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Need of financial advisors for mutual fund investors
(With special reference to KARVY)
Interim report SUBMITTED BY:
JINU P J
Reg No. – IISCS/08-10/92
Sometimes words fall short to show gratitude, the same happened with me during this project. The immense help and support received from Karvy stock broking limited overwhelmed me during the project. My sincere gratitude to Branch Head Karvy
stock broking, Korba Branch and Mr. Swapnil Kothari (Director, IISCS, Indore), for providing me with an opportunity to work with karvy stock broking limited. I am highly indebted to Ms. Sarita Pareek Training head Karvy Stock Broking, Korba and company project guide, who has provided me with the necessary information and his valuable suggestion and comments on bringing out this report in the best possible way. I also thankful to faculties of IISCS, Indore who has sincerely supported me with the valuable insights into the completion of this project. I am grateful to all of the members of Karvy Stock Broking Korba branch, who have helped me in the successful completion of this project. Last but not the least; my heartfelt love for my parents, whose constant support and blessings helped me throughout this project.
CONTENTS 1. MAIN TEXT FOR RESEARCH PROJECT 1.1 Introduction 1.2 Scope of the work 1.3 Objective of Research i) Academic Objective ii) Research Objective 1.4 Research Methods/ Tools used 1.5 Results (Tabular / Pictorial representation i.e. graphs, charts etc.) 1.6 Analysis and discussions of results 1.7 Recommendations/ Suggestions 1.8 Limitations of study 1.9 Conclusions Sample of questionnaire used 2. MAIN TEXT FOR DEPARTMENT BASED ON THE JOB TRAINING 2.1 Introduction of company a. Brief history of company’s establishment b. Organizational Chart c. Major achievements of the company d. SWOT Analysis e. 4P analysis f. Competitor’s Analysis 2.2 Introduction of the concerned department a. Hierarchy b. Description of the various responsibilities/ duty assigned c. Description of working 2.3 Scope of the Project 2.4 Objective of Project a. Academic Objective b. Research Objective 2.5 Description of work assigned during training 2.6 Learning involved during summer training 2.7 Suggestions/ Recommendations 2.8 Conclusion
This is to certify that Summer Training Report entitled “Need of Financial Advisors for Mutual
Fund Investors”. Which is submitted by me in
partial fulfillment of the requirement for the award of degree PGP Dual, at Indore Indira
Institute of Career Studies, Indore comprises
only my original work and due acknowledgement has been made in the text to all other material used.
Date: Name of the Student: Signature of the Student:
BONAFIDE CERTIFICATE FROM COMPANY
This is to certify that this project report “Need
Advisors for Mutual Fund Investors”
bonafide work of “JINU P J” who carried out the project work under my supervision from 17/08/2009 to 30/09/2009.
Karvy Stock Broking Ltd
Training Head Karvy Stock Broking Ltd
BONAFIDE CERTIFICATE FROM INSTITUTE
This is to certify that the project report entitled “Need of financial advisors for Mutual Fund Investors” at “Karvy Stock Broking Limited” is a bonafide record of work done by "JINU P J”, and submitted in partial fulfillment of the requirements of PGP (Dual) program of Indore Indira
School of Career Studies, Indore.
SWAPNIL KHOTARI DIRECTOR (IISCS)
India’s economy is highly developing. The development is taken place due to the growth in the financial system. This financial system provides the background to various investors regarding varied options to invest. Thus, development of the economy depends on how these investors invest for the well being in long run. As financial markets become more sophisticated and complex, investors need a financial intermediary who provides the required knowledge and professional expertise on successful investing. Mutual Funds represent perhaps the most appropriate investment opportunity for investors. No wonder the concept of Mutual Fund was initially developed in the U.S. market, but the entry of the concept in the Indian Financial Market was in the year 1964 with the formulation of the UTI, at the initiative of the RBI and Govt. of India. For most people, money is a delicate matter and when it comes to investing they are wary. Simply because there are many investment options out there, each out promising the other. An important question facing many investors is whether to invest in Banks, National Savings, Post office, Non-banking finance companies, Fixed deposits, Shares etc. or to invest distinctively in Mutual Funds. It has been perceived that there is huge potential market in the region of Korba. Thus an exploratory research shows that due to high industrialization & development in Korba & near by region we can predict that there is huge potential for Mutual Fund Market in Korba . Thus the purpose of this research was to find why people do not actively invest in mutual fund in spite of various benefits like Professional management, Diversification, Convenience liquidity, Flexibility, Tax benefits etc. as well as to find out potential of business of KARVY in distribution of Mutual Fund in Korba City. After performing the detailed exploratory research by interviewing different persons who act as investment advisor like Insurance advisor and Post office advisor etc. with the help of questionnaire, certain facts were revealed regarding the view about Mutual Funds in the mind of investors. I have observed that approximately 60% of the people are unaware of Mutual Funds but most of them are interested to know about Mutual Funds and if proper information & knowledge provided then they will invest in mutual funds in future. People from service class prefers safety of income plus the regular income as well as tax benefits while on the other hand Professional and Businessman focus on high return with some risk.
For growth and development of the Mutual Fund Industry, the misconception regarding Mutual Fund should be removed & the awareness for the same should be made.
Korba is known as Power City in india, due to rapid industrialization and development there is big opportunity and potential for financial product marketing. Mostly the people belong to Middle or Service Class who normally spent their maximum time in works or services, a part from this they don’t have proper knowledge about Mutual Fund. Mostly people want to invest their money in safe investment like govt. Insurance & Fixed Deposit (e.g LIC, POST OFFICE, NSC etc.) which gives low & secured returns in future. Mutual Funds normally based on Capital Market and the return depends on Market conditions. Due to many fraud cases (like Fine India Investment & City limonize) people don’t have faith in private sector financial products and also due to Global Market Slow down Mutual Funds not given good returns; this is also another reason that people don’t believe in Mutual Fund. As I was worked as a trainee in KARVY a Financial Consultant an reputed Financial Institution in India and 5th position in overall Financial Institution in India. I had faced many people who have such mentality (Stated above) about investment in present time. It is very difficult to conveyance the people for investment and I tried my best to make them invest in Mutual Funds. I was dealing with ICICI RIGHT Mutual Fund; it’s a Tax Saving Fund. In korba people belong to 50% service class, 20% Business Class and 30% people are of lower level. People who belong to Service & Business Class were come under Income Tax, those people prefer Tax Saving Fund. And my families belong to service class, so I know many people of service class in my surroundings & community. I have approached to many friends, neighbors and other people to conveyance them to invest in ICICI RIGHT Fund which will give positive return in future. And many of them given a good response to it and also invested to this Fund.
Population of Korba
Service Class Business Class Lower Class Lower Class 30% Service Class 50% Business Class 20%
Strength & Weakness of Current Work. Strength
• • • • • • • Goodwill of the Company. Good Market Condition. Conveyance Power. Good Communication Skill. Knowledge of working Area. Strong Hold in working area. Free Entry Load.
• • • • Past Market Condition (market slow down). Fraud Cases of other Financial & Brokering company. Most people are from middle class and they have big responsibility. Lack of knowledge regarding Mutual Funds.
 MAIN TEXT FOR RESEARCH PROJECT
“Success is a journey, not a destination.” If we look for examples to prove this quote then we can find many but there is none like that of karvy. Back in the year 1981, five people created history by establishing karvy and company which is today known as karvy, the largest financial service provider of India. Success sutras of karvy: The success story of karvy is driven by 8 success sutras adopted by it namely trust, integrity, dedication, commitment, enterprise, hard work and team play, learning and innovation, empathy and humility. These are the values that bind success with karvy. Vision of karvy: To achieve & sustain market leadership, Karvy shall aim for complete customer satisfaction, by combining its human and technological resources, to provide world class quality services. In the process Karvy shall strive to meet and exceed customer's satisfaction and set industry standards. Mission statement: “Our mission is to be a leading and preferred service provider to our customers, and we aim to achieve this leadership position by building an innovative,
enterprising , and technology driven organization which will set the highest standards of service and business ethics.”
The success ladder:
Company overview: Karvy was established as karvy and company by five chartered accountants during the year 1979-80, and then its work was confined to audit and taxation only. Later on it diversified into financial and accounting services during the year 1981-82 with a capital of rs.150000. it achieved its first milestone after its first investment in technology. Karvy
became a known name during the year 1985-86 when it forayed into capital market as registrar. Evolution of KARVY: It is well said that success is a journey not a destination and we can see it being proved by karvy. Under this section we will see that how this “karvy and company” of 1980 became “karvy” of 2008. Karvy blossomed with the setting up of its first branch at Mumbai during the year 1987-88. The turning point came in the year 1989 when it decided to enter into one of the not only emerging rather potential field too i.e; stock broking. It added the feather of stock broking into its cap. At the same time it became the member of Hyderabad Stock Exchange through associate firm karvy securities ltd and then karvy never looked back……..it went on adding services one after another, it entered into retail stock broking in the year 1990. Karvy investor service centers were set up in the year 1992. Karvy which already enjoyed a wide network through its investor service centers, entered into financial product distribution services in the year 1993. One year more and karvy was now dealing into mutual fund services too in the year 1994 but it didn’t stopped there, it stepped into corporate finance and investment banking in the year 1995. Karvy’s strategy has always been being the first entrant in the market. Karvy again hit the limelight by becoming the first registrar in the country to be awarded ISO 9002 in the year 1997. Then it stepped into the other most happening sector i.e; IT enabled services by establishing its own BPO units and at a gap of just 1 year it took the path of eBusiness through its website www.karvy.com . Then it entered into insurance services in the year 2001 with the launch of its retail arm “karvy- the finapolis: your personal finance advisor”. Then in the year 2002 it launched its PCG(Private Client Group) which looks after its High Networth Individuals .and maintain their portfolio and provides them with other financial services. In the year 2003, it commenced secondary debt and WDM trading. It was a decade which saw many Indian companies going global…..so why the largest financial service provider of India should lag behind? Hence, karvy launched “karvy global services limited” after entering into a joint venture with Computershare, Australia in the year 2004.the year 2004 also saw karvy entering into commodities marketing through karvy comtrade.
Year 2005 saw karvy establishing a separate branch for its insurance services under the head “ karvy insurance broking ltd” and in the same year, after being impressed with the rapid growth of karvy stock broking limited, PCG group of Hong Kong acquired 25% stake at KSBL. In the year 2006, karvy entered into one of the hottest sector of present time i.e real estate through Karvy realty& services (India) ltd. hence , we can see now karvy being established as the lagest financial service provider of the country. Now karvy group consists of 8 highly renowned entities which are as follow: 1. : The first securities registry to receive ISO 9002 certification in
India. Registered with SEBI as Category I Registrar, is Number 1 Registrar in the Country. The award of being ‘Most Admired’ Registrar is one among many of the acknowledgements we received for our customer friendly and competent services.
: karvy stock broking ltd. Consists of five units namely stock
broking servics, depository participant, advisory services, distribution of financial products, advisory services and private client goups.
: it is registered with SEBI as a category 1 merchant banker. Its
clientele includesinclude leading corporates, State Governments, foreign institutional investors, public and private sector companies and banks, in Indian and global markets.
: karvy insurance broking ltd is also a part of karvy stock broking
ltd. At Karvy Insurance Broking Limited both life and non-life insurance products are provided to retail individuals, high net-worth clients and corporates.
: The company provides investment, advisory and brokerage
services in Indian Commodities Markets. And most importantly, it offer a wide reach through our branch network of over 225 branches located across 180 cities.
: Karvy Global is a leading business and knowledge process
outsourcing Services Company offering creative business solutions to clients globally. It operates in banking and financial services, inurance, healthcare and pharmaceuticals, media , telecom and technology. It has its sales and business development office in New York, USA and the offshore global delivery center in Hyderabad, India 7. : Karvy Realty (India) Limited is engaged in the business of real estate and property services offering:
• • • •
Buying/ selling/ renting of properties Identifying valuable investments opportunities in the real estate sector Facilitating financial support for real estate and investments in properties Real estate portfolio advisory services
: it is a joint venture between Computershare, Australia and Karvy
Consultants Limited, India in the registry management services industry.
Organization structure of karvy: talking about the organization structure of karvy, we have the board of directors as the supreme governing body , the chairman being Mr. C parthasarthy, mr. m yugandhar as the managing director, mr m s ramakrishna andmr. Prasad v. potluri as directors. The board of diretors head the karvy group, karvy computershares limited, karvy investors services ltd., karvy comtrade, karvy stock broking ltd., and karvy global services ltd. Karvy group being the flagship company looks after the functional departments such as corporate affairs, group human resources, finance & accounting, training & development, technology services and corporate quality.
Karvy computershare private limited facilitates mutual fund services, share registry and issue registry whereas merchant banking is looked after by karvy investor services ltd. Karvy stock broking ltd heads its another branch too ie. Karvy insurance broking ltd. The services offered by KSBL are: stock broking, depository, research, distribution, personal client group and institutional desk. And finally the BPO services are managed by karvy global services ltd. Summarizing it in a diagram, it can be presented as:
Spectrum of services offered by karvy: Karvy being the top registrar and transfer agent, functions as registrar in most of the issues in the country. Talking about the mutual fund services offered by karvy, we can get the products of 33 AMCs over here. it deals in both closed ended funds as well as open ended too. Now one must be thinking why to get the mutual funds from karvy instead of getting it directly from AMCs???we have great reasons for it: the first one being ; if we avail the services of karvy then we can get the information about all the AMCs and their products at a single place along with expert recommendations whereas at
an AMC we can get information about the products of that specific AMC only. And the second being wide network of karvy…. nowadays we can find karvy offices at remote areas too. Along with these, karvy is very well handling the role of depository participant. Being registered with both the depositories i.e.; NSDL (national securities depository ltd) and CDSL (central depository services ltd), karvy can have access to both. Its wide network also facilitates it in distribution of retail financial products. Karvy believes in being updated always. So it is always ready to use latest technologies so that its clients always be in touch with the latest happenings along with karvy. It offers e-business through internet through its website: www.karvy.com . Other than it, it also provides its various services through SMSes. Karvy’s services are not limited to its investors only rather its offerings are for its corporate clients and distributors too. it is very well aware of the fact that in this era of neck to neck competition, we cant ignore any of the aspects of our business….so there’s a offering for everybody…everyone’s welcome at karvy. Why should investors choose for karvy? Excellence is next to nothing….and here at karvy everybody tries their best to offer excellent services to its clientele through its offerings maintaining the karvy culture which includes: 1. Controlled and low cost service culture: karvy is there to serve its client at the minimum possible cost. it controls cost by its various cost- cutting techniques and minimization of avoidable costs. 2. Large volume processing capability: being the largest financial service provider in the country, it has the unique distinction of operating its activities on a large scale which benefits all the parties cordially. 3. Adherence to strict time schedule: karvy knows that time is money and tries it best to finish the task within the stipulated time schedule. 4. Expertise in coordinating multi-location responses: karvy has got a wide network and hence one can find its branches at most of the places in India. Thus it enjoys its presence everywhere and coordinates among itself in solving the queries and in responding to any situation.
5.Expertise in managing independent entities such as banks, post-office etc.: the work culture of karvy and the ethics followed inside karvy makes its workforce compatible with everybody, so the karvy people establishes good coordination with independent entities too. 6. Pooling of group resources: karvy group consists of eight subsidiaries, so it can easily pool up its resources for accomplishment of its goals, whenever needed. The groups can help each other whenever there are peaks and lows, and even in the case when they have huge targets just as we saw few years back, Tata group pooling its resources to acquire Corus. How karvy achieved it? The core competency of karvy lies in the following points due to which it enjoys a competitive edge over its competitors. The following culture adopted by karvy makes it all time favorites among its clientele: 1. Professionally managed by qualified and trained manpower. 2. Uniquely structured in-house software and hardware department 3. Query handling within 48 hrs. 4. Strong secretarial, accounting and audit systems. 5. Unique work culture of working 7 days a week in 3 shifts. 6. Unmatched network spreading all over India. How Achievements sounds synonymous to karvy: The landmarks achieved by karvy very well define its success story. In the previous pages, we learnt how a company started by five chartered accountants, named as karvy and company turned into today’s karvy group, the largest financial intermediary of India. But success didn’t came to karvy at a flow, the hard work and dedication of its workforce made it what it is today…gradually it achieved the following landmarks and now it has became what we call the karvy group, now it is: 1. Largest independent distributor for financial products. 2. amongst the top 5 stock broker. 3. among the top 3 depository participants. 4. Largest network of branches & business associates. 5. ISO 9002 certified operations by DNV. 6. amongst top 10 investment bankers. 7. Adjudged as one of the top 50 IT users in India by MIS south Asia. 8. full- fledged IT driven operation. 9. India’s no.1 registrar & securities transfer agent.
Clientele of karvy: Karvy’s culture has helped karvy in achieving such a distinct position in the market where it can boast of its huge client base. Be it a retail investor investing Rs. 500 in a SIP in Reliance mutual fund or be it the largest corporate house of the country: Reliance industries- everybody is heading towards karvy for their wealth maximization, lets have a look at the clientele of karvy : According to the datas published in year 2007, karvy stock broking ltd. Operates through more than 12000 terminals, more than 290000 accounts are maintained and commands over 3.14% market share of NSE. The distribution services has access to more than Rs. 40 billion Assets Under Management. Karvy being a depository participant with both NSDL and CDSL, manages more than 700000 accounts from more than 380 locations. Talking about the registry services, it manages over 750 public/ right issues.at the same time, it is managing over 16 million portfolios as registrar. If we took a look at some of the top corporate houses availing the services of karvy then we have: Reliance, IOC, IDBI, LIC, Hindustan Unilever, Principal Mutual Fund, Duetsche Mutual Fund, Yogokawa, Marico Industries, Patni Computers, Morgan Stanley, Glenmark, CRISIL, 3M, Kotak Mahindra Bank, Bharti Televenture, Infosys Technologies, Wipro, Infotech, IPCL, TATA consultancy services, UTI mutual fund etc. Thus in total karvy serves over 16 million investors and 300 corporates. Now, as the project was carried on in Korba, so there is a special reference to working of karvy at Korba and mutual funds in particular.
(1.2) Scope of Work
The research was carried on in KORBA the Eastern Region of India. It is restricted to Kolkata so Korba is also comes under Kolkata region. I have visited people randomly nearby my locality, Industrial units, small retailers etc. Our scope is to provide knowledge and sells the ICICI RIGHT Fund to people. As it is a TAX saving fund so it will attract service & Business class people in korba. Our aim is to invest money of people through this scheme and to gain knowledge how to deal with customer and to conveyance them. By our conveyance power we made people to invest in this fund. Mutual funds serve as a link between the saving people and the capital market in that they mobilize saving from investors and bring them to borrowers in the capital markets. In short, it is a common pool of money into which investors place their contribution that is to be invested in accordance with a stated objective. A mutual fund uses the money collected from the investors to buy those assets, which are specially permitted by its stated investment objective. When an investor subscribes to a mutual fund, he/she buys a part of asset or the pool of funds that are outstanding at that time. A mutual fund is constituted as an investment company and an investor buys into the fund, means he buys the share of the fund and is known as a unit holder. Since each unit holder is a part of owner of a mutual fund, it is necessary to establish the value of his part. Since the unit held by an investor evidences the ownership of the fund’s assets, the value of the total asset of the fund when divided by the total number of units issued by the mutual fund gives us the value of one unit. This is called as Net Asset Value (NAV).
Population of Korba
Service Class Business Class Lower Class Lower Class 30% Service Class 50% Business Class 20%
Investor’s Response to Financial Product
Fixed Deposit, 15% Bond, 5% PF, 15% Mutual Fund, 10% Share, 5% Insurance, 50%
Insurance Share Mutual Fund PF Bond Fixed Deposit
Reasons of Choosing Above
Returns Risk Safety Tax Benefite Others
Objective of Research
Investment goals vary from person to person. While somebody wants security, others might give more weightage to returns alone. Somebody else might want to plan for his child’s education while somebody might be saving for the proverbial rainy day or even life after retirement. With objectives defying any range, it is obvious that the products required will vary as well. So, Mutual funds can be classified based on the objectives of the investor. 1.) By Schemes (a). Equity Fund:
Equity funds invest a major portion of their corpus in equity shares issued by companies. NAV of equity funds are fluctuated by fluctuation in price of shares that it holds. So there is a high risk as well as high return in equity fund. Potential to earn in such funds is higher when they are invested for long term. The leading example of such funds are Prudential ICICI Growth Plan, Tata Pure Equity Fund, Reliance Vision, Franklin India Prima Fund etc. (b). Debt Fund:
Debt funds invest in debt instruments debt instruments issued by governments, private companies, banks and financial institutions. By investing in debt, these funds target low risk and stable income investors. These funds are low risk low return funds. The leading examples are Birla Income Plus, Principal Income Fund, HDFC Income Fund, UTI Bond Fund etc. (c). Balanced Fund:
A balanced fund is one that has a portfolio comprising debt instruments as well as preference and equity shares. The idea is to reduce volatility of funds, while providing some upside for capital appreciation. They are best suitable for the people looking for a
combination for capital appreciation and regular income and best time spend for such investment is more than 3 years. The leading examples are Prudential ICICI Balanced Fund, Birla Balance Fund, Franklin India Balance Fund, Sundaram Balance Fund etc. (d). Money Market Fund:
Money market funds invest in securities of a short-term nature, which generally means securities of less than one-year maturity such as Treasury Bills issued by governments, Certificates of deposit issued by banks and Commercial paper issued by companies. The major strength of money market funds are the liquidity and safety of principal that the investors can normally expect from short term investments. The leading examples are Prudential ICICI Liquid Plan, Templeton India Liquid Fund, Grindlays Cash Fund etc. (e). Gilt Fund:
These funds are sort of government funds wherein the investments are made in debt instrument of government, which carry no risk of non payment of interest as the RBI manages the payment of interest and principal on the investments. These funds are best suited for regular income and long term investment objectives. The leading examples are Prudential ICICI Gilt Fund, Tata Gilt Securities Fund, Templton India Government Securities Fund etc. 2. By Duration: (a). Open-ended Fund:
An open-ended fund 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 NAV related prices which are declared daily basis. The key feature of this fund is liquidity.
A close ended fund 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 initial public issue and thereafter they can buy or sell units on stock exchange where the units are listed at NAV. These mutual fund schemes disclose NAV generally on weekly basis. (c). Interval Fund:
Interval funds combine the features of open-ended and close-ended schemes. They are open for sale or redemption during pre determined intervals at NAV related prices. Risk Return Grid Risk Tolerance/Return Expected Low Focus Debt Partially Debt, Partially Equity Equity Suitable Products Benefits offered by MFs
Bank/ Company FD, Debt Liquidity, Better Postbased Funds Tax returns Balanced Funds, Some Liquidity, Better PostDiversified Equity Funds and Tax returns, Better some debt Funds, Mix of Management, shares and Fixed Deposits Diversification Diversification, Expertise Capital Market, Equity Funds in stock picking, (Diversified as well as Liquidity, Tax free Sector) dividends
[Risk Return Grid of various MF] 3. By Load: (a). Load Fund:
Marketing of new mutual fund scheme involves initial expenses. These initial expenses may be recovered from the investors by entry or exit load. (i). Entry Load or Front-end Load:
If initial expenses recovered from investors at the time of investor’s entry into the fund, by deducting a specific amount from his initial contribution it is called Entry Load. (ii). Exit Load or Back-end Load:
If initial expenses recovered at the time of the investor’s exit from the scheme, by deducting a specified amount from the redemption proceeds payable to the investor it is called exit load. (iii). Deferred Load:
The load amount charged to the scheme over a period of time is called a deferred load. (b). No Load Fund:
Funds that don’t charge entry, exit, or deferred load or any other charges for sales expenses are called no load funds. • • • • Now, generally all Mutual Fund companies charge 2 to 2.5% entry load on equity fund. Generally there is no exit load on equity and sectoral funds to maintain liquidity of those funds. Generally there is no entry load on gilt scheme and income fund. There is 0.25 to 1% exit load on gilt and income fund if investors exit from fund before specified time which is generally 3 to 6 months.
4. Other types of fund: (a). Tax Saving Funds: 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 Saving Scheme (ELSS). Pension schemes also offer tax benefits. The leading examples are Prudential ICICI Tax Plan, Templeton India Pension Plan, Franklin India Tax shield etc.
(b). 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 weightage comprising of an index. NAV of such funds are changed accordance with the change in the index. The leading examples are Birla Index Fund, HDFC Index Fund, Prudential ICICI Index Fund, UTI Index Fund etc. (C). Sector Funds: These are the funds which invest in the securities of only those sectors or industries as specified in the offer documents. E.g. Pharmaceuticals, Software, Petroleum etc. These types of funds are more risky compared to diversified funds. The leading examples are Birla IT Fund, Pru. ICICI FMCG Fund, Franklin India Pharma Fund etc. (d). Commodity Funds: Commodity funds invest into the different commodities directly or through shares of commodity companies. E.g. Commodity fund invest in gold or shares of gold mines. Commodity funds have not yet developed in India. (e). Off Shore Funds: These funds invest in equities in one or more foreign countries there by achieving diversification across the country’s borders. However they also have additional risks such as the foreign exchange rate risk and their performance depends on the economic conditions of the countries they invest in.
Any activity done without an objective in a mind cannot turn fruitful. An objective provides a specific direction to an activity. Objectives may range from very general to very specific, but they should be clear enough to point out with reasonable accuracy what researcher wants to achieve through the study and how it will be helpful to the decision maker in solving the problem. The objective of any research is basically divided into two categories. Primary Objective: Following are the primary objective: The main objective of this project is concerned with getting the opinion of people regarding mutual funds and what they feel about availing the services of financial advisors. I have tried to explore the general opinion about mutual funds. It also covers why/ why not investors are availing the services of financial advisors. Along with it a brief introduction to India’s largest financial intermediary, KARVY has been given and it is shown that how they operate in mutual fund deptt
Secondary Objectives: Following are secondary objectives. • • • • To assess an awareness of mutual funds in Korba City. To find out level of awareness of mutual funds in Korba City. To find out how many investment advisors are interested in dealing of mutual fund. To find out how many investment advisors are willing to work with Karvy.
Market Potential of Karvy in Korba
Unknown about Karvy 35%
Existing Customer 25%
People of Karvy ( Aware Other than Existing ) Customer 40%
(1.4) RESEARCH METHODS / TOOLS USED
I had used methods to consult people through Seminar, Meeting, Door to Door meeting, friend’s circle. I undertaken meeting of about 8 people and consulted about 45 people during my training. 1. Research Design: A research design is a pattern or an outline of a research project’s working. It is a statement of only the essential elements of a study, those that provide the basic guidelines for the details of the project. It comprises a series of prior decision that taken together provide master plans for executing a research projects. A research design serves as a bridge between what has been established i.e., the research objectives and what is to be done, in conduct of the study to relish those objectives. If there were no research design, the research would have only foggy notions as about what is to be done. 2. Unit of Analysis:
Mutual Fund Client’s. Characteristics of interest: • • • • • Client’s knowledge about Mutual Fund Client’s knowledge about Karvy Client’s interest in getting knowledge of Mutual Fund Client’s willingness to deal in Mutual Fund with Karvy Client’s preference in selecting tax saving instrument of investment
Sources of Data: a) Primary Source:
The primary data is collected using sampling method and by survey using questionnaire. b) Secondary Source: Secondary data includes information regarding present market scenario, Information regarding Mutual Funds and competitors are collected by Internet, Magazines and News papers and books. 4. Sample Planning:
Sample Size: 50 units Sample Extent: Korba City Sampling Design: A Sample Design is a definite plan for obtaining a sample from a given population. It refers to the technique or method the researcher would adopt in selecting items for the sample. 5. Data Collection Method:
I have used ‘Survey Method’ to collect data. I have collected data using questionnaire. Questionnaire Plan I have used ‘Structured Questionnaire’ for gathering the required data through contacting respondent personally. Type of Information: I have collected Fact, Awareness, Attitude, Future action plan and reason using questionnaire. Type of Questions: ‘Multiple Choice’ type are asked in the questionnaire for data collection. 6. Data Analysis & Interpretation:
Data Analysis is based on the data collected by way of Questionnaires. From the collected data findings are extracted. The data is tabulated and frequency distribution chart is prepared.
(1.5) Results (Tabular / Pictorial representation i.e. graphs, charts etc.)
Rate reason for choosing particular dealer. Mutual Fund Advisors' Suggestion
Shares Mutual Fund Insurance FD Tax Bond PPF
[Mutual Fund Advisors’ Suggestions] Reasons of Choosing Above
Returns Risk Safety Tax Benefite Others
[Reasons of Choosing Above]
60% 50% 40% 30% 20% 10% 0%
Inve stme nt Options
[Service Class Investment]
60% 50% 40% 30% 20% 10% 0% Interested 40%
[Clients who are interested in dealing of Mutual Funds]
80% 60% 40% 20% 0%
[Client know about MF services provided by Karvy]
70% 60% 50% 40% 30% 20% 10% 0% Interested Not Interested 34% 66%
[Client who are interested to know about MF]
60% 50% 40% 30% 20% 10% Interested 46%
[Clients who are interested to invest with KARVY]
60% 50% 40% 30% 20% 10% 0% Not Answered 22%
11% 5% No time Lack of Don't want to Knowledge expand services
[Reasons for not interested in KARVY]
(1.6) Analysis and Discussions of results
• At the survey conducted upon 50 people, 40% are already mutual fund investors or are interested to invest in future and the remaining 60% are not interested in it. So there is enough scope for the advisors to convert those 65 participants into investors through their convincing power and great communication skills. The awareness level about Mutual Funds is quite low in the Korba City among client. Approximately 40% of Clients are aware of and interested in dealing of Mutual Funds. The reason for not interested in dealing of Mutual Fund is unawareness about Mutual Fund and risk. When asked about the most alluring feature of MFs, most of them opted for diversification, followed by reduction in risk, helps in achieving long term goals and helps in achieving long term goals respectively. Only 30% investment people are aware of MF services provided by Karvy, so we can say that awareness level about MF services of Karvy is very low in Korba. Most of people are interested to know about Mutual Funds and interested to know about Mutual Funds arranged by Karvy. Only 46% of clients are interested to invest in Karvy. Most of clients don’t want to invest with MF because they have no money for expanding their investment and they want a safe investment for long & future return. Most of people invest in insurance to save tax followed by PPF. Insurance is widely used as tax-saving instrument. When asked about one reason for not availing the services of financial advisors, about 23 of them pointed the advisors as expensive. 13 of them wished to be in control of their own assets.9 of them said that they find it difficult to get trustworthy advisors. Whereas 5 of them said they have access to all the necessary resources required. Most of participants regarded asset allocation as the major reason for going for (Karvy) financial advisors. 25% of them needed them to explain them the various investment options available. 20% of them wanted to make sure that they were saving enough to meet their financial goals. While just gave the reason- lack of time. Most of the investor preferred to invest at a young unmarried stage. Even 32% persons were ready to invest at a stage of young married with children but people with older children avoid investing due to increased expenses. But again the percentage rose to 27% at pre-retirement stage.
• • •
Recommendations / Suggestions
There is high potential market for Mutual Fund Investors in korba city, but this market needs to be explored as investors are still hesitated to invest their money in Mutual Funds. The most vital problem spotted is of ignorance. Investors should be made aware of the benefits. Nobody will invest until and unless he is fully convinced. Investors should be made to realize that ignorance is no longer bliss and what they are losing by not investing. In korba most of the people lack knowledge about Karvy. So Karvy have to explore his Brand name through various Advertisement (Hoardings, Relationship Executives, and Media etc.) and Promotions. Proper Training and up to date knowledge of every financial product should be given to every employee of Karvy so that then can give there best performance to the clients. In korba investors have inadequate knowledge about Mutual Funds, So proper Marketing of various schemes is required, company should arranges more and more seminars on Mutual Funds. Awareness of MF services provided by Karvy is also very low so company needs proper marketing of their all services by advertising, distribution of pamphlet, arranging seminars etc. Most of marketing executive are not interested in dealing of Mutual Funds because they don’t want to expand their services due to lack of time, so company should provide them knowledge about single window services by which investor can get all financial services from one place. Company should also provide knowledge about the growth rate and the expected growth rate of Mutual Fund industry in India. Most of people aware of life insurance, NSC and PPF for tax saving so, company should market various tax saving schemes of Mutual Funds and their benefits. The interface among the investors and the Mutual Fund Companies is the agents, so the agents should have proper knowledge about Mutual Funds as well as market so that they can help investors in their investment decisions. The quality of agents performance and investors trust on them can be improved only if they are permanent in nature. Mutual funds offer a lot of benefit, which no other single option could offer. But most of the people are not even aware of what actually a mutual fund is? They only see it as just another investment option. So the advisors should try to change their mindsets. The advisors should target for more and more young investors. Young investors as well as persons at the height of their career would like to go for advisors due to lack of expertise and time.
(1.8) Limitations of Study
• • • • •
Due to limitation of time and cost constrains a sample size of only 50 respondents are chosen. Data Analysis and interpretation done may not be that strong due to small sample and conveyance skill in me. The sample extent for research is only korba City. Some of the respondents may be biased in giving responses. My inexperience in research area might have affected results.
• • Executive should give emphasis on mutual funds than other investment options. Mutual Funds have given a new direction to the flow of personal saving and enable small and medium investors in remote rural and semi urban areas to reap the benefits of the stock market investment. Indian Mutual Funds are thus playing a very important developmental role in allocation of scares resources in the emerging economy. Karvy is not able to provide sufficient services to the investors due to unawareness among customers regarding services, so Karvy need to train his employee & executives to upgrade their performance. The awareness level of investor is low in advisors are interested in dealing in mutual fund. Very less people know about services provided by Karvy. Very less people were aware about Karvy, so need to promote their brand name in korba. To increase employee strength (mainly of marketing executive & advisors) to tackle the customer query.
• • • •
Questionnaire used for Research Objective: Have you invested /are you interested to invest in mutual funds? Yes [ ] No [ ]
. What is the most important reason for not investing in mutual funds? Lack of knowledge about mutual funds [ ] Enjoys investing in other options [ ] Its benefits are not enough to drive you for investment [ ] No trust over the Mutual fund [ ] . Where do you find yourself as a mutual fund investor? Totally ignorant [ ] Partial knowledge of mutual funds [ ] Aware only of any specific scheme in which you invested [ ] Fully aware [ ] As a middle/High class investor which type of investment would you prefer? Middle Class [ ] High Income Class [ ] Share Market Mutual Fund Insurance Fixed Deposite [ [ [ [ ] ] ] ]
. Where from you purchase mutual funds? Directly from the AMCs [ ] Brokers only [ ] Brokers/ sub-brokers [ ] Other sources [ ] . Which feature of the mutual funds allures you most? Diversification [ ] Professional management [ ] Reduction in risk and transaction cost [ ] Helps in achieving long term goals [ ]
. According to you, which is the most suitable stage to invest in mutual funds? Young unmarried stage [ Young Married with children stage [ Married with older children stage [ Pre-retirement stage [ ] ] ] ]
. Are you availing the services of personal financial advisors? YES [ ] NO [ ]
. Which expertise of the personal financial advisor is demanded most? Portfolio review & investment recommendation [ ] Planning to achieve specific financial goals [ ] Managing assets in retirement [ ] Access to specialist in areas such as tax planning [ ] . What is the major reason for using financial advisors? Want help with asset allocation [ ] Don’t have time to make my own investment decision [ ] To explain various investment options [ ] Want to make sure I am investing enough to meet my financial goals [ ] . What is the major reason for not using financial advisor? Have access to all resources needed to invest on own [ ] Believe advisors are too expensive [ ] Unsure how to find a trustworthy advisor [ ] Want to be in control of own investment [ ]
2. Main Text for Department Based on the Job Training
2.1 Introduction of Company.
a) Brief History of Company establishment. Karvy Consultants Limited was established in 1982 at Hydrabad. It was established by a group of Hydrabad-based practicing Chartered Accountants. At initial stage it was very small in size. It was started with a capital of Rs. 1,50,000. In starting it was only offering auditing and taxation services. Later, it acts into the Registrar and Share transfer activities and subsequently into financial services and other services like Financial Product Distribution, Investment Advisory Services, Demat Services, Corporate Finance, and Insurance etc. All along, Karvy’s strong work ethics and professional background leveraged with Information Technology enabled it to deliver quality to the individual. A decade of commitment, professional integrity and vision helped Karvy achieving a leadership position in its field when it handled largest number of corporate and retail that proved to be a sound business synergy. Today, Karvy has access to millions of Indian shareholders, besides companies, banks, financial institutions and regulatory agencies. Over the past one and half decades, Karvy has evolved as a veritable link between industry, finance and people. In January 1998, Karvy became first Depository Participant in Andhra Pradesh. An ISO 9002 Company, Karvy’s commitment to quality and retail reach has made it an Integrated Financial Services Company. Today, company has 230 branch offices in 164 cities all over the India. The company adds 5 new offices every month to the company’s ever growing national network in every nook and corner of the country. The company service over 16 million individual investors, 180 corporate and handle corporate disbursements that exceed Rs.2500 Crores. KARVY is a legendary name in financial services, its mission to succeed, passion for professionalism, excellent work ethics and customer centric values, defines Karvy’s credit. Today KARVY is well known as a premier financial services enterprise, offering a broad spectrum of customized services to its clients, both corporate and retail. Services that KARVY constantly upgrade and improve are because of company’s skill in leveraging technology. Being one of the most techno-savvy organizations around helps company to deliver even more cost effective financial solutions in the shortest possible time.
What bears ample testimony to Karvy’s success is the faith reposed in company by valued investors and customers, all across the country. Indeed, with Karvy’s wide network touching every corner of the country, even the most remote investor can easily access Karvy’s services and benefit from company’s expert advice. KARVY GROUP Karvy Consultants Limited Karvy Securities Limited Karvy Investor Services Limited Karvy Stock broking Limited Karvy Computer Shares Pvt. Ltd. Board of Directors Karvy Consultants Limited Parthasarathy C Yugandhar M Ramakrishna M S Prasad V Potluri Robert Gibson Sanjay Kumar Dhir R Shyamsunder [Table1: BODs of Karvy Consultants Limited] Karvy Investor Services Limited Parthasarathy C Yugandhar M Ramakrishna M S [Table2: BODs of Karvy Investor Services Limited]
Karvy Securities Limited Parthasarathy C Yugandhar M Ramakrishna M S Ajay Kumar K William Samuel Nicholas Tully [Table3: BODs of Karvy Securities Limited] Karvy Stock Broking Limited Parthasarathy C Yugandhar M Ramakrishna M S Ajay Kumar K Kutumba Rao V William Samuel Nicholas Tully [Table4: BODs of Karvy Stock Broking Limited]
b) Organizational Chart.
NATIONAL LEVEL ORGANIZATION CHART
CM & MD (Hyderabad)
Regional Manager (Kolkata)
Zonal Manager (Raipur)
Branch Mgr. (Korba)
Branch Mgr. (NTPC, Korba)
Branch Mgr. (Ambikapur)
c) Major Achievements of Karvy: • Largest mobilizer of funds as per PRIME DATABASE • First ISO - 9002 Certified Registrar in India • A Category- I Merchant banker • A Category- I Registrar to Public Issues • Ranked as "The Most Admired Registrar” by MARG • Handled the largest- ever Public Issue - IDBI • Strategic tie-up with Jardine Fleming India Securities Ltd • Handled over 500 Public issues as Registrars • Handling the Reliance Account which accounts for nearly 10 million account holders • First Depository Participant from Andhra Pradesh
d) SWOT Analysis. Strengths: • • • • • Employees are highly empowered. Strong Communication Network. Good co-operation between employees. Number 1 Registrar and Transfer agent in India. Number 1 dealer of Investment Products in India. Weaknesses:
• High Employee Turnover.
Opportunity: • Growth rate of mutual fund industry is 40 to 50% during last year and it expected that this rate would be maintained in future also. • Marketing at rural and semi-urban areas. Threats: • Increasing number of local players. • Past image of Mutual Fund.
e) 4P Analysis. Product: Karvy provides share Trading, Mutual fund & Insurance services in korba. Karvy’s main business is in dealing with Share Trading. Karvy is the registrar of many companies. Price: In Korba area in provides the services of trading in very less cost in comparison to other advisory Units. There are no other charges in Mutual Funds & Insurance except Entry & Exit load that is fixed by Company itself. Place: Korba is an industrial area and people of this area were educated & are very secure about there future. Karvy get an advantage of to provide there financial services to the people of this area and through there Marketing services Karvy targets many people as there customer. In korba area there is having many competitor of Karvy, but due to its brand name and services people attract towards it.
Promotion: The objective of advertising of Karvy is to create awareness about services of Karvy among investors and sub-brokers and increases subbrokers of Karvy. Company doesn’t give advertisement in media like TV, Newspapers, and Magazines etc. The companies’ associate with it makes Karvy’s advertisement indirectly. Karvy is R & T agent of around 700 companies. They publish name, address and logo of Karvy on their annual report. Karvy also publish its weekly Stock Market Newsletter ‘Karvy Bazaar Baatein’ and monthly magazine ‘The Finapolis’ to guide investors and subbrokers about market.
f) Competitor’s Analysis. 1) ICICI Securities Ltd. ICICI Securities Limited (i-SEC) is a wholly owned investment-banking subsidiary of ICICI Limited. ICICI is the only non-Japanese Asian financial institution to be listed on the New York Stock Exchange (NYSE). ICICI Securities was formed on 22nd Feb. 1993, when ICICI's Merchant Banking Division was spun off into a new company, ICICI Securities today is India's leading Investment Bank and one of the most significant players in the Indian capital markets. ICICI Brokerage Services Limited (IBSL) set up in March 1995; IBSL is a 100% subsidiary of i-SEC. It commenced its securities brokerage activities in February 1996 and is registered with the National Stock Exchange of India Limited and The Stock Exchange, Mumbai. ICICI has started a website ICICIdirect.com which is the most comprehensive website, which allows you to invest in Shares, Mutual funds, Derivatives (Futures and Options) and other financial products. ICICI has a large network of branches all over India.
Services offered: • Merchant Banking • Demat Service • Stock Broking In Korba ICICI is the main competitor of Karvy, due to its Brand image and low cost ICICI attracted most of the customer in less time. 2) HDFC Ltd HDFC is the leading financial company in India. IT has large network of branches all over India. HDFC Securities, which is fully subsidiary of HDFC, provides Demat service. HDFC and its subsidiary provides following services. • • • • • • • • Demat Service Life Insurance Banking Service Housing Finance Vehicle Finance Education Loan Personal Loan Mutual Fund 3) India InfoLine India infoLine is financial advisory unit dealing with the entire financial product (insurance, MF’s, Stock Trading). But market share of India Infoline in korba is very low. 4) Share Khan It is also a financial service unit but as a franchisee in korba area started in 2007 and only dealing in Stock Market. 5) Other Retail Banking Units
Other retail banking units also deals with Mutual Funds. But they do not highlight & provide their service. 2.2 Introduction of the concerned department d. Hierarchy Branch Mgr. (Korba)
Executives e. Description of the various responsibilities/ duty assigned My Responsiblity is to provide knowledge and sells the ICICI RIGHT Fund to people. As it is a TAX saving fund so it will attract service & Business class people in korba. Our aim is to invest money of people through this scheme and to gain knowledge how to deal with customer and to conveyance them. By my conveyance power I made many people to invest in this fund. Every day I had to report Executive (marketing) of Karvy, korba. I had to provide daily performance report of my sales (of ICICI RIGHT FUND). f. Description of working Daily I have to consult people for selling the MF’s Product. Daily at morning I have to report the officer of Karvy for daily sales report discussion. Daily I have to consult minimum 8-10 Customer for advising them to invest in (ICICI RIGHT FUND) Mutual Funds. As ICICI RIGHT FUND is tax saving equity fund so my main target are service class & business class people who had good income and
comes under Income Tax Regulation. I have to assist those customers to invest in ICICI RIGHT FUND for availing TAX benefit. 2.3 Scope of the Project The research was carried on in KORBA the Eastern Region of India. It is restricted to Kolkata so Korba is also comes under Kolkata region. I have visited people randomly nearby my locality, Big & Small Industrial units, small retailers etc. My Work is to provide knowledge and sells the ICICI RIGHT Fund to people. As it is a TAX saving fund so it will attract service & Business class people in korba. Our aim is to invest money of people through this scheme and to gain knowledge how to deal with customer and to conveyance them. By our conveyance power we made people to invest in this fund. The Scope of Project is to analyze the market of mutual fund in korba, market share of Karvy Financial Services and the customer response to the product (ICICI RIGHT FUND) NFO of ICICI. By different research tools & methods I have analyze the market of mutual fund in korba. And I have to analyze how many customers want to deal with Karvy and if not interested what is the reason behind it. My responsibility is to conveyance people to invest in ICICI RIGHT FUND and to get knowledge of financial product & services. And also I got knowledge about internal working of funds, where it invested and how return comes from those investments & how return calculated.
2.4 Objective of Project
c. Academic Objective
My main objective is the marketing of Mutual Fund of ICICI RIGHT FUND as NFO of ICICI ltd. It is a Tax saving equity fund of ICICI whose main aim is to provide Tax reduction & good return. It has free entry load and 1% exit load upto Rs. 5crore and .5% for Rs. 5Crore and above. The minimum amount to invest is Rupees 500.00 (Five Hundred Only) and above. Customer should give the bank details; address proof and PAN card (photo copy) for ID proof. The allocated fund was invested in equity market and return is generated from stock market according the market condition and Fund performance.
d. Research Objective
My scope is to provide knowledge and sells the ICICI RIGHT Fund to people. As it is a TAX saving fund so it will attract service & Business class people in korba. Our aim is to invest money of people through this scheme and to gain knowledge how to deal with customer and to conveyance them. By our conveyance power we made people to invest in this fund. The Scope of Project is to analyze the market of mutual fund in korba, market share of Karvy Financial Services and the customer response to the product (ICICI RIGHT FUND) NFO of ICICI. By different research tools & methods I have analyze the market of mutual fund in korba. And I have to analyze how many customer want to deal with Karvy and if not interested what is the reason behind it. My responsibility is to conveyance people to invest in ICICI RIGHT FUND and to get knowledge of financial product & services. And also I got knowledge about internal working of funds, where it invested and how return comes from those investments & how return calculated.
2.5 Description of work assigned during training My Work is to provide knowledge and sells the ICICI RIGHT Fund to people. As it is a TAX saving fund so it will attract service & Business class people in korba. My aim is to invest money of people through this scheme and to gain knowledge how to deal with customer and to conveyance them. By our conveyance power we made people to invest in this fund. And daily I have to give daily sales performance report about sale of ICICI RIGHT FUND. Apart from ICICI RIGHT FUND I had made many people to invest in other funds also like HDFC top 200, Franklin prima plus, ICICI Focus fund etc. I was asked to get the query of customer about mutual fund, ICICI RIGHT FUND, Karvy services and get the market conditions. As 2008-2009 is going through recession the market response is very low to mutual fund products so I have to analyze the customer responses regarding investments.
2.6 Learning involved during summer training Firstly I got knowledge about financial products (stock trading, Mutual Fund, Insurance etc.). Though my training is in mutual fund products so I had to deal in mutual fund products of various companies & banks. During my training I had learned the working of mutual fund, how the allocated fund is used or invested in share market and extract good return from it. Though there is risk in mutual fund as the return is not fix or is not determined earlier, it is possible that the amount invested by customer should be decrease its value in future according to market condition. Even after I had learned how to conveyance the customer to invest the amount by making them sure that the fund/scheme will do better performance & give a good return. And I had also increased my communication skill because it is must for any marketing personnel to communicate with their customer. I had also learned the official/internal working of Karvy ltd of Korba branch.
2.7 Suggestions/ Recommendations:
The most vital problem spotted is of ignorance. Investors should be made aware of the benefits. Nobody will invest until and unless he is fully convinced. Investors should be made to realize that ignorance is no longer bliss and what they are losing by not investing.
Mutual funds offer a lot of benefit, which no other single option could offer. But most of the people are not even aware of what actually a mutual fund is? They only see it as just another investment option. So the advisors should try to change their mindsets. The advisors should target for more and more young investors. Young investors as well as persons at the height of their career would like to go for advisors due to lack of expertise and time.
Karvy may try to highlight some of the value added benefits of MF’s such as tax benefit, rupee cost averaging, and systematic transfer plan, rebalancing etc. these benefits are not offered by other options singlehandedly. So these are enough to drive the investors towards mutual funds. Investors could also try to increase the spectrum of services offered.
Now the most important reason for not availing the services of advisors was spotted was being expensive. The advisors should try to charge a nominal fee at the beginning. But if not possible then they could go for offering more services and benefits at the existing rate. They should also maintain their decency and follow the code of ethics so that the investors could trust upon them. Thus the advisors should
try to attract more and more persons and turn them into investors and finally their clients.
• Executive should give emphasis on mutual funds than other investment options. • Mutual Funds have given a new direction to the flow of personal saving and enable small and medium investors in remote rural and semi urban areas to reap the benefits of the stock market investment. Indian Mutual Funds are thus playing a very important developmental role in allocation of scares resources in the emerging economy. • The awareness level of investor is low in advisors are interested in dealing in mutual fund. • Very less people know about services provided by Karvy.
www.the-finapolis.com www.karvy.com www.mutualfundsindia.com www.valueresearchonline.com www.moneycontrol.com www.morningstar.com www.yahoofinance.com www.theeconomictimes.com www.rediffmoney.com www.bseindia.com www.nseindia.com www.investopedia.com
Journals & other references:
Karvy –the finapolis The Economic Times Business Standard Fact sheet and statements of various fund houses.
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