AMC HDFC Asset Management Company Limited (AMC) HDFC Asset Management Company Ltd (AMC) was incorporated

under the Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset Management Company for the HDFC Mutual Fund by SEBI vide its letter dated July 3, 2000. The registered office of the AMC is situated at HUL House, 2nd Floor, H. T. Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai - 400 020. In terms of the Investment Management Agreement, the Trustee has appointed the HDFC Asset Management Company Limited to manage the Mutual Fund. The paid up capital of the AMC is Rs. 25.241 crore as on September 30, 2013. The equity shareholding pattern of the AMC as on September 30, 2013 is as follows :
Particulars % of the paid up equity capital

Housing Development Finance Corporation Limited Standard Life Investments Limited Other Shareholders(shares issued on exercise of stock options)

59.81 39.87 0.32

Zurich Insurance Company (ZIC), the Sponsor of Zurich India Mutual Fund, following a review of its overall strategy, had decided to divest its Asset Management business in India. The AMC had entered into an agreement with ZIC to acquire the said business, subject to necessary regulatory approvals. On obtaining the regulatory approvals, the following Schemes of Zurich India Mutual Fund have migrated to HDFC Mutual Fund on June 19, 2003. These Schemes have been renamed as follows:
Former Name New Name

Zurich India Capital Builder Fund Zurich India Equity Fund Zurich India High Interest Fund Zurich India Liquidity Fund Zurich India Prudence Fund Zurich India Sovereign Gilt Fund Zurich India TaxSaver Fund Zurich India Top 200 Fund
*HDFC Sovereign Gilt Fund has been wound up in March 2006.

HDFC Capital Builder Fund HDFC Equity Fund HDFC High Interest Fund HDFC Cash Management Fund HDFC Prudence Fund HDFC Sovereign Gilt Fund* HDFC TaxSaver HDFC Top 200 Fund

The AMC is also providing portfolio management / advisory services and such activities are not in conflict with the activities of the Mutual Fund. The AMC has renewed its registration from SEBI vide Registration No. - PM / INP000000506 dated February 12, 2013 to act as a Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993. The Certificate of Registration is valid from January 1, 2013 to December 31, 2015.

The Board of Directors of the HDFC Asset Management Company Limited (AMC) consists of the following eminent persons.

Mr. Deepak S. Parekh Mr. N. Keith Skeoch Mr. Keki M. Mistry Mr. James Aird Mr. P. M. Thampi Mr. Humayun Dhanrajgir Dr. Deepak B. Phatak Mr. Hoshang S. Billimoria Mr. Rajeshwar Raj Bajaaj Mr. Vijay Merchant Ms. Renu S. Karnad Mr. Milind Barve

Mr. Deepak S. Parekh

Mr. Deepak S. Parekh is associated with Housing Development Finance Corporation Ltd. in his capacity as its Chairman. Mr. Parekh joined HDFC Ltd. in a senior management position in 1978. He was inducted as a whole-time director of HDFC Ltd. in 1985, appointed as the Managing Director of HDFC Ltd. (designated as 'Chairman') in 1993 and continued to be appointed as such from time to time. He retired as the Managing Director (designated as 'Chairman') with effect from the close of business hours on December 31, 2009. Mr. Parekh was appointed as an Additional Director of HDFC Ltd. with effect from January 1, 2010. The shareholders of HDFC Ltd. at the 33rd Annual General Meeting held on Wednesday, July 14, 2010, appointed Mr. Deepak S. Parekh as a Director liable to retire by rotation. His other Directorships as on September 30, 2013 are as follows:
Company

Housing Development Finance Corporation Limited Exide Industries Limited GlaxoSmithKline Pharmaceuticals Limited HDFC ERGO General Insurance Company Limited HDFC Standard Life Insurance Company Limited Mahindra & Mahindra Limited Siemens Limited The Indian Hotels Company Limited

Chairman Alternate Director Chairman Chairman Chairman Director Chairman Director

Zodiac Clothing Company Limited DP World Limited HT Parekh Foundation Indian Institute for Human Settlements Vedant Resources Plc., London GIC Special Investments Pte Ltd

Alternate Director Director Director Director Director Director

Mr. Parekh is a Fellow of the Institute of Chartered Accountants (England & Wales).

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Mr. N. Keith Skeoch

Mr. N. Keith Skeoch is an associate director on the Board. Mr. N. Keith Skeoch is associated with Standard Life Investments Limited as its Chief Executive and is responsible for all company business and investment operations within Standard Life Investments Limited. Mr. Skeoch joined Standard Life Investments Limited as Chief Investment Officer from James Capel & Co (now HSBC Securities), where he was employed from 1980 to 1999. From his first role at James Capel as an International Economist, he went on to become the Senior UK Economist in 1982 and Chief Economist two years later. In 1993, he was appointed Director of Economics and Strategy and was given the responsibilities of Managing Director, International Equities in 1998. Mr. Skeoch has held a number of key industry appointments and responsibilities. In March 2012 he was appointed as a nonexecutive director to the Board of the Financial Reporting Council, the UK independent regulatory body. In June 2011, he was appointed as a member of the Advisory Council for the Institutional Investor Committee, a body which represents Institutional investors. Mr Skeoch is also a board member of the Investment Management Association. In Aug 2010 he stepped down as Chairman of ABI Investment Committee having completed three years in office. Immediately prior to this Mr. Skeoch contributed to the industry through a number of channels including HM Treasury Wholesale Markets Forum in the year 2009, Director Association of British Insurers, Director Investment Management Association, Chairman IMA Asset Management Committee and the Chancellor's Working Group on Rights Issues in the year 2007, and FSA Senior Practitioner Panel in the year 2006. His other Directorships as on September 30, 2013 are as follows:
Company

HDFC Standard Life Insurance Company Limited Director Standard Life Investments Limited Standard Life Trust Company Director Director

Standard Life Investments (Private Equity) Limited Standard Life Investments (General Partner EPGF) Limited Standard Life Investments (Asia) Limited Standard Life Investments (Corporate Funds) Limited Standard Life Investments (USA) Limited Standard Life Investments Inc. Standard Life Investments (Hong Kong) Limited Standard Life plc Standard Life Investments (Holdings) Limited Standard Life Investments (Trustee No. 1 UK PDF) Limited Standard Life Investments (Trustee No. 2 UK PDF) Limited Standard Life Investments (Trustee No. 3 UK PDF) Limited Standard Life Investments (Trustee No. 4 UK PDF) Limited Standard Life Investments (Trustee No. 5 UK PDF) Limited Standard Life Investments (Trustee No. 6 UK PDF) Limited Standard Life Investments (Trustee No. 7 UK PDF) Limited Standard Life Investments (Trustee No. 8 UK PDF) Limited Standard Life Investments (Trustee No. 9 UK PDF) Limited Standard Life Investments (Trustee No. 10 UK PDF) Limited Standard Life Investments (General Partner UK Shopping Centre Feeder Fund LP) Limited Standard Life Oversea Holdings Limited Institutional Investor Committee Investment Management Association Reform Scotland

Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Member of Advisory Council Director Member of

The Standard Life Assurance Company of Canada Director

Advisory Board Aida Capital Limited Director Standard Life Investments (General Partner PDFI) Director Limited Standard Life Portfolio Investments Limited Financial Reporting Council Director Non-Exe Director

Mr. Skeoch graduated in Economics (BA Hons) from University of Sussex in 1978 and completed MA (Economics) at University of Warwick in 1979.

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Mr. Keki M. Mistry

Mr. Keki M. Mistry is an associate director on the Board. Mr. Keki M. Mistry, Vice Chairman and Chief Executive Officer of HDFC Ltd. Mr. Mistry has been employed with HDFC Ltd. since 1981. He was appointed as the executive director of HDFC Ltd. in 1993, as the deputy managing director in 1999 and as the managing director in 2000. He was redesignated as the Vice Chairman and Managing Director of HDFC Ltd. in October 2007. He was re-designated as the Vice Chairman & Chief Executive Officer with effect from January 1, 2010. He has been re-appointed as the Managing Director (designated as 'Vice Chairman & Chief Executive Officer') of HDFC Ltd. for a period of 5 years, with effect from November 13, 2010. His other Directorships as on September 30, 2013 are as follows:
Company

Housing Development Finance Corporation Limited BSE Ltd. Greatship (India) Limited GRUH Finance Limited GRIHA Investments, Mauritius HDFC ERGO General Insurance Company Limited HDFC Standard Life Insurance Company Limited India Value Fund Advisors Pvt. Ltd. Infrastructure Leasing & Financial Services Limited Next Gen Publishing Limited

Vice-Chairman & CEO Director Director Chairman Director Director Director Director Director Director

Shrenuj & Company Limited Sun Pharmaceutical Industries Limited The Great Eastern Shipping Company Limited Torrent Power Limited HDFC Bank Ltd HT Parekh Foundation HCL Technologies Limited

Director Director Director Director Member Director Director

He is a Fellow of the Institute of Chartered Accountants of India.

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Mr. James Aird

Mr. James Aird is an associate director on the Board. Mr. James Aird is associated with Standard Life Investments Limited as Head of Strategic Development and is responsible for development of its new international business. Mr. Aird joined Standard Life in 1997 as an Investment Manager for the Corporate Pooled and Segregated Fund businesses. He was appointed Investment Director, Head of Segregated Funds in April 1998 and took up the current position in November 1999. Previously Mr. Aird worked for Scottish Equitable, joining as an Investment Analyst in 1981 before moving on to Fund Manager in 1984. Mr. Aird also managed both UK and international equity portfolios, before taking on the responsibility for developing new investment business in the US institutional market. His other Directorships as on September 30, 2013 are as follows:
Company

Standard Life- India Advantage Fund Standard Life (Mauritius Holdings) 2006 Limited Select Property Holdings ( Mauritius) Limited Standard Life Investments (General Partner GARS) Limited

Director Director Director Director

Mr. Aird graduated in Economics from Edinburgh University in 1981 and is currently an Associate of the Society of Investment Professionals.

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Mr. P. M. Thampi

Mr. Thampi is an independent Director on the Board. Mr. Thampi was the Chairman and

Managing Director of BASF India Limited from January 1986 to March 2000. Prior to this, he was with ICI India Limited from 1957 to 1985. His last position held at ICI India Limited was as Chief Executive, Fertilizer Division. His other Directorships as on September 30, 2013 are as follows:
Company

Brigade Enterprises Limited Pioneer Balloon India Private Limited Strides Acrolab Limited Agila Specialties Private Limited

Director Director Director Director

Mr. Thampi is a Graduate in Science, Post Graduate Diploma in Chem. Engineering, F.I. Chem. E. (UK) and C. Eng. (UK).

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Mr. Humayun Dhanrajgir

Mr. Humayun Dhanrajgir is an independent Director on the Board. Mr. Dhanrajgir was associated with Kodak India Limited as its Managing Director from October 1995 to October 2000. Prior to this he was the Managing Director of Lupin Laboratories Limited from December 1994. Mr. Dhanrajgir has held various senior management positions in Glaxo India from 1969 to 1994 from where he retired as Executive Vice-Chairman. From 1964 to 1969 Mr. Dhanrajgir was associated with Burmah Shell India in Senior positions. Earlier, Mr. Dhanrajgir was a Process Design Engineer with British Oxygen Company, London from 1960-1963. Mr. Dhanrajgir was the President of the Organisation of Pharmaceutical Producers of India (OPPI) for 2 years till September 1994. Prior to that, he was the Vice President of OPPI for 2 years. He was also a Member of the General Committee of the Bombay Chamber of Commerce & Industry (BCCI) and was Vice-Chairman of Indo-British Business Committee, BCCI. His other Directorships as on September 30, 2013 are as follows:
Company

Cadila Healthcare Limited Emcure Pharmaceuticals Limited H. Dhanrajgir Estates Private Limited Next Gen Publishing Limited Neuland Laboratories Limited Sami Labs Limited

Director Director Director Director Director Director

Themis Medicare Limited Zydus Wellness Ltd.

Director Director

Mr. Dhanrajgir is a B.Tech in Chemical Engineering, Loughborough University, U.K. and M.I.Chem.E (London), C.Eng.(London), A.M.P. (Harvard).

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Dr. Deepak B. Phatak

Dr. Deepak B. Phatak is an independent Director on the Board. Dr. Phatak is associated with Indian Institute of Technology (IIT) Bombay from December 1971 till date. He is presently the Chair Professor, Deptt. Of Computer Science & Engg., IIT Bombay. As on September 30, 2013, he is not holding directorship in any other company Dr. Phatak is a B.E, M.Tech and has done his Ph.D.

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Mr. Hoshang S. Billimoria

Mr. Hoshang S. Billimoria is an independent Director on the Board. Mr. Billimoria is presently the Chief Executive Officer of Next Gen Publishing Limited. Prior to this, Mr. Billimoria was associated with Tata Infomedia India Limited since 1990 to 2004. At the time of his resignation, he was its Vice Chairman and Managing Director. He was the Deputy CEO with Tata Sons Limited from 1988 1990. He was a Partner with S.B. Billimoria and Co. from 1979 1988. His other Directorships as on September 30, 2013 are as follows:
Company

Fenner Conveyor Belting Private Limited Council for Fair Business Practices

Director Director

Mr. Billimoria is a Graduate in Commerce, Fellow of the Institute of Chartered Accountants (England & Wales) and Fellow of the Institute of Chartered Accountants of India.

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Mr. Rajeshwar Raj Bajaaj

Mr. Rajeshwar Raj Bajaaj is a Graduate in Science and is an independent director on the Board. He is the Chairman of Lerch Bates Private Limited, a Specialised Consulting Company for Vertical Transportation. Mr. Bajaaj was the Chairman of the Board of Directors and Managing Director of Otis Elevators India. He also held the position of Vice President, South and Southeast Asia based in Singapore wherein the Otis country heads from India, Singapore, Thailand, Malaysia, Indonesia, Philippines and Vietnam reported to him. In May 2001, Mr. Bajaaj joined Special Olympics Inc. as Managing Director, Asia Pacific, a non-profit organization created by the Joseph P Kennedy Jr. Foundation, Washington for the benefit of people with mental retardation. His other Directorships as on September 30, 2013 are as follows:
Company

GlaxoSmithKline Pharmaceuticals Limited Lerch Bates Private Limited Bombay Gymkhana Ltd Mr. Bajaaj is a Graduate in Science and Law.

Director Director Director

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Mr. Vijay Merchant

Mr. Vijay Merchant is an independent Director on the Board. Mr. Merchant is a partner of Dynam Plastics since 1987. He is responsible for overall management and control of the firm for past 20 years. He was the Former President of The All India Plastic Manufacturing Association for 3 terms, Founder of Indian Centre for Plastics in Environment (non-profit body) also Envis Node of Ministry of Environment & Forests Government of India. He has also served on national bodies of Indian Institute of Packaging (Ministry of Commerce), Indian Merchants Chamber, Enviroplast Plastindia Foundation, Plexconcil, Indian Plastics Institute, etc. and was the Honorary Editor of Industry Journal Plastics News for 10 years. His other Directorships as on September 30, 2013 are as follows:
Company

Suraiya Brothers Private Limited HDFC Bank Ltd.

Director Director

Mr. Merchant is a graduate in Commerce and has also done Post Graduate Programme from IIM Ahmedabad.

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Ms. Renu S. Karnad

Ms. Renu S. Karnad is an associate director on the Board. Ms. Renu Sud Karnad is associated with HDFC Ltd. in her capacity as its Managing Director. She has been employed with HDFC Ltd. since 1978 and was appointed as the executive director of HDFC Ltd. in 2000 and was re-designated as the Joint Managing Director of HDFC Ltd. in October 2007. She has been appointed as the Managing Director of HDFC Ltd. for a period of 5 years, with effect from January 1, 2010. Her other Directorships as on September 30, 2013 are as follows:
Company

Housing Development Finance Corporation Limited Bosch Limited Credit Information Bureau (India) Limited GRUH Finance Limited HDFC Bank Limited HDFC Standard Life Insurance Company Limited HDFC ERGO General Insurance Company Limited HDFC Property Ventures Limited H T Parekh Foundation Indraprastha Medical Corporation Limited AKZO Nobel India Limited G4S Corporate Services (India) Pvt. Limited Feedback Infrastructure Services Private Limited HDFC PLC - Maldives Credila Financial Services Private Ltd EIH Ltd Lafarge India Pvt Ltd WNS (HOLDINGS) LIMITED Hiref International LLC. United Spirits Limited ABB Limited

Director Director Director Director Director Director Director Chairperson Director Director Director Director Director Director Chairperson Director Director Director Director Director Director

She is a graduate in law from the University of Mumbai and holds a Master's degree in economics from the University of Delhi. She is a Parvin Fellow Woodrow Wilson School of International Affairs, Princeton University, U.S.A.

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Mr. Milind Barve

Mr. Milind Barve, Managing Director of the AMC, had been associated with HDFC Ltd. in his capacity as General Manager Treasury. Mr. Barve headed the treasury operations at HDFC Ltd. for 14 years. Mr. Barve was responsible for the management of HDFC's Treasury portfolio and for raising funds from Financial Institutions and Capital Markets. He was also head of marketing for retail deposit products and responsible for investment advisory relationships for Commonwealth Equity Fund Mutual Fund and Invesco India Growth Fund. His other Directorships as on September 30, 2013 are as follows:
Company

Association of Mutual Funds in India (AMFI) Financial Planning Standards Board, India

Director Director

Mr. Barve is a Graduate in Commerce and an Associate Member of the Institute of Chartered Accountants of India.