How HDFC’s mutual fund, ICS give succour to cancer patients
Santosh Sahu was just 25 years old when he was told that he had cancer. The news stunned him. Sahu, a resident of a small town in Odisha, was initially perplexed as he did not use either tobacco or alcohol. He was also fussy about his diet to the extent that he even avoided tea or coffee. Doctors then confirmed that he had blood cancer. It is caused by mutations in the DNA within one’s blood cells, which start behaving abnormally. The changes are not genetic faults that pass down to children.
After numerous visits to the doctors and months of medical tests and treatment, he was referred to the Tata Memorial Center (TMC) in Mumbai. By that time, he had drained out all his savings. To make matters worse, the doctors there were not optimistic about his survival chances. However, Sahu was determined to beat cancer. He borrowed heavily from relatives and friends and got himself admitted at the TMC. Despite exhausting all borrowing avenues, Sahu was optimistic. And then he had a stroke of luck. The Indian Cancer Society (ICS) came to his aid.
Sahu underwent six months of chemotherapy and returned home. Five years later, he became the proud father of a baby girl. And, he is immensely thankful to ICS for funding his treatment. ICS, founded in 1951 by Dr D.J. Jussawalla and Naval Tata, is India’s first non-profit cancer-related charity.
Since 2011, the ICS has received funding from a series of closed ended funds launched by HDFC Mutual Fund. These funds invested in AAA rated corporate bonds and featured only a dividend option (no growth). Investors were given the choice to donate 50% or 100% of their dividends to the ICS.
“I realized that an organisation like Indian Cancer Society needed steady, predictable funding. Donations
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