KARVY, is a premier integrated financial services provider, and ranked among the top five in the country in all its business segments, services over 16 million individual investors in various capacities, and provides investor services to over 300 corporate. KARVY covers the entire spectrum of financial services such as Stock broking, Depository Participants, Distribution of financial products - mutual funds, bonds, fixed deposit, equities, Insurance Broking, Commodities Broking, Personal Finance Advisory Services, Merchant Banking & Corporate Finance, placement of equity, IPOs, among others. Karvy has a professional management team and ranks among the best in technology, operations and research of various industrial segments. | Karvy – Early Days The birth of Karvy was on a modest scale in 1981. It began with the vision and enterprise of a small group of practicing Chartered Accountants who founded the flagship company …Karvy Consultants Limited. We started with consulting and financial accounting automation, and carved inroads into the field of registry and share accounting by 1985. Since then, we have utilized our experience and superlative expertise to go from strength to strength…to better our services, to provide new ones, to innovate, diversify and in the process, evolved Karvy as one of India’s premier integrated financial service enterprise. Thus over the last 20 years Karvy has traveled the success route, towards building a reputation as an integrated financial services provider, offering a wide spectrum of services. And we have made this journey by taking the route of quality service, path breaking innovations in service, versatility in service and finally…totality in services. 1

Our highly qualified manpower, cutting-edge technology, comprehensive infrastructure and total customer-focus has secured for us the position of an emerging financial services giant enjoying the confidence and support of an enviable clientele across diverse fields in the financial world. Our values and vision of attaining total competence in our servicing has served as the building block for creating a great financial enterprise, which stands solid on our fortresses of financial strength - our various companies. With the experience of years of holistic financial servicing behind us and years of complete expertise in the industry to look forward to, we have now emerged as a premier integrated financial services provider. And today, we can look with pride at the fruits of our mastery and experience – comprehensive financial services that are competently segregated to service and manage a diverse range of customer requirements.


Bombay Stock Exchange (BSE), and The Hyderabad Stock Exchange (HSE).Karvy Stock Broking Limited, one of the cornerstones of the Karvy edifice, flows freely towards attaining diverse goals of the customer through varied services. Creating a plethora of opportunities for the customer by opening up investment vistas backed by research-based advisory services. Here, growth knows no limits and success recognizes no boundaries. Helping the customer create waves in his portfolio and empowering the investor completely is the ultimate goal. Stock Broking Services It is an undisputed fact that the stock market is unpredictable and yet enjoys a high success rate as a wealth management and wealth accumulation option. The difference between unpredictability and a safety anchor in the market is provided by indepth knowledge of market functioning and changing trends, planning with foresight and choosing options with care. This is what we provide in our Stock Broking services. Karvey offer services that are beyond just a medium for buying and selling stocks and shares. Instead we provide services, which are multi dimensional and multi-focused in their scope. There are several advantages in utilizing our Stock Broking services, which are the reasons why it is one of the best in the country. Karvey offer trading on a vast platform; National Stock Exchange, Bombay Stock Exchange and Hyderabad Stock Exchange. More importantly, we make trading safe to the maximum possible extent, by accounting for several risk factors and planning accordingly. We are assisted in this task by our in-depth research, constant feedback and sound advisory facilities. Our highly skilled research team, comprising of technical 3

But true to our spirit. but just a platform to launch further enhanced quality services to provide you the latest in convenient. we also offer special portfolio analysis packages that provide daily technical advice on scrip’s for successful portfolio management and provide customized advisory services to help you make the right financial moves that are specifically suited to your portfolio. the final report for the day. and products available in the market. which analyzes the latest stock market trends and takes a close look at the various investment options. with the number of our trading terminals providing retail stock broking facilities. The Presession Report. Besides this. This crucial information is given as a constant feedback to our customers. with equal dedication and competence. where the market forecast for the rest of the day is given and The Post-session Report. through daily reports delivered thrice daily. Karvy Stock Broking services are widely networked across India. called Karvy Bazaar Baatein. where the market and the report itself is reviewed. Our services have increasingly offered customer oriented convenience. which we provide to a spectrum of investors. this success is not our final destination. In addition. high net worth or otherwise. market analysis and market predictions. timed to arrive during lunch break. customer-friendly stock management. we publish a monthly magazine. The Mid-session Report. 4 . where market scenario for the day is predicted. our specific industry reports give comprehensive information on various industries. keeps you more informed on the immediate trends in the stock market. secure result-oriented information on market trends. while a weekly report.analysts as well as fundamental specialists. To add to this repository of information.

To empower the investor further we have made serious efforts to ensure that our research calls are disseminated systematically to all our stock broking clients through various delivery channels like email. 5 . SMS. Factors such as our success in the Electronic custody business has helped build on our tradition of trust even more. phone calls etc. our focus will be on the emerging businesses and to meet this objective. In the future. Our foray into commodities broking has been path breaking and we are in the process of converting existing traders in commodities into the more organized mainstream of trading in commodity futures. we have enhanced our manpower and revitalized our knowledge base with enhances focus on Futures and Options as well as the commodities business. both as a trading and risk hedging mechanism. chat. Consequentially our retail client base expanded very fast.Over the years we have ensured that the trust of our customers is our biggest returns.

www.karvydp. A team of professional and the latest technological expertise allocated exclusively to our Demat division including technological enhancements like SPEED-e. make our response time quick and our delivery impeccable. we are a powerful medium for trading and settlement of shares. Internet access to accounts and an dematerialized easier transaction process in order to offer more convenience to individual and corporate investors. Offering a wide trading platform with a dual membership at both NSDL and CDSL. We have established live DPM’ 6 .DEPOSITORY PARTICIPANT The onset of the technology revolution in financial services Industry saw the emergence of Karvy as an electronic custodian registered with National Securities Depository Ltd (NSDL) and Central Securities Depository Ltd (CSDL) in 1998. Karvy set standards enabling further comfort to the investor by promoting paperless trading across the country and emerged as the top 3 Depository Participants in the country in terms of customer serviced.

The market-savvy and the ignorant investors. Here we understand the customer needs and lifestyle in the context of present earnings and provide adequate advisory services that will necessarily help in creating wealth. we occupy all segments in the retail financial services industry. besides being established as the leading procurer in all public issues. both find this service very satisfactory. thereby providing planning and advisory services to the mass affluent. The edge that we have over competition is our portfolio of offerings and our professional expertise. Our monthly magazine. Finapolis.DISTRIBUTION OF FINANCIAL PRODUCTS The paradigm shift from pure selling to knowledge based selling drives the business today. A 1600 team of highly qualified and dedicated professionals drawn from the best of academic and professional backgrounds are committed to maintaining high levels of client service delivery. To further tap the immense growth potential in the capital markets we enhanced the scope of our retail brand. This has propelled us to a position among the top distributors for equity and debt issues with an estimated market share of 15% in terms of applications mobilized. opinions etc. provides up-dated market information on market trends. investment options. With our wide portfolio offerings. Judicious planning that is customized to meet the future needs of the customer deliver a service that is exemplary. Karvy – the Finapolis. The investment planning for each customer is done with an unbiased attitude so that the service is truly customized. 7 .

trends. investment schemes and research-based opinions taken by experts in various financial fields. planning of business needs and retirement needs and a host of other services. Another venture towards being investor-friendly is the circulation of a monthly magazine called ‘Karvy . The service is backed by a team of dedicated and expert professionals with varied experience and background in handling investment Private client Group This specialized division was set up to cater to the high net worth individuals and institutional clients keeping in mind that they require a different kind of financial planning and management that will augment not just existing finances but their life-style as well. This is made possible by the expertise we have gained in the business over the years. 8 .the-finapolis. For this purpose we offer a comprehensive and personalized service that a compasses planning and protection of finances. They are continually engaged in designing the right investment portfolio for each customer according to individual needs and budget considerations with a comprehensive support system that focuses on trading customers' portfolios and providing valuable inputs. all provided on a one-to-one basis. monitoring and managing the portfolio through varied technological initiatives.the Finapolis'. we deliver advisory services to a cross-section of customers. www. Covering the latest of market news. Here we follow a hard-nosed business approach with the soft touch of dedicated customer care and personalized attention.ADVISORY SERVICES Under our retail brand ‘Karvy – the Finapolis'.

The investment recommendations given by our research team in the cash market have enjoyed a high success rate. The delivery and support modules have been fine tuned by giving our clients access to online portfolio information.Our research reports have been widely appreciated by this segment. sector switches etc. 9 . constant updates on their portfolios as well as value-added advise on portfolio churning.

In the process.ACHIVEMENTS • • • • • • • • • Among the top 5 stock brokers in India (4% of NSE volumes) India's No. to provide superior quality financial services. • Provide high quality of work life for all its employees and equip them with adequate knowledge & skills so as to respond to customer's needs. 1 Registrar & Securities Transfer Agents Among the to top 3 Depository Participants Largest Network of Branches & Business Associates ISO 9002 certified operations by DNV Among top 10 Investment bankers Largest Distributor of Financial Products Adjudged as one of the top 50 IT uses in India by MIS Asia Full Fledged IT driven operations To achieve and retain leadership. • Establish a partner relationship with its investor service agents and vendors that will help in keeping up its commitments to the customers. Karvy will strive to exceed Customer's expectations. Quality Objectives As per the Quality Policy. Karvy shall aim for complete customer satisfaction. 10 . Karvy will: • Build in-house processes that will ensure transparent and harmonious relationships with its clients and investors to provide high quality of services. by combining its human and technological resources.

With a growing secondary market presence. our associate and a member of NSE. we service over 6 lakhs customer accounts in this business spread across over 250 cities/towns in India and are ranked amongst the largest Depository Participants in the country. Karvy Consultants Limited has always remained at the helm of organizational affairs. the first Depository in the country and then with CDSL (Central Depository Services Limited). As the flagship company of the Karvy Group. we have now transferred this business into a joint venture with Computer share Limited of Australia. With the advent of depositories in the Indian capital market and the relationships that we have created in the registry business. • Strive to be a reliable source of value-added financial products and services and constantly guide the individuals and institutions in making a judicious choice of same. • Use state-of-the art information technology in developing new and innovative financial products & services to meet the changing needs of investors and clients. Today. the world’s largest registrar. the first of the businesses that we ventured into. 11 .• Continue to uphold the values of honesty & integrity and strive to establish unparalleled standards in business ethics. We were one of the early entrants registered as Depository Participant with NSDL (National Securities Depository Limited). BSE and HSE. pioneering business policies. we believe that we were best positioned to venture into this activity as a Depository Participant. work ethic and channels of progress. Having emerged as a leader in the registry business. we have transferred this business to Karvy Stock Broking Limited (KSBL).

IPO’s. Besides. “http://www. Fixed Income Schemes.karvy. makes this site extremely informative about investment options. gives access to in-depth information on financial matters including Mutual Funds. A link called ‘Resource Center’. developed and deployed by us. Linux and Unix.IT enabled services Our Technology Services division forms the ideal platform to unleash our technology initiatives and make our presence felt on the Internet. a host of other links like ‘My Portfolio’ which acts as a personalized and customized financial measure. Stock Market and much more. devoted solely to research conducted by our team of experts on various financial aspects like ‘Sector Research’. news as also about our company and each of the services offered here 12 . deals exclusively with in-depth analysis of the key sectors of the Indian economy. Our past achievements include many quality websites designed. Insurance.”. We also possess our own web hosting facilities with dedicated bandwidth and a state-of-the-art server farm (data center) with services functioning on a variety of operating platforms such as Windows. The corporate website of the company. market trends.

To know the performance of the present schemes of the companies their fact sheets was gone through. The study was conducted with an eye towards the problems faced by the mutual fund investors and their expectations from the funds. using. As a lot of options are there before the 13 . Conceptualisation & Operationalisation A mutual fund is a trust that pools the savings of a number of investors who share a common financial goal the money this collected by the fund manager in different type of securities depending upon the objective of the scheme. evaluating and disposing of products and services that they expect will satisfy their needs. Various magazines and newspapers were also consulted to get the secondary data for the study and also the information is accessed through internet. Review of existing literature Almost all the mutual fund companies conduct surveys whenever they are about to launch a new fund in the market. These could range from shares to debentures to money market instruments.Significance of the study The perception of investors led to the idea of conducting a survey to know the attitude of the present Mutual Fund Investors. Attitude of the investors can be defined as the attitude which the investors display in searching for purchasing. Investor’s attitude has a very special effect on the formulation and the success of any project.

scheme.investors to invest their surplus in order to make it grow. Objectives of the study The primary objective The primary purpose of this study is to know the awareness among investors about the investments. To know what investors think of Budgetary changes in MF industry 14 . It was an attempt to know that why people don’t invest in mutual finds and what are their investment needs & what they expect from the mutual funds cos. The Secondary objectives 1. To know the saving behaviour of the respondents. It would provide insights about the criterion used by the investors for the evaluation of a M. Focus of the Study The main focus of the problem was to know the attitude of present mutual fund investors and measuring the current level of awareness among non-investors also. The main focus of the study to know the perception of investors towards mutual funds as an investment tool.F. 2.

Markets for equity shares. to enjoy the economies of large-scale operations. inclination and time to keep track of events. Hence Mutual Fund is nothing but a form of collective investment made at a high level. skills. real estate. Thus a MF is the most suitable investment for the common man as it offers an opportunity to invest in a diversified. A MF is a trust that pools the savings of a number of investors who share a common financial goal. Of late MFs have become a hot favorite of millions of people all over the world. Anybody with an investible surplus of as little as a few thousand rupees can invest in Mutual Funds. Price changes in these assets are driven by global events occurring in faraway places. A Mutual Fund is the ideal investment vehicle for today’s complex and modern financial scenario. professionally managed portfolio at a relatively low cost. Each Mutual Fund scheme has a defined investment objectives and strategy. derivatives and other assets have become mature and information driven. The income earned through these investments and the capital appreciation realized by the scheme are shared by its unit holders in proportion to the number of units owned by them (pro-rata). understand their implications and act speedily. bonds and other fixed income securities.Mutual Funds In the financial industry the talk of the day is “Mutual Funds”. An individual also 15 . The money thus collected is invested by the fund manager in different types of securities depending upon the objective of the scheme. These could range from shares to debentures to money market instruments. A typical individual is unlikely to have the knowledge.

16 . investments. brokerage dues and bank transactions etc. Globally. there are thousands of firms offering tens of thousands of Mutual Funds with different investment objectives.finds it difficult to keep track of ownership of his assets. A Mutual Fund is the answer to all these situations. While the concept of individuals coming together to invest money collectively is not new. Today Mutual Funds collectively manage almost as much as or more money as compared to Banks. In fact. Mutual Funds gained popularity only after the Second World War. It appoints professionally qualified and experienced staff that manages each of these functions on a full time basis. the Mutual Fund in its present form is a 20th century phenomenon.

Second Phase – 1987-1993 (Entry of Public Sector Funds) 1987 marked the entry of non. 004 crores. First Phase – 1964-87 An Act of Parliament established Unit Trust of India (UTI) on 1963. Bank of Baroda Mutual Fund (Oct 92). At the end of 1993. 700 crores of assets under management. at the initiative of the Government of India and Reserve Bank.UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87). SBI Mutual Fund was the first non.6. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India.HISTORY AND GROWTH OF MUTUAL FUNDS IN INDIA The mutual fund industry in India strted in 1963 with the formation of Unit Trust of India. the mutual fund industry had assets under management of Rs. Indian Bank Mutual Fund (Nov 89). At the end of 1988 UTI had Rs. The first scheme launched by UTI was Unit Scheme 1964.47. The history of mutual funds in India can be broadly divided into four distinct phases. LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990. Bank of India (Jun 90). 17 . public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). Punjab National Bank Mutual Fund (Aug 89). In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI.UTI.

One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs. The Specified Undertaking of Unit Trust of India. Fourth Phase – since February 2003 In February 2003.Third Phase – 1993-2003 (Entry of Private Sector Funds) With the entry of private sector funds in 1993. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. 21. following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. 1. It is registered with SEBI and functions under the Mutual Fund Regulations. assured return and certain other schemes. With the 18 . except UTI were to be registered and governed. BOB and LIC. a new era started in the Indian mutual fund industry. PNB. the assets of US 64 scheme. The Unit Trust of India with Rs. representing broadly. with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. The second is the UTI Mutual Fund Ltd. giving the Indian investors a wider choice of fund families. functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. under which all mutual funds.44.805 crores. 835 crores as at the end of January 2003. Also. sponsored by SBI.541 crores of assets under management was way ahead of other mutual funds. The number of mutual fund houses went on increasing. there were 33 mutual funds with total assets of Rs. 1993 was the year in which the first Mutual Fund Regulations came into being. As at the end of January 2003.29.

bifurcation of the erstwhile UTI which had in March 2000 more than Rs. SEBI Regulations require that at least two thirds of the directors of trustee company or board of trustees must be independent i. The trustees of the mutual fund hold its property for the benefit of the unit holders. and with recent mergers taking place among different private sector funds. 19 . which manage assets of Rs.164546 crores.153108 crores under 421 schemes.e. Custodian. 50% of the directors of AMC must be independent. They monitor the performance and compliance of SEBI Regulations by the mutual fund. By the end of June 2005 the total assets of mutual fund industry are Rs. SET UP OF A MF A mutual fund is set up in the form of a trust.76. Also. which has sponsor. conforming to the SEBI Mutual Fund Regulations. As at the end of September. All mutual funds are required to be registered with SEBI before they launch any scheme. 2002). there were 29 funds. Asset Management Company (AMC) and custodian.000 crores of assets under management and with the setting up of a UTI Mutual Fund. trustees. Unit Trust of India (UTI) is not registered with SEBI (as on January 15. However. The trust is established by a sponsor or more than one sponsor who is like promoter of a company. 2004. holds the securities of various schemes of the fund in its custody. Asset Management Company (AMC) approved by SEBI manages the funds by making investments in various types of securities. they should not be associated with the sponsors. who is registered with SEBI. The trustees are vested with the general power of superintendence and direction over AMC. the mutual fund industry has entered its current phase of consolidation and growth.

some close-ended funds give an option of selling back the units to the mutual fund through periodic repurchase at NAV related prices. These mutual funds schemes disclose NAV generally on weekly basis. Open-ended Fund/ Scheme An open-ended fund or scheme is one that is available for subscription and repurchase on a continuous basis. Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where the units are listed. either repurchase facility or through listing on stock exchanges.TYPES OF MF SCHEMES Schemes according to Maturity Period A mutual fund scheme can be classified into open-ended scheme or close-ended scheme depending on its maturity period. In order to provide an exit route to the investors. SEBI Regulations stipulate that at least one of the two exit routes is provided to the investor i.g. These schemes do not have a fixed maturity period. The fund is open for subscription only during a specified period at the time of launch of the scheme. 5-7 years.e. Investors can conveniently buy and sell units at Net Asset Value (NAV) related prices which are declared on a daily basis. The key feature of open-end schemes is liquidity. 20 . Close-ended Fund/ Scheme A close-ended fund or scheme has a stipulated maturity period e.

or balanced scheme considering its investment objective. Income / Debt Oriented Scheme. These funds are not affected because of fluctuations in equity markets. Such schemes generally invest in fixed income securities such as bonds.Schemes according to Investment Objectives A scheme can also be classified as growth scheme. These schemes provide different options to the investors like dividend option. opportunities of capital appreciation are also limited in such 21 . etc. Such schemes normally invest a major part of their corpus in equities. and the investors may choose an option depending on their preferences. Such funds have comparatively high risks. However. income scheme. Government securities and money market instruments. corporate debentures. The aim of income funds is to provide regular and steady income to investors. Such funds are less risky compared to equity schemes. Such schemes may be open-ended or close-ended schemes as described earlier. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time. The mutual funds also allow the investors to change the options at a later date. The investors must indicate the option in the application form. Such schemes may be classified mainly as follows: Growth / Equity Oriented Scheme The aim of growth funds is to provide capital appreciation over the medium to longterm. capital appreciation.

However. 22 . Balanced Fund The aim of balanced funds is to provide both growth and regular income as such schemes invest both in equities and fixed income securities in the proportion indicated in their offer documents. preservation of capital and moderate income. Money Market or Liquid Fund These funds are also income funds and their aim is to provide easy liquidity. NAVs of such funds are likely to increase in the short run and vice versa. NAVs of such funds are likely to be less volatile compared to pure equity funds. These are appropriate for investors looking for moderate growth.funds. government securities. These funds are appropriate for corporate and individual investors as a means to park their surplus funds for short periods. The NAVs of such funds are affected because of change in interest rates in the country. commercial paper and interbank call money. Returns on these schemes fluctuate much less compared to other funds. etc. However. certificates of deposit. If the interest rates fall. These schemes invest exclusively in safer short-term instruments such as treasury bills. These funds are also affected because of fluctuations in share prices in the stock markets. long term investors may not bother about these fluctuations. They generally invest 40-60% in equity and debt instruments.

g. Sector specific funds These are the funds/schemes which invest in the securities of only those sectors or industries as specified in the offer documents.g. which are traded on the stock exchanges. S&P NSE 50 index (Nifty).Gilt Fund These funds invest exclusively in government securities. Government securities have no default risk. though not exactly by the same percentage due to some factors known as "tracking error" in technical terms. 1961 as the Government offers tax incentives for investment in specified avenues. E. etc. Pension schemes launched by the mutual funds also offer tax benefits. Fast these schemes offer tax rebates to the investors under specific provisions of the Income Tax Act. NAVs of these schemes also fluctuate due to change in interest rates and other economic factors as is the case with income or debt oriented schemes. Necessary disclosures in this regard are made in the offer document of the mutual fund scheme. Index Funds Index Funds replicate the portfolio of a particular index such as the BSE Sensitive index. These schemes are growth oriented and invest pre- 23 . Software. Pharmaceuticals. these schemes invest in the securities in the same weightage comprising of an index. E. Equity Linked Savings Schemes (ELSS). NAVs of such schemes would rise or fall in accordance with the rise or fall in the index. There are also exchange traded index funds launched by the mutual funds.

Thus it would be affordable for an investor to build a portfolio of investments through a mutual fund rather than investing directly in the stock market. Their growth opportunities and risks associated are like any equity-oriented scheme Load or no-load Fund A Load Fund is one that charges a percentage of NAV for entry or exit. This charge is used by the mutual fund for marketing and distribution expenses.) and 24 . Diversification Simply means that you must spread your investment across different securities (money market instruments. shares. stocks. A no-load fund is one that does not charge for entry or exit. real estate.500/-.dominantly in equities. bonds. It means the investors can enter the fund/scheme at NAV and no additional charges are payable on purchase or sale of units.e. depending upon the investment objective of the scheme. a charge will be payable. etc. fixed deposits etc. Each unit holder thus gets an exposure to such portfolios with an investment as modest as Rs. which would otherwise be extremely expensive. bonds. Advantages of Mutual Fund Affordability A mutual fund invests in a portfolio of assets. each time one buys or sells units in the fund. An investor can buy in to a portfolio of equities. That is. i.

). Liquidity One is free to take his money out of open-ended mutual funds whenever required. textile. given the fund's stated investment objectives. an investor can invest his money in a debt scheme and an equity scheme depending on his risk appetite to create a balanced portfolio easily or simply just buy a Balanced Scheme. Most open-ended funds mail your redemption proceeds.different sectors (banking. It is then the Fund Manager's job to (a) find the best securities for the fund. Professional Management Qualified investment professionals seek to maximize returns and minimize risk monitor investor's money. it offers different types of schemes to investors with different needs and risk appetites. which are linked to the 25 . secondly. IT. This kind of a diversification may add to the stability of returns. it offers an opportunity to an investor to invest sums across a variety of schemes. Variety Mutual funds offer a whole variety of schemes. and (b) keep track of investments and changes in market conditions and adjust the mix of the portfolio. This variety is beneficial in two ways: first. so as to offset any underperformance by any one sector or instrument and help the investor meet his investment objective. In a mutual fund. as and when required. the investor is handling his money to an investment professional that has experience in making investment decisions. both debt and equity. For example. etc.

These rules relate to the formation. Regulations Securities and Exchange Board of India ("SEBI"). which govern mutual funds. the Capital Markets regulator has clearly defined rules. 26 . within three to five working days of putting in request. Such a high level of regulation seeks to protect the interest of's prevailing NAV (net asset value). administration and management of mutual funds and also prescribe disclosure and accounting requirements.

Research design Research Design is diagnostic and descriptive because it is an attempt to find out the reasons why people don’t invest in mutual funds as well as it studies the behavior of respondents. The age.Research Methodology This section will describe the methodological tools adopting in conducting the present research. varying income groups and having different occupations. The respondents were of various age groups. The survey population was 50. 27 . The investment decisions are influenced by a no of variables. Hence it is extremely important to describe the research methodology. which have an impact upon the decision of making investment. Sample size The sample constituted 50 respondents. income. Properly conducted research reduces the uncertainties level for the top management in making critical decisions. no of dependents is some of the factors. As there occurs some change in these variables the decisions of investment changes accordingly. Universe and survey population The universe of the survey was the investor of Rewari City. Due care has been taken to make the sample a representative one for the Mutual Fund Investors.

magazines. 28 . their awareness about MFs and their views regarding Globalization of Indian Mutual Fund industry.Data collection Both Primary as well as Secondary Data was collected for the study. The questionnaire consisted of questions related to the socio economic position of the investors. The investors’ problems and needs can be best understood by themselves. It consisted of both open ended and close-ended questions. Secondary Data was collected from various sources such as books. So the methodology adopted was interview of investors through structured questionnaire. and newspaper and also through Internet to make analysis healthier. Making a Structured Questionnaire fulfilled primary data collection need.

Educational Qualification Under Graduate No. of Respondents Service 10 Business 15 Professional 20 Others 5 Total 50 Source: Primary data collected through questionnaire %age 20 30 40 10 100 Table No. 4. No. 1. 1 2 3 4 5 Monthly No. No. Occupation No. 1 SAMPLE COMPOSITION BY MONTHLY INCOME Sr.INTERPRETATION AND ANALYSIS OF DATA Table No. of Respondents 2 29 %age 4 . No. of %age 10 24 30 22 14 100 Income(Rupees) Respondents 4500-8500 5 8500-12500 12 12500-16500 15 16500-20500 11 More Than 20000 7 Total 50 Source: Primary data collected through questionnaire Table No. 3 SAMPLE COMPOSITION BY EDUCATIONAL QUALIFICATION Sr. 2. 2 SAMPLE COMPOSITION BY OOCUPATION Sr. 3. 1.

2. Graduate 13 Post Graduate 35 Total 50 Source: Primary data collected through questionnaire 26 70 100 30 . 3.

2. 31 . 100000. No. 50000 to Rs. Level of Savings No.ANALYSIS OF DATA SAVING BEHAVIOUR OF RESPONDENTS Table no 4 LEVEL OF ANNUAL SAVINGS Sr. Respondents 12 15 10 4 50 of %age 24 30 20 8 100 Less than 50000 More than 50000& Less than 100000 More than 100000& Less than 250000 More than 250000 Total Source: Primary data collected through questionnaire Level Of savings 15 10 No. This can be effectively mobilized towards Mutual Funds. 3. 4. Of respondents 5 0 <50000 >100000&<250000 o Around 305 of people are saving in between Rs. Efforts should be towards diverting their savings from traditional investment to stock market. 1.

of Respondents 15 25 10 50 %age 30 50 20 100 Total Source: Primary Data collected through questionnaire. Time Period Short Term Medium Term Long Term No. Insurance.o Mostly (around 98%) people know the various options of investment like Bank Deposits. It is then followed by regular income and tax savings. Table No. 5 Preferred time for investment S. Gold and they prefer to invest in these. Real estate. Preferred time Period 32 . 1. of people is aware of mutual funds but this no. People want liquidity as well as safety. Comparatively less no. 2. 3. o When respondents were asked about their purpose of investment then the response showed that financial security is the first thing that comes to the mind while making any kind of investment. is increasing day by day. o Mostly (50%) people want to invest in medium term as compared to short term and long term.No.

6 Criteria Used for making Investment S. 3. Investors want their money to earn more and more at first place followed by easy withdrawal of money. of Respondents o While choosing any investment plan most important criteria used is returns followed by liquidity and safety. 1.25 20 15 10 5 0 Short Term Medium Term Long Term No. Table No. 2. Criteria Tax Saving Returns Liquidity Safety Security No. 5. No. 4. of Respondents 8 22 14 10 6 %age 16 44 28 20 12 100 Total 50 Source: Primary Data collected through questionnaire Criteria for Investment 33 .

Table no. 3.7 Factors influencing Decisions S.of respondents 15 8 7 8 12 %age 30 16 14 16 24 100 Total 50 Source: Primary Data collected through questionnaire 34 . 4. No 1. followed by their Financial Advisors. 2. 5. of Respondents o Decisions For 30% investors are influenced by their colleagues. Factors Colleagues Family Friends Neighbors Financial Advisors No. family and Neighbors.25 20 15 10 5 0 Tax Saving Returns Liquidity Safety Security No.

35 . of Respondents 20 15 10 5 0 Colleagues Family Friends Factors Neighbors Financial Advisors no.Factors Affecting Decisions for Investments No. of Respondents o More than 70% of investors don’t take the services of financial advisors because they think that their analysis is more than sufficient. But they expect that financial advisors should have enough knowledge about the market so that other investors will not be cheated by them.

3. Of Respondents 10 20 5 15 50 %age 20 40 10 30 100 Source: Primary Data collected through questionnaire 36 .MUTUAL FUND AWARENESS OF INVESTORS  As the respondents are mutual fund investors as well as non investors so overall analysis is that mutual fund investors are having good knowledge about mutual funds whereas other people slowly know about mutual funds. 4. Responses Very Much Somewhat Neutral Not Aware Total No.8 RATING OF AWARENESS OF MUTUAL FUNDS S. 2.No. Table no. Well they are aware about mutual funds but they hesitate to invest in it. 1.

SBI. Others didn’t even heard about NAV. Reliance. 37 . Wellknown companies are HDFC.  Fluctuation in prices has been considered as the main disadvantage of mutual fund.  Around 80% respondents don’t know about present offers in mutual fund.Rating of Awareness 20 15 10 5 0 Not aw are Neutral Somew hat Very Much No. Others don’t know mutual fund invest where.  More than 70% respondents know that mutual fund companies invest money in shares.  Safety and Risk reduction has been found as its two main advantages. There are also some respondents who haven’t heard the term Mutual Fund. of Respondents  Less than 40% respondents know about mutual fund companies operating. UTI etc.  Only 15 out of 50 respondents know about Net Asset Value.

2. Responses YES NO No.Table No. 9 AWARENESS OF NET ASSET VALUE S. of Respondents %age 15 30 35 50 100 70 Total Source: Primary Data collected through questionnaire Awareness about NAV YES NO 38 .No 1.

of Respondents 5 0 Strong Disagreement Agreement MUTUAL FUNDS INVESTMENT BEHAVIOUR Comparatively less no.  Level of savings invested in mutual funds is also very less.  Mostly investors prefer to invest in equity funds followed by balanced funds. made neutral response. Of investors invest their money in Money Market Instruments etc. 39 . s which ultimately reduces risk.20 15 10 No.  This question gained mixed responses as respondents who don’t know about mutual funds. Of respondents invest their money in mutual funds because they hesitate to invest in this option. Some investors were agree because their investments got diversified in various co. Post Office schemes. A very less no.  Past performance is most important factor influencing the investors followed by return and risk. They prefer to invest in Bank Deposits. 30 respondents don’t invest a single penny in mutual funds. Real Estate etc.

No 1. 40 . 2. 10 MUTUAL FUNDS ARE BETTER THAN DIRECT STOCKS S. 4. of Respondents %age 7 14 8 20 10 5 50 16 40 20 10 100 Total Source: Primary Data collected through questionnaire 20 15 10 No. of Respondents 5 0 Strong Disagreement Agreement MUTUAL FUNDS BETTER THAN STOCKS  Liquidity attracts the consumers most because investors don’t want to block their money. 5. they want quick encashing of their money.Table No. 3. Responses Strong Agreement Agreement Neutral Disagreement Strong Disagreement No.

 Only 15 respondents were agree to the factor that attracts only when it is booming.  Studying of portfolio is very important so as to know where the hard earned money is being invested but a very little percentage wants to know the portfolio of a particular fund. Table No. 11 STUDY OF PORTFOLIO IS VERY IMPORTANT 41 .  A very huge percentage of respondents were in the opinion that if a little risk can give them lot of comfort and wealth then they will be interested in adopting that option in long run. They will prefer the investment in the opinion that has no risk but gives lessor or no returns. All other responses were either in the disagreement or neutral.

S. more awareness will motivate them to invest in mutual funds. more tax benefits. 3. 5. 4.  Most of the respondents suggest that if greater economies of scale. 2. of Respondents 5 8 20 7 10 50 %age 10 16 40 14 20 100 Total  Very less percentage of respondents invest in those schemes that consist of sectors on which they are bullish. Responses Strong Agreement Agreement Neutral Disagreement Strong Disagreement No. professional management.No 1.F.  Some respondents suggested that M. more savings. 42 . should tack the market on day to day basis and exploit the arbitrage opportunities and restrictions on the investment by mutual funds should be removed.

 Whenever a mutual fund is launched. dealers and agent. This eroded the confidence level of investors in mutual funds and I also tried to give some suggestions for improvements of working of these mutual funds. These reasons are depressing trends in money market as well as some adverse result shown by some mutual funds schemes. particularly those mutual fund which are income oriented required to invest their many mainly in debt instrument of high yielding. Almost all mutual fund are charging 6% for these expenditures. it states its portfolio according to the objectives of funds.FINDINGS AND SUGGESTIONS On the basis of detailed study of various mutual funds operated in India. commission to merchandising bank. The investors are big losers by investing 43 . The various findings and suggestions for improvement of working of mutual funds are following:  Whenever a mutual fund scheme is launched it involves various expenditure for planning and promotion of fund scheme. printing and stationary. so that they may continue the process of resources mobilization and capital formation. But these are not as we expected from them. A large part of resources of these funds is invested in IPOs. it is clear that mutual funds in India have played an imported role to route the scattered small household savings towards investment in economic activities. It is required to bring down the annual expense to a reasonable level. But is experienced that many mutual fund operators ignored the basic objective of fund portfolio. There are various reasons for this slow mobilization. advertisement. small and mid cap stocks which are the not traded frequently at stock exchanges.

The SEBI should take care that such transactions are not made by mutual funds. sometimes the holdings of one fund are purchased by other fund of the same group.  It is also noticed that sometimes some funds are involving in high volume of transactions in one go just to inflate the market price of a particular scrip. It creates the unnecessary speculation in such shares. It is suggested that to check the entry of 44 .  Due to lack of clear guidelines. It should be followed strictly and SEBI should take necessary action against the defaulting funds. In such transactions original investors of the fund as well as other investors lose their money. Thus a person of ulterior motive may enter onto mutual fund business easily and may cheat the investors. It brings frustration in prospective investors. The loser is investor. The 5% norm is determined by the SEBI to safeguard the interests of investors. In accounting records such transactions are shown at profit which is increasing the NAV of the funds without real increase in intrinsic value of their these funds as the NAV of these funds has liquidated to great extent of their original investments.  The entry regulations in the mutual funds business are very easy to complete by a skilled manipulator. Apparently it seems a case of favoritism by the mutual funds. It is suggested that it should be made obligatory for mutual funds to mention these transactions in their monthly/ weekly reports that are published for the information of the public.  Some mutual fund managers are favoring by the way of routing exceptionally high volume of transactions through some brokers in contravention of SEBI norms.

they are highlighting the qualities of their schemes to attract the investors. The whole process of granting permission should be effectively controlled and supervised.such unscrupulous operator. of investors. A little effort is being made to attract the savings of rural and agricultural sector. the regulation for granting permission for starting a mutual fund AMC should be made strict. These agents should be given some additional incentives comparing to others agents. A separate “Investors Service Cell” should be established by all mutual funds and should be regulated by Senior Management from time to time. these organisations should open some branches in rural areas and specially recruit the agents the in from rural area.  Investor’s satisfaction is an important factor for the mutual funds. But due to increasing no. Investors are entrusting their hard-earned savings to mutual funds for effective management of their interests. various problems related to investors service TAURUS MUTUAL FUND has set up a 24 hour phone service in Delhi and Bombay to its subscribers. the various mutual funds AMCs are giving attractive advertisements in newspapers. magazines and other media.  Mutual fund activities are mainly confined to urban areas.  For marketing a scheme. 45 . It is suggested that no cover potential investors of vast section of society. Sometimes it is noticed that some MFs operators created an artificial market conditions to boost the sales of their scheme.

It is suggested that the SEBI should effectively instruct all mutual funds to follow the uniform procedure for calculation of NAV.  In practice it is found that some fund schemes are not disclosing this information about their portfolio so that other competitors may not get benefit from their strategy. because this is an unfair trade practice to allure the innocent investors.It is suggested that advertisement should be screened and necessary action should be taken against such organisation. It is suggested that the norms of portfolio disclosure should be followed by all mutual funds and SEBI should strictly supervise this aspect. For a no-load fund. This is creating a problem to the investors. including domestic and foreign stocks and bonds. 46 . the asked price is the same as the NAV. any. ASSET ALLOCATION FUND A fund that spreads its portfolio among a wide variety of investments. Key terms used in mutual funds industry ADVISOR The organization employed by a mutual fund to give professional advice the funds investments and to supervise the management of its assets. ASKING AND OFFERING PRICE The price at which a mutual fund’s shares can be purchased. government securities. gold bullion and real estate stocks. The asked or offering price means the current net asset value (NAV) per share plus sales charge.  The various mutual funds are following different methods of calculation of their NAVs.

generally 60% bonds or preferred stocks and 40% common stocks. BALANCED FUND A mutual fund that maintains a balanced portfolio. BOND RATING System of evaluating the probability of whether a bond issuer will default.This gives small investors far more diversification than they could get allocating money on their own. BOND FUND A mutual fund whose portfolio consists primarily of corporate or Government bonds. Mutual Funds generally 47 . BID OR SELL PRICE The price at which a mutual fund’s shares are redeemed (bought back) by the fund. AUTOMATIC REINVESTMENT A service offered by most mutual funds whereby income dividends and capital gain distributions are automatically invested into the fund by buying additional shares and thus building up holdings through the effects of compounding. less any redemption fee or back-end load. These funds generally emphasize income rather than growth. Some of these funds keep the proportions allocated between different sectors relatively constant. Various firms analyze the financial stability of both corporate and government bond issuers. The bid or redemption price means the current net asset value per share. while others alter the mix as market conditions change. Bonds rated BBB or below are not considered to be of investment grade. Ratings range from AAA or Aaa (extremely unlikely) to D (currently in default).

restrict their bond purchases to issues of certain quality ratings,which are specified in their prospectuses.

A mutual fund that seeks maximum capital appreciation through the use of investment techniques involving greater than ordinary risk, such as borrowing money in order to provide leverage, short-selling and high turnover.

Payments (usually annually) to mutual fund shareholders of gains realized on the sale of portfolio securities.

A risk in market value of a mutual fund’s securities, reflected in its net asset value per share. This is a specific long-term objective of many mutual funds.

Interest-bearing, short-term debt instrument issued by banks and thrifts.

An investment company that offers a limited number of shares. They are traded in the securities markets, usually through brokers. Price is determined by supply and demand. Unlike open-end investment companies (mutual funds), closed-end funds do not redeem their shares.


Short term, unsecured promissory notes with maturities no longer than 270 days. They are issued by corporations, to fund short term credit needs.

An open end investment company whose holdings consist mainly of common stocks and usually emphasize growth.

The bank or trust company that maintains a mutual fund’s assets includes its portfolio of securities or some record of them. Provides safekeeping of securities but has no role in portfolio management.

This term applies to funds that declare their income dividends on a daily basis and reinvest or distribute monthly.

An individual or a corporation serving as principal underwriter of a mutual fund’s shares, buying shares directly from the fund, and reselling them to the other investors.

The policy of spreading investments among a range of different securities to reduce the risks inherent in investing.

The right to transfer investments from one fund into another, generally within the same fund group, at nominal cost.


The date on which a fund’s Net Asset Value (NAV) will fall by an amount equal to the dividend and/or capital gains distribution (although market movements may alter the fund’s closing NAV somewhat). Most publications which list closing NAV place an “X” after a fund’ name on its ex-dividend date.

The ratio of total expenses to net assets of the fund. Expenses include management fees, the cost of shareholder mailings and other administrative expenses.The ratio is listed in a fund’ prospectus. Expense ratio may be a function of a fund’s size rather than of its success in controlling expenses.

An accounting period consisting of 12 consecutive months.

An fund that invests in both Indian and foreign securities.

A mutual fund whose primary investment objective is long-term growth of capital. It invests principally in common stocks with significant growth potential.

Payment of interest and dividends earned on the fund’s portfolio securities after operating expenses are deducted.


and is sold by a broker or salesman. INTERNATIONAL FUND A fund that invests in securities traded in markets outside India. INVESTMENT COMPANY A corporation. LOAD FUND A mutual fund that levies a sales charge up to 6%. etc. 51 .INCOME FUND A mutual fund that primarily seeks current income rather than growth of capital.It provides greater professional management and diversification of investments than most investors can obtain independently. Mutual funds. current income. It will tend to invest in stocks and bonds that normally pay high dividends and interest. a back-end load is the fee charged when getting out of a fund. or “open-end” investment companies. A front-end load is the fee charged when buying into a fund. INDEX FUND A mutual fund that seeks to mirror general stock-market performance by matching its portfolio to a broad-based index. partnership or trust that invests the pooled monies of many investors. ) that an investor or a mutual fund pursues. INVESTMENT OBJECTIVE The financial goal (long-term growth. is the most popular form of company. most often the S&P CNX Nifty index. which is included in the offering price of its shares.

5% to 1% of the fund’s asset value. including bank certificates of deposit. and dividing the remainder by the number of shares outstanding. NET ASSET VALUE PER SHARE The current market worth of a mutual fund share. including management of the fund’s portfolio. Most mutual funds continuously offer new shares to investors. government securities and repurchase agreements. for the purchase of its shares. cash and any accrued earnings deducting liabilities.5% or less. commercial paper. This is accomplished by investing in safe. 52 . highly liquid securities. In general. this fee ranges from . MONEY MARKET FUND A mutual fund that aims to pay money market interest rates. Money Market Funds make these high interest securities available to the average investor seeking immediate income and high investment safety.LOW-LOAD FUND A mutual funds that charges small sales commission. MUTUAL FUND An open-end investment companies that buys back or redeems its shares at current net asset value. usually 3. MANAGEMENT FEE The amount a mutual fund pays to its investment adviser for services rendered. Calculated daily by taking the funds total asset securities.

It contains information required by the Securities and Exchange Commission. Aggressively managed funds generally have higher portfolio turnover rates than do conservative funds that invest for the long term. describing the mutual fund and offering its shares for sale. If a fund’s assets total Rs 100mm and the fund bought and sold Rs100mm worth of securities that year.NO-LOAN FUND A commission-free mutual fund that sells its shares at net asset value. without the addition of a sales charge. PORTFOLIO TURNOVER RATE The rate at which the fund’s portfolio securities are changed each year. PAYABLE DATE The date on which distributions are paid to shareholders who do not want to reinvest them. This date can be anywhere from one week to one month after the Record Date. either directly to the public or through an affiliated distributor. its portfolio turnover rate would be 100%. 53 . PROSPECTUS An official document that each investment company must publish. Frequently the business day immediately prior to the Ex-Dividend Date. High portfolio turnover rates generally add to the expenses of a fund. RECORD DATE The date the fund determines who its shareholder are ’shareholder of record” who will receive the fund’s income dividend and/or net capital gains distribution.

fund shares. or buying back.REDEMPTION FEE A fee charged by a limited number of funds for redeeming. REDEMPTION PRICE The price at which a mutual fund’s shares are redeemed (bought back) by the less expensive fund. usually the fund’s local region. The objective is to take advantage of regional growth potential before the national investment community does. 54 . SECTOR FUND A fund that operates several specialized industries sectors portfolios under one umbrella. REINVESTMENT PRIVILEGE A service that most mutual funds offer whereby a shareholder’s income dividends and capital gains distributions are automatically reinvested in additional shares. REGIONAL FUND A mutual fund that concentrates its investments within a specific geographic area. REINVESTMENT DATE (PAYABLE DATE) The date on which a share’s dividend and/or capital gains will be reinvested (if requested) in additional fund shares. Transfers between the various portfolios can usually be executed by telephone at little or no cost. The redemption price is usually equal to the current net asset value per share.

usually expressed as a percentage of market price. instead of a lump sum amount. over a designated period. UNDERWRITER The organization that acts as the distributor of a mutual fund’s shares to broker/dealers and the public.SHORT SELLING The sale of a security. 55 . SYSTEMATIC INVESTMENT PLANS In case of Systematic Investment Plans. and must eventually purchase the security for return to the lender. which is not owned by the “seller”. YIELD Income or return received from an investment. borrows stock for delivery to the buyer. For a mutual fund. yield is interest or dividend before any gain or loss in the price per share. SPECIALTY FUND A mutual fund specializing in the securities of a particular industry or group of industries or special types of securities. investor invests a pre-specified amount in a scheme at pre-specified intervals at the then prevailing NAV.

study may suffer from some limitations. which are mentioned below: • The sample size taken by me for the study is 30 of Rewari city. • • Time spent with the respondents was very less. Market predictions are never true and are based on individual perceptions and being a study dominated by individual responses it is subjected to individual limitations.Limitations of the Study In every research work the researcher has to face one or another kind of problem. so it may or may not represent the true picture. This research work also suffered certain limitations. 56 . • I. what is relevant today may not be relevant tomorrow. • Due to changing environment. being a fresher in the market.

QUESTIONNAIRE I like investing for (Short Term/ Medium Term/ Long Term)    Short Term Medium Term Long Term Most important criterion to make any investment is 1. Are you having any financial advisor/s? If yes.       Tax Saving Return Liquidity Safety Security Any Other. Colleagues Family Friends Neighbours Financial Advisors Any Other. how many? ______________________________________________________________ 57 . Please specify_______________ My decisions for investment are strongly influenced by       2. Please specify________________ 3.

Rate your level of awareness about ‘Mutual Fund’?     Very Much Somewhat Neutral Don’t Have 2.F.s. 1) 2) 3) 5. ________________________ ________________________ ________________________ List Any 3 main disadvantages of investing in M. main advantages of investing in M. List any 5 Mutual Funds Companies 1) 2) 3) 4) 5) 3. List any 3. 1) 2) 3) ________________________ ________________________ ________________________ 58 . The Mutual Fund ___________________ ___________________ ___________________ ___________________ ___________________ Company invests the money in _______________________________________________________________________ ________________________________________________________ 4.MF AWARENESS OF INVESTORS 1.s.F.

  DO you know the meaning of NET ASSET VALUE? Yes No MUTUAL FUNDS INVESTMENT BEHAVIOUR 1.?(Please tick)     < 10 % > 10% and < 25% . 25% and < 50% > 50% 1.s? If yes. Do you know what are present offers in M. you prefer investing in(Please mention) FUNDS %age     Equity Funds Debt Funds Balanced Funds Any other 3.F. the first thing that comes to my mind are(Please rank) 59 . While investing in a Mutual Fund.F.6. In which securities. Please specify ____________________________________________________________________ ________________________________________________________ 7. What percentage of savings on an average do you invest in M.

Mutual Funds investments are better as compared to investment in direct stocks.        OPTIONS RANK The Company Fund Manager The Risk involved Past Performance Media Reports The Return Any Other 4.      Strong Agreement Agreement Indifferent Disagreement Strong disagreement 6. Market attracts the consumer only when it is booming. Liquidity is the most attractive feature of the Mutual Funds.  Strong Agreement 60 .      Strong Agreement Agreement Indifferent Disagreement Strong disagreement 5.

which gives me a better return than in the option that has no risk but gives lessor or no return.    Agreement Indifferent Disagreement Strong disagreement 7. 61 . I would prefer investing in the option with some risk. The portfolio of any Mutual Fund scheme is a very important thing and I use to study it whenever I invest in any scheme.      Strong Agreement Agreement Indifferent Disagreement Strong disagreement 9. If a little risk can give me a lot of comfort & wealth I will be interested to look for that option in the long run.      Strong Agreement Agreement Indifferent Disagreement Strong disagreement 8.

F. What would motivate you to invest in M.s? _______________________________________________________________________ _______________________________________________________________________ __ 11.     Strong Agreement Agreement Indifferent Disagreement Strong disagreement 10. Any suggestions that you would like to give in order to make the Mutual Funds performance better________________________________________________________ _______________________________________________________________________ _ THANKS FOR YOUR COOPERATION 62 .

karvy. 24 January.moneycapital. Elements of Insurance. vol. June 2003 WEBSITE: www. February 2007. (2007) Research Methodology. Kothari C. Garg R.BIBLIOGRAPHY 1. www.K.3 Dhanpat Rai Publishing Company www. The journal of insurance of India. www. 63 . New age International Publishing Company. vol..indiacorporateadvisor. October – December.R. 4.

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