Priority January March 2014

Issue 48 • January-March 2014

pages

Wanderer Rio de janeiro: CARNIVAL CAPITAL OF THE WORLD

celebspeak

25 YEARS OF STRINGS

A MaXposure Media Group Publication

Axis Bank

Axis House, 3rd Floor, C-2, Wadia International Centre, P. B. Marg, Worli, Mumbai - 400 025, India Tel: +91 022 24256317 | www.axisbank.com tanu.kaushik@axisbank.com

Dear Reader, Hope you had a great start to the year! We have recently launched the Premium Privileges programme for Priority customers. As part of the programme, we will bring to you lifestyle privileges with a new theme every month. That's not all, you also get 15 per cent or more discount on over 1,000 restaurants across India when you pay using your Priority Platinum Debit Card. Visit axisbank.com/prioritybanking for more details on the programme.

Rio de Janeiro in Brazil is all set to host its annual carnival in February-March, as well as the Football World Cup later this year. Through our Wanderer Pages, we take you on a trip to the carnival capital of the world. In the trends section, we explore the increasing number of health cafes in the cities for diet-conscious who like to eat out but are aware of the calories they consume at the same time. The fashionable Indian not only likes to dine out in style but also dress up. Our Fashionista pages will take you through designer shoes for the season. In the Celebspeak section we feature the Pakistani pop rock band Strings, who will talk about their commendable 25 years in the music industry. Storytelling is a popular performing art form of India, and we take you through the various styles of storytelling in the Culture section.

Hope we get the same love and appreciation as we did in the last issue. Please write to us and share you valuable opinions about the magazine and we would be more than happy to implement them. Please send us your feedback at tanu.kaushik@axisbank.com

Chief Editor Tanu Kaushik Published by:

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Jan-Mar 2014 | 1  

Contents 2 | axisbank.com

Issue 48 • Jan-Mar 2014

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New equity tax saving scheme for first-time retail investors powered by Itsallaboutmoney.com

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04 | 10 |

20

celebspeak

In conversation with the pop rock band Strings

wanderer

Rio de Janeiro, carnival capital of the world

24 hi-tech

16 |

Carry yout portable speakers wherever you go

20 |

Increasing health cafes for the diet-conscious

24 |

Storytelling, a popular performing art form of India

30 | 34 |

30

trend

culture

wellness

34

Chant your way into eternal bliss

fashionista

Don designer shoes this season

Jan-Mar 2014 | 3  

celebspeak

4 | axisbank.com

years 25 of strings It is the first Pakistani pop rock band to have such a huge fan following in India. Their music grows on you and their live concerts are rocking. In conversation with the rock stars whose music and good looks we drool over words Manisha Almadi Midha

S

trings have everything going for them. Their music albums have been huge successes in India and the audiences feel an instant connect with them when they perform on stage.

The rock star duo is about to complete 25 years in music this year and are planning to rock the world all over again.

Bilal Maqsood and Faisal Kapadia, the band members of Strings, are currently in Pakistan and we manage an informal chat with them.

Strings is one of the first pop rock bands of Pakistan, formed by four young college boys in 1988.

We (Bilal and Faisal) were in the same college when we formed the band Strings with two others – Rafiq Wazir Ali and Kareem Bashir Bhoy in 1988. There were a lot of underground bands in Pakistan at that time, but very few mainstream bands – Vital Signs and Jupiter being the others.

The musicians of these bands had started as solo singers and later went on to form their own bands in 1988. We were the second

or the third mainstream band of Pakistan to release a song on national television.

What led you to disband in 1992 and make a comeback with two band members in 2000?

We took a break from music not because of creative differences between us but to complete our education. We started the band as a hobby but realised it was becoming more than a hobby – we had released two albums and had toured UAE within a short span. We were required to take 10 days off from college and that is when we realised it would not be possible to continue like this. Either we had to quit college or bid goodbye to music. Quitting studies was out of question because we wanted to finish college. So we decided that December 31, 1992 would be our last show we would take a break and then come back after finishing our studies.

You ushered a revival in the music industry of Pakistan...

When we started, band culture was Jan-Mar 2014 | 5

Personal diary How is a day in the life of Bilal and Faisal?

Bilal spends his morning practicing guitar, making new tunes and singing new melodies. He loves to paint.

Faisal practices music in the day. We love to spend time with our families.

Do you miss not being around so much for your family while you tour the world for concerts?

Our life is the same as any other married guys. In fact, we feel we are able to spend time with our family and kids because we do not have a nine-to-five job, and when we are not travelling, we are home with our loved ones.

Do your kids have the music streak in them?

Our kids have an inkling towards music because they are growing up in an environment surrounded by music. However, it is too early to see this streak changing into a passion, a hobby or a profession.

What are your interests?

We love travelling and watching movies.

What gives you a high – music or your female fans?

Both music and female fans give us a high because we enjoy both.

We are, at present, doing the soundtracks and eight songs for a Pakistani film, Moor, which will soon release completely new so all the bands were working hard to create an industry. There was no particular genre, everybody was trying whatever they felt and believed in.

We did not have any support from TV or radio so the only way to promote our music was by doing live concerts and by playing the songs from our albums. When we look back, those were the rock ‘n’ roll times.

People used to look forward to new albums and go to concerts to listen to music of their favourite bands.

We have been very fortunate to have been a part of the Pakistani pop music industry. It is a great feeling to know that we have been there for close to 25 years and have seen so many different phases in the music industry. We have been able to represent Pakistan all over the world and have met great musicians.

Who is the composer and who is the vocalist?

Bilal composes the songs. He sings and plays the guitar and I give the main vocals for the songs. We have a live band which

has four musicians – Aahat is on drums, Adeel on lead guitar, Haidar on keyboard and Khalid on bass guitar.

How many music albums have you released so far?

We released our first album, Strings, in 1990 and the second one, Strings 2, in 1992 from which the song Sar Ki Yeh Pahar gave us a lot of recognition and exposure across South Asia. Post a seven year gap, we came back with a completely revamped look with our album, Duur.

We released Dhaani in 2003 and Koi Aanay Wala Hai in 2008.

The lyrics of your songs are your USP. Bilal’s father Anwan Maqsood sa‘ab has been writing our songs since 2000 when we released Duur. When we were working on it, we realised the need to have impactful lyrics. We are mature musicians but we felt our lyrics lacked maturity. It is very important for a song to have strong lyrics and a strong melody to connect with the Jan-Mar 2014 | 7

celebspeak

We will release an album celebrating our silver jubilee as a band and would like to perform all over the world

audience. Maqsood sa‘ab knows us well and the most important part for a writer when he writes lyrics for a singer or a band is to use the vocabulary which comes out naturally.

When we use his words, they come out naturally. He never uses any word for which we probably have to think a couple of times before saying it and that is very helpful.

Maqsood sa‘ab is an amazing poet and we believe his contribution is important to our music as one thing our fans like about our music is our lyrics.

You have performed across the world. Do live concerts give you a high?

We love live concerts because the connection with the fans is magical. We have performed in a lot of countries where Indians and Pakistanis are based, and, of course, in India and Pakistan. We get a high when we see the audience singing our songs out loud along with us. It is any musician’s dream come true.

What led you to do playback singing for Bollywood movies?

We got an opportunity to do playback

8 | axisbank.com

singing for Bollywood movies like Zinda and Shootout at Lokhandwala and we have recently done a song Chaaron Taraf for the film John Day. Apart from that we did the soundtrack Najane Kyun for SpiderMan 2 in 2004.

It is always interesting to sing for a film because the process is different. It is more challenging as you create a song for a particular project where the theme of the song is defined whereas an album can be taken in any direction depending on what you feel and believe in.

Would you like to act in movies?

Perhaps if we get an interesting movie around music because that is what we can relate to.

Have you thought about doing television?

We have done some TV commercials in Pakistan and have judged a talent show Azm-e-Alishan. However, TV has always remained a medium for us to promote our songs, videos and, of course, give interviews. I remember our first TV

interview was for a youth music festival in February 1989.

How have you not let yourself get distracted by drugs, alcohol and female fans that are part of a rock star’s life?

That is a rock star’s life as we all see and perceive but we have managed to keep ourselves away from these distractions because we are balanced and happily married. We do music because we love it.

Who are your music icons?

We have been inspired by many singers, composers, musicians, writers and actors.

But as a band, we have followed U2 because we have grown up on them. They started in early 1970s and are still going strong. U2 is a great example of a band – their music is amazing and we love the way they express themselves. Some of the other bands we look up to are Coldplay and Bon Jovi.

What are your plans for the future?

We are, at present, doing the soundtracks and eight songs for a Pakistani film, Moor, which will soon release. We have worked with the film’s director Jami on several videos and this is the first time we are doing an audio project for a film.

We complete 25 years in 2014 so we have to plan a lot of things as it is a huge milestone for us. We will release an album celebrating our silver jubilee as a band and would like to perform all over the world.

Lastly, has music been instrumental in bridging the Indo-Pak relations?

There has been a considerable improvement in Indo-Pak relations over the years. When we first came to perform in India, we could sense the distance. People were not aware of Pakistani bands. But the last few years have seen a lot of cultural exchange between the two countries including musicians crossing borders to perform and other kinds of interactions like cricket matches taking place. We believe a lot still needs to be done to improve the relations and it will happen eventually. After all, we have had a history which we cannot deny and forget.

Jan-Mar 2014 | 9

wanderer

C

arnival apital of the world

Rio de Janeiro is famous globally for its festival but there is more to this second largest city in Brazil. We take you on a trip to one of the most visited destinations in Southern Hemisphere

B

reathtaking landscapes, laidback beach culture, dramatic views from Christ the Redeemer atop Corcovado Mountain and the worldfamous annual carnival...

There’s much more to experience in Rio de Janeiro, the most famous and most beautiful Brazilian city, than this. No wonder that the city, discovered in January (Janeiro in Portuguese) 1502

by Portuguese navigators who mistook the entrance of Guanabara Bay for the mouth of a river (Rio in Portuguese), receives more visitors every year than any other tourist destination in the Southern Hemisphere.

Nestled between a magnificent bay and dazzling beaches on one side and an abruptly rising mountain range covered by a luxuriant tropical forest on the other, Rio de Janeiro is a city of stunning architecture, abundant museums and mouthwatering delicacies. It is also home to 23 beaches, an almost continuous 72 km ribbon of sand.

Catete and Glória Though a little rundown, the historic and residential Catete and Glória are well worth a visit. The Palácio do Catete, the presidential palace until the government moved to Brasília, warrants, at least, two hours from 10 | axisbank.com

your schedule. Not to be missed is Igreja DeNossa Senhora Da Gloria Do Outeiro or the Church of Our Lady of the Glory of the Knoll that is visible from almost everywhere in the city. The baroque church, which was not built until 1739, is notable for its octagonal floor plan, large dome, ornamental stonework, and vivid tile work. A small museum here contains baroque art. You could also visit the Monument to the Brazilian Dead, a combination of a museum and a monument that houses military uniforms, medals, stamps and documents belonging to the soldiers with two soaring columns flanking the tomb of unk nown soldiers.

Centro Experience much of the city’s rich history by visiting churches, government buildings and villas. What locals generally refer to as Centro is actually several sprawling districts containing the city’s oldest neighbourhoods, churches and most enchanting cafes. A must visit destination is Biblioteca Nacional or the National Library that was built between 1905 and 1908 and contains more than 13 million books including two 15th century printed Bibles, manuscripts of New Testaments from the 11th and 12th centuries. Some of the original archives were brought to the library

by King Joao VI in 1808. Also seen are

Christ the Redeemer, Rio de Janeiro, Brazil Jan-Mar 2014 | 11

wanderer

rio carnival • T he Rio de Janeiro Carnival is held every year and considered to be the biggest carnival in the world with two million people per day on the streets.

• T he roots of Carnival trace back to the ancient Romans and Greeks who celebrated the rites of spring. Across Europe, including France, Spain and Portugal, people annually gave thanks by throwing parties, wearing masks and dancing in the streets.

The Portuguese first brought the concept of “celebration or carnival” to Rio around 1850. The practice of holding balls and masquerade parties was imported by the city’s bourgeoisie from Paris. Over time, they acquired unique elements deriving from African and Amerindian cultures.

• B y the end of the 18th century, the festivities were enriched by competitions. People would not just dress up in costumes but also perform a parade accompanied by instruments.

• T his year, the carnival starts on February 28 and ends March 4. Not to be missed is the highlight of Rio’s Carnival, the Samba Parade.

12 | axisbank.com

Rio de Janeiro is nestled between a bay and beaches on one side and a mountain range on the other first-edition Mozart scores as well as scores

by Carlos Gomes who adapted the José de Alencar novel about Brazil’s Indians, O Guarani, into an opera of the same name.

A glimpse of the Monastery of St Benedict’s main altar can fill you with awe.

Layer upon layer of curvaceous woodcarvings coated in gold lend the space an opulent air while spiral columns whirl upward to capitals topped by the chubbiest of cherubs and angels that appear lost in divine thought. Although the Benedictine monks arrived in 1586, work did not begin on this church and monastery until 1617. It was completed in 1641 but the artisans that included Mestre Valentim (who designed the silver chandeliers) continued to add details almost to the 19th century. Palacio

Tiradentes or the Tiradentes Palace contains a permanent exhibit describing its history as the seat of the Brazilian parliament before Brasília was built in the late 1950s. Getúlio Vargas, Brazilian president for 20 years, used the palace in the 1940s as a nucleus for disseminating propaganda.

Copacabana Rio’s most famous tourist neighbourhood is Copacabana, thanks to its fabulous beach and grande-dame hotels such as the Copacabana Palace. The main thoroughfare is Avenida Nossa Senhora de Copacabana, two blocks inland from the beach. The commercial street is filled with shops, restaurants and sidewalks crowded with

Clockwise from left: Catete and Glória; Copacabana Palace and Biblioteca Nacional, Centro

colourful characters. It is no secret to thieves that tourists congregate here, so keep your eyes peeled for shady types when walking around after dark. The best place to visit is the Copacabana Fort built in 1914 as part of Rio’s first line of defence and many original features such as the thick brick fortification and old Krupp cannons. The fort is impressive in itself and the entrance archway perfectly frames a postcard view of Sugar Loaf. The onsite military-history museum is worth a stop.

Flamengo and Botafogo These largely residential neighbourhoods connect the southern beach districts and Centro via a series of highways that intersect here. It is easy to reach these neighbourhoods by metro. Apartment buildings dominate but Rio Sul – one of the city’s most popular shopping centres is here as are some of the city’s best museums and public spaces.

One of the most unique places to visit is the Oi Futuro (Hi, Future), the high-tech telecommunications museum that delivers Jan-Mar 2014 | 13

wanderer

Clockwise from left: Oi Futoro museum, Flamengo and Botafogo; Copacabana Fort; Barra da Tijuca and Lapa

a unique multimedia adventure – lots of monitors, blinking lights and media artefacts to each visitor. After you have been oriented in the use of the MP3 headsets, a light-and mirror-filled airlock-like room awaits. The sights in this tiny exhibit space mesmerise you. The other floors of the Oi Futuro building house cultural spaces devoted to theatre performances, film screenings and art exhibits. Another destination one should not miss is the Indian Museum that pays homage to Brazil’s many indigenous tribes. Entrance to the first floor is free but you need to pay an admission fee to visit the second which contains the main exhibition. Stop at the gift shop to browse native handicrafts and purchase your tickets before heading up the stairs to the main exhibition.

The Lush Inland In the western part of the city north of Leblon, trees and hills dominate the landscape in the neighbourhoods of Jardim Botanico, Lagoa, Cosme Velho, and Tijuca. In addition to their parks and gardens, these primarily residential neighbourhoods have marvellous 14 | axisbank.com

Rio’s most famous tourist neighbourhood is Copacabana, thanks to its fabulous beach and grande-dame hotels museums, seductive architecture, and tantalising restaurants. The architecture is a blend of modern condominiums and colonial houses. These neighbourhoods have some of the hippest nightclubs in Rio. You cannot say you have seen Rio until you have taken in the view from Corcovado and then strolled through its forested areas or beside its inland Lagoa (Lagoon) Rodrigo de Freitas — hanging out just like a true carioca.

Rio’s planetarium is a great escape if your vacation gets rained on or if you are passionate about astronomy. The adjoining interactive Museum of the Universe illustrates the history of space exploration and travel in a futuristic exhibition area. The planetarium has two projection domes: A 23m diameter Carl Zeiss Universarium VIII as well as a 12.5m diameter Galileu Galilei

Spacemaster. The larger dome, projecting around 9,000 stars, is among the most modern in Latin America. You could also get to the tropical Tijuca Forest, also known as the Parque Nacional da Tijuca. Once part of a Brazilian nobleman’s estate, it is studded with exotic trees and thick jungle vines and has several waterfalls, including the delightful Cascatinha de Taunay (Taunay Waterfall).

About 180 meters (200 yards) beyond the waterfall is the small pink-and-purple Capela Mayrink (Mayrink Chapel), with painted panels by the 20th-century Brazilian artist Cândido Portinari.

Santa Teresa and Lapa With its cobblestone streets and bohemian atmosphere, Santa Teresa is a delightfully eccentric city. Gabled Victorian mansions

sit beside alpine-style chalets as well as more prosaic dwellings. Cafés, galleries and antiques shops have made their way between the colourful homes, many of which house artists and their studios. Downhill from Santa Teresa, Lapa has some of the oldest buildings in the city and is home to the imposing Arcos da Lapa (Lapa Aqueduct) and the colourful Escadaria Selarón also called the Lapa Steps as well as the city’s oldest street, the café-paved Rua do Lavradio. By night, Lapa is transformed into the party heart of Rio, with countless bars and clubs and a notoriously wild weekend street party.

Sao Conrado and Barra da Tijuca Sao Conrado’s main attractions are the beach which serves as a landing point for hang gliders and para-gliders and the chic Fashion Mall. Barra da Tijuca, often likened to Miami because of its wide avenues, towering condos, and sprawling malls, offers ample high-end dining opportunities as well as a white sand beach that stretches for a staggering nine miles.

Jan-Mar 2014 | 15

hi-tech

Carry your

mu ic

wherever you go

JBL Charge

HMDX Jam Plus It not just looks cute but also delivers the right ‘noise’ that we crave for while rolling up the sleeves for a party. The best thing about this bluetooth speaker is that it can be paired with another Jam Plus speaker and you can play it in the right-left format. The sound is joyful at lower levels, however, at high levels, it kind of distorts. Also, it is not that easy to connect. You will have to go through the manual more than once to understand how the HDMX Jam Plus works. Once you pair it, operating this product is a cakewalk. The playback time, powered by a rechargeable lithium-ion battery of six hours, is a boon. It can play music from up to 30 feet which is quite a lot if you are staying in a tworoom set or partying in a hotel suite.

Price: `4,000

16 | axisbank.com

It is three in the morning in Goa and all the shacks are closed. There is no music around but your gang of friends still want to dance to Yo Yo Honey Singh’s Blue Eyes...what do you do? Play a song on your mobile else just carry something like this macho bluetooth speaker that comes with a built-in amplifier of 5W+5W, is loud enough to wake-up the neighbours. JBL Charge delivers 12 hours of continuous playback. The charge also doubles up as a USB charger. It can stream music from any bluetooth-equipped smartphone or tablet and fits perfectly in your backpack.

Price: `10,000

Bose SoundLink Mini

You don’t really need that many wires in your life even if it comes to speakers. Portable speakers give you uncompromising sound. Most of them are bluetooth-enabled and connect wirelessly. We bring you our list of top 10 words Sumantha

What Versace is to fashion, Bose is to music — exclusive, expensive and eloquent. This tiffin-box sized speaker weighs 680 gm, ensures seven hours of playback, can play audio media from 30 feet range and can be easily, connected to any bluetooth device. If you like bass, the Bose SoundLink Mini is for you. And it comes in a lot of colours so you would not really complain about the boring silver or gray colour combination. The material that is used to make the shell of these speakers ensure that they resist scratches and fingerprints and is sturdy enough for rough use.

Price: `16,200

Simmtronics XConnect BTS-Q1 It is so small that even the car-cup holder would feel like a Godzilla. It not only offers high-quality wireless music but also works like a handsfree speaker to make and receive calls so if you don’t want the traffic cop to penalise you for handling your phone while driving, this is the speaker that you should be investing in. The bluetooth enabled device can seamlessly stream music from a tablet, smartphone, mobile and PC from a distance of 10 m, and is suitable for those midnight calls that you and friends would like to make to the friend who missed his flight celebrating his birthday. The device with a petite 3W speaker does not deliver a high quality sound but once you are in mood for a party you would not really miss the notes that it misses.

Price: `3,000

Jan-Mar 2014 | 17

hi-tech

F&D M8

iBall UFO3

This elliptically designed bluetooth speaker that comes with an output of 1.2W power is extremely easy to use, rolls-out amazing bass and can operate from a distance of 10 m. It perfectly suits the office space and is easy to charge because it can be connected to your laptop or computer. It is compatible to BL-5C mobile battery and includes a Li-ion battery for long hour playbacks.

Price: `2,000

Do not go by the name of the product, it just is not as alien to your party needs as you would like to believe. The iBall UFO3 is just a stunner to look at and comes loaded with a number of features. The latest speaker from iBall comes with a mic, delivers high quality crystal clear sound with digital controls and enables handsfree conversation from bluetooth-enabled mobile phones, tablets, laptops or PC. Since it fits perfectly in your backpack, you can carry it on your treks or picnics. You can directly stream music through pendrives or micro SD card or connect it via bluetooth. Its built-in rechargeable battery ensures that you can enjoy music for up to four hours wirelessly.

It provides handsfree connectivity so you can make and receive calls through it. The iBall UFO3 has an AUX input which is compatible with other audio sources including mobile phones, tablets, iPod, MP3, MP4 so when you are in a mood to rock and roll, nothing should come in between.

Price: `2,500

Philips SBT30ORG With this dynamite-shaped bluetooth speaker, you can have a blast...a real one...sorry, the musical one. Its built in rechargeable battery not just makes sure that you can carry the music anywhere but also delivers eight hours of non-stop music playback. It has a built-in microphone for handsfree phone calls. The best thing is that the Philips SBT300RG comes with a clip (like the clip in a real dynamite) which can be used to attach the speaker in the loop of your denim or the strap of your backpack.

Price: `2,700 18 | axisbank.com  

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trend

Health

cafes

for the diet-conscious

Clockwise from above: Healthy fresh juices, Spiced oatmeal soufflé, Smoked salmon + silken tofu, Salmon tikka and Sushi

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A

More and more Indians are becoming healthconscious with fitness activities and diets being a part of their daily routine. However, this has not stopped them from eating out and treating their taste buds. This has led to the opening of health cafes in cities. We look at the food offerings at some of these cafes words Sanaea Patel

n increase in lifestyle ailments like diabetes, obesity and cardiovascular diseases, largely sedentary and stressful lifestyles and increased awareness regarding the impact of dietary habits on one’s health is leading Indians to eating out sensibly.

And with health-conscious customers who work-out and enjoy nutritious dining out, the trend of health cafes and restaurants serving healthy food has risen.

Gurpreet Singh Ghendu, brand chef, Punjab Grill, says, “North Indian food, especially at Punjab Grill has come a long way from its general conception of being spicy, oily and fatty. Rich in taste, texture and satisfying palates, the frying medium at Punjab Grill is mustard oil which is a heart-friendly oil as it is cholesterol and trans fat-free, is low in saturated fats and high in MUFA (Monounsaturated Fatty Acids). As ghee is celebrated for its taste, nutritional benefits, medicinal qualities, longevity and balances ageing, we use it in preparing butter chicken and dal makhani. Missi roti is made with atta and besan combined with soyabean and a small portion of bran.

Millets which score over refined flour are part of the bread basket. Most of the meats on our menu are cooked in copper cladded clay ovens which is probably why our patrons drool over the bhatti da murg and raan (leg of lamb). Harra bharra kebab is pan-grilled while tandoori broccoli and Lahori seekh are tandoor grilled.”

Sachin Joshi, executive chef, Vivanta

by Taj – Blue Diamond, Pune, adds, “With so many restaurants and so much of food being offered, it becomes rather difficult to decide as to what to eat and what not to.

Grills and barbecues are best if you want to avoid greasy food. However, be aware of the accompaniments. Butter sauce or mashed potatoes loaded with cream and butter are a big no no. BCC (butter, cream and cheese) Jan-Mar 2014 | 21

trend

Grills and barbecues are best if you want to avoid greasy food. However, be aware of the accompaniments.

Butter sauce or mashed potatoes loaded with cream and butter are a big no no should be avoided. At Grill@11, Vivanta

by Taj – Blue Diamond, Pune, we focus on fresh seafood and barbecue meats. I use lots of fresh herbs like rosemary, thyme, Thai basil, oregano and cilantro and steamed vegetables. The idea is to subtly lend flavour to food and enhance the overall experience.

Diners can simply sit back, catch up with friends and relatives while their fresh hot meal is cooked in front of them on natural lava rock stones. This uniquely presented food uses the dry method of cooking where no fats or oils are used. Lava rocks sear the food without burning or creating carbon fumes while cooking hence ensuring a clean and complete natural food flavour.”

Zambar, located in Delhi and Pune, offers cuisines from Karnataka, Kerala, Tamil Nadu and Andhra Pradesh and goes beyond the mere Udipi concept. Arun Kumar, brand head and brand chef, Zambar, opines, “We try to give diners the best experience

Left to right: Blueberry orange granola pancakes, Spicy smoked turkey taco and Croque madame reinvented

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possible but this does not mean we throw ‘health’ out of the window. Our ancestors were perhaps healthier than us. Zambar has gone back to our roots. Modern techniques in the kitchen allow us to recreate sensory perception with a full watch on what the body requires in present times. Frying and oil are great concerns, rightfully so. We are extremely conscious about this.” While the cuisine in certain dishes requires some frying, chefs at Zambar have perfected the technique of either flash frying (intake of oil into the food is minimal) or sautéing over a griddle (no oil) and you are not deprived of the taste. “We follow very strict procedures in procuring, sanitising and cooking vegetables. We do not procure frozen seafood even though it is cheaper.

We get our seafood as fresh as is possible within 24 hours from the source. And more than six months ago, alarmed by the serious concerns around the world about Basa, we stopped using it.”

Anurudh Khanna, executive chef, Westin Pune, says, “Superfoods are foods rich in antioxidants and phytonutrients, which reduce the risk of cancer and heart related diseases. SuperFoodsRx is a concept developed by Dr Steven Pratt. Westin has worked closely with him to incorporate it into its food philosophy specially over breakfast and is now being extended to meeting

Congee rice Serves 4 Ingredients •• 1/2 cup rice (not quick-cooking) •• 3-4 cups water or chicken/vegetable broth •• 2 pieces boneless skinless chicken breasts, cut to thin slices •• 1 tbsp garlic, minced •• 1 tbsp ginger, minced •• 1 tbsp oyster sauce •• 1 tbsp soy sauce •• 1 dash black pepper according to taste •• 6 pieces shiitake mushrooms, julienned

breaks as well. Some of our signature SuperFoods include blueberry banana smoothie, steel cut cinnamon scented oatmeal, spicy smoked turkey taco, egg white omelet, broccoli and cheddar and blueberry orange granola pancakes.”

Giving tips on healthy eating, Dr Darshana Sawale, spa manager, Westin Pune, opines, “Generally half of the capacity of the stomach should be filled with solids, one-fourth with liquids and the rest kept empty for free movements of body humors such as gas, stomach acid and mucus. Do not consume cold drinks just prior to or while eating also do not drink large quantities of liquid during meals. This weakens digestion.

Do not eat fruits immediately after meals as it causes the stomach to be bloated with air.

Eat fruits one to two hours after a meal or one hour before a meal.”

Health cafes/restaurants in India • Café Amaltas in Delhi focusses on serving gluten-free food. It is operational only on weekends and includes sattvik treats among its theme-based meals.

• Café Pishu’s in Mumbai offers 100-plus varieties of juices and fruity oats and has a customised menu as well.

• Cholayil Sanjeevanam in Chennai uses naturopathy and Ayurveda as the basis

of their culinary servings. They serve vegetarian food that does not use any refined products. The restaurant also does not refrigerate any cooked food, does not deep fry and does not use sugar. They use curd, buttermilk, desi ghee, and healthy plant-based sugar substitutes.

• Lumiere Organic Restaurant in Bengaluru offers authentic Kerala cuisine and aims at giving an organic experience to its diners. The restaurant with its organic bakery opens to a store selling organic ingredients and a small library full of books on organic farming practices.

• LM Signature Breakfast created by three-star Michelin chef, Jean-Georges Vongerichten served at Le Meridien, Pune offers six signature dishes and seven exclusive recipes includSing smoked salmon + silken tofu, spiced oatmeal soufflé, croque madame reinvented and spinach + herb buckwheat crepe along with signature eye opener fruit shots.

They also have a Japanese counter for breakfast serving congee rice, miso soup, chicken teriyaki, grilled fish, veg and non veg sushi.

• National Institute of Naturopathy’s diet centre located in Pune serves naturopathy based lunch and snacks.

Garnishing •• 2 tbsp scallions, chopped •• Sesame oil •• Black pepper or white pepper Method •• Combine all ingredients (except garnishes) in a medium saucepan, bring to boil over medium heat then turn down heat and let simmer until water has been absorbed.

•• Add more water/broth if necessary.

•• Sprinkle with black/ white pepper, a few drops of sesame oil and chopped scallions just before serving.

Jan-Mar 2014 | 23

culture

Tell a

tale

Storytelling is a popular performing art form of India. Each region has its own style where they narrate tales passionately amalgamating it with music, dance and drama words Rajany Pradhan

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e owe the revival of the traditional art form of storytelling to the efforts of few dedicated individuals.

Almost on the verge of disappearance, storytelling has been kept alive and is getting its due appreciation and acknowledgment due to these dedicated performers. Let us talk about such old storytelling styles and know about the roots of the tradition.

Pandwani Pandwani is a folk ballad form where one can mainly hear the stories of Pandavas from Mahabharata. A traditional 24 | axisbank.com  

storytelling form of Chhattisgarh, Pandwani is performed with a lot of energy and vivaciousness. It closely sketches the tales from the epic in the minds of the audience.

Traditionally a male forte, many women artistes have been promoting the art form and performing it on stage, the most famous being Teejan Bai. The artistes in the Pandwani narration consist of a lead artiste and a few supporting singers and musicians.

The lead artiste holds an ektara and then narrates, sings and enacts one scene after another from the epic in a larger-than-life way. Occasionally, he or she even starts dancing during the performance. There are two styles of narration in Pandwani — Vedamati and Kapalik. In Vedamati style, the lead artiste narrates in a simple

Ektara is the instrument used in the Pandwani style of storytelling

The traditional style of storytelling Jan-Mar 2014 | 25

culture

manner by sitting on the floor throughout the performance. The Kaplik style is livelier where the narrator enacts the scenes and characters by moving around on the stage.

Wari Liba Wari Liba is a centuries-old narrative form of storytelling from the region of Manipur.

The art form is extremely popular in the state due to the fact that the locals here have a fondness towards story and music. The performers sit on a weed mat covered with a white cloth known as Vyas Asan. Here the performer uses a pillow instead of musical instruments. While performing he beats the pillow when he builds a tempo or wants to draw the attention of the audience. There is immense use of voice modulation that makes the narrative exciting.

Today, this art form has become an integral part of festivals like Swasti Puja, Heijinpot (pre-marriage function),

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Pandwani is a folk ballad form where one can mainly hear the stories of Pandavas from Mahabharata.

It is a traditional storytelling form of Chhattisgarh Yum Shangaba (house-warming), death ceremony, Phiroi (death anniversary), Kalen Wari (summer season storytelling), Mera Wari (winter season storytelling), Kang Wari, Tarpan Wari, Janmashtami, Radhasthmi, etc.

However, this narrative art form is losing its sheen but is still an integral part of the life of locals of Manipur.

Alha Alha is a Lok Katha Gayan Parampara popularly recited in the region of Bundelkhand, Madhya Pradesh and those

Clockwise from above: Children’s storytelling session and the audience listens to the storyteller

Preserving the tradition There are growing concerns that the storytelling traditions are dying due to globalisation and urbanisation and, yes, TV soaps. Of course, this issue is not unique to India. Many countries and cultures have ancient performance storytelling traditions and are working to preserve them.

Teejan Bai performs the Pandwani folk ballad

There is an Indian Storytelling Network that organises conferences and camps across Indian cities and towns and helps storytellers network and learn from each other.

Another similar networking organisation is The Kahani Project — they aim to crowd-source audio stories and then distribute them to visually-impaired children in various institutes for the blind. All their stories are from volunteers.

who sing it are called Alhats. Dr Jugal Kishore Namdeo from Budelkhand who leads a group of Alhats says, “Alha is a Veer Ras Gatha which was written and popularised by Lok Kavi Jagnik in the 11th century. It is a story of the bravado of warrior brothers Alha and Udal who fight a war to avenge the murder of their father.

In Alha, seven to eight people perform together in which the lead singer stands in the middle holding a dholak. In earlier times, when there were no modern modes of entertainment, farmers would get together and sing Alha. It is said that the tales of war were narrated so powerfully then that the listeners felt like warriors and at times even started fighting.

Kathakalakshepa Kathakalakshepa is a Sanskrit term (where ‘katha’ means story, ‘kala’ is time and ‘kshepa’ means throwing away) which

signifies spending time for listening stories.

Kathakalakshepa is performed in temples, at weddings and other religious or social functions. This is a one-person show where the performer has to be versatile in the aspects of explanation, singing and histrionics, and be able to interestingly narrate humourous anecdotes as well. The storyteller is looked upon as a teacher who is a scholar of ancient texts in Sanskrit. He usually narrates the life of a saint or a story from an Indian epic like Ramayana and Mahabharata. Kathakalakshepa is unique because the story is carried through various songs and compositions in different Indian languages like Sanskrit, Tamil, Marathi, Telugu, Kannada and Hindi.

Jan-Mar 2014 | 27

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The healing power of

chanting Not only does it calm the mind, it has therapeutic effects on the body. More and more people are now taking to this form of meditation for a healthy mind and body. Chant your way to bliss words Aarti Kapur Singh

S

aint Augustine had once said, “When you sing, you pray twice.” Chanting or singing your prayers has been a vital part of worship in every religion worldwide and it is done to soothe the mind, awaken spiritual energy and to heal the body. For many the uncertainty of the strange words and their meaning can cause one to hesitate before opening wide and letting the sound vibrations escape the mouth. For others, it can be shyness to sing in the presence of other people.

The beauty of chanting is that there is not just one way or one rhythm but a broad spectrum of rhythmic patterns combining the sounds of the human voice with traditional instruments of a particular culture. The range of rhythms are as diverse as the chants of a Catholic mass to the tribal drums of the Native American Indians, the deep drone of Buddhist monks or the keening wail of women mourning the dead. “Chanting allows us to open our heart and speak to spirit in worship, in prayer or as a form of meditation,” says Suveena Sharma, an Art of Living instructor based in Birmingham.

Living in a stress-filled world many people are conditioned to seek release in mind altering substances or activities when

the simple act of chanting can calm the nervous system, relieving stress in the bodymind and replacing them with feelings of well-being and often, ‘pure bliss’.

As George Harrison has said of his lifelong bhakti practice, chanting is “a direct connection with God.” When our spiritual identity is awakened, we experience the unity of all life, which consequently awakens our hearts and opens our capacity for compassion, whereupon we may live out our material lives free of animosity, envy and pride.

According to a research done by Alfred Tomatis of the French Academy of Science and Medicine, chanting has a therapeutic effect on the individual by activating the body’s natural healing process. “It could also be recommended and prescribed as an aid for overcoming addictions such as smoking, drugs and alcohol,” says Tomatis. Another research conducted by Dr Alan Watkins of the Imperial College London, reveals that chanting slows the heart rate and lowers blood pressure. If you are listening to other people's chants, the adrenalin and cholesterol levels in the body begin to normalise.

“By balancing the nervous system, chanting regulates the chronic stress and tension that is the norm for many people in today’s hyper-stimulated lifestyle. And by Jan-Mar 2014 | 31

wellness

Rules for chanting

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••

To get the full benefit of chanting mantras, the correct posture or asana while sitting is very important. The lotus position is best for chanting mantras.

The veerasana and siddhasana or vajrasana is considered effective afterwards.

••

For chanting mantras, the right time is equally important and it is brahmamuhurta i.e.

4 am-5 am or the time before sunrise is considered superior. If this is not possible, then the time when you go to bed is appropriate. During evenings and night time, one should never chant mantras. Mantra chanting should be done at a fixed time daily.

••

Once you start chanting mantra again and again, don’t change the location. If you are chanting mantras in the morning, your face should be towards east and if you are chanting at night, face towards the north side.

••

For chanting mantras, use basil, rudraksha or sandalwood beads or grains and chant for 108 times. It has been shown to be effective.

While chanting mantras, one should not show the rosary bead to anyone.

Chanting could also be recommended and prescribed as an aid for overcoming addictions such as smoking and drugs balancing the endocrine system, chanting normalises hormone production which balances our moods and overall sense of well-being,” says Dr Ramesh Pednekar, a Pune-based Ayurvedic and holistic healing practitioner.

As yoga and other ancient practices have found acceptance and popularity in the West, chanting sacred Sanskrit hymns has spread right along with it. Whether you are chanting in an ashram, a class, a church, a temple or a mosque, or even in the confines of your own private space, you are affecting your body-mind by the sound vibrations that resonate throughout your body.

“According to one of the earliest sacred yoga texts, the Yajur-Veda, ‘Om’ represents all of our past, present and future and chanting this sacred sound brings calm and quiet to the mind allowing one to enter the deep silence that represents pure consciousness,” says Dr Vijaya Handa, an expert on spirituality.

Om or Aum is believed to be the primordial vibration from which the universe

came into being. Practitioners advise a procedure to be followed when you chant. To begin, sit comfortably on a chair or cushion with a straight back and hands resting on your thighs or knees. Close your eyes and listen to the rhythm of your breath. This allows you a moment to internalise your awareness and begin the act of listening while becoming sensitive to vibrations. The sound of Om has four syllables and is heard as Aum or when chanted it appears more like “Aauuummmm.”

The A is spoken as an “awe” sound; the U is drawn out into a long “oooo” and ends with the lips coming together in a prolonged hum of “mmmmm”. When you hold the final M, stay present and you will feel the vibration move up through the crown of your head. It is important to take a few seconds between each chant to sit in the silence that follows, thus connecting you to the pure intelligence that arises from the merging of sound into silence.

In time your Aum’s will lengthen as your breath capacity increases and the silences may grow longer as you find the silence

encourages deeper meditation. The sound itself will guide you but you must practice alone or with a group of people; daily or several times a day; for it is in the doing that we benefit fully from the experience.

“Chanting is a pleasure that transcends the senses, it takes us beyond the bounds of time and space which is why we don’t have to understand the mantra. So it soothes in a most profound way. As music can soothe a savage beast, so the spiritual sound of mantra soothes the restless mind,” says Yogacharya Prakash Bhat who runs a meditation centre in Rishikesh.

Our thoughts reflect and affect our mood, our attitude and our general tenor.

Our thoughts are silent sounds. And sounds are electromagnetic vibrations. The more refined our thoughts, the more elevated our vibration; the more elevated our vibration, the closer we get to the highest vibration of all – our own divine nature. The entire universe was built on sound which is nothing but vibration. By vibrating a certain combination of sounds, we are able to tune into various levels of intelligence, or consciousness.

“Chanting, especially mantras, is a conscious method of controlling our moods and in turn, our frequency and resultant all-around radiance. This can be compared to changing the channel on the television,” says Dr Handa.

As yoga and other spiritual traditions gain popularity in the West, more and more people are beginning to explore scientific rationale behind wellness traditions. So what is the science behind chanting being such a hit? “It is all about the hypothalamus.

The control tower of the brain, it regulates communication between the nervous system and the endocrine system, taking in information from the entire body, before transmitting outward again, via chemical messengers or hormones. These couriers, serotonin and dopamine, are known as the “happiness hormones,” due to the impact they have on our moods,” says Dr Joginder Chaddha, a Chandigarh-based neurologist.

The hypothalamus controls many bodily functions we tend to think of as automatic, like temperature, metabolism and nervous system, as well as pituitary secretion, affecting everything from mood to appetite to sleep. It is perhaps the single most important link in the mind-body connection.

What meditation manuals will not tell you is that it is the breath that turns the key to this super-circuit, this central hub, this brain of brains. “Breath helps to adjust all the rhythms of our body – not only the familiar circadian rhythms but the lesser-known ultradian rhythms which monitor the smallerscale energy cycles that occur throughout the day. Because our nervous systems are often overtaxed, these rhythms are thrown out of balance. But through the technology of sound, we begin repairs. And when breath is set to sound, it is a euphoria-inducing combination,” says Dr Pednekar. The positive effects on the parasympathetic nervous system, that part of the nervous system that tells us everything is alright, are multiplied and the healing response is triggered and it all translates into healing and stronger immunity for the body.

Research has shown that by combining sound, breath and rhythm, mantra meditation channels the flow of energy through the mind-body circuit, adjusting the chemical composition of our internal states and regulating brainhemisphere imbalances, contributing to a natural abatement of fear and despair, emotions that underlie both of these common afflictions.

Hollywood diva Demi Moore took to chanting to get over the gloom of her divorce. Madonna does it to look youthful.

Closer home, actor Kareena Kapoor Khan does it to be healthy and former cricketer Sachin Tendulkar does it for focus and concentration. Celebrities across the world have taken to this form of meditation. Chant your way to bliss.

Jan-Mar 2014 | 33

fashionista

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Designer shoe-tales

Shoes maketh an outfit and designer Roland Mouret sums it up by saying, ‘Shoes are like trophies’. From Cinderella to Carrie Bradshaw, footwear has played a pivotal role in our lives. 'Happy feet' designers tell us more words Shruti Tomar

W

e display our favourite pairs of shoes like works of art. We buy creams, polishes, buffers, brushes, soft-lined bags, silica gels and whathaveyous to keep them pampered. It is no surprise then that designers across the board are creating their own footwear lines to celebrate the unending love affair we have with our shoes.

While some of us have one for every miniscule occasion, the rest of us believe in more versatile pairs. That being said, there is a pair out there to feed all types of outlandish whims and myriad fancies.

Designers like Manish Arora and Ritu Kumar added shoe collections to their creative storyboards to cater to the increasing obsession the market is displaying for ‘a shoe for every do’. Several other designers too have jumped on the bandwagon and branched out to create footwear making it as mainstream a product as apparel.

Payal Kothari is a shoe sculptor and the force behind the brand Veruschka whose creations have graced the feet of Kajol and Tanisha, Maria Goretti, Zoa Morani, Nina Manuel and the elegant Hema Malini to name just a few. She predicts that the trends to watch out for the coming season will range from artsy and ethnic to botanical, metallic, fringe details, garage, mules and sport glads. “The mood is more ethnic this season with international designers also visiting Indian roots to get their inspirations.

Tribal and ethnic styles are trending in a big way. Botanical prints with organic hues of green, raspberry and pinkish tones are the vital colours for this season. Casual metallic hues can be incorporated with pastels for a more everyday look. The garage look is a personal favourite where street fashion embraces everything metal. You see huge buckles on shoes and artistic metal-heels that pay a tribute to fashion from ground Jan-Mar 2014 | 35

fashionista

Do not be shy of wearing bright footwear. It is the season to strap on the bright palette and make your feet happy up. Gladiators are more sport this season.

They have a casual element to it with rubber straps and a sporty look,” states Payal.

While there is so much out there to choose from, Aditi Holani of Shoulder Lab is of the opinion that the shoe trends that are doing the rounds are the androgynous style staples. “Wedges are a clear favourite with most of us, keeping the comfort factor in mind. They work as a daily staple.

Classics remain. Cut-out versions of the classic styles are new. Brogues have made their way and how. Printed versions are the biggest change seen.” We could not agree more. A quick preview of shoe trends confirms it. Filafi Fithu, owner of the brand Filafi Fithu, works with high quality Italian leather for her creations and tells us that the trend to watch out for this Valentine’s is timeless understated elegance. “Strike a balance between the classic and the trendy.

Clockwise from above: Nivedita Saboo Couture

36 | axisbank.com

Something that is pretty minimalistic yet striking,” reiterates Filafi.

Let us list the chic shoe rules that you must have pat when dressing up. First off, don’t be sold on a style that causes you discomfort while wearing them. A shoe may look great, but if it is not comfortable, you will be limping around wearing them and that by no long shot, is graceful. Do not be shy of wearing bright footwear. It is the season to strap on the bright palette and make your feet happy. An electric-hued shoe can instantly amp up your ensemble. Filafi opines, “Shades like fuchsia, red, orange, and ocean blue are some of the happy colours to look out for.”

Try vivid colours with outfits in white, pastel and khakis and do not just stick to denims and all-blacks. A word of caution here, don’t go overboard. The look and colours should be balanced. For example, scarlet-red attire will need neutral toned shoes.

Payal adds, “If your outfit already has a striking print, then go solid with the shoe colour, try not to introduce a new print as this makes the entire look too busy. In terms of colour, contrast is the mantra. Like an orange dress with black and white shoes. Do not wear something from the same family like a red. Contrast is the key.” Always own

Pick the right shoes for an outfit You do not have to be a slave to fashion to pick the right shoes for your outfit.

Follow these tips for a puttogether look.

Step 1 •• Choose your shoe style according to the occasion.

Wear high heels with gowns, and to dress up dark jeans. Wear flats with more casual wear or lighter jeans. Flip-flops are for the beach, not for a night out in town.

Step 2 •• Consider style. Kitten heels are comfortable and can be dressy, but it is best to wear them with straight leg pants or a-line skirts. Stilettos make your legs look long and make you taller, wear them with long dresses or boot leg pants to make an impact.

Step 3 •• Choose your shoe colour based on the colours of your outfit. You can choose the dominant or accent colours. You can also opt for a neutral colour such as beige, navy, brown or black.

Your shoe colour does not have to be an exact match. Add a pop to your neutral or monochrome outfit by selecting a shoe in a bolder colour or print.

Aditi Holani shoes

one pair of attention-grabbers in your shoe closet. If you are going over-the-top with your clothes, keep the shoes simple. But if you are keeping the look mellow then a standout shoe adds just the right amount of oomph and excitement.

The safest way around shoes is to wear what is appropriate. Not everyone can carry off opposing trends. To explain further, for conservative corporate wear, open-toe shoes or sandals would be a little risqué while flats may be a tad casual for a cocktail dress. Payal elaborates, “For that formal look, stick with stilettos, pumps and high heeled sling backs or mules. The casual look can have boots, flats and wedges.”

Kitten heels with bows are apt for the coy and cutesy charm. “Apart from looking out for comfort, one should also check out kitten heels, mid-heels, high platforms and classic pumps,” affirms Filafi. Own a pair of classic black pumps that will spring to rescue when in doubt. When making a statement, pick a pair of spindly sky-highs to go with your elegant evening wear. If wearing ethnic or fusion wear, the options are many. Go with Payal’s advice. “More women are pairing Indian embroidered and embellished shoes with Western clothing as international trends are moving towards the ethnic look. Feel free to wear those sequinned or batik print shoes

with a Western dress to add some character to your attire.”

If you are spending a day in the outdoors, stay away from the strappy stilettos and opt for flats or wedges, if you must. Sneakers are there for a reason; to be worn with gym-wear, casual denims or while hiking. “My advice is to keep it simple yet interesting. Good quality soles last a long time. Invest in good pieces and basics first. Remember, good footwear, makes or breaks the outfit. This is clichéd but true to the core,” asserts Aditi. Once you know what look you are going for, just make that move.

Balancing your look is also very important.

Pair sky-high heels with tamed hemlines and if the outfit involves a short skirt, then wear a lower heel so that the look is proportionate.

“Boots look the best with flared pants or skinny jeans. Most avoidable with a tight fitted dress,” guides Payal.

Functional or fashionable, shoes always find their way into the closet. No, in fact, they demand a closet of their own.

They can induce a subtle hint of style in your ensemble or scream for attention, they can add that final punch line to a bling number or can be easily slipped into for comfort, either way; our wallets are always within reach when we spot a pair of shoes we covet. Happy shoe-shopping!

Jan-Mar 2014 | 37

www.itsallaboutmoney.com

Hybrid route for

investing Hybrid mutual funds are good for investors who are new to mutual funds and are looking for a starting point to invest in market

H

ybrid mutual funds are those funds whose portfolio includes a blend of equities, debt and money market securities.

It is one such category amongst various mutual fund categories where investments in debt and equity can be combined. Thus, investors can benefit from both debt and equity asset classes and at the same time relieve them from the worry of asset allocation in these two categories based on market cycles.

Hybrid funds can be classified into the following categories.

Equity oriented hybrid funds The category tilts a larger portion of their asset allocation towards equities as an asset class, while the rest is invested into debt instruments. One such category in this space is balanced funds.

Balanced funds These funds have a mixture of both equity and debt instruments in their portfolio and typically has an

38 | axisbank.com  

allocation of 65 per cent towards equity, hence equity oriented. The remaining portion is allocated to debt instruments, mainly corporate bonds. These funds aim to achieve long-term capital appreciation from its exposure to equity and accrual income from the fixed income allocation. The average equity exposure for this category as on November 2013 was 70 per cent. When the interest rates are high, investment in debt would be generally more attractive versus equities. Similarly, in times when the interest rates are low and the equity valuations are cheap, the category tends to reduce exposure to debt and increase exposure to equities. Some balanced funds try to reduce risk exposure by holding a largecap biased equity portfolio. Balanced funds are suitable for investors who want to have stable performance by taking relatively lower risk over the long term. The equity allocation provides long term capital appreciation whereas, debt allocation provides stability.

Also, investors who do not have the stomach

Hybrid mutual funds are those funds whose portfolio includes a blend of equities, debt and money market securities

to digest equity market volatility may consider investing in balanced funds.

Debt oriented hybrid funds As the name suggests, these type of funds invest majorly in debt instruments while the rest is invested in equities. Debt oriented hybrid funds can be further classified as open ended and close ended funds. Open ended funds are mainly monthly income plans (MIPs).

Debt oriented hybrid close ended funds are capital protection oriented funds and dual advantage funds.

Monthly income plans These funds largely invest in debt instruments and maintain a small allocation towards equity.

The category aims to provide regular income by investing in debt instruments that provide the scheme the ability of payouts to investors on a periodic basis. These funds aim to provide monthly payouts in the form of dividends, although monthly income is not assured and is subject to availability of distributable surplus. The equity allocation helps to achieve capital growth over a long

term horizon. The debt: equity mix for this category is generally 80 per cent:20 per cent and varies depending on the strategy followed by the fund manager. Within MIPs, funds could be further classified as conservative and aggressive based on their exposure towards equity. These funds are suitable for investors who want regular income from their investment in the form of dividends and at the same time seek long term capital appreciation by participating in equity markets.

Capital protection oriented funds (CPOF) These are close ended structures usually having tenure of three to five years where 70 per cent to 80 per cent is allocated towards debt and rest in equity and equity related instruments. For example, if it is a three year capital protection fund, it may invest minimum 80 per cent in AAA rated debt instruments which will grow to (the principal amount invested) of `100 at the end of the tenure. The equity exposure is taken either via direct stocks or via Jan-Mar 2014 | 39  

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long dated nifty call options. These funds endeavour to provide investors with the dual benefit of stability to the portfolio along with the boost of equity investments for capital appreciation. This category lacks liquidity because of their close ended structure.

Though they are listed on stock exchange, liquidity is usually nil to very low.

Dual advantage funds (DAF) The structure of dual advantage funds is similar to that of capital protection oriented funds.

The difference between a CPOF and DAF is only of the rating assigned to CPOFs by credit rating agencies and the investment strategy. The investment strategy among the two categories may differ depending on their

return

High

Positioning of hybrid mutual funds on the risk-return spectrum Balanced Funds

Medium

Monthly Income Plans

Low

Dual Advantage Funds

Capital Protection Oriented Funds Low

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risk Medium

High

allocation towards debt and equity. Dual advantage funds usually on the debt side have a mix of AAA rated papers and subAAA rated papers. Exposure on the equity side is taken via the option strategy where the fund manager buys long dated nifty call option mostly matching the tenure of the fund.

Again, these are closed ended set of funds and lacks liquidity as liquidity on stock exchange is nil to very low.

Both CPOFs and DAFs are suitable for investors who want to generate excess returns over traditional fixed income instruments and in the bargain, are comfortable to put their accruals at risk which they would have otherwise earned by investing in such other alternative instruments. Also, only investors with an investment horizon matching the tenure of the funds should consider investing in it, as they are close ended in nature and liquidity on the exchange is usually very low to nil.

Asset allocation hybrid funds Such funds’ primary investment strategy is to take exposure across various asset classes such as equity, debt and gold. This is an open ended structure where the fund tries to attain diversification by taking exposure across asset classes thereby reducing risk and enhancing the overall return for investors.

The fund does this by rebalancing weights across asset classes based on market cycles.

This type of fund is suitable for investors who seek to diversify their risk by taking exposure across different asset classes.

Conclusion Hybrid funds are suitable for investors who are new to mutual funds and are looking for a starting point to invest in the markets via mutual funds.

Investors after considering their investment objective, risk profile and investment time horizon amongst other factors may consider various types of hybrid mutual funds as an investable avenue. Hybrid mutual funds whether equity or debt oriented may also be considered as they tend to provide stability to investor portfolios.