Macroeconomic Update
FY 24-25 witnessed divergence in growth across major economies amidst heightened global uncertainties. It was a year when more than half of the world went to polls. The results led to pivotal changes in macroeconomic policies, led by the US. Driven by strong consumer spending, private investments, robust services sector and a tight labour market, economic growth defied estimates. But the policy shocks introduced by the new US administration, including tariffs and firing of government employees have led to a slowdown in Q1CY25 and might signal an end to US exceptionalism. While Europe avoided recession in CY24, growth in the days ahead must be looked at cautiously as geopolitical instability and resultant gas price volatility continues to put pressure on European manufacturing competitiveness and cost of living. China saw subdued economic growth in the last one year mostly on account of sluggish domestic demand and a subdued property sector.
Falling inflation prompted major central banks to commence the rate cut cycle. However, last mile disinflation has proved to be sticky, led by robust demand for services in Advanced Economies (AE) and tight labour market in the US.
Key developments of FY 24-25:
• Elections were held in major economies such as the US, Germany, France, India etc. The US saw Donald Trump elected as the President.
• Globally, interest rate cut cycle commenced. ECB has cut rates by 125bps since June 2024, US Fed has cut by 100bps
| (YoY change %) | ||
| Particulars | 9MFY24 | 9MFY25 |
| GDP | 9.5 | 6.1 |
| Private Consumption | 5.3 | 6.8 |
| Government Consumption | 8.9 | 3.6 |
| Gross Capital formation | 11.1 | 5.8 |
| Gross Fixed Capital formation | 9.8 | 6.0 |
| Exports | 0.2 | 6.9 |
| Imports | 14.5 | -1.5 |
Source: MoSPI, CEIC, Ambit Capital research. Note: Public Administration and Defence (PADO)
since September, while the RBI undertook its first rate cut (25bps) in February 2025.
• Japan undertook a rate hike cycle and increased its policy rates to 0.5%, highest since GFC. Japans tight monetary policy stance was a response to the elevated inflation levels in the country.
• India became a part of the JP Morgan Index in June 2024. This has facilitated flows in the Indian debt market.
• China announced a USD1.4trn stimulus aimed at easing local government financing strains and stabilising economic growth.
• Major European countries undertook a shift in fiscal policy. Germany announced in March 2025 that it plans to loosen its constitutionally enshrined limit on annual borrowings.
• The incoming US President issued 159 executive actions since the inauguration of his Presidency. These actions include reciprocal tariffs on all countries, mass firing of employees from various government departments, stringent measures to enforce actions against illegal immigration, withdrawing the US from the WHO etc.
GDP growth slowed down in 9MFY25: Indias GDP grew by 6.1% YoY in 9MFY25 (as against an upwardly revised growth rate of 9.5% YoY in 9MFY24). The slowdown was led by sectors such as manufacturing, construction and services. Agriculture was the only bright spot as good rainfall ensured a bountiful Kharif harvest. On the demand side, private consumption demand remained robust due to rural spending but investment growth halved due to weak private investments and slowdown in governments infrastructure spending.
| (YoY change %) | ||
| Particulars | 9MFY24 | 9MFY25 |
| GVA | 9.0 | 6.2 |
| Agriculture, Forestry and Fishing | 3.3 | 4.0 |
| Industry | 11.3 | 5.6 |
| Manufacturing | 12.7 | 4.3 |
| Construction | 11.1 | 8.5 |
| Services | 9.4 | 7.1 |
| Trade, Hotels, Transport, etc. | 8.0 | 6.1 |
| PADO | 8.9 | 8.9 |
Going forward, factors that are expected to support Indias growth are resilient rural consumption, revival in government spending and easing of monetary conditions. However, impact of US tariffs, tepid private investments and adverse weather conditions remain key risks for this growth outlook.
Indian economic activity improved in March 2025: The high frequency indicators were better in March in comparison to February 2025 as indicators such as PV sales, power demand and digital spending recorded better growth when compared to the previous month. Both manufacturing and services sectors were robust. However, two-wheeler, tractor and commercial vehicle sales continued to be subdued.
| Indicators | Units | Sep-24 | Oct-24 | Nov-24 | Dec-24 | Jan-25 | Feb-25 | Mar-25 |
| Retail registration- Auto@ | ||||||||
| 2W | -8.3 | 36.8 | 16.3 | -17.3 | 4.7 | -6.0 | -1.6 | |
| PV | -16.3 | 38.3 | -11.5 | 0.0 | 18.3 | -8.3 | 5.1 | |
| MHCV | -8.1 | 1.0 | -8.7 | -4.5 | 4.3 | -9.0 | -1.2 | |
| LCV | -8.7 | 12.1 | -1.1 | -6.5 | 12.1 | -7.4 | 0.9 | |
| Tractors | YoY, % | 12.9 | 1.8 | 28.8 | 25.0 | 3.9 | -16.1 | -7.0 |
| Gross GST collection | 6.5 | 8.9 | 9.4 | 7.3 | 12.3 | 9.1 | 9.9 | |
| Average E-Way bill generated | 18.5 | 16.9 | 16.3 | 17.6 | 23.1 | 14.7 | 20.2 | |
| Power demand | 0.4 | 0.9 | 4.0 | 5.9 | 2.4 | 2.4 | 6.7 | |
| Digital Spending (UPI+IMPS) | 26.0 | 32.2 | 19.3 | 22.3 | 22.7 | 15.2 | 20.4 | |
| Manufacturing PMIA | 56.5 | 57.5 | 56.5 | 56.4 | 57.7 | 56.3 | 58.1 | |
| Services PMIA | Index | 57.7 | 58.5 | 58.4 | 59.3 | 56.5 | 59 | 58.5 |
| Unemployment* | % | 7.8 | 8.7 | 8.0 | 7.8 | 7.9 | 8.4 | 7.7 |
Source: www.gstn.org.in,www.icegate.gov.in, CMIE, PIB, RBI, www.vaahan.parivahan.gov.in.www.posoco.in a Number >50 reflects expansions and number <50 reflects contraction compared to previous month.
@ Figures are preliminary data and are subject to revision.
* Based on CMIE survey.
Going forward, income tax relief and easing monetary conditions are expected to boost urban demand while rural demand is likely to remain resilient on the back of strong kharif output and better rabi prospects. However, global uncertainties resulting from restrictive trade policies may dampen sentiment and could affect Indias growth to some extent.
Central government finances in a comfortable position:
Income tax collections surprised on the upside in FY 24-25, but indirect collections have been sluggish. Higher-than- expected dividends from the RBI and PSUs compensated for the subdued disinvestment and corporate tax collections. Although capex picked up in the second half, it remains marginally above 11MFY24 levels. The government is likely to meet the fiscal deficit target in FY 24-25 as per the revised estimates.
| (Rs. in Billion) | |||
| Particulars | 11MFY24 | 11MFY25 | YoY change (%) |
| Gross tax revenue | 28,899 | 32,042 | 10.9 |
| Direct Tax Collections | 15,651 | 17,586 | 12.4 |
| Indirect Tax collections | 12,875 | 13,895 | 7.9 |
| Less: Share of states & others | 10,404 | 11,886 | 14.2 |
| Net Tax collections | 18,495 | 20,156 | 9.0 |
| Non-tax revenues | 3,603 | 4,933 | 36.9 |
| Total revenue receipts | 22,098 | 25,090 | 13.5 |
| Total Capital receipts | 361 | 374 | 3.4 |
| Total Receipts | 22,459 | 25,463 | 13.4 |
| Total Revenue Expenditure | 29,417 | 30,813 | 4.7 |
| Total Capital Expenditure | 8,056 | 8,119 | 0.8 |
| Total Expenditure | 37,473 | 38,932 | 3.9 |
| Fiscal Deficit | 15,014 | 13,469 | -10.3 |
| Fiscal deficit (% of RE) | 86.5% | 85.8% | |
| Fiscal deficit (% of GDP) | 5.0% | 4.1% | |
| Source: CMIE | |||
Current account deficit widens: Indias CAD widened in the first nine months of FY 24-25 due to higher oil and gold imports. But the deficit was limited by falling non-oil, non-gold imports and sustained growth in services exports, led by a rise in GCCs. Heightened global uncertainties and sharp dollar movements affected Indias capital account which moderated significantly during the first nine months of FY 24-25. Indias foreign flows remained weak, but debt flows remained buoyant, supported by passive flows due to Indias entry into the JP Morgan Bond index.
(Rs. in Billion)
| Particulars | 9MFY24 | 9MFY25 | YoY change (%) |
| Trade (Deficit)/Surplus | (192.9) | (227.2) | 34.3 |
| Net Oil Imports | (68.1) | (91.9) | 23.8 |
| Net Gold Imports | (31.4) | (44.7) | 13.2 |
| NONG net imports | (90.2) | (84.8) | -5.4 |
| Net Invisibles exports Surplus/ (Deficit) | 162.2 | 190.1 | 27.9 |
| Current account deficit | (30.7) | (37.1) | 6.4 |
| % of GDP | 1.1% | 1.3% | |
| Capital Account Surplus/(Deficit) | 63.9 | 22.7 | -41.2 |
| FDI | 7.8 | 1.6 | -6.3 |
| FII | 32.7 | 9.4 | -23.3 |
| Trade credits, ECBs, etc. | 2.7 | 23.2 | 20.5 |
| Banking Capital | 33.6 | -0.8 | -34.4 |
| Currency & Deposit | 9.3 | 13.3 | 4.0 |
| Others | -12.9 | -10.7 | 2.3 |
| Balance of Payments | 32.5 | 55.3 | 22.8 |
Source: CMIE
Retail inflation cools in FY 24-25, likely to moderate further in FY 25-26: CPI inflation moderated by 70bps in FY25 but was not broad-based as food inflation remained elevated for most of the year. Food inflation remained persistently high in 1HFY25, propelled by increased prices of vegetables, fruits and pulses. However, food prices fell in the 2HY25, led by softening of vegetable prices. As fuel and commodity prices remained benign, core inflation remained low but has been increasing in recent months due to surge in gold prices.
| (%) | |||
| Particulars | FY24 | FY25 | YoY change (%) |
| CPI | 5.4 | 4.6 | -0.7 |
| Food & beverages | 7.0 | 6.7 | -0.3 |
| Fuel and Light | 1.3 | -2.5 | -3.7 |
| Housing | 3.9 | 2.8 | -1.1 |
| Transportation & communication | 1.9 | 2.3 | 0.4 |
| Core CPI@ | 5.1 | 4.1 | -1.0 |
Source: CMIE
@ CPI excluding food, fuel, transportation & housing.
CPI inflation is likely to fall further from these levels on the back of falling food prices and benign core inflation momentum (ex of gold).
Commodity prices: Low base effect and green shoots in Chinese industrial data led to rise in prices of metals, such as copper and zinc, but Chinese over-capacity and a weak global demand environment led to further correction in steel prices. Uncertainties persisted in FY 24-25, leading to strong correction in crude prices despite sanctions on Russia. In the current environment of political and global uncertainties, central banks have increased their purchase of gold as the yellow metal is increasingly being seen as a hedge against crisis.
| Particulars | Market price (USD)* | FY24 (%)A | FY25 (%) A |
| Brent Crude (per barrel) | 75 | 9.7 | -14.6 |
| Gold (per ounce) | 3,124 | 13.2 | 40.1 |
| Steel (per tonne) | 465 | -19.1 | -10.1 |
| Zinc (per tonne) | 2,836 | -18.8 | 18.5 |
| Copper (per tonne) | 9,673 | -2.3 | 10.8 |
| Aluminium (per tonne) | 2,518 | 9.7 | -3.4 |
| Lead (per tonne) | 2,002 | -8.4 | 1.9 |
Source: Bloomberg * Market prices as on March 31, 2025.
A YoY change
Summary and Conclusion
Global growth momentum has moderated across major economies, including AEs like the US and EU. USAs policy on trade and immigration will have a bearing on growth inflation dynamics for not just the US, but for all major economies. The impact of US tariffs will have to be monitored closely and will depend on how other countries respond to the tariffs.
Indias growth momentum moderated sequentially in FY 24-25, but services and agriculture sectors remained robust. Going forward, growth in FY 25-26 is expected to moderate in comparison to FY 24-25 but is likely to be better than most global peers. Private consumption is also expected to get a boost going forward due to income tax relief announced by the government and monetary easing by the Reserve Bank of India (RBI). Further, private corporate sector capital expenditure has potential to accelerate in view of low leverage, increasing capacity utilisation, consistent corporate profitability and a robust banking sector balance sheet. However, a difficult external environment due to trade uncertainties could dampen investment sentiments. Comfortable current account deficit (due to better-than-expected services export) and adequate forex reserves have also fared well for Indias external sector. However, an escalation in geopolitical tensions and the possibility of a trade war are key risks to this growth outlook.
Looking ahead, the medium-term outlook for the Indian economy seems optimistic, driven by policy continuity, benefits from production-linked incentive schemes, opportunities arising from shift in the global supply chain and the likely boost to private consumption due to income tax relief and lower borrowing cost.
Equity Market Update
Indian equity markets saw broad based moderation in returns in FY 24-25. NIFTY 50/BSE Sensex ended the year with 5.3% and 5.1% returns, respectively (compared to 25.6% and 24.9% returns in FY 23-24). Returns of small and mid-cap indices also moderated significantly in comparison to FY 23-24. A new administration in the US and the resultant global trade uncertainty, interest rate cuts by major global central banks and Chinas announcement of stimulus measures contributed to the moderate performances. While Healthcare, Banks, Metals and Capital goods outperformed, Power, Auto and Oil and Gas underperformed.
Globally most equity indices ended the year with strong gains with French, Korean and Japanese markets underperforming. Below are detailed tables outlining the performance of key domestic and global indices:
| (% change in Indices) | ||
| Particulars | FY24 | FY25 |
| Domestic indices | ||
| BSE Healthcare | 60.2 | 18.2 |
| BSE Bankex | 16.3 | 11.3 |
| BSE Metal | 47.0 | 9.3 |
| BSE Capital Goods | 77.3 | 2.9 |
| BSE Information Technology | 25.2 | 1.3 |
| BSE Fast Moving Consumer Goods | 17.2 | 0.7 |
| BSE Power | 85.9 | -1.7 |
| BSE Auto | 74.0 | -2.9 |
| BSE Oil & Gas | 59.0 | -9.1 |
| NIFTY Midcap 100 | 60.1 | 7.5 |
| NIFTY Smallcap 100 | 69.8 | 5.4 |
| NSE Nifty 50 Index | 28.6 | 5.3 |
| BSE Sensex | 24.9 | 5.1 |
| Global indices | ||
| Hang Seng | -18.9 | 39.8 |
| DAX | 18.3 | 19.9 |
| Shanghai Composite | -7.1 | 9.7 |
| FTSE 100 | 4.2 | 7.9 |
| S&P500 | 27.9 | 6.8 |
| NASDAQ Composite | 34.0 | 5.6 |
| MSCI Emerging Markets | 5.3 | 5.6 |
| CAC 40 | 12.1 | -5.1 |
| KOSPI | 10.9 | -9.7 |
| Nikkei 225 | 44.0 | -11.8 |
Source: Bloomberg
FI Is bought net equities worth USD 0.2 billion in March 2025 (February 2025: net sell USD 5.4 billion) and have cumulatively sold equity worth USD 15.7 billion in FY25 (FY24: Net buy of USD 25.2 billion).
DIIs bought net equity worth USD 4.3 billion in March 2025 (February 2025: USD 7.4 billion) and have cumulatively bought USD 71.7 billion in FY25 (FY24: USD 25.3 billion). Net Mutual fund flows were ~Rs. 31,230 crore in February 2025 (January 2025: ~Rs. 42,373 crores) and cumulatively amounted to 431,766 crore in 11MFY25 (11MFY24: 190,393 crore).
Outlook
As on March 31, 2025, NIFTY 50 Index was trading at ~19x FY26E price to earnings multiple. Further, Market cap-to-GDP stood ~90% (based on CY25 GDP estimates) and the gap between 10Y G-sec yield and 1Y-Forward NIFTY 50 Index earnings yield has widened post the recent rally [*Earnings yield = 1/ (one year forward P/E)].
After the recent rally, the valuations of many sectors are trading at premium to historical averages except Private Banks and Automobiles. (refer to the table below for details):
| 12 months forward Price To Earnings | |||
| Particulars | March 31,2025 | LTA | Discount / Premium* |
| Cement | 45.7 | 29.4 | 55 |
| Utilities | 16.3 | 11.2 | 46 |
| Industrials | 33.6 | 26.8 | 25 |
| Metals | 11.5 | 10.1 | 14 |
| Pharma | 27.2 | 24.2 | 12 |
| Energy | 13.7 | 12.4 | 11 |
| Tech | 22.9 | 20.9 | 9 |
| PSU banks? | 1.2 | 1.1 | 9 |
| Consumer Discretionary | 56.2 | 54.2 | 4 |
| FMCG | 36.6 | 35.8 | 2 |
| Pvt banks? | 2.3 | 2.5 | -8 |
| Automobiles | 18.0 | 19.9 | -10 |
Source: Kotak Institutional Equities. Stocks are part of Kotak Institutional Equities universe.
LTA - 10 Years average. Cells in green are sectors which are trading at premium. All figures are calculated based on 12 months forward
estimates.
" to Long term (LT) average.
? Price to Book value.
March rally has pushed valuations at premium to historical averages. Given the global uncertainties and aggregate valuation being higher than the historical average, the importance of stock selection increases even more.
Over the medium to long term, structurally robust domestic growth outlook, healthy corporate profitability, strong macroeconomic fundamentals and supportive pro-growth policies are anticipated to bode well for Indian equities. However, near-term risks include global trade uncertainties and resultant moderation in global growth, cyclical moderation in corporate earnings, slowdown in governments reforms momentum etc.
Debt Market Update
Major central banks undertook synchronised rate cuts (except Japan which undertook rate hike) in FY 24-25. The US exhibited exceptionalism with falling inflation and strong growth. It provided the Fed with the opportunity to cut policy rate by 100bps during the year. In Europe, Germany announced plans to loosen its constitutionally enshrined limit on annual borrowings. By the end of the year, 10-year Government bond yields were lower by just 10bps in the US and 48bps in China. It was higher by 44bps in EU and by 75bps in Japan.
In India, 10-year Government bond yield fell by 48bps during the year ending, at 6.58%, as inflation started to fall in line with 2HFY25 and the RBI initiated its first rate cut in February 2025. Towards the end of the fiscal year, targeted efforts by the RBI to improve liquidity helped cool yields. 10-year AAA corporate bond yields also witnessed decline of 23bps during the year and the spread between 10 year AAA and 10 year Gsec widened by 20bps. Average liquidity remained in large deficit mode due to FII outflows from equity markets post September. But liquidity conditions improved significantly due to RBIs intervention towards the end of the fiscal year. The table below gives a summary view of the movement of key rates and liquidity:
| Particulars | FY24 | FY25 | Change (in bps) |
| MIBOR Overnight Rate (%) | 7.90 | 7.20 | -0.70 |
| 3M Gsec yield (%) | 7.01 | 6.52 | -0.49 |
| 10 Year Benchmark G-Sec Yield" (%) | 7.06 | 6.58 | -0.48 |
| AAA 10 Year Corporate Bond Yields*- & (%) | 7.43 | 7.2 | -0.23 |
| AAA 10Y Corporate bond spread against 10Y benchmark? (bps) | 37 | 57 | 0.20 |
| Average net liquidity absorbed/infused by RBI* (Rs. billion) | -55 | -70 |
A bi-annual yield
* annualised yield
& Average yield of NABARD paper provided by independent valuation agencies has been taken.
? Spreads calculated by subtracting non-annualised Gsec yields from annualised corporate bond yields.
* Average net daily liquidity infused/absorbed through Liquidity Adjustment Facility, exports refinance, marginal standing facility and term repos/reverse repos.
Source: Bloomberg, RBI
Average net liquidity deficit increased to ~Rs.70 Billion in FY 24-25, from ~Rs.55 Billion in FY 23-24. The average net liquidity deficit had widened to ~Rs.2.82 Trillion in January 2025 but improved thereafter due to RBI measures. These steps should ensure sufficient liquidity in the coming months.
| Particulars | Billion |
| Durable measures | |
| CRR cut | 1,160 |
| OMO purchases | 3,634 |
| FX swaps (3 year) | 1,740 |
| Frictional measures | |
| FX swaps (6 months) | 440 |
| Term repo auctions | 1,830 |
| Total | 8,804 |
Source: RBI
In the debt market, FPIs ended the year with net buying of USD 18.2 Billion in FY 24-25 (FY 23-24 net buy: USD 13.2 Billion).
Outlook
FY 24-25 witnessed relative stability from the debt market perspective. Liquidity conditions tightened post September 2024 due to FII outflows from Indian equities. However, RBI action to ease liquidity conditions through a host of measures (OMO purchases, currency swaps VRRs etc.) since December 2024 helped bring down the deficit and liquidity is likely to be in reasonable surplus in the coming months. The government also followed its fiscal consolidation path, a positive development from the perspective of the debt market. The RBI has highlighted that CPI inflation is likely to touch a low of 3.8% YoY by Q3FY26 (before rising marginally to 4.2% in Q4FY26). However, global trade environment has become uncertain amidst sweeping tariffs by the US.
The medium-term outlook on Indian fixed income market remains favourable, considering:
• Headline CPI is likely to trend towards RBIs target (4%) as pressure from food inflation dissipates due to expectations of good crop production. Also, domestic growth and Core CPI momentum is expected to remain subdued on the back of moderating urban consumption.
• External sector could remain comfortable in view of the steady growth in services exports, decline in oil prices and adequate foreign exchange reserves. Pressure on INR is likely to ease after witnessing increased volatility over the past few months.
• Government sticking to the path of fiscal consolidation and reiterating its commitment to bring down debt to GDP bodes well for supply of Gsecs over the medium term.
• Global growth likely to take a significant hit due to imposition of tariffs by the US.
Key risks to the favourable outlook
• A trade war may lead to increase in overall prices of goods
• If the monsoon remains below normal
Overall, yields are likely to remain rangebound with a downward bias. Falling inflation and further potential policy rate cut could be positive from yields perspective. Thus, in view of convergence of short-term rates, attractive corporate bonds spreads (over Gsec), expectations of more rate cuts and improved liquidity is likely to attract investment in medium duration (schemes with duration of upto 5 years) categories, especially corporate bonds and focused funds. Further, investors with a relatively longer investment horizon, could continue to increase allocation to longer duration funds, in line with individual risk appetite.
Source for various data points: Bloomberg, NSDL, CMIE, RBI, Kotak Institutional Research, World Bank, Daily valuation provided by ICRA/ CRISIL
A3. Industry environment
The Indian mutual fund industry has come a long way since its inception in 1963, evolving over six decades into a dynamic and trusted investment ecosystem.
It took decades for investors to gradually embrace mutual funds as a vehicle for long-term wealth creation. A key milestone was reached in May 2014, when the industrys AUM crossed Rs. 10 Trillion, marking the start of a new phase of growth. What followed was a sharp acceleration in scale. AUM more than doubled to Rs. 20 Trillion by August 2017, reached Rs. 30 Trillion by November 2020 and surged to Rs. 40 Trillion by November 2022. The momentum continued, with AUM climbing to Rs. 50 Trillion in December 2023 in just 13 months and Rs. 60 Trillion by June 2024, in a record six months. This rapid and consistent expansion highlights the sectors sustained momentum and the growing confidence of investors.
Growth of Mutual Fund Industry AUM
(Rs. Trillion)
As of March 31, 2025, the Indian Mutual Fund industrys AUM stood at Rs. 65.7 Trillion, reflecting a strong YoY growth of 23% from Rs. 53.4 Trillion in March 2024. Equity-oriented assets accounted for 58% of the total AUM.
During FY 24-25, the industry recorded net inflows of Rs. 8.2 Trillion. Actively managed equity-oriented funds were the primary growth driver, accounting for Rs. 4.9 Trillion. Debt and liquid funds garnered Rs. 1.3 Trillion, while the Others category - which includes ETFs, arbitrage funds and domestic fund of funds added another Rs. 1.3 Trillion. Index funds across both equity and debt segments contributed Rs. 0.6 Trillion. New Fund Offerings contributed to overall inflows during the year, garnering Rs. 1.08 Trillion, with active equity-oriented funds accounting for Rs. 0.9 Trillion of this amount.
The industry witnessed a substantial increase in participation. The total number of folios rose by 32% to 234.5 million as of March 31, 2025, up from 177.9 million a year earlier. The industrys unique investor base expanded to 54.2 million, with the addition of 9.7 million new investors. This growth reflects the increasing appeal of mutual funds as a mainstream investment option, particularly among retail investors.
MF Industry Folios
(Million)
The industry continued its upward trajectory in monthly SIP flows, supported by a growing investor base and consistent participation. As of March 2025, the number of contributing SIP accounts rose to 81.1 million, up from 63.8 million in April 2024. Total SIP contributions for FY 24-25 reached Rs. 2.9 Trillion, a significant increase from Rs. 2.0 Trillion in FY 23-24.
Monthly SIP inflows in March 2025 stood at Rs. 259 Billion, remaining resilient at 98% of their record high. This marked a robust 35% year-on-year growth over March 2024, despite heightened market volatility and global uncertainties. Such sustained participation reflects the growing maturity, confidence and long-term orientation of Indian investors, reiterating their commitment to disciplined wealth creation through systematic investing.
Individual investors have played a crucial role in driving the continued growth of the mutual fund industry. As of March 2025, their strong participation contributed Rs. 40.3 Trillion to the AUM - a growth of 21% YoY, representing 60% of the total Monthly Average AUM (MAAUM). The surge in retail investor involvement can be attributed to a combination of factors, including enhanced financial literacy, the widespread adoption of digital platforms and market performance. As a result, mutual funds are increasingly viewed as a reliable and accessible vehicle for achieving financial goals, particularly in a dynamic and evolving market environment.
At the same time, institutional investors contributed Rs. 26.4 Trillion to the industrys AUM, accounting for the remaining 40% of the total MAAUM. This balanced participation between individual and institutional investors is a testament to the sectors broad appeal and the increasing recognition of mutual funds as a key component in diversified investment portfolios.
MAAUM by Investor Type
(Rs. Trillion)
In March 2025, the top 30 cities accounted for 82% of the total MAAUM, while the B30 cities, comprising 18% of the overall MAAUM, contributed an impressive 28% to equity MAAUM. Furthermore, over 40% of the SIP contributions collected in March 2025 originated from beyond the top 30 cities.
The growing participation from B30 cities highlights the mutual fund industrys expanding role in promoting financial inclusion. This positive trend is expected to continue, driven by the increased adoption of digital platforms and targeted financial literacy initiatives.
MAAUM by Cities
(Rs. Trillion)
KA K
Indian MF industry trends
The Indian mutual fund industry has continued to exhibit resilience and robust growth, achieving a strong CAGR of 24% over the last five years. This sustained expansion reflects the industrys agility in navigating evolving market dynamics and its ability to align with the changing preferences of a growing investor base.
FY 24-25 marks the thirteenth consecutive year of positive net inflows for the mutual fund industry - a milestone that underscores its enduring appeal. Over the past five fiscal years, the industry has garnered net inflows ofRs. 17.1 Trillion, with active equity-oriented funds accounting for Rs. 10.4 Trillion of this total. This consistent influx of capital highlights investor confidence in equity markets and a deepening conviction in mutual funds as an effective long-term wealth creation vehicle.
Among the most transformative trends has been the sharp rise in Systematic Investment Plans (SIP). Monthly SIP contributions have tripled, from Rs. 86 Billion in March 2020 to Rs. 259 Billion in March 2025. This significant increase signals a fundamental shift in investor behaviour - towards greater financial discipline, long-term commitment and a maturing investment mindset among Indian households.
Healthy growth of mutual fund AUM in India
| (Rs. in Trillion) | ||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
| Equity-oriented AUM | 8.26 | 13.00 | 18.08 | 19.98 | 30.43 | 38.21 |
| Debt-oriented AUM | 7.76 | 10.58 | 9.51 | 9.19 | 9.99 | 11.86 |
| Liquid AUM | 4.15 | 4.08 | 4.48 | 4.28 | 4.25 | 5.00 |
| Other AUM | 2.09 | 3.77 | 5.48 | 5.97 | 8.74 | 10.68 |
| Total | 22.26 | 31.43 | 37.57 | 39.42 | 53.40 | 65.74 |
Source: AMFI. Data as of March 31 each year.
From FY 2022, Equity AUM data includes equity-oriented index funds and Debt AUM includes debt-oriented index funds.
Review of Business
B1. Business overview
HDFC AMC offers a comprehensive suite of mutual funds, portfolio management services and alternative investment funds across asset classes, including equity, fixed income, hybrid and multi-asset solutions. These offerings are available on both active and passive platforms, catering to a broad and diverse customer base.
HDFC AMC acts as an investment manager to HDFC Mutual Fund - one of Indias leading mutual funds. It has reported a closing AUM of over Rs. 7.5 Trillion. We serve over 13.2 million unique investors through 23.3 million live accounts. With a strong nationwide presence across 280 offices and a network of over 95,000 distribution partners, we utilise modern digital platforms to efficiently cater to the needs of clients across India.
Additionally, we have a wholly owned subsidiary - HDFC AMC International (IFSC) Limited in Gujarat International Finance- Tech City (Gift City) offering investment management, advisory and related services.
B2. Operational performance review
FY 24-25 was a year of strong operational execution and continued growth for HDFC AMC. Against the backdrop of a robust expansion of the Indian mutual fund industry, we delivered healthy performance across key business parameters.
We crossed Rs. 7.5 Trillion in overall AUM, maintaining our position among leading asset managers in the country. Our market share stood at 11.5% in terms of overall AUM. Within this, equity-oriented assets contributed over Rs. 5 Trillion. On a closing AUM basis, our market share in actively managed equity-oriented schemes stood at 12.9%, while we held 13.1% and 11.9% in the debt and liquid segments, respectively.
Our distinction as one of the preferred choice for individual investors is underscored by our MAAUM market share, which stood at 13.2% as of March 2025.
During the year, we expanded our product suite with 7 NFOs, bringing the total to over 100 products. In FY 24-25, we opened 26 new offices, expanding our network to 280 offices.
Total Annual Average AUM (AAAUM) for FY 24-25 was at Rs. 7.48 Trillion versus Rs. 5.44 Trillion for FY 23-24. AAAUM for actively managed equity-oriented schemes increased by 49% to Rs. 4.54 Trillion from Rs. 3.04 Trillion.
Closing AUM
(Rs. Trillion)
Systematic Investment Plans remained a key driver of retail participation, with monthly inflows showing year on year growth. Our ability to attract and retain long-term investors continues to be a cornerstone of our operational strategy. During FY 24-25, HDFC AMC processed 120.9 million systematic transactions, comprising Systematic Investment Plans and Systematic Transfer Plans, amounting to Rs. 430 Billion.
B3. Financial Performance Standalone Financial performance review
• Our Companys Total Income has increased by 28.33% to Rs. 4,058.26 Crore in FY 24-25
• Operating Profit (Profit Before Tax less Other income) increased by 43.47% to Rs. 2,726.21 Crore in FY 24-25
• Profit Before Tax (PBT) stood at Rs. 3,286.44 Crore and grew by 32.61% over FY 23-24
• Profit After Tax (PAT) stood at Rs. 2,461.05 Crore and grew by 26.47% over FY 23-24
• Average Networth increased by 15.36% to Rs. 7,606.61 Crore in FY 24-25
• Return on Equity (ROE) increased from 29.51% in FY 23-24 to 32.35% in FY 24-25
Financial performance with respect to our operations
The financial statements have been prepared and presented on going concern basis and in accordance with the Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of the Companies Act, 2013, (the Act) and other relevant provisions of the Act, as amended from time to time.
Indian Accounting Standards (Ind AS) - IFRS Converged Standards
The Company had adopted Ind AS with effect from April 01, 2018.
Material accounting policies used for the preparation of the financial statements are disclosed in Note 3 to the financial statements.
The following table sets forth selected financial information from our Statement of Profit and Loss for FY 24-25 and FY 23-24.
| (Rs. in Crore) | |||
| PARTICULARS | For the year ended March 31,2025 | Forthe yearended March 31,2024 | % Change |
| Revenue from Operations | 3,498.03 | 2,584.37 | 35.35 |
| Other Income | 560.23 | 578.06 | (3.08) |
| Total Income | 4,058.26 | 3,162.43 | 28.33 |
| Finance Costs | 9.41 | 9.09 | 3.52 |
| Fees and Commission Expenses | 3.86 | 2.48 | 55.65 |
| Employee Benefits Expenses | 388.25 | 353.46 | 9.84 |
| Depreciation, Amortisation and | 58.41 | 52.26 | 11.77 |
| Impairment | |||
| Other Expenses | 311.89 | 266.95 | 16.83 |
| Total Expenses | 771.82 | 684.24 | 12.80 |
| Profit before Tax | 3,286.44 | 2,478.19 | 32.61 |
| Current Tax | 730.17 | 517.52 | 41.09 |
| Deferred Tax Charge / | 95.22 | 14.79 | 543.81 |
| (Credit) | |||
| Tax Expense | 825.39 | 532.31 | 55.06 |
| Profit after Tax | 2,461.05 | 1,945.88 | 26.47 |
Revenue from Operations
Revenue from operations comprises of investment management fees from Mutual Fund and portfolio management services (PMS), Alternative Investment Fund (AIF) and other advisory services fee.
Investment management fees from Mutual Fund consists of fees from various schemes which invest in different categories of securities like equity, debt etc. In general, fees per unit of AUM from schemes investing in equity securities are substantially higher than schemes investing in debt securities. Within each of these categories of funds, there are variations in the fees per unit of AUM based on factors like fund composition, fund size etc. Hence the quantum of fees is dependent on the size and composition of the AUM and if there are any changes therein, it leads to higher or lower fees on an overall basis.
The increase in Revenue from Operations from Rs. 2,584.37 Crore in FY 23-24 to Rs. 3,498.03 Crore in FY 24-25, was largely due to increase in investment management fee from Mutual Fund by 34.93% from Rs. 2,580.60 Crore in FY 23-24 to Rs. 3,481.91 Crore in FY 24-25. The said increase was a result of higher component of equity oriented schemes in the overall Annual Average AUM as well as higher total Annual Average AUM in FY 24-25 as compared to FY 23-24.
Other Income
Our other income largely comprises of income from investments which are generated from retained surpluses. Other income was Rs. 560.23 Crore in FY 24-25 as compared to Rs. 578.06 Crore in FY 23-24.
Finance Costs
Finance costs are on account of accounting treatment prescribed under Ind AS 116 - Leases, where the future lease payments are discounted to its present value and are un-wound subsequently, resulting in finance cost.
Fees and Commission Expenses
Fees and commission expenses primarily comprises of commissions paid to distributors for PMS, AIF and advisory business. Our fees and commission expenses increased from Rs. 2.48 Crore in FY 23-24 to Rs. 3.86 Crore in FY 24-25.
Employee Benefits Expenses
Our employee benefits expenses increased due to the following reasons:
• An increase in salaries and allowances of employees due to increase in certain emoluments for employees as well as increase in headcount in FY 24-25.
• Under Employees Stock Option Scheme - 2020 (ESOS - 2020), apart from stock options granted in the past year(s), the Nomination and Remuneration Committee (NRC) of the Board of Directors of the Company had approved a further grant of 97,500 stock options representing 97,500 equity shares of Rs. 5 each to the eligible employees of the Company and its subsidiary.
In terms of ESOS - 2020, the options shall vest in three tranches. Each of these tranches consisting of 1/3 of the options granted shall vest on the completion of the 1st, 2nd and 3rd year from the date of the grant respectively. The total charge towards the outstanding stock options has decreased from Rs. 47.05 Crore in FY 23-24 to Rs. 22.49 Crore in the FY 24-25 and the same is appearing as expense under Share Based Payments to Employees.
Accounting for equity settled share based payment transaction (employee stock options) at fair value increases the non cash component of Employee Benefits Expenses and is also reflected in Share Options Outstanding Account under Other Equity. This balance of Share Options Outstanding Account is transferred to Securities Premium as and when the stock options are exercised and subsequent allotment of shares. Hence, this charge is neutral to Equity of the Company.
Accordingly, the employee benefit expenses increased by 9.84% from Rs. 353.46 Crore in FY 23-24 to Rs. 388.25 Crore in FY 24-25. However, excluding the above-mentioned non cash charge towards employee stock options, the employee benefit expenses has increased by Rs. 59.35 Crore.
Depreciation, Amortisation and Impairment
Our Depreciation, Amortisation and Impairment expense increased from Rs. 52.26 Crore in FY 23-24 to Rs. 58.41 Crore in FY 24-25, primarily due to higher depreciation charge on Right of Use Assets & Improvement of Rented Premises.
Other Expenses
Our other expenses increased by 16.83% from Rs. 266.95 Crore in FY 23-24 to Rs. 311.89 Crore in FY 24-25 primarily due to increase in New Fund Offer and Mutual Fund Expenses, Software Expenses and Allied Services, Trademark license fees and KYC expenses related to Mutual Fund Investors. This rise in expenditure was due to various business, technology and digital initiatives taken by the Company.
• Our New Fund Offer and Mutual Fund Expenses increased from Rs. 5.20 Crore in FY 23-24 to Rs. 11.37 Crore in FY 24-25 due to New Products launched during the current year.
• Our Software Expenses and Allied Services cost increased from Rs. 42.42 Crore in FY 23-24 to Rs. 48.38 Crore in FY 24-25 due to continuing enhancements on the technology front and digitisation initiatives during the current year.
• Our Trademark license fees for the FY 24-25 was Rs. 13.17 Crore as compared to Rs. 7.56 Crore for the FY 23-24.
• Our Outsourced Services Cost increased from Rs. 29.13 Crore in FY 23-24 to Rs. 33.95 Crore in FY 24-25 in line with business expansion.
• Our KYC expenses related to Mutual Fund Investors increased from Rs. 11.94 Crore in FY 23-24 to Rs. 15.33 Crore in FY 24-25 primarily due to higher number of investors onboarded in FY 24-25 as compared to FY 23-24.
• Our Corporate Social Responsibility expense increased from Rs. 31.29 Crore in FY 23-24 to Rs. 34.59 Crore in FY 24-25.
Profit Before Tax
As a result of the factors outlined above, our Profit Before Tax increased by 32.61% to Rs. 3,286.44 Crore in FY 24-25 from Rs. 2,478.19 Crore in FY 23-24.
Tax Expenses
Our total tax expenses increased by 55.06% to Rs. 825.39 Crore in FY 24-25 from Rs. 532.31 Crore in FY 23-24. Our current tax charge increased to Rs. 730.17 Crore in FY 24-25 from Rs. 517.52 Crore in FY 23-24. Our deferred tax charge increased to Rs. 95.22 Crore in FY 24-25 from Rs. 14.79 Crore in FY 23-24. The deferred tax charge is mainly on account of movement in fair value gains / losses on investments. Our effective tax rate, including deferred tax was at 25.12% and 21.48% for FY 24-25 and FY 23-24, respectively.
As per Finance (No.2) Act 2024, enacted in August 2024, the rates at which capital gains were taxed had changed and indexation benefit had also been withdrawn while calculating long term capital gains on investments. Consequently, the Deferred Tax Liability recognised by the Company on fair value gains on its investments as on March 31, 2024 has increased by Rs. 43.67 Crore thereby resulting in an additional tax charge and higher effective tax rate.
Profit After Tax
As a result of the factors outlined above, our Profit After Tax increased by 26.47% to Rs. 2,461.05 Crore in FY 24-25 from Rs. 1,945.88 Crore in FY 23-24.
Dividend
Your Directors have recommended a final dividend of Rs. 90 per equity share (1,800%) of Face Value of 5 each for FY 24-25 as compared to Rs. 70 per equity share (1,400%) for FY 23-24. Accordingly, the Dividend payout ratio for FY 24-25 would stand at 78.18%, up from 76.80% for FY 23-24.
Statement of Assets and Liabilities
The following table sets forth selected financial information from our Balance Sheet as at March 31, 2025 and March 31, 2024.
Rs. (in Crore)
| PARTICULARS | As at March 31,2025 | As at March 31,2024 |
| Assets | ||
| Financial Assets | 8,474.40 | 7,328.81 |
| Non Financial Assets | 279.23 | 228.74 |
| Total Assets | 8,753.63 | 7,557.55 |
| Liabilities and Equity | ||
| Financial Liabilities | 284.20 | 245.58 |
| Non Financial Liabilities | 335.29 | 232.90 |
| Total Liabilities | 619.49 | 478.48 |
| Total Equity | 8,134.14 | 7,079.07 |
| Total Liabilities and Equity | 8,753.63 | 7,557.55 |
Financial Assets Investments
Investments of the Company grew from Rs. 7,190.03 Crore in FY 23-24 to Rs. 8,288.87 Crore in FY 24-25.
• The increase in Investments carried at fair value through Profit or Loss from Rs. 6,892.53 Crore in FY 23-24 to Rs. 7,892.65 Crore in FY 24-25 is primarily due to net investment in mutual fund schemes and fair value changes.
Non Financial Assets
Non Financial Assets have increased to Rs. 279.23 Crore in FY 24-25 from Rs. 228.74 Crore in FY 23-24. This increase is primarily due to movement in Property, Plant and Equipment on account of increase in Right of Use Assets & Improvement of rented premises as more number of premises were taken on lease during FY 24-25.
Financial Liabilities
Financial Liabilities have increased to Rs. 284.20 Crore in FY 24-25 from Rs. 245.58 Crore in FY 23-24. This increase is primarily due to increase in Lease Liabilities as more number of premises were taken on lease during FY 24-25.
Non Financial Liabilities
Non Financial Liabilities have increased to Rs. 335.29 Crore in FY 24-25 from Rs. 232.90 Crore in FY 23-24. This increase is primarily due to movement in net Deferred Tax balances. A significant factor contributing to this movement is explained in the Tax Expenses section above.
Total Equity
Total Equity has increased mainly due to higher retained earnings. Retained earnings represents the surplus profits after payment of dividend.
Key Financial Ratios
| Particulars | Forthe year ended March 31,2025 | For the yearended March 31,2024 | % Change |
| Annual Average AUM (Rs. in Crore) | 748,070.62 | 543,710.44 | 37.59 |
| Profit After Tax as a % of Annual Average AUM | 0.33 | 0.36 | (8.08) |
| Debtors Turnover (times)A | 30.89 | 18.66 | 65.54 |
| Current Ratio (times) | 8.03 | 6.78 | 18.44 |
| Operating Profit Margin (%) | 77.94 | 73.52 | 6.01 |
| Net Profit Margin (%) | 60.64 | 61.53 | (1.45) |
Note: Inventory Turnover Ratio is not applicable to the Company. Further, Interest Coverage Ratio and Debt Equity Ratio have not been presented as the Company is debt free as at March 31,2025 and as at March 31,2024. The finance costs appearing in the Statement of Profit and Loss is a result of accounting treatment under Ind AS 116 - Leases and accordingly, there is no obligation on the Company to service any interest cost.
A Reason for increase in Debtors Turnover: The Debtors turnover has increased mainly due to increase in Revenue from Operations from Rs. 2,584.37 Crore in FY 23-24 to 3,498.03 Crore in FY 24-25 coupled with reduction in average collection period in FY 23-24 leading to lower average debtors in FY 24-25.
Return on Networth (Computed on Average Networth)
Rs. (in Crore)
| Particulars | For the year ended March 31, 2025 | For the year ended March 31, 2024 | % Change |
| Networth at the Beginning of the Year | 7,079.07 | 6,108.41 | 15.89 |
| Networth at the End of the Year | 8,134.14 | 7,079.07 | 14.90 |
| Average Networth | 7,606.61 | 6,593.74 | 15.36 |
| Profit After Tax | 2,461.05 | 1,945.88 | 26.47 |
| Return on Average Networth (%) | 32.35 | 29.51 | 9.62 |
Return on Average Networth increased from 29.51% in FY 23-24 to 32.35% in FY 24-25. This is due to a higher % change in PAT as compared to % change in Average Networth. PAT has increased mainly due to higher revenue from operations.
Wholly Owned Subsidiary
A Wholly Owned Subsidiary (WOS) of the Company namely HDFC AMC International (IFSC) Limited, located in Gujarat International Finance Tec-City (GIFT City), Gandhinagar, India, had been incorporated effective May 27, 2022 and was capitalised during the financial year 2022-23. The WOS is in the business of providing Investment Manager Services, act as a sponsor / settler for the GIFT AIF Funds and providing discretionary / non-discretionary portfolio management services to clients (PMS). As at the end of the reporting year, the WOS had commenced its business operations. The consolidated financial statements are also available in this annual report.
B4. Outlook
The Indian mutual fund industry stands at the cusp of transformational growth, backed by favourable macroeconomic trends, rising financial awareness and increasing digital penetration. With a shift in investor preference, from traditional savings instruments to market- linked products, mutual funds are steadily becoming integral to long-term financial planning for a growing number of Indian households.
As one of Indias leading and one of the most trusted asset management companies, HDFC AMC is well-positioned to capitalise on this evolving opportunity. Our strong brand equity, disciplined investment philosophy, robust distribution network and digital capabilities form a solid foundation for sustainable growth.
Looking ahead, we see significant growth potential not only in expanding mutual fund penetration beyond the top-tier cities but also within the top cities. While semi-urban and rural markets are emerging as important drivers - supported by improving digital infrastructure, fintech partnerships and regulatory initiatives focused on financial literacy - urban centres also continue to offer meaningful headroom for deeper engagement and wallet share expansion.
The regulatory environment continues to evolve in the interest of investor protection and long-term market development. We view SEBIs ongoing reforms as constructive steps that will enhance transparency, promote accountability and support the long-term stability of the mutual fund ecosystem.
We also recognise that technology will play a transformative role in reshaping investor experiences and operational efficiencies. HDFC AMC is committed to leveraging data analytics, automation and digital platforms to deliver more personalised and seamless services to our investors.
As Indias savings and investment culture matures, we believe HDFC AMC is uniquely placed to lead this next phase of growth with prudence, agility and investor-centricity.
Strategic Priorities
At HDFC AMC, our strategic priorities are focused on delivering long-term value to investors while ensuring resilience and adaptability in a dynamic financial landscape. As we navigate evolving market conditions and changing investor expectations, our strategy is guided by the following key pillars:
1. Performance excellence
We remain committed to strengthening our research capabilities and reinforcing risk management frameworks to deliver sustainable outcomes.
2. Diversified Investment Solutions
We actively assess investor needs and market trends to identify product gaps and introduce innovative offerings. By broadening our product suite across asset classes and investment styles, we aim to cater to a wide range of investment objectives and risk appetites.
3. Multi-Channel Distribution
Our distribution strategy blends the strengths of our extensive physical presence with scalable digital capabilities. This multi-channel approach enables us to enhance outreach, particularly in underserved regions and provide investors with seamless access to our solutions.
4. Customer Centricity
We continue to place the investor at the core of our operations by focusing on personalised services. Our efforts are directed at building deeper relationships, being responsive and delivering experiences that exceed expectations across every touchpoint.
5. Best-in-Class Governance and Risk Practices
We maintain robust compliance systems and governance standards, guided by transparency and an investor-first philosophy. Our approach ensures integrity in decisionmaking, allowing us to maintain best practices across our operations.
6. Attract and Nurture Talent
Our people remain central to our success. We are building a future-ready organisation by inculcating a culture of innovation, collaboration and continuous learning, supported by strong talent development and leadership pipelines.
7. ESG
We are deepening the integration of environmental, social, and governance (ESG) principles not only into our investments and stewardship practices but also across our internal operations.
8. Brand Trust and Agility
Our strong brand equity, rooted in the legacy of HDFC, empowers us to act decisively and embrace change. We continue to build on this trust with an agile, forwardlooking mindset that enables us to respond quickly to emerging trends and opportunities.
C. Internal Control Systems and Their Adequacy
The Company has instituted adequate internal control systems commensurate with the nature of its business and the size of its operations. This provides a high degree of assurance regarding the effectiveness and efficiency of operations, the adequacy of safeguards for assets, the reliability of financial controls and compliance with applicable laws and regulations.
The Audit Committee and Risk Management Committee are responsible for overseeing the risk management framework, reviewing the key risks and mitigation strategies, and ensuring the effectiveness of risk management policies and procedures. The Management is also responsible for ensuring that the risk management framework is effectively implemented within all areas of their respective functions. The Company has appointed an independent professional firm to oversee and carry out an internal audit of its activities. The independent professional firm carries out internal control reviews and provides an independent report to the Audit Committee on the adequacy and effectiveness of risk management and internal controls of the Company. All significant audit observations and follow-up actions thereon are periodically reported to the Audit Committee and closely monitored for effective implementation.
B S R & Co. LLP, the statutory auditors of the Company have audited the standalone and consolidated financial statements included in this annual report and has issued as a part of Auditors Report, an attestation report on our internal financial controls with reference to the financial statements (as defined in Section 143 of the Companies Act, 2013). Based on its evaluation, the Audit Committee concluded that, as of March 31, 2025, our internal financial controls were adequate and operating effectively.
D. Information Technology
In FY 24-25, we have made remarkable progress in our technological journey. Our focus on integrating advanced technologies like CRM, Artificial Intelligence (AI), Machine Learning (ML), and Generative AI (Gen AI) to drive innovation and enhance our operations has enabled us to achieve another milestone in our transformation.
The Sales CRM initiative aimed to transform partner engagement by driving expansion, fostering deeper relationships and enabling data-driven growth. A core objective was the expansion of the partner base, supported
by system-generated nudges that activated dormant distributors and facilitated the onboarding of newly registered partners across the industry. The platform enabled a holistic view of partners including MFDs, NDs, Banks and Investors - by mapping key contacts, tracking past and upcoming interactions and capturing personal milestones such as birthdays and anniversaries.
Targeted nudges ensured timely and contextual outreach, which helped to foster trust and engagement. To increase partner wallet share, the CRM provided a comprehensive performance dashboard, showcasing key metrics such as distributor rank, top schemes, high-value transactions, and key ratios (e.g., SIP to Base, Online Transaction %, Net to Gross). This resulted in more targeted conversations and enhanced product placement. Moreover, a unified servicing experience allowed real-time updates of partner profiles, family group views, and led to opportunity conversions from product recommendations. Lead performance indicators tracked planned versus actual engagements, which improved team accountability. The CRM also offered enhanced funnel visibility and more efficient sales planning through systemgenerated engagement plans and an AI-powered co-pilot. It supported meeting preparation and communication, helping deliver consistent, impactful distributor engagement at scale.
Infrastructure Modernisation and Cybersecurity - To support HDFCAMCs growing business needs, significant investments have been made to modernise the infrastructure and strengthen our cybersecurity posture. Our comprehensive cybersecurity platforms now include advanced threat protection and enhanced network isolation, prepared to safeguard data and systems against evolving threats. The adoption of secure and elastic cloud platforms has further enabled HDFCAMC to dynamically adjust computing resources based on demand, ensuring operational efficiency and cost-effectiveness. The resilient infrastructure architecture continues to ensure uninterrupted service and system stability, even in the face of disruptions.
Over the past year, our IT capabilities have been significantly enhanced to effectively support our business objectives. From strengthening our data infrastructure to embracing advanced analytics and advanced cybersecurity measures, we have laid a solid foundation for future growth and innovation. Our new AI, ML, and Gen AI initiatives have enabled us to implement technology as a strategic enabler, driving value for our stakeholders and staying at the forefront of the asset management industry.
E. Compliance
Our Compliance function monitors compliance with regulatory requirements laid down by the Securities and Exchange Board of India (SEBI) with respect to mutual funds, portfolio management services and alternative investment funds activities and other business activities permitted under Regulation 24(b) of SEBI (Mutual Funds) Regulations. The Compliance function is a bridge between us and various regulators/industry bodies, such as SEBI, the RBI, the Association of Mutual Funds in India, the Association of Portfolio Managers in India, depositories and stock exchanges.
We have implemented various internal policies and procedures to ensure compliance with regulatory requirements in relation to the above businesses. Our Compliance Manual also lists the regulatory requirements, timelines and the functions responsible for compliance. Employees Securities Dealing Codes regulate personal investment transactions of employees and that of their dependents. We have also established guidelines for personal dealings for AMC as well as Trustee Company. Policies such as Conflict of Interest Policy, Outsourcing Policy, Policies under Risk Management Framework, Code of Conduct for Prevention of Circulation of Unauthenticated News, Anti-Money Laundering (AML) and KYC policy, and a Social Media Policy also ensure compliance with regulations relevant to our businesses.
Each function ensures compliance with applicable regulations pertaining to its areas of operation. Accordingly, we have established procedures, policies, codes and manuals, such as the Investment and Risk Manual, Operations Manual, Client Services Manual, Valuation Policy, Voting Policy, Stewardship Code, Polling Policy, Stress Test Policy, Cyber Security Policy, Cyber Crisis Management & Resiliency Policy, Stewardship Code and Code of Conduct for Fund Managers and Dealers. These are reviewed and updated periodically. An established confirmation process is followed by each function to periodically confirm compliance with regulatory requirements.
Our compliance team stays updated on all new regulatory requirements and communicates the requirements to the relevant functions with meaningful inputs for implementation. The team also reviews the implementation status by closely coordinating with the respective functions.
We are committed to transparency and have also appointed independent internal auditors to review the activities of each department and function, including the compliance function. They review relevant reports before submission to the Board and the regulators concerned. Periodical SEBI inspections and statutory audits are also conducted to review and assess the compliance status. The Chief Compliance Officer periodically updates our Board and Audit Committee on various compliance matters.
The compliance team also drafts and issues product offer documents, issues notices/addenda related to product documents, reviews marketing materials before dissemination, and ensures timely filing of various reports with the Board, regulators and agencies concerned. It is also responsible for the redressal of customer grievances. As part of its periodic training initiatives, the compliance team engages with the employee(s) to educate, sensitise and create awareness about their obligations under the Regulations and our Companys codes/policies.
F. Operations
Our Operations are bifurcated into Mutual Fund (MF) Operations and Portfolio Management Services / Alternative Investment (PMS / AIF) Operations.
The MF team is responsible for the Operations of the Mutual Fund which, inter alia, include investment administration, cash management, treasury support and settlement, fund accounting, asset valuation and unit pricing, managing custody & banking relationships, coordination with RTA/other Service Providers, audits and MIS.
The PMS/AIF Operations team is responsible for maintaining the accounts of the clients under the SEBI PMS, SEBI AIF regulations, as applicable. Its functions include post trade investment support, cash management, treasury and settlement functions, recording of transactions in the books of accounts of the respective clients, valuation of securities in clients portfolios, providing various reports to the management and liaising with bankers and custodians. In respect of AIF Operations, its function includes oversight of third-party vendor in charge of the Fund Administration, Custody, Banking etc.
The functions of the MF & PMS/AIF are segregated and they have their own discrete teams and systems.
All operational activities are subject to independent audits. Internal auditors perform transactional and risk-based audit, valuation and NAV reviews, apart from undertaking process reviews on a regular basis. Independent auditors carry out the statutory audit as required under the applicable regulations. All applications used in operations are regularly subjected to system reviews/ audits. The Audit Committee reviews all the Auditors Reports with respect to the entire operations.
Mature, robust and scalable systems and processes form the backbone of our operations. There is a keen focus on accuracy, internal controls, minimising operational risks and increasing efficiency. All systems are regularly upgraded and all processes are re-engineered periodically to ensure a high standard of regulatory compliance and governance. A comprehensive Business Continuity Plan (BCP) and Disaster Recovery Plan (DRP) is in place for our operations and it is reviewed and updated at a regular frequency. A review is conducted to check the adherence of our service providers to acceptable standards of governance and compliance. Their IT/ BCP/ DRP preparedness is also evaluated regularly.
G. Risk Management
Our Company has developed a comprehensive Risk Management Framework (RMF) to effectively manage key risks. This framework aligns with our business needs and relevant legal and regulatory requirements. The RMF provides guidance with respect to management of all risks relevant for the AMC and the schemes of HDFC Mutual Fund. To ensure effective and integrated Risk Management, the AMC has defined three lines of defence. The First Line of Defence comprises the CXOs; Second Line of Defence comprises oversight functions like Risk Management and Compliance; and the Third Line ofDefence is the Internal Auditor. The Board approved Risk Management Framework details our approach to risk management and the roles and responsibilities of all stakeholders.
The Board level Audit Committee and Risk Management Committee are responsible for overseeing the risk management framework, reviewing the key risks and mitigation strategies and ensuring the effectiveness of risk management policies and procedures. The Management also ensures effective implementation of the risk management framework within all areas of respective functions.
Risk Management Process is a logical and systematic process of identifying, analysing, evaluating, treating, monitoring and communicating risks associated with activities, functions or process, in a way that enables an organisation to minimise losses and maximise opportunities. The objective of risk management is not to eliminate risk, but to understand it so that we can take measures to prevent its occurrence and minimise the downside and take advantage of the upside. Risk assessment and mitigation strategies are an integral part of the risk framework within each function. The key risks covered are Investment Risk, Credit Risk, Liquidity Risk, Operational Risk, Compliance Risk, Climate Risk, Technology
Risk, Information Security and Cyber Risk, Outsourcing Risk, Reputation and Conduct Risk, Sales and Distribution Risk, Financial Reporting Risk, Tax Risk, Legal Risk and Talent Risk.
Risk Management is integrated with major business processes such as strategic planning, operational management and investment decisions to ensure consistent consideration of risks in all decision-making. Our Company continuously adopts international best practices that address regulatory changes, organisational structure, emerging technologies, dynamic market conditions and business growth.
AMC has implemented Risk Management Tools such as Risk Register, Risk and Control self-assessment (RSCA), reporting of Early Warning Signals and Incident Reporting, whereby risk owners are involved in the ongoing assessment and improvement of risk management and controls. There is also an ESG Task Committee to oversee company-wide ESG risks. Additionally, internal audit carries out our internal control reviews and provides an independent report to the Audit Committee on the adequacy and effectiveness of the risk management framework and internal controls of the organisation. Our statutory auditor carries out a review of our internal controls over financial reporting to the extent of the scope laid out in their audit plans. All significant audit observations and follow-up actions thereon are periodically reported to the Audit Committee and closely monitored for effective implementation.
Given the rapid technological and digital advancement in the securities market, cyber risks are inevitable. Hence, a strong Information Security and Cyber Security framework is essential. Our Companys Information and Cyber Security framework is one wherein the cyber risk and its mitigation are monitored by the Information Technology Security Committee and Risk Management Committee. Key areas covered under the cyber risk management include strong adherence to the Board-approved Information and Cyber Security Policies, compliance with SEBI guidelines and ISO 27001 standards. It helps to align our processes with best practices observed in the industry. Our Company maintains a robust cyber security architecture and has in place a cyber resilience framework to protect the integrity of data and guard against breaches of privacy.
Overall, risk management is a collective responsibility, from the Board to individual employees. Risks are primarily managed by the business function transacting the business. All employees are actively engaged in risk management within their own areas of responsibility and are expected to manage those risks.
H. Insurance
Our insurance policies cover the entire gamut of our operations and endeavours to protect the Company from unexpected exigencies in the future. We have specialised policy for insuring the schemes of HDFC Mutual Fund, HDFC Asset Management Company Limited, including PMS, AIF and advisory/ management services to permitted categories of FPIs under Regulation 24(b) of SEBI (Mutual Funds) Regulations, which, in addition to our Company, also includes our employees, directors and the trustee company of HDFC Mutual Fund. Our insurance policy covers any liability arising out of operations of Registrar and Transfer Agent and Custodians associated with our Mutual Fund business. Furthermore, we have specialised cyber security insurance coverage as well.
I. Intellectual Property
Our Company uses, among others, the name, registered trademark and brand name of HDFC and associated logos in the ordinary course of business including HDFC Asset Management Company, HDFC Mutual Fund, and HDFC AMC AIF-11. The trademark HDFC is the registered property of HDFC Bank; and it has granted a non-exclusive license to use its trademark and brand name HDFC to our Company, subject to applicable terms and conditions.
J. Digital Platforms
Our mission of creating wealth for every Indian will be possible at scale by increasing accessibility and security of our digital channels. Every internet-connected phone in the country is an opportunity for us to serve the wealth creation needs of an investor. To this end, we prioritised four pillars to align and amplify our digital efforts:
Seamless digital journeys
Deep diving into all our critical user journeys, we optimised each of them to make them simplified and frictionless. We revamped SIP, purchase and payment journeys across mobile and web, and integrated e-Cart functionality and UPI AutoPay. The WhatsApp Tap2Pay platform went live with SIP and Purchase transactions, offering users an app-like experience on WhatsApp - bringing mutual funds to where the user already is. We also launched mobile based login, which removes the need to remember a username and enables easy user registration.
We upgraded our website with a newly designed homepage, dark mode and faster load speeds. Content depth was expanded with MF Insights, a Book Review and Poetry section, and SIP Saheli.
Scaling digital distribution
To empower our MFD partners, we enabled SIP Top-up with first instalment and implemented 2-Factor Authentication at login for enhanced security. The partner app has been refreshed with a new UI / UX and a new pre-login section. Our Connekt tool (co-marketing platform for partners) was further enhanced, enabling single-click campaigns, lead tracking and personalized outreach. Our prime focus for Partners includes streamlining transaction flows to help accelerate time-to- conversion and boosting partner productivity on WhatsApp through Account statements, new SIP registrations, Lumpsum transactions, SIP renewals and a complete overhaul of the Partner One click asset for enhancing their mobility and reach.
Security and regulatory prudence
In line with regulatory and security goals, we launched digital platform updates on unclaimed dividends and redemptions, weekly/monthly debt disclosures, modified TER formats, visual accessibility enhancements and new statutory sections like Public Caution Notices, MOA and AOA. We implemented new security tools for advanced observability, Runtime application self-protection (RASP) solution, Risk-based authentication, and secured development practices, in line with the CSCRF requirements. Our far DR-BCP site setup has been tested and is now live and operational.
Step-changing digital experience with AI
FY25 was a year of many new AI experiments and launches. We went live with our self-hosted AI open-source model, which was then used to launch an internal knowledge management system (KMS) across multiple functions such as client services, compliance etc. This KMS, through its chat-based frontend, now serves internal users across the country with quick answers to queries based on a guard-railed content database. We are also using Large Language Models (LLMs) to automate processes, automatic dashboarding, generating factsheets etc. Our AI content engine is now creating creatives and even videos for social posts and moment marketing. We see AI becoming a bigger enabler across our efforts on digital enablement, process automation and content creation in the coming year.
We see AI becoming a bigger enabler across our efforts on digital enablement, process automation and content creation in the coming year.
K. Human Resource
Our Company has always been recognised as an employer of choice, and we are proud to have once again been certified, as a Great Place to Work by Great Place to Work Institute?. This recognition is a testament to our organisational strength and unwavering commitment to our purpose that is anchored in our Vision and Mission. Our culture is rooted in strong values that shape our people practices, guide our behaviour and conduct, and foster a work environment grounded in integrity, respect and excellence.
The company remains fully compliant with all Human Resources related regulatory requirements and statutory obligations, upholding them in both letter and spirit.
Our employees serve as brand ambassadors, playing a pivotal role in engaging with our investors, partners and stakeholders. At HDFC AMC, we continuously invest in our employees, placing a strong emphasis on capability building and empowering them to reinvent themselves, stay agile and grow professionally. With this, our endeavour is to serve our investors with the highest standards of fiduciary responsibilities and ethical conduct.
Our employee policies are thoughtfully crafted to inspire, motivate and engage our workforce in pursuing our organisational vision - To be the most respected asset manager in the world- and our mission To be the wealth creator for every Indian.
L. Investor Outreach
Read more on page 24 of this report.
M. Marketing Initiatives
Read more on page 26 of this report.
N. Customer service
Commitment to Outstanding Service
As a customer-centric organisation, we remain committed to elevating service excellence and positioning ourselves as the financial planning brand of choice. Our holistic approach enables us to anticipate and adapt to the evolving needs of our increasingly informed and discerning customer base.
Investing in our People
Recognising that our front-line service teams are the face of our business, we invest significantly in education and training. Our branch teams, spread across 280 locations, benefit from the continuous support of experienced professionals at our corporate office. Regional Service Managers are instrumental in this process, regularly visiting branches to ensure alignment with our strategic objectives, address mutual fund distributor requirements and provide targeted assistance.
At the corporate level, the Client Services team proactively integrates feedback from branch interactions into routine training programmes. Our team is also empowered with AI tools and CRM systems to enhance customer delight. This approach ensures continuous improvement of our service delivery, making it impactful at every customer touchpoint.
Operational Excellence and Strategic Partnerships
Our well-structured service delivery framework is underpinned by strong operational partnerships. A cornerstone of this framework is our collaboration with Computer Age Management Services (CAMS), the Registrar and Transfer Agent (RTA) that supports and enhances our operational backbone. This close partnership with CAMS enables the smooth execution of processes and reinforces support for our distribution partners.
A Comprehensive Service Ecosystem
We pride ourselves on offering a multi-channel customer service network. In addition to our physical branches and 276 CAMS service centres, we operate dedicated call centres, a responsive corporate email system, and robust digital platforms (website and mobile app). Customers can conduct transactions through an array of avenues - including distributor mobile apps, stock exchanges, channel partners, MF Utility, MF Central and the digital platforms maintained by mutual fund distributors and advisors. This diversified ecosystem has driven a substantial increase in digital transactions, which now form the majority of our business operations.
Measuring and Enhancing Service Quality
Our performance metrics are designed to ensure continuous improvement in customer service. We closely monitor parameters such as turnaround time, repeat complaints, and escalations. Regular root cause analyses are conducted to identify improvement areas and to implement corrective measures promptly, thereby consistently enhancing the customer experience.
Proactive Engagement and Feedback
Open communication is at the heart of our customer engagement strategy. We conduct detailed satisfaction surveys for both financial and non-financial transactions to capture feedback on various processes and interactions. This data is diligently reviewed by management and translates into actionable improvements across the organisation.
Consequently, our service relationship managers maintain regular communication with distributors, disseminating important updates on regulatory and process changes. Their feedback further refines our service delivery, ensuring that our system remains robust and responsive to market demands.
Digital Initiatives and Continuous Improvement
Our dedicated digital team has implemented multiple initiatives to ensure that our website and mobile apps deliver best-in-class service. By leveraging customer insights, we continuously refine our processes to pre-empt issues and enhance overall satisfaction. These improvements have contributed to a notable decline in customer complaints, reiterating our commitment to excellence.
The synergy between our well-trained staff, strategic operational partnerships, and robust digital infrastructure strengthens our capability to deliver exceptional customer service. Our collective efforts have reinforced our position as the preferred brand for financial planning and set the stage for ensuring customer delight and sustainable growth.
| Year | Complaints as a % of transactions |
| FY 19-20 | 0.009 |
| FY 20-21 | 0.006 |
| FY 21-22 | 0.006 |
| FY 22-23 | 0.003 |
| FY 23-24 | 0.002 |
| FY 24-25 | 0.001 |
O. Training
Soft Skills for a Stronger Ecosystem
The Company believes that technical knowledge must be complemented by strong interpersonal skills to drive meaningful impact. Our proprietary learning platform, LEAP, reflects our commitment to holistic capability building for both distributors and investors. During FY 24-25, we conducted 262 soft skills workshops for distributors, engaging over 13,500 participants, along with a series of employee development programmes focused on communication and other essential workplace skills. These programmes went beyond conventional learning formats, leveraging experiential techniques such as simulations and activity-based methods to drive deeper engagement and stronger knowledge retention. By equipping participants with these essential soft skills, we continue to nurture a collaborative, resilient and high-performing ecosystem.
Strengthening Technical skills
To complement soft skills development, we also placed strong emphasis on technical and behavioural finance training throughout FY 24-25. We conducted 224 technical training sessions, reaching approximately 13,000 participants, aimed at strengthening advisory capabilities and deepening client engagement across India. These programmes included focused modules on Behavioural Finance, Asset Allocation, Equity and Fixed Income, Financial Planning and Macro Economics, offering practical tools and market insights tailored to real-world advisory needs.
We also expanded our outreach through specialised initiatives such as Next Gen (for new advisors), Power Couple (for distributor families), Fem Power (for women investors), and Mission Mars (targeted at financial literacy among youth). Our NISM certification support led to regulatory readiness and knowledge refresh for over 3,000 distributors, through 76 workshops. These efforts reinforce our commitment to continuous learning and capacity-building across all stakeholders in the mutual fund value chain.
P. Social Initiatives
Read more on page 32 of this report.
Q. Risks and Threats
An Asset Management Company and its investment products are exposed to a wide spectrum of risks that could impact its business performance, financial stability, and stakeholder trust. These risks may arise from internal processes or external market dynamics. HDFC Asset Management Company has a robust risk management framework to proactively identify, monitor and mitigate such risks, ensuring long-term sustainability and resilience.
The investment products carry inherent risk of sub-par performance which may drive the investors to redeem or shift their investments. Business growth is contingent not only on performance but also on external factors like overall economy, the growth rate of the country, household savings rates and consumer attitude towards financial savings. Any adverse market rate fluctuations and/ or adverse economic conditions could affect the business in many ways, such as reducing the value of our AUM, and subsequently leading to a decline in revenue.
To mitigate investment related risks, the Company has established a comprehensive Investment Manual that outlines its Investment Philosophy, Investment and Research Processes, Credit Limits, and Credit Monitoring Procedures. The Risk Management team actively monitors the portfolio to assess various risks like liquidity, concentration, credit quality, stress indicators, enabling the generation of early warning signals. The Investment Committee regularly reviews scheme performance and oversees all scheme-related risks. Any breaches or early warning indicators are escalated to both the Investment Committee and the Risk Management Committee of Board in a timely manner.
The Companys reputation is closely aligned with the strength and recognition of the HDFC brand. While the brand enjoys a strong market presence, it remains susceptible to adverse perceptions from the market and customers - particularly in an industry where integrity, trust, and investor confidence are critical. Additionally, the regulatory landscape in which we operate is dynamic and subject to frequent changes. Any non-compliance or breach of regulatory requirements could adversely affect the Companys reputation, potentially impacting both revenue and margins.
To mitigate compliance and reputational risks, the Company follows a structured approach to assess the implications of regulatory changes, implement necessary controls, and report progress to the Board. In instances where there is significant ambiguity in the interpretation of regulations, the matter is discussed with the relevant regulatory authorities. Internal auditors are appointed to independently review operational activities and present their findings to the Board. They also conduct periodic audits of statutory compliance reports, as mandated. While the Company is committed to full compliance with all applicable laws and regulations, undetected errors in statutory records or business operations may pose a risk of financial or reputational loss.
Another significant risk to the business is potential disruption to our technology infrastructure, whether due to rapid technological advancements or malicious cyberattacks. Geopolitical tension and uncertainty may also lead to political instability, sanctions, wars or economic disruptions. The Company has implemented robust Disaster Recovery (DR) and Business Continuity Planning (BCP) frameworks to tackle this risk. With most transactions now conducted digitally, any interruption in system availability or performance could materially affect business operations. The Company continues to make substantial investments in strengthening its technology infrastructure, ensuring resilience and continuity in the face of disruptions. It has also established a robust cybersecurity framework and a comprehensive cyber resilience strategy to safeguard data integrity and protect against privacy breaches.
HDFC AMC has a robust Risk Management Framework which maintains operational resilience, regulatory compliance, and investor trust through proactive risk governance and continuous improvement.
R. Information and Cyber Security
Cyber Security Governance
In an era of rapid technological progress and digital evolution, the Company acknowledges the prevalence of increasing cyber and information security risks. The Company has a strong Cyber Risk Management framework wherein cyber risk and its mitigation are monitored by the Information Technology and Security Committee and Risk Management Committee of the Company. Furthermore, the Company has a cyber-resilience framework in place to safeguard the integrity of data and guard against cyber breaches. At the core of this strategy lies Board- approved policies such as Information Security, Cyber Security & Cyber Resilience policy, Cyber Crisis Management plan, Information Security and Cyber Risk Management Framework and Business Continuity policy. Key areas covered under the cyber risk management include strong adherence to the Board approved Information and Cyber Security policies, compliance with SEBI guidelines and ISO 27001:2022 standards to ensure alignment with industry best practices.
Security & Data protection
We uphold the highest standards of confidentiality, availability, integrity of the investor data entrusted to us. To fortify our defences against cyber threats and preserve data integrity, our Company employs a Defence in Depth strategy. Our measures include robust encryption protocols, stringent access controls, best-in-class perimeter security, and 24x7 State-of-the-art security surveillance.
Information and Cyber Security Awareness
The company has intensified its initiatives to promote security awareness among employees, urging vigilance against cyber attacks and cultivating a robust cyber security culture within the organisation. We urge our stakeholders to be vigilant and protect themselves against cyber frauds and socially engineered frauds. We educate customers and other stakeholders on the risks of cyber breaches and attacks. Furthermore, we prioritise continuous training of our cyber security and Incident Response teams through regular cyber table-top drills.
Security by Design
The Company integrates cyber security controls and practices seamlessly into its business processes, adhering to the principle of Security by Design. Our commitment to enhanced cyber security practices, coupled with effective governance, has led to the development of mature cyber security frameworks. Our Technology and Digital systems undergo frequent security reviews and audits conducted by independent agencies. Our systems are subjected to rigorous scrutiny and validation in system audits. Proactive measures are consistently implemented to fortify these systems against external threats.
S. Business Continuity Programme
HDFC AMC has a strong Business Continuity Programme (BCP) that enables operational resilience and continuity in delivering quality services to investors. With our ISO 22301:2019 certified BCP, we prioritise minimising service disruptions and safeguarding our employees and business during any unforeseen adverse events or circumstances. The Programme is designed in accordance with the guidelines issued by regulatory bodies. It also undergoes regular internal, external and regulatory reviews to ensure its effectiveness.
The Business Continuity team focuses on strengthening the companys preparedness for continuity. Oversight over programme is provided by the Information Technology and Security Committee. Business Continuity Policy and Plan is periodically tested to ensure that it can meet operational contingencies. In addition, employees periodically undergo mandatory business continuity awareness training and
sensitisation exercises on a periodic basis. The Business Continuity Procedure outlines clear roles and responsibilities for teams involved in Crisis Management, Business Recovery, Emergency Response and IT Disaster Recovery, ensuring a coordinated approach.
Key roles in the Business Continuity Programme include:
a. Steering Committee: Responsible for centralized
oversight and governance of the Business Continuity Programme, ensuring ongoing preparedness.
b. Crisis Management Teams: Tasked with managing recovery operations effectively during disruptive events, enabling timely response and coordination across functions.
c. Disaster Recovery (DR) Site: A dedicated infrastructure designed to support the recovery of applications, including those used for mutual fund operations and customer-facing services.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
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