To the Members,

We are pleased to present the Directors Report on the business and operations of UTI Asset Management Limited (hereafter referred as UTI AMC or the Company) along with the Companys audited Financial Statements of Accounts for the year ended 31 March 2021.

MACROECONOMY

The Calendar Year (CY) 2020 began on a challenging note for businesses as well as operating models around the globe, owing to various macroeconomic factors like Brexit, unstable crude prices, increasing tensions between multiple countries etc. The outbreak of the Covid-19 pandemic further added headwinds to the already reeling global economy. The subsequent lockdowns across nations impacted cross-border trades and hampered the supply chains at large. This eventually led to a dip in the global Gross Domestic Product (GDP).

For India, the outbreak of Covid-19, halted several economic activities in Q1 of financial year (FY) 2020-21, leading to a contraction of GDP by 23.9% for the said quarter. The gradual lifting of lockdowns, owing to declining cases in the country and various stimulus packages being announced by the government, enabled the economy to recover better than anticipated earlier.

Anticipating a V-shaped recovery, various rating agencies have given a positive outlook with higher GDP growth rates for CY 2021. However, much will depend on the pace of inoculation drives and how the economy fares owing to the recent second wave of the pandemic having commenced in March 2021.

FINANCIAL HIGHLIGHTS

The financial statements of the Company have been prepared in accordance with the provisions of the Companies Act, 2013 (the Act), and the Indian Accounting Standards (hereinafter referred to as the Ind AS) as notified by the Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015, and Companies (Indian Accounting Standards) Amendment Rules, 2016, and other relevant provisions of the Act, as amended from time to time.

The Companys financial performance for the year ended 31 March 2021, as compared to the previous financial year is summarised below:

Particulars	Standalone		Consolidated
	Year Ended 31 March 2021	Year Ended 31 March 2020	Year Ended 31 March 2021	Year Ended 31 March 2020
Gross Income	940.56	831.53	1,168.52	854.03
Other Income	27.59	30.26	30.11	35.93
Profit/loss before Depreciation, Finance Costs,	499.66	418.81	646.87	384.24
Exceptional items and Tax Expense
Less: Depreciation / Amortisation	33.86	33.21	35.78	33.59
Profit /loss before Finance Costs, Exceptional items and	465.80	385.60	611.09	350.65
Tax Expense
Less: Finance Costs	7.97	9.30	8.06	9.35
Profit /loss before Exceptional items and Tax Expense	457.82	376.29	603.03	341.30
Add/(less): Exceptional items	--	--	--	--
Profit Before Tax Expense	457.82	376.29	603.03	341.30
Less: Tax Expense (Current & Deferred)	106.15	67.13	108.70	66.38
Profit After Tax	351.67	309.16	494.33	274.92
Attributable to
Owners of the Company	351.67	309.16	494.14	271.46
Non – controlling interests	NA	NA	0.19	3.46
Add / (Less): Other Comprehensive Income (Net of Tax)	(7.19)	(63.65)	(7.26)	(63.73)
Total Comprehensive Income	344.48	245.51	487.07	211.19
Attributable to
Owners of the Company	344.48	245.51	486.88	207.73
Non – controlling interests	NA	NA	0.19	3.46
Balance of Retained earnings carried forward from previous year	2.372.13	2,132.20	2,466.68	2,264.45

				(INR in crore)
Particulars	Standalone		Consolidated
	Year Ended 31 March 2021	Year Ended 31 March 2020	Year Ended 31 March 2021	Year Ended 31 March 2020
Less: Transfer to Reserves	--	--	--	--
Less: Dividend paid on Equity Shares incl. DDT	88.75	69.23	88.75	69.23
Balance of Retained Earnings Carried to Balance Sheet	2,635.05	2,372.13	2,872.07	2,466.68
Paid-up Capital	126.79	126.79	126.79	126.79
Net Worth	2,880.88	2,594.63	3,236.97	2,783.09
Attributable to
Owners of the Company	2,880.88	2,594.63	3,225.85	2,772.30
Non – controlling interests	NA	NA	11.12	10.79

SHARE CAPITAL

There was no change in the Authorised and Paid-up Share Capital of the Company during the 2020-21. The Companys Paid-up Equity Share Capital, as on 31 March 2021, stood at INR. 126,78,72,540 (One Hundred and Twenty-Six crore Seventy-Eight Lakh Seventy-Two Thousand Five Hundred and Forty Rupees only) divided into 12,67,87,254 (Twelve crore Sixty-Seven Lakh Eighty Seven Thousand Two Hundred and Fifty Four) Equity Shares of Face Value of INR 10 each.

DIVIDENDS

The Board of Directors are pleased to recommend a Final Dividend of INR 17 per Equity Share (170%) at face value of INR10 each, amounting to INR 215.54 crore for FY 2020-21 as compared to Final Dividend of INR 7 per equity share declared for FY 2019-20. The Final Dividend shall be paid subject to the approval of Members at the ensuing Annual General Meeting to be held on Wednesday, 28 July 2021, to those equity shareholders:

a) whose name appears as beneficial owners as at the end of business hours on Wednesday, 21 July 2021 in the list of beneficial owners to be furnished by the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) in respect of the shares held in electronic form; and

b) whose name appears as members in the Companys register of members on Wednesday, 21 July 2021.

Pursuant to Section 91 of the Companies Act, 2013, and Regulation 42 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Register of Members and Share Transfer Books of the Company shall remain closed from Thursday, 22 July 2021 to Wednesday, 28 July 2021 (both days inclusive) for determining the entitlement of the members to the dividend, if declared, for the FY 2020-21.

Pursuant to the amendments made in Income-tax Act, 1961, dividends paid or distributed by the Company shall be taxable in the hands of the Shareholders. Accordingly, the Company shall make the payment of the Final Dividend after deduction of Tax at Source.

The final dividend recommended by the Board is in accordance with the Companys Dividend Distribution Policy as adopted by the Board in accordance with the provisions of Regulation 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (Listing Regulations).

The Dividend Distribution Policy of the Company is annexed herewith as Annexure I to this Report and the same is available on the Companys website at https://www.utimf.com/uti-amc-shareholders/corporate-governance/code-and-policies/.

BUSINESS OPERATIONS / PERFORMANCE OF SUBSIDIARIES

As on 31 March 2021, the Company had 4 (four) direct subsidiaries and 3 (three) step-down subsidiaries. The business operations and performance of subsidiaries, consolidated with the Company are as under:

UTI International Limited:

UTI International Limited (UTI International) was incorporated as a Limited liability Company under the laws of Guernsey on 30 January 1996, pursuant to an Act of the Royal Court of the Guernsey Island. UTI International is engaged in the investment management of equity and debt funds as authorised by its Memorandum of Incorporation. UTI International looks after the administration and marketing of offshore funds managed by UTI AMC. It also acts as a management Company for the above mentioned funds as required under the Guernsey Law. UTI International is responsible for developing new products and new business opportunities for the Companys offshore activities. UTI International has 2 (two) subsidiaries - UTI Investment Management Company (Mauritius) Limited and UTI International (Singapore) Private Limited. UTI International clients are spread across 35 countries.

The Consolidated Gross Income of UTI International for FY 2020-21 was GBP 2,25,34,289 as compared to GBP 13,07,841 in the previous year and Consolidated Net Profit was GBP 1,46,49,061 as compared to Net Loss of GBP 57,69,234 in the previous year.

UTI International recorded an increase in the total AUM from USD 2.08 Billion to USD 3.08 Billion. India Dynamic Equity Fund crossed USD 820 Million to become the 10^th largest India fund among Undertaking for Collective Investment in Transferable Securities (UCITS) funds. The J Safra Sarasin Responsible India Fund, Europes first ESG compliant India fund, raised USD 125 Million in 6 months.

UTI Retirement Solutions Limited:

UTI Retirement Solutions Limited (UTI RSL) was incorporated on 14 December 2007 under the Companies Act, 1956, at Mumbai, Maharashtra. UTI RSL manages the pension funds and assets of the Central and State Government employees and the private sector employees. UTI RSL is engaged in carrying out the operations as pension fund manager as directed by the Pension Fund Regulatory and Development Authority (PFRDA) and the Board of Trustees of the National Pension System Trust, set up under the Indian Trust Act, 1882. It also undertakes wholesale asset management as prescribed by the Government or PFRDA, as authorised by its Memorandum of Association.

The Gross Income of UTI RSL for the FY 2020-21 was INR 19.63 crore as compared to INR 14.25 crore in the previous year. The Net Profit was recorded at INR 3.78 crore as compared to INR 4.36 crore during the previous year.

UTI RSL recorded good performance with growth in AUM, fund performance, and profitability in FY 2020-21. Overall, the AUM in the current year grew from INR 1,22,202 crore to INR 1,66,210 crore, recording a growth of 36.01%. Under one-year fund performance, it ranked second for the Central Government & State Government Employees Scheme, which accounts for more than 90% of the funds. The fund performance under other schemes were also reasonably good. UTI RSL was awarded the Best Pension Fund Manager of the Year 2021 by Asia Asset Management, for the fourth consecutive year. Hence, this business is geared to take a new and meaningful direction, going ahead.

UTI Venture Funds Management Company Private Limited:

UTI Venture Funds Management Company Private Limited (UTI VF) was incorporated on 27 March 2001, under the Companies Act, 1956, at Bengaluru, Karnataka as UTI Venture Funds Management Company Limited. The principal business of UTI VF is to manage venture capital funds and private equity funds. The Company strives to create value for its portfolio companies by providing industry knowledge, access to local talent and its business network in the Indian and overseas markets. UTI VF is registered with SEBI as a Venture Fund Management Company.

UTI Private Equity Limited is the subsidiary of UTI VF. UTI Private Equity Limited is engaged in investment holding as authorised by the Financial Services Commission.

The Consolidated Gross Income of UTI VF for FY 2020-21 was recorded at INR 2.19 crore as against INR 0.74 crore in the previous year. It clocked a Net Profit of INR 1.30 crore for the year ended 31 March 2021, as against Net Loss of INR 0.47 crore in the corresponding period in the previous year.

UTI Capital Private Limited:

UTI Capital Private Limited (UTI CPL) was incorporated on 13 May 2011, under the Companies Act, 1956, at Mumbai, Maharashtra. It is engaged in the business of investment management as authorised by its Memorandum of Association. The Gross Income of UTI CPL for the FY 2020-21 was recorded at INR 9.16 crore as compared to INR 8.04 crore in the previous year. The Net Profit was recorded at INR 0.18 crore as against Net Loss of INR 1.43 crore in the previous year.

During the FY 2020-21, UTI CPL focused on portfolio management for UTI Structured Debt Opportunities Fund (SDOF) I - a INR 696 crore first private credit fund. UTI SDOF I saw complete exit from one of the portfolio companies, Vani Agencies, at an Internal Rate of Return (IRR) of 22%. The fund also returned capital to the tune of INR 167 crore. Overall, the fund returned INR 136 crore in the form of Income, over and above the Principal returned of INR 167 crore. UTI CPL also launched its second private credit fund – UTI SDOF II – and had a first close of the fund on 30 September 2020, with INR 410 crore from existing investors of UTI SDOF I only. As of 31 March 2021, the total commitments in UTI SDOF II were INR447 crore. The Audited Statements of Accounts of the subsidiary companies, together with the Reports of their Directors and Auditors, for the period ended on 31 March 2021, are attached to this Annual Report.

None of the companies became or ceased to be subsidiary during the FY 2020-21. The Company doesnt have any Associate or Joint Venture Company as on 31 March 2021. The audited financial statements including the consolidated financial statements of the Company are available on the Companys website at https://www.utimf.com/uti-amc-shareholders/financials-filings/results/. The financial statements of the subsidiaries are also available on the Companys website at https://www.utimf.com/uti-amc-shareholders/financials-filings/subsidiaries-financials/. The Company has formulated a Policy for determining Material Subsidiaries. The Policy is available on the Companys website at https://www.utimf.com/uti-amc-shareholders/corporate-governance/code-and-policies/. As on 31 March 2021, the Company has only 1 (one) material subsidiary which is UTI International Ltd.

OVERVIEW OF OPERATIONS OF THE GROUP

The Company believes its track record of product innovation, consistency and stable investment performance contributed to the growth of its AUM. From 31 March 2020 to 31 March 2021, the Quarterly Average Assets Under Management (QAAUM) for all the UTI Mutual Fund (MF) schemes collectively grew over 20% from INR 1,51,512.53 crore to INR 1,82,852.73 crore. The QAAUM for Equity Schemes grew by about 33% from INR 38,192.61 crore in 2019-20 to INR 50,750.05 crore in 2020-21; the QAAUM for ETFs and Index Funds grew almost 69% from INR 25,215.30 crore in FY 2019-20 to INR 42,581.48 crore in FY 2020-21 and the QAAUM for Hybrid Funds grew around 7% from INR 20,962.90 crore to INR 22,367.17 crore over the corresponding periods. While the QAAUM for the Liquid Funds saw a decline of around 6% from INR 45,795.33 crore in FY 2019-20 to INR 43,062.25 crore in 2020-21, the Income Funds saw a 13% growth in the QAAUM from INR 21,346.39 crore in FY 2019-20 to INR24,091.78 crore in FY 2020-21.

The Portfolio Management Services (PMS) division of UTI AMC also reported an increase in its AUM from the previous year. The AUM grew from INR 6,89,063.21 crore as on 31 March, 2020, to INR 7,83,795.85 crore as on 31 March 2021, having recorded a growth of 13% with steady growth in business functions and advisory business.

The AUM for UTI CPL recorded growth by more than 20% from INR 1,304.65 crore in March 2020 to INR 1,576.23 crore in March 2021.

UTI RSL also witnessed a growth of 36% in its AUM from INR 1,22,200.94 crore in March 2020 to INR 1,66,209.63 crore in March 2021.

UTI International also saw an increase in the total AUM from INR 15,765 crore as on 31 March 2020 to INR 26,821 crore as on 31 March 2021, with a growth of over 70%.

IMPACT OF COVID-19

The Financial Year 2020-21 was filled with uncertainties, challenges, and twists. While the first quarter of the financial year began with the understanding of the COVID pandemic and framing a national response to it, the last quarter ended with hope as inoculation drive progressed across the country. In this situation, UTI AMC kept doing everything possible to ensure safety of the employees and stakeholders, while keeping the business operations continuing. Setting up a core team: As soon as the pandemic broke, UTI AMC constituted an internal task force for coordinating with different centers and monitoring the situation. The team looks at aspects related to social distancing in offices, reducing roster strength, optimal continuity of business operations, work from home arrangements, strict adherence to protocols while visiting office etc. Digital and remote working: We also took measures for the smooth functioning of business with various customer centric measures and adoption of digital ways of working. Requisite technological support was provided to enable remote working of our employees.

Adherence to Government guidelines: The Government has been proactive in taking various measures to tackle the pandemic and have been issuing frequent guidelines. The same are being adhered to by the Company. We keep assessing the situations in different centers and are prepared to address the challenges. Employee care measures: We try to operate conservatively, keeping the number of employees in offices at a level that is much lower than the limits prescribed by authorities. We distributed masks and hygiene kits to employees. We are planning to make special arrangements for vaccinating our employees in an appropriate manner. Along with required infrastructure support and a flexible working system, HR Department continued online engagement forums and events for employees, including, online yoga sessions and quiz programmes etc. to keep their morale high. Outreach programs: We reached out to the employees as well as our BDAs who are affected or in case any of their family members are affected. As an organisation, we are trying to help our affected employees and their families across the country in the best possible manner. We regularly reached out to our business partners for any support that may be needed by them, via phone calls, emails or video calls as per requirements. Our sales team at different locations are also in touch with them. We provided training to the business partners about our digital tools like UTI Buddy. It shall be the effort of UTI AMC to continue with all safety measures for our employees and stakeholders, as we look forward to an early return to normalcy.

SCHEMES LAUNCHED DURING THE YEAR

There were three open-ended equity funds launched during the FY21 viz., UTI Banking Exchange Traded Fund – An open-ended scheme replicating/tracking Nifty Bank index, UTI Small Cap Fund – An open-ended equity scheme predominantly investing in small cap stocks and UTI Nifty 200 Momentum 30 Index Fund – An open-ended scheme replicating / tracking Nifty 200 Momentum 30 Index with allotment date of 1 September 2020, 22 December 2020 and 10 March 2021 respectively.

FUNDAMENTAL ATTRIBUTES CHANGED

During the FY21, change in fundamental attributes of schemes were carried out in connection with enabling provision for creation of segregated portfolio in UTI Arbitrage Fund, UTI Multi Asset Fund and UTI Equity Savings Fund (1st set of schemes), UTI Hybrid Equity Fund, UTI Childrens Career Fund – Investment Plan and UTI Childrens Career Fund – Savings Plan (2nd set of schemes) and UTI Retirement Benefit Pension Fund (3rd set of scheme) details of which were announced through addendum dated 26 August 2020, 12 October 2020 and 20 November 2020 for the set of schemes as mentioned therein respectively. Also, re-categorisation of UTI Equity Fund as a Flexi Cap Fund and enabling provision for creation of segregated portfolio was carried out, details of which were announced through an addendum dated 11 January 2021.

TRANSFER TO RESERVES

During the FY 2020-21, no amount was transferred to the General Reserves of the Company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The details of loans given, investments made, guarantees given and securities provided, if any, covered under Section 186 of the Companies Act, 2013, is provided under Note No. 5, 6 and 7 to the Standalone Financial Statements.

CONTRACTS OR AGREEMENTS WITH RELATED PARTY

In accordance with the provisions of Section 188 of the Act and Regulation 23 of Listing Regulations, the Policy on Materiality of Related Party Transactions and dealing with Related Party Transactions was approved by the Board at its meeting held on 16 December 2019, which was further amended pursuant to the resolution passed by the Board at its meeting held on 28 October 2020. The Policy is available on the Companys website at https://www.utimf.com/uti-amc-shareholders/ corporate-governance/code-and-policies/. During the FY 2020-21, the Company entered into transactions with related parties as defined under Section 2(76) of the Act, read with Companies (Specification of Definitions Details) Rules, 2014, and applicable Accounting Standards, which were in the ordinary course of business and on arms length basis. During the year under review, all contracts / arrangements / transactions entered into by the Company with related parties were in ordinary course of business and on an arms length basis. The Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the foregoing policy of the Company or the Act. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014, in Form AOC-2 is not applicable.

However, detailed Disclosure on Related Party Transactions as per IND AS-24 containing name of the Related Party and details of the transactions entered into with such Related Party are provided under Note No. 31 of the Standalone Financial Statements.

DEPOSITS

During FY 2020-21, the Company has not accepted any deposits under Sections 73 of the Act, read together with the Companies (Acceptance of Deposits) Rules, 2014.

AUDITORS Statutory Auditor

In accordance with the provisions of Section 139 of the Act, M/s. GD Apte, Chartered Accountants (FRN: 100515W) was appointed as the Companys Statutory Auditor. The Auditors Report on Financial Statements for FY 2020-21 is enclosed with the Financial Statements in this Annual Report. In terms of Section 139(5) of the Act, M/s. G D Apte would hold office till the conclusion of the 18^th Annual General Meeting of the Company.

The Board has, in its meeting held on 7 June 2021, recommended the appointment of M/s. B S R & Co. LLP, Chartered Accountants (Firm Reg. No. 101248W/W-100022) as Statutory Auditor of the Company to hold office from the conclusion of the 18^th Annual General Meeting of the Company until the conclusion of the 23^rd Annual General Meeting of the Company.

A resolution proposing appointment of M/s. B S R & Co. LLP, Chartered Accountants as the Statutory Auditors of the Company pursuant to Section 139 of the Companies Act, 2013 forms part of the Notice of Annual General Meeting.

Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act, read together with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Vishal N. Manseta, Practicing Company Secretary (ACS 25183 and CP No. 8981) as Secretarial Auditor of the Company. The Report of the Secretarial Audit is enclosed as Annexure II to this Report. There were no qualifications, reservation or adverse comments or disclaimer made by the aforesaid Auditors in their respective audit reports.

During the year under review, there were no instances of any fraud reported by the Statutory Auditor or Secretarial Auditor to the Audit Committee or the Board pursuant to Section 143(12) of the Act.

AUDITOR OF THE SCHEME OF UTI MUTUAL FUND

Pursuant to the applicable provisions of SEBI (Mutual Funds) Regulations, 1996, M/s. Haribhakti & Co. LLP, Chartered Accountants, was appointed as Statutory Auditors for Schemes of UTI Mutual Fund.

M/s. Chokshi & Chokshi LLP, Chartered Accountants, was appointed as Internal Auditors for various Schemes of UTI Mutual Fund. Both the auditors periodically submit their reports, which are placed before the Audit Committee and the Board of the Company and of UTI Trustee Company Private Limited (Trustees of UTI Mutual Fund) for discussion, review and implementation of their recommendations.

Adequacy of Internal Financial Controls

The Company has in place adequate Internal Financial Controls with reference to the Financial Statements, some of which are outlined below.

The Company adopted accounting policies which were in line with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006, that continue to apply under Section 133, and other applicable provisions, if any, of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, and relevant provisions of the Act to the extent applicable. These were in accordance with generally accepted accounting principles in India. Changes in policies, if any, were approved by the Audit Committee in consultation with the Statutory Auditors. The policies also ensured uniform accounting treatment was followed by the subsidiaries of the Company. The accounts of the subsidiary companies were audited by their respective Statutory Auditors for consolidation.

The Company operates in SAP, an ERP system, and has many of its accounting records stored in an electronic form, which is backed up periodically. The ERP system is configured to ensure that all transactions are integrated seamlessly with the underlying books of accounts. The Company has automated processes to ensure accurate and timely updation of various master data in the underlying ERP system.

The Company operates a centralised accounts department which handles all payments. This ensures adherence to all policies laid down by the Management.

The Company, while preparing its Financial Statements, makes judgements and estimates based on sound policies and uses external agencies to verify/validate them as and when appropriate. The basis of such judgements and estimates were also approved by the Statutory Auditors and Audit Committee. The Management periodically reviews the financial performance of the Company.

Human Resources

The Company believes that its employees play a vital role in building a successful organisation. It understands that nurturing peoples capability is the core behind driving business excellence. The Company is committed to maintaining an environment that values the contributions of its people and provides opportunities for their personal and professional growth. UTI AMC ended the year with a workforce strength of 1,441 employees. Every employee is expected to work with stakeholders viz. clients, other employees, distributors, and investors, among others, in a respectful manner. Each employee is expected to diligently follow the Companys Rules, Code of Conduct and any violation in the same is appropriately addressed. The Company demonstrates a commitment to a culture that promotes the highest ethical standards. The Companys employee relations continued to be healthy, cordial and progressive. The Company recognises its responsibility and continues to strive to provide a safe working environment for its employees, free from sexual harassment and discrimination. The Company also has a Policy on Prevention of Sexual Harassment, which is reviewed by the Internal Complaints Committee (ICC) at regular intervals. There were no pending complaints during the year and no fresh complaints were received at the end of the year.

Some key focus areas and initiatives taken up during the year 2020-21 were:

PROMOTE PERFORMANCE CULTURE AND REINFORCE MERITOCRACY

The Company has a Performance Management System that is transparent and objective based. It aligns the Companys goals with key responsibility areas of employees. Role-based scorecards at the employee level coupled with managerial feedback provides clarity and support that eventually help employees excel. Development of employees, recognising and rewarding their performance is of prime importance to the Company. The primary objective of the Performance Management System is to drive a high performance culture.

EMPLOYEE GROWTH AT UTI AMC

Career progression is based on merit and potential. Opportunities are available to develop skills on the job by taking up newer and challenging roles. Through internal job announcements, it is ensured that the Companys employees are made aware of and have the opportunity to apply for specific open positions. In line with the Companys Talent Management Philosophy, it ensures grooming of its internal talent to take up higher roles through a structured Talent Pool Development Process. The principal objective is to create developmental career opportunities for all employees by providing a platform to gain cross-functional experience and expertise.

LATERAL RECRUITMENT

The Company continues to hire laterally for specialised positions. To promote its brand and increase customer engagement, the Company turned to digital marketing and recently created a well-rounded Digital Marketing Team.

CAMPUS PROGRAMMES

Campus Recruitment was one of the major recruitment channels during FY 2020-21. The initiative will give the Company, an opportunity to identify talent at an early stage and nurture the same. The Company also visits specialised campuses like ICAI for recruiting Chartered Accountants. The assignments offered to this group is specialised and domain specific. The hiring in this space is need-based and as per requirements by the business.

The Company has aesthetically designed Induction Kits for new recruits, with information included in digital format.

GRADUATE PROGRAMMES

To attract and retain the best available young talent in the country for the sales function, the Company started the process of hiring fresh graduates.

HR DIGITALISATION

The Human Resource Management System (HRMS) helps the Company remain abreast of the latest technological trends and have a platform that is more interactive, user-friendly, integrating various HR functions and processes. This enhances the Companys ability to manage employees in a more flexible, agile and customised manner. In addition, the Company also took up initiatives to improve its service delivery, onboarding process and payroll data quality.

EMPLOYEE ENGAGEMENT AND COMMUNICATION

The Company strives to strengthen its connect with employees and make their working life exciting. UTI AMC also conducts several employee engagement events, both at local and national levels. With the objective of creating an atmosphere filled with fun and camaraderie and provide its employees a platform to showcase their talent and creativity. Company conducted several Quizzes, Programmes on Wellness and Health and put in initiatives including Yoga & Meditation by experts for employees, among others. In order to encourage and foster continuous and transparent communication channels across the length and breadth of the Company, a structured methodology is followed. This includes various mechanisms like – visits to regions and UFCs, skip level discussion, town halls, intranet, audio-video calls, mass mailers, and messages from the top/senior team, among others. Through such communication platforms, employees get opportunities for skip level, leadership level and cross functional interaction. These channels are also actively used for seeking feedback, knowledge sharing and engagement initiatives.

EMPLOYEE RECOGNITION

During the FY 2020-21, employees were appreciated under the Company recognition programme – ‘Achievers Club – for their performance, efforts and excellence at UTI AMC and in turn create a ‘Culture of Appreciation. There are Spot Rewards for instant recognition. And then there are separate category of awards for the ‘Best Sales Team and ‘Best Fund Manager. Reporting Managers nominate their team members for ‘Employee of the Quarter award.

LEARNING & DEVELOPMENT

An extensive bouquet of training programmes have been delivered covering onboarding, functional and behavioural training. The onboarding training ensures that new employees are trained comprehensively and equipped with necessary know-how required for the role. Functional training programmes enable skill development, regular updates and build expertise.

The Company focuses on role-specific learning plan and ensures effective use of blended learning methods. The Companys Learning & Development team partners with business leaders and managers to focus on developing employees and carving leaders out of its own employees. Specific programmes are also planned so as to ensure one builds expertise in her/his own chosen career. During the year marred by the pandemic, the Company focused on different ways of enhancing knowledge within the Company by arranging digital trainings, interactions, reading materials, and research reports, among others. In addition, the Company also introduced a new initiative – Quiz Up – a learning and engagement initiative which enables and enhances the employees knowledge base on topics related to UTI products, mutual fund industry, economy, SEBI regulations and financial & economic concepts. The initiative also provides an opportunity for the employees to learn and earn points through the medium of multiple quizzes. The earned points can be redeemed towards knowledge enhancement, by participating in workshops/training programmes/certification programmes, among others. The Company also has in place an Educational Assistance Policy enabling employees to take up higher professional studies.

LOOKING AHEAD

The Company looks forward to a stronger focus on meritocracy, change management, increase efficiencies and build an effective organisation. HR principles and policies will be further sharpened. The Company will continue with its efforts to attract the best talents, develop and retain them to transform the organisation. The Company aims at developing a culture that enables employees to develop their leadership capabilities. The total number of employees of the Company as on 31 March 2021 stood at 1,441. The Employee Benefit Expenses on consolidated basis for the year ended 31 March 2021 stood at INR 379.48 crore as compared to INR 339.88 crore for the year ended 31 March 2020. Information required under Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report. In terms of provisions of Section 136 of Companies Act, 2013, the Annual Report is being sent to members excluding the aforementioned information. The information will be available on the website of the Company at www.utimf.com.

VIGIL MECHANISM

In accordance with Section 177 of the Act, the Company adopted a Whistle Blower Policy to supplement the Codes of Ethics, Staff Rules, Anti Bribery Policy and Anti-Fraud Policy of the Company. The details related to Vigil Mechanism is provided in the Corporate Governance Report forming part of this Annual Report.

PREVENTION OF SEXUAL HARASSMENT POLICY AT WORKPLACE

The Company has an Anti-Sexual Harassment Policy in place, in line with the requirements of the Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. All employees of the Company as well as any person employed for any work on regular, temporary, ad-hoc or daily wage basis including a contract worker, co-worker, probationer, trainee, apprentice or called by any other such name, are covered under this policy. The Company has constituted an Internal Complaints Committee (ICC) to enquire into the cases of Sexual Harassment at Offices/ UFCs across India. The details related to complaints filed and disposed-off, if any, are provided in the Corporate Governance Report forming part of this Annual Report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL Directors

As on 31 March, 2021, the Board comprised of 9 (nine) members, consisting of 6 (six) Independent Directors [including 2 (two) woman directors, 2 (two) Non-Executive Non-Independent Directors and 1 (one) Whole Time Director. The Chairperson of the Company is a Non-Executive Independent Director. Mr. Dinesh Kumar Mehrotra and Mr. Narasimhan Seshadri were re-appointed as an Independent Directors of the Company for a period of five consecutive years w.e.f. 28 November, 2020 to 27 November 2025, not liable to retire by rotation.

Mr. Imtaiyazur Rahman was appointed as the Whole Time Director of the Company at Annual General Meeting held on 22 August 2019, for a period of three years w.e.f. 23 August 2019 till 22 August 2022, not liable to retire by rotation. Further, the Board of Directors, at its meeting held on 12 June 2020, based on the recommendation of Nomination & Remuneration Committee, appointed Mr. Imtaiyazur Rahman as the Chief Executive Officer of the Company with effect from 13 June 2020 for a period of 2 years.

Mr. Ashok Shah resigned from the Directorship of the Company with effect from the conclusion of the 17^th Annual General Meeting held on 27 November 2020.

Ms. Uttara Dasgupta ceased to be an Independent Director of the Company with effect from the conclusion of the 17^th Annual General Meeting held on 27 November 2020.

Punjab National Bank nominated Mr. Sanjay Varshneya as Director on the Board of the Company in exercise of their right under Article 129 of the Articles of Association of the Company. In accordance with the provisions of the Act and the Articles of Association of the Company, Mr. Edward Cage Bernard, Non-Executive Director of the Company, will retire by rotation at the ensuing AGM, and the tenure of Mr. Deepak Kumar Chatterjee, Independent Director of the Company concludes at the ensuing AGM.

The Board, at its meeting held on 7 June 2021 and 30 June 2021, based on the recommendation of Nomination and Remuneration Committee, inter-alia approved:

i. Appointment of Mr. Edward Cage Bernard (Nominee of T Rowe Price International Ltd), who retires by rotation at the ensuing AGM, as a Nominee Director (Non-Executive Category), liable to retire by rotation, subject to the approval of the shareholders at the ensuing AGM;

ii. Appointment of Mr. Sanjay Varshneya (Nominee of Punjab National Bank) as a Nominee Director (Non-Executive Category), liable to retire by rotation, subject to the approval of shareholders at the ensuing AGM. The appointment shall be effective post approval of shareholders at the ensuing AGM; and

iii. Re-appointment of Mr. Deepak Kumar Chatterjee as an Independent Director for a period of 5 (five) years after the expiry of his existing term in the ensuing AGM, subject to the approval of the shareholders at the ensuing AGM. The necessary resolutions for the appointment / re-appointment of Mr. Edward Cage Bernard, Mr. Sanjay Varshneya and Mr. Deepak Kumar Chatterjee including their brief profile and other related information have been included in the Notice convening the 18^th AGM.

All the directors of the Company have confirmed that they are not disqualified for being appointed as directors pursuant to Section 164 of the Companies Act, 2013.

Declaration of Independence

The Company has received necessary declarations from each Independent Director under Section 149(7) of the Companies Act, 2013 and Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirming that he/she meets the criteria of independence laid down in Section 149(6) of the Act and Regulation 16(1)(b) of Listing Regulations. All Independent Directors of the Company are registered in Independent Directors Databank maintained by the Indian Institute of Corporate Affairs in compliance with the provisions of Rule 6 of Companies (Appointment and Qualifications of Directors) Rules, 2014.

The Company has formulated terms and conditions for appointment of Independent Directors which is available on the Companys website at https://www.utimf.com/uti-amc-shareholders/corporate-governance/code-and-policies/.

Key Managerial Personnel

In terms of Section 2(51) and Section 203 of the Act, the following are the Key Managerial Personnel (KMP) of the Company:

- Mr. Imtaiyazur Rahman, Whole Time Director & Chief Executive Officer

- Mr. Surojit Saha, Chief Financial Officer

- Mr. Arvind Patkar, Company Secretary & Compliance Officer

Number of Board Meetings

The Board met 12 (twelve) times during FY 2020-21. The maximum interval between two meetings did not exceed 120 days, as prescribed in the Act. The details of composition of the Board and its Committees and details of the meetings during the FY 2020-21, are disclosed in the Corporate Governance Report, forming part of this Annual Report.

AUDIT & SYSTEMS

The Companys Directors believe that internal audit control is a necessary concomitant of the principle of governance that freedom of management should be exercised within a framework of appropriate checks and balances. The Company remained committed to ensuring an effective internal control environment that provides assurance on the efficiency of operations and security of assets.

Well established and robust internal audit processes, both at business and corporate levels, continuously monitor the adequacy and effectiveness of the internal control environment across the Company and the status of compliance with operating systems, internal policies and regulatory requirements. In the networked IT environment of the Company, valuation of IT security continues to receive focused attention of the internal audit team, which includes IT specialists.

CORPORATE SOCIAL RESPONSIBILITY

The Company believes in a philosophy of compassion, care and generosity, characterised by a willingness to build a society that works for everyone. In accordance with the CSR vision of the Company, it strives to meet the interests of its shareholders and other stakeholders. Through its CSR initiatives, the Company extends support to the underserved and underprivileged section of society in different parts of India. It seeks to supplement its contribution to environment protection, health & education, uplifting society and sustainable community development. In terms of Section 135 of the Act, the Company has constituted a Corporate Social Responsibility (CSR) Committee of Directors comprising Ms. Dipali Hemant Sheth (Chairperson), Mr. Dinesh Kumar Mehrotra (Member), Mr. Edward Cage Bernard (Member) and Mr. Imtaiyazur Rahman (Member). During the year under review, Ms. Uttara Dasgupta ceased to be the Chairperson and member of the Committee. Ms. Dipali Sheth, an Independent Director, was appointed as the Chairperson and Mr. Imtaiyazur Rahman, Whole-time Director & CEO, was appointed as Member of the Committee with effect from 4 December 2020. A CSR Sub-Committee of internal officials was also constituted to identity the projects, carry out the groundwork, empanel the agencies/NPOs/Organisations, coordinate related activities and recommend the projects to be undertaken. The terms of reference, meeting & attendance details of CSR Committee have been disclosed in the Corporate Governance Report.

The Company has adopted a Policy on Corporate Social Responsibility in compliance with the requirements of the Act and the Companies (Corporate Social Responsibility Policy) Rules, 2014. Pursuant to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, the Board amended the existing CSR Policy and adopted ‘Human Development as the CSR approach. Education, health and rural development were adopted as the thematic focus of its CSR interventions. The policy can be accessed at https://www. utimf.com/uti-amc-shareholders/corporate-governance/code-and-policies/. In accordance with the provisions of the Act, the targeted CSR Expenditure for FY 2020-21 was INR 9.37 crore. The total amount sanctioned during FY 2020-21 was INR 9.45 crore, disbursements against the same are being made in installments in accordance with the implementation schedule of the projects. Pursuant to the requirements of the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021, the Board initiated Impact Assessment of CSR projects with outlays of INR 1 crore or more. The Annual Report on the Companys CSR activities is provided as Annexure III to this Report.

RISK MANAGEMENT

Risk management is one of the key focus areas of the Company and it has established processes and systems to ensure robust firm-wide risk management. The Board of Directors formulated and periodically review the Companys risk management policies, procedures and processes, which include the delegation of investment and financial responsibilities, the establishment of prudential investment norms, the approval and dissemination of guidelines and restrictions, as well as the establishment of counter-party limits. The Board also reviews the performance of funds against the relevant benchmark and competing funds. The Companys risk management structure includes:

1. Risk Management Committee: It comprises of five members of the Board and meets at least twice a year to review the overall risk management policies and guidelines and implementation thereof;

2. Equity and Debt Steering Committees: Equity Steering Committee consists of four members, and Debt Steering Committee consists of two members. Meetings are held on a regular basis to review funds performance and strategy reports, as well as to discuss products strategies and market developments;

3. Department of Risk Management: It consists of seven members and reviews portfolio risks affecting the Companys funds, conducts performance attribution of funds vis--vis their respective benchmarks and competing funds, tracks the adherence of portfolio characteristics to the respective scheme mandates and computes various portfolio analytics to judge the risk and return indicators over a period of time;

4. Investment Committee: It consists of four members and meets on a monthly basis to review, among other things, the performance of the Companys funds, top securities transactions and exceptions, if any, to establish investment norms or scheme limits; and

5. Department of Internal Audit: It consists of four members who oversee the work of the chartered accountancy firm appointed to carry out the Companys internal audit function. The Department of Internal Audit, together with the Investment Committee and the Department of Risk Management, ensures that the policies, procedures and processes laid down by the Board and the Risk Management Committee are effectively implemented.

Effective risk management is critical to the operation of the Companys business. The Company adopted certain policies and procedures in managing the various risks applicable to its operations, inter-alia, including:

1. Investment risk: The Companys funds are exposed to underperformance risk with respect to both the relevant benchmarks and competing funds due to investment related risks, which include market risks and credit risks. Measures are taken to address and mitigate such risks including prudential investment limits, well-documented investment policies and procedures (regarding the delegation of powers, research methodologies, risk evaluation framework and brokers empanelment policy), sophisticated market information tools, a dedicated securities research team, experienced fund managers, and a regular performance reporting and review mechanism.

2. Liquidity risk: Liquidity risk mainly arises in respect of open-ended funds, which typically allow investors to redeem their units at any time. If a significant number of investors opt for redemption from a particular fund at the same time, the fund may face liquidity risk. The risk is particularly high in respect of income funds, considering the low level of debt securities actively traded in Indian markets and the high concentration of investors in select funds. The measures that the Company takes to address and mitigate liquidity risk include reviewing its portfolio positions in light of average trading volumes and historical redemption of funds, maintenance of liquid assets, regularly reviewing illiquid equity positions, observing concentration limits for single positions, issuers and sectors, and prudential issuer and sector norms, with a high proportion of the fixed income investments of the Companys relevant funds in highly rated fixed income securities, and with a line of credit available to address the Companys liquidity shortfalls;

3. Operational risk: This is the risk of loss from inadequate or failed internal processes and systems or from external events, including employee errors, improper documentation of transactions, failure of operational and information security procedures, computer systems, software or other equipment, business interruptions and inappropriate behaviour of employees or vendors. The measures that the Company takes to address and mitigate operational risk include internal control systems, including a concurrent audit system for dealing and NAV computation and an outsourced internal audit function, a straight-through investment processing system, isolating and monitoring the dealing room, service level agreements with third party vendors, conducting disaster recovery drills at least twice a year, separating front-office and back-office functions, an effective customer redress mechanism, periodic training of the Companys sales team, an independent compliance officer supported by experienced officers, and insurance coverage;

4. Market risk: This risk is the possibility of loss arising from changes in the value of a financial instrument as a result of changes in market variables such as equity prices, interest rates, exchange rates or other asset prices, or higher volatility of funds or returns as compared to benchmark or competing funds. The measures that the Company takes to address and mitigate market risk include implementing investment guidelines and position limits in terms of individual stocks, sectors and industries, having experienced fund managers closely monitoring investments and positions, as well as measuring risk-adjusted performance;

5. Credit risk: This is the risk of loss in market value of debt securities due to downgrading by credit rating agencies or default in payment by issuers. The measures taken by the Company to address and mitigate credit risk include establishing counterparty exposure limits, in-house research team, product positioning and placing restrictions on investments in unrated or low-rated debt securities; and

6. Regulatory risk: The Company is highly regulated and it may be impacted by new laws, rules and regulations or changes in existing ones, affecting its ability to operate. The measures that the Company takes to address and mitigate regulatory risk include following regulatory guidelines, systematic controls in respect of regulatory limits, dedicated compliance department, monthly compliance audits and review by the Boards of Company and Trustees of UTI Mutual Fund.

BOARD EVALUATION

The Company has a ‘Policy for Evaluation of the Performance of the Board of Directors in accordance with the provisions of Section 134(3)(p) of the Act and Listing Regulations, as amended, with an aim to formulate the procedures and prescribe the criteria to evaluate the performance of the entire Board of the Company as well as to assess and enhance the effectiveness of the Board as a whole. The outcome of performance evaluation of Board was circulated to Independent Directors and deliberated in their meeting held on 24 April 2021. They were satisfied with the Boards performance for the financial year 2020-21 and also shared their valuable feedbacks on further improvement of evaluation process.

INITIAL PUBLIC OFFER (IPO)

During the FY 2019-20, the Board had approved to initiate the process for Initial Public Offering (IPO) of the Company by way of an offer for sale by the State Bank of India, Life Insurance Corporation of India, Punjab National Bank, Bank of Baroda and T. Rowe Price International Ltd.

During FY 2020-21, the Company completed the IPO through an offer for sale of 3,89,87,081 equity shares comprising an offer of up to 1,04,59,949 equity shares each by State Bank India, Life Insurance Corporation of India, Bank of Baroda and 38,03,617 equity shares each by Punjab National Bank & T. Rowe Price International Ltd of face value of INR 10 each at a price of INR 554 per equity share aggregating up to INR 2,159.88 crore. The Company successfully completed the IPO process and the equity shares of the Company were listed on National Stock Exchange of India Limited and BSE Limited on 12 October 2020.

EMPLOYEE STOCK OPTIONS SCHEME

The Company introduced an Employee Stock Option Scheme called the ‘UTI AMC Employee Stock Option Scheme – 2007. Each employee on the rolls of the Company as on 16^th December, 2019 and few employees from its subsidiaries were granted Options. The vesting of the Options is from expiry of one year from Grant date till four years from Grant Date as per Plan. Under the Scheme, 21,91,544 equity shares were granted to the eligible employees. Each Option entitles the holder thereof to apply for and be allotted number of equity share granted of the Company with a face value of INR 10 each for an exercise price of INR 728 during the exercise period. Vesting of the Options shall take place over a maximum period of three (3) years with a minimum vesting period of one (1) year from the date of Grant i.e. 16 December 2019. The exercise period would be maximum of three (3) years from the date of each vesting of Options. Out of the 21,91,554 Options granted, 74,593 Options lapsed, therefore, the total number of Options outstanding as on 31 March, 2021, was 21,16,961 Options, out of which again 753,478 Options were vested as on 31 March, 2021, pending for exercise. The Grant was made based on parameters inter-alia, including tenure, performance, role, and total cost to the Company.

The scheme is in compliance with the SEBI (Share Based Employee Benefits) Regulations, 2014 ("ESOP Regulations"). The disclosures as required under the ESOP Regulations can be accessed on the website of the Company at https://utimf.com/.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

The Company operates in an industry which generally does not consume high levels of energy. However, adequate measures or efforts, wherever viable, were taken to ensure energy conservation. Since the Company does not own any manufacturing facility, the above said particulars mentioned in the Companies (Accounts) Rules, 2014 are not applicable.

FOREIGN EXCHANGE EARNINGS AND OUTGO

In accordance with the provisions of Section 134 of the Act and Rule 8(3) of Companies (Accounts) Rules, 2014, the details of Foreign Exchange Earnings and Outgo are mentioned below:

		(INR in crore)
Particulars	For the year ended 31 March 2021	For the year ended 31 March 2020
Foreign Exchange Earnings	6.86	4.85
Foreign Exchange Outgo	12.25	6.85

The Company spent Foreign Exchange for payment towards professional fees and for foreign business tours.

EXTRACT OF ANNUAL RETURN

Pursuant to Section 134(3)(a) read with Section 92 of the Act, Annual Return of the Company is available on its website at www.utimf.com.

SECRETARIAL STANDARDS

The Company complied with the applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors and ‘General Meetings, respectively, issued by the Institute of Company Secretaries of India.

UNCLAIMED DIVIDEND ON SHARES

The Company has dividend amounting to INR 0.10 crore as at the end of FY 2020-21 which has not been claimed by shareholders of the Company and is lying in the Unpaid Dividend Account.

The Company has disclosed the details of dividend declared during the preceding financial years on the Companys website at https://www.utimf.com/uti-amc-shareholders/unclaimed-dividend/ along with assistance for further details on Unclaimed / Unpaid Dividend.

SIGNIFICANT AND MATERIAL ORDERS

There were no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and the Companys operations in future.

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF THE REPORT

There were no material changes and commitments affecting the financial position of the Company between the end of FY 2020-21 and the date of this Report.

MANAGEMENTS DISCUSSION AND ANALYSIS REPORT

Managements Discussion and Analysis Report for the year under review, as stipulated under Listing Regulations, is presented in a separate section, forming part of this Annual Report.

CORPORATE GOVERNANCE

The Company maintains high standard of Corporate Governance and adheres to the Corporate Governance requirements set out by the SEBI. The report on Corporate Governance as stipulated under the Listing Regulations forms part of this Annual Report.

BUSINESS RESPONSIBILITY REPORT

As stipulated under the Listing Regulations, the Business Responsibility Report specifying the compliance of principles as prescribed under the National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business issued by Ministry of Corporate Affairs, forms part of this Annual Report.

OTHER DISCLOSURES

In terms of the applicable provisions of the Act, and Listing Regulations, the Company additionally discloses that during FY 2020-21:

- There was no change in the nature of business of the Company;

- There was no revision in the Financial Statements or Directors Report of the Company;

- Disclosure pertaining to maintenance of cost records as specified by the Central Government under Section 148 (1) of the Act is not applicable to the Company.

- The Company has not issued any shares with differential voting rights; and

- The Company has not issued any Sweat Equity Shares.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(3)(c) and Section 134(5) of the Act with respect to Directors Responsibility Statement, it is hereby confirmed that:

(i) in the preparation of the Annual Accounts for the FY 2020-21, the applicable accounting standards were followed along with proper explanation relating to material departures, if any;

(ii) the accounting policies were selected and applied consistently and judgments and estimates were made so that they are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the year i.e. 31 March 2021, and of the Profit and Loss of the Company for that period;

(iii) proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of this Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the Annual Accounts were prepared on a going concern basis;

(v) proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and

(vi) systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

ACKNOWLEDGEMENTS

The Board of Directors would like to place on record its gratitude for the valuable support, cooperation and guidance received from the Government of India, Ministry of Corporate Affairs, Registrar of Companies, Securities and Exchange Board of India, Reserve Bank of India, Sponsors and the Shareholders of the Company and the Association of Mutual Funds in India. The Company is also thankful to its investors in schemes, Auditors, Custodians, Registrar & Transfer Agents, Banks, Distributors, Merchant Bankers, Law Firms and all other service providers for their valued support. The Company would also like to thank its employees for their commitment, collaboration and partnership, demonstrated during the year.

For and on behalf of the Board of Directors

	Dinesh Kumar Mehrotra
Date: 7 June 2021	(Chairman)
Place: Mumbai	(DIN: 00142711)