Annual Report Scheme Financials FY2016

ICICI PRUDENTIAL PENSION FUNDS
MANAGEMENT COMPANY LIMITED
SCHEME E TIER I
SCHEME C TIER I
SCHEME G TIER I
SCHEME E TIER II
SCHEME C TIER II
SCHEME G TIER II
ANNUAL REPORT 2015-2016
CONTENTS
1.
BACKGROUND
a)
THE TRUST ............................................................................................... 3
b) SPONSOR ................................................................................................. 3
c)
PENSION FUND MANAGEMENT COMPANY ............................................ 4
d) INVESTMENT STRUCTURE OF THE COMPANY ........................................ 4

2.
BASIS AND POLICY OF INVESTMENTS ...................................................... 4
3.
ECONOMIC SCENARIO ................................................................................ 5
4.
INVESTMENT OBJECTIVE OF THE SCHEME ................................................ 6
5.
SCHEME PERFORMANCE AND OPERATIONS ............................................. 7
6.
LIABILITIES AND RESPONSIBILITIES OF THE COMPANY ......................... 10
7.
FINANCIAL STATEMENTS OF THE SCHEMES.11

a)
Scheme E Tier I - Equity market instruments
b) Scheme C Tier I - Credit risk bearing fixed income instruments

c)
Scheme G Tier I - Government securities
d) Scheme E Tier II - Equity market instruments

e)
Scheme C Tier II - Credit risk bearing fixed income instruments
f)
Scheme G Tier II - Government securities
To the Subscribers,
ICICI Prudential Pension Funds Management Company Limited (the Company) presents
annual report along with the audited financial statements of the Schemes for the year
ended March 31, 2016.
During the year ending March 31, 2016, the Company managed the following 6 schemes
under the National Pension System (NPS):
Tier I Scheme E - Equity market instruments

Tier I Scheme C - Credit risk bearing fixed income instruments
Tier I Scheme G - Government securities
Tier II Scheme E - Equity market instruments
Tier II Scheme C - Credit risk bearing fixed income instruments
Tier II Scheme G - Government securities
1. BACKGROUND OF THE TRUST, SPONSORS AND PENSION FUND

MANAGEMENT COMPANY
a) THE TRUST
Interim Pension Fund Regulatory and Development Authority (PFRDA) was established
by the Government of India on August 23, 2003 to promote old age income security by
establishing, developing and regulating pension funds, to protect the interests of
subscribers to schemes of pension funds. The Pension Fund Regulatory & Development
Authority Act was passed on September 19, 2013 which was notified on February 01,
2014 thereby according statutory powers to PFRDA.
The National Pension System Trust (NPS Trust) was established by PFRDA on February
27, 2008. The NPS Trust has been constituted for taking care of the assets and funds
under the National Pension System (NPS) in the interest of the beneficiaries
(subscribers).
b) SPONSOR
The Company is sponsored by ICICI Prudential Life Insurance Company Limited
(`Sponsor) and it is also a wholly owned subsidiary of the Sponsor.
ICICI Prudential Life Insurance Company Limited, a joint venture between ICICI Bank
Limited and Prudential Corporation Holdings Limited, was incorporated on July 20, 2000.
It is licensed by the Insurance Regulatory and Development Authority (ÌRDA) for
carrying out life insurance business in India.
The Sponsor reaches its customers through 521 offices in 456 locations as at March 31,
2016. At March 31, 2016, the Sponsor had 10663 employees and 121,016 advisors to
cater to the needs of its customers. Assets under management of the Sponsor grew from
` 1,001.83 billion at March 31, 2015 to ` 1,039.39 billion at March 31, 2016. The Sponsor
3
reported a profit after tax of ` 16.50 billion in FY2016 as against profit after tax of ` 16.34
billion in FY2015.
c) PENSION FUND MANAGEMENT COMPANY
The Company was incorporated on April 22, 2009 and received certificate to commence
business on April 28, 2009. The Company is appointed as a Pension Fund Manager
(PFM) by the NPS Trust for the management of pension Schemes for private sector.
The Company has recorded a growth of 90.0% in Assets Under Management (AUM) of
the Schemes for the financial year ending March 31, 2016. The AUM at March 31, 2016
was ` 7,011.4 million up from ` 3,690.0 million at March 31, 2015.
d) INVESTMENT STRUCTURE OF THE COMPANY
The Company has a multi-tiered investment structure to achieve adequate segregation
between control and execution.
The Board of Directors of the Company approves the Investment Policy and Risk
Management Policy, reviews investments compliance and performance and oversees
the risk management.
The Investment Committee (Committee)
is responsible for implementation of
Investment Policy, building investment strategy, monitoring investment decisions and
returns.
The Investment team comprising of the CIO and the fund manager is responsible for
market tracking, instrument selection, deal negotiation, investment decision and deal
conclusion in line with the Policy. The Investment team is also be responsible for
research, portfolio management and trading.
An independent Investment Operations team is responsible for compliance with
Investment Policy and Regulatory Guidelines, statutory and management reporting,
treasury operations (trade settlement), banking, valuation, accounting and Net Asset
Value (NAV) calculation.
An external Custodian, appointed by PFRDA, is responsible for custody of the assets,
tracking corporate actions and also valuation of securities.
Daily investment activities including NAV computation is subject to concurrent audit
carried out by an independent audit firm.
2. BASIS AND POLICY OF INVESTMENTS
Investment Strategy
4
The overall investment strategy is focused on ensuring adequate returns to subscribers

consistent with protection, safety and liquidity of funds while complying with the
applicable investment regulation and guidelines. The investment strategy is guided by
principles of prudent portfolio management and risk management and the investment
objectives as defined in the Investment Management Agreement (IMA).
Pursuant to the investment guidelines issued by PFRDA in September 2015, Scheme E is
managed with Nifty 100 as the benchmark. The investment philosophy of the scheme
can be summarized as Index (Nifty 100) plus strategy with small deviations as defined in
Investment policy. The objective of fixed income fund management is to meet return
expectations of subscribers through investment in high credit fixed income securities,
managing interest rate risk, credit risk and liquidity risk.
The funds under the Scheme C (Credit risk bearing fixed income instruments) are
invested in fixed deposits, corporate bonds and liquid instruments following the scheme
objective and investment universe as defined by PFRDA. Investments in corporate bonds
are made in high quality long term debt following internal due diligence and credit rating
from independent credit rating agencies.
The funds under the Scheme G (Government securities) are invested in long term central
and state government securities as per the scheme objective. The scheme is managed
actively based on interest rate view backed by extensive research and analysis.
3. ECONOMIC SCENARIO
Equity review - FY2016
Indian equity market (NSE 100) lost ~8% in FY2016 due to concerns from both, domestic
and global factors. The key domestic and global factors which dented market sentiments
and contributed to the negative returns for most of the financial year were: subdued
corporate earnings growth rate, slow pace of economic reforms, global economic
slowdown followed by withdrawal of global liquidity on growing concerns regarding the
implications on emerging markets as Fed hiked interest rate. However, the domestic
market witnessed a sharp rally in the month of March as global liquidity improved
significantly on account of risk on environment and on hope of a rate cut by RBI as
macro-economic data points improved. The foreign capital outflows from Indian equities
were ~US$ 1 billion during FY2016 as against the capital inflows of ~US$ 12 billion by
domestic institutional investors in the same period
Debt review - FY2016
The yield on 10 year GoI benchmark security declined marginally from 7.74% on March
31, 2015 to 7.47% on March 31, 2016 i.e. only 37 bps though RBI cut repo rates by 125
bps from 7.50% to 6.75% in the same time period on the back softer inflation. As CPI
inflation softened from 5.3% in March 2015 to 4.8% in March 2016, RBI maintained an
accommodative monetary policy stance during the year and introduced measures to
5
increase liquidity in the banking system for higher transmission of rate cuts announced
during the year.
The domestic debt market remained volatile during the financial year primarily due to
concerns related to the implications on emerging markets due to the withdrawal of
global liquidity as Fed prepared to hike interest rate in US. Markets sentiments were also
impacted by monetary policy divergence and the unconventional monetary policy
actions implemented by central banks of developed countries, and also due to the
volatility in emerging market currencies as China devalued Yuan in order to support their
slowing economy. In the Union Budget FY17, government provided a balancing act
between growth stimuli while maintaining fiscal deficit target of 3.5% of GDP in FY17.
The various pro-growth initiatives taken by the government during the year included
accelerated infrastructure investment, greater openness to FDI in select sectors, plans for
consolidation and recapitalization of PSU banks, etc.
Outlook
Equity Outlook
The long term equity market outlook remains positive as we expect the markets to track
double digit corporate earnings growth rate which is expected to be supported by
benign inflation, falling interest rate environment and high GDP growth over the coming
years. However, in the short term we expect equity market to be range bound primarily
on account of weak corporate earnings, uncertain global economic outlook, supply of
paper and slow pace of reforms agenda. Nifty valuations remain high at 17x FY17E
earnings as compared to historical average of 14.5x.
Debt Outlook
Our outlook for the bond market is positive. The key focus area for the monetary policy
continues to be greater transmission of rate cuts while ensuring adequate liquidity in the
banking system. We believe that the recent measures taken by RBI in the monetary
policy are expected to improve the bond market sentiments and liquidity position of the
banks. Additionally, these measures are expected to pave the way for further
transmission of the 150 bps policy rate cuts already completed so far. We expect the
policy rate to remain on hold in the short term as inflation is expected to remain under
pressure owing to the impact of implementation of pay commission recommendations,
concerns regarding monsoons and increase in global commodity prices. Moreover,
monetary policy actions by global central banks and developments in global financial
markets would continue to remain a matter of concern for the domestic bond market.
4. INVESTMENT OBJECTIVE OF THE SCHEME

The investment objective of the Scheme(s) managed by ICICI Prudential Pension Funds
Management Company Limited is prescribed in or based on investment guidelines
6
issued by PFRDA. The schemes seek to provide capital appreciation while maintaining
suitable balance between return, safety and liquidity.
Sr. No.
1
Name of the Scheme

Scheme E Tier I
Investment Objective
To optimise returns through investment in
eligible equity instrument.
Scheme C Tier I
To optimise returns and provide accumulation of

income through investment in fixed deposits,
corporate bonds and liquid instruments.
Scheme G Tier I

income through investment primarily in
government securities (issued by GoI and various
state governments).
Scheme E Tier II
To optimise returns through investment in

eligible equity instrument.
Scheme C Tier II

income through investment in fixed deposits,
corporate bonds and liquid instruments.
Scheme G Tier II

income through investment primarily in
government securities (issued by GoI and various
state governments).
5. SCHEME PERFORMANCE AND OPERATIONS

The performance of the scheme is benchmarked against the NSE Nifty 100 Index.
The performance of Scheme E Tier I at March 31, 2016 is presented below:
Period
Returns (%)1
Benchmark Returns (%)2
Last 1 year
-7.37%
-8.43%
Last 3 years
12.98%
11.88%
Last 5 years
7.75%
6.95%
3
Since inception
10.53%
10.01%
1. Past performance may or may not be sustained in the future, returns are compounded
annualised (CAGR)
2. Benchmark index: NSE Nifty 50 Index (dividends reinvested) till September 30, 2016
and NSE Nifty 100 Index thereafter
3. Date of Inception: May 18, 2009
The Scheme returns have outperformed the benchmark returns over 1 year, 3 years, 5
years and since inception.
The investment strategy of the scheme was modified over time as necessitated by the
changes in the investment guidelines issued by the PFRDA from time to time. The
Scheme replicated NSE Nifty 50 since inception till March 19, 2013 and after that its
investments were managed actively from March 20, 2013 to January 29, 2014 with NSE
Nifty 50 as benchmark. Post this, the scheme replicated NSE Nifty 50 index from January
30, 2014 to September 30, 2015. The scheme now follows NSE Nifty 100 index plus
strategy.
The net assets of the Scheme at March 31, 2016 stood at ` 2,480.7 million as against `
1,315.6 million at March 31, 2015, a growth of 88.6%.
At March 31, 2016, 99.9% of the net assets were invested in equity shares, and the
balance in liquid mutual funds, cash/cash equivalent & net current assets.
Scheme C Tier I - Credit risk bearing fixed income instruments
The Scheme invests only in high quality corporate bonds above investment grade, (75%
of the bonds are AAA rated).
The performance of Scheme C Tier I at March 31, 2016 is presented below:
Period
Returns (%)1
Last 1 year
9.77%
8.01%
Last 3 years
10.46%
9.37%
Last 5 years
11.41%
9.67%
Since inception3
11.15%
8.82%
annualised (CAGR)
2. Benchmark index: Crisil AAA Combex
years and since inception.
The net assets of the Scheme at March 31, 2016 stood at ` 1,879.3 million as against `
931.9 million at March 31, 2015, a growth of 101.7%.
At March 31, 2016, 94.6% of the net assets were invested in bonds and non-convertible
debentures, 1.7% in liquid mutual funds and balance in cash/cash equivalent & net
current assets.
The performance of Scheme G Tier I at March 31, 2016 is presented below:
Period
Returns (%)1
8
Last 1 year
6.97%
8.22%
Last 3 years
9.42%
9.14%
Last 5 years
9.61%
9.17%
3
Since inception
8.77%
7.72%
annualised (CAGR)
2. Benchmark index: ISec Gilt Composite Index
The Scheme returns have outperformed the benchmark returns 3 years, 5 years and
since inception and underperformed over 1 year.
The net assets of the Scheme at March 31, 2016, stood at ` 2,122.7 million as against `
1,058.3 million at March 31, 2015, a growth of 100.6%.
At March 31, 2016, 96.3% of the net assets were invested in central government
securities, 2.4% in liquid mutual funds and balance in cash/cash equivalent & net current
assets.
Scheme E Tier II - Equity market instruments
The performance of the scheme is benchmarked against the NSE Nifty 100 Index.
The performance of Scheme E Tier II at March 31, 2016 is presented below:
Period
Last 1 year
Last 3 years
Last 5 years
Since inception3
Returns (%)1
-7.39%
12.96%
7.25%
7.50%

-8.43%
11.88%
6.95%
7.58%
annualised (CAGR)
2 .Benchmark index: NSE Nifty 50 Index (dividends reinvested) till September 30, 2016
and NSE Nifty 100 Index thereafter
3 .Date of Inception: January 11, 2010
years and underperformed since inception. The underperformance pertains to the initial
period of the scheme when the fund size was small.
The investment strategy of the scheme was modified over time as necessitated by the
changes in the investment guidelines issued by the PFRDA from time to time. The
Scheme invested in NSE Nifty 50 since inception till March 19, 2013 and after that its
investments were managed actively from March 20, 2013 to January 29, 2014 with NSE
Nifty 50 as benchmark. Post this, the scheme replicated NSE Nifty 50 index from January
30, 2014 to September 30, 2015. The scheme now follows NSE Nifty 100 index plus
strategy.
The net assets of the Scheme at March 31, 2016 stood at ` 180.1 million as against `
141.3 million at March 31, 2015, a growth of 27.5%.
At March 31, 2016, 99.9% of the net assets were invested in equity shares and the
balance in liquid mutual funds, cash/cash equivalent & net current assets.
The Scheme invests only in corporate bonds above investment grade, (75% of the
bonds are AAA rated).
The performance of Scheme C Tier II at March 31, 2016 is presented below:
Period
Returns (%)1
Last 1 year
9.46%
8.01%
Last 3 years
10.38%
9.37%
Last 5 years
11.40%
9.67%
Since inception3
11.14%
9.05%
annualised (CAGR)
2. Benchmark index: Crisil AAA Combex
3. Date of Inception: January 12, 2010
The Scheme outperformed the benchmark returns over 1 year, 3 years, 5 years and since
inception. The returns continue to be healthy since inception of the scheme.
138.5 million at March 31, 2015, a growth of over 41.3%.
At March 31, 2016, 94.4% of the net assets were invested in bonds / non-convertible
debentures, 1.8% in liquid mutual funds and balance in cash/cash equivalent & net
current assets.
The performance of Scheme G Tier II at March 31, 2016 is presented below:
Period
Returns (%)1
Last 1 year
7.05%
8.22%
Last 3 years
9.29%
9.14%
Last 5 years
9.70%
9.17%
Since inception3
9.12%
8.73%
annualised (CAGR)
2, Benchmark index: ISec Gilt Composite Index
3. Date of Inception: February 8, 2010
10
The Scheme returns have outperformed the benchmark returns over 3 years, 5 years and
since inception and underperformed over 1 year.
104.4 million at March 31, 2015, a growth of over 46.4%
At March 31, 2016, 95.2% of the net assets were invested in government securities, 3.5%
in liquid mutual funds and balance in cash/cash equivalent & net current assets.
Disclaimer:
Since the Schemes permit investments in shares, bonds, debentures and other scripts or
securities whose value can fluctuate, the price and redemption value of the units of the
Schemes and income from them can go up as well as come down with the fluctuations
in the market value of these underlying investments.
6. LIABILITIES AND RESPONSIBILITIES OF THE COMPANY
The Company has been appointed by PFRDA as a fund manager for management of
investments of the Schemes and, in that capacity, makes investment decisions and
manages the Scheme in accordance with the Investment Guidelines, Scheme Objectives,
IMA and provisions of the PFRDA guidelines /directions. The transactions entered into by
the Company are in accordance with the PFRDA Guidelines, IMA and the code of ethics
prescribed by the Trustees.
The Company has exercised necessary due diligence and vigilance in carrying out its
duties of Investment management and in protecting the rights and interests of the
subscribers. Investment decisions have been taken with emphasis on safety and
optimum returns. The Company has not dealt in any speculative transactions in dealing
for investments. The Company will be responsible for the acts of omissions or
commissions of its employees or the persons whose services have been procured by the
Company.
7.
FINANCIAL STATEMENTS OF THE SCHEMES

a)
b) Scheme C Tier I - Credit risk bearing fixed income instruments

c)
d) Scheme E Tier II - Equity market instruments

e)
f)
11
Auditors certificate on proxy voting for the year ended

March 31, 2016
We hereby certify that the voting reports disclosed by ICICI Prudential Pension
Funds Management Company Limited (Company) to Pension Fund Regulatory
and Development Authority (PFRDA) are in line with the Voting Committee
decision records maintained by the Company.
The above certificate is based on examination of relevant information, books and

records maintained by the Company and produced to us for verification and is
true and correct to the best of our knowledge and belief.
For Suresh Surana and Associates

Chartered Accountants
Firm Regn no 121750W
Mr. Iqbal Zafar

12
Partner
Membership no. 043228
Place: Mumbai
Date: April 23, 2016
13
ICICI Prudential Pension Funds Management

Company Limited - Scheme E Tier I
Financial Statements together with Auditors Report for
the year ended March 31, 2016

Company Limited - Scheme E Tier I
Financial Statements together with Auditors

Report
For the year ended March 31, 2016
Contents
Auditors Report
Balance Sheet
Revenue Account
Accounting Policies and Notes to Accounts
INDEPENDENT AUDITORS' REPORT

To,
The Trustees,
National Pension System Trust
Report on Financial Statements:
1. We have audited the accompanying financial statements of NPS Trust A/c ICICI Prudential Pension
Funds Management Company Limited, Scheme E - Tier I (Scheme) under the National Pension System
Trust (NPS Trust) managed by ICICI Prudential Pension Funds Management Company Limited
(PFM/Company) which comprise of the Balance Sheet as at March 31, 2016, and the Revenue Account
for the year then ended, and a summary of significant accounting policies and other explanatory
information.
Managements Responsibility for the Financial Statements:
2. Management of the PFM, in accordance with the Pension Fund Regulatory and Development Authority
(PFRDA) Guidelines and the Investment Management Agreement (IMA) with the NPS Trust, is responsible
for the preparation of these financial statements that give a true and fair view of the financial position
and financial performance of the Scheme in accordance with the Accounting Standards specified under
Section 133 of the Companies Act 2013 (the Act), read with Rule 7 of the Companies (Accounts) Rules,
2014 to the extent made applicable by PFRDA to scheme. This responsibility includes the design,
implementation and maintenance of internal controls relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from material misstatement, whether due
to fraud or error. These financial statements are also approved by the NPS Trust on the recommendation
of the Board of Directors of the PFM.
Auditors Responsibility:
3. Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from
material misstatements.
4. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures
in the financial statements. The procedures selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the PFMs
preparation of the financial statements in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and
the reasonableness of the accounting estimates made by the Companys Directors, as well as evaluating
the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the financial statements.
Opinion:
6. In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the information required by PFRDA
(Preparation of Financial Statements and Auditors Report of Schemes under National Pension System)
Guidelines 2012 in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2016; and
(b) in the case of the Revenue Account, of the surplus of the Scheme for the year ended on that date;
Report on Other Legal And Regulatory Requirements:
7. As required by the PFRDA (Preparation of Financial Statements and Auditors Report of Schemes under
National Pension System) Guidelines 2012, as amended, we report that:
(a) We have obtained all information and explanations which to the best of our knowledge and belief
were necessary for the purpose of the audit.
(b) The Balance Sheet and Revenue account of the Scheme are in agreement with the books of account of
the Scheme.
(c) In our opinion proper books of account of the Scheme, as required by the PFRDA has been maintained
by the PFM as far as appears from our examination of those books.
(d) All transaction expenses in excess of the limits if any, contractually agreed to / approved by the
Authority are borne by the Pension Fund and are not charged to the NAV of the Scheme.
(e) In our opinion the Balance Sheet and Revenue Account of the Scheme dealt with by this report comply
with the PFRDA (Preparation of Financial Statements and Auditors Report of Scheme under National
Pension System) Guidelines-2012 and the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 to the extent made applicable by
PFRDA.
8. We further certify that;
(a) Investments have been valued in accordance with the guidelines issued by the Authority.
(b) Transaction and claims/fee raised by different entities are in accordance with the prescribed fee.
For
Ray & Ray
Firm Registration No. 301072E
Anil Karnik
Partner
M. No. 31005
Place: Mumbai
Date: 25th April 2016
NATIONAL PENSION SYSTEM TRUST

NPS TRUST A/C - ICICI PRUDENTIAL PENSION FUNDS MANAGEMENT COMPANY LIMITED
PENSION FUND SCHEME E TIER I
BALANCE SHEET AT MARCH 31, 2016
Particulars
Schedule
(In `)
Scheme E Tier I
March 31, 2016
March 31, 2015
Liabilities
Unit capital
Reserves and surplus
Current liabilities and provisions
Total
Assets
1
2
3
1,246,490,335
1,234,204,477
62,925,872
2,543,620,684
612,337,645
703,281,936
15,764,263
1,331,383,844
Investments
Deposits
Other current assets
Total
Significant accounting policies and notes to accounts
4
5
6
2,543,268,569
352,115
2,543,620,684
1,328,238,265
3,145,579
1,331,383,844
This is the Balance Sheet referred to in our report of even date.

For Ray & Ray
For and on behalf of Board of Directors of

Company Limited
Anil Karnik
Partner
Membership No. 31005
Sandeep Bakhshi
Chairman
Date : April 25, 2016

Place : Mumbai
Meghana Baji
Chief Executive Officer
For and on Behalf of NPS Trust
Shailesh V. Haribhakti
Chairman, NPS Trust Board
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

REVENUE ACCOUNT FOR THE YEAR ENDED MARCH 31, 2016
Schedule
Particulars
(In `)
Scheme E Tier I
March 31, 2016
March 31, 2015
Income
Dividend income
25,392,069
1,322
51,409,949
13,149,902
1,850
6,999,469
64,125,491
223,521,562
140,928,831
243,672,783
216,668,351
13,526,684
185,895
77,244
138,470
4,270,175
28,876,700
3,764,466
790,603
81,826
2,471,767
Interest income
Profit on sale/redemption of investments
Profit on inter-scheme transfer/sale of investments
Unrealised gain on appreciation in investments
Other income
- Miscellaneous Income
Total income (A)
Expenses and losses
Unrealised losses in value of investments
Loss on sale/redemption of investments
Loss on inter-scheme transfer/sale of investments
Management fees (including service tax) [Refer Note 2.4]
NPS Trust fees
Custodian fees
CRA Fees
Less: Amount recoverable on sale of units on account of CRA
Charges
Trustee bank fees
Depository and settlement charges
Other Expenses, if any
Total expenditure (B)
Surplus/Deficit for the year (A-B)
Less: Amount transferred to Unrealised appreciation account
Less: Amount transferred to General Reserve
Amount carried forward to Balance Sheet
(4,270,175)
230,596,644
(89,667,813)
(152,542,860)
62,875,047
(2,471,767)
33,513,595
210,159,188
194,644,862
15,514,326
This is the Revenue Account referred to in our report of even date.

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

NOTES ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AS AT MARCH 31, 2016
Schedule 1: Unit capital
Particulars
Initial capital
Unit capital
Outstanding at the beginning of the year
Add :Issued during the year
Less: Redeemed during the year
Outstanding at the end of the year
(Face Value of Rs.10/- each unit, fully paid up)
Outstanding units at the beginning of the year
Add :Units issued during the year
Less: Units redeemed during the year
Outstanding Units at the end of the year
Schedule 2: Reserves and surplus

Particulars
Unit premium reserve
Opening balance
Add: Premium on Units issued
Less: Premium on Units redeemed
Closing balance
Surplus/(deficit) in Revenue account
Opening balance
Add: Transfer from Revenue Account
Closing balance
General reserve
Opening Balance
Closing Balance
Unrealised Appreciation Account
Opening Balance
Closing Balance
Total
Schedule 3: Current liabilities and provisions

Particulars
Current liabilities
Sundry Creditors for expenses
Book Overdraft
Redemption payable
TDS payable
Contracts for purchase of investments
Interest received in advance
Amount Payable to Other Schemes
Total
(In `)
Scheme E Tier I
March 31, 2016
March 31, 2015
612,337,645
658,425,000
(24,272,310)
1,246,490,335
380,286,731
264,605,904
(32,554,990)
612,337,645
61,233,764
65,842,500
(2,427,230)
124,649,034
38,028,673
26,460,590
(3,255,499)
61,233,764
(In `)
Scheme E Tier I
March 31, 2016
March 31, 2015
391,660,190
645,829,153
(25,238,799)
1,012,250,544
33,103,940
62,875,047
95,978,987
278,517,806
(152,542,860)
125,974,946
1,234,204,477
154,160,037
270,162,765
(32,662,612)
391,660,190
17,589,614
15,514,326
33,103,940
83,872,944
194,644,862
278,517,806
703,281,936
(In `)
Scheme E Tier I
March 31, 2016
March 31, 2015
200,308
2,372,945
3,264
60,349,355
62,925,872
54,679
1,209,288
1,922
14,497,052
1,322
15,764,263

Schedule 4: Investments (Long Term and Short Term)
Particulars
Equity shares
Debentures and Bonds Listed/Awaiting Listing
Central and state government securities (including treasury bills )
Commercial Paper
Others - Mutual funds
- Certificates of Deposit
Total
Schedule 5: Deposits
Particulars
Deposits with scheduled banks
Total
Schedule 6: Other current assets

Particulars
Balances with bank in a current account
Contracts for sale of investments
Outstanding and accrued income
Brokerage receivable from PFM
Application money pending allotment
Receivable from other scheme
Total
(In `)
Scheme E Tier I
March 31, 2016
March 31, 2015
2,480,510,429
1,315,205,075
62,758,140
13,033,190
2,543,268,569
1,328,238,265
(In `)
Scheme E Tier I
March 31, 2016
March 31, 2015
-
(In `)
Scheme E Tier I
March 31, 2016
March 31, 2015
96
317,719
2,722,993
352,019
104,867
352,115
3,145,579
ICICI Prudential Pension Funds Management Company Limited Scheme E Tier I

Schedule 7
Significant accounting policies and notes to accounts for the year ended
March 31, 2016
1.1 Background
ICICI Prudential Pension Funds Management Company Limited (the Company) is
appointed as a Pension Fund Manager (PFM) by the National Pension System Trust
(NPS). The Company has entered into an Investment Management Agreement (IMA)
with NPS. The Pension Fund Regulatory and Development Authority (PFRDA)
guidelines require each PFM to manage subscribers funds made available to it by the
Trustee bank along with the data made available by the Central Recordkeeping Agency
(CRA) at a consolidated level. The Company makes investments as per the IMA, various
other circulars/guidelines issued by the PFRDA in this context from time to time and the
scheme wise flow of funds.
The Company manages six separate schemes under the two tiered structure (Tier I and II)
prescribed under the NPS. The schemes are classified as Scheme E, C and G based on
the underlying asset class prescribed under the NPS as follows:
Scheme E Equity market instruments
Scheme C Credit risk bearing fixed income instruments
Scheme G Government securities
1.2 Basis of preparation
The financial statements have been prepared in accordance with the PFRDA (Preparation
of financial statements and Auditors report of Schemes under National Pension System)
Guidelines 2012 (Guidelines), Accounting Standards (AS) notified under section 133
of the Companies Act, 2013, read together with paragraph 7 of the Companies
(Accounts) Rules 2014 to the extent made applicable by the Guidelines and generally
accepted accounting principles. The Guidelines specifically exempt the schemes from the
applicability of AS 3 (Cash Flow Statement) and AS 17 (Segmental Reporting). These
financial statements have been prepared on an accrual basis, except as otherwise stated.
The financials have been prepared for Scheme E Tier I being managed by the Company.
1.3 Investments
Purchase and sale of securities are accounted on trade date. Investments are reconciled
with the custodian records on daily basis. The holding cost of investments is determined
by the weighted average cost method and the cost does not include brokerage and other
transaction charges.
Valuation of Investments
All investments are marked to market and are carried in the Balance Sheet at the market
value as on Balance Sheet date/date of determination/date of valuation. Unrealized
gain/(loss), if any, is transferred to Revenue account.

As per directive received from NPS, the valuation of investments is carried out by Stock
Holding Corporation of India Limited (SHCIL). The Investment valuation methodology
adopted by SHCIL is as follows:
Listed equity shares are valued at market value, being the last quoted closing price on
the National stock exchange (NSE). If they are not quoted on NSE, then the last quoted
closing price on the Bombay stock exchange (BSE) is taken.
Non traded rights are valued at the difference of closing market price of the original
equity share for the day and the offer price. Traded rights are valued at the closing
market price of the rights renunciation till the time of application. In the event of
application of rights, the rights entitlement would be valued at the closing market price of
the original equity share till the date of allotment/listing.
Exchange traded funds are valued at market value, being the last quoted closing price on
NSE. If they are quoted on NSE, then the net asset value of the preceding day of the
valuation date is used.
Mutual fund units are valued based on the net asset values of the preceding day of the
valuation date.
Income earned on Investments
Dividend income and non-convertible debenture received in lieu of dividend is
recognized on the èx-dividend date. Bonus shares to which the scheme becomes
entitled are recognized only when the original shares on which the bonus entitlement
accrues are traded on the stock exchange on an ex-bonus basis. Similarly, rights
entitlements are recognized only when the original shares on which the right entitlement
accrues are traded on the stock exchange on an ex-rights basis.
Profit or loss on sale of equity shares/mutual fund units is the difference between the sale
consideration net of expenses, if any and the weighted average book cost.
1.4 Units reconciliation
The subscribers units as per Investment management system are reconciled with Central
Recordkeeping Agency (CRA) records on daily basis.
1.5 Investment management fees
Investment management fees are recognized on daily accrual basis on closing Asset
under management (AUM) in accordance with IMA. The Investment management fee is
inclusive of brokerage but excludes custodian charges and applicable taxes, if any.
1.6 Other expenses
Custody charges are recognized on daily accrual basis in accordance with IMA. Trustee
bank charges were recognized when they were debited by the trustee bank on a
quarterly basis.

Notes to accounts
2.1 Contingent liabilities
At March 31,
2016
Nil
Nil
Particulars
Uncalled liability on partly paid shares
Other commitments
(In `)
At March 31,
2015
Nil
Nil
2.2 Investments
All investments are performing investments All investments of the scheme are in the
name of the NPS Trust All investments are traded investments.
2.3 Details of transactions with sponsor and its related parties
Related parties and nature of relationship.
Nature of relationship
Name of the related party
Pension fund manager

Company Limited
ICICI Prudential Life Insurance Company Limited
Sponsor company
Associates
and
group
companies
- Holding
company
of ICICI Bank Limited
sponsor
The following represents significant transactions between the Scheme and its related
parties.
Name of
related party
Nature of
transaction
ICICI Prudential
Pension Funds
Management
Company
Limited
Investment
management
fees
Transactions for the

year ended
March 31,
2016
March 31,
2015
185,895
790,603
(In `)
Amount recoverable/
(payable)
At March
31, 2016
(51,031)
At March
31, 2015
(31,280)

Aggregate investments made by the scheme in the associates and group companies are
as follows:
(In `)
Name of the
Asset
Market
Period
Cost
Company
type
value
At March 31, 2016
ICICI Bank Limited
Equity
107,823,312
103,144,612
At March 31, 2015
ICICI Bank Limited
Equity
63,103,805
81,670,330

The Investment Management Fees is charged on closing funds under management on
daily basis for all the schemes. In terms of the PFRDAs letter no. PFRDA/6/PFM/9/2 dated
July 31, 2014, the Company has started charging investment management fee of 0.01%
per annum, with effect from August 01, 2014. The investment management fee charged
upto July 31, 2014 was 0.25% per annum.
2.5 Aggregate value of purchase and sale with percentage to average daily
net assets
Aggregate value of purchase and sale with percentage to average daily net assets is as
follows:
(In `)
Year ended
Year ended
Particulars
March 31,
March 31,
2016
2015
Aggregate value of purchase and sale
7,554,369,651
2,917,220,717
% to average net assets
463.2%
299.2%
Aggregate value of purchase and sale (excluding liquid mutual fund)* with percentage to
average daily net assets is as follows:
(In `)
Year ended
Year ended
Particulars
March 31,
March 31,
2016
2015
2,005,338,686
565,023,406
123.0%
58.0%
*liquid mutual fund investments are held for day to day cash management, hence excluded.
2.6 Investments falling under each major industry group

The total value of investments falling under each major industry group (which constitutes
not less than 5% of the total investments in the major classification of the financials) are
disclosed as under:
Investment
classification
Equity
Monetary intermediation
of commercial banks,
saving banks
Writing, modifying,
testing of computer
program to meet the
needs
Manufacture of allopathic
pharmaceutical
preparations
Manufacture of
cigarettes, cigarette
tobacco
Manufacture of refined
petroleum products
Activities of specialized
institutions granting
credit for house
purchases that also take
deposits
Others
Mutual Funds
Net current assets
Net asset value
At March 31, 2016

% of
Market value
investment
(In `)
class
At March 31, 2015

% of
Market value
investment
(In `)
class
2,480,510,429
100.0%
1,315,205,075
100.0%
589,827,486
23.8%
315,618,830
24.0%
385,490,239
15.5%
216,515,378
16.5%
156,536,143
6.3%
91,865,397
7.0%
138,448,629
5.6%
81,322,059
6.2%
129,480,421
5.2%
60,799,382
4.6%
77,493,782
3.1%
92,435,819
7.0%
1,003,233,729
62,758,140
(62,573,757)
2,480,694,812
40.5%
100.0%
100.0%
100.0%
456,648,210
13,033,190
(12,618,684)
1,315,619,581
34.7%
100.0%
100.0%
100.0%
2.7 Statement of portfolio holding as on March 31, 2016

Security name
Units
Equity
Infosys Limited
HDFC Bank Limited
ITC Limited
Reliance Industries Limited
Axis Bank Limited
163,975
156,224
421,778
123,881
244,897
Acquisition
Market value
cost (In `)
(In `)
2,354,535,482 2,480,510,429
161,132,134
199,770,743
141,056,135
167,339,338
135,431,106
138,448,629
115,943,886
129,480,421
102,658,383
108,771,003
435,853
251,643
34,925
61,448
210,073
59,745
358,388
81,138
Acquisition
cost (In `)
107,823,312
89,183,597
78,576,827
78,033,310
71,306,767
69,726,629
75,096,373
62,553,543
Market value
(In `)
103,144,612
97,285,184
88,021,478
74,763,782
73,693,608
72,333,272
69,616,869
66,533,160
59,965
60,380,394
66,297,304
73,943
53,555
11,920
208,593
17,062
58,882
9,965
39,207
33,802
9,466
189,175
9,433
94,719
7,613
219,692
185,469
164,747
46,417
24,564
37,948
12,555
19,517
916
50,246
41,049
49,592
22,741
683
58,179
35,190
57,697,409
41,470,906
40,440,879
55,171,330
37,938,316
33,612,435
33,203,325
28,919,572
23,524,097
28,181,132
29,950,045
23,257,332
31,903,300
19,181,133
30,485,848
25,339,207
20,794,189
23,680,999
19,456,448
19,836,983
18,033,259
12,914,293
16,231,783
16,562,178
14,514,055
17,949,796
15,999,145
14,596,866
11,752,336
12,869,570
60,196,996
51,819,818
45,822,268
44,659,761
41,050,319
40,078,033
37,032,930
34,090,487
29,353,657
28,731,203
27,808,725
27,786,788
27,653,212
24,580,474
24,210,058
23,897,681
22,916,308
22,045,754
21,249,088
19,427,479
18,571,984
17,649,223
17,569,430
16,063,646
15,883,911
15,522,296
14,779,376
14,195,814
13,529,526
12,541,716
Security name
Units
ICICI Bank Limited

Tata Motors Limited
Tata Consultancy Services Limited
Larsen & Toubro Limited
Bharti Airtel Limited
Mahindra & Mahindra Limited
State Bank Of India
Sun Pharmaceuticals Industries Limited
Housing Development Finance
Corporation Limited
HCL Technologies Limited
Indusind Bank Limited
Grasim Industries Limited
Oil & Natural Gas Corporation Limited
Bajaj Auto Limited
Kotak Mahindra Bank Limited
Maruti Suzuki India Limited
Hindustan Unilever Limited
Asian Paints Limited
Dr Reddys Laboratories Limited
Bank Of Baroda
Hero Motocorp Limited
Coal India Limited
Ultratech Cement Limited
Idea Cellular Limited
NTPC Limited
Power Grid Corporation Of India Limited
Tech Mahindra Limited
Yes Bank Limited
Cipla Limited
Lupin Limited
Bharat Petroleum Corporation Limited
Eicher Motors Ltd
Tata Steel Limited
Zee Entertainment Enterprises Limited
Oil India Ltd
Indiabulls Housing Finance Ltd
Bosch Limited
Ambuja Cements Limited
Gail (India) Limited
4,408
22,704
31,285
42,207
10,888
7,975
12,441
7,055
17,045
9,554
33,724
135,868
95,994
10,578
9,251
67,901
5,737
6,675
42,172
1,654
59,453
31,672
28,875
9,294
1,854
5,793
7,640
Acquisition
cost (In `)
12,731,003
10,083,343
10,430,836
11,267,459
9,652,624
7,622,013
9,666,031
9,236,792
9,171,409
10,427,933
8,372,073
9,839,783
10,538,513
9,922,638
8,156,961
13,194,335
8,063,731
8,165,359
9,814,623
6,207,481
7,343,700
6,786,177
6,870,337
2,954,573
2,472,598
2,135,099
1,475,516
Market value
(In `)
11,842,092
11,196,478
10,608,744
10,547,529
10,377,897
10,233,919
9,800,398
9,749,305
9,617,641
9,432,187
8,985,760
8,783,866
8,442,672
8,410,039
8,077,048
7,730,529
7,626,194
7,340,498
6,488,162
5,837,628
5,826,394
5,426,997
4,799,025
2,945,269
2,484,824
2,167,451
1,915,730
6,960
1,591,148
1,698,588
Security name
Units
Britannia Industries Limited

LIC Housing Finance Ltd
Titan Company Ltd
Dabur India Ltd
Shriram Transport Finance Co Ltd
JSW Steels Limited
Hindustan Petroleum Corporation Ltd
ACC Limited
Wipro Limited
Divis Laboratories Limited
Motherson Sumi Systems Limited
Tata Power Company Limited
Hindalco Industries Limited
Glenmark Pharmaceuticals Ltd
Bharat Forge Limited
Bharat Heavy Electricals Limited
Apollo Hospitals Enterprise Ltd
Siemens Limited
Cairn India Limited
Oracle Financial Services Software Ltd
NMDC Limited
Power Finance Corporation Limited
Rural Electrification Corporation Limited
Cadila Healthcare Limited
Torrent Pharmaceuticals Limited
Castrol India Limited
Petronet LNG Ltd
Mahindra And Mahindra Financial
Services Limited
Tata Chemicals
Exide Industries Ltd
NHPC Limited
Tata Global Beverages Limited
Mutual Funds
IDFC Cash Fund Direct Plan - Growth
Total
4,480
11,600
55,239
10,520
1,693,783
1,674,176
1,737,836
1,616,460
1,206,972
1,334,022
1,332,238
1,275,550
62,758,140
62,758,140
34,113
62,758,140
62,758,140
2,417,293,622 2,543,268,569

Statement of portfolio holding as on March 31, 2015
Security name
Equity
Infosys Limited
Corporation Limited
HDFC Bank Limited
ICICI Bank Limited
ITC Limited
Tata Motors Limited
Axis Bank Limited
State Bank Of India
Lupin Limited
Coal India Limited
Wipro Limited
IndusInd Bank Limited
Cipla Limited
NTPC Limited
Bajaj Auto Limited
Yes Bank Limited
IDFC Limited
Acquisition
Market value
cost (In `)
(In `)
1,036,688,745 1,315,205,075
44,589
74,273,690
98,914,008
Units
70,256
63,045,879
92,435,819
86,758
258,860
249,569
36,525
73,607
22,838
80,273
75,863
138,071
33,626
31,648
19,208
80,142
20,600
61,827
24,214
5,909
10,706
57,411
5,671
29,335
19,309
27,136
20,226
22,667
98,390
5,359
92,230
4,573
5,994
14,535
2,842
59,425
40,385
64,093,357
63,103,805
79,908,054
43,641,847
65,713,894
46,299,917
30,969,830
24,598,631
27,940,501
19,811,138
19,420,429
16,354,923
25,618,228
20,744,243
21,276,836
14,472,462
12,136,636
10,868,037
19,563,733
14,313,878
15,505,114
10,168,705
14,034,550
10,944,629
10,180,189
11,239,292
12,073,125
13,398,939
9,725,704
11,993,084
11,821,433
8,503,482
7,587,245
9,130,162
88,727,407
81,670,330
81,322,059
62,810,216
60,799,382
58,327,110
44,166,205
42,498,453
36,871,861
34,429,661
27,646,110
25,224,906
24,551,502
24,468,680
24,316,559
23,739,406
21,847,641
21,501,930
20,834,452
19,784,701
18,447,315
17,107,774
17,087,539
16,409,354
16,149,104
14,291,148
14,146,688
13,543,976
13,160,637
12,087,500
11,856,926
10,294,719
9,921,004
9,504,610
Security name
Units
Tata Steel Limited

Sesa Sterlite Limited
GAIL (India) Limited
Bank of Baroda
ACC Limited
Cairn India Limited
Punjab National Bank
NMDC Limited
Mutual Funds
IDFC Cash fund Direct Plan - Growth
Total
29,779
11,543
49,163
50,012
34,368
24,423
20,764
57,470
41,952
4,178
80,893
25,370
33,255
35,410
7,669
Acquisition
Market value
cost (In `)
(In `)
11,474,309
9,432,498
5,364,869
9,359,064
10,094,772
9,316,389
8,871,313
9,202,208
6,611,454
8,774,150
7,813,164
8,346,560
7,951,973
8,052,279
7,668,506
7,413,630
6,444,979
6,859,152
5,363,087
6,529,170
6,476,582
6,236,850
7,791,596
5,425,375
5,333,581
4,802,022
4,952,962
4,559,038
13,031,713
13,033,190
13,031,713
13,033,190
1,049,720,458 1,328,238,265
2.8 Key statistics

Particulars
1 NAV per unit (`)I (based on published NAV)
Open
High
Low
End
2 Closing Assets Under Management (` in Lakhs)
End
Average daily net assets (AAUM)II
3 Gross income as % of AAUMIII
4 Expense ratio
a Total expense as % of AAUM (scheme wise)IV
b Management fee as % of AAUM (scheme wise)
Year ended
March 31,
2016
Year ended
March 31,
2015
21.4852
22.3555
17.7798
19.9014
16.7001
22.7271
16.5854
21.4852
24,806.95
16,307.71
13,156.20
9,750.19
3.88%
1.68%
0.0246%
0.0114%
0.0895%
0.0811%
Particulars
5 Net income as % of AAUMV

6 Portfolio turnover ratioVI
Year ended
March 31,
2016
Year ended
March 31,
2015
3.86%
1.59%
22.27%
4.07%
7 Total dividend per unit distributed during the period

8 Returns: (%)
a Last one year
Benchmark
b Since inception
Benchmark
c Compound annualised yield (%)VII
Last 1 year
Last 3 year
Last 5 year
Since launch of the scheme
Launch Date
-7.37%
-8.43%
99.01%
92.62%
-7.35%
12.98%
7.75%
10.53%
May 18, 2009
28.65%
28.33%
114.85%
110.36%
28.39%
19.33%
11.89%
13.91%
I. NAV = (Market value of investment held by scheme + value of current assets - value of
current liability and provisions, if any)/(no. of units at the valuation date (before
creation/redemption of units)
II. AAUM = Average daily net assets
III. Gross income = Income includes Interest income, Dividend income and Net
profit/(loss) on sale of investments
IV. Total expenses = Expenses include management fees, custody fees, trustee bank
charges but excludes unrealised loss
V. Net income = Gross income less Total expenses (excludes unrealised gain/loss)
VI. Portfolio turnover = Lower of sales or purchase divided by the average AUM for the
period. Investment in liquid mutual fund is excluded from the turnover as the same is
primarily for liquidity management.
VII. Compounded annualised yield is to be calculated based on following formula:
=((1+ cumulative return)^n) -1 (where n=365/no. of days)

2.9 Previous year comparatives
Previous year amounts have been regrouped and reclassified wherever necessary to
conform to current periods presentation in line with the PFRDA (Preparation of financial
statements and Auditors report of Schemes under National Pension System) Guidelines
- 2012.
For Ray & Ray

For and on behalf of the Board of Directors

of ICICI Prudential Pension Funds
Management Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Company Limited - Scheme C Tier I

Company Limited - Scheme C Tier I

Report
Contents
Auditors Report
Balance Sheet
Revenue Account

To,
The Trustees,
Funds Management Company Limited, Scheme C - Tier I (Scheme) under the National Pension System
information.
Opinion:
the Scheme.
PFRDA.
For
Ray & Ray
Anil Karnik
Partner
M. No. 31005
Place: Mumbai

PENSION FUND SCHEME C TIER I
Particulars
Schedule
(In `)
Scheme C Tier I
March 31, 2016
March 31, 2015
Liabilities
Unit capital
Total
Assets
1
2
3
908,941,997
970,353,331
2,090,326
1,881,385,654
494,759,247
437,119,066
727,970
932,606,283
Investments (long term and short term)

Deposits
Total
4
5
6
1,809,812,593
71,573,061
1,881,385,654
901,010,207
31,596,076
932,606,283

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Particulars
Schedule
(In `)
Scheme C Tier I
March 31, 2016
March 31, 2015
Income
Dividend income
104,852,038
5,411,332
56,478,521
5,088,397
16,122,993
37,677,051
126,386,363
99,243,969
7,856,739
141,980
61,257
96,843
3,024,498
2,830,108
56,837
13,909
533,084
49,931
1,600,592
Interest income
Other income
Total income (A)
Expenses and losses
NPS Trust fees
Custodian fees
CRA fees
Less : Amount recovered on sale of units on account of CRA
charges
Trustee bank fees
(3,024,498)
8,156,819
118,229,544
8,266,253
109,963,291
(1,600,592)
3,483,869
95,760,100
34,846,943
60,913,157

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Particulars
Initial capital
Unit capital

Particulars
(In `)
Scheme C Tier I
March 31, 2016
March 31, 2015
494,759,247
450,728,388
(36,545,638)
908,941,997
274,005,934
230,745,188
(9,991,875)
494,759,247
49,475,925
45,072,839
(3,654,564)
90,894,200
27,400,593
23,074,519
(999,187)
49,475,925
(In `)
Scheme C Tier I
March 31, 2016
March 31, 2015

Opening balance
Closing balance
301,564,644
450,794,797
(35,790,076)
716,569,365
132,518,847
176,769,645
(7,723,848)
301,564,644

Opening balance
Closing balance
101,515,545
109,963,291
211,478,836
40,602,388
60,913,157
101,515,545
General reserve
Opening Balance
Closing Balance
Opening Balance
Closing Balance
Total

Particulars
Current liabilities
Book Overdraft
Redemption payable
TDS payable
Total
34,038,877
8,266,253
42,305,130
970,353,331
(808,066)
34,846,943
34,038,877
437,119,066
(In `)
Scheme C Tier I
March 31, 2016
March 31, 2015
151,088
35,643
1,936,784
2,454
2,090,326
691,054
1,273
727,970

Particulars
Equity shares
Central and state government securities (including treasury bills)
Commercial Paper
Total
Particulars
Total

Particulars
Total
(In `)
Scheme C Tier I
March 31, 2016
March 31, 2015
1,777,169,193
880,339,037
32,643,400
20,671,170
1,809,812,593
901,010,207
(In `)
Scheme C Tier I
March 31, 2016
March 31, 2015
-
(In `)
Scheme C Tier I
March 31, 2016
March 31, 2015
56
2,626,325
71,573,005
28,969,751
71,573,061
31,596,076
ICICI Prudential Pension Funds Management Company Limited - Scheme

C Tier I
Schedule 7
Significant accounting policies and notes to accounts for the year ended March
31, 2016
1.1
Background
ICICI Prudential Pension Funds Management Company Limited (the Company) is appointed
as a Pension Fund Manager (PFM) by the National Pension System Trust (NPS). The
Company has entered into an Investment Management Agreement (IMA) with NPS. The
Pension Fund Regulatory and Development Authority (PFRDA) guidelines require each
PFM to manage subscribers funds made available to it by the Trustee bank along with the
data made available by the Central Recordkeeping Agency (CRA) at a consolidated level.
The Company makes investments as per the IMA, various other circulars/guidelines issued
by the PFRDA in this context from time to time and the scheme wise flow of funds.
prescribed under the NPS. The schemes are classified as Scheme E, C and G based on the
underlying asset class prescribed under the NPS as follows:
1.2
Basis of preparation
The financial statements have been prepared in accordance with the PFRDA (Preparation of
financial statements and Auditors report of Schemes under National Pension System)
Guidelines 2012 (Guidelines), Accounting Standards (AS) notified under section 133 of
the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts)
Rules 2014 to the extent made applicable by the Guidelines and generally accepted
accounting principles. The Guidelines specifically exempt the schemes from the
The financials have been prepared for Scheme C Tier I being managed by the Company.
1.3
Investments
with the custodian records on daily basis. The holding cost of investments is determined by
the weighted average cost method and the cost does not include brokerage and other
Valuation of investments
value as on Balance Sheet date/date of determination/date of valuation. Unrealised

C Tier I
Debt securities other than Government securities with a residual maturity over 60 days are
valued at weighted average traded price on that day. When such securities are not traded
on a particular day, they are valued on a yield to maturity basis, by using spreads over risk
free benchmark yield obtained from agency(ies) entrusted for the said purpose by
Association of Mutual Funds in India (AMFI) to arrive at the yield for pricing the security.
Debt securities other than Government securities with a residual maturity upto 60 days are
valued at weighted average traded price on that day. When such securities are not traded
on a day, they are valued at last valuation price plus the difference between the redemption
value and last valuation price, spread uniformly over the remaining maturity period of the
instrument. In case of floating rate securities with floor and caps on coupon rate and
residual maturity of upto 60 days then those shall be valued on amortisation basis taking the
coupon rate as floor.
valuation date.
Income earned on investments
Interest income on investments is recognised on daily accrual basis. In respect of
investments purchased, interest paid for the period from the last interest due date upto the
date of purchase is debited to interest recoverable account and not included in cost of
purchase. Similarly interest received at the time of sale for the period from the last interest
due date upto the date of sale is credited to interest recoverable account and not included
in sale value. Accretion of discount/amortization of premium relating to debt securities is
recognised over the holding/maturity period on a straight-line basis.
Profit or loss on sale of debt securities is the difference between the sale consideration net
of expenses, if any and the weighted average amortised cost as on the date of sale.
Profit or loss on sale of mutual fund units is the difference between the sale consideration
net of expenses, if any and the weighted average book cost.
Non-performing assets (NPA)
An investment is regarded as NPA, if interest/principal or both amount has not been
received or has remained outstanding for one quarter from the day such income/installment
has fallen due. Further the Company also classifies following assets as impaired.
1. In case of investments, securities where the certificates, if any, are not traceable for a
protracted period
2. In case of assets, other than investments, where in the opinion of the Board of Directors,
there is a substantial diminution in value.

C Tier I
Where income receivable on investments has accrued but has not been received for one
quarter beyond the due date, provision shall be made by debiting to the Revenue account
for the income so accrued and no further accrual of income shall be made in respect of
such investments.
Income on NPAs shall be recognised on cash basis.
1.4
Units reconciliation
1.5
Investment management fees
Investment management fees are recognised on daily accrual basis on closing Asset under
management (AUM) in accordance with IMA. The investment management fee is inclusive
of brokerage but excludes custodian charges and applicable taxes, if any.
1.6
Other expenses
Custody charges are recognised on daily accrual basis in accordance with IMA. Trustee
bank charges were recognised when they were debited by the trustee bank on a quarterly
basis.
Notes to accounts
2.1
Contingent liabilities
Particulars
Other commitments
2.2
At March 31,
2016
Nil
(In `)
At March 31,
2015
Nil
Investments
All investments and deposits under the scheme are performing assets, hence no provisions
for doubtful deposits, debts and for doubtful outstanding and accrued income are required
to be made. All the investments of the scheme are in the name of the NPS Trust.
Aggregate value of non-traded investments as on March 31, 2016 is Rs. 721,211,861 (March
31, 2015: Rs. 369,602,733). Non traded securities as per the PFRDA (Preparation of financial
2012 are those securities that are not traded on any stock exchange for a period of 30 days
prior to the valuation date. They are valued at yield to maturity basis, by using spreads over
the benchmark rate.

C Tier I
2.3
Details of transactions with sponsor and its related parties

ICICI Prudential Pension Funds Management Company

Limited
Sponsor company
Associates
and
group
companies
- Holding
company
of ICICI Bank Limited
sponsor
parties.
Name of
related party
Nature of
transaction
ICICI Prudential
Pension Funds
Management
Company
Limited
Investment
management
fees

year ended
(In `)
Amount recoverable/
(payable)
March 31,
2016
March 31,
2015
At March
31, 2016
At March
31, 2015
141,980
533,084
(40,865)
(21,270)
Aggregate investments made by the scheme in the associates and group companies at
March 31, 2016 is Nil (March 31, 2015: Nil).
2.4
Investment management fees
The Investment Management Fees is charged on closing funds under management on daily
basis for all the schemes. In terms of the PFRDAs letter no. PFRDA/6/PFM/9/2 dated July 31,
2014, the Company has started charging investment management fee of 0.01% per annum,
with effect from August 01, 2014. The investment management fee charged upto July 31,
2014 was 0.25% per annum.

C Tier I
2.5
Aggregate value of purchase and sale with percentage to average daily

net assets
follows:
Particulars
% to average daily net assets
Year ended
March 31, 2016
15,943,792,953
1,280.3%
(In `)
Year ended
March 31, 2015
13,542,147,470
2,065.0%
Particulars
Year ended
March 31, 2016
1,069,980,662
85.9%
(In `)
Year ended
March 31, 2015
708,614,181
108.1%
2.6
Investments falling under each major industry group
not less than 5% of the total investment in the major classification of the financials) are
disclosed as under:
Investment
classification
Mutual funds
Mutual funds
Non-convertible
debentures
Monetary
intermediation of
commercial banks,
saving banks
credit for house
purchases that also
At March 31, 2016

% of
Market value
investment
(In `)
class
At March 31, 2015

% of
Market value
investment
(In `)
class
32,643,400
100.0%
20,671,170
100.0%
32,643,400
100.0%
20,671,170
100.0%
1,777,169,193
100.0%
880,339,037
100.0%
310,866,055
17.5%
122,628,970
13.9%
292,855,773
16.5%
105,965,307
12.0%

C Tier I
Investment
classification
At March 31, 2016

% of
Market value
investment
(In `)
class
At March 31, 2015

% of
Market value
investment
(In `)
class
take deposits
Other credit granting
Electric power
generation and
transmission by
nuclear power plants
Transmission of
electric energy
Electric power
generation using other
non-conventional
sources
Other financial service
activities, except
insurance & pension
funding
Other civil engineering
projects
Manufacture of
commercial vehicles
such as vans, lorries
etc
Activities of providing
internet access by
operator of the wired
infrastructure
Activities of
commission agents,
brokers dealing in
wholesale trade of
agricultural raw
material, live animals,
food, beverages,
intoxicants and textiles
Support activities for
petroleum and natural
gas mining
Others
Net current assets
Net asset value
278,113,618
15.6%
178,491,955
20.3%
160,693,485
9.0%
146,853,091
8.3%
73,023,050
8.3%
99,043,715
5.6%
94,882,398
5.3%
96,736,642
11.0%
90,871,551
5.1%
42,675,496
4.8%
52,275,050
2.9%
52,456,350
6.0%
51,948,906
2.9%
52,389,189
6.0%
49,467,434
2.8%
49,873,522
5.7%
48,343,051
2.7%
48,780,017
5.5%
100,955,066
69,482,735
1,879,295,327
5.8%
100.0%
100.0%
57,318,539
30,868,106
931,878,313
6.5%
100.0%
100.0%

C Tier I
2.7
Security name
Mutual Funds
IDFC Cash fund - Direct Plan Growth
Non-convertible debentures
8.14% Nuclear Power Corporation
(March 25, 2028)
9.55% Hindalco Industries Limited (April
25, 2022)
8.85% Axis Bank Ltd (December 5,
2024)
8.56% Nuclear Power Corporation
(March 18, 2023)
9.99% Jhajjar Power Limited (April 30,
2025)
9.81% Tata Motors Limited (August 20,
2024)
8.95% Infotel Broadband Services
Limited (September 15, 2020)
8.75% IDFC Limited (July 28, 2023)
Units
17,744
Acquisition
cost (In `)
32,643,400
32,643,400
Market value
(In `)
32,643,400
32,643,400
1,734,864,064 1,777,169,193
960,000
96,278,976
96,281,088
830,000
84,716,240
83,945,785
700,000
70,000,000
72,277,030
630,000
64,316,385
64,412,397
50,570,000
54,860,521
500,000
50,313,990
52,275,050
510,000
49,547,382
51,948,906
500,000
50,000,000
51,180,950
50,093,050
50,835,637
480,000
49,816,800
50,291,472
487,500
49,528,343
50,058,109
480,000
49,630,416
49,707,072
500,000
50,000,000
49,621,900
480,000
49,462,848
49,508,160
460,000
46,078,000
49,467,434
490,000
49,100,401
49,448,007
480,000
48,000,000
48,370,080
10.08% IOT Utkal Energy Services

Limited (February 20, 2025)
430,000
45,454,096
48,343,051
8.60% Power Finance Corporation Ltd

(August 7, 2024)
470,000
48,072,775
47,798,342
8.65% HDFC (September 18, 2020)

9.25% LIC Housing Finance Limited
(January 1, 2023)
8.85% Power Grid Corporation Of India
Limited (October 19, 2022)
9.02% Rural Electrification Corporation
Ltd (November 19, 2022)
8.23% Punjab National Bank (February
9, 2025)
8.93% Exim (December 12, 2022)
9.95 Food Corporation Of India (March 7,
2022)
8.40% Power Grid Corporation (May 27,
2021)
8.40% Larsen & Toubro Ltd (September
24, 2020)

C Tier I
Acquisition
cost (In `)
Market value
(In `)
Security name
Units

Ltd. (December 21, 2024)
470,000
47,573,400
47,777,850
8.93% Power Grid Corporation (October

20, 2029)
450,000
45,000,000
47,346,975
8.95% LIC Housing Finance Ltd.

(September 15, 2020)
460,000
46,275,172
47,265,184
8.64% IDFC Limited (April 15, 2020)
450,000
44,960,175
45,755,775
450,000
45,004,500
45,749,700
40,000,000
44,183,195
430,000
400,000
43,208,034
40,000,000
43,484,223
42,522,240
420,000
42,000,000
41,365,548
390,000
38,400,695
40,786,005
390,000
39,896,493
40,548,339
350,000
35,224,104
36,155,105
310,000
30,924,200
32,394,132
280,000
27,823,600
28,672,084
220,000
22,000,000
22,825,330
190,000
19,000,000
19,802,845
150,000
15,004,500
15,340,905
130,000
13,041,781
13,860,314
75,000
70,000
65,000
60,000
50,000
45,000
40,000
30,000
20,000
20,000
7,500,000
7,000,000
6,500,000
6,000,000
5,000,000
4,500,000
4,000,000
2,945,540
2,040,800
2,061,824
7,923,510
7,298,375
6,899,919
6,230,046
5,231,335
4,654,134
4,264,152
3,032,580
2,095,106
2,019,436

(August 14, 2025)
9.99% Jhajjar Power Limited (April 30,
2026)
8.75% HDFC Ltd (January 13, 2020)
9.38% IDFC (September 12, 2024)
8.79% Mahindra & Mahindra Financial
Services Ltd (January 23, 2025)
8.75% IRFC (November 29, 2026)
(October 8, 2024)
(October 7, 2018)
9.90% HDFC (December 29, 2018)
10.00% Shriram Transport Finance
Company Limited (July 15, 2019)
Company Limited (October 24, 2018)
(July 24, 2019)
Ltd. (March 8, 2020)
9.67% Tata Sons Limited 2022
9.098% L & T IRCL (October 15, 2022)
9.098% L & T IRCL (April 15, 2021)
9.098% L & T IRCL (April 15, 2023)
9.098% L & T IRCL (October 15, 2020)
9.098% L & T IRCL (October 15, 2021)
9.098 % L & T IRCL (October 15, 2019)
9.098% L & T IRCL (October 15, 2023)
9.18% HDFC (February 12, 2018)
10.09% MRF Limited (May 27, 2019)

C Tier I
Security name
10.09% MRF Limited (May 27, 2020)
(July 24, 2019)
Ltd. (March 8, 2020)
9.67% Tata Sons Limited 2022
9.098% L & T IRCL (October 15, 2022)
9.098% L & T IRCL (April 15, 2021)
9.098% L & T IRCL (April 15, 2023)
9.098% L & T IRCL (October 15, 2020)
9.098% L & T IRCL (October 15, 2021)
9.098 % L & T IRCL (October 15, 2019)
9.098% L & T IRCL (October 15, 2023)
10.09% MRF Limited (May 27, 2019)
Total
Acquisition
cost (In `)
Units
Market value
(In `)
10,000
310,000
999,544
30,924,200
1,053,861
32,394,132
280,000
27,823,600
28,672,084
220,000
22,000,000
22,825,330
190,000
19,000,000
19,802,845
150,000
15,004,500
15,340,905
130,000
13,041,781
13,860,314
75,000
70,000
65,000
60,000
50,000
45,000
40,000
30,000
20,000
7,500,000
7,923,510
7,000,000
7,298,375
6,500,000
6,899,919
6,000,000
6,230,046
5,000,000
5,231,335
4,500,000
4,654,134
4,000,000
4,264,152
2,945,540
3,032,580
2,040,800
2,095,106
1,767,507,464 1,809,812,593
Security name
Mutual Funds
Acquisition
cost (In `)
20,668,907
20,668,907
Market value
(In `)
20,671,170
20,671,170
846,302,424
880,339,037
700,000
70,000,000
72,697,520
500,000
50,313,990
52,456,350
510,000
49,547,382
52,389,189
480,000
49,816,800
50,509,824
Units
12,163
8.85% Axis Bank Ltd (December 05, 2024)
9.81% Tata Motors Limited (August 20,
2024)
8.95% Infotel Broadband Services Limited
(January 01, 2023)

C Tier I
Security name
8.23% Punjab National Bank (February 09,
2025)
9.95% Food Corporation of India (March 07,
2022)
10.08% IOT Utkal Energy Services Limited
(February 20, 2025)
8.93% Power Grid Corporation (October 20,
2029)
8.65% Power Finance Corporation Limited
(December 28, 2024)
Services Limited (January 23, 2025)
9.55% Hindalco Industries Limited (April 25,
2022)
(October 07, 2018)
2021)
Units
Acquisition
cost (In `)
Market value
(In `)
500,000
50,000,000
49,931,450
460,000
46,078,000
49,873,522
430,000
45,454,096
48,780,017
450,000
45,000,000
47,519,100
420,000
42,000,000
42,963,438
400,000
40,000,000
42,773,960
420,000
42,000,000
41,009,892
390,000
38,400,695
40,946,022
390,000
39,843,588
40,208,142
350,000
35,224,104
36,470,000
310,000
30,924,200
32,572,010
280,000
27,823,600
28,443,996
250,000
23,877,420
25,503,950

220,000
22,000,000
22,865,062
9.51% LIC Housing Finance Limited (July

24, 2019)
190,000
19,000,000
19,814,416

Limited (March 08, 2020)
150,000
15,004,500
15,338,535
9.67% Tata Sons Limited (September 13,

2022)
130,000
13,041,781
13,950,560
9.098 % L&T IRCL (October 15, 2022)
75,000
7,500,000
7,965,308
9.098 % L&T IRCL (April 15, 2021)
70,000
7,000,000
7,324,254
9.098 % L&T IRCL (April 15, 2023)
65,000
6,500,000
6,930,788
9.098 % L&T IRCL (October 15, 2020)

9.098 % L&T IRCL (October 15, 2021)
9.098 % L&T IRCL (October 15, 2019)
9.098 % L&T IRCL (October 15, 2023)
60,000
50,000
45,000
40,000
30,000
6,000,000
5,000,000
4,500,000
4,000,000
2,945,540
6,254,904
5,262,860
4,655,187
4,282,196
3,069,057

C Tier I
Security name
Company Limited (April 18, 2015)
10.09% MRF Limited (May 27, 2019)
10.09% MRF Limited (May 27, 2020)
9.75% Shriram Transport Finance Company
Limited (June 01, 2015)
Total
2.8
Units
Acquisition
cost (In `)
Market value
(In `)
21,000
2,106,300
2,100,563
20,000
2,040,800
2,100,168
20,000
2,061,824
2,016,388
10,000
999,544
1,059,669
3,000
298,260
300,741
866,971,331
901,010,207
Year ended
March 31,
2016
Year ended
March 31,
2015
Key statistics
Particulars
1. NAV per unit (`)I (based on published NAV)
Open
High
Low
End
18.8350
20.6756
18.8203
20.6756
16.2768
18.8350
16.1992
18.8350
18,792.95
12,452.84
9,318.78
6,558.06
8.85%
9.38%
0.0241%
0.0114%
0.0889%
0.0813%
5. Net income as % of AAUMV
8.83%
9.29%
6. Portfolio turnover ratioVI
6.69%
21.96%
2. Closing Assets Under Management (` in Lakhs)

End
3. Gross income as % of AAUMIII
4. Expense ratio
a. Total expense as % of AAUM (scheme wise)IV
b. Management fee as % of AAUM (scheme wise)
7. Total dividend per unit distributed during the period

8. Returns: (%)

C Tier I
Particulars
a. Last one year
Benchmark
b. Since inception
Benchmark
c. Compound annualised yield (%)VII
Last 1 year
Last 3 year
Last 5 year
Launch Date
Year ended
March 31,
2016
9.77%
8.01%
106.76%
78.75%
Year ended
March 31,
2015
15.72%
15.08%
88.35%
65.50%
9.74%
10.46%
11.41%
11.15%
May 18, 2009
15.58%
11.96%
11.34%
11.39%
current liability and provisions, if any)/(no. of units at the valuation date (before creation/
redemption of units)
period. Investments in liquid mutual fund is excluded from the turnover as the same is
= ((1+ cumulative return)^n) -1 (where n=365/no. of days)

C Tier I
conform to current years presentation in line with the PFRDA (Preparation of financial
statements and Auditors report of Schemes under National Pension System) Guidelines 2012
For Ray & Ray


Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Company Limited - Scheme G Tier I

Company Limited - Scheme G Tier I

Report
Contents
Auditors Report
Balance Sheet
Revenue Account

To,
The Trustees,
Funds Management Company Limited, Scheme G - Tier I (Scheme) under the National Pension System
information.
Opinion:
the Scheme.
PFRDA.
For
Ray & Ray
Anil Karnik
Partner
M. No. 31005
Place: Mumbai

PENSION FUND SCHEME G TIER I
Particulars
Schedule
(In `)
Scheme G Tier I
March 31, 2016
March 31, 2015
Liabilities
Unit capital
Total
Assets
1
2
3
1,191,085,044
931,625,983
1,681,876
2,124,392,903
635,168,805
423,091,556
89,388,796
1,147,649,157

Deposits
Total
4
5
6
2,095,202,648
29,190,255
2,124,392,903
1,039,973,635
107,675,522
1,147,649,157

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Particulars
Schedule
(In `)
Scheme G Tier I
March 31, 2016
March 31, 2015
Income
Dividend income
108,272,215
6,858,027
57,824,445
13,412,376
6,465,526
64,438,633
121,595,768
135,675,454
12,502,823
28,007
158,373
68,101
108,715
3,074,778
206,950
22
575,052
58,516
1,650,271
Interest income
Other income
Total income (A)
Expenses and losses
NPS Trust fees
Custodian fees
CRA fees
Less : Amount recovered on sale of units on account of CRA charges
Trustee bank fees
(3,074,778)
12,866,019
108,729,749
(6,037,297)
114,767,046
(1,650,271)
840,540
134,834,914
64,231,683
70,603,231

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Particulars
Initial capital
Unit capital
Schedule 2 : Reserves and surplus

Particulars
(In `)
Scheme G Tier I
March 31, 2016
March 31, 2015
635,168,805
586,796,825
(30,880,586)
1,191,085,044
341,406,510
306,139,288
(12,376,993)
635,168,805
63,516,880
58,679,683
(3,088,059)
119,108,504
34,140,651
30,613,928
(1,237,699)
63,516,880
(In `)
Scheme G Tier I
March 31, 2016
March 31, 2015

Opening balance
Closing balance
263,626,266
421,779,891
(21,975,213)
663,430,944
105,214,564
165,200,826
(6,789,124)
263,626,266

Opening balance
Closing balance
101,578,655
114,767,046
216,345,701
30,975,424
70,603,231
101,578,655
General reserve
Opening Balance
Closing Balance
Opening Balance
Closing Balance
Total
Schedule 3 : Current liabilities and provisions

Particulars
Current liabilities
Book Overdraft
Redemption payable
TDS payable
Total
57,886,635
(6,037,297)
51,849,338
931,625,983
(6,345,048)
64,231,683
57,886,635
423,091,556
(In `)
Scheme G Tier I
March 31, 2016
March 31, 2015
169,413
1,509,699
2,764
1,681,876
41,536
874,281
2,461
88,367,580
102,938
89,388,796

Particulars
Equity shares
Commercial Paper
Total
Particulars
Total

Particulars
Balances with banks in current/saving account
Total
(In `)
Scheme G Tier I
March 31, 2016
March 31, 2015
2,043,363,698
1,005,541,265
51,838,950
34,432,370
2,095,202,648
1,039,973,635
(In `)
Scheme G Tier I
March 31, 2016
March 31, 2015
-
(In `)
Scheme G Tier I
March 31, 2016
March 31, 2015
74
83
96,457,563
29,190,181
11,217,876
29,190,255
107,675,522
ICICI Prudential Pension Funds Management Company Limited

Scheme G Tier I
Schedule 7
Significant accounting policies and notes to accounts for year ended March
31, 2016
1.1 Background
The Company manages six separate schemes under the two tiered structure (Tier I and
II) prescribed under the NPS. The schemes are classified as Scheme E, C and G based on
accepted accounting principles. The Guidelines specifically exempt the schemes from
the applicability of AS 3 (Cash Flow Statement) and AS 17 (Segmental Reporting). These
The financials have been prepared for Scheme G Tier I being managed by the Company.
1.3 Investments
by the weighted average cost method and the cost does not include brokerage and
other transaction charges.

Scheme G Tier I
Central government as well as State government securities are valued at the average
traded prices received from independent valuation agencies.
valuation date.
investments purchased, interest paid for the period from the last interest due date upto
the date of purchase is debited to interest recoverable account and not included in cost
of purchase. Similarly interest received at the time of sale for the period from the last
interest due date upto the date of sale is credited to interest recoverable account and not
included in sale value. Accretion of discount/amortization of premium relating to debt
securities is recognised over the holding/maturity period on a straight-line basis.
Profit or loss on sale of debt securities is the difference between the sale consideration
net of expenses, if any and the weighted average amortised cost as on the date of sale.
Profit or loss on sale of mutual fund units is the difference between the sale
received or has remained outstanding for one quarter from the day such
income/installment has fallen due. Further the Company also classifies following assets
as impaired.
protracted period
2. In case of assets, other than investments, where in the opinion of the Board of
Directors, there is a substantial diminution in value.
Where income receivable on investments has accrued but has not been received for a
period of one quarter beyond the due date, provision shall be made by debiting to the
Revenue account for the income so accrued and no further accrual of income shall be
made in respect of such investments.
The Schemes exposure is restricted to securities of Central and State Government
which has a sovereign guarantee; therefore NPA is not envisaged for the Scheme.

Scheme G Tier I
The subscribers units as per investment management system are reconciled with
Central Recordkeeping Agency (CRA) records on daily basis.
Investment management fees are recognised on daily accrual basis on closing Asset
under management (AUM) in accordance with IMA. The investment management fee is
1.6 Other expenses
bank charges were recognised when they were debited by the trustee bank on a
quarterly basis.
Notes to accounts
At March 31,
2016
Nil
Particulars
Other commitments
(In `)
At March 31,
2015
Nil
2.2 Investments
All investments and deposits under the scheme are performing assets, hence no
provisions for doubtful deposits, debts and for doubtful outstandings and accrued
income are required to be made. All the investments of the scheme are in the name of
the NPS Trust. All investments are traded investments.

Company Limited
Sponsor company
Associates
and
group
companies
Holding company of sponsor
ICICI Bank Limited

Scheme G Tier I
parties
Name of
related party
Nature of
transaction
ICICI Prudential
Pension Funds
Management
Company
Limited
Investment
management
fees

year ended
March 31,
2016
March 31,
2015
158,373
575,052
(In `)
Amount recoverable/
(payable)
At March
31, 2016
(45,263)
At March
31, 2015
(24,184)
Net assets
follows:
(In `)
Year ended
Year ended
Particulars
March 31,
March 31,
2016
2015
16,623,685,563
11,721,491,673
1,196.7%
1,613.4%
average daily net assets is as follows
Particulars
Year ended
March 31,
2016
1,474,814,749
106.2%
(In `)
Year ended
March 31,
2015
1,431,044,396
197.0%

Scheme G Tier I
The total value of investments falling under each major industry groups (which
constitutes not less than 5% of the total investment in the major classification of the
financials) are disclosed as under:
Investment
classification
Government
securities &
Treasury bills
Government
securities &
Treasury bills
Mutual funds
Mutual funds
Net current
assets
Net assets value
At March 31, 2016

% of
Market value
investment
(In `)
class
At March 31, 2015

% of
Market value
investment
(In `)
class
2,043,363,698
100.0%
1,005,541,265
100.0%
2,043,363,698
100.0%
1,005,541,265
100.0%
51,838,950
100.00%
34,432,370
100.0%
51,838,950
100.00%
34,432,370
100.0%
27,508,378
100.0%
18,286,726
100.0%
2,122,711,026
100.0%
1,058,260,361
100.0%

Security name
Government securities &
Treasury bills
7.88% GOI 2030 (March 19, 2030)
8.32% GOI 2032 (August 02, 2032)
8.24% GS 2033 (November 10, 2033)
8.17% GS 2044 (December 01, 2044)
9.23% GOI 2043 (December 23,
2043)
9.20% GS 2030 (September 30,
2030)
8.08% GOI 2022 (August 02, 2022)
8.28% GOI 2027 (September 21,
2027)
7.95% GOI 2032 (August 28, 2032)
8.28% GOI 2032 (February 15, 2032)
8.30% GS 2042 (December 31, 2042)
7.59% GOI 2029 (March 20, 2029)
8.13% GOI 2045 (June 22, 2045)
Acquisition
cost (In `)
Market value
(In `)
1,991,514,359
2,043,363,698
3,340,000
2,722,000
2,399,600
2,055,100
331,810,738
266,187,094
246,302,483
210,744,238
335,319,300
281,648,879
246,438,920
211,058,770
1,440,500
155,778,285
163,640,800
1,395,400
147,951,957
154,331,240
965,000
98,040,400
98,237,000
931,700
88,230,044
96,477,535
957,700
875,000
795,000
490,000
456,000
95,429,042
87,290,770
80,778,118
47,392,800
46,494,090
96,335,043
90,023,850
82,560,750
48,583,500
46,717,200
Units

Scheme G Tier I
Acquisition
cost (In `)
Market value
(In `)
Security name
Units
8.30% GOI 2040 (July 02, 2040)
420,000
43,331,150
43,596,000
8.83% GS 2041 (December 12, 2041)
110,000
12,003,135
12,027,400
7.40% GOI 2035 (September 09,

2035)
110,000
9,143,200
10,483,000
7.73% GS 2034 (December 19, 2034)
100,000
9,734,500
9,878,000
78,000
7,862,400
8,371,389
60,700
6,071,214
6,598,187
10,000
938,700
1,036,935
51,838,950
51,838,950
51,838,950
51,838,950
2,043,353,309
2,095,202,648
9.53% Madhya Pradesh SDL (August

01, 2023)
9.72% West Bengal SDL (February
12, 2024)
8.33% GOI 2036 (June 07, 2036)
Mutual Funds
IDFC Cash fund Direct Plan Growth
Total
28,178

Security name
Government securities & Treasury
bills
8.32% GOI 2032 (August 02, 2032)
9.23% GOI 2043 (December 23, 2043)
9.20% GS 2030 (September 30, 2030)
8.28% GOI 2027 (September 21, 2027)
8.28% GOI 2032 (February 15, 2032)
182 Days TBILL 2015 (July 02, 2015)
8.24% GOI 2027 (February 15, 2027)
91 Days TBILL 2015 (April 30, 2015)
8.30% GOI 2040 (July 02, 2040)
8.24% GOI 2033 (November 10, 2033)
8.30% GOI 2042 (December 31, 2042)
7.40% GOI 2035 (September 09, 2035)
8.17% GOI 2044 (December 01, 2044)
Units
1,802,000
1,302,500
951,400
931,700
875,000
900,000
491,400
480,000
420,000
337,000
320,000
203,000
186,000
Acquisition
cost (In `)
Market value
(In `)
947,594,090
1,005,541,265
172,602,094
139,953,545
99,091,977
88,230,044
87,290,770
88,367,580
46,971,012
47,623,248
43,331,150
35,055,180
31,188,118
16,873,360
19,389,611
188,579,300
150,243,375
106,385,548
96,673,192
91,350,000
88,346,970
50,717,394
47,759,760
44,116,800
35,226,610
33,635,200
19,520,988
19,427,700

Scheme G Tier I
Acquisition
cost (In `)
Market value
(In `)
Security name
Units
8.83% GOI 2041 (December 12, 2041)
110,000
12,003,135
12,166,000
78,000
7,862,400
8,470,527
60,700
6,071,214
6,661,588
47,500
4,750,950
5,212,208
10,000
938,700
1,048,105
20,261
34,428,325
34,428,325
982,022,414
34,432,370
34,432,370
1,039,973,635

01, 2023)
9.72% West Bengal SDL (February 12,
2024)
9.67% Jharkhand SDL (February 12,
2024)
8.33% GOI 2036 (June 07, 2036)
Mutual Funds
Total
2.8 Key statistics

Particulars
Open
High
Low
End II
End
4. Expense ratio
Year ended
March 31,
2016
Year ended
March 31,
2015
16.6611
17.8217
16.3496
17.8217
13.7976
16.7008
13.6027
16.6611
21,227.11
13,890.93
10,582.60
7,265.30
8.29%
9.81%
0.0241%
0.0114%
0.0872%
0.0792%
8.26%
9.72%
14.76%
64.16%
-

Scheme G Tier I
Particulars
8. Returns: (%)
a. Last one year
Benchmark
b. Since inception
Benchmark
Last 1 year
Last 3 year
Last 5 year
Launch Date
Year ended
March 31,
2016
6.97%
8.22%
78.22%
66.71%
Year ended
March 31,
2015
20.75%
15.72%
66.61%
54.04%
20.57%
6.95%
11.74%
9.42%
9.77%
9.61%
8.77%
9.08%
May 18, 2009
current liability and provisions, if any)/ (no. of units at the valuation date (before
creation/ redemption of units)

Scheme G Tier I
- 2012.
For Ray & Ray


Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Company Limited - Scheme E Tier II

Company Limited - Scheme E Tier II

Report
Contents
Auditors Report
Balance Sheet
Revenue Account

To,
The Trustees,
Funds Management Company Limited, Scheme E - Tier II (Scheme) under the National Pension System
information.
Opinion:
the Scheme.
PFRDA.
For
Ray & Ray
Anil Karnik
Partner
M. No. 31005
Place: Mumbai

PENSION FUND SCHEME E TIER II
Particulars
Schedule
(In `)
Scheme E Tier II
March 31, 2016
March 31, 2015
Liabilities
Unit capital
Total
Assets
1
2
3
114,859,019
65,258,817
2,801,176
182,919,012
83,443,422
57,857,326
1,511,691
142,812,439
Investments
Deposits
Total
4
5
6
182,892,433
26,579
182,919,012
141,839,209
973,230
142,812,439

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Schedule
Particulars
(In `)
Scheme E Tier II
March 31, 2016
March 31, 2015
Income
Dividend income
2,375,269
144
7,393,015
1,502,909
202
1,725,093
4,507,948
24,454,362
14,276,376
27,682,566
22,300,626
1,751,793
17,036
6,295
12,703
50,358
(50,358)
24,088,453
(9,812,077)
(17,792,678)
7,980,601
3,184,392
398,098
90,526
9,255
28,321
(28,321)
3,682,271
24,000,295
21,269,970
2,730,325
Interest income
Other income
Total income (A)
Expenses and losses
NPS Trust fees
Custodian fees
CRA fees
charges bank fees
Trustee

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Particulars
Initial capital
Unit capital
Schedule 2 : Reserves and surplus

Particulars
Opening balance
Additions during the year
Deduction during the year
Closing balance
Opening balance
Closing balance
General reserve
Opening Balance
Closing Balance
Opening Balance
Closing Balance
Total
Schedule 3 : Current liabilities and provisions

Particulars
Current liabilities
Sundry creditors
Book Overdraft
Redemption payable
TDS payable
Interest receivable in advance
Total
(In `)
Scheme E Tier II
March 31, 2016
March 31, 2015
83,443,422
49,160,928
(17,745,331)
114,859,019
56,043,486
34,201,018
(6,801,082)
83,443,422
8,344,342
4,916,093
(1,774,533)
11,485,902
5,604,349
3,420,101
(680,108)
8,344,342
(In `)
Scheme E Tier II
March 31, 2016
March 31, 2015
23,254,189
28,403,677
(11,190,109)
40,467,757
7,204,187
20,204,075
(4,154,073)
23,254,189
5,529,598
7,980,601
13,510,199
2,799,273
2,730,325
5,529,598
29,073,539
(17,792,678)
11,280,861
65,258,817
7,803,569
21,269,970
29,073,539
57,857,326
(In `)
Scheme E Tier II
March 31, 2016
March 31, 2015
16,675
166,530
248
2,617,723
2,801,176
6,056
60,221
212
1,445,058
144
1,511,691

Particulars
Equity shares
Commercial Paper
Total
Particulars
Total

Particulars
Total
(In `)
Scheme E Tier II
March 31, 2016
March 31, 2015
180,057,313
141,249,959
2,835,120
589,250
182,892,433
141,839,209
(In `)
Scheme E Tier II
March 31, 2016
March 31, 2015
-
(In `)
Scheme E Tier II
March 31, 2016
March 31, 2015
16
34,552
926,908
26,563
11,770
26,579
973,230
ICICI Prudential Pension Funds Management Company Limited Scheme E Tier II

Schedule 7
31, 2016
1.1 Background
(CRA) at a consolidated level The Company makes investments as per the IMA, various
The financials have been prepared for Scheme E Tier II being managed by the Company.
1.3 Investments

Listed equity shares are valued at market value, being the last quoted closing price on
the National stock exchange (NSE). If they are not quoted on NSE, then the last quoted
closing price on the Bombay stock exchange (BSE) is taken.
Non traded rights are valued at the difference of closing market price of the original
equity share for the day and the offer price. Traded rights are valued at the closing
market price of the rights renunciation till the time of application. In the event of
application of rights, the rights entitlement would be valued at the closing market price of
the original equity share till the date of allotment/listing.
valuation date.
Dividend income and non-convertible debenture received in lieu of dividend is
recognised on the èx-dividend date. Bonus shares to which the scheme becomes
entitled are recognized only when the original shares on which the bonus entitlement
accrues are traded on the stock exchange on an ex-bonus basis. Similarly, rights
entitlements are recognized only when the original shares on which the right entitlement
accrues are traded on the stock exchange on an ex-rights basis.
Profit or loss on sale of equity shares/mutual fund units is the difference between the
sale consideration net of expenses, if any and the weighted average book cost.
The subscribers units as per investment management system are reconciled with
Under Management (AUM) in accordance with IMA. The investment management fee is
1.6 Other expenses
quarterly basis.

Notes to accounts
At March 31,
2016
Nil
Nil
Particulars
Uncalled liability on partly paid shares
Other commitments
(In `)
At March 31,
2015
Nil
Nil
2.2 Investments
All investments are performing investments. All investments of the scheme are in the
name of the NPS Trust. All investments are traded investments.

Company Limited
Sponsor company
Associates
and
group
companies
- Holding
company
of
ICICI Bank Limited
sponsor
parties.
Name of
related party
Nature of
transaction
ICICI Prudential
Pension Funds
Management
Company
Limited
Investment
management
fees

year ended
March 31,
2016
March 31,
2015
17,036
90,526
(In `)
Amount recoverable/
(payable)
At March
31, 2016
(4,021)
At March
31, 2015
(3,466)

Aggregate investments made by the scheme in the associates and group companies are
as follows:
(In `)
Asset
Period
Security
Cost
Market value
type
At March 31,
2016
ICICI Bank Limited
Equity
7,986,391
7,480,980
At March 31,
2015
ICICI Bank Limited
Equity
6,966,089
8,771,216

net assets
follows:
(In `)
Year ended
Year ended
Particulars
March 31,
March 31,
2016
2015
578,312,170
338,882,722
386.7%
307.1%
(In `)
Year ended
Year ended
Particulars
March 31,
March 31,
2016
2015
147,912,019
63,528,281
98.9%
57.6%

disclosed as under:
Investment
classification
Mutual funds
Mutual funds
Equity shares
Monetary
intermediation of
commercial banks,
saving banks
Writing ,modifying,
testing of computer
program to meet the
needs
Manufacture of
allopathic
pharmaceutical
preparations
Manufacture of
cigarettes, cigarette
tobacco
Manufacture of refined
petroleum products
credit for house
deposits
Others
Net current assets
Net assets value
At March 31, 2016

% of
Market value
investment
(In `)
class
At March 31, 2015

% of
Market value
investment
(In `)
class
2,835,120
100.0%
589,250
100.0%
2,835,120
100.0%
589,250
100.0%
180,057,313
100.0%
141,249,959
100.0%
42,734,079
23.7%
33,897,225
24.0%
28,108,593
15.6%
23,254,010
16.5%
11,352,211
6.3%
9,865,715
7.0%
10,030,007
5.6%
8,732,780
6.2%
9,386,941
5.2%
6,529,530
4.6%
5,634,352
3.1%
9,926,957
7.0%
72,811,130
40.4%
49,043,742
34.7%
(2,774,597)
180,117,836
100.0%
100.0%
(538,461)
141,300,748
100.0%
100.0%

Security name
Equity
Infosys Limited
HDFC Bank Limited
ITC Limited
Units
11,886
11,250
30,556
8,981
Acquisition
Market
cost (In `)
value (In `)
168,776,452 180,057,313
11,036,892
14,480,714
9,726,027
12,050,438
10,051,281
10,030,007
8,321,021
9,386,941
Security name
Axis Bank Limited
ICICI Bank Limited
Tata Motors Limited
State Bank Of India
Corporation Limited
Indusind Bank Limited
Bajaj Auto Limited
Bank Of Baroda
Coal India Limited
NTPC Limited
Yes Bank Limited
Cipla Limited
Lupin Limited
Eicher Motors Ltd
Tata Steel Limited
Oil India Ltd
Indiabulls Housing Finance Ltd
Bosch Limited
17,788
31,612
18,327
2,534
4,455
15,203
4,321
26,041
5,888
Acquisition
cost (In `)
7,358,709
7,986,391
6,602,391
5,525,468
5,580,931
5,167,034
4,987,690
5,503,285
4,437,310
Market
value (In `)
7,900,540
7,480,980
7,085,218
6,386,440
5,420,399
5,333,212
5,231,435
5,058,464
4,828,160
4,362
4,291,018
4,822,627
5,361
3,884
865
15,134
1,238
4,269
734
2,847
2,451
686
13,860
684
6,868
552
16,123
13,448
11,946
3,366
1,783
2,752
944
67
1,415
3,644
2,978
3,589
1,649
50
4,219
4,084,888
2,835,265
2,904,073
4,246,484
2,712,257
2310231.35
2,151,338
2,000,552
1,597,230
1,920,818
2,221,337
1,616,330
2,333,272
1,317,098
2,326,227
1,836,437
1,462,955
1,722,138
1,425,171
1,369,158
1,193,872
1,184,832
847,558
1,243,192
1,014,312
1,322,783
1,178,390
1,107,151
853,717
4,364,390
3,758,158
3,325,190
3,240,189
2,978,566
2,905,695
2,727,764
2,475,467
2,128,448
2,082,147
2,037,420
2,014,859
2,005,113
1,782,270
1,776,755
1,732,775
1,661,689
1,598,682
1,542,384
1,408,886
1,396,412
1,285,100
1,279,585
1,164,987
1,152,337
1,123,357
1,071,685
1,039,225
981,128
Units
Security name
Gail (India) Limited
Britannia Industries Limited
Wipro Limited
Lic Housing Finance Ltd
Titan Company Ltd
Dabur India Ltd
Shriram Transport Finance Co Ltd
JSW Steels Limited
Hindustan Petroleum Corporation Ltd
ACC Limited
Divis Laboratories Limited
Motherson Sumi Systems Limited
Glenmark Pharmaceuticals Ltd
Bharat Forge Limited
Apollo Hospitals Enterprise Ltd
Siemens Limited
Cairn India Limited
Oracle Financial Services Software Ltd
NMDC Limited
Power Finance Corporation Limited
Rural Electrification Corporation Lilmited
Cadila Healthcare Limited
Torrent Pharmaceuticals Limited
Petronet LNG Ltd
Castrol India Limited
Mahindra And Mahindra Financial
Services Limited
Exide Industries Ltd
Tata Chemicals
Tata Global Beverages Limited
NHPC Limited
Mutual Funds
IDFC Cash Fund Direct Plan - Growth
Total
2,552
320
1,515
1,646
2,269
3,060
790
578
902
511
693
2,445
9,852
6,960
767
671
4,924
416
484
3,058
120
4,310
2,296
2,094
616
110
560
372
Acquisition
cost (In `)
923,654
930,542
807,647
729,224
746,582
825,316
706,208
534,824
699,476
676,681
762,719
605,255
741,264
773,350
736,834
597,469
961,278
587,061
606,766
771,620
455,315
529,843
509,665
523,453
195,957
146,630
104,172
137,130
Market
value (In `)
909,533
859,680
854,839
811,725
769,418
764,694
752,989
741,719
710,551
706,151
684,164
651,470
636,932
612,132
609,803
585,850
560,597
552,989
532,255
470,473
423,528
422,380
393,420
348,023
195,210
147,428
140,420
139,184
520
119,342
126,906
Units
880
320
800
2,791
1,541
133,446
122,628
120,865
119,584
101,365
97,000
60,983
67,403
2,835,120
2,835,120
2,835,120
2,835,120
171,611,572 182,892,433

Security name
Equity securities
Infosys Limited
Corporation Limited
HDFC Bank Limited
ICICI Bank Limited
ITC Limited
Tata Motors Limited
Axis Bank Limited
State Bank Of India
Lupin Limited
Coal India Limited
Dr. Reddys Laboratories Limited
Wipro Limited
IndusInd Bank Limited
Cipla Limited
NTPC Limited
Bajaj Auto Limited
Yes Bank Limited
IDFC Limited
Tata Steel Limited
Units
4,789
Acquisition
Market
cost (In `)
value (In `)
112,176,483 141,249,959
7,947,817
10,623,678
7,545
6,889,983
9,926,957
9,318
27,801
26,800
3,923
7,905
2,453
8,621
8,148
14,829
3,611
3,399
2,063
8,607
2,212
6,640
2,600
635
1,150
6,166
609
3,151
2,074
2,914
2,172
2,434
10,567
576
9,905
491
644
1,560
305
6,382
4,337
3,198
7,111,898
6,966,089
8,917,440
4,660,563
7,127,829
4,968,232
3,352,521
2,680,037
3,012,658
2,148,899
2,093,452
1,776,092
2,826,298
2,282,795
2,260,381
1,584,265
1,283,087
1,135,226
2,103,759
1,533,047
1,662,432
1,090,524
1,491,723
1,193,734
1,077,790
1,204,632
1,257,794
1,399,840
1,039,128
1,312,996
1,271,580
925,611
833,412
905,954
1,206,442
9,529,519
8,771,216
8,732,780
6,746,187
6,529,530
6,264,839
4,743,274
4,564,510
3,960,084
3,697,303
2,969,196
2,709,235
2,636,754
2,627,414
2,611,512
2,549,040
2,347,817
2,309,660
2,237,641
2,124,649
1,981,506
1,837,564
1,834,946
1,762,144
1,734,103
1,534,857
1,520,525
1,454,549
1,413,049
1,298,690
1,272,570
1,104,817
1,065,475
1,020,713
1,012,967
Security name
Units

Sesa Sterlite Limited
GAIL (India) Limited
Bank of Baroda
ACC Limited
Cairn India Limited
Punjab National Bank
NMDC Limited
Mutual Funds
Total
1,240
5,280
5,362
3,691
2,623
2,230
6,172
4,506
449
8,688
2,725
3,572
3,803
347
Acquisition
Market
cost (In `)
value (In `)
573,945
1,005,392
1,059,444
1,000,560
959,912
986,608
724,914
942,312
832,890
896,410
822,076
864,794
765,449
796,188
692,091
736,731
589,020
701,675
699,174
669,845
826,303
582,741
567,638
515,797
527,671
489,636
589,187
589,250
589,187
589,250
112,765,670 141,839,209
2.8 Key statistics

Particulars
Year ended
March 31,
2016
Year ended
March 31,
2015

Open
High
Low
End
16.9337
17.6195
14.0129
15.6816
13.1615
17.9099
13.069
16.9337

End
1,801.18
1,495.39
1,413.01
1,103.40
5.36%
2.56%
0.0241%
0.0114%
0.0904%
0.0820%
5.34%
2.47%

4. Expense ratio
Particulars
Year ended
March 31,
2016
32.47%

8. Returns: (%)
a. Last one year
Benchmark
b. Since inception
Benchmark
Last 1 year
Last 3 year
Last 5 year
Launch Date
Year ended
March 31,
2015
8.23%
-
-7.39%
-8.43%
56.82%
57.54%
28.66%
28.33%
69.34%
71.89%
28.40%
-7.37%
19.59%
12.96%
11.03%
7.25%
10.62%
7.50%
January 11, 2010

- 2012.
For Ray & Ray

Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Company Limited - Scheme C Tier II

Company Limited - Scheme C Tier II

Report
Contents
Auditors Report
Balance Sheet
Revenue Account

To,
The Trustees,
Funds Management Company Limited, Scheme C - Tier II (Scheme) under the National Pension System
information.
Opinion:
the Scheme.
PFRDA.
For
Ray & Ray
Anil Karnik
Partner
M. No. 31005
Place: Mumbai

PENSION FUND SCHEME C TIER II
Particulars
Schedule
(In `)
Scheme C Tier II
March 31, 2016
March 31, 2015
Liabilities
Unit capital
Total
Assets
1
2
3
101,502,749
94,239,002
268,971
196,010,722
78,610,344
59,882,691
33,558
138,526,593
Investments
Deposits
Total
4
5
6
188,330,894
7,679,828
196,010,722
134,004,515
4,522,078
138,526,593

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Particulars
Schedule
(In `)
Scheme C Tier II
March 31, 2016
March 31, 2015
Income
Dividend income
Interest income
Other income
Total income (A)
Expenses and losses
NPS Trust fees
Custodian fees
CRA fees
charges bank fees
Trustee
Total
income (A)

13,559,852
1,050,453
1,679,655
9,541,305
830,878
69,505
6,315,265
16,289,960
16,756,953
1,533,400
18,356
7,203
12,416
35,089
(35,089)
1,571,375
14,718,585
398,969
96,210
8,481
17,985
(17,985)
503,660
16,253,293
146,255
5,916,297
14,572,330
10,336,996

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Particulars
Initial capital
Unit capital

Particulars
Opening balance
Closing balance
Opening balance
Closing balance
General reserve
Opening Balance
Closing Balance
Opening Balance
Closing Balance
Total

Particulars
Current liabilities
Book Overdraft
Redemption payable
TDS payable
Total
(In `)
Scheme C Tier II
March 31, 2016
March 31, 2015
78,610,344
34,802,299
(11,909,894)
101,502,749
56,468,547
25,725,647
(3,583,850)
78,610,344
7,861,034
3,480,230
(1,190,989)
10,150,275
5,646,855
2,572,564
(358,385)
7,861,034
(In `)
Scheme C Tier II
March 31, 2016
March 31, 2015
32,394,470
29,648,801
(10,011,075)
52,032,196
18,185,770
16,662,571
(2,453,871)
32,394,470
21,586,391
14,572,330
36,158,721
11,249,395
10,336,996
21,586,391
5,901,830
146,255
6,048,085
94,239,002
(14,467)
5,916,297
5,901,830
59,882,691
(In `)
Scheme C Tier II
March 31, 2016
March 31, 2015
17,975
250,728
268
268,971
5,564
27,799
195
33,558

Particulars
Equity shares
Central and state government securities (including treasury bills )
Commercial Paper
Total
Particulars
Total

Particulars
Total
(In `)
Scheme C Tier II
March 31, 2016
March 31, 2015
184,816,114
131,856,175
3,514,780
2,148,340
188,330,894
134,004,515
(In `)
Scheme C Tier II
March 31, 2016
March 31, 2015
-
(In `)
Scheme C Tier II
March 31, 2016
March 31, 2015
32
371,284
7,679,796
4,150,794
7,679,828
4,522,078

Scheme C Tier II
Schedule 7
31, 2016
1.1 Background
The financials have been prepared for Scheme C Tier II being managed by the Company.
1.3 Investments

Scheme C Tier II
Debt securities other than Government securities with a residual maturity over 60 days
are valued at weighted average traded price on that day. When such securities are not
traded on a particular day, they are valued on a yield to maturity basis, by using spreads
over risk free benchmark yield obtained from agency(ies) entrusted for the said purpose
by Association of Mutual Funds in India (AMFI) to arrive at the yield for pricing the
security.
Debt securities other than Government securities with a residual maturity upto 60 days
are valued at weighted average traded price on that day. When such securities are not
traded on a day, they are valued at last valuation price plus the difference between the
redemption value and last valuation price, spread uniformly over the remaining maturity
period of the instrument. In case of floating rate securities with floor and caps on coupon
rate and residual maturity of upto 60 days then those shall be valued on amortisation
basis taking the coupon rate as floor.
valuation date.
investments purchased, interest paid for the period from the last interest due date upto
the date of purchase is debited to interest recoverable account and not included in cost
of purchase. Similarly interest received at the time of sale for the period from the last
interest due date upto the date of sale is credited to interest recoverable account and not
included in sale value. Accretion of discount/amortization of premium relating to debt
securities is recognised over the holding/maturity period on a straight-line basis.
Profit or loss on sale of debt securities is the difference between the sale consideration
net of expenses, if any and the weighted average amortised cost as on the date of sale.
Profit or loss on sale of mutual fund units is the difference between the sale
received or has remained outstanding for one quarter from the day such
income/installment has fallen due. Further the Company also classifies following assets
as impaired.
protracted period

Scheme C Tier II
2. In case of assets, other than investments, where in the opinion of the Board of
Directors, there is a substantial diminution in value.
quarter beyond the due date, provision shall be made by debiting to the Revenue
account for the income so accrued and no further accrual of income shall be made in
respect of such investments.
The subscribers units as per Investment management system are reconciled with
under management (AUM) in accordance with IMA. The investment management fee is
1.6 Other expenses
quarterly basis.
Notes to accounts
Particulars
Other commitments
At March 31,
2016
Nil
(In `)
At March 31,
2015
Nil
2.2 Investments
All investments and deposits under the scheme are performing assets, hence no
provisions for doubtful deposits, debts and for doubtful outstandings and accrued
income are required to be made. All the investments of the Schemes are in the name of
the NPS Trust.
Aggregate value of non-traded investments as on March 31, 2016 is ` 87,943,850 (March
31, 2015: ` 52,600,485). Non traded securities as per the PFRDA (Preparation of financial
2012 are those securities that are not traded on any stock exchange for a period of 30
days prior to the valuation date. They are valued at yield to maturity basis, by using
spreads over the benchmark rate.

Scheme C Tier II


Company Limited
Sponsor company
Associates
and
group
companies
- Holding
company
of
ICICI Bank Limited
sponsor
parties.
Name of
related party
ICICI Prudential
Pension Funds
Management
Company
Limited
Nature of
transaction

year ended
(In `)
Amount recoverable/
(payable)
March 31,
2016
March 31,
2015
At March
31, 2016
At March
31, 2015
18,356
96,210
(4,661)
(3,327)
Investment
management
fees

Scheme C Tier II
net assets
follows:
Year ended
March 31,
2016
2,023,928,702
1,256.6%
Particulars
(In `)
Year ended
March 31,
2015
1,796,866,101
1,628.2%
Year ended
March 31,
2016
90,029,742
55.9%
Particulars
(In `)
Year ended
March 31,
2015
107,893,443
97.8%

not less than 5% of the total investment in the major classification of the financials) is
disclosed as under:
At March 31, 2016
Investment
classification
Mutual funds
Mutual funds
Non-convertible
debenture
Other credit granting
Monetary
intermediation of
commercial banks,
savings banks
credit for house
deposits
At March 31, 2015
Market value
(In `)
% of
investment
class
Market value
(In `)
% of
investment
class
3,514,780
100.0%
2,148,340
100.0%
3,514,780
100.0%
2,148,340
100.0%
184,816,114
100.0%
131,856,175
100.0%
28,905,262
15.6%
31,339,133
23.8%
28,102,665
15.2%
10,385,360
7.9%
27,667,316
15.0%
11,470,047
8.7%

Scheme C Tier II
At March 31, 2016
Investment
classification
Manufacture of
Aluminum from alumina
and by other methods
and products of
aluminum and alloys
Other financial service
activities, except
insurance & pension
funding
Other civil engineering
projects
Electric power
generation using other
non-conventional
sources
Activities of holding
companies
Activities of providing
internet access by
operator of the wired
infrastructure
Transmission of electric
energy
Activities of commission
agents, brokers dealing
in wholesale trade of
agricultural raw
material, live animals,
food, beverages,
intoxicants and textiles
Support activities for
petroleum and natural
gas mining
Others
Net current assets
Net asset value
At March 31, 2015
Market value
(In `)
% of
investment
class
Market value
(In `)
% of
investment
class
13,148,135
7.1%
7,216,846
5.4%
13,039,703
7.1%
14,462,589
11.0%
11,972,741
6.5%
10,010,570
7.6%
11,045,799
6.0%
10,661,780
5.8%
10,731,200
8.1%
9,167,454
5.0%
9,245,151
7.0%
7,553,459
4.1%
10,380,690
7.9%
8,603,032
4.7%
8,673,656
6.6%
7,869,799
4.3%
7,940,933
6.0%
7,078,969
3.6%
7,410,856
100.0%
4,488,520
100.0%
100.0%
138,493,035
100.0%
195,741,750

Scheme C Tier II
Acquisition
cost (In `)
3,514,780
3,514,780
Market
value (In `)
3,514,780
3,514,780
178,768,028
184,816,114
130,000
13,147,208
13,148,135
110,000
11,252,857
11,436,711
10,000,000
11,045,799
100,000
10,262,358
10,661,780
9.38% IDFC 2024 (September 12, 2024)
100,000
10,000,000
10,630,560
100,000
10,000,000
10,325,290
90,000
8,703,929
9,167,454
80,000
8,048,000
8,603,032
80,000
8,000,000
7,879,152
75,000
7,500,000
7,878,945
70,000
7,399,504
7,869,799
70,000
7,033,866
7,078,827
50,000
5,000,000
5,260,775
50,000
5,001,000
5,224,860
50,000
4,912,702
5,113,635
8.64% IDFC Limited 2020 (April 15, 2020)
50,000
4,995,575
5,083,975
8.55% LIC Housing Finance Limited 2025

(August 14, 2025)
50,000
5,000,500
5,083,300
8.75% IRFC 2026 (November 29, 2026)
40,000
3,897,825
4,183,180
40,000
4,023,928
4,110,016
40,000
4,011,624
4,011,712
30,000
3,000,000
3,112,545
Security name
Mutual Funds
9.55% Hindalco Industries Limited 2022
(April 25, 2022)
8.98% Power Finance Corporation Ltd 2024
(October 8, 2024)
9.99% Jhajjar Power Limited 2026 (April 30,
2026)
9.67% Tata Sons Limited 2022 (September
13, 2022)

9.95 Food Corporation Of India 2022
(March 7, 2022)
Services Ltd (January 23, 2025)
9.098% L & T IRCL 2022 (April 15, 2022 )
(February 20, 2025)
8.75% HDFC Ltd 2020 (January 13, 2020)
8.93% Power Grid Corporation 2029
(October 20, 2029)
8.87% Rural Electrification Corporation Ltd.
(March 8, 2020)
8.95% LIC Housing Finance Ltd. 2020

8.14% Nuclear Power Corporation 2028
(March 25, 2028)
Company Limited 2018 (October 24, 2018)
Units
1,911

Scheme C Tier II
Security name
8.56% Nuclear Power Corporation 2023
(March 18, 2023)
8.60% Power Finance Corporation Ltd 2024
(August 7, 2024)
8.57% Rural Electrification Corporation Ltd.
(December 21, 2024)
9.18% HDFC 2018 (February 12, 2018)
(January 1, 2023)
9.098% L & T IRCL 2020 (April 15, 2020)
9.02% Rural Electrification Corporation Ltd
(November 19, 2022)
8.93% Exim 2022 (December 12, 2022)
Company Limited 2019 (July 15, 2019)
8.40% Larsen & Toubro Ltd (September 24,
2020)
8.85% Power Grid Corporation Of India
Limited 2022 (October 19, 2022)
24, 2019)
8.40% Power Grid Corporation 2021 (May
27, 2021)
Total
Units
Acquisition
cost (In `)
Market
value (In `)
30,000
3,062,685
3,067,257
30,000
3,068,475
3,050,958
30,000
3,036,600
3,049,650
30,000
2,945,400
3,032,580
20,000
2,075,700
2,095,478
20,000
2,000,000
2,078,376
20,000
2,067,934
2,071,128
20,000
2,060,952
2,062,840
20,000
1,987,400
2,048,006
20,000
2,000,000
2,015,420
12,500
1,269,958
1,283,541
10,000
1,000,000
1,042,255
10,000
1,002,049
1,009,143
182,282,808
188,330,894

Security name
Mutual Funds
9.67% Tata Sons Limited (September 13,
2022)
9.95% Food Corporation of India (March 07,
2022)
Acquisition
cost (In `)
2,148,083
2,148,083
Market
value (In `)
2,148,340
2,148,340
125,954,601
131,856,175
100,000
10,262,358
10,731,200
100,000
100,000
10,000,000
10,000,000
10,693,490
10,385,360
90,000
8,703,929
9,245,151
80,000
8,048,000
8,673,656
Units
1,264

Scheme C Tier II
Security name
(December 28, 2024)
(February 20, 2025)
9.098 % L&T IRCL (April 15, 2022)
Services Limited (January 23, 2025)
9.55% Hindalco Industries Limited (April 25,
2022)
2029)
Limited (March 08, 2020)
2021)
(January 01, 2023)
9.098 % L&T IRCL (April 15, 2020)
24, 2019)
Company Limited (April 18, 2015)
9.75% Shriram Transport Finance Company
Limited (June 01, 2015)
Total
Units
Acquisition
cost (In `)
Market
value (In `)
80,000
8,000,000
8,183,512
70,000
7,399,504
7,940,933
75,000
7,500,000
7,933,500
80,000
8,000,000
7,811,408
70,000
6,821,193
7,349,286
70,000
7,028,210
7,216,846
50,000
5,000,000
5,279,900
50,000
5,001,000
5,253,550
50,000
4,912,702
5,112,845
50,000
4,769,105
5,100,790
30,000
3,000,000
3,117,963
30,000
2,945,400
3,069,057
20,000
2,075,700
2,104,576
20,000
2,000,000
2,077,070
20,000
1,987,400
2,031,714
10,000
1,000,000
1,042,864
10,000
1,003,000
1,000,268
5,000
497,100
501,236
128,102,683
134,004,515

Scheme C Tier II
2.8 Key statistics
Particulars
Year ended
March 31,
2016
Year ended
March 31,
2015

Open
High
Low
End
17.6177
19.2844
17.5321
19.2844
15.1991
17.6177
15.1259
17.6177

End
1,957.42
1,610.67
1,384.93
1,103.58
9.07%
9.46%
0.0236%
0.0114%
0.0949%
0.0872%
9.05%
9.37%
11.40%
29.17%

4. Expense ratio
8. Returns: (%)
a. Last one year
Benchmark
b. Since inception
Benchmark
Last 1 year
Last 3 year
Last 5 year
Launch Date
9.46%
8.01%
92.84%
71.36%
15.91%
15.08%
76.18%
58.54%
15.77%
9.43%
11.78%
10.38%
11.67%
11.40%
11.47%
11.14%
January 12, 2010

Scheme C Tier II
Year ended
Year ended
March 31,
March 31,
2016
2015
Particulars

Scheme C Tier II
- 2012.
For Ray & Ray


Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Company Limited - Scheme G Tier II

Company Limited - Scheme G Tier II

Report
Contents
Auditors Report
Balance Sheet
Revenue Account

To,
The Trustees,
Funds Management Company Limited, Scheme G - Tier II (Scheme) under the National Pension
System Trust (NPS Trust) managed by ICICI Prudential Pension Funds Management Company Limited
information.
Opinion:
the Scheme.
PFRDA.
For
Ray & Ray
Anil Karnik
Partner
M. No. 31005
Place: Mumbai

PENSION FUND SCHEME G TIER II
Particulars
Schedule
(In `)
Scheme G Tier II
March 31, 2016
March 31, 2015
Liabilities
Unit capital
Total
Assets
1
2
3
89,392,887
63,430,424
87,104
152,910,415
65,384,578
39,028,550
9,847,563
114,260,691

Deposits
Total
4
5
6
150,888,858
2,021,557
152,910,415
102,307,125
11,953,566
114,260,691

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Schedule
Particulars
(In `)
Scheme G Tier II
March 31, 2016
March 31, 2015
Income
Dividend income
Interest income
Other income
Total income (A)
Expenses and losses
NPS Trust fees
Custodian fees
CRA fees
charges
Trustee bank fees
Total
income (A)
9,539,662
528,016
284,822
10,352,500
6,228,029
1,523,276
77
6,799,003
14,550,385
1,183,968
38,120
13,860
5,452
9,490
36,236
10,495
64,010
6,303
18,487
(36,236)
1,250,890
9,101,610
(899,146)
10,000,756
(18,487)
80,808
14,469,577
6,788,508
7,681,069

For Ray & Ray

Company Limited
Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Particulars
Initial capital
Unit capital

Particulars
(In `)
Scheme G Tier II
March 31, 2016
March 31, 2015
65,384,578
35,607,924
(11,599,615)
89,392,887
41,541,786
27,267,570
(3,424,778)
65,384,578
6,538,458
3,560,792
(1,159,961)
8,939,289
4,154,179
2,726,757
(342,478)
6,538,458
(In `)
Scheme G Tier II
March 31, 2016
March 31, 2015

Opening balance
Closing balance
19,396,987
22,698,475
(7,398,211)
34,697,251
8,278,269
12,829,463
(1,710,745)
19,396,987

Opening balance
Closing balance
13,976,183
10,000,756
23,976,939
6,295,114
7,681,069
13,976,183
General reserve
Opening Balance
Closing Balance
Opening Balance
Closing Balance
Total

Particulars
Current liabilities
Book Overdraft
Redemption payable
TDS payable
Total
5,655,380
(899,146)
4,756,234
63,430,424
(1,133,128)
6,788,508
5,655,380
39,028,550
(In `)
Scheme G Tier II
March 31, 2016
March 31, 2015
13,748
4,316
73,150
206
87,104
12,934
254
9,818,620
11,438
9,847,563

Particulars
Equity shares
Commercial Paper
Total
Particulars
Total

Particulars
Total
(In `)
Scheme G Tier II
March 31, 2016
March 31, 2015
145,472,778
101,096,745
5,416,080
1,210,380
150,888,858
102,307,125
(In `)
Scheme G Tier II
March 31, 2016
March 31, 2015
-
(In `)
Scheme G Tier II
March 31, 2016
March 31, 2015
26
27
10,717,507
2,021,531
1,236,032
2,021,557
11,953,566
ICICI Prudential Pension Funds Management Company Limited Scheme

G Tier II
Schedule 7
Significant accounting policies and notes to accounts for year ended March 31,
2016
1.1 Background
ICICI Prudential Pension Funds Management Company Limited (the Company) is appointed
as a Pension Fund Manager (PFM) by the National Pension System Trust (NPS). The
Company has entered into an Investment Management Agreement (IMA) with NPS. The
Pension Fund Regulatory and Development Authority (PFRDA) guidelines require each
PFM to manage subscribers funds made available to it by the Trustee bank along with the
data made available by the Central Recordkeeping Agency (CRA) at a consolidated level.
The Company makes investments as per the IMA, various other circulars/guidelines issued
by the PFRDA in this context from time to time and the scheme wise flow of funds.
prescribed under the NPS. The schemes are classified as Scheme E, C and G based on the
underlying asset class prescribed under the NPS as follows:
The financial statements have been prepared in accordance with the PFRDA (Preparation of
financial statements and Auditors report of Schemes under National Pension System)
Guidelines 2012 (Guidelines), Accounting Standards (AS) notified under section 133 of
the Companies Act, 2013, read together with paragraph 7 of the Companies (Accounts)
Rules 2014 to the extent made applicable by the Guidelines and generally accepted
accounting principles. The Guidelines specifically exempt the schemes from the
The financials have been prepared for Scheme G Tier II being managed by the Company.
1.3 Investments
with the custodian records on daily basis. The holding cost of investments is determined by
the weighted average cost method and the cost does not include brokerage and other

G Tier II
Central government as well as State government securities are valued at the average traded
prices received from independent valuation agencies.
valuation date.
investments purchased, interest paid for the period from the last interest due date upto the
date of purchase is debited to interest recoverable account and not included in cost of
purchase. Similarly interest received at the time of sale for the period from the last interest
due date upto the date of sale is credited to interest recoverable account and not included
in sale value. Accretion of discount/amortization of premium relating to debt securities is
recognised over the holding/maturity period on a straight-line basis.
Profit or loss on sale of debt securities is the difference between the sale consideration net
of expenses, if any and the weighted average amortised cost as on the date of sale.
Profit or loss on sale of mutual fund units is the difference between the sale consideration
net of expenses, if any and the weighted average book cost.
received or has remained outstanding for one quarter from the day such income/installment
has fallen due. Further the Company also classifies following assets as impaired.
protracted period
2. In case of assets, other than investments, where in the opinion of the Board of Directors,
there is a substantial diminution in value.
quarter beyond the due date, provision shall be made by debiting to the Revenue account
for the income so accrued and no further accrual of income shall be made in respect of
such investments.
The Schemes exposure is restricted to securities of Central and State Government which
has a sovereign guarantee; therefore NPA is not envisaged for the Scheme.

G Tier II
Investment management fees are recognised on daily accrual basis on closing Asset under
management (AUM) in accordance with IMA. The Investment management fee is inclusive
of brokerage but excludes custodian charges and applicable taxes, if any.
1.6 Other expenses
bank charges were recognised when they were debited by the trustee bank on a quarterly
basis.
Notes to accounts
At March 31,
2016
Nil
Particulars
Other commitments
(In `)
At March 31,
2015
Nil
2.2 Investments
All investments and deposits under the scheme are performing assets, hence no provisions
for doubtful deposits, debts and for doubtful outstandings and accrued income are required
to be made. All the investments of the schemes are in the name of the NPS Trust. All
investments are traded investments.
ICICI Prudential Pension Funds Management Company

Limited
Sponsor company
Associates
and
group
companies
Holding company of sponsor
ICICI Bank Limited
The following represents significant transactions and balances between the Scheme and its
related parties.

G Tier II
Name of
related party
Nature of
transaction
ICICI Prudential
Pension Funds
Management
Company
Limited
Investment
management
fees

year ended
March 31,
2016
March 31,
2015
13,860
64,010
(In `)
Amount recoverable/
(payable)
At March
31, 2016
(3,522)
At March
31, 2015
(2,506)
The Investment Management Fees is charged on closing funds under management on daily
basis for all the schemes. In terms of the PFRDAs letter no. PFRDA/6/PFM/9/2 dated July 31,
2014, the Company has started charging investment management fee of 0.01% per annum,
with effect from August 01, 2014. The investment management fee charged upto July 31,
2014 was 0.25% per annum.
2.5 Aggregate value of purchase and sale with percentage to average daily net
assets
follows:
(In `)
Year ended
Year ended
Particulars
March 31,
March 31,
2016
2015
1,214,017,888
1,153,180,177
998.2%
1,480.0%
Particulars
Year ended
March 31,
2016
91,181,450
75.0%
(In `)
Year ended
March 31,
2015
147,247,108
189.0%

G Tier II
disclosed as under:
Investment
classification
Government
securities & Treasury
bills
Government securities &
Treasury bills
Mutual funds
Mutual funds
Net current assets
Net assets value
At March 31, 2016

% of
Market value
investment
(In `)
class
(In `)
At March 31, 2015
% of
Market value
investment
(In `)
class
145,472,778
100.0%
101,096,745
100.0%
145,472,778
100.0%
101,096,745
100.0%
5,416,080
100.0%
1,210,380
100.0%
5,416,080
100.0%
1,210,380
100.0%
1,934,453
100.0%
2,106,003
100.0%
152,823,311
100.0%
104,413,128
100.0%

Security name
bills
8.32% GOI 2032 (August 02, 2032)
9.23% GOI 2043 (December 23, 2043)
7.88% GOI 2030 (March 19, 2030)
9.20% GS 2030 (September 30, 2030)
8.28% GOI 2032 (February 15, 2032)
8.24% GS 2033 (November 10, 2033)
8.17% GS 2044 (December 01, 2044)
8.30% GOI 2040 (July 02, 2040)
8.28% GOI 2027 (September 21, 2027)
8.30% GS 2042 (December 31, 2042)
7.95% GOI 2032 (August 28, 2032)
8.08% GOI 2022 (August 02, 2022)
8.13% GOI 2045 (June 22, 2045)
01, 2023)
7.73% GS 2034 (December 19, 2034)
8.33% GOI 2036 (June 07, 2036)
Units
Acquisition
cost (In `)
Market value
(In `)
140,716,545
145,472,778
278,000
143,500
160,000
131,600
125,000
100,400
99,900
80,000
68,500
45,000
42,300
35,000
25,000
27,078,796
15,516,555
15,873,013
14,032,288
12,406,700
10,313,216
10,227,300
8,220,350
6,524,109
4,538,583
4,223,818
3,552,100
2,561,060
28,765,021
16,301,600
16,063,200
14,554,960
12,860,550
10,311,080
10,259,730
8,304,000
7,093,175
4,673,250
4,254,957
3,563,000
2,561,250
20,000
2,016,000
2,146,510
12,000
10,000
1,168,140
938,700
1,185,360
1,036,935

G Tier II
Security name
7.59% GOI 2029 (March 20, 2029)
8.83% GS 2041 (December 12, 2041)
Mutual Funds
Total
Units
10,000
5,000
2,944
Acquisition
cost (In `)
967,200
558,617
5,416,080
5,416,080
146,132,625
Market value
(In `)
991,500
546,700
5,416,080
5,416,080
150,888,858

Security name
Bills
8.32% GOI 2032 (August 02, 2032)
9.23% GOI 2043 (December 23, 2043)
8.28% GOI 2032 (February 15, 2032)
182 Days TBILL 2015 (July 02, 2015)
9.20% GS 2030 (September 30, 2030)
8.30% GOI 2040 (July 02, 2040)
8.28% GOI 2027 (September 21, 2027)
8.24% GOI 2033 (November 10, 2033)
01, 2023)
8.30% GOI 2042 (December 31, 2042)
91 Days TBILL 2015 (April 30, 2015)
8.24% GOI 2027 (February 15, 2027)
8.17% GOI 2044 (December 01, 2044)
9.67% Jharkhand SDL (February 12,
2024)
8.83% GOI 2041 (December 12, 2041)
8.33% GOI 2036 (June 07, 2036)
7.40% GOI 2035 (September 09, 2035)
Mutual Funds
Total
Units
Acquisition
cost (In `)
Market value
(In `)
95,438,817
101,096,745
198,000
137,500
125,000
100,000
78,600
80,000
68,500
29,000
18,953,796
14,828,575
12,406,700
9,818,620
8,189,653
8,220,350
6,524,109
3,016,520
20,720,700
15,860,625
13,050,000
9,816,330
8,789,052
8,403,200
7,107,560
3,031,370
20,000
2,016,000
2,171,930
20,000
20,000
18,500
16,000
1,928,583
1,984,302
1,766,170
1,647,365
2,102,200
1,989,990
1,909,385
1,671,200
15,000
1,500,300
1,645,961
10,000
10,000
7,000
1,117,234
938,700
581,840
1,210,237
1,210,237
96,649,054
1,106,000
1,048,105
673,138
1,210,380
1,210,380
102,307,125
712

G Tier II
2.8 Key statistics
Particulars
Year ended
March 31,
2016
Year ended
March 31,
2015

Open
High
Low
End
15.9691
17.0957
15.6686
17.0957
13.2299
16.0098
13.0405
15.9691

End
1,528.23
1,216.15
1,044.13
779.19
8.25%
9.95%
0.0237%
0.0114%
0.0902%
0.0821%
8.22%
9.86%
18.44%
68.07%
7.05%
8.22%
70.96%
67.28%
20.70%
15.72%
59.69%
54.57%

4. Expense ratio
8. Returns: (%)
a. Last one year
Benchmark
b. Since inception
Benchmark
Last 1 year
Last 3 year
Last 5 year
Launch Date
20.52%
7.03%
11.75%
9.29%
9.57%
9.70%
9.53%
9.12%
February 8, 2010
current liability and provisions, if any)/ (no. of units at the valuation date (before
creation/ redemption of units)

G Tier II
Year ended
Year ended
March 31,
March 31,
2016
2015
Particulars

G Tier II
statements and Auditors report of Schemes under National Pension System) Guidelines 2012.
For Ray & Ray


Anil Karnik
Partner
Sandeep Bakhshi
Chairman

Place : Mumbai
Meghana Baji
Date :
Place : Mumbai
Kamal Chaudhry
Sandeep Batra
Director

Annual Report Scheme Financials FY2016

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Annual Report Scheme Financials FY2016

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ICICI PRUDENTIAL PENSION FUNDS

MANAGEMENT COMPANY LIMITED

ANNUAL REPORT 2015-2016

THE TRUST ............................................................................................... 3

PENSION FUND MANAGEMENT COMPANY ............................................ 4

d) INVESTMENT STRUCTURE OF THE COMPANY ........................................ 4

BASIS AND POLICY OF INVESTMENTS ...................................................... 4

ECONOMIC SCENARIO ................................................................................ 5

INVESTMENT OBJECTIVE OF THE SCHEME ................................................ 6

SCHEME PERFORMANCE AND OPERATIONS ............................................. 7

LIABILITIES AND RESPONSIBILITIES OF THE COMPANY ......................... 10

FINANCIAL STATEMENTS OF THE SCHEMES.11

Scheme E Tier I - Equity market instruments

b) Scheme C Tier I - Credit risk bearing fixed income instruments

Scheme G Tier I - Government securities

d) Scheme E Tier II - Equity market instruments

Scheme C Tier II - Credit risk bearing fixed income instruments

Scheme G Tier II - Government securities

Tier I Scheme E - Equity market instruments

1. BACKGROUND OF THE TRUST, SPONSORS AND PENSION FUND

The overall investment strategy is focused on ensuring adequate returns to subscribers

4. INVESTMENT OBJECTIVE OF THE SCHEME

Name of the Scheme

To optimise returns and provide accumulation of

To optimise returns and provide accumulation of

To optimise returns through investment in

To optimise returns and provide accumulation of

To optimise returns and provide accumulation of

5. SCHEME PERFORMANCE AND OPERATIONS

Benchmark Returns (%)2

Benchmark Returns (%)2

FINANCIAL STATEMENTS OF THE SCHEMES

Scheme E Tier I - Equity market instruments

b) Scheme C Tier I - Credit risk bearing fixed income instruments

Scheme G Tier I - Government securities

d) Scheme E Tier II - Equity market instruments

Scheme C Tier II - Credit risk bearing fixed income instruments

Scheme G Tier II - Government securities

Auditors certificate on proxy voting for the year ended

The above certificate is based on examination of relevant information, books and

For Suresh Surana and Associates

Mr. Iqbal Zafar

ICICI Prudential Pension Funds Management

ICICI Prudential Pension Funds Management

Financial Statements together with Auditors

INDEPENDENT AUDITORS' REPORT

NATIONAL PENSION SYSTEM TRUST

This is the Balance Sheet referred to in our report of even date.

For and on behalf of Board of Directors of

Date : April 25, 2016

For and on Behalf of NPS Trust

NATIONAL PENSION SYSTEM TRUST

This is the Revenue Account referred to in our report of even date.

For and on behalf of Board of Directors of

Date : April 25, 2016

For and on Behalf of NPS Trust

NATIONAL PENSION SYSTEM TRUST

Schedule 2: Reserves and surplus

Schedule 3: Current liabilities and provisions

NATIONAL PENSION SYSTEM TRUST

Schedule 6: Other current assets

ICICI Prudential Pension Funds Management Company Limited Scheme E Tier I

ICICI Prudential Pension Funds Management Company Limited Scheme E Tier I

ICICI Prudential Pension Funds Management Company Limited Scheme E Tier I