Security Analysis and Portfolio Management

Einstein College of Engineering
Security analysis and portfolio management:

Unit 1:
Characteristics of investment
Return
Risk
Liquidity
Safety
Investment alternatives
Equity shares
Preference shares
Debentures
Bank Deposits
Post office Deposits
Employees Provident fund
Public Provident fund
Company Deposits
Bonds
Money Market Securities
Mutual funds
Real Estate

Gold
Insurance
History

The story of insurance is probably as old as
the story of mankind. The same instinct that
prompts modern businessmen today to
secure themselves against loss and disaster
existed in primitive men also. They too
sought to avert the evil consequences of fire
and flood and loss of life and were willing to
make some sort of sacrifice in order to
achieve security. Though the concept of
insurance is largely a development of the
recent past, particularly after the industrial
era past few centuries yet its beginnings
date back almost 6000 years.
Life Insurance in its modern form came to
India from England in the year 1818. Oriental
Life Insurance Company started by Europeans
in Calcutta was the first life insurance
company on Indian Soil. All the insurance
companies established during that period
were brought up with the purpose of looking

after the needs of European community and
Indian natives were not being insured by
these companies. However, later with the
efforts of eminent people like Babu Muttylal
Seal, the foreign life insurance companies
started insuring Indian lives. But Indian lives
were being treated as sub-standard lives and
heavy extra premiums were being charged on
them. Bombay Mutual Life Assurance Society
heralded the birth of first Indian life insurance
company in the year 1870, and covered
Indian lives at normal rates. Starting as
Indian enterprise with highly patriotic
motives, insurance companies came into
existence to carry the message of insurance
and social security through insurance to
various sectors of society. Bharat Insurance
Company (1896) was also one of such
companies inspired by nationalism. The
Swadeshi movement of 1905-1907 gave rise
to more insurance companies. The United
India in Madras, National Indian and National
Insurance in Calcutta and the Co-operative
Assurance at Lahore were established in
1906. In 1907, Hindustan Co-operative

Insurance Company took its birth in one of
the rooms of the Jorasanko, house of the
great poet Rabindranath Tagore, in Calcutta.
The Indian Mercantile, General Assurance and
Swadeshi Life (later Bombay Life) were some
of the companies established during the same
period. Prior to 1912 India had no legislation
to regulate insurance business. In the year
1912, the Life Insurance Companies Act, and
the Provident Fund Act were passed. The Life
Insurance Companies Act, 1912 made it
necessary that the premium rate tables and
periodical valuations of companies should be
certified by an actuary. But the Act
discriminated between foreign and Indian
companies on many accounts, putting the
Indian companies at a disadvantage.

The first two decades of the twentieth century
saw lot of growth in insurance business. From
44 companies with total business-in-force as
Rs.22.44 crore, it rose to 176 companies with
total business-in-force as Rs.298 crore in
1938. During the mushrooming of insurance
companies many financially unsound concerns

were also floated which failed miserably. The
Insurance Act 1938 was the first legislation
governing not only life insurance but also
non-life insurance to provide strict state
control over insurance business. The demand
for nationalization of life insurance industry
was made repeatedly in the past but it
gathered momentum in 1944 when a bill to
amend the Life Insurance Act 1938 was
introduced in the Legislative Assembly.
However, it was much later on the 19th of
January, 1956, that life insurance in India
was nationalized. About 154 Indian insurance
companies, 16 non-Indian companies and 75
provident were operating in India at the time
of nationalization. Nationalization was
accomplished in two stages; initially the
management of the companies was taken
over by means of an Ordinance, and later, the
ownership too by means of a comprehensive
bill. The Parliament of India passed the Life
Insurance Corporation Act on the 19th of June
1956, and the Life Insurance Corporation of
India was created on 1st September, 1956,
with the objective of spreading life insurance

much more widely and in particular to the
rural areas with a view to reach all insurable
persons in the country, providing them
adequate financial cover at a reasonable cost.
LIC had 5 zonal offices, 33 divisional offices
and 212 branch offices, apart from its
corporate office in the year 1956. Since life
insurance contracts are long term contracts
and during the currency of the policy it
requires a variety of services need was felt in
the later years to expand the operations and
place a branch office at each district
headquarter. Re-organization of LIC took
place and large numbers of new branch
offices were opened. As a result of re-
organisation servicing functions were
transferred to the branches, and branches
were made accounting units. It worked
wonders with the performance of the
corporation. It may be seen that from about
200.00 crores of New Business in 1957 the
corporation crossed 1000.00 crores only in
the year 1969-70, and it took another 10
years for LIC to cross 2000.00 crore mark of
new business. But with re-organisation

happening in the early eighties, by 1985-86
LIC had already crossed 7000.00 crore Sum
Assured on new policies.
Today LIC functions with 2048 fully
computerized branch offices, 109 divisional
offices, 8 zonal offices, 992 satallite offices
and the Corporate office. LICs Wide Area
Network covers 109 divisional offices and
connects all the branches through a Metro
Area Network. LIC has tied up with some
Banks and Service providers to offer on-line
premium collection facility in selected cities.
LICs ECS and ATM premium payment facility
is an addition to customer convenience. Apart
from on-line Kiosks and IVRS, Info Centres
have been commissioned at Mumbai,
Ahmedabad, Bangalore, Chennai, Hyderabad,
Kolkata, New Delhi, Pune and many other
cities. With a vision of providing easy access
to its policyholders, LIC has launched its
SATELLITE SAMPARK offices. The satellite
offices are smaller, leaner and closer to the
customer. The digitalized records of the
satellite offices will facilitate anywhere

servicing and many other conveniences in the
future.
LIC continues to be the dominant life insurer
even in the liberalized scenario of Indian
insurance and is moving fast on a new growth
trajectory surpassing its own past records.
LIC has issued over one crore policies during
the current year. It has crossed the milestone
of issuing 1,01,32,955 new policies by 15th
Oct, 2005, posting a healthy growth rate of
16.67% over the corresponding period of the
previous year.
From then to now, LIC has crossed many
milestones and has set unprecedented
performance records in various aspects of life
insurance business. The same motives which
inspired our forefathers to bring insurance
into existence in this country inspire us at LIC
to take this message of protection to light the
lamps of security in as many homes as
possible and to help the people in providing
security to their families.

Some of the important milestones in the
life insurance business in India are:
1818: Oriental Life Insurance Company, the
first life insurance company on Indian soil
started functioning.
1870: Bombay Mutual Life Assurance Society,
the first Indian life insurance company started
its business.
1912: The Indian Life Assurance Companies
Act enacted as the first statute to regulate the
life insurance business.
1928: The Indian Insurance Companies Act
enacted to enable the government to collect
statistical information about both life and
non-life insurance businesses.
1938: Earlier legislation consolidated and
amended to by the Insurance Act with the
objective of protecting the interests of the
insuring public.
1956: 245 Indian and foreign insurers and
provident societies are taken over by the

central government and nationalised. LIC
formed by an Act of Parliament, viz. LIC Act,
1956, with a capital contribution of Rs. 5
crore from the Government of India.
The General insurance business in India, on
the other hand, can trace its roots to the
Triton Insurance Company Ltd., the first
general insurance company established in the
year 1850 in Calcutta by the British.
Some of the important milestones in the
general insurance business in India are:
1907: The Indian Mercantile Insurance Ltd.
set up, the first company to transact all
classes of general insurance business.
1957: General Insurance Council, a wing of
the Insurance Association of India, frames a
code of conduct for ensuring fair conduct and
sound business practices.
1968: The Insurance Act amended to regulate
investments and set minimum solvency
margins and the Tariff Advisory Committee
set up.

Unit 2:
Primary market:
Secondary market
Stock exchanges in india
BSE
NSE
The National Stock Exchange (NSE) operates
a nation-wide, electronic market, offering
trading in Capital Market, Derivatives Market
and Currency Derivatives segments including
equities, equities based derivatives, Currency
futures and options, equity based ETFs, Gold
ETF and Retail Government Securities. Today
NSE network stretches to more than 1,500
locations in the country and supports more
than 2, 30,000 terminals.

With more than 10 asset classes in offering,
NSE has taken many initiatives to strengthen
the securities industry and provides several

new products like Mini Nifty, Long Dated
Options and Mutual Fund Service System.
Responding to market needs, NSE has
introduced services like DMA, FIX capabilities,
co-location facility and mobile trading to cater
to the evolving need of the market and
various categories of market participants.

NSE has made its global presence felt with
cross-listing arrangements, including license
agreements covering benchmark indexes for
U.S. and Indian equities with CME Group and
has also signed a Memorandum of
Understanding (MOU) with Singapore
Exchange (SGX) to cooperate in the
development of a market for India-linked
products and services to be listed on SGX.
The two exchanges also will look into a
bilateral securities trading link to enable
investors in one country to seamlessly trade
on the other countrys exchange.

NSE is committed to operate a market
ecosystem which is transparent and at the
same time offers high levels of safety,

integrity and corporate governance, providing
ever growing trading & investment
opportunities for investors.
Important indices:
SENSEX
NIFTY
Unit 3:
Fundamental analysis
Company analysis
Industry analysis
Economic analysis
Life cycle models are not just a phenomenon of
the life sciences. Industries experience a similar
cycle of life. Just as a person is born, grows,
matures, and eventually experiences decline and
ultimately death, so too do industries. The stages
are the same for all industries, yet industries
cycle through the stages in various lengths of
time. Even within the same industry, various
firms may be at different life cycle stages.
Strategies of a firm as well as of competitors vary
depending on the stage of the life cycle. Some

industries even find new uses for declining
products, thus extending the life cycle. Others
send products abroad in hopes of extending
their life.
The growth of an industry's sales over time is
used to chart the life cycle. The distinct stages of
an industry life cycle are: introduction, growth,
maturity, and decline. Sales typically begin
slowly at the introduction phase, then take off
rapidly during the growth phase. After leveling
out at maturity, sales then begin a gradual
decline. In contrast, profits generally continue to
increase throughout the life cycle, as companies
in an industry take advantage of expertise and
economies of scale and scope to reduce unit
costs over time.
STAGES OF THE LIFE CYCLE :

INTRODUCTION
In the introduction stage of the life cycle, an
industry is in its infancy. Perhaps a new, unique
product offering has been developed and
patented, thus beginning a new industry. Some
analysts even add an embryonic stage before
introduction. At the introduction stage, the firm

may be alone in the industry. It may be a small
entrepreneurial company or a proven company
which used research and development funds and
expertise to develop something new. Marketing
refers to new product offerings in a new industry
as "question marks" because the success of the
product and the life of the industry is unproven
and unknown.
A firm will use a focus strategy at this stage to
stress the uniqueness of the new product or
service to a small group of customers. These
customers are typically referred to in the
marketing literature as the "innovators" and
"early adopters." Marketing tactics during this
stage are intended to explain the product and its
uses to consumers and thus create awareness for
the product and the industry. According to
research by Hitt, Ireland, and Hoskisson, firms
establish a niche for dominance within an
industry during this phase. For example, they
often attempt to establish early perceptions of
product quality, technological superiority, or
advantageous relationships with vendors within
the supply chain to develop a competitive
advantage.
Because it costs money to create a new product
offering, develop and test prototypes, and

market the product from its embryonic stage to
introduction, the firm's and the industry's profits
are usually negative at this stage. Any profits are
typically reinvested into the company to further
prepare it for the next life cycle stage.
Introduction requires a significant cash outlay to
continue to promote and differentiate the
offering and expand the production flow from a
job shop to possibly a batch flow. Market
demand will grow from the introduction, and as
the life cycle curve experiences growth at an
increasing rate, the industry is said to be
entering the growth stage. Firms may also
cluster together in close proximity during the
early stages of the industry life cycle to have
access to key materials or technological
expertise, as in the case of the U.S. Silicon Valley
computer chip manufacturers.
GROWTH Like the introduction stage, the
growth stage also requires a significant amount
of capital for the firm. The goal of marketing
efforts at this stage is to differentiate a firm's
offerings from other competitors within the
industry. Thus the growth stage requires funds
to launch a newly focused marketing campaign
as well as funds for continued investment in
property, plant, and equipment to facilitate the

growth required by the market demands.
However, the industry is experiencing more
product standardization at this stage, which may
encourage economies of scale and facilitate
development of a line-flow layout for production
efficiency.
Research and development funds will be needed
to make changes to the product or services to
better reflect customer's needs and suggestions.
In this stage, if the firm is successful in the
market, growing demand will create sales
growth. Earnings and accompanying assets will
also grow and profits will be positive for the
firms. Marketing often refers to products at the
growth stage as "stars." These products have
high growth and market share. The key issue in
this stage is market rivalry. Because there is
industry-wide acceptance of the product, more
new entrants join the industry and more intense
competition results.
The duration of the growth stage, as all the other
stages, depends on the particular industry under
study. Some itemslike fad clothing, for
examplemay experience a very short growth
stage and move almost immediately into the
next stages of maturity and decline. A hot toy
this holiday season may be nonexistent or

relegated to the back shelves of a deep-
discounter the following year. Because many
new product introductions fail, the growth stage
may be short for some products. However, for
other products the growth stage may be longer
due to frequent product upgrades and
enhancements that forestall movement into
maturity. The computer industry today is an
example of an industry with a long growth stage
due to upgrades in hardware, services, and add-
on products and features.
During the growth stage, the life cycle curve is
very steep, indicating fast growth. Firms tend to
spread out geographically during this stage of
the life cycle and continue to disperse during the
maturity and decline stages. As an example, the
automobile industry in the United States was
initially concentrated in the Detroit area and
surrounding cities. Today, as the industry has
matured, automobile manufacturers are spread
throughout the country and internationally.
MATURITY As the industry approaches
maturity, the industry life cycle curve becomes
noticeably flatter, indicating slowing growth.
Some experts have labeled an additional stage,
called expansion, between growth and maturity.
While sales are expanding and earnings are

growing from these "cash cow" products, the
rate has slowed from the growth stage. In fact,
the rate of sales expansion is typically equal to
the growth rate of the economy.
Some competition from late entrants will be
apparent, and these new entrants will try to steal
market share from existing products. Thus, the
marketing effort must remain strong and must
stress the unique features of the product or the
firm to continue to differentiate a firm's
offerings from industry competitors. Firms may
compete on quality to separate their product
from other lower-cost offerings, or conversely
the firm may try a low-cost/low-price strategy to
increase the volume of sales and make profits
from inventory turnover. A firm at this stage
may have excess cash to pay dividends to
shareholders. But in mature industries, there are
usually fewer firms, and those that survive will
be larger and more dominant. While innovations
continue they are not as radical as before and
may be only a change in color or formulation to
stress "new" or "improved" to consumers.
Laundry detergents are examples of mature
products.
DECLINE Declines are almost inevitable in an
industry. If product innovation has not kept pace

with other competitors, or if new innovations or
technological changes have caused the industry
to become obsolete, sales suffer and the life cycle
experiences a decline. In this phase, sales are
decreasing at an accelerating rate, causing the
plotted curve to trend downward. Profits may
continue to rise, however. There is usually
another, larger shake-out in the industry as
competitors who did not leave during the
maturity stage now exit the industry. Yet some
firms will remain to compete in the smaller
market. Mergers and consolidations will also be
the norm as firms try other strategies to
continue to be competitive or grow through
acquisition and/or diversification.

unit 4:

Technical analysis
Dow theory
Price Charts

Line Chart
Bar Chart
Japanese Candle stick chart
Trends
Patterns
ELLiot Wave theory
Moving averages
Oscillators
RSI
Candlestick charts provide distinct
advantages over the conventional bar charts.
The Japanese rice traders, boxing in the
open and the close, produced enormous
improvements for analyzing candlestick charts
information that would not be readily revealed
in western technical charts. As illustrated
below, a candlestick chart has much more
visual clarity as to what is occurring during a
trading day. Unlike the bar chart, the
candlestick chart illustrates more definitively

when buying is occurring during a daily trade
session. Even though the price may be down
for the day, the buying may have appeared
from the time the price opened.

Just the contrast of the bullish candles versus
the bearish candles provides a better
indication of what the investor sentiment is on
the candlestick charts.


Candlestick charts illustrate the investor
sentiment during each time segment.
This benefit, not found on the bar chart,
provides a much clearer depiction of
what is actually occurring during each
time segment.


The multiple benefits incorporated into
candlestick charts are visually obvious,
to the point that many millions of
investors use candlestick charts as their
illustrating charts solely because they
are easier to see, even though they do
not understand how to use candlestick
analysis.

The purpose of this site is to educate all
those who want to take command of
their own investment future. Centuries
of candlestick chart analysis has
continually produced high-profit trading.
The Candlestick Trading Forum has
created an easy-to-learn teaching
program, for investors to become
effective Candlestick Traders in a
relatively short period of time.

This is not rocket science, this is the
visual depiction of what is occurring in
the minds of investors during any time
frame. You can change you financial
future very easily.


Unit 5:
Portfolio management
Portfolio analysis
Portfolio selection
Portfolio evaluation
Portfolio revision
Mutual funds
The concept of mutual funds in India
dates back to the year 1963. The era
between 1963 and 1987 marked the
existance of only one mutual fund
company in India with Rs. 67bn assets
under management (AUM), by the end of
its monopoly era, the Unit Trust of India
(UTI). By the end of the 80s decade, few
other mutual fund companies in India
took their position in mutual fund market.

The new entries of mutual fund
companies in India were SBI Mutual

Fund, Canbank Mutual Fund, Punjab
National Bank Mutual Fund, Indian Bank
Mutual The succeeding decade showed a
new horizon in indian mutual fund
industry. By the end of 1993, the total
AUM of the industry was Rs. 470.04 bn.
The private sector funds started
penetrating the fund families. In the same
year the first Mutual Fund Regulations
came into existance with re-registering
all mutual Fund, Bank of India Mutual
Fund.

Kothari Pioneer was the first private
sector mutual fund company in India
which has now merged with Franklin
Templeton. Just after ten years with
private sector players penetration, the
total assets rose up to Rs. 1218.05 bn.
Major Mutual Fund Companies in India

ABN AMRO Mutual Fund was setup on
April 15, 2004 with ABN AMRO Trustee

(India) Pvt. Ltd. as the Trustee Company.
The AMC, ABN AMRO Asset Management
(India) Ltd. was incorporated on
November 4, 2003. Deutsche Bank A G is
the custodian of ABN AMRO Mutual
Fund.

Birla Sun Life Mutual Fund is the joint
venture of Aditya Birla Group and Sun
Life Financial. Sun Life Financial is a
golbal organisation evolved in 1871 and
is being represented in Canada, the US,
the Philippines, Japan, Indonesia and
Bermuda apart from India. Birla Sun Life
Mutual Fund follows a conservative long-
term approach to investment. Recently it
crossed AUM of Rs. 10,000 crores.

Bank of Baroda Mutual Fund (BOB
Mutual Fund)

Bank of Baroda Mutual Fund or BOB
Mutual Fund was setup on October 30,
1992 under the sponsorship of Bank of
Baroda. BOB Asset Management
Company Limited is the AMC of BOB

Mutual Fund and was incorporated on
November 5, 1992. Deutsche Bank AG is
the custodian.

HDFC

HDFC Mutual Fund was setup on June
30, 2000 with two sponsorers nemely
Housing Development Finance
Corporation Limited and Standard Life
Investments Limited.

HSBC Mutual Fund
HSBC Mutual Fund was setup on May
27, 2002 with HSBC Securities and
Capital Markets (India) Private Limited as
the sponsor. Board of Trustees, HSBC
Mutual Fund acts as the Trustee
Company of HSBC Mutual Fund.

ING Vysya Mutual Fund
ING Vysya Mutual Fund was setup on
February 11, 1999 with the same named
Trustee Company. It is a joint venture of

Vysya and ING. The AMC, ING Investment
Management (India) Pvt. Ltd. was
incorporated on April 6, 1998.

Prudential ICICI Mutual Fund
The mutual fund of ICICI is a joint
venture with Prudential Plc. of America,
one of the largest life insurance
companies in the US of A. Prudential
ICICI Mutual Fund was setup on 13th of
October, 1993 with two sponsorers,
Prudential Plc. and ICICI Ltd. The Trustee
Company formed is Prudential ICICI
Trust Ltd. and the AMC is Prudential
ICICI Asset Management Company
Limited incorporated on 22nd of June,
1993.

Sahara Mutual Fund
Sahara Mutual Fund was set up on
July 18, 1996 with Sahara India Financial
Corporation Ltd. as the sponsor. Sahara
Asset Management Company Private
Limited incorporated on August 31, 1995
works as the AMC of Sahara Mutual

Fund. The paid-up capital of the AMC
stands at Rs 25.8 crore.

State Bank of India Mutual Fund
State Bank of India Mutual Fund is
the first Bank sponsored Mutual Fund to
launch offshor fund, the India Magnum
Fund with a corpus of Rs. 225 cr.
approximately. Today it is the largest
Bank sponsored Mutual Fund in India.
They have already launched 35 Schemes
out of which 15 have already yielded
handsome returns to investors. State
Bank of India Mutual Fund has more than
Rs. 5,500 Crores as AUM. Now it has an
investor base of over 8 Lakhs spread
over 18 schemes.

Tata Mutual Fund
Tata Mutual Fund (TMF) is a Trust
under the Indian Trust Act, 1882. The
sponsorers for Tata Mutual Fund are Tata
Sons Ltd., and Tata Investment
Corporation Ltd. The investment

manager is Tata Asset Management
Limited and its Tata Trustee Company
Pvt. Limited. Tata Asset Management
Limited's is one of the fastest in the
country with more than Rs. 7,703 crores
(as on April 30, 2005) of AUM.

Kotak Mahindra Mutual Fund
Kotak Mahindra Asset Management
Company (KMAMC) is a subsidiary of
KMBL. It is presently having more than
1,99,818 investors in its various
schemes. KMAMC started its operations
in December 1998. Kotak Mahindra
Mutual Fund offers schemes catering to
investors with varying risk - return
profiles. It was the first company to
launch dedicated gilt scheme investing
only in government securities.

Unit Trust of India Mutual Fund
UTI Asset Management Company
Private Limited, established in Jan 14,
2003, manages the UTI Mutual Fund with
the support of UTI Trustee Company

Privete Limited. UTI Asset Management
Company presently manages a corpus of
over Rs.20000 Crore. The sponsorers of
UTI Mutual Fund are Bank of Baroda
(BOB), Punjab National Bank (PNB), State
Bank of India (SBI), and Life Insurance
Corporation of India (LIC). The schemes
of UTI Mutual Fund are Liquid Funds,
Income Funds, Asset Management
Funds, Index Funds, Equity Funds and
Balance Funds.

Reliance Mutual Fund
Reliance Mutual Fund (RMF) was
established as trust under Indian Trusts
Act, 1882. The sponsor of RMF is
Reliance Capital Limited and Reliance
Capital Trustee Co. Limited is the
Trustee. It was registered on June 30,
1995 as Reliance Capital Mutual Fund
which was changed on March 11, 2004.
Reliance Mutual Fund was formed for
launching of various schemes under
which units are issued to the Public with
a view to contribute to the capital market
and to provide investors the

opportunities to make investments in
diversified securities.

Standard Chartered Mutual Fund
Standard Chartered Mutual Fund was
set up on March 13, 2000 sponsored by
Standard Chartered Bank. The Trustee is
Standard Chartered Trustee Company
Pvt. Ltd. Standard Chartered Asset
Management Company Pvt. Ltd. is the
AMC which was incorporated with SEBI
on December 20,1999.

Franklin Templeton India Mutual Fund
The group, Frnaklin Templeton
Investments is a California (USA) based
company with a global AUM of US$ 409.2
bn. (as of April 30, 2005). It is one of the
largest financial services groups in the
world. Investors can buy or sell the
Mutual Fund through their financial
advisor or through mail or through their
website. They have Open end Diversified
Equity schemes, Open end Sector Equity

schemes, Open end Hybrid schemes,
Open end Tax Saving schemes, Open
end Income and Liquid schemes, Closed
end Income schemes and Open end Fund
of Funds schemes to offer.

Morgan Stanley Mutual Fund India
Morgan Stanley is a worldwide
financial services company and its
leading in the market in securities,
investmenty management and credit
services. Morgan Stanley Investment
Management (MISM) was established in
the year 1975. It provides customized
asset management services and
products to governments, corporations,
pension funds and non-profit
organisations. Its services are also
extended to high net worth individuals
and retail investors. In India it is known
as Morgan Stanley Investment
Management Private Limited (MSIM India)
and its AMC is Morgan Stanley Mutual
Fund (MSMF). This is the first close end
diversified equity scheme serving the

needs of Indian retail investors focussing
on a long-term capital appreciation.

Escorts Mutual Fund

Escorts Mutual Fund was setup on April
15, 1996 with Excorts Finance Limited as
its sponsor. The Trustee Company is
Escorts Investment Trust Limited. Its
AMC was incorporated on December 1,
1995 with the name Escorts Asset
Management Limited.

Alliance Capital Mutual Fund
Alliance Capital Mutual Fund was
setup on December 30, 1994 with
Alliance Capital Management Corp. of
Delaware (USA) as sponsorer. The
Trustee is ACAM Trust Company Pvt.
Ltd. and AMC, the Alliance Capital Asset
Management India (Pvt) Ltd. with the
corporate office in Mumbai.


Benchmark Mutual Fund

Benchmark Mutual Fund was setup on
June 12, 2001 with Niche Financial
Services Pvt. Ltd. as the sponsorer and
Benchmark Trustee Company Pvt. Ltd. as
the Trustee Company. Incorporated on
October 16, 2000 and headquartered in
Mumbai, Benchmark Asset Management
Company Pvt. Ltd. is the AMC.

Canbank Mutual Fund

Canbank Mutual Fund was setup on
December 19, 1987 with Canara Bank
acting as the sponsor. Canbank
Investment Management Services Ltd.
incorporated on March 2, 1993 is the
AMC. The Corporate Office of the AMC is
in Mumbai.

Chola Mutual Fund

Chola Mutual Fund under the
sponsorship of Cholamandalam
Investment & Finance Company Ltd. was
setup on January 3, 1997.
Cholamandalam Trustee Co. Ltd. is the
Trustee Company and AMC is
Cholamandalam AMC Limited.

LIC Mutual Fund

Life Insurance Corporation of India set
up LIC Mutual Fund on 19th June 1989. It
contributed Rs. 2 Crores towards the
corpus of the Fund. LIC Mutual Fund was
constituted as a Trust in accordance with
the provisions of the Indian Trust Act,
1882. . The Company started its business
on 29th April 1994. The Trustees of LIC
Mutual Fund have appointed Jeevan

Bima Sahayog Asset Management
Company Ltd as the Investment
Managers for LIC Mutual Fund.

GIC Mutual Fund
GIC Mutual Fund, sponsored by
General Insurance Corporation of India
(GIC), a Government of India undertaking
and the four Public Sector General
Insurance Companies, viz. National
Insurance Co. Ltd (NIC), The New India
Assurance Co. Ltd. (NIA), The Oriental
Insurance Co. Ltd (OIC) and United India
Insurance Co. Ltd. (UII) and is constituted
as a Trust in accordance with the
provisions of the Indian Trusts Act, 1882.

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Security Analysis and Portfolio Management

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Einstein College of Engineering

Security analysis and portfolio management:

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