motilal oswal most shares gold etf - equity mutual … · 2015-07-31 · to be to target a low...

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Motilal Oswal MOSt Shares Gold ETF

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Trustees’ Report for the financial year ended March 31, 2015

Dear Unitholders,We have pleasure in presenting the fifth annual report together with the audited financial statements of the Schemes of Motilal Oswal Mutual Fund for the year ended March 31, 2015.

BRIEF BACKGROUND OF TRUST, SPONSOR, TRUSTEE COMPANY AND ASSET MANAGEMENT COMPANY

CONSTITUTIONMotilal Oswal Mutual Fund (“the Fund or MOMF”), sponsored by Motilal Oswal Securities Ltd. (“the Sponsor”) was set up as a Trust under the Indian Trust Act, 1882 and is duly registered under the Indian Registration Act, 1908. The Fund has been registered with Securities and Exchange Board of India (“SEBI”) vide registration number MF/063/09/04 dated December 29, 2009. The Sponsor is the Settlor of the Mutual Fund Trust. The Settlor has entrusted a sum of Rs. 1,00,000/- to the Trustee Company as its initial contribution towards the corpus of the Mutual Fund. Motilal Oswal Trustee Company Ltd. (“the Trustee”) is the sole Trustee of the Fund. In accordance with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, Motilal Oswal Asset Management Company Ltd. (MOAMC) has been appointed as Asset Management Company (“the Investment Manager or AMC”) to the Fund pursuant to Investment Management Agreement (IMA) dated May 21, 2009.

SPONSORMotilal Oswal Securities Limited (“MOSL”) was incorporated under the Companies Act, 1956. It is subsidiary of Motilal Oswal Financial Services Limited, which is listed on National Stock Exchange and Bombay Stock Exchange. MOSL is engaged in the business of stock broking and depository services. MOSL is a member of Bombay Stock Exchange, National Stock Exchange and Over The Counter Exchange of India (OTCEI) and is a Depository Participant with National Securities Depository Limited and Central Depository Services (India) Limited.

THE TRUSTEEMotilal Oswal Trustee Company Limited (MOTC) is a company incorporated under the Companies Act, 1956 on November 14, 2008 and is having its registered office at Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West) Mumbai – 400064. The Trustee ensures that Motilal Oswal Mutual Fund and the schemes floated there under are managed by the AMC in accordance with the Trust Deed, the regulations, directions and guidelines issued by SEBI, the stock exchanges and other regulatory agencies, from time to time.

ASSET MANAGEMENT COMPANY Motilal Oswal Asset Management Company Ltd. (MOAMC) is a company incorporated under the Companies Act, 1956 on November 14, 2008 and is having its registered Office at 10th Floor, Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai - 400025. MOAMC has been appointed as the Investment Manager to Motilal Oswal Mutual Fund by the Trustee in term of Investment Management Agreement (IMA) dated May 21, 2009, executed between the Trustee and MOAMC.

INVESTMENT OBJECTIVE, PERFORMANCE REVIEW AND OPERATION OF THE SCHEMES

Performance of the SchemesAs on March 31, 2015, the Performance of the Schemes, Net Asset under Management and number of folios held in respective Scheme is summarized below:

Scheme Name Benchmark Inception Date Last one Year Performance

Since Inception Performance

Net Assets under

Management (in Crores)

Number of

foliosScheme (%)

Benchmark (%)

Scheme (%)

Benchmark (%)

MOSt Shares M50 # CNX Nifty Index July 28, 2010 23.4 26.7 8.8 10.2 27.60 5,095MOSt Shares Midcap 100 CNX Midcap Index January 31, 2011 51.3 51.0 13.7 12.6 156.89 4,253MOSt Shares NASDAQ 100 NASDAQ-100* March 29, 2011 28.08 28.30 27.54 27.66 68.67 2,509MOSt 10 Year Gilt Fund CRISIL 10 Year Gilt Index December 12, 2011 13.09 13.57 6.41 6.63 18.24 397MOSt Focused 25 CNX Nifty Index May 13, 2013 46.13 26.65 29.04 20.47 270.26 16,976MOSt Ultra Short Term Bond Fund CRISIL Short Term Bond

Fund IndexSeptember 6, 2013 7.35 10.26 7.71 10.41 40.28 1,611

MOSt Focused Midcap 30 CNX Midcap Index February 24, 2014 81.37 50.96 83.64 61.46 406.33 13,815MOSt Focused Multicap 35 CNX 500 Index April 28, 2014 N.A. N.A. 70.18 31.13 1,390.64 15,676MOSt Focused Long Term CNX 500 Index January 21, 2015 N.A. N.A. 7.05 (1.71) 36.01 8,415

Note: Return for one year is absolute and more than one year is compounded annualized. Past performance may or may not be sustained in future.Returns since inception are calculated from the date of Inception.*NASDAQ -100 Index Returns in INR are based on RBI Reference.# The returns of the Scheme, MOSt Shares M50 is calculated on adjusted NAV and the face value stands changed from Rs. 10/- to Rs. 7/- post-split of the units of the Scheme.

1. Motilal Oswal MOSt Shares M50 ETF (MOSt Shares M50) MOSt Shares M50 is an open ended Exchange Traded Fund that invests in securities in the same proportion of the underlying CNX Nifty Index. The investment

objective of the Scheme is to seek investment return that corresponds (before fees and expenses) generally to the performance of the CNX Nifty Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. The Scheme was launched on July 28, 2010 (with Underlying Index of MOSt 50 Basket) and is listed on the National Stock Exchange of India Ltd. since July 30, 2010.

During the period under review, the Board of Trustees reviewed the performance of the Scheme and decided to approve the change of Underlying Index from MOSt 50 Basket to CNX Nifty Index. SEBI took note of the aforesaid change vide its letter dated August 27, 2014. To give effect to this change, the NAV of MOSt Shares M50 was aligned to approximately 1/100th of the value of CNX Nifty Index by splitting the existing MOSt Shares M50 units in the proportion derived as on

Motilal Oswal Asset Management Company LimitedRegistered & Corporate Office: 10th Floor, Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai - 400025.

Tel: 022 3980 4263 l Toll Free No.: 1800-200-6626 l Fax: 022 30896844 l CIN No.: U67120MH2008PLC188186 Email: [email protected] l Website: www.motilaloswalmf.com and www.mostshares.com

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the record date of October 17, 2014. Thus, the face value of the units of the Scheme, MOSt Shares M50 stand changed from Rs. 10/- to Rs. 7/- post split of the units.

The performance of MOSt Shares M50 continues to be in line with CNX Nifty Index with low tracking error. Our strategy for MOSt Shares M50 continues to be to target a low expense ratio to maintain low tracking error to retain its attractiveness to the investors seeking to have low cost access to large cap domestic exposure.

2. Motilal Oswal MOSt Shares Midcap 100 ETF (MOSt Shares Midcap 100) MOSt Shares Midcap 100 is an open ended Index Exchange Traded Fund that

tracks the CNX Midcap Index. MOSt Shares Midcap 100 is India’s first Midcap ETF based on CNX Midcap Index. The investment objective of the Scheme is to seek investment return that corresponds (before fees and expenses) to the performance of CNX Midcap Index (Underlying Index), subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved The Scheme was launched on January 31, 2011 and is listed on the National Stock Exchange of India Ltd. since February 4, 2011.

The Scheme continues to capture the positive movement in the midcap space. The tracking error of the scheme continues to be low. The Index should continue to capture the India growth story with the ongoing timely inclusion of niche market leading companies in the Index. We will continue with the existing strategy of driving down the delivered cost of the ETF.

3. Motilal Oswal MOSt Shares NASDAQ-100 ETF (MOSt Shares NASDAQ 100)

MOSt Shares NASDAQ 100 is an open ended Index Exchange Traded Fund that tracks the NASDAQ-100 Index. MOSt Shares NASDAQ 100 is India’s first US Equities based ETF tracking the NASDAQ-100 Index. The investment objective of the Scheme is to seek investment return that corresponds (before fees and expenses) generally to the performance of the NASDAQ-100 Index, subject to tracking error. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved. MOSt Shares NASDAQ 100 is listed on the National Stock Exchange of India Ltd. and Bombay Stock Exchange Ltd. since March 31, 2011.

MOSt Shares NASDAQ 100 continues to perform well. This is on account of the NASDAQ-100 Index comprising marqee names such as Apple, Amazon, Starbucks, Google, etc. Apple is the largest constituent of the NASDAQ-100 Index. Given the global leadership positions of these companies, it is expected that these companies will remain in the NASDAQ-100 Index over the long term.

4. Motilal Oswal MOSt Shares Gold ETF (MOSt Gold Shares) During the period under review, the Board of Trustees had approved winding

up of MOSt Gold Shares and SEBI had also taken note of that vide its letter dated September 24, 2014. Further, post the approval of the unitholders at their meeting, the Scheme was wound up as on March 31, 2015 as per the regulation 39(2)(a) of SEBI (Mutual Funds) Regulations, 1996 and all the investors have been provided with the proceeds in proportion to the units held by them as per the regulation.

5. Motilal Oswal MOSt 10 Year Gilt Fund (MOSt 10 Year Gilt Fund) MOSt 10 Year Gilt Fund is an open ended Gilt Scheme that primarily invests

in the 10 yr Benchmark Government Securities. MOSt 10 Year Gilt Fund is the India’s first fund to give access to a 10 year benchmark government bond. The primary investment objective of the Scheme is to generate credit risk-free returns by investing in a portfolio of securities issued by the Central Government and State Governments. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

The Fund has been taking advantage of the turn in the interest rate cycles. The Fund has low risk that could arise out of the Fund manager taking views on macro-economic factors. It continues to be the dedicated 10 year benchmark access Fund that may be suitable for executing asset allocation strategies.

6. Motilal Oswal MOSt Focused 25 Fund (MOSt Focused 25) MOSt Focused 25 is an open ended equity scheme. The investment objective

of the Scheme is to achieve long term capital appreciation by investing in upto 25 companies with long term sustainable competitive advantage and growth potential. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

MOSt Focused 25 comprises pre-dominantly a large cap portfolio with over 90 percent of the fund invested in top 100 listed companies by market capitalization. In line with MOAMC’s investment philosophy, the Fund seeks to ‘buy and hold’ high quality established growth stocks selected on the basis of their dominance in respective lines of businesses. The Scheme has outperformed the benchmark in the FY 2014-2015 and since inception. As of March 2015, the portfolio comprised 19 stocks with sectors such as automobiles, banking and financial services, consumer products and


technology companies forming nearly 70 percent of the exposure. Eicher Motors (8.5%), HDFC Bank (7.3%) and Kotak Mahindra Bank (7.0%) are the top 3 holdings of the Fund. The Fund would endeavour to maintain a high-conviction, low-churn portfolio with a strong focus on buying well-developed evolved but growth-oriented businesses in the future as well.

7. Motilal Oswal MOSt Ultra Short Term Bond Fund (MOSt Ultra Short Term Bond Fund)

MOSt Ultra Short Term Bond Fund is an open ended debt scheme. The investment objective of the Scheme is to generate optimal returns consistent with moderate levels of risk and liquidity by investing in debt securities and money market securities. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

The Fund is designed to take minimal credit risk. As a result, the Fund invests in CBLO, CDs having lower risk rating. The performance of the Fund has been in line with expected performance of the money markets for the given risk constrain.

8. Motilal Oswal MOSt Focused Midcap 30 Fund (MOSt Focused Midcap 30) MOSt Focused Midcap 30 is an open ended equity scheme. The investment

objective of the Scheme is to achieve long term capital appreciation by investing in a maximum of 30 quality mid-cap companies having long-term competitive advantages and potential for growth. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

MOSt Focused Midcap 30 is a pure midcap fund of MOAMC. It is basically mandated to invest in companies beyond the 100th company by market capitalization but above a minimum market cap of Rs. 600 cr. It thus seeks to buy mid-size enterprises that have achieved a certain inflection point in their business life-cycle and are on the cusp of significantly higher growth rates going forward. The Fund seeks to look at unique competitive advantages/business positioning in its investee companies. The Fund conforms to the ‘Buy Right, Sit Tight’ investment philosophy of MOAMC and practices low-churn. The Scheme has outperformed the benchmark in the FY 2014-2015 and since inception. As of March 2015, the Fund portfolio comprised 20 stocks with banking and finance, technology, healthcare and consumer products constituting 50% of the exposure. Ajanta Pharma (8.7%), Page Industries (7.6%) and Gujarat Pipavav Port (7%) being its top 3 holdings. The Fund should continue to pursue the objective of buying emerging mid-sized entities that it believes will evolve into being large cap enterprises of the future.

9. Motilal Oswal MOSt Focused Multicap 35 Fund (MOSt Focused Multicap 35) MOSt Focused Multicap 35 is an open ended diversified equity scheme. The

investment objective of the Scheme is to achieve long term capital appreciation by primarily investing in a maximum of 35 equity & equity related instruments across sectors and market-capitalization levels. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

MOSt Focused Multicap 35 follows a multi-cap strategy and has the freedom to invest across the market cap spectrum. The Fund has the flexibility to vary its exposure between large-caps and mid-caps as deemed fit by the manager based on risk-return expectations over the medium-term. The Fund also has the added feature of being able to invest upto 10% of the Fund in foreign securities, thus allowing it to play international growth opportunities as well. The Fund practices a “Buy and Hold” approach with a high-conviction 19 stock portfolio. With a very low-churn rate and high focus on growth, the fund has been a consistently top performer within its peer group since inception. The Scheme has outperformed the benchmark since inception. As of March 2015, the fund has the highest exposure in sectors like Banking and Finance, Healthcare, consumer goods and automobiles. Eicher Motors (7.3%), Ajanta Pharma (7.3%) and IndusInd Bank (7.1%) are its top 3 holdings. Going forward, MOSt Focused Multicap 35 will look to derive maximum growth leverage out of a combination of mid-size and large-cap companies for the portfolio in addition to seeking a few interesting global investment opportunities as well.

10. Motilal Oswal MOSt Focused Long Term Fund (MOSt Focused Long Term) MOSt Focused Long Term is an open ended equity linked saving Scheme

with a 3 year lock-in, to effectively reduce the tax liability under Section 80C of Income Tax Act, 1961. The investment objective of the Scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly equity and equity related instruments. However, there can be no assurance or guarantee that the investment objective of the Scheme would be achieved.

MOSt Focused Long Term provides an effective multi-cap portfolio comprising high-quality, high-growth companies that have the potential to generate significant returns over investment tenure of 3-4 years besides enabling tax-savings for investors of the Fund. The Scheme has outperformed the benchmark since inception. The Fund will pursue a “Buy and Hold” philosophy on a high-conviction portfolio comprising 18-20 stocks that can straddle investments across the entire market cap spectrum.

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FUTURE OUTLOOK OF THE FUNDAfter the initial post-election euphoria, the Indian equity markets have been going through a phase of consolidation and adjustment to reflect economic ground realities. While the new government has taken up the gauntlet of putting India’s economic growth on a structural recovery path, the pace of recovery measured by corporate revenue and earnings growth has been slower than expected. However, with macro-economic parameters continuing to get favorable – thanks to subdued oil/commodity prices, declining inflation, stable currency and strong long-term government initiatives – the return to growth for India’s corporate sector does not seem very distant. Initial green-shoots of recovery, particularly in the investment cycle and consumer sentiment are now visible and will likely get further bolstered by comforting initial trends of the monsoon. We expect the economy to return to trend GDP growth of 7-8pc in the next 2-3 years led by faster decision-making of the new Government, implementation of critical reforms and better growth-inflation dynamics. This will in turn lead to acceleration in corporate earnings and thus positively impact equities and fund performance. We reckon that at an aggregate level the investment holdings across our different fund portfolios have the ability to grow significantly ahead of the market in an environment of accelerating GDP and corporate earnings growth and should deliver reasonable returns even during subdued economic and market conditions. This in turn will drive the ability of the Funds to outperform their respective broader market benchmarks.

SIGNIFICANT ACCOUNTING POLICIESThe significant accounting policies form part of the notes to the accounts annexed to the Balance Sheet of the Schemes in the Annual Report. The Accounting Policies are in accordance with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.

UNCLAIMED DIVIDENDS & REDEMPTIONSFollowing is the summary of number of Investors and corresponding amount as on March 31, 2015:

Scheme Unclaimed Dividends Unclaimed Redemptions

Amount(Rs.)

No. of Investors

Amount (Rs.)

No. of Investors

MOSt Focused Midcap 30 269,391.19 23 - -MOSt Focused 25 207,715.81 32 - -

REDRESSAL OF INVESTOR COMPLAINTSThe details of investor complaints received by the Fund during the financial year 2014-2015 are given in the Annexure I.

VOTING POLICYIn compliance with the SEBI Circular no. SEBI/IMD/CIR No. 18/198647/2010 dated March 15, 2010, clarificatory email received from SEBI on June 23, 2011 and SEBI circular no. CIR/IMD/DF/05/2014 dated March 24, 2014, MOAMC has implemented Voting Policy and Procedures for exercising their voting rights in respect of the securities held by the Schemes of the Fund. The Voting Policy is enclosed as an Annexure II.

Pursuant to SEBI Circular no. CIR/IMD/DF/05/2014 dated March 24, 2014, MOAMC has obtained a certification from M/s. N. M. Raiji & Co., Chartered Accountants on the voting rights exercised during the FY 2014-2015. The Auditor’s Certificate is enclosed as an Annexure III.During the FY 2014 - 2015, MOAMC has exercised their voting rights on behalf of the Fund in respect of the securities held by the Schemes of the Fund. The voting details for the FY 2014-2015 in the SEBI prescribed format is enclosed as an Annexure IV.Unitholders can also log on to the websites www.motilaloswalmf.com and www.mostshares.com to view the Voting Policy, Voting details and Auditor’s certificate with respect to voting rights exercised by MOAMC.

STATUTORY INFORMATIONThe Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial contribution of Rs. 1,00,000/- made by it towards setting up of Motilal Oswal Mutual Fund.The price and redemption value of the units and income from them can go up as well as down with the fluctuations in the market value of its underlying investments. The Annual Report shall be disclosed on the website (www.motilaloswalmf.com and www.mostshares.com) and shall be available for inspection at the Head Office of the Fund. On written request, present and prospective unitholder/investors can obtain a copy of the Trust Deed and the Annual Report of the Schemes. Unitholders, if they so desire, may on written request, obtain a copy of the Annual Report of MOAMC.

ACKNOWLEDGEMENTSThe Trustees wish to thank the Unitholders of the Schemes for their continued investment in the Schemes and also thank the Government of India, the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the Association of Mutual Funds in India (AMFI) for the guidance provided by them. The Trustee also records and appreciates the satisfactory services provided by the Registrar and Transfer Agent, Fund Accountant, Custodian, Bankers, Distributors and Brokers during the year. The guidance and services provided by the Auditors and legal advisors as well as sincerity and dedication of the employees of MOAMC is also appreciated.

For and on behalf of the Board of Directors Motilal Oswal Trustee Company Limited (Trustee to Motilal Oswal Mutual Fund)

Sd/- Motilal Oswal Chairman

Place: Mumbai Date: July 23, 2015

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Annexure IRedressal of Complaints received during : 2014-2015Name of the Mutual Fund : MOTILAL OSWAL MUTUAL FUNDTotal Number of Folios : 68,747

Complaint code Type of complaint#

(a) No. of complaints

pending at the

beginning of the year

Action on (a) and (b)

(b) No of complaints

received during the

year

Resolved

Non Actionable*

Pending

Within 30 days

30-60 days

60-180 days

Beyond 180

days

0-3 months

3-6 months

6-9 months

9-12 months

I A Non receipt of Dividend on Units 0 0 0 0 0 0 0 0 0 0 0

I B Interest on delayed payment of Dividend

0 0 0 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds

0 1 1 0 0 0 0 0 0 0 0

I D Interest on delayed payment of Redemption

0 0 0 0 0 0 0 0 0 0 0

II A Non receipt of Statement of Account/Unit Certificate

0 0 0 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account

0 2 2 0 0 0 0 0 0 0 0

II C Data corrections in Investor details

0 0 0 0 0 0 0 0 0 0 0

II D Non receipt of Annual Report/Abridged Summary

0 0 0 0 0 0 0 0 0 0 0

III A Wrong switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III B Unauthorized switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III C Deviation from Scheme attributes

0 0 0 0 0 0 0 0 0 0 0

III D Wrong or excess charges/load 0 0 0 0 0 0 0 0 0 0 0

III E Non updation of changes viz. address, PAN, bank details, nomination, etc

0 0 0 0 0 0 0 0 0 0 0

IV Others ** 0 5 3 0 0 0 0 2 0 0 0

# including against its authorized persons/distributors/ employees. etc.*Non actionable means the complaint that are incomplete / outside the scope of the mutual fund** If others include a type of complaint which is more than 10% of overall complaint, provide that reason separatelyExample : Complaint number from I A to III E is 1000 and Others alone is 500 and transmission linked complaints (within others) are 200 then provide Transmission as separate reason (V) along with all other parameters

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Annexure IIVoting Policy

INTRODUCTIONMotilal Oswal Asset Management Company Limited (hereinafter referred to as “MOAMC”) is a company incorporated under the Companies Act, 1956. MOAMC is an Investment Manager for the schemes of Motilal Oswal Mutual Fund. Motilal Oswal Mutual Fund (hereinafter referred to as “Mutual Fund”) is registered with Securities Exchange & Board of India under the SEBI (Mutual Funds) Regulations, 1996 having registration no. MF/063/09/04. Mutual Fund invests in an equity component and/or equity shares of the companies/ corporations registered in India (hereinafter referred to as “Investee Company”). In connection with such investments by the Mutual Fund, MOAMC has a fiduciary responsibility to exercise voting responsibilities at the general meetings of Investee Companies through the corporate proxy voting process available to the members of such Investee Companies in the best interest of the unit holders of the Mutual Fund. In order to ensure that an active role is played in better Corporate Governance of the Listed Companies where investment of Mutual Fund Schemes is made, we have framed this Voting Policy in compliance with SEBI Circular no. SEBI/IMD/CIR No. 18/198647/2010 dated March 15, 2010, clarificatory email received from SEBI on June 23, 2011 and SEBI circular no. CIR/IMD/DF/05/2014 dated March 24, 2014. This Policy shall be applicable to all equity holdings across all our equity mutual fund schemes.

Objective of Voting PolicyBroadly, the objectives of this Policy are as follows:l To outline the role and obligations of Mutual Fund in ensuring better corporate governance of listed companies in which the funds of Schemes of Mutual Fund are

invested. l To exercise voting responsibilities at the general meetings of Investee Companies in the best interest of the unit holders of the Mutual Fund.l To explain reporting and disclosure requirements with regards to proxy voting. The principles and positions reflected in this policy are designed to guide us in exercising our votes with respect to the shares and not necessarily in making investment decisions. The Fund Managers of each of the schemes of the Mutual Fund base their determinations of whether their respective schemes should invest in the shares of particular company on a variety of factors at all times keeping paramount the best interests of the unit holders of such scheme, and while corporate governance may be one such factor, it may not be the most important consideration.

Policy GuidelinesMOAMC shall adhere to the following guidelines: l This Policy will be effective for all listed companies, wherein equity schemes of Mutual Fund have invested.l MOAMC for and on behalf of the Mutual Fund shall endeavor to vote on all ordinary/special resolutions which may affect the unit holders interests, either by postal

ballot or through personal attendance by any of the authorized officials / agents.l MOAMC may authorize any of its officials, Head-Operations, concerned Fund Manager, Compliance Officer, or any other Officers of the rank of Manager and above,

who is authorised from Corporate Office/Branch Offices and / or authorised agents to attend the meeting in person and to vote as approved internally. l MOAMC shall not give proxy to brokers, for voting on its behalf.l The decision regarding the voting on the resolution, i.e. whether the Mutual Fund will abstain from voting or vote for or against the proposed resolution by the Investee

Company/Issuer will be taken by the Fund Manager in conjunction with the recommendations of the / broad parameters approved by the Investment Committee.

The actual exercise of the proxy votes in the AGMs/EGMs of the Investee Company will cover the following matters and will be reported in the SEBI prescribed format:

A. Ordinary Business: a. Adopting the Annual Accounts (P&L & Balance Sheet) b. Declaration of Annual or Interim or Final or Special Dividend c. Appointment or removal or retirement of Directors d. Appointment or Re-appointment of Auditors

B. Special Business Corporate governance issues are diverse and continually evolving. While it is difficult to provide an exhaustive list of such issues, the following guidelines/policies

reflect what MOAMC believes to be good corporate governance measures and the stance it may generally take with respect to the below matters: i. Corporate Governance Matters MOAMC supports resolutions like change in registered office of the Company from one State to another State, merger and other corporate restructuring,

which are in the interest of the unit holders of the Fund. MOAMC will analyze various economic and strategic factors in making the final decision on a merger, acquisition or any other corporate restructuring proposals. However, MOAMC will vote against resolutions pertaining to takeover by an acquirer, etc. which are against the interest of the unit holders. MOAMC will consider, on a case to case basis, proposals to rotate auditors, and will vote against the appointment of auditors when there is convincing evidence of accounting irregularities or negligence.

ii. Changes to Capital Structure Changes in capitalization will generally be supported where a reasonable need for the change is demonstrated. MOAMC will review on a case to case basis,

proposals by companies to change the capital structure by increasing/decreasing the authorized shares and the purpose for the same. MOAMC believes that a company’s decisions pertaining to financing has a material impact on its shareholders, in particular when they involve the issuance of additional shares or the assumption of additional debt. However such changes resulting in excessive dilution of existing shareholder value will not be supported.

iii. Stock option plans and other proposals pertaining to management compensation MOAMC would support such remuneration proposals, which are tied to achieving long-term performance and enhancing shareholder value. Stock option

plans that are excessively generous or dilute other shareholders’ stake value will not be supported. iv. Social and corporate responsibility issues In light of the increasing need for fair disclosures, a growing need for social and corporate responsibility, MOAMC’s responsibility increases. MOAMC shall

vote in favor of such matters which are believed to have significant socio-economic benefits. v. Board of Directors MOAMC believes in philosophy of having an independent board of directors as the same is key to comply with good corporate governance norms. MOAMC

would support proposals pertaining to appointment of independent directors, and the key committees such as audit, IPO, CSR and remuneration committees etc. to be comprised of independent members.

vi. Related-party transactions In view of the increasing number of incidences of related-party transactions being seen in the corporate sector today which can have large-scale implications


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on the future of the underlying business of the Investee company and its valuation, MOAMC will ensure its active participation in voting on such transactions to safeguard the interest of its unit holders.

vii. Any other issue that may affect the interest of the shareholders in general and interest of the Unit holder in particular.

C. Investment in group companies of MOAMC and investment in companies that have subscribed to the units of schemes of Mutual Fund: In cases where investments are in group companies of the MOAMC or where the Investee Companies have substantial investments in the schemes of Motilal

Oswal Mutual Fund, MOAMC shall specifically review all voting proposals and take decisions with respect to voting on such proposals in the best interest of the unit holders. MOAMC may decide to abstain from such voting, if it deems fit to do so in the best interest of the unit holders or if there is a conflict of interest.

Exception to the aboveMOAMC may also decide to abstain from voting in cases of any of the above stated Special resolutions, where it has insufficient information or there is a conflict of interest or MOAMC does not receive the communication in time.Although MOAMC will vote in accordance with the Voting Policy, but it may act differently if, the relevant facts and circumstances so warrant. Hence, MOAMC may deviate from the Voting Policy guidelines when it determines that the deviation is necessary to protect the interests of the unit holders.

Guidelines for Schemes which are Exchange Traded Funds and Index FundsIn relation to its Schemes that are exchange traded funds (ETFs) or index funds which are based on various indices, as the case may be, Mutual Fund invests in such ETFs / index based funds based on the index which is being tracked by such Scheme. These indices are developed, owned and maintained by independent index providers. The indices are maintained on a day to day basis by the index provider as per the policy laid down by the index provider and various parameters are used for inclusion and exclusion of stocks from the index. Mutual Fund obtains a license for using these indices to launch its ETFs. These Schemes then track such indices by investing in the stocks based on its weightage in such index. Mutual Fund carries rebalancing exercises based on the details of corporate actions, etc. and other relevant details received from the index providers. The Fund Manager of such ETF/Index Schemes do not play an active role in the selection of the stocks for investment/disinvestment. The Fund Manager’s decisions are based solely on the notice of corporate actions received from the index providers. As Mutual Fund follows a passive philosophy towards investment in its Schemes that are ETF or index funds, MOAMC would abstain from voting on any matters with respect to companies in which such Schemes that are ETFs / index funds have investments.

Amendments/Updates, Internal Review and control Any regulatory amendment/update etc. shall be carried out from time to time to the policy by Investment Committee. The Investment Committee will review the proxy voting required as per the voting policy and actual exercise of proxy votes.

Disclosure of Voting Policy and Records thereof The Voting Policy shall be available on the Websites of the Mutual Fund, www.motilaloswalmf.com and www.mostshares.com. a. MOAMC shall record and disclose specific rationale supporting its voting decision (for, against or abstain) with respect to each vote proposal stated above. b. MOAMC shall additionally publish summary of the votes cast across all its investee company and its break-up in terms of total number of votes cast in favour or

against or abstained from. c. MOAMC shall make disclosure of votes cast on its website (in spreadsheet format) on a quarterly basis, within 10 working days from the end of the quarter in the

format as prescribed by SEBI vide circular no. CIR/IMD/DF/05/2014 dated March 24, 2014. d. Further, on an annual basis, MOAMC shall obtain Auditor’s certification on the voting reports and this auditor’s certification shall be submitted to trustees and shall

be disclosed in the relevant portion of the Mutual Funds’ annual report & Websites of Mutual Fund.For annexure to the voting policy, Unitholders can log on to the website of Motilal Oswal Mutual Fund, www.mostshares.com and www.motilaloswalmf.com

Annexure III

CERTIFICATE ON VOTING DISCLOSURES MADE BY MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED FOR THE FINANCIAL YEAR 2014-15We have been requested by Motilal Oswal Asset Management Company Limited to review the voting reports disclosed by them.In terms of SEBI Circular No. SEBI/IMD/CIR No. 18 /198647/2010 dated March 15, 2010, read with circular no. CIR/IMD/DF/05/2014 dated March 24, 2014, we hereby certify that Motilal Oswal Mutual Fund has framed a voting policy for exercising voting rights in respect of securities held by its schemes.We have accordingly reviewed the following voting disclosures with respect to SEBI circular no. CIR/IMD/DF/05/2014 dated March 24, 2014:a. Summary of the votes cast across all investee companies and its break-up in terms of total number of votes cast in favor, against or abstained from, on an annual

basis.b. Disclosure on the website of the reports on votes cast during each quarter, within 10 working days from the end of the quarter & on an annual basis with specific

rationale details supporting the voting decision (for, against or abstain) with respect to each vote proposal.We hereby certify that the voting disclosures made by Motilal Oswal Asset Management Company Limited for the Financial Year 2014-15 are in conformity with the SEBI prescribed format and guidelines and are in accordance with the voting policy of Motilal Oswal Mutual Fund.This certificate has been issued to Motilal Oswal Asset Management Company Limited for submitting the same to the Trustees and to disclose the same in the relevant section of Motilal Oswal Mutual Fund’s Annual Report and website.

For N.M. Raiji & Co.Chartered AccountantsFirm Regn. No.108296W

Sd/-(Vinay D. Balse)PartnerMembership No.:39434

Date: May 22, 2015Place: Mumbai


7

Annexure IVDetails of Votes cast during the Financial year 2014-2015

Quarter Meeting Date

Company name Type of meetings

(AGM/ EGM)

Proposal by Management (M)

or Shareholder (S)

Proposal's description Investee company’s

Management Recommendation

Vote (For/

Against/ Abstain)

Reason supporting the vote decision

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Adoption of Accounts For For There are no adverse comments by auditors and directors report and other financial statements are in order. Hence can be adopted

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Declaration of Dividend For For Company has generated enough profits and cash flow to pay dividends

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Re-appointment of Dr. Nachiket Mor as a Director

For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Re-appointment of Mr. Douglas L Peterson as a Director


Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Re-appointment of Mr. Yann Le Pallec as a Director


Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Re-appointment of M/s. S R Batliboi & Co., LLP, Chartered Accountants as Auditors

For For The auditors are capable and eligible for re-appointment, thus in favor

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Appointment of Mr. M. Damodaran as a Director

For For He is el ig ib le an has relevant experience in the business, hence vote in favor

Apr-Jun 2014

17-Apr-2014

Crisil Ltd. AGM M Appointment of Ms. Vinita Bali as a Director For For She is a respected corporate executive and can add value to the Board

Apr-Jun 2014

21-May-2014

Mindtree Ltd. PB M Increase in the authorised share capital For For It is necessary in line with the grwoth plans of the company and future capital requirements. Thus vote in favor

Apr-Jun 2014

21-May-2014

Mindtree Ltd. PB M Issue of Bonus shares For For Company has sufficient free reserves and hence in favor

Apr-Jun 2014

21-May-2014

Mindtree Ltd. PB M Borrow upto USD $ 1 Billion For For Requi red for the purposes o f operational flexibility and hence vote in favor

Apr-Jun 2014

21-May-2014

Mindtree Ltd. PB M Create charge on the assets of the Company For For Company is bringing additional funding flexibility for working capital and long term loans in line with growth objectives, hence vote in favor

Jul-Sep 2014

5-Jul-2014

Sundaram Finance Ltd. PB M To borrow upto Rs 15,000 crore For For Necessary for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

5-Jul-2014

Sundaram Finance Ltd. PB M Issue of debt securities for a sum not exceeding Rs 5,500 crore

For For Required to raise funds for business purposes

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Declaration of Final Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Re-appointment of Mr. Surjit Gupta as Director For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Re-appointment of M/s. V. R. Bansal & Associates, Chartered Accountants and M/s S R Batliboi & Co. LLP, Chartered Accountants as Auditors


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Re-appointment of Mr. Avinash Parkash Gandhi as Director for 3 years effective 01.04.2014


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Re-appointment of Mr. Vijay Kumar Chopra as Director for 3 years effective 01.04.2014


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Appointment of Mr. Sunil Behari Mathur as Director for 3 years effective 01.04.2014

For For He is a respected corporate executive and can add value to the Board

Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Appointment of Mr. Surender Kumar Tuteja as Director for 3 years effective 01.04.2014


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Appointment of Dr. Adarsh Kishore as Director for 3 years effective 01.04.2014


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Mr. Qimat Rai Gupta, Chairman and MD henceforth liable to retire by rotation


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Mr. Anil Rai Gupta, Joint MD henceforth liable to retire by rotation


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Mr. Rajesh Gupta, Wholetime Director (Finance) henceforth liable to retire by rotation


Jul-Sep 2014

9-Jul-2014

Havells India Ltd. AGM M Appointment of Cost Auditors For For The auditors are capable and eligible for appointment, thus in favor

Jul-Sep 2014

10-Jul-2014

Idea Cellular Ltd. EGM M Issuance of upto 5,18,38,540 equity shares of Rs. 10 each for cash at a price of Rs. 144.68 per equity share aggregating to approx Rs. 750 crore, on a preferential basis to Axiata Investments 2 (India) Limited (a wholly owned subsidiary of Axiata Group Berhad, Malaysia)


Jul-Sep 2014

11-Jul-2014

Larsen & Toubro Ltd. PB M Creation of charge on assets of the Company to secure the borrowings

For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

11-Jul-2014

Larsen & Toubro Ltd. PB M Raise funds through issue of equity shares for an amount not exceeding Rs. 3600 crore or US $600 million



8



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

11-Jul-2014

Larsen & Toubro Ltd. PB M Raise funds through Private placement of Non Convertible Debentures not exceeding Rs. 6000 crores


Jul-Sep 2014

11-Jul-2014

Larsen & Toubro Ltd. PB M Alteration of AoA For For Required to carry out business operations, hence vote in favor

Jul-Sep 2014

14-Jul-2014

TVS Motors Company Ltd.

AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

14-Jul-2014


AGM M Re-appointment of Mr. H. Lakshmanan as Director


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of M/s. V. Sankar Aiyar & Co, Chartered Accountants as Auditors

For For The auditors are capable and eligible for appointment, thus in favor

Jul-Sep 2014

14-Jul-2014


AGM M Not filling of vaccancy cause by retirement of Mr. K. S. Bajpai as Director

For For In line with board policy

Jul-Sep 2014

14-Jul-2014


AGM M Payment of remuneration to Mr. A. N. Raman, practising cost accountant

For For In line with practice, hence vote in favor

Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. T. Kannan as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. C. R. Dua as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. Prince Asirvatham as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. R. Ramakrishnan as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Appointment of Mr. Hemant Krishnan Singh as Non Executive Independent Director for 5 years


Jul-Sep 2014

14-Jul-2014


AGM M Revision of remuneration payable to Mr. Sudarshan Venu, Wholetime Director

For For In line with normal remuneration revision practice, hence vote in favor

Jul-Sep 2014

16-Jul-2014

Kotak Mahindra Bank Ltd.


Jul-Sep 2014

16-Jul-2014


AGM M Re-appointment of Mr. N. P. Sarda as Director For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

16-Jul-2014


AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

16-Jul-2014


AGM M Re-appointment of M/s. S. B. Billimoria & Co., Chartered Accountants as Auditors


Jul-Sep 2014

16-Jul-2014


AGM M Re-appointment of Mr. Uday S Kotak as Executive Vice Chairman & MD with effect from 1.1.2015


Jul-Sep 2014

16-Jul-2014


AGM M Re-appointment of Mr. Dipak Gupta as Joint MD with effect from 1.1.2015


Jul-Sep 2014

16-Jul-2014


AGM M Borrow money up to an amount of Rs 40,000 crore


Jul-Sep 2014

16-Jul-2014


AGM M Increease in investment limit by FIIs, FPI and QFI upto 40% of the paid up equity apital of the Bank

For For Limit has been reached and hence reqd, vote in favor

Jul-Sep 2014

17-Jul-2014

Housing Development Finance Corporation Ltd.

PB M To mortgage, create charges or hypothecation on the assets of Corporationu/s 180(1)(a) of the Companies Act, 2013

For For Normal course of business

Jul-Sep 2014

21-Jul-2014



Jul-Sep 2014

21-Jul-2014



Jul-Sep 2014

21-Jul-2014


AGM M Re-appointment of Mr. D. M. Suthankar as Director


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of M/s. Deloitte Haskins & Sells LLP, Chartered Accountants as Auditors


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of M/s. PKF, Chartered Accountants as Branch Auditors for Dubai


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Mr. D. N. Ghosh as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Dr. Ram S. Tarneja as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Dr. Bimal Jalan as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Mr. B. S. Mehta as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Dr. S. A. Dave as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Dr. J. J. Irani as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Appointment of Mr. Naseer Munjee as Independent Director for 5 years


Jul-Sep 2014

21-Jul-2014


AGM M Revision of salary range for wholetime Directors

For For In line with practice. Hence in favor

Jul-Sep 2014

21-Jul-2014


AGM M Re-appointment of Ms. Renu Sud Karnad as MD for 5 years with effect from 1.1.2015

For For She is a respected corporate executive and can add value to the Board


9



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

21-Jul-2014


AGM M Re-appointment of Mr. V. Srinivasa Rangan as Wholetime Director for 5 years with effect from 1.1.2015


Jul-Sep 2014

21-Jul-2014


AGM M Approval to payment of commission to Non-Executive Directors

For For Increase is in line with practice, hence vote in favor

Jul-Sep 2014

21-Jul-2014


AGM M Borrow money upto a limit of Rs 3,00,000 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

21-Jul-2014


AGM M Issueance of Redeemable Non Convertible Debentures and/or other hybrid instruments on private placement basis not exceeding an aggregate of Rs 75,000 crore


Jul-Sep 2014

21-Jul-2014


AGM M Issue of shares under ESOS for a value not exceeding Rs 6,24,21,300.

For For In line with normal ESOS schemes

Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Declaration of Final Dividend of Rs 6.50 per share and confirmation of Interim Dividend

For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Re-appointment of Ms. Priya Agarwal as Director

For For She is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of M/s. S. R. Batliboi & Co. LLP, Chartered Accountants as Auditors


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Mr. Naresh Chandra as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Dr. Omkar Goswami as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Mr. Aman Mehta as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Mr. Edward T Story as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of Mr. Tarun Jain as Independent Director


Jul-Sep 2014

23-Jul-2014

Cairn India Ltd. AGM M Appointment of M/s. Shome & Banerjee as Cost Auditors.


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. Niket Ghate as a Director


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Appointment of M/s. Price Waterhouse, Chartered Accountants as Auditors


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Payment of remuneration to Cost Accountants For For In line with practice, hence vote in favor

Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. R. A. Shah as an Non Executive Independent Director for 5 years with effect from 25.7.2014


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. P. K. Ghosh as an Non Executive Independent Director for 5 years with effect from 25.7.2014


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. J. K. Setna as an Non Executive Independent Director for 5 years with effect from 25.7.2014


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Mr. V. S. Mehta as an Non Executive Independent Director for 5 years with effect from 25.7.2014


Jul-Sep 2014

25-Jul-2014

Colgate Palmolive Inds AGM M Re-appointment of Dr. (Ms.) Indu Shahani as an Non Executive Independent Director for 5 years with effect from 25.7.2014

For For She is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Re-appointment of Mr. Ajit Kumar Jain as Director


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Re-appointment of Mr. Pranay Godha as Director


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Auditors For For The auditors are capable and eligible for appointment, thus in favor

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Re-appointment of Mr. Ajit Kumar Jain as Jt. Managing Director for 5 years with effect from 21.8.2014


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Mr. Baulal Jain as Independent Director for 5 years


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Mr. Anand T. Kusre as Independent Director for 5 years


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Mr. Dev Parkash Yadava as Independent Director for 5 years


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Appointment of Dr. Ramakanta Panda as Independent Director for 5 years



10



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Borrow money upto an amount not exceeding Rs. 2000 crore and create charge charge on assets of the Company

For For Required for normal course of business

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Issue and offer of such equity shares or other securities convertible into equity shares not exceeding in aggregate five per cent (individually in any financial year to any employee/ Whole-time working director not exceeding 0.10%) of the total number of issued equity shares of the Company as on the date(s) of the grant of option(s) under Ipca Laboratories Employees Stock Option Scheme - 2014 (ESOS), as placed before the Meeting and initialled by the Chairman for the purpose of identification

For For Required under normal course to remunerate senior staff

Jul-Sep 2014

31-Jul-2014

IPCA Laboratories Ltd. AGM M Payment of remuneration to Cost Auditors For For In line with the policy

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Declaration of Final Dividend and ratify payment of Interim Dividend on equity shares


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Re-appointment of Mr. Casimiro Antonio Leitao as Director


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Re-appointment of Mr. Edward Philip Pence as Director


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Auditors For For The auditors are capable and eligible for appointment, thus in favor

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Rajsekhar Menon as Director


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Mark Smith as Director For For He is a respected corporate executive and can add value to the Board

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Priya Shankar Dasgupta as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Veni Srinivasan as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Rajeev Bakshi as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Naseer Mukhtar Munjee as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Prakash Manjanath Telang as Independent Director for 5 years


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Appointment of Mr. Pradeep Bhagava, Alternate Director to Mr. Mark SMith as Advisor


Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Sale of internal combustion engines, their parts and accessories by the Company to Cummins Limited, UK on arm's length basis for a consideration estimated at Rs 76,381 Lacs for the Financial Year 2014-15

For For Normal course of busienss and arm's length transaction

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M To let out or give on rent, lease, leave and license or any other similar arrangement basis, the premises of the Company to any or all of the following Related Party/ies on arm's length basis,

For For Utilising group facilities for max synergy

Jul-Sep 2014

1-Aug-2014

Cummins India AGM M Payment of sum in addition to sitting fees to Non Executive Directors

For For In line with normal practice

Jul-Sep 2014

2-Aug-2014

Bosch Ltd. PB M Alteration of Objects Clause III (5) of MOA For For Required to carry out business operations, hence vote in favor

Jul-Sep 2014

4-Aug-2014

Havells India Ltd. PB M Subdivision of equity shares from Rs 5 to Re 1 For For Required for more liquidity and will broad base small investors, hence vote in favor

Jul-Sep 2014

4-Aug-2014

Havells India Ltd. PB M Alteration of MOA For For Required to carry out business operations, hence vote in favor

Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Re-appointment of Mr. Mannalal B. Agrawal as Director


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Re-appointment of Mr. Purushottam B. Agrawal as Director


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of M/s. Kapoor & Parekh Associates, Chartered Accountants as Auditors


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Dr. Anil Kumar as Independent Director for 5 years


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Mr. Chandrakant Khetan as Independent Director for 5 years


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Mr. K. H. Viswanathan as Independent Director for 5 years



11



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Mr. Prabhakar Dalal as Independent Director for 5 years


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Appointment of Dr. Anjana Grewal as Independent Director for 5 years


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Borrow money upto an amount not exceeding Rs. 1000 crore


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Create charge on assets of the Company upto Rs. 1000 crore


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Payment of remuneration to Non-Executive Directors


Jul-Sep 2014

5-Aug-2014

Ajanta Pharma Ltd. AGM M Payment of remuneration to Cost Auditors For For In line with practice, hence vote in favor

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Re-appointment of Mr. Ishaat Hussain as Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Re-appointment of Mr. Sanjay Johri as Director For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Auditors Deloitte Haskins & Sells LLP, Chartered Accountants


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Mr. Nani Javeri as Independent Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Mr. R. N. Mukhija as Independent Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Mr. Debendranath Sarangi as Independent Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Appointment of Mr. Bahram Navroz Vakil as Independent Director


Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Creation of charge upto Rs. 500 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

1-Sep-2014

Voltas Ltd. AGM M Payment of remuneration of Rs. 4 lakh to Cost Auditors M/s. Sagar & Associates, Cost Accountant


Jul-Sep 2014

2-Sep-2014

ING Vysya Bank Ltd. PB M Borrow money upto an amount not exceeding Rs. 20,000 crore


Jul-Sep 2014

2-Sep-2014

ING Vysya Bank Ltd. PB M Issue of Securities through private placement upto Rs. 700 crore


Jul-Sep 2014

3-Sep-2014

Container Corporation of India Ltd.


Jul-Sep 2014

3-Sep-2014


AGM M Confirmation of payment of Interim Dividend and Declaration of Final Dividend


Jul-Sep 2014

3-Sep-2014


AGM M Re-appointment of Mr. Harpreet Singh as Director


Jul-Sep 2014

3-Sep-2014


AGM M Re-appointment of Mr. Yash Vardhan as Director


Jul-Sep 2014

3-Sep-2014


AGM M Appointment of M/s. Kumar Vijay Gupta & Co., Chartered Accountants as Auditors


Jul-Sep 2014

3-Sep-2014


AGM M Appointment of Mr. Arvind Bhatnagar as Director effective 9.9.2013 and shall be liable to retire by rotation


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Re-appointment of Mr. Hari S. Bhartia as Director


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of M/s. S. R. Batliboi & Co. LLP, Chartered Accountants as Auditors


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of Ms. Ramni Nirula as Independent Director


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of Mr. Arun Seth as Independent Director


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of Mr. Vishal Kirti Keshav Marwaha as Independent Director


Jul-Sep 2014

3-Sep-2014

Jubilant Foodworks Ltd. AGM M Appointment of Mr. Phiroz Adi Vandrevala as Independent Director


Jul-Sep 2014

2-Sep-2014


PB M Borrowing money upto a limit of Rs. 1500 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

2-Sep-2014


PB M Create charge on the assets of the Company For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor

Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Re-appointment of Mr. R. C. Bhargava as Director


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Re-appointment of Mr. Kazuhiko Ayabe as Director



12



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Re-appointment of M/s. Price Waterhouse, Chartered Accountants as Auditors


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. Toshiaki Hasuike as Director


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. Masayuki Kamiya as Wholetime Director designated as Director-Production


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. Shigetoshi Torii as Wholetime Director designated as Director-Production


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Increase of remuneration of Mr. Toshiaki Hasuike as Jt. Managing Director


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Increase of remuneration of Mr. Kenichi Ayukawa as Managing Director & CEO from time to time


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Increase of remuneration of Mr. Toshiaki Hasuike as Jt. Managing Director from time to time


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Increase of remuneration of Mr. Kazuhiko Ayabe as Director and Managing Executive Officer - Supply Chain from time to time


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Approval to payment of commission to Non-Executive Directors


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. Amal Gangul i as Independent Director for 5 years


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. D. S. Brar as Independent Director for 5 years


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Mr. R. P. Singh as Independent Director for 5 years


Jul-Sep 2014

4-Sep-2014

Maruti Suzuki India Ltd. AGM M Appointment of Ms. Pallavi Shroff as Independent Director for 5 years


Jul-Sep 2014

12-Sep-2014

Sundaram Finance Ltd. PB M Appointment of Mr. P. N. Venkatachalam as Independent Director for 5 years


Jul-Sep 2014

12-Sep-2014

Sundaram Finance Ltd. PB M Appointment of Mr. S. Prasad as Independent Director for 5 years


Jul-Sep 2014

12-Sep-2014

Sundaram Finance Ltd. PB M Appointment of Mr. Aroon Raman as Independent Director for 5 years


Jul-Sep 2014

18-Sep-2014

Hero Motocorp Ltd. PB M Increase in shareholding limit for FIIs upto 49% For For Limit has been reached and hence reqd, vote in favor

Jul-Sep 2014

18-Sep-2014

Hero Motocorp Ltd. PB M Approval of Employees Incentive Scheme 2014 and to introduce, offer, issue and allot options from time to time upto 49,90,000 equity shares to the eligible employees of the Company

For For Necessarfy to motivate employees and hence vote in favor

Jul-Sep 2014

11-Sep-2014

Repco Home Finance Ltd.


Jul-Sep 2014

11-Sep-2014



Jul-Sep 2014

11-Sep-2014


AGM M Re-appointment of Mr. S. C. Panda as Director For For He is a respected corporate executive and can add value to the Board

Jul-Sep 2014

11-Sep-2014


AGM M Appointment of M/s. R. Subramanian and Company, Chartered Accountants as Auditors

For For The auditors are capable and re-eligible for appointment, thus in favor

Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. K. K. Pathak, IAS as Director liable to retire by rotation


Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. T. S. KrishnaMurthy as Independent Director


Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. Thomas Paul Diamond as Independent Director


Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. V. Nadanasabapathy as Independent Director


Jul-Sep 2014

11-Sep-2014


AGM M Appointment of Mr. G. R. Sundaravadivel as Independent Director


Jul-Sep 2014

11-Sep-2014


AGM M Borrow upto Rs. 15,000 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

11-Sep-2014


AGM M Payment of increased salary to Mr. R Varadarajan, Managing Director from Rs. 4 lac to Rs. 6 lac per annum


Jul-Sep 2014

11-Sep-2014


AGM M Offer, issue and allot Redeemable Non-Convertible Debentures aggregating to an amount upto Rs. 500 crore and Commercial Papers not exceeding Rs. 250 crore


Jul-Sep 2014

11-Sep-2014


AGM M Investment by FIIs upto 49% of the paid-up equity capital

For For Limit has been reached and hence reqd, vote in favor

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Declaration of Dividend For For Investor friendly measure, hence vote in favor


13



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Re-appointment of Mr. Bajranglal Surajmal Taparia as Director

For For He is a respected corporate executive and can add value to the position

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Re-appointment of Mr. Hasmukhlal Saburlal Parikh as Director


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Re-appointment of M/s. Chhogmal & Co, Chartered Accountants as Auditors


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Appointment of Mr. Bhupendranath Vidyanath Bhargava as Independent Director


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Appointment of Mr. Yogendra Premkrishna Trivedi as Independent Director


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Appointment of Mr. Naresh Nagindas Khandwala as Independent Director


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Appointment of Mrs. Rashna Hoshang Khan as Independent Director

For For She is a respected corporate executive and can add value to the position

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Re-appointment of Mr. Vijaykumar Bajranglal Taparia as Executive Director for 5 years effective 7.1.2014


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Holding of Office or Place of Profit by Mr. Vivek Taparia


Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Borrow upto Rs 1,000 crore For For Necessary from a business and operations perspective

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Creation of charge upto Rs. 1,000 crore For For Necessary from a business and operations perspective

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Enter into contracts with other related parties For For Necessary from a business and operations perspective

Jul-Sep 2014

17-Sep-2014

Supreme Industries Ltd. AGM M Payment of remuneration to Cost Auditors M/s. Kishore Bhatia & Associates, Cost Accountant


Jul-Sep 2014

27-Sep-2014

Page Industries Ltd. PB M Alteration of AOA For For Normal course of business

Jul-Sep 2014

27-Sep-2014

Page Industries Ltd. PB M Appointment of Mrs. Rukmani Menon as Independent Director


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Adoption of Accounts For For Accounts appear in order, hence vote in favor

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Re-appointment of Dr. Vijay Mallya as Director For For He is eligible for re-election and is a capable individual. Hence vote in favor.

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Not to fill up vacancy caused by the retirement of Mr. Gilbert Ghostine from Directorship


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Re-appointment of M/s. B. S. R. & co. LLP, Chartered Accountants as Auditors


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Mr. Sudhakar Rao as Independent Director


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Mr. D. Sivanandhan as Independent Director


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Dr. (Mrs.) Indu Shahani as Independent Director


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Not to fill up vacancy caused by the retirement of Mr. G. N. Bajpai from Directorship


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Not to fill up vacancy caused by the retirement of Mr. Arunkumar Ramanlal Gandhi from Directorship


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Not to fill up vacancy caused by the retirement of Mr. Vikram Singh Mehta from Directorship


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Mr. Anand Kripalu as Director For For He is a respected corporate executive and can add value to the Board

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Appointment of Mr. Anand Kripalu as MD & CEO


Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Revision in the terms of remuneration payable to Mr. P. A. Murali, ED

For For In line with normal revision

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Borrow upto Rs. 10,000 crore For For Necessar for working capital and operrations of co., hence vote in favor

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Approval to contribute to bona fide and charitable and other funds upto Rs. 15 crore

For For In line with normal CSR objectives

Jul-Sep 2014

30-Sep-2014

United Spirits Ltd. AGM M Payment of commission to Non-Executive Directors

For For Increase is in line with practice, hence vote in favor

Oct-Dec 2014

11-Dec-2014

Crisil PB M Adoption of new set of AOA For For Normal course of business

Oct-Dec 2014

11-Dec-2014

Crisil PB M Approval for other related parties transaction For For Normal course of business

Oct-Dec 2014

11-Dec-2014

Crisil PB M Appointment of Mr. H. N. Sinor as Independent Director


Oct-Dec 2014

11-Dec-2014

Crisil PB M Appointment of Dr. Nachiket Mor as Independent Director


Oct-Dec 2014

11-Dec-2014

Crisil PB M Appointment of Mr. M. Damodaran as Independent Director


Oct-Dec 2014

11-Dec-2014

Crisil PB M Appointment of Ms. Vinita Bali as Independent Director.


Oct-Dec 2014

14-Dec-2014

Jubilant Foodworks PB M Authorisation for Creating Security on Company's Asset / undertaking



14



(AGM/ EGM)


or Shareholder (S)



Vote (For/

Against/ Abstain)


Oct-Dec 2014

15-Dec-2014

HDFC bank PB M Issue of Long Term Bonds/Non-Convertible debentures on a Private placement basis


Oct-Dec 2014

15-Dec-2014

HDFC bank PB M Appointment of Mrs. Shyamala Gopinath as Part-time Non-Executive Chairman person


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Re-appointment of Mr. C. Jayaram as Whole-time Director designated as Joint Managing Director from 1.1.2015 to 30.4.2016 (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Amalgamation of ING Vysya Bank Ltd. with Kotak Mahindra Bank Ltd. in accordance with the Scheme of Amalgamation (Taken up at 4.00 pm)

For For Good strategic fit for the bank from a long term perspective and overall deal favorable to shareholders. Hence vote in favor.

Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Mr. Asim Ghosh as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Mr. Amit Desai as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Prof. S. Mahendra Dev as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Mr. Prakash Apte as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Appointment of Ms. Farida Khumbata as Independent Director (Taken up at 1.30 pm)


Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M "Increase in ceiling limit on toal holdings of FIIs / SEBI approved sub-accounts of FIIs, FPIs, QFIs, NRIs & PIOs upto 42% of Paidup Capital (Taken up at 1.30 pm)"

For For Required for proposed acquisition

Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Increase in Authorised Share Capital to Rs. 700 crore (Taken up at 1.30 pm)

For For Required for proposed acquisition

Jan-Mar 2015

7-Jan-2015

Kotak Mahindra Bank EGM M Alteration of MOA (Taken up at 1.30 pm) For For Required for proposed acquisition

Jan-Mar 2015

9-Jan-2015

United Spirits EGM M Entering into distribution agreement Licence for manufacture and agreement and cost sharing agreement with certain sunsidiaries of Diageo plc. ('DIAGEO')

For For Earnings acrretive and better than previous arrangement..In favor

Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Ratification for payment Minimum remuneration to Mr. Ravindra Pisharody Executive Director (Commercial Vehicles) due to inadequacy of profit for financial year ended 31.03.2014


Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Ratification for payment Minimum remuneration to Mr. Satish Borwankar Executive Director (Quality) due to inadequacy of profit for financial year ended 31.03.2014


Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Ratification for payment Minimum remuneration death ralated benfits/compensation to (Late) Mr. Karl Slym Managing Director his Legal heir due to inadequacy of profit for financial year ended 31.03.2014


Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Payment of Minimum remuneration to Mr. Ravindra Pisharody Executive Director (Commercial Vehicles) in case of inadequacy of profit for FY 2014-15 and FY 2015-16


Jan-Mar 2015

19-Jan-2015

"Tata Motors Type ""A""" PB M Payment of Minimum remuneration to Mr. Satish Borwankar Executive Director (Quality) in case of inadequacy of profit for FY 2014-15 and FY 2015-16.


Jan-Mar 2015

3-Mar-2015

"Tata Motors Type ""A""" PB M Issue of Ordinary and 'A' ordinary Shares through a Right Issue.

For For In line with company's growth agenda

Jan-Mar 2015

10-Mar-2015

Ajanta Pharma PB M Subdivision of Shares For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Ajanta Pharma PB M Alteration of MOA For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Ajanta Pharma PB M Alteration of AOA For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Tech Mahindra PB M Issue of Bonus Shares For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Tech Mahindra PB M Subdivision of Equity Shares from the Face Value of Rs. 10 per share to Rs. 5


Jan-Mar 2015

10-Mar-2015

Tech Mahindra PB M Alteration of MOA For For Normal course of business

Jan-Mar 2015

10-Mar-2015

Tech Mahindra PB M Alteration of AOA For For Normal course of business

Jan-Mar 2015

11-Mar-2015

Bajaj Finance PB M "Borrow upto Rs. 50,000 Crore" For For Normal course of business

Jan-Mar 2015

11-Mar-2015

Bajaj Finance PB M "Creation of charge upto Rs 50,000 Crore" For For Normal course of business

Jan-Mar 2015

11-Mar-2015

Bajaj Finance PB M Adoption of new set of AOA For For Normal course of business


15

Independent Auditor’s Report

To,THE BOARD OF DIRECTORS MOTILAL OSWAL TRUSTEE COMPANY LIMITED

Report on the Financial StatementsWe have audited the accompanying financial statements of Motilal Oswal MOSt Shares Gold ETF (the Scheme) of Motilal Oswal Mutual Fund (the Fund), which comprise of the Balance Sheet as at March 31, 2015, the Revenue Account for the year then ended, the Cash Flow Statement and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial StatementsThe Managements of Motilal Oswal Trustee Company Limited (the “trustee”) and Motilal Oswal Asset Management Company Limited (the “AMC”) are responsible for the preparation of these financial statements that give a true and fair view of the Balance Sheet, the Revenue Account and the Cash Flow Statement of the scheme in accordance with accounting policies and standards as specified in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (the Regulations) and amendments thereto in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing and other authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Scheme’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Scheme’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

OpinionIn our opinion, to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Regulations and give a true and fair view in conformity with the accounting principles generally accepted in India:a. in the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2015;b. in the case of the Revenue Account, of the deficit of the Scheme for the year ended on that date; andc. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

Report on Other Legal and Regulatory RequirementsAs required by section 55(4) of the Regulations, we report that a) we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purpose of our audit;b) As required by clause 5(ii)(2) of the Eleventh Schedule to the Regulations, the Balance Sheet and the Revenue Account referred to in this report are in agreement

with the books of account of the Scheme;c) the financial statements have been prepared in accordance with the accounting policies and standards, as specified in the Ninth Schedule of the Regulations;d) in our opinion, valuation methods for Non Traded Securities, adopted by the scheme are fair and reasonable and are in accordance with the guidelines for valuation

issued by SEBI and approved by the Trustees.

For N. M. RAIJI & CO. Chartered Accountants Firm Registration No: 108296W

Sd/-Vinay D. Balse Partner Membership No. 39434

Place: Mumbai Date: July 23, 2015

16

For N. M. RAIJI & CO. For Motilal Oswal Trustee Company Limited For Motilal Oswal Asset Management Company Limited Chartered Accountants Firm Registration No: 108296W Sd/- Sd/- Sd/- Sd/- Sd/- Vinay D. Balse Motilal Oswal Sunil Goyal Raamdeo Agarawal Aashish P Somaiyaa Partner Chairman Director Chairman Managing Director & CEO Membership No. 39434 Sd/- Anubhav Srivastava Fund Manager

Place: Mumbai Place: Mumbai Place: Mumbai Date: July 23, 2015 Date: July 23, 2015 Date: July 23, 2015

Balance Sheet as at March 31, 2015 Motilal Oswal

MOSt Shares Gold ETF As at

March 31, 2015(Rupees)

As at March 31, 2014

(Rupees)SOURCES OF FUNDS ScheduleUnit capital 1 - 1,985,480 Reserves and surplus 2 - 535,730,540 Current liabilities 3 426,716,858 1,066,424

426,716,858 538,782,444 APPLICATION OF FUNDSInvestments 4 - 533,055,485 Other current assets 5 426,716,858 5,726,959

426,716,858 538,782,444

Notes to accounts 6The accompanying schedules are an integral part of financial statementsAs per our report of even date.

Revenue Account for the year/period ended as on March 31, 2015 Motilal Oswal

MOSt Shares Gold ETF

Year Ended 31 st March 2015

Year Ended 31 st March 2014

Schedule (Rupees) (Rupees)

INCOMEMiscelleanous Income 455,401 - Profit on sale of Gold, net - - Liability written back - - Net Change in market value of investment 36,881,763 (33,477,017)Total 37,337,164 (33,477,017)

EXPENSES AND LOSSESLoss on sale/redemption of investments, net 60,534,448 750,371 Management fee 4,605,532 5,972,139 Service Tax - Management Fees 569,243 738,156 Investor education fund expense 103,728 119,446 Trusteeship fee 25,990 29,862 Custodian service charges 1,827,738 2,027,222 Registrar service charges 564,748 455,478 Commission to distributors - 396,704 Audit fee 799,926 143,216 Internal Audit Fees - 379,712 Advertising & Publicity Expenses 333,085 43,361 Vat Expense 114,638 68,484 Other operating expenses 79 41,410 Total 69,479,155 11,165,561

Less: Expenses reimbursed/to be reimbursed by AMC (941,961) (641,843)Total 68,537,194 10,523,718

Excess of income and gains over expenses and losses/(Excess of expenses and losses over income and gains)

(31,200,030) (44,000,735)

Transfer To Unrealise App Reserve - Balance unrealise app reserve, end of year - (36,881,763) - Balance unrealise app reserve, Beginning of year (36,881,763) - Net change in unrealised app in value of investment transferred (to)/from unrealised app reserve 36,881,763 (36,881,763)Add\(Less): Income equalisation account 7,816,019 (2,314,417)Income available for appropriation (60,265,774) (9,433,389)

Retained surplus/(Deficit) transferred to the balance sheet (60,265,774) (9,433,389) Notes to accounts 6The accompanying schedules are an integral part of financial statementsAs per our report of even date.

17

Schedule forming part of the Balance Sheet as at March 31, 2015

SCHEDULE - 1 Motilal Oswal MOSt Shares Gold ETF

UNIT CAPITAL March 31, 2015 March 31, 2014 Units (Rupees) Units (Rupees)

Intital capital issued and subscribed:Units of Rs. 10 each fully paid up 109,528.000 1,095,280 109,528.000 1,095,280

Outstanding:Opening balance 198,548.000 1,985,480 220,128.000 2,201,280 Capital issued during the Year 4,200.000 42,000 26,710.000 267,100 Redeemed during the Year 202,748.000 2,027,480 48,290.000 482,900 Unit capital at the end of the year - - 198,548.000 1,985,480


SCHEDULE - 2 March 31, 2015 March 31, 2014

RESERVES & SURPLUS Amount (Rupees)

Amount (Rupees)

Unit premium reserveBalance, beginning of year 580,477,701 647,283,852 Net premium/discount on issue/redemption of units (504,530,510) (69,120,568)Transferred (to) / from equalisation account (7,816,019) 2,314,417 Balance, end of period 68,131,172 580,477,701 Unrealised appreciation reserveBalance, beginning of year (36,881,763) - Less: Reverse during the year - - Add: Unrealised appreciation as at end of the year - (36,881,763)Unrealised appreciation in value of investments 36,881,763 - Balance, end of year - (36,881,763)Retained surplusBalance, beginning of year (7,865,398) 1,567,991 Surplus transferred from revenue account (60,265,774) (9,433,389)Balance, end of year (68,131,172) (7,865,398)Total reserves and surplus - 535,730,540



CURRENT LIABILITIES Amount (Rupees)

Amount (Rupees)

Amount due to AMC for management fees - 478,523 Sundry creditors for units redeemed by investors: - Others 426,528,943 501 Value added tax payable on gold 82,172 - Commission to distributors payable - - Other current liabilities 105,743 587,400

426,716,858 1,066,424



INVESTMENTS Amount (Rupees)

Amount (Rupees)

Gold At Cost - 569,937,248 Gold At market value - 533,055,485

- 533,055,485

SCHEDULE - 5Motilal Oswal

MOSt Shares Gold ETFOTHER CURRENT ASSETS March 31, 2015 March 31, 2014

Amount (Rupees)

Amount (Rupees)

Balances with banks in current accounts (including margin balance) 425,819,436 109,278 Receivable for sale of investments - - Amount due from AMC 897,422 1,526 Value added tax on gold Net - 5,616,155

426,716,858 5,726,959

18

1. ORGANISATION In conformity with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 (the Regulations), Motilal Oswal Asset Management Company

Limited has been set up to act as the Asset Management Company (AMC) to Motilal Oswal Mutual Fund (Fund). Motilal Oswal Asset Management Company Limited. has been appointed as the Investment Manager to Motilal Oswal Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 21, 2009, executed between Motilal Oswal Trustee Company Limited and Motilal Oswal Asset Management Company Limited.

The key features of the schemes of Motilal Oswal Mutual Fund are as below:

Scheme Name Type of Scheme Investment objective of the Scheme NFO period PlansMotilal Oswal MOSt Shares Gold ETF

Open ended exchange traded fund

The Investment objective of the scheme is to provide return by investing in Gold Bullion. The performance of the fund will be benchmarked to the Spot Gold Price. However, the performance of the scheme may differ from that of the index due to tracking error. There can be no assurance or guarantee of the investment objective of the scheme would be achieved.

March 02, 2011to March 16, 2011

Growth

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of accounting: The financial statements are prepared on the accrual basis of accounting, under the historical cost convention, as modified for investments, which are ‘marked-

to-market’. The significant accounting policies, which are in accordance with the SEBI Regulations and have been approved by the Boards of Directors of Motilal Oswal Asset Management Company Limited and Motilal Oswal Trustee Company Limited, are stated below.

(a) Determination of net asset value (‘NAV’) The net asset value is determined considering the daily income earned, including realised profit or loss and unrealised gain or loss in the value of investments,

and expenses incurred. At the time of dividend declaration, distributable surplus is arrived at after deducting unrealised appreciation and balance of unit premium reserve.

(b) Unit capital, unit premium reserve and income equalisation Unit capital represents the net outstanding units as at the Balance Sheet date. Unit Premium Reserve is debited or credited at the time of purchase or sale of units after taking into account the face value of units and Income Equalization.

Balance in Unit Premium Reserve is not considered for distribution of dividend. An appropriate portion of NAV of unit at the time of purchase and sale is transferred to Income Equalization Account. In arriving at the portion of the NAV to be transferred to Income Equalization Account, surplus/deficit (before considering unrealized appreciation) upto the date of transaction is taken into account. The net balance in Income Equalization Account is transferred to Revenue Account.

The purpose is to ensure that the per unit amount of the continuing unitholders’ share of the undistributed income / loss remains unaffected by the movement in unit capital. At the year end, the balance in the equalisation account is transferred to the Revenue Account.

(c) Investments Accounting for investments Purchase and sale of investments are recorded on the date of the transaction, at cost and sale price respectively, after considering brokerage, commission,

and fees payable, if any. The Value Added Tax (VAT) paid at the time of purchase of Gold is accounted in the books as VAT receivable (input credit), and the liability arising at the

time of sale of Gold (i.e. VAT payable) is accounted as payable and adjusted against the receivable, if any.

Valuation of investments The valuation of Gold portflolio is carried out as prescribed by SEBI, in the following manner; a) The London Bullion Market Association’s (LBMA) AM fixing price per troy ounce is increased with Insurance, Freight, premium and the LBMA fixing

charges. b) This value arrived at in (a) above was then converted to the equivalent price for 1 kg gold of 0.995 fineness by applying the conversion factor. c) The day end RBI reference rate was applied to convert the price from US dollars to Indian Rupees. d) The statutory levies in the form of customs duty, stamp duty, octroi, VAT as applicable were added to arrive at the final landed price of gold. If on any day, the LBMA AM fixing or RBI reference rate was not available due to holiday, then the immediately previous day’s prices were applied for the

purpose of calculating the value of gold. The unrealised gain or loss in the value of investments is determined separately for each category of investments. The change in the net unrealised loss,

if any, between two balance sheet dates is recognised in the revenue account and the change in net unrealised gain, if any, is adjusted in an unrealised appreciation account.

(d) Revenue recognition Interest income is recognised on an accrual basis except where there is uncertainty about ultimate recovery. Such income is recognized when the uncertainty

is resolved. Profit or loss on sale/redemption of gold is recognised on the trade date and is determined on the basis of the weighted average cost method.

(e) Income Equalisation account When units are issued or redeemed, the total undistributed income from the beginning of the accounting year to date of the transaction is determined.

Based on the number of units outstanding on the transaction date, the undistributed income associated with each unit is computed.The per unit amount so determined is credited and debited to the equalisation account on issue and redemption of each unit respectively

At the year end, the balance in the equalisation account is transferred to the revenue account.

(f) Exit load The scheme does not charge any entry/exit load on subscription/redemption of unit in the creation unit size or in the case if quotes are not available on the

NSE for five consecutive trading days.

(g) Cash and cash equivalent Cash and cash equivalents include balances with banks in current accounts, deposits placed with scheduled banks (with an original maturity of up to three

months) and collateralised lending (including reverse repurchase transactions).

Schedule forming part of the Balance Sheet as at March 31, 2015 and the Revenue Account for the year/period ended March 31, 2015

SCHEDULE - 6NOTES TO ACCOUNTS OF Motilal Oswal MOSt Shares Gold ETF

19

3. RELATED PARTY TRANSACTIONS (i) Motilal Oswal MOSt Shares Gold ETF (MOSt Gold Shares) has entered into transactions with certain related parties. The information required in this regard

in accordance with Accounting Standard 18 on ‘Related Party Disclosures’ issued by the Institute of Chartered Accountants of India is provided below; (a) Related party relationships

Name Description of relationshipMotilal Oswal Financial Services Limited Ultimate holding Company of the sponsor.Motilal Oswal Securities Limited Sponsor of the Mutual FundMotilal Oswal Trustee Company Limited Subsidiary of the Sponsor and the Trustee of the FundMotilal Oswal Asset Management Company Limited. Subsidiary of the Sponsor and the Scheme's asset managerMotilal Oswal Capital Markets Private Limited Subsidiary of the Sponsor.Motilal Oswal Wealth Management Limited Subsidiary of the Sponsor.

Schemes of the Fund, under common control of the Sponsor Motilal Oswal MOSt Shares M50 ETF (MOSt Shares M50) Motilal Oswal MOSt Shares Midcap 100 ETF (MOSt Shares Midcap 100) Motilal Oswal MOSt Shares NASDAQ-100 ETF (MOSt Shares NASDAQ 100) Motilal Oswal MOSt 10 Year Gilt Fund Motilal Oswal MOSt Shares Gold ETF#

Motilal Oswal MOSt Focused 25 Fund Motilal Oswal MOSt Ultra Short Bond Fund Motilal Oswal MOSt Focused Midcap 30 Fund Motilal Oswal MOSt Focused Multicap 35 Fund Motilal Oswal MOSt Focused Long Term Fund

(b) Transactions covered by Accounting Standard-18 (Rupees)

Name of Related Party Nature of transactions Year ended Balance as at Year ended Balance as at March 31, 2015 March 31, 2015 March 31, 2014 March 31, 2014

Motilal Oswal Trustee Company Limited Fees for trusteeship services 25,990 1,816 29,862 361,756 Motilal Oswal Asset Management Company Limited

Fees for investment management services 4,605,532 - 5,972,139 478,523

Motilal Oswal Asset Management Company Limited

Receivable for other expenses 941,961 897,422 641,843 1,526

Motilal Oswal Securities Limited Subscription of units at NAV - - - -

(ii) Transactions covered by Regulation 25(8) of the SEBI Regulation with the sponsor or associate of the sponsor: (Rupees)

Year ended Year ended March 31, 2015 March 31, 2014

Payment of Brokerage for Distribution and Sale of Units:Motilal Oswal Securities Ltd. - -

4. INVESTMENTS (i) Investments of the Schemes are registered in the name of the Trustees for the benefits of the Schemes Unit holders. (ii) Aggregate appreciation and depreciation in the value of investments are as follows: Gold Amount (Rupees)

Balance as at Balance as at March 31, 2015 March 31, 2014

Appreciation - - Depreciation - 36,881,763

(iii) The aggregate value of investments acquired and sold/redeemed/expired during the year and these amounts as a percentage of average daily net assets are as follows:

Purchases Amount (Rupees)


Purchases Amount 14,266,551 73,925,903 As a percentage of average daily net assets 2.74% 12.38%Sales Amount 523,727,531 151,772,338 As a percentage of average daily net assets 100.76% 25.41%


SCHEDULE - 6NOTES TO ACCOUNTS OF Motilal Oswal MOSt Shares Gold ETF (contd....)

20


SCHEDULE - 6NOTES TO ACCOUNTS OF Motilal Oswal MOSt Shares Gold ETF (contd....)

5. INVESTMENT MANAGEMENT AND TRUSTEESHIP FEES a) Investment management fees (excluding service tax and education cess) have been charged by the Schemes pursuant to an agreement with Motilal Oswal

Asset Management Company Limited (AMC), as under:

Scheme March 31, 2015 March 31, 2014Growth Plan Growth Plan

Amount in Rs. Percentage Amount in Rs. PercentageMotilal Oswal MOSt Shares Gold ETF 46,05,531.61 0.89% 59,72,139.02 1%

b) The Scheme pay fees for Trusteeship services under an agreement with the Trustee Rs.25,990.42 (Previous year Rs.29,861.58/-) @ 0.005% (including service tax)per annum of Scheme’s average daily net assets.

6. INCOME AND EXPENDITURE The total income and expenditure and these amounts as a percentage of the scheme’s average daily net assets on an annualised basis are provided below:

Amount (Rupees)


Income (Including net profit/(loss) on sale/redemption of investment and net change in unrealsied appreciation/(depreciation) in value of investments Amount 37,337,164 (33,477,017) As a percentage of average daily net assets 7.18% -5.61%

Expenditure (excluding provision for net unrealised loss and realised loss on sale of investments) Amount 2,725,650 9,773,348 As a percentage of average daily net assets 0.52% 1.64%

7. Investments made during the year in the sponsor company and its group companies at cost is Nil.

8. NET ASSET VALUE

Plans

March 31, 2015 March 31, 2014Face Value Rs. 10 Face Value Rs. 10

Motilal Oswal MOSt Shares Gold ETF (MOSt Gold Shares) (in Rs.) 2,529.5576 2,708.5869

The net asset value disclosed above represents the computed NAV as on balance sheet date and not the last declared NAV.

9. Large Holding in the schemes (i.e. in excess of 25% of the net assets):

Scheme

No. of Investors Percentage of holding

No. of Investors Percentage of holding

March 31, 2015 March 31, 2015 March 31, 2014 March 31, 2014Motilal Oswal MOSt Shares Gold ETF (MOSt Gold Shares) - - - -

10. CONTINGENT LIABILITY Contingent liabilities as on March 31, 2015: NIL (Previous year: NIL)

11. SEGMENT REPORTING The scheme operates in one segment only viz. to generate returns that are in line with the performance of gold.

12. Income Tax No provision for current income tax has been made as the Schemes qualify as a recognised mutual fund under Section 10 (23D) of the Income Tax Act, 1961 of

India.

13. PRIOR PERIOD COMPARATIVES Prior year figures have been reclassified and regrouped, wherever applicable, to conform to current year’s presentation.

For N. M. RAIJI & CO. For Motilal Oswal Trustee Company Limited For Motilal Oswal Asset Management Company Limited For N. M. RAIJI & CO. For Motilal Oswal Trustee Company Limited For Motilal Oswal Asset Management Company Limited Chartered Accountants Firm Registration No: 108296W Sd/- Sd/- Sd/- Sd/- Sd/- Vinay D. Balse Motilal Oswal Sunil Goyal Raamdeo Agarawal Aashish P Somaiyaa Partner Chairman Director Chairman Managing Director & CEO Membership No. 39434 Sd/- Anubhav Srivastava Fund Manager


21

Cash Flow Statement for the year ended March 31, 2015


Year Ended 31st March 2015

Year Ended 31st March 2014

Amount (Rupees) Amount (Rupees)A. Cashflow from operating activity

Excess of income and gains over expenses and losses/(Excess of expenses and losses over income and gains) (31,200,030) (44,000,735) Adjustments for:- (Increase)/decrease in investments 533,055,485 112,050,648 (Increase)/decrease in current assets 4,720,259 968,581 Increase/(decrease) in current liabilities 425,650,434 (713,386)Net cash generated from/(used in) operations (A) 932,226,148 68,305,108

B Cashflow from financing activities Increase/(decrease) in unit capital (Net) (1,985,480) (215,800) Increase/(decrease) in unit premium reserve (Net) (504,530,510) (69,120,568)Net cash generated from/(used in) financing activities (B) (506,515,990) (69,336,368)Net increase/(decrease) in cash and cash equivalents (A+B) 425,710,158 (1,031,260)Cash and cash equivalents as at the beginning of the year 109,278 1,140,538 Cash and cash equivalents as at the close of the period/Year 425,819,436 109,278 Net increase/(decrease) in cash and cash equivalents 425,710,158 1,031,260 Component of cash and cash equivalentsBalances with banks in current accounts 425,819,436 109,278 Total cash and cash equivalent 425,819,436 109,278 Notes to accounts 6The accompanying schedule is an integral part of financial statements

Note: The above cash flow statement has been prepared under the indirect method set out in Accounting Standard-3 "Cash Flow Statement" issued by the Institute of Chartered Accountants of India

For N. M. RAIJI & CO. For Motilal Oswal Trustee Company Limited For Motilal Oswal Asset Management Company Limited Chartered Accountants Firm Registration No: 108296W Sd/- Sd/- Sd/- Sd/- Sd/- Vinay D. Balse Motilal Oswal Sunil Goyal Raamdeo Agarawal Aashish P Somaiyaa Partner Chairman Director Chairman Managing Director & CEO Membership No. 39434 Sd/- Anubhav Srivastava Fund Manager


22

Motilal Oswal MOSt Shares Gold ETF For the Year

endedMarch 31, 2015

For the Year ended

March 31, 2014

For the Year ended

March 31, 2013

Net Asset Value, per unit Rs. (at the end of the period)Motilal Oswal MOSt Shares Gold ETF Growth - 2708.5869 2,957.5144

IncomeOther than profit on sale of investment - - 0.97 From profit/(loss) on sale of investment to third party (net) - (3.78) 24.81 Net change in Unrealised appreciation in value of investments - - -

Gross Income - (3.78) 25.77

Expenses & LossesAggregate of expenses,write-off,amortisation and charges - 52.46 26.40 Net change in Unrealised depreciation in value of investments - 168.61 15.47

Gross Expenditure - 221.07 41.87

Net Income - (224.85) (16.10)Unrealised appreciation / depreciation in value of investments - (185.76) (15.47)Ratio of expenses to average net assets 1.72% 1.74% 1.39%Ratio of gross income to average net assets -11.56% -0.13% 1.35%

NAV

HighestMotilal Oswal MOSt Shares Gold ETF Growth 2860.1750 3373.2839 3246.5612

LowestMotilal Oswal MOSt Shares Gold ETF Growth 2467.2388 2493.7790 2813.7888

Price Earning RatioHighest NA NA NA Lowest NA NA NA

Historical Per Unit Statistics as on March 31, 2015

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