RBI Imposes ₹75 Lakh Penalty on HDFC Bank for KYC Non-Compliance

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹75 lakh on HDFC Bank for non-compliance with certain directions related to Know Your Customer (KYC) norms.

As of 1:13 PM on March 27, HDFC Bank share price was trading at ₹1,836.75, up ₹30.20 or 1.67% for the day, showing an 8.00% gain over the past month and 27.49% over the past year.

Details of the Violation

According to the RBI’s statement, a Statutory Inspection for Supervisory Evaluation (ISE 2023) was conducted based on the bank’s financial position as of March 31, 2023. During the inspection, it was observed that HDFC Bank had not categorised certain customers into low, medium, or high-risk categories as required under KYC regulations. Additionally, the bank had allotted multiple customer identification codes to some individuals instead of assigning a Unique Customer Identification Code (UCIC) for each customer.

RBI’s Response and Action

Following the inspection, a notice was issued to HDFC Bank asking why a penalty should not be imposed. After reviewing the bank’s reply and supporting documents, the RBI found that the violations were sustained. The penalty was imposed under the provisions of Section 47A(1)(c), read with Section 46(4)(i) of the Banking Regulation Act, 1949.

The RBI clarified that the penalty is based on deficiencies in regulatory compliance and does not impact the validity of any transaction or agreement made by the bank with its customers.

Penalties on Other Institutions

In a separate order, the RBI also imposed a monetary penalty of ₹68.20 lakh on Punjab & Sind Bank. The bank failed to report certain borrowers with non-fund-based exposure of ₹5 crore and above to the Central Repository of Information on Large Credits (CRILC). It also allowed some Basic Savings Bank Deposit Account (BSBDA) holders to open regular savings accounts, which violates RBI norms.

Additionally, KLM Axiva Finvest was fined ₹10 lakh for non-compliance with dividend declaration norms.

Conclusion

All penalties were issued for regulatory non-compliance. The RBI stated that these actions do not affect any existing agreements or transactions between the institutions and their customers.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Vedanta Names Rajiv Kumar CEO of Aluminium Division for 3-Year Term

Vedanta Ltd. has appointed Rajiv Kumar as the Chief Executive Officer (CEO) of its aluminium business for a term of 3 years, effective March 26, 2025.

As of 12:50 PM on March 27, Vedanta share price was trading at ₹468.05, up ₹3.90 (0.84%) for the day, having gained 15.70% over the past month but down 8.76% in the last six months.

Board Approval and Designation

The company’s board of directors approved the appointment during a meeting held on March 26, 2025, based on the recommendation of the Nomination and Remuneration Committee. Kumar has also been designated as Senior Management Personnel (SMP) at Vedanta Limited.

Professional Background

Rajiv Kumar joins Vedanta from Tata Steel Ltd. He has been with the company since 1990 and has held various leadership positions in the steel and mining sectors. On March 12, 2025, Tata Steel announced that Kumar had resigned from his role as Vice President – Operations at Tata Steel Kalinganagar, with immediate effect. A replacement has not yet been announced.

Kumar has a degree in Metallurgical Engineering from BIT Sindri and a General Management degree from INSEAD, France.

Responsibilities at Vedanta

Kumar will be responsible for overseeing the strategy of the aluminium business. This includes work related to the ongoing demerger process, development of partnerships, marketing, and handling ESG-related functions. He will also focus on digitalisation and operational processes within the aluminium vertical.

Vedanta’s Restructuring

Vedanta is currently in the process of demerging its operations into five separate listed entities: aluminium, oil and gas, power, steel, and base metals. The demerger has been approved by shareholders and creditors. As part of the plan, shareholders will receive one share in each resulting entity, with no change to the overall shareholding pattern.

The board meeting on March 26, 2025, started at 3:00 PM and concluded at 4:10 PM.

Conclusion

The appointment of Kumar comes at a time when Vedanta is restructuring its business into multiple independent entities.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Coal Ministry to Launch 12th Tranche of Coal Mine Auction on March 27

The Ministry of Coal will launch the 12th tranche of commercial coal mine auctions on Thursday, March 27, 2025. A total of 25 coal blocks are being offered in this round.

Breakdown of the 25 Mines

Out of the 25 mines, 7 fall under the Coal Mines (Special Provisions) Act, 2015 (CMSP), and 18 under the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR). The list includes 2 lignite mines. 13 of the 25 blocks are fully explored, while the remaining 12 are partially explored. As per the reports, this provides a mix of immediate operational opportunities and blocks requiring further exploration work.

Additional Blocks from Round 11

In addition to the 25 mines under the 12th round, the Ministry is also conducting a second attempt to auction 3 partially explored coal mines from the previous round (Round 11). These three blocks are also being offered under the MMDR Act.

Launch Details

The auction launch event will be held in the presence of Union Minister of Coal and Mines, Shri G. Kishan Reddy, who will attend as the Chief Guest. Shri Satish Chandra Dubey, Union Minister of State, will be the Guest of Honour.

The commercial coal mine auctions were first introduced on June 18, 2020. The initiative was launched with the aim of opening up the coal sector to private players and increasing domestic production. This is the twelfth round since its inception.

Conclusion

The upcoming auction includes a total of 28 blocks- 25 under the 12th round and 3 re-auctioned from Round 11. These auctions continue to be a regular part of the Ministry’s efforts to increase domestic coal availability and offer mining opportunities to a wider set of stakeholders.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Bharti Airtel Pays Additional Spectrum Dues Worth Rs 5,985 Crore and Redeems Debt Worth $1 Billion

Bharti Airtel announced that it has prepaid ₹5,985 crore to the Department of Telecommunications (DoT), settling its high-cost spectrum liabilities related to the 2024 auctions. These liabilities carried an interest rate of 8.65%. This payment is part of the company’s ongoing plan to reduce its overall debt burden and lower financing costs.

As of 1:03 PM on March 27, Bharti Airtel share price was trading at ₹1,731.75, down ₹6.80 or 0.39% for the day, but up 4.93% over the past month and 41.39% over the past year.

Total Prepayments Reach ₹66,665 Crore

With this latest transaction, Airtel has prepaid ₹25,981 crore worth of spectrum dues in FY25. In total, the telecom provider has cleared ₹66,665 crore of spectrum liabilities so far, including amounts with interest rates ranging from 9.3% to 10%. These payments were made nearly seven years before their average due dates.

Following these prepayments, the remaining ₹52,000 crore of spectrum liabilities now carry an average interest rate of 7.22%. These dues will be repaid annually until FY2042.

$1 Billion in Perpetual Notes Redeemed

Separately, Airtel’s subsidiary Network i2i Ltd. has voluntarily redeemed $1 billion worth of USD perpetual notes. These notes were issued in FY2020 and carried a 5.65% interest rate. After this redemption, $479 million in perpetual notes remain outstanding. These remaining notes were issued in FY2021 and include a call option in FY2026.

DoT Penalties Issued

In addition to financial restructuring, Airtel also received four penalty notices from the Department of Telecommunications:

  • ₹1.20 lakh from Jammu & Kashmir LSA
  • ₹1.13 lakh from Maharashtra LSA
  • ₹5.83 lakh from Andhra Pradesh LSA
  • ₹1.07 lakh from Madhya Pradesh LSA

These penalties, totalling ₹9.23 lakh, are related to alleged violations of subscriber verification norms during CAF audits conducted by DoT, as per the reports. In some cases, the company has chosen to pay the penalty without contest, while in others it plans to seek rectification.

Conclusion

Bharti Airtel has made early payments of both domestic and international liabilities, reduced its financing costs, and responded to regulatory issues. The company now carries lower-interest dues and a longer repayment horizon.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

India’s Renewable Energy Share in Electricity Doubles in 9 Years

India has made significant progress in its transition towards cleaner sources of power. According to a recent government report, the share of renewables in the country’s total electricity generation has increased from 6% in FY15 to 12.1% in FY24. This shift highlights a broader trend towards sustainability, driven by technological advancements, government incentives, and rising awareness of climate concerns.

The upward trajectory of renewable energy is crucial for a country like India, which faces increasing electricity demand due to rapid industrialisation and urbanisation.

Industrial Sector Leads Electricity Consumption

The report also sheds light on the consumption pattern across sectors. The industrial sector emerged as the largest consumer of electricity, accounting for 42% of total consumption in FY24. This was followed by the domestic sector at 24%, agriculture at 17%, and commercial users at 8%.

This distribution reflects India’s development priorities and the growing role of industrial output in driving economic growth.

Coal Still Dominates India’s Energy Supply

Despite the rising share of renewable energy, coal continues to be the mainstay of India’s energy mix. It accounted for nearly 79% of the total domestic energy supply in FY24. The electricity sector was the largest consumer of coal, using 69% of the total supply.

Coal’s dominance underlines the challenges India faces in balancing energy security with sustainability goals.

Per Capita Energy Use and Efficiency on the Rise

India’s per capita energy consumption rose by 25.4%, from 14,682 megajoules in FY15 to 18,410 megajoules in FY24. At the same time, energy efficiency improved significantly. Energy consumed per unit of GDP fell from 0.27 megajoules per rupee in FY15 to 0.22 megajoules per rupee in FY24.

This indicates that the country is using energy more effectively, a positive sign for both economic and environmental outcomes.

Growing Reliance on Energy Imports

To meet the demands of a growing population and economy, India’s reliance on energy imports has increased. Crude oil dependency climbed from 83.5% in FY15 to 88.9% in FY24. Natural gas imports also saw a sharp rise, increasing from 35.6% to 46.6% over the same period.

However, there was some progress on coal imports, with dependency falling from 28.7% to 25.9%, reflecting efforts to boost domestic coal production.

Large-Scale Solar Projects on the Rise

The country is witnessing growing momentum in large-scale solar projects. Waaree Renewable Technologies Ltd recently secured a ₹232.30 crore (approximately US$ 27.12 million) contract from a domestic entity for a 170 MW solar power project. This includes engineering, procurement, construction, and long-term operation and maintenance services.

The project is expected to cut carbon dioxide emissions by 225,000 metric tonnes annually—equivalent to taking 50,000 fossil fuel-powered cars off the road.

Conclusion

India’s energy landscape is gradually transforming, with renewable energy sources gaining ground and efficiency levels improving. While coal remains dominant, the steady rise in solar and other renewables signals a shift towards a more balanced and sustainable future. Ongoing investments and government support will likely continue to accelerate this transition, even as the country navigates challenges around energy security and import dependence.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks; read all the related documents carefully before investing.

Infra Mutual Funds: One-Time Investment of ₹10 Lakh Grew to Over ₹50 Lakh in 10 Years

Infrastructure mutual funds are a category of sectoral or thematic equity funds that invest specifically in companies engaged in the infrastructure space. These companies are either directly or indirectly involved in building, maintaining, or supporting the development of infrastructure in the country.

Their scope extends across a wide range of industries, including:

  • Roads and highways
  • Railways and metros
  • Airports and seaports
  • Power generation and transmission
  • Urban development
  • Cement and steel production
  • Telecommunications
  • Construction and engineering

The objective of these funds is to capitalise on the growth trajectory of the infrastructure sector, which often aligns with government spending, urbanisation, and industrial development.

Performance Snapshot: 2 Funds, Over ₹50 Lakh in a Decade

Let’s look at the 10-year performance of two infrastructure-focused mutual fund schemes based on a one-time investment of ₹10 lakh:

Mutual Fund Scheme Name AUM (Crore in ₹) Expense Ratio (%) Invested Amount in ₹ Current Value in ₹ 10 Year CAGR Return in %
Quant Infra 2968.12 0.75 10,00,000 54,02,820 18.36
Franklin Build India 2406.46 0.98 10,00,000 50,17,172.8 17.49

Both funds have delivered impressive compounding over the past decade, with Quant Infrastructure Fund edging ahead in terms of CAGR and total corpus growth.

The Appeal of Long-Term Growth

Infrastructure projects usually have long gestation periods but offer stable and potentially high returns once completed. As a result, companies in this space can deliver consistent value creation over time—a trend that infrastructure mutual funds aim to leverage.

These funds may also benefit from policy reforms, government budget allocations, and foreign investments targeting infrastructure development.

Important Considerations Before Investing

While infrastructure mutual funds have shown promising returns, they also carry certain risks:

  • Sector concentration risk: Returns are heavily dependent on infrastructure sector performance
  • Volatility: These funds may underperform during periods of economic slowdown or policy delays
  • Long-term horizon required: Best suited for investors with a long investment time frame

As with all investments, potential investors should assess their risk tolerance, investment horizon, and diversification strategy before allocating capital to such funds.

Conclusion

Infrastructure mutual funds have historically shown the potential for substantial wealth creation over long periods, fuelled by India’s growing infrastructure needs and development goals. While past performance is not indicative of future results, these funds serve as an example of how thematic investing in a vital sector can yield noteworthy returns.

Curious about your SBI SIP returns? Get accurate estimates of your investment growth using our SBI SIP Calculator and stay ahead of your financial goals.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Wardwizard Expands Electric Fleet Operations with 400 Electric 2-Wheelers in Major Cities

Wardwizard Innovations & Mobility Limited, known for its electric vehicle brands Joy e-bike and Joy e-rik, is amplifying its presence in India’s EV ecosystem. The company recently announced the deployment of 400 electric two-wheelers across Kolkata, Pune, and Ahmedabad, following a successful pilot run of 100 vehicles in Hyderabad. This move is part of its larger strategy to revolutionise last-mile delivery and urban mobility.

The share price of Wardwizard Innovations & Mobility at 9:45 AM was trading lower by 2.83% at  ₹19.53. 

Strategic Partnership for Last-Mile Delivery Solutions

The latest deployment comes through a strategic partnership with SpeedForcEV. Together, they aim to support fleet operators and delivery partners by providing technologically advanced, low-maintenance, and high-uptime vehicles. Wardwizard’s integrated service network has reportedly enabled delivery partners to enhance operational efficiency and boost revenue, contributing significantly to the growth of quick commerce and e-commerce logistics.

Stepping into Ride-Hailing with E-Rickshaws

Taking a step beyond 2-wheelers, Wardwizard is now eyeing the ride-hailing sector. In collaboration with Cabeys, a ride-hailing platform, and SpeedForcEV, the company plans to deploy 200 L5 category electric three-wheelers in Maharashtra. These vehicles are expected to offer a cost-effective, environmentally friendly transport solution for daily commuters, while also improving income opportunities for auto drivers. 

Boosting Charging Infrastructure with AmpVolts

To ensure seamless operations for its expanding fleet, Wardwizard has teamed up with AmpVolts. The collaboration will help bolster the EV charging infrastructure in target cities, addressing one of the key challenges in EV adoption. AmpVolts’ widespread charging network will be crucial in maintaining consistent vehicle performance and reducing downtime.

Vision for FY25-26: 5,000 E-Rickshaws Nationwide

Commenting on the development, Mr Yatin Gupte, Chairman & Managing Director of Wardwizard, highlighted the operational success in Hyderabad as a catalyst for further expansion. 

He shared the company’s ambition to deploy 5,000 L5 passenger electric three-wheelers across various Indian states during FY25-26. He also emphasised the benefits of low operational costs, long-range batteries, and reliable charging, all contributing to more efficient and sustainable urban transport.

A Broader Commitment to Green Mobility

This expansion aligns with Wardwizard’s larger mission to provide clean, zero-emission transport solutions. As the first listed EV manufacturer on the BSE, the company has a growing portfolio of more than 10 electric vehicle models and a retail presence in over 400 cities across India. Its future plans include broader market penetration and deepening its impact through technology-enabled, smart mobility partnerships.

Conclusion

With its current expansion strategy and new collaborations, Wardwizard Innovations & Mobility Limited is strengthening its position as a frontrunner in India’s electric fleet revolution. As urban logistics and mobility needs evolve, the company is poised to play a key role in shaping a greener and more efficient transportation future.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks; read all the related documents carefully before investing.

High ROE Stock: Winsol Engineers Sets Up Zambian Subsidiary and Wins New Order

Winsol Engineers Limited has announced 2 notable updates this March, reflecting its ambitions to scale both internationally and within India. The company has established a new foreign subsidiary in Zambia and secured a domestic contract valued at over ₹2.52 crore, marking a step forward in its strategic roadmap.

Overseas Expansion: New Subsidiary in Zambia

Winsol Engineers incorporated a wholly-owned foreign subsidiary named Winsol Engineers Zambia Limited, based in Lusaka. This entity will engage in electric power generation, transmission, and distribution, as well as the manufacture of electric motors, transformers, and related control apparatus. Retailing of hardware, paints, and glass also falls under its scope.

Winsol Engineers Limited holds a 51% stake in the newly formed subsidiary through a cash-based subscription of 10,200 shares at K1 Zambian Kwacha each. This move is seen as a strategic attempt to tap into the African market and broaden its international footprint, aligned with the company’s goal of creating new growth avenues outside India.

Domestic Order for Transmission Line Material

In another announcement, Winsol revealed it received a purchase order from BA Prerna Renewables Private Limited. The order, valued at ₹2,52,28,223 (excluding GST), is for the supply of 220kV Extra High Voltage (EHV) transmission line materials.

This order is expected to enhance Winsol’s customer base and contribute significantly to its top line. The order will be executed as per the terms and conditions agreed upon by both parties. The company confirmed that the contract does not fall under related party transactions.

Stock Market Snapshot

As of 9:31 AM on March 27, 2025,  Winsol Engineers share price was trading at ₹186.60, reflecting an intraday gain of 1.80%. The company currently trades at a price-to-earnings (PE) ratio below 20x and boasts a return on equity (ROE) of 67%. 

Conclusion

The combination of a fresh overseas venture and a high-value domestic order illustrates Winsol Engineers’ 2-pronged strategy: consolidating its presence in the Indian market while venturing into international markets.

The developments are aligned with the company’s long-term vision of becoming a diversified engineering player in the power sector, leveraging both geographic and operational expansion.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks; read all the related documents carefully before investing.

KBC Global Withdraws Bonus Issue Record Date of March 28, 2025

KBC Global Limited has recently withdrawn the previously announced record date for its bonus share issue. The company had earlier set March 28, 2025, as the cut-off date for determining shareholder eligibility for the bonus shares. However, in a recent regulatory filing, KBC Global stated that this date has been cancelled and a revised record date will be announced at a later stage.

Key Developments from the EGM 

During the recent EGM held on March 22, 2025, KBC Global Limited approved multiple resolutions aimed at expanding its financial and operational capabilities. These resolutions were passed through a combination of remote e-voting before the meeting and live e-voting during the session. 

KBC Global’s Strategic Move

By withdrawing the record date for the bonus issue while continuing with its broader corporate restructuring, KBC Global is expected to signal a strategic shift. The company’s focus on expanding its financial base and rebranding itself under a new name reflects its ambition to strengthen its presence in the infrastructure and EPC (Engineering, Procurement, and Construction) sectors.  

About KBC Global Ltd 

KBC Global Limited is a leading real estate and infrastructure company known for its residential, commercial and EPC projects. Committed to quality and innovation, the company is expanding its focus to enhance growth and market presence. As part of its restructuring, it is undergoing a rebranding to strengthen its position in the industry.

Share performance 

As of March 27, 2025, at 11:10 AM, with a market capitalisation of ₹2.64 billion, KBC Global share price was trading at ₹1.01 per share, reflecting a loss of 1.94% from the previous day’s closing price. Over the past month, the stock has registered a loss of 12.17%. 

Conclusion

The withdrawn record date aligns with KBC Global’s restructuring plans. With leadership expansion and rebranding efforts underway, the company is focused on strengthening its financial position and future growth in the infrastructure sector.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Welspun Enterprises Arm Secures ₹79 Crore Order from Vadodara Municipal Corporation

Welspun Enterprises has secured a significant infrastructure contract through its subsidiary, Welspun Michigan Engineers (WMEL). The ₹79.29 crore order from the Vadodara Municipal Corporation (VMC) involves the rehabilitation of an existing drainage system.

WMEL Bags Key Infrastructure Project in Vadodara

Welspun Enterprises witnessed a 1% rise in its stock price to ₹506 after its subsidiary, Welspun Michigan Engineers (WMEL), secured a ₹79.29 crore order from the Vadodara Municipal Corporation (VMC). 

The project involves rehabilitating the existing drainage system from Shrenik Park Circle to Akota-Dandiya Bazar Bridge Junction to Atladara STP in the West Zone of Vadodara, Gujarat. The contract stipulates a 12-month completion timeline, excluding monsoon periods.

Strengthening Order Book and Market Expansion

With this new project, WMEL’s outstanding order book, as of 25 March 2025, was ₹2,915.42 crore. Following this contract, it has now increased to ₹2,994.71 crore.

Saurin Patel, Managing Director of Welspun Michigan Engineers, said, “This order for rehabilitating drainage lines in Vadodara using trenchless technology enables us to rejuvenate existing infrastructure while minimizing societal costs, disruptions, and the environmental impact of traditional construction methods. It also marks our entry into a new market and serves as a strategic step in WMEL’s plans to expand into new geographies for growth.”

Welspun Enterprises Share Performance 

As of March 27, 2025, at 11:39 AM, Welspun Enterprises share price was trading at ₹507.55 per share, reflecting a surge of 1.29% from the previous day’s closing price. Over the past month, the stock has registered a profit of 20.83%

Conclusion

The new contract strengthens WMEL’s position in the infrastructure sector and highlights its focus on innovative and sustainable engineering solutions. With this strategic expansion, the company continues to reinforce its market presence and drive growth.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.