We are concerned about the loss of investor confidence which debt schemes face given significant write-downs/offs on exposures to stressed corporates. Lastly, the macro environment remains challenging and thus despite our positive bias towards Nippon Life as sole promoter, increased credibility to raise HNI/institutional capital, and valuation discount (26.7% on FY21E P/E) to HDFCAMC, we retain NEUTRAL with a revised Sep-20E TP of Rs 260 (24x Sep-21E NOLPAT + cash). RNAM printed an in-line 2QFY20 with revenues at Rs 3bn (23.2/7.7% YoY/QoQ), and operating profit at Rs 1.35bn (5.2/-6.4% YoY/QoQ, -1.9% vs. est.). We remain concerned of the 13.3% QoQ decline in debt QAAUM.