---
title: "Investing Glossary | 91 Terms Explained | RupeeCase Learn"
description: "91 investing terms for Indian markets, from alpha and beta to Sharpe ratio, drawdown, LTCG and T+1, each in plain words with the modules that use it."
source_url: "https://www.rupeecase.com/learn/glossary"
---

[RupeeCase Learn](/learn/)/Glossary

# 91 terms, in plain words.

    The vocabulary of systematic investing in Indian markets, from alpha to volatility, each defined in two or three sentences with the modules that use it.

* **91**terms
* **20**letters
* **70**modules linked

91 terms, A to Z

## A

AIFAlternative Investment Fund. SEBI regulated category for pooled investments in non-traditional assets. Minimum ₹1 crore.

Used in [3.8](/learn/path-3/module-3-8-factor-investing-india-evidence), [10.6](/learn/path-10/module-10-6-scaling-when-your-strategy-meets-capacity)

alphaReturn above what a benchmark would deliver. A strategy returning 20 percent when Nifty returned 12 percent has 8 percent alpha. Alpha is the measure of skill or systematic edge.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [2.2](/learn/path-2/module-2-2-introduction-to-factors) and 31 more

AMCAsset Management Company. The entity that manages mutual funds (e.g., HDFC AMC, SBI Funds Management).

Used in [6.3](/learn/path-6/module-6-3-mutual-funds-structure-types-costs), [11.4](/learn/path-11/module-11-4-sebi-regulatory-framework-what-every-investor-must-know) and 1 more

AUMAssets Under Management. Total value of money a fund or manager is investing.

Used in [2.2](/learn/path-2/module-2-2-introduction-to-factors), [3.8](/learn/path-3/module-3-8-factor-investing-india-evidence) and 7 more

autocorrelationCorrelation of a time series with a lagged version of itself. Strong autocorrelation in returns is the statistical signature of momentum.

Used in [5.1](/learn/path-5/module-5-1-statistical-foundations), [5.2](/learn/path-5/module-5-2-time-series-analysis) and 1 more

## B

backtestSimulation of a strategy on historical data to estimate past performance. Useful for validation but does not guarantee future results.

Used in [1.2](/learn/path-1/module-1-2-understanding-stock-data), [1.3](/learn/path-1/module-1-3-indices-and-benchmarks) and 26 more

basis pointalso bpsOne hundredth of one percent. 50 basis points is 0.5 percent. Commonly used for interest rates and fees.

betaSensitivity of a portfolio to the market. Beta of 1.0 moves with the market. Beta of 1.5 moves 1.5x as much in both directions. Beta below 1 is defensive.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [2.2](/learn/path-2/module-2-2-introduction-to-factors) and 11 more

bpsBasis points. See basis point entry.

Used in [2.4](/learn/path-2/module-2-4-how-backtesting-works), [4.1](/learn/path-4/module-4-1-modern-portfolio-theory) and 5 more

## C

CAGRCompound Annual Growth Rate. The yearly rate at which an investment would have grown if it compounded at a constant rate. A ₹1L investment becoming ₹2L over 5 years is roughly 14.9 percent CAGR.

Used in [1.5](/learn/path-1/module-1-5-orders-costs-taxation), [2.1](/learn/path-2/module-2-1-why-rules-beat-gut-feeling) and 23 more

CASACurrent Account Savings Account. Low-cost deposits in banks. A high CASA ratio means cheaper funding, which feeds into structurally higher net interest margins.

Used in [9.1](/learn/path-9/module-9-1-competitive-moats-understanding-durable-advantage)

correlationStatistical measure of how two assets move together. 1.0 is perfect positive, -1.0 is perfect negative, 0 is unrelated.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [3.1](/learn/path-3/module-3-1-momentum-factor-deep-dive) and 8 more

CPIConsumer Price Index. Measures consumer-level inflation. RBI targets CPI at 4 percent within a 2 to 6 percent band under the inflation targeting framework.

Used in [7.1](/learn/path-7/module-7-1-how-to-read-indian-economy-key-indicators), [7.2](/learn/path-7/module-7-2-rbi-monetary-policy) and 2 more

## D

DCADollar Cost Averaging. Same concept as SIP in international terminology. Buying fixed amount at intervals.

deltaFirst-order Greek. How much an option price changes per ₹1 move in the underlying. Also approximate probability of finishing in the money.

Used in [5.4](/learn/path-5/module-5-4-alternative-data-india), [6.6](/learn/path-6/module-6-6-derivatives-futures-options)

DIIDomestic Institutional Investor. Indian mutual funds, insurance companies, and pension funds.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [5.4](/learn/path-5/module-5-4-alternative-data-india) and 3 more

discretionary investingApproach where each decision is made case by case based on judgement. Opposite of systematic.

Used in [2.1](/learn/path-2/module-2-1-why-rules-beat-gut-feeling)

diversificationSpreading capital across assets that do not move together. Reduces portfolio risk without proportionally reducing expected return.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [2.1](/learn/path-2/module-2-1-why-rules-beat-gut-feeling) and 13 more

drawdownThe peak-to-trough decline during a specific period. If a portfolio falls from ₹10L to ₹8L, the drawdown is 20 percent. Maximum drawdown measures the worst such drop in the backtest period.

Used in [2.1](/learn/path-2/module-2-1-why-rules-beat-gut-feeling), [2.2](/learn/path-2/module-2-2-introduction-to-factors) and 22 more

durationBond price sensitivity to interest rate changes. Modified duration approximates the percent price change for a 1 percent yield move.

Used in [3.2](/learn/path-3/module-3-2-value-factor-deep-dive), [3.7](/learn/path-3/module-3-7-factor-timing-and-cycles) and 7 more

## E

EBITDAEarnings Before Interest, Taxes, Depreciation, Amortisation. Proxy for operating cash flow.

Used in [1.4](/learn/path-1/module-1-4-reading-financial-statements), [2.2](/learn/path-2/module-2-2-introduction-to-factors) and 5 more

ELSSEquity Linked Savings Scheme. Tax-saving mutual fund category under Section 80C. Three year lock-in.

Used in [6.3](/learn/path-6/module-6-3-mutual-funds-structure-types-costs), [6.5](/learn/path-6/module-6-5-index-funds-vs-etfs-vs-active)

equity curveChart of portfolio value over time. The shape reveals consistency of returns and the depth of drawdowns.

Used in [2.2](/learn/path-2/module-2-2-introduction-to-factors), [2.3](/learn/path-2/module-2-3-risk-metrics-that-matter) and 1 more

ETFExchange Traded Fund. Like an index fund but trades on exchange like a stock. Can be bought and sold intraday.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [3.4](/learn/path-3/module-3-4-low-volatility-factor-deep-dive) and 8 more

expense ratioalso TERAnnual fee charged by a mutual fund as a percentage of AUM. Deducted from NAV so you never see the charge directly.

Used in [2.1](/learn/path-2/module-2-1-why-rules-beat-gut-feeling), [4.4](/learn/path-4/module-4-4-performance-measurement) and 3 more

## F

F&OFutures and Options. Derivative contracts used for hedging or speculation. High risk instruments for retail users.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [1.3](/learn/path-1/module-1-3-indices-and-benchmarks) and 14 more

factor investingSystematic approach targeting specific characteristics (momentum, value, quality, low volatility, size) shown to generate excess returns historically.

Used in [1.2](/learn/path-1/module-1-2-understanding-stock-data), [1.3](/learn/path-1/module-1-3-indices-and-benchmarks) and 6 more

FIIForeign Institutional Investor. Overseas funds investing in Indian markets. Their daily net buying or selling is a market sentiment indicator.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [4.1](/learn/path-4/module-4-1-modern-portfolio-theory) and 8 more

free cash flowOperating cash flow minus capital expenditure. The cash available to pay debt, dividends, buybacks or reinvestment after the business has funded itself.

Used in [1.4](/learn/path-1/module-1-4-reading-financial-statements), [3.2](/learn/path-3/module-3-2-value-factor-deep-dive) and 1 more

free floatShares available for public trading, excluding promoter and strategic holdings. Used in index weighting.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [1.3](/learn/path-1/module-1-3-indices-and-benchmarks) and 1 more

## G

gammaSecond-order Greek. Rate of change of an option delta. High gamma means option sensitivity changes quickly as underlying moves.

GMPGrey Market Premium. Unofficial pre-listing premium quoted by traders before an IPO lists. Often misleads as a guide to listing day moves.

Used in [6.2](/learn/path-6/module-6-2-ipos-new-listings)

## H

high water markPeak value against which performance fees are calculated. Ensures fees are only charged on new gains, not recovery from losses.

hurdle rateMinimum return above which a performance fee is charged. Typically 10 percent for Indian PMS structures.

Used in [11.1](/learn/path-11/module-11-1-equity-taxation-after-july-2024-the-new-rules)

## I

IAInvestment Adviser. SEBI registration category for providing personalised investment advice. Stricter obligations than RA.

IIPIndex of Industrial Production. Monthly indicator of manufacturing, mining and electricity output. Released by MoSPI. RBI uses it in monetary policy decisions.

Used in [7.1](/learn/path-7/module-7-1-how-to-read-indian-economy-key-indicators), [7.8](/learn/path-7/module-7-8-macro-regime-investing)

index fundMutual fund that replicates an index. Low cost, no active management.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [3.8](/learn/path-3/module-3-8-factor-investing-india-evidence) and 6 more

IVImplied Volatility. Market expectation of future volatility priced into option contracts. Rises before major events.

Used in [9.3](/learn/path-9/module-9-3-capital-allocation-the-most-important-skill)

## L

large capCompanies ranked 1 to 100 by market cap in SEBI classification. Typically the most liquid and stable names.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [2.1](/learn/path-2/module-2-1-why-rules-beat-gut-feeling) and 4 more

lookahead biasMistake of using data in a backtest that would not have been available at the time of the decision. Common source of inflated backtest results.

low volatility factorCounterintuitive finding that lower-volatility stocks often outperform higher-volatility ones on risk-adjusted basis.

Used in [1.2](/learn/path-1/module-1-2-understanding-stock-data)

LTCGLong Term Capital Gains. Profit on equity held for more than 12 months. Taxed at 10 percent above ₹1,25,000 per year (FY25 onwards).

Used in [1.5](/learn/path-1/module-1-5-orders-costs-taxation), [4.3](/learn/path-4/module-4-3-rebalancing-strategies) and 10 more

lump sumInvesting the entire amount at once, opposite of SIP. Mathematically has higher expected return in rising markets but higher timing risk.

## M

mid capCompanies ranked 101 to 250 by market cap per SEBI. Growth exposure with moderate liquidity.

Used in [3.3](/learn/path-3/module-3-3-quality-factor-deep-dive), [3.5](/learn/path-3/module-3-5-size-factor-deep-dive) and 3 more

Midcap 150NSE index of the 150 stocks ranked 101 to 250 by free-float market cap. Classic definition of mid-cap universe in India.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [2.2](/learn/path-2/module-2-2-introduction-to-factors) and 6 more

momentum factorTendency of stocks that have performed well recently to continue performing well in the near future. A well-documented anomaly used in systematic strategies.

Used in [2.2](/learn/path-2/module-2-2-introduction-to-factors), [3.1](/learn/path-3/module-3-1-momentum-factor-deep-dive) and 7 more

## N

NAVNet Asset Value. The per-unit value of a mutual fund or portfolio. Calculated daily based on market prices.

Used in [4.4](/learn/path-4/module-4-4-performance-measurement), [6.3](/learn/path-6/module-6-3-mutual-funds-structure-types-costs) and 2 more

NFONew Fund Offer. Initial launch of a new mutual fund scheme.

Used in [10.6](/learn/path-10/module-10-6-scaling-when-your-strategy-meets-capacity)

Nifty 50Index of 50 large-cap Indian stocks representing about 65 percent of NSE free-float market cap. The most widely tracked Indian equity benchmark.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [1.3](/learn/path-1/module-1-3-indices-and-benchmarks) and 29 more

Nifty 500Broader index of 500 Indian stocks covering roughly 95 percent of free-float market cap. Includes large, mid, and small cap names.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [1.2](/learn/path-1/module-1-2-understanding-stock-data) and 38 more

NISMNational Institute of Securities Markets. SEBI-owned body that conducts certification exams for market professionals.

Used in [7.8](/learn/path-7/module-7-8-macro-regime-investing), [8.2](/learn/path-8/module-8-2-loss-aversion-and-prospect-theory) and 11 more

NPANon-Performing Asset. A loan where interest or principal has been overdue beyond 90 days. Gross NPA is before provisions; net NPA is after.

Used in [7.6](/learn/path-7/module-7-6-corporate-earnings-cycle-india), [7.7](/learn/path-7/module-7-7-credit-cycle-nbfc-sector) and 2 more

## O

OIOpen Interest. Total number of outstanding derivative contracts. Changes in OI reveal positioning and flow.

Used in [6.6](/learn/path-6/module-6-6-derivatives-futures-options)

## P

P/B ratioPrice-to-Book ratio. Stock price divided by book value per share. Used to identify value stocks.

Used in [3.2](/learn/path-3/module-3-2-value-factor-deep-dive)

P/E ratioPrice-to-Earnings ratio. Stock price divided by earnings per share. Lower is cheaper but context dependent.

Used in [1.2](/learn/path-1/module-1-2-understanding-stock-data)

PCRPut-Call Ratio. Ratio of put OI to call OI. Often used as a contrarian sentiment gauge.

Used in [6.6](/learn/path-6/module-6-6-derivatives-futures-options)

PMIPurchasing Managers Index. Survey-based diffusion index of business activity. Above 50 means expansion, below 50 means contraction. Earliest read on activity.

Used in [7.1](/learn/path-7/module-7-1-how-to-read-indian-economy-key-indicators), [7.8](/learn/path-7/module-7-8-macro-regime-investing)

PMSPortfolio Management Service. SEBI regulated. Minimum ticket ₹50,00,000. Higher fees but more customisation than mutual funds.

Used in [3.8](/learn/path-3/module-3-8-factor-investing-india-evidence), [4.4](/learn/path-4/module-4-4-performance-measurement) and 3 more

## Q

quality factorTendency of stocks with strong fundamentals (high ROE, low debt, stable earnings) to outperform risk-adjusted.

Used in [1.4](/learn/path-1/module-1-4-reading-financial-statements), [2.2](/learn/path-2/module-2-2-introduction-to-factors) and 10 more

## R

RAResearch Analyst. SEBI registration category for providing investment research.

Used in [11.4](/learn/path-11/module-11-4-sebi-regulatory-framework-what-every-investor-must-know)

rebalancingPeriodic reset of portfolio holdings back to target weights or a new selection. Monthly, fortnightly, or weekly in most systematic strategies.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [1.3](/learn/path-1/module-1-3-indices-and-benchmarks) and 23 more

ROCEReturn on Capital Employed. Operating profit divided by total capital employed. Measures efficiency of all capital including debt.

Used in [1.4](/learn/path-1/module-1-4-reading-financial-statements), [3.3](/learn/path-3/module-3-3-quality-factor-deep-dive) and 1 more

ROEReturn on Equity. Net income divided by shareholder equity. Measures profitability per rupee of owner capital.

Used in [1.4](/learn/path-1/module-1-4-reading-financial-statements), [2.2](/learn/path-2/module-2-2-introduction-to-factors) and 8 more

ROICReturn on Invested Capital. Net operating profit after tax divided by total invested capital (debt plus equity). Sustained ROIC above WACC is the strongest quantitative signal of an economic moat.

Used in [9.1](/learn/path-9/module-9-1-competitive-moats-understanding-durable-advantage), [9.2](/learn/path-9/module-9-2-revenue-quality-and-earnings-quality) and 5 more

## S

SEBISecurities and Exchange Board of India. The regulator overseeing capital markets.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [1.2](/learn/path-1/module-1-2-understanding-stock-data) and 53 more

SharpeSee Sharpe ratio. Excess return per unit of total volatility.

Used in [2.2](/learn/path-2/module-2-2-introduction-to-factors), [2.3](/learn/path-2/module-2-3-risk-metrics-that-matter) and 12 more

Sharpe ratioalso SharpeRisk-adjusted return. Excess return per unit of volatility. Higher is better. A Sharpe above 1.0 is considered good for equity strategies, above 1.5 is strong.

Used in [2.3](/learn/path-2/module-2-3-risk-metrics-that-matter), [2.5](/learn/path-2/module-2-5-building-your-first-strategy) and 9 more

SIPSystematic Investment Plan. Investing a fixed amount at regular intervals. Reduces timing risk through rupee cost averaging.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [2.1](/learn/path-2/module-2-1-why-rules-beat-gut-feeling) and 8 more

slippageDifference between expected trade price and actual execution price. Real-world trading always has some slippage.

Used in [1.5](/learn/path-1/module-1-5-orders-costs-taxation), [2.4](/learn/path-2/module-2-4-how-backtesting-works) and 9 more

small capCompanies ranked 251 and below by market cap per SEBI. Higher growth potential, higher volatility, lower liquidity.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [2.5](/learn/path-2/module-2-5-building-your-first-strategy) and 7 more

Smallcap 250NSE index of stocks ranked 251 to 500 by market cap. Higher volatility and higher long-term return than large cap historically.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [2.3](/learn/path-2/module-2-3-risk-metrics-that-matter) and 4 more

SortinoSee Sortino ratio. Excess return per unit of downside volatility only.

Used in [2.3](/learn/path-2/module-2-3-risk-metrics-that-matter), [2.4](/learn/path-2/module-2-4-how-backtesting-works)

Sortino ratioalso SortinoLike Sharpe but only penalises downside volatility. Better measure because investors care about losses, not upside swings.

Used in [2.3](/learn/path-2/module-2-3-risk-metrics-that-matter)

standard deviationStatistical measure of dispersion. In finance, the standard deviation of returns is the canonical measure of volatility.

Used in [2.2](/learn/path-2/module-2-2-introduction-to-factors), [2.3](/learn/path-2/module-2-3-risk-metrics-that-matter) and 7 more

stationarityProperty of a time series whose mean, variance and autocorrelation structure remain constant over time. Most time series models require stationary inputs.

Used in [5.1](/learn/path-5/module-5-1-statistical-foundations), [5.2](/learn/path-5/module-5-2-time-series-analysis) and 1 more

STCGShort-term capital gains. Listed equity held under 12 months. Taxed at 20 percent flat post July 2024.

Used in [1.5](/learn/path-1/module-1-5-orders-costs-taxation), [4.3](/learn/path-4/module-4-3-rebalancing-strategies) and 7 more

straddleBuying both a call and put at the same strike. Profits if the underlying moves significantly in either direction.

STTSecurities Transaction Tax. Levied on equity and equity-derivative trades on Indian exchanges. Cannot be set off against other taxes.

Used in [1.5](/learn/path-1/module-1-5-orders-costs-taxation), [2.4](/learn/path-2/module-2-4-how-backtesting-works) and 11 more

survivorship biasOnly testing on stocks that still exist today, ignoring delisted companies. Inflates apparent returns of backtests.

Used in [2.4](/learn/path-2/module-2-4-how-backtesting-works), [5.4](/learn/path-5/module-5-4-alternative-data-india) and 1 more

systematic investingApproach where selection, weighting, rebalancing, and exit rules are defined upfront and followed mechanically. Removes emotional and cognitive bias from execution.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [1.2](/learn/path-1/module-1-2-understanding-stock-data) and 16 more

## T

T+1Settlement cycle in Indian equity markets. Trades settle one trading day after execution. India moved to T+1 in January 2023, the fastest among major global markets.

Used in [1.1](/learn/path-1/module-1-1-how-indian-stock-markets-work), [10.1](/learn/path-10/module-10-1-how-orders-actually-work-market-microstructure-india) and 4 more

TERTotal Expense Ratio. Same as expense ratio. Includes management fee plus all operational costs.

Used in [6.3](/learn/path-6/module-6-3-mutual-funds-structure-types-costs), [6.4](/learn/path-6/module-6-4-etfs-how-they-work) and 2 more

thetaTime decay. How much an option loses value each day, assuming no price change. Always negative for option buyers.

tracking errorDifference between a portfolio return and its benchmark return. Lower tracking error means tighter index replication for ETFs and index funds.

Used in [2.5](/learn/path-2/module-2-5-building-your-first-strategy), [4.4](/learn/path-4/module-4-4-performance-measurement) and 3 more

transaction costAll costs of trading including brokerage, STT, exchange charges, GST, and slippage. Typically 0.3 to 0.5 percent round trip in Indian equity.

Used in [5.4](/learn/path-5/module-5-4-alternative-data-india)

turnoverPercentage of portfolio that changes in a rebalance. 30 percent turnover means 30 percent of holdings were sold and replaced with new names.

Used in [1.3](/learn/path-1/module-1-3-indices-and-benchmarks), [1.5](/learn/path-1/module-1-5-orders-costs-taxation) and 14 more

## V

value factorTendency of stocks with low price-to-earnings or price-to-book ratios to outperform over long horizons.

Used in [1.4](/learn/path-1/module-1-4-reading-financial-statements), [2.2](/learn/path-2/module-2-2-introduction-to-factors) and 3 more

vegaSensitivity of option price to volatility. High vega means option value swings with IV changes.

VIXIndia VIX. Volatility index calculated from Nifty option prices. Reflects 30-day expected volatility of Nifty 50.

Used in [3.1](/learn/path-3/module-3-1-momentum-factor-deep-dive)

volatilityHow much returns fluctuate. Standard deviation of returns. High volatility means larger swings both up and down.

Used in [1.2](/learn/path-1/module-1-2-understanding-stock-data), [1.3](/learn/path-1/module-1-3-indices-and-benchmarks) and 27 more

## W

WACCWeighted Average Cost of Capital. Blended cost of debt and equity used as the hurdle rate for evaluating returns on invested capital.

Used in [9.1](/learn/path-9/module-9-1-competitive-moats-understanding-durable-advantage), [9.3](/learn/path-9/module-9-3-capital-allocation-the-most-important-skill)

QQuestions

## The terms people ask about most.

What is CAGR?Compound Annual Growth Rate. The yearly rate at which an investment would have grown if it compounded at a constant rate. A ₹1L investment becoming ₹2L over 5 years is roughly 14.9 percent CAGR. CAGR in the glossary

What is a drawdown?The peak-to-trough decline during a specific period. If a portfolio falls from ₹10L to ₹8L, the drawdown is 20 percent. Maximum drawdown measures the worst such drop in the backtest period. drawdown in the glossary

What is the Sharpe ratio?Risk-adjusted return. Excess return per unit of volatility. Higher is better. A Sharpe above 1.0 is considered good for equity strategies, above 1.5 is strong. Sharpe ratio in the glossary

What is rebalancing?Periodic reset of portfolio holdings back to target weights or a new selection. Monthly, fortnightly, or weekly in most systematic strategies. rebalancing in the glossary

What is LTCG?Long Term Capital Gains. Profit on equity held for more than 12 months. Taxed at 10 percent above ₹1,25,000 per year (FY25 onwards). LTCG in the glossary

[The course11 paths, 70 modulesFree, with a certificate per path](/learn/)[Calculators25 calculatorsSIP, XIRR, retirement, tax, fee drag and more](/learn/tools)[Apply it18 index algosModel, back tested, in your own demat](/strategies/)
Education only, not investment advice. RupeeCase is a technology platform operated by QC Alpha Technologies Pvt Ltd; it is not a fund, a PMS or a SEBI registered investment adviser. Model returns are back tested and not a promise of future returns. Figures carry the date they were checked.

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