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Mutual Fund

The origin of the Indian mutual funds industry dates back to 1963
when the Unit Trust of India (UTI) came into existence at the
initiative of the Government of India and the Reserve Bank of
India. Since then the mutual funds sector remained the sole
fiefdom of UTI till 1987 when a slew of non-UTI, public sector
mutual funds were set up by nationalized banks and life insurance
The year 1993 saw sweeping changes being introduced in the
mutual fund industry with private sector fund houses making their
debut and the laying down of comprehensive mutual fund
regulations. Over the years, the Indian mutual funds industry has
witnessed an exponential growth riding piggyback on a booming
economy and the arrival of a horde of international fund houses.
“Mutual fund is vehicle that enables a number of investors to
pool their money and have it jointly managed by a
professional money manager.”

A Mutual Fund is a pool of money, collected from investors, and is

invested according to certain investment objectives.
A Mutual Fund is a trust that pools the savings of a number of
investors who share a common financial goal.
The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities.
The income earned through these investments and the capital
appreciation realised are shared by its unit holders in proportion to
the number of units owned by them.
Mutual Fund companies are known as asset management
companies. They offer a variety of diversified schemes. Mutual
Fund acts as investment companies. They pool the savings of
investors and invest them in a well-diversified portfolio of sound
Mutual funds can be broken down into two basic categories: equity
and bond funds.
Equity funds invest primarily in common stocks, while bond funds
invest mainly in various debt instruments.
Within each of these sectors, investors have a myriad of choices to
consider, including: international or domestic, active or indexed,
and value or growth, just to name a few.
We will cover these topics shortly. First, however, we're going to
focus our attention on the “nuts and bolts” of how mutual funds

Mutual Fund Operation Flow Chart


ganisation of a Mutual Fund
Mutual funds
Mutual fund is vehicle that enables a number of investors to pool
their money and have it jointly managed by a professional money
Sponsor is the person who acting alone or in combination with
another body corporate establishes a mutual fund. The Sponsor is
not responsible or liable for any loss or shortfall resulting from the
operation of the Schemes beyond the initial contribution made by it
towards setting up of the Mutual Fund.
Trustee is usually a company (corporate body) or a Board of
Trustees (body of individuals). The main responsibility of the
Trustee is to safeguard the interest of the unit holders and ensure
that the AMC functions in the interest of investors and in
accordance with the Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996.
Asset Management Company (AMC)
The AMC is appointed by the Trustee as the Investment Manager
of the Mutual Fund. At least 50% of the directors of the AMC are
independent directors who are not associated with the Sponsor in
any manner. The AMC must have a net worth of at least 10 crores
at all times.
Transfer Agent
The AMC if so authorised by the Trust Deed appoints the Registrar
and Transfer Agent to the Mutual Fund. The Registrar processes
the application form, redemption requests and dispatches account
statements to the unit holders. The Registrar and Transfer agent
also handles communications with investors and updates investor
History of the Indian Mutual Fund
The mutual fund industry in India started in 1963 with the
formation of Unit Trust of India, at the initiative of the
Government of India and Reserve Bank the. The history of mutual
funds in India can be broadly divided into four distinct phases:
 First Phase – 1964-87: Unit Trust of India (UTI) was
established on 1963 by an Act of Parliament. It was set up by
the Reserve Bank of India and functioned under the Regulatory
and administrative control of the Reserve Bank of India. 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. At the end of 1988 UTI
had Rs.6, 700 crores of assets under management.
 Second Phase – 1987-1993 (Public Sector Funds):
SBI Mutual Fund was the first non- UTI Mutual Fund
established in June 1987 followed by Punjab National Bank
Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89),
Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92).
LIC established its mutual fund in June 1989 while GIC had set
up its mutual fund in December 1990. At the end of 1993, the
mutual fund industry had assets under management of Rs 47000
 Third Phase – 1993-2003 (Private Sector Funds):
With the entry of private sector funds in 1993, a new era started
in the Indian mutual fund industry, giving the Indian investors a
wider choice of fund families. 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 1993 SEBI (Mutual Fund) Regulations were
substituted by a more comprehensive and revised Mutual
Fund Regulations in 1996. The industry now functions under
the SEBI (Mutual Fund) Regulations 1996. The number of
mutual fund houses went on increasing, with many foreign
mutual funds setting up funds in India and also the industry has
witnessed several mergers and acquisitions. As at the end of
January 2003, there were 33 mutual funds total assets of Rs. 1,
21,805 crores.
 Fourth Phase – since February 2003: In February
2003, following the repeal of the Unit Trust of India Act 1963
UTI was bifurcated into two separate entities.
One is the Specified Undertaking of the Unit Trust of India with
assets under management of Rs.29, 835 crores as at the end of
January 2003.
The second is the UTI Mutual Fund Ltd, sponsored by SBI,
PNB, BOB and LIC. With the bifurcation of the UTI which had
in March 2000 more than Rs.76, 000 crores of assets under
management 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 funds, which manage assets of Rs.153108 crores
under 421 schemes.
The graph indicates the growth of assets over the years.
Growth in Assets under Management
Characteristics of a Mutual Fund
The following are the characteristics of the mutual funds:-
 A mutual fund belongs to the investors who have pooled their
funds. The ownership of the mutual fund is in the hands of the
 Investment professionals and other service providers, who
earn a fee for their services, from the fund, manage the mutual
 The pool of funds is invested in a portfolio of marketable
investments. The value of the portfolio is updated every day.
 The investors share in the fund is denominated by “units”.
The value of the units changes with change in the portfolio’s value,
every day. The value of one unit of investment is called as the Net
Asset Value or NAV.
 The investment portfolio of the mutual fund is created
according to the stated investment objectives of the fund.
Case Study

Reliance Mutual Fund (RMF) is one of India’s leading
Mutual Funds, with Assets under Management of Rs.
36,927 crores as on 31st December 2006 and an investor
base of over 2.8 million.
Reliance Mutual Fund, a part of the Reliance - Anil
Dhirubhai Ambani Group, is one of the fastest growing
mutual funds in the country. It offers investors a well-
rounded portfolio of products to meet varying investor
requirements and has presence in 95 cities across the
country.Reliance Mutual Fund constantly endeavors to
launch innovative products and customer service initiatives
to increase value to investors.
Reliance Mutual Fund schemes are managed by Reliance
Capital Asset Management Ltd., a wholly owned subsidiary
of Reliance Capital Ltd. Reliance Capital Ltd. is one of
India’s leading and fastest growing private sector financial
services companies, and ranks among the top 3 private
sector financial services and banking companies, in terms
of net worth. Reliance Capital Ltd. has interests in asset
management, life and general insurance, private equity and
proprietary investments, stock broking and other financial
services. Reliance Mutual Fund (RMF) has been
established as a trust under the Indian Trusts Act, 1882
with Reliance Capital Limited (RCL), as the
Settler/Sponsor and Reliance Capital Trustee Co. Limited
(RCTCL), as the Trustee.
It has been registered with the Securities & Exchange
Board of India (SEBI) on dated June 30, 1995. The name of
Reliance Capital Mutual Fund has been changed to
Reliance Mutual Fund effective 11th. March 2004.
REGISTERED OFFICE Reliance Capital Asset Management Limited
EO1, Reliance Greens, Village Motikhavdi,
P.O. Digvijaygram,
District Jamnagar - 361 140.
Tel No.: 0288 3011556.
Fax No.: 02880 3011598.

Reliance Capital Asset Management Limited

CORPORATE OFFICE Reliance Capital Asset Management Limited
Express Building,
4th & 6th Floor, 14-'E' - Road,
Above Satkar Hotel,
Opp. Churchgate Station,
Churchgate, Mumbai 400 020.
Tel No.: +91 22 3041 4800.
Fax No.:+91 22 3041 4818 / 3041 4899.
Trade World, 'B' Wing,
7th Floor, Kamal Mill Compound,
Lower Parel, Mumbai 400013

Reliance Capital Asset Management Limited

Mittal Chambers, Gr. Flr,
Near Bajaj Bhawan,
Nariman Point,
Mumbai 400021.
Tel No.: 022 56386700 / 22854880.
Fax No.: 022 22853702.

Advantages of a Mutual Fund to Investors:-

Every investment has advantages and disadvantages. But
it's important to remember that features that matter to one
investor may not be important to you. Whether any
particular feature is an advantage for you will depend on
your unique circumstances. For some investors, mutual
funds provide an attractive investment choice because they
generally offer the following benefits:

 Professional Management: The primary advantage of funds

(at least theoretically) is the professional management of your
money. Investors purchase funds because they do not have the time
or the expertise to manage their own portfolio. A mutual fund is a
relatively inexpensive way for a small investor to get a full-time
manager to make and monitor investments.
 Portfolio Diversification: A proven principle of sound
investment is that of diversification, which is the idea of not
putting all eggs in one basket. By investing in many companies,
the mutual funds protect themselves from drop in value of shares.
Majority of people consider diversification as the major strength of
mutual funds.
 Reduction of Risk: Risk in investment is as to recovery of
the principal amount and as to return on it. Mutual funds, on both
fronts provide a comfortable situation for investors. The expert
supervision, diversification, and liquidity of units ensured in
mutual funds minimize the risks.
 Economies of Scale: Mutual funds having large funds at
their disposal avail economies of scale. The brokerage fee or
trading commission may be reduced substantially. The reduced
transaction costs obviously increases the income available for
 Liquidity: A distinct advantage of mutual fund over other
investments is that, there is always a market for its units/shares.
Moreover, Securities & Exchange Board of India requires that
mutual funds in India have to ensure liquidity.
 Safety of Investment: Besides depending on the expert
supervision of fund managers, the legislation in a country (SEBI)
also provide for safety of investments. Mutual funds have to
broadly follow the laid down provisions for their regulation. SEBI
acts as a watch dog and attempts whole heartedly to safeguard
investor’s interests.
 Choice: Mutual funds come in a wide variety of types. Some
mutual funds invest exclusively in a particular sector (e.g. energy
funds), while others might target growth opportunities in general.
There are thousands of funds, and each has its own objectives and
focus. The key is for you to find the mutual funds that most closely
match your own particular investment objectives.

 Convenience: When you own a mutual fund, you

don't need to worry about tracking the dozens of different
securities in which the fund invests; rather, all you need to
do is to keep track of the fund's performance. It's also quite
easy to make monthly contributions to mutual funds and to
buy and sell shares in them.
 Simplicity: Buying a mutual fund is easy! Pretty well
any bank has its own line of mutual funds, and the
minimum investment is small. Most companies also have
automatic purchase plans whereby as little as $100 can be
invested on a monthly basis.
 Tax Shelter: Depending on the schemes of mutual
funds, tax shelter is also available under section 80C. The
returns from the mutual funds are also eligible for favorable
tax treatment.

Disadvantages of Mutual Fund:-

There are more benefits to mutual fund investing, but you
should also be aware of the drawbacks associated with mutual
funds. They are as follows:
 Professional Management: Did you notice how we
qualified the advantage of professional management with the
word "theoretically"? Many investors debate over whether or
not the so-called professionals are any better than you or I at
picking stocks. Management is by no means infallible, and,
even if the fund loses money, the manager still takes his/her
 No control over costs: Since investors do not directly
monitor the fund’s operations they cannot control the cost
effectively. Regulators therefore usually limit the expenses of
mutual funds. Investors must pay sales charges, annual fees,
and other expenses regardless of how the fund performs. And,
depending on the timing of their investment, investors may
also have to pay taxes on any capital gains distribution they
receive — even if the fund went on to perform poorly after
they bought shares.

 Dilution: Although diversification reduces the amount of

risk involved in investing in mutual funds, it can also be a
disadvantage due to dilution. For example, if a single security
held by a mutual fund doubles in value, the mutual fund itself
would not double in value because that security is only one
small part of the fund's holdings. By holding a large number of
different investments, mutual funds tend to do neither
exceptionally well nor exceptionally poorly.
 Taxes: When making decisions about your money, fund
managers don't consider your personal tax situation. For
example, when a fund manager sells a security, a capital-gain
tax is triggered, which affects how profitable the individual is
from the sale. It might have been more advantageous for the
individual to defer the capital gains liability.
 No Insurance: Mutual funds, although regulated by the
government, are not insured against losses. That means that
despite the risk-reducing diversification benefits provided by
mutual funds, losses can occur, and it is possible that you
could even lose your entire investment.
 Trading Limitations: Although mutual funds are highly
liquid in general, most mutual funds cannot be bought or sold
in the middle of the trading day. You can only buy and sell
them at the end of the day, after they've calculated the current
value of their holdings.
 Poor Performance: Returns on a mutual fund are by no
means guaranteed. In fact, on average, around 75% of all
mutual funds fail to beat the major market indexes, and a
growing number of critics now question whether or not
professional money managers have better stock-picking
capabilities than the average investor.
 Fees and Expenses: Most mutual funds charge
management and operating fees that pay for the fund's
management expenses (usually around 1.0% to 1.5% per year).
In addition, some mutual funds charge high sales commissions,
fees, and redemption fees. And some funds buy and trade
shares so often that the transaction costs add up significantly.
Some of these expenses are charged on an ongoing basis,
unlike stock investments, for which a commission is paid only
when you buy and sell.

Types of Mutual Funds:-

Mutual funds come in many varieties. For example, there
are index funds, stock funds, bond funds, money market
funds, and more. Each of these may have a different
investment objective and strategy and a different
investment portfolio. Different mutual funds may also be
subject to different risks, volatility, and fees and expenses.

Wide variety of Mutual Fund Schemes exists to cater to the

needs such as financial position, risk tolerance and return
expectations etc. The table below gives an overview into
the existing types of schemes in the Industry:
By Structure

Open-Ended Funds
All mutual funds fall into one of two broad categories:
open-end funds and closed-end funds. Most mutual funds
are open-end. The reason why these funds are called "open-
end" is because there is no limit to the number of new
shares that they can issue. New and existing shareholders
may add as much money to the fund as they want and the
fund will simply issue new shares to them. Open-end funds
also redeem, or buy back, shares from shareholders. In
order to determine the value of a share in an open-end fund
at any time, a number called the Net Asset Value
(described below) is used. You purchase shares in open-end
mutual funds from the mutual fund itself or one of its
agents; they are not traded on exchanges.

Closed-End Funds

Closed-end funds behave more like stock than open-end

funds; that is to say, closed-end funds issue a fixed number
of shares to the public in an initial public offering, after
which time shares in the fund are bought and sold on a
stock exchange. Unlike open-end funds, closed-end funds
are not obligated to issue new shares or redeem outstanding
shares. The price of a share in a closed-end fund is
determined entirely by market demand, so shares can either
trade below their net asset value ("at a discount") or above
it ("at a premium"). Since you must take into consideration
not only the fund's net asset value but also the discount or
premium at which the fund is trading, closed-end funds are
considered to be more suitable for experienced investors.
You can purchase shares in a closed-end fund through a
broker, or agents, or also just as you would purchase a

By Investments
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. Growth
schemes are ideal for investors who have a long-term outlook
and are seeking growth over a period of time. The primary
investment objective of the Scheme is to achieve long-term
growth of capital by investment in equity and equity related
securities through a research based investment approach.

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.
Capital appreciation in such funds
may be limited, though risks are
typically lower than that in a growth fund.

Reliance 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
Inter-Bank 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.

Reliance 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.
This proportion affects the risks and the returns associated with
the balanced fund - in case equities are allocated a higher
proportion, investors would be exposed to risks similar to that
of the equity market. Balanced funds with equal allocation to
equities and fixed income securities are ideal for investors
looking for a combination of income and moderate growth.

Other 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 under Section
80c of the Indian Income Tax Act, 1961.

Index Funds attempt to replicate the performance of a

particular index such as the BSE Sensex or the NSE S&P CNX
50.The objective of Nifty Plan is to replicate the composition
of the Nifty, with a view to
endeavor to generate returns,
which could approximately be
the same as that of Nifty.
Why the Mutual Funds are so popular:
Mutual funds provide an easy way for small investors to
make long-term, diversified, professionally managed
investments at a reasonable cost.If an investor only has a
small amount of money with which to invest, then he/she
will most likely not be able to afford a professional money
manager, a diversified basket of stocks, or have access to
low trading fees. With a mutual fund, however, a large
group of investors can pool their resources together and
make these benefits available to the entire group. Mutual
funds are also popular because they provide an excellent
way for anyone to direct a portion of their income towards
a particular investment objective.Whether you're looking
for a broad-based fund or a narrow industry-focused niche
fund, you're almost certain to find a fund that meets your
needs. Although the various style and category types are
virtually endless, here's a quick summary of some of the
various choices available to equity investors:
How Mutual Fund reduces risk of investors:
Mutual Funds invest in a portfolio of securities. This means
that all funds are not invested in the same investment
avenue. It is well known that risk and returns of various
options do not move uniformly. E.g. If a Reliance
Company share is moving upwards, a Kotak Mahindra
company’s shares could be moving downwards; if the debt
markets may be moving up, the equity market is moving
down. Therefore, holding a portfolio that is diversified
across investment avenues is a wise way to manage risk.
When such a portfolio is liquid and marked to market, it
enables investors to continuously evaluate the portfolio and
manage their risks more efficiently.
Types of returns from a Mutual Fund
Mutual Funds give returns in two ways - Capital
Appreciation or Dividend Distribution

.Capital Appreciation: An increase in the value of the units

of the fund is known as capital appreciation. As the value
of individual securities in the fund increases, the fund's unit
price increases. An investor can book a profit by selling the
units at prices higher than the price at which he bought the

Dividend Distribution: The profit earned by the fund is

distributed among unit holders in the form of dividends.
Dividend distribution again is of two types. It can either be
re-invested in the fund or can be on paid to the investor.
How Funds Can Earn Money for You:
You can earn money from your investment in three ways:

 Dividend Payments — a fund may earn income in the

form of dividends and interest on the securities in its
portfolio. The fund then pays its shareholders nearly
all of the income it has earned in the form of

 Capital Gains Distributions — the price of the

securities a fund owns may increase. When a fund
sells a security that has increased in price, the fund has
a capital gain. At the end of the year, most funds
distribute these capital gains (minus any capital losses)
to investors.

 Increased NAV — if the market value of a fund's

portfolio increases after deduction of expenses and
liabilities, then the value (NAV) of the fund and its
shares increases. The higher NAV reflects the higher
value of your investment.
Choosing a Mutual Fund
Each individual has different financial goals, based on
lifestyle, financial independence and family commitments
and level of incomes and expenses and many other factors.
Thus before investing your money you need to analyze the
following factors:

Investment objective

Your financial goals will vary, based on your age,

lifestyle, financial independence, family commitments
and level of income and expenses among many other
factors. Therefore, the first step should be to assess your
needs. You can begin by defining the investment
objectives, which could be regular income, buying a
home or finance a wedding or educate your children or a
combination of all these needs. Also your risk appetite
and cash flow requirements need to be taken into account.
Choose the right Mutual Fund
Once the investment objective is clear in your mind the
next step is choosing the right Mutual Fund scheme.
Before choosing a mutual fund the following factors need
to be considered:

 NAV performance in the past track record of

performance in terms of returns over the last few years
in relation to appropriate yardsticks and other funds in
the same category.
 Risk in terms of volatility of returns
 Services offered by the mutual fund and how investor
friendly it is.
 Transparency, which is reflected in the quality and
frequency of its communications.
Tips to consider when choosing mutual funds:
 You don't need to own a lot of different mutual funds.
A handful should be enough to achieve diversification,
because each of them in turn invests in dozens of stocks,
bonds, etc.
 Investing in just one Mutual Fund scheme may not
meet all your investment needs. You may consider
investing in a combination of schemes to achieve your
specific goals.
 Keep in mind that just because a fund had excellent
performance last year does not necessarily mean that it will
duplicate that performance. For example, market conditions
can change and this year’s winning fund might be next
year’s loser.
 The above advice should get you started on the right
path. You will probably discover other things to consider as
you investigate further.
Current scenario of Indian Mutual Funds
Mutual funds in
India have been
attracting investment
from retail investors
for a few years now.
Gone are the UTI
mutual fund days of guaranteed returns and controlled
economy. Today's funds are completely linked to the market
and they are open ended and fully redeemable. Unfortunately,
the investment community in India still looks at them like they
way a day trader looks at stocks. They get in and get out
quickly hoping to make a quick killing. The only people who
get rich in that process are the fund managers. You can see in
the figure also that that the side of the fund managers is more
heavier then the side of the share holders.We believe that the
mutual fund industry has only grown in terms of size or
choices available, but is still a long distance from being
regarded as a mature one. Because no doubt, now there are
benefits to the share holders in mutual funds but not as much
as we all are thinking Indian mutual funds are giving.
Future of Mutual Funds in India
Mutual funds are the one of the fastest growing segment of
the financial services sector in India. Analysts believe that
the mutual funds and banks would be able to corner
sizeable funds from savings bank accounts in metros such
as Delhi, Mumbai, Kolkata, Chennai and Bangalore. But
semi-urban and rural centers would continue to be out of
reach for the new schemes--at least for some more time.
Surely, investors are not going to say no to the banker or
financial advisor who will make that extra buck for you.

By December 2004, Indian mutual fund industry reached

Rs 1, 50,537 crores. It is estimated that by 2010 March-end,
the total assets of all scheduled commercial banks should
be Rs.40, 90,000 crores.The annual composite rate of
growth is expected 13.5% during the rest of the decade. In
the last 5 years we have seen annual growth rate of 8.5%.
According to the current growth rate, by year 2010, mutual
fund assets will be double the current markets.
You can see in the figure also that the side of the share
holders is a bit heavier then the side of the. fund managers.
Thats what the future of indian mutual funds is going to be.
Its really going to be brighter as the way the progress is
been made, and the pains taken for the improvement are
really going to be paid up by well developed indian mutual

The numbers of investors are also going to grow with the

massive speed, which no one would have thought. There
are going to be very high expectations with the working
and the functioning of the mutual funds.
We would like to conclude by discussing the immense learning
experience in the company while preparing the project.
While compiling this project, it was a great challenge since it gave
us a chance to interact with highly qualified people having
professional approach towards their work. This helped us to
develop a professional approach towards work, which gave us the
right mantra for meeting deadlines.

To state on the concluding front for the Mutual Funds, it can be

said that Mutual funds are a method for investors to diversify risk
and to benefit from professional money management. Mutual
funds are easy to buy and sell. You can either buy them directly
from the fund company or through a third party
Since the mutual fund has come of age the world over with more
and more area and products under risk, i.e. more the risk more is
the benefit & less the risk, less is the benefit.
Now, as the competition has started, there will be more healthy
competition in mutual fund market; where by the market will get
broader and deeper as time passes away. The company will
compete for brand value in the market. This all will result in
improvement of services and with rising advertising, demand is
bond to increase.
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
and in well balanced risks..
Lastly, we would like to say that this project gave us lot of helpful
basic knowledge about Mutual Funds in detailed manner and also
all the workings, operations related to it.

Thank you
Major Mutual Fund Companies in India
 .ABN AMRO Mutual Fund:- April 15, 2004
 Birla Sun Life Mutual Fund:-
 Bank of Baroda Mutual Fund:- October 30, 1992
 HDFC Mutual Fund:- June 30, 2000
 HSBC Mutual Fund:- May 27, 2002
 ING Vysya Mutual Fund:- February 11, 1999
 Prudential ICICI Mutual Fund:- October 13, 1993
 State Bank of India Mutual Fund:-
 Tata Mutual Fund:-
 Kotak Mahindra Mutual Fund:- December 1998
 Unit Trust of India Mutual Fund:- Jan 14, 2003
 Reliance Mutual Fund: - March 11, 2004.
 Standard Chartered Mutual Fund:- March 13, 2000
 Franklin Templeton India Mutual Fund:-
 Morgan Stanley Mutual Fund:-
 Alliance Capital Mutual Fund:- December 30, 1994