Project On Mutual Funds PDF

STUDY ON
COMPARISON BETWEEN PERFORMANCE OF SPECIFIC EQUITY

MUTUAL FUNDS WITH NIFTY
(Stock holdings Corporation of India, Bangalore)
Submitted by
Asifulla Shariff
Registration No:
12010221015
Under the Guidance of

Prof Ruchi Mehrotra
In partial fulfillment of the Course- Industry Internship Programme-IIP

in Semester II of the Master of Business Administration (2012-14)
Bangalore
Alliance Ascent College, Alliance Unversity
Masterof Business Administration
Industry Internship Programme (IIP)
Declaration
This is to declare that the report titled STUDY ON COMPARISON BETWEEN

PERFORMANCE OF SPECIFIC EQUITY MUTUAL FUNDS WITH NIFTY has been
made for the partial fulfillment of the Course: Industry Internship Programme (IIP) in
Semester II by me at Stock Holdings Corporation Of India under the guidance of Prof
Ruchi Mehrotra.
I confirm that this report truly represents my work undertaken as a part of my Industry
Internship Programme (IIP). This work is not a replication of work done previously by any
other person. I also confirm that the contents of the report and the views contained therein
have been discussed and deliberated with the faculty guide.
Signature of the Student
Name of the Student
: Asifulla Shariff
Registration No
: 12010221015
Master of Business Administration
Certificate
This is to certify that Mr. Asifulla Shariff Regn. No. 12010221015 has completed the report
titled STUDY ON COMPARISON BETWEEN PERFORMANCE OF SPECIFIC
EQUITY MUTUAL FUNDS WITH NIFTY under my guidance for the partial fulfillment
of the Course: Industry Internship Programme (IIP) in Semester II of the Master of Business
Administration.
Signature of Faculty Guide :
Name of the Faculty Guide : Ruchi Mehrotra
TABLE OF CONTENTS
PARTICULARS
PAGE NO.
1. EXECUTIVE SUMMARY
1-2
2. INTRODUCTION
3-33
i) INDUSTRY OVERVIEW
3-18
ii) COMPANY OVERVIEW
19-33
3. PROJECT PROFILE
i) OBJECTIVES OF THE STUDY
ii) METHODOLOGY
34-39
35
36-39
4. OBSERVATIONS & ANALYSIS
40-51
5. FINDINGS
52-54
i) RECOMMENDATIONS
6. CONCLUSION
55-57
58-59
i) LEARNING OUTCOME
60-61
ii) ANNEXURE
62-81
iii) REFERENCES
82-83
TABLES
Particulars
Page No.
Table - 4.1 - Mean
41
Table - 4.2 - Standard Deavition
42
Table - 4.3 Variance
43
Table - 4.4 Beta
44
Table - 4.5 - Correlation (R- squared)
45
Table - 4.2.1 - Sharpe ratio
46
Table - 4.2.2 - Treynor Ratio
47
Table - 4.2.3 - Jensons Alpha Ratio
48
Table - 4.3.1 - Fund Ranking According To Sharpe Ratio
49
Table - 4.3.2 - Fund Ranking According To Treynor Ratio
50
Table - 4.3.3 - Fund Ranking according to Jensons Alpha
51
EXECUTIVE SUMMARY
Page | 1
This report is being prepared as a part of internship programme from Stock Holding
Corporation Of India Ltd, Bangalore. The topic of my research is on STUDY ON
COMPARISON BETWEEN PERFORMANCE OF SPECIFIC EQUITY MUTUAL
FUNDS WITH NIFTY
Before understanding and analysing the various tools in evaluating the performance, a
brief summary of what mutual fund industry and the company profile has been discussed .
This research is being conducted to know what are the different parameters the investors must
consider before investing in mutual fund schemes as mutual fund are subjected to market risk
so one must read the offer document in depth before making any investment.
In this research the satisfied tools like Mean, Standard Deviation, Beta, Sharp Ratio,
Treynor Ratio And Jenson Alpha Ratio has been calculated to find out which equity mutual
fund is over performing and which is under performing. The study was analysed for the last 3
financial years from 1st august 2010 3rd august 2013 as the data was prior to that in
www.amfi.com website. All the above mentioned tools have different implications so it was a
great to analyse all 5 mutual funds based on above criterias.
After analysing all the parameters a final conclusion was drived that the investors who
would have invested in Birla Sun Life India Gennext Fund-Growth Option, Franklin India
Index Fund - Nifty Plan and Tata Index Fund Nifty plan showed positive impact, whereas
UTI - Leadership Equity Fund and IDBI NIFTY Index Fund Growth showed negetive impact
aganist the Benchmark i.e. Nifty index. But if the investors must have invested in the dividend
or dividend re-investment option, the result would have been quite different as it is not been
considered in the research.
The future trend of mutual fund scheme cannot be determined well in advance as it
depends onvarious factors like macro-economicpolicies, portfolio turnover, expense ratio, etc.
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INTRODUCTION
INDUSTRY OVERVIEW
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MUTUAL FUNDS
A Mutual Fund is an investment tool that allows small investors access to a welldiversified portfolio of equities, bonds and other securities. Each shareholder participates in
the gain or loss of the fund. Units are issued and can be redeemed as needed. The fund's Net
Asset Value (NAV) is determined each day. The income earned through these investments
and the capital appreciations realized are shared by its unit holders in proportion to the number
of units owned by them. Thus a Mutual Fund is the most suitable investment for the common
man as it offers an opportunity to invest in a diversified, professionally managed basket of
securities at a relatively low cost.
Mutual funds are financial intermediaries, which collect the savings of investors and
invest them in a large and well-diversified portfolio of securities such as money market
instruments, corporate and government bonds and equity shares of joint stock companies.
Mutual funds are conceived as institutions for providing small investors with avenues
of investments in the capital market. Since small investors generally do not have adequate
time, knowledge, experience and resources for directly accessing the capital market, they have
to rely on an intermediary, which undertakes informed investment decisions and provides
consequential benefits of professional expertise. The raison dtre of mutual funds is their
ability to bring down the transaction costs. The advantages for the investors are reduction in
risk, expert professional management, diversified portfolios, and liquidity of investment and
tax benefits.
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By pooling their assets through mutual funds, investors achieve economies of scale.
The advantage that such a investing logic offers to an individual investor is the advantage of
scale. A collected corpus can be used to procure a diversified portfolio, indicating greater
returns as also create economies of scale through cost reduction. This principle has been
effective world-wide as more and more investors are going the mutual fund way. This
portfolio diversification ensures risk minimization. The criticality of such a measure comes in
when you factor in the fluctuations that characterize stock markets. The interests of the
investors are protected by the SEBI, which acts as a watchdog. Mutual funds are governed by
the SEBI (Mutual Funds) Regulations, 1993.
INTRODUCTION TO MUTUAL FUND INDUSTRY

The mutual fund industry in India began with the setting up of the Unit Trust In India
(UTI) in 1964 by the Government of India. During the last 36 years, UTI has grown to be a
dominant player in the industry with assets of over Rs.24,464 Crores as of March 31, 2000.
The UTI is governed by a special legislation, the Unit Trust of India Act, 1963. In 1987 public
sector banks and insurance companies were permitted to set up mutual funds and accordingly
since 1987, 6 public sector banks have set up mutual funds. Also the two Insurance companies
LIC and GIC established mutual funds. Securities Exchange Board of India (SEBI) formulated
the Mutual Fund (Regulation) 1993, which for the first time established a comprehensive
regulatory framework for the mutual fund industry. Since then several mutual funds have been
set up by the private and joint sectors.
Mutual funds have been a significant source of investment in both government and
corporate securities. It has been for decades the monopoly of the state with UTI being the key
player, with invested funds exceeding Rs.300 bn. (US$ 10 bn.). The state-owned insurance
companies also hold a portfolio of stocks. Presently, numerous mutual funds exist, including
private and foreign companies. Banks--- mainly state-owned too have established Mutual
Funds (MFs). Foreign participation in mutual funds and asset management companies is
permitted on a case by case basis.
UTI, the largest mutual fund in the country was set up by the government in 1964, to
encourage small investors in the equity market. UTI has an extensive marketing network of
over 35, 000 agents spread over the country. The UTI scrips have performed relatively well in
the market, as compared to the Sensex trend. However, the same cannot be said of all mutual
funds.
All MFs are allowed to apply for firm allotment in public issues. SEBI regulates the
functioning of mutual funds, and it requires that all MFs should be established as trusts under
the Indian Trusts Act. The actual fund management activity shall be conducted from a separate
asset management company (AMC). The minimum net worth of an AMC or its affiliate must
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be Rs. 50 million to act as a manager in any other fund. MFs can be penalized for defaults
including non-registration and failure to observe rules set by their AMCs. MFs dealing
exclusively with money market instruments have to be registered with RBI. All other schemes
floated by MFs are required to be registered with SEBI.
In 1995, the RBI permitted private sector institutions to set up Money Market Mutual
Funds (MMMFs). They can invest in treasury bills, call and notice money, commercial paper,
commercial bills accepted/co-accepted by banks, certificates of deposit and dated government
securities having unexpired maturity up to one year.
MUTUAL FUND INDUSTRY IN INDIA

The end of millennium marks 36 years of existence of mutual funds in this country.
The ride through these 36 years is not been smooth. Investors opinion is still divided. While
some are for mutual funds others are against it.
UTI commenced its operation from July 1964. The impetus for establishing a formal
institution came from the desire to increase the propensity of the middle and lower groups to
save and to invest. UTI came into existence during a period marked by great political and
economic uncertainty in India. With was on the borders and economic turmoil that depressed
the financial market, entrepreneurs were hesitant to enter capital market. Though the growth
was slow, but it accelerated from the year 1987, when non- UTI players entered the industry.
In the past decade, Indian mutual fund industry had seen a dramatic improvement, both
qualities wise as well as quantity wise. Before, the monopoly of the market had seen an ending
phase: the Assent under Management (AUM) was Rs.67bn. The private sector entry to the
fund family raised the AUM to Rs.470bn in March 1993 and till April 2004; it reached the
height of 1,540bn.
Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it
is less than the deposits of SBI alone, constitute less than 11% of the total deposits held by the
Indian banking industry.
The main reason of its poor growth is that the mutual fund industry in India is new in the
country. Large sections of Indian investors are yet to be intellect with the concept. Hence, it is
the prime responsibility of all mutual fund companies, to market the product correctly abreast
of selling.
The mutual fund industry can be broadly put into four phases according to the
development of the sector; each phase is briefly described as under.
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First Phase (1964-87)

Unit Trust of India (UTI) was established on 1963 by Act of Parliament. It was set up
by the Reserve Bank of India and functioned by the Regulatory and administrative control of
the Reserve Bank f India. In 1978 UTI was de-linked from RBI and the Industrial
Development Bank of India (IDBI) took over the regulatory and administrative control in
place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988
UTI had Rs.6, 700 crs of assets under management.
Second phase (1987-1993) - Entry of public sector funds

The period 1986-1993 can be termed as the period of public sector mutual funds
(PMSs). From one player in 1985 the number increased to 8 in 1993. Entry of non-UTI mutual
funds. SBI mutual fund was the first followed Can bank Mutual Fund (Dec 87), Punjab
National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Oct 90), Bank of Baroda
Mutual fund (Oct 92). LIC in 1989 and GIC in 1990. The end of 1993 marked Rs. 47,000 as
assets under management. The industry was one-entity show till 1986 when the UTI
monopoly was broken when SBI and BOI, LIC, GIC etc. sponsored by public sector banks.
Starting with an asset base of Rs. 0.25bn in 1964 the industry has grown at a compounded
average growth rate of 26.34% to its current size of Rs. 1130bn.
Third phase (1990-2003) - Entry of private sector funds

When the private sector made its debut in 1993-94, the stock market was booming.
Also, 1993 was the year in which the first Mutual fund Regulations came into being, under
which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari
Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund
registered in July 1993. Other Private sector mutual funds are Morgan Stanley, Jardine
Fleming, JP Morgan, George Soros and Capital International along with the host of domestic
players joins the party. The 1993 SEBI (Mutual Fund)
Regulations substituted by a more comprehensive and revised Mutual Find regulations
1996. But for the equity funds, the period of 1994-96 was one of the worst in the history of
Indian Mutual Funds, but the year 1999 saw immense future potential and developments in
this sector. This year signaled the year of resurgence of mutual funds and the regaining of
investor confidence in these MFs. As at the end of January 2003, there were 33 mutual funds
with total assets of Rs.1, 21,805 crores. The Unit Trust of India with Rs. 44,541 crores of
assets under management was way ahead of other mutual funds.
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Fourth Phase Since February 2003

This phase had bitter experience for UTI. It was bifurcated into two separate entities.
One is the Specified Undertaking of the Unit Trust of India with AUM of Rs.29, 835 crores
(as on January 2003). The specified undertaking of Unit Trust of India, functioning under an
administrator and under the rules framed by Government of India and does not come under the
purview of the Mutual Fund Regulations.
The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC, It is
registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation
of the erstwhile UTI which had in March 2000 more than Rs. 76,000 crores of AUM and with
the setting up of a UTI mutual fund, conforming to the SEBI Mutual Fund Regulations, and
with recent mergers taking place among different private sector funds, the mutual fund
industry has entered its current phase of consolidation and growth. As at the end of September
2004, There were 29 fund, Which manage assets of Rs. 153108 crores under 421 Structure of
Mutual Funds in India. At the end of year 2006 the AUM crossed 2,50,000 crores.
GROWTH IN ASSETS UNDER MANAGEMENT
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Growth of the Mutual Fund Industry in India

The mutual fund industry in India came into being in 1963 with the setting up
of the Unit Trust of India (UTI). In 1987, Public Sector Banks and Insurance Companies
opened their own mutual funds, thus starting the second phase in the growth of the mutual
funds industry. By the end of 1988, the industry's total assets under management (AUM)
reached
Rs.6billion.
The industry registered a major milestone in 1993 when the first private sector player, the
erstwhile Kothari Pioneer Mutual Fund (now merged with Franklin Templeton), was set up.
Since then, several
international
players have also
entered the fray.
The industry has also witnessed a spate of mergers and acquisitions, the most recent ones
being the acquisition of Alliance Mutual by Birla Sun Life, GIC Mutual by Canbank Mutual,
and Sun F&C by Principal Mutual.
While the Indian mutual fund industry has grown in size by about 320% from March,
1993 (Rs 470 billion) to December, 2004 (Rs 1505 billion) in terms of AUM, the AUM of the
sector excluding UTI has grown over 8 times from Rs.152 billion in March 1999 to Rs.1295
billion as at December 2004 (See Chart 1).
The latest phase in the industry's evolution began with the bifurcation of UTI. The
Indian mutual fund industry has grown by about 4.2 times from 1993 (Rs. 470 billion) to 2005
(Rs. 1992 billion) in terms of AUM. The private sector was allowed entry to set up asset
management companies in 1993. There was a brief period of five years during which the asset
growth was slow. The AUM for the mutual fund industry started to grow rapidly after 1998.
Between 1998 and 2005 the AUM of the sector excluding UTI grew by over 15 times from
Rs.114 billion in 1998 to Rs.1738 billion as at 2005. Though India is a minor player in the
global mutual funds industry, its AUM as a proportion of the global AUM has steadily
increased, doubling from 1999 levels.
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Organization of A Mutual Fund

There are many entities involved in organization of Mutual Fund. Diagram given
below illustrates the organization set-up of a mutual fund.
The structure of mutual fund in India is governed by SEBI (Mutual fund) Regulation, 1996.
MAJOR MUTUAL FUND COMPANIES IN INDIA
ABN AMRO MUTUAL FUND
ABN AMRO Mutual Fund was setup on April 15, 2004 with ABN AMRO
Trustee(India) Pvt. Ltd. as the Trustee Company. The AMC, ABN AMRO Asset
Management (India) Ltd. was incorporated on November 4, 2003. Deutsche Bank A G is the
custodian of ABN AMRO Mutual Fund.
BIRLA SUN LIFE MUTUAL FUND
Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun
Life Financial. Sun Life Financial is a global organization evolved in 1871 and is being
represented in Canada, the US, the Philippines, Japan, Indonesia and Bermuda apart from
India. Birla Sun life Mutual Fund follows a conservative long-term approach to
investment. Recently it crossed a AUM of Rs.10, 000 crores.
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HDFC MUTUAL FUND
HDFC Mutual Fund was setup on June 30, 2000 with two sponsors namely
Housing Development Finance Corporation Limited and Standard Life Investments
Limited.
SAHARA MUTUAL FUND
Sahara Mutual Fund was setup on July 18, 1996 with Sahara India financial
Corporation Ltd. as the sponsor. Sahara Assets Management Company Private Limited
incorporated on August 31, 1995 works as the AMC of Sahara Mutual Fund. The paid up
capital of the AMC stands at Rs.25.8 crore.
STATE BANK OF INDIA MUTUAL FUND
State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to
launch offshore fund, the India Magnum Fund with a corpus of Rs.225 crore
approximately. Today it is the largest Bank sponsored Mutual Fund in India. They
already launched 35 schemes out of which 15 have already yield handsome returns to
investors. State Bank of India Mutual Fund has more than Rs.5, 500 crores as AUM.
Now it has an investor base of over 8 lakhs spread over 18 schemes.
TATA MUTUAL FUND
TATA Mutual Fund is a Trust under the Indian Trust Act, 1882. the sponsors for
Tata Mutual Fund are Tata Sons Ltd., and Tata Investment Corporation Ltd. the
investment manger is Tata management Limited is one of the fastest in the country with
more than Rs.7,703 Crore(as on 2005) of AUM.
UNIT TRUST OF INDIA MUTUAL FUND
UTI Asset Management Company Private Limited, established in Jan 24, 2003
manages the UTI Mutual Fund with the support of UTI Trustee Company Private
Limited. UTI Asset Management Company presently manages a corpus of over Rs.20,
000 crore. The sponsors of UTI Mutual Fund are Bank of Baroda, Punjab National Bank,
State Bank of India, and Life Insurance Corporation of India. The schemes of UTI
Mutual Fund are Liquid Funds, assets Management Funds, Index Funds and Balanced
Funds.
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RELIANCE MUTUAL FUND
Reliance Mutual Fund was established as trust under Indian Trusts Act, 1882.The
sponsor of RMF is Reliance Capital Limited and Reliance Capital Trustee Co. Limited is the
Trustee. It was registered on June 30, 1995 as Reliance Mutual Fund which was
changed on March 11, 2004. Reliance Mutual Fund was formed for launching of various
schemes under which, units are issued to the public with a view to contribute to the
capital market and to provide investors the opportunities to make investments in
diversified securities.
FRANKLIN TEMPLETON MUTUAL FUND
The group, Franklin Templeton investment is a California based company with a

global AUM of US $409.2(as on 2005). It is one of the largest financial service group in the
world. Investors can buy or sell the Mutual Fund through their financial advisor or
through mail or through their website. They have open end Diversified Equity schemes,
Open end Sector Equity schemes, Open end Hybrid schemes, Open end tax saving
schemes, Open end income and liquid schemes, Closed end Income schemes and Open
end Fund of Funds schemes to offer.
MORGAN STANLEY MUTUAL FUND
Morgan Stanley is a world wide financial services company and its leading in the
market in securities, investment management and credit services. Morgan Stanley
investment management was established in the year 1975. it provides customized asset
management services and products to governments, corporations, pension funds and non
profit organizations. Its services are also extending to high net worth individuals and
retail investors. In India it is known as Morgan Stanley investment management Private
Ltd. and its AMC is Morgan Stanley Mutual Fund. This is the first closed end diversified
equity scheme serving the needs of Indian retail investors focusing on the long term
capital appreciation.
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Types of Mutual Funds

Mutual fund schemes may be classified on the basis of its structure and its
investment objective.
By Structure:
Open-ended Funds
An open-end fund is one that is available for subscription all through the year.
These do not have a fixed maturity. Investors can conveniently buy and sell units at Net
Asset Value ("NAV") related prices. The key feature of open-end schemes is liquidity.
Closed-ended Funds
A closed-end fund has a stipulated maturity period which generally ranging from 3
to 15 years. The fund is open for subscription only during a specified period. 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 they 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.
Interval Funds
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.
By Investment Objective:
Growth Funds:
The aim of growth funds is to provide capital appreciation over the medium to
long- term. Such schemes normally invest a majority of their corpus in equities. It has
been proven that returns from stocks, have outperformed most other kind of investments
held over the long term. Growth schemes are ideal for investors having a long-term
outlook seeking growth over a period of time.
Income Funds:
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 and Government securities. Income Funds are ideal for capital stability and
regular income.
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Balanced Funds:
The aim of balanced funds is to provide both growth and regular income. Such
schemes periodically distribute a part of their earning and invest both in equities and
fixed income securities in the proportion indicated in their offer documents. In a rising
stock market, the NAV of these schemes may not normally keep pace, or fall equally
when the market falls. These are ideal for investors looking for a combination of income
and moderate growth.
Money Market Funds
The aim of money market funds is to provide easy liquidity, preservation of
capital and moderate income. These schemes generally invest in safer short-term
instruments such as treasury bills, certificates of deposit, commercial paper and interbank call money. Returns on these schemes may fluctuate depending upon the interest
rates prevailing in the market. These are ideal for Corporate and individual investors as a
means to park their surplus funds for short periods.
Load Funds:
A Load Fund is one that charges a commission for entry or exit. That is, each time
you buy or sell units in the fund, a commission will be payable. Typically entry and exit
loads range from 1% to 2%. It could be worth paying the load, if the fund has a good
performance history.
No-Load Funds:
A No-Load Fund is one that does not charge a commission for entry or exit. That is,
no commission is payable on purchase or sale of units in the fund. The advantage of a
no load fund is that the entire corpus is put to work.
Schemes:
Tax Saving Schemes:
These schemes offer tax rebates to the investors under specific provisions of the
Indian Income Tax laws as the Government offers tax incentives for investment in
specified avenues. Investments made in Equity Linked Savings Schemes (ELSS) and
Pension Schemes are allowed as deduction u/s 88 of the Income Tax Act, 1961. The Act
also provides opportunities to investors to save capital gains u/s 54EA and 54EB by
investing in Mutual Funds, provided the capital asset has been sold prior to April 1, 2000
and the amount is invested before September 30, 2000.
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Special Schemes:
Industry Specific Schemes:
Industry Specific Schemes invest only in the industries specified in the offer
document. The investment of these funds is limited to specific industries like InfoTech,
FMCG, Pharmaceuticals etc.
Index Schemes:
Index Funds attempt to replicate the performance of a particular index such as the BSE
Sensex or the NSE 50.
Sectoral Schemes:
Sectoral Funds are those, which invest exclusively in a specified industry or a
group of industries or various segments such as 'A' Group shares or initial public
offerings.
BENEFITS OF MUTUAL FUND INVESTMENT
Professional Management:
Mutual Funds provide the services of experienced and skilled professionals,
backed by a dedicated investment research team that analyses the performance and
prospects of companies and selects suitable investments to achieve the objectives of the
scheme.
Diversification:
Mutual Funds invest in a number of companies across a broad cross-section of
industries and sectors. This diversification reduces the risk because seldom do all stocks
decline at the same time and in the same proportion. You achieve this diversification
through a Mutual Fund with far less money than you can do on your own.
Convenient Administration:
Investing in a Mutual Fund reduces paperwork and helps you avoid many
problems such as bad deliveries, delayed payments and follow up with brokers and
companies. Mutual Funds save your time and make investing easy and convenient.
Return Potential:
Over a medium to long-term, Mutual Funds have the potential to provide a higher
return as they invest in a diversified basket of selected securities.
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Low Costs:
Mutual Funds are a relatively less expensive way to invest compared to directly
investing in the capital markets because the benefits of scale in brokerage, custodial and
other fees translate into lower costs for investors.
Liquidity:
In open-end schemes, the investor gets the money back promptly at net asset
value related prices from the Mutual Fund. In closed-end schemes, the units can be sold on
a stock exchange at the prevailing market price or the investor can avail of the facility
of direct repurchase at NAV related prices by the Mutual Fund.
Transparency:
You get regular information on the value of your investment in addition to
disclosure on the specific investments made by your scheme, the proportion invested in
each class of assets and the fund manager's investment strategy and outlook.
Flexibility:
Through features such as regular investment plans, regular withdrawal plans and
dividend reinvestment plans, you can systematically invest or withdraw funds according to
your needs and convenience.
Affordability
Investors individually may lack sufficient funds to invest in high-grade stocks. A
mutual fund because of its large corpus allows even a small investor to take the benefit of its
investment strategy.
Choice of Schemes
Mutual Funds offer a family of schemes to suit your varying needs over a
lifetime.
Well Regulated
All Mutual Funds are registered with SEBI and they function within the
provisions of strict regulations designed to protect the interests of investors. The
operations of Mutual Funds are regularly monitored by SEBI.
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LIMITATION OF MUTUAL FUND INVESTMENT

No Control Over Cost:
An Investor in mutual fund has no control over the overall costs of investing. He
pays an investment management fee (which is a percentage of his investments) as long as he
remains invested in fund, whether the fund value is rising or declining. He also has to pay
fund distribution costs, which he would not incur in direct investing.
However this only means that there is a cost to obtain the benefits of mutual fund
services. This cost is often less than the cost of direct investing.
No Tailor-Made Portfolios:
Investing through mutual funds means delegation of the decision of portfolio
composition to the fund managers. The very high net worth individuals or large corporate
investors may find this to be a constraint in achieving their objectives.
However, most mutual funds help investors overcome this constraint by offering
large no. of schemes within the same fund.
Managing A Portfolio Of Funds:
Availability of large no. of funds can actually mean too much choice for the
investors. He may again need advice on how to select a fund to achieve his objectives.
AMFI has taken initiative in this regard by starting a training and certification
program for prospective Mutual Fund Advisors. SEBI has made this certification compulsory
for every mutual fund advisor interested in selling mutual fund.
i. Taxes:
During a typical year, most actively managed mutual funds sell anywhere from 20 to
70 percent of the securities in their portfolios. If your fund makes a profit on its sales, you
will pay taxes on the income you receive, even if you reinvest the money you made.
ii. Cost of Churn:
The portfolio of fund does not remain constant. The extent to which the portfolio
changes is a function of the style of the individual fund manager i.e. whether he is a buy
and hold type of manager or one who aggressively churns the fund. It is also dependent on
the volatility of the fund size i.e. whether the fund constantly receives fresh
subscriptions and redemptions. Such portfolio changes have associated costs of
brokerage, custody fees etc. that lowers the portfolio return commensurately.
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Net Asset Value (NAV)

The net asset value of the fund is the cumulative market value of the assets fund net
of its liabilities. In other words, if the fund is dissolved or liquidated, by selling off all the
assets in the fund, this is the amount that the shareholders would collectively own. This
gives rise to the concept of net asset value per unit, which is the value, represented by the
ownership of one unit in the fund. It is calculated simply by dividing the net asset value of
the fund by the number of units. However, most people refer loosely to the NAV per unit as
NAV, ignoring the "per unit". We also abide by the same convention.
Calculation of NAV
The most important part of the calculation is the valuation of the assets owned by the
fund. Once it is calculated, the NAV is simply the net value of assets divided by the
number of units outstanding. The detailed methodology for the calculation of the asset
value is given below.
NET ASSET VALUE PER SHARE =
NET ASSET VALUE

TOTAL OUTSTANDING SHARES
Asset value is equal to:

Sum of market value of shares/debentures + Liquid assets/cash held, if any +
Dividends/interest accrued Amount due on unpaid assets Expenses accrued but not paid.
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COMPANY OVERVIEW
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Introduction Of SHCIL
From the inception to achieving and retaining the mantle of the largest Depository
in the country, it is a dream and vision that has helped them. Where SHCIL made the
difference is at understanding ideas, managing them, at arranging organizational strengths and
translating these new exposures into service and business activities.
The technology support not only holds enormous database together, but also makes
better service out of it. The state-of-the-art Information Technology tools by SHCIL, have
received global recognition. SHCIL is a Laureate of the world Honors program. SHCIL has
also received National IT award form the Computer Society of India.
The adaptability to the changing requirements of the market is one of their main
biggest changeovers in the SHCILs story. It has been expanding from the Year 1996 and
marked a fundamental shift for the Indian capital markets. The Act changed the way the
capital markets, specifically the stock exchanges, and related organizations would function.
Securities Exchange Board of India its guiding hand, set up a framework for changing over
capital market and trading from paper to electronic mode. Since then the depository culture
has probably unmatched by any other country.
Accordingly, from servicing financial institutions, SHCIL has timed their move into
extensive individual investor populace. They have enriched organizational strengths and finetune the front-end interfaces to cater to distinct needs of the individual investor. A specially
trained pool of over 1500 professionals provides personalized service to our client investors.
To enable easy reach, and they have accelerated distribution network from four offices in the
Year 1997 to over 134 in the Year 2005 offices across the country.
Dedicated lease line network links across theses offices, independent system and offsite backups provides platform for traditional servicing as also new applications. The results
are definite, four Years back, SHCIL signed in first investor client. Today, SHCIL serves a
satisfied client of around eight lakhs accounts. SHCIL ensures that financial product offerings
are related closely, not just services added on. Alongside expansion, the thinking has been at
diversifying areas of financial products and service. Rather than coming out with which would
suit their organizational needs, the accent is on channeling to make convenience products for
financial markets. They formulate new quantum benefits to investors, corporations and
brokers and also fit mosaic of SHCILs product mix.
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History of SHCIL
Stock Holding Corporation Of India Limited (SHCIL) was incorporated under the
Companies Act, on July 28th of 1986 at the initiative of the Government of India. To provide
specialized and dedicated custodian services to government financial institutions. It was
promoted by seven all India Financial institutions viz.,
Industrial Development Bank of India.

Unit Trust of India.
Industrial Credit and Investment Corporation of India LTD.
Industrial Finance Co-operation of India.
Life Insurance Bank of India.
Industrial Investment Bank of India.
General Insurance Corporation of India and its subsidiaries, viz.,
Oriental Insurance Company Ltd.
New India Assurance Company Ltd.
National Insurance Company Ltd.
United India Insurance Company ltd.
SHCIL commenced operation in August 1988 and has been providing custodial and
related services of international standard for more than a decade, being a premier custodian.
SHCIL today holds more than 45 million certificates of clients assets in its custody.
The Securities Exchange commission, U.S.A has recognized SHCIL as an Eligible
custodian under section 17(f) of the US Investment Company Act-1940 and framed there
under.
SHCIL provides depository, post trading, custodial services, securities lending, to
institutional investors and retail investors. Other auxiliary services provided by SHCIL include
derivatives clearing, PF fund accounting, SGL constituent account services, mutual funds and
other capital market instruments distribution.
SHCIL works in a highly computerized environment. State of the art technologies are
employed to facilitate the business and to minimize the risk from automated operations.
SHCIL is a laureate of the computer world program. SHCIL has also received National IT
award from the Computer Society of India. The information technology department has been
assessed at CMM level 3 by I-flex consulting and the coveted ISO-9001: 2000 certification
has been awarded by BVQI.
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STRATEGIC ALLIANCES:
Strategic alliances have been conceived as a means to diversify the business to
improve the profitability. Considering the expertise and the market needs, SHCIL has
identified various types of institutions to strike an alliance.
SHCIL has already entered into a strategic alliance with Morgan Stanley Trust
Company (MSTC) and Morgan Stanley Bank (MSB), where by SHCIL acts as a subcustodian to MSTC and MSB, providing custodial and related services to Foreign Institutional
Investors.
An alliance has been struck with Bank of India (BOI) where by while BOI extend
loans against securities, SHCIL would provide services relating to dematerialization,
rematerialisation, pledge and settlement to the clients of BOI, similar alliances are proposed
with other leading nationalized and private sector commercial banks.
The alliance with UTI securities exchange Ltd. (UTISEL) and IDBI capital market
services Ltd. (ICMS). Envisages propounding single window concept in the stock market
transactions. UTISEL and ICMS will utilize their expertise in offering services to the investor
in stock market truncations. SHCILs role will be efficient management of market operations,
safe keeping of securities and completing corporate action related services.
The alliance with IDBI capital service would also enable SHCIL to provide all
necessary services relating to the investment made by the former in the government securities.
SHCIL Services
Custodial
SHCILs core competence in Custodial business spans 18 years, with a dedicated pool
of trained and experienced professionals working literally round the clock using state-of-art
computer systems and world class technology.
SHCIL maintains dedicated communication channels, well connected to Client
institutions, Stock Exchanges, Clearing houses and Depositories, thus maintaining process &
quality leadership.
As a custodian entrusted with sizeable assets, SHCIL is continuously leveraging
its scale and capabilities to help its clients mitigate risk and optimize efficiencies with greater
control.
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CLIENTELE
Financial Institutions
Mutual Funds
Banks (Nationalized, Scheduled, Public Sector, Private Sector Co-operative,
Foreign)
Insurance Companies
Foreign Institutional Investors
Corporate
Venture Capital Companies
Foreign Venture Capital Companies
PF Trusts
CLEARING AND SETTLEMENT SERVICES

Post Trading Services
SHCIL has specially trained personnel handling thousands of trade instructions
involving large values on sophisticated systems using digital signature on STP (Straight
through Processing) systems, ensuring smooth trade confirmations to Stock Exchanges.
SHCIL provides the choice of multiple STP service providers enabling competitive
advantage of efficient settlements.
SHCIL seamlessly monitors trades and ensures Failed Trade Management with
reporting and resolution of mismatches etc. At SHCIL, a client has the flexibility of settlement
of funds through a wide panel of Banks having RTGS facility.
Settlement Services
Most of the Institutional trades are settled through the Clearing House of the Stock
Exchanges. As a Custodian, SHCIL facilitates timely settlement of Funds and Securities.
Funds are collected/ deposited from/to client and settled with the Clearing Houses.
Most of the Institutional trades are settled in the Depository mode. For the Institutional
segment alone, SHCIL has a unique clearing code on the two principal stock exchanges and
separate DPM units on both NSDL and CDSL. This ensures smooth settlement of transactions
on both Exchanges/Depositories, based on the deliverables and receivables received by them
for each settlement.
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Daily verification of settlements (Auction/Normal) facilitates smooth reconciliation of

settlements of clients trades and mitigates systemic risk.
For debt market deals SHCIL ensures timely movement of securities and funds.
For the occasional delivery and receipt of securities in the physical mode, SHCIL
ensures prompt scrutiny, processing and lodgment of securities with the respective
Company/Registrar and Transfer Agent, with the objective of final transfer to the purchaser,
with objections handling if needed. SHCIL also ensures that deliveries of physical securities to
Exchanges are handled strictly as per Exchange regulations.
Physical Custody (Vault) Services

SHCIL has extensive Vault capacity with state-of-the-art technology. This includes
tracking with bar-coding techniques. Certificates are held in customized, fire resistant
Modular Sliding Storage Units, with automated location tracking, and Logs with tight
security. There are comprehensive document tracking and storage systems in place to hold
investments in physical & electronic form. SHCIL tracks each and every security in the
custody with absolute ease and tracks the status of investments at any point of time.
Other security features include circuit TV, smoke detectors and fire extinguishers which are
installed in the premises.
SHCIL relies on audit trails and physical reconciliation continuously to reconfirm validity of
systemic data. SHCIL also periodically seeks re-confirmation from internal and statutory audit
firms for adherence to the established best practices
Institutional DP Services
SHCIL has installed dedicated DPMs (Depository Participant Modules) on both the
Depositories, viz. NSDL (National Securities Depository Ltd.) and CDSL (Central Depository
Services (India) Ltd).
A dedicated Institutional DP team at SHCIL addresses your need for all core DP services like
Account opening & maintenance, conversion of physical holdings into electronic form,
settlement of trade instructions, rematerialisation, repurchase and pledge instructions,
providing of holding and transaction statements and daily reconciliation of client holdings.
SHCIL also provides special services like providing electronic credit and corporate
action follow-up, reporting of saleable holding positions required by many fund managers,
monitoring of CP Redemptions, prepayments and providing customized reports like put/call
forecasts, logical holdings and non equity holding reports.
Asset Servicing
SHCIL has dedicated teams to handle the various aspects of Asset Servicing. The
Corporate Actions Team ensures forecast of all corporate actions and benefits accruing on a
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clients holding, timely collection of monetary and non-monetary benefits and cover all
activities relating to a corporate event like calculation of entitlements, reconciling with
companies/registrars prior to due date, collection of monetary Corporate Actions from the
premises of company/registrar and transfer of same to clients. In case of any shortage, active
follow up with each company. Customized reporting to clients on the status of Corporate
Actions is done periodically.
The Primary Markets team takes care of applications on behalf of clients for primary
market issues, calculates the entitlements, follows up for allotment or refunds and sends
customized reports to clients.
The dedicated Redemptions Team tracks the payouts of various debt instruments held
by SHCILs clients and monitors Put/Call Options. This team ensures timely monetary
collection and deposits and keeps track of the outstanding amounts and re-investments.
At the heart is the support provided by a highly specialized Databank team, which is unique
to SHCIL. This team tracks over 8500 Companies, over 12000 issued securities, 2500
Registrars, besides all relevant information available in all leading stock Exchanges and
Depositories. The team ensures prompt availability of information on all Corporate
Announcements, ISIN listings etc to the Custodial Teams and the information is solely for the
benefit of SHCILs clients.
Thus SHCIL is equipped to handle all types of instruments, listed on the BSE and
NSE, money market instruments like CPs & CDs, all kind of debt instruments and unlisted
securities.
Client Relationship Management

Every Institutional client is assigned to an experienced Client Relationship Manager
who assists in resolving special issues relating to the client.
Over and above the services offered we have a premium offering called ADVAIT, an
integrated, web-based, online reporting system which provides a single window access to
institutional reports with enhanced security features.
DP SERVICES
Our Depository Participant services address your individual investment needs. With a
parentage of leading financial institutions and insurance majors and a proven track record in
the Custodian business, we have reiterated our past success by establishing ourselves as the
first ever and largest Depository Participant in India.
From a tentative foray in 1998 into the individual investor arena to servicing around seven lac
accounts, we have endeavored to constantly add and innovate to make business a pleasure for
you.
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Over 100 of our networked branches ensure we are available where you look out for
us. Across the country, fourteen Depository Participant Machines (DPMs) connected to NSDL
and seven connected to CDSL ensure fast and direct processing of your instructions.
Our customer-centric account schemes have been designed keeping in mind the
investment psyche of our clients. Your DP account with us takes care of your Depository
needs like dematerialization, rematerialization and pledging of shares.
Matching of your scanned signature on every debit instruction with a digitally scanned
original in our system makes all your trading transactions absolutely secure. Proactive backup
of your instructions prior to execution in the Depository makes us oblivious to system crashes.
At SHCIL, we place a very high premium on client reporting. Periodic statements sent
to you keep you informed of your account status. Dedicated Customer Care lines manned by
trained staff answer your queries on demat / trades / holdings. The latest in client response at
SHCIL is Interactive Voice Response (IVR) system for round the clock information on your
account. Registration on our website, SHCIL Interactive, enables you to check your accountrelated information, stock market reports and statistics, corporate benefits declared by
companies, real-time quotes of scrips on BSE and NSE and so much more online.
DERIVATIVES (STOCKS)
SHCIL is a Custodian/Professional Clearing Member of derivative segment at the
Bombay Stock Exchange and at the Futures & Options Segment of the NSEIL respectively.
We have developed in-house Back Office systems and procedures to cater to the needs
of various entities in the segment. A dedicated team of professionals handle derivative
operations and assist its clients.
As a professional clearing member, SHCIL performs the following functions:
Clearing - Computing obligations of all his TMs i.e. determining positions to settle.
Settlement - Performing actual settlement.
Collateral Management - Collection of collateral (cash/cash equivalents and securities),
valuation on a regular basis (as per J. R. Varma recommendations) and setting up exposure
limits for TMs and Institutional clients.
Risk Management - Setting position limits based on upfront deposits/margins for each
TM and monitoring positions on a continuous basis.
ADVANTAGES
SHCIL has always been a pioneer in clearing and settlement services in the cash
segment at both the exchanges. SHCIL has the capability to handle large volumes of business
with greatest accuracy, keeping customer interests as the top priority. SHCIL in its endeavor
to serve various entities in the derivatives segment has developed indigenous solution keeping
in view the strict regulatory requirements.
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Privacy of each TMs operations strictly maintained

SHCIL being a professional clearing member has no trading interests in the derivatives
segment. There is strictly no dissemination of information on trading or any other operation of
any of its clients.
One-point contact for all the activities

SHCILs Derivatives segment is centralized and all operations are handled by an
exclusive derivatives team.
Dedicated team of professionals to handle Derivatives operations:
SHCIL has a well-trained team of professionals supported by best systems, to handle
derivatives operations at NSE and BSE. Clients can approach the team for troubleshooting,
conceptual understanding or any other operational issue related to derivatives trading.
Tie-up with banks having nation-wide reach for banking activities:
Since settlement in derivatives trading takes place daily. Funds movement has to be
fast. SHCIL has tie up with banks (HDFC Bank, ICICI Bank, GTB, IDBI Bank, UTI Bank,
Canara Bank etc.) having wide reach and modern facilities like TT/anywhere banking etc. to
contain the time lag in banking transactions.
Network of more than 130 branches to support outstation clients :
SHCIL has nationwide reach with its 130 plus branches across the country to support
outstation clients. SHCILs branches are geared up to provide derivatives clearing and
settlement services to trading members operating from respective branches.
In built checks and controls:
SHCIL has indigenously designed systems that take care of the stringent regulatory
requirements for derivatives trading in India.
Collateral Management:
SHCIL has excellent system to manage cash/cash equivalents/securities deposited as
collateral for derivatives trading. Clients are informed as and when expiry of any instrument
approaches. Securities are transferred in minimum possible time. Corporate actions on
securities are monitored and clients are being informed accordingly.
Support from Institutional participants:

SHCIL being a custodian clearing member having major institutional clients like UTI,
IDBI etc. who are also promoters of SHCIL, provides more credibility to its clients.
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Competitive service charges:

SHCIL is the pioneer in introducing Derivatives Clearing and Settlement services in
the country. To promote derivatives trading, the service charges are designed not become a
hindrance for anybody entering this market.
More leverage:
There is no need to block assets worth Rs. 50 lac as initial margin deposits with
exchange. Instead a Trading member can take huge exposures by investing the same amount
through a PCM like SHCIL.
Low investments:
Derivatives trading require complying with stringent regulatory requirements and huge
investment in back office systems for a Clearing Member. By choosing a PCM like SHCIL, a
trading member can start trading with very little investment in back office systems since a
PCM takes care of the back office activities.
Institutional Advantage:
Advantages of trading for institutional clients. A trading member can execute
institutional orders without shrinking his own exposure limits as institutional trades are
confirmed online by the respective PCM.
Confidentiality of Trades:
Since SHCIL has no trading rights, the business details of a trading member are not
likely to be misused .There is no overlapping of business interests.
Focus:
Due to highly competitive nature of the market, SHCILs service charges are normally
very low and it makes more business sense for a TM to outsource the clearing and settlement
activities and focus on the core business of trading.
COMMODITY DERIVATIVES
SHCIL is the first Professional Clearing Member of Commodity segment on the Multi
Commodity Exchange (MCX) and National Commodity & Derivative Exchange (NCDEX).
SHCIL has a full-fledged in-house back office systems and procedures to cater to the
needs of trading members and other institutional / corporate clients in this segment.
A dedicated team of professionals handles derivative operations and assists its clients.
As a professional clearing member, SHCIL performs the following functions:
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Clearing - Computing obligations of all his TMs i.e. determining positions to settle.
Settlement - Performing actual settlement.
Collateral Management - Collection of collateral (cash and cash/cash equivalents
And setting up exposure limits for TMs and Institutional clients.
Risk Management - Setting position limits based on upfront deposits/margins for each TM
and monitoring positions on a continuous basis.
ADVANTAGE
SHCIL has always been a pioneer in clearing and settlement services in the cash and F
& O segment on NSE and BSE. SHCIL has the capability to handle large volumes of business
with greatest accuracy, keeping customer interests as the top priority. SHCIL in its endeavor
to serve various entities in the Commodity segment has developed indigenous solution
keeping in view the strict regulatory requirements.
Privacy of each TM's operations strictly maintained:

SHCIL being a professional clearing member has no trading interests in the
Commodity segment. There is strictly no dissemination of information on trading or any other
operation of any of its clients.
One-point contact for all the activities:
SHCIL's Commodity segment is centralized and all operations are handled by an
exclusive Commodity team.
Dedicated team of professionals to handle Commodity operations:
SHCIL has a well-trained team of professionals supported by best systems, to handle
commodity operations at MCX and NCDEX. Clients can approach the team for
troubleshooting, conceptual understanding or any other operational issue related to derivatives
trading.
Network of more than 130 branches to support outstation clients:
SHCIL has nationwide reach with its 130 plus branches across the country to support
outstation clients. SHCIL's branches are geared up to provide Commodity clearing and
settlement services to trading members operating from respective branches.
In built checks and controls:
SHCIL has indigenously designed systems that take care of the stringent regulatory
requirements for Commodity trading in India.
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Collateral Management:
SHCIL has excellent system to manage cash and cash equivalents deposited as
collateral for derivatives trading. Clients are informed as and when expiry of any instrument
approaches.
Continuous Patronage from Institutional clients :
SHCIL being a custodian clearing member having major institutional clients, provides
more credibility.
Tie-up with banks having nation-wide reach for banking activities :

Since settlement in derivatives trading takes place daily. Funds movement has to be
fast. SHCIL has tie up with new generation banks having wide reach and modern facilities like
TT / anywhere banking etc. to contain the time lag in banking transactions.
Competitive service charges :
SHCIL is the pioneer in introducing Derivatives Clearing and Settlement services in
the country. Service charges are so competitively structured to facilitate any entrant.
Low investments:
The clearing function in the Commodity derivative segment requires huge investment
in back office systems and requires strict compliance to the regulatory framework. By
choosing a PCM like SHCIL, a trading member need not deploy huge resources for post
trading functions.
Confidentiality of Trades:
Since SHCIL has no trading rights, the business details of a trading member are not
likely to be misused. There is no overlapping of business interests.
Focus:
Due to highly competitive nature of the market, SHCIL's service charges are normally
very low and it makes more business sense for a TM to outsource the clearing and settlement
activities and focus on the core business of trading.
BROKING
Stock Holding Corporation of India ltd. (shcil) in its endeavor to provide one stop shop
to its large retail & intuitional clients has promoted shcil services limited (ssl) as its broking
arm.
SHCIL has been promoted by All India public financial institutions and insurance
majors. SHCIL is known for its security, integrity, wide network and focus on technology.
SHCIL services ltd will continue this tradition.
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SSL has a well-established research team, which will be used to provide advisory
services to institutional & retail investors in capital market. SSL is providing broking service
through BSE from March 14, 2006. NSE operations will commence shortly, after necessary
regulatory approvals.
NRI SEVICES
Over the years, SHCIL has grown to become a major player in the capital market. With
a network of more than 120 offices operating across the country and franchisees operating
abroad, SHCIL provides Depository Participant and related services close to 0.7 million
satisfied investors out of which over 6000 are NRI Clientele.
SHCIL has a full-fledged NRI cell operating specifically to cater needs pertaining to
Depository account opening and maintenance. NRI cell co-ordinates with prospective NRI
customers, collects and assists in obtaining the relevant documents and ensures the Depository
Account is opened hassle free. NRI Cell collects physical certificates to be sent for demat and
ensures that the certificates are in order and can be sent for dematerialization under the
existing guidelines issued by the depositories. Instructions for trade are accepted by fax on
request by NRI Cell to ensure timely settlement of trades. In this case later on the client needs
to regular rise by sending the original trade delivery instruction. Any tariff and billing related
query are addressed by NRI Cell.
In short NRI Cell is a single point contact for any matter relating to NRI Depository
operations.
Vision of the Company:

To Become One Stop Shop For All Financial Services .
This vision of the company is slowly being achieved with the foray of the
company into new financial services and products into its portfolio the latest to
be the Insurance product, which would be soon distributed.
Mission of the Company:

To be a world-class Technology Driven and Client Focused market leader
in Financial and technical services
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Objectives of the Company:

o To retain the No. 1 position in the DP industry by being ahead of all
other DP service providers with the innovative use of technology.
o To provide justified service to every rupee the
client pays.
o To ensure security and convenience of transaction to its clients at
reasonable price.
o To channel technology to make convenient products for financial market
that give quantum benefits to investors, corporate houses and brokers.
o To reach 37 million Internet users in the years to come with e-commerce
projection scaling USD 1.7 billion.
o To move with speed and ease, diversifying into new areas, considerably
on others and sharpening its focus and paradigms.
o To increase its customer base, this at present
is 7 lakh.
o To evolve a new strategy to emerge as a broad based financial
powerhouse in the years to come.
o To expand to the South-East Asia, with the aim of becoming
the leader.
BASIC FACTS OF SCHIL
SCHIL is Indias largest depository participant.

SCHIL has around 20% market share i.e. over 8 lakhs demat accounts
SCHIL has approx, 50% market share of delivery-based transaction which amount to
1.33 crore transaction
Short title and commencement.
Definitions
Board of directors
Executive committee
Business rules
Participants
Securities
Account/transaction by book entry
Reconciliation, accounts and audit
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SWOT ANALYSIS
SWOT analysis is a strategic planning tool used to evaluate the strength, weaknesses,
oppurtunities ant threats involved in a project or in a business venture or project and identify
the internal and external factors that are favourable and unfavourable to achieving that
objective.
Strengths
: attributes of the organization that is helpful to achieving that objective.
Weaknesses : attributes of the organization that is harmful to achieving that objective.
Oppurtunities: external conditions that is helpful to achieving that objective.
Threats
: external conditions that could damage the performance of the business.
SWOT ANALYSIS OF SCHIL

Strengths :
Good brand image.

Stability and trust of clients.
Government promoted organization.
Excellence in IT.
Effectiveness in job assignment.
Zero % employee retrenchment.
Effective services in the intuitional segment.
Quality of service.
The variety of products is increasing.
Prospects expect more service from their brokers.
Weakness :
Lack of incentive for clients.

Insufficient credit collection procedure.
Increased centralized trading.
No proper publicity practices.
Oppurtunities :
Diversification into new product and services.

To use unconventional channels.
Increase in number of franchisees.
To develop strategies to retain and attract customer.
Technology is improving to the point that paperless transaction are available.
To expand existing market and area of operation.
To make more availabiltiy of Online tading for clients.
Threats :
Numbers of competitors are increasing at high rate.

Lack of other related inproved facilities.
Companies are leading to reduction in the number of clients.
Increasing expenses and lower profit margins will hit hard on the smaller organisation.
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PROJECT PROFILE
Page | 34
Objectives of study:
To understand the operations of Mutual Funds & Nifty Index.

To compare the market return with the Mutual Fund return as to
get the best result.
To collect historical data, observe, anaylze thr risk and returns.
To rank Mutual Funds according to their perfomance using
Mean, Standard Deviation, Sharpes Ratio, Treynors Ratio &
Jensens Alpha Ratio.
To offer suggestions and recomendation to AMCs so as to make
it more convinient to the investors.
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Methodology of sampling procedure

This study includes information derived from only secondary data.
Secondary study:
It is the data or information obtained from original sources i.e. information is obtained
from www.amfi.com. Data which is gathered is historical. It depends upon the existing facts
or indirectly related to past studies.
It is the data, which already exists. Some one other than researcher compiles it for
various purposes not directly related to the research currently under consideration, it must be
relevant to the research under study. It is readily available for processing. It saves time and
money. It may not give higher rate of accuracy and reliability.
The data has been collected for 5 equity mutual funds schemes to compare with the
nifty index. The data has been collected in an excel spreadsheet and various statistical tools
has been applied to find out the best mutual funds sheme in the past 3yrs from the financial
year 2010 2013.
Source of data
The secondary data has been gathered from the following sources:
Literature available in the company

Information obtained from Internet
Tools and Techniques :

The Indicators of investment risk that applies to analysis of stocks, bonds and
mutual fund portfolios are Mean, Standard Deviation, Sharpes Ratio, and
Treynors Ratio & Jensens Alpha Ratio. These statistical measures are historical
predictors of investment risk/volatility and are all major components of MODERN
PORTFOLIO THEORY (MPT). The MPT is a standard financial and academic methodology
used for assessing the performance of equity, fixed-income and mutual fund investments by
comparing
them
to
Market
Benchmarks.
All of these risk measurements are intended to help investors determine the riskreward parameters of their investments. In this article, we'll give a brief explanation of each of
these commonly used indicators.
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Statistical Tools
Mean
In securities analysis, it is the expected value, or mean, of all the likely returns
of investments comprising a portfolio. It is also known as "expected return"
Mean returns attempt to quantify the relationship between the risk of a portfolio
of securities and its return. It assumes that while investors have different risk
tolerances, rational investors will always seek the maximum rate of return for every
level of acceptable risk. It is the mean, or expected, return that investors try to
maximize at each level of risk.
Standard Deviation
Standard deviation measures the dispersion of data from its mean. In plain
English, the more that data is spread apart, the higher the difference is from the norm.
In finance, standard deviation is applied to the annual rate of return of an investment to
measure its volatility (risk). A volatile stock would have a high standard deviation.
With mutual funds, the standard deviation tells us how much the return on a fund is
deviating from the expected returns based on its historical performance.
Beta
Beta, also known as the "Beta Coefficient", is a measure of the volatility, or
systematic risk, of a security or a portfolio in comparison to the market as a whole.
Beta is calculated using regression analysis, and you can think of it as the tendency of
an investment's return to respond to swings in the market. By definition, the market has
a beta of 1.0. Individual security and portfolio values are measured according to how
they deviate from the market.
A beta of 1.0 indicates that the investment's price will move in lock-step with
the market. A beta of less than 1.0 indicates that the investment will be less volatile
than the market, and, correspondingly, a beta of more than 1.0 indicates that the
investment's price will be more volatile than the market. For example, if a fund
portfolio's beta is 1.2, it's theoretically 20% more volatile than the market.
Conservative investors looking to preserve capital should focus on securities
and fund portfolios with low betas, whereas those investors willing to take on more
risk in search of higher returns should look for high beta investments.
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Correlation (R-Squared)
Correlation (R-Squared) is a statistical measure that represents the percentage
of a fund portfolio's or security's movements that can be explained by movements in a
benchmark index. For fixed-income securities and their corresponding mutual funds,
the benchmark equities and equity funds, the benchmark is the NIFTY INDEX.
Correlation (R-Squared) values range from 0 to 100. According to Morningstar,
a mutual fund with a Correlation (R-Squared) value between 85 and 100 has a
performance record that is closely correlated to the index. A fund rated 70 or less
would not perform like the index.
Mutual fund investors should avoid actively managed funds with high Rsquared ratios, which are generally criticized by analysts as being "closet" index funds.
In these cases, why pay the higher fees for so-called professional management when
you can get the same or better results from an index fund?
Performance Measurement Techniques

Sharpe Ratio
Developed by Nobel laureate economist William Sharpe, this ratio measures
risk-adjusted performance. It is calculated by subtracting the risk-free rate of return
(U.S. Treasury Bond) from the rate of return for an investment and dividing the result
by the investment's standard deviation of its return
The Sharpe ratio tells investors whether an investment's returns are due to
smart investment decisions or the result of excess risk. This measurement is very
useful because although one portfolio or security can reap higher returns than its peers,
it is only a good investment if those higher returns do not come with too much
additional risk. The greater an investment's Sharpe ratio, the better its risk-adjusted
performance.
Sharpe Ratio = Portfolio Return Risk Free Return

Standard Deviation
Treynors Ratio
A ratio developed by Jack Treynor that measures returns earned in excess of
that which could have been earned on a riskless investment per each unit of market
risk.
The Treynor ratio is a risk-adjusted measure of return based on systematic risk.
It is similar to the Sharpe ratio, with the difference being that the Treynor ratio uses
beta as the measurement of volatility. Also known as the "reward-to-volatility ratio".
Treynor Ratio = Portfolio Return Risk Free Return

Beta
Page | 38
Jenson Alpha
Jenson Alpha is a measure of an investment's performance on a risk-adjusted
basis. It takes the volatility (price risk) of a security or fund portfolio and compares its
risk-adjusted performance to a benchmark index. The excess return of the investment
relative to the return of the benchmark index is its "alpha."
Simply stated, alpha is often considered to represent the value that a portfolio
manager adds or subtracts from a fund portfolio's return. A positive alpha of 1.0 means
the fund has outperformed its benchmark index by 1%. Correspondingly, a similar
negative alpha would indicate an underperformance of 1%. For investors, the more
positive an alpha is, the better it is.
Rp Rf = p+(Rm Rf)
Rp
Rf
Rm
: Portfolio Returns
: Risk Free Return
: Market Return
: Beta
: Jenson Constant
Scope of study:
To study on Equity Mutual Funds with Nifty.

To study awareness about different investment avenues.
Investor apatite with respect of risk and his investments.
Equity Mutual Fund & Equity Share Market factors affecting investors.
Limitation of study:
The risk free rate is randomly assumed as 8%, no current or previous rate is taken
into consideration.
The study is limited to the evaluation of performance of the equity mutual fund
schemes for 3yrs (2010 - 2013)
Only growth option is been considered.
NAVs are directly taken from www.amfi.com as true prices without any affirmation.
The evaluation of performance is limited to only 3 parameters Sharpes ratio,
Treynors Ratio & Jersons Alpha Ratio.
Dividend declared has not been considered for the period.
Page | 39
OBSERVATIONS &
ANALYSIS
Page | 40
Table - 4.1 - Mean
Types of Funds
Mean
Nifty Index
1.3%
UTI - Leadership Equity Fund
1.2%
IDBI NIFTY Index Fund Growth
1.3%
Birla Sun Life India Gennext FundGrowth Option
4.0%
Franklin India Index Fund- Nifty

Plan - Growth Plan
1.4%
Tata Index Fund - Nifty
1.4%
Observation:
Mean indicates the average returns of the portfolio .According to the table,
Sun Birla is showing 0.04 where the market return is just 0.013 and UTI is
showing 0.012
Interference:
In these funds Sun Birla is showing 0.04% which is the highest returns
amongest the remaining funds where the market return is just 0.013 and UTI is
showing 0.012,the least returns which is less than than the market returns.
Page | 41
Table - 4.2 - Standard Deavition
Types of Funds
Std Dev
Nifty Index
1.121
1.002
1.122
Birla Sun Life India Gennext

Fund-Growth Option
0.917

Plan - Growth Plan
1.111
1.12
Observation:
Standard deviation measures the dispersion of data from its mean.
According to table, IDBI is showing 1.122 where market return is 1.121 and
Birla Sun Life is showing 0.917
Interference:
From the above table, IDBI is showing 1.122 which is the highest
Standard deviation which indicates that it is a volatile stock. whereas Birla Sun
Life is showing 0.917 which is the lowest Standard Deviation which indicates
that it is a less volatile stock.
Page | 42
Table - 4.3 - Variance
Types of Funds
Variance
Nifty Index
0.013
0.01
0.013
0.008
Franklin India Index Fund- Nifty Plan Growth Plan
0.012
0.013
Observation:
The variance is a measure of how far a fund has fluctated in the period of
time. From the above table, IDBI and Tata Index is showing 0.013 where Market
returns is 0.013 which is same as that of IDBI and Tata and UTI is showing 0.01.
Interference:
IDBI and Tata Index is showing 0.013 which is having highest Variance
i.e. having huge variation in the returns where as UTI is showing 0.01 which is
having lowest Variance which indicates less variation in the span of 3yrs (2010 2013).
Page | 43
Table - 4.4 - Beta
Types of Funds
Nifty Index
Beta
NA
0.999
0.878
0.995

Plan - Growth Plan
0.717
0.991
Observation:
Beta is a measure of the volatility, or systematic risk, of a security or a
portfolio in comparison to the market as a whole. From the above table, UTI is
showing 0.999 and Franklin is showing 0.717.
Interference:
Here UTI is showing 0.999 which is the highest Beta value which
indicates that it having less volatile than the market and Franklin is showing
0.717 which is the highest Beta value.
Page | 44
Table - 4.5 - Correlation (R- squared)
Regression Statistics
96.57%
98.85%
Birla Sun Life India Gennext Fund-Growth Option
76.72%
Franklin India Index Fund- Nifty Plan - Growth Plan
99.94%
Tata Index Fund Nifty
99.93%
Observation
From the above table, all funds are positively corellated with the market
and tata is highly corellated with the market which shows, where the market and
tata will move hand in hand.
Interference
When there is a boom in the market, tata index fund will give highest
returns to the investors but When there is a berish condition in the market, tata
index fund will perform negetively and give lowest returns to the investors.
Page | 45
Table - 4.2.1 - Sharpe ratio
Sharpe Ratio
Nifty Index
1.567
0.671
1.257
20.732

Plan - Growth Plan
1.982
1.973
Observation:
The Sharpe ratio tells investors whether an investment's returns are due to
smart investment decisions or the result of excess risk.
From the above table, on the basis of total risk. Birla Sun Life is showing
20.732 and UTI is showing 0.671 where Nifty Index is 1.567
Interference:
From the above table, on the basis of total risk. The greater an
investment's Sharpe ratio, the better its risk-adjusted performance. Birla Sun Life
is having highest Sharp Ratio which indicates the highest risk adjusted
performance where as UTI is having lowest Sharp Ratio which indicates the
lowest risk adjusted performance.
Page | 46
Table - 4.2.2 - Treynor Ratio
Treynor Ratio
Nifty Index
1.757
0.764
1.417
29.943

Plan - Growth Plan
2.225
2.212
Observation:
This measures returns in excess of that which you should have earned
without taking any risk like fixed deposit.
From the above table, Birla Sun Life is showing 29.943 and UTI is
showing 0.764 where as the Market return is 0.764
Interference:
From the above table, on the basis of Market Risk. The higher the treynor
ratio value, the better is the fund risk adjusted returns. Birla Sun Life is having
highest Treynor Ratio which indicates it is having better fund risk adjusted
returns where as UTI is having less Teynor Ratio.
Page | 47
Table - 4.2.3 - Jensons Alpha Ratio
Jensons Alpha
Nifty Index
0.000
-0.990
-0.343
28.170
0.464
0.450
Observation:
Alpha is a measure of an investment's performance on a risk-adjusted
basis. A positive alpha of 1.0 means the fund has outperformed its benchmark
index by 1%. Correspondingly, a similar negative alpha would indicate an
underperformance of 1%. For investors, the more positive an alpha is, the better
it is.
From the above table, Birla Sun Life is showing 28.170 and UTI is
showing -0.990 where the Market returns is 0.000.
Interference:
From the above table, Birla Sun Life is having 28.17 i.e. highest Alpha
ratio which indicates that it is over performed and UTI is -0.99 showing negetive
impact and is most under performed fund.
Page | 48
Table - 4.3.1 - Fund Ranking According To Sharpe Ratio
Fund Ranking according to Treynor Ratio

Nifty Index

Plan - Growth Plan
1
2
3
Interference:
From the above table, Birla Sun Life is having highest Rank of Sharp
Ratio which indicates the high performance where as UTI is having lowest
Rank of Sharp Ratio which indicates the low risk adjusted performance.
Page | 49
Table - 4.3.2 - Fund Ranking According To Treynor Ratio
Fund Ranking according to Treynor Ratio

Nifty Index

Plan - Growth Plan
1
2
3
Interference:
Birla Sun Life is having highest Rank of Teynor Ratio which indicates it
is having better fund risk adjusted returns where as UTI is having less Rank of
Teynor Ratio.
Page | 50
Table - 4.3.3 - Fund Ranking according to Jensons Alpha
Fund Ranking according to Jenson's Alpha

Nifty Index

1
2
3
Interference:
Birla Sun Life is having highest rank of Alpha ratio which indicates that it
is over performed and UTI is under performed.
Page | 51
Findings
Page | 52
From table 4.1.1, Birla Sun is showing 4% returns when compare to

matket nifty index showing 1.3% which indicatess the highest returns
among the remaining funds.
From table 4.1.2, IDBI is showing 1.122 which is the highest Standard
deviation which indicates that it is a volatile stock.
From table 4.1.3, IDBI and Tata Index is showing 0.013 which is having
highest Variance i.e. having huge variation in the returns where as UTI is
showing 0.01 which is having lowest Variance which indicates less
variation in the span of 3yrs (2010 - 2013).
From table 4.1.4, Here UTI is showing 0.999 which is the highest Beta
value which indicates that it having less volatile than the market and
Franklin is showing 0.717 which is the highest Beta value.
From table 4.1.5 ,When there is a boom in the market, Tata Index Fund
will give highest returns to the investors but When there is a berish
condition in the market, tata index fund will perform negetively and give
lowest returns to the investors.
From table 4.2.1, on the basis of total risk. The greater an investment's
Sharpe ratio, the better its risk-adjusted performance. Birla Sun Life is
having highest Sharp Ratio which indicates the highest risk adjusted
performance where as UTI is having lowest Sharp Ratio which indicates
the lowest risk adjusted performance.
Page | 53
From table no. 4.2.2, on the basis of Market Risk. The higher the treynor
ratio value, the better is the fund risk adjusted returns. Birla Sun Life is
having highest Treynor Ratio which indicates it is having better fund risk
adjusted returns where as UTI is having less Teynor Ratio.
In this table 4.2.3, it indcates that Birla Sun Life is having highest Alpha
ratio which indicates that it is over performed and UTI is under
performed.
From table 4.3.1, according to Sharp Ratio on the basis of total risk, Birla
Sun Life is Ranked as it indicates the high performance where as UTI is
having Ranked least as it indicates the least performance.
From table 4.3.2, according to Treynor Ratio on the basis of market risk,
Birla Sun Life is Ranked as it indicates the high performance where as
UTI is having Ranked least as it indicates the least performance.
From table 4.3.3, Birla Sun Life is ranked in Jenson Alpha Ratio which
indicates that it is over performed and UTI is ranked least as it is under
performed.
Page | 54
RECOMMENDATIONS
Page | 55
From the above findings, UTI & IDBI index funds both should be avoided
as they are having high rate of risk and giving less rate of returns.
Investors has concentrate more on Birla Sun Life India Gennext Fund as it
is providing high rate of returns and is less vilatile when compare to the
market i.e. Nifty Index
The expectations of the investor from the Equity Mutual Fund are
high.Therefore the portfolio of the fund should be designed to suit thei,r
expectations.
AMCs must try to reduce the fund charges, administrative charges, and
other charges in order to invest more to maximise returns.
While interacting with the investors,I found out that most of the customers
are unaware about the mutual fund. Some of the potential investors look
upon mutual fund as pure gambling. Thus a mutual fund awareness
programme can help the AMCs to get hold of untapped investors.
The resolution of the queries by the AMCs should be fast enough to

satisfy both the distributors and the investors.
Quality improvement is essential for growth in the mutual fund industry.
Business oppurtunity programme should be organised time to time as this

aspect is mandatory for every AMCs.
Page | 56
It has been seen that there is major increase in the percentage of young
investors who have large amount of disposable income with them and
want to invest but does not know the right investment option. So these
prospective investors must be tapped in an early stage to have a first
mover advantage by the AMC,s.
AMCs have tried their best to tap the small towns and villages by
introducing Systematic Investment Plan (SIP) but still the market is not
fully penetrated, more awareness is required.
Time to time presentations ant training classes to the distributors about

the new product is essentialas they are the one who will attract potential
investors on the basis of the information provided by the individual fund
houses.
Page | 57
CONCLUSION
Page | 58
The mutual fund industry as we have seen has been through testing phase in its
evolution. It has seen a sudden mushrooming of several asset mangement companies soon
after the opening up of the industry for private players, the debacle of UTI, and its low
recovery and the optimism of the new generation fund managerswho believe that they can
indeed beat the market and diversify away the risk very efficiently.Investors today have to bear
outrageous plans of various AMCs that they have magic portfolio, which can give tailor made
returns than risks.
In this study an attempt was made to look into the logic behind the claims that these
AMCs boldly make theoretically with a broad perspective. Boardly various concepts like riskreturn relationship and various performance evaluation methods were floated with an
intention to facilitate even an ordinary investor with elementary knowledge of statistics to
understand them.
Based on the inferences from the analytical stuyd of the performanse of the fund, some
suggetions were made to the investors and AMCs. The investors who would have invested in
Birla Sun Life India Gennext Fund-Growth Option, Franklin India Index Fund - Nifty Plan
and Tata Index Fund Nifty plan showed positive impact, whereas UTI - Leadership Equity
Fund and IDBI Nifty Index Fund Growth showed negetive impact aganist the Benchmark i.e.
Nifty index. But if the investors must have invested in the dividend or dividend re-investment
option, the result would have been quite different as it is not been considered in the research.
The future of the mutual fund industry in India is very bright and is going to be very
preferred investment option for an investor in the coming future. It looks to take over the other
avenues of investments available to the investor due to its high returns and professional
management, which is lowering the risk.
Overall, it is an honest and endeavour to understand the function of the mutual fund
industry. Hope this study satissfies the reader and effectively achieves its objectives.
Page | 59
LEARNING OUTCOME
Page | 60
Ten weeks of internship program in Stock Holding Coporation of India Ltd has
defenately increased my learining curve. It has provided me the opputunity to practically
apply the theoretical knowledge and understand the various mutual funds concepts in a more
significant manner. Working with professionals in the corporate environment has certainly
helped me to understand the real corporate world. My learing in SHCIL can be summed up in
the following points :
Understand how all the departments are connected to one another and also how one
decision can change the function of another.
Understand how important patience and punctuality are for the real corporate world.
Understand the various financial services provided by the SHCIL a deapository
participant.
Understand how difficult it is to generate sales from investors who are not ready to get
convinced by the past performance of the securities.
Understand the procedure as to how to open DEMAT account and the back office work
related to it i.e, converting the physical document into electronic form and keep on
updating as per the requirement of the investors.
Understand the working of trading terminal named SCHIL SEVICES Ltd. a sister
concern of SHCIL as how does the stock market works,factors responsible for the
volatility of shares.
Widen my knowledge base as how to interact with the investors and enlighten them as
per their requirements which investment option best suits them.SCHIL provides all the
investment option open for their current and potential clients who can bebenefited
from it.
Understand how important it is to complete the target like sell 5 SIPs or 3 LIC
policies per month. This compulsion is not only for the marketing department
employees but for the entire department employees as competition is all over the
globe.so be the first one to grab the oppurtunity to have an edge over the other rivals.
Page | 61
ANNEXURE
Page | 62
As it is not feasiable to attach the spreadsheet of all the schemes

undertaken for the study, the top perfoming scheme Birla Sun Life India Gennext
Fund & benchmark index i.e. Nifty index is shown below.
The risk free rate is assumed as 8%
Birla Sun Life India Gennext Fund-Growth

Option
Nifty
Date
Net Asset
Value
Returns
Date
Close
Returns
Change
01-Aug-13
30.67
-0.712
01-Aug-13
5727.85
-0.246
14.15
31-Jul-13
30.89
0.227
31-Jul-13
5742
-0.227
13.05
30-Jul-13
30.82
-1.596
30-Jul-13
5755.05
-1.314
76.60
29-Jul-13
31.32
-0.823
29-Jul-13
5831.65
-0.927
54.55
26-Jul-13
31.58
-0.785
26-Jul-13
5886.2
-0.361
21.30
25-Jul-13
31.83
-0.344
25-Jul-13
5907.5
-1.386
83.00
24-Jul-13
31.94
-1.663
24-Jul-13
5990.5
-1.436
87.30
23-Jul-13
32.48
0.278
23-Jul-13
6077.8
0.763
-46.00
22-Jul-13
32.39
0.217
22-Jul-13
6031.8
0.043
-2.60
19-Jul-13
32.32
-0.798
19-Jul-13
6029.2
-0.147
8.85
18-Jul-13
32.58
0.929
18-Jul-13
6038.05
1.084
-64.75
17-Jul-13
32.28
-0.432
17-Jul-13
5973.3
0.303
-18.05
16-Jul-13
32.42
-1.579
16-Jul-13
5955.25
-1.253
75.55
15-Jul-13
32.94
0.642
15-Jul-13
6030.8
0.363
-21.80
12-Jul-13
32.73
0.615
12-Jul-13
6009
1.245
-73.90
11-Jul-13
32.53
1.088
11-Jul-13
5935.1
2.036
-118.40
10-Jul-13
32.18
-0.248
10-Jul-13
5816.7
-0.722
42.30
09-Jul-13
32.26
0.876
09-Jul-13
5859
0.816
-47.45
08-Jul-13
31.98
-0.312
08-Jul-13
5811.55
-0.960
56.35
05-Jul-13
32.08
0.250
05-Jul-13
5867.9
0.530
-30.95
04-Jul-13
32
0.946
04-Jul-13
5836.95
1.145
-66.05
03-Jul-13
31.7
-0.845
03-Jul-13
5770.9
-1.479
86.65
02-Jul-13
31.97
-0.125
02-Jul-13
5857.55
-0.700
41.30
01-Jul-13
32.01
1.813
01-Jul-13
5898.85
0.970
-56.65
28-Jun-13
31.44
2.078
28-Jun-13
5842.2
2.813
-159.85
27-Jun-13
30.8
1.050
27-Jun-13
5682.35
1.676
-93.65
26-Jun-13
30.48
-0.294
26-Jun-13
5588.7
-0.364
20.40
25-Jun-13
30.57
-0.326
25-Jun-13
5609.1
0.337
-18.85
Page | 63
24-Jun-13
30.67
-1.636
24-Jun-13
5590.25
-1.366
77.40
21-Jun-13
31.18
-0.447
21-Jun-13
5667.65
0.208
-11.75
20-Jun-13
31.32
-2.003
20-Jun-13
5655.9
-2.857
166.35
19-Jun-13
31.96
0.503
19-Jun-13
5822.25
0.149
-8.65
18-Jun-13
31.8
0.063
18-Jun-13
5813.6
-0.623
36.45
17-Jun-13
31.78
0.729
17-Jun-13
5850.05
0.717
-41.65
14-Jun-13
31.55
1.154
14-Jun-13
5808.4
1.918
-109.30
13-Jun-13
31.19
-1.235
13-Jun-13
5699.1
-1.061
61.10
12-Jun-13
31.58
-0.410
12-Jun-13
5760.2
-0.494
28.60
11-Jun-13
31.71
-1.766
11-Jun-13
5788.8
-1.518
89.20
10-Jun-13
32.28
-1.073
10-Jun-13
5878
-0.051
3.00
07-Jun-13
32.63
-1.151
07-Jun-13
5881
-0.682
40.40
06-Jun-13
33.01
0.304
06-Jun-13
5921.4
-0.041
2.45
05-Jun-13
32.91
0.366
05-Jun-13
5923.85
0.074
-4.40
04-Jun-13
32.79
-0.334
04-Jun-13
5919.45
-0.334
19.85
03-Jun-13
32.9
0.122
03-Jun-13
5939.3
-0.779
46.65
31-May-13
32.86
-1.024
31-May-13
5985.95
-2.255
138.10
30-May-13
33.2
0.332
30-May-13
6124.05
0.324
-19.75
29-May-13
33.09
-0.030
29-May-13
6104.3
-0.114
6.95
28-May-13
33.1
0.425
28-May-13
6111.25
0.462
-28.10
27-May-13
32.96
1.666
27-May-13
6083.15
1.665
-99.60
24-May-13
32.42
0.652
24-May-13
5983.55
0.277
-16.50
23-May-13
32.21
-1.378
23-May-13
5967.05
-2.091
127.45
22-May-13
32.66
-0.396
22-May-13
6094.5
-0.321
19.60
21-May-13
32.79
-0.606
21-May-13
6114.1
-0.695
42.80
20-May-13
32.99
-0.662
20-May-13
6156.9
-0.491
30.40
17-May-13
33.21
-0.270
17-May-13
6187.3
0.282
-17.40
16-May-13
33.3
0.362
16-May-13
6169.9
0.377
-23.15
15-May-13
33.18
1.654
15-May-13
6146.75
2.524
-151.35
14-May-13
32.64
0.834
14-May-13
5995.4
0.250
-14.95
13-May-13
32.37
-0.766
13-May-13
5980.45
-1.875
114.30
10-May-13
32.62
0.897
10-May-13
6094.75
0.737
-44.60
09-May-13
32.33
-0.462
09-May-13
6050.15
-0.316
19.15
08-May-13
32.48
0.371
08-May-13
6069.3
0.426
-25.75
07-May-13
32.36
1.030
07-May-13
6043.55
1.214
-72.50
06-May-13
32.03
0.439
06-May-13
5971.05
0.455
-27.05
03-May-13
31.89
-0.250
03-May-13
5944
-0.923
55.35
02-May-13
31.97
1.075
02-May-13
5999.35
1.166
-69.15
30-Apr-13
31.63
0.732
30-Apr-13
5930.2
0.442
-26.10
29-Apr-13
31.4
0.416
29-Apr-13
5904.1
0.556
-32.65
26-Apr-13
31.27
-0.128
26-Apr-13
5871.45
-0.758
44.85
Page | 64
25-Apr-13
31.31
1.196
25-Apr-13
5916.3
1.404
-81.90
22-Apr-13
30.94
1.310
22-Apr-13
5834.4
0.887
-51.30
18-Apr-13
30.54
1.664
18-Apr-13
5783.1
1.659
-94.40
17-Apr-13
30.04
0.839
17-Apr-13
5688.7
-0.004
0.25
16-Apr-13
29.79
1.396
16-Apr-13
5688.95
2.165
-120.55
15-Apr-13
29.38
0.170
15-Apr-13
5568.4
0.721
-39.85
12-Apr-13
29.33
-0.068
12-Apr-13
5528.55
-1.170
65.45
11-Apr-13
29.35
0.583
11-Apr-13
5594
0.635
-35.30
10-Apr-13
29.18
0.621
10-Apr-13
5558.7
1.157
-63.60
09-Apr-13
29
-0.685
09-Apr-13
5495.1
-0.863
47.85
08-Apr-13
29.2
-0.068
08-Apr-13
5542.95
-0.185
10.30
05-Apr-13
29.22
0.034
05-Apr-13
5553.25
-0.386
21.50
04-Apr-13
29.21
-1.517
04-Apr-13
5574.75
-1.730
98.15
03-Apr-13
29.66
-0.935
03-Apr-13
5672.9
-1.308
75.20
02-Apr-13
29.94
1.217
02-Apr-13
5748.1
0.766
-43.70
01-Apr-13
29.58
0.612
01-Apr-13
5704.4
0.385
-21.85
28-Mar-13
29.4
1.379
28-Mar-13
5682.55
0.726
-40.95
26-Mar-13
29
0.034
26-Mar-13
5641.6
0.138
-7.75
25-Mar-13
28.99
-0.753
25-Mar-13
5633.85
-0.310
17.50
22-Mar-13
29.21
-0.511
22-Mar-13
5651.35
-0.131
7.40
21-Mar-13
29.36
-0.677
21-Mar-13
5658.75
-0.626
35.65
20-Mar-13
29.56
-1.236
20-Mar-13
5694.4
-0.897
51.55
19-Mar-13
29.93
-1.416
19-Mar-13
5745.95
-1.530
89.30
18-Mar-13
30.36
-0.426
18-Mar-13
5835.25
-0.636
37.35
15-Mar-13
30.49
-0.425
15-Mar-13
5872.6
-0.615
36.35
14-Mar-13
30.62
0.956
14-Mar-13
5908.95
0.987
-57.75
13-Mar-13
30.33
-0.979
13-Mar-13
5851.2
-1.064
62.90
12-Mar-13
30.63
-0.616
12-Mar-13
5914.1
-0.475
28.25
11-Mar-13
30.82
0.130
11-Mar-13
5942.35
-0.056
3.35
08-Mar-13
30.78
1.150
08-Mar-13
5945.7
1.405
-82.40
07-Mar-13
30.43
0.264
07-Mar-13
5863.3
0.768
-44.70
06-Mar-13
30.35
0.764
06-Mar-13
5818.6
0.594
-34.35
05-Mar-13
30.12
1.278
05-Mar-13
5784.25
1.505
-85.75
04-Mar-13
29.74
-0.602
04-Mar-13
5698.5
-0.371
21.20
01-Mar-13
29.92
0.673
01-Mar-13
5719.7
0.468
-26.65
28-Feb-13
29.72
-1.947
28-Feb-13
5693.05
-1.791
103.85
27-Feb-13
30.31
0.932
27-Feb-13
5796.9
0.617
-35.55
26-Feb-13
30.03
-1.670
26-Feb-13
5761.35
-1.595
93.40
25-Feb-13
30.54
-0.391
25-Feb-13
5854.75
0.076
-4.45
22-Feb-13
30.66
-0.130
22-Feb-13
5850.3
-0.033
1.95
21-Feb-13
30.7
-1.571
21-Feb-13
5852.25
-1.528
90.80
Page | 65
20-Feb-13
31.19
-0.064
20-Feb-13
5943.05
0.056
-3.35
19-Feb-13
31.21
0.775
19-Feb-13
5939.7
0.704
-41.50
18-Feb-13
30.97
0.129
18-Feb-13
5898.2
0.183
-10.80
15-Feb-13
30.93
-0.097
15-Feb-13
5887.4
-0.162
9.55
14-Feb-13
30.96
-0.642
14-Feb-13
5896.95
-0.607
36.00
13-Feb-13
31.16
-0.064
13-Feb-13
5932.95
0.176
-10.45
12-Feb-13
31.18
0.354
12-Feb-13
5922.5
0.418
-24.65
11-Feb-13
31.07
0.000
11-Feb-13
5897.85
-0.096
5.65
08-Feb-13
31.07
-0.640
08-Feb-13
5903.5
-0.594
35.30
07-Feb-13
31.27
-0.446
07-Feb-13
5938.8
-0.342
20.40
06-Feb-13
31.41
-0.032
06-Feb-13
5959.2
0.039
-2.30
05-Feb-13
31.42
-0.601
05-Feb-13
5956.9
-0.507
30.35
04-Feb-13
31.61
-0.378
04-Feb-13
5987.25
-0.194
11.65
01-Feb-13
31.73
0.221
01-Feb-13
5998.9
-0.594
35.85
31-Jan-13
31.66
0.253
31-Jan-13
6034.75
-0.347
21.00
30-Jan-13
31.58
0.318
30-Jan-13
6055.75
0.097
-5.85
29-Jan-13
31.48
-0.095
29-Jan-13
6049.9
-0.410
24.90
28-Jan-13
31.51
-0.032
28-Jan-13
6074.8
0.002
-0.15
25-Jan-13
31.52
1.090
25-Jan-13
6074.65
0.919
-55.30
24-Jan-13
31.18
-1.235
24-Jan-13
6019.35
-0.577
34.95
23-Jan-13
31.57
0.000
23-Jan-13
6054.3
0.096
-5.80
22-Jan-13
31.57
-0.032
22-Jan-13
6048.5
-0.556
33.80
21-Jan-13
31.58
-0.221
21-Jan-13
6082.3
0.295
-17.90
18-Jan-13
31.65
-0.315
18-Jan-13
6064.4
0.417
-25.20
17-Jan-13
31.75
-0.031
17-Jan-13
6039.2
0.622
-37.35
16-Jan-13
31.76
-0.905
16-Jan-13
6001.85
-0.904
54.75
15-Jan-13
32.05
0.344
15-Jan-13
6056.6
0.540
-32.55
14-Jan-13
31.94
0.662
14-Jan-13
6024.05
1.222
-72.75
11-Jan-13
31.73
-1.429
11-Jan-13
5951.3
-0.291
17.35
10-Jan-13
32.19
-0.217
10-Jan-13
5968.65
-0.048
2.85
09-Jan-13
32.26
-0.186
09-Jan-13
5971.5
-0.503
30.20
08-Jan-13
32.32
0.373
08-Jan-13
6001.7
0.222
-13.30
07-Jan-13
32.2
-0.155
07-Jan-13
5988.4
-0.461
27.75
04-Jan-13
32.25
-0.309
04-Jan-13
6016.15
0.111
-6.65
03-Jan-13
32.35
0.093
03-Jan-13
6009.5
0.271
-16.25
02-Jan-13
32.32
0.498
02-Jan-13
5993.25
0.713
-42.40
01-Jan-13
32.16
0.910
01-Jan-13
5950.85
0.775
-45.75
31-Dec-12
31.87
0.189
31-Dec-12
5905.1
-0.055
3.25
28-Dec-12
31.81
0.633
28-Dec-12
5908.35
0.652
-38.25
27-Dec-12
31.61
-0.315
27-Dec-12
5870.1
-0.601
35.50
26-Dec-12
31.71
0.571
26-Dec-12
5905.6
0.851
-49.85
Page | 66
24-Dec-12
31.53
0.478
24-Dec-12
5855.75
0.138
-8.05
21-Dec-12
31.38
-1.321
21-Dec-12
5847.7
-1.161
68.70
20-Dec-12
31.8
-0.188
20-Dec-12
5916.4
-0.223
13.20
19-Dec-12
31.86
0.632
19-Dec-12
5929.6
0.556
-32.80
18-Dec-12
31.66
0.508
18-Dec-12
5896.8
0.664
-38.90
17-Dec-12
31.5
0.446
17-Dec-12
5857.9
-0.369
21.70
14-Dec-12
31.36
0.288
14-Dec-12
5879.6
0.480
-28.10
13-Dec-12
31.27
-0.160
13-Dec-12
5851.5
-0.620
36.50
12-Dec-12
31.32
0.256
12-Dec-12
5888
-0.183
10.80
11-Dec-12
31.24
-0.478
11-Dec-12
5898.8
-0.171
10.10
10-Dec-12
31.39
0.000
10-Dec-12
5908.9
0.025
-1.50
07-Dec-12
31.39
-0.318
07-Dec-12
5907.4
-0.396
23.50
06-Dec-12
31.49
0.287
06-Dec-12
5930.9
0.515
-30.40
05-Dec-12
31.4
0.480
05-Dec-12
5900.5
0.191
-11.25
04-Dec-12
31.25
0.160
04-Dec-12
5889.25
0.312
-18.30
03-Dec-12
31.2
0.971
03-Dec-12
5870.95
-0.151
8.90
30-Nov-12
30.9
0.586
30-Nov-12
5879.85
0.942
-54.85
29-Nov-12
30.72
1.420
29-Nov-12
5825
1.703
-97.55
27-Nov-12
30.29
1.000
27-Nov-12
5727.45
1.624
-91.55
26-Nov-12
29.99
1.352
26-Nov-12
5635.9
0.165
-9.30
23-Nov-12
29.59
0.578
23-Nov-12
5626.6
-0.020
1.15
22-Nov-12
29.42
0.341
22-Nov-12
5627.75
0.231
-12.95
21-Nov-12
29.32
1.034
21-Nov-12
5614.8
0.776
-43.25
20-Nov-12
29.02
0.207
20-Nov-12
5571.55
0.003
-0.15
19-Nov-12
28.96
-0.618
19-Nov-12
5571.4
-0.048
2.65
16-Nov-12
29.14
-0.985
16-Nov-12
5574.05
-1.011
56.95
15-Nov-12
29.43
0.409
15-Nov-12
5631
-0.927
52.70
12-Nov-12
29.31
0.102
12-Nov-12
5683.7
-0.045
2.55
09-Nov-12
29.28
-0.442
09-Nov-12
5686.25
-0.915
52.50
08-Nov-12
29.41
-0.373
08-Nov-12
5738.75
-0.371
21.35
07-Nov-12
29.52
0.442
07-Nov-12
5760.1
0.624
-35.70
06-Nov-12
29.39
0.479
06-Nov-12
5724.4
0.354
-20.20
05-Nov-12
29.25
0.343
05-Nov-12
5704.2
0.114
-6.50
02-Nov-12
29.15
0.310
02-Nov-12
5697.7
0.933
-52.65
01-Nov-12
29.06
0.693
01-Nov-12
5645.05
0.451
-25.35
31-Oct-12
28.86
1.015
31-Oct-12
5619.7
0.389
-21.80
30-Oct-12
28.57
-0.626
30-Oct-12
5597.9
-1.195
67.70
29-Oct-12
28.75
-0.725
29-Oct-12
5665.6
0.023
-1.30
26-Oct-12
28.96
-0.856
26-Oct-12
5664.3
-0.719
41.00
25-Oct-12
29.21
0.240
25-Oct-12
5705.3
0.244
-13.90
23-Oct-12
29.14
0.000
23-Oct-12
5691.4
-0.450
25.75
Page | 67
22-Oct-12
29.14
0.206
22-Oct-12
5717.15
0.579
-32.90
19-Oct-12
29.08
-0.852
19-Oct-12
5684.25
-0.602
34.45
18-Oct-12
29.33
0.756
18-Oct-12
5718.7
1.033
-58.45
17-Oct-12
29.11
0.379
17-Oct-12
5660.25
0.217
-12.25
16-Oct-12
29
-0.275
16-Oct-12
5648
-0.690
39.25
15-Oct-12
29.08
0.172
15-Oct-12
5687.25
0.197
-11.20
12-Oct-12
29.03
0.450
12-Oct-12
5676.05
-0.561
32.00
11-Oct-12
28.9
0.522
11-Oct-12
5708.05
0.989
-55.90
10-Oct-12
28.75
-0.862
10-Oct-12
5652.15
-0.919
52.45
09-Oct-12
29
0.694
09-Oct-12
5704.6
0.504
-28.60
08-Oct-12
28.8
-0.208
08-Oct-12
5676
-1.235
70.95
05-Oct-12
28.86
-0.483
05-Oct-12
5746.95
-0.702
40.65
04-Oct-12
29
0.416
04-Oct-12
5787.6
0.983
-56.35
03-Oct-12
28.88
0.243
03-Oct-12
5731.25
0.218
-12.45
01-Oct-12
28.81
0.418
01-Oct-12
5718.8
0.272
-15.50
28-Sep-12
28.69
0.879
28-Sep-12
5703.3
0.952
-53.80
27-Sep-12
28.44
0.673
27-Sep-12
5649.5
-0.246
13.95
26-Sep-12
28.25
0.570
26-Sep-12
5663.45
-0.184
10.45
25-Sep-12
28.09
0.465
25-Sep-12
5673.9
0.076
-4.30
24-Sep-12
27.96
-0.179
24-Sep-12
5669.6
-0.379
21.55
21-Sep-12
28.01
1.633
21-Sep-12
5691.15
2.465
-136.90
20-Sep-12
27.56
-0.720
20-Sep-12
5554.25
-0.818
45.80
18-Sep-12
27.76
-0.502
18-Sep-12
5600.05
-0.177
9.95
17-Sep-12
27.9
0.432
17-Sep-12
5610
0.580
-32.35
14-Sep-12
27.78
1.055
14-Sep-12
5577.65
2.618
-142.30
13-Sep-12
27.49
0.182
13-Sep-12
5435.35
0.080
-4.35
12-Sep-12
27.44
0.882
12-Sep-12
5431
0.761
-41.00
11-Sep-12
27.2
0.221
11-Sep-12
5390
0.495
-26.55
10-Sep-12
27.14
0.780
10-Sep-12
5363.45
0.400
-21.35
07-Sep-12
26.93
0.937
07-Sep-12
5342.1
1.980
-103.70
06-Sep-12
26.68
0.490
06-Sep-12
5238.4
0.243
-12.70
05-Sep-12
26.55
-0.748
05-Sep-12
5225.7
-0.916
48.30
04-Sep-12
26.75
0.338
04-Sep-12
5274
0.385
-20.25
03-Sep-12
26.66
0.150
03-Sep-12
5253.75
-0.090
4.75
31-Aug-12
26.62
-0.075
31-Aug-12
5258.5
-1.064
56.55
30-Aug-12
26.64
0.833
30-Aug-12
5315.05
0.515
-27.25
29-Aug-12
26.42
-0.302
29-Aug-12
5287.8
-0.877
46.80
28-Aug-12
26.5
-0.413
28-Aug-12
5334.6
-0.293
15.65
27-Aug-12
26.61
-0.449
27-Aug-12
5350.25
-0.677
36.45
24-Aug-12
26.73
-0.336
24-Aug-12
5386.7
-0.529
28.65
23-Aug-12
26.82
0.075
23-Aug-12
5415.35
0.046
-2.50
Page | 68
22-Aug-12
26.8
0.299
22-Aug-12
5412.85
-0.150
8.15
21-Aug-12
26.72
0.225
21-Aug-12
5421
1.019
-54.70
17-Aug-12
26.66
0.038
17-Aug-12
5366.3
0.062
-3.35
16-Aug-12
26.65
-0.523
16-Aug-12
5362.95
-0.323
17.40
14-Aug-12
26.79
0.375
14-Aug-12
5380.35
0.607
-32.45
13-Aug-12
26.69
0.565
13-Aug-12
5347.9
0.517
-27.50
10-Aug-12
26.54
-0.150
10-Aug-12
5320.4
-0.048
2.55
09-Aug-12
26.58
0.188
09-Aug-12
5322.95
-0.282
15.05
08-Aug-12
26.53
-0.188
08-Aug-12
5338
0.024
-1.30
07-Aug-12
26.58
0.606
07-Aug-12
5336.7
1.025
-54.15
06-Aug-12
26.42
0.380
06-Aug-12
5282.55
1.282
-66.85
03-Aug-12
26.32
0.420
03-Aug-12
5215.7
-0.231
12.05
02-Aug-12
26.21
0.076
02-Aug-12
5227.75
-0.243
12.75
01-Aug-12
26.19
0.964
01-Aug-12
5240.5
0.220
-11.50
31-Jul-12
25.94
0.777
31-Jul-12
5229
0.562
-29.20
30-Jul-12
25.74
1.418
30-Jul-12
5199.8
1.960
-99.95
27-Jul-12
25.38
0.197
27-Jul-12
5099.85
1.127
-56.85
26-Jul-12
25.33
-0.939
26-Jul-12
5043
-1.303
66.60
25-Jul-12
25.57
-0.117
25-Jul-12
5109.6
-0.363
18.60
24-Jul-12
25.6
0.392
24-Jul-12
5128.2
0.200
-10.25
23-Jul-12
25.5
-1.163
23-Jul-12
5117.95
-1.674
87.15
20-Jul-12
25.8
0.116
20-Jul-12
5205.1
-0.717
37.60
19-Jul-12
25.77
0.311
19-Jul-12
5242.7
0.506
-26.40
18-Jul-12
25.69
0.469
18-Jul-12
5216.3
0.452
-23.45
17-Jul-12
25.57
-0.195
17-Jul-12
5192.85
-0.085
4.40
16-Jul-12
25.62
-0.234
16-Jul-12
5197.25
-0.574
30.00
13-Jul-12
25.68
0.000
13-Jul-12
5227.25
-0.153
8.00
12-Jul-12
25.68
-0.311
12-Jul-12
5235.25
-1.339
71.05
11-Jul-12
25.76
-0.310
11-Jul-12
5306.3
-0.731
39.05
10-Jul-12
25.84
0.662
10-Jul-12
5345.35
1.331
-70.20
09-Jul-12
25.67
-0.619
09-Jul-12
5275.15
-0.786
41.80
06-Jul-12
25.83
-0.193
06-Jul-12
5316.95
-0.194
10.35
05-Jul-12
25.88
1.094
05-Jul-12
5327.3
0.467
-24.75
04-Jul-12
25.6
0.313
04-Jul-12
5302.55
0.276
-14.60
03-Jul-12
25.52
0.631
03-Jul-12
5287.95
0.177
-9.35
02-Jul-12
25.36
0.039
02-Jul-12
5278.6
-0.006
0.30
29-Jun-12
25.35
1.766
29-Jun-12
5278.9
2.520
-129.75
28-Jun-12
24.91
0.161
28-Jun-12
5149.15
0.141
-7.25
27-Jun-12
24.87
0.282
27-Jun-12
5141.9
0.412
-21.10
26-Jun-12
24.8
0.202
26-Jun-12
5120.8
0.120
-6.15
25-Jun-12
24.75
-0.322
25-Jun-12
5114.65
-0.610
31.40
Page | 69
22-Jun-12
24.83
0.202
22-Jun-12
5146.05
-0.367
18.95
21-Jun-12
24.78
0.814
21-Jun-12
5165
0.868
-44.45
20-Jun-12
24.58
0.862
20-Jun-12
5120.55
0.327
-16.70
19-Jun-12
24.37
0.123
19-Jun-12
5103.85
0.782
-39.60
18-Jun-12
24.34
-1.258
18-Jun-12
5064.25
-1.456
74.80
15-Jun-12
24.65
0.694
15-Jun-12
5139.05
1.668
-84.30
14-Jun-12
24.48
-1.131
14-Jun-12
5054.75
-1.302
66.70
13-Jun-12
24.76
0.121
13-Jun-12
5121.45
0.108
-5.55
12-Jun-12
24.73
0.406
12-Jun-12
5115.9
1.223
-61.80
11-Jun-12
24.63
-0.364
11-Jun-12
5054.1
-0.281
14.25
08-Jun-12
24.72
0.325
08-Jun-12
5068.35
0.370
-18.70
07-Jun-12
24.64
1.233
07-Jun-12
5049.65
1.052
-52.55
06-Jun-12
24.34
1.586
06-Jun-12
4997.1
2.751
-133.80
05-Jun-12
23.96
0.084
05-Jun-12
4863.3
0.312
-15.15
04-Jun-12
23.94
-0.705
04-Jun-12
4848.15
0.135
-6.55
01-Jun-12
24.11
-1.431
01-Jun-12
4841.6
-1.678
82.65
31-May-12
24.46
0.164
31-May-12
4924.25
-0.535
26.50
30-May-12
24.42
-1.572
30-May-12
4950.75
-0.789
39.35
29-May-12
24.81
-0.241
29-May-12
4990.1
0.089
-4.45
28-May-12
24.87
1.056
28-May-12
4985.65
1.326
-65.25
25-May-12
24.61
0.204
25-May-12
4920.4
-0.020
1.00
24-May-12
24.56
1.153
24-May-12
4921.4
1.773
-85.75
23-May-12
24.28
-0.492
23-May-12
4835.65
-0.511
24.85
22-May-12
24.4
-0.934
22-May-12
4860.5
-0.928
45.55
21-May-12
24.63
0.408
21-May-12
4906.05
0.298
-14.60
18-May-12
24.53
-0.163
18-May-12
4891.45
0.436
-21.25
17-May-12
24.57
0.204
17-May-12
4870.2
0.246
-11.95
16-May-12
24.52
-1.328
16-May-12
4858.25
-1.711
84.55
15-May-12
24.85
0.648
15-May-12
4942.8
0.713
-35.00
14-May-12
24.69
-0.564
14-May-12
4907.8
-0.428
21.10
11-May-12
24.83
-0.481
11-May-12
4928.9
-0.741
36.80
10-May-12
24.95
0.443
10-May-12
4965.7
-0.183
9.10
09-May-12
24.84
-0.401
09-May-12
4974.8
-0.503
25.15
08-May-12
24.94
-1.267
08-May-12
4999.95
-2.233
114.20
07-May-12
25.26
0.040
07-May-12
5114.15
0.537
-27.30
04-May-12
25.25
-1.483
04-May-12
5086.85
-1.957
101.55
03-May-12
25.63
-0.774
03-May-12
5188.4
-0.969
50.75
02-May-12
25.83
0.702
02-May-12
5239.15
-0.171
9.00
30-Apr-12
25.65
0.588
30-Apr-12
5248.15
1.109
-57.55
27-Apr-12
25.5
0.039
27-Apr-12
5190.6
0.031
-1.60
26-Apr-12
25.49
-0.235
26-Apr-12
5189
-0.250
13.00
Page | 70
25-Apr-12
25.55
-0.195
25-Apr-12
5202
-0.395
20.65
24-Apr-12
25.6
0.196
24-Apr-12
5222.65
0.424
-22.05
23-Apr-12
25.55
-1.541
23-Apr-12
5200.6
-1.706
90.25
20-Apr-12
25.95
-0.575
20-Apr-12
5290.85
-0.779
41.55
19-Apr-12
26.1
0.889
19-Apr-12
5332.4
0.611
-32.40
18-Apr-12
25.87
1.094
18-Apr-12
5300
0.195
-10.30
17-Apr-12
25.59
0.629
17-Apr-12
5289.7
1.215
-63.50
16-Apr-12
25.43
0.355
16-Apr-12
5226.2
0.360
-18.75
13-Apr-12
25.34
0.277
13-Apr-12
5207.45
-1.315
69.40
12-Apr-12
25.27
0.677
12-Apr-12
5276.85
0.957
-50.00
11-Apr-12
25.1
-0.318
11-Apr-12
5226.85
-0.319
16.75
10-Apr-12
25.18
0.239
10-Apr-12
5243.6
0.176
-9.20
09-Apr-12
25.12
-0.907
09-Apr-12
5234.4
-1.663
88.50
04-Apr-12
25.35
-0.315
04-Apr-12
5322.9
-0.664
35.60
03-Apr-12
25.43
0.673
03-Apr-12
5358.5
0.763
-40.60
02-Apr-12
25.26
0.758
02-Apr-12
5317.9
0.422
-22.35
30-Mar-12
25.07
1.745
30-Mar-12
5295.55
2.253
-116.70
29-Mar-12
24.64
0.203
29-Mar-12
5178.85
-0.306
15.90
28-Mar-12
24.59
-0.405
28-Mar-12
5194.75
-0.923
48.40
27-Mar-12
24.69
0.570
27-Mar-12
5243.15
1.136
-58.90
26-Mar-12
24.55
-1.167
26-Mar-12
5184.25
-1.780
93.95
23-Mar-12
24.84
1.181
23-Mar-12
5278.2
0.952
-49.75
22-Mar-12
24.55
-1.326
22-Mar-12
5228.45
-2.544
136.50
21-Mar-12
24.88
1.634
21-Mar-12
5364.95
1.708
-90.10
20-Mar-12
24.48
0.205
20-Mar-12
5274.85
0.339
-17.80
19-Mar-12
24.43
-0.367
19-Mar-12
5257.05
-1.144
60.85
16-Mar-12
24.52
-0.568
16-Mar-12
5317.9
-1.163
62.60
15-Mar-12
24.66
-0.844
15-Mar-12
5380.5
-1.526
83.40
14-Mar-12
24.87
0.363
14-Mar-12
5463.9
0.634
-34.40
13-Mar-12
24.78
0.773
13-Mar-12
5429.5
1.305
-69.95
12-Mar-12
24.59
0.573
12-Mar-12
5359.55
0.487
-26.00
09-Mar-12
24.45
1.705
09-Mar-12
5333.55
2.166
-113.10
07-Mar-12
24.04
0.167
07-Mar-12
5220.45
-0.037
1.95
06-Mar-12
24
-0.498
06-Mar-12
5222.4
-1.097
57.95
05-Mar-12
24.12
-1.026
05-Mar-12
5280.35
-1.474
79.00
02-Mar-12
24.37
0.371
02-Mar-12
5359.35
0.367
-19.60
01-Mar-12
24.28
-0.287
01-Mar-12
5339.75
-0.844
45.45
29-Feb-12
24.35
0.537
29-Feb-12
5385.2
0.180
-9.70
28-Feb-12
24.22
1.807
28-Feb-12
5375.5
1.786
-94.30
27-Feb-12
23.79
-1.978
27-Feb-12
5281.2
-2.728
148.10
24-Feb-12
24.27
-0.614
24-Feb-12
5429.3
-0.985
54.00
Page | 71
23-Feb-12
24.42
-0.570
23-Feb-12
5483.3
-0.401
22.05
22-Feb-12
24.56
-1.603
22-Feb-12
5505.35
-1.816
101.80
21-Feb-12
24.96
0.564
21-Feb-12
5607.15
0.770
-42.85
17-Feb-12
24.82
0.000
17-Feb-12
5564.3
0.767
-42.35
16-Feb-12
24.82
-0.321
16-Feb-12
5521.95
-0.181
10.00
15-Feb-12
24.9
1.426
15-Feb-12
5531.95
2.140
-115.90
14-Feb-12
24.55
0.697
14-Feb-12
5416.05
0.480
-25.85
13-Feb-12
24.38
-0.164
13-Feb-12
5390.2
0.160
-8.60
10-Feb-12
24.42
0.123
10-Feb-12
5381.6
-0.568
30.75
09-Feb-12
24.39
1.161
09-Feb-12
5412.35
0.823
-44.20
08-Feb-12
24.11
0.458
08-Feb-12
5368.15
0.619
-33.00
07-Feb-12
24
-0.621
07-Feb-12
5335.15
-0.494
26.50
06-Feb-12
24.15
0.667
06-Feb-12
5361.65
0.672
-35.80
03-Feb-12
23.99
1.181
03-Feb-12
5325.85
1.062
-55.95
02-Feb-12
23.71
0.296
02-Feb-12
5269.9
0.653
-34.20
01-Feb-12
23.64
0.297
01-Feb-12
5235.7
0.701
-36.45
31-Jan-12
23.57
1.990
31-Jan-12
5199.25
2.201
-111.95
30-Jan-12
23.11
-1.070
30-Jan-12
5087.3
-2.256
117.40
27-Jan-12
23.36
0.430
27-Jan-12
5204.7
0.900
-46.40
25-Jan-12
23.26
0.693
25-Jan-12
5158.3
0.604
-30.95
24-Jan-12
23.1
0.478
24-Jan-12
5127.35
1.607
-81.10
23-Jan-12
22.99
0.131
23-Jan-12
5046.25
-0.047
2.35
20-Jan-12
22.96
-0.044
20-Jan-12
5048.6
0.602
-30.20
19-Jan-12
22.97
0.923
19-Jan-12
5018.4
1.263
-62.60
18-Jan-12
22.76
-0.350
18-Jan-12
4955.8
-0.232
11.50
17-Jan-12
22.84
1.062
17-Jan-12
4967.3
1.916
-93.40
16-Jan-12
22.6
-0.088
16-Jan-12
4873.9
0.162
-7.90
13-Jan-12
22.62
0.444
13-Jan-12
4866
0.719
-34.75
12-Jan-12
22.52
0.044
12-Jan-12
4831.25
-0.611
29.70
11-Jan-12
22.51
0.806
11-Jan-12
4860.95
0.235
-11.40
10-Jan-12
22.33
1.362
10-Jan-12
4849.55
2.251
-106.75
09-Jan-12
22.03
0.136
09-Jan-12
4742.8
-0.238
11.30
06-Jan-12
22
-0.317
06-Jan-12
4754.1
0.087
-4.15
05-Jan-12
22.07
0.273
05-Jan-12
4749.95
0.006
-0.30
04-Jan-12
22.01
-0.136
04-Jan-12
4749.65
-0.328
15.65
03-Jan-12
22.04
1.801
03-Jan-12
4765.3
2.772
-128.55
02-Jan-12
21.65
-0.825
02-Jan-12
4636.75
0.269
-12.45
30-Dec-11
21.83
0.230
30-Dec-11
4624.3
-0.472
21.95
29-Dec-11
21.78
-0.412
29-Dec-11
4646.25
-1.265
59.55
28-Dec-11
21.87
-0.816
28-Dec-11
4705.8
-0.941
44.70
27-Dec-11
22.05
-0.451
27-Dec-11
4750.5
-0.596
28.50
Page | 72
26-Dec-11
22.15
1.003
26-Dec-11
4779
1.379
-65.00
23-Dec-11
21.93
-0.363
23-Dec-11
4714
-0.419
19.85
22-Dec-11
22.01
1.149
22-Dec-11
4733.85
0.867
-40.70
21-Dec-11
21.76
1.777
21-Dec-11
4693.15
3.278
-148.95
20-Dec-11
21.38
-1.429
20-Dec-11
4544.2
-1.494
68.90
19-Dec-11
21.69
-1.543
19-Dec-11
4613.1
-0.828
38.50
16-Dec-11
22.03
-1.520
16-Dec-11
4651.6
-1.996
94.75
15-Dec-11
22.37
-0.223
15-Dec-11
4746.35
-0.355
16.90
14-Dec-11
22.42
-0.400
14-Dec-11
4763.25
-0.778
37.35
13-Dec-11
22.51
0.223
13-Dec-11
4800.6
0.756
-36.00
12-Dec-11
22.46
-1.793
12-Dec-11
4764.6
-2.098
102.10
09-Dec-11
22.87
-1.167
09-Dec-11
4866.7
-1.557
76.95
08-Dec-11
23.14
-1.741
08-Dec-11
4943.65
-2.350
118.95
07-Dec-11
23.55
-0.591
07-Dec-11
5062.6
0.465
-23.45
05-Dec-11
23.69
-0.211
05-Dec-11
5039.15
-0.218
11.00
02-Dec-11
23.74
1.496
02-Dec-11
5050.15
2.295
-113.30
01-Dec-11
23.39
0.645
01-Dec-11
4936.85
2.169
-104.80
30-Nov-11
23.24
0.129
30-Nov-11
4832.05
0.561
-26.95
29-Nov-11
23.21
-0.727
29-Nov-11
4805.1
-0.952
46.20
28-Nov-11
23.38
1.432
28-Nov-11
4851.3
2.999
-141.25
25-Nov-11
23.05
0.130
25-Nov-11
4710.05
-0.976
46.40
24-Nov-11
23.02
1.009
24-Nov-11
4756.45
1.062
-50.00
23-Nov-11
22.79
-1.725
23-Nov-11
4706.45
-2.201
105.90
22-Nov-11
23.19
-0.043
22-Nov-11
4812.35
0.712
-34.00
21-Nov-11
23.2
-1.612
21-Nov-11
4778.35
-2.598
127.45
18-Nov-11
23.58
-0.296
18-Nov-11
4905.8
-0.587
28.95
17-Nov-11
23.65
-0.922
17-Nov-11
4934.75
-1.902
95.70
16-Nov-11
23.87
-0.292
16-Nov-11
5030.45
-0.751
38.05
15-Nov-11
23.94
-1.522
15-Nov-11
5068.5
-1.551
79.85
14-Nov-11
24.31
-0.205
14-Nov-11
5148.35
-0.397
20.50
11-Nov-11
24.36
-0.733
11-Nov-11
5168.85
-1.000
52.20
09-Nov-11
24.54
-0.284
09-Nov-11
5221.05
-1.291
68.30
08-Nov-11
24.61
0.285
08-Nov-11
5289.35
0.448
-23.60
03-Nov-11
24.54
0.000
03-Nov-11
5265.75
0.139
-7.30
02-Nov-11
24.54
-0.122
02-Nov-11
5258.45
0.010
-0.50
01-Nov-11
24.57
-0.567
01-Nov-11
5257.95
-1.289
68.65
31-Oct-11
24.71
3.216
31-Oct-11
5326.6
4.477
-228.25
24-Oct-11
23.94
0.000
24-Oct-11
5098.35
0.127
-6.45
20-Oct-11
23.94
-0.375
20-Oct-11
5091.9
-0.919
47.25
19-Oct-11
24.03
1.392
19-Oct-11
5139.15
2.018
-101.65
18-Oct-11
23.7
0.042
18-Oct-11
5037.5
-0.795
40.35
Page | 73
13-Oct-11
23.69
-0.295
13-Oct-11
5077.85
-0.423
21.55
12-Oct-11
23.76
1.193
12-Oct-11
5099.4
2.514
-125.05
11-Oct-11
23.48
0.471
11-Oct-11
4974.35
-0.105
5.25
10-Oct-11
23.37
2.320
10-Oct-11
4979.6
4.347
-207.45
04-Oct-11
22.84
-1.339
04-Oct-11
4772.15
-1.595
77.35
03-Oct-11
23.15
-1.531
03-Oct-11
4849.5
-1.897
93.75
30-Sep-11
23.51
-0.424
30-Sep-11
4943.25
-1.440
72.20
29-Sep-11
23.61
0.468
29-Sep-11
5015.45
1.406
-69.55
28-Sep-11
23.5
-0.676
28-Sep-11
4945.9
-0.510
25.35
27-Sep-11
23.66
1.371
27-Sep-11
4971.25
2.809
-135.85
26-Sep-11
23.34
-1.352
26-Sep-11
4835.4
-0.665
32.35
23-Sep-11
23.66
-0.588
23-Sep-11
4867.75
-1.135
55.90
22-Sep-11
23.8
-2.817
22-Sep-11
4923.65
-4.083
209.60
21-Sep-11
24.49
0.410
21-Sep-11
5133.25
-0.135
6.95
20-Sep-11
24.39
1.077
20-Sep-11
5140.2
2.151
-108.25
19-Sep-11
24.13
-0.454
19-Sep-11
5031.95
-1.029
52.30
16-Sep-11
24.24
0.124
16-Sep-11
5084.25
0.168
-8.55
15-Sep-11
24.21
0.290
15-Sep-11
5075.7
1.260
-63.15
14-Sep-11
24.14
0.249
14-Sep-11
5012.55
1.449
-71.60
13-Sep-11
24.08
-0.249
13-Sep-11
4940.95
-0.118
5.85
12-Sep-11
24.14
-2.465
12-Sep-11
4946.8
-4.006
206.45
08-Sep-11
24.75
-0.442
08-Sep-11
5153.25
0.558
-28.60
07-Sep-11
24.86
1.016
07-Sep-11
5124.65
1.192
-60.35
06-Sep-11
24.61
0.204
06-Sep-11
5064.3
0.939
-47.10
05-Sep-11
24.56
-0.081
05-Sep-11
5017.2
-0.452
22.80
02-Sep-11
24.58
0.862
02-Sep-11
5040
0.780
-39.00
30-Aug-11
24.37
1.457
30-Aug-11
5001
1.655
-81.40
29-Aug-11
24.02
1.996
29-Aug-11
4919.6
3.619
-171.80
26-Aug-11
23.55
-1.834
26-Aug-11
4747.8
-1.897
91.80
25-Aug-11
23.99
-0.786
25-Aug-11
4839.6
-1.008
49.30
24-Aug-11
24.18
-0.820
24-Aug-11
4888.9
-1.212
60.00
23-Aug-11
24.38
0.911
23-Aug-11
4948.9
1.023
-50.10
22-Aug-11
24.16
1.257
22-Aug-11
4898.8
1.097
-53.15
19-Aug-11
23.86
-1.527
19-Aug-11
4845.65
-1.992
98.50
18-Aug-11
24.23
-1.863
18-Aug-11
4944.15
-2.224
112.45
17-Aug-11
24.69
-0.403
17-Aug-11
5056.6
0.413
-20.80
16-Aug-11
24.79
-1.705
16-Aug-11
5035.8
-1.995
102.50
11-Aug-11
25.22
0.159
11-Aug-11
5138.3
-0.440
22.70
10-Aug-11
25.18
0.962
10-Aug-11
5161
1.738
-88.15
09-Aug-11
24.94
-0.439
09-Aug-11
5072.85
-0.892
45.65
08-Aug-11
25.05
-1.222
08-Aug-11
5118.5
-1.780
92.75
Page | 74
05-Aug-11
25.36
-1.131
05-Aug-11
5211.25
-2.261
120.55
04-Aug-11
25.65
-0.466
04-Aug-11
5331.8
-1.351
73.00
03-Aug-11
25.77
-0.078
03-Aug-11
5404.8
-0.948
51.75
02-Aug-11
25.79
-0.922
02-Aug-11
5456.55
-1.092
60.25
01-Aug-11
26.03
0.386
01-Aug-11
5516.8
0.635
-34.80
29-Jul-11
25.93
0.426
29-Jul-11
5482
-0.105
5.75
28-Jul-11
25.82
-0.692
28-Jul-11
5487.75
-1.065
59.05
27-Jul-11
26
0.270
27-Jul-11
5546.8
-0.503
28.05
26-Jul-11
25.93
-1.294
26-Jul-11
5574.85
-1.856
105.45
25-Jul-11
26.27
0.459
25-Jul-11
5680.3
0.823
-46.35
22-Jul-11
26.15
1.396
22-Jul-11
5633.95
1.666
-92.35
21-Jul-11
25.79
-0.808
21-Jul-11
5541.6
-0.457
25.45
20-Jul-11
26
-1.664
20-Jul-11
5567.05
-0.828
46.50
19-Jul-11
26.44
0.380
19-Jul-11
5613.55
0.835
-46.50
18-Jul-11
26.34
-0.114
18-Jul-11
5567.05
-0.252
14.05
15-Jul-11
26.37
0.038
15-Jul-11
5581.1
-0.334
18.70
14-Jul-11
26.36
0.343
14-Jul-11
5599.8
0.257
-14.35
13-Jul-11
26.27
1.155
13-Jul-11
5585.45
1.073
-59.30
12-Jul-11
25.97
-1.217
12-Jul-11
5526.15
-1.602
89.95
11-Jul-11
26.29
0.038
11-Jul-11
5616.1
-0.787
44.55
08-Jul-11
26.28
-0.830
08-Jul-11
5660.65
-1.192
68.30
07-Jul-11
26.5
1.300
07-Jul-11
5728.95
1.840
-103.50
06-Jul-11
26.16
0.153
06-Jul-11
5625.45
-0.118
6.65
05-Jul-11
26.12
0.000
05-Jul-11
5632.1
-0.326
18.40
04-Jul-11
26.12
0.888
04-Jul-11
5650.5
0.414
-23.30
01-Jul-11
25.89
0.661
01-Jul-11
5627.2
-0.358
20.20
30-Jun-11
25.72
0.273
30-Jun-11
5647.4
0.838
-46.95
29-Jun-11
25.65
1.183
29-Jun-11
5600.45
0.995
-55.15
28-Jun-11
25.35
0.476
28-Jun-11
5545.3
0.338
-18.70
27-Jun-11
25.23
1.366
27-Jun-11
5526.6
1.012
-55.35
24-Jun-11
24.89
2.470
24-Jun-11
5471.25
2.843
-151.25
23-Jun-11
24.29
-0.041
23-Jun-11
5320
0.790
-41.70
22-Jun-11
24.3
-0.369
22-Jun-11
5278.3
0.046
-2.45
21-Jun-11
24.39
0.082
21-Jun-11
5275.85
0.341
-17.95
20-Jun-11
24.37
-1.376
20-Jun-11
5257.9
-2.022
108.50
17-Jun-11
24.71
-0.882
17-Jun-11
5366.4
-0.562
30.35
16-Jun-11
24.93
-0.677
16-Jun-11
5396.75
-0.932
50.75
15-Jun-11
25.1
-0.159
15-Jun-11
5447.5
-0.964
53.00
14-Jun-11
25.14
0.964
14-Jun-11
5500.5
0.323
-17.70
13-Jun-11
24.9
0.484
13-Jun-11
5482.8
-0.055
3.00
10-Jun-11
24.78
0.283
10-Jun-11
5485.8
-0.638
35.25
Page | 75
09-Jun-11
24.71
0.040
09-Jun-11
5521.05
-0.105
5.80
08-Jun-11
24.7
0.122
08-Jun-11
5526.85
-0.527
29.30
07-Jun-11
24.67
0.571
07-Jun-11
5556.15
0.436
-24.10
06-Jun-11
24.53
0.327
06-Jun-11
5532.05
0.277
-15.30
03-Jun-11
24.45
-0.204
03-Jun-11
5516.75
-0.605
33.60
02-Jun-11
24.5
-0.407
02-Jun-11
5550.35
-0.745
41.65
01-Jun-11
24.6
0.408
01-Jun-11
5592
0.573
-31.85
31-May-11
24.5
1.449
31-May-11
5560.15
1.591
-87.05
30-May-11
24.15
0.291
30-May-11
5473.1
-0.055
3.00
27-May-11
24.08
1.049
27-May-11
5476.1
1.178
-63.75
26-May-11
23.83
0.379
26-May-11
5412.35
1.185
-63.40
25-May-11
23.74
0.000
25-May-11
5348.95
-0.851
45.90
24-May-11
23.74
0.636
24-May-11
5394.85
0.154
-8.30
23-May-11
23.59
-1.214
23-May-11
5386.55
-1.819
99.80
20-May-11
23.88
0.759
20-May-11
5486.35
1.073
-58.25
19-May-11
23.7
-0.378
19-May-11
5428.1
0.138
-7.50
18-May-11
23.79
-0.419
18-May-11
5420.6
-0.337
18.35
17-May-11
23.89
-0.500
17-May-11
5438.95
-1.092
60.05
16-May-11
24.01
-0.373
16-May-11
5499
-0.825
45.75
13-May-11
24.1
1.474
13-May-11
5544.75
1.068
-58.60
12-May-11
23.75
-1.124
12-May-11
5486.15
-1.418
78.90
11-May-11
24.02
0.292
11-May-11
5565.05
0.430
-23.80
10-May-11
23.95
-0.167
10-May-11
5541.25
-0.177
9.85
09-May-11
23.99
0.209
09-May-11
5551.1
-0.006
0.35
06-May-11
23.94
1.959
06-May-11
5551.45
1.678
-91.60
05-May-11
23.48
-1.095
05-May-11
5459.85
-1.396
77.30
04-May-11
23.74
-0.378
04-May-11
5537.15
-0.505
28.10
03-May-11
23.83
-2.015
03-May-11
5565.25
-2.386
136.05
02-May-11
24.32
-0.856
02-May-11
5701.3
-0.838
48.20
29-Apr-11
24.53
-0.446
29-Apr-11
5749.5
-0.621
35.95
28-Apr-11
24.64
-0.081
28-Apr-11
5785.45
-0.830
48.45
27-Apr-11
24.66
0.081
27-Apr-11
5833.9
-0.588
34.50
26-Apr-11
24.64
-0.283
26-Apr-11
5868.4
-0.104
6.10
25-Apr-11
24.71
0.284
25-Apr-11
5874.5
-0.173
10.20
21-Apr-11
24.64
-0.162
21-Apr-11
5884.7
0.565
-33.05
20-Apr-11
24.68
1.355
20-Apr-11
5851.65
1.932
-110.90
19-Apr-11
24.35
0.165
19-Apr-11
5740.75
0.203
-11.65
18-Apr-11
24.31
-1.098
18-Apr-11
5729.1
-1.639
95.45
15-Apr-11
24.58
-0.244
15-Apr-11
5824.55
-1.471
86.95
13-Apr-11
24.64
1.483
13-Apr-11
5911.5
2.174
-125.80
11-Apr-11
24.28
-0.655
11-Apr-11
5785.7
-0.964
56.30
Page | 76
08-Apr-11
24.44
-0.570
08-Apr-11
5842
-0.742
43.70
07-Apr-11
24.58
0.903
07-Apr-11
5885.7
-0.103
6.05
06-Apr-11
24.36
0.082
06-Apr-11
5891.75
-0.310
18.30
05-Apr-11
24.34
0.537
05-Apr-11
5910.05
0.027
-1.60
04-Apr-11
24.21
1.808
04-Apr-11
5908.45
1.414
-82.40
01-Apr-11
23.78
0.635
01-Apr-11
5826.05
-0.132
7.70
31-Mar-11
23.63
-0.673
31-Mar-11
5833.75
0.797
-46.10
30-Mar-11
23.79
1.797
30-Mar-11
5787.65
0.894
-51.30
29-Mar-11
23.37
1.125
29-Mar-11
5736.35
0.863
-49.10
28-Mar-11
23.11
0.043
28-Mar-11
5687.25
0.584
-33.00
25-Mar-11
23.1
1.762
25-Mar-11
5654.25
2.388
-131.85
24-Mar-11
22.7
1.385
24-Mar-11
5522.4
0.769
-42.15
23-Mar-11
22.39
1.084
23-Mar-11
5480.25
1.226
-66.40
22-Mar-11
22.15
1.095
22-Mar-11
5413.85
0.915
-49.10
21-Mar-11
21.91
-0.228
21-Mar-11
5364.75
-0.167
8.95
18-Mar-11
21.96
-1.170
18-Mar-11
5373.7
-1.339
72.95
17-Mar-11
22.22
-0.493
17-Mar-11
5446.65
-1.170
64.50
16-Mar-11
22.33
1.178
16-Mar-11
5511.15
1.129
-61.50
15-Mar-11
22.07
-1.076
15-Mar-11
5449.65
-1.480
81.85
14-Mar-11
22.31
0.541
14-Mar-11
5531.5
1.580
-86.05
11-Mar-11
22.19
-0.671
11-Mar-11
5445.45
-0.891
48.95
10-Mar-11
22.34
-0.357
10-Mar-11
5494.4
-0.662
36.60
09-Mar-11
22.42
0.674
09-Mar-11
5531
0.185
-10.20
08-Mar-11
22.27
0.952
08-Mar-11
5520.8
1.055
-57.65
07-Mar-11
22.06
-1.430
07-Mar-11
5463.15
-1.365
75.60
04-Mar-11
22.38
-0.223
04-Mar-11
5538.75
0.046
-2.55
03-Mar-11
22.43
0.268
03-Mar-11
5536.2
0.252
-13.90
01-Mar-11
22.37
3.088
01-Mar-11
5522.3
3.545
-189.05
28-Feb-11
21.7
0.324
28-Feb-11
5333.25
0.560
-29.70
25-Feb-11
21.63
0.886
25-Feb-11
5303.55
0.776
-40.85
24-Feb-11
21.44
-2.634
24-Feb-11
5262.7
-3.212
174.65
23-Feb-11
22.02
-0.362
23-Feb-11
5437.35
-0.582
31.85
22-Feb-11
22.1
-1.074
22-Feb-11
5469.2
-0.895
49.40
21-Feb-11
22.34
0.269
21-Feb-11
5518.6
1.093
-59.65
18-Feb-11
22.28
-1.634
18-Feb-11
5458.95
-1.578
87.50
17-Feb-11
22.65
1.342
17-Feb-11
5546.45
1.181
-64.75
16-Feb-11
22.35
0.676
16-Feb-11
5481.7
0.013
-0.70
15-Feb-11
22.2
-0.135
15-Feb-11
5481
0.458
-25.00
14-Feb-11
22.23
3.251
14-Feb-11
5456
2.750
-146.00
11-Feb-11
21.53
3.261
11-Feb-11
5310
1.611
-84.20
10-Feb-11
20.85
-0.335
10-Feb-11
5225.8
-0.528
27.75
Page | 77
09-Feb-11
20.92
-1.646
09-Feb-11
5253.55
-1.111
59.00
08-Feb-11
21.27
-2.476
08-Feb-11
5312.55
-1.547
83.45
07-Feb-11
21.81
-0.999
07-Feb-11
5396
0.005
-0.25
04-Feb-11
22.03
-2.132
04-Feb-11
5395.75
-2.370
131.00
03-Feb-11
22.51
0.851
03-Feb-11
5526.75
1.744
-94.75
02-Feb-11
22.32
-0.313
02-Feb-11
5432
0.273
-14.80
01-Feb-11
22.39
-1.366
01-Feb-11
5417.2
-1.611
88.70
31-Jan-11
22.7
-0.526
31-Jan-11
5505.9
-0.113
6.25
28-Jan-11
22.82
-2.562
28-Jan-11
5512.15
-1.644
92.15
27-Jan-11
23.42
-2.090
27-Jan-11
5604.3
-1.461
83.10
25-Jan-11
23.92
-1.157
25-Jan-11
5687.4
-0.972
55.85
24-Jan-11
24.2
1.044
24-Jan-11
5743.25
0.821
-46.75
21-Jan-11
23.95
0.335
21-Jan-11
5696.5
-0.264
15.10
20-Jan-11
23.87
0.590
20-Jan-11
5711.6
0.361
-20.55
19-Jan-11
23.73
-0.126
19-Jan-11
5691.05
-0.577
33.00
18-Jan-11
23.76
0.721
18-Jan-11
5724.05
1.226
-69.30
17-Jan-11
23.59
-0.548
17-Jan-11
5654.75
0.004
-0.20
14-Jan-11
23.72
-1.821
14-Jan-11
5654.55
-1.692
97.35
13-Jan-11
24.16
-0.984
13-Jan-11
5751.9
-1.899
111.35
12-Jan-11
24.4
1.624
12-Jan-11
5863.25
1.897
-109.15
11-Jan-11
24.01
-0.456
11-Jan-11
5754.1
-0.152
8.75
10-Jan-11
24.12
-2.585
10-Jan-11
5762.85
-2.401
141.75
07-Jan-11
24.76
-2.057
07-Jan-11
5904.6
-2.375
143.65
06-Jan-11
25.28
-0.707
06-Jan-11
6048.25
-0.519
31.55
05-Jan-11
25.46
-1.011
05-Jan-11
6079.8
-1.083
66.55
04-Jan-11
25.72
0.078
04-Jan-11
6146.35
-0.183
11.25
03-Jan-11
25.7
0.666
03-Jan-11
6157.6
0.377
-23.10
31-Dec-10
25.53
1.069
31-Dec-10
6134.5
0.535
-32.65
30-Dec-10
25.26
0.557
30-Dec-10
6101.85
0.685
-41.50
29-Dec-10
25.12
0.803
29-Dec-10
6060.35
1.073
-64.35
28-Dec-10
24.92
0.080
28-Dec-10
5996
-0.035
2.10
27-Dec-10
24.9
-0.160
27-Dec-10
5998.1
-0.225
13.50
24-Dec-10
24.94
-0.240
24-Dec-10
6011.6
0.528
-31.60
23-Dec-10
25
-0.200
23-Dec-10
5980
-0.074
4.40
22-Dec-10
25.05
0.040
22-Dec-10
5984.4
-0.271
16.25
21-Dec-10
25.04
0.522
21-Dec-10
6000.65
0.901
-53.60
20-Dec-10
24.91
0.241
20-Dec-10
5947.05
-0.029
1.70
16-Dec-10
24.85
-0.121
16-Dec-10
5948.75
0.958
-56.45
15-Dec-10
24.88
-1.426
15-Dec-10
5892.3
-0.871
51.80
14-Dec-10
25.24
0.799
14-Dec-10
5944.1
0.617
-36.45
13-Dec-10
25.04
1.500
13-Dec-10
5907.65
0.859
-50.30
Page | 78
10-Dec-10
24.67
1.732
10-Dec-10
5857.35
1.575
-90.85
09-Dec-10
24.25
-3.232
09-Dec-10
5766.5
-2.324
137.20
08-Dec-10
25.06
-1.377
08-Dec-10
5903.7
-1.219
72.85
07-Dec-10
25.41
-0.703
07-Dec-10
5976.55
-0.262
15.70
06-Dec-10
25.59
-0.078
06-Dec-10
5992.25
-0.009
0.55
03-Dec-10
25.61
-1.272
03-Dec-10
5992.8
-0.314
18.90
02-Dec-10
25.94
1.328
02-Dec-10
6011.7
0.852
-50.80
01-Dec-10
25.6
2.441
01-Dec-10
5960.9
1.675
-98.20
30-Nov-10
24.99
0.888
30-Nov-10
5862.7
0.561
-32.70
29-Nov-10
24.77
0.202
29-Nov-10
5830
1.357
-78.05
26-Nov-10
24.72
-1.475
26-Nov-10
5751.95
-0.824
47.80
25-Nov-10
25.09
-1.143
25-Nov-10
5799.75
-1.125
66.00
24-Nov-10
25.38
-0.937
24-Nov-10
5865.75
-1.163
69.00
23-Nov-10
25.62
-1.310
23-Nov-10
5934.75
-1.252
75.25
22-Nov-10
25.96
1.565
22-Nov-10
6010
2.032
-119.70
19-Nov-10
25.56
-1.427
19-Nov-10
5890.3
-1.809
108.50
18-Nov-10
25.93
0.271
18-Nov-10
5998.8
0.169
-10.10
16-Nov-10
25.86
-1.411
16-Nov-10
5988.7
-2.171
132.90
15-Nov-10
26.23
-0.038
15-Nov-10
6121.6
0.823
-49.95
12-Nov-10
26.24
-1.353
12-Nov-10
6071.65
-1.979
122.60
11-Nov-10
26.6
-1.042
11-Nov-10
6194.25
-1.298
81.45
10-Nov-10
26.88
0.448
10-Nov-10
6275.7
-0.410
25.85
09-Nov-10
26.76
0.225
09-Nov-10
6301.55
0.452
-28.35
08-Nov-10
26.7
0.188
08-Nov-10
6273.2
-0.137
8.60
04-Nov-10
26.65
1.024
04-Nov-10
6281.8
1.969
-121.30
03-Nov-10
26.38
0.304
03-Nov-10
6160.5
0.678
-41.50
02-Nov-10
26.3
0.114
02-Nov-10
6119
0.024
-1.45
01-Nov-10
26.27
1.272
01-Nov-10
6117.55
1.659
-99.85
29-Oct-10
25.94
0.232
29-Oct-10
6017.7
0.501
-30.00
28-Oct-10
25.88
-0.270
28-Oct-10
5987.7
-0.415
24.95
27-Oct-10
25.95
-1.331
27-Oct-10
6012.65
-1.140
69.35
26-Oct-10
26.3
0.305
26-Oct-10
6082
-0.390
23.80
25-Oct-10
26.22
0.460
25-Oct-10
6105.8
0.655
-39.75
22-Oct-10
26.1
-0.038
22-Oct-10
6066.05
-0.581
35.45
21-Oct-10
26.11
1.202
21-Oct-10
6101.5
1.996
-119.40
20-Oct-10
25.8
-0.116
20-Oct-10
5982.1
-0.750
45.20
19-Oct-10
25.83
-0.347
19-Oct-10
6027.3
-0.801
48.65
18-Oct-10
25.92
-0.728
18-Oct-10
6075.95
0.219
-13.30
15-Oct-10
26.11
-1.285
15-Oct-10
6062.65
-1.857
114.70
14-Oct-10
26.45
-0.113
14-Oct-10
6177.35
-0.907
56.55
13-Oct-10
26.48
0.532
13-Oct-10
6233.9
2.348
-143.00
Page | 79
12-Oct-10
26.34
-0.454
12-Oct-10
6090.9
-0.733
44.95
11-Oct-10
26.46
0.227
11-Oct-10
6135.85
0.531
-32.40
08-Oct-10
26.4
-0.677
08-Oct-10
6103.45
-0.275
16.85
07-Oct-10
26.58
-0.487
07-Oct-10
6120.3
-1.069
66.15
06-Oct-10
26.71
0.603
06-Oct-10
6186.45
0.661
-40.65
05-Oct-10
26.55
0.454
05-Oct-10
6145.8
-0.222
13.65
04-Oct-10
26.43
-0.113
04-Oct-10
6159.45
0.261
-16.05
01-Oct-10
26.46
1.535
01-Oct-10
6143.4
1.881
-113.45
30-Sep-10
26.06
0.000
30-Sep-10
6029.95
0.645
-38.65
29-Sep-10
26.06
-0.572
29-Sep-10
5991.3
-0.634
38.20
28-Sep-10
26.21
-0.076
28-Sep-10
6029.5
-0.102
6.15
27-Sep-10
26.23
0.000
27-Sep-10
6035.65
0.288
-17.35
24-Sep-10
26.23
1.001
24-Sep-10
6018.3
0.986
-58.75
23-Sep-10
25.97
-0.231
23-Sep-10
5959.55
-0.525
31.45
22-Sep-10
26.03
-0.687
22-Sep-10
5991
-0.300
18.05
21-Sep-10
26.21
-1.057
21-Sep-10
6009.05
0.478
-28.60
20-Sep-10
26.49
0.837
20-Sep-10
5980.45
1.623
-95.50
17-Sep-10
26.27
0.922
17-Sep-10
5884.95
0.965
-56.25
16-Sep-10
26.03
-0.838
16-Sep-10
5828.7
-0.550
32.25
15-Sep-10
26.25
0.382
15-Sep-10
5860.95
1.128
-65.40
14-Sep-10
26.15
0.230
14-Sep-10
5795.55
0.617
-35.55
13-Sep-10
26.09
1.163
13-Sep-10
5760
2.127
-119.95
09-Sep-10
25.79
0.078
09-Sep-10
5640.05
0.574
-32.20
08-Sep-10
25.77
-0.155
08-Sep-10
5607.85
0.069
-3.85
07-Sep-10
25.81
0.350
07-Sep-10
5604
0.485
-27.05
06-Sep-10
25.72
1.540
06-Sep-10
5576.95
1.780
-97.55
03-Sep-10
25.33
0.756
03-Sep-10
5479.4
-0.123
6.75
02-Sep-10
25.14
0.964
02-Sep-10
5486.15
0.261
-14.30
01-Sep-10
24.9
1.137
01-Sep-10
5471.85
1.286
-69.45
31-Aug-10
24.62
-0.243
31-Aug-10
5402.4
-0.241
13.05
30-Aug-10
24.68
0.325
30-Aug-10
5415.45
0.125
-6.75
27-Aug-10
24.6
-1.205
27-Aug-10
5408.7
-1.263
69.20
26-Aug-10
24.9
0.161
26-Aug-10
5477.9
0.285
-15.55
25-Aug-10
24.86
-0.838
25-Aug-10
5462.35
-0.777
42.75
24-Aug-10
25.07
0.080
24-Aug-10
5505.1
-0.693
38.40
23-Aug-10
25.05
0.401
23-Aug-10
5543.5
0.232
-12.85
20-Aug-10
24.95
0.000
20-Aug-10
5530.65
-0.172
9.55
19-Aug-10
24.95
0.849
19-Aug-10
5540.2
1.114
-61.05
18-Aug-10
24.74
1.227
18-Aug-10
5479.15
1.201
-65.00
17-Aug-10
24.44
0.041
17-Aug-10
5414.15
-0.077
4.15
16-Aug-10
24.43
-0.082
16-Aug-10
5418.3
-0.620
33.80
Page | 80
13-Aug-10
24.45
2.216
13-Aug-10
5452.1
0.658
-35.65
12-Aug-10
23.92
-0.250
12-Aug-10
5416.45
-0.077
4.15
11-Aug-10
23.98
0.672
11-Aug-10
5420.6
-0.734
40.10
10-Aug-10
23.82
-0.626
10-Aug-10
5460.7
-0.464
25.45
09-Aug-10
23.97
1.482
09-Aug-10
5486.15
0.862
-46.90
06-Aug-10
23.62
0.468
06-Aug-10
5439.25
-0.144
7.85
05-Aug-10
23.51
-0.424
05-Aug-10
5447.1
-0.379
20.75
04-Aug-10
23.61
0.212
04-Aug-10
5467.85
0.520
-28.30
03-Aug-10
23.56
03-Aug-10
5439.55
Mean
SD
cov
Beta
R-RM
Sharpe Ratio
Teynor Ratio
Jenson's Alpha
29.456
9.757
0.040
0.013
0.917
1.121
0.899
1.000
0.717
1.000
21.456
1.757
20.732
1.567
29.943
1.757
28.170
0.000
Page | 81
REFERENCES
Page | 82
Websites :
http://www.amfi.com
http://www.NseIindia.com
http://www.moneycontrol.com
http://www.investopedia.com
http://www.wikipidia.com
http://www.shcil.in
http://www.mutualfundsindia.com
Books :
Security Analysis And Portfolio Management - PUNITHAVATHY
PANDIAN
Research Papers :
Mohamed zaheeruddin, Pinninti Sivakumar, & K.Srinivas Reddy
Performance Evaluation of Mutual Funds in India with Special
Reference to Selected Financial Intermediaries - IOSR Journal of
Business and Management (IOSR-JBM) ISSN: 2278-487X. Volume 7,
Issue 2 (Jan. - Feb. 2013), PP 34-40
Sathya Swaroop Debasish
Investigating Performance of Equity-Based Mutual Fund Schemes In
Indian Scenario - KCA JOURNAL OF BUSINESS MANAGEMENT.
VOL. 2, ISSUE 2 (2009).
Page | 83
Page | 84

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STUDY ON

COMPARISON BETWEEN PERFORMANCE OF SPECIFIC EQUITY

Under the Guidance of

In partial fulfillment of the Course- Industry Internship Programme-IIP

Alliance Ascent College, Alliance Unversity

Masterof Business Administration

Industry Internship Programme (IIP)

This is to declare that the report titled STUDY ON COMPARISON BETWEEN

Signature of the Student

Name of the Student

Alliance Ascent College, Alliance Unversity

Master of Business Administration

Signature of Faculty Guide :

Name of the Faculty Guide : Ruchi Mehrotra

Alliance Ascent College, Alliance Unversity

ii) COMPANY OVERVIEW

4. OBSERVATIONS & ANALYSIS

Alliance Ascent College, Alliance Unversity

Table - 4.1 - Mean

Table - 4.2 - Standard Deavition

Table - 4.3 Variance

Table - 4.4 Beta

Table - 4.5 - Correlation (R- squared)

Table - 4.2.1 - Sharpe ratio

Table - 4.2.2 - Treynor Ratio

Table - 4.2.3 - Jensons Alpha Ratio

Table - 4.3.1 - Fund Ranking According To Sharpe Ratio

Table - 4.3.2 - Fund Ranking According To Treynor Ratio

Table - 4.3.3 - Fund Ranking according to Jensons Alpha

Alliance Ascent College, Alliance Unversity

Alliance Ascent College, Alliance Unversity

Alliance Ascent College, Alliance Unversity

Alliance Ascent College, Alliance Unversity

Alliance Ascent College, Alliance Unversity

INTRODUCTION TO MUTUAL FUND INDUSTRY

MUTUAL FUND INDUSTRY IN INDIA

Alliance Ascent College, Alliance Unversity

First Phase (1964-87)

Second phase (1987-1993) - Entry of public sector funds

Third phase (1990-2003) - Entry of private sector funds

Alliance Ascent College, Alliance Unversity

Fourth Phase Since February 2003

GROWTH IN ASSETS UNDER MANAGEMENT

Alliance Ascent College, Alliance Unversity

Growth of the Mutual Fund Industry in India

Alliance Ascent College, Alliance Unversity

Organization of A Mutual Fund

ABN AMRO MUTUAL FUND

BIRLA SUN LIFE MUTUAL FUND

Alliance Ascent College, Alliance Unversity

HDFC MUTUAL FUND

SAHARA MUTUAL FUND

STATE BANK OF INDIA MUTUAL FUND

TATA MUTUAL FUND

UNIT TRUST OF INDIA MUTUAL FUND

Alliance Ascent College, Alliance Unversity

RELIANCE MUTUAL FUND

FRANKLIN TEMPLETON MUTUAL FUND

The group, Franklin Templeton investment is a California based company with a

MORGAN STANLEY MUTUAL FUND

Alliance Ascent College, Alliance Unversity

Types of Mutual Funds

Alliance Ascent College, Alliance Unversity