IPRU

Insights
AN INVESTOR EDUCATION INITIATIVE BY

Issue 06,2020

Understand what
you invest in
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Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
 INDEX
CEO Letter: Understand what you invest in 02

CIO Letter: Do not go overweight on an asset

class solely based on its performance 03

Infograph: Let Your Money Work Harder 04

Checklist : Keys to financial success 05

TAX Corner: Did You Know: Cash transaction

06
restrictions under Income tax laws

Guest column: Get your asset allocation right 08

Quiz : Are You Ready to Test 10

Storyboard: Don't panic amidst the

pandemic, invest more 11

Parenting & Money: How to build an idea of

12
saving among children

Crossword 14

Travel: Exploring Staycation: Vacations for

15
the new normal

Recipe: Akhrot halwa 16

Fitness: Ways to boost your immunity 17

Book Review: ‘Coffee Can Investing - The Low

Risk Road to Stupendous Wealth’ 18

Movie Review: Shakuntala Devi – An Inspiring 19

Watch
Photography: The Basic Tenets and History of 20
Photography

Disclaimer
 CEO Letter

Understand what
you invest in
Mr. Nimesh Shah, MD & CEO, ICICI Prudential AMC

Mutual funds provide a broad spectrum of investment options to the investors, wherein one may choose to invest

-
ments at a later stage.

One may have read the standard investment disclaimer, “mutual fund investments are subject to market risks, read
all scheme related documents carefully.” One can get to know more about the mutual fund scheme one plans to
invest in through the Scheme Information Document (SID), Key Information Memorandum (KIM), and fund
factsheets. One may access all these documents on the website of the mutual fund house and gain more insights
into the mutual fund scheme.

Here are vital parameters one may look for in these documents:
Investment Objective

type of asset class, investing style, etc. and the investors may accordingly choose the mutual fund scheme that

Riskometer
Riskometer is the graphical representation of the broader risk scales for the mutual fund scheme, depending

moderate, moderately high, and high. With information on the risk exposure by investing in the particular

Fund Portfolio
Equity funds are required to disclose their scheme portfolio monthly, while debt funds are required to do that
on a fortnightly basis. One can analyze the fund portfolio to gain a better understanding of the investing strate-

for each instrument along with the portfolio disclosure. Such an analysis particularly assumes importance for
debt funds, as default in even single security may materially impact the overall portfolio performance.

Scheme ratios

such ratios include standard deviation, portfolio beta, average Price / Earnings ratio, average Price / Book Value
ratio, average dividend yield, Sharpe ratio, etc. When it comes to debt funds, the ratios may include average
maturity, average Macaulay duration, average Yield to Maturity (YTM), etc. Such ratios provide objective infor-
mation about the scheme, which can also be used to compare other mutual fund schemes.

One may also sneak through the scheme performance across the market cycles to judge the fund manager’s
-
ing all the critical parameters, instead of following the herd investing strategy.

02 IPRU Insights
 CIO Letter

Do not go overweight on
an asset class solely based
on its performance
Mr. S. Naren, ED & CIO, ICICI Prudential AMC

Emotional investing often impacts the investment journey, as the different emotional biases tend to -
disrupt rational decision making. Investors often get clouded by the recency bias, wherein the recent
scheme performance leads them to believe that such performance will continue in the future. However,
investors must realize that historical performances may or may not sustain in the future. Further, the
scheme performance across a single uptrend or downtrend may not reflect a real picture for the investors
and what should matter more is the scheme performance across the market cycles. The true character of
the mutual fund scheme is tested when things are not going well during the market corrections. Not only
is it essential for the investors to rein over such investing bias, but equally essential for them to diversify the
investment portfolio across different asset classes.

Here are a few investing principles one must continue to consider while making an investment decision:

Asset allocation is the key

Investing across debt, equity, and gold helps the investors to diversify their portfolio and ensure that all
their eggs are not invested in a single basket. Further, the investors must stay invested in different asset
classes as no single asset class has been a winner consistently. It also enables the investors to participate in
the market uptrend as and when it happens. Such portfolio diversification also mitigates the investment -
risks to some extent, as underperformance of a single asset class may be compensated by the rally in the
other asset class.

Invest where you are comfortable investing

When the markets are rising, many new market trends come into the picture. While such trends may seem
exciting during the rising markets, a meaningful correction in such trends during the downfall may not be
desirable. One should always invest in such investment products which one understands better and is
comfortable investing in. The recent outperformance by several investment segments viz. gilt funds, gold,
international funds may pull the investors towards them. Still, if the investors do not understand the
associated risks, it is equally dangerous to invest at high valuation levels.

Investing discipline matters

-
No matter what the market valuations are, it always pays for the investors to invest consistently, instead of
waiting to time the market. Investing in mutual funds through SIPs helps the investors to eliminate the
timing bias and instead invest across the market movements. It also helps the investors to average their
investment costs over a period. Investing in a disciplined manner enables the investors to accumulate a
healthy investment corpus over the period, and timely achieve their financial goals.

Instead of getting shadowed by the recent market performance, the investors should make a rational
investing decision and maintain an optimal asset allocation across their investment portfolio.

03 IPRU Insights
 Infograph

LET YOUR MONEY WORK HARDER

INVESTING CAN HELP YOU INCREASE YOUR EARNING CAPACITY.

REMEMBER:

VS
putting your Directing your money
money away to suitable investment
in traditional solutions, that may help
saving make your dreams a
instruments reality

SAVING INVESTMENT

Benefits of INVESTING
MANGE INFLATION
Returns earned from your
investments can enable you to
manage your inflation-related
financial burden better.
CREATE FINANCIAL STABILITY
Investing, no matter how small you
begin, provides financial stability, as
it creates wealth that can be used for
your planned/unplanned financial
goals.

MANGE PERSONAL FINANICAL CRISIS ENJOY ADDITIONAL INCOME

Personal emergencies sometimes
cause financial stress. An emergency
fund can help manage some of your
financial stress.
EMERGENY FUND = A HIGHLY LIQUID
INVESTMENT SOLUTION TO WITHDRAW WHEN
REUIRED
Interest, dividends, bonus, capital
gain,etc can be additional income to
be used during a financial
emergency or for managing inflation
or for creating weath

FULLFILL FINANCIAL DREAMS

Interest, big or small, made over a

period of time can help you buy that
dream car, fancy gadget or take that
international holiday.

04 IPRU Insights
 Checklist

Goal
Keys to planning and
its importance
Financial Success
It always feels impossible till it is actually achieved. To achieve financial success in your life, one
needs to stay focus on the prudent money mantras and stay disciplined.

Here are the five keys to financial success:

Know your income and expenses 1

• It is always good to stay informed about your income and expenses.
• Helps you to be realistic about the financial plans.
• Also enables budgeting for the expenses.

Make a financial plan with the help of a financial advisor 2

It is said, "failing to plan is planning to fail".
A financial advisor can help you chalk out a prudent financial plan to timely achieve the goals.
Financial Plan should be aligned with your risk profile and financial goals.

Transition from saving to investing via SIP 3

Over time, money loses its purchasing power due to inflation.
Financial planning is not about only saving, but also investing it in growth-oriented products.
SIP allows you to make consistent investments.

Pay off any high interest debts 4

High cost debts often drain your savings.
One should get rid of high interest debts at the earliest.
Any investment decision earlning lower than such interest is a bad decision.

Get the required insurance cover 5

Insurance is a cover towards life contingencies.
It provides a financial cushion to the family and dependents in case of an untimely eventuality.
One should have a sufficient insurance cover commensurate to the financial requirements.

One should be patient in the investing journey in pursuit of financial success. After all, it is
often the last key in the bunch that opens the lock.

05 IPRU Insights
 Tax Corner

Did You Know: Cash transaction

restrictions under Income Tax laws.
Tax Expert & Chief Editor Mr.Balwant Jain

In order to check use and circulation of black money, successive governments have been putting more and
more restriction on cash transactions. This article deals with such restrictions under Income Tax Laws.

Disallowance of business expenses if paid in cash

For those engaged in business or carrying on a profession, you cannot claim any expenditure beyond Rs.
10,000/- if paid for in cash to a person on a single day. For payments made to a transporter, the threshold for
such disallowance is higher at Rs. 35,000/-. This threshold is applicable not only for revenue expenditures
but also for payments made for acquisition of any fixed asset. So, effectively, in case this rule is contravened
while paying for any fixed asset, you will not be able to capitalise that expenditure and will not be able to
claim depreciation on such amount paid in cash.

Deduction from total income not available if the amount is paid in cash

The tax laws allow you deduction for certain payments only if the same have been made otherwise than by
cash.

In respect of health insurance premium deduction under Section 80 D is available only if it has been paid
otherwise than cash. However you can claim deduction upto Rs. 5,000/- for your family and your parents
each for cash paid for preventive health check up. Even for senior citizens who do not have health insurance
policy and who can claim for day today medical expenses, these restrictions will apply. So even for medicine
of small amount bought in cash, deduction under Section 80D will not be available.

For cash donations, you can claim the deduction under Section 80G only if the amount of each donation
does not exceed Rs. 2,000/-. For donations made beyond this threshold no deduction is available unless it is
made in cash.

Restrictions on acceptance and repayment of loan

Not only for payment of expenses but the tax laws also have restriction on acceptance and repayment of
loan beyond Rs. 20,000/-. If you accept or repay any loan, in contravention of the law, the tax department can
levy a penalty equal to the amount of loan so accepted or repaid in cash. It is worthwhile to appreciate that

06 IPRU Insights
 Tax Corner

the this threshold of Rs. 20,000/- is not considered with respect to each transaction of loan but will apply to
each acceptance which will result into making the balance in the loan account exceed Rs. 20,000/ or for each
repayment of any loan if the balance exceeds Rs. 20,000/- at the time of such repayment, irrespective of the
amount of the individual transaction. There are certain exception to this rule like your transaction with
banks, government, Government Company or corporation and other entities as specified by government. So
in case you pay your home loan EMIs in y cash, this punitive provisions does not apply.

Restrictions on receipt of cash by any person

In order to put check on use of cash in high value transactions, the government introduced Section 269ST in
2017 which has put a blanket ban on acceptance of cash beyond 2 lakhs by any person. It is for each
occasion like marriage, birthday party etc. or for each transaction like sale of gold, immovable property,
holiday package, renovation/furnishing of property etc. for which this restriction will apply. It may happen
that the payer does not claim tax deduction for it.

Unlike business expenditure here the restriction is all pervasive for the whole transaction as a whole and not
necessarily for payment in a single day. For example a caterer cannot accept two lakhs or more in aggregate
for marriage reception form a single payer, whethercan on apply lessons
a single day orfrom Union
spread Budget-making
over many days. to your
Law,
generally, does have any restrictions for payment of cashownfor finances.
transaction of jewellery or immovable property
etc. but if the value of a single transaction is more than two lakhs, then seller is prohibited from accepting
Creating a household budget
more than two lakhs in cash towards such transactions. Even one cannot accept gift in cash beyond two
lakhs on one occasion from a single donor. Those who At accept cash beyondpreparations
the government, two lakhs, inforcontravention of
the Union Budget
exercise
this provision, can be subjected to a penalty equal to cash in February
received if the same usually begin many months in
is detected.
advance. The process kicks off with all the Ministries
under the government being asked to present their
It is interesting to note that the payer does not have responsibility under these provisions.
‘Demands for Grants’ to the Centre. Demands for Grants
The writer is a tax and investment consultant and can be arereached
the listson
of jainbalwant@gmail.com
expenses for the upcoming year broken
down into individual heads.

In the December 2019 issue of I-Pru Insights, we took A ‘demand for grants’ can be a good starting point for
you on a quick walk-through of the ten unmissable steps your household budget too, though you would need it
you need to take to create wealth through financial with a monthly and not yearly frequency. Get the
planning. This month, we kick off a more leisurely members of your household to list down all the
journey through each of those ten steps. Here’s the first expenses that they expect to incur in the coming month,
one on budget-making. 3 months, 6 months and 1 year. When doing this, don’t
stick only to the spending on products, include services
Come February 1, most of the financial press change too. An urban family in India today spends far more on
tuning into, dissecting and analysing the Union Budget intangible services such as mobile data bills, Swiggying,
for 2020-21 presented by the Finance Minister. Now, if Uber and Ola rides and streaming content than it does on
the Indian Government which rakes in Rs 20 lakh crore in roti kapda makaan. To be sure you’re not missing out on
revenues every year, accesses market borrowings on tap big items, collect all your family’s monthly bills – Kirana
and has money-printing powers needs to prepare a store bills, utility bills and credit card statements for a
Budget every year, shouldn’t you be doing it too? You month before you start on the budget.
should.
You can then get down to classifying these expenses
But not everything the all-powerful Government does into absolute essentials, indulgences and luxuries.
can apply to your personal budget. So, here’s how you House rent payments, conveyance, school fees, medical

07 IPRU Insights
 Guest Column
Get your asset allocation right
Invite queries from retail investors on any platform today
and most of the questions that pop up tend to be on the
following lines.
“After the SEBI circular, which small-cap funds should I
buy?”
“My debt funds are giving low returns. Shall I switch the
money into Gold ETFs?”
“With bank deposit rates at 5-5.5%, should I start investing
in equity SIPs?”
Questions such as these tell us that the investors asking
them do not realise the importance of asset allocation in
their portfolios. Academic studies stress that your asset
allocation – how to divide your portfolio between stocks,
bonds, fixed deposits, liquid instruments, gold, real estate
and the rest - is one of the most important decisions you’ll
make in financial planning. Yet most investors obsess
about what stocks or MFs to buy, with barely a thought to
asset allocation.
Why asset allocation is important
Starting off with a well-thought asset allocation plan is
critical to reaching your destination in the financial planning
journey. Here are the four reasons why you need an asset
allocation plan.
Match portfolio to risk profile
When buying an asset, evaluating if it suits your risk appe-
tite is one of the first principles of investing. But most of us
tend to over-estimate our risk appetite when market condi-
tions for an asset are favourable and under-estimate it
when the conditions turn hostile. Ask any investor if he has
a stomach for big equity declines in a bull market and he’ll
probably reply in affirmative. But the moment the markets
turn choppy, he is found to be anxiously checking on the
erosion in his portfolio value daily! Crafting a proper asset
allocation plan helps you assess your ability to bear risk
more objectively without being swayed too much by what’s
happening in the market.
Avoid the emotional rollercoaster
Even if you aren’t prone to jumping in and out of invest-
ments, the ups and downs in market-linked assets can put
you on the tenterhooks if you aren’t working to an asset
allocation plan. A judicious plan that divides your net worth
08
Aarati Krishnan
between different asset classes ensures that you don’t lose
too much sleep when one asset class, say equity, turns
very volatile or a debt funds suffering a NAV blip from an
upward trend in rates.
Smooth out returns
An important function of a good asset allocation plan is to
reduce drawdowns in your portfolio when bad times buffet
an asset class. It is inbuilt into the human psyche to worry
over losses more than you rejoice over profits. A good
asset allocation plan factors in the probability of losses
across all the assets you own and makes sure that your
investment journey is smoother by taking on appropriate
weights in each asset. Of course, a good asset allocation
plan also means giving up on outsized returns when an
asset class is bust heading north on the returns front.
Avoid return-chasing
One of the big temptations that successful investors need
to fight off all the time, is chasing assets that have deliv-
ered great performance in the recent past and ignoring
those that are out-of-favour. One has heard of investors
who bet their shirt on tech stocks during the dotcom boom
of 1999-2000 and again bet their house on infrastructure
and real estate plays in 2008, only to lose both. Working to
a fixed asset allocation plan prevents us from taking
all-or-nothing bets on super-heated assets at any given
point in time, saving us from downside when that asset or
product enters a downcycle.
So, how do you go about drawing up such a plan? Here are
a few tips.
The approaches
Once you’ve taken stock of your age, risk appetite and other
factors mentioned above, here are a few approaches you
can take to mapping out your asset allocation plan.
Goal-based approach
In our earlier articles in this series, we’ve talked about how
investors can map out their financial goals in consultation
with their family while assigning timelines to each goal. If
you’re essentially undecided between how much to
allocate to various asset classes, then timelines for each of
your financial goals can help you make this decision easily.
IPRU Insights
 Guest Column
Get your asset allocation right
For goals < 3 years: 100% in bank FDs/liquid/short term
debt funds
For 3-5 year goals: 100% in short term debt funds/bank
FDs/ bonds/small savings schemes
For 5-7 year goals: 75-85% in debt, rest in equity
For goals >7 years: 60-70% in large-cap equity/index funds,
rest in debt
For goals >10 years: 70-80% in equity, with some mid/small
cap allocation, rest in debt
Risk-based approach
A simple way to assess risk is by evaluating your ability to
take losses on your portfolio. That could be a good decider
of how much of your portfolio to allocate to risky versus
safe assets. For example, assume that you have Rs 30 lakh
to invest and the equity markets can go down by 50% next
year. Now, in this bleak scenario, a 20% equity allocation in
your portfolio will mean losing Rs 3.25 lakh, a 50% equity
allocation will mean a loss of Rs 15 lakh and a 70% equity
allocation will mean losing Rs 10.5 lakh. If the thought of a
Rs 10.5 lakh dent to your portfolio makes you nervous, you
should obviously settle for a lower equity allocation.
09
Aarati Krishnan
Steady state or dynamic: Apart from considering your hold-
ing period and risk appetite, you may also want to decide if
you would like to stick to a fixed allocation or a flexible
(dynamic) one that adjusts to market conditions. In
steady-state allocation, you decide on a fixed ratio based
on your risk/goals and stick to it. You rebalance at periodic
intervals to ensure that your asset allocation remains in
steady state.
In dynamic allocation, which is used by more sophisticated
investors, there is an attempt to alter weights in favour of
assets that look attractive from a risk-return perspective
and reduce weights to those that are unattractive. In India,
mutual funds have experimented with various market
metrics such as Nifty/Nifty 500 price earnings ratio, price
to book value, market cap to GDP etc to construct dynamic
asset allocation models. It is difficult to say which of these
will work across all market conditions. Therefore it is best
to use a combination of these factors, apart from your own
risk appetite and holding periods, to arrive at the right asset
allocation plan for an individual investor.
IPRU Insights
 Quiz

Are You Ready to Test Yourself ?

Q1. The revised asset allocation Q2. A large-cap fund can only Q3. Debt funds are required to
pattern for multi-cap funds is invest in the stocks comprising disclose their portfolio on a
applicable from 1st October the Nifty50 index. monthly basis.
2020.
A. True A. True
A. True B. False B. False
B. False

Q5. Investment in ELSS funds Q6. With effect from 1st January 2021,
Q4. Which of these funds carries all investment transactions will be
during April-July 2020 cannot
the lowest interest rate risk? effected on the date the money is
be claimed as tax deduction
received by the mutual fund house
A. Liquid Funds under Section 80C for FY
before the cut-off time.
2020-21.
B. Gilt funds
A. True A. True
C. Overnight funds
B. False B. False
D. Credit Risk Fund

Q7. International funds are taxed Q8. ELSS investments can be Q9. For classification of mutual funds
as non-equity oriented funds. continued beyond the lock-in schemes as equity-oriented schemes,
period of 3 years. the threshold limit for a minimum
A. True investment in equities and
B. False A. True equity-related instruments is _____.
B. False
A. 51%
Q10. Capital-Protection oriented B. 65%
schemes only invest in debt C. 75%
securities. D. 80%
A. True
B. False
Answers: Q1:B, Q2:B, Q3:B, Q4:C, Q5:B, Q6:A, Q7:A, Q8:A, Q9:B, Q10:B

10 IPRU Insights
 Storyboard

Don't panic amidst the

pandemic, invest more
Maybe we should withdraw our
This Covid era has Have you read the newspaper? investments and consider pausing
driven me crazy. SIPs. These are crazy times.
Yes, the cases are going up
and markets are going low. I understand your dilemma, you
What want to keep money with
happened, yourself as much as you can.
brother?
Exactly

We are just lucky

to have stable
finances right now.

Yes because the

Mutual Funds aren't The market will
doing well and we rise again, you
have been losing should just
money faster than continue your
before. SIPs. Why not? The market has
fallen. You will get more
number of units in the same
amount and that means when
Why ? the trades start resuming
back, your profits will be
much more.

So if the market is so cheap right now, why

don't we just invest lumpsum then! No problem, family has to
be there by your side even
SIPs give you a benefit of Okay, now I get it. when you get "crazy ideas".
compounding over long term. Thanks.

Mukesh laughs and leaves

11 IPRU Insights
 Parenting & Money

How to build an idea of saving

among children
Author: Lisa Pallavi Barbora

Sometime last year, my kids got it in their heads to have a particular kind of bicycle. Cycling is a
great activity for young kids; while I’d be happy to replace their smaller cycles with more age
appropriate ones, this demand seemed to be more a whim based on what their friend(s) had rather
than a genuine desire to engage regularly in this exhilarating activity.

After some thought, it was decided that the kids would buy their bicycles from the saved-up
birthday and allowance money. Immediately, the piggy bank was emptied, some quick calculations
later, they realised that after spending on the cycles they would still have a substantial amount
leftover, the deal was sealed. They bought cycles with their saved-up allowances, a win-win for us
and them.

Clearly, the reason this was possible is because they had some savings. This is not just savings from
the last one or two months of allowance, rather it was money they had saved up for over a year.
Some of this happens automatically as they don’t need to spend on many things, but there is also
this deliberate conversation discouraging them to spend all their allowance on needless junk which
looks attractive but serves little value.

Understanding the value of money

Starting a monthly allowance early in your child’s life will help bring in the concept that money is
not just something we have, rather it carries value. Allowances can also make children responsible
about spending money. You could start small and build it up over time as needs evolve and children
grow up.

Saving for a rainy day is an old saying but the relevance of it can be felt profoundly even today. The
earlier in life children learn this lesson, the better it will be for their adult life. It can’t be all saving or
all spending, there has to be a balance. To keep that fire burning, make sure you don’t end up
buying all that your child desires in the meantime. Nudging your child to wait, save up and buy will
ensure that delayed gratification brings more value to the purchase.

The temptation of now

This is easier said than done. In today’s world of forever access, even adults seek instant
gratification. Moulding children to understand that patience can bear fruits is not an easy task. One
way to delay an impulsive spend, even if it is coming from saved up money, is to encourage your
child to do comparative research about the toy or gadget they want to buy. You could help out too.

The content of this page does not form part of Investor awareness initiative.

12 IPRU Insights
 Parenting & Money

How to build an idea of saving

among children
Author: Lisa Pallavi Barbora

In this process they will find alternatives to what they wanted to buy which will either be cheaper or
more exciting, thus opening their mind up to the concept of making wise money decisions. Plus,
they may find a completely separate item which is also in their wish list. With limited allowance,
they will now have to make a choice of what to buy first and what to save up for. Overtime, the
temptation towards immediate gratification will reduce and the understanding that saving and
prudent decision making helps in utilising money better will start to form in their minds.

How to build the idea of saving

To build the idea that saving allowance is beneficial, you must encourage your children to have
repeated conversations around money and its utility. Open, honest conversations will help them
see that even adults work hard and save some of what they earn. For younger kids a piggy bank is
good enough to make a habit of saving money physically and you could even have two piggy banks
– one for saving and one for spending. Having two separate piggy banks enforces the concept of
saving right from the start. Eventually, spending their saved-up money on something they desire
will make them happy. This is a positive association with the discipline of saving and delaying
gratification.

What if your child is unwilling to listen and just wants to go ahead and do what they wish? After all
children will not always behave reasonably. At such times, it is important for parents to be tough
and either ignore or dictate over irrational behaviour. They may feel cheated at that moment but
they will see the benefits later.

Whatever way you adopt to do this, encouraging your child to save for later is a crucial part of their
upbringing. There is no substitute for saving money. Don’t shy away from extending an allowance

The content of this page does not form part of Investor awareness initiative.

13 IPRU Insights
 Crossword

1 2 3 4 5 6 7 8 9 10

S A N D A L W O O D

HORIZONTAL
If Bollywood is the Hindi cinema industry, ______________ is the Kannada movie industry.

VERTICAL
1) This Company, also the Registrar & Transfer Agent for ICICI Prudential Mutual Fund, came up with
its IPO recently.
2) This group has taken over the control of Mumbai Airport from GVK group.
3) This is an international network of investment managers committing themselves towards specific
principles for sustainable future.
4) The Managing Director of ____ Bank superannuated in October 2020 after heading it for 25 years.
5) First name of the author of ‘The Coalition Years’.
6) The cartoon strip ‘Chacha Chaudhary’ was created first time for ___________ magazine in 1969.
7) This is the name of school of Harry Potter.
8) A company is called a Unicorn, once its valuation crosses USD 1 billion. However, companies with
valuation higher than USD 10 billion are referred to as __________.
9) She was born as Nirmala Nagpal, the World knows her better as _______ Khan.
10) Qantas Airlines launched a 10-hour flight to nowhere in September 2020 taking off and landing
from this city in Australia.

Take a picture of the solved crossword , and mail it to jinsy_mathew@icicipruamc.com to win a

prize! You could also write to find out the correct answer.
The winners of this crossword will receive a copy of an interesting bestseller !

14
06 IPRU Insights
 Travel

Exploring Staycation: Vacations for the new normal

By Juhi Kapoor
For a while now, vacations have been on a standstill, courtesy the pandemic that we’ve been stuck in.
None the less, one does not have to deprive themselves of the luxuries that we enjoy during a vacation
by turning our homestay into one. Therefore, staycation! Vacationing while staying at home, or inside the
home state/country and exploring the city and nearby areas around you!

While it is what the new normal looks like for a while

now, it is also budget friendly but with the luxuries
of a vacation. However, it is still important to plan a
staycation, much like you would otherwise, in order
for it to be just as perfect as we’d like it to be.

You can start off by looking up places nearby on a

map, and also read about it on blogs and experience
of other people. What this does is allow you to
understand the place from the tourist’s point of view
and give you a better chance to explore. You could
also buy a guidebook that lets you understand the
area better and zero down on your activities.

Here are some points to remember to make your staycation a memorable one:
Behave like you would if you were touring around and don’t just read up, but also experience the city
like a tourist. It enables you to understand the place better and enjoy better.

Find localites as well as explorers and engage in conversation which enables you to know things while
also tell them things you know.

Go on foot, and avoid vehicles to every place you go.

Find out hidden gems and read up about them, even if it is just a picnic to a place nearby, or extended
outskirts of the city.

Make a list of places you’ve only heard and read about but always wanted to visit. This is the time to
indulge in those ‘we should go there’ places but never go.

You can join tour groups and have a guide, who while imparts information, but also allows you to
discover things your way but in an organized manner.

You can also opt for virtual tours of places, for they make up for a comfortable staycation while also
letting you visit a new place in its own sense!

Eat good food at the places that are considered of importance for their culture, the historic significance.

Include your hobbies and other activities you like as a part of the tours you take. If these are tours for
over a day, you can balance fun and relaxing on the vacay!

You can always opt for resorts and hotels in your city itself and take some time off, go on a romantic
dinner, dance to some music, and sleep off bingeing onto movies and shows. (you can look up for
unique places that hold certain significance to make your experience better)

Don’t forget to click photos and carry a camera wherever you go! Memories are always important, and
these will count!

The idea is to explore your hometown like a traveller, but also stay in touch with the feeling of home!

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15 IPRU Insights
 Recipe

Akhrot Halwa
By Darshini Bhuta

Preparation time – 15 mins

Cooking time – 40 mins
Total Time – 55 mins
Recipe for 4 people

First thing which comes to mind after listening Ingredients:

to walnuts is that they are good for the brain.
Walnuts are also an excellent source of Omega 250 grams Mawa/Khoya
3, Fatty Acids and are rich in Antioxidants. 1 tablespoon ghee
Over all walnut halwa is very nutritious. It is
250 grams walnuts cut into very
made like any other halwa, here it is made small pieces
with crushed walnuts and grated fresh
½ freshly grated coconut
coconuts. You can make it for different
occasions or festivals and serve it as a dessert
250ml whole fat milk
or a gift for near and dear ones. 125 grams sugar

Method:
Now add milk and stir until the mixture
Grate the mawa and sauté it in pan with 1 thickens
tablespoon ghee for 2 mins till it turns pink
Now add sugar and stir it well. Make sure not
Add freshly grated coconut and small pieces to dry the mixture and do not let it burn
of walnut
Plate the halwa and decorate with walnuts
Now stir the mixture for 2-3 mins
Akhrot halwa is now ready to serve
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16 IPRU Insights
 Fitness

Ways to boost your immunity

By Juhi Kapoor

Given the volatile times that we are all living in, it is extremely important to strengthen our immu-
nity system. While there are ample of ways to do so, some natural methods always go a long way
and enable individuals to lead a healthier life, even later.

Consume a balanced diet Sufficient sleep

What you eat plays an important role in
maintaining your immunity and hence, it is
important to have a well-balanced diet. It is
through the food that we eat that the body
receives the important nutrients. For the same,
eating plant-based foods are essential to help
the immune system function properly. Various
foods have antiviral and antimicrobial
properties and are hence essential for the
system.
Drink fluids
Water is important and as it helps us stay
hydrated, it is adviced to consume at least 6-8
glasses of water every day. In order to ensure
that the count is kept up with, start off the day
with a glass of water as it is easy to do it.
Among other things, consume non-caffeinated
water based fluids to keep up with the intake.
We all need to rejuvenate and sleep enables
us to do so effectively. While asleep, your
body produces cytokines and T-cells, among
others, and these are all key to your immunity.
Hence, it is important to have adequate sleep
patterns and ensure smooth functioning.
While these things feel simple, they often feel
overwhelming to follow every day. None the
less, it is always good to stay healthy, while
also staying fit. These methods will enable
you to do both things, while also boost your
immunity!

Stay fit
Incorporating exercise into your daily routine
is extremely important as it helps you stay fit
while also keeping heart diseases, blood
pressure issues, and others, in control. Apart
from the health benefits, it also enables blood
circulation, which in turn enables the immune
system to function efficiently.

Keep a check over your stress levels

Stress drains your ability to stay strong. If you
have big or little stressors daily, your system
is constantly pushed to overcome that stress.
One way I de-stress is by giving myself time
for "self-care." This means different things for
different people, but essentially it's doing
things that "refill your tank." I like to read a
good book, get a massage or exercise. Even
singing or prayer can lift me up.

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17 IPRU Insights
 Book Review

‘Coffee Can Investing - The Low Risk

Road to Stupendous Wealth’
(Author: Saurabh Mukherjea)

by Juhi Kapoor

Warren Buffet once said, “I will never invest in a company, where I am not comfortable investing,
even if the stock markets would shut down for ten years from now.” Amidst the volatile market con-
ditions, such quotes may not seem relevant, but indeed have several success stories hidden
between them. Staying patient in the investment journey is an essential ingredient in the recipe for
financial success. This book by Saurabh Mukherjea aims to hit the bull's eye on this.

While the love of Indians towards physical assets, viz. gold, and real estate, is well known, this book
talks a different route altogether. It focuses on equities as the investment vehicle towards financial
prosperity. At the same time, it also does well about keep the return expectations reasonable and
not consider the equity markets as ‘grow rich soon’ investment products.

After ‘Unusual Billionaires’, this has been the second book by Saurabh Mukherjea. He has a knack
of simplifying the technical concepts for his readers, and he has followed the tradition with this
book. He is an ardent follower of the compounding concept, and the concept of coffee can invest-
ing going well with his investment principles served as an icing on the cake. The book focuses on
increasing the financial literacy quotient for the readers, helping them take the first step towards
investing, instead of making them climb on to the advanced level in investing.

Coffee Can investing is all about the investing approach to investing in fundamentally strong stocks
with a longer investment horizon. With the extended holding period, one can reap the benefits of
the power of compounding effectively. The book starts with a comparison of two individuals who
are poles apart in the prudent investing strategies. However, it uses such analogies to help the
readers lucidly understand the financial concepts. The book stays focused on the simplicity in
explaining the investing concepts and provides interesting insights for investors, especially ones
who have recently started investing into markets. Further, the book presents the investment
approaches duly backed with data, thereby lending a sense of authenticity to the investing con-
cepts discussed within.

The author has done a remarkable job in making it crispy with the golden investing principles artic-
ulated in approximately 200 pages. The book can help the readers gain fundamental understanding
of the markets and attracting them to invest prudently for long term wealth creation. Focused on
long-term investing, the book encourages the investors to maintain a concentrated portfolio of
strong companies with a proven track record of performances for a reasonably extended period.
With key investing principles for the beginners, this book can help them lay a strong foundation for
their prosperous financial future. It is often said, “well begun is half job done.” Once you have read
this book, taking the first step with confidence becomes easy, making it a great start to your invest-
ing journey.

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18 IPRU Insights
 Movie Review

SHAKUNTALA DEVI
AN INSPIRING WATCH
Streaming on: Amazon Prime Video
Directed: Anu Menon
Cast: Vidya Balan, Jisshu Sengupta, Luca
Calvani, Sanya Malhotra and Amit Sadh

Rating:
Emotions – Heartfelt, Touching, Inspiring and
Humorous

Review:
Shakuntala Devi movie is just not about the famous math-
ematician who is also known as the ‘Human computer’
but also about the mother that she is. The movie is drawn
from real life and the opening disclaimer states that it is By Darshini Bhuta
"inspired by true events but does not claim to be a docu-
one’s face.
mentary/biography on any character depicted", with later
text on screen adding that it is "based on a true story as
This eponymous film captures the
seen through the eyes of a daughter, Anupama Banerji".
enigma who lived her life on her own
terms, whether it was her diatribe
The movie opens by displaying a young Shakuntala Devi's
against her father in her childhood or
prodigal math skills and how she develops a bitter rela-
choosing her career and self fulfilment
tionship with her father and mother over time. It shows
over being an acquiescent wife or omni-
how ambitious, confident and ahead of her time Shakun-
present mother. Shakuntala Devi cele-
tala Devi was. She moves to London and her math skills
brated life and lived it to the fullest. A
make her confident and independent lady with a good
multi-faceted personality that she was,
sense of humor. She does what the movie calls “Math
she never stopped at being the human
Shows” which takes her all over the world. However, it
computer but also became an astrolo-
also makes it difficult for her to settle down at one place
ger, a writer and a business woman.
with most of her romantic partners.
Vidya Balan essays the title role of
She tries to approach life as normal person by settling
Shakuntala Devi with great charm,
down with a husband and a child but soon realizes that
vibrancy and perfect sense of humor. It
she cannot live without her career and she travels all over
is one of the best performance of her
the world with her little daughter, who yearns for a normal
career. She is well supported by the
life and holds a grudge against Shakuntala for not being
other cast members. The music sup-
‘normal’. Shakuntala’s and her daughter’s relationship
ports the movie in going forward.
turns bitter due to this reason.
The movie is a family entertainer, a must
The movie is a joy to watch and is heart touching just at
watch and is streaming on Amazon
the right places. Shakuntala’s character is inspiring,
Prime Video.
vibrant, humorous and independent and brings a smile to
The content of this page does not form part of Investor awareness initiative.

19 IPRU Insights
 Photography

The Basic Tenets and

History of Photography
About 180 years ago, photography began in
France when Joseph Nicephore Niepce used a
portable camera and captured photographs on
plates with the help of some chemicals. Howev-
er, these images were not that clear, at least
initially.

Building on this success, in 1880, a company by the name Kodak started making disposable
camera and roll films. Photographers would shoot the pictures and they would then send the
cameras back to Kodak in order to develop the film roll and make the prints. It was a good experi-
ment and with time more and more individuals started taking interests in photography.

Before photography, information was relayed primarily through written words, or by illustrations
and paintings. The advent of photography helped a person to capture what he saw. Thus a photo-
graph could tell stories and provide evidence at the same time. Around 1930, photographers
started using 35mm cameras and mostly they used to shoot portraits. Photojournalists started
using the 35mm cameras during the World War II, capturing evidence in the war. This emerged as
the true power of photography. Those war pictures printed in the newspapers helped the media
companies to sell more and more, as people liked reading war news with visuals. All these
pictures were in black and white and were shot with box cameras or range finder cameras. At that
time there was no technical knowledge about colour photography and Single Lens Reflex (SLR)
cameras until 1950.

Around 1950s, Japan introduced Pentax and Nikon Company which went on to launch Nikon
--SLR cameras successfully. With the advent of SLR camera, people started taking more and more
interests in photography as many interchangeable lens - wide angle lens, tele lens - were availa-
ble. Once these took wind, auto focus cameras came by for casual photographers. As people
started travelling, photography gained prominence.

Following the success of these companies, Kodak introduced its first digital camera for profes-
sionals in 1991. Other camera companies too followed and produced advanced digital cameras.
This led to a revolution in photography. Because of all these developments, companies producing
manual cameras, film rolls, chemicals and papers became obsolete and had to go out of busi-
ness. As digital photography became mainstay, along came Photoshop – a program to edit
pictures manually.

Today, various kinds of cameras are made available by different companies which could be DSLR,
Medium Format or Large Format (mostly used by professionals in advertising) in nature. Today,
the camera for colour photography and black and white photography are the same. One has the
freedom to operate the device manually or on auto and the luxury of viewing the work instantly.
This ensures that one gets the opportunity to correct any error immediately.

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20 IPRU Insights
 Photography

Personally, I am fascinated by black and white era photography. As a print media photographer,
we used black and white roll film for our work and the excitement about the photos clicked would
last till the time rolls are developed manually in our darkrooms. We could judge our work only
after the rolls were developed. There was a certain element of suspense and dread as would
never know till then if we made a mistake while shooting. With digital cameras, that thrill and
excitement is no longer existent. So, it is no surprise that today black and white photographs are
regarded as art!

Photographers must understand that photography is a method of recording the image of an

object through the action of light on a light sensitive material like film rolls or memory cards (used
in digital cameras). The aim here is that the pictures should be able to touch the viewer’s heart.
It should have an emotional impact. A standalone picture or a series of pictured should be able to
communicate a story. The photography the objective is to capture the essence of human life be it
through moments, objects, moods etc. And in order to achieve this one should develop the art
of seeing through a camera view finder.

Basis Tenets of Photography

Light: Light (natural/artificial) is the raw material of

photography, so pay close attention to its quality.
Without light there is no photography. Artificial lights
which tend to be harsh are generally used indoors
by professionals, in combination with photography
umbrellas in order to soften light. Natural light tends
to be soft during morning and evening but harsh
during noon. If the weather is cloudy, even the after-
noon noon light becomes soft. Some of the best
photographs are shot during early morning or just
before sunset. These times are considered as the
golden hour in photography.

Focus: Learning techniques of focus and

correct exposure is a must for any pho-
tographer. This art is generally developed
over a period of time, through trial and
error. It is imperative to focus on the sub-
ject to get sharp pictures. Having a steady
hand which clicking is another necessity,
otherwise the quality of the photo will be
impacted. When it comes to portrait pho-
tography, focus on the subject’s eyes.

The copyright of the photographs used in this article belong to the author.
The content of this page does not form part of Investor awareness initiative.

21 IPRU Insights
 Photography

Timing: The aim of a pho-

tographer should be to cap-
ture moments of any event,
be it happiness or tragedy.
For example: If there is a
fire breakout, the action
here is the fire brigade per-
sons trying their best to
control fire. At horse racing,
a jokey astride a horse
reaching first at the finish-
ing line is the action.

Camera settings: One of the most under-

stated activities is the process of reading
camera manual and understanding a
camera properly. A proper balance of
aperture, shutter speed and ISO leads to
a beautiful image. Mastery of these three
elements is a must to be a good pho-
tographer. In the beginning, start with
auto mode while learning to compose a
picture. Once that is achieved, move to
manual mode, and keep changing these
three settings and watch the difference it
makes to an image. Always look for
balance and simplicity. It is only when
shooting pictures every day, one gets to
learn faster.

Learn basic post-processing: Digital

photos can be edited with the help of
Photoshop. As a photographer, it is
important to be well versed with the
basics of editing tools such as sharpen-
ing, composing and colour correction in
order to add shine to the final output.
This may be time consuming but it is best
if the editing work is done by the pho-
tographer itself rather than outsourcing,
as the entire process is immensely grati-
fying.

About the Author: With over three decades of experience, Nalin Solanki is a professional pho-
tographer. He spent a significant part of his career with The Economic Times, spanning over two
decades.
The copyright of the photographs used in this article belong to the author.
The content of this page does not form part of Investor awareness initiative.

22 IPRU Insights
 Disclaimer

Know Your Customer (KYC)

To invest in Mutual Funds, you will need to complete your Know Your Customer (KYC) require-
ments. You can do so by visiting any AMC branch or nearest Point of Service and submitting the
completed KYC Form along with all the required self-attested documents.

Individual investors would be required to submit the following documents –

• A recent passport sized Photograph

• A Proof of identity – A copy of your PAN card
• A Proof of Address – A copy of your Voter ID card, Passport or Driving License

If you are already KYC Verified and would like to update any of your information, you can submit
a completed KYC Details Change Form with the required self-attested documents at your nearest
AMC branch or Point of Service.

SEBI registered Mutual Funds

We advise investors to make informed decisions and are cautioned to invest only with SEBI reg-
istered Mutual Funds. List of Registered Mutual Funds is available at
https://www.sebi.gov.in/intermediaries.html

Complaint Redressal

For any queries, complaints & grievance redressal you can reach out to us at enquiry@iciciprua-
mc.com or call us on 1800222999.

If you are unsatisfied with the resolution or wish to escalate the matter, you may write to Investor
Service Officer at servicehead@icicipruamc.com. For this purpose, Mr. Rajneesh Dwivedi is the
Investor Relations Officer of the Mutual Fund. He can be contacted at 2nd Floor, Block B-2, Nirlon
Knowledge Park, Western Express Highway, Goregaon (East), Mumbai – 400 063. Tel
No.:022-2685 2000, FAX No.: 022 -2686 8313.

In case the investor is not satisfied with the resolution given by AMC, he can approach SEBI by
registering his complaint on SCORES (SEBI Complaints Redress System) through
https://scores.gov.in/scores/Welcome.html

23 IPRU Insights