GMR VISAKHAPATNAM INTERNATIONAL

AIRPORT LIMITED

TREASURY POLICY

Page 0 of 19
 TABLE OF CONTENTS

Page
Descriptions
No
1. Preamble 02
2. Risk Philosophy 03
3. Policy Review 03
4. Procedure followed for investment/hedging 03
5. Role of Treasury Front, Mid and Back Office 03
6. Investment Policy 04
7. Investment Authorization Limits 06
8. Stop Loss Limits 06
9. Approvals/Ratification for MF/FD Investments 07
10. Equity Investment Policy 07
11. Forex Policy 07
12. Policy Review 07
13. Exposures 07
14. Risk Identification/Recognition 08
15. Netting of Exposures 08
16. Treatment to Natural Hedge 08
17. Risk Measurement 08
18. Risk Benchmark-Currency 09
19. Risk Mitigation-Currency 09
20. Risk Benchmark-Interest Rate 10
21. Risk Mitigation-Interest Rate 10
22. Risk Control 11
23. Risk Reporting 11
24. RASCI 12
25. Reporting to the Board or Committee 14
26. Audit 15
27. Accounting & Disclosures 15
28. Appendix 16
29. Annexure-I 17
30. Annexure-II 18

Page 1 of 19
 TREASURY POLICY

PREAMBLE

As per the best practices of Global Treasuries and to align the same with market
developments, GMR Visakhapatnam International Airport Limited (GVIAL) has
formulated Treasury Policy which is broadly in sync with the Group Policy. Treasury
Policy encompasses deployment of surplus money in fixed income, money market
instruments, fixed deposits, commercial papers etc., foreign currency risk
management and interest rate risk management. The Policy sets out the basic
principles of a prudent system to control the risks in investment and forex transactions.
These include:

 Appropriate oversight by the senior management and the Board of the Company;

 Adequate risk management process that integrates prudent risk limits, sound
measurement procedures and information systems, continuous risk monitoring and
frequent management reporting;

 Comprehensive internal controls and audit procedures.

It is essential, while dealing with potentially complex products, such as forex and
derivatives that the board and senior management should understand the nature of
the transaction, which the Company is undertaking. This includes an understanding of
the nature of the relationship between risk and reward, in particular an appreciation
that it is inherently implausible that an apparently low risk business can generate high
rewards. The board of directors and senior management demonstrates through this
policy that they have a strong commitment to an effective control environment
throughout the organization.

The Board and senior management, in addition to advocating prudent risk

management, through this policy encourages more stable and predictable return
performance and discourage high, but volatile returns. The board of directors and
senior management ensure that the Company is capable of managing risk and clear
lines of responsibility and accountability are established for all business activities,
including derivative activities.

Investment and Forex Policy is based on the principle of safety, liquidity and returns.
The purpose of this Policy is:

 To optimize yield on surplus money while ensuring liquidity to meet business

exigencies;

 To evaluate the risk of each instrument before investing and not to get lured by
the return alone;

 To de-risk the balance sheet from transaction and translation risk;

 To ensure compliance with the requirements of financing documents of the

Company.

The Company shall work in close coordination with Corporate Treasury to ensure that
the Investment and FX risks are properly evaluated from a risk framework and

Page 2 of 19
informed decisions are made to risk-off the balance sheet from such investments and
FX exposures.

RISK PHILOSOPHY

 Ensure that surplus funds do not remain idle;

 Invest surplus on the principles of safety, liquidity and returns;

 Ensure liquidity of the instrument to facilitate business requirements;

 De-risk the balance-sheet as soon as the risk is identified;

 Hedge only against the underlying exposure. Pre-exposure hedging is not

permitted, unless explicitly permitted in writing by the CCM/BCM/CEO;

 Hedge to match the currency and schedule of the exposure;

 No speculative trades unless explicitly permitted in writing by the CCM/BCM/CEO.

POLICY REVIEW

It is the responsibility of Corporate Treasury department to work on the changes

proposed by the CCM/BCM/CEO and initiate discussion and prepare the policy based
on market dynamics in collaboration with Finance Team of the Company.

Such changes in the Investment and FX policy will have to be adopted by the company
Board.

PROCEDURE FOLLOWED FOR INVESTMENT/HEDGING

 The Company shall inform Treasury about surplus funds available for deployment;

 Treasury Front Office identifies various Investment opportunities in the market and
advises the Company for investments;

 As soon as the Company enters into Contractual Obligations other than INR same
will be informed to Treasury for recommendation of suitable instrument of
hedging., After approval from the Company, Treasury will execute the hedge
transactions;

 Settlement, Accounting and Reporting of Treasury Transactions relating to Fixed

Income shall be handled at Treasury – SSC;

 Settlement and Reporting of Forex Transactions shall be handled by the Company.

ROLE OF TREASURY FRONT OFFICE, MID OFFICE AND BACK OFFICE

Segregation of duties is necessary to prevent unauthorized and potentially fraudulent

practices. Hence the Policy lays down clear separation, both functionally and
physically, between the front office which is responsible for the conduct of execution
of the trades and the back office which is responsible for processing the resultant
trades.

Page 3 of 19
Front Office

 Investment Management & position the portfolio to insulate from adverse market
movements;

 Liquidity Management;

 Hedge Forex Currency/Interest rate Risk;

 To take Proactive views on the Interest Rates;

 Strict adherence to stop loss limits and responsible for reporting limit breaches.

 Monitoring Limits as per approved Treasury Policy;

 Report Breaches and obtain approvals.

Back Office (Treasury – SSC along with Business team)

 Settlement of Trades post execution, accounting and reconciliation;

 Execution of documentation relating to Treasury activities;

 Tracking of interest receipt and dividends etc;

 Submission of MIS Daily/Weekly/Monthly reports to management.

INVESTMENT POLICY

Investment Policy covers the following products:

Exposure limits for the Company product wise are hereunder:

Products Limits Remarks

Government Total Limits: Rs. 150 Crs
Securities
Sub Limits:

Amount Tenor
(Rs. In Cr) (Years)

50 Upto 3
100 >3

Sub limits are fungible subject to approval of

CEO/CFO depending on market conditions.
The Company shall ensure that the tenor of
investment is in compliance with the
prevailing financing documents.
Treasury Bills Short term instruments issued by RBI on
behalf of Central Government with maturity
of 14 days to 364 days.

Page 4 of 19
 Products Limits Remarks
Overnight Scheme Overnight Scheme and Liquid Scheme as per
and Liquid Mutual following slabs of AUM:
Funds
Investment Limit
AUM
per AMC
(In Rs. Crs)
(In Rs. Crs)
10,000-15,000 Rs. 100 Crs
15,000-45,000 Rs. 250 Crs
45,000-1,00,000 Rs. 500 Crs
Above 1,00,000 Rs. 1,000 Crs
• No Investment Horizon Period for
Overnight Fund / Liquid Fund Scheme,
Reason is Reinvestment will attract
Stamp Duty @ 0.005% p.a.

• Exposure to a single AMC not to exceed

limits specified in Annexure I.
Short Term Income Maximum exposure limit is Rs. 150 Crs
Scheme of Mutual
Funds Investment will be made in the schemes with
an average maturity not exceeding 2 years
subject to AMC wise limit specified in the
policy.

Refer Annexure-I.
Certificate of Deposits Bank Wise Exposure Limits as per Annexure
– II.

Any investments higher than the Bank wise

limits will be made with the prior approval of
CEO.
Term Deposits Bank wise Exposure Limits as per Annexure
– II.
Corporate Bonds & Maximum exposure Limits is Rs. 200 Crs.
Debentures
The limit per corporate is Rs. 100 Crs.

The rating criteria from CRISIL/

CARE/ICRA/India Ratings/Any other rating
agency accredited with SEBI should be in the
category of AA for Corporate
Bonds/Debentures.

Maximum Tenor is upto 5 years.

Commercial Exposure limit of Rs. 600 Crs with highest
Papers rating from CRISIL/CARE/ICRA/India
Ratings/ Any other rating agency accredited
with SEBI.

Single corporate exposure limit of Rs. 300

Crs.
Investments in CPs only in the Highest rated
instruments. Investment in lower rated CPs
Page 5 of 19
 Products Limits Remarks
can be considered subject to specific
approval from Corporate Chairman and
Business Chairman.

INVESTMENT AUTHORIZATION LIMITS

Proposed Authorization Limits

Maximum
Instrument SCFO - VP -
Investment CEO CFO
Rs. Crores Airports Treasury
Government Securities 150 100% 80% 60% 40%
Treasury Bills No cap on 100% 100% 100% 100%
investment
limit
Overnight Schemes and AMC wise 100% 100% 100% 100%
Liquid Schemes of Investment
Mutual Funds cap
Short-Term Income 150 with 100% 100% 75% 40%
schemes of Mutual AMC-wise
Funds investment
cap
Certificate of Deposits Bank wise 100% 100% 100% 100%
investment
cap
Term Deposits Bank wise 100% 100% 100% 100%
investment
cap
Debentures and Bonds 200 100% 100% 100% 50%
Commercial Papers 600 100% 80% 60% Nil

STOP LOSS LIMITS

 Fixed Investment (with MTM requirement): Stop loss is fixed at 2% on the

acquisition price.

 Limits would be calculated on daily basis based on MTM.

 In case stop loss triggers, the positions would be unwound at the prevailing market
levels.

 In case stop loss triggers and Treasury is unable to sell the securities due to
circumstances beyond its control, Treasury will immediately report the same to
CFO of the Company and place the same before CEO/CCM/BCM for ratification

Securities which have been sold and not sold which has breached stop loss limits will
be reported immediately to CFO of the Company and will be placed before the
CCM/BCM/CEO for ratification.

Page 6 of 19
APPROVALS/RATIFICATION FOR MF AND FD INVESTMENTS

 Investment with Mutual Funds other than the approved list will be with the prior
approval of CEO/CCM/BCM.

 CFO of the Company is authorized to approve investment in AMCs which are not in
the permitted list once the AUM reaches Rs.10,000 Crs level.

 The Company can exceed Bank wise FD limits and can place Fixed Deposit with
Banks other than the approved Banks with the approval of CEO/CCM/BCM.

 CEO/CCM/BCM is authorized to approve incremental limits of any investment

instruments which at any point shall not exceed 50% of the approved limits of the
board. In case incremental limit exceeds 50% of the approved limit, GVIAL shall
place the proposal before the board seeking approval for such investment.

EQUITY INVESTMENT POLICY

Investment in Equity is not envisaged at this juncture.

FOREX POLICY

Preamble

The Company’s FX and Interest Rate risk management policy will govern all the
domestic as well as overseas borrowings and it will provide guidance to hedge existing
and prospective currency and interest rate liabilities. The Company’s FX and Interest
policy is based on the principle of “De-Risking” the balance sheet as soon as the risk
is identified.

Risk Philosophy

 De-risk the Company’s balance-sheet as soon as the risk is identified

 Hedge only against the underlying exposure; Pre-exposure hedging is not

permitted, unless explicitly permitted in writing by the CCM/BCM/CEO

 Hedge to match the currency and schedule of the exposure

 No standalone speculative trades should be undertaken

Types of Exposures

There are three types of exposures that an entity can have. The Company shall identify
the exposures and make the Corporate Treasury aware of the exposures.

a) Translation Exposure

It arises from the need, for purposes of reporting and consolidation, to convert
the results of foreign operations from the local currency to the home currency.

e.g., an appreciation in the Rupee would lead to a fall in the value of investments
in the balance sheet of an Indian company, which has equity holdings in USA.

Page 7 of 19
b) Transaction Exposure

It stems from the possibility of incurring exchange gains or losses on transactions

already entered into and denominated in a foreign currency. The economic effects
of an exchange rate change will impact the cash flow directly and are, therefore,
included in the net income.

c) Economic Exposure

It is defined as the extent to which the value of the firm, as measured by the
present value of all expected future cash-flows will change when exchange rates
change. The currency movement of the competitor in another country impacts the
sales of our products.

Risk Identification/Recognition

A transaction exposure arises every time the Company enters into a contractual
obligation where the payment or receipt is denominated in a currency other than its
balance sheet currency or when it raises borrowing in a currency other than its balance
sheet currency.

Netting of Exposure

For the contracted exposures the Company shall adopt the concept of netting wherever
the currency of the exposure matches. Time gap between the payable and receivable
should not exceed 15 working days. If any natural hedge is identified, the Company
must get it validated by the Corporate treasury.

Treatment to Natural Hedge

 Transactions, payables as well as receivables, can be kept open until one of the
transaction is executed.

 Once one of the transactions is executed, the second transaction for its respective
maturity date should be simultaneously hedged to avoid volatility in the spot
USD/INR.

 Natural hedge transaction should be done with prior approval of the BCFO.

 Net exposure, will be hedged as per the policy guidelines defined in this policy.

Risk Measurement

FX risk should be measured through sensitivity analysis of the net open positions.

Exposure Reviews

Event Risk

Corporate Treasury will inform and recommend a review call in cases of an event risk,
which can lead to significant market movement and impact on company FX or Interest
Rate Exposure.

Page 8 of 19
Periodic Review

CFO of the Company or person designated by him/her can request market review call
with Treasury after-market hours to discuss market sentiments and initiate any action
if deemed fit.

Corporate Treasury will circulate monthly market review to facilitate discussion and
decision making at the group level. CFO of the Company will attend the call to discuss
market sentiments and initiate any action if deemed fit. Stop Loss or Hedge target rate
will be discussed and decided on the call so that Corporate Treasury can act in the
market until next monthly review meeting. Such decisions, if they are in deviation
from the policy should be ratified by CCM/BCM/CEO or any such competent authority.

Risk Benchmark- Currency

 Corporate Treasury will consider day 1 full hedging cost as per the exact
schedule/model rate shared by the Company for any hedging or risk/impact/stress
analysis. Day 1 being the day when the confirmed exposure is recognized by the
Company in its balance sheet.

 Model FX rate which the Company has taken into consideration for costing purposes
will be communicated by the Company to Corporate Treasury for any risk analysis.

 The Company will also communicate the buffer, either in terms of number or
percentage, kept in the model for costing/budget purposes.

 Any hedge cost breach, of the day 1 hedge cost/model rate, should be immediately
brought to the notice of CFO for appropriate discussion/action.

 A more then 2% advantage, from the day 1 hedge cost/model rate, should be
immediately brought to the notice of the BCFO for appropriate discussion/action.

Risk Mitigation – Currency

 Hedge 100% net currency risk for the entire tenure of the exposure, once the net
exposure with specific hedging schedule has been recognized by the Company. This
can be done by the Corporate Treasury within 10 trading days of having received
such schedule from the Company. If exposure is required to be kept open for any
reason, approval of CEO shall be obtained.

 Currency hedging can be undertaken only against actual underlying exposure.

 Currency hedge on ECB drawls (Principle + Coupon + Spread) should ideally be on

the same day of drawl with minimal risk on the spot rate.

 No currency speculative trades are permitted.

 Contingent exposure to be hedged post CEO approval.

 No speculative trades should be undertaken, unless explicitly permitted in writing

by CEO.

 Cost reduction products are permitted for managing currency risk.

Page 9 of 19
Deviation from the Risk Mitigation – Currency

 If the currency hedging cannot be completed by treasury within 10 trading days of

having received the schedule of payments as communicated by the Company, due
to:

a) non-availability of requisite hedging limits

b) incomplete documentation with the hedging bank
c) any other unforeseen circumstances

Corporate Treasury should communicate the same to CFO of the Company and
shall seek an extension of time for the hedging from CFO of the Company.

 If CFO of the Company feels that the currency should be kept unhedged for a
certain period to take advantage of the market movement, explicit written approval
must be obtained from CEO of the Company.

 Currency risk can be kept unhedged if there are explicit written instructions from
CEO or any such competent authority, to do so.

 These unhedged positions must be closely monitored and discussed with corporate
treasury.

Risk Benchmark: Interest Rate

 The Company will consider foreign currency loans only if there is a cost advantage
on a fully-hedge basis for the entire tenure of the exposure vis-à-vis the most
comparable loan in the balance sheet currency.

 Corporate Treasury will consider day 1 full hedging cost as per the exact schedule
shared by the Company, for any hedging or risk/impact/stress analysis. Day 1
being the day when the confirmed exposure is recognized by the Company in its
balance sheet.

 Such model rate will be communicated by the individual entity/SPV to treasury for
any risk analysis.

 Entities should refrain from accepting clauses of compulsory hedging of floating

rate (Libor/SOFR or in INR) interest liability in the loan facility agreement.

 CFO of the Company should be immediately informed by the Corporate Treasury if

the total hedge cost becomes 2% higher than the RTL rate prevailing at the time
of taking the FX loan, for appropriate discussion/action.

Risk Mitigation-Interest Rate

 Interest hedging can be undertaken only against actual underlying exposure

 Interest rate speculative trades are not permitted.

 Contingent interest exposure, if any, to be hedged post the CCM/BCM/CEO

approval.

Page 10 of 19
 No speculative trades should be undertaken, unless explicitly permitted in writing
by the CCM/BCM/CEO.

 Cost reduction products are permitted for managing interest rate risk.

Deviation from the Risk Mitigation-Interest Rate

If it is mandatory as per the lenders condition precedent in the facility agreement to

hedge the floating interest rate liability, such hedging can be undertaken, with prior
approval from the CFO of the Company.

Risk Control

 Hedge permitted only against valid underlying. Cost reduction strategies are
permitted but contingent liability hedges can be undertaken with the due approval
from CEO.

 Periodic reporting of open exposure to the management.

 MTM reports and stress impacts shall be shared by the Corporate Treasury with the
management once a month or as required.

 Individual deal size limits have been laid down, while providing the authority for
undertaking derivative transactions.

 Company will submit a report to the Board, on a quarterly basis.

 Internal audit as per the group practice.

Pre-Post Deal Checks

 Corporate Treasury front desk must ensure that deals are executed upon
confirmation of the underlying document.

 Corporate Treasury front office must ensure that the hedges taken match the
currency and tenure of the underlying.

 Post deal execution by Corporate Treasury, front office must inform accurate deal
details to the Company as well as to the back office for documentation.

 Back office must match all deal details sent by the bank with the deal details sent
by the front office before executing deal contracts sent by the banks.

 Back office will facilitate the Company in executing the deal contracts sent by
banks.

Risk Reporting

A report will be prepared by the Back Office which will include MTM of the Interest Rate
and currency transactions on a monthly basis or as required by the management.

Page 11 of 19
Deviation & Escalation

 Any Policy deviation needs a prior approval of CEO.

 Any escalation or reporting by front/Mid/Back office should be done to CFO of the

Company within 48 hours of the action.

Early Termination

 Early termination of hedging transaction will be done by the Corporate Treasury in

consultation with CFO of the Company only if there is a change in the underlying
contract or the MTM of the transaction is lucrative.

 Early termination for any other reason must be with prior approval of CEO.

RASCI

Consult Inform
Activity Responsible Approve Support (prior to (after
approval) approval)
FX Policy CFO CEO Corporate GCFO, Sector CFO
Updation and Treasury Corporate (SCFO)
Review Chairman
(CCM) &
Head ERM
FX and IR Finance Team CFO - - Corporate
Exposure of the Treasury
(Updation/Ch Company
anges)
Seeking CFO SCFO Corporate Head ERM -
Approval for Treasury
Interest Rate
Hedging
Deal Personnel Corporate Corporate CFO
Execution for Authorized by Treasury- Treasury
Hedging the Board Front office
FX/IR Risk
Deviation CFO CEO Corporate Head ERM SCFO
Request Treasury
MIS/ Corporate Treasury Finance - CFO,SCFO,G
Reporting Treasury - Head Team of CFO, CCM,
Back office the Head ERM &
Company CEO

Roll-Over of the Contracts

 Corporate Treasury must seek approval from CFO of the Company before rolling-
over the hedge.

 Treasury must ensure the availability of underlying for rolling over of hedge

Page 12 of 19
Responsibility of Corporate Treasury Front, Mid & Back Office

Front Office

 Corporate Treasury’s role for any hedging related decision will only be
recommendatory in nature. The execution will be initiated only after obtaining
approval from CEO as per the RASCI metric.

 Hedge 100% of net forex exposure and approved Interest Rate for the entire tenure
of the exposure based on the approval as per RASCI metric.

 The exposure should be hedged within a period of 10 trading days from:

1. The time hedging limits are made available to the Corporate Treasury.

2. The exact hedging schedule is shared by the Company with Corporate Treasury.

 Report hedges to the Company within 1 working day of the hedge.

 Organize daily/weekly market review calls.

 Provide FX rates to be considered for AOP. Such rate should be in line with the
group policy.

 Provide accurate deal details to back office and the Company post the deal
execution with the bank.

Mid Office

 Submission of MIS Daily/Weekly/Monthly reports to management

 One point Contact for group entities for periodic/timely audit by internal/statutory
auditors.

Back Office

 Settlement of trades post execution, accounting and reconciliation

 Verify all the deal contracts as per the details provided by front office post deal
execution with the banks

 Execution of documentation relating to treasury activities

 To obtain quarterly statement from banks of the hedges taken & cancelled during
a quarter and outstanding at the end of the quarter to be given to the Company

 Co-ordinate with the Company to obtain valid underlying and send to banks.

 Co-ordinate with the Company to obtain signatures on bank contracts and send to
banks.

 Co-Ordinate with the Company to obtain Quarterly/Annual statutory auditor

certificate to be submitted to banks for regulatory compliance.

Page 13 of 19
Corporate Treasury Views & Market Info

 Corporate Treasury will analyze market events/data/sentiments and associated

risks and will update key decision makers.

 Corporate Treasury analysis/views and recommendations for hedges to the

Company will be recommendatory in nature.

 Corporate Treasury will do currency or interest rate hedging as per policy post
approvals.

Authority for Undertaking Derivative Transactions

The authority for undertaking Forex/Derivative transactions subject to individual deal

size limits is as follows:

Vice President &

AGM GM
Above
USD 100 Mio per day or at USD 300 Mio per day or at At par with the actual
par with the actual par with the actual underlying.
underlying whichever is underlying whichever is
lower. lower.

Responsibility of the Company

 The Company will report its Forex and Interest exposures to Corporate Treasury.
Corporate Treasury will initiate hedging only after the exact payment/receipt
schedule is made available.

 To share exact exposure schedule with treasury for hedging and inform the changes
if any within 3 working days.

 To make hedging limits available to Corporate Treasury. The hedging will be

initiated only when the limits are made available.

 To provide the documentation support to the treasury back office. Valid underlying
duly signed and stamped has to be provided to treasury back office immediately
after the hedging has been undertaken.

 It is the responsibility of the CFO to obtain approval from CEO for hedge.

 ISDA documentation will be carried by the Company and related legal teams.
Corporate Treasury will provide inputs, if required.

Reporting Requirements to the Board/Audit Committee

CFO shall submit to the Board/Audit Committee, a summary report on quarterly basis
on all foreign currency and interest rate hedging arrangements. This report will
include:

 A statement about the status of all open Forex hedges during the period of the
report, which shall include known foreign currency assets, known foreign currency
liabilities, existing Forex hedge positions, and the resulting net foreign currency
exposure.

Page 14 of 19
 A statement by the CFO as to whether or not, in his or her opinion, all of the Forex
hedges entered during the period of the report are consistent with any regulatory
or statutory policies, if applicable; and

 Such other information that the Board may require or that, in the opinion of the
CFO, should be included.

Approved Currency and IR Risk Management Products

a. Cash/Tom/Spot & Forward Currency Deals

b. Currency Options – All Variants as permissible under RBI guidelines from time to
time.
c. Cost reduction structures

d. Interest Rate Swaps (CCS/COS/POS/OIS/MIFOR/NIBMK/SOFR linked etc.)

e. Forward Rate Agreements

f. Caps/Floors/Collars

g. Products, which are expressly approved by the CCM/BCM/CEO

h. All products should be in compliance with respective and governing regulatory

frameworks.

Instrument Level Limits

All cumulative currency and interest rate hedges cannot exceed at any point of time
actual contractual obligations (underlying exposure).

Audit

Audit will be conducted by MAG every month and the report will be submitted as per
group policy guidelines.

Accounting & Disclosure

 According to the extant regulations, the company would adopt prudent accounting
treatment and disclosure standards.

 While dealing with the Contract, the company would specify the rationale for the
hedge, linking the hedge to the underlying exposure, classify the type of hedge,
valuation and periodically assess the effectiveness of the hedge. For all type of
hedges, accounting will be in line with Accounting Standards.

Page 15 of 19
 APPENDIX

NOTE FOR APPROVAL

NOTE FOR APPROVAL

To Dept. :
From Date :
Reviewed by
Confirmed by

(Subject)

Ref. (if any)

Important points for this payment are as follows:

Particulars Review of
Previous New Target Rate Stop-Loss Rate
of the the Decision
Decision Decision for Hedging of Hedging
Transaction (If any)

This approval is required since the current position/transaction is in contradiction of the

Approved Forex Policy Clause No. ___________.

If we decide to retain status quo then: If we decide to take action then:

Upsides: Upsides:

Downsides: Downsides:

Request your approval for the transaction proposed.

Proposed By Reviewed By Authorized By

*If authorization/approval is through E-Mail, kindly attached the email

Page 16 of 19
 ANNEXURE-I

List of Permitted Mutual Funds

(AUM as on Dec 31, 2021)

Mutual Fund Name AUM (Rs. Cr.)

Aditya Birla Sun Life Mutual Fund 298762.8
Axis Mutual Fund 253450.2
Baroda BNP Paribas Mutual Fund 12753.09
Canara Robeco Mutual Fund 45017.03
DSP Mutual Fund 110576.4
Edelweiss Mutual Fund 70430.35
Franklin Templeton Mutual Fund 65593.45
HDFC Mutual Fund 447089.2
ICICI Prudential Mutual Fund 467540.2
IDFC Mutual Fund 125118.9
Invesco Mutual Fund 45101.25
Kotak Mahindra Mutual Fund 285260.1
L&T Mutual Fund 79550.37
LIC Mutual Fund 18948.32
Mirae Asset Mutual Fund 99549.28
Nippon India Mutual Fund 280601.5
SBI Mutual Fund 627588.9
Sundaram Mutual Fund 34205.28
Tata Mutual Fund 83241.76
UTI Mutual Fund 224669.2

Source: [Link]

Page 17 of 19
 ANNEXURE-II

BANK WISE EXPOSURE LIMITS FOR CERTIFICATE OF DEPOSITS & TERM

DEPOSITS
(Rs. Crs)
Sl.
Name of Bank Certificate of
No. Term Deposits
Deposits
1. Axis Bank Ltd 250 500
2. Bank of Baroda 250 500
3. Bank of India 250 500
4. Bank of Maharashtra 250 500
5. Canara Bank 250 500
6. Central Bank of India 250 500
7. HDFC Bank Ltd 250 500
8. IDBI Bank 250 500
9. Indian Bank 250 500
10. Indian Overseas Bank 250 500
11. ICICI Bank Ltd 250 500
12. IndusInd Bank 25 500
13. IDFC First Bank 50 500
14. Karnataka Bank 50 100
15. Karur Vysya Bank 50 100
16. Kotak Mahindra Bank 150 500
17. CTBC Bank Co. Ltd 50 100
18. Punjab National Bank 250 500
19. RBL Bank - 100
20. State Bank of India 500 500
21. Union Bank of India 250 500
22. YES Bank 25 500

Notes

(a) Approvals/Ratification for MF and FD Investments:

(b) Investment with Mutual Funds other than the approved list will be with the prior
approval of CEO/CCM/BCM.

(c) CFO of the Company is authorized to approve investment in AMCs which are
not in the permitted list once the AUM reaches Rs.10,000 Crs level.

(d) The Company can exceed Bank wise FD limits and can place Fixed Deposit with
Banks other than the approved Banks with the approval of CEO/CCM/BCM.

(e) CEO/CCM/BCM is authorized to approve incremental limits of any investment

instruments which at any point shall not exceed 50% of the approved limits of
the board. In case incremental limit exceeds 50% of the approved limit, GVIAL
shall place the proposal before the board seeking approval for such investment.

Page 18 of 19