AXBK – Axis Bank Ltd

Axis Bank Ltd is not Shariah Compliant because of its involvement in Banks (NEC) and related activities.

BAJE – Bharat Electronics Ltd

Bharat Electronics Ltd is not Shariah Compliant because of its involvement in Aerospace & Defense (NEC) and related activities.

NTPC – NTPC Ltd

NTPC Ltd is not Shariah Compliant because it fails the financial ratios.