budget 2015 analysis

UNION BUDGET 2015 - 2016

UNION BUDGET 2015 - 2016

Birla Sun Life capital protection

oriented fund series-19 seeks

capital protection by investing in

fixed income securities maturing

on or before the tenure of the

scheme and seeking capital

appreciation by investing in

equity and equity related

instruments.

The fund has been assigned a

rating of AAAmfs (SO) by CARE.

This rating indicates highest

degree of safety regarding timely

payments from the investments

the fund makes. The scheme on

offer is oriented towards protection of capital but does not

guarantee either return of capital or any return. The

orientation towards protection of

the capital originates from the

portfolio structure of the scheme

and not from any bank

guarantee, insurance cover, etc.

1

o Key Highlights

o Tax Rates

o Market movements:

Equity & Debt

o Economic update:

- Budget summary

- Revenue snapshot

- Expenditure snapshot

o Sector updates

o Mutual Funds

o Equity Market: Outlook and Strategy

o Debt Market: Outlook and Strategy

INDEX

UNION BUDGET, 2015 - 2016

Though the Union Budget is essentially a Statement of Account of public finances, it has

historically become a significant opportunity to indicate the direction and the pace of

Indias economic policy. At a time when the International Monetary Fund (IMF) has downgraded its earlier forecast of global economic growth by 0.3%, and the World Trade

Organization has revised its forecast of world trade growth from 5.3% to 4%, the

forecasts for India have either been upgraded, or have remained the same, without any

downgrades.

With this in the background, we present the key highlights of Union Budget 2015-16.

KEY

HIGHLIGHTS

2

Tax revenues (net to centre) to grow by a modest 1.3%

Share of states in tax revenue rises to 42% against 32% earlier

90% increase in non-debt capital receipts pushes total receipts growth to 4.6%

Total expenditure growth to slow further to 5.7% (FY15: 7.8%)

Mid-term fiscal consolidation path relaxed by a year

Budget picks most of low hanging fruits: removes inverted duty structure, brings further

clarity and simplifies on tax reforms, boosts investment in infrastructure

Jump in capital expenditure growth a big positive though Budget lacks serious effort in

rationalization of food subsidy

Reining in subsidies to lower expenditures going forward; however, payment of subsidy

arrears to imply cash outgo in FY16 and FY17

Tax free infrastructure bonds announced in the rail, road and irrigation sectors


Economy

3 UNION BUDGET, 2015 - 2016

Limit of deduction of health insurance premium increased from Rs 15,000 to Rs

25,000; for senior citizens, limit increased from Rs 20,000 to Rs 30,000

Limit on deduction on account of contribution to a pension fund and the new pension

scheme increased from Rs 1,00,000 (One Lakh) to Rs 1,50,000 (One Lakh Fifty

Thousand).

Additional deduction of Rs 50,000 for contribution to the new pension scheme (NPS)

u/s 80CCD.

Transport allowance exemption increased from Rs. 800 p.m. to Rs. 1,600 p.m.

Payment to the beneficiaries including interest payment on deposit in Sukanya

Samriddhi Scheme (SSS) to be fully exempt.

Wealth-tax replaced with additional surcharge of 2 per cent on super rich with a taxable income of over Rs 1 crore annually

Donation made to National Fund for Control of Drug Abuse (NFCDA) to be eligible for 100% deduction u/s 80G of Income-tax Act.

Proposal to reduce corporate tax from 30% to 25% over the next four years, starting from next financial year.

General Anti Avoidance Rule (GAAR) to be deferred by two years. GAAR to apply to investments made on or after 01.04.2017, when implemented.

Positive. The increase in the limit of deduction of health premium, increased

transport allowance exemption, the additional deduction allowed for contribution to

the NPS, the payments made under the SSS being exempted and the donations

made to NFCDA to be eligible for 100% exemption are all positives for

investors/individuals/savers. The benefits will accrue on account of tax saved as well

as help create a corpus for the future.

Direct Taxes

KEY

HIGHLIGHTS


The finance minister has proposed to allow tax pass-through for alternate investment funds.

Rationalisation of capital gains regime for the sponsors exiting at the time of listing of the units of REITs and InvITs. The rental income arising from real estate assets

directly held by the REIT is also proposed to be allowed to pass through and to be

taxed in the hands of the unit holders of the REIT.

The distinction between foreign portfolio investments and foreign direct investments has been done away with and replaced with composite caps.

The finance minister has allowed foreign investments in Alternate Investment Funds

Forward Markets Commission to be merged with SEBI to strengthen regulation of commodity forward markets and reduce wild speculation.

The government will introduce Gold Monetization Scheme, Sovereign Gold Bonds and gold coins with Ashok Chakra to cut demand for gold coins from overseas.

Service tax plus education cess increased from 12.36% to 14% to facilitate transition to GST

Generation of black money and its concealment to be dealt with effectively and forcefully.

Bill for a comprehensive new law to deal with black money parked abroad to be introduced in the current session.

Benami Transactions (Prohibition) Bill to curb domestic black money to be introduced in the current session of Parliament.

Miscellaneous

KEY

HIGHLIGHTS

Equity Market

Markets were very volatile throughout the trading day, but ended in green towards the end of the trading session on the Budget Day.

Markets opened with positive sentiments and Sensex opened 191 points up from its previous close. Sensex was trading up by almost 400 points higher from its previous

close in the early trade before the announcement of the Union budget.

However, markets see sawed throughout the day as the Finance Minister went about presenting the Union Budget.

At the end, the Sensex closed at 29,361 levels with gains of 141 points or 0.5%.

Among the sector indices consumer durables lost more than 4% while Power lost almost 1.5%. Realty, Capital Goods and Metal Indices were down by 0.9%, 0.26%

and 0.22% respectively. Banking sector index was up by more than 3%,while

Healthcare and Auto went up by 2.03% and 1.08% respectively.

Among Sensex stocks, Axis Bank (8.15%), Sun Pharma (3.62%),Tata Motors (3.15%) & ICICI Bank (3.15%) were the top gainers while ITC (-8.27%), BHEL (-

3.21%) and NTPC (-1.64%) were among the major losers.

Debt Market

Bond markets were closed on Saturday on the day Budget was announced.

The 10 year benchmark yield had closed at 7.72% on Friday.

The finance minister sought an additional year to meet its medium-term fiscal deficit target with the additional fiscal space going towards funding infrastructure

investments.

MARKET

MOVEMENT


Fiscal deficit target set at 3.9% as total receipts constrained by increased tax revenue

transfer to states

Budget builds credibility on realistic revenue expectations and higher growth in

capital expenditure

Tax revenues (net to centre) to grow by modest 1.3% despite gross tax revenues growth

by 15.8%

Share of states in tax revenue rises to 42% against 32% earlier, as recommended by 14th

Finance Commission (FFC)

Gross tax revenue growth driven by:

24.8% jump in service tax due to increase in service tax rate from 12% to 14%

23.9% increase in excise duty due to increase in excise duty on petrol and diesel

and

17.5% increase in income tax

90% increase in non-debt capital receipts pushes total receipts growth to 4.6%

Disinvestment of Rs 695 bn (FY15: Rs 313) includes Rs 285 bn from SUUTI and

others

Total expenditure growth to slow further to 5.7% (FY15: 7.8%)

Capital expenditure growth at 25.5%, primarily driven by defence, railways and

road

Subsidies at 2.4 trillions provided adequately

Mid-term fiscal consolidation path relaxed by a year

Revised fiscal deficit targets of 3.6% in FY17 and 3% by FY18

Quality fiscal consolidation likely to deteriorate

ECONOMIC

UPDATE


ECONOMIC

UPDATE

7

FY16 fiscal math assumes; 42% tax transfer to states, Nominal GDP growth of 11.5%,

increase in tax buoyancy and savings on subsidy outgo


% YoY

Rs. Trillions FY14 FY15 FY16 FY15 RE FY16 BE

A RE BE FY14 A FY15 RE

Revenue Receipts 10.15 11.26 11.42 11.0% 1.4%

Capital Receipts 0.42 0.42 0.80 0.9% 90.0%

Total Receipts 10.57 11.69 12.22 10.6% 4.6%

Expenditures 15.59 16.81 17.77 7.8% 5.7%

Revenue Expenditure 13.72 14.89 15.36 8.5% 3.2%

Capital Expenditure 1.88 1.92 2.41 2.5% 25.5%

Fiscal Deficit 5.03 5.13 5.56 1.9% 8.4%

Revenue Deficit 3.57 3.62 3.94 1.5% 8.8%

Primary Deficit 1.29 1.01 1.00 -21.3% -1.7%

Bonds + Tbills Issued (Net) 4.61 4.98 4.86 8.0% -2.3%

GDP 113 127 141

Nominal GDP Growth Rate 12.2% 11.5% 11.5%

Fiscal Deficit % GDP 4.4% 4.1% 3.9%

Revenue Deficit % GDP 3.1% 2.9% 2.8%

Primary Deficit % GDP 1.1% 0.8% 0.7%

Tax buoyancy 0.81 0.86 1.38

Expenditure Elasticity 0.87 0.68 0.50

Tax revenues (net of centre) to grow by just 1.4% due to increased transfer to States at 42% in FY16 compared to 32% in FY15

Cut back in Central assistance to CSS pursuant to increase devolvement to States limited growth in Revenue Expenditure

Due to increase in tax transfer to States, expenditure elasticity measure is not comparable to previous years

ECONOMIC

UPDATE

8

Revenues buoyed by additional excise collection from petroleum products and higher

Service tax collections


% YoY % BE

Rs. Trillions FY14 FY15 FY15 FY16 FY15 RE FY16 BE FY15

A BE RE BE FY14 A FY15 RE RE

Gross Tax Revenues 11.39 13.65 12.51 14.49 9.9% 15.8% 92%

Income Tax 2.43 2.84 2.79 3.27 14.7% 17.5% 98%

Corporation Tax 3.95 4.51 4.26 4.71 8.0% 10.5% 94%

Excise 1.70 2.07 1.85 2.30 9.0% 23.9% 90%

Customs 1.72 2.02 1.89 2.08 9.7% 10.4% 94%

Service Tax 1.55 2.16 1.68 2.10 8.6% 24.8% 78%

Direct Tax 6.38 7.35 7.05 7.98 10.5% 13.2% 96%

Indirect Tax 4.97 6.25 5.42 6.48 9.1% 19.5% 87%

Tax Revenues (Net to Centre) 8.16 9.77 9.08 9.20 11.4% 1.3% 93%

Non-Tax Revenues 1.99 2.13 2.18 2.22 9.5% 1.8% 103%

o/w Dividends 0.90 0.90 0.89 1.01 -1.8% 13.4% 98%

Telecom receipts 0.40 0.45 0.43 0.43 7.6% -0.7%

Revenue Receipts 10.15 11.90 11.26 11.42 11.0% 1.4% 95%

Capital Receipts 0.42 0.74 0.42 0.80 0.9% 90.0% 57%

o/w Disinvestments 0.29 0.63 0.31 0.70 6.7% 121.7% 49%

Total Receipts 10.57 12.64 11.69 12.22 10.6% 4.6% 92%

Tax buoyancy 0.81 1.47 0.86 1.38In

cre

ase in

serv

ice t

ax r

ate

fro

m 1

2%

to

14%

Hig

her

excis

e o

n

petr

ol an

d d

iesel

Inclu

des R

s 2

85

bn

fro

m S

UT

TI

an

d o

the

rs

ECONOMIC

UPDATE

9

Jump in capital expenditure growth a big positive though Budget lacks serious effort in

rationalization of food subsidy


% YoY % BE

Rs. Trillions FY14 FY15 FY15 FY16 FY15 RE FY16 BE FY15

A BE RE BE FY14 A FY15 RE RE

Expenditures 15.59 17.95 16.81 17.77 7.8% 5.7% 94%

Plan 4.53 5.75 4.68 4.65 3.2% -0.6% 81%

Central Plan 3.40 2.37 1.90 2.60 -44.3% 37.3% 80%

Assistance to State Plans 1.13 3.38 2.78 2.05 146.5% -26.4% 82%

Non-Plan 11.06 12.20 12.13 13.12 9.7% 8.2% 99%

Subsidies 2.65 2.61 2.67 2.44 0.8% -8.6% 102%

o/w Food 0.92 1.15 1.23 1.24 33.3% 1.4% 107%

Fertilzer 0.67 0.73 0.71 0.73 5.4% 2.8% 97%

Petroleum 0.85 0.63 0.60 0.30 -29.4% -50.2% 95%

Interest 3.74 4.27 4.11 4.56 9.9% 10.9% 96%

Defence 1.24 1.34 1.40 1.52 12.9% 8.4% 104%

Salaries + Pensions 1.46 1.65 1.63 1.76 11.7% 7.9% 99%

Revenue Expenditure 13.72 15.68 14.89 15.36 8.5% 3.2% 95%

Capital Expenditure 1.88 2.27 1.92 2.41 2.5% 25.5% 85%

Expenditure Elasticity 0.87 1.12 0.68 0.50

Lower Assistance to State Plans pursuant to increase in devolution of taxes to States

ECONOMIC

UPDATE

10

Sources of financing fiscal deficit: Despite higher fiscal deficit, net market borrowings

largely remains flat


Cash drawdown of Rs. 120 bn. and short-term borrowings resorted to keep Market

borrowings lower in the face high redemptions in FY16

Rs. Bn.

Debt receipts to finance fiscal deficit FY13 FY14 FY15 RE FY16 BE

Market loans 4,674 4,536 4,469 4,564

Short term borrowings 534 77 512 301

External loans 72 73 97 112

Securities against small sav ings 86 124 333 224

State Prov ident Funds 109 98 100 100

Other receipts (63) 313 (228) 136

Draw-down of Cash Balance (510) (192) (157) 120

Repayments 906 950 1,388 1,436

Switch -151 -63

Gross Borrowings 5,580 5,637 5,920 6,000

11

SECTOR

UPDATES


Source: Axis Capital

Sector Key budget measures Impact

Excise duty was increased pre-budget itself. Few indirect

positives are as below:

Increased allocation (> 2x) towards road construction

Custom duty on imported CVs (CBUs) increased to 40%

from 10%

Higher MNREGA allocation and long-term measures to

improve farmer productivity/ income

Capex for defense increased by 15% YoY (MHCVs by 10%

YoY)

Measures to enhance individual tax exemptions

Fungibility of FDI and FII limits

SARFAESI Act benefit extended to NBFCs

Agriculture loans target at Rs 8.5 trn vs. Rs 8 trn in FY15

Limited capital allocation of PSU banks

Establishing Bank Board Bureau for PSU banks. Path

towards creation of Holding Company structure

CementIncreased spending on infrastructure/ housing and plans to

revitalize PPP mode of infrastructure

Positive: Industry would benefit from

higher volume growth

Forward Markets Commission to be merged with SEBI. This

will pave the way for higher liquidity and market depth

through introduction of new products (options/ indices) and

institutional participation in commodity exchanges in the

long term

Commodity derivatives included in Securities Contract

Regulation Act

Commodity

ExchangesPositive: Commodity Exchanges

Banking &

Financial

Services

Autos Positive: 2-Wheelers and Tractors

Positive for Private banks and NBFCs

12

SECTOR

UPDATES




O utlays up by 50% : Bulk of the increase in roads (up

195%) and railways (up 53%)

Push on metro rail projects and smart cities: 7 new

metro projects to be awarded in FY16

5 new UMPPs announced to be awarded with all

clearances

Eased infra financing through formation of a National

Infrastructure Fund and Infra investment trusts. NIF has a

potential of infra lending of USD 30 bn through initial

equity commitment of USD 3 bn

Resolution of contractual disputes: Setting up a

regulator for resolution of contractual disputes for public

sector projects

Excise duty on cigarettes hiked by weighted average

~ 18% We expect ITCs cigarette volume to decline by ~ 8%

in FY16 as we expect 17% price hike. Earnings downgraded

by ~ 3%

Reduction in excise duty on footwear was partly offset by

lower abatement charges

Increased allocation to MNREGA (up ~ 20% YoY) and

GST roll out from April16 is a positive

Allocation for transport up 1.7x led by roads and

railways

PPP to be revisited and revitalized

PSU ports to be gradually corporatized

Capital

goods

Positive: Capital Goods and EPC

companies

FMCG &

Retail

Negative: Cigarettes manufacturers

Positive: Paints and Footwear Cos

Positive for EPC companies and road

developersInfrastructure

13

SECTOR

UPDATES




Negative: Amusement park operators

No impact for Exhibitors

Metals/ MiningIncrease in clean energy cess on coal to Rs 200/ ton (Rs

100/ ton currently)Neutral for Coal mining companies

Lowering fuel subsidy provision to Rs 300 bn in FY16 (Rs

603 bn in FY15), which reflects overall reduction in gross

under-recoveries

Tweaking excise duties on petrol/ diesel (reducing basic

duty and hiking additional duty by same amount) keeping

overall duty same

Cut customs duty on EDC/ VCM/ Styrene to 2% from 2.5%.

For naphtha (used for excisable goods), customs duty cut

to 2% from 4%

Continued expansion of Direct Benefit Transfer for LPG

(1) Additional investment allowance at 15% and (2)

additional depreciation at 15% to new manufacturing units

set up from 1st Apr 2015 to 31st Mar 2020 in notified

areas of Andhra Pradesh (AP) and Telangana

Companies having capex plans largely in AP and

Telangana like Aurobindo (capex of Rs 7 bn in FY15F),

Divis (Rs 6 bn) and Dr Reddys (Rs 10 bn) would gain

given higher allowance and lower

depreciation

Oil & Gas

MediaService tax to be levied on amusement facility,

entertainment events or concerts, pageants, non-

Pharmaceuticals Positive for Pharma cos

Neutral for Oil PSUs, OMCs and

refining/ petchem companies

14

SECTOR

UPDATES




To improve liquidity for the sector

Allocation for rural and urban housing increased in

continuation to the Govts Housing for all initiative (60

mn units to be built by 2022)

Neutral for Telecom cos

Phased reduction of corporate tax to 25%

Budget receipts pegged at ~ Rs 429 bn in FY16 (Rs 432 bn

in FY15E). Budgetary receipts in line. ~ Rs 230 bn will be

from annual regulatory levies and balance from additional

15 MHz of 2100 spectrum band

Positive for developers with strong annuity

portfolio.

Realty

Negative for companies selling power on

merchant basis.

Telecom

Increase in service tax (ST) to14% from 12.36%. ST is a

pass through and has no material impact on minutes

(except for full talk time plans where operators absorb the

same)

Clean Energy Cess on coal increased to Rs 200/ ton from

Rs 100/ ton

Power

Provided exemption on long-term capital gains for

sponsors and tax pass through status to rental income at

REIT level

15

MUTUAL

FUNDS


BUDGET PROPOSALS IMPACTING MUTUAL FUND INDUSTRY

o Surcharge on income distributed by mutual funds increased from 10% to

12%. This will result in reduced income in the hands of the investor. Revised

dividend distribution tax will now be as follows:

Individual: from 28.325% to 28.840%

Others: from 33.990% to 34.608%

o Tax neutrality is provided on transfer of units of a scheme of a Mutual

Fund under the process of consolidation of schemes of Mutual Funds as per

SEBI Regulations, 1996.

Unit holders will now have tax neutrality upon consolidation or merger of mutual fund schemes provided that the consolidation is of two or

more schemes of an equity oriented fund or two or more schemes of a

fund other than equity oriented fund.

o Service Tax exemptions are being withdrawn for services

provided by a mutual fund agent to a mutual fund or asset management company and

services provided by a distributor to a mutual fund or AMC.

The Union Budget 2015-16 was presented in the backdrop of high expectations from a market which had pinned high hopes on the BJP led NDA government which had

the strongest electoral mandate in the last three decades.

The Budget puts forward the pro-growth focus of the government, while at the same time maintaining fiscal credibility in the medium term.

The Budget is a step in the right direction with a push towards infrastructure, steps to ease doing of business, encourage financial savings and rationalise subsidies.

The Indian economy is poised to grow at a healthy rate when most of the larger economies are facing downgrades in their GDP growth.

Indias macroeconomic fundamentals have improved dramatically for the better. Improvement in growth, declining inflation, improving CAD and stable rupee have all

aided in improved FII flows and surge in equity markets.

Amidst a global slowdown in economic growth, India continues to be an attractive investment destination.

Equity market valuations are also reasonable when compared to their long term Price to Earnings (P/E) averages

We recommend investors to accumulate equities from a 3 to 5 years investment horizon.

We advise Diversified Equity, Large Cap and Mid Cap funds

EQUITY

MARKET

OUTLOOK

AND STRATERGY

16 UNION BUDGET, 2015 - 2016

The government relaxed the fiscal deficit target for FY 16 and FY 17 to 3.9% and 3.5% respectively in return for additional infrastructure spending. The medium term

fiscal deficit target of 3% has been pushed to FY 18.

Government is likely to borrow Rs.6 lakh crores in FY16 compared to Rs.5.92 lakh crores for this fiscal. The budgeted target for borrowing in current fiscal was Rs.6

lakh crores, but the government will raise only Rs.5.92 lakh crores from markets.

However, the net borrowings in 2015-16 will be Rs.4.56 lakh crores, after considering repayments of past loans and interests. It was Rs.4.53 lakh crores in

current fiscal.

Despite the slightly higher than expected fiscal & revenue deficit target, net borrowing of Rs.4.53 lakh crores is reasonably lower.

The demand-supply mismatch for G-Secs is expected to be comfortable this year.

RBI in its last monetary policy review had hinted that future course of interest rates would be dependent on inflation and fiscal consolidation intent of the government.

With inflation within RBIs target (CPI at 6% for Jan 16) and with the government outlining the fiscal roadmap, the onus now shifts to RBI on the monetary policy front.

Yields are likely to be range bound in the near term. However, we are positive from a medium to long term perspective with a pro-active inflation targeting RBI and a

credible govt. at the Centre.

Long Term Income & Gilt and Dynamic Bond Funds can be recommended with an investment horizon of 18 to 24 months.

Short term income funds can be recommended for investors with an investment horizon of 12 to 18 months to benefit from current accruals and

ensuing capital appreciation if yields head lower during this period.

The Budget also announced allocation for tax free infrastructure bonds. This will result in fresh primary supply of these bonds. Details about the names of state

organisations and coupon on these tax free bonds are still awaited.

DEBT

MARKET

OUTLOOK

AND STRATERGY

17 UNION BUDGET, 2015 - 2016

DISCLAIMER

The report and information contained herein (hereinafter referred as Report) is of confidential and meant only for the selected recipient. This Report should not be altered, transmitted to, copied, reproduced or distributed, in any manner and form, to any other person or

media or reproduced in any form, without prior consent of Axis Bank. The material in this report is based on information obtained from

publicly available recourses and/or sources believed to be reliable, true and accurate by Axis Bank, as on dare of the Report. Axis Bank

does not guarantee that the information is true, reliable and accurate, not misleading nor does it represent (expressly and impliedly) as

to its genuineness or suitability for intended the purpose of use. The opinion expressed (including estimates and forecasts) in Report is

subject to change, alteration, updation at Axis Banks sole discretion but without any communication and without prior notice of intimation.

This Report is not an offer or solicitation for dealing in any financial instrument(s) or is an official confirmation of any transaction. This

Report is provided for assistance only and should not be construed as the sole document to be relied upon for taking any kind of

investment decision. Each recipient of this Report should make his/her own research, analysis and investigation as he/she deems fit and

reliable to come at an independent evaluation of an investment in the securities mentioned in this Report (including the merits, demerits

and risks involved), and should further take opinion of own consultants, advisors to determine the advantages and risks of such

investment. The investment discussed or views expressed herein may not suit the requirements for all investors.

Axis Bank and its group companies, affiliates, directors, and employees may: (a) from time to time, have long or short

positions in, and deal (buy and/or sell the securities) thereof, of company (ies) mentioned herein or (b) be engaged in any

other transaction involving such securities and earn commission/brokerage or other compensation or act as advisor or

lender/borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and

related information and opinions.

The applicable statutory laws, rules and regulations may not allow the distribution of this Report in certain jurisdictions, and persons who

are in possession of this document, should inform themselves about and follow, any such restrictions. This Report is not meant, directed

or intended for distribution to, or use by, any person or entity in any jurisdiction, where such distribution, publication, availability or use

would not be in confirmation to the applicable law, regulation or which would require Axis Bank and affiliates/associates/subsidiaries

companies to obtain any registration or license . Neither Axis Bank nor any of its affiliates, associates, subsidiaries companies, its

directors, employees, agents or representatives shall be held responsible, liable for any kind of consequential damages whether direct,

indirect, special or consequential including but not limited to lost revenue, lost profits, notional losses that may arise from or in

connection with the use of the information or for ant misstatement or error(s) in it.

Prospective investors and others are cautioned and should be alert that any forward-looking statements are not predictions

and may be subject to change without providing any notice.

Past performance should not be considered as a reference to future performance. The disclosures of interest statements if any included

in this Report are provided only to enhance the transparency and should not be construed as confirmation of the views expressed in the

report.

Disclaimer for DIFC Branch:

Axis Bank, DIFC branch is duly licensed and regulated in the Dubai International Financial Centre by the Dubai Financial Services

Authority (DFSA). This Report is intended for use only by Professional Clients (as defined by Rule 2.3.2 set out in the Conduct of Business Module of the DFSA Rulebook) who satisfy the regulatory criteria set out in the DFSAs rules, and should not be relied upon, acted upon or distributed to any other person(s) other than the intended recipient.

18

DISCLAIMER


budget 2015 analysis

Documents