Amc
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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 59.81 Standard Life Investments Limited 39.87 Other Shareholders(shares issued on exercise of stock options) 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 HDFC Capital Builder Fund Zurich India Equity Fund HDFC Equity Fund
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AMCHDFC 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 59.81Standard Life Investments Limited 39.87Other Shareholders(shares issued on exercise of stock options) 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 HDFC Capital Builder FundZurich India Equity Fund HDFC Equity FundZurich India High Interest Fund HDFC High Interest FundZurich India Liquidity Fund HDFC Cash Management FundZurich India Prudence Fund HDFC Prudence FundZurich India Sovereign Gilt Fund HDFC Sovereign Gilt Fund*Zurich India TaxSaver Fund HDFC TaxSaverZurich India Top 200 Fund HDFC Top 200 Fund
*HDFC Sovereign Gilt Fund has been wound up in March 2006.
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. ParekhMr. N. Keith SkeochMr. Keki M. MistryMr. James AirdMr. P. M. ThampiMr. Humayun DhanrajgirDr. Deepak B. PhatakMr. Hoshang S. BillimoriaMr. Rajeshwar Raj BajaajMr. Vijay MerchantMs. Renu S. KarnadMr. 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
Chairman
Exide Industries Limited Alternate DirectorGlaxoSmithKline Pharmaceuticals Limited ChairmanHDFC ERGO General Insurance Company Limited
Chairman
HDFC Standard Life Insurance Company Limited ChairmanMahindra & Mahindra Limited DirectorSiemens Limited ChairmanThe Indian Hotels Company Limited DirectorZodiac Clothing Company Limited Alternate Director
DP World Limited DirectorHT Parekh Foundation DirectorIndian Institute for Human Settlements DirectorVedant Resources Plc., London DirectorGIC Special Investments Pte Ltd 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 non-executive 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 DirectorStandard Life Investments Limited DirectorStandard Life Trust Company DirectorStandard Life Investments (Private Equity) Limited
Director
Standard Life Investments (General Partner EPGF) Limited
Director
Standard Life Investments (Asia) Limited DirectorStandard Life Investments (Corporate Funds) Limited
Director
Standard Life Investments (USA) Limited DirectorStandard Life Investments Inc. DirectorStandard Life Investments (Hong Kong) Limited DirectorStandard Life plc DirectorThe Standard Life Assurance Company of Canada DirectorStandard Life Investments (Holdings) Limited DirectorStandard Life Investments (Trustee No. 1 UK PDF) Limited
Director
Standard Life Investments (Trustee No. 2 UK PDF) Limited
Director
Standard Life Investments (Trustee No. 3 UK PDF) Limited
Director
Standard Life Investments (Trustee No. 4 UK PDF) Limited
Director
Standard Life Investments (Trustee No. 5 UK PDF) Limited
Director
Standard Life Investments (Trustee No. 6 UK PDF) Limited
Director
Standard Life Investments (Trustee No. 7 UK PDF) Limited
Director
Standard Life Investments (Trustee No. 8 UK PDF) Limited
Director
Standard Life Investments (Trustee No. 9 UK PDF) Limited
Director
Standard Life Investments (Trustee No. 10 UK PDF) Limited
Director
Standard Life Investments (General Partner UK Shopping Centre Feeder Fund LP) Limited
Director
Standard Life Oversea Holdings Limited DirectorInstitutional Investor Committee Member of
Advisory CouncilInvestment Management Association DirectorReform Scotland Member of
Advisory BoardAida Capital Limited DirectorStandard Life Investments (General Partner PDFI) Limited
Director
Standard Life Portfolio Investments Limited DirectorFinancial Reporting Council 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 re-designated 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
Vice-Chairman & CEO
BSE Ltd. DirectorGreatship (India) Limited DirectorGRUH Finance Limited ChairmanGRIHA Investments, Mauritius DirectorHDFC ERGO General Insurance Company Limited
Director
HDFC Standard Life Insurance Company Limited
Director
India Value Fund Advisors Pvt. Ltd. DirectorInfrastructure Leasing & Financial Services Limited
Director
Next Gen Publishing Limited DirectorShrenuj & Company Limited DirectorSun Pharmaceutical Industries Limited DirectorThe Great Eastern Shipping Company Limited DirectorTorrent Power Limited Director
HDFC Bank Ltd MemberHT Parekh Foundation DirectorHCL Technologies Limited 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 DirectorStandard Life (Mauritius Holdings) 2006 Limited DirectorSelect Property Holdings ( Mauritius) Limited DirectorStandard Life Investments (General Partner GARS) Limited 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 DirectorPioneer Balloon India Private Limited DirectorStrides Acrolab Limited DirectorAgila Specialties Private Limited 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 DirectorEmcure Pharmaceuticals Limited DirectorH. Dhanrajgir Estates Private Limited DirectorNext Gen Publishing Limited DirectorNeuland Laboratories Limited DirectorSami Labs Limited DirectorThemis Medicare Limited DirectorZydus Wellness Ltd. 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 DirectorCouncil for Fair Business Practices 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 DirectorLerch Bates Private Limited DirectorBombay Gymkhana Ltd Director
Mr. Bajaaj is a Graduate in Science and Law.
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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 DirectorHDFC Bank Ltd. 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 DirectorBosch Limited DirectorCredit Information Bureau (India) Limited DirectorGRUH Finance Limited DirectorHDFC Bank Limited DirectorHDFC Standard Life Insurance Company Limited DirectorHDFC ERGO General Insurance Company Limited DirectorHDFC Property Ventures Limited ChairpersonH T Parekh Foundation DirectorIndraprastha Medical Corporation Limited DirectorAKZO Nobel India Limited DirectorG4S Corporate Services (India) Pvt. Limited DirectorFeedback Infrastructure Services Private Limited DirectorHDFC PLC - Maldives DirectorCredila Financial Services Private Ltd ChairpersonEIH Ltd DirectorLafarge India Pvt Ltd DirectorWNS (HOLDINGS) LIMITED DirectorHiref International LLC. DirectorUnited Spirits Limited DirectorABB Limited 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) DirectorFinancial Planning Standards Board, India Director
Mr. Barve is a Graduate in Commerce and an Associate Member of the Institute of Chartered Accountants of India.
