential to deliver higher returns compared to fixed-income options, returns are market-dependent and not guaranteed.

Understanding what ELSS Mutual Funds are, their tax benefits, and their investment structure can help determine whether they align with your financial objectives.

What Are ELSS Mutual Funds?

ELSS Mutual Funds (Equity Linked Savings Schemes) are equity-oriented mutual funds that provide tax benefits under Section 80C of the Income Tax Act. These funds invest at least 80% of their assets in equities and equity-related instruments, offering the potential for long-term capital appreciation. With a mandatory three-year lock-in period, ELSS Mutual Funds have the shortest holding requirement among Section 80C tax-saving options. However, as a market-linked investment, returns are not guaranteed and are subject to equity market fluctuations. Investors should assess their risk tolerance and investment objectives before investing.

How Do ELSS Mutual Funds Work?

ELSS Mutual Funds function as tax-saving investment options under Section 80C of the Income Tax Act, requiring a mandatory three-year lock-in period. These funds allocate at least 80% of their assets to equities and equity-related instruments, offering the potential for long-term capital appreciation while being subject to market fluctuations. Investors can contribute through a lump sum investment or a Systematic Investment Plan (SIP), with a minimum investment of ₹500. After the lock-in period, units can be redeemed or held for further growth. While ELSS Mutual Funds have historically provided competitive returns compared to fixed-income tax-saving options, returns are not guaranteed and depend on market conditions. Investors should consider their risk tolerance and investment goals before investing.

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Features of ELSS Mutual Funds

  • Equity-Oriented Investment – A minimum of 80% of the fund's assets are allocated to equities and equity-related instruments, making them subject to market risks.
  • Tax Benefits Under Section 80C – Investments in ELSS Mutual Funds qualify for a deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act, reducing taxable income.
  • Mandatory Three-Year Lock-In – Investors cannot redeem or withdraw funds before completing the three-year lock-in period.
  • Potential for Capital Appreciation – As equity-based investments, ELSS Mutual Funds have the potential for higher returns compared to fixed-income tax-saving instruments, but returns are not guaranteed and depend on market conditions.
  • Investment Options – Investors can choose between a lump sum investment or a Systematic Investment Plan (SIP), with a minimum investment of ₹500.
  • No Upper Investment Limit – While tax deductions apply only to ₹1.5 lakh, investors can invest beyond this amount without restrictions.
  • Taxation on Gains – Long-term capital gains (LTCG) tax of 10% applies to gains exceeding ₹1 lakh per financial year, without indexation benefits.
  • Professional Fund Management – ELSS Mutual Funds are actively managed by professional fund managers who make investment decisions based on market research and analysis.

Benefits of Investing in ELSS Mutual Funds

  • Tax Deduction Under Section 80C – Investments in ELSS Mutual Funds qualify for tax deductions of up to ₹1.5 lakh per financial year under Section 80C of the Income Tax Act, reducing taxable income.
  • Shortest Lock-In Among Section 80C Investments – With a mandatory three-year lock-in period, ELSS Mutual Funds offer earlier access to funds compared to PPF (15 years) or NSC (5 years), though early withdrawals are not permitted.
  • Potential for Capital Growth – Being equity-oriented, ELSS Mutual Funds provide exposure to market-linked returns, which may be higher than fixed-income tax-saving options. However, returns are not guaranteed and depend on market performance.
  • Flexible Investment Methods – Investors can contribute through a lump sum or a Systematic Investment Plan (SIP), which allows for regular investments and rupee-cost averaging.
  • No Upper Investment Limit – While tax deductions apply only up to ₹1.5 lakh, investors can invest any amount beyond this limit based on their financial goals.
  • Encourages Long-Term Investing – The three-year lock-in period promotes disciplined investing and aligns with long-term wealth creation strategies.
  • Professionally Managed Fund – ELSS Mutual Funds are actively managed by professional fund managers who allocate assets based on market research, aiming for risk-adjusted returns.

Who Should Invest in ELSS Mutual Funds?

  1. Taxpayers Looking for Section 80C Deductions – Individuals seeking to reduce taxable income by up to ₹1.5 lakh per financial year under Section 80C can consider investing in ELSS Mutual Funds.
  2. Investors with a Long-Term Perspective – With a mandatory three-year lock-in period, ELSS Mutual Funds are suitable for those willing to stay invested for medium to long-term financial growth.
  3. First-Time Equity Investors – ELSS funds provide an opportunity for new investors to enter the equity market with a low minimum investment of ₹500, while also benefiting from tax savings.
  4. Salaried and Self-Employed Individuals – Employees and professionals looking for a market-linked tax-saving investment with growth potential beyond fixed-income options may find ELSS funds beneficial.
  5. Investors Willing to Accept Market Risk – Since ELSS Mutual Funds primarily invest in equities, they are typically very well suited for individuals who can tolerate short-term market volatility in exchange for potential long-term capital appreciation.
  6. SIP Investors Seeking a Structured Approach – Those preferring a Systematic Investment Plan (SIP) can invest in ELSS Mutual Funds with rupee-cost averaging, helping manage market fluctuations over time.
  7. Investors Looking for Portfolio Diversification – ELSS funds provide exposure to various sectors and market capitalizations, making them a diversified investment option within a broader financial portfolio.

ELSS Fund Tax Benefits Under Section 80C of the Income Tax Act

ELSS Mutual Funds provide tax-saving advantages under Section 80C of the Income Tax Act, allowing investors to claim deductions of up to ₹1.5 lakh per financial year. This reduces taxable income, leading to potential tax savings depending on the investor's tax bracket. Unlike traditional tax-saving instruments such as PPF and NSC, ELSS Mutual Funds have a mandatory three-year lock-in period, making them the most liquid option among Section 80C investments. However, gains from ELSS funds are subject to long-term capital gains (LTCG) tax, applicable at 10% on gains exceeding ₹1 lakh per financial year.

Key Tax Benefits of ELSS Mutual Funds

  • Tax Deduction Under Section 80C – Investors can claim a deduction of up to ₹1.5 lakh on their taxable income by investing in ELSS Mutual Funds.
  • Shortest Lock-In Period – Among all Section 80C tax-saving options, ELSS Mutual Funds have the shortest three-year lock-in period.
  • LTCG Tax Benefit – ELSS gains up to ₹1 lakh per financial year are entirely tax-free, and amounts exceeding this limit are taxed at a generally favorable 10% rate, ensuring tax-efficient wealth accumulation.
  • Higher Growth Potential – As equity-oriented investments, ELSS Mutual Funds may offer higher returns compared to fixed-income tax-saving options, though returns are market-dependent and not guaranteed.
  • No Maximum Investment Limit – While tax benefits apply up to ₹1.5 lakh, investors can choose to invest any amount beyond this based on their financial goals.

Taxation Rules on ELSS Mutual Funds

ELSS Mutual Funds are subject to long-term capital gains (LTCG) tax, as they have a mandatory three-year lock-in period. Under current tax regulations, gains up to ₹1 lakh per financial year are tax-free, while any LTCG exceeding this limit is taxed at 10% without indexation benefits. Unlike fixed-income tax-saving instruments, ELSS Mutual Funds do not provide tax-free returns, but they offer the potential for higher capital appreciation due to their equity exposure. Additionally, dividends received from ELSS funds are taxable as per the investor’s applicable income tax slab, with a 10% Tax Deducted at Source (TDS) applicable on dividends exceeding ₹5,000 per financial year.

Risks Associated With ELSS Funds

ELSS Mutual Funds primarily invest in equities and equity-related instruments, making them subject to market fluctuations and economic conditions. While these funds offer tax benefits under Section 80C and the potential for higher returns, they do not guarantee profits. Investors must be prepared for short-term volatility, as market downturns can affect fund performance. Additionally, the mandatory three-year lock-in period restricts liquidity, preventing early withdrawals. Unlike fixed-income tax-saving instruments, ELSS Mutual Funds carry a higher risk profile, making them suitable for investors with a long-term investment approach and a higher risk tolerance.

Key Risks of ELSS Mutual Funds

  • Market Risk – Since ELSS Mutual Funds invest in equities, their performance is directly affected by stock market fluctuations, economic trends, and company-specific factors.
  • Liquidity Risk – The three-year lock-in period restricts early withdrawals, limiting access to funds in case of urgent financial needs.
  • Volatility Risk – Equity markets can experience short-term fluctuations, leading to temporary declines in investment value.
  • No Guaranteed Returns – Unlike fixed deposits or PPF, ELSS Mutual Funds do not provide assured returns, and investment outcomes depend on market performance.
  • LTCG Taxation – Gains exceeding ₹1 lakh per financial year are subject to a 10% long-term capital gains (LTCG) tax without indexation benefits.
  • Fund Management Risk – The performance of an ELSS Mutual Fund depends on fund manager decisions, making it crucial to choose a fund with a proven track record.

How to Choose the a Suitable ELSS Mutual Fund?

  1. Assess Fund Performance – Review the fund’s historical returns over 3, 5, and 10 years to evaluate consistency, but remember that past performance does not guarantee future returns.
  2. Compare Expense Ratios – A lower expense ratio ensures that a larger portion of your investment contributes to returns rather than management fees.
  3. Analyze Risk-Adjusted Returns – Use metrics like the Sharpe ratio to measure how well the fund compensates for risk relative to its returns.
  4. Check Fund Manager Expertise – A skilled and experienced fund manager plays a crucial role in making investment decisions and navigating market volatility.
  5. Look at Portfolio Diversification – Funds with well-diversified portfolios across sectors and market capitalizations tend to have better risk management.
  6. Understand Investment Strategy – Review the fund’s investment style (growth, value, or blend) to ensure it aligns with your risk tolerance and financial goals.
  7. Evaluate Lock-In and Liquidity Needs – Since ELSS Mutual Funds have a mandatory three-year lock-in period, ensure that you do not need immediate access to these funds.
  8. Compare Long-Term Performance with Peers – Benchmark the ELSS Mutual Fund against other funds in the same category to identify top performers.
  9. Check AUM (Assets Under Management) – A moderate to high AUM may indicate investor confidence, but extremely large AUMs can sometimes impact flexibility in managing investments.
  10. Opt for SIP or Lump Sum Based on Strategy – If you prefer gradual exposure to the market and reduced volatility, a Systematic Investment Plan (SIP) might be a better option than a lump sum investment.

Factors to Consider Before Investing in ELSS Funds

  • Lock-In Period – ELSS Mutual Funds have a mandatory three-year lock-in, meaning investments cannot be withdrawn before completion of this period.
  • Market-Linked Returns – Returns are not guaranteed, as ELSS funds invest primarily in equities, making them subject to market fluctuations.
  • Tax Deduction Limit – Investments qualify for tax deductions up to ₹1.5 lakh per financial year under Section 80C, but any investment beyond this limit does not provide additional tax benefits.
  • Long-Term Investment Approach – While the lock-in is three years, staying invested for five years or more can help mitigate short-term volatility and maximize potential growth.
  • Risk Tolerance – ELSS Mutual Funds carry higher risk compared to fixed-income tax-saving options like PPF or tax-saving FDs, making them suitable for investors comfortable with equity exposure.
  • Expense Ratio – A lower expense ratio ensures that a greater portion of the investment contributes to returns rather than management fees.
  • Fund Performance & Consistency – Reviewing historical returns over 3, 5, and 10 years can help assess fund stability, though past performance does not guarantee future results.
  • Investment Mode: SIP vs. Lump Sum – Investors can choose between a Systematic Investment Plan (SIP) for gradual market exposure or a lump sum investment for immediate capital deployment.
  • Tax Implications on Gains – Profits from ELSS exceeding ₹1 lakh in a financial year attract a 10% long-term capital gains (LTCG) tax, with no indexation benefits applied.
  • Fund Manager Expertise – The experience and strategy of the fund manager play a key role in navigating market conditions and optimizing returns.

How to Invest in ELSS Mutual Funds?

  • Choose a Reputable Fund House – Select a trusted asset management company (AMC) offering ELSS Mutual Funds with a strong track record.
  • Complete KYC Requirements – Ensure Know Your Customer (KYC) compliance, including PAN verification and identity/address proof submission.
  • Decide Investment Mode – Choose between a Systematic Investment Plan (SIP) for disciplined investing or a lump sum investment for immediate capital deployment.
  • Select the Right ELSS Fund – Compare funds based on historical performance, expense ratio, risk-adjusted returns, and fund manager expertise.
  • Open an Investment Account – Invest through a mutual fund platform, bank, demat account, or directly via the AMC’s website.
  • Make the Payment – Transfer the investment amount through net banking, UPI, or NEFT/RTGS as per the selected mode.
  • Track Investment Performance – Regularly monitor fund performance while staying invested for the mandatory three-year lock-in period.

Methods to Invest in ELSS Mutual Funds

  1. Through an Asset Management Company (AMC) – Invest directly via the official website or branch of the mutual fund house managing the ELSS Mutual Fund.
  2. Using a Mutual Fund Distributor or Financial Advisor – Seek assistance from AMFI-registered distributors or financial advisors to help select and invest in suitable ELSS Mutual Funds.
  3. Via Online Investment Platforms – Use SEBI-registered investment platforms that offer a streamlined process for comparing, selecting, and investing in ELSS funds.
  4. Through a Bank or Financial Institution – Many banks offer ELSS Mutual Funds through their mutual fund investment services, allowing customers to invest via net banking or branch visits.
  5. Investing via a Demat Account – Investors with a demat account can purchase ELSS Mutual Funds through stockbroking platforms linked to their account.
  6. Systematic Investment Plan (SIP) – Opt for a SIP mode to invest a fixed amount regularly, benefiting from rupee-cost averaging and disciplined investing.
  7. Lump Sum Investment – Invest a one-time amount in an ELSS Mutual Fund, suitable for investors with surplus funds seeking immediate tax benefits.
  8. Through Employer-Linked Investment Plans – Some employers offer ELSS investment options as part of tax-saving initiatives under corporate financial planning programs.

Key Considerations Before Investing in ELSS

  • Mandatory Lock-In Period – ELSS Mutual Funds have a three-year lock-in, restricting withdrawals during this period.
  • Market-Linked Risk – As equity-focused investments, ELSS Mutual Funds are subject to market fluctuations, meaning returns are not guaranteed.
  • Tax Deduction Limit – While investments up to ₹1.5 lakh per financial year qualify for Section 80C deductions, additional investments do not offer extra tax benefits.
  • Long-Term Wealth Creation – Though the lock-in is three years, staying invested for five years or more may help mitigate volatility and optimize returns.
  • Investment Strategy: SIP vs. Lump Sum – Systematic Investment Plans (SIPs) allow for gradual market exposure, while lump sum investments may suit those with higher risk appetite.
  • Tax on ELSS Gains – ELSS gains above ₹1 lakh in a financial year are taxed at 10% under long-term capital gains (LTCG) tax rules. Gains up to ₹1 lakh remain tax-free, making ELSS a tax-efficient investment option compared to other equity instruments.
  • Fund Selection Criteria – Compare ELSS Mutual Funds based on factors like expense ratio, past performance, fund manager experience, and portfolio diversification.
  • Risk Appetite – ELSS is ideal for investors comfortable with equity market risks and willing to stay invested despite short-term fluctuations.
  • Fund Management Expertise – The fund manager’s strategy plays a crucial role in performance, making it essential to review the fund’s investment approach.
  • Reinvestment or Redemption Decision – After three years, investors can either redeem their units or remain invested for potential long-term growth.

How to Pick the Right ELSS Fund?

  • Assess Fund Performance – Review historical returns over 3, 5, and 10 years, but remember that past performance does not guarantee future results.
  • Compare Expense Ratios – A lower expense ratio ensures a greater portion of returns is retained rather than used for fund management fees.
  • Evaluate Risk-Adjusted Returns – Metrics like the Sharpe ratio help measure how well a fund balances risk with returns.
  • Check Fund Manager Expertise – A skilled fund manager with a strong track record can impact portfolio performance.
  • Analyze Portfolio Diversification – A well-diversified fund across sectors and market capitalizations helps manage risks effectively.
  • Understand Investment Strategy – Ensure the fund’s investment style (growth, value, or blend) aligns with your financial goals and risk tolerance.
  • Compare with Peer Funds – Benchmark the ELSS fund against other funds in the same category to identify top performers.
  • Assess AUM (Assets Under Management) – A moderate to high AUM may indicate investor confidence, but an excessively large AUM could impact fund agility.
  • Consider SIP vs. Lump Sum Investment – Choose between SIP for disciplined investing or lump sum for immediate capital deployment, based on market conditions and risk appetite.
  • Review Taxation Impact – Factor in long-term capital gains (LTCG) tax at 10% on gains exceeding ₹1 lakh per financial year when evaluating net returns.

List of ELSS Mutual Funds

Based on the latest data available as of March 4, 2025, here is a selection of Equity Linked Savings Schemes (ELSS) mutual funds:​

Fund Name

Fund Size (₹ Crore)

Expense Ratio (%)

3-Year Return (%)

Minimum SIP Investment (₹)

SBI Long Term Equity Fund Direct Plan-Growth

27,305.51

0.95

24.56

500

HDFC ELSS Tax Saver Direct Plan-Growth

15,413.45

1.09

22.16

500

Motilal Oswal ELSS Tax Saver Fund Direct-Growth

3,876.23

0.70

21.58

500

ITI ELSS Tax Saver Fund Direct-Growth

374.22

0.57

18.79

500

HSBC ELSS Tax Saver Fund Direct-Growth

3,977.42

1.13

16.85

500

DSP ELSS Tax Saver Direct Plan-Growth

15,985.06

0.72

18.58

500

JM ELSS Tax Saver Fund Direct Plan-Growth

180.14

1.27

18.56

500

Franklin India ELSS Tax Saver Fund Direct-Growth

6,438.34

1.09

18.54

500

Parag Parikh ELSS Tax Saver Fund Direct-Growth

4,572.13

0.63

18.37

1,000

Canara Robeco ELSS Tax Saver Direct-Growth

8,375.66

0.57

13.73

500

​Note: The above data is sourced from The Economic Times as of March 4, 2025.

Please remember that past performance does not guarantee future results. Investors should consider their risk tolerance, investment objectives, and consult with a financial advisor before making investment decisions.​

The Tax Advantages of Investing in ELSS Funds

  • Section 80C Tax Deduction – Investments in ELSS funds qualify for a tax deduction of up to ₹1.5 lakh under Section 80C of the Income Tax Act.
  • Lowest Lock-in Period – ELSS funds have a mandatory lock-in of just three years, the shortest among all tax-saving investments under Section 80C.
  • Tax-Free Long-Term Gains – Capital gains up to ₹1 lakh in a financial year are exempt from tax under LTCG (Long-Term Capital Gains) provisions.
  • Potential for High Returns – ELSS funds invest primarily in equities, offering higher return potential compared to traditional tax-saving instruments.
  • Dividend and Growth Options – Investors can choose between dividend and growth options, with growth options benefiting from compounding over time.
  • No Upper Investment Limit – While only ₹1.5 lakh qualifies for tax benefits under Section 80C, investors can invest beyond this amount for wealth creation.
  • Wealth Creation with Tax Efficiency – ELSS combines tax benefits with market-linked returns, making it a compelling choice for long-term investors.

Conclusion

ELSS funds offer a unique combination of tax savings and wealth creation, making them an attractive investment option under Section 80C. With the shortest lock-in period among tax-saving instruments and the potential for high returns, ELSS funds provide a balance between tax efficiency and long-term growth. However, as they are market-linked, investors should assess their risk appetite before investing.

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Sources:

FAQs: All you need to know about ELSS

What is ELSS? - Invest in Best Equity Linked Savings Scheme Funds and Save Taxes

ELSS Mutual Fund: Invest in Tax Saving Mutual Funds

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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Advisory for Investors : NSE | BSE

ADVISORY - KYC COMPLIANCE

ADVISORY – PRECAUTIONS FOR CLIENTS DEALING IN OPTIONS

We also do pro-account trading in Equity & Derivatives Segment.

Filling complaints on SCORES - Easy & Quick

A.  Register on SCORES portal B. Mandatory details for filling complaints on SCORES (i) Name, PAN, Address, Mobile Number, E-mail ID C. Benefits: (i) Effective Communication (ii) Speedy redressal of the grievances.

SEBI Registration No.: INZ000218931 | BSE Cash/CDS/F&O (Member ID: 6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No : IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN – 163403 Research Analyst SEBI Registration No. INH000010043

Compliance officer:

Mr. Harinatha Reddy Muthumula
TEL: 020-48574486
Email: compliance_sec@bajajbroking.in, for any investor grievances write to compliance_sec@bajajbroking.in for DP related to Compliance_dp@bajajbroking.in .

DISCLAIMER

STANDARD DISCLAIMER

Investments in the securities market are subject to market risk, read all related documents carefully before investing.

Reg Office: Bajaj Auto Limited Complex, Mumbai –Pune Road Akurdi Pune 411035. Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014. SEBI Registration No.: INZ000218931 | BSE Cash/F&O/CDS (Member ID:6706) | NSE Cash/F&O/CDS (Member ID: 90177) | DP registration No: IN-DP-418-2019 | CDSL DP No.: 12088600 | NSDL DP No. IN304300 | AMFI Registration No.: ARN –163403. 

Website: https://www.bajajbroking.in/

RESEARCH DISCLAIMER

Broking services offered by Bajaj Financial Securities Limited | Registered Office: Bajaj Auto Limited Complex , Mumbai –Pune Road Akurdi Pune 411035 | Corporate Office: Bajaj Financial Securities Limited, 1st Floor, Mantri IT Park, Tower B, Unit No 9 & 10, Viman Nagar, Pune, Maharashtra 411014 | CIN: U67120PN2010PLC136026 | Research Analyst SEB I Registration No: INH000010043.

Details of Compliance Officer: 

Mr. Harinatha Reddy Muthumula (For Broking/DP/Research)
Email: compliance_sec@bajajbroking.in
Contact No.: 020-4857 4486 

Investment in the securities involves risks, investor should consult his own advisors/consultant to determine the merits and risks of investment.

DISCLOSURES

Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations) 

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed byBajaj Financial Securities Limited in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No. INH000010043. 

DISCLAIMER

This e-mail/ short message service (SMS) may contain confidential, proprietary or legally privileged information. It should not be used by anyone who is not the original intended recipient. If you have erroneously received this message, please delete it immediately and notify the sender. The recipient acknowledges thatBajaj Financial Securities Limited or its holding and/or associated companies, as the case may be, are unable to exercise control or ensure or guarantee the integrity of/over the contents of the information contained in e-mail /SMS transmissions and further acknowledges that any views expressed in this message are those of the individual sender and no binding nature of the message shall be implied or assumed unless the sender does so expressly with due authority of Bajaj Financial Securities Limited. This message is not intended as an offer or publication or solicitation for distribution for subscription of or purchase or sale of any securities or financial instrument(s) to anyone in whose jurisdiction such subscription etc. requires prior local regulatory clearance or is contrary to the local laws of the land in any manner or as an official confirmation of any transaction. Before opening any attachments, please check them for viruses and defects. 

This service / information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose unless otherwise expressly authorised. This service / information is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subjectBajaj Financial Securities Limited and affiliates/ group/holding companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe any such restrictions.  

The data would be provided to the clients on an "as is" and "where-is" basis, without any warranty. Bajaj Financial Securities Limited or its subsidiaries and associated companies shall not be liable for any delay or any other interruption which may occur in providing the data due to any reason including network (Internet) reasons or snags in the system, breakdown of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the Bajaj Financial Securities Limited or its subsidiaries and associated companies to provide the data. In no event shall the Bajaj Financial Securities Limited or its holding and associated companies be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data provided by the Bajaj Financial Securities Limited or its holding and associated companies.

ADDITIONAL DISCLAIMER FOR U.S. PERSONS

Bajaj Financial Securities Limited is not a registered broker-dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition, Bajaj Financial Securities Limited is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for U.S. persons. This email message does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules.  

ADDITIONAL DISCLAIMER FOR CANADIAN PERSONS

Bajaj Financial Securities Limited is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Bajaj Financial Securities Limited, including the products and services described herein are not available to or intended for Canadian persons.  

This mailer and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services.  

DISCLAIMER FOR REPORT

DISCLOSURES UNDER THE PROVISIONS OF SEBI (RESEARCH ANALYSTS) REGULATIONS 2014 (REGULATIONS)

Bajaj Financial Securities Limited ("Bajaj Broking" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities.  

This Report has been prepared by Bajaj Financial Securities Limited in the capacity of a Research Analyst having SEBI Registration No. INH000010043 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors.  

This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Bajaj Financial Securities Limited and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Bajaj Financial Securities Limited reserves the right to make modifications and alterations to this statement as may be required from time to time. Bajaj Financial Securities Limited or any of its associates / group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Bajaj Financial Securities Limited is committed to providing independent and transparent recommendation to its clients. Neither Bajaj Financial Securities Limited nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance .The disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of Bajaj Financial Securities Limited. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of Bajaj Financial Securities Limited and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders.  

We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report.  

Bajaj Financial Securities Limited and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. Bajaj Financial Securities Limited may have proprietary long/short position in the above-mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with Bajaj Financial Securities Limited.  

Bajaj Financial Securities Limited or its associates may have received compensation from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. Bajaj Financial Securities Limited or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or Bajaj Financial Securities Limited’s associates may have financial interest in the subject company. Bajaj Financial Securities Limited, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance.  

Research analyst has served as an officer, director or employee of subject Company: No  

Bajaj Financial Securities Limited has financial interest in the subject companies: No  

Bajaj Financial Securities Limited’s Associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report.  

Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Bajaj Financial Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No  

Subject company may have been client during twelve months preceding the date of distribution of the research report.  

There were no instances of non-compliance by Bajaj Financial Securities Limited on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at https://www.nseindia.com/

ANALYST CERTIFICATION

The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report.  

RISK DISCLOSURE ON DERIVATIVES

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to ₹ 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.

SEBI study dated January 25, 2023 on “Analysis of Profit and Loss of Individual Traders dealing in equity Futures and Options (F&O) Segment”, wherein Aggregate Level findings are based on annual Profit/Loss incurred by individual traders in equity F&O during FY 2021-22.

BROKERAGE DISCLAIMER

All leveraged intraday positions will be squared off on the same day. There is no restriction on the withdrawal of the unutilised margin amount. Brokerage will not exceed the SEBI prescribed limit. Visit : https://www.bajajbroking.in/pricing

MTF 

As subject to the provisions of SEBI Circular CIR/MRD/DP/54/2017 dated June 13, 2017, and the terms and conditions mentioned in the lights and obligations statement issued by the TM (if applicable).  

US INVESTING

International investment is not supervised by any regulatory body in India. Thus, any claim or dispute relating to such investment or enforcement of any agreement/contract /claim will not be under laws and regulations of the recognized stock exchanges and investor protection under Indian Securities Law. The account opening process will be carried out on Vested platform and Bajaj Financial Securities Limited will not have any role in it.  

MARKETSMITH / GOLDENPI / SOVEREIGN GOLD BONDS

Bajaj Financial Securities Limited is only distributor of this product. These are not exchange traded products and all disputes with respect to the distribution activity, would not have access to exchange investor redressal forum or Arbitration mechanism. Bajaj Financial Securities Limited is not a registered Investment Advisory. User discretion is required before investing. Client is requested to independently evaluate and/or consult their professional advisors before arriving at any conclusion to make any investment. The decision to invest shall be the sole responsibility of the Client and shall not hold Bajaj Financial Securities Limited, its employees and associates responsible for any losses, damages of any type whatsoever. 

IPO 

This should not be construed as soliciting investment. Investors’ discretion is required. Kindly consult your financial expert before investing. No need to issue cheques by investors while subscribing to IPO. Investments in securities markets are subject to market risks, read all the related documents carefully before investing.  

SCREENERS 

Screeners is not Exchange-approved products and any disputes related to the same will not be dealt on the Exchange platform. 

SECURITIES 

Securities quoted are exemplary and not recommendatory. 

IPV 

Account would be open after all procedure relating to IPV and client due diligence is completed. 

IMAGES 

The images used are only for representation purpose. Proper due diligence has been done for the images and the image is not of any artist. The same is captured from royalty free sites. 

DISCLOSURE TO CLIENTS REGARDING PAYOUT OF FUNDS

As per SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/84 dated June 08, 2023, Stockbrokers are required to upstream the entire client funds lying with them to the Clearing Corporation. Based on client’s request the funds’ release request must be placed with the Clearing Corporation. Based on the internal process and cut-off timelines of the Clearing Corporation the funds will be released to the Stock Broker. In view of this new process, as specified by the regulatory and the cut-off time of Clearing Corporation/Banks processing the funds, Bajaj Financial Securities Limited cannot commit the exact time for releasing funds payout to its client. Clients are requested to note that, Bajaj Financial Securities Limited will not be responsible for any inconvenience caused to clients due to delay in release of funds payout, including fines, delayed charges, defaults, etc.