Bandhan Innovation Fund
- NAV as on 9 Nov 2026
- ₹15.66+0.71%1 day
- Return since launch
- 18.8%
- 52-week range
- ₹11.65 — ₹15.78
- AUM
- ₹3,085 Cr
Bandhan Innovation Fund is a Thematic-Innovation equity fund from Bandhan Mutual Fund with ₹3,085 Cr under management, launched in 2024. The expense ratio is 2.26% and the SEBI riskometer reading is Very High.
Performance
Bandhan Innovation Fund NAV and returns
Growth of the fund against its category average over the period you pick.
Over 1Y this fund returned +16.5% against +6.9% for its category.
Performance
Returns
How the fund has done against its category and its benchmark.
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1Y | 26.4% | +18.3 pts | 8.2% | 14.0% |
| 2Y | 19.3% | +8.4 pts | 10.9% | 10.1% |
| Period | Fund | vs category | Category | Benchmark |
|---|---|---|---|---|
| 1M | 3.0% | −0.4 pts | 3.5% | 3.7% |
| 3M | 1.0% | +1.4 pts | -0.4% | -1.2% |
| 6M | 14.8% | +5.1 pts | 9.7% | 8.2% |
| 1Y | 16.9% | +8.7 pts | 8.2% | 6.9% |
| 2Y | 12.6% | +6.7 pts | 5.9% | 5.9% |
Since launch (10 Apr 2024): 18.8%
Calendar-year returns
Category averageShow as a table
| Period | Fund | vs category | Category |
|---|---|---|---|
| 2025 | 3.3% | +0.8 pts | 2.4% |
Returns over one year are annualised. Shorter periods are absolute.
Costs & terms
Costs and terms
What the fund charges each year, and the rules around putting money in and taking it out.
Costs
2.26%
Expense ratio as on 5 Nov 2026
Charged yearly and already deducted from the NAV.
- Base expense
- 1.66%
- Brokerage
- 0.11%
- Transaction charges
- 0.01%
- Statutory levies
- 0.48%
- Exit load
- Exit load of 0.50%, if redeemed within 30 days.
- Lock-in
- None
Terms
- Min SIP
- ₹3,000
- Min lumpsum
- ₹5,000
- Plan
- GROWTH
- Fund type
- OPEN-ENDED
- Benchmark
- NIFTY 500 TRI
- Short-term capital gains
- Returns taxed at 20% if you redeem before 1 year
- Long-term capital gains
- After 1 year, returns above ₹1.25 lakh in a financial year are taxed at 12.5%
Risk
Risk
What the riskometer means for this fund, and how its ratios sit against the category.
Your principal is treated as being at very high risk — typically small cap, sectoral and thematic equity schemes.
Portfolio
Bandhan Innovation Fund portfolio
Portfolio as of 30 Sep 2026
Asset allocation
- Equity98.5%
- Debt0.0%
- Other1.4%
Market cap split
- Large33.7%
- Mid23.0%
- Small43.4%
- P/E
- 47.74
- P/B
- 5.15
Top holdings
| Holding | Sector | Weight | Value | 3M chg | 6M chg | 1Y chg |
|---|---|---|---|---|---|---|
| Eternal Ltd. | Services | 5.67% | ₹175 Cr | +5.07% | +5.77% | +5.18% |
| One 97 Communications Ltd. | Services | 4.80% | ₹148 Cr | +4.23% | +4.31% | +5.08% |
| Bajaj Finserv Ltd. | Financial | 3.46% | ₹107 Cr | +3.69% | +3.46% | +3.33% |
| ICICI Bank Ltd. | Financial | 2.90% | ₹89.36 Cr | +3.70% | +3.85% | +1.49% |
| Meesho Ltd. | Services | 2.80% | ₹86.53 Cr | +2.11% | +0.88% | — |
| Sterlite Technologies Ltd. | Communication | 2.44% | ₹75.35 Cr | +1.78% | +0.20% | — |
| Astrazeneca Pharma India Ltd. | Healthcare | 2.41% | ₹74.29 Cr | +3.47% | +3.85% | +3.79% |
| Coforge Ltd. | Technology | 2.16% | ₹66.64 Cr | +2.17% | +2.09% | +2.09% |
| Mahindra & Mahindra Ltd. | Automobile | 2.02% | ₹62.44 Cr | +2.37% | +1.87% | +2.04% |
| Reliance Industries Ltd. | Energy | 1.98% | ₹61.19 Cr | +2.35% | +2.62% | +2.32% |
| Honasa Consumer Ltd. | Consumer Staples | 1.91% | ₹58.82 Cr | +2.63% | +1.55% | +0.95% |
| MTAR Technologies Ltd. | Capital Goods | 1.90% | ₹58.71 Cr | +1.86% | +1.78% | +0.49% |
| Poonawalla Fincorp Ltd. | Financial | 1.90% | ₹58.59 Cr | +1.90% | +1.69% | +1.70% |
| Bharat Electronics Ltd. | Capital Goods | 1.73% | ₹53.45 Cr | +1.35% | +1.13% | +0.57% |
| E2E Networks Ltd. | Technology | 1.73% | ₹53.44 Cr | +1.49% | +1.16% | +1.48% |
| Jubilant Ingrevia Ltd. | Chemicals | 1.70% | ₹52.44 Cr | +1.99% | +2.27% | +2.59% |
| Divi's Laboratories Ltd. | Healthcare | 1.69% | ₹52.09 Cr | +1.27% | +1.47% | +1.18% |
| Info Edge (India) Ltd. | Services | 1.58% | ₹48.85 Cr | +0.93% | +1.60% | +2.29% |
| BlueStone Jewellery and Lifestyle Ltd. | Consumer Discretionary | 1.57% | ₹48.44 Cr | +1.00% | — | — |
| Others | Others | 1.46% | ₹44.70 Cr | +0.05% | +1.95% | +1.96% |
| Billionbrains Garage Ventures Ltd. | Financial | 1.45% | ₹44.88 Cr | +1.55% | — | — |
| Dr. Agarwal's Health Care Ltd. | Healthcare | 1.42% | ₹43.67 Cr | +1.34% | +1.28% | — |
| Varun Beverages Ltd. | Consumer Staples | 1.38% | ₹42.69 Cr | +2.05% | +1.96% | +2.27% |
| Amber Enterprises India Ltd. | Consumer Discretionary | 1.31% | ₹40.36 Cr | +1.55% | +1.77% | +0.38% |
| Hitachi Energy India Ltd. | Capital Goods | 1.21% | ₹37.29 Cr | — | — | — |
| Lalithaa Jewellery Mart Ltd. | Consumer Discretionary | 1.18% | ₹36.40 Cr | — | — | — |
| Shadowfax Technologies Ltd. | Services | 1.16% | ₹35.79 Cr | — | — | — |
| Cholamandalam Investment and Finance Company Ltd. | Financial | 1.15% | ₹35.57 Cr | +1.36% | +1.02% | +0.76% |
| TVS Motor Company Ltd. | Automobile | 1.13% | ₹34.72 Cr | — | — | — |
| Saregama India Ltd. | Services | 1.10% | ₹33.86 Cr | +1.19% | +0.89% | +0.84% |
| Tilaknagar Industries Ltd. | Consumer Staples | 1.09% | ₹33.68 Cr | +1.02% | +1.18% | +1.06% |
| TD Power Systems Ltd. | Capital Goods | 1.06% | ₹32.66 Cr | — | — | — |
| Physicswallah Ltd. | Services | 1.03% | ₹31.76 Cr | +0.96% | — | — |
| Prestige Estates Projects Ltd. | Construction | 1.01% | ₹31.09 Cr | +1.44% | +1.06% | +1.02% |
| Rentomojo Ltd. | Services | 1.01% | ₹31.06 Cr | — | — | — |
| NTPC Ltd. | Energy | 1.00% | ₹30.93 Cr | +1.43% | +1.32% | — |
| Adani Ports and Special Economic Zone Ltd. | Services | 0.99% | ₹30.59 Cr | +1.33% | — | — |
| ZF Commercial Vehicle Control Systems India Ltd. | Automobile | 0.99% | ₹30.49 Cr | +1.26% | +1.40% | +0.78% |
| HDFC Bank Ltd. | Financial | 0.96% | ₹29.52 Cr | +1.14% | +1.98% | +0.43% |
| Vintage Coffee & Beverages Ltd. | Services | 0.96% | ₹29.65 Cr | +1.06% | +1.27% | +1.20% |
| Trent Ltd. | Services | 0.95% | ₹29.21 Cr | +1.49% | +0.97% | — |
| Glenmark Pharmaceuticals Ltd. | Healthcare | 0.93% | ₹28.67 Cr | +1.07% | +1.34% | +1.39% |
| The Indian Hotels Company Ltd. | Services | 0.93% | ₹28.83 Cr | +0.83% | +0.88% | — |
| Torrent Pharmaceuticals Ltd. | Healthcare | 0.93% | ₹28.73 Cr | +0.75% | +0.91% | +0.79% |
| Amagi Media Labs Ltd. | Technology | 0.92% | ₹28.43 Cr | +1.11% | +0.86% | — |
| Craftsman Automation Ltd. | Automobile | 0.91% | ₹27.99 Cr | +0.48% | — | — |
| Fortis Healthcare Ltd. | Healthcare | 0.90% | ₹27.70 Cr | +0.81% | +1.54% | +0.77% |
| Jubilant Pharmova Ltd. | Healthcare | 0.88% | ₹27.10 Cr | +0.93% | +1.04% | +1.52% |
| Vedanta Aluminium Metal Ltd. | Metals & Mining | 0.88% | ₹27.03 Cr | +0.97% | — | — |
| Affle 3I Ltd. | Technology | 0.85% | ₹26.38 Cr | +0.91% | +0.91% | +0.34% |
| Tech Mahindra Ltd. | Technology | 0.82% | ₹25.44 Cr | +0.47% | +0.62% | +1.34% |
| Tega Industries Ltd. | Metals & Mining | 0.81% | ₹24.96 Cr | +0.83% | +1.08% | +1.11% |
| Sona BLW Precision Forgings Ltd. | Automobile | 0.79% | ₹24.43 Cr | +0.76% | +0.79% | +0.67% |
| Biocon Ltd. | Healthcare | 0.78% | ₹24.18 Cr | — | — | — |
| Godrej Properties Ltd. | Construction | 0.78% | ₹24.22 Cr | +0.99% | +0.91% | +1.06% |
| Nephrocare Health Services Ltd. | Healthcare | 0.78% | ₹24.02 Cr | — | — | — |
| Canara HSBC Life Insurance Company Ltd. | Insurance | 0.77% | ₹23.83 Cr | +0.88% | +0.78% | — |
| Multi Commodity Exchange Of India Ltd. | Services | 0.77% | ₹23.80 Cr | — | — | — |
| GE Vernova T&D India Ltd | Capital Goods | 0.74% | ₹22.97 Cr | +1.64% | +2.13% | +2.56% |
| Sai Life Sciences Ltd. | Healthcare | 0.74% | ₹22.69 Cr | +1.04% | +1.12% | +1.16% |
| Eicher Motors Ltd. | Automobile | 0.69% | ₹21.24 Cr | +1.19% | +1.43% | +1.49% |
| Cohance Lifesciences Ltd. | Healthcare | 0.68% | ₹21.03 Cr | +0.33% | — | — |
| Rashi Peripherals Ltd. | Services | 0.68% | ₹20.98 Cr | +0.77% | +0.47% | +0.52% |
| Electronics Mart India Ltd. | Services | 0.65% | ₹19.92 Cr | +0.55% | +0.52% | +0.83% |
| KFin Technologies Ltd. | Financial | 0.65% | ₹20.02 Cr | +0.99% | +1.09% | +0.97% |
| Afcom Holdings Ltd. | Services | 0.59% | ₹18.13 Cr | +0.60% | — | — |
| Ethos Ltd. | Services | 0.59% | ₹18.13 Cr | +0.68% | +0.81% | +1.00% |
| Kusumgar Ltd. | Textiles | 0.58% | ₹18.03 Cr | — | — | — |
| Cyient Ltd. | Technology | 0.54% | ₹16.67 Cr | — | — | — |
| BlackBuck Ltd. | Services | 0.53% | ₹16.30 Cr | +0.56% | +0.77% | +2.62% |
| 3M India Ltd. | Consumer Staples | 0.52% | ₹16.18 Cr | +0.65% | +0.79% | +0.84% |
| Vedanta Power Ltd | Capital Goods | 0.52% | ₹15.97 Cr | +0.63% | — | — |
| Ather Energy Ltd. | Automobile | 0.51% | ₹15.63 Cr | +0.90% | +2.07% | +1.38% |
| HEG Graphite Ltd. | Capital Goods | 0.51% | ₹15.79 Cr | — | — | — |
| Suraksha Diagnostic Ltd. | Healthcare | 0.51% | ₹15.82 Cr | +0.50% | +0.56% | +0.74% |
| Usha Martin Ltd. | Metals & Mining | 0.51% | ₹15.71 Cr | +0.54% | — | — |
| Max Financial Services Ltd. | Financial | 0.50% | ₹15.43 Cr | +0.90% | +1.24% | +2.04% |
| Power Mech Projects Ltd. | Construction | 0.46% | ₹14.20 Cr | +0.59% | +0.49% | +0.68% |
| ideaForge Technology Ltd. | Capital Goods | 0.44% | ₹13.45 Cr | +0.25% | — | — |
| PB Fintech Ltd. | Services | 0.39% | ₹12.01 Cr | — | — | — |
| KRN Heat Exchanger And Refrigeration Ltd. | Capital Goods | 0.38% | ₹11.76 Cr | +0.60% | +0.87% | +0.80% |
| Jubilant FoodWorks Ltd. | Services | 0.29% | ₹9.01 Cr | +0.39% | — | — |
| HEG Advanced Materials Ltd. | Capital Goods | 0.26% | ₹8.01 Cr | +0.45% | — | — |
| Manipal Health Enterprises Ltd. | Healthcare | 0.25% | ₹7.72 Cr | — | — | — |
| Shiprocket Ltd. | Technology | 0.23% | ₹7.21 Cr | — | — | — |
| Optiemus Infracom Ltd. | Services | 0.12% | ₹3.84 Cr | +0.18% | +0.37% | +0.87% |
| Stove Kraft Ltd. | Consumer Discretionary | 0.09% | ₹2.78 Cr | +0.26% | +0.25% | +1.06% |
| Thangamayil Jewellery Ltd. | Consumer Discretionary | 0.07% | ₹2.28 Cr | +1.10% | +1.51% | +0.86% |
Sectors
Instruments
Recent changes
| Holding | From | To | Weight |
|---|---|---|---|
| Hitachi Energy India Ltd. | 0.00% | 1.21% | +1.21% |
| Shadowfax Technologies Ltd. | 0.00% | 1.16% | +1.16% |
| Rentomojo Ltd. | 0.00% | 1.01% | +1.01% |
| GE Vernova T&D India Ltd | 1.51% | 0.74% | -0.77% |
| Eternal Ltd. | 6.43% | 5.67% | -0.76% |
| Thangamayil Jewellery Ltd. | 0.79% | 0.07% | -0.72% |
| Infosys Ltd. | 0.70% | 0.00% | -0.70% |
| BlueStone Jewellery and Lifestyle Ltd. | 0.95% | 1.57% | +0.62% |
| HEG Advanced Materials Ltd. | 0.83% | 0.26% | -0.57% |
| Cyient Ltd. | 0.00% | 0.54% | +0.54% |
| HEG Graphite Ltd. | 0.00% | 0.51% | +0.51% |
| Nephrocare Health Services Ltd. | 0.29% | 0.78% | +0.49% |
| Sterlite Technologies Ltd. | 2.00% | 2.44% | +0.44% |
| PB Fintech Ltd. | 0.00% | 0.39% | +0.39% |
| Honasa Consumer Ltd. | 2.28% | 1.91% | -0.37% |
| Manipal Health Enterprises Ltd. | 0.60% | 0.25% | -0.35% |
| Astrazeneca Pharma India Ltd. | 2.72% | 2.41% | -0.31% |
| Mahindra & Mahindra Ltd. | 2.33% | 2.02% | -0.31% |
| Lalithaa Jewellery Mart Ltd. | 0.87% | 1.18% | +0.31% |
| Max Financial Services Ltd. | 0.78% | 0.50% | -0.28% |
| Bajaj Finserv Ltd. | 3.72% | 3.46% | -0.26% |
| ICICI Bank Ltd. | 3.16% | 2.90% | -0.26% |
| Amber Enterprises India Ltd. | 1.56% | 1.31% | -0.25% |
| Coforge Ltd. | 2.41% | 2.16% | -0.25% |
| Reliance Industries Ltd. | 2.23% | 1.98% | -0.25% |
| MTAR Technologies Ltd. | 1.66% | 1.90% | +0.24% |
| One 97 Communications Ltd. | 5.02% | 4.80% | -0.22% |
| Info Edge (India) Ltd. | 1.37% | 1.58% | +0.21% |
| Tube Investments Of India Ltd. | 0.19% | 0.00% | -0.19% |
| Tega Industries Ltd. | 0.64% | 0.81% | +0.17% |
| Electronics Mart India Ltd. | 0.51% | 0.65% | +0.14% |
| Billionbrains Garage Ventures Ltd. | 1.58% | 1.45% | -0.13% |
| Trent Ltd. | 1.08% | 0.95% | -0.13% |
| Ather Energy Ltd. | 0.64% | 0.51% | -0.13% |
| Cohance Lifesciences Ltd. | 0.55% | 0.68% | +0.13% |
| KFin Technologies Ltd. | 0.78% | 0.65% | -0.13% |
| Physicswallah Ltd. | 0.90% | 1.03% | +0.13% |
| BlackBuck Ltd. | 0.41% | 0.53% | +0.12% |
| Fortis Healthcare Ltd. | 0.78% | 0.90% | +0.12% |
| Eicher Motors Ltd. | 0.80% | 0.69% | -0.11% |
| HDFC Bank Ltd. | 0.85% | 0.96% | +0.11% |
| Divi's Laboratories Ltd. | 1.79% | 1.69% | -0.10% |
| Jubilant FoodWorks Ltd. | 0.39% | 0.29% | -0.10% |
| Glenmark Pharmaceuticals Ltd. | 1.03% | 0.93% | -0.10% |
| Dr. Agarwal's Health Care Ltd. | 1.51% | 1.42% | -0.09% |
| Jubilant Ingrevia Ltd. | 1.79% | 1.70% | -0.09% |
| Craftsman Automation Ltd. | 1.00% | 0.91% | -0.09% |
| Godrej Properties Ltd. | 0.87% | 0.78% | -0.09% |
| Jubilant Pharmova Ltd. | 0.79% | 0.88% | +0.09% |
| Tilaknagar Industries Ltd. | 1.18% | 1.09% | -0.09% |
| Tech Mahindra Ltd. | 0.90% | 0.82% | -0.08% |
| Vintage Coffee & Beverages Ltd. | 1.04% | 0.96% | -0.08% |
| Shiprocket Ltd. | 0.31% | 0.23% | -0.08% |
| Amagi Media Labs Ltd. | 0.85% | 0.92% | +0.07% |
| KRN Heat Exchanger And Refrigeration Ltd. | 0.45% | 0.38% | -0.07% |
| Ethos Ltd. | 0.65% | 0.59% | -0.06% |
| NTPC Ltd. | 1.06% | 1.00% | -0.06% |
| Prestige Estates Projects Ltd. | 1.07% | 1.01% | -0.06% |
| Vedanta Power Ltd | 0.46% | 0.52% | +0.06% |
| Canara HSBC Life Insurance Company Ltd. | 0.83% | 0.77% | -0.06% |
| Multi Commodity Exchange Of India Ltd. | 0.83% | 0.77% | -0.06% |
| Adani Ports and Special Economic Zone Ltd. | 0.94% | 0.99% | +0.05% |
| ideaForge Technology Ltd. | 0.49% | 0.44% | -0.05% |
| 3M India Ltd. | 0.57% | 0.52% | -0.05% |
| Afcom Holdings Ltd. | 0.63% | 0.59% | -0.04% |
| Sai Life Sciences Ltd. | 0.78% | 0.74% | -0.04% |
| The Indian Hotels Company Ltd. | 0.89% | 0.93% | +0.04% |
| Vedanta Aluminium Metal Ltd. | 0.84% | 0.88% | +0.04% |
| Varun Beverages Ltd. | 1.34% | 1.38% | +0.04% |
| Bharat Electronics Ltd. | 1.70% | 1.73% | +0.03% |
| E2E Networks Ltd. | 1.70% | 1.73% | +0.03% |
| Power Mech Projects Ltd. | 0.43% | 0.46% | +0.03% |
| TD Power Systems Ltd. | 1.03% | 1.06% | +0.03% |
| Torrent Pharmaceuticals Ltd. | 0.90% | 0.93% | +0.03% |
| Cholamandalam Investment and Finance Company Ltd. | 1.17% | 1.15% | -0.02% |
| Poonawalla Fincorp Ltd. | 1.88% | 1.90% | +0.02% |
| Saregama India Ltd. | 1.08% | 1.10% | +0.02% |
| Sona BLW Precision Forgings Ltd. | 0.81% | 0.79% | -0.02% |
| ZF Commercial Vehicle Control Systems India Ltd. | 1.01% | 0.99% | -0.02% |
| Optiemus Infracom Ltd. | 0.10% | 0.12% | +0.02% |
| Rashi Peripherals Ltd. | 0.70% | 0.68% | -0.02% |
| Affle 3I Ltd. | 0.86% | 0.85% | -0.01% |
| Biocon Ltd. | 0.79% | 0.78% | -0.01% |
| Kusumgar Ltd. | 0.59% | 0.58% | -0.01% |
| Others | 0.07% | 0.06% | -0.01% |
| Stove Kraft Ltd. | 0.10% | 0.09% | -0.01% |
| Meesho Ltd. | 2.80% | 2.80% | 0.00% |
| Suraksha Diagnostic Ltd. | 0.51% | 0.51% | 0.00% |
| TVS Motor Company Ltd. | 1.13% | 1.13% | 0.00% |
| Usha Martin Ltd. | 0.51% | 0.51% | 0.00% |
Compare
Similar funds
The rest of the category, so this fund’s numbers have something to sit against.
| Fund | AUM | Expense | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| Category average | ₹3,455 Cr | 2.15% | 14.2% | 10.7% | 15.2% |
| ₹7,434 Cr | 2.16% | 5.1% | 7.8% | — | |
| ₹4,295 Cr | 1.90% | 11.4% | 11.5% | 15.6% | |
| ₹2,923 Cr | 2.10% | 5.8% | 5.8% | — | |
| ₹1,315 Cr | 2.27% | 24.9% | 14.3% | 14.9% | |
| ₹1,307 Cr | 2.31% | 23.9% | 14.2% | — |
About
About this fund
The scheme’s own words, its benchmark and the people running it.
Investment objective
The Scheme seeks to generate long-term capital appreciation by investing predominantly in equity and equity-related instruments of companies following innovation theme.
Fund managers
- Brijesh ShahMr. Shah is a Post Graduate Diploma in Finance.Prior to joining Bandhan Mutual Fund (formerly IDFC Mutual Fund) he has worked with IDBI Mutual Fund, IndiaBulls Mutual Fund, Mata Securities & Twenty First Century.
- Manish GunwaniMr. Gunwani is a B.Tech. and PGDM.Prior to joining Bandhan Mutual Fund (formerly IDFC Mutual Fund), he has worked with Nippon India Mutual Fund, ICICI Prudential Mutual Fund as Fund Manager and as Analyst in various organisations: Vicisoft Technologies, Lehman Brothers, Brics Securities , Lucky Securities, SSKI Securities and Prime Securities.
- Prateek PoddarMr. Poddar is a B.Com, CFA, CAPrior joining Bandhan Mutual Fund he has worked with Nippon India Mutual Fund, ICICI Prudential Asset Management Co. - Investment Analyst Equity, Kotak Mahindra Capital Company - Analyst - Investment Banking.
Tools
Return calculator
What ₹10,000 a month in this fund would have grown to over each period, based on its past returns.
| Over the past | Total investment | Would’ve become | Growth | Returns |
|---|---|---|---|---|
| 6 months14.77% absolute | ₹60,000 | ₹68,862 | 14.77% | |
| 1 year16.88% annualised | ₹1,20,000 | ₹1,31,558 | 9.63% |
Returns for 1 year and longer are annualised (CAGR); 6-month figures are absolute. Past returns are not a forecast.
How this is calculated
Each monthly instalment grows at the fund’s annualised return ÷ 12 per month until the end of the period, the same formula as our SIP calculator.
The amount compounds once a year at the fund’s CAGR for that period, the same formula as our lumpsum calculator.
Questions
Frequently asked questions
The things people ask about this scheme.