Chandigarh, January 29, 2009: Reliance Mutual Fund, part of the Reliance Anil Dhirubhai Ambani Group, has been adjudged as the best fund house in India and Vikrant Gugnani as best CEO by Asia Asset Management, a journal of investments and pensions based out of Hong Kong.

Asia Asset Management magazine is a monthly publication focusing on the institutional fund markets in the Asia Pacific region.

The award is for the 12-month period ended December 2008.

Commenting on the awards,Publisher of Asia Asset Management, Leehock Tan, said, “We have seen that Reliance Capital Asset Management Limited continues to expand both its domestic and international franchise, re-affirming its dominance as the leading mutual fund house in India. Amidst the global economic crisis, its recent growth has been impressive. Thus, their commitment to the industry deserves to be recognized.”

On this recognition, the newly appointed CEO of Reliance Mutual Fund, Sundeep Sikka, said, “This recognition is very special as it comes from an international and a very credible institution endorsing us as the Best Fund House in India. We convey our gratitude to our investors and partners who have been the driving force towards our success. Such recognition makes us more committed towards serving our investors with better products and services”

Gugnani was the CEO of Reliance Mutual Fund from October, 2005 to December, 2008, and was instrumental in taking the company to leadership position and making it the most trusted brand amongst asset management companies by setting service standard benchmarks and product innovations.

Gugnani, who has recently moved as the CEO of International Business - Reliance Capita said, “I am truly overwhelmed with this recognition. I have been very fortunate to be a part of the winning team. I dedicate this award to the entire team at Reliance Mutual Fund”.