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March 2011

The month of February saw a lot of action in the Indian equity markets. The markets had a shaky start for the month, due to the concerns emerging out of rising crude prices, as a fallout of the events in the middle east, and inflation. Governance related issues also took its toll. The Budget, however, was able to infuse enthusiasm in the markets. The equity markets saw a firm spike upwards post budget in March after being volatile on the budget day.

The Union Budget had some regulatory announcements pertaining to investments in Mutual Funds. Earlier only FIIs, sub-accounts registered with SEBI and NRIs were allowed to invest in mutual fund schemes. The Government has now permitted SEBI registered mutual funds to accept subscriptions from foreign investors provided they meet the KYC requirements for equity schemes.

The BSE Sensex ended the month with a loss of 3.11%, while S&P Nifty closed 3.25% down over the previous month. The midcap and small cap stocks were hit harder during the month and so were the rate sensitive sectors. BSE Oil and Gas was the only sector to close the month on the positive territory.

We have just concluded the launch of NFO, SBI Capital Protection Oriented Fund – Series II and we would like to thank all the investors for showing interest in this fund. At SBI Mutual Fund, it would be our constant endeavor to provide our investors innovative investment solutions.

We are approaching the end of the financial year and thus I would like to remind all our investors who have not yet invested in ELSS funds for saving tax to consider doing the same by 31st March, 2011 so as to avail benefits in taxes. Magnum Taxgain Scheme, the flagship ELSS fund from SBI Mutual Fund is one of the largest ELSS funds in the industry and is patronized by over 17 lakh investors and is a useful investment avenue for long term wealth creation besides being helpful in saving tax.

We are absolutely committed to providing unparalleled service to our investors and to cater to your information, investment and servicing needs. Please feel free to call at our dedicated customer care numbers 1-800-425-5425 (MTNL/BSNL users only) and 080-26599420 from Monday to Saturday (8am – 10pm) or write to us at with your queries. Alternatively you can also visit your nearest Investor Service Centre / Investor Service Desk for any assistance.

Deepak Chatterjee