The study of customer awareness on mutual funds

A Summer Training Project

Submitted in Partial Fulfillment of the Requirements for the

Award of degree Bachelor of Business Administration

2016-2019

Submitted by

Mahek Saluja

Roll no. : 96 Guided by

Division : B Mrs. Hema Mirji

Certificate of Originality

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This is to certify that the project report entitled “the study on customer awareness on mutual

funds”submitted to Bharti Vidyapeeth {Deemed to be University}, Pune in partial fulfillment of the

requirement for the award of the degree of BBA is an original work carried out by Mrs. Hema Mirji

under the guidance of Ms. Milee Mahadhik. The matter embodied in this project is a genuine work

done by Ms. Mahek Saluja to be the best of my knowledge and belief and has not been submitted

before, neither to this University nor to any other University for the fulfillment of the requirement of

any course of study.

Signature of the Student Signature of the Guide

Designation

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 Certificate

This is to certify that the project “the study on customer awareness on mutual funds” is an academic
work by Ms. Mahek Saluja submitted in the partial fulfillment of the requirement for the award of
the degree of BBA from Bharati Vidyapeeth {Deemed to be University}, Pune. It has been
completed under the guidance of Mrs. Hema Mirji and Ms. Milee Mahadhik. We are thankful to
ICICI Bank for having allowed our student to undergo project work training. The authentication of
the project work will be examined by viva examiner which includes data verification, checking
duplicity of information etc. and it may be rejected due to nonfulfillment of quality standards set by
the institute.

Dr. Sachin S. Vernekar

Dean FMS, BVDU

Director IMED

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 Acknowledgement

Apart from my efforts, the success of my project depends largely on the encouragement and guidelines of many others. I take

this opportunity to express my gratitude to the people who have been instrumental in the successful completion of this project.

I am gratefully indebted to our esteemed guide (name) for his sincere guidance and priceless support which would have been

impossible for us to complete this project.

I express my gratitude to the staff members of Bharati Vidyapeeth {Deemed to be University} who directly or indirectly

helped me. I would also like to express my sincere gratitude to all my office colleagues in (name).

Finally I thank Institute of Management and Entrepreneurship Development {IMED} for giving me this golden opportunity to

do my summer internship in (name).

Mahek Saluja

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 preface

In this era of fast changing world, mere class room teaching is not sufficient to attain maturity and perfection for application of

theory into practice. The dynamic economy, political and technological environment in which we live continually place demand on

as to change, improve and learn more about jobs, superiors and subordinates. two years of continuous classroom teaching is

sufficient for student to implement directly their knowledge in the market. A practical approach is needed.

the knowledge through project report is an essential requirement for B.B.A/BCA students. The purpose of this report is to study the

(title of the project) with special reference to (name of the company)

I have tried my best to do justice to the project. And I hope the study which was conducted will help not only the organization

but also me and the society too.

Mahek Saluja

ICICI Bank

Date:- 26-june-2018

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 TO WHOMSOEVER IT MAY CONCERN

This is to certify that (Miss. MAHEK SALUJA) Daughter of (Mr. MANISH SALUJA) pursuing

BBA course from Institute of Management and Entrepreneurship Development, Pune has

successfully completed the Project Report in our organization on the topic of THE STUDY OF

CUSTOMER AWARENESS ON MUTUAL FUNDS, from 7th MAY to 28th JUNE 2018.

During her project tenure in the company, we found her hard working, sincere and diligent person and

her behavior and contact was good. We wish her all the best for her future endeavors.

Central office Address: Plot No. 1, S. No. 18/1, Sarthak Terrace, Opp. Gandhi Lawns, Kothrud, Pune,

Maharashtra 411038 Telephone Number: 022-462 1600

Website: www.iciciprulife.com

CONTENTS

RANK PARTICULARS PAGE NO.

1 INTRODUCTION

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2 History of MF Industry

3 Mutual fund concept

4 Working, Types of MF

5 Comparison with MF

6 Research methodology

7 Analysis & Interpretation

8 Findings

9 Recommendation

10 Conclusion

11 Bibliography

12 Annexure

CHAPTER -1:

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 INTRODUCTION

OVERVIEW OF INDUSTRY AS A WHOLE :

ICICI Bank (Industrial Credit and Investment Corporation of India) is

an Indian multinational banking and financial services company headquartered
in Mumbai, Maharashtra, India, with its registered office in Vadodara. In 2014, it was the second
largest bank in India in terms of assets and third in term of market capitalisation. It offers a wide
range of banking products and financial services for corporate and retail customers through a
variety of delivery channels and specialised subsidiaries in the areas of investment
banking, life, non-life insurance, venture capital and asset management. The bank has a network
of 4,850 branches and 14,404 ATMs in India, and has a presence in 19 countries including India.
The bank has subsidiaries in the United Kingdom and Canada; branches in United
States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar, Oman, Dubai International Finance
Centre, China and South Africa; and representative offices in United Arab Emirates, Bangladesh,
Malaysia and Indonesia. The company's UK subsidiary has also established branches in Belgium
and Germany.
ICICI's shareholding in ICICI Bank was reduced to 46 percent, through a public offering of
shares in India in 1998, followed by an equity offering in the form of American Depositary

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Receipts on the NYSE in 2000. ICICI Bank acquired the Bank of Madura Limited in an all-stock
deal in 2001 and sold additional stakes to institutional investors during 2001-02.
In the 1990s, ICICI transformed its business from a development financial institution offering
only project finance to a diversified financial services group, offering a wide variety of products
and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank.
In 1999, ICICI become the first Indian company and the first bank or financial institution from
non-Japan Asia to be listed on the NYSE.
In 2000, ICICI Bank became the first Indian bank to list on the New York Stock Exchange with
its five million American depository shares issue generating a demand book 13 times the offer
size.
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI
and two of its wholly owned retail finance subsidiaries, ICICI Personal Financial Services
Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by
shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at
Ahmedabad in March 2002 and by the High Court of Judicature at Mumbai and the Reserve
Bank of India in April 2002.
In 2008, following the 2008 financial crisis, customers rushed to ICICI ATMs and branches in
some locations due to rumours of adverse financial position of ICICI Bank. The Reserve Bank of
India issued a clarification on the financial strength of ICICI Bank to dispel the rumours.

PROFILE OF THE ORGANIZATION :

Vision:
To be the leading provider of financial services in India and a major global bank.

Mission:
We will leverage our people, technology, speed and financial capital to:

 be the banker of first choice for our customers by delivering high quality, world-class
products and services.
 expand the frontiers of our business globally.
 play a proactive role in the full realisation of India’s potential.

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  maintain a healthy financial profile and diversify our earnings across businesses and
geographies.
 maintain high standards of governance and ethics.
 contribute positively to the various countries and markets in which we operate.
 create value for our stakeholders.

Objectives of the ICICI

The major objective of the ICICI was to meet the needs of the industry for permanent and long
term funds in the private sector. In general, the major objectives of the Corporation are:

1. To assist in creation, growth and modernization of business enterprises in the non-public

sector.

2. To encourage and promote the involvement of internal and external capital sources, in such
enterprises.

3. To motivate pvt ownership of industrial investment and to promote and assist in the expansion
of markets.

4. To provide equipment finance.

5. To provide finance for rehabilitation of industrial units.

Functions of the ICICI

In order to accomplish the above objectives, the Corporation performs the following functions:

1. Providing finance in the form of long-term or medium term loans or equity participation.

2. Sponsoring and underwriting new issues of shares and other securities,

3. Guaranteeing loans from other private investment sources.

4. Making funds available for reinvestment by revolving investment as rapidly as possible.

5. Providing project advisory services i.e. offering advice –

i. to private sector companies in the pre-investment stages on Government policies and

procedures, feasibility studies and joint venture search, and
ii. to Central and State Governments on specific policy related issues.

SWOT ANALYSIS OF THE ORGANIZATION

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Strengths of ICICI Bank

 ICICI is the second largest bank in terms of total assets and market share
 Total assets of ICICI is Rs. 4062.34 Billion and recorded a maximum profit after tax of
Rs. 51.51 billion and located in 19 countries
 One of the major strength of ICICI bank according to financial analysts is its strong and
transparent balance sheet
 ICICI bank has first mover advantage in many of the banking and financial services.
ICICI bank is the first bank in India to introduce complete mobile banking solutions and 
jewelry card
 The bank has PAN India presence of around 2,567 branches and 8003 ATM’s
 ICICI bank is the first bank in India to attach life style benefits to banking services for
exclusive purchases and tie-ups with best brands in the industry such as Nakshatra, Asmi,
D’damas etc
 ICICI bank has the longest working hours and additional services offering at ATM’s
which attracts customers
 Marketing and advertising strategies of ICICI have good reach compared to other banks
in India

Weaknesses of ICICI Bank

 Customer support of ICICI section is not performing well in terms of resolving

complaints
 There are lot of consumer complaints filed against ICICI
 The ICICI bank has the most stringent policies in terms of recovering the debts and loans,
and credit payments. They employ third party agency to handle recovery management
 There are also complaints of customer assault and abuse while recovering and the credit
payment reminders are sent even before the deadlines which annoys the customers
 The bank service charges are comparatively higher
 The employees of ICICI are bank in maximum stress because of the aggressive policies
of the management to win ahead in the race. This may result in less productivity in future
years

Opportunities of ICICI Bank

 Banking sector is expected to grow at a rate of 17% in the next three years
 The concept of saving in banks and investing in financial products is increasing in rural
areas as more than 62% percentage of India’s population is still in rural areas.
 As per 2010 data in TOI, the total number b-schools in India are more than 1500. This
can ensure regular supply of trained human power in financial products and banking
services

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  Within next four years ICICI bank is planning to open 1500 new branches
 Small and non performing banks can be acquired by ICICI because of its financial
strength
 ICICI bank is expected to have 20% credit growth in the coming years.
 ICICI bank has the minimum amount of non performing assets

Threats of ICICI Bank

 RBI allowed foreign banks to invest up to 74% in Indian banking

 Government sector banks are in urge of modernizing the capacities to ensure the
customers switching to new age banks are minimized
 HDFC is the major competitor for ICICI, and other upcoming banks
like AXIS, HSBC impose a major threat
 In rural areas the micro financing groups hold a major share
 Though customer acquisition is high on one side, the unsatisfied customers are increasing
and make them to switch to other banks

CHAPTER -2

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 RESEARCH METHODOLOGY

EXECUTIVE SUMMARY

In few years Mutual Funds has emerged as a tool for ensuring one’s financial well-being. Mutual

Fund have not only contributed to India’s growth story but have also helped families tap into success of Indian

industry. As information and awareness is rising more & more people are enjoying the benfits of investing in

Mutual Funds. The main reason the no. of retail Mutual Fund investors remains small is that nine out of ten

people with incomes in India do not know that Mutual Fund exists. But once people are aware of Mutual Fund

investment oppurtunities, the member who decide to invest in Mutual Fund increases as to many as one in five

people.

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The trick for converting a person with no knowledge on Mutual Funds to new Mutual Fund customer is to

understand which of the potential investors are more likely to buy MF and use the right arguments in sales

process that customer will accept as important &Relavent to their decision

The project hada great learning experience and at same time it has scope to explore to the corporate world. The

analysis and advice presented in this project report is based on Market Research on saving and investment

practices of investors for investment in MF.This report will help to know about investor preferences in MF

means are they prefer any particular AMC,or by ICICI only. Which type of product they prefer, which option

(Growth&Dividend) they prefer to investment strategy that follow SIP (systematic investment planning) or one

time plan.

This project is divided into two parts

The first part gives insight about MF and its various aspects, the company profile, objectives of study, Research

methodology. One can have a brief knowledge about MF and its basics through the project.

The second part of project consists of data and its analysis collected through survey done on 50 clients having

trading accounts with ICICI direct.

OBJECTIVES OF THE STUDY

1. The objective of the research is to study and analyze the awareness level of investors of mutual funds.

2. To measure the satisfaction level of investors regarding mutual funds.

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3. An attempt has been made to measure various variable’s playing in the minds of investors in terms of safety,

liquidity, service, returns, and tax saving

4. To get insight knowledge about mutual funds

5. To know the mutual funds performance levels in the present market

6. To analyze the comparative study between other leading mutual funds in the present market

7. To measure the satisfaction level of investors regarding Mutual Funds

8. To get insight knowledge on Mutual Funds

METHODOLOGY FOLLOWED:

ICICI Management gave us a demo-how the MF will work and what all the benefit’s investing in MF through

ICICI and followed by another demo regarding the usage of online portal. After these two demos one feedback

form will come which contains 13 questions regarding their investment decisions.

500 clients with their details had been mapped, based on this primary data the project has been carry forwarded.

Tomeet the Clients in their respective places as they mentioned in phone and taken feedback of customers who

were coming at ICICI direct branch.

The scope of the project is to Demonstrate ICICI Direct’s online platform, M.F investment and seek customer’s

insight on their savings pattern

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 This project covers the topic “The study of Customer Awareness on Mutual Funds”. The data collected has been

well organized and presented.

I hope the research findings and conclusion will be of use.

INTRODUCTION

AN OVERVIEW ON MUTUAL FUNDS:-

HISTORY OF MUTUAL FUNDS:-

The origin of mutual fund industry in India is with the introduction of the concept of mutual fund by UTI in the

year 1963. Though the growth was slow, but it accelerated from the year 1987 when non-UTI players entered

theindustry. In the past decade, Indian mutual fund industry had seen dramatic improvements, both quality wise

as well as quantity wise. Before, the monopoly of the market had seen an

1. 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. The first scheme launched by UTI was Unit Scheme 1964.

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2. Second Phase - 1987-1993
(Entry of Public Sector Funds)Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by Can

bank Mutual Fund (Dec 87), 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 in 1989 and GIC in 1990. The end of 1993

marked Rs.47, 004 as assets under management

3. Third Phase - 1993-2003

(Entry of Private Sector Funds)with the entry of private sector funds in 1993, a new era started in the Indian

mutualfund industry, giving the Indian investors a wider choice of fund families.

Also, 1993was the year in which the first Mutual Fund Regulations came into being, under which all mutual

funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin

Templeton) was the first private sector mutual fund registered in July 1993.

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 with total assets of Rs. 1, 21,805 crores. The Unit

Trust of India with Rs.44, 541 crores of assets under management was way ahead of other mutual funds.

4. Fourth Phase - since February 2003

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This phase had bitter experience for UTI. It was bifurcated into two separate entities. Oneis the Specified

Undertaking of the Unit Trust of India with AUM of Rs.29, 835 crores (ason January 2003). The Specified

Undertaking of Unit Trust of India, functioning underan administrator and under the rules framed by

Government of India and does not comeunder the purview of the Mutual Fund Regulations.

The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It isregistered with SEBI and

functions under the Mutual Fund Regulations. With thebifurcation of the erstwhile UTI which had in March

2000 more than Rs.76,000 crores ofAUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI

MutualFund Regulations, and with recent mergers taking place among different private sectorfunds, the mutual

fund industry has entered its current phase of consolidation and growth.

Emerging Issues of the Mutual Fund Industry in India:

Performance of Mutual Funds in India

Let us start the discussion of the performance of mutual funds in India from the day theconcept of mutual fund

took birth in India. The year was 1963. Unit Trust of Indiainvited investors or rather to those who believed in

savings, to park their money in UTIMutual Fund.For 30 years it goaled without a single second player.

Though the 1988 year saw somenew mutual fund companies, but UTI remained in a monopoly position.The

performance of mutual funds in India in the initial phase was not even closer tosatisfactory level. People rarely

understood, and of course investing was out of question.

But yes, some 24 million shareholders was accustomed with guaranteed high returns bythe beginning of

liberalization of the industry in 1992. This good record of UTI becamemarketing tool for new entrants. The

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expectations of investors touched the sky inprofitability factor. However, people were miles away from the

preparedness of risksfactor after the liberalization.The Assets under Management of UTI was Rs. 67bn. by the

end of 1987.

Let’sconcentrate about the performance of mutual funds in India through figures. From Rs.67bn. the Assets

under Management rose to Rs. 470 bn. in March 1993 and the figurehad a three times higher performance by

April 2004. It rose as high as Rs. 1,540bn.

The net asset value (NAV) of mutual funds in India declined when stock prices startedfalling in the year 1992.

Those days, the market regulations did not allow portfolio shiftsinto alternative investments. There were rather

no choices apart from holding the cash orto further continue investing in shares. One more thing to be noted,

since only closed-endfunds were floated in market, the investors disinvested by selling at a loss the in

thesecondary market.The performance of mutual funds in India suffered qualitatively. The 1992 stock

marketscandal, the losses by disinvestments and of course the lack of transparent rules in thewhereabout rocked

confidence among the investors. Partly owing to a relatively weakstock market performance, mutual funds have

not yet recovered, with funds trading at anaverage discount of 1020 percent of their net asset value.

The supervisory authority adopted a set of measures to create a transparent andcompetitive environment in

mutual funds. Some of them were like relaxing investmentrestrictions into the market, introduction of open-

ended funds, and paving the gateway for mutual funds to launch pension schemes.The measure was taken to

make mutual funds the key instrument for long-term saving.The more the variety offered, the quantitative will be

investors.

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At last to mention, as long as mutual fund companies are performing with lower risks andhigher profitability

within a short span of time, more and more people will be inclined toinvest until and unless they are fully

educated with the dos and don’ts of mutual funds

MUTUAL FUND CONCEPT

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 equities, debentures and other

securities. The income earned through these investments and the capital appreciation realized (after deducting the

expenses and profits of mutual fund managers) is shared by its unit holders in proportion to the number of units

owned by them. Thus a Mutual Fund strives to meet the investment needs of the common man by offering him or

her opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The

small savings of all the investors are put together to increase the buying power and hire a professional manager

to invest and monitor the money. Anybody with an surplus of as little as a few thousand rupees can invest in

Mutual Funds.

Mutual funds play vital role in resource mobilization and their efficient allocation in a transitional economy like

India. Economic transition is usually marked by changes in the financial mechanism, institutional integration,

market regulation, re-allocation of savings and investments, and changes in the inter-sector relationships. These

changes often imply negativity which shakes investor’s confidence in the capital market. Mutual funds perform a

crucial task as efficient alligators of resources in such a transitional period.

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 In Fund house, the fund manager is experienced person and he knows moving of share prices in stock market by

speculation so, he will invest in that shares on behalf of you for getting good returns in short-span of time-
Professional management

 The fund manager will diversify your portfolio by investing your money in different sectors because if one
sector is not doing well other will do compensation, As no two sectors run in losses at a time-Diversification

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WORKING OF MUTUAL FUND:-

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A Mutual Fund is a collection of stocks, bonds, or other securities owned by a group of investors and

managed by a professional investment company. For an individual investor to have a diversified portfolio is

difficult. But he can approach to such company and can invest into shares. Mutual funds have become very

popular since they make individual investors to invest in equity and debt securities easy. When investors invest a

particular amount in mutual funds, he becomes the unit holder of corresponding units. In turn, mutual funds

invest unit holder’s money in stocks, bonds or other securities that earn interest or dividend. This money is

distributed to unit holders. If the fund gets money by selling some stocks at higher price the unit holders also are

liable to get capital gains.

TYPES OF MUTUAL FUND SCHEMES:-

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Mutual funds can be done depending upon various factors and variables, such as, maturity period, investment

objectives etc... funds schemes again can be classified into three broad categories: equity schemes funds invest in

three broad categories of assets—stocks, bonds and cash. Depending upon the asset mix, mutual Classification

of mutual, hybrid schemes, and debt schemes. However the following are the various types of mutual funds

available to the investors.

Schemes according to Maturity Period:

A mutual fund can be classified into close-ended or open-ended scheme depending upon its maturity period:

Open-ended fund/scheme:

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An open-ended fund is one that is available for subscription and repurchase on continuous basis. These schemes

do not have a fixed maturity period. 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 scheme is liquidity.

Close-ended fund/scheme:

A close-ended scheme has a stipulated maturity period e.g. 5-7 years. The fund is open for subscription only

during a specified period at the time of launch of the scheme. Investors can invest in the scheme at the time of

initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where the

units are listed. In order to provide an exit route to the investors, some close ended funds give an option of

selling back the units to mutual funds through periodic repurchase at NAV related prices. SEBI regulation

stipulated that at least one of the two exit routes is provided to the investors i.e. either repurchase facility or

through listing on stock exchanges. These mutual funds schemes disclose NAV generally on weekly basis.

Schemes according to Investment Objectives:

A scheme can also be classified as growth scheme, income scheme, or balanced scheme considering its

investment objective. Such schemes may be open-ended or close-ended schemes as described earlier. Such

schemes may be classified mainly as follows:

Growth or equity oriented Scheme:

The aim of growth funds is to provide capital appreciation over the medium to long term. Such schemes

normally invest a major part of their corpus in equities. Such funds have comparatively high risk. These schemes

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provide different options to the investors like dividend option, capital appreciation etc... and the investors may

choose an option depending on their performance. The investors must indicate the option in the application form.

The mutual funds also allow the investors to change the options at a later date. Growth schemes are good for

investors having a long term outlook seeking appreciation over a period of time.

Income / debt oriented schemes:

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, Govt. securities and money market instruments.

Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in

equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such

funds are affected because of change in interest rates in the country. If the interest fall, NAVs of such funds are

likely to increase in the short run and vice-versa. However, long term investors may not bother about these

fluctuations.

Balanced Funds:

The aim of balanced funds is to provide both growth and regular income as such schemes invest both in equity

and fixed income securities in the proportion indicated in their offer document. These are appropriate for the

investors looking for moderate growth. They generally invest 40% to 60% in equity and debt instruments. These

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funds are also affected because of fluctuation in share prices in the stock markets. However, NAVs of such funds

are likely to be less volatile compare to pure equity funds.

Money market or liquid funds:

These funds are income funds and their aim is to provide easy liquidity, preservation of capital and moderate

income. These schemes invest exclusively in safer short-term instruments such as treasury bills, certificates of

deposits, commercial paper and inter-bank call money, government securities, etc. Returns on these schemes

fluctuate much less compared to other funds. These funds are appropriate for corporate and individual investors

as a means to park their surplus funds for short periods.

Gilt funds:

These funds invest exclusively in Govt. securities. Govt. securities have no default risk. 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.

Index funds:

Index funds replicate the portfolio of a particular index such as the BSE sensitive index, S&P NSE-50 index

(Nifty) etc. These schemes invest in the securities in the same weightage comprising of an index. The NAVs of

such schemes would rise or fall in accordance with the rise or fall in the index, though not exactly by same

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percentage due to some factors known as “tracking error” in technical terms. Necessary disclosures in this

regards are made in the offer document of the mutual fund scheme. These are also exchange traded index funds

launched by the mutual funds which are traded on the stock exchange.

ELSS:

Equity linked savings scheme (ELSS) are equity funds floated by mutual funds. This scheme is suited for young

people as they have the ability to take on higher risk. The ELSS funds should invest more than 80 per cent of

their money in equity and related instruments. It is ideal to invest in them when the markets are down. These

funds are now open all the year round. The other way of investing in these funds could be a systematic

investment, which essentially means investing a small sum regularly (monthly or quarterly). It is a market-linked

security and therefore there will be risks accordingly.

HOW RISKY YOUR MUTUAL FUND IS:-

Investors always judge a fund by the return it gives, never by the risk it took. In any historical analysis of a

mutual fund, the return is remembered but the risk is quickly forgotten. So a fund manager may have used very

high-risk strategies (that are bound to fail disastrously in the long run), hoping that his wins will be remembered

(as they often are), but the risk he took will soon be forgotten. 

WHAT IS RISK?

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Risk can be defined as the potential for harm. But when anyone analyzing mutual funds uses this term, what is

actually being talked about is volatility. Volatility is nothing but the fluctuation of the Net Asset Value (price of

a unit of a fund). The higher the volatility, the greater the fluctuations of the NAV. Generally, past volatility is

taken as an indicator of future risk and for the task of evaluating mutual fund, this is an adequate (even if not

ideal) approximation.

Defining Mutual fund risk:

Mutual funds face risks based on the investments they hold. For example, a bond fund faces interest rate risk and

income risk.  Bond values are inversely related to interest rates.  If interest rates go up, bond values will go down

and vice versa.  Bond income is also affected by the change in interest rates.  Bond yields are directly related to

interest rates falling as interest rates fall and rising as interest rise.  Income risk is greater for a short-term bond

fund than for a long-term bond fund.

Similarly, a sector stock fund (which invests in a single industry, such as telecommunications) is at risk that its

price will decline due to developments in its industry. A stock fund that invests across many industries is more

sheltered from this risk defined as industry risk.

Following is a glossary of some risks to consider when investing in mutual funds:

CALL RISK:-

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The possibility that falling interest rates will cause a bond issuer to redeem or call its high-yielding bond before

the bond's maturity date.

COUNTRY RISK:-

The possibility that political events (a war, national elections), financial problems (rising inflation, government

default), or natural disasters (an earthquake, a poor harvest) will weaken a country's economy and cause

investments in that country to decline.

CREDIT RISK: -

The possibility that a bond issuer will fail to repay interest and principal in a timely manner. Also called default

risk.

CURRENCY RISK:-

The possibility that returns could be reduced for Americans investing in foreign securities because of a rise in the

value of the U.S. dollar against foreign currencies. Also called exchange-rate risk.

INCOME RISK:-

The possibility that a fixed-income fund's dividends will decline as a result of falling overall interest rates.

INDUSTRY RISK:-

30
The possibility that a group of stocks in a single industry will decline in price due to developments in that

industry.

INFLATION RISK:-

The possibility that increases in the cost of living will reduce or eliminate a fund's real inflation-adjusted returns.

INTEREST RATE RISK:-

The possibility that a bond fund will decline in value because of an increase in interest rates.

MANAGER RISK: -

The possibility that an actively managed mutual fund's investment adviser will fail to execute the fund's

investment strategy effectively resulting in the failure of stated objectives.

MARKET RISK:-

The possibility that stock fund or bond fund prices overall will decline over short or even extended periods.

Stock and bond markets tend to move in cycles, with periods when prices rise and other periods when prices fall.

PRINCIPAL RISK:-

The possibility that an investment will go down in value, or "lose money," from the original or invested amount.

HOW RISK IS MEASURED:-

31
There are two ways in which you can determine how risky a fund is.

STANDARD DEVIATION:-

Standard Deviation is a measure of how much the actual performance of a fund over a period of time deviates

from the average performance. “Since Standard Deviation is a measure of risk, a low Standard Deviation is

good.”

SHARPE RATIO:-

This ratio looks at both, returns and risk, and delivers a single measure that is proportional to the risk adjusted

returns. “Since Sharpe Ratio is a measure of risk-adjusted returns, a high Sharpe Ratio is good."

HOW TO CHECK THE FUND’S RISK: -?

So how would you figure out how risky a mutual fund is?

Value Research a mutual fund research outfit, carries out a rating every month which is also carried on

rediff.com. If you would like to take a look at the latest ratings, click on the relevant month viz March,

April, May.

In this rating, each fund is given a star. The funds with a 5-star( ) rating are the best. Those with a 1-

star( ) rating are the worst.

32
This star rating is based on risk-adjusted return. In a very simple way, it gives investors an understanding of

whether a fund is taking an acceptable amount of risk in generating the kind of returns it is doing.

Risk Return Matrix in different sources of investments:

THINGS TO BE SEE WHILE INVESTING IN MUTUAL FUNDS:-

1. Don't just look at the NAV, also look at the risk:

33
Alliance Buy India and Alliance Equity both have 3 stars. That does mean their NAV is identical. In fact, the

NAV of Alliance Equity is 91.66 while that of Buy India is 16.05.

However, Alliance Buy India took an average risk and delivered an average return, while Alliance Equity took

an above average risk to get the above average returns. Hence their stars are identical, despite one having a

higher NAV.

2. Higher rating does not mean better returns:

A fund with more stars does not indicate a higher return when compared with the rest.  All it means is that you

will get a good return without putting your money at too much risk.

Birla Equity Plan has a 4-star rating while Alliance Tax Relief '96 has a 2-star rating. However, the fund with the

2-star rating has a higher NAV (131.96) than the one with the 4-star rating (39.37).

3. Higher rating does not mean more risk:

Birla Advantage has an NAV of 67.09 while Franklin India Prima has an NAV of 122.92. This does not

necessarily mean that Franklin India Prima is offering a higher risk since the return is higher. In fact, according

to our ratings, Franklin India Prima is a 5-star fund while (risk is below average) while Birla Advantage is a 2-

star fund (risk is above average).

On a final note:

34
When you decide to invest in a mutual fund, you must look at risk and return.

Always ask yourself one question: What are the chances of my losing money?

Do not get misled by high returns. You could also end up losing a substantial part of your savings.

COMPARISON BETWEEN MUTUAL FUND & OTHER INVESTMENTS

Mutual funds offer several advantages over investing in individual stocks. For example, the transaction

costs are divided among all the mutual fund shareholders, which allows for cost-effective diversification.

Investors may also benefit by having a third party (professional fund managers) apply expertise and dedicate

time to manage and research investment options, although there is dispute over whether professional fund

managers can, on average, outperform simple index funds that mimic public indexes.

Whether actively managed or passively indexed, mutual funds are not immune to risks. They share the

same risks associated with the investments made. If the fund invests primarily in stocks, it is usually subject to

the same ups and downs and risks as the stock market.

SHARE CLASSES:-

Many mutual funds offer more than one class of shares. For example, you may have seen a fund that

offers "Class A" and "Class B" shares. Each class will invest in the same pool (or investment portfolio) of

securities and will have the same investment objectives and policies. But each class will have different

shareholder services and/or distribution arrangements with different fees and expenses.

35
 These differences are supposed to reflect different costs involved in servicing investors in various

classes; for example, one class may be sold through brokers with a front-end load, and another class may be sold.

INDEX FUNDS VS. ACTIVE MANAGEMENT:-

An index fund maintains investments in companies that are part of major stock (or bond) indices, such

as the S&P 500, while an actively managed fund attempts to outperform a relevant index through superior stock-

picking techniques. The assets of an index fund are managed to closely approximate the performance of a

particular published index.

Since the composition of an index changes infrequently, an index fund manager makes fewer trades, on

average, than does an active fund manager. For this reason, index funds generally have lower trading expenses

than actively managed funds, and typically incur fewer short-term capital gains which must be passed on to

shareholders.

BONDS FUNDS:-

Bond funds account for 18% of mutual fund assets. Types of bond funds include term funds, which have

a fixed set of time (short-, medium-, or long-term) before they mature. Municipal bond funds generally have

lower returns, but have tax advantages and lower risk. High-yield bond funds invest in corporate

bonds, including high-yield or junk bonds. With the potential for high yield, these bonds also come with greater

risk.

MONEY MARKET FUNDS: -

36
 Money market funds hold 26% of mutual fund assets in the United States. Money market funds entail

the least risk, as well as lower rates of return. Unlike certificates of deposit (CDs), money market shares are

liquid and redeemable at

any time. The interest rate quoted by money market funds is known as the 7 Day SEC Yield.

FUNDS OF FUNDS;-

Funds of funds (FoF) are mutual funds which invest in other underlying mutual funds (i.e., they are

funds comprised of other funds). The funds at the underlying level are typically funds which an investor can

invest in individually. A fund of funds will typically charge a management fee which is smaller than that of a

normal fund because it is considered a fee charged for asset allocation services.

The fees charged at the underlying fund level do not pass through the statement of operations, but are

usually disclosed in the fund's annual report, prospectus, or statement of additional information. The fund should

be evaluated on the combination of the fund-level expenses and underlying fund.

EQUITY FUNDS: -

Equity funds, which consist mainly of stock investments, are the most common type of mutual fund.

Equity funds hold 50 percent of all amounts invested in mutual funds in the United States. Often equity funds

focus investments on particular strategies and certain types of issuers.

Growth vs Value:

Another distinction is made between growth funds, which invest in stocks of companies that have the potential

for large capital gains, and value funds, which concentrate on stocks that are undervalued. Value stocks have

37
historically produced higher returns; however, financial theory states this is compensation for their greater risk.

Growth funds tend not to pay regular dividends.

Income funds tend to be more conservative investments, with a focus on stocks that pay dividends. A balanced

fund may use a combination of strategies, typically including some level of investment in bonds, to stay more

conservative when it comes to risk, yet aim for some growth direct to the public with no load but a "12b-1 fee"

included in the class's expenses (sometimes referred to as "Class shares). Still a third class might have a

minimum investment of $10,000,000 and be available only to financial institutions (a so-called "institutional"

share class).

In some cases, by aggregating regular investments made by many individuals, a retirement plan (such as a 401

(k) plan) may qualify to purchase "institutional" shares (and gain the benefit of their typically lower expense

ratios) even though no members of the plan would qualify individually. As a result, each class will likely have

different performance results.

A multi-class structure offers investors the ability to select a fee and expense structure that is most appropriate

for their investment goals (including the length of time that they expect to remain invested in the fund).

Load and expenses:

A front-end load or sales charge is a commission paid to a broker by a mutual fund when shares are purchased,

taken as a percentage of funds invested. The value of the investment is reduced by the amount of the load. Some

funds have a deferred sales charge or back-end load. In this type of fund an investor pays no sales charge when

purchasing shares, but will pay a commission out of the proceeds when shares are redeemed depending on how

38
 long they are held. Another derivative structure is a level '" load fund, in which no sales charge is paid when

buying the fund, but a back-end load may be charged if the shares purchased are sold within a year.

OBJECTIVES&SCOPE OF STUDY

The objectives of the study are as following:

Awareness of mutual funds in Indian market.


To identify the consumer behavior while selecting a fund.

To identify the consumer perception about mutual funds investing through ICICI DIRECT.

To forward their Queries and get them solved.

The scope of the project is to Demonstrate ICICI Direct’s online platform, M.F investment and seek customer’s

insight on their savings pattern

ICICI DIRECT has taken an initiative of creating investor education program. ICICI management made

aQuestionnaire.We have to call the clients mapped to us and fix appointment to meet in their respective places

and show the demo on mutual funds and the usage of ICICI online portal to them and show that questionnaire

and make it fill by the client. Thus, that feedback which I’m taking is by primary method. I have to interprate the

data and give to my branch manager which help for generating the business.

LIMITATIONS OF THE RESEARCH :-

39
 This research reflects on individual customers in kothrud & bavdhan, puneonly. So findings and suggestions

given on the basis of this research cannot be extrapolated to the entire population.

 As sampling technique is convenient sampling so it may result in personal biased. So perfect result cannot be

achieved.

 It take much time to go in different areas and fill up questionnaire so the timings are also limited to make the

Project.

 To create hypothesis and make cross tabulation is little bit confusing technique so it may be a limitation.

In India people are not much care full and educated regarding Investment plan so to do this type of research is

little hard.

CHAPTER -3

CONCEPTUAL DISCUSSION
40
REVIEW OF LITERATURE :

 
LITERATURE REVIEWMutual FundA mutual fund is a common pool of money in to which
investors with commoninvestment objective place their contributions that are to be invested in
accordancewith the stated investment objective of the scheme. The investment manager
wouldinvest the money collected from the investor in to assets that are defined/permitted by the
stated objective of the scheme. For example, an equity fund wouldinvest equity and equity
related instruments and a debt fund would invest in bonds,debentures, gilts etc.A Mutual Fund is
a trust that pools the savings of a number of investors who share acommon financial goal. The
money thus collected is then invested in capital marketinstruments such as shares, debentures
and other securities. The income earnedthrough these investments and the capital appreciation
realised are shared by itsunit holders in proportion to the number of units owned by them. Thus a
MutualFund is the most suitable investment for the common man as it offers anopportunity to
invest in a diversified, professionally managed basket of securities ata relatively low cost. The
flow chart below describes broadly the working of amutual fund.Mutual Fund Operation Flow
ChartA Mutual Fund is a trust that pools the savings of a number of investors who share
acommon financial goal. The money thus collected is then invested in capital marketinstruments
such as shares, debentures and other securities. The income earnedthrough these investments and
the capital appreciation realised are shared by itsunit holders in proportion to the number of units
owned by them. Thus a MutualFund is the most suitable investment for the common man as it
offers anopportunity to invest in a diversified, professionally managed basket of securities ata
relatively low cost. The flow chart below describes broadly the working of amutual fund:Mutual
Fund Operation Flow Chart

ADVANTAGES OF MUTUAL FUNDS The advantages of investing in a Mutual Fund are:

♣Professional Management
♣Diversification
♣Convenient Administration
♣Return Potentia

41
 CURRENT ISSUES :

 RBI includes HDFC Bank in 'too big to fail' list along with SBI and ICICI

 Present project financing ways must change: Chanda Kochhar

 ICICI Bank cut interest rate on savings account by 0.5%

 Now, an instant credit card against your savings account

 Global cues, banks stocks drag Indian equities lower

 Rate cut to boost credit demand, propel growth, say bankers

 ICICI Bank Q1 profit falls 8%, provisions rise

 Loans via ATMS: ICICI offers up to Rs 15 lakh instant personal loan facility

 EPFO ties up with 5 banks to collect PF dues

 Bankers pull off largest stressed asset resolution with Rs 16,189-crore UltraTech-JP
Cement deal

 ICICI Bank to sell stake in general insurance JV

 CBI registers case against NDTV co-founder Prannoy Roy, wife in bank faud case

 'Chanda Kochhar draws Rs 6.09 crore remuneration in FY17'

 ICICI Bank CEO Chanda Kochhar's salary is Rs 2.18 lakh per day; draws Rs 7.85 cr
in FY17

42
 Good news for home buyers! ICICI Bank cuts interest on housing loan by up to 0.3%
 
 Sensex gets back on feet, Nifty takes 9,300 on buying push

CHAPTER -4:

DATA ANALYSIS

Collection of data:

Survey Area kothrud, bavdhan,

Primary data: -Survey methods:

43
This method was adopted because it helps to procuring data and detail information from the respondents. Here I

collected data by filling questionnaires, directly talking to the respondents

Secondary data:

The secondary data also used in this project, which include various written documents and other related

information about the customer details in their pivotal document-software used by ICICI DIRECT.

Sampling:

The sample of 50 clients having trading account with ICICI direct customers only had been taken for the whole

project and analysis had been explained on this data.

ANALYSIS AND INTERPRETATION OF DATA

Analysis and Interpretation of Data

After a thorough study and analysis of the questionnaires, Feedback given by clients some important and useful

findings can be stated. These findings have helped in a great way to come to the conclusion part of the project

work.

By utilizing maximum usage of data,resource .The Pivotal is a software used by ICICI direct from last four

years where all the employees rely on it for getting customer details, leads.

44
The following are the findings of consumer survey in ICICI DIRECT:

Consumer Survey Result: Total Respondents-- 50

NO.OF CONTACTS ASSIGNED 500

NO. OF CUSTOMERS CONTACTED 408

IN CONTACTED

WRONG NO.S 85

NOT REACHABLE/OUT OF COVERAGE 90

NOT IN CITY 40

NOT INTRESTED 110

INTRESTED 83

MEETINGS POSTPONE BY CLIENTS 25

POSTPONE BY ME AS DOONGLE PROBLEM 8

NO. OF CLIENTS MET 50

45
 NO.OF CONTACTS NO. OF CUSTOMERS WRONG NO .S
ASS IGNED CONTACTED

NOT REACHABLE/OUT NOT IN CITY NOT INTRESTED

OF COVERAGE
INTRESTED MEETINGS POSTPONE POSTPONE BY ME AS
BY CLIENTS DOONGLE PROBLEM
NO. OF CLIENTS MET

Most of the clients under the age of 30 are ready to take risks

 Equity is the best suited investment in this particular age group
 Above age group are interested in investing M.F,Insurance,Bonds

MALES/AGE CLIENTS FEMALES/AGE CLIENTS

25+ 45 25+ 40

30+ 30 30+ 40

50 ABOVE 25 50 ABOVE 20

Interpretation based on the feedback given by clients

46
 equities mutual funds insurance bonds

 Most of clients are working people.

 Don’t have time to visit branches.

Working 85

Non-working 15

Retired 10

Interpretation based on the feedback given by clients

online offline

 People will see the brand name before investing

47
 Because for benefit’s, assistance, Trust.

Brand loyality
Investment Brokerage 40 clients
Tax,other
Equity benfits ICICI 45 45
Support
MF ICICI 15 30

Insurance others 25

Interpretation based on the feedback given by clients

equities mutual funds insurance bonds

People will use the online portal of ICICI for portfolio recommendations


Interpretation based on the feedback given by clients

Not interested in MF 40

Other brokers 40

48
 More assistance from ICICI 20

 I use Internet or Online Banking  I book Hotels online

 I buy movie tickets online  I do not do any online

Interpretation based on the feedback given by clients

 People are more active until they run in losses

 None of them trade, invest without assistance Unless they are fully experienced

Interpretation based on the feedback given by clients

49
 Most of the investors

will take the help of

financial advisor for

monthly quarter six months year
tracking their

portfolio

Interpretation based on the feedback given by clients

 If the relationship Manager fail to answer the queries properly, Clients will ask other one, who is capable
of answering them.

50
 The online portal will help the clients in different ways

Portfolio Monitoring 40

Capital Gains Statement 30



Ease of Purchase 30


Occupation:

Business man: Professional: Others:

16 16 18

 M o s t o f t h e p e o p

investments. Businessmen have rather more knowledge about MF.

Place of their investment:

FROM OTHER

ICICI BROKERS

34 16

51
 Reasons of not investing—not have proper knowledge about MF.

 Once went into losses, and don’t want to start again-fear of past

 Don’t have time in their busy schedule.

Awareness about Mutual Funds:

Yes No

38 12

Interpretation based on the feedback given by clients

YES NO

Reasons of investing in Mutual Funds:

52
 Good return Safety and security Awareness Others

24 11 - 17

Reasons of not investing in Mutual Funds:

Risky affair Do not know about MF Not so popular Others

investment vehicle

22 8 12 2

The profile of the customers surveyed on this project are



Education

Post-graduates 28

Under-Graduates 22

Region-In Pune :

Near kothrud 12

Near bavdhan 22

Near F.c road 16

53
Income level

Above & 40,000 8

Upto 30,000 22

Above 20,000 15

CHAPTER-5:

FINDINGS, CONCLUSION

AND SUGGESTIONS

54
 FINDINGS

 60% Investors preferred to invest through financial advisors,25% investors preferred to direct investment with

AMC, and 15% through Bank.

 Most of the people don’t have proper knowledge about the mutual funds and that is why probably

they don’t invest in mutual fund.

 Most of the business men have proper knowledge about the mutual funds and as result they invest

in mutual fund very frequently.

 Most of the respondents consider bank deposit as investment vehicle. They don’t have clear cut

idea about the difference between the savings and investment.

 63% of the respondents keep their money in banks for return, 40% of the respondents invest in

insurance for tax benefits, 13% of the respondents invest for risk hedging purpose, and 3% invest for not any

specific reasons.

 More than half of the respondents have wrong perception about the mutual funds. They feel mutual

funds are very risky investment alternative

55
 Study found that more young people are likely to involved in financial activities. They more

frequentlyvisit banks and meet financial advisors. This is an opportunity for mutual funds houses to attract

thesepeople.

 More than 50% of surveyed persons willing to take high risk for high rate of return. This indicates

thatriskier investment options can also attract big pool of money if investors are properly convinced

56
 RECOMMENDTIONS

After seeing the whole Data analysis and findings, the Recommendations for the company are shownas below.

 The company should give the knowledge regarding Mutual Fund through various sources like more

advertisement, TV programmes etc. about what it is? How it works? What is its benefit for us with its

advertisement or in programmes. Because many people have heard about it but don’t know what it is?

 The company should also attract the low Income people by showing them the benefits of the liquidity funds for

the short Term to attract them.

 The company should also attract the customer through different schemes who having knowledge about the

Mutual Funds but not investing in Mutual Funds.

 The company should give information regarding Tax benefit to Invest into Mutual Fund.

 The company should organize Free seminars to give information about Mutual Fund and should distribute

brochures having detail of schemes of Mutual Fund

CONCLUSION

We can infer from the analysis that the concept of mutual fund in the place through ICICI and other banks is

still in its growing phase. With the growing importance of mutual fund in other areas in the country, this place

57
 is witnessing the same rate of growth in mutual funds. Apart from these facts the following are some other

important facts which can easily be inferred from the paper---

 Huge opportunities of Mutual funds exist in the ICICI. In short the market in this city is a growing

market

 As because many companies exist in this market, competition is cut and throat.

 Posters, banners or other promotional activities are rarely seen in this market.

 Mutual fund companies do not have aggressive strategies.

 Insurance products are and can be the main competitors of mutual funds

 Most of the respondents are satisfied with their current return from their investment. Most of the

respondents neither do nor want to take risk in investing their money in mutual funds.

BIBLIOGRAPHY

References

 AMFI study material of NSE

 Outlook ‘Money’- the layman’s guide to mutual funds

58
 Brand reporter- Mutual Fund

Websites:

www.amfi.com


 www.valueresearchonlineIndia.com

www.mutualfundIndia.com


www.icicidirect.com


 Slideshare.com

APPENDIX

FOLLOWING IS THE QUESTIONNAIRE, WHICH I TOOK RESPONSES FROM CLIENTS AND

HELPED FOR DOING THE PROJECT.

1. Have you invested in any of the following in last 12 months?

 Equities

59
  Futures & options

 Mutual funds

 Insurance

 Corporate fixed deposits

 Debentures/ bonds

 Public provident fund

 Others

 None

2. What is your preferred mode of investment?

 Online

 Offline

3. Have you invested in any of the following through ICICIdirect.com in the last 12 months?

 Equities

60
  Futures & options

 Mutual funds

 Insurance

 Corporate fixed deposits

 Debentures/ bonds

 Public provident fund

 Others

 None

4. How do you prefer to make investments in each of the following?

Equity a. ICICI direct b. Other Broker

Future and options a. ICICI direct b. Other Broker

Mutual funds a. ICICI direct b. Banks c. Agents d. Other Brokers

Insurance a. ICICI direct b. Banks c. Agents d. Other Brokers

Corporate Fixed deposit a. ICICI direct b. Other Brokers c. Directly

with

Company

Debentures/Bonds a. ICICI direct b. Banks c. Agents d. other Brokers

61
5. Before the demo were you aware that you can invest in mutual funds through ICICI direct?

 Yes
 No
6. What are the reasons for not investing in mutual funds through ICICIdirect.com?

 I need assistance to invest in MF through ICICIdirect.com

 I need more knowledge on Mutual Funds before I invest
 I am not interested as i invest through other brokers /distributors
 I do not invest in Mutual Fund
7. Which of the following online transactions have you done in the past?

 I buy movie tickets online

 I book flights or Train online
 I book Hotels online
 I buy merchandise online
 I use Internet or Online Banking
 I do not do any online transactions
8. How often do you transact online in any of the above mentioned transactions?

 Monthly
 Once in a quarter
 Once in 6 months
62
  Once in a Year
9. Which medium of news information and analysis do you use to keep yourself informed on investment

products?

 I discuss with my friends, family and or colleagues

 I use financial websites for comparisons and news
 I have financial advisor/Broker/MF distributor who updates me
 I read media reports
 I prefer to do my own research
10. How do you check the performance of all/any of your investments?

 I update investment details on a third party portfolio website and check regularly.
 I ask my financial advisor/Broker/MF distributor to send me information.
 My broker or bank provides me the information.
 Others
11. Would you consider switching your investment relationship to ICICIdirect.com?

 Yes
 No
12. Which of the following site features did you find useful in the demo?

 Capital Gains Statement

63
  Portfolio Monitoring
 Ease of purchase or redemption
 Personalized research recommendations against holdings
 Others
13. How would you rate the presentation and demonstration by our representative?

 Good
 Bad
 Needs Improvement
 Neutral

64