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The Disclosure Document (hereinafter referred to as ‘the Document’) has been filed with the Securities and Exchange Board of India (SEBI) along with the certificate in the prescribed format in terms of Regulation 14 of the SEBI (Portfolio Managers) Regulations, 1993. The purpose of the Document is to provide essential information about the Nondiscretionary Portfolio Management Services (PMS) in a manner to assist and enable the investors in making informed decision for engaging a Portfolio Manager. The Document gives the necessary information about the Portfolio Manager required by an investor before investing, and the investor may also be advised to retain the document for future reference. Details of the Principal Officer STUART MILNE Chief Executive Officer The Hongkong and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi Road, Fort Mumbai 400 001 This Disclosure Document is dated 10th June 2013. Portfolio Management Services The Hongkong and Shanghai Banking Corporation Limited SEBI Registration No: INP000000795
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TABLE OF CONTENTS Sr. No. 1 2 3 4 Contents Disclaimer Definitions Description Page Number 3 3 7
Penalties, pending litigation or 17 proceedings, findings of inspection or investigations for which action may have been taken or initiated by any regulatory authority Services Offered Risk Factors Client Representation The Financial Performance Portfolio Manager Nature of Expenses Taxation Accounting Policies Investor Services of 21 23 27 the 28
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1. Disclaimer This Disclosure Document has been prepared in accordance with the SEBI (Portfolio Managers) Regulations, 1993, as amended from time to time and filed with SEBI. This Document has neither been approved nor disapproved by SEBI, nor has SEBI certified the accuracy or adequacy of the contents of the Document. 2. Definitions Act Chartered Accountant The Securities and Exchange Board of India Act, 1992 (15 of 1992). A chartered accountant as defined in clause (b) of subsection (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949) and who has obtained a certificate of practice under sub-section (1) of section 6 of that Act. Anybody corporate, partnership firm, individual, HUF, association of persons, body of individuals, trust, statutory authority, or any other person, who enters into an Investment Services agreement with the Portfolio Manager for provision of services. A Portfolio Manager who exercises or may, under a contract relating to portfolio management, exercise any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client, as the case may be. Means the offering, wherein the Portfolio Manager who, under the Agreement with the client offers investment advisory service and does not exercise any degree of discretion as to the investments or management of portfolio of securities or of the funds of the Client and shall solely act on instructions given by the Client. Means: (a) in relation to securities in physical form, safekeeping of securities of the Client, and (b) in relation to securities to be dematerialized or in a dematerialized form, in addition to any demat services enumerated in a depositary participant agreement entered into by the Client with the Bank, services of takeover and custody of physical security certificates (where relevant), dispatch and follow-up of securities for dematerialization, receipt, settlement and registration of securities purchased or sold, and all incidental services in connection with both (a) and (b), including but not limited to, tracking of corporate actions, namely issue of dividends on shares, issue of bonus shares, split of share certificates, buy back offers, etc. Means the execution and/or settlement of transactions in Investment Products, based on instructions from the Client
Discretionary Portfolio Manager
NonDiscretionary Investment Advisory Service
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Introduction Facilities/Referral Services
Investment Advisory Services
Investment Services Agreement
and includes execution of instructions as a Power of Attorney holder, pursuant to the terms of the Power of Attorney, on behalf of the Client. Means the referrals provided by the Bank to a Customer from time to time; providing Introduction or Referral Facilities to the Customer by introducing the Customer to Service Providers; providing the Third Party Services and assisting the Client in contacting such third parties to enable the Client to avail the Third Party Services from the Service Providers. The Client acknowledges that the Bank is merely acting as a facilitator in order to enable the Client to meet the Service Provider and neither has the Bank agreed to provide such services nor shall the Bank be responsible for any action or omission whatsoever on the part of the Service Provider. Means the investment advisory services provided by the Bank to a Client in relation to the Investment Products that the Bank may recommend to the Client and such Investment Products as the Bank reasonably believes to be suitable for the Client and which are in accordance with the Customer’s investment objectives, as stated in the Profiling Document completed by the client. Means all the assets advised or administered under the Investment Services Agreement signed between the Client and the Bank Means the profiling document comprising of ‘Know Your Customer’ information, and a Risk Profiler; as may be amended by the Client in writing, from time to time, and which is used by the Bank to generate proposals for Investment Products in respect of the Portfolio. Means the questionnaire forming part of the Profiling Document setting out the Client’s investment objectives, investment horizon, attitude towards risk, investment experience and preferences in respect of Investment Products, as may be amended by the Client in writing, from time to time. Means various financial products issued/ offered by incorporated companies, trusts, governments, statutory corporations and other persons, whether incorporated or not, including but not limited to, equity and preference shares, equity and fixed income derivatives, fixed income instruments, mutual funds, government securities, treasury bills and such other products as the Bank and the Client may agree from time to time. Means the Agreement entered into between the Bank and the Client for the services offered, that defines the terms and conditions of the services offered and shall include the PUBLIC - 4
and as may be amended by SEBI from time to time. 2002 Any certificate or instrument (by whatever name called). 1992. ‘Securities’ as per Securities Contracts (Regulation) Act. or index of prices. in or of any incorporated company or other body corporate Derivatives (contracts which derive their value from the prices. subsidiary. issued to an investor by any issuer being a special purpose distinct entity which possesses any Principal Officer Rules Regulations SEBI / Board Securities PUBLIC . The Securities and Exchange Board of India established under the Securities and Exchange Board of India Act. inter connected company or a company under the same management. scrips. 1956. Means one who is responsible for the activities of portfolio management and has been designated as the Principal Officer by the Portfolio Manager. Any person being an associate. bonds. The Securities and Exchange Board of India (Portfolio Managers) Regulations. vide Registration no. 1993. debentures. as from time to time amended. or in the same group.INP000000795 and providing non-discretionary investment advisory services through its Private Banking division. 1956 include: Shares. debenture stock or other marketable securities of a like nature.Person directly or indirectly connected Portfolio Manager Schedules to Investment Services Agreement and any supplemental letters or terms and conditions. of underlying securities) Units or any other instrument issued by any collective investment scheme to the investors in such schemes Security receipts. appendices and accompanying documents. The Securities and Exchange Board of India (Portfolio Managers) Rules. India Branches. who has obtained certificate of registration from SEBI to act as a Portfolio Manager under Securities and Exchange Board of India (Portfolio Managers) Rules and Regulations. 1993. stocks. The Hongkong and Shanghai Banking Corporation Limited. as defined in clause (zg) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act.5 . within the meaning of section 370(1B) of the Companies Act. 1993.
RBI etc.. Queen’s Road Central.Certificate Compliance Officer Depository Party” or “Parties RBI Offering The Hongkong and Shanghai Banking Corporation (or the Bank or HSBC India) debt or receivable. Rights or interests in securities. having its registered office at 1. in various matters pertaining to the portfolio management and who ensures that the Portfolio Manager complies with all rules. Means the Depository.6 . Units or any other such instrument issued to the investors under any mutual fund scheme Government securities. as the case may be. Hong Kong and its India corporate office at 52/60 Mahatma Gandhi Road. and acknowledging beneficial interest of such investor in such debt or receivable. Means the Investment Advisory Services offered by the Portfolio Manager under the Investment Services Agreement. Fort. etc. Means the officer of the Portfolio Manager. Means the Reserve Bank of India established under the Reserve Bank of India Act. Means a company incorporated under the Companies Ordinance of the Hong Kong Special Administrative Region (HKSAR). Mumbai 400 001. Such other instruments as may be declared by the Central Government to be securities. including mortgage debt. coordinating with the regulatory authorities like SEBI. including mortgage debt. acting through it’s branch/ office in India (the “Bank” or “HSBC India”) PUBLIC . Means the Certificate of Registration issued to the Portfolio Manager by SEBI to enable the Portfolio Manager to offer the Investment Advisory Service under the Investment Services Agreement. Refers to the Client and/or the Portfolio Manager as the case may be. GOI. or as the context may require. 1996 (22 of 1996). assigned to such entity. as defined in the Depositories Act. regulations and guidelines. 1934 (2 of 1934).
Coimbatore. travelers cheques etc. custody and clearing) besides a variety of other services through its associate companies. the branch network was extended by the predecessors in the title of The Mercantile Bank.7 . Foreign exchange services. Pune.1. New Delhi. offer its customers services in the areas of personal banking. Kochi. The Mercantile Bank Limited. it also offers a wide range of other products and services to various client segments such as: Bank Accounts and Fixed Deposits. as early as 1853. Trivandrum and Visakhapatnam. sale of insurance products and referral of third party products. Chandigarh. Ludhiana. Remittance services. non-discretionary investment advisory services offered through the Private Banking division of the Bank. The Bank was granted Certificate of Registration as Portfolio Manager from SEBI with Registration No. The Registration has since been renewed for a period of 3 years i. Bangalore. Mumbai. Hyderabad. Debit and Credit Cards. private banking and corporate banking (including cash management. Factoring Solutions. Noida. The bank also has multi-channel services. In 1959. PUBLIC . Jaipur. Gurgaon. Description 3. Present Business and Background of the Portfolio Manager: The Hongkong and Shanghai Banking Corporation Limited opened its first branch office in India in 1867. trade treasury. Besides the Portfolio Management Services i. originally established as the Mercantile Bank of Bombay. covering amongst other Ahmedabad. Presently. had its own distinguished history on Asian Banking. History. Custody and Depository Services. Treasury Services. The Hongkong and Shanghai Banking Corporation Limited. Trade Services. The Bank in India has presence of 50 branches. Chennai. Thane.e. Kolkata. including internet and phone banking. and a wide ATM Network. Fund and non-fund based loans and advances to corporate and individual clients. India Branches.e. Ancillary services like safe deposit vaults. from 1 May 2012 till 30 April 2015.3. Payments and Cash Management services. INP000000795. Wealth Management Services including distribution of mutual funds.
Global Banking and Markets.106 27.588 09 2009.527 1.323 7. The Hongkong and Shanghai Banking Corporation Limited Incorporated in the Hong Kong SAR with limited liability Registered Office and Head Office: HSBC Main Building.970 27. The HSBC Group's network covers 6.61. Promoter The Hongkong and Shanghai Banking Corporation Limited. directors and their background 3. North America and Latin America.454 Year Deposits Total Advances 2008.400 11 2011.983 8. Rest of Asia-Pacific. Middle East & North Africa. in crores) Net Paid Up Reserves Profit Capital 1. India branches is a branch of the Hongkong and Shanghai Banking Corporation Limited.153 9.291 4.1. Established in Hong Kong and Shanghai in 1865.49.8 .289 37.188 10.55.Given below is a brief summary of the financial performance of the Bank for the last 4 years: (Rs. Hong Kong PUBLIC . Commercial Banking.987 4. HSBC is one of the world’s largest banking and financial services organisations. The Hongkong and Shanghai Banking Corporation Limited (HBAP) is the founding member of the HSBC Group – one of the world’s largest banking and financial services organisations – and its flagship in the Asia-Pacific region. and Global Private Banking.301 6.499 7.512 12 Investments Gross Earnings 31.715 809 1.499 4. The Hongkong and Shanghai Banking Corporation Limited is the founding and a principal member of the HSBC Group which serves customers through four global businesses: Retail Banking and Wealth Management.1.681 bn at 31 March 2013. It is the largest bank incorporated in Hong Kong and one of Hong Kong’s three noteissuing banks.747 23.600 offices in 80 countries and territories in six geographical regions: Europe.397 Promoters of the Portfolio Manager.499 6.423 35.279 40.636 9.474 10 2010.499 4. Hong Kong. 1 Queen’s Road Central.54. With assets of US$2.026 41.
HSBC India) Rose Lee Wai Mun (Vice-Chairman and Chief Executive. Deputy Chairman and Chief Executive Graham John Bradley*. (Group General Manager and Country Head. Board of Directors of The Hongkong and Shanghai Banking Corporation Limited (HBAP) As at 22 May 2013 Stuart T Gulliver.1.3. GBS. DBE (Executive Director of The Hong Kong Federation of Youth Groups) PUBLIC . Executive Director and Group Chief Executive. GBS. Deputy Chairman (Company Director) Zia Mody*. Chairman Laura Cha May Lung*. Hang Seng Bank Limited) Victor Li Tzar Kuoi* (Managing Director and Deputy Chairman of Cheung Kong (Holdings) Limited) Christopher D Pratt* (Chairman of John Swire & Sons (HK) Limited) Peter James Holland Riley* (Group Finance Director of Jardine Matheson Holdings Limited) Andreas Sohmen-Pao* (Chief Executive Officer of BW Maritime Pte Ltd) Kevin Anthony Westley* (Company Director) Dr Rosanna Wong Yick-Ming*.9 . CBE (Non-executive Chairman of MTR Corporation Limited and Independent Nonexecutive Chairman of Hang Seng Bank Limited) Naina L Kidwai. AZB & Partners) Peter Wong Tung Shun. OBE (Chairman of Wing Tai Properties Limited) Dr Raymond Ch'ien Kuo Fung*. Deputy Chairman (Partner. GBS. HSBC Holdings plc. (Company Director) Dr Christopher Cheng Wai Chee*.2.
based in Hong Kong. HSBC India in March 2012. he has worked in a number of businesses and in a variety of geographic locations. Hong Kong. New York. In this role. After two years in New York.3. providing credit support for HSBC’s Treasury and Capital Markets business in the United States of America and managing relationships with hedge fund clients. Stuart moved to Tokyo as Chief Operating Officer for HSBC’s business in Japan. PUBLIC . Stuart served as Vice Chairman of the International Bankers Association which represents the foreign banking sector in Japan.K. including the Arabian Gulf. He was also an active Board member of the British Chamber of Commerce in Japan and the Japan British Society. he was appointed Country Manager Japan. Stuart moved to New York in 1996 as head of HSBC’s Treasury Credit unit. CBE (Managing Director of YTL Corporation Berhad) * non-executive Director The Hongkong and Shanghai Banking Corporation Limited (India Branches) 3. Asia Pacific and was subsequently appointed as Head of Corporate and Institutional Banking. Esquel Holdings Inc. Asia-Pacific in March 2004. Japan branches and Chairman of HSBC Securities (Japan) Limited and Chairman of HSBC Global Asset Management (Japan) K. Members of Executive Committee of HSBC India Stuart Milne (Chairman): Chief Executive Officer Stuart Milne joined HSBC Holdings plc in 1981. having graduated with Honours in Modern Arabic Studies from the University of Durham. in which role he serves as President and Chief Executive Officer of The Hongkong and Shanghai Banking Corporation Limited. In his 31 years with HSBC. In February 2007. He moved to Hong Kong in December 2001 as Head of Institutional Banking. Philippines. Stuart was appointed as CEO.10 . he was responsible for managing HSBC’s relationships with large corporate and institutional clients across the Asia Pacific region. England.Marjorie Yang Mun Tak* (Chairman.) Francis Yeoh Sock Ping*. Paris and Tokyo.1.
Trade. India. which provided world class services to HSBC Group entities. HSBC Technology and Services . Head of Banking Services. UK.Stephen O'Leary: Chief Risk Officer Stephen is an HSBC International Manager who joined the HSBC Group in Hong Kong in 1988. Director and Centre Manager. HSBC Operations and Processing Enterprises Ltd.Service Delivery April 2007 – April 2009 (2 years 1 month) As a Director for HSBC Electronic Data Processing Enterprises Pvt Ltd. HSBC April 2003 – April 2007 (4 years 1 month) Established and ran as its CEO the company responsible for the domestic processing operations of HSBC. Devesh Mathur: Chief Operating Officer Chief Operating Officer. Fraud Risk. Corporate Real Estate. Procurement. In Stephen's most recent roles in Asia Pacific. he was a part of the senior management of the world's largest banking outsourcing hub. Stephen has been privileged to work in countries ranging from Hong Kong to Malaysia. Change Delivery (Business Transformation/Six Sigma). Loan Recovery and Training & Development. or a combination of all the above! Stephen is delighted to take up his first Chief Risk Officer position in what is one of our most successful businesses globally. USA and Indonesia.11 . Cross sell of the entire franchise to HSBC’s customers was a cornerstone of this success. India. he had capital management oversight of Large Corporates and Commercial Banking's portfolios which saw unprecedented growth and Return on Equity improvement. India . HSBC August 1999 – March 2003 (3 years 8 months) PUBLIC . Banking Security and BCM portfolios of HSBC. As an HSBC International Manager. Administration. India with centres of excellence spanning Chennai. Services (Operations). spanning five global regions. immediately after growing up and graduating in his native Ireland. Mumbai and Kolkatta. spanning five countries. He was also responsible for the management of the 3000 member BPO/KPO site in Hyderabad.. His assignments have been largely focused on wholesale banking but he has also enjoyed stints in Branch Banking. whether linkages with overseas offices or introduction of value add services such as Investment Banking or Private Banking. HSBC April 2009 – Present Responsible for the Information Technology. CEO.
Amit specializes in banking and commercial law with strong emphasis on corporate law and structured finance. Corporate Banking. Head of Global Markets. spanning Fixed Income. Amit Moghay.Compliance Abadaan Viccaji joined HSBC in April 1998 and is responsible for Compliance for HSBC India. is responsible for managing the Foreign Exchange.12 . Relationship Manager. Before this move as Head of Private Bank. India. PUBLIC . Balance Sheet Management and Equities businesses for the Bank in India. He has an experience of 14 years in Compliance and has worked in National Stock Exchange Of India (NSE) for 3 years. Amit has handled key M&A and advisory transactions including those for the HSBC Group in India.Shantanu is credited with HSBC retaining top market share in this segment.General Counsel Amit Moghay qualified as a lawyer from National Law School of India University and joined the HSBC Group in 2003 in the Legal and Compliance function of HSBC Securities and Capital Markets (India) Private Limited. Shantanu is a Mechanical Engineer and a MBA from the University of Mumbai. he was the Managing Director and Head of Institutional Sales for Global Markets. Hitendra has more than 20 years of experience in the Indian Financial Markets.Global Markets Hitendra Dave. India. Fixed Income and Derivatives Sales and Trading businesses. Shantanu Ambedkar. HSBC February 1992 – March 1995 (3 years 2 months) Rating Analyst. Managing Director. Amit has been instrumental in driving legal policies as well as implementing procedures and processes to manage legal risks in India. The Institutional Sales segment in India is highly relationship driven and personal contacts and relationships often matter .Head of Private Banking. Abadaan Viccaji: Head . As Deputy General Counsel since 2010. He is also responsible for the Debt Capital Markets. Amit has been closely associated with most businesses and functions and has been a key resource in strengthening the Legal function in India over the last two years. Derivatives and Debt Capital Markets. Foreign Exchange. During his nine years with the HSBC Group. India. and took over as the Head in Q3 2006. CRISIL 1991 – 1991 (less than a year) Hitendra Dave: Head . India Shantanu Ambedkar joined the firm in 1994 on the 'Money Desk' in what used to be called the Treasury Department and thereafter moved to the Institutional Sales function.
Hong Kong. He holds an MBA from XLRI. Philippines. ranging from large international corporate clients. Trade Services. During this period. He is an International Manager with the HSBC Group.Strategy and Business Development Ravi Menon has been with the HSBC Group since June 1998 and has held various leadership positions across businesses. He was earlier Managing Director & Co-Head of Investment Banking and also the CEO of HSBC Private Equity for Real Estate in India. He currently Heads the Group Strategy function for HSBC India.13 . monitoring all acquisitions as well as large alliance initiatives across the Group entities in India. Prior to his move to India in March 2011. Ravi is responsible for the articulation and delivery of strategic initiatives to develop the India business and ensure that it is positioned to achieve its strategic and financial objectives. across geographies in Emerging Markets. is the Managing Director and Head of Commercial Banking for HSBC India. He is a key member of the HSBC India top team and is a member of the Bank’s Executive Committee in the country. Sandeep Uppal: Head . Private Banking and Commercial Banking. which include Personal Banking. Richard Collie: Chief Financial Officer Richard joined HSBC India in August 2009 as the Chief Financial Officer. He has been associated with the HSBC Group since 1994 and has held various leadership positions within the Global Finance function. Sandeep has extensive experience in banking and over the last 19 years has worked in India. long term growth and market leadership in an efficient and sustainable manner. UK & Mauritius.Ravi Menon: Head .Commercial Banking Sandeep Uppal. Corporate Banking. which covers a wide spectrum of businesses. Ravi is also responsible for setting up new businesses. he has worked in a variety of areas. Strategic Planning. India and is an economics graduate from Delhi University. mid corporates and small businesses. prior to joining the HSBC Group in London in 1994. Sandeep was the Chief Executive Officer of HSBC in Mauritius. Richard is a qualified Chartered Accountant from the Institute of Chartered Accountants in England and Wales and has extensive banking and audit experience from Coopers & Lybrand. PUBLIC .
Tarun was also the CEO’s Representative for the Northern Region. banks. He has been involved in many significant and large capital market and M&A transactions in India. Tarun has worked in Corporate Banking in the Western. financial institutions. India. Middle East and South Asia region. based in Mumbai and with Morgan Stanley in Singapore. At HSBC. Tandon is a Human Resources professional with 20+ years experience in the setting up and rapid scaling up of multiple businesses – Life Insurance. including large Indian corporates. global corporates. Capital Markets and Project Finance. Mortgage Guaranty. Prior to that. large conglomerates. Tarun represents HSBC on British Business Group and European Business Group. Government agencies and the Regulators. Sunil is responsible for Corporate & Investment Banking. he was Managing Director and Co-Head Investment Banking India at Goldman Sachs.14 . Head of Corporate Banking for HSBC in India. Besides this role. He also represents HSBC on the Banking & Finance Committee of ASSOCHAM and FICCI. Prior to joining HSBC. During his 23 years with the Bank. Tarun headed Corporate Banking in Northern India. Private Equity. Business Process Outsourcing (BPO) and Wealth Management in different Geographies across the Mediterranean. Sunil joined Goldman Sachs in 2006. Tarun Balram: MD and Head . Mr. His coverage experience includes managing key relationships. General Insurance. Consumer Finance. corporate restructuring. Tarun moved to Mumbai in January 2010 and is presently Managing Director. Tandon has experience in leading teams of 150+ H R Professionals and has played a key role in enabling diverse businesses to succeed quickly by acquiring Top Management PUBLIC . Southern & Northern Regions. he spent many years with JM Morgan Stanley (a joint venture between JM Financial and Morgan Stanley). Mr. Software Services. and has the responsibility for driving HSBC’s People Strategy in India and working towards building a high performance organisation.Global Banking Sunil Sanghai joined HSBC in September 2010 as the Head of Global Banking. advisory and domestic and global capital markets. Vikram Tandon: Head . In his previous role.Sunil Sanghai: Head . Asset Management. financial sponsors.Human Resources Vikram Tandon is the Head of Human Resources for HSBC in India.Client Management Tarun joined HSBC in Mumbai in 1990. Sunil started his investment banking career 1992 and has rich experience in mergers and acquisitions. Real Estate Development & Investments.
He also has a thorough exposure to Banking. bond or mutual fund or any other security. and the Portfolio Manager will not have any discretion to make investments decisions (buy or sell or otherwise) on behalf of the client and shall solely act on the instructions given by the Client. 1 2 3 4 5 6 7 8 9 10 11 12 13 Group Companies of the Portfolio Manager in India HSBC Agency (India) Private Limited HSBC Asset Management (India) Private Limited HSBC Electronic Data Processing (India) Private Limited HSBC Global Shared Services (India) Private Limited (formerly known as HSBC Insurance Brokers (India) Private Limited) HSBC Professional Services (India) Pvt Ltd HSBC Securities and Capital Markets (India) Private Limited HSBC Software Development (India) Private Limited HSBC InvestDirect (India) Limited (formerly known as IL&FS Investsmart Limited) (HIDL) HSBC InvestDirect Securities (India) Limited (formerly known as IL & FS Investsmart Securities Limited) (HISL) Investsmart Financial Services Limited HSBC InvestDirect Distribution Services (India) Limited(formerly known as HSBC InvestDirect Commodities (India) Limited) HSBC InvestDirect Academy for Insurance and Finance (India) Limited HSBC InvestDirect Sales & Marketing (India) Limited 3. Non-Discretionary Investment Advisory Service Non-Discretionary Investment Advisory services relates to the service whereby. leveraging Leadership Development & Training and instituting a strong Performance and Accountability orientation. Grocery Retailing. The recommendations will be in the form of portfolio discussions. the Portfolio Manager’s PUBLIC . Details of the services being offered: Discretionary/ Non-discretionary/ Advisory.2.talent. Tandon was the Regional Human Resources Director. The non-discretionary Investment Advisory Services will be in the nature that the Bank may recommend to the Client such Investment Products as the Bank reasonably believes to be suitable for the Customer and which are in accordance with the Customer’s investment objectives as derived using the Profiling Document completed by the client. the Portfolio Manager will provide the advise on Investment Products to help the client to make investment decisions. FMCG distribution and Hospitality sectors. 3. proposals and research reports such that the recommendations will provide the rational for investment decisions (buy or sell or otherwise) of a particular stock. Mr. Moreover.15 . The client will handle funds/securities held in their name and take their own decision. Middle East & South Asia Region for American International Group (AIG). Mediterranean. Before taking up his current role in November 2010.3.
The Portfolio Manager will act only on the Client’s instructions. Bank and Demat account The Portfolio Manager will help the client to open a bank account and a demat account in the client’s name. issue of bonus shares. PUBLIC .16 . Execution services/settlement services Execution Services/Settlement services means the execution and/or settlement of transactions in Investment Products based on instructions from the Client and includes execution of instructions as a Power of Attorney holder pursuant to the terms of the Power of Attorney. services of takeover and custody of physical security certificates (where relevant).investment professionals will help the client to reconstruct his/her portfolio as per the client’s investment objectives. and all incidental services in connection with both (a) and (b). safekeeping of securities of the Client. tracking of corporate actions namely issue of dividends on shares. Custodial Services Custodial services means: (a) in relation to securities in physical form. in addition to any demat services enumerated in a depositary participant agreement entered into by the Client with the Bank. including but not limited to. split of share certificates. The following are the characteristics of the service: Investment decision The Client will have total discretion to handle his/her portfolio and make investment decisions pertaining to the securities held in their portfolio. buy back offers. receipt. The Customer acknowledges that the Bank is merely acting as a facilitator in order to enable the Customer to meet the Service Provider and neither has the Bank agreed to provide such services directly nor shall the Bank be responsible for any action or omission whatsoever on the part of the Service Provider. etc. dispatch and follow-up of securities for dematerialization. and (b) in relation to securities to be dematerialized or in a dematerialized form. on behalf of the Client provided for the purposes of execution or settlement . Introduction Facilities/Referral Services Introduction Facilities/Referral Services means the referrals provided by the Bank to a Customer from time to time provide Introduction or Referral Facilities to the Customer by introducing the Customer to Service Providers providing the Third Party Services and assisting the Customer in contacting such third parties to enable the Customer to avail the Third Party Services from the Service Providers. settlement and registration of securities purchased or sold.
& Anr.17 . pursuant to the order received from the Reserve Bank of India w. Civil Appeal No.was paid on 26 September 2012. High Court Mumbai) The Hongkong and Shanghai Banking Corp Ltd.r. There are no penalties imposed on the Portfolio Manager for any economic offence and / or for violation of any securities laws. 1999. 4644 of 1993.levied by National Securities Depository Limited in the normal course of business during the period 1 January 2006 to 10 May 2012. findings of inspection or investigations for which action may have been taken or initiated by any regulatory authority. an erstwhile Overseas Corporate Body (OCB).000/. 4. Enquiries initiated and censures passed by the Reserve Bank of India.still pending PUBLIC .4. Vs. Penalties imposed for any economic offence and/ or for violation of any securities laws. 10. 1949.000/. 500.2 Any pending material litigation / legal proceedings against the Portfolio Manager / key personnel with separate disclosure regarding pending criminal cases.t erroneous renewal of FCNR (B) deposits of The Thattai Hindu Mercantile Community (TTHMC).was levied by the Reserve Bank of India vide order dated 01 July 2010 under section 11(3) of the Foreign Exchange Management Act. No change. 4. and ii) A penalty of Rs. 5281/2004 (Original Suit No. pending litigation or proceedings. Penalties.000/. Canbank Financial Services Ltd.was levied by the Reserve Bank of India vide order dated 26 April 2011 under section 47A(1)(b) read with section 46(4) of the Banking Regulation Act. Violations and penalty levied pertained to FX and Derivative transactions executed with clients and documentation requirements pertaining to the same are as follows: i) A penalty of Rs. Penalties amounting to INR 17. Other disputes that are pending / settled are: 1. A penalty of INR 10. The Supreme Court of India. if any.1 All cases of penalties imposed by the SEBI or directions issued by SEBI under the Act or Rules or Regulations made there under. The nature of the penalty/direction. There are local court cases by the Bank/Bank’s customers in the normal course of banking business.625/.
The Hongkong and Shanghai Banking Corporation Limited. The High Court. CC.2.still pending 3. Dumpy Holdings Limited Vs. The court of Senior Civil Judge. No change. National Consumer Dispute Redressal Commission. Tis Hazari CC no. RCA 6/2013.169 of 2011.still pending 6. 3984 of 1995. High Court. No. N Addappa & another Vs. Mumbai Suit No.18 .still pending 4. 885 of 1996 The Hongkong and Shanghai Banking Corp Ltd. OOCJ Suit No. TIS Hazari Delhi . B. Vs. Canara Bank and 7 others No change. The Hongkong and Shanghai Banking Corporation Limited & Ors No Change . Special Court. 573/04 Dumpy Holdings Limited Vs. Canbank Financial Services Ltd. This dispute is now closed. The Hongkong and Shanghai Banking Corporation Limited. New Delhi CC no. Mumbai) The Hongkong and Shanghai Banking Corp Ltd. Vs. The Session Court. Addition of new dispute PUBLIC . 12/2002 (Original Suit No. 5.
under the Act or Rules or Regulations made thereunder. Penalties issued against HSBC Securities and Capital Markets (India) Private Limited SEBI had initiated an enquiry against HSBC Securities and Capital Markets (India) Limited (“HSCI”) under the SEBI (Procedure for Holding Enquiry by the Enquiry Officer and Imposing Penalty) Regulations. Pursuant to the said hearing.K. Enquiries against HSBC Securities and Capital Markets (India) Private Limited SEBI has initiated an enquiry against HSBC Securities and Capital Markets (India) Private Limited (“HSCI”) and accordingly issued a Show Cause Notice dated 30 July 2008 calling upon HSCI to show cause as to why further action should not be taken against HSCI for the violations alleged to the have been committed by HSCI under Regulations 25 and 38 of the SEBI (Intermediaries) Regulations. 2008. submissions were made by HSCI’s counsel at the hearing held on 6 October 2008. V. Subsequent to the enquiry officer’s PUBLIC .K. the matter is not a fit case to levy any penalty. 2002 in the matter of the Open Offer made by Global Green Company Limited to the shareholders of Saptarishi Agro Industries Limited in September 2000 under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. 1997.19 . Dr. An enquiry was held under the SEBI (Procedure for Holding Enquiry by the Enquiry Officer and Imposing Penalty) Regulations. wherein submissions were made by HSCI’s counsel at the hearing held on 9 October 2003. Modi. SEBI has vide its letter dated March 4. SEBI vide its order dated 9 December 2003. HSCI submitted its reply and sought a personal hearing. There has been no deficiency in the systems and operations of the Portfolio Manager observed by SEBI or any regulatory agency. Mod Fashions and Securities Private Limited and Modikem Limited in concert with Witta International Inc.3 Any enquiry/ adjudication proceedings initiated by SEBI against the Portfolio Manager or its directors. Modi. 4.Any deficiency in the systems and operations of the Portfolio Manager observed by SEBI or any regulatory agency. 2002 in the matter of a voluntary open offer by Mr. B. Accordingly. HSCI had filed a detailed response in this regard on 10 September 2008 and had sought a personal hearing in the matter. and Sidh International Limited (collectively the Acquirers) to the shareholders of Modi Rubber Limited. confirmed that HSCI had not acted negligently warranting imposition of a penalty.e. principal officer or employee. principal officer or employee or any person directly or indirectly connected with the Portfolio Manager or its directors. 2009 informed HSCI of the enquiry officer’s recommendation i. Subsequent to the enquiry officer’s recommendations of a major penalty a show cause notice dated 1 August 2003 was issued requiring HSCI to show cause as to why HSCI’s certificate of registration should not be suspended for 6 months.
Save as disclosed below and basis the information available on our records. Thereafter. specified in Schedule II of the Stock Broker Regulations The matter pertains to transactions undertaken for certain clients (alleged KP entities) between December 2000 and February 2001 in the scrip ‘Adani Exports Ltd. On 24-Nov-04. SEBI had subsequently vide its order dated 7th March 2007 imposed a minor penalty of censure on the certificate of registration of HSCI. there is no action by SEBI pending against HSBC InvestDirect Securities (India) Limited. Show Cause notice and warning against HSBC Asset Management (India) Private Limited : SEBI issued a Show Cause notice dated August 07. Subsequently. 2009 and warned the Board of Trustees of the Mutual Fund.e. 1996 with respect to the same should have been complied with. A Show cause Notice was issued to HSCI vide a letter dated 9 June 2000 in the matter of the rights issue of Siemens Limited in which HSCI was acting as the Lead Manager requiring HSCI to show cause as to why action should not be taken against HSCI for non-disclosure in the offer document of certain litigation against Siemens Limited involving ex-employees. 2003 to IL&FS Investsmart Limited (IIL). the Mutual Fund. HSCI had appealed against the said order before the Securities Appellate Tribunal. 2010 disposed off the show cause notice dated August 07. SEBI. SEBI vide its order dated April 23.20 . HSBC InvestDirect Securities (India) Limited (HISL) [successor-in-title post transfer of broking business by IIL in 2006] received a Show Cause Notice (SCN) enclosing a copy of the enquiry officer report dated 09-Feb-09. Wholetime Member. 1995 .Regulation 7 read with Clauses A (1). AMC & CEO pertaining to the changes made in the Scheme Information Document of HSBC Gilt Fund via an Addendum. the personal hearing took place before the Wholetime Member. SEBI stated in the said Show Cause notice that the change made to the name. After considering the submissions made by the AMC. Subsequently SEBI vide its letter dated 26 September 2000 advised HSCI to be cautious in future assignments. HSCI be censured. Mumbai on 23rd April 2007 wherein SAT upheld the Order passed by SEBI. (2). Further on 31-Jul-09.’ by Investsmart India Limited (IIL). (b). AMC and its CEO that they should strictly comply with the law governing the conduct and business of mutual fund in securities market. a show cause notice has been issued by SEBI requiring HSCI to show cause as to why the said penalty should not be imposed.Regulation 4 (a). (c) and (d) of the SEBI (PFUTP) Regulations. SEBI has sent a notice of Enquiry under Regulation 6 of SEBI (Procedure of Holding Enquiry and Imposing Penalty) Regulations. Mutual Fund. (3) & (4) and (5) of the Code of Conduct for Stock Brokers. 2009 to the Trustees of the Mutual Fund.recommendations of a minor penalty i. benchmark index and duration of the Scheme would be construed as a change in the fundamental attribute of the Scheme and hence the applicable provisions of the SEBI (Mutual Funds) Regulations. PUBLIC . The report alleged violation of provisions of .
There are five levels of risk tolerance defined. much before the investigations into the alleged price manipulation. if necessary." 5. Investment Objectives The Investment Objectives are based on the clients Risk Tolerance. You are willing to forego capital appreciation and to utilise principal (potentially at a loss). IIL had stopped all further dealings for the said clients effective 07-Mar-01. as generated by the client completing the Risk Profiler. to fund the desired level of sustained current income. You are willing to accept lower (on a historical basis relative to more traditional debt/equity investments) returns in exchange for high liquidity/lower risk. The five levels of risk tolerance from the lower to the higher degree of risk tolerance for the client are: a) Risk Averse.the sale transactions were executed only on 3 days in December 2000. It was submitted that . On 28-Sep-11. HISL awaits further communication in this regard from SEBI.the transactions under question were only delivery based sale transactions and could not have resulted in the upward price movement contended in the said notice . and other sources.21 .69% (INR 22) . d) Growth and e) Aggressive. HISL voluntarily filed consent application with SEBI on a 'no-fault' basis and thereafter vide letter dated 15-Feb-12 filed revised consent/ settlement term of INR 25 Lakhs. HISL received SEBI letter dated 28-Jun-11 advising a hearing before the Wholetime Member (WTM) but sought adjournments to the same as it was proposed to settle the matter under consent proceedings. depending on the level of risk that the client is willing to take. the price of the security had risen by only 3. b) Conservative Objective is to obtain a continuing income stream from reliable debt and equity investments. b) Conservative. SEBI vide letter dated 18Sep-12 has rejected the said consent application. during which time. Services Offered The Portfolio Manager offers the following service: Non-Discretionary Investment Advisory Service The present investment objectives and policies are concisely stated in the document below for easy understanding of the potential investor.Basis media reports. a) Risk Averse Objective is primarily preserving the original principal over the investment time horizon with low volatility of principal value and a low level of capital risk. PUBLIC . c) Balanced.Comprehensive response was filed with SEBI on 29-Sep-09 submitting that there was no violation committed on the aspects brought out in the SCN.
as noted above.22 . Some holdings may be highly illiquid or have decreased level of transparency compared to traditional investment products. which includes but are not limited to risks. including transactions for the purpose of hedging and portfolio rebalancing. The recommendations will be in the form of portfolio discussions. rated or unrated and of any maturity. such that the recommendations will provide the rational for investment decisions (buy or sell or otherwise) of a particular stock. private placement. returns (not guaranteed). secured. on which the Portfolio Manager has no discretion or control and indeed. which may be outside of the investment philosophy or investment objective applicable to the client. as stated in the Profiling Document completed by the client. and subject to Regulations. The Securities could be listed. personal objectives etc. the Portfolio Manager’s investment professionals will help the client to reconstruct his/her portfolio as per his/her investment objectives. rather than current income. including any overseas regulations. The recommendations made by the Portfolio Manager will be in the nature that the Portfolio Manager may recommend to the Client such Investment Products as the Portfolio Manager reasonably believes to be suitable for the Customer and which are in accordance with the Customer’s investment objectives. through a recognized stock exchange. is recommendatory in nature and the acceptance of the same is not obligatory on the client. Moreover. Some growth holdings may have lower liquidity and/or reduced transparency. PUBLIC . unsecured. rights offers or negotiated deals and invest in derivatives. unlisted. the client may make investment decisions on their own accord. Investment Pattern and Type of Securities Based on the investment objective defined by the client. d) Growth Objective is to accumulate wealth over time. You are willing to accept upside and downside volatility in the pursuit of growth including the risk of substantial principal loss. You are willing to take on significant risk including high upside and downside volatility and the potential of substantial or entire loss of principal.c) Balanced Objective is to strike a balance between current income and the desire for modest growth of principal. the Portfolio Manager will recommend the client to make investment decisions (buy or sell or otherwise) in any of the Securities. The client has to judge the same. secondary market operations. The Securities may be acquired through Initial Public Offerings (IPOs). based on various other factors. that may apply to non-resident clients. The client may experience some principal loss given market and other risks. e) Aggressive Objective is to achieve higher than average growth over the longer term market cycle with little need for current income or liquidity. The investment objective. privately placed. as defined hereinabove. bond or mutual fund or any other security. proposals and research reports.
investment strategy and asset allocation selected by the client. The Non-Discretionary Investment Advisory Service is subject to risk arising out of non-diversification when the Portfolio is not sufficiently diversified by investing in a wide variety of instruments so as to spread the individual risk of the investment across a basket of investments in the portfolio. The liquidity of the investments is inherently restricted by trading volumes in the Securities of companies in which the Services are offered. The Portfolio may be affected by the changes in the interest rates prevailing for fixed income securities and volumes of trading. PUBLIC . fluctuations in the equity and bond markets. Investment advise provided by the Portfolio Manager to the Client may not always be profitable. Past investment performance of the Portfolio Manager with respect to NonDiscretionary Investment Advisory Service does not indicate its future performance. liquidity of the underlying instruments. The Portfolio may be affected by settlement periods and transfer procedures. or any investment advise provided to the client. settlement periods. but are not limited to. Risk factors General Risk Factors Investments in Securities are subject to market risks and the Portfolio Manager does not. fluctuations in interest rates. trading volumes etc. in any manner whatsoever. Clients under the Services are not being offered any guaranteed/assured returns. The various factors which may impact the value of the Portfolios' investments include. assure or guarantee that the objectives of the Services will be achieved. The Non-Discretionary Investment Advisory Service is subject to risk arising from the investment objective.6. prevailing political and economic environment.23 . tax laws. changes in government policy. factors specific to the issuer of the securities. The Portfolio Manager is neither responsible nor liable for any losses resulting from the operations of the Portfolios by the Client. Securities investments are subject to market and other risks and there can be no guarantee against loss resulting from investing in the Portfolio(s) of the Client.
tax. by way of illustration. In view of the individual nature of tax consequences. Such loss could arise due to factors which. policy changes of Local / International Markets. transfer or conversion into money) of portfolio within their jurisdiction of nationality. holding. The investments made are subject to external risks such as War. there can be no guarantee that the tax position or the proposed tax position prevailing at the time of an investment in the Portfolio will endure indefinitely. Prospective investors should review / study this Disclosure Document carefully and in its entirety and shall not construe the contents hereof or regard the summaries contained herein as advice relating to legal. company’s refusal to register a security due to legal stay or otherwise. etc. or under the laws of any jurisdiction to which they or any managed funds to be used to purchase/gift portfolio of securities are subject. or financial / investment matters and are advised to consult their own professional advisor(s) as to the legal. apitalization. settlement risk. highly volatile stock markets in India. include. disposal (sale or conversion into money) of Portfolio and to the treatment of income (if any). gifting.24 . limited liquidity in the market. tax. Investments are subject to certain risks viz. taxation. which affects stock markets. purchasing or holding portfolio of securities before making an investment. compared with other types of investment opportunities. There is also a risk of total loss of value of a Security and possibilities of recovery of loss in investments only through legal process. There is a possibility of the value of investment and the income there from falling as well as rising. incorporation. Mis-judgment by the Portfolio Manager or his incapacitation due to any reason. and other tax consequences relevant to their portfolio. any distribution. domicile etc. The tax benefits described in this Disclosure Document are as available under the present taxation laws and are available subject to conditions. The information given is included for general purpose only and is based on advice received by the Portfolio Manager regarding the law and practice in force in India and the Clients should be aware that the relevant fiscal rules or their interpretation may change and will not be applicable to the customers not resident in India. holding. Any policy change / technology change / obsolescence of technology would affect the investments made in a particular industry. default or non-performance of a third party. natural calamities. residence. and also to determine possible legal. however remote is also a risk. financial or other consequences of subscribing / gifting. or disputes raised by third parties. apitalization. financial or any other requirements or restrictions relating to the subscription. disposal (sale. each investor is advised to consult his/ her own professional tax advisor. As is the case with any investment. depending upon the market situation. impeding readjustment of portfolio composition. acquisition. PUBLIC . Investments will be of a longer duration compared to trading in securities. acquisition. Thus the investment in Indian capital markets involves an above average risk for investors. capital gains.
Equity instruments carry both company specific and market risks and hence no assurance of returns can be made for these investments. settlement periods and transfer procedures. or sovereign action. pricing. thereby resulting in a loss to the Investment Portfolio of the client. The Client has perused and understood the disclosures made by the Portfolio Manager in the Disclosure Document before entering into the Investment Services Agreement. unanticipated corporate performance. civil disturbance etc. Acts of state. the ability to sell these investments is limited by overall trading volume on the stock exchange. market closureor a relatively small number of scripts accounting for a large proportion of trading volume. inflation. such as de-listing of Securities. while price risk may arise on account of availability of share price from stock exchanges during the day and at the close of the day. while fairly liquid. The Client stands a risk of loss due to lack of adequate external systems for transferring. Macro-economic risks: Overall economic slowdown. The value of investment will appreciate/depreciate if the interest rates fall/rise. PUBLIC . Fixed income investments are subject to the risk of interest rate fluctuations. market perception. which depend on various factors such as government borrowing. which may accordingly increase or decrease the rate of return thereon. changes to government policies and regulations with regard to industry and exports may have direct or indirect impact on the investments. Liquidity Risks: Liquidity of investments in equity related securities are often restricted by factors such as trading volumes. Credit Risk: Debt Securities are subject to the risk of the issuer’s inability to meet the principal and interest payment on the obligations and may also be subject to the price volatility due to such factors as interest sensitivity. Transfer risk may arise due to the process involved in registering the shares in physical and demat. and consequently the growth of the investments held in the Portfolio of the client. acts of nature. which may restrict the selling ability of such Securities. or the credit worthiness of the issuer and general market risk. accounting and safekeeping or record keeping of securities. may also cause the Interest rate to fluctuate and accordingly impact the market value of fixed income investments. until such Securities are finally sold. lack a well-developed secondary market. The value of the Portfolio may increase or decrease depending upon various market forces affecting the capital markets. economic performance etc.25 . environmental or political problems. Money market Securities. Interest Rate Risk: Clients intending to invest in securities linked to interest are aware that such securities are associated with movements in interest rate. acts of war. If a particular Security does not have a market at the time of sale. While Securities that are listed on a stock exchange generally carry a lower liquidity risk. then the Investment portfolio of the client may have to bear an impact depending on its exposure to that particular security.
HSBC. Investors should be aware of this and only invest in equity or equity related products if their investment horizon is long enough to support these important price movements. Price/Volatility Risk: Equity Markets can show large fluctuations in prices. events like change in name of the Fund Manager of the Scheme. In the event that a client seeks to incest its funds on the basis of the advice of the Portfolio Manager. The material/information contained herein is not to be construed as tax. The investment patterns as advised may not be suitable for all investors. PUBLIC . which forms part of the Portfolio. business. be liable for the consequences arising out of such investment made by the client. An exposure to derivatives can also limit the profits from a genuine investment transaction. Clients/Investors churning their portfolio based on this Portfolio Manager advice shall be doing so entirely at his/her risk and HSBC and its Employees/Agents shall not be liable for the same. which could be expensive. take over and mergers of mutual funds. The Client also bears the risk of its recover through legal process. Shall not. Some of the risks by way of illustration include default or non performance of a third party. and/or accuracy of any information contained herein/attached here with and the same us subject to change without notice or intimation and is intended only for the person or entity to which it is addressed to and may contain confidential and/or privileged material and is not for any type of circulation. Efficiency of a derivatives market depends on the developments of a liquid and efficient market for underlying securities and also on the suitable and acceptable benchmarks. HSBC And its Employees/Agents are no in any way representing as to having any interest therein and to the truth. the client must do so at its sole risk and must consult with his/her own legal. further distributed to any person or published.26 . Legal Risk: The Client stands the risk of total loss of value of an asset. It may not (directly or indirectly) be reproduced. foreclosure of Schemes or plans. General Risk Factors – Disclaimer: The investment pattern as advised by the Portfolio manager should not be construed as an offer or recommendation or solicitation of any offer to buy or sell or hold any security or other financial instruments. Mutual Fund Risk: This risk arises from investing in units of mutual funds. Risk factors inherent to equities and debt securities are also applicable to investments in mutual fund units. in whole or in part. in any manner. company’s refusal to register a Security due to legal stay or otherwise or disputes raised by third parties. In addition. and/or completeness. professional and tax advisors to determine the appropriateness and the consequences of such an investment and arrive at an independent evaluation of the same. investment professional or legal advice. even in short periods of time. for any purpose whatsoever. Derivative risks: The derivatives will entail a counter party risk to the extent of amount that can become due from the party. The Client assumes the entire risk of any use made of the statement/material/information enclosed/provided herein. change in government policies could affect performance of the investment in mutual fund units. The cost of the hedge can be higher than adverse impact of market movements.
27 . Cr) available) Associates / Group companies As at 31 March 1 2013 As at 30 September 1 2012 As at 31 March 1 2012 As at 31 March 1 2011 As at 31 March 1 2010 INR 111 CR INR 73 CR INR 40 CR INR 252 CR. INR 79 CR.7. 7. Please refer Annexure I PUBLIC . INR 4916 CR.2. Complete disclosure in respect of transactions with related parties as per the standards specified by the Institute of Chartered Accountants of India. of Clients Assets Under Discretionary/ Non Management Discretionary (if (Rs. Non discretionary Investment advisory services Non discretionary Investment advisory services Non discretionary Investment advisory services Non discretionary Investment advisory services Non discretionary Investment advisory services 7.1 Client Representation Category of clients No. Non discretionary Investment advisory services Non discretionary Investment advisory services Non discretionary Investment advisory services Non discretionary Investment advisory services Non discretionary Investment advisory services Others As at 31 March 1240 2013 As at 30 September 1222 2012 As at 31 March 1248 2012 As at 31 March 1379 2011 As at 31 March 1343 2010 INR 13793 CR INR 9065 CR INR 8600 CR INR 6026 CR.
373 911.478.509.28.025 1.783 904.883.649 76.813 44.748 412.263.823.092.098 183.148 911.006.621.543.991.535.242.716.841 PUBLIC .092.211 188.8.131.522.242.890.165 41.911.856.122.295.986.233.821.845 274.220 10.484.790.279.692 557.670 8.115 93.487 355.778 372.774.335.228 89.656 234.729 Other liabilities and 223.360.817.778 2010-11 2009-10 44.697.067.316 33.096.420.335.856 403.309 184.108.40.2068 904.823 48.928.238.545.756 166.660 91.694 39.213 Borrowings 104.747.822 8.027 9. The Financial Performance of the Portfolio Manager (based on audited financial statements) Balance Sheet (Currency: Indian rupees in thousands) 2011-12 A) CAPITAL AND LIABILITIES Capital 44.886 8.929 provisions TOTAL B) ASSETS Cash and balances with Reserve Bank of India Balances with banks and money at call and short notice Investments Advances Fixed assets Other assets TOTAL Contingent liabilities Bills for collection 1.660 76.484.660 Reserves and surplus 104.178.247 Deposits 614.991.297.578.520 1.477 209.28 .744.247 59.991.062 541.139 166.886 39.115 50.
818.318 sheet TOTAL 38.523 - 7.024.651 24.561 19.941 19.478 2.876.197 18.215 26.495 15.743.495 38.363.204 3.488 69.405.025 24.636 213.468.528 236.275.099.013.29 .941 17.Profit and Loss (Currency: Indian rupees in thousands) 2011-12 2010-11 2009-10 INCOME Interest earned Other income TOTAL EXPENDITURE Interest expended Operating expenses Provisions and contingencies TOTAL Net profit for the year Profit brought forward TOTAL APPROPRIATIONS Transfer to statutory reserve Transfer to (from) investment reserve Transfer to specific reserve Transfer to Remittable Surplus retained in India for Capital to Risk-weighted Assets Ratio (CRAR) requirements Profit Remitted to Head Office Transfer to Capital Reserve Surplus on sale of immovable properties 61.074 51.667) 206.970.984 297.093.006 30.884.264.515 17.493.586 17.354.416 54.263 51.197 18.644 4.815 21.962.495 14.150 Balance carried over to balance 20.660 83.969.963 15.468.797.146.886.949.616.059.914.644 PUBLIC .266.501.790.836.670.139 15.834 3.182.493.573 64.836 73.572 19.935 15.616.129 9.702 18.348 7.505.007.782 (335.363.909.591.176 704.228 21.006 30.735 64.987 237.658.603 22.743.560.522 8.
000 Private Banking Services per month. payable quarterly (based on the overall relationship with Portfolio Manager) or as a % based fee. charged on the average quarterly Direct Equity Portfolio Value.plus any applicable governmental taxes and levies. Mutual Fund Service Fee Minimum Service Charge for availment of Fixed fee-upto a maximum of INR 30.9. Portfolio Administration Charges Direct Equity Transaction Charges for purchases/sales Settlement Transaction Charges: Subject to a maximum of 1.50%. plus any applicable governmental taxes and levies. Mutual Fund Transaction Charges Transaction Charges: Subject to a maximum of 2% of the value of the transaction. subject to a maximum of 1. (based on the overall relationship with Portfolio Manager) or as a % based fee. payable quarterly. Fixed Fee. charged on the average monthly Equity and Equity oriented mutual fund schemes Portfolio Value.50%. subject to a maximum of 1. plus any applicable governmental taxes and levies chargeable on the transaction value of the Equity and Equity Oriented mutual funds. payable quarterly (based on the overall relationship with Portfolio Manager) or as a % based fee. Nature of expenses The following are the general costs and expenses to be borne by the client availing the services of the Portfolio Manager. payable quarterly. plus any applicable governmental taxes and levies.4% of the value of the transaction. Fixed Fee. payable monthly.50% . Portfolio Advisory Charges Fixed Fee. charged on the average Direct Equity Portfolio Value. plus any applicable governmental taxes and levies. plus any applicable governmental taxes and levies. PUBLIC .30 . subject to a maximum of 1.
50%. As levied by the Depository. Flat fee.plus any applicable governmental taxes and levies. Stocks and Bonds covered under Advisory Module.Advisory fees on Bond transactions % based fee. Individuals (For the purpose of investing plus applicable governmental taxes and in stocks and debentures in the Indian levies payable annually Stock Markets through the Portfolio Investment Scheme. plus applicable governmental taxes and levies payable annually Total Portfolio Fee Stamp duty and service charges Demat Charges Demat Charges Demat Account Maintenance Charges RBI Approvals for Non Resident Flat fee. It does not include Equity-Linked Debentures and PMS (Portfolio Management Services) with third-party providers. Hybrid etc. subject to maximum of INR 500. Stock Exchange Fee & SEBI Turnover Fee Legal Fees (including CA Certification charges) Long Distance courier and call charges. Total Investment Portfolio Value with HSBC includes All Mutual Funds (Equity. charged on the Bond transaction value. PUBLIC . subject to a maximum of 1% . but are not restricted to: Transfer Stamp Charges Custodian Fees Clearing Fee. Total Portfolio fee levied based on the daily average Total Investment Portfolio Value with HSBC.31 . specifically made on behalf of the Client Out of pocket expenses incurred directly in respect of Client’s business by the Custodian or the Portfolio Manager. subject to maximum of INR 600. Debt. It is subject to a maximum of 0. It is charged as a flat one-time fee per approval) Other costs which shall be debited to the Client’s account include. Actuals. plus any applicable governmental taxes and levies.). if any.
It may be noted that the information given hereinafter is only for general information purposes and is based on the advice received by the Portfolio Manager regarding the law and practice currently in force in India and the Investors should be aware that the relevant fiscal rules or their interpretation may change or it may not be acceptable to the tax authorities. the Portfolio Manager will be obliged to act in accordance with the regulatory requirement in this regard. as an investor. and since the individual nature of tax consequence may differ in each case on its merit and facts. there can be no assurance that the tax position or the proposed tax position prevailing at the time of an investment in the Scheme/option will be accepted by the tax authorities or will continue to be accepted by them indefinitely. In view of the above. Further statements with regard to tax benefits mentioned herein below are mere expressions of opinion and are not representations of the Portfolio Manager to induce any investor to invest. In view of the above. 1961 (“the Act”). The following provisions are as per the existing Income Tax Act. by the secondary market operations. PUBLIC .10. each Investor is advised to consult his/her or its own professional tax advisor with respect to the specific tax implications arising out of its particular Portfolio or Investment transactions made. Advance tax installment obligations It will be the responsibility of the Client to meet the advance tax obligation installments payable on the due dates under the Income tax Act. As is the case with any interpretation of any law. Tax deduction at source If any tax is required to be withheld on account of any present or future legislation. General In view of the individual nature of tax consequences.32 . it is advised that the investors appropriately consult their investment/tax advisors in this regard – i. each client is advised to consult his or her tax advisor with respect to the specific consequences to him/her for the Investment transactions or Portfolio. whether directly from the Portfolio Manager or indirectly from any other persons. The Portfolio Manager shall not be responsible for assisting in or completing the fulfillment of the clients’ tax obligations. 1961. Taxation Implications and Benefits for Clients-Discloses the implications of investments in securities and the tax provisions on Income/ Loss or Tax Deduction at Source on various investors.
the tax and surcharge on distribution as stated above will be increased by the Education Cess @ 2% and Secondary and Higher Education Cess @ 1%. (being shares in a company or any other securities listed on a recognised stock exchange in India or units of the Unit Trust of India established under the Unit Trust of India Act. Dividend Dividends declared.5* per cent (plus surcharge @ 10 per cent#) in case of distribution to an individual or Hindu Undivided Family and NRI. Further. and 30 per cent (plus surcharge @10 per cent#) when income is distributed to Domestic Company. 5** per cent (plus surcharge @ 10 per cent#) in case of distribution to NRI and However. Capital Gains Tax Profit on sale of investments. 2003. and 30% (plus surcharge @ 10 per cent#) when income is distributed to Domestic Company In case of distribution by a Debt fund other than money market and liquid fund: 12. but a tax on distributed profits of 15 percent (as increased by surcharge @ 5 per cent) will be payable by the domestic company. 2003. * 25 % as proposed by Finance Act 2013 effective from 01 June 2013 ** 5 % as proposed by Finance Act 2013 effective from 01 June 2013 iv. Interest on Securities Income by way of interest on securities taxed at the slab rates applicable to the assessee under the head “Income from other sources” iii. by domestic companies will be exempt in the hands of the shareholder recipient. and 30 per cent (plus surcharge @10 per cent#) when income is distributed to Domestic Company. In case of distribution by a IDF fund: 25 per cent (plus surcharge @ 10 per cent#) in case of distribution to an individual or Hindu Undivided Family. distributed or paid on or after April 1.33 . 1963 (52 of 1963) or units of a Mutual Fund specified under PUBLIC . but a tax on distributed income will be paid as under: In case of distribution by a money market mutual fund or a liquid fund: 25 per cent (as increased by surcharge @10 per cent#) when income is distributed to any person being individual or Hindu Undivided Family and NRI. by a mutual fund specified u/s 10(23D) of the Act will be exempt in the hands of the unitholders. # increase in surcharge @10% as per finance Act 2013 effective from 01 April 2013. no tax on such distributed income is payable by an equity oriented mutual fund.ii. Income distributed on or after April 1.
will be treated as long term capital gains.when the transactions for sale take place on recognized stock exchanges and are subject to the STT B. or unit of Mutual Fund (whether listed in a recognized stock exchange or not). 1961. @20 percent^ with indexation or 10 percent^ without indexation. in all other cases. Transactions in securities on recognized stock exchange and in units of an equity oriented fund: Long term Capital Gain Long term capital gains on sale of listed securities and on units of an equity oriented fund are exempt from tax when the transactions for sale take place on recognized stock exchanges and are subject to the securities transaction tax (“STT”). PUBLIC . 1961. the long term capital gains will be reduced to the extent of the shortfall and only the balance long term capital gains will be charged at the flat rate of 20 percent^. However.Section 10(23D)) held for a period of more than 12 months (36 months in case of any other investments) immediately preceding the date of transfer. The taxability of long-term and short-term capital gains is discussed below: A. or unlisted securities (means other than listed securities) For Domestic Companies: Long-term Capital Gains will be chargeable under Section 112 of the Income-tax Act. @ 20 percent^ with indexation or 10 percent ^without indexation. it would be treated as short-term capital gains. Where the taxable income as reduced by long term capital gains is below the exemption limit. Transactions in Other securities or transactions not on recognized stock exchanges Long term Capital Gain On long-term capital gains (other than long-term capital gains exempted by Sec 10(38) of the Act discussed elsewhere in this document) in respect of: security listed in any recognized stock exchange in India. For Resident Individuals and HUFs : Long-term Capital Gains will be chargeable under Section 112 of the Income-tax Act.34 . such long Term Capital Gains arising to a company shall be taken into account in computing the book profit and income tax payable u/s 115JB of the Act Short term Capital Gain Short term capital gains on sale of listed securities and units of an equity oriented fund are taxable at the rate of 15 percent (plus surcharge and education cess wherever applicable) .
These are the tax rates applicable to capital gains. 1 Taxable securities transaction Rate (per cent) Payable by Upto 31 from 01 June May 2013 2013 0. where (a) the transaction of such sale is entered into in a recognized stock exchange.025 Seller PUBLIC . A surcharge of 10% will be applicable to the capital gains tax rate in case the total income of the Individual / HUF and NRI exceeds INR 1 Crore In case of a domestic company. However. and (b) the contract for the sale of such share or unit is settled by the actual delivery or transfer of such share or unit Sale of an equity share in a company or a unit of an equity oriented fund. and (b) the contract for the purchase of such share or unit is settled by the actual delivery or transfer of such share or unit Sale of an equity share in a company or a unit of an equity oriented fund. then for the purpose of TDS.1 Nil Purchaser 2 3 Purchase of an equity share in a company or a unit of an equity oriented fund. However. if any. no benefit of Cost Inflation Index is available and the requirement of computation of gains in foreign exchange will not apply.For NRIs: Long-term capital gains on sale of unlisted securities will be taxed at the rate of 10 percent^.35 . No. if any and education cess at 3 percent on tax and surcharge. the withholding tax rate would be 20% The tax rates are subject to DTAA benefits available to NRIs. INR 1 Crore.1 0.025 0. Securities Transaction Tax STT is levied on the value of taxable securities transactions as follows: Sr. surcharge of 5% will be levied if the total income exceeds Rs. and 10 % if the total income exceeds INR 10 Crore v. where (a) the transaction of such purchase is entered into in a recognized stock exchange. ^ Plus applicable surcharge. Long Term Capital Gains (other than unlisted securities) are taxable @ 20 percent^ with indexation or 10 percent^ without indexation. in case the rate of tax is lower than 20% and if the NRI does not have a Permanent Account Number. where – (a) the transaction of such sale is entered into in a 0.001 Seller 0.
25 0. and (b) the contract for the sale of such share or unit is settled otherwise than by the actual delivery or transfer of such share or unit (a) Sale of an option in securities (b) Sale of an option in securities. where option is exercised (c) Sale of a futures in securities Sale of a unit of an equity oriented fund to the Mutual Fund Sale of unlisted equity shares under an offer for sale as part of an initial public offer and shares of the company are subsequently listed on the stock exchange 0. Accounting Policies The offering envisages Non-Discretionary Investment Advisory Service and hence.125 0.01 0.017 0.2 Seller Purchaser Seller Seller Seller Commodity Transaction Tax (‘CTT’) CTT is proposed to be levied (effective from a date to be notified) on the value of taxable commodities transactions as follows: Transaction Sale of commodity derivative (other than agricultural commodities) entered in a recognised association Rate 0. the Client should take proper advice on the above matters through a qualified Chartered Accountant/Tax Practitioner.36 .125 0. the fee-based income of the portfolio manager will be accounted based on the guidelines issued from time to time by Reserve Bank of India/Securities Exchange Board of India/Institute of Chartered Accountants of India.4 5 6 recognized stock exchange.1% Payable by Seller Disclaimer: The above is only a summary.017 0.001 0. However. the portfolio transaction per se will not be reflected in the books of the portfolio manager.2 0. PUBLIC .017 0.” 11.
3911 1217. shall be settled by arbitration in accordance with the provisions of the Indian Arbitration and Conciliation Act. controversy or claims arising out of. the NDIASGRC or Nodal Officer/team on a best effort basis shall resolve the complaint within 10 days. 139-140B. Private Banking department. As per the terms of Investment service agreement any dispute. Name of the Investor Relations Officer Prashanti Nagarkatti Chief Nodal Officer The Hongkong and Shanghai Banking Corporation Limited Shiv. failing which it shall be resolved in terms of the agreement. The arbitral procedure shall be conducted in the English language and any award or awards shall be rendered in English. The clients shall send a written complaint addressed to the NDIASGRC or Nodal Officer. Sahar Road Vile Parle East Mumbai 400 057 Email: pnohsbcbank@hsbc. the client and the Portfolio Manager and any person designated by the Portfolio Manager shall endeavor to resolve the complaint by mutual dialogue and the dispute shall be attempted to be settled amicably by prompt negotiations between parties. The procedural law of the arbitration shall be Indian law. The place of arbitration shall be Mumbai and any award whether interim or final. in Mumbai. All correspondence in this regard shall be addressed to: NDIAS Grievance Redressal Cell: The Hongkong and Shanghai Banking Corporation Limited. 1st Floor.1 Name. On receipt of the complaint.37 . fax number : +91-044-30134046 Grievance Redressal and dispute settlement mechanism The Portfolio Manager has constituted a Non-Discretionary Investment Advisory Service Grievance Redressal Cell (NDIASGRC).co. termination or invalidity thereof.12. shall be made. Fort. Investor Services 12. address and telephone number of the investor relation officer who shall attend to the investor queries and complaints. PUBLIC . In the event the complaint is not resolved within 10 days. Monday to Friday on contact number: +91 44 . 1996. Mumbai : 400 001 Mechanism The Portfolio Manager shall attend to and address any client query or concern as soon as possible to mutual satisfaction. CTS No.in> You may also contact the Nodal Officer Team between 09:30 AM to 06:00 PM. agreement or the breach. 52/60. The arbitral tribunal shall comprise of a sole arbitrator appointed by the Bank. and shall be deemed for all purposes between the Parties to be made. or relating to. Mahatma Gandhi Road.
A – Banco Multiplo.38 . HSBC Securities and Capital Markets (India) Private Limited.Annexure I Related parties Transactions 1. HSBC Bank Mauritius Limited. 1. HSBC Bank of Middle East. HSBC Global Resourcing (UK) Limited.A. HSBC Private Equity Management (Mauritius) Limited (Liaison office). HSBC Bank plc. The related parties of the Bank are broadly classified as follows: 1. HSBC InvestDirect Distribution Services (India) Limited. Investsmart Financial Services Ltd. i.2 Branch Offices Branch offices comprise all branches of The Hongkong and Shanghai Banking Corporation Limited outside India.. IL&FS Investsmart Asia Pacific Private Limited. British Arab Commercial Bank Limited.e.E. 1. HSBC InvestDirect (India) Limited. HSBC Republic Bank (UK) Ltd. Hang Seng Bank Limited. Investsmart Insurance Agency Private Limited. Hong Kong is the Head office of the Bank and HSBC Holdings plc is the ultimate holding company of the bank.A PUBLIC . Parent: The Hongkong and Shanghai Banking Corporation Limited. HSBC Software Development (India) Private Limited. HSBC Bank International Limited. HSBC Bank Argentina S. which have a common ultimate holding company. HSBC Trinkaus and Burkhardt AG. HSBC Operations and Processing Enterprise (India) Private Limited. HSBC Bank Malaysia Berhad.. HSBC Bank Canada.1.A.. N. HSBC Asset Management (India) Private Limited. SB HSBC Bank Kazakhistan JSC. HSBC Holdings plc. HSBC Bank Australia Ltd. HSBC Professional Services (India) Private Limited. HSBC Private Banking Holdings (Suisse) SA. HSBC Bank Brasil S. HSBC Global Shared services (India) Private Limited. HSBC InvestDirect Securities (India) Ltd. HSBC France. HSBC Bank Egypt S. HSBC Bank USA. HSBC Electronic Data Processing India Private Limited. HSBC InvestDirect Academy for Insurance and Finance (India) Ltd.3 Fellow subsidiaries Fellow subsidiaries comprise companies.
890 3 Balances with related parties are as follows: (Rs ‘000) As at 31 March 2012 Maximum during the year 2012 1 Parent As at 31 March 2011 Maximum during the year 2011 Borrowings Deposit Placement of deposits Advances Nostro balances Other liabilities Non Funded Commitments 1.618 10.842. key management personnel and subsidiary): (Rs ‘000) Parent Fellow Subsidiaries 31 March 2012 31 March 2011 31 March 2012 31 March 2011 Interest Paid Interest Received Rendering of Services Receiving of Services 1.745 Receiving of Services 2. 2 The transactions of the Bank with related parties are detailed below except where there is only one related party (i.842.842.890.377.973 - 1.377.4 Key management personnel and subsidiaries The Chief Executive Officer (‘CEO’) is considered the Key Management Personnel of the Bank.809.955 - 1.955 1.723 Interest Received 5. HSBC Agency (India) Private Limited is the only subsidiary of the Bank.255 394.834 5.39 .377.973 - PUBLIC .e.215 50.653 113.294 442.599 10.503 189.303 Rendering of Services 37.955 - 1.382 1.897 1.973 (Rs ‘000) 748.1.749.665 Branch offices 31 March 2012 31 March 2011 Interest Paid 180.449 382.
703 3.679 332.844.126.811.849.815 11.121 2.583.930.506.075 34. PUBLIC .810 8.122 25.617.026 8.496.702 882.443.523 21.108.248 (Rs ‘000) Fellow Subsidiaries As at 31 March 2012 Maximum during the year 2012 1 As at 31 March 2011 Maximum during the year 2011 Borrowings Deposit Placement of deposits Advances Nostro balances Positive MTMs Negative MTMs Derivative notionals Investments Non Funded Commitments 1 7.375 12.745.887.794.647.159 12.278.435 5.240 69.962. Material related party transactions A related party transaction is disclosed as a material related party transaction wherever it exceeds 10% of all related party transactions in that category.526.837 1.498 955.789 2.392.601 410.441 398.704.039.9220.127.116.114.999.393 12.415 26.669.054 10.275.197 25.861.060 15.021 261.473.235 31.301.014 13.091.626 8.972 11.422 15.932. Following are such related party transactions.155.189.497. All amounts are Indian Rupees in thousands.795 31.227.263.426 19.499 10.848 1.262 200 10.554.104.728.392.(Rs ‘000) As at 31 March 2012 Maximum during the year 2012 1 Branch offices As at 31 March 2011 Maximum during the year 2011 Borrowings Deposit Placement of deposits Advances Nostro balances Positive MTMs Negative MTMs Derivative notionals Non Funded Commitments 46.032.380 127.104 3.952 100 1.221.877 100 1.403 18.647.550 42.327 31.496 390.149 Maximum balances are determined based on comparison of the total outstanding balances at each quarter end during the financial year.980 12.001.40 .559 27.297 127.476 17.680 260.141 2.785 757.466.860 26.723 25.631.951.795.026 29.940 17.911.889.521 21.321 958.297 1.910.183.059 52.009.433 36.878 100 9.825.638 32.
1.438 (previous year: Rs. 46.751) and The Hongkong and Shanghai Banking Corporation Limited.A. 7.842.227 (previous year: Rs.552 (previous year: 38.590 (previous year: Nil). 9. 186.689). 5. Interest paid: Payment of interest to The Hongkong and Shanghai Banking Corporation Limited.41 . 7. Rendering of services: Income from HSBC InvestDirect Securities (India) Limited Rs.106 (previous year: Rs. 9.500 (previous year: Rs. Hongkong (Head Office) Rs.515) and Hang Seng Bank Limited Rs.635).301).955 (previous year: Rs. 1.721) and HSBC Electronic Data Processing (India) Private Limited Rs.364 (previous year: 256. Rs. PUBLIC . USA.742). 12.32.259).130.437.525. 1. HSBC Software Development (India) Private Limited Rs. 1. 4. Hongkong Branch Rs.825 (previous year: Rs. 25.Rs. 18. HSBC Securities and Capital Markets (India) Private Limited Rs.377. 35.059).919 (previous year: Rs. HSBC Electronic Data Processing India Private Limited Rs. 3.325). Placement of deposits : Hang Seng Bank Limited Rs.093 (previous year: Rs. Deposits: HSBC Software Development Rs.467.126. 160.399 (previous year: Rs.213 (previous year: Rs. 7.540 (previous year: Rs.973). Hongkong Branch Rs. Borrowings: The Hongkong and Shanghai Banking Corporation. 113. Hong Kong branch Rs.257. 51. 47.351.122.250 (previous year: Nil). 1.Interest received: Interest received from The Hongkong and Shanghai Banking Corporation Limited.850). Nostros: Fellow subsidiaries-HSBC Bank.943 (previous year: Rs. 77. 42. N. 31. Receiving of services: Expenses for receiving of services from The Hongkong and Shanghai Banking Corporation.919) and HSBC Asset Management (India) Private Limited Rs. 2. 46) HSBC Bank plc Rs.837 (previous year: Nil) and HSBC Private Banking Holdings (Suisse) SA.674. 118.390 (previous year: Rs. 180.002 (previous year:Rs.653. HSBC Electronic Data Processing India Private Limited Rs. The Hongkong and Shanghai Banking Corporation Limited.177) and HSBC Electronic Data Processing India Private Limited Rs.924). 11.494 (previous year: Rs. 1.631.385.979). 354. Singapore branch Rs. Hongkong Branch Rs. 261.
193. 25. 94.873.023. Notionals: The Hongkong and Shanghai Banking Corporation Limited. 1.136).315. 630.539) HSBC Bank plc Rs. 303.A Rs.890 (previous year: Rs. 8. 4.846.215. 28. 663.690. 809.175.152 (previous year: Rs. 7. 2.094 (previous year: Rs.Non Funded Commitments: HSBC Securities and Capital Markets (India) Private Limited Rs. 18. N.172.815) HSBC Bank plc Rs.532.554. 9.623 (previous year: Rs.862) HSBC Bank plc Rs.046.000) and The Hongkong and Shanghai Banking Corporation. N. 652. 1.269.750 (previous year: Rs.971.542. 1. 1. Hongkong Branch Rs.778) HSBC Bank USA.A Rs. 263. 68. 178.981) Hong Kong Branch of HBAP Rs. Positive MTM: The Hongkong and Shanghai Banking Corporation Limited.277) HSBC Bank USA.857 (previous year: Rs. Hongkong Branch Rs.020 (previous year: Rs.857.864) Hong Kong Branch of HBAP Rs.444.674 (previous year: Rs.565.A Rs.772 (previous year: Rs. 933.193 (previous year: Rs. Singapore Rs. Negative MTM: The Hongkong and Shanghai Banking Corporation Limited. 1.42 .113 (previous year: Rs.358 (previous year: Rs.567.776) HSBC Bank USA. Hongkong Branch Rs. PUBLIC .243) Hong Kong Branch of HBAP Rs.669. 13.751.782 (previous year: Rs. 7. 9.290.736.557. N.360 (previous year: Rs.439. 2.211.928).439).165).
Tel No. 2287 0068.Road. India branches 52/60 Mahatma Gandhi Road. : (022) 2268 1180 Fax No. PUBLIC .FORM C Securities and Exchange Board of India (Portfolio Managers) Regulations.co. Pherozshah Mehta Road. Universal Insurance Building. M Raiji & Co. 2013. bearing registration no. fair and adequate to enable the investors to make a well informed decision). Fort Mumbai 400 001 NOTE: Form C and copy of chartered accountant’s certificate to that effect as stated above were submitted to SEBI on June 12.G. fair and adequate to enable the investors to make a well informed decision regarding entrusting the management of the portfolio to us / Investment in the Portfolio Management Services. M/s N. Date: 10 June 2013 SD/____________________________ Stuart Milne Principal Officer Place: Mumbai Name and address of the Principal Officer: Name: Stuart Milne The Hongkong and Shanghai Banking Corporation Limited 52/60. iii) the Disclosure Document has been duly certified on June 10. ii) the disclosures made in the document are true. Mumbai 400 001. Balse .in We confirm that: i) the Disclosure Document forwarded to SEBI is in accordance with the SEBI (PortfolioManagers) Regulations. MUMBAI 400001 Telephone No. 39434 (enclosed is a copy of the chartered accountants' certificate to the effect that the disclosures made in the document are true. : (022) 2268 5577 E-mail : privatebanking@hsbc. Fort.Partner.43 . 2013 by Mr Vinay D. 1993 and the guidelines and directives issued by SEBI from time to time. M. 1993 (Regulation 14) The Hongkong and Shanghai Banking Corporation Limited.
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