ICICI Prudential PSU Equity Fund

SCHEME INFORMATION DOCUMENT
ICICI PRUDENTIAL PSU EQUITY FUND

(An open-ended equity scheme following the PSU theme)
This scheme is suitable for investors who are seeking*:

Scheme Riskometer:
 Long term capital appreciation
 An open-ended equity scheme following the PSU

theme
*Investors should consult their financial advisers if in doubt about whether the product
is suitable for them
Offer of Units of Rs. 10 each during the New Fund Offer period and continuous offer of
Units at NAV based prices.
Face Value of units of the Scheme is Rs. 10/- per unit.
New Fund Offer Opens on: August 16, 2022

New Fund Offer Closes on: August 30, 2022
*The AMC reserves the right to extend or pre close the New Fund Offer (NFO) period,
subject to the condition that the NFO Period including the extension, if any, shall not be
for more than 15 days or such period as allowed by SEBI. The AMC shall publish an
addendum to this effect on the website of the AMC and in one national and one regional
newspaper of region where the Head office of AMC is situated.
#It may be noted that the scheme risk-o-meter specified above is based on the scheme
characteristics. The same shall be updated in accordance with provisions of SEBI circular
dated October 5, 2020 on Product labelling in mutual fund schemes on ongoing basis.
Scheme will re-open for continuous Sale and Repurchase within 5 business days from
the date of allotment.
Name of Mutual Fund : ICICI Prudential Mutual Fund
Name of Asset Management Company : ICICI Prudential Asset Management Company

Limited
INVESTMENT MANAGER
ICICI Prudential Asset Management Company Limited
Corporate Identity Number: U99999DL1993PLC054135
Registered Office: Corporate Office: Central Service Office:

12th Floor, Narain One BKC ,13th Floor, 2nd Floor, Block B-2, Nirlon
Manzil, Bandra Kurla Complex, Knowledge Park, Western
23, Barakhamba Road, Mumbai – 400051 Express Highway, Goregaon
Scheme Information Document 1

ICICI Prudential PSU Equity Fund
New Delhi – 110 001 (East), Mumbai – 400 063
www.icicipruamc.com Email id:
[email protected]
Website: www.icicipruamc.com
Name of the Trustee

ICICI Prudential Trust Limited
Corporate Identity Number: U74899DL1993PLC054134
Registered Office: 12th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001
The particulars of ICICI Prudential PSU Equity Fund (the Scheme) have been prepared in
accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations
1996, (herein after referred to as SEBI (Mutual Funds) Regulations) as amended till date,
and filed with SEBI, along with a Due Diligence Certificate from the AMC. The units being
offered for public subscription have not been approved or recommended by SEBI nor
has SEBI certified the accuracy or adequacy of the Scheme Information Document.
The Scheme Information Document sets forth concisely the information about the
scheme that a prospective investor ought to know before investing. Before investing,
investors should also ascertain about any further changes pertaining to the Scheme such
as features, load structure, etc. made to this Scheme Information Document by issue of
addenda / notice after the date of this Document from the AMC / Mutual Fund / Investor
Service Centres / Website / Distributors or Brokers.
The investors are advised to refer to the Statement of Additional Information (SAI) for
details of ICICI Prudential Mutual Fund, Tax and Legal issues and general information on
www.icicipruamc.com
SAI is incorporated by reference (is legally a part of the Scheme Information Document).
For a free copy of the current SAI, please contact your nearest Investor Service Centre or
log on to our website.
The Scheme Information Document should be read in conjunction with the SAI and not
in isolation.
This Scheme Information Document is dated July 29, 2022.

TABLE OF CONTENTS
HIGHLIGHTS/SUMMARY OF THE SCHEME ........................................................................... 5

I. INTRODUCTION ................................................................................................................... 10
A. RISK FACTORS ................................................................................................................... 10
B. REQUIREMENT OF MINIMUM INVESTORS IN THE SCHEME: ....................................... 33
C. SPECIAL CONSIDERATIONS, IF ANY ............................................................................... 33
D. DEFINITIONS ...................................................................................................................... 36
E. DUE DILIGENCE BY THE ASSET MANAGEMENT COMPANY ........................................ 41
II. INFORMATION ABOUT THE SCHEME ............................................................................ 42
A. TYPE OF THE SCHEME ...................................................................................................... 42
B. WHAT IS THE INVESTMENT OBJECTIVE OF THE SCHEME? ......................................... 42
C. HOW WILL THE SCHEME ALLOCATE ITS ASSETS? ....................................................... 42
D. WHERE WILL THE SCHEME INVEST? .............................................................................. 44
E. WHAT ARE THE INVESTMENT STRATEGIES? ................................................................ 47
F: FUNDAMENTAL ATTRIBUTES .......................................................................................... 64
G. HOW WILL THE SCHEME BENCHMARK ITS PERFORMANCE? ..................................... 65
H. WHO MANAGES THE SCHEME? ...................................................................................... 65
I. WHAT ARE THE INVESTMENT RESTRICTIONS? ............................................................ 66
K. COMPARISON BETWEEN THE SCHEMES ....................................................................... 73
III. UNITS AND OFFER ............................................................................................................ 90
A. NEW FUND OFFER DETAILS ............................................................................................. 90
B. ONGOING OFFER DETAILS: ........................................................................................... 105
C. PERIODIC DISCLOSURES ................................................................................................ 138
D. COMPUTATION OF NAV ................................................................................................. 144
IV. FEES AND EXPENSES .................................................................................................... 145
C. LOAD STRUCTURE .......................................................................................................... 148
D. WAIVER OF LOAD FOR DIRECT APPLICATIONS........................................................... 149
V. RIGHTS OF UNIT HOLDERS ............................................................................................ 149

ABBREVIATIONS
Abbreviations Particulars
AMC Asset Management Company or Investment Manager
AMFI Association of Mutual Funds in India
AML Anti Money Laundering
CAMS Computer Age Management Services Limited
CDSL Central Depository Services (India) Limited
ESG Environmental, Social and Governance
FPI Foreign Portfolio Investors
ICICI Bank ICICI Bank Limited
IMA Investment Management Agreement
ISIN International Securities Identification Number
MNC Multi-National Companies / Corporations
NAV Net Asset Value
NRI Non-Resident Indian
RBI Reserve Bank of India
SEBI or the Board Securities and Exchange Board of India
SAI Statement of Additional Information
SID Scheme Information Document
SIP Systematic Investment Plan
The Fund or The Mutual ICICI Prudential Mutual Fund
Fund
The Regulations Securities and Exchange Board of India (Mutual Funds) Regulations,
1996, as amended from time to time.
The Scheme ICICI Prudential PSU Equity Fund, including Plans & Options
launched thereunder
The Trustee ICICI Prudential Trust Limited
TREPS Tri-party Repos
TRI Total Return variant of Index
IDCW Income Distribution cum capital withdrawal option (earlier known as
Dividend option)
IDCW Payout Payout of Income Distribution cum capital withdrawal option
(earlier known as Dividend option - Dividend payout sub-option)
IDCW Reinvestment Reinvestment of Income Distribution cum capital withdrawal Option
(earlier known as Dividend option - Dividend reinvestment sub-
option)
IDCW Transfer Transfer of Income Distribution cum capital withdrawal plan
(earlier known as Dividend Transfer plan)
INTERPRETATION
For all purposes of this SID, except as otherwise expressly provided or unless the
context otherwise requires:
 The terms defined in this SID include the plural as well as the singular.
 Pronouns having a masculine or feminine gender shall be deemed to include the
other.
 All references to “US$” refer to United States Dollars and “Rs./INR/₹” refer to
Indian Rupees. A “Crore” means “ten million” and a “Lakh” means a “hundred
thousand”.
 Words not defined here has the same meaning as defined in “The Regulations”

HIGHLIGHTS/SUMMARY OF THE SCHEME
Name of the Scheme ICICI Prudential PSU Equity Fund

Category Equity Scheme – Thematic Fund
Type of Scheme An open-ended equity scheme following the PSU theme
SEBI Code ICIC/O/E/THE/22/06/0154
Investment Objective The objective of the scheme is to generate long term capital
appreciation by investing predominantly in equity and equity
related securities of Public Sector Undertakings (PSUs).
However, there can be no assurance or guarantee that the

investment objective of the scheme would be achieved.
Liquidity Being an open ended scheme, the Scheme will commence sale
and redemption of Units on an on-going basis not later than 5
business days from the allotment date. The Scheme being
offered is open-ended scheme and will offer Units for Sale /
Switch-in and Redemption /Switch-out, on every Business Day at
NAV based prices subject to applicable loads. As per the SEBI
(Mutual Funds) Regulations, 1996, the Mutual Fund shall
despatch redemption proceeds within 10 Business Days from
the date of redemption. A penal interest of 15% p.a. or such
other rate as may be prescribed by SEBI from time to time, will
be paid in case the payment of redemption proceeds is not
made within 10 Business Days from the date of redemption.
Please refer to section 'Redemption of units' for details.
Benchmark S&P BSE PSU TRI
The Trustees reserves the right to change the benchmark in

future if a benchmark better suited to the investment objective of
the scheme is available, subject to guidelines issued by
SEBI/AMFI from time to time.
Transparency / NAV The AMC will calculate and disclose the first NAV within 5
Disclosure business days from the date of allotment. Subsequently, the
NAV will be calculated and disclosed at the close of every
Business Day. NAV will be determined on every Business Day
except in special circumstances. NAV of the scheme shall be:
 Prominently disclosed by the AMC under a separate head

on the AMC’s website (www.icicipruamc.com) by 11.00
p.m. on every business day,
 On the website of Association of Mutual Funds in India -
AMFI (www.amfiindia.com) by 11.00 p.m. on every
business day, and
 Shall be made available at all Customer Service Centres
of the AMC.
In case of any delay, the reasons for such delay would be

explained to AMFI and SEBI by the next day. If the NAVs are not
available before commencement of business hours on the
following day due to any reason, the Fund shall issue a press
release providing reasons and explaining when the Fund would
be able to publish the NAVs.

In accordance with the SEBI circular no.
SEBI/HO/IMD/DF3/CIR/P/2020/197, dated October 05, 2020 Risk-
o-meter shall be evaluated on a monthly basis and Mutual
Funds/AMCs shall disclose the Risk-o-meter along with portfolio
disclosure for all their schemes on their respective website and
on AMFI website within 10 days from the close of each month.
Any change in risk-o-meter shall be communicated by way of
Notice cum Addendum and by way of an e-mail or SMS to
unitholders of that particular scheme.
The AMC shall disclose portfolio of the scheme (along with ISIN)
as on the last day of the month / half-year within 10 days from
the close of each month / half-year respectively on website of:
 AMC i.e. www.icicipruamc.com

 AMFI i.e. www.amfiindia.com.
The AMC shall send via email both the monthly and half-yearly
statement of scheme portfolio within 10 days from the close of
each month / half-year respectively. Mutual Funds/ AMCs shall
send the details of the scheme portfolio while communicating
the monthly and half-yearly statement of scheme portfolio via
email or any other mode as may be communicated by
SEBI/AMFI from time to time. The AMC shall provide a feature
wherein a link is provided to the investors to their registered
email address to enable the investor to directly view/download
only the portfolio of schemes subscribed by the said investor.
The portfolio disclosure shall also include the scheme risk-o-
meter, name of benchmark and risk-o-meter of benchmark.
The AMC shall publish an advertisement in all India edition of at

least two daily newspapers, one each in English and Hindi, every
half year disclosing the hosting of the half-yearly statement of
the scheme’s portfolio on the AMC’s website and on the website
of AMFI.
The unitholders whose e-mail addresses are not registered with

the Fund are requested to update / provide their email address
to the Fund for updating the database. The AMC shall provide a
physical copy of the statement of scheme portfolio, without
charging any cost, on specific request received from a unit
holder.
Loads ENTRY LOAD:
Not Applicable.
In terms of SEBI circular no. SEBI/IMD/CIR No. 4/168230/09
dated June 30, 2009 has notified that w.e.f. August 01, 2009
there will be no entry load charged to the schemes of the Mutual
Fund.
EXIT LOAD:
 1% of applicable Net Asset Value - If the amount sought to be

redeemed or switch out is invested for a period of up to 1
month from the date of allotment.
 Nil - If the amount sought to be redeemed or switched out is
invested for a period of more than 1 month from the date of
allotment.
The Trustees shall have a right to prescribe or modify the exit

load structure with prospective effect subject to a maximum
prescribed under the Regulations.
Minimum Application DURING NEW FUND OFFER PERIOD/ DURING ONGOING OFFER
Amount PERIOD:
Rs. 5,000/- (plus in multiple of Re. 1)
Minimum Switch – In DURING NEW FUND OFFER PERIOD/ DURING ONGOING OFFER
Amount PERIOD:
Rs. 5,000/- and any amount thereafter
Minimum Additional Rs. 1,000/- (plus in multiple of Re.1)
Application Amount
Minimum Additional Rs. 1,000/- and any amount thereafter

Switch In Amount
SIP Amount Daily, Weekly, Fortnightly, Monthly SIP$: Rs. 100/- (plus in
multiple of Re. 1/-) Minimum installments: 6
Quarterly SIP$: Rs. 5,000/- (plus in multiple of Re. 1/-) Minimum
installments: 4
$
The applicability of the minimum amount of installment
mentioned is at the time of registration only.
Minimum Any Amount
Redemption Amount
SWP Available
Please refer to “Special Products” section for more details.

SIP / SIP Top Up/ Available
STP/ SWP/ Flex STP
facilities/Booster Please refer to “Special Products” section for more details.
STP/Booster SIP
Capital Appreciation Capital Appreciation STP facility is also available under the
STP Scheme. Under this facility, the daily appreciation in NAV, if any,
from the growth option of the source schemes will be switched
to the growth option of the target schemes. The Scheme is a
Target Scheme under this facility. There is no restriction on the
minimum balance in the folio to avail the facility.
SIP Pause SIP Pause is a facility that allows investors to pause their existing
SIP for a temporary period. Investors can pause their existing
SIP without discontinuing it. SIP restarts automatically after the
pause period is over. This facility can be availed only once
during the tenure of the existing SIP. SIP can be paused for a
minimum period of 1 month to a maximum period of 3 months.
Plans/ Options under
the Scheme: Plans ICICI Prudential PSU Equity Fund - Direct Plan
and ICICI Prudential PSU Equity Fund –
Regular Plan
Options/ Growth Option and Income Distribution cum
sub-options capital withdrawal option (IDCW) with Payout
of Income Distribution cum capital withdrawal
(IDCW Payout) sub-option and Reinvestment
of Income Distribution cum capital withdrawal
(IDCW Reinvestment) sub-options
Default Growth Option
Option
Default sub- Reinvestment of Income Distribution cum
option capital withdrawal (IDCW Reinvestment) sub-
option
 IDCW - Income Distribution cum capital withdrawal

option (earlier known as Dividend option - Dividend
payout sub-option)
 IDCW Payout - Payout of Income Distribution cum capital
withdrawal option (earlier known as Dividend option -
Dividend payout sub-option)
 IDCW Reinvestment - Reinvestment of Income
Distribution cum capital withdrawal option (earlier known
as Dividend option - Dividend reinvestment sub-option)
Default Plan would be as follows in below mentioned scenarios:
Sr ARN Code Plan mentioned by Default Plan

No. mentioned the investor
/ not
mentioned
by the
investor
1 Not Not mentioned ICICI Prudential
mentioned PSU Equity Fund –
Direct Plan
2 Not ICICI Prudential ICICI Prudential
mentioned PSU Equity Fund – PSU Equity Fund –
Direct Plan Direct Plan
3 Not ICICI Prudential ICICI Prudential
mentioned PSU Equity Fund – PSU Equity Fund –
Regular Plan Direct Plan
4 Mentioned ICICI Prudential ICICI Prudential
PSU Equity Fund – PSU Equity Fund –
Direct Plan Direct Plan
5 Direct Not mentioned ICICI Prudential
PSU Equity Fund –
Direct Plan
6 Direct ICICI Prudential ICICI Prudential
Regular Plan Direct Plan
7 Mentioned ICICI Prudential ICICI Prudential
Regular Plan Regular Plan
8 Mentioned Not mentioned ICICI Prudential
PSU Equity Fund –
Regular Plan

In cases of wrong/ invalid/ incomplete ARN codes mentioned on
the application form, the application shall be processed under
ICICI Prudential PSU Equity Fund – Direct Plan. The AMC shall
endeavor to obtain the correct ARN code within 30 calendar
days of the receipt of the application form from the investor. In
case, the correct code is received within 30 calendar days, the
AMC shall reprocess the transaction under ICICI Prudential PSU
Equity Fund – Regular Plan from the date of application without
any exit load.
ICICI Prudential PSU Equity Fund -Direct Plan is only for

investors who purchase /subscribe units in a Scheme directly
with the Fund.
The Plans and Options stated above will have common portfolio.
The investors opting for IDCW option may choose to reinvest the
IDCW to be received by them in additional Units of the Scheme.
Under this provision, the IDCW due and payable to the
Unitholders will compulsorily and without any further act by the
Unitholders be reinvested in the Scheme. On reinvestment of
IDCW, the number of units to the credit of unitholder will
increase to the extent of the amount of IDCW reinvested divided
by the applicable NAV.
No exit load shall be charged on units allotted on reinvestment

of IDCW.
The Trustees reserve the right to declare IDCW under the IDCW
option of the Scheme depending on the net distributable surplus
available under the Scheme. It should, however, be noted that
actual distribution of IDCW and the frequency of distribution will
depend, inter-alia, on the availability of distributable surplus and
will be entirely at the discretion of the Trustee.
The Trustees may at their discretion add one or more additional

options under the Scheme. The Trustees reserve the right to
introduce any other option(s)/sub-option(s) under the Scheme at
a later date, by providing a notice cum addendum to the
investors on the AMC’s website, prior to introduction of such
option(s)/ sub-option(s).
The AMC reserves the right to change/ modify any features of aforesaid facilities
available under the Scheme.

I. INTRODUCTION
A. Risk Factors
STANDARD RISK FACTORS
 Investment in Mutual Fund units involves investment risks such as trading volumes,
settlement risk, liquidity risk, default risk including the possible loss of principal.
 As the price / value / interest rates of the securities in which the Scheme invests
fluctuate, the value of your investment in the Scheme may go up or down.
 Past performance of the Sponsors, AMC/Fund and their associates does not
guarantee the future performance of the Scheme.
 ICICI Prudential PSU Equity Fund is the name of the Scheme and does not in any
manner indicate either the quality of the Scheme or its future prospects and returns.
 The Sponsors are not responsible or liable for any loss resulting from the operation
of the Scheme beyond the contribution of an amount of Rs. 22.2 lacs collectively
made by them towards setting up the Fund and such other accretions and additions
to the corpus set up by the Sponsors.
 The Scheme is not a guaranteed or assured return Scheme.
 The NAVs of the Scheme may be affected by changes in the general market
conditions, factors and forces affecting capital market, in particular, level of interest
rates, various markets related factors and trading volumes, settlement periods and
transfer procedures and can go up or down depending on the factors and forces
affecting the securities markets.
 The NAV of the Scheme Mutual Funds being vehicles of securities investments are
subject to market and other risks and there can be no guarantee against loss resulting
from investing in Scheme.
 All Mutual Funds and securities investments are subject to market risks and there can
be no assurance or guarantee that the objectives of the Scheme will be achieved.
 As the liquidity of the Scheme’s investments could at times, be restricted by trading
volumes and settlement periods, the time taken by the Scheme for redemption of
units may be significant or may also result in delays in redemption of the units, in the
event of an inordinately large number of redemption requests or of a restructuring of
the Scheme’s portfolio. In view of this the Trustee has the right, at their sole
discretion to limit redemptions (including suspending redemption) under certain
circumstances.
 Different types of securities in which the Scheme would invest as given in the
Scheme information document carry different levels and types of risk. Accordingly,
the Scheme’s risk may increase or decrease depending upon its investment pattern.
E.g. corporate bonds carry a higher amount of risk than Government securities.
 The Scheme may invest in ADRs/GDRs, equity of overseas companies listed on
recognized stock exchanges overseas and other securities in accordance with the
provisions of SEBI Circular No. SEBI/IMD/CIR No. 7/104753/07 dated September 26,
2007 and SEBI/IMD/CIR No. 122577/08 dated April 8, 2008 and
SEBI/HO/IMD/DF3/CIR/P/2020/225 dated November 5, 2020, and SEBI circular no.
SEBI/HO/IMD/IMD-II/DOF3/P/CIR/2021/571 dated June 03, 2021 subject to a
maximum of US$ 1 billion per mutual fund. Aggregate ceiling for investment by
Mutual Funds in overseas Exchange Traded Fund (ETF(s)) that invest in securities is
US $ 300 million per Mutual Fund. However, in case the overall industry limit of US$
7 billion has breached the Scheme may temporarily not invest in overseas securities.
Further, for investment in overseas ETFs overall industry limit of US$ 1 billion shall be
considered.

 Investors may note that AMC/Fund Manager’s investment decisions may not be
always profitable as the actual market movement may be at variance with the
anticipated trend. The Scheme proposes to invest substantially in equity and equity
related securities. The Scheme will, to a lesser extent, also invest in debt and money
market instruments. The inability of the Scheme to make intended securities
purchases due to settlement problems could cause the Scheme to miss certain
investment opportunities. By the same rationale, the inability to sell securities held in
the Scheme’s portfolio due to the absence of a well developed and liquid secondary
market for debt securities would result, at times, in potential losses to the Scheme, in
case of a subsequent decline in the value of securities held in the Scheme’s portfolio.
 Liquidity risk - In case of abnormal circumstances it will be difficult to complete the
square off transaction due to liquidity being poor in stock futures/spot market.
However, the Scheme will aim at taking exposure only into liquid stocks where there
will be minimal risk to square off the transaction.
 The AMC may, considering the overall level of risk of the portfolio, invest in lower
rated/unrated securities offering higher yields. This may increase the risk of the
portfolio.
SCHEME SPECIFIC RISK FACTORS
Risk factors associated with investing in PSU companies:
The Scheme invests predominantly in equity / equity related instruments issued by

PSUs. The Scheme is thematic in nature, hence will be affected by the risks associated
with the specific theme. Owing to high concentration risk for thematic scheme, risk of
capital loss is high. There is an element of unpredictable market cycles that could run for
extended periods. Loss of value due to obsolescence, or regulatory changes coupled
with structural rigidity of the Scheme can lead to permanent loss of capital. Thus,
investing in a thematic fund could involve potentially higher volatility and risk.
Investors may note that AMC/Fund Manager’s investment decisions may not be always
profitable. Although it is intended to generate capital appreciation and maximize the
returns by actively investing in equity/ equity related securities and utilising debt and
money market instruments as a defensive investment strategy.
At times, churning of portfolios may lead to substantial losses due to subsequent

adverse developments in the capital markets or unfavourable market movements. In
view of the same, there can be no assurance that the investment objective of the
Scheme will be realised.
In addition, the scheme is also subject to following specific risks:-
1. Competition from the private players can have a significant impact on overall
operations of PSUs.
2. Management of PSUs may face challenges with respect to strategic planning as
the board members of such undertakings comprise of bureaucrats who may be
appointed for short duration. Further, majority of such bureaucrats have multiple
roles which could lead to limited involvement in the company.
3. The government has budgetary targets to raise funding through dilution of stake
in such companies. This is expected to lead to increased supply of equity shares
which could adversely affect price of such shares. Further, ability of companies to
raise resources through additional equity issuance becomes a challenge.
4. PSUs at times may be required to undertake dividend distribution as well as share
buyback which could affect liquidity of company. PSUs may also be required to
acquire company or undertake projects which may affect profitability in the short
term.
5. Government continues to divest stake in companies which could lead to change
in ownership to a private sector. Delays in divestment in such companies may
impact the performance of PSUs.
6. Privatization of PSUs is politically sensitive decision hence may in certain cases
require long period of time.
1. Investing in Equities
 Investors may note that AMC/Fund Manager’s investment decisions may not be
always profitable, as actual market movements may be at variance with anticipated
trends. Trading volumes, settlement periods and transfer procedures may restrict the
liquidity of these investments. Different segments of the financial markets have
different settlement periods and such periods may be extended significantly by
unforeseen circumstances. The inability of the Schemes to make intended securities
purchases due to settlement problems could cause the Schemes to miss certain
investment opportunities.
 The value of the Schemes’ investments, may be affected generally by factors affecting
securities markets, such as price and volume volatility in the capital markets, interest
rates, currency exchange rates, changes in policies of the Government, taxation laws
or any other appropriate authority policies and other political and economic
developments which may have an adverse bearing on individual securities, a specific
sector or all sectors including equity and debt markets. Consequently, the NAV of the
Units of the Schemes may fluctuate and can go up or down.
 The Mutual Fund may not be able to sell / lend out securities, which can lead to
temporary illiquidity. There are risks inherent in securities lending, including the risk
of failure of the other party, in this case the approved intermediary to comply with the
terms of the agreement. Such failure can result in a possible loss of rights to the
collateral, the inability of the approved intermediary to return the securities deposited
by the lender and the possible loss of corporate benefits accruing thereon.
 Investors may note that IDCW is due only when declared and there is no assurance
that a company (even though it may have a track record of payment of IDCW in the
past) may continue paying IDCW in future. As such, the schemes are vulnerable to
instances where investments in securities may not earn IDCW or where lesser IDCW is
declared by a company in subsequent years in which investments are made by
schemes. As the profitability of companies are likely to vary and have a material
bearing on their ability to declare and pay IDCW, the performance of the schemes
may be adversely affected due to such factors.
 While securities that are listed on the stock exchange carry lower liquidity risk, the
ability to sell these investments is limited by the overall trading volume on the stock
exchanges. The liquidity of the Schemes’ investments is inherently restricted by
trading volumes in the securities in which it invests.
 Fund manager endeavors to generate returns based on certain past statistical trend.
The performance of the schemes may get affected if there is a change in the said
trend. There can be no assurance that such historical trends will continue.
 In case of abnormal circumstances it will be difficult to complete the square off

transaction due to liquidity being poor in stock futures/spot market. However, fund
will aim at taking exposure only into relatively liquid stocks where there will be
minimal risk to square off the transaction. The Schemes investing in foreign securities
will be exposed to settlement risk, as different countries have different settlement
periods.
 The schemes are also vulnerable to movements in the prices of securities invested by
the schemes which again could have a material bearing on the overall returns from
the schemes.
 Securities, which are not quoted on the stock exchanges, are inherently illiquid in
nature and carry a larger amount of liquidity risk, in comparison to securities that are
listed on the exchanges or offer other exit options to the investor, including a put
option.
 Changes in Government policy in general and changes in tax benefits applicable to

mutual funds may impact the returns to investors in the Schemes or business
prospects of the Company in any particular sector.
2. Investing in Fixed Income Securities
 Market Risk/Interest Rate Risk: The Net Asset Value (NAV) of the Scheme(s), to the
extent invested in Debt and Money Market securities, will be affected by changes in
the general level of interest rates. The NAV of the Scheme(s) is expected to increase
from a fall in interest rates while it would be adversely affected by an increase in the
level of interest rates.
 Liquidity Risk: The liquidity of a security may change depending on market

conditions leading to changes in the liquidity premium linked to the price of the
security. At the time of selling the security, the security can become illiquid leading to
loss in the value of the portfolio.
 Credit Risk: Investments in Fixed Income Securities are subject to the risk of an
issuer's inability to meet interest and principal payments on its obligations and
market perception of the creditworthiness of the issuer.
 Price Risk: Government securities where a fixed return is offered run price-risk like
any other fixed income security. Generally, when interest rates rise, prices of fixed
income securities fall and when interest rates drop, the prices increase. The extent of
fall or rise in the prices is a function of the existing coupon, days to maturity and the
increase or decrease in the level of interest rates. The new level of interest rate is
determined by the rates at which government raises new money and/or the price
levels at which the market is already dealing in existing securities. The price-risk is
not unique to Government Securities. It exists for all fixed income securities.
However, Government Securities are unique in the sense that their credit risk
generally remains zero. Therefore, their prices are influenced only by movement in
interest rates in the financial system.
 Settlement risk: The inability of the Scheme to make intended securities purchases
due to settlement problems could cause the Scheme to miss certain investment
opportunities. By the same rationale, the inability to sell securities held in the
Schemes’ portfolio due to the extraneous factors that may impact liquidity would
result, at times, in potential losses to the Plan, in case of a subsequent decline in the
value of securities held in the Schemes’ portfolio

 Regulatory Risk: Changes in government policy in general and changes in tax
benefits applicable to Mutual Funds may impact the returns to investors in the
Scheme.
 Risks associated with investment in unlisted securities: Except for any security of an
associate or group company, the scheme has the power to invest in securities which
are not listed on a stock exchange (“unlisted Securities”) which in general are subject
to greater price fluctuations, less liquidity and greater risk than those which are
traded in the open market. Unlisted securities may lack a liquid secondary market and
there can be no assurance that the Scheme will realise their investments in unlisted
securities at a fair value.
 Fixed Income Securities: Money Market Securities are subject to the risk of an
issuer’s inability to meet interest and principal payments on its obligations and
market perception of the creditworthiness of the issuer.
 Reinvestment Risk: This risk refers to the interest rate levels at which cash flows
received from the securities in the Scheme are reinvested. The additional income
from reinvestment is the “interest on interest” component. The risk is that the rate at
which interim cash flows can be reinvested may be lower than that originally
assumed.
 Different types of fixed income securities in which the Scheme(s) would invest as
given in the Scheme Information Document carry different levels and types of risk.
Accordingly, the Scheme(s) risk may increase or decrease depending upon its
investment pattern. e.g. corporate bonds carry a higher level of risk than Government
securities.
 The AMC may, considering the overall level of risk of the portfolio, invest in lower
rated securities offering higher yields as well as zero coupon securities that offer
attractive yields. This may increase the absolute level of risk of the portfolio.
 As zero coupon securities does not provide periodic interest payments to the holder
of the security, these securities are more sensitive to changes in interest rates.
Therefore, the interest rate risk of zero coupon securities is higher. The AMC may
choose to invest in zero coupon securities that offer attractive yields. This may
increase the risk of the portfolio.
 The Scheme(s) at times may receive large number of redemption requests, leading to
an asset-liability mismatch and therefore, requiring the investment manager to make
a distress sale of the securities leading to realignment of the portfolio and
consequently resulting in investment in lower yield instruments.
 Scheme’s performance may differ from the benchmark index to the extent of the
investments held in the debt segment, as per the investment pattern indicated under
normal circumstances.
 The inability of the Schemes to make intended securities purchases due to settlement
problems could cause the Schemes to miss certain investment opportunities. By the
same rationale, the inability to sell securities held in the Schemes’ portfolio due to the
extraneous factors that may impact liquidity would result, at times, in potential losses
to the Scheme, in case of a subsequent decline in the value of securities held in the
Schemes’ portfolio.
 The Scheme may also invest in units of debt schemes including that of ICICI
Prudential Mutual Fund which may have objective to invest in debt and money
market instruments and are subject to risks as stated above.

3. Risks associated with Investing in Derivatives:
The Schemes may use various derivative products as permitted by the Regulations.
Use of derivatives requires an understanding of not only the underlying instrument
but also of the derivative itself. Other risks include the risk of mis-pricing or improper
valuation and the inability of derivatives to correlate perfectly with underlying assets,
rates and indices.
The Fund may use derivatives instruments like Stock /Index Futures or other
derivative instruments for the purpose of hedging and portfolio balancing, as
permitted under the Regulations and guidelines. Usage of derivatives will expose the
Schemes to certain risks inherent to such derivatives.
Derivative products are leveraged instruments and can provide disproportionate

gains as well as disproportionate losses to the investor. Execution of such strategies
depends upon the ability of the fund manager to identify such opportunities.
Identification and execution of the strategies to be pursued by the fund manager
involve uncertainty and decision of fund manager may not always be profitable. No
assurance can be given that the fund manager will be able to identify or execute such
strategies.
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 risks associated with the use of derivatives are different from or possibly greater
than the risks associated with investing directly in securities and other traditional
investments.
The specific risk factors arising out of a derivative strategy used by the Fund Manager
may be as below:
 Lack of opportunity available in the market.

 The risk of mispricing or improper valuation and the inability of derivatives to
correlate perfectly with underlying assets, rates and indices.
 Execution Risk: The prices which are seen on the screen need not be the same at
which execution will take place
 Basis Risk: This risk arises when the derivative instrument used to hedge the
underlying asset does not match the movement of the underlying asset being
hedged
 Exchanges could raise the initial margin, variation margin or other forms of
margin on derivative contracts, impose one sided margins or insist that margins
be placed in cash. All of these might force positions to be unwound at a loss, and
might materially impact returns.
Additional risks for writing covered call options for equity shares
1. Writing call options are highly specialized activities and entail higher than ordinary
investment risks. In such investment strategy, the profits from call option writing is
capped at the option premium, however the downside depends upon the increase in
value of the underlying equity shares.
2. The Scheme may write covered call option only in case it has adequate number of
underlying equity shares as per regulatory requirement. This would lead to setting
aside a portion of investment in underlying equity shares. If covered call options are
sold to the maximum extent allowed by regulatory authority, the scheme may not be
able to sell the underlying equity shares immediately if the view changes to sell and
exit the stock. The covered call options need to be unwound before the stock
positions can be liquidated. This may lead to a loss of opportunity, or can cause exit
issues if the strike price at which the call option contracts have been written become
illiquid. Hence, the scheme may not be able to sell the underlying equity shares,
which can lead to temporary illiquidity of the underlying equity shares and result in
loss of opportunity.
3. The writing of covered call option would lead to loss of opportunity due to
appreciation in value of the underlying equity shares. Hence, when the appreciation in
equity share price is more than the option premium received the scheme would be at
a loss.
4. The total gross exposure related to option premium paid and received must not
exceed the regulatory limits of the net assets of the scheme. This may restrict the
ability of Scheme to buy any options.
RISK FACTORS WITH RESPECT TO IMPERFECT HEDGING USING INTEREST RATE

FUTURES
An Interest Rate Futures is an agreement to buy or sell a debt instrument at a specified

future date at a price that is fixed today. Interest Rate Futures are Exchange traded. These
future contracts are cash settled.
1. Perfect Hedging means hedging the underlying using IRF contract of same underlying.
2. Imperfect hedging means the underlying being hedged and the IRF contract has
correlation of closing prices of more than 90%.
In case of imperfect hedging, the portfolio can be a mix of:
1) Corporate Bonds and Government securities or
2) Only Corporate debt securities or
3) Only government securities with different maturities
Risk associated with imperfect hedging includes:
Basis Risk: The risk arises when the price movements in derivative instrument used to
hedge the underlying assets does not match the price movements of the underlying
assets being hedged. Such difference may potentially amplify the gains or losses, thus
adding risk to the position.
Price Risk: The risk of mispricing or improper valuation and the inability of derivatives to
Risk of mismatch between the instruments: The risk arises if there is a mismatch
between the prices movements in derivative instrument used to hedge, compared to the
price movement of the underlying assets being hedged. For example; when IRF which
has government security as underlying is used, to hedge a portfolio that contains
corporate debt securities.
Correlation weakening and consequent risk of regulatory breach: SEBI Regulation

mandates minimum correlation criterion of 0.9 (calculated on a 90 day basis) between
the portfolio being hedged and the derivative instrument used for hedging. In cases
where the correlation falls below 0.9, a rebalancing period of 5 working days has been
permitted. Inability to satisfy this requirement to restore the correlation level to the
stipulated level, within the stipulated period, due to difficulties in rebalancing would lead
to a lapse of the exemption in gross exposure computation. The entire derivative
exposure would then need to be included in gross exposure, which may result in gross
exposure in excess of 100% of net asset value.
4. Risks associated with investing in Securitised Debt:
A securitization transaction involves sale of receivables by the originator (a bank, non-

banking finance company, housing finance company, microfinance companies or a
manufacturing/service company) to a Special Purpose Vehicle (SPV), typically set up in
the form of a trust. Investors are issued rated Pass Through Certificates (PTCs), the
proceeds of which are paid as consideration to the originator. In this manner, the
originator, by selling his loan receivables to an SPV, receives consideration from
investors much before the maturity of the underlying loans. Investors are paid from the
collections of the underlying loans from borrowers. Typically, the transaction is provided
with a limited amount of credit enhancement (as stipulated by the rating agency for a
target rating), which provides protection to investors against defaults by the underlying
borrowers. Generally available asset classes for securitization in India are:
o Commercial vehicles
o Auto and two wheeler pools
o Mortgage pools (residential housing loans)
o Personal loan, credit card and other retail loans
o Corporate loans/receivables
o Microfinance receivables
In pursuance to SEBI communication dated: August 25, 2010, given below are the
requisite details relating to investments in Securitized debt.
 Risk profile of securitized debt vis-à-vis risk appetite of the scheme:
Investment in these instruments will help the scheme in aiming at reasonable

returns. These returns come with a certain degree of risks which are covered
separately in the Scheme Information Document. Accordingly, the medium risk
profile of the securitised debt instruments matches that of the prospective investors
of these Schemes.
 Policy relating to originators based on nature of originator, track record, NPAs, losses
in earlier securitized debt, etc.
 Risk mitigation strategies for investments with each kind of originator
For a complete understanding of the policy relating to selection of originators, we

have first analysed below risks attached to a securitization transaction.
In terms of specific risks attached to securitization, each asset class would have
different underlying risks, however, residential mortgages are supposed to be having
lower default rates as an asset class. On the other hand, repossession and
subsequent recovery of commercial vehicles and other auto assets is fairly easier
and better compared to mortgages. Some of the asset classes such as personal
loans, credit card receivables etc., being unsecured credits in nature, may witness
higher default rates. As regards corporate loans/receivables, depending upon the
nature of the underlying security for the loan or the nature of the receivable the risks
would correspondingly fluctuate. However, the credit enhancement stipulated by
rating agencies for such asset class pools is typically much higher, which helps in
making their overall risks comparable to other AAA/AA rated asset classes.
The Scheme may invest in securitized debt assets. These assets would be in the
nature of Asset Backed securities (ABS) and Mortgage Backed securities (MBS) with
underlying pool of assets and receivables like housing loans, auto loans and single
corporate loan originators. The Scheme intends to invest in securitized instruments
rated AAA/AA by a SEBI recognized credit rating agency.
Before entering into any securitization transaction, the risk is assessed based on the
information generated from the following sources:
(1) Rating provided by the rating agency

(2) Assessment by the AMC
(1) Assessment by a Rating Agency
In its endeavor to assess the fundamental uncertainties in any securitization

transaction, a credit rating agency normally takes into consideration following
factors:
Credit Risk:
Credit risk forms a vital element in the analysis of securitization transaction.

Adequate credit enhancements to cover defaults, even under stress scenarios,
mitigate this risk. This is done by evaluating following risks:
o Asset risk
o Originator risk
o Portfolio risk
o Pool risks
The quality of the pool is a crucial element in assessing credit risk. In the Indian
context, generally, pools are ‘cherry-picked’ using positive selection criteria. To
protect the investor from adverse selection of pool contracts, the rating agencies
normally take into consideration pool characteristics such as pool seasoning
(seasoning represents the number of installments paid by borrower till date:
higher seasoning represents better quality), over dues at the time of selection and
Loan to Value (LTV). To assess its risk profile vis-à-vis the overall portfolio, the pool
is analyzed with regard to geographical location, borrower profile, LTV, and tenure.
Counterparty Risk:
There are several counterparties in a securitization transaction, and their

performance is crucial. Unlike in the case of credit risks, where the risks emanate
from a diversified pool of retail assets, counterparty risks result in either
performance or non-performance. The rating agencies generally mitigate such risks
through the usage of stringent counterparty selection and replacement criteria to
reduce the risk of failure. The risks assessed under this category include:
o Servicer risk
o Commingling risk
o Miscellaneous other counterparty risks

Legal Risks:
The rating agency normally conducts a detailed study of the legal documents to
ensure that the investors' interest is not compromised and relevant protection and
safeguards are built into the transaction.
Market Risks:
Market risks represent risks not directly related to the transaction, but other market
related factors, stated below, which could have an impact on transaction
performance, or the value of the investments to the investors.
o Macro-economic risks
o Prepayment risks
o Interest rate risks
Other Risks associated with investment in securitized debt and mitigation measures
Limited Liquidity and Price Risk:
There is no assurance that a deep secondary market will develop for the Certificates.
This could limit the ability of the investor to resell them.
Risk Mitigation: Securitized debt instruments are relatively illiquid in the secondary
market and hence they are generally held to maturity. The liquidity risk and HTM
nature is taken into consideration at the time of analyzing the appropriateness of the
securitization.
Limited Recourse, Delinquency and Credit Risk:
The Credit Enhancement stipulated represents a limited loss cover to the Investors.
These Certificates represent an undivided beneficial interest in the underlying
receivables and do not represent an obligation of either the Issuer or the Seller or
the originator, or the parent of the Seller, Issuer and Originator. No financial recourse
is available to the Certificate Holders against the Investors' Representative.
Delinquencies and credit losses may cause depletion of the amount available under
the Credit Enhancement and thereby the Investor Payouts to the Certificate Holders
may get affected if the amount available in the Credit Enhancement facility is not
enough to cover the shortfall. On persistent default of an Obligor to repay his
obligation, the Servicer may repossess and sell the Asset. However, many factors
may affect, delay or prevent the repossession of such Asset or the length of time
required to realise the sale proceeds on such sales. In addition, the price at which
such Asset may be sold may be lower than the amount due from that Obligor.
Risk Mitigation: In addition to careful scrutiny of credit profile of borrower/pool

additional security in the form of adequate cash collaterals and other securities may
be obtained to ensure that they all qualify for similar rating.
Risks due to possible prepayments: Weighted Tenor / Yield
Asset securitisation is a process whereby commercial or consumer credits are

packaged and sold in the form of financial instruments Full prepayment of
underlying loan contract may arise under any of the following circumstances;
o Obligor pays the Receivable due from him at any time prior to the scheduled
maturity date of that Receivable; or
o Receivable is required to be repurchased by the Seller consequent to its
inability to rectify a material misrepresentation with respect to that Receivable;
or
o The Servicer recognizing a contract as a defaulted contract and hence
repossessing the underlying Asset and selling the same
o In the event of prepayments, investors may be exposed to changes in tenor
and yield.
Risk Mitigation: A certain amount of prepayments is assumed in the calculations at

the time of purchase based on historical trends and estimates. Further a stress case
estimate is calculated and additional margins are built in.
Bankruptcy of the Originator or Seller:
If originator becomes subject to bankruptcy proceedings and the court in the

bankruptcy proceedings concludes that the sale from originator to Trust was not a
sale then an Investor could experience losses or delays in the payments due. All
possible care is generally taken in structuring the transaction so as to minimize the
risk of the sale to Trust not being construed as a “True Sale”. Legal opinion is
normally obtained to the effect that the assignment of Receivables to Trust in trust
for and for the benefit of the Investors, as envisaged herein, would constitute a true
sale.
Risk Mitigation: Normally, specific care is taken in structuring the securitization

transaction so as to minimize the risk of the sale to the trust not being construed as a
'true sale'. It is also in the interest of the originator to demonstrate the transaction as
a true sell to get the necessary revenue recognition and tax benefits.
Bankruptcy of the Investor’s Agent:
If Investor’s agent becomes subject to bankruptcy proceedings and the court in the
bankruptcy proceedings concludes that the recourse of Investor’s Agent to the
assets/receivables is not in its capacity as agent/Trustee but in its personal capacity,
then an Investor could experience losses or delays in the payments due under the
swap agreement. All possible care is normally taken in structuring the transaction
and drafting the underlying documents so as to provide that the assets/receivables if
and when held by Investor’s Agent is held as agent and in Trust for the Investors and
shall not form part of the personal assets of Investor’s Agent. Legal opinion is
normally obtained to the effect that the Investors Agent’s recourse to
assets/receivables is restricted in its capacity as agent and trustee and not in its
personal capacity.
Risk Mitigation: All possible care is normally taken in structuring the transaction and
drafting the underlying documents so as to provide that the assets/receivables if and
when held by Investor’s Agent is held as agent and in Trust for the Investors and
shall not form part of the personal assets of Investor’s Agent.
Credit Rating of the Transaction / Certificate:
The credit rating is not a recommendation to purchase, hold or sell the Certificate in
as much as the ratings do not comment on the market price of the Certificate or its
suitability to a particular investor. There is no assurance by the rating agency either
that the rating will remain at the same level for any given period of time or that the
rating will not be lowered or withdrawn entirely by the rating agency.
Risk of Co-mingling:
With respect to the Certificates, the Servicer will deposit all payments received from
the Obligors into the Collection Account. However, there could be a time gap
between collection by a Servicer and depositing the same into the Collection
account especially considering that some of the collections may be in the form of
cash. In this interim period, collections from the Loan Agreements may not be
segregated from other funds of originator. If originator in its capacity as Servicer fails
to remit such funds due to Investors, the Investors may be exposed to a potential
loss.
(2) Assessment by the AMC
Mapping of structures based on underlying assets and perceived risk profile
The scheme may invest in securitized debt originated by Banks, NBFCs and other
issuers. The AMC may evaluate following factors, while investing in securitized debt:
Originator:
Acceptance Evaluation Parameters (For Pool Loan and Single Loan Securitization
Transactions)
Track record:
The AMC ensures that there is adequate past track record of the Originator before
selection of the pool including a detailed look at the number of issuances in past,
track record of issuances, experience of issuance team, etc.
Willingness to pay:
As the securitized structure has underlying collateral structure, depending on the

asset class, historical NPA trend and other pool / loan characteristics, a credit
enhancement in the form of cash collateral, such as fixed deposit, bank, guarantee
etc. is obtained, as a risk mitigation measure.
Ability to pay:
This assessment is based on a strategic framework for credit analysis, which entails
a detailed financial risk assessment.
Management analysis is used for identifying company specific financial risks. One of
the most important factors for assessment is the quality of management based on its
past track record and feedback from market participants. In order to assess financial
risk a broad assessment of the issuer’s financial statements is undertaken to review
its ability to undergo stress on cash flows and asset quality. Business risk
assessment, wherein following factors are considered:
o Outlook for the economy (domestic and global)

o Outlook for the industry
o Company specific factors
In addition a detailed review and assessment of rating rationale is done including

interactions with the company as well as agency

Critical Evaluation Parameters (For Pool Loan and Single Loan Securitization
Transactions)
Typically the AMC would avoid investing in securitization transaction (without

specific risk mitigant strategies / additional cash/security collaterals/ guarantees) if
there are concerns on the following issues regarding the originator / underlying
issuer:
 High default track record/ frequent alteration of redemption conditions / covenants

 High leverage ratios – both on a standalone basis as well on a consolidated level/
group level
 Higher proportion of reschedulement of underlying assets of the pool or loan, as
the case may be
 Higher proportion of overdue assets of the pool or the underlying loan, as the
case may be
 Poor reputation in market
 Insufficient track record of servicing of the pool or the loan, as the case may be.
Advantages of Investments in Single Loan Securitized Debt
1. Wider Coverage: A Single Loan Securitized Debt market offers a more diverse
range of issues / exposures as the Banks / NBFCs lend to larger base of
borrowers.
2. Credit Assessment: Better credit assessment of the underlying exposure as the
Banks / NBFCs ideally co-invest in the same structure or take some other
exposure on the same borrower in some other form.
3. Better Structuring: Single Loan Securitized Debt investments facilitates better
structuring than investments in plain vanilla debt instruments as it is governed by
Securitization guidelines issued by RBI.
4. Better Legal documentation: Single Loan Securitized Debt structures involve
better legal documentation than Non-Convertible Debenture (NCD) investments.
5. End use of funds: Securitized debt has better standards of disclosures as well as
limitation on end use of funds as compared to NCD investments wherein the end
use is general corporate purpose.
6. Yield enhancer: Single Loan Securitized Debt investments give higher returns as
compared to NCD investments in same corporate exposure.
7. Regulator supervision: Macro level supervision from RBI in Securitization
Investments as compared to NCD investments.
8. Tighter covenants: Single Loan Securitized Debt structures involve tighter
financial covenants than NCD investments.
Disadvantages of Investments in Single Loan Securitized Debt
 Liquidity risk: Investments in Single Loan Securitized Debts have relatively less
liquidity as compared to investments in NCDs.
 Co-mingling risk: Servicers in a securitization transaction normally deposit all
payments received from the obligors into a collection account. However, there
could be a time gap between collection by a servicer and depositing the same into
the collection account. In this interim period, collections from the loan agreements
by the servicer may not be segregated from other funds of the servicer. If the
servicer fails to remit such funds due to investors, investors in the Scheme may
be exposed to a potential loss.

Table below illustrates the framework that may be applied while evaluating investment
decision relating to a pool securitization transaction:
Characteristics/Type Mortgage Commercial CAR 2 Micro Personal

of Pool Loan Vehicle and wheelers Finance Loans
Construction Pools
Equipment
Approximate 36-120 12- 60 12-60 15-48 15-80 5 months -

Average maturity months months months months weeks 3 years
(in Months)
Collateral margin 3-10% 4-12% 4-13% 4-15% 5-15% 5-15%
(including cash
,guarantees, excess
interest spread ,
subordinate
tranche)
Average Loan to 75%- 80%-98% 75%- 70%- Unsecured Unsecured
Value Ratio 95% 95% 95%
Average seasoning 3-5 3-6 months 3-6 3-5 2-7 weeks
1-5
of the Pool months months months months
Maximum single 4-5% 3-4% NA NA NA (Very NA (Retail
exposure range (Retail (Retail
Small Pool)
Pool) Pool) Retail
loan)
Average single 0.5%-3% 0.5%-3% <1% <1% of <1% of <1% of
exposure range % of the the Fund the Fund the Fund
Fund size size size
size
Notes:
1. Retail pools are the loan pools relating to Car, 2 wheeler, micro finance and
personal loans, wherein the average loan size is relatively small and spread over
large number of borrowers.
2. Information illustrated in the Tables above, is based on the current scenario
relating to Securitized Debt market and is subject to change depending upon the
change in the related factors.
3. The level of diversification with respect to the underlying assets, and risk
mitigation measures for less diversified investments
4. Majority of our securitized debt investments shall be in asset backed pools
wherein we may have underlying assets as Medium and Heavy Commercial
Vehicles, Light Commercial Vehicles (LCV), Cars, and Construction Equipment etc.
Where we invest in Single Loan Securitization, as the credit is on the underlying
issuer, we focus on the credit review of the borrower.
In addition to the framework as per the table above, we also take into account
following factors, which are analyzed to ensure diversification of risk and measures
identified for less diversified investments:
 Size of the Loan:

We generally analyze the size of each loan on a sample basis and analyze a static
pool of the originator to ensure the same matches the Static pool characteristics.
Also indicates whether there is excessive reliance on very small ticket size, which
may result in difficult and costly recoveries. To illustrate, the ticket size of housing

loans is generally higher than that of personal loans. Hence in the construction of
a housing loan asset pool for say Rs.1,00,00,000/- it may be easier to construct a
pool with just 10 housing loans of Rs.10,00,000 each rather than to construct a
pool of personal loans as the ticket size of personal loans may rarely exceed
Rs.5,00,000/- per individual. Also to amplify this illustration further, if one were to
construct a pool of Rs.1,00,00,000/- consisting of personal loans of Rs.1,00,000/-
each, the larger number of contracts (100 as against one of 10 housing loans of
Rs.10 lakh each) automatically diversifies the risk profile of the pool as compared
to a housing loan based asset pool.
 Average Original Maturity of the Pool:

Indicates the original repayment period and whether the loan tenors are in line
with industry averages and borrower’s repayment capacity. To illustrate, in a car
pool consisting of 60-month contracts, the original maturity and the residual
maturity of the pool viz. number of remaining installments to be paid gives a
better idea of the risk of default of the pool itself. If in a pool of 100 car loans
having original maturity of 60 months, if more than 70% of the contracts have
paid more than 50% of the installments and if no default has been observed in
such contracts, this is a far superior portfolio than a similar car loan pool where
80% of the contracts have not even crossed 5 installments.
 Default Rate Distribution:

We generally ensure that all the contracts in the pools are current to ensure zero
default rate distribution. Indicates how much % of the pool and overall portfolio of
the originator is current, how much is in 0-30 DPD (days past due), 30-60 DPD, 60-
90 DPD and so on. The rationale here being, as against 0-30 DPD, the 60-90 DPD
is certainly a higher risk category.
 Geographical Distribution:
Regional/state/ branch distribution is preferred to avoid concentration of assets in
a particular region/state/branch.
 Loan to Value Ratio:

Indicates how much % value of the asset is financed by borrower’s own equity.
The lower LTV, the better it is. This Ratio stems from the principle that where the
borrowers own contribution of the asset cost is high, the chances of default are
lower. To illustrate for a Truck costing Rs.20 lakhs, if the borrower has himself
contributed Rs.10 lakh and has taken only Rs.10 lakh as a loan, he is going to have
lesser propensity to default as he would lose an asset worth Rs.20 lakhs if he
defaults in repaying an installment. This is as against a borrower who may meet
only Rs.2 lakh out of his own equity for a truck costing Rs.20 lakh. Between the
two scenarios given above, the latter would have higher risk of default than the
former.
 Average seasoning of the pool:

Indicates whether borrowers have already displayed repayment discipline. To
illustrate, in the case of a personal loan, if a pool of assets consist of those who
have already repaid 80% of the installments without default, this certainly is a
superior asset pool than one where only 10% of installments have been paid. In
the former case, the portfolio has already demonstrated that the repayment
discipline is far higher.
 Risk Tranching:
Typically, we would avoid investing in mezzanine debt or equity of Securitized
debt in the form of sub ordinate tranche, without specific risk mitigant strategies /
additional cash / security collaterals/ guarantees, etc.
 The mechanism to tackle conflict of interest when the mutual fund invests in
securitized debt of an originator and the originator in turn makes investments in
that particular scheme of the fund
Investments made by the scheme in any asset are done based on the
requirements of the scheme and is in accordance with the investment policy. All
Investments are made entirely at an arm's length basis with no consideration of
any existing / consequent investments by any party related to the transaction
(originator, issuer, borrower etc.). Investments made in Securitized debt are made
as per the Investment pattern of the Scheme and are done after detailed analysis
of the underlying asset. There might be instances of Originator investing in the
same scheme but both the transactions are at arm's length and avoid any conflict
of interest. In addition to internal controls in the fixed income investment process,
there is regular monitoring by the compliance team, risk management group, and
internal review teams. Normally the issuer who is securitizing instrument is in
need of money and is unlikely to have long term surplus to invest in mutual fund
scheme.
 In general, the resources and mechanism of individual risk assessment with the
AMC for monitoring investment in securitized debt
The risk assessment process for securitized debt, as detailed in the preceding
paragraphs, is same as any other credit. The investments in securitized debt are
done after appropriate research. The ratings are monitored for any movement.
Monthly Pool Performance MIS is received from the trustee and is analyzed for
any variation. The entire securitized portfolio is published in the fact sheet and
disclosed in the website with details of underlying exposure and originator.
Note: The information contained herein is based on current market conditions and
may change from time to time based on changes in such conditions, regulatory
changes and other relevant factors. Accordingly, our investment strategy, risk
mitigation measures and other information contained herein may change in
response to the same.
5. Risk factors associated with investing in Preference Shares
 Credit Risk - Investments in Preference Shares are subject to the risk of an issuer's
inability to meet dividend and redemption by the issuer. Further, for non-cumulative
preference shares, issuer also has an option to not pay dividends on preference
shares in case of inadequate profits in any year.
 Liquidity Risk - Preference shares lack a well-developed secondary market, which may
restrict the selling ability of the Scheme(s) and may lead to the Scheme(s) incurring
losses till the security is finally sold.
 Unsecured in nature - Preference shares are unsecured in nature and rank lower than
secured and unsecured debt in hierarchy of payments in case of liquidation. Thus,
there is significant risk of capital erosion in case the company goes into liquidation.

 Market Risk – The schemes will be vulnerable to movements in the prices of securities
invested by the schemes which could have a material bearing on the overall returns
from the schemes.
6. Risks associated with Securities Lending & Borrowing (SLB)
Securities lending is lending of securities through an approved intermediary to a

borrower under an agreement for a specified period with the condition that the
borrower will return equivalent securities of the same type or class at the end of the
specified period along with the corporate benefits accruing on the securities
borrowed.
The risks in security lending consist of the failure of intermediary / counterparty, to

comply with the terms of agreement entered into between the lender of securities i.e.
the Scheme and the intermediary / counterparty. Such failure to comply can result in
the possible loss of rights in the collateral put up by the borrower of the securities,
the inability of the approved intermediary to return the securities deposited by the
lender and the possible loss of any corporate benefits accruing to the lender from the
securities deposited with the approved intermediary. The scheme may not be able to
sell lent out securities, which can lead to temporary illiquidity & loss of opportunity.
Investors are requested to refer to section “How will the Scheme allocate its assets?”
for maximum permissible exposure to Securities Lending & Borrowing.
The Scheme will not engage in Short Selling activity.

7. Risk Factors associated with Thematic Schemes:
Investing in thematic schemes is based on the premise that the Scheme will seek to
invest in companies belonging to a specific sector / theme. This will limit the
capability of the Scheme to invest in other sectors/theme.
The Scheme would invest in equity and equity related securities of companies
engaged in the particular sector / theme and hence concentration risk is expected to
be high.
Also, as with all equity investing, there is a risk that companies in that specific sector /
theme will not achieve its expected earnings results, or that an unexpected change in
the market or within the company will occur, both of which may adversely affect
investment results. Thus investing in a sector /theme specific scheme could involve
potentially greater volatility and risk.
8. Risk factors associated with creation of segregated portfolios
1. Liquidity risk – A segregated portfolio is created when a credit event occurs at an

issuer level in the scheme. This may reduce the liquidity of the security issued by the
said issuer, as demand for this security may reduce. This is also further accentuated by
the lack of secondary market liquidity for corporate papers in India. As per SEBI norms,
the scheme is to be closed for redemption and subscriptions until the segregated
portfolio is created, running the risk of investors being unable to redeem their
investments. However, it may be noted that, the proposed segregated portfolio is
required to be formed within one day from the occurrence of the credit event.

Investors may note that no redemption and subscription shall be allowed in the
segregated portfolio. However, in order to facilitate exit to unit holders in segregated
portfolio, AMC shall list the units of the segregated portfolio on a recognized stock
exchange within 10 working days of creation of segregated portfolio and also enable
transfer of such units on receipt of transfer requests. For the units listed on the
exchange, it is possible that the market price at which the units are traded may be at a
discount to the NAV of such Units. There is no assurance that a deep secondary market
will develop for units of segregated portfolio listed on the stock exchange. This could
limit the ability of the investors to resell them.
2. Valuation risk - The valuation of the securities in the segregated portfolio is required to
be carried out in line with the applicable SEBI guidelines. However, it may be difficult to
ascertain the fair value of the securities due to absence of an active secondary market
and difficulty to price in qualitative factors.
9. Risks associated with investing in Tri Party Repo through CCIL (TREPS)
The mutual fund is a member of securities segment and Tri-party Repo trade
settlement of the Clearing Corporation of India (CCIL). All transactions of the mutual
fund in government securities and in Tri-party Repo trades are settled centrally
through the infrastructure and settlement systems provided by CCIL; thus reducing
the settlement and counterparty risks considerably for transactions in the said
segments.
CCIL maintains prefunded resources in all the clearing segments to cover potential
losses arising from the default member. In the event of a clearing member failing to
honour his settlement obligations, the default Fund is utilized to complete the
settlement. The sequence in which the above resources are used is known as the
“Default Waterfall”.
As per the waterfall mechanism, after the defaulter’s margins and the defaulter’s
contribution to the default fund have been appropriated, CCIL’s contribution is used to
meet the losses. Post utilization of CCIL’s contribution if there is a residual loss, it is
appropriated from the default fund contributions of the non-defaulting members.
Thus the scheme is subject to risk of the initial margin and default fund contribution
being invoked in the event of failure of any settlement obligations. In addition, the
fund contribution is allowed to be used to meet the residual loss in case of default by
the other clearing member (the defaulting member).
However, it may be noted that a member shall have the right to submit resignation
from the membership of the Security segment if it has taken a loss through
replenishment of its contribution to the default fund for the segments and a loss
threshold as notified have been reached. The maximum contribution of a member
towards replenishment of its contribution to the default fund in the 7 days (30 days in
case of securities segment) period immediately after the afore-mentioned loss
threshold having been reached shall not exceed 5 times of its contribution to the
Default Fund based on the last re-computation of the Default Fund or specified
amount, whichever is lower.
Further, it may be noted that, CCIL periodically prescribes a list of securities eligible
for contributions as collateral by members. Presently, all Central Government
securities and Treasury bills are accepted as collateral by CCIL. The risk factors may

undergo change in case the CCIL notifies securities other than Government of India
securities as eligible for contribution as collateral.
10. Risk Factors Associated with Investments in REITs and InvITS:
Market Risk:
REITs and InvITs are volatile and prone to price fluctuations on a daily basis owing to
market movements. Investors may note that AMC/Fund Manager’s investment
decisions may not always be profitable, as actual market movements may be at
variance with the anticipated trends. The NAV of the Scheme is vulnerable to
movements in the prices of securities invested by the scheme, due to various market
related factors like changes in the general market conditions, factors and forces
affecting capital market, level of interest rates, trading volumes, Real Estate and
Infrastructure sectors, settlement periods and transfer procedures. The scheme will
undertake active portfolio management as per the investment objective to reduce the
marker risk.
Liquidity Risk:
As the liquidity of the investments made by the Scheme(s) could, at times, be

restricted by trading volumes and settlement periods, the time taken by the Mutual
Fund for liquidating the investments in the scheme may be high in the event of
immediate redemption requirement. Investment in such securities may lead to
increase in the scheme portfolio risk. The fund will try to maintain a proper asset-
liability match to ensure redemption payments are made on time and not affected by
illiquidity of the underlying units.
Reinvestment Risk:
Investments in REITs & InvITs may carry reinvestment risk as there could be
repatriation of funds by the Trusts in form of buyback of units or IDCW pay-outs, etc.
Consequently, the proceeds may get invested in assets providing lower returns.
However, the reinvestment risk will be limited as the proceeds are expected to be a
small portion of the portfolio value.
Interest Rate Risk: Securities / Instruments of REITs and InvITs run interest rate risk.
Generally, when interest rates rise, prices of units fall and when interest rates drop,
such prices increase.
The above are some of the common risks associated with investments in REITs &
InvITs. There can be no assurance that a Scheme's investment objectives will be
achieved, or that there will be no loss of capital. Investment results may vary
substantially on a monthly, quarterly or annual basis.
11. Risks associated with Repo transactions in Corporate Debt Securities
Lending transactions:
The scheme may be exposed to counter party risk in case of repo lending
transactions in the event of the counterparty failing to honour the repurchase
agreement. However, in repo lending transactions, the collateral may be sold and a
loss is realized only if the sale price is less than the repo amount. The risk may be
further mitigated through over-collateralization (the value of the collateral being more
than the repo amount). Further, the liquidation of underlying securities in case of
counterparty default would depend on liquidity of the securities and market
conditions at that time. It is endeavoured to mitigate the risk by following an
appropriate counterparty selection process, which include their credit profile
evaluation and over-collateralization to cushion the impact of market risk on sale of
underlying security.
Borrowing transactions:
In the event of the scheme being unable to pay back the money to the counterparty
as contracted, the counter party may dispose of the assets (as they have sufficient
margin). This risk is normally mitigated by better cash flow planning to take care of
such repayments. Further, there is also a Credit Risk that the Counterparty may fail to
return the security or Interest received on due date. It is endeavoured to mitigate the
risk by following an appropriate counterparty selection process, which include their
credit profile evaluation.
12. Risks associated with Investing in Structured Obligation (SO) & Credit Enhancements
(CE) rated securities:
 The risks factors stated below for the Structured Obligations & Credit Enhancements
are in addition to the risk factors associated with debt instruments.
 Credit rating agencies assign an SO rating to an instrument based on any identifiable

credit enhancement for the debt instrument issued by an issuer. The credit
enhancement could be in various forms and could include guarantee, shortfall
undertaking from another entity. This entity could be either related or non-related to
the issuer like a bank, financial institution, etc. Credit enhancement could include
additional security in form of pledge of shares listed on stock exchanges, asset
backed/ mortgage backed securities, securitized paper backed by hypothecation of
car loan receivables, securities backed by trade receivables, credit card receivables
etc. Additionally, certain issuances where cash flows are escrowed and used in a
predetermined manner are also considered as Structured Obligations. Hence, for SO
rated instruments evaluation of the credit enhancement provider, as well as the
issuer is undertaken to determine the issuer rating.
 Liquidity Risk: SO rated securities are often complex structures, with a variety of
credit enhancements. Debt securities lack a well-developed secondary market in
India, and due to the structured nature of SO securities, the liquidity in the market for
these instruments is adversely affected compared to similar rated debt instruments.
Hence, lower liquidity of such instruments, could lead to inability of the scheme to
sell such debt instruments and generate liquidity for the scheme or higher impact
cost when such instruments are sold.
 Credit Risk: The credit risk of debt instruments which are SO rated derives rating
based on the combined strength of the issuer as well as the structure. Hence, any
weakness in either the issuer or the structure could have an adverse credit impact on
the debt instrument. The weakness in structure could arise due to ability of the
investors to enforce the structure due to issues such as legal risk, inability to sell the
underlying collateral or enforce guarantee, etc. Therefore, apart from issuer level
credit risk such debt instruments are also susceptible to structure related credit risk.
13. Risk factors associated with investments in Perpetual Debt Instrument (PDI):
Perpetual Debt instruments are issued by Banks, non-banking financial institutions

(NBFCs) and corporates to improve their capital profile. Some of the PDIs issued by
Banks which are governed by the Reserve Bank of India (RBI) guidelines for Basel III
Capital Regulations are referred to as Additional Tier I (AT1 bonds). RBI regulations also
apply to PDIs issued by NBFC. However, here are no regulatory guidelines for issuance
of PDIs by corporate bodies. The instruments are treated as perpetual in nature as there
is no maturity date. The key risks associated with these instruments are highlighted
below:
 Risk on coupon servicing

 Banks
As per the terms of the instruments, Banks may have discretion at all times to cancel
distributions/payment of coupons. In the event of non-availability of adequate
distributable reserves and surpluses or inadequacy in terms of capital requirements,
RBI may not allow banks to make payment of coupons.
 NBFCs
While NBFCs may have discretion at all times to cancel payment of coupon, coupon
may also be deferred (instead of being cancelled), in case paying the coupon leads to
breach of capital ratios.
 Corporates
Corporates usually have discretion to defer the payment of coupon. However, the
coupon is usually cumulative and any deferred coupon shall accrue interest at the
original coupon rate of the PDI.
 Risk of write-down or conversion into equity

 Banks
AT1 Bonds are could be written down or converted to common equity, at the discretion
of RBI, in the event of non-maintenance of capital adequacy ratios and/or Point of Non
Viability Trigger (PONV). Minimum capital adequacy ratio requirements would be as
per Basel III regulations. PONV is a point, determined by RBI, when a bank is deemed
to have become non-viable unless appropriate measures are taken to revive its
operations. Further Tier II bonds issued under Basel III, having a fixed maturity date,
are also liable to be written down or converted to common equity under the aforesaid
event of PONV. This risk is not applicable in case of NBFCs and Corporates.
 Risk of instrument not being called by the Issuer

 Banks
The issuing banks have an option to call back the instrument after minimum period as
per the regulatory requirement from the date of issuance and specified period
thereafter, subject to meeting the RBI guidelines. However, if the bank does not
exercise the call on first call date, the Scheme may have to hold the instruments for a
period beyond the first call exercise date.
 NBFCs
The NBFC issuer has an option to call back the instrument after minimum period as
per the regulatory requirement from date of issuance and specified period thereafter,
subject to meeting the RBI guidelines. However, if the NBFC does not exercise the call
option the Scheme may have to hold the instruments for a period beyond the first call
exercise date.
 Corporates
There is no minimum period for call date. However, if the corporate does not exercise
the call option, the Scheme may have to hold the instruments for a period beyond the
call exercise date.

RISK MANAGEMENT STRATEGIES:
The Scheme by utilizing a holistic risk management strategy will endeavour to

manage risks associated with investing in debt and equity markets. The risk control
process involves identifying & measuring the risk through various risk measurement
tools. The Scheme has identified following risks of investing in equity and debt and
designed risk management strategies, which are embedded in the investment
process to manage such risks.
Risks associated with Equity investment

Risks and description Risk mitigation strategy
Risks related to PSUs: The Scheme may take advantage of the
PSUs may get affected due to various availability of a large number of sectors under
risk factors as mentioned in the this Scheme to select stocks from and would
“Scheme specific risk factors” section. diversify its holding across these sectors
from a risk mitigation perspective.
Concentration Risk The Scheme may try and mitigate this risk by
Concentration risk represents the investing in sufficiently large number of
probability of loss arising from heavily companies so as to maintain optimum
lopsided exposure to a particular group diversification and keep stock-specific
of sectors or securities. concentration risk relatively low.
Market Risk
The scheme is vulnerable to Market risk is a risk which is inherent to an
movements in the prices of securities equity scheme. The Scheme may use
invested by the scheme, which could derivatives to limit this risk.
have a material bearing on the overall
returns from the scheme.
Liquidity risk
The liquidity of the Scheme’s As such the liquidity of stocks that the fund
investments is inherently restricted by invests into could be relatively low. The fund
trading volumes in the securities in will endeavour to maintain a proper asset-
which it invests. liability match to ensure redemption /
Maturity payments are made on time and not
affected by illiquidity of the underlying
stocks.
Derivatives Risk
As and when the Scheme trades in the The Scheme may invest in derivative for the
derivatives market there are risk purpose of hedging, portfolio balancing and
factors and issues concerning the use other purposes as may be permitted under
of derivatives since derivative the Regulations. Derivatives will be used in
products are specialized instruments the form of Index Options, Index Futures,
that require investment techniques Stock Options and Stock Futures and other
and risk analysis different from those instruments as may be permitted by SEBI. All
associated with stocks and bonds. derivatives trade will be done only on the
exchange with guaranteed settlement. Fund
managers will endeavor to use derivatives
which are liquid and traded frequently on the
exchanges. Exposure with respect to
derivatives shall be in line with regulatory
limits and the limits specified in the SID. No
OTC contracts will be entered into.

Risks associated with Debt investment
Risks and description Risk mitigation strategy
Market Risk/ Interest Rate Risk
As with all debt securities, changes in In a rising interest rates scenario the scheme
interest rates may affect the Scheme’s may increase its investment in money market
Net Asset Value as the prices of securities whereas if the interest rates are
securities generally increase as interest expected to fall the allocation to debt
rates decline and generally decrease as securities with longer maturity may be
interest rates rise. Prices of long-term increased thereby mitigating risk to that
securities generally fluctuate more in extent.
response to interest rate changes than
do short-term securities. Indian debt
markets can be volatile leading to the
possibility of price movements up or
down in fixed income securities and
thereby to possible movements in the
NAV.
Liquidity or Marketability Risk
This refers to the ease with which a The Scheme may invest in government
security can be sold at or near to its securities, corporate bonds and money
valuation yield-to-maturity (YTM). market instruments. While the liquidity risk
for government securities, money market
instruments and short maturity corporate
bonds may be low, it may be high in case of
medium to long maturity corporate bonds.
The Scheme will however, endeavour to

minimize liquidity risk by investing in
securities having a relatively liquid market.
Credit Risk
Credit risk or default risk refers to the Management analysis will be used for
risk that an issuer of a fixed income identifying company specific risks.
security may default (i.e., will be unable Management’s past track record will also be
to make timely principal and interest studied. In order to assess financial risk a
payments on the security). detailed assessment of the issuer’s financial
statements will be undertaken.
In case of securitized debt instruments, the

fund will ensure that these instruments are
sufficiently backed by assets.

Derivatives Risk The Scheme may invest in derivative for the
As and when the Scheme trades in the purpose of hedging, portfolio balancing and
derivatives market there are risk factors other purposes as may be permitted under
and issues concerning the use of the Regulations. Interest Rate Swaps will be
derivatives since derivative products are done with approved counter parties under
specialized instruments that require pre-approved ISDA agreements. Interest rate
investment techniques and risk analyses swaps and other derivative instruments will
different from those associated with be used as per local (RBI and SEBI) regulatory
stocks and bonds. There is the guidelines.
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 mis-pricing or improper valuation of
derivatives and the inability of
derivatives to correlate perfectly with
underlying assets, rates and indices.
Note: The information contained herein is based on current market conditions and may
change from time to time based on changes in such conditions, regulatory changes and
other relevant factors. Accordingly, our investment strategy, risk mitigation measures
and other information contained herein may change in response to the same.
B. Requirement of minimum investors in the Scheme:
The Scheme shall have a minimum of 20 investors and no single investor shall account
for more than 25% of the corpus of the Scheme. However, if such limit is breached
during the NFO of the Scheme, the Fund will endeavor to ensure that within a period of
three months or the end of the succeeding calendar quarter from the close of the NFO of
the Scheme, whichever is earlier, the Scheme complies with these two conditions. In
case the Scheme does not have a minimum of 20 investors in the stipulated period, the
provisions of Regulation 39(2)(c) of the SEBI (MF) Regulations would become applicable
automatically without any reference from SEBI and accordingly the Scheme shall be
wound up and the units would be redeemed at applicable NAV. The two conditions
mentioned above shall also be complied within each subsequent calendar quarter
thereafter, on an average basis, as specified by SEBI. If there is a breach of the 25% 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 15 th
day of the notice period. The Scheme shall adhere to the requirements prescribed by
SEBI from time to time in this regard.
C. Special Considerations, if any
Investors are urged to study the terms of the Scheme Information Document carefully
before investing in this Scheme, and to retain this Scheme Information Document for
future reference.
 Investors in the Scheme are not being offered any guaranteed returns.
 Investors are urged to study the terms of the SID carefully before investing in the
Scheme, and to retain this SID for future reference.
 Neither the SID and SAI, nor the Units have been registered in any jurisdiction.
The distribution of this SID in certain jurisdictions may be restricted or subject to
registration requirements and, accordingly, persons who come into possession of
this SID and the SAI in such jurisdictions are required to inform themselves about,
and to observe, any such restrictions. No person receiving a copy of this SID or
any accompanying application form in such jurisdiction may treat this SID or such
application form as constituting an invitation to them to subscribe for Units, nor
should they in any event use any such application form, unless in the relevant
jurisdiction such an invitation could lawfully be made to them and such
application form could lawfully be used without compliance of any registration or
other legal requirements.
 The AMC is also engaged in portfolio management services (PMS) since October
2000 under SEBI Registration No. INP000000373. The AMC is also rendering Non-
binding Advisory Services for such categories of SEBI registered foreign portfolio
investors (FPIs) which are listed in SEBI Circular No.
SEBI/HO/IMD/DF2/CIR/P/2019/155 dated December 16, 2019. The AMC is also
providing investment management services to Alternative Investment Funds
registered under SEBI (Alternative Investment Funds) Regulations, 2012. Further,
the AMC shall also provide investment management services, including dealing
services to Offshore funds from India in accordance with Regulation 24(b) of SEBI
(Mutual Funds) Regulations, 1996. The AMC is also registered with United States
Securities and Exchange Commission as an Investment Adviser under Investment
Adviser Act 1940. The AMC has a common research team. These activities are
not in conflict with the activities of the Mutual Fund. In the situations of
unavoidable conflicts of interest, the AMC undertakes that it shall satisfy itself that
adequate disclosures are made of sources of conflict, potential material risk or
damage‘ to investor interest and develop parameters for the same.
 The Mutual Fund may disclose details of the investor's account and transactions
thereunder to those intermediaries whose stamp appears on the application form.
In addition, the Mutual Fund may disclose such details to the bankers / its agents,
as may be necessary for the purpose of effecting payments to the investor.
Further, the Mutual Fund may disclose details of the investor's account and
transactions thereunder to any Regulatory/Statutory entities as per the provisions
of law.
 Investors are advised to consult their Legal /Tax and other Professional Advisors
in regard to tax/legal implications relating to their investments in the Scheme and
before making decision to invest in or redeem the Units
 In view of the individual nature of the tax consequences, each investor is advised
to consult his/ her own professional tax advisor to determine possible legal, tax,
financial or other considerations for subscribing and/or redeeming the Units
and/or before making a decision to invest/ redeem Units. The tax information
contained in SID/SAI alone may not be sufficient and should not be used for the
development or implementation of an investment strategy or construed as
investment advice. Investors alone shall be fully responsible/ liable for any
investment decision taken on the basis of this document.
 Neither the Mutual Fund nor the AMC nor any person connected with it accepts
any liability arising from the use of this information. The Trustee, AMC, Mutual
Fund, their directors or their employees shall not be liable for any of the tax
consequences that may arise, in the event that the Schemes are wound up for the
reasons and in the manner provided in SAI.
 Redemption by the Unit holder either due to change in the fundamental attributes
of the Scheme(s) or due to any other reasons may entail tax consequences. The
Trustee, AMC, Mutual Fund, their directors or their employees shall not be liable
for any such tax consequences that may arise.
 Investors are advised to rely upon only such information and/or representations
as contained in this SID. Any subscription or redemption made by any person on
the basis of statements or representations which are not contained in this SID or
which are inconsistent with the information contained herein shall be solely at the
risk of the Investor. The Investor is required to confirm the credentials of the
individual/firm he/she is entrusting his/her application form along with payment
instructions for any transaction in the Scheme(s). The Mutual Fund/ Trustee/AMC
shall not be responsible for any acts done by the intermediaries representing or
purportedly representing such Investor.
 Mutual funds investments are subject to market risks and the Investors should
review/study this SID, the SAI and the addenda thereto issued from time to time
carefully in its entirety before investing and should not construe the contents
hereof or regard the summaries contained herein as advice relating to legal,
taxation or financial/investment matters. There can be no assurance or guarantee
that the Scheme objectives will be achieved and the investment decisions made
by the AMC may not always be profitable.
 The AMC may freeze/lock the folio(s) of investor(s)/Unitholder(s) for
further transactions or reject any applications for subscription or
redemption of units pursuant to receipt of instructions/directions/orders
issued by any Governmental, judicial, quasi-judicial or other similar
authority (Authority), including orders restricting the investor
(s)/Unitholder(s) from dealing in securities or for attachment of units
held by the investor(s)/Unitholder(s).
 The Product labeling mandated by SEBI is to provide investors an easy
understanding of the risk involved in the kind of product / scheme they are
investing to meet their financial goals. The Riskometer categorizes various
schemes under different levels of risk based on the investment objective, asset
allocation pattern, investment strategy and typical investment time horizon of
investors. Therefore, the schemes falling under the same level of risk in the
Riskometer may not be similar in nature. Investors are advised before investing to
evaluate a Scheme not only on the basis of the Product labeling (including the
Riskometer) but also on other quantitative and qualitative factors such as
performance, portfolio, fund managers, strategy, asset allocation, investment
objective etc. and shall seek appropriate advise, if they are unsure about the
suitability of the Scheme before investing. As per SEBI Guidelines, Riskometers
shall be reviewed on a monthly basis based on evaluation of risk level of
Scheme’s month end portfolios. Notice about changes in Riskometers, if any,
shall be issued. Investors may refer to the website for any change in Riskometers.

D. Definitions
Asset Management Company ICICI Prudential Asset Management Company Ltd, the
or Asset Management Company incorporated under the
AMC or Investment Manager Companies Act, 1956, and regulated by SEBI to act as
an Investment Manager for the scheme of ICICI
Prudential Mutual Fund.
Applicable NAV for The below cut-off timings and applicability of NAV shall
purchases and switch-ins be applicable in respect of valid applications received at
the Official Point(s) of Acceptance on a Business Day:
For Purchase of any amount:
 In respect of valid applications received upto 3.00

p.m. and where the funds for the entire amount are
available for utilization before the cut-off time i.e. 3.00
p.m. - the closing NAV of the day shall be applicable.
 In respect of valid applications received after 3.00
p.m. and where the funds for the entire amount are
available for utilization on the same day or before the
cut-off time of the next business day - the closing
NAV of the next Business Day shall be applicable.
 Irrespective of the time of receipt of application,

where the funds for the entire amount are available
for utilization before the cut-off time on any
subsequent Business Day - the closing NAV of such
subsequent Business Day shall be applicable.
For Switch-ins of any amount:
In case of switch from one scheme to another scheme

received before cut-off i.e. upto 3 p.m. having business
day for both the schemes, closing NAV of the Business
Day shall be applicable for switch-out scheme and for
Switch-in scheme, the closing NAV of the Business Day
shall be applicable, on which funds are available for
utilization in the switch-in scheme (allocation shall be in
line with the redemption payout).
To clarify, for investments through systematic

investment routes such as Systematic Investment Plans
(SIP), Systematic Transfer Plans (STP), Flex STP, Capital
Appreciation STP, IDCW Transfer etc. the units will be
allotted as per the closing NAV of the day on which the
funds are available for utilization by the Target Scheme
irrespective of the installment date of the SIP, STP or
record date of IDCW etc.
- “Switch Out” shall be treated as redemption

application and accordingly, closing NAV of the day will
be applicable based on the cut-off time for redemption
followed for various type of schemes.
- “Switch In” shall be treated as purchase application
and accordingly for unit allotment, closing NAV of the
day will be applicable on which the funds are available
for utilization.
Applicable NAV for In respect of valid applications received upto 3.00 pm
redemptions and switch-outs on a business day by the Mutual Fund, same day’s
closing NAV shall be applicable.
In respect of valid applications received after the cut off

time by the Mutual Fund: the closing NAV of the next
business day.
Applications Supported by An application containing an authorization given by the
Blocked Amount or ASBA Investor to block the Amount” or “ASBA” application
money in his specified bank account towards the
subscription of Units offered during the NFO of the
Scheme. If an investor is applying through ASBA facility,
the application money towards the subscription of Units
shall be debited from his specified bank account only if
his/her application is selected for allotment of Units.
ARN Code Broker Code/ Distributor Code
Business Day A day other than
(1) Saturday and Sunday or
(2) a day on which the Stock Exchange, Mumbai and
National Stock Exchange are closed.
(3) a day on which the Sale and Redemption of Units is
suspended by the Trustee/AMC.
However, the AMC reserve the right to declare any day
as a business day or otherwise at any of its locations at
its sole-discretion.
Closing NAV The Closing NAV of the business day shall be the NAV
declared by 11.00 p.m.
Custodian HDFC Bank Limited, SBI-SG Global Securities Services
Pvt. Ltd., Citibank N. A., Hongkong and Shanghai
Banking Corporation Limited (HSBC) and Deutsche Bank
A. G. are acting as Custodians for the Scheme. For
further details, investors are requested to refer
Statement of Additional Information (SAI) available on
the website of the AMC.
The Custodian of the Scheme has been approved by the

Trustees.
Cut-off time 3:00 pm or any other time as specified by SEBI.
Cash Equivalents Cash equivalent shall consist of the following securities
having residual maturity of less than 91 days:
a) Government Securities;
b) T-Bills; and
c) Repo on Government Securities.
Depository A depository as defined in the Depositories Act, 1996
and includes National Securities Depository Limited
(NSDL) and Central Securities Depository Limited
(CDSL).
Depository Participant Depository Participant (DP) is an agent of the
Depository who acts like an intermediary between the
Depository and the investors. DP is an entity who is
registered with SEBI to offer depository-related
services.
Derivative Derivative includes (i) a security derived from a debt
instrument, share, loan whether secured or unsecured,
risk instrument or contract for differences or any other
form of security; (ii) a contract which derives its value
from the prices, or index of prices, or underlying
securities.
IDCW Income distributed by the Mutual Fund on the Units.
Foreign Portfolio Investor “Foreign portfolio investor” means a person who
satisfies the eligibility criteria prescribed under
regulation 4 of the Securities and Exchange Board of
India (Foreign Portfolio Investors) Regulations, 2019.
Public Sector Undertaking PSU refers to any undertaking where 51% or more of
(PSU) the company is held by the Central Government, State
Government, or jointly by the Central Government and
one or more State Governments.
ICICI Bank ICICI Bank Limited
Investment Management The Agreement dated September 3, 1993 entered into
Agreement between ICICI Prudential Trust Limited and ICICI
Prudential Asset Management Company Limited as
amended from time to time.
ICICI Prudential PSU Equity ICICI Prudential PSU Equity Fund including plans and
Fund /The Scheme options offered there under.
“InvIT” or “Infrastructure “InvIT” or “Infrastructure Investment Trust” shall have
Investment Trust” the meaning assigned in clause (za) of sub-regulation (1)
of regulation 2 of the Securities and Exchange Board of
India (Infrastructure Investment Trusts) Regulations,
2014;
Money Market Instruments Commercial papers, commercial bills, treasury bills,
Government securities having an unexpired maturity
upto one year, call or notice money, certificate of
deposit, usance bill and any other like instruments as
specified by the Reserve Bank of India from time to
time.
NAV Net Asset Value of the Units of the Scheme, calculated
on every Business Day in the manner provided in this
Scheme Information Document or as may be prescribed
by Regulations from time to time.
NRI Non-Resident Indian.
Prudential Prudential plc, of the U.K. and includes, wherever the
context so requires, its wholly owned subsidiary
Prudential Corporation Holdings Limited.
Neither ICICI Prudential Asset Management Company
Limited nor Prudential plc is affiliated with Prudential
Financial Inc., a company whose principal place of
business is in the United States of America or with the
Prudential Assurance Company, a subsidiary of M&G
plc, a company incorporated in the United Kingdom.
RBI Reserve Bank of India, established under the Reserve
Bank of India Act, 1934, as amended from time to time.

R & T Agent/ Registrar Registrar and Transfer Agent:
Computer Age Management Services Limited (CAMS),
have been appointed as Registrar for the Scheme. The
Registrar is registered with SEBI under registration No:
INR000002813. As Registrar to the Scheme, CAMS will
handle communications with investors, perform data
entry services and dispatch Account Statements. The
AMC and the Trustee have satisfied themselves that the
Registrar can provide the services required and have
adequate facilities and the system capabilities.
Retail Investors (for the In line with SEBI circular
purpose of TER) SEBI/HO/IMD/DF2/CIR/P/2019/42 dated March 25, 2019,
retail investors would mean individual investors from
whom inflows into the Scheme would amount upto Rs.
2,00,000/- per transaction.
“REIT” or “Real Estate “REIT” or “Real Estate Investment Trust” shall have the
Investment Trust” meaning assigned in clause (zm) of sub-regulation 1 of
regulation 2 of the Securities and Exchange Board of
India (Real Estate Investment Trusts) Regulations, 2014;
Risk –o –meter Risk-o-meter forms part of the Product labeling and
depicts Risk level of the scheme. The risk-o-meter of the
scheme shall be in accordance with SEBI circular
October 5, 2020 and the same shall be evaluated and
updated on a monthly basis.
SEBI Securities and Exchange Board of India established
under Securities and Exchange Board of India Act, 1992,
as amended from time to time.
Self Certified Syndicate Bank/ Self Certified Syndicate Bank means a bank registered
SCSB with SEBI to offer the facility of applying through the
ASBA process. ASBAs can be accepted only by SCSB’s
whose names appear in the list of SCSBs as displayed
by SEBI on its website www.sebi.gov.in.
Scheme Information This document issued by ICICI Prudential Mutual Fund,
Document offering Units of ICICI Prudential PSU Equity Fund.
Source Scheme Source Scheme means the Scheme from which the
investor is seeking to switch-out his investments to
enable switch-in under the Scheme (ICICI Prudential
PSU Equity Fund) during the New Fund Offer
Sponsors ICICI Bank & Prudential plc (through its wholly owned
subsidiary namely Prudential Corporation Holdings Ltd)
Target scheme Target scheme means the scheme into which the
investor is seeking to switch-in investments by
switching out from Source scheme.
The Fund or The Mutual Fund ICICI Prudential Mutual Fund, a trust set up under the
provisions of the Indian Trusts Act, 1882. The Fund is
registered with SEBI vide Registration No.MF/003/93/6
dated October 12, 1993 as ICICI Mutual Fund and has
obtained approval from SEBI for change in name to
ICICI Prudential Mutual Fund vide SEBI’s letter dated
April 2, 2007.
The Trustee ICICI Prudential Trust Limited, a company set up under
the Companies Act, 1956, and approved by SEBI to act
as the Trustee for the schemes of ICICI Prudential
Mutual Fund.
The Regulations Securities and Exchange Board of India (Mutual Funds)
Regulations, 1996, as amended from time to time.
Trust Deed The Trust Deed dated August 25, 1993 establishing ICICI
Mutual Fund, as amended from time to time.
Trust Fund Amounts settled/contributed by the Sponsors towards
the corpus of ICICI Prudential Mutual Fund and
additions/accretions thereto.
Unit The interest of an investor, which consists of one
undivided share in the Net Assets of the Scheme.
Unit holder A holder of Unit(s) in the Scheme of ICICI Prudential
PSU Equity Fund as contained in this Scheme
Information Document.
Words and Expressions used Same meaning as in Regulations.
in this Scheme Information
Document and not defined

E. Due Diligence by the Asset Management Company
It is confirmed that:
(i) the Scheme Information Document 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.
(ii) all legal requirements connected with the launching 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.
(iii) the disclosures made in the Scheme Information Document are true, fair and
adequate to enable the investors to make a well informed decision regarding
investment in the Scheme.
(iv) the intermediaries named in the Scheme Information Document and Statement of
Additional Information are registered with SEBI and their registration is valid, as
on date.
Place: Mumbai Sd/-

Date : November 03, 2021 Rakesh Shetty
Compliance Officer
Note: The Due Diligence Certificate dated November 03, 2021 as stated above was
submitted to SEBI.

II. INFORMATION ABOUT THE SCHEME
A. Type of the Scheme
An open-ended equity scheme following the PSU theme.
B. What is the Investment Objective of the Scheme?
The objective of the scheme is to generate long term capital appreciation by investing
predominantly in equity and equity related securities of Public Sector Undertakings
(PSUs). However, there can be no assurance or guarantee that the investment
objective of the Scheme would be achieved.
C. How will the Scheme Allocate its Assets?

Under normal circumstances, the asset allocation of the Scheme would be as follows:
Indicative allocations Risk Profile
Instruments (% of total assets)
Maximum Minimum High/Medium/Low
Equity & Equity related instruments of 100 80 Very High
Public Sector Undertakings
Other Equity & Equity related 20 0 Very High
instruments
Debt instruments, Units of Debt 20 0 Low to Medium
Mutual Fund schemes, and Money
market instruments @ and Preference
shares
Units issued by REITs and INVITs 10 0 Very High
@ Excluding subscription money in transit before deployment / payout
The Scheme may also take exposure to:
 Derivative positions for other than hedging purposes shall not exceed 50% of total
assets (45% exposure towards equity and 5% towards debt). Derivatives shall mean
derivatives instruments as permitted by SEBI, including derivative exposure in
accordance with SEBI Circular no. DNPD/Cir-29/2005 dated September 14, 2005,
Circular no. DNPD/Cir-30/2006 dated January 20, 2006 and Circular no.
SEBI/DNPD/Cir-31/2006 dated September 22, 2006, Circular no. Cir/IMD/DF/11/2010
dated August 18, 2010, SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2017/109, dated
September 27, 2017 and SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2019/17 dated
January 16, 2019. The Scheme may undertake imperfect hedging (using Interest rate
Futures) in accordance with SEBI circular dated September 27, 2017 and other
guidelines and limits as may be prescribed by SEBI from time to time.
 Securitised debt up to 40% of debt portfolio.
 Stock lending - up to 20% of its Net Assets and a single intermediary (broker) limit
will be up to 5% of the Net Assets. The same shall be in accordance with SEBI
Circular No MFD/CIR/ 01/ 047/99 dated February 10, 1999, SEBI circular No
MRD/DoP/SE/Dep/ Cir- 4/2007 dated December 20, 2007 and SEBI Circular no. SEBI /
IMD / CIR No 14 / 187175/ 2009 dated December 15, 2009.
 Investment in Structured obligations shall not exceed 10% of the debt portfolio of the
scheme and group exposure in such instruments shall not exceed 5% of the debt
portfolio of the schemes:

· Unsupported rating of debt instruments (i.e. without factoring-in credit
enhancements) is below investment grade and
· Supported rating of debt instruments (i.e. after factoring-in credit enhancement) is
above investment grade.
*The Scheme may invest in other Schemes under the same AMC or any other Mutual
Fund without charging any fees, provided the aggregate inter-Scheme investment made
by all the Schemes under the same management or in Schemes under management of
any other asset management company shall not exceed 5% of the Net Asset Value of the
Fund. No investment management fees shall be charged for investing in other Schemes
of the Fund or in the Schemes of any other mutual fund.
The Margin may be placed in the form of such securities / instruments / deposits as may
be permitted/eligible to be placed as margin from the assets of the Scheme. The
securities / instruments / deposits so placed as margin shall be classified under the
applicable category of assets for the purposes of asset allocation.
In accordance with SEBI Regulations, the cumulative gross exposure across equity, debt,
units issued by REITs & InvITs, derivative and such other securities/assets, as may be
permitted by the Board from time to time, should not exceed 100% of the net assets of
the scheme. As per the SEBI communication no. SEBI/HO/ IMD-II/DOF3/ OW/P/
2021/31487/1 to AMFI dated November 3, 2021, cash equivalent shall consist of the
following securities having residual maturity of less than 91 days:
a) Government Securities;
b) T-Bills; and
c) Repo on Government Securities.
The cash or cash equivalents would not be considered for the purpose of calculating
gross exposure limits as prescribed in SEBI circular no. Cir/ IMD/ DF/ 11/ 2010 dated
August 18, 2010.
In accordance with SEBI circular SEBI/HO/IMD/IMD-II DOF3/P/CIR/2022/39 dated March

30, 2022, In the event of deviation from the mandated asset allocation stated above due
to passive breaches rebalancing of the scheme would be done within Thirty (30)
business days.
In case the portfolio of the scheme is not rebalanced as per the above timeline, the AMC
would place an update thereof before the Executive Equity Investment Committee. The
Executive Equity Investment Committee, if so desires, can extend the timeline up to Sixty
(60) business days from the date of completion of mandated rebalancing period.
The AMC shall comply with the provisions of the applicable regulatory guidelines for all
reporting and disclosure requirements, etc. as may be specified from time to time.
Subject to the Regulations, equity and equity related instruments mentioned in the asset
allocation table above could be listed or to be listed), privately placed and may be
acquired through Initial Public Offerings (IPOs), secondary market operations, private
placement or rights offers or through corporate actions. Whereas, the Debt securities
mentioned could be secured, unsecured, of varying maturity and may be acquired
through negotiated deals.
It may be noted that no prior intimation/indication would be given to investors when the
composition/asset allocation pattern under the scheme undergo changes within the
permitted limits mentioned in asset allocation section above for short term and for
defensive considerations owing to changes in factors such as market conditions, market
opportunities, applicable regulations and political and economic factors. The
investors/unit holders can ascertain details of asset allocation of the scheme as on the
last date of each month on AMC’s website at www.icicipruamc.com that will display the
asset allocation of the scheme as on the given day.
Considering the inherent characteristics of the Scheme, equity positions would have to
built-up gradually and also sold off gradually. This would necessarily entail having large
cash position before the portfolio is fully invested and during periods when equity
positions are being sold off to book profits/losses or to meet redemption needs. Such
positions shall be subject to rebalancing period and in line with SEBI circular dated
March 4, 2021
Investors may note that securities, which endeavor to provide higher returns typically,
display higher volatility. Accordingly, the investment portfolio of the Scheme would
reflect very high volatility in its equity and equity related investments and very high
volatility in units issued by REITs and INVITs and low to moderate volatility in its debt and
money market investments.
Change in Investment Pattern
Subject to the Regulations, the asset allocation pattern indicated above may change from
time to time, keeping in view market conditions, market opportunities, applicable
regulations and political and economic factors. Though every endeavor will be made to
achieve the objectives of the Scheme, the AMC/Sponsors/Trustee do not guarantee that
the investment objectives of the Scheme will be achieved.
Provided further and subject to the above, any change in the asset allocation affecting
the investment profile of the Scheme shall be effected only in accordance with the
provisions of sub regulation (15A) of Regulation 18 of the Regulations, as detailed later in
this document.
D. Where will the Scheme invest?
Subject to the Regulations and the disclosures as made under the Section “How the
Scheme will allocate its Assets”, the corpus of the Scheme can be invested in any (but
not exclusive) of the following securities/ instruments:
1) Equity and equity related securities including Indian Depository Receipts (IDRs),
and warrants carrying the right to obtain equity shares.
2) Securities created and issued by the Central and State Governments and/or
repos/reverse repos in such Government Securities as may be permitted by RBI
(including but not limited to coupon bearing bonds, zero coupon bonds and
treasury bills).
3) Securities guaranteed by the Central, State and local Governments (including but
not limited to coupon bearing bonds, zero coupon bonds and treasury bills)
4) Debt securities issued by domestic Government agencies and statutory bodies,
which may or may not carry a Central/State Government guarantee
5) Corporate debt securities (of public, private sector undertakings and issued by
REITs and INVITs) including corporate bonds having structured obligations and
credit enhancements
6) Securities issued by banks (both public and private sector) including term deposit
with the banks as permitted by SEBI/RBI from time to time, subject to approval
from SEBI / RBI as required and development financial institutions
7) Money market instruments which includes commercial papers, commercial bills,
treasury bills, Government securities having an unexpired maturity up to one
year, call or notice money, certificate of deposit, usance bills, and any other like
instruments as specified by the Reserve Bank of India from time to time; to meet
the liquidity requirements.
8) Securitized Debt.
9) The non-convertible part of convertible securities
10) Derivative instruments like Stock / Index Futures, Stock / Index Options and such
other derivative instruments permitted by SEBI.
11) Units of Mutual Fund Schemes,
12) Cash & cash equivalents
13) Non-Convertible Preference shares (NCPSs), to be considered as debt
instruments
14) Repo transactions in corporate debt securities
15) Units of Real Estate Investment Trust (‘REITs’) & Infrastructure Investment Trust
(‘InvITs’)
16) Additional Tier I bonds and Tier 2 bonds having special features as mentioned in
SEBI/ circular HO/IMD/DF4/CIR/P/2021/032 dated March 10, 2021.
17) Any other domestic fixed income securities as permitted by SEBI/ RBI subject to
requisite approvals from SEBI/RBI, if needed.
Subject to the Regulations, equity and equity related instruments mentioned above could
be listed or to be listed, privately placed and may be acquired through Initial Public
Offerings (IPOs), secondary market operations, private placement or rights offers or
through corporate actions. Whereas, the Debt securities mentioned could be secured,
unsecured, of varying maturity and may be acquired through negotiated deals. Further,
the Scheme intends to participate in securities lending as permitted under the
regulations. Investment in overseas securities shall be made in accordance with the
requirements stipulated by SEBI and RBI from time to time. The Scheme may also enter
into repurchase and reverse repurchase in various securities as per the guidelines and
regulations applicable to such transactions.
Negative list: The Scheme will not invest/ have exposure in the following:
1. Credit default swaps

2. Short Selling
3. Equity Linked Debentures
4. Foreign Securities
POSITION OF EQUITY MARKET IN INDIA
The Indian stock market is one of the world’s largest stock market. There are two leading
stock exchanges in India, i.e. BSE Limited (BSE) and National Stock Exchange of India
Limited (NSE). BSE was established in 1875 and is the oldest stock exchange in Asia.
NSE, a more recent establishment which came into existence in 1992, is the largest and
most advanced stock market in India and is also one of the biggest stock exchanges in
Asia in terms of transactions. NSE's flagship index, NIFTY 50, is used extensively by
investors in India and around the world to take exposure to the Indian equities market.
BSE has a large number of scrips which are listed. The Indian stock market scene really
picked up after the opening up of the economy in the early nineties. NSE changed the
way the Indian markets function, in the early nineties, by replacing floor based trading
with nationwide screen based electronic trading, which took trading to the doorstep of
the investor. NSE was mainly set up to bring in transparency in the markets. Instead of
trading membership being confined to a group of brokers, NSE ensured that anyone who
was qualified, experienced and met minimum financial requirements was allowed to
trade. The price information which could earlier be accessed only by a handful of people
could now be seen by a client in a remote location with the same ease. The paper based
settlement was replaced by electronic depository based accounts and settlement of
trades was always done on time. One of the most critical changes was that a robust risk
management system was set in place, so that settlement guarantees could protect
investors against broker defaults. The corporate governance rules were gradually put in
place which initiated the process of bringing the listed companies at a uniform level.
Movement of Index since the past 10 years:
*Source for the chart is www.bseindia.com and data is as on July 25, 2022. Data is of the
Total Return Variant of the Index.
POSITION OF DEBT MARKET IN INDIA
Indian debt markets, in the early nineties, were characterised by controls on pricing of
assets, segmentation of markets and barriers to entry, low levels of liquidity, limited
number of players, near lack of transparency, and high transactions cost. Financial
reforms have significantly changed the Indian debt markets for the better. Most debt
instruments are now priced freely on the markets; trading mechanisms have been
altered to provide for higher levels of transparency, higher liquidity, and lower
transactions costs; new participants have entered the markets, broad basing the types of
players in the markets; methods of security issuance, and innovation in the structure of
instruments have taken place; and there has been a significant improvement in the
dissemination of market information. There are three main segments in the debt markets
in India, viz., Government Securities, Public Sector Units (PSU) bonds, and corporate
securities. A bulk of the debt market consists of Government Securities. Other
instruments available currently include Corporate Debentures, Bonds issued by Financial
Institutions, Commercial Paper, Certificates of Deposits and Securitized Debt. Securities
in the Debt market typically vary based on their tenure and rating. Government Securities
have tenures from one year to thirty years whereas the maturity period of the Corporate
Debt now goes upto sixty years and more (perpetual). Perpetual bonds are now issued
by banks as well. Securities may be both listed and unlisted and there is increasing trend
of securities of maturities of over one year being listed by issuers.

The yields and liquidity on various securities as on July 30, 2022 are as under:
Issuer Instrument Maturity Yields (%) Liquidity
GOI Treasury Bill 91 days 5.13% High
GOI Treasury Bill 364 days 6.24% High
GOI Short Dated 1-3 Yrs 6.20%-6.95% High
GOI Medium Dated 3-5 Yrs 6.95%-7.25% High
GOI Long Dated 5-10 Yrs 7.25%-%7.44 High
Corporates Taxable Bonds (AAA) 1-3 Yrs 6.65%-7.30% Medium
Corporates Taxable Bonds (AAA) 3-5 Yrs 7.30%-7.59% Low to Medium
Corporates CDs (A1+) 3 months 5.25% Medium to High
Corporates CPs (A1+) 3 months 5.50% Medium to High
E. What are the investment strategies?
The Scheme is an open ended thematic equity fund which will invest predominantly in
equity and equity related securities of the PSU companies.
PSU refers to any undertaking where 51% or more of the company is held by the Central
Government, State Government, or jointly by the Central Government and one or more
State Governments.
The Scheme may invest in equity and equity related instruments which is forming part of
the benchmark index. The Scheme can invest into opportunities available across the
market capitalization.
The Scheme may invest upto 20% in other equities and equity related securities.
The Scheme may engage in Stock Lending activities. The Scheme may invest in
derivatives such as Futures & Options and such other derivative instruments like Stock/
Index Futures, Interest Rate Swaps, Forward Rate Agreements or such other derivative
instruments as may be introduced and permitted by SEBI from time to time. The Scheme
may invest in derivative for the purpose of hedging, portfolio balancing and other
purposes as may be permitted under the Regulations, including covered call. Hedging
using Interest Rate Futures could be perfect or imperfect, subject to applicable
regulations. Limits and Restrictions pertaining to exposure to covered call has been
mentioned in point no. 20 of “Investment Restriction” section of this SID.
Fixed Income securities
The Scheme may also invest in Debt and Money Market Securities/Instruments (Money
Market securities include cash and cash equivalents). The Scheme aims to identify
securities which offer optimal level of yields/returns, considering risk-reward ratio. With
the aim of controlling risks rigorous in depth credit evaluation of the securities proposed
to be invested in will be carried out by the Risk Management Team of the AMC. The
credit evaluation includes a study of the operating environment of the issuer, the short as
well as long-term financial health of the issuer. Rated debt instruments in which the
Scheme invests will be of investment grade as rated by a credit rating agency. The AMC
may consider the ratings of such Rating Agencies as approved by SEBI to carry out the
functioning of rating agencies.
The Scheme may invest in securitised debt.

In addition, the investment team of the AMC will study the macro economic conditions,
including the political, economic environment and factors affecting liquidity and interest
rates.
The AMC would use this analysis to attempt to predict the likely direction of interest rates
and position the portfolio appropriately to take advantage of the same.
Further, the Scheme may invest in other schemes managed by the AMC or in the
schemes of any other Mutual Funds in terms of the prevailing Regulations. As per the
Regulations, no investment management fees will be charged for such investments. For
the present, the Scheme does not intend to enter into underwriting obligations.
However, if the Scheme does enter into an underwriting agreement, it would do so after
complying with the Regulations and with the prior approval of the Board of the
AMC/Trustee. The scheme may undertake repo transactions in corporate debt securities
in accordance with the directions issued by RBI and SEBI from time to time. Such
investment shall be made subject to the guidelines which may be prescribed.
Portfolio Turnover
Portfolio turnover is defined as the lower of purchases and sales after reducing all
subscriptions and redemptions transactions there from and calculated as a percentage of
the average assets under management of the Scheme during a specified period of time.
Given that the Scheme is an open ended Scheme, it is expected that there would be a
number of subscriptions and redemptions on a daily basis. Also, portfolio turnover
would be impacted by investment strategy of the scheme. Hence, it is difficult to
estimate with any reasonable measure of accuracy, the likely turnover in the portfolio.
SEGREGATION OF PORTFOLIOS
In order to ensure fair treatment to all investors in case of a Credit Event and to deal with
liquidity risk, SEBI vide its circular no. SEBI/HO/IMD/DF2/CIR/P/2018/160 dated December
28, 2018, as amended from time to time has allowed creation of Segregated Portfolio of
debt and money market instruments by mutual fund schemes.
The AMC may create a segregated portfolio of debt and money market instruments in a
mutual fund scheme in case of a credit event and to deal with liquidity risk.
In this regard, the term ‘segregated portfolio’ shall mean a portfolio comprising of debt
or money market instrument affected by a credit event, that has been segregated in a
mutual fund scheme and the term ‘main portfolio’ shall mean the scheme portfolio
excluding the segregated portfolio. The term ‘total portfolio’ shall mean the scheme
portfolio including the securities affected by the credit event.
A segregated portfolio may be created in a mutual fund scheme in case of a credit event
at issuer level i.e. downgrade in credit rating by a SEBI registered Credit Rating Agency
(CRA), as under:
a. Downgrade of a debt or money market instrument to ‘below investment grade’, or

b. Subsequent downgrades of the said instruments from ‘below investment grade’,
or
c. Similar such downgrades of a loan rating.

In case of difference in rating by multiple CRAs, the most conservative rating shall be
considered. Creation of segregated portfolio shall be based on issuer level credit events
as detailed above and implemented at the ISIN level.
The AMC may also create a segregated portfolio of unrated debt and money market
instruments of an issuer that does not have any outstanding rated debt or money market
instruments in case of ‘actual default’ of either the interest or principal amount.'
Process for creation of segregated portfolio
1. The AMC shall decide on creation of segregated portfolio on the day of credit
event, as per the process laid down below:
i. The AMC shall seek approval of Trustees, prior to creation of the segregated
portfolio.
ii. The AMC shall immediately issue a press release disclosing its intention to
segregate such debt and money market instrument and its impact on the
investors. It shall also be disclosed that the segregation shall be subject to trustee
approval. Additionally, the said press release shall be prominently disclosed on
iii. The AMC shall ensure that till the time the Trustee approval is received, which in
no case shall exceed 1 business day from the day of credit event, the subscription
and redemption in the scheme shall be suspended for processing with respect to
creation of units and payment on redemptions.
2. Upon receipt of approval from Trustees:
i. The segregated portfolio shall be effective from the day of credit event
ii. The AMC shall issue a press release immediately with all relevant information
pertaining to the segregated portfolio. The said information shall also be
submitted to SEBI.
iii. An e-mail or SMS should be sent to all unit holders of the concerned scheme.
iv. The NAV of both segregated and main portfolio shall be disclosed from the day of
the credit event.
v. All existing investors in the scheme as on the day of the credit event shall be
allotted equal number of units in the segregated portfolio as held in the main
portfolio.
vi. No redemption and subscription shall be allowed in the segregated portfolio.
However, in order to facilitate exit to unit holders in segregated portfolio, AMC
shall enable listing of units of segregated portfolio on the recognized stock
exchange within 10 working days of creation of segregated portfolio and also
enable transfer of such units on receipt of transfer requests.
3. If the trustees do not approve the proposal to segregate portfolio, the AMC shall issue
a press release immediately informing investors of the same.
Valuation and processing of subscriptions and redemptions
1. Notwithstanding the decision to segregate the debt and money market instrument, the
valuation shall take into account the credit event and the portfolio shall be valued
based on the principles of fair valuation (i.e. realizable value of the assets) in terms of
the relevant provisions of SEBI (Mutual Funds) Regulations, 1996 and Circular(s)
issued thereunder.

2. All subscription and redemption requests for which NAV of the day of credit event or
subsequent day is applicable will be processed as per the existing circular on
applicability of NAV as under:
a. Upon trustees’ approval to create a segregated portfolio -
i. Investors redeeming their units will get redemption proceeds based on the
NAV of main portfolio and will continue to hold the units of segregated
portfolio.
ii. Investors subscribing to the scheme will be allotted units only in the main
portfolio based on its NAV.
b. In case trustees do not approve the proposal of segregated portfolio, subscription
and redemption applications will be processed based on the NAV of total
portfolio.
Periodic Disclosures:
1. In order to enable the existing as well as the prospective investors to take informed
decision, the following shall be adhered to:
a. A statement of holding indicating the units held by the investors in the segregated
portfolio along with the NAV of both segregated portfolio and main portfolio as on
the day of the credit event shall be communicated to the investors within 5
working days of creation of the segregated portfolio.
b. Adequate disclosure of the segregated portfolio shall appear in all scheme related
documents, in monthly and half-yearly portfolio disclosures and in the annual
report of the mutual fund and the scheme.
c. The Net Asset Value (NAV) of the segregated portfolio shall be declared on daily
basis.
d. The information regarding number of segregated portfolios created in a scheme
shall appear prominently under the name of the scheme at all relevant places
such as SID, KIM-cum-Application Form, advertisement, AMC and AMFI websites,
etc.
e. The scheme performance required to be disclosed at various places shall include
the impact of creation of segregated portfolio. The scheme performance should
clearly reflect the fall in NAV to the extent of the portfolio segregated due to the
credit event and the said fall in NAV along with recovery(ies), if any, shall be
disclosed as a footnote to the scheme performance.
f. The disclosures at paragraph (d) and (e) above regarding the segregated portfolio
shall be carried out for a period of at least 3 years after the investments in
segregated portfolio are fully recovered/ written-off.
g. The investors of the segregated portfolio shall be duly informed of the recovery
proceedings of the investments of the segregated portfolio. Status update may be
provided to the investors at the time of recovery and also at the time of writing-off
of the segregated securities.
2. In order to ensure timely recovery of investments of the segregated portfolio, the

Trustees to the fund would continuously monitor the progress and take suitable action
as may be required.
TER for the Segregated Portfolio
a. AMC shall not charge investment and advisory fees on the segregated portfolio.
However, TER (excluding the investment and advisory fees) can be charged, on a
pro-rata basis only upon recovery of the investments in segregated portfolio.

b. The TER so levied shall not exceed the simple average of such expenses
(excluding the investment and advisory fees) charged on daily basis on the main
portfolio (in % terms) during the period for which the segregated portfolio was in
existence.
c. The legal charges related to recovery of the investments of the segregated
portfolio may be charged to the segregated portfolio in proportion to the amount
of recovery. However, the same shall be within the maximum TER limit as
applicable to the main portfolio. The legal charges in excess of the TER limits, if
any, shall be borne by the AMC.
d. The costs related to segregated portfolio shall in no case be charged to the main
portfolio.
Investors may also note that the process followed by the AMC/Trust regarding creation
of segregated portfolios shall be in accordance with the provisions laid down by SEBI in
this regard, from time to time.
Benefits and Features of Creation of Segregated Portfolio:
1. Creation of Segregated portfolio helps ensuring fair treatment to all investors in

case of a credit event and helps in managing liquidity risk during such events;
2. Investors redeeming their units will get redemption proceeds based on the NAV of
main portfolio and will continue to hold the units of segregated portfolio;
3. Investors subscribing to the scheme will be allotted units only in the main portfolio
based on its NAV;
4. A statement of holding indicating the units held by the investors in the segregated
portfolio along with the NAV of both segregated portfolio and main portfolio as on
the day of the credit event shall be communicated to the investors within 5
working days of creation of the segregated portfolio;
5. Adequate disclosure of the segregated portfolio shall appear in all scheme related
documents, in monthly and half-yearly portfolio disclosures and in the annual
report of the mutual fund and the scheme; and
6. The investors of the segregated portfolio shall be duly informed of the recovery
proceedings of the investments of the segregated portfolio. Status update may be
provided to the investors at the time of recovery and also at the time of writing-off
of the segregated securities.
 Numerical illustration explaining how segregated portfolios will work
Total Assets under DEBT instruments: 10 lakhs and Total 2 investors in the Scheme:
Units Amount Portfolio Value

Investors A 30,000 3,75,000 DEBT A 5,00,000
Investors B 50,000 6,25,000 DEBT B 3,00,000
DEBT C 2,00,000
Total 80,000 10,00,000 Total 10,00,000
NAV (Full Portfolio): Rs. 12.5
Credit Event: Security DEBT B downgrades and value falls from 3,00,000 to 280,000
Post Segregation (Main Portfolio):
Units Amount Portfolio Value

Investors A 30,000 2,62,500 DEBT A 5,00,000
Investors B 50,000 4,37,500 DEBT C 2,00,000
Total 80,000 7,00,000 Total 7,00,000
NAV (Main Portfolio): Rs. 8.75
Post Segregation (Segregated Portfolio):
Total 2 investors in the Scheme: Units Amount Portfolio Value

Investors A (units) 30,000 1,05,000 DEBT B 2,80,000
Investors B (units) 50,000 1,75,000
Total 80,000 280,000 Total 280,000
NAV (Segregated Portfolio): Rs. 3.5
Main Segregated
Units Portfolio Portfolio Amount
Total Holding of Investor A 30,000 2,62,500 1,05,000 3,67,500
Total Holding of Investor B 50,000 4,37,500 1,75,000 6,12,500
Total 700,000 2,80,000 9,80,000
Notes:
 Investors who invest / subscribe to the units of the Scheme post creation of
segregated portfolio shall be allotted units in the Main Portfolio only.
 Investors redeeming their units post creation of segregated portfolio will get
redemption proceeds based on NAV of main portfolio and will continue to hold units
in Segregated portfolio.
 No redemption and / or subscription shall be allowed in the Segregated Portfolio.
 Units of Segregated portfolio shall be listed on a recognised stock exchange.
Monitoring by Trustees
In order to ensure timely recovery of investments of the segregated portfolio, trustees

shall ensure that:
a. The AMC puts in sincere efforts to recover the investments of the segregated
portfolio.
b. Upon recovery of money, whether partial or full, it shall be immediately
distributed to the investors in proportion to their holding in the segregated
portfolio. Any recovery of amount of the security in the segregated portfolio even
after the write off shall be distributed to the investors of the segregated portfolio.
c. An Action Taken Report (ATR) on the efforts made by the AMC to recover the
investments of the segregated portfolio is placed in every trustee meeting till the
investments are fully recovered/ written-off.
d. The trustees shall monitor the compliance of this circular and disclose in the half-
yearly trustee reports filed with SEBI, the compliance in respect of every
segregated portfolio created.
In order to avoid mis-use of segregated portfolio, trustees shall ensure to have a

mechanism in place to negatively impact the performance incentives of Fund Managers,
Chief Investment Officers (CIOs), etc. involved in the investment process of securities
under the segregated portfolio, mirroring the existing mechanism for performance
incentives of the AMC, including claw back of such amount to the segregated portfolio of
the scheme.
Investment by the AMC
From time to time and subject to the regulations, the sponsors, the mutual funds and
investment Companies managed by them, their associate companies, subsidiaries of the
sponsors and the AMC may invest in either directly or indirectly in the Scheme. The
funds managed by associates and/ or the AMC may acquire a substantial portion of the
Scheme. Accordingly, redemption of units held by such funds, associates and sponsors
may have an adverse impact on the units of the Scheme because the timing of such
redemption may impact the ability of other unit holders to redeem their units. Further, as
per the regulation, in case the AMC invests in any of the schemes managed by it, it shall
not be entitled to charge any fees on such investments.
The Scheme may invest in other schemes managed by the AMC or in the schemes of
any other Mutual Funds, provided it is in conformity to the investment objective of the
Scheme and in terms of the prevailing Regulations. As per the Regulations, no
investment management fees will be charged for such investments.
Procedure followed for Investment decisions
Please refer to Statement of Additional Information (SAI) available on website of AMC i.e.
www.icicipruamc.com
DERIVATIVES
The Scheme intends to use derivatives for purposes that may be permitted by SEBI
Mutual Fund Regulations from time to time. Derivatives instruments may take the form of
Futures, Options, Swaps or any other instrument, as may be permitted from time to time.
SEBI has vide its Circular DNPD/Cir-29/2005 dated September 14, 2005 and DNPD/Cir-
29/2005 dated January 20, 2006 and CIR/IMD/DF/11/2010 dated August 18, 2010 and
SEBI/HO/IMD/DF2/CIR/P/2017/109 dated September 27, 2017 specified the guidelines
pertaining to trading by Mutual Fund in Exchange trades derivatives. All Derivative
positions taken in the portfolio would be guided by the following principles:
i. Position limit for the Fund in index options contracts

a. The Fund position limit in all index options contracts on a particular
underlying index shall be Rs. 500 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 Fund in index futures contracts:

a. The Fund position limit in all index futures contracts on a particular underlying
index shall be Rs. 500 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, Fund may take
exposure in equity index derivatives subject to the following limits:

a. Short positions in index derivatives (short futures, short calls and long puts)
shall not exceed (in notional value) the Fund’s holding of stocks.
b. Long positions in index derivatives (long futures, long calls and short puts)
shall not exceed (in notional value) the Fund’s holding of cash, government
securities, T-Bills and similar instruments.
iv. Position limit for the Fund for stock based derivative contracts
The Fund position limit in a derivative contract on a particular underlying stock,
i.e. stock option contracts and stock futures contracts, :-
a. The combined futures and options limit shall be 20% of applicable Market
Wide Position Limit (MWPL)
b. The MWPL and client level position limits however would remain the same
as prescribed
v. Position limit for the Scheme

The position limits for the Scheme and disclosure requirements are as follows–
a. 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 Fund
shall not exceed the higher
of:
1% of the free float market capitalisation (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).
b. This position limit shall be applicable on the combined position in all
derivative contracts on an underlying stock at a Stock Exchange.
c. For index based contracts, the Fund 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.”
Illustration of some derivative transactions
i) Index Futures:
Benefits
a) Investment in Stock Index Futures can give exposure to the index without directly
buying the individual stocks. Appreciation in Index stocks can be effectively captured
through investment in Stock Index Futures.
b) The Scheme can sell futures to hedge against market movements effectively without
actually selling the stocks it holds.
The Stock Index futures are instruments designed to give exposure to the equity market
indices. BSE Limited and National Stock Exchange of India Limited have started trading
in index futures of 1, 2 and 3-month maturities. The pricing of an index future is the
function of the underlying index and interest rates.
Illustration
Spot Index: 1070
1 month Nifty Future Price on day 1: 1075
Scheme buys 100 lots
Each lot has a nominal value equivalent to 200 units of the underlying index
Let us say that on the date of settlement, the future price = Closing spot price = 1085
Profits for the Scheme = (1085-1075)* 100 lots*200 = Rs. 200,000
Please note that the above example is given for illustration purposes only.
The net impact for the Scheme will be in terms of the difference between the closing
price of the index and cost price (ignoring margins for the sake of simplicity). Thus, it is
clear from the example that the profit or loss for the Scheme will be the difference of the
closing price (which can be higher or lower than the purchase price) and the purchase
price. The risks associated with index futures are similar to the one with equity
investments. Additional risks could be on account of illiquidity and hence mispricing of
the future at the time of purchase.
Basic Structure of a Stock & Index Future

The Stock Index futures are instruments designed to give exposure to the equity markets
indices.
BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) provide futures in
select stocks and indices with maturities of 1, 2 and 3 months. The pricing of a
stock/index future is the function of the underlying stock/index and short term interest
rates.
Example using hypothetical figure

1 month NIFTY 50 Index Future
Say, Fund buys 1,000 futures contracts; each contract value is 50 times futures index
price
Purchase Date: December 27, 2017
Spot Index: 6036.25
Future Price: 6081.90
Say, Date of Expiry: January 27, 2018
Say, Margin: 20%
Assuming the exchange imposes total margin of 20%, the Investment Manager will be
required to provide total margin of approx. Rs. 6.08 Cr (i.e.20% * 6081.90 * 1000 * 50)
through eligible securities and cash.
Date of Expiry
Assuming on the date of expiry, i.e. Jan 27, 2018, Nifty 50 Index closes at 6100, the net
impact will be a profit of Rs 9,05,000 for the fund i.e. (6100–6081.90)*1000*50
Futures price = Closing spot price = 6100.00
Profits for the Fund = (6100–6081.90)*1000*50 = Rs. 9,05,000
Please note that the above example is given for illustration purposes only. Some
assumptions have been made for the sake of simplicity.
The net impact for the Fund will be in terms of the difference of the closing price of the
index and cost price. Thus, it is clear from the example that the profit or loss for the Fund
will be the difference of the closing price (which can be higher or lower than the
purchase price) and the purchase price. The risks associated with index futures are
similar to those associated with equity investments. Additional risks could be on account
of illiquidity and potential mis–pricing of the futures.

ii) Buying Options:
Benefits of buying a call option:
Buying a call option on a stock or index gives the owner the right, but not the obligation,
to buy the underlying stock / index at the designated strike price. Here the downside
risks are limited to the premium paid to purchase the option.
Illustration
For example, if the Scheme buys a one month call option on ABC Limited at a strike of
Rs. 150, the current market price being say Rs.151. The Scheme will have to pay a
premium of say Rs. 15 to buy this call. If the stock price goes below Rs. 150 during the
tenure of the call, the Scheme avoids the loss it would have incurred had it straightaway
bought the stock instead of the call option. The Scheme gives up the premium of Rs. 15
that has to be paid in order to protect the fund from this probable downside. If the stock
goes above Rs. 150, it can exercise its right and own ABC Limited at a cost price of Rs.
150, thereby participating in the upside of the stock.
Benefits of buying a put option

Buying a put option on a stock originally held by the buyer gives him/her the right, but
not the obligation, to sell the underlying stock at the designated strike price. Here the
downside risks are limited to the premium paid to purchase the option.
Illustration
For example, if the Scheme owns ABC Limited and also buys a three month put option
on ABC Limited at a strike of Rs. 150, the current market price being say Rs.151. The
Scheme will have to pay a premium of say Rs. 12 to buy this put. If the stock price goes
below Rs. 150 during the tenure of the put, the Scheme can still exercise the put and sell
the stock at Rs. 150, avoiding therefore any downside on the stock below Rs. 150. The
Scheme gives up the fixed premium of Rs. 12 that has to be paid in order to protect the
Scheme from this probable downside. If the stock goes above Rs. 150, say to Rs. 170, it
will not exercise its option. The Scheme will participate in the upside of the stock, since it
can now sell the stock at the prevailing market price of Rs. 170.
The following section describes some of the more common equity derivatives
transactions long with their benefits:
Basic Structure of an Equity Option

An option gives a buyer the right but does not cast the obligation to buy or sell the
underlying. An option is a contract between two parties wherein the buyer receives a
privilege for which he pays a fee (premium) and the seller accepts an obligation for
which he receives a fee. The premium is the price negotiated and set when the option is
bought or sold. A person who buys an option is said to be long in the option. A person
who sells (or writes) an option is said to be short in the option.
In India, National Stock Exchange (NSE) became the first exchange to launch trading in
options on individual securities. Trading in options on individual securities commenced
from July 2, 2001. All stock/index Option contracts are European style (w.e.f. January
2011) and cash settled as stipulated by the Securities and Exchange Board of India
(SEBI).
Example using hypothetical figures on Index Options:

Market type: N
Instrument Type: OPTIDX
Underlying: Nifty
Purchase date: Dec 27, 2017
Expiry date: January 27, 2018
Option Type: Put Option (Purchased)
Strike Price: Rs. 6,000.00
Spot Price: Rs. 6036.00
Premium: Rs. 84.00
Lot Size: 50
No. of Contracts: 100
Say, the Fund purchases on December 27, 2017, 1 month Put Options on Nifty on the
NSE i.e. put options on 5000 shares (100 contracts of 50 shares each) of Nifty.
Date of Exercise
As these are European style options, they can be exercised only on the exercise date i.e.
January 27, 2018. If the share price of Nifty falls to Rs.5,500 on expiry day, the net impact
will be as follows:
Premium expense = Rs.84*100* 50 Rs. 4,20,000
Option Exercised at = Rs. 5,500
Profits for the Fund = (6000.00–5,500.00) * 100*50 = Rs. 25,00,000
Net Profit = Rs. 25,00,000 – Rs. 4,20,000 = Rs. 20,80,000
In the above example, the Investment Manager hedged the market risk on 5000 shares of
Nifty Index by purchasing Put Options.
assumptions have been made for the sake of simplicity. Certain factors like margins have
been ignored. The purchase of Put Options does not increase the market risk in the fund
as the risk is already in the fund's portfolio on account of the underlying asset position.
The premium paid for the option is treated as an expense. Additional risks could be on
account of illiquidity and potential mis–pricing of the options.
The fund will use derivatives instruments for the purpose hedging or portfolio
rebalancing or for any other stock and / or index derivative strategies as allowed under
the SEBI regulations.
Example of Hedging using Index Futures

The scheme holds stock at current market price of Rs. 100. To hedge the exposure, the
scheme will sell index futures for Rs. 100.
The stock will make a gain or a loss subject to its relative out-performance or
underperformance of the markets.
Stock A falls by 10% and market index also falls by 10%.
Profit/(Loss) on stock A will be = (Rs. 10)
Profit/(Loss) on Short Nifty futures = Rs. 10
Net Profit/(loss) = Nil
Therefore, hedging allows the scheme to protect against market falls.
Please note that the above examples are only for illustration purposes.

Various Derivatives Strategies:
If and where Derivative strategies are used under the scheme the Fund Manager will
employ a combination of the following strategies:
1. Index Arbitrage:
As the Nifty 50 Index derives its value from fifty underlying stocks, the underlying stocks
can be used to create a synthetic index matching the Nifty Index levels. Also,
theoretically, the fair value of a stock/ index futures is equal to the spot price plus the
cost of carry i.e. the interest rate prevailing for an equivalent credit risk, in this case is the
Clearing Corporation of the NSE.
Theoretically, therefore, the pricing of Nifty Index futures should be equal to the pricing
of the synthetic index created by futures on the underlying stocks. However, due to
market imperfections, the index futures may not exactly correspond to the synthetic
index futures.
The Nifty Index futures normally trades at a discount to the synthetic Index due to large
volumes of stock hedging being done using the Nifty Index futures giving rise to
arbitrage opportunities.
The fund manager shall aim to capture such arbitrage opportunities by taking long
positions in the Nifty Index futures and short positions in the synthetic index. The
strategy is attractive if this price differential (post all costs) is higher than the investor’s
cost-of-capital.
Objective of the Strategy

The objective of the strategy is to lock-in the arbitrage gains.
Risks Associated with this Strategy

 Lack of opportunity available in the market
 The risk of mispricing or improper valuation and the inability of derivatives to
correlate perfectly with underlying assets, rates and indices:
Execution Risk: The prices which are seen on the screen need not be the same at which
execution will take place.
2. Cash Futures Arbitrage: (Only one way as funds are not allowed to short in the cash
market).
The Scheme would look for market opportunities between the spot and the futures
market. The cash futures arbitrage strategy can be employed when the price of the
futures exceeds the price of the underlying stock.
The Scheme will first buy the stocks in cash market and then sell in the futures market to
lock the spread known as arbitrage return.
Buying the stock in cash market and selling the futures results into a hedge where the
Plans have locked in a spread and is not affected by the price movement of cash market
and futures market. The arbitrage position can be continued till expiry of the future
contracts. The future contracts are settled based on the last half an hour’s weighted
average trade of the cash market. Thus there is a convergence between the cash market
and the futures market on expiry. This convergence helps the Plans under the Scheme to
generate the arbitrage return locked in earlier. However, the position could even be
closed earlier in case the price differential is realized before expiry or better opportunities
are available in other stocks. The strategy is attractive if this price differential (post all
costs) is higher than the investor’s cost-of-capital.

The objective of the strategy is to lock-in the arbitrage gains.
Risk Associated with this Strategy

Lack of opportunity available in the market
The risk of mispricing or improper valuation and the inability of derivatives to correlate
perfectly with underlying assets, rates and indices
3. Hedging and alpha strategy: The fund will use exchange-traded derivatives to hedge
the equity portfolio. The hedging could be either partial or complete depending upon
the fund managers’ perception of the markets. The fund manager shall either use
index futures and options or stock futures and options to hedge the stocks in the
portfolio. The fund will seek to generate alpha by superior stock selection and
removing market risks by selling appropriate index. For example, one can seek to
generate positive alpha by buying an IT stock and selling Nifty IT Index future or a
bank stock and selling Bank Index futures or buying a stock and selling the Nifty
Index.

The objective of the strategy is to generate alpha by superior stock selection and
removing market risks by hedging with appropriate index.

 The stock selection under this strategy may under-perform the market and generate a
negative alpha.
 The risk of mispricing or improper valuation and the inability of derivatives to
 Execution Risk: The prices which are seen on the screen need not be the same at
which execution will take place.
3. Other Derivative Strategies: As allowed under the SEBI guidelines on derivatives, the
fund manager will employ various other stock and index derivative strategies by buying
or selling stock/index futures and/or options.

The objective of the strategy is to earn low volatility consistent returns.

The risk of mispricing or improper valuation and the inability of derivatives to correlate
perfectly with underlying assets, rates and indices
Covered Call Strategy
A call option gives the holder (buyer) the right but not the obligation to buy an asset by a
certain date for a certain price. The covered call is a strategy in which a seller sells a call
option on a stock he owns.
Benefits of using Covered Call strategy in Mutual Funds:
The covered call strategy can be followed by the Fund Manager in order to hedge risk
thereby resulting in better risk adjusted returns of the Scheme. The strategy offers the
following benefits:
a. Hedge against market risk - Since the fund manager sells a call option on a stock
already owned by the mutual fund scheme, the downside from fall in the stock
price would be lower to the extent of the premium earned from the call option.
b. Generating additional returns in the form of option premium in a range bound
market.
Thus, a covered call strategy involves gains for unit holders in case the strategy plays out
in the right direction
Illustration – Covered Call strategy using stock call options:

Suppose, a fund manager buys equity stock of ABC Ltd. For Rs. 1000 and simultaneously
sells a call option on the same stock at a strike price of Rs. 1100. The scheme earns a
premium of say, Rs. 50. Here, the fund manager does not think that the stock price will
exceed Rs. 1100.
Scenario 1: Stock price exceeds Rs. 1100

The call option will get exercised and the fund manager will sell the stock to settle his
obligation on the call at Rs. 1100 (earning a return of 10% on the stock purchase price).
Also, the scheme has earned a premium of Rs. 50.
Net Gain –
Rs. 1100 (strike price) – Rs. 1000 (stock purchase price) + Rs. 50 (premium earned) = Rs.
150
Scenario 2: Stock prices stays below Rs. 1100

The call option will not get exercised and will expire worthless. The premium earned on
call option will generate alpha for the scheme.
Net Gain – Rs. 50 (premium earned).
Debt Derivatives
The Scheme may use derivatives instruments like Interest Rate Swaps, Forward Rate
Agreements or such other derivative instruments as may be introduced from time to
time for the purpose that may be permitted by SEBI Mutual Fund Regulations from time
to time.

Interest rate swap is a strategy in which one party exchanges a stream of interest for
another party's stream. Interest rate swaps are normally 'fixed against floating', but can
also be 'fixed against fixed' or 'floating against floating' rate swaps. Interest rate swaps
will be used to take advantage of interest-rate fluctuations, by swapping fixed-rate
obligations for floating rate obligations, or swapping floating rate obligations to fixed-rate
obligations.
i) Advantages of Derivatives
The volatility in Indian debt markets has increased over last few months. Derivatives
provide unique flexibility to the Scheme to hedge part of their portfolio. Some of the
advantages of specific derivatives are as under:
ii) Interest Rate Swaps and Forward rate Agreements

Bond markets in India are not very liquid. Investors run the risk of illiquidity in such
markets.
Investing for short-term periods for liquidity purposes has its own risks. Investors can
benefit if the Fund remains in call market for the liquidity and at the same time take
advantage of fixed rates by entering into a swap. It adds certainty to the returns without
sacrificing liquidity.
The following is an illustration how derivatives work

Basic Details: Fixed to floating swap
Notional Amount: Rs. 5 Crores
Benchmark: NSE MIBOR
Deal Tenor: 3 months (say 91 days)
Documentation: International Securities Dealers Association (ISDA).
Let us assume the fixed rate decided was 10%
At the end of three months, the following exchange will take place:
Counter party 1 pays: compounded call rate for three months, say 9.90%
Counter party 2 pays fixed rate: 10%
In practice, however, the difference of the two amounts is settled. Counter party 2 will
pay Rs. 5 Crores *0.10%* 91/365 = Rs. 12,465.75
Thus the trade off for the Fund will be the difference in call rate and the fixed rate
payment and this can vary with the call rates in the market. Please note that the above
example is given for illustration purposes only and the actual returns may vary
depending on the terms of swap and market conditions.
Risk Factor: The risk arising out of uses of the above derivative strategy as under:
 Lack of opportunities available in the market.
 The risk of mispricing or improper valuation and the inability of derivatives to correlate
perfectly with underlying assets, rates and indices.
assumptions have been made for the sake of simplicity. Additional risks could be on
account of illiquidity and potential mis–pricing of the options.
iii) Interest Rate Futures:
IRF means a standardized interest rate derivative contract traded on a recognized stock
exchange to buy or sell a notional security or any other interest bearing instrument or an
index of such instruments or interest rates at a specified future date, at a price
determined at the time of the contract.

Hedging using interest rate futures could be perfect or imperfect, subject to applicable
regulations.
Currently, exchange traded Interest Rate Futures traded on exchange are standardized
contracts based on 10-Year Government of India Security and 91 day Treasury bill. IRF
contracts are cash settled.
IRFs give an opportunity in the fixed income market to hedge interest rate risk or
rebalance the portfolio by using them. By locking into a price, the IRF contract can help
to eliminate the interest rate risk. Thus, in order to protect against a fall in the value of the
portfolio due to falling bond prices, one can take short position in IRF contracts.
Example:
Date: April 01, 2018

Spot price of the Government Security: Rs.108.83
Price of IRF– April contract: Rs. 108.90
On April 01, 2018, Fund buys 1000 units of the Government security from the spot
market at Rs. 108.83. Subsequently, it is anticipated that the interest rate will rise in the
near future. Therefore to hedge the exposure in underlying Government security, Fund
sells April 2018 Interest Rate Futures contracts at Rs. 108.90.
On April 15, 2018 due to increase in interest rate:
Spot price of the Government Security: Rs. 107.24

Futures Price of IRF Contract: Rs.107.30
Loss in underlying market will be (107.24 – 108.83)*1000 = (Rs. 1,590)

Profit in the Futures market will be (107.30 – 108.90)*1000 = Rs. 1,600
Illustration for Imperfect Hedging
Scenario 1 and 2
Assumption: Portfolio whose duration is 3 years, is being hedged with an IRF whose
underlying securities duration is 10 years
Portfolio Duration: 3 year
Market Value of Portfolio: Rs 100 cr
Imperfect Hedging cannot exceed 20% of Portfolio
Maximum extent of short position that may be taken in IRFs is as per below mentioned
formula:
Portfolio (security) Modified Duration * Market Value of Portfolio (security) / (Futures
Modified Duration * Futures Price/PAR)
Consider that we choose to hedge 20% of portfolio

(3 * (0.2 * 100))/(10 * 100/100) = Rs 6 cr
So we must Sell Rs 6 cr of IRF with underlying duration of 10 years to hedge Rs 20 cr of

Portfolio with duration of 3 years.
Scenario 1
If the yield curve moves in a way that the 3 year moves up by 10 bps and the 10 year
moves up by 5bps, which means that the short end has moved up more than the long
end
Amount of Security in Portfolio (LONG): Rs 20cr

If yields move up buy 10 bps then the price of the security with a modified duration of 3
years will move down by;
Formula: (Yield movement * Duration) * Portfolio Value
((0.001 * 3) * 20,00,00,000)= - 6,00,000
Underlying IRF (SHORT): Rs 6crs

If yields move up buy 5bps then the price of the security with a duration of 10 years will
move down by;
(-0.0005*10) * 6,00,00,000 = 3,00,000
Since we have sold the IRF, this movement is positive and hence the total loss will be
reduced to:
-6,00,000 + 3,00,000= -3,00,000
Due to IRF, the overall impact on the portfolio due to interest rate movement has been
reduced.
Scenario 2
If the yield curve moves in a way that the 3 year does not move and the 10 year moves
down by 5 bps, which means that the yield curve has flattened.
If yield does not move then the price of the security with a duration of 3 years will remain
flat:
(0*3) * 20,00,00,000 = 0
Underlying IRF (SHORT): Rs 6cr
If yields moves down by 5bps then the price of the security with a duration of 10 years
will move up by;
(0.0005*10) * 6,00,00,000 = -3,00,000
In this scenario, the imperfect hedge created on the portfolio would create a loss on the
total position.
Risk associated with imperfect hedging includes:
Basis Risk: The risk arises when the price movements in derivative instrument used to
hedge the underlying assets does not match the price movements of the underlying
assets being hedged. Such difference may potentially amplify the gains or losses, thus
adding risk to the position.
Price Risk: The risk of mispricing or improper valuation and the inability of derivatives to
Risk of mismatch between the instruments: The risk arises if there is a mismatch
between the prices movements in derivative instrument used to hedge, compared to the
price movement of the underlying assets being hedged. For example when IRF which
has government security as underlying is used, to hedge a portfolio that contains
corporate debt securities.
Correlation weakening and consequent risk of regulatory breach: SEBI Regulation

mandates minimum correlation criterion of 0.9 (calculated on a 90 day basis) between
the portfolio being hedged and the derivative instrument used for hedging. In cases
where the correlation falls below 0.9, a rebalancing period of 5 working days has been
permitted. Inability to satisfy this requirement to restore the correlation level to the
stipulated level, within the stipulated period, due to difficulties in rebalancing would lead
to a lapse of the exemption in gross exposure computation. The entire derivative
exposure would then need to be included in gross exposure, which may result in gross
exposure in excess of 100% of net asset value.
Valuation of Derivative Products
i. The traded derivatives shall be valued at market price in conformity with the
valuation policy of the Mutual Fund.
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 SEBI (Mutual Funds) Regulations, 1996 as amended from
time to time.
For provisions on applicable limits regarding derivatives, please refer section ‘What are
the Investment Restrictions?’
F: Fundamental Attributes
Following are the Fundamental Attributes of the Scheme, in terms of Regulation 18

(15A) of the SEBI (MF) Regulations:
(i) Type of a Scheme
Refer to Section “Type of the Scheme”.
(ii) Investment Objective
Refer to the section “What is the Investment Objective of the Scheme?”
(iii) Investment Pattern:
The tentative portfolio break-up of Equity and Debt and other permitted securities
and such other securities as may be permitted by the SEBI from time to time with
minimum and maximum asset allocation, while retaining the option to alter the
asset allocation for a short term period on defensive considerations. Refer to the
section “How will the Scheme allocate its Assets?“ for more details.
(iv) Terms of Issue
A] Liquidity provisions such as listing, repurchase, redemption:
Listing: Being an open ended scheme, the Units of the Scheme will not be listed on
any stock exchange, at present. The Trustee may, at its sole discretion, cause the
Units under the Scheme to be listed on one or more Stock Exchanges. Notification of
the same will be made through Customer Service Centres of the AMC and as may be
required by the respective Stock Exchanges.
For details on redemption, repurchase of units, please refer Section ‘UNITS AND
OFFER’ - Redemption of Units in Ongoing Offer details.
B] Aggregate fees and expenses charged to the Scheme: The provisions in respect
of fees and expenses are as indicated in this SID. Please refer to section “Fees and
Expenses”.
C] Any safety net or guarantee provided: The present Scheme is not a guaranteed
or assured return Scheme
(v) Changes in Fundamental Attributes
In accordance with Regulation 18(15A) of the SEBI (Mutual Funds) Regulations, the
Trustees shall ensure that no change in the fundamental attributes of the Scheme or the
trust or fee and expenses payable or any other change which would modify the Scheme
and affect the interests of Unitholders is carried out unless:
 An application has been made with SEBI and views/comments of SEBI are sought
on the proposal for fundamental attribute changes;
 An addendum to the existing SID shall be issued and displayed on AMC website
immediately;
 SID shall be revised and updated immediately after completion of duration of the
exit option (not less than 30 days from the notice date).;
 A public notice shall be given in respect of such changes in one English daily
newspaper having nationwide circulation as well as in a newspaper published in
the language of region where the Head Office of the Mutual Fund is situated, and
 The Unitholders are given an option for a period of atleast 30 calendar days to exit
at the prevailing Net Asset Value without any exit load.
G. How will the Scheme benchmark its performance?
The performance of the Scheme shall be benchmarked with S&P BSE PSU TRI
The Trustees reserves the right to change the benchmark in future if a benchmark better
suited to the investment objective of the Scheme is available, subject to guidelines
issued by SEBI/AMFI from time to time.
H. Who manages the Scheme?
The investments under the Scheme will be managed by Mr. Mittul Kalawadia and Mr.
Anand Sharma. Since the Scheme is a new scheme, tenure of fund manager is not
available.
Sr. Fund Manager/ Age / Experience Other Schemes Managed

No. Qualification
1. Mr. Mittul He has over 13 years of  ICICI Prudential Equity
Kalawadia/39/ experience in fund & Debt Fund
CA, M. Com and B. management/Investment  ICICI Prudential
Com analyst role. He is Dividend Yield Equity
associated with ICICI Fund
Prudential Asset  ICICI Prudential ESG
Management Company Fund
Limited from January
2006 till date.
Past Experience:
~ ICICI Prudential Asset
Management Company
Limited – Equity Research
Analyst – October 2008
till February 2012.
Management Company
Limited – Business
Planning & MIS – January
2006 to September 2008.
2. Mr. Anand Sharma/ Mr. Anand Sharma has  ICICI Prudential
34/B.E. (Computer been appointed as the Housing Opportunities
Engineer), Master of Senior Investment Fund
Management Studies, Analyst – MF Equity in the
University of Mumbai Investments Department
of ICICI Prudential Asset
Management Company
Limited w.e.f. November
10, 2021.
Past Experience:
Management Company
Limited – Fund manager
(PMS and AIF) - October
1, 2018 to November 9,
2021
Management Company
Limited – Research
Analyst - April 21, 2014 to
September, 30 2018
~ Oracle Financial
Services Software Ltd –
Associate Consultant -
November 2, 2009 to
June 22, 2012
I. What are the Investment Restrictions?
Pursuant to the Regulations and amendments thereto and subject to the investment
pattern of the Scheme, following investment restrictions are presently applicable to the
Scheme:
1. A mutual fund scheme shall not invest more than 10% of its NAV in debt
instruments comprising money market instruments and non-money market
instruments issued by a single issuer which are rated not below investment grade by
a credit rating agency authorised to carry out such activity under the Act. Such
investment limit may be extended to 12% of the NAV of the scheme with the prior
approval of the Board of Trustees and the Board of directors of the asset
management company:
Provided that such limit shall not be applicable for investments in Government
Securities, treasury bills and TREPs:
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 the Board.
2. Mutual fund schemes shall not invest in unlisted debt instruments including
commercial papers (CPs), other than (a) government securities, (b) other money
market instruments and (c) derivative products such as Interest Rate Swaps (IRS),
Interest Rate Futures (IRF), etc. which are used by mutual funds for hedging.
However, mutual fund schemes may invest in unlisted Non-Convertible Debentures

(NCDs) not exceeding 10% of the debt portfolio, as per respective investment limits
and timelines mentioned in Circular dated October 1, 2019, of the debt portfolio of the
scheme subject to the condition that such unlisted NCDs have a simple structure (i.e.
with fixed and uniform coupon, fixed maturity period, without any options, fully paid
up upfront, without any credit enhancements or structured obligations) and are rated
and secured with coupon payment frequency on monthly basis.
For the above purposes, listed debt instruments shall include listed and to be listed
debt instruments.
3. The Scheme shall not invest more than 5% of its net assets in unrated debt and
money market instruments, other than government securities, treasury bills,
derivative products such as Interest Rate Swaps (IRS), Interest Rate Futures (IRF), etc.
All such investments shall be made with the prior approval of the Board of Trustees
and the Board of AMC.
Investments should only be made in such instruments, including bills re-discounting,

usance bills, etc., that are generally not rated and for which separate investment
norms or limits are not provided in SEBI (Mutual Fund) Regulations, 1996 and various
circulars issued thereunder.
4. The Fund under all its Schemes shall not own more than 10% of any company’s paid
up capital carrying voting rights.
Provided, investment in the asset management company or the trustee company of a

mutual fund shall be governed by clause (a), of sub-regulation (1), of regulation 7B
5. The investment of mutual fund schemes in the following instruments shall not exceed
10% of the debt portfolio of the schemes and the group exposure in such instruments
shall not exceed 5% of the debt portfolio of the schemes
a. Unsupported rating of debt instruments (i.e. without factoring-in credit
enhancements) is below investment grade and
b. Supported rating of debt instruments (i.e. after factoring-in credit enhancement) is
above investment grade.
For the purpose of this provision, ‘Group’ shall have the same meaning as defined in
paragraph B(3)(b) of SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2016/35 dated
February 15, 2016.
Investment limits as mentioned above shall not be applicable on investments in
securitized debt instruments, as defined in SEBI (Public Offer and Listing of
Securitized Debt Instruments) Regulations 2008.
Investment in debt instruments, having credit enhancements backed by equity

shares directly or indirectly, shall have a minimum cover of 4 times considering the
market value of such shares. AMCs may ensure that the investment in debt
instruments having credit enhancements are sufficiently covered to address the
market volatility and reduce the inefficiencies of invoking of the pledge or cover,
whenever required, without impacting the interest of the investors. In case of fall in
the value of the cover below the specified limit, AMCs should initiate necessary
steps to ensure protection of the interest of the investors.
6. Transfer of investments from one Scheme to another Scheme in the same Mutual
Fund is permitted provided:
 Such transfers are done at the prevailing market price for quoted instruments on
spot basis (spot basis shall have the same meaning as specified by a Stock
Exchange for spot transactions); and
 The securities so transferred shall be in conformity with the investment objective
of the Scheme to which such transfer has been made.
Further the inter Scheme transfer of investments shall be in accordance with the
provisions contained in clause Inter-Scheme transfer of investments, contained in
Statement of Additional Information. The AMC shall comply with the guidelines
issued by SEBI vide its Circular dated October 8, 2020 and such other guidelines as
may be notified from time to time.
7. The Scheme may invest in other Schemes under the same AMC or any other Mutual
Fund without charging any fees, provided the aggregate inter-Scheme investment
made by all the Schemes under the same management or in Schemes under
management of any other asset management company shall not exceed 5% of the
Net Asset Value of the Fund. No investment management fees shall be charged for
investing in other Schemes of the Fund or in the Schemes of any other mutual fund.
8. The Mutual Fund shall buy and sell securities on the basis of deliveries and shall in
all cases of purchases, take delivery of relevant securities and in all cases of sale,
deliver the securities:
Provided further that the Mutual Fund may enter into derivatives transactions in a
recognized stock exchange, subject to the framework specified by SEBI
Provided further that sale of government security already contracted for purchase
shall be permitted in accordance with the guidelines issued by the RBI in this regard
9. 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.
10. Pending deployment of funds of the Schemes in terms of the investment objective
of the Schemes, the Mutual Fund may invest them in short term deposits of
scheduled commercial banks in accordance with SEBI Circular no SEBI/IMD/CIR No.
1/91171/07 dated 16th April 2007 and SEBI/IMD/CIR No. 7/12952/08 dated June 23,
2008 and and SEBI/HO/IMD/DF4/CIR/P/2019/093 dated August 16, 2019, following
guidelines shall be followed for parking of funds in short term deposits of Scheduled
commercial Banks pending deployment:
a. “Short Term” for such parking of funds by mutual funds shall be treated as a period
not exceeding 91 days.
b. Such short term deposits shall be held in the name of the concerned Scheme.
c. No mutual fund Scheme shall park more than 15% of the net assets in Short term
deposit(s) of all the scheduled commercial banks put together. However, it may be
raised to 20% with prior approval of the trustees. Also, parking of funds in short term
deposits of associate and sponsor scheduled commercial banks together shall not
exceed 20% of total deployment by the mutual fund in short term deposits.
d. No mutual fund Scheme shall park more than 10% of the net assets in short term
deposit(s), with any one scheduled commercial bank including its subsidiaries.
e. Trustees/Asset Management Companies (AMCs) shall ensure that no funds of a
scheme are parked in short term deposit (STD) of a bank which has invested in that
scheme. Trustees/AMCs shall also ensure that the bank in which a scheme has STD
does not invest in the said scheme until the scheme has STD with such bank.
The above conditions are not applicable to term deposits placed as margins for trading
in cash and derivative market.
f. Asset Management Company (AMC) shall not be permitted to charge any investment
management and advisory fees for parking of funds in short term deposits of
scheduled commercial banks.
11. No mutual fund Scheme shall make any investments in;

a) any unlisted security of an associate or group company of the sponsor; or
b) any security issued by way of private placement by an associate or group
company of the Sponsor; or
c) the listed securities of group companies of the Sponsor which is in excess of 25%
of its net assets.
12. The scheme shall not invest in Fund of funds scheme.
13. All investments by a mutual fund scheme in equity shares and equity related
instruments shall only be made provided such securities are listed or to be listed
14. No mutual fund Schemes shall invest more than 10% of its NAV in equity shares or
equity related instruments of any company. Provided that the limit of 10% will not be
applicable for the investments in case of Index Fund or sector or industry specific
scheme. In case of sector or industry specific scheme, the upper ceiling on
investments may be in accordance with the weightage of the scrips in the
representative sectoral index or sub index as disclosed in the SID or 10% of the NAV
of the scheme, whichever is higher.
15. No loans for any purpose can be advanced by the Scheme.
16. The Fund shall not borrow except to meet temporary liquidity needs of the Fund for
the purpose of repurchase/ redemption of units or payment of interest or IDCW to
the unit holders. Such borrowings shall not exceed more than 20% of the net assets
of the individual Scheme and the duration of the borrowing shall not exceed a
period of 6 months.
17. If any company invests more than 5% of the NAV of any of the Scheme, investments
made by that or any other schemes of the Mutual Fund in that company or its
subsidiaries will be disclosed in accordance with the SEBI (MF) Regulations.
18. The Mutual Fund having an aggregate of securities which are worth Rs.10 crores or
more, as on the latest balance sheet date, shall subject to such instructions as may
be issued from time to time by the Board, settle their transactions entered on or
after January 15, 1998 only through dematerialised securities. Further all
transactions in government securities shall be in dematerialised form.
19. The Scheme will comply with provisions specified specified in Circular dated August 18,
2010 related to overall exposure limits applicable for derivative transactions as stated
below:
1) The cumulative gross exposure across all asset classes should not exceed 100%
of the net assets of the Scheme.
2) The total exposure related to option premium paid must not exceed 20% of the
net assets of the Scheme.
3) Cash or cash equivalents with residual maturity of less than 91 days may be
treated as not creating any exposure.
4) Exposure due to hedging positions may not be included in the above mentioned
limits subject to the following
a. Hedging positions are the derivative positions that reduce possible losses
on an existing position in securities and till the existing position remains.
b. Hedging positions cannot be taken for existing derivative positions.
Exposure due to such positions shall have to be added and treated under
limits mentioned in Point 1.
c. Any derivative instrument used to hedge has the same underlying security
as the existing position being hedged.
d. The quantity of underlying associated with the derivative position taken for
hedging purposes does not exceed the quantity of the existing position
against which hedge has been taken
5) Mutual Funds may enter into interest rate swaps for hedging purposes. The
counterparty in such transactions has to be an entity recognized as a market
maker by RBI. Further, the value of the notional principal in such cases must not
exceed the value of respective existing assets being hedged by the scheme.
Exposure to a single counterparty in such transactions should not exceed 10% of
the net assets of the scheme.
6) Exposure due to derivative positions taken for hedging purposes in excess of the
underlying position against which the hedging position has been taken, shall be
treated under the limits mentioned in point 1.
7) Definition of Exposure in case of Derivative Positions - Each position taken in

derivatives shall have an associated exposure as defined under. Exposure is the
maximum possible loss that may occur on a position. However, certain derivative
positions may theoretically have unlimited possible loss. Exposure in derivative
positions shall be computed as follows:
Position Exposure
Long Future Futures Price * Lot Size * Number of Contracts
Short Future Futures Price * Lot Size * Number of Contracts
Option bought Option Premium Paid * Lot Size * Number of Contracts
Exposure limit for participating in Interest Rate Futures
In addition to the existing provisions of SEBI circular No.IMD/DF/11/2010 dated August

18, 2010, the following are prescribed:
i. To reduce interest rate risk in a debt portfolio, mutual funds may hedge the portfolio or
part of the portfolio (including one or more securities) on weighted average modified
duration basis by using Interest Rate Futures (IRFs). The maximum extent of short
position that may be taken in IRFs to hedge interest rate risk of the portfolio or part of the
portfolio, is as per the formula given below:
(Portfolio Modified Duration * Market Value of the Portfolio)

(Futures Modified Duration * Future Price/ PAR)
ii. In case the IRF used for hedging the interest rate risk has different underlying
security(s) than the existing position being hedged, it would result in imperfect hedging.
iii. Imperfect hedging using IRFs may be considered to be exempted from the gross
exposure, upto maximum of 20% of the net assets of the scheme, subject to the
following:
a) Exposure to IRFs is created only for hedging the interest rate risk based on the
weighted average modified duration of the bond portfolio or part of the portfolio.
b) Mutual Funds are permitted to resort to imperfect hedging, without it being considered
under the gross exposure limits, if and only if, the correlation between the portfolio or
part of the portfolio (excluding the hedged portions, if any) and the IRF is atleast 0.9 at
the time of initiation of hedge. In case of any subsequent deviation from the correlation
criteria, the same may be rebalanced within 5 working days and if not rebalanced within
the timeline, the derivative positions created for hedging shall be considered under the
gross exposure computed in terms of Para 3 of SEBI circular dated August 18, 2010. The
correlation should be calculated for a period of last 90 days.
Explanation: If the fund manager intends to do imperfect hedging upto 15% of the
portfolio using IRFs on weighted average modified duration basis, either of the following
conditions need to be complied with:
i. The correlation for past 90 days between the portfolio and the IRF is at least 0.9 or
ii. The correlation for past 90 days between the part of the portfolio (excluding the
hedged portions, if any) i.e. at least 15% of the net asset of the scheme (including one or
more securities) and the IRF is at least 0.9.
c) At no point of time, the net modified duration of part of the portfolio being hedged
should be negative.
d) The portion of imperfect hedging in excess of 20% of the net assets of the scheme
should be considered as creating exposure and shall be included in the computation of
gross exposure in terms of Para 3 of SEBI circular dated August 18, 2010.
iv. The basic characteristics of the scheme should not be affected by hedging the
portfolio or part of the portfolio (including one or more securities) based on the weighted
average modified duration.
Explanation: In case of long term bond fund, after hedging the portfolio based on the
modified duration of the portfolio, the net modified duration should not be less than the
minimum modified duration of the portfolio as required to consider the fund as a long
term bond fund.
v. The interest rate hedging of the portfolio should be in the interest of the investors.
20. Mutual Fund schemes (excluding ETFs and Index funds) can write Call options under a
covered strategy for constituent stocks of NIFTY 50 and BSE SENSEX subject to the
following:
a) The total notional value (taking into account strike price as well as premium value) of
call options written by a scheme shall not exceed 15% of the total market value of
equity shares held in that scheme.
b) The total number of shares underlying the call options written shall not exceed 30%
of the unencumbered shares of a particular company held in the scheme. The
unencumbered shares in a scheme shall mean shares that are not part of Securities
Lending and Borrowing Mechanism (SLBM), margin or any other kind of
encumbrances.
c) At all points of time the Mutual Fund scheme shall comply with the provisions at
points (a) and (b) above. In case of any passive breach of the requirement at
paragraph (a) above, the respective scheme shall have 7 trading days to rebalance
the portfolio. During the rebalancing period, no additional call options can be written
in the said scheme.
d) In case a Mutual Fund scheme needs to sell securities on which a call option is
written under a covered call strategy, it must ensure compliance with paragraphs (a)
and (b) above while selling the securities.
e) In no case, a scheme shall write a call option without holding the underlying equity
shares. A call option can be written only on shares which are not hedged using other
derivative contracts.
f) The premium received shall be within the requirements prescribed in terms of SEBI
circular dated August 18, 2010 i.e. the total gross exposure related to option
premium paid and received must not exceed 20% of the net assets of the scheme.
g) The exposure on account of the call option written under the covered call strategy
shall not be considered as exposure in terms of paragraph 3 of SEBI Circular no.
Cir/IMD/DF/11/2010, dated August 18, 2010.
h) The call option written shall be marked to market daily and the respective gains or
losses factored into the daily NAV of the respective scheme(s) until the position is
closed or expired.
21. The Scheme will comply with any other Regulation applicable to the investments of
mutual funds from time to time.

22. A mutual fund may invest in the units of REITs and InvITs subject to the following:
a. No mutual fund under all its schemes shall own more than 10% of units issued by a
single issuer of REIT and InvIT; and
b. A mutual fund scheme shall not invest-
i. more than 10% of its NAV in the units of REIT and InvIT; and
ii. more than 5% of its NAV in the units of REIT and InvIT issued by a single
issuer.
Provided that the limits mentioned in sub-clauses (i) and (ii) above shall not be applicable
for investments in case of index fund or sector or industry specific scheme pertaining to
REIT and InvIT.
23. The Scheme may invest in certain debt instruments with special features viz.
subordination to equity (absorbs losses before equity capital) and /or convertible to
equity upon trigger of a pre-specified event for loss absorption. Additional Tier I bonds
and Tier 2 bonds issued under Basel III framework are some instruments which may
have above referred special features. The debt instruments having such special features
as referred above, which otherwise are Non-Convertible Debentures, may be treated as
debt instruments until converted to equity.
i. no Mutual Fund under all its schemes shall own more than 10% of such instruments
issued by a single issuer
ii. a Mutual Fund scheme shall not invest:
a. more than 10% of its NAV of the debt portfolio of the scheme in such instruments;
and
b. more than 5% of its NAV of the debt portfolio of the scheme in such instruments
issued by a single issuer.
The Trustee may alter the above restrictions from time to time to the extent that changes
in the Regulations may allow or as deemed fit in the general interest of the unit holders.
All investment restrictions shall be applicable at the time of making investment.
The Trustee /AMC may alter the above stated limitations from time to time, and also to the
extent the SEBI (MF) Regulations change, so as to permit the Scheme to make their
investments in the full spectrum of permitted investments in order to achieve their
investment objective.
J. HOW HAS THE SCHEME PERFORMED?
This Scheme is a new Scheme and does not have any performance track record.
K. COMPARISON BETWEEN THE SCHEMES
The Schemes offered by ICICI Prudential Mutual Fund are different from each other in
terms of scheme features, investment objectives, asset allocation etc. The Schemes
offered by ICICI Prudential Mutual Fund are different from each other in terms of scheme
features, investment objectives, asset allocation etc. A comparison table for the same
has been given below.

Features of ICICI Prudential Bluechip Fund ICICI Prudential Focused Equity Fund
the Scheme
Type of An open ended equity scheme An open ended equity scheme
Scheme predominantly investing in large cap investing in maximum 30 stocks
stocks. across market-capitalisation i.e.
focus on multicap.
Asset Equities & Equities & Debt & Equity & Equity Debt & Money
Allocation as Equity Equity related Money related securities market
per SID (in related securities of market instruments
%) securities of other than instrume
large cap large cap nts
companies companies
80-100 0-20 0-20 65 – 100 0 – 35
For the purpose of identification of large
cap companies, communication
provided by SEBI/AMFI shall be
considered. Currently, as per SEBI
circular SEBI/HO/IMD/DF3/CIR/P/2017/
114 dated October 06, 2017, large cap
companies are defined as 1st -100th
company in terms of full market
capitalization.
Mutual Funds are required to adopt list
of stocks prepared by AMFI in this
regard.
Investment To generate long term capital To generate capital appreciation by
Objective appreciation and income distribution to investing in a concentrated portfolio
investors from a portfolio that is of equity and equity related
predominantly invested in equity and securities of up to 30 companies
equity related securities of large cap across market capitalization i.e. focus
companies. on multicap.
However, there can be no assurance or However, there can be no assurance

guarantee that the investment objective or guarantee that the investment
of the Scheme would be achieved. objective of the Scheme would be
achieved.
Assets under Rs. 29,994.95 crores Rs. 3,113.04 crores
Management
(as on June
30, 2022)
No. of folios 15,70,053 1,11,219
as on June
30, 2022

Features of ICICI Prudential Value Discovery ICICI Prudential Large & Mid cap Fund
the Scheme Fund
Type of An open ended equity scheme An open ended equity scheme investing
Scheme following a value investment in both large cap and mid cap stocks.
strategy.
Asset Equity & Equity Debt and Equity & Equity & Equity & Debt &
Allocation as related Money Market Equity Equity Equity Money
per SID (in %) instruments Instruments related related related market
including Units securitie securitie securitie instrumen
of Debt oriented s of s of mid s of ts
mutual fund large Cap other
schemes*@$ cap compan than
compan ies large &
ies mid cap
compan
ies
65 – 100 0 – 35 35 – 65 35 – 65 0 – 30 0 – 30
@ Excluding subscription money in For the purpose of identification of large
transit before deployment / payout. cap and mid cap companies,
communication provided by SEBI/ AMFI
$ Any other security as may be shall be considered. Currently, as per
permitted by SEBI/ RBI, subject to SEBI circular
approval from SEBI / RBI as SEBI/HO/IMD/DF3/CIR/P/2017/ 114 dated
required. October 06, 2017, large cap companies
are defined as 1st -100th company and mid
* Securitised Debt up to 15% of cap companies are defined as 101st-250th
the Net Assets or maximum company in terms of full market
permissible limit for debt portfolio, capitalization.
whichever is lower. Mutual Funds are required to adopt list of
stocks prepared by AMFI in this regard.
Investment To generate returns through a To generate long-term capital
Objective combination of dividend income appreciation from a portfolio that is
and capital appreciation by invested predominantly in equity and
investing primarily in a well- equity related securities of large-cap and
diversified portfolio of value mid-cap companies.
stocks. However, there can be no assurance or
However, there can be no guarantee that the investment objective
assurance or guarantee that the of the Scheme would be achieved.
investment objective of the
Scheme would be achieved.
Management
(as on June
30, 2022)
No. of folios 9,70,321 1,88,777
as on June 30,
2022

Features of the ICICI Prudential Banking & ICICI Prudential Dividend Yield Equity
Scheme Financial Services Fund Fund
Scheme investing in Banking & Financial predominantly investing in dividend
Services sector. yielding stocks.
Asset Equity & Equity & Debt & Equity & Other Debt & Units
Allocation as Equity equity Money Equity Equity & Money issued
per SID (in %) related related market related Equity market by REITS
securities securitie instrumen securitie related instrum and
of s of ts s of securitie ents INVITs,
compani compani dividen s or any
es es other d other
engaged than yielding asset as
in those compan may be
Banking engaged ies permitte
and in the d by
Financial Banking SEBI
Services and from
Sector Financial time to
Services time.
Sector
80-100 0-20 0-20 65-100 0-35 0 – 35 0 – 10
Investment To generate long-term capital The investment objective of ICICI

Objective appreciation to unit holders from Prudential Dividend Yield Equity Fund is
a portfolio that is invested to provide medium to long term capital
predominantly in equity and gains and/or dividend distribution by
equity related securities of predominantly investing in a well-
companies engaged in banking diversified portfolio of equity and equity
and financial services. related instruments of dividend yielding
companies.
However, there can be no
assurance or guarantee that the However, there can be no assurance or
investment objective of the guarantee that the investment objective
Scheme would be achieved. of the Scheme would be achieved.
Assets under Rs. 4,795.65 crores Rs. 922.55 crores
Management
(as on June 30,
2022)
No. of folios as 2,28,679 35,755
on June 30,
2022

Features of ICICI Prudential Exports & Services ICICI Prudential FMCG Fund
the Scheme Fund
Type of An open ended equity scheme An open ended equity scheme investing
Scheme following Exports & Services theme. in FMCG sector.
Asset Equity & Equity & Debt & Equity & Equity & Debt &
Allocation as Equity equity Money Equity equity Money
per SID (in %) related related market related related market
securities securities instruments securities securities instruments
of of of of
companies companies companies companies
engaged in other than forming other than
Exports & those part of FMCG
companies engaged in FMCG sector
engaged in Exports & sector
services Services
theme theme
80-100 0-20 0-20 80-100 0-20 0 – 20
Investment To generate capital appreciation and To generate long term capital

Objective income distribution to unit holders by appreciation through investments made
investing predominantly in primarily in equity & equity related
equity/equity related securities of the securities forming part of FMCG sector.
companies belonging to Exports & However, there is no assurance or
Services industry. However, there can guarantee that the investment objective
be no assurance or guarantee that the of the Scheme would be achieved.
investment objective of the Scheme
would be achieved.
Assets under Rs. 914.11 crores Rs. 789.44 crores
Management
(as on June
30, 2022)
No. of folios 42,439 39,017
as on June
30, 2022

Features of ICICI Prudential Smallcap Fund ICICI Prudential Infrastructure Fund
the Scheme
Type of An open ended equity scheme An open ended equity scheme following
Scheme predominantly investing in small cap Infrastructure theme.
stocks.
Asset Equity & Equity & Debt & Equity & Equity Units Debt &
Allocation as Equity Equity Money equity & of Money
per SID (in %) related related market related equity REITs market
securities securities instrument securities related and instrumen
of Small of other s of securiti INVIT ts
Cap than companies es of s
Companies Small Cap engaged in compa
Companie infrastruct nies
s ure theme other
than
those
engage
d in the
infrastr
ucture
theme
65-100 0-35 0-35 80-100 0-20 0-10 0-20
For the purpose of identification of
small cap companies, communication
provided by SEBI/ AMFI shall be
considered. Currently, as per SEBI
circular SEBI/HO/IMD/DF3/CIR/P/2017/
114 dated October 06, 2017, small cap
companies are defined as 250th
company onwards in terms of full
market capitalization.
Mutual Funds are required to adopt list

of stocks prepared by AMFI in this
regard.
Investment The primary objective of the Scheme is To generate capital appreciation and
Objective to seek to generate capital appreciation income distribution to unit holders by
by predominantly investing in equity investing predominantly in equity/equity
and equity related securities of small related securities of the companies
cap stocks. belonging to the infrastructure theme.
However, there can be no assurance or However, there can be no assurance or

guarantee that the investment objective guarantee that the investment objective
of the Scheme would be achieved. of the Scheme would be achieved.
Management
(as on June
30, 2022)
No. of folios 2,46,654 1,27,726
as on June
30, 2022

Features of ICICI Prudential Midcap Fund ICICI Prudential Multicap Fund
the Scheme
Scheme predominantly investing in mid cap stocks. investing across large cap, mid
cap, small cap stocks.
Asset Equity & Equity & Debt & Equity & Equity Debt & Money
Allocation as Equity Equity related Money related market
per SID (in related securities of market securities instruments
%) securities of other than instrument
mid cap mid cap s
companies companies
65-100 0-35 0-35 75 – 100 0 – 25
For the purpose of identification of mid
cap companies, communication provided *- Minimum investment in equity
by SEBI/ AMFI shall be considered. & equity related instruments of
Currently, as per SEBI circular large cap companies – 25% of
SEBI/HO/IMD/DF3/CIR/P/2017/ 114 dated total assets.
October 06, 2017, mid cap companies are
- Minimum investment in equity &
defined as 101st – 250th company in terms
equity related instruments of mid
of full market capitalization.
cap companies – 25% of total
Mutual Funds are required to adopt list of assets.
stocks prepared by AMFI in this regard.
- Minimum investment in equity &
equity related instruments of
small cap companies – 25% of
total assets.
As per SEBI Circular dated

October 6, 2017, Large cap
companies means 1st – 100th
company in terms of full market
capitalization, mid cap companies
means 101st – 250th company in
terms of full market capitalization
and small companies means 251st
company onwards in terms of full
market capitalization or such
other companies as may be
specified by SEBI from time to
time.
Investment The primary objective of the Scheme is to To generate capital appreciation
Objective seek to generate capital appreciation by through investments in equity &
actively investing in diversified mid cap equity related instrument across
stocks. large cap, mid cap, and small cap
stocks of various industries.
However, there can be no assurance or
guarantee that the investment objective of However, there can be no
the Scheme would be achieved. assurance or guarantee that the
Scheme would be achieved.
Management
(as on June
Features of ICICI Prudential Midcap Fund ICICI Prudential Multicap Fund
the Scheme
30, 2022)
No. of folios 1,99,712 3,41,257
as on June
30, 2022

Features of ICICI Prudential Technology Fund ICICI Prudential US Bluechip Equity
the Scheme Fund
Scheme investing in Technology and investing predominantly in securities of
technology related sectors. large cap companies listed in the
United States of America.
Asset Equity & Equity & Debt Equity & Equity Fixed income
Allocation as Equity equity related & related securities of India
per SID (in related securities of Mone securities* as well as U.S
%) securities of companies y including money
companies other than marke market instruments,
engaged in engaged in t cash and
Technology Technology instru equivalent,
and and ments Treasury bills and
Technology Technology fixed deposits.,
dependent dependent
companies companies
80-100 0-20 0-20 80 – 100 0 – 20
*Equity and equity related securities of
bluechip companies listed on
recognized stock exchanges in the
United States of America as well as
ADRs/GDRs issued by Indian and
foreign companies.
Note: The Scheme will not have any

exposure to equity and equity related
securities issued by Indian companies
except for ADRs/GDRs issued by
Indian companies, as stated above.
Investment To generate long-term capital The investment objective of ICICI

Objective appreciation by creating a portfolio Prudential US Bluechip Equity Fund is
that is invested in equity and equity to provide long term capital
related securities of technology and appreciation to investors by primarily
technology dependent companies. investing in equity and equity related
However, there can be no assurance securities of companies listed on
or guarantee that the investment recognized stock exchanges in the
objective of the Scheme would be United States of America. The Scheme
achieved. shall also invest in ADRs/GDRs issued
by Indian and foreign companies.
guarantee that the investment objective
of the Scheme would be achieved.
Management
(as on June
30, 2022)
No. of folios 16,43,236 1,43,725
as on June
30, 2022

Features of ICICI Prudential Long Term ICICI Prudential Pharma Healthcare and
the Scheme Equity Fund (Tax Saving) Diagnostics (P.H.D) Fund
Type of An open ended equity An Open Ended Equity Scheme following
Scheme linked savings scheme with Pharma, Healthcare, Diagnostic and allied
a statutory lock in of 3 years Theme.
and tax benefit.
Asset Equities & Debt Equity & Equity Equity & Debt, Units
Allocation as Equity securities & related Equity related of Mutual
per SID (in %) related Money instruments of instruments Fund
securities Market pharma, of other than schemes,
instruments healthcare, pharma, Money
& Cash diagnostics, healthcare, market
wellness and diagnostics, instruments,
allied companies. wellness and Cash & Cash
allied Equivalents
companies.
90 – 100 0 – 10 80 – 100 0 – 20 0 – 20
The AMC may, from time to
time, at its absolute
discretion, alter modify or
delete any of the above
restrictions on investments
subject to, however, such
modifications, changes,
alterations, deletions are in
conformity with the
Regulations and the
guidelines governing the
Equity Linked Savings
Scheme.
Investment To generate long-term To generate long-term capital appreciation by
Objective capital appreciation through creating a portfolio that is invested in Equity and
investments made primarily Equity related securities of pharma, healthcare,
in equity and equity related hospitals, diagnostics, wellness and allied
securities of companies. companies.
However, there can be no However, there can be no assurance or

assurance or guarantee that guarantee that the investment objective of the
the investment objective of Scheme would be achieved.
the Scheme would be
achieved.
Management
(as on June
30, 2022)
No. of folios 7,38,952 1,35,383
as on June
30, 2022

Features of ICICI Prudential Manufacturing Fund ICICI Prudential India Opportunities
the Scheme Fund
Type of An open ended equity scheme following An open ended equity scheme
Scheme manufacturing theme. following special situations theme.
Asset Equity Other Debt and Units Equity & Other Debt,
Allocation as & Equity Money issued by Equity equity Units of
per SID (in %) Equity & Market REITs and related and Mutual
related Equity Instrume INVITs instrumen equity Fund
securiti related nts, ts of related schemes,
es of securit including special instrumen Money
manuf ies Units of situations ts market
acturin Debt theme. instrumen
g oriented ts, Cash &
compa mutual Cash
nies fund Equivalen
schemes ts
@$
80 – 0 – 20 0 – 20 0 – 10 80 – 100 0 – 20 0 – 20
100
@ Excluding subscription money in
transit before deployment/payout.
$ Any other security as may be

permitted by SEBI/RBI, subject to
approval from SEBI/RBI as required.
Investment The investment objective of the Scheme To generate long-term capital
Objective is to generate long term capital appreciation by investing in
appreciation by creating a portfolio that
opportunities presented by special
is invested predominantly in equity and situations such as corporate
equity related securities of companies restructuring, Government policy
engaged in manufacturing theme. and/or regulatory changes,
companies going through
However, there can be no assurance or temporary unique challenges and
guarantee that the investment objective other similar instances.
of the Scheme would be achieved.
However there can be no
assurance or guarantee that the
investment objective of the scheme
would be achieved.
Assets under Rs. 569.54 crores Rs. 4,785.03 crores
Management
(as on June
30, 2022)
No. of folios 35,368 2,44,324
as on June
30, 2022

Features of ICICI Prudential Bharat Consumption Fund ICICI Prudential MNC Fund
the Scheme
Type of An Open Ended Equity Scheme following An open ended equity scheme
Scheme Consumption theme. following MNC theme.
Asset Equity Other Debt, Gold/Gold Equit Other Debt, Gold/Gold
Allocation as and equity units of ETF/ Units y equity Units ETF/Units
per SID (in %) Equity and debt issues by and and of issued by
Related equity Mutual REITs /InvITs equit equity debt REITs/
Instrum relate fund such other y relate Mutu InvITs
ents of d schemes asset classes relat d al such other
compa securi and as may be ed instru Fund asset
nies ties Money permitted by secu ments sche classes as
engage market SEBI from rities mes may be
d in instrume time to time withi and permitted
consu nts (subject to n Mone by SEBI
mption applicable MNC y from time
and SEBI limits) spac marke to time
consu e t (subject to
mption instru applicable
related ments SEBI
activitie limits)
s or
allied
sectors
*
80-100 0-20 0-20 0-20 80- 0-20 0-20 0-20
100
*Indicative list of sectors/industries falling
under consumption and consumption
related activities or allied sectors are as
follows:
1. Automobile including auto components
companies,
2. Consumer Goods including consumer
durables, consumer non-durables,
retailing etc.
3. Energy,
4. Healthcare Services,
5. Media & Entertainment,
6. Pharma,
7. Services such as Commercial and
Engineering Services, Hotels Resorts
and Recreational Activities,
Transportation, Trading, etc.
8. Telecom,
9. Textiles
Please note that the above list is indicative
and the Fund Manager may add such other
sector/industries which satisfy the
consumption theme. The Fund Manager
may also add other sectors as may be
added in Nifty Consumption Index from
time to time.
Investment To generate long-term capital appreciation The primary objective of the
Objective by investing primarily in Equity and Equity scheme is to generate long term
related securities of companies engaged in capital appreciation by investing
consumption and consumption related predominantly in equity and equity
activities or allied sectors. related securities within MNC
space.
guarantee that the investment objective of However there can be no
the scheme would be achieved. assurance or guarantee that the
scheme would be achieved.
Management
(as on June
30, 2022)
No. of folios 61,887 79,856
as on June
30, 2022
Features of ICICI Prudential Commodities Fund ICICI Prudential ESG Fund

the Scheme
Type of An open ended equity scheme investing An open ended equity scheme
Scheme primarily in commodities and investing in companies identified
commodity related sectors. based on the Environmental, Social
and Governance (ESG) theme.
Asset Equity & Equity related 80-100 Equity & Equity related 80-100
Allocation as instruments of companies instruments of
per SID (in %) engaged in commodity and companies following
commodity related sectors* Environmental, Social
and Governance (ESG)
criteria
Other equity and equity 0-20 Other Equity and 0-20
related securities Equity related
instruments
Debt, Units of debt Mutual 0-20 Debt and Money 0-20
Fund schemes and Money market instruments,
market instruments Units of Debt oriented
mutual fund schemes
and term deposits
(margin money)
Units issued by REITs/ InvITs 0-10 Units issued by REITs 0-10
and INVITs
Gold ETF/ other asset classes 0-20 Preference shares 0-20
as may be permitted by SEBI
from time to time (subject to
applicable SEBI limits)
*The Scheme will invest in companies
classified under ‘Commodities’ as per
Industry classification issued by AMFI
from time to time.
Examples of sectors classified under

‘Commodities’ are as follows:
1. Paper

2. Cement and Cement Products,
3. Metals (including, Ferrous Metals,
Non- Ferrous Metals, Minerals & Mining
etc.),
4. Chemicals,
5. Fertilizers and Pesticides, etc
Investment To generate long-term capital To generate long-term capital
Objective appreciation by creating a portfolio that appreciation by investing in a
is invested predominantly in Equity and diversified basket of companies
Equity related securities of companies identified based on the
engaged in commodity and commodity Environmental, Social and
related sectors. Governance (ESG) criteria.
However there can be no assurance or However, there can be no assurance
guarantee that the investment objective or guarantee that the investment
of the scheme would be achieved. objective of the Scheme would be
achieved.
Management
(as on June
30, 2022)
No. of folios 78,810 65,393
as on June
30, 2022
Features of ICICI Prudential Quant Fund ICICI Prudential Business Cycle Fund
the Scheme
Type of An open ended equity scheme following An open ended equity scheme
Scheme Quant based investing theme. following business cycles based
investing theme.
Asset Equity and equity 80 100 Equity and equity
Allocation as related instruments related instruments
per SID (in %) based on quant selected on the 100 80
model basis of business
cycle
Other Equity and 0 20 Other equity and 20 0
Equity related equity related
instruments instruments*
Debt and Money 0 20 Debt and Money 20 0
market instruments market instruments,
including Units of
Debt oriented
mutual fund
schemes
Units of Mutual 0 20 Preference shares 20 0
Fund Schemes or any other asset
(including ETFs)* as may be permitted
by SEBI from time
to time
Units issued by 0 10 Units issued by 10 0
REITs and InvITs REITs and InvITs
*The Scheme may invest in other
Schemes under ICICI Prudential Mutual
Fund or any other Mutual Fund without
charging any fees, provided the
aggregate inter-Scheme investment
made by all the Schemes under the
same management or in Schemes
under management of any other asset
management company shall not exceed
5% of the Net Asset Value of the Fund.
No investment management fees shall
be charged for investing in other
Schemes of the Fund or in the Schemes
of any other mutual fund.
Objective appreciation by predominantly investing appreciation by investing with focus
in equity and equity related instruments on riding business cycles through
selected based on a quantitative model. allocation between sectors and
However there can be no assurance or stocks at different stages of business
guarantee that the investment objective cycles.
of the scheme would be achieved. However there can be no assurance
or guarantee that the investment
objective of the scheme would be
achieved.
Management
(as on June
30, 2022)
No. of folios 7,322 1,63,965
as on June 30,
2022
Features of ICICI Prudential Flexicap Fund ICICI Prudential Housing

the Scheme Opportunities Fund
Type of An open-ended dynamic equity An open ended equity scheme
Scheme Scheme investing across large cap, following housing theme.
mid cap & small cap stocks.
Asset Equity & Equity 65 100 Equity & Equity 80 100
Allocation as related instruments related instruments
per SID (in %) of largecap, midcap of entities involved
and smallcap in Housing theme
companies
Other Equity & Equity 0 35 Other Equity & 0 20
related instruments Equity related
instruments
Debt instruments, 0 35 Debt instruments, 0 20
Units of Debt Mutual Units of Debt Mutual
Fund schemes* and Fund schemes*,
Money market Money market
instruments @ instruments @ and
Preference Shares
Preference shares 0 10 Units issued by 0 10
Units issued by REITs 0 10 REITs and INVITs
and INVITs
@ Excluding subscription money in
transit before deployment / payout

Objective appreciation by investing appreciation by investing in equity
predominately in equity & equity and equity related instruments of
related instruments across market entities engaged in and/or expected
capitalization. to benefit from the growth in housing
theme.
However, there can be no assurance
or guarantee that the investment However, there can be no assurance
objective of the Scheme would be or guarantee that the investment
achieved. objective of the Scheme would be
achieved.
Management
(as on June
30, 2022)
No. of folios 5,04,188 1,08,748
as on June 30,
2022
Features of the ICICI Prudential PSU Equity Fund

Scheme
Type of Scheme An open-ended equity scheme following the PSU theme.
Asset Allocation Equity & Equity Other Equity & Debt instruments, Units issued
as per SID (in %) related Equity related Units of Debt by REITs and
instruments of instruments Mutual Fund INVITs
Public Sector schemes, and
Undertakings Money market
instruments @ and
Preference shares
80-100 0-20 0-20 0-10
@ Excluding subscription money in transit before deployment / payout
Investment The objective of the scheme is to generate long term capital appreciation
Objective by investing predominantly in equity and equity related securities of Public
Sector Undertakings (PSUs).
However, there can be no assurance or guarantee that the investment

objective of the Scheme would be achieved.
Assets under Since the Scheme is a new scheme, these details are not available.
Management (as
on June 30, 2022)
No. of folios as Since the Scheme is a new scheme, these details are not available.
on June 30, 2022

J. HOW HAS THE SCHEME PERFORMED?
This Scheme is a new scheme and does not have any performance track record.
K. ADDITIONAL DISCLOSURES
i. SCHEME PORTFOLIO HOLDINGS
a) Top 10 holdings: Not Available

b) Sector wise holdings: Not Available
Since the Scheme is a new Scheme, Portfolio Holdings and Sector wise holdings
are not available.
ii. PORTFOLIO TURNOVER RATIO
Since the Scheme is a new Scheme, Portfolio Turnover Ratio is not available.
iii. INVESTMENT DETAILS: The aggregate investment in the Scheme under the following
categories:
a) AMC’s Board of Directors : NA
b) Scheme’s Fund Manager(s) : NA
c) Other key personnel : NA
Since the Scheme is a new Scheme, the above Investment Details are not available.

III. UNITS AND OFFER
This section provides details you need to know for investing in the Scheme.
A. NEW FUND OFFER DETAILS
Scheme New Fund Offer opens New Fund Offer closes

ICICI Prudential PSU Equity Fund August 16, 2022 August 30, 2022
The AMC reserves the right to extend or pre close the New Fund Offer (NFO) period, subject
to the condition that the NFO Period including the extension, if any, shall not be kept open
for more than 15 days or for such period as allowed by SEBI. The AMC shall publish an
addendum to this effect on the website of the AMC and in one national and one regional
newspaper of region where the Head office of AMC is situated.
Outstation Cheques / Demand Drafts will not be accepted.
MICR cheques, Transfer cheques and Real Time Gross Settlement (RTGS) requests will be
accepted till the end of business hours upto August 30, 2022. Switch-in requests from equity
schemes and other schemes will be accepted upto August 30, 2022 till the cut-off time
applicable for switches.
Switch-in request from ICICI Prudential US Bluechip Equity Fund, ICICI Prudential Global
Advantage Fund (FOF), ICICI Prudential Global Stable Equity Fund (FOF), ICICI Prudential
Passive Multi- Asset Fund of Fund, ICICI Prudential Strategic Metal and Energy Equity Fund of
Fund and ICICI Prudential Nasdaq 100 Index Fund will not be accepted.
New Fund Offer Price: The corpus of the Scheme will be divided into Units
having an initial value of Rs. 10 each. Units can be
This is the price per unit that the purchased during the New Fund Offer Period at Rs. 10
investors have to pay to invest each.
during the NFO.
Minimum Amount for Application Rs. 5,000/- plus in multiple of Re.1
in the NFO
Minimum Target amount Pursuant to SEBI circular dated June 20, 2014, during the
This is the minimum amount New Fund Offer period, the Scheme seeks to raise a
required to operate the Scheme minimum subscription of Rs. 10 crore.
and if this is not collected during
the NFO period, then all the
investors would be refunded the
amount invested without any
return. However, if AMC fails to
refund the amount within 5
working days from the closure of
NFO period, interest as specified
by SEBI (currently 15% p.a.) will
be paid to the investors from the
expiry of 5 working days from the
date of closure of the subscription
period.

Maximum Amount to be raised (if There is no maximum amount.
any)
This is the maximum amount,
which can be collected during the
NFO period, as decided by the
AMC.
Investment by Sponsors/ AMC Based on the risk value assigned to the scheme, in terms
of SEBI circular no. SEBI/HO/IMD/DF3/CIR/P/2020/197
dated October 5, 2020, the Sponsor/AMCs shall invest
minimum amount as a percentage of assets under
management (‘AUM’) in the scheme as provided in the
SEBI circular no. SEBI/HO/IMD/IMD-
IDOF5/P/CIR/2021/624 dated September 2, 2021.
Plans/Options/Sub-options Plans ICICI Prudential PSU Equity Fund –
offered Direct Plan and ICICI Prudential PSU
Equity Fund – Regular Plan
Options/ Growth Option and Income Distribution
sub-options cum capital withdrawal option (IDCW)
with (Payout of Income Distribution cum
capital withdrawal (IDCW Payout) sub-
option and Reinvestment of Income
Distribution cum capital withdrawal
(IDCW Reinvestment) sub-options).
Default Growth Option
Option
Default sub Reinvestment of Income Distribution
option cum capital withdrawal (IDCW
Reinvestment) sub-option
 IDCW - Income Distribution cum capital

withdrawal option (earlier known as Dividend
option - Dividend payout sub-option)
 IDCW Payout - Payout of Income Distribution cum
capital withdrawal option (earlier known as
Dividend option - Dividend payout sub-option)
 IDCW Reinvestment - Reinvestment of Income
Distribution cum capital withdrawal option (earlier
known as Dividend option - Dividend
reinvestment sub-option)
Default Plan would be as follows in below mentioned

scenarios:
Sr ARN Code Plan Default Plan
No. mentioned / mentioned by
not the investor
mentioned
by the
investor
1 Not Not ICICI Prudential
mentioned mentioned PSU Equity Fund
– Direct Plan
2 Not ICICI ICICI Prudential
mentioned Prudential PSU Equity Fund
PSU Equity – Direct Plan
Fund – Direct
Plan
3 Not ICICI ICICI Prudential
mentioned Prudential PSU Equity Fund
Fund –
Regular Plan
4 Mentioned ICICI ICICI Prudential
Prudential PSU Equity Fund
Fund – Direct
Plan
5 Direct Not ICICI Prudential
mentioned PSU Equity Fund
– Direct Plan
6 Direct ICICI ICICI Prudential
Fund –
Regular Plan
7 Mentioned ICICI ICICI Prudential
PSU Equity – Regular Plan
Fund –
Regular Plan
8 Mentioned Not ICICI Prudential
mentioned PSU Equity Fund
– Regular Plan
In cases of wrong/ invalid/ incomplete ARN codes

mentioned on the application form, the application shall
be processed under ICICI Prudential PSU Equity Fund –
Direct Plan. The AMC shall contact and obtain the correct
ARN code within 30 calendar days of the receipt of the
application form from the investor. In case, the correct
code is received within 30 calendar days, the AMC shall
reprocess the transaction under ICICI Prudential PSU
Equity Fund – Regular Plan from the date of application
without any exit load.
All the Plans and Options under the Scheme will have
common portfolio.
ICICI Prudential PSU Equity Fund – Direct Plan is only for

investors who purchase/subscribe to the units of the
Scheme directly with the Fund.
The Trustees reserve the right to declare IDCW under the

IDCW option of the Scheme depending on the net
distributable surplus available under the Scheme. It
should, however, be noted that actual distribution of
IDCW and the frequency of distribution will depend,
inter-alia, on the availability of distributable surplus and
will be entirely at the discretion of the Trustee.
IDCW Policy The Trustee may declare IDCW to the Unit holders under
the Scheme subject to the availability of distributable
surplus and the actual distribution of IDCW and the
frequency of distribution will be entirely at the discretion
of the Trustee. Such IDCW will be payable to the Unit
holders whose names appear on the register of Unit
holders on the record date as fixed for the Scheme. The
IDCW declared will be paid net of tax deducted at source,
wherever applicable, to the Unit holders within 15 days
from the record date. There is no assurance or guarantee
to the Unit holders as to the rate of IDCW distribution nor
that the IDCW will be paid regularly. If the Fund declares
IDCW, the NAV of the Scheme will stand reduced by the
amount of IDCW paid. All the IDCW payments shall be in
accordance and compliance with SEBI, Stock Exchange
Guidelines, as applicable from time to time.
The treatment of unclaimed redemption and IDCW

amounts will be as per SEBI circular dated February 25,
2016, July 30, 2021 and any other circular published by
SEBI from time to time.
Equalization Reserve When units are sold, and sale price (NAV) is higher than
face value of the unit, a portion of sale price that
represents realized gains is credited to an Equalization
Reserve Account and which can be used to pay IDCW.
IDCW may be distributed out of investors capital
(Equalization Reserve), which is part of sale price that
represents realized gains
Allotment All Applicants whose cheques towards purchase of Units
have realised will receive a full and firm allotment of
Units, provided also the applications are complete in all
respects and are found to be in order.
For applicants applying through 'APPLICATIONS

SUPPORTED BY BLOCKED AMOUNT (ASBA)', on
allotment, the amount will be unblocked in their
respective bank accounts and account will be debited
only to the extent required to pay for allotment of Units
applied in the application form.
The AMC shall allot units within 5 Business Days from

the date of closure of the NFO period.
The Trustee retains the sole and absolute discretion to

reject any application.
Applicants under the Scheme will have an option to hold

the Units either in physical form (i.e. account statement)
or in dematerialized form.
Dematerialization
The Applicants intending to hold the Units in

dematerialized mode will be required to have a
beneficiary account with a Depository Participant of the
NSDL/CDSL and will be required to mention in the
application form DP's Name, DP ID No. and Beneficiary
Account No. with the DP at the time of purchasing Units
during the NFO of the Scheme. The Units allotted will be
credited to the DP account of the Unit holder as per the
details provided in the application form. The statement of
holding of the beneficiary account holder for units held in
demat will be sent by the respective DPs periodically.
It may be noted that trading and settlement in the Units

of Scheme over the stock exchange(s) (where the Units
are listed/ will be listed) will be permitted only in
electronic form.
If the Unit holder desires to hold the Units in a

Dematerialized / Rematerialized form at a later date, the
request for conversion of units held in Account
Statement (non demat) form into Demat (electronic) form
or vice versa should be submitted alongwith a
Demat/Remat Request Form to their Depository
Participants.
However, the Trustee / AMC reserves the right to change

the dematerialization / rematerialization process in
accordance with the procedural requirements laid down
by the Depositories, viz. NSDL/ CDSL and/or in
accordance with the provisions laid under the
Depositories Act, 1996.
All Units will rank pari passu, among Units within the
same Option in the Scheme concerned as to assets,
earnings and the receipt of IDCW distributions, if any, as
may be declared by the Trustee.
Refund If application is rejected, full amount will be refunded
within five business days of the closure of New Fund
Offer Period or within such period as allowed by SEBI. If
refunded after the time period stipulated under the
Regulations, interest @ 15% p.a. for delay period will be
paid and charged to the AMC.
Who can invest The following persons are eligible and may apply for
subscription to the Units of the Scheme (subject,
This is an indicative list and you wherever relevant, to purchase of units of Mutual Funds
are requested to consult your being permitted under respective constitutions and
financial advisor to ascertain relevant statutory regulations):
whether the Scheme is suitable to  Resident adult individual either singly or jointly (not
your risk profile. exceeding four)
 Minor through parent/lawful guardian
 Companies, Bodies Corporate, Public Sector
Undertakings, association of persons or bodies of
individuals and societies registered under the
Societies Registration Act, 1860 (so long as the
purchase of units is permitted under the respective
constitutions)
 Religious and Charitable Trusts under the provisions
of Section 11(5)(xii) of the Income Tax Act, 1961 read
with Rule 17C of Income-tax Rules, 1962.
 Partnership Firms
 Karta of Hindu Undivided Family (HUF)
 Banks and Financial Institutions
 Non-resident Indians/Persons of Indian origin residing
abroad (NRIs) on full repatriation basis or on non-
repatriation basis
 Army, Air Force, Navy and other para-military funds
 Scientific and Industrial Research Organizations
 Mutual fund Schemes, as may be permitted by SEBI
from time to time.
 Foreign Portfolio Investor subject to the applicable
regulations
 Any other category of investor who may be notified
by Trustees from time to time by display on the
website of the AMC.
Every investor, depending on any of the above category

under which he/she/ it falls, is required to provide the
relevant documents alongwith the application form as
may be prescribed by AMC.
The following persons are not eligible to invest in the

Scheme and apply for subscription to the units of the
Scheme:
 A person who falls within the definition of the term

“U.S. Person” under ‘Regulation S’ promulgated
under the Securities Act of 1933 of the United States,
as amended, and corporations or other entities
organised under the laws of the U.S. are not eligible
to invest in the schemes and apply for subscription to
the units of the schemes, except for lump sum
subscription, systematic transactions and switch
transactions requests received from Non-resident
Indians/Persons of Indian origin who at the time of
such investment, are present in India and submit a
physical transaction request along with such
documents as may be prescribed by ICICI Prudential
Asset Management Company Limited (the AMC)/ICICI
Prudential Trust Limited (the Trustee) from time to
time.
The AMC shall accept such investments subject to the

applicable laws and such other terms and conditions as
may be notified by the AMC/the Trustee. The investor
shall be responsible for complying with all the applicable
laws for such investments.
The AMC reserves the right to put the transaction
requests on hold/reject the transaction request/reverse
allotted units, as the case may be, as and when identified
by the AMC, which are not in compliance with the terms
and conditions notified in this regard.
Investors are further requested to note that the AMC
shall not be liable for any direct or indirect losses or
expenses in respect of those transaction
requests/allotted units which have been kept on hold or
rejected or reversed.
 A person who is resident of Canada

Such other individuals/institutions/body corporate

etc., as may be decided by the AMC from time to
time.
Where can the applications for Computer Age Management Services Limited (CAMS),
purchase/redemption switches be New No 10. Old No. 178, Opp. to Hotel Palm Grove, MGR
submitted? Salai (K.H.Road) Chennai - 600 034 has been appointed
as Registrar for the Scheme. The Registrar is registered
with SEBI under registration No: INR000002813. As
Registrar to the Scheme, CAMS will handle
communications with investors, perform data entry
services and dispatch account statements. The AMC and
the Trustee have satisfied themselves that the Registrar
can provide the services required and have adequate
facilities and the system capabilities.
Investors can submit the application forms at the official
points of acceptance of CAMS and Branches of AMC
which are provided on back cover page.
Investors can also subscribe units from the official

website of AMC i.e. www.icicipruamc.com. Pursuant to
SEBI Circular dated SEBI/IMD/CIR No 18/198647/2010
March 15, 2010, an investor can also subscribe to the
New Fund Offer (NFO) launched on or after October 01,
2010 through ASBA facility.
ASBAs can be accepted only by SCSB’s whose names

appear in the list of SCSBs as displayed by SEBI on its
website www.sebi.gov.in.
For more details, please refer SAI.

How to Apply Please refer to the SAI and Application form for the
instructions.
Listing Being an open ended scheme, the Units of the Scheme
will not be listed on any stock exchange, at present. The
Trustee may, at its sole discretion, cause the Units under
the Scheme to be listed on one or more Stock
Exchanges. Notification of the same will be made
through Customer Service Centres of the AMC and as
may be required by the respective Stock Exchanges.
Special Products / facilities Systematic Investment Plan (SIP)
available during the NFO
The Unitholders of the Scheme can benefit by investing
specific Rupee amounts periodically, for a continuous
period. At the time of registration the SIP allows the
investors to invest a fixed equal amount of Rupees for
purchasing additional Units of the Scheme at NAV based
prices. Investors can enroll themselves for SIP in the
Scheme by ticking appropriate box on the application
form or by subsequently making a written request to that
effect to the Registrar.
Minimum number of installments and amounts under

various frequencies are as below:
Frequency Specified date The details of
minimum amount
Daily Daily (only under SIP and
Business days) minimum
Weekly Any day (Monday installments are
to Friday)*
stated in para
Fortnightly 1st and 16th day of
each month, as “Highlights of the
applicable* Scheme”
Monthly Any date*
Quarterly Any date*
The applicability of the minimum amount of installment

mentioned is at the time of registration only.
*In case the date chosen for SIP falls on a Non-Business

Day or on a date which is not available in a particular
month, the SIP will be processed on the immediate next
Business Day.
Investors can subscribe through SIP by using NACH

facilities offered by the Banks. The cheques should be in
favor of “ICICI Prudential PSU Equity Fund” and crossed
“Account Payee Only”, and the cheques must be payable
at the center where the applications are submitted to the
Customer Service Centre. In case of fresh/additional
purchases, if the name of the Scheme on the application
form/transaction slip differs with the name on the
Cheque/Demand Draft, then the AMC will allot units
under the Scheme mentioned on the application form/
transaction slip.
In case of fresh/additional purchases, if the Scheme

name is not mentioned on the application
form/transaction slip, then the units will be allotted under
the Scheme mentioned on the Cheque/Demand Draft.
The Option that will be considered in such cases if not
specified by the customer will be the default option of
the Scheme as per the SID. However, in case additional
purchase is under the same scheme as fresh purchase,
then the AMC reserves the right to allot units in the
option under which units were allotted at the time of
fresh purchase.
Further, Investors/ unitholders subscribing for SIP are
required to submit SIP request at least 30 days prior to
the date of first debit date and SIP start date shall not be
beyond 100 days from the date of submission of request
for SIP.
All terms and conditions for SIP/STP, including Exit Load,

if any, prevailing in the date of SIP/STP enrolment/
registration by the fund shall be levied in the Schemes.
Units will be allotted for the amount net of the bank

charges, if any. On receipt of the post-dated cheques, the
Registrar/AMC will send a letter to the Unitholder
confirming that his/her name has been included in the
Systematic Investment Plan. The cheques will be
presented on the dates mentioned on the cheque and
Units will be allotted accordingly. A fresh Account
Statement / Transaction Confirmation will be mailed to
the Unitholder, indicating the new balance to his/her
credit in the Account. An investor will have the right to
discontinue the Systematic Investment Plan, subject to
giving 30 days prior notice to the subsequent SIP date.
Terms and conditions for SIP:
 New Investor - If the investor fails to mention the

scheme name in the SIP Mandate Form, then the
Fund reserves the right to register the SIP as per the
scheme name available in the main application.
Incase multiple schemes are mentioned in the main
application form, Fund reserves the right to reject the
SIP request.
 Existing Investor - If the investor fails to mention the

scheme name in the SIP Mandate Form, then the
Fund reserves the right to register the SIP in the
existing scheme (Eligible for SIP) available in the
investor’s Folio. Incase Multiple Schemes or Equity
Linked Savings Scheme (ELSS) are available in the
folio then Fund reserves the right to reject the SIP
request.
 In case SIP date is not selected, then the SIP will be

registered on 10th (default date) of each
Month/Quarter, as applicable. Further if multiple SIP
dates are opted for or if the selection is not clear, then
the sip will be registered for 10th of each
Month/Quarter, as applicable.
 If the investor has not mentioned the SIP start Month,

SIP will start from the next applicable month, subject
to completion of 30 days lead time from the receipt of

SIP request.
 In case the SIP 'End period' is incorrect OR not

mentioned by the investor in the SIP form, then 5
years from the start date shall be considered as
default End Period.
 For SIP applications received during NFO Period, the

SIP start date shall be atleast 30 days after the NFO
allotment date.
SIP TOP UP Facility:
a. Investors can opt for SIP TOP UP facility with Fixed

Top Up option or Variable Top Up option, wherein
the amount of the SIP can be increased at fixed
intervals. In case the investor opts for both options,
the Variable Top Up option shall be triggered.
b. The Fixed TOP UP amount shall be in multiples of

Rs. 100/- and in multiples of Rs. 100/- thereafter.
c. Variable TOP UP would be available in at 10%, 15%

and 20% and such other denominations (over and
above 10%, 15% and 20%) as opted by the investor
in multiples of 5%.
d. The frequency is fixed at Yearly and Half Yearly

basis. In case the TOP UP facility is not opted by
ticking the appropriate box and frequency is not
selected, the TOP UP facility may not be registered.
e. In case of Quarterly SIP, only the Yearly frequency is

available under SIP TOP UP.
f. SIP Top-Up facility shall also be available for the

existing investors who have already registered for
SIP facility without Top-Up option.
Top-Up Cap amount or Top-Up Cap month-year:

Top-Up Cap amount: Investor has an option to freeze the
SIP Top-Up amount once it reaches a fixed predefined
amount. The fixed pre-defined amount should be same
as the maximum amount mentioned by the investor in
the bank mandate. In case of difference between the Cap
amount & the maximum amount mentioned on Bank
mandate, then amount which is lower of the two
amounts shall be considered as the default amount of
SIP Cap amount.
Top-Up Cap month-year: It is the date from which SIP

Top-Up amount will cease and last SIP installment
including Top-Up amount will remain constant from Cap
date till the end of SIP tenure.
Investor shall have flexibility to choose either Top-Up

Cap amount or Top-Up Cap month- year. In case of
multiple selection, Top-Up Cap amount will be
considered as default selection.
Top-Up Cap is applicable for Fixed Top Up option as well

as Variable Top Up option.
All the investors of the fund availing the facility under SIP
Variable Top - Up feature are hereby requested to select
either Top - Up Cap amount or Top - Up Cap month -
year. In case of no selection, the SIP Variable Top - Up
amount will be capped at a default amount of Rs. 10
Lakhs.
Under the said facility, SIP amount will remain constant

from Top - Up Cap date/ amount till the end of SIP
Tenure.
Micro Systematic Investment Plan (Micro SIP):

The unit holder will have the facility of MicroSIP under
the current Systematic Investment Plan facility. The
Minimum Investment amount per installment will be as
per applicable minimum investment amount of the
respective Scheme. The total investment under MicroSIP
cannot exceed Rs. 50,000/-.
Micro Investment: With effect from October 30, 2012,

where the aggregate of the lump sum investment (fresh
purchase & additional purchase) and Micro SIP
installments by an investor in a financial year i.e April to
March does not exceed 50,000/- it shall be exempt from
the requirement of PAN. However, requirements of Know
Your Customer (KYC) shall be mandatory. Accordingly,
investors seeking the above exemption for PAN still need
to submit the KYC Acknowledgement, irrespective of the
amount of investment. This exemption will be available
only to Micro investment made by the individuals being
Indian citizens (including NRIs, Joint holders, minors
acting through guardian and sole proprietary firms).
PIOs, HUFs, QFIs and other categories of investors will
not be eligible for this exemption.
Mode of Payment for SIP:

In case of SIP with payment mode as Standing
Instruction / NACH, Investors shall be required to submit
a cancelled cheque or a photocopy of a cheque of the
bank account for which the debit mandate is provided.
The details of scheme-wise availability of SIP facility,

minimum amount under SIP, minimum installments etc.
are stated in para “Highlights of the Scheme”
Investors are requested to note that holding of units

through Demat Option is also available under all open-
ended equity and Debt schemes wherein SIP facility is
available.
The units will be allotted based on the applicable NAV as

per the SID and will be credited to investors’ Demat
account on weekly basis upon realization of funds. For
e.g. Units will be credited to investors’ Demat account
every Monday for realization status received in last week
from Monday to Friday.
The investors shall note that for holding the units in

demat form, the provisions laid down in the SID and
guidelines, procedural requirements as laid by the
Depositories (NSDL/CDSL) shall be applicable. In case
the investor wishes to convert the units held in non-
demat mode to demat mode or vice versa at a later date,
such request along with the necessary form should be
submitted to their Depository Participant(s).
Units held in demat form will be freely transferable,

subject to the applicable regulations and the guidelines
as may be amended from time to time.
Investors/unitholders subscribing for SIP are required to

submit SIP request at least 30 days prior to the date of
first debit date and SIP start date shall not be beyond 100
days from the date of submission of request for SIP.
Facility of National Automated Clearing House (NACH)

Platform in Systematic Investment Plan (SIP):
In addition to existing facility available for payments

through Postdated cheques/Standing Instructions for
investments in SIP, the NACH facility can also be used to
make payment of SIP installments NACH is a centralized
system, launched by National Payments Corporation of
India (NPCI) with an aim to consolidate multiple
Electronic Clearing Service (ECS) mandates. This facility
will enable the unit holders of the Fund to make SIP
investments through NACH by filling up the SIP
Registration cum mandate form. A Unique number will
be allotted to every mandate registered under NACH
called as Unique Mandate Reference Number (“UMRN”)
which can be used for SIP transactions.
The NACH facility shall be available subject to terms and

conditions contained in the Easy Pay Debit Mandate
Form and as prescribed by NPCI from time to time.
The policy regarding reissue of Not applicable
repurchased units, including the
maximum extent, the manner of
reissue, the entity (the Scheme or
the AMC) involved in the same.
Restrictions, if any, on the right to The Units of the Scheme can be transferred in demat
freely retain or dispose of units form or in such form as may be permitted under SEBI
being offered. Regulations and guidelines, as amended from time to
time.
Investors may please consult their tax advisors to

understand the tax implications that may arise on
account of such transfers.
Except as stated above, additions/ deletion of names will

not be allowed under any folio of the Scheme.
The above provisions in respect of deletion of names will
not be applicable in case of death of unitholder (in
respect of joint holdings) as this is treated as
transmission of units and not transfer.
ASBA facility Investors can subscribe to the units of the Scheme using
ASBA facility during NFO period. Investor applying
through the ASBA facility should carefully read the
applicable provisions before making their application.
For further details on ASBA facility, investors are
requested to refer to Statement of Additional Information
(SAI).
Bank Account Details As per the directives issued by SEBI, it is mandatory for
applicants to mention their bank account numbers in
their applications for purchase or redemption of Units. If
the Unit-holder fails to provide the Bank mandate, the
request for redemption would be considered as not valid
and the Scheme retains the right to withhold the
redemption until a proper bank mandate is furnished by
the Unit-holder and the provision with respect of penal
interest in such cases will not be applicable/ entertained.
Bank Mandate Requirement
For all fresh purchase transactions made by means of a

cheque, if cheque provided alongwith fresh
subscription/new folio creation does not belong to the
bank mandate opted in the application form, any one of
the following documents needs to be submitted.
1) Original cancelled cheque having the First Holder

Name printed on the cheque.
2) Original bank statement reflecting the First Holder
Name, Bank Account Number and Bank Name as
specified in the application.
3) Photocopy of the bank statement duly attested by the
bank manager with designation, employee number
and bank seal.
4) Photocopy of the bank pass book duly attested by the
bank manager with designation, employee number
and bank seal.
5) Photocopy of the bank statement/passbook/cheque
duly attested by ICICI Prudential Asset Management
Company Limited (the AMC) branch officials after
verification of original bank statement/passbook
shown by the investor or their representative.
6) Confirmation by the bank manager with seal,
designation and employee number on the bank‘s
letter head confirming the name of investor, account
type, bank branch, MICR and IFSC code of the bank
branch. The letter should not be older than 3 months.
This condition is also applicable to all purchase

transactions made by means of a Demand Draft. In case
the application is not accompanied by the aforesaid
documents, the AMC reserves the right to reject the
application, also the AMC will not be liable in case the
redemption/IDCW proceeds are credited to wrong
account in absence of above documents.
With effect from December 21, 2015, in case the bank

account details are not mentioned or found to be
incomplete or invalid in a purchase application, then
(the AMC) may consider the account details as appearing
in the investment amount cheque and the same shall be
updated under the folio as the payout bank account for
the payment of redemption/IDCW amount etc.The
aforementioned updation of bank account shall however
be subject to compliance with the third party investment
guidelines issue d by Association of Mutual Funds in
India (AMFI) from time to time.
The AMC reserves the right to call for any additional

documents as may be required, for processing of such
transactions with missing/incomplete/invalid bank
account details. The AMC also reserves the right to reject
such applications.
Transfer of Income Distribution Investors may note that this facility will be available
cum capital withdrawal option under the Scheme whereby if the investor opts for this
(IDCW Transfer) facility, the IDCW declared will be automatically invested
into any open-ended scheme (Target Scheme) of the
Fund. The amount to the extent of distribution will be
automatically invested on the ex-IDCW date into the
Target Scheme selected by the investor, at the applicable
NAV of that scheme.
The provision of “Minimum Application Amount”

specified in the SID of the respective Target Scheme will
not be applicable for DTP facility.
Switch into the Scheme Investors who hold units in any of the schemes of ICICI
Prudential Mutual Fund except ICICI Prudential US
Bluechip Equity Fund, ICICI Prudential Global Advantage
Fund (FOF), ICICI Prudential Global Stable Equity Fund
(FOF), ICICI Prudential Passive Multi- Asset Fund of Fund,
ICICI Prudential Strategic Metal and Energy Equity Fund
of Fund and ICICI Prudential Nasdaq 100 Index Fund
may switch all or part of their holdings to the Scheme
during the New Fund Offer Period and on ongoing basis
subject to the provisions in the scheme information
document of the respective scheme. Switch-in requests
are subject to the minimum application amount as
mentioned in this Scheme Information Document.
For switch-in requests received from the open-ended

scheme during the New Fund Offer Period (NFO) under
the Scheme, the switch-out requests from such Scheme
will be effected based on the applicable NAV of such
Scheme, as on the day of receipt of the switch request,
subject to applicable cut-off timing provisions. However,
the switch-in requests under the Scheme will be
processed on the date of the allotment of the Units.
Consolidated Account Statement Please refer ‘Ongoing Offer Details’
(CAS)
Stamp Duty Please refer ‘Ongoing Offer Details’
Transaction Charges Please refer ‘Ongoing Offer Details’
Cash Investments Currently, the AMC is not accepting cash investments. A
notice in this regard shall be published as and when the
facility is made available.

B. ONGOING OFFER DETAILS:
Ongoing Offer Period The Scheme is an open ended Scheme. Units of the Scheme
This is the date from shall be available for ongoing repurchase / sale / switches
which the Scheme will within five business days from the date of allotment.
reopen for
subscriptions/redemptions Units of the Scheme shall also be available for subscription and
after the closure of the redemption on an ongoing basis on every business day at NAV
NFO period. based prices. The Units of the Scheme will not be listed on any
exchange, for the present.
Ongoing price for The purchase price of the Units will be based on the Applicable
subscription NAV (for respective plan and option of the Scheme).
(purchase)/switch-in (from
other Schemes/plans of Purchase Price = Applicable NAV (for respective plan and
the mutual fund) by option of the Scheme)
investors
This is the price you need Example: An investor invests Rs 20,000/- and the current NAV
to pay for is Rs. 20/- then the purchase price will be Rs. 20/- and the
purchase/switch-in. investor receives 20000/20 = 1000 units.
The Scheme will comply with SEBI circular No. SEBI/IMD/CIR

No. 4/ 168230/09 dated June 30, 2009 regarding applicability of
entry load.
Ongoing price for The Redemption Price of the Units will be based on the
redemption (sale) /switch Applicable NAV (for respective plan and option of the Scheme)
outs (to other subject to the prevalent exit load provisions. The Redemption
Schemes/plans of the Price of the Units will be computed as follows:
Mutual Fund) by investors.
Redemption Price = Applicable NAV (for respective plan and
This is the price you will option of the Scheme) * (1-Exit Load as applicable to the
receive for redemptions/ investor).
switch outs.
Applicable exit load shall be subject to the tenure of investment
of the investor in the scheme vis-à-vis the exit load structure
applicable when investor had invested in the scheme.
Example: An investor invests on April 1, 2017 when the

applicable exit load for the scheme was 2% if redeemed within
1 year, else nil.
Scenario 1) In case investor redeems before April 1, 2018, then

applicable exit load would be 2%. Now suppose the same
investor decides to redeem his 1000 units. The prevailing NAV
is Rs 25/-. Hence, the sale or redemption price per unit
becomes Rs. 24.50/- i.e. 25*(1-2%). The investor therefore gets
1000 x 24.50 = Rs. 24,500/-.
Scenario 2) In case investor redeems on or after April 1, 2018,

then applicable exit load would be nil. Now suppose the same
investor decides to redeem his 1000 units. The prevailing NAV
is Rs 30/-. Hence, the sale or redemption price per unit will be
Rs. 30/- i.e. 30*(1-0). The investor therefore gets 1000 x 30 =
Rs. 30,000/-.
Cut off timing for The below cut-off timings and applicability of NAV shall be
subscriptions/ applicable in respect of valid applications received at the
redemptions/ switches Official Point(s) of Acceptance on a Business Day:
This is the time before For Purchase of any amount:

which your application
(complete in all respects)  In respect of valid applications received upto 3.00 p.m. and
should reach the official where the funds for the entire amount are available for
points of acceptance. utilization before the cut-off time i.e. 3.00 p.m. - the closing
NAV of the day shall be applicable.
 In respect of valid applications received after 3.00 p.m. and

where the funds for the entire amount are available for
utilization on the same day or before the cut-off time of the
next business day - the closing NAV of the next Business
Day shall be applicable.
 Irrespective of the time of receipt of application, where the

funds for the entire amount are available for utilization before
the cut-off time on any subsequent Business Day - the
closing NAV of such subsequent Business Day shall be
applicable.
For Switch-ins of any amount:
In case of switch from one scheme to another scheme received

before cut-off i.e. upto 3 p.m. having business day for both the
schemes, closing NAV of the Business Day shall be applicable
for switch-out scheme and for Switch-in scheme, the closing
NAV of the Business Day shall be applicable, on which funds
are available for utilization in the switch-in scheme (allocation
shall be in line with the redemption payout).
To clarify, for investments through systematic investment

routes such as Systematic Investment Plans (SIP), Systematic
Transfer Plans (STP), Flex STP, Capital Appreciation STP, IDCW
Transfer etc. the units will be allotted as per the closing NAV of
the day on which the funds are available for utilization by the
Target Scheme irrespective of the installment date of the SIP,
STP or record date of IDCW etc.
Redemptions including switch-outs:
In respect of valid applications received upto 3.00 pm on a

business day by the Mutual Fund, same day’s closing NAV shall
be applicable.
In respect of valid applications received after the cut off time by

the Mutual Fund: the closing NAV of the next business day.
e.g.: If an investor submits redemption request at 2.00 pm on

Monday, the same shall be processed at the closing NAV of
Monday. If an investor submits redemption request at 3.30 pm
on Monday, the same shall be processed at the closing NAV of
Tuesday.
Applications accompanied by physical cheques/ Demand
Drafts: For transaction through initial investment, the units will
be issued at applicable NAV, on receipt of physical transaction
request at the nearest official point of transaction of the AMC
within 3 business days from the date of transaction.
Where can the Details of official points of acceptance of CAMS and Branches
applications for of AMC are provided on back cover page.
purchase/redemption Investors can also subscribe and redeem units from the official
switches be submitted? website of AMC i.e. www.icicipruamc.com
Investors can subscribe to the units of the Scheme using the

Invest Now facility available on the website of the AMC i.e.
www.icicipruamc.com, submitting applications on fax number
or the email id(s) of the AMC provided on the back cover
page under the section ‘ICICI Prudential Mutual Fund Official
Points of Acceptance’. Invest Now facility is available only to
the existing investors.
For more details please refer SAI.

Minimum amount for Refer Highlights/ Summary of the Scheme
purchase/redemption
/switches
Additional Application Refer Highlights/ Summary of the Scheme
Amount, including
switches
Minimum balance to be Not applicable.
maintained
Please note that since the minimum redemption amount is “Any
amount” provisions pertaining to minimum balance to be
maintained shall not be applicable.
Special Products / facilities Systematic Investment Plan (SIP)
available
The Unitholders of the Scheme can benefit by investing specific
Rupee amounts periodically, for a continuous period. At the
time of registration the SIP allows the investors to invest a fixed
equal amount of Rupees for purchasing additional Units of the
Scheme at NAV based prices. Investors can enroll themselves
for SIP in the Scheme by ticking appropriate box on the
application form or by subsequently making a written request
to that effect to the Registrar.
Minimum number of installments and amounts under various

frequencies are as below:
Frequency Specified date The details of
minimum amount
Daily Daily (only Business
under SIP and
days)
Weekly Any day (Monday to minimum
Friday)* installments are
Fortnightly st th
1 and 16 day of stated in para
each month, as “Highlights of the
applicable* Scheme”
Monthly Any date*
Quarterly Any date*

*In case the date chosen for SIP falls on a Non-Business Day or
on a date which is not available in a particular month, the SIP
will be processed on the immediate next Business Day.
Investors can subscribe through SIP by using NACH facilities

offered by the Banks. The cheques should be in favor of “ICICI
Prudential PSU Equity Fund” and crossed “Account Payee
Only”, and the cheques must be payable at the center where
the applications are submitted to the Customer Service Centre.
In case of fresh/additional purchases, if the name of the
Scheme on the application form/transaction slip differs with the
name on the Cheque/Demand Draft, then the AMC will allot
units under the Scheme mentioned on the application form/
transaction slip.
In case of fresh/additional purchases, if the Scheme name is not

mentioned on the application form/transaction slip, then the
units will be allotted under the Scheme mentioned on the
Cheque/Demand Draft. The Option that will be considered in
such cases if not specified by the customer will be the default
option of the Scheme as per the SID. However, in case
additional purchase is under the same scheme as fresh
purchase, then the AMC reserves the right to allot units in the
option under which units were allotted at the time of fresh
purchase.
Further, Investors/ unitholders subscribing for SIP are required

to submit SIP request at least 30 days prior to the date of first
debit date and SIP start date shall not be beyond 100 days from
the date of submission of request for SIP.
All terms and conditions for SIP/STP, including Exit Load, if any,
prevailing in the date of SIP/STP enrolment/ registration by the
fund shall be levied in the Schemes.
Units will be allotted for the amount net of the bank charges, if
any. On receipt of the post-dated cheques, the Registrar/AMC
will send a letter to the Unitholder confirming that his/her name
has been included in the Systematic Investment Plan. The
cheques will be presented on the dates mentioned on the
cheque and Units will be allotted accordingly. A fresh Account
Statement / Transaction Confirmation will be mailed to the
Unitholder, indicating the new balance to his/her credit in the
Account. An investor will have the right to discontinue the
Systematic Investment Plan, subject to giving 30 days prior
notice to the subsequent SIP date.
Terms and conditions for SIP:
 New Investor - If the investor fails to mention the scheme

name in the SIP Mandate Form, then the Fund reserves the
right to register the SIP as per the scheme name available in
the main application. Incase multiple schemes are
mentioned in the main application form, Fund reserves the
right to reject the SIP request.
 Existing Investor - If the investor fails to mention the scheme

name in the SIP Mandate Form, then the Fund reserves the
right to register the SIP in the existing scheme (Eligible for
SIP) available in the investor’s Folio. Incase Multiple
Schemes or Equity Linked Savings Scheme (ELSS) are
available in the folio then Fund reserves the right to reject
the SIP request.
 In case SIP date is not selected, then the SIP will be

registered on 10th (default date) of each Month/Quarter, as
applicable. Further if multiple SIP dates are opted for or if
the selection is not clear, then the sip will be registered for
10th of each Month/Quarter, as applicable.
 If the investor has not mentioned the SIP start Month, SIP
will start from the next applicable month, subject to
completion of 30 days lead time from the receipt of SIP
request.
 In case the SIP 'End period' is incorrect OR not mentioned

by the investor in the SIP form, then 5 years from the start
date shall be considered as default End Period.
 For SIP applications received during NFO Period, the SIP

start date shall be atleast 30 days after the NFO allotment
date.
SIP TOP UP Facility:
g. Investors can opt for SIP TOP UP facility with Fixed Top Up
option or Variable Top Up option, wherein the amount of
the SIP can be increased at fixed intervals. In case the
investor opts for both options, the Variable Top Up option
shall be triggered.
h. The Fixed TOP UP amount shall be in multiples of Rs. 100/-

and in multiples of Rs. 100/- thereafter.
i. Variable TOP UP would be available in at 10%, 15% and

20% and such other denominations (over and above 10%,
15% and 20%) as opted by the investor in multiples of 5%.
j. The frequency is fixed at Yearly and Half Yearly basis. In

case the TOP UP facility is not opted by ticking the
appropriate box and frequency is not selected, the TOP UP
facility may not be registered.
k. In case of Quarterly SIP, only the Yearly frequency is

available under SIP TOP UP.
l. SIP Top-Up facility shall also be available for the existing

investors who have already registered for SIP facility

without Top-Up option.
Top-Up Cap amount or Top-Up Cap month-year:

Top-Up Cap amount: Investor has an option to freeze the SIP
Top-Up amount once it reaches a fixed predefined amount. The
fixed pre-defined amount should be same as the maximum
amount mentioned by the investor in the bank mandate. In case
of difference between the Cap amount & the maximum amount
mentioned on Bank mandate, then amount which is lower of
the two amounts shall be considered as the default amount of
SIP Cap amount.
Top-Up Cap month-year: It is the date from which SIP Top-Up

amount will cease and last SIP installment including Top-Up
amount will remain constant from Cap date till the end of SIP
tenure.
Investor shall have flexibility to choose either Top-Up Cap

amount or Top-Up Cap month- year. In case of multiple
selection, Top-Up Cap amount will be considered as default
selection.
Top-Up Cap is applicable for Fixed Top Up option as well as

Variable Top Up option.
All the investors of the fund availing the facility under SIP
Variable Top - Up feature are hereby requested to select either
Top - Up Cap amount or Top - Up Cap month - year. In case of
no selection, the SIP Variable Top - Up amount will be capped at
a default amount of Rs. 10 Lakhs.
Under the said facility, SIP amount will remain constant from
Top - Up Cap date/ amount till the end of SIP Tenure.
Micro Systematic Investment Plan (Micro SIP):

The unit holder will have the facility of MicroSIP under the
current Systematic Investment Plan facility. The Minimum
Investment amount per installment will be as per applicable
minimum investment amount of the respective Scheme. The
total investment under MicroSIP cannot exceed Rs. 50,000/-.
Micro Investment: With effect from October 30, 2012, where

the aggregate of the lump sum investment (fresh purchase &
additional purchase) and Micro SIP installments by an investor
in a financial year i.e April to March does not exceed 50,000/- it
shall be exempt from the requirement of PAN. However,
requirements of Know Your Customer (KYC) shall be
mandatory. Accordingly, investors seeking the above
exemption for PAN still need to submit the KYC
Acknowledgement, irrespective of the amount of investment.
This exemption will be available only to Micro investment made
by the individuals being Indian citizens (including NRIs, Joint
holders, minors acting through guardian and sole proprietary
firms). PIOs, HUFs, QFIs and other categories of investors will

not be eligible for this exemption.
Mode of Payment for SIP:

In case of SIP with payment mode as Standing Instruction /
NACH, Investors shall be required to submit a cancelled cheque
or a photocopy of a cheque of the bank account for which the
debit mandate is provided.
The details of scheme-wise availability of SIP facility, minimum

amount under SIP, minimum installments etc. are stated in para
“Highlights of the Scheme”
Investors are requested to note that holding of units through

Demat Option is also available under all open-ended equity and
Debt schemes wherein SIP facility is available.
The units will be allotted based on the applicable NAV as per

the SID and will be credited to investors’ Demat account on
weekly basis upon realization of funds. For e.g. Units will be
credited to investors’ Demat account every Monday for
realization status received in last week from Monday to Friday.
The investors shall note that for holding the units in demat
form, the provisions laid down in the SID and guidelines,
procedural requirements as laid by the Depositories
(NSDL/CDSL) shall be applicable. In case the investor wishes to
convert the units held in non-demat mode to demat mode or
vice versa at a later date, such request along with the necessary
form should be submitted to their Depository Participant(s).
Units held in demat form will be freely transferable, subject to

the applicable regulations and the guidelines as may be
amended from time to time.
Investors/unitholders subscribing for SIP are required to submit

SIP request at least 30 days prior to the date of first debit date
and SIP start date shall not be beyond 100 days from the date
of submission of request for SIP.
Facility of National Automated Clearing House (NACH) Platform

in Systematic Investment Plan (SIP):
In addition to existing facility available for payments through

Postdated cheques/Standing Instructions for investments in
SIP, the NACH facility can also be used to make payment of SIP
installments NACH is a centralized system, launched by
National Payments Corporation of India (NPCI) with an aim to
consolidate multiple Electronic Clearing Service (ECS)
mandates. This facility will enable the unit holders of the Fund
to make SIP investments through NACH by filling up the SIP
Registration cum mandate form. A Unique number will be
allotted to every mandate registered under NACH called as
Unique Mandate Reference Number (“UMRN”) which can be
used for SIP transactions.
The NACH facility shall be available subject to terms and
conditions contained in the Easy Pay Debit Mandate Form and
as prescribed by NPCI from time to time.
Systematic Withdrawal Plan (SWP) Option 1
Unitholders of the Scheme have the benefit of enrolling

themselves in the Systematic Withdrawal Plan. The SWP allows
the Unitholder to withdraw a specified sum of money at pre-
determined intervals from his investments in the Scheme. SWP
is ideal for investors seeking a regular inflow of funds for their
needs. It is also ideally suited to retirees or individuals who
wish to invest lump-sum and withdraw from the investment
over a period of time. At the time of registration, the investor
can choose any amount for withdrawal under the respective
frequencies. The Unitholder may avail of this facility by sending
a written request to the Registrar.
Monthly, Quarterly, Half Yearly and Annual frequencies are

available under this facility. Minimum number of installments
for all the frequencies will be 2. Investors can choose any date
of his/her preference as SWP withdrawal date to register under
any frequency available. In case the date chosen for SWP falls
on a Non-Business Day or on a date which is not available in a
particular month, the SWP will be processed on the immediate
next Business Day.
In case none of the frequencies has been selected then Monthly

frequency shall be considered as the Default frequency and
where no withdrawal date is selected, 1st business day of the
month shall be considered as the default SWP date.
The amount thus withdrawn by Redemption will be equated

into Units at Applicable NAV based prices and the number of
Units so arrived at will be subtracted from the Units balance to
the credit of that Unitholder.
The SWP may be terminated on a written notice by a

Unitholder of the Scheme and it will terminate automatically if
all Units are liquidated or withdrawn from the account or upon
the Funds receipt of notification of death or incapacity of the
Unitholder.
prevailing in the date of SIP/STP enrolment/registration by the
fund shall be levied in the Scheme.
SWP Option 2
This facility is available under the scheme. The features of SWP

Option 2 are as follows:
a) Investors can opt for this facility and withdraw their

investments systematically on a Monthly basis.
Withdrawals will be made/ effected on the 25th of every
month and would be treated as redemptions. In case 25th
is a holiday, then it would be effected on next business
day.
b) Investor can opt for this facility from the next month
onwards or from 13th month or from any other specified
date as opted by the investor, provided a minimum time
gap of 15 days from the date of request. In case start date
is not selected/not legible/not clear/if multiple dates are
opted, Systematic Withdrawal will start from 13th month
(default). Investors are required to submit Systematic
Withdrawal registration request at least 15 days prior to the
date of 1st installment.
c) Investor has to select either REGISTRATION or
CANCELLATION by ticking the appropriate box in the
application form. In case no option or both the options are
selected the application will be considered for
REGISTRATION by default. The SWP will terminate
automatically if no balance is available in the respective
scheme on the date of installment trigger or if the
enrollment period expires; whichever is earlier.
d) The applicant will have the right to discontinue the SWP at
any time, if he / she so desires, by providing a written
request at any of the ICICI Prudential Mutual Fund
Customer Service Centres or Centres of RTAs. Request for
discontinuing SWP shall be subject to an advance notice of
7 (seven) working days.
e) SWP installment amount per month will be fixed at 0.75 %
of amount specified by investor and will be rounded-off to
the nearest highest multiple of Re.1.
f) Conversion of physical unit to demat mode will nullify any
existing / future SWP registration request and the request
cannot be re-submitted.
g) If no schemes are selected or opted for multiple schemes,
the AMC reserves the right to reject the SWP request.
h) AMC reserves the right to amend/terminate this facility at
any time, keeping in view business/operational exigencies
and the same shall be in the best interest of the investors.
All terms and conditions for SIP/STP/SWP, including Exit Load,

if any, prevailing in the date of SIP/STP/SWP
enrolment/registration by the fund shall be levied in the
Scheme.
Systematic Transfer Plan (STP)
1. Systematic Transfer Plan (STP) is an option wherein Unit

holders of designated schemes (Source Schemes) can
opt to transfer a fixed amount at regular intervals and
provide standing instructions to the AMC to switch the
same into the designated schemes (Target Schemes).
2. The source schemes refer to all open ended schemes*
[except (i) Exchange Traded Funds (ETFs) and (ii)
separate plans under ICICI Prudential Overnight Fund for
deployment of unclaimed amounts viz ICICI Prudential
Overnight Fund - Unclaimed Redemption, ICICI
Prudential Overnight Fund - Unclaimed IDCW, ICICI
Prudential Overnight Fund - Unclaimed Redemption
Investor Education and ICICI Prudential Overnight Fund -
Unclaimed IDCW Investor Education].
*ICICI Prudential Long Term Equity Fund (Tax Saving)
shall act as source scheme for this facility, subject to
completion of lock-in period for units allotted.
3. The target schemes refer to all open ended schemes
where subscription is allowed [except (i) Exchange
Traded Funds (ETFs) and (ii) separate plans under ICICI
Prudential Overnight Fund for deployment of unclaimed
amounts viz ICICI Prudential Overnight Fund - Unclaimed
Redemption, ICICI Prudential Overnight Fund -
Unclaimed IDCW, ICICI Prudential Overnight Fund -
Unclaimed Redemption Investor Education and ICICI
Prudential Overnight Fund - Unclaimed IDCW Investor
Education].
4. The amount transferred under STP from Source scheme
to the Target Scheme shall be done by redeeming Units
of Source scheme at Applicable NAV, subject to exit
load, if any; and subscribing to the Units of the Scheme
at Applicable NAV as on specified date as given below:
Particulars Frequency
Daily option Daily
Weekly Options Any day (Monday to
Friday)*
Monthly and Quarterly Any date*
Options
*In case the date chosen for STP falls on a non-business day
or on a day which is not available in a particular month, the
STP will be processed on the immediate next business day.
5. In case of nil balance in the Source Scheme, STP for that
particular due date will not be processed. STP will cease
to be active upon five consecutive unsuccessful
transactions or if all units are pledged or upon receipt of
intimation of death of Unit holder.
6. All requests for registering or discontinuing Systematic
Transfer Plans shall be subject to an advance notice of 7
(seven) working days.
7. The provision of “Minimum Redemption Amount”
specified in Scheme Information Document (SID) of the
respective Designated Source schemes and “Minimum
Application Amount” applicable to the Scheme as
specified in this document will not be applicable for
Systematic Transfer Plan.
8. At the time of registration the minimum amount for this
facility is Rs. 1,000/- and in multiples of Re.1 for weekly,
monthly and quarterly frequency and Rs.250 and in
multiples of Rs.1 for daily frequency. Minimum no. of
installments for daily, weekly and monthly frequency will
be 6 and for quarterly frequency will be 4.
9. The Fund reserves the right to include/remove any of its
Schemes under the category of ‘Designated Schemes
available for STP’ from time to time by suitable display
of notice on AMC’s Website.
10. The Scheme is available as a both Source and Target
Scheme under this facility.
Flex STP
The AMC has introduced ICICI Prudential Flex Systematic

Transfer Plan (Flex STP). Under this facility unit holder(s) can
opt to transfer variable amount(s) linked to value of investments
under Flex STP on the date of transfer at pre-determined
intervals from designated source Scheme(s) [referred to as
Transferor Scheme(s)] to the Growth option of designated
target Scheme(s) [referred to as Transferee Scheme(s)].
Salient features of the facility:

1. Flex STP is available at Daily, Weekly, Monthly and
Quarterly Intervals.
Particulars Frequency
Daily option Daily
Weekly Options Any day (Monday to
Friday)*
Monthly and Quarterly Any Date*
Options
*In case the date chosen for STP falls on a non-business day
or on a day which is not available in a particular month, the
STP will be processed on the immediate next business day.
2. At the time of registration, the minimum amount under

this facility is as follows:
Frequency Minimum Amount of Transfer

(Rs.)
Daily 250/- and in multiples of Rs.1
Weekly, Monthly and 1,000/- and in multiples of Re.1
Quarterly
3. There should be a minimum of 6 installments for

enrollment under daily, Weekly and Monthly Flex STP and
4 installments for Quarterly Flex STP. The minimum
balance in unit holder's account or minimum amount of
application at the time of enrollment for Flex STP should
be Rs. 12,000/-.
4. Flex STP with Daily, Weekly, Monthly and Quarterly
Frequency shall commence if the application is submitted
at least 7 business days prior to the applicable date.
5. Under Flex STP, the amount sought to be transferred shall
be calculated as follows:
Fixed Amount to be transferred per Installment or the
amount as determined by the following formula [(fixed
amount to be transferred per installment X by the number
of installments including the current installment) - market
value of the investments through Flex STP in the
Transferee Scheme on the date of transfer] whichever is
higher.
In case the amount (as calculated basis above) to be
transferred is not available in the Transferor Scheme in
the unit holder's account, the residual amount will be
transferred to the Transferee Scheme.
6. The first Flex STP installment will be processed basis the
fixed installment amount specified by the unit holder at
the time of enrollment. Flex STP shall be applicable from
second installment onwards.
7. The total Flex STP amount invested in the Transferee
Scheme shall not exceed the total enrollment amount i.e.
amount per installment X number of installments.
8. The redemption / switch-out of units allotted in the
Transferee Scheme shall be processed on First In First Out
(FIFO) basis. In case there is a redemption / switch-out of
any units allotted under Flex STP, the balance installments
under Flex STP will be processed for the fixed installment
amount specified by the unitholder at the time of
enrollment.
9. If the Flex STP Date and/or Frequency has not been
indicated or multiple frequencies are selected, Monthly
frequency shall be treated as Default frequency and last
business day of the month shall be treated as Default
Date.
10. Flex STP shall be applicable subject to payment of exit
load, if any, in the Transferor Schemes.
11. In case of nil balance in the Transferor Scheme, Flex STP
for that particular due date will not be processed. Flex STP
will cease to be active upon five consecutive unsuccessful
transactions or if all units are pledged or upon receipt of
intimation of death of Unit holder.
12. In order to discontinue the facility, a written request must
be submitted at least 7 business days prior to the next
applicable transfer date for
daily/Weekly/Monthly/Quarterly frequency.
13. For availing this facility, investors are required to submit
ICICI Prudential Flex STP form duly complete in all
respects.
14. The Scheme acts as both transferor and Transferee
Scheme under this facility.
15. Only one registration (Flex STP) per target scheme in a
folio would be allowed.
AMC/Trustees reserve the right to change/modify the terms and

conditions or withdraw this facility.
The provision of “Minimum Redemption Amount” specified in

the SID(s) of the respective Designated Source Schemes and
“Minimum Application Amount” applicable to the Scheme as
specified in this document will not be applicable for STP.
This facility will ensure that the Unit Holder is able to

systematically invest into equity Schemes and balanced
Scheme without having to give any post dated cheque, unlike
under SIP. The above list is subject to change from time to
time. The Trustee reserves the right to change/modify the terms
and conditions of Flex STP or withdraw the Flex STP at a later
date. For the terms and conditions of Flex STP, contact the
nearest ISC or visit our website www.icicipruamc.com
prevailing in the date of SIP/STP enrolment/ registration by the
fund shall be levied in the Scheme.
ICICI Prudential Booster Systematic Transfer Plan (“Booster

STP”):
ICICI Prudential Booster Systematic Transfer Plan (“Booster

STP”) is a facility wherein unit holder(s) can opt to transfer
variable amount(s) from designated open ended Scheme(s) of
the Fund [hereinafter referred to as “Source Scheme”] to` the
designated open-ended Scheme(s) of the Fund [hereinafter
referred to as “Target Scheme”] at defined intervals. The
Unitholder would be required to provide a Base Installment
Amount that is intended to be transferred to the Target Scheme.
The variable amount(s) or actual amount(s) of transfer to the
Target Scheme will be linked to the Equity Valuation Index
(hereinafter referred to as EVI). The EVI is derived by assigning
equal weights to Price to Earnings (PE), Price to book (PB), (G-
Sec x PE) and Market Cap to Gross Domestic Product (GDP) or
such other factors as may be determined by the AMC from time
to time. Details of EVI are mentioned in the Terms & Conditions
of Booster STP.
The Scheme is a Target Scheme under this facility.
Please read terms & conditions in the application form before

investing or visit www.iciciprumf.com. This facility should not
be associated or confused with Systematic Transfer Plan, Flex
Systematic Transfer Plan; all these are separate facilities
provided by ICICI Prudential AMC Limited.
For complete details on features please refer to “SAI”.
ICICI Prudential Booster Systematic Investment Plan (“Booster

SIP”):
ICICI Prudential Booster Systematic Investment Plan (“Booster

SIP”) is a facility wherein unit holder(s) can opt to invest a pre-
determined sum at defined intervals to a designated open
ended Scheme(s) of ICICI Prudential Mutual Fund [hereinafter
referred to as “Source Scheme”] and then the amount is
transferred to the designated open-ended Scheme(s) of ICICI
Prudential Mutual Fund [hereinafter referred to as “Target
Scheme”] at defined intervals. The Unit holder would be
required to provide a SIP amount which will be considered as
the Base Installment Amount that is intended to be transferred
to the Target Scheme. The actual amount of transfer to the
Target Scheme will be linked to the Equity Valuation Index
(hereinafter referred to as EVI) which is a proprietary model of
ICICI Prudential Asset Management Company Limited (the
AMC). The EVI is derived by assigning equal weights to Price to
Earnings (PE), Price to book (PB), (G-Sec x PE) and Market Cap
to Gross Domestic Product (GDP) or such other factors as may
be determined by the AMC from time to time.
The Scheme shall be a Target Scheme under this facility.

How to Switch? On an on-going basis the Unit holders will have the option to
switch all or part of their investment from one Scheme to any
of the other Scheme offered by the Fund provided the switch
option is available in the scheme.
To effect a switch, a Unitholder must provide clear instructions.

A request for a switch may be specified either in terms of
amount or in terms of the number of units of the Scheme from
which the switch is sought. Such instructions may be provided
in writing or by completing the Switch Request Slip provided in
the transaction booklet and lodging the same on any Business
Day at any of the Customer Service Centers. An Account
Statement reflecting the new holdings is proposed to be
dispatched to the Unitholders within 5 Business Days of
completion of switch transaction.
The switch will be effected by redeeming Units from the

Scheme in which the Units are held and investing the net
proceeds in the other Scheme(s).
The price at which the Units will be switched out of the Scheme
will be based on the Applicable NAV of the relevant Scheme(s)
and considering any exit loads that the Trustee may approve
from time to time. Exit load applicable to redemption of units is
also applicable to switch.
For switches on an ongoing basis, the applicable NAV for

effecting the switch out of the existing open-ended funds will
be the NAV of the Business Day on which the switch request,
complete in all respects, is received by the AMC, subject to the
cut-off time and other terms specified in the SID of the
respective existing open-ended Schemes.
Consolidated Account 1. The Consolidated Account Statement (CAS) for each
Statement (CAS) calendar month will be issued on or before fifteenth day
of succeeding month to the investors who have
provided valid Permanent Account Number (PAN).
Further, CAS will be sent via email where any of the
folios consolidated has an email id or to the email id of
the first unit holder as per KYC records.
2. For folios not included in the Consolidated Account
Statement (CAS), the AMC shall henceforth issue
account statement to the investors on a monthly basis,
pursuant to any financial transaction in such folios on or
before fifteenth day of succeeding month.
3. The AMC shall send an allotment confirmation

specifying the units allotted by way of email and/or SMS
within 5 Business Days of receipt of valid
application/transaction to the Unit holders registered e-
mail address and/ or mobile number. In case of a New
Fund Offer Period (NFO), the AMC shall send
confirmation specifying the number of units allotted to
the applicant by way of a physical account statement or
an email and/or SMS’s to the investor’s registered
address and/or mobile number not later than five
business days from the date of closure of the NFO.
4. In case of a specific request received from the unit

holder, the AMC shall provide the account statement to
the investors within 5 business days from the receipt of
such request.
5. In the case of joint holding in a folio, the first named Unit

holder shall receive the CAS/account statement. The
holding pattern has to be same in all folios across
Mutual Funds for CAS.
Further, in case if no transaction has taken place in a folio

during the period of six months ended September 30 and
March 31, the CAS detailing the holdings across all Schemes
of all mutual funds, shall be emailed at the registered email
address of the unitholders on half yearly basis, on or before
twenty first day of succeeding month, unless a specific
request is made to receive the same in physical form.
The asset management company shall issue units in

dematerialized form to a unit holder in a scheme within two
working days of the receipt of request from the unit holder.
Each CAS issued to the investors shall also provide the total
purchase value / cost of investment in each scheme.
Further, CAS issued for the half-year(September/ March) shall

also provide:
a. The amount of actual commission paid by AMCs/Mutual
Funds (MFs) to distributors (in absolute terms) during the
half-year period against the concerned investor’s total
investments in each MF scheme. The term ‘commission’
here refers to all direct monetary payments and other
payments made in the form of gifts / rewards, trips, event
sponsorships etc. by AMCs/MFs to distributors. Further, a
mention may be made in such CAS indicating that the
commission disclosed is gross commission and does not
exclude costs incurred by distributors such as Goods and
Services Tax (wherever applicable, as per existing rates),
operating expenses, etc.
b. The scheme’s average Total Expense Ratio (in percentage
terms) along with the break up between Investment and
Advisory fees, Commission paid to the distributor and Other
expenses for the period for each scheme’s applicable plan
where the concerned investor has actually invested in.
Such half-yearly CAS shall be issued to all MF investors,

excluding those investors who do not have any holdings in
MF schemes and where no commission against their
investment has been paid to distributors, during the
concerned half-year period.
In case of the units are held in dematerialized (demat) form,

the statement of holding of the beneficiary account holder
will be sent by the respective Depository Participant
periodically.
CAS for investors having Demat account:

1. Investors having MF investments and holding securities
in Demat account shall receive a single Consolidated
Account Statement (CAS) from the Depository.
2. Consolidation of account statement shall be done on the
basis of Permanent Account Number (PAN). In case of
multiple holding, it shall be PAN of the first holder and
pattern of holding. The CAS shall be generated on a
monthly basis.
3. If there is any transaction in any of the Demat accounts
of the investor or in any of his mutual fund folios,
depositories shall send the CAS within fifteen days from
the month end. In case, there is no transaction in any of
the mutual fund folios and demat accounts then CAS
with holding details shall be sent to the investor on half
yearly basis.
4. In case an investor has multiple accounts across two
depositories, the depository with whom the account has
been opened earlier will be the default depository.
The dispatch of CAS by the depositories would constitute

compliance by the AMC/ the Mutual Fund with the
requirement under Regulation 36(4) of SEBI (Mutual Funds)
Regulations.
However, the AMC reserves the right to furnish the account

statement in addition to the CAS, if deemed fit in the interest
of investor(s).
IDCW Policy (i) Growth Option
The Scheme will not declare any IDCW under this option.
The income earned by the Scheme will remain reinvested in
the Scheme and will be reflected in the Net Asset Value.
This option is suitable for investors who are not looking for
regular income but who have invested with the intention of
capital appreciation.
(ii) IDCW Option
This option is suitable for investors seeking income through
IDCW declared by the Scheme. The Trustee may approve
the distribution of IDCW by AMC out of the net surplus
under this Option. The remaining net surplus after
considering the IDCW and tax, if any, payable there on will
be ploughed back in the Scheme and be reflected in the
NAV.
(iii) IDCW Payout:
As per the SEBI (MF) Regulations, the Mutual Fund shall
dispatch to the Unit Holders, IDCW warrants within 15 days
from the record date. IDCW will be payable to those Unit
Holders whose names appear in the Register of Unit
Holders on the date (Record Date). IDCW will be paid by
cheque, net of taxes as may be applicable. Unit Holders will
also have the option of direct payment of IDCW to the bank
account. The cheques will be drawn in the name of the
sole/first holder and will be posted to the Registered
address of the sole/first holder as indicated in the original
application form. To safeguard the interest of Unit Holders
from loss or theft of IDCW cheques, investors should
provide the name of their bank, branch and account number
in the application form. IDCW cheques will be sent to the
Unit Holder after incorporating such information. The
minimum amount for IDCW payout shall be Rs.100, else
IDCW would be mandatorily reinvested.
(iv) IDCW Reinvestment:
The investors opting for IDCW Option may choose to
reinvest the IDCW to be received by them in additional
Units of the Scheme. Under this provision, the IDCW due
and payable to the Unitholders will be compulsorily and
without any further act by the Unitholders reinvested in the
Scheme (under the IDCW Option, at the first ex-IDCW NAV).
The IDCW so reinvested shall be constructive payment of
IDCW to the Unitholders and constructive receipt of the
same amount from each Unitholder for reinvestment in
Units. On reinvestment of IDCW, the number of Units to the
credit of Unitholder will increase to the extent of the IDCW
reinvested IDCW by the NAV applicable on the day of
reinvestment, as explained above.
(v) IDCW Transfer:
IDCW Transfer facility will be available under the scheme.
The designated schemes (source and target schemes) for
this facility are as given below:
1) Source schemes - all schemes where IDCW option is
available [except (i) Exchange Traded Funds (ETFs) and (ii)
separate plans under ICICI Prudential Overnight Fund for
deployment of unclaimed amounts viz ICICI Prudential
Overnight Fund - Unclaimed Redemption, ICICI Prudential
Overnight Fund - Unclaimed IDCW, ICICI Prudential

Overnight Fund - Unclaimed Redemption Investor
Education and ICICI Prudential Overnight Fund - Unclaimed
IDCW Investor Education]
2) Target schemes- all open ended schemes where
subscription is allowed [except (i) Exchange Traded Funds
(ETFs) and (ii) separate plans under ICICI Prudential
Overnight Fund for deployment of unclaimed amounts viz
ICICI Prudential Overnight Fund - Unclaimed Redemption,
ICICI Prudential Overnight Fund - Unclaimed IDCW, ICICI
Prudential Overnight Fund - Unclaimed Redemption
Investor Education and ICICI Prudential Overnight Fund -
Unclaimed IDCW Investor Education]
Note: Investors are requested to note that any change in IDCW
sub-option, due to additional investment or on the basis of a
request received from the investor, will be applicable to all
existing units in the IDCW option of the Scheme under the
respective folio.
The Trustee reserves the right to declare IDCW under the IDCW
option of the Scheme depending on the net distributable
surplus available under the Scheme. It should, however, be
noted that actual distribution of IDCW and the frequency of
distribution will depend, inter-alia, on the availability of
distributable surplus and will be entirely at the discretion of the
Trustee.
The IDCW will be distributed in accordance with applicable
SEBI Regulations and SEBI Circular no. SEBI/ IMD/ Cir No. 1/
64057/06 dated April 4, 2006 on the procedure for IDCW
Distribution.
Equalisation Reserve:
When units are sold, and sale price (NAV) is higher than face
value of the unit, a portion of sale price that represents realized
gains is credited to an Equalization Reserve Account and which
can be used to pay IDCW. IDCW can be distributed out of
investors capital (Equalization Reserve), which is part of sale
price that represents realized gains
Deployment of unclaimed The treatment of unclaimed redemption & IDCW amount will be
redemption / IDCW as per SEBI circular dated February 25, 2016, July 30, 2021 and
amount any other circular published by SEBI from time to time.
IDCW The IDCW payments shall be dispatched to the unit holders
within 15 days from the record date.
In the event of failure to dispatch IDCW within 15 days, the
AMC shall be liable to pay interest at 15% per annum to the unit
holders.
With respect to payment of interest in the event of failure of
despatch of IDCW payments within the stipulated time period,
the interest for the delayed payment of IDCW shall be
calculated from the record date.
The treatment of unclaimed redemption & IDCW amount will be
as per SEBI circular dated February 25, 2016, July 30, 2021 and
any other circular published by SEBI from time to time.

Redemption of Units The Units can be redeemed (i.e. sold back to the Fund) on
every Business Day at the Redemption Price (hereinafter
defined). The redemption request can be made for a minimum
amount as mentioned in para “Highlights of the scheme”.
In case, a unit holder specifies the redemption amount as well

as number of Units for redemption, (subject to the minimum
redemption amount as mentioned above) the number of Units
specified will be considered for deciding the redemption
amount. If only the redemption amount is specified by the Unit
holder, the Fund will divide the redemption amount so
specified by the Applicable NAV based price to arrive at the
number of Units.
If a unit holder submits a redemption/switch-out request

mentioning only the name of the Scheme and folio number but
not mentioning the units and the amount for redemption, the
Fund shall assume that the redemption/switch-out request is for
all the units under the stated folio from the Scheme and the
option mentioned on the redemption/switch-out request and
shall redeem all the units.
Where Units under a Scheme are held under both the Plans, the
investor must clearly state the Plan in which the
redemption/switch request has to be processed, failing which
the request will be processed under the ICICI Prudential PSU
Equity Fund. However, where Units under the requested Option
are held only under one Plan, the request would be processed
under such Plan.
In case an investor has purchased Units on more than one

Business 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.
The redemption will be at Applicable NAV based prices, subject

to applicable exit load.
The Fund reserves the right to modify exit loads, at any time in
future, on perspective basis. In such an event, the Redemption
Price of the Units will be adjusted by using the following
formula. The maximum load (exit) under the Scheme will not
exceed the limits as prescribed under the Regulations.
The Fund shall ensure that the repurchase price of an open

ended scheme is not lower than 95 per cent of the Net Asset
Value.
Notice of the changes in the load structure (exit load) shall be

made by a suitable display in the Customer Service Centers of
the AMC and will be published in 2 daily newspapers.
Payment of proceeds
All redemption requests received prior to the cut-off time on
any Business Day at the Official Points of Acceptance of
Transactions will be considered accepted on that Business Day,
subject to the redemption requests being complete in all
respects, and will be priced on the basis of Redemption Price
for that day. Requests received after the cut-off time will be
treated as though they were accepted on the next Business
Day.
As per the Regulations, the Fund shall dispatch redemption

proceeds within 10 Business Days (working days) of receiving
the redemption request.
Trustees reserve the right to alter or modify the number of days

taken for redemption of Units under the Fund after taking into
consideration the actual settlement cycle, when announced, as
also the changes in the settlement cycles that may be
announced by the Principal Stock Exchanges from time to time.
As per the guidelines issued by SEBI, in the event of failure to

dispatch the redemption or repurchase proceeds within 10
working days, the AMC is liable to pay interest to the Unit
holders @ 15% p.a. SEBI has further advised the mutual funds
that in the event of payment of interest to the Unit holders, such
Unit holders should be informed about the rate and the amount
of interest paid to them.
If the Unit holder fails to provide the Bank mandate, the request
for redemption would be considered as not valid and the Fund
retains the right to reject/withhold the redemption until a proper
bank mandate is furnished by the Unitholder and the provision
with respect of penal interest in such cases will not be
applicable/ entertained.
The mode of payment may be direct credit/ECS/cheque or any

other mode as may be decided by AMC in the interest of
investors.
If the investor(s)/unitholder(s) submit(s) redemption request

accompanied with request for change of Bank mandate or
submits a redemption request within 7 days from the date
submission of a request for change of Bank mandate details,
the Asset Management Company will process the redemption
but the release of redemption proceeds shall be deferred on
account of additional verification, but will be within the
regulatory limits as specified by Securities and Exchange Board
of India time to time.
Suspension of Sale and Redemption of Units

Suspension or restriction of repurchase/ redemption facility
under any scheme of the mutual fund shall be made applicable
only after obtaining the approval from the Boards of Directors
of the AMC and the Trustees. After obtaining the approval from
the AMC Board and the Trustees,
Additionally, the following requirements shall need to be
observed before imposing restriction on redemptions:
a) Restriction may be imposed when there are circumstances

leading to a systemic crisis or event that severely constricts
market liquidity or the efficient functioning of markets such
as:
i. Liquidity issues - when market at large becomes illiquid

affecting almost all securities rather than any issuer
specific security.
ii. Market failures, exchange closures - when markets are

affected by unexpected events which impact the
functioning of exchanges or the regular course of
transactions. Such unexpected events could also be
related to political, economic, military, monetary or other
emergencies.
ii. Operational issues – when exceptional circumstances are

caused by force majeure, unpredictable operational
problems and technical failures (e.g. a black out). Such
cases can only be considered if they are reasonably
unpredictable and occur in spite of appropriate diligence
of third parties, adequate and effective disaster recovery
procedures and systems.
b) Restriction on redemption may be imposed for a specified

period of time not exceeding 10 working days in any 90
days period.
c) Any imposition of restriction would require specific

approval of Board of AMC and Trustees and the same
should be informed to SEBI immediately.
d) When restriction on redemption is imposed, the following

procedure shall be applied:
1. No redemption requests up to INR 2 lakh shall be subject

to such restriction.
2. Where redemption requests are above INR 2 lakh, AMCs
shall redeem the first INR 2 lakh without such restriction
and remaining part over and above INR 2 lakh shall be
subject to such restriction.
Right to Limit Redemptions
Any Units, which by virtue of these limitations are not

redeemed on a particular Business Day, will be carried forward
for Redemption to the next Business Day, in order of receipt.
Redemptions so carried forward will be priced on the basis of
the Applicable NAV (subject to the prevailing load) of the
Business Day on which Redemption is made. Under such
circumstances, to the extent multiple Redemption requests are
received at the same time on a single Business Day,
Redemptions 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 Business Day(s).
Suspension or restriction of repurchase/ redemption facility

under any Scheme of the mutual fund shall be made applicable
only after obtaining the approval from the Boards of Directors
of the AMC and the Trustees. After obtaining the approval from
the AMC Board and the Trustees, intimation would be sent to
SEBI in advance providing details of circumstances and
justification for the proposed action shall also be informed.
Delay in payment of Beyond 10 working days from the date of receipt of redemption
redemption / repurchase request, the Asset Management Company shall be liable to pay
proceeds interest to the unitholders at such rate as may be specified by
SEBI for the period of such delay (presently @ 15% per
annum).
Bank Account Details As per the directives issued by SEBI, it is mandatory for
applicants to mention their bank account numbers in their
applications for purchase or redemption of Units. If the Unit-
holder fails to provide the Bank mandate, the request for
redemption would be considered as not valid and the Scheme
retains the right to withhold the redemption until a proper bank
mandate is furnished by the Unit-holder and the provision with
respect of penal interest in such cases will not be applicable/
entertained.
Bank Mandate Requirement
For all fresh purchase transactions made by means of a cheque,

if cheque provided alongwith fresh subscription/new folio
creation does not belong to the bank mandate opted in the
application form, any one of the following documents needs to
be submitted.
1) Original cancelled cheque having the First Holder Name

printed on the cheque.
2) Original bank statement reflecting the First Holder Name,
Bank Account Number and Bank Name as specified in the
application.
3) Photocopy of the bank statement duly attested by the bank
manager with designation, employee number and bank
seal.
4) Photocopy of the bank pass book duly attested by the bank
manager with designation, employee number and bank
seal.
5) Photocopy of the bank statement/passbook/cheque duly
attested by ICICI Prudential Asset Management Company
Limited (the AMC) branch officials after verification of
original bank statement/passbook shown by the investor
or their representative.
6) Confirmation by the bank manager with seal, designation
and employee number on the bank‘s letter head
confirming the name of investor, account type, bank
branch, MICR and IFSC code of the bank branch. The letter
should not be older than 3 months.
This condition is also applicable to all purchase transactions

made by means of a Demand Draft. In case the application is
not accompanied by the aforesaid documents, the AMC
reserves the right to reject the application, also the AMC will
not be liable in case the redemption/ IDCW proceeds are
credited to wrong account in absence of above documents.
With effect from December 21, 2015, in case the bank account
details are not mentioned or found to be incomplete or invalid
in a purchase application, then ICICI Prudential Asset
Management Company Limited (the AMC) may consider the
account details as appearing in the investment amount cheque
and the same shall be updated under the folio as the payout
bank account for the payment of redemption/IDCW amount etc.
The aforementioned updation of bank account shall however
be subject to compliance with the third party investment
guidelines issue d by Association of Mutual Funds in India
(AMFI) from time to time.
The AMC reserves the right to call for any additional documents
as may be required, for processing of such transactions with
missing/incomplete/invalid bank account details. The AMC also
reserves the right to reject such applications.
Cash Investments in the Currently, the AMC is not accepting cash investments. Notice
Scheme shall be provided in this regard as and when the facility is made
available.
Who can invest? The following persons are eligible and may apply for
subscription to the Units of the Scheme (subject, wherever
relevant, to purchase of units of Mutual Funds being permitted
under respective constitutions and relevant statutory
regulations):
 Resident adult individual either singly or jointly (not
exceeding four)
• Minor through parent/lawful guardian
• Companies, Bodies Corporate, Public Sector Undertakings,
association of persons or bodies of individuals and societies
registered under the Societies Registration Act, 1860 (so
long as the purchase of units is permitted under the
respective constitutions)
• Religious and Charitable Trusts are eligible to invest in
certain securities, under the provisions of 11(5) of the
Income-tax Act, 1961 read with Rule 17C of Income-Tax
Rules, 1962 subject to the provisions of the respective
constitutions under which they are established permits to
invest.
• Partnership Firms
• Karta of Hindu Undivided Family (HUF)
• Banks & Financial Institutions
• Non-resident Indians/Persons of Indian origin residing
abroad (NRIs) on full repatriation basis or on non-
repatriation basis
• Foreign Portfolio Investor (FPI) subject to applicable
regulations
• Army, Air Force, Navy and other para-military funds
• Scientific and Industrial Research Organizations
 Mutual fund Schemes
 Such other individuals/institutions/body corporate etc., as
may be decided by the AMC from time to time, so long as
wherever applicable they are in conformity applicable laws.
Every investor, depending on any of the above category under

which he/she/ it falls, is required to provide the relevant
documents alongwith the application form as may be
prescribed by AMC.
The following persons are not eligible to invest in the Scheme

and apply for subscription to the units of the Schemes:
 A person who falls within the definition of the term “U.S.
Person” under ‘Regulation S’ promulgated under the
Securities Act of 1933 of the United States, as amended,
and corporations or other entities organised under the laws
of the U.S. are not eligible to invest in the schemes and
apply for subscription to the units of the schemes, except
for lump sum subscription, systematic transactions and
switch transactions requests received from Non-resident
Indians/Persons of Indian origin who at the time of such
investment, are present in India and submit a physical
transaction request along with such documents as may be
prescribed by ICICI Prudential Asset Management Company
Limited (the AMC)/ICICI Prudential Trust Limited (the
Trustee) from time to time.

applicable laws and such other terms and conditions as
may be notified by the AMC/the Trustee. The investor shall
be responsible for complying with all the applicable laws
for such investments.
The AMC reserves the right to put the transaction requests

on hold/reject the transaction request/reverse allotted units,
as the case may be, as and when identified by the AMC,
which are not in compliance with the terms and conditions
notified in this regard.
 A person who is resident of Canada

 Such other individuals/institutions/body corporate etc., as
may be decided by the AMC from time to time.

Other Consolidation of Folios
requirements/processes In case an investor has multiple folios, the AMC reserves the
right to consolidate all the folios into one folio, based on such
criteria as may be determined by the AMC from time to time.
In case of additional purchases in same Scheme / fresh
purchase in new Scheme, if the investor fails to provide the
folio number, the AMC reserves the right to allot the units in the
existing folio, based on such integrity checks as may be
determined by the AMC from time to time.
Transactions without Scheme/Option Name
In case of fresh/additional purchases, if the name of the
Scheme/Plan on the application form/transaction slip differs
with from the name on the Cheque/Demand Draft, then ICICI
Prudential Asset Management Company Limited (the AMC) will
process the application and allot units at the applicable Net
Asset Value, under the Scheme/Plan which is mentioned on the
application form/transaction slip duly signed by the investor(s).
The AMC reserves the right to call for other additional
documents as may be required, for processing such
transactions. The AMC also reserves the right to reject such
transactions.
The AMC thereafter shall not be responsible for any loss

suffered by the investor due to the discrepancy of a
Scheme/Plan name mentioned in the application
form/transaction slip and Cheque/Demand Draft.
In case of fresh purchases, if the Plan name is not mentioned

on the application form/transaction slip, then the units will be
allotted under the Plan mentioned on the Cheque/Demand
Draft. The Plan/Option that will be considered in such cases if
not specified by the customer will be the default option of the
Plan as per the SID.
Redemption/Switch Requests
If an investor submits a redemption/switch request mentioning
both the Number of Units and the Amount to be
redeemed/switched in the transaction slip, then the AMC
reserves the right to process the redemption/switch for the
Number of units and not for the amount mentioned.
If an investor submits a redemption/switch request by
mentioning Number of Units or Amount to be redeemed and
the same is higher than the balance Units/Amount available in
the folio under the Scheme, then the AMC reserves the right to
process the redemption/switch request for the available
balance in the folio under the Scheme of the investor.
Multiple Requests
In case an investor makes multiple requests in a transaction slip
i.e. redemption/switch and Change of Address or
redemption/switch and Change of Bank Mandate or any
combination thereof, but the signature is appended only under
one such request, then the AMC reserves the right to process
the request under which signature is appended and reject the
rest where signature is not appended.

Processing of Systematic Investment Plan (SIP) cancellation
request(s):
The AMC will endeavour to have the cancellation of registered
SIP mandate within 30 days from the date of acceptance of the
cancellation request from the investor. The existing
instructions/mandate will remain in force till such date that it is
confirmed to have been cancelled.
Processing of Systematic Withdrawal Plan (SWP)
Registration / cancellation of SWP request(s) will be processed
within 7 working days from the date of acceptance of the said
request(s).
Submission of separate forms /transaction slips /Systematic
Withdrawal Plan (SWP) / Systematic Transfer Plan (STP) facility
Investors who wish to opt for SWP/STP facility have to submit
their request(s) in a separate designated forms/transaction
slips. In case, if AMC do not receive such request in separate
designated forms/transaction slips, it reserves the right to reject
such request(s).
Seeding of Aadhaar number
Please refer to Statement of Additional Information available on
website www.icicipruamc.com.
Right to limit subscriptions In the interest of the investors and in order to protect the
portfolio from market volatility, the Trustees reserve the right to
discontinue or limit subscriptions under the Scheme for a
specified period of time or till further notice.
Non With respect to purchase request submitted by any investor, if
Acceptance/processing of it is noticed that there are repeated instances of two or more
Purchase request(s) due cheque bounces, the AMC reserves the right to, not to
to repeated Cheque accept/allot units for all future purchase of such investor(s).
Bounce
Reversal of cheques Where the units under any scheme are allotted to investors and
cheque(s) given by the said investors towards subscription of
units are not realised thereafter or where the confirmation from
the bankers is delayed or not received for non-realisation of
cheque(s), the Fund reserves the right to reverse such units.
If the Investor redeems such units before the reversal of units,
the fund reserves the right to recover the amount from the
investor –
 out of subsequent redemption proceeds payable to
investor.
 by way of cheque or demand draft or pay order in favour of
Scheme if investor has no other units in the folio.
Overwriting on application In case of corrections/overwriting on key fields (as may be
forms/transaction slips determined at the sole discretion of the AMC) of the application
forms/transaction slips, the AMC reserves the right to reject the
application forms/transaction slips in case the investor(s) have
not countersigned in each place(s) where such
corrections/overwriting have been made.

Folio(s) under Lien The investors, through person/entity/bank/financial institution in
whose favour the lien has been marked, may request the AMC
to create a lien on the folios held by the investors. The AMC
shall process the lien request only upon necessary validations.
In case of any redemption by the investor during the lien, the
redemption request would be rejected. In case the
person/entity/bank/financial institution, in whose favour the lien
has been marked, enforces/invokes a lien, the proceeds of
redemption may be paid to such person/entity/bank/financial
institution.
Treatment of transactions Investors may please note the following provisions,
received through pertaining to treatment of purchase/ switch/Systematic
distributors whose AMFI Investment Plan (SIP)/Systematic Transfer Plan (STP)
registration/ARN has been transactions received through distributors whose AMFI
suspended temporarily or registration/ARN has been suspended temporarily or
terminated permanently terminated permanently by AMFI:
by AMFI
a) During the period of suspension, no commission shall be
accrued or payable to the distributor whose ARN is
suspended. Accordingly, during the period of suspension,
commission on the business canvassed prior to the date of
suspension shall stand forfeited, irrespective of whether the
suspended distributor is the main AMFI Registration Number
(“ARN”) holder or a sub-distributor.
b) All Purchase and Switch transactions, including SIP/STP

registered prior to the date of suspension and fresh SIP/STP
registrations received under the ARN code of a suspended
distributor during the period of suspension, shall be
processed under “Direct Plan” of the respective scheme and
shall be continued under Direct Plan of the respective
scheme perpetually*. A suitable intimation in this regard shall
be sent to the investor informing them of the suspension of
the distributor.
*Note: If the AMC receives a written request/instruction from

the unitholder to shift to Regular Plan under the ARN of the
distributor post the revocation of suspension of ARN, the
same shall be honored.
c) All Purchase and Switch transactions including SIP/STP

transactions received through the stock exchange platforms
through a distributor whose ARN is suspended shall be
rejected.
d) In case where the ARN of the distributor has been

permanently terminated, the unitholders have the following
options:
 Switch their existing investments under the Regular Plan
to Direct Plan (Investors may be liable to bear capital
gains taxes as per their individual tax position for such
transactions); or
 Continue their existing investments under the Regular Plan
under ARN of another distributor of their choice.
Stamp Duty Pursuant to Notification No. S.O. 1226(E) and G.S.R. 226(E)
dated March 30, 2020 issued by Department of Revenue,
Ministry of Finance, Government of India, read with Part I of
Chapter IV of Notification dated February 21, 2019 issued by
Legislative Department, Ministry of Law and Justice,
Government of India on the Finance Act, 2019, a stamp duty @
0.005% of the transaction value would be levied on applicable
mutual fund transactions, with effect from July 1, 2020.
Accordingly, pursuant to levy of stamp duty, the number of
units allotted on purchase transactions (including IDCW
reinvestment) to the unitholders would be reduced to that
extent.
Updation of Email address Investors are requested to update their own email address and
and mobile number mobile number for speed and ease of communication in a
convenient and cost-effective manner, and to help prevent
fraudulent transactions.
Communication via It is hereby notified that wherever the investor(s) has/have
Electronic Mail (e-mail) provided his/their e-mail address in the application form or
any subsequent communication in any of the folio belonging
to the investor(s), the Fund/Asset Management Company
reserves the right to use Electronic Mail (e-mail) as a default
mode to send various communication which include account
statements for transactions done by the investor(s).
The investor(s) may request for a physical account statement
by writing or calling the Fund’s Investor Service Centre /
Registrar & Transfer Agent. In case of specific request received
from investor(s), the Fund shall endeavour to provide the
account statement to the investor(s) within 5 working days from
the receipt of such request.

Transaction Charges Pursuant to SEBI Circular No. Cir/ IMD/ DF/13/ 2011 dated
August 22, 2011 the transaction charge per subscription of
Rs.10,000/- and above may be charged in the following
manner:
i. The existing investors may be charged Rs. 100/- as

transaction charge per subscription of Rs.10,000/- and
above;
ii. A first time investor may be charged Rs.150/- as transaction

charge per subscription of Rs.10,000/- and above.
There shall be no transaction charge on subscription below Rs.

10,000/- and on transactions other than purchases/
subscriptions relating to new inflows.
In case of investment through Systematic Investment Plan

(SIP), transaction charges shall be deducted only if the total
commitment through SIP amounts to Rs. 10,000/- and above.
The transaction charges in such cases shall be deducted in 4
equal installments.
However, the option to charge “transaction charges” is at the

discretion of the distributors. Investors may note that
distributors can opt to receive transaction charges based on
‘type of the Scheme’. Accordingly, the transaction charges
would be deducted from the subscription amounts, as
applicable.
Transaction charges shall also be deducted on

purchases/subscriptions received through non-demat mode
from the investors investing through a valid ARN holder i.e.
AMFI Registered Distributor (provided the distributor has
opted-in to receive the transaction charges) in respect of
transactions routed through Stock Exchange(s) platform viz.
NSE Mutual Fund Platform (“NMF-II”) and BSE Mutual Fund
Platform (“BSE STAR MF”).
The aforesaid transaction charge shall be deducted by the

Asset Management Company from the subscription amount
and paid to the distributor, as the case may be and the balance
amount shall be invested subject to deduction of Goods and
Services Tax.
Transaction Charges shall not be deducted if:

 Purchase/Subscription made directly with the fund through
any mode (i.e. not through any distributor/agent).
 Purchase/ subscription made in demat mode through stock
Exchange, irrespective of investment amount.
CAS/ Statement of account shall state the net investment (i.e.

gross subscription less transaction charge) and the number of
units allotted against the net investment.

Trading and Demat Pursuant to SEBI circular No. CIR/IMD/DF/9/2011 dated May 19,
2011, with effect from October 1, 2011, the unit holders who
wish to hold the units in the demat form, should mention the
demat account details of the first holder in the application form
while subscribing for units and submit other necessary
documents. In case if the demat details are not mentioned or
details mentioned are incorrect, then the units will be issued in
physical form. Investors may use the forms available at the
branches for providing demat details, while subscription.
Investors are requested to note that holding of units through

Demat Option is also available under all open ended equity and
Debt schemes wherein SIP facility is available. The units will be
allotted based on the applicable NAV as per the SID and will be
credited to investors’ Demat account on weekly basis upon
realization of funds. For e.g. Units will be credited to investors’
Demat account every Monday for realization status received in
last week from Monday to Friday.
The option to hold the units in demat form shall not be

available for daily/weekly/fortnightly IDCW options.
Unitholders who intend to avail of the facility to trade in units in

demat mode are required to have a demat Account.
If the Unit holder desires to hold the Units in a Dematerialized /

Rematerialized form at a later date, the request for conversion
of units held in Account Statement (non demat) form into
Demat (electronic) form or vice versa should be submitted
alongwith a Demat/Remat Request Form to their Depository
Participants.
However, the Trustee / AMC reserves the right to change the

dematerialization / rematerialization process in accordance with
the procedural requirements laid down by the Depositories, viz.
NSDL/ CDSL and/or in accordance with the provisions laid
under the Depositories Act, 1996.
All Units will rank pari passu, among Units within the same
Option in the Scheme concerned as to assets, earnings and the
receipt of IDCW distributions, if any, as may be declared by the
Trustee.

Third party cheques Investment/subscription made through third party cheque(s)
will not be accepted for investments in the units of ICICI
Prudential Mutual Fund.
Third party cheque(s) for this purpose are defined as:
i) Investment made through instruments issued from an
account other than that of the beneficiary investor,
ii) in case the investment is made from a joint bank account,
the first holder of the mutual fund folio is not one of the
joint holders of the bank account from which payment is
made. Third party cheque(s) for investment/subscription
shall be accepted, only in exceptional circumstances, as
detailed below:
1. Payment by Employer on behalf of employee under
Systematic Investment Plans or lump sum/one-time
subscription through Payroll deductions.
2. Custodian on behalf of a Foreign Portfolio Investor (FPI)
or a client.
3. Payment made by the AMC to a Distributor empanelled
with it on account of commission, incentive, etc. in the
form of the Mutual Fund units of the Schemes managed
by such AMC through SIP or lump sum/one time
subscription, subject to compliance with SEBI
Regulations and Guidelines issued by AMFI, from time to
time.
4. Payment made by a Corporate to its
Agent/Distributor/Dealer (similar arrangement with
Principal-agent relationship) account of commission or
incentive payable for sale of its goods/services, in the
form of Mutual Fund units of the Schemes managed by
such AMC through SIP or lump sum/one time
subscription, subject to compliance with SEBI
Regulations and Guidelines issued by AMFI, from time to
time.
5. Payment by registered Stock brokers of recognized
stock exchanges for their clients having demat accounts.
Note:
Pursuant to SEBI circular SEBI/HO/IMD/DF3/CIR/P/2019/166
dated December 24, 2019 payment for investment by means of
Cheque, Demand Draft or any other mode shall be accepted
from the bank account of the minor or from a joint account of
the minor with the guardian only. Kindly refer to SAI for more
details.
The above mentioned exception cases will be processed after
carrying out necessary checks and verification of documents
attached along with the purchase transaction slip/application
form, as stated below:
1. Determining the identity of the Investor and the person
making payment i.e. mandatory Know Your Client (KYC)
for Investor and the person making the payment.
2. Obtaining necessary declaration from the
Investor/unitholder and the person making the payment.
Declaration by the person making the payment should
give details of the bank account from which the payment
is made and the relationship with the beneficiary.
3. Verifying the source of funds to ensure that funds have
come from the drawer’s account only.
The AMC reserves a right to seek information and/or obtain

such other additional documents other than the aforesaid
documents from third party for establishing the identity of the
Third Party, before processing such applications.
Please visit www.icicipruamc.com for further details.

Multiple Bank accounts The unit holder/ investor can register multiple bank account
details under its existing folio by submitting separate form
available on the website of the AMC at www.icicipruamc.com.
Individuals/HuF can register upto 5 different bank accounts for
a folio, whereas non-individuals can register upto 10 different
bank accounts for a folio.
Know Your Customer It is mandatory to complete the KYC requirements for all unit
(KYC) Norms holders, including for all joint holders and the guardian in case
of folio of a minor investor.
Accordingly, financial transactions (including redemptions,

switches and all types of systematic plans) and non-financial
requests will not be processed if the unit holders have not
completed KYC requirements.
Unit holders are advised to use the applicable KYC Form for
completing the KYC requirements and submit the form at our
nearest branch. Further, upon updation of PAN/KYC details with
the KRA (KRA-KYC)/CERSAI (CKYC), the unit holders are
requested to intimate us/our Registrar and Transfer Agent,
Computer Age Management Services Limited, their PAN
information along with the folio details for updation in our
records.
As per SEBI circular SEBI/HO/MIRSD/DOP/CIR/P/2021/31 dated

March 10, 2021, CKYCR (Central KYC Records Registry) is
extended to Legal Entities as well, procedure for the same shall
be prescribed from time to time.
For more details, please refer SAI available on the AMC’s

website.
Transferability of units Pursuant to SEBI Circular no. CIR/IMD/DF/10/2010 dated August
18, 2010, the Units of the Scheme can be freely transferred in
demat form or in such form as may be permitted under SEBI
Regulations and guidelines, as amended from time to time.
Tax Status of the investor For all fresh purchases, the AMC reserves the right to update
the tax status of investors, on best effort basis, on the basis of
Permanent Account Number/Bank Account details or such
other information of the investor available with the AMC for the
purpose of determining the tax status of the investor. The AMC
shall not be responsible for any claims made by the
investor/third party on account of updation of tax status.

Mode of crediting It is hereby notified that for the purpose of optimizing
redemption/ IDCW operational efficiency and in the interest of investors, the AMC
proceeds reserves the right to choose the mode of payment i.e.
NEFT/ECS/RTGS etc. for crediting redemption/ IDCW proceeds,
unless a written intimation is received from the investor to the
contrary. The AMC may send a communication to investors
whose mode of payment has been changed to a new mode
from the existing mode.
Processing of If an investor submits redemption/switch out request(s) for
Transmission-cum- transmission cases it will be processed after the units are
Redemption request(s) transferred in the name of new unit holder and only upon
subsequent submission of fresh redemption/switch-out
request(s) from the new unit holder.
Restrictions, if any, on the The Units of the Scheme can be transferred in demat form or in
right to freely retain or such form as may be permitted under SEBI Regulations and
dispose of units being guidelines, as amended from time to time.
offered.
Investors may please consult their tax advisors to understand
the tax implications that may arise on account of such transfers.
Except as stated above, additions/ deletion of names will not be
allowed under any folio of the Scheme.
The above provisions in respect of deletion of names will not

be applicable in case of death of unit holder (in respect of joint
holdings) as this is treated as transmission of units and not
transfer.
A person who falls within the definition of the term “U.S.
Person” under ‘Regulation S’ promulgated under the Securities
Act of 1933 of the United States, as amended, and corporations
or other entities organised under the laws of the U.S. are not
eligible to invest in the schemes and apply for subscription to
the units of the schemes, except for lump sum subscription,
systematic transaction and switch transactions requests
received from Non-resident Indians/Persons of Indian origin
who at the time of such investment, are present in India and
submit a physical transaction request along with such
documents as may be prescribed by ICICI Prudential Asset
Management Company Limited (the AMC)/ICICI Prudential Trust
Limited (the Trustee) from time to time.

applicable laws and such other terms and conditions as may be
notified by the AMC/the Trustee. The investor shall be
responsible for complying with all the applicable laws for such
investments.
The AMC reserves the right to put the transaction requests on

hold/reject the transaction request/reverse allotted units, as the
case may be, as and when identified by the AMC, which are not
in compliance with the terms and conditions notified in this
regard.

C. PERIODIC DISCLOSURES
Net Asset Value The AMC will calculate and disclose the first NAV within 5
business days from the date of allotment. Subsequently, the
This is the value per unit of NAV will be calculated and disclosed at the close of every
the Scheme on a particular Business Day. NAV will be determined on every Business
day. You can ascertain the Day except in special circumstances. NAV of the scheme
value of your investments shall be:
by multiplying the NAV with
your unit balance.  Prominently disclosed by the AMC under a separate head
on the AMC’s website (www.icicipruamc.com) by 11.00
p.m. on every business day,
 On the website of Association of Mutual Funds in India -
AMFI (www.amfiindia.com) by 11.00 p.m. on every
business day, and
 Shall be made available at all Customer Service Centres of
the AMC.
In case of any delay, the reasons for such delay would be

explained to AMFI and SEBI by the next day. If the NAVs are
not available before commencement of business hours on
the following day due to any reason, the Fund shall issue a
press release providing reasons and explaining when the
Fund would be able to publish the NAVs.

Monthly and Half Yearly The AMC shall disclose portfolio of the scheme (along with
Portfolio Disclosures ISIN) as on the last day of the month / half-year within 10
days from the close of each month / half-year respectively on
website of:
 AMC i.e. www.icicipruamc.com

 AMFI i.e. www.amfiindia.com.
The AMC shall send via email both the monthly and half-
yearly statement of scheme portfolio within 10 days from the
close of each month / half-year respectively. Mutual Funds/
AMCs shall send the details of the scheme portfolio while
communicating the monthly and half-yearly statement of
scheme portfolio via email or any other mode as may be
communicated by SEBI/AMFI from time to time. The AMC
shall provide a feature wherein a link is provided to the
investors to their registered email address to enable the
investor to directly view/download only the portfolio of
schemes subscribed by the said investor. The monthly and
half yearly portfolio disclosure shall also include the scheme
risk-o-meter, name of benchmark and risk-o-meter of
benchmark.
The AMC shall publish an advertisement in all India edition of

at least two daily newspapers, one each in English and Hindi,
every half year disclosing the hosting of the half-yearly
statement of the scheme’s portfolio on the AMC’s website
and on the website of AMFI.
The unitholders whose e-mail addresses are not registered

with the Fund are requested to update / provide their email
address to the Fund for updating the database. The AMC
shall provide a physical copy of the statement of scheme
portfolio, without charging any cost, on specific request
received from a unit holder.
Since the Scheme is a new Scheme, Top 10 Holdings and

Sector wise holdings are not available.
Half – Yearly Financial In terms of Regulations 59 and SEBI circular no.
Results CIR/IMD/DF/21/2012 dated September 13, 2012, the AMC
shall within one month from the close of each half year, that
is on 31st March and on 30th September, host a soft copy of
its unaudited financial results on their website. The half-yearly
unaudited report shall contain details as specified in Twelfth
Schedule and such other details as are necessary for the
purpose of providing a true and fair view of the operations of
the mutual fund. Further, the AMC shall publish an
advertisement disclosing the hosting of such financial results
on their website, in atleast one English daily newspaper
having nationwide circulation and in a newspaper having
wide circulation published in the language of the region
where the Head Office of the mutual fund is situated.

Annual Report The scheme wise annual report shall be hosted on the
website of the AMC and on the website of the AMFI soon as
may be possible but not later than four months from the date
of closure of the relevant accounts year. The AMC shall
publish an advertisement every year in all India edition of at
least two daily newspapers, one each in English and Hindi,
disclosing the hosting of the scheme wise annual report on
The AMC shall display prominently on the AMC’s website link

of the scheme wise annual report and physical copy of the
same shall be made available to the unitholders at the
registered / corporate office of the AMC at all times.
The AMC shall email the annual report or an abridged

summary thereof to the unitholders whose email addresses
are registered with the Fund. The unitholders whose e-mail
addresses are not registered with the Fund are requested to
update / provide their email address to the Fund for updating
the database. Physical copy of scheme wise annual report or
abridged summary shall be provided to investors who have
opted to receive the same.
The AMC shall also provide a physical copy of the abridged

summary of the Annual Report, without charging any cost, on
specific request received from unitholder.
As per regulation 56(3A) of the Regulations, copy of

Schemewise Annual Report shall be also made available to
unitholder on payment of nominal fees.
Associate Transactions Please refer to Statement of Additional Information (SAI).

Taxation As per the provisions of the Income-tax Act, 1961 (“the Act”),
as amended by the Finance Act, 2021:
The information is provided Particulars Tax rates Tax rates Tax rates
for general information only. applicable for applicable applicable for
This information does not Resident for non- Mutual Fund
purport to be a complete Investors resident
analysis of all relevant tax Investors
considerations; nor does it
purport to be a complete Tax on Taxable as per Taxable as Nil
description of all potential Dividend applicable tax per
tax costs, tax incidence and (IDCW) rates applicable
risks for the investors. In tax rates
view of the individual nature Capital 10 % without 10#%
#
Nil
of the implications, each Gains: Indexation in without
investor is advised to Long Term case of Indexation
consult his or her own tax (held for redemption of in case of
advisors/authorised dealers more than units where redemption
with respect to the specific 12 STT is paid on of units
amount of tax and other months)** transfer [u/s where STT
implications arising out of 112A ] is paid on
his or her participation in transfer
the schemes. It is assumed [u/s 112A ]
#
that units of mutual fund are Short Term 15% on 15%# on Nil
held as capital asset by the (held for redemption of redemption
investors. not more units where of units
than 12 STT is paid on where STT
months) transfer (u/s is paid on
111A) transfer
(u/s 111A)
Equity Scheme(s) will also attract Securities Transaction Tax
(STT) at applicable rates.
Notes:
1. Income of the Mutual Fund is exempt from income tax

in accordance with the provisions of Section 10(23D)
of the Act.
2. Under the terms of the Scheme Information

Document, this Scheme is classified as “equity
oriented fund”.
As per clause (a) of the explanation to section 112A,
an "Equity oriented fund" has been defined to mean a
fund set up under a scheme of a mutual fund specified
under clause (23D) of section 10 and,—
(i) in a case where the fund invests in the units of another

fund which is traded on a recognised stock
exchange,—
(A) a minimum of ninety per cent of the total proceeds

of such fund is invested in the units of such other
fund; and

(B) such other fund also invests a minimum of ninety
per cent of its total proceeds in the equity shares of
domestic companies listed on a recognised stock
exchange; and
(ii) in any other case, a minimum of sixty-five per cent

of the total proceeds of such fund is invested in the
equity shares of domestic companies listed on a
recognised stock exchange
Further it is stated that the percentage of equity

shareholding or unit held in respect of the fund, as the
case may be, shall be computed with reference to the
annual average of the monthly averages of the
opening and closing figures
3. If the total income of a resident investor (being

individual or HUF) [without considering such Long-
term capital Gains / short term capital gains] is less
than the basic exemption limit, then such Long-term
capital gains/short-term capital gains should be first
adjusted towards basic exemption limit and only
excess should be chargeable to tax.
4. Non-resident investors may be subject to a separate

of tax regime / eligible to benefits under Tax Treaties,
depending upon the facts of the case. The same has
not been captured above.
5. A rebate of up to Rs. 12,500 is available for resident

individuals whose total income does not exceed Rs.
5,00,000.
**Aggregate long term capital gains exceeding one lakh

rupees in a financial year, arising from the transfer of units of
an ‘equity oriented fund’, equity shares and units of business
trust are chargeable to tax at 10 per cent (plus the applicable
surcharge, health and education cess).
#excluding applicable surcharge and cess.
For details on Stamp Duty, please refer section ‘Units and

Offer’.
For further details on taxation please refer to the Section on

'Tax Benefits of investing in the Mutual Fund' provided in
'Statement of Additional Information ('SAI')'.

Investor Services The Fund will follow-up with Customer Service Centres and
Registrar on complaints and enquiries received from
investors for resolving them promptly.
For this purpose, Mr. Rajen Kotak is the Investor Relations

Officer. He can be contacted at the Corporate Office of the
AMC. The address and phone numbers are:
2nd Floor, Block B-2, Nirlon Knowledge Park, Western Express

Highway, Goregaon (East), Mumbai – 400 063,
Tel No.: 022 26852000, Fax No.: 022-2686 8313
e-mail - [email protected]

D. COMPUTATION OF NAV
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 and as
stipulated in the valuation policy and procedures of the Fund, provided in Statement of
Additional Information (SAI).
The NAV of the Scheme shall be rounded off upto two decimals
NAV of units under the Scheme shall be calculated as shown below:
Market or Fair Value of Scheme’s investments + Current Assets

- Current Liabilities and Provision
NAV (Rs.) = __________________________________________________________
No. of Units outstanding under Scheme
The NAV will be calculated as of the close of every Business Day of the respective
Scheme. 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.

IV. FEES AND EXPENSES
This section outlines the expenses that will be charged to the Scheme.
A. NEW FUND OFFER (NFO) EXPENSES
These expenses are incurred for the purpose of various activities related to the NFO like
sales and distribution fees paid marketing and advertising, registrar expenses, printing
and stationary, bank charges etc. As per SEBI circular SEBI/IMD/CIR No.1/64057/06 dated
April 4, 2006, open ended scheme are not permitted to charge NFO Expenses to the
scheme. NFO expenses shall be borne by the AMC.
B. ANNUAL SCHEME RECURRING EXPENSES
These are the fees and expenses for operating the Scheme. These expenses include
Investment Management and Advisory Fee charged by the AMC, Registrar and Transfer
Agents’ fee, marketing and selling costs etc. as given in the table below:
The AMC has estimated the following percentage of the daily net assets of the Scheme
will be charged to the Scheme as expenses. For the actual current expenses being
charged, the investor should refer to the website of the mutual fund. The mutual fund
would update the current expense ratios on the website at least three working days prior
to the effective date of change. Investors can refer
https://www.icicipruamc.com/Downloads/total-expense-ratio.aspx for Total Expense
Ratio (TER) details.
Details of Annual Scheme Recurring Expenses under the Scheme is as follows:

Particulars ICICI
Prudential
PSU Equity
Fund
(% p.a. of
daily net
assets)
Investment Management and Advisory Fees
Trustee Fees
Audit Fees
Custodian Fees
Registrar & Transfer Agent Fees
Marketing & Selling Expenses including Agents Commission
Cost related to investor communications
Cost of fund transfer from location to location
Cost of providing account statements and IDCW redemption cheques and Up to 2.25
warrants
Costs of statutory Advertisements
Cost towards investor education & awareness (at least 2 bps)
Brokerage & transaction cost over and above 12 bps and 5 bps for cash
and derivative market trades Respectively
Goods and Services Tax on expenses other than investment and advisory
fees
Goods and Services Tax on brokerage and transaction cost
Other Expenses*
Maximum total expense ratio (TER) permissible under Regulation 52 (6) (c) Up to 2.25

(i) and (6) (a)
Additional expenses under regulation 52 (6A) (c)* (more specifically Up to 0.05
elaborated below)
Additional expenses for gross new inflows from specified cities* (more Up to 0.30
specifically elaborated below)
The aforesaid does not include Goods and Services Tax on investment management and
advisory fees. The same is more specifically elaborated below.
*As permitted under the Regulation 52 of SEBI (MF) Regulations, 1996 and pursuant to
SEBI circulars no. CIR/IMD/DF/21/2012 dated September 13, 2012,
SEBI/HO/IMD/DF2/CIR/P/2018/16 dated February 02, 2018,
SEBI/HO/IMD/DF2/CIR/P/2018/137 dated October 22, 2018, SEBI (Mutual Funds) Second
Amendment Regulations, 2012 and SEBI (Mutual Funds) (Fourth Amendment)
Regulations 2018.
Direct Plan shall have a lower expense ratio excluding distribution expenses,
commission, etc as compared to other Plan and no commission for distribution of Units
will be paid/ charged under Direct Plan.
All fees and expenses charged in a Direct Plan (in percentage terms) under various heads
including the investment and advisory fee shall not exceed the fees and expenses
charged under such heads in Regular Plan.
The Scheme can charge expenses within overall maximum limits prescribed under SEBI
(MF) Regulations, without any internal cap allocated to any of the expense heads
specified in the above table.
Types of expenses charged shall be as per the SEBI (Mutual Funds) Regulations, 1996.
As per the Regulations, the maximum recurring expenses that can be charged to the
Scheme shall be subject to a percentage limit of daily net assets as in the table below:
First Rs. Next Rs. Next Rs. Next Rs. Next Rs. Next Rs.40,000 Balance
500 250 crore 1,250 3,000 5,000 crores
crore crore crore crore
2.25% 2.00% 1.75% 1.60% 1.50% TER reduction of 1.05%
0.05% for every
increase of Rs. 5,000
crore of daily net
assets or part
thereof
The above expense percentage excludes additional expenses that can be charged
towards: i) 5 bps under the Regulation 52(6A)(c), ii) 30 bps for gross new inflows from
retail investors from specified cities and iii) Goods and Services Tax on investment
management and advisory fees. The same is more specifically elaborated below.
Pursuant to SEBI circulars no. CIR/IMD/DF/21/2012 dated September 13, 2012,

SEBI/HO/IMD/DF2/CIR/P/2018/16 dated February 02, 2018,
SEBI/HO/IMD/DF2/CIR/P/2018/137 dated October 22, 2018, SEBI (Mutual Funds) Second
Amendment Regulations, 2012 and SEBI (Mutual Funds) (Fourth Amendment)
Regulations 2018, following additional costs or expenses may be charged to the scheme,
namely:
(i) The AMC may charge Goods and Services Tax on investment and advisory fees
to the scheme of the Fund in addition to the maximum limit of total expenses ratio as
prescribed in Regulation 52 of the Regulations, whereas Goods and Services Tax on
other than investment and advisory fees, if any, shall be borne by the scheme within the
maximum limit as per regulation 52 of the Regulations.
(ii) expenses not exceeding of 0.30 per cent of daily net assets, if the new inflows
from retail investors from B30 cities as specified by the Securities and Exchange Board of
India, from time to time are at least –
 30 per cent of the gross new inflows from retail investors from B30 cities into the
scheme, or;
 15 per cent of the average assets under management (year to date) of the scheme,
whichever is higher;
Provided that if inflows from retail investors from B30 cities are less than the higher of
the above, such expenses on daily net assets of the scheme shall be charged on
proportionate basis;
Provided further that expenses charged under this clause shall be utilised for distribution
expenses incurred for bringing inflows from retail investors from B30 cities;
Provided further that amount incurred as expense on account of inflows from retail
investors from B30 cities shall be credited back to the scheme in case the said inflows
are redeemed within a period of one year from the date of investment.
For the above purposes, ‘B30 cities’ shall be beyond Top 30 cities as at the end of the
previous financial year as communicated by AMFI. Retail investors would mean
individual investors from whom inflows into the Scheme would amount upto Rs.
2,00,000/- per transaction.
(iii) Additional expenses, incurred towards different heads mentioned under sub-
regulations (2) and (4) of Regulation 52 of the Regulations, not exceeding 0.05 per cent of
daily net assets of the scheme. However, such additional expenses will not be charged if
exit load is not levied or not applicable to the Scheme.
At least 2 basis points on daily net assets shall be annually set apart for investor
education and awareness initiatives. The same shall be within limits specified under
Regulation 52 of the SEBI (Mutual Funds) Regulation.
Further, the brokerage and transaction cost incurred for the purpose of execution of
trade may be capitalized to the extent of 12bps and 5bps for cash market transactions
and derivatives transactions respectively. Any payment towards brokerage and
transaction cost, over and above the said 12 bps and 5bps for cash market transactions
and derivatives transactions respectively may be charged to the scheme within the
maximum limit of Total Expense Ratio as prescribed under regulation 52 of the SEBI
(Mutual Funds) Regulations, 1996. Goods and Services Tax on brokerage and transaction
cost paid for execution of trade, if any, shall be within the limit prescribed under
regulation 52 of the Regulations.
Expenses shall be charged / borne in accordance with the Regulations prevailing from
time to time.

The following is an illustration of the impact of expense ratio on the scheme’s returns:
Particulars Regular Plan Direct Plan

Amount Invested at the beginning of 10,000 10,000
the year
Returns before Expenses 1,500 1,500
Expenses other than Distribution 150 150
Expenses
Distribution Expenses 50 -
Returns after Expenses at the end of 1300 1350
the Year
For calculating expense of ICICI Prudential PSU Equity Fund – Direct Plan, brokerage
component will not be considered
C. LOAD STRUCTURE
Load is an amount, which is paid by the investor to subscribe to the units or to redeem
the units from the Scheme. This amount is used by the AMC to pay commissions to the
distributor and to take care of other marketing and selling expenses. Load amounts are
variable and are subject to change from time to time. For the current applicable
structure, please refer to the website of the AMC (www.icicipruamc.com) or may call
your distributor.
Entry Load: Not Applicable.

In terms of SEBI circular no. SEBI/IMD/CIR No. 4/168230/09 dated June 30, 2009 has
notified that, w.e.f. August 01, 2009 there will be no entry load charged to the Schemes
of the Mutual Fund.
Exit Load: Refer para, “Highlights of the scheme”
Any redemption/switch arising out of excess holding by an investor beyond 25% of the
net assets of the Scheme in the manner envisaged under specified SEBI Circular No.
SEBI/IMD/CIR No. 10/22701/03 dated 12th December 2003, such redemption / switch will
not be subject to exit load.
The exit load charged, if any, shall be credited back to the respective scheme. Goods and
Services Tax on exit load shall be paid out of the exit load proceeds and exit load net of
Goods and Services Tax shall be credited to the Scheme.
Exit Load, if any, prevailing on the date of enrolment of SIP/ STP shall be levied in the
Scheme.
Units issued on reinvestment of IDCW shall not be subject to exit load.
The investor is requested to check the prevailing load structure of the Scheme before
investing.
Subject to the Regulations, the Trustee reserves the right to modify/alter the load
structure on the Units subscribed/redeemed on any Business Day. At the time of
changing the load structure, the AMC / Mutual Fund may adopt the following procedure:
i. The addendum detailing the changes will be attached to Scheme Information

Documents and key information memorandum. The addendum will be circulated
to all the distributors/brokers so that the same can be attached to all Scheme
Information Documents and key information memoranda already in stock.
ii. Arrangements will be made to display the addendum in the Scheme Information
Document in the form of a notice in all the investor service centres and
distributors/brokers office.
iii. The introduction of the exit load along with 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 statement of accounts issued after the
introduction of such load.
iv. A public notice shall be provided on the website of the AMC in respect of such
changes.
Any imposition or enhancement in the load shall be applicable on prospective

investments only.
D. WAIVER OF LOAD FOR DIRECT APPLICATIONS

Not Applicable
V. RIGHTS OF UNIT HOLDERS

Please refer to SAI for details.
VI. PENALTIES, PENDING LITIGATION OR PROCEEDINGS, FINDINGS OF INSPECTIONS

OR INVESTIGATIONS FOR WHICH ACTION MAY HAVE BEEN TAKEN OR IS IN THE
PROCESS OF BEING TAKEN BY ANY REGULATORY AUTHORITY
1) All disclosures regarding penalties and action(s) taken against foreign Sponsor(s) may
be limited to the jurisdiction of the country where the principal activities (in terms of
income / revenue) of the Sponsor(s) are carried out or where the headquarters of the
Sponsor(s) is situated. Further, only top 10 monetary penalties during the last three
years shall be disclosed.
Nil
2) In case of Indian Sponsor(s), details of all monetary penalties imposed and/ or action
taken during the last three years or pending with any financial regulatory body or
governmental authority, against Sponsor(s) and/ or the AMC and/ or the Board of
Trustees /Trustee Company; for irregularities or for violations in the financial services
sector, or for defaults with respect to shareholders or debenture holders and
depositors, or for economic offences, or for violation of securities law. Details of
settlement, if any, arrived at with the aforesaid authorities during the last three years
shall also be disclosed.
Cases pertaining to ICICI Bank Ltd. (the Bank):
1. SEBI issued an Adjudication Order on September 12, 2019 imposing a penalty of

rupees 5 lakh each under Section 15 HB of SEBI Act and Section 23E of SCRA on the
Bank and rupees 2 lakhs under Section 15HB of SEBI act on the ex-compliance
officer(eCO) on alleged delayed disclosure of an agreement relating to merger of
ICICI Bank Limited with erstwhile Bank of Rajasthan. The eCO and the Bank had filed
an appeal against SEBI’s order with the Securities Appellate Tribunal (“SAT”) and
SAT vide its orders has converted the monetary penalty imposed on the Bank and
eCO to warning, respectively. Subsequently, SEBI filed an appeal with the Supreme
Court of India (“Supreme Court”) against the aforementioned SAT orders.
Separately, the Bank had also filed an appeal with the Supreme Court against SAT
order. These matters were heard with Supreme Court The Bank and eCO
subsequently filed counter-affidavits before the Supreme Court. To bring closure to
the matter, the eCO and the Bank filed the settlement application under SEBI
(Settlement Proceedings) Regulations, 2018 with SEBI pursuant to which the eCO
and the Bank has paid the settlement amount to SEBI. The Bank and the eCO filed
the applications seeking for disposal of the civil appeal matters pending before the
Supreme Court which were heard on January 4, 2022 and Supreme Court vide its
order dated January 4, 2022 disposed off all the appeals in view of the settlement
between the parties. Further, SEBI vide their email dated May 12, 2022 has
communicated that in view of the Order of the Hon’ble Supreme Court, the matter
stands settled in respect of the appeals as mentioned in the said order.
2. The Bank & it’s ex-Managing Director & CEO had received a Show Cause Notice
(SCN) from SEBI on May 24, 2018 under Rule 4(1) of SCR (Procedure for Holding
Inquiry and imposing penalties by Adjudicating Officer) Rules 2005 requiring
responses on matters relating to alleged non-compliance with certain provisions of
the erstwhile Listing Agreement and the Securities and Exchange Board of India
(Listing Obligations and Disclosure Requirements) Regulations, 2015. Thereafter,
personal hearing was held at SEBI on the said notice on October 16, 2018 and
supplements to the earlier notice was submitted on October 31, 2018, January 10,
2019, February 1, 2019, February 22, 2019, February 27, 2019 and December 9, 2019.
On November 19, 2020, SEBI issued a modified SCN to the Bank in relation to the
above wherein it included Clause 2 of Uniform Listing Agreement and Section 21 of
SCRA in addition to the existing cited provisions. Post inspection of documents, the
Bank has submitted its final response on the MSCN to SEBI on February 12, 2021.
3. SEBI issued a Show Cause Notice dated January 30, 2020 received by us on
February 11, 2020 wherein they have alleged that the Bank has failed to provide
appropriate protection against victimisation of the complainant and thus violated the
provisions of Regulation 22(2) of the SEBI LODR Regulations, 2015. The Bank
submitted its reply to the SCN on March 23, 2020. To bring closure to the matter, on
July 17, 2020, the Bank has submitted a settlement application with SEBI under
Securities and Exchange Board of India (Settlement Proceedings) Regulations, 2018.
SEBI issued a Settlement Order dated January 29, 2021 mentioning that the
adjudication proceedings in the said matter is disposed of in terms of section 15JB
of the SEBI Act, 1992 read with regulation 23(1) of Settlement Regulations on the
basis of the settlement terms.
4. The Bank in its capacity as Designated Depository Participant (“DDP”) has received a
show-cause notice (SCN) dated December 28, 2020 from SEBI (received on
December 31, 2020), for alleged violation of SEBI (Foreign Portfolio Investors)
Regulations, 2019/2014 and other related Guidelines. SEBI vide the SCN has alleged
that the Bank (as DDP) did not report to SEBI the delay in intimation of change in
grouping information of two FPIs where the delay was beyond six months and the
Bank did not enquire from the FPIs as to since when the two FPIs had common
control. On May 15, 2021 the Bank had submitted its detailed response to the SCN to
SEBI. Pursuant to the submission of response, on May 17, 2021 personal hearing
was held and on May 21, 2021 additional submission was made by the Bank to SEBI.
After considering the detailed/additional submissions made by the Bank, SEBI issued
an Adjudication Order on June 29, 2021 wherein SEBI had dropped the charges
against the Bank.

5. The Financial Intelligence Unit wide its order dated July 30, 2021 issued a warning
under Section 13 of PMLA, 2002 for non-compliance with provisions of Section 12.
The said warning was issued for failing to have an effective internal mechanism to
detect and report complete information in respect of Cross Border Wire Transfer
Reports. The FIU in its order has also mentioned that resubmission of the entire
cross border wire transfer data by the Bank according to the guidelines is a
mitigating factor in favour of the Bank.
6. In April 2019, the Directorate of Enforcement has issued six show-cause notices
against ICICI Bank and certain other entities and persons alleging certain violations
under Foreign Exchange Management Act, 1999 mainly pertaining to the sale of
foreign exchange travel cards to travellers. In four of these matters, the Enforcement
Directorate has imposed penalties as under:
i. Rs. 0.8 million on ICICI Bank Ltd and similar amount on one of its employee
vide order dated March 24, 2020. The Bank has filed an appeal against the
judgement with Appellate Tribunal for Foreign Exchange, New Delhi on July
27, 2020. The next date of hearing (NDOH) for appeal is posted to 20.09.2022
for ICICI Bank and on 28.07.2022 for its employee.
ii. Rs. 0.05 million on ICICI Bank Ltd and similar amount on one of its employee
judgement with Appellate Tribunal for Foreign Exchange, New Delhi on
August 25, 2020. Appeal was filed at the Appellate Tribunal for ICICI Bank and
its employee. The next date of hearing (NDOH) is 07.09.2022 for both
appeals.
iii. Rs. 2.2 million on ICICI Bank Ltd and Rs. 0.22 million on one of its employee
vide order dated October 29, 2020. The Bank has filed an appeal against the
said judgement on behalf of itself as well as the employee. The appeals are
scheduled for hearing on 07.09.2022 for ICICI Bank and on 06.07.2022 for its
employee.
iv. Rs. 0.6 million on ICICI Bank Ltd and Rs. 0.15 million on one of its employee
said order on behalf of the Bank and its employee on June 29, 2021. The
notice from Tribunal for hearing dates on above cases are awaited.
7. For remaining two SCNs, joint/additional replies were has was been filed. and final
order is awaited. Subsequently for one of the Show cause notices, we have received
order dated 31.03.2022 wherein charges against ICICI Bank and its employee has
been dropped and for the other one, a similar order was received dated 26.05.2022
wherein charges against ICICI Bank and its employee have been dropped.
8. The Bank had received a Show Cause Notice from Insurance Regulatory and
Development Authority of India (IRDAI) on May 9, 2019 for receipt of payment in
relation to administration support expenses from ICICI Life during FY2016 in violation
of Insurance laws. The Bank responded through letter dated May 17, 2019 stating
that the payment was in line with applicable laws, properly disclosed in financial
statements and was stopped w.e.f. April 1, 2017, i.e. post promulgation of new
commission regulations. The Bank officials represented Bank’s point of view during
the personal hearing with IRDAI on January 29, 2020 and revert from IRDAI is
awaited.
9. The Bank has on May 20, 2020 received a Show Cause Notice from IRDAI
subsequent to its onsite inspection between June 4 - 8, 2018 with regard to
Corporate Agent activities performed by the Bank. The Bank has submitted its
response on June 29, 2020. The Bank officials represented Bank’s point of view
during the personal hearing with IRDAI on May 13, 2022 and revert from IRDAI is
awaited.
10. The RBI has, by an order dated May 03, 2021, imposed a monetary penalty of ₹ 3
Crores on the Bank. This penalty has been imposed under the provisions of section
47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949 for
shifting certain investments from Hold till Maturity (HTM) category to Available for
Sale (AFS) category in May 2017. The Bank had transferred two separate categories
of securities on two different dates from HTM to AFS in April and May of 2017, which
it believed was permissible as per Master Circular on Prudential Norms for
Classification, Valuation and Operation of Investment Portfolio by Banks’ dated July
01, 2015. RBI has held that the shifting of securities the second time in May 2017
without explicit permission was in contravention of RBI directions.
11. The Reserve Bank of India (RBI) has by an order dated December 13, 2021 (received
by the ICICI Bank on December 15, 2021) imposed a monetary penalty of Rs. 30
Lakhs on the ICICI Bank (Bank) under the provisions of Section 46(4) (i) read with
Section 47A (1) of Banking Regulation Act 1949 for non-compliance with certain
directions issued by RBI on ‘Levy of Penal charges on non-maintenance of minimum
balance in savings bank accounts’ dated November 20, 2014. The Bank was levying
charge of Rs.100/- plus a percentage of shortfall between the minimum average
balance (MAB) required to be maintained and actual balance maintained in the
saving account as agreed upon at the time of account opening. RBI has held that
levy of charges for non-maintenance of MAB were not directly proportionate to the
extent of the shortfall observed in the required MAB and actual balance maintained.
The Bank has taken steps to align the charge levied for non-maintenance of MAB
with the above direction of RBI.
3) Details of all enforcement actions taken by SEBI in the last three years and/ or pending
with SEBI for the violation of SEBI Act, 1992 and Rules and Regulations framed there
under including debarment and/ or suspension and/ or cancellation and/ or imposition of
monetary penalty/adjudication/enquiry proceedings, if any, to which the Sponsor(s) and/
or the AMC and/ or the Board of Trustees /Trustee Company and/ or any of the directors
and/ or key personnel (especially the fund managers) of the AMC and Trustee Company
were/ are a party. The details of the violation shall also be disclosed.
1. SEBI had initiated quasi-judicial proceedings in respect of certain alleged violations

observed during the inspection of ICICI Prudential Mutual Fund under SEBI (Mutual
Funds) Regulations, 1996, for the period from April 01, 2014 to March 31, 2016 viz. a)
investment made in three allegedly non-FMCG companies by ICICI Prudential FMCG
Fund, b) non-rebalancing of the portfolio of the close-ended debt schemes on account of
downgrade in debt instruments of Jindal Steel and Power Limited (JSPL), and c)
procedural non-compliance with respect to delegation of authority by the Board of
Directors of ICICI Prudential Trust Limited (the Trustee Company) to ICICI Prudential
Asset Management Company Limited (the AMC) for declaration of dividend by the
schemes of ICICI Prudential Mutual Fund. Pursuant to completion of quasi-judicial
proceedings, SEBI had levied a penalty of ` 300,000 on the AMC and ` 200,000 on the
Trustee Company only in respect of matters listed under (a) and (c) above vide order
dated December 23, 2019.
2. Further, details as specified in 2.1 and 2.2 above shall also form part of disclosure under
this para.
4) Any pending material civil or criminal litigation incidental to the business of the Mutual
Fund to which the Sponsor(s) and/ or the AMC and/ or the Board of Trustees /Trustee
Company and/ or any of the directors and/ or key personnel are a party should also be
disclosed separately.
1. As per the SEBI (Mutual Funds) Regulations, 1996, mutual fund schemes are
permitted to invest in securitised debt. Accordingly, few schemes of ICICI Prudential
Mutual Fund (“the Fund”) had made investment in Pass Through Certificates (PTCs) of
certain special purpose vehicles / securitisation trusts (“the Trusts”). The returns filed by
few of these securitisation Trusts whose PTCs were held by the Fund were taken up for
scrutiny by the Income Tax Authorities for Assessment Years 2007-08, 2008-09, 2009-10
and 2010-11. Arising out of this, the Income Tax Authorities had raised a demand on
such Trusts. On failure to recover the same from the Trusts, Income Tax Authorities
sent demand notices to the Fund along with other Mutual Funds as beneficiaries /
contributors to such Trusts. The Fund in consultation with its tax & legal advisors has
contested the applicability of such demand and got the attachment order vacated by
Hon’ble High Court of Bombay. The Trusts on their part had contested the matter and
the Income Tax Appellate Tribunal upheld their appeal and dismissed the contentions
and all the cross-appeals filed by the Tax Authorities. The Tax Authorities have now filed
an appeal with Hon’ble High Court on the matter.
Any deficiency in the systems and operations of the Sponsor(s) and/ or the AMC and/ or
the Board of Trustees/Trustee Company which SEBI has specifically advised to be
disclosed in the SID, or which has been notified by any other regulatory agency, shall be
disclosed. – Nil
GENERAL INFORMATION
 Power to make Rules

Subject to the Regulations, the Trustee may, from time to time, prescribe such terms
and make such rules for the purpose of giving effect to the Scheme with power to the
AMC to add to, alter or amend all or any of the terms and rules that may be framed
from time to time.
 Power to remove Difficulties

If any difficulties arise in giving effect to the provisions of the Scheme, the Trustee
may, subject to the Regulations, do anything not inconsistent with such provisions,
which appears to it to be necessary, desirable or expedient, for the purpose of
removing such difficulty.
 Scheme to be binding on the Unitholders:

Subject to the Regulations, the Trustee may, from time to time, add or otherwise vary
or alter all or any of the features of investment plans and terms of the Scheme after
obtaining the prior permission of SEBI and Unitholders (where necessary), and the
same shall be binding on all the Unitholders of the Scheme and any person or persons
claiming through or under them as if each Unitholder or such person expressly had
agreed that such features and terms shall be so binding.

Notwithstanding anything contained in this Scheme Information Document, the
provisions of the SEBI (Mutual Funds) Regulations, 1996 and the guidelines there under
shall be applicable.
Note: The Scheme under this Scheme Information Document (SID) was approved by the
Directors of ICICI Prudential Trust Limited on October 26, 2021. The Trustees have
ensured that ICICI Prudential PSU Equity Fund approved by them is a new product
offered by ICICI Prudential Mutual Fund and is not a minor modification of the existing
Schemes.
For and on behalf of the Board of Directors of

Sd/-
Nimesh Shah
Managing Director
Place : Mumbai
Date : July 29, 2022

ICICI Prudential Mutual Fund Official Points of Acceptance
STATE ADDRESS CITY PINCODE

Jharkhand Padmalaya, 18 Ram Mandir Area, Ground Floor, Jharkhand 831 001
Bistupur,Jamshedpur,
Assam Jadavbora Complex, M.Dewanpath, Ullubari Guwahati 781007
Bihar 1st Floor, Kashi Place, Dak Bungalow Road, Patna 800001
Chandigarh SCO 137-138, F.F, Sec-9C Chandigarh 160017
ICICI Prudential Asset Management Company Ltd. Raipur 492001
Shop No. 10, 11 & 12, Ground Floor, Raheja
Towers, Jail Road, Raipur, PIN - 492001,
Goa 1st Floor, Unit no F3, 1st Floor, Lawande Sarmalkar Goa 403001
Bhavan, Goa Street, Opp Mahalakshmi Temple,
Panji
UG-20, VASANT ARCADE, BEHIND POLICE GOA 403601
STATION, COMBA, MARGAO
Gujarat Office no 201, 2nd Floor, Akshar X, Jagannath-3, Rajkot 360001
Dr. Yagnik Road
HG 30, B Block, International Trade Center, Majura Surat 395002
Gate
First Floor, Unit no 108,109,110,Midtown Heights, Baroda 390007
Opp Bank of Baroda, Jetalpur Road (Vadodara)
307, 3rd Floor, Zodiac Plaza, Beside NABARD Ahmedaba 380009
VIHAR, Near St. Xavier's College Corner,H.L d
Collage Road, Off C. G. Road
Ground Floor, Unit no 2&3, Bhayani Mension, Jamnagar 361001
Gurudwara Road
Third floor unit no.301, Bhula Laxmi Business Vapi 396191
Center, Vapi Silvassa Road, Opp. DCB Bank
Valsad, Unit no A1&A2, Ground Floor, Zenith Valsad 396001
Doctor House, Halar Cross Road, Valsad
109-110, Maruti Sharnam Complex,Opp Anand 388001
Nandbhumi Party Plot,Anand Vallabh Vidyanagar
Road,
1st Floor, Unit No F1, Gangotri Plaza,Opp Bhavnagar 364002
Daxinamurti School, Waghwadi Road
ICICI Prudential Asset Management Company Bhuj 370001
Limited, Ground Floor - 43, Jubilee Colony, Jubilee
Circle, Near Phone Wale, Bhuj-Kutch, Bhuj 370 001,
Gujarat.
First Floor, Unit no. 107/108,Nexus Business Hub, BHARUCH 392001
City Survey no 2513, ward no 1, Beside Rajeshwar
Petrol Pump,Opp Pritam Society 2, Mojampur,
Bharuch,
1st Floor,Unit No.106,Prabhakunj Heights,Sayaji Navsari 396445
Station Road,Opposite ICICI Bank
Haryana Scf - 38, Ground floor, Market 2, Sector - 19, Faridabad 121002
Faridabad
Unit No 125, First Floor, Vipul Agora Building, Gurgaon 122002
M.G.Road, Gurgaon
Plot No. 5318/2 and 5314/1, Ground Floor, Near Ambala 133001
B.D.High School, 3 Cross Road,Ambala Cantt., Cantt
ICICI Prudential Asset Management company Panipat 132103
Limited, 510-513, ward no.8, 1st floor, Above
Federal Bank, opp. Bhatak Chowk, G T Road,
Panipat
Himachal Unit No. 21, First Floor, The Mall Road, Shimla Shimla 171001
Pradesh
Karnataka Ground Floor, Lakshmi Arcade, No: 298/1, Bangalore 560003
17th Cross 2nd Main Road, Sampige Road,
Malleswaram, Bengaluru – 560 003
ICICI Prudential AMC Ltd. No. 311/7, Ground Floor Bangalore 560041
9th Main, 5th Block, Jayanagar, Bangalore – 560
041.
Phoenix Pinnacle, First Floor Unit 101 -104, No 46 Bangalore 560042
Ulsoor Road
1st Floor,AARYAA Centre,No. 1,MIG,KHB Bengaluru 560095
Colony,1A Cross,5th Block,Koramangala
Maximus Commercial Complex, UG 3 & 4 Light Mangalore 575001
House Hill Road
#230/1, New No Ch13, 1st Floor, 5th Cross,12th Mysore 570009
Main, Saraswathipuram,
Kerala TC 15/1926, Near Ganapathy Temple, Bakery Thiruvanant 695014
Junction,Vazhuthacaud Road, Thycaud PO hapuram
(Trivandru
m)
Ground and First Floor, Parambil Plaza, Kaloor Cochin 682017
Kadavanthra road, Kathirkadavu, Ernakulam,
Cochin
Madhya Unit no. G3 on Ground Floor and unit no. 104 on Indore 452001
Pradesh First Floor, Panama Tower, Manorama Ganj
Extension, Near Crown Palace Hotel
Ground Floor, Kay Kay Business Center, Ram Bhopal 462023
Gopal Maheshwari, Zone 1,Maharana Pratap Nagar
First Floor Unit No.F04 THE EMPIRE, 33 Gwalior 474009
Commercial Scheme, City Center
Ground Floor Unit no 12/13, Plot no. 42/B3, Napier Jabalpur 482001
Town, OPP Bhawartal Garden
Maharashtra ICICI Prudential Asset Management Co Ltd,2nd Mumbai 400001
Floor. Brady House,12/14 Veer Nariman Road Fort.
Ground Unit No 3 , First Floor, Unit No - Mumbai 400050
13,Esperanza, Linking Road, Bandra (West)
ICICI Prudential Assets Management Company Mumbai 400058
Limited, Vivekanand villa, Opp. HDFC bank, Swami
Vivekanand Road, Andheri (West), Mumbai
2nd Floor, Block B-2, Nirlon Knowledge Park, Mumbai 400063
Western Express Highway, Goregaon
ICICI Prudential Asset Management Company Mumbai 400077
Limited, Unit No. 1, Ground Floor, RNJ Corporate,
Plot no 9, Jawahar Road, Opposite Ghatkopar
Railway Station, Ghatkopar East, Mumbai 400 077.
ICICI Prudential Mutual Fund, Ground Floor, Mumbai 400092
Suchitra Enclave Maharashtra Lane, Borivali (West)
ICICI Prudential Mutual Fund, Ground Floor, Thane 400602
Mahavir Arcade,Ghantali Road, Naupada, Thane
West

Unit no B15/15C, Ground Floor, Vardhman Navi 400705
Chambers, Plot no. 84, Sector 17,Vashi Mumbai
1st Floor, Mona Enclave, WHC Road, Near Coffee Nagpur 440010
House Square, Above Titan Eye Showroom,
Dharampeth
Ground Floor,Plot no 57, Karamkala, New Pandit Nashik 422002
Colony, Opp Old Municipal Corporation,(NMC) Off
Sharanpur Road,
ICICI Prudential AMC Ltd,Ground Floor, Office no 6, Pune 411001
Chetna CHS Ltd. General Thimayya Marg,Camp-
Pune
1205 / 4 / 6 Shivaji Nagar, Chimbalkar House, Opp Pune 411004
Sambhaji Park, J M Road
Ground Floor, Empire Estate-4510,Premiser City PUNE 411019
Bldg, Unit No. A-20,Pimpri, Pune
Shop no A1,Ground floor, Dhaiwat Viva Palghar 401303
Swarganga,Next to Icici Bank, Aghashi Road, Virar
West, Dist -Palghar,
Ground Floor,Shop no 137/B, Samarth Nagar, Aurangaba 431001
Aurangabad d
ICICI Prudential AMC Ltd, Neel Empress, Ground Panvel 410206
Floor, Plot No 92, Sector 1/S, New Panvel - 410206
1089, E Ward, Anand Plaza, Rajaram Road Kolhapur 416001
ICICI Prudential Asset Management Company Mumbai 421301
Limited, Ground Floor, Unit no .7, Vikas Heights,
Ram Baugh, Santoshi Mata Road, Kalyan - 421301
New Delhi 12th Floor Narain Manzil,23 Barakhamba Road New Delhi 110001
UNIT No. 17-24, S-1 level, Ground Floor,Block F, Delhi 110019
American Plaza International Trade Tower, Nehru
Place
Plot No. C-1,2,3-Shop No. 112, Above ICICI Bank, New Delhi 110034
First Floor, P.P.Towers, Netaji Subash Place
Pitampura
ICICI Prudential AMC Ltd,108,Mahatta Tower,B New Delhi 110058
Block Janak Puri
Orissa ICICI Prudential Asset Management Company Ltd., Bhubhanes 751001
Plot No – 381, Khata – 84, MZ Kharvel Nagar,Near hwar
Ram Mandir,Dist – Khurda, Bhubaneswar,Odisha
Punjab SCO 121, Ground Floor, Feroze Gandhi Market Ludhiana 141001
SCO Shop No.64, Ground Floor, New Leela Patiala 147001
Bhawan, Near Income Tax Office
ICICI Prudential AMC Ltd. SCF-30, Ground Floor, Amritsar 143008
Ranjit Avenue, B Block , Amritsar
Unit No.22, Ground Floor, City Square Building, EH Jalandhar 144001
197, Civil Lines
Rajasthan Unit No. D-34, Ground Floor, G - Business Jaipur 302001
Park,Subhash Marg, C Scheme,
ICICI Prudential AMC Ltd SHOP NO. 2,RATNAM, Udaipur 313001
PLOT NO.-14,BHATTJI KI BADI
1st Floor, Plot No 3, Sindhi Colony,Shastri Nagar Jodhpur 342003
Tamil Nadu Abithil Square,189, Lloyds Road,Royapettah Chennai 600014
1st Floor, A Wing, Kimbarley Towers, Y-222, 2nd Chennai 600040
Avenue,Anna Nagar
Unit No. 2E, at New Door Nos.43 & 44 / Old Nos.96 CHENNAI 600083
& 97, 11th Avenue, Ashok Nagar, Chennai – 600
083
Ground Floor, No:1, Father Rhondy Street, Azad Coimbatore 641002
Road, R.S.Puram, Coimbatore - 641 002
Door No.24, Ground Floor, GST Road, Tambaram Chennai 600047
Sanitorium, Chennai
TELANGANA Ground & First Floor, No: 1-10-72/A/2, Pochampally Hyderabad 500016
House, Sardar Patel Road, Begumpet
Uttar Unit No. G-5, Sai square 16/116, (45), Bhargava Kanpur 208001
Pradesh Estate Civil Lines
Unit No. 1, Ground Floor, 14/113 Kan Chamber, KANPUR 208001
Civil Line, Kanpur, Pin - 208 001.
1st Floor Modern Business Center,19 Vidhan Sabha Lucknow 226001
Marg
Unit No - 8 & 9, Saran Chambers II, 5 Park road Lucknow 226001
(Opposite Civil Hospital) Lucknow
D-58/12A-7, Ground Floor, Sigra, Varanasi Varanasi 221010
ICICI Prudential Asset Management Company Allahabad 211001
Limited Shop No FF-1,FF-2 Vashishtha Vinayak
Tower,38/1 Tashkant Marg,Civil Lines, Allahabad
Unit No. C-65, Ground Floor, Raj Nagar District Ghaziabad 201002
Center
First Floor, Sector-18, Noida,Uttar Pradesh,K-20 Noida 201301
No 2 & 9, Block No-54/4 ,Ground Floor, Prateek Agra 282010
Tower,Sanjay Place
Ploat no -409 ,1st floor,Gram Chawani,Near Mahila Moradabad 244001
Thana Civil Lines
Uttrakhand Aarna Tower, Shop no. "c", Ground Floor, 1-Mahant Dehradun 248001
Laxman Dass Road, Dehradun Uttarakhand- 248
001.
West Bengal Room No 409, 4th Floor,Oswal Chambers, 2, Kolkata 700001
Church Lane,
227, AJC Bose Road Anandalok, 1st Floor, Room Kolkata 700020
No. 103/103 A Block - B
1st Floor, 1/393 Garihat Road (South) Opp. Kolkata 700068
Jadavpur Police Station, Prince Alwar Shah Road
Shanti Square, Ground floor, Sevok Road, 2nd Siliguri 734001
Mile, Siliguri, West Bengal
Mezzanine Floor, Lokenath Mansion, Sahid Durgapur 713216
Khudiram Sarani, CityCentre
ICICI Pru AMC Ltd, B- 9/14 (C.A), 1st Floor, Central Kalyani 741235
Park, Dist- Nadia
Shop A & B, Block - A, Apurba Complex, Asansol 713304
Senraleigh Road, Upcar Garden, Ground Floor,
Near Axis Bank, Asansol
Sr. Nos Email-IDs:

1. [email protected]


ICICI Prudential PSU Equity Fund - Regular Plan - Growth

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SCHEME INFORMATION DOCUMENT

This scheme is suitable for investors who are seeking*:

 An open-ended equity scheme following the PSU

Face Value of units of the Scheme is Rs. 10/- per unit.

New Fund Offer Opens on: August 16, 2022

Name of Mutual Fund : ICICI Prudential Mutual Fund

Name of Asset Management Company : ICICI Prudential Asset Management Company

Registered Office: Corporate Office: Central Service Office:

Scheme Information Document 1

Name of the Trustee

This Scheme Information Document is dated July 29, 2022.

Scheme Information Document 2

HIGHLIGHTS/SUMMARY OF THE SCHEME ........................................................................... 5

Scheme Information Document 3

Scheme Information Document 4

Name of the Scheme ICICI Prudential PSU Equity Fund

However, there can be no assurance or guarantee that the

The Trustees reserves the right to change the benchmark in

 Prominently disclosed by the AMC under a separate head

In case of any delay, the reasons for such delay would be

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 AMC i.e. www.icicipruamc.com

The AMC shall publish an advertisement in all India edition of at

The unitholders whose e-mail addresses are not registered with

 1% of applicable Net Asset Value - If the amount sought to be

The Trustees shall have a right to prescribe or modify the exit

Minimum Additional Rs. 1,000/- and any amount thereafter

Please refer to “Special Products” section for more details.

 IDCW - Income Distribution cum capital withdrawal

Default Plan would be as follows in below mentioned scenarios:

Sr ARN Code Plan mentioned by Default Plan

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ICICI Prudential PSU Equity Fund -Direct Plan is only for

No exit load shall be charged on units allotted on reinvestment

The Trustees may at their discretion add one or more additional

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STANDARD RISK FACTORS

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SCHEME SPECIFIC RISK FACTORS

Risk factors associated with investing in PSU companies:

The Scheme invests predominantly in equity / equity related instruments issued by

At times, churning of portfolios may lead to substantial losses due to subsequent

In addition, the scheme is also subject to following specific risks:-

 In case of abnormal circumstances it will be difficult to complete the square off

 Changes in Government policy in general and changes in tax benefits applicable to

2. Investing in Fixed Income Securities

 Liquidity Risk: The liquidity of a security may change depending on market

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Derivative products are leveraged instruments and can provide disproportionate

 Lack of opportunity available in the market.

RISK FACTORS WITH RESPECT TO IMPERFECT HEDGING USING INTEREST RATE

An Interest Rate Futures is an agreement to buy or sell a debt instrument at a specified

Risk associated with imperfect hedging includes:

Correlation weakening and consequent risk of regulatory breach: SEBI Regulation

4. Risks associated with investing in Securitised Debt:

A securitization transaction involves sale of receivables by the originator (a bank, non-

 Risk profile of securitized debt vis-à-vis risk appetite of the scheme:

Investment in these instruments will help the scheme in aiming at reasonable