Shariah based NFO

Dear All,

I have done research work on the stocks mentioned in this NFO as shariah
compliant. Unfortunately I found many stocks which are shariah non-compliant,
few of them grossly violate shariah. I have conveyed this to the management of
the Benchmark and also taken up the matter with shariah advisers associated with
it. Their Chief Shariah Adviser asked for certain proofs which I have provided
to him.

Let me also clarify to every one that this company has no shariah board of its
own. It's using the name of shariah board of S& P whose shariah norms this
company is using. Further their is no shariah monitoring of its stocks. It is
very difficult in absence of shariah monitoring to ascertain whether the shariah
norms given by the scholars are properly followed.

My request to all of you is to welcome shariah complaint products and support it
wholeheartedly but at the same please try to ensure that shariah which is the
reason detre of this concept is followed in letter and spirit.

Thanks and best regards to all of you.

Shariq Niar
Ph.D. (Economics) - 2004
Bangalore