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How to use Prime MF Screener


December 21, 2021

Introducing Prime MF Screener – a research screener that empowers you like no other MF retail research tool in India. Prime MF Screener is a research tool that will help you screen mutual funds using key performance parameters as well as portfolio parameters. The end objective can be to either choose funds for investing, to make decisions on exiting or simply review performance and quality of your funds vis-à-vis peers/benchmark. 

Before we discuss further, here are the key links for you to refer and use as a guide to navigate through the MF Screener. 

  1. You can access Prime MF Screener here
  2. You can read about how to use our filters here
  3. You can learn how to use the basic and advanced screens here
Prime MF Screener

Why a Mutual fund Screener?

When we started PrimeInvestor, our desire – or mission if you call it – was to empower all of you with unbiased research and researched solutions that is simple, that has no agenda driving it and is accessible.

We started by providing researched solutions – recommendations, portfolios, MF review tool and ratings. We added several tools and recommendations for other products as well.

We soon gathered the following through our engagement with you: 

  • that many of you are discerning investors (as DIY investors) and wished to verify facts, crunch numbers and come to your own conclusion, or at least try to understand what we do to arrive at our output. 
  • many of you were constrained by data availability and used point-to-point data to arrive at your investment decisions.
  • some of you felt handicapped to cross verify if the choice/quality of funds given by your advisor/distributor is right.

Since it is not easy for us to write reams about every single aspect of research, we thought we should simply peel off the research veil and arm you with much of the researched data we use (I say much because there is more scope and the rest is further quality research), in a form that easily equips you to handle it to make informed decisions yourself. With some effort, that is 😊

This screener is ideal for discerning investors and any investor who wants to learn how to analyse mutual funds. 

With the Prime MF Screener, you will now actually be able to do some of the things we keep repeating when we engage with you:

  • Look for risk-adjusted returns
  • Look for consistency of fund (proportion of outperformance over peers or category)
  • Look for volatility
  • Look for worst performance
  • Look for rolling average performance
  • Look at exposure to debt papers
  • Look for large or midcap exposure in the case of equity or look for nature of papers in the case of debt when you compare underlying portfolio quality

And many such data-driven analysis. 

An important point to note here is that this is not a tool that gives you every kind of data – relevant or irrelevant – to a category. We try, as much as possible, to keep your choices limited, help you use the most appropriate metrics for different categories, and leave out the rest. This also means we do not load you with every metric possible to calculate, here. We keep it simple! (Somewhat!) 

Even if you are not a DIY investor and have an advisor, this tool will give you the ability to know if the options give to you are fine. And importantly, you can look at the expense ratio differentials across the fund categories in one shot to know if your distributor has given you a relatively low-cost fund or otherwise. 

Let us move on to what the MF screener broadly tries to capture before summing up on how to use it.

What the Prime Mutual Fund Screener has

Let us try to capture the various parts to the screener for you to get a hang on how to use them. You can also watch the recording of our live session on December 22, 2021 to watch a demo on how best to use it.

#1 Default page

There is a default page as you can see in the image below with 3 columns (that can be filtered as seen in the left tab). Post January 1, unless you are a Growth member and are logged in, these will be the only fields you will be able to see. You will be unable to use any of the filters.

Prime MF Screener demo

#2 Inputs needed before using filter

The image above shows you an orange button called Add Filters. Before you use them, you need to set some key criteria. At the top middle of the image above, you will see three dropdowns – Category, Sub-categories and Rolling returns period. These act as the base for any performance or portfolio filter that you decide to use. That means you need to first choose them before using the performance or portfolio filters. 

  • Category input: These are not SEBI-defined categories. They are categories that help you filter common fund sets and give you data (on performance and portfolio) that is unique to that set. The image below shows you the various categories. We have tried to classify hybrids as ones that hold derivatives (equity savings, arbitrage, balanced advantage and dynamic asset allocation), conservative hybrids and other hybrids. Since the research parameters are different across these sets, you can choose only one set at a time – either equity or debt or gold and so on.
Prime MF Screener - Category input
  • Sub-categories input: The sub-categories allow you to choose one or more sets within a Category. For example, in the image below, under the Debt category, you have various debt fund options. Here, you can choose multiple sub-categories. For example, if you are looking for debt funds for 3 months to say 1 year, then ultra-short, money market and low duration can be grouped together.
Prime MF Screener - sub categories input

Watch the recording of our live discussion on the MF Screener of December 22, 2021 at 7 pm to know how you can group categories and what sort of rolling returns to use.

  • Rolling return period input: This will form the basis for any performance analysis you do with the ‘Performance Filters’. In the very first image above, you will see the rolling return periods in the drop down. 
    (You can check more about what rolling returns are and why this is a superior way to assess performance compared with point-to-point returns in our earlier article).You can see 1 month, 6 months, 1 year, 3 years and 5 years in the drop down. You can pick one of these. For the period you pick, returns will be rolled daily for the chosen period (1 or 3 or 5 years etc.). Every parameter you pick as filter – Sharpe or rolling return average or percentage of outperformance or standard deviation etc – will be calculated for the period you have chosen.
    How do you decide what period to choose? It is simple. For example, for shorter term products like say liquid, arbitrage or even equity savings you can choose 1-month rolling or 6 months rolling. For longer term like equity, it can be 1, 3 and 5 years to get insights into performance over the short and longer term. Again, look out for more inputs on this in our live session.

#3 Using the filters in Prime MF screener

You will find the following filters in the below categories:

Prime MF Screener - Add filters

You can add as many filters as you want from the above filter groups and you will see a column being added every time you do so. For ease of use, we recommend downloading the data when you analyse. 

Let us get into details of the broad filters now. 

  • Performance filter: This filter gives you key parameters that you can use to analyse funds. The image below, for example, gives you the performance metrics for equity funds. Some of these data such as rolling returns average, or outperformance over benchmark or category are research data that are either not available at all or not available in a comparable form elsewhere. This makes this Screener a unique one in the Indian context. To ensure that fewer instances of data (for funds with limited track record) does not mislead your analysis or conclusions, we have laid out the minimum instances of rolling returns required to display performance parameters. If the rolling returns data for any fund falls short of this, performance parameters dependent on rolling returns would be shown as blank. The number of instances needed is mentioned in the MF screener page, as part of the content below the table.
Prime MF Screener - performance filter

In the image below you will see a screener on debt – corporate bonds using rolling 1-year returns as a base. In the output you will see the average returns of some of the top funds like ABSL Corporate Bond or HDFC Corporate Bond versus the category average and the very high % of outperformance they have shown over category (based on rolling return). If you compare across funds, you will also see that their standard deviation and worst returns (min. returns) fare better than peers. This is just an illustration of how you can mix the metrics to do your analysis.

Prime MF Screener - mixing metrics

The performance metrics in debt and hybrid and other categories can vary when compared with the equity performance metrics. We have tried to bring only those metrics most relevant to analysing each category or sometimes sub-category. For example, the question of outperformance of benchmark does not arise in index funds. Here, we give more relevant data such as tracking error, for index funds. 

  • Portfolio filter: This filter is mighty useful as it provides a single view into the portfolio makeup of many funds, at a time. While you would have seen the % of large-cap or midcap allocation in a fund as part of fund details in some rating websites, this screener makes it easy for you to compare it in a single data extract and thus allows you to make useful conclusions. 
    To give you an example, let’s say you want to see the more aggressive funds in the Large & Midcap category. The image below gives you the latest exposure of large & mid cap funds to large, mid, and small cap stocks. Sorting it by midcap exposure, you will see Axis Growth Opportunities holding the highest midcap exposure. What does it suggest? That the fund is aggressive in this category. If the fund delivered high returns, it was not without risk.
Prime MF Screener - portfolio filter

Or you could use this filter for a very different purpose of screening funds that have exposure to, say, overseas stocks (outside of international funds). For example, in the screener below, I have chosen equity funds that are not international or sector funds and used the % overseas exposure filter. Apart from screening such funds, these parameters also give insights into why a fund performed well (say if overseas markets did well or midcaps outperform) or did not deliver.

Prime MF Screener - exposure to overseas stocks
  • Key Sectors: This filter is not meant to give you all sector exposure. Rather, we have taken a few key sectors that can typically turn performance in a fund’s portfolio and given the funds’ latest exposure in them. For example, if you feel most funds have high exposure to banking & financials and want to consciously keep it low in, say, a flexi cap fund you are looking for, you could use the sector screener to look at banking exposure (you can add various performance metrics along with this, of course). In the 2 images below, you will see that Motilal Oswal Flexicap has the highest exposure to financials in the flexicap space, while PGIM or Parag Parikh Flexi Cap have the least. Of course, it is important to keep in mind that fund positions in these sectors can change.
Prime MF Screener - key sectors
Prime MF Screener - equity flexicap
  • Expense ratio: This parameter is useful in 2 ways: one, it allows you to add the expense ratio of the list of funds you are filtering – regular or direct and compare them with the category’s average (you can do this in an excel sheet). Two, and very importantly, if you are a regular plan investor, it will tell you how much more you are paying for it over direct plans. For example, in the image below we have balanced advantage and dynamic asset allocation plans. You will see that IDFC Balanced Advantage has a higher differential than say L&T Balanced Advantage.
Prime MF Screener - expense ratio differential

Ready-made screeners

In the default screen you will see two options at the top called Basic Screens and Advanced Screens. Basic screens simply give you an idea on how to mix and match various filters if you are not familiar with them. They are a starter set of filters that help you begin to use the Screener and understand what it shows about funds. Advanced Screens on the other hand go one step further to reduce the size of your universe by using predefined filters. 

To give you an example: when we use the Screener ‘Consistent all-cap funds’ in Advanced Screen, we get the result below. It shows funds that invest across market cap that are most consistent in beating the Nifty 500. Here, the universe is filtered to show only those funds whose % of outperformance is above category average.

Prime MF Screener - beats nifty 500 consistently

You can add further filters to the advanced and basic screeners to do your own fine-tuning or sifting. For example, you could add more portfolio data to the above screener that has performance to know funds with higher large caps or midcaps. 

Please read our detailed article on how to use Basic and Advanced Screeners here.

How should you use Prime MF Screener?

  • Prime MF Screener is a great way to compare funds – on returns, ability to beat benchmark and/or peers, on portfolio concentration, risks and more. Understand how good or bad a fund is in comparison to peers, and look at key portfolio data to understand where performance comes from.
  • Use it to shortlist funds that are worth looking into further for new investments - based on funds you already hold, the strategy they follow and more.
  • Use it to check on your own funds – how they have returned and whether they have kept up with peers or markets.
  • Use the Basic Screens if you want to know how to mix some of the filters and use Advanced Screens if you want a predefined goal – like aggressive equity funds or low risk hybrid funds and so on. You have about 12 such options currently. 
  • Save preferred filters for easy access the next time you log on. Export data into Excel to slice and dice the data to arrive at your conclusions.

Although often compared with media houses (we are far from one) for content, at PrimeInvestor our aim is to provide you with a product platform that you can come to, both for your own research purpose or when you simply need ready solutions. Our MF Screener is built with the former in mind. In this process, if we equip you well and we also learn from you, we are only too happy!

Because an MF screening tool such as this is unique and hasn’t been done before, this article is to explain the concept behind Prime MF Screener and the basics on how to use it. We will be gradually explaining more nuances on using the screener over other articles. So go start using the Prime MF screener and let us know what you think!

PS: Since a few of you have raised queries on why the MF Screener tool is being added to Growth when all mutual fund products come under Essentials, we wanted to clarify that the distinction between Essentials and Growth is not product wise (in fact Essentials too has a basic Stock screener tool). Essentials has mutual funds, ETFs, term insurance, FD recommendations, NPS and FD tool besides a Stock screener and will soon have health insurance recommendations. We think these are the basic products required for investing but largely complete by itself. 

Any other advanced offering - whether in terms of product or features -  in MFs and other products will be in Growth. Please see the image below to know what is currently being offered in Essentials and Growth and what are the proposed additions for Growth. You will see that many of the advanced new MF tools will soon be added to Growth. More nuanced products like gilt recommendations will also be under Growth.

Products and plans - PrimeInvestor

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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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