Off late, Bollywood has been making period dramas, focusing on the brave warriors of the medieval and early modern history of India. While films like MANIKARNIKA – THE QUEEN OF JHANSI and PANIPAT focused on the somewhat known chapters of history, the Akshay Kumar starrer KESARI was based on an incident that wasn’t known to many. Now another film joins this latter category – TANHAJI: THE UNSUNG WARRIOR. It depicts the bravery of Tanhaji Malusare, a legend in Maharashtra, but largely unknown elsewhere. The film is mounted on a huge scale and moreover, has a terrific star cast, both of which have contributed to its hype. So does TANHAJI: THE UNSUNG WARRIOR manage to give a great time to the viewers? Or does it disappoint? Let’s analyse. <img class="aligncenter size-full wp-image-1060929" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/01/Tanhaji-–-The-Unsung-Warrior-Review-IMG.jpg" alt="Tanhaji – The Unsung Warrior Review IMG" width="720" height="450" /> TANHAJI: THE UNSUNG WARRIOR is the story of one of the greatest warriors of India. The year is 1664. Chhatrapati Shivaji Maharaj (Sharad Kelkar) has given a tough fight to the Mughals, headed by Emperor Aurangzeb (Luke Kenny), in the Deccan region. However, when things get tough for the Marathas, Shivaji Maharaj decides to sign a treaty. As part of this agreement, he hands over some 23 forts to the Mughals, including the strategic Kondhana Fort. A few years later, Chhatrapati Shivaji Maharaj expresses his desire to recapture Kondhana. This is especially when he finds out that Aurangzeb has sent Udaybhan Rathod (Saif Ali Khan), an evil military officer, to control the fort. Chhatrapati Shivaji Maharaj realizes that his brave Subedar Tanhaji Malusare (Ajay Devgn) is the best man to get the fort back. But Chhatrapati Shivaji Maharaj refuses to even let Tanhaji know about this operation. This is because Tanhaji is busy with the marriage of his son. However, Tanhaji finds out about the plan. He persuades Chhatrapati Shivaji Maharaj to let him go for it. The Maharaj agrees and hence, Tanhaji keeps his son’s marriage on hold. He then begins to plan how to recapture the fort and thereby create history. What happens next forms the rest of the film. Prakash Kapadia and Om Raut's story is excellent and well-researched. It talks about a landmark moment in India’s history and at the same time, it has enough entertainment and drama. Prakash Kapadia and Om Raut's screenplay does justice to the plot in hand. The script is peppered with dramatic and massy moments that keep the interest going. However, the film drops a bit in the middle of the second half. Also, the first half could have had more hard-hitting moments. Prakash Kapadia's dialogues are simple but also sharp-worded as per the requirement. Om Raut's direction is quite praiseworthy and he handles the film like a pro. He does full justice to the scale and grandeur of the film. He also keeps the narrative uncomplicated and very simple to understand. And his biggest achievement is that he doesn’t make TANHAJI: THE UNSUNG WARRIOR look like the recent period films, especially the ones of Sanjay Leela Bhansali. Bhansali's films have become a genre in itself, hence when it comes to period flicks many recent ones looked like clones of his movies. TANHAJI: THE UNSUNG WARRIOR, however, stands out. And moreover, he adds enough <em>masala</em>, especially in the climax, which takes the film to a high. See it to believe it! TANHAJI: THE UNSUNG WARRIOR begins with the childhood sequence of Tanhaji and the background of the Maratha Empire. The film moves too quickly here but no complaints as the impact is made. The entry of adult Tanhaji is too good and viewers would welcome it with claps and whistles. Even Udaybhan’s introduction makes for a great watch. From here on till the intermission, the film keeps one engaged but the film here lacks action and a punch, which one might expect after the action scene in the start. But the intermission point is fine and it indicates that the second half will be better. And thankfully, the post-interval portion has a lot more entertainment. The sequence where Tanhaji and Udaybhan come face to face is electrifying. Also Tanhaji urging the Maratha soldiers to fight for him is a scene to watch out for. The film then drops again but the makers reserve the best for the finale. The climax battle is incredible and single screen audiences especially will go in frenzy! <span style="text-decoration: underline;"><strong>Tanhaji – The Unsung Warrior | Public Review | Ajay Devgn | Kajol | Saif Ali Khan | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/tanhaji-the-unsung-warrior-public-review-ajay-devgn-kajol-saif-ali-khan-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> TANHAJI: THE UNSUNG WARRIOR belongs to Ajay Devgn and Saif Ali Khan. Ajay is perfect for the part and adds a lot through his body language and expressions. Also his dialogue delivery in confrontational scenes is spot-on. But he goes into another mode in the climax fight and viewers would surely lap it up. Also, he deserves kudos for putting together this mammoth project and ensuring that it looks like a great cinematic product, at par with international standards. Saif Ali Khan is superb in the villainous role. He is menacing but also has a goofy side and the balance is very nicely done. In one scene dipped with black humour in the second half, he gets his act totally right! Kajol (Savitri) doesn’t have much to do but her presence adds a lot to the film. Her scenes with Ajay are endearing. Sharad Kelkar stands out as Shivaji Maharaj. His personality, build and baritone voice was just right for such an important historical character. Padmavathi Rao (Rajmata Jija aau) has a fine screen presence. Luke Kenny fits the role and one wishes he had more screen time. Neha Sharma (Kamla) is decent in a supporting role. Kailash Waghmare (Chultiya) and Hardik Bharat Sangani (Gidya) are over the top but that works for their respective characters. The other actors who do well are Shashank Mahadeo Shende (Shelar Mama), Ajinkya Ramesh Deo (Pisal), Vipul Kumar Gupta (Jagat Singh), Deodatta Gajanan Nage (Suryaji), Yuri Suri (Mirza Raje Jai Singh), Nissar Khan (Beshak Khan), Arush Nand (Raiba; Tanaji's son), Prasanna Vidyadhar Ketkar (Ghesarnaik) and Niranjan Jadhao (Trimbak Rao; spy). The music is situational and not of chartbuster variety. <em>'Ghamand Kar'</em> is the theme song of the film and is quite exhilarating. <em>'Shankara Re Shankara'</em> comes at a great juncture. <em>'Maay Bhavani'</em> is average while <em>'Tinak Tinak'</em> is moving. Sandeep Shirodkar's background score adds to the drama heavily. Keiko Nakahara's cinematography is of superior quality. Despite so much of action and fights happening, the camerawork ensures that all is captured well.. Sujeet Subhash Sawant and Sriram Kannan Iyengar's production design is straight out of the bygone era. The sets are authentic and not needlessly grand, considering that the film focuses on the life of the Maratha soldiers and their houses can’t resemble palaces. But while depicting Aurangzeb’s residence, the designers have gone all out, rightfully so. Ramzan Bulut and R P Yadav's action is a bit gory but is controlled and visually looks great. Vikram Gaikwad's make-up is neat. Nachiket Barve and Mahesh Sherla's costumes are realistic. NY VFXWaala's VFX is splendid and there’s not a single moment where the effects look tacky. Also, the 3D is not done for the heck of it and it actually complements the narrative. Dharmendra Sharma's editing is slick. On the whole, TANHAJI: THE UNSUNG WARRIOR is an entertaining and a paisa-vasool film that would be loved by the masses as well as classes. At the box office, it can run riot in Maharashtra and other mass centres and could turn out to be the first Rs. 100 crore grosser of 2020. Highly Recommended!

The horror genre has taken giant strides in the West and newer concepts have been experimented with to keep the interest going in the genre. Bollywood, however, has lagged behind. Most horror films still follow the template set by the game-changer RAAZ [2002]. But now, Karan Johar’s Dharma Productions is all set to present BHOOT: PART ONE – THE HAUNTED SHIP, and it promises to be a one-of-its-kind horror flick. Moreover, it stars Vicky Kaushal who has become extremely popular following the blockbuster success of his last film, URI: THE SURGICAL STRIKE [2019]. So does BHOOT: PART ONE – THE HAUNTED SHIP manage to scare the daylights of the viewers? Or does it fail to impress? Let’s analyse. <img class="aligncenter size-full wp-image-1076932" src="https://www.bollywoodhungama.com/wp-content/uploads/2020/02/BHOOT-Review.jpg" alt="" width="750" height="450" /> BHOOT: PART ONE – THE HAUNTED SHIP is the story of a man facing a scary situation while fighting the horrors of his past. The year is 2012. Prithvi (Vicky Kaushal) is a widower who has lost his wife Sapna (Bhumi Pednekar) and daughter Megha in a freak accident. He is depressed and is avoiding medication. In the midst of all this, an abandoned ship named Sea Bird gets stranded at Mumbai’s Juhu Beach. Prithvi works for a shipping company that is asked to take this ship back to the sea at the earliest. On his first visit to the ship, strange things occur and it makes him feel that the ship is inhabited. However he passes it off as his hallucinations and side effect of his state of mind. The subsequent visits however makes him sure that all this is not a figment of his imagination. During the third visit, he spots a girl at the hull of the ship. He also comes across log books and some video tapes dating back to the year 2001. As he sees the tapes, he realises that the captain’s wife (Meher Vij) and daughter Meera were also present on the ship. Gradually, Prithvi realises that the girl he encountered on the ship is Meera. He goes again to the ship and this time he comes face to face with Meera. But this time, she’s in a ghostly avatar. What happens next forms the rest of the film. Bhanu Pratap Singh's story is decent and could have made for a gripping scarefest. Bhanu Pratap Singh's screenplay however is unimpressive overall. He gets the scare quotient right only in few scenes. Even in the main story, things are barely convincing. Bhanu Pratap Singh's dialogues are passable. Bhanu Pratap Singh's direction is nothing great. He makes good use of his knowledge in creating a scary atmosphere. A few scenes are well executed. But most of the scenes fail to impress. Trouble begins in the first 15 minutes itself when a random couple is shown venturing into the massive ship undetected and playing hide and seek. The ship is ten storeys tall and this information is given by the makers themselves just few minutes before this scene. But no explanation is given how the lovers manage to climb atop the deck which is at such a height. This scene actually gave a clear indication that logic and common sense are not going to be the strong points of this film. And sure enough, the absurdities continue in the second half, especially the climax. Many questions are left unanswered and it is sure to baffle viewers when they come out of theatres. BHOOT: PART ONE – THE HAUNTED SHIP begins on a fair note as Prithvi's past and glimpses of the happenings on the ship in 2001 is depicted. The first half doesn’t have much of a story as such but it keeps you intrigued as the scary atmosphere is well created. A few jump scares also serve the purpose. The interval comes at a great point. Post interval, there’s some movement in the story and you actually get to know where the film is headed. Still, a few unwanted scenes are there, like Prithvi imagining that he’s talking to his dead daughter at the bank of a river. On the positive side, the scene in the church is excellent and one expects the film to go on a high from here. Sadly the climax is riddled with clichés and flawed developments that kill the joy completely. <span style="text-decoration: underline;"><strong>BHOOT – Part One The Haunted Ship | Public Review | Vicky Kaushal | First Day First Show</strong></span> <iframe id="jwiframe" class="playerFrame" src="https://www.bollywoodhungama.com/videos/first-day-first-show/bhoot-part-one-the-haunted-ship-public-review-vicky-kaushal-bhumi-pednekar-first-day-first-show/?jwembed=1" width="800" height="340" frameborder="0" allowfullscreen="allowfullscreen"></iframe> Talking of performances, Vicky Kaushal is in good form. He looks very dashing and gets his act right, without going overboard in any scene. Bhumi Pednekar is decent in a cameo. Ashutosh Rana (Professor Joshi) is fine and gives one a déjà vu of his earlier performance in RAAZ. His character sadly gets a raw deal in the end. Akash Dhar (Riyaz) plays Prithvi's best friend and has an important role. He is decent but again, he doesn’t have much to do later. Meher Vij has a superb screen presence but her performance suffers on account of bad writing. Sanjay Gurbaxani (Agnihotri) is average. The actor playing Amar looks a bit creepy which works well. The actors playing Meera and Megha do very well. Akhil Sachdeva's music has no scope. <em>'Channa Ve'</em> is played in the opening credits. Ketan Sodha's background score is horrifying and works. Pushkar Singh's cinematography captures the mood very well. Aditya Kanwar's production design is top-notch. The abandoned ship especially is well designed. Natashcha Charak and Nikita Raheja Mohanty's costumes are realistic. Vikram Dahiya's action is filmy and takes away the authenticity. Redefine's VFX is first rate and adds to the horror factor. Bodhaditya Banerjee's editing is dragging and could have been crisper. Ideally, this film shouldn’t have been more than 90 minutes long. On the whole, BHOOT: PART ONE – THE HAUNTED SHIP suffers from a half-baked plot and a flawed narrative which leaves viewers confused. The end result is completely unconvincing, barring a few scenes that provide some chills. At the box office, it will be rejected by the audience. Disappointing!

During the COVID-19 lockdown, individuals are losing patience -- moving freely and not following the necessary social distancing. This lack of civic sense and maturity on their part is weakening our fight against the deadly contagion pathogen.

The capital markets, as a result, also has witnessed intense volatility and bears are running lose. Certain sections of investors, however, have shown tremendous maturity during these challenging times.

At a time when Foreign Portfolio Investors (FIIs) have net sold or dumped Indian equities (owing to markets worldwide falling sharply and margin calls being hit), domestic fund managers are looking for value-buying opportunities in the carnage of the markets.

It is also heartening to see retail and High Net-worth Individuals (HNIs) buying into various equity-oriented mutual funds in a lump sum as well as the SIP (Systematic Investment Plan) mode. Monthly SIP inflows have touched a record high in March 2020 and the SIP folios, too, surged to 3.12 crore.

However, in debt-oriented schemes, investors seem to be pressing the panic button. The mutual fund industry recorded a net outflow of Rs 1.95 trillion in March 2020. Barring Overnight Funds and Gilt Funds, all other sub-categories of debt mutual funds have reported an outflow in March 2020.

Advance tax payment obligations, deterioration in asset quality, potential risk of defaults in the COVID-19 lockdown, and heightened volatility in the Indian debt market are some of the key reasons for outflows from debt-oriented mutual schemes.

[Read: Why Investors Pulled Out Money from Debt Mutual Fund Schemes in March]

The massive outflows were also seen from the Liquid Funds and Arbitrage Funds.

Table 1: Action in March 2020

Unprecedented redemptions in the Arbitrage Funds and Liquid Funds, as well as the net inflows recorded by the overnight funds, suggest that investors preferred safety over returns. As you know, liquidity is a key concern as the world continues to fight the COVID-19 pandemic.

Some arbitrage schemes such as Tata Arbitrage Fund and ICICI Prudential Equity-Arbitrage Fund had stopped taking in fresh subscriptions in the third week of March 2020 for the lack of arbitrage opportunities as markets faced broad-based selling.

But now markets are finding some sort of stability and bouncing back -- rallied over 20% from March lows - although the bears continue to run loose.

So, is it a time to consider arbitrage funds again?

Yes, I think so.

Arbitrage Funds aims to exploit the price differential in two different segments (spot and futures or cash and derivatives) of the equity market. They buy stocks in the spot market and sell in the future market simultaneously thereby making gains with the price differential (called the spread).

The differential usually is in sync with the prevailing interest rates in the economy; but depending on the market volatility, it could sometimes be higher as well. That being said, these are short-term opportunities that spring up due to lack of information to a set of market participants in one of the markets.

The capital market regulator's mutual fund categorisation and rationalisation mandates that an Arbitrage Fund must strictly follow the arbitrage strategy and invest at least 65% of its total assets in equity & equity related instruments.

Since the transactions are in either direction, the positions are completely hedged. And the remaining 35% of the total asset is deployed in debt and money market instruments.

In March 2020, when the stock futures started quoting at a discount to the spot prices in the cash market, it was a concern. But now that we have seen some sharp up-moves in the Indian equity markets as the government has done relatively well in containing the spread of the deadly virus (compared to other nations) and thanks to the prompt fiscal measures also have been taken -- both by the Ministry of Finance (the Rs 1.75 trillion package) and the Reserve Bank of India (by reducing policy rates sharply, keeping monetary policy stance 'accommodative as long as it is necessary', and ensuring enough liquidity in the system) -- in my view, it would be perceived positively by the markets in times to come and enough arbitrage opportunities would be available. It is possible that Arbitrage Funds may even perform a tad better vis-a-vis Liquid Funds.

Table 2: Report Card of Arbitrage Fund, Liquid Funds and Short Duration Funds

Over the last one year, the returns generated by Arbitrage Funds have been quite satisfactory. In fact, these funds have outperformed those clocked by Liquid Funds. The 3-month returns clocked by Arbitrage Funds have been almost at par with Liquid Funds.

Do note that an Arbitrage Fund carries low risk and the returns depend on the market conditions and fund manager's ability to reap rewards from arbitrage opportunities.

Short-Term Capital Gains (i.e. realised profits within a year) on arbitrage funds are taxed at 15%, while the Long-Term Capital Gains (i.e. gains made after staying invested for more than a year) are taxed at 10% for gains above Rs 1 lakh in a financial year.

To park money for the short-term for an investment time horizon up to 1-year, you may consider investing in an Arbitrage Fund.

And if you have an extreme short-term time horizon (of 3 to 6 months), consider a Liquid Fund with high-quality debt papers, which does not have high exposure to Commercial Papers (issued by private entities).

Alternatively, if you wish to park in a much safer category, you would be better off investing in an Overnight Funds.

Happy Investing!

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Additionally, as a bonus, you get access to PersonalFN's popular debt mutual fund service, DebtSelect.

Each fund recommended under FundSelect goes through our stringent process, where they are tested on both quantitative as well as qualitative parameters.

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

COVID-19 has started showing its impact on the mutual fund industry. Few days ago I mentioned in my article, Debt mutual funds witnessed massive outflows of Rs 1.95 trillion in the month of March.

Though we could attribute most of that outflow to corporates redeeming funds to meet their quarter end obligations, high volatility and uncertainty as consequences of the pandemic could have also played a major hand in the redemption pressure for debt schemes.

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FII have been redeeming investments heavily in equity and debt segment ever since WHO declared COVID-19 a pandemic. In March, FIIs pulled out Rs 60,375 crore from the debt market.

High redemption and lack of buying interest has made debt mutual fund schemes vulnerable, especially those with higher exposure to low rated instruments.

This instability has claimed its first casualty in debt mutual funds...

Franklin Templeton Mutual Fund (FTMF) has decided to wind down six of its debt schemes with effect from April 23, 2020 due to COVID-19 related market dislocation. This is something that is unheard of in the mutual fund industry and has perplexed many investors and advisors.

The schemes that are wound up are:

• Franklin India Low Duration Fund
• Franklin India Dynamic Accrual Fund
• Franklin India Credit Risk Fund
• Franklin India Short Term Income Plan
• Franklin India Ultra Short Bond Fund
• Franklin India Income Opportunities Fund

Together these schemes have an AUM of 30,854 crore as on March 31, 2020. Notably, these are the very schemes which in the past had to create segregated portfolio for its exposure to downgraded papers of Vodafone Idea and Yes Bank.

What led to the move?

According to a statement to investors from FTMF, "Despite several measures taken by the Reserve Bank of India (RBI), the liquidity in certain segments of the corporate bond markets has fallen-off dramatically and has remained low for an extended period. In this scenario, mutual funds are facing unprecedented liquidity challenges due to a variety of factors-rising redemption pressures due to heightened risk aversion, mark to market losses following a spike in yields and lower trading volumes in the bond markets. These factors have together caused a significant and worsening liquidity crunch for open-end mutual fund schemes investing in corporate credits across the credit rating spectrum."

The schemes had to resort to continuous borrowing to fund redemptions during this time, and were unable to repay the borrowings through sale of portfolio securities due to the prevailing market environment. The Investment manager did not believe it was prudent to continue funding redemptions through potentially increasing levels of borrowings.

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FTMF follows a high-risk high-return strategy for the above mentioned funds - Meaning a major part of its portfolio is exposed to lower rated securities (rating below AAA). The market disruption due to the virus outbreak has impacted these securities the most.

Under conditions of high redemption pressure, mutual funds sell their liquid assets to meet the demand, leaving the portfolio highly exposed to illiquid assets.

Thus, investors who choose to stay invested are at a disadvantage here.

Anticipating continued liquidity stress to the funds, the fund house thought winding up the scheme is the only viable option for the unitholders to minimize erosion of value.

Table: Details of schemes being wound up

What does it mean for investors of these schemes?

Investors of these schemes will not be able to purchase/redeem investment, switch to other schemes or do systematic transactions. In short their funds will be locked. The fund will not charge any management fees for the funds that are being wound up.

The fund house will rely on coupon payments, maturity value of underlying securities, and selling of securities at realisable value. While the fund house expects to realise most of the proceeds as per maturities, there may be some low rated securities that may even default on the due date. The fund house may create segregated portfolios for such securities and pay back as and when the money is realised.

It will be prudent to check the average maturity of portfolios of each fund and expect major repayment within that period.

What should investors in debt funds do?

Debt mutual fund Investors are not as confident, due to incidents of exposure to toxic papers in the past. This event could make them even more wary about their investment in debt schemes. As a consequence, there may be some panic selling in other debt schemes by investors worried about their funds getting locked.

However, instead of taking any hasty decisions, it would be a great idea to check your funds for the quality of assets it holds.

Choose a fund house that follows prudent investment process and stringent risk-management system. In these uncertain times, it would be wise sticking to liquid funds and overnight funds for the fixed-income part of your portfolio. Alternatively, if you prefer safety of capital, invest in Bank fixed deposits.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity

The way ahead...

While the fund house has done this to protect investors' interest, it has made the funds illiquid from the investors' point of view. Many investors may lose faith in debt funds for their short-term goals.

Going further, investors may have to consider liquidity risk due to AMC action, while investing in any high credit risk oriented debt funds.

It is time for the regulator to step up and clarify the illiquidity part for other debt schemes out there to investors. Moreover, it needs to provide a framework of strict guidelines to restrict fund managers from putting investors' hard-earned money at risk by exposing them to low rated securities for higher yield.

Meanwhile, AMFI has assured investors that a majority of the fixed income fund assets is invested in superior credit quality securities, and the schemes have appropriate liquidity to ensure normal operations. It further stated that the industry remains fully committed to the investors' interests and there is no need for them to panic and redeem investments.

Author: Divya Grover

This article first appeared on PersonalFN here.

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PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Unnerving movements for debt mutual funds investors!

Just last week my colleague, Divya explained the fiasco at Franklin Templeton Mutual Fund, which took a decision to abruptly wind down six debt mutual fund schemes, namely:

• Franklin India Low Duration Fund
• Franklin India Dynamic Accrual Fund
• Franklin India Credit Risk Fund
• Franklin India Short Term Income Plan
• Franklin India Ultra Short Bond Fund
• Franklin India Income Opportunities Fund

In all, the above debt mutual fund schemes had an AUM of Rs 30,854 crore as of March 31, 2020.

The fund house cited, "severe market dislocation and illiquidity in the fixed income space" caused by the COVID-19 pandemic, as the reason behind the decision.

Investors in these schemes are now left in the lurch: they cannot sell (nor buy) these funds and will have to rely on the fund house to get back their hard-earned money. Investors will have to hold their investments in these schemes until liquidity is available to the mutual fund house by either selling securities in the fund's portfolio or receiving maturity proceeds.

Currently, a fact is, not just Franklin Templeton Mutual Fund, but debt mutual fund schemes of many other fund houses are have a remarkable exposure to stressed assets.

According to portfolios disclosed on March 31, 2020, mutual funds collectively held Rs 1.38 trillion of exposure to debt securities issued by Non-Banking Financial Companies (NBFCs). Approximately Rs 51,000 crore of the exposure in debt securities has a maturity profile of less than 3 months; and now, mutual funds fear that there will be defaults.

NBFCs and other corporate borrowers claim that they do not have enough liquidity to fulfil their obligations and have requested for additional time. Given that, rating downgrades from rating agencies look likely.

However, some companies are playing smart: they are approaching the Courts to prevent a rating downgrade, plus seeking a stay on sale of pledged shares. Of course, they are well within their right to approach the judicial authority or Courts and contest.

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But the capital market regulator, seems to be in no mood in offering them any leeway. On the contrary, the regulator is asking the mutual fund industry to act against the issuer of securities who are possibly carrying high credit risk; facing asset quality problems.

Delays in repayments would mean the creation of more side-pockets by mutual funds. And in my view, more the losses investors suffer, more frustrating it will be for mutual fund houses and their investors. Eventually retail and High Net-worth Individuals, particularly, will lose confidence and may not be keen to invest in debt funds.

If you are wondering what has gone wrong, here's everything you may like to know about liquidity, credit risk and the exposure of mutual funds to corporate debt in the present scenario.

If you remember, the capital market regulator had mandated large corporations to source at least 25% of their borrowings from the bond markets from the beginning of FY 2019. This move was expected to deepen Indian bond markets and reduces the stress on banks. Just a year later, the same move is proving fatal for companies that went to the bond markets to raise money.

Now that the COVID-19 lockdown has forced many business units to shut off temporarily or operate much below their optimal operational capacity with a skeletal staff, companies, including the large organisations that relied heavily on debt markets, are finding it difficult to honour maturity claims on Commercial Papers (CPs), Non-Convertible Debentures (NCDs), and Bonds.

They were hoping for an 'at-par treatment' with Banks when the Reserve Bank of India (RBI) offered a moratorium period to borrowers. But the RBI circular came to them as a shocker. The devil was in the details.

On March 27, 2020, the RBI issued a notification allowing a three-month moratorium on all outstanding term loans and working capital facilities on account of disruptions caused by the outbreak of coronavirus. This circular did not cover around 10 thousand NBFCs, who mainly depend on CPs, NCDs, and Bonds for their funding requirements.

As far as NBFCs are concerned, the RBI has already provided them with a liquidity facility through the banking channel. The RBI directed banks to utilise funds infused under Targeted Long Term Repo Operations (TLTRO) facility to invest in 'investment-grade' CPs, NCDs, and Bonds issued by NBFCs. Also, RBI mandated banks to allocate 50% of Rs 50,000 crore of liquidity introduced by way of TLTRO 2.0 to small and mid-size NBFCs and small finance banks.

But NBFCs seemed not too happy with just liquidity and many of them are now approaching courts to prevent rating downgrades. This is not a best practice for the industry, although fund houses may be well within their rights to contest.

Recently, Indiabulls Housing Finance was successful in receiving the interim order from Delhi High Court, throttling any coercive action against the housing finance company for its inability to repay its bondholders. The Delhi High Court will hear the case further on May 19, 2020.

This has added to the worries of mutual fund houses that now fear other NBFCs will follow the same path.

The capital market regulator, only recently (a few days ago) following the three moratorium by RBI (due to disruptions caused by COVID-19 pandemic) has relaxed the valuation norms for debt and money market instrument held by mutual funds vide a circular dated April 23, 2020, wherein it states as under:

• Based on assessment, if the valuation agencies appointed by AMFI are of the view that the delay in payment of interest/principal or extension of the maturity of a security by the issuer has arisen solely due to COVID-19 pandemic lockdown and/or in light of the moratorium permitted by Reserve Bank of India (RBI) (vide notification no. RBI/2019-20/186, dated March 27, 2020) creating temporary operational challenges in servicing debt, then valuation agencies may not consider the same as a default for the purpose of valuation of money market or debt securities held by Mutual Funds.
  
  However, in the scenario, as stated above, if there is any difference in the valuation of securities provided by two valuation agencies, the conservative valuation shall be accepted.

But then what is the point of coming up with these valuation norms as an afterthought, and not in close synchronisation when the RBI came with its notification a month ago?

The damage now is already done and companies are anyways approaching the Courts to prevent a rating downgrade.

Let's say shares of a company are pledged and to recover the proceeds -- if they cannot be sold due to a court order -- then such lending would be as good as unsecured lending.

Also, why should that not be construed as an instance of deviation from the stated fundamental attributes of a debt mutual fund scheme? After all, mutual fund investors invest in debt fund schemes taking into account a certain level of risk. Change in the risk profile of a scheme is a change in the fundamental attribute/s.

According to India Ratings, NBFCs having the asset base of Rs 500 crore to 5,000 crore, largely fall between "A" and "BBB" rating categories.

The mid-path could be a decision on payment or deferring the payment in consultation with all stakeholders, including debenture trustees. The industry will require a blanket resolution because a case-to-case resolution approach is cumbersome and may create more chaos.

Unless the RBI takes a clear stance on NBFCs and other financial institutions, mutual fund houses are likely to feel the heat of redemptions. Suppose, there's no further statement issued by the banking sector regulator; mutual funds will have to be prepared to handle large-scale defaults, which might look inevitable. After all, a majority of NBFCs' customers are retail borrowers and they enjoy a moratorium on the EMI payment for 3-months. This has been the trickiest part for NBFCs.

While COVID-19 outbreak has been the genuine reason for the potential defaults this time, asset-liability mismatches of NBFCs are well-known. Many NBFCs have gone overboard with cheap credit available during stable market conditions. Their credit underwriting has been questioned widely. The industry has also witnessed belly-up instances such as IL&FS and DHFL. Many mutual fund houses have burned their fingers badly in such defaults.

At the time of writing this piece, to ease the liquidity pressure on mutual funds, the RBI today decided to provide a special liquidity facility of Rs 50,000 crore for mutual funds. Under this facility, the RBI will conduct repo operations of 90 days tenor at the fixed repo rate. This will be on-tap and open-ended, and banks can submit their bids to avail funding on any day from Monday to Friday (excluding holidays). The scheme is available from today i.e., April 27, 2020, till May 11, 2020, or up to utilization of the allocated amount, whichever is earlier. The Reserve Bank will review the timeline and amount, depending upon market conditions.

The RBI has stated further that the liquidity support availed under the Special Liquidity Facility for Mutual Funds shall be used by banks exclusively for meeting the liquidity requirements of mutual funds by, 1) extending loans; and (2) undertaking outright purchase of and/or repos against the collateral of investment-grade corporate bonds, CPs, debentures and certificates of Deposit (CDs) held by mutual funds.

Having taken this measure, keep in mind that it does not make investing in debt mutual funds risk-free. Considering the prevailing investment environment, you should stay away from mutual fund schemes whose portfolio characteristic appears compromised. Also, avoid credit risk funds and corporate bond funds as they are likely to be more vulnerable amidst the financial crisis followed by COVID-19 pandemic.

As a thumb rule: Choose mutual fund schemes from fund houses that follow prudent judicious investment processes and stringent risk-management systems.

In these uncertain times, it would be wise sticking to liquid funds and overnight funds while considering debt funds.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity.

As with all financial matters, better be safe than sorry!

PS: If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.

Additionally, as a bonus, you get access to PersonalFN's popular debt mutual fund service, DebtSelect.

Each fund recommended under FundSelect goes through our stringent process, where they are tested on both quantitative as well as qualitative parameters.

Every month, PersonalFN's FundSelect service will provide you with insightful and practical guidance on equity mutual funds and debt schemes - the ones to Buy, Hold, or Sell.

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Last month, SEBI had asked credit rating agencies not to consider any delay in payment of interest or principal loan amount arisen solely due to the nationwide lockdown conditions as a default.

The stress in the Indian mutual fund industry due to the pandemic impact deepened after Franklin Templeton MF decided to wind down six of its debt schemes. The lack of liquidity and redemption pressure compelled FTMF to take the extreme step.

In this economic environment, Mutual Fund houses are concerned about companies that are likely to delay and default in payments. Many companies have sought deferment/rescheduling of payment due to COVID-19 related disruptions. In order to minimize the resultant damage, market regulator SEBI recently provided temporary relaxation in valuation norms for instruments mutual funds hold.

SEBI has asked valuation agencies to avoid treating delays in payment of interest/principal or extension of maturity of a security as default for the purpose of valuation of money market or debt securities held by Mutual Funds, if it has been caused solely due to COVID-19 pandemic lockdown and/or in light of the moratorium permitted by RBI.

[Read: Will Mutual Fund Houses Act Against Companies Approaching Courts To Prevent Rating Downgrade Amidst COVID-19?]

"In view of the nationwide lockdown and the three-month moratorium/ deferment on payment permitted by RBI, a differentiation in treatment of default, on a case to case basis, needs to be made as to whether such default occurred solely due to the lockdown or loan moratorium", SEBI circular said.

SEBI has stated that in the above mentioned scenario, if there is any difference in the valuation of securities provided by two valuation agencies, the conservative valuation shall be accepted. This revised norm will be in effect until the RBI's period of moratorium.

However, AMCs shall continue to be responsible for true and fairness of valuation of securities.

Mutual fund houses have to mark the value of their assets based on valuations provided by valuation agencies appointed by AMFI.

At present, a debt or money market security is classified as 'Default' if the interest and/or principal amount has not been received on the day such amount was due; or when such security has been downgraded to 'Default' grade by a credit rating agency. Default denoted that the security is below investment grade.

This leads to mark down of the respective security and thereby impacts NAV of the scheme.

SEBI's move provides some relief in this regard. It will ensure that all fund houses follow a uniform approach while dealing with defaults/delay due to COVID-19.

Will it make investment in debt fund safe?

SEBI has not yet provided any moratorium on commercial paper and corporate bond repayment. According to a report published in Livemint, Rs 1.5 trillion worth of commercial paper and corporate bonds will be maturing in the first quarter.

As mentioned earlier, AMCs shall continue to be responsible for true and fairness of valuation of securities. But in the absence of rating downgrade from valuation agencies, fund houses cannot side-pocket their exposure to a defaulting company. Therefore, we may still see some write-offs if the AMC finds recovery to be difficult even after the relaxation period.

COVID-19 has impacted businesses across sectors. Some sectors such as NBFCs were under stress even before the pandemic. The default risk has thus amplified.

The relaxation of valuation would delay the issue, but downgrades would arise subsequently. Spike in number of side pockets (by fund houses) may thus become imminent.

My colleague, Rounaq, rightly mentioned yesterday, losses the investors suffer will be directly proportionate to the stress, pressure mutual fund houses and their investors will face. Eventually retail and High Net-worth Individuals, particularly, will lose confidence and may not be keen to invest in debt funds.

What should investors do?

In these uncertain times, it would be wise sticking to liquid funds and overnight funds for the fixed-income part of your portfolio and avoid funds that take higher credit risk. Alternatively, if you prefer safety of capital, invest in Bank fixed deposits.

Choose a fund house that follows prudent investment process and stringent risk-management system.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy, which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity.

SEBI has time and again taken steps to tighten norms for debt funds. As an investor, if you take portfolio risks, align it with your own risk appetite and financial objective.

PS: If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.

Additionally, as a bonus, you get access to PersonalFN's popular debt mutual fund service, DebtSelect.

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

Author: Divya Grover

This article first appeared on PersonalFN here.

Join Now: PersonalFN is now on Telegram. Join FREE Today to get 'Daily Wealth Letter' and Exclusive Updates on Mutual Funds

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Coronavirus or Covid-19 is showing no signs of receding. On the contrary, the number of cases is increasing by the day and the situation is rather depressing, as almost every region of the world and country is infected.

Sadly, there is no antidote or a vaccine conclusively developed to fight this deadly pathogen yet. And according to the World Health Organisation (WHO), Coronavirus will be with us for a long time. Most cases are still in the early phase of the epidemic and some countries which were affected early in the pandemic, are now seeing a resurgence in the number of cases, said the WHO Chief.

COVID-19 is truly playing havoc and may be followed with a financial crisis owing to the lockdowns imposed to contain the spread. The risk of global recession undeniably looms large. "This crisis is like no other", as what the International Monetary Fund's (IMF), Chief Economist, Ms Gita Gopinath wrote in the foreword to the World Economic Outlook, April 2020.

Graph 1: The virus has spread even to Indian equities

The graph above depicts the S&P BSE Sensex falling off the cliff and investors' wealth being eroded. Since the all-time high of the S&P BSE Sensex (42,273.87 points made on January 20, 2020), we have fallen more than -25% and overall sentiments seem downbeat and volatility has heightened.

On a year-to-date basis, Indian equity is down nearly -23.2% (as of April 27, 2020), while gold -- with uncertainty looming around the world -- has exhibited its sheen and demonstrated its trait of safe haven and an effective portfolio diversifier, clocking nearly +5.0% absolute return as of April 27, 2020.

Graph 2: YTD Performance of key asset classes

The graph above validates the importance of tactical asset allocation. The key lesson here is: all asset classes will not necessarily move in the same direction (up or down) always - over the long-term; some may even move in the opposite direction as what we have seen in the recent past (in the case of equities and gold).

As we (the world) continue to fighting COVID-19 and the aftereffects of it are conceivable, a further correction cannot be ruled out and the bottom is unknown. COVID-19 is likely to impact corporate earnings amidst a time when India is already facing slowdown blues. As people are quarantined, demand would remain muted and inflation risk will begin to surface, particularly in food prices.

So, although the current levels offer a decent value-buying opportunity, skewing your portfolio completely to equity as an asset class could endanger wealth creation. In such times you, as an investor, need to follow tactical asset allocation while you aim to generate wealth.

Tactical Asset Allocation with Quantum Multi Asset Fund of Funds

To invest sensibly in the current times, you need a Multi-Asset Fund that invests in mainly three asset classes: equity, debt and gold; and is truly balanced.

Among the plethora of Multi-Asset Funds, the Quantum Multi Asset Fund of Funds (QMAFOF) incepted on July 11, 2012, is truly balanced and holds well-diversified portfolio (across the three key asset classes: equity, debt and gold) at all the times -- unlikely many of its peers who swayed by the excess exuberance in equities, lost sense, and eroded investors wealth.

Table 1: Asset Allocation of Quantum Multi Asset Fund of Funds

The Scheme predominantly invests in the units of Equity, Debt / Money Markets and Gold schemes of Quantum Mutual Fund. Currently, the following schemes are used to gain exposure to a particular asset class:

For equity - Quantum Long Term Equity Value Fund, Quantum Nifty ETF

For debt & money market instruments - Quantum Liquid Fund, Quantum Dynamic Bond Fund

For Gold - Quantum Gold Fund (ETF)

The Units of any other Equity and Debt / Money Markets scheme launched by Quantum Mutual Fund from time to time would be eligible to be part of the above asset allocation components.

Although QMAFOF aims to invest predominantly only in the schemes launched by Quantum Mutual Fund, QMAFOF may seek to invest in the units of similar schemes of other mutual fund houses in case of any investment and regulatory constraints that arise that prevent the Scheme from increasing investments in the schemes of Quantum Mutual Fund.

The investment objective of Quantum Multi Asset Fund of Funds is, "to generate modest capital appreciation while trying to reduce risk (by diversifying risks across asset classes) from a combined portfolio of equity, debt/money markets and gold schemes of Quantum Mutual Fund"

QMAFOF benchmarks it against the Crisil Composite Bond Fund Index (40%) + S&P BSE Sensex Total Return Index (40%) + Domestic price of Gold (20%).

Being a fund of fund, this benchmark is most suitable to compare QMAFOF's performance. The unique combination clubs together the relatively risky assets with other stable asset classes in the portfolio.

Backed by an astute investment strategy, taking the relative valuations between asset classes into consideration such as Price-to-Earnings relative to historical averages; the relationship between earning yield to bond yield relative to historical averages; and macroeconomic factors prevailing globally and within India, the two fund managers of QMAFOF, namely Mr Chirag Mehta (MMS - Finance, M.Com, and CAIA with over 13 years' experience in research and investments) and Mr Nilesh Shetty (B.Com, MMS -Finance, and CFA with collectively 16 years in equity markets), have generated respectable returns for investors.

Table 2: Report card of QMAFOF versus some of its peers

Even as the equity market is panting for breath attributable to COVID-19 and volatility has intensified, QMAFOF due to its sensible asset allocation to equity, debt and gold through its underlying portfolio, has fared relatively better than some of the peers.

ICICI Prudential Multi-Asset Fund, Axis Triple Advantage Fund, HDFC Multi-Asset Fund, and UTI Multi-Asset Fund, on the other hand, have all eroded investors wealth posting double-digit negative returns (see Table 2) in this downturn. Some of these schemes have fared well during upswings by keeping to the allocation to equities high, but on the downside, they have not managed the risk very sensibly. Investors, as a result, have experienced a roller-coaster ride in the journey of wealth creation.

A multi-asset fund, ideally, is expected to be truly balanced and sensibly allocate its assets whereby the downside risk of one asset class is compensated by the positive returns of the other asset classes.

Here are five good reasons to invest in Quantum Multi Asset Fund of Funds

1. You gain from a diversified portfolio across asset class which, in turn, reduces risk and optimizes returns.
2. You do not have to worry about portfolio rebalancing; the fund manager will astutely do it for you at regular intervals in the endeavour to achieve the set-out investment objective of the fund.
3. Portfolio tracking will be easy for you instead of tracking 10 different schemes
4. You will benefit from the lowest expense ratio in the category
5. And above all, Quantum Mutual Fund's strong research capabilities across various asset markets - equity, debt and gold, -- with robust investment processes & systems followed at the fund house.

Suitability of Quantum Multi Asset Fund of Funds

QMAFOF is a perfect fund for investors looking to tactically diversify the portfolio with a single fund across equity, debt and gold, plus leave the aspect of rebalancing to the discretion and expertise of the fund manager.

Furthermore, the fund is appropriate for investors seeking long term capital appreciation, who have a moderately high-risk appetite, and an investment time horizon of 3 to 5 years.

It is the best time to invest in the Quantum Multi Asset Fund of Funds. Valuation-wise, Indian equities look attractive and there appears to be a decent margin of safety (with a high return potential if the equity markets ascend).

Similarly, given the uncertainty surrounding the world, gold is expected to display its lustre. The economic uncertainty surrounded by the COVID-19, GDP growth rates being revised downwards, easy monetary policy action and stance followed by central bank across the world, geopolitical tensions, trade tension, and increased stock market volatility are likely to keep spotlights on gold.

Likewise, with credit risk getting amplified, it makes sense to have exposure to a pure Liquid Fund (that does not take exposure to Commercial Papers issued by private entities). Now that policy rates are already lowered by RBI to address growth concerns, it does not make much sense to take exposure to the longer end of the yield curve; it could prove less rewarding and risky (may encounter high volatility) in the foreseeable future. Deploying your hard-earned money is short-end of the maturity curve, would be far better.

By investing in Quantum Multi Asset Fund of Funds, you will be able to balance the risk better with a sensible investment strategy in place.

Just as an excess drug dosage cannot treat COVID-19, your investment portfolio, too, needs just a fair amount of diversification to clock optimal risk-adjusted returns in the journey of wealth creation.

Go ahead and consider investing in Quantum Multi Asset Fund of Funds.

Happy Investing!

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Despite the rally we recently witnessed, the market mood continues to be sombre due to the pandemic crisis. FPI outflows from the Indian market persisted in the current month as well, while the recent fiasco at a popular fund house also dented investor sentiments.

It is difficult to predict how this situation will unravel eventually. Though the pandemic has impacted both large and smaller sized companies, small and mid sized companies could be the most affected.

However, quality names even in these segments could perform well over the long run. Therefore, you should stick to only quality names across different market capitalisation and invest via a well managed mutual fund that focuses on growth through diversification.

HDFC Mid-cap Opportunities Fund (HMOF) is one such mid cap fund that looks to invest in mid cap stocks with sound financial strength and reasonable growth prospects.

Graph 1: Growth of Rs 10,000 if invested in HDFC Mid-cap Opportunities Fund 5 years ago

One of the most popular funds in the midcap category, HMOF's asset size is the largest as compared to its peers. However, HMOF has shown no constrain when it comes to delivering superior performance. The fund has a track record of generating above-average returns across market conditions. Over the last 5 years, HMOF has generated returns at 4.5% CAGR as compared to 1.9% CAGR generated by its benchmark Nifty Midcap 100 - TRI, thus generating an alpha of around 2.5 percentage points CAGR. The fund has made well use of diversification to mitigate downside risk and generate decent lead over the benchmark index.

Table: HDFC Mid-cap Opportunities Fund's performance vis-a-vis category peers

*Please note, this table only represents the best performing funds based solely on past returns and is NOT a recommendation. Mutual Fund investments are subject to market risks. Read all scheme related documents carefully. Past performance is not an indicator for future returns. The percentage returns shown are only for indicative purposes.

Though HMOF has trailed some of the other popular peers in the mid cap category, it stands strong in the list of mid cap funds. The fund has constantly outperformed the benchmark by a noticeable margin across time periods.

Some of the other top performers in the category are Axis Midcap Fund, Invesco India Midcap Fund, and DSP Midcap Fund.

The fund has not only demonstrated its ability to generate superior returns for its long term investors, but has been reasonable when it comes to managing volatility and curtailing down-side risks. In terms of risk-adjusted returns, HMOF has outperformed its benchmark by a significant margin and also stays ahead of most of its peers.

Investment strategy of HDFC Mid-cap Opportunities Fund

Categorized as midcap fund, HMOF is mandated to invest minimum 65% of its assets in equity and equity related instruments of mid cap companies. Accordingly, HMOF invests in stocks of predominantly mid-sized companies, which have reasonable growth prospects at acceptable valuations. The fund also holds significant exposure in smallcaps along with moderate exposure in large caps as well as cash and debt.

It follows the bottom-up approach to identify high quality businesses for the long term. The stocks are bought primarily for the strengths of company fundamentals rather than the strength of the macro-economic indicators.

The fund manager resists from following market momentum and holds each of his high conviction stock for the long term.

Graph 2: Top portfolio holdings in HDFC Mid-cap Opportunities Fund

As on March 31, 2020,HMOF held 75 stocks in its portfolio, with no individual stock having exposure of more than 5%.Popular mid cap names like Aarti Industries, Balkrishna Industries, Trent, Ipca Laboratories, and Voltas, etc. appeared in its top portfolio holdings. The top 10 stocks constitute close to 32% of its assets.

The fund's portfolio is primarily skewed towards Banking and Finance sectors which together constitute around 17% of the portfolio. Auto ancillaries, Pharma, Chemicals, and Industrial Products are the other prominent sectors with allocation of around 9-11% each.

Suitability

HMOF's performance over longer time periods has been commendable, where it has generated decent long-term returns for its investors as compared to the benchmark, though it has lagged behind some of its peers. Its focus on timely realization of growth potential of stocks at fair valuation can help it generate strong returns while also minimize the downside risk. However, its aggressive mandate makes it prone to high volatility. This makes HMOF suitable for investors with high risk appetite and a long term investment horizon.

Editor's note: The last few years have not been among the best for equity mutual funds. While most funds have underperformed or are struggling to match the returns of the benchmark, there are few funds that have the potential to constantly generate alpha for its investors. And we have identified five such high alpha generating funds, in our latest report 'The Alpha Funds Report 2020'. Do not miss our latest research finding. Get your access to this exclusive report, right here!

Note: This write up is for information purpose and does not constitute any kind of investment advice or a recommendation to Buy / Hold / Sell a fund. Returns mentioned herein are in no way a guarantee or promise of future returns. As an investor, you need to pick the right fund to meet your financial goals. If you are not sure about your risk appetite, do consult your investment consultant/advisor. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Author: Divya Grover

This article first appeared on PersonalFN here.

Join Now: PersonalFN is now on Telegram. Join FREE Today to get 'Daily Wealth Letter' and Exclusive Updates on Mutual Funds

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

Last week the mutual fund industry was jolted by the news of Franklin Templeton MF winding down six of its debt schemes. The fund houses cited high redemption pressure and lack of liquidity due to COVID-19 as the reason behind the move.

There has been a rush of redemption in the debt market due to high volatility and uncertainty caused by the outbreak of pandemic. The stress is more evident in high-risk category of securities where liquidity has dried up. Notably, the schemes that were wound up belonged to the high credit risk category.

The recent FTMF fiasco led RBI to take note of the situation and step up to build confidence in the capital market.

On April 27, 2020, RBI announced the opening of a special liquidity facility (SLF-MF) worth Rs 50,000 crore to ease liquidity pressure on mutual funds.

Under SLF-MF, RBI will conduct repo operation of 90 days tenor at the fixed repo rate. Banks can avail funds under this facility between April 27, 2020 and May 11, 2020 or up to utilization of the allocated amount, whichever is earlier. RBI will review the timeline and amount, depending upon market conditions.

Banks have to utilise the funds availed under this exclusively for meeting the liquidity requirements of MFs by:

• Extending loans, and
• Undertaking outright purchase of and/or repos against the collateral of investment grade corporate bonds, commercial papers (CPs), debentures and certificates of Deposit (CDs) held by MFs.

The liquidity support under this would be eligible to be classified as held to maturity (HTM) even if it goes beyond the 25% limit of total investment in the HTM portfolio.

Will banks come to the aid?

For banks, availing funds at a lower rate (repo rate) and using it to purchase investment grade, which generally carry higher interest, and holding them till maturity seems like a good opportunity, but they may not be as enthusiastic to come to the aid of MFs.

You may recall that few days ago, RBI came out with a similar liquidity window worth Rs 50,000 for NBFCs. Of these, 50% of funds had to be dedicated towards investment in investment grade bonds, commercial paper, and non-convertible debentures small and mid-sized NBFCs and MFIs.

NBFCs who have been dealing with liquidity crunch for quite some time now is one of the worst affected sectors with rising risk of bad loans amid the COVID-19 outbreak.

As a result, the first tranche of the operation worth Rs 25,000 crore conducted few days ago received bids for just Rs 12,850 crore.

Similarly, the stress in debt mutual fund segment is not new - some categories of debt funds have been facing redemption pressure ever since the IL&FS debacle came to light. Banks may be reluctant to lend to mutual funds with higher exposure to lower quality papers, which have been lacking in liquidity.

If banks do lend to MFs it may be limited to those with good quality papers. This will not serve the intended purpose of the facility.

Many mutual funds investing in credit-risk grade securities may have offloaded good quality papers to meet the high redemption and may be now left with only lower quality papers. Risk aversion in banks has magnified due to rising fear of bad loan pile up. Hence, banks may not be keen to accept lower quality papers as collateral.

Besides, some mutual funds may already have high borrowing rate availed to fund redemptions and further borrowing may not be a viable option for them.

Thus, if redemption pressure continues, liquidity strain will continue in schemes carrying higher exposure to lower rated securities. Hence, RBI may have to come out with alternative steps to deal with issue that would infuse liquidity directly to mutual funds rather than relying on banks.

Word of caution for investors in debt funds

RBI and AMFI have assured investors that stress in capital market is confined to the high-risk debt MF segment at this stage; the larger industry remains liquid.

In the current market volatile and uncertain environment, it would be advisable to stay away from credit risk schemes. However, do not resort to panic selling. Doing that will have an exponentially negative effect on funds, primarily those having exposure to moderate and low rated assets.

Redemption pressure may force the fund managers to sell good quality papers in the portfolio in the secondary market and pile up exposure to low rated assets because it will be difficult to liquidate at fair value.

Keep in mind that debt funds are not risk-free. Investment in debt funds carry various risks relating to liquidity, credit quality, and interest rate. Therefore, before investing in debt funds understand the various risks involved and invest in schemes where the portfolio risk aligns with your own risk appetite and financial objective.

Moreover, choose a fund house that follows prudent investment process and stringent risk-management systems.

In these uncertain times, it would be wise to stick with liquid funds and overnight funds for the debt part of your portfolio as they are highly liquid and carry lower risk.

Our friends at Quantum Mutual Fund have highlighted the secret behind their debt management strategy, which has helped them provide safety and liquidity to investors when it comes to investing in quantum funds. Don't Worry, Quantum Liquid Fund always aims for Safety and Liquidity.

PS: If you wish to select worthy mutual fund schemes, I recommend you to subscribe to PersonalFN's unbiased premium research service, FundSelect.

Additionally, as a bonus, you get access to PersonalFN's popular debt mutual fund service, DebtSelect.

If you are serious about investing in a rewarding mutual fund scheme, Subscribe now!

Author: Divya Grover

This article first appeared on PersonalFN here.

Join Now: PersonalFN is now on Telegram. Join FREE Today to get 'Daily Wealth Letter' and Exclusive Updates on Mutual Funds

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
The views mentioned above are of the author only. Data and charts, if used, in the article have been sourced from available information and have not been authenticated by any statutory authority. The author and Equitymaster do not claim it to be accurate nor accept any responsibility for the same. The views constitute only the opinions and do not constitute any guidelines or recommendation on any course of action to be followed by the reader. Please read the detailed Terms of Use of the web site.

The Indian equity markets are on a rollercoaster with the uncertainty surrounding the COVID-19 pandemic. It's been a nerve-racking experience for investors and wealth has been eroded.

As we continue to battle COVID-19 with lockdown 3.0, on a year-to-date basis the S&P BSE Sensex is down -23.9% as of May 5, 2020, (see Table 1 below).

Table 1: Wealth erosion across market cap segments

Balanced Hybrid Funds that are supposed to be balanced and protect downside risk have gone on to erode investors' wealth by seldom maintaining a 'fair balance' and displaying unreasonable love and exuberance for equities plus for taxation reason -- to be treated as an equity-oriented fund. (see Table 2 below).

Similarly, many multi-asset funds that hold the mandate to invest with allocation across three asset classes i.e. equity, debt and gold with minimum 10% in each have posted negative returns (see Table 2 below).

Table 2: Report card of Balanced Hybrid Funds and Multi-Asset Funds

ICICI Prudential Multi-Asset Fund, HDFC Multi-Asset Fund, and UTI Multi-Asset Fund, in particular, have not lived up to the expectation and the trust evinced by investors (going by their AUM size). Not just are their recent returns amidst the outbreak of COVID-19 crisis unappealing, but even the 3-year and 5-year compounded annulaised return is nothing to vie for. This is because they haven't been able to sensibly allocate to the three key asset classes: equity, debt and gold, and play the investment strategy astutely.

On the other hand, the Quantum Multi-Asset Fund of Funds (QMAFOF) has depicted true balance backed by its sensible investment strategy arrested the downside risk and relatively fared better vis-a-vis its peers over 3-year and 5-year time periods.

The Quantum Multi-Asset under normal circumstances by maintaining 25%-65% exposure to units of equity schemes (vide Quantum Long Term Equity Value Fund, Quantum Nifty ETF); 25%-65% exposure to units of debt and money market instruments (vide Quantum Liquid Fund, Quantum Dynamic Bond Fund); 10%-20% in units of gold schemes (vide Quantum Gold ETF); and up to 5% in money market instruments, Short-term Corporate Debt securities, Tri-Party Repo, Repo/ Reverse Repo in Government securities and Treasury Bills has been able to generate modest, yet appealing returns than the rest, and mitigated the risk by diversifying across asset classes: equity, debt and gold.

Historically it is proved that all classes never move in the same direction -- up or down -- at the same time. There could be times when certain asset classes perform better than the other and/or show an inverse relation to another (see Table 3).

Table 3: Here's how various asset classes fared per calendar year

If your multi-asset fund strategically allocates between equity, debt, and gold sensing the pulse of each asset class, maintains balance, and takes calculated risk sensible wealth creation is possible.

In the on-going COVID-19 crisis, equities will remain volatile, but given the sharp correction, there are and will be, enough long-term value-buying opportunities with a decent margin of safety.

Gold in such uncertain times would continue to gain all the attention. Easy monetary policy action and accommodative stance to address growth concerns, a record-high debt-to-GDP ratio, trade war tensions, geopolitical tensions, the potential risk to the inflation trajectory mainly due to food prices, increased stock market volatility, and the U.S. Presidential election in November 2020 are some of the factors expected to work in favour of gold. The precious yellow metal will demonstrate its trait of being a portfolio diversifier, a hedge (when other asset classes fail to post alluring returns), and command a store of value.

And speaking of debt & money market instruments, with exposure to highly rated papers and predominantly government securities, will act as a stabilizer.

A unique aspect of QMAFOF is that it has always taken relative valuations between asset classes into consideration, such as:

• Price-to-Earnings relative to historical averages;
• The relationship between earning yield to bond yield relative to historical averages; and
• Macroeconomic factors prevailing globally and within India

It is this wide-ranging and sensible approach that has helped QMAFOF to protect against the downside risk and reward its investors better than many of its peers. The fund managers, Mr Chirag Mehta (MMS - Finance, M.Com, and CAIA with over 13 years' experience in research and investments) and Mr Nilesh Shetty (B.Com, MMS -Finance, and CFA with collectively 16 years in equity markets), have strategically moved in and out of the aforesaid asset classes wisely recognising their upswings and downswings.

[Read: Why Tactically Invest Across Asset Classes amidst COVID-19 with Quantum Multi-Asset Fund Of Funds]

The choice is completely yours: to stay invested in a 'Balanced Hybrid Fund'/ Multi-Asset Fund that does not show true balance and keep harming your health and wealth; or make a sensible move and switch over to Quantum Multi Asset Fund of Funds that is truly balanced and has sensibly generated wealth for investors without the shrieking experience of a rollercoaster.

Wish to invest in Quantum Multi Asset Fund of Funds? Click here.

Happy Investing!

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Author: Rounaq Neroy

This article first appeared on PersonalFN here.

PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

Disclaimer:
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Wimbledon champion Simona Halep, 28, is pretty shocked to see a global lockdown due to the Coronavirus pandemic. "Not even in my worst nightmares could I think that the globe can stop in such a way. For me, it's a shock because I'm pretty young and haven't gone through too many tough times. This is something that belongs to a fantastic realm. They have stopped travelling, flight in order to avoid affecting our health and well-being. Maybe it's the best interdiction," Simona, 28, told Romanian TV show Garantat 100%.

The former World No. 1, who is currently in isolation at her Bucharest home, is taking "maximum care" to avoid contracting the virus, fearing it could affect her lungs.

"In the beginning, I had this fear but then analysed the situation and figured out that if you protect yourself, everything will be OK but I'm afraid for those with health issues. I fear this virus because even if we are healthy and have good immunity–we may resist it–but it [the virus] will leave us with a serious lung affection. That's why I have decided to take maximum care of myself. That's why I have decided to take maximum care of myself," added Simona.

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Novak Djokovic said that he, Roger Federer and Rafael Nadal are organising aid for players struggling with the paralysis of the game due to the Coronavirus pandemic. "I spoke to Roger and Rafa a few days ago," Djokovic, the World No. 1, said in an Instagram chat with friend and rival Stan Wawrinka on Saturday.

No support from federation
"We had a long conversation about the near future of tennis, what is going to happen, how we can contribute and how we can help especially lower-ranked players, who are obviously struggling the most. The majority of the players who are ranked between 200, 250 in the world, and the 700th or 1,000th do not have federation support, do not have sponsors. They are completely independent and left alone," he said. "Guys who are ranked between 200-250, especially to 700...are thinking of leaving tennis right now."

He said players, the ATP and the four Grand Slams "would all get together and will contribute to a player relief fund that ATP will distribute." "It looks, hopefully, that there will something between $3 million (2.75 million euros) and $4.5 million that is going to be distributed," he estimated. Djokovic said the cash could come from the prize money for the season-ending World Tour Finals or the final bonus pools for top players.

Lack of tournaments
"Maybe if we don't have any tournaments this season, we can take a certain percentage from our prize money from Australian Open in January," he said. "These guys are the grass roots of tennis. The future of tennis. We need to show them they still can rely on support of the top guys." According to reports in tennis media, Djokovic, as president of the ATP Players' Council, which also includes Federer and Nadal, proposed to members that players in the Top 100 for singles and the Top 20 in doubles contribute according to their rankings.

The proposed scale runs from $30,000 for a Top-5 player to $5,000 for those between 51 and 100. That would raise approximately $1 million and the ATP would make a similar contribution. On Friday, ATP chief Andrea Gaudenzi echoed the call for unity on the tour website. "Our guys are at home, obviously unable to play, unable to earn money and financially struggling, so we will try to help," he said.

"I've been quite touched by the top players who reached out, the big names expressing their desire of helping the lower-ranked players and putting those players first. We are also talking with the Grand Slams about it. They may want to join in the effort. I think it would be a great message for the sport." World tennis has been at a standstill since the beginning of March and will not resume until mid-July at the earliest following the postponement of Roland Garros and the cancellation of Wimbledon.

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American tennis player Sloane Stephens has started a fundraiser for students and teachers in Haiti in association with her fiance Jozy Altidore's JA Foundation. "Can you imagine climbing 200 flights of stairs every day simply to access clean water, and education, and healthcare? The children and families in Marre-a-Coiffe, Haiti do just that. I'm taking the Hike for Haiti Challenge to raise awareness and funds to help provide students and teachers in Haiti vital support.

Jozy Altidore

From April 17 to May 17, we'll be hiking 200 flights of stairs in solidarity," Sloanne, 27, says on her fundraising page. Meanwhile, Jozy remarks: "In these times of adversity and social distancing, it's so important to find ways to virtually stay connected to others in our community, and to stay healthy and active at home. The JA Foundation will be matching funds donated to my team page up to $2,500, so your contribution will have double the impact."

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Former Slovak tennis star Daniela Hantuchova has launched her own podcast, The Real DNA, where she plans to have people who have inspired her, as guests on her show. After retiring in 2017, Daniela, 37, has been a tennis commentator for the past couple of years.

"The reason behind launching a podcast was that I love to communicate and learn from all the inspiring people I have in my life. I thought it would be nice to able to share their stories and their real DNA with our listeners. At the end of the day, one of the things I cherish the most in life is being able to sit down and have a cup of coffee with people I love, my family, friends, and people I admire, and listen to their stories and their experiences in life," she was quoted as saying by Tennis World USA.

"I believe the most inspiring people I've encountered in life share certain core values as humans that have helped get them where they are, whether in sports or somewhere else. I want my listeners to get to know these people and understand those core values," she added.

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Canadian tennis beauty Eugenie Bouchard shared this picture taken at a beach destination with her 2.1 million Instagram followers and captioned it: "Bored."

Later, she wrote: "If I had known someone was taking a pic I would NOT have done my hair like Thomas Jefferson," to which an online user replied: "@geniebouchard Thomas has cute hair! So what."

 

 

 

View this post on Instagram

bored

A post shared by Genie Bouchard (@geniebouchard) onMay 2, 2020 at 1:21pm PDT

Meanwhile, another one asked: "@geniebouchard why? it's perfect. and no way TJ ever looked that good in a bikini."

And the third one said: "@geniebouchard but kinda younger cuter version of Thomas Jefferson."

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Five-time Grand Slam champion Maria Sharapova has revealed that fellow tennis star and World No.1 Novak Djokovic was once fanboying on her over dinner. During an Instagram Live chat with the Serbian ace, Sharapova, who called time on her illustrious career in February, said: "I remember we played this little exhibition. I was young, you were young, way before you had any Grand Slam titles. I don't know if you'd even won a tournament at that point," said Sharapova. This part of the chat was shared by ATP Tour on their official Twitter handle.

"We're not going to start hugging trees, right?"@MariaSharapova with the one-liners for @DjokerNole today. 🤣#tennisathome pic.twitter.com/bweyZMuJ2v

— ATP Tour (@atptour) May 5, 2020

"You said that if you'd win (in a mixed doubles match), I would have to pay dinner. I was like, ‘Okay, whatever, who is this kid?'" Sharapova recalled. "You won and you were like, ‘We have dinner tonight. We're going to the Japanese place!' I was like, ‘Are you serious? You and me, going to dinner, tonight?' So we did. We ended up going to dinner and it was so funny because you pulled out I think it was an old Kodak camera and you asked the waiter to take a photo of us… and here we are," she further said.

"It's actually what happened. Maria is saying the truth," Djokovic said, laughing. "I think you were fanboying," Sharapova replied. Djokovic recently said that he was "mentally empty" and "confused" at the beginning of the ongoing freeze of the tennis calendar due to the coronavirus pandemic.

The sport has been on a full stop for over a month due to the pandemic outbreak.

Novak Djokovic

Djkovic has enjoyed a revival in form after a slump in late 2017 and most of 2018. He was set to defend his Wimbledon title this year before the grass court Grand Slam was cancelled for the first time since the Second World War.

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The three-day annual "Winter Fest 2017" took off here with fanfare on Friday with the city coming alive with colourful cultural and folk performances as well as traditional sports activities for visitors and tourists. The quintessential hospitality and warmth of the local people -- that Rajasthan has been known for -- further added to the cheerful disposition of the festival, being organised by the Rajasthan Tourism Department.

Representational Pic

On Friday morning, a grand procession with various cultural and folk performances, including Ghoomar, Gair, Kacchi Ghodi and Kalbelia, to the Nakki Lake marked the start of the festival.

Events like a football match, Tug of War and Musical Chairs between the locals and tourists were held in the afternoon. The evening had a scheduled performance of the best of European bands.

On Saturday, Day 2, a Boat Race will be organised on Nakki Lake. The other programmes, such as a Kite Show, Rangoli Competition, Matka Race, Dog Show, Turban Tying Competition and Best of Rajasthani Dress Competition, are scheduled to take place in the afternoon.

In the evening, there will be a live performance of the Army Band, followed by a stunning display of the Best of Rajasthan group performances.

On the third day, December 31, a marathon race has been planned from Polo Ground to Nakki Lake. There will also be a Horse Show and Kabaddi Match in the afternoon and in the evening, there will be a Rock band performance by the "All Events Mumbai", before a display of fireworks.

On all three days, as part of the festival, there will processions of various cultural and folk performances from Toll Naka to Nakki Lake.

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Representational picture

Lhasa: Newly discovered cliff carvings in eastern Tibet may offer a glimpse into Buddhist art and local history from 1,200 years ago.

According to the regional cultural relics protection research institute, the discoveries dating back to the Tibetan Tubo Kingdom were found in Acur township of Qamdo city, Xinhua news agency reported.

The relics of the Buddha figure carvings were first found by construction workers who were mining for stones. The carvings are inscribed on cliffs that stretch some 10 metres in total.

Experts believe that the carvings were created in the 9th century, based on their style.

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The new BJP-led government in Tripura is keen to boost employment in the state by encouraging tourism around sick tea gardens and boost income of farmers by exporting an exquisite variety of pineapple to Dubai and Hong Kong.

Officials said that hotels, motels, restaurant and lodges will be created near sick tea gardens to encourage tourists to visit and stay there.

"These tea gardens, which are not doing too well in terms of business, are located in serene environment and are surrounded by natural beauty. Once infrastructure is created, tourists are sure to visit these places. It will help create local employment besides helping tea gardens market their produce," an official said.

He said the state government is keen to make Tripura famous within and outside the country for "queen" pineapple.

The Tripura Queen pineapple got the GI tag in 2015.

Officials said that production of queen variety of pineapple, known for its pleasant aroma, sweet taste and golden yellow colour, has faced some constraints as producers do not get a very good price owing to their facing problems in export.

"We have now decided to tap international market for this pineapple variety and have identified Hong Kong and Dubai as prime destinations for export. We are sure that the queen variety will establish itself in the international market due to its sweetness and unique aroma," an official said.

He said that transport arrangements have already been put in place for export of the pineapples and the state government has set an ambitious target.

"The purpose is to ensure that the farmers get double the price of their product. Today they are getting about 15 per pineapple but if their product is sold in foreign countries, they would get double the price of their produce," the official said.

Tripura Chief Minister Biplab Deb told IANS over phone that his government has taken various measures to boost agriculture and tourism sectors.

"Tripura has immense potential in agriculture and the tourism sector but it was not utilised in 25 years of CPI-M rule. We will make Tripura a world class tourism destination and would ensure that the farmers of the state get proper dues for their produce," he said.

"We are taking various measures. We are focusing on branding of some of our special produce. We are talking to every stakeholder and also trying to get into foreign markets," he said.

Deb said the steps are in line with the NDA government's efforts to double the farmers income by 2022.

Officials said that productivity of pineapple in Tripura at 18.73 tonnes per hectare is higher than the national average of 15.80 tonnes.

They said that people know about Assam tea and Darjeeling tea but Tripura, despite having special variety of tea leaves, has not been able to earn a similar reputation.

Tripura has a history of tea plantations going back to 1916 but these suffered during the spells of insurgency in the state. Some tea gardens have also faced problems related to infrastructure, modernisation and management.

The officials said that decisions to boost employment through tourism and agriculture export is in line with the BJP's pre-poll promises.

The party had assured to establish Directorate of Tea Gardens for scientific development of tea and facilitate the socio-economic development of tea plantation workers.

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Representational picture

New Delhi: With travel bug catching up in India, European countries are a preferred destination for Indians this summer, according to a survey.

Searches were conducted by travel search engine KAYAK.co.in between October 1, 2017 to March 23, 2018 for travel dates between May 5, 2017 and August 31, 2018.

As per the search, Moscow and Istanbul are taking the lead with year-on-year increase in flight searches by 269 and 252 per cent respectively.

Other trendy destinations this summer show that Indians are interested in travelling not only to the well-known European destinations like Spain, Germany and Greece but also to some less conventional ones like Norway, Hungary and even Iceland.

Europeans on the other hand are travelling to Palma Mallorca in Spain the most, followed by London and Lisbon.

Considering the budget, several European locales are emerging as good options for travel from India without burning a big hole in the pocket.

Istanbul, which is also the second top-trending destination, is seeing a price drop as high as 95 per cent compared to the average trip cost.

This is followed by Milan, Italy, with a 37 per cent drop in the average trip cost. With warm weather in Europe, this represents a good opportunity to travel to these European destinations for a summer adventure at a reduced price.

Abhijit Mishra, Director of India and Middle East, KAYAK, said in a statement: "With the summer holiday period quickly approaching, travel planning is on the rise and it was interesting to see how European countries have emerged as the preferred destination for Indians this year."

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New York: Maintaining strong social networks with positive, warm and trusting friendships in old age might be key to slowing down age-related decline in memory and brain functioning, researchers say.

Representational picture

The findings showed that superagers -- who are 80 years and older -- who have the cognitive ability at least as good as people in their 50s or 60s can have more satisfying, high-quality relationships compared to their cognitively average, same-age peers.

"This study supports the theory that maintaining strong social networks seems to be linked to slower cognitive decline," said Emily Rogalski, Associate Professor at the Northwestern University in the US.

"The study is particularly exciting as a step toward understanding what factors underlie the preservation of cognitive ability in advanced age, particularly those that may be modifiable," added Amanda Cook, doctoral student at the varsity.

Previous studies have shown psychological well-being in older age to be associated with reduced risk of developing Alzheimer's dementia.

"It's not as simple as saying if you have a strong social network, you'll never get Alzheimer's disease," Rogalski said.

"But if there is a list of healthy choices one can make, such as eating a certain diet and not smoking, maintaining strong social networks may be an important one on that list," Rogalski noted.

For the study, published in the journal PLOS ONE, the participants answered a 42-item questionnaire called the Ryff Psychological Well-Being Scale, which is a widely used to measure of psychological well-being.

The scale examines six aspects of psychological well-being: autonomy, positive relations with others, environmental mastery, personal growth, purpose in life and self-acceptance.

Superagers scored a median overall score of 40 in positive relations with others while the control group scored 36 -- a significant difference, Rogalski said.

When we meet them on a windy November afternoon, the quartet that calls itself Sanam (named after lead singer/composer Sanam Puri) is comfortable taking questions on, and dealing with fame. They could be the biggest band in India, say insiders. Their YouTube channel has 208 million subscribers and enjoys 14 million views per month. And they have fans across South Africa, Trinidad, Netherlands, Bangladesh, England, Nigeria, and even Suriname. "We just realised the other day that there isn't a country in the world that hasn't visited our channel," says Keshav Dhanraj, drummer. Thank God Indians are everywhere, we say, and he laughs, "Yes! Bangladesh is the biggest consumer of our music!" And they admit that they are drawing in more women than men. "It's quite a tough fight," says bass guitarist Venkat Subramaniyam, who is scrolling through figures as we talk over watermelon juice at the clubhouse of their plush residential complex in Madh-Marve. "It's 50:50," he adds, "women are more active on social media, I mean they comment more, but otherwise the gender ratio is roughly equal."

Pic/Nimesh Dave

It has taken them a while to get here. Brothers Sanam and guitarist Samar Puri, from Delhi, Subramaniyam, from Bengaluru and Dhanraj, from Chennai won a contest called SUPASTARS hosted by a recording label in 2010. Free gigs, great for exposure, but not of particular value, followed, until they met their manager Ben Thomas. "Under Ben's guidance, we started making videos and music of all types [originals and Hindi, English covers], says Dhanraj. Their first song, Hawa Hawa, saw a decent traction. But then, a cover of Lata Mangeshkar's Lag Jaa Gale got them almost 36 million views (and counting).

But their success is also a product of consistency. The first-time visitors on their channel often discover other songs, which they may not have done as well when they released, but gradually gained popularity. "So, our song, Dua [23 million views] which is an original, got popular after people had already discovered us through perhaps a cover version of some song, and wanted to listen to other stuff," says Sanam. They do remember the time that they tried first to get their songs heard. "I have been banned by Facebook so many times because I have spammed so many people [in an attempt to get them to hear our music]!" laughs Dhanraj. "I remember tagging people in the comments section of our videos. Facebook only allows 10 mentions per comment. So, you can imagine how many comments I posted!" smiles Sanam.

Today, they have the numbers, but they won't take their success for granted. They try and put up at least one new video every month (original or cover), update their social media accounts every few hours, and tour the country and outside. They now have a team that handles the logistics, including mixing and editing of videos, so they can "concentrate on the music". "We used to do it all ourselves. Now, it's about making music we are proud of so that you, the listener, likes it."

Ask them if they will ever ditch covers for originals only, and they have a smart, sorted reply. "In India, originals are respected more. We get that, and we aim to make more and more of them. But in many countries we visit, our fans are into the classics, like Mohammed Rafi's songs, and we want to give them what they want. They are our unique versions, they carry our stamp, in any case," says Subramaniyam.

As we leave them, they tell us about their musical influences, and there are some surprising answers. Sanam doesn't listen to much else because he doesn't wish to influenced, but if he must, he will pick, "strings and background music". Subramaniyam loves funk and blues, and Dhanraj and Samar like Arabic tunes. As Samar says, "We sing in all languages, and with our success and fan base, we now get that music really does have no language."

When we reach a swish Bandra restaurant at the exact hour scheduled for lunch with Natalie Di Luccio and Mikey McCleary, we find Natalie already seated there. Mikey, though, hasn't arrived yet, and this leads to inevitable jokes about 'Indian Standard Time'. But to be fair to the New Zealander, he reaches only a few minutes later and immediately hits it off with Natalie, whom he knows from before. But the two haven't met in a while, their individual projects having kept them too busy to find the time. Mikey, 48, is a composer who dabbles in Bollywood projects such as Shaitan (2011) and most recently Ribbon, which released last month. Natalie, a 28-year-old Italian-Canadian, has made a mark in Bollywood too, as a playback singer in films like English Vinglish and Chennai Express. A Hindi video in collaboration with Raghu Ram is also just around the corner. She's recovered from an appendicitis operation only a few days ago, she tells us, and explores the menu with Mikey before they settle down for an engaging conversation.

Mikey McCleary and Natalie Di Luccio at a restaurant in Bandra West. Pics/Shadab Khan

Shunashir to Natalie: How did your relationship with India begin?
Natalie: Well, I remember I was in the library in McGill (a Canadian university where she studied) around 2009 and I had all my songs on Myspace at the time. I don't know if you remember Myspace?
Shunashir: I do remember it.
Mikey: Yeah, I do too.
Natalie: So this is then, okay? And I got a message on Myspace from someone from India, who said, "Hi, we'd like you to come to India and record on this fusion album on the chakras." But the whole thing didn't make sense to me at the time. So, I said, "Thanks; yeah, maybe one day." But I didn't know who that album was by. Long story short, they messaged me again and said, "Can you do some recording for us from Canada?" and I said, "Okay." Two months later, I get back home from school in Quebec and there's a CD in the mail; it's Sonu Nigam's Maha Ganesha album, which is what I sung for!
Mikey: Wow.

Shunashir: Yeah, wow. And how was it for you, Mikey?
Mikey: My relationship with India actually began because I was born here, in Chennai. My parents were missionaries in the country, in Andhra Pradesh. But anyway, let's fast forward. I moved to New Zealand when I was five years old, did my schooling there, got into music, moved to London and got a studio there. And one day, somebody knocks on the door of the studio, some Indian fellow, and says, "Hi, I'm your new brother-in-law." And this guy is Lucky Ali.
Natalie: Oh my gosh!
Mikey: Yeah, but he hadn't released anything then, so he wasn't known as a singer. He had come to do some sort of recording in Watford and said, "Can I come in and maybe, we can do some music together?" So, I said, "Okay, come back over the weekend," and that's how we recorded a couple of songs, Oh Sanam and Sunoh.
Shunashir: ...Which kind of changed the Indi-pop game at that point of time, at least in terms of videos.
Mikey: Right. And the Oh Sanam video was shot in Cairo, at the pyramids. And the woman who was dressed in the purdah, with everyone in India wondering who this person with blue eyes in Lucky Ali's big hit song is — that's my sister!
Natalie: That's so funny, and really cool.

(The food — poached pear and blue cheese salad, grand chicken Caesar salad, meatballs in creamy sauce and pizza American — arrives)
Mikey: Have you noticed how so many Mumbai menus suddenly have watermelon and feta salad?
Natalie: I think it's a Greek combination and you're right, it's everywhere now. But the pizza in Italy (which is where part of her family is from) is totally different from the one we get in Mumbai. They have less ingredients and the main thing is always the tomato sauce. You can tell the restaurant by its tomato sauce.

Shunashir: Have you not taken to Indian food?
Natalie: No, no. It's not that. But I am fonder of North Indian food because I find that it's a little sweeter in general, all your butter chickens and navratan kormas. And I think North Indian food is pretty much what you mean by Indian food elsewhere in the world, right?
Mikey: Well, do you know what the national dish in the UK is?

Shunashir: It used to be chicken tikka masala, but I'm not so sure about now.
Mikey: I think it still is. By "national dish" they mean the most commonly ordered dish in restaurants.
Natalie: I don't know why it is, but when I'm at home here, I don't like having cooked food as much. Maybe it's the weather?
Mikey: Yeah, it could be. You'll also see that countries that are hotter actually have more chilli in their food. That's because it's counter-intuitive. Chilli kind of cools you down, and brings the heat out.
Natalie: It's so funny how that works.

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In 1996, when lyricist Nitin Raikwar dropped by on the set of Aamir Khan's Ghulam, on the recommendation of actor and filmmaker Neeraj Vora, it was to craft gimmicky dialogues for Khan's next film, Sarfarosh. "They wanted me to write funny shayaris for one of the characters in the film," he says. The shoot was at Sanpada in Navi Mumbai, and due to a technical snag, the crew had plenty of time to kill. "I noticed that Aamir was relatively free at that point, so I went up to him and requested that he give one of the songs I had written a listen. He heard it, and immediately called director Vikram Bhatt. They both thought the song was unusual but nice," recalls Raikwar. That song was Aati Kya Khandala, eventually sung by Khan himself, becoming a number that would make it to every Bambaiyya Hindi song list after.

Nitin Raikwar, sought to capture the mood of Goa. Pic/Satej Shinde

Raikwar went on to continue to use the slang in some of his memorable songs including Apun Bola Tu Meri Laila from Josh (2000), Excuse Me Kya Re from Style (2001) and the iconic Khallas from Ram Gopal Varma's Company (2002). Raikwar has also worked on children's films, and penned lyrics for Chota Chetan (1998), Jajantaram Mamantaram (2003) and others like Pyar Tune Kya Kiya (2001), Aankhein (2002) and Main Madhuri Dixit Banna Chahti Hoon (2003). "I think what worked for me at that point was the novelty factor. People dig variety. For instance, we may love our vada pav, but when the burger made an entry in early 2000, we started queuing up for it. It's the same with songs," he says. These days, Raikwar is working on his debut album for which he has collaborated with Shrikant Ahire, one of Maharashtra's foremost shadow dancers. He plans to release a single from it next month. The song is called Khan Sahab Apne Ladke Ko Sambhal. "I thought I'd write in a manner that people identify with. I can't write in a flowery and larger-than-life way. It's not me."

Apun Bola from Josh, which was written by Nitin Raikwar

Writing in tapori language was a skill that Raikwar developed after he moved to Mumbai from Pune in 1987. By then, he had already tried his hand at singing in orchestras, something his father wanted him to do since he was a successful show organiser. "But I didn't see myself singing in orchestras all my life. I was aware of the risk and struggle involved in Bollywood, but I was adamant to make it," he says. With little money to spend, Raikwar's story reads like that of so many others who move to Mumbai from smaller towns to try their luck. "When a man is struggling, he spends time with people who are like him. So I would sit at chai tapris and talk to rickshawallas, drivers and daily wage labourers. Because I'm talkative and an extrovert by nature, I could strike up a conversation with just about anyone. That's how I picked up the slang," he says. Even when he didn't have projects, Raikwar would write and seek feedback from his friends, some of whom were already working in the film industry as supporting actors. And it's through their assistance that he finally met Anil Kapoor on the sets of Ladla. "I consider that the turning point in my life.

Anil Kapoor felt I had potential and introduced me to directors and filmmakers," he says. Raikwar's first song was Teri Tirchi Nazar Main Hai Jaadoo for Anil Kapoor-starrer Loafer in 1996. But it was Aati Kya Khandala that earned him fame like no other. In fact, it helped him bag a Shah Rukh Khan film soon after. "I remember writing Apun Bola in 15 minutes after I heard the script. I wanted it to reflect Goan culture so I included words like kokum curry. You'll also find words like 'hoinga' and 'karenga', just the way a Catholic aunty would say them," he says.

In 2014, Raikwar had to put all work on the backburner for two years due to an illness. It began with bouts of headache, and he was later diagnosed with subdural hematoma of the brain. "The clots had to be removed through surgery. For a long time, I couldn't work because of the illness. I'm fine now, and hope to get back to what I do best," he says.

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Ginni Mahi must have been in Std VIII or IX when she first became aware of the divisive nature of the caste system. A girl in her class had asked her which caste she belonged to and Mahi did not know what to say. The Mahis constitute nearly 40 per cent of the scheduled caste population of Jalandhar, her hometown. The 19-year-old grew up on stories about Dr BR Ambedkar, the founder of the Indian Constitution and the teachings of Guru Ravidas, who led the Bhakti movement in Punjab in the 15th century. Theirs is, as her father Rakesh Chandra Mahi calls it, an "Ambedkarite family". It's no surprise, therefore, that both Ambedkar and Guru Ravidas have become a mainstay in Mahi's songs, which, over the past year has catapulted her into a bestselling Punjabi rapper, even earning her the tag of a "Punjabi Dalit rapper".

Ginni Mahi

The tag, however, doesn't agree with Mahi. Even though in her videos the singer wears a definite rapper swag, be it in a leather jacket or a patiala suit, she says her genre cannot be called that. "It is definitely a fusion between Western beats and Punjabi style, but I am not sure if you can call it rap," says the singer who performed in Mumbai for the first time yesterday at a congregation of women speakers. Mahi, who did her first live show when she was 12, knew from a very early age that she wanted to do "something to fight inequality in society". "Since I could sing, I had all these dreams, of doing live and reality shows. I was very little but I was already shooting for the stars," she smiles. While she has brought in a unique style to talk of the life and times of Dr Ambedkar, she was sure that it would work, even though no one had tried it before. "We have a team of lyricists who work hard to figure what should go, and more importantly, what should be dropped from a song. Addressing sensitive subjects like inequality and untouchability is always tricky territory. There has been an overwhelming amount of support, and some negative feedback too. But if there is no criticism, there can be no improvement," says the singer who performed in Mumbai for the first time yesterday at 'We The Women', a congregation of women speakers.

Ginni with her father Rakesh Chandra Mahi

Even though this is her first visit to Mumbai, Mahi could barely make time to look around. "My second year finals are on, I have an exam on Monday," says the singer who is pursuing graduation in music, from HMV College in Jalandhar. "Studies are my priority, I want to do my masters, and then my dream is to do my PhD in music. A doctor heals people with his knowledge in medicine. I want to know music so well, that one day I am able to heal people with music," she says. In terms of her singing career, Bollywood, of course is the dream. "I want to be a playback singer here, much like my idols Lata Mangeshkar, Shreya Ghoshal and Sunidhi Chauhan."

A still from her hit song, Fan Baba Sahib Di

While Mahi's music wants to break the shackles of inequality, that she herself has earned the tag of a Dalit rapper is an irony she just might have to live with. "My message is humanity, to erase caste politics. No one, especially artists, should be bound by class or caste. Such a tag, even though it has earned me fame, beats the purpose. But then, that is how the world works, in labels. We have entwined ourselves in all kinds of borders that separate us from each other."

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London: Dog owners, take note! Your pet pooch may not only comprehend the words that you speak, but also how you say them, a new study suggests.

Researchers have found that dogs have the ability to distinguish vocabulary words and the intonation of human speech through brain regions similar to those that humans use.

Representational Picture

Attila Andics from Eotvos Lorand University in Hungary said that vocabulary learning "does not appear to be a uniquely human capacity that follows from the emergence of language, but rather a more ancient function that can be exploited to link arbitrary sound sequences to meanings."

Words are the basic building blocks of human languages, but they are hardly ever found in nonhuman vocal communications.

Intonation is another way that information is conveyed through speech, where, for example, praises tend to be conveyed with higher and more varying pitch. Humans understand speech through both vocabulary and intonation.

Andics and colleagues explored whether dogs also depend on both mechanisms.

Dogs were exposed to recordings of their trainers' voices as the trainers spoke to them using multiple combinations of vocabulary and intonation, in both praising and neutral ways.

For example, trainers spoke praise words with a praising intonation, praise words with a neutral intonation, neutral words with a praising intonation, and neutral words with neutral intonation.

Researchers used functional magnetic resonance imaging (fMRI) to analyse the dogs' brain activity as the animals listened to each combination.

The results show that, regardless of intonation, dogs process vocabulary, recognising each word as distinct, and further, that they do so in a way similar to humans, using the left hemisphere of the brain.

Also like humans, the researchers found that dogs process intonation separately from vocabulary, in auditory regions in the right hemisphere of the brain.

Lastly, and also like humans, the team found that the dogs relied on both word meaning and intonation when processing the reward value of utterances.

Thus, dogs seem to understand both human words and intonation. The researchers noted that it is possible that selective forces during domestication could have supported the emergence of the brain structure underlying this capability in dogs, but, such rapid evolution of speech-related hemispheric asymmetries is unlikely.

Humans are only unique in their ability to invent words, they said. The research appears in the journal Science.

Except for the headline, the story has not been edited by mid-day online. This story is taken from a syndicated feed & is published on AS IS basis.

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Pollak with a bagpipe made with rubber gloves

"This is my first time in India, so I'm very excited. I don't know much about the country. I plan to travel to Udaipur after performing in Mumbai," says Australian musician and instrument maker Linsey Pollak, 66, who is one of the speakers at the eighth edition of TEDx Gateway, to be held on February 4 in the city. He speaks about his love for creating music from the unlikeliest of objects.

The carrot clarinet

How did the idea of creating musical instruments with vegetables and household objects come about?
It all started at a performance called Out Of The Frying Pan many years ago. I was 19 then, and I created 40 different musical instruments out of various things. I wanted to use food, so I used a watermelon, carrots, and potatoes. The carrot clarinet, which has become popular over the years, came about because of a friend, who was putting up a concert, asked, "Can you come up with something new for the performance?" I put on my thinking cap and the shape of a carrot popped up. Though it wasn't a tube, it was a potential tube.

You have recorded 34 albums. Did any of those feature music played on the instruments you created?
The 34 albums have all been of different types of music. But the one that features these instruments is called Mrs Curly And The Norwegian Smoking Pipe. It was recorded in 2014. I played 15 different pieces on instruments that I invented - the saxcello, guidanet, glass-based clarinet, carrot clarinet, and an instrument I call the aluminium narrow bow clarini.

Is there a deeper message that you wish to convey?
Yes, there is a strong philosophy to what I do. And that is: there is music all around us, and we are all musicians. By showing people how simple instruments are and how they can make their own instruments, I encourage them to be creators of music rather than consumers.

What is your most bizarre creation?
I have done quite a few. Mr Curly is a contra-based clarinet with a deep, funky sound, because it's an amplified, electro-acoustic instrument. I guess the various vegetable instruments could be considered bizarre. For example, a potato with bamboo skewers stuck into it to create a kind of bass piano or bass kalimba. I have also created a bagpipe out of a condom. Some people might find that outrageous, but the sound is not.

Have you ever failed on stage?
We were in Switzerland for a performance. At a bio-dynamic farm and restaurant there, they asked if I could make a sound from a bio-dynamically grown beetroot. It was spectacularly unsuccessful. Also, once I was putting a bamboo skewer through a carrot, but it went right through the carrot, and into my hand. So, I had this embarrassing situation of blood pouring everywhere. I had to go off stage to get rid of the blood. There were also a couple of times when my rubber glove bagpipe burst.

What was the first sound from a regular object that caught your attention? How does one find music in the mundane objects?
I can't remember what the first sound was. One needs to have a sense of curiosity, not take things for granted and let go of expectations. All these are related.

What advice do you have for those who dare to dream different ?
I'm lucky to be making a living from doing something I love. That's because I knew what I wanted to do and followed that over the years. My advice is: just follow your dream. It's the journey that is important and not the destination.

What are your plans for your performance in Mumbai?
I will be using six instruments made from household objects; everything from dustpans and brooms to A4 papers. These instruments will be turned into clarinets. Rubber gloves will be used to play the bagpipe and irrigation pipes will be turned into pan pipes. I'll be combining these instruments using a process called live looping, where I record what I am doing. For example, I'm going to have a bass line that is played with the dustpan and the paper clarinet will be playing melody lines.

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Moshe Holtzberg praying with the Rabbi at Chabad House on Wednesday. Oren Rosenfeld, Israeli documentary maker, who flew with the family to Mumbai from Tel Aviv on Tuesday says the 11-year-old is aware of his past and what it represents. Pic Courtesy/Oren Rosenfeld

It's nearing 4.30 pm, and there's much activity at the Magen David Synagogue in Byculla. Carpets are being laid out and guests who will probably have to wait long are being offered tea and coffee. There's a lawn outside where - with the sun not at its shiniest best thanks to Mumbai's faux winter - a few tables and chairs have been laid out with white satin sheets that the brain registers as celebratory. In the midst of the activity, avoiding the scaffolds that still line the freshly painted blue walls of the 154-year-old synagogue, stands Devina Sankar, a Los Angeles resident who is in Mumbai on a three-week vacation. Looking into a Sony PXW-X70 handycam, she reminisces her school days spent next-door, where as a naughty student she'd often have her ears twisted. It elicits a sound of surprise from the man behind the camera, Oren Rosenfeld. An Israeli filmmaker, in India to document Mumbai's Jewish community, Rosenfeld is collecting several such accounts of the Jewish community's India experience.

In between interviews with his subjects, primarily Eddna Samuel (a Parel resident who Rosenfeld poetically calls the needle through which he will thread the narrative of his feature-length documentary), he points out that the synagogue, which is currently being prepped for the launch of a monthly magazine celebrating India-Israel ties and the Jewish community here titled, Namaste Shalom, is a Baghdadi-Jew synagogue. It's a community that most recall for its best-known Mumbai member, David Sassoon. "What's interesting here is that the Baghdadi Jews and Bene-Israelis [Jewish settlers in India who trace their history to the Lost Tribes] have come together. There are certain prayers in Judaism that cannot be conducted if there are less than 10 men. So, to fulfill that requirement, the Bene-Israelis come over to Baghdadi synagogues to up numbers," he adds.

Rosenfeld meets Baby Moshe's uncle Moshe Holtzberg at the Nariman Point home of common friend Suril Desai, also executive producer of the Mumbai Jews documentary. Moshe Senior, a Rabbi, lives in New York, and has flown in for the three-day visit of the family to Chabad House which he worked to ensure was not shut down. Rosenfeld says that while members of the Chabad House usually don’t mingle with other Jewish communities, the 26/11 attacks changed that in Mumbai, achieving the opposite. Pics/Atul Kamble

The timing of the magazine's launch, admits Rosenfeld, couldn't have been better. While the media seems to have almost given this a miss, just a few kilometres away Prime Ministers Narendra Modi and Benjamin Netanyahu are setting the stage for better economic and strategic ties between the two countries at Colaba's Hotel Taj Mahal Palace. "But, I don't think they planned it that way."

Almost as if answering a question unasked, Rosenfeld, who runs the Jerusalem-based Holy Land Productions and has worked on projects for the BBC and National Geographic, says "I don't need to be there [i.e. Colaba]. I already have great shots from yesterday." What Rosenfeld refers to is the almost exclusive access he enjoyed as a journalist to Baby Moshe, 11, whose parents Rabbi Gavriel Holtzberg and Rivka Holtzberg were killed during the terror attacks at Chabad House on November 26, 2008. Baby Moshe (referred to as such because he shares his first name with his uncle) made his first visit to Mumbai post 26/11 on Tuesday amidst much media frenzy. Rosenfeld was invited by the Holtzberg family (Gavriel and Rivka's parents) to travel with them on the flight from Tel Aviv to Mumbai last week, and later Baby Moshe's first steps into Nariman House after the time his parents were killed along with four others.

Devina Sankar, a Los Angeles resident in Mumbai on a three-week vacation, speaks to Rosenfeld outside the Magen David Synagogue in Byculla where the Namaste Shalom magazine was launched on Thursday. Pic/Sayyed Sameer Abedi

On putting the boy through this, Rosenfeld says, "Baby Moshe always has his four grandparents around him. Plus, there's a psychologist who travels with him. He is showing signs of awareness of his past." Rosenfeld, who has a young son the same age as Moshe, says, "In Judaisim, a boy is said to become an adult at the age of 13, which is when the Bar Mitzvah is held. Moshe is almost that age now."

Initially, shy, Baby Moshe soon became comfortable with Rosenfeld's presence. A photograph the filmmaker picks from his iOS gallery is of the child standing before a luggage conveyor belt at Mumbai T2 alone. "He stepped away from his grandparents and waited at the carousel to pick up his heavy bag," he says, about a symbolic scene.

Chabad House, says the 41-year-old filmmaker, across the world has represented a community that has stood away from local communities. "They are more traditional and have stricter kosher rules." What the Mumbai attacks did, however, was to bring all of the city's Jews together. "On Tuesday, at a local Jewish community event, Moshe's grandparents were invited to speak. This [members of a Chabad House mingling] doesn't happen anywhere. If the idea of the terror attack was to shake the community, it did the opposite. It only made them stronger."

Yet, this might only inform a small part of the documentary. Had it not been for the connection between the communities forged after the attacks, the two would have been separate entities. What he is looking for is a Mumbai Jew's life in the city. "In Israel you have a lot of Jews who have come from different countries. However, the ones from India still share a deep connect with the country. They are in touch with their families and return here for vacations."

The travel back and forth is important. Samuel, when the camera is turned away from her, expresses how a multi-entry visa would help everyone. But that's for the PMs' ears. For Rosenfeld's camera, she talks about the excitement of seeing an article, on her life and her community, appearing in Namaste Shalom. And, when that's done, Rosenfeld disappears into the sidelines and records the rest of the evening. A coffee he was drinking is hastily put to rest on the floor as a BJP dignitary he probably doesn't recognise makes a late entry.

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Saqib Saleem swings the bat in a CCL Tournament

A love for cricket is common between Saqib Saleem and coach Rajeev Mehra, much like most Indian men. What sets them apart though, is how much they want to give back to the game. Saleem, who hails from Greater Kailash in Delhi, is poised to start a cricket academy in his hometown, that will cater exclusively to underprivileged children. The two have known each other since the time Saleem, a state-level cricketer, was playing for Delhi in a match against Mumbai, that Mehra was part of. "I remember Delhi won that game," laughs Mehra as we get the two chatting. "Saqib was very keen on the game, wanting to learn new things. His discipline during practise sessions was admirable." After Delhi, Saqib went on to play for Kashmir too. "I played for a year, after moving there. My mother is Kashmiri. However, as much as I loved the sport and was devoted to it, life clearly had other plans," the actor says.

While the two kept in touch, they only got the chance to meet again, four months ago. "I was toying with the idea of starting a cricket academy because I missed having to do something with the game. I was clear that I did not want to build an institution that would become one more of many. It's Rajeev who suggested we do something to help those in need." Mehra interjects, "I have worked with the less fortunate. I make it a point to have at least four of them in each training session. So, yes, it is familiar territory." It was Mehra's approach to the game, that convinced Saleem about the collaboration. "I needed someone who had a connect with the children. And Rajeev was perfect."

Coach Rajeev Mehra at his training academy in Mumbai

Making cricket, that is largely seen as an elite sport, accessible to those deprived of opportunities could be a task. But Mehra doesn't want to complicate things. "Ultimately, it's about helping the kids play. Give them the space, the equipment, the push." It is the uber glamorisation of the game that has turned it into an occupation of the elite, opines Mehra. "Cricket has always been India's top sport, but the way it has been commercialised, is affecting the talent pool. Coaches are demanding crazy amounts — currently the price of one personalised session in Mumbai can go up to Rs 2,000 — and parents are willing to pay. I don't remember receiving formal training. Most of us have learnt the sport by playing with friends who were equally serious about it." The 30-year-old coach who runs his own academy in Mumbai, often attends inter-school matches where municipal schools participate, to spot talent. "The lower strata is a goldmine of talent."

Saleem shares a slightly different view. It is not the sport that is elite, he argues, but that access is tough. "Today, a decent cricket bat costs Rs 20,000. So, even though we have abundant talent, not everyone can afford it. We want to find the gems who can't," he says, adding, "I spend a lot of time watching interviews of veteran cricketers. I remember one of Imran Khan, who spoke of how he discovered Wasim Akram, then a young boy from a small city, and groomed him for the national side. And gave the world a cricketing legend. That is my inspiration."

Mehra is in the process of formulating a curriculum for the academy that will train no more than 40 kids aged seven to 18 at a time. "I want each kid to get adequate personal attention," Saleem says, ahead of travelling to Delhi next month for selection. "I think I was being selfish, I just wanted a chance to go back home and find more excuses to play the game," he laughs.

(Left to right) Vidhi Legal members Namrata Mukherjee, Nitika Khaitan and Nivedita Saksena. Pic/Ajay Gautam

The legal framework in India has often posed many a problem for members of the LGBTQ community. Some regulations are being changed, and certain implementations are underway. But, taking into account the slow pace of change, a new manual helps members of the queer community navigate the lacking legal regime, as it exists currently.

The manual deals with identity documents, violence, education, health and personal finances. It is the brainchild of Vidhi Centre for Legal Policy, a Delhi-based think-tank conducting legal research assisting the government to make better laws. Namrata Mukherjee, a core member of the team explains, "Legal change will only come slowly; meanwhile, it is important to spread awareness on how queer community can access its rights, working around the law that's already in place." Pallav Patankar, former director of programmes at Mumbai's The Humsafar Trust, India's oldest LGBTQ organisation, scrutinised the 112-page manual. While he's appreciative of the initiative, he outlined certain critical insights to us which we got Vidhi Legal to respond to.

Pallav Patankar. Pic/Pradeep Dhivar

Trans women having two PAN cards - male and female - which is illegal
"This is because of the (hitherto) missing option of transgender, on the PAN card application," says Nitika Khaitan, another core member. "As of three weeks ago, that option has been introduced. Now you can reapply with the gender of your choice."

The manual seems to be critical about the concept of Aadhaar...
"Aadhaar has been at the centre of controversy mainly due to privacy concerns. Because privacy is intrinsic to this community, it's important to flag this. We are in no way influencing the debate," says Mukherjee. The manual states clearly that Aadhaar does not require people to verify their gender. "You are supposed to be able to put the gender of your choice. The implementation of this, of course, depends on the concerned on-ground officer," she adds.

Discrimination in school addresses the transgender issue and not sexuality
"There's very little by way of government policies that addresses the issue of discrimination at the school level. While UGC guidelines for trans students are there, there is no such thing with regards to sexuality," says Khaitan. The manual is addressed entirely to those above 18 years of age. "Underage boys and girls often face problems related to violence, healthcare, emotional abuse and discrimination in educational institutions. This is one area where we have not been able to find a solution," she adds.

The listed steps while procuring a voter ID are not followed by officials
Mukherjee says, "We have heard several complaints related to this. One tactic could be to take a copy of the NALSA judgment (National Legal Services Authority vs Union of India) that recognises the fundamental and civil rights of transgender persons, and present your case to the officials on ground. Another option is to approach your local MP and get him to write a letter on your behalf which you can take to the electoral photo ID centre and then mark the gender of your choice. You must also carry the gazette notification that says you've changed your name and gender. But, the success of these tactics depends entirely on the attitude of on-ground officials."

The chapter on health is from an academic perspective on health, gender dysphoria and gender affirmative therapy. What is the legal connect with India?
"There isn't a connect. There is nothing in our legal framework that regulates gender dysphoria or gender therapy. Because the queer community always encounters discrimination or harassment when they approach healthcare service providers, we have outlined general remedies that would be available to them under medical negligence laws, HIV Act; specific provisions that address discrimination that not many know of," says Khaitan.

Some suggestions in the manual seem to apply only to the digitally literate
Mukherjee says, "We are cognisant of the fact that access is determined by class. The idea of the manual is to reach grassroot LGBTQ organisations that will be able to disseminate the manual more effectively. This could be a tool that they can hopefully rely on while trying to access justice. We are also getting the manual translated into five regional languages." Add to this, the first chapter on identity documents is being recorded as a Hindi podcast. "We hope to publish it on social media, so that people can easily access it on WhatsApp etc."

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Representational Image

To stop false news from spreading on its platform, Facebook has said it put in place a three-pronged strategy that constitutes removing accounts and content that violate its policies, reducing the distribution of inauthentic content and informing people by giving them more context on the posts they see.

Another part of its strategy in some countries is partnering with third-party fact-checkers to review and rate the accuracy of articles and posts on Facebook, Tessa Lyons, a Facebook product manager on News Feed focused on false news, said in a statement on Thursday.

The social media giant is facing criticism for its role in enabling political manipulation in several countries around the world. It has also come under the scanner for allegedly fuelling ethnic conflicts owing to its failure to stop the deluge of hate-filled posts against the disenfranchised Rohingya Muslim minority in Myanmar.

"False news is bad for people and bad for Facebook. We're making significant investments to stop it from spreading and to promote high-quality journalism and news literacy," Lyons said.

Facebook CEO Mark Zuckerberg on Tuesday told the European Parliament leaders that the social networking giant is trying to plug loopholes across its services, including curbing fake news and political interference on its platform in the wake of upcoming elections globally, including in India.

Lyons said Facebook's three-pronged strategy roots out the bad actors that frequently spread fake stories.

"It dramatically decreases the reach of those stories. And it helps people stay informed without stifling public discourse," Lyons added.

Although false news does not violate Facebook's Community Standards, it often violates the social network's polices in other categories, such as spam, hate speech or fake accounts, which it removes remove.

"For example, if we find a Facebook Page pretending to be run by Americans that's actually operating out of Macedonia, that violates our requirement that people use their real identities and not impersonate others. So we'll take down that whole Page, immediately eliminating any posts they made that might have been false," Lyons explained.

Apart from this, Facebook is also using machine learning to help its teams detect fraud and enforce its policies against spam.

"We now block millions of fake accounts every day when they try to register," Lyons added.

A lot of the misinformation that spreads on Facebook is financially motivated, much like email spam in the 90s, the social network said.

If spammers can get enough people to click on fake stories and visit their sites, they will make money off the ads they show.

"We're figuring out spammers' common tactics and reducing the distribution of those kinds of stories in News Feed. We've started penalizing clickbait, links shared more frequently by spammers, and links to low-quality web pages, also known as 'ad farms'," Lyons said.

"We also take action against entire Pages and websites that repeatedly share false news, reducing their overall News Feed distribution," Lyons said.

Facebook said it does not want to make money off of misinformation or help those who create it profit, and so such publishers are not allowed to run ads or use its monetisation features like Instant Articles.

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Ameya Davda and Devak Davda at the Sewri facility. Pic/Datta Kumbhar

If there is one problem that most of us perennially face in our daily lives, it is the lack of storage space. But, one man's problem could well be another man's opportunity. Entrepreneurs Ameya Davda and Devak Davda's startup, Space Valet, is a case in point. Their recently launched service aims to be a one-stop storage solution that offers private, lockable and secure self-storage units of various sizes to stash your belongings.

Home away from home
"Think of it as the sophisticated spare closet or stock room you've always longed for in Mumbai," says Davda who along with his cousin Devak came up with this idea when they returned to India after completing their studies abroad. "I was in California and Devak in London, and while we were there, we learnt how popular cell storage is among people. It's a 60-year- old concept and almost a 40-billion dollar industry," he adds. On returning to Mumbai, Davda teamed up with his cousin to launch the startup which they felt would be a good fit in an overcrowded city. They then conducted a survey to find out if people would avail of a service like this. "People are always on the lookout for additional storage space, more so in Mumbai," he says. The top reasons for self-storage rental, he observed, was the lack of storage space at home, temporary storage while moving, and storing things people don't want or need. The most popular things being stored are wedding outfits and furniture.

A walk-in closet

How it works
The process is simple. You either call up the facility or browse the website and find a suitable storage plan. You then order as many boxes as you need, and then pack and label your belongings. "You don't need to move a finger. Our tie up with Movers and Packers ensures a pick-up facility. When you want your stuff back, go online and click on the tab to recall the boxes," he explains. The plan starts from R299 a month and goes up to R11,000. Storage options range from boxes to a large store room. The key to the storage lies with the customer only. Cleanliness and security are common concerns among customers, according to the results of their survey. The facility, therefore, has a designated person to solely look after the cleanliness of the storage space. There's also a 24x7 security and surveillance to keep the goods safe. "We maintain the right kind of environment so that your possessions don't deteriorate over time," he says. Now, the big challenge for the duo is to popularise the concept. "We want to educate people that this is a viable solution to your space crunch."

Where: www.spacevalet.in
Price: Rs 299 onward
Call: 9930832832

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Missed out on last week's Zal? You can read it here.

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Nidhi Tiwari (in orange) with her crew

I have always felt that mobility is key to empowerment — especially where women are concerned," says Nidhi Tiwari, an extreme terrain driver. Let us explain her job profile by outlining a few of her achievements — she is the first Indian woman to drive from Delhi to London in 2015, and became the first Indian to drive to the Pole of Cold in North Eastern Siberia in 2016. She also founded Women Beyond Boundaries (WBB) in 2015, which focuses on undertaking extreme overland journeys. Recently, Tiwari led a crew of five female drivers to Upper Mustang in Northern Nepal, and they became the first crew of women drivers to reach Lo Manthang (the erstwhile capital of the Kingdom of Mustang).

With an average height of around 13,000 feet, the area hosts two of the higher peaks in the Greater Himalayas that stand above 8,000 metres — the Dhaulagiri and Annapurna. "No women drivers from anywhere in the world had ever driven up the treacherous road to Lo Manthang. But then, every journey is about pushing boundaries," says the 37-year-old, who has been now driving for 13 years. The women drove from Delhi and entered Nepal via Gorakhpur to reach Pokhara in two days, from where started the off-road section into the Mustang Valley. Mustang is infamous for its non-existent and challenging roads punctuated by numerous streams and nallah crossings. A particular section between Muktinath and Tsarang, though only 36 km, took them eight hours. And then they headed to Lo Manthang, which is located just 50 km short of the Chinese border.

Five women drove the cars to Mustang

Delhi-based Tiwari may have been be well equipped with what such a journey entails but as they drove, major challenges cropped up. Most of the crew were city drivers and they were all learning on the go. "It was a very steep terrain, with plenty of blind corners," she describes. For example, one had to be very careful where they placed the wheel — there were instances where the road had a gorge on one side, and a river bed on the other. "But the way they adapted to the terrain — that transformation was a very big high for me," says Tiwari of her team. This could do with the kind of training Tiwari is known to provide. Her WBB workshops aim to make women self-sufficient as far as driving goes. "It's all about self-maintenance. A woman has to be ready to fix tyres."

Tiwari also chose her crew with care, making sure she had a varied bunch on the trip. There was an academician, a physiotherapist, an IT professional, and an e-commerce expert. "Extreme terrain is seen as a man's forte. We have broken that misconception. It threw the spotlight on some critical gender questions that have hovered around driving, expeditioning and the extreme terrain overlanding space. Along with being the first women to get there, we are also the second set of Indian vehicles to get there. Isn't that something?"

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Enjoy a traditional roast lunch

12 PM - 4 PM: Spend your Sunday enjoying a traditional English roast lunch at British Brewing Company. The Sunday roast is a tradition in the UK where families sit down to enjoy roast beef accompanied by Yorkshire puddings, roast potatoes and baked vegetables. In the absence of the B-word, you can treat yourself to grilled lamb chop in cranberry demiglaze sauce, chermoula fish steak, wasabi chicken wings and eggplant parmigiana accompanied by offers
on beer.
Where: British Brewing Company, Times Square building, Andheri East
Call: 39698190

Head to a film fest
9.30 AM - 10 PM: It's the last day of Kashish, South Asia's biggest LGBTQ film festival, now in its ninth edition with a strong jury selection of films. Held at an iconic theatre in South Mumbai, the festival's line-up today includes short films, feature films (Evening Shadows and Fathers), and also a panel discussion with filmmakers. Refer to the website for the full schedule.
Where: Liberty Carnival Cinema, Marine Lines
Free
Visit: www.mumbaiqueerfest.com/kashish-2018-film-schedule/

Rock to Parvaaz
9.30 PM: Parvaaz is a Bengaluru-based rock group who sing mostly in Kashmiri and Urdu. If this rocks your boat, attend their gig this evening. Featuring, Khalid Ahamed (vocals), Mir Kashif Iqbal (guitars), Sachin Banandur (drums) and Fidel D'Souza (bass), the members have assimilated several psychedelic rock influences while keeping their roots intact.
Where: Todi Mill Social, Lower Parel
Entry: Rs 400
Call: 7506394240

Laugh out in Gujarati
7.30 PM: So laughter may not have a language, but jokes certainly do. Attend, Hass Ne Baka, a one-of-its-kind Gujarati stand-up comedy event. If you have been in Mumbai for a few years at least, you probably would have picked some words from the language. If not, this is a good chance to learn.
Where: The Cuckoo Club, Bandra West
Entry: Rs 250
Call: 9619962969

Savour the T20 finale
7 PM: The T20 draws to a close today with the big final match this evening. Nurse your cricket fever with unlimited beer, meant to keep you company till the last over. So, whether you are supporting Chennai or Hyderabad, round up your friends for an evening of fun.
Where: Drinkery 51, opposite Trident Hotel, BKC
Price: Rs 999 per head
Call: 40141100

Recall funny instances
8 PM: Embarrassing instances make for good stories in subsequent years. Attend an event where comedian Sumit Anand and his like-minded friends will regale you with hilarious stories from their personal lives. The edition will feature Vaibhav Sethia and Deep Chhabria, among others.
Where: The Square, Powai
Price: Rs 250
Log on to: insider.in

Shop organic from a farmer's market
8 AM – 1 PM: How about making it a 'fruitful' morning in South Mumbai? Head to an organic market organised by Better Foods and Harshita Narwekar, trustee of My Dream Colaba, for a chance to pick from stalls offering chemical-free produce to lead a healthier life. Think you can't make it this Sunday? The market will pop up again every Sunday until July 1, so mark your calendars.
Where: Lane behind Taj President, next to Mehr Naz, Cuffe Parade
Free
Call: 9010143322

Enjoy a evening of ghazals
7 PM: Don't relegate ghazals to the past. The night for the genre is still young. This evening head to Sun Beach Resort, to get mesmerised in this form of poetry that originated in 7th century Arabia. Your singer tonight is Ranjan Debnath. There's a special kids' zone too.
Where: Sun Beach Resort, Manori
Entry: Rs 1,000-Rs 1,500
Call: 8108750767

Relish a picnic platter
Gateway Taproom has curated an indoor experience to recreate the feel of a picnic. Three special craft beers will be on offer along with freshly baked flatbreads with a variety of toppings. The Valencia Orange Wheat comes with citrusy notes while the 'Mangonificent Flatbread' is made of mango, arugula pesto and feta, while the 'Appley Ever After' is a sum of apple, goat cheese, jaggery and walnut candy. Try pepper pig, a topping which is a mix of chorizo, mozzarella and red bell peppers. There's also a blend of grilled eggplant, pomegranate, feta and pine nuts.
When: 12 pm to 1.30 am, till May 30
Where: Gateway Taproom, Godrej BKC Building, Bandra East
Call: 26534748

Watch Farhan rock the stage
Farhan Akhtar, who has time again made himself heard on various social causes, has joined hands with the Cancer Patients Aid Association (CPAA), for a special concert. The aim of the concert is to raise awareness about the ill-effects of tobacco, to mark the occasion of World No-Tobacco Day. The show is titled Love for Life Begins with Music. CPAA is a registered charitable organisation working towards the cause of cancer patients for 49 years.
When: 7 pm, May 31
Where: Rangsharda Auditorium, Bandra Reclamation, Bandra West
Free
Call: 9821078882

Join a jashn
Go for a panel discussion on Urdu culture and how the Internet is helping the revival of the language. Urdu Culture Now, an initiative by Godrej Culture Labs, seeks to explore the state of Urdu culture in Mumbai. There will be art exhibits by Zeenat Kulavoor and Nasheet Shadani and a Soundzone with a specially curated playlist. Actor and storyteller Danish Husain will take centrestage with a Quissebaazi performance and Winit Tikoo will be performing a set of Urdu tunes. There will also be a pop-up bookstore and some authentic Lucknowi and Hyderabadi cuisine.
When: 5.30 pm, June 8
Where: Auditorium, 1st floor, Godrej One, Vikhroli East
Free
Call: 9167077830

Experience Indo-Greek art
Rekha Rana's exhibition Indus Streams and Delphi Hills has been in the making for nearly four years. The works give viewers a glimpse into the Indo-Greek era, drawing parallels between European and Indian art. The technique she has used for this show is mixed media on canvas. She has re-imagined Greek goddess Athena, wearing the headgear of Hippolyta, the queen of the tribe of the Amazons in Greek mythology. Rana has studied closely the influence of Western art on India and selected certain elements in her works.
When: 11 am to 7 pm, May 29 to June 4
Where: Jehangir Art Gallery, MG Road, Kala Ghoda
Call: 9930300064

A love story, or a game of manipulation?
Vrushali Telang's new fiction, Prime Time Crime (Vishwakarma Publications), has all the makings of a fast-paced, sensational thriller. Set against the backdrop of the Mumbai Underworld in 1999, Prime Time Crime tells the story of a young intern reporter, Ritika Khanolker and a gritty gangster, AT Pradhan. It all begins when Ritika wins his unwavering attention at the sessions courts after she asks him a strange question. Soon enough, she lands an exclusive TV interview with him. What follows is a torrid chemistry with both finding it difficult to stay away from each other. But, is the gangster manipulating circumstances and using her as a pawn, or is Ritika playing along so that she can catapult her career and become a star reporter. This love story gets only murkier, as you turn the pages of Telang's book. Telang's well etched out characters, racy plot and lucid writing, makes this one a brilliant page turner.

Pedal into the week
10.30 pm onwards: Want to cycle but the Mumbai summers won't let you? Try cruising on the roads on a midnight
electric cycle ride. Also, if you have been contemplating buying an electric cycle, this ride can serve as a trial. The trail covers 35 kilometres starting at Shivaji Park, on to Worli Seaface, Peddar Road, Girgaon Chowpatty, Nariman Point, before ending at Gateway of India, with a bite at Bade Miya.
28 Monday
Where: Meet at Shivaji Park Gymkhana, Dadar West
Entry: Rs 750
Log on to: instamojo.com

Learn some magic
1 pm onwards: You may have watched enough Penn and Teller and now you want to try and master a few tricks of your own. This session should get you started. Magic is not just about sleight of hand, there's also the fine art of performance that goes along with it. This workshop will teach you a few magic tricks, and along with it, the art of theatre that will add the final flourish.
29 Tuesday
Where: Quistic Learning Centre, opposite Oshiwara Police Station, Andheri West
Entry: Rs 5,000
Log on to: eventshigh.com

Watch Indian Ocean live
9 pm onwards: Formed in the early 90s, the Indian Ocean is one rock band that has managed to stand the test of time. Not only have they spearheaded rock music in the country, they have also held their own in an industry rife with remixes and fusion. Their sound has stayed consistently inimitable despite shuffles in the band lineup. From Sufism, politics, philosophy to religion, the words are as deep as their tune haunting.
30 Wednesday
Where: Flyp at MTV, Kamala Mills, Lower Parel
Entry: Rs 499
Log on to: insider.in

Meet a French Cinderella
6 pm onwards: Massenet's enchanting opera Cendrillon, based on the Cinderella story, had premiered at the MET. It features Joyce DiDonato as Cinderella, Kathleen Kim as the fairy godmother, Alice Coote as Prince Charming, Stephanie Blythe as evil stepmother Madame de la Haltiere, and Laurent Naouri as Pandolfe. This production was first performed at Santa Fe in 2006. The screening will provide English subtitles.
31 Thursday
Where: Dance Theatre Godrej, NCPA, Nariman Point
Entry: Rs 768
Log on to: bookmyshow.com

See a rare kind of jewellery
6 pm to 9 pm: Patola jewellery designed under the guidance of art revivalist Bela Shanghvi is a step towards bringing alive, the lost forms of Indian art. Her Nana Chowk store has been devoted towards preserving the craft heritage across 28 states and villages. While Patola saris are well known, this time one will get to see some rare jewellery from the region that would strike a perfect match with the elegant weaves.
1 Friday
Where: True Tramm Trunk, VL Mehta Road, JVPD Scheme, Juhu
Call: 7738993360

Learn to style your food
3 pm: Step into the world of food photography and food styling in an interactive workshop with the renowned food photographer Assad Daddan and food stylist Amrita Kaur. The hands-on session will include training on lighting, composition, exposure triangle, food styling and post processing. The styling session will involve learning finer nuances of food styling.
2 Saturday
Where: Palate Culinary Academy, Saffron Building, Linking Road,
Khar West
Entry: Rs 5,000-Rs 10,000
Log on to: insider.in

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The Minerals Council of Australia has published a report it says confirms that the country's high company tax rate is damaging mining firms' ability to compete internationally for capital investment.

The Department of Commerce has initiated a wide-ranging antidumping duty and countervailing duty investigation into imports of carbon and alloy steel wire rod from ten countries.

The OECD has published new transfer pricing country profiles for Australia, China, Estonia, France, Georgia, Hungary, India, Israel, Liechtenstein, Norway, Poland, Portugal, Sweden, and Uruguay, bringing the number of such overviews published by the OECD to 44.

Can I Open account with zero brokerage company for share buy/sell.Whether it is safe? Please clarify..

(this is continuation of the title): Why is the daylight robber being rewarded instead of punished or fired BEFORE he proves he has value ?! Your proposed role for him doesn't seem to offer any value to us. I saw the mails about Ankit stealing research id..

It is becoming very common these days to get at least one mail per month from EM announcing some new service. Usually an existing service is broken up into pieces and offered as something new. EM is degrading itself into a MLM company. Equity research is ..

In under 3 years, Yes Bank has gone from being a darling of investors to a pariah. Here's a look at the events that led to the crisis in 10 points.

1. 2017: RBI forces Yes Bank to disclose that there is big divergence in its non-performing loans of Rs 42 billion reported in the company's audited accounts for the year ended March 2016. The divergence further widened to almost Rs 64 billion a year later. To put this in perspective, the RBI audit had pegged its total gross non-performing assets (NPAs) at 5% for FY16, against the bank's own assessment of only 0.8% for the same year.
2. September 19, 2018: Not surprisingly, a year later, RBI refuses to give Yes Bank CEO Rana Kapoor an extension to his term as MD. The apex bank asks Kapoor to step down by end of January 2019. Kapoor fights back...but it always seemed like a battle he was set to lose.
3. November 27, 2018: Rating agency Moody's cuts bank's rating outlook to 'negative' from 'stable' citing concerns over corporate governance. This is a big whammy...for a bank, its credit rating is everything.
4. January 24, 2019: Yes Bank hires the head of Deutsche Bank India, Ravneet Gill, as its new CEO. There's hope...even though Gill has not run a bank of this size before. The stock price rallies 66% in the days following the appointment.
5. May 14, 2019: RBI appoints former central bank Deputy Governor R. Gandhi as additional director to Yes Bank's board - a rare move signaling an increased level of scrutiny on the lender.
   
   Yes Bank reports 91% drop in profit in 1QFY20, provisions surge and gross NPA ratio stands at 5%.
6. October 3, 2019: CEO Gill says bank is in talks with private equity firms, strategic investors and family offices to raise additional capital. Again, this appears to be good news.
7. October 31, 2019: Yes Bank gets binding investment offer of US$ 1.2 billion from a global investor. But this does not go down well as credibility of the likely largest investor is questioned in the media.
8. November 1, 2019: Yes Bank reports bigger-than-expected loss for 2QFY20, NPA to loans ratio swells to 7.4% and provisions swell to Rs 13.4 billion.
9. March 6, 2020: It's been months now and there is little progress on capital raising (other than rumours floating around). RBI takes over Yes Bank's board and imposes a month-long moratorium, imposing a limit of Rs 50,000 on withdrawals.
10. March 7, 2020: Stock price of Yes Bank crashes by nearly 60%. At it's worse the stock was down at Rs 5.7 that day. RBI shares a restructuring plan for Yes Bank...basically a bailout by SBI.

Well, then...that's the Yes Bank timeline. At the time of writing, stock price of Yes Bank was trading up by 31%.

Next time, when you think of buying a banking share...or making a deposit...be sure you understand the risk.

Former Sri Lanka captain Kumar Sangakkara on Sunday said someone must answer to the questions which are still unanswered in regards to the Sri Lanka Easter bombing last year.

"A year on we all share the pain of the families grieving lives lost, we stand with you and for you. We remember. So many questions still unanswered, but answer them someone must," Sangakkara tweeted as people across the world celebrated Easter on Sunday.

Sri Lanka celebrated a quiet Easter Sunday amid the coronavirus lockdown, while remembering the victims of the terror attacks that killed at least 270 people on the resurrection day last year. People largely stayed indoors and offered prayers from home with the Archbishop of Colombo, Cardinal Malcolm Ranjith, leading an Easter mass from a TV studio because of the pandemic.

The attacks wounded over 500 and deepened communal tensions in Sri Lanka. The bombings, carried out by local Islamist extremists with suspected foreign ties, was claimed by the Islamic State. Police said that they have killed or arrested all suspects in various counter-terror operations carried out in the days after the mayhem.

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South African swashbuckler AB de Villiers says he doesn't want to create any "false hopes" of a much-awaited comeback at the T20 World Cup this year, which, he feels, could be postponed due to the COVID-19 pandemic. The outbreak of COVID-19 has forced the cancellation or postponement of many events but the T20 World Cup remains on schedule in Australia later this year for now. "I can't see six months into the future. If the tournament is postponed to next year a whole lot of things will change. At the moment I feel available, but at the same time I don't know how my body will see it and if I will be healthy at that time," De Villiers told Afrikaans-language Sunday newspaper 'Rapport'.

"...I might get to a point where I have to tell 'Bouch' (coach Mark Boucher) I was interested, I would like to play a role but I'm not going to be able to play myself. I'm afraid of such a commitment and creating false hope," he added. De Villiers said he does not feel entitled to walk into the South African team as has been alleged in the past. "If I am 100 per cent as good as I want to be, then I will be available. But if I am not I won't open myself up to that because I am not the type of person who does things at 80 per cent. Then I have to do trials and show 'Bouchie' I'm still good enough. "They should choose me because I'm really better than the guy next to me. I've never been the type of person who felt I should get just what I wanted."

The T20 World Cup in Australia in October and November could be a perfect stage for de Villiers coming back but he was mindful of avoiding a repeat of the debacle that unfolded during last year's 50-over World Cup in England after reports emerged that he casually expressed offer to come back and was rejected. "I am uncertain about giving a definite answer because I have been very hurt and burned in the past. Then people will again think I have turned my back on our country. I can't just walk into the team. "...I have to work for my place and deserve it. It was very hurtful for me last year when people thought I assumed there was a place for me. I feel available and I will give it a go with everything I have, but I don't want special treatment."

If de Villiers can make a comeback, the credit would go to South Africa coach Mark Boucher, who convinced him to rethink his retirement decision, taken in 2018. "I could write a book on 'Bouchie's impact just on my life, never mind cricket. I rediscovered that when I played under him at the Spartans (in the Mzansi Super League) in December. He was born to be an instructor. When he talks there's respect." "'Bouch' asked me why don't I give it another go," de Villiers said. "I've always said to him, 'I've never not wanted to be there. I've always wanted to be there. It's just, my life has changed'." De Villiers played in 176 of Boucher's 461 matches for South Africa across the formats.

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The current lockdown has seen people restricted indoors and many are picking up new hobbies. Energetic India opener Shikhar Dhawan on Tuesday revealed he is trying his hand at playing a flute and honing his overall musical skills.

"Playing a musical instrument, the vibrations you can feel inside your body. Music gives you peace and everybody should try to learn how to play a musical instrument now especially because we have so much time to spend at home due to the lockdown," Dhawan said while chatting with India middle-order batsman Shreyas Iyer on Instagram Live.

The dashing southpaw also played the flute on Iyer's request.

Dhawan picked Dale Steyn as the most difficult bowler he has faced along with off-spinners on turning wickets.

Asked to pick his most special knock, Dhawan chose the match-winning hundred against Australia in the 2019 World Cup.

"Mardo walli feeling aayi (it was a big daddy innings)," Dhawan said.

Dhawan had slammed 117 off 109 balls against the defending champions at The Oval on June 10 as India won by 36 runs. That turned out to be the final tie he played as he was ruled out with a thumb fracture for the remainder of he competition.

India crashed out in the semi-finals, losing to New Zealand.

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Former Pakistan fast bowler Shoaib Akhtar responded to Sunil Gavaskar after the former India skipper said that it was more likely to snow in Lahore than a bilateral series to take place between India and Pakistan any time soon. Akhtar pointed out in a tweet that there was indeed snowfall in Lahore last year. "Well Sunny bhai, we did have a snowfall in Lahore last year.. So nothing is impossible," said Shoaib in his tweet which included an image of Gavaskar with his quote and an image of snow in Lahore.

Akhtar was the first to suggest that India and Pakistan should play a bilateral series to raise funds in the fight against coronavirus for both countries. Gavaskar however said in a Youtube chat with former Pakistan captain Ramiz Raja that any possibility of such a series happening is next to nothing. "There are more chances of snowfall in Lahore than bilateral series between India and Pakistan," said Gavaskar in a Youtube chat with former Pakistan captain Ramiz Raja.

"Both teams will keep on meeting in World Cups and ICC tournaments, but a series between them seems unlikely right now." Earlier, Akhtar's suggestion got backing from his former teammate Shahid Afridi. But India's 1983 World Cup winning captain Kapil Dev said that the match wasn't needed because India doesn't need funds.

"The entire world is fighting against coronavirus and we need unity in our region to defeat this common enemy. Such negative comments don't help at all. I don't see anything wrong with Shoaib Akhtar's suggestion for Pakistan and India to play cricket. "Kapil's reaction has surprised me. I expected better from him and feel one should not talk like this in these crisis times. Sport is supposed to bring people together and build bridges. It is pretty disappointing," Afridi had said.

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Binge watching has become the most common activity in the Coronavirus-forced lockdown. Mumbai's India all-rounder Shivam Dube is no different than the rest but his choice is rather unusual.

Dube, 26, who was drafted in the Indian team in place of injured Hardik Pandya (India v Bangladesh T20I series in November 2019), has been watching India's World Cup title campaigns spearheaded by MS Dhoni, for motivation.

India lifted the inaugural World T20 trophy in 2007 and the 50-over World Cup in 2011. "To keep my mindset healthy, I am watching India's two World Cup titles. They inspire me and provide me a pathway for what I can do for my country in the future. It keeps me motivated," Dube told Sunday mid-day on Saturday.

All-rounder Shivam Dube (right) with father Rajesh, mother Madhuri and sister Pooja at their Andheri East residence on Saturday

"I watched the 2011 ODI World Cup final many times because I am confident India can do it again [in 2023]. I also watched the T20 World Cup games several times. I think India are the best team in any format. I am sure we can win these two World Cups again," said Dube, who has featured in 13 T20Is and one ODI. Dube is working hard on his fitness at his Andheri East home. He was part of the Royal Challengers Bangalore team in the last IPL, where he scored 40 runs in four games. He was looking forward to playing the IPL again but it has been indefinitely suspended.

"I am missing everything of the IPL. It's difficult but we don't have a choice. We have to stay home and fight the virus," remarked Dube. But there are positives: "I am with my family after a long time, so I am helping my mother, father and sister as much as I can with household chores. I sometimes help my mother with cooking and cleaning. This also helps in bonding."

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Having fought cancer four years ago, former India batsman and Bengal coach Arun Lal knows a thing or two about conquering a dreadful disease and as the country battles the COVID-19 pandemic, he feels both immunity and optimism need to be kept high. The former player was detected with adenoid cystic carcinoma, a rare type of salivary glands cancer, but he overcame the disease and gained abundant hope in the process.

"It's a disease after all. You have to believe that you can fight it. You have no other choice. You have to be prepared for the worst. Hope for the best," Lal, under whom Bengal made their first Ranji final after 13 years this season, told PTI in an interaction. "You have to keep your immunity level high. You have to fight it. You have to stay positive, and believe in yourself. Eat well, sleep well, keep your immunity level high." Lal was slated for a fortnight's holiday in Europe from April 15, but the COVID-19 pandemic put paid to all his plans and he's now confined at home, like everyone else. "You have to prevent it not only for yourself but for everybody else around you. That's what I'm doing, I'm staying isolated. Looking after the elderly in the house," he said. "Nobody knows very much about it yet. You have to be very very clear that you have to stay isolated. You have to wash your hands, wear a mask. You've to be careful." With the world under lockdown to stop the spread of the deadly virus, Lal is doing his bit, looking after his ailing mother and wife, doing household chores that include cooking and cleaning.

"Gardening, cooking, cleaning. Then I've to look after my mother and wife, both are sort of semi bed-ridden. No help is also coming. Only one person I have," he said. "I sometime make the sweet dishes, or may be the odd gobhi-aloo, bhindi or karela. I also love to cook meat. I make lovely meat. 24 hours is less for me. We are managing somehow." A hard taskmaster, Lal is also making sure that his wards are engaged in training. "Now everybody is training on their own. We have laid out plans for the fast bowling unit. They are given whole plan on what to do everyday and what training, and how to do. We want to be fitter than last year." "They don't have grounds so they can only train on the roofs of their buildings, inside home, or in the drive-in and things like that. We hope to get together from July 1. But you never know. Future is very uncertain," he said. "So far we are only working with the bowling unit. Not the batsmen yet. It's been our major deficiency area. We will work very hard on them from next week," he added.

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New Zealand legend Glenn Turner is concerned about the impact of T20 cricket on the "more worthwhile forms" of the game and feels that the coronavirus-forced break is a good time to "reassess" the future of the sport. The 72-year-old Turner, who is also the former chairman of New Zealand's selection panel, believes that cricket administrators have "gone down a path of capitalism". "...money rules and you've got Twenty20 dominating to such an extent where it is putting what I consider to be more worthwhile forms of the game virtually into the background," Turner was quoted as saying by 'stuff.co.nz'. "That is only happening because of the money that they can get from that and of course the argument too, is that it is getting more people interested in the game," he said. "But if you dine at a fast food takeaway, does that mean that you are going to go on to fine dining? I don't think so and that doesn't appear to be happening."

Turner, who has written a new book 'Cricket's Global Warming' with noted author Lynn McConnell, said the shutdown due to the COVID-19 pandemic is an opportunity to reassess the future. "More and more money is going to the top end and it's a bit like society where the gap between the rich and the poor as got greater. Hopefully after this pandemic things are going to be reassessed," the former New Zealand captain and coach said. "I think they should be reassessed in cricket as well because your top players are really taking most of the cream and even the next group are really struggling," he pointed out. "Then, of course, they (administrators) don't have the sort of money I believe they need to foster the game further down. That's the real concern." Turner said in the last few decades players have more power than the boards which govern them. "The power has shifted almost totally to the players where boards step back and let the game be run largely by senior players. Things have turned 180 degrees and I don't think either is ideal," Turner said.

"But the thing that is happening, which I see as a mistake, is that they are getting full 12-month retainers while being able to sign contracts with as many other people as they can and not making themselves fully available for New Zealand. "That's too big a sacrifice I feel." The 72-year-old, who scored 2991 runs in 41 Tests and 1598 runs in 41 ODIs, was also not happy with the outcome of last year's World Cup where England were adjudged winners on the basis of boundary-count after regulation play and subsequent Super Over ended in a tie in the final against New Zealand. During the final, New Zealand were left to rue a last-over overthrow from Martin Guptill that went for four after getting a deflection off England all-rounder Ben Stokes' bat, helping England take the match into Super Over. Turner said Stokes should have been given out for obstructing the field. "I think that they gave the wrong result. But to have given out the man of the match at the time for obstructing the field which ought to have happened would have of course changed the result," he said. "Now that you are getting third umpires involved and they are seeing replays of things they will be able to make those sorts of decisions in the future I would hope," he added.

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Flamboyant India batsman KL Rahul is auctioning the bat he used during the World Cup last year and other memorabilia to raise funds for vulnerable children.

In a video message posted on Twitter on his birthday, Rahul said all proceeds from the auction will go to the Aware Foundation, that works to provide dispossessed, disadvantaged and vulnerable children in India the right to education. "I have decided to donate my cricket pads, my gloves, helmets and some of my jerseys to our collaboration partner Bharat Army. They are going to auction these things out and the funds will go towards the Aware Foundation," Rahul said. "It's a foundation that look towards helping children. It is very special and I couldn't pick a better day to do this."

The items up for auction, which started on Monday, includes Rahul's signed 2019 World Cup bat, Test, ODI and T20 jersey along with his batting gloves, helmet and pads. "Go on check out the auction and show some love for me and the children and let's stay strong together during this difficult time and all of us will come out of this stronger," Rahul said. The coronavirus outbreak has infected over 24 lakh people and caused more than one lakh deaths worldwide. In India, more than 17,000 people have been infected with 550 deaths reported.

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