Verdicts genuinely change. Free email alert the moment INDAX's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Kotak India Equity Fund · FINANCIAL INVESTORS TRUST
35 holdings
NON-COMPLIANT 43.38% of portfolio weight is in non-compliant holdings, over the 5% threshold.
35 holdings, 35 matched (100% of weight). Portfolio as of 2026-07-31, filed 2026-09-25. Source: SEC Form N-PORT.
10.90% of this portfolio’s income is non-permissible — weighted across holdings, computed over 86% of portfolio weight (30 of 35 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
56.6% compliant 0.0% questionable 43.4% non-compliant 0.0% unscreened
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| ICICIBANK.NS Icici Bank Ltd | NON_COMPLIANT | 9.13% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| RELIANCE.NS Reliance Industries Ltd | COMPLIANT | 6.19% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| BHARTIARTL.BO Bharti Airtel Ltd | COMPLIANT | 4.90% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| BAJFINANCE.NS Bajaj Finance Ltd | NON_COMPLIANT | 4.90% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| TMCV.NS Tata Motors Ltd /new | COMPLIANT | 4.21% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| ETERNAL.NS Eternal Ltd | COMPLIANT | 3.64% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| CTSH Cognizant Technology Solutions Corp | COMPLIANT | 3.44% | AAOIFI4.0% Usmani5.4% Dow Jones Islamic3.2% S&P Shariah3.2% MSCI Islamic5.3% MSCI Islamic M-Series3.2% FTSE Shariah2.8% |
| INDIGO.NS Interglobe Aviation Ltd | NON_COMPLIANT | 3.43% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| MAXHEALTH.BO Max Healthcare Institute Ltd | COMPLIANT | 3.29% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| COFORGE.NS Coforge Ltd | COMPLIANT | 3.24% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| 360ONE.NS 360 One Wam Ltd | NON_COMPLIANT | 3.04% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ULTRACEMCO.NS Ultratech Cement Ltd | COMPLIANT | 3.03% | AAOIFI7.1% Usmani17.5% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic16.8% MSCI Islamic M-Seriespass FTSE Shariah16.8% |
| AXISBANK.BO Axis Bank Ltd | NON_COMPLIANT | 2.99% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| POONAWALLA.NS Poonawalla Fincorp Ltd | NON_COMPLIANT | 2.97% | AAOIFI118.2% Usmani80.9% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic80.4% MSCI Islamic M-Seriesfail FTSE Shariah80.4% |
| M&M.NS Mahindra & Mahindra Ltd | NON_COMPLIANT | 2.92% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| UNOMINDA.BO Uno Minda Ltd | COMPLIANT | 2.86% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| VMM.NS Vishal Mega Mart Ltd | COMPLIANT | 2.82% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| BEL.NS Bharat Electronics Ltd | NON_COMPLIANT | 2.71% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| CHOLAFIN.BO Cholamandalam Investment And Finance Co Ltd | NON_COMPLIANT | 2.60% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| AUBANK.NS Au Small Finance Bank Ltd | NON_COMPLIANT | 2.59% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| INDUSTOWER.NS Indus Towers Ltd | COMPLIANT | 2.41% | AAOIFIpass Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| GODREJCP.NS Godrej Consumer Products Ltd | COMPLIANT | 2.31% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| GVT&D.BO Ge Vernova T&d India Ltd | COMPLIANT | 2.15% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| BRITANNIA.NS Britannia Industries Ltd | COMPLIANT | 2.12% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| HDFCAMC.NS Hdfc Asset Management Co Ltd | COMPLIANT | 1.85% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| MFSL.NS Max Financial Services Ltd | NON_COMPLIANT | 1.84% | AAOIFI4.4% Usmani1.4% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic1.2% MSCI Islamic M-Seriesfail FTSE Shariah1.2% |
| BSE.NS Bse Ltd | NON_COMPLIANT | 1.65% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| LENSKART.NS Lenskart Solutions Ltd | COMPLIANT | 1.54% | AAOIFI2.8% Usmani41.4% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic21.5% MSCI Islamic M-Seriespass FTSE Shariah21.5% |
| BRIGADE.BO Brigade Enterprises Ltd | NON_COMPLIANT | 1.49% | AAOIFIfail Usmanipass Dow Jones Islamicpass S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| PPLPHARMA.NS Piramal Pharma Ltd | COMPLIANT | 1.47% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| DALBHARAT.NS Dalmia Bharat Ltd | COMPLIANT | 1.37% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| CIPLA.NS Cipla Ltd/india | COMPLIANT | 1.33% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| MPHASIS.BO Mphasis Ltd | COMPLIANT | 1.30% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| CENTURYPLY.BO Century Plyboards India Ltd | COMPLIANT | 1.17% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| SHRIRAMFIN.BO Shriram Finance Ltd | NON_COMPLIANT | 1.10% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
The published standards disagree about this fund by 11 points of portfolio weight — 56.7% of it passes AAOIFI, 45.3% passes Usmani. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 56.7% ratios fail on 43.4% 0.0% not rated under AAOIFI
ratios pass on 45.3% ratios fail on 52.9% 1.8% not rated under Usmani
ratios pass on 55.7% ratios fail on 44.3% 0.0% not rated under Dow Jones Islamic
ratios pass on 54.2% ratios fail on 45.8% 0.0% not rated under S&P Shariah
ratios pass on 45.4% ratios fail on 54.7% 0.0% not rated under MSCI Islamic
ratios pass on 54.2% ratios fail on 45.8% 0.0% not rated under MSCI Islamic M-Series
ratios pass on 52.1% ratios fail on 48.0% 0.0% not rated under FTSE Shariah
35 of 35 listed holdings carry our own per-methodology verdicts (100% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 5 (13% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| ICICIBANK.NS Icici Bank Ltd | 9.13% |
| BAJFINANCE.NS Bajaj Finance Ltd | 4.90% |
| INDIGO.NS Interglobe Aviation Ltd | 3.43% |
| 360ONE.NS 360 One Wam Ltd | 3.04% |
| AXISBANK.BO Axis Bank Ltd | 2.99% |
| POONAWALLA.NS Poonawalla Fincorp Ltd | 2.97% |
| M&M.NS Mahindra & Mahindra Ltd | 2.92% |
| BEL.NS Bharat Electronics Ltd | 2.71% |
| CHOLAFIN.BO Cholamandalam Investment And Finance Co Ltd | 2.60% |
| AUBANK.NS Au Small Finance Bank Ltd | 2.59% |
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Kotak India Equity Fund (INDAX) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| ICICIBANK.NSIcici Bank Ltd | 9.13% | Non-compliant |
| RELIANCE.NSReliance Industries Ltd | 6.19% | Compliant |
| BHARTIARTL.BOBharti Airtel Ltd | 4.90% | Compliant |
| BAJFINANCE.NSBajaj Finance Ltd | 4.90% | Non-compliant |
| TMCV.NSTata Motors Ltd /new | 4.21% | Compliant |
| ETERNAL.NSEternal Ltd | 3.64% | Compliant |
| CTSHCognizant Technology Solutions Corp | 3.44% | Compliant |
| INDIGO.NSInterglobe Aviation Ltd | 3.43% | Non-compliant |
| MAXHEALTH.BOMax Healthcare Institute Ltd | 3.29% | Compliant |
| COFORGE.NSCoforge Ltd | 3.24% | Compliant |
Top 10 of 35 holdings, 46.4% of the fund by weight. Every holding is screened, not only these.
The positions keeping this fund short of 100% compliant by weight.
Verdict history for INDAX. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
ℹ️ no compliance scan has run for 3 days - this is not a reading of today
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
This fund prices once a day, so its bars carry no intraday high or low — floor-trader pivots are not defined for it.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 35.80 | NEUTRAL |
| Stochastic %K (14) | 15.00 | BUY |
| CCI (20) | -95.18 | NEUTRAL |
| Williams %R (14) | -85.00 | BUY |
| MACD (12,26,9) | -0.02 | SELL |
| ROC (10) | -3.49 | SELL |
| Momentum (10) | -0.49 | SELL |
| EMA (10) | 13.68 | SELL |
| SMA (10) | 13.64 | SELL |
| EMA (20) | 13.86 | SELL |
| SMA (20) | 13.88 | SELL |
| EMA (30) | 13.99 | SELL |
| SMA (30) | 14.11 | SELL |
| EMA (50) | 14.11 | SELL |
| SMA (50) | 14.34 | SELL |
| EMA (100) | 14.23 | SELL |
| SMA (100) | 14.16 | SELL |
| EMA (200) | 14.61 | SELL |
| SMA (200) | 14.43 | SELL |
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.