What should you do with your international funds?

Whenever Indian AMCs bunch up their launches of NFOs (New Fund Offers) on any particular theme, it is usually a bad time to invest in that theme. A good recent example of this is the international and US-centric equity funds launched in 2021. The months from January to December 2021 saw the launch of over 20 Fund of Funds and Exchange Traded Funds (ETFs) that promised to open the doors to international investments ranging from Taiwanese equities to FAANG stocks. But with global markets melting down, these international funds are down by between 10% and 30% from their peak values.

Impressive trailing returns from Nasdaq and US equity funds had also prompted many Indian investors to add to their allocations of older international funds from 2020 to 2021. But SEBI rules restricting fresh investments in international funds have halted those investments as well. With fears of a global slowdown and US recession taking hold, many investors are asking the question – what should I do with my international funds? This FAQ attempts answers.

International funds - what to do

FAQs: What should you do with international funds

Q Why are my international funds giving negative returns?

International stock markets have been correcting sharply on fears that a perfect storm of events will hurt global economic growth this year and the next. With the Russia-Ukraine conflict creating severe supply shortages in a range of commodities from oil and natural gas to wheat and cooking oils, inflation has been rapidly rising around the world. Rising inflation, with its implications for consumer spending, has put a speed-breaker in the way of global economies recovering from the pandemic.

At the same time, China, the fastest growing global economy and largest consumer of commodities in the world has also been sliding down a slippery slope on problems of its own making, ranging from an over-leveraged real estate sector to a ‘zero-Covid’ policy that has led to severe lock-downs of its major industrial towns. The gloomy growth outlook coincides with global central banks, led by the US Federal Reserve aggressively raising interest rates and reversing their money-printing policies, to tame inflation. Rising rates are again not good for consumer spending, investments or corporate earnings.  

The IMF, in its recent July World Economic Outlook has sharply cut its GDP growth projections for most countries, especially advanced economies. But given that a majority of global institutional investors are headquartered either in the US or EU, the slowdown has had them cutting back on trade and pulling out money from other markets, leading to capital outflows, currency depreciation and economic woes in emerging markets too.

Stock prices are after all slaves to earnings. Global stock markets have therefore corrected sharply since the beginning of 2022, on expectations of global GDP growth slowing sharply, liquidity drying up and interest rates rising. It is this stock market performance that reflects in international fund returns. But the Indian stock market has been among the better performers in this period, with domestic flows into equities providing a floor even as FPIs have been in pullout mode from October 2021 to June 2022.

Q Why have US stock markets fallen more than others?

US stock markets have registered steeper falls for three reasons. One, the US economy is expected to see the sharpest slowdown among the advanced economies with some even expecting a recession (contraction in the economy) this year or the next.

Two, US has been facing a spell of exceptionally high inflation in fuel and food prices, with retail inflation climbing steadily from 7.9% in February 2022 to 9.1% by June 2022. As US is a consumption-driven economy, with 70% of its GDP coming from consumer spending, it faces particularly high risks from rising inflation pressuring households.  

Three, among the global central banks, the US Fed has been the most aggressive in hiking interest rates to tame inflation. after initially asserting that inflation is transitory, it has hiked up its policy rate (Fed Funds Target rate) by 225 basis points in 2022, taking the policy rate up from near-zero to 2.25-2.50% in just the last four months. Markets expect another 100-basis point hike, taking this rate to 3.25-3.5% by December 2022. Consumer spending and the housing market boom in the US are largely financed by loans. There’s therefore the fear that this sudden spike in rates could spark off housing loan defaults in the coming months, landing the US economy in trouble.

In fact, with US reporting a small contraction in real GDP for the recent January-March and April-June 2022 quarters, it is already in a technical recession. But both the Biden government and US Fed appear to be in denial about it. In its recent meeting in end-July, the Fed hiked its target rate by 75 basis points and swore that it would do whatever it takes to bring inflation down to its comfort zone of 2%. (See the FOMC statement here)

The US and global stock markets have latched on to Powell’s statement that the quantum of future hikes would be data-dependent to infer that the Fed would slow or pause rates in future. This appears quite unlikely, given that the US June inflation print was at 9.1%, while the Fed’s comfort zone is at 2%. Right now, there appears to be a high risk that in its effort to wrestle down inflation to 2% with its rate hikes, the Fed will speed up the US economy’s journey towards a recession.

Q Recession risks hold for all stocks. Then why have US technology stocks, and tech indices like the Nasdaq100, fallen much more than other indices?

The US technology giants received a huge lift to their business and profits during Covid as demand for e-commerce services, OTT streaming, cloud services, work-from-home solutions and so on boomed. With the Covid effect wearing off, this one-off demand is expected to wane, leading to a sharp slowdown in the earnings of the tech companies. Globally, regulators are also beginning to tighten the screws on Big Tech, adding further pressure to their revenue and earnings outlook.

When interest rates rise, stocks trading at high PEs face the most risk of de-rating. As US Big Tech and FAANG stocks were the most expensive and hyped-up in the earlier bull market, they’ve also faced the brunt of de-rating in the bear market that has followed. The market sharply lowering its growth expectations from tech stocks, reflects in the much sharper shrinkage in the price-earnings ratio of the Nasdaq 100 compared to the US S&P 500.

Q But international funds also make their returns from the Rupee depreciating against other currencies. So, what’s the view on that?

Yes, the returns that Indian investors make from investing in international funds is a combination of stock market returns in the underlying country or asset and the movement of the foreign currency against the Rupee. As most India-based international funds invest in dollar-denominated assets overseas, it is US dollar’s exchange rate against the Rupee that matters to returns.

Usually, during global crises, FPIs pull out money from India, leading to the Rupee sliding against the dollar. Investors in international funds are cushioned against this movement to some extent because of the US dollar appreciating. It is also a fact that the US Dollar has displayed its strength and appreciated against most global currencies during every major global financial crisis in recent decades - whether it is was 9/11 or the Lehman collapse or the 2013 taper tantrum.

This is because the US is the home market for a majority of global institutional investors like mutual funds, pension funds and hedge funds. When crisis strikes, these investors like to pull out money from less-known markets and re-invest it back home, in US government bonds. This usually leads to the US dollar strengthening even if the US economy is in poor shape.

This has played out in 2022 too. The US Dollar index, which captures the movement of the US dollar against six leading global currencies is up by nearly 10% on a YTD basis and 14.6% in the last one year. Given the relative strength of the Indian economy, the Rupee has not fared too badly against the US Dollar, depreciating by 5.6% YTD and 6.1% in the last one year. This is likely to have reduced the negative returns for Indian investors from their international funds.

Going forward, India’s current account deficit is expected to widen. But the Indian economy will not only register the strongest growth in 2022 and 2023, but is also acknowledged to be a well-managed economy compared to its emerging market and South Asian peers. India’s central bank, which is sitting on $590 billion of forex reserves even after recent depletion, is well placed to defend the currency against speculative attacks. Therefore, though the Rupee can continue to depreciate against the dollar, the depreciation may be gradual and not dramatic.  

Q Going by all this, India appears better placed than most other global markets, both in terms of the economy and the currency.

That’s quite true. India is better placed for three reasons. One, as India’s economy is mostly domestically driven and not export dependent, the prospect of a global slowdown doesn’t affect its GDP growth prospects much. Two, India is facing lower inflation risks than economies like the US, because it is largely self-sufficient on food and dairy. The only source of inflation worries for India lies in crude oil, natural gas and energy complex for which it is import dependent. Three, unlike Western economies, the Indian government did not splurge too much on stimulus packages during Covid and left it to RBI to do much of the liquidity pumping.

Nor is the Indian government a big borrower in foreign currency. RBI has been well ahead of other central banks in withdrawing the liquidity infusions given during Covid. Thanks to all this, the Indian economy does not face high risks from inflation or sovereign debt default. The only risks for it, come from high energy prices and foreign investor pullouts.

Q If I've invested a lot in international equity funds in the past 2-3 years, what should I do?

You can do three things. One, if you’ve invested in non-US centric international funds, we don’t recommend them. While the US economy draws its strength from being the go-to safe haven for global investors, other economies – whether advanced or emerging- don’t offer this advantage. With their economic outlook expected to turn distinctly worse in the next couple of years, remaining invested in non-US international markets is not a good idea. This earlier article explains why we view US centric funds as the best bet for international investors.

Two, given that India’s economic outlook and earnings prospects appear brighter than elsewhere right now, it would be best to reduce your overseas allocations to 10-15% of your equity portfolio, while using Indian equities as your mainstay. Three, if you’ve been making 10-15% of your equity allocations into US-centric funds in the last 2-3 years, but have stopped recently, you must resume your investments through the SIP route, in funds that currently allow fresh investments. Having invested in US markets during the bull phase, averaging your costs down now is very important for your long-term returns. US stocks have turned much cheaper now than a year ago.    

Q There are still SEBI restrictions in place on international funds accepting new money. So which US-centric funds can I SIP in, now?

At this time, our recommendation in Prime Funds is Kotak Nasdaq 100 ETF FoF, as international funds investing in ETFs are currently open for investments. You can consider international ETFs like the Mirae Asset S&P 500 Top 50 ETF, although tracking error is likely to remain on the higher side owing to restrictions.

More like this

23 thoughts on “What should you do with your international funds?”

  1. Dear Arti

    Do you have specific recommendations for PGIM Jennison Global Equity Fund? I liked it’s “Go Anywhere” approach as it gives flexibility (just like First Global’s Flexible Approach).

    Off course, fund is doing very poorly since last 1.0-1.5 years. What is your recommendation for this fund?

    Thanks
    Keyur

    1. We don’t have a recommendation on it. But not fan of go anywhere funds as that leads to too many calls for the fund mgr. Overdiversification reduces returns

  2. Very lucid, as always! Thanks Aarati mam. Did we recieve any update from RBI regarding international fund limits? Any advice on what to expect?

  3. What is the outlook for Nippon india taiwan equity fund? My average buy price is 9.7.Current NAV 6.8.
    Should i hold /Average/exit

  4. thanks, this makes sense, luckily the US markets have corrected too. You did have an article on DSP Global FoF, can this be considered with higher risk compared to S&P 500 or Nasdaq.
    Also, is it ok to have both, S&P 500 and Nasdaq or just one of them. Understood that S&P 500 is more linked to US economy and Nasdaq is Tech heavy. (source of fund will be sale of Edelweiss China)

    1. I am inclined towards s&p 500 as any post pandemic recovery may benefit industrials more than tech stocks. But Nasdaq does have some of the most attractive growth cos in the world so perhaps both.

  5. Request you advice on Edelweiss Greater China Fund? Continue to Hold, Continue SIPs or book a loss and switch to US/India funds.

    1. Sir the Chinese economy is a black box but with a deteriorating real estate sector, it’s irrational zero Covid policy, hostile geopolitical policies etc the economy seems to be headed for a lot of trouble. Best to book losses and switch to US centric funds where data is plentiful and you can at least know what’s transpiring.

      1. thanks, this makes sense, luckily the US markets have corrected too. You did have an article on DSP Global FoF, can this be considered with higher risk compared to S&P 500 or Nasdaq.
        Also, is it ok to have both, S&P 500 and Nasdaq or just one of them. Understood that S&P 500 is more linked to US economy and Nasdaq is Tech heavy. (source of fund will be sale of Edelweiss China)

  6. Prasanth Pathiyil

    Im a subscriber to the Prime ETF small case. Now that fresh investments to MON100 is stopped, do you plan to add other US based ETFs to the list?

    1. The N100 ETF is still available for investment, although the tracking error is on the higher side now. We are in the process of drawing up the rebalancing, so please wait for the same. – thanks, Bhavana

  7. Hi Aarati,
    For geo-political reasons, Covid restrictions & regressive Chinese govt policies as headwinds in China, MSCI Golden Dragon index is down way southward. Does it make sense to exit themes based on Greater China regions and deploy the redemption proceeds in US based index..?

    Further, retail investors are mostly invested in US indicies but it is very difficult for them to get present valuation metrics and their historical 5 & 10 years averages .. would it be possible for Team PI to update them on regular basis for commonly invested US indices like S&P 500 and Nasdaq 100..?

    Thanks & best Regards

    Jatin

    1. Yes given that the Chinese economy is heading downhil and the data issues around it we would definitely prefer US funds over it. You also get the dollar diversification advantage. We will try and see if we can locate a regular and reliable data source for this PE data.

  8. Thank you Ms. Aarti for an insightful article on investing on international funds.
    I have invested in the past 2years in MOF , NASDAQ 100 ETF, S&P 500,& Edelweiss US technology fund.
    What is your advice on these ? Particularly Technology fund has -35% return YTD .Do I stay invested , reduce the exposure or get out ?
    I would be much obliged if you could guide me on this .
    Regards,
    Swetharanyan

    1. What you should do depends on your allocation to these funds. As the article says if the allocation is already over 15% of portfolio better not to add to.it. but if lower it makes sense to average it at current cheaper mkt valuations.

    1. Hi Aarati,
      Thanks for a well timed insightful article.
      I want to check 2 things.
      1. What is the taxation on International Funds, ETF as well? Is it 2 years or 3 years?

      2. The gains in the NAV in case of an International Funds come from both currency depreciation as well underlying stock prices in $. Is this correct? Meaning the last 5% depreciation in INR (76 to 80) would have buffered the drop in Dollar stock prices

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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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