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Published by: api-3773732 on Oct 16, 2008
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MF sample paper 1

A mutual fund is not
a. A portfolio of stocks, bonds and other securities
b. A company that manages investment portfolios
c. A pool of funds used to purchase securities on behalf of investors
d. A collective investment vehicle


After UTI, the first mutual funds were started by
a.Private sector banks

Public sector banks
c.Financial institutions

Non-banking Finance Companies
Mutual fund can benefit from economics of scale because of
a. Portfolio diversification
b. Risk reduction
c. Large volume of trades
d. None of the above

Equity Linked Savings Scheme does not have which of the following features?
a. It entitles the unit holder to tax rebate
b. The investment is locked in for 3 years
c. A minimum stated level of investments is made in equity and equity

related instruments
d. None of the above
A close ended mutual fund has a fixed
a. NAV
b. Fund Size
c. Rate of Return
d. Number of Distributors
Of the following fund types, the highest risk is associated with
a. Balanced Funds
b. Gilt Funds
c. Equity Growth Funds
d. Debt Funds

The Custodian of a mutual fund:
a. Is appointed for safekeeping of securities
b. Need not be an entity independent of the sponsors
c. Not required to be receive deliveries with SEBI
d. Does not give or receive deliveries of physical securities

The Mutual fund is constituted as
a. A trust
b. A private limited company
c. An asset management company
d. A trustee company

A Self Regulatory Organisation can regulate
a. All entities in the market
b. Only its own members in a limited way
c. Its own members with total jurisdiction
d. No entity at all

Bank owned Mutual Funds are supervised by

c.Jointly by SEBI & RBI

In case of merger of two AMC, 75% of the unit holders have to approve the

merger in case of
a. Open ended funds
b. Both open and close ended funds
c. Close ended funds
d. None of the above


The first level regulator of AMCs is
a. Board of Trustees
b. Company Law Board

d. RBI

As per SEBI guidelines, a due diligence certificate is not
a. Signed by a Compliance Officer of the mutual fund
b. A certificate that all legal formalities of a scheme are completed
c. Attached to Annual report
d. A part of offer document


An offer document contains an AMCs investor grievances history of the past
a. 1 fiscal year
b. 2 fiscal year
c. 3 fiscal year

d. Six months
For scheme to be able to change its fundamental attributes, the fund managers

must obtain the consent of
a. 50% of the unit holders
b. 50% of the trustees
c. 75% of the unit holders
d. None of the above

SEBI does not require the following to be included in the offer document issued
by a mutual fund
Details of the Sponsor and the AMC
Description of the Scheme & investment objective/strategy
Investors\u2019 Rights and Services
Performance of other mutual funds
Mutual funds do not justify the need for paying commission to agents when the
investors skip out of the scheme before a specified period. In India this practice

is adopted by
a. Agents voluntarily paying back the commission to the Mutual fund
b. Trail commission is not paid to the agents
c. None of the above
d. The whole of commission is paid to the agents

An aggrieved unit-holder of a mutual fund can sue
a. The AMC
b. The trustees
c. The sponsor if returns have been guaranteed by them
d. None of the above

Distributors or agents
a. Can distribute several mutual funds simultaneously
b. Cannot appoint sub-agents or sub-brokers
c. Should be only individuals not companies or banks
d. Should not be an employee or associate of the AMC

If a charitable trust approaches a distributor with an application for investment

in a mutual fund, the distributor should
a. Accept the application without wasting time
b. Reject the application outright
c. Refer to the offer document
d. Accept the application as a direct application

One of your friends who have invested in a mutual fund is about to get

Canadian citizenship. What would you advise?
a. He should transfer the investment to his relative
b. He should get RBI approval for continuing
c. If he does not need the money, he can continue
d. He should immediately redeem his investment since foreign citizens are

not eligible investors

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