2. Regulatory Inquiries / Legal Actions
During the reporting period, no inquiries or actions have been instituted against the Fund, the Investment Manager, or the Sponsor by any regulatory or legal bodies in any jurisdiction.
4. Breach of PPM or Fund Documents
There has been no breach of any provision of the Private Placement Memorandum (PPM) or any other Fund documents during the reporting period.
5. Change in Control
There has been no change in control of the Sponsor or the Investment Manager during the reporting period. The Fund invests exclusively in listed equities. Information regarding any change in control of listed investee companies is available on the BSE and NSE websites. There are no unlisted investee companies in the Fund’s portfolio during the reporting period.
6. Financial Information of Investee Companies
All investee companies during the reporting period are listed entities. The required financial information is available in the public domain, including on the stock exchange websites (BSE and NSE) where they are listed. Unlisted investee companies: N.A.
7. Details of Leverage
The Fund operates an FD-backed IPO investment strategy and does not employ leverage either through borrowing or through derivatives positions. Throughout the reporting period, there has been no breach of the leverage limit stipulated under SEBI regulations and the Fund’s PPM. The specific leverage disclosures are as follows:
8. Material Risks and Risk Management
8.1 Concentration Risk at Fund Level
The Fund has strictly adhered to the investment limits prescribed by SEBI under the AIF Regulations. The Investment Manager confirms that there is no concentration risk in the composition of the Fund’s portfolio for the reporting quarter.
8.2 Foreign Exchange Risk at Fund Level
The Fund is an Indian Rupee denominated fund and invests exclusively in companies incorporated in India. There is no direct exposure to foreign exchange and accordingly no foreign exchange risk at the Fund level.
8.3 Leverage Risk at Fund Level
The Fund operates an FD-backed IPO investment strategy and does not use leverage through borrowing or through any derivatives positions. The Fund has not borrowed during the reporting period and has not taken any positions in futures, options, or other complex financial instruments. Throughout the period under report, there has been no breach of the leverage limit allowed by SEBI and the Fund’s PPM.
8.4 Leverage Risk at Investee Company Level
The Fund invests in listed equities through the IPO route and does not participate in management decisions of investee companies. Investors may refer to the BSE and NSE websites for information on the leverage profile of individual listed investee companies.
8.5 Realisation Risk at Fund and Investee Company Levels
The Fund invests in listed equities that are regularly traded on Indian stock exchanges, thereby minimising realisation risk. The FD-backed investment structure ensures that the base capital remains liquid at all times, with IPO positions exited at listing or shortly thereafter in line with the Fund’s investment strategy.
8.6 Strategy Risk at Investee Company Level
The Investment Manager conducts regular and continuous monitoring of investee companies for any change or divergence in business strategy and takes appropriate measures in line with the Fund’s objectives.
8.7 Reputational, Environmental, Social and Governance (ESG) Risks
At investee company level: The Investment Manager exercises due care to ensure that the Fund invests in companies with sound reputation and a track record of good governance. Investors may refer to disclosures made by listed investee companies on the BSE and NSE websites for ESG-related information.
At Fund level: Please refer to the Risk section of the Fund’s PPM for further details.
9. Changes in Key Investment Team
During the reporting period, there have been no significant changes in the key investment team.
10. Sponsor Contribution to the Fund
As on 31st March 2026, the Sponsor / Investment Manager has contributed ₹ 3 crore to the Fund.
