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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesOpen the latest factsheet for the exact mutual-fund scheme and plan, then look for Benchmark, Scheme Benchmark or a similar field in the scheme-information or performance section. Copy the complete index name exactly as printed, including labels such as TRI (Total Return Index). Use the scheme’s Statement of Additional Information (SID) as the formal cross-check, and read any later addendum if the documents disagree or carry different dates.
Why the benchmark matters
A benchmark is a reference index used to put a scheme’s performance in context. It is intended to show how the relevant market segment moved so an investor can compare the scheme’s results with an appropriate market yardstick. The index should fit the scheme’s stated investment objective and portfolio, rather than being chosen merely because it is a familiar name.
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Finding the benchmark is therefore a document-identification task, not a guessing exercise. A fund’s category, largest holdings or name may suggest a market segment, but none of those proves which index the scheme has formally selected. The authoritative designation is the one printed in the scheme documents.
The examples and regulatory references in this guide are India-specific. Indian mutual-fund documents commonly use a factsheet, a SID and addenda hosted by an asset-management company or on the Association of Mutual Funds in India (AMFI) portal. Other countries may use different document names and disclosure conventions.
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The quickest method: factsheet first, SID second
- Identify the exact scheme and plan. Confirm the scheme name, plan or option and the factsheet’s date. Do not use a factsheet for a similarly named scheme or a different plan.
- Open the latest factsheet available for that scheme. Use the benchmark field or the performance-comparison table. The index may be shown beside the scheme’s returns.
- Copy the full benchmark designation. Preserve every qualifier, including TRI, price-return wording, a broad-market or sector description, and any primary, Tier I, Tier II or additional label.
- Open the SID. Search for a heading such as How will the scheme benchmark its performance? Confirm the exact index and read the explanation of why it matches the mandate.
- Check addenda and dates. If a later addendum changes the benchmark, or if the factsheet and SID are from different periods, use the most recent applicable document and retain the date with your notes.
This sequence gives you a quick answer from the factsheet without treating the factsheet as the only source. The SID is the formal cross-check when you need the scheme’s stated rationale or when a performance table contains several indices.
Where the benchmark appears in a factsheet
Factsheets are designed for periodic reporting, so the benchmark can appear in more than one place. Scan the document in this order:
1. Scheme overview or key information
Look for a field labelled Benchmark, Scheme Benchmark or a close variation. Copy the text exactly. A short label in an overview box may be abbreviated, so continue to the performance section before treating it as complete.
2. Performance-comparison table
The performance section may place the scheme’s return beside the benchmark’s return for matching periods. The benchmark name can be in a column heading, a footnote or a line immediately above the figures. Read the heading and footnotes together; a table can contain a scheme benchmark and another comparison index.
3. Notes, disclosures and footnotes
Footnotes often identify whether the index is a total-return or price variant, explain a benchmark change, or distinguish a primary benchmark from an additional one. Do not omit these qualifiers when transcribing the name.
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Record the document identity
Write down the factsheet title, scheme and plan, publication or “as of” date, and the exact benchmark wording. Keeping this context prevents a later factsheet revision from being mistaken for the version you originally reviewed.
How to verify the designation in the SID
The SID contains the scheme’s formal description and normally has a section explaining how performance will be benchmarked. Search within the PDF for “benchmark” rather than relying only on the table of contents.
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- Locate the benchmark section. A heading such as How will the scheme benchmark its performance? is a common sign that you are in the right place.
- Match the full index name. Check spelling, market segment, series, and return convention against the factsheet.
- Read the selection rationale. The SID should explain how the index represents the scheme’s investment objective and portfolio. This rationale is useful when an index name is unfamiliar.
- Check effective dates and amendments. Review the SID date and any subsequent addenda. If an addendum changes the benchmark, it may supersede older wording for the affected period.
- Resolve a conflict conservatively. Do not silently choose the index that produces the more flattering comparison. Record both document dates, look for an amendment, and treat the later applicable disclosure as controlling while retaining the earlier wording for historical periods.
An AMFI-hosted scheme document from BNP Paribas provides a concrete example of this type of formal benchmark section. It also explains the difference between total-return and price-index calculations. That document illustrates the method; its wording is not a universal template for every scheme.
When a document shows more than one index
A factsheet may list multiple indices. SEBI’s circular dated March 26, 2002 stated that, because benchmarks indicate market performance to investors, mutual funds may report performance for more than one index if they wish. That is historical regulatory context, not a statement that every current disclosure follows the same format.
Separate the roles instead of treating every index in the table as interchangeable:
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| Label in the document | How to treat it |
|---|---|
| Scheme benchmark or primary benchmark | The index formally assigned to the scheme for its principal performance comparison. |
| Tier I benchmark | A primary or first-tier designation where the document uses that terminology; preserve the label exactly. |
| Tier II, additional or secondary benchmark | An extra comparison series. It does not automatically replace the scheme benchmark. |
| Other comparison index | A reference shown for context. Use the document’s wording to determine its role. |
Some scheme documents describe a benchmark as selected from an AMFI first-tier list and say that the asset-management company and trustees may change or add an index through the applicable process. That wording belongs to the particular document; do not generalize it to every fund.
A practical transcription rule
When you see two or more indices, copy each one on a separate line with its label. For example, record “Scheme Benchmark — [exact name as printed]” and “Additional comparison — [exact name as printed]” rather than collapsing them into a single index. If the document does not clearly assign a role, use the SID’s benchmark section and notes before drawing a conclusion.
TRI and price indexes are not interchangeable
The letters after an index name can change the meaning of the comparison. A total-return index (TRI) includes distributions such as dividends in its return calculation. A price index records price movement only. Over a period in which the underlying securities distribute income, the two return figures will not be the same.
| Return convention | What the calculation represents | How to use it |
|---|---|---|
| Total Return Index (TRI) | Price movement plus distributions such as dividends. | Compare the scheme with a TRI only when the scheme’s disclosure uses that variant, and keep the TRI label in your notes. |
| Price index | Price movement without distributions. | Do not substitute it for a TRI when assessing a scheme return; the conventions measure different things. |
The SID example discussed above explains this distinction directly. If the factsheet abbreviates the variant, consult the SID or footnote before entering the benchmark into a spreadsheet or portfolio tracker.
How to compare a scheme with its benchmark fairly
Once you have identified the index, align the comparison on every relevant axis. A correct index name paired with an unmatched period or return convention can still produce a misleading conclusion.
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| Check | Question to answer | Why it matters |
|---|---|---|
| Mandate fit | Does the index represent the scheme’s stated objective and portfolio? | SEBI’s historical guidance connects benchmark selection with those two characteristics. |
| Benchmark role | Is it the scheme benchmark, a Tier I/primary benchmark, or an additional comparison? | Multiple indices in one table do not have the same status. |
| Return variant | Is it TRI or price-only? | Distributions are treated differently, so the figures are not equivalent. |
| Time period | Do the scheme and index cover the same dates and measurement window? | Different windows can make one return appear better or worse for reasons unrelated to investment performance. |
| Return convention | Are both figures calculated on the same stated basis? | Consistent conventions are necessary for a meaningful comparison. |
| Tracking behaviour | If the scheme is designed to track an index, what is its tracking error? | Tracking error concerns deviation between fund and benchmark returns; it does not identify the benchmark. |
Use the benchmark comparison as context, not as a guarantee that the scheme will match the index. Fees, cash holdings, portfolio construction, taxes and implementation can all affect the difference between the scheme’s return and the index’s return; the documents’ stated comparison remains the starting point.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Benchmark identity versus index holdings
A benchmark is a comparison reference. Its appearance in a factsheet does not, by itself, mean that the scheme owns every constituent in the same weight or tracks the index. This distinction is especially important for actively managed schemes, whose mandate may differ materially from the index.
For an index-oriented scheme, tracking error is a separate measure. SEBI Investor describes it as the deviation between portfolio and benchmark returns and uses it to assess tracking consistency. Tracking error can tell you how closely a tracking fund has followed its stated index; it cannot tell you which index the fund selected. First identify the benchmark from the factsheet and SID, then examine tracking-error disclosures if they are relevant to the scheme.
What to do when the factsheet and SID disagree
The documents have different dates
Use the benchmark applicable to the period you are analysing. A newer factsheet may reflect a later change than an older SID. Check for an addendum or amended scheme document and record the effective date rather than overwriting your historical notes.
The name is abbreviated in one document
Use the full wording from the SID or the explanatory footnote. Preserve the return variant and any tier designation. Do not expand an abbreviation by guessing what it means.
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One document lists two benchmarks
Look for “scheme benchmark,” “primary,” “Tier I,” “additional,” or “Tier II” labels. If the roles remain unclear, rely on the formal benchmark section and the document’s explanatory text, not on the order in which the indices appear.
The index changed after the factsheet was issued
Keep the old benchmark with the old reporting date and use the amended designation from its effective date onward. Comparing a historical scheme return with a newly adopted index without noting the change can create an invalid performance series.
The scheme name or plan does not match
Stop and obtain the factsheet and SID for the exact scheme and plan. A similarly named fund can have a different objective and benchmark.
A repeatable worksheet for your records
Use one row per document and retain the wording exactly as printed:
- Scheme name and plan
- Document type: factsheet, SID or addendum
- Document date and performance “as of” date
- Benchmark label used by the document
- Full index name
- Return variant: TRI or price index, if stated
- Role: scheme/primary, Tier I, Tier II, additional or other comparison
- Effective date of any benchmark change
- Notes on the stated rationale or mandate fit
This record lets you reproduce the answer later and prevents a revised document from being confused with an earlier disclosure.
India-specific regulatory context
The March 26, 2002 SEBI circular explains the disclosure purpose of benchmarks and says funds may show more than one index. Because it is historical, cite it as context rather than as proof of every current requirement. A SEBI landing page dated October 27, 2021 identifies guidance concerning uniformity in mutual-fund benchmarks, but that page alone does not establish every detail of the current rules.
Scheme documents remain the practical authority for the individual fund. The AMFI-hosted BNP Paribas SID demonstrates a formal benchmark section and the TRI-versus-price explanation. A more recent AMFI-hosted Bank of India scheme document says its benchmark was selected from AMFI’s first-tier list and that the asset-management company and trustees may change or add an index subject to the applicable process. These are examples of document language, not universal terms for all Indian schemes.
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Final checklist
- Did you use the latest factsheet for the exact scheme and plan?
- Did you locate the benchmark field and the performance-comparison table?
- Did you copy the complete index name, including TRI or price wording?
- Did you distinguish the scheme benchmark from any Tier II or additional index?
- Did you verify the designation in the SID’s benchmark section?
- Did you check addenda and document dates for a change?
- Are the comparison period and return convention identical for the scheme and index?
- If the scheme is index-oriented, did you keep tracking error separate from benchmark identity?
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