Asset Management
MOStPortfolios
Make the MOSt of our expertise
Monthly Communique’
Portfolio Management ServicesRegn No. PMS INP 000000670
MOAMC do not take the responsibility for the authenticity of the above data / news/information. It is merely replication of the data /news / information already available in public.
Insid
e... � Value Strategy
� Next Trillion Dollar Opportunity Strategy
� Invest India Strategy
� Focused Series IV - Flexi Cap Strategy
� Focused Series V - A Contra Strategy
� Bulls Eye Strategy
� Optima Strategy
December 2011
Indian markets dropped 9% in November - in line with the region, but significantly worse than the S&P, and in USD terms the fall was even severe, with the benchmark Nifty Index declining nearly 15.5%, erasing twice as much of what it gained in the previous month. The uncertainty in Europe notwithstanding, there were more domestic issues in India holding it back this month – a 7% depreciation in the INR, a poor end to the Q2 results season, disappointing festive season sales and no policy headway yet at the Centre. The benchmark Nifty also breached the previous lows for the year in Nov, but Dec has been historically a strong month for India (6% avg Dec return for last 10 yrs) and hence is key now for 2012. The INR depreciating 7% against the USD was the big talking point this month. This was not a fallout of any kneejerk equity outflow but more a function of India's deteriorating macro – twin deficits on the capital and current account front and rising proportion of short-term debt. The RBI also remained a mute spectator for the most part, intervening only at ~52 levels on the USDINR to curtail the volatility. Lower FX reserves than in 2008 implies limited ammunition this time to counter any threat to the INR.
Macro Corner
• Growth: India's 2QFY12 GDP was in line with expectations at 6.9%, but much slower than the 7.7% growth in Q1 and more worrying was the contraction in Fixed Capital
Formation. We have revised our FY12 GDP estimate from 7.6% to 7.2% and place our initial estimate for FY13 at 6.9%. Sep Industrial Production data too came in lower than expected at 1.9%, with Aug revised down to 3.6%. A contraction in mining and capital goods production continued to weigh on growth.
• Inflation: Headline Inflation did not budge in Oct, inching up to 9.73%, which was a bit higher than expectations. We expect inflation to retain its 9-handle until January or
February, primarily due to the base effect. The RBI maintains its position that price pressure will only start to ease in December. The latest weekly read did show some signs of base effect kicking in, in the food inflation print.
• Policy: There was no monetary policy meet in November – the next one is on Dec 16, where market participants are expecting a pause or even a CRR cut to boost liquidity.
Globally Central Banks – China included, are taking measures to inject liquidity and the RBI could follow suit. This month, the RBI announced that it would commence in the purchasing of government bonds through open market operations (OMO), in an effort aimed at easing pressures on liquidity and interest rates. The OMO also has the potential to alleviate some of the pressure on yields, after 3 failed bond auctions. On Nov 24, the RBI purchased INR 94bn in govt. bonds, slightly lower than their target of INR 100bn.
Political and Policy Corner
• Increase in FII Debt Limits: On Nov 18, SEBI increased the current limit of FII investment in government securities and corporate bonds by $5bn each, raising the total caps to
$15bn and $20bn respectively.
• FDI in Retail: The Union Cabinet has approved FDI in retail – up to 51% in multi brand retail and up to 100% in single brand retail. The issue has generated a political deadlock,
resulting in an all-party meeting called for by FM Mukherjee, which has left the Parliament adjourned with no resolution decided on. As a result, valuable time in the crucial Winter Session of the Parliament (Nov 22-Dec 21) has been lost again.
• FDI in Aviation: Kingfisher Airlines was pushed by its lenders for greater equity infusion, after it experienced operational disruptions in the form of canceled flights, and inability
to complete fuel and salary payments. SBI, ICICI and PNB are some of the bigger lenders to Kingfisher, however the private banks clarified that they have collateral in the form of United Spirits shares.
• Petrol Price Cuts: After instating a 2.7% increase in gasoline prices on Nov 4 that caused protests in India, state-owned refiners reduced petrol prices by 3.2% on Nov 16 and by
1.2% on Nov 30. Oil companies have now decided to revise petrol prices every 2 weeks – depending on the move in global crude prices.
Sector-wise Performance
• Banks faced renewed scrutiny on asset quality as SBI and PNB results showed a rise in incremental slippages and a broader stress on the overall economy, not just infrastructure.
The liquidity situation has also worsened and the sharp INR move has added to the pressure on the corporate balance sheets.
• After a strong October, Autos were one of the weaker sectors in Nov, as festive season sales disappointed. M&M's tractor volumes continued to be strong, but the UV sales
moderated. Tata Motors' passenger car business saw more slowdown.
• Telecom was helped this month by passive inflows resulting from Bharti and Idea's inclusion into MSCI indices. The DoT panel's opinion on TRAI recommendations with respect
to spectrum pricing, M&A and license suggest that the negatives for the sector have been accepted while the relative positives rejected. The Telecom Commission will take a final decision.
• IT also outperformed in light of the weak currency, and Pharma & Consumer remained true to their defensive nature.
• Metals and Realty were expectedly the worst performing sectors in November, given the strong risk aversion mood. An erstwhile defensive, Coal India also slipped as buzz grew
of Govt using its cash to do a buyback and thus partly meet its deficit targets. Cross-holdings in other Public sector companies also remained an option.
Capital Flows
Despite the rebound in equity markets, there was no upswing in investor appetite for capital market transactions and deal flows continue to be light. After the brief buying in Oct, FIIs rushed towards the exit gates again – sellers of $900mn this month. As a result, YTD FIIs have now returned into the red - net sellers of $530mn YTD. Domestics especially Insurance houses, continued to be on the other side of the FII trade – buying $1bn this month ($0.8bn of which was from Insurers), taking YTD net buying to a staggering $5.8bn.
Outlook
Market attention will remain equally divided over domestic and global events during December. Key monitorables on the global arena will be the progress on the strengthening of the European Financial Stability Fund and the US deficit reduction measures. At home, the market will likely remain tuned to the final outcome of the proposal on FDI in retail and the political ramifications thereof, other policy actions by the government in the parliament and subsequently on the upcoming central bank meeting on Dec 16 regarding future course of interest rates and liquidity enhancement measures by the RBI. Overall market conditions are expected to remain turbulent in the foreseeable future.
Value Strategy
The Strategy aims to deliver superior
wealth creation by way of long term
compounding effect, with investments
in good businesses run by great
business managers.
Strategy Objective
• Value based stock selection
• Investment Approach: Buy & Hold
• Investments with Long term
perspective
• Maximize post tax return due to Low
Churn
• Capital preservation consciousness
Investment Strategy
: Manish Sonthalia
: Taher Badshah
Strategy Type : Open ended
Date of Inception : 24th March 2003
Benchmark : S&P CNX Nifty Index
Investment Horizon: 3 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Details
Top Sectors
Banking & Finance
Auto & Auto Ancillaries
Oil and Gas
FMCG
Telecom
Infotech
Pharmaceuticals
Mining
Cash
21.33
21.03
11.18
11.12
9.51
8.53
6.34
6.31
0.65
Sector Allocation % Allocation*
Top Holdings
Nestle India Ltd.
Bosch Ltd.
Hero Motocorp Limited
HDFC Bank Ltd.
Bharti Airtel Ltd.
Infosys Technologies Ltd.
Cairn India Ltd.
Housing Development Finance Corporation Ltd. GlaxoSmithkline Pharmaceuticals Ltd.
Coal India Limited
Top Holdings % Allocation*
11.12
11.11
9.92
9.74
9.51
8.53
7.51
7.50
6.34
6.31
Key Portfolio Analysis
Standard Deviation (%)
Beta
33.04
1.00
Performance Data NiftyValue Strategy
29.72
0.82
*Above 5% & Cash
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2011. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Value Strategy Nifty
*Above 5%
Asset Management
MOStPortfolios
Make the MOSt of our expertise
Portfolio Management ServicesRegn No. PMS INP 000000670
All Figures in %
Period
% o
f re
turn
s
-5.14 -4.64 -5.63-7.33
25.92
8.79
29.18
-9.86
-3.38
-11.71-17.58
20.55
4.09
19.68
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
1 Month 3 Months 6 Months 1 Year 3 Year 5 Year Since Inception
Fund Manager
Next Trillion Dollar Opportunity Strategy
The Strategy aims to deliver superior
returns by investing in focused themes
which are part of the next Trillion Dollar
GDP growth opportunity.
• Stocks with High Growth Story
• Stocks with Reasonable Valuation
• Concentration on Emerging Themes
• Buy & Hold Strategy
Fund Manager : Manish Sonthalia
Strategy Type : Open ended
Date of Inception : 11th Dec. 2007
Benchmark : CNX MIDCAP Index
Investment Horizon: 3 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Strategy Objective
Investment Strategy
Details
Banking & Finance
Auto & Auto Ancillaries
Textiles
Telecom
Engineering & Electricals
FMCG
Cash
23.01
19.14
15.99
11.98
9.41
6.90
0.09
Sector Allocation
Page Industries Ltd.
Idea Cellular Limited
Bosch Ltd.
Central Bank Of India
GlaxoSmithkline Consumer Healthcare Ltd.
Eicher Motors Ltd.
Bajaj Finance Ltd.
Cummins India Ltd.
15.99
11.98
8.79
8.76
6.90
6.30
6.10
5.96
Key Portfolio Analysis
Standard Deviation (%)
Beta
37.61
1.00
Performance Data CNX MIDCAPNTDOP
25.98
0.57
Top Sectors
Sector Allocation % Allocation*
Top Holdings
Top Holdings % Allocation*
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2011. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
*Above 5% & Cash
*Above 5%
Portfolio Management ServicesRegn No. PMS INP 000000670
Asset Management
MOStPortfolios
Make the MOSt of our expertise
Next Trillion Dollar Opportunity Strategy CNX MIDCAP
Period
All Figures in %
% o
f re
turn
s
-4.00-4.02
-2.98
-11.18
38.87
3.99
-8.27 -8.96
-16.42-25.44
26.08
-6.50
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
50.00
1 Month 3 Months 6 Months 1 Year 3 Years Since Inception
Invest India Strategy
The Strategy aims to generate long term
capital appreciation by creating a focused
portfolio of high growth stocks having the
potential to grow more than the nominal
GDP for next 5-7 years across market
capitalization and which are available atreasonable market prices.
• Buy Growth Stocks across Market
capitalization which have the
potential to grow at 1.5 times the
nominal GDP for next 5-7 years.
• BUY & HOLD strategy, leading to
low to medium churn thereby
enhancing post-tax returns
Fund Manager : Taher Badshah
Strategy Type : Open ended
Date of Inception : 11th Feb. 2010
Benchmark : BSE 200
Investment Horizon: 3 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Strategy Objective
Investment Strategy
Details
Auto & Auto Ancillaries
Banking & Finance
FMCG
Textiles
Pharmaceuticals
Mining
Cash
28.59
22.26
15.18
12.49
5.47
5.20
2.53
Sector Allocation
Page Industries Ltd.HDFC Bank Ltd.ITC Ltd.M R F LtdHero Motocorp LimitedState Bank Of IndiaExide Industries Ltd.Maruti Suzuki India Ltd.GlaxoSmithkline Pharmaceuticals Ltd.Coal India LimitedTitan Industries Limited
10.62 10.49 10.02
9.49 7.75 6.88 5.78 5.57 5.47 5.20 5.16
Key Portfolio Analysis
Standard Deviation (%)
Beta
22.25
1.00
Performance Data BSE 200IIS
19.03
0.74
Top Sectors
Sector Allocation % Allocation*
Top Holdings
Top Holdings % Allocation*
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2011. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Invest India Strategy BSE 200 All Figures in %
*Above 5% & Cash
*Above 5%
Portfolio Management ServicesRegn No. PMS INP 000000670
Asset Management
MOStPortfolios
Make the MOSt of our expertise
Period
% o
f re
turn
s
-6.20-7.82
-8.73
-19.29
0.06
-9.72
-5.24
-13.80
-20.33
-2.60
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
1 Month 3 Months 6 Months 1 Year Since Inception
Asset Management
MOStPortfolios
Make the MOSt of our expertise
Focused Series IV - Flexi Cap Strategy
The Strategy will aim to generate superior
returns over a medium to long term by
investing in only 8-10 companies across
market capitalization.
• Fundamental Stock Select ion
Approach
• Active Equity Allocation between
Mid caps & Large caps
• Active Asset Allocation calls between
Cash and Equity
• Strategy will follow a policy of profit
booking with predefined price
targets
• When the Client’s AUM appreciates
by 15%, the appreciation amount
will be automatically paid-out.
Portfolio Manager : Taher Badshah
Date of Inception : 07th Dec. 2009
Benchmark : BSE 200
Investment Horizon: 12 – 18 Months
Subscription : No
Redemption : Daily
Valuation Point : Daily
Strategy Objective
Investment Strategy
Details
Banking & Finance
Auto & Auto Ancillaries
Telecom
Infotech
Containers & Packaging
Diversified
Cash
31.99
31.95
10.37
9.19
7.75
5.02
0.70
Sector Allocation
Bosch Ltd.
HDFC Bank Ltd.
Central Bank Of India
Bharti Airtel Ltd.
Oracle Financial Services Software Ltd.
Time Technoplast Ltd
Power Finance Corporation Limited
Max India Limited
27.63
13.01
11.43
10.37
9.19
7.75
7.55
5.02
Key Portfolio Analysis
Standard Deviation (%)
Beta
22.96
1.00
Performance Data BSE 200Focused Series - IV
19.83
0.70
Portfolio Management ServicesRegn No. PMS INP 000000670
Top Sectors
Sector Allocation % Allocation*
Top Holdings
Top Holdings % Allocation*
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2011. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Focused Series IV BSE 200
*Above 5% & Cash
*Above 5%
Period
% o
f re
turn
s
All Figures in %
-7.33-8.69
-14.94
-27.46
-9.00-9.72
-5.24
-13.80
-20.33
-4.63
-30.00
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
1 Month 3 Month 6 Month 1 Years Since Inception
Focused Series V - A Contra Strategy
The strategy aims to invest in
fundamentally sound companies that can
benefit from changes in a company’s
valuation which reflects a significant
change in the markets view of the
company over a horizon of three years.
The Strategy focuses on investing in
stocks that can benefit from growth in
earnings, re-rating of business or higher
valuation of assets. Objective is to
increase return rather than reduce risk
for Investors.
• Bottom-up stock selection approach
• Buy and hold philosophy – low
portfolio churn
• For Investors who seek for high
returns with high risk
Fund Manager : Manish Sonthalia
Date of Inception : 27th Sept. 2010
Benchmark : BSE 200
Investment Horizon: 2 to 3 Years
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Strategy Objective
Investment Strategy
Details
Banking & Finance
Oil and Gas
Chemicals
Textiles
Power - Infrastructure
Engineering
Auto & Auto Ancillaries
Cash
32.51
25.36
13.02
7.87
7.84
5.74
5.20
0.85
Sector Allocation
Petronet LNG Limited
J&k Bank
Godrej Indus
Ing Vysya Bank Limited
Central Bank Of India
Reliance Industries Ltd.
Vardhman Textiles Limited
Jaiprakash Associates Ltd.
Triveni Turbine Limited
Tata Motors Ltd.
16.97
13.60
12.87
9.28
9.25
8.10
7.77
7.75
5.67
5.14
Key Portfolio Analysis
Standard Deviation (%)
Beta
24.01
1.00
Performance Data BSE 200Focused Series - V
32.37
1.13
Top Sectors
Sector Allocation % Allocation*
Top Holdings
Top Holdings % Allocation*
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2011. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Focused Series V BSE 200
*Above 5% & Cash
*Above 5%
Portfolio Management ServicesRegn No. PMS INP 000000670
Asset Management
MOStPortfolios
Make the MOSt of our expertise
All Figures in %
Period
% o
f re
turn
s
-14.21
-5.68
-14.38
-26.86 -27.52
-9.72
-5.24
-13.80
-20.33 -20.09
-30.00
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
1 Month 3 Months 6 Months 1 Year Since Inception
Asset Management
MOStPortfolios
Make the MOSt of our expertise
Bulls Eye Strategy
The Strategy aims to deliver returns in
the short to medium term by investing
in fundamentally sound stocks coupled
with active profit booking.
Portfolio Manager : Taher Badshah
Strategy Type : Open ended
Date of Inception : 15th Dec. 2003
Benchmark : BSE 200
Investment Horizon: 12 Months +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Strategy Objective
• Active management
• Multi Cap Stategy
• Market Timing
• Regular Profit Booking
Investment Strategy
Details
Banking & Finance
Auto & Auto Ancillaries
Telecom
Infotech
Pharmaceuticals
Oil and Gas
FMCG
Cash
25.64
23.44
15.58
9.34
6.92
6.79
6.38
5.91
Sector Allocation % Allocation
Eicher Motors Ltd.
Bharti Airtel Ltd.
Bajaj Auto Ltd.
Infosys Technologies Ltd.
HDFC Bank Ltd.
Wockhardt Lt
Reliance Industries Ltd.
ITC Ltd.
Idea Cellular Limited
9.75
9.42
9.34
9.34
8.42
6.92
6.79
6.38
6.16
Key Portfolio Analysis
Standard Deviation (%)
Beta
34.00
1.00
Performance Data BSE 200Bulls Eye
30.29
0.75
Portfolio Management ServicesRegn No. PMS INP 000000670
Top Sectors
Sector Allocation
Top Holdings
Top Holdings % Allocation*
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2011. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Bulls Eye Strategy BSE 200
*Above 5%
*Above 5%
Period
% o
f re
turn
s
All Figures in %
-8.55
-2.12-5.42
-21.05
25.17
7.2811.41
-9.72-5.24
-13.80
-20.33
22.46
3.49
13.98
30.00
20.00
10.00
0.00
10.00
20.00
30.00
1 Month 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception
Asset Management
MOStPortfolios
Make the MOSt of our expertise
Optima Strategy
The Strategy aims to deliver superior
returns over a long period by investing in
companies with growth potential & which
are available at reasonable market price.
• Growth At Reasonable Price (GARP)
• Investment Horizon of 2 years +
• Active Portfolio Rebalancing
• Market Timing
• Situation based Flexi Cap approach
Portfolio Manager :
Strategy Type : Open ended
Date of Inception : 30th Dec 2008
Benchmark : BSE 200
Investment Horizon: 2 Years +
Subscription : Daily
Redemption : Daily
Valuation Point : Daily
Taher Badshah
Strategy Objective
Investment Strategy
Details
Banking & Finance
Auto & Auto Ancillaries
Telecom
Cash
Infotech
Oil and Gas
31.34
19.24
14.30
12.97
8.41
5.39
Sector Allocation
Bharti Airtel Ltd.
Infosys Technologies Ltd.
HDFC Bank Ltd.
Bajaj Finserv Ltd.
Axis Bank Ltd.
Punjab National Bank
Reliance Industries Ltd.
Bosch Ltd.
Eicher Motors Ltd.
10.81
8.41
7.98
7.64
6.02
5.44
5.39
5.30
5.20
Key Portfolio Analysis
Standard Deviation (%)
Beta
30.52
1.00
Performance Data BSE 200Optima
21.10
0.57
Portfolio Management ServicesRegn No. PMS INP 000000670
Top Sectors
Sector Allocation % Allocation*
Top Holdings
Top Holdings % Allocation*
*Above 5%
*Above 5%
The Above strategy returns are of a Model Client. Returns of individual clients may differ depending on factors such as time of entry/exit/ additional inflows in the strategy. The Above returns are calculated on NAV basis and are based on the closing market prices as on 30th November 2011. Past performance may or may not be sustained in future. Returns above 1 year are annualized. Please refer to the disclosure document for further information.
Optima Strategy BSE 200
Period
% o
f re
turn
s
All Figures in %
-8.82-5.77
-9.23
-15.74
24.48
-9.72
-5.24
-13.80
-20.33
20.30
-25.00
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
20.00
25.00
30.00
1 Month 3 Months 6 Months 1 Year Since Inception
Portfolio Management ServicesRegn No. PMS INP 000000670
Disclaimer : Investments in Securities are subject to market and other risks and there is no assurance or guarantee that the objectives of any of the strategies of the Portfolio Management Services (PMS) will be achieved. Investors in the PMS Product are not being offered any guaranteed/assured returns. Past performance of the portfolio manager does not indicate the future performance for any of the strategies. The names of the portfolios do not in any manner indicate their prospects or return. The investments may not be suited to all categories of investors. Neither Motilal Oswal Asset Management Company Ltd. (MOAMC), nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice. Neither MOAMC, nor any person connected with it, accepts any liability arising from the use of this material. The recipient of this material should rely on their investigations and take their own professional advice. Opinions, if any, expressed are our opinions as of the date of appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. The portfolio manager is not responsible for any loss or shortfall resulting from the operation of the strategy. Recipient shall understand that the aforementioned statements/presentation cannot disclose all the risks and characteristics. The recipient is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile, and the like and take professional advice before investing. As with any investment in securities, the Value of the portfolio under management may go up or down depending on the various factors and forces affecting the capital market. Disclosure Document shall be obtained and read carefully before executing the PMS agreement and any time thereafter. Prospective investors and others are cautioned that any forward - looking statements are not predictions and may be subject to change without notice. For tax consequences, each investor is advised to consult his / her own professional tax advisor. This document is not for public distribution and has been furnished solely for information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. No part of this material may be duplicated in any form and/or redistributed without MOAMC’s prior written consent. Distribution Restrictions - This material should not be circulated in countries where restrictions exist on soliciting business from potential clients residing in such countries. Recipients of this material should inform themselves about and observe any such restrictions. Recipients shall be solely liable for any liability incurred by them in this regard and will indemnify MOAMC for any liability it may incur in this respect. The PMS business has been transferred from MOSL to MOAMC and the certificate of registration has been endorsed by SEBI to MOAMC w.e.f. October 21, 2010’
Registered Office: Motilal Oswal Asset Management Company Ltd. 81/82 Bajaj Bhawan, Nariman Point, Mumbai - 400 021.
SEBI Certificate of Registration as Portfolio Manager INP 000000670