Vinit Mutual

8/7/2019 Vinit Mutual

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Mutual fund [ICICI Pro. & ING Pro] Page 1

PREFACE

PGDM is a stepping-stone to the management carrier and to

develop good manager it is necessary that the theoretical must

be supplemented with exposure to the real environment.

Theoretical knowledge just provides the base and its not

sufficient to produce a good manager thats why practical

knowledge is needed.

Therefore the research product is an essential requirement for

the student of PGDM. This research project not only helps the

student to utilize his skills properly learn field realities but

also provides a chance to the organization to find out talent

among the budding managers in the very beginning.

In accordance with the requirement of subject we have project

on the topic Comparative Analysis of Mutual funds. The

main objective of the research project was to study the two

instruments and make a detailed comparison of the two.


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ACKNOWLEDGEMENT

We take this opportunity to express my sincere gratitude Prof. JAI RAJ

SINGH RANA for her unflinching guidance and suggestions throughout the course

of mutual funds study, which has been a source of tremendous inspiration to me

in completing the study.

We would also like to thank our director Dr. NARESH SINGH to encouraging

our facilities for doing this kind of activities.


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CERTIFICATE

Thisisto certifythatVineetJain ofCIMRindorehas

successfullysubmitted theprojectontopicComparative

analysisonICICI BANKandINGmutualfunds.

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(Director) (professor)


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ThisistocertifythatLaxminarayanNandeda ofCIMR

indorehassuccessfullysubmitted theprojectontopic

ComparativeanalysisonICICI BANKandINGmutual

funds.

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MUTUAL FUNDS

History of mutual funds:-

Massachusetts Investors Trust was founded on March 21, 1924, and, after one year, ithad 200 shareholders and $392,000 in assets. The entire industry, which included a fewclosed-end funds, represented less than $10 million in 1924.

The stock market crash of 1929 hindered the growth of mutual funds. In response tothe stock market crash, Congress passed the Securities Act of 1933 and the SecuritiesExchange Act of 1934. These laws require that a fund be registered with the U.S.Securities and Exchange Commission (SEC) and provide prospective investors witha prospectus that contains required disclosures about the fund, the securitiesthemselves, and fund manager. The Investment Company Act of 1940 sets forth theguidelines with which all SEC-registered funds must comply.

With renewed confidence in the stock market, mutual funds began to blossom. By the

end of the 1960s, there were approximately 270 funds with $48 billion in assets. Thefirst retail index fund, First Index Investment Trust, was formed in 1976 and headed byJohn Bogle, who conceptualized many of the key tenets of the industry in his 1951senior thesis at Princeton University[2]. It is now called the Vanguard 500 Index Fundand is one of the world's largest mutual funds, with more than $100 billion in assets.

A key factor in mutual-fund growth was the 1975 change in the Internal Revenue Codeallowing individuals to open individual retirement accounts (IRAs). Even peoplealready enrolled in corporate pension plans could contribute a limited amount. Mutualfunds are now popular in employer-sponsored "defined-contribution" retirement planssuch as (401(k)s) and 403(b)s as well as IRAs including Roth IRAs.

As of October 2007, there are 8,015 mutual funds that belong to the InvestmentCompany Institute (ICI), a national trade association of investment companies in theUnited States, with combined assets of $12.356 trillion.[3] In early 2008, the worldwidevalue of all mutual funds totaled more than $26 trillion


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Concepts of mutual fund-

A mutual fund is that pool the saving of a number of

investors who share common financial goal. The money thus collected is than

invested in capital market instrument such as share, debenture and other securities.

The income earned though these investment and the capital appreciation realized

are shared by its unit holder in proportion to the number of units owned by them.

Thus MUTUAL FUND is the most suitable investment for the common man as it

offers an opportunity to invest in a diversified, professionally managed basket of

securities at a relatively low cost.

What is a mutual fund?

A mutual fund is a professionally managed investment company that combines themoney of many individuals and invests this pooled money in a wide variety ofdifferent securities.

It is by pooling the money of many individuals that mutual funds are able to provide thediversification and money management (along with many other advantages) that wereonce reserved only for the wealthy.

Professional money managers take this pool of money and invest it in a wide variety ofstocks, bonds, or other securities depending on the investment objective, or goal, of the

particular fund. It is the investment objective of the fund that guides the manager inselecting the various securities for the fund.

It is the investment objective of the mutual fund that also guides the investor on whichfunds to invest in. Since different investors have different objectives, there are anumber of different kinds of mutual funds, i.e., some mutual funds may providemonthly income while others seek long-term capital appreciation.

Mutual funds can be classified according to their investment objective. Some of theclassifications include money market funds, growth funds, balanced funds, incomefunds, and many others. We will discuss the many different types of funds and theircharacteristics elsewhere on this website.


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Mutual Fund Companies in India:-

ABN AMRO Mutual Fund | Birla Sun Life Mutual Fund | Bank of Baroda Mutual Fund(BOB Mutual Fund) | HDFC Mutual Fund |

HSBC Mutual Fund | ING Vysya Mutual Fund | Prudential ICICI Mutual Fund | SaharaMutual Fund | State Bank of India MutualFund (SBI) | Tata Mutual Fund

The concept of mutual funds in India dates back to the year 1963. The erabetween 1963 and 1987 marked the existence of only one mutual fund company inIndia with Rs. 67bn assets under management (AUM), by the end of its monopoly era,the Unit Trust of India (UTI). By the end of the 80s decade, few other mutual fundcompanies in India took their position in mutual fund market. The new entries ofmutual fund companies in India were SBI Mutual Fund, Can bank Mutual Fund, Punjab

National Bank Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund. Thesucceeding decade showed a new horizon in Indian mutual fund industry. By the end of1993, the total AUM of the industry was Rs. 470.04 bn. The private sector funds startedpenetrating the fund families. In the same year the first Mutual Fund Regulations cameinto existence with re-registering all mutual funds except UTI. The regulations werefurther given a revised shape in1996.

Kothari Pioneer was the first private sector mutual fund company in India whichhas now merged with Franklin Templeton. Just after ten years with private sectorplayers penetration, the total assets rose up to Rs. 1218.05 bn. Today there are 33mutual fund companies in India. Major Mutual Fund Companies in India

ABN AMRO Mutual Fund

ABN AMRO Mutual Fund was setup on April 15, 2004 with ABN AMRO Trustee (India)Pvt. Ltd. As the Trustee Company. The AMC, ABN AMRO Asset Management (India) Ltd.was incorporated on November 4, 2003. Deutsche Bank a G is the custodian of ABN

AMRO Mutual Fund.

Birla Sun Life Mutual Fund

Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun LifeFinancial. Sun Life Financial is a global organization evolved in 1871 and is beingrepresented in Canada, the US, the Philippines, Japan, Indonesia and Bermuda apartfrom India. Birla Sun Life Mutual Fund follows a conservative long-term approach toinvestment. Recently it crossed AUM of Rs. 10,000 crores.


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State Bank of India Mutual Fund

State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to launchoffshore fund, the India Magnum Fund with a corpus of Rs. 225 cr. approximately.Today it is the largest Bank sponsored Mutual Fund in India. They have already

launched 35 Schemes out of which 15 have already yielded handsome returns toinvestors. State Bank of India Mutual Fund has more than Rs. 5,500 Crores as AUM.Now it has an investor base of over 8 Lakhs spread over 18 schemes.

Tata Mutual Fund

Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The sponsorers forTata Mutual Fund are Tata Sons Ltd., and Tata Investment Corporation Ltd. Theinvestment manager is Tata Asset Management Limited and its Tata Trustee CompanyPvt. Limited. Tata Asset Management Limited's is one of the fastest in the country with

more than Rs. 7,703 crores (as on April 30, 2005) of AUM.

Kotak Mahindra Mutual Fund

Kotak Mahindra Asset Management Company (KMAMC) is a subsidiary of KMBL. It ispresently having more than 1,99,818 investors in its various schemes. KMAMC startedits operations in December 1998. Kotak Mahindra Mutual Fund offers schemes cateringto investors with varying risk - return profiles. It was the first company to launchdedicated gilt scheme investing only in government securities.

Unit Trust of India Mutual Fund

UTI Asset Management Company Private Limited, established in Jan 14, 2003, managesthe UTI Mutual Fund with the support of UTI Trustee Company Private Limited. UTI

Asset Management Company presently manages a corpus of over Rs.20000 Crore. Thesponsorers of UTI Mutual Fund are Bank of Baroda (BOB), Punjab National Bank (PNB),State Bank of India (SBI), and Life Insurance Corporation of India (LIC). The schemesof UTI Mutual Fund are Liquid Funds, Income Funds, Asset Management Funds, IndexFunds, Equity Funds and Balance Funds.


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Reliance Mutual Fund

Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act, 1882.The sponsor of RMF is Reliance Capital Limited and Reliance Capital Trustee Co. Limitedis the Trustee. It was registered on June 30, 1995 as Reliance Capital Mutual Fund

which was changed on March 11, 2004. Reliance Mutual Fund was formed for launchingof various schemes under which units are issued to the Public with a view to contributeto the capital market and to provide investors the opportunities to make investments indiversified securities.

Standard Chartered Mutual Fund

Standard Chartered Mutual Fund was set up on March 13, 2000 sponsored by StandardChartered Bank. The Trustee is Standard Chartered Trustee Company Pvt. Ltd.Standard Chartered Asset Management Company Pvt. Ltd. is the AMC which was

incorporated with SEBI on December20, 1999.

Franklin Templeton India Mutual Fund

The group, Frnaklin Templeton Investments is a California (USA) based company with aglobal AUM of US$ 409.2 bn. (as of April 30, 2005). It is one of the largest financialservices groups in the world. Investors can buy or sell the Mutual Fund through theirfinancial advisor or through mail or through their website. They have Open endDiversified Equity schemes, Open end Sector Equity schemes, Open end Hybrid

schemes, Open end Tax Saving schemes, Open end Income and Liquid schemes,Closed end Income schemes and Open end Fund of Funds schemes to offer.

MorganStanley Mutual Fund India

Morgan Stanley is a worldwide financial services company and its leading in the marketin securities, investment management and credit services. Morgan Stanley InvestmentManagement (MISM) was established in the year 1975. It provides customized assetmanagement services and products to governments, corporations, pension funds andnon-profit organizations. Its services are also extended to high net worth individuals

and retail investors. In India it is known as Morgan Stanley Investment ManagementPrivate Limited (MSIM India) and its AMC is Morgan Stanley Mutual Fund (MSMF). Thisis the first close end diversified equity scheme serving the needs of Indian retailinvestors focusing on a long-term capital appreciation.


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Escorts Mutual Fund

Escorts Mutual Fund was setup on April 15, 1996 with Excorts Finance Limited as itssponsor. The Trustee Company is Escorts Investment Trust Limited. Its AMC wasincorporated on December 1, 1995 with the name Escorts Asset Management Limited.

Alliance Capital Mutual Fund

Alliance Capital Mutual Fund was setup on December 30, 1994 with Alliance CapitalManagement Corp. of Delaware (USA) as sponsored. The Trustee is ACAM TrustCompany Pvt. Ltd. and AMC the Alliance Capital Asset Management India (Pvt) Ltd. withthe corporate office in Mumbai.

Benchmark Mutual FundBenchmark Mutual Fund was setup on June 12, 2001 with Niche Financial Services Pvt.Ltd. as the sponsored and Benchmark Trustee Company Pvt. Ltd. as the TrusteeCompany. Incorporated on October 16, 2000 and headquartered in Mumbai, Benchmark

Asset Management Company Pvt. Ltd. is the AMC.

Can bank Mutual Fund

Can bank Mutual Fund was setup on December 19, 1987 with Canara Bank acting asthe sponsor. Can bank Investment Management Services Ltd. incorporated on March 2,1993 is the AMC. The Corporate Office of the AMC is in Mumbai.

Chola Mutual Fund

Chola Mutual Fund under the sponsorship of Cholamandalam Investment & FinanceCompany Ltd. was setup on January 3, 1997. Cholamandalam Trustee Co. Ltd. is theTrustee Company and AMC is Cholamandalam AMC Limited.

LIC Mutual Fund

Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989. Itcontributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund wasconstituted as a Trust in accordance with the provisions of the Indian Trust Act, 1882. .The Company started its business on 29th April 1994. The Trustees of LIC Mutual Fundhave appointed Jeevan Bima Sahayog Asset Management Company Ltd as theInvestment Managers for LIC Mutual Fund.


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GIC Mutual FundGIC Mutual Fund, sponsored by General Insurance Corporation of India (GIC), aGovernment of India undertaking and the four Public Sector General InsuranceCompanies, viz. National Insurance Co. Ltd (NIC), The New India Assurance Co. Ltd.(NIA), The Oriental Insurance Co. Ltd (OIC) and United India Insurance Co. Ltd. (UII)

and is constituted as a Trust in accordance with the provisions of the Indian Trusts Act,1882.

Advantage of MUTUAL Fund-

The advantage of investing in mutual fund is:-

Professional management Diversification Convenient administration Return potential Low cost Liquidity Transparency Flexibility Choice of schemes Tax benefits

Advantages of Investing in Mutual Funds:-A)Professional Money Management & Research

Mutual funds are managed by professional fund managers who regularly monitormarket trends and economic trends for taking investment decisions. They also havededicated research professionals working with them who make an in depth study of theinvestment option to take an informed decision.

B)Risk DiversificationDiversification reduces risk contained in a portfolio by spreading it. It is about notputting all your eggs in one basket. As mutual funds have huge corpuses to invest in,one can be part of a large and well-diversified portfolio with very little investment.


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C)ConvenienceWith features like dematerialized account statements, easy subscription and redemptionprocesses, availability of NAVs and performance details through journals, newspapersand updates and lot more; Mutual Funds are sure a convenient way of investing.

D) LiquidityOne of the greatest advantages of Mutual Fund investment is liquidity. Open-endedfunds provide option to redeem on demand, which is extremely beneficial especiallyduring rising or falling Markets.

E)Reduction in Costs

Mutual funds have a pool of money that they have to invest. So they are often involvedin buying and selling of large amounts of securities that will cost much lower than whenyou invest on your own.

F)Tax Advantages

Investment in mutual funds also enjoys several tax advantages. Dividends fromMutual Funds are tax-free in the hands of the investor (This however depends upon

changes in Finance Act). Also Capital Gain accrued from Mutual Fund investment fora period of over one year is treated as long term capital appreciation and is tax free.

G)Other AdvantagesIndian Mutual fund industry also presents several other benefits to the investor like:transparency - as funds have to make full disclosure of investments on a periodic basis,flexibility in terms of needs based choices, very well regulated by SEBI with very strictcompliance requirements to investor friendly norms.


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Who can invest in MUTUAL fund:-

First of all distributors need to be aware of who can buy

MUTUAL fund units or share. MUTUAL fund in India is open to investment by-

A> Resident including-

a- Resident Indian individualb- Indian companiesc- Indian trustsd- Banke- Non banking finance companiesf- Insurance companies

B> Non residential including

a>Non resident Indiansb>Otter corporate bodies

Types of mutual fund

Money Market FundsThe money market consists of short-term debt

instruments, mostly Treasury bills. This is a safe place to park your money. You won't

get great returns, but you won't have to worry about losing your principal. A typicalreturn is twice the amount you would earn in a regular checking/savings account and a

little less than the average certificate of deposit (CD).

Bond/Income FundsIncome funds are named appropriately: their purpose is to

provide current income on a steady basis. When referring to mutual funds, the terms

"fixed-income," "bond," and "income" are synonymous. These terms denote funds that

invest primarily in government and corporate debt. While fund holdings may appreciate

in value, the primary objective of these funds is to provide a steady cash flow toinvestors. As such, the audience for these funds consists of conservative investors and

retirees.

Bond funds are likely to pay higher returns than certificates of deposit

and money market investments, but bond funds aren't without risk. Because there are

many different types of bonds, bond funds can vary dramatically depending on where

they invest


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Balanced FundsThe objective of these funds is to provide a balanced mixture of

safety, income and capital appreciation. The strategy of balanced funds is to invest in a

combination of fixed income and equities. A typical balanced fund might have aweighting of 60% equity and 40% fixed income. The weighting might also be restricted

to a specified maximum or minimum for each asset class.

Equity FundsFunds that invest in stocks represent the largest category of

mutual funds. Generally, the investment objective of this class of funds is long-term

capital growth with some income. There are, however, many different types of equity

funds because there are many different types of equities. A great way to understand

the universe of equity funds is to use a style box, an example of which is below.

The idea is to classify funds based on both the size of the companies invested in and

the investment style of the manager. The term value refers to a style of investing that

looks for high quality companies that are out of favor with the market. These

companies are characterized by low P/E and price-to-book ratios and high dividend

yields. The opposite of value is growth, which refers to companies that have had (and

are expected to continue to have) strong growth in earnings, sales and cash flow. Acompromise between value and growth is blend, which simply refers to companies that

are neither value nor growth stocks and are classified as being somewhere in the

middle.

For example, a mutual fund that invests in large-cap companies that are in

strong financial shape but have recently seen their share prices fall would be placed in

the upper left quadrant of the style box (large and value). The opposite of this would be

a fund that invests in startup technology companies with excellent growth prospects.

Such a mutual fund would reside in the bottom right quadrant (small and growth).


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Global/International FundsAn international fund (or foreign fund) invests only outside your

home country. Global funds invest anywhere around the world, including your home

country.

It's tough to classify these funds as either riskier or safer than domesticinvestments. They do tend to be more volatile and have unique country and/or political

risks. But, on the flip side, they can, as part of a well-balanced portfolio, actually reduce

risk by increasing diversification. Although the world's economies are becoming more

inter-related, it is likely that another economy somewhere is outperforming the

economy of your home country.

Specialty FundsThis classification of mutual funds is more of an all-encompassing

category that consists of funds that have proved to be popular but don't necessarilybelong to the categories we've described so far. This type of mutual fund forgoes broad

diversification to concentrate on a certain segment of the economy. Sector funds are

targeted at specific sectors of the economy such as financial, technology, health, etc.

Sector funds are extremely volatile. There is a greater possibility of big gains, but you

have to accept that your sector may tank.

Regional funds make it easier to focus on a specific area of the world. This may

mean focusing on a region (say Latin America) or an individual country (for example,

only Brazil). An advantage of these funds is that they make it easier to buy stock in

foreign countries, which is otherwise difficult and expensive. Just like for sector funds,you have to accept the high risk of loss, which occurs if the region goes into a bad

recession.

Socially-responsible funds (or ethical funds) invest only in companies that meet the

criteria of certain guidelines or beliefs. Most socially responsible funds don't invest in

industries such as tobacco, alcoholic beverages, weapons or nuclear power. The idea is

to get a competitive performance while still maintaining a healthy conscience.

Index FundsThe last but certainly not the least important are index funds. This

type of mutual fund replicates the performance of a broad market index such as the

S&P 500 or Dow Jones Industrial Average (DJIA). An investor in an index fund figures

that most managers can't beat the market. An index fund merely replicates the market

return and benefits investors in the form of low fees.


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Types of Mutual FundsScheme in India

TYPESOF MUTUAL FUND SCHEME

By structureBy Investment

Objectives

Other Schemes

Open-ended

Schemes

Interval Schemes

Sector specific fund

Index Schemes

Tax saving fund

Small cap fund

Equity SchemesDebt Schemes

Close Ended

Schemes

MM Mutual

fund

Other Debt

Schemes

FMP

Any Other

Equity Fund

Mid cap Fund

Large cap fund


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A) ByStructure1. Open-ended schemes

An open-end fund is one that is available for subscription all through theyear. These do not have a fixed maturity. Investors can conveniently buy and sell unitsat Net Asset Value ("NAV") related prices. The key feature of open-end schemes isliquidity.

2. Close-ended schemes

These schemes have a pre-specified maturity period. One can invest directly inthe scheme at the time of the initial issue. Depending on the structure of the schemethere are two exit options available to an investor after the initial offer period closes.

Investors can transact (buy or sell) the units of the scheme on the stockexchanges where they are listed. The market price at the stock exchanges could varyfrom the net asset value (NAV) of the scheme on account of demand and supplysituation, expectations of unit-holder and other market factors.

Alternatively some close-ended schemes provide an additional option of sellingthe units directly to the Mutual Fund through periodic repurchase at the schemes NAV;however, one cannot buy units and can only sell units during the liquidity window. SEBIRegulations ensure that at least one of the two exit routes is provided to the investor.

3. Interval schemes:

Interval Schemes are that scheme, which combines the features of open-endedand close-ended schemes. The units may be trade on the stock exchange or may beopen for sale or redemption during pre-determined intervals at NAV related prices.

The risk return trade-off indicates that if investor is willing to take higher riskthen correspondingly he can expect higher returns and vise versa if he pertains to lowerrisk instruments, which would be satisfied by lower returns.

For example, if an investors opt for bank FD, which provide moderate returnwith minimal risk. But as he moves ahead to invest in capital protected funds and theprofit-bonds that give out more return, which is slightly higher as compared to the bankdeposits, but the risk involved also increases in the same proportion.


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Thus investors choose mutual funds as their primary means of investing, as Mutualfunds provide professional management, diversification, convenience and liquidity.

That doesn't mean mutual fund investments risk free. This is because the moneythat is pooled in are not invested only in debts funds which are less riskier but are also

invested in the stock markets which involves a higher risk but can expect higherreturns. Hedge fund involves a very high risk since it is mostly traded in the derivativesmarket, which is considered very volatile.

B) By investment objective

1. Growth / Equity OrientedScheme

The aim of growth funds is to provide capital appreciation over the medium tolong- term. Such schemes normally invest a major part of their corpus in equities. Suchfunds have comparatively high risks. These schemes provide different options to theinvestors like dividend option, capital appreciation, etc. and the investors may choosean option depending on their preferences. The investors must indicate the option in theapplication form. The mutual funds also allow the investors to change the options at alater date. Growth schemes are good for investors having a long-term outlook seekingappreciation over a period of time.

2. Income / Debt OrientedScheme

The aim of income funds is to provide regular and steady income toinvestors. Such schemes generally invest in fixed income securities such as bonds,corporate debentures, Government securities and money market instruments. Suchfunds are less risky compared to equity schemes. These funds are not affected becauseof fluctuations in equity markets. However, opportunities of capital appreciation are alsolimited in such funds. The NAVs of such funds are affected because of change ininterest rates in the country. If the interest rates fall, NAVs of such funds are likely toincrease in the short run and vice versa. However, long term investors may not botherabout these fluctuations.

3. Balanced Fund

The aim of balanced funds is to provide both growth and regular income as suchschemes invest both in equities and fixed income securities in the proportion indicatedin their offer documents. These are appropriate for investors looking for moderategrowth. They generally invest 40-60% in equity and debt instruments. These funds arealso affected because of fluctuations in share prices in the stock markets. However,NAVs of such funds are likely to be less volatile compared to pure equity funds.


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C)OtherSchemes

TaxSavingSchemes

These schemes offer tax rebates to the investors under specific provisions of

the Indian Income Tax laws as the government offers tax incentives for

investment in specified avenues. Investments made in Equity Linked Saving

Schemes (ELSS) and Pension Schemes are allowed as deduction u/s 88 of the

Income Tax Act, 1961. The Act also provides opportunities to investors to save

capital gains.

SpecialSchemes:

Index Schemes

Index funds attempt to replicate the performance of a particular index such

as the BSE Sensex or the NSE 50.

SectorSpecificSchemes

Sector funds are those which invest exclusively in a specified industry or a

group of industries or various segments such as A group shares or initial public

offerings.

BondSchemes

It seeks investment in bonds, debentures and debt related instrument to

generate regular income flow.


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STRUCTUREOFMUTUALFUND

There are many entities involved and the diagram below illustrates the structure of

mutual funds: -

StructureofMutualFunds


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Sponsor

The sponsor should contribute at least 40% to the net worth of the AMC. However,

if any person holds 40% or more of the net worth of an AMC shall be deemed to be asponsor and will be required to fulfill the eligibility criteria in the Mutual Fund

Regulations. The sponsor or any of its directors or the principal officer employed by the

mutual fund should not be guilty of fraud or guilty of any economic offence.

Trustees

The mutual fund is required to have an independent Board of Trustees, i.e. two

third of the trustees should be independent persons who are not associated with the

sponsors in any manner. An AMC or any of its officers or employees are not eligible to

act as a trustee of any mutual fund. The trustees are responsible for - inter alia

ensuring that the AMC has all its systems in place, all key personnel, auditors, registrar

etc. have been appointed prior to the launch of any scheme.

Asset Management Company

The sponsors or the trustees are required to appoint an AMC to manage the assets

of the mutual fund. Under the mutual fund regulations, the applicant must satisfy

certain eligibility criteria in order to qualify to register with SEBI as an AMC.

1. The sponsor must have at least 40% stake in the AMC.2. The chairman of the AMC is not a trustee of any mutual fund.3. The AMC should have and must at all times maintain a minimum net worth of Cr. 100

million.

4. The director of the AMC should be a person having adequate professional experience.5. The board of directors of such AMC has at least 50% directors who are not associate of

or associated in any manner with the sponsor or any of its subsidiaries or the trustees.


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The Transfer Agents

The transfer agent is contracted by the AMC and is responsible for maintaining the

register of investors / unit holders and every day settlements of purchases and

redemption of units. The role of a transfer agent is to collect data from distributors

relating to daily purchases and redemption of units.

Custodian

The mutual fund is required, under the Mutual Fund Regulations, to appoint a

custodian to carry out the custodial services for the schemes of the fund. Only

institutions with substantial organizational strength, service capability in terms of

computerization and other infrastructure facilities are approved to act as custodians.

The custodian must be totally delinked from the AMC and must be registered with SEBI.

Unit Holders

They are the parties to whom the mutual fund is sold. They are ultimate beneficiary

of the income earned by the mutual funds.

SEBI

The regulation of mutual funds operating in India falls under the preview ofauthority of the Securities and Exchange Board of India (SEBI). Any person

proposing to set up a mutual fund in India is required under the SEBI (Mutual Funds)

Regulations, 1996 to be registered with the SEBI.


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NetAssetValue(NAV):-

When you invest your money in a mutual fund, you buy shares in that fund. To

determine the price of those shares, each day the fund adds up the total value of the

securities held in its portfolio. This total is divided by the number of shares outstanding.

The resulting figure is known as the Net Asset Value or NAV.

To find out the value of your holdings, you simply multiply the number of shares youown by the net asset value. The NAV of most funds is listed in most daily newspapers.The NAV will change daily depending on how well the underlying securities of the fundperform. If the securities held by the fund go up in value so will the value of yourshares.


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Company Profile:


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About ICICI Prudential:-

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a

premier financial powerhouse and prudential plc, a leading international financial

services group headquartered in the United Kingdom. ICICI Prudential was amongst the

first private sector insurance companies to begin operations in December 2000 after

receiving approval from Insurance Regulatory Development Authority (IRDA).

ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank and Prudential

plc holding 74% and 26% stake respectively. In the financial year ended March 31,

2005, the company garnered Rs 1584 Crore of new business premium for a total sum

assured of Rs 13,780 Crore and wrote nearly 615,000 policies. The company has a

network of about 56,000 advisors; as well as 7 Bancassurance and 150 corporate agent

tie-ups. For the past four years, ICICI Prudential has retained its position as the No. 1

private life insurer in the country, with a wide range of flexible products that meet the

needs of the Indian customer at every step in life.


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Total

ICICI Prudential Life is all about

HealthWealth

We cover you at

every step in LifeLife


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VISION:-

To make ICICI Prudential the dominant Life and Pensions player built on trust by world-

class people and service.

This is what company hopes to achieve:

Understanding the needs ofcustomers and offering them superior productsand service

Leveraging technology to service customers quickly, efficiently andconveniently.

Developing and implementing superior risk management and investmentstrategies to offer sustainable and stable returns to Companys policyholders

Providing an enabling environment to foster growth and learning forCompanies employees

And above all, building transparency in all Companys dealings.

The success of the company will be founded in its unflinching commitment to 5 core

values -- Integrity, Customer First, Boundary less, Ownership and Passion.

Each of the values describes what the company stands for, the qualities of people and

the way they work.

Company believes that it is on the threshold of an exciting new opportunity,

where it can play a significant role in redefining and reshaping the sector. Given the

quality of parentage and the commitment of its team, there are no limits to its growth.


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PROMOTERS:-

ICICI BANK:-

ICICI was founded by the World Bank, Government of India and representatives of the private

sector in 1955 to encourage and assist industrial development and investment in India . ICICI

Bank is Indias second-largest bank with total assets of about Rs.112, 024 Crore and a network

of about 450 branches and offices and about 1750 ATMs. It offers a wide range of banking

products and financial services to corporate and retail customers through a variety of delivery

channels and through its specialized subsidiaries and affiliates in the areas of investment

banking, life and non-life insurance, venture capital, asset management and information

technology. ICICI Bank posted a net profit of Rs.1637 Crore for the year ended March 31, 2004.

ICICI Banks equity shares are listed in India on stock exchanges at Chennai, Delhi, Kolkata and

Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange of India Limited and

its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange

(NYSE).The Various segment of ICICI are.


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Key Indicators

At inception - May 1998 As on April 30, 2010

Average Assets UnderManagement

Rs. 160 Crore Rs. 83,069.89 Crore

Number of Funds Managed 2 40

Headquartered in London, Prudential plc and its affiliated companies together constituteone of the world's leading financial services groups. Prudential provides insurance andfinancial services in a number of markets around the world, including in Asia, the US,the UK, Europe and the Middle East. Founded in 1848, the company has 249 billion infunds under management (as of 31 December 2008) and more than 21 millioncustomers worldwide.

Prudential has been writing life insurance in the United Kingdom for 160 years and has

had the largest long-term fund in the United Kingdom, for over a century. In the UnitedKingdom, Prudential is a leading retirement savings and income solutions and lifeassurance provider. M&G is Prudential's fund management business in the UnitedKingdom and Europe, with almost 140 billion in funds under management (as of 31December 2008). In the United States, Jackson National Life, which we acquired in1986, is one of the largest life insurance companies providing retirement savings andincome solutions.

In Asia, Prudential is the leading Europe-based life insurer in terms of market coverageand number of top three ranking positions. It is also one of the largest and most

successful fund managers in Asia with more top five market rankings than any otherregional player. Today, Prudential has life insurance and fund management operationsspanning 13 diverse markets in Asia.

Prudential plc is incorporated and with its principal place of business in the UnitedKingdom. It is not affiliated in any manner with Prudential Financial, Inc., a companywhose principal place of business is in the United States.


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ManagementTeam

Mr. Nimesh Shah

ManagingDirectorand

Chief Executive Officer

Mr. Raghav Iyengar

NationalHead Sales

anddistribution

Mr. HemantAgarwal

Head- Operations

Mr. NileshShah

DeputyManaging

Director

Mr. KalyanPrasath

Head- Information

Technology

Mr. AshishKakkar

Head- Human

Resources

Mr. ShahzadMadon

Executive Director

Ms. ShashiSingh

Head-Channel

Strategy

Mr. AashishSomaiyaa

Head Institutional

Business

Mr. B. Ramakrishna

ChiefFinancialOfficer

Mr. KrishnaPrasad

Tumuluri

Head-International

Business

FundManagers

Mr. S. Naren Mr. ChaitanyaPande


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ING Vysya Mutual Fund was setup on February 11, 1999 with the same named TrusteeCompany. It is a joint venture of Vysya and ING. The AMC, ING InvestmentManagement (India) Pvt. Ltd. was incorporated on April 6, 1998.

ING Group is known for its philosophy of 'keeping it simple' covering some 60 millionprivate, corporate and institutional clients in 50 countries. It is the world's fourthlargest financial services group.

.

ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, VysyaBank Ltd, a premier bank in the Indian Private Sector and a global financialpowerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile VysyaBank was pretty humble. It was in the year 1930 that a team of visionaries cametogether to found a bank that would extend a helping hand to those who weren'tprivileged enough to enjoy banking services.

It's been a long journey since then and the Bank has grown in size and stature toencompass every area of present-day banking activity and has carved a distinct identityof being India's Premier Private Sector Bank.

In 1980, the Bank completed fifty years of service to the nation and post 1985; theBank made rapid strides to reach the coveted position of being the number one privatesector bank. In 1990, the bank completed its Diamond Jubilee year. At the DiamondJubilee Celebrations, the then Finance Minister Prof. Madhu Dandavate, had termed theperformance of the bank Stupendous. The 75th anniversary, the Platinum Jubilee ofthe bank was celebrated during 2005.


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The origin of ING Group

On the other hand, ING group originated in 1990 from the merger between Nationale Nederlanden NV the largest Dutch Insurance Company and NMB Post Bank Groep NV.Combining roots and ambitions, the newly formed company called InternationalNederland Group. Market circles soon abbreviated the name to I-N-G. The companyfollowed suit by changing the statutory name to ING Group N.V..

Profile

ING has gained recognition for its integrated approach of banking, insurance and assetmanagement. Furthermore, the company differentiates itself from other financialservice providers by successfully establishing life insurance companies in countries withemerging economies, such as Korea, Taiwan, Hungary, Poland, Mexico and Chile.

Another specialization is ING Direct, an Internet and direct marketing concept withwhich ING is rapidly winning retail market share in mature markets. Finally, INGdistinguishes itself internationally as a provider of employee benefits, i.e.arrangements of nonwage benefits, such as pension plans for companies and theiremployees.

Mission

ING`s mission is to be a leading, global, client-focused, innovative and low-costprovider of financial services through the distribution channels of the clients preferencein markets where ING can create value.

The new identity

The immediate benefit to the bank, ING Vysya Bank, has been the pride of havingbecome a Member of the global financial giant ING. As at the end of the year December2008, ING's total assets exceeded 1332 billion Euros, employed over 125000 people,served over 85 million customers, across 50 countries. This global identity coupled withthe back up of a financial power house and the status of being the first IndianInternational Bank, would also help to enhance productivity, profitability, to result inimproved performance of the bank, for the benefit of all the stake holders.


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Mr. Shailendra Bhandari(Managing Director & Chief Executive Office)

Mr. Shailendra Bhandari was most recently the Head of Private Equity atTata Capital Limited. He is the former Managing Director and CEO of Centurion Bank ofPunjab from 2004 until last year. He was widely credited for successfully turning aroundCenturion Bank and achieving impressive growth.

Mr. Shailendra Bhandari is a seasoned banker with 27 years of experience and animpressive track record of accomplishments. From 2000 to 2004, he was the ManagingDirector and CEO of Prudential ICICI Asset Management, a company he grew intoIndias largest private sector mutual fund. Prior to this, he was part of the core team

charged with setting up HDFC Bank in 1994 as Treasurer and Executive Director. Duringhis five-year tenure at HDFC, he established and ran the capital markets and privatebanking businesses and was also responsible for managing liquidity and price risks forthe banks balance sheet.


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List of INGScheme

Latest NAV

Scheme NameNAV (Net Asset

Value)Date

ING Short Term Income Fund-Growth Option 17.4292 15-Jun-2010

ING Short Term Income Fund -Dividend Option 12.1006 15-Jun-2010

ING Select Debt Fund-Annual Dividend Option 10.1940 24-Jul-2008

ING Select Debt Fund-Bonus Option 11.4892 24-Jul-2008

ING Select Debt Fund-Growth Option 11.4892 24-Jul-2008

ING Select Debt Fund-Half Yearly Dividend Option 10.2407 24-Jul-2008

ING Select Debt Fund-Quarterly Dividend Option 10.1576 24-Jul-2008

ING Contra Fund-Bonus Option 15.6900 15-Jun-2010ING Contra Fund-Dividend Option 13.3900 15-Jun-2010

ING Contra Fund -Growth Option 15.6900 15-Jun-2010

ING Dividend Yield Fund-Bonus Option 13.8000 12-Jun-2009

ING Dividend Yield Fund-Dividend Option 19.5200 15-Jun-2010

ING Dividend Yield Fund-Growth Option 21.4800 15-Jun-2010

ING Domestic Opportunities Fund-Bonus Option 29.0100 12-Jun-2009

ING Domestic Opportunities Fund-Dividend Option 13.2000 15-Jun-2010

ING Domestic Opportunities Fund-Growth Option 34.9600 15-Jun-2010ING L.I.O.N. (Large cap, Intermediate cap,Opportunities, New offerings) Fund-Bonus Option

14.4500 23-May-2008

ING L.I.O.N. (Large cap, Intermediate cap,Opportunities, New offerings)Fund-DividendOption

9.7000 23-May-2008

ING L.I.O.N. (Large cap, Intermediate cap,Opportunities, New offerings)Fund-Growth Option

14.4500 23-May-2008

ING Midcap Fund-Bonus Option 15.1000 12-Jun-2009

ING Midcap Fund-Dividend Option 16.0100 15-Jun-2010ING Midcap Fund-Growth Option 20.1600 15-Jun-2010

ING Nifty Plus Fund-Bonus Option 22.8300 12-Jun-2009

ING Nifty Plus Fund-Dividend Option 17.6000 15-Jun-2010

ING Nifty Plus Fund-Growth Option 26.4000 15-Jun-2010

ING Core Equity Fund-Dividend Option 18.6300 15-Jun-2010


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ING Core Equity Fund-Growth Option 35.2100 15-Jun-2010

ING Balanced Fund-Dividend Option 16.7800 15-Jun-2010

ING Balanced Fund-Growth Option 24.0000 15-Jun-2010

ING Gilt Fund-Dividend Option 15.6350 18-Sep-2009

ING Gilt Fund-Growth Option 15.6353 18-Sep-2009

ING Tax Savings Fund-Bonus Option 27.2600 15-Jun-2010

ING Tax Savings Fund-Dividend Option 13.4300 15-Jun-2010

ING Tax Savings Fund-Growth Option 27.2200 15-Jun-2010

ING Investment Management

Profile:In India ING Investment Management (I) Pvt Ltd has an investor base of over 1,52,677 witRs. 5080.97 crores as of June 30th, 07 (Source: www.amfiindia.com ). With a presence in34 locations, we currently manage 21 schemes.

ING Investment Management (I) Pvt Ltd has been associated with innovation and responsivadaptability with sharp minds at work. ING Investment Management has sealed a position ostrength and is considered as one of the top contenders to challenge the market leaders. INInvestment Management has enjoyed many firsts and has always maintained a pioneeringoutlook.

A few achievements are highlighted below:-

o First Investment Manager to launch a packaged concept in Asset ManagementIndustry.

o Awarded Abby Gold 2006 for its advertising Campaign for ING LION Fund.o Two CRISIL products in Debt Fund space. (ING Liquid Fund & ING Floating Rate

Fund).

o First Asset Manager to launch a debt fund based on Credit risk with a portfolio basedon credit monitor. (ING Select Debt Fund).

o First Private Sector Mutual Fund to launch a concept dedicated to women.(Mahilanivesh).

o ING Dynamic Asset Allocation Fund was awarded Most Innovative Product by AsiaAsset Monitor.


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Research Methodology:-

Research is one of the most important parts in the survey to collect information and

knowledge. 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.

Problem and Research Objective:-

Our main objective was to find out the top HNIs (High net worth income) group and

their various mode of investment. The main problem was how to find out the top

twenty HNI clients from the bunch of people without knowing them in detail.

To get all this information a thorough planning had to be done, so I first started with

designing the questionnaire for the clients whom I was going to target and to know

about their investment pattern. The main things to be known from the clients were:

1. There Annual turnover2. Who are there bankers3. There chartered accountant4. Who influence there investment decision5. What is there annual investment


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Researchplan-

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.

Our objective was to find the Synergy of HNIs with there Distribution Channel.

This objective had made our project too narrow because from now onward our task

was to find the top industries and person who can invest above 1 crores and more then

that. So from now onwards I started to target only to a special segment of the people.

Data source:-

For this project both primary and secondary data were the most valuable source of

information.


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Secondary data:-

Secondary data provide a starting point for research and offer the valuable source of

information.

The secondary data was the most important source for my project because my first aim

was to find out the top five person or industries from every segment of the industries so

for this reason I started collecting the various directory which can help me in finding out

the desired information about the industries and people.

The various directories are as follows:-

Telephone Directory. Income Tax office. City directory.

Chartered Accountant Directory.

Carpet Industries Directory. Hotel Industries Directory. HDFC Banks. Indian medical association directory. Transporter directory. Exporter Directory. Lawyers Directory.


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Primary data:-

Primary data are data freshly gathered for a specific purpose. The various sources of

primary data for my project are as follows.

Banks. Local residents.

Research Approaches:-

From the two data source which I have mention above secondary data are the easiest

way to gather and the cost of collecting this data is very low and easily available from

the respective association. And I started by collecting this directory from the various

sources, because at the starting point of the survey this information play a important

part for me and this help me to short out the people which, I can meet with them to

collected more information about them or who are my target people.

After collecting the secondary data or information from the secondary sources

then I started collecting from primary sources to narrow down my research. There are

basically five ways to collect data.


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Survey Research: - This method was the most appropriate way tocollect data. And I have used this method in my project to find out

the company need by identifying the suitable prospect in the city who

can become the ICICI pru client.

Observational Research:- This method was not used by me in myproject ,because this survey have no use for me

Focus-group Research: - This method is also not used by me inmy survey.

Behavioral data:-This method was also not used by me in mysurvey.

Research Instruments:-

There is various way of research instrument of collecting primary data, the various

methods are:-

1. Questionnaires.2. Psychological tools.3. Mechanical Devices.4. Qualitative Measures.

From the above mentioned research instruments I had used only Questionnaires

technique to find out the various information about the clients such as their turnover,

chartered accountant, investment behaviors, who is their financial consultant etc. And

this was the technique which I felt the best way to extract information about the client


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Sampling Plans:-

After collecting entire data and deciding on the research approach and instruments,

now I had to decide on the sampling plan which was one of the important task,

because from the bunch of people I had to select only those people ,whom I can target

from now onward .There are three way of sorting the data.

o Sampling Unit: - who is to be surveyed? And now my task was todefine the target population, which will be sampled from the

number of people.

o Sample Size: - large sample give more reliable result than smallsample, so for this reason I had taken around 40 people to whom I

should focus upon, because my target was only 20 clients.


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ICICI FMCG ING MIDCAP

Date

NAV

Value NAV Value Index Value

1-Apr-09 19.46 8.67 3060.35

2-Apr-09 19.53 8.99 3211.05

6-Apr-09 19.26 9.06 3256.6

8-Apr-09 19.94 9.25 3342.95

9-Apr-09 19.77 9.34 3342.05

13-Apr-09 19.96 9.62 3382.6

15-Apr-09 20.23 9.99 3484.15

16-Apr-09 20.61 9.63 3369.5

17-Apr-09 20.51 9.73 3384.4

20-Apr-09 20.28 9.79 3377.1

21-Apr-09 20.45 9.73 3365.3

22-Apr-09 20.65 9.62 3330.3

23-Apr-09 20.74 9.79 3423.7

24-Apr-09 20.69 9.98 3480.75

27-Apr-09 20.83 9.94 3470

28-Apr-09 20.41 9.62 3362.35

29-Apr-09 20.65 9.79 3473.95

4-May-09 21.43 10.18 3654


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5-May-09 21.25 10.25 3661.9

6-May-09 20.85 10.19 3625.05

7-May-09 20.81 10.38 3683.9

8-May-09 20.71 10.31 3620.7

11-May-09 20.57 10.17 3554.6

12-May-09 20.66 10.24 3681.1

13-May-09 20.53 10.23 3635.25

14-May-09 20.48 10.28 3593.45

15-May-09 20.58 10.42 3671.65

19-May-09 21.14 11.87 4318.45

20-May-09 21.25 12.42 4270.3

21-May-09 21.4 12.54 4210.9

22-May-09 21.82 12.67 4238.5

25-May-09 22.07 12.9 4237.55

26-May-09 21.74 12.46 4116.7

27-May-09 22.03 12.8 4276.05

28-May-09 21.96 12.83 4337.1

29-May-09 22.01 13.17 4448.95

1-Jun-09 22.69 13.49 4529.9

2-Jun-09 22.7 13.58 4525.25

3-Jun-09 23.2 13.83 4530.7


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4-Jun-09 23.63 14.03 4572.65

5-Jun-09 23.39 14.01 4586.9

8-Jun-09 22.69 13.37 4429.9

9-Jun-09 23.13 13.66 4550.95

10-Jun-09 23.39 14.04 4655.25

11-Jun-09 23.39 14.06 4637.7

12-Jun-09 23.2 13.81 4583.4

15-Jun-09 23.16 13.53 4484

16-Jun-09 23.29 13.72 4517.8

17-Jun-09 22.89 13.24 4356.15

18-Jun-09 22.8 12.87 4251.4

19-Jun-09 23.16 13.09 4313.6

22-Jun-09 23.2 12.97 4235.25

23-Jun-09 22.96 12.97 4247

24-Jun-09 23.41 13.21 4292.95

25-Jun-09 23.15 13.14 4241.85

26-Jun-09 23.43 13.39 4375.5

29-Jun-09 23.53 13.49 4390.95

30-Jun-09 23.37 13.13 4291.1

1-Jul-09 23.43 13.25 4340.9

2-Jul-09 23.51 13.34 4348.85


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3-Jul-09 23.55 13.48 4424.25

6-Jul-09 23.48 12.92 4165.7

7-Jul-09 24.41 13.1 4202.15

8-Jul-09 24.23 12.79 4078.9

9-Jul-09 24.59 12.91 4080.95

10-Jul-09 24.27 12.65 4003.9

13-Jul-09 23.94 12.43 3974.05

14-Jul-09 24.38 12.76 4111.4

15-Jul-09 24.8 13.16 4233.5

16-Jul-09 24.92 13.24 4231.4

17-Jul-09 25.53 13.55 4374.95

20-Jul-09 25.73 13.84 4502.25

21-Jul-09 25.57 13.85 4469.1

22-Jul-09 25.64 13.73 4398.9

23-Jul-09 26.47 14.03 4568.55

24-Jul-09 26.7 14.25 4572.3

27-Jul-09 27.59 14.33 4564.1

28-Jul-09 27.81 14.43 4513.5

29-Jul-09 27.61 14.27 4571.45

30-Jul-09 27.91 14.4 4636.45

31-Jul-09 28.67 14.58 4711.4


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3-Aug-09 28.73 14.81 4680.5

4-Aug-09 28.93 14.89 4694.15

5-Aug-09 28.88 14.93 4585.5

6-Aug-09 28.01 14.63 4481.4

7-Aug-09 27.47 14.31 4437.65

10-Aug-09 27.15 14.05 4471.35

11-Aug-09 27.58 14.15 4457.5

12-Aug-09 27.6 14.15 4605

13-Aug-09 28.53 14.56 4580.05

14-Aug-09 28.11 14.62 4387.9

17-Aug-09 27.35 14.09 4458.9

18-Aug-09 27.54 14.29 4394.1

19-Aug-09 27.21 14.07 4453.45

20-Aug-09 27.39 14.17 4528.8

21-Aug-09 28.02 14.33 4642.8

24-Aug-09 27.57 14.63 4659.35

25-Aug-09 27.68 14.8 4680.85

26-Aug-09 27.75 14.97 4688.2

27-Aug-09 27.68 15.08 4732.35

28-Aug-09 27.54 15.23 4662.1

31-Aug-09 27.52 15.17 4625.35


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1-Sep-09 27.29 15.01 4608.35

2-Sep-09 27.23 14.94 4593.55

3-Sep-09 27.2 15.03 4680.4

4-Sep-09 27.59 15.17 4782.9

7-Sep-09 27.74 13.5 4805.25

8-Sep-09 27.45 13.55 4814.25

9-Sep-09 27.54 13.55 4819.4

10-Sep-09 27.74 13.52 4829.55

11-Sep-09 27.39 13.46 4808.6

14-Sep-09 27.3 13.45 4892.1

15-Sep-09 27.49 13.68 4958.4

16-Sep-09 27.75 13.93 4965.55

17-Sep-09 27.78 13.95 4976.05

18-Sep-09 27.79 13.97 5020.2

22-Sep-09 28.03 14.01 4969.95

23-Sep-09 27.68 13.82 4986.55

24-Sep-09 27.83 13.83 4958.95

25-Sep-09 28.06 13.96 5006.85

29-Sep-09 28.03 14.01 5083.95

30-Sep-09 27.87 14.12 5083.4

1-Oct-09 27.96 14.1 5003.2


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5-Oct-09 28.12 13.88 5027.4

6-Oct-09 28.61 13.86 4985.75

7-Oct-09 28.64 14 5002.25

8-Oct-09 29.02 14.1 4945.2

9-Oct-09 28.91 14.03 5054.25

12-Oct-09 29.55 14.19 5118.2

14-Oct-09 29.75 14.4 5108.85

15-Oct-09 29.69 14.43 5142.15

16-Oct-09 29.57 14.49 5114.45

20-Oct-09 29.44 14.56 5063.6

21-Oct-09 29.1 14.49 4988.6

22-Oct-09 29.42 14.24 4997.05

23-Oct-09 30.23 14.34 4970.9

26-Oct-09 30.55 14.15 4846.7

27-Oct-09 30.05 13.64 4826.15

28-Oct-09 29.88 13.53 4750.55

29-Oct-09 29.89 13.34 4711.7

30-Oct-09 29.6 13.25 4563.9

3-Nov-09 28.94 12.96 4710.8

4-Nov-09 29.55 13.28 4765.55

5-Nov-09 29.54 13.48 4796.15


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6-Nov-09 29.53 13.72 4898.4

9-Nov-09 30.06 13.92 4881.7

10-Nov-09 29.84 13.88 5003.95

11-Nov-09 30.16 14.12 4952.65

12-Nov-09 29.99 13.96 4998.95

13-Nov-09 30.22 14.02 5058.05

16-Nov-09 30.44 14.31 5062.25

17-Nov-09 30.44 14.31 5054.7

18-Nov-09 30.6 14.35 4989

19-Nov-09 30.31 14.2 5052.45

20-Nov-09 30.64 14.33 5103.55

23-Nov-09 31.31 14.42 5090.55

24-Nov-09 31.52 14.42 5108.15

25-Nov-09 31.73 14.45 5005.55

26-Nov-09 31.16 14.26 4941.75

27-Nov-09 30.88 14.13 5032.7

30-Nov-09 31.14 14.33 5122

1-Dec-09 31.14 14.61 5123.25

2-Dec-09 31.16 14.72 5131.7

3-Dec-09 31.09 14.85 5108.9

4-Dec-09 31.17 14.89 5066.7


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7-Dec-09 31.03 14.79 5147.95

8-Dec-09 31.29 15 5112

9-Dec-09 31.09 14.9 5134.65

10-Dec-09 30.9 14.98 5117.3

11-Dec-09 30.94 14.87 5105.7

14-Dec-09 30.78 14.82 5033.05

15-Dec-09 30.67 14.65 5042.05

16-Dec-09 30.66 14.62 5041.75

17-Dec-09 30.89 14.76 4987.7

18-Dec-09 30.75 14.7 4952.6

21-Dec-09 30.59 14.61 4985.85

22-Dec-09 30.77 14.75 5144.6

23-Dec-09 31.2 14.94 5178.4

24-Dec-09 31.32 15.04 5187.95

29-Dec-09 31.47 15.09 5169.45

30-Dec-09 31.18 15.09 5201.05

31-Dec-09 31.33 15.1 5232.2

4-Jan-10 31.37 15.3 5277.9

5-Jan-10 31.6 15.47 5281.8

6-Jan-10 32.03 15.61 5263.1

7-Jan-10 31.8 15.57 5244.75


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8-Jan-10 31.91 15.52 5249.4

11-Jan-10 31.94 15.64 5210.4

12-Jan-10 31.47 15.49 5233.95

13-Jan-10 31.33 15.55 5259.9

14-Jan-10 31.35 15.79 5252.2

15-Jan-10 31.67 15.8 5274.85

18-Jan-10 31.52 15.84 5225.65

19-Jan-10 31.27 15.7 5221.7

20-Jan-10 31.34 15.71 5094.15

21-Jan-10 30.93 15.37 5036

22-Jan-10 30.97 15.22 5007.9

25-Jan-10 31.18 15.04 4853.1

27-Jan-10 30.71 14.49 4867.25

28-Jan-10 30.59 14.55 4882.05

29-Jan-10 30.1 14.65 4899.7

1-Feb-10 30.09 14.84 4830.1

2-Feb-10 29.89 14.68 4931.85

3-Feb-10 30.21 14.91 4845.35

4-Feb-10 30.14 14.64 4718.65

5-Feb-10 29.7 14.31 4757.25

8-Feb-10 29.73 14.43 4760.4


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9-Feb-10 29.52 14.54 4792.65

10-Feb-10 29.47 14.56 4757.2

11-Feb-10 29.76 14.64 4826.85

15-Feb-10 28.69 14.58 4801.95

16-Feb-10 28.82 14.68 4855.75

17-Feb-10 29.11 14.77 4914

18-Feb-10 29.05 14.71 4887.75

19-Feb-10 28.94 14.6 4844.9

22-Feb-10 28.86 14.55 4856.4

23-Feb-10 28.87 14.44 4870.05

24-Feb-10 28.68 14.38 4858.6

25-Feb-10 28.48 14.28 4859.75

26-Feb-10 28.08 14.47 4922.3

2-Mar-10 28.71 14.72 5017

3-Mar-10 28.9 14.93 5088.1

4-Mar-10 29.05 15.03 5080.25

5-Mar-10 29.08 15.1 5088.7

8-Mar-10 29.37 15.13 5124

9-Mar-10 29.53 14.97 5101.5

10-Mar-10 29.83 14.92 5116.25

11-Mar-10 29. 67 14.86 5133.4


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12-Mar-10 29.57 14.85 5137

15-Mar-10 29.52 14.82 5128.9

16-Mar-10 29.67 14.94 5198.1

17-Mar-10 29.82 15 5231.9

18-Mar-10 29.76 15.1 5245.9

19-Mar-10 29.87 15.1 5262.8

22-Mar-10 29.74 15.01 5205.2

23-Mar-10 29.74 15.07 5225.3

25-Mar-10 30.09 15.04 5260.4

26-Mar-10 30.18 15.16 5282

29-Mar-10 30.35 15.27 5302.85

30-Mar-10 30.41 15.32 5262.45

31-Mar-10 30.08 15.44 5249.1

Mean 19.26 8.67

S D 3.644560132 1.626761034

correlation(nav with index) 0.911072605 0.925597729

Sum 6570.29 3317.91

Probe bal error .0438 .0405

coefficient of variance 18.923 18.76


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CONCLUSION

Conclusion we can see that coefficient of variance of ICICI MUTUAL

FUND is 18.923`% and coefficient of variance of ING is 18.76%.

According to the coefficient of variance ING is having more steadily

growth and lesser risky but ICICI coefficient of variance is (0.163% )

little bit higher and more return so in conclusion we would like toprefer ING.

FORMULAS

Standard deviation


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Correlation

MEAN

COFFICIENT OF VARIENCE:-


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Vinit Mutual

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