Description
Wealth management services in India have been predominantly oriented towards the Ultra HNIs (High Networth Individuals) and HNIs. However, the size and demographics of the Indian population reveal a skew towards the Mass Affluent segment hailing from the salaried or entrepreneurial backgrounds. This segment lacks an organised delivery channel for wealth management services that directly addresses its investment advisory needs.
Satish Prabhu
Senior Manager - CRISIL FundServices
Gautami Shah
Executive Analyst - CRISIL FundServices
Fund Insights
Wealth
management for
the mass affluent- A
new paradigm in
the Indian wealth
management
industry
February 2011
Disclaimer
CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this
Report based on the information obtained by CRISIL from sources which it considers reliable (Data).
However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not
responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report
is not a recommendation to invest / disinvest in any company covered in the Report. CRISIL especially states
that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this
Report. CRISIL Research operates independently of, and does not have access to information obtained by
CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their
regular operations, obtain information of a confidential nature. The views expressed in this Report are that
of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be published /
reproduced in any form without CRISIL’s prior written approval.
1
Wealth management for the mass
affluent- A new paradigm in the Indian
wealth management industry
Executive summary
Wealth management services in India have been predominantly oriented towards the Ultra HNIs (High Net-
worth Individuals) and HNIs. However, the size and demographics of the Indian population reveal a skew
towards the Mass Affluent segment hailing from the salaried or entrepreneurial backgrounds. This segment
lacks an organised delivery channel for wealth management services that directly addresses its investment
advisory needs. The requirements of this segment are unlike the Ultra HNI and HNI segment. While wealth
maximisation is the key objective for Ultra HNI and HNIs, a goal-based advisory approach, with a broader
asset mix, defines the key needs of this growing segment. Moreover, the distribution model in India is going
through a transition with greater focus on investment advice and a requirement for advisors to have multi -
vendor and multi - product offerings in their product suite.
CRISIL believes that the changing scenario is pro Mass Affluent segment and presents a win - win situation
for both investors and distributors. A scientific wealth management offering by distributors can offer mutual
benefits to investors and distributors. It will enable a large base of investors to diversify across asset classes
by moving from conventional bank deposits to high yielding investments. At the same time, large distributors
and Independent Financial Advisors (IFAs) can collaborate to provide greater value-added services to a larger
section of investors. The IFA's bring in a deeper understanding of the investor along with a retail networking
capability, while larger institutions possess research capabilities and infrastructure.
According to CRISIL, the new paradigm in wealth management is a modern investment management style
with a delivery model that follows a three pillar approach involving partnering between IFAs and large
institutions; involvement of independent research providers and a self regulatory framework to govern the
industry.
2
Background
As per the Asia-Pacific Wealth Report 2010, wealthy individuals in the region can be segmented into three
categories based on investable surplus (refer Chart 1). Starting from the top, Ultra HNIs constitute the
segment with the highest investable surplus, followed by HNIs and the Mass Affluent segments.
1
Source: Asia- Pacific Wealth Report 2010 by Capgemini and Merill Lynch Global Wealth Management
Chart 1: The Wealth Pyramid of India based on Investable surplus
1
In terms of volumes, the burgeoning Mass Affluent segments (retail segment) in India form the largest
proportion of wealthy individuals across Metros, Tier 1 and Tier 2 cities. This can be attributed partly to the
size and demographic skew as nearly 65 percent of India's population is below 35 years of age and is largely
consumption driven. The Mass Affluent segment consisting of the working population from salaried and
business backgrounds, juggle between spending in the present and saving for the future, however they lack
a financial advisor or planner to achieve their financial goals.
Wealth management services such as family offices and private banking divisions of foreign banks cater
exclusively to the Ultra HNI segment. HNIs, on the other hand, are typically serviced by wealth advisory
firms, distributors, private banks and brokerages. The Mass Affluent segment, however, does not have a
specialised delivery mode or touch point for meeting its financial needs. Money management for the retail
investor continues to be practiced through unorganised channels such as the traditional family advisor, tax
consultant, Chartered Account (CA) and IFAs, among others.
3
Chart 2: Composition of wealth per adult in India as of October 2010
2
2
Source: Global Wealth Report , October 2010 by Credit Suisse Research
Explosion in the Mass Affluent segment: A win - win situation for investors and
distributors
Asset composition in India is predominantly tilted towards non-financial (real) assets. Nearly 85 percent of
total assets held by an adult in India are non-financial assets, which are either in the form of a house or land
(refer Chart 2). While the investor's taste is maturing towards other asset classes such as equity, there is still
a preference for investments in tangible asset classes like real estate, cash and fixed deposits and gold to
some extent (alternative asset classes). Investments in the capital market, including mutual funds, account
for a relatively smaller proportion of their overall investments. Further, following the financial crisis of 2008,
many retail investors, holding equities and mutual funds incurred losses which have in turn led to an aversion
to take risks. This can be partly attributed to a combination of mis-selling by distributors and lack of financial
literacy amongst investors
The needs of the retail investor have to be better understood. This segment looks at goal-based investments
such as education, marriage, retirement, asset and life protection and not merely wealth maximisation as is
the case with Ultra HNIs and HNIs. A goal-based advisory approach, with access to multiple investment
avenues, defines the key needs of this segment. Advisors have to assess the needs of the retail investor in
terms of wealth generation, tax planning and retirement planning while preparing financial plans.
Both product manufacturers and distributors (including IFAs) have witnessed major regulatory changes
over the past few years. Sellers today have lesser bargaining power as compared to investors. Both distributors
and IFAs have had to revisit their business models. They are today required to offer advice and not simply
sell products to investors. They are also required to move towards muti-product and multi-vendor offerings
and thereby provide a single point of distribution. This is however easier said than done in India, where any
form of an "investor pays" model in the retail space has faced resistance. CRISIL however believes that
investors would be willing to pay for the right advice. In this context, the growing Mass Affluent income
bracket offers a huge opportunity for wealth management services. This transformation in the investment
profile of the enormous Mass Affluent segment, presents a win - win situation for both investors and
distributors.
(50,000)
-
50,000
100,000
150,000
200,000
250,000
Financial (asset) Real (asset) Debt (liability) Total Networth
A
m
o
u
n
t
(
i
n
R
u
p
e
e
s
)
4
The new paradigm
In CRISIL's opinion, a modern investment management style, with a delivery model targeted towards retail
investors, would be the new paradigm for the wealth management industry. A scientific wealth management
offering by distributors can offer mutual benefits to investors and distributors. We believe that the industry
will rely on three pillars - partnerships between IFAs and institutions, involvement of independent research
agencies and formation of a self regulatory body.
Collaboration between IFAs and institutions
Asset managers and large wealth managers have the necessary infrastructure and research capabilities for
scientific product development and wealth management. IFAs, on the other hand, understand the investor
and possess the retail network for investor reach. Bringing the two together can provide a much-needed
delivery platform for retail investor that is both cost efficient and trustworthy.
Involvement of independent research providers
Involvement of independent research providers in investment selection can help establish credibility with
retail investors. Apart from the selection of mutual funds and insurance products, asset allocation and financial
planning is also offered by independent research providers. These services can be used by wealth managers
to provide goal-based investment advisory services.
PARTNERING OF IFA'S AND INSTITUTIONAL PLAYERS
IFA's
(Individuals or groups)
Wealth Advisory firms/
Asset Management
companies/Brokerages
Wrap Structures
- Asset allocation
- Asset & Life protection
- Tax Planning
- Retirement Planning
- Estate Planning
- Goal based financial planning
- Provide aggregated portfolios to clients
- Registration and reporting on investments
Share
technology
and
research
capabilities
Provide
network
and
of retail
investor
understanding
5
Self regulation for wealth managers
A self-regulatory body (SRO) for the wealth management industry similar to Association of Mutual Funds of
India (AMFI) for mutual funds, Life Insurance Council for insurance, among others, can help in addressing
the requirements of wealth managers. A fair and full participation from all these bodies in the formation of an
SRO can ensure that investors have a mediator to resolve grievances and benefit the wealth management
industry at large. Mandatory certification through financial planning examinations, such as the Chartered
Financial Planning (CFP) for IFAs can help reduce mis-selling and create greater trust among investors.
Training IFAs so as to increase product knowledge, sales skills and advisory skills is also essential for
building long term relationships.
Benefits of the three pillar approach
CRISIL believes that the wealth management system as described above can benefit both investors and
wealth managers.
To investors: A large base of investors can achieve diversification across asset classes by moving from
conventional bank deposits to high yielding investments such as mutual funds, equity and alternate asset
classes. Also, post the crisis of 2008, investors refrain from investing in products without complete knowledge
of its risks. Under an advisory-based delivery model, these investors can be educated. Further, the IFA will
make money only if the investor has benefitted from the advice and sees value in the services offered by the
IFA.
To IFAs: IFAs receive the support of large established players as well as technology infrastructure at a single
click. The necessary transition to an advisory model will thus become possible for them along with expertise
in research and technology.
To institutions (AMCs, Wealth Advisory firms, Brokerages): The larger players will be able to tap the huge
retail segment, which has been largely out of its reach. AMCs can increase their investor base and also the
assets under management (AUM) towards equity, while wealth advisors can increase clientele and penetration.
Distribution houses, on the other hand, can increase revenues with the support of IFAs.
Conclusion
While the change in paradigm suggested above may be slow in coming, it is inevitable. This is because, as
business and consumer sentiment strengthens, the common man becomes optimistic in setting higher aspirations
in lifestyle. CRISIL believes that for the right advice, the investor is willing to pay a fee, provided they see
value in it. Moreover, for the survival of the wealth management industry, the paradigm lays out collaboration
between the large players and IFAs to ensure that the traditional interface of a personal advisor is retained, yet
it is cost effective to the seller.
NOTES
NOTES
NOTES
Chennai
Mezzanine Floor, Thapar House
43 / 44, Montieth Road
Egmore
Chennai - 600 008, India.
Phone: +91 (44) 2854 6205/ 06, 28546093
Fax: +91 (44) 2854 7531
Bengaluru
W-101, Sunrise Chambers
22, Ulsoor Road
Bengaluru - 560 042, India.
Phone: +91 (80)2558 0899/ 2559 4802
Fax: +91 (80) 2559 4801
Kolkata
‘HORIZON’
Block ‘B’ 4th Floor
57, Chowringhee road
Kolkata - 700 071, India.
Phone: +91 (33)22823541/ 5529 4501
Fax: +91 (33) 2283 0597
Mumbai
CRISIL House
Central Avenue
Hiranandani Business Park, Powai
Mumbai - 400 076, India.
Phone: +91 (22) 3342 8035/ 36/ 18
Fax: +91 (22) 3342 8088
New Delhi
The Mira, G-1, 1st Floor
Plot No. 1 & 2, Ishwar Nagar
Near Okhla Crossing
New Delhi - 110 065, India.
Phone: +91 (11) 4250 5100,
2693 0117-121
Fax: +91 (11) 2684 2212/ 13
www.crisilfundservices.com
About CRISIL FundServices
CRISIL FundServices is India’s leading
provider of fund evaluation and research to
the Indian Mutual Fund industry. Widely
acknowledged as the industry standard,
CRISIL FundServices is the official provider of
valuation tools and market benchmarks.
Through its innovative analytics, benchmarks
and analytical tools, CRISIL FundServices has
played a significant role in shaping investor
confidence and facilitating the introduction
of best practices in the Mutual Fund industry.
About CRISIL Limited
CRISIL is India's leading Ratings, Research,
Risk and Policy Advisory Company
CRISIL offers domestic and international
customers a unique combination of local
insights and global perspectives, delivering
independent information, opinions and
solutions that help them make better
informed business and investment decisions,
improve the efficiency of markets and market
participants, and help shape infrastructure
policy and projects. Its integrated range of
capabilities includes credit ratings and risk
assessment; research on India's economy,
industries and companies; investment
research outsourcing; fund services; risk
management and infrastructure advisory
services.
E-mail: [email protected]
For further details or more information,
please contact:
Client Servicing
CRISIL FundServices
CRISIL House
Central Avenue
Hiranandani Business Park
Powai, Mumbai - 400 076, India.
Phone +91 (22) 3342 3000
Fax +91 (22) 3342 3001
E-mail: [email protected]
doc_986567819.pdf
Wealth management services in India have been predominantly oriented towards the Ultra HNIs (High Networth Individuals) and HNIs. However, the size and demographics of the Indian population reveal a skew towards the Mass Affluent segment hailing from the salaried or entrepreneurial backgrounds. This segment lacks an organised delivery channel for wealth management services that directly addresses its investment advisory needs.
Satish Prabhu
Senior Manager - CRISIL FundServices
Gautami Shah
Executive Analyst - CRISIL FundServices
Fund Insights
Wealth
management for
the mass affluent- A
new paradigm in
the Indian wealth
management
industry
February 2011
Disclaimer
CRISIL Research, a division of CRISIL Limited (CRISIL) has taken due care and caution in preparing this
Report based on the information obtained by CRISIL from sources which it considers reliable (Data).
However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not
responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report
is not a recommendation to invest / disinvest in any company covered in the Report. CRISIL especially states
that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this
Report. CRISIL Research operates independently of, and does not have access to information obtained by
CRISIL’s Ratings Division / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their
regular operations, obtain information of a confidential nature. The views expressed in this Report are that
of CRISIL Research and not of CRISIL’s Ratings Division / CRIS. No part of this Report may be published /
reproduced in any form without CRISIL’s prior written approval.
1
Wealth management for the mass
affluent- A new paradigm in the Indian
wealth management industry
Executive summary
Wealth management services in India have been predominantly oriented towards the Ultra HNIs (High Net-
worth Individuals) and HNIs. However, the size and demographics of the Indian population reveal a skew
towards the Mass Affluent segment hailing from the salaried or entrepreneurial backgrounds. This segment
lacks an organised delivery channel for wealth management services that directly addresses its investment
advisory needs. The requirements of this segment are unlike the Ultra HNI and HNI segment. While wealth
maximisation is the key objective for Ultra HNI and HNIs, a goal-based advisory approach, with a broader
asset mix, defines the key needs of this growing segment. Moreover, the distribution model in India is going
through a transition with greater focus on investment advice and a requirement for advisors to have multi -
vendor and multi - product offerings in their product suite.
CRISIL believes that the changing scenario is pro Mass Affluent segment and presents a win - win situation
for both investors and distributors. A scientific wealth management offering by distributors can offer mutual
benefits to investors and distributors. It will enable a large base of investors to diversify across asset classes
by moving from conventional bank deposits to high yielding investments. At the same time, large distributors
and Independent Financial Advisors (IFAs) can collaborate to provide greater value-added services to a larger
section of investors. The IFA's bring in a deeper understanding of the investor along with a retail networking
capability, while larger institutions possess research capabilities and infrastructure.
According to CRISIL, the new paradigm in wealth management is a modern investment management style
with a delivery model that follows a three pillar approach involving partnering between IFAs and large
institutions; involvement of independent research providers and a self regulatory framework to govern the
industry.
2
Background
As per the Asia-Pacific Wealth Report 2010, wealthy individuals in the region can be segmented into three
categories based on investable surplus (refer Chart 1). Starting from the top, Ultra HNIs constitute the
segment with the highest investable surplus, followed by HNIs and the Mass Affluent segments.
1
Source: Asia- Pacific Wealth Report 2010 by Capgemini and Merill Lynch Global Wealth Management
Chart 1: The Wealth Pyramid of India based on Investable surplus
1
In terms of volumes, the burgeoning Mass Affluent segments (retail segment) in India form the largest
proportion of wealthy individuals across Metros, Tier 1 and Tier 2 cities. This can be attributed partly to the
size and demographic skew as nearly 65 percent of India's population is below 35 years of age and is largely
consumption driven. The Mass Affluent segment consisting of the working population from salaried and
business backgrounds, juggle between spending in the present and saving for the future, however they lack
a financial advisor or planner to achieve their financial goals.
Wealth management services such as family offices and private banking divisions of foreign banks cater
exclusively to the Ultra HNI segment. HNIs, on the other hand, are typically serviced by wealth advisory
firms, distributors, private banks and brokerages. The Mass Affluent segment, however, does not have a
specialised delivery mode or touch point for meeting its financial needs. Money management for the retail
investor continues to be practiced through unorganised channels such as the traditional family advisor, tax
consultant, Chartered Account (CA) and IFAs, among others.
3
Chart 2: Composition of wealth per adult in India as of October 2010
2
2
Source: Global Wealth Report , October 2010 by Credit Suisse Research
Explosion in the Mass Affluent segment: A win - win situation for investors and
distributors
Asset composition in India is predominantly tilted towards non-financial (real) assets. Nearly 85 percent of
total assets held by an adult in India are non-financial assets, which are either in the form of a house or land
(refer Chart 2). While the investor's taste is maturing towards other asset classes such as equity, there is still
a preference for investments in tangible asset classes like real estate, cash and fixed deposits and gold to
some extent (alternative asset classes). Investments in the capital market, including mutual funds, account
for a relatively smaller proportion of their overall investments. Further, following the financial crisis of 2008,
many retail investors, holding equities and mutual funds incurred losses which have in turn led to an aversion
to take risks. This can be partly attributed to a combination of mis-selling by distributors and lack of financial
literacy amongst investors
The needs of the retail investor have to be better understood. This segment looks at goal-based investments
such as education, marriage, retirement, asset and life protection and not merely wealth maximisation as is
the case with Ultra HNIs and HNIs. A goal-based advisory approach, with access to multiple investment
avenues, defines the key needs of this segment. Advisors have to assess the needs of the retail investor in
terms of wealth generation, tax planning and retirement planning while preparing financial plans.
Both product manufacturers and distributors (including IFAs) have witnessed major regulatory changes
over the past few years. Sellers today have lesser bargaining power as compared to investors. Both distributors
and IFAs have had to revisit their business models. They are today required to offer advice and not simply
sell products to investors. They are also required to move towards muti-product and multi-vendor offerings
and thereby provide a single point of distribution. This is however easier said than done in India, where any
form of an "investor pays" model in the retail space has faced resistance. CRISIL however believes that
investors would be willing to pay for the right advice. In this context, the growing Mass Affluent income
bracket offers a huge opportunity for wealth management services. This transformation in the investment
profile of the enormous Mass Affluent segment, presents a win - win situation for both investors and
distributors.
(50,000)
-
50,000
100,000
150,000
200,000
250,000
Financial (asset) Real (asset) Debt (liability) Total Networth
A
m
o
u
n
t
(
i
n
R
u
p
e
e
s
)
4
The new paradigm
In CRISIL's opinion, a modern investment management style, with a delivery model targeted towards retail
investors, would be the new paradigm for the wealth management industry. A scientific wealth management
offering by distributors can offer mutual benefits to investors and distributors. We believe that the industry
will rely on three pillars - partnerships between IFAs and institutions, involvement of independent research
agencies and formation of a self regulatory body.
Collaboration between IFAs and institutions
Asset managers and large wealth managers have the necessary infrastructure and research capabilities for
scientific product development and wealth management. IFAs, on the other hand, understand the investor
and possess the retail network for investor reach. Bringing the two together can provide a much-needed
delivery platform for retail investor that is both cost efficient and trustworthy.
Involvement of independent research providers
Involvement of independent research providers in investment selection can help establish credibility with
retail investors. Apart from the selection of mutual funds and insurance products, asset allocation and financial
planning is also offered by independent research providers. These services can be used by wealth managers
to provide goal-based investment advisory services.
PARTNERING OF IFA'S AND INSTITUTIONAL PLAYERS
IFA's
(Individuals or groups)
Wealth Advisory firms/
Asset Management
companies/Brokerages
Wrap Structures
- Asset allocation
- Asset & Life protection
- Tax Planning
- Retirement Planning
- Estate Planning
- Goal based financial planning
- Provide aggregated portfolios to clients
- Registration and reporting on investments
Share
technology
and
research
capabilities
Provide
network
and
of retail
investor
understanding
5
Self regulation for wealth managers
A self-regulatory body (SRO) for the wealth management industry similar to Association of Mutual Funds of
India (AMFI) for mutual funds, Life Insurance Council for insurance, among others, can help in addressing
the requirements of wealth managers. A fair and full participation from all these bodies in the formation of an
SRO can ensure that investors have a mediator to resolve grievances and benefit the wealth management
industry at large. Mandatory certification through financial planning examinations, such as the Chartered
Financial Planning (CFP) for IFAs can help reduce mis-selling and create greater trust among investors.
Training IFAs so as to increase product knowledge, sales skills and advisory skills is also essential for
building long term relationships.
Benefits of the three pillar approach
CRISIL believes that the wealth management system as described above can benefit both investors and
wealth managers.
To investors: A large base of investors can achieve diversification across asset classes by moving from
conventional bank deposits to high yielding investments such as mutual funds, equity and alternate asset
classes. Also, post the crisis of 2008, investors refrain from investing in products without complete knowledge
of its risks. Under an advisory-based delivery model, these investors can be educated. Further, the IFA will
make money only if the investor has benefitted from the advice and sees value in the services offered by the
IFA.
To IFAs: IFAs receive the support of large established players as well as technology infrastructure at a single
click. The necessary transition to an advisory model will thus become possible for them along with expertise
in research and technology.
To institutions (AMCs, Wealth Advisory firms, Brokerages): The larger players will be able to tap the huge
retail segment, which has been largely out of its reach. AMCs can increase their investor base and also the
assets under management (AUM) towards equity, while wealth advisors can increase clientele and penetration.
Distribution houses, on the other hand, can increase revenues with the support of IFAs.
Conclusion
While the change in paradigm suggested above may be slow in coming, it is inevitable. This is because, as
business and consumer sentiment strengthens, the common man becomes optimistic in setting higher aspirations
in lifestyle. CRISIL believes that for the right advice, the investor is willing to pay a fee, provided they see
value in it. Moreover, for the survival of the wealth management industry, the paradigm lays out collaboration
between the large players and IFAs to ensure that the traditional interface of a personal advisor is retained, yet
it is cost effective to the seller.
NOTES
NOTES
NOTES
Chennai
Mezzanine Floor, Thapar House
43 / 44, Montieth Road
Egmore
Chennai - 600 008, India.
Phone: +91 (44) 2854 6205/ 06, 28546093
Fax: +91 (44) 2854 7531
Bengaluru
W-101, Sunrise Chambers
22, Ulsoor Road
Bengaluru - 560 042, India.
Phone: +91 (80)2558 0899/ 2559 4802
Fax: +91 (80) 2559 4801
Kolkata
‘HORIZON’
Block ‘B’ 4th Floor
57, Chowringhee road
Kolkata - 700 071, India.
Phone: +91 (33)22823541/ 5529 4501
Fax: +91 (33) 2283 0597
Mumbai
CRISIL House
Central Avenue
Hiranandani Business Park, Powai
Mumbai - 400 076, India.
Phone: +91 (22) 3342 8035/ 36/ 18
Fax: +91 (22) 3342 8088
New Delhi
The Mira, G-1, 1st Floor
Plot No. 1 & 2, Ishwar Nagar
Near Okhla Crossing
New Delhi - 110 065, India.
Phone: +91 (11) 4250 5100,
2693 0117-121
Fax: +91 (11) 2684 2212/ 13
www.crisilfundservices.com
About CRISIL FundServices
CRISIL FundServices is India’s leading
provider of fund evaluation and research to
the Indian Mutual Fund industry. Widely
acknowledged as the industry standard,
CRISIL FundServices is the official provider of
valuation tools and market benchmarks.
Through its innovative analytics, benchmarks
and analytical tools, CRISIL FundServices has
played a significant role in shaping investor
confidence and facilitating the introduction
of best practices in the Mutual Fund industry.
About CRISIL Limited
CRISIL is India's leading Ratings, Research,
Risk and Policy Advisory Company
CRISIL offers domestic and international
customers a unique combination of local
insights and global perspectives, delivering
independent information, opinions and
solutions that help them make better
informed business and investment decisions,
improve the efficiency of markets and market
participants, and help shape infrastructure
policy and projects. Its integrated range of
capabilities includes credit ratings and risk
assessment; research on India's economy,
industries and companies; investment
research outsourcing; fund services; risk
management and infrastructure advisory
services.
E-mail: [email protected]
For further details or more information,
please contact:
Client Servicing
CRISIL FundServices
CRISIL House
Central Avenue
Hiranandani Business Park
Powai, Mumbai - 400 076, India.
Phone +91 (22) 3342 3000
Fax +91 (22) 3342 3001
E-mail: [email protected]
doc_986567819.pdf