You are on page 1of 169
TITLE PROJECT REPORT A STUDY ON “ Consumer Behaviour Towards Mutual Funds ” SUBMITTED BY Name:

TITLE PROJECT REPORT

A STUDY ON Consumer Behaviour Towards Mutual Funds

SUBMITTED BY

Name: GARIMA Roll No: 12912FEMBINB0004 EXECUTIVE MASTERS IN BUSINESS ADMINSTRATION YEAR 2013-2014 SUBMITTED TO
Name: GARIMA
Roll No: 12912FEMBINB0004
EXECUTIVE MASTERS IN BUSINESS ADMINSTRATION
YEAR 2013-2014
SUBMITTED TO

KARNATAKA STATE OPEN UNIVERSITY MYSORE.

EDUPROZ INSTITUTE OF PROFESSIONAL STUDIES LC CODE-…… .. SECTOR-7 DWARKA NEW DELHI

STUDENT DECLARATION

STUDENT DECLARATION I hereby declare that the Dessertation Entitled ‖CONSUMER BEHAVIOUR TOWARDS MUTUAL FUNDS.‖ Submitted in

I hereby declare that the Dessertation Entitled ‖CONSUMER BEHAVIOUR TOWARDS MUTUAL FUNDS.‖

Submitted in partial fulfillment

EXECUTIVE MASTERS OF BUSINESS ADMINISTRATION

Degree Program From KARNATAKA STATE OPEN UNIVERSITY, is my original work and not submitted for the
Degree Program
From KARNATAKA STATE OPEN UNIVERSITY,
is my original work and not submitted for the award of any other degree, diploma,
fellowship, or any other similar title or prizes.

Place:…………

..

Date………………

..

Sign……………

Reg.No…………

CERTIFICATE

CERTIFICATE This is to certify that the report entitled ―A STUDY ON CONSUMER BEHAVIOR TOWARDS MUTUAL

This is to certify that the report entitled ―A STUDY ON CONSUMER BEHAVIOR TOWARDS MUTUAL FUNDS‖ is submitted in partial fulfillment

EXECUTIVE MASTERS OF BUSINESS ADMINISTRATION Degree From From KARNATAKA STATE OPEN UNIVERSITY,

Garima is the student of Eduproz Institute Of Professional Studies.Has worked under my supervision and guidance
Garima is the student of Eduproz Institute Of Professional Studies.Has worked under
my supervision and guidance .He/She has successfully completed the Project and report
submitted is satisfactory.

No part of this report has been submitted for the award of any other degree, diploma, fellowship or the other similar titles or prizes and the work has not been published in any journal or Magazine.

Registration No………………

(HOD Academics)

EXAMINER’S CERTIFICATION The Dessertation submitted entitled ― Consumer Behaviour Towards Mutual Funds ‖ is approved and

EXAMINER’S CERTIFICATION

The Dessertation submitted entitled ―Consumer Behaviour Towards Mutual Funds

is approved and is acceptable in quality and form.

(Internal Examiner) (External Examiner) *
(Internal Examiner)
(External Examiner)
*

DECLARATION

I, GARIMA, do hereby declare that this project work entitled CONSUMER

BEHAVIOUR TOWARDS MUTUAL FUNDSis an outcome of my study and is

submitted in partial fulfillment of the requirement for the award of the degree of

Executive Master of Business Administration, Karnataka state Open University.

I also declare that this report has not been submitted by me fully or partially for
I also declare that this report has not been submitted by me fully or partially
for the award of any degree, diploma, title, recognition or any other fellowship of any
other university before.

Place: NEW DELHI

Date:

GARIMA

ACKNOWLEDGEMENT

ACKNOWLEDGEMENT Initially, let me thank the almighty God for guiding me all through the project work.

Initially, let me thank the almighty God for guiding me all through the project

work.

  • I express my deep and sincere gratitude to Ms. Meenakshi, Faculty guide for

providing the necessary assistance for the project.

I sincerely acknowledge my gratitude to, Branch Manager of Standard Chartered Bank Ltd, branch and Mr.
I sincerely acknowledge my gratitude to, Branch Manager of Standard Chartered
Bank Ltd, branch and Mr. Bhupesh Harjai, Sales Manager for giving me an
opportunity to do this project.
I
also
owe my sincere thanks to
all
the staff
in
Standard Chartered Bank Ltd,
branch, and the faculties of the Department of Executive Master of Business
Administration, eduproz for their valuable guidance and suggestion in the

preparation of this report and completing the same successfully.

STANDARD CHARTERED BANK

CONSUMER BEHAVIOUR TOWARDS MUTUAL FUNDS

EDUPROZ INSTITUTE OF PROFESSIONAL STUDIES
EDUPROZ INSTITUTE OF PROFESSIONAL STUDIES

PREPARED BY: Garima

ROLL NO: 12912FEMBINB0004

TABLE OF CONTENTS TOPIC PAGE NO. ACKNOWLEDGEMENT EXECUTIVE SUMMARY INTRODUCTION TO STANDARD CHARTERED BANK INTRODUCTION TO
TABLE OF CONTENTS TOPIC PAGE NO. ACKNOWLEDGEMENT EXECUTIVE SUMMARY INTRODUCTION TO STANDARD CHARTERED BANK INTRODUCTION TO
TABLE OF CONTENTS
TOPIC
PAGE NO.
ACKNOWLEDGEMENT
EXECUTIVE SUMMARY
INTRODUCTION TO STANDARD CHARTERED BANK
INTRODUCTION TO MUTUAL FUNDS
WHAT IS A MUTUAL FUND
ORGANISATION OF A MUTUAL FUNDS
CHARACTERSTICS & OBJECTIVES OF MUTUAL FUNDS
STRUCTURE OF A MUTUAL FUND
HISTORY OF MUTUAL FUNDS IN INDIA
TYPES OF MUTUAL FUNDS
ADVANTAGES OF MUTUAL FUNDS
DISADVANTAGES OF MUTUAL FUNDS
MUTUAL FUNDS INVESTING STRATEGIES
RISK ASSOCIATED WITH MUTUAL FUNDS
METHODS OF MEASURING RISK
HOW TO CALCULATE VALUE OF A MUTUAL FUND
RETURNS
TAX TREATMENT
How Is A Mutual Fund Set Up?
ASSOCIATION OF MUTUAL FUNDS
9
10
12
9
11
13
15
16
17
19
24
25
26
27
29
30
33
38
42
43
TIPS ON BUYING MUTUAL FUNDS 45 STANDARD CHARTERED MUTUAL FUND 78 PROBLEM DEFINITION 81 RESEARCH METHODOLOGY

TIPS ON BUYING MUTUAL FUNDS

45

STANDARD CHARTERED MUTUAL FUND

78

PROBLEM DEFINITION

81

RESEARCH METHODOLOGY

82

ANALYSIS OF THE REPORT

83

FINDINGS AND OBSERVATION

149

QUESTIONNAIRE

162

BIBLOGRAPHY

169

TIPS ON BUYING MUTUAL FUNDS 45 STANDARD CHARTERED MUTUAL FUND 78 PROBLEM DEFINITION 81 RESEARCH METHODOLOGY

EXECUTIVE SUMMARY

Standard Chartered Bank

EXECUTIVE SUMMARY Standard Chartered Bank Standard Chartered Bank is a <a href=British bank headquartered in London with operations in more than seventy countries. It operates a network of over 1,700 branches and outlets (including subsidiaries, associates and joint ventures) and employs 73,000 people. Because the bank's history is entwined with the development of the British Empire its operations lie predominantly in former British colonies, though over the past two decades it has expanded into countries that have historically had little British influence. It aims to provide a safe regulatory bridge between these developing economies. It now focuses on consumer, corporate, and institutional banking, and on the provision of treasury services — areas in which the Group had particular strength and expertise. Standard Chartered is listed on the London Stock Exchange and the Hong Kong Stock Exchange and is a constituent of the FTSE 100 Index. Its largest shareholder is Temasek Holdings. The Early Years The name Standard Chartered comes from the two original banks from which it was founded and which merged in 1969 — The Chartered Bank of India, Australia and China, and The Standard Bank of British South Africa. The Chartered Bank was founded by Scotsman James Wilson following the grant of a Royal Charter by Queen Victoria in 1853, while The Standard Bank was founded in the Cape Province of South Africa in 1862 by another Scotsman John Paterson. Both 9 " id="pdf-obj-9-6" src="pdf-obj-9-6.jpg">

Standard Chartered Bank is a British bank headquartered in London with operations in more than seventy countries. It operates a network of over 1,700 branches and outlets (including subsidiaries, associates and joint ventures) and employs 73,000 people.

Because the bank's history is entwined with the development of the British Empire its operations lie predominantly in former British colonies, though over the past two decades it has expanded into countries that have historically had little British influence. It aims to provide a safe regulatory bridge between these developing economies.

It now focuses on consumer, corporate, and institutional banking, and on the provision of treasury servicesareas in which the Group had particular strength and expertise.

Standard Chartered is listed on the London Stock Exchange and the Hong Kong Stock Exchange and is a constituent of the FTSE 100 Index. Its largest shareholder is Temasek Holdings.

The Early Years

The name Standard Chartered comes from the two original banks from which it was founded and which merged in 1969 The Chartered Bank of India, Australia and China, and The Standard Bank of British South Africa.

The Chartered Bank was founded by Scotsman James Wilson following the grant of a Royal Charter by Queen Victoria in 1853, while The Standard Bank was founded in the Cape Province of South Africa in 1862 by another Scotsman John Paterson. Both

companies were keen to capitalize on the huge expansion of trade and to earn the handsome. With the opening of the Suez Canal in 1869 and the extension of the telegraph to China in 1871, Chartered was well placed to expand and develop its business. In South Africa, Standard, having established a considerable number of branches was prominent in financing the development of the diamond fields of Kimberley from 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Half the output of the second largest gold field in the world passed through The Standard Bank on its way to London. Both banks – at that time still quite separate companies – survived the First World War and the Depression, but were directly affected by the wider conflict of the Second World War in terms of loss of business and closure of branches. There were also longer term effects for both banks as countries in Asia and Africa g ained their independence in the ‗50s and ‗60s. Each had acquired other small banks along the way and spread their networks further. In 1969, the banks decided to merge, and to counterbalance their existing network by expanding in Europe and the United States, while continuing their expansion in their traditional markets in Asia and Africa. All appeared to be going well, when in 1986 Lloyds Bank of the United Kingdom made a hostile takeover bid for the Group. 10 " id="pdf-obj-10-2" src="pdf-obj-10-2.jpg">

companies were keen to capitalize on the huge expansion of trade and to earn the handsome profits to be made from financing the movement of goods from Europe to the East and to Africa.

In those early years, both banks prospered. Chartered opened its first branches in Bombay, Calcutta and Shanghai in 1858, followed by Hong Kong and Singapore in 1859. [2] With the opening of the Suez Canal in 1869 and the extension of the telegraph to China in 1871, Chartered was well placed to expand and develop its business.

In South Africa, Standard, having established a considerable number of branches was prominent in financing the development of the diamond fields of Kimberley from 1867 and later extended its network further north to the new town of Johannesburg when gold was discovered there in 1885. Half the output of the second largest gold field in the world passed through The Standard Bank on its way to London.

Both banks at that time still quite separate companies survived the First World War and the Depression, but were directly affected by the wider conflict of the Second World War in terms of loss of business and closure of branches. There were also longer term effects for both banks as countries in Asia and Africa gained their independence in the ‗50s and ‗60s.

Each had acquired other small banks along the way and spread their networks further. In 1969, the banks decided to merge, and to counterbalance their existing network by expanding in Europe and the United States, while continuing their expansion in their traditional markets in Asia and Africa. All appeared to be going well, when in 1986 Lloyds Bank of the United Kingdom made a hostile takeover bid for the Group.

After having defeated the bid, Standard Chartered entered a period of change. It made provisions againstGrind lays Bank from ANZ Bank, increasing its presence in private banking and further expanding its operations in India and Pakistan. Standard Chartered retained Grind lays' private banking operations in London and Luxembourg and the subsidiary in Jersey, all of which it integrated into its own private bank. This now serves high net worth customers in Hong Kong, Dubai, and Johannesburg under the name Standard Chartered Grind lays Offshore Financial Services. In India, Standard Chartered integrated most of Grind lays' operations, making Standard Chartered the largest foreign bank in the country, despite Standard Chartered having cut some branches and having reduced the staff from 5500 to 3500 people. On 15 April 2005, the bank acquired Korea First Bank, beating HSBC in the bid. Since then the bank has rebranded the branches as SC First Bank. Standard Chartered completed the integration of its Bangkok branch and Standard Chartered Nakornthon Bank in October, renaming the new entity Standard Chartered Bank (Thailand). Standard Chartered also formed strategic alliances with Fleming Family & Partners to expand private wealth management in Asia and the Middle East, and acquired 11 " id="pdf-obj-11-2" src="pdf-obj-11-2.jpg">

After having defeated the bid, Standard Chartered entered a period of change. It made provisions against Third World debt exposure and loans to corporations and entrepreneurs who could not meet their commitments. It also began a series of divestments notably in the United States and South Africa, and entered into a number of asset sales.

INTRODUCTION

After having defeated the bid, Standard Chartered entered a period of change. It made provisions againstGrind lays Bank from ANZ Bank, increasing its presence in private banking and further expanding its operations in India and Pakistan. Standard Chartered retained Grind lays' private banking operations in London and Luxembourg and the subsidiary in Jersey, all of which it integrated into its own private bank. This now serves high net worth customers in Hong Kong, Dubai, and Johannesburg under the name Standard Chartered Grind lays Offshore Financial Services. In India, Standard Chartered integrated most of Grind lays' operations, making Standard Chartered the largest foreign bank in the country, despite Standard Chartered having cut some branches and having reduced the staff from 5500 to 3500 people. On 15 April 2005, the bank acquired Korea First Bank, beating HSBC in the bid. Since then the bank has rebranded the branches as SC First Bank. Standard Chartered completed the integration of its Bangkok branch and Standard Chartered Nakornthon Bank in October, renaming the new entity Standard Chartered Bank (Thailand). Standard Chartered also formed strategic alliances with Fleming Family & Partners to expand private wealth management in Asia and the Middle East, and acquired 11 " id="pdf-obj-11-10" src="pdf-obj-11-10.jpg">

In 2000, Standard Chartered acquired Grind lays Bank from ANZ Bank, increasing its presence in private banking and further expanding its operations in India and Pakistan. Standard Chartered retained Grind lays' private banking operations in London and Luxembourg and the subsidiary in Jersey, all of which it integrated into its own private bank. This now serves high net worth customers in Hong Kong, Dubai, and Johannesburg under the name Standard Chartered Grind lays Offshore Financial Services. In India, Standard Chartered integrated most of Grind lays' operations, making Standard Chartered the largest foreign bank in the country, despite Standard Chartered having cut some branches and having reduced the staff from 5500 to 3500 people.

On 15 April 2005, the bank acquired Korea First Bank, beating HSBC in the bid. Since then the bank has rebranded the branches as SC First Bank.

Standard Chartered completed the integration of its Bangkok branch and Standard Chartered Nakornthon Bank in October, renaming the new entity Standard Chartered Bank (Thailand). Standard Chartered also formed strategic alliances with Fleming Family & Partners to expand private wealth management in Asia and the Middle East, and acquired

stakes in <a href=ACB Vietnam, Travelex, American Express Bank in Bangladesh and Bohai Bank in China. On 9 August 2006 Standard Chartered announced that it had acquired an 81% shareholding in the Union Bank of Pakistan in a deal ultimately worth $511 million. This deal represented the first acquisition by a foreign firm of a Pakistani bank and the merged bank, Standard Chartered Bank (Pakistan), is now Pakistan's sixth largest bank. On 22 October, 2006 Standard Chartered announced that it has received tenders for more than 51 per cent of the issued share capital of Hsinchu International B ank (―Hsinchu‖), established in 1948 in Hsinchu province in Taiwan. Standard Chartered, which had first entered Taiwan in 1985, acquired majority ownership of the bank, Taiwan‘s seventh largest private sector bank by loans and deposits as at 30 June, 2006. Standard Chartered merged its existing three branches with Hsinchu's 83, and then delisted Hsinchu International Bank, changing the bank's name to Standard Chartered Bank (Taiwan) Limited). Prior to the merger, Hsinchu had suffered extensive losses on defaulted credit card debt. In 2007, Standard Chartered opened its Private Banking global headquarters in Singapore. On 23 August, 2007 Standard Chartered entered into an agreement to buy a 49 percent of an Indian brokerage firm (UTI Securities) for $36 million in cash from Securities Trading Corporation of India Ltd., with the option to raise its stake to 75 percent in 2008 and, if both partners agree, to 100 percent by 2010. UTI Securities offers broking, wealth management and investment banking services across 60 Indian cities. 12 " id="pdf-obj-12-2" src="pdf-obj-12-2.jpg">

On 9 August 2006 Standard Chartered announced that it had acquired an 81% shareholding in the Union Bank of Pakistan in a deal ultimately worth $511 million. This deal represented the first acquisition by a foreign firm of a Pakistani bank and the merged bank, Standard Chartered Bank (Pakistan), is now Pakistan's sixth largest bank.

On 22 October, 2006 Standard Chartered announced that it has received tenders for more than 51 per cent of the issued share capital of Hsinchu International Bank (―Hsinchu‖), established in 1948 in Hsinchu province in Taiwan. Standard Chartered, which had first entered Taiwan in 1985, acquired majority ownership of the bank, Taiwan‘s seventh largest private sector bank by loans and deposits as at 30 June, 2006. Standard Chartered merged its existing three branches with Hsinchu's 83, and then delisted Hsinchu International Bank, changing the bank's name to Standard Chartered Bank (Taiwan) Limited). Prior to the merger, Hsinchu had suffered extensive losses on defaulted credit card debt.

In 2007, Standard Chartered opened its Private Banking global headquarters in Singapore.

On 23 August, 2007 Standard Chartered entered into an agreement to buy a 49 percent of an Indian brokerage firm (UTI Securities) for $36 million in cash from Securities Trading Corporation of India Ltd., with the option to raise its stake to 75 percent in 2008 and, if both partners agree, to 100 percent by 2010. UTI Securities offers broking, wealth management and investment banking services across 60 Indian cities.

Standard Chartered Buys American Express Bank Standard Chartered paid $1.1bn (£550m) to buy American Express's banking

Standard Chartered Buys American Express Bank

Standard Chartered paid $1.1bn (£550m) to buy American Express's banking arm, which has a customer base of institutions and wealthy individuals largely concentrated in emerging markets.

The deal will gave Standard Chartered access to 10,000 private banking clients with assets of $22.5bn under management. It gave the group branch licences in India and Taiwan and takes it into new territories such as Kazakhstan and Egypt.

American Express Bank (AEB) dates back to 1919 and predates the introduction of American Express credit
American Express Bank (AEB) dates back to 1919 and predates the introduction of
American Express credit cards. But the American financial group has decided that its future
lies in payments, processing and cards.
A Standard Chartered spokesman said: "This is a very good fit with our own footprint. It's
strong in Hong Kong, Singapore, Indonesia and India."

Under the terms of the deal, Standard Chartered is paid $300m plus AEB's net asset value of $860m. The transaction was financed from Standard Chartered's cash resources.

Standard Chartered has made a string of recent purchases to bolster its banking presence in emerging markets. It bought Taiwan's Hsinchu International Bank for £650m in September and snapped up Pakistan's Union Bank for $511m. The group has bought stakes in banking operations in Indonesia and China.

AEB's financial institutions group, which provides clearing and transaction services to other banks, employs 700 people

AEB's financial institutions group, which provides clearing and transaction services to other banks, employs 700 people while the private banking arm has 400 staff. The Miami-based bank has occasionally attracted the interest of regulators.

AEB agreed to forfeit $55m and pay $10m penalties in a settlement with the US Justice Department over allegations that it had failed to maintain an effective anti-money laundering program against international drug cartels. Standard Chartered's shares rose 61p to

£15.30.

 Standard Chartered Acquired 49% Stake in UTI Sec for Rs 147 crore Standard Chartered Bank
Standard Chartered Acquired 49% Stake in UTI Sec for Rs 147 crore
Standard Chartered Bank has agreed to acquire 49 per cent stake in UTI Securities from
the Securities Trading Corporation of India (STCI) for Rs 147 crore in cash.
Under the arrangement, Standard Chartered Bank had the option to raise its stake by
another 25 per cent in 2008 and gradually buy out 100 per cent of UTI Securities by 2010,
subject to regulatory approvals.

―Under the arrangement, Standard Chartered has the option to increase its stake to 75 per cent at a fixed price. In 2010, the bank can purchase the balance stake at a price based on a formula, which caps the minimum and maximum price,‖ said Mr Neeraj Swaroop, CEO- India, Standard Chartered Bank.

Online platform

Online platform ―The partnership will enable Standard Chartered to broaden its product offering in wealth management

―The partnership will enable Standard Chartered to broaden its product offering in wealth

management and private banking within India and the non-resident product portfolio in footprint countries,‖ he added.

UTI Securities offers retail broking, online trading, depository services, portfolio management services, equities research, investment banking, fixed income securities and distribution of third party financial products across 60 cities in India.

―One of the reasons why UTI Securities was appealing to Standard Chartered Bank is its strong
―One of the reasons why UTI Securities was appealing to Standard Chartered Bank is its
strong online trading platform,‖ said Mr G. Narayanan, Managing Director, STCI.
Customer base

STCI, one of the leading primary dealers in the country, had bought 100 per cent of UTI Securities from the Administrator of the Specified Undertaking of the Unit Trust of India in February 2006, for Rs 265 crore.

UTI Securities reported a net profit of Rs 6.5 crore in 2006-07 and received Rs 65 crore in revenues. The company has 41 branches and 174 franchises.

UTI securities has 40,000 clients and around 70 per cent of the business comes from retail

broking. ―UTI Securities will provide us with a customer base in retail business and help us

tap the growing affluent segment of population. We would also like to grow the institutional

business with overseas linkages,‖ Mr. Swaroop said.

The composition of the board of UTI Securities will have four members from STCI, three members

The composition of the board of UTI Securities will have four members from STCI, three members from Standard Chartered Bank and one or more independent members.

Investment Services

Equity Solutions

At Standard Chartered, we believe in an end to end approach to banking we believe that our success is directly linked to helping you succeed. We offer you the full range of investment products from the simple and classic options to the more evolved and structure ones.

With our ability to provide you a range of products that suit your customised needs, we
With our ability to provide you a range of products that suit your customised needs, we give
you enormous opportunity to meet both your current and long term financial needs.
Mutual Funds

At Standard Chartered we put forward choice of over 300 funds offered by more than 15 fund managers. We help you identify a suitable mix of Mutual Fund schemes spreading across Equity, Balanced, Fixed Income and Liquid Funds.

Equity Mutual Funds

Equity funds are schemes where more than 65% of the investments are done in equity and equity related securities of various companies. However, the returns from these funds are directly linked to the stock market and are more volatile as compared to those from fixed income funds.

Balanced Funds

Balanced Funds Balanced funds are schemes that invest in equity and debt instruments in varying proportions.

Balanced funds are schemes that invest in equity and debt instruments in varying proportions. These funds supplement capital appreciation from equities with a steady return from debt instruments. To a large extent, the returns depend on the performance of the equity portion in the portfolio. There is some flexibility in changing the asset composition between equity and debt and fund managers exploit this to buy the best asset class at each time.

Tax Saving Funds Tax savings funds are special products offered by mutual funds. The Equity Linked
Tax Saving Funds
Tax savings funds are special products offered by mutual funds. The Equity Linked Savings
Schemes (ELSS) as they are popularly known give their investors the option of saving tax
while participating in the growth of the capital market. These funds have a lock-in-period of
three years.
Equity PMS

Standard Chartered Bank will assist you for Portfolio Management Services (PMS) by referring to our partner Asset Management Companies. Our partner Asset Management Companies conducts detailed and scientific analysis of various investment avenues to help you invest your money suiting your customised needs

Fixed Income Solutions

Fixed Income Funds

Fixed Income Solutions Fixed Income Funds These funds invest primarily in government and corporate debt. While

These funds invest primarily in government and corporate debt. While fund holdings may appreciate in value, the primary objective of these funds is to provide a steady cash flow to investors.

Bonds We offer a wide range of Fixed Income solutions denominated in Indian Rupees such as:
Bonds
We offer a wide range of Fixed Income solutions denominated in Indian Rupees such as:
Short dated securities like Commercial Paper, Bank Certificates of Deposits and
Government of India Treasury Bills (Tenors shorter than 1 year)
Long dated securities like Private Sector and Public Sector Corporate Bonds and
Government of India securities (Tenors longer than 1 year)
Non Discretionary Portfolio Management Service (NDPMS) for Fixed Income by
referring to Standard Chartered Securities India.

This enables you to customize your Investments portfolio by leveraging the yield differentials across different tenors as well as different Issuers. In simple terms, you can now invest in a wide variety of securities in the relatively safe Fixed Income space.

Liquid Funds

Liquid Funds Liquid Funds are schemes investing in short-term money market instruments including treasury bills, commercial

Liquid Funds are schemes investing in short-term money market instruments including treasury bills, commercial paper and certificates of deposit. These funds are distributed by Standard Chartered Bank.

Deposits

Standard chartered bank offers wide variety of deposit options to suit different needs, including Short Term Deposit, Reinvestment Deposit, and Simple Fixed Deposit.

Loan Against Securities The Loan Against Securities is Standard Chartered Bank's immediate overdraft facility against Shares
Loan Against Securities
The Loan Against Securities is Standard Chartered Bank's immediate overdraft facility
against Shares and Mutual Funds. It offers you a convenient and immediate line of credit
just when you want it. What's more, you pay for it only when you actually use it.
Alternate Solutions
Structured Notes

Rather than the traditional buy-and-hold approach, these products use derivatives and option strategies to provide structured payouts. Certain structured products also offer the benefit of capital protection.

Private Equity Funds

We partner with leading specialists to help you invest in private equity funds. These products can help you to further diversify your portfolio while gaining from the long term benefits of investing in prudently selected securities.

Real Estate Funds

Real Estate Funds We work with leading fund managers to help you invest in real estate

We work with leading fund managers to help you invest in real estate funds unlike direct purchase of property, these funds can participate in the entire life cycle of real estate projects through dedicated experts. These can either be development or yield based.

Advisory & Research

Risk Profiling

To start with, we take you through a simple, easy-to-fill questionnaire; we gauge your appetite for risk, for specific investment products and for your entire portfolio. So whether you should be investing heavily into equity or in cash, whether that hot biotech fund is suitable for you, our profiling gives you the right answers.

Asset Allocation Advice
Asset Allocation Advice

Our well established and robust investment process is specially designed to give you the best possible investment experience. We understand your financial and risk profile through need analysis and then help you select the right asset allocation and products to match your needs followed by regular portfolio review and rebalancing. Our advisors help you create sound portfolios and identify thematic opportunities across varied market cycles.

Market Outlook

To help equip clients with the latest insight, SCB WM team provides outlook on various markets and asset classes to our esteemed clients. Our regular publications include Weekly Market View and Monthly Market View covering global & local markets.

Mutual Fund Star Rating

Mutual Fund Star Rating One of our regular publications available to our valued clients includes our

One of our regular publications available to our valued clients includes our in house SCIS Star Ratings - A Concise, Pertinent Analysis on Mutual Funds. The rating system designed is based on the combination of key performance metrics including Information Ratio,

Downside Risk and Jenson's Alpha, providing a bird‘s eye view on key mutual funds across

common parameters.

INTRODUCTION TO MUTUAL FUNDS

The Indian mutual fund industry in recent years has exponential growth and yet it is still
The Indian mutual fund industry in recent years has exponential growth and yet it is still at a
very nascent stage. We believe that the mutual fund industry has grown in terms of size or
choices available, but is a long distance from being regarded as a mature one. To
understand this one has to look at the global scenario. If one look at the global mutual fund
industry, one has see that assets have grown by 185% between 2000 and 2006. In
comparison, Indian assets outgrew at a staggering 446%, where as the US only grew by
158% and Europe by 242%.

As our economy continues to grow at a spectacular rate there is a huge amount of wealth creating opportunities surfacing everywhere. Financial Planners have an immensely responsible role to play by identifying these opportunities and channelling them into wealth creating initiatives that would enable people to address their financial needs. To give an overview of a recent study conducted by Invest India, there are about 321.8 millions paid workers in India. Of this only 5.3 millions have an exposure to mutual funds. This is less than 2% of total work force. Even more interesting fact is that 77% of them reside in super metros and Tier I cities. Again, about 4 millions come in the Rs 90,000-5 lack income bracket. The penetration among the less than Rs 90,000 and more than Rs 5 lack income

bracket is very low. The need for the hour is to expend the market boundaries and

bracket is very low. The need for the hour is to expend the market boundaries and expand scope in Tier II and Tier III cities.

India is also one of the fastest growing markets for mutual funds, attracting a host of global players. Hence, investors will have an even wider range of products to choose from. The combination of the increase in number of fund houses along with new schemes and the increase in the number of people parking their saving in mutual funds has resulted in per cent during April-December 2007. This now stands at Rs 30314 billion as against Rs 13476 billion for the corresponding period last year.

As on January 31, 2008, Indian assets stood at $ 137 billion and are growing. We
As on January 31, 2008, Indian assets stood at $ 137 billion and are growing. We already
have many experts expressing their concentration at the frequency of NFO launches. Yet
we have less than 1000 schemes in India, compared to 15000 in the US and 36000 in
Europe. The gap is significant and has to be filled up with unique and better priced
products.

There has also been a rapid rise in the HNI segment. India stands only second-best to Korea in the Asia- Pacific region in terms of percentage growth. The total HNWI (High Net Worth Individual) assets stood at about Rs 12 trillion and their assets are distributed over various assets classes. To top them MFs will have to come up with structured products, real estate funds, commodity based funds, art funds and the like.

Indian households have also increased their exposure to the capital market. Very interestingly, the MF proportion in this has increased. In fact, there has been more than 2000% growth in the assets coming to MFs in the last 3 years. Statistics reveal that a higher portion of investors‘ savings is now invested in market-linked avenues like mutual funds as compared to earlier times.

PASSING THROUGH THE GROWTH PHASE We have always read that fund industry has seen three phases

PASSING THROUGH THE GROWTH PHASE

We have always read that fund industry has seen three phases the UTI phase, the public sector phase and the post UTI phase. But if we study a bit more closely, there have been four clear stages.

  • - UTI Phase (1964 1987)

  • - Public sector phase (1987 1993), during which the likes of SBI,BOB and Canara Bank comes in to existence

- The emergence phase (1993 – 2003), when international players come in to India. Some have
-
The emergence phase (1993 – 2003), when international players come in to India.
Some have wound up their operations and a few of them are looking for re-entry.
-
Post UTI phase (2003 – 2007), when domestic players along with some global
players have consolidated the MF industry.

And now we are entering Phase V of the industry, when not only are newer players readying to enter the market but are also looking at penetration and market expansion. All in all, this is a win-win situation for Indian investors. We have also come up a long way from plain vanilla equity funds to hybrid funds, from balanced funds to arbitrage funds, from sectoral funds to quant strategies.

CHANGING INVESTOR PROFILE

Today‘s investor is quite young and very unlike the older generation. He follows a contrarian‘s approach. He buys when the market flips and books profit when it rallies. While

the market corrected by almost 22% during the January mayhem, mutual funds were net buyers to the tune of Rs 4,200 crores. Much of this support came from domestic investors.

The retail participation in equity schemes has also increased tremendously. The total AUM

of 330 schemes in December last year stood at Rs 2,157 billion as compared to 197

of 330 schemes in December last year stood at Rs 2,157 billion as compared to 197 schemes and Rs92 billions In march 2000. Also in the last three years, mobilizations from NFOs stood at Rs 95,000 crores. Although many complain that the industry is still brokerage driven, the trends clearly suggest that investors prefer NFOs to enter equities.

Our economy is booming, we have now a sustained GDP growth of 8%, which is likely to remain at this level for years to come, our per capita income is about to touch $ 1000 by the end of 2008. The number of AMCs is increasing. Their presence across India is expending. Distributors too are expanding their networks. Besides, the regulator has taken up measures to safeguard investor interests. These are all drivers for the fund industry. Together, these greet investor warmly. The need of the investor populace has changed, resulting in a change in asset management styles. In a way, this is leading to the design of new and competitively-priced products, implying greater emphasis on higher quality of intermediation. This in itself is both an opportunity and a challenge. As our economy continuous to grow at a spectacular rate there is a huge amount of wealth creating opportunities surfacing everywhere. Financial Planners have an immensely responsible role to play by identifying these opportunities and channeling them into wealth creating initiatives that would enable people to adequately address their financial needs.

of 330 schemes in December last year stood at Rs 2,157 billion as compared to 197

WHAT IS A MUTUAL FUND

WHAT IS A MUTUAL FUND A mutual fund is a professionally-managed form of collective investments that

A mutual fund is a professionally-managed form of collective investments that pools money from many investors and invests it in stocks, bonds, short-term money market instruments, and/or other securities. In a mutual fund, the fund manager, who is also known as the portfolio manager, trades the fund's underlying securities, realizing capital gains or losses, and collects the dividend or interest income. The investment proceeds are then passed along to the individual investors. The value of a share of the mutual fund, known as the net asset value per share (NAV) is calculated daily based on the total value of the fund divided by the number of shares currently issued and outstanding.

WHAT IS A MUTUAL FUND A mutual fund is a professionally-managed form of collective investments that

Legally known as an "open-end company" under the Investment Company Act of 1940(the primary regulatory statute governing investment companies), a mutual fund is one of three basic types of investment companies available in the United States. Outside of the United States (with the exception of Canada, which follows the U.S. model), mutual fund may be used as a generic term for various types of collective investment vehicle. In the United Kingdom and Western Europe (including offshore jurisdictions), other forms of collective investment vehicle are prevalent, including unit trusts, open-ended investment companies (OEICs), SICAVs and unitized insurance funds. In Australia and New Zealand the term "mutual fund" is generally not used; the name "managed fund" is used instead.

Mutual funds belong to the class of firms known as investment companies. While companies may offer a "family" of funds under a single umbrella name and common administration - for example, the Vanguard Group, Fidelity Investments, or Strong Funds -

each fund offered is a separately incorporated investment company. These are entities that pool investor money

each fund offered is a separately incorporated investment company. These are entities that pool investor money to buy the securities that make up the fund‘s portfolio. The idea behind this pooling of investor

money is to give each investor the benefits that come from the ownership of a diversified portfolio of securities chosen and monitored daily by experience, professional advisers.

The funds create and sell new shares on demand. Investors` shares represent a portion of

the fund‘s portfolio and income proportional to the number of shares they purchase.

Individual shareholders of the mutual funds have voting rights in the operation of the fund, just
Individual shareholders of the mutual funds have voting rights in the operation of the fund,
just as most holders of common stocks in corporations have the right to vote on certain
issues involving the running of the company. The key attribute of a mutual fund, regardless
of how it is structured, is that the investor is entitled to receive on demand, or within a
specified period after demand, an amount computed by reference to the value of the
investor‘s proportionate interest in the net assets of the mutual fund. This means that the
owner of mutual fund shares can "cash in," or redeem his or her shares at any time.

Mutual funds, therefore, are considered a liquid investment. The investor‘s selling

(redemption) price may be higher or lower than the purchase price. It all depends on the

performance of the fund‘s portfolio. The fund has an adviser who charges a fee for managing the portfolio. The adviser decides when and what securities to buy and sell, and is responsible for providing or causing to be provided all services required by the mutual fund in carrying on its day-to-day activities. All fund investors get this built-in portfolio management whether they own 50 shares or 10,000.The adviser generally purchases many different securities for the portfolio, since investment theory holds that diversification reduces risk. It is this diminished risk that is one of the attractions of mutual funds.

27
27
ORGANISATION OF A MUTUAL FUND There are many entities involved and the diagram below illustrates the

ORGANISATION OF A MUTUAL FUND

There are many entities involved and the diagram below illustrates the organizational set up of a Mutual Fund:

ORGANISATION OF A MUTUAL FUND There are many entities involved and the diagram below illustrates the

Mutual Funds diversify their risk by holding a portfolio of instead of only one asset. This is because by holding all your money in just one asset, the entire fortunes of your portfolio depend on this one asset. By creating a portfolio of a variety of assets, this risk is substantially reduced.

Mutual Fund investments are not totally risk free. In fact, investing in Mutual Funds contains the same risk as investing in the markets, the only difference being that due to professional management of funds the controllable risks are substantially reduced. A very

important risk involved in Mutual Fund investments is the market risk. However, the company specific risks

important risk involved in Mutual Fund investments is the market risk. However, the company specific risks are largely eliminated due to professional fund management.

IMPORTANT CHARACTERISTICS OF A MUTUAL FUND

  • A Mutual Fund actually belongs to the investors who have pooled their Funds. The ownership of the mutual fund is in the hands of the Investors.

A Mutual Fund is managed by investment professional and other Service providers, who earns a fee
A Mutual Fund is managed by investment professional and other Service providers,
who earns a fee for their services, from the funds.
The pool of Funds is invested in a portfolio of marketable investments.
The value of the portfolio is updated every day.
  • The investor‘s share in the fund is denominated by ―units‖. The value of

the units

changes with change in the portfolio value, every day. The value of one unit of

investment is called net asset value (NAV).

The

investment portfolio of the mutual fund

is created according to

the stated

Investment objectives of the Fund.

OBJECTIVES OF A MUTUAL FUND

  • To provide an opportunity for

lower income groups to acquire without much

difficulty, property in the form of shares.

  • To Cater mainly of the need of individual investors, whose means are small?

  • To manage investors portfolio that provides regular income, growth, Safety, liquidity, tax advantage, professional management and diversification.

OBJECTIVES OF A MUTUAL FUND To provide an opportunity for lower income groups to acquire
STRUCTURE OF A MUTUAL FUND Custodian Registrar Mutual fund ASSET MANAGEMENT COMPANY Sponsor Trustees 31

STRUCTURE OF A MUTUAL FUND

STRUCTURE OF A MUTUAL FUND Custodian Registrar Mutual fund ASSET MANAGEMENT COMPANY Sponsor Trustees 31
Custodian Registrar Mutual fund ASSET MANAGEMENT COMPANY Sponsor Trustees
Custodian
Registrar
Mutual fund
ASSET
MANAGEMENT
COMPANY
Sponsor
Trustees
History of Mutual Fund in India

History of Mutual Fund in India

The Evolution

The formation of Unit Trust of India marked the evolution of the Indian mutual fund industry in the year 1963. The primary objective at that time was to attract the small investors and it was made possible through the collective efforts of the Government of India and the Reserve Bank of India. The history of mutual fund industry in India can be better understood divided into following phases:

Phase 1. Establishment and Growth of Unit Trust of India - 1964-87 Unit Trust of India
Phase 1. Establishment and Growth of Unit Trust of India - 1964-87
Unit Trust of India enjoyed complete monopoly when it was established in the year 1963 by
an act of Parliament. UTI was set up by the Reserve Bank of India and it continued to
operate under the regulatory control of the RBI until the two were de-linked in 1978 and the
entire control was transferred in the hands of Industrial Development Bank of India (IDBI).
UTI launched its first scheme in 1964, named as Unit Scheme 1964 (US-64), which
attracted the largest number of investors in any single investment scheme over the years.

UTI launched more innovative schemes in 1970s and 80s to suit the needs of different investors. It launched ULIP in 1971, six more schemes between 1981-84, Children's Gift

Growth Fund and India Fund (India's first offshore fund) in 1986, Master share (India‘s first

equity diversified scheme) in 1987 and Monthly Income Schemes (offering assured returns) during 1990s. By the end of 1987, UTI's assets under management grew ten times to Rs 6700 crores.

Phase II. Entry of Public Sector Funds - 1987-1993

The Indian mutual fund industry witnessed a number of public sector players entering the market in

The Indian mutual fund industry witnessed a number of public sector players entering the market in the year 1987. In November 1987, SBI Mutual Fund from the State Bank of India became the first non-UTI mutual fund in India. SBI Mutual Fund was later followed by Canara bank Mutual Fund, LIC Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund, GIC Mutual Fund and PNB Mutual Fund. By 1993, the assets under management of the industry increased seven times to Rs. 47,004 crores. However, UTI remained to be the leader with about 80% market share.

Assets 1992- Amount Under 93 Mobilised Management Mobilisation as % of gross Domestic Savings UTI 11,057
Assets
1992-
Amount
Under
93
Mobilised
Management
Mobilisation
as % of
gross
Domestic
Savings
UTI
11,057
38,247
5.2%
Public
1,964
8,757
0.9%
Sector
Total
13,021
47,004
6.1%

Phase III. Emergence of Private Sector Funds - 1993-96

The permission given to private sector funds including foreign fund management companies (most of them entering through joint ventures with Indian promoters) to enter the

mutual fund industry in 1993, provided a wide range of choice to investors and more competition

mutual fund industry in 1993, provided a wide range of choice to investors and more competition in the industry. Private funds introduced innovative products, investment techniques and investor-servicing technology. By 1994-95, about 11 private sector funds had launched their schemes.

Phase IV. Growth and SEBI Regulation - 1996-2004

The mutual fund industry witnessed robust growth and stricter regulation from the SEBI after the year 1996. The mobilization of funds and the number of players operating in the industry reached new heights as investors started showing more interest in mutual funds.

Inventors‘ interests were safeguarded by SEBI and the Government offered tax benefits to the investors in
Inventors‘ interests were safeguarded by SEBI and the Government offered tax benefits to
the investors in order to encourage them. SEBI (Mutual Funds) Regulations, 1996 was
introduced by SEBI that set uniform standards for all mutual funds in India. The Union
Budget in 1999 exempted all dividend incomes in the hands of investors from income tax.
Various Investor Awareness Programmes were launched during this phase, both by SEBI
and AMFI, with an objective to educate investors and make them informed about the mutual
fund industry.

In February 2003, the UTI Act was repealed and UTI was stripped of its Special legal status as a trust formed by an Act of Parliament. The primary objective behind this was to bring all mutual fund players on the same level. UTI was re-organized into two parts: 1. The Specified Undertaking, 2. The UTI Mutual Fund

Phase V. Growth and Consolidation - 2004 Onwards

The industry has also witnessed several mergers and acquisitions recently, examples of which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more

international mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were

international mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were 29 funds as at the end of March 2006. This is a continuing phase of growth of the industry through consolidation and entry of new international and private sector players.

Types of Mutual Funds

international mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were

1. Schemes according to Maturity Period:-

1. Schemes according to Maturity Period:- A mutual fund scheme can be classified into open-ended scheme

A mutual fund scheme can be classified into open-ended scheme or close-ended scheme depending on its maturity period.

  • Open-ended Fund/ Scheme:-

An open-ended fund or scheme is one that is available for subscription and repurchase on a continuous basis. These schemes do not have a fixed maturity period. Investors can conveniently buy and sell units at Net Asset Value (NAV) related prices which are declared on a daily basis. The key feature of open-end schemes is liquidity.

 Close-ended Fund/ Scheme:-
Close-ended Fund/ Scheme:-

A close-ended fund or scheme has a stipulated maturity period e.g. 5-7 years. The fund is open for subscription only during a specified period at the time of launch of the scheme. Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where the units are listed. In order to provide an exit route to the investors, some close-ended funds give an option of selling back the units to the mutual fund through periodic repurchase at NAV related prices. SEBI Regulations stipulate that at least one of the two exit routes is provided to the investor i.e. either repurchase facility or

through listing on stock exchanges. These mutual funds schemes disclose NAV generally on weekly basis. 2.

through listing on stock exchanges. These mutual funds schemes disclose NAV generally on weekly basis.

2. Schemes according to Investment Objective:-

A scheme can also be classified as growth scheme, income scheme, or balanced scheme considering its investment objective. Such schemes may be open-ended or close-ended schemes as described earlier. Such schemes may be classified mainly as follows:

 Growth / Equity Oriented Scheme:-
Growth / Equity Oriented Scheme:-

The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes normally invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences. The investors must indicate the option in the application form. The mutual funds also allow the investors to change the options at a later date. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time.

  • Income / Debt Oriented Scheme:-

 Income / Debt Oriented Scheme:- The aim of income funds is to provide regular and

The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short run and vice versa. However, long term investors may not bother about these fluctuations.

 Balanced Fund:-
Balanced Fund:-

The aim of balanced funds is to provide both growth and regular income as such schemes invest both in equities and fixed income securities in the proportion indicated in their offer documents. These are appropriate for investors looking for moderate growth. They generally invest 40-60% in equity and debt instruments. These funds are also affected because of fluctuations in share prices in the stock markets. However, NAVs of such funds are likely to be less volatile compared to pure equity funds.

  • Money Market or Liquid Fund:-

 Money Market or Liquid Fund:- These funds are also income funds and their aim is

These funds are also income funds and their aim is to provide easy liquidity, preservation of capital and moderate income. These schemes invest exclusively in safer short-term instruments such as treasury bills, certificates of deposit, commercial paper and inter-bank call money, government securities, etc. Returns on these schemes fluctuate much less compared to other funds. These funds are appropriate for corporate and individual investors as a means to park their surplus funds for short periods.

 Gilt Fund:- These funds invest exclusively in government securities. Government securities have no default risk.
Gilt Fund:-
These funds invest exclusively in government securities. Government
securities have no default risk. NAVs of these schemes also fluctuate
due to change in interest rates and other economic factors as is the
case with income or debt oriented schemes.
  • Index Funds :-

Index Funds replicate the portfolio of a particular index such as the BSE Sensitive index, S&P NSE 50 index (Nifty), etc these schemes invest in the securities in the same weight age comprising of an index. NAVs of such schemes would rise or fall in accordance with the rise or fall in the index, though not exactly by the same percentage due to some factors known as "tracking error" in technical terms.

  • 3. Sector specific funds/schemes:-

3. Sector specific funds/schemes:- These are the funds/schemes which invest in the securities of only those

These are the funds/schemes which invest in the securities of only those sectors or industries as specified in the offer documents. E.g. Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent on the performance of the respective sectors/industries. While these funds may give higher returns, they are more risky compared to diversified funds. Investors need to keep a watch on the performance of those sectors/industries and must exit at an appropriate time. They may also seek advice of an expert.

4. Tax Saving Schemes:-
4. Tax Saving Schemes:-

These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues. E.g. Equity Linked Savings Schemes (ELSS). Pension schemes launched by the mutual funds also offer tax benefits. These schemes are growth oriented and invest pre-dominantly in equities. Their growth opportunities and risks associated are like any equity- oriented scheme.

  • 5. Fund of Funds (FoF) scheme:-

A scheme that invests primarily in other schemes of the same mutual fund or other mutual funds is known as a FoF scheme. A FoF scheme enables the investors to achieve greater diversification through one scheme. It spreads risks across a greater universe.

6. Load or no-load Fund:-

6. Load or no-load Fund:- A Load Fund is one that charges a percentage of NAV

A Load Fund is one that charges a percentage of NAV for entry or exit. That is, each time one buys or sells units in the fund, a charge will be payable. This charge is used by the mutual fund for marketing and distribution expenses. Suppose the NAV per unit is Rs.10. If the entry as well as exit load charged is 1%, then the investors who buy would be required to pay Rs.10.10 and those who offer their units for repurchase to the mutual fund will get only Rs.9.90 per unit. The investors should take the loads into consideration while making investment as these affect their yields/returns. However, the investors should also consider the performance track record and service standards of the mutual fund which are more important. Efficient funds may give higher returns in spite of loads. A no-load fund is one that does not charge for entry or exit. It means the investors can enter the fund/scheme at NAV and no additional charges are payable on purchase or sale of units.

6. Load or no-load Fund:- A Load Fund is one that charges a percentage of NAV

ADVANTAGES OF MUTUAL FUND

S. Advantage Particulars No. Mutual Funds invest in a well-diversified portfolio of securities Portfolio 1. Diversification
S.
Advantage
Particulars
No.
Mutual Funds invest in a well-diversified portfolio of securities
Portfolio
1.
Diversification
which enables investor to hold a diversified investment
portfolio (whether the amount of investment is big or small).
Professional
2.
Management
Fund manager undergoes through various research works
and has better investment management skills which ensure
higher returns to the investor than what he can manage on his
own.
Investors acquire a diversified portfolio of securities even with
3.
Less Risk
a small investment in a Mutual Fund. The risk in a diversified
portfolio is lesser than investing in merely 2 or 3 securities.
Low
Due to the economies of scale (benefits of larger volumes),
4.
Transaction
Costs
mutual funds pay lesser transaction costs. These benefits are
passed on to the investors.
An investor may not be able to sell some of the shares held
5.
Liquidity
by him very easily and quickly, whereas units of a mutual fund
are far more liquid.
Mutual funds provide investors with various schemes with different investment objectives. Investors have the option of
Mutual funds provide investors with various schemes with different investment objectives. Investors have the option of
Mutual funds provide investors with various schemes with
different investment objectives. Investors have the option of
Choice of
6.
Schemes
investing in a scheme having a correlation between its
investment objectives and their own financial goals. These
schemes further have different plans/options
Funds provide investors with updated information pertaining
7.
Transparency
to the markets and the schemes. All material facts are
disclosed to investors as required by the regulator.
8.
Flexibility
Investors also benefit from the convenience and flexibility
offered by Mutual Funds. Investors can switch their holdings
from a debt scheme to an equity scheme and vice-versa.
Option of systematic (at regular intervals) investment and
withdrawal is also offered to the investors in most open-end
schemes.
9.
Safety
Mutual Fund industry is part of a well-regulated investment
environment where the interests of the investors are protected
by the regulator. All funds are registered with SEBI and
complete transparency is forced.
Disadvantages of Investing Through Mutual Funds S. Disadvantage Particulars No. Costs Control Not 1. in the

Disadvantages of Investing Through Mutual Funds

S. Disadvantage Particulars No. Costs Control Not 1. in the Hands of an Investor Investor has
S.
Disadvantage
Particulars
No.
Costs
Control Not
1.
in the Hands
of an
Investor
Investor has to pay investment management fees and fund
distribution costs as a percentage of the value of his
investments (as long as he holds the units), irrespective of
the performance of the fund.
No
The portfolio of securities in which a fund invests is a
decision taken by the fund manager. Investors have no right
2.
Customized
Portfolios
to interfere in the decision making process of a fund
manager, which some investors find as a constraint in
achieving their financial objectives.
Difficulty in
Selecting a
3.
Suitable
Fund
Many investors find it difficult to select one option from the
plethora of funds/schemes/plans available. For this, they
may have to take advice from financial planners in order to
invest in the right fund to achieve their objectives.
Scheme

Mutual Fund Investment Strategies

Systematic Investment Plan (SIPs):

These are best suited for young people who have started their careers and need to build their wealth. SIPs entail an investor to invest a fixed sum of money at regular intervals in mutual fund scheme the investor has chosen. For instance an investor opting for SIP in xyz mutual fund scheme will need to invest a certain sum of money every month / quarter /half year in the scheme.

Systematic Withdrawal Plan (SWPs): These plans are best suited for people nearing retirement. In these plans
Systematic Withdrawal Plan (SWPs):
These plans are best suited for people nearing retirement. In these plans an investor
invests in a mutual fund scheme and is allowed to withdraw a fixed sum of money at regular
intervals to take care of expenses.

Systematic Transfer Plan (STPs):

They allow the investors to transfer on a periodic basis a specified amount from one scheme to another within the same fund family meaning two schemes belonging to the same mutual fund. A transfer will be treated as redemption of units from the scheme from which the transfer is made .Such redemption or investment will be at the applicable NAV. This service allows the investor to manage his investment actively to achieve his objectives. Many funds do not even charge even any transaction fee for this service an added advantage for the active investor.

Performance Evaluation

PARAMETERS OF MUTUAL FUND EVALUATION:

  • Risk

  • Returns

  • Liquidity

  • Expense Ratio

 Composition of Portfolio Risks Associated With Mutual Funds
Composition of Portfolio
Risks Associated With Mutual Funds

Investing in mutual funds as with any security, does not come without risk. One of the most basic economic principles is that risk and reward are directly correlated. In other words, the greater the potential risk, the greater the potential return. The types of risk commonly associated with mutual funds are:

Market Risk:

Market risk relate to the market value of a security in the future. Market prices fluctuate and are susceptible to economic and financial trends, supply and demand, and many other factors that cannot be precisely predicted or controlled.

Political Risk:

Changes in the tax laws, trade regulations, administered prices etc. is some of the many political

Changes in the tax laws, trade regulations, administered prices etc. is some of the many political factors that create market risk. Although collectively, as citizens, we have indirect control through the power of our vote, individually as investors, we have virtually no control.

Inflation Risk:

Inflation or purchasing power risk, relates to the uncertainty of the future purchasing power of the invested rupees. The risk is the increase in cost of the goods and services, as measured by the Consumer Price Index.

Interest Rate Risk:

Interest Rate risk relates to the future changes in interest rates. For instance, if an investor
Interest Rate risk relates to the future changes in interest rates. For instance, if an investor
invests in a long term debt mutual fund scheme and interest rate increase, the NAV of the
scheme will fall because the scheme will be end up holding debt offering lowest interest
rates.
Business Risk:

Business Risk is the uncertainty concerning the future existence, stability and profitability of the issuer of the security. Business Risk is inherent in all business ventures. The future financial stability of a company cannot be predicted or guaranteed, nor can the price of its securities. Adverse changes in business circumstances will reduce the market price of the

company‘s equity resulting in proportionate fall in the NAV of mutual fund scheme, which

has invested in the equity of such a company.

Economic Risk:

Economic Risk involves uncertainty in the economy, which, in turn can have an

adverse effect on a company‘s business. For instance, if monsoons fall in a year, equity

stocks of agriculture bases companies will fall and NAVs of mutual funds, which have invested in such stocks, will fall proportionately.

Methods of Measuring Risk

There are 3 different methods with the help of which we can measure the risk.

  • I. Beta Coefficient Measure Of Risk :

Beta relates a fund‘s return with a market index. It basically measures the sensitivity of

funds return to changes in market index. If Beta = 1 Fund moves with the market i.e. Passive fund If Beta < 1 Fund is less volatile than the market i. e Defensive Fund If Beta > 1

Funds will give higher returns when market rises & higher losses when market falls i.e. Aggressive
Funds will give higher returns when market rises & higher losses when market falls i.e.
Aggressive Fund.
Ex –Marks or R-squared Measure Of Risk :

II.

Ex Marks represents co relation with markets. Higher the Ex-marks lower the risk of the fund because a fund with higher Ex-marks is better diversified than a fund with lower Ex- marks.

III.

Standard Deviation Measure Of Risk :

It is a statistical concept, which measures volatility. It measures the fluctuations of fund‘s

returns around a mean level. Basically it gives you an idea of how volatile your earnings are. It is broader concept than BETA. It also helps in measuring total risk and not just the market risk of the portfolio.

How to Calculate the Value of a Mutual Fund:

The investors‘ funds are deployed in a portfolio of securities by the fund manager. The value of these investments keeps changing as the market price of the securities change. Since investors are free to enter and exit the fund at any time, it is essential that the market value of their investments is used to determine the price at which such entry and exit will take place. The net assets represent the market value of assets, which belong to the investors, on a given date.

Net Asset Value or NAV of a mutual fund is the value of one unit of investment in the fund, in net asset terms.

NAV = Net Assets of the scheme / Number of Units Outstanding Where Net Assets are
NAV = Net Assets of the scheme / Number of Units Outstanding
Where Net Assets are calculated as:-

(Market value of investments + current assets and other assets + Accrued income current liabilities and other liabilities less accrued expenses) / No. of Units Outstanding as at the NAV date

NAV of all schemes must be calculated and published at least weekly for closed-end schemes and daily for open-end schemes.

The major factors affecting the NAV of a fund are:  Sale and purchase of securities

The major factors affecting the NAV of a fund are:

  • Sale and purchase of securities

  • Sale and repurchase of units

  • Valuation of assets

  • Accrual of income and expenses

SEBI requires that the fund must ensure that repurchase price is not lower than 93% of NAV (95% in the case of a closed-fund). On the other side, a fund may sell new units at a price that is different from the NAV, but the sale price cannot be higher than 107 % of NAV. Also the difference between the repurchase price and the sale price of the unit is not permitted to exceed 7% of the sale price.

Measuring Mutual Fund Performance: We can measure mutual fund‘s performance by different method:
Measuring Mutual Fund Performance:
We can measure mutual fund‘s performance by different method:
The major factors affecting the NAV of a fund are:  Sale and purchase of securities

Absolute Return Method:

Percentage change in NAV is an absolute measure of return, which finds the NAV appreciation between two points of time, as a percentage. E .g: If NAV of one fund changes from Rs.20 to Rs.22 in 12 months then

Absolute return = (22 20)/20

X 100 =10%

Simple Annual Return Method : Converting a return value for a period other than one year,

Simple Annual Return Method :

Simple Annual Return Method : Converting a return value for a period other than one year,

Converting a return value for a period other than one year, into a value for one year, is called as animalisation. In order to annualize a rate, we find out what the return would be

for a year, if the return behaved for a year, in the same manner it did,
for
a
year,
if
the
return behaved for a
year, in
the
same manner it
did, for
any other
fractional period.
E .g: If NAV of one fund changes from Rs.20 to Rs.22 in 6 months then
Annual Return = (22 – 20) /20 X 12/6 X 100
=
20%
Total Return Method:
The total return method takes into account the dividends distributed by the mutual fund, and
adds it to the NAV appreciation, to arrive at returns.

Total Return = (Dividend distributed + Change in NAV)/ NAV at the start X 100

E .g: If NAV of one fund changes from Rs.20 to Rs.22 in 6 months if in between dividend of Rs. 4 has been distributed then

Total Return = {4 + (22 20)}/20

X 100 = 30%

Total Return when dividend is reinvested: This method is also called the return on investment
  • Total Return when dividend is reinvested:

This method is also called the return on investment (ROI) method. In this method, the

dividends are reinvested into the scheme as soon as they are received at the then prevailing NAV (ex-dividend NAV).

= ((Value of holdings at the end of the period/ value of the holdings at the beginning)

1)*100

E.g. an investor buys 100 units of a fund at Rs. 10.5 on January 1, 2007. On June 30, 2007 he receives dividends at the rate of 10%. The ex-dividend NAV was Rs. 10.25. On

December 31, 2007, the fund‘s NAV was Rs. 12.25.

Value of holdings at the beginning period= 10.5*100= 1050 Number of units re-invested = 100/10.25 =
Value of holdings at the beginning period= 10.5*100= 1050
Number of units re-invested = 100/10.25 = 9.756
End period value of investment = 109.756*12.25 = 1344.51 Rs.
Return on Investment = ((1344.51/1050)-1)*100
= 28.05%
  • Compounded Average Annual Return Method:

This method is basically used for calculating the return for more than 1 year. In this method return is calculated with the following formula:

A = P X (1 + R / 100) N Where P = Principal invested

A

= maturity value

N = period of investment in years

R

= Annualized compounded interest rate in %

R = {(Nth root of A / P) 1} X 100

R = Annualized compounded interest rate in % R = {(Nth root of A / P)

E. g:

If amount invested is Rs. 100 & in the end we get return of Rs. 200 & period of

investment is 10 years then annualized compounded return is 200 = 100 (1 + R / 100) 10

Rate = 7.2 %

R = Annualized compounded interest rate in % R = {(Nth root of A / P)

RETURNS

Returns have to be studied along with the risk. A fund could have earned higher return than the benchmark. But such higher return may be accompanied by high risk. Therefore, we have to compare funds with the benchmarks, on a risk adjusted basis. William Sharpe created a metric for fund performance, which enables the ranking of funds on a risk adjusted basis.

Sharpe Ratio = Treynor Ratio = Risk Premium Funds Standard Deviation Risk Premium Funds Beta Risk
Sharpe Ratio
=
Treynor Ratio
=
Risk Premium
Funds Standard Deviation
Risk Premium
Funds Beta
Risk Premium = Difference between the Fund‘s Average return and Risk free return on
government security or treasury bill over a given period .

LIQUIDITY:

Most of the funds being sold today are open-ended. That is, investors can sell their existing units, or buy new units, at any point of time, at prices that are related to the NAV of the fund on the date of the transaction. Since investors continuously enter and exit funds, funds are actually able to provide liquidity to investors, even if the underlying markets, in which the portfolio is invested, may not have the liquidity that the investor seeks.

EXPENSE RATIO:

EXPENSE RATIO : Expense ratio is defined as the ratio of total expenses of the fund

Expense ratio is defined as the ratio of total expenses of the fund to the average net assets of the fund. Expense ratio can actually understate the total expenses, because brokerage paid on transactions of a fund are not included in the expenses. According to the current SEBI norms, brokerage commissions are capitalized and included in the cost of the transactions.

Expense ratio = Total Expenses Average Net Assets COMPOSITION OF THE PORTFOLIO: Credit quality of the
Expense ratio
=
Total Expenses
Average Net Assets
COMPOSITION OF THE PORTFOLIO:
Credit quality of the portfolio is measured by looking at the credit ratings of the investments
in the portfolio. Mutual Fund fact sheets show the composition of the portfolio and the
investments in various asset classes over time.
Portfolio turnover rate is the ratio of lesser of asset purchased or sold by funds in the
market to the net assets of the fund.
If Portfolio ratio is 100% means portfolio has been changed fully. When Portfolio ratio is
high means expense ratio is high.

Portfolio Ratio

=

Total Sales & Purchase Net Assets of fund

In order to meaningfully compare funds some level of similarity in the following factors has to be ensured:

  • Size of the funds

  • Investment objective

  • Risk profile

  • Portfolio composition

  • Expense ratios

 Risk profile  Portfolio composition  Expense ratios 56
 Risk profile  Portfolio composition  Expense ratios 56

Fund evaluation against benchmark:

Fund evaluation against benchmark : Funds can be evaluated against some performance indicators which are known

Funds can

be evaluated against some performance indicators which are known as

benchmarks. There are 3 types of benchmarks:

  • Relative to market as whole

  • Relative to other comparable financial products

  • Relative to other mutual funds

 Relative to market as whole: There are different ways to measure the performance of fund
Relative to market as whole:
There are different ways to measure the performance of fund w.r.t market as
Equity Funds

Index Fund An Index fund invests in the stock comprising of the index in the same ratio. This is a passive management style. For example,

Market Index Fund

-

BSE Sensex

Nifty Index Fund

-

NIFTY

The difference between the return of this fund and its index benchmark can be explained by

―TRACKING ERROR‖.

Active Equity Funds : The fund manager actively manages this fund. To evaluate performance in such

Active Equity Funds:

Active Equity Funds : The fund manager actively manages this fund. To evaluate performance in such

The fund manager actively manages this fund. To evaluate performance in such case we have to select an appropriate benchmark.

Large diversified equity fund - BSE 100 Sector fund - Sectoral Indices Debt Funds: Debt fund
Large diversified equity fund
-
BSE 100
Sector fund
-
Sectoral Indices
Debt Funds:
Debt fund can also be judged against a debt market index e.g. I-BEX
Relative to other comparable financial products: Schemes Return Safety Volatility Liquidity Convenience Equity High Low High

Relative to other comparable financial products:

Schemes Return Safety Volatility Liquidity Convenience Equity High Low High High Moderate FI Bonds Moderate High
Schemes
Return
Safety
Volatility
Liquidity
Convenience
Equity
High
Low
High
High
Moderate
FI Bonds
Moderate
High
Moderate
Moderate
High
Corporate
Moderate
Moderate
Moderate
Low
Debentures
Low
Company Fixed
Deposits
Moderate
Low
Low
Low
Moderate
Bank Deposits
Low
High
Low
High
High
PPF Moderate High Low Moderate High Life Insurance Low High Low Low Moderate Gold Moderate High
PPF Moderate High Low Moderate High Life Insurance Low High Low Low Moderate Gold Moderate High
PPF
Moderate
High
Low
Moderate
High
Life Insurance
Low
High
Low
Low
Moderate
Gold
Moderate
High
Moderate
Moderate
Low
Real Estate
High
Moderate
High
Low
Low
Mutual Funds
High
High
Moderate
High

Schemes

Investment

Risk

Investment

Objective

Tolerance

Horizon

Equity Term

Capital Appreciation

High

Long

FI Bonds

Income

Low

Medium to Long term

Corporate Income High Moderate Debentures Medium to Long term Company Fixed Deposits Income Moderate Low Medium
Corporate Income High Moderate Debentures Medium to Long term Company Fixed Deposits Income Moderate Low Medium
Corporate
Income
High Moderate
Debentures
Medium to Long
term
Company Fixed
Deposits
Income
Moderate Low
Medium
Bank Deposits
Income
Generally
Flexible all terms
PPF
Income
Low
Long
Life Insurance
Risk Cover
Low
Long
Gold
Inflation Hedge
Low
Long
Real Estate
Inflation Hedge
Low
Long
TAX TREATMENT FOR THE INVESTORS (UNITHOLDERS):- Tax benefits of investing in the Mutual Fund As per

TAX TREATMENT FOR THE INVESTORS (UNITHOLDERS):-

Tax benefits of investing in the Mutual Fund

As per the taxation laws in force as at the date of the Offer Document, some broad income tax implications of investing in the units of the Scheme are stated below. The information so stated is based on the Mutual Fund's understanding of the tax laws in force as of the date of the Offer Document, which have been confirmed by its auditors. The information stated below is only for the purposes of providing general information to the investors and is neither designed nor intended to be a substitute for professional tax advice. As the tax consequences are specific to each investor and in view of the changing tax laws, each investor is advised to consult his or her or its own tax consultant with respect to the specific tax implications arising out of his or her or its participation in the Scheme.

Implications of the Income-tax Act, 1961 as amended by the Finance Act, 2006 To the Unit
Implications of the Income-tax Act, 1961 as amended by the Finance Act, 2006
To the Unit holders

(a.) Tax on Income

In accordance with the provisions of section 10(35) (a) of the Act, income received by all categories of unit holders in respect of units of the Fund will be exempt from income-tax in their hands. Exemption from income tax under section 10(35) of the Act would, however, not apply to any income arising from the transfer of these units.

(b.) Tax on capital gains:

( b.) Tax on capital gains: As per the provisions of section 2(42A) of the Act,

As per the provisions of section 2(42A) of the Act, a unit of a Mutual Fund, held by the investor as a capital asset, is considered to be a short-term capital asset, if it is held for 12 months or less from the date of its acquisition by the unit holder. Accordingly, if the unit is held for a period of more than 12 months, it is treated as a long-term capital asset.

  • Computation of capital gain

Capital gains on transfer of units will be computed after taking into account the cost of
Capital gains on transfer of units will be computed after taking into account the
cost of their acquisition. While calculating long-term capital gains, such cost will be indexed
by using the cost inflation index notified by the Government of India.
Individuals and HUFs, are granted a deduction from total income, under section 80C of the
Act upto Rs. 100,000, in respect of specified investments made during the year (please also
refer paragraph d).
  • Long-term capital gains

As per Section 10(38) of the Act, long-term capital gains arising from the sale of unit of an equity oriented fund entered into in a recognized stock exchange or sale of such unit of an equity oriented fund to the mutual fund would be exempt from income-tax,

provided such transaction of sale is chargeable to securities transaction tax.

Pursuant to an amendment made in the Finance Act, 2006, effective 1 April 2006, companies would be required to include such long term capital gains in computing the book profits and minimum alternated tax liability under section 115JB of the Act.

  • Short -term capital gains

 Short -term capital gains As per Section 111A of the Act, short-term capital gains from

As per Section 111A of the Act, short-term capital gains from the sale of unit of an equity oriented fund entered into in a recognized stock exchange or sale of such unit of an equity oriented fund to the mutual fund would be taxed at 10 per cent, provided such transaction of sale is chargeable to securities transaction tax.

The said tax rate would be increased by a surcharge of:

  • - 10 per cent in case of non-corporate Unit holders, where the total income exceeds

Rs.1,000,000, - 10 per cent in case of resident corporate Unit holders, and - 2.5 per
Rs.1,000,000,
-
10 per cent in case of resident corporate Unit holders, and
-
2.5 per cent in case of non-resident corporate unit holders irrespective of the amount of
taxable income.

Further, an additional surcharge of 2 per cent by way of education cess would be charged on amount of tax inclusive of surcharge. In case of resident individual, if the income from short term capital gains is less than the maximum amount not chargeable to tax, then there will be no tax payable.

Further, in case of individuals/ HUFs, being residents, where the total income excluding short-term capital gains is below the maximum amount not chargeable to tax1, then the difference between the current maximum amount not chargeable to tax and total income excluding short-term capital gains, shall be adjusted from short-term capital gains. Therefore only the balance short term capital gains will be liable to income tax at the rate of 10 percent plus surcharge, if applicable and education cess.

  • Non-residents

 Non-residents In case of non-resident unit holder who is a resident of a country with

In case of non-resident unit holder who is a resident of a country with which India has signed a Double Taxation Avoidance Agreement (which is in force) income tax is payable at the rates provided in the Act, as discussed above, or the rates provided in the

such agreement, if any, whichever is more beneficial to such non-resident unit holder.

  • Investment by Minors

Where sale / repurchase is made during the minority of the child, tax will be levied
Where sale / repurchase is made during the minority of the child, tax will be
levied on either of the parents, whose income is greater, where the said income is not
covered by the exception in the proviso to section 64(1A) of the Act. When the child attains
majority, such tax liability will be on the child.
Losses arising from sale of units

- As per the provisions of section 94(7) of the Act, loss arising on transfer of units, which are acquired within a period of three months prior to the record date (date fixed by the Fund for the purposes of entitlement of the unit holder to receive the income from units) and sold within a period of nine months after the record date, shall not be allowed to the extent of income distributed by the Fund in respect of such units.

- As per the provisions of section 94(8) of the Act, where any units ("original units")
  • - As per the provisions of section 94(8) of the Act, where any units ("original

units") are acquired within a period of three months prior to the record date (date fixed by the Fund for the purposes of entitlement of the unit holder to receive bonus units) and any bonus units are allotted (free of cost) based on the holding of the original units, the loss, if any, on sale of the original units within a period of nine months after the record date, shall be ignored in the

computation of the unit holder's taxable income. Such loss will however, be deemed to be the cost of acquisition of the bonus units.

--Each Unit holder is advised to consult his / her or its own professional tax advisor
--Each Unit holder is advised to consult his / her or its own professional tax
advisor before claiming set off of long-term capital loss arising on sale /
repurchase of units of an equity oriented fund referred to above, against long-
term capital gains arising on sale of other assets.
- Short-term
capital loss
suffered
on
sale
/
repurchase of
units
shall be

available for set off against both long-term and short-term capital gains arising on sale of other assets and balance short-term capital loss shall be carried forward for set off against capital gains in subsequent years.

  • - Carry forward of losses is admissible maximum upto eight assessment

years.

(c.) Tax withholding on capital gains Capital gains arising to a unit holder on repurchase of

(c.) Tax withholding on capital gains

Capital gains arising to a unit holder on repurchase of units by the Fund

should attract tax

withholding as under:

  • - No tax needs to be withheld from capital gains arising to a FII on the basis of the provisions of section 196D of the Act.

  • - In case of non-resident unit holder who is a resident of a country with which

India has signed a double taxation avoidance agreement (which is in force) the tax should be deducted at source under section 195 of the Act at the rate provided in the Finance Act of the relevant year or the rate provided in the said agreement, whichever is beneficial to such non-resident unit holder.

However, such a non-resident unit holder will be required to provide appropriate documents to the Fund,
However, such a non-resident unit holder will be required to provide
appropriate documents to the Fund, to be entitled to the beneficial rate
provided under such agreement.
- No tax needs to be withheld from
capital gains arising to a resident unit

holder on the basis of the Circular no. 715 dated 8 August 1995 issued by the

CBDT. Subject to the above, the provisions relating to tax withholding in respect of gains arising from the sale of units of the various schemes of the fund are as under:

  • - No tax is required is to be withheld from long term capital gains arising from sale of units in equity oriented fund schemes, that are subject to securities

transaction tax.

- In respect of short-term capital gains arising to foreign companies (including Overseas Corporate Bodies), the

- In respect of short-term capital gains arising to foreign companies (including Overseas Corporate Bodies), the Fund is required to deduct tax at source at the rate of 10.46 per cent (10 per cent tax plus 2.5 per cent surcharge thereon plus additional surcharge of 2 per cent by way of education cess on the tax plus surcharge). In respect of short-term capital gains arising to non-resident individual unit holders, the Fund is required to deduct tax at source at the rate of 11.22 per cent (10 per cent tax plus 10 per cent surcharge thereon2 plus additional surcharge of 2 per cent by way of education cess on the tax plus surcharge).

(d.) Wealth Tax Units held under the Schemes of the Fund are not treated as assets
(d.) Wealth Tax
Units held under the Schemes of the Fund are not treated as assets within
the meaning of section 2(ea) of the Wealth Tax Act, 1957 and therefore, not liable to
wealth-tax.

(e.) Securities Transaction Tax

Nature of Transaction Current tax rate Tax rate effective (%) 1 June 2006 (%) Delivery based purchase transaction in equity shares or units of equity oriented fund entered in a recognized stock exchange 0.1 0.125 Delivery based sale transaction in equity shares or units of equity oriented fund entered in a recognized stock exchange 0.1 0.125 Non-delivery based sale transaction in equity shares or units of equity oriented fund entered in a recognized stock exchange. 0.02 0.025 Sale of units of an equity oriented fund to the

mutual fund 0.2 0.25 Value of taxable securities transaction in case of units shall be the

mutual fund 0.2 0.25 Value of taxable securities transaction in case of units shall be the price at which such units are purchased or sold. A deduction in respect of securities transaction tax paid is not permitted for the purpose of computation of business income or capital gains. However, if the total income of an assessee includes any business income arising from taxable securities transactions, he shall be entitled to a rebate3 from income-tax of an amount equal to the securities transaction tax paid by him in respect of the taxable securities transactions entered during the course of his business.

The maximum amounts of total income, not chargeable to tax are as under: Type of person
The maximum amounts of total income, not chargeable to tax are as under:
Type of person Maximum amount of income not chargeable to tax
Women
Senior citizens
Other individuals and HUFs
Rs. 135,000
Rs. 185,000
Rs. 100,000

How Is A Mutual Fund Set Up?

A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset management company (AMC) and custodian. The trust is established by a sponsor or more than one sponsor who is like promoter of a company. The trustees of the mutual fund hold its property for the benefit of the unit holders. Asset Management Company (AMC) approved by SEBI manages the funds by making investments in various types of securities. Custodian, who is registered with SEBI, holds the securities of various schemes of the fund in its custody. The trustees are vested with the general power of superintendence and direction over AMC. They monitor the performance and compliance of SEBI Regulations by the mutual fund.

SEBI Regulations require that at least two thirds of the directors of trustee company or board
SEBI Regulations require that at least two thirds of the directors of trustee company or
board of trustees must be independent i.e. they should not be associated with the sponsors.
Also, 50% of the directors of AMC must be independent. All mutual funds are required to be
registered with SEBI before they launch any scheme.

Association of Mutual Funds in India (AMFI)

With the increase in mutual fund players in India, a need for mutual fund association in India was generated to function as a non-profit organization. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August; 1995.AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors.

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. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders.

The objectives of Association of Mutual Funds in India: --- The Association of Mutual Funds of
The objectives of Association of Mutual Funds in India: ---
The Association of Mutual Funds of India works with 30 registered AMCs of the country. It
has certain defined objectives which juxtaposes the guidelines of its Board of Directors. The
objectives are as follows:-
  • This mutual fund association of India maintains a high professional and ethical standard in all areas of operation of the industry.

  • 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 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.

 AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual fund industry.
  • AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual fund industry.

  • Association of Mutual Fund of India do represent the Government of India, the Reserve Bank of India and other related bodies on matters relating to the Mutual Fund Industry.

  • It develops a team of well qualified and trained Agent distributors. It implements a programme of training and certification for all intermediaries and other engaged in the mutual fund industry.

  • AMFI undertakes all India awareness programme for investors in order to promote proper understanding of the concept and working of mutual funds.

At last but not the least association of mutual fund of India also disseminate information on
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.
The sponsorers of Association of Mutual Funds in India: ---
  • - Bank Sponsored

  • - SBI Fund Management Ltd.

  • - BOB Asset Management Co. Ltd.

  • - Canara bank Investment Management Services Ltd.

  • - UTI Asset Management Company Pvt. Ltd.

Institutions -

  • - GIC Asset Management Co. Ltd.

  • - Jeevan Bima Sahayog Asset Management Co. Ltd.

Private Sector: -

Private Sector: - 73
Private Sector: - 73

Indian -

-

-

-

-

-

Benchmark Asset Management Co. Pvt. Ltd.

Cholamandalam Asset Management Co. Ltd.

Credit Capital Asset Management Co. Ltd.

Escorts Asset Management Ltd.

JM Financial Mutual Fund

-

-

-

-

-

Kotak Mahindra Asset Management Co. Ltd.

Reliance Capital Asset Management Ltd.

Sahara Asset Management Co. Pvt. Ltd

Sundaram Asset Management Company Ltd.

Tata Asset Management Private Ltd.

Indian - - - - - - Benchmark Asset Management Co. Pvt. Ltd. Cholamandalam Asset Management
- Predominantly India Joint Ventures:- - Birla Sun Life Asset Management Co. Ltd. - DSP Merrill
-
Predominantly India Joint Ventures:-
-
Birla Sun Life Asset Management Co. Ltd.
-
DSP Merrill Lynch Fund Managers Limited
-
HDFC Asset Management Company Ltd.
Predominantly Foreign Joint Ventures:-
-
ABN AMRO Asset Management (I) Ltd.
-
Alliance Capital Asset Management (India) Pvt. Ltd.
-
Deutsche Asset Management (India) Pvt. Ltd.
-
Fidelity Fund Management Private Limited
-
Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.
-
HSBC Asset Management (India) Private Ltd.

-

-

-

-

-

ING Investment Management (India) Pvt. Ltd.

Morgan Stanley Investment Management Pvt. Ltd.

Principal Asset Management Co. Pvt. Ltd.

Prudential ICICI Asset Management Co. Ltd.

Standard Chartered Asset Mgmt Co. Pvt. Ltd

Tips On Buying Mutual Funds:-

  • 1. Determine your financial objectives and how much money you have to invest. Make sure

the fund‘s objectives coincide with your own. Don‘t change your objectives or exceed the

amount set aside for investment unless you have good reason.

  • 2. Always obtain all available information before you invest. Request the prospectus, the

Statement of Additional Information and the latest shareholder report from each fund you are considering.

3. Never invest in periodic payment plans unless you are virtually certain that you will not
3.
Never invest in periodic payment plans unless you are virtually certain that you will not
have to redeem early. If you redeem early or do not complete the plan, you may have to
pay sales charges of up to 51% of your investment.
4.
Be on the alert for incorporation by reference. You will have "no excuse" for not knowing
this information, if a problem arises. You may be legally presumed to know materials
incorporated by reference in a prospectus or other documents.
5.
Always determine all sales charges, fees and expenses before you invest. Fees such as

12b-1 fees can cost you dearly and charges for reinvestment of dividends and capital gains distributions can substantially add to your costs. Shop around among the many funds

offered and compare the various fees and costs connected with funds that appeal to you.

  • 6. Learn the costs of redemption. Sometimes investors are surprised to learn that they have

to pay to get out of funds through back-end loads or redemption fees. Find out the

redemption costs before you invest so you won‘t be unpleasantly surprised when you

redeem your shares.

7. Never treat the risks of investment in a fund lightly. Weigh the risks of the
  • 7. Never treat the risks of investment in a fund lightly. Weigh the risks of the funds you want

to buy against your ability to tolerate the ups and downs of the market and your investment goals. Be extra cautious when considering investing in funds with high yield/high risk portfolios. Junk bond problems, for example, invariably affect the fund‘s performance.

  • 8. Don’t be misled by the name of a fund. Some funds have been given names denoting

safety, stability and low risk, despite the fact that the underlying investments in the portfolio

are volatile and highly risky.

7. Never treat the risks of investment in a fund lightly. Weigh the risks of the
Standard Chartered Mutual Fund Standard Chartered mutual fund is promoted by banking giant Standard Chartered and

Standard Chartered Mutual Fund

Standard Chartered mutual fund is promoted by banking giant Standard Chartered and exclusively focuses on debt schemes. The fund started as ANZ Grind lays Mutual Fund and was later renamed as Standard Chartered Mutual Fund after the takeover of Grind lays Bank by Standard Chartered.

Standard Chartered Bank is a truly global bank with employees representing 80 nationalities. The bank has a strong brand presence in India and is well entrenched in developing markets of Asia Pacific region.

The sponsor of the fund is Standard Chartered Bank. The AMC of the fund is Standard
The sponsor of the fund is Standard Chartered Bank. The AMC of the fund is Standard
Chartered Asset Management Company Private Limited. The sponsor holds a 75 per cent
stake in the company and the balance is held by Atul Choksey of Apcotex. As of Aug 2006,
the fund has assets of over Rs.15, 551 crore under management.

Here is a list of mutual funds of Standard Chartered which includes Equity and Debt.

Latest NAV

Scheme Name

NAV (Net Asset

Date

Value)

IDFC CF-Plan C-Daily Dividend

 
  • 10.0025 14-Jun-2009

IDFC CF-Plan C-Growth

 
  • 10.8234 14-Jun-2009

IDFC CF-Plan C-Monthly Dividend

 
  • 10.0444 14-Jun-2009

     
IDFC CF-Plan C-weekly Dividend IDFC GSF - Short Term – Growth IDFC GSF - Short Term
IDFC CF-Plan C-weekly Dividend IDFC GSF - Short Term – Growth IDFC GSF - Short Term
IDFC CF-Plan C-weekly Dividend
IDFC GSF - Short Term – Growth
IDFC GSF - Short Term - Quarterly Dividend
IDFC Dynamic Bond Fund – Growth
IDFC Dynamic Bond Fund - Annual Dividend
IDFC Dynamic Bond Fund - Quarterly Dividend
IDFC GSF - Short Term - Monthly Dividend
IDFC - SSIF - Investment Plan - Annual Dividend
IDFC - SSIF - Investment Plan - Growth Option
IDFC - SSIF - Investment Plan - Half Yearly Dividend
IDFC - SSIF - Investment Plan - Quarterly Dividend
IDFC Arbitrage Fund - Plan A – Dividend
IDFC Arbitrage Fund - Plan A – Growth
IDFC Arbitrage Fund - Plan B – Dividend
IDFC Arbitrage Fund - Plan B – Growth
IDFC Classic Equity Fund-Plan A- Dividend
IDFC Classic Equity Fund-Plan A- Growth
IDFC Imperial Equity Fund-Plan A - Dividend
IDFC Imperial Equity Fund-Plan A – Growth
IDFC Premier Equity Fund-Plan A - Dividend
IDFC Premier Equity Fund_Plan A - Growth
10.0526 14-Jun-2009
13.6007 12-Jun-2009
10.1491 12-Jun-2009
18.0118 12-Jun-2009
11.5758 12-Jun-2009
10.9937 12-Jun-2009
10.0254 12-Jun-2009
11.3001 12-Jun-2009
21.7029 12-Jun-2009
11.0217 12-Jun-2009
10.7888 12-Jun-2009
10.3060 12-Jun-2009
11.9215 12-Jun-2009
10.4471 12-Jun-2009
12.0704 12-Jun-2009
12.1278 12-Jun-2009
16.7593 12-Jun-2009
12.7631 12-Jun-2009
15.4392 12-Jun-2009
17.5076 12-Jun-2009
19.5061 12-Jun-2009
IDFC Arbitrage Plus Fund -A-DIVIDEND IDFC Arbitrage Plus Fund -A-GROWTH IDFC Arbitrage Plus Fund -B-DIVIDEND IDFC
IDFC Arbitrage Plus Fund -A-DIVIDEND IDFC Arbitrage Plus Fund -A-GROWTH IDFC Arbitrage Plus Fund -B-DIVIDEND IDFC
IDFC Arbitrage Plus Fund -A-DIVIDEND
IDFC Arbitrage Plus Fund -A-GROWTH
IDFC Arbitrage Plus Fund -B-DIVIDEND
IDFC Arbitrage Plus Fund -B-GROWTH
IDFC GSF - Short Term - Weekly Dividend
IDFC GSF - Short Term -Plan B Growth
IDFC Dynamic Bond Fund -PLAN B GROWTH
IDFC GSF - Short Term -Plan B Weekly Dividend
IDFC-SSIF-Investment Plan B- GROWTH
IDFC Dynamic Bond Fund -PLAN B DIVIDEND
IDFC-SSIF-Investment Plan B DIVIDEND
IDFC Tax Advantage (ELSS) Fund - Dividend
IDFC Tax Advantage (ELSS) Fund - Growth
IDFC Imperial Equity Fund-Plan B - Dividend
IDFC GSF - Short Term -Plan B Quarterly Dividend
IDFC Premier Equity Fund-Plan B - Dividend
IDFC Imperial Equity Fund-Plan B – Growth
IDFC Premier Equity Fund_Plan B - Growth
IDFC-SSIF-Investment Plan C- DIVIDEND
IDFC-SSIF-Investment Plan C- GROWTH
IDFC Enterprise Equity Fund – Dividend
10.3619 12-Jun-2009
10.7582 12-Jun-2009
10.3947 12-Jun-2009
10.7609 12-Jun-2009
10.0226 18-May-2009
10.1877 12-Jun-2009
10.5067 12-Jun-2009
10.0217 12-Jun-2009
10.4165 12-Jun-2009
10.4666 12-Jun-2009
10.2851 12-Jun-2009
14.0476 12-Jun-2009
14.0436 12-Jun-2009
13.5006 12-Jun-2009
10.0855 12-Jun-2009
14.4873 12-Jun-2009
13.3093 12-Jun-2009
14.3843 12-Jun-2009
10.0542 12-Jun-2009
10.0546 12-Jun-2009
12.0101 10-Jun-2009

PROBLEM DEFINITON

PROBLEM DEFINITON 1) TO GAIN INSIGHT AS TO WHAT IS THE CONSUMER BEHAVIOUR TOWARDS MUTUAL FUNDS.

1) TO GAIN INSIGHT AS TO WHAT IS THE CONSUMER BEHAVIOUR TOWARDS MUTUAL FUNDS.

2) TO KNOW AS TO WHAT A CONSUMER WANTS IN A MUTUAL FUND.

PROBLEM DEFINITON 1) TO GAIN INSIGHT AS TO WHAT IS THE CONSUMER BEHAVIOUR TOWARDS MUTUAL FUNDS.
RESEARCH METHODOLOGY  SAMPLE SIZE:- 60  THE DATA HAS BEEN COLLECTED THROUGH PRIMARY DATA COLLECTION

RESEARCH METHODOLOGY

  • SAMPLE SIZE:- 60

  • THE DATA HAS BEEN COLLECTED THROUGH PRIMARY DATA COLLECTION METHODS.

  • THE DATA THUS COLLECTED HAS BEEN ANALYSED USING STATISTIACAL PRACTICES FOR SOCIAL SERCIVE SOFTWARE (S.P.S.S.)

RESEARCH METHODOLOGY  SAMPLE SIZE:- 60  THE DATA HAS BEEN COLLECTED THROUGH PRIMARY DATA COLLECTION
ANALYSIS OF THE REPORT 82
ANALYSIS OF THE REPORT
ANALYSIS OF THE REPORT
QUESTION 1 Do you have a mutual fund? Yes No If yes then which asset management

QUESTION 1

Do you have a mutual fund? Yes No If yes then which asset management company/companies? ------------------------------------------------------------------------
Do you have a mutual fund?
Yes
No
If yes then which asset management company/companies?
------------------------------------------------------------------------
------------------------------------------------------------------------
------------------------------------------------------------------------
-----------------------------------------------------------------------

Holding Mutual Funds

  • In Terms Of Annual Income

Holding Mutual Funds  In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS
3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9 LAKHS HOLDING(YES) NOT HOLDING (NO) TOTAL % 40%
3-5 LAKHS
5-7 LAKHS
7-9 LAKHS
ABOVE 9
LAKHS
HOLDING(YES)
NOT HOLDING
(NO)
TOTAL %
40%
80%
29%
66%
60%
20%
71%
34%
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES HOLDING(YES) NOT HOLDING (NO) TOTAL % 64% 38% 36%
 In Terms Of Gender MALES FEMALES HOLDING(YES) NOT HOLDING (NO) TOTAL % 64% 38% 36%
MALES FEMALES HOLDING(YES) NOT HOLDING (NO) TOTAL % 64% 38% 36% 62% 100% 100%
MALES
FEMALES
HOLDING(YES)
NOT HOLDING (NO)
TOTAL %
64%
38%
36%
62%
100%
100%
% OF HOLDINGS IN VARIOUS COMPANIES UTI MF SBI MF HDFC MF BIRLA RELIANCE KOTAK MF
% OF HOLDINGS IN VARIOUS COMPANIES UTI MF SBI MF HDFC MF BIRLA RELIANCE KOTAK MF
% OF HOLDINGS IN VARIOUS COMPANIES
UTI MF
SBI MF
HDFC MF
BIRLA
RELIANCE
KOTAK MF
MF
MF
%
20%
24%
25%
16%
38%
5%
HOLDINGS

QUESTION 2

QUESTION 2 Rank the following as per you preferences to investment in a financial year: a.

Rank the following as per you preferences to investment in a financial year:

  • a. Shares

a. Shares
  • b. Mutual Funds

b. Mutual Funds
  • c. Life Insurance

c. Life Insurance
d. Government Bonds
d.
Government Bonds

SHARES

SHARES  In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9 LAKHS
 In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9 LAKHS 1
In Terms Of Annual Income
3-5 LAKHS
5-7 LAKHS
7-9 LAKHS
ABOVE 9
LAKHS
1
0%
7%
13%
27%
2
7%
7%
47%
47%
3
40%
20%
13%
0%
4
53%
66%
27%
26%
TOTAL %
100%
100%
100%
100%
 In Terms Of Gender MALES FEMALES 1 10% 10% 2 20% 35% 3 30% 20%
 In Terms Of Gender MALES FEMALES 1 10% 10% 2 20% 35% 3 30% 20%
In Terms Of Gender
MALES
FEMALES
1
10%
10%
2
20%
35%
3
30%
20%
4
40%
35%
TOTAL %
100%
100%

MUTUAL FUNDS

 In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9 LAKHS 1
In Terms Of Annual Income
3-5 LAKHS
5-7 LAKHS
7-9 LAKHS
ABOVE 9
LAKHS
1
20%
26%
33%
27%
2
40%
40%
27%
27%
3
27%
27%
33%
33%
4
13%
7%
7%
13%
TOTAL %
100%
100%
100%
100%
 In Terms Of Gender MALES FEMALES 1 28% 25% 2 35% 30% 3 25% 40%
 In Terms Of Gender MALES FEMALES 1 28% 25% 2 35% 30% 3 25% 40%
In Terms Of Gender
MALES
FEMALES
1
28%
25%
2
35%
30%
3
25%
40%
4
12%
5%
TOTAL %
100%
100%

LIFE INSURANCE

LIFE INSURANCE  In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9
 In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9 LAKHS 1
In Terms Of Annual Income
3-5 LAKHS
5-7 LAKHS
7-9 LAKHS
ABOVE 9
LAKHS
1
73%
20%
7%
0%
2
33%
40%
20%
7%
3
47%
13%
27%
13%
4
33%
13%
47%
7%
TOTAL %
100%
100%
100%
100%
 In Terms Of Gender MALES FEMALES 1 50% 40% 2 23% 20% 3 20% 30%
 In Terms Of Gender MALES FEMALES 1 50% 40% 2 23% 20% 3 20% 30%
In Terms Of Gender
MALES
FEMALES
1
50%
40%
2
23%
20%
3
20%
30%
4
7%
10%
TOTAL %
100%
100%

GOVERNMENT BONDS

GOVERNMENT BONDS  In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9
 In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9 LAKHS 1
In Terms Of Annual Income
3-5 LAKHS
5-7 LAKHS
7-9 LAKHS
ABOVE 9
LAKHS
1
7%
33%
7%
7%
2
33%
13%
13%
20%
3
27%
34%
27%
26%
4
33%
20%
53%
47%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES 1 5% 32% 2 23% 16% 3 38% 11%
 In Terms Of Gender MALES FEMALES 1 5% 32% 2 23% 16% 3 38% 11%
MALES FEMALES 1 5% 32% 2 23% 16% 3 38% 11% 4 34% 41% TOTAL %
MALES
FEMALES
1
5%
32%
2
23%
16%
3
38%
11%
4
34%
41%
TOTAL %
100%
100%
QUESTION 3 What is your primary objective for your investment? a. Preservation of Principal b. Current

QUESTION 3

What is your primary objective for your investment?

a. Preservation of Principal b. Current Income c. Growth and Income d. Conservative Growth e. Aggressive
a.
Preservation of Principal
b.
Current Income
c.
Growth and Income
d.
Conservative Growth
e.
Aggressive Growth

PRIMARY OBJECTIVEOF SAVING

PRIMARY OBJECTIVEOF SAVING  In Terms Of Annual Income 3-5 5-7 LAKHS 7-9 LAKHS ABOVE 9
 In Terms Of Annual Income 3-5 5-7 LAKHS 7-9 LAKHS ABOVE 9 LAKHS LAKHS PRESERVATION
In Terms Of Annual Income
3-5
5-7 LAKHS
7-9 LAKHS
ABOVE 9
LAKHS
LAKHS
PRESERVATION OF
PRINCIPAL
13%
7%
7%
13%
CURRENT INCOME
GROWTH AND
INCOME
CONSERVATIVE
GROWTH
AGGRESSIVE
GROWTH
7%
20%
47%
0%
53%
60%
20%
53%
14%
6%
20%
13%
13%
7%
6%
21%
TOTAL %
100%
100%
100%
100%
 IN TERMS OF GENDER MALES FEMALES PRESERVATION OF PRINCIPAL CURRENT INCOME GROWTH AND INCOME CONSERVATIVE
 IN TERMS OF GENDER MALES FEMALES PRESERVATION OF PRINCIPAL CURRENT INCOME GROWTH AND INCOME CONSERVATIVE
IN TERMS OF GENDER
MALES
FEMALES
PRESERVATION OF PRINCIPAL
CURRENT INCOME
GROWTH AND INCOME
CONSERVATIVE GROWTH
AGGRESSIVE GROWTH
8%
15%
15%
25%
45%
50%
15%
5%
17%
5%
TOTAL %
100%
100%
QUESTION 4 When it comes to investing in stock or bond mutual funds (or individual stocks

QUESTION 4

When it comes to investing in stock

or bond mutual funds (or individual stocks or bonds), I would describe myself as a/an ...
or bond mutual funds (or individual stocks or bonds), I would describe myself as
a/an
...
?
VERY INEXPERIENCED
INVESTOR
SOMEWHAT
SOMEWHAT
INEXPERIENCED
EXPERIENCED
INVESTOR
INVESTOR
VERY EXPERIENCED
INVESTOR
EXPERIENCED
INVESTOR

EXPERIENCE LEVEL OF INVESTOR

 In Terms Of Annual Income 3-5 5-7 ABOVE 9 7-9 LAKHS LAKHS LAKHS LAKHS VERY
In Terms Of Annual Income
3-5
5-7
ABOVE 9
7-9 LAKHS
LAKHS
LAKHS
LAKHS
VERY INEXPERIENCED
SOMEWHAT
INEXPERIENCED
SOMEWHAT
EXPERIENCED
EXPERIENCED
VERY EXPERIENCED
7%
0%
7%
0%
40%
7%
27%
7%
40%
60%
27%
7%
13%
27%
33%
27%
0%
6%
6%
13%
TOTAL %
100%
100%
100%
100%
  • IN TERMS OF GENDER

 IN TERMS OF GENDER 3-5 LAKHS 5-7 LAKHS VERY INEXPERIENCED SOMEWHAT INEXPERIENCED SOMEWHAT EXPERIENCED EXPERIENCED
 IN TERMS OF GENDER 3-5 LAKHS 5-7 LAKHS VERY INEXPERIENCED SOMEWHAT INEXPERIENCED SOMEWHAT EXPERIENCED EXPERIENCED
3-5 LAKHS 5-7 LAKHS VERY INEXPERIENCED SOMEWHAT INEXPERIENCED SOMEWHAT EXPERIENCED EXPERIENCED VERY EXPERIENCED 3% 5% 15%
3-5 LAKHS
5-7 LAKHS
VERY INEXPERIENCED
SOMEWHAT INEXPERIENCED
SOMEWHAT EXPERIENCED
EXPERIENCED
VERY EXPERIENCED
3%
5%
15%
30%
48%
40%
27%
20%
7%
5%
TOTAL %
100%
100%
QUESTION 5 Is there any substitute of Mutual Funds? Yes No If yes then what: _________________________________________________
QUESTION 5 Is there any substitute of Mutual Funds? Yes No If yes then what: _________________________________________________
QUESTION 5
Is there any substitute of Mutual Funds?
Yes
No
If yes then what: _________________________________________________
__________________________________________________

SUBSTITUTE OF MUTUAL FUNDS

 In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9 LAKHS YES
In Terms Of Annual Income
3-5 LAKHS
5-7 LAKHS
7-9 LAKHS
ABOVE 9
LAKHS
YES
7%
27%
7%
20%
YES
93%
73%
93%
80%
TOTAL %
100%
100%
100%
100%
  • IN TERMS OF GENDER

 IN TERMS OF GENDER MALES FEMALES YES 15% 15% NO 85% 85% TOTAL % 100%
 IN TERMS OF GENDER MALES FEMALES YES 15% 15% NO 85% 85% TOTAL % 100%
MALES FEMALES YES 15% 15% NO 85% 85% TOTAL % 100% 100% SUBSTITUTES OF MUTUAL FUNDS
MALES
FEMALES
YES
15%
15%
NO
85%
85%
TOTAL %
100%
100%
SUBSTITUTES OF MUTUAL FUNDS
QUESTION 6 When making an investment, I plan to hold the investment for ... a) 1

QUESTION 6

When making an investment, I plan to hold the investment for ...

a) 1 to 2 years b) 3 to 4 years c) 5 to 6 years d)
a)
1 to 2 years
b)
3 to 4 years
c)
5 to 6 years
d)
7 to 8 years
e)
more than 8 years

TIME PERIOD

 In Terms Of Annual Income 3-5 5-7 ABOVE 9 7-9 LAKHS LAKHS LAKHS LAKHS 1-2
In Terms Of Annual Income
3-5
5-7
ABOVE 9
7-9 LAKHS
LAKHS
LAKHS
LAKHS
1-2 YEARS
3-4 YEARS
5-6 YEARS
7-8 YEARS
ABOVE 8 YEARS
0%
7%
7%
7%
40%
26%
13%
20%
27%
47%
27%
40%
13%
13%
33%
33%
20%
7%
20%
0%
TOTAL %
100%
100%
100%
100%
  • IN TERMS OF GENDER

 IN TERMS OF GENDER MALES FEMLAES 1-2 YEARS 5% 5% 3-4 YEARS 5-6 YEARS 7-8
 IN TERMS OF GENDER MALES FEMLAES 1-2 YEARS 5% 5% 3-4 YEARS 5-6 YEARS 7-8
MALES FEMLAES 1-2 YEARS 5% 5% 3-4 YEARS 5-6 YEARS 7-8 YEARS ABOVE 8 YEARS 20%
MALES
FEMLAES
1-2 YEARS
5%
5%
3-4 YEARS
5-6 YEARS
7-8 YEARS
ABOVE 8 YEARS
20%
35%
28%
50%
30%
10%
17%
0%
TOTAL %
100%
100%

QUESTION 7

QUESTION 7 According to you is investing in mutual funds a Safer option or not? Yes

According to you is investing in mutual funds a Safer option or not?

Yes No
Yes
No

SAFETY OPTION

SAFETY OPTION  In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9
 In Terms Of Annual Income 3-5 LAKHS 5-7 LAKHS 7-9 LAKHS ABOVE 9 LAKHS YES
In Terms Of Annual Income
3-5 LAKHS
5-7 LAKHS
7-9 LAKHS
ABOVE 9
LAKHS
YES
87%
87%
93%
100%
YES
13%
13%
7%
0%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES YES 88% 95% NO 12% 5% TOTAL % 100%
 In Terms Of Gender MALES FEMALES YES 88% 95% NO 12% 5% TOTAL % 100%
MALES FEMALES YES 88% 95% NO 12% 5% TOTAL % 100% 100%
MALES
FEMALES
YES
88%
95%
NO
12%
5%
TOTAL %
100%
100%
QUESTION 8 According to you which company has more demand in the market? a) Reliance mutual

QUESTION 8

According to you which company has more demand in the market?

a) Reliance mutual fund b) HDFC mutual fund c) Birla sun life mutual fund d) Kotak
a)
Reliance mutual fund
b)
HDFC mutual fund
c)
Birla sun life mutual fund
d)
Kotak Mahindra mutual fund
e)
S.B.I Mutual Fund
f)
Others

DEMAND of DIFFRENT MUTUAL FUNDS

DEMAND of DIFFRENT MUTUAL FUNDS  In Terms Of Annual Income 3-5 Lakhs 5-7 Lakhs 7-9
  • In Terms Of Annual Income

3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs RELIANCE 27% 40% 40% 47% HDFC 20%
3-5 Lakhs
5-7 Lakhs
7-9 lakhs
Above 9 lakhs
RELIANCE
27%
40%
40%
47%
HDFC
20%
27%
27%
13%
BIRLA
13%
7%
13%
13%
KOTAK
0%
7%
13%
0%
SBI
27%
12%
0%
20%
OTHERS
13%
7%
7%
7%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMLAES RELIANCE 43% 30% HDFC 15% 35% BIRLA 13% 10%
 In Terms Of Gender MALES FEMLAES RELIANCE 43% 30% HDFC 15% 35% BIRLA 13% 10%
MALES FEMLAES RELIANCE 43% 30% HDFC 15% 35% BIRLA 13% 10% KOTAK 3% 10% SBI 16%
MALES
FEMLAES
RELIANCE
43%
30%
HDFC
15%
35%
BIRLA
13%
10%
KOTAK
3%
10%
SBI
16%
10%
OTHERS
10%
5%
TOTAL %
100%
100%
QUESTION 9 Which of the following source of mutual funds information do you like to opt

QUESTION 9

Which of the following source of mutual funds information do you like to opt for?

1. Professional advisory 2. Company advisory 3. Mutual fund prospects 4. Newspaper, magazine, television 5. Mutual
1.
Professional advisory
2.
Company advisory
3.
Mutual fund prospects
4.
Newspaper, magazine, television
5.
Mutual fund rating service

SOURCE

  • In Terms Of Annual Income

3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs PROFESSIONAL ADVISORY COMPANY ADVISORY MUTUAL FUND PROSPECTS
3-5 Lakhs
5-7 Lakhs
7-9 lakhs
Above 9 lakhs
PROFESSIONAL
ADVISORY
COMPANY ADVISORY
MUTUAL FUND
PROSPECTS
MEDIA
MF. RATING SERVICES
27%
27%
33%
33%
27%
33%
27%
40%
46%
33%
20%
27%
0%
7%
10%
0%
0%
0%
10%
0%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMLAES PROFESSIONAL ADVISORY COMPANY ADVISORY 27% 35% 35% 25% MUTUAL
 In Terms Of Gender MALES FEMLAES PROFESSIONAL ADVISORY COMPANY ADVISORY 27% 35% 35% 25% MUTUAL
MALES FEMLAES PROFESSIONAL ADVISORY COMPANY ADVISORY 27% 35% 35% 25% MUTUAL FUND PROSPECTS MEDIA MF. RATING
MALES
FEMLAES
PROFESSIONAL ADVISORY
COMPANY ADVISORY
27%
35%
35%
25%
MUTUAL FUND PROSPECTS
MEDIA
MF. RATING SERVICES
30%
35%
5%
5%
3%
0%
TOTAL %
100%
100%
QUESTION 10 When you want to invest which type of mutual funds would you choose? Having
QUESTION 10 When you want to invest which type of mutual funds would you choose? Having
QUESTION 10
When you want to invest which type of mutual funds would you choose?
Having only Debt Portfolio
Having only Equity
Portfolio
Having Debt & Equity
Portfolio

TYPE OF MUTUAL FUNDS

TYPE OF MUTUAL FUNDS  In Terms Of Annual Income 3-5 Lakhs 5-7 Lakhs 7-9 lakhs
  • In Terms Of Annual Income

3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs DEBT PORTFOLIO EQUITY PORTFOLIO DEBT & EQUITY
3-5 Lakhs
5-7 Lakhs
7-9 lakhs
Above 9 lakhs
DEBT PORTFOLIO
EQUITY PORTFOLIO
DEBT & EQUITY
PORTFOLIO
20%
20%
7%
20%
33%
20%
33%
13%
47%
60%
60%
67%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES DEBT PORTFOLIO EQUITY PORTFOLIO DEBT & EQUITY PORTFOLIO TOTAL
MALES FEMALES DEBT PORTFOLIO EQUITY PORTFOLIO DEBT & EQUITY PORTFOLIO TOTAL % 15% 20% 30% 15%
MALES
FEMALES
DEBT PORTFOLIO
EQUITY PORTFOLIO
DEBT & EQUITY PORTFOLIO
TOTAL %
15%
20%
30%
15%
55%
65%
100%
100%
QUESTION 11 I would invest in a mutual fund based solely on a brief conversation with
QUESTION 11 I would invest in a mutual fund based solely on a brief conversation with
QUESTION 11
I would invest in a mutual fund based solely on a brief conversation with a friend, co-
worker or relative.
STRONGLY
SOMEWHAT
STRONGLY
DISAGREE
AGREE
DISAGREE
AGREE
AGREE

CONVERSATION

CONVERSATION  In Terms Of Annual Income 3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs
  • In Terms Of Annual Income

3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs SRONGLY DISAGREE DISAGREE SOMEWHAT AGREE AGREE STRONGLY
3-5 Lakhs
5-7 Lakhs
7-9 lakhs
Above 9 lakhs
SRONGLY
DISAGREE
DISAGREE
SOMEWHAT AGREE
AGREE
STRONGLY AGREE
0%
0%
0%
0%
0%
0%
13%
0%
40%
7%
47%
27%
33%
73%
13%
46%
27%
20%
27%
27%
TOTAL %
100%
100%
100%
100%
MALES FEMLAES SRONGLY DISAGREE DISAGREE 0% 0% 3% 5% SOMEWHAT AGREE AGREE STRONGLY AGREE 30% 30%
MALES FEMLAES SRONGLY DISAGREE DISAGREE 0% 0% 3% 5% SOMEWHAT AGREE AGREE STRONGLY AGREE 30% 30%
MALES FEMLAES SRONGLY DISAGREE DISAGREE 0% 0% 3% 5% SOMEWHAT AGREE AGREE STRONGLY AGREE 30% 30%
MALES
FEMLAES
SRONGLY DISAGREE
DISAGREE
0%
0%
3%
5%
SOMEWHAT AGREE
AGREE
STRONGLY AGREE
30%
30%
35%
55%
32%
10%
TOTAL %
100%
100%
QUESTION 12 Generally, I prefer investments with little or no fluctuation in value, and I am

QUESTION 12

Generally, I prefer investments with little or no fluctuation in value, and I am willing to
Generally, I prefer investments with little or no fluctuation in value, and I am willing to
accept the lower returns associated with these investments.
STRONGLY
SOMEWHAT
STRONGLY
DISAGREE
AGREE
DISAGREE
AGREE
AGREE

FLUCTUATION IN VALUE

  • In Terms Of Annual Income

3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs SRONGLY DISAGREE DISAGREE SOMEWHAT AGREE 0% 13%
3-5 Lakhs
5-7 Lakhs
7-9 lakhs
Above 9 lakhs
SRONGLY DISAGREE
DISAGREE
SOMEWHAT AGREE
0%
13%
20%
0%
20%
33%
47%
20%
67%
27%
33%
73%
AGREE
STRONGLY AGREE
13%
27%
0%
7%
0%
0%
0%
0%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMLAES SRONGLY DISAGREE DISAGREE SOMEWHAT AGREE AGREE STRONGLY AGREE 13%
 In Terms Of Gender MALES FEMLAES SRONGLY DISAGREE DISAGREE SOMEWHAT AGREE AGREE STRONGLY AGREE 13%
MALES FEMLAES SRONGLY DISAGREE DISAGREE SOMEWHAT AGREE AGREE STRONGLY AGREE 13% 0% 15% 60% 58% 30%
MALES
FEMLAES
SRONGLY DISAGREE
DISAGREE
SOMEWHAT AGREE
AGREE
STRONGLY AGREE
13%
0%
15%
60%
58%
30%
14%
10%
0%
0%
TOTAL %
100%
100%
QUESTION 13 Which channel do you prefer for investing in mutual funds? Financial Advisor AMC Bank
QUESTION 13 Which channel do you prefer for investing in mutual funds? Financial Advisor AMC Bank
QUESTION 13
Which channel do you prefer for investing in mutual funds?
Financial Advisor
AMC
Bank

CHANNEL OF PREFRENCE

  • In Terms Of Annual Income

3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs FINANCIAL ADVISOR AMC BANK 20% 47% 33%
3-5 Lakhs
5-7 Lakhs
7-9 lakhs
Above 9 lakhs
FINANCIAL ADVISOR
AMC
BANK
20%
47%
33%
20%
40%
40%
40%
33%
40%
13%
27%
47%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES FINANCIAL ADVISOR AMC BANK 25% 40% 45% 25% 30%
MALES FEMALES FINANCIAL ADVISOR AMC BANK 25% 40% 45% 25% 30% 35% TOTAL % 100% 100%
MALES
FEMALES
FINANCIAL ADVISOR
AMC
BANK
25%
40%
45%
25%
30%
35%
TOTAL %
100%
100%
QUESTION 14 How would you like to receive Dividend every year? Dividend Payout Dividend Re-investment Growth
QUESTION 14 How would you like to receive Dividend every year? Dividend Payout Dividend Re-investment Growth
QUESTION 14
How would you like to receive Dividend every year?
Dividend Payout
Dividend Re-investment
Growth in NAV

DIVIDENT

DIVIDENT  In Terms Of Annual Income 3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs
  • In Terms Of Annual Income

3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs DIVIDEND PAYOUT DIVIDEND RE- INVESTMENT 33% 47%
3-5 Lakhs
5-7 Lakhs
7-9 lakhs
Above 9 lakhs
DIVIDEND PAYOUT
DIVIDEND RE-
INVESTMENT
33%
47%
60%
47%
40%
33%
33%
33%
GROWTH IN NAV
27%
20%
7%
20%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES DIVIDEND PAYOUT DIVIDEND RE-INVESTMENT GROWTH IN NAV 50% 40%
MALES FEMALES DIVIDEND PAYOUT DIVIDEND RE-INVESTMENT GROWTH IN NAV 50% 40% 35% 35% 15% 25% TOTAL
MALES
FEMALES
DIVIDEND PAYOUT
DIVIDEND RE-INVESTMENT
GROWTH IN NAV
50%
40%
35%
35%
15%
25%
TOTAL %
100%
100%

QUESTION 15

QUESTION 15 Do you view following factor/sources of information important while investing in MF? Extremely Unimporta

Do you view following factor/sources of information important while investing in MF?

Extremely Unimporta Highly Important Neutral Important nt important a) Safety b) Liquidity c) Return earned d)
Extremely
Unimporta
Highly
Important
Neutral
Important
nt
important
a)
Safety
b)
Liquidity
c)
Return earned
d)
Tax savings
e)
Performance of
past schemes
  • f) Rating of MF by Agencies

g) Advertisements
g)
Advertisements
  • h) Recommendation of friends and relatives.

SAFETY

  • In Terms Of Annual Income

SAFETY  In Terms Of Annual Income 3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs
3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 73% 93%
3-5 Lakhs
5-7 Lakhs
7-9 lakhs
Above 9 lakhs
EXTERMELY IMPORTANT
IMPORTANT
NEUTRAL
UNIMPORTANT
73%
93%
67%
87%
27%
7%
33%
13%
0%
0%
0%
0%
0%
0%
0%
0%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 80% 75% 20% 25%
MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 80% 75% 20% 25% 0% 0% 0% 0% TOTAL
MALES
FEMALES
EXTERMELY IMPORTANT
IMPORTANT
NEUTRAL
UNIMPORTANT
80%
75%
20%
25%
0%
0%
0%
0%
TOTAL %
100%
100%

LIQUIDITY

  • In Terms Of Annual Income

3-5 Lakhs 5-7 Lakhs 7-9 lakhs Above 9 lakhs EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 20% 33%
3-5 Lakhs
5-7 Lakhs
7-9 lakhs
Above 9 lakhs
EXTERMELY IMPORTANT
IMPORTANT
NEUTRAL
UNIMPORTANT
20%
33%
27%
7%
40%
60%
40%
40%
27%
0%
13%
20%
13%
7%
20%
33%
TOTAL %
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 25% 15% 40% 55%
 In Terms Of Gender MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 25% 15% 40% 55%
MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 25% 15% 40% 55% 15% 15% 20% 15% TOTAL
MALES
FEMALES
EXTERMELY IMPORTANT
IMPORTANT
NEUTRAL
UNIMPORTANT
25%
15%
40%
55%
15%
15%
20%
15%
TOTAL %
100%
100%

RETURNS EARNED

  • In Terms Of Annual Income

RETURNS EARNED  In Terms Of Annual Income 3-5 5-7 7-9 ABOVE 9 LAKHS LAKHS LAKHS
3-5 5-7 7-9 ABOVE 9 LAKHS LAKHS LAKHS LAKHS EXTREMLY IMPORTANT IMPORTANT NEUTAL UNIMPORTANT TOTAL 67%
3-5
5-7
7-9
ABOVE 9 LAKHS
LAKHS
LAKHS
LAKHS
EXTREMLY IMPORTANT
IMPORTANT
NEUTAL
UNIMPORTANT
TOTAL
67%
53%
20%
53%
26%
47%
60%
40%
0%
0%
20%
7%
7%
0%
0%
0%
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 67% 15% 28% 70%
MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 67% 15% 28% 70% 5% 10% 0% 5% TOTAL
MALES
FEMALES
EXTERMELY IMPORTANT
IMPORTANT
NEUTRAL
UNIMPORTANT
67%
15%
28%
70%
5%
10%
0%
5%
TOTAL %
100%
100%

TAX SAVINGS

  • In Terms Of Annual Income

TAX SAVINGS  In Terms Of Annual Income 3-5 5-7 7-9 ABOVE 9 LAKHS LAKHS LAKHS
3-5 5-7 7-9 ABOVE 9 LAKHS LAKHS LAKHS LAKHS EXTREMLY IMPORTANT IMPORTANT NEUTAL UNIMPORTANT TOTAL 6%
3-5
5-7
7-9
ABOVE 9 LAKHS
LAKHS
LAKHS
LAKHS
EXTREMLY IMPORTANT
IMPORTANT
NEUTAL
UNIMPORTANT
TOTAL
6%
13%
13%
13%
27%
40%
46%
46%
47%
40%
34%
34%
20%
7%
7%
7%
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 43% 30% 45% 60%
MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 43% 30% 45% 60% 12% 10% 0% 0% TOTAL
MALES
FEMALES
EXTERMELY IMPORTANT
IMPORTANT
NEUTRAL
UNIMPORTANT
43%
30%
45%
60%
12%
10%
0%
0%
TOTAL %
100%
100%

PAST PERFORMANCE

PAST PERFORMANCE  In Terms Of Annual Income 3-5 5-7 7-9 ABOVE 9 LAKHS LAKHS LAKHS
  • In Terms Of Annual Income

3-5 5-7 7-9 ABOVE 9 LAKHS LAKHS LAKHS LAKHS EXTREMLY IMPORTANT IMPORTANT NEUTAL UNIMPORTANT TOTAL 7%
3-5
5-7
7-9
ABOVE 9 LAKHS
LAKHS
LAKHS
LAKHS
EXTREMLY IMPORTANT
IMPORTANT
NEUTAL
UNIMPORTANT
TOTAL
7%
13%
13%
13%
27%
40%
46%
46%
46%
40%
33%
33%
20%
7%
8%
8%
100%
100%
100%
100%
  • In Terms Of Gender

 In Terms Of Gender MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 10% 15% 40% 40%
MALES FEMALES EXTERMELY IMPORTANT IMPORTANT NEUTRAL UNIMPORTANT 10% 15% 40% 40% 38% 40% 12% 5% TOTAL
MALES
FEMALES
EXTERMELY IMPORTANT
IMPORTANT
NEUTRAL
UNIMPORTANT
10%
15%
40%
40%
38%
40%
12%
5%
TOTAL %
100%
100%
MUTUAL FUNDS RATING BY COMPANIES  In Terms Of Annual Income 3-5 5-7 7-9 ABOVE 9

MUTUAL FUNDS RATING BY COMPANIES

  • In Terms Of Annual Income

3-5 5-7 7-9 ABOVE 9 LAKHS LAKHS LAKHS LAKHS EXTREMLY IMPORTANT IMPORTANT NEUTAL UNIMPORTANT TOTAL 0%
3-5
5-7
7-9
ABOVE 9 LAKHS
LAKHS
LAKHS
LAKHS
EXTREMLY IMPORTANT
IMPORTANT
NEUTAL
UNIMPORTANT
TOTAL
0%