Project Main Portion

8/9/2019 Project Main Portion

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RESEARCH PROPOSAL

Title of the study:

A Comparative Study of Mutual Fund Companies in India and Analysis of Investment

Behavior of Consumers.

Research Objectives:

- To study mutual fund industry and understand it’s functioning.

- To analye and compare the performance of various mutual funds companies.

- To !no" a"areness level # investment $ehavior of people in mutual funds.

- To study the pro$lem and prospects of mutual fund industry.

Research Type:

%escriptive research.

It "ill $e a descriptive study and "ill aim at finding out the a$ove o$&ectives.

Sample Sie:

'((.

)andom Sampling.

Sample Sie !etermi"atio":

A reason for sampling is to infer something a$out population. Sampling distri$ution is the pro$a$ility distri$ution of a specified sample statistics. For all possi$le random sample of a given sie *n’ dra"n from population +.

In this case the calculation for the sample sie can $e as follo"s,

n / σ/

e/

0ere value determined from ta$le for a confidence level

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σ/ 1ariance

e/ 2rror specification

In the research it "as decided to have a confidence level of 34.56 thus from the -ta$le

its value "as noted do"n "hich is '.37.

1ariance8 "hich is s9uare of Standard %eviation for 5 options8 is /./:.

Standard error "as !ept ;(./3< la!hs.

=utting these in the formula "e get8

n >'.37?/ >/./:?

>(./3


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#utual 'u"ds: A" overvie(

)"troductio"

A Mutual Fund is a trust that pools the savings of a num$er of investors "ho share a

common financial goal. The money thus collected is invested $y the fund manager in

different types of securities depending upon the o$&ective of the scheme. These could

range from shares to de$entures to money mar!et instruments. The income earned

through these investments and the capital appreciations realied $y the scheme are shared

$y its unit holders in proportion to the num$er of units o"ned $y them >pro rata?. Thus a

Mutual Fund is the most suita$le investment for the common man as it offers an

opportunity to invest in a diversified8 professionally managed portfolio at a relatively lo"

cost. Any$ody "ith an investi$le surplus of as little as a fe" thousand rupees can invest

in Mutual Funds. 2ach Mutual Fund scheme has a defined investment o$&ective and

strategy.

A mutual fund is the ideal investment vehicle for today’s compleD and modern financial

scenario. Mar!ets for e9uity shares8 $onds and other fiDed income instruments8 real

estate8 derivatives and other assets have $ecome mature and information driven. =rice

changes in these assets are driven $y glo$al events occurring in fara"ay places. A typical

individual is unli!ely to have the !no"ledge8 s!ills8 inclination and time to !eep trac! of

events8 understand their implications and act speedily. An individual also finds it difficult

to !eep trac! of o"nership of his assets8 investments8 $ro!erage dues and $an!

transactions etc.

A mutual fund is the ans"er to all these situations. It appoints professionally 9ualified

and eDperienced staff that manages each of these functions on a full time $asis. The large

pool of money collected in the fund allo"s it to hire such staff at a very lo" cost to each

investor. In effect8 the mutual fund vehicle eDploits economies of scale in all three areas -

research8 investments and transaction processing. hile the concept of individuals

coming together to invest money collectively is not ne"8 the mutual fund in its present


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form is a /(th century phenomenon. In fact8 mutual funds gained popularity only after the

Second orld ar. Elo$ally8 there are thousands of firms offering tens of thousands of

mutual funds "ith different investment o$&ectives. Today8 mutual funds collectively

manage almost as much as or more money as compared to $an!s.

A draft offer document is to $e prepared at the time of launching the fund. Typically8 it

pre specifies the investment o$&ectives of the fund8 the ris! associated8 the costs involved

in the process and the $road rules for entry into and eDit from the fund and other areas of

operation. In India8 as in most countries8 these sponsors need approval from a regulator8

S2BI >Securities eDchange Board of India? in our case. S2BI loo!s at trac! records of the

sponsor and its financial strength in granting approval to the fund for commencing

operations.

A sponsor then hires an asset management company to invest the funds according to the

investment o$&ective. It also hires another entity to $e the custodian of the assets of the

fund and perhaps a third one to handle registry "or! for the unit holders >su$scri$ers? of

the fund.

In the Indian conteDt8 the sponsors promote the Asset Management Company also8 in

"hich it holds a ma&ority sta!e. In many cases a sponsor can hold a '((6 sta!e in theAsset Management Company >AMC?. 2.g. Birla Elo$al Finance is the sponsor of the

Birla Sun ife Asset Management Company td.8 "hich has floated different mutual

funds schemes and also acts as an asset manager for the funds collected under the

schemes.

History of #utual 'u"ds i" )"dia

:


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The end of millennium mar!s


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industry has gro"n at a compounded average gro"th rate of /7.


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and "ere all out on "inning the trust and confidence of the investors under the aegis of

the Association of Mutual Funds of India >AMFI?

Kne can say that the industry is moving from infancy to adolescence8 the industry is

maturing and the investors and funds are fran!ly and openly discussing difficulties

opportunities and compulsions.

The !efi"itio"

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A mutual fund is nothing more than a collection of stoc!s andor $onds. Nou can thin! of

a mutual fund as a company that $rings together a group of people and invests their

money in stoc!s8 $onds8 and other securities. 2ach investor o"ns shares8 "hich represent

a portion of the holdings of the fund.

Nou can ma!e money from a mutual fund in three "ays,

'? Income is earned from dividends on stoc!s and interest on $onds. A fund pays out

nearly all income it receives over the year to fund o"ners in the form of a distri$ution.

/? If the fund sells securities that have increased in price8 the fund has a capital gain.

Most funds also pass on these gains to investors in a distri$ution.


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A Mutual Fund is a trust that pools the savings of a num$er of investors "ho share a

common financial goal. The money thus collected is then invested in capital mar!et

instruments such as shares8 de$entures and other securities. The income earned through

these investments and the capital appreciations realied are shared $y its unit holders in

proportion to the num$er of units o"ned $y them. Thus a Mutual Fund is the most

suita$le investment for the common man as it offers an opportunity to invest in a

diversified8 professionally managed $as!et of securities at a relatively lo" cost. The flo"

chart $elo" descri$es $roadly the "or!ing of a mutual fund,

Mutual Fund Kperation Flo" Chart

OR1A0)SAT)O0 O' A #2T2AL '20!

Structure of the )"dia" mutual fu"d i"dustry

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The Indian mutual fund industry is dominated $y the Gnit Trust of India "hich has a total

corpus of )s4(($n collected from more than /( million investors. The GTI has many

fundsschemes in all categories ie e9uity8 $alanced8 income etc "ith some $eing open-

ended and some $eing closed-ended. The Gnit Scheme '37: commonly referred to as GS

7:8 "hich is a $alanced fund8 is the $iggest scheme "ith a corpus of a$out )s/(($n. GTI

"as floated $y financial institutions and is governed $y a special act of =arliament. Most

of its investors $elieve that the GTI is government o"ned and controlled8 "hich8 "hile

legally incorrect8 is true for all practical purposes.

The second largest categories of mutual funds are the ones floated $y nationalied $an!s.

Can$an! Asset Management floated $y Canara Ban! and SBI Funds Management floated

$y the State Ban! of India are the largest of these. EIC AMC floated $y EeneralInsurance Corporation and Heevan Bima Sahayog AMC floated $y the IC are some of

the other prominent ones. The aggregate corpus of funds managed $y this category of

AMCs is a$out )s'5($n.

The third largest categories of mutual funds are the ones floated $y the private sector and

$y foreign asset management companies. The largest of these are =rudential ICICI AMC

and Birla Sun ife AMC. The aggregate corpus of assets managed $y this category of

AMCs is in eDcess of )s/5($n

Some of the A#Cs operati"$ curre"tly are:

0ame of the A#C 0ature of o("ership

Alliance Capital Asset Management >I? =rivate imited =rivate foreign

Birla Sun ife Asset Management Company imited =rivate Indian

Ban! of Baroda Asset Management Company imited Ban!s

Ban! of India Asset Management Company imited Ban!s

Can$an! Investment Management Services imited Ban!s

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Cholamandalam Caenove Asset Management Company imited =rivate foreign

%undee Asset Management Company imited =rivate foreign

%S= Merrill ynch Asset Management Company imited =rivate foreign

2scorts Asset Management imited =rivate Indian

First India Asset Management imited =rivate Indian

EIC Asset Management Company imited Institutions

I%BI Investment Management Company imited Institutions

Indfund Management imited Ban!s

I+E Investment Asset Management Company =rivate imited =rivate foreign

H M Capital Management imited =rivate Indian

Hardine Fleming >I? Asset Management imited =rivate foreign

ota! Mahindra Asset Management Company imited =rivate Indian

othari =ioneer Asset Management Company imited =rivate Indian

Heevan Bima Sahayog Asset Management Company imited Institutions

Morgan Stanley Asset Management Company =rivate imited =rivate foreign

=un&a$ +ational Ban! Asset Management Company imited Ban!s

)eliance Capital Asset Management Company imited =rivate Indian

State Ban! of India Funds Management imited Ban!s

Shriram Asset Management Company imited =rivate Indian

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Sun F and C Asset Management >I? =rivate imited =rivate foreign

Sundaram +e"ton Asset Management Company imited =rivate foreign

Tata Asset Management Company imited =rivate Indian

Credit Capital Asset Management Company imited =rivate Indian

Templeton Asset Management >India? =rivate imited =rivate foreign

Gnit Trust of India Institutions

urich Asset Management Company >I? imited =rivate foreign

Rece"t tre"ds i" mutual fu"d i"dustry

The most important trend in the mutual fund industry is the aggressive eDpansion of the

foreign o"ned mutual fund companies and the decline of the companies floated $y

nationalied $an!s and smaller private sector players.

Many nationalied $an!s got into the mutual fund $usiness in the early nineties and got

off to a good start due to the stoc! mar!et $oom prevailing then. These $an!s did not

really understand the mutual fund $usiness and they &ust vie"ed it as another !ind of

$an!ing activity. Fe" hired specialied staff and generally chose to transfer staff from the

parent organiations. The performance of most of the schemes floated $y these funds "as

not good. Some schemes had offered guaranteed returns and their parent organiations

had to $ail out these AMCs $y paying large amounts of money as the difference $et"een

the guaranteed and actual returns. The service levels "ere also very $ad. Most of these

AMCs have not $een a$le to retain staff8 float ne" schemes etc. and it is dou$tful

"hether8 $arring a fe" eDceptions8 they have serious plans of continuing the activity in a

ma&or "ay.

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The eDperience of some of the AMCs floated $y private sector Indian companies "as also

very similar. They 9uic!ly realied that the AMC $usiness is a $usiness8 "hich ma!es

money in the long term and re9uires deep-poc!eted support in the intermediate years.

Some have sold out to foreign o"ned companies8 some have merged "ith others and

there is general restructuring going on.

The foreign o"ned companies have deep poc!ets and have come in here "ith the

eDpectation of a long haul. They can $e credited "ith introducing many ne" practices

such as ne" product innovation8 sharp improvement in service standards and disclosure8

usage of technology8 $ro!er education and support etc. In fact8 they have forced the

industry to upgrade itself and service levels of organiations li!e GTI have improved

dramatically in the last fe" years in response to the competition provided $y these.

#ar3et Tre"ds

A lone GTI "ith &ust one scheme in '37: no" competes "ith as many as :(( odd

products and


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higher valuations8 a system of ris!-re"ard has $een created "here the corporate sector is

more transparent then $efore.

Funds have shifted their focus to the recession free sectors li!e pharmaceuticals8 FMCE

and technology sector. Funds performances are improving. Funds collection8 "hich

averaged at less than )s'(($n per annum over five-year period spanning '33


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intermediaries cannot $e ignored. It is &ust that Mutual Funds are going to change the "ay

$an!s do $usiness in the future.

4a"3s v5s #utual 'u"ds

4A06S #2T2AL '20!S

)eturns o" Better

Administrative eDp. 0igh o"

)is! o" Moderate

Investment options ess More

+et"or! 0igh penetration o" $ut improving

i9uidity At a cost Better

uality of assets +ot transparent Transparent

Interest calculation Minimum $alance $et"een '(th. #


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1lobal Sce"ario

Some basic facts,

• The money mar!et mutual fund segment has a total corpus of Q '.:@ trillion in the

G.S. against a corpus of Q '(( million in India.

• Kut of the top '( mutual funds "orld"ide8 eight are $an!- sponsored. Knly

Fidelity and Capital are non-$an! mutual funds in this group.

• In the G.S. the total num$er of schemes is higher than that of the listed companies

"hile in India "e have &ust /44 schemes

• Internationally8 mutual funds are allo"ed to go short. In India fund managers do

not have such lee"ay.

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• Kn- line trading is a great idea to reduce management eDpenses from the current /

6 of total assets to a$out (.45 6 of the total assets.

Internationally8 on- line investing continues its meteoric rise. Many have de$ated a$out

the success of e- commerce and its $rea!throughs8 $ut it is true that this aspect of

technology could and "ill change the "ay financial sectors function. 0o"ever8 mutual

funds cannot $e left far $ehind. They have realied the potential of the Internet and are

e9uipping themselves to perform $etter.

In fact in advanced countries like the U.S.A, mutual funds bu! sell transactions have

alread begun on the net, while in India the et is used as a source of Information.

Such changes could facilitate easy access8 lo"er intermediation costs and $etter services

for all. A research agency that specialies in internet technology estimates that over the

neDt four years Mutual Fund Assets traded on- line "ill gro" ten folds from Q '/@ $illion

to Q '8//4 $illionR "hereas e9uity assets traded on-line "ill increase during the period

from Q /:7 $illion to Q '857' $illion. This "ill increase the share of mutual funds from


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Mutual funds could provide $etter advice to their investors through the +et rather

than through the traditional investment routes "here there is an additional channel to

deal "ith the Bro!ers. %irect dealing "ith the fund could help the investor "ith their

financial planning.

• In India8 $ro!ers could get more +et savvy than investors and could help the

investors "ith the !no"ledge through get from the +et.

• 0e( i"vestors (ould prefer o"li"e :

Mutual funds can target investors "ho are young individuals and "ho are +et savvy8

since servicing them "ould $e easier on the +et.

• India has around '.7 million net users "ho are prime target for these funds and

this could &ust $e the $eginning. The Internet users are going to increases

dramatically and mutual funds are going to $e the $est $eneficiary. ith smaller

administrative costs more funds "ould $e mo$ilied .A fund manager must $e

ready to tac!le the volatility and "ill have to maintain sufficient amount of

investments "hich are high li9uidity and lo" yielding investments to honor

redemption.

• 0et based advertiseme"ts:

There "ill $e more sites involved in ads and promotion of mutual funds. In the G.S. sites

li!e AK offer detailed research and financial details a$out the functioning of different

funds and their performance statistics. A is "itnessing a genesis in this area . There are

many sites such as indiainfoline.com and indiafn.com that are doing something similar

and providing advice to investors regarding their investments.

In the G.S. most mutual funds concentrate only on financial funds li!e e9uity and de$t.

Some li!e real estate funds and commodity funds also ta!e an eDposure to physical

assets. The latter type of funds are preferred $y corporate "ho "ant to hedge their

eDposure to the commodities they deal "ith.

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For instance8 a ca$le manufacturer "ho needs '(( tons of Copper in the month of Hanuary

could $uy an e9uivalent amount of copper $y investing in a copper fund. For 2Dample8

=ermanent =ortfolio Fund8 a conservative G.S. $ased fund invests a fiDed percentage of

it’s corpus in Eold8 Silver8 S"iss francs8 specific stoc!s on various $ourses around the

"orld8 short Lterm and long-term G.S. treasuries etc.

In G.S.A. apart from $ullion funds there are copper funds8 precious metal funds and real

estate funds >investing in real estate and other related assets as "ell.?.In India8 the Canada

$ased %undee mutual fund is planning to launch gold and a real estate fund $efore the

year-end.

In developed countries li!e the G.S.A there are funds to satisfy every$ody’s re9uirement8

$ut in India only the tip of the ice$erg has $een eDplored. In the near future India too "ill

concentrate on financial as "ell as physical funds.

Types of #utual 'u"ds

Mutual fund schemes may $e classified on the $asis of its structure and its investmento$&ective.

4y Structure:

Ope",e"ded 'u"ds

An open-end fund is one that is availa$le for su$scription all through the year. These do

not have a fiDed maturity. Investors can conveniently $uy and sell units at +et Asset

1alue >J+A1J? related prices. The !ey feature of open-end schemes is li9uidity.

Closed,e"ded 'u"ds

A closed-end fund has a stipulated maturity period "hich generally ranging from < to '5

years. The fund is open for su$scription only during a specified period. Investors can

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invest in the scheme at the time of the initial pu$lic issue and thereafter they can $uy or

sell the units of the scheme on the stoc! eDchanges "here they are listed. In order to

provide an eDit route to the investors8 some close-ended funds give an option of selling

$ac! the units to the Mutual Fund through periodic repurchase at +A1 related prices.

S2BI )egulations stipulate that at least one of the t"o eDit routes is provided to the

investor.

)"terval 'u"ds

Interval funds com$ine the features of open-ended and close-ended schemes. They are

open for sale or redemption during pre-determined intervals at +A1 related prices.

4y )"vestme"t Objective:

1ro(th 'u"ds

The aim of gro"th funds is to provide capital appreciation over the medium to long-

term. Such schemes normally invest a ma&ority of their corpus in e9uities. It has $een

proven that returns from stoc!s8 have outperformed most other !ind of investments held

over the long term. Ero"th schemes are ideal for investors having a long-term outloo!

see!ing gro"th over a period of time.

)"come 'u"ds

The aim of income funds is to provide regular and steady income to investors. Such

schemes generally invest in fiDed income securities such as $onds8 corporate de$entures

and Eovernment securities. Income Funds are ideal for capital sta$ility and regular

income.

4ala"ced 'u"ds

The aim of $alanced funds is to provide $oth gro"th and regular income. Such schemes

periodically distri$ute a part of their earning and invest $oth in e9uities and fiDed income

securities in the proportion indicated in their offer documents. In a rising stoc! mar!et8

the +A1 of these schemes may not normally !eep pace8 or fall e9ually "hen the mar!et

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falls. These are ideal for investors loo!ing for a com$ination of income and moderate

gro"th.

#o"ey #ar3et 'u"ds

The aim of money mar!et funds is to provide easy li9uidity8 preservation of capital and

moderate income. These schemes generally invest in safer short-term instruments such as

treasury $ills8 certificates of deposit8 commercial paper and inter-$an! call money.

)eturns on these schemes may fluctuate depending upon the interest rates prevailing in

the mar!et. These are ideal for Corporate and individual investors as a means to par!

their surplus funds for short periods.

Load 'u"ds

A oad Fund is one that charges a commission for entry or eDit. That is8 each time you

$uy or sell units in the fund8 a commission "ill $e paya$le. Typically entry and eDit loads

range from '6 to /6. It could $e "orth paying the load8 if the fund has a good

performance history.

0o,Load 'u"ds

A +o-oad Fund is one that does not charge a commission for entry or eDit. That is8 nocommission is paya$le on purchase or sale of units in the fund. The advantage of a no

load fund is that the entire corpus is put to "or!.

Other Schemes:

Ta7 Savi"$ Schemes

These schemes offer taD re$ates to the investors under specific provisions of the Indian

Income TaD la"s as the Eovernment offers taD incentives for investment in specifiedavenues. Investments made in 29uity in!ed Savings Schemes >2SS? and =ension

Schemes are allo"ed as deduction under Income TaD Act8 '37'.

Special Schemes

• )"dustry Specific Schemes

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Industry Specific Schemes invest only in the industries specified in the offer document.

The investment of these funds is limited to specific industries li!e InfoTech8 FMCE8 and

=harmaceuticals etc.

• )"de7 Schemes

IndeD Funds attempt to replicate the performance of a particular indeD such as the BS2

SenseD or the +S2 5(.

• Sectoral Schemes

Sectoral Funds are those8 "hich invest eDclusively in a specified industry or a group of

industries or various segments such as OAO Eroup shares or initial pu$lic offerings.

#erits of #utual 'u"d i"vestme"t

Professio"al #a"a$eme"t

Mutual Funds provide the services of eDperienced and s!illed professionals8 $ac!ed $y a

dedicated investment research team that analyses the performance and prospects of

companies and selects suita$le investments to achieve the o$&ectives of the scheme.

!iversificatio"

Mutual Funds invest in a num$er of companies across a $road cross-section of industries

and sectors. This diversification reduces the ris! $ecause seldom do all stoc!s decline at

the same time and in the same proportion. Nou achieve this diversification through a

Mutual Fund "ith far less money than you can do on your o"n.

Co"ve"ie"t Admi"istratio"

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Investing in a Mutual Fund reduces paper"or! and helps you avoid many pro$lems such

as $ad deliveries8 delayed payments and follo" up "ith $ro!ers and companies. Mutual

Funds save your time and ma!e investing easy and convenient.

Retur" Pote"tial

Kver a medium to long-term8 Mutual Funds have the potential to provide a higher return

as they invest in a diversified $as!et of selected securities.

Lo( Costs

Mutual Funds are a relatively less eDpensive "ay to invest compared to directly investing

in the capital mar!ets $ecause the $enefits of scale in $ro!erage8 custodial and other fees

translate into lo"er costs for investors.

Li8uidity

In open-end schemes8 the investor gets the money $ac! promptly at net asset value

related prices from the Mutual Fund. In closed-end schemes8 the units can $e sold on a

stoc! eDchange at the prevailing mar!et price or the investor can avail of the facility of

direct repurchase at +A1 related prices $y the Mutual Fund.

Tra"spare"cy

Kne can get regular information on the value of his investment in addition to disclosure

on the specific investments made $y his scheme8 the proportion invested in each class of

assets and the fund managerOs investment strategy and outloo!.

'le7ibility

Through features such as regular investment plans8 regular "ithdra"al plans and dividend

reinvestment plans8 you can systematically invest or "ithdra" funds according to your

needs and convenience.

Affordability

Investors individually may lac! sufficient funds to invest in high-grade stoc!s. A mutual

fund $ecause of its large corpus allo"s even a small investor to ta!e the $enefit of its

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investment strategy. Mutual Funds offer a family of schemes to suit your varying needs

over a lifetime.

9ell Re$ulated

All Mutual Funds are registered "ith S2BI and they function "ithin the provisions of

strict regulations designed to protect the interests of investors. The operations of Mutual

Funds are regularly monitored $y S2BI.

!emerits of #utual 'u"d i"vestme"t:

Professio"al #a"a$eme"t

Many investors de$ate over "hether or not the so-called professionals are any $etter than

you or I at pic!ing stoc!s. Management is $y no means infalli$le8 and8 even if the fundloses money8 the manager still ta!es hisher cut.

!ilutio"

ItOs possi$le to have too much diversification. Because funds have small holdings in so

many different companies8 high returns from a fe" investments often donOt ma!e much

difference on the overall return. %ilution is also the result of a successful fund getting too

$ig. hen money pours into funds that have had strong success8 the manager often hastrou$le finding a good investment for all the ne" money.

E"try a"d e7it costs

Mutual funds are a victim of their o"n success. hen a large $ody li!e a fund invests in

shares8 the concentrated $uying or selling often results in adverse price movements ie at

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on the volatility of the fund sie i.e. "hether the fund constantly receives fresh

su$scriptions and redemptions. Such portfolio changes have associated costs of

$ro!erage8 custody fees8 registration fees etc. "hich lo"ers the portfolio return

commensurately.

Cha"$e of i"de7 compositio"

orld over8 the indices !eep changing to reflect changing mar!et conditions. There is an

inherent survivorship $ias in this process8 "ith the $ad stoc!s "eeded out and replaced $y

emerging $lue chips. This is a severe pro$lem in India "ith the SenseD having $een

changed t"ice in the last 5 years8 "ith each change $eing 9uite su$stantial. Another

reason for change indeD composition is Mergers # Ac9uisitions. The "eightages of the

shares of a particular company in the indeD changes if it ac9uires a large company not a

part of the indeD.

Ho( to overcome demerits of the mutual fu"ds

Te"de"cy to ta3e co"formist decisio"s

From the a$ove points8 it is 9uite clear that the only "ay a fund can $eat the indeD is

through investment of some part of its portfolio in some shares "here it gets eDcellent

returns8 much more than the indeD. This "ill pull up the overall average return. In order

to o$tain such eDceptional returns8 the fund manager has to ta!e a strong vie" and invest

in some uncommon or unfancied investment options. Most people are un"illing to do

that. They follo" the principle J+o fund manager ever got fired for investing in

0industan everJ i.e. if something goes "rong "ith an unusual investment8 the fund

manager "ill $e 9uestioned $ut if anything goes "rong "ith the $lue chip8 then you can

al"ays $lame it on the JenvironmentJ or Juncontrolla$le factorsJ !no"ing fully "ell that

there are many other fund managers "ho have made the same decision. Gnfortunately8 if

the fund manager does the same thing as several others of his class8 chances are that he

"ill produce average results. This does not mean that if a fund manager ta!es JactiveJ

vie"s and invests in heavily researched JuncommonJ ideas8 the fund "ill necessarily

outperform the indeD. If the idea does not "or!8 it "ill result in poor fund performance.

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But if no such vie" is ta!en8 there is a$solutely no chance that the fund "ill outperform

the indeD.

0et Asset ;alue


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; i9uid assetscash held8 if any

; %ividendsinterest accrued

Amount due on unpaid assets

2Dpenses accrued $ut not paid

!etails o" the above items

For li9uid sharesde$entures8 valuation is done on the $asis of the last or closing mar!et

price on the principal eDchange "here the security is traded.

For illi9uid and unlisted andor thinly traded sharesde$entures8 the value has to $e

estimated. For shares8 this could $e the $oo! value per share or an estimated mar!et price

if suita$le $enchmar!s are availa$le. For de$entures and $onds8 value is estimated on the

$asis of yields of compara$le li9uid securities after ad&usting for illi9uidity. The value of

fiDed interest $earing securities moves in a direction opposite to interest rate changes

1aluation of de$entures and $onds is a $ig pro$lem since most of them are unlisted and

thinly traded. This gives considera$le lee"ay to the AMCs on valuation and some of the

AMCs are $elieved to ta!e advantage of this and adopt fleDi$le valuation policies

depending on the situation.

Interest is paya$le on de$entures$onds on a periodic $asis say every 7 months. But8 "ith

every passing day8 interest is said to $e accrued8 at the daily interest rate8 "hich is

calculated $y dividing the periodic interest payment "ith the num$er of days in each

period. Thus8 accrued interest on a particular day is e9ual to the daily interest rate

multiplied $y the num$er of days since the last interest payment date.

Gsually8 dividends are proposed at the time of the Annual Eeneral meeting and $ecome

due on the record date. There is a gap $et"een the dates on "hich it $ecomes due and the

actual payment date. In the intermediate period8 it is deemed to $e JaccruedJ.

2Dpenses including management fees8 custody charges etc. are calculated on a daily

$asis.

/@


29/68

Re$ulatory Aspects

Schemes of a #utual 'u"d

• The asset management company shall launch no scheme unless the trustees

approve such scheme and a copy of the offer document has $een filed "ith the

Board.

• 2very mutual fund shall along "ith the offer document of each scheme pay filing

fees.

• The offer document shall contain disclosures "hich are ade9uate in order to

ena$le the investors to ma!e informed investment decision including the

disclosure on maDimum investments proposed to $e made $y the scheme in the

listed securities of the group companies of the sponsor A close-ended scheme

shall $e fully redeemed at the end of the maturity period. JGnless a ma&ority of

the unit holders other"ise decide for its rollover $y passing a resolutionJ.

• The mutual fund and asset management company shall $e lia$le to refund the

application money to the applicants8-

/3


30/68

>i? If the mutual fund fails to receive the minimum

su$scription amount referred to in clause >a? of su$-

regulation >'?R

>ii? If the moneys received from the applicants for units are

in eDcess of su$scription as referred to in clause >$? of su$-

regulation >'?.

• The asset management company shall issue to the applicant "hose application has

$een accepted8 unit certificates or a statement of accounts specifying the num$er

of units allotted to the applicant as soon as possi$le $ut not later than siD "ee!s

from the date of closure of the initial su$scription list and or from the date of

receipt of the re9uest from the unit holders in any open ended scheme.

Rules Re$ardi"$ Advertiseme"t:

• The offer document and advertisement materials shall not $e misleading or

contain any statement or opinion8 "hich are incorrect or false.

)"vestme"t Objectives a"d ;aluatio" Policies:

• The price at "hich the units may $e su$scri$ed or sold and the price at "hich such

units may at any time $e repurchased $y the mutual fund shall $e made availa$le

to the investors.

1e"eral Obli$atio"s:

• 2very asset management company for each scheme shall !eep and maintain

proper $oo!s of accounts8 records and documents8 for each scheme so as toeDplain its transactions and to disclose at any point of time the financial position

of each scheme and in particular give a true and fair vie" of the state of affairs of

the fund and intimate to the Board the place "here such $oo!s of accounts8

records and documents are maintained.


31/68

• The financial year for all the schemes shall end as of March


32/68

• Such transfers are done at the prevailing mar!et price for 9uoted instruments on

spot $asis. The securities so transferred shall $e in conformity "ith the investment

o$&ective of the scheme to "hich such transfer has $een made.

• A scheme may invest in another scheme under the same asset management

company or any other mutual fund "ithout charging any fees8 provided that

aggregate interscheme investment made $y all schemes under the same

management or in schemes under the management of any other asset management

company shall not eDceed 56 of the net asset value of the mutual fund.

• The initial issue eDpenses in respect of any scheme may not eDceed siD per cent of

the funds raised under that scheme.

• 2very mutual fund shall $uy and sell securities on the $asis of deliveries and shall

in all cases of purchases8 ta!e delivery of relative securities and in all cases of

sale8 deliver the securities and shall in no case put itself in a position "here$y it

has to ma!e short sale or carry for"ard transaction or engage in $adla finance.

• 2very mutual fund shall8 get the securities purchased or transferred in the name of

the mutual fund on account of the concerned scheme8 "herever investments are

intended to $e of long-term nature.

• =ending deployment of funds of a scheme in securities in terms of investment

o$&ectives of the scheme a mutual fund can invest the funds of the scheme in shortterm deposits of scheduled commercial $an!s.

• +o mutual fund scheme shall ma!e any investment inR

i. Any unlisted security of an associate or group company of

the sponsorR or

ii. Any security issued $y "ay of private placement $y an associate or

group company of the sponsorR or

The listed securities of group companies of the

sponsor "hich is in eDcess of


33/68

• +o mutual fund scheme shall invest more than '( per cent of its +A1 in the

e9uity shares or e9uity related instruments of any company. =rovided that8 the

limit of '( per cent shall not $e applica$le for investments in indeD fund or sector

or industry specific scheme.

• A mutual fund scheme shall not invest more than 56 of its +A1 in the e9uity

shares or e9uity related investments in case of open-ended scheme and '(6 of its

+A1 in case of close-ended scheme.

Compariso" a"d A"alysis of #utual 'u"d compa"ies

Compariso" of top te" E8uity schemes

Kpen 2nded - 29uity, %iversified - Since aunch )eturn

'u"d 0A;

o"

Magnum 2merging Businesses /5./' >'(-Fe$? 3'(-Fe$? @(.37 /'(/((7

ota! Kpportunities /'(-Fe$? 47.3: /'(/((7

Sundaram India eadership /:.7/ >'(-Fe$? 4/.7@ /'(/((7

Chola Midcap Fund //.@5 >'(-Fe$? 4(./< /'(/((7

0SBC 29uity 5:.:/ >'(-Fe$? 4(.(/ /'(/((7

Magnum Midcap '7.34 >'(-Fe$? 73.4( /'(/((7

AB+ AM)K 29uity /'.'(-Fe$? 73.7( /'(/((7

=rudential ICICI %iscovery //.:3 >'(-Fe$? 73.7( /'(/((7

>Source, - """.valueresearchonline.com?


34/68

The ran! to a$ove mentioned fund have $een given on the $asis of the return percentage

"hich the companies have yield from the date since they have launched it. From the

a$ove ta$le "e can !no" that the fund "hich has given the highest return i.e. 3'(-Fe$? :/.57 /'(/((7

Fran!lin India TaDshield O3@ 3:.'(-Fe$? '(-Fe$? /@.55 /'(/((7

Sundaram TaDsaver O3@ 57.4' >'(-Fe$? /:.74 /'(/((7

Fran!lin India TaDshield O37 @(.(' >'(-Fe$? /@-Fe$? '@.


35/68

In Closed 2nded 29uity TaD =lanning Scheme GTI M2=GS has given highest return i.e.

7/ percentage from since launched to '(th Fe$8 /((7. Kther fund "hich follo"s are Birla

TaDplan ’3@8 Fran!lin India TaDshield U3@8 Fran!lin India TaDshield U34 and so on.

Compariso" of top te" !ebt schemes

Kpen 2nded - Eilt, Medium # ong-term - Since aunch )eturn

'u"d 0A;

Retur"s

'(-Fe$? ''(-Fe$? ''(-Fe$? '/.37 /'(/((7

HM E-Sec =F =lan /'./: >'(-Fe$? '/.55 /'(/((7

ota! Eilt Investment )egular //.55 >'(-Fe$? '/.(5 /'(/((7

=rudential ICICI Eilt Investment /(.@: >'(-Fe$? ''.3< /'(/((7


36/68

HM E-Sec )egular =lan /(.'(-Fe$? ''.@< /'(/((7

Birla Eilt =lus =F '3.7@ >'(-Fe$? ''./4 /'(/((7

Templeton IESF ong-term '5.7( >'(-Fe$? ''./' /'(/((7


In Kpen 2nded %e$t Eilt Medium and ong Term Schemes highest return i.e. '

@-Fe$? 7.'(-Fe$? 5.@< /'(/((7

Birla FT= Series B '(.54 >@-Fe$? 5.45 /@/((7

Erindlays FiDed Saving Scheme 4th =lan B '(.5@ >@-Fe$? 5.7/ /@/((7

=rudential ICICI FM= N Series5 )etail '(.7< >'(-Fe$? 5.7/ /'(/((7


37/68


In Closed 2nded %e$t Specialty Schemes highest return i.e. 7.@( percentage from since

launched to '(th Fe$8 /((7 has $een given $y Birla FM= Annual Series'((/(7? //./@ >'((/(7?

5/ ee! 0igh /5./'>'((/(7? :7.3:@< >'((/(7? //./@ >'((/(7?

5/ ee! o" '/.33 >//(/(5? /4.5''5 >/3(


38/68

If "e considered the current status than Tata 29uity Kpportunities-E is having highest

+A1 as compared to other t"o funds $ecause it has launched earlier >March /((


39/68

In this open ended 29uity Schemes "e may see from a$ove ta$le that maDimum of the

net assets is $een allocated in 29uity and the remaining of the amount is $een invested in

%e$t and Kthers. As ris! in e9uity shemes is high the return on investment fluctuated is

higher. As share mar!et is no" on $oom this lead the companies to earn high return.

Sector 9ei$hti"$s


40/68

Magnum 2merging Businesses-E has given maDimum "eight to services to invest theinvestor fund8 "hile the other t"o funds have given maDimum "eight to technologysector.

A"alysis of top three Closed E"ded E8uity Schemes

Closed e"ded E8uity: Ta7 Pla""i"$ 'u"d

Curre"t Status > Profile!etails 2T) #EP2S 4irla Ta7pla" +B 'ra"3li" )"dia

Ta7shield +B

atest +A1 '((/(7? '7'((/(7? 3:.'((/(7?

5/ ee! 0igh '((/(7? '7/4('(7? 3:.'((/(7?

5/ ee! o" /(.7/ >/((:(5? 33.7< >''(/(5? 7'.(' >'3(:(5?

+et Assets>Cr? '8/'


41/68

high and ris! grade is $elo" average8 "hile Fran!lin India TaDshield ’3@ return grade is

average and ris! grade is a$ove average.

Traili"$ Retur"s Source, - """.valueresearchonline.com?

In this Closed 2nded 29uity Schemes "e may see from a$ove ta$le that maDimum of the

net assets is $een allocated in e9uity i.e. near a$out 3(6 and the remaining of the amount

is $een invested in others. From the a$ove ta$le "e can also analysis that top companies

not prefer to invest in %e$t.

Sector 9ei$hti"$s


42/68


43/68

%S=M ESF onger %uration-E is a$ove average8 "hile Birla Eilt =lus )egular-E

return grade is a$ove average and ris! grade is high.

Traili"$ Retur"s


44/68


The maDimum "eight given $y Templeton IESF Composite-E and Birla Eilt =lus )egular-E

is to EKI Securities8 "hile %S=M ESF onger %uration-E gives maDimum "eight to Cash

# Money Mar!et.

A"alysis of top three Closed E"ded !ebt Schemes

Ope" E"d 1ilt: #edium > Lo"$,term 'u"d

Curre"t Status > Profile!etails 4irla '#P A""ual

Series,1

4irla 'TP Series A,1 )01 ;ysya '#

Series -,1

atest +A1 '(.@'((/(7? '(.7(@(/(7? '(.7/3' >'((/(7?

5/ ee! o" '(.':@7 >''(/(5? '(.(''< >'7(/(5? '(.('35 >':(/(5?

+et Assets>Cr? 35.73 >


45/68

Period Cate$ory 4irla '#P A""ual

Series,1

4irla 'TP Series

A,1

)01 ;ysya '#

Series -,1

Near to%ate

(.:: (.4( (.73 (.77

'-Month (./< (.5/ (.54 (.:@

Source, - """.valueresearchonline.com?

In this Closed 2nded %e$t Scheme "e may see from a$ove ta$le that maDimum of the net

assets is $een allocated in de$t mar!et and the remaining small amount is $een invested

in others mar!et.

Credit Rati"$ 4rea3up


46/68

Cash # MoneyMar!et

'/./''.((

(.


47/68

Threat from "e( e"tra"ts

ith the opening up of the MF sector there has $een invasion from many foreign players

and even national players. Still no" more and more ne" player are coming into thissector and trying to ma!e a mar!et share for them. So8 there is a constant threat from ne" players "ho are coming up "ith innovative schemes and trying to $ite the mar!et shareof the eDisting players.

Threat from e7isti"$ players

The competition is heating up. ith this all the eDisting competitor "ant to increase their investor $ase and are "illing to capture more and more mar!et share. 2ven these players

Su$stitute=roducts

Su$stitute=roducts

)ivalryamongCompeting

Sellers

)ivalryamong

CompetingSellers

SuppliersSuppliers

=otential +e"2ntrants

=otential +e"2ntrants

BuyersBuyers

Competitive pressure coming from the mar!et attemptsof outsiders to "in $uyers over to their products

Competitive pressure coming from the threat ofentry of ne" rivals

S u p p l i e r L S e l l e r

c o l l a $ o r a t i o n # $

a r g a i n i n g

SellerLBuy

er

colla$orati

on#

$argaining

:4


48/68

are coming up "ith more and more customied schemes to suit specific investors. +o" asa result there is consolidation among the eDisting players.

Threat of substitutes

The su$stitutes of mutual fund are Ban! deposit8 =ost office8 Saving schemes8 Securities8Bonds etc. So there is a considera$le threat from these su$stitutes. The main threat is thatof regarding the return that these su$stitutes offer vis-V-vis that of the mutual fund.

4ar$ai"i"$ po(er of customers

The customers of mutual fund are individual investors and corporate investor. The $argaining po"er of these customers is very high $ecause they influence the "or!ing of mutual funds. In order to eDert pressure on the mutual funds the investors al"ays demandfor some ne" customied schemes.

4ar$ai"i"$ po(er of suppliers

The supplier of the mutual fund is the sponsor. The sponsor can also eDert considera$leamount of po"er to the mutual funds. They can either raise their investment limit of reduce it.

S9OT A0AL/S)S

SKT Analysis of any industry means analsing that industry’s strength8 "ea!ness andopportunities and threats of that industry.

:@


49/68

STRE01TH

• =rofessional Management ,- Mutual fund provides the services of eDperienced and s!illed professionals $ac!ed $y a dedicated investment research

team that analysis the performance and prospects of companies and select suita$leinvestments to achieve the o$&ectives of the scheme.

• %iversification ,- Mutual fund invest in a num$er of companies across a $roadcross sector of industry and sectors. It reduces the ris!

• Convenient administration ,- Investing in a mutual fund reduce paper"or! and helps you to avoid many pro$lems such as $ad delivery8 delayed paymentsand follo" up "ith $ro!ers and companies. Mutual fund save time and manyinvesting easy and convenient.

• )eturn potential: , Kver medium to long term mutual fund have the potentialto provide a higher return as they invest in a diversified $as!et of selectedsecurities.

• o" costs ,- Mutual fund are relatively less eDpensive "ay to invest comparedto directly investing in the capital mar!et $ecause the $enefits of scale in $ro!erage8 custodian and other fees translate into lo"er costs for investor.

• i9uidity, - In open ended mutual fund you can ta!e your money $ac! "hen

you "ant. So there is good li9uidity facility.

• Transparency, - )egular information the valued your investment in addition todisclosure on the specific investment made $y your scheme.

9EA60ESS

• esser return compared to e9uity: , hen compared "ith e9uity the returnearned on mutual fund*s are less. This is $ecause of the various changes that themutual funds have to deduct.

• Conservative approach: , Mutual fund manager are more conservative in their approach rather then $eing practical. henever they ta!e any decision oninvestment they follo" the conservative approach. Many a time due to this8 it $ecomes difficult for them to capitalie on certain occasions.

• ac! of proper mar!eting, - The mar!eting efforts carried out $y various players in the mutual fund industry are often very poor. Still there is not much people a"are of "hat eDactly is a mutual fund.

:3


50/68

OPPORT20)T)ES

• Eoverned policy and taD concessions: , Mutual fund’s ta!e the $enefits of various government policies and come out "ith ne" schemes. Moreover certainschemes can $e formulated ta!ing in considered the ne" taD policies.

• Changes in capital mar!et: , ith the changes in the capital mar!et no" themutual fund can try to increase the popularity of the e9uity lin!ed schemes "iththe successful results of many of the $lue chip firms8 the stoc! mar!et has startedre&uvenating again. So stoc! mar!et can $e a good option this year.

• +e" technology,- Mutual fund can ta!e $enefits of ne" technology intransactions. Already they have started ma!ing the use of internet in filling

application forms and sending the +A1 results directly on mo$ile phones.

THREATS

Arrival of more and more private and foreign players in the mar!et "ill intensifycompetition and "ill reduce the margin for eDisting players. This "ill result in reduceddividends for the investors. The lo" entry $arrier eDisting in the industry "ill lead tomore and more players to enter into the mar!et. The failure of some these players maylead to loss of credi$ility among the creditors. The introduction of $onds and de$enturesand assured returns might cause investors to 9uit the mutual fund and invest in the capitalmar!et.

Survey 'i"di"$s a"d A"alysis

5(


51/68

'. hich of the $elo" mentioned category do you $elongW

Ans. > ? Businessman > ? =rofessional > ? Salaried > ? )etired

> ? Kthers8 please specify XXXXXXXXXXX

Businessman =rofessional Salaried )etired Kthers

38 11 :< 5 3

Kut of the sample sie of '((8 ? ' > ? / > ? < > ? :;

5'


52/68

1 2 3 4 +

42 37 17 4

Kut of the sample sie of '(( respondents8 :/6 of the respondent "ere having one

earning mem$er in hisher family8


53/68

Nes +o

67 33

Kut of the sample sie of '((8 746 of respondents have invested money in the mar!et

and


54/68

d. >? 29uity Mar!et

e. >? Kthers8 please specifyXXXXXXXXX

Eovernment

Securities

FiDed

%eposits

Mutual

Funds

29uity

Mar!et Kthers

47 31 5 7 10

Kut of the sample sie of '((8 :46 preferred to invest in government securities8 C? %o you have access to any financial consultants for management of your fundsW

Ans. >? Nes >? +o

Nes +o

5:


55/68

21 79

Kut of the sample sie of '((8 /'6 of respondents "ere ta!ing advice of financial

consultants for investing their money and 436 of respondents "ere not ta!ing advice of

financial consultants for investing their money.

:. Are your a"are a$out the functioning of the mutual fund industryW

Ans. >? Nes >? +o

Yes No

17 83

55


56/68

Kut of the sample sie of '((8 only '46 of the respondents "ere a"are a$out the

functioning of the mutual funds "hile @


57/68

Investors mostly prefer to invest in these companies $ecause they "ere having

very good $rand name in the mar!et. Kther thing "hich attracts the investors to

invest in this mutual fund company "as the return "hich they have yielded.

7. hich mutual fund scheme does attract you moreW

Ans. > ? Kpen 2nded Fund > ? Close 2nded Fund > ? Interval Fund

Kpen 2nded Fund Close 2nded Fund Interval Fund64 36 0

54


58/68

7:6 of the respondents preferred to invest in Kpen 2nded mutual funds8 hile ? Income > ? Balanced > ? %e$t

Ero"th Income Balanced %e$t

36 23 24 17

5@


59/68

Kut of the '(( respondents8 '46 of the respondents preferred to invest in gro"th scheme

of mutual funds8


60/68

Kut of the sample sie of '((8 only 4'6 of the respondents "ould li!e to follo" the same

pattern of investment and rest /36 of the respondents "ould li!e to change it.

3. Eive main reason to investing in mutual fund.

Ans. > ? TaD Benefits > ? 0igher )eturn > ? ac! of Trading !no"ledge> ? o" )is! > ? If other reason8 please specify XXXXXXXXXXXXXXXXX

TaD Benefits /:

0igher )eturn


61/68

Kthers (

'(. >A? Are you satisfied "ith the performance of MF scheme you have investedW

Ans. >? Nes >? +o

Yes No

82 18

7'


62/68

@/6 of respondents are satisfied "ith the performance of MF scheme they have invested

hile '@6 are unsatisfied.

>B? If yes8 please specify from the given option8 you "ould li!e to invest in mutualfund in neDt year.

Ans. > ? Same Amount > ? %ou$le the Amount > ? Three Times the Amount > ? More then three times

Same

Amount

%ou$le the

Amount

Three times the

Amount

More than Three

times

57 36 9 0

7/


63/68

546 of the respondents "ould li!e to invest same amount neDt year8


64/68

But this does not mean there is no room for other players. The mar!et "ill "itness a

flurry of ne" players entering the arena. There "ill $e a large num$er of offers from

various asset management companies in the time to come. Some $ig names li!e Fidelity8

=rincipal and Kld Mutual etc. are loo!ing at Indian mar!et seriously. Kne important

reason for it is that most ma&or players already have presence here and hence these $ig

names "ould hardly li!e to get left $ehind.

The mutual fund industry is a"aiting the introduction of derivatives in India as this "ould

ena$le it to hedge its ris! and this in turn "ould $e reflected in its +et Asset 1alue

>+A1?.

S2BI is "or!ing out the norms for ena$ling the eDisting mutual fund schemes to trade in

derivatives. Importantly8 many mar!et players have called on the )egulator to initiate the

process immediately8 so that the mutual funds can implement the changes that are

re9uired to trade in %erivatives.

Co"clusio"

*% Compariso"

0ere "e have consider top '( e9uity open ended and close ended schemes and top '(

de$t open ended and close ended schemes for the comparison.

0ere the $ase of comparison is ta!en as a return >percentage? of the schemes "hich are

since inception compounded returns.

7:


65/68

Kut of the top '( schemes "hich are given on the $ases of returns8 for the purpose of

analysis top < of all the e9uity and de$t schemes are considered.

If "e loo! at the opened e9uity schemes than the highest returns of the top '( is 3


66/68

scheme then top five companies fund gives return more than 76 "hich is approDimately

e9uivalent as compare to government securities and fiDed deposits. The ma&or portfolio of

the top < close ended de$t schemes constitutes of AAA rating securities8 cash and $an!

deposits8 $ut here the $enefit of purchase and sale is not availa$le to the investor and thus

the securities "hich are held $y the fund manager are of long run in nature "hich gives

them little $ut assure returns.

-% Survey

The a"areness level regarding mutual funds is very less in India. The people are not

a"are of the advantage that they can get $y investing in mutual funds nor are they a"are

of the $asic functioning of mutual funds. Thus the investment in mutual fund is

negligi$le.

=eople in India prefer to invest in government securities and fiDed deposits of nationalie

$an!s "ere they can have complete safety of their funds though they get less returns. The

people "illing to ta!e ris! also invest in e9uity mar!ets8 land8 gold etc. In order to get

77


67/68

higher returns "hich they can also get from the mutual funds $y ta!ing $it lesser ris! as

compare to e9uity mar!et and others.

Access to financial consultant for the management of the funds is costly so very fe"

people prefer to have their o"n financial consultant for the management of their funds.

=eople generally see the past performance of the mutual funds for investing their money

in it "hich is not the right "ay to analye the funds portfolio. 0ere the investor should

loo! at the portfolio of the mutual funds and should analysis it $y himself $y chec!ing

the percentage of money invested in a particular industry and the $oom or recession in

that particular industry according to their present scenario.

Eenerally people "ant higher returns from their investment $ut their "illingness to ta!e

ris! is not that higher as compared to their eDpectationW And no"adays Indian stoc!

indeDes are increasing so people "ho are investing and some !no"ledge a$out mar!et are

investing their money in gro"th fund. After that people "ho are investing in mutual fund

prefer to invest in income fund in "hich mostly the ratio of investing e9uity and de$t

mar!et is 7(6 and :(6 respectively. So investors confidence over our economy

increases than past.

%ue to the lo"er a"areness level of mutual funds among the people the proportion of the

total savings "hich the people invested in mutual funds in order to get returns "as

negligi$le out of the responded survey only '46 of the responded "ere investing their

money in mutual funds and the rest @


68/68

Project Main Portion

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Transcript of Project Main Portion