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Your comprehensive guide to hybrid funds

Seismic shifts in debt fund taxation have pushed many investors into the relative tax safety of hybrid funds. But hybrid funds aren’t the simplest of categories to understand, whether it’s what these funds do or the risks and impact if you include them in your portfolio.

Given this, and the number of queries we receive from you on using hybrid funds, we thought it best to put down a comprehensive explanation on these funds. in this report – which you can keep for ready reference – we break down each hybrid fund category on the following points:

  1. Where they invest and how their portfolios are structured
  2. How they perform in returns and risk
  3. Predictability in their asset allocation
  4. How to use them in your portfolio

The one important caveat we have here – as we have always maintained, hybrid funds are NOT substitutes for debt funds. Every time you replace a debt fund with a hybrid fund, remember that you are increasing your equity allocation and risk.

This guide is to help you judge how much equity and additional risk you are introducing and therefore make a better decision instead of relying on taxes alone. This guide will explain only portfolio and performance of the categories. For taxation, refer to our mutual fund taxation guide.

Table Of Contents
  1. Arbitrage funds
  2. Conservative hybrid funds
  3. Equity savings funds
  4. Balanced advantage/ dynamic asset allocation funds
  5. Multi-asset allocation funds
  6. Aggressive hybrid funds
  7. Balanced hybrid funds

Arbitrage funds

Where they invest: Arbitrage funds primarily invest in equity. However, they take derivative exposure on this entire equity. That is, the fund will invest in the same set of stocks in both the spot and the derivative market, using derivatives to take the opposite position. That leaves the portfolio with no equity that is open to market movement (a detailed explanation of how arbitrage funds use derivatives and earn returns is here)

Arbitrage funds also invest about 25-30% of their portfolio in debt instruments (or even sometimes in other debt funds) for multiple reasons:

  • One, because they are hybrid funds and can hold  up to 35% in debt and equivalents.
  • Two, because they need to maintain debt allocation for margin requirements on their derivative exposure
  • Three, because they might not have enough arbitrage opportunities
  • Four, because they might simply see debt returning better at times.

For tax purposes, arbitrage funds are treated as equity funds.

How they perform: Arbitrage funds returns are aligned with very short-term rates of debt markets. As these funds entirely hedge equity, they score very well on downsides and volatility. For these two reasons – returns and volatility, arbitrage funds are often compared to liquid or other very short duration debt funds.

The table below captures the average returns, volatility and downsides of arbitrage funds. Figures are average for the category.

Predictability in allocation: Arbitrage funds are fairly stable in terms of portfolio structure, with around 65-75% in equity that is hedged through derivatives with the remaining in short-term debt. The difference in returns between funds comes from expense ratios, the day-to-day market volatility that hedging cannot address, and the stock-derivative arbitrage.

How to use: Arbitrage funds can be used in the following ways:

  • To hold money intended for very short-term periods of less than 1 year. They can also be used in emergency portfolios. They are not useful for long-term portfolios meant for wealth building – there are both other hybrid funds and debt funds that steal a march in returns.
  • In terms of pure returns, arbitrage funds do not have any clear advantage over liquid funds; average 1-year returns for liquid funds are almost exactly the same as arbitrage. With short-term capital gains tax now at 20%, do not take for granted that arbitrage funds are more tax efficient than liquid funds or deposits, if you are in the lower tax brackets. Any investor can well mix liquid and arbitrage funds in their portfolio.

Conservative hybrid funds

Where they invest: SEBI rules mandate these funds invest between 10-25% in equity with the remaining held in debt instruments. That makes these funds primarily debt oriented – both from the portfolio perspective and for taxation.

But each fund takes a call on the extent of equity they take within the mandate. Considering the average equity exposure in the past two years for each fund, it has been as low as 10-12% for a few while others have stayed at the upper end of the range.

Within debt, though, funds can follow any strategy, hold any maturity, and any credit exposure as they see fit. For example, average maturity of July 2024 portfolios range between less than 1 year to 18.7 years. Not just that, a fund can switch between an accrual and duration strategy based on the rate cycle or decide to take lower credit for better returns.

How they return: Conservative hybrid funds deliver similar to debt funds, given that they are primarily debt by nature. While equity allocation provides some impetus to return, the relatively low allocation many funds sport minimizes the advantage. Risks in conservative hybrid come more from the debt strategy followed (duration, for example, can result in higher volatility) and the extent of equity allocation.

The table below summarizes average returns and loss probabilities of conservative hybrid funds over different timeframes. Figures are average for the category.

Predictability in allocation: Since SEBI rules cap equity allocation, conservative hybrid funds are stable in terms of portfolio asset break-up. Funds certainly can shift equity allocations based on market conditions and can differ from each other in equity exposure as well. But the range within which they can do so means that such equity shifts are not enough to materially alter the risk-return profile of the fund. Unpredictability comes more from a potential change in the debt strategy – similar to dynamic bond funds – which can impact the risk involved in the fund.

How to use: Conservative hybrid funds are generally avoidable, especially after the advent of equity savings funds. Their debt-like taxation detracts even more from their uses. If you are very keen on investing in these funds, use them as part of debt allocation and where your holding period is at least 2-3 years.

Equity savings funds

Where they invest: These funds, by SEBI rule, need to invest at least 65% in equity and at least 10% in debt. Unlike arbitrage funds that hedge their full equity exposure, equity savings funds only partially hedge exposure. Each fund decides the extent of hedging done in the portfolio, which changes based on equity market conditions. But typically, equity savings funds tend to hedge a good chunk of their portfolio and leave only a small portion open to market movements. 

How they return: Equity savings funds are not immune to market corrections. Though they use derivatives to limit volatility, steep market corrections can and have sent funds into losses – for example, the sharp 2020 correction saw losses of over 10-12% in many funds. However, these funds are able to tide over shallower corrections and overall volatility by and large is on the lower side in these funds.

The table below summarizes average returns and loss probabilities of equity savings funds over different timeframes. Figures are average for the category.

Predictability in allocation: Equity savings funds can generally be trusted to keep unhedged equity allocations on the lower side. But within the category, funds can differ quite drastically between each other. This impacts their volatility and downside containment, as well as return potential. The table below shows the maximum and minimum equity exposure and returns within the category.

Therefore, it’s important to know the differential between funds and to be aware that higher returns come with higher unhedged equity. It is not necessary that all equity savings funds are very low risk.

How to use: Equity savings funds are investor favourites for their equity-like taxation that comes with low risk.

  • These funds are not full debt substitutes and should not be considered as debt allocation. See the table above for the extent to which they can fall – debt funds do not suffer similar declines and in periods of equity correction, would do a far better job at protecting your portfolio. It is only if your portfolio size is very small that makes it hard to hold separate debt funds can equity savings funds replace debt.
  • Partial substitutes for debt allocation: You can replace some amount of your debt allocation with equity savings funds provided your timeframe is at least 1.5 years or more. If your portfolio is especially heavy on debt - above 20% - then equity savings funds are tax-efficient options that come with reasonable returns.
  • As part of emergency portfolio or post-retirement portfolio: If you intend to run systematic withdrawals from these funds, start any such withdrawal after at least 2 years.

Balanced advantage/ dynamic asset allocation funds

Where they invest: Funds may call themselves either dynamic asset allocation or balanced advantage – both mean the same thing. These funds invest in equity, debt, and use derivatives to hedge equity exposure. But there are absolutely no rules on how much equity, debt, or derivative a fund holds. Funds can be very aggressive with little to zero hedging, very conservative with good allocations to both debt and derivatives or anywhere in between.

How they return: Since balanced advantage funds can widely range in their equity and derivative exposure, the returns differ widely between funds. These funds are far more volatile than equity savings funds and suffer from higher downsides. Market corrections can hurt these funds – the only difference is that the extent of impact is lesser than with pure equity funds. But then, returns are also higher, especially when equity markets are rallying and funds minimize hedging.

The table below summarizes average returns and loss probabilities of equity savings funds over different timeframes. Figures are average for the category.

Predictability in allocations: Balanced advantage funds are extremely unpredictable in how they allocate between equity, derivative, and debt. Each fund adopts its own methodology and market indicators to decide allocations.

So, for one, equity and derivative exposure will shift in a fund based on what equity markets are doing and the fund’s strategy. Second, each fund will differ from the others in its category even in the same market as funds have varying views on market outlook based on its methodology. Take current markets. The hedged portfolio ranges from no hedging at all to 37%. Clearly, views on how to manage markets are extremely different. If markets correct, those with higher hedging will manage very well, but if not, it’s an opportunity lost. Funds have, in the past, got their hedging calls wrong.

The table below shows the range of hedging and return metrics for the category.

Therefore, balanced advantage funds can serve to deliver strong returns but are far from low risk. They are also highly unpredictable in their allocations and no two funds are the same. It is very important to know how aggressive a fund is before adding it to your portfolio. Also remember that high equity exposure does not translate into high returns; in these cases, returns depend on the stock-selection and debt strategy the fund follows.

How to use: Balanced advantage funds are also sought after for their ability to shift allocations based on markets and their equity taxation. These funds need a minimum holding period of at least 2 years.

  • These funds are not debt substitutes. They are by far more volatile than even equity savings funds. So, they can only be partial replacements for debt allocation and it would be prudent to make such substitutions only in long-term portfolios and only with those funds that use derivatives well to hedge equity risk. In short-term portfolios, equity savings funds are a better debt substitute given the limited risk that you can take.
  • These funds are best used to introduce higher-returning component in your portfolio without going for pure equity funds (which are high risk). They are especially useful in shorter-term portfolios of 3-4 years where it is hard to allocate too much to pure equity. For long-term portfolios, they help diversification. They are also good fits if you have fresh surplus to invest but are wary of deploying more into equity when markets seem expensive.
  • These funds cannot be the only category to hold, to manage the asset allocation in your portfolio, to help you manage market risks. Funds can have a very different take on markets compared to your own, views can go wrong or be taken with a different timeframe than you assume. For a balanced advantage fund to materially impact your portfolio allocation, your exposure to the funds has to be very high – which can compromise risk, returns and diversification.

Multi-asset allocation funds

Where they invest: These funds need to invest in at least 3 asset classes, at a minimum of 10% each. Usually, funds have gold as the third asset class (after equity and debt) though a few do hold other commodities such as silver. Funds can also use derivatives in equity to hedge portfolios if they so wish; it is not a given. Each fund has its own methodology to determine allocation to each asset class.

How they return: Note that this is a relatively new category, introduced by SEBI in 2018, and most funds are even newer. Therefore, how funds change their allocations across market cycles and the impact on returns is not fully understood at this time. However, with the history available, funds are a motley set in returns and risk. Some have excelled in containing downsides and delivering returns by deftly managing the asset class exposure while others have faltered. Performance depends on both the allocation to each asset class and the investment strategy followed within it.

The table below summarizes average returns and loss probabilities of equity savings funds over different timeframes. Figures are average for the category.

Predictability in allocations: Multi asset allocation funds are extremely unpredictable in their allocation to equity, debt, commodity, cash or derivatives. Some funds try to maintain 65% in equity to meet the taxation criteria while others can be very dynamic. Allocations will be dependent on the fund’s view of the relative risk-return position between each asset class. In July 24 portfolios, for example, the equity allocation ranges from less than 50% to all the way up to 75%. There is a fund that has hedged its entire equity allocation. There is no way to gauge what a fund may do.

How to use: Multi-asset allocation funds need a holding period of at least 3-5 years. Note that taxation depends on the underlying asset allocation.

  • These funds are good portfolio diversifiers. They are good additions to long-term portfolios to add moderate-risk equity options instead of pure equity funds. Funds with a conservative approach can also be useful for those with small portfolios where holding separate debt and equity funds is hard. Like balanced advantage funds, these funds are also good options for those with investible surplus who want to stay away from pure equity during heady markets.
  • These funds are not debt substitutes in any way, partially or fully. Unlike equity savings and balanced advantage funds, multi-asset funds do not hedge equity risk. That makes them much more volatile and puts them closer to equity in downside risks than debt.
  • These funds cannot be used to determine asset allocation in your portfolio, to help you manage market risks. One, funds can have a different take on markets compared to your own. Two, those that aim to maintain 65% equity (for tax purposes) will not serve your idea of altering asset allocations based on markets. Three, even where funds do dynamically shift, the allocation impact on your portfolio can be different from what you need. Views can also go wrong or take time to play out. This apart, for a multi asset fund to materially impact your portfolio allocation, your exposure to the funds has to be very high which can compromise risk, returns and diversification.

Aggressive hybrid funds

Where they invest: These are straightforward funds; the original hybrid fund before all the equity savings and balanced advantages came along to confuse the category. These simply invest up to 75% in equity and hold the remaining in debt. In equity, funds can go across market capitalisations and many frequently use mid-and-smallcaps to bump up returns. In debt, funds generally stick to quality papers and don’t take credit risk. They may, however, aim to play duration if the rate cycle offers such opportunity.

How they return: These funds are better during market corrections than pure equity funds, but they are among the riskiest within the hybrid space as they are primarily equity with no hedging. However, returns do match up and these funds have in the past even matched large-cap funds in returns.

The table below summarizes average returns and loss probabilities of equity savings funds over different timeframes. Figures are average for the category.

Predictability in allocations: Hybrid aggressive funds are fairly standard in their allocations as they simply maintain a 75-25 (or thereabouts) allocation. While they can get aggressive in their marketcap allocations, barring a couple, funds rarely go too heavily into mid-and-smallcap stocks; the average allocation in the past 1 year has been about 25%. This makes it easier to gauge how hybrid aggressive funds can impact equity and debt allocations in your portfolio.

How to use: Hybrid aggressive funds need a timeframe of at least 3 years. they are treated as pure equity funds for tax purposes. These funds are good portfolio diversifiers and are very useful to add moderate-risk equity exposure to any portfolio for any investor. For beginner investors or those with small portfolios, they are good ways to get introduced to equity funds.

Balanced hybrid funds

Balanced hybrid funds can hold 40-60% of their portfolio in equity with the remaining in debt. Funds cannot use derivatives to hedge portfolios. These rules place these funds at a tax disadvantage to most other hybrid categories. In terms of returns or risk, balanced hybrid funds have no edge either – aggressive hybrid funds can return much more, and equity savings/ balanced advantage are better at containing downsides.

AMCs can also have either an aggressive hybrid fund or a balanced hybrid fund in their lineup. Given that many AMCs already have the former and the lack of any distinct advantage, there were no balanced hybrid funds at all.

It is only after the debt taxation change that two AMCs have now launched balanced hybrid funds; the first is only just completing 1 year. With no returns to go by, it is not possible to see how these funds perform on upsides or volatility.

Even so, we do not see any benefit in going for these funds. For low-risk equity options, equity savings and balanced advantage are well-suited and have better tax efficiency. For higher returns with moderate risk, aggressive hybrid and multi-asset allocation will work well. Combining these funds along with pure equity and debt funds will serve the purpose of balancing risk, returns and taxation.

Use the MF Screener to know the latest asset allocation, hedged and unhedged equity in hybrid funds. Prime Funds will give you recommendations in low-risk hybrid funds (useful for debt substitution) and moderate-risk hybrid funds that take into account strategy, downside containment, returns and more.

Hybrid funds have become quite complex in the way their portfolios are structured and their impact on your own portfolio risk and returns. Therefore, it is important to first understand these aspects before adding them to your portfolio. Avoid making decisions based only on taxes and remember that pure equity and pure debt funds can also do a good job in delivering returns without a high tax burden.

Picture of Bhavana Acharya

Bhavana Acharya

Bhavana Acharya is a co-founder of PrimeInvestor. Bhavana was Deputy head of research at FundsIndia and was instrumental in converting many of the research outputs to products on the platform. She is a management graduate in finance with over 11 years of experience. 4 years were at FundsIndia, 7 years with The Hindu Business Line as research analyst. LinkedIn | Twitter
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18 thoughts on “Your comprehensive guide to hybrid funds”

  1. dipakdpj

    Various balanced advantage fund have different style of investment and hence returns from each will be different in a given market cycle. I had read in one of your articles that if a person wants to invest in more than one balanced advantage fund , he should do in a fund with different investment pattern.
    Do you have any ready analysis for a layman to selct 2nd fund keeping this in mind?
    I have ICICI Prudential balance advantage fund –abut 20% of my portfolio.
    Also when you post reply I am not getting any alert like earlier times.
    Hence need to check repeatedly if query is answered. If you can help

    1. Bhavana Acharya

      No, we do not have analysis on all balanced advantage funds….if you’re looking for different options, it is best to use Prime Funds as we combine different types. Look at the Hybrid Equity – Moderate Risk & Hybrid Equity – Low Risk for options. – regards, Bhavana

  2. RASPREET SINGH

    Excellent article Bhavana !

    It could not have been explained better in such a small number of words than this.

    One question related to Arbitrage funds being used an emergency fund (partially or fully) – between the Liquid Funds and Arbitrage funds, what is the difference in the Redemption cycle. So, If I request redemption of a similar amount before the cut-off in an Arb fund versus the Liquid Fund, when do I get the proceeds in my bank (assuming no holiday in between)?

    Thanks

    1. Bhavana Acharya

      Thanks! With regard to redemption timelines, it is best to check with the platform you use to invest. – regards, Bhavana

  3. Ganesan Rajagopal

    Nice article, Bhavana. You’ve covered the landscape in great detail. I wanted to respond to a comment about Multi Asset Allocation Funds. You say “There is a fund that has hedged its entire equity allocation”. I assume this is Edelweiss Multi Asset Allocation Fund. This fund was launched after the debt fund taxation changed in April 2024 specifically to provide similar taxation to pre-April 2024 for debt funds (20% with indexation with 3 year holding). After Budget 2024, the taxation is 12.5% after 2 year holding period which is even better.

    This fund can indeed be a debt substitute for people in the highest tax bracket. I’m surprised this is the only fund following this strategy. I have invested in a mix of arbitrage funds and this fund for my debt allocation.

    1. Bhavana Acharya

      Yes, the fund is Edelweiss Multi Asset Fund. We mentioned it to highlight how different each fund is from the other. While that specific fund – assuming it sticks to entirely hedging equity, which is not mandated in its SID – can be used as part of debt, it is a category outlier.

      Generally speaking, multi asset funds are meant to look at the relative potential between equity, debt & commodities and allocate accordingly. Even without hedging, a multi-asset fund can fall under the 12.5% tax rule. In any case, one already has equity savings/balanced advantage funds that meet the low risk-tax efficiency criteria; there is little need to follow a similar strategy in multi asset as well. – thanks, Bhavana

      1. SNV

        Very practical article, useful to determine which fund suits me. It would be better if Equity and Debt categories also analysed this way.

  5. gsandee

    Thanks for such detailed explanation. It clears a lot of webs. However a few queries, which would help in better comprehension :-
    1. Wherever you have mentioned 3 yrs return, I presume it is annualised return (CAGR) and not absolute return for 3 yrs.
    2. For taxation purposes, if a fund has allocated 65% or more to equity, how do we find this out for duartion of holding and how it is supposed to be mapped in Income Tax return. One may hold the fund for several years and it would be difficult to obtain such data, when the fund is redeemed. Do the funds issue any such certificate at the end of FY?

    1. Bhavana Acharya

      Thanks!
      1. Yes, 3 year return is annualised – we missed adding this in the table notes, thanks for pointing it out.
      2. You don’t need to know the asset allocation of the fund from the time you first invested in it; the allocation for the preceding 12 months from the date of redemption will determine its taxation. This can be got by checking factsheets of 2-3 months to know what the equity allocation is. Or you can check with the AMC as well. Other than multi-asset funds, the other hybrids more or less have stable taxation which you can figure before you invest. It’s only multi AA that can truly go all across asset classes. – thanks, Bhavana

  6. Yogesh Namjoshi

    Extremely good article from PI. with so many categories, it is difficult for a layman to understand the exact nature of the fund and the risk and reward it carries. You guys simplify this to a level that a layman can easily understand this…kudos to PI team !

  8. Apurv Arora

    Thanks for the article!
    One suggestion: It would be incredibly useful if Prime Investor actually does it’s own sub-classification under Dynamic Asset Allocation Funds & Multi-asset funds – so that the “How to use” section becomes specific to these sub-classifications. For example
    – the Edelweiss multi-asset fund’s effectively a debt fund (mandates states it’ll take 0% unhedged equity exposure).
    Or a Parag Parikh Dynamic Asset allocation fund, whose equity allocation is closer to an Equity Savings Fund – just with a higher focus on Debt in favour of Arbitrage. “How to use” would vary widely for such funds, despite their SEBI classification being what it is.

    1. Bhavana Acharya

      Thanks…We look at portfolios, downside containment etc when we do Prime Funds – to know what the fund does and how to use it, adding it under low or moderate risk as required. To do this individually for every hybrid fund is hard…we’ll see how best we can give some indication on the ‘how to use’ aspect for these funds. You can also use the MF Screener and know the allocation for each fund to know how risky it may be. – thanks, Bhavana

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  8. Any investment made based on recommendations in research reports are subject to market risks, and recommendations do not provide any assurance of returns. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report. Any reliance placed on the research report provided by the RA shall be as per the client's own judgement and assessment of the conclusions contained in the research report.
  9. The SEBI registration, Enlistment with RAASB, and NISM certification do not guarantee the performance of the RA or assure any returns to the client.
  10. For any grievances,
    • Step 1: the client should first contact the RA using the details on its website or following contact details:
      Customer care: [email protected]
      Grievance officer: [email protected], ATTN: Srikanth Meenakshi
      Compliance officer: [email protected], ATTN.: Bhavana Acharya
      Principal officer: [email protected], ATTN.: Vidya Bala
    • Step 2: If the resolution is unsatisfactory, the client can also lodge grievances through SEBI's SCORES platform at www.scores.sebi.gov.in
    • Step 3: The client may also consider the Online Dispute Resolution (ODR) through the Smart ODR portal at https://smartodr.in
  11. Clients are required to keep contact details, including email id and mobile number/s updated with the RA at all times.
  12. The RA shall never ask for the client’s login credentials and OTPs for the client’s Trading Account, Demat Account, and Bank Account. Never share such information with anyone including RA.

By browsing, viewing, using the Website and subscribing to the Research Services provided therein you consent to and agree to comply with these Terms and Conditions of subscription (“Terms”).

The RA reserves the right to change or modify the Website, the contents thereof and these Terms at any time. All modifications to these Terms & Conditions will be posted on the Website and will become effective immediately upon such posting. Changes once made will be communicated to the client. Continued use of the Website shall be construed as acceptance of the revisions to the Terms by conduct.

The following terms and conditions include but are not limited to minimum mandatory terms and conditions to clients as stipulated by SEBI.

1. Availing the research services

By accepting delivery of the research service, the client confirms that he/she has elected to subscribe to the research service of the RA at his/her sole discretion. The RA confirms that Research Services shall be rendered in accordance with the applicable provisions of the SEBI RA Regulations.

2. Obligations on RA

The RA shall be bound by the SEBI Act and all the applicable rules and regulations of SEBI, including the RA Regulations and relevant notifications of Government, as may be in force, from time to time.

3. Client Information and KYC

The client shall furnish all such details in full as may be required by the RA in its standard form with supporting details, if required, as may be made mandatory by Research Analyst Administration and Supervisory Body(RAASB)/SEBI from time to time. RA shall collect, store, upload and check KYC records of the clients with KYC Registration Agency (KRA) as specified by SEBI from time to time.

4. Standard Terms of Service

The consent of client shall be taken on the following understanding:

“I / We have read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure.

I/We are subscribing to the research services for our own benefits and consumption, and any reliance placed on the research report provided by research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report.

I/We understand that –

  1. Any investment made based on the recommendations in the research report are subject to market risk.
  2. Recommendations in the research report do not provide any assurance of returns.
  3. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.”

The declaration of the RA is as follows:

  1. We are duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and our registration details are: registration no SEBI INH200008653, with registration date 19th August, 2021
  2. We have the registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;
  3. Research analyst services provided by us do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject;
  4. The maximum fee that may be charged by the RA is ₹1.51 lakhs per annum per family of client. Our current fee structure, the term and duration of our subscription for our Research Services, can be viewed on our website here: https://primeinvestor.in/prime-pricing
  5. The recommendations provided by us as part of the Research Services do not provide any assurance of returns.

5. Consideration and mode of payment

The client shall duly pay to the RA the agreed fees for the services that RA renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s).

The payment of fees shall be through a mode that shows traceability of funds. Such modes include but are not limited to credit cards/debit cards/ UPI/ net banking or any other mode specified by SEBI from time to time. However, the fees shall not be in cash.

6. Risk factors

  1. Investments are subject to market risk. Investing or trading in financial products involves risk. Past performance of the recommendation is not an indication of future returns. Past performance of the RA is not an indicator of future performance. Past performance of the security is not an indication of future returns.
  2. There are no assurances or guarantees that the objectives of any investment in financial products will be achieved.
  3. The names of financial products mentioned herein do not in any manner indicate their prospects or returns. The performance in the equity may be adversely affected by the performance of individual companies, changes in the market place and industry specific and macro-economic factors.
  4. The performance of the investments/ products recommended by the RA are subject to a wide range of risks, including but not limited to: performance of the respective companies, changes in equity and debt market conditions, micro and macro factors and forces affecting equity and debt markets, general levels of interest rates and interest rate risk, credit risk, liquidity risk, reinvestment risk, economic slowdown, volatility & illiquidity of the stocks, risks associated with trading volumes, liquidity and settlement systems in equity and debt markets and/or such other circumstance beyond the control of the RA or any of its Associates.
  5. Other risk factors include that may affect the performance of the investments/ products recommended by the RA include but are not limited to economic policies, changes of Government and its policies, acts of God, acts of war, civil disturbance, sovereign action and /or such other acts/ circumstance beyond the control of the RA or any of its Associates.
  6. The recommendations provided by the RA as part of its Research Services may not be suitable to all categories of investors.
  7. The client should read all scheme and security related documents carefully before investing.
  8. Returns and performance figures mentioned in the research report represent past performance and should not be constituted to be future returns or guaranteed returns.

7. Conflict of interest

The RA shall adhere to the applicable regulations/ circulars/directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

General disclosures: PrimeInvestor Financial Research Pvt Ltd (with brand name PrimeInvestor) is an independent research entity offering research services on personal finance products to customers. We are a SEBI registered Research Analyst (Registration: INH200008653). PrimeInvestor Financial Research Pvt. Ltd., its employees, directors or agents, do not have any material adverse disciplinary history as on the date of publication of this report.

Restrictions on trading: To ensure no conflict of interest, the RA declares as follows:

  1. Personal trading activities of the individuals employed as research analysts shall be monitored, recorded and subject to a formal approval by the directors or compliance officer of PrimeInvestor Financial Research Private Limited.
  2. Research analysts employed by PrimeInvestor Financial Research Private Limited or their associates or relatives shall not:
    • Deal/ trade in stocks recommended/ tracked by the research analyst within 30 days before and five days after the publication of a research report;
    • Deal/ trade in securities that the research analyst reviews in a manner contrary to the given recommendation;
    • Purchase or receive securities of the issuer before the issuer's initial public offering, if the issuer is principally engaged in the same types of business as companies that the research analyst follows or recommends.

Disclosures with respect to Research and Recommendations Services:

  1. The RA or its directors or any of its officer/employee does not trade in securities which are subject matter of recommendation.
  2. The RA, or any of its officers, directors, employees, or subsidiaries have not received any compensation/ benefits whether monetary or in kind, from the AMC, company, government, bank or any other product manufacturer or third party, whose products are the subject of its Research Services or investment information.
  3. The Research Analysts who have prepared the research reports that form part of the Research Services (“Research Analyst”) certify that all of the views expressed in the research report accurately reflect their views about the subject company or subject security.
  4. The RA or directors or employees or Research Analyst certify that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
  5. The Research Analyst has not served as director, officer or employee in the subject company, AMC or insurance company of the mutual fund or insurance policy that is the subject of this report, or company whose bonds, NCDs, fixed deposits or other savings products that is the subject of this report.
  6. The Research Analyst or their relatives do not have any known direct or indirect material conflict of interest including long/short positions in the subject company.
  7. The Research Analyst may hold investments in the stocks, mutual fund schemes, bonds, fixed deposits, insurance policies, or other products that are the subject of the recommendations provided as part of the Research Services. The Research Analyst certifies that they will not act in a manner contrary to their views on these securities except in the event of significant news or event or change in personal financial circumstances and without formal approval from the directors of PrimeInvestor Financial Research Pvt. Ltd. or the compliance officer.
  8. There are no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of the Research Services. Such conflict of interest shall be disclosed to the client as and when they arise.
  9. The RA or its directors or its employee or its associates have not managed or co-managed the public offering of any company. The RA or its directors or its employee or its associates have not received any compensation for investment banking or merchant banking of brokerage services from the subject company. The RA or its directors or its employee or its associates have not received any compensation for products or services other than above from the subject company. The RA or its directors or its employee or its associates have not received any compensation or other benefits from the Subject Company or 3rd party in connection with the research report/ recommendation.
  10. The subject company of its research recommendations was not a client of the RA or its directors or its employee or its associates during twelve months preceding the date of recommendation services provided.
  11. The RA or its directors or its employee or its associates has not served as an officer, director or employee of the subject company. Research Analysts has not been engaged in market making activity of the subject company.

PrimeInvestor Financial Research Pvt. Ltd., its Associates, the Research Analysts or their relatives holds ownership of 1% or more, in respect of the said issuer company(ies)? – NO

8. Termination of service and refund of fees:

The RA may terminate or suspend rendering of Research Services to the client in the following circumstances:

  1. On account of suspension/cancellation of registration of RA by SEBI. In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, RA shall refund the fees, on a pro rata basis for the period from the effective date of cancellation/ suspension to end of the client’s subscription period.
  2. The RA voluntarily chooses to terminate its Research Service. In the event of such termination of the Research Service, the RA shall refund the fees, on a pro rata basis for the period from the date of such termination of research service to end of the client’s subscription period.

9. Grievance redressal and dispute resolution:

Any grievance related to:

  1. nonreceipt of research report, or
  2. missing pages or inability to download the entire report, or
  3. any other deficiency in the research services provided by RA

shall be escalated promptly by the client to the person/employee designated by RA, in this behalf as under:

Name: Bhavana Acharya
Designation: Director & Compliance Officer, PrimeInvestor Financial Research Pvt Ltd
Email: [email protected]

The RA shall be responsible to resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations.

RA shall redress grievances of the client in a timely and transparent manner. Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.

If the client is not satisfied with the response of the RA, he/she can lodge his/her grievances with SEBI at scores.sebi.gov.in. Alternatively, the client may also write to any of the offices of SEBI. For any queries, feedback or assistance, please contact SEBI Office on Toll Free Helpline at 1800 22 7575 / 1800 266 7575

Details on grievances are available on the Website as follows: https://primeinvestor.in/ra-grievance/

10. Additional clauses:

Scope of the Research Service: The Research Services will be limited to providing independent research recommendation and shall not be involved in any advisory or portfolio allocation services. The Research Services are not meant to be tailor-made or customized solutions that specifically apply to each client based on his/her risk profile.

The RA never guarantees the returns on the recommendation provided. Investor shall take note that investment/trading in stocks/Index or other securities is always subject to market risk. Past performance is never a guarantee of same future results. The RA shall not be responsible for any loss to the Investors.

This service is not directed for access or use by anyone in a country, especially the USA, Canada or the European Union countries, where such use or access is unlawful or which may subject PrimeInvestor Financial Research Pvt Ltd or its affiliates to any registration or licensing requirement.

The Research Service, including recommendations, research reports, updates, and other information will be accessible through the RA’s website https://primeinvestor.in only. Such recommendations and updates will not be provided over phone calls.

Fees: Our current fee structure, the term and duration of our subscription for our Research Service, can be viewed on our website: https://primeinvestor.in/prime-pricing. Eligibility for any discounts is ascertained at the time the client subscribes. Any such discount and its tenure shall be at the discretion of the RA.

Subscription and access to content services fall under the purview of Goods and Services Tax (GST) as per the current indirect taxation policy, Government of India. Unless otherwise indicated, prices stated on our website are exclusive of applicable GST, any applicable value added tax (VAT) or other sales taxes. We are a business-to-consumer (B2C) service provider and we do not commit to provide any input tax credit on GST charged on subscription to our Research Service.

We may change the Subscription Fees and charges then in effect, or add new fees or charges which will take effect at the end of the client’s subscription period, by giving notice in advance and an opportunity to cancel renewal of the subscription.

Subscription Access & Renewal: Subscription to the Website commences immediately on the realisation of payment of the Subscription Fees. Subscriptions are set to be renewed automatically at the end of the subscription period.

Unless the client notifies us before the end of his/her subscription period, or the client cancels the auto-renewal mandate within the period specified by law, that the client does not wish to renew his/her subscription, the client’s subscription will renew for the period defined by the client’s subscription plan. We will charge the subscription using the same payment method that you previously used.

Although the client may notify to us his/her intention to his/her subscription, such notice will only take effect at the end of his/her then current subscription period, and he/she will not receive a refund other than as set out under Clause 8 in these Terms.

The client may notify us of his/her wish to cancel his/her subscription by sending an email to [email protected]. The client must provide at least 5 business days advance notice for this to be implemented.

Refunds: There can be no cancellation and refund of subscription fee paid once the subscription is active, other than as stated in Clause 8 of these Terms. If the client is entitled to a refund as specified under Clause 8 of these Terms, the RA will credit that refund to the card or other payment method used by the client to submit payment, unless it has expired - in which case the RA will contact the client to proceed with the refund. If we do issue a refund or credit due to circumstances outside the obligations specified under Clause 8, we are under no obligation to issue the same or a similar refund in the future.

General disclaimers: The recommendations made herein in the Research Services are expression of views and/or opinions and should not be deemed or construed to be advice for the purpose of purchase or sale of any security, nor a solicitation or offering on any investment/ trading opportunity on behalf of the company, AMC, insurance company, or issuer of security referred to herein.

The content and research reports generated by the RA does not constitute or is not intended to constitute an offer to buy or sell, or a solicitation to an offer to buy or sell financial products, units or securities.

The information/ opinion/ views mentioned in research reports or by the RA are not meant to serve as a professional guide to the client or recipients of this Report. The research report, recommendation, or any other content published by the RA do not assure or guarantee any minimum or fixed returns to the client or recipients of the reports/ recommendations/ content.

Use of this information is at the client’s own risk. The client must make his/ her own investment decisions based on his/her specific investment objective and financial position and using such independent advisors as he/she believes necessary. The services rendered by the RA are on a best-effort basis. All information in the content or research report of the RA is provided on an as is basis. Information is believed to be reliable but the RA does not warrant its completeness or accuracy and expressly disclaim all warranties and conditions of any kind, whether express or implied.

While due care has been taken to ensure that the disclosures, information, and opinions given are fair and reasonable, PrimeInvestor Financial Research Pvt Ltd and/or none of its officers, directors, partners, employees, agents, subsidiaries, affiliates or business associates shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information/ opinions/ views contained in the research report and recommendations that form part of the Research Service, and/or mails, social media or notifications issued by PrimeInvestor Financial Research Pvt Ltd or any other agency appointed/authorised by PrimeInvestor Financial Research Pvt Ltd. Returns and performance figures mentioned in the research report represent past performance and should not be constituted to be future returns or guaranteed returns.

Any agreements, transactions or other arrangements made between the client and any third party named on (or linked to from) the Website are at your own responsibility and entered into at your own risk. Any information that you receive via the Website, whether or not it is classified as “real time”, may have stopped being current by the time it reaches you. Market price information may be rounded up/down and therefore may not be entirely accurate.

The purpose of these disclosures is to provide essential information about the Research Services in a manner to assist and enable the prospective client/client in making an informed decision for engaging in Research Services before onboarding.

History, present business and background: PrimeInvestor Financial Research Private Limited is registered with SEBI as Research Analyst with registration no. INH200008653. The Research Analyst got its registration on August 19, 2021 and is engaged in offering research and recommendation services.

Disciplinary history: There are no pending material litigations or legal proceedings against the Research Analyst. As on date, no penalties / directions have been issued by SEBI under the SEBI Act or Regulations made thereunder against the Research Analyst relating to Research Analyst services.

Details of the RA's associates: No associates.

Usage of Website Content: This Website is controlled and operated by the RA. All material, including research reports, recommendations, portfolios, ratings, lists of financial products, illustrations, statements, opinions, views, photographs, products, images, artwork, designs, text, graphics, logos, button icons, images, audio and video clips and software (collectively, “Content”) are protected by copyrights, trademarks and other intellectual property rights that are owned and controlled by the RA or by other parties that have licensed their material to us.

Except where otherwise agreed in writing with the RA, material on the Website is solely for the client’s personal, non-commercial use. Except as provided below, the client must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by e-mail or other electronic means and whether directly or indirectly and the client must not assist any other person to do so.

Without the prior written consent of the RA, modification of the materials, use of the materials on any other web site or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited. Any use for which the client receives any remuneration, whether in money or otherwise, is a commercial use for the purposes of these Terms.

The client may occasionally distribute a copy of a research report, or a portion of the same, from the Website in non-electronic form to a few individuals without charge, provided the client includes all copyright and other proprietary rights notices in the same form in which the notices appear, original source attribution, and the phrase “Used with permission from PrimeInvestor Financial Research Pvt. Ltd.”

While the client may occasionally download and store research reports or information from the Website for his/her personal use, he/she may not otherwise provide others with access to the same. The foregoing does not apply to any sharing functionality we provide through the Website that expressly allows the client to share Content or links to Content with others. In addition, the client may not use Content he/she has downloaded for personal use to develop or operate an automated trading system or for data or text mining.

The client agrees not to rearrange or modify the Content available through the Website. The client agrees not to display, post, frame, or scrape the Content for use on another website, app, blog, product or service, except as otherwise expressly permitted by these Terms. You agree not to create any derivative work based on or containing the research products and Content. The framing or scraping of or in-line linking to the Services or any Content contained thereon and/or the use of webcrawler, spidering or other automated means to access, copy, index, process and/or store any Content made available on or through the Services other than as expressly authorized by us is prohibited.

The client further agrees to abide by exclusionary protocols (e.g., Robots.txt, Automated Content Access Protocol (ACAP), etc.) that may be used in connection with the Research Services. The client may not access parts of the Research Services to which he/she is not authorized, or attempt to circumvent any restrictions imposed on your use or access of the Services.

As a general rule, the client may not use the Content, including without limitation, any Content made available through one of our RSS Feeds, in any commercial product or service, without our express written consent.

The client may not create apps, extensions, or other products and services that use our Content without our permission. The client may not aggregate or otherwise use our Content in a manner that could reasonably serve as a substitute for a subscription to the Website.

The client may not access or view the Services with the use of any scripts, extensions, or programs that alter the way the Services are displayed, rendered, or transmitted to you without our written consent.

The client agrees not to use the Services for any unlawful purpose. We reserve the right to terminate or restrict the client's access to the Website if, in our opinion, the client's use of the Services may violate any laws, regulations or rulings, infringe upon another person's rights or violate these Terms.

Prohibited content: The Website includes comments sections, blogs and other interactive features that allow interaction among clients and between clients and the RA. We call the information posted by or contributed by users “Contributed Content.” In the course of availing of the Research Services or uploading any post or comment on the Website, the client shall not post any Contributed Content that (i) contains nude, semi-nude, sexually suggestive photos, (ii) tends or is likely to abuse, harass, threaten, impersonate or intimidate other users of the Website and/or Research Services, (iii) is lascivious or appeals to the prurient interest or if its effect is such as to tend to deprave and corrupt persons who are likely to use or have access to the Website and/or Services, or (iv) otherwise violates, is prohibited or restricted by applicable law, rule or regulation, is offensive or illegal or violates the rights of, harms or threatens the safety of other users of the Website and/or Services (collectively “Prohibited Content”).

We reserve the right to cease to provide the client with the Research Services or access to the Website, or terminate your subscription, with immediate effect and without notice and liability, for violating these Terms, applicable law, rules or regulations and reserves the right to remove Prohibited Content which is in violation of these Terms, or is otherwise abusive, illegal or disruptive. The determination of whether any content constitutes Prohibited Content, violates these Terms, or is otherwise abusive illegal or disruptive, is subject to the sole determination of the Firm.

Changes to Research Services: We are constantly endeavouring to improve the quality of Research Services provided to our clients. Due to this, the form and nature of the Research Services provided may change from time to time without any prior notice to the client. We reserve the right to introduce and initiate new features, functionalities, components to the Website and/or Research Services and/or change, alter, modify, or discontinue existing ones without any prior notice to the client.

Warranty and liability disclaimer: The Website, Research Services, and all the materials and services, included on or otherwise made available to the client through this Website is provided by the RA on an “as is” and “as available” basis without any representation or warranties, express or implied except otherwise specified in writing. Without prejudice to the foregoing paragraph, the RA does not warrant that:

  • This Website and/or Research Services will be constantly available, or available at all;
  • The information on this Website or provided through the Research Services is complete, true, accurate or not misleading; or
  • The quality of any products, services, information, or other material that you obtain through the Website or Services will meet your expectations.

The RA, to the fullest extent permitted by law, disclaims all warranties, whether express or implied, including the warranty of merchantability, fitness for particular purpose and non-infringement. The RA makes no warranties about the accuracy, reliability, completeness, or timeliness of the Website, Research Services, Content, Contributed Content, Services, software, text, graphics and links.

The RA does not warrant that this Website, Research Services, information, content, materials, or any other material included on or otherwise made available to you through this Website, their servers, or electronic communication sent by the RA are free of viruses or other harmful components.

Nothing on this Website constitutes, or is meant to constitute, advice of any kind.

Indemnification: The client:

  1. Represents, warrants and covenants that no materials of any kind provided by him/her will:
    1. Violate, plagiarise, or infringe upon the rights of any third party, including copyright, trademark, privacy or other personal or proprietary rights; or
    2. Contain libellous, Prohibited Content or other unlawful material;
  2. Hereby agree to indemnify, defend and hold harmless the RA and all of the RA’s officers, directors, owners, agents, customers/clients, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) from and against any and all liability and costs, including, without limitation, reasonable advocate’s fees, incurred by the Indemnified Parties in connection with any claim arising out of any breach by the client of these Terms or the foregoing representations, warranties and covenants. The client shall cooperate as fully as reasonably required in the defence of any such claim. The RA reserves the right, at its own expense, to assume the exclusive defence and control of any matter subject to indemnification by the client.

Applicable law: This Website, including the Content and Contributed Content and information contained herein, and the provision of Research Services shall be governed by the Securities and Exchange Board of India, laws of the Republic of India and the courts of Chennai, India which shall retain exclusive jurisdiction to entertain any proceedings in relation to any disputes arising out of the same. As such, the laws of India shall govern any transaction completed using this Website.

Information gathered and tracked: Information submitted or collected on the Website or pursuant to the use of the Services is stored in a database. Specifically, we store the username, name, e-mail address, contact number, as submitted or collected on our Website or through the provision of the Research Services. We may use such information to send out occasional promotional materials, including alerts on new Services available, or other promotional and marketing material relating to our clients and customers.

In accordance with the Information Technology Act 2000, the name and the details of the Grievance Officer at PrimeInvestor is provided below:

Mr. Srikanth Meenakshi
PrimeInvestor Financial Research Pvt. Ltd., Registered office: 659, 4th Avenue, D-Sector, Anna Nagar Western Extension, Chennai 600 101.
Email: [email protected]

11. Mandatory notice:

Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

12. Optional Centralised Fee Collection Mechanism:

SEBI has operationalized a centralized fee collection mechanism for IA and RA. Under this mechanism, clients shall pay fees to IAs/RAs through a designated platform/portal administered by a recognized Administration and Supervision body. This is an optional mechanism for the registered entities. At this time, PrimeInvestor has opted out of this fee collection mechanism. Therefore, all subscription payments for the Research Services will be through the modes as specified in Clause 5 of these Terms.

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