Nippon India Mutual Fund (NIMF) is one of India's leading mutual funds, with Average Assets Under
Management (AAUM) of Rs 2,04,370.79 Crores (Oct 2019 - Dec 2019 QAAUM) and 88.78 lakhs folios
(as on December 31, 2019).
NIMF which is one of the fastest growing mutual funds in India, offers investors a well-rounded
portfolio of products to meet varying investor requirements and has presence in 300 cities (as
on March 31, 2019) across the country. NIMF constantly endeavours to launch innovative
products and customer service initiatives to increase value to investors.
Nippon India Mutual Fund (NIMF) has been established as a trust under the Indian Trusts Act,
1882. Nippon Life Insurance Company(NLI) is the Sponsor and Nippon Life India Trustee Ltd
(NLITL) is the Trustee.
Nippon India Mutual Fund has been registered with the Securities & Exchange Board of India
(SEBI) vide registration number MF/022/95/1 dated June 30, 1995. Nippon India Mutual Fund (NIMF)
was earlier known as Reliance Mutual Fund. The name of Mutual Fund was changed from Reliance
Mutual Fund to Nippon India Mutual Fund effective September 28, 2019 . NIMF was formed to launch
various schemes under which units are issued to the public with a view to contribute to the
capital market and to provide investors the opportunities to make investments in diversified
To carry on the activity of a mutual fund as may be permitted at law, and
formulate and devise various collective schemes of savings and investments for
people in India and abroad, and also ensure liquidity of investments
for the unit holders;
To deploy funds thus raised so as to help the unit holders earn reasonable
returns on their savings; and
To take such steps as may be necessary from time to time to realise the effects
without any limitation.
To be a globally respected wealth creator with an emphasis on customer care and a
culture of good corporate governance.
To create and nurture a world-class, high performance environment aimed at delighting
Nippon Life India Asset Management Limited‘s (NAM India) Board and its management firmly believes
in an organizational culture of robust & highest standards of Corporate Governance since the
same is critical in order to retain & enhance the trust of its various stakeholders. Over a
period of time, NAM India has achieved considerable success & visibility in the market and the
significant credit for this goes to the practice of strict adherence of Corporate Governance
principles & ethical conduct at the marketplace. The implementation and observance of ethical
processes & policies and good Corporate Governance has helped NAM India in standing up to the
scrutiny of its domestic as well as international investors and stakeholders.
NAM India’s philosophy with respect to Corporate Governance envisages the attainment of the
highest levels of transparency, accountability and equity, in all facets of its operations and
in all its interactions with its stakeholders, including shareholders, employees, the
government, lenders and the society. The Company believes that all its operations and actions
must serve the underlying goal of enhancing long-term shareholder value.
NAM India’s philosophy of Corporate Governance is guided by the following core principles-
To maintain highest standards of transparency in all aspects of interactions &
To ensure timely dissemination of correct information to the relevant stakeholders &
Empowerment and Accountability
To demonstrate highest levels of personal accountability in order to ensure that
employees consistently pursue excellence in everything they do;
To timely comply with all the applicable laws and regulations, in letter & spirit;
To conduct the affairs of the company in an ethical & just manner; and
To promote the interests of all stakeholders including that of the unit holders,
shareholders, employees, vendors and the community at large.
NAM India’s Board comprises of a just & right mix of individuals, who are well-experienced in
their respective fields & who have a huge and visible credibility alongside their respective
names. Fifty percent of NAM India’s Board is Independent.
Apart from exercising their experience & diligence on the company’s business, NAM India’s
Board has a very high degree of focus on the matters concerning compliances and Corporate
The meetings of the Board are conducted in a professionally conducive manner and the thrust is
always there on the principles of complete & fair disclosures, core compliance &
accountability. The Board also ensures that the affairs of the company are always conducted
within the permitted regulatory framework and in the interest of its stakeholders. The Board
monitors the financial performance of the Company and ensures that the financial results are
prepared in accordance with the generally accepted accounting principles and is reported to
shareholders and regulators on a timely and regular basis.
All the critical policies of the company are reviewed & approved by the Board of Directors,
at least once a year or as and when required. Similarly various operational committees of the
company’s senior management, which are required for making the day to day decisions, are also
constituted with the prior approval of the Board and the decisions taken by these committees are
further put up before the Board for their noting.
Further, in line with the statutory requirements, a Audit committee is also in place which
comprises of all the board of directors of the company as its members. The role of the audit
committee is to review the internal control systems and the annual financial statements of the
Further, in accordance with the applicable provisions and as a matter of good Corporate
Governance, the Company has appointed various auditors namely auditor for the various mutual
fund schemes of Nippon India Mutual Fund, statutory auditor and internal auditor, all being
agencies of repute and standing. These auditing agencies periodically submit their report, which
are placed before the audit committee for discussion, review and implementation of
The Company appropriately and timely discloses the required information to its prime regulator
i.e. SEBI and other relevant authorities and its unit holders.
NAM India’s Corporate Governance philosophy envisages attainment of highest levels of integrity,
accountability, performance and ethical behavior in all facets of business and one of the most
critical organizational motto’s is to instill and nurture the culture of “Total Compliance”
across the organization.
Nippon Life India Asset Management Limited (NAM India) is the asset manager of Nippon India
Mutual Fund (NIMF). Reliance Capital Limited and Nippon Life Insurance Company are the promoters
of NAM India and currently hold 75.93% of its total issued and paid-up equity share capital.
Equity Shares of NAM India are listed on BSE Limited and National Stock Exchange of India
Reliance Capital Limited is one of India’s leading and fastest growing, RBI registered
Non-Banking Finance Company (NBFC). and has its business interests in Asset Management, Life
Insurance, General Insurance, Private Equity, Proprietary Investments, Stock Broking, &
other activities in the Financial Services Sector.
Nippon Life Insurance Company (“NLI”) is a Japan’s leading private life insurer and offers a wide
range of financial products, including individual and group life and annuity policies through
various distribution channels, mainly using face-to-face sales channels for its traditional
insurance products. It primarily operates in Japan, North America, Europe, Oceania and Asia, and
is headquartered in Osaka, Japan. NLI conducts asset management operations in Asia, through its
subsidiary Nissay Asset Management Corporation (“Nissay”), which manages assets globally.
Nippon India Mutual Fund – Organization Structure
||Nippon Life Insurance Company
||Nippon Life India Trustee Limited (Formerly known as Reliance Capital Trustee
(CIN : U65910MH1995PLC220528)
|Investment Manager / AMC
||Nippon Life India Asset Management Limited (Formerly known as Reliance Nippon
Life Asset Management Limited)
(CIN : L65910MH1995PLC220793)
||The Trustee and the Investment Manager are incorporated under the Companies Act,
1956 and the Sponsor is a mutual company registered under the laws of Japan
About Nippon Life India Asset Management Limited
Nippon Life India Asset Management Limited (NAM India) is a listed public limited company
incorporated under the Companies Act, 1956 on February 24, 1995, having its registered office
Reliance Centre, 7th Floor, South Wing, Off Western Express Highway,
Santacruz (East), Mumbai
and its Corporate Office at
7th Floor South Wing,
Off Western Express Highway,
Mumbai – 400 055.
NAM India has been appointed as the Asset Management Company (AMC) of Nippon India Mutual Fund
(NIMF) by the Trustees of NIMF vide Investment Management Agreement (IMA) dated May 12, 1995
amended on August 12, 1997, January 20, 2004, February 17, 2011 and December 10, 2018 in line
with Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
Other Actitivities of NAM India
NAM India has been registered as a Portfolio Manager vide SEBI Registration Number INP000000423.
Prior to the SEBI (Change in Conditions of Registration of Certain Intermediaries)(Amendment)
Regulations, 2016, the certificate of registration was valid for a period of three years from
the date of its issue. After the amendment, the certificate of registration is valid till it has
been suspended or cancelled by SEBI. Under this license, NAM India is managing portfolio of its
clients in terms of Securities and Exchange Board of India (Portfolio Managers) Regulations,
1993. In addition to this, NAM India also renders advisory services to its offshore clients and
an approval to manage and / or advise pooled assets including offshore funds, Insurance funds,
provident funds is in place.
Subsidiaries of NAM India
From time to time, NAM India has set up subsidiary companies after seeking the necessary
approvals and registrations, as applicable, including that from SEBI. Presently, NAM India has
the following subsidiaries:
Nippon Life India AIF Management Limited (Formerly known as Reliance
AIF Management Company Limited) for acting as Investment Manager / Advisor of Alternative
Nippon Life India Asset Management (Singapore) Pte. Ltd., in
Nippon Life India Asset Management (Mauritius) Limited, in Mauritius
NAM India has ensured that key personnel of the AMC, the systems, back office, and bank and
securities accounts are segregated activity-wise and there exists systems to prohibit access to
inside information of various activities. As per SEBI regulations, it will further ensure that
the AMC meets the capital adequacy requirements, if any, separately for each such activity.
However, there is no conflict of interest inter–se between various “other activities”, as being
directly or indirectly carried out by NAM India.