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Tata Arbitrage Fund

Tata Index Fund

Arbitrage is the simultaneous buying and selling of securities, currency, or commodities in different markets or in derivative forms to take advantage of differing prices for the same asset. This is considered risk-free profit for the investor/trader. The arbitrage activity is a risk-free strategy and makes sense when it yields better returns as compared to other similar risk-free instruments (post tax).

The scheme invests primarily in arbitrage opportunities between spot and futures prices of exchange traded equities and the arbitrage opportunities available within the derivative segment.

Asset Allocation

Under normal circumstances, when arbitrage opportunities are available & accessible, the asset allocation of the Scheme will be as follows:


Indicative Allocation

(% of Total Assets)

Risk Profile



Equity and equity related securities and equity derivatives $
65% 100% High
Debt, Money Market Instruments and cash (including units of liquid schemes of Tata Mutual Fund).
0% 35% Low to Medium

$ The exposure to derivative shown in the above asset allocation table is exposure taken against the underlying equity investments i.e. in case the scheme shall have a long position in a security and a corresponding short position in the same security, then the exposure for the purpose of asset allocation will be counted only for the long position. The intent is to avoid double counting of exposure and not to take additional asset allocation with the use of derivative. If suitable arbitrage opportunities are not available in the opinion of the Investment manager, the Scheme may hedge the equity portfolio by using derivatives or may invest in short term debt / money market instruments.

The Scheme may invest upto 90% of its net assets in equity derivatives. The scheme will not invest in stock lending and short selling.

The scheme will not invest in following:

  1. Foreign Securities
  2. Domestic and Foreign Securitised Debt
  3. Credit Default Swaps (CDS)
  4. Equity linked debentures
  5. Repo/Reverse Repo in corporate debt securities.

The Scheme will comply with all the applicable circulars issued by SEBI as regard to derivatives viz. SEBI Circular no. SEBI/MFD/CIR No. 03/158/03 dated June 10, 2003, no. DNPD/Cir-29/2005 dated September 14, 2005, no. DNDP/Cir-30/2006 dated January 20 ,2006, no. SEBI/DNDP/Cir-31/2006 dated September 22, 2006, no. Cir/ IMD/ DF/ 11/ 2010 dated August 18, 2010 & SEBI/HO/IMD/DF2/CIR/P/2017/109 dated September 27,2017.The cumulative gross exposure to equity, equity related instruments, debt, money market instruments and derivatives shall not exceed 100% of the net assets of the scheme. Cash or cash equivalents with residual maturity of less than 91 days may be treated as not creating any exposure. Cash equivalent includes CBLO or any other instrument as allowed by SEBI, Reverse Repos, Fixed Deposits with Schedule Commercial Banks upto 91day maturity and money market instruments upto 91 days maturity.

The margin money requirement for the purposes of derivative exposure will be held in the form of Term Deposits, cash or cash equivalents or as may be allowed under the Regulations.

For detailed information kindly refer the Scheme Information Document.

Who should invest / Key Attributes

» Ideal for Investors:

  • With a short to medium term investment horizon
  • Looking for tax efficient and low risk investments.

» Key Attributes:

  • It’s a low risk strategy; insulates investors from Equity Market Risk
  • Fund will be looking for available arbitrage opportunities in the market
  • Ideal investment option for short-medium term investors
  • An Equity Product aims to generate stable return like liquid fund without the volatility of the Equity & Debt funds.
Fund Manager

Sailesh Jain

With more than 16 years of experience in both fund management and broking, Sailesh Jain has joined Tata Asset Management in November 2018 as Fund Manager (Equities).

His prior stint includes IDFC Securities Ltd. where he was heading the Institutional Derivatives desk.

He started his career in 2003 at Refco-Sify securities as a fundamental and derivative analyst. Sailesh has worked as a Fund Manager at Lotus India Mutual Fund and has also headed the Derivatives desk at IIFL (Indiainfoline).

Sailesh is an MBA (Finance) from Queensland University of Technology from Australia.

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Scheme Information

The investment objective of the Scheme is to seek to generate reasonable returns by investing predominantly in arbitrage opportunities in the cash & derivatives segments of the equity markets & by investing balance in debt & money market instruments.

Nature of scheme
An open ended equity scheme investing in arbitrage opportunities.
Date of Allotment
18 December, 2018
Options / Plan
Tata Arbitrage Fund
Regular Plan (Routed through Distributor)
  • -Growth
  • -Monthly Dividend
Direct Plan (w.e.f. 1st Jan 2013)
  • -Growth
  • -Monthly Dividend
Entry Load
Not Applicable
Exit Load
  • 0.25% of the applicable NAV, if redeemed / switched-out / withdrawn on or before expiry of 30 Days from the date of allotment.
Min. Purchase Amount
5, 000/- & in multiple of ` 1/- thereafter.
Min. Additional Purchase Amt.
1, 000/- & in multiple of ` 1/- thereafter.
Min. Redemption Amt. / Units*
 500/- or 50 units.

*There is no minimum amount requirement in case unitholder is opting for an all units switch.

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