The performance may be affected by changes in Government policies, general levels of interest rates and risks associated with trading volumes, liquidity and settlement systems in equity and debt markets. While securities that are listed on the Stock Exchange carry lower liquidity risk, the ability to sell these investments is limited by the overall trading volume on the Stock Exchange.

Political, economic and / or related risks
The Asset Value of the scheme and the liquidity of the shares may be affected by changes in government policy, taxation, interest rates, social and religious instability and political, economic or other developments in or affecting India.

Industry risk
The value of shares of companies in a particular industry may be affected due to factors affecting the industry like changes in government policy on duties, FDI or a foreign country, which is a big market for the industry, may impose restrictions on import etc.

The Indian Securities Market
The Indian securities market is an emerging market, which is undergoing a period of growth, and change.The Indian stock markets in the past experienced substantial price volatility and no assurance can be given that such volatility will not occur in future. A disproportionately large percentage of market capitalisation and trading value in the Indian stock exchanges is represented by a relatively small number of issuers.

Liquidity Risk
Some stocks that the investor might be invested in might not be highly liquid. Though it will be the PMS service providers endeavor to restrict investments in less liquid stocks to a low limit, there is the exposure of liquidity risk to the investor.

The portfolios may be concentrated in a limited number of scrips owing to the investment objectives of respective portfolio concepts or the market conditions prevalent at various points in time. This may pose the 'non diversification risk' to the portfolio performance.

India has had a chequered history of infrastructure development. Some projects in the past have been shelved or left incomplete due to political or administrative reasons.

The Asset Guard product endeavours to preserve the defined investment amount over the prefixed term of the product, though it is distinctly clarified that ASK Investment Managers or any of its shareholders, directors, employees, affiliates,group companies or any other third party do not, in any manner, whether express or implied, guarantee the preservation of capital. The preservation of capital is endeavoured to be achieved through the structure of the product and not through any internal or external guarantees. It should be distinctly understood by the Investors that this strategy attracts all attendant risks of investment in capital markets and there is no guarantee that the amount invested would always be protected. In case of a possible scenario that on completion of the relevant term of any account the maturity proceeds fall short of the principal amount invested, ASK Investment Managers or any of its shareholders, directors, employees, affiliates or group companies would not be, in any manner, obliged to make good such a shortfall or any portion of it.

Derivative products are specialized instruments, which require investment techniques and risk analysis different from those associated with direct investments in equities. The use of a derivative requires an understanding not only of the underlying instrument but also of the derivative itself. Derivatives require maintenance of adequate controls to monitor the transactions entered into, the ability to assess the risk that a derivative adds to the portfolio and the ability to forecast price correctly. Other risks include the risk of mispricing and the ability to optimally correlate the derivatives position with underlying assets.