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A PROJECT REPORT ON “AWARENESS OF MUTUAL FUND AND SPECIAL EMPHASIS OF SIP’S”
TRAINING UNDERTAKEN AT
SUBMITTED FOR THE PARTIAL FULFILLMENT OF TWO YEARS FULL TIME COURSE MASTERS IN BUSINESS ADMINISTRATION
SUBMITTED TO: FMS, MAIET, Jaipur
SUBMITTED BY: KRATIKA GUPTA MBA SEM-III
Faculty of Management Studies Maharishi Arvind Institute of Engineering & Technology, Jaipur (Affiliated to Rajasthan Technical University, Kota)
A professional course like business management demands in depth theoretical knowledge and practical exposure to its realistic application. For the same purpose, the course designs one and a half month summer training. The course aims to groom the students professionally and offer him/her a chance to work in corporate world, so as to have an opportunity to gain experience on practical aspects and supplement his/her theoretical knowledge.
Mutual Funds being the ideal investments vehicle in today’s complex and modern financial scenario. Mutual Funds are emerging as the most attractive investment avenue as the investments across is globally facing a southern trend and volatility prevails in all the global markets. I was fortunate enough to closely watch and learn the working of a mutual fund, during my Project Training at one of the Indian pioneers in Mutual Funds- “SBI MUTUAL FUND”
The project assigned was “AWARENESS
OF MUTUAL FUND AND SPECIAL
EMPHASIS OF SIP’S”
The relevance of mutual funds increases as the international financial situations going in tailspins day by day and India now is by real means being attached to global swings of Fed rate cuts, Sub Prime crises, crude oil prices etc.
The project would not be complete without a mention of those, who have spared their valuable time and shared their rich experience, in making this project happen.
I owe indebtedness to Mr. Sameer saxena, Branch Manager, Jaipur for sbi mutual fund AMC, for granting me an opportunity to work with the esteemed organization. He has been benevolent enough to lend his help and spare his valuable time throughout the project. I am thankful for his continuous motivation and encouragement.
I extend my heartfelt thanks to Mr.Praveen saini, for their incessant guidance and support all through the project. I also feel privileged to place on record the excellent financial and marketing tactics, which I had learnt from them during the project.
I express my deep gratitude to all the staff members at SBI MUTUAL FUND AMC, JAIPUR; who gave me a full-fledged support to complete my project on time.
I hereby declare that this Project Report entitled “AWARENESS
MUTUAL FUND AND SPECIAL EMPHASIS OF SIP’S” submitted in the partial
fulfillment of the requirement of Master of Business Administration (M.B.A) of FMS MAIET, Jaipur. It is based on primary & secondary data found by me in various institutes, books, magazines and websites & collected by me in under guidance of PRAVEEN SIR.
DATE: KRATIKA GUPTA M.B.A - IIIrd Sem.
I have taken training At SBI mutual fund pvt ltd. As per my view it is working efficiently. It is speedily going to take first place among the private players. I have done organizational study and also conducted a Research Survey on “AWARENESS OF MUTUAL FUND AND SPECIAL EMPHASIS OF SIP’S”
SBI mutual fund pvt ltd is having a good financial & promoter background. The main strength of lies in its Research Team comprising of famous Research Analysts in Technical and Fundamental.
In my Research on “AWARENESS OF MUTUAL FUND AND SPECIAL EMPHASIS OF SIP’S” For SBI mutual fund pvt. ltd, I would say that every employee working in it is a very hardcore dedicated person. The coordination between all the employees is simply great, first time I seen that one bottom management employee can talk to Branch Manager very frequently.
For upcoming trainees, I would say that:-
Don’t escape from hard work Never give excuses for your fault Show your best of the best in training period Always keep in mind that BOSS is always right.
If you have it in you, than SBI MF will always lays Red Carpet for you.
15. 5. Chapter Page. 10. 18. 11. 3. 1. 13. 21. 7 9 10 12 14 15 16 19 20 21 IN 22 PROFILE OF MUTUAL FUND INDUSTRY STOCK EXCHANGE OF INDIA INTRODUCTION OF MUTUAL FUND INDUSTRY HISTORY OF INDIAN MUTUAL FUND INDUSTRY ABOUT MUTUAL FUND MUTUAL FUND CONCEPT CETEGORIES OF MUTUAL FUND BENEFITS OF INVESTING IN MUTUAL FUND MEASURING PERFORMANCE OF MUTUAL FUND DISADVANTAGE OF MUTUAL FUND RISKTUAL FUND INVOLVE IN INVESTING MUTUAL FUND 12. 20. BIBLIOGRAFY 53 45 46 47 49 50 51 . no. 7. 9. SOME QUESTION REGARDING MUTUAL FUND INVESTMENT STRATEGY HOW DO INVESTER CHOOSE BETWEEN FUND MAIN OBJECTIVE BEHIND INVESTING IN 23 25 28 44 SYSTEMATIC INVESTMENT PLAN 16. No. 17. 6. 4. FINDINGS SUGGESTION RESEARCH METHEDOLOGY SCOPE OF STUDY ABOUT SBI MUTUAL FUND PORTFOLIO MANAGEMENT AND ADVISORY SERVICES 22. 14.6 CONTENTS Sr. 8. 2. 19.
a number of brokerage houses make sure the hassle free investment in stocks. this trend pick pace in small but fast developing cities like Chandigarh. Gurgaon. On the other hand. which implies the existence of an agency contract between the investor (the principal) and a broker or portfolio manager (the agent). It is advisable to conduct transactions through an intermediary. a substantial part of financial wealth is not managed directly by savers. Therefore. but through a financial intermediary. the issuers of securities. You need to deposit money with a banker to an issue if you are subscribing to public issues. In most of the metros. As the per-capita-income of the city is quite satisfactory. with a possible impact on financial market and economic developments at a macro level. Jaipur etc. as he is accountable for its activities. In most industrialized countries. There are mainly two types of Portfolio management strategies. The securities market has two interdependent segments: the primary (new issues) market and the secondary market. namely. Chose a SEBI registered intermediary. For example you need to transact through a trading member of a stock exchange if you intend to buy or sell any security on stock exchanges. Asset management firms allow investors to estimate both the expected risks and returns. such as merchant bankers. people like to put their money in stock options instead of dumping it in the banklockers. While the corporate and government raise resources from the securities market to meet their obligations. Now. industry associations etc. so it is quite obvious that they want to invest their money in profitable ventures. delegated brokerage management is arguably one of the most important agency relationships intervening in the economy. My research is based on the residents of kota area. it is households that invest their savings in the Securities Market. The list of registered intermediaries is available with exchanges. You need to maintain an account with a depository if you intend to hold securities in De mat form. The primary market provides the channel for sale of new securities while the secondary market deals in securities previously issued. You get guidance if you are transacting through an intermediary.7 PROFILE OF MUTUAL FUND INDUSTRY Introduction of security market in india The securities market essentially has three categories of participants. Passive Portfolio Strategy- . investors in securities and the intermediaries. brokers etc. as measured statistically.
and instead relies on diversification to match the performance of some market index.8 Active Portfolio Strategy- Passive Portfolio Strategy: A strategy that involves minimal expectation input. A passive strategy assumes that the marketplace will reflect all available information in the price paid for securities Active Portfolio Strategy: A strategy that uses available information and forecasting techniques to seek a better performance than a portfolio that is simply diversified broadly .
it was resolved to execute a formal deal of association and to constitute the first managing committee and to appoint the first trustees. . In Bombay. Accordingly. But during the share mania of 1860-65. their number increased to about 200 to 250. business passed in the shares of banks like the commercial bank. In Calcutta. By 1860. Between 1840 and 1850. Englishman reported the quotations of 4%.1875. a few native brokers doing brokerage business in shares and stocks resolved upon forming in Bombay an association for protecting the character. 1887. the Docking Company and the storm tug company. only half a dozen brokers existed for the limited business. the chartered bank. status and interest of native share and stock brokers and providing a hall or building for the use of the members of such association. The end of American Civil war brought disillusionment and many failures and the brokers decreased in number and prosperity. the number of brokers increased considerably. It also quoted the prices of business ventures like the Bengal bonded warehouse. As a meeting held in the broker’ Hall on the 5th day of February. This list was a further broadened in 1839 when the Calcutta newspaper printed the quotations of banks like union bank and Agra bank.9 STOCK EXCHANGE OF INDIA The emergence of stock market can be traced back to 1830. the chartered mercantile bank. On or about 9th day of July. the oriental bank and the old bank of Bombay and shares of cotton presses. It was in those troublesome times between 1868 and 1875 that brokers organized an informal association and finally as recited in the Indenture constituting the “Articles of Association of the Exchange”. the Articles of Association of the Exchange. 5%. the number of brokers was about 60 and during the exciting period of the American Civil war. and 6% loans of East India Company as well as the shares of the bank of Bengal in 1836.
These are Stockbrokers Sub-broker Market makers Portfolio consultants etc. 362 in 1916and 478 in 1920 and the entrance fee was raised to Rs. The Association is now known as “The Stock Exchange”. 1. 14 stock exchanges are organized as public limited companies. only 9 stock exchanges have been permanent recognition. sell or deal in securities.1 and there were 318 members on the list. rather. 1887. regulations and the buy-law. Rs. Others have to seek recognition on annual basis. A certificate of registration from SEBI is mandatory to act as a broker. floor broker.) Stockbrokers Stock brokers are the members of stock exchanges. The numbers of members increased to 333 in 1896.2500 in 1916 and Rs. SEBI can impose certain conditions while granting the certificate of registrations.000 in 1920. arbitrageur etc. 6 as companies limited by guarantee and 3 are non-profit voluntary organization. All these are down as functionaries on stock exchange. 2. Rs. 48. Of the total of 23. The entrance fee for new member was Re. It is obligatory for the person to abide by the rules. when the exchange was constituted.5 in 1877. these are run by some persons and with the help of some persons and institution.) Sub-broker . At present there are 23 recognized stock exchanges with about 6000 stock brokers. Stock brokers are commission broker. Organization structure of stock exchange varies.1000 in 1896.10 Introduction of Mutual fund industry Stock Exchange was formally established in Bombay on 3rd day of December. These are the persons who buy. These exchange do not work of its own.
The broker and sub-broker should enter into an agreement in which obligations of both should be specified. firms or companies who advise. bonds and money market instruments is collectively called as portfolio. As per the listing requirements.11 A sub-broker acts as agent of stock broker. For getting registered with SEBI. 4.) Portfolio consultants A combination of securities such as stocks. 3. he must fulfill certain rules and regulation. Sub-broker must be registered SEBI for a dealing in securities. A market maker has to abide by bye-laws. They make both bid and offer at the same time. selling or dealing in securities through stockbroker. He is not a member of a stock exchange. mutual funds and Insurance etc. It is basically a stock brokering company which deals in security and derivative market. direct or undertake the management or administration of securities or funds on behalf of their clients. He assists the investors in buying. He is exempt from the margin requirements. rules regulations of the concerned stock exchange. 5 core and having a commercial operation for less than 2 years should appoint a market maker at the time of issue of securities. Whereas the portfolio consultants are the persons. a company where the paid-up capital is Rs.) Market Makers Market maker is a designated specialist in the specified securities. History of the Indian mutual fund industry . Commodity market. 3 crore but not more than Rs.
47.153108 cores under 421 schemes. Second Phase – 1987-1993 (Entry of Public Sector Funds) 1987 marked the entry of non. The first scheme launched by UTI was Unit Scheme 1964. 835 cores as at the end of January 2003. there were 29 funds. First Phase – 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. except UTI were to be registered and governed. at the initiative of the Government of India and Reserve Bank. As at the end of January 2003.29. 2004. Consolidation and growth. sponsored by SBI. PNB. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs. 1. Punjab National Bank Mutual Fund (Aug 89). 21. public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). 700 cores of assets under management. It is registered with SEBI and functions under the Mutual Fund Regulations. As at the end of September. assured return and certain other schemes The second is the UTI Mutual Fund Ltd. BOB and LIC.805 cores. Fourth Phase – since February 2003 In February 2003.6. . At the end of 1988 UTI had Rs. the mutual fund industry had assets under management of Rs.At the end of 1993. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. the assets of US 64 scheme. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. representing broadly. Bank of Baroda Mutual Fund (Oct 92). which manage assets of Rs. 004 cores. Indian Bank Mutual Fund (Nov 89). The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990. SBI Mutual Fund was the first non. The history of mutual funds in India can be broadly divided into four distinct phases. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996.12 The mutual fund industry in India started in 1963 with the formation of Unit Trust of India.UTI Mutual Fund established in June 1987 followed by Can bank Mutual Fund (Dec 87).UTI. Bank of India (Jun 90). Third Phase – 1993-2003 (Entry of Private Sector Funds) 1993 was the year in which the first Mutual Fund Regulations came into being. there were 33 mutual funds with total assets of Rs. under which all mutual funds.
13 ABOUT MUTUAL FUND .
all expenses are deducted and the resultant value divided by the number of units in the fund is the fund’s NAV. The value of all the securities in the portfolio in calculated daily. known as the net asset value (NAV). Bonds. bonds.14 A mutual fund is a professionally-managed firm of collective investments that pools money from many investors and invests it in stocks. NAV= Total value of the fund No. From this. in equity shares. is mostly calculated daily based on the total value of the fund divided by the number of shares currently issued and outstanding. The value of each unit of the mutual fund. Call money markets etc.. short-term money market instruments. of share currently issued and outstanding . and/or other securities. and distributes the profits. which pools up the money from individual / corporate investors and invests the same on behalf of the investors /unit holders. In other words we can say that A Mutual Fund is a trust registered with the Securities and Exchange Board of India (SEBI). Government securities.
Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified.15 Mutual Funds – Concept A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The flow chart below describes broadly the working of a mutual fund: . The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the number of units owned by them. debentures and other securities. The money thus collected is then invested in capital market instruments such as shares. professionally managed basket of securities at a relatively low cost.
at any point of time. . Redemption of units can be made during specified intervals. after the offer period. Therefore. If the fund is listed on a stock exchange the units can be traded like stocks (E. Morgan Stanley growth fund). Recently. such funds have relatively low liquidity.g.16 Categories of mutual funds Mutual funds can be classified as follow- Based on their structure- Open-ended funds: Investors can buy and sell the units from the fund. most of the new fund offers of close-ended funds provided liquidity window on a periodic basis such as monthly or weekly. Therefore. Close –ended funds: These funds raise money from investors only once. fresh investments cannot be made into the fund.
they fall between equity and debt funds.In this case a key stock market index.100% of the capital is invested in equities spreading across different sectors and stocks. . ii) Equity diversified funds. Hence. e.it is similar to the equity diversified funds except that they invest in companies offering high dividend yields. With fluctuating share prices.A banking sector fund will invest in banking stocks. equities have outperformed all asset classes in the long term. short term fluctuations in the market. Balanced funds are the ideal mutual funds vehicle for investors who prefer spreading their risk across various instruments. vi) ELSS. However. such funds show volatile performance.g.Equity Linked Saving Scheme provides tax benefit to the investors. e. iii|) Dividend yield funds. v) Sector funds. on the risk-return ladder. Following are balanced funds classes: I) Debt-oriented funds -Investment below 65% in equities.g. -An infrastructure fund invests in power. remaining in debt. ii) Equity-oriented funds -Invest at least 65% in equities. . investment in equity funds should be considered for a period of at least 3-5 years. historically. IV) Thematic funds. thereby offering higher returns at relatively lower volatility. even losses. As a result. generally smoothens out in the long term.17 BASED ON THEIR INVESTMENT OBJECTIVE:- Equity funds: These funds invest in equities and equity related instruments. It can be further classified as: I) Index funds. construction. such funds can yield great capital appreciation as. Balanced fund: Their investment portfolio includes both debt and equity.Invest 100% of the capital in a specific sector. cements sectors etc. Their portfolio mirrors the benchmark index both in terms of composition and individual stock weight ages. like BSE Sense or Nifty is tracked.Invest 100% of the assets in sectors which are related through some theme. At the same time.
Government of India securities. v) Gilt funds LT. iii) Floating rate funds . vii) MIPs. iv) Arbitrage fund. they invest exclusively in fixed-income instruments like bonds. Higher proportion (around 75%) is put in money markets.18 Debt fund: They invest only in debt instruments. vi) Income funds LT.Invest in short-term debt papers. commercial paper (CP) and call money. Floaters invest in debt instruments which have variable coupon rate.These funds invest 100% in money market instruments. derivatives and money markets. and money market instruments such as certificates of deposit (CD). . and are a good option for investors averse to idea of taking risk associated with equities.Monthly Income Plans have an exposure of 70%-90% to debt and an exposure of 10%-30% to equities. viii) FMPs. debentures.Typically. Funds are allocated to equities.fixed monthly plans invest in debt papers whose maturity is in line with that of the fund. such funds invest a major portion of the portfolio in long-term debt papers. Put your money into any of these debt funds depending on your investment horizon and needs.They generate income through arbitrage opportunities due to miss-pricing between cash market and derivatives market. a large portion being invested in call money market.They invest 100% of their portfolio in government securities of and T-bills. Ii) Gilt funds ST. I) Liquid funds. in the absence of arbitrage opportunities. Therefore.They invest 100% of their portfolio in long-term government securities.
7. Transparency You get regular information on the value of your investment in addition to disclosure on the specific investments made by your scheme.19 Benefits of Investing In Mutual Funds:- 1. You achieve this diversification through a Mutual Fund with far less money than you can do on your own. 4. 6. Mutual Funds have the potential to provide a higher return as they invest in a diversified basket of selected securities. Professional Management Mutual Funds provide the services of experienced and skilled professionals. This diversification reduces the risk because seldom do all stocks decline at the same time and in the same proportion. the investor gets the money back promptly at net asset value related prices from the Mutual Fund. 2. over the years. Return Potential Over a medium to long-term. Diversification Mutual Funds invest in a number of companies across a broad cross-section of industries and sectors. 8. In closed-end schemes. Mutual Funds save your time and make investing easy and convenient. Low Costs Mutual Funds are a relatively less expensive way to invest compared to directly investing in the capital markets because the benefits of scale in brokerage. the overall objective has been to encourage the growth of the mutual funds industry. 5. 3. delayed payments and follow up with brokers and companies. backed by a dedicated investment research team that analyses the performance and prospects of companies and selects suitable investments to achieve the objectives of the scheme. Convenient Administration Investing in a Mutual Fund reduces paperwork and helps you avoid many problems such as bad deliveries. been more or less kind to mutual funds! With laws varying from time to time. custodial and other fees translate into lower costs for investors. Tax Benefits The taxman has. . the proportion invested in each class of assets and the fund manager's investment strategy and outlook. the units can be sold on a stock exchange at the prevailing market price or the investor can avail of the facility of direct repurchase at NAV related prices by the Mutual Fund. Liquidity In open-end schemes.
Mathematically. 2. as it does not incorporate any measure of risk in its calculation. the Trey nor ratio. Relative to benchmark method Under this method a comparison is made between the returns given by a market index. Risk-Return Method The Relative-to-Benchmark measure is very simplistic. it has a positive and favorable alpha. it is arrived at by deducting the risk free returns from the returns generated by the fund and dividing the residual figure by the standard deviation of the fund's returns. If the returns generated by the fund as measured by changes in NAV over that given period of time are greater than those generated by the benchmark then the fund is deemed to have outperformed the market portfolio.[Risk free rate + Beta of fund (Benchmark return Risk free return)] . as. An investor would naturally be interested in finding out the return generated for the risk undertaken. risk adjusted measures of return are needed to measure the performance of funds. the fund has a negative alpha. Its real utility lies in inter scheme comparison. given the movements of the benchmark how much the fund will move. in a bid to generate super normal return. b) Tenor’s ratio The other measure Tenor’s ratio also has the same attributes with the difference that the residual figure in this case is divided by beta rather than the standard deviation. and if it returns less than the amount predicted by beta. One thing that has to be kept in mind while using this measure is that the ratio is not an absolute figure. Mathematically. the fund may go overboard on the risk parameter. and Alpha a) Sharpe ratio This measure uses standard deviation as a measure to evaluate a fund's risk-adjusted returns. Therefore. thus reflecting only the systematic risk.20 Measuring performance of Mutual Fund 1. Alpha= fund return . alpha is the difference between the return that would be warranted by its beta (expected return) and the return that is actually generated by the fund.e. Beta of the fund is a volatility measure that quantifies sensitivity of the fund's return to the benchmark index's returns i. and the fund over a given period of time. If a fund returns more than what is anticipated by beta. It does not give representation to unsystematic risk under the assumption that the fund manager can easily wipe out the unsystematic risk by diversifying across a large numb c) Alpha Basically. There are several such measures prominent among which are the Sharpe ratio.
but charges fees as though he is. 3. Dilution. No Control. 4.21 Disadvantages of Mutual Funds:- 1 The Wisdom of Professional Management. . this is not an advantage. Many mutual funds specialize in burying their costs and in hiring salesmen who do not make those costs clear to their clients. That's right. 2. a mutual fund puts you in the passenger seat of somebody else's car. Buried Costs. The average mutual fund manager is no better at picking stocks than the average nonprofessional. Mutual funds generally have such small holdings of so many different stocks that insanely great performance by a fund's top holdings still doesn't make much of a difference in a mutual fund's total performance. Unlike picking your own individual stocks.
the value of stock or bond holdings in the fund's portfolio can drop. Non-market risk Bad news about an individual company can pull down its stock price. So when the funds invest in corporate bonds. it leads to a fall in the value of the bond causing the NAV of the fund to take a beating . When interest rates rise. How bad the damage will be is dependent on factors such as maturity profile. which can negatively affect funds holding a large quantity of that stock. thereby impacting the NAV. Interest rate risk Unit prices and interest rates move in opposite directions.22 Risks involved in investing in Mutual Funds 1. This risk can be reduced by having a diversified portfolio that consists of a wide variety of stocks drawn from different industries. they run the risk of the corporate defaulting on their interest and principal payment obligations and when that risk crystallizes. Credit risk Bonds are debt obligations. Market risk If the overall stock or bond markets fall on account of macro economic factors. bond prices fall and this decline in underlying securities affects the NAV negatively. 2. 3. 4. liquidity etc.
Do not look at making quick bucks here. If you had invested Rs 1 lakhs five years back it would have become Rs 1. And just to give kicker returns the fund has some exposure in mid cap companies as well. In case your goals are less than 5 years away. SBI Magnum Equity Fund can be part of your satellite portfolio. Large cap companies tend to be stable compared to mid cap and small cap companies. How will it perform in the future? Needless to say no one can predict the future of markets. then we advise you to look at other options. So if you expect the economy to grow at 9% then you can expect top performing mutual funds to give you returns in excess of 15%. We have firm belief in the future prospects of the Indian economy. SBI Magnum Equity Fund is suitable for goals that is at least 5 years away from now. Where does this fund invest your money? SBI Magnum Equity Fund is a large cap fund which means most of your money will be invested in giant and large companies. When the companies do well their stock prices follows their performance. Do not make SBI Magnum Equity Fund as part of your core portfolio. Do not do the mistake of investing in too many mutual fund schemes. At any point of time do not have more than two mutual fund schemes in your core portfolio. The performance has been better or similar to other mutual funds in this category. Core portfolio is investments that are made for your basic goals and makes up about 70% of your investment portfolio. Assume you had invested Rs 10.26 lakhs.000 every month in SBI Magnum Equity through SIP for the past 5 years today you would have around Rs 8. How much to invest? Minimum one time investment is Rs 1000 and minimum SIP is Rs 500 per month.47 lakhs. If the Indian economy grows at 9% then the leading companies tend to de well. The fund has been giving at around 8% every year for those who stayed invested for last 5 years. . This fund has about 93% exposure to stocks of large cap companies. Your aim for core portfolio should be to beat inflation. Stay invested for long term. How has it performed in the past? If you had invested Rs 1 lakhs when the fund was launched in Jan 1991. Be reminded that equities are one of the asset classes that have the potential to beat inflation. We advise you to avoid too much of star gazing and future prediction.23 Some question regarding mutual fund Invest for what? You can invest in SBI Magnum Equity fund to grow or create wealth. your value of investments would be around Rs 4.1 lakhs.
Stick to your goals. SBI Magnum Equity Fund does not qualify for sec 80C ELSS benefits. Review the performance once a year.24 When to review the performance? Once you invest in the fund do not get into the habit of checking the NAV daily or monthly. What are the tax implications? The returns in a mutual fund are absolutely tax free. provided you do not withdraw within 1 year. Do not panic. Too much attention is not good. Do not remove the money when the markets go up or down. When to exit? Withdraw when your goals are closer to achievement. .
it’s another to ride on this potent investment vehicle to create wealth in tune with your risk profile and investment needs. 1. This is called as the benefit of Rupee Cost Averaging (RCA) Systematic Transfer Plan: under this an investor invest in debt oriented fund and give instructions to transfer a fixed sum. to an equity scheme of the same mutual fund. Here are seven must-dos that go a long way in helping you meet your investment objectives. The intelligent investor's seven rules:- It’s one thing to understand mutual funds and their working. and yields low but sure-shot returns? These are some of the questions you need to ask yourself before investing in a fund. at a fixed interval. .25 Investment strategies Systematic Investment Plan: under this a fixed sum is invested each month on a fixed date of a month. Know your risk profile Can you live with volatility? Or are you a low-risk investor? Would you be satisfied if your fund invests in fixed-income securities. Payment is made through post dated cheques or direct debit facilities. The investor gets fewer units when the NAV is high and more units when the NAV is low. Systematic Withdrawal Plan: if someone wishes to withdraw from a mutual fund then he can withdraw a fixed amount each month.
seek expert advice from a qualified financial advisor. That way. The offer document contains essential details pertaining to the fund. The more fact sheets you examine. which are complied on a quarterly basis. the better. the only option among mutual funds is liquid funds. don’t bite the bait. These rankings allow you to take note of your fund’s performance and risk profile. Do not chase incentives Don’t get lured by investment incentives. Track your investments Your job doesn’t end at the point of making the investment. 3. Don’t buy it. Equity funds might lure when the market is rising and your neighbor is making money.Go through the fund fact sheet Fund fact sheets give you valuable information of how the fund has performed in the past. One easy way to keep track of your fund is to keep track of the Intelligent Investor rankings of mutual funds. 4. you spread your risk. investment objectives and investment procedure. its diversification levels and its performance in the past. check if the fund’s objective matches yours. Invest only after you have found your match. you should diversify across fund houses. but if you are not cut out for the risk that accompanies it. not a speculation vehicle–don’t get in with the intention of making overnight gains. name of the asset Management Company and price of units. financial information and risk factors. If you are racked by uncertainty. 5. be it in an equity. debt or balanced fund. Invest in an equity fund only if you are willing to stay on for at least two years. and is a performer. among other things). Read the offer document carefully This is a must before you commit your money to a fund. For income and gilt funds. Anything less than one year.26 Your investments should reflect your risk-taking capacity. Diversify across fund houses If you are routing a substantial sum through mutual funds. in the form of a percentage of your initial investment. Your focus should be to find a fund that matches your investment needs and risk profile. including the summary information (type of scheme. have a one-year perspective at least. So. Identify your investment horizon How long you want to stay invested in a fund is as important as deciding upon your risk profile. 7. It’s important you track your investment on a regular basis. and compare it across various . A mutual fund is essentially a savings vehicle. 6. 2. Some financial intermediaries give upfront incentives. to invest in a particular fund. You can check the fund’s portfolio.
you should run some basic checks in the fund fact sheets and the quarterly reports you get from your fund. If the threat is real. In addition. . reduce your exposure to the fund.27 time periods as well as across its peer set. ask your financial advisor or broker about it. especially if there’s a possibility of your investment depreciating in value. If you come across negative reports of the fund.
like Rs 5. it’s a very tough job for the investors to choose the best fund for them. Of course the investors can save their money by going the direct route i. the investors can get more number of units and vice-versa. the investor is always at a profit. In case if the NAV of fund falls.000 a month and nowadays even as low as Rs. Then the investors sort out the funds whose investment objective matches with that of the investor’s. The funds redeemed can be switched to other specified schemes within the same fund house. Some fund houses allow such switches without charging an entry load. Rupee cost averaging: The investors going for Systematic Investment Plans (SIP) and Systematic Transfer Plans (STP) may enjoy the benefits of RCA (Rupee Cost Averaging). the net asset value of the scheme. level of the market indices or even a date. The mf advisors’ thoughts go beyond just investment objectives and rate of return. . More frequent the investment interval. In this case. So it is always advisable to go for MF advisors. The trigger could be the value of the investment. even if the market falls.e. greater the chances of benefiting from lower prices.28 How do investors choose between funds? When the market is flooded with mutual funds.25% (entry load) but could cost the investors in terms of returns if the investor is not an expert. Rupee cost averaging allows an investor to bring down the average cost of buying a scheme by making a fixed investment periodically. Now the tough task for investors start. Investors can also benefit by increasing the SIP amount during market downturns. 100. through the AMCs directly but it will only save 1-2. Trigger and switching are tools that can be used to rebalance a portfolio. they may carry on the further process themselves or can go for advisors like KARVY. The investor needs to decide on the investment amount and the frequency. level of capital appreciation. 500 or Rs. which will result in reducing the average cost and enhancing returns. Whenever an investor thinks of investing in mutual funds. Trigger facilities allow automatic redemption or switch if a specified event occurs. Some of the basic tools which an investor may ignore but an mf advisor will always look for are as follow: 1. This results in the average cost per unit for the investor being lower than the average price per unit over time. Whereas STP allows investors who have lump sums to park the funds in a low-risk fund like liquid funds and make periodic transfers to another fund to take advantage of rupee cost averaging 2:-Rebalancing: Rebalancing involves booking profit in the fund class that has gone up and investing in the asset class that is down. he must look at the investment objective of the fund.
29 To use the trigger and switch facility. simplicity and affordability. Under this. SWP implies capital gains for the investor. For example.50 per cent (plus surcharge and education cuss) on dividends paid out. the growth option is more tax efficient for all investors. The investors gain through either dividends or capital appreciation but if they haven’t considered the tax factor then they may end loosing. This gives the investor a small exposure to a new asset class without risk to the principal amount. the investor needs to specify the event. 3:-Diversification: Diversification involves investing the amount into different options.50 per cent DDT paid by the MF on dividends. the dividend is reinvested not into the same scheme but into another scheme of the investor's choice. then the SWP is suitable only for investors in the 10-per-cent-tax bracket. This is because investors can redeem units using the SWP where they will have to pay 10 per cent as long-term capital gains tax against the 12. the amount or the number of units to be redeemed and the scheme into which the switch has to be made. In case of mutual funds. Investors in higher tax brackets will end up paying a higher rate as short-term capital gains and should choose the dividend option if the capital gain is long-term (where the investment has been held for more than one year). All the tools discussed over here are used by all the advisors and have helped investors in reducing risk. Investors who need a regular stream of income have to choose between the dividend option and a systematic withdrawal plan that allows them to redeem units periodically. the dividends from debt funds may be transferred to equity schemes. Even then an investor needs to examine costs. depending on the MF's policy. . tax implications and minimum applicable investment amounts before committing to a service. the investor may enjoy it afterwards also through dividend transfer option. 4:-Tax efficiency Tax factor acts as the “x-factor” for mutual funds. If it is short-term. Such transfers may be done with or without entry loads. Debt funds have to pay a dividend distribution tax of 12. This ensures that the investor books some profits and maintains the asset allocation in the portfolio. Tax efficiency affects the final decision of any investor before investing.
and others . risk covering. returns and tax benefits. And remaining 70% are interested in capital appreciations.30 1-What is the basic purpose of your investment? Investment purpose Liquidity Returns Capital appreciation Risk covering Tax benefits Total Percentage 30% 25% 10% 20% 15% 100% Liquidity Returns 15% 20% 30% 25% Capital appreciation Risk covering 10% Tax benefits Comment 30% people are interested in liquidity.
31 2) Where you would like to invest your money? Investment Scenario Real estate Government securities Fixed deposits Mutual funds Gold Total Percentage 16% 10% 34% 24% 16% 100% Real estate Government securities 16% 16% 10% Fixed deposits Mutual funds Gold 24% 34% Comment Today scenario is changed so that most area covered by the Fixed Deposits market. . It is 34% of the total population and only 24 % people are interested in Mutual Fund investment.
32 3) What is your trading exchange preference? NSE BSE MCX NCDEX Total 32% 36% 18% 14% 100% 40% 35% 30% 25% 20% 15% 10% 5% 0% NSE BSE MCX NCDEX Comment Out of my sample size 36% people are dealing at BSE market. . 32% people are dealing at NSE market and remaining people prefer to trade in commodity market.
This will impact negatively to their future expected investment. we conclude that 31% people expect loss in recession time in the range of 25-35% of their total investment. rest people also expect the same loss.33 4) How much Loss do you expect from your Investments in recession time? up to 15% 15%-25% 25%-35% more than 35% Total 21% 26% 31% 22% 100% more than 35% 25%-35% 15%-25% up to 15% 22% 31% 26% 21% Comment On that basis. .
It means mutual fund indu8stry has growth potential .34 5) Have you ever invested/ interested to invest in mutual funds? YES NO 65 35 35 65 No Yes comment On that basis 65 people invested/ interested in mutual fund they say yes but 35 people say no in invested in mutual funds.
24% people feels that return from mutual fund is insufficient . 19% are don’t trust on mutual fund investment and its return. 20% would like to invest in other option. e.35 6) What is the most important reason for not investing in mutual funds? Lack of knowledge about mutual funds Enjoys investing in other options Its benefits are not enough to drive you for investment No trust over the fund managers 36 24 20 20 36 Luck of Kn 24 Benefit Not enf. 20 Enjoy investing 20 No trust comment This graph shows most important reasons of people for not investing in mutual fund i. 35% has lack of the knowledge.
27% partial knowledge of MFs. . 37% aware of only scheme in which invested.36 7) Where do you find yourself as a mutual fund investor? Totally ignorant Partial knowledge of MFs Aware of only scheme in which invested Good knowledge of MFs 19 27 37 17 19% Ignorant 27% Partial Knowledge 37% Invested 17% Goog Knowledge Comment According to this table & chart 17% investor has good knowledge. 19% totally ignorant.
37 8) How you choose a mutual fund? Brand name High nave High returns Advertising Total 35 31 19 15 100 35 30 25 20 15 10 5 0 Brand name High nav High returns Advertising Comment On the basis of table of & chart you can choose mutual fund by 35% brand name. . 31% high nave. 15% by advertising on basis. 19% high returns.
Lump sum 25%. .38 9) Which mode of investment have you chosen in mutual funds? SIP Lump sum Other Total 63% 25% 12% 100% 25% SIP 12% Lump sum 63% Other Comment On the basis of this chart it shows mode of investment have you chosen in mutual fund sip 63%. other 12% itch.
39 10) In which type of mutual fund would you like to invest? Tax Saving Funds Balanced Funds Dividend 21% 14% 16% Equity Funds Specialty Funds Total 31% 18% 100% 31% 21% 14% 16% 18% Series1 Tax Saving Funds Funds Balanced Dividend Equity Funds Specialty Funds COMMENT This table shows type of mutual fund would you like to invest 21% in tax saving fund. 18% in specialty fund. 31%in equity fond. 14% in balance fund. . 16% in dividend.
. 26% Reduction in risk and transaction cost. Management 21% Reduction Risk 26% Achiving Goal 20% COMMENT This table shows that feature of the mutual funds allure you most 33% Diversification.40 11) Which feature of the mutual funds allure you most? Diversification Professional management Reduction in risk and transaction cost Helps in achieving long term goal 33 21 26 20 Diversification 33% Prof. 20% Helps in achieving long term goal. 21% Professional management.
26% Managing assets in retirement. . 20% Access to specialists in areas such as tax planning.41 12) Which expertise of the personal financial advisor is demanded most? Portfolio review & investment recommendation Planning to achieve specific financial goals Managing assets in retirement Access to specialists in areas such as tax planning 33 21 26 20 Investment Reco. 33% Financial goals 21% Retirement 26% Tax planning l 20% COMMENT This table & chart is shows that expertise of the personal financial advisor is demanded most 23% Portfolio review & investment recommend at 33% Portfolio review & investment recommendation.
42 13) What is the major reason for using financial advisors? Want help with asset allocation Don’t have enough time to make own decision To explain various investment options Want to have surety about financial goals 40 18 25 17 Assets Allocation 40% Own decision 18% Investment Financial goals 17% Options 25% COMMENT This table shows the major reason for using financial advisors IS That 40% Want help with asset allocation. .17% Want to have surety about financial goals. 18% Don’t have enough time to make own decision. 25% To explain various investment options.
24% Want to be in control of own investments.43 14) What is the major reason for not using financial advisor? Have access to all resources needed Believe advisors are too expensive Unsure how to find a trustworthy advisor Want to be in control of own investments 30 25 21 24 Resources needed 30% Expensive 25% Adviser 21% Own Investement 24% Comment This table and chart shows that the major reason for not using financial advisor 30% Have access to all resources needed. 21% Believe advisors are too expensive. . 21% Unsure how to find a trustworthy advisor.
qualification. qualification. occupation and annual family income have no significant relationship with the respondent’s main objective behind investing in SIP. on the basis of age.63%). It is very similar to the regular saving schemes like recurring deposits. Besides this for majority of investors the main objective behind investing in SIP (Systematic Investment Plan) is the regular investment (40.36%) of the funds followed by regular savings (38. SIP is a method of investing a fix sum regularly in the mutual funds.44 MAIN OBJECTIVE BEHIND INVESTING IN SYSTEMATIC INVESTMENT PLAN (SIP) Nowadays investing through SIP is treated as a very fruitful route of making investment in mutual funds. occupation and annual family income of the respondents. age. . However the least preferred objective of the investors behind their investment in SIP is convenience (21.01%). The study shows that a large proportion of the respondents is aware of the Systematic Investment Plan (SIP).e.e. According to table 12 the chi square values shows insignificant relationship which means that all the demographic variables i. This trend is seen in case of all the categories i.
34% people are aware of only the schemes in which they have invested. When asked about the most alluring feature of MFs. They lacked knowledge and information about the mutual funds. So there is enough scope for the advisors to convert those 65 participants into investors through their convincing power and great communication skills. Whereas just 10 people enjoyed investing in other option. followed by reduction in risk. . 35 are already mutual fund investors or are interested to invest in future and the remaining 65 are not interested in it. Now. The brokers and sub brokers have the maximum reach so they should try to make those investors aware f the happenings. when those 65 people were asked about the reason of not investing in mutual funds.45 FINDINGS At the survey conducted upon 100 people. Again the financial advisors can tap upon these people by educating them about mutual funds. 27% possess partial knowledge whereas 21% stands nowhere in knowledge about MFs. then most of the people held their ignorance responsible for that. 33 participants buy forms directly from the AMCs. most of them opted for diversification. the benefits arousing from these investments were not enough to drive them for investment in MFs and 12 people expressed no trust over the fund managers’ decision. 55 from brokers and sub-brokers even then 15 people buy from other sources. For 18 people. . helps in achieving long term goals and helps in achieving long term goals respectively. even the AMCs should follow it. Out of the 35 persons who already have invested in mutual funds/ are interested to invest. 28 from brokers only. only 18% have sound knowledge of MFs.
The advisors should try to charge a nominal fee at the beginning. . The advisors should target for more and more young investors. So the advisors should try to change their mindsets. Investors should be made to realize that ignorance is no longer bliss and what they are losing by not investing. Nobody will invest until and unless he is fully convinced. rupee cost averaging. these benefits are not offered by other options singlehandedly. Young investors as well as persons at the height of their career would like to go for advisors due to lack of expertise and time. rebalancing etc. But most of the people are not even aware of what actually a mutual fund is? They only see it as just another investment option. Thus the advisors should try to attract more and more persons and turn them into investors and finally their clients. Investors could also try to increase the spectrum of services offered.46 Suggestion The most vital problem spotted is of ignorance. Investors should be made aware of the benefits. So these are enough to drive the investors towards mutual funds. They should also maintain their decency and follow the code of ethics so that the investors could trust upon them. The advisors may try to highlight some of the value added benefits of MFs such as tax benefit. But if not possible then they could go for offering more services and benefits at the existing rate. Now the most important reason for not availing the services of advisors was spotted was being expensive. and systematic transfer plan. Mutual funds offer a lot of benefit which no other single option could offer.
data was collected from primary and secondary sources. 45 days.47 Research methodology Title of the Project- “Project Report on “AWARENESS OF MUTUAL FUND AND SPECIAL EMPHASIS On SIP’S “ Duration of the Project:The duration of the project is approx. Meeting the respondents collected the primary data. It is the framework or plan for a study that guides the collection and analysis of data. Sources of secondary data for this study wereNewspapers Research paper Magazines Company brochure . Objective of research The main objective of this project is concerned with getting the opinion of people regarding mutual funds I have tried to explore the general opinion about mutual funds. It also covers special emphasis on sip’s. In this study primary source of data collection was the questionnaire. Primary data has been collected by using the following tools· Interview Schedule · Structured Questionnaire · Personal observation at the outlet Secondary SourcesIf the researcher uses already compiled data it is called secondary source. Type of Research Research design is a blue print followed in completing a study. In order to measure the consumer perception about mutual fund and Insurance Advisor. Primary SourcesIt is the original source of data collected by the researcher. The Design of the study was exploratory.
such as state.48 Data Sources Data collection means gathering of information. by formal and informal talks and through filling up the questionnaire prepared. it was compressed but not at the cost of information required for the successful completion of the survey. district. . In this particular study data was collected through personnel interviews with 100 respondents. The data has been analyzed by using the measures of central tendencies like mean. The advantage of structured questionnaire lies in the reduction of Interviewers and interpreters bias. This helped in finding out whether the respondents were aware of their product. In this study the questionnaire were distributed to respondents and were asked to answer the questions. Here the questions were arranged in a specific order and were logically interconnected for the research study. As the length of the questionnaire plays an important role. The group has been selected and the analysis has been done on the basis statistical tools available. village etc. Sample size The sample size of my project is limited to 100 only. It refers to the technique or the procedure the researcher would adopt in selecting item for the sample” Sampling Unit Sampling unit may be a geographical one.To get the responses. Instrumentation Technique: . Sampling Sampling procedure: The sample is selected in a random way. mode. Sample Design (Random Sampling) “A sample design is a definite plan for obtaining a sample from a given population. Various websites provided the necessary information for the completion of the study. median. The questionnaire used in this study was a structured one. These questionnaires were finally tabulated and analyzed in order to draw the findings and suggestions. The questionnaires were framed by keeping in mind the main objective. In my research study Jaipur is taken as a sampling unit. The researcher will have to decide one or more of such units that he has to select for his study. Other methods used for data collection were company’s records and the brochures issued by them. It was collected through mails and personal visits to the known persons. Internet was also a source of data collection. the questionnaire method was used. irrespective of them being investor or not or availing the services or not.
Limitation:Time & area limitation research has been done only at Jaipur.49 Scope of the study The research was carried at Jaipur. I have visited people randomly nearby my locality. . Possibility of error in data collection because some of the persons were not so responsive. Possibility of error in analysis of data due to small sample size. offices etc. It is restricted to Region. different shopping malls.
with a consistent track record of excellent returns and best standards in customer service. we developed innovative. Today. managing investment mandates of over 5. As of the present scenario. we have been actively managing our investor's assets not only through our investment expertise in domestic mutual funds. Ltd. 17000 crores. . SBI mutual fund is a result of joint venture between State bank of India and Societe Generale Asset Management of France. Our Vision “To be the most preferred and the largest fund house for all asset classes. This makes us one of the largest investment management firms in India. Our mission has been to establish Mutual Funds as a viable investment option to the masses in the country. fifteen schemes have been successfully redeemed. product innovation.” SBIMF Services Mutual Funds Investors are our priority. This dedication is what helps our customers achieve their financial objectives. need-specific products and educated the investors about the added benefits of investing in capital markets via Mutual Funds. the SBI mutual fund manages assets worth over Rs.50 ABOUT SBI MUTUAL FUND SBI mutual fund is a bank sponsored mutual fund and has a base of 3 million investors. one of the world's leading fund management companies. bring forward our expertise by consistently delivering value to our investors. technology and HR practices.4 million investors. Corporate Profile With 25 years of rich experience in fund management. We have a strong and proud lineage that traces back to the State Bank of India (SBI) . We are a Joint Venture between SBI and AMUNDI (France). Excellence has no substitute.India's largest bank. Thirty-two schemes have been launched since the inception of SBI mutual fund and out of these thirty-two. we at SBI Funds Management Pvt. And to ensure excellence right from the first stage of product development to the post-investment stage. With our network of over 222 points of acceptance across India. we deliver value and nurture the trust of our vast and varied family of investors. Working towards it. but also offshore funds and portfolio management advisory services for institutional investors. we are ably guided by our philosophy of ‘growth through innovation’ and our stable investment policies.
We have excelled by understanding our investor's requirements and terms of risk / return expectations. Offshore Funds SBI Funds Management has been successfully managing and advising India's dedicated offshore funds since 1988. Their ability to capture the growth potential of Indian securities and manage complex portfolios as well as the drive to deliver optimum results is their forte. Accordingly. intensive coverage including internal forecasts. The three main phrases. Derivatives are used to hedge and rebalance portfolios to keep the risk factors at reasonable levels. With a sharp eye to monitor. SBI Funds Management was the 1st bank sponsored asset management company fund to launch an offshore fund called 'SBI Resurgent India Opportunities Fund' with an objective to provide our investors with opportunities for long-term growth in capital. our fund managers and analysts gear up to meet new challenging environments. discretionary and non-discretionary portfolio management services. Investment Philosophy Growth through innovation. What is innovation? Innovation is the process of turning ideas into concrete plans for progressive growth. active monitoring and regular tracking. through well-researched investments in a diversified basket of stocks of Indian Companies. superior stock selection and active portfolio management. our Fund Managers. our dedicated team ensures minimization of risks while protecting our investor's interest. We always seek to provide our investors with opportunities for progressive growth through our innovative products.51 Portfolio Management and Advisory Services SBI Funds Management has emerged as one of the largest player in India advising various financial institutions. are as follows: . based on which we suggest customized asset portfolio recommendations. We also provide an integrated end-to-end customized asset management solution for institutions in terms of advisory service. Always. gauge and understand the changes in the market. and local and international asset management companies. which act as a guiding force for the investment performance. With superior securities selection. Our expert team of experienced and market savvy researchers prepare comprehensive analytical and informative reports on diverse sectors and identify stocks that promise high performance in the future. Fund House Expertise Investment Expertise The best investment strategies put together by the best minds. incisive research. pension funds. we also enhance and optimize asset allocation and stock selection based on internal and external research.
or specific sector oriented which aims at capturing the growth potential of Indian equities . Regulatory agencies around the world are placing increasing pressure on institutions to measure and manage risk better. mid cap. we follow enterprise wide approach to risk management with a dedicated. At SBI Funds Management. Superior stock selection: Our team is encouraged to be ahead of the rest of the industry in terms of identifying new ideas & opportunities. It could be blended. As one of the core focus areas. we do not encourage our investment team to replicate the index composition with the fund portfolio.52 Long-term capital appreciation for the investor: Our fund manager's view is not guided by any momentum play but by the objective of generating sustainable performance for the investor. This is achieved by implementing an active management style based on fundamental analysis. experienced and professional risk management team covering significant functions of the organization. Optimal Risk Management Risk Management is an inherent part of any business. leading to the construction of a portfolio. each of our strategies is subject to close scrutiny on a continuous basis. large cap. Risk Management focuses on: Identifying actual and potential areas of risk Assessing the adequacy of internal controls Proposing risk mitigating measures and Safeguarding investor interest through ongoing analysis and monitoring. Our objective is to endeavor to outperform our benchmarks through well researched investments in Indian equities. Investment Objective Setting benchmarks time and again. For our investors. Active fund management: While the performance of all the funds is benchmarked against a specific index.
SBIMF. Ltd..com www. A.sebi. Anmol Publications Pvt.valueresearchonline. 2.com www. Jha.google.) Portfolio Management.k Lane.com www.businessmapsofindia. Third Addition. 4.com www.mutualfundsindia.com www.utibank.2007.P..economicstimes. South Asian Perspective. 12th edition.) Kotler.in www. Marketing Management.amfiindia.) Security Analysis and Portfolio Management by FISHER JORDAN 3. M.research methodology WEBSITES: www.gov.com www.com www.53 BIBLIOGRAPHY NEWS PAPERS & MAGAZINES:- Business world Business economy Business line Economic times Financial expres BOOKS:-1. Keller.r.) Kothari c.com Others brochures of product offerings of SBI MUTUL FUND factsheets of SBIMF and other AMC’s company database for the list of investors various investment journals . Koshy. .