BJP candidate Tejasvi Surya, the incumbent Bengaluru South MP, recently disclosed assets worth Rs 4.10 crore in the affidavit documents while filing his nomination papers. His assets substantially increased from Rs 13.46 lakh in assets declared during the 2019 Lok Sabha elections to Rs 4.10 crore.
As per the affidavit filed with the Election Commission of India, Surya's main sources of income were investments in shares and mutual funds. He invested Rs 1.79 crore in shares and Rs 1.99 crore in mutual funds.
Talking about his investment formulae, Surya told Moneycontrol: "Investing systematically in the capital markets through SIPs, mutual funds, and stocks has yielded significant returns due to the robust economy... Thanks to the soaring capital markets and a burgeoning economy, returns have multiplied significantly, benefiting investors nationwide. I am one of those investors who have benefited from this flourishing economy."
"The primary driver behind these substantial returns in stock values and mutual funds is the good governance and rapid growth of the Indian economy under Prime Minister Narendra Modi. If anyone is looking for investment advice from me, I would recommend investing in Modi for multi-fold returns," he said.
Surya, who is also the president of BJP's youth wing Bharatiya Janata Yuva Morcha (BJYM), will face Congress candidate Sowmya Reddy this time.
Surya, who is a practising advocate in the Karnataka High Court and nephew of BJP leader and Basavanagudi MLA Ravi Subramanya, said he does not possess physical assets like cars or houses. According to the affidavit, his sources of income include professional earnings, MP salary, and interest and dividend.
"Over the past five years, alongside my duties as an MP, I’ve been practicing law and founded a law firm in Bengaluru, earning a salary from it. I do not own any gold, immovable property, vehicles, or other movable assets because all my investments are in the capital markets," he said.
His affidavit stated that his mutual funds portfolio comprises 26 different funds, which include Canara Robeco Multi Cap Fund, HDFC Multi Cap Fund, Kotak Small Cap Fund and ICICI Prudential Small Cap Fund, among others.
The equity investments include shares of companies like Indus Towers, Eveready Industries India, BSE Limited and Strides Pharma, among others.