A Comparative Study on

Performance Analysis of
Debt and Equity Schemes at Birla Sun Life Mutual Funds
With Reference to Reliance and ICICI Prudential Debt and Equity Mutual
Funds

Authors:

Mr. Surendar Gade,

Assistant Professor, Department of MBA, SR Engineering College, Warangal, and Email:
surendargade@gmail.com, surendar_g@srecwarangal.ac.in , Mobile: 9966701688

Dr. P. Ram Lal,

Assistant Professor, Department of MBA, NIT, Warangal, Email: pramlal@gmail.com

Abstract

Mutual funds are considered as one of the best available investment options as compare

to others alternatives. The biggest advantage of mutual funds is they provide

diversification, by reducing risk & maximizing returns. The basic need and objective of

the study is to analyze the performance of Debt and Equity Schemes of Birla Sun Life

Mutual Fund with reference to Reliance and ICICI Mutual Funds and to know in which

kind of fund the investor would like to invest in. The data collected from the secondary

sources. The analysis and interpretation has been done and finally conclusions are

drawn.

Key Words: Mutual Funds, Debt and Equity Schemes and Performance analysis

Published in ‘WIM Journal of Management’ Volume -2, Issue 2, January 2012. ISSN-
0975-5063
INTRODUCTION

The mutual fund industry has been in India for a long time. This came into

existence in 1963 with the establishment of Unit Trust of India, a joint effort by the

Government of India and the Reserve Bank of India. The year of 1993 marked the

beginning of a new era in the Indian mutual fund industry with the entry of private

players like Morgan Stanley, J.P Morgan, and Capital International. SEBI (Security

Exchange Board of India) was established under which all the mutual funds in India were

required to be registered. SEBI was set up as a governing body to protect the interest of

investor. By the end of 2008, the number of players in the industry grew enormously with

46 fund houses functioning in the country. With the rise of the mutual fund industry,

establishing a mutual fund association became a prerequisite. This is when AMFI

(Association of Mutual Funds India) was set up in 1995 as a nonprofit organization.

Today AMFI ensures mutual funds function in a professional and healthy manner thereby

protecting the interest of the mutual funds as well as its investors.

Mutual funds are considered as one of the best available investment options as

compare to others alternatives. They are very cost efficient and also easy to invest in.

The biggest advantage of mutual funds is they provide diversification, by reducing risk &

maximizing returns. India is ranked one of the fastest growing economies in the world.

Despite this huge progression in the industry, there still lies huge potential and room for

growth. India has a saving rate of more than 35% of GDP, with 80% of the population
who save. These savings could be channel zed in the mutual funds sector as it offers a

wide investment option.

Further tapping rural markets in India will benefit mutual fund companies from

the growth in agriculture and allied sectors. With subsequent easing of regulations, it is

estimated that the mutual fund industry will grow at a rate of 30% - 35% in the next 3 to

5 years and reach US 300 billion by 2015.

As it can be noted, there is huge growth and potential in the mutual fund industry.

The development of this sector so far has been commendable and with the above positive

factors we are looking at a more evolved industry.

NEED OF THE STUDY

The basic need of the study to analyze the performance of Debt and Equity

Schemes of Birla sun life Mutual Fund and to know in which kind of fund the investor

would like to invest in.

OBJECTIVES OF THE STUDY

 To know and explain debt and equity schemes in brief

 To analyze the performance of debt and equity schemes of the Birla Sun Life MF

company over a period of time with reference to Reliance and ICICI MFs.
SCOPE OF THE STUDY

 This study is to understand the crucial role of mutual fund in the market.

 It will cover the theoretical frame work of debt and equity schemes in Birla sun

life mutual fund.

 To analyze the performance of debt and equity schemes of Birla sun life mutual

Fund and to give suggestions for better performance.

METHODOLOGY OF THE STUDY

Data collection

Data is collected from secondary sources like websites www.amfiindia.com,

www.mutualfudsindia.com, www.valueonlineresearch.com, www.birlasunlife.com, for

the comparison purpose of Birla schemes with other mutual funds referred

www.reliancemutual.com, and www.icicipruamc.com

Data compilation and Data analysis

The data collected from the secondary sources is refined carefully and the necessary

information is taken. The analysis is in this way, each month we observe changes in the

NAV, AUM, Standard deviation, Sharpe Ratio, Portfolio Turnover, for each and every

fund of Birla Mutual Fund. And after that the comparative study of Birla Mutual Fund

has done with the ICICI Prudential Mutual Fund and Reliance Mutual Fund

Evaluation Parameters

Following are the evaluation parameters on the basis of which the analysis and

comparison of various equity schemes is done.

1. Net Asset Value (NAV)

2. Assets under Management

3. Expense Ratio

4. Standard Deviation

5. Sharpe Ratio

6. Beta

Net Asset Value (NAV)

The value of a collective investment fund based on the market price of securities held in

its portfolio. NAV per share is calculated by dividing net assets of the scheme /number of

Units outstanding.

Assets under Management

It is used to gauge how much money a fund is managing. Mutual Funds use this as a

measure of success and comparison against their competitors; in lieu of revenue or total

revenue they use total 'assets under management'. The difference between two AUM

balances consists of market performance gains/ (losses), foreign exchanges movements,

net new assets (NNA) inflow/(outflow) and structural effects of the company.

Expense ratio

The percentage of the average daily assets that the fund charged as its management

expenses during its year.

Standard Deviation

Standard deviation is a measure of total risks of a fund. In other words it measures the

volatility of returns of a fund. It indicates the tendency of the funds NAV to rise and fall
in a short period. It measures the extent to which the NAV fluctuates as compared to the

average returns during a period.

Sharpe Ratio

The Sharpe ratio represents trade off between risk and returns. At the same time it also

factors in the desire to generate returns, which are higher than those from risk free

returns. Mathematically the Sharpe ratio is the returns generated over the risk free rate,

per unit of risk. Risk in this case is taken to be the fund's standard deviation. As standard

deviation represents the total risk experienced by a fund, the Sharpe ratio reflects the

returns generated by undertaking all possible risks. It is thus one single number, which

represents the trade off between risks and returns. A higher Sharpe ratio is therefore better

as it represents a higher return generated per unit of risk.

Beta

Beta is a statistical measure that shows how sensitive a fund is to market moves. If the

Sensex moves by 25 per cent, a fund's beta number will tell you whether the fund's

returns will be more than this or less. The beta value for an index itself is taken as one.

Equity funds can have beta values, which can be above one, less than one or equal to one.

By multiplying the beta value of a fund with the expected percentage movement of an

index, the expected movement in the fund can be determined.

LIMITATIONS OF THE STUDY

 Insufficient time to cover and present all schemes of Birla sun life mutual fund

 It is restricted to Debt and Equity schemes.

 Technical tools have some disadvantages which have impact on Debt and Equity

schemes.

 The study does not provide any predictions or forecast of the selected schemes.

EQUITY FUNDS

Equity funds are considered to be the more risky funds as compared to other fund

types, but they also provide higher returns than other funds. It is advisable that an

investor looking to invest in an equity fund should invest for long term i.e. for 3 years or

more. There are different types of equity funds each falling into different risk bracket. In

the order of decreasing risk level, there are following types of equity funds:

 Aggressive Growth Funds

 Growth Funds

 Specialty Funds

 Diversified Equity

 Equity Index Funds

 Value Funds

 Equity Income or Dividend Yield Funds

DEBT / INCOME FUNDS

Funds that invest in medium to long-term debt instruments issued by private

companies, banks, financial institutions, governments and other entities belonging to

various sectors (like infrastructure companies etc.) are known as Debt / Income Funds.

Debt funds are low risk profile funds that seek to generate fixed current income (and not

capital appreciation) to investors. Although debt securities are generally less risky than

equities, they are subject to credit risk (risk of default) by the issuer at the time of interest

or principal payment. To minimize the risk of default, debt funds usually invest in

securities from issuers who are rated by credit rating agencies and are considered to be of

"Investment Grade". Debt funds that target high returns are more risky. Based on

different investment objectives, there can be following types of debt funds:

 Diversified Debt Funds

 Focused Debt Funds

 High Yield Debt funds

 Assured Return

 Fixed Term Plan Series

About Birla Sun Life:

Brla Sun Life Asset Management Company Ltd. (BSLAMC), the investment

managers of Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla

Group and the Sun Life Financial Services Inc. of Canada. The joint venture brings

together the Aditya Birla Group's experience in the Indian market and Sun Life's global

experience.
Established in 1994, Birla Sun Life Mutual fund has emerged as one of India's leading

flagships of Mutual Funds business managing assets of a large investor base. Our

solutions offer a range of investment options, including diversified and sector specific

equity schemes, fund of fund schemes, hybrid and monthly income funds, a wide range

of debt and treasury products and offshore funds.

Birla Sun Life Asset Management Company has one of the largest team of

research analysts in the industry, dedicated to tracking down the best companies to invest

in. BSLAMC strives to provide transparent, ethical and research-based investments and

wealth management services.

SCHEMES USED IN COMPARATIVE STUDY

Birla Sun Life (BSL) Funds

Birla Sn Life Dividend Yield plus: The Investment objective of the scheme is to

provide capital growth and income by investing primarily in a well-diversified

portfolio of dividend paying companies that have a relatively high dividend yield. The

scheme aims to generate returns by investing in high dividend-paying companies.

Historically, stocks of high dividend yielding companies provide a high degree of

protection during falling equity markets. The scheme would therefore aim to build a

portfolio that provides a combination of high dividend yield, substantial capital

protection and a strong possibility of capital gains. Investing in stocks with high

dividend yields is traditionally a "Defensive Investment Strategy'.

 Birla Sun Life MNC Fund: To achieve long term growth of capital at relatively

moderate levels of risk by making investments in securities of multinational

companies through a research based investment approach. The investment emphasis

of the Schemes would be on identifying companies with sound corporate

managements and prospects of good future growth. As a result, a significant

proportion of the Scheme's equity investments will be made in relatively liquid large

capitalization stocks, including established blue-chips and emerging blue-chip stocks.

Birla Sun Life Tax Relief 96: An open ended equity linked savings scheme (ELSS)

with the objective of long term growth of capital through a portfolio with a target

allocation of 80% equity, 20% debt and money market securities.

Birla Sun Life Income Fund: The investment objective of the Scheme is to generate

income and capital appreciation by investing 100% of the corpus in a diversified

portfolio of debt and money market securities.

Birla Sun Life Short Term Fund: The investment objective of the Scheme is to

generate income and capital appreciation by investing 100% of the corpus in a

diversified portfolio of debt and money market securities with relatively low levels of

interest rate risk.

Reliance Mutual Funds

Reliance Growth Fund: 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.

 Reliance Pharma Fund: The primary investment objective of the scheme is to seek

to generate consistent returns by investing in equity and equity related or fixed

income securities of Pharma and other associated companies.

Reliance Tax Saver: The primary objective of the scheme is to generate long-term

capital appreciation from a portfolio that is invested predominantly in equity and

equity related instruments.

Reliance Income Fund: Aims to generate optimal returns consistent with moderate

levels of risk by investing in debt and money market instruments.

Reliance Short Term Fund: It aims to generate stable returns for investors with a

short-term investment horizon by investing in fixed income securities of a short-term

maturity.

C. ICICI Prudential Mutual Funds

ICICI Prudential Growth Plan: To seek to generate long-term capital appreciation

from a portfolio that is invested predominantly in equities and equity related

securities.

ICICI Prudential Fmcg Fund: To generate long term capital appreciation through

investments made primarily in Fast Moving Consumer Goods sector that are

fundamentally strong and have established brands.

ICICI Tax Plan: To generate long-term capital appreciation by investing in equity

and equity related securities of technology intensive companies.

 ICICI Income Fund: To generate regular income through investments in fixed

income securities and also to generate long term capital appreciation by investing a

portion in equity and equity related instruments.

ICICI Short Term Fund: To generate income through investment in basket of debt

securities and money market instruments.

DATA ANALYSIS:

Table 1: Performance Analysis of Equity Schemes of Birla Sun life (BSL)

Mutual Fund
TYPE YEAR NAV AUM EXPENS STANDARD SHARP BETA
E DEVIATIO E
RATIO N RATIO
BSL 2007 65.79 370.55 2.26 30.41 0.33 0.77
Dividend 2008 36.55 188.89 2.33 28.68 -0.28 0.76
yield plus 2009 69.35 340.33 2.39 33.53 0.43 0.78
Diversifie 2010 77.50 384.83 2.32 32.82 0.52 0.82
d
BSL 2007 151.58 197.40 2.37 24.67 0.26 0.72
MNC 2008 85.50 105.11 2.39 25.49 -0.50 0.81
Sector 2009 162.87 187.73 2.49 27.39 0.28 0.85
2010 191.61 204.75 2.38 26.89 0.40 0.70
BSL 2007 161.73 700.70 2.35 32.10 0.25 1.10
Tax relief 2008 45.65 435.58 2.20 36.00 -0.30 1.02
Tax 2009 87.85 1195.7 2.29 41.97 0.27 1.04
planning 2010 83.27 1370.0 2.00 41.79 0.23 1.14

Interpretation:

 As per the given table-1, performance analysis of Birla sun life dividend yield

plus NAV (65.79 to 77.50), AUM (370.55 to 384.83), Sharpe ratio(0.33 to 0.52)

and Beta (0.77 to 0.82) has increased in 2010 where as expense ratio( 2.26 to

2.32) and Standard Deviation increased in 2009 from 30.41 to 33.53 and

decreased to 32.82.
  In Birla sun life MNC equity scheme, performance of NAV was increased from

151.58 to 191.61 and AUM was increased from 197.40 to 204.75 where as

expense ratio increased in 2009 up to 2.49 and decreased to 2.38 in 2010, standard

deviation decreased in 2010 from 27.39 to 26.89.

 In Birla sun life tax relief, NAV (161.73 to 83.27), expense ratio (2.25 to 2.00),

Sharpe ratio (0.25 to 0.23) has decreased in 2010 where as AUM (700.70 to

1370.00) and beta (1.10 to 1.14) has increased in 2010.

Table 2: Performance Analysis of Debt Schemes of Birla Sunlife (BSL) Mutual Fund

TYPE YEAR NAV AUM EXPENSE STANDARD SHARPE BETA

(cr) RATIO DEVIATION RATIO
BSL 2007 28.97 105.88 1.50 - - -
Income 2008 35.77 488.87 1.74 16.97 - -
fund 2009 33.78 518.75 1.91 17.56 - -
2010 34.45 366.39 2.01 11.29 0.29
BSL 2007 151.58 197.40 2.37 24.67 0.26 0.72
Ultra 2008 85.50 105.11 2.39 25.49 -0.50 0.81
short 2009 162.87 187.73 2.49 27.39 0.28 0.85
term 2010 191.61 204.75 2.38 26.89 0.40 0.70

Interpretation:

 In Birla sun life income fund, NAV (28.97 to 34.45) and expense ratio (1.50 to

2.01) has increased in 2010 where as AUM has decreased from 518.75 to 366.39

in 2010. Standard deviation was less in 2010 i.e.11.29 when compared to

preceding years.

 In Birla sun life ultra short term, NAV (151.58 to 191.61), AUM (197.40 to

204.75) and beta (0.28 to 0.40) has increased in 2010 where as expense ratio (2.49

to 2.38), standard deviation (27.39 to 26.89) and beta (0.85 to 0.70) has decreased

in 2010.
 Table 3: Performance Analysis of Equity Schemes of Reliance Mutual Fund

TYPE YEA NAV AUM EXPENS STANDARD SHARP BETA

R E DEVIATIO E
RATIO N RATIO
Reliance 2007 471.7 6411.5 1.84 30.41 0.111 0.90
growth 2008 216.5 3418.7 1.80 44.84 -0.0006 0.86
fund 2009 427.4 6851.1 1.77 44.57 -0.005 0.85
Diversifie 2010 453.5 7429.0 1.79 37.07 0.42 1.01
d
Reliance 2007 30.46 171.75 2.36 1.13 0.04 0.89
pharma 2008 20.11 87.72 2.50 4.30 -0.004 0.69
Sector 2009 43.96 251.13 2.68 4.30 -0.005 0.69
2010 52.21 424.86 2.21 3.95 0.75 1.07
Reliance 2007 20.99 2548.62 1.93 1.27 0.06 0.86
tax saver 2008 10.00 1325.32 1.88 4.46 -0.03 0.83
Tax 2009 18.20 2154.03 1.98 4.45 -0.03 0.83
planning 2010 19.42 2151.92 1.89 3.13 0.27 0.87

Interpretation:

 In Reliance growth fund diversified, NAV (471.73 to 453.48), AUM (6411.49 to

7428.96), Sharpe ratio (0.111 to 0.42), Beta (0.90 to 1.01) has increased in 2010

where as Expense ratio (1.84 to 1.79) and Standard deviation (44.57 to 37.07) has

decreased in 2010 when compared to preceding years.

 In Reliance pharma sector, NAV (30.46 to 52.21), AUM (171.75 to 424.86),

Sharpe ratio (0.04 to 0.75), Beta (0.89 to 1.07) has increased in 2010 where as

expense ratio (2.68 to 2.21) and Standard deviation was 1.13 in 2007, it has

increased to 4.30 in 2009 but in 2010 it is 3.95.

 In Reliance tax saver, NAV (20.99 to 19.42), AUM (2548.62 to 2151.92), Expense

ratio (1.93 to 1.89), Standard deviation (4.45 to 3.13) has decreased in 2010 where
 as Beta (0.86 to 0.87) and Sharp ratio (0.06 to 0.27) has increased when compared

to other ratios in 2010.

Table 4: Performance Analysis of Debt Schemes of Reliance Mutual Fund

TYPE YEAR NAV AUM EXPEN STANDARD SHARPE BETA

(cr) SE DEVIATION RATIO
RATIO
Reliance 2007 25.33 80.27 1.49 - - -
Income fund 2008 30.78 1877.18 1.47 - - -
2009 30.58 657.90 1.47 - - -
2010 31.28 330.55 1.49 8.74 0.79 -
Reliance 2007 - - - - - -
short term 2008 10.06 - - - -
plan 2009 10.14 2605.65 - - - -
Ultra short 2010 10.18 - - 0.18 0.79 -
term

Interpretation:

 In Reliance Income fund, NAV (25.33 to 31.28), AUM (80.27 to 330.55) has

increased in 2010 where as Expense ratio remained constant as 1.49 in

2010.Standard deviation was 8.74 and Sharpe ratio was 0.79 in 2010.

 In Reliance short term plan, NAV (10.18), AUM (2605.65), Standard deviation

(0.18) and Sharpe ratio (0.79) in 2010.

Table 5: Performance Analysis of Equity Schemes of ICICI Prudential Mutual Fund

TYPE YEA NAV AUM EXPENS STANDARD SHARP BETA
R E DEVIATIO E
RATIO N RATIO
ICICI 2007 134.81 556.61 2.30 6.34 0.45 0.94
Prudential 2008 70.45 244.95 2.24 28.00 0.07 0.92
growth 2009 123.01 399.91 2.36 29.01 0.37 0.83
Diversifie 2010 123.47 369.19 2.27 29.78 0.25 0.83
d
2007 57.77 83.76 2.50 20.51 0.48 0.68
2008 31.82 44.19 2.50 26.19 -0.06 0.91
 ICICI 2009 52.58 67.86 2.50 26.52 0.41 1.04
prudential 2010 60.72 64.73 2.50 28.04 0.40 1.03
FMCG
Sector
ICICI 2007 130.53 1035.26 2.22 32.10 0.39 0.81
prudential 2008 57.40 496.53 2.10 34.96 -0.18 1.03
tax plan 2009 121.69 1034.40 2.26 36.10 0.47 0.97
Tax 2010 131.05 1159.48 2.04 37.01 0.37 0.97
planning

Interpretation:

 In ICICI Prudential growth scheme, NAV (134.81 to123.47), AUM (556.61 to

369.19), Expense ratio (2.30 to 2.27), Sharpe ratio (0.45 to 0.25) and Beta (0.94 to

0.83) has decreased in 2010 where as Standard deviation had increased to 29.78 in

2010.

 In ICICI Prudential FMCG sector, NAV (57.77 to 60.72), Standard deviation

(20.51 to 28.04) and Beta (0.68 to 1.03) has increased in 2010 where as Expense

ratio remained constant i.e. 2.50 and Sharpe ratio (0.48 to 0.40) has decreased in

2010.

 In ICICI Prudential tax plan, NAV (130.53 to 131.05), AUM (1035.26 to

1159.48), Standard deviation (32.10 to 37.01) and Beta (0.81 to 0.97) has

increased in 2010 where as Expense ratio has decreased from 2.22 to 2.04 in

2010.

Table 4: Performance Analysis of Debt Schemes of ICICI Prudential Mutual Fund

TYPE YEAR NAV AUM EXPEN STANDARD SHARPE BETA

(cr) SE DEVIATION RATIO
RATIO
ICICI 2007 23.56 339.31 2.06 0.85 - -
prudential 2008 29.55 2547.98 2.10 9.35 - -
2009 29.87 1400.78 1.66 10.54 - -
Income fund 2010 30.40 789.51 1.73 7.91 -0.05 -
2007 15.28 627.51 1.10 0.21 - -
 ICICI 2008 17.80 515.38 1.10 7.18 - -
prudential 2009 18.83 275987 1.70 1.43 - -
2010 19.38 2184.51 1.36 2.41 1.00 -
short term

Interpretation:

 In ICICI Prudential Income fund, NAV (23.56 to 30.40) has increased where as in

AUM was 2547.98 in 2008 and decreased to 789.51 in 2010. Expense ratio (2.06

to 1.73) has decreased and Sharpe ratio is -0.05 in 2010.

 In ICICI Prudential short term, NAV (15.28 to 19.38), AUM (627.51 to 2184.51)

has increased in 2010 where as Expense ratio was high in 2009 i.e. 1.70 and

decreased to 1.36 in 2010 and Sharpe ratio is 1.00 in 2010.

FINDINGS:

Diversified type:

• Birla Sun Life: NAV, AUM, Beta has increased.

• Reliance Mutual fund: NAV, AUM, Beta, Sharpe ratio has increased.

• ICICI Prudential mutual fund: Sharpe ratio has increased.

Sector type

• Birla Sun Life: NAV, AUM, Expense ratio has increased.

• Reliance Mutual fund: NAV, AUM, Beta, Sharpe ratio has increased.

• ICICI Prudential mutual fund: NAV, AUM, Standard Deviation has increased.

Tax planning

• Birla Sun Life: AUM, Beta has increased.

• Reliance Mutual fund: Beta, Sharpe ratio has increased.

• ICICI Prudential mutual fund: NAV, AUM, Standard Deviation, Sharpe ratio has

increased.

Income fund

• Birla Sun Life: NAV, Expense ratio has increased.

• Reliance Mutual fund: NAV, AUM has increased where as Expense ratio

remained constant.

• ICICI Prudential mutual fund: NAV has increased where as all other ratios

decreased.

Short term fund

• Birla Sun Life: NAV, AUM and Beta have increased.

• Reliance Mutual fund: NAV has increased from 10.14 to 10.18.

• ICICI Prudential mutual fund: NAV, AUM has increased where as all other ratios

decreased.

CONCLUSIONS

 Based on scheme wise performance Reliance Pharma fund is the fund which has

higher performance when compared to ICICI and Birla Sun Life mutual fund.

 According to ICRA, Reliance short term fund is placed first when compared to

Birla Sun life short term fund.

 Based on Diversified Growth type, Birla Sun Life mutual fund’s performance is

higher than the Reliance and ICICI mutual funds as per ICRA results.
 Based on Tax Planning, Birla Sun life mutual fund’s performance is higher than

the Reliance and ICICI mutual funds as per ranking of ICRA.

 Birla Sun life revises scheme name for Birla Sun Life Short Term Fund. The new

name will be Birla Sun Life Ultra Short Fund.

 Birla Mutual Fund has declared dividend under its open ended schemes - Birla

Sun Life Tax Plan, Birla Sun Life Equity Fund, Birla Sun Life Top 100 Fund and

Birla Sun Life 95 Fund.

 Mutual funds are affordable for most individuals. The market is going day by day

and websites provide the investor with much information. Investing has become

easier with the introduction of technology.

 The good performance of the economy and stock markets in the last couple of

years contributed to the growth of the mutual funds.

 For the rapid development in economy SEBI should encourage the rural investor

through post office and banks.

References:

 LM. Bhole(2007): “Financial Institutions and Markets” TMH Publications, New

Delhi, 4/e, Pp.12.2 -12.6

 S.K.Gupta, Nisha Aggarwal and Neeti Gupta (2009): “Financial Institutions and

Markets” Kalayni Publications, New Delhi, Pp.18.9 -18.26

 B. V. Pathak (2010): “Indian Financial System” Pearson Education Publications,

New Delhi, 2/e, Pp.611 -620

 Company- Fact sheets, key information

 www.birlasunlife.com,

 www.Amfi.com

 www.Reliancemutual.com

 www.ICICIpruamc.com

 www.valueonlineresearch.com,