India Disclosure Index 2015

INDIA DISCLOSURE INDEX
HOW INDIA’S LEADING LISTED COMPANIES FARE ON
MANDATORY & VOLUNTARY DISCLOSURE
21 APRIL 2015
CRITICAL THINKING
AT THE CRITICAL TIME™

INDIA DISCLOSURE INDEX
How India’s Leading Listed Companies Fare on
Mandatory & Voluntary Disclosure
21 APRIL 2015
CRITICAL THINKING AT THE CRITICAL TIME™
Table of Contents
Executive Summary..................................................................................................................................................................................... 1
Introduction ............................................................................................................................................................................................. 1
Report Findings ....................................................................................................................................................................................... 1
Composite Disclosure Scores ............................................................................................................................................................ 1
Mandatory Disclosure Scores ............................................................................................................................................................ 1
Voluntary Disclosure Scores............................................................................................................................................................... 1
Conclusion............................................................................................................................................................................................... 1
Methodology ................................................................................................................................................................................................ 3
Mandatory Disclosure Parameters: Definitions..................................................................................................................................... 3
Voluntary Disclosure Parameters: Definitions ....................................................................................................................................... 4
Assumptions about Analyst Engagement/ Transcripts & Key Corporate Developments.................................................................... 4
EXHIBIT A: Composite Disclosure Scores by BSE 100 Index Constituents .......................................................................................... 5
EXHIBIT B: Mandatory Disclosure & Voluntary Disclosure Scores by BSE 100 Index Constituents ................................................... 6
EXHIBIT C: Categorisation of BSE 100 Companies by Composite, Mandatory and Voluntary Disclosure Scores ............................. 7

INDIA DISCLOSURE INDEX How India’s Leading Listed Companies Fare on Mandatory & Voluntary Disclosure
1 · Proprietary Intellectual Property of FTI Consulting CRITICAL THINKING AT THE CRITICAL TIME™
Executive Summary
Introduction
Historically, private and publicly-listed companies in India
have disclosed only as much information as is mandatorily
required. The justification and argument for this approach —
that the provision of additional information would be of
greater interest to competitors rather than investors — has
often been repeated by companies. Today, however,
increasing regulatory activism and international institutional
investors are demanding additional disclosures from India’s
9,000+ listed companies, in the interest of improving
corporate governance and removing information
asymmetries in the capital markets. Last year, Indian capital
market regulator Securities and Exchange Board of India
(SEBI) introduced an amended Clause 49 in the Equity
Listing Agreement that demands board-level oversight for
‘disclosure and communications,’ while acknowledging weak
enforcement of mandatory disclosure standards.
Recognising that raising disclosure standards is an ongoing
process that requires a shift in strategic thinking at board-
levels, FTI Consulting reviewed publicly available information
disclosed by leading publicly-listed companies in India to
ascertain current practice and identify trends that would be
helpful to boards of such companies. Combining information
parameters that are mandated by law with additional
information parameters that are offered voluntarily by
publicly-listed companies in the interest of greater
transparency, FTI Consulting created a weighted, Composite
Disclosure scoring system (more in Methodology section),
with six Mandatory Disclosure parameters and five Voluntary
Disclosure parameters; and applied it to the Bombay Stock
Exchange (BSE) Top 100 index constituents. The report
findings, below, reveal current disclosure practices amongst
India’s leading 100 companies (by market capitalization).
Report Findings
Composite Disclosure Scores
Overall as a group, the BSE 100 index constituents, have an
average Composite Disclosure score of 6.7/10, a reflection
of low Mandatory and Voluntary Disclosure scores.
• A little over a fourth (27%) have Composite Disclosure
scores of 8 or more. This includes three companies which
stand out for achieving the maximum score of 10 (Bharti
Airtel, ICICI Bank and Infosys).
• About half of all BSE100 index constituent companies
have Composite Disclosure scores of more than 5 but
less than 8.
• Another fourth of the BSE 100 index constituent
companies have low Composite Disclosure Scores of 5 or
less. A third of these are government-owned enterprises.
Mandatory Disclosure Scores
Overall as a group, the BSE 100 index constituents have a
median Mandatory Disclosure score of 2.5/4 when reviewed
against the six basic mandatory disclosure parameters (see
Methodology).
• Over half of all BSE 100 index constituent companies
have Mandatory Disclosure scores less than 2.5,
reflecting a poor level of disclosure for basic mandated
information.
• Only 41 of the 100 companies in the BSE 100 Index had
a full 4/4 score for Mandatory Disclosure, with the
remaining 59 falling short on either one or some of the
mandatory disclosure parameters. This is a glaring gap
and a telling statistic indicating the unavailability of basic
information that is required by law in the Indian capital
markets.
• Unavailability of updated analyst transcripts and
sufficient public information regarding analyst
engagements was the single largest reason for low
Mandatory Disclosure scores, with 51% of Indian
companies not providing analyst transcripts on their
corporate websites. This goes against the principle of Fair
Disclosure to all investors and majority and minority
shareholders irrespective of class.
Voluntary Disclosure Scores
Overall as a group, the BSE 100 index constituents have a
median Voluntary Disclosure score of 3.5/6, when reviewed
against five basic mandatory disclosure parameters (see
Methodology).
• A third of all BSE 100 index constituent companies have
Voluntary Disclosure scores of 3 or less, and 14% have
the lowest Voluntary Disclosure score of 1/6. Six of the
lowest scorers were government-owned enterprises.
• Only eight of the 100 companies in the BSE 100 Index
had a full 6/6 score for Voluntary Disclosure, reflecting
the low priority placed on providing additional information
in the interest of greater transparency by a majority of the
companies. Banks account for six of these eight
companies with Voluntary Disclosure scores of 6/6 — Axis
Bank, Bank of India, Federal Bank, ICICI Bank, IDBI Bank
and IndusInd Bank. Infosys and Bharti Airtel were the only
non-bank players in this short list of high Voluntary
Disclosure scorers.
• Lack of updated debt-related information was the single
largest reason for low Voluntary Disclosure scores, with
68% of Indian companies not providing adequate
information on their corporate websites. This was
followed by inadequate information pertaining to
business strategy with 57% of companies not providing
adequate strategy related information on their corporate
website.
Conclusion
The low scores for Mandatory Disclosure and Voluntary
Disclosure demonstrate the need for a shift in strategic
thinking at the board-level and in the senior management
teams of publicly-listed Indian companies.
Bridging the gaps in Mandatory Disclosure requires a stricter
adherence to Fair Disclosure principles when engaging with
the investment community.

While posting online analyst transcripts on the company’s
website may seem like an easy fix, changing prevalent
practices of selective access to brokerage houses entails a
more fundamental shift in the manner that companies
engage with the investment community. Companies need to
recognize that practices like allowing brokerage houses to
host a company’s analyst calls, which happens in many
instances every quarter, are telling signals of a permissive
culture and rife conflicts of interest.
On Voluntary Disclosure, Indian companies have a lot of
work ahead of them to improve the manner in which
Management Quality is perceived externally. Scores for
Strategy Articulation and Debt-related Information are
proxies for an opinion on Management Quality, a significant
and subjective filter in the investment decisions of
institutional investors. It is surprising that a large majority of
BSE 100 index constituents did not articulate corporate
strategy in sufficiently clear terms. This is also an indication
of the currently-prevalent focus on financial metrics over
non-financial ones. This is an area that needs to be revisited
by Indian companies and their boards when finalising their
disclosure policy.
Additionally, while we noticed many high Voluntary
Disclosure scorers enjoying support from a higher proportion
of foreign institutional investors in their shareholding
structure, but a causal or direct relationship between the
two could not be established. This is an area that requires
more academic study and attention.

Methodology
The Mandatory Disclosure weighted score of each company
has been calculated on the basis of presence (1) or absence
(0) of six mandatory information disclosure parameters,
available publicly either on the company's or the BSE’s
website. The six parameters are: Quarterly Financial
Information, Annual Report, Shareholding, Board and
Management Team, Investor Contact and Analyst
Transcripts; covering financial and non-financial parameters.
Similarly, the Voluntary Disclosure weighted score has been
calculated on basis of presence (1) or absence (0) of five
voluntary disclosure parameters - Profit and Margin
Improvement Narrative, Operating Metrics, Business
Strategy Articulation, Updated Debt Information and Key
Corporate Developments. The first two parameters of the
Voluntary Disclosure score relate to business performance,
while the other three can be taken as proxies for quality of
management and business leadership. The Composite
Disclosure Score (Composite Disclosure Score = Mandatory
Disclosure + Voluntary Disclosure) has been calculated for
each company in the BSE 100 Index, with a weight of 40%
for Mandatory Disclosure and 60% for Voluntary Disclosure,
as observed during period beginning 20 February 2015 to
20 March 2015.
All 11 parameters are combined for a weighted Composite
Disclosure score of between 0–10, with a 10 score
indicating that all 11 mandatory and voluntary disclosures
are publicly and readily available, with diminishing values for
companies that score low on overall disclosure.
A separation of Mandatory Disclosure and Voluntary
Disclosure scores helps indicate how preferred disclosure
philosophies are followed by the leading Indian companies.
Technically, all companies should fully adhere to Mandatory
Disclosure standards and have varying levels of adherence
to Voluntary Disclosure. All parameters are weighted as
below, to reflect desirability for more Voluntary Disclosure
and transparency. These parameters and the weights
assigned to them will be reviewed every year.
Mandatory Disclosure Parameters:
Definitions
• Quarterly Financial Information: Updated financial
information from the last quarter, i.e. Q3 FY 2014-15.
• Annual Report: Provision of the last Annual Report, i.e.
for FY 2013-14.
• Shareholding Information: Details on updated share
ownership structure from the previous quarter, i.e. Q3 FY
2014-15.
• Management and Board Team Information: Updated
information about board and senior management team.
• Investor Contact Information: Specific contact details of
company secretary/CFO/compliance head that investors
can write to.
• Analyst Transcripts/Updates: Call transcripts of analyst
conference calls from last two quarters, i.e. for Q2 or Q3
FY 2014-15.
DISCLOSURE PARAMETERS VALUE WEIGHT SCORE SCORE x10 - NORMALIZED
MANDATORY DISCLOSURE (SIX) Y (1)/N (0) 40% 4
FINANCIAL
Quarterly Financial Information 1 5% 0.05 0.5
Annual Report 1 5% 0.05 0.5
NON-FINANCIAL
Shareholding Information 1 5% 0.05 0.5
Management & Board Team information 1 5% 0.05 0.5
Investor Contact information 1 5% 0.05 0.5
Analyst transcripts/updates 1 15% 0.15 1.5
VOLUNTARY DISCLOSURE (FIVE) 60% 6
PERFORMANCE-RELATED
Profitability AND margin improvement information 1 10% 0.1 1
Operating Metrics 1 15% 0.15 1.5
MANAGEMENT QUALITY-RELATED
Business Strategy Information/Presentation 1 15% 0.15 1.5
Debt related Info/Update 1 10% 0.1 1
Key Corporate Developments 1 10% 0.1 1
TOTAL PARAMETERS/SCORE 11 100% 1 10

Voluntary Disclosure Parameters: Definitions
• Profitability and margin improvement information:
Specific and detailed information pertaining to the
profitability of the company on impact on profit margins in
the previous three quarters, i.e. Q1/Q2/Q3 of FY 2014-
15.
• Operating Metrics: Specific non-financial information
pertaining to the operations of the company in the
previous quarter, i.e. Q3 FY 2014-15.
• Business Strategy Information: Specific and detailed
information on business strategy and how the
management intends to deliver growth over the next 12
months at least once in the previous three quarters, i.e.
Q1/Q2/Q3 of FY 2014-15.
• Debt-related Information: Updates about debt re-ratings
or credit ratings in last three quarters, i.e. Q1/Q2/Q3 of
FY 2014-15.
• Key Corporate Developments: Significant or material
developments pertaining to the company that may have
occurred in the last three quarters, i.e. Q1/Q2/Q3 of FY
2014-15.
Assumptions about Analyst Engagement/
Transcripts & Key Corporate Developments
• It is assumed that BSE 100 constituent companies would
have interacted with at least one analyst in the previous
four quarters and that there should be at least one public
disclosure pertaining to discussions with an analyst or a
group of analysts. Failure to record any analyst
engagement or transcript in the previous 12 months
earns a company an individual score of ‘0’ for the
parameter of ‘Analyst Transcripts’ under Mandatory
Disclosure.
• It has been assumed that all BSE 100 constituent
companies provided full and timely disclosure about key
corporate developments within the prescribed time limits
defined by SEBI. For this purpose, an individual score of
‘1’ has been assumed for all companies across the board
on the parameter of ‘Key Corporate Developments’ under
Voluntary Disclosure.

EXHIBIT A: Composite Disclosure Scores by BSE 100 Index Constituents
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
4.5
4.5
4.5
4.5
5
5
5
5
5
5
5
5
5
5
5
5
5.5
5.5
6
6
6
6
6
6
6
6
6
6
6
6
6
6
6.5
6.5
6.5
6.5
6.5
6.5
6.5
7
7
7
7
7
7
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
7.5
8
8
8
8
8
8.5
8.5
8.5
8.5
8.5
8.5
8.5
8.5
8.5
8.5
9
9
9
9
9
9
9
9
9
10
10
10
0 2 4 6 8 10
Coal India
CanBank
Divis Lab
Hindustan Zinc
HPCL
Indian Oil Corp
Unitech
United Spirits
AmbujaCem
Exide Inds
Reliance Infra
Tech Mahindra
United Brewries
ABirla Nuvo
AsianPaint
BHEL
LIC Housing Fin
Maruti Suzuki
NMDC
Reliance Power
Siemens
SAIL
Tata Chemicals
TataGlobal
JSW Steel
ACC
Jaiprakash Asso
Tata Motors
Colgate Palmolive
CG
GMR Infra
Godrej Cons
HDIL
Hindalco Inds
ITC
M&M
Titan Inds
Ultratech Cem
United Phos
Zee Entert
NHPC
AdaniPort
HCL Tech
Lupin
PNB
Tata Power
Union Bank
Dabur India
HDFC
Reliance Cap
REC
SBI
Yes Bank
Idea Cellular
ABB
AdaniEnt
AdaniPow
BajajAuto
BPCL
Dr Reddys Lab
Gail India
Glenmark Pharma
Hero MotoCorp
IDFC
Jindal Steel
L&T
Nestle India
Power Finance
Power Grid Corp
Ranbaxy Lab
RIL
Sesa Goa
Shriram Trans
TCS
AshokLey
BankofInd
Tata Steel
Wipro
Federal Bank
IDBI Bank
AxisBank
BOB
BharatForge
Cipla
CumminsIndia
DLF
Indusind Bank
Kotak Mah Bank
HDFC Bank
Cairn India
Grasim Inds
Hindustan Unilever
M&M Financial
NTPC
ONGC
Reliance Comm
Sun Pharma
BhartiAirt
ICICI Bank
Infosys

2
2
2
2
2
2
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
0 1 2 3 4
ACC
BankofInd
JSW Steel
PNB
Union Bank
United Phos
Coal India
AmbujaCem
Federal Bank
IDBI Bank
Idea Cellular
Jaiprakash Asso
Tata Motors
ABirla Nuvo
AdaniEnt
AdaniPort
AdaniPow
AsianPaint
AxisBank
BajajAuto
BPCL
CanBank
Colgate Palmolive
CG
Divis Lab
Exide Inds
Gail India
GMR Infra
Godrej Cons
HDFC
Hindalco Inds
Hindustan Zinc
HPCL
Indusind Bank
Indian Oil Corp
ITC
Maruti Suzuki
Nestle India
NMDC
Power Grid Corp
Ranbaxy Lab
RIL
Reliance Power
REC
Siemens
SAIL
TataGlobal
Titan Inds
Ultratech Cem
Unitech
United Spirits
BharatForge
Dabur India
Glenmark Pharma
Reliance Cap
Reliance Infra
SBI
Tech Mahindra
Zee Entert
HDFC Bank
NHPC
United Brewries
ABB
AshokLey
BOB
BHEL
BhartiAirt
Cairn India
Cipla
CumminsIndia
DLF
Dr Reddys Lab
Grasim Inds
HCL Tech
HDIL
Hero MotoCorp
Hindustan Unilever
ICICI Bank
IDFC
Infosys
Jindal Steel
Kotak Mah Bank
L&T
LIC Housing Fin
Lupin
M&M
M&M Financial
NTPC
ONGC
Power Finance
Reliance Comm
Sesa Goa
Shriram Trans
Sun Pharma
Tata Chemicals
TCS
Tata Power
Tata Steel
Wipro
Yes Bank
MD SCORES
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
3
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
4
4
4
4
4
4
4
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
6
6
6
6
6
6
6
0 2 4 6
BHEL
CanBank
Coal India
Divis Lab
Hindustan Zinc
HPCL
Indian Oil Corp
LIC Housing Fin
Reliance Infra
Tata Chemicals
Tech Mahindra
United Brewries
Unitech
United Spirits
AmbujaCem
Exide Inds
HDIL
M&M
ABirla Nuvo
AsianPaint
HCL Tech
Lupin
Maruti Suzuki
NHPC
NMDC
Reliance Power
Siemens
SAIL
TataGlobal
Tata Power
Zee Entert
Yes Bank
JSW Steel
ABB
ACC
Colgate Palmolive
CG
Dabur India
Dr Reddys Lab
GMR Infra
Godrej Cons
Hero MotoCorp
Hindalco Inds
IDFC
ITC
Jaiprakash Asso
Jindal Steel
L&T
Power Finance
Reliance Cap
Sesa Goa
Shriram Trans
SBI
Tata Motors
Titan Inds
Ultratech Cem
TCS
AdaniPort
AshokLey
Glenmark Pharma
Tata Steel
United Phos
Wipro
BOB
Cipla
CumminsIndia
DLF
HDFC
Kotak Mah Bank
PNB
REC
Union Bank
AdaniEnt
AdaniPow
BajajAuto
BharatForge
BPCL
Cairn India
Gail India
Grasim Inds
HDFC Bank
Hindustan Unilever
Idea Cellular
M&M Financial
Nestle India
NTPC
ONGC
Power Grid Corp
Ranbaxy Lab
Reliance Comm
RIL
Sun Pharma
AxisBank
BankofInd
BhartiAirt
Federal Bank
ICICI Bank
IDBI Bank
Indusind Bank
Infosys
VD SCORES
EXHIBIT B: Mandatory Disclosure & Voluntary Disclosure Scores by BSE 100 Index Constituents

EXHIBIT C: Categorisation of BSE 100 Companies by Composite, Mandatory and Voluntary
Disclosure Scores
Company
Composite
Disclosure Score
Company
Mandatory
Disclosure Score
Company
Voluntary
Disclosure Score
Bharti Airtel 10 ABB 4 AxisBank 6
ICICI Bank 10 AshokLey 4 BankofInd 6
Infosys 10 BOB 4 BhartiAirt 6
Cairn India 9 BHEL 4 Federal Bank 6
Grasim Inds 9 Bharti Airtel 4 ICICI Bank 6
Hindustan Unilever 9 Cairn India 4 IDBI Bank 6
M&M Financial 9 Cipla 4 Indusind Bank 6
NTPC 9 CumminsIndia 4 Infosys 6
ONGC 9 DLF 4 AdaniEnt 5
Reliance Comm 9 Dr Reddys Lab 4 AdaniPow 5
Sun Pharma 9 Grasim Inds 4 BajajAuto 5
HDFC Bank 9 HCL Tech 4 BharatForge 5
AxisBank 8.5 HDIL 4 BPCL 5
BOB 8.5 Hero MotoCorp 4 Cairn India 5
BharatForge 8.5 Hindustan Unilever 4 Gail India 5
Cipla 8.5 ICICI Bank 4 Grasim Inds 5
CumminsIndia 8.5 IDFC 4 HDFC Bank 5
DLF 8.5 Infosys 4 Hindustan Unilever 5
Indusind Bank 8.5 Jindal Steel 4 Idea Cellular 5
Kotak Mah Bank 8.5 Kotak Mah Bank 4 M&M Financial 5
Federal Bank 8.5 L&T 4 Nestle India 5
IDBI Bank 8.5 LIC Housing Fin 4 NTPC 5
AshokLey 8 Lupin 4 ONGC 5
BankofInd 8 M&M 4 Power Grid Corp 5
Tata Steel 8 M&M Financial 4 Ranbaxy Lab 5
Wipro 8 NTPC 4 Reliance Comm 5
TCS 8 ONGC 4 RIL 5
AdaniEnt 7.5 Power Finance 4 Sun Pharma 5
AdaniPow 7.5 Reliance Comm 4 BOB 4.5
BajajAuto 7.5 Sesa Goa 4 Cipla 4.5
BPCL 7.5 Shriram Trans 4 CumminsIndia 4.5
Dr Reddys Lab 7.5 Sun Pharma 4 DLF 4.5
Gail India 7.5 Tata Chemicals 4 HDFC 4.5
Glenmark Pharma 7.5 TCS 4 Kotak Mah Bank 4.5
Hero MotoCorp 7.5 Tata Power 4 PNB 4.5
IDFC 7.5 Tata Steel 4 REC 4.5
Jindal Steel 7.5 Wipro 4 Union Bank 4.5
L&T 7.5 Yes Bank 4 AdaniPort 4
Nestle India 7.5 HDFC Bank 4 AshokLey 4
Power Finance 7.5 NHPC 4 Glenmark Pharma 4
Power Grid Corp 7.5 United Brewries 4 Tata Steel 4
Ranbaxy Lab 7.5 BharatForge 3.5 United Phos 4
RIL 7.5 Dabur India 3.5 Wipro 4
Sesa Goa 7.5 Glenmark Pharma 3.5 TCS 4
Shriram Trans 7.5 Reliance Cap 3.5 ACC 3.5
ABB 7.5 Reliance Infra 3.5 Colgate Palmolive 3.5
Idea Cellular 7.5 SBI 3.5 CG 3.5
HDFC 7 Tech Mahindra 3.5 Dabur India 3.5
Reliance Cap 7 Zee Entert 3.5 Dr Reddys Lab 3.5
REC 7 ABirla Nuvo 2.5 GMR Infra 3.5
SBI 7 AdaniEnt 2.5 Godrej Cons 3.5
Yes Bank 7 AdaniPort 2.5 Hero MotoCorp 3.5
Dabur India 7 AdaniPow 2.5 Hindalco Inds 3.5
AdaniPort 6.5 AsianPaint 2.5 IDFC 3.5
HCL Tech 6.5 AxisBank 2.5 ITC 3.5
Lupin 6.5 BajajAuto 2.5 Jaiprakash Asso 3.5
PNB 6.5 BPCL 2.5 Jindal Steel 3.5
Tata Power 6.5 CanBank 2.5 L&T 3.5
Union Bank 6.5 Colgate Palmolive 2.5 Power Finance 3.5
NHPC 6.5 CG 2.5 Reliance Cap 3.5
Colgate Palmolive 6 Divis Lab 2.5 Sesa Goa 3.5
CG 6 Exide Inds 2.5 Shriram Trans 3.5
GMR Infra 6 Gail India 2.5 SBI 3.5
Godrej Cons 6 GMR Infra 2.5 Tata Motors 3.5
HDIL 6 Godrej Cons 2.5 Titan Inds 3.5
Hindalco Inds 6 HDFC 2.5 Ultratech Cem 3.5
ITC 6 Hindalco Inds 2.5 ABB 3.5
M&M 6 Hindustan Zinc 2.5 JSW Steel 3.5
Titan Inds 6 HPCL 2.5 Yes Bank 3
Ultratech Cem 6 Indusind Bank 2.5 ABirla Nuvo 2.5
United Phos 6 Indian Oil Corp 2.5 AsianPaint 2.5
Zee Entert 6 ITC 2.5 HCL Tech 2.5
Jaiprakash Asso 6 Maruti Suzuki 2.5 Lupin 2.5
Tata Motors 6 Nestle India 2.5 Maruti Suzuki 2.5
ACC 5.5 NMDC 2.5 NHPC 2.5
JSW Steel 5.5 Power Grid Corp 2.5 NMDC 2.5
AsianPaint 5 Ranbaxy Lab 2.5 Reliance Power 2.5
BHEL 5 RIL 2.5 Siemens 2.5
LIC Housing Fin 5 Reliance Power 2.5 SAIL 2.5
Maruti Suzuki 5 REC 2.5 TataGlobal 2.5
NMDC 5 Siemens 2.5 Tata Power 2.5
Reliance Power 5 SAIL 2.5 Zee Entert 2.5
Siemens 5 TataGlobal 2.5 AmbujaCem 2
SAIL 5 Titan Inds 2.5 Exide Inds 2
Tata Chemicals 5 Ultratech Cem 2.5 HDIL 2
TataGlobal 5 Unitech 2.5 M&M 2
United Brewries 5 United Spirits 2.5 BHEL 1
ABirla Nuvo 5 Coal India 2.5 CanBank 1
Exide Inds 4.5 AmbujaCem 2.5 Coal India 1
Reliance Infra 4.5 Federal Bank 2.5 Divis Lab 1
Tech Mahindra 4.5 IDBI Bank 2.5 Hindustan Zinc 1
AmbujaCem 4.5 Idea Cellular 2.5 HPCL 1
CanBank 3.5 Jaiprakash Asso 2.5 Indian Oil Corp 1
Divis Lab 3.5 Tata Motors 2.5 LIC Housing Fin 1
Hindustan Zinc 3.5 BankofInd 2 Reliance Infra 1
HPCL 3.5 JSW Steel 2 Tata Chemicals 1
Indian Oil Corp 3.5 PNB 2 Tech Mahindra 1
Unitech 3.5 Union Bank 2 United Brewries 1
United Spirits 3.5 United Phos 2 Unitech 1
Coal India 3.5 ACC 2 United Spirits 1

CRITICAL THINKING
AT THE CRITICAL TIME™
Amrit Singh Deo
Senior Director
+91 916742 8242
amrit.singhdeo@fticonsulting.com
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organisations protect and enhance enterprise
value in an increasingly complex legal, regulatory and economic environment. FTI Consulting professionals, who are
located in all major business centres throughout the world, work closely with clients to anticipate, illuminate and
overcome complex business challenges in areas such as investigations, litigation, mergers and acquisitions, regulatory
issues, reputation management and restructuring.
www.fticonsulting.com ©2015 FTI Consulting, Inc. All rights reserved.
ADDITIONAL & VOLUNTARY DISCLOSURES
This is a non-commercial public report prepared by FTI Consulting. FTI Consulting has not received any consideration from any of the
constituent companies of the BSE100 for publication of this report.
FTI Consulting has provided consulting services to ICICI Bank, Tata Motors and Crompton Greaves in the last one year. None of these
companies have received advance copies of this report before its public release.
Amrit Singh Deo, the preparer of this report, does not hold nor has he traded in any shares of the any BSE100 constituent company in the last
12 months.
DISCLAIMER
The India Disclosure Index is a report that makes general observations about disclosure data based on publicly available information. This is
NOT a research report and no statement in this report should be interpreted as a recommendation for or opinion relating to investment
worthiness of any individual company or scrip in the Indian capital markets. The BSE 100 index constituents have been only taken as a
reference set for the purpose of this non-technical report.

India Disclosure Index 2015

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