EXECUTIVE SUMMARY Investment is a sensitive concept, any investor whether professional or individual needs to be very careful while investing
and getting decent return. Stock markets which gives good returns in the long run does also has huge amount of risk, it is challenging task for professionals to get the expected rate of return from their investments. Individual investors who invest their hard earned money in equities burn their fingers due to lack of conceptual knowledge. Some investors who are risk averse go for Mutual Funds. So, it is very important to check whether Mutual Funds yield the expected returns to the investors, it is obvious as this pint of that a question strikes to our mind as to why only some Mutual Funds give good returns than other Mutual Fund Companies. The point is what makes the successful Mutual Fund Companies to give comparatively. There may be many factors which contribute for yielding returns. The following are many factors which may have contributed higher returns. 1. Less fees and expenses. 2. Conservative (less risk fund Manager) 3. Use of hedging techniques 4. Fund manager’s prediction or forecasting of securities movement ability.
So in the above context the first point seems to be more appropriate answer to the question us to why only some Mutual Fund Companies give higher returns. The Study was conducted to compare the performance of Diversified Equity Funds Return with their Benchmarks, SENSEX and Nifty. The summer project entitled “Evaluation of Mutual Fund Schemes” conducted at Sharekhan Ltd., RT Nagar, Bengaluru. Has a basic objective of studying the organization to understand the structure of Mutual Fund.
PG DEPARTMENT OF MANAGEMENT STUDIES, ATRIA INSTITUTE OF TECHNOLOGY, BANGALORE.
The project has been classified as follows-
Chapter 2:- General Introduction to Mutual Funds, which includes Concept, Structure, Working, Performance, AMC, AMIF, Benefits, Risk and Drawbacks. Chapter 3:- Company Profile. Chapter 4:- Research Design includes Problem, Objectives, Scope and Limitation of the Study. Chapter 5:- Methodology of the Study. Chapter 6:- It includes data Analysis and Interpretation. Chapter 7:- It includes Findings, Suggestions and Conclusions of the Study.
PG DEPARTMENT OF MANAGEMENT STUDIES, ATRIA INSTITUTE OF TECHNOLOGY, BANGALORE.
GENERAL INTRODUCTION MUTUAL FUNDS
INTRODUCTION Mutual Funds are for everyone. Around the world, millions of investors invest in Mutual offer. A mutual fund is type of investment vehicle where investors pool their money in order to allow each investor participate in a portfolio of securities. The individual investor doesn't actually own each security but instead, he owns shares of the mutual fund. The main benefit of a mutual fund is that it provides a way for the investor to achieve diversification in his investments without having to invest a lot of money. The first mutual fund was the Massachusetts Investors Trust introduced in 1924. At the end of its first year, the fund had 200 investors with $63,600 in assets. At the end of 1995, the fund grew to 73,500 investors with assets totaling $1.8 billion! Now there are over 7000 different mutual funds available to choose from. Different investment avenues are available to investors. Mutual funds also offer good investment opportunities to the investors. Like all investments, they also carry certain risks. The investors should compare the risks and expected yields after adjustment of tax on various instruments while taking investment decisions. The investors may seek advice from experts and consultants including agents and distributors of mutual funds schemes while making investment decisions. With an objective to make the investors aware of functioning of mutual funds, an attempt has been made to provide information in question-answer format that may help the investors in taking investment decisions. Funds because of their safety, ease of investing and the many advantages they
PG DEPARTMENT OF MANAGEMENT STUDIES, ATRIA INSTITUTE OF TECHNOLOGY, BANGALORE.
PG DEPARTMENT OF MANAGEMENT STUDIES. short-term money-market instruments.Over the past decade. It pays to understand both the upsides and the downsides of mutual fund investing and how to choose products that match your goals and tolerance for risk. investing in mutual funds involves risk. which are best. also called an investment company.
MUTUAL FUND CHART A mutual fund is a company that pools money from many investors and invests the money in stocks. And fees and taxes will diminish a fund's returns. Mutual funds can offer the advantages of diversification and professional management.
A mutual fund. Each share represents an investor's proportionate ownership of the fund's holdings and the income those holdings generate. The manager's business is to choose securities. bonds. The combined holdings the mutual fund owns are known as its portfolio. A mutual fund's portfolio is managed by a professional money manager. ATRIA INSTITUTE OF TECHNOLOGY. But. suited for the portfolio. as with other investment choices. The fund's manager uses the money collected to purchase securities such as stocks and bonds. other securities or assets. or some combination of these investments. is an investment vehicle which pools the money of many investors. BANGALORE. The securities purchased are referred to as the fund's portfolio. American investors increasingly have turned to mutual funds to save for retirement and other financial goals.
As a shareholder.
. few other mutual fund companies in India took their position in mutual fund market. Punjab National Bank Mutual Fund. Bank of Baroda Mutual Fund. that even a professional money manager cannot insure against a loss of principal. Each share represents an interest in the fund's portfolio. ATRIA INSTITUTE OF TECHNOLOGY. MUTUAL FUND OPERATION FLOW CHART
Characteristics of mutual funds include the following:
PG DEPARTMENT OF MANAGEMENT STUDIES. Like a shareholder in a corporation. however. The new entries of mutual fund companies in India were SBI Mutual Fund. Canbank Mutual Fund. By the end of the 80s decade. you receive shares of the fund in return. The era between 1963 and 1987 marked the existence of only one mutual fund company in India with Rs. You can receive these distributions either in cash or as additional shares of the fund. Indian Bank Mutual Fund. 67bn assets under management (AUM). CONCEPT OF MUTUAL FUNDS The concept of mutual funds in India dates back to the year 1963. you also have certain shareholder voting rights. the Unit Trust of India (UTI). BANGALORE. by the end of its monopoly era.aware. The value of your mutual fund shares will rise and fall depending upon the performance of the securities in the portfolio. you will receive a proportional share of income and interest generated by the portfolio. When you give your money to a mutual fund.
" meaning investors can sell their shares back to the fund. ATRIA INSTITUTE OF TECHNOLOGY.
. Mutual fund shares are "redeemable. and each investor holds a pro-rata share of the portfolio i. debt securities.e. entitled to any profits when the securities are sold. although some funds stop selling when. Investors purchase mutual fund shares from the fund itself instead of from other investors on a secondary market. Mutual funds generally create and sell new shares to accommodate new investors. such as the New York Stock Exchange or NASDAQ Stock Market. BANGALORE. they sell their shares on a continuous basis. Those securities are professionally managed on behalf of the unit-holders. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified. The income earned through these investments and the capital appreciation realized is shared by its unit holders in proportion to the number of units owned by them. for example. The investment portfolios of mutual funds typically are managed by separate entities known as "investment advisers" that are registered with the SEC. The price that investors pay for mutual fund shares is the funds per share net asset value (NAV) plus any shareholder fees that the fund imposes at the time of purchase. How does a Mutual fund work? Share Market Source: ET 500
PG DEPARTMENT OF MANAGEMENT STUDIES. they become too large. investments may be in shares. professionally managed basket of securities at a relatively low cost. but subject to any losses in value as well. In other words. The flow chart below describes broadly the working of a mutual fund: A Mutual Fund is a trust that pools the savings of a number of investors who share common financial goal. money market securities or a combination of these.
ATRIA INSTITUTE OF TECHNOLOGY. as on 30/9/95 there were nearly 25 mutual funds offering 80 different schemes and serving nearly 60 million investors.15. There are also mutual funds with investments sourced abroad called ‘offshore funds’.
. Canara Bank. and Mastershare etc. the commercial banks like the Sate Bank of India. It is the country’s largest mutual fund company with over 25 million investors and a corpus exceeding Rs.000 crores.55. The Unit Trust of India has introduced huge portfolio of schemes like Unit 64. These institutions have successfully launched a variety of schemes to meet the diverse needs of millions of small investors.2925 crore deployed in its 16 schemes servicing over 2. BANGALORE. As
PG DEPARTMENT OF MANAGEMENT STUDIES. On the whole. The India Fund Unit scheme 1986 traded in the London Stock Exchange and the India Fund Unit Scheme 1988 traded in the New York Stock Exchange were floated by the Unit Trust of India and the India Magnum Fund was floated by the State Bank of India. Indian Bank.MUTUAL FUNDS IN INDIA In India.000 crore. the Mutual Fund Industry has been monopolized by the Unit Trust of India ever since 1963. Now.5 million shareholders. accounting for nearly 10% of the country’s stock market capitalization. To add to the list are the LIC of India and the private sector banks and other financial institutions. They have been established for attracting NRI investments to the capital market in India. Bank of India and the Punjab National Bank have entered in to the field. The SBI fund has a corpus of Rs. Mastergain. The total corpus of the 13 other mutual funds in the country is less than Rs.
Most of the schemes have declared a dividend ranging between 13.17— crores in 1993-94. systems and technology and this very foreign tag may add credit to the
PG DEPARTMENT OF MANAGEMENT STUDIES. Besides the above.preset. the rate of growth is comparatively slow an not very satisfactory. On the whole. They see potential for immense appreciation in unlisted securities which intent to go to public with a short period of one year. Kothari with Pioneer. Again. the private sector mutual funds mobilized Rs. which amounts to 8% of the gross domestic householding savings in the country. the public sector mutual funds wee able to collect Rs 3800 crores I 1990-91. ATRIA INSTITUTE OF TECHNOLOGY. the sales of units of UTI which were Rs.9500 crores in 1993-94. It is so because. Credit Capital with Lazard Brothers. However. The growth of mutual funds business can be witnessed from the following figure. Of course. they could collect only R. We find Tatas tying up with Kleinworth Benson. GIC with George Soros. 20th Century with Morgan and so on. In most of the cases it is around 14% only. It is a good going indeed. investments in new share fetch appreciation between 30 and 1500 per cent in a very short period. Promoters too give preferential treatment to mutual funds because it reduces their marketing cost. Today mutual funds have started playing a positive role in the country’s saving revolution. Mutual funds have been preferred as an avenue for investment by the household savers only from 1990s. Again many private organization have entered into the field. The recent trend in the mutual fund industry is to go for tie up arrangements with foreign collaborators. institution.890 crores in 1985-86 rose to Rs. The private sector which entered the arena in 1993 is concentrating on the primary market.5% and 17%.4100 crores in 1990-91 and Rs. However. In India. 400 crores in 1993-94.7billion to the Indian market. there are 16 different offshare Indian funds which have brought about $2. the mutual fund industry was able to mobilize approximately Rs. BANGALORE. these tie-ups would bring in new perspective. 1200 crores in 1993-94.
. the LIC and the GIC have also entered into the market. they go for fund-participation in a venture even before it goes public. ICICI with JP Morgan.
. In early 1990s. SEBI notified regulations for the mutual funds in 1993. As far as mutual funds are concerned. Government allowed public sector banks and institutions to set up mutual funds. ATRIA INSTITUTE OF TECHNOLOGY. Thereafter.Natarajan History Of Mutual Funds In India And Role Of SEBI In Mutual Funds Industry Unit Trust of India was the first mutual fund set up in India in the year 1963. SEBI formulates policies and regulates the mutual funds to protect the interest of the investors. The objectives of SEBI are – to protect the interest of investors in securities and to promote the development of and to regulate the securities market. mutual funds sponsored by private sector entities were allowed to enter the capital market. BANGALORE. In the year 1992. The regulations were fully revised in 1996 and have
PG DEPARTMENT OF MANAGEMENT STUDIES.year 2000 2001 2002 2003 2004 13313 20208 35766 68414
US $ Millions Bought
US $ Millions Redeemed 9189 18224 34206 67502 118126
Source: Financial Markets and Services By Gordon. Securities and exchange Board of India (SEBI) Act was passed.
SBI Mutual Fund was the first non.700 cores of asset
Second Phase – 1987-1993 (Entry of Public Sector Funds)
1987 marked the entry of non. All mutual funds whether promoted by public sector or private sector entities including those promoted by foreign entities are governed by the same set of Regulations.
LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990.been amended thereafter from time to time. SEBI has also issued guidelines to the mutual funds from time to time to protect the interests of investors.6.
PG DEPARTMENT OF MANAGEMENT STUDIES. Bank of Baroda Mutual Fund (Oct 92). The first scheme launched by UTI was Unit Scheme 1964.UTI.UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87). Bank of India (Jun 90).
There are four 4 phases according to the development of sector First Phase 1964-1987
1964 to 1987: . Punjab National Bank Mutual Fund (Aug 89). Indian Bank Mutual Fund (Nov 89). At the end of 1988 UTI had Rs. 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.Unit Trust of India (UTI) was established on 1963 by an Act of Parliament.
. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. ATRIA INSTITUTE OF TECHNOLOGY. The risks associated with the schemes launched by the mutual funds sponsored by these entities are of similar type. There is no distinction in regulatory requirements for these mutual funds and all are subject to monitoring and inspections by SEBI. public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC).
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. except UTI were to be registered and governed. The Unit Trust of India with Rs.44.805 crores. assured return and certain other schemes. a new era started in the Indian mutual fund industry.21.
. the assets of US 64 scheme.47.835 crores as at the end of January 2003. It is registered with SEBI and functions under the Mutual Fund Regulations
PG DEPARTMENT OF MANAGEMENT STUDIES.•
At the end of 1993.
The number of mutual fund houses went on increasing.004 crores. giving the Indian investors a wider choice of fund families. with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. 1993 was the year in which the first Mutual Fund Regulations came into being. PNB. there were 33 mutual funds with total assets of Rs. The industry now functions under the SEBI (Mutual Fund) Regulations 1996.
The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. BOB and LIC. ATRIA INSTITUTE OF TECHNOLOGY. Also.
Fourth Phase – since February 2003
In February 2003.
As at the end of January 2003.29. sponsored by SBI. 1.
The second is the UTI Mutual Fund Ltd.541 crores of assets under management was way ahead of other mutual funds.
The Specified Undertaking of Unit Trust of India. representing broadly.
Third Phase – 1993-2003 (Entry of Private Sector Funds)
With the entry of private sector funds in 1993. functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. under which all mutual funds. BANGALORE. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs. the mutual fund industry had assets under management of Rs.
76.The Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial contribution made by it towards setting up of the Mutual Fund.
. 1996. Sponsor Sponsor is the person who acting alone or in combination with another body corporate establishes a mutual fund. Sponsor must contribute atleast 40% of the networth of the Investment Manged and meet the eligibility criteria prescribed under the Securities and Exchange Board of India (Mutual Funds) Regulations. conforming to the SEBI Mutual Fund Regulations. 2. and with recent mergers taking place among different private sector funds.
MUTUAL FUND STRUCTURE
The structure consists of 1. BANGALORE. ATRIA INSTITUTE OF TECHNOLOGY. Trust
PG DEPARTMENT OF MANAGEMENT STUDIES.000 crores of assets under management and with the setting up of a UTI Mutual Fund. the mutual fund industry has entered its current phase of consolidation and growth.•
With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.
The Registrar processes the application form. 2. 4. 1908.
. The Registrar and Transfer agent also handles communications with investors and updates investor records. the provisions of the Trust Deed and the Offer Documents of the respective Schemes. Atleast 2/3rd directors of the Trustee are independent directors who are not associated with the Sponsor in any manner. 3. ATRIA INSTITUTE OF TECHNOLOGY. Some of the asset management companies 1. Reliance Mutual Fund. 1882 by the Sponsor. The AMC must have a net worth of atleast 10 crore at all times. Asset Management Company (AMC) The AMC is appointed by the Trustee as the Investment Manager of the Mutual Fund. Registrar and Transfer Agent The AMC if so authorised by the Trust Deed appoints the Registrar and Transfer Agent to the Mutual Fund. BANGALORE. The main responsibility of the Trustee is to safeguard the interest of the unit holders and inter alia ensure that the AMC functions in the interest of investors and in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations. The company will invest on behalf of its clients and give them access to a wide range of traditional and alternative product offerings that would not be to the average investor. Trustee Trustee is usually a company (corporate body) or a Board of Trustees (body of individuals).
PG DEPARTMENT OF MANAGEMENT STUDIES. UTI Mutual Fund.The Mutual Fund is constituted as a trust in accordance with the provisions of the Indian Trusts Act. Atleast 50% of the directors of the AMC are independent directors who are not associated with the Sponsor in any manner. The trust deed is registered under the Indian Registration Act. Asset Management Companies in India The management of a client's investments by a financial services company. usually an investment bank. 1996. redemption requests and dispatches account statements to the unit holders. The AMC is required to be approved by the Securities and Exchange Board of India (SEBI) to act as an asset management company of the Mutual Fund.
The value of a fund manager is also affected by other factors. 13. particularly when assessing takeovers. 7. 10. 15. 14. 4. It is often used to value fund managers. This is a measure of the size of the business. Active funds charge far more than index trackers (charges in both cases are usually a percentage of the assets managed). most importantly the type of funds as this affects the level of fees. Birla Sunlife Mutual Fund. 6. Sahara Mutual Fund. Tata Mutual Fund. GIC Mutual Fund.
.3.e. Changes in assets under management can reflect both inflows and outflows of funds (i. BANGALORE. LIC Mutual Fund. Sundram Mutual Fund Assets under management An asset under management is the amount of clients' funds that a financial sector company such as a fund manager is responsible for managing. Canbank Mutual Fund. 8. HDFC Mutual Fund. clients investing or withdrawing investments) and gains and losses in the value of the assets. 12. or the possibility of takeovers. 9. Bank of Baroda Mutual Fund. In order to understand underlying trends it is important to break down the changes in order to see whether the changes are due to gains or loss of clients funds (fund inflows and outflows) or investment gains and losses. ATRIA INSTITUTE OF TECHNOLOGY. Benchmark Mutual Fund. GROWTH IN ASSETS UNDER MANAGEMENT PHASES GROWTH PHASES GROWTH
PG DEPARTMENT OF MANAGEMENT STUDIES. 5. Chola Mutual Fund. SBI Mutual Fund. 11. Hedge funds have more complex fee structures and it is usual for them to charge a (high) percentage of any gains. Kotak Mahindra Mutual Fund.
BANGALORE. bonds are called "fixed-income" investments.58. A purchaser of a bond is lending money to the issuer. thus. and will usually collect some regular interest payments until the money is returned.39.464 IV(Mar 2007)
(in crores) 1.554 2. Balanced Funds:. or debt.
.000 IV(Mar 2006) 79.564 IV(Mar 2005) 47. Usually the amount of interest paid (the coupon) is fixed at a set percentage of the amount invested.31. Bond Funds:.862 3.Bond mutual funds are pooled amounts of money invested in bonds.49. A typical balanced fund might contain about 50-65% stocks and hold the rest of shareholder's money in bonds.377
Fund Classification Here are some of the general categories of mutual funds.616 1.(in crores) I (Mar 1965) II (Mar 1987) III(Mar 1993) IV(Mar 2003) 25 IV(Mar 2004) 4. issued by companies or by governments. Bonds are IOUs.Balanced funds mix some stocks and some bonds. It is important to know the distribution of stocks to
PG DEPARTMENT OF MANAGEMENT STUDIES. ATRIA INSTITUTE OF TECHNOLOGY.
the Assets Under Management rose to Rs. and international-based companies. international and global funds are more volatile than domestic funds. This good record of UTI became marketing tool for new entrants. the Internet. and can be classified in three basic sizes: small. It rose as high as Rs. ATRIA INSTITUTE OF TECHNOLOGY. in corporations. General Equity (Stock) Funds:. From Rs. The Assets Under Management of UTI was Rs. Sector funds can be extremely volatile. 470 bn. BANGALORE.Sector funds invest in one particular sector of the economy: technology. and large. But yes. The net asset value (NAV) of mutual funds in India declined when stock prices started
PG DEPARTMENT OF MANAGEMENT STUDIES. or equity. and the goal of stock ownership is to see the value of the companies increase over time.S. people were miles away from the preparedness of risks factor after the liberalization. llamas. and of course investing was out of question. In general. 1. financial.International funds invest in companies whose homes are beyond the fair shores of this great nation. 67bn.540bn. Stocks are often categorized by their market capitalization (or caps).bonds in a specific balanced fund to understand the risks and rewards inherent in that fund. The expectations of investors touched the sky in profitability factor.Stock or equity mutual funds are pooled amounts of money that are invested in stocks. However. Sector Funds:.
Performance of Mutual Funds in India
The performance of mutual funds in India in the initial phase was not even closer to satisfactory level. International/Global Funds:. People rarely understood. computers. Global funds invest in both U. since the broad market will find certain sectors very attractive and very unattractive . by the end of 1987. medium. in March 1993 and the figure had a three times higher performance by April 2004. Stocks represent part ownership.often in rapid succession. some 24 million shareholders were accustomed with guaranteed high returns by the beginning of liberalization of the industry in 1992.
. the quantitative will be investors. the Philippines. Ltd. more and more people will be inclined to invest until and unless they are fully educated with the dos and don’ts of mutual funds. Birla Sun Life Mutual Fund follows a conservative long-term approach to investment. The 1992 stock market scandal.It is (India) Pvt.falling in the year 1992. The performance of mutual funds in India suffered qualitatively. At last to mention. the investors disinvested by selling at a loss in the secondary market. The measure was taken to make mutual funds the key instrument for long-term saving. the market regulations did not allow portfolio shifts into alternative investments. the US. Deutsche Bank A G is the custodian of ABN AMRO Mutual fund. with funds trading at an average discount of 1020 percent of their net asset value.Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun Life Financial. BANGALORE. as the Trustee Company. ABN AMRO Asset Management (India) Ltd. The major players in the Indian Mutual Fund Industry are: ABN AMRO Mutual Fund:. as long as mutual fund companies are performing with lower risks and higher profitability within a short span of time. mutual funds have not yet recovered. the losses by disinvestments and of course the lack of transparent rules in the whereabouts rocked confidence among the investors. ATRIA INSTITUTE OF TECHNOLOGY. Some of them were like relaxing investment restrictions into the market.
PG DEPARTMENT OF MANAGEMENT STUDIES. and paving the gateway for mutual funds to launch pension schemes. Indonesia and Bermuda apart from India. The AMC. There were rather no choices apart from holding the cash or to further continue investing in shares. Recently it crossed AUM of Rs. Japan. 10. Partly owing to a relatively weak stock market performance. The supervisory authority adopted a set of measures to create a transparent and competitive environment in mutual funds. Sun Life Financial is a global organisation evolved in 1871 and is being represented in Canada. introduction of open-ended funds. BIRLA SUN LIFE Mutual Fund:. 2003. The more the variety offered. Those days.000 crores. was incorporated on November 4. Since only closed-end funds were floated in the market.
1992. The Trustee Company formed is Prudential ICICI Trust Ltd. 1996 with Sahara India Financial Corporation Ltd. HDFC Mutual Fund:.State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to launch offshore fund. 225 cr. and the AMC is Prudential ICICI Asset Management Company Limited Incorporated on 22nd of June. Today it is the largest Bank sponsored Mutual Fund in
PG DEPARTMENT OF MANAGEMENT STUDIES. 1993 with two sponsorers. 25. Prudential ICICI Mutual Fund: . HSBC Mutual Fund acts as the Trustee Company of HSBC Mutual Fund. Prudential Plc. ING Investment Management (India) Pvt.BANK OF BARODA Mutual Fund (BOB Mutual Fund):. Board of Trustees.Sahara Mutual Fund was set up on July 18. ING VYSYA Mutual Fund:. ATRIA INSTITUTE OF TECHNOLOGY. Sahara Asset Management Company Private Limited incorporated on August 31. of America. 2002 with HSBC Securities and Capital Markets (India) Private Limited as the sponsor. BOB Asset Management Company Limited is the AMC of BOB Mutual Fund and was incorporated on November 5. Ltd. 1995 works as the AMC of Sahara Mutual Fund. as the sponsor.ING Vysya Mutual Fund was setup on February 11. 1998. and ICICI Ltd. one of the largest life insurance companies in the US of A. SAHARA Mutual Fund: .
. was incorporated on April 6. STATE BANK OF INDIA Mutual Fund: . The AMC. Deutsche Bank AG is the custodian. The paid-up capital of the AMC stands at Rs. 1999 with the same named Trustee Company.Bank of Baroda Mutual Fund or BOB Mutual Fund was setup on October 30. BANGALORE.
HSBC Mutual Fund:. the India Magnum Fund with a corpus of Rs. 2000 with two sponsorers namely Housing Development Finance Corporation Limited and Standard Life Investments Limited. 1993.The mutual fund of ICICI is a joint venture with Prudential Plc. 1992 under the sponsorship of Bank of Baroda.HDFC Mutual Fund was setup on June 30. Prudential ICICI Mutual Fund was setup on 13th of October. approximately. It is a joint venture of Vysya and ING.HSBC Mutual Fund was setup on May 27.8 crore.
1882. The sponsor of RMF is Reliance Capital Limited and Reliance Capital Trustee Co. The sponsorers for Tata Mutual Fund are Tata Sons Ltd. 7. TATA Mutual Fund:. UTI Asset Management Company presently manages a corpus of over Rs. Punjab National Bank (PNB). BANGALORE. STANDARD CHARTERED Mutual Fund:. It was the first company to launch dedicated guilt scheme investing only in government securities. and Life Insurance Corporation of India (LIC). The sponsorers of UTI Mutual Fund are Bank of Baroda (BOB). The Trustee is Standard
PG DEPARTMENT OF MANAGEMENT STUDIES. Index Funds.Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act. manages the UTI Mutual Fund with the support of UTI Trustee Company Private Limited. 1882.20000 Crore. Limited is the Trustee. RELIANCE Mutual Fund: . Kotak Mahindra Mutual Fund offers schemes catering to investors with varying risk . 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.703 crores (as on April 30. KMAMC started its operations in December 1998. They have already launched 35 Schemes out of which 15 have already yielded handsome returns to investors. 2000 sponsored by Standard Chartered Bank. It was registered on June 30. Limited. Tata Asset Management Limited is one of the fastest in the country with more than Rs. which was changed on March 11.Standard Chartered Mutual Fund was set up on March 13.India. The schemes of UTI Mutual Fund are Liquid Funds. 2005) of AUM. KOTAK MAHINDRA Mutual Fund:.return profiles. 1995 as Reliance Capital Mutual Fund. and Tata Investment Corporation Ltd. Income Funds.Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act.UTI Asset Management Company Private Limited.
.. ATRIA INSTITUTE OF TECHNOLOGY. Equity Funds and Balance Funds. State Bank of India Mutual Fund has more than Rs. 5.818 investors in its various schemes.500 Crores as AUM.Kotak Mahindra Asset Management Company (KMAMC) is a subsidiary of KMBL. Now it has an investor base of over 8 Lakhs spread over 18 schemes. established in Jan 14. AXIS (Unit Trust of India) Mutual Fund: . 2004. The investment manager is Tata Asset Management Limited and its Tata Trustee Company Pvt. Asset Management Funds. It is presently having more than 1. State Bank of India (SBI). 2003.99.
Open end Income and Liquid schemes. 2005). (as of April 30. pension funds and non-profit organizations. 1996 with Escorts Finance Limited as its sponsor. This is the first close end diversified equity scheme serving the needs of Indian retail investors focusing on a long-term capital appreciation. ESCORTS Mutual Fund: . FRANKLIN TEMPLETON INDIA Mutual Fund:. and AMC. Open end Sector Equity schemes. Its services are also extended to high net worth individuals and retail investors.Chartered Trustee Company Pvt. ALLIANCE CAPITAL Mutual Fund:. 1999. They have Open end Diversified Equity schemes. Open end Hybrid schemes. is the AMC which was incorporated with SEBI on December 20. of Delaware (USA) as sponsored. Ltd. with the corporate office in Mumbai. Ltd. Investors can buy or sell the Mutual Fund through their financial advisor or through mail or through their website. the Alliance Capital Asset Management India (Pvt) Ltd. The Trustee is ACAM Trust Company Pvt. It provides customized asset management services and products to governments. In India it is known as Morgan Stanley Investment Management Private Limited (MSIM India) and its AMC is Morgan Stanley Mutual Fund (MSMF). Its AMC was incorporated on December 1.Escorts Mutual Fund was setup on April 15.Morgan Stanley is a worldwide financial services company and its leading in the market in securities. Franklin Templeton Investments is a California (USA) based company with a global AUM of US$ 409.2 bn.
.Alliance Capital Mutual Fund was setup on December 30. Morgan Stanley Investment Management (MISM) was established in the year 1975. ATRIA INSTITUTE OF TECHNOLOGY.
MORGAN STANLEY Mutual Fund India:. 1995 with the name Escorts Asset Management Limited. Open end Tax Saving schemes. Closed end Income schemes and Open end Fund of Funds schemes to offer. It is one of the largest financial services groups in the world. corporations.
PG DEPARTMENT OF MANAGEMENT STUDIES. Ltd.The group. 1994 with Alliance Capital Management Corp. investment management and credit services. Standard Chartered Asset Management Company Pvt. BANGALORE. The Trustee Company is Escorts Investment Trust Limited.
Canbank Investment Management Services Ltd. 1882. LIC Mutual Fund was constituted as a Trust in accordance with the provisions of the Indian Trust Act. 2000 and headquartered in Mumbai. The Oriental Insurance Co. Cholamandalam Trustee Co. Number of foreign AMC's are in the que to enter the Indian markets like Fidelity Investments.
PG DEPARTMENT OF MANAGEMENT STUDIES. Ltd. US based. National Insurance Co. sponsored by General Insurance Corporation of India (GIC).Chola Mutual Fund under the sponsorship of Cholamandalam Investment & Finance Company Ltd. Ltd. 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:. with over US$1trillion assets under management worldwide. is the Trustee Company and AMC is Cholamandalam AMC Limited.Canbank Mutual Fund was setup on December 19. Ltd. Benchmark Asset Management Company Pvt. 1987 with Canara Bank acting as the sponsor. Ltd (NIC). (NIA). ATRIA INSTITUTE OF TECHNOLOGY. 2001 with Niche Financial Services Pvt.BENCHMARK Mutual Fund:. Incorporated on October 16. The New India Assurance Co.
. as the Trustee Company.Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989. CANBANK Mutual Fund:. The Corporate office of the AMC is in Mumbai. viz. Some facts for the growth of mutual funds in India :
100% growth in the last 6 years. (UII) and is constituted as a Trust in accordance with the provisions of the Indian Trusts Act. a Government of India undertaking and the four Public Sector General Insurance Companies. CHOLA Mutual Fund:. Ltd. BANGALORE.Benchmark Mutual Fund was setup on June 12. It contributed Rs. 1882.GIC Mutual Fund. Ltd. LIC Mutual Fund:. incorporated on March 2. 2 Crores towards the corpus of the Fund. 1993 is the AMC. is the AMC. The Company started its business on 29th April 1994. Ltd (OIC) and United India Insurance Co. 1997. Ltd. . was setup on January 3. as the sponsorers and Benchmark Trustee Company Pvt.
seek to invest a majority of their funds in equities and a small portion in money market instruments. There is a big scope for expansion. also commonly called Growth Schemes.
. BANGALORE. Introduction of Financial Planners who can provide need based advice
• • • •
TYPES OF MUTUAL FUND SCHEMES :
Investment Objective Schemes can be classified by way of their stated investment objective such as Growth Fund. 'B' and 'C' class cities are growing rapidly.•
Our saving rate is over 23%. highest in the world. Balanced Fund. Only channelizing these savings in mutual funds sector is required. Mutual fund can penetrate rurals like the Indian insurance industry with simple and limited products. SEBI allowing the MF's to launch commodity mutual funds. because they
PG DEPARTMENT OF MANAGEMENT STUDIES. However. We have approximately 29 mutual funds which is much less than US having more than 800. Soon they will find scope in the growing cities. Trying to curb the late trading practices. ATRIA INSTITUTE OF TECHNOLOGY. Today most of the mutual funds are concentrating on the 'A' class cities. Emphasis on better corporate governance. Such schemes have the potential to deliver superior returns over the long term. Income Fund etc Equity Oriented Schemes These schemes.
g. political as well as economic.
. While they are exposed to equity price risks. BANGALORE. Equity schemes are hence not suitable for investors seeking regular income or needing to use their investments in the short-term. The NAV prices of equity fund fluctuates with market value of the underlying stock which are influenced by external factors such as social. diversified general-purpose equity funds seek to reduce the sector or stock specific risks through diversification. these schemes are exposed to fluctuations in value especially in the short term.
General Purpose: The investment objectives of general-purpose equity schemes do not restrict them to invest in specific industries or sectors. e. HDFC Growth Fund is a general-purpose equity scheme. technology sector.invest in equities. They thus have a diversified portfolio of companies across a large spectrum of industries. They mainly have market risk exposure. these
PG DEPARTMENT OF MANAGEMENT STUDIES. Since they depend upon the performance of select sectors only. HDFC Tax Plan 2000 and HDFC Index Fund are examples of equity schemes. HDFC Growth Fund. ATRIA INSTITUTE OF TECHNOLOGY. They are ideal for investors who have a long-term investment horizon. Sector Specific: These schemes restrict their investing to one or more pre-defined sectors.
subscriptions to the Units not exceeding Rs. The prices of these schemes tend to be more stable compared with equity schemes and most of the returns to the investors are generated through dividends or steady capital appreciation. An example to such a fund is the HDFC Index Fund Tax Saving schemes : Investors (individuals and Hindu Undivided Families (“HUFs”)) are being encouraged to invest in equity markets through Equity Linked Savings Scheme (“ELSS”) by offering them a tax rebate. These schemes
PG DEPARTMENT OF MANAGEMENT STUDIES. debentures and government securities. Such investors are happy to receive the returns posted by the markets. 1996 and the notifications issued by the Ministry of Finance (Department of Economic Affairs).schemes are inherently more risky than general-purpose schemes. or a specific sector of the market. from income tax. 000 would be eligible to a deduction. An Index also serves as a relevant benchmark to evaluate the performance of mutual funds. Index Funds are launched and managed for such investors.10.
. As it is not practical to invest in each and every stock in the market in proportion to its size. invest in debt securities such as corporate bonds. these investors are comfortable investing in a fund that they believe is a good representative of the entire market. ATRIA INSTITUTE OF TECHNOLOGY. of an amount equal to 20% of the amount subscribed. 1961. They are suited for informed investors who wish to take a view and risk on the concerned sector. Subject to such conditions and limitations. The Scheme is subject to Securities & Exchange Board of India (Mutual Funds) Regulations. BANGALORE. HDFC Tax Plan 2000 is such a fund. as prescribed under Section 88 of the Incometax Act. Government of India regarding ELSS. Debt Based Schemes These schemes. Special Schemes : Index schemes The primary purpose of an Index is to serve as a measure of the performance of the market as a whole. Some investors are interested in investing in the market in general rather than investing in any specific fund. also commonly called Income Schemes. Units purchased cannot be assigned / transferred/ pledged / redeemed / switched – out until completion of 3 years from the date of allotment of the respective Units.
are ideal for conservative investors or those not in a position to take higher equity risks. BANGALORE.
These schemes invest in money markets. Liquid Income Schemes: Similar to the Income scheme but with a shorter maturity than Income schemes. They therefore distribute a substantial part of their distributable surplus to the investor by way of dividend distribution.
. such as retired individuals. These schemes primarily target current income instead of capital appreciation. ATRIA INSTITUTE OF TECHNOLOGY. as compared to the money market schemes they do have a higher price fluctuation risk and compared to a Gilt fund they have a higher credit risk. bonds and debentures of corporates with medium and long-term maturities. HDFC Short Term Plan and HDFC Fixed Investment Plans are examples of bond schemes. Such schemes usually declare quarterly dividends and are suitable for conservative investors who have medium to long term investment horizon and are looking for regular income through dividend or steady capital appreciation. However. An example of this scheme is the HDFC Liquid Fund. HDFC Income Fund.
PG DEPARTMENT OF MANAGEMENT STUDIES.
On the other hand.
PG DEPARTMENT OF MANAGEMENT STUDIES.
. These schemes invest in both equities as well as debt. HDFC Gilt Fund is an example of such a scheme. Hence. BANGALORE.
Money Market Schemes:
These schemes invest in short term instruments such as commercial paper (“CP”). certificates of deposit (“CD”). Open ended Schemes:
The units offered by these schemes are available for sale and repurchase on any business day at NAV based prices. By investing in a mix of this nature. Please note that an open-ended fund is NOT obliged to keep selling/issuing new units at all times. ATRIA INSTITUTE OF TECHNOLOGY. Such schemes thus offer very high liquidity to investors and are becoming increasingly popular in India. treasury bills (“T-Bill”) and overnight money (“Call”). HDFC Balanced Fund and HDFC Children’s Gift Fund are examples of hybrid schemes. balanced schemes seek to attain the objective of income and moderate capital appreciation and are ideal for investors with a conservative. long-term orientation. the unit capital of the schemes keeps changing each day. and may stop issuing further subscription to new investors.
Constitution Schemes can be classified as Closed-ended or Open-ended depending upon whether they give the investor the option to redeem at any time (open-ended) or whether the investor has to wait till maturity of the scheme. an open-ended fund rarely denies to its investor the facility to redeem existing units. These schemes have become popular with institutional investors and high networth individuals having short-term surplus funds Gilt Funds : This scheme primarily invests in Government Debt. Hence the investor usually does not have to worry about credit risk since Government Debt is generally credit risk free. Hybrid Schemes :
These schemes are commonly known as balanced schemes. The schemes are the least volatile of all the types of schemes because of their investments in money market instrument with short-term maturities.
Interval Schemes: These schemes combine the features of open-ended and closed-ended schemes.
Closed ended Schemes:
The unit capital of a close-ended product is fixed as it makes a one-time sale of fixed number of units. the unit capital in closed-ended schemes usually remains unchanged. These schemes are launched with an initial public offer (IPO) with a stated maturity period after which the units are fully redeemed at NAV linked prices. Association of Mutual Funds in India (AMFI) With the increase in mutual fund players in India. After an initial closed period. This discount tends towards the NAV closer to the maturity date of the scheme. Unlike open-ended schemes.
AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with SEBI. They may be traded on the stock exchange or may be open for sale or redemption during pre-determined intervals at NAV based prices. Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. a need for mutual fund association in India was generated to function as a non-profit organisation. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August. Closed-ended schemes are usually more illiquid as compared to open-ended schemes and hence trade at a discount to the NAV. BANGALORE.
. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders. 1995. investors can buy or sell units on the stock exchanges where they are listed. the scheme may offer direct repurchase facility to the investors. It functions under the supervision and guidelines of its Board of Directors. The objectives of Association of Mutual Funds in India The Association of Mutual Funds of India works with 30 registered AMCs of the
PG DEPARTMENT OF MANAGEMENT STUDIES. ATRIA INSTITUTE OF TECHNOLOGY. In the interim. Till date all the AMCs are that have launched mutual fund schemes are its members.
The agencies who are by any means connected or involved in the field of capital markets and financial services also involved in this code of conduct of the association. Association of Mutual Fund of India does represent the Government of India.
AMFI undertakes all India awareness programme for investors in order to promote proper understanding of the concept and working of mutual funds.country. The objectives are as follows:
This mutual fund association of India maintains a high professional and ethical standards in all areas of operation of the industry. Hence. It has certain defined objectives which juxtaposes the guidelines of its Board of Directors.
Market In risks
RISKS Mutual Funds are not free from risks.
AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual fund industry. the Reserve Bank of India and other related bodies on matters relating to the Mutual Fund Industry. BANGALORE. there are
PG DEPARTMENT OF MANAGEMENT STUDIES. It also recommends and promotes the top class business practices and code of conduct which is followed by members and related people engaged in the activities of mutual fund and asset management. the following risks are inherent in their dealings. ATRIA INSTITUTE OF TECHNOLOGY. It is so because basically the Mutual Funds also invest their funds in the stock market on shares which are volatile in nature and are not risk free. At last but not the least association of mutual fund of India also disseminate information on Mutual Fund Industry and undertakes studies and research either directly or in association with other bodies. It implements a programme of training and certification for all intermediaries and other engaged in the mutual fund industry.
It develops a team of well qualified and trained Agent distributors.
the Fund has to suffer a lot.
4) Business Risk: . The phase of the business cycle affects the market conditions to a larger extent.
2) Scheme Risks: . it cannot declare any dividend. Though the mutual fund can withstand such a risk. It may even go to the extent of winding up its business. The investment expertise of various funds are different and it is reflected on the returns which they offer to investors. They are called market risks. its income paying capacity is affected. BANGALORE.
5) Political Risks: . ATRIA INSTITUTE OF TECHNOLOGY.
.whether the Mutual Fund makes money in shares or loses
depends upon the investment expertise of the Asset Management Company. one has to take more risks. It is obvious because if one expects more return as in the case of a growth scheme. in a pure growth scheme. So mutual funds are no exception to it. Recession. If the investment advice goes wrong.There are certain risks inherent in the scheme itself.Natarajan Benefits of Mutual Funds
PG DEPARTMENT OF MANAGEMENT STUDIES. every economy has to pass through a cycle-Boom. For instance. It all depends
upon the nature of the scheme. risks are greater. It is often said that many economic decisions are politically motivated. Moreover.The corpus of a Mutual Fund might have been invested in a
company’s shares. Slump and Recovery.associated with every kind of investment on shares. These market risks can be reduced but cannot be completely eliminated even by a good investment management. Source: Financial Markets and Services By Gordon.
3) Investment Risk: . Changes in Government bring in the risk of uncertainty which every player in the financial service industry has to face. If the business of that company suffers any set back.Successive Governments bring with them fancy new economic
ideologies and policies. The prices of shares are subject to wide price fluctuations depending upon market conditions over which nobody has a control.
ATRIA INSTITUTE OF TECHNOLOGY. Similarly the information technology sector might be faring poorly but the auto and textile sectors might do well and may protect your principal investment as well as help you meet your return objectives. i.There are numerous benefits of investing in mutual funds and one of the key reasons for its phenomenal success in the developed markets like US and UK is the range of benefits they offer. for example during one period of time equities might underperform but bonds and money market instruments might do well enough to offset the effect of a slump in the equity markets. Each unit holder thus gets an exposure to such portfolios with an investment as modest as Rs.
. BANGALORE. which are unmatched by most other investment avenues.e.500/-. This kind of a diversification may add to the stability of your returns. We have explained the key benefits in this section. An investor can buy in to a portfolio of equities. and benefits applicable specifically to openended schemes. bonds. etc. • Diversification: The nuclear weapon in your arsenal for your fight against Risk. money market instruments.
PG DEPARTMENT OF MANAGEMENT STUDIES. depending upon the investment objective of the scheme. applicable to all schemes. This amount today would get you less than quarter of an Infosys share! Thus it would be affordable for an investor to build a portfolio of investments through a mutual fund rather than investing directly in the stock market. fixed deposits etc. which would otherwise be extremely expensive. bonds. real estate. information technology etc. Universal benefits: • Affordability: A mutual fund invests in a portfolio of assets.) and different sectors (auto. It simply means that you must spread your investment across different securities (stocks. shares. The benefits have been broadly split into universal benefits. textile.).
secondly. including income from Units of the Mutual Fund. This variety is beneficial in two ways: first.
. Such a high level of regulation seeks to protect the interest of investors. and (b) keep track of investments and changes in market conditions and adjust the mix of the portfolio. which govern mutual funds. given the fund's stated investment objectives. It is the Fund Manager's job to (a) find the best securities for the fund. BANGALORE.000 from the Total Income will be admissible in respect of income from investments specified in Section 80L. These rules relate to the formation. • Professional Management: Qualified investment professionals who seek to maximise returns and minimize risk monitor investor's money. • Regulations: Securities Exchange Board of India (“SEBI”). administration and management of mutual funds and also prescribe disclosure and accounting requirements. When you buy in to a mutual fund.• Variety: Mutual funds offer a tremendous variety of schemes. as a measure of concession to Unit holders of open-ended equity-oriented funds. However. income distributions for the year ending March 31. an investor can invest his money in a Growth Fund (equity scheme) and Income Fund (debt scheme) depending on his risk appetite and thus create a balanced portfolio easily or simply just buy a Balanced Scheme. ATRIA INSTITUTE OF TECHNOLOGY.5%. you are handing your money to an investment professional who has experience in making investment decisions. the mutual funds regulator has clearly defined rules. For example. it offers different types of schemes to investors with different needs and risk appetites. 2003. Units of the schemes are not subject to Wealth-Tax and Gift-Tax. as and when required. will be taxed at a concessional rate of 10. In case of Individuals and Hindu Undivided Families a deduction upto Rs. Drawbacks of Mutual Funds: Mutual funds have their drawbacks and may not be for everyone:
PG DEPARTMENT OF MANAGEMENT STUDIES. 9. • Tax Benefits: Any income distributed after March 31. it offers an opportunity to an investor to invest sums across a variety of schemes. 2002 will be subject to tax in the assessment of all Unit holders. both debt and equity.
anyone who invests through a mutual fund runs the risk of losing money. Sharekhan is an equity focused organization tracing its lineage to SSKI. If the manager does not perform as well as you had hoped. even if you reinvest the money you made. India’s leading stockbroker is the retail arm of SSKI. you forego management risk. or financial planners. they
PG DEPARTMENT OF MANAGEMENT STUDIES. If the entire stock market declines in
No Guarantees: No investment is risk free.
Management risk: When you invest in a mutual fund. Even if you don't use a broker or other financial adviser. financial consultants.
Fees and commissions: All funds charge administrative fees to cover their day-to-
day expenses. because these funds do not employ managers. If your fund makes a profit on its sales.com. a veteran equities solutions company with over 8 decades of experience in the Indian Stock markets. you depend on the fund's
manager to make the right decisions regarding the fund's portfolio. you will pay taxes on the income you receive. Sharekhan runs India’s largest chain of shares shops with around 250 outlets in 113 cities and a presence on internet through www. no matter how balanced the portfolio. India’s premier online trading destination.
.sharekhan. Of course.
Sharekhan. most actively managed mutual funds sell anywhere
from 20 to 70 percent of the securities in their portfolios. ATRIA INSTITUTE OF TECHNOLOGY. you might not make as much money on your investment as you expected. you will pay a sales commission if you buy shares in a Load Fund.
Taxes: During a typical year. the value of mutual fund shares will go down as well. if you invest in Index Funds. Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However. Some funds also charge sales commissions or "loads" to compensate brokers.
As the forerunner of investment research in the Indian Market. Their research team is rated as one of the best in the country. it offers a suite of products and services. Sharekhan offers investors trade execution facilities on the BSE and the NSE. for cash as well as derivatives. providing investor with a multi-channel access to the stock markets.reach out to customers like no one else.) SSKI Group also comprises Institutional broking and Corporate Finance. “Multy Commodity Exchange of India” (MCX) and “National Commodity and Derivative Exchange”(NCDEX) and offering trading facilities for the commodities. SSKI holds a sizeable portion of the market in each of these segments. (MCX). depository services and most importantly. Sharekhan is the founder member of two major commodity exchanges. Kantilal Ishwarlal Securities Pvt. BANGALORE. Sharekhan is investors “Friendly Neighbourhood Stock Broker”. voted four time as the top domestic brokerage house by Asia money Survey. Services providing by Sharekhan
PG DEPARTMENT OF MANAGEMENT STUDIES. ShareKhan is an online trading facility founded in 1999-2000 with a focus on equities. SSKI provide the best research coverage amongst broking houses in India. Ltd. Bombay Stock Exchange Ltd. (BSE). Sharekhan Ltd provides trade execution services through multiple channels .S. While the Institutional broking division caters to the largest domestic and foreign institutional investors. derivatives and commodities brokerage execution on the National Stock Exchange of India Ltd. telecom and media. To ensure that investors trading experience with Sharekhan is fast secure and hassle free. investment advice tempered by 80 years of research and broking experience. ATRIA INSTITUTE OF TECHNOLOGY. the corporate finance division focuses on the niche areas such as infrastructure. (NSE).an Internet platform. SSKI (S.
. National Commodity and Derivatives Exchange India (NCDEX) and Multi Commodity Exchange of India Ltd. telephone and retail outlets and is present in 280 cities through a network of 640 locations.
Trade anywhere However. BANGALORE. ATRIA INSTITUTE OF TECHNOLOGY. Dial-n-trade Dial-n-trade is an exclusive service available to all sharekhan customers for trading in shares via the Telephone. and the orders are queued up to be executed as soon as the market opens.
. if investors prefer the convenience of trading from wherever they are. investors can get a classic trading account from sharekhan and enjoy the freedom that comes with it. has been the most preferred destination for online trading ever since its launch. Investors can place orders even after the trading hours.
PG DEPARTMENT OF MANAGEMENT STUDIES.com. the winner of several prestigious awards. Sharekhan.
BANGALORE. online tic-by-tic charts. ATRIA INSTITUTE OF TECHNOLOGY. Sharekhan’s outlets offers the following Services: online BSE and NSE executions (through BOLT & NEAT terminals) Free access to investment advice from Sharekhan's Research team Sharekhan Value Line (a monthly publication with reviews of recommendations.Online trading Online trading product that brings the power of your broker’s terminal to your PC. Investors can view their updated account statement on Internet. Depository services offer demat services to individual and corporate investors. They execute the instruction immediately on receiving it. It will help investors to meet their pay-in obligations on time thereby reducing the possibility of auctions. stocks to watch out for etc) Daily research reports and market review (High Noon & Eagle Eye) Pre-market Report (Morning Cuppa) Daily trading calls based on Technical Analysis Cool trading products (Daring Derivatives and Market Strategy) Personalised Advice Live Market Information Depository Services: Demat & Remat Transactions Derivatives Trading (Futures and Options)
PG DEPARTMENT OF MANAGEMENT STUDIES. Sharekhan understand investors need for flexibility that’s why they accept late instructions without any extra charge. They have a team of professionals and the latest technological expertise dedicated exclusively to their demat department. Pledge. It is ideal for active traders and jobbers who transact frequently during days trading session to capitalize on intra-day price movements. It provides on a single screen streaming quotes. Depository services Sharekhan offers investors the convenience of a broker-DP. instant order placement and trade confirmations cash market. Investors can avail of Demat. Repurchase. Transmission facilities at every branch and business partners outlets.
Advanced charting tools. Commodities Trading
PRODUCTS IN SHAREKHAN Speed trade Sharekhan presents Speed Trade. allowing investors to capitalize on intra-day price movements. Speed trade gives active traders and jobbers the edge with real time access to the market. Citi Bank. Classic Account This account allows the client to trade through sharekhan website and is suitable for the retail investor who is risk averse and hence prefer to invest in stocks or who does not trade too frequently. This trading account can be linked with the bank account like HDFC Bank. BANGALORE. ATRIA INSTITUTE OF TECHNOLOGY. with an additional power investors can trade Derivatives. Speed trade Attractions: • • • • • Online streaming quotes. Speed Trade is a state of the art web trading product ideal for active traders and jobbers who transact frequently during a say’s trading session to capitalize on intra-day price movements.
Speed Trade Plus: Speed Trade Plus has all the benefits that Speed Trade is having. Simple order entry at the click of a mouse. UTI Bank and IDBI Bank.
. internet based trading software that allows investors to Buy/sell shares in instant.
STATEMENT OF THE PROBLEM
PG DEPARTMENT OF MANAGEMENT STUDIES. Which facilitate in online transfer of funds. Sell against receivables facility. Lightning fast order an trade execution and confirmation.
OBJECTIVES To study Mutual Fund Industry in India. ATRIA INSTITUTE OF TECHNOLOGY.Evaluation
of Mutual Fund Equity Schemes with their Net Asset Value and
Portfolio of different Asset Management Companies. To compare the performance of different Mutual Funds To study the different schemes provided by the esteemed organization. disadvantage and about Sharekhan Ltd. LIMITATIONS OF THE STUDY Only 8 equity funds of different companies were compared and analysed. major players advantages(benefit). SCOPE OF THE STUDY The study is mainly concerned about the evaluation various Mutual Funds on the basis of comparing NAV with SENSEX. BANGALORE.. bebt or balanced. In this study. The performance of different schemes however helps the prospective investors to choose the best schemes objectives. the researcher has limited funds to the few well performed funds in the Diversified Equity Schemes which are dealt in the Sharekhan Ltd. It also attempts to find out the working of MF. The study was limited to the extent of just evaluation of Mutual Fund equity schemes. To compare the Equity Funds with the SENSEX.
.. which suit its
PG DEPARTMENT OF MANAGEMENT STUDIES. and Benchmarak. The study covers only the open ended fund The study does not cover the other schemes. NIFTY. types of MF. organization of MF. NEED FOR THE STUDY The evaluation of Mutual Fund equity schemes of different leading companies is useful to know the performance of schemes and it helps the investors to invest in Mutual Fund schemes either equity. drawbacks. NIFTY and its Benchmark. To study the NAV(Net Asset Value) of different leading Companies in India.
Analysis part of the project includes both theoretical aspects and practical aspects.
.e. News Papers and Websites. Bengaluru-32.. Duration of the Study: The duration of the study is 6 weeks. Journals. Secondary data is collected from Brochure. Practical aspects pertain to current trends in the stock market. Fact Sheet.METHODOLOGY OF THE STUDY Research Design: Relevant data were collected from the local institutions and analysis of the data was done keeping the objectives as the basis. R. DATA COLLECTION: The study is based on collection of both primary data and secondary data. BANGALORE. Sharekhan Ltd.
PG DEPARTMENT OF MANAGEMENT STUDIES. Primary data is collected through the direct personnel interview with the Branch Manager and workers. ATRIA INSTITUTE OF TECHNOLOGY. Location of the Study: the study was conducted at in the Mutual Fund distribution centre i.T Nagar.
54 10.DIFFERENT FUNDS RETURN (NAV)
COMPANY NAME ABNAMRO EQUITY FUND (DIV) BIRLA EQUTIY FUND (GTH) HDFC EQUITY FUND (DIV) RELLANCE EQUITY FUND (BONUS) SAHARA MIDCAP FUND (GTH) SBI BLUE CHIP FUND (DIV) TATA EQUITY MGT FUND (GROWTH) UTI GROWTH AND VALUE FUND 2005 16.2 189. Exit Load: Nil. Monthly Dividend Option and Quarterly Dividend Option.34 20. ATRIA INSTITUTE OF TECHNOLOGY.000 per application and in multiples of Re.1 147. 5. NAV (Rs.25 9.18 107. The secondary objective of the Scheme is to generate long-term capital appreciation by investing a portion of the Scheme's assets in equity and equity related securities. Structure: Open Ended Income Scheme.69 7. Inception Date: September 03.77 18. Face Value (Rs/Unit): Rs.15 15.92 Performance % as on Jan 30.67 12.50 18. Both the Dividend Options offer Dividend Payout and Dividend Re-investment facilities. Monthly Dividend Option and Quarterly Dividend Option: A minimum of Rs.52 36.96 15. 2008 91 Days 182 Days 1 Year -8.21 11. 10 Minimum Investment: Growth Option: A minimum of Rs.85 8.53 26. Scheme Code AB002 Scheme Name ABN AMRO Date Jan 30.55 9 11.10 14. Monthly Income is not assured and is subject to the availability of distributable surplus. 1 thereafter.94 14. Entry Load: Nil.57 45.) 36.74 27. 1 thereafter.000 per application and in multiples of Re.91 9 10. 20.18 36.00
Year 2006 2007 2008 19.23 19.51 17.92 10.
.23 15.88 39
PG DEPARTMENT OF MANAGEMENT STUDIES.94 32.14
ABN AMRO Equity Fund-Dividend Objective : To generate regular returns through investment primarily in Debt and Money Market Instruments. 2004 Plans and Options under the Plan: Growth Option.63 11. BANGALORE.55 16.89 98.22 25.
PG DEPARTMENT OF MANAGEMENT STUDIES. BANGALORE.Equity Fund Dividend
PORTFOLIO AS ON DEC 31. ATRIA INSTITUTE OF TECHNOLOGY.
15 3.67 2.31 6. in crores) 12. Grasim Industries Ltd UTI Bank Ltd Aditya Birla Nuvo Limited.26 2.08 2.36
PG DEPARTMENT OF MANAGEMENT STUDIES.97 9.88 41 Equity Equity Equity Equity 60000 68470 216000 210002 6.97 8.11 2.1 3.56 4.53 7.96 3. State Bank of India Northgate Technologies Ltd. Indiabulls Real Estate Cairn India Ltd.73 4.32 3.
.06 1. of Shares Reliance Industries Ltd Reliance Energy Ltd JaiPrakash Associates Ltd. Infrastructure Development Finance company Indian Oil Corporation Ltd Bharat Petroleum Corporation Ltd Mahindra & Mahindra Ltd Television Eighteen India Ltd Kirloskar Electric Company Ltd Equity Equity Equity Equity Equity 60000 90001 54000 84001 120000 4.54 7.99 1. ATRIA INSTITUTE OF TECHNOLOGY.14 6.02 5.77 4.66 2.99 6.EQUITY* Company Name Instrument No.52 6.47 6.79 2.45 2.34 6. Oil & Natural Gas Corpn Ltd Reliance Communication Ventures Ltd.83 2. Gas Authority Of India Ltd Asian Electronics Ltd Jindal Steel and Power Ltd.86 2.8 2.77 3.67 Equity Equity Equity Equity Equity Equity 45000 43500 210001 33000 78000 60000 Market Value (Rs. Reliance Capital Ltd Indiabulls Financial Services Mundra Port & Special Economic Zone Ltd NTPC Limited.80 2. Alstom Projects India Ltd.50 4.71 4.64 7.86 2.93 2.47 6.63 6.61 % of Net Assets 5.12 Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity 300000 19500 72249 33000 120000 134999 4200 27000 105630 51000 80999 .65 4.04 6.88 2.05 3.29 8. BANGALORE.40 6.09 2.37 3.
124 77.6 36. ATRIA INSTITUTE OF TECHNOLOGY.9 66. Nifty and Benchmark.52 36.48 93.25 19.25
Nifty 91. BANGALORE.74 27.06 81.95
Interpretation: The table and graph shows that ABN AMRO Equity Fund has performed well during the four year.29 33. 1995
PG DEPARTMENT OF MANAGEMENT STUDIES.92
Sensex 89.YEAR 2005 2006 2007 2008
Fund Return 16.32 42. The fund is giving constant growth when compared to Sensex. Structure : Open Ended Equity Scheme Inception Date : February 24.45 105.
Birla Equity Plan-Growth Objective : To achieve long term growth of capital at relatively moderate levels of risk through a diversified research based investment approach.
20 6.69 3.31 4.44 25.03 Equity Equity Equity Equity Equity Equity 68765 48632 121290 150049 334022 82511 Market Value (Rs. of Shares ABB Ltd TRF Ltd Gammon India Ltd Welspun Gujarat Stahl Rohren Ltd Goodyear India Ltd Reliance Communication Ventures Ltd.64 5.09 3.19
PORTFOLIO AS ON DEC 31.Plans and Options under the Plan : Dividend and Growth Option.) 14. 2008 91 Days 182 Days 1 Year -5.85 6. ATRIA INSTITUTE OF TECHNOLOGY.15
PG DEPARTMENT OF MANAGEMENT STUDIES. Infrastructure Development Finance company Kirloskar Oil Engines Ltd Arvind Mills Ltd Maruti Udyog Ltd Automobile Corporation Of Goa Ltd Tata Power Company Ltd Bharat Bijlee Ltd Equity Equity Equity Equity Equity Equity 330387 626346 56745 136447 35021 13929 5.Growth Date Jan 30. for amount > 5 crore.66 10.
. Nil. BANGALORE.25% for amount < 5 crores.72 5. Aditya Birla Nuvo Limited.40 8. 2007 Company Name Instrument EQUITY No.9 2.5000. Scheme Code BM180 Scheme Name Birla Equity Plan .98 2. 10 Minimum Investment : Rs.17 3.81 2.88 2.49 5.56 3. Face Value (Rs/Unit): Rs.15 4. 2008 NAV (Rs.94 3.63 2.05 5.67 5.55 43 Equity Equity 30124 259886 6. Exit Load : Nil.93 7.92 2.5 3. in crores) 10.16 % of Net Assets 5.1 8 Performance % as on Jan 30.23 6. Entry Load : 2.
11 3.2 1.88
2.38 2.85 2.37 3.4 1.99 1.2 1.53 1.36 2.72 1.88 2.03 2.50 3.89 3.72 1.92 3.03 44
PG DEPARTMENT OF MANAGEMENT STUDIES.Sterlite Industries (India) Ltd Bharti Airtel Ltd Zee Entertainment Enterprises Ltd Tata Chemicals Ltd Mundra Port & Special Economic Zone Ltd Indian Bank Mphasis BFL Ltd.74 2.00 2. ATRIA INSTITUTE OF TECHNOLOGY.79 1.3 1.80 2.05 3.72 2.21 1.36 3.99 1.20 3.22 1.78 3.92 2.63 1.49 1.
.24 3. Grasim Industries Ltd Tata Tea Ltd Bharat Earth Movers Ltd JMC Projects (India) Ltd State Bank of India Bharat Petroleum Corporation Ltd Balaji Telefilms Ltd Power Finance Corporation Ltd Sun Pharmaceuticals Industries Ltd Satyam Computer
Equity Equity Equity Equity Equity Equity Equity Equity
40000 39926 120459 94897 30719 52279 126142 104870
4.39 1.66 1.1 1.94 3.93 1.47 1.90 3.04 1.37 2. BANGALORE. Reliance Industries Ltd HDFC Bank Ltd Tata Steel Ltd.34 2.03 2.02
1.55 2.59 1.01 2 1.98 3.89 3.46 1. Indian Overseas Bank Federal Bank Ltd Taj GVK Hotels Asian Hotels Ltd Gujarat Gas Company Ltd Sesa Goa Ltd Sundaram Clayton Ltd Pantaloon Retail (India) Ltd.15 2.99 1.56 1. Dishman Pharmaceuticals & Chemicals Ruchi Soya Industries Ltd NTPC Limited.14 3.11 2.98
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity
240036 139526 188500 100089 182405 38726 90879 7993 34741 35148 9994 16488 29981 7478 29940 15112 47606 9999 44991 67553 81642 16873 44716
12 92.29 42.66 0.06
Company Name Cash Fund Return Sensex Nifty Benchmark
OTHERS Instrument Market Value Cash 2005 9.18% . Structure : Open-ended Growth Scheme
PG DEPARTMENT OF MANAGEMENT STUDIES.25 58.48 (Rs. in crores) 4.44 33.34 2008 14.86 0.The fund has well performed compared to its Benchmark in 2003-04 and 2005-06.06 94.21 11.44 0.10 77.9
% of Net Assets 2. ATRIA INSTITUTE OF TECHNOLOGY.89 89.12
.32 81.95 66.63
Interpretation: It is seen from the table and graph that Birla Sunlife Opportunity Fund outperformed during the year 2008 with a return of 14. BANGALORE.Services Ltd Tata Motors Ltd Pfizer Ltd Federal Bank Ltd Britannia Industries Ltd
Equity Equity Rights Equity
25007 20556 830
1.18 105.45 36.85 0.95 0.5762 2006 2007 10.86 1. HDFC Equity Fund-Dividend Objective : To achieve capital appreciation in the long term by investing primarily in equity oriented securities.
86 4. 100 thereafter. 1994 Plans and Options under the Plan : Growth & Dividend Option.64 % of Net Assets 9. Reliance Industries Ltd Crompton Greaves Ltd Suzlon Energy Ltd. Entry load is 2.Dividend Jan 30.32 4. Entry Load : For investments below Rs. 1000 and in multiples of Rs.34 170. BANGALORE. 5 crores and above. Scheme Code ZI001 HDFC Equity Fund .05 Scheme Name Date NAV (Rs.64 4.
. For Investments of Rs. of Shares Market Value (Rs. 2007 Company Name ICICI BANK LTD.11 46 Equity 1170860 219.01 237.48 266. 10 Minimum Investment : For new investors: Rs. Entry Load is Nil.02 4. 2008 182 Days 12.73 245.Inception Date : February 01.12 222.100 thereafter. For existing investors: Rs. ATRIA INSTITUTE OF TECHNOLOGY.) 189. Exit Load : Nil.97 1 Year 25.77 Performance % as on Jan 30. in crores) 495.5000 and in multiples of Rs.72 3.25%. State Bank of India Zee Entertainment Enterprises Ltd Divis Laboratories Limited Amtek Auto Ltd Larsen & Equity Equity 4800000 410000 204. Face Value (Rs/Unit): Rs. 5 crores.67 4 Equity Equity Equity Equity Equity Equity 4000000 925000 6475000 1265000 1000000 15197358 Instrument EQUITY* No.46 4. 2008 PORTFOLIO AS ON DEC 31.9 1 91 Days -8.33
PG DEPARTMENT OF MANAGEMENT STUDIES.86 3.65 254.
39 102.73 1.24
Equity Equity Equity
4810409 1000000 2325000
2.Toubro Limited United Phosphorus Limited (New) Dr Reddys Laboratories Ltd Dishman Pharmaceuticals & Chemicals CMC Ltd Bank of Baroda Sun Pharmaceuticals Industries Ltd HT Media Limited.22
Equity Equity Equity
809046 563021 701239
119.00 94.02 137. ATRIA INSTITUTE OF TECHNOLOGY.84
149.16 2.17 2.44 95.34
PG DEPARTMENT OF MANAGEMENT STUDIES. Oil & Natural Gas Corpn Ltd Bharat Petroleum Corporation Ltd Britannia Industries Ltd Bharat Electronics Ltd AIA Engineering Limited.25 2.88 126.80
2.25 2. Glaxo Smithkline Consumer Ltd ITC Ltd Maruti Udyog Ltd Videsh Sanchar Nigam Ltd Nestle India Ltd Infosys
2.79 88.73 1.21 118.81 117.74 1.14
.86 1.77 123.86
Equity Equity Equity Equity Equity
4700000 959826 1242746 632000 500000
98.45 95.70 121.19
Equity Equity Equity
1000000 3000000 1047243
138. Biocon Ltd.51 2.50
145.51 2.79 1.
95 0.33 37.58 35.34 1.89 26.34 46.85 38.82 30.65
PG DEPARTMENT OF MANAGEMENT STUDIES.03 Equity 2601042 29. ATRIA INSTITUTE OF TECHNOLOGY.
.78 52.54 0.45 1.95 0.58 9.85 0.48 0.Technologies Ltd Siemens Ltd Jagran Prakashan Ltd ISMT Ltd.68 0.86 1. BANGALORE.28 1.55 Equity Equity 812563 4638229 31.44 1.56 52.17 0. Balkrishna Industries Ltd Himatsingka Seide Ltd Exide Industries Ltd Pidilite Industries Ltd Bharat Heavy Electricals Ltd TV Today Network Ltd Asian Paints (India) Ltd Brigade Enterprises Ltd Television Eighteen India Ltd Savita Chemicals Ltd Indo Rama Synthetics (India) Ltd Motherson Sumi Systems Ltd Bharti Airtel Ltd Cipla Ltd Federal Bank Ltd BGR Energy Systems Ltd. Equity Equity Equity Equity 300000 1250000 278388 38635 29.5 1.7 0.58 0.36 63.96 0.94 70.42 79.85 0.63 78.15 1 0.43 0.26 54.55 Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity 436000 998534 5962399 945640 5206277 7466666 2700762 202085 2513588 348566 963543 670000 82.
124 91.25 58. BANGALORE.6 93.29 42.29
2007 147. in crores) 63.85 89.08
Fund Return Sensex Nifty Benchmark (NSE 500)
2005 98.19 77.44 33.63
Interpretation: It is seen from the table and graph the fund has high correlated. Structure : Open-ended Equity Growth Scheme Inception Date : October 07.32 81. Reliance Equity Fund-Growth Objective : Reliance Equity Fund aims to achieve long-term growth of capital by investment in equity and equity related securities through a research based investment approach.Company Name Reverse Repo Current Assets
OTHERS Instrument Market Value Reverse repo Current Assets (Rs.48
2006 107.95 66.91 105.3174
% of Net Assets 1. The investor should sell the security. The fund has given a good return during the year 2007-2008. ATRIA INSTITUTE OF TECHNOLOGY.45 36. 1995
PG DEPARTMENT OF MANAGEMENT STUDIES.0094 4.9
.06 94.15 0.
25%.95 6.94 300. 2 crores : 2.94 8.10 31.47 70. 2008 NAV (Rs. 2008 91 Days 182 Days 1 Year -4.81 3.5000.32 91. Grasim Industries Ltd Divis Laboratories Limited Mahanagar Telephone Nigam Ltd HCL Technologies Ltd. 10 Minimum Investment : Rs. of Shares Punj Lloyd Ltd.06 2.52 229.94 140.74 3.48 2.42 3.Nil Exit Load: Nil. Reliance Industries Ltd Reliance Communication Ventures Ltd.54 3.17 6. Face Value (Rs/Unit): Rs.92
PG DEPARTMENT OF MANAGEMENT STUDIES.31 126.90 112. Scheme Code RC213 Scheme Name Reliance Equity Fund . ATRIA INSTITUTE OF TECHNOLOGY.39 137.47 89.8 6.94 154. Bonus.25%.18
PORTFOLIO AS ON DEC 31. Bank of Baroda Zee Entertainment Enterprises Ltd State Bank of India Oil & Natural Gas Corpn Ltd Maruti Udyog Ltd Punjab National Bank New Delhi Television Ranbaxy Laboratories Ltd ICICI BANK LTD.
.21 3.88 % of Net Assets 10.42 3.12 125.Plans and Options under the Plan : Dividend. BANGALORE. Entry Load : For Subscription below Rs.86 250.94 4. For subscription of Rs.Bonus Date Jan 30.78 18.98 6. 2007 Company Name EQUITY* Instrument No.88 130.43 1. For Subscription of Rs 5 crores & above .81 257. in crores) 402. Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity 7255583 1043502 3445957 1198133 5864957 625336 1167016 8052948 4258834 3000003 3984374 531874 1017816 1133983 1524736 1976377 2102802 572249 Market Value (Rs.22 5.77 101. Reliance Energy Ltd JaiPrakash Associates Ltd.53 Performance % as on Jan 30. 2 crs & above and below Rs 5 crores:1. Growth.) 15.75 2.21 255.01 218.
Pantaloon Retail (India) Ltd. Equity 722801 60. The investor can hold the security for long run. OTHERS Instrument Market Value Cash (Rs.46 * No.63 Other Equities Equity 17.53
Interpretation: The table and graph shows that the Reliance Growth Fund has been outperformed during the holding period.00 1. of shares shown above may have been calculated on the basis of percentage of net assets and market values taking NSE closing prices and not necessarily declared by fund house.6 36.
Company Name Cash
% of Net Assets 11.48 93.
PG DEPARTMENT OF MANAGEMENT STUDIES.9 66.10 0. in crores) 410.77 15.32 42.29 33.45 105. BANGALORE. The fund has giving good return to the investors continuously.13
Fund Return 2005 2006 2007 2008 10.124 77.44 58.95
Benchmark (BSE 100) 94. ATRIA INSTITUTE OF TECHNOLOGY.25
Nifty 91.06 81.15 10 11.
ATRIA INSTITUTE OF TECHNOLOGY.65 2.32 0.31 0.41 0.33 2.22 NAV (Rs.57 Performance % as on Jan 30.09 3.43 0. of Shares Market Value (Rs. For subscription > =5 crore: Nil
Scheme Code FI013 Scheme Name Sahara Midcap Fund . if redeemed before 1 year.67 23. 2005 Plans and Options under the Plan : Growth.41 0. 10 Minimum Investment : Rs. 2007 Company Name Instrument EQUITY* No.35 0.45 0. in Tata Chemicals Ltd Crompton Greaves Ltd Core Projects & Technologies Ltd Voltas Ltd Koutons Retail India Ltd SKF Bearings India Ltd Monnet Ispat & Energy Ltd Rashtriya Chemicals & Fertilizers Ltd Reliance Energy Ltd Geojit Financial Servics Ltd.Growth Date Jan 30. Exit Load : For subscription < 10 lakhs: 0.26 2.) 26.24 3.50%. Jindal Saw Ltd.4 3. BANGALORE.4 2.Sahara Midcap Fund-Growth Objective : Sahara Gilt Fund aims to generate credit risk free return and thus provide medium to long term capital gains with income distribution along with capital gains tax relief to its Unit holders.14 3.43 0. 2008 PORTFOLIO AS ON DEC 31. Dividend Face Value (Rs/Unit): Rs.30 % of Net Assets 3.41
PG DEPARTMENT OF MANAGEMENT STUDIES.
. 2008 91 Days 182 Days 1 Year 7.36 0.08 2.66 42. For subscription >= 10 lakhs & < 5 crore: 1. if redeemed before 6 months.30 0. Structure : Open-ended Gilt Fund Inception Date : October 27. Entry Load : Nil. Welspun Gujarat Stahl Rohren Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity 11000 11000 10000 17000 4100 9000 6000 30000 1500 37000 2800 6500 crores) 0. 5000.19 3. at all times emphasizing the importance of capital preservation.42 0.25%.7 2.
Ltd Finolex Industries Ltd State Bank of India Dishman Pharmaceuticals & Chemicals Country Club (India) Ltd Take Solutions Ltd Sujan Towers Akruti Nirman Ltd Rajesh Exports Ltd Reliance Capital Ltd Gujarat Alkalies & Chemicals Ltd Glenmark Pharmaceuticals Ltd.24 0.26 0.78 1.23 1.3 1.17 0.22 1.27 1.22 0.35 1.20 0.59 1.08 0.25 0.14 1.14 2.35 1.28 0.21 0.71 1.18 0.19 0.75 1.63 1.21 0.27 0.28 0. Kotak Mahindra Bank Ltd.21 0.13
2.28 0.20 0.22 0.23 0.98 0.17 0.13 2.29 0.08 2.56 1.22 0.53 1.66 1.2 1.22 0.64 1.22 0.17 0.06 1.28 0.97 1.38 1.
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity
24000 1200 7500 3000 2200 14000 2200 2900 1000 10000 4000 1800 10000 49853 5000 6000 3500 7592 16000 22000 2000 6500 15000 11500 500 2300 4000 20000 11000 350 7001 10000 1200 3321 3059 13000 800 5000 7000 1700 22000
0.46 1.14 0.43 1.41 1. Ballarpur Industries Ltd Atlas Copco (India) Ltd Blue Star Ltd HEG Ltd Coromandel Fertilisers Ltd Aditya Birla Nuvo Limited.36 1.52 1.
. Bank Of India Nitin Fire Protection Ind Ltd Bata India Ltd Gujarat NRE Coke Ltd Chowgule Steamships Ltd Sterlite Industries (India) Ltd ING Vysya Bank Ltd Usha Martin Ltd Deepak Fertilizers & Petrochemicals Corp Ltd Sesa Goa Ltd Thermax Limited Bank of Baroda Electrosteel Castings Ltd Gateway Distriparks MICO Bartronics India Ltd.3 1.88 1.18 0.19 0.18 0.65 1.26 0.07 2.64 1.13 0.16 0.16 0.94 1.55 1.06 2. BANGALORE. Infrastructure Development Finance company Mangalore Chemicals & Fertilizers Ltd Gitanjali Gems Ltd.16 0.26 0.19 0.23 0.25 1.18 0.15 0.17 0.97
PG DEPARTMENT OF MANAGEMENT STUDIES.97 1. McNally Bharat Engineering Corporation Union Bank Of India Ltd Bharati Shipyard Centurion Bank of Punjab Limited. ATRIA INSTITUTE OF TECHNOLOGY.
32 42. of shares shown above may have been calculated on the basis of percentage of net assets and market values taking NSE closing prices and not necessarily declared by fund house.29 33. Equity 5000 0.96 Jindal Stainless Ltd.57
PG DEPARTMENT OF MANAGEMENT STUDIES.45 105. OTHERS Instrument Market Value (Rs.124 77.06 81.Fag Bearings India Limited Equity 1875 0.6 36.48 93.44 58.13 0.12 0.88 * No. BANGALORE.25
Fund Return 2005 2006 2007 2008 14.0339
Company Name Current Assets
% of Net Assets 0.22 18.
Nifty 91. ATRIA INSTITUTE OF TECHNOLOGY.9 66.895 15.95
Benchmark(NSE 50) 94.18 26. Current Assets in crores) 0.
Exit load is 1%. Entry load is 2. 5000 Entry Load : For investments below Rs.) 45. ICICI BANK LTD.27
PORTFOLIO AS ON DEC 31. 2005 Plans and Options under the Plan : Growth & Dividend Option Face Value (Rs/Unit): Rs 10 Minimum Investment : Rs.67 Performance % as on Jan 30. 5 crores.95 76.89 17.SBI Magnum Blue Chip Fund Objective : The objective of the scheme would be to provide investors with opportunities for long-term growth in capital through an active management of investments in a diversified basket of equity stocks of companies whose market capitalization is atleast equal to or more than the least market capitalised stock of BSE 100 Index. Exit Load : If redeemed before 6 Months.69 % of Net Assets 7. of Shares Market Value (Rs. 2007 Company Name Instrument EQUITY* No.
Scheme Code SB122 Scheme Name SBI Magnum Bluechip Fund Dividend Jan 30. BANGALORE. Structure : Open-ended Equity Scheme Inception Date : December 23. Entry Load is Nil. 5 crores and above.88
PG DEPARTMENT OF MANAGEMENT STUDIES. 2008 91 Days 182 1 Year -10. For Investments of Rs.06 4. 2008 Date NAV (Rs.13 Days 11. Exit load is Nil. ATRIA INSTITUTE OF TECHNOLOGY. in JaiPrakash Associates Ltd.
. and Amount less than 5 crores.25%. Equity Equity 2597548 619146 crores) 110. For Amount greater than 5 crore .
67 24.Ventures Zee Entertainment Enterprises Ltd Hindalco Industries Ltd Aventis Pharma India Ltd.41 1.24 2.6 1.78 0. Indian Hotels Co Ltd Hindustan Lever Ltd Pfizer Ltd Patni Computer Systems Ltd.75 0.Crompton Greaves Ltd Reliance Industries Ltd Thermax Limited State Bank of India Sterlite Industries (India) Ltd Infrastructure Development Finance company Indian Oil Corporation Ltd Mahindra & Mahindra Ltd Reliance Communication Ventures Ltd. ATRIA INSTITUTE OF TECHNOLOGY.89 66.32 4.56 2. BANGALORE.15 24.29 12.84 1.29 2.48 3.23 17.23 1.92 17.69 53.43 19.68 35.22 2.26 11. Maruti Udyog Ltd Tata Power Company Ltd United Phosphorus Limited (New) DLF Limited Wockhardt Limited Hindustan Construction Company Ltd Housing Development Finance Corporation Ltd Dr Reddys Laboratories Ltd Ranbaxy Laboratories Ltd Container Corporation Of India Ltd Associated Cement Companies Ltd Bharati Tele .
.67 24.16 20.26 44.60 35.3 3.13
PG DEPARTMENT OF MANAGEMENT STUDIES.28 51.61 45.29 59.27 2.65 28.57 1.64 2.16 1.83 2.79 11.62 2.52 22.92 25.3 1.14 1.05 30.05 67.65 30.46 25.95 1.29 0.62 1.56 1.
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Preference
1729788 235518 815439 258491 578639 2392970 670192 601688 686413 930927 387018 359562 160208 1965894 367589 796226 97413 376348 352403 208469 878235 269273 608939 1077123 85740 336938 576188 115018 199363 190849 581447 848520 154018 1083176 573090 146059 340417 35921
68.02 18.02 19.26 3.25 3.88 54.49 41.21 1.86 51.1 0. Satyam Computer Services Ltd Grasim Industries Ltd Tata Steel Ltd.39 3.79 61.88 2.21 1.9 3.32 4.52 2.48 41.33 4.18 39.23 50. Gas Authority Of India Ltd Century Textiles & Industries Ltd Oil & Natural Gas Corpn Ltd Bharat Heavy Electricals Ltd ITC Ltd Tata Consultancy Services Ltd.72 0.20 35.95 1.99 35.04
4.81 3. Mundra Port & Special Economic Zone Ltd Tata Steel Ltd.57 1.
2007 36.45 36.63 42. BANGALORE.9
2008 45.6 94.54 77. Dividend Option. TATA EQUITY MANAGEMENT FUND-GROWTH Objective : To generate long term capital appreciation by investing in a diversified portfolio of equity and equity related security of large.32 31.69 89. in crores) 53.124 34. ATRIA INSTITUTE OF TECHNOLOGY.41
2005 Fund Return Sensex Nifty Benchmark (BSE 200) 18.
PG DEPARTMENT OF MANAGEMENT STUDIES.69
10 2 10 0 8 0 6 0 4 0 2 0 0 20 05 20 06 20 07 20 08
F dR rn un etu S s en ex Nifty B c a en hm rk
Interpretation: It is seen from the table and graph the fund has giving continuous return.94 39.25 39.5912 % of Net Assets 3.Shares Company Name Current Assets OTHERS Instrument Market Value Current Assets (Rs.
.48 25.67 105. Structure : Open-Ended Equity Fund Inception Date : March 07.44 33. 2006 Plans and Options under the Plan : Growth Option. mid and small cap companies.
Face Value (Rs/Unit): 10 Rs/Unit Minimum Investment : Rs. 5000 Entry Load : Nil for amount > 5 crore. 2.25% for amount < 5 crore Exit Load : If redeemed before 3 months and amount greater than 5 crore, Exit Load is 1%.
Scheme Code TA179 Tata Equity Management Fund Growth PORTFOLIO AS ON MAR 31, 2007 Jan 30, 2008 12.55 Scheme Name Date NAV (Rs.) Performance % as on Jan 30, 2008 91 182 Days 1 Year Days -6.09 NA 12.1
PG DEPARTMENT OF MANAGEMENT STUDIES, ATRIA INSTITUTE OF TECHNOLOGY, BANGALORE.
Company Name Reliance Industries Ltd Bharti Airtel Ltd Infosys Technologies Ltd Oil & Natural Gas Corpn Ltd Siemens Ltd Hindustan Lever Ltd Bharat Heavy Electricals Ltd Satyam Computer Services Ltd HCL Technologies Ltd. Wipro Ltd Maruti Udyog Ltd Larsen & Toubro Limited ABB Ltd State Bank of India Colgate-Palmolive (India) Ltd NTPC Limited. Zee Entertainment Enterprises Ltd ITC Ltd Steel Authority of India Ltd Dr Reddys Laboratories Ltd Mahindra & Mahindra Ltd HDFC Bank Ltd Ranbaxy Laboratories Ltd Indian Hotels Co Ltd Punjab National Bank Reliance Communication Ventures Ltd. Gujarat State Fertilizers & Chemicals Ltd Bharat Earth Movers Ltd Tata Motors Ltd Glaxo Smithkline Pharmaceuticals Ltd Tech Mahindra Ltd. Century Textiles & Industries Ltd Hindustan Petroleum Corporation Ltd Dish TV India Ltd Indian Overseas Bank Shanthi Gears Ltd Videsh Sanchar Nigam Ltd Kesoram Industries Ltd
Instrument Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity
EQUITY* No. of Shares 129800 230000 85400 170000 113912 582401 52576 238600 382958 195000 132402 60000 26000 92752 271850 554378 300000 413000 509659 79500 72000 58255 150000 330000 92246 100000 232355 36900 51900 32500 25000 59000 125000 172500 293790 339546 50000 48380
Market Value (Rs. in crores) 17.76 17.55 17.19 14.93 12.42 11.95 11.89 11.22 11.15 10.89 10.85 9.71 9.23 9.21 9.04 8.30 7.52 6.21 5.82 5.78 5.62 5.53 5.29 4.80 4.35 4.20 4.06 4.00 3.78 3.63 3.57 3.22 3.08 3.08 3.03 2.08 2.01 1.66
% of Net Assets 4.58 4.53 4.44 3.85 3.21 3.09 3.07 2.9 2.88 2.81 2.8 2.51 2.38 2.38 2.33 2.14 1.94 1.6 1.5 1.49 1.45 1.43 1.37 1.24 1.12 1.08 1.05 1.03 0.97 0.94 0.92 0.83 0.8 0.79 0.78 0.54 0.52 0.43
PG DEPARTMENT OF MANAGEMENT STUDIES, ATRIA INSTITUTE OF TECHNOLOGY, BANGALORE.
Kirloskar Brothers Ltd Wire and Wireless India Ltd. Crompton Greaves Ltd Fag Bearings India Limited Balrampur Chini Mills Ltd IVRCL Infrastructure & Projects Ltd. Jindal Steel and Power Ltd. Zee News Limited Idea Cellular Limited Vivimed Labs Limited Power Finance Corporation Ltd C & C Construction Ltd Company Name Repo Cash ICICI BANK LTD.
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity
45000 150000 60079 19437 111013 25000 2432 135630 47467 26206 42099
1.63 1.33 1.20 1.19 0.73 0.73 0.58 0.53 0.45 0.45 0.44
0.42 0.34 0.31 0.31 0.19 0.19 0.15 0.14 0.12 0.12 0.11 0.04 % of Net Assets 10.31 9.7 3.85
9771 0.17 OTHERS Instrument Market Value (Rs. in crores) 39.9255 37.5645 14.92
Repo Cash Money Market
Fund Return 2005 2006 2007 2008 7.5 10.51 11.34 12.55
Sensex 89.124 77.32 42.45 105.25
Nifty 91.06 81.6 36.44 58.95
Benchmark (NSE 50) 94.48 93.29 33.9 66.63
PG DEPARTMENT OF MANAGEMENT STUDIES, ATRIA INSTITUTE OF TECHNOLOGY, BANGALORE.
Semi-Annual Dividend Plan.71 94.47
Company Name Reliance Industries Ltd UTI Bank Ltd
Instrument Equity Equity
% of Net Assets 6. Annual Dividend Plan.5% for investments made after 10.49
PG DEPARTMENT OF MANAGEMENT STUDIES. 10 Minimum Investment: Rs. 2008 91 Days 182 Days 1 Year -6.56 24.2004 and amount >=Rs 2 crore.44 Performance % as on Jan 30. ATRIA INSTITUTE OF TECHNOLOGY. Growth Plan. of Debentures UTI Bank Ltd FD Market Value (Rs. in crores) 136.2004 and amount >= Rs 25 lakhs and amount < 2 crore.
.10.2004 and amount < Rs 25 lakhs. Entry load 2. Entry load 0. Face Value (Rs/Unit): Rs. 1999 Plans and Options under the Plan : Bonus Plan. The fund is well managed during both in long and in short run.
Scheme Code UT193 Scheme Name UTI Equity Fund Dividend Date Jan 30. of Shares 474229 975000
Market Value (Rs. 2008 NAV (Rs.10. 5.06 16.Interpretation: The table and graph shows that the fund is giving good return from the last 4 years. Sensex much correlated with its Nifty. Exit Load: Nil. BANGALORE.000/Entry Load: Nil for investments made after 10. in crores) 10. 2007
Company Name Instrument DEBT Rating No.) 38. Structure: Open Ended Equity Fund Inception Date : October 28.10. UTI Growth and Value Fund Objective: To seek capital appreciation through opportunities arising out of listed growth and undervalued stocks.25% for investments made after 10.00 Percentage of Net Assets 0.48 4.33
PORTFOLIO AS ON 31ST DEC.
82 46.16 14. ATRIA INSTITUTE OF TECHNOLOGY. Nestle India Ltd NTPC Limited.25 37. Bharat Forge Ltd Infosys Technologies Ltd Reliance Energy Ltd Sterlite Industries (India) Ltd Housing Development & Infrastructure Ltd Gujarat IndPower Co Ltd Ranbaxy Laboratories Ltd Shree Cement Ltd Associated Cement Companies Ltd ABB Ltd Gujarat Mineral Development Corporation
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity
4500000 600048 1100000 525067 2975000 140925 294000 1221971 756927 524471 152000 500000 630785 1500000 152080 112001 421468 195200 446827 800973 3801065 1050891 123269 180000 344701 245958 66500 445000 246000 570696 110000 90000 180800 170000 1346871 380114 118955 149755 100245 288750
94.97 63.54 32.25 88.17 15.59 1.81 1.52 43.ITC Ltd Tata Power Company Ltd Reliance Communication Ventures Ltd.71 67.73 1.10 78.73 3.01 16.51 36.12 27.36 2.88 65.54 3.96 0.00 26. BANGALORE. Sesa Goa Ltd Gas Authority Of India Ltd Tata Steel Ltd.44 3.77 0.72 1.21 2.09 3.2 1.81 36.
.73 0.28 1.21 19.76 0.56 1. MICO State Bank of India Shoppers Stop Ltd Mahindra & Mahindra Ltd ICICI BANK LTD.21 82.85 0.64 72.26 1.89 3.54 1.31 3.89 0.21 2.18 3.01 20.47 4.48 1.30 18.02 38.22 18.91 0.Ventures Glaxo Smithkline Consumer Ltd India Cements Ltd Housing Development Finance Corporation Ltd Grasim Industries Ltd Tata Tea Ltd Suzlon Energy Ltd.95 15.69 46.08 3 2.15 1.20 33. KEC International Ltd.92 0.98 32.19 23.34 49.09 0.35 15. Larsen & Toubro Limited Bharati Tele .47 19.87 0.99
4.50 69.41 24.50 25.08 1. Satyam Computer Services Ltd Tube Investments of India Ltd Vysya Bank Ltd Bajaj Auto Ltd HDFC Bank Ltd Trent Ltd Tata Consultancy Services Ltd.39 31.79 1.22 3.24 64.95 1.75 74.71
PG DEPARTMENT OF MANAGEMENT STUDIES.72 0.71 18.76 41.
Sensex 89.1 0.48 93. Shipping Corporation of India Ltd Areva T and D India Ltd.00
0.16 0.01 NA
Company Name Current Assets
OTHERS Instrument Market Value Current Assets (Rs.90 5.
.16 0.27 0.44 0.73 4.41 0.20 0.56 0.78 11.50 6.36 0.36 0.52 7. Simplex Infrastructures Ltd.25
Nifty 91.23 16. BANGALORE.2108
% of Net Assets 3.45 105. Apollo Tyres Ltd Jindal Steel and Power Ltd.95
Fund Return 2005 2006 2007 2008 19 17.51 0.21 0.24 8.6 36.29 33.55 20.06 81.38 3.45 0.Limited Bharat Heavy Electricals Ltd Century Textiles & Industries Ltd Punj Lloyd Ltd.84 3.49 0.91 5.73 10.45 3.55 0.95
Benchmark (BSE 100) 94. PVR Ltd.18 0.91 4.9 66. Tata Steel Ltd.124 77. Mundra Port & Special Economic Zone Ltd Biocon Ltd.09 0.88 10.23 0.70 10.38 2.42 9.57 7. ATRIA INSTITUTE OF TECHNOLOGY.44 58. in crores) 83.28 0.52 0.63
PG DEPARTMENT OF MANAGEMENT STUDIES.33 0.31 9. Power Grid Corporation of India Ltd Welspun India Ltd Radico-Khaitan Ltd Nava Bharat Ventures Ltd DLF Limited Kotak Mahindra Bank Ltd. Bharat Earth Movers Ltd Tata Steel Ltd. Ispat Industries Ltd
Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Equity Rights Preference Shares Warrants
45500 100000 196000 165200 300000 1750000 6000 595061 726155 427204 240838 55000 44227 38725 77089 119459 14069 20010 40000 180000 85114
. ATRIA INSTITUTE OF TECHNOLOGY.
PG DEPARTMENT OF MANAGEMENT STUDIES. BANGALORE.Interpretation: The table and graph shows that the fund has performed well in the year 2005 and 2007 but in the year 2006 and 2008 there is less return.
. HDFC.57 and 45.
PG DEPARTMENT OF MANAGEMENT STUDIES.000 due capital trading imbalance The highest NAV was given by ABN AMRO.FINDINGS The analysis of 8 Diversified Equity Mutual Funds based on their Net Asset Value return for a 4 years holding period shows thatDuring the 4 years holding period all Mutual Funds has been performed well by giving continuous highest return to the investor due to the Good corporate results.000 and again falls down to 17.91. significant foreign inflows and increased economic activity were the main drivers in the late year market recovery that saw the Sensex reached 20. 26.92. BANGALORE.67 respectively.189. Sahara. ATRIA INSTITUTE OF TECHNOLOGY. SBI in 30th Jan 2008 with a return of 36.
There are many No load Mutual Funds that are great performance and equally there are many load Mutual Funds that are great performance.CONCLUSION: • • • •
It brings together a group of people and invests their money in stocks. it is the prime responsibility of all mutual fund companies. economies of scale. therefore it leads to minimum investment in Mutual Funds. The awareness about the Mutual Fund is being increasing every day more number of investing in the Mutual Funds in India. 800 companies are working and they are all leading Asset Management Companies.
The scope of development Mutual Fund industry is very wide in India because it only caters to the need of the individual investors but also to institutional investors. simplicity and liquidity. One thing is for sure the Mutual Fund industry is here to stay for years. over diversification. Large sections of Indian investors are yet to be intellectuated with the concept. Mutual funds are easy to buy and sell. Load funds usually involves a sales chares. When compare to developed Nations like USA. The advantage of Mutuals are professional management. Load Funds and No load funds. According to the analysis all Selected Mutual Funds are the well performed funds so the investor can think about the investment in these funds.
There are two types of Mutual Funds. possible tax consequences and the inability of management to guarantee a superior return. diversification. Keep in mind that just because a fund has a load. The disadvantages of Mutuals are high costs. and other securities. today it is one of the safest investment in the country. it does not guarantee a good performance. The main reason of its poor growth is that the mutual fund industry in India is new in the country. ATRIA INSTITUTE OF TECHNOLOGY. Investor may loss either buy them directly from the fund company or through a third party. bonds.
PG DEPARTMENT OF MANAGEMENT STUDIES. BANGALORE.
92% of people are not aware of Mutual Fund.
Most of the people in the India are not aware of Mutual Funds. But in India only 33 Asset Management Companies are working. to market the product correctly abreast of selling.
. BANGALORE. As majority of the investors in India are not aware of Mutual Funds is benefits over other investment.
PG DEPARTMENT OF MANAGEMENT STUDIES. Mutual Fund Companies should target upon the insurance agents to sell their product which helps them to grow easily. ATRIA INSTITUTE OF TECHNOLOGY. look for stability and although past performance is no guarantee of future performance. The mutual fund Asset Management Companies should educate and give awareness about the concept of Mutual Funds to the investors.SUGGESTIONS: Mutual Fund Asset Management Company’s is required to take more awareness in not only metros and cities but also in remote areas to induce the investor who invest in capital market. it is a useful way to assess how well or badly a fund has performed in comparison to its stated objectives. Investors should evaluate past performance. Therefore it leads to minimum investment in Mutual Funds.
By.com www.Bruce Jacobs.indian mutual funds.REFERENCE Financial Markets and Services All About Mutual Fund Business Line Newspaper. Moneycontrol.
. ATRIA INSTITUTE OF TECHNOLOGY. Sharekhan Broachers www.
PG DEPARTMENT OF MANAGEMENT STUDIES.com By.com www. BANGALORE.amfiindia. Economic Times Newspaper.Gordon.com www.
PERIOD 24/12/2007 to 29/12/2007
ACTIVITY Collection of Primary Data about the Evaluation of Mutual Fund Schemes Collection of Secondary Data Designed Research Methodology Analysis of Data Analysis and interpretation Finalizing the report and approving the draft. BANGALORE. ATRIA INSTITUTE OF TECHNOLOGY.
31/12/2007 to 05/01/2008 07/01/2008 to 12/01/2008 14/01/2008 to 18/012008 21/01/2008 to 25/01/2008 28/01/2008 to 02/02/2008
PG DEPARTMENT OF MANAGEMENT STUDIES.WEEKLY REPORT Name of the Organization Name of the student USN Name of the Institution : : : :