Sale of units at Rs.

10/- per unit during the New Fund SPONSOR

Offer Period and thereafter at applicable NAV based prices Corporate Office:
Reliance Capital Limited
Fosbery Road,
Off Reay Road Station (E).
Mumbai - 400 033.
Tel.: 022-3041 1000, Fax 022-3041 1067

TRUSTEE
Corporate Office:
Reliance Capital Trustee Co. Limited
Trade World, B Wing, 7th Floor,
Kamala Mills Compound,
S.B. Marg, Lower Parel (W).
Mumbai - 400 013.
Tel.: 022-30414800, Fax: 022-3041 4818, 3041 4899

INVESTMENT MANAGER
This Offer Document sets forth concisely the information that a prospective investor ought to Corporate Office:
know before investing. Investors should carefully read the Offer Document before making an Reliance Capital Asset Management Limited
investment decision. Trade World, B Wing, 7th Floor,
This Offer Document remains effective until a 'material change' (other than a change in Kamala Mills Compound,
fundamental attributes and within the purview of the Offer Document) occurs and thereafter the S.B. Marg, Lower Parel (W),
changes shall be filed with Securities and Exchange Board of India (SEBI) and circulated to the Mumbai - 400 013.
Unitholders or may be publicly notified by advertisements in the newspapers, subject to the
Tel.: 022-3041 4800, Fax: 022-3041 4818, 3041 4899
applicable regulations.
E-mail: customer_carereliancemutual.com
The Scheme particulars have been prepared in accordance with the Securities and Exchange Touchbase Customer service centre at 3030 1111
Board of India (Mutual Funds) Regulations, 1996, as amended till date and the Offer Document
has been filed with SEBI. The Units in this Scheme being offered for public subscription have
neither been approved nor disapproved by SEBI, nor has SEBI certified the accuracy or REGISTRAR
adequacy of this Offer Document. Karvy Computershare Private Limited
No person has been authorized to give any information or to make any representations not Karvy Plaza, 21, Road No. 4, Street No. 1,
confirmed in this Offer Document, in connection with the Offer Document or the issue of Units, Banjara Hills, Hyderabad-500 034.
and any information or representations not contained herein must not be relied upon as having Tel.: 040-2331 2454, Fax: 040-2331 1968.
been authorized by the Mutual Fund or the Asset Management Company.
This Offer Document is dated March 31, 2006 and was approved by the Board of AMC and the CUSTODIAN
Trustees on November 7, 2005. Deutsche Bank AG
PLEASE RETAIN THIS OFFER DOCUMENT FOR FUTURE REFERENCE. Kodak House, Ground Floor,
222, Dr. D. N. Road,
Mumbai - 400 001.

AUDITORS TO THE SCHEME

Haribhakti & Co.
Chartered Accountants
42, Free Press House,
Nariman Point, Mumbai - 400 021.
I. HIGHLIGHTS, RISK FACTORS AND DUE DILIGENCE ................01 26. Allotment and Despatch of Account Statement..................................31
II. DEFINITIONS AND ABBREVIATIONS ...............................................03 27. Dividend Plan .....................................................................................31
III. SUMMARY OF THE SCHEME..............................................................04 28. Dividend Payout Option.....................................................................31
IV. CONSTITUTION AND MANAGEMENT OF THE FUND .................06 29. Dividend Re-investment Option.........................................................32
A. The Fund......................................................................................................06 30. Effects of Dividends ...........................................................................32
B. Sponsor Company ..............................................................................06 31. Mode of Payment of Dividends..........................................................32
C. The Trustee .........................................................................................06 32. Policy on Unclaimed Redemption & Dividend Amounts ..................32
D. Reliance Capital Asset Management Limited (RCAM).....................09 33. How to Apply / Purchase....................................................................32
E. Statutory Auditors...............................................................................14 34. Additional Purchases / Interscheme Switch / Inter Plan Switch ........32
F. The Custodian.....................................................................................14 35. Mode of Payment ...............................................................................32
G. The Registrar ......................................................................................15 36. List of Documents required to be submitted
H. Bankers to the Issue............................................................................15 alongwtih the application forms .........................................................33
V. INVESTMENT FOCUS, OBJECTIVES, POLICIES 37. Where to submit Application Forms / Transaction Slips....................33
AND LIMITATIONS OF THE SCHEME .....................................15 38. Additional Facilities ...........................................................................34
1. Investment Objectives .................................................................................15 39. Other Facilities ...................................................................................37
2. Asset Allocation Pattern .....................................................................15 40. Pledge of Units ...................................................................................38
3. Benchmark Index ...............................................................................15 41. Redemption of Units ..........................................................................38
4. Investment Strategy ............................................................................15 42. How to Redeem ..................................................................................39
5. Trading in derivatives.........................................................................17 43. Where to submit the Redemption Request .........................................39
6. Debt market in India...........................................................................21 44. Despatch of Proceeds .........................................................................40
7. Portfolio Turnover ..............................................................................21 45. Effect of Redemptions........................................................................40
8. Investment Limitation ........................................................................21 46. Right to Limit Redemption.................................................................40
9. Fundamental Attributes ......................................................................23 47. Suspension of Purchase and Redemption of Units.............................40
10. Underwriting by the scheme...............................................................23 48. Contingent Deferred Sales Charge .....................................................40
11. Borrowing by the Mutual Fund ..........................................................23 49. Fractional Units ..................................................................................41
12. Computation of Net Asset Value ........................................................24 50. Duration of the Scheme......................................................................41
13. Valuation of Assets .............................................................................24 VII. LOADS AND RECURRING EXPENSES......................................41
14. Accounting Policies and Standards ....................................................26 A. Load Structure of the Scheme .....................................................................41
15. Investment by AMC in the Fund ........................................................28 B. Applicable Load Structure..................................................................41
16. Depository28 C. Fees and Expenses of the Scheme......................................................41
17. Policy for Inter-Scheme Transfers......................................................28 VIII. UNITHOLDER'S RIGHTS AND SERVICES ..............................43
VI. UNITS & OFFER.............................................................................29 A. Unitholders' Rights ......................................................................................43
1. New Fund Offer...........................................................................................29 B. Register of Unit Holders.....................................................................44
2. New Fund Offer Price ........................................................................29 C. Voting Rights of the Unitholders........................................................44
3. New Fund Offer Period ......................................................................29 D. Account Statements ............................................................................44
4. Extension of New Fund Offer Period.................................................29 E. NAV Information................................................................................44
5. Continuous Offer ................................................................................29 F. Disclosure of Information under the Regulations ..............................44
6. Who Can Invest? ................................................................................29 G. Services to Unitholders ......................................................................44
7. Minimum Corpus ...............................................................................29 1. Investor Services ................................................................................44
8. Minimum No. of Investors .................................................................29 2. Facilitating Enquiries and Transactions .............................................44
9. Expenses of Initial Issue.....................................................................29 3. Finding Solutions to Problems ...........................................................44
10. Right to Review Applications.............................................................29 4. Unitholder Grievances Redressal Mechanism ...................................44
11. Allotment & Refund...........................................................................29 5. Correspondence ..................................................................................44
12. Allotment ...........................................................................................29 6. Investors' Complaints History ............................................................45
13. Refund ................................................................................................30 IX. TAX IMPLICATIONS .....................................................................46
14. Joint Applicants ..................................................................................30 X. CONDENSED FINANCIAL INFORMATION ......................................49
15. Account Statement / Unit Certificate .................................................30 XI. OTHER MATTERS ..................................................................................63
16. Applicable NAV .................................................................................30 A. Power to make rules ....................................................................................63
17. Listing & Transfer ..............................................................................30 B. Power to remove Difficulties..............................................................63
18. Purchase of Units................................................................................31 C. Scheme to be binding on Unitholders ................................................63
19. Transmission.......................................................................................31 D. Books and Records.............................................................................63
20. Investment Plans.................................................................................31 E. Transactions with Associate Companies ............................................63
21. Growth Plan........................................................................................31 F. Procedure and Manner of Winding Up...............................................75
22. Growth Option....................................................................................31 XII. PENALTIES AND PENDING LITIGATION.........................................75
23. Bonus Option......................................................................................31
24. Capitalization and Issue of Bonus Units ............................................31
25. Eligibility and Treatment of Bonus Unit ............................................31

2
 I. HIGHLIGHTS, RISK FACTORS AND DUE DILIGENCE

HIGHLIGHTS
1. The Sponsor of the Fund is Reliance Capital Limited (RCL) having a net worth of over Rs. 1,437.92 crores as on March 31, 2005.
2. Choice of Investment Plans:
Reliance Equity Fund offers the following plans:
(a) Growth Plan: The Growth Plan is designed for investors interested in capital appreciation on their investment and not regular income. Accordingly,
the Fund will not declare dividends under the Growth Plan. The income earned on the Growth Plan’s corpus will remain invested in the Growth Plan.
The Growth Plan has two options:
(i) Growth Option: The Growth Plan has a Growth Option. Under this Option, there will be no distribution of income and the returns to the investor are
only by way of capital gains/ appreciation, if any, through redemption at applicable NAV of the units held by them.
(ii) Bonus Option: The Growth Plan has a Bonus Option.
(b) Dividend Plan: The Dividend Plan has been designed for investors who require regular income in the form of dividends. Under the Dividend Plan, the
Fund will endeavor to make regular dividend payments to the unit holders.
Dividend will be distributed from the available distributable surplus after the deduction of dividend distribution tax and applicable surcharge, if any.
Dividend Plan has two options:
(i) Dividend Payout Option: Under this option the dividend declared under the Dividend Plan will be paid to the unit holders within 30 days from the
declaration of the dividend.
(ii) Dividend Re-investment Option: The Dividend Plan has a Reinvestment Option whereby the dividend distributed under the plan will be
automatically reinvested at the ex-dividend NAV on the transaction day following the date of declaration of dividend and additional units will be allotted
accordingly. Investors desirous of opting for the same should indicate the same in the space provided in the application form.
The Fund, however, does not assure any targeted annual return/ income nor any capitalisation ratio. Accumulation of earnings and/ or capitalisation of
bonus units and the consequent determination of NAV, may be suspended temporarily or indefinitely under any of the circumstances as stated under the para
on ‘Suspension of Purchases and/or Redemption of units’ of the Offer Document.
Please note that if no Plan is mentioned / indicated in the Application form, the units will, by default, be allotted under the Growth Plan. Similarly, under
the Dividend Plan, if no choice (payout or reinvestment) is indicated, the applicant will be deemed to have applied for the Dividend Re-investment Option
under the plan. If no Option is indicated under the Growth Plan, the applicant will be deemed to have applied for the Growth Option under the Growth Plan.
The unit holder is subsequently free to switch the units from the default plan / option to any other eligible plans / options of the Scheme, at the applicable
NAV.
3. Investment Objective: The primary investment objective of the scheme is to seek to generate capital appreciation & provide long-term growth
opportunities by investing in a portfolio constituted of equity & equity related securities of top 100 companies by market capitalization & of companies
which are available in the derivatives segment from time to time and the secondary objective is to generate consistent returns by investing in debt and
money market securities.
4. Transparency
• The AMC will calculate and disclose the first NAV not later than 30 days from the closure of New Fund Offer Period. Subsequently, the NAV will be
calculated and disclosed at the close of every Working Day which shall be published in at least two daily newspapers and also uploaded on the AMFI site and
Reliance Mutual Fund site i.e. www.reliancemutual.com.
• Publication of Abridged Half-yearly Un-audited / Financial Results in the newspapers or as may be prescribed under the Regulations from time to time.
• Communication of Portfolio on a half-yearly basis to the Unit holders directly or through the Publications or as may be prescribed under the Regulations
from time to time.
• Despatch of the Annual Reports of the respective Schemes within the stipulated period as required under the Regulations.
5. Liquidity: The Scheme will offer for Subscription/ Switch-in and Redemption / Switch-out of Units on every Working Day on an ongoing basi s,
commencing not later than 30 days from the closure of New Fund Offer Period.
As per SEBI Regulations, the Mutual Fund shall despatch redemption proceeds within 10 Working Days of receiving a valid Redemption request. A penal
interest of 15% or such other rate as may be prescribed by SEBI from time to time, will be paid in case the redemption proceeds are not made within 10
Working Days of the date of receipt of a valid redemption request. However, under normal circumstances, the Mutual Fund will endeavor to despatch the
Redemption cheque within 3 - 4 Working Days from the acceptance of a valid redemption request.
6. Flexibility: Unit holders will have the flexibility to alter the allocation of their investments among the scheme(s) offered by the Mutual Fund, in order
to suit their changing investment needs, by easily switching between the scheme(s) / plans of the Mutual Fund.
7. Repatriation: Full Repatriation benefits would be available to NRIs/FIIs subject to applicable conditions.

RISK FACTORS AND SPECIAL CONSIDERATIONS

GENERAL RISK FACTORS
• Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Scheme will be
achieved.
• As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on the factors and forces affecting the
capital markets.

3
• Past performance of the Sponsor/AMC/Mutual Fund is not indicative of the future performance of the Scheme.
• Reliance Equity Fund is only the name of the Scheme and does not in any manner indicate either the quality of the Scheme; it’s future prospects or returns.
• The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond their initial contribution of Rs.1 lakh towards the
setting up of the Mutual Fund and such other accretions and additions to the corpus.
• The Mutual Fund is not guaranteeing or assuring any dividend/ bonus. The Mutual Fund is also not assuring that it will make periodical dividend/bonus
distributions, though it has every intention of doing so. All dividend/bonus distributions are subject to the investment performance of the Scheme.

SCHEME SPECIFIC RISK FACTORS:

• Trading volumes and settlement periods may restrict liquidity in equity and debt investments.
• Investment in Debt is subject to price, credit, and interest rate risk.
• The NAV of the Scheme may be affected, inter alia, by changes in the market conditions, interest rates, trading volumes, settlement periods and transfer
procedures.
• The liquidity of the Scheme’s investments may be inherently restricted by trading volumes, settlement periods and transfer procedures. In the event of
an inordinately large number of redemption requests, or of a re-structuring of the Scheme’s investment portfolio, these periods may become significant.
Please read the Sections of this Offer Document entitled “Special Considerations” and “Right to Limit Redemptions”.
• As per SEBI circular dated December 12, 2003 ref SEBI/IMD/CIR No.10/22701/03 and dated June 14, 2005 ref SEBI/IMD/CIR NO.1/42529/05, each
scheme and individual plan(s) under the schemes should have a minimum of 20 investors and no single investor should account for more than 25% of the
corpus of such scheme/ plan(s) at portfolio level within a period of three months or at the end of the succeeding calendar quarter, whichever is earlier from
the close of the New Fund Offer (NFO). After the NFO and the 3 months balancing period, in each subsequent quarter thereafter, on an average basis, the
scheme shall meet with both the conditions of minimum number of investor and holding as a percentage of the corpus. Determining the breach of 25% limit
- The average net assets of the scheme would be calculated daily and any breach of the 25% holding limit by an investor would be determined. At the end
of the quarter, the average of daily holding by each such investor is computed to determine whether that investor has breached the 25% limit over the
quarter. If there is a breach of limit by any investor over the quarter, a rebalancing period of one month would be allowed and thereafter the investor who
is in breach of the rule shall be given 15 days notice to redeem his exposure over the 25 % limit. Failure on the part of the said investor to redeem his
exposure over the 25 % limit within the aforesaid 15 days would lead to automatic redemption by the Mutual Fund on the applicable Net Asset Value on the
15th day of the notice period.
• The Fund may invest in overseas equities / ADR’s / GDR’s with the approval of RBI/SEBI, subject to such guidelines as may be issued by RBI/SEBI. The net
assets, distributions and income of the scheme may be affected adversely by fluctuations in the value of certain foreign currencies relative to the Indian
Rupee to the extent of investments in these securities. Repatriation of such investment may also be affected by changes in the regulatory and political
environments. The scheme’s NAV may also be affected by a fluctuation in the general and specific level of interest rates intern ationally, or the change in
the credit profiles of the issuers.
• Although, the objective of the Fund is to generate optimal returns, the objective may or may not be achieved. The investors may note that if the AMC/
Investment Manager is not able to make right decision regarding the timing of increasing exposure in debt securities in times of falling equity market, it may
result in negative returns. Given the nature of scheme, the portfolio turnover ratio may be on the higher side commensurate with the investment decisions
and Asset Allocation of the Scheme. At times, such churning of portfolio may lead to losses due to subsequent negative or unfavorable market movements.
• The tax benefits described in this Offer Document, are as available under the present taxation laws and are available subject to relevant conditions. The
information given is included only for general purpose and is based on advise received by the AMC regarding the law and practice currently in force in India
and the Unit holders should be aware that the relevant fiscal rules or their interpretation may change. As is the case with any investment, there can be no
guarantee that the tax position or the proposed tax position prevailing at the time of an investment in the Scheme will endure indefinitely. In view of the
individual nature of tax consequences, each Unit holder is advised to consult his / her own professional tax advisor.
RISK FACTOR ASSOCIATED WITH OVERSEAS INVESTMENT:
Subject to necessary approvals and within the investment objectives of the Scheme, the Scheme may invest in overseas markets which carry a risk on
account of fluctuations in foreign exchange rates, nature of securities market of the country concerned, repatriation of capital due to exchange control and
political circumstances.
SPECIAL CONSIDERATIONS:
The Mutual Fund is not assuring or guaranteeing that it will be able to make regular periodical distributions/distribute bonus units to its Unit holders though
it has every intention to manage the portfolio so as to make periodical income/bonus distributions to Unit holders. Periodical distributions will be dependent
on the returns achieved by the Asset Management Company through the active management of the portfolio. Periodical distributions may therefore vary
from period to period, based on investment results of the portfolio.
RISKS ATTACHED WITH THE USE OF DERIVATIVES:
RCAM may use various derivative products, as permitted by SEBI from time to time, in an attempt to protect the value of the portfolio and enhance Unit
holder’s interest/value of the Scheme. As and when the schemes trade in the derivatives market there are risk factors and issues concerning the use of
derivatives that investors should understand derivative products are specialized instruments that require investment techniques and risk analyses different
from those associated with stocks and bonds. The use of a derivative requires an understanding not only of the underlying instrument but also of the
derivative itself. Derivatives require the maintenance of adequate controls to monitor the transactions entered into, the ability to assess the risk that a
derivative adds to the portfolio and the ability to forecast price or interest rate movements correctly. There is the possibility that a loss may be sustained
by the portfolio as a result of the failure of another party (usually referred to as the “counter party”) to comply with the terms of the derivatives contract.
Other risks in using derivatives include the risk of mispricing or improper valuation of derivatives and the inability of derivatives to correlate perfectly with
underlying assets, rates and indices. Thus, derivatives are highly leveraged instruments. Even a small price movement in the underlying security could have
a large impact on their value. Also, the market for derivative instruments is nascent in India.
The Trustees have the right in their sole discretion; to limit redemptions under certain circumstances mentioned elsewhere in the Offer Document.

4
Investors should study this Offer Document carefully in its entirety and should not construe the contents hereof as advise relating to legal, taxation,
investment or any other matters. Investors are advised to consult their legal, tax, investment and other professional advisors to determine possible legal,
tax, financial or other considerations of subscribing to or redeeming units, before making a decision to invest / redeem Units.
Investors are urged to study the terms of the Offer carefully before investing in this Scheme, and to retain this Offer Document for future reference.
DUE DILIGENCE CERTIFICATE
It is confirmed that:
• The Draft Offer Document of Reliance Equity Fund, forwarded to SEBI, is in accordance with the SEBI (Mutual Funds) Regulations, 1996 and the
guidelines and directives issued by SEBI from time to time.
• All the legal requirements in connection with the launch of the Scheme as also the guidelines, instructions etc., issued by the Government and any other
competent authority in this behalf, have been duly complied with.
• The disclosures made in the Offer Document are true, fair and adequate to enable the investors to make a well-informed decision regarding investment in
the Scheme.
• According to the information provided to us, Deutsche Bank, the Custodian, Karvy Computeshare Pvt. Ltd, the Registrar and HDFC Bank Limited, ICICI
Bank Limited, IDBI Limited and Kotak Mahindra Bank the Collecting Bankers are registered with SEBI and until the date, such registrations are valid.
• The contents of the Offer Document including figures, data, yields etc. have been checked and are factually correct.
Place : Mumbai Name : Ashutosh Vaidya
Date : December 22, 2005 Designation : Compliance Officer
Note : The Due Diligence Certificate as stated above was submitted to the Securities and Exchange Board of India on December 22, 2005.

II. DEFINITIONS AND ABBREVIATIONS

In this Offer Document, the following words and expressions shall have the meaning specified below, unless the context otherwise requires:
Applicable NAV: Applicable NAV is the Net Asset Value per Unit at the close of the Working Day on which the application for purchase or redemption
is received at the designated investor service centre and is considered accepted on that day. An application is considered accepted on that day, subject to it
being complete in all respects and received prior to the cut-off time on that Working Day.
Asset Management Company/AMC/Investment Manager/RCAM: Reliance Capital Asset Management Limited, the Asset Management Company
incorporated under the Companies Act 1956, and authorized by SEBI to act as the Investment Manager to the Schemes of Reliance Mutual Fund (RMF).
Bonus Unit : Bonus Unit means and includes, where the context so requires, a unit issued as fully paid-up bonus unit by capitalizing a part of the amount
standing to the credit of the account of the reserves formed or otherwise in respect of this scheme.
CDSC: Contingent Deferred Sales Charge, a charge imposed when the units are redeemed within the first four years of unit ownership. The SEBI (Mutual
Fund) Regulations, 1996 direct that a CDSC may be charged only for the first four years after purchase and mandates the maximum amount that can be
charged in each year.
Collecting Bank: Branches of Banks for the time being authorized to receive application(s) for units, as mentioned in this document.
Continuous Offer: Offer of the Units when the Scheme becomes open ended, after closure of the New Fund Offer.
Custodian: Deutsche Bank, Mumbai, acting as Custodian to the Scheme, or any other custodian who is appointed by the Trustee.
Designated Investor Service Centres (DISC / Official point of acceptance for transaction): Any location as may be defined by the Asset
Management Company from time to time, where investors can tender the request for subscription, redemption or switching of units etc.
Entry Load: Load on subscriptions / switch in
Exit Load: Load on redemptions / switch out.
Equity related instruments: Such instruments like Convertible bonds and debentures and warrants carrying the right to obtain equity shares and
derivative instruments.
FII: Foreign Institutional Investors, registered with SEBI under the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations,
1995.
Investment Management Agreement (IMA): The Agreement entered into between Reliance Capital Trustee Co. Limited and Reliance Capital Asset
Management Limited by which RCAM has been appointed the Investment Manager for managing the funds raised by RMF under the various Schemes, and
all amendments thereof.
Market Capitalisation or “Market Cap”: The market value of a listed company, which is calculated by multiplying its current share price by the number
of shares outstanding. This will be monitored based on the prices quoted on the National Stock Exchange India Limited.
New Fund Offer: Offer of Reliance Equity Fund (“an open-ended diversified equity scheme”) units during the new fund offer period.
New Fund Offer Period : The dates on or the period during which the initial subscription to units of the scheme can be made if any, such offer period
not being more than thirty days.
Load: A charge that may be levied as a percentage of NAV at the time of entry into the scheme/plans or at the time of exiting from the scheme/ plans.
Local Cheque: A Cheque handled locally and drawn on any bank, which is a member of the banker’s clearing house located at the place where the
application form is submitted.

5
Regulations/ Mutual Fund Regulations: Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended from time to time and
such other regulations as may be in force from time to time to regulate the activities of Mutual Funds.
NAV / Net Asset Value: Net Asset Value of the Units in each plan of the Scheme is calculated in the manner provided in this Offer Document or as may
be prescribed by Regulations from time to time. The NAV will be computed upto four decimal places.
NRI: Non-Resident Indian.
Offer Document: The document issued by Reliance Mutual Fund, offering units of Reliance Equity Fund (“an open-ended diversified equity scheme”) for
subscription.
Purchase Price: Purchase Price to the investor of Units of any of the plans computed in the manner indicated in this offer document.
RBI / Reserve Bank of India: Reserve Bank of India, established under the Reserve Bank of India Act, 1934.
RMF /Mutual Fund/the Fund: Reliance Mutual Fund, (formerly known as Reliance Capital Mutual Fund), a Trust under Indian Trust Act, 1882 and
registered with SEBI vide registration number MF/022/95/1 dated June 30, 1995.
RCTC/Trustee/Trustee Company: Reliance Capital Trustee Co. Limited, a Company incorporated under the Companies Act, 1956, and authorized by
SEBI and by the Trust Deed to act as the Trustee of Reliance Mutual Fund.
RCL/Sponsor/Settlor: Reliance Capital Limited
Redemption Price: Redemption Price to the investor of Units of any of the plans computed in the manner indicated in this offer document.
Registrar /Karvy: Karvy Computershare Pvt Ltd., who have been appointed as the Registrar or any other Registrar who is appointed by RCAM.
Scheme: Reliance Equity Fund (“an open-ended diversified equity scheme”)
SEBI: The Securities and Exchange Board of India.
Plans: The Scheme offers two Plans, Growth Plan and Dividend Plan
Trust Deed: The Trust Deed entered into on April 25, 1995 between the Sponsor and the Trustee, and all amendments thereof.
Trust Fund: The corpus of the Trust, unit capital and all property belonging to and/or vested in the Trustee.
Unit: The interest of the investors in any of the plans, of the scheme which consists of each Unit representing one undivided share in the assets of the
corresponding plan of the scheme.
Unitholder: A person who holds Unit(s) under the scheme.
Unitholders Record: Unitholders whose names appear on the unitholders register of the concerned plan/(s) on the date of determination of dividend,
subject to realization of the cheque.
Working Day: Any day, provided such day is not a Saturday or Sunday or any day on which Banks in Mumbai are Closed for commercial transactio ns and
Bombay Stock Exchange Limited, and/or National Stock Exchange are closed for transactions or a day on which banks are open but Bombay Stock
Exchange Limited, and/or The National Stock Exchange are closed for transactions or a day on which sale of units is suspended by the AMC or a day on
which normal business could not be transacted due to storms, floods, bandhs, strikes or any other calamities, etc, subject to modifications by RCAM from
time to time.
Words and Expressions used in this Offer Document and not defined: Same meaning as in Regulations

III. SUMMARY OF THE SCHEME

SCHEME FEATURES:
Scheme: Reliance Equity Fund
Type: An open-ended diversified Equity scheme.
Investment Pattern: 75-100% in equity and equity related instruments, upto 25% in debt and money market instruments
Investment Objective: The primary investment objective of the scheme is to seek to generate capital appreciation & provide long-term growth
opportunities by investing in a portfolio constituted of equity & equity related securities of top 100 companies by market capitalization & of
companies which are available in the derivatives segment from time to time and the secondary objective is to generate consistent returns by
investing in debt and money market securities.
Net Asset Value: Calculated & declared every Working day
Plans/Options: Growth Plan: Growth Option & Bonus Option; Dividend Plan: Dividend Pay-out Option & Dividend Re-investment Option
Minimum Application Amount: Rs. 5,000/- and in multiples of Re. 1 thereafter under each option
Minimum Additional Investment* (During Continuous Offer): Rs. 1000/- and in multiples of Re. 1 thereafter (*including switch in after opening
a folio with minimum of Rs 5000)
Portfolio Disclosures: Half-yearly
Entry Load:
For Subscription below Rs. 2 crs - 2.25%
For subscription of Rs. 2 crs & above and below Rs 5 crs - 1.25%
For Subscription of Rs 5 crs & above - Nil
However there will be no Entry load during the New Fund Offer (NFO)

6
Exit Load: For Fresh subscription during the NFO including the 1st installment of RIP / SIP and for switch-in applications to Reliance Equity Fund from
any other scheme - an exit load of 2.00% shall be levied if redeemed/switched before 6 months and 1.00% if redeemed / switched before 1 year from the date
of allotment for amount up to Rs 5 crores. There shall be no exit load for amount of Rs. 5 Crs & above.
However for subscription during the continuous offer, irrespective of the amount, the exit load shall be Nil.
Contingent Deferred Sales Charge : Nil
Inter-Scheme Switch : At the applicable loads in the respective Scheme/s
Inter Plan/Inter Option Switch : Nil
Redemption Cheques Issued: Mutual Fund shall endeavour to issue within 3 – 4 Working days
Minimum Redemption : Any amount or any number of units
Cut off time : 3:00 p.m. on working days as defined in the Offer Document
Recurring / Systematic Investment Plan (RIP / SIP): Available only through ECS / Direct Debit mode during the NFO. However, RIP / SIP is
available through ECS / Direct Debit, Cheques and any other modes as may be prescribed by the AMC from time to time during the continuous offer.
Regular Withdrawal Plan (RWP): Available as detailed elsewhere in the Offer Document
Regular Investment Option for corporate employees (RICE): Available as detailed elsewhere in the offer document.
Trigger Facility: Value & NAV Trigger to introduce a Stop loss or a Gain Cap.
Switch Facility: Available, subject to minimum Rs. 5000/- & any amount thereafter in switch in scheme (for opening a new folio/account) & minimum
Rs 1000 & any amount thereafter for additional switch in. No load applicable for switches between the equity / sector specific schemes. However,
differential load shall be charged for switching from Reliance Index Fund to any other equity/sector specific scheme and switching from any other equity
/ sector specific scheme to Reliance NRI Equity Fund.
Nomination Facility: Available
Systematic Transfer Plan (STP): Available
Dividend Transfer Plan: Available
Mode of Holding: Single, Joint or Anyone or Survivor
Benchmark Index: S&P CNX Nifty
Switching Option: Investors may opt to switch Units between the Dividend Plan and Growth Plan of the Scheme at NAV based prices. Switching will also
be allowed into/from any other eligible open-ended Schemes of the Fund either currently in existence or a Scheme(s) that may be launched / managed in
future, as per the features of the respective scheme and as per the applicable loads.
Recurring Expenses
Investment Management Expenses 1.25%
Marketing Expenses 1.00%
Operational Expenses 0.25%
Total 2.50%
The above expenses are estimates only and are subject to change as per actuals. While the AMC fees remains the same, other expenses, namely, Marketing
Expenses and Operational Expenses may change inter se and the total expenses shall not exceed 2.50% of the amount of the Scheme’s average daily net
assets. Subject to SEBI (Mutual Fund) Regulations, 1996, the AMC reserve the right to modify the above estimate for recurring expenses on a prospective
basis.
Allotment of Units: Allotment of units in respect of applications received during NFO will be made within one month from date of closure of the NFO
(subject to realization of cheque/draft). For Subscriptions received after re-opening for continuous offer, at the DISC’s within the cut-off timings and
considered accepted for that day, the units will be allotted as per the applicable NAV on the T day, Where the T day is the transaction day, provided the
application is received within the cut-off timings for the transaction day.
RCAM, in consultation with the Trustees reserves the right to discontinue/ add more plans/ options at a later date subject to complying with the prevailing
SEBI guidelines and Regulations. RCAM, in consultation with the Trustees, reserves the right to change the Load structure if it so deems fit in the interest
of smooth and efficient functioning of the Scheme, on a prospective basis.
Duration of New Fund Offer
Opening Date : February 6, 2006
Closing Date : March 7, 2006
The Trustees reserve the right to extend the new fund offer (but not more than 30 days).
New Fund Offer price: Rs.10/- per unit
Initial Issue Expenses: The initial issue expenses incurred during new fund offer will be debited to the scheme to the extent of 6% of the funds raised
during the new fund offer and the same will be amortized over a period of 5 years. However, as per SEBI (Mutual Fund) Regulations, 1996 any expense more
than 6% of the initial net assets shall be borne by the AMC.

7
 IV. CONSTITUTION AND MANAGEMENT OF THE FUND
A. THE FUND
Reliance Mutual Fund
Reliance Mutual Fund has been established as a Trust under the Indian Trusts Act, 1882 with Reliance Capital Limited, as the Settlor/Sponsor and Reliance
Capital Trustee Co. Limited, as the Trustee. RMF has been registered with the Securities & Exchange Board of India (SEBI) vide registration number MF/
022/95/1 dated June 30, 1995. The name of the Mutual Fund has been changed from Reliance Capital Mutual Fund to Reliance Mutual Fund effective March
11, 2004 vide SEBI’s letter no. IMD/PSP/4958/2004 dated March 11, 2004. Reliance Mutual Fund was formed to launch various schemes under which units
are issued to the public with a view to contribute to the capital market and to provide investors the opportunities to make investments in diversified
securities.
The main objects of the Trust are: -
i. To carry on the activity of a Mutual Fund as may be permitted by law and formulate and devise various collective Schemes of savings and investments
for people in India and abroad and also ensure liquidity of investments for the Unitholders;
ii. To deploy Funds thus raised so as to help the Unitholders earn reasonable returns on their savings; and
iii. To take such steps as may be necessary from time to time to realise the effects without any limitation.
B. SPONSOR COMPANY
Reliance Capital Limited
Reliance Capital Asset Management Limited is a wholly owned subsidiary of Reliance Capital Limited, the sponsor. The entire paid-up capital (100%) of
Reliance Capital Asset Management Limited is held by Reliance Capital Limited.
Reliance Mutual Fund (RMF) has been sponsored by Reliance Capital Ltd. (RCL). RCL has been promoted by Reliance Industries Limited (RIL), one of
India’s largest private sector enterprise and AAA Enterprises (P) Limited. RIL has a net worth of Rs.40,483 crores as on March 31, 2005 and currently has
a large family of shareholders. Reliance Capital Limited is a Non Banking Finance Company engaged in leasing, investment and other fund based activities.
The networth of RCL is Rs. 1,437.92 crores as on March 31, 2005. Given below is a summary of RCL’s financials:
(Rs. in crores)

Particulars 2004-05 2003-04 2002-03

Total Income 295.69 356.79 458.78

Profit Before Tax 111.21 105.79 102.63

Profit After Tax 105.81 105.79 102.63

Reserves & Surplus 1310.08 1271.84 1208.50

Net Worth 1437.92 1399.81 1336.33

Earnings per Share (Rs.) 8.31 8.31 8.06

(Basic + Diluted) (Basic+ Diluted)

Book Value per Share (Rs.) 112.95 109.96 104.54

Dividend (%) 30% 29% 29%

Paid up Equity Capital 127.84 127.84 127.83

RCL has contributed Rupees One Lac as the initial contribution to the corpus for the setting up of the Mutual Fund. RCL is responsible for discharging its
functions and responsibilities towards the Fund in accordance with the SEBI Regulations. The Sponsor is not responsible or liable for any loss resulting from
the operation of the Scheme beyond the contribution of an amount of Rupees one lakh made by them towards the initial corpus for setting up the Fund and
such other accretions and additions to the corpus.
C. THE TRUSTEE
Reliance Capital Trustee Co. Limited
Regd. Office: Corporate Office :
EO1, Reliance Greens, Kamala Mills Compound,
Village Motikhavdi, Trade World, B Wing,
Digvijaygram, 7th Floor,
District Jamnagar – 361140 Lower Parel (West),
Gujarat Mumbai-400 013.
Reliance Capital Trustee Co. Limited (RCTC), a company incorporated under the Companies Act, 1956, has been appointed as the Trustee to the Fund vide
the Trust Deed dated April 25, 1995 executed between the Sponsor and the Trustee.
RCTC has been appointed as the Trustee to “Reliance India Power Fund”, a Venture Capital Fund registered with the SEBI vide registration number IN/VCF/
05-06/062 dated June 16, 2005 but this activity is yet to commence. An application has also been filed for registration of “Reliance Venture Capital Fund”
with SEBI.

8
1. The Directors
Directors of RCTC are:
Name and Address Other Directorships
Mr. S. P. Talwar* Director: Venragiri Power Generation Limited,
162, Kshitij, 16th Floor, Reliance General Insurance Company Limited,
47, Nepean Sea Road, Reliance Life Insurance Company Limited,
Mumbai – 400036 M/s. Crompton Greaves Limited
(Former Deputy Governor of Reserve Bank of India)
Mr. S. S. Bhandari Director: M/s Vaibhav Gems Limited, Jaipur
P-7, Tilak Marg, ‘C' Scheme, Senior Partner: M/s S. Bhandari & Co.
Jaipur – 302005 Chartered Acountants, Jaipur
Chartered Accountant
Mr. A. N. Shanbhag* CanBank Mutual Fund, MCS Ltd
96/11, Mohini Mansion, 2nd Floor, Proprietor: Wonderland Investments
Near D. S. High School, Sion(W), Consultants
Mumbai-400 022
Tax & Investment Consultant
Mr. Sujal Shah Director: i-Process Services (India)
9, Ganesh Bhuvan, Private Limited, Gitanjali Gems Limited,
Natwar Nagar, Road No. 2 Partner : M/s N. M. Raiji & Co.
Jogeshwari (East),
Mumbai – 400 060
Chartered Accountant
* Associate Director
Note: As per Regulation 16(5) of the SEBI (Mutual Funds) Regulations, 1996, “two-thirds of the trustees shall be independent persons and shall not be
associated with the sponsors or be associated with them in any manner whatsoever”. As per SEBI Circular dated October 28, 2002, “Trustee Company must
appoint independent director(s) in place of the resigning director(s) within a period of three months from the date of resignation.” Further, in view of the
above, the composition of the Board of Directors of Reliance Capital Trustee Co. Limited shall be re-aligned as per the directions of SEBI.
2. Duties and Obligations of the Trustees
In accordance with SEBI (Mutual Funds) Regulations, 1996 and the Trust Deed constituting the Mutual Fund, the Trustees are required to fulfill several duties
and obligations, including the following:
a. The Trustee and the Asset Management Company shall with the prior approval of SEBI enter into an Investment Management Agreement (IMA).
b. The Investment Management Agreement shall contain such clauses as are mentioned in the Fourth Schedule of the SEBI (MFs) Regulations, 1996 and
other such clauses as are necessary for the purpose of making investments.
c. The Trustees shall have a right to obtain from the Asset Management Company such information as is considered necessary by the Trustees.
d. The Trustee shall ensure before the launch of any scheme that the Asset Management Company possesses/has done the following:
(i) Systems in place for its back office, dealing room and accounting;
(ii) Appointed all key personnel including fund manager(s) for the Scheme(s) and submitted their bio-data which shall contain the educational qualifications,
past experience in the securities market to SEBI, within 15 days of their appointment;
(iii) Appointed Auditors to audit its accounts;
(iv) Appointed a Compliance Officer to comply with regulatory requirement and to redress investor grievances;
(v) Appointed Registrars and laid down parameters for their supervision;
(vi) Prepared a compliance manual and designed internal control mechanisms including internal audit systems; and
(vii) Specified norms for empanelment of brokers and marketing agents.
e. The Trustee shall ensure that the Asset Management Company has been diligent in empanelling the brokers, in monitoring securities transactions with
brokers and avoiding undue concentration of business with any broker.
f. The Trustee shall ensure that the Asset Management Company has not given any undue or unfair advantage to any associate or dealt with any of the
associates of the Asset Management Company in any manner detrimental to interest of unitholders.
g. The Trustee shall ensure that the transactions entered into by the Asset Management Company are in accordance with the SEBI (Mutual Funds)
Regulations, 1996 and the Scheme.
h. The Trustee shall ensure that the Asset Management Company has been managing the Mutual Fund Scheme independent of other activities and have
taken adequate steps to ensure that the interest of investors of one Scheme are not compromised with those of any other scheme or of other activities of
the Asset Management Company.
i. The Trustee shall ensure that all the activities of the Asset Management Company are in accordance with the provisions of SEBI (Mutual Funds)
Regulations, 1996.
j. Where the Trustees have reason to believe that the conduct of the business of the Mutual Fund is not in accordance with the Regulations and the Scheme,
they shall forthwith take such remedial steps as deemed necessary by them and shall immediately inform SEBI of the violation and the action taken by
them.

9
k. Each Trustee shall file the details of his transactions in securities (above Rs.1 Lac per transaction) with the Mutual Fund on a quarterly basis.
l. The Trustees shall be accountable for and be the Custodian of the funds and property of the respective Schemes and shall hold the same in trust for the
benefit of the unitholders in accordance with the SEBI (Mutual Funds) Regulations, 1996 and the provisions of the Trust Deed.
m. The Trustees shall take steps to ensure that the transactions of the Mutual Fund are in accordance with the provisions of the Trust Deed.
n. The Trustees shall be responsible for the calculation of any income due to be paid to the Mutual Fund and also of any income received in the Mutual Fund
for the unitholders of any Scheme in accordance with the SEBI (Mutual Funds) Regulations, 1996 and the Trust Deed.
o. The Trustees shall obtain the consent of the unitholders of the Scheme:
(i) Whenever required to do so by SEBI in the interest of the unitholders;
(ii) Whenever required to do so, on the requisition made by three-fourths of the unitholders of any Scheme under the Mutual Fund;
(iii) When the majority of the Trustees decide to wind up the Scheme or prematurely redeem the Units;
p. The Trustees shall ensure that no change in the fundamental attributes of any Scheme or the Trust or fees and expenses payable or any other change
which would modify the Scheme and affects the interest of unitholders, shall be carried out unless :-
(a) A written communication about the proposed change is sent to each unitholder and an advertisement is given in one English daily newspaper having
nationwide circulation as well as in a newspaper published in the language of the region where the head office of the Mutual Fund is situated; and
(b) The unitholders are given an option to exit at the prevailing net asset value without any exit load.
q. The Trustee shall call for the details of transactions in securities by the key personnel of the Asset Management Company in his own name or on behalf
of the Asset Management Company and shall report to SEBI, as and when required.
r. The Trustee shall quarterly review all transactions carried out between the Mutual Fund, Asset Management Company and its associates.
s. The Trustee shall quarterly review the net worth of the Asset Management Company and shall ensure that the same is in accordance with the clause (f)
of sub-regulation (1) of regulation 21 of SEBI (Mutual Funds) Regulations, 1996.
t. The Trustee shall periodically review all service contracts such as custody arrangements, transfer agency of the securities and satisfy itself that such
contracts are executed in the interest of the unitholders.
u. The Trustee shall ensure that there is no conflict of interest between the manner of deployment of the net worth by the Asset Management Company
and the interest of the unitholders.
v. The Trustee shall periodically review the investor complaints received and the redressal of the same by the Asset Management Company.
w. The Trustee shall abide by the Code of Conduct as specified in the Fifth Schedule of the SEBI (Mutual Funds) Regulations, 1996.
x. The Trustee shall furnish to SEBI on a half-yearly basis the following:
(i) A report on the activities of the Mutual Fund;
(ii) A certificate stating that the Trustees have satisfied themselves that there have been no instances of self-dealing or front-running by any of the Trustees
and by the directors and key personnel of the Asset Management Company; and
(iii) A certificate to the effect that the Asset Management Company has been managing the Scheme independently of any other activities and in case any
activities of the nature referred to in regulation 24(2) of the SEBI (Mutual Funds) Regulations, 1996 have been undertaken by the Asset Management
Company, adequate steps to ensure that the interest of the unitholders are protected, have been taken.
y. The independent Trustees referred to in sub-regulation (5) of Regulation 16 shall give their comments on the report received from the Asset Management
Company regarding the investments by the Mutual Fund in the securities of group companies of the Sponsor.
z. The Trustees shall exercise due diligence as under:
General Due Diligence:
i) The Trustees shall be discerning in the appointment of the directors on the Board of the Asset Management Company.
ii) The Trustees shall review the desirability or continuance of the Asset Management Company if substantial irregularities are observed in any of the
Schemes and shall not allow the Asset Management Company to float new Schemes.
iii) The Trustee shall ensure that the trust property is properly protected, held and administered by proper persons and by a proper number of such persons.
iv) The Trustee shall ensure that all the service providers are holding appropriate registrations from SEBI or concerned regulatory authority.
v) The Trustees shall arrange for test checks of service contracts.
vi) The Trustees shall immediately report to SEBI of any special developments in the Mutual Fund.
Specific Due Diligence:
The Trustees shall:
i) Obtain internal audit reports at regular intervals from independent auditors appointed by the Trustees.
ii) Obtain compliance certificates at regular intervals from the Asset Management Company.
iii) Hold meetings of the Trustees once in two calendar months and atleast six such meetings shall be held in every year.
iv) Consider the reports of the independent auditor and compliance reports of Asset Management Company at the meetings of Trustees for appropriate
action.
v) Maintain records of the decisions of the Trustees at their meetings and of the minutes of the meetings.
vi) Prescribe and adhere to a code of ethics by the Trustees, Asset Management Company and its personnel.

10
vii) Communicate in writing to the Asset Management Company of the deficiencies and checking on the rectification of deficiencies.
aa. The independent directors of the trustees shall pay specific attention to the following, as may be applicable, namely:-
i) The Investment Management Agreement and the compensation paid under the agreement.
ii) Service contracts with affiliates as to whether the Asset Management Company has charged higher fees than outside contractors for the same services.
iii) Selection of the Asset Management Company ‘s independent directors
iv) Securities transactions involving affiliates to the extent such transactions are permitted by Regulations.
v) Selecting and nominating individuals to fill independent directors vacancies.
vi) Code of ethics must be designed to prevent fraudulent, deceptive or manipulative practices by insiders in connection with personal securities transactions.
vii) The reasonableness of fees paid to Sponsors, Asset Management Company and others for services provided.
viii) Principal underwriting contracts and renewals
ix) Any service contract with the associates of the Asset Management Company.
ab. The Trust Deed shall not be amended without obtaining the prior approval of SEBI, and the unitholders approval would be obtained where it affects the
interest of unitholders.
Where SEBI Regulations provide for seeking the approval of the Unit Holders for any purpose, the Trustee may adopt any of the following procedures:
(i) Seeking approval by postal ballot or
(ii) Approval of the Unit-holders present and voting at a meeting to be specifically convened by the Trustee for the purpose. For this purpose, the Trustees
shall give 21 days notice to the Unit Holders and the Trustees may lay down guidelines for the actual conduct and accomplishment of the voting at the
meeting and announcement of the results.
Under the Trust Deed, duties and obligations also include the following:
i) In carrying out its responsibility, the Trustee and its directors shall maintain arms length relationship with other companies, or institutions or financial
intermediaries or any body corporate with which they may be associated.
ii) The Directors of the Trustee shall not participate in any decision-making process/resolutions of its board meetings for any investment in which they
may be interested.
iii) All the Trustees shall furnish to the Board of Trustees or Trustee Company particulars of interest which he may have in any other company, or
institution or financial intermediary or any corporate by virtue of his position as Director, partner or with which he may be associated in any other capacity.
iv) The Trustee shall not acquire or allow the AMC to acquire any asset out of the Trust Fund and/or Unit Capital, which involves the assumption of
unlimited liability or results in encumbrance of Trust Fund and/or Unit Capital in any way.
v) The Trustee shall not make or guarantee loans or take up any activity in contravention of SEBI Regulations except with the prior approval of SEBI nor
shall it allow the AMC to do so.
However, as and when there is an addition / modification / deletion in the duties and responsibilities of the Trustee, due to a change in the SEBI Regulations,
such addition / modification / deletion shall be applicable here, accordingly.
The Trustee shall not be held liable for acts done in good faith if they have exercised adequate due diligence honestly.
The Trustees shall meet at least once in two calendar months and at least six such meetings shall be held in every year to review the information / reports
submitted by the AMC in accordance with the Regulations. As per Regulations prevailing during the year ended March 31, 2005, six meetings of the Board
of Directors of the Trustee Company were held.
The Trustees have also appointed the statutory auditors to verify the books of accounts and to ascertain the true and fair representation of the state of
affairs as on a particular day and to ascertain profit/ loss of the Mutual Fund, as at the end of the financial year.
The Board of Trustees has constituted an Audit Committee, chaired by an independent Trustee. The Committee meets periodically to discuss the internal
control systems, the scope of audit of the internal auditors, as well as the observations made by them. It also reviews the half-yearly and annual financial
accounts. Recommendations, if any, of the audit committee on any matter relating to financial management etc. are considered in the subsequent Board
meeting of AMC and Trustees.
3. Trusteeship Fees
Pursuant to the Trust Deed constituting the Fund, the Fund is authorised to pay the Trustee, a fee for their services, in addition to the reimbursement of
all costs, charges and expenses, sum computed at the rate of 0.05% of the amount, being the aggregate of the Trust Fund and Unit Capital of all the Schemes
put together on 1st April each year or a sum of Rs.5 Lacs, which ever is lower or such other sum as may be agreed upon between the Settlor and the Trustee
from time to time. The Trustee may charge further fees as permitted from time to time under the Trust Deed and the Regulations.
D. ASSET MANAGEMENT COMPANY (AMC)
Reliance Capital Asset Management Limited
Reliance Capital Asset Management Limited (RCAM), a company registered under the Companies Act, 1956 was appointed to act as th e Investment
Manager of Reliance Mutual Fund.
Reliance Capital Asset Management Limited is a wholly owned subsidiary of Reliance Capital Limited, the sponsor. The entire paid-up capital (100%) of
Reliance Capital Asset Management Limited is held by Reliance Capital Limited.
Reliance Capital Asset Management Limited was approved as the Asset Management Company for the Mutual Fund by SEBI vide their letter no IIMARP/
1264/95 dated June 30, 1995. The Mutual Fund has entered into an Investment Management Agreement (IMA) with RCAM dated May 12, 1995 and was
amended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations, 1996. Pursuant to this IMA, RCAM is authorised to act as Investment Manager
of the Mutual Fund. The networth of the Asset Management Company including Preference shares as on March 31, 2005 is Rs. 30.13 crores. The Mutual

11
Fund has launched twenty-four Schemes till date, namely: Reliance Vision Fund (September 1995), Reliance Growth Fund (September 1995) Reliance
Income Fund (December 1997), Reliance Liquid Fund (March 1998), Reliance Medium Term Fund (August 2000), Reliance Short Term Fund (December
2002), Reliance Fixed Term Scheme (March 2003), Reliance Banking Fund (May 2003), Reliance Gilt Securities Fund (July 2003), Reliance Monthly
Income Plan (December 2003), Reliance Diversified Power Sector Fund (March 2004) Reliance Pharma Fund ( May 2004), Reliance Floating Rate Fund
(August 2004), Reliance Media & Entertainment Fund (September 2004), Reliance NRI Equity Fund (October 2004), Reliance NRI Income Fund (October
2004), Reliance Index Fund (January 2005), Reliance Equity Opportunities Fund (February 2005), Reliance Fixed Maturity Fund – Series I (March 2005),
Reliance Fixed Maturity Fund – Series II (April 2005), Reliance Regular Savings Fund (May 2005), Reliance Liquidity Fund (June 2005), Reliance Tax Saver
(ELSS) Fund (July 2005) and Reliance Fixed Tenor Fund (November 2005).
RCAM has been registered as a portfolio manager vide SEBI Registration No. INP000000423 and renewed effective 1st August, 2003.
RCAM has commenced these activities. It has been ensured that key personnel of the AMC, the systems, back office, bank and securities accounts
are segregated activity wise and there exists systems to prohibit access to inside information of various activities. As per SEBI Regulations, it will
further ensure that AMC meets the capital adequacy requirements, if any, separately for each such activity.
RCAM has been appointed as the Investment Manager of “Reliance India Power Fund”, a Venture Capital Fund registered with the SEBI vide
registration number IN/VCF/05-06/062 dated June 16, 2005 but this activity is yet to commence. However, there is no conflict of interest between
various business activities carried on by Asset Management Company.
1. Name and Address of the Asset Management Company for the Mutual Fund
Reliance Capital Asset Management Limited
Regd. Office: Corporate Office:
EO1, Reliance Greens, Kamala Mills Compound,
Village Motikhavdi, Trade World, B Wing, 7th Floor,
P.O. Digvijaygram, S. B. Marg, Lower Parel (West),
District Jamnagar – 361140 Mumbai-400 013.
(Gujarat)
2. Shareholders of AMC
Reliance Capital Asset Management Limited is a wholly owned subsidiary of Reliance Capital Limited, the sponsor. The entire paid-up capital (100%)
of Reliance Capital Asset Management Limited is held by Reliance Capital Limited.
3. Directors
The Directors of RCAM are:
Mr. Amitabh Jhunjhunwala * Director:
Flat A-212, NCPA Apartments Reliance Capital Limited
Nariman Point Anil Dhirubhai Ambani Foundation
Mumbai, 400 021 Reliance Asset Management (Mauritius) Limited
Reliance Capital Ventures Limited
Senior Corporate Executive Reliance General Insurance Company Limited
Reliance Life Insurance Company Limited
Anil Dhirubhai Ambani Enterprises Limited

Mr. Amitabh Chaturvedi * Director: Reliance Asset Management

Raheja Empress, Flat No. 1201/1202, (Singapore) Pte Limited; Reliance Asset
12th Floor, Veer Savarkar Marg, Management (Mauritius) Limited,
Opp. Siddhi Vinayak Temple, Reliance Infoinvestments Limited
Prabhadevi, Mumbai - 400 025
Senior Corporate Executive

Ms. Sulajja Firodia Motwani Joint Managing Director:

C3, Lane 5, Abhimanshree Kinetic Engineering Limited, Pune,
Housing Society, Pashan Road,
Pune - 411 007 Director:
Kinetic Motor Company Limited, Pune,
Senior Corporate Executive Kinetic Marketing and Services Ltd., Pune
Mr. Kanu Doshi Chairman:
102, Shivala, Khatau Road, Matrix Advisors (India) Private Limited
Cuffe Parade, Mumbai – 400 005 Director:

Chartered Accountant BOB Capital Markets Limited,

Peoples Financial Services Limited
Alphaplus Investment Management Private Limited
*Associate Director
4. Duties and Obligations of the Asset Management Company
In accordance with SEBI (Mutual Funds) Regulations, 1996, the Trust Deed and the Investment Management Agreement, the Investmen t Manager has
several duties and obligations, including the following:
1. The Asset Management Company shall take all reasonable steps and exercise due diligence to ensure that the investment of funds pertaining to any
scheme is not contrary to the provisions of SEBI (Mutual Funds) Regulations, 1996 and the Trust Deed.
2. The Asset Management Company shall exercise due diligence and care in all its investment decisions as would be exercised by other persons engaged in
the same business.

12
3. The Asset Management Company shall be responsible for the acts of commissions or omissions by its employees or the persons whose services have been
procured by the Asset Management Company.
4. The Asset Management Company shall submit to the Trustees quarterly reports on its activities and the compliance with SEBI (Mutual Funds)
Regulations, 1996, amended up-to-date.
5. The Trustees, at the request of the Asset Management Company, may terminate the assignment of the Asset Management Company at any time provided
that such termination shall become effective only after the Trustees have accepted the termination of assignment and communicated their decision in
writing to the Asset Management Company.
6. Notwithstanding anything contained in any contract or agreement or termination, the Asset Management Company or its directors or other officers
shall not be absolved of any liability to the Mutual Fund for their acts of commission or omission, while holding such position or office.
7. The Chief Executive Officer of the AMC shall ensure that the Fund complies with the provisions of the SEBI Regulations and that the investments made
by the Fund Managers are in the interest of the Unitholders and shall also be responsible for the overall risk management function of the Fund.
8. The Fund Manager shall ensure that the funds of the Scheme are invested to achieve the objectives of the Scheme and are in the interest of the
Unitholders.
9. An Asset Management Company shall not, through any broker associated with the sponsor, purchase or sell securities, which is average of 5% or more
of the aggregate purchases and sale of securities made by the mutual fund in all its schemes. Provided that for the purposes of the relevant sub-regulation,
aggregate purchase and sale of securities shall exclude sale and distribution of units issued by the mutual fund. Provided further that the aforesaid limit of 5%
shall apply for a block of any three months. An Asset Management Company shall not purchase and sell through any broker (other than an associated
broker referred to above) which is average of 5% or more of the aggregate purchases and sale of securities made by the mutual fund in all its Schemes, unless
the Asset Management Company has recorded in writing the justification for exceeding the limit of 5% and reports of all such investments are sent to the
Trustees on a quarterly basis. Provided that the aforesaid limit shall apply for a block of three months.
10. An Asset Management Company shall not utilise the services of the Sponsor or any of its associates, employees or their relatives, for the purpose of
any securities transaction and distribution and sale of securities, provided that an Asset Management Company may utilise such services if disclosure to that
effect is made to the unitholders and the brokerage or commission paid is also disclosed in the half yearly annual accounts for the Mutual Fund.
11. As per the SEBI Circular dated May 24, 2001 no brokerage will be payable for investments made by Sponsors of the Mutual Fund in any of the Schemes
of the Fund, on a prospective basis.
12. The Asset Management Company shall file with the Trustee the details of transactions in securities by the key personnel of the Asset Management
Company in their own name or on behalf of the Asset Management Company and shall also report to SEBI, as and when required by SEBI.
13. In case the Asset Management Company enters into any securities transaction with any of its associates, a report to that effect shall be sent to the
Trustee at their next meeting.
14. In case any company has invested more than 5% of the net asset value of a scheme, the investment made by that scheme or by any other scheme of
the same mutual fund in that company or its subsidiaries, if any, shall be brought to the notice of the Trustees by the Asset Management Company and be
disclosed in the half-yearly and annual accounts with justification for such investment provided that the latter investment has been made within one year
of the date of the former investment calculated on either side.
15. The Asset Management Company shall file with the Trustees and SEBI: -
(i) Detailed bio-data of all its directors along with their interest in other companies within 15 days of their appointment;
(ii) Any change in the interest of directors every six months and
(iii) A quarterly report to the Trustees giving details and adequate justification about the purchase and sale of securities of the group companies of the
Sponsor or the Asset Management Company as the case may be, by the Mutual Fund during the said quarter.
16. A statement of holding in securities of the directors of the Asset Management Company shall be filed with the Trustees, with the dates of acquisition
of such securities at the end of each financial year.
17. The Asset Management Company shall not appoint any person as a key personnel who has been found guilty of any economic offence or involved in
violation of securities laws.
18. The Asset Management Company shall appoint Registrars and Transfer Agents who are registered with SEBI. Provided if the work relating to the
transfer of Units is processed in-house, the charges at competitive market rates may be debited to the Scheme and for rates higher than the competitive
market rates, prior approval of the Trustees shall be obtained and reasons for charging higher rates shall be disclosed in the annual accounts.
19. The RCAM shall not undertake any other business except that permitted under the Regulations. The RCAM shall meet with the capital adequacy
requirements, if any, separately for each of the separate activity, if any undertaken by the AMC and obtain separate approval, if necessary under the
Regulations.
20. The RCAM shall not invest in any of its schemes unless full disclosure of its intention to invest has been made in the offer documents.
21. The RCAM shall not charge any fees on its investment in that scheme.
22. The RCAM does not face any contingent interest in connection with the business activities carried on by it.
23. The Asset Management Company shall abide by the Code of Conduct as specified in the Fifth Schedule to the SEBI (Mutual Funds) Regulations, 1996.
24. The independent directors of the AMC shall pay specific attention to the following, as may be applicable, namely:-
(i) The Investment Management Agreement and the compensation paid under the agreement.
(ii) Service contracts with affiliates whether the Asset Management Company has charged higher fees than outside contractors for the same services.
(iii) Selection of the Asset Management Company‘s independent directors
(iv) Securities transactions involving affiliates to the extent such transactions are permitted.
(v) Selecting and nominating individuals to fill independent directors’ vacancies.

13
(vi) Code of ethics must be designed to prevent fraudulent, deceptive or manipulative practices by insiders in connection with personal securities
transactions.
(vii) The reasonableness of fees paid to Sponsors, Asset Management Company and others for services provided.
(viii) Principal underwriting contracts and the renewals.
(ix) Any service contract with the associates of the Asset Management Company.
Under the Investment Management Agreement, the duties and obligations also include the following:
a) RCAM will be responsible for making, floating, issuing Schemes for the Trust after approval of the same by the Trustees and SEBI as well as investing
and managing the funds mobilised under various Schemes, in accordance with the provisions of the Trust Deed and SEBI Regulations.
b) RCAM must disclose the basis of calculating the repurchase/redemption price and Net Asset Value of the various Schemes of the Fund to the investors,
at such intervals as may be specified by SEBI and/or the Trustees and in accordance with the SEBI Regulations.
c) RCAM must maintain books and records about the operation of various Schemes of the Fund to ensure compliance with the Regulations and guidelines
for Mutual Funds as may be issued by SEBI from time to time, and shall submit a Scheme wise quarterly report on functioning of the Fund to the Trustee
or at such intervals and in such manner as may be required or called for by the Trustee or SEBI.
d) RCAM shall exercise all due diligence and vigilance in carrying out its duties and in protecting the rights and interest of the unitholders.
e) RCAM will at all times ensure that the Trust Fund is segregated from assets of RCAM and assets of any other funds for which RCAM is responsible.
f) RCAM shall submit to the Trustee all information concerning the operation of the various Schemes of the Fund managed by RCAM at such intervals and
in such manner as required by the Trustee to ensure that RCAM is complying with the provisions of the Trust Deed and SEBI Regulations.
RCAM shall observe the above-mentioned powers, duties and obligations. Notwithstanding this, the powers, duties and obligations as stated in the
regulations, from time to time, shall prevail upon the powers stated above.
As and when there is an addition/deletion/modification in the duties and responsibilities of the AMC due to a change in the Regulations, such additions/
deletions/modifications shall be made here, accordingly.
The AMC shall not be liable to the Trustee in the event that the Mutual Fund suffers a decline in its Net Asset Value or fails to achieve any increase therein;
unless such decline or failure is caused by any acts of commission or omission or by the default or negligence of the AMC, a bonafide error of judgement not
being regarded as default or negligence nor as an act of commission or omission.
Investment Decisions: The investment decisions are taken by a team comprising of the Chief Investment Officer and Fund Managers based on research
reports, market intelligence, analysis of macro and micro economic indicators, market trends etc. Detailed discussions take place among the team members
before investments are finally made. Such discussions/ meetings occur more than once during a day if situations warrant viz. major economic or political
events for a review of earlier decisions. The Fund Managers along with their rationale record all such investment decisions.
The Chief Executive Officer shall be responsible for compliances of all statutory requirements including SEBI Regulations and will supervise investments
decisions of Fund Managers taking into consideration the overall interest of the Unitholders and assume responsibility for the day to day and overall Risk
Management function of Mutual Fund.
Under him Fund Manager(s) will look after investment of the funds of the Scheme(s) in a manner to achieve the investment objective of the Scheme and
in the interest of Unitholders.
The performance of the Schemes is reviewed by the Board of AMC and Trustees in their periodical meetings. The trustee will review the performance of
the scheme on a periodical basis and submit a half yearly report to SEBI on various matters related to compliance and performance of the scheme. They
may also compare the performance of the scheme against a benchmark index. The Benchmark Index for Reliance Equity Fund is currently ‘S&P CNX
Nifty. These benchmark indices may be decided by the AMCs and trustees and any change at a later date shall be recorded and reasonably justified.
5. AMC Fees : In terms of the Investment Management Agreement and the Regulations, the AMC is entitled to a management and advisory fee at the rate
of 1.25% of the average daily net assets for net assets upto Rs.100 crore and at the rate of 1.00% for the net assets in excess of Rs.100 crore. For Schemes
launched on a No- Load basis, the AMC is entitled to collect an additional management fee of upto 1% of the average net assets outstanding in each financial
year and the total management fee shall not exceed the limit stated under the Regulation 52(6) of SEBI.
6. Key Personnel of AMC & their relevant experience:
Name Age Designation Educational Qualification Type and Nature of past experience including
assignments held during the past 10 years
Mr. Amitabh Chaturvedi 3 7 Chief Executive Officer B.Com, F.C.A. Over 16 yrs of experience in Banking & Finance
1998-2003 ICICI Bank Limited Head - Retail
Channels & Liabilities Group1994-1998 Lloyds
Finance Limited Head of Merchant Banking1992-
1994 Apple Finance Limited Merchant Banking
Division
Mr. Vikrant Gugnani 35 President B.Com (Hons.), C.A. Over 10 years of experience in diverse functions such
as Product Management, Research, Infrastructure, Sales
and Marketing. Prior to joining Reliance Capital Asset
Management Limited he was with Citibank N A as Vice
President, Product Head Indonesia – Investment
Products. His experience of Citibank in India also
includes Product Head India - Investment Products,
Investment Counsellor - North, Y2K Project Team
Leader and Branch Cash Officer. Prior to this he was an
Independent Consultant on Project Consulting &
Advisory.

14
Name Age Designation Educational Qualification Type and Nature of past experience including
assignments held during the past 10 years
Mr. K. Rajagopal 56 Chief Investment Officer M.A. CAIIB Over 33 years experience in commercial Banking,
treasury and investment operations 2001 till date -
Reliance Capital Asset Management Limited Chief
Investment Officer Fund Management, 1971-2001State
Bank of India - Probationary Officer- International
Banking & Loans Syndication Regional Administration
of Branches & Business Development General Manager
- Treasury- Treasury Operations including Liquidity
Management, Investment Operations, Trading,
Compliance Functions
Mr. Madhusudan Kela 36 Head - Equity B.Com, MMS. Over 13 years experience in Equity Sales & Dealing2001-
03Vice President - Reliance Capital Ltd. Contributing
to the development of the Mutual Fund (100% owned
by RCL) 1998-99 Peregrine Securities Vice President -
Equity & Sales Dealing 1996-98UBS Securities - Asst
Vice President Equity Sales & Dealing 1994-96Motilal
Oswal - Equity Sales
Mr. Ashwani Kumar 35 Fund Manager-Equity B.Sc., MBA (Finance) Over 10 years of experience 1992 - 2003 Zurich
Asset management Co. India P. LtdSenior Research
Analyst
Mr. Sunil Singhania 38 Fund Manager-Equity B.Com. CFA, FCA Over 11 Years of experience in Capital Markets 1997 -
2003Advani Share Brokers P LtdDirector - Institutional
Sales & Research, Equity Derivatives 1994-97 Motisons
Securities P Ltd.President Instrumental in setting up
the broking business, NSE Trading membership,
developing the systems.
Mr. Amit Tripathi 30 Fund Manager-Debt B.Com(H), PGDM Over 7 years experience1999-2003The New India
Assurance Co. Limited Assistant Admin Officer -
Investment Dept.1998-1999Sun Invest Associates
Limited Analyst -Equity Market Operations1997-
1998CFS Financial Services Pvt. Limited Equity Dealer
Mr Balkrishna Kini 49 Investor Relations B.Sc. (Hons), LL.B, March 2004 till date
Officer Master of Administrative handling Customer Relations & web initiatives.
Managment April 2003 to November 2003UTI AMC Ltd. Head of
Centralized Monitoring of schemes & Administration
of UTI Vashi Office. April 2000 to April 2003 Branch
Head - UTI Mumbai Main/ JVPD Branches
Mr. Ashutosh Vaidya 31 Company Secretary B.Com, B. L, ACS Over 6 years of experience in Corporate Secretarial,
& Compliance Officer Compliance and Legal functions. Prior to joining
Reliance Capital Asset Management Limited he was with
Kotak Mahindra Asset Management Limited as Asso-
Vice President, Compliance. 2004. With Cholamandalam
Asset Management Limited. 2002 – 04. Compliance
Officer with Bank of Baroda AMC Ltd. 1999 - 2002,
with Godrej Industries Limited.
Ms. Geeta Chandran 53 Associate Vice President B A -Economics, June 2002 till date
Operations & Settlement Bachelor of Law Reliance Capital Asset Management Ltd.
Handling Day to day operations including Investor
Relations Department & settlement July 1993 to May
2002Reliance Industries Ltd. Heading Treasury
Operations September 1973 to June 1993Bank of
America NT & SAOfficer in Charge of Treasury
operations
Ms. Sangya Nigam 33 Head- Risk Management B Com (Hons) MIBM From April 2004 till date Reliance Capital Asset
Certified Financial Management Ltd. From September 2000 to October
Risk Manager 2003 Pricewaterhouse Coopers Deputy Manager
Certified Treasury Manager From June 1998 to August 2000 2000 Mecklai
Commercial & Financial Services Ltd. Analyst.
Mr. Sailesh Raj Bhan 32 Fund Manager-Equity MBA (Finance) CFA(ICFAI) Over 9 years experience in Equity Securities research
and analysis 2001-2003Emkay Share & Stock Broker
Pvt. Ltd Head - Research1996-2001Shah & Sequeira
Invst. Pvt. Ltd Analyst - Equity research 1995-
1996ICFAI- Securities Research Center Analyst -
Equity research

15
 Name Age Designation Educational Qualification Type and Nature of past experience including
assignments held during the past 10 years
Mr. Prashant Pimple 28 Fund Manager – Debt MBA(Finance) CTM(ICFAI) Over 5 years experience in Treasury 2003-2004ICICI
Bank Ltd Manager- Treasury Investment Advisory
Services 2002-2003Bank Of Bahrain and Kuwait,
B.S.C Asst Manager- Treasury (Dealing Room) 2000-
2002 The Saraswat Co-op Bank Ltd Dealer- Treasury
Mr. Ramesh Rachuri 35 Fund Manager-Debt PGDM, IIM Over 7 years experience in Investment Trading and
Financial Markets, September 2004 till date, Reliance
Capital Asset Management Limited, April 2001-
August 2004, STCI Limited - Dealer, Trading in the
Indian Debt Market, July 1995 - September 1998,
Business Manager World Index PTE Limited , Global
Spot Forex Margin Trading, April 1992-June 1992,
Assistant Manager Magus Marketing Credit card
Authorisation
Mr. Amitabh Mohanty 33 Head–Fixed Income MBA, IIM Ahmedabad Over 9 years experience in Fixed Income Function
BE (Electrical), IIT Roorkee 1999 – 2005 Alliance Capital Asset Management (India)
Private LimitedHead- Fixed Income1996 – 1999 SBI
Funds Management LimitedManaging Fixed Income
Portfolios
Chief Executive Officer: Mr. Amitabh Chaturvedi
President: Mr. Vikrant Gugnanai
Chief Investment Officer: Mr. K. Rajagopal
Head - Equities: Mr. Madhusudhan Kela
Head – Fixed Income: Mr. Amitabh Mohanty
Compliance Officer: Mr. Ashutosh Vaidya
Investor Relations Officer: Mr. Balkrishna Kini
Fund Management Team:
Mr. K. Rajagopal*
Mr. Madhusudhan Kela*
Mr. Amitabh Mohanty *
Fund Managers:
Equity - Mr. Sunil Singhania*, Mr. Ashwani Kumar*, Sailesh Raj Bhan*
Debt - Mr. Amit Tripathi*, Mr. Prashant Pimple*, Mr. Ramesh Rachuri*
* Specific details mentioned under Section on Key Personnel above.
E. AUDITORS:
Statutory Auditors to the Scheme
Haribhakti & Co.
Chartered Accountants
42, Free Press House, Nariman Point, Mumbai - 400 021.
Auditors to the Asset Management Company
C.C. Chokshi & Co.
Chartered Accountants
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate,
Worli Mumbai - 400 018
Auditors to the Trustee Company
M/s. Malpani & Associates
Chartered Accountants
307, Chartered House, Dr. C.H. Street, Near Marine Lines Church,
Mumbai - 400 002.
F. THE CUSTODIAN
The Trustee has appointed Deutsche Bank located at Kodak House, Mumbai-400 023, as the Custodian of the securities that are bought and sold under the
Scheme. A Custody Agreement has been entered with Deutsche Bank in accordance with SEBI Regulations. The Custodian is approved by SEBI under
registration no. IN/CUS/003 to act as Custodian for Mutual Funds.

16
In terms of Custody Agreement dated September 6, 1995 between the Mutual Fund and Deutsche Bank, the Custodian shall, inter alia:
• Provide post-trading and custodial services to the Mutual Fund;
• Keep securities and other instruments belonging to the Scheme in safe custody;
• Ensure smooth inflow/outflow of securities and such other instruments as and when necessary, in the best interests of the unitholders;
• Ensure that the benefits due to the holdings of the Mutual Fund are recovered; and
• Be responsible for loss of or damage to the securities due to negligence on its part or on the part of its approved agents.
The Custodian will charge the Mutual Fund, portfolio fee, transaction fee and out-of -pocket expenses in accordance with the terms of the Custody
Agreement and as per any modification made thereof from time to time.
G. THE REGISTRAR
RCAM has appointed M/s. Karvy Computershare Pvt. Limited to act as the Registrar and Transfer Agent to the Scheme. M/s. Karvy Computershare Pvt.
Limited (KCSPL) having their office at Karvy Plaza, 21, Road No. 4, Street No.1, Banjara Hills, Hyderabad 500 034, is a Registrar and Transfer Agent
registered with SEBI under registration no. INR000000221. RCAM and the Trustee have satisfied themselves, after undertaking appropriate due diligence
measures, that they can provide the services required and have adequate facilities, including systems facilities and back up, to do so. The Trustee has also
laid down broad parameters for supervision of the Registrar. As Registrar to the Scheme, KCSPL will accept and process investor’s applications, handle
communications with investors, perform data entry services, despatch Account Statements and also perform such other functions as agreed, on an ongoing
basis.
The Registrar is responsible for carrying out diligently the functions of a Registrar and Transfer Agent and will be paid fees as set out in the agreement
entered into with it and as per any modification made thereof from time to time.
H. BANKERS TO THE ISSUE
The Bankers to the new fund offer will be as under:
Name of the Bank SEBI Registration No.
ICICI Bank Limited INBI 00000004
HDFC Bank Limited INBI 00000063
IDBI Limited INBI 00000076
Kotak Mahindra Bank INBI 00000927
Applications for the new fund offer will be accepted at the Designated Collection centers of the banks and/or also at all the Designated Investor Service
Centers (DISC’s), as mentioned in the application form.

V. INVESTMENT FOCUS, OBJECTIVES, POLICIES & LIMITATIONS OF THE SCHEME

1. INVESTMENT OBJECTIVE:
The primary investment objective of the scheme is to seek to generate capital appreciation & provide long-term growth opportunities by investing in a
portfolio constituted of equity & equity related securities of top 100 companies by market capitalization & of companies which are available in the
derivatives segment from time to time and the secondary objective is to generate consistent returns by investing in debt and money market securities.
The fund will have the flexibility to invest in a range of companies as mentioned above with an objective to maximize the returns, at the same time trying
to minimize the risk by reasonable diversification. However there can be no assurance that the investment objective of the scheme will be realized, as actual
market movements may be at variance with anticipated trends.
2 ASSET ALLOCATION PATTERN:
Under normal circumstances, the anticipated asset allocation would be as under:
Instrument Asset Allocation Risk
Equity and Equity related instruments 75 - 100% Medium to High
Debt and Money market securities (including investments in securitised debt) 0 - 25% Low to Medium
An overall limit of 100% of the portfolio value (i.e. net assets including cash) has been introduced for the purpose of equity derivatives in the scheme.
The above Asset Allocation Pattern is only indicative. The investment manager in line with the investment objective as may alter the above pattern for
short term and on defensive consideration. The allocation between debt and equity will be decided based upon the prevailing market conditions, macro
economic environment and the performance of corporate sector, the equity market and other considerations.
3. BENCHMARK INDEX: S&P CNX Nifty
4. INVESTMENT STRATEGY:
The Broad Investment strategy of the fund will be to invest in equity & equity related securities of the Top 100 companies by market cap & also in
companies in the derivatives segment.
The fund will also use the derivatives route to hedge the equity portfolio & the extent to which the portfolio will be hedged will be linked to the P/E of the
Index as given in the indicative table below:
The extent of hedging of the portfolio is determined based on the month-end weighted average PE ratio of the Index, which in this case will be the S&P
CNX Nifty.

17
 Weighted average PE ratio of S&P CNX Nifty Portfolio Hedge as a % of Equity portfolio
Upto 12 0-10
12-16 10-30
16-20 30-50
20-24 50-70
24-28 70-90
Above 28 90-100
This hedging would involve complete portfolio hedging as well as hedging of individual stocks depending upon the fund managers’ perception of the
markets. Hedging would also include but not only limited to selling of stocks that are not owned by the Fund but are available under derivative (Futures &
Options) segment in the market for trading from time to time as permitted by the Regulations/ guidelines.
Price to Earnings Ratio (PE ratio) is the ratio of the stock price of a company to its earnings per share. In other words, it is the price one pays for every
rupee of earnings. The higher the PE ratio, the more expensive the stock or market is, because one is paying more for the same level of earnings.
The PE ratio of the index is the weighted average PE ratio of the constituent stocks of the index, which in this case is the S&P CNX Nifty.
Thus, by following such an allocation strategy, the fund manager decreases the % of exposure in derivatives when markets are down, i.e. when PE ratio falls
to help you capitalise on the upside potential, and increases the % of exposure to derivatives when markets are high, i.e when PE ratio is high to limit the
downside risk.
Thus the rebalancing of the portfolio will be done on a monthly basis based on last month end’s weighted average P/E.
The fund will, in general invest a significant part of its corpus in equities however pending investments in equities; the surplus amount of the fund should
be invested in debt and money market instruments. Also whenever good investment opportunity are not available, or the equity market is not likely to
perform in the view of the Fund manager the Fund will reduce its exposure to equity and during that period the surplus asset of the Fund shall be invested
in debt and money market instruments. However there is no assurance that all such buying and selling activities would necessarily result in benefit for the
Fund. The allocation between debt and equity will be decided based upon the prevailing market conditions, macro economic environment, and the
performance of the corporate sector, the equity market and other considerations. At time such churning could lead to higher brokerage and transaction
costs.
To achieve its primary objective as mentioned above, the Fund would invest in equity and equity related securities. To achieve its secondary objective, the
fund would invest in debt and money market securities. These securities could include:
- Equity and equity related securities are such instruments like Convertible bonds and debentures and warrants carrying the right to obtain equity shares and
derivative instruments.
- Obligations of Indian Companies (both public and private sector) including term deposits with the banks as permitted by SEBI/ RBI from time to time and
developmental financial institutions
- Certificate of Deposits (CDs)
- Commercial paper (CPs)
- In Securitized Debt upto 25% of the corpus. No investments shall be made in foreign securitised debt.
- The non-convertible part of convertible securities
- Any other domestic fixed income securities
- ADRs / GDRs issued by Indian companies, subject to guidelines issued by RBI / SEBI
- Foreign equity securities in accordance with SEBI Guidelines
- Money market instruments permitted by SEBI/ RBI, having maturities upto 1 year in call money market instruments as may be provided by the RBI to
meet the liquidity requirements
- Derivatives like Interest rate swaps, Forward Rate agreements, stock futures, index futures, and other such instruments as permitted by RBI /SEBI
- Any other instruments as allowed by the Regulations from time to time.
- The Fund may also enter into “Repo”, or such other transactions as may be allowed to Mutual Funds from time to time.
Subject to the Regulations, the investments may be in securities which are listed or unlisted, secured or unsecured, rated or unrated, having variable
maturities, and acquired through secondary market purchases, RBI auctions, open market sales conducted by RBI etc., Initial Public Offers (IPOs), other
public offers, placements, rights, offers, negotiated deals, etc
The Scheme may also enter into repurchase and reverse repurchase obligations in all securities held by it as per the guidelines and Regulations applicable to
such transactions.
Investment Philosophy and Focus
India today is the world’s largest democracy with a vibrant electorate, active Judiciary and civil society groups, and a fiercely independent media.
It is the Fund’s view that India’s growth model promises more stable, sustainable expansion and bigger returns for the investors. There exists a very positive
view on the sectors like Agriculture, Manufacturing and Service, which contribute, substantially to our GDP. In our view all these three sectors simultaneously
are looking quite attractive and bullish.
The Indian economy has performed impressively over the past two decades. A major fiscal and balance of payment crisis led to a package of radical
economic reforms in 1991. Since then, India has undertaken far-reaching economic reforms of deregulation and liberalization, which has unleashed the
enormous growth potential of the economy and a powerful entrepreneurial force. The reform measures included a greater private sector role in India’s

18
development by improving the investment and tax regimes, dismantling industrial licensing, opening infrastructure to private investment, reforming public
enterprises and the financial sector, and reducing price controls. The package also initiated the liberalisation of foreign trade and exchange regimes.
The consumers and public have realized the benefits of liberalization through increase in the choice and quality of products and decrease in prices. The
business and industry have also adjusted themselves with the liberalization and globalization. The unprecedented high level of foreign exchange reserves,
upward trend in FDI inflows and the general growth of the economy has given more confidence and encouragement to the policy-mak ers to further
accelerate its economic reforms and liberalization process. Both at the central and state levels and across political parties, in general, there is consensus on
further economic liberalization.
The Fund is of the view that the reforms program and the market-oriented policies of the Government are irreversible. The government is committed to
economic reforms with a human face that stimulates growth, investment and employment. The government has recognized that further reforms are needed
in agriculture, industry, services and infrastructure.
Government has divested its stake in public sector undertakings in the light of the redefinition of its role from being a provider of goods and services to that
of a policy-maker and facilitator. Between 1991 and 2003, the Government has privatized assets worth US$ 10 billion including $ 3.5 billion in fiscal 2003-
2004. The economic reform process involves structural changes in various sectors and companies like:
Encouraging private participation and changing the ownership model in favour of private participants
De-regulation of pricing
Increased spending by government on the infrastructural projects
Reforming public enterprises and the financial sector
These planned steps will accelerate the pace of GDP growth and would encourage investments in form of increased FDIs/ and private investments. This will
result in increase in investment capital and would finally result in the overall value creation in the economy. This will be reflected in increased valuations
of the individual companies, increased corporate profitability and better market capitalization. These changes will implant greater confidence in the minds
of the domestic and foreign investors.
Exposure to foreign equity securities: The scheme, subject to SEBI guidelines issued from time to time, may have an exposure of upto 90% of its net
assets in foreign equity securities. The AMC with a view to protecting the interests of the investors may increase exposure in foreign equity securities upto
100% as deemed fit from time to time. However, the exposure in such foreign equity securities would not exceed the maximum amount permitted from time
to time. Boards of asset management companies (AMCs) and trustees shall exercise due diligence in making investment decisions as required under
Regulation 25 (2). They shall make a detailed analysis of risks and returns of investment in foreign equity securities, comparing them with likely yields of
the securities available in domestic markets and how these investments would be in the interest of investors. Investment must be made in liquid actively
traded securities. Boards of AMCs and trustees may prescribe detailed parameters for making such investments, which may include identification of
countries, country rating, country limits, etc. They shall satisfy themselves that the AMC has experienced key personnel, research facilities and
infrastructure for making such investments. Other specialised agencies and service providers associated with such investments e.g. custodian, bank, advisors,
etc should also have adequate expertise and infrastructure facilities. Their past track record of performance and regulatory compliance record, if they are
registered with foreign regulators, may also be considered. Necessary agreements may be entered into with them as considered necessary. All investment
decisions shall be recorded in accordance with SEBI circular dated July 27, 2000.
Investment in overseas financial assets: SEBI vide its circular nos. MFD/CIR/17/419/02 dated March, 30, 2002 and MFD/CIR/18/21826/2002 dated
November 7, 2002 has permitted mutual funds to invest in overseas financial assets. It is the investment manager’s belief that overseas securities offer new
investment and portfolio diversification opportunities into multi-market and multi-currency products. However, such investments also entail additional
risks. Offshore investment will be made subject to any/ all approvals / conditions thereof as may be stipulated by SEBI/ RBI/ other regulatory authorities.
The fund may, where necessary, appoint other intermediaries of repute as advisors, sub-custodians, etc. for managing and administering such investments.
The appointment of such intermediaries shall be in accordance with the applicable requirements of SEBI and within the permissible ceilings of expenses.
The fees and expenses would illustratively include, besides the investments management fees, custody fees and costs, fees of appointed advisors and sub
managers, transaction costs and overseas regulatory costs. Investment in foreign securities offers more opportunities and diversification for investments.
Investors may note that the scheme shall not invest in foreign debt securities. According to SEBI Guidelines, the mutual funds can make investments in
equity of listed overseas companies, which have a shareholding of at least 10% in an Indian company listed on a recognised stock exchange in India (as on
January 31 of the year of investment).
Risk factors of investment in overseas financial assets: To the extent that the assets of the schemes will be invested in securities denominated in
foreign currencies, the Indian rupee equivalent of the net assets, distributions and income may be adversely affected by changes in the value of certain
foreign currencies relative to the Indian rupee (if Indian rupee appreciates against these foreign currencies). The repatriation of capital to India may also
be hampered by changes in regulations concerning exchange controls or political circumstances as well as the application to it of other restrictions on
investment. The scheme may have to pay applicable taxes on gains from such investment.
As regards foreign equity securities that are traded on exchanges that are not located in India basis of valuation will depend on the time zone of the
respective country. For exchanges located in countries, with time zone earlier than India, the NAV will be calculated based on the closing price of the foreign
equity security and the prevailing exchange rate on that date. For exchanges located in countries, with time zone later than India, the NAV will be calculated
based on the closing price of the foreign equity security and the prevailing exchange rate of the previous date.
Subject to the Regulations, the investments may be in securities which are listed or unlisted, secured or unsecured, rated or unrated, and acquired through
secondary market purchases, RBI auctions, open market sales conducted by RBI etc., Initial Public Offers (IPOs), other public offers, placements, rights,
offers, negotiated deals, etc
To avoid duplication of portfolios and to reduce expenses, the Scheme may invest in any other schemes of the Fund to the extent permitted by the
Regulations. In such an event, RCAM will not charge management fees on the amounts of the Schemes so invested, unless permitted by the Regulations.
5. Trading in Derivatives:
The scheme intends to use derivatives for purposes that may be permitted by SEBI Mutual Fund regulations from time to time. Derivative transactions that
can be undertaken by the Scheme include a wide range of instruments, including, but not limited to

19
• Futures
• Options
• Swaps
• Any other instrument, as may be permitted by statutory authorities from time to time.
Derivatives can be either exchange traded or can be over the counter (OTC).
Exchange traded derivatives are listed and traded on Stock Exchanges whereas OTC derivative transactions are generally structured between two counterparties.
SEBI has vide its circular DNPD/Cir-29/2005 dated September 14, 2005 interalia specified the guidelines pertaining to trading by Mutual Funds in Exchange
Traded derivatives.
All derivative position taken in the portfolio would be guided by the following principles.
i. Position limit for the Mutual Fund in index options contracts
a. The Mutual Fund position limit in all index options contracts on a particular underlying index shall be Rs. 250 crore or 15% of the total open interest
of the market in index options, whichever is higher, per Stock Exchange.
b. This limit would be applicable on open positions in all options contracts on a particular underlying index.
ii. Position limit for the Mutual Fund in index futures contracts:
a. The Mutual Fund position limit in all index futures contracts on a particular underlying index shall be Rs. 250 crore or 15% of the total open interest of
the market in index futures, whichever is higher, per Stock Exchange.
b. This limit would be applicable on open positions in all futures contracts on a particular underlying index.
iii. Additional position limit for hedging
In addition to the position limits at point (i) and (ii) above, the Mutual Fund may take exposure in equity index derivatives subject to the following limits:
1. Short positions in index derivatives (short futures, short calls and long puts) shall not exceed (in notional value) the Mutual Fund’s holding of stocks.
2. Long positions in index derivatives (long futures, long calls and short puts) shall not exceed (in notional value) the Mutual Fund’s holding of cash,
government securities, T-Bills and similar instruments.
iv. Position limit for Mutual Fund for stock based derivative contracts. The Mutual Fund position limit in a derivative contract on a particular underlying
stock, i.e. stock option contracts and stock futures contracts, is defined in the following manner:-
1. For stocks in which the market wide position limit is less than or equal to Rs. 250 crore, the Mutual Fund position limit in such stock shall be 20% of the
market wide position limit.
2. For stocks in which the market wide position limit is greater than Rs. 250 crore, the Mutual Fund position limit in such stock shall be Rs. 50 crore.
v. Position limit for each scheme of a Mutual Fund for stock based derivative contracts.
The scheme-wise position limit / disclosure requirements shall be –
1. For stock option and stock futures contracts, the gross open position across all derivative contracts on a particular underlying stock of a scheme of a
mutual fund shall not exceed the higher of:
1% of the free float market capitalization (in terms of number of shares) or 5% of the open interest in the derivative contracts on a particular underlying
stock (in terms of number of contracts).
2. This position limits shall be applicable on the combined position in all derivative contracts on an underlying stock at a Stock Exchange.
3. For index based contracts, Mutual Funds shall disclose the total open interest held by its scheme or all schemes put together in a particular underlying
index, if such open interest equals to or exceeds 15% of the open interest of all derivative contracts on that underlying index.
Illustrations
Index Futures
Index Futures have been introduced by BSE and NSE. Generally three futures of 1 month 2 months and 3 months are presently traded on these exchanges.
These futures expire on the last working Thursday of the respective months.
If the Nifty (Index) was 1875 at the beginning of a month and the quotes for the three futures were as under:
Month Bid Price Offer Price
1 1880 1885
2 1900 1915
3 1910 1930
The Fund can buy an Index of month 1 on the last day of the month prior to month 1 in the illustration above at an offer price of 1885.
Numerical example of futures trade
Following table will give an overview of the new derivative policy permitted by SEBI:

20
 Limit Definition
Sl. No Derivative Type Limit applicable on Limit defined Bas i s

1 Index Options Mutual Fund Level Higher of Per stock Exchange

250 crores
15% of open interest position on
Ó (Index puts +index calls)

2 Index Future Mutual Fund Level Higher of Per stock Exchange

250 crores
15% of open interest position on
Ó (Index short +index long)

3 Short Position Scheme Not greater than holding of stocks

Subject to 1& 2 above

4 Long Position Scheme Not greater than cash

Subject to 1 & 2 above

5 Stock derivatives Mutual Fund 1. Market wide position limit less than 250 crores All stock exchanges
20% of marketwide positions

2. Market wide position limit more than 250 crore All stock exchanges
Rs 50 Crores

6 Stock derivatives Scheme 1. Ó Gross open (Stock Option+ All stock exchanges
Stock Futures)higher of
1% of free float market cap
5% of open interest in the derivatives contracts
2. Subject to 5 above
The following is a hypothetical example of a typical likely index future trade and the associated costs.
Particulars Index Future Actual Purchase of Stocks
Index at the beginning of the month 1875 1875
Price of 1 Month Future 1885
A. Execution Cost: Carry and other Index Future Costs ( 1885-1875) 10 Nil
B. Brokerage Cost: Assumed at 0.30% for Index Future and
0.50% for spot Stocks (0.30% of 1885) (0.50% of 1875) 5.66 9.38
C. Gains on Surplus Funds:(assumed 10% return on 90% of the money
left after paying 10% margin)(10%*1875*90%*30days/365) 13.87 Nil
Total Cost (A+B-C) 1.79 9.38
In this example, the Index Future trade has resulted in profitability compared to actual purchase of the underlying index stocks. The profitability of Index
Future as compared to an individual security will interalia depend upon the carrying cost, the interest available on surplus funds and the transaction cost.
There are futures based on stock indices as mentioned above as also futures based on individual stocks. Illustrative list of strategies that can employ futures
Strategies that employ index futures:
(a) The fund has an existing equity portion invested in a basket of stocks. In case the fund manager has a view that the equity markets are headed downwards,
the fund can then hedge the exposure to equity either fully or partially by initiating short futures positions in the index. A similar position in the long
direction can also be initiated by the fund to hedge its position of cash and permissible equivalents.
The extent to which this can be done is determined by existing guidelines.
(b) To the extent permissible by extant regulations the scheme can initiate a naked short position in an underlying index future traded on a recognized stock
exchange.
In case the nifty near month future contract trading at say, 1850, and the fund manager has a view that it will depreciate going forward, the fund can initiate
a sale transaction of nifty futures at 1850 without holding a portfolio of equity stocks or any other underlying long equity position. Once the price falls to
1800 after say, 20 days the fund can initiate a square-up transaction by buying the said futures and book a profit of 50. Correspondingly the fund can take
a long position without an underlying cash/ cash equivalent subject to the extant regulations.
Strategies that employ Stock specific Futures:
Individual stock futures are also available in the Indian Equity Markets. Stock futures trade either at a premium or at discount to the spot prices, the level
of premium generally reflects the cost of carry. Stock specific issues may have a bearing on futures as speculators may find futures as a cost-effective way
of executing their view on the stock. However such executions usually increase the premium/discount to the spot significantly, thereby giving rise to
arbitrage opportunities for a fund.
(a) Selling spot and buying future : In case the fund holds the stock of a company at say Rs. 1000 while in the futures market it trades at a discount to the
spot price say at Rs. 980 then the fund may sell the stock and buy the futures. On the date of expiry of the stock future, the fund may reverse the

21
transactions (i.e. Buying at Spot & Selling futures) and earn a risk-free Rs. 20/- (2% absolute) on its holdings. As this can be without any dilution of the view
of the fund on the underlying stock the fund can still benefit from any movement of the price in the northward direction, i.e. if on the date of expiry of
the futures, if the stock trades at 1100 which would be the price of the futures too, the fund will have a benefit of Rs. 100/- whereby the fund gets the 10%
upside movement together with the 2% benefit on the arbitrage, and thus getting a total return of 12%.
(b) Buying spot and selling future :Where the fund holds the stock of a company trading in the spot market at Rs 1000 while it trades at Rs. 1020/- in the
futures market then fund may buy the stock at spot and sell in the futures market thereby earning Rs 20. In case of adequacy of cash with the fund, this
strategy may be used to enhance returns of the Scheme which was otherwise sitting on cash.
(c) Buying stock future: Where the scheme wants to initiate a long positon in a stock whose spot price is at say, Rs.1000 and futures is at 980, then the fund
may just buy the futures contract instead of the spot thereby benefiting from a lower cost option.
(d) In case the fund has a bearish view on a stock which is trading in the spot market at Rs.1000/- and the futures market at say Rs.980/-. The fund can
express such a view subject to extant SEBI regulations by initiating a short postion in the futures contract. In case the view is right and the futures price
depreciates to say 900/- the fund can square up the short position thereby earning a profit of Rs. 80/-
Options:
Option contracts are of two types - Call and Put; the former being the right, but not obligation, to purchase a prescribed number of shares at a specified price
before or on a specific expiration date and the latter being the right, but not obligation, to sell a prescribed number of shares at a specified price before or
on a specific expiration date. The price at which the shares are contracted to be purchased or sold is called the strike price. Options that can be exercised
on or before the expiration date are called American Options, while those that can be exercised only on the expiration date are called European Options.
Option contracts are designated by the type of option, name of the underlying, expiry month and the strike price. Numerical examples of Options Call
Option (Buy): The fund buys a call option at the strike price of say Rs.1000 and pays a premium of say Rs. 50, the fund would earn profits if the market
price of the stock at the time of expiry of the option is more than 1050 being the total of the strike price and the premium thereon. If on the date of expiry
of the option the stock price is below Rs 1000, the fund will not exercise the option while it loses the premium of Rs 50.
Put Option (Buy): The fund buys a Put Option at Rs 1000 by paying a premium of say Rs 50. If the stock price goes down to Rs. 900, the fund would protect
its downside and would only have to bear the premium of Rs 50 instead of a loss of Rs 100 whereas if the stock price moves up to say Rs. 1100 the fund may
let the Option expire and forego the premium thereby capturing Rs. 100 upside after bearing the premium of Rs50.
Writing a Call Option: The fund writes a call option at Rs. 1050 and earns a premium of, say, Rs. 10. If the price is higher than Rs. 1050, say Rs.1100/- at
expiry then the option is exercised, the Fund earns the premium of Rs. 10/- but loses the difference between the market price and the exercise price i.e. Rs.
50/-. In case the stock price is less than Rs.1050, the fund gets to keep the premium of Rs.10/-.
Writing a Put Option: The fund writes a put option with the strike price of Rs 1000 and earns a premium of say Rs 20. In case the stock trades at Rs 950
the put option will be exercised, the fund will earn the premium of Rs.20/- but losses the difference between the exercise price and the market price which
is Rs.50/-. Where the stock trades at above the exercise price, the option-holder will not exercise the option and let it expire. In this case the fund will earn
the premium income of Rs. 20.
The above four option positions can be initiated in both index based options as well as stock specific options. Permissible strategies involving index options
and stock specific options would be the same as that of index futures and stock specific futures respectively.
The AMC retains the right to enter into such derivative transactions as may be permitted by the applicable regulations from time to time.
Debt Derivatives
In terms of Circular No. MFD.BC.191/07.01.279/1999-2000 and MPD.BC.187/07.01.279/1999-2000 dated November 1, 1999 and July 7, 1999 respectively
issued by Reserve Bank of India permitting participation by Mutual Funds in Interest Rate Swaps and Forward Rate Agreements, the Fund will use derivative
instruments for the purpose of hedging and portfolio balancing. The AMC would undertake the same for similar purposes only.
Interest Rate Swaps (IRS)
An IRS is an agreement between two parties to exchange stated interest obligations for an agreed period in respect of a notional principal amount. The most
common form is a fixed to floating rate swap where one party receives a fixed (predetermined) rate of interest while the other receives a floating (variable)
rate of interest.
Forward Rate Agreement (FRA)
A FRA is basically a forward starting IRS. It is an agreement between two parties to pay or receive the difference between an agreed fixed rate (the FRA rate)
and the interest rate (reference rate) prevailing on a stipulated future date, based on a notional principal amount for an agreed period. The only cash flow
is the difference between the FRA rate and the reference rate. As is the case with IRS, the notional amounts are not exchanged in FRAs.
EXAMPLE OF A DERIVATIVES TRANSACTION
Basic Structure of A Swap
Bank A has a 6 month Rs 10 crores liability, currently being deployed in call. Bank B has a Rs 10 crores 6 month asset, being funded through call. Both banks
are running an interest rate risk.
To hedge this interest rate risk, they can enter into a 6 month MIBOR (Mumbai Inter Bank Offered Rate) swap. Through this swap, A will receive a fixed
preagreed rate (say 7%) and pay “call” on the NSE MIBOR (“the benchmark rate”). Bank A’s paying at “call” on the benchmark rate will neutralize the
interest rate risk of lending in call. B will pay 7% and receive interest at the benchmark rate. Bank A’s receiving of “call” on the benchmark rate will
neutralize his interest rate risk arising from his call borrowing.
The mechanism is as follows:
Assume the swap is for Rs.10 crore from March 1, 2002 to September 1, 2002. A is a fixed rate receiver at 7% and B is a floating rate receiver at the
overnight compounded rate.
On March 1, 2002 A and B will exchange only an agreement of having entered this swap. This documentation would be as per International Swaps and
Derivatives Association (ISDA).

22
On a daily basis, the benchmark rate fixed by NSE will be tracked by them. On September 1, 2002 they will calculate the following:
A is entitled to receive interest on Rs.10 crore at 7% for 184 days i.e. Rs. 35.28 lakh, (this amount is known at the time the swap was concluded) and will
pay the compounded benchmark rate.
B is entitled to receive daily compounded call rate for 184 days & pay 7% fixed.
On September 1, 2002, if the total interest on the daily overnight compounded benchmark rate is higher than Rs. 35.28 lakhs, A will pay B the difference.
If the daily compounded benchmark rate is lower, then B will pay A the difference.
Effectively Bank A earns interest at the rate of 7% p.a. for six months without lending money for 6 months fixed, while Bank B pays interest @ 7% p.a.
for 6 months on Rs. 10 crore, without borrowing for 6 months fixed.
The AMC retains the right to enter into such derivative transactions as may be permitted by the SEBI regulations from time to time. For risks associated
with investments in derivatives investors are requested to refer to page no. 6 of this Offer Document.
6. Debt Market in India: Poised for a Major Growth
Debt Market in India: The Indian Debt market is facing major shift in the recent times. The substantial growth in Mutual Fund collections in the past
few years have provided an easy route for the investors to channelise their savings into the debt market, which otherwise is largely dominated by Banks and
other Institutional investors.
At present, the Indian debt market is dominated by issues of Central Government bonds, Coporate Debentures and PSU Bonds. The new Securitised
instruments are also very attractive in the primary market. The other instruments available for investment are Commercial Papers, Certificate of Deposits,
Government guaranteed bonds, etc.
Brief details about the instruments are given below as on January 13, 2006:
Instruments Listed/Unlisted Current Yield Range Liquidity Risk profile
As on January 13, 2006
Central Government Securities Listed 6.10% to 7.40% High Low
Corporate Debentures / PSU Bonds Listed 7% to 7.65% Moderate Low
CPs/CDs (short term) Unlisted 6.50% to 7.30% High Low
Call Money Unlisted 6.00% to 6.75% High Low
Mibor linked Papers Listed 20-40 bps Low Moderate
A brief description about yields presently available on Central Govt. Securities /Bonds & Debentures of various maturities is as follows:
Annualised yields (as on January 13, 2006) are:

Years < 1 Year 2-7 Years 7-11 Years 11-20 Years

Central Government Securities/Treasury Bills 6% to 6.25% 6.40%-6.94% 6.94% to 7.23% 7.23% to 7.50

Debentures/ Bonds (AAA rated) 6.50% to 7.30% 7.00% to 7.55% 7.55% to 7.75% NA
The price and yield on various debt instruments fluctuate from time to time depending upon the macro economic situation, inflation rate, overall liquidity
position, foreign exchange scenario, etc. Also, the price and yield varies according to maturity profile, credit risk etc.
Advantages and Risks attached with investments in ADRs/GDRs:
It is AMC’s belief that the investment in ADRs/GDRs/overseas securities offer new investment and portfolio diversification opportunities into multi-
market and multi-currency products. However, such investments also entail additional risks. Such investment opportunities may be pursued by the AMC
provided they are considered appropriate in terms of the overall investment objectives of the schemes. Since the Scheme would invest only partially in
ADRs/ GDRs/overseas securities, there may not be readily available and widely accepted benchmarks to measure performance of the Scheme.
• To manage risks associated with foreign currency and interest rate exposure, the Fund may use derivatives for efficient portfolio management including
hedging and in accordance with conditions as may be stipulated by SEBI/RBI from time to time.
• To the extent that the assets of the Schemes will be invested in securities denominated in foreign currencies, the Indian Rupee equivalent of the net assets,
distributions and income may be adversely affected by the changes in the value of certain foreign currencies relative to the Indian Rupee. The repatriation
of capital also may be hampered by changes in regulations concerning exchange controls or political circumstances as well as the application to it of the
other restrictions on investment.
• Offshore investments will be made subject to any/all approvals, conditions thereof as may be stipulated by SEBI/RBI and provided such investments do not
result in expenses to the Fund in excess of the ceiling on expenses prescribed by and consistent with costs and expenses attendant to international investing.
The Fund may, wherever necessary, appoint other intermediaries of repute as advisors, custodian/sub-custodians etc. for managing and administering such
investments.
• The appointment of such intermediaries shall be in accordance with the applicable requirements of SEBI and within the permissible ceilings of expenses.
The fees and expenses would illustratively include, besides the investment management fees, custody fees and costs, fees of appointed advisors and sub-
managers, transaction costs, and overseas regulatory costs.
7. Portfolio Turnover: Given the nature of the scheme, the portfolio turnover ratio may be very high and AMC may change the portfolio according to
Asset Allocation, commensurate with the investment objectives of the scheme. The effect of higher portfolio turnover could be higher brokerage and
transaction costs.
8.Investment Limitations/Restrictions: The investment policy of the scheme comply with the rules, regulations and guidelines laid out in SEBI
(Mutual Funds) Regulations, 1996. As per the Regulations, specifically the Seventh Schedule, the following investment limitations are currently applicable:

23
1. The Scheme shall not invest more than 15% of its NAV in debt instruments issued by a single issuer, which are rated not below investment grade by a credit
rating agency. This investment limit may be extended to 20% of the NAV of the Scheme with the approval of the Investment Committee based on the
parameter set by the Board of Trustees and the AMC. Provided that this limit shall not be applicable to investments in money market instruments. Provided
further that investment within such limit can be made in mortgaged backed securitised debt which are rated not below investment grade by a credit rating
agency registered with SEBI.
2. The Scheme shall not invest more than 10% of its NAV in unrated debt instruments issued by a single issuer and the total of such instruments shall not
exceed 25% of the NAV of the Scheme. All such investments will be made with the prior approval of the Investment Committee of RCAM.
Note: Debentures, irrespective of any residual maturity period (above or below one year), shall attract the investment restrictions as applicable for debt
instruments as specified under clause 1 and 2 above. Further, it is clarified that the investment limits mentioned in (1) and (2) above are applicable to all
debt securities which are issued by public bodies/institutions such as electricity boards, municipal corporations, state transport corporations etc. guaranteed
by either central or state government. Government securities issued by central/state government or on its behalf by RBI are exempt from the above referred
investment limits.
3. The Mutual Fund under all its schemes taken together will not own more than 10% of any companies paid up capital carrying voting rights.
4. Transfers of investments from one scheme to another scheme in the Mutual Fund shall be allowed only if:
a) Such transfers are done at the prevailing market price for quoted instruments on “spot basis”;
Explanation: “spot basis” shall have the same meaning as specified by the stock exchange for spot transactions: and
b) The securities so transferred shall be in conformity with the investment objectives & policies of the Scheme to which such transfer has been made
5. The initial issue expenses in respect of the Scheme may not exceed six per cent of the funds raised under that scheme
6. The scheme may invest in another scheme under the same asset management company or any other mutual fund without charging any fees, provided that
aggregate interscheme investment made by all schemes under the same management or in schemes under the management of any other asset management
company shall not exceed 5% of the net asset value of the mutual fund. [Provided that this clause shall not apply to any fund of funds scheme.]
7. The fund may buy and sell securities on the basis of deliveries and will not make any short sales or engage in carry forward transactions or badla finance
or use funds in option trading.
Provided that mutual funds shall enter into derivative transactions in a recognised stock exchange for the purpose of hedging and portfolio balancing, in
accordance with the guidelines issued by SEBI.
8. The Fund shall get the securities purchased transferred in the name of the Fund on account of the concerned scheme, wherever investments are intended
to be of a long-term nature.
9. The Mutual Fund scheme shall not make any investment in:
• Any unlisted security of an associate or group company of the sponsor
• Any security issued by way of private placement by an associate or group company of the sponsor
• The listed securities of group companies of the sponsor which is in excess of 25% of the net assets of the scheme.
10. Pending deployment of funds of the scheme in securities in terms of the investment objectives and policies of the scheme, the Mutual Fund can invest
the fund of the scheme in short term deposits of scheduled commercial banks. The investments in short term deposits of scheduled commercial banks will
be reported to the trustees along with the reasons for the investment which, interalia, would include comparison with the interest rates offered by other
scheduled commercial banks.
Further, the RCAM will ensure that the reasons for such investments are recorded in the manner prescribed in SEBI Circular MFD/CIR/6/73/2000 dated July
27, 2000.
12. No term loans for any purpose will be advanced by the Scheme.
13. The Fund shall not invest more than 5% of its NAV in the unlisted equity shares or equity related instruments.
14. The AMC may invest in the Scheme either in the new fund offer or subsequently. However, it shall not charge any investment management fee on such
amounts invested by it.
15. In case any company has invested more than 5% of the net asset value of a scheme, the investment made by that scheme or by any other scheme of
the same mutual fund in that company or its subsidiaries, if any, shall be brought to the notice of the Trustees by RCAM and be disclosed in the half-yearly
and annual accounts with justification for such investment provided that the latter investment has been made within one year of the date of the former
investment calculated on either side.
16. The Scheme shall not invest more than 10% of its NAV in equity shares/equity related instruments of any company or listed securities or units of venture
capital funds and this limit of 10% shall not be applicable for investments in sector/industry specific scheme. For other investment restriction, please refer
to the Offer Document.
However, the Scheme at any point of time will not invest more than 10% of the NAV of the Scheme in a single company
17. RCAM shall not undertake any other business except that permitted under the Regulations. RCAM shall meet with the capital adequacy requirements,
if any, separately for each of the separate activity, if any undertaken by the AMC and obtain separate approval, if necessary under the Regulations.
18. The Scheme will not invest in a fund of funds Scheme.
19. The Mutual Fund shall not invest more than 10% of its Net Assets as on January 31st of each relevant year, in foreign equity securities. (SEBI/IMD/
CIR No.7/5573/04).
20. The aggregate inter scheme investment made by all schemes under the same management or in schemes under the management of any other AMC shall
not exceed 5% of the NAV of the mutual fund. No fees shall be charged for investing in other schemes of the fund or any other mutual fund.
At RMF, to ensure robust risk management and adequate portfolio diversification internal Investment policy for various debt schemes has been framed. The

24
investment policy at RMF specifies limits both on overall basis (across all schemes) as well as on individual scheme level. Guidelines for following
parameters for liquid as well as non liquid schemes has been specified in the policy:
1. Eligible Instruments: Defines the eligible instruments where the scheme can invest
2. Minimum Liquidity: Defines the instruments considered as liquid instruments and the minimum investments in these instruments as a percentage of total
net assets
3. Maximum Illiquid component: Defines the instruments considered as illiquid and the maximum investment that can be made in these instruments as a
percentage of net assets.
4. Rating: Defines minimum and/ or maximum investment in a particular rating as a percentage of total portfolio.
5. Maturity: Defined the weighted average maturity of a portfolio. Also defines the weighted average maturity, maximum and maturity for certain asset
types like corporate bond, PTCs, Gilts etc
All the Schemes investment will be in transferable securities (whether in capital markets or money markets or in privately placed debentures or securitised
debts or bank deposits or money at call).
All investment restrictions stated above shall be applicable at the time of making investment.
The Scheme will not enter into any transaction, which exposes it to unlimited liabilities or results in the encumbering of its assets in any way so as to expose
them to unlimited liability.
These investment limitations / parameters as expressed / linked to the net asset / net asset value / capital, shall in the ordinary course, apply as at the date
of the most recent transaction or commitment to invest. Changes do not have to be effected merely because of appreciation or depreciation in value or by
reason of the receipt of any rights, bonuses or benefits in the nature of capital or of any scheme of arrangement or for amalgamation, reconstruction or
exchange, or at any repayment or redemption or other reason outside the control of the Fund, any such limits would thereby be breached. If these limits
are exceeded for reasons beyond its control, AMC shall adopt as a priority objective the remedying of that situation, taking due account of the interests of
the Unitholders.
The Trustee Company in consultation with AMC may alter these above stated limitations from time to time, and also to the extent the Regulations change,
so as to permit the Scheme to make its investments in the full spectrum of permitted investments in order to achieve its investment objectives & policies.
As such, all investments of the Scheme will be made in accordance with the Regulations including Schedule VII thereof and the Fundamental Attributes of
this Scheme.
The investment in Foreign equity Securities shall be in accordance with SEBI Regulations.
9. Fundamental Attributes : Notwithstanding the above, the Trustees, in accordance with Regulation 18(15)(A) of the SEBI (Mutual Funds) Regulations,
1996, ensure that no change in the fundamental attributes of any Scheme or the Trust or fees and expenses payable or any other change which would modify
the Scheme and affect the interest of the unit holders, shall be carried out unless : -
i) A written communication about the proposed change is sent to each unitholder and an advertisement is given in one English daily newspaper having
nationwide circulation as well as in the newspaper published in the language of the region where the Head Office of the Mutual Fund is situated and
ii) The unit holders are given an option to exit at the prevailing Net Asset Value without any exit load.
For the purposes of this section, “fundamental attributes” of the scheme shall mean:
(i) Type of scheme : An Open-ended Diversified Equity scheme
(ii) Investment Objectives & Policies : The primary investment objective of the scheme is to seek to generate capital appreciation & provide long-term
growth opportunities by investing in a portfolio constituted of equity & equity related securities of top 100 companies by market capitalization & of
companies which are available in the derivatives segment from time to time and the secondary objective is to generate consistent returns by investing in
debt and money market securities.
Investment Pattern and Investment Objectives is provided at section V.
(iii) Terms of Issue : Liquidity provisions such as repurchase/redemption of units as defined in ‘Redemption of Units’.
Aggregate Fees and expenses charged to the Scheme as stated in section VII point no. C-2 “Recurring Expenses of the Scheme” (As % of Average daily Net
Assets) / as permitted by the Regulations.
Fundamental Attributes will not cover such actions of the Trustees of the Mutual Fund or the Board of Directors of the Asset Management Company, made
in order to conduct the business of the Trust, the Scheme or the Asset Management Company, where such business is in the nature of discharging the duties
and responsibilities with which they have been charged. Nor will it include changes to the Scheme made in order to comply with changes in Regulations.
None of the actions of the Trustees of the Mutual Fund or the Board of Directors of the Asset Management Company shall amount to a change in the
fundamental attributes of the Scheme as described herein.
10.Underwriting by the Scheme : Subject to SEBI Regulations, the Scheme may also undertake underwriting activities in order to augment its income,
after the Mutual Fund obtains a certificate of registration in terms of the Securities and Exchange Board of India (Underwriters) Rules and Securities and
Exchange Board of India (Underwriters) Regulations 1993 authorising it to carry on activities as underwriters. The total underwriting obligations of the
Scheme, at any time, shall not exceed the total value of the corpus of the Scheme together with undistributed profits lying to the credit of the Scheme. The
decision to take up any underwriting commitment shall be made as if the Scheme is actually investing in that particular security. As such, all investment
restrictions and prudential guidelines relating to investments, individually and in aggregate as mentioned in SEBI regulations shall, in so far as may be
applicable, apply to underwriting commitments which may be undertaken under the Scheme.
11. Borrowing by the Mutual Fund: To meet the temporary liquidity needs of the Scheme for the purpose of repurchase, redemption, or payment of
income /dividend to the unit holders, the Scheme may borrow upto 20% of its net assets for a period of upto six months or as may be permitted by the
pertinent rules and regulations. Loans may be obtained from any entity / organisation which are not specifically debarred to give loans to Mutual Funds and
also loan is available from such entity / organisation at competitive terms. However, if loan is obtained from any associates such loans will be obtained only
at extremely competitive terms at equal to or lower than market rates. These loans may be secured by securities or assets of the Scheme pledged to such

25
entity / organisation. Borrowing by the Mutual Fund on account of the Scheme will tend to increase the impact of investment gains and losses on the NAV
of the Scheme.
There were no borrowings for the financial year ended March 31, 2002, March 31, 2003 and March 31, 2004 under any of the schemes of RMF. There were
borrowings for the year ended March 31, 2005.
12. Computation of Net Asset Value: The Net Asset Value (NAV) of the Units will be determined daily or as prescribed by the Regulations. The NAV
shall be calculated in accordance with the following formula, or such other formula as may be prescribed by SEBI from time to time.
Market/Fair Value of Scheme’s Investments + Receivables + Accrued Income +
Other Assets - Accrued Expenses- Payables- Other Liabilities
NAV = ___________________________________________________________
Number of Units Outstanding
NAV Information: The NAV of the Scheme will be calculated and declared by the Fund on every Working Day. The information on NAV may be obtained
by the Unitholders, on any day from the office of the AMC / the office of the Registrar in Hyderabad or any of the other Designated Investor Service
Centres.
The NAV shall be published in two daily newspapers on a daily basis as per the Regulations.
Investors may also obtain information on the purchase /sale price for a given day on any Working Day from the office of the AMC / the office of the
Registrar in Hyderabad/ any of the other Designated Investor Service Centres.
For any NAV information, investor may also call our Touchbase customer service centre at 3030 1111, callers outside India, please dial 91-40-30301111.
13.Valuation of Assets: The NAV of the Units of the Scheme will be computed by dividing the net assets of the Scheme by the number of Units
outstanding on the valuation date. The Fund shall value its investments according to the valuation norms, as specified in Schedule VIII of the Regulations,
or such norms as may be prescribed by SEBI from time to time. The broad Valuation norms are detailed below:
1. Traded Securities:
(i) The securities shall be valued at the last quoted closing price on the stock exchange.
(ii) When the securities are traded on more than one recognised stock exchange, the securities shall be valued at the last quoted closing price on the stock
exchange where the security is principally traded.
(iii) When on a particular valuation day, a security has not been traded on the Principal stock exchange, the value at which it is traded on another stock
exchange may be used.
(iv) When a security (other than debt securities) is not traded on any stock exchange on a particular valuation day, the value at which it was traded on the
selected stock exchange, as the case may be, on the earliest previous day may be used provided such date is not more than thirty days prior to valuation date.
When a debt security (other than Government Securities) is not traded on any stock exchange on any particular valuation day, the value at which it was
traded on the principal stock exchange or any other stock exchange, as the case may be, on the earliest previous day may be used provided such date is not
more than fifteen days prior to valuation date. When a debt security (other than Government Securities) is purchased by way of private placement, the value
at which it was bought may be used for a period of fifteen days beginning from the date of purchase.
2. Thinly Traded Securities:
(i) Thinly Traded Equity/Equity Related Securities:
“When trading in an equity/equity related security (such as convertible debentures, equity warrants, etc.) in a month is both less than Rs. 5 lakhs and the total
volume is less than 50,000 shares, it shall be considered as a thinly traded security and valued accordingly”.
For example, if the volume of trade is 100,000 and value is Rs. 400,000, the share does not qualify as thinly traded.
Also if the volume traded is 40,000, but the value of trades is Rs. 600,000, the share does not qualify as thinly traded.
In order to determine whether a security is thinly traded or not, the volumes traded in all recognised stock exchanges in India may be taken into account.
(ii) Thinly Traded Debt Securities:
A debt security (other than Government Securities) shall be considered as a thinly traded security if on the valuation date, there are no individual trades in
that security in marketable lots (currently Rs 5 crore) on the principal stock exchange or any other stock exchange.
A thinly traded debt security as defined above would be valued as per the norms set for non-traded debt security.
3. Non Traded Securities:
When a security (other than Government Securities) is not traded on any stock exchange for a period of thirty days prior to the valuation date, the scrip
must be treated as a ‘non traded’ security.
Valuation Of Non-Traded / Thinly Traded Securities
Non traded/ thinly traded securities shall be valued “in good faith” by the AMC on the basis of the valuation principles laid down below:
(i) Non-traded / thinly traded equity securities:
(a) Based on the latest available Balance Sheet, net worth shall be calculated as follows:
(b) Net Worth per share = [share capital + reserves (excluding revaluation reserves) - Misc. expenditure and Debit Balance in P&L A/c] Divided by number
of Paid up Shares.
(c) Average capitalisation rate (P/E ratio) for the industry based upon either BSE or NSE data (which should be followed consistently and changes, if any
noted with proper justification thereof) shall be taken and discounted by 75% i.e. only 25% of the Industry average P/E shall be taken as capitalisation rate
(P/E ratio). Earnings per share of the latest audited annual accounts will be considered for this purpose.

26
(d) The value as per the net worth value per share and the capital earning value calculated as above shall be averaged and further discounted by 10% for ill-
liquidity so as to arrive at the fair value per share.
(e) In case the EPS is negative, EPS value for that year shall be taken as zero for arriving at capitalised earning.
(f) In case where the latest balance sheet of the company is not available within nine months from the close of the year, unless the accounting year is
changed, the shares of such companies shall be valued at zero.
(g) In case an individual security accounts for more than 5% of the total assets of the scheme, an independent valuer shall be appointed for the valuation
of the said security.
To determine if a security accounts for more than 5% of the total assets of the scheme, it should be valued by the procedure above and the proportion which
it bears to the total net assets of the scheme to which it belongs would be compared on the date of valuation.
(ii) (a) Non Traded /Thinly Traded Debt Securities of Upto 182 Days to Maturity:
As the money market securities are valued on the basis of amortization (cost plus accrued interest till the beginning of the day plus the difference between
the redemption value and the cost spread uniformly over the remaining maturity period of the instruments) a similar process should be adopted for non-
traded debt securities with residual maturity of upto 182 days, in the absence of any other standard benchmarks in the market. Debt securities purchased with
residual maturity of upto 182 days are to be valued at cost (including accrued interest till the beginning of the day) plus the difference between the
redemption value (inclusive of interest) and cost spread uniformly over the remaining maturity period of the instrument. In case of a debt security with
maturity greater than 182 days at the time of purchase, the last valuation price plus accrued interest should be used instead of purchase cost. All other non-
traded Non Government debt instruments shall be valued using the method suggested in (ii)(b).
(ii) (b) Non Traded/ Thinly Traded Debt Securities of Over 182 Days to Maturity.
For the purpose of valuation, all Non Traded Debt Securities would be classified into “Investment grade” and “Non Investment grade” securities based on
their credit ratings. The non-investment grade securities would further be classified as “Performing” and “Non Performing” assets.
• All Non Government investment grade debt securities, classified as not traded, shall be valued on yield to maturity basis as described in the applicable SEBI
circular.
• All Non Government non-investment grade performing debt securities would be valued at a discount of 25% to the face value.
• All Non Government non-investment grade non-performing debt securities would be valued based on the provisioning norms.
Valuation of Unlisted Equity Shares:
Unlisted equity shares of a company shall be valued “in good faith” on the basis of the valuation principles laid down below:
a. Based on the latest available audited balance sheet, net worth shall be calculated as lower of (i) and (ii) below:
i. Net worth per share = [share capital plus free reserves (excluding revaluation reserves) minus Miscellaneous expenditure not written off or deferred
revenue expenditure, intangible assets and accumulated losses] divided by Number of Paid up Shares.
ii. After taking into account the outstanding warrants and options, Net worth per share shall again be calculated and shall be = [share capital plus
consideration on exercise of Option/Warrants received/receivable by the Company plus free reserves (excluding revaluation reserves) minus Miscellaneous
expenditure not written off or deferred revenue expenditure, intangible assets and accumulated losses] divided by {Number of Paid up Shares plus Number
of Shares that would be obtained on conversion/exercise of Outstanding Warrants and Options}
The lower of (i) and (ii) above shall be used for calculation of net worth per share and for further calculation in (c) below.
(b) Average capitalisation rate (P/E ratio) for the industry based upon either BSE or NSE data (which should be followed consistently and changes, if any,
noted with proper justification thereof) shall be taken and discounted by 75% i.e. only 25% of the Industry average P/E shall be taken as capitalisation rate
(P/E ratio). Earnings per share of the latest audited annual accounts will be considered for this purpose.
(c) The value as per the net worth value per share and the capital earning value calculated as above shall be averaged and further discounted by 15% for
illiquidity so as to arrive at the fair value per share.
The above methodology for valuation shall be subject to the following conditions:
i. All calculations as aforesaid shall be based on audited accounts.
ii. In case where the latest balance sheet of the company is not available within nine months from the close of the year, unless the accounting year is
changed, the shares of such companies shall be valued at zero.
iii. If the net worth of the company is negative, the share would be marked down to zero.
iv. In case the EPS is negative, EPS value for that year shall be taken as zero for arriving at capitalised earning.
v. In case an individual security accounts for more than 5% of the total assets of the scheme, an independent valuer shall be appointed for the valuation of
the said security. To determine if a security accounts for more than 5% of the total assets of the scheme, it should be valued in accordance with the procedure
as mentioned above on the date of valuation.
At the discretion of the AMC and with the approval of the trustees, an unlisted equity share may be valued at a price lower than the value derived using the
aforesaid methodology.
Valuation of securities with Put/Call Options
The option embedded securities would be valued as follows:
Securities with call option:
The securities with call option shall be valued at the lower of the value as obtained by valuing the security to final maturity and valuing the security to call
option.
In case there are multiple call options, the lowest value obtained by valuing to the various call dates and valuing to the maturity date is to be taken as the
value of the instrument.

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Securities with Put option:
The securities with put option shall be valued at the higher of the value as obtained by valuing the security to final maturity and valuing the security to put
option.
In case there are multiple put options, the highest value obtained by valuing to the various put dates and valuing to the maturity date is to be taken as the
value of the instruments.
Securities with both Put and Call option on the same day:
The securities with both Put and Call option on the same day would be deemed to mature on the Put/Call day and would be valued accordingly.
Illiquid Securities:
(a) Aggregate value of “illiquid securities” of scheme, which are defined as non-traded, thinly traded and unlisted equity shares, shall not exceed 15% of the
total assets of the scheme and any illiquid securities held above 15% of the total assets shall be assigned zero value.
(b) All funds shall disclose as on March 31 and September 30 the scheme-wise total illiquid securities in value and percentage of the net assets while making
disclosures of half yearly portfolios to the unitholders. In the list of investments, an asterisk mark shall also be given against all such investments, which
are recognised as illiquid securities.
(c) Mutual Funds shall not be allowed to transfer illiquid securities among their schemes w.e.f. October 1, 2000.
(d) In respect of closed ended funds, for the purposes of valuation of illiquid securities, the limits of 15% and 20% applicable to open-ended funds should
be increased to 20% and 25% respectively.
v) Value of “Rights” entitlement
a) Until they are traded, the value of the “rights” entitlement would be calculated as:
Vr = n/m x (P ex - P of )
where
Vr = Value of rights
n = no. of rights Offered
m = no. of original shares held
P ex = Ex-Rights price
P of = Rights Offer price
b) Where the rights are not traded pari-passu with the existing shares, suitable adjustments would be made to the value of rights. Where it is decided not to
subscribe for the rights but to renounce them and renunciations are being traded, the rights would be valued at the renunciation value.
vi) Expenses and Incomes Accrued
All expenses and incomes accrued up to the valuation date shall be considered for computation of NAV. For this purpose, major expenses like management
fees and other periodic expenses would be accrued on a day-to-day basis. The minor expenses and income will be accrued on a periodic basis, provided the
non-daily accrual does not affect the NAV calculations by more than 1%.
vii) Changes in securities and in number of units:
Any changes in securities and in the number of units will be recorded in the books not later than the first valuation date following the date of transaction.
If this is not possible, given the frequency of NAV disclosure, the recording may be delayed up to a period of seven days following the date of the transaction,
provided as a result of such non recording, the NAV calculation shall not be affected by more than 2%.
The valuation guidelines as outlined above are as per prevailing Regulations and are subject to change from time to time in conformity with changes made
by SEBI.
Valuation of Derivative Products:
i. The traded derivatives shall be valued at market price in conformity with the stipulations of sub clauses (i) to (v) of clause 1 of the Eighth Schedule to
the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended from time to time.
ii. The valuation of untraded derivatives shall be done in accordance with the valuation method for untraded investments prescribed in sub clauses (i) and
(ii) of clause 2 of the Eighth Schedule to the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended from time to time.
The valuation of the Scheme’s assets and calculation of the Scheme’s NAV shall be subject to audit on an annual basis and such regulations as may be
prescribed by SEBI from time to time.
14. Accounting Policies & Standards
In accordance with the Regulations, the AMC will follow the accounting policies and standards, as detailed below:
a) The AMC, for each Scheme and its Plans, shall keep and maintain proper books of account, records and documents, so as to explain its transactions and
to disclose at any point of time the financial position of the Scheme and, in particular, give a true and fair view of the state of affairs of the Fund.
b) For the purposes of the financial statements, the Scheme and its Plans shall mark all investments to market and carry investments in the balance sheet
at market value. However, since the unrealized gain arising out of appreciation on investments cannot be distributed, provision shall be made for exclusion
of this item when arriving at distributable income.
c) Dividend income earned by the Scheme and its Plans shall be recognized, not on the date the dividend is declared, but on the date the share is quoted on
an ex-dividend basis. For investments, which are not quoted on the stock exchange, dividend income would be recognized on the date of declaration of
dividend.
d) In respect of all interest-bearing investments, income shall be accrued on a day to day basis as it is earned. Therefore, when such investments are

28
purchased, interest paid for the period from the last interest due date up to the date of purchase should not be treated as a cost of purchase but shall be debited
to Interest Recoverable Account. Similarly, interest received at the time of sale for the period from the last interest due date up to the date of sale must not
be treated as an addition to sale value but shall be credited to Interest Recoverable Account.
e) In determining the holding cost of investments and the gains or loss on sale of investments, the “average cost” method shall be followed for each security.
f) Transactions for purchase or sale of investments shall be recognized as of the trade date and not as of the settlement date, so that the effect of all
investments traded during a financial year are recorded and reflected in the financial statements for that year. Where investment transactions take place
outside the stock market, for example, acquisition through private placement or purchases or sales through private treaty, the transaction would be
recorded, in the event of a purchase, as of the date on which the Scheme obtains an enforceable obligation to pay the price or, in the event of a sale, when
the Scheme obtains an enforceable right to collect the proceeds of sale or an enforceable obligation to deliver the instruments sold.
g) Bonus shares to which the Scheme and the Plans thereunder becomes entitled shall be recognized only when the original shares on which the bonus
entitlement accrues are traded on the stock exchange on an ex-bonus basis. Similarly, rights entitlements shall be recognized only when the original shares
on which the right entitlement accrues are traded on the stock exchange on an ex-right basis.
h) Where income receivable on investments has accrued but has not been received for the period specified in the guidelines issued by the Board, provision
shall be made by debiting to the revenue account the income so accrued in the manner specified by guidelines issued by the Board.
i) When units are sold in the Scheme, an appropriate part of the sale proceeds shall be credited to an Equalization Account and when units are repurchased
an appropriate amount shall be debited to Equalization Account. The net balance on this account shall be credited or debited to the Revenue Account. The
balance on the Equalization Account debited or credited to the Revenue Account shall not decrease or increase the net income of the Fund but is only an
adjustment to the distributable surplus. It shall therefore be reflected in the Revenue Account only after the net income of the Fund is determined.
j) When units are sold, after considering the equalization as above, the difference between the sale price and the face value of the Unit, if positive, shall be
credited to reserves and if negative, shall be debited to reserve, the face value being credited to Capital Account. Similarly, when the Units are repurchased,
after considering the equalization as above, the difference between the purchase price and face value of the Unit, if positive, shall be debited to reserves and,
if negative, shall be credited to reserves, the face value being debited to the Capital Account.
k) The cost of investments acquired or purchased shall include brokerage, stamp charges and any charge customarily included in the broker’s bought note.
In respect of privately placed debt instruments any front-end discount offered shall be reduced from the cost of the investment.
l) Underwriting commission shall be recognized as revenue only when there is no devolvement on the Scheme and its Plans. Where there is devolvement
on the Scheme and the Plans thereunder, the full underwriting commission received and not merely the portion applicable to the devolvement shall be
reduced from the cost of the investment.
The accounting policies and standards outlined above are as per the existing Regulations and are subject to change as per changes in the Regulations.
Guidelines for Identification and Provisioning for Non Performing Assets (Debt Securities) For Mutual Funds:
(A) Definition of a Non Performing Asset (NPA) : An ‘asset’ shall be classified as non performing, if the interest and/or principal amount have not
been received or remained outstanding for one quarter from the day such income / instalment has fallen due.
(B) Effective date for classification and provisioning of NPAs : The definition of NPA may be applied after a quarter past due date of the interest.
For e.g. if the due date for interest is 31.12.2002, it will be classified as NPA from 01.04.2003.
(C) Treatment of income accrued on the NPA and further accruals : After the expiry of the 1st quarter from the date the income has fallen
due, there will be no further interest accrual on the asset i.e. if the due date for interest falls on 31.12.2002 and if the interest is not received, accrual will
continue till 31.03.2003 after which there will be no further accrual of income. In short, taking the above example, from the beginning of the 2nd quarter
there will be no further accrual on income.
On classification of the asset as NPA from a quarter past due date of interest, all interest accrued and recognized in the books of accounts of the Fund till
the date, should be provided for. For e.g. if interest income falls due on 31.12.2002, accrual will continue till 31.03.2003 even if the income as on
31.12.2002 has not been received. Further, no accrual will be done from 01.04.2003 onwards. Full provision will also be made for interest accrued and
outstanding as on 31.12.2002.
(D) Provision for NPAs - Debt Securities : Both secured and unsecured investments once they are recognized as NPAs call for provisioning in the same
manner and where these are related to close ended scheme the phasing would be such that to ensure full provisioning prior to the closure of the scheme or
the scheduled phasing which ever is earlier.
The value of the asset must be provided in the following manner or earlier at the discretion of the fund. Fund will not have discretion to extend the period
of provisioning. The provisioning against the principal amount or installments should be made at the following rates irrespective of whether the principal
is due for repayment or not.
• 10% of the book value of the asset should be provided for after 6 months past due date of interest i.e. 3 months form the date of classification of the asset
as NPA.
• 20% of the book value of the asset should be provided for after 9 months past due date of interest i.e. 6 months from the date of classification of the asset
as NPA.
• Another 20% of the book value of the assets should be provided for after 12 months past due date of interest i.e. 9 months form the date of classification
of the asset as NPA.
• Another 25% of the book value of the assets should be provided for after 15 months past due date of interest i.e. 12 months from the date of classification
of the asset as NPA.
o The balance 25% of the book value of the asset should be provided for after 18 months past due date of the interest i.e. 15 months form the date of
classification of the assets as NPA.
Book value for the purpose of provisioning for NPAs shall be taken as a value determined as per the prescribed valuation method.

29
(E) Reclassification of assets:
Upon reclassification of assets as ‘performing assets’:
1. In case a company has fully cleared all the arrears of interest, the interest provisions can be written back in full.
2. The asset will be reclassified as performing on clearance of all interest arrears and if the debt is regularly serviced over the next two quarters.
3. In case the company has fully cleared all the arrears of interest, the interest not credited on accrual basis would be credited at the time of receipt.
4. The provision made for the principal amount can be written back in the following manner: -
• 100% of the asset provided for in the books will be written back at the end of the 2nd quarter where the provision of principal was made due to the interest
defaults only.
• 50% of the asset provided for in the books will be written back at the end of the 2nd quarter and 25% after every subsequent quarter where both installments
and interest were in default earlier.
5. An asset is reclassified, as ‘standard asset’ only when both overdue interest and overdue installments are paid in full and there is satisfactory performance
for a subsequent period of 6 months.
(F) Receipt of past dues : When the fund has received income/principal amount after their classifications as NPAs;
For the next 2 quarters, income should be recognized on cash basis and thereafter on accrual basis. The asset will be continued to be classified as NPA for
these two quarters.
During this period of two quarters although the asset is classified as NPA no provision needs to be made for the principal if the same is not due and
outstanding. If part payment is received towards principal, the asset continues to be classified as NPA and provisions are continued as per the norms set at
(D) above. Any excess provision will be written back.
Some of the investments made by mutual funds may become non-performing (NPAs) or illiquid at the time of maturity/ closure of schemes. In due course
of time, these NPAs and illiquid securities may be realised by the mutual funds i.e. after the winding up of the schemes. Such amount would be distributed,
if it is substantial and is realised within two years, to the old investors. In case the amount is not substantial or it is realised after two years, it may be
transferred to the Investor Education Fund maintained by each mutual fund as specified in SEBI circular MFD/CIR/9/120/2000 dated November 24, 2000.
The decision as to the determination of substantial amount shall be taken by the trustees of mutual funds after considering the relevant factors.
(G) Classification of Deep Discount Bonds as NPAs : Investments in Deep Discount Bonds can be classified as NPAs, if any two of the following
conditions are satisfied:
• If the rating of the Bond comes down to grade ‘BB’ or below.
• If the company is defaulting in their commitments in respect of other assets, if available.
• Full Net worth erosion.
Provision should be made as per the norms set at (D) above as soon as the asset is classified as NPA. Full provision can be made if the rating comes down
to grade ‘D’
(H) Reschedulement of an asset: In case any company defaults either interest or principal amount and the fund has accepted a Reschedulement of the
schedule of payments, then the following practice may be adhered to:
(i) In case it is a first Reschedulement and only interest is in default, the status of the asset namely, ‘NPA’ may be continued and existing provisions should
not be written back. This practice should be continued for two quarters of regular servicing of the debt. Thereafter, this is classified as ‘performing asset’
and the interest provided may be written back.
(ii) If the Re-schedulement is done due to default in interest and principal amount, the asset should be continued as non-performing for a period of 4 quarters,
even though the asset is continued to be serviced during these 4 quarters regularly. Thereafter, this can be classified as ‘performing asset’ and all the interest
provided till such date should be written back.
(iii) If the Reschedulement is done for a second/third time or thereafter, the characteristic of NPA should be continued for eight quarters of regular servicing
of the debt. The provision should be written back only after it is reclassified as ‘performing asset’.
(I) Disclosure in the Half Yearly Portfolio Reports: The mutual funds shall make scrip wise disclosures of NPAs on half yearly basis along with the
half yearly portfolio disclosure.
The total amount of provisions made against the NPAs shall be disclosed in addition to the total quantum of NPAs and their proportion of the assets of the
mutual fund scheme.
In the list of investments an asterisk mark shall be given against such investments, which are recognized as NPAs. Where the date of redemption of an
investment has lapsed, the amount not redeemed shall be shown as ‘sundry debtors’ and not investment provided that where an investment is redeemable
by installments that will be shown as an investment until all installments have become overdue
15. INVESTMENT BY THE AMC IN THE FUND: RCAM reserves the right to invest its own funds in the Scheme upto a maximum extent of its networth.
As per SEBI Regulations, such investments are permitted, subject to disclosure being made in the Offer Document. Further, RCAM shall not charge any fees
on its investment in the Scheme, unless allowed to do so under SEBI Regulations in the future.
16. DEPOSITORY: If the Securities are held in dematerialised form, the rules of the Securities and Exchange Board of India (Depositories Participants)
Regulations, 1996 will apply.
17. POLICY FOR INTER-SCHEME TRANSFERS: The Scheme may purchase / sell securities under the Scheme through the mode of Inter-Scheme
Transfers, if such a security is under the buy / sell list of this Scheme and is on the sell / buy list of another Scheme under the Fund. Under such circumstances,
the transactions will be effected based on the prevailing market price on spot basis and in conformity with Regulations. The valuation of untraded / unquoted
securities and debt instruments shall be done in accordance with the general valuation policies of the Fund.

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 VI. UNITS AND OFFER

1) New Fund Offer: The Scheme offers a Growth and Dividend Plan with Bonus and Growth Options under the Growth Plan and Dividend Payout and
Dividend Re-investment Options in the Dividend Plan.
2) New Fund Offer Price: The new fund offer price will be Rs. 10 per unit for all the Plans under the Scheme.
3) New Fund Offer Period: The new fund offer period for the Scheme will commence from February 6, 2006 to March 7, 2006.
4) Extension of New Fund Offer Period: The Trustees reserves the right to extend the closing date, subject to the condition that the New Fund Offer
shall not be kept open for more than 30 days. Any such extension shall be announced by way of a newspaper advertisement in one vernacular daily of
Mumbai and one English national daily.
5) Continuous Offer: Commencing not later than 30 days after the closing of the New Fund Offer, the Scheme will become open-ended. Thereafter,
existing Unitholders and New Applicants may purchase additional Units at the purchase price or redeem their Units at the redemption price.
6) Who can Invest:
The following persons (subject, wherever relevant, to purchase of units being permitted under their respective constitutions and relevant State Regulations)
are eligible to subscribe to the units:
• Adult Resident Indian Individuals, either single or jointly (not exceeding three).
• Non – resident Indians and persons of Indian origin residing abroad, on a full repatriation basis
• Parents / Lawful guardians on behalf of Minors
• Hindu Undivided Families (HUFs) in the name of HUF or Karta
• Companies (including Public Sector Undertakings), Bodies Corporate, Trusts (through Trustees) and Co-operative Societies
• Banks (including Regional Rural Banks) and Financial Institutions
• Religious and Charitable Trusts
• Foreign Institutional Investors registered with SEBI
• International Multilateral Agencies approved by the Government of India
• Army/Navy/Air Force / Para Military Units and other eligible institutions
• Unincorporated body of persons as may be accepted by Reliance Capital Trustee Co. Limited
• Partnership Firms
• OCBs subject to SEBI/RBI approvals/Regulations
Persons (as described aforesaid) investing in this scheme, shall all times ensure due compliance of their respective laws, which they are subject to from time
to time.
The Fund reserves the right to include / exclude new / existing categories of investors to invest in this Scheme from time to time, subject to SEBI/RBI
Regulations, if any.
7) Minimum Corpus : The Fund seeks to collect a minimum corpus of Rs.1 lakh under the Scheme divided into 10000 units of Rs. 10 each. There will
not be any maximum limit on the amount raised and the Fund will make full and firm allotment against all valid applications.
In the event this amount is not raised during the new fund offer period, the amount collected will be refunded to the applicants in accordance with the SEBI
Regulations. Refund of subscription amount to applicants whose applications are invalid for any reason whatsoever, will commence after the allotment
process is completed.
8) Minimum number of Investors in Scheme/Plan: As per SEBI Circular dated December 12, 2003 and June 14, 2005 each scheme and individual
plan(s) under the schemes should have a minimum of 20 investors and no single investor should account for more than 25% of the corpus of such scheme/
plan(s) at portfolio level within a period of three months or at the end of the succeeding calendar quarter, whichever is earlier from the close of the New
Fund Offer (NFO). After the NFO and the 3 months balancing period, in each subsequent quarter thereafter, on an average basis, the scheme shall meet with
both the conditions of minimum number of investor and holding as a percentage of the corpus. Determining the breach of 25% limit - The average net
assets of the scheme would be calculated daily and any breach of the 25% holding limit by an investor would be determined. At the end of the quarter, the
average of daily holding by each such investor is computed to determine whether that investor has breached the 25% limit over the quarter. If there is a
breach of limit by any investor over the quarter, a rebalancing period of one month would be allowed and thereafter the investor who is in breach of the rule
shall be given 15 days notice to redeem his exposure over the 25 % limit. Failure on the part of the said investor to redeem his exposure over the 25 % limit
within the aforesaid 15 days would lead to automatic redemption by the Mutual Fund on the applicable Net Asset Value on the 15th day of the notice period.
9) Expenses of Initial Issue : The initial issue expenses in respect of any Scheme shall not exceed six percent of the funds raised under that Scheme.
The initial issue expenses incurred during new fund offer will be debited to the scheme to the extent of 6% of the funds raised during new fund offer and the
same will be amortized over a period of 5 years. However, as per SEBI (Mutual Fund) Regulations any expense more than 6% of the initial net assets shall
be borne by the AMC.
10) Right to Review Applications : RMF reserves the right to scrutinize, review and reject any application received during the new fund offer period
or on an ongoing basis, at its discretion, without assigning any reason, in cases where, according to RCAM, accepting the same would not be in the best
interests of the Fund.
11) Allotment & Refund
12) Allotment : Full Allotment will be made to all valid applications received during the New Fund Offer Period subject to realization of cheque/draft.
Allotment will be completed not later than thirty days after the closure of the New Fund Offer Period.

31
13) Refund : Refund of subscription money to applicants in the case of minimum subscription amount not being raised or applications rejected for any
other reason whatsoever, will be made within 30 days from the end of the New Fund Offer Period. No interest will be payable on any subscription money
so refunded within 30 days. If the Mutual Fund refunds the amount after 30 days, interest at the rate of 15% p.a. will be paid to the applicant and borne by
the AMC for the period from the day following the date of expiry of 30 days until the actual date of the refund. Refund orders will be marked “A/c. Payee
only” and drawn in the name of the applicant in the case of a sole applicant and in the name of the first applicant in all other cases. In both cases, the bank
name and bank account number, as specified in the application, will be mentioned in the refund order. The bank and/or collection charges, if any, will be
borne by the applicant.
All refund cheques will be mailed by Registered Post as per the Regulations.
14) Joint Applicants : If an Account has more than one holder, the first-named holder (as determined by the records of the Registrar) only will receive
all notices and correspondence with respect to the Account, as well as the proceeds of any redemption request or dividend or other distributions. In addition,
such holder will have the voting rights, associated with such Units as permitted. In the case of death of any joint holder, the survivor(s) shall be the only
person(s) recognised by RMF as having any title to or interest in the units.
In the case of holdings specified as ‘jointly’, all requests will have to be signed by all the joint holders in sequence of their holdings. However, in the case
of holdings specified as ‘any one or survivor’, any one of the joint holders may sign such requests.
If an Account has more than one holder and the mode of operation is not specified i.e. whether as ‘Jointly’ or ‘Either or survivor’ or ‘Anyone or survivor’,
then it will be considered as ‘Jointly’.
15) Account Statement / Unit Certificate : The Account Statement issued in lieu of the Unit Certificate under the Scheme shall be non-transferable.
This Account Statement shall be construed as a proof of ownership or evidence showing the details of transactions and number of units held by the person
in whose name the account statement is issued. Further, it is not compulsory for the Account Statement to be signed by any Authorised Signatory. The
Trustee may issue a Unit Certificate in lieu of the Account Statement in respect of the units held, to such unitholders who request for the same, after receipt
of a specific request from the unitholder. Further, the Trustee also reserves right to issue Transaction Confirmation Slips on an ongoing basis in lieu of
Account Statements, indicating the price, and the units debited or credited to the Account of the unitholder/ investor, alongwith the closing balance of his/
her/ their Account.
All Units will rank pari-passu amongst Units within the same Plan/ Scheme as to assets, earnings and the receipt of dividend distribution, if any.
16) Applicable NAV:
i) Purchases:
In respect of valid applications received upto 3 p.m. by the Mutual Fund alongwith a local cheque or a demand draft payable at par at the place where the
application is received, the closing NAV of the day on which application is received shall be applicable.
In respect of valid applications received after 3 p.m. by the Mutual Fund alongwith a local cheque or a demand draft payable at par at the place where the
application is received, the closing NAV of the next business day shall be applicable.
ii) Redemptions:
In respect of valid applications received upto 3 p.m. by the Mutual Fund, same day’s closing NAV shall be applicable.
In respect of valid applications received after 3 p.m. by the Mutual Fund, the closing NAV of the next business day shall be applicable.
17) Listing and transfer : Being an open-ended scheme, the units are not proposed to be listed on any stock exchange. However, the Trustee reserves
the right to list the units as and when open-end Schemes are permitted to be listed under the Regulations, and if the Trustee considers it necessary in the
interest of unitholders of the Scheme.
As the Fund will be repurchasing the Units on an ongoing basis, no transfer facility is required. However, if a transferee becomes a holder of the Units by
operation of law or upon enforcement of a pledge, then RCAM shall, subject to production of such evidence, which in its opinion is sufficient, effect the
transfer, if the intended transferee is otherwise eligible to hold the Units, within 30 days from the date of receipt of all relevant documents, as specified in
Regulation 37(2) of SEBI (Mutual Funds) Regulations, 1996.
A person becoming entitled to hold the Units in consequence of the death, insolvency, or winding up of a sole holder or the last survivor of the joint holders,
upon producing evidence to the satisfaction of the Fund shall be registered as the holder.
Any addition, deletion of name from the folio of the Unit holder is deemed as transfer of Units. In view of the same, additions /deletions of names will not
be allowed under any folio of the Scheme. The said provisions in respect of deletion of names will not be applicable in case of death of a Unit holder (in
respect of joint holdings) as this is treated as transmission of Unit and not transfer.
18) Purchase of Units : Investors can purchase units under the Scheme at the purchase price. The unitholder can request for purchase of units by amount
and not by number of units.
a. Minimum Amount
The following are the minimum purchase amounts for the Scheme:
i) New Purchases
For resident and non-resident investors :
Growth Plan: Rs. 5,000/- and in multiples of Re. 1 thereafter
Dividend Plan: Rs. 5,000/- and in multiples of Re. 1 thereafter
Existing Unitholders can buy additional units under their existing folio by investing additional amount of minimum Rs 1000 and any amount thereafter.
For minimum purchase amount in Recurring Investment Plan (RIP) please refer to the paragraph Recurring Investment Plan in this Section.
The Fund may revise the minimum/maximum amounts and the methodology for new/additional subscriptions as and when necessary. Such change may be
brought about after taking into account the cost structure for a transaction/account and /or Market practices and/or the interest of existing unitholders.
Further, such changes shall only be applicable to transactions from the date of such change.

32
b) Purchase Price: The Purchase Price will be calculated on the basis of the entry load. It is calculated in the following way:
Purchase Price = Applicable NAV x (1 + Entry Load)
For detailed explanation on loads, please refer the Section on “Loads and Recurring Expenses”
After every subscription transaction a fresh Account statement Transaction confirmation Slip will be dispatched, reflecting the updated holding of the
unitholder, subject to realisation of the payment. Under normal circumstances, Reliance Mutual Fund endeavors to despatch Account Statement within ten
working days from the date of receipt of the application form/transaction slip at the Designated Investor Service Centre or within SEBI maximum time
period prescribed by SEBI.
However, the Fund reserves right to provide the account statement/transaction confirmation slip to investor through an alternative mechanism as may be
decided by the Fund from time to time.
The alternative mechanism may include electronic means of communication such as e-mail etc. The alternative mechanism to provide the account
statement /transaction confirmation slip will be provided only to those investors who have specifically opted for the alternative mechanism. For example,
if an investor in future, redeems or switches his units to another scheme /plan on the internet, then an online account statement /transaction confirmation
may be provided to the investor or the same may be sent to his email address.
19) Transmission: In case of death of the unitholder, Units shall be transmitted in favour of the second-named joint holder or nominee, as the case may
be, on production of a death certificate or any other document to the satisfaction of the Fund.
20) Investment Plans: Reliance Equity Fund has a Growth Plan and a Dividend Plan. The Growth Plan has a Growth Option and Bonus Option. The
Dividend Plan has a Dividend Payout Option and Dividend Re-investment Option.
Details of the above Plans/ options are as under:
21) Growth Plan: This Plan is designed for investors interested in capital appreciation on their investment and not in regular income. Accordingly, the
fund will not declare dividends under this plan. The income earned on the Plan’s corpus will remain invested in the Plan.
The Growth Plan has two options.
22) Growth Option: Under the Growth Option, there will be no distribution of income and the returns to the investor is only by way of capital gains/
appreciation, if any, through redemption at applicable NAV of the units held by them.
23) Bonus Option: The Growth Plan has a Bonus Option.
The Fund, however, does not assure any targeted annual return/ income nor any capitalisation ratio. Accumulation of earnings and/ or capitalisation of
bonus units and the consequent determination of NAV, may be suspended temporarily or indefinitely under any of the circumstances as stated under the para
on ‘Suspension of Purchases and/or Redemption of units’ of the Offer Document.
24) Capitalisation and issue of bonus units: RCAM, in consultation with the Trustees, may utilise any sums from reserves including the amount of
distributable surpluses of the scheme to the extent of such amounts attributable to unitholders under Bonus Option for issue of Bonus units.
Bonus units may be declared under the plan of the scheme, as may be decided by RCAM, in consultation with the Trustees, from time to time.
25) Eligibility and Treatment of Bonus Units: Bonus units, as and when issued, will be in proportion to the holdings of the unitholder under the
concerned plan as on the record date, to be fixed for the purpose of Bonus declaration.
RCAM may accordingly make appropriations and applications of the sum decided by it to be so capitalised by allotment and issue of fully paid-up units as
bonus units, and generally do all such acts and things required to give effect thereto.
The Bonus Units so allotted and issued as aforesaid will as regards rights and entitlements rank pari passu with the units in existence on the record date in
respect of which they are allotted and issued.
Interest created / options exercised by a member on the units under a folio by way of nomination, if any, will automatically apply to the bonus units.
Please note that pursuant to allotment of Bonus Units, the NAV of the scheme would fall in proportion to the bonus units allotted. As a result, the total value
of units held by the unitholder would remain the same.
For eg. 1) Value of investors unitholding of 100 units prior-to issuance of bonus units at NAV of Rs. 20 per unit = Rs. 2,000. If the Scheme declares a bonus
of say 1:1 (i.e. one bonus unit for every one unit held in the Plan on the record date), the value of the investors unitholding post issuance of bonus units
= NAV of Rs. 10 * 200 units = Rs. 2,000
2) Value of investors unitholding of 100 units prior-to issuance of bonus units at NAV of Rs. 20 per unit = Rs. 2,000. If the Scheme declares a bonus of say
4:1 (i.e. one bonus unit for every four units held in the Plan on the record date), the value of the investors unitholding post issuance of bonus units = NAV
of Rs. 16 * 125 units = Rs. 2,000.
(The statistics given above in the examples are only for understanding the logic of issuance of bonus units and should not be considered as indicative of any
bonus likely to be issued under the Plan)
“Unit” means and includes, where the context so requires, a unit issued as fully paid-up bonus unit by capitalising a part of the amount standing to the credit
of the account of the reserves formed or otherwise in respect of this scheme.
26) Allotment & Despatch Of Account Statement: The Bonus units will be added to the existing folio. An Account statement reflecting the accretion
to the unitholders through issuance of bonus units will be despatched to the unitholders within ten working days or within the maximum time period
prescribed by SEBI from the date of allotment of the bonus units.
27) Dividend Plan: The plan has been designed for investors who require regular income in the form of dividends. Under the Dividend Plan, the fund will
endeavor to make regular dividend payments to the unit holders.
The Dividend Plan has two options.
28) Dividend Payout Option: Under this option the Dividend declared under the Plan will be paid to the unit holders within 30 days from the declaration
of the dividend

33
29) Dividend Re-investment Option: The Dividend Plan has a Re-investment Option whereby the dividend distributed under the plan will be
automatically reinvested at the ex-dividend NAV on the transaction day following the date of declaration of dividend and additional units will be allotted
accordingly. Investors desirous of opting for the same should indicate the same in the space provided in the application form.
Dividend will be distributed from the available distributable surplus after the deduction of dividend distribution tax and applicable surcharge, if any.
Please note that if no Plan is mentioned / indicated in the Application form, the units will, by default, be allotted under the Growth Plan. Similarly, for the
Dividend Plan, if no Option (payout or reinvestment) is indicated, the applicant will be deemed to have applied for the Dividend Re-investment Option of
the Dividend Plan. Under the Growth Plan, if no Option (Growth or Bonus) is indicated, the applicant will be deemed to have applied under the Growth
Option of the Growth Plan. The unitholder is subsequently free to switch the units from the default plan / option to any other eligible plans / options of
the Scheme, at the applicable price.
NOTE
• For all tax related matters referred above, please read the Section of this offer document on ‘Tax Benefits’. In view of the individual nature of tax benefits,
each investor is advised to consult his or her own tax consultant with respect to the specific tax implications arising out of his or her participation in the
scheme.
• If the applicant does not indicate his choice of Plan in the application form, the Fund will treat the application as having been received under the Growth
Plan. The unitholder, subsequently, is free to switch his units from the Growth Plan to any other eligible plans of the Scheme, at the applicable price.
30) Effect of Dividends: As with the redemption of Units, when dividends are declared and paid with respect to the Scheme, the net assets attributable
to Unitholders Dividend Plan will stand reduced by an amount equivalent to the product of the number of units outstanding and the dividend amount per unit
declared on the record date. The NAV of the Unitholders in the Growth Plan will remain unaffected by the payment of dividends.
31) Mode of Payment of Dividends
The Fund proposes to pay dividend in the following manner:
a) Direct credit to the bank account of unitholders: The Fund is arranging with selected banks to enable direct credits into the bank accounts of the investors
at these banks. If an investor has an account with a bank with whom the fund has a tie up for direct credit, the dividend amount or redemption proceeds will
be credited directly to the bank account, under intimation to the unit holder by post/email. As per directive issued by SEBI, it is mandatory for an investor
to declare his/her bank account number and accordingly, investors are requested to give their bank account details in the application form.
b) Unitholders who do not wish to avail the above mentioned direct credit facility will receive dividend payments through payable at par cheques/DDs.
32) Policy on unclaimed redemption and dividend amounts: As per SEBI guidelines, the unclaimed redemption and dividend amounts shall be
deployed in call money market or money market instruments only or such other instruments, as permitted under Regulations. The investors who claim such
amounts during the period of three years from the due date shall be paid at the prevailing Net Asset Value. After a period of three years, this amount will
be transferred to a pool account and the investors can claim the amount at NAV prevailing at the end of the third year. The income earned on such funds
shall be used for the purpose of investor education.
The Fund will make continuous efforts to remind the investors through letters to take their unclaimed amounts. Further, the investment management fee
charged by AMC for managing unclaimed amounts shall not exceed 50 basis points.
33) How to Apply/Purchase?
New Account: An Application Form shall be utilised to open an account in the Scheme by both resident and Non Resident Investors, and submitted along
with the payment instrument during the NFO at the designated branches of the bankers to the issue viz HDFC Bank Ltd ,ICICI Bank Ltd, IDBI Bank Ltd
& Kotak Mahindra Bank Ltd & during continuous offer at the Designated Investor Service Centre. After due processing of the Application Form the
Registrars shall allot an account number and units to the investor and despatch an account statement to the investor. The unitholder should quote the
account number in all future transactions.
It is mandatory to mention the Applicant’s PAN and the I.T. Circle/Ward/District if the amount invested is Rs.50,000/- or more. Investors are therefore
requested to provide the same, in the absence of which the application form will not be accepted. In case where the PAN has not been applied for or applied
for & not allotted, each such applicable should submit a declaration in Form 60/61 prescribed by the I.T Department in duplicate, duly supported with a copy
of proof of address specified in form 60/61.
As per the directives issued by SEBI it is mandatory for an investor to declare his/her bank account number. This is to safeguard the interest of unitholders
from loss or theft of their redemption cheques. Investors are requested to provide their bank details in the Application Form failing which the same will be
rejected as per current Regulations.
34) Additional Purchases/Inter Scheme Switch/Inter Plan Switch
The transaction slip can be used by the investor to make additional purchases /Inter Scheme Switch or Inter Plan Switch by entering the requisite details in
the transaction slip and submitting the same alongwith the payment instrument at the Designated Investor Service Centre. The transaction slips can be
obtained from any of the Designated Investor Service Center’s. Alternatively the investor can quote his account number and use an account opening form
to make additional purchases.
As per the directives issued by SEBI it is mandatory for an investor to declare his/her bank account number. This is to safeguard the interest of unitholders
from loss or theft of their redemption cheques. Investors are requested to provide their bank details in the Application Form failing which the same will be
rejected as per current Regulations.
RCAM may change the procedures that investors should follow to effect subscriptions or Inter Scheme Switch or Inter Plan Switch from time to time.
35) Mode of Payment
a) Resident Investors
Investors can make payment for the Units by any of the following means:
• By local Cheques. In other words, by local cheques payable in the city in which the application forms is submitted. However, outstation cheques will not
be accepted.

34
• By a Demand Draft payable locally in the city of the Designated Bank Branch (during NFO) or Designated Investor Service Centre in which the
application form/transaction slip is submitted and drawn on a bank which is a member of the Bankers Clearing House of that city.
Allotment of units against the investment made under the scheme, shall be subject to realization of instrument thereof.
36) LIST OF DOCUMENTS REQUIRED TO BE SUBMITTED ALONGWITH THE APPLICATION FORMS:
Companies/Body Corp.
• Certified copy of the Board Resolution authorising investments/ disinvestments in Mutual Funds Schemes, certified by the Company Secretary /
Authorised Signatory
• List containing names designation and specimen signatures of the signatories, authorised as per the above referred Board Resolution, duly attested by the
bankers/ Company Secretary on the Company‘s letterhead
• Copy of the Memorandum and Articles of Association of the Company duly attested by the Company Secretary or any other authorised signatory
• Other relevant documents governing the statute (in case of Body Corporate not covered under the Companies Act, 1956)
i) Partnership
• Copy of the Partnership Deed duly attested by any of the partners
• Specimen Signatures of the partners attested by their bankers
• Copy of the Resolution, signed by the partners, authorising investments/ disinvestments in the Fund and corresponding operational procedures
ii) Trusts
• Copy of the Trust Deed attested by the Trustees/ Secretary
• Copy of the Resolution passed by the Trustees authorising investments/ disinvestments in Mutual Fund Schemes, duly certified by the Trustees/ Secretary
• List of Trustees and the specimen signatures, authorised as per the above resolution, duly attested by the bankers/ Secretary of the Trust on the Trust‘s
letterhead
iii) Co-operative Societies
• Copy of the Registration Certificate attested by the Secretary/ office bearer of the society
• Copy of the Resolution authorising investments/ disinvestments in the Fund and corresponding operational procedures, duly attested by the Secretary/
office bearer of the society
• List of authorised signatories with designation & their specimen signatures, attested by the bankers
b) Non Resident Investors
i) Repatriation Basis :
NRIs/PIOs and FIIs (subject to RBI/appropriate authority approval) must make payments through local cheques/demand drafts payable in the city of the
Designated Investor Service Centre drawn out of balances held in their NRE/FCNR account maintained with banks authorised to deal with foreign exchange
in India or out of Funds remitted from abroad in foreign exchange through banking channels.
ii) Non-Repatriation Basis :
In the case of NRIs/PIOs and FIIs (subject to RBI/appropriate authority approval) seeking to apply for Units on a non-repatriation basis, payment shall
be made by way of inward remittance or by local cheques or demand draft payable in the city of the Designated Investor Service Centre drawn out of balances
in their NRO/NRSR accounts maintained with banks authorised to deal with foreign exchange in India.
Documents required to be submitted by NRIs alongwith the Application Form:
• In case Indian rupee drafts are purchased abroad or from FCNR / NRE A/c., an account debit certificate from the Bank issuing the draft confirming the debit
shall also be enclosed alongwith the Application Form.
• For subscriptions amounts remitted out of debit to the FCNR / NRE A/c., the Application form must be accompanied with a Account Debit Certificate
confirming the account type and account number, issued by the Investor’s banker(s).
• As per the directives issued by SEBI, it is mandatory for an investor to declare his/her bank account number in the application form. This is to safeguard
the interest of unitholders from loss or theft of their redemption cheques / DDs. Investors are requested to provide their bank details in the Application
Form failing which the same will be rejected as per current Regulations.
PLEASE NOTE THAT THE FOLLOWING WILL NOT BE ACCEPTED
• Stockinvests
• Cash
• Outstation Cheques
• Post-Dated Cheques (except in the case of Recurring Investment option)
All cheques and drafts should be crossed “A/c. Payee Only” and made out in favour of “Reliance Equity Fund”.
RCAM may specify various other modes of payment from time to time.
Investment made under the scheme, shall be subject to realization of instrument thereof.

35
37) Where to submit Application forms/Transaction slips:
i) During New Fund Offer Period: Investors may submit / mail the completed application forms at any of the Designated Investor Service Centers or
the Collecting Banks i.e. ICICI Bank, HDFC Bank, IDBI Limited and Kotak Mahindra Bank. The addresses of the Designated Investor Service Centers are
given at the end of this Key Information. The addresses of the Collecting Banks are:
HDFC Bank: Maneckjiwadia Bldg. Nanik Motwani Marg, Mumbai 400 023.
ICICI Bank : 30, Mumbai Samachar Marg, Fort, Mumbai 400 001.
IDBI Limited: A / 224, Mittal Court, Nariman Point, Mumbai – 400 021
Kotak Mahindra Bank: 229, Mittal Court Branch, Nariman Point, Mumbai-400 021
ii) Ongoing Basis: Investors may submit / mail the completed application forms at any of the Designated Investor Service Centers or any other location
designated as such by RCAM, at a later date. The addresses of the Designated Investor Service Centers is given in this Offer Document. Investors in cities
other than where the Designated Investor Service Centers (DISC) are located, may send their application forms to any of the nearest DISC, accompanied
by Demand Draft/s payable locally at that DISC
iii) Application under Power of Attorney: In the case the application made under a Power of Attorney, a duly attested copy of the Power of Attorney
must be lodged along with the Application form at any of the Designated Investor Service Centers as mentioned at the end of this Offer Document.
iv) Purchase of Units : Units of a face value of Rs. 10 per unit can be purchased only during the new fund offer period of the Scheme. Thereafter, units
can be purchased at the applicable sale price for the respective plans under the scheme, after the scheme opens for ongoing transactions.
38) Additional Facilities:
a) Recurring / Systematic Investment Plan (RIP / SIP): An existing unitholder can benefit under this facility by investing specified amounts
regularly. By investing a fixed amount of rupees at regular intervals, one would end up buying more units of the Fund when the price is low and fewer units
when the price is high. As a result, over a period of time, the average cost per unit to the unitholder will always be less than the average subscription price
per unit, irrespective of whether it is a rising, falling or fluctuating market. Thus, the unitholder automatically gains and averages out the fluctuations of
the market, without having to monitor prices on a day-to-day basis. This concept is called “Rupee Cost Averaging”. This concept may be understood more
easily through the example given below:
RIP / SIP Rising Market
(Rs.) NAV (Rs.) Units Credit
Month 1 1000 10.00 100.000
Month 2 1000 10.13 98.717
Month 3 1000 10.25 97.561
Month 4 1000 10.38 96.339
Month 5 1000 10.51 95.147
Month 6 1000 10.64 93.985
Total RIP (Rs.) 6000
Total Credit (Units) 581.749
Avg. NAV per Unit (Rs.) 10.32
Avg. Cost Per Unit (Rs.) 10.31
Falling Markets
Month 1 1000 10.00 100.000
Month 2 1000 9.80 102.041
Month 3 1000 9.60 104.167
Month 4 1000 9.40 106.383
Month 5 1000 9.20 108.696
Month 6 1000 9.00 111.111
Total RIP (Rs.) 6000
Total Credit (Units) 632.398
Avg. NAV Per Unit (Rs.) 9.50
Avg. Cost Per Unit (Rs.) 9.49
Fluctuating Markets
Month 1 1000 10.00 100.000
Month 2 1000 10.15 98.522
Month 3 1000 10.05 99.502
Month 4 1000 10.20 98.039
Month 5 1000 10.08 99.206
Month 6 1000 10.27 97.371
Total RIP (Rs.) 6000
Total Credit (Units) 592.640
Avg. NAV Per Unit (Rs.) 10.13
Avg. Cost Per Unit (Rs.) 10.12

36
Operational procedures for this Scheme shall be announced by the Fund from time to time. An investor shall have the option of choosing one day among
multiple days for RIP/SIP. These shall be 2nd, 10 th , 18 th or 28 th of every month/ quarter. However, only one RIP / SIP per month/ quarter is permitted.
The first RIP/SIP cheque/draft could be of any working day but subsequent cheques should be dated 2nd, 10th, 18th or 28th and there should be a minimum
gap of at least 21 working days between the 1st RIP/SIP and the 2nd RIP/SIP or as specified by RCAM from time to time. Investors should check the same
at the Designated Investor Service Centre of Reliance Mutual Fund before investing. However, subsequent cheques should have a gap of atleast a month or
a quarter depending upon the frequency chosen. If the date on the cheque/draft is a non-working day for the scheme, then the units shall be allotted on the
next working day.
“Minimum Application Amount” as specified in the Offer document will not be applicable for RIP/SIP Investments. Investors can start RIP/SIP during the
NFO only through ECS/ Direct Debits mode. However, RIP/SIP is available through ECS/Direct Debit, Cheques and any other modes as may be
prescribed by the AMC from time to time during the continuous offer.
Minimum RIP/SIP amount in case of Monthly RIP/SIP option will be six cheques of Rs. 1000/- each or twelve cheques of Rs. 500/- each and in multiple of
Re. 1/- thereafter. In case of quarterly RIP/SIP, the minimum amount will be four cheques of Rs. 1500/- each and in multiple of Re. 1/- thereafter. It is
mandatory that all the cheques should be of the same value.
There shall be Nil entry load on the 1st installment of RIP/SIP subscription made during the NFO. However subsequent installments during the continuous
offer shall have an entry load as per the applicable slabs. Exit Load as applicable for NFO subscriptions shall be applicable on the 1st installment of RIP/
SIP done during the NFO. For subsequent installments during continuous offer NIL exit load shall be levied.
This is purely for operational convenience. The unit holder is however free to discontinue from the RIP/SIP facility at any point of time by giving
necessary instructions.
b) Regular withdrawal Plan (RWP): Unitholders may utilize the RWP to receive regular monthly/quarterly payments their account. The minimum
amount, which the unitholder can withdraw, is Rs.500/- and in multiples of Rs. 500/-, thereafter, subject to revision by RCAM. The amount thus withdrawn
will be considered as redemption and shall be converted into units and will be deducted from the unit balance in the account, of the unitholder.
Subsequent to the request made in the application, a RWP form will be sent to the Unitholder. RWP will commence only upon receipt of this prescribed form
duly completed. RWP requests in any other format besides the specified format will be treated as invalid and are liable for rejection.
All RWP transactions would be reported on the first transaction day of the respective month. The redemption proceeds will be posted within normal service
standards to the investors. No post-dated cheques will be issued against RWP transactions. There is no limitation on the amount of withdrawals.
The unitholder will define the frequency of withdrawals and the amount of withdrawal per RWP transaction. RWP forms received without this information
will be treated as incomplete and are liable for rejection. The unitholder needs to specify the start date and the end date for RWP. In cases where the start
date and the end date has not been specified in the RWP form, the RWP will continue till the balance in the account becomes nil or below the amount
specified by the investor for RWP.
A unitholder who has opted for RWP under a specific account can also redeem or switch his units to any other eligible scheme or any other plans/options
under the same scheme provided he has sufficient balance in his account, on the date of such request. RWP will automatically cease in case the unit balance
becomes nil after such redemption / switch transaction or falls below the required amount specified by the investor for RWP.
A unitholder can put in additional subscription in the account, in accordance with conditions specified in the Offer Document for additional subscriptions,
any time during the existence of the concerned account. Such additional subscriptions will in no way alter the functioning of the RWP, unless a subsequent
request to the contrary is received from the unitholder in writing.
c) Recurring Investment Plan for Corporate Employees (RICE) : RICE is the Recurring Investment Plan for Corporate Employees. All the terms
and conditions and other operational aspects prescribed under RIP shall be applicable for RICE also. The only difference is that rather than the individual
investor giving post dated cheques, the company for which the employee works will deduct the instructed amount from the salary of the employee and will
give one consolidated cheque along with the investor name and individual amount details. The Account statement / transaction confirmation slip is
subsequently sent to the investor concerned. The statement of accounts will be dispatched to the unitholders within 10 working days or within SEBI
prescribed limits.
RCAM, in consultation with the Trustees, reserves the right to issue operational guidelines under RIP / RWP / RICE and also alter / modify their structure,
from time to time.
d) Trigger Facility: Under this facility the unit holders may opt for withdrawal/ switch of units to any other plan/ scheme on happening of any one of
the following events under trigger option;
A. NAV reaches or crosses a particular value : E.g. NAV reaches or crosses Rs 11.00
If NAV on the date of allotment of investment is less than Rs 11.00, the trigger will be activated when the NAV rises to Rs 11.00 or more on close of any
day on which NAV is computed.
If NAV on the date of allotment of investment is more than Rs11.00, the trigger will be activated when the NAV falls to Rs 11.00 or below on close of any
day on which NAV is computed
All transactions linked with trigger will be on the basis of the applicable NAV of the transaction day following the day on which NAV reaches, crosses or
falls below Rs 11.00
B. Change in the value of units held by unit holders atleast by certain percentage : E.g. Change in the value of Investment by atleast by (+ or
- or +/-) 10%
The trigger will be activated when value of the unitholding rises to 10% or more at the close of any day on which the NAV is declared; or The trigger will
be activated when value of the unitholding falls by 10% or more at the end of any day on which the NAV is declared;
or The trigger will be activated when value of the unitholding either rises by 10% or more or falls by 10% or more on any day on which the NAV is declared
On happening of any of the above mentioned event Unitholder can opt for following action on the date of happening of the relevant event;

37
1. Full redemption
2. Redemption to the extent of capital appreciation only
3. Full switch into other eligible plan/ scheme of RMF
4. Switch of only the appreciation into other plan/ scheme of RMF
Transactions linked with the triggers will be executed at the applicable NAVs for the transaction day following the day on which the trigger situation has
arisen. Further all the predetermined events i.e. rise or fall in the NAV upto a particular % or value will be compared with the value of units or NAV prevailing
on the date of allotment of units, irrespective of the fact whether the trigger is opted on the date of allotment or subsequently.
For e.g. an investor has invested at Rs 11.00 and opted for full redemption, if NAV appreciates atleast by 10%, trigger will be activated on the transaction
day when NAV moves to 12.10 (i.e. 10% more than Rs 11/-) or more.
A trigger once activated will not be reactivated in any other plan/ scheme where the Switch happens or in the same plan which retains a part of the value
or in case of normal redemption /switch before the trigger is activated. Triggers will be deactivated on redemption and/or switch and/or pledge of units.
Trigger, thus, acts as a financial planning tool and enables the investor to minimise the losses and timely book profits.
NAVs of the schemes are declared at the close of the business day and hence Value of the unit holders unit holdings based on the end of day NAV will be
considered as a base for activating the triggers. Accordingly, all the redemptions/ switches etc will be done on the following transaction day on which the
event occurs.
Please note that trigger is an additional facility provided to the unit holders to save the time for completing the redemption/ switch formalities on
happening of a particular event. Trigger is not to be conceived as an assurance on part of the Fund that the investor will manage to receive a particular sum
of money/ appreciation/ and/ or fixed % of sum. Trigger is an event on happening of which the Fund will automatically redeem/ switch units on behalf of
the investor on the date of happening of the event. In actual parlance, a trigger will activate an automatic transaction when the event selected for has
reached a value greater or less that the specified value (trigger point).
Trigger request is required to be given per transaction by filling in the relevant form. In the event of multiple triggers for a particular transaction, the trigger
request will be considered invalid and rejected.
e. Systematic Transfer Plan and Dividend Transfer Plan
A. Systematic Transfer Plan (STP):
Units holders can transfer their investments from the following schemes of Reliance Mutual Fund to Reliance Equity Fund and vice versa, as detailed herein:
1. Reliance Growth Fund 2. Reliance Vision Fund
3. Reliance Income Fund 4. Reliance Liquid Fund
5. Reliance Medium Term Fund 6. Reliance Short Term Fund
7. Reliance Banking Fund 8. Reliance Gilt Securities Fund
9. Reliance Monthly Income Plan 10. Reliance Diversified Power Sector Fund
11. Reliance Pharma Fund 12. Reliance Floating Rate Fund
13. Reliance Media & Entertainment Fund 14. Reliance Equity Opportunities Fund
15. Reliance Tax Saver (ELSS) Fund*
*(subject to the lock - in period of three years)
The list is subject to change.
Plans Offered
An investor can choose between the following plans based on their preference:
(i) Fixed Systematic Transfer Plan – The Unit holders in all the plans/options of the above-mentioned schemes except the daily dividend option will
be eligible to transfer a fixed amount to any plan/option of the open-ended schemes of Reliance Mutual Fund in the manner stated as under:
(i) Weekly – 1 st, 8 th, 15 th and 22 nd of every month.
(ii) Fortnightly – 1st and 15th of every month.
(iii) Monthly – Any pre-specified date of every month to be chosen by the unitholder.
(iv) Quarterly - Any pre-specified date of the first month of the quarter to be chosen by the unitholder.
A minimum of Rs. 1000 on each execution date in case of monthly option and Rs. 3000 on each execution date in case of quarterly option and in multiples
of Rs 100 thereof can be transferred. There will be no exit Load in Transferor Scheme and no entry load in the transferee scheme. However, in case of
Transferee schemes, the following exit load shall be applicable:
(ii) Capital Appreciation Systematic Transfer Plan- The Unit holders in Growth plans/options of the above-mentioned schemes will be eligible to
transfer the capital appreciation to any plan/option of the open-ended non-liquid schemes of Reliance Mutual Fund in the manner stated as under, subject
to a minimum transfer amount of Rs. 500/-.:
(i) Monthly – 1 st of every month.
(ii) Quarterly – 1 st of the starting month of every quarter.
In case of STP from Debt (Transferor) schemes to Equity/Sector specific (Transferee) schemes the following load structure shall be
applied
Exit load in Debt (Transferor) schemes - Nil

38
Entry and Exit load in Equity/ Sector specific (Transferee) Schemes
Subscription Amount Entry Load Exit Load
For Subscription below Rs 2 Crs Nil 2.25% if redeemed before 24 months of allotment
For Subscription of Rs 2 Crs & above and below Rs 5 crs Nil 1.25% if redeemed before 24 months of allotment
For Subscription of Rs 5 crs & above Nil Nil
In case of STP from Equity/Sector specific (Transferor) schemes to Equity/Sector specific (Transferee) schemes the following load structure shall be
applied
Exit load in Equity/Sector specific (Transferor) schemes - Nil
Entry and Exit load in Equity/Sector specific (Transferee) schemes - Nil
In case of STP from any Transferor scheme to Debt (Transferee) schemes viz, Reliance Monthly Income Plan, Reliance Income Fund, Reliance Medium
Term Fund, Reliance Liquid Fund, Reliance Short Term Fund, Reliance Gilt Securities Fund, Reliance Floating Rate Fund, no entry load shall be applicable
and an exit load as applicable in the respective schemes shall be applicable.
Notes
(i) All valid transfer requisitions would be treated as switch-out / redemption for the transferor scheme and switch-in/ subscription transactions for the
transferee scheme and would be processed at the applicable NAV of the respective schemes. The difference between the NAVs of the two Schemes/ Plans
will be reflected in the number of units allotted.
(ii) These plans are not available for units which are under any Lien/Pledged or any lock-in period.
(iii) RCAM in consultation with the Trustees, reserves the right to modify the procedure, load structure in accordance with the SEBI Regulations and any
such change shall be applicable only to units transacted pursuant to such change on a prospective basis.
(iv) The unit holders may approach/ consult their tax consultants in regard to the treatment of the transfer of units from the tax point of view.
(v) An investor cannot simultaneously participate in an RIP/SIP and STP or SWP and STP in the same scheme.
(vi) Transfers (STP) from the scheme is not allowed for a period of 6 months from the date of allotment for investments made during NFO.
(vii) Minimum number of transfers required for a STP shall be two.
For investors investing for the first time in transferor scheme, the minimum balance required to start STP shall be:
(i) Non-Liquid scheme: Rs. 10,000/- or the minimum amount as stated in the offer document of the respective transferor scheme, whichever is higher.
(ii) Liquid scheme: Rs. 25,000/- or the minimum amount as stated in the offer document of the respective transferor scheme, whichever is higher.
However, existing unitholders in the transferor scheme, who have the following minimum balance would be eligible to start STP:
(iii) Non-Liquid scheme: Rs. 10,000/-
(iv) Liquid scheme: Rs. 25,000/-
B. Dividend Transfer Plan (DTP)
All the unit holders in the Dividend Plans (except Daily and Weekly frequencies in the Dividend Plans) of all open-ended schemes mentioned above can
transfer their dividend to any other plans of all non liquid open-ended schemes/ plans of Reliance Mutual Fund by availing the facility of Dividend Transfer
Plan (DTP). The minimum balance required to opt for this plan is Rs. 25,000 for non - liquid transferor scheme and Rs. 1 lakh for liquid transferor scheme.
There will be no entry load or exit load in the transferee scheme.
Notes
(i) The amount to the extent of the distribution will be automatically invested on ex-dividend date into RMF scheme selected by the investor at the NAV
of the scheme and equivalent units will be allotted, subject to the terms and conditions of the scheme and after deduction of applicable taxes.
(ii) In respect of DTP, it is clarified that the dividend amount proposed to be transferred would be treated as subscription transaction in the transferee
scheme and would be processed at the applicable NAV of the respective schemes.
The Trustee/AMC reserves the right to modify the facilities at any time in future on a prospective basis. For Index Fund, please refer to the Offer Document
and addendum relating thereto, for provisions relating to STP/DTP.
Auto Debit and Electronic Clearing Service
Auto Debit facility will be available with the banks as notified by RMF from time to time. The ECS facility would be provided at all the locations where RBI
or its associate Clearing House offers this facility. The list of such banks and centers where this arrangement will be available may undergo changes from
time to time as and when banks/centers are added/ deleted. Investors are advised to contact the nearest Designated Investor Service Centre for details before
investing.
The investor opting for Auto debit/ ECS facility will be required to sign up a mandate form on the basis of which Reliance Mutual Fund will arrange for his
account to be debited as per the frequency, amount & date chosen by the investor.
Investors having an account with HDFC Bank and desirous of opting for direct debit of their account through standing instructions should submit a duly
completed standing instruction form in the prescribed format. ECS mandate form should not be used.
39) OTHER FACILITIES
a) Nomination by unit holders: A nomination facility is available only for individuals applying on their own behalf i.e. singly or jointly upto two
Applicants can nominate one person. Minors and Non Resident Indians can also be nominated. Non Resident Indians can be nominated as per the guidelines
issued by the RBI from time to time. Applicants can change the nomination at any time during the tenure of the Scheme.

39
Those who wish to do so, can seek the nomination form by ticking the appropriate column in the Application Form, duly completed and submit the same
at any of the Designated Investor Service Centres.
Persons applying on behalf of a minor being either a parent or lawful guardian, HUF, non-individual applicant such as banks, companies, and eligible
institution, societies, bodies corporate, partnership firms, etc. shall have no right to make any nomination.
Payment to the nominee of the sums payable against redemption / dividends shall fully discharge the Fund of all liability towards the estate of the unitholder
and his/her successors and legal heirs.
b) Switching Option: Unit holders may switch part/full unit holdings, which are not under any lien, from the Plans under the schemes to any other
eligible scheme/plan, at the applicable NAV subject to the payment of applicable loads. All valid application for switch-out shall be treated as redemption
and for switch-in shall be treated as subscription with the respective applicable NAV of the scheme.
Unit holders may currently switch entire/ part of the units within the plans of the Scheme without any load. Similarly, no load shall be applicable for switches
between the equity / sector specific schemes. However, differential load shall be charged for switching from Reliance Index Fund to any other equity/sector
specific scheme and switching from any other equity / sector specific scheme to Reliance NRI Equity Fund.
The switches would be done at the applicable NAV based prices and the difference between the NAVs of the two Schemes/Plans/ Options will be reflected in
the number of units allotted.
RCAM may charge an appropriate load equivalent to the difference between the entry load into the scheme and the prevailing entry load of the Scheme
from where units are being transferred. However, RCAM, in consultation with the Trustees, reserves the right to modify this structure, in accordance with
the SEBI Regulations. However, any such change shall be applicable only to units transacted pursuant to such change.
RCAM reserves the right to change the procedures in respect of Inter-Scheme/ Inter-Plan/ Inter-Option Switches, from time to time.
How to Switch?
The request for a switch can be either in terms of amount or in terms of the number of units. Instructions for switching may be provided by completing a
transaction slip and submitting the same at any of the Designated Investor Service Centers. Investors are requested to mention the name of the Scheme and
Plan/ Option into which the switch is being made. If the applicant does not mention his / her choice of plan/ Option of the Scheme into which the switch
is being effected, the Fund will treat the switch application as having been received under the default plan/ option of the Scheme.
The transaction slip attached as a tear-off portion of the account statement can be used by the investor to make Inter-Scheme Switch or Inter-Plan Switch
by entering the requisite details in the transaction slip and submitting the same at any of the Designated Investor Service Centers. Blank Transaction slips
can be obtained from any of the Designated Investor Service Centers.
An Account Statement reflecting the updated Unit balance in the Scheme will be despatched to the Unitholder. RCAM may, in consultation with the
Trustees, from time to time, change the load structure on switching of units, on a prospective basis.
c) Lien on Units : On an ongoing basis, when existing and new investors make subscriptions, a lien on units allotted will be created, and such units shall
not be available for redemption until the payment proceeds are realised by the Fund. In case a unitholder redeems units soon after making purchases, the
redemption cheque will not be despatched until sufficient time has elapsed to provide reasonable assurance that cheques or drafts for units purchased have
been cleared.
In case the cheque / draft is dishonoured by the bank, the transaction shall be reversed and the units allotted earlier shall be cancelled, and a fresh Account
Statement / Confirmation slip shall be despatched to the Unitholder.
For NRIs, the Fund may mark a lien on units in case documents which need to be submitted, are not given in addition to the application form and before
the submission of the redemption request.
However, RCAM reserves the right to change operational guidelines for lien on units from time to time.
40) Pledge of Units : The Units under the Scheme may be offered by the unitholder as security by way of a pledge in favour of scheduled banks, financial
institutions, NBFC’s or any other body, all specifically approved by the Mutual Fund. Upon a specific authorisation request made by a unitholder and upon
completing necessary formalities by the unitholder, the Fund will instruct the Registrar to mark a lien for a specific period on the Units standing to the credit
of the unit holders account in consideration of the unitholder availing of any special service offered by the AMC or any other body. However, the
disbursement of such loans will be at the entire discretion of the concerned bank/financial institution/ any other body and the Mutual Fund assumes no
responsibility thereof. If by enforcing the pledge /charge, the scheduled bank/financial institution any other approved body seeks to transfer the units and
have them registered in its name, then the AMC shall comply with the request, if the necessary documentary evidence is made available. No Pledge or charge
shall be recognised by the AMC unless it is registered with the Registrar and the acknowledgement has been received.
However, it is the right to change operational guidelines for pledge on units, from time to time.
The Pledgor will not be able to redeem units that are pledged until the entity to which the units are pledged provides written authorisation to the mutual fund
that the pledge/lien charge may be removed.As long as units are pledged , the Pledgee will have complete authority to redeem such units.
41) Redemption of Units : The Units can be redeemed at the Redemption Price.
A unitholder has the option to request for a redemption either by amount (in Rupees) or by number of Units. If the redemption request indicates both
amount (in Rupees) and number of Units, the latter will be considered. Where a Rupee amount is specified or deemed to be specified for redemption, the
number of Units redeemed will be the amount redeemed divided by the Redemption Price. Alternatively, a unitholder can request closure of his account, in
which case, the entire unit balance lying to the credit of his account will be redeemed.
The number of Units so redeemed will be subtracted from the unitholder’s account balance and a statement to this effect will be issued to the unitholder.
In case the balance in unitholder’s account does not cover the amount of redemption request the Fund may close the unitholder’s account and send the entire
such (lesser) balance to the unitholders, provided further that if the unitholder has made a partial redemption request which results in balance of units to fall
below Rs. 5000/- as per the latest NAV, the fund may close the unitholders account & redeem all units in the folio & remit the entire redemption proceeds
to the investors.
If an investor has purchased Units on more than one working day, the Units purchased prior in time (i.e. those Units which have been held for the longest
period of time), will be deemed to have been redeemed first, i.e. on a First In First Out Basis.

40
Units purchased by cheque will not be redeemed until after realisation of the cheques/DD.Redemption Price
Redemption Price : The Redemption Price will be calculated in the following way :
Redemption Price = Applicable NAVx (1- Exit Load)
Example: If the applicable NAV is Rs. 10.00, sales/entry load is 2 per cent and the exit/repurchase load is 2 percent then the sales price will be Rs. 10.20
and the repurchase price will be Rs. 9.80.
The Redemption Price will be published in a daily newspaper on a daily basis or as prescribed under the Regulations, from time to time.
Currently, redemptions shall be effected at applicable NAV based prices subject to exit loads, if any. However, RCAM may revise the above pricing structure
and transaction timings from time to time, subject to an exit load chargeable in accordance with the Regulations. However, any such revision shall be in
accordance with SEBI Regulations and would be applicable only to units subscribed to after the initial date of such notification on a prospective basis.
The Fund will ensure that the Redemption Price is not lower than 93% of the NAV and the Purchase Price is not higher than 107% of the NAV, provided
that the difference between the Redemption Price and Purchase Price of the Units shall not exceed the permissible limit of 7% of the Purchase Price, as
provided for under the current Regulations.
For detailed explanation on loads, please refer the Section on “Loads and Recurring Expenses-Section VII”.
A fresh Account statement / Transaction confirmation Slip may be sent after every redemption transaction or once a month at the discretion of the fund,
reflecting the updated holding of the unitholder.
However, the Fund reserves right to provide the account statement/ transaction confirmation slip to investors through alternative mechanisms as decided
by the Fund from time to time.
The alternative mechanism may include electronic means of communication such as e-mail etc. The alternative mechanism to provide the account
statement /transaction confirmation slip will be provided only to those investors who have specifically opted for the alternative mechanism & have
provided their email id. For example, if an investor in future, redeems or switches his units to another scheme /plan on the internet, then an online account
statement /transaction confirmation may be provided to the investor or the same may be sent to his email address.
Redemptions including switch-out transactions:
i. In respect of valid applications received upto 3.00 p.m. by the Mutual Fund, same day’s closing NAV shall be applicable.
ii. In respect of valid applications received after 3.00 p.m. by the Mutual Fund, the closing NAV of the next business day shall be applicable.
Minimum Account Balance: Redemptions can be for any amount or any number of units. However, in order to keep the account in operation, minimum
balance equal to the minimum subscription amount under each of the plans, which is currently Rs.5,000/-, is required to be maintained in the account.
RCAM reserves the right to close an investor’s account if the value of the unit balance in the account falls below the minimum subscription amount under
each of the plans. In such an event, RCAM reserves the right to compulsorily redeem the balance units in the account completely at the applicable
redemption price.
The Fund may revise the minimum/maximum amounts and methodology for redemptions as and when necessary. Such change may be brought about after
taking into account the cost structure for a transaction / account and / or Market practices and / or the interest of the unit holders. Further such changes
shall be carried out on a prospective basis from the date of notification of such change and would not, in any manner, be prejudicial to the interests of the
investors who have joined the scheme before such notification. Any changes would be informed to unit holders by way of an advertisement.
42) How to Redeem?
The transaction slip attached as a tear-off portion of the account statement can be used by the investor to make a redemption or Inter-Scheme Switch or
Inter-Plan Switch by entering the requisite details in the transaction slip and submitting the same at any of the Designated Investor Service Centers. Blank
Transaction slips can be obtained from any of the Designated Investor Service Centers.
However, RCAM reserves the right to provide the facility of redeeming units of the Scheme through an alternative mechanism including but not limited to
on - line transactions on the Internet, Reliance Any Time Money Card or Debit Card, etc. as may be decided by the AMC/Fund from time to time. The
alternative mechanism may also include electronic means of communication such as redeeming units online through the RMF site or any other website etc.
The alternative mechanisms would be applicable to only those investors who opt for the same in writing.
43) Where to submit the Redemption request?
The unitholder should submit the transaction slip for a redemption / switch of units in his / her account at any of the Designated Investor Service Centers
mentioned in this Offer Document or designated as such by RCAM, at a later date.
Payment of Proceeds
a) Resident Investors
Redemption proceeds will be paid either by direct credit to the investor bank account (where the unitholder has an account with the bank with whom the
fund has a tie up under intimation to unitholder by post/email) or by cheques, marked “A/c. Payee only” and drawn in the name of the sole holder/first-
named holder (as determined by the records of the Registrar). The Bank Name and Bank Account No, as specified in the Registrar’s records, will be
mentioned in the cheque. The cheque will be payable at par at all the cities designated by the Fund from time to time. If the unitholder resides in any other
city, he will be paid by a Demand Draft payable at the city of his residence after deducting the Demand Draft charges.
b) Non Resident Investors
In case of non-resident investors, redemption proceeds will be remitted depending upon the source of investment as follows:
(i) Repatriation Basis
The proceeds can also be sent to his Indian address for crediting to his NRE / FCNR / non-resident (Ordinary) account or NRSR account.
When units have been purchased through remittance in foreign exchange from abroad/by cheque/draft issued from proceeds of the unitholders FCNR deposit
or from funds held in the unitholders Non Resident (External) account kept in India, the proceeds can be remitted to the unitholder in foreign currency (any

41
exchange rate fluctuation will be borne by the unitholder) if desired by the unitholder.
(ii) Non Repatriation Basis
a) When units have been purchased from funds held in the unitholders’ non-resident (Ordinary) account, the proceeds will be sent to the unitholders Indian
address for crediting to the unitholders’ non-resident (Ordinary) account / NRSR account.
b) When units have been purchased from funds held in the unitholders’ NRSR account, the proceeds will be sent to the Indian address for crediting to the
unitholders’ NRSR account.
The Fund may make other arrangements for effecting payment of redemption proceeds in future.
44) Despatch of Proceeds : As per SEBI Regulations, the Mutual Fund shall despatch the redemption proceeds within the maximum period allowed, which
is currently 10 working days from the date of receipt of a valid redemption request at the Designated Investor Service Centers. However, under normal
circumstances, the Mutual Fund shall endeavour to despatch the redemption proceeds within three working days from the date of receipt of a valid
redemption request at the Designated Investor Service Center. All payments shall be despatched by ordinary mail (with or without UCP) or Registered Post
or by Courier, unless otherwise required under the Regulations, at the risk of the unitholder.
45) Effect of Redemptions
(i) On the Fund : The Unit capital and Reserves of the Scheme will stand reduced by an amount equivalent to the product of the number of Units redeemed
and the Applicable NAV as on the date of redemption.
(ii) On the unit holders account : The balances in the unit holders account will stand reduced by the number of Units redeemed.
46) Right to Limit Redemption : The Trustee may, in the general interest of the Unit holders of the Scheme under this Offer Document and keeping
in view the unforeseen circumstances / unusual market conditions, limit the total number of Units which may be redeemed on any Working Day to 5% of
the total number of Units then issued and outstanding under any Scheme / Plan or such other percentage as the Trustee may determine.
The Trustee may, at its sole discretion in response to unforeseen circumstances or unusual market conditions including, but not limited to, extreme
volatility of the stock, fixed income and money markets, extended suspension of trading on the stock exchanges, natural calamities, communication
breakdowns, internal system breakdowns, strikes, bandhs, riots or other situations where the Trustee in consultation with RCAM, considers that such
suspension is necessary, limit the total number of Units which may be redeemed on any working day to 5% of the total number of Units then in issue or such
higher percentage as the Trustee may determine in any particular case.
Any Units, which by virtue of these limitations are not redeemed on a particular Working Day, will be carried forward for redemption to the next Working
Day, in the order of receipt. Redemptions so carried forward will be priced on the basis of the Redemption Price of the Working Day on which redemption
is made. Under such circumstances, to the extent multiple redemption requests are received at the same time on a single Working Day, redemption’s will be
made on pro-rata basis, based on the size of each redemption request, the balance amount being carried forward for redemption to the next Working Day(s).
47) Suspension of Purchase and Redemption of Units: The purchase and/or redemption of Units may be suspended with prior approval of Trustees
and Asset Management Company giving the details of circumstances and justification for the proposed action shall also be informed to SEBI in advance,
temporarily or indefinitely when any of the following conditions exist at one/more Designated Investor Service Center’s:
• The stock market stops functioning or trading is restricted;
• Periods of extreme volatility in the stock market, fixed income or money market, which, in the opinion of the Investment Manager, are prejudicial or
detrimental to the interest of the investors;
• Natural calamity; or
• For any bulk processing like dividend, book closure, etc.
• If banks do not carry-out any of the normal Banking activities at one or more Designated Investor Service Centers
• In the event of breakdown in the means of communication used for the valuation of investments of the Scheme, without which the value of the securities
cannot be accurately calculated.
• In the event of any force majeure or disaster that affects the normal functioning of the AMC or the designated investor service centers.
• SEBI, by order, so directs.
The normal time taken to process redemption and/ or purchase requests, as mentioned earlier, may not be applicable during such extraordinary circumstances.
However, suspension or restriction of repurchase/ redemption facility under any scheme of the Mutual Fund shall be made applicable only after the approval
from the Board of Directors of the Asset Management Company and the Trustee Company. The approval from the AMC Board and the Trustees giving
details of circumstances and justification for the proposed action shall also be informed to SEBI in advance.
RMF also reserves the right at its sole discretion to withdraw sale of Units in the Scheme temporarily or indefinitely, if the AMC views that increasing the
Scheme’s size further may prove detrimental to the existing unit holders of the Scheme. An order/ request to purchase Units is not binding on and may be
rejected by the Trustee, the AMC or their respective agents, unless it has been confirmed in writing by the AMC or its agents and (or) payment has been
received.
48) Contingent Deferred Sales Charge (CDSC) : Currently there is no CDSC chargeable under the Scheme. However, in accordance with the SEBI
Regulations, RCAM, in consultation with the Trustees, reserves the right to charge CDSC on units redeemed. However, as and when this CDSC is
implemented, it shall be applicable only to units subscribed to after the date of such notification on a prospective basis. Accordingly, as and when the CDSC
is charged, a communication shall be given to this effect either to transacting investors, or to all investors in the form of a mailer, or in any other manner.
The maximum CDSC that may be charged on redemption transactions, if any, shall be as provided under SEBI Regulations.
For Schemes floated on a “no-load” basis, the asset Management Company may levy an additional management fee not exceeding 1% of the NAV. The asset
management company may be entitled to levy a contingent deferred sales charge for redemption during the first four years after purchase, not exceeding
4% of the redemption proceeds in the first year, 3% in the second year, 2% in the third year and 1% in the fourth year.

42
49) Fractional Units :
Fractional units on account of redemptions/ switch-outs will be computed and accounted for up to three decimal places.
50) Duration of the Scheme: The duration of the Scheme is perpetual. However, the scheme may be wound up if
1. There are changes in the capital markets, fiscal laws or legal system, or any event or series of events occurs which in the opinion of the Trustees, require
the scheme/ Plan to be wound up; or
2. 75% of the Unit holders in the Plan pass a resolution that the Plan be wound up; or
3. SEBI directs the Scheme/ Plan to be wound up in the interest of Unit holders.
4. If the Plan fails to meet the criteria for minimum number of investors and maximum holding by a single investor as mentioned above.

VII. LOADS AND RECURRING EXPENSES

A. LOAD STRUCTURE OF THE SCHEME : The Load structure shall be as indicated in Para B below on the ‘Applicable Load Structure”. Under the
Scheme, RCAM, in consultation with the Trustees, reserves the right to change the Load structure if it so deems fit in the interest of smooth and efficient
functioning of the Scheme on the investment on prospective basis. The same will be notified to the unit holders. The Load Structure would comprise of an
Entry Load and /or an Exit Load / CDSC, as may be permissible under the Regulations.
All loads including CDSC for the Scheme shall be maintained in a separate account and may be utilised towards meeting the selling and distribution expenses
as permitted under the Regulations. Any surplus in this account may be credited to the scheme, whenever felt appropriate by RCAM.
B. APPLICABLE LOAD STRUCTURE: The following Load Structure is applicable during the continuous offer in the scheme till further notice.
Entry (Sales) Load imposed on purchase of units
Subscription Amount Load
For Subscription below Rs.2 crores 2.25%
For Subscription of Rs 2 crores & above and below Rs.5 crores 1.25%
For Subscriptions of Rs.5 crores & above Nil
However, there will be no entry load during New Fund Offer.
Contingent Deferred Sales Charge (CDSC): NIL
Switchover Fee
Inter-Scheme Switch: At the applicable loads in the respective Schemes. Nil load for inter-scheme switch between
the Equity Schemes of RMF and Reliance Equity Fund and vice-versa.
However, for Switch into Reliance NRI Equity Fund and Switch out from Reliance Index
Fund, the differential load will be applicable
Inter-Plan Switch Nil
Exit Load:
• For fresh subscription during the NFO including the 1 st installment of RIP / SIP and for switch-in applications into Reliance Equity Fund - an exit load of
2.00% shall be levied if redeemed/switched before 6 months and 1.00% if redeemed / switched before 1 year from the date of allotment for amount up to
Rs 5 crores. There shall be no exit load for amount of Rs. 5 Crs & above.
• However for subscription during continuous offer the exit load shall be Nil.
Trustees reserve the right to change the load structure. Any imposition or enhancement of load in future shall be applicable on prospective investments
only. At the time of changing the Load Structure:
(i) The addendum detailing the changes will be attached to Offer Document and Abridged Offer Document. The addendum will be circulated to all the
distributors/brokers so that the same can be attached to all Offer Documents and Abridged Offer Documents already in stock. The addendum will be sent
alongwith the newsletter sent to the Unit holders immediately after the changes.
(ii) Arrangements will be made to display the changes/modifications in the Offer Document in the form of a notice in all the Investor Service Centres and
distributors/brokers office.
(iii) The introduction of the Exit Load alongwith the details will be stamped in the acknowledgement slip issued to the investors on submission of the
application form and will also be disclosed in the Account Statement or in the covering letter issued to the Unit holders after the introduction of such Load.
C. FEES AND EXPENSES OF THE SCHEME: As per the provisions of the Regulations (as amended up to date), the following fees and expenses will be
chargeable to the Scheme:
1. Expenses of Initial Issue
(a) Present Scheme (Reliance Equity Fund):
The initial issue expenses incurred during new fund offer will be debited to the scheme to the extent of 6% of the funds raised during the new fund offer and
the same will be amortized over a period of 5 years. However, as per SEBI (Mutual Fund) Regulations any expense more than 6% of the initial net assets
shall be borne by the AMC.
Example: Unitholder’s Investment Rs. 100
Unit face value Rs. 10, Initial Issue Expenses Rs. 6

43
No of years amortisation of Initial Issue Expense - 5,
Nos of days Amortisation of Initial Issue Expenses 1825
NAV Day one Rs. (94+5.9967)/10 = 9.9997
Reliance Fixed Tenor Fund – Plan A: The scheme was launched on November 25, 2005. Actual amount mobilized in Plan A - Rs. 506.04 crores. Actual
Initial Issue Expenses – 0.9584 %. As mentioned in the Offer Document, actual initial issue expenses were debited to the scheme and will be amortized on
a weekly basis over the period of the scheme.
Reliance Tax Saver (ELSS) Fund: The Scheme was launched on July 25, 2005. Actual amount mobilized – Rs. 670.09 crores. Actual Initial Issue Expenses
– 4.7009%. As mentioned in the Offer Document, actual initial issue expenses were debited to the scheme and will be amortized over a period of 5 years.
Reliance Liquidity Fund: The scheme was launched on June 15, 2005. Actual amount mobilized - Rs. 462.68 crores. Actual Initial Issue Expenses–
0.0001%. As mentioned in the Offer Document, actual initial issue expenses were debited to the scheme and will be amortized over a period of 5 years.
Reliance Regular Savings Fund: The scheme was launched on May 10, 2005. Actual amount mobilized - Rs. 2.035 lakhs. Actual Initial Issue Expenses–
2.457%. As mentioned in the Offer Document, actual initial issue expenses were debited to the scheme and will be amortized over a period of 5 years.
Reliance Fixed Maturity Fund – Series II: The scheme was launched on April 25, 2005. Actual amount mobilized –530. 46 crores. Actual Initial Issue
Expenses– 0.0001%. As mentioned in the Offer Document, actual initial issue expenses were debited to the scheme and will be amortized on a weekly basis
over the period of the scheme.
Reliance Index Fund - The scheme was launched on January 29, 2005. Actual amount mobilized Reliance Index Fund - Nifty Plan – Rs. 15.80 crores and
in Sensex Plan – Rs. 3.72 crores. Actual Initial Issue Expenses –Nifty Plan – 0.79% and Sensex Plan – 0.81% of the amount mobilized in the respective
plans. As mentioned in the Offer Document of the Reliance Index Fund, actual initial issue expenses were debited to the scheme and will be amortized over
a period of 5 years.
Reliance Fixed Maturity Fund Series I - The scheme was launched on March 29, 2005. Actual amount mobilized - Rs. 201.69 crores. Actual Initial Issue
Expenses – Nil.
Reliance Equity Opportunities Fund - The scheme was launched on February 14, 2005. Actual amount mobilized - Rs. 1772.68 crores. Actual Initial
Issue Expenses - 3.1026% of the amount mobilized. As mentioned in the Offer Document of the Reliance Equity Opportunities Fund, actual initial issue
expenses were debited to the scheme and will be amortized over a period of 5 years.
Reliance NRI Equity Fund - The scheme was launched on October 16, 2004. Actual amount mobilized - Rs. 92.96 crores. Actual Initial Issue Expenses
- 3.39% of the amount mobilized. As mentioned in the Offer Document of the Reliance NRI Equity Fund, actual initial issue expenses were debited to the
scheme and will be amortized over a period of 5 years.
Reliance NRI Income Fund - The scheme was launched on October 16, 2004. Actual amount mobilized - Rs. 2.03 crores. Actual Initial Issue Expenses
- 2.45% of the amount mobilized. As mentioned in the Offer Document of the Reliance NRI Income Fund, actual initial issue expenses were debited to the
scheme and will be amortized over a period of 5 years.
Reliance Media & Entertainment Fund - The scheme was launched on September 16, 2004.Actual amount mobilized - Rs. 81.32 crores, Actual Initial
Issue Expenses - 0.86% of the amount mobilized. As mentioned in the Offer Document of the scheme, actual initial issue expenses were debited to the
scheme and will be amortized over a period of 5 years.
Reliance Floating Rate Fund - The scheme was launched on August 23, 2004. Actual amount mobilized - Rs. 590.59 crores, Actual Initial Issue
Expenses - 0.02% of the amount mobilized As mentioned in the Offer Document of the scheme, initial issue expenses were debited to the scheme and will
be amortized over a period of 5 years.
2. Recurring Expenses of the Scheme: The ongoing fees and expenses of operating the Scheme on an annual basis, expressed as a percentage of the
amount of the Scheme’s average daily net assets, are estimated as follows:
Estimated %
Investment Management Fee 1.25
Marketing Expenses 1.00
Operational Expenses 0.25
Total 2.50
The above expenses are estimates only and are subject to change as per actuals.
While the AMC fees remains the same, other expenses, namely, Marketing Expenses and Operational Expenses may change inter se and the total expenses
shall not exceed 2.50% of the amount of the Scheme’s average daily net assets. Subject to SEBI Regulations, the Trustees reserves the right to modify the
above estimate for recurring expenses on a prospective basis.
As per the Regulations, RCAM can charge Investment Management Fees @ 1.25% of the average daily net assets for a corpus upto Rs.100 crores and 1%
on the balance amount above Rs.100 crores, calculated on a daily basis. However, no AMC fees can be chargeable on RCAM’s investment in the Scheme.
The Trustee Company, RCTC, shall be entitled to receive a sum computed @ 0.05% of the Unit Capital of all the Schemes of RMF on 1st April each year
or a sum of Rs.5,00,000/- which ever is lower or such other sum as may be agreed upon between the Settlor (RCL) and the Trustee (RCTC) from time to
time in accordance with the SEBI Regulations or any other authority, from time to time.
The above estimates have been made in good faith as per the information available to RCAM and are subject to change as per actuals. Expenses on an
ongoing basis will not exceed the following percentage of the daily average net assets or such maximum limits as may be specified by SEBI Regulations from
time to time.

44
Net Assets Maximum Expenses %
Upto Rs.100 crores 2.50%
Next Rs. 300 crores 2.25%
Next Rs.300 crores 2.00%
Balance 1.75%
Provided that such expenses shall be lesser by atleast 0.25% of the daily average net assets outstanding in each financial year in respect of a scheme investing
in bonds.
The Fund will strive to reduce the level of these expenses so as to keep them well within the maximum limits allowed by SEBI.
The total expenses of the scheme including the investment management and advisory fee shall not exceed the limit stated in Regulation 52(6).

VIII. UNITHOLDER’S RIGHTS AND SERVICES

A. UNIT HOLDERS’ RIGHTS

1) Unit holders under the Scheme have a proportionate right in the beneficial ownership of the assets of the Plan of the Scheme in which they have invested
in, and to the dividend/ bonus declared, if any, by the Fund under the Plan in which they have invested.
2) The Trustee shall be bound to make such disclosures to the unit holders as are essential in order to keep them informed about any relevant information,
especially that which may have an adverse bearing on their investments.
3) a) If the Mutual Fund declares a dividend under the Scheme, the unit holders are entitled to receive dividend warrants within 30 days of the date of
declaration of the dividend.
b) Unit holders are entitled to receive Redemption cheques within 10 working days from the date of redemption.
4) The appointment of RCAM for the Fund may, with the prior approval of SEBI, be terminated by 75% of the unit holders or by a majority of the Board
of Directors of the Trustee.
5) Unitholders shall also have the following rights:
(i) To inspect all the documents listed under the heading “Documents Available for Inspection”.
ii) To receive an abridged scheme-wise annual report which shall be mailed to all unitholders not later than six months from the date of closure of the
relevant accounting year and the full annual report shall be available for inspection at the head office of the fund and a copy shall be made available to the
unitholders on request on payment of nominal fees if any,
iii) Before expiry of one month from the close of each half year that is on 31/3 and 30/9, the Fund shall publish its audited/un-audited financial results in
one national English daily newspaper and in a newspaper in the language of the region where the Head Office of the fund is situated. These shall also be
displayed on the web site of the Reliance Mutual Fund that is www.reliancemutual.com and that of AMFI. Full portfolio in the prescribed format shall also
be disclosed either by publishing it in the newspapers or by sending to the unitholders within one month from the end of each half-year and it shall also be
displayed on the web site of mutual fund.
iv) The trustees shall ensure that no change in the fundamental attributes of any scheme or the trust or fees and expenses payable or any other change which
would modify the scheme and affects the interest of the unitholders, shall be carried out unless, (i) a written communication about the proposed change is
sent to each unitholder and an advertisement is given in one English daily newspaper having nationwide circulation as well as in a newspaper published in
the language of the region where the Head Office of the mutual fund is situated; and (ii) the unitholders are given an option to exit at the prevailing Net
Asset Value without any exit load.
(v) Suspension or restriction of repurchase/ redemption facility under any scheme of the Mutual Fund shall be made applicable only after the approval from
the Board of Directors of the Asset Management Company and the Trustee Company. The approval from the AMC Board and the Trustees giving details
of circumstances and justification for the proposed action shall also be informed to SEBI in advance.
vi) The statement of accounts will be dispatched to the unitholders who subscribe to the units when the scheme is open for continuous subscription after
the new fund offer within 10 working days or within SEBI prescribed limits.
vii) Policy for Unclaimed Redemption and Dividend Amount.
As per SEBI guidelines, the unclaimed redemption and dividend amounts shall be deployed in call money market or money market instruments only or such
other instruments, as permitted under Regulations. The investors who claim such amounts during the period of three years from the due date shall be paid
at the prevailing Net Asset Value. After a period of three years, this amount will be transferred to a pool account and the investors can claim the amount
at NAV prevailing at the end of the third year. The income earned on such funds shall be used for the purpose of investor education.
The Fund will make continuous efforts to remind the investors through letters to take their unclaimed amounts. Further, the investment management fee
charged by RCAM for managing unclaimed amounts shall not exceed 50 basis points.
viii) The Trust Deed shall not be amended without obtaining the prior approval of SEBI, and the unitholders approval would be obtained where it affects
the interest of unitholders
6) 75% of the unit holders can pass a resolution to wind-up the Scheme
7) The Trustee is obliged to convene a meeting on a requisition of 75% of the unit holders of a Scheme
8) The Trustee is obliged to obtain the consent of the unit holders -
(a) Whenever required to do so by SEBI in the interest of the unit-holders; or
(b) Whenever required to do so on the requisition made by three-fourths of the unit holders of the Scheme; or

45
(c) When the majority of the Board of Directors of the Trustee decides to wind up or prematurely redeem the units.
B. REGISTER OF UNIT HOLDERS : A Register of Unit holders shall be maintained at the office of RCAM and / or at the office of the Registrars and
at such other places as the Trustee may decide and the register shall contain particulars as follows:
a) The names and addresses of Unit holders
b) The number of units held by each such holder
C. VOTING RIGHTS OF THE UNIT HOLDERS: Subject to the provisions of the Regulations as amended from time to time, the consent of the unit
holders shall be obtained, entirely at the option of the Trustee, either at the meeting of the unit holders or through postal ballot. Only one Unit holder in
respect of each folio or account representing a holding shall vote and he shall have one vote per unit in respect of each resolution to be passed.
D. ACCOUNT STATEMENT / UNIT CERTIFICATE: All the applicants whose subscription proceeds have been realised will receive full and firm
allotment of Units, provided their applications are valid in all other respects. RCAM retains the discretion to reject any application. The process of
allotment of units and mailing of account statement will be completed within 30 days from the date of closure of the new fund offer period.
No interest will be payable on any subscription money refunded within 30 days. If the Fund refunds the amount after 30 days, interest @ 15% p.a. will be
paid to the applicant and borne by the AMC for the period from the day following the date of expiry of 30 days until the actual date of the refund. Refund
orders will be marked “A/c. payee only” and drawn in the name of the applicant in the case of a sole applicant and in the name of the first applicant in all
other cases. In both cases, the bank account number and bank name, as specified in the application, will be mentioned in the refund order. The bank and/
or collection charges, if any, will be borne by the applicant. All the refund payments will be mailed by registered post or as required under Regulations.
In the case of holdings specified as ‘jointly’, all requests will have to be signed by all the joint holders. However, in the case of holdings specified as ‘any
one or survivor’, any one of the joint holders may sign such requests.
E. NAV INFORMATION: The NAV of the Scheme will be calculated and declared by the Fund on every Working Day. The information on NAV may be
obtained by the Unitholders, on any day from the office of the AMC / the office of the Registrar in Hyderabad or any of the other Designated Investor
Service Centres.
The NAV shall be published in two daily newspapers on a daily basis.
Investors may also obtain information on the purchase /sale price for a given day on any Working Day from the office of the AMC / the office of the
Registrar in Hyderabad/ any of the other Designated Investor Service Centres.
For any NAV information, investor may also call our Touchbase customer service centre at 3030 1111, callers outside India, please dial 91-40-30301111.
F. DISCLOSURE OF INFORMATION UNDER THE REGULATIONS: The Scheme-wise Annual Report of RMF will be prepared and an abridged
summary of the Annual Report will be published through an advertisement and mailed to all unitholders as soon as may be but not later than six months from
the date of the closure of the relevant financial year.
The Audited/Unaudited financial results will be published through an advertisement in one English daily newspaper circulating in the whole of India and in
a newspaper published in the language of the region where the Head Office of the Mutual Fund is situated before the expiry of one months from the close
of each half year, that is on 31st March and on 30th September or as may required by the Regulations from time to time. The scheme’s portfolio in the
prescribed format as per SEBI guidelines, will be published through an advertisement in one English daily newspaper circulating in the whole of India and in
a newspaper published in the language of the region where the H.O. of Mutual Fund is situated before the expiry of one month from the close of each half
year i.e. 31st March and 30th September or send a copy of the same to all eligible unitholders.
Investor may also call our Touchbase customer service centre at 3030 1111, callers outside India, please dial 91-40-30301111.
G. SERVICES TO UNIT HOLDERS:
1. Investor Services: It is the endeavour of the Fund to provide consistently high quality service to its investors. This would encompass all interactions
by the unitholder / Investor with the Fund. The Fund will strive to upgrade the quality of services through implementation of technology, through ensuring
quality consciousness amongst its service personnel and agencies associated with it.
The Fund will endeavour to provide a high degree of convenience for the investors’ dealings with itself. The Fund will strive to constantly increase this level
of convenience.
2. Facilitating Enquiries and Transactions: Unitholders’ enquiries and transactions during business hours will be entertained at the office of the AMC
/ the office of the Registrar in Hyderabad or any of the other Designated Investor Service Centre.
3. Finding Solutions to Problems: The Fund will follow up with the Registrar on complaints and enquiries received from investors. The Fund will strive
to speedily resolve investor complaints.
4. Unitholder Grievances Redressal Mechanism: Investor grievances will normally be received at the Corporate Office of the AMC or at the head
office of the Registrar. All grievances received at the AMC, will then be forwarded to the Registrar, if required, for necessary action. The complaints will
be closely followed up with the Registrar to ensure timely redressal and prompt investor service.
Mr. Balkrishna Kini is the Investor Relations Officer for the Fund. All related queries should be addressed to her at the following address:
Mr. Balkrishna Kini
Reliance Capital Asset Management Limited.
Kamla Mills Compound, Trade World, ‘B’ Wing, 7th Floor, Lower Parel (W),
Mumbai - 400 013. Tel: 022-30414900; Fax: 022-30414899
Email: balkrishna.kini@relianceinfo.com
5. Correspondence : All correspondence, including change in the name, address, designated bank account number and bank branch, loss of Account
Statement / Unit Certificates, etc. should be addressed to M/s. Karvy Computershare Private Limited - UNIT RMF , Karvy Plaza, 21, Road No. 4, Street
No.1, Banjara Hills, Hyderabad 500 034. (Tel No. 040- 23394828). For any further information, you may send us an E-mail to :
customer_care@reliancemutual.com or contact Touchbase our customer service centre at 30301111, callers outside India, Please dial 91-40-30301111.

46
6. Investors’ Complaints History : Reliance Mutual Fund mails to its Investors their Account Statement not later than one month from the date of the
closure of the New Fund Offer period and within ten working days or within SEBI prescribed limits on an ongoing basis. Since then RMF has received, either
directly or through its Registrars, some complaints / requests, the bulk of which pertain to non-receipt of Account Statement or correction of Name or
Address etc. RMF works closely with its Registrar to provide prompt service to its Investors and has been able to attend to most standard complaints within
normal response times. The status of complaints relating to RMF Schemes received upto January 13, 2006 is given below:

Schemes Period Complaints Complaints Complaints

Received Redressed Pending
Reliance Growth Fund 2002-2003 29 29 Nil
2003-2004 118 118 Nil
2004-2005 693 693 Nil
April 1, 05 – Jan 13, 06 1150 1150 Nil
Reliance Vision Fund 2002-2003 27 27 Nil
2003-2004 283 283 Nil
2004-2005 1033 1033 Nil
April 1, 05 – Jan 13, 06 880 880 Nil
Reliance Income Fund 2002-2003 58 58 Nil
2003-2004 203 203 Nil
2004-2005 392 392 Nil
April 1, 05 – Jan 13, 06 147 147 Nil
Reliance Liquid Fund 2002-2003 2 2 Nil
2003-2004 26 26 Nil
2004-2005 110 110 Nil
April 1, 05 – Jan 13, 06 50 50 Nil
Reliance Medium Term Fund 2002-2003 60 60 Nil
2003-2004 51 51 Nil
2004-2005 322 322 Nil
April 1, 05 – Jan 13, 06 58 58 Nil
Reliance Short Term Fund Dec 2002- Mar 2003 Nil Nil Nil
2003-2004 74 74 Nil
2004-2005 41 41 Nil
April 1, 05 – Jan 13, 06 6 6 Nil
Reliance Fixed Term scheme Mar 2003 Nil Nil Nil
2003-2004 1 1 Nil
2004-2005 11 11 Nil
April 1, 05 – Jan 13, 06 3 3 Nil
Reliance Banking Fund May 03- 31 March, 2004 1 1 Nil
2004-2005 23 23 Nil
April 1, 05 – Jan 13, 06 103 103 Nil
Reliance Gilt Securities Fund June 03- 31 March, 2004 4 4 Nil
2004-2005 4 4 Nil
April 1, 05 – Jan 13, 06 Nil Nil Nil
Reliance Monthly Income Plan Jan 04 - 31 March, 2004 475 475 Nil
2004-2005 815 815 Nil
April 1, 05 – Jan 13, 06 341 341 Nil
Reliance Diversified Power Sector Fund March 04 - 2005 917 917 Nil
April 1, 05 – Jan 13, 06 309 309 Nil
Reliance Pharma Fund May 04 – 31 March, 2005 352 352 Nil
April 1, 05 – Jan 13, 06 188 188 Nil
Reliance Floating Rate Fund August 04 – 31 March, 2005 11 11 Nil
April 1, 05 – Jan 13, 06 21 21 Nil
Reliance Media & Entertainment Fund September 04 – 31 March, 2005 50 50 Nil
April 1, 05 – Jan 13, 06 19 19 Nil
Reliance Equity Opportunities Fund Feb 05 – 31 March, 2005 Nil Nil Nil
April 1, 05 – Jan 13, 06 4514 4514 Nil
Reliance NRI Equity Fund November 04 – 31 March, 2005 110 110 Nil
April 1, 05 – Jan 13, 06 28 28 Nil
Reliance NRI Income Fund November 04 – 31 March, 2005 16 16 Nil
April 1, 05 – Jan 13, 06 Nil Nil Nil
Reliance Index Fund – Nifty Plan Jan 2005 – 31 March, 2005 1 1 Nil
April 1, 05 – Jan 13, 06 2 2 Nil

47
 Reliance Fixed Maturity Fund – Series I 31 March, 2005 Nil Nil Nil
April 1, 05 – Jan 13, 06 2 2 Nil
Reliance Fixed Maturity Fund – Series II April 1, 05 – Jan 13, 06 2 2 Nil
Reliance Tax Saver (ELSS) Fund April 1, 05 – Jan 13, 06 1952 1952 Nil
Reliance Regular Saving Fund April 1, 05 – Jan 13, 06 1 1 Nil
Reliance Liquidity Fund April 1, 05 – Jan 13, 06 Nil Nil Nil
Reliance Fixed Tenor Fund – Plan A April 1, 05 – Jan 13, 06 1 1 Nil

Please note that 88 complaints were received through SEBI from April 1, 2002 to January 13, 2006 and all the complaints were duly redressed except 5
complaints.

IX. TAX BENEFITS OF INVESTING IN THE MUTUAL FUND:

The certain tax benefits are available to the Mutual Fund and the Unit holders as mentioned hereinafter.
It may however be noted that the information given hereinafter is only for general information purposes and is based on the advice
received by the AMC regarding the law and practice currently in force in India and the Investors/ Unit holders should be aware that
the relevant fiscal rules or their interpretation may change or it may not be acceptable to the tax authorities. As is the case with any
interpretation of any law, there can be no guarantee that the tax position or the proposed tax position prevailing at the time of an
investment in the Scheme will be accepted by the tax authorities or will continue to accepted by them indefinitely.
Further statements with regard to tax benefits mentioned herein below are mere expressions of opinion and are not representations
of the Mutual Fund to induce any investor to acquire units whether directly from the Mutual Fund or indirectly from any other
persons by the secondary market operations. In view of the above, and since the individual nature of tax consequences may differ in
each case on its merits and facts, each Investor / Unit holder is advised to consult his / her or its own professional tax advisor with
respect to the specific tax implications arising out of its participation in the Scheme, as a unit holders.
In view of the above, it is advised that the unit holders appropriately consult their investment / tax advisors in this regard.
Tax Benefits to the Mutual Fund : Reliance Mutual Fund is a Mutual Fund registered with the Securities & Exchange Board of India and hence the
entire income of the Mutual Fund will be exempt from income tax in accordance with the provisions of Section 10(23D) of the Income-tax Act,
1961, (the Act). The Mutual Fund will receive all income without any deduction of tax at source under the provisions of Section 196(iv) of the Act.
Income distribution, if any, made by the Mutual Fund will attract distribution tax under Section 115R of the Act, calculated at the rate of 14.025 per
cent (inclusive of surcharge on income-tax at 10 per cent and an additional surcharge by way of education cess at the rate of 2 per cent on the
amount of tax inclusive of surcharge) in case income is distributed to individuals and Hindu Undivided Families (HUFs), and calculated at the rate of
22.44 per cent (inclusive of surcharge on income-tax at 10 per cent and an additional surcharge by way of education cess at the rate of 2 per cent
on the amount of tax inclusive of surcharge as per the Act) in case income is distributed to persons other than individuals and HUFs.
An exemption has been granted under the Finance (No.2) Act, 2004 to open ended equity oriented mutual funds from paying distribution tax on
income distributed without any time limit, effective from 1 April 2004.
Income-tax
Tax on Income distribution
Income distributed by the Mutual Fund
All Unit holders
Income received by unit holders in respect of the units of the Mutual Fund, is exempt from tax under Section 10(35) of the Act.
Tax Deduction at Source
All Unit holders
In view of the exemption of income in the hands of the Unit holders, no income tax is deductible at source, on income distribution by the Mutual
Fund on or after April 1, 2003, under the provisions of Sections 194K and 196A of the Act.
As per section 196B of the Act, tax is required to be deducted at the rate of 11.22 per cent (inclusive of surcharge on income-tax at the rate of 10
per cent and an additional surcharge by way of education cess at the rate of 2 per cent on the amount of tax inclusive of surcharge) from income
payable in respect of units purchased in foreign currency to approved overseas financial organizations.
Tax on Capital Gains
Long-term Capital Gains
On units of Equity Oriented Funds : Section 10(38) of the Act grants exemption to any income arising from the transfer of a long term capital
asset, being units of an equity oriented fund provided the transaction giving rise to the capital gains, attracts Securities Transaction Tax (STT) and
is made on or after 1st October 2004 i.e the date on which Chapter VII of the Finance (No. 2) Act, 2004 has come into force. For this purpose
“equity oriented fund” means where the investible funds are invested by the Mutual Fund in equity shares in domestic companies to the extent of
more than fifty percent of the total proceeds of such fund set up under a scheme of a Mutual Fund specified under clause 10(23D) of the Act.
On units of funds other than Equity Oriented Funds: Long-term capital gains (other than long-term capital gains exempted by Sec. 10(38) of
the Act, discussed elsewhere in this document) in respect of units, held for a period of more than 12 months, will be chargeable under Sec. 112 of the Act,
at the rate of 20 per cent.

48
However, where the tax payable on such long-term capital gains, computed before indexation, exceeds 10% of the amount of capital gains, such excess tax
shall not be payable by the unit holder.
In case of resident individuals and HUFs, where the total income as reduced by long-term capital gains, is below the basic exemption limit, the long-term
capital gains will be reduced to the extent of the shortfall and only the balance long-term capital gains will be subjected to the 20 per cent tax or the 10 per
cent as the case may be.
The said tax rate would be increased by a surcharge of 10 per cent in case of non-corporate unit holders, where the total income exceeds Rs. 10,00,000. In
the case of corporate unit holders, the 10 per cent surcharge is payable irrespective of the amount of taxable income. Further, an additional surcharge of
2 per cent by way of education cess would be charged on amount of tax inclusive of surcharge.
Where the total income of an assessee includes any long-term capital gains on equity oriented units the deduction under section 80C shall be allowed from
the income tax on the total income as reduced by such long term capital gains.
Short-term Capital Gains
On units of Equity Oriented Funds :
Under Sec. 111A, where the total income of an assessee includes any income chargeable under the head “Capital Gains”, arising from the transfer of
a short-term capital asset, being a unit of an equity oriented fund and
(a) the transaction of sale of such unit is entered into on or after 1st October 2004, i.e. the date on which Chapter VII of the Finance (No. 2) Act,
2004 has come into force; and
(b) such transaction is chargeable to securities transaction tax under that Chapter, the tax payable by the assessee on such short-term capital gains
is at the rate of ten per cent.
In case of resident individuals and HUFs, where the total income as reduced by the short- term capital gains, is below the basic exemption limit, the short-
term capital gains will be reduced to the extent of the shortfall and only the balance short-term capital gains will be subjected to the 10 per cent tax rate.
The said tax rate would be increased by a surcharge of 10 per cent in case of non-corporate Unit holders, where the total income exceeds Rs.
10,00,000 In the case of corporate Unit holders, the 10 per cent surcharge is payable irrespective of the amount of taxable income. Further, an
additional surcharge of 2 per cent by way of education cess would be charged on amount of tax inclusive of surcharge.
Where the total income of an assessee includes any short-term capital gains on equity oriented units the deduction under section 80C shall be allowed
from the income tax on the total income as reduced by such short term capital gains.
On units of funds other than Equity Oriented Funds: Short-term capital gains in respect of units held for not more than 12 months is added
to the total income of the assessee and taxed at the applicable slab rates specified by the Act.
Foreign Institutional Investors: Long-term capital gains arising on sale/repurchase of units, held for a period of more than twelve months, would
be taxed at the rate of 10 per cent under Section 115AD of the Act (subject to the exemption of tax on long-term capital gains provided for in Sec.
10(38) of the Act, discussed elsewhere in this document) . The said tax rate would be increased by a surcharge of 2.5 per cent. Further, an additional
surcharge of 2 per cent by way of education cess would be charged on amount of tax inclusive of surcharge. Such gains would be calculated without
inflation index and currency fluctuations.
Short-term capital gains arising on sale/repurchase of units would be taxed at 30 per cent (10% if such short term capital gains is of the nature referred
in section 111A of the Act, discussed elsewhere in this document). The said applicable tax rate would be increased by 2.5 per cent surcharge. Further,
an additional surcharge of 2 per cent by way of education cess would be charged on amount of tax inclusive of surcharge.
Specified overseas financial organizations: As per the provisions of section 115AB of the Act, long-term capital gains arising on sale/
repurchase of units purchased in foreign currency shall be liable to tax at the rate of 10 per cent. The said tax rate would be increased by 10% per
cent surcharge. Further, an additional surcharge of 2 per cent by way of education cess would be charged on amount of tax inclusive of surcharge.
However, such gains shall be computed without the benefit of cost indexation.
Short-term capital gains arising on sale/repurchase of units would be taxed at 40 per cent in case of foreign companies and 30 per cent in case of
others. The said tax rate would be increased by applicable surcharge of 10 per cent in case of non-corporate Unit holders, where the total income
exceeds Rs. 10,00,000 . The 10 per cent surcharge is payable in the case of corporate Unit holders irrespective of the amount of taxable income.
Further, an additional surcharge of 2 per cent by way of education cess would be charged on amount of tax inclusive of surcharge.
Securities Transaction Tax
As per the Finance Bill, 2005, Securities Transaction Tax (STT), which came into force with effect from October 1, 2004 shall be payable at the rate
of 0.20 per cent by the seller on the sale of an equity-oriented fund to the mutual fund.
Tax Treaty : In the case of a non-resident unit holder who is resident of a country with which India has signed a Double Taxation Avoidance
Agreement (DTAA), which is in force, income tax is payable at the rate provided in the Act or at the rate provided in the such agreement, whichever
is more beneficial to such non resident unit holder.
In order to obtain the benefit of the lower rate under the DTAA, the unit holder would be required to provide a certificate from his Assessing Officer
stating his eligibility for the lower rate.
Dividend Stripping
All Unit holders : As per Section 94(7) of the Act, loss arising on sale of Units, which are bought within 3 months prior to the record date (i.e. the
date fixed by the Mutual Fund for the purposes of entitlement of the Unit holders to receive the income) and sold within 9 months after the record
date, shall be ignored for the purpose of computing income chargeable to tax to the extent of exempt income received or receivable on such Units.
Bonus stripping
All Unit holders : As per section 94 (8) of the Act wherein in case of units purchased within a period of three months prior to the record date for
entitlement of bonus and sold within nine months after the record date, the loss arising on transfer of original units shall be ignored for the purpose
of computing the income chargeable to tax. The amount of loss so ignored shall be deemed to be the cost of acquisition/purchase of such bonus units
as are held by it/him on the date of such sale/transfer.

49
Tax Deduction at Source on Capital Gains
Domestic Unit holders: No income tax is deductible at source from income by way of capital gains under the provisions of the Act.
Foreign Institutional Investors : Under Section 196D of the Act, no deduction shall be made from any income by way of capital gains, in respect
of transfer of units referred to in Section 115AD of the Act.
Specified overseas financial organizations : As per section 196B of the Act, income tax is deductible on long-term capital gains (other than
long-term capital gain on units of equity oriented mutual funds on which exemption under Sec. 10(38) is applicable) arising on repurchase of units
purchased in foreign currency, at the rate of 10 per cent. The said tax rate would be increased by applicable surcharge of 10% per cent in case of
corporate Unit holders irrespective of the amount of taxable income. Further, an additional surcharge of 2 per cent by way of education cess would
be charged on amount of tax inclusive of surcharge.
Income tax is deductible on short-term capital gains arising on sale / repurchase of units at the rate of 40 per cent plus applicable surcharge at the
rate of 10 per cent in case of foreign companies. Further, an additional surcharge of 2 per cent by way of education cess would be deducted on amount
of tax inclusive of surcharge
Other Non-resident Unit holders :
In the case of a non-resident other than a company: Income tax is deductible on long-term capital gains (other than long-term capital gain on
units of equity oriented mutual funds on which exemption under Sec. 10(38) is applicable) arising on repurchase of units at the rate of 20 per cent.
Income tax is deductible on short-term capital gains arising on sale / repurchase of units at the rate of 30 per cent
The above tax rates would be increased by a surcharge of 10 per cent, where the total income exceeds Rs. 10,00,000. Further, an additional surcharge
of 2 per cent by way of education cess would be charged on amount of tax inclusive of surcharge.
In the case of a foreign company: Income tax is deductible on long-term capital gains (other than long-term capital gain on units of equity
oriented mutual funds on which exemption under Sec. 10(38) is applicable) arising on repurchase of units at the rate of 20 per cent.
Income tax is deductible on short-term capital gains arising on sale / repurchase of units at the rate of 40 per cent
The above tax rates would be increased by a surcharge of 2.5 per cent. Further, an additional surcharge of 2 per cent by way of education cess would
be charged on amount of tax inclusive of surcharge.
In accordance with the provisions of Circular no.728 dated October 30, 1995 issued by the Central Board of Direct Taxes (‘CBDT’), in case of a non
resident unit holder who is a resident of a country with which India has signed a Double Taxation Avoidance Agreement (DTAA) , which is in force,
the tax should be deducted at source under section 195 of the Act at the rate provided in the Finance Act of the relevant year or the rate provided
in the said agreement, whichever is more beneficial to such non-resident unit holder.
In order to obtain the benefit of the lower rate under the DTAA, the unit holder would be required to provide a certificate from his Assessing Officer
stating his eligibility for the lower rate.
Exemptions from long-term capital gains
(I) As per Sec 10(38) of the Act, any long-term capital gains arising from the sale of units of an equity-oriented fund entered into on or after October 1,
2004 and such transaction of sale is chargeable to STT, shall be exempt form tax.
(II) As per the provisions of section 54EC of the Act, long-term capital gains (other than long-term capital gains on units of equity oriented mutual
funds on which exemption under Sec. 10(38) is applicable) shall be exempt from tax to the extent such capital gains are invested, within a period of
six months of such transfer, in acquiring notified bonds. However, if the said bonds are transferred within a period of 3 years from the date of their
acquisition, the amount of capital gains exempted earlier would become chargeable to tax as long-term capital gains in the year in which the bonds are
transferred.
(III) As per the provisions of section 54ED of the Act, long-term capital gains (other than long-term capital gains on units of equity oriented mutual
funds on which exemption under Sec. 10(38) is applicable) arising on transfer of long-term assets, being listed securities or units shall be exempt from
tax to the extent such capital gains are invested, within a period of six months of such transfer, in acquiring the equity shares forming part of a
eligible public issue of an Indian public company and remain so invested as specified
(IV) As per the provisions of Sec 54F of the Act in the case of an individual or a HUF, long-term capital gains (other than long-term capital gains on units
of equity oriented mutual funds on which exemption under Sec. 10(38) is applicable) arising on transfer of a long-term capital asset (not being a
residential house) are not chargeable to tax if the entire net consideration received on such transfer is invested within the prescribed period in a residential
house. If part of such net consideration is invested within the prescribed period in a residential house, then proportionate exemption is available.
Other Benefits :
(i).Investments in Units of the Mutual Fund will rank as an eligible form of investment under Section 11 (5) of the Act read with Rule 17C of the
Income-tax Rules, 1962, for Religious and Charitable Trusts.
(ii). Wealth-tax: Units held under the respective Plans are not treated as assets as defined under Section 2(ea) of the Wealth-tax Act, 1957 and
thereof would not liable to wealth-tax.
(iii). Gift-tax: The Gift-tax Act, 1958 has ceased to apply to gifts made on or after October 1, 1998. Gifts of Units, purchased under the respe ctive
Plans, would therefore, be exempt from gift-tax. The tax benefits to the Mutual Fund and Unit Holders is in accordance with the prevailing tax laws.
EACH INVESTOR IS ADVISED TO CONSULT HIS OR HER OWN TAX CONSULTANT WITH RESPECT TO THE SPECIFIC TAX
IMPLICATIONS ARISING OUT OF HIS OR HER PARTICIPATION IN THE SCHEME.

50
 X. CONDENSED FINANCIAL INFORMATION

Historical Per Unit Statistic Reliance Short Term Fund

Date of allotment 24-Dec-02
Apr 2004 to April 01, 2005 to 2003 – 2004 2002-2003
Mar. 31, 2005 Jan 13, 2006
NAV At The Beginning of the period
Growth Plan 10.9158 11.4960 10.1626 10.0154
Bonus Plan 10.9158 N.A 10.1626 N.A
Dividend Plan 10.0529 10.4818 10.0848 N.A
Daily Dividend Plan N.A N.A N.A N.A
Weekly Dividend Plan N.A N.A N.A N.A
Monthly Dividend Plan N.A N.A N.A N.A
Quarterly Dividend Plan N.A N.A N.A N.A
Net Income Per Unit 4.74 0.54 0.82 0.14
Dividends:
Monthly Dividend plan 0.10 Nil Nil N.A
Quarterly Dividend Plan Nil Nil Nil 0.07
Daily Dividend Plan Nil Nil Nil N.A
Weekly Dividend Plan Nil Nil Nil N.A
Dividend (Re Investment) Plan Nil 0.63 0.67 N.A
Institutional Monthly Dividend Plan 0.13 Nil Nil N.A
Transfer To Reserve (if Any) Nil Nil Nil 6.22
NAV at the End of the Period
Growth Plan 11.4960 12.0186 10.9111 10.1626
Monthly Dividend plan N.A N.A N.A. N.A
Quarterly Dividend Plan N.A 11.9970 N.A. N.A
Bonus Plan N.A N.A 10.9111 10.1626
Dividend Re-Investment Plan 10.4818 10.3026 10.0486 N.A
Daily Dividend Plan N.A N.A N.A N.A
Weekly Dividend Plan N.A N.A N.A N.A
Dividend Plan N.A N.A 10.0848 N.A
Institutional – Dividend N.A N.A N.A. N.A
Institutional – Growth N.A N.A N.A. N.A
Returns in (%) 6.59% 6.60% 7.35% 1.49%
Benchmark Returns in (%) 4.45% - 4.31% 1.31%
Crisil Liquid Fund Index
Net Assets at the end of the period (Rs. In Crs.) 52.98 254.23 674.33 303.86
Ratio of Recurring expenses to Net Assets (%) 0.52% 0.65% 0.55% 0.009%

51
Historical Per Unit Statistic Reliance Floating Rate Fund
Date of allotment 2-Sep-04
Sept 2, 2004 to April 01, 2005 to
Mar. 31, 2005 Jan 13, 2006
NAV At The Beginning of the period
Growth Plan 10.0044 10.2963
Bonus Plan 10.0044 N.A
Dividend Plan 10.0044 N.A
Daily Dividend Plan N.A 10.0447
Weekly Dividend Plan N.A 10.0668
Monthly Dividend Plan N.A 10.0687
Quarterly Dividend Plan N.A N.A.
Net Income Per Unit 0.45 0.63
Dividends:
Monthly Dividend plan 0.15 0.38
Quarterly Dividend Plan N.A N.A
Daily Dividend Plan N.A 0.41
Weekly Dividend Plan N.A 0.41
Dividend (Re Investment) Plan N.A N.A
Institutional Monthly Dividend Plan N.A N.A
Transfer To Reserve (if Any) Nil Nil
NAV at the End of the Period
Growth Plan 10.2963 10.7443
Monthly Dividend plan 10.0687 10.1176
Quarterly Dividend Plan N.A N.A
Bonus Plan N.A N.A
Dividend Re-Investment Plan N.A N.A
Daily Dividend Plan 10.0447 10.0624
Weekly Dividend Plan 10.0668 10.0866
Dividend Plan N.A N.A
Institutional – Dividend N.A N.A
Institutional – Growth N.A N.A
Returns in (%) 2.92% 4.34%
Benchmark Returns in (%) 2.48% 3.67%
Crisil Liquid Fund Index
Net Assets at the end of the period (Rs. In Crs.) 958.04 678.95
Ratio of Recurring expenses to Net Assets (%) 0.53% 0.55%

52
Historical Per Unit Statistic Reliance Monthly Income Plan
Date of allotment 13-Jan-04
Apr 2004 to April 01, 2005 to 2003 – 2004
Mar. 31, 2005 Jan 13, 2006
NAV At The Beginning of the period
Growth Plan 10.1318 10.6687 10.0201
Bonus Plan N.A N.A N.A
Dividend Plan N.A N.A N.A
Daily Dividend Plan N.A N.A N.A
Weekly Dividend Plan N.A N.A N.A
Monthly Dividend Plan 10.1318 10.2073 N.A
Quarterly Dividend Plan 10.1318 10.1692 N.A
Net Income Per Unit 1.13 0.66 0.22
Dividends:
Monthly Dividend plan 0.32 0.59 N.A
Quarterly Dividend Plan 0.24 0.41 N.A
Daily Dividend Plan N.A N.A N.A
Weekly Dividend Plan N.A N.A N.A
Dividend (Re Investment) Plan N.A N.A N.A
Institutional Monthly Dividend Plan N.A N.A N.A
Transfer To Reserve (if Any) Nil Nil Nil
NAV at the End of the Period
Growth Plan 10.6687 12.2498 10.1003
Monthly Dividend plan 10.2073 11.0890 10.1003
Quarterly Dividend Plan 10.1692 11.2424 10.1003
Bonus Plan N.A N.A N.A
Dividend Re-Investment Plan N.A N.A N.A
Daily Dividend Plan N.A N.A N.A
Weekly Dividend Plan N.A N.A N.A
Dividend Plan N.A N.A N.A
Institutional – Dividend N.A N.A N.A
Institutional – Growth N.A N.A N.A
Returns in (%) 5.63% 13.96% 0.78%
Benchmark Returns in (%) 2.37% 8.34% -0.16%
Crisil MIP Blended Index
Net Assets at the end of the period (Rs. In Crs.) 250.91 346.13 945.33
Ratio of Recurring expenses to Net Assets (%) 1.79% 2.00% 1.79%

53
Historical Cost Per Unit Statistic Reliance Banking Fund
Date of allotment 28-May-03
Apr 2004 to April 01, 2005 to 2003 – 2004
Mar. 31, 2005 Jan 13, 2006
NAV At The Beginning of the period
Growth Option 18.3378 25.3447 10.0589
Bonus Option 18.3378 25.3545 N.A.
Dividend Plan 16.9187 20.3438 N.A.
Long Term Gilt Fund – Growth Option N.A. N.A. N.A.
Short Term Gilt fund – Growth Option N.A. N.A. N.A.
Long Term Gilt Fund – DM PLAN N.A. N.A. N.A.
Short Term Gilt fund – Bonus Option N.A. N.A. N.A.
Long Term Gilt Fund Dividend Re-investment Option N.A. N.A. N.A.
Short Term Gilt Fund Dividend Re-investment Option N.A. N.A. N.A.
Long Term Gilt Plan – AC Plan N.A. N.A. N.A.
Net Income Per Unit 4.51 1.52 7.02
Dividend:
Long Term Gilt Plan
Dividend Plan N.A. 4.00 1.00
Dividend (Re Investment) Plan N.A. N.A N.A
Short Term Gilt Plan
Dividend (Re Investment) Plan N.A. N.A N.A
Transfer to Reserve (if any) N.A. N.A N.A
NAV at the End of period
Growth Plan 25.3447 32.06 18.04
Bonus Plan 25.3545 32.06 18.04
Dividend Plan 20.3438 21.68 16.65
Dividend Re – Investment Option N.A. N.A N.A.
Long Term Gilt Plan – Growth Option N.A. N.A. N.A.
Short Term Gilt Plan – Growth Option N.A. N.A. N.A.
Long Term Gilt Plan – Bonus Option N.A. N.A. N.A.
Short Term Gilt Plan – Bonus Option N.A. N.A. N.A.
Long Term Plan – Institutional Plan – Growth N.A. N.A. N.A.
Short Term Plan – Institutional Plan – Growth N.A. N.A. N.A.
Long Term Gilt Plan
Dividend Re- Investment Option N.A N.A N.A
Short Term Gilt Plan
Dividend Re- Investment Option N.A N.A N.A
Long Term Gilt Plan – AC Plan N.A N.A N.A
Long Term Gilt Plan – DM Plan N.A N.A N.A
Long Term Gilt Plan – IG Plan N.A N.A N.A
Returns in (%) 40.47% 24.12% 79.32%
Benchmark Returns in (%) 23.53% 27.86% 78.99%
S & P CNX Banks Index
Net Assets at the end of the period (Rs in Crs.) 57.35 171.60 41.91
Ratio of Recurring expenses to Net Assets (%) 2.25 2.24 2.25

54
Historical Cost Per Unit Statistic Reliance Gilt Securities Fund
Date of allotment 10-Jul-03
Apr 2004 to April 01, 2005 to 2003 – 2004
Mar. 31, 2005 Jan 13, 2006
NAV At The Beginning of the period
Growth Option N.A. N.A. N.A
Bonus Option N.A. N.A. N.A
Dividend Plan N.A. N.A. N.A
Long Term Gilt Fund – Growth Option 10.9783 11.4206 10.0162
Short Term Gilt fund – Growth Option 10.5468 10.6506 10.0065
Long Term Gilt Fund – DM PLAN 10.9783 11.4256 10.0162
Short Term Gilt fund – Bonus Option N.A. N.A. N.A
Long Term Gilt Fund Dividend Re-investment Option 10.5335 10.8628 10.0162
Short Term Gilt Fund Dividend Re-investment Option 10.1621 N.A. 10.0066
Long Term Gilt Plan – AC Plan 10.9783 11.5563 N.A
Net Income Per Unit 0.06 – LTP 0.55 - LTP 4.568 – LTP
(0.74) – STP 1.40 - STP 6.526 – STP
Dividend:
Long Term Gilt Plan
Dividend Plan N.A 0.4900 N.A.
Dividend (Re Investment) Plan 0.0943 N.A 0.1221
Short Term Gilt Plan
Dividend (Re Investment) Plan 0.0943 N.A 0.3258
Transfer to Reserve (if any) N.A N.A N.A
NAV at the End of period
Growth Plan N.A. N.A. N.A
Bonus Plan N.A. N.A N.A
Dividend Plan N.A. N.A N.A.
Dividend Re – Investment Option N.A. N.A N.A
Long Term Gilt Plan – Growth Option 11.4206 12.0314 10.9298
Short Term Gilt Plan – Growth Option 10.6506 10.9946 10.5432
Long Term Gilt Plan – Bonus Option N.A N.A 10.9298
Short Term Gilt Plan – Bonus Option N.A N.A 10.5432
Long Term Plan – Institutional Plan – Growth N.A N.A N.A
Short Term Plan – Institutional Plan – Growth N.A N.A N.A
Long Term Gilt Plan
Dividend Re- Investment Option 10.8628 10.9422 10.4869
Short Term Gilt Plan
Dividend Re- Investment Option N.A N.A 10.1586
Long Term Gilt Plan – AC Plan 11.5563 12.0314 N.A
Long Term Gilt Plan – DM Plan 11.4256 12.0314 N.A
Long Term Gilt Plan – IG Plan N.A N.A N.A

55
Historical Cost Per Unit Statistic Reliance Gilt Securities Fund
Date of allotment 10-Jul-03
Apr 2004 to April 01, 2005 to
Mar. 31, 2005 Jan 13, 2006 2003 – 2004
Returns in (%) 4.03% - RGSF -LTP 5.34% - RGSF -LTP 9.19% - RGSF – LTP
0.98% - RGSF -STP 3.22% - RGSF -STP 5.36% - RGSF – STP
Benchmark Returns in (%) (2.46)%-I Sec Li Bex 5.58% - RGSF – LTP 8.01% - RGSF – LTP
3.35%-I Sec Si Bex 4.07% - RGSF – STP 4.77% - RGSF – STP
Long Term Plan - I Sec Li-BEX
Short Term Plan - I Sec Si-Bex
Net Assets at the end of the period 138.57– RGSF- LTP 129.97- RGSF- LTP 120.46 – RGSF – LTP
(Rs in Crs.) 7.13 – RGSF- STP 1.01-RGSF-STP 6.61 – RGSF – STP
Ratio of Recurring expenses to 1.25 – RGSF- LTP 1.25-RGSF-STP 0.465 – RGSF- LTP
Net Assets (%) 1.25 – RGSF- STP 1.25-RGSF-LTP 0.60 – RGSF- STP

Historical Cost Per Unit Statistic Regular Saving Regular Saving Regular Saving
Fund - Debt Fund - Equity Fund – Hybrid
Date of allotment 9-Jun-05
June 09, 2005 to June 09, 2005 to June 09, 2005 to
Jan 13,2006 Jan 13,2006 Jan 13,2006
NAV At The Beginning of the period
Growth Option 10.0275 10.0242 10.0269
Net Income Per Unit 0.01 - 0.00
Dividend:
Dividend Plan NIL NIL NIL
Transfer to Reserve (if any) NIL NIL NIL
NAV at the End of period
Growth Option 10.1854 10.1581 10.1409
Returns in (%) 1.57% 1.34% 1.14%
Benchmark Returns in (%) 2.76% 35.82% 6.94%
Benchmark Crisil Composite BSE 100 Crisil MIP
Bond Fund Index Blended Index
Net Assets at the end of the period (Rs in Crs.) 0.47 11.32 0.90
Ratio of Recurring expenses to Net Assets (%) 1.75 2.50 2.25

Historical Per Unit Statistic Reliance Liquidity Fund

Date of allotment 16-Jun-05
June 16, 2005 to Jan 13,2006
NAV At The Beginning of the period
Growth Plan 10.0014
Bonus Plan NA
Daily Dividend Plan 10.0000
Weekly Dividend Plan 10.0014
Monthly Dividend Plan
Net Income Per Unit 0.35
Dividends:
Daily Dividend Plan 0.37
Weekly Dividend Plan 0.38
Monthly Dividend Plan 0.04
Transfer To Reserve (if Any) Nil
NAV at the End of the Period
Growth Plan 10.3260
Bonus Plan NA
Daily Dividend Plan 10.0031
Weekly Dividend Plan 10.0019
Monthly Dividend Plan 10.2549
Returns in (%) 3.25%
Benchmark Returns in (%) 2.67%
Benchmark Crisil Liquid Fund Index
Net Assets at the end of the period (Rs. In Crs.) 1,606.59
Ratio of Recurring expenses to Net Assets (%) 0.40%

56
Historical Cost Per Unit Statistic Reliance Fixed Maturity Reliance Fixed Maturity
Fund-Series I-AP1 Fund-Series II-AP1
Date of allotment 31-Mar-05 6-May-05
MAR. 31, 2005 to April 01, 2005 to May 6, 2005 to
Mar. 31, 2005 Jan 13,2006 Jan 13,2006
NAV at the beginning of the period (Rs.)
Growth Plan N.A 10.0022 10.0013
Bonus Plan N.A N.A N.A
Annual Dividend Plan N.A N.A N.A
Half-yearly Dividend Plan N.A N.A N.A
Quarterly Dividend Plan N.A N.A N.A
Monthly Dividend Plan N.A N.A N.A
Dividend Plan N.A 10.0022 10.0013
Dividend (Re-investment) Plan N.A N.A N.A
Weekly Dividend (Re-investment) Option N.A N.A N.A
Transfer to Reserve (If Any) NIL NIL NIL
Net Income Per Unit 0.0034 0.5600 0.4600
Total Dividends paid per unit
during the period * (Rs.)
Annual Dividend Plan N.A N.A N.A
Half-yearly Dividend Plan N.A N.A N.A
Quarterly Dividend Plan N.A N.A N.A
Monthly Dividend Plan N.A N.A N.A
Dividend Plan N.A N.A N.A
Dividend (Re-investment) Plan N.A N.A N.A
Weekly Dividend (Re-investment) Option N.A N.A N.A
NAV at the end of the period
Growth Plan 10.0022 10.4865 10.4065
Bonus Plan N.A N.A N.A
Annual Dividend Plan N.A N.A N.A
Half-yearly Dividend Plan N.A N.A N.A
Quarterly Dividend Plan N.A N.A N.A
Monthly Dividend Plan N.A N.A N.A
Dividend Plan 10.0022 10.4865 10.4065
Dividend (Re-investment) Plan N.A N.A N.A
Weekly Dividend (Re-investment) Option N.A N.A N.A
Returns in (%) 0.17% 4.86% 4.05%
Benchmark Returns in (%) N.A N.A 3.06%
Benchmark Crisil Short Term Bond Fund Index Crisil Short Term
Bond Fund Index
Net Assets at end of the period (Rs. Cr.) 201.74 210.30 171.52
Ratio of Recurring
Expenses to Net Assets (%) 0.20 0.20 0.25

57
Historical Cost Per Unit Statistic Reliance Fixed Maturity Reliance Fixed Maturity Reliance Fixed Maturity
Fund-Series II-AP2 Fund-Series II-QP2 Fund-Series II-AP3
Date of allotment 25-May-05 26-Oct-05 5-Aug-05
May 25, 2005 to October 26, 2005 to Aug 05, 2005 to
Jan 13,2006 Jan 13,2006 Jan 13,2005
NAV at the beginning of the period (Rs.)
Growth Plan 10.0087 10.0031 10.0013
Bonus Plan N.A N.A N.A
Annual Dividend Plan N.A N.A N.A
Half-yearly Dividend Plan N.A N.A N.A
Quarterly Dividend Plan N.A N.A N.A
Monthly Dividend Plan N.A N.A N.A
Dividend Plan 10.0087 10.0031 10.0013
Dividend (Re-investment) Plan N.A N.A N.A
Weekly Dividend (Re-investment) Option N.A N.A N.A
Transfer to Reserve (If Any)
Net Income Per Unit 0.3500 0.1300 0.28
Total Dividends paid per unit
during the period * (Rs.)
Annual Dividend Plan N.A N.A N.A
Half-yearly Dividend Plan N.A N.A N.A
Quarterly Dividend Plan N.A N.A N.A
Monthly Dividend Plan N.A N.A N.A
Dividend Plan N.A N.A N.A
Dividend (Re-investment) Plan N.A N.A N.A
Weekly Dividend (Re-investment) Option N.A N.A N.A
NAV at the end of the period
Growth Plan 10.3300 10.1278 10.2474
Bonus Plan N.A N.A N.A
Annual Dividend Plan N.A N.A N.A
Half-yearly Dividend Plan N.A N.A N.A
Quarterly Dividend Plan N.A N.A N.A
Monthly Dividend Plan N.A N.A N.A
Dividend Plan 10.3300 10.1278 10.2474
Dividend (Re-investment) Plan N.A N.A N.A
Weekly Dividend (Re-investment) Option N.A N.A N.A
Returns in (%) 3.21% 1.25% 2.46%
Benchmark Returns in (%) 2.73% 1.03% 1.64%
Benchmark Crisil Short Term Crisil Liquid Fund Crisil Short Term
Bond Fund Index Index Bond Fund Index
Net Assets at end of the period (Rs. Cr.) 5.93 933.71 168.54
Ratio of Recurring
Expenses to Net Assets (%) 0.60 0.11 0.20

58
 Historical Cost Per Unit Statistic Reliance Fixed Maturity Fund-Series II-MP9
Date of allotment 2-Jan-06
Jan 2,2006 to Jan 13,2006
NAV at the beginning of the period (Rs.)
Growth Plan 10.0015
Bonus Plan N.A
Annual Dividend Plan N.A
Half-yearly Dividend Plan N.A
Quarterly Dividend Plan N.A
Monthly Dividend Plan N.A
Dividend Plan 10.0015
Dividend (Re-investment) Plan N.A
Weekly Dividend (Re-investment) Option N.A
Transfer to Reserve (If Any)
Net Income Per Unit 0.10
Total Dividends paid per unit during the period * (Rs.)
Annual Dividend Plan N.A
Half-yearly Dividend Plan N.A
Quarterly Dividend Plan N.A
Monthly Dividend Plan N.A
Dividend Plan N.A
Dividend (Re-investment) Plan N.A
Weekly Dividend (Re-investment) Option N.A
NAV at the end of the period
Growth Plan 10.0196
Bonus Plan N.A
Annual Dividend Plan N.A
Half-yearly Dividend Plan N.A
Quarterly Dividend Plan N.A
Monthly Dividend Plan N.A
Dividend Plan 10.0196
Dividend (Re-investment) Plan N.A
Weekly Dividend (Re-investment) Option N.A
Returns in (%) 0.18%
Benchmark Returns in (%) 0.30%
Benchmark Crisil Liquid Fund Index
Net Assets at end of the period (Rs. Cr.) 591.88
Ratio of Recurring
Expenses to Net Assets (%) 0.10
Note : The details of Historical Per Unit Statistics of Reliance Fixed Maturity Fund-Series I and Reliance Fixed Maturity Fund-Series II, the close-ended
income schemes have been published for only those plans which are in operation as on January 13, 2006 (Yet to be redeemed/matured)

59
Historical Cost Per Unit Statistic Reliance Diversified Power Sector Fund
Date of allotment 30-Apr-04
Apr 2004 to April 01, 2005 to
Mar 31, 2005 Jan 13,2006
NAV At The Beginning of the period
Growth Option 10.0404 14.3074
Bonus Option 10.0404 14.3079
Dividend Plan 10.0404 14.3085
Net Income Per Unit 0.41 2.23
Dividend:
Dividend Plan NIL 4.00
Transfer to Reserve (if any) NIL NIL
NAV at the End of period
Growth Option 14.3074 23.2278
Bonus Option 14.3079 23.2278
Dividend Plan 14.3085 19.2515
Returns in (%) 42.49% 58.75%
Benchmark Returns in (%) 11.33% 42.05%
India Power Index
Net Assets at the end of the period (Rs in Crs.) 317.15 495.09
Ratio of Recurring expenses to Net Assets (%) 2.00 2.05

Historical Cost Per Unit Statistic Reliance Pharma Fund

Date of allotment 6-June-04
June 2004 to April 01, 2005 to
Mar 31, 2005 Jan 13,2006
NAV At The Beginning of the period
Growth Option 10.0048 12.1514
Bonus Option 10.0048 12.1513
Dividend Plan 10.0048 12.1515
Net Income Per Unit 0.45 1.78
Dividend:
Dividend Plan NIL 1.00
Transfer to Reserve (if any) NIL NIL
NAV at the End of period
Growth Option 12.1514 18.5626
Bonus Option 12.1513 18.5626
Dividend Plan 12.1515 17.4651
Returns in (%) 21.46% 50.43%
Benchmark Returns in (%) 13.68% 25.22%
BSE Health Care Index
Net Assets at the end of the period (Rs in Crs.) 145.48 175.06
Ratio of Recurring expenses to Net Assets (%) 2.13 2.17

60
Historical Cost Per Unit Statistic Reliance Media & Entertainment Fund
Date of allotment 7-Oct-04
Oct 2004 to April 01, 2005 to
Mar 31, 2005 Jan 13,2006
NAV At The Beginning of the period
Growth Option 10.008 10.3457
Bonus Option 10.008 10.2461
Dividend Plan 10.008 10.3469
Net Income Per Unit 0.4 1.70
Dividend:
Dividend Plan NIL 1.00
Transfer to Reserve (if any) NIL NIL
NAV at the End of period
Growth Option 10.3457 15.8238
Bonus Option 10.2461 15.8238
Dividend Plan 10.3469 14.8230
Returns in (%) 3.37% 49.73%
Benchmark Returns in (%) -276.00% 28.62%
S&P CNX Media & Entertainment Index
Net Assets at the end of the period (Rs in Crs.) 20.44 45.05
Ratio of Recurring expenses to Net Assets (%) 2.26 2.23

Historical Cost Per Unit Statistic Reliance NRI Equity Fund

Date of allotment 16-Nov-04
Nov 2004 to April 01, 2005 to
Mar 31, 2005 Jan 13,2006
NAV At The Beginning of the period
Growth Option 10.0295 11.3381
Bonus Option 10.0295 11.3381
Dividend Plan 10.0295 11.3381
Net Income Per Unit 1.15 5.380
Dividend:
Dividend Plan NIL NIL
Transfer to Reserve (if any) NIL NIL
NAV at the End of period
Growth Option 11.3381 16.7389
Bonus Option 11.3381 16.7389
Dividend Plan 11.3381 16.7389
Returns in (%) 11.34% 44.92%
Benchmark Returns in (%) 10.62% 35.82%
BSE 200 Index
Net Assets at the end of the period (Rs in Crs.) 88.88 103.53
Ratio of Recurring expenses to Net Assets (%) 2.50 2.47

61
Historical Cost Per Unit Statistic Reliance NRI Income Fund
Date of allotment 16-Nov-04
Nov 2004 to April 01, 2005 to
Mar 31, 2005 Jan 13,2006
NAV At The Beginning of the period
Growth Option 10.0234 10.1701
Bonus Option 10.0234 N.A
Dividend Plan 10.0234 10.1942
Net Income Per Unit 1.00 0.470
Dividend:
Dividend Plan NIL NIL
Transfer to Reserve (if any) NIL NIL
NAV at the End of period
Growth Option 10.1701 10.5021
Bonus Option N.A N.A
Dividend Plan 10.1942 10.5021
Returns in (%) 1.46% 3.25%
Benchmark Returns in (%) 3.22% 3.66%
Crisil Composite Bond Fund Index
Net Assets at the end of the period (Rs in Crs.) 2.29 1.45
Ratio of Recurring expenses to Net Assets (%) 1.53 1.5

Historical Cost Per Unit Statistic Reliance Index Fund – Sensex Plan
Date of allotment 8-Feb-05
Feb 2005 to April 01, 2005 to
Mar 31, 2005 Jan 13,2006
NAV At The Beginning of the period
Growth Option 9.9807 9.8194
Bonus Option 9.9807 9.8194
Dividend Plan 9.9807 9.8194
Net Income Per Unit 0.3 0.730
Dividend:
Dividend Plan NIL NIL
Transfer to Reserve (if any) NIL NIL
NAV at the End of period
Growth Option 9.8194 14.3974
Bonus Option 9.8194 14.3974
Dividend Plan 9.8194 14.3974
Returns in (%) -1.81% 43.72%
Benchmark Returns in (%) -0.79% 41.92%
BSE Sensex
Net Assets at the end of the period (Rs in Crs.) 0.85 0.89
Ratio of Recurring expenses to Net Assets (%) 1.5 1.47

62
Historical Cost Per Unit Statistic Reliance Index Fund – Nifty Plan
Date of allotment 8-Feb-05
Feb 2005 to April 01, 2005 to
Mar 31, 2005 Jan 13,2006
NAV At The Beginning of the period
Growth Option 9.9827 9.8834
Bonus Option 9.9827 9.8834
Dividend Plan 9.9827 9.8834
Net Income Per Unit 0.29 1.450
Dividend:
Dividend Plan NIL NIL
Transfer to Reserve (if any) NIL NIL
NAV at the End of period
Growth Option 9.8834 12.8414
Bonus Option 9.8834 12.8414
Dividend Plan 9.8834 12.8414
Returns in (%) -1.17% 28.23%
Benchmark Returns in (%) -0.95% 37.86%
S&P CNX Nifty
Net Assets at the end of the period (Rs in Crs.) 2.15 1.27
Ratio of Recurring expenses to Net Assets (%) 1.5 1.37

Historical Cost Per Unit Statistic Reliance Equity Opportunities Fund

Date of allotment 31-Mar-05
Mar-05 April 01, 2005 to
Jan 13,2006
NAV At The Beginning of the period
Growth Option 9.9382 9.9382
Bonus Option 9.9382 9.9382
Dividend Plan 9.9382 9.9382
Net Income Per Unit 0.02 1.67
Dividend:
Dividend Plan NIL NIL
Transfer to Reserve (if any) NIL NIL
NAV at the End of period
Growth Option 9.9382 14.7966
Bonus Option 9.9382 14.7966
Dividend Plan 9.9382 14.7966
Returns in (%) N.A. 47.97%
Benchmark Returns in (%) N.A. 40.72%
BSE 100 Index
Net Assets at the end of the period (Rs in Crs.) 1761.59 1,922.45
Ratio of Recurring expenses to Net Assets(%) 1.92 1.90

63
Historical Cost Per Unit Statistic Reliance Fixed Tenor Fund-Plan A
Date of allotment 23-Dec-05
Dec 23, 2005 to Jan 13, 2006
NAV at the beginning of the period (Rs.)
Growth Plan 10.0142
Bonus Plan N.A
Annual Dividend Plan N.A
Half-yearly Dividend Plan N.A
Quarterly Dividend Plan N.A
Monthly Dividend Plan N.A
Dividend Plan 10.0142
Dividend (Re-investment) Plan N.A
Weekly Dividend (Re-investment) Option N.A
Transfer to Reserve (If Any)
Net Income Per Unit 0.05
Total Dividends paid per unit during the period * (Rs.)
Annual Dividend Plan N.A
Half-yearly Dividend Plan N.A
Quarterly Dividend Plan N.A
Monthly Dividend Plan N.A
Dividend Plan N.A
Dividend (Re-investment) Plan N.A
Weekly Dividend (Re-investment) Option N.A
NAV at the end of the period
Growth Plan 10.0494
Bonus Plan N.A
Annual Dividend Plan N.A
Half-yearly Dividend Plan N.A
Quarterly Dividend Plan N.A
Monthly Dividend Plan N.A
Dividend Plan 10.0494
Dividend (Re-investment) Plan N.A
Weekly Dividend (Re-investment) Option N.A
Returns in (%) 0.35%
Benchmark Returns in (%) 0.47%
Crisil Short Term Bond Fund Index
Net Assets at end of the period (Rs. Cr.) 508.34
Ratio of Recurring
Expenses to Net Assets (%) 0.15

Historical Cost Per Unit Statistic Reliance Tax Saver (ELSS) Fund
Date of allotment 22-Sep-05
Sep 22, 2005 to Jan 13, 2006
NAV At The Beginning of the period
Growth Option 9.95
Bonus Option NA
Dividend Plan 9.95
Net Income Per Unit 0.39
Dividend:
Dividend Plan NIL
Transfer to Reserve (if any) NIL
NAV at the End of period
Growth Option 11.27
Bonus Option NA
Dividend Plan 11.27
Returns in (%) 12.71%
Benchmark Returns in (%) 14.60%
BSE 100 Index
Net Assets at the end of the period (Rs in Crs.) 884.93
Ratio of Recurring expenses to Net Assets (%) 2.10

64
Note: wherever the scheme has not completed one year, absolute returns are given.
All performance calculations are based only on NAV and the payouts to the unitholders. The annualised return is of Growth Plan/ Option. $ For calculation
of compounded annualised returns, the procedure specified in Standard Offer Document is followed.
The Benchmark indices for evaluating the performance of Debt-oriented Schemes were made available w.e.f. June 19, 2002.
Return available for Period less than 1 year for the first accounting year (Irrespective of period of existence of the scheme) are given in absolute terms.

XI. OTHER MATTERS

A. POWER TO MAKE RULES: Subject to the prior approval of SEBI / other applicable regulatory authorities, wherever necessary, RCAM may, from
time to time, in consultation with the Trustees, prescribe such terms and make such rules for giving effect to the provisions of the scheme. Further, RCAM
may in consultation with the Trustees, add to, alter and / or amend from time to time, all or any of the terms and conditions of the scheme, and the same
will be in line with the then prevalent regulations of SEBI / other applicable regulatory authorities.
B. POWER TO REMOVE DIFFICULTIES: If any difficulties arise in giving effect to the provisions of this Scheme, RCAM may, in consultation with
the Trustees, do anything not inconsistent with such provisions, which appear to them to be necessary, desirable or expedient, for the purpose of removing
such difficulty.
C. SCHEME TO BE BINDING ON UNIT HOLDERS: RCAM may, from time to time, in consultation with the Trustees, add to or otherwise vary or
alter all or any of the features, investment options and terms of this Scheme after obtaining the prior approval of SEBI / Othe r applicable regulatory
authorities and / or the unit holders where necessary, in accordance with the then prevalent Regulations and the same shall be binding on each unitholder.
D. BOOKS AND RECORDS: The books and records of the Mutual Fund will be maintained at the office of the Mutual Fund. The fiscal year of the Mutual
Fund ends on 31st March in each year.
E. TRANSACTIONS WITH ASSOCIATE COMPANIES : The AMC may, from time to time, for the purpose of conducting its normal business use the
services of its Associates. AMC does not have any separate policy for investment in securities of the group companies. If at any time such investments are
made, it will be done on pure commercial consideration for the benefit of the fund.
As per current regulations no investment will be made in any unlisted security of an associate or group company of the sponsor and in any security issued
by way of private placement by an associate or group company of the sponsor. Further, no investment will be made in listed securities of the group company
of the sponsor, which is in excess of 25% of the net assets of the Scheme of the fund. Investment in group companies will be done only in the interest of
the fund and as per the Regulations.
The AMC may from time to time, for the purpose of conducting its normal business, use the services of the Sponsor and the subsidiaries.
The AMC from time to time, for the purpose of conducting its normal business may use the services of the Associates of the Sponsor / AMC, in existence
or to be established at a later date, in case such an associate is in a position to provide the requisite services to the AMC. The AMC will conduct its business
with the aforesaid companies on commercial terms and on an arms length basis and at the then prevailing market prices to the extent permitted under the
applicable laws including the Regulations, after an evaluation of the competitiveness of the pricing offered by the associate companies and services to be
provided by them.
Should the Fund enter into any transaction with / through associates / group companies of Sponsor/ AMC, it shall do so as may be permitted by the
Regulations and will disclose details of such investments or transactions in the manner required by the Regulations.
1. Underwriting obligations with respect to issues of Group/Associate Companies.
The Reliance Mutual Fund under its entire Scheme has till date not entered into any underwriting contracts in respect of any public issue made by any of
the group/associate companies of the Sponsor.
2. Subscription to issues lead managed by Group/ Associate Companies.
No scheme of Reliance Mutual Fund has till date invested in any public issue lead managed by any Group/Associate company of the Sponsor.
3. Brokerage, Commission Paid.
The Mutual Fund has paid the following brokerage to the associate Companies of the AMC.
Year Business Given Brokerage paid % of Brokerage
(Rs. in lacs) (Rs. in lacs) Commission
2000 – 2001 1,694.86 2.08 0.12
2001 – 2002 5.32 0.005 0.01
2002 – 2003 27,842.63 1.01 0.0036
2003 – 2004 37,249.65 1.50 0.0040
2004 – 2005 NIL NIL NIL
April 1, 2005 - January 13, 2006 NIL NIL NIL
4. Distribution of Units : Mutual Fund has till date not availed any services of associate companies of the Sponsor/AMC for distribution of Units.
5. Investments in Group Companies : The total investment in securities of Group companies under all the Schemes is disclosed below. Most of the
equity shares, debentures, etc. were purchased from the open secondary market at relevant market prices over a period of time, based on the approved
investment strategy

65
 (At cost) (Rs.in lakhs)
Name of Scheme 2002-03 2003-04 2004-05 April 1, 05 to
Jan 13, 06
Reliance Growth Fund (RGF) 83.85 1889.35 1301.20 5563.05
Reliance Vision Fund (RVF) 216.49 12082.71 5545.49 1528.09
Reliance Income Fund (RIF) NIL NIL 2153.29 511.20
Reliance Liquid Fund (RLF) NIL NIL 1047.23 6338.99
Reliance Medium Term Fund (RMTF) NIL NIL NIL 1008.72
Reliance Short Term Fund (RSTF) NIL NIL 6295.93 4106.05
Reliance Fixed Term Scheme (RFTS) NIL NIL NIL Nil
Reliance Banking Fund (RBF) NIL NIL NIL Nil
Reliance Gilt Securities Fund (RGSF) NIL NIL NIL Nil
Reliance Monthly Income Plan (RMIP) NIL NIL 7251.31 1214.75
Reliance Diversified Power Sector Fund (RDPSF) N.A. N.A. 3488.32 560.63
Reliance Pharma Fund (RPF) N.A. N.A. NIL NIL
Reliance Floating Rate Fund (RFRF) N.A. N.A. 4057.47 1018.50
Reliance Media & Entertainment Fund (RMEF) N.A. N.A. NIL Nil
Reliance NRI Income Fund (RNIF) N.A. N.A. NIL Nil
Reliance NRI Equity Fund (RNEF) N.A. N.A. 873.82 733.98
Reliance Index Fund (RInF) N.A. N.A. 141.47 12.60
Reliance Equity Opportunities Fund (REOF) N.A. N.A. 11,648.96 3507.29
Reliance Liquidity Fund (RLQF) N.A. N.A. N.A. 1466.05
Reliance Fixed Maturity Fund-Series I Nil Nil Nil Nil
Reliance Fixed Maturity Fund-Series II Nil Nil Nil Nil
Reliance Regular Saving Fund Nil Nil Nil Nil
Reliance Tax Saver (ELSS) Fund (RTSF) N.A. N.A. N.A. 6073.41
Reliance Fixed Tenor Fund (RFTF) N.A. N.A. N.A. 1466.73
As on January 13, 2006, the aggregate market value of the holding in group companies of the Sponsor/ AMC by RIF, RFMF, RMTF, RFTS, RBF, RLF, RPF,
RMEF, RRSF, RMIP, RFRF, RRSF, RNIF was Nil and that of RGF is Rs.6547.30lacs, RVF is Rs.7081.20lacs, RIF is Rs.22.67lacs, REOF is Rs.18354.25lacs,
RSTF is Rs.1061.62 lacs, RDPSF is Rs.36.38 lacs, RLQF is Rs.1466.05lacs, RTSF is Rs.1770.30lacs, which constitutes 2.89%,4.78%, 10.51%, 9.55%,
4.18%, 15.63%, 4.25%, 0.91%, 2.00% of Net Asset of respective schemes as on that day.
6. Disclosure under Regulation 25(11)
This refers to the investment in Companies that hold more than 5% of NAV of any scheme managed by the AMC as defined under Regulation 25(11) of
SEBI Regulations. Holdings in such companies as on January 13, 2006 is given below:
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
RELIANCE INCOME FUND
ALLAHBAD BANK Certificate Of Deposit 1750 1723.08 - Nil
HDFC BANK Certificate Of Deposit 1800 1729.92 1800 1735.14
INDUSIND BANK Certificate Of Deposit 1500 1482.74 - Nil
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 10200 9882.15 6950 6776.31
UCO BANK Certificate Of Deposit 800 771.09 100 96.74
UTI BANK Certificate Of Deposit 200 195.87 - Nil
YES BANK Certificate Of Deposit 2000 1987.70 1500 1494.74
GRASIM INDUSTRIES LTD Debt 100 99.12 - Nil
HDFC BANK Debt 10 1121.91 - Nil
HDFC LTD. Debt 3000 6794.51 - Nil
ICICI BANK Debt 1600 1695.32 - Nil
IDBI Debt 11795 17982.63 1000 1076.49
PUNJAB NATIONAL BANK Debt 150 1504.30 - Nil
RELIANCE INDUSTRIES LTD. Debt 500 588.95 - Nil
RELIANCE MEDIUM TERM FUND
ALLAHBAD BANK Certificate Of Deposit 500 472.85 - Nil
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 50 48.35 - Nil

66
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
HDFC BANK Debt 18 2020.34 - Nil
HDFC LTD. Debt 150 1546.25 - Nil
ICICI BANK Debt 1650 134.84 80 82.11
IDBI Debt 1500 1472.90 - Nil
RELIANCE SHORT TERM FUND
ALLAHBAD BANK Certificate Of Deposit 4000 3778.87 - Nil
HDFC BANK Certificate Of Deposit 50 47.96 50 47.97
INDUSIND BANK Certificate Of Deposit 3000 2954.17 100 99.26
THE JAMMU & KASHMIR BANK LTD Certificate Of Deposit 6050 5755.50 550 530.15
UCO BANK Certificate Of Deposit 9700 9185.27 1300 1257.56
UTI BANK Certificate Of Deposit 2900 2752.56 - Nil
BHARATI TELE VENTURES LTD. Debt 25 2359.96 - Nil
GRASIM INDUSTRIES LTD Debt 2000 1982.39 - Nil
HDFC BANK Debt 10 1149.00 - Nil
HDFC LTD Debt 5790 15693.44 - Nil
HINDALCO INDUSTRIES LIMITED Debt 500 509.97 500 510.64
ICICI BANK Debt 4350 4696.70 100 100.61
IDBI Debt 39160 34879.60 500 538.25
RELIANCE INDUSTRIES LTD. Debt 3550 3617.60 1050 1061.62
BANK OF INDIA Fixed Deposit 0 1500.00 - Nil
ICICI BANK Fixed Deposit 0 100.00 - Nil
IDBI Fixed Deposit 0 6000.00 - Nil
THE JAMMU & KASHMIR BANK LTD Fixed Deposit 0 5000.00 - Nil
RELIANCE BANKING FUND
ICICI BANK Certificate Of Deposit 500 481.00 - Nil
ALLAHBAD BANK Equity 1200000 1009.99 600000 523.20
BANK OF BARODA Equity 400000 827.45 200000 485.50
BANK OF INDIA Equity 301025 371.39 300000 400.05
HDFC BANK Equity 120000 377.58 - Nil
ICICI BANK Equity 609500 2554.03 275000 1606.00
IDBI Equity 800000 886.97 800000 827.60
IL & FS Equity 200000 368.51 125000 278.19
JM FINANCIALS LTD Equity 163360 696.87 125000 517.44
PUNJAB NATIONAL BANK Equity 700000 2409.83 330000 1537.97
UNION BANK OF INDIA Equity 450000 439.22 300000 386.10
UTI BANK Equity 100000 250.75 - Nil
VIJAYA BANK Equity 1900000 907.90 - Nil
ICICI BANK Fixed Deposit 0 400.00 - Nil
RELIANCE PHARMA FUND
HDFC LTD Debt 500 2476.40 - Nil
RELIANCE DIVERSIFIED POWER SECTOR FUND
IDBI Debt 1500 1535.28 - Nil
CUMMINS INDIA LIMITED Equity 372879 563.47 372879 623.45
RELIANCE ENERGY LTD Equity 503451 3177.90 400000 2382.00
HDFC LTD Fixed Deposit 0 500.00 - 500.00
RELIANCE FTS - MP 16
ELECTROSTEEL CASTNGS LIMITED Debt 50 4998.16 - Nil
ICICI BANK Debt 5000 4923.80 - Nil

67
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
IDBI Debt 500 506.95 - Nil
STERLITE INDUSTRIES INDIA LTD Debt 20 1002.09 - Nil
INDUSIND BANK Fixed Deposit 0 3500.00 - Nil
VIJAYA BANK Fixed Deposit 0 2100.00 - Nil
RELIANCE FTS - MP 17
ICICI BANK Debt 7500 7394.88 - Nil
IDBI Debt 1000 1008.49 - Nil
INDUSIND BANK Fixed Deposit 0 3500.00 - Nil
RELIANCE FTS - AP 3
IDBI Debt 23500 1079.07 - Nil
RELIANCE FTS - AP 4
ICICI BANK Debt 2510 2794.66 - Nil
RELIANCE MIP
ALLAHABAD BANK Certificate Of Deposit 2350 2268.04 - Nil
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 4350 4196.15 1500 1445.87
INDUSIND BANK Certificate Of Deposit 400 395.40 - Nil
STATE BANK OF INDORE Certificate Of Deposit 5000 4714.81 - Nil
UCO BANK Certificate Of Deposit 1400 1272.13 - Nil
BANK OF BARODA Debt 1000 1023.58 - Nil
HDFC LTD Debt 5300 19006.96 - Nil
ICICI BANK Debt 7500 9473.12 - Nil
IDBI Debt 10665 14848.95 - Nil
JET AIRWAYS Debt 1948 2074.11 2095 1895.42
RELIANCE INDUSTIES LTD Debt 1000 1026.77 - Nil
UTI BANK Debt 2500 2500.00 2500 2500.00
HERO HONDA Equity 165000 731.79 - Nil
ICICI BANK Equity 401604 1790.28 - Nil
INDIAN PETROCHEMICAL CORPORATION LTD Equity 499300 612.58 - Nil
INFOSYS TECHNOLOGIES LTD Equity 11800 627.70 - Nil
MARUTI UDYOG LTD Equity 538300 2546.69 100000 656.65
RELIANCE ENERGY LTD Equity 141756 889.90 - Nil
RELIANCE INDUSTIES LTD Equity 25111 194.28 - Nil
WIPRO Equity 30000 524.81 - Nil
ICICI BANK Fixed Deposit 0 7300.00 - 500.00
RELIANCE FTS - QP 7
ICICI BANK Debt 6500 6728.80 - Nil
INDUS IND BANK Debt 5000 5440.45 - Nil
INDUS IND BANK Fixed Deposit 0 2500.00 - Nil
VIJAYA BANK Fixed Deposit 0 100.00 - Nil
RELIANCE FLOATING RATE FUND -
ALLAHBAD BANK Certificate Of Deposit 2550 2514.97 - Nil
ICICI BANK Certificate Of Deposit 3500 3592.59 - Nil
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 9750 9275.38 - Nil
UCO BANK Certificate Of Deposit 600 578.86 500 483.68
YES BANK Certificate Of Deposit 500 497.34 - Nil
HDFC LTD Debt 21400 32752.66 1500 1501.61
ICICI BANK Debt 500 500.73 - Nil
IDBI Debt 21780 26480.23 6000 5998.64

68
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
JM FINANCIALS LTD Debt 500 500.00 - Nil
RAYMONDS LTD Debt 2650 2650.00 150 150.00
RELIANCE INDUSTRIES LTD Debt 4800 3056.98 - Nil
STERLITE INDUSTRIES INDIA LTD Debt 640 3620.49 - Nil
UTI BANK Debt 6500 6503.29 - Nil
ALLAHBAD BANK Fixed Deposit 0 10853.48 - Nil
IDBI Fixed Deposit 0 500.00 - Nil
VIJAYA BANK Fixed Deposit 0 2500.00 - Nil
RELIANCE MEDIA & ENT. FUND
ADLABS FILMS LIMITED Equity 100000 299.20 100000 332.65
ICICI BANK Fixed Deposit 0 1700.00 - Nil
RELIANCE LONG TERM GILT FUND
ALLAHABAD BANK Certificate Of Deposit 1000 988.50 - Nil
ICICI BANK Certificate Of Deposit 2000 1994.15 - Nil
IDBI Certificate Of Deposit 800 781.46 800 781.95
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 4650 4457.77 3000 2924.94
UCO BANK Certificate Of Deposit 100 96.51 - Nil
HDFC BANK Debt 21100 21100.00 - Nil
IDBI Fixed Deposit 0 3000.00 - Nil
RELIANCE NRI EQUITY FUND
CUMMINS INDIA LIMITED Equity 500000 720.25 - Nil
ICICI BANK Equity 100000 579.69 - Nil
INFOSYS TECHNOLOGIES LTD Equity 25000 624.38 25000 711.15
MARUTI UDYOG LTD Equity 350000 1675.94 100000 656.65
PUNJAB NATIONAL BANK Equity 200000 863.40 - Nil
RAYMONDS LTD Equity 100000 337.09 - Nil
RELIANCE INDUSTRIES LTD Equity 161000 873.82 - Nil
UNION BANK OF INDIA Equity 750000 831.03 - Nil
WIPRO LTD Equity 33883 218.41 - Nil
ICICI BANK Fixed Deposit 0 400.00 - Nil
RELIANCE NRI INCOME FUND
IDBI Fixed Deposit 0 200.00 - Nil
RELIANCE LIQUID
FUND-TREASURY PLAN
ALLAHBAD BANK Certificate Of Deposit 88650 108822.27 2550 2463.33
HDFC BANK Certificate Of Deposit 8450 7990.37 7450 7159.31
ICICI BANK Certificate Of Deposit 5450074100 138008.05 - Nil
IDBI Certificate Of Deposit 16300 15574.80 6500 6343.82
INDUS IND BANK Certificate Of Deposit 9900 9573.90 2500 2462.48
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 10000 9569.28 6200 6040.69
PUNJAB NATIONAL BANK Certificate Of Deposit 5000 4720.46 2500 2398.78
STATE BANK OF INDORE Certificate Of Deposit 6000 5659.70 - Nil
UCO BANK Certificate Of Deposit 64700 66869.80 14200 13875.25
UTI BANK Certificate Of Deposit 56100 54828.21 4500 4333.42
YES BANK Certificate Of Deposit 6000 5833.05 500 478.56
CHAMBAL FERTILISERS Debt 5000 5000.00 - Nil
ELECTROSTEEL CASTNGS LIMITED Debt 2025 4499.50 - Nil
HDFC LTD Debt 70000 68688.11 4500 4442.92

69
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
HDFC BANK Debt 55750 43669.06 - Nil
ICICI BANK Debt 2905002000 33810.46 1000 992.00
IDBI Debt 3894469448 68981.64 500 499.92
IDFC Debt 1300 1283.47 - Nil
RAYMONDS LTD Debt 701604650 14150.00 400 400.00
STERLITE INDUSTRIES INDIA LTD Debt 5831 14835.22 - Nil
ICICI BANK Fixed Deposit 0 18674.72 - Nil
IDBI Fixed Deposit 0 84742.77 - Nil
INDUSIND BANK Fixed Deposit 0 22500.00 - 3500.00
JAMMU AND KASHMIR BANK LTD Fixed Deposit 0 4600.00 - Nil
PUNJAB & NATIONAL BANK Fixed Deposit 0 14300.00 - Nil
RELIANCE LIQUID FUND
CASH PLAN
ICICI BANK Debt 4000 4000.00 - Nil
IL&FS Debt 3000 3000.00 3000 3000.00
RAYMONDS LTD Debt 497821950 24750.00 3500 3500.00
STERLITE INDUSTRIES INDIA LTD Debt 10940 14900.00 - Nil
IDBI Fixed Deposit 0 1009.05 - Nil
RELIANCE LIQUID FUND
SUPER CASH PLAN
ICICI BANK Certificate Of Deposit 9600 11250.52 - Nil
ICICI BANK Debt 750005000 12501.86 - Nil
IDBI Debt 3802199984 28129.07 - Nil
RAYMONDS LTD Debt 200000000 2000.00 - Nil
ICICI BANK Fixed Deposit 0 8587.59 - Nil
IDBI Fixed Deposit 0 12527.74 - Nil
RELIANCE INDEX FUND
- SENSEX PLAN
BHARATI TELE VENTURES LTD. Equity 4512 10.82 230 0.23
DR REDDYS LABORATORIES LTD. Equity 639 4.82 91 0.94
GRASIM INDUSTRIES LTD Equity 816 10.90 115 1.67
HDFC BANK Equity 2440 14.19 386 2.83
HDFC LTD Equity 2232 18.68 347 4.09
HERO HONDA Equity 1112 6.27 167 1.40
HINDALCO INDUSTRIES LIMITED Equity 1425 10.59 1288 1.69
ICICI BANK Equity 8244 31.87 1255 7.33
INFOSYS TECHNOLOGIES LTD Equity 2268 48.18 363 10.33
MARUTI UDYOG LTD Equity 966 4.57 140 0.92
RELIANCE ENERGY LTD Equity 1044 6.03 167 0.99
RELIANCE INDUSTRIES LTD Equity 8567 48.58 1284 11.36
WIPRO LTD Equity 1803 10.98 457 2.10
RELIANCE INDEX FUND
NIFTY PLAN
BHARATI TELE VENTURES LTD. Equity 21289 46.29 1383 4.62
DR REDDYS LABORATORIES LTD. Equity 882 6.52 53 0.55
GRASIM INDUSTRIES LTD Equity 1056 14.15 69 1.00
HCL TECHNOLOGIES LTD Equity 3667 12.72 147 0.87
HDFC LTD Equity 2862 23.32 184 2.17

70
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
HDFC BANK Equity 3316 18.97 189 1.38
HERO HONDA Equity 2304 12.41 154 1.29
HINDALCO INDUSTRIES LIMITED Equity 1210 14.67 846 1.09
ICICI BANK Equity 8500 31.31 544 3.18
INDIAN PETROCHEMICAL CORPORATION LTD Equity 2865 5.26 189 0.49
INFOSYS TECHNOLOGIES LTD Equity 3110 64.00 191 5.43
JET AIRWAYS INDIA LTD Equity 13 0.15 8 0.09
MARUTI UDYOG LTD Equity 3336 15.45 219 1.44
PUNJAB NATIONAL BANK Equity 3085 12.58 140 0.65
RELIANCE ENERGY LTD Equity 2104 12.17 130 0.77
RELIANCE INDUSTRIES LTD Equity 16109 151.44 1077 9.53
SUN PHARMACEUTICALS LTD Equity 2141 10.69 145 0.98
TATA CHEMICALS Equity 2482 4.08 165 0.40
WIPRO LTD Equity 8690 56.33 1045 4.81
RELIANCE GROWTH FUND
ALLAHBAD BANK Certificate Of Deposit 1000 986.02 1000 989.56
ICICI BANK Certificate Of Deposit 150000000 1458.08 - Nil
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 1000 987.91 1000 991.49
IDBI Debt 3000000 3084.96 - Nil
JM FINANCIALS LTD Debt 3400 3400.00 - Nil
STERLITE INDUSTRIES LIMITED Debt 2000 2000.00 - Nil
GEOMETRIC SOFTWARE SOLUTIONS CO Equity 117278 1960.40 933727 1028.50
GRASIM INDUSTRIES LTD Equity 132604 1558.85 - Nil
HERO HONDA Equity 178929 199.23 - Nil
HINDUSTAN ZINC Equity 1462015 1465.55 974284 3069.48
ICICI BANK Equity 1468421 7265.52 800000 4672.00
IDBI Equity 2550000 2747.88 3525540 3647.17
INDIAN PETROCHEMICAL CORP. LTD Equity 1700000 3492.88 1400000 3645.60
INDUS IND BANK Equity 4371266 2408.52 - Nil
MARUTI UDYOG LTD Equity 804267 3499.99 - Nil
PUNJAB NATIONAL BANK Equity 975171 3577.10 - Nil
RELIANCE ENERGY LTD Equity 570850 3655.28 - Nil
RELIANCE INDUSTRIES LTD Equity 603740 3208.96 - Nil
TATA CHEMICALS Equity 1788881 2826.00 1600000 3908.80
ALLAHABAD BANK Fixed Deposit 0 5500.00 - Nil
ICICI BANK Fixed Deposit 0 11000.00 - 500.00
PUNJAB NATIONAL BANK Fixed Deposit 0 900.00 - Nil
STATE BANK OF INDORE Fixed Deposit 0 2000.00 - Nil
RELIANCE VISION FUND
ICICI BANK Certificate Of Deposit 450000000 4415.90 - Nil
UCO BANK Certificate Of Deposit 4500 4404.84 4500 4420.77
ICICI BANK Debt 500000 561.00 - Nil
GRASIM INDUSTRIES LTD Equity 246341 2746.70 - Nil
HDFC LTD Equity 100000 1173.98 100000 1180.75
HERO HONDA Equity 203600 901.90 - Nil
ICICI BANK Equity 2521800 12571.87 1100000 6424.00
INDIAN PETROCHEMICAL CORP. LTD Equity 1276200 3129.82 900,000.00 2343.60
INFOSYS TECHNOLOGIES LTD Equity 310000 8439.17 210,000.00 5973.66

71
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
JET AIRWAYS INDIA LTD Equity 386330 4810.06 223910 2525.82
MARUTI UDYOG LTD Equity 2682810 14806.03 1407810 9251.54
PATNI COMPUTERS Equity 616458 1432.24 - Nil
PUNJAB NATIONAL BANK Equity 1443546 5404.05 400000 1864.20
RELIANCE ENERGY LTD Equity 0 0.01 - Nil
RELIANCE INDUSTRIES LTD Equity 1025110 5642.46 800000 7081.20
STERLITE INDUSTRIES INDIA LTD Equity 495394 2682.79 - Nil
WIPRO LTD Equity 58000 395.38 - Nil
ALLAHABAD BANK Fixed Deposit 0 100.00 - Nil
ICICI BANK Fixed Deposit 0 5987.55 - Nil
STATE BANK OF INDORE Fixed Deposit 0 3500.00 - 2500.00
RELIANCE EQUITY OPPORTUNITY FUND
CHAMBAL FERTILISERS Debt 3500 3500.00 - Nil
ICICI BANK Debt 21500 21500.00 - Nil
RAYMONDS LTD Debt 5500 5500.00 - Nil
STERLITE INDUSTRIES INDIA LTD Debt 13000 13000.00 - Nil
DR REDDYS LABORATORIES LTD. Equity 99200 753.01 - Nil
GRASIM INDUSTRIES LTD Equity 246341 2965.95 - Nil
CUMMINS INDIA LIMITED Equity 2252020 2550.90 2187541 3657.57
HCL TECHNOLOGIES LTD Equity 1747033 6497.14 1200000 7129.20
ICICI BANK Equity 603820 2879.38 - Nil
IDBI Equity 1500000 1732.29 - Nil
INDIAN PETROCHEMICAL COR. LTD Equity 1250000 2540.55 - Nil
MARUTI UDYOG LTD Equity 1300000 5463.14 - Nil
PUNJAB NATIONAL BANK Equity 2420000 9556.61 500000 2330.25
RELIANCE ENERGY LTD Equity 493000 2619.51 - Nil
RELIANCE INDUSTRIES LTD Equity 2810000 16561.21 1800000 15932.70
STERLITE INDUSTRIES INDIA LTD Equity 550000 3767.85 460000 5981.15
SYNDICATE BANK Equity 955300 477.65 - Nil
ULTRATECH CEMENT Equity 347380 1523.61 - Nil
YES BANK LTD Equity 900000 405.00 - Nil
HDFC BANK Fixed Deposit 0 6000.00 - 2000.00
PUNJAB NATIONAL BANK Fixed Deposit 0 15000.00 - Nil
UCO BANK Fixed Deposit 0 7500.00 - Nil
RELIANCE FMP - MP 1
ALLAHABAD BANK Certificate Of Deposit 3500 3472.84 - Nil
ICICI BANK Certificate Of Deposit 5500 5443.89 - Nil
INDUSIND BANK Certificate Of Deposit 3000 2960.82 - Nil
THE JAMMU & KASHMIR BANK LTD Certificate Of Deposit 10000 9940.24 - Nil
IDBI Fixed Deposit 0 5000.00 - Nil
RELIANCE FTS - QP 9
ALLAHABAD BANK Certificate Of Deposit 4000 3962.67 - Nil
ICICI BANK Certificate Of Deposit 4000 3881.85 - Nil
INDUSIND BANK Certificate Of Deposit 2000 1945.29 - Nil
THE JAMMU & KASHMIR BANK LTD Certificate Of Deposit 3000 2939.11 - Nil
UCO BANK Certificate Of Deposit 1500 1489.42 - Nil
IDBI Fixed Deposit 0 4000.00 - Nil
THE JAMMU & KASHMIR BANK LTD Fixed Deposit 0 5000.00 - Nil

72
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
RELIANCE LIQUIDITY FUND
ALLAHBAD BANK Certificate Of Deposit 115350 49662.72 4700 4534.76
HDFC BANK Certificate Of Deposit 8200 7752.24 3200 3073.46
ICICI BANK Certificate Of Deposit 46500 46125.93 - Nil
IDBI Certificate Of Deposit 11100 10634.62 1600 1525.05
INDUS IND BANK Certificate Of Deposit 7000 6853.25 - Nil
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 3400 3288.21 1350 1316.36
PUNJAB NATIONAL BANK Certificate Of Deposit 10500 9945.27 10500 10074.87
STATE BANK OF INDORE Certificate Of Deposit 11000 10412.04 11000 10559.25
UCO BANK Certificate Of Deposit 18900 18498.70 10400 10193.04
UTI BANK Certificate Of Deposit 42400 41456.42 9000 8651.66
YES BANK LTD Certificate Of Deposit 10500 10152.58 2800 2714.22
DSP ML CAPITAL LTD Debt 8000 7954.01 - Nil
ELECTROSTEEL CASTNGS LIMITED Debt 1500 1500.00 - Nil
HDFC BANK Debt 40500 39971.25 - Nil
ICICI BANK Debt 8500 8573.17 - Nil
IDBI Debt 7500 7493.71 - Nil
IDFC Debt 10671 10467.70 - Nil
IL & FS Debt 17000 16854.81 - Nil
JM FINANCIALS LTD Debt 1000 1000.00 - Nil
RAYMONDS LTD Debt 12300 12300.00 - Nil
RELIANCE INDUSTIES LTD Debt 2450 2474.44 1450 1466.05
STERLITE INDUSTRIES INDIA LTD Debt 6500 6500.00 - Nil
UTI BANK Debt 2500 2500.00 - Nil
BANK OF INDIA Fixed Deposit 0 10000.00 - Nil
IDBI Fixed Deposit 0 13600.00 - Nil
INDUS IND BANK Fixed Deposit 0 8100.00 - 1500.00
JAMMU AND KASHMIR BANK LTD Fixed Deposit 0 10000.00 - 10000.00
UNION BANK OF INDIA Fixed Deposit 0 5000.00 - Nil
UTI BANK Fixed Deposit 0 10000.00 - Nil
YES BANK LTD Fixed Deposit 0 800.00 - Nil
RELIANCE FTS - AP1 ( SERIES I)
IDBI Certificate Of Deposit 600 564.94 500 476.58
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 600 580.18 - Nil
UTI BANK Certificate Of Deposit 500 473.33 - Nil
IDBI Debt 2500 2744.73 2500 2598.31
RAYMONDS LTD Debt 1400 1400.00 - Nil
IDBI Fixed Deposit 0 600.00 - Nil
RELIANCE FTS - AP1 ( SERIES II)
HDFC BANK Certificate Of Deposit 2500 2367.54 2500 2398.68
IDBI Certificate Of Deposit 100 94.16 100 95.32
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 350 338.51 350 341.43
ICICI BANK Debt 50 51.20 - Nil
IDBI Fixed Deposit 0 100.00 - Nil
RELIANCE FTS - AP2 ( SERIES II)
UCO BANK Certificate Of Deposit 500 473.60 - Nil
ICICI BANK Debt 50 51.20 50 50.30
IDBI Fixed Deposit 0 500.00 - Nil

73
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
INDUS IND BANK Fixed Deposit 0 1000.00 - Nil
RELIANCE FTS - AP3 ( SERIES II)
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 450 435.22 - Nil
IDBI Debt 800 756.61 - Nil
IDBI Fixed Deposit 0 300.00 - Nil
RELIANCE FMF - MP3 ( SERIES II)
ALLAHBAD BANK Certificate Of Deposit 17500 17339.95 - Nil
ICICI BANK Certificate Of Deposit 13500 13417.91 - Nil
INDUSIND BANK Certificate Of Deposit 3000 2988.80 - Nil
HDFC BANK Debt 9000 8953.57 - Nil
IDBI Debt 5000 4951.05 - Nil
INDUSIND BANK Fixed Deposit 0 5000.00 - Nil
RELIANCE FMF SR II QP 1
ICICI BANK Certificate Of Deposit 6700 6571.99 - Nil
INDUS IND BANK Certificate Of Deposit 4700 4622.98 - Nil
UCO BANK Certificate Of Deposit 4000 3904.42 - Nil
UTI BANK Certificate Of Deposit 7800 7675.72 - Nil
IDBI Debt 6500 6524.88 - Nil
IDBI Fixed Deposit 0 6500.00 - Nil
INDUS IND BANK Fixed Deposit 0 10000.00 - Nil
RELIANCE FMF SR II QP 2
ICICI BANK Certificate Of Deposit 900 911.91 - Nil
IDBI Certificate Of Deposit 6500 6314.11 6500 6386.17
INDUS IND BANK Certificate Of Deposit 3300 3234.01 1100 1092.29
UCO BANK Certificate Of Deposit 5500 5363.84 1500 1462.45
UTI BANK Certificate Of Deposit 2500 2429.76 2500 2462.09
YES BANK Certificate Of Deposit 5500 5385.21 5000 4915.22
HDFC LTD Debt 10000 9927.29 5000 4976.29
ICICI BANK Debt 1900 1911.91 900 905.48
JM FINANCIALS LTD Debt 1600 1600.00 - Nil
RAYMONDS LTD Debt 1500 1500.00 - Nil
ICICI BANK Fixed Deposit 0 2600.00 - Nil
YES BANK Fixed Deposit 0 3100.00 - 3100.00
RELIANCE FMF SR II MP IV
ALLAHABAD BANK Certificate Of Deposit 13000 12899.58 - Nil
ICICI BANK Certificate Of Deposit 4500 4464.32 - Nil
ELECTROSTEEL CASTNGS LIMITED Debt 2500 2500.00 - Nil
HDFC BANK Debt 5000 4959.62 - Nil
IDBI Debt 6500 6468.17 - Nil
RELIANCE FMF SR II MP V
ALLAHABAD BANK Certificate Of Deposit 3500 3485.90 - Nil
ICICI BANK Certificate Of Deposit 2500 2473.81 - Nil
INDUS IND BANK Certificate Of Deposit 1600 1592.20 - Nil
ELECTROSTEEL CASTNGS LIMITED Debt 2500 2500.00 - Nil
HDFC BANK Debt 5000 4979.80 - Nil
IDBI Debt 5000 4999.17 - Nil
INDUS IND BANK Fixed Deposit 0 2800.00 - Nil
RELIANCE FMF SR II MP VI
ALLAHABAD BANK Certificate Of Deposit 0 5000.00 - Nil

74
Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
ICICI BANK Certificate Of Deposit 5000 4982.71 - Nil
INDUS IND BANK Certificate Of Deposit 1600 1594.47 - Nil
UTI BANK Certificate Of Deposit 3000 2962.16 - Nil
ELECTROSTEEL CASTNGS LIMITED Debt 2500 2500.00 - Nil
HDFC BANK Debt 3500 3485.55 - Nil
RAYMONDS LTD Debt 500 500.00 - Nil
STERLITE INDUSTRIES INDIA LTD Debt 2500 2500.00 - Nil
IDBI Fixed Deposit 0 2500.00 - Nil
RELIANCE FMF SR II MP VII
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 1100 1087.18 - Nil
UTI BANK Certificate Of Deposit 6300 6232.37 - Nil
HDFC BANK Debt 3500 3460.31 - Nil
ICICI BANK Debt 200 200.89 - Nil
RAYMONDS LTD Debt 500 500.00 - Nil
STERLITE INDUSTRIES INDIA LTD Debt 2000 2000.00 - Nil
IDBI Fixed Deposit 0 6500.00 - Nil
RELIANCE FMF SR II MP VIII
ALLAHABAD BANK Certificate Of Deposit 7250 7159.36 - Nil
ICICI BANK Certificate Of Deposit 5500 5424.85 - Nil
INDUS IND BANK Certificate Of Deposit 4300 4250.36 - Nil
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 2600 2568.73 - Nil
UCO BANK Certificate Of Deposit 1000 987.23 - Nil
YES BANK Certificate Of Deposit 2500 2480.72 - Nil
HDFC LTD Debt 6000 5971.51 - Nil
ICICI BANK Debt 9000 9000.00 - Nil
IDFC Debt 2500 2462.78 - Nil
IL & FS Debt 9500 9500.00 - Nil
JM FINANCIALS LTD Debt 8500 8500.00 - Nil
RAYMONDS LTD Debt 1400 1400.00 - Nil
STERLITE INDUSTRIES INDIA LTD Debt 1000 1000.00 - Nil
IDBI Fixed Deposit 0 2500.00 - Nil
RELIANCE FMF SR II MP IX
ALLAHABAD BANK Certificate Of Deposit 14250 14192.05 6250 6203.42
ICICI BANK Certificate Of Deposit 25000 24240.66 500 496.32
INDUSIND BANK Certificate Of Deposit 4300 4260.57 4300 4268.78
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 3100 3076.41 1600 1586.67
UCO BANK Certificate Of Deposit 1000 988.28 1000 990.08
UTI BANK Certificate Of Deposit 9000 8621.58 - Nil
YES BANK Certificate Of Deposit 2000 1990.82 500 499.70
ELECTROSTEEL CASTNGS LIMITED Debt 2500 2499.50 - Nil
HDFC LTD Debt 37000 36558.03 - Nil
ICICI BANK Debt 3500 3441.52 - Nil
IDBI Debt 17000 16880.97 - Nil
IDFC Debt 18796 18146.06 - Nil
INDO GULF FERTILISERS Debt 1500 1565.51 - Nil
RAYMONDS LTD Debt 150 150.00 150 150.00
RELIANCE INDUSTRIES LTD Debt 2000 2038.53 - Nil
STERLITE INDUSTRIES INDIA LTD Debt 4600 4600.00 - Nil

75
 Name of the Company Type of security Investment during the Holding as on
period ended 13 Jan, 2006 13 Jan, 2006
Amount Amount
Quantity Cost Quantity Market Value
(Rs..in.Lacs) (Rs In Lacs)
TATA CHEMICALS Debt 500 505.09 - Nil
INDUSIND BANK Fixed Deposit 0 7500.00 - Nil
JAMMU AND KASHMIR BANK LTD Fixed Deposit 0 5000.00 - Nil
UCO BANK Fixed Deposit 0 20000.00 - Nil
VIJAYA BANK Fixed Deposit 0 2100.00 - Nil
YES BANK Fixed Deposit 0 100.00 - 100.00
RELIANCE FIXED TENOR PLAN A
ALLAHABAD BANK Certificate Of Deposit 1000 974.83 - Nil
HDFC BANK Certificate Of Deposit 2500 2399.99 - Nil
IDBI Certificate Of Deposit 2500 2432.60 - Nil
JAMMU AND KASHMIR BANK LTD Certificate Of Deposit 1000 971.44 - Nil
UCO BANK Certificate Of Deposit 4500 4412.97 - Nil
HDFC LTD Debt 2500 2485.82 - Nil
RELIANCE INDUSTRIES LTD Debt 1450 1466.73 - Nil
UTI BANK Debt 2500 2500.00 - Nil
RELIANCE TAX SAVER FUND
ALLAHBAD BANK Certificate Of Deposit 2500 2465.05 2500 2473.89
ICICI BANK Certificate Of Deposit 6500 6453.65 - Nil
YES BANK LTD Certificate Of Deposit 1000 987.47 1000 990.94
HDFC LTD Debt 4000 3980.09 - Nil
RAYMONDS LTD Debt 4500 4500.00 - Nil
STERLITE INDUSTRIES INDIA LTD Debt 5300 5300.00 - Nil
CUMMINS INDIA LIMITED Equity 1200729 1776.50 1000000 1672.00
ICICI BANK Equity 503397 2696.86 200000 1168.00
INFOSYS TECHNOLOGIES LTD Equity 102227 2508.71 100000 2844.60
INDIAN PETROCHEMICAL CORPORATION LTD Equity 1000000 2250.91 1000000 2604.00
RELIANCE INDUSTRIES LTD Equity 800111 6073.41 200000 1770.30
PUNJAB NATIONAL BANK Equity 700000 3021.27 - Nil
YES BANK LTD Equity 2743859 1786.74 1000000 990.94
HDFC BANK Fixed Deposit 0 500.00 - 500.00
ICICI BANK Fixed Deposit 0 2500.00 - Nil

7. Investments by associates in the Schemes

The value of unit holding by associates and group companies in the schemes of Reliance Mutual Fund as on January 13, 2006 is as follows.
Name of the Scheme Total Investment (Rs. in Lakhs)
Reliance Income Fund 162.52
Reliance Liquid Fund 36,362.22
Reliance Short Term Fund 100.17
Reliance Fixed Term Scheme Nil
Reliance Medium Term Fund Nil
Reliance Growth Fund 283.47
Reliance Gilt Securities Fund Nil
Reliance Monthly Income Plan 1,024.94
Reliance Vision Fund 1,101.25
Reliance Banking Fund 2,451.09
Reliance Diversified Power Sector Fund Nil
Reliance Pharma Fund 2,821.00

76
 Name of the Scheme Total Investment (Rs. in Lakhs)
Reliance Floating Rate Fund Nil
Reliance Media & Entertainment Fund Nil
Reliance NRI Income Fund Nil
Reliance NRI Equity Fund Nil
Reliance Equity Opportunities Fund 221.95
Reliance Index Fund - Nifty Plan 25.68
Reliance Fixed Maturity Fund - Series I Nil
Reliance Fixed Maturity Fund -Series II 461.13
Reliance Tax Saver (ELSS) Fund 247.94
Reliance Liquidity Fund 51,968.68
Reliance Regular Savings Fund Nil
Reliance Fixed Tenor Fund Nil

F. PROCEDURE AND MANNER OF WINDING UP: Where a Scheme is to be wound up pursuant to the above Regulations, the Trustee shall give notice
of the circumstances leading to the winding up of the Scheme:-
To SEBI; and in two daily newspapers having circulation all over India and also in a vernacular newspaper circulating at the place where the Mutual Fund
is established.
The Trustee shall call a meeting of the unit holders to consider and pass necessary resolutions by simple majority of the unit holders present and voting at
the meeting for authorising the Trustee or any other person to take steps for winding up the Scheme.
i) The Trustee or the person authorised as above, shall dispose of the assets of the Scheme concerned in the best interest of the unit holders of that Scheme.
The proceeds of the Sale made in pursuance of the above, shall, in the first instance be utilised towards discharge of such liabilities as are properly due under
the Scheme and after making appropriate provision for meeting the expenses connected with such winding up, the balance shall be paid to the unit holders
in proportion to their respective interest in the assets of the Scheme as on the date when the decision for the winding up was taken.
ii) On the completion of the winding up, the Trustee shall forward to the Board and the unit holders, a report on the winding up containing particulars such
as circumstances leading to the winding up, the steps taken for disposal of assets of the Fund before winding up, expenses of the Fund for winding up, net
assets available for distribution to the unit holders and a certificate from the Auditors of the Scheme.
iii) Notwithstanding anything contained herein, the application of the provisions of the Mutual Fund Regulations in respect of disclosures of half-yearly
reports and annual reports shall continue to apply.
After the receipt of the report referred to above under ‘Procedure and Manner of Winding Up’, if SEBI is satisfied that all measures for winding up of the
Scheme have been completed, the Scheme shall cease to exist.

XII. PENALTIES & PENDING LITIGATION

Penalties, pending litigation’s or proceedings, findings of inspection or investigation for which action may have been taken or is in process of being taken
by any regulatory authority.
1.Cases of penalties awarded by SEBI under the SEBI Act or any of its regulations against the Sponsor of the Mutual Fund or any company associated with
the Sponsor in any capacity including the AMC, Trustee Company/ Board of Trustees, or any of the directors or key personnel (specifically the Fund
Managers) of the AMC and Trustee Company. Cases of penalties awarded by any financial regulatory body, including stock exchanges, for defaults in respect
of shareholders, debenture holders and depositors and penalties awarded for any economic offence and violation of any securities laws, against the Sponsors
and its associates.
Reliance Mutual Fund:
SEBI had issued a show cause notice to Reliance Mutual Fund on February 12, 2003 regarding violation of investment restrictions for exceeding the
investment limit in unrated debt securities (9.80% UTI Bank Bonds, 2007) beyond the permissible limit of 10% specified under the Regulations in one of
the Schemes namely Reliance Medium Term Fund.
(a) Reliance Mutual Fund had submitted reply on February 26, 2003 in this regard and also attended the adjudication proceedings held by SEBI on March 11,
2003 and a total fine of Rs.6 lacs was imposed by SEBI on both Reliance Capital Asset Management Limited and Reliance Mutual Fund. The said fine was
borne by the AMC.
(b) The Clearing Corporation of (I) Ltd. had levied penal charges to Reliance Mutual Fund on account of margin default on 14.03.03 of Rs. 35,996, on
17.03.03 of Rs. 26,030, on 6.11.03 of Rs. 5,000 the said charges were borne by the AMC.
For details of other penalties besides the above please refer below.
2.Pending material litigation proceedings incidental to the business of the Mutual Fund to which the Sponsor of the Mutual Fund or any company associated
with the Sponsor in any capacity including the AMC, Board of Trustees/ Trustee Company or any of the directors or key personnel is a party.
NIL
3.Pending criminal cases against the Sponsor or any company associated with the Sponsor in any capacity including the AMC, Board of Trustees/ Trustee
Company or any of the directors or key personnel.

77
Reliance Capital Limited: There are 42 cases pertaining to equity shares of Reliance Capital Limited pending in various Civil/ Criminal courts and other
forums. The total amount involved in the above mentioned cases is approximately Rs.40,20,140/-. Similarly, 2 cases are pending in the High Court of
Mumbai amounting to Rs.5,82,41,649/-, in relation to business operations of the company.
Reliance Industries Limited: There are 2369 legal cases pertaining to equity shares of Reliance Industries Limited which are under various stages of legal
proceedings. The amount involved in the above-mentioned cases is approximately Rs. 1,18,92,773/-
The following criminal proceedings are pending against Reliance Industries Limited, its Directors and Key Personnel, in their capacity as such.
1.Two charge sheets filed under the provisions of Indian Penal Code, 1860 by CBI in 1996 in the court of Additional Chief Metropolitan Magistrate alleging
that certain of Letters of Credit (LC’s) had been ante dated in May 1985 relating to proposed import of PTA under OGL, is pending against Reliance
Industries Limited and its official.
2.On a Complaint filed by the CBI in March 2002, the Learned Chief Metropolitan Magistrate, Delhi, has taken cognizance of the offences u/s 5(2)
alongwith 5(4) of the Official Secrets Act, 1923 and Section 120-B of Indian Penal Code, 1860 and has issued summons to Reliance Industries Limited and
three of its officials for allegedly entering into conspiracy and receiving certain documents alleged to be classified/secret. The Complaint is pending
disposal.
3.A Complaint filed by Excise Authorities at Ahmedabad against Reliance Industries Limited, some officers and employees of the Company in 1984 is
pending in the court at Ahmedabad for alleged wrongful availment of Credit of Excise Duty in 1983, to the extent of Rs. 1.17 Crores.
4.Deficiency in the systems and operations of the Sponsor of the Mutual Fund or any company associated with the sponsor in any capacity including the
AMC or the Trustee Company which SEBI has specifically advised to be disclosed in the offer document, or which has been notified by any other regulatory
agency to be disclosed.
Nil
5.Enquiry/ adjudication proceedings under the SEBI Act and the Regulations made thereunder, that are in progress against the Sponsor of the Mutual Fund
or any company associated with the Sponsor in any capacity including the AMC, Board of Trustees/ Trustee Company or any of the directors or key
personnel of the AMC.
Reliance Industries Limited:
1. Securities Exchange Board of India (“SEBI”) has issued a show cause notice under Rule 4(1) of the SEBI (Procedure for Holding Inquiry and Imposing
Penalties by Adjudication Officer) Rules, 1995 on February 27th, 2002 and initiated adjudicating proceedings to enquire into and adjudge the alleged
contravention of Regulation 7(1) and 7(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 by Reliance Industries Limited.
SEBI has issued an Order dated 29th May, 2002 directing Reliance Industries Limited to pay a penalty of Rs. 4,75,000, which Reliance Industries Limited
has paid. Reliance Industries Limited is contemplating filing an appeal against the Order.
2. The Department of Company Affairs has pursuant to the notices dated 18th September 2001 under section 209A of the Companies Act, 1956
commenced inspection of Books of Accounts of Reliance Industries Limited. The Department of Company Affairs has issued three show causes notices
dated 30, July 2002 to Reliance Industries Limited and its officers in default for certain technical irregularities under the Companies Act, 1956. Reliance
Industries Limited and nine of its directors namely, Shri. Mukesh Ambani, Shri. Anil Ambani, Shri. Nikhil Meswani, Shri. Hital Meswani, Shri. R.L.Ambani,
Shri. M.L.Bhakta, Shri. Y.P. Trivedi, Shri. T.Ramesh. U. Pai and Shri H.S Kohli have filed compounding applications with respect to the technical
irregularities. Regional Director has passed Orders accepting the two applications and has directed the applicants to pay compounding fee. The other two
compounding applications are expected to be heard shortly.
3. On the basis of the complaint filed by Mr. S. Gurumurthy on 20th, January 2002, SEBI has sought clarifications with regard to (i). Issue of NCD’s
aggregating to Rs.300 crs along with detachable warrants to 34 entities said to be associated with Reliance group and conversion of the said warrants to equity
shares; (ii). Issue of NCD’s aggregating to Rs.300 crs along with non-detachable warrants to Unit Trust of India and conversion of such warrants into shares
of Rs. 10 each at a premium of Rs. 391.
Reliance Consultancy Services Limited : Reliance Consultancy Services Limited (RCSL) was an associate of the Sponsor/Trustee Company and was
acting as Registrars and Transfer Agents of the Sponsor. By an order dated October 16, 1996, SEBI suspended the license issued to RCSL for having allegedly
issued duplicate shares of Reliance Industries Limited in contravention of the provisions of the Companies Act, 1956. It was or dered that the period of
suspension of registration would be operative from February 1, 1997 till July 31, 1997 subject to the condition that from October 17, 1996 till January 31,
1997 RCSL will not take up any work as a registrar to an issue and share transfer agent of any company other than seven principals who appeared before
SEBI. As on the date hereof RCSL is not an associate of the Sponsor/Trustee Company.
H. JURISDICTION: Any dispute arising out of this issue shall be subject to the exclusive jurisdiction of the Courts in India.
Statements in this Offer Document are, except where otherwise stated, based on the law, practice currently in force in India, and are subject to changes
therein.
I. OMNIBUS CLAUSE: Subject to the Regulation permitting:
Besides the AMC, the Trustee or Sponsor may also absorb expenditures in addition to the limits laid down under the Regulations.
Further, any amendment/clarification and guidelines in the form of notes or circulars issued from time to time by SEBI for the operation and management
of mutual fund shall be applicable.
AMC confirms that there are no deviations from the regulation and no subjective interpretations have been applied to the provisions of the Regulations
J. AMENDMENTS TO THE OFFER DOCUMENT: Necessary amendments shall be made to the Offer Document of the Scheme by RCAM, subject (if and
as required) to approval of SEBI / Unitholder. Further, RCAM reserves the right to issue operational procedures for implementing marketing / service plans
from time to time.
K. DOCUMENTS AVAILABLE FOR INSPECTION: Copies of the following documents will be available for inspection by the unitholders between 11.00
a.m. and 1.00 p.m. on any working day at the head office of the Mutual Fund: -
1. Memorandum and Articles of Association of RCAM and RCTC.

78
2. The Custodial Agreement between RMF and Deutsche Bank
3. Trust Deed and subsequent amendments thereto
4. Mutual Fund Registration Certificate from SEBI
5. The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
6. Registrar’s consent letter
7. Investment Management Agreement.
8. Auditor’s consent letter
9. Indian Trusts Act, 1882.
10. Offer Document of this Scheme and subsequent amendments thereto
Notwithstanding anything contained in the Offer Document, the provisions of the SEBI (Mutual Funds) Regulations, 1996 and the
guidelines thereunder, shall be applicable.

For and behalf of the Board of Directors of

RELIANCE CAPITAL ASSET MANAGEMENT LIMITED
[Asset Management Company for Reliance Mutual Fund]

sd/-
Place : Mumbai Amitabh Chaturvedi
Date : January 25, 2006 Chief Executive Officer

79
 Reliance Capital Asset Management Limited
A Reliance Capital Company

APP No.:

COMMON APPLICATION FORM FOR EQUITY / SECTOR / ELSS SCHEMES

TO BE FILLED IN CAPITAL LETTERS. PLEASE ( ) WHICHEVER IS APPLICABLE
Please read the instructions carefully, before filling up the application. All Columns marked * are mandatory. Leave one box blank between two words.
1. DISTRIBUTOR / BROKER INFORMATION FOR OFFICE USE ONLY
Name & Broker Code / ARN Sub Broker / Sub Agent Code Date and Time of Receipt Bank / Register Serial No.

2. EXISTING UNIT HOLDER INFORMATION For existing investors please fill in your Folio number, name & proceed to Investment & Payment Details.
Name of Sole/
FOLIO NO. 1st applicant
3. APPLICANT INFORMATION (Refer Intruction No.II)
Name of First / Sole applicant [Please tick ( )] Mr. Ms. M/s. Resident NRI Date of Birth*
D D M M Y Y Y Y
PAN (As per SEBI Regulation it is mandatory to provide PAN No for Investments above Rs. 50,000/- Enclosed PAN Proof Form 60 Form 61

Name of Guardian (In case of First / Sole Applicant is a Minor)/Contact Person - Designation (In case of non-individual Investors) Relation with Minor / Designation
Mr. Ms. M/s.
PAN (As per SEBI Regulation it is mandatory to provide PAN No for Investments above Rs. 50,000/- Enclosed PAN Proof Form 60 Form 61

Name of Second Applicant [Please tick ( )] Mr. Ms. Resident NRI Date of Birth*
D D M M Y Y Y Y
PAN (As per SEBI Regulation it is mandatory to provide PAN No for Investments above Rs. 50,000/- PAN Proof Form 60 Form 61
Enclosed

Name of Third Applicant [Please tick ( )] Mr. Ms. Resident NRI Date of Birth*
D D M M Y Y Y Y
PAN (As per SEBI Regulation it is mandatory to provide PAN No for Investments above Rs. 50,000/- Enclosed PAN Proof Form 60 Form 61

Mailing Address of Sole / First Applicant (P.O. Box Address may not be sufficient)
Add1
Add2
City PIN*

District State
OVERSEAS ADDRESS IF DIFFERENT FROM MAILING ADDRESS Address for Correspondence ( for NRI/FII Applicants only) Indian Foreign

City Country ZIP

CONTACT DETAILS OF SOLE/FIRST APPLICANT
Tel. No. STD Code Office Residence Fax
Mobile No. E-mail Id. I N B L O C K L E T T E R S
I / We wish to receive Account Statement via email

MODE OF HOLDING Single Joint Any One or Survivor(s) (Default Joint)

OCCUPATION Business Professional Service Retired Student House wife Others__________________
STATUS Partnership firm FIIs Society AOP/BOI Banks Fls Trust Company/Body Corporate
HUF Minor Others_________________

4. BANK ACCOUNT DETAILS (Refer Intruction No.III) MANDATORY

A/c. Type SB Current NRO NRE FCNR Account No.
Bank M a n d a t o r y Branch
Branch
Address
Branch
M a n d a t o r y PIN 9 Digit MICR Code* M a n d a t o r y
City

Received from ___________________________________________________________________________an application for allotment of

Units under Reliance _____________________as per details below.
Growth Option Rs.
Switch from
Bonus Option Rs. Scheme: ___________________________________________
Dividend Reinvestment Rs. Plan: _______________ Option: _______________________
Dividend Payout Rs. for Rs. ___________________ / ___________________ Units

Cheque / DD No. ____________________________ Dated ______________Rs. _______________________ Signature, Date & Stamp
of receiving office
drawn on ________________________________________________________________________________
 5. INVESTMENT & PAYMENT DETAILS (Separate cheque/Demand Draft is required for investment in each scheme/plan. (Mandatory)
Scheme Plan Option Net Cheque / DD Amount Rs. Cheque / DD No. Bank / Branch
& Date
Growth Option
Growth Plan
Bonus Option
Reinvestment
Dividend Plan
Payout

SIP ENROLLMENT DETAILS

Frequen cy (Please ) Monthly Quar terly SIP Date: 2 10 18 28
Enrolment Period : From : (MM/YY) To : (MM/YY) Amount per Instalment: Rs.

PAYMENT TYPES
OPTION I. Payment thro ugh post dated chequ es. Number of Cheque Cheque
Cheques Number From Number To
Bank Branch
Name Name
OPTION II. Debi t Through ECS (You only need to tick this box & fill SIP Auto Debi t (ECS ) Mandate Form)
OPTION III. Auto Debi t Instruction (You only need to tick this box & fill Auto Debi t Form)
6. DIRECT CREDIT OF REDEMPTION / DIVIDEND PROCEEDS - IF ANY
Unitholders having bank accounts with ABN AMRO Bank NV, Citibank N.A, Deutsche Bank AG, HDFC Bank Limited, The Hongkong and Shanghai Banking
Corporation, ICICI Bank Limited, IDBI Bank Limited, Kotak Mahindra Bank Ltd., Standard Chartered Bank, UTI Bank Limited will receive their redemption /
dividend proceeds (if any) directly into their bank account.
In case you wish to receive a cheque / demand draft, please indicate your preference below : (Please in this box)
I / We want to receive the redemption / dividend proceeds (if any) by way of a cheque / demand draft instead of direct credit into my / our bank account.
7. DOCUMENTS ENCLOSED (Please ) (MANDATORY)
Memorandum & Articles of Association Systematic Investment Plan Systematic Transfer Plan
Trust Deed Bye-Laws Partnership Deed Cheques SIP Auto Debit Facility PAN Copy
Resolution / Authorisation to invest List of Authorised Signatories with Specimen Signature(s) Power of Attorney

8. NOMINATION
Nominee's Name Mr. Ms. Date of Birth*
D D M M Y Y Y Y
Name of Parent/ Guardian In case of Minor Mr. Ms. Relation with Minor / Designation

Address of Nominee /Guardian

Specimen Signature of
City PIN Nominee/Minor Nominee's Guardian
9. Reliance Any Time Money Card - Application Form Please read the instructions carefully

If you already have a Reliance Any Time Money Card, please furnish the following information to which the new folio that you now wish to open is to be linked.

Existing Folio No. 16 Digit ATM Card Number

Name as you would like to appear on your card M a n d a t o r y
(Maximum of 24 characters)
Mother’s maiden name in full.
M a n d a t o r y
Card will be issued only for subscription through Self Cheque. No card shall be issued for subscription through DDs/third party cheques.
Please contact RCAM for the Schemes under which cards are issued.
10. DECLARATION
I/We would like to invest in Reliance subject to terms of the Offer Document and subsequent amendments thereto. I/We have
read the instructions and the Offer Document before filling the Application Form. I/We have understood the details of the scheme and I/We have not received nor
been induced by any rebate or gifts, directly or indirectly, in making this investment. Declaration : I have read and understood the Terms and Conditions governing the
investment under Reliance __________________________________Fund of Reliance Mutual Fund and those relating to various services including, but not limited to
ATMs/ Debit Card. I accept and agree to be bound by the said Terms and Conditions including those excluding/ limiting the Reliance Capital Asset Managements
Limited (RCAM) liability. I understand that the RCAM may, at its absolute discretion, discontinue any of the services completely or partially without any prior notice
to me. I agree RCAM debit from my folio for the service charges as applicable from time to time. I confirm that I am resident of India.
APPLICABLE TO NRIs ONLY
I/We confirm that I am/We are Non-Resident of Indian Nationality/Origin and I/We hereby confirm that the funds for subscription have been remitted from abroad
through normal banking channels or from funds in my/our Non-Resident External / Ordinary Account/FCNR Account. I/We undertake that all additional purchases
made under this folio will also be from funds received from abroad through approved banking channels or from funds in my/ our NRE/FCNR Account.

SIGNATURE/S
Sole / 1st applicant / Guardian 2nd applicant / 3rd applicant
Authorised Signatory Authorised Signatory Authorised Signatory

ACKNOWLEDGMENT SLIP (To be filled in by the Applicant)

Trade World, ‘B’ Wing, 7th floor, Kamala Mills Compound,

S. B. Marg, Lower Parel (W), Mumbai - 400 013.

Call : 30301111 www.reliancemutual.com

 INSTRUCTIONS TO HELP YOU COMPLETE THE MAIN APPLICATION FORM

I. GENERAL INSTRUCTION : 10. In case of NRI/FII investors the Account Statements / Redemption
Cheques / Other correspondence will be sent to the mailing
1. Please read the Key Information Memorandum and the Offer Document
address mentioned.
of carefully before investing. All applicants are deemed to have read,
understood and accepted the terms subject to which this offer is being 11. All applications are accepted subject to detailed scrutiny and verification.
made and bind themselves to the terms upon signing the Application Applications which are not complete in all respects are liable for rejection,
Form and tendering payment. either at the collection point itself or subsequently after details
2. The application form must be filled in English in BLOCK letters using Black scrutiny/verification at the back office of the registrars.
or Dark Blue Colored ink. Incomplete applications are liable to be rejected.
Please refer to the checklist to ensure that the requisite details and III. BANK DETAILS :
documents have been provided. This will help in avoiding processing
12. As per the SEBI guidelines, it is mandatory for investors to mention their
delays and / or rejection of your Application Form.
bank account details in the application form. In the absence of the bank
3. The Applicants’ name and address must be given in full (P.O. Box No. details the application form will be rejected. Wherever possible /
alone is not sufficient). In case of multiple applicants, all communication availability of electronic credit service, RMF will give instruction to the
and payments towards redemption will be made in the name of / investor’s Bank for direct / electronic credit for dividend / redemption
favoring first applicant only. If the first applicant is a minor, the name of payments and such instructions will be adequate discharge of RMF
the Guardian who will sign on behalf of the minor should be filled in the towards the said payment. In case the credit is not affected by the
space provided. Please fill in your date of birth as this may be required for unitholder’s banker for any reason RMF reserves the right to make the
validating your identity for certain transactions/communication. Also, payment by a cheque / DD, in case it is not possible to make the
please provide Telephone No./E-mail Id. of the first applicant, so as to payment through electronic credit. If the electronic credit is delayed or
facilitate faster and efficient communication. not affected or credited to a wrong account, on account of incomplete or
II. APPLICANTS INFORMATION : incorrect information, RMF will not be held responsible.
4. All applicants must sign the form, including existing unitholders (quoting IV. INVESTMENT DETAILS :
existing Folio no). Thumb impressions must be attested by a Judicial
Magistrate/Notary Public under his/her official seal. In case of HUF, the 13. Payment should be made by Cheques/DDs payable locally, in the city
Karta should sign on behalf of the HUF. Authorised signatories, signing on where the Designated Investor Service Centre of RMF is located and
behalf of a Co./Body Corp./Society/Trust etc. Should sign under their where the application is submitted. The Cheque/DD should be crossed,
official seel, designation. A list of Authorised Signatories with their names marked “Account payee” and drawn in favour of Scheme Name :
& designations duty certified / attested by the bankers should be “Reliance Growth Fund” OR “Reliance Vision Fund” OR “Reliance Equity
attached with the application form. Opportunities Fund” OR “ Reliance Index Fund” OR “ Reliance NRI Equity
5. In case the application is made under a Power of Attorney (PoA), a duly Fund” OR “ Reliance Banking Fund” OR “Reliance Pharma Fund”OR
certified copy thereof duly notarised should be submitted with the “Reliance Media and Entertainment Fund” OR “ Reliance Diversified Power
application. The POA document should contain the signatures of both the Sector Fund” OR “ Reliance Tax Saver (ELSS) Fund” OR “ Reliance
Applicant & the constituted Attorney. Equity Fund”

6. Application made by a Limited Company or by a Body Corporate or a Out station cheques or post-dated cheques or cash will not be accepted.
registered Society or a Trust, should be accompanied by a copy of the
relevant resolution or authority to make the application, as the case may Investors from such centers, who do not have a facility to pay by local
be, alongwith a certified copy of the Memorandum and Articles of cheque, as there are no Collection Centres of RMF, will be permitted to
Association or Trust Deed / Bye Laws / Partnership Deed, deduct the actual DD commissions charges. Documentary proof, thereof
whichever is applicable. is to be attached, if not attached the AMC reserves the right to call for
the same at a later date. The amount of the DD commission charges will
7. In case of non-individual applicants, i.e. HUF / Companies / AOP / BOI /
be limited to the actual charges paid or DD charges of State Bank of
Trusts / Societies / FIIs etc. the name, email-ID and telephone number
India, whichever is
of the contact person to whom the correspondence should be addressed
lower. (Separate Cheque / Demand Draft is required for investment in
to should be provided.
each scheme / plan.)
8. Investment of Rs.50,000 and above:
V. MODE OF PAYMENT :
As per SEBI guidelines, and as per Rule 114 (B) of Income Tax Rules,
1962, it is mandatory to provide each Applicant’s Permanent Account 14. Please mention the application serial no. on the reverse of the
Number (PAN) allotted by the Income Tax Aothorities, if the amount cheque/demand draft tendered with the application.
invested is Rs.50,000/- or more. To verify the PAN, please attach a self
attested photo copy of the PAN card. In the absence of copy of the 15. In case the payment is made through Indian Rupee draft purchased
PAN card, a photocopy of the Income tax Assessment Order or any abroad or from FCNR or NRE A/c, an Account Debit Certificate from the
Notice issued by IT Dept., wherein PAN of the investor is mentioned Bank issuing the draft, confirming the debit should be submitted. For
may be submitted. subscription made by NRE / FCNR Account cheques, the application
If the investment is in the name of a minor, the PAN of the minor or his forms must be accompanied with a photocopy of the cheque or Account
father or mother or guardian, who represents the minor should be quoted. Debit Letter / Certificate from the bankers.

In case PAN is not allotted or not applied for, the investor will be required 16. Separate cheque/Demand Draft is required for investment in each
to furnish a declaration in Form No. 60 (or Form 61) prescribed by scheme/plan.
Income Tax Dept., in duplicate, duly supported with a copy of the proof
of address, as specified in Form 60/61. VI. NOMINATION :

PAN or Form 60/61 is required to be furnished by each applicant, for 17. Nomination: Individual applicant/s can avail of nomination facility by
each purchase transaction. nominating a person to receive the proceeds upon the death of the
Applicants submitting form 60 / 61 should mention one of the following unitholder(s). However persons applying on behalf of a minor or on
(whichever is applicable) in the space provided for PAN in the application: Power of Attorney or Non Individual Applicant including HUFs
cannot nominate.
a) “Applied for / Not allotted” b) “Not applicable” c) “Not an
Assessee”. VII.E-MAIL COMMUNICATION :
The application will be rejected in the absence of PAN with PAN proof
18. Investors desirous of receiving documents through email need to indicate
or Form 60/61 as the case may be, if the investment is Rs. 50,000/-
such option by ticking the relevant box provided in the application form.
and above.
19. Please contact the nearest Investor Service Centre or write to the
9. Unique Identification Number (UIN) under Mapin database:
Registrars, Ms. Karvy Computershare Pvt. Ltd., Karvy Plaza, 21, Road No.
SEBI has suspended all fresh registrations for obtaining UIN and the 4, Street No.1, Banjara Hills, Hyderabad - 500 034 or send an email to
requirement to obtain/quote UIN under the MAPIN Regulations with customer_care@reliancemutual.com, in case of non-receipt of account
effect from July 1, 2005 till further orders. UIN needs to be quoted as statement within 30 days from the date of submission of the application.
and when required under SEBI Regulations.
 INSTRUCTIONS WITH REGARD TO RELIANCE ANY TIME MONEY CARD

1 The card shall be issued only to Resident Individuals. The card 8 Please change your PIN immediately on receipt
shall not be issued to Minors, HUF, NRI, Pvt/ Public Ltd 9 Please sign on the reverse of the card on the signature panel.
Companies, Parternership Firms, Proprietorship Firms, Trusts
10 Withdrawals through ATM or POS terminals can be stopped
etc. No card shall be issued for subscriptions through
temporarily or permanently for want of any
DDs/third party cheques.
statutory compliance
2 Please note: The card will be sent only after realisation
11 Please retain a copy of transaction slip generated by the ATM
of cheque.
Machine after completion of transaction as confirmation of
3 Only one card can be issued to one folio/ account. This shall the transaction done.
be issued only to the 1st holder where the mode of holding
12 If your card ever gets lost or stolen, please contact us
is Single or any one or survivor.
immediately at the telephone numbers mentioned at the
4 Cash withdrawl /Balance Enquiry/Transaction at POS back of the card. We will hot list your card (no transactions
terminals an chargeable. Please refer to the Tariff Card in the shall be possible thereafter through the hot listed card).
Welcome Kit.
13 In order to receive the credit back on void transactions done
5 Redemption facility through this card will be purely optional on your card, you need to send/fax a copy of void transaction
and in addition to the conventional method of redemption slip to the address mentioned at the back of the card.
i.e. physical redemption request to be submitted at the
14 Your card is valid in India and abroad. You cannot make
Designated Investor Service Centres of the Reliance Mutual
foreign currency transactions in Nepal and Bhutan (i.e.
Fund. Investor can opt for any mode of redemption as per his
transactions in currencies other than local currency of Nepal/
choice and convenience.
Bhutan or Indian Rupees).
6 Your Personal Identification Number (PIN) shall be mailed to
15 Please ensure that while using the card outside India, you are
you separately. Please ensure that you receive the PIN after
doing so strictly in accordance with RBI’s Exchange Control
you receive your card. In case you do not receive the same
Regulations, as prevailing from time to time. The onus of
it please contact the RCAM/ Karvy branch Investor Service
ensuring compliance with the regulations is on you, the
Center or call 30301111 or send an e-mail to
holder of the card.
customer_care@reliancemutual.com.
16 Please read the terms and conditions carefully, which will be
7 In case your Reliance Any Time Money Card is already linked
provided in the welcome kit of the card.
to an existing folio, scheme and if you wish to link your
investment in e.g.: Reliance Equity Fund to this existing card 17 Please contact RCAM for the Schemes under which cards
then your Reliance Equity Fund would become secondary are issued.
account. In case of Visa ATM or POS terminals you can only
transact through Primary A/c.

CHECKLIST
Please ensure that: Partnership Investments through
Your Application Form is complete in all respect, Name, Address & contact Documents Companies Trusts Societies Firms Flls Constituted Atorney
details are mentioned in full, signed by all applicants.
Bank Account Details are entered completely and correctly.
Permanent Account Number (PAN) of all Applicants is mentioned if the
investment amount is Rs.50,000/- or more. If PAN is not available, please
attach Form 60 / 61 in duplicate, with requisite address proof.
Unique Identification Number (UIN) is mentioned (for Bodies Corporate).
Appropriate Scheme Name, Plan & Option is mentioned clearly.
The Cheque / DD is drawn in favour of “Reliance ............ ”(chosen scheme)
dated and dully signed.
Application Number is mentioned on the reverse of the Cheque / DD.
Documents as listed alongside are submitted along with the Application
(as applicable to your specific case).
All documents above should be originals / true copies certified by the Director / trustee /
Company Secretary / Authorised Signatory / Notary Public.
 SPONSOR RE GIS
REGIS TRAR
GISTRAR
Corpor
orporatate Of
ate Offfic e:
ice: Kar vy C
Karvy omput
Comput er
omputer shar
ershar e Pv
share t. Lt
Pvt. d.
Ltd.
Reliance Capital Limited Karvy Plaza, 21, Road No.4, Street No.1, Banjara Hills, Hyderabad - 500 034
Fosbery Road, Off Reay Road Station (E), Mumbai - 400 033. Tel. : 040 - 2331 2454, Fax : 040 - 2331 1968
Tel : 022 - 3041 1000 Fax : 022 - 30411067
CUSTODIAN
CUST
TRUS TEE
TRUSTEE Deutsche Bank A.G.
Corpor at
orporat e Of
ate Offfic e:
ice: Kodak House, 222, Dr. D.N. Road, Mumbai - 400 001
Relianc
eliancee C apit
Capit al Trust
apital ee C
rustee o. Limit
Co. ed
Limite
AUDITORS TO THE SCHEME
Kamala Mills Compound, Trade World, ‘B’ Wing, 7th Floor,
Haribhakti & C o.
Co.
S. B. Marg, Lower Parel (W), Mumbai - 400 013.
Chartered Accountants
Tel. 022 - 3041 4800 Fax. 022 - 3041 4818, 3041 4899
42, Free Press House, Nariman Point, Mumbai - 400 021
IN VE
INVE
VESSTMENT MANA GER
MANAGER E-mail : customer_care@reliancemutual.com
Corpor at
orporat e Of
ate Offfic e:
ice: ‘Touchbase’ [Customer Helpline] 3030 1111
Reliance Capital Asset Management Limited Investors using mobile phones need to prefix STD Code of their respective city
Kamala Mills Compound, Trade World, ‘B’ Wing, 7th Floor, before 3030 1111.
S. B. Marg, Lower Parel (W), Mumbai - 400 013 MTNL/BSNL subscribers need to dial 040 - 3030 1111.
Tel. 022 - 3041 4800, Fax. 022 - 30414818, 3041 4899 Overseas callers need to dial 91 - 40 - 3030 1111.
Website: www.reliancemutual.com

INSTRUCTIONS TO HELP YOU COMPLETE THE MAIN APPLICATION FORM

1. Please read the Key Information Memorandum and the Offer Document of Reliance Fixed Horizon Fund carefully before investing. All applicants are deemed
to have read, understood and accepted the terms subject to which this offer is being made and bind themselves to the terms upon signing the Application Form
and tendering payment.
2. The application form must be filled in English in BLOCK letters using Black or Dark Blue Colored ink. Incomplete applications are liable to be rejected. Please
refer to the checklist at the bottom of the application form to ensure that the requisite details and attachments have been provided. This will help in avoiding
processing delays and / or rejection of your Application Form.
3. The Applicants’ name and address must be given in full (P.O. Box No. alone is not sufficient). In case of multiple applicants, all communication and payments
towards dividend / redemption will be made in the name of / favoring first applicant only. If the first applicant is a minor, the name of the Guardian who will
sign on behalf of the minor should be filled in the space provided. Please fill in your date of birth as this may be required for validating your identity for certain
transactions/communication. Also, please provide Telephone No./E-mail Id. of the first applicant, so as to facilitate faster and efficient communication.
4. The Minimum investment amount for Plan C Series I under Retail Plan is Rs. 5,000 per option and in multiples of Re. 1 thereafter and under Institutional Plan
it is Rs. 5 crore per option and in multiples of Re.1 thereafter.
5. As per the SEBI guidelines, it is mandatory for investors to mention their bank account details in the application form. In the absence of the bank details the
application form will be rejected.
6. In case of non-individual applicants, i.e. HUF / Companies / AOP / BOI / Trusts / Societies / FIIs etc. the name, email-ID and telephone number of the contact
person to whom the correspondence should be addressed to should be provided.
7. Signatures should be in English or in any other Indian language. Thumb impressions must be attested by a Judicial Magistrate/Notary Public under his/her
official seal. In case of HUF, the Karta should sign on behalf of the HUF. Authorised signatories, signing on behalf of a Co./Body Corp./Society/Trust etc.
should sign under their official designation. A list of Authorised Signatories with their names & designations duty certified / attested by the bankers should be
attached with the application form.
8. In case the application is made under a Power of Attorney (PoA), a duly certified copy thereof duly notarised should be submitted with the application. The
POA document should contain the signatures of both the Applicant & the constituted Attorney.
9. Application made by a Limited Company or by a Body Corporate or a registered Society or a Trust, should be accompanied by a copy of the relevant resolution
or authority to make the application, as the case may be, alongwith a certified copy of the Memorandum and Articles of Association or Trust Deed / Bye Laws
/ Partnership Deed, whichever is applicable.
10. Investment of Rs.50,000 and above:
As per SEBI guidelines, and as per Rule 114 (B) of Income Tax Rules, 1962, it is mandatory to provide each Applicant’s Permanent Account Number (PAN)
allotted by the Income Tax Authorities, if the amount invested is Rs.50,000/- or more. To verify the PAN, please attach a self attested photo copy of the PAN
card. In the absence of copy of the PAN card, a photocopy of the Income tax Assessment Order or any Notice issued by IT Dept., wherein PAN of the investor
is mentioned may be submitted.
If the investment is in the name of a minor, the PAN of the minor or his father or mother or guardian, who represents the minor should be quoted.
In case PAN is not allotted or not applied for, the investor will be required to furnish a declaration in Form No. 60 (or Form 61) prescribed by Income Tax Dept.,
in duplicate, duly supported with a copy of the proof of address, as specified in Form 60/61.
PAN or Form 60/61 is required to be furnished by each applicant, for each purchase transaction.
Applicants submitting form 60 / 61 should mention one of the following (whichever is applicable) in the space provided for PAN in the application:
a) “Applied for / Not allotted” b) “Not applicable” c) “Not an Assessee”.
The application will be rejected in the absence of PAN with PAN proof or Form 60/61 as the case may be.
Instructions continued
11. Payment should be made by a single cheque/DD (i.e. multiple cheques per application will not be accepted) and must be payable locally, in the city where
the official collection centre of RMF is located / where the application is submitted. Out station cheques/DDs or cash will not be accepted.
¾ Application along with cheque / DD / Pay Order should be submitted at the Designated Investor Service Centres of Reliance Mutual Fund or at the
designated branches of HDFC Bank & ICICI Bank as per list appended. However, application for Switch over from existing Schemes of RMF to Reliance Fixed
Horizon Fund - Plan C (Series I) should be submitted ONLY at the designated Investor Service Centres of RMF/Karvy Computershare Pvt. Ltd.
¾ The Cheque/DD should be crossed/marked “Account payee” and drawn in favour of “Reliance Fixed Horizon Fund Plan C Series I”
12. Please mention the application serial no. on the reverse of the cheque/demand draft tendered with the application.
13. In case payment is made through Indian Rupee draft purchased abroad or from FCNR / NRE A/c., an Account Debit Certificate from the Bank issuing the draft,
confirming the debit should be submitted. For subscription made by NRE / FCNR Account cheques, the application forms must be accompanied with a
photocopy of the cheque or Account Debit Letter / Certificate from the bankers.
14. Nomination: Individual applicant/s can avail of nomination facility by nominating a person to receive the proceeds upon the death of the unitholder(s).
However persons applying on behalf of a minor or on Power of Attorney or Non Individual Applicant including HUFs cannot nominate.
15. In case of NRI/FII investors the Account Statements/Redemption Cheques / Dividend warrants / Other correspondence will be sent to the mailing address mentioned.
16. Investors desirous of receiving documents through email need to indicate such option by ticking the relevant box provided in the application form.
17. All applications are accepted subject to detailed scrutiny and verification. Applications which are not complete in all respects are liable for rejection, either at
the collection point itself or subsequently after details scrutiny/verification at the back office of the registrars.
18. Please contact your nearest Investor Service Centre or write to the Registrars, Ms. Karvy Computershare Pvt. Ltd., Karvy Plaza, 21, Road No. 4, Street No.1,
Banjara Hills, Hyderabad - 500 034 or send an email to customer_care@reliancemutual.com, in case of non-receipt of account statement within 30 days from
the date of submission of the application.

DE SIGNA
DESIGNA TED BRANCHE
SIGNATED BRANCHESS OF HDFC BANK F
HDFC OR C
FOR OLLEC
COLLEC TI
OLLECTI ON OF APPL
TION IC
APPLIC ATI
ICA ON F
TION ORM ONL
FORM Y DURING NEW F
ONLY UND OFFER
FUND
Ag
Agrra: Friends Plaza, Sanjay Place; AhmeAhmed d abad: Near Mithakali Six Roads Navrangpura; Ahme Ahmednagdnag ar: Amber Plaza, Opp ADCC bank Sahakar Gruh; Ajmer: Near Suchma kendra,
dnagar:
adjacent to Swami Complex; Al Alll ahabad: S P Marg Civil Lines; Al Alwwar: Bhagat Singh Circle; Alig arh; Ambal
Aligarh; Ambala: a: Shingar Palace Complex, Nicholson Road; Amr Amra avati: c/o Rasik Plaza,
Jaistambh Chowk; Amritsar: 39, The Mall, Amritsar; Anand: Sanket towers, Grid Road; Ankleshwar: SA Motors bulding, Old National h no – 8; Asansol: PC Chatterjee Market, G T Road;
Aur ang
Aurang abad: Shivani Chambers, Manjeet Nagar; Bang
angabad: Bangalalor
alor e: No. 8/24, Salco Centre, Richmond Road; Bar
ore: doli: Shree Ambika Niketan Temple; Bar
Bardoli: eil
eillly: 154, Krishna Palace, Civil Lines;
Bareil
Baroda: Midway Heights, Lokmanya Tilak Rd; Belgaum: Opp Dist Hospital, Dr Ambedkar Road; Bharuch: Near Octroi Naka, Link Rd; Bhatinda: 3027-B, Guru Kanshi Marg; Bhavnagar:
Gopi Arcade, Opp. Takhteshwar Post Office; Bhil Bhilwwar a: S.K.Plaza, Pur Road; Bhiw
ara: adi: Ashiana Arcade; Bhopal: E-1/57, Arera Colony; Bhubanesh
Bhiwadi: Bhubaneshw war: Junction Of Janpath & Gandhi
Marg Master Canteen Square; Bhuj: Sunrise Tower Hospital Road; Bok Bokararo: B-9 City Centre; Cal
aro: cut
cuttta: Abhilasha II, 6 Royd Street; Calicut: Malabar Palace, G.H.Road; Chandig
alcut arh:
Chandigarh:
SCO371/372, Sector 35-B; Chang anacherr
Changanacherr
anacherry: y: Golden Tower, M C Road; Cochin: Elmar Square, M G Road; Coimbat oimbator ore: Classic Towers, Trichy Road; Cut
ore: utttack: Bajrakbati Road; Dahanu:
Matruashish Building, Irani Road; Daman: Arc Shoping Mall, Teen batti; Da Davvang er
anger e: BHM Enclave, Mandipet; Dehr
ere: adun: Rajpur Road; Delhi: Kailash Bldg K G Marg; Dhanbad: Sri
Dehradun:
Ram Plaza, Bank More; Durg apur: City Centre, Bengal Shristi Complex; Er
Durgapur: ode: 456 Brough Road; Fer
Erode: ozepur: The Mall, Ferozepur City; Gandhidham: Tagore Road; Ga
ero Gayya: Gaya, Bihar-
823001; Gor akhpur: Prahlad Rai Trade Centre; Gunt
Gorakhpur: ur: 87-90, Main Road, Lakshmipuram; Gur
Guntur: daspur: Improvement Trust Market, Hanuman Chowk; Gw
Gurd alior: Anand Deep Building,
Gwalior:
City Center, Gwalior; Hajipur: Vimal Complex, Vaishali; Himatnag Himatnagar: ar: Durga Oil Mill Compound; His ar: Red Square Market, Station Road; Hoshir
Hisar: apur: Improvement Trust Market,
Hoshirapur:
Hanuman Chowk; Hosur: Maruthi Nagar, Near Dharga; Hubli: T B Revankar Complex, Vivekanand Hospital Road; Hyder abad: Saeed Plaza, Lakdikapul; Indor
derabad: e: U.V.House, South
Indore:
Tukonj; Jabalpur: Napier Town, Model Road; Jaipur: O-10, Ashok Marg, Ahimsa Circle; Jal andhar: G.T. Road, Near Narinder Cinema; Jal
alandhar: gaon: Facing Mahabal Rd, Dsp Chowk; Jammu:
alg
Railhead Complex, Gandhi Nagar; J amnag amnagar: ar: Park Colony, Bedi Bunder Road; J amshe dpur: Mithila Motors Ltd., Near Rammandir; Jodhpur: 57/B “Swapndeep”, Chopasani Road;
amshedpur:
Junag adh: Moti Palace, Moti Baug Road; Kannur: K V R Towers, South Bazar Road; Kanpur: Navin Market Branch; Kapur
unagadh: thal
Kapurthal a: Mall Road, Kapurthala; Karnal: Opp Mahabir Dal
thala:
Hospital; Kolhapur: Jaju Arcade, Tarabai Park; Ko ta: Main Jhalawar Road; Ko ttyam: Unity Building, K K Road; Kurukshetr urukshetra: a: Kalawati Market, Railway Road; Lat ur: M .G.Road, Near
Latur:
Nagar Parishad; Luckno
ucknow:w: Pranay Tower, Beside Pratibha Cinema; Ludhiana: The Mall, Mall Road; Chennai: 751 - B Anna Salai, Mariam Centre; Madur ai: 7-A, West Veli Street, Opp
adurai:
To Railway Station; Mandi g obindg arh: Hukum Chand Bansal Building, Post Office Road; Mang
obindgarh:
gobindg al
angal or
alor e: M.N.Towers, Kadri; Marg
ore: oa: Ranghavi Bldg, Dr. George Baretto Road; Mathur
argoa: a:
athura:
Opp Bsa College, Gaushala Road; Meerut: 381 Western Kachery Road; Mehs ana: Prabhu Complex, Abu Highway; Mor
ehsana: ad
orad abad: Chaddha Shopping Complex, Gmd Road; Mumbai:
adabad:
Maneckjiwadia Bldg, Nanik Motwani Marg; Muzzaf arpur: Above Maruti Showroom, Choti Saria Ganj; Mysor
uzzafarpur: e: Nageetha Complex, Saraswathi Puram; Nadiad: Shoot Out Bldg, Colege
sore:
Road; Nagpur: Wardh Road, 12 Milestone Near Lokmat Square; Nasik: Archit Centre, Opp Sandeep Hotel; Navs ari: Nandini Complex, Station Road; Nel
vsari: Nelllore: G.T Road; Pal
ore: akk
alakkad: 8/
akkad:
246, Chandra Nagar; Pal anpur: Parth Complex, Near Cozy Tower; Panipat: 801/4, G.T.Road; Panjim: Swami Vivekanand Road, Opp Gomantak Maratha Samaj; Patial
alanpur: a: Leela Bhawan
atiala:
Market; Patna: Rajendra Ram Plaza, Exhibition Road; Phag Phagw war a: Opp. Bus Stand, G.T. Road; Pondicherr
ara: ondicherry: y: 100 Feet Road; Porband ar: OM Shiv Shakti, R.D. Chembers; P une:
orbandar:
Millennium Tower, Shivajinagar; Raipur: Chawla Complex, Devendra Nagar Road; Rajamundr ajamundry: y: Danavipet; Rajk ajkoo t: Opp Alfred High School, Jawahar Road; Ranchi: Ranchi Club
Shopping Complex, Main Road; Rewari: Old Court Room, Model Town; Rohat ak: 401-402, Model Town, D-Park; Rourk
ohatak: el
ourkel a: Bisra Road, Dwivedi square; Rudr
ela: apur: Nanital Road;
udrapur:
Sahar anpur: Mission Compound, Court Road; Sal
Saharanpur: em: Rathna Arcade, Omalur main Road; Sangli: Venkatesh Senate; Shiml
Salem: Shimla:a: Jankidas Building, The Mall; Silig uri: Ramkrishna Samity
Siliguri:
Bldg, Sevoke Road; Silvassa: Jaypee house, Opp patel petrol pump; Solan: Anand Bhavan, Rajgarh Road; Surat: Kashi Plaza, Majura Gate; Thiruvalla: Illampallil Buildings, Mc Road;
Tirupathi: Mosque Road (V.V.Mahal Road); Trichur: Kalliyath Royal Square, Palace Road; Trich y: Lakshmi Arcade, 11th Cross Main Road; Triv
richy: andrum: Kenton Towers, Vazhuthacaud;
rivandrum:
Ud aipur: Chetak Circle, Gpo Road; Val
Udaipur: alss ad: Ekta Appt., Thithal Road; Vapi: Emperor Arcade, Chala Road; Var anasi: Kuber Complex, Rathyatra Crossing; Vasc
aranasi: o: Damodar Building,
asco:
Swatantra Path; Vija yw
ijayw
ywadada: M.G. Road, Labbipet; Vishak
ada: apatnam: Potluri Castle, Dwaraka Nagar; War
ishakapatnam: ang
arang al: Nakalagutta, Hanamkonda; Yamunag
angal: amunagar: ar: Model Town, Nehru Park Road;
olllam; Chak
Kol alk
Chakalk ud
alkud
udy;y; Akol
Akol a; Gw
ola; ahati; Triv
Gwahati; andrum; Bal
rivandrum; Balss aore; B
aore; ur
Bur dwan; Srinag
urd ar; Kar
Srinagar; ad.
Karad.

DESIGNATED INVESTOR SERVICE CENTRES RELIANCE CAPITAL ASSET MANAGEMENT LTD.

CORPORA
ORPORATE TE OFFICE: HYDERABAD: Unit No 7, 6-3-1093, 6th Floor, V V L U D H I A N A : SCO-122, 1st Floor, Feroze Gandhi
Trade World, 'B' Wing, 7th Floor, Kamala Mills Compound, Vintage Boulevard, Above Food World, Rajbhavan Road, Market, (Behind Ludhiana Stock Exchange Building),
Senapati Bapat Marg, Lower Parel (W), Mumbai - 400 013 Hyderabad - 500 082 Ludhiana - 141 001
AGRA: Shop No 110, Ground Floor, Block No 28/2, Sanjay INDORE: 216, Starlit Tower, 29/1, Y N Road, Opp State MORADABAD: Shop No G-18, Chadha Shopping Complex,
Place, LIC Road, Agra - 282 002 Bank of Indore - Head Office, Indore - 452 009 GMD Road, Moradabad - 244 001
AHMED ABAD: 107, 1st Floor, Abhijit-I, Mithakhali Six Roads,
AHMEDABAD: JAIPUR: Shop No. G-4, Ground Floor, Brij Anukampa MUMBAI: Mittal Chambers, 228, Gr Floor, Nariman Point,
Navrangpura, Ahmedabad - 380 009 Complex, Ashok Marg, C-Scheme, Jaipur - 302 016. Mumbai - 400 021
BARODA: 501, Arundeep Complex, Near Race Course Circle ALANDHAR:
JAL ANDHAR: Unit No 101, 1st Floor, Gobind Mall, 25, NEW DELHI: Office No 807, 8th Floor, Ashoka Estate, 24
(South), Baroda - 390 007 GT Road, Jalandhar - 144 001. (Landmark: Above Barakhamba Road, New Delhi - 110 001
BANGAL ORE: S 201, Manipal Centre, Dickenson Road,
BANGALORE: Karnataka Bank, Opp HDFC Bank, Adj ICICI Bank, Next NA GPUR: Office 2, 3rd Floor, A Block, Poonam Chambers,
NAGPUR:
Bangalore - 560 042 door: Birla Sunlife Insurance) Chhinchwara Road, Byramji Town, Nagpur - 440 013
CHANDIGARH: SCO-127/128, 1st Floor, Sector 9/C, JAMNA GAR: Shop No 4-5, Gr Floor, Shilp Building,
AMNAGAR: NASIK: G-18, Gr Floor, Suyojit Sankul, Sharanpur Road, Nasik
Chandigarh -160 017 I G Marg, Jamnagar - 361 001 - 422 002
CHENNAI: ACE Tower, 2nd Floor, No 75, Dr Radhakrishnan JODHPUR: Mr Atin Bhansalii, C/o Reliance Web World, PANIP
ANIPAAT: No 514, Ward No 4,Ist Floor, Krishna Tower, Opp
Salai, Mylapore, Chennai - 600 004 Hotel Guru International, Nai Sarak, Jodhpur Batakh Chowk, GT Road, Panipat - 132 103 (Landmark: Adj
KANPUR: Unit No 717, 7th Floor, Krishna Tower, HDFC Bank and Indian Bank, Next door:Karvy)
C OIMBA
OIMBAT T ORE: 575 C, Shylaja Complex, D B Road,
R S Puram, Coimbatore - 641 002 15/63, Civil Lines, Kanpur - 208 002 PUNE: 301, 3rd Floor, “Sanas Memories”, Fergusson College
DEHRADUN: Shop No 106, 1st floor, Swaraj Complex, 72, KOLKA
OLKATTTA: 10/11, 5th Floor, Plot No.234/A, “FMC Road, Shivaji Nagar, Pune - 411 004
Rajpur Road, Dehradun - 248 001 Fortuna”, AJC Bose Road, Kolkata - 700 020 SURA
SURAT T: 414, 4th Floor, Vishvakarma Arcade, Majura Gate,
GO A: Shop No 1, Gr Floor, Rayu Chambers, Dr Atmaram
GOA: KOCHI: 2nd Floor, Thekkekkara Mansion, Opp Kavitha Ring Road, Surat - 395 001
Borkar Road, Panjim, Goa - 403 001 Theatre, M G Road, Kochi - 682 035 UDAIPUR: Mr Manoj Chechani,
GUW
GUWAHAAHA TI: 3rd floor, Tilottoma Enclave, GNB Road, Ambari,
AHATI: L UCKNO
UCKNOW W : 11-A, Gr Floor, Saran Chambers II, C/o Reliance Web World, Opp Meera Girls College, Meera
Guwahati - 781 001 No 5, Park Road, Lucknow - 226 001 Marg, Udaipur - 313 001
 Reliance Capital Asset Management Limited
A Reliance Capital Company

call: 30301111, www.reliancemutual.com

DESIGNATED INVESTOR SERVICE CENTRES

Reliance Capital Asset Management Limited

CORPORATE OFFICE: Trade World, ‘B’ Wing, Adayar: Shop No. 3, Anu Arcade, B/d, Southern Avenue: 200, Sarat Bose Road,
7th Floor, Kamala Mills Compound, Senapati Tamil Naidu Housing Board, 15, Cross Street, Nr. Desh Priya Park, Opp. Post, Office,
Bapat Marg, Lower Parel (W), Mumbai - 400 013. Shastri Nagar, Adayar Chennai - 600 020. Ground Floor, Kolkata -700029

Mumbai: Mittal Chambers, Ground Floor, Annanagar: Shop G-5, Ground Floor, Salt lake: BD25-Sector - I, Salt Lake City 700 064
228 Nariman Point, Mumbai - 400 021 N.R. Dave Complex, 201 / C-34, Second Avenue,
11, Main Rd Corner, Annanagar, Ludhiana: SCO-122, 1st Floor, Feroze Gandhi
Borivali: Shop No.5, Ground Floor, Chennai - 600 040 Market, Behind Ludhiana Stock Exchange,
Kapoor Apartment, Punjab Galli, Ludhiana -141 001
Near ICICI Bank Ltd., Borivali (W) - 400 092 Coimbatore: 575 C, Shylaja Complex, D.B. Road,
R.S. Puram, Coimbatore - 641 002 Lucknow: 11-A, Ground Floor, Saran Chambers II,
Thane: 3, Ground Floor, Saprashri CHS Ltd, No.5, Park Road, Lucknow - 226 001.
Talapali, Nr. HDFC Bank, Thane- 400 601 Chandigarh: SCO-127/128, 1st Floor, Sector 9/C,
Chandigarh - 160 009 Muradabad: G-18, Ground Floor, Chadha Complex,
Ghatkopar: 12A/12B, Ground Floor, Kailas Plaza, GMD Road, Muradabad - 244 001.
V.B. Road, Ghatkopar (E) Dheradun: Shop No.106, 1st floor, Swaraj Complex,
75, Rajpur Road, Dheradun - 248 001. Nasik: G- 18, Ground Floor, Suyojit Sankul,
Dombivli: 1, Sadguru CHS, Phadke Cross, Road,
Nr. HDFC Bank, Dombivli (E), Mumbai - 421 201 Faridabad: Booth No. 112-P, Urban Estate,
Sharanpur Road, Nasik 422 002
Sector 15, Faridabad - 121 001.
Vashi: Shop No. 26, Next to UTI Institute, Nagpur: Office # 2, 3rd Floor, A-Block, Poonam
Devratha Bldg, Sector - 17, Vashi, Ghaziabad: RDC-16 Advocate Chambers,
Chambers, Chhindwara Road, Byramji Town,
New Bombay - 400705. RDC Raj Nagar, Ghaiziabad- 201 002
Nagpur - 440 013

Ahmedabad : 107, 1st Floor, Abhijit - 1, Gurgaon: 207, DLF Central Arcade, DLF -11,
New Delhi: 807, 8th Floor, Ashoka Estate,
Mithakhali Six Road, Navrangpura, Gurgaon - 122001.
Barakhamba Road, New Delhi - 110 001.
Ahmedabad - 380 009
Howrah: 14, Watkins Lane, Howrah - 700001
Janak Puri: 14-B, Block Nr. HDFC Bank,
Amritsar: Reliance General Insurance Ltd., 32, Community Centre, Janak Puri, New Delhi.
Central Mall, 4th Floor, "The Mall", Hyderabad: Unit No.7, Plot No.6-3-1093,
Amritsat - 143001. 6th Floor, V V Vintage Boulevard, Rajbhavan Road,
Nehru Place: SF-17,18,19, Devika Tower, 6,
Somajiguda, Hyderabad - 500082
Nehru Place,Ground Floor, New Delhi-110019
Agra: Shop No. 110, Ground Floor, Block No.
28/2, Sanjay Place, LIC Road, Agra - 282 002 Indore: 216, Starlit Tower, 29/2, Y.N.Road,
Opp. State Bank of Indore - H.Office, Noida : Shop No.1, Ansal Fortune Arcade ,
Indore - 452 003 Sector 18, Ground Floor, Noida UP - 201 301
Baroda: 501, Arundeep Complex, Near Race
Course Circle (South), Baroda - 390 007 Panjim: Shop No.1, Ground Floor, Rayu Chambers,
Jamnagar: Shop No. 4-5, Ground Floor, "Shilp"
Indira Gandhi Marg, Jamnagar 361 001 Dr. Atmaram Borkar Road, Panjim, Goa - 403 001
Bangalore: S - 201, Manipal Centre,
Dickenson Road, Bangalore - 560 042 Pritampura: Shop No. 17, Ground Floor,
Jalandhar: 101, Gobind Mall, 1st Floor,
25, G.T. Road, Opp. Kings Hotel, Agarwal Millennium Tower, Plot No. 1/2/3
Jaayanagar: Shop No. 5, Ground floor, Neetaji Subhush Place, Pritampura,
Jalandhar - 144 001.
Shri Lakshmi Venkateshwara , Complex, New Delhi 110034
76/11-1, Elephant Rock Road, Jayanagar III
Jaipur: Shop No. G4 Ground Floor, Brij Anukampa
Block, Bangalore -560 011 Panipat: No.514,Ward No-4,1st Floor,
Complex, Ashok Marg, C Scheme, Jaipur - 302016
Krishna Tower, Opp.Batakh Chowk, G.T. Road,
Melleshwaram: Door No.89, (old No.36) , Panipat - 132103
Jodhpur: C/o. Reliance Web World (P) Ltd,
Ground Floor, IIIrd Cross Sampige Road,
L.K. Tower, 2nd Floor, Opp. IDBI Bank,
Melleshwaram, Bangalore - 560 003. Pune: 301, 3rd Floor, 'Sanas Memories', F.C.Road,
Chopasni Road, Jodhpur - 344 001.
Shivaji Nagar, Pune 411 004
Bhopal : FF-7B, 1st Floor, Mansarovar,
Kanpur: Unit No. 717, 7th Floor, Krishna Tower,
Complex, Infront of Habibganj Station, Rajkot: C/o Reliance General Insurance Co. Ltd,
15/63, Civil Lines, Kanpur - 208 001.
Bhopal - 462 011 3rd Floor, Business Umpire, Dr Radhakrishnan Road,
Kochi: 2nd Floor, Thekkekkera Mansion, Near Kathiawad Gymkhana, Rajkot - 360001
Bharuch: C-5, Atithi Enterprise, Near Rewaba Opp. Kavitha Theatre, M. G. Road, Kochi-682 035
Township, Behind Engineering College, Surat: 414, 4th Floor, Viswakarma Arcade,
Old National Highway, Baruch - 392 002. Majura Gate, Ring Road, Surat - 395 001
Kolkata: FMC Fortuna, 5th Floor, 234/3A,
AJC Bose Road, Kolkata - 700 020.
Chennai: Ace Towers, 2nd Floor, No.75, Udaipur: C/o. Reliance Web World,
Dr. Radhakrishnan Salai, Mylapore, Dalhousie: 18, British India Street, GF Shop No.14, Opp. Mira Girls College, Mira Marg,
Chennai - 600 004 Dalhousie Kolkata - 700001. Udaipur-313001