Black Book (Nirmala Rathod) 22

PROJECT ON
SIP And SWP As Stability Builder For Retail Investors With Special
Reference to HDFC AMC
BACHELOR OF ACCOUNTING AND FINANCE

SEMESTER VI
(2021-2022)
UNDER THE GUIDANCE OF

PROF. SHIRIN HAJATAY
SUBMITTED BY
NIRMALA VORARAM RATHOD
NEW HORIZON COLLEGE OF COMMERCE SECTOR-

13 AIROLI NAVI MUMBAI 400-708
NEW HORIZON COLLEGE OF COMMERCE
PLOT NO.5, SECTOR-13, AIROLI, NAVI MUMBAI-400708
CERTIFICATE
This is to certify that Project Report titled SIP and SWP as stability
builders for retail investors with special reference to HDFC AMC
Submitted by __Nirmala Voraram Rathod

has worked under my supervision for the submission of this project,
which is to my best knowledge has been completed in satisfactory
manner as a partial fulfilment of the requirement for the Degree of
B.A.F. (Bachelor in Accounting and Finance) is conferred by the
University of Mumbai for the academic year 2021-22.
Prof. R.K. Varma

External Examiner (Principal)
Prof. Shirin Hajatay

(Project Guide)
DECLARATION
I, am Nirmala Voraram Rathod student of Third Year BAF of New horizon college of commerce
(Airoli) declare that I have completed the project on SIP and SWP as stability builders for retail investors with
special reference to HDFC AMC in the academic year 2021-22 as per requirement of Mumbai University as a
part of) / Bachelor of Commerce (Accounting & Finance) (BAF) Programme. The information presented
in this project is accurate and original to the best of my knowledge.
Date: ______________ _____________________

Place: ______________ Name & Sign of Student
ACKNOWLEDGEMENT
I, Nirmala Voraram Rathod would take this opportunity to thank University of Mumbai for providing me an
opportunity to study on SIP and SWP as stability builders for retail investors with special reference to HDFC
AMC
This has been an enormous learning experience. I would like to acknowledge and thank people who made this
project work possible who has been guiding force to me while doing this project and the teaching staff of my
college, friends for providing their help as when required to complete this project. Without their support and
encouragement, making this report would have been impossible for me.
I would also like to thank the respondents who provided me their best knowledge and cooperation throughout
the project.
-------------------------------------
Name and Sign of the student
INDEX
SR DESCRIPTION PAGE
NO NO
1 EXECUTIVE SUMMARY 1
2 OBJECTIVE OF STUDY 2
3 RESEARCH METHODOLOGY 3
4 ANALYSIS AND INTERPRETATION 42

OF DATA
5 OBSERVATION OF DATA 65
6 FINDINGS 66
7 LIMITATION 67
8 CONCLUSIONS AND SUGGESTIONS 68
9 ANNEXURE: QUESTIONNAIRE 71
10 BIBLIOGRAPHY AND WEBLIOGRAPHY 74

EXECUTIVE SUMMARY
In few years Mutual Fund has emerged as a tool for ensuring one’s financial well-being. Mutual Funds have
not only contributed to the India growth story but have also helped families tap into the success of Indian
Industry.
As information and awareness is rising more and more people are enjoying the benefits of investing in mutual
funds. The main reason the number of retail mutual fund investors remains small is that nine in ten people
with incomes in India does not know that mutual funds exist. But once people are aware of mutual fund
investment opportunities, the number who decide to invest in mutual funds increases to as many as one in five
people.
The trick for converting a person with no knowledge of mutual funds to new mutual funds customers is to
understand which of the potential investors are more likely to buy mutual fund and use the right arguments in
the sales process that customer’s will accept as important and relevant to their decision.
This Project gave me a great learning experience and at the same time it gave me enough scope to implement
my analytical ability.
This Report will help to know about the investors’ Preferences in Mutual Fund Means Are they prefer any
particular Asset Management Company (AMC), Which type of Product they prefer, Which Option (Growth
or Dividend) they prefer or Which Investment Strategy they follow (Systematic investment plan or one-time
investment plan)
In SIP, you invest small amount periodically and could end up with a large corpus at a later date. But in SWP
you invest large corpus initially after that, you can redeem a certain amount from the fund on regular basis.
The project is divided into two parts:
The first part given an insight about mutual fund, SIP and SWP and its various aspects, company profile,
objectives of the study, research methodology, one can have a brief knowledge about the mutual fund, SIP and
SWP and its basic through the project.
The second part of the project consists of data and its analysis collected through the survey on 50 people.
This project covers the topic of “SIP and SWP as stability builder for retail investor with special reference
to HDFC AMC” the data collected has been well organised and presented
1
OBJECTIVE OF STUDY
The main objective of this project report is to know about the different mutual fund and retail investors
perception about the mutual funds
 To find out the awareness among the investor about the mutual fund.
 To understand the different investment option provided by HDFC mutual funds through its mutual fund
scheme.
 To know the investors expectation on mutual fund offered by HDFC AMC.
 To identify and overcome the gap between the management perception and customer satisfaction.
 To study about the systematic investment plan (SIP) and systematic withdrawal plan (SWP).
 To give idea of type of scheme available for the investors.
 To give brief idea about the benefit available from systematic investment plan (SIP) and systematic
withdrawal plan (SWP) mutual fund investment.
 To find out the Healthy growth of mutual fund AUM in India.
 Observe the fund management process of mutual funds.
 To explore the recent development in mutual fund in India.
2
RESEARCH METHODOLOGY
Research is one of the most important parts of any study and pertains to the collections of information and
acknowledge. Marketing research is defined as the systematic design, collection, analysis, and reporting of
data and findings relevant to a specific marketing situation facing the company. My project has been developed
on the basis of both exploratory and descriptive research. The research process depends upon developing the
most efficient plan for gathering the needed information. Designing a research plan calls for decisions on the
data sources, research approaches, research instruments, sampling plan, and contact methods.
A technique of data collection refers to tools/methods of selecting the units for data. In the broader sense,
there are two techniques for selection of units in the process of collecting data they are: 1. Census
technique
2. Sample technique
Mostly there are two ways to collect data as popularly known as primary and secondary data. So data can be
collected through two different sources that is Primary that is first hand and Secondary data which is already
published
Sample Size & Method of Selecting Sample:
Here sample size is the proportion of the general population that are taking part in the study. In most cases,
it’s important that the sample chosen is representative of the wider population, so that any conclusions drawn
from the study can be reasonably extrapolated to individuals who did not directly take part Sample size
measures the number of individual samples measured or observations used in a survey or experiment. For
example, if you test 100 samples of soil for evidence of acid rain, your sample size is 100. If an online survey
returned 30,500 completed questionnaires, your sample size is 30,500. In statistics, sample size is generally
represented by the variable " n"
Sample Size:
A Sample size of 50 respondents will be taken for the current study because it is not possible to cover the
whole universe in the available time period. So it is necessary to take the sample size. The sample will be
taken in the form of strata based on age, sex, and income group.
Sampling Technique:
Sampling technique used in this study is ‘Random sampling’. The selected sample Size is 50
3
Data Sources:
For this project both primary data and secondary data were valuable sources of information.
Primary Data
Primary data is known as first-hand information in order to find out the solution of a specific problem. Primary
data is collected from its primary sources i.e. source of its origin, where the data is generated. It is first time
collected by its investigator for statistical analysis Primary data are data freshly gathered for a specific purpose.
For my project work the primary data was collected by means of survey through questionnaire by google form
Secondary Data
Secondary data provides a starting point for any research and offers valuable sources of already existing
information. Secondary data are the easiest to gather and the cost of collecting this data is also very low.
Secondary data are the data are in actual existence, in records, having been already collected and also treated
statistically. In short, it is the data that have been already collected, presented, tabulated and located with
analytical that have been collected by some agencies, government department and research workers. It can be
obtained from records, books, government publications
For my project work it was collected through the help of various directories of various associations, magazines,
official websites, existing research etc.
Methods of contract
Once I decided the people, my task was how to contact them, and for me there are only 2 ways of getting in
touch with them. they are
Personal interview: this method was the most appropriate way of survey, because by personal interview I
came to know about their view
Telephone: this method was also used by me once or twice, keeping in mind the busy schedule of few
respondents
4
INTRODUCTION
A mutual fund is an investment security that enables investors to pool their money together into one
professionally managed investment. Mutual funds can invest in stocks, bonds, cash or a combination of those
assets. The underlying security types, called holdings, combine to form one mutual fund, also called an in
simpler terms, mutual funds are like baskets. Each basket holds certain types of stocks, bonds or a blend of
stocks and bonds to combine for one mutual fund portfolio.
For example, an investor who buys a fund called XYZ International Stock is buying one investment security—
the basket — that holds dozens or hundreds of stocks from all around the globe, hence the "international"
moniker. It’s also important to understand that the investor does not actually own the underlying securities the
holdings — but rather a representation of those securities; investors own shares of the mutual fund, not shares
of the holdings. For example, if a particular mutual fund includes shares of stock in Apple, Inc. (AAPL) among
other portfolio holdings, the mutual fund investor does not directly own Apple stock. Instead, the mutual fund
investor owns shares of the mutual fund.
However, the investor can still benefit by the appreciation of shares in AAPL. Since mutual funds can hold
hundreds or even thousands of stocks or bonds, they are described as diversified investments. The concept of
diversification is similar to the idea of strength in numbers. Diversification helps the investor because it can
reduce market risk compared to buying individual securities
Mutual fund is the pool of the money, based on the trust who invests the savings of number of investors who
shares a common financial goal, like the capital appreciation and dividend earning. The money thus collect is
then invested in capital market instruments such as shares, debenture, and foreign market. Investors invest
money and get the units as per the unit value which we called as NAV (net assets value).
Mutual fund is the most suitable investment for the common man as it offers an opportunity to invest in
diversified portfolio management, good research team, professionally managed Indian stock as well as the
foreign market, the main aim of the fund manager is to taking the scrip that have under value and future will
rising, then fund manager sell out the stock. Fund manager concentration on risk – return trade off, where
minimize the risk and maximize the return through diversification of the portfolio.
5
Growth of mutual funds in India
The Indian mutual fund has competent 3 phases. The primary part was between 1964 and 1987 and therefore
the solely player was the fund of republic of India, that had complete plus of RS6700 crores at the top of 1988.
The second part is between 1987 and 1993 throughout that amount eight funds were established (6 by banks
and one every by LIC and GIC). The overall assets beneath management had adult to 61028 crores at the top
of 1994 and therefore the variety of scheme was 167
The third part begin with the entry of personal and foreign sector within the investment trust business in 1993.
Kothari pioneer investment trust The third part began with the entry of personal and foreign sectors within the
investment trust business
in i1993. Kothari pioneer investment trust was the primary fund into be established by the personal sector in
association with a far-off fund. as at the top of economic year 2000(31st march) thirty-two funds were
functioning with Rs.1,13,005crores as total assets beneath management with RS 102849 crores
The securities exchange board of India I(SEBI) came out with comprehensive regulation in 1993 that outlined
the structure of investment trust and plus Management corporations for the primary time. many personal
sectors mutual funds were launched in 1993 and i1994. the share of the personal players has up speedily since
then. Presently there are thirty-four investment organization in India managing 102000 crores.
6
The most common features of the mutual fund unit are low-cost. The below I mention the how the transactions
will have done or working with mutual fund
7
When an investor subscribes for the units of a mutual fund, he becomes part owner of the assets of the fund in
the same proportion as his contribution amount put up with the corpus (the total amount of the fund).
Mutual Fund investor is also known as a mutual fund shareholder or a unit holder. Any change in the value
of the investments made into capital market instruments (such as shares, debentures etc.) is reflected in the
Net Asset Value (NAV) of the scheme.
NAV is defined as the market value of the Mutual Fund scheme's assets net of its liabilities. NAV of a scheme
is calculated by dividing the market value of scheme's assets by the total number of units issued to the
investors.
MFs may be described as “Financial institutions which pool the funds by way of issue of their units of equal
size from different investors and investing them in securities of diverse nature and variety, so that the risk of
the investors is minimized and return maximized.”1 Safety of funds, disposal of risks, and a satisfactory return
is the hallmark of MFs?
Interestingly, these intermediary financial institutions are commonly known as MFs in India, while in U.K.
they are called as Investment Trust and are called as Investment Companies in U.S.A. and other countries.
The profits and losses of MFs are shared by the investors in proportion to their investments. They work on the
principle of „small drops of water make a big ocean‟. The MFs normally come out with a number of schemes
with different investment objectives which are launched from time to time Funds are shared by the investors
in proportion to their investments.
The MFs normally come out with a number of schemes with different investment objectives which are
launched from time to time.
8
ORIGIN OF MUTUAL FUNDS IN INDIA
The history of mutual funds dates backs to 19th century when it was introduced in Europe, Great Britain.
Robert Fleming set up in 1968 the first investment trust called Foreign and Colonial Investment Trust which
promised to manage the finances of the moneyed classes of Scotland by spreading the investment over a
number of different stocks.
The investment trust and other investments trusts which were subsequently set up in Britain and the US,
resembled today’s close – ended mutual funds. The first mutual in the U.S., Massachusetts investor’s Trust,
was set up in March 1924. This was the open – ended mutual fund.
The stock market crash in 1929, the Great Depression, and the outbreak of the Second World War slackened
the pace of mutual fund industry, innovations in products and services increased the popularity of mutual funds
in the 1990s and 1960s. The first international stock mutual fund was introduced in the U.S. in 1940. In 1976,
the first tax – exempt municipal bond funds emerged and in 1979, the first money market mutual funds were
created.
The latest additions are the international bond fund in 1986 and arm funds in 1990.This industry witnessed
substantial growth in the eighties and nineties when there was a significant increase in the number of mutual
funds, schemes, assets, and shareholders. In the US, the mutual fund industry registered a ten – fold growth
the eighties. Since 1996, mutual fund assets have exceeded bank deposits. The mutual fund industry and the
banking industry virtually rival each other in size
9
HISTORY OF MUTUAL FUNDS IN INDIA
Unit Trust of India was the first mutual fund to set up India during the year 1963. In early 1990s, Government
allowed public sector banks and institutions to setup mutual funds. In the year 1992, Securities and Exchange
Board of India (SEBI) Act was passed. The objectives of SEBI are – to protect the interest of investors in
securities and to promote the development of and to regulate the securities market.
As far as mutual funds are concerned, SEBI formulates policies and regulates the mutual funds to protect the
interest of the investors. SEBI notified regulations for the mutual funds in 1993. Thereafter, mutual funds
sponsored by private sector entities were allowed to enter the capital market.
The regulations were fully revised in 1996 and have been amended thereafter from time to time. SEBI has also
issued guidelines to the mutual funds from time to time to protect the interests of investors. All mutual funds
whether promoted by public sector or private sector entities including those promoted by foreign entities are
governed by the same set of Regulations. There is no distinction in regulatory requirements for these mutual
funds and all are subject to monitoring and inspection by SEBI.
Phases of Mutual Funds in India

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 (GOI) and Reserve Bank of India (RBI). Since then, up to date there has been a
phenomenal growth in MF industry. The history of MFs in India can be broadly divided into four distinct
phases:
First Phase: 1964-87
Unit Trust of India (UTI) was established in 1963 by an Act of Parliament It was set up by the RBI and
functioned under the regulatory and administrative control of the RBI. The first scheme launched by UTI was
Unit Scheme 1964.
Another popular scheme, ULIP was launched in 1971. The first decade of UTI’s operations (1964-74) was the
formative period. In 1978 UTI was de-linked from the RBI and the IDBI took over the regulatory and
administrative control of UTI in place of RBI. At the end of 1988 UTI had Rest. 6,700 crores of assets under
10
Second Phase: 1987-1993 (Entry of Public Sector Funds)
The year 1987 marked the entry of public sector MFs set up by public sector banks, LIC and GIC. SBI mutual
fund was the non-UTI mutual fund established in June 1987followed by Can bank mutual fund (Dec 87),
Punjab National Bank mutual fund (Aug89), 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.
From1992 to 1993 and even in 1994 there was a recession in public sector funds; because a) SEBI had
prohibited MFs for launching any schemes with an assured return and b) According to MFs Regulation, 1993,
Indian MFs were advised to form AMC (Asset Management Company), without which they were not allowed
to launch any scheme. Yet, UTI performed very well because UTI was not under the purview of SEBI. UTI
collected Rs. 11,057 crores in 1992-93, which was much higher than 1991-92 (Rs. 8,685.4 crores). At the end
of 1993, the mutual fund industry had assets under management of Rs. 47,004 crores.
Third Phase: 1993-2003 (Entry of Private Sector Funds)
A new era started in the Indian mutual fund industry in 1993, with the entry of private sector funds, giving the
Indian investors a vast choice of fund families. Also, 1993 was the year in which the first mutual fund
regulations came into force, under which all MFs, 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. SEBI Mutual Fund Regulations of 1993 were substituted by a more comprehensive
and revised Mutual Fund Regulations in 1996. The industry was functioning under the SEBI Mutual Fund
Regulations 1996. The number of mutual fund houses went on increasing, with many foreign MFs setting up
funds in India and also the industry has witnessed several mergers and acquisitions. At the end of January2003,
there were 33 MFs with total assets of Rs. 1,21,805 crores. The UTI with Rs. 44,541 crore of assets under
management was way ahead of other MFs.
Fourth Phase: since February 2003
In February 2003, following the repeal of the UTI Act 1963; UTI was bifurcated into two separate entities.
One is the specified undertaking of the UTI with assets under management of Rs. 29,835 crores as at the end
of January 2003, representing broadly, the assets of US-64 scheme, assured return and certain other schemes.
The specified undertaking of UTI starts functioning under an administrator and under the rule framed by GO
and does not come under the purview of the mutual fund regulations.
11
The second is the UTI Mutual Fund Ltd, Sponsored by SBI, PNB, BOB, and LIC. It is registered with SEBI
hand functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI, 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 and
growth. There was a record number funds mobilized through a record number of new schemes during the year
2004-05.
The assets under management during the year 2004-05 was Rs.1,49,554 crores which subsequently increased
to Rs. 1.65 lakhs crore on 30th June 2005 and Rs. 3,26,388 crores on 31st March, 2007. At the end of June
2011, there are 42MFs with total assets of Rs. 7,43,501.7 crore
12
MUTUAL FUNDS STRUCTURE
(mutual funds) regulation 1993 define a mutual fund (MF) as a fund established in the form of a trust by a
sponsor to raise money by the trustees through the sale of units to the public under one or more scheme for
investing in securities in accordance with these regulations.
13
TYPES OF MUTUAL FUNDS
14
A.BY CONSTITUTION
1.OPEN ENDED FUNDS

These funds buy & sell units on a continuous basis &, here, allow investors to enter & exit as per their
convenience. The units can be purchased & sold even after the initial offering (IFO) period (in case of new
fund). The units are bought & sold at the net asset value (NAV) declared by the fund.
2. CLOSE ENDED FUND

A close ended fund is also known as closed end investment or closed end mutual fund. A closed ended fund
is organized as publicly traded investment company by the securities & exchange commission (SEC). Like a
mutual fund a closed end fund is a pooled investment fund with a manager overseeing the portfolio, it raises
a fixed amount of capital through. New shares in a closed end funds are not created by managers to meet
demand from investors, the shares can be purchased & sold only in the markets, which as the original design
of the mutual fund, which predates open end mutual funds but offers the same actively-managed pooled
investment. Usually a characteristic of closed end schemes is that they are generally traded at a discount to
NAV, but clear to maturity, the discount narrows
3. INTERVAL FUND
A non- traditional types of closed ended mutual fund that periodically offers to buy back a percentage of
outstanding shares from shareholders. Shareholders are not required to sell their shares to the fund.”
15
B. BY INVESTMENT OBJECTIVE
1. GROWTH FUND & EQUITY FUND:

These fund invest in stocks. Wealth creation & capital appreciation is the primary objective of equity fund.
They have the potential to generate higher return & are best for long term investment. These funds goal is to
grow faster than money market or fixed income funds with higher risk comes higher reward. There are many
different types of equity funds because there are many different types of equities.
A diversified fund is a fund that is broadly diversified across multiple market sectors or geographic regions. It
holds multiple securities, often in multiple asset classes. Its broad market diversification helps to prevent
idiosyncratic event in one area from affecting on entire portfolio a. Small cap
Small cap funds invest primarily in stock in companies with sizes between &300million & $2billion. Small
cap fund that invest in small sized companies. Mutual funds have restrictions that limit them from buying large
portions of any one issuers outstanding shares, which limit the risk while giving an investors exposure to this
segment of the market.
b. Mid cap:
A mid cap fund invests in companies between $2billion to $10billion in the market cap. These are established
business that are still considered developing & thus have a higher growth rate than large cap fund.
Mid cap which invest in mid-sized business.
c. Large cap funds:

Large cap funds invest in stocks in the largest companies in the world, with market caps in excess of
$10billion. These can include apple, Exxon, google.
16
INDEX FUND
These funds aim to track the performance of a specific index such as the S&P/TSX COMPOSITE INDEX.
The value of the mutual fund will go up or down as the index goes up or down. Index funds typically have
lower costs than actively managed mutual funds because the portfolio manager doesn’t have to do as much
research or make as many investment decisions.
SECTORAL FUNDS
Sectoral fund invests mostly in a particular sector or along the lines of a defined theme. Since the investment
are concentrated on a single sectors or theme, sector funds are considered extremely risky. It is very important
to time the entry into & exit from them as the fortune of sectors changing in different cycles in the economy.
They are meant for investor should take only a small exposure in them.
FOREIGN EQUITY FUNDS

Foreign equity funds or global/ International funds, invest in a specific region outside of an investors home
country. These funds sometimes have very high returns, but it is hard to classify them as either riskier or safe
than domestic investment.
2.DEBT/INCOME/BOND/FIXED INCOME FUNDS

These invest in fixed income securities, like government securities or bonds, commercial papers & debentures,
bank certifications of deposits & money market instruments like treasury bills, commercial paper etc.
These are relatively suffering investments & are suitable for income generation.
3.HYBRID FUND
These invest in both equities & fixed income, thus offering the best of both, growth potential as well as income
generation. They try to balance the aim of achieving higher returns against the risk of losing money. Most of
these funds follow a formula to split money among the different types of investments.
17
4. MONEY MARKET FUND
The money market fund (also called a money market mutual fund) is an open ended fund that invest in short
term debt securities such as U.S. treasury bills & commercial paper. Money market funds are widely (though
not necessarily accurately) regarded as being as safe as bank yet providing a higher yield. Regulated in the
UNITED STATES under the investment company Act of 1940. Money market funds are important
providers of liquidity to financial intermediaries. A money market fund is an investment whose objective is to
earn interest for shareholders while maintaining a Net Asset Value (NAV) of $1 per share. Money market
funds portfolio is comprised of short term, or less than one year, securities representing high quality, liquid
debt & monetary instruments. Investors can purchase shares of money market funds through mutual funds,
brokerage firms & banks. A money market funds purpose is to provide investors with safe place to meet easily
accessible. It is types of mutual fund characterized as a low risk, low return investment. They have no loads,
which are fees mutual funds may charge for entering or exiting the funds.
A money market funds might also hold short term U.S. treasury securities, such as T-Bills, certificates of
deposit (COD); & corporate commercial buyer & other instruments specified by RBI. These funds have a
minimum lock in period of 15 days. Till recently, the RBI regulated money market funds but they now come
under SEBI.
18
Healthy growth of mutual fund AUM in India (`RS in Lakh Crore)
5-Year CAGR: 20.6%
2017 2018 2019 2020 2021
Equity AUM 6.28 9.22 10.21 8.26 13.00
Debt AUM 7.61 7.99 7.30 7.76 10.58
Liquid AUM 3.14 3.36 4.36 4.15 4.08
Other AUM 0.52 0.79 1.93 2.09 3.77
17.55 21.36 23.80 22.26 31.43
Sources AMFI data as on 31st march year. march 2016 has been taken as the base for CAGR calculation
19
TOP AMC IN INDIA
1.SBI Mutual Fund
2. ICIC Prudential Asset Management Company
3.HDFC Assets Management Company
4. Birla Sun Life Mutual Fund
5. Kotak Mahindra Asset Management Company
6. Nippon India Assets Management Company
7. Axis Management Assets Management Company
8. UTI Mutual Fund
9. IDFC Assets Management Company
10.DSP Mutual Fund
20
COMPANY PROFILE
HDFC Asset Management Company Limited (AMC)
HDFC AMC is one of India’s largest mutual fund manager with RS4.4trillion in assets under management.
Started in 1999, the company were setup as a joint venture between housing development finance corporation
limited (HDFC) and abrdn investment management limited (erstwhile know as standard life investment
limited) during FY18-19 company carried out an initial public offering, and became a publicly listed company
in august 2018. Principal shareholders are HDFC and abrdn investment management limited which own 52.6%
and 16.2% stake, respectively. HDFC assets management company (HDFC AMC) is the investment manager
to the scheme of HDFC mutual fund (HDFC MF)
The Company offer a comprehensive suite of savings and investment products across assets classes, which
provide income and wealth creation opportunities to large retail and institutional customer base of 9.2million
live accounts. HDFC AMC have dominant position in equity investment, with highest market share actively
managed in equity oriented funds.
HDFC AMC funds are most preferred choice for retail investors, with highest market share in assets from
individual investors. Company offering of systematic transaction further enhances appeal to individual
customers looking to invest periodically in a disciplined and risk mitigating manner. The scheme has weather
multiple market cycles and carry track records of up to 26years. Company currently have over 70 thousand
empanelled distributors which includes mutual fund distributors, national distributors and banks.
Company serve customers and distribution partners in over 200 cities through its network of 227 branches and
1203 employees. Company highly stable management has steered the company since its inception through the
ever evolving industry. Company consistent position as one of India’s leading assets management companies
is driven by comprehensive investment philosophy, process and risk management.
Company also provides portfolio management and segregated account services, including discretionary and
advisory services to high net worth individual’s family offices, domestic corporates, trusts, provident funds
and domestic and global institution.
21
SPONSORS
Housing development finance corporation limited (HDFC LTD)
The company’s principal shareholders include Housing Development Finance Corporation Limited (HDFC)
and Standard Life Investments Limited (“SLI”) who own 52.8% and 26.9% stake respectively. HDFC was
incorporated in 1977 as a specialised mortgage finance company and is today a financial conglomerate having
a dominant presence in housing finance, banking, life and non-life insurance, asset management, real estate
funds and education finance.
Abrdn investment management company
Abrdn investment management company (AIML) (erstwhile standard life investment limited) is wholly owned
subsidiary or abrdn investments (holdings)limited (formerly standard life Aberdeen plc) abrdn is an
administers 532billion of assets for client and has over 1million shareholders abrdn also has significant
holdings in phoenix in the UK, HDFC Assets management, HDFC life in India and heng a standard life in
chain.
The brand equity, goodwill, and expertise of its sponsors empowers it to grow from strength to strength. While
the HDFC brand enjoys deep trust of customers across generations, SLI has contributed towards the industry
best practices followed by its company, particularly in operations and risk management.
Trustees:
HDFC Trustee Company Limited, a company incorporated under the Companies Act, 1956 is the Trustee to
HDFC Mutual Fund vide the Trust deed dated June 8, 2000, as amended from time to time. HDFC Trustee
Company Ltd is wholly owned subsidiary of HDFC.
Vision statement:
The vision of the fund house is to be a dominant player in the Indian mutual fund space having recognition for
its high level of ethical and professional conduct and commitment toward enhancing investors interest.
HDFC assets management company Ltd has vision of bring a leading player in the mutual fund business and
has achieved significant success and visibility in the market. Growth and visibility is adhered to good conduct
22
in the marketplace. At HDFC AMC, the implementation and observance of ethical processes and policies has
helped them to stand out to the scrutiny to the domestic and international investors,
Management
The management at HDFC AMC is committed to good corporate governance, which includes transparency
and timely dissemination of information to its investors and unit holders. The HDFCAMC limited board is a
professional body, including well experienced and knowledgeable independent directors. Regular audit
committee meetings are conducted to review the operations and performance of the company.
Investment philosophy
The single most important factor that drives HDFC fund is its belief to give the investor the chance to
profitability invest in the financial market, without constantly worrying about the market swings. To realize
this belief, HDFC mutual funds set up the infrastructure required to conduct all the___14 the fundamental
research and back it up with effective analysis. HDFC lays strong emphasis on managing and controlling
portfolio risk avoid chasing at least fads and trends.
Offerings
HDFC believes, that by giving the investor long term benefits, they have to constantly review the market for
new growth sectors and share this knowledge with their investors in the form of product offerings. They have
come up with various products across assets and risk taking capacity. Besides, they also offer portfolio
management services.
Achievement
HDFC assets management company(AMC) is the first AMC in India to have been assigned the CRISIL fund
house level-1rating. This is its highest fund governance and process quality rating which reflect the highest
governance level and fund management practices at HDFC AMC. It is the only fund house to have been
assigned this rating for the third year in succession. Over the past, HDFC has won number of awards and
accolades for their performance.
23
The Board of Directors of the HDFC Asset Management Company Limited (AMC)
Names Designation
Mr. Deepak S parekh Non- executive – non independent director
chairperson
Mr. james Aird Non- executive – non independent director
Mr. Keki Mistry Non- executive – non independent director
Mrs. Renu karnad Non- executive – non independent director
Mr. rushad abandon Non- executive – non independent director
Mr. dhruv kaji Non- executive – independent director
Mr. jairaj purandare Non- executive – independent director
Mr. sanjay bhandarkar Non- executive – independent director
Mr. parag shah Non- executive – independent director
Mrs. Roshni nadar Malhotra Non- executive – independent director
Mr. Shashi kant Non- executive – independent director
Mr. navneet munot Executive director-CEO-MD
24
SYSTEMATIC INVESTMENT PLAN(SIP)
Systematic Investment Plan (SIP), more popularly known as SIP, is a facility mutual funds to the investors to
invest in a disciplined manner. SIP facility allows an investor to invest a fixed amount of money at pre-defined
intervals in the selected mutual fund scheme. The fixed amount of money can be as low as Rs. 500, while the
pre-defined SIP intervals can be on a weekly/monthly/quarterly/semi-annually or annual basis. By taking the
SIP route to investments, the investor invests in a time-bound manner without worrying about the market
dynamics and stands to benefit in the long-term due to average costing and power of compounding
How SIP Mutual Fund Works – An Illustration
Let us find out how SIP works with an example.
You decide to invest INR 5000 on the 7th of each month in XYZ Mutual Fund.
• On 7th August 2021, the price per unit of XYZ Mutual Fund is INR 25. You would be allotted 5000/25 =
200 units of the fund. Now suppose the per-unit cost of the XYZ Mutual Fund increases to INR 30 on 7th
September 2021. In that case, the fund units allotted would be 5000/30 = 167 units. Since the per-unit price
increased in September, you got fewer units.
• Now it is October 2021, and the market witnessed a sharp decline. As of 7th October 2021, the per-unit
price of XYZ Mutual Fund fell to INR 23, while your investment amount remains unchanged. In this
situation, you would be allotted 5000/23 =217 units. This month you get more units due to the falling
prices.
As is apparent, you typically get more Mutual Fund units when the market is down, whereas fewer units are
allotted in a bullish market. This averages out the cost of investing and is referred to as Rupee Cost Averaging
25
MOST POPULAR TYPES OF SIP
Fund houses have introduced multiple SIP variations to suit the needs of all the different types of investors.
Some of the most popular options are-
1.Flexible SIP
Also, known as flex SIP or Flexi SIP, it allows you to adjust the SIP amount based on your financial conditions
as well as the conditions of the market. With regards to the market conditions, there is a pre-decided formula,
which enables the investors to invest more when the markets are falling and go for a lower SIP amount when
markets are high.
Similarly, in case of a financial crunch, you can reduce the SIP amount and increase the same if you have more
disposable funds, like if you receive a bonus. So, basically, with flexible SIPs, the SIP amount is flexible, and
the investor has the option to adjust the amount as required.
26
2. Top up SIP
Step-up or top-up SIP allows you to increase the SIP amount at fixed intervals. For instance, you might start
investing with Rs. 10,000 SIP in a mutual fund scheme of your choice and instruct the fund house to increase
the SIP amount by Rs. 1,000 after every six months.
So, after the first six months of investing Rs. 10,000/month, the SIP amount will be increased to Rs.
11,000/month. It will again increase by Rs. 1,000/month from the 13th month. Step-up SIP can be an excellent
option for salaried employees expecting a raise shortly.
3.Perpetual SIP
From all the different types of SIP, one type of SIP that deserves special attention is the perpetual SIP as it is
linked to every SIP investor. When you start a SIP, the SIP mandate requires you to mention the start and end
date for the SIP. While investors generally do mention the starting date, most do not fill in the ending date.
Every SIP with no end date mentioned in the mandate turns into a perpetual SIP, which will run until 2099.
However, you do get the option to stop the SIP by submitting a written application to the fund house. But if
you only want to invest for a fixed tenure, make sure that you do enter the SIP end date as well.
4.Trigger SIP
With the trigger SIP, you get to set a trigger for your SIP investment. For instance, you can mention that your
SIP amount should be withdrawn from your bank account and used to purchase units of the selected scheme
only if the NAV of the scheme falls up to a certain level decided by you.
You get other trigger options such as specific dates and even levels of an index like Nifty Sensex. But, this
option is recommended only for experienced investors who have the knowledge and experience to set such
triggers effectively.
27
BEST HDFC SIP MUTUAL FUND PLANS
1.HDFC Mid-Cap Opportunities Fund
Category: Equity: Mid Cap
AUM: ₹22,599 crore
It is an open ended scheme which predominantly invests in mid cap stocks. Since mid-cap companies are more
prone to market swings as compared to large cap stocks, investment in this fund carries moderate risk.
It has invested around 80% of its total assets in equity or equity related instruments of mid cap companies and
the rest in stocks of small and large cap companies.
This fund has delivered returns at the rate of 13.99% in the 5-year time period which is higher than both the
benchmark (10.95%) and category average (13.14%).
2. HDFC Hybrid- Equity Fund
Category: Hybrid: Aggressive Hybrid
Aggressive Hybrid Funds predominantly invest in equities and equity-related instruments with some allocation
to debt securities.
HDFC Hybrid – Equity fund has delivered returns at the rate of 12.79% in the 5-year time period. It has
consistently outperformed its benchmark and category average returns in 1 year, 3 years and 5 years return
framework.
This fund is perfect for those investors who have long term investment horizon and moderate risk appetite.
The minimum amount required for SIP investment is ₹500.
3. HDFC Top 100 Fund
Category: Equity: Large Cap
This fund is one of the least risky investment options provided by HDFC AMC since it primarily invests in
large cap stocks which are the most valuable and least volatile on the stock exchanges. It has invested around
90% of its total assets in equity or equity related instruments of large cap companies.
28
In a 1-year time period, it has delivered returns at the rate of 17.05% which is significantly higher than the
benchmark rate (7.17%) and category average (6.11%). In the 5 year return framework, the rate of return is
11.07% The minimum amount required for SIP Investment for this fund is ₹500.
4. HDFC Small Cap Fund
Category: Equity: Small Cap
AUM: ₹8,427 crore
Small cap stocks are quite sensitive to market fluctuations, but they offer a great opportunity for high returns
if investment is done strategically.
The 3 year and 5-year rate of return stands at 14.06% and 16.05% respectively. This is the highest return
yielding mutual fund by HDFC. The reason behind the high rate of return lies in the fact that it invests around
54% of its assets in small cap stocks and around 40% in mid cap stocks that have a high growth potential.
This fund is apt for those investors who have a high risk appetite and want to leverage that to get high returns.
The expense ratio (0.84%) for this fund is also very low, which further adds value to your returns.
5. HDFC Equity Fund
Category: Equity: Multi Cap
This fund has a diversified portfolio of large cap, mid-cap and small-cap stocks. It uses the blended strategy
in terms of investment to maximise its returns.
With investment of about 84% of its total assets in large-cap stocks and residual allocation to mid-cap and
small-cap stocks, it has 42 stocks in its portfolio. It has delivered returns at the rate of 11.05% in 5 year return
framework.
Its approach is to invest in companies which have a sustainable business model and a great potential for growth.
This product is suitable for investors with moderately high risk appetite who want to generate long term capital
appreciation.
29
Here is a List of Best HDFC SIP Mutual Fund Plans
Fund Name Category 1 Year 3 Year 5 Year

Return Returns Returns
Hdfc Mid-Cap Equity:mid-cap -10.49% 4.9% 9.88%

Opportunities
Fund
Hdfc Hybrid- Hybrid:aggressive 1.58% 8.61% 9.95%

hybrid
Equity Fund
Hdfc Top 100 Equity:large cap -0.38% 9.63% 7.78%

Fund
Hdfc small cap Equity: small cap -13.68% 9.64% 11.01%

fund
Hdfc equity Equity:multi cap -5.95% 8.53% 8.17%

fund
30
ADVANTAGES OF INVESTING IN SIP:
1. regular income:
it can be a steady source of supplemental income and can be helpful in times of crisisuch as unemployment,
delayed salaries or so. It is usually a good substitute for pension post retirement when cash flow comes to halt
or an additional income apart from salary in present
2. Simplicity of choice:
With SIP, you can start investing small amounts, and watch it grow big. You can start investing with a
minimum amount of Rs 500 each month. A SIP is not only simple and convenient to track, but also inculcates
a sense of financial discipline, where you save more.
3. Rupee Cost Averaging:
The unique feature of SIP is the Rupee Cost averaging, where you end up buying more units when the market
is low. Conversely, you will buy less when the market is on the upswing. This is because of the inherent feature
of SIP, where at every market correction, you will buy more. Not only does this reduce your cost of investment,
but also results in significant gains
4. Higher returns:
As compared to traditional fixed deposits or recurring deposits, SIP provides double the returns. This can help
you beat the rising costs because of inflation.
5. Acts as an emergency fund:
Being an open-ended fund without any tenor, you can withdraw your SIP investment to meet any emergency
situations like sudden hospitalisation or loss of job.
6. Tax exemption:
When you invest in SIP, you do not receive any tax on the amount invested or withdrawn. But the plans giving
tax freedom have a lock-in period such as 3 years. You can get tax exemption by investing in those.
31
7. Systematic and Disciplined Investment
To invest in SIP, a little amount (as per your plan) is invested daily by withdrawing it from your account.
This keeps discipline and order in your investing method. This discipline helps you to save and teaches the
habit of maintenance.
DISADVANTAGES OF INVESTING IN SIP:
1) Insufficient funds:
Inadequate balance in the investor’s bank account can lead to dishonouring of the cheque or ECS (electronic
clearance service) instructions.
2) Averaged Returns:
Since SIP averages cost, it also averages the returns earned by investors.
3) Difficult returns calculation:

Investments are made at different prices each month. Therefore, it does not make much sense to use the
standard profit formula. Investors might have to use difficult formulas to evaluate returns.
4) Fixed Amount:
There are times when you feel that markets are undervalued or you have received more money (like from
bonus or gifts) and you want to invest more but then in SIP only predetermined fixed sum gets invested. Same
in case when you want to invest less, you can’t do it.
5) Suitability:
SIP is unsuitable for people with unpredictable cash flows, as they might face difficulty in committing a fixed
amount each month
6) Stopping intermediate payment in SIP:

It may so happen that you got an emergency or have a major expense this month and so you don’t want to
invest. But with SIP this is not possible; if there’s money in your bank it will get debited and invested. The
only way out is to cancel the SIP which is not easy if you have a lot of SIPs and also when you want to start
again you need to go through all the formalities to start the SIP. Also for cancellation you need to inform 2
weeks in advance and even then you may not be sure that SIP would not be debited
32
HOW MANY PEOPLE INVESTED IN SIP IN INDIA
after a dip popularity in the last fiscal as retail investors exploited the stock market to the hilt in the post covid
crash, systematic investment plan or SIPs are once again back in favour investors are turning caution on the
back of both indices –Sensex and nifty –rising 100% since the lockdown in march 2020, and SIPs are a sought
after option
Compare that with the 1.41 crore accounts opened in the 12 months of FY21. September witnessed the highest
number of new SIPs ever registered in a month — 26.80 lakh. A year ago, the number of SIP accounts were
about 3.5 crore. That number now stands at 4.64 crore as of October 31, 2021.
A whopping RS340 crore per day, on average was invested in SIPs by Indians in October. This amounted to
a record monthly SIP contribution of RS 10519 crore- 35% higher than the same period last year when total
SIPs amounted to RS 7800 crore
33
SIP (systematic investment plan) Lump-sum
A sip allows an investor to allocate a small sum of a lump-sum investment enable investors to deposit
funds regularly in their preferred mutual fund the entire amount available in one go for acquiring
scheme their desired number of mutual fund units
In sip investor should keep tabs on the market Investor need not monitor the market as lump sum
performance on a regular basis as they can enter investment are usually made for the long term
various market cycle during their SIP tenure
SIP are more flexible investment method compared Lump sum investment lack flexibility
to the lump sum option
SIPs are not very reactive to market volatility Lump sum investments are highly responsive
The investment option can inculcate financial It does not inculcate such discipline as the
discipline in investors as they get into the habit of investment is made at one go
investing in a planned manner
Cost of investment is less due to rupees cost Cost of investment high as this is one time large
averaging investment
Best suited for equity markets where there is Best suited for debt mutual fund (where the money
volatility (ups and downs ) is not invested in share market)
Any day is a good day to start SIP; need not time the Lump sum investment in equity mutual fund (those
market that invest in share market) involves right ‘timing’;
profits can be made only when someone is able to
buy at low and sell at high.
34
SYSTEMATIC WITHDRAWAL PLAN(SWP)
SWP in mutual funds is a quality investment plan that allows an investor to withdraw a fixed or variable
amount of money from mutual funds on a monthly, quarterly, half-yearly, or annual basis as per their
requirements. This is applicable in most mutual fund schemes.
As the name suggests, SWP helps investors to withdraw money from funds by redeeming units from the
scheme that they have selected at the specified intervals. Investors can choose the day when they want the
withdrawal and the amount to be credited to their accounts by the Asset Management Company (AMC). The
number of units that are redeemed for the cash flow depends on the amount invested in the SWP and the
scheme XYZ on the date of money
How does an SWP work
When you choose a systematic withdrawal plan, it affects your mutual fund account as well. It is important to
note that an SWP is not the same as opening a fixed deposit account in a bank where you receive monthly
interests.
With a fixed deposit, the corpus value is not impacted when you withdraw the interest amount. However, in
the case of a systematic withdrawal plan in mutual fund schemes, the value of your fund is reduced by the
number of units you withdraw. Also, it may be the case that you have
Let’s understand it with the help of an example.
Let’s say Vineet decides to invest Rs 5 lakhs in an SWP policy. At Rs.25 per unit, he is allotted 20,000 units.
He started a monthly SWP of Rs 3000 after one year (to avoid exit loads). In the first month of SWP, let’s
assume that the price was Rs 27. So, to generate Rs 3000, the AMC redeems 111.11 units (Rs 3000/27). Now
the unit balance left would be 19888.89 units (20000-111.11). Now in the 2nd month, let’s consider the XYZ
price to be Rs 27.50; the AMC would redeem 109.09 units (Rs 3000/27.5). Therefore, the balance left would
be 19779.79 units. This process would continue till the end of the investor’s SWP period.
In the above example, we can see that the number of units is reducing with time in the SWP policy, but the
investment value is increasing at a higher percentage than the withdrawal rate. After the 2nd SWP payment,
we can see that the fund’s value is Rs 543,944.23 (19779.79*27.5) - an increase in amount by Rs 43944.23.
But if the scheme XYZ fails to rise, then the investment
35
TYPES OF SWP
Based on withdrawal options, SWP can be classified into two types:
 Fixed Withdrawal Plan
It allows the investor to withdraw a specified amount at regular intervals by selling the units which had been
allotted.
 Capital Appreciation
Here, the appreciated amount or the returns generated will be deposited into the investor’s account at the given
date or time.
36
ADVANTAGES OF SWP
1) Disciplined Investing an SWP automatically redeems some mutual fund unit every month to meet your
monthly expenses regardless of market levels. it thus, protect you from withdrawing large amount due to
panic/fear during the time market corrections. It also withdraws money even when market is registering new
highs and thus, protect you from the Impulse to invest more money during boom period
2) Increased Capital
Like we saw in the above example, as the SWP withdrawal rate is less than the return of the funds, the investor
gets increased capital. Most importantly, for individual investors, there’s no TDS on the SWP amount.
3) Easy to Work With
The investor has the liberty to decide the amount, duration, and frequency to invest. The investor can stop the
SWP at any point in time.
4) Rupee-Cost Averaging
SWPs help investors benefit when they withdraw their investment due to rupees cost averaging. Rupee cost
averaging gives an investor the average NAV of a mutual fund over several months/years rather than making
him dependant on a NAV at a single point of time
5) Fixed Income
A SWP help an investor get a fixed periodic amount which can help him/her get steady income in his/her
retirement years or managing his/her child’s education expenses
6) Tax Efficiency
Each withdrawal made through an SWP is considered to be a combination of capital and income tax is only
payable on the income component and not the capital component
37
DISADVANTAGES OF SWP
If the scheme in which the investor has invested falls or if the withdrawal rate is higher than the return, then
the investor may suffer huge losses. SWP is only limited to regular income and not for long-term investment
1) Averaged Returns:
Since SWP averages cost, it also averages the returns earned by investors.
2) Lower returns during Bear Markets:
During bear markets, to meet the withdrawal demand of the investor, more units need to be sold. This means
less returns for investors.
3) Exit Load:
Investors may have to pay an exit load if SWP is started immediately. It is advisable to wait at least for year
before starting SWP
During bear market fund manager may have to sell more unit to meet your withdrawal demand which may
leave you with lesser capital
38
WHO CAN USE SWP
1. For those looking for regular source of secondary income:
The investor who know what is SWP plan, they know very well that it can be source of creating an additional
income stream from their long term investments. It can help tide over the rising living cost therefore, investing
for the long term in mutual funds and withdrawing regularly through SWP may be an easy way to create a
regular source of secondary income
2. Those looking for capital protection
Investors who are risk averse, can invest in moderate or low risk profile mutual fund schemes and receive only
the capital gains as SWP. For example, suppose, the initial investment is made in an arbitrage fund and the
capital appreciation is received regularly by way of SWP: the initial investment will remain at almost zero risk
3. Those wanting to create their own pension
Investors who do not have any pension earning can create their pension by investing the retirement corpus in
scheme suiting their risk profile and earn a regular income at frequency chosen by them. Therefore, on
retirement, the investor can start an SWP and create their own pension
4. Those who are in high tax bracket
Investor in high tax bracket find SWP useful as there is no TDS on the capital gains. Also the capital gains.
Also, the capital gains from equity/equity oriented funds is also moderate as indexation is allowed on the long
term capital gains
39
RETAIL INVESTOR
A retail investor, also known as an individual investor, is a nonprofessional investor who buys and sell
securities or funds that contain a basket of securities such as mutual funds and exchange traded funds (ETFs)
Growing base of individual investors, with increasing ticket size
The industry has seen growing participation from households in recent years, given growing awareness,
financial inclusion, and improved access to banking channels. The industry added 44.2 million folios between
March 2014 and June 2019. Almost the entire growth in folios came from the individual investors' segment
(retail & HNI), which logged a CAGR of 15.5% over this period. Their average ticket size, too, increased from
102,000 INR in March 2014 to 169,000 INR in June 2019.
As of June 2019, 57.4% of individual investors’ AUM was into equity-oriented funds, whereas institutional
investors mainly preferred the fixed-income segment (debt and liquid/ money market), which constituted
77.2% of their assets. SIP vehicles are largely driven by retail investors due to increased financial awareness,
increased digital penetrations
Retail investor are getting more and more interested in mutual funds investment, AMFI data shows. In the
mutual funds’ assets under management (MF AUM) was 24 percentages an increase of 300bos over the
September 2020 experts this trend could be because of equity markets have been performing like a star over
the last year or so, and people prefer the MFs systematic investment route over direct participation in the stock
market. also AMFI mutual fund sahi hai compaign has attracted retail flow from small cities. The categories
that retail investors are favouring include global funds, index scheme and gold ETFs
40
70% mutual fund investors in india earn less than RS 5 lakh annually
mutual fund industry gets 30% of Assets Under Management (AUM) from individuals with an income of less
than Rs 5 lakh annually, said the ministry of finance in a reply to a question in Loksabha
According to SEBI data quoted by Minister of State in the Ministry of Finance, Pankaj Chaudhary, there are
1.85 crore mutual fund investors in the country. Among these, investors with income below Rs 5 lakh
constitute 70%. However, the 70% investors only account for only 29% of the assets o of the assets of the
mutual fund industry. Investors with an income of more than 1 crore accounted for 31% of the mutual fund
AUM
here's a look at the data presented by the ministry in Lok Sabha:
The ministry also informed the Lok Sabha that there has been a rise in investments in mutual funds from the
B-30 cities. Total AUM from B-30 cities grew by 86% from Rs 3.48 lakh crore in 2019-2020 to Rs 6.46 lakh
crore in 2021-22. The total AUM under the mutual fund industry has grown by only 68% during the same
period. Apart from this there had been an increase in The systematic investment plans (SIP) from B-30 cities.
41
ANALYSIS AND INTERPRETATION OF DATA INTERPRETATION
Data integration is a precursor to data analysis, and data analysis is closely linked to data visualization and
data dissemination. The term data analysis is sometimes used as a synonym for data modelling.
Data analysis is the method or methods that can be used to analyses data and the process of analysing it. There
are many different forms of data, but people usually think of quantitative data first. These are data such as
census data or survey data. There is also scientific data, such as data physicists collect about the cosmos. These
days, most people are interested in analysing the vast amounts of data collected through transactions with a
variety of companies and or websites. Often, though, people forget about qualitative data, which is data that
has not yet had any form imposed on it by humans.
Importance of data analysis

giving him One of the most important uses of data analysis is that it helps in keeping human bias away from
research conclusion with the help of proper statistical treatment. With the help of data analysis, a researcher
can filter both qualitative and quantitative data for an assignment writing projects. Thus, it can be said that
data analysis is of utmost importance for both the research and the researcher. Or to put it in another words
data analysis is as important to a researcher as it is important for a doctor to diagnose the problem of the patient
before any treatment
Questionnaire
A questionnaire is a research instrument consisting of a series of questions (or other types of prompts) for the
purpose of gathering information from respondents. The questionnaire was invented by the Statistical
Society of London in 1838.
Although questionnaires are often designed for statistical analysis of the responses, this is not always the case
Questionnaire plan:
Researcher has used Structured Questionnaire for gathering the required data through contacting them
personally on telephone or by way of google forms. Researcher has collected Fact, Awareness, Attitude and
reason using questionnaire. Multiple Choice type questions, are asked in the questionnaire for data collection.
In this research, researcher collected data with the help of Questionnaire and which interpreted below:
42
This chapter consists of classification of data using frequency tables and charts.
Gender
(a) Representation of data in tabular form

TABLE NO 1
Sources: primary data
Gender Respondents Percentages

Male 24 54%
Female 23 46%
(b) Representation of data in tabular form
Interpretation:
From the study conducted it was found that maximum number of respondents are the male 46%and number
of female respondents are 46%.
43
Occupation

TABLE NO 2
Sources: primary
data
Occupation Respondents Percentage

Business 21 42%
Services 18 36%
Students 11 22%
Total 50 100%
(b) Representation of data in chart form
INTERPRETATION:
From the above pie chart and table, it can be understood that 42% respondent’s business and 36% respondents
are from the people who work in service sector while remaining 22% respondents are from the students
44
IN THIS HIGHLY VOLATILE MARKET, DO YOU THINK MUTUAL FUNDS ARE A
DESTINATION FOR INVESTMENTS?
TABLE NO 3
Sources: primary
data
Question 3 Respondent Percentage

Yes 34 68%
No 16 32%
Total 50 100%
INTERPRETATION:
From the study conducted, it was found that the maximum number of respondents thought that Mutual
funds are a correct destination for investments. about 68% respondents say yes that mutual fund is right
destination and the remaining 32% don’t think mutual funds as a destination for investments.
45
HAVE YOU EVER INVESTED YOUR MONEY IN MUTUAL FUND?

TABLE NO 4
Sources: primary
data

Yes 36 72%
No 14 28%
Total 50 100%
(b) Representation of data in tabular form
INTERPRETATION:
From the study conducted, it was found that 70% of the respondents had already invested their money in
Mutual Fund and the remaining 30% didn’t. This concludes that many of the respondents were already aware
of Mutual Funds and have already invested in it.
46
WHILE INVESTING YOUR MONEY, WHICH FACTOR YOU PREFER THE MOST?
TABLE NO 5
Sources: primary
data

Liquidity 15 30%
Low risk 10 20%
High return 12 24%
Company reputation 13 26%
Total 50 100%
INTERPRETATION:
According to the study results, the respondents preferred a liquidity factor while investing their money
in Mutual Fund. 30% preferred liquidity factor, while 26% respondent preferred high return factor, from
their investment, 24% preferred company reputation while making investment and other 20% preferred
low risk.
47
WHICH AMONG THESE ARE THE SAFEST INVESTMENT OPTIONS?

TABLE NO 6
Sources: primary
data
Question 6 Respondents Percentage

Mutual funds 16 32%
Stock markets 14 28%
Fixed deposits 18 36%
Other 2 4%
Total 50 100%
INTERPRETATION:
From the study conducted, 36% respondents thought fixed deposit is the safest investment option. Other
32% believed that mutual fund is the safest option while for their investment other 28% thought Stock
Market to be the safest investment option. The rest 4% thought sum other option are safest investment.
48
WHICH FACTORS PREVENT YOU TO INVEST IN MUTUAL FUND?

TABLE NO 7
Sources: primary
data
Question 7 Number of Respondents Percentage

Bitter Past Experience 5 10%
Lack of knowledge 20 40%
Lack of confidence in service 9 18%
being provided
Difficulty in selection of 8 16%

Schemes
Inefficient investment advisors 8 16%
(b) representation of data in chart form
INTERPRETATION:
From the study conducted, it was found that lack of knowledge prevented 40% of the respondents to
invest in mutual fund. Bitter past experience prevented about 10% of the people. Lack of confidence in
service being provided prevented 18%. Difficulty in selection of schemes prevented 16% and inefficient
investment advisors prevented the rest 16% of the respondents.
49
ARE YOU AWARE ABOUT SYSTEMATIC INVESTMENT PLAN (SIP) & HOW IT WORKS?
TABLE NO 8
Sources: primary
data
Question 8 Respondents Percentages
Yes 34 68%
No 16 32%
INTERPRETATION:
From the study conducted, it was found that, majority of the respondents are aware of SIP. About
68% respondents say yes, they are aware of it. And how it works while 32% of respondents says
they don’t know what is a SIP and how it works.
50
WHERE YOU INVEST IN MUTUAL FUNDS, WHICH MODE OF INVESTMENT WILL YOU
PREFER?
TABLE NO 9
Sources: primary
data
Systematic Investment Plan 25 50%

(SIP)
One Time Investment 15 30%
Other 10 20%
INTERPRETATION:
From the study conducted, it was found that about 50% of the respondents preferred Systematic
Investment Plan (SIP) and as it help them to invest regularly in mutual funds schemes while the
remaining 30% preferred One-time investment in Mutual Funds. 10% preferred to invest in other
schemes.
51
ARE YOU AWARE OF SYSTEMATIC WITHDRAWAL PLAN (SWP) & HOW ITS
WORK?
TABLE NO 10
Sources: primary
data
Yes 35 70%
No 15 30%
INTERPRETATION:
From the study conducted it was found that 70% respondent know about the systematic withdrawal plan
(SWP) and how it works while remaining 30% of the respondent don’t know about the SWP.
52
HAVE YOU EVER INVESTED IN SYSTEMATIC WITHDRAWAL PLAN (SWP)?
TABLE NO 11
Sources: primary
data
Yes 36 72%
No 14 28%
INTERPRETATION:
From the study conducted it was found that 72%, respondents invest in systematic withdrawal plan as it
will
generate the income for them in future while remaining 28% of respondents don’t invest in SWP.
53
YOU INVEST IN SYSTEMATIC WITHDRAWAL PLAN (SWP) BECAUSE?

TABLE NO 12
Sources: primary
data

Flexibility 5 10%
Regular income 20 40%
Capital appreciation 15 30%
No TDS 10 20%
Column1
flexibility regualr income capital appreciation no TDS
INTERPRETATION:
from the study conducted it was found that maximum number of people invest in SWP because of regular
income as this can help them in future about 40%. while 30% people invest in SWP because of capital
appreciation and 20% invest because of no TDS while remaining 10% of the people invest because of
flexibility.
54
IN WHICH SCHEME DO YOU INVEST?
TABLE NO 13
Sources: primary
data
Equity 11 22%
Debt 12 24%
Liquid fund 13 26%
ELSS 14 28%
Total 50 100%
INTERPRETATION:
from the study conducted, it shows that majority of respondents invest is ELSS i.e. about 28% then about
26%, of the respondents invest in liquid fund while remaining 24% respondents invest their money in debt
scheme respectively. And about 22%peolpe invest in equity.
55
YOU INVEST IN MUTUAL FUND SCHEME BECAUSE?

TABLE NO 14
Sources: primary
data
It’s a good investment 17 34%

instrument
They give assured and consistent 12 22%
returns
They provide high return with 6 12%

low risk
Very simple to invest and 10 20%

monitor fund performance on
regular basis
None 6 12%
INTERPRETATION:
From the above study it was found that maximum people 34% invest in mutual fund scheme because it’s a
good investment instrument while 22% of people invest because they assured and constant returns, 20% of
invest because it is very simple to invest and monitor fund performance on regular basis while 12% invest
because they provide high return with low risk remaining 12% they don’t know.
56
HOW WOULD YOU LIKE TO RECEIVE THE RETURN EVERY MONTH?
TABLE NO 15
Sources: primary
data
Dividend playout 10 20%
Dividend re- investment 6 12%
Growth in NVA 34 68%
Total 50 100%
divedend payout dividend re-investment growth in NAV
INTERPRETATION:
From the study conducted, I came to know that maximum number of respondents like to receive their
returns in the form of Growth in NAV i.e. 68% of respondents. Then many respondents like to Dividend
Pay-out their returns i.e. 20%. And 12% likes to get there returns in Re-invested.
57
FROM WHERE DO YOU PURCHASE MUTUAL FUNDS?
TABLE NO 16
Sources: primary
data
Directly from the AMC’s 16 32%
Through broker 13 26%
Though sub brokers 11 22%
Other 10 20%
INTERPRETATION:
From the study conducted it was found that maximum number of the respondents 32% preferred to
purchase mutual fund directly from the AMCs while 26% respondents preferred to purchase through broker
and 22% of the respondents preferred to purchase it from the sub brokers while remaining 20% preferred
to purchase it from others.
58
WHICH FEATURE OF THE MUTUAL FUNDS ALLURE YOU MOST?
TABLE NO 17
Sources: primary
data
Diversification 6 12%
Better return and safety 19 38%
Reduction in risk and 5 10%

transaction cost
Regular Income 10 20
Tax Benefit 10 20%
Total 50 100%
INTERPRETATION:
from the study conducted, it was found that 38% respondents preferred better return and safety as their
most alluring feature of Mutual Funds. 20% thought regular income as the better feature. 20% thought
tax benefit as the better feature. 10% believed reduction in risk and transaction cost as the most alluring
feature and the remaining 12% believed diversification as the better feature of Mutual Funds.
59
WHAT IS YOUR AVERAGE INVESTMENT PERIOD?
TABLE NO 18
Sources: primary
data
Respondents Percentage
Less than 1 year 8 16%
1 to 5 14 28%
5 to 10 15 30%
Above 10 year 13 26%
INTERPRETATION:
From the study conducted, I came to know that investors invest in Mutual Fund for 5 – 10 years is
30%.and 28% respondents invest their money for the period of 1 to 5 years. While 26% respondents
invest for the period of the more than 10 years remaining 16% invest for less one year.
60
ARE YOU SATISFIED WITH YOUR INVESTMENT OPTION?
TABLE NO 19
Sources: primary
data
Question-19 Number of Respondents Percentage
Yes 32 64%
No 18 36%
Total 50 100%
INTERPRETATION:
from the study conducted it was found that 66%of the respondents were satisfied with their investment
option while remaining 36% of the respondents were no satisfied. So that maximum number of the
investors were satisfied with their investment option.
61
IF YES, YOUR MOST PREFERRED ASSET MANAGEMENT COMPANYIS?
TABLE NO 20
Sources: primary data

Axis Mutual Fund 9 18%
HDFC Mutual Fund 16 32%
Birla Sun life Mutual Fund 9 18%
ICICI Mutual Fund 13 26%
Other 3 6%
Total 50 100%
INTERPRETATION:
From the study conducted, it was found that 32% respondents believed HDFC Mutual Fund to be the
best and their most preferred Mutual Fund Company. Whereas 26% believed ICICI Mutual Fund to be
reliable. 18% respondents preferred Axis Mutual Fund, 18% preferred Birla Sun Life Mutual Fund while
6% preferred some other AMC.
62
63
TOTAL ASSETS 5,094.70 4,308.60 3,223.75 2,472.14 1,599.59
64
OBSERVATION OF DATA
 maximum investors are aware about mutual funds, in this highly volatile market, they think mutual fund
is right destination for their investment
 there are certain number of people who thinks that mutual is risky so they prefer to invest their money in
bank deposits
 investor prefer to invest in systematic investment plan (SIP) over a lumsump investment people invest in
SIP because it can be a steady source of supplemental income and can be helpful in time of crisis such as
unemployment, delayed in salary or so. It is usually a good subtitle for pension post retirement when cash
flow comes to halt or additional income apart from the salary in present
 while making an investment investors prefer liquidity, company reputation, high returns, low risk.
 There are certain factors which prevent an investor to invest in mutual funds like lack of knowledge, lack
of confidence in services being provided and difficulty in selection of the schemes.
 Maximum number of the people are aware about the SWP and how its work
 people invest in systematic withdraw plan SWP because of the flexibility, capital appreciation, no TDS
and for regular income
 maximum number of investors investment period is 5-10 year
 maximum number of investor were satisfied with their investment option and they prefer HDFC AMC.
65
FINDINGS
Many of the investors know about mutual funds yet the majority of their recognition isn't certain because
of absence of data about the mutual fund plans.
 Investors are chiefly worried about the risk elements of mutual funds.
 The investors who have put resources into mutual funds mostly take the plunge due to liquidity and tax
exclusion.
 There are various plans of mutual funds about which regular man doesn't know about.
 The vast majority of the respondents don't have appropriate learning about the mutual funds and that is the
reason presumably they don't put resources into mutual fund.
 SIP is very helpful in a volatile market. The SIP resolves a dilemma often facing investors due to ups and
downs in the market price.
 Investing through SIP in a mutual fund indubitably is the key solution in order to avoid or prevent the
loopholes of equity investment and yet, continually enjoy the high returns of investment.
 people invest in SWP because it allows them to withdraw a fixed amount regularly from their investments
in mutual fund scheme
 Most of the respondents feel that since they are salaried people, they do not have to worry much about
setting aside just a small portion of their monthly salary for investing in mutual fund so for them systematic
investment is a safe bet.
 Majority of the investors look for better return and safety in Mutual Fund.
66
LIMITATION OF STUDY
Apart from Details about mutual funds it has some limitations due to that all the details could not be published
& displayed. It has been done on the basis of secondary sources like Journals, Websites & like resources.
The limitation of the study has been enumerated below:
 The study is confined only to the mutual fund industry in India. Therefore, it has not focused on the mutual
fund of other countries
 The sample size in the case of mutual fund investors has been restricted to 50 as it is highly difficult to
arrange a list of investors spread over different region and select them deciding certain percentage of
universe
 The sample size is small due to specified reasons
 The quality of internal secondary data may be exaggerated or biased.
 Many companies do not like to reveal actual data about the number of people investing through SIPs and
how popular the plan actually is, so the information collected may not be accurate.
 Because of the time and money constraints convenient sampling method has been adopted to select
respondents. Therefore, all those are applicable to convenient sampling are applicable to this study It is
very difficult to evaluate the accuracy of secondary data. Before using secondary
 The conclusions arrived at are based on very less experience of researcher in this field
The research has been done for the period from the 1st January to 5th feb 2022. Therefore, whatever data was
available in this project was utilized for the study. If there is some variation in the data, the result and
conclusion may not be the same. All the conclusion is drawn on the basis of the data and information given
by the retail investor. But because of the secrecy 100% correct data was not given by them therefore data is
inadequate and incomplete. There is possibility of deficiencies in the conclusion. However, researcher has
tried at his level best to conduct correct and reliable data from the respondent
67
CONCLUSION
We can induce from the examination that the idea of mutual fund in India is still in its developing stage. With
the developing significance of mutual fund in different regions in the nation, this spot is seeing a similar rate
of growth in mutual funds. Aside from these certainties coming up next are some other imperative realities
which can without much of a stretch be gathered from the paper.
People save in Mutual Funds for different purposes i.e. children education, house construction, retirement
planning and tax planning, investing in gold/silver, shares and debenture, fixed deposit, banking fund and real
estate. it is the need of hour in India to popularize the pension funds which have greater potential in the years
to come. Mutual funds companies should introduce new pension funds scheme for investors. In case of the
relationship between monthly income and purpose of savings, a unique trend has emerged. As the income
increases, priority is given to tax planning. Majority of the respondents gave the first preference to children
education followed by retirement planning.
During the period of study, it was found that the majority of the investors invest their money through the SIP
plan scheme as they found it less burdensome and easy to keep aside a few amounts from their monthly salary.
And also they invest in SWP because it can be source of creating an additional income stream from their long
term investments. This indicates that more efforts have to be made by the Mutual Funds to create awareness
among the investors regarding the earnings potential of other schemes. The influencing factors for selection
of Mutual Fund scheme in India are High Returns, Net Asset Value, Market Trends, Tax Policy, and
Reputation of Mutual Fund in their order of priority.
Mutual fund investors are limited to the upper-middle and upper social class in this market. Upper-lower class
and lower-privileged individuals are as yet immaculate. More than half of the respondents have wrong
discernment about the mutual funds. They feel mutual funds are exceptionally risky investment elective. Most
of the respondents are satisfied with their current return from their investment. Most of the respondents neither
do not want to take risk in investing their money in mutual funds.
68
SUGGESTIONS
1. The assets management company (AMC)should exercise due diligence a care in all its investment
decisions would be exercised by other person engaged in the same business. With a purpose to implement
the regulation in an effective manner and to bring about transparency in investment decisions, the AMCs
are advised to maintain records in support of each investment which will indicate the data facts and
opinion leading to that investment
2. There is no such thing as an ideal mutual fund portfolio that can suit need and risk appetite of each and
every individual. While there is no dearth of good mutual funds in the market today, building a portfolio
depends on preference and objectives of each individual.
3. The factors that come into play include age of the investor, risk appetite, time at hand to let investment
grow, need for money- immediate or later – and more importantly, the purpose of making such an
investment. Broadly – we have ‘Aggressive’, ‘moderate’ and ‘Conservative’ portfolios where each of
them incorporates a different genre of mutual fund scheme to suit varying needs.
4. An individual should work towards building a stable portfolio which includes large cap funds to provide
your portfolio required stability, funds with proven track record and maybe some aggressive funds to
spice up your portfolio. Therefore, it is advisable for the investors to understand their risk profile and
invest accordingly.
5. Mutual fund companies should dispatch their annual report in time to their investors so that the investors
are informed about the company’s financial position. This will help the investor to know the status of
their investment.
6. It is suggested that the investors should not consider only one or two factors for investing in mutual fund
but they should consider other factors such as higher return, degree of transparency, efficient service,
fund management and Reputation of mutual fund in selection of mutual funds.
7. Customer education:
As the attention to mutual funds is as yet ailing in this market, organizations should give center around client
training. For this reason, again the gathering and classes can be the most ideal path towards teaching the clients.
Once more, free preparing project to the operators can be productive.
8. Confidence building activities:

69
Individuals in this city are not positive about putting their money in mutual funds. Consequently, there is a
need to accomplish something which will construct the trust in the brains of the investors.
70
APPENDIX QUESTIONNAIRE
1. Age group (in year)
a. 18 to 25
b. 25 to 35
c. 35 to 50
d. Above 50
2. Occupation
a. Government sector
b. Private sector
c. Professional
d. Students
e. Others
3. In this highly volatile market, do you think mutual funds are a destination for investment a.
Yes
b. No
4. Have you ever invested your money in mutual fund

a. Yes
b. No
5. While investing your money, which factor you prefer the most
a. Liquidity
b. Low risk
c. High return
d. Company reputation
6. Which among these are the safest investment option

a. Mutual funds
b. Stock market
c. Bank deposits
d. I don’t know
7. Which factor prevent you to invest in mutual funds

a. Bitter past experience
b. Lack of knowledge
c. Lack of confidence in services being provided
d. Difficulty in selection of schemes
e. Inefficient investment advisor
8. Are you aware about the systematic investment plan (SIP)&how it works a.
Yes
b. No
9. Where you invest in mutual funds, which mode of investment will you prefer
a. Systematic investment plan (SIP)
71
c. One-time investment
d. Others
10. Are you aware of systematic withdrawal plan(SWP)

a. Yes
e. No
11. Have you ever invested in systematic withdrawal plan(SWP)

a. Yes
b. No
12. You invest in SWP because

a. Flexibility
b. Regular income
c. Capital appreciation
d. No TDS
13. In which scheme do you invest

a. Equity
b. Liquid fund
c. Debt
d. ELSS
14. You invest in mutual fund scheme because

a. Its good investment instrument
b. They give assured and consistent returns
c. They provide high return with low risk
d. Very simple to invest and monitor fund performance on regular basis
e. None
15. How would you like to receive the return every month
a. Dividend payout
b. Dividend re-investment
c. Growth of NAV
16. From where do you purchase mutual funds

a. Directly from AMC’s
b. Brokers only
c. Brokers / sub broker
d. Others
17. Which features of the mutual funds allure you most

a. Diversification
b. Better returns safety
c. Reduction in risk and transaction cost
d. Regular income
e. Tax benefits
18. What is your average investment period

72
a. 1-5 year
b. 5-10 year
c. More than 10 year
19. Are you satisfied with your investment option

a. Yes
d. No
20. If yes your most preferred assets management company

a. Axis mutual fund
b. HDFC mutual fund
c. Birla sun life mutual fund
d. ICIC mutual fund
e. UTI mutual funds
f. Others:
g. Share khan
h. laxmi vikas
73
WEBLIOGRAPHY
https://www.mutualfundindia.com
https://www.hdfcfund.com
https://www.moneycontrol.com
https://groww.in
https://www.mutualfundsahihai.com
https://investemntlife.policybazaar.com
https://www.fraklintempletonindia.com
74

Black Book (Nirmala Rathod) 22

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Black Book (Nirmala Rathod) 22

Uploaded by

Copyright:

Available Formats

PROJECT ON

BACHELOR OF ACCOUNTING AND FINANCE

UNDER THE GUIDANCE OF

NEW HORIZON COLLEGE OF COMMERCE SECTOR-

Submitted by __Nirmala Voraram Rathod

Prof. R.K. Varma

Prof. Shirin Hajatay

Date: ______________ _____________________

4 ANALYSIS AND INTERPRETATION 42

8 CONCLUSIONS AND SUGGESTIONS 68

10 BIBLIOGRAPHY AND WEBLIOGRAPHY 74

The project is divided into two parts:

Sample Size & Method of Selecting Sample:

Phases of Mutual Funds in India

First Phase: 1964-87

Third Phase: 1993-2003 (Entry of Private Sector Funds)

Fourth Phase: since February 2003

1.OPEN ENDED FUNDS

2. CLOSE ENDED FUND

1. GROWTH FUND & EQUITY FUND:

c. Large cap funds:

FOREIGN EQUITY FUNDS

2.DEBT/INCOME/BOND/FIXED INCOME FUNDS

2017 2018 2019 2020 2021

Equity AUM 6.28 9.22 10.21 8.26 13.00

Debt AUM 7.61 7.99 7.30 7.76 10.58

Liquid AUM 3.14 3.36 4.36 4.15 4.08

Other AUM 0.52 0.79 1.93 2.09 3.77

17.55 21.36 23.80 22.26 31.43

1.SBI Mutual Fund

2. ICIC Prudential Asset Management Company

3.HDFC Assets Management Company

4. Birla Sun Life Mutual Fund

5. Kotak Mahindra Asset Management Company

6. Nippon India Assets Management Company

7. Axis Management Assets Management Company

8. UTI Mutual Fund

9. IDFC Assets Management Company

10.DSP Mutual Fund

HDFC Asset Management Company Limited (AMC)

Housing development finance corporation limited (HDFC LTD)

Abrdn investment management company

Mr. james Aird Non- executive – non independent director

Mr. Keki Mistry Non- executive – non independent director

Mrs. Renu karnad Non- executive – non independent director

Mr. rushad abandon Non- executive – non independent director

Mr. dhruv kaji Non- executive – independent director

Mr. jairaj purandare Non- executive – independent director

Mr. sanjay bhandarkar Non- executive – independent director

Mr. parag shah Non- executive – independent director

Mrs. Roshni nadar Malhotra Non- executive – independent director

Mr. Shashi kant Non- executive – independent director

Mr. navneet munot Executive director-CEO-MD

How SIP Mutual Fund Works – An Illustration

Let us find out how SIP works with an example.

1.HDFC Mid-Cap Opportunities Fund

Category: Equity: Mid Cap

AUM: ₹22,599 crore

2. HDFC Hybrid- Equity Fund

Category: Hybrid: Aggressive Hybrid

AUM: ₹22,221 crore

3. HDFC Top 100 Fund

Category: Equity: Large Cap

Date: _______