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A Study
On
Need of financial advisor for Mutual Fund Investors
(Conducted At BIRLA MUTUAL FUND Pvt. Ltd,)
A project report submitted to in the partial fulfillment of requirement of
the award of
MASTER OF BUSINESS ADMINISTRATION


Submitted by


Submitted To:






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ACKNOWLEDGEMENT


The only place where success comes before work is in the dictionary.

It is great exposure for me using my theoretical knowledge which I have learnt till 2
nd

semester of Master of Business Administration (M.B.A.) in my project work which I
have done at Birla Sun Life Mutual Fund Pvt. Ltd. It is great pleasure to use
knowledge in practical way in our tenure of training.

I like to first heartily thanks to GUJARAT TECHNOLOGICAL UNIVERSITY
(GTU) for including project in our M.B.A. syllabus. It is helpful to learn real situation
of industry and helpful for increasing in our practical knowledge.

I thankful to Dr. V.J. Dwivedi, I/c Principal of Om Shanti Institute of Engg. For
giving me chance to do my project work.

I am very thankful to Mr. Chirag Patel, Branch Manager of Birla Sun Life Mutual
Fund Pvt. Ltd. As without his help and guidance this project is not possible, he share
his good knowledge and guide in my project work. I am also thankful to all staff
member of Birla Sun Life Mutual Fund Pvt. Ltd.

I am thankful to my project guide Mr. Hitesh Shah for guiding during my project
tenure. As he helps me whenever I need and spare her valuable time. Without her this
project is not possible.

I am thankful to my parents and my friends as they always motivate me and help me
directly or indirectly in my project work.

Gautam D. Kukadiya.






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DECLARATION




I Kukadiya Gautam D., hereby declare that the project report entitled NEED
OF FINANCIAL ADVISOR FOR MUTUAL FUND INVESTORS under the
guidance of Mr. CHIRAG PATEL Submitted in partial fulfillment of the
requirements for the award of the degree of Master of Business Administration to
GUJRAT TECHNOLOGICAL UNIVERSITY, Rajkot is my original work
research study carried out during 1
st
June, 2010 to 15
th
July, 2010 and not
submitted for the award of any other degree/diploma/fellowship or other similar titles
or prizes to any other institution/organization or university by any other person.



Signature,
(Kukadiya Gautam D.)
(M.B.A. 53)

















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INDEX

Sr.No. Subject Page No.
1 Executive Summary 01
2 Company Profile
History
Vision
Mission
Values
Product Offering
Marketing Department
HR Department


02
03
03
03
07
08
10

3 Mutual Fund
Introduction
Advantages of Mutual Fund
Drawbacks of Mutual Fund
Risk in Mutual Fund
Performance of Mutual Fund In India
Organization of Mutual Fund
Process of Invest in Mutual Fund
Cost Associated with Mutual Fund
Categories of Mutual Fund
Measuring Performance of Mutual Fund

15
17
18
19
22
24
30
31
33
38
4 Systematic Investment Plan 45
5 Portfolio Analysis Tools 47
6 Research Methodology
Literature Review
Objectives of Research
Data Analysis
Testing Hypothesis
Findings And Conclusion
Recommendations
Sample Questionnaire

51
52
54
64
66
68
69
7 Glossary of Some Concepts 72
8 Conclusion 75
9 Bibliography 76





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EXECUTIVE SUMMARY


This project has been a great learning experience for me; at the same time it gave me
enough scope to implement my analytical ability. This project as a whole can be
divided into two parts:

The first part gives an insight about the mutual funds and its various aspects. It is
purely based on whatever I learned at Birla Sun Life Mutual Fund. One can have a
brief knowledge about mutual funds and all its basics through the project. Other than
that the real servings come when one moves ahead. Some of the most interesting
questions regarding mutual funds have been covered. Some of them are: why has it
become one of the largest financial intermediaries? How investors do chose between
funds? Most popular stocks among fund managers, most lucrative sectors for fund
managers, a special report on Systematic Investment Plan, does fund performance
persists and the topping of all the servings in the form of portfolio analysis tool and its
application.

All the topics have been covered in a very systematic way. The language has been
kept simple so that even a layman could understand. All the data have been well
analyzed with the help of charts and graphs.

The second part consists of data and their analysis, collected through a survey done on
200 people. It covers the topic need of financial advisors for mutual fund investors.
The data collected has been well organized and presented. Hope the research findings
and conclusions will be of use. It has also covered why people dont want to go for
financial advisors? The advisors can take further steps to approach more and more
people and indulge them for taking their advices.




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COMPANY PROFILE
OF
BIRLA SUN LIFE MUTUAL FUND









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The Aditya Birla Group is one of India's largest business houses. Global in vision,
rooted in Indian values, the Group is driven by a performance ethic pegged on value
creation for its multiple stakeholders.
The Group's operations span 66 state of the art, straddling India, Thailand, Malaysia,
Indonesia, Egypt, Philippines, Canada, Australia and China.
A US $28 billion corporation with a market cap. Of US $31.5 billion and in the
League of Fortune 500, the Aditya Birla Group is anchored by an extraordinary force
of 100,000 employees, belonging to 25 different nationalities. Over 50 per cent of its
revenues flow from its operations across the world.
The Aditya Birla Group is a dominant player in all its areas of operations viz;
Aluminum, Copper, Cement, Viscose Staple Fiber, Carbon Black, Viscose Filament
Yarn, Fertilizers, Insulators, Sponge Iron, Chemicals, Branded Apparels, Insurance,
Mutual Funds, Software and Telecom. The Group has strategic joint ventures with
global majors such as Sun Life (Canada), AT&T (USA), the Tata Group and NGK
Insulators (Japan), and has ventured into the BPO sector with the acquisition of Trans
Works, a leading ITES/BPO company.
Sun Life Financial
Sun Life Financial is a leading international financial services organization providing
a diverse range of wealth accumulation and protection products and services to
individuals and corporate customers. Chartered in 1865, Sun Life Financial and its
partners today have operations in key markets worldwide, including Canada, the
United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia,
India, China and Bermuda.
Since its inception in 1994, Birla Sun Life Mutual fund has emerged as one of India's
leading Mutual Funds managing assets of a large investor base. The fund offers a
range of investment options, which include diversified and sector specific equity
schemes, fund of fund schemes, hybrid and monthly income funds, a wide range of
debt and treasury products and offshore funds.
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Birla Sun Life Asset Management Company Ltd. (BSLAMC), the investment
managers of Birla Sun Life Mutual Fund, is a joint venture between the Aditya
Birla Group and the Sun Life Financial Services Inc. of Canada. The joint venture
brings together the Aditya Birla Group s experience in the Indian market and Sun
Life s global experience.

No. of schemes 71
No. of schemes including options 218
Equity Schemes 63
Debt Schemes 106
Short term debt Schemes 17
Equity & Debt 10
Money Market 0
Gilt Fund 16


Corpus under management
Rs.49983.17 Crs. as on Feb 28, 2009

Key Personnel
Donald Stewart (Chairman), A Balasubramanian (CEO), Ashok Suvarna (COO),
Abhay Palnitkar (CFO), Sanjay Singal(CMO), Bhavdeep Bhatt ( Head Products),
Chandrashekhar Chavan (Head HRD), Rama Vasantharajan (Hd Compliance &
Risk),

Fund Managers
Ajay Garg , Ankit Sancheti , Atul Penkar , Maneesh Dangi , Navneet Munot,
Nishit Dholakia , Prasad Dhonde , Sanjay Chawla , Satyabrata Mohanty, Sunaina
da Cunha , Vineet Maloo .

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BSLAMC follows a long-term, fundamental research based approach to investment.
The approach is to identify companies, which have excellent growth prospects and
strong fundamentals. The fundamentals include the quality of the companys
management, sustainability of its business model and its competitive position,
amongst other factors. Birla Sun Life Asset Management Company has one of the
largest team of research analysts in the industry, dedicated to tracking down the best
companies to invest in. Birla Sun Life AMC strives to provide transparent, ethical and
research-based investments and wealth management services.
As of 30 June 2010, the Sun Life Financial group of companies had total assets under
management of CDN $ 435 billion.
Vision
To be the most trusted name in investment and wealth management, to be the
preferred employer in the industry and to be a catalyst for growth and excellence of
the asset management business in India.
Mission

Achieving superior and consistent investment results.
Creating a conducive environment to hone and retain talent.
Providing customer delight.
Institutionalizing system-approach in all aspects of functioning.
Upholding highest standards of ethical values at all times.

Values

Integrity
Commitment
Passion
Seamlessness
Speed

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Track Record
With a proven track record of over 14 years, Birla Sun Life Mutual Fund has been a
catalyst towards the growth of the private sector asset management business.
Investment Philosophy
Birla Sun Life Mutual Fund follows a long-term, fundamental research based
approach to investment. The approach is to identify companies, which have excellent
credit-worthiness and strong fundamentals. The fundamentals include the quality of
the company's management, sustainability of its business model and its competitive
position, amongst other factors. Birla Sun Life Asset Management Company
(BSLAMC) has one of the largest team of research analysts in the industry, dedicated
to tracking down the best companies to invest in.
BSLAMC will always strive to provide transparent, ethical and research-based
investments and wealth management services.
Geographical Reach
Today, BSLAMC is present in 111 locations, including 74 branches.
Product Offerings
Birla Sun Life Mutual Fund offers a range of investment options, which include
diversified and sector specific equity schemes, fund-of-fund schemes, hybrid and
monthly income funds, a wide range of debt and treasury products and offshore funds.
BSLAMC also provides Private Wealth Management services.




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BIRLA SUN LIFE MUTUAL FUNDs
DIFFERENT SCHEMEs





EQUITY SCHEMES DEBT SCHEMES
Birla Sun Life Advantage Fund
Birla Sun Life Short Term Opportunities
Fund
Birla Sun Life Dividend Yield Plus Birla Sun Life Dynamic Bond fund
Birla Sun Life Tax Plan Birla Sun Life Gilt Plus- liquid Plan
Birla Sun Life Index Fund Birla Sun Life Gilt Plus-PF Plan
Birla Sun Life India GenNect Fund Birla Sun Life Gilt Plus- Regular Plan
Birla Sun Life India Opportunities Fund Birla Sun Life Income Plus
Birla Sun Life Midcap Fund Birla Sun Life Govt. Securities(Long Term)
Birla Sun Life MNC Fund Birla Sun Life Govt. Securities(Short Term)
Birla Sun Life Basic Industries fund
Birla Sun Life Income Fund- Half Yearly
Dividend
Birla Sun Life Buy India Fund
Birla Sun Life Income Fund- Quarterly
Dividend
Birla Sun Life Equity Fund
Birla Sun Life Liquid Plus-Institutional
Monthly Dividend
Birla Sun Life Frontline Equity Fund
Birla Sun Life Liquid Plus-Retail Monthly
Dividend
Birla Sun Life New Millennium fund
Birla Sun Life Short Term Fund- Monthly
Dividend
Birla Sun Life Tax Relief96
Birla Sun Life Top 100 fund
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MARKRTING DEPARTMENT

Marketing is a comprehensive term & it includes all resources & set of activities
necessary to direct & facilitate the flow of goods & services from producer to consumer
in the process of distribution.
Marketing is the human activity directed at satisfying needs & wants through exchange
process.
Marketing is the process of planning, pricing, distribution of goods, ideas; services create
exchanges that satisfy individual & organizational goals.

PRODUCT PLANNING

A product planning is a company plan for marketing its products. Product planning
means planning for the product that is to decide what type of products to be produced
or what needs or requirements the product should satisfy.
In Birla Sun Life Mutual Fund, product planning is done very carefully. They first
contact Advisors & ask, for the what type of product customers want means Debt
based, Equity Based or Low risk Product etc then they prepare few samples & give to
Advisors. As per the suggestions & Response of customers they prepare the new
Schemes.

STRATEGIES RELATED PRODUCT

In developing a marketing strategy of individual products, the seller has to comfort
many decision. There are four elements related to the products. The brief study of
these elements will complete the concept. These four elements are:
1. Branding
2. Packing & labeling
3. Promotion
4. After sales service
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First one is Brand. Branding is the art and corner stone of marketing. A brand
identifies the seller or marketing. It can a name, trademark, logo or other symbol
under trademark law, the seller is granted exclusive right to the use of brand name.

Second element is packing and labeling. Many marketers are of view that
packing is a fifth P along with price, product, place and promotion. Packing includes
the activities of designing and producing the container or wrapper for product while
the label identifies the product. Birla Sun Life Mutual Fund also gives much
important to the packing and labeling.

Next is Promotion. Today promotion is one of the most important tools for
stay in competition. Birla give full attention on this segment because Mutual Fund
Industry is totally service based company and required high promotion to attract the
investors.

BIRLA prepare and distribute its new schemes regularly with some exclusive
paper advertisement. Because in this industry the past performance is only measure of
performance of company and it only show through paper Advertisement.

It also distributes Seasonal Gifts to their Advisor for promoting their product
and motivates them. Example: Give free Umbrella in Monsoon under Monsoon
Dhamaka Schemes to attract the advisor for promote BIRLAs products.
In this business the actual work of company start after sales of product i.e. After Sales
Services. After Sales Services include how company response to their Clint. BIRLA is
known for their After Sales Services.
Birla send monthly valuation report of their Clint through currier.
Birla solved any Query within 48 hours.
Birla also continues suggest good schemes to their current Clint.
Birla give Statement of their (Clint) investment free of costs.




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PERSONNEL (HR) DEPARTMENT

Personnel management is the most important area of any business organization. The main
aim of personnel management is to manage the personnel at work. It is concern with
employees both as individual as well as group. The aim being to get better results with
their collaboration and activity involvement in the organization activity.
Personnel management means quite simply the task of dealing with human relationship
within an organization.
Personnel management is that phase of management which deals with the effective
control and use of manpower as distinguished from other sources of power

ORGANISATION STRUCTURE

Organization is a group of people working together co-operating under authority,
towards achieving benefit the participants and the organization. Every organization has
goals and objectives.
In Birla Sun Life Mutual Fund, there is a separate personnel department for
achievement of goals. Personnel management is a most important part in an
organization. All the functions related with personnel department. Personnel manager
has got higher status in the organization.

RECRUITMENT

Recruitment is the process of selection for prospective employees simulating
them to apply for job in the organization. In other words it is linking activity bearing
to gather with jobs, selection jobs. Recruitment makes it possible to acquire the
number and type of people necessary to ensure the continued operation of the
organization.
Recruitment is a process of searching for prospective employee and
stimulating encouraging them to apply for jobs in an organization.



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There are two sources of requirement:
1. Internal Sources
o Promotion
o Transfer
o Demotion
2. External Sources
o Advertisement
o Employment
o On Campus Requirement
o Employee Recommendation

In Birla Sun Life Mutual Fund they are using internal sources as well as external
sources. Their policy for external sources is such that first they give advertisement in
the newspaper and they have also contact with employment exchange through these
source first of all collect application, separated and then after appropriate candidates
are called for the interview.

SELECTION

After creating if application of required number of employees secured through
different sources of recruitment the selection process begins. The main purpose of
selection process of selection process is it find the right man for each job. The
efficiency and profitability of the concern depends mainly on proper selection of the
personnel.
Company select employees through commercial made of three numbers. One is the
work manager, second is of manager and the third is the head department in which
company exists.




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WHY SHOULD INVESTORS CHOOSE BIRLA?

Excellence is next to nothing.and here at Birla everybody tries their best to offer
excellent services to its clientele through its offerings maintaining the Birla culture
which includes:

Controlled and low cost service culture

Birla is there to serve its client at the minimum possible cost. it controls cost by its
various cost- cutting techniques and minimization of avoidable costs.

Large volume processing capability

Being the largest financial service provider in the country, it has the unique distinction
of operating its activities on a large scale which benefits all the parties cordially.

Adherence to strict time schedule

Birla knows that time is money and tries it best to finish the task within the stipulated
time schedule.

Expertise in coordinating multi-location responses

Birla has got a wide network and hence one can find its branches at most of the places
in India. Thus it enjoys its presence everywhere and coordinates among itself in
solving the queries and in responding to any situation.

Expertise in managing independent entities such as banks, post-office etc.

The work culture of Birla and the ethics followed inside Birla makes its workforce
compatible with everybody.


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Pooling of group resources

Birla group consists of eight subsidiaries, so it can easily pool up its resources for
accomplishment of its goals, whenever needed. The groups can help each other
whenever there are peaks and lows, and even in the case when they have huge targets
just as we saw few years back, Tata group pooling its resources to acquire Corus.


How Birla achieved it?

The core competency of Birla lies in the following points due to which it enjoys a1
competitive edge over its competitors. The following culture adopted by Birla makes
it all time favorite among its clientele:

1. Professionally managed by qualified and trained manpower.

2. Uniquely structured in-house software and hardware department

3. Query handling within 48 hrs.

4. Strong secretarial, accounting and audit systems.

5. Unique work culture of working 7 days a week in 3 shifts.

6. Unmatched network spreading all over India.





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MUTUAL FUNDs







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INTRODUCTION

A Mutual fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is invested by the fund manager in
different types of securities depending upon the objective of the scheme. These could
range from shares to debentures to money market instruments. The income earned
through these investments and the capital appreciation realized by the scheme is
shared by its unit holders in proportion to the number of units owned by the (pro rata).
Thus a Mutual fund is the most suitable investment for the common man as it offers
an opportunity to invest in a diversified, professionally managed portfolio at a
relatively low cost. Anybody with an invest able surplus of as a few thousand rupees
can invest in Mutual Funds. Each Mutual Fund scheme has a defined investment
objective and strategy.

A mutual fund is the ideal investment vehicle for today's complex and modern
financial scenario. Markets for equity shares, bonds and other fixed income
instruments, real estate, derivatives and other assets have become mature and
information driven. Price changes in these assets are driven by global events
occurring in faraway places. A typical individual is unlikely to have the knowledge,
skills, inclination and time to keep track of events, understand their implications and
act speedily. An individual also finds it difficult to keep track of ownership of his
assets, investments, brokerage dues and bank transactions etc.

A mutual fund is answer to all these situations. It appoints professionally qualified
and experienced staff that manages each of these functions on a full time basis. The
large pool of money collected in the fund allows it to hire such staff at a very low cost
to each investor. In effect, the mutual fund vehicle exploits economies of scale in all
three areas research, investments and transaction processing. While the concept of
individuals coming together to invest money collectively is not new, the mutual fund
in its present form is a 20th century phenomenon. In fact, mutual fund gained
popularity only after the Second World War. Globally, there are thousands of firms
offering tens of thousands of mutual funds with different investment objectives.
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Today, mutual funds collectively manage almost as much as or more money as
compared to banks

Mutual Funds now represent perhaps the most appropriate investment opportunity for
most investors. As financial markets become more sophisticated and complex,
investors need a financial intermediary who provides the required knowledge and
professional expertise on successful investing. As a result, in the birthplace of mutual
funds - the U.S.A. - the fund industry has overtaken the banking industry: more funds
are under mutual fund management than deposited with banks.

In India with more person getting interested to earn more from their saving to
minimize the effect of growing inflation mutual funds are becoming one the best way
to achieve the required solution. Despite the fact that mutual funds are still a new
financial intermediary in India, they have started opening up many exciting
investment opportunities for the Indian investor.

A mutual fund is a professionally-managed firm of collective
investments that pools money from many investors and invests it in stocks, bonds,
short-term money market instruments, and/or other securities. In other words we can
say that A Mutual Fund is a trust registered with the Securities and Exchange Board
of India (SEBI), which pools up the money from individual / corporate investors and
invests the same on behalf of the investors /unit holders, in equity shares, Government
securities, Bonds, Call money markets etc., and distributes the profits.
The value of each unit of the mutual fund, known as the net asset value (NAV), is
mostly calculated daily based on the total value of the fund divided by the number of
shares currently issued and outstanding. The value of all the securities in the portfolio
in calculated daily. From this, all expenses are deducted and the resultant value
divided by the number of units in the fund is the funds NAV.


NAV = Total value of the fund
Number of shares currently issued and outstanding

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ADVANTAGES OF MUTUAL FUNDs

Professional Management

The primary advantage of funds (at least theoretically) is the professional
management of your money. Investors purchase funds because they do not have the
time or the expertise to manage their own portfolios. A mutual fund is a relatively
inexpensive way for a small investor to get a full-time manager to make and monitor
investments.

Diversification

By owning shares in a mutual fund instead of owning individual stocks or bonds, your
risk is spread out. The idea behind diversification is to invest in a large number of
assets so that a loss in any particular investment is minimized by gains in others. In
other words, the more stocks and bonds you own, the less any one of them can hurt
you (think about Enron). Large mutual funds typically own hundreds of different
stocks in many different industries. It wouldn't be possible for an investor to build this
kind of a portfolio with a small amount of money.

Economies of scale

Because a mutual fund buys and sells large amounts of securities at a time, its
transaction costs are lower than what an individual would pay for securities
transactions.

Liquidity

Just like an individual stock, a mutual fund allows you to request that your shares be
converted into cash at any time.




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DRAWBACKS OF MUTUAL FUNDs

No guarantee

No investment is risk free. If the entire stock market declines in value, the value of
mutual fund shares will go down as well, no matter how balanced the portfolio is.
Investors encounter fewer risks when they invest in mutual funds than when they buy
and sell stocks on their own. However, anyone who invests through a mutual fund
runs the risk of losing money.

Fees and commission

All funds charges administrative fees to cover their day to day expenses. Some funds
also charge sales commission or loads to compensate brokers, financial consultants
or financial planners. Even if you do not use a broker or other financial adviser, you
will pay a sales commission if you buy shares in a load fund.

Taxes
During a typical year, most actively managed mutual funds sell anywhere from 20 to
70 % of the securities in their portfolios, if your fund makes a profit on its sales, you
will pay taxes on the income you receive, even if you reinvest the money you made.

Management risk

When you invest in a mutual fund, you depend on the fund manager to make the right
decisions regarding the funds portfolio. If the manager does not freeform as well as
you had hoped, you might not make as much money on your investment as you
expected. Of course, if you invest in Index funds, you forego management risk
because these funds do not employ managers.




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RISK ASSOCIATED WITH THE INVESTMENT IN THE
MUTUAL FUNDS

Savings are invested in various investment opportunities for earning better returns.
The returns of the investment depend upon the risk of such investment. All
investments involve some risk. The objective of any investor is to minimize the risk
and maximize returns. The value of financial assets depends on their return and risk
patterns.
Risk can be defined as the chance factor in trading in which expected or
perspective advantage, gain, profit or return may not materialize
The actual outcome of investment may be less than the expected outcome. The greater
is the variability in the possible outcome, the greater is the risk. Generally, the
variance and the standard deviation of return are used as the alternative statistical
measures of the risk of the financial asset. Similarly, co-variance measured the risk of
the assets, relative to other assets in a portfolio. Some risks can be controlled by the
investors. Others cannot be controlled, and they are to be borne by the investor
compulsorily.
















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DIFFERENT TYPES OF RISK IN MUTUAL FUNDs

Risk is an inherent aspect of every form of investment. For mutual fund investments,
risks would include variability, or period-by-period fluctuations in total return. The
value of the schemes investment may be affected by factors affecting capital markets
such as price and volume, volatility in the stock markets, interest rates, currency
exchange rates, foreign investment, changes in government policy, political,
economic or other developments.

Market Risk

At times the prices or yields of all the securities in a particular market rise or fall due
to broad outside influences. When this happens, the stock prices of both an
outstanding, highly profitable company and a fledgling corporation may be affected.
This change in price is due to market risk.

Inflation Risk

Sometimes it is referred to as loss of purchasing power. Whenever the rate of
inflation exceeds the earnings on your investment, you run the risk that you will
actually be able to buy less, not more.

Credit Risk

In short, how stable is the company or entity to which you lend your money when you
invest? How certain are you that it will be able to pay the interest you are promised, or
repay your principal when the investment matures?






25 | P a g e
Interest Rate Risk

Changing interest rates affect both equities and bonds in many ways. Bond prices are
influenced by movements in the interest rates in the financial system. Generally, when
interest rates rise, prices of the securities fall and when interest rates drop, the prices
increase. Interest rate movements in the Indian debt markets can be volatile leading to
the possibility of large price movements up or down in debt and money market
securities and thereby to possibly large movements in the NAV.

Investment Risk

In the sectored fund schemes, investments will be predominantly in equities of
selected companies in the particular sectors. Accordingly, the NAV of the schemes
are linked to the equity performance of such companies and may be more volatile than
a more diversified portfolio of equities.

Liquidity Risk

Thinly traded securities carry the danger of not being easily saleable at or near their
real values. The fund manager may therefore be unable to quickly sell an illiquid bond
and this might affect the price of the fund unfavorably. Liquidity risk is characteristic
of the Indian fixed income market.

Changes in the Government Policy

Changes in government policy especially in regard to the tax benefits may impact the
business prospects of the companies leading to an impact on the investments made by
the fund.



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PERFORMANCE OF MUTUAL FUND IN INDIA

Let us start the discussion of the performance of mutual funds in India from the
concept of mutual fund took birth in India. The year was 1963, Unit Trust of India
invited investors or rather to those who believed in savings, to park their money in
UTI mutual fund. And their idea of this investment was good.

For 30 years it goaled without a single second player. Though the 1988 year saw some
new mutual fund companies, but UTI remained in a monopoly position.

The performance of mutual funds in India in the initial phase was not even closer to
satisfactory level. People rarely understood, and of course investing was out of
question. But yes, some 24 million shareholders were accustomed with guaranteed
high returns by the beginning of liberalization of the industry in 1992. This good
record of UTI became marketing tool for new entrants. The expectations of investors
touched the sky in profitability factor. However, people were miles away from the
preparedness of risks factor after the liberalization.

The Assets under Management of UTI was Rs. 67bn. by the end of 1987. Let me
concentrate about the performance of mutual funds in India through figures. From Rs.
67bn. the Assets under Management rose to Rs. 470 bn. in March 1993 and the figure
had a three times higher performance by April 2004. It rose as high as Rs. 1,540bn.

The net asset value (NAV) of mutual funds in India declined when stock prices started
falling in the year 1992. Those days, the market regulations did not allow portfolio
shifts into alternative investments. There were rather no choices apart from holding
the cash or to further continue investing in shares. One more thing to be noted, since
only closed-end funds were floated in the market, the investors disinvested by selling
at a loss in the secondary market.




27 | P a g e
The performance of mutual funds in India suffered qualitatively. The 1992 stock
market scandals, the losses by disinvestments and of course the lack of transparent
rules in the where about rocked confidence among the investors. Partly owing to a
relatively weak stock market performance, mutual funds have not yet recovered, with
funds trading at an average discount of 1020 percent of their net asset value.

The supervisory authority adopted a set of measures to create a transparent and
competitive environment in mutual funds. Some of them were like relaxing
investment restrictions into the market, introduction of open-ended funds, and paving
the gateway for mutual funds to launch pension schemes.

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

At last to mention, as long as mutual fund companies are performing with lower risks
and higher profitability within a short span of time, more and more people will be
inclined to invest until and unless they are fully educated with the dos and donts of
mutual funds.















28 | P a g e
ORGANISATION OF MUTUAL FUND








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ORGANISATION OF MUTUAL FUND

A mutual fund is set up in the form of a trust, which has sponsor, trustees, Asset
Management Company (AMC) and custodian. The trust is established by a
sponsor or more than one sponsor who is like promoter of a company. The
trustees of the mutual fund hold its property for the benefit of the unit holders.
AMC approved by SEBI manages the fund by making investments in various
types of securities. A custodian, who is registered with SEBI, holds the securities
of various schemes of the fund in its custody. The trustees are vested with the
general power of superintendence and direction over AMC. They monitor the
performance and compliance of SEBI regulations by the mutual fund.
Sponsor
Mutual Fund as Trust
Asset Management Company
Other Fund Constituents

1. Sponsor
Any person acting alone or in concert with another body corporate
comparable to a promoter of a company as he gets fund registered with SEBI. For
person to qualify as sponsor at least 40% of the initial Net worth of AMC should
be contributed by him should be in the financial services business for a period of
not less than five years should possess sound financial track record of over five
years & should have positive net worth in all the immediately preceding five
years form a trust and appoint Board of Trustees appoint AMC directly or in
concert with Trustees.

2. Mutual Fund as Trust
Constituted as Trust under Indian Trust Act, 1882 (and registered under
Indian Registration Act, 1908). Sponsor acts as Settler of trust contributes initial
trustee to hold the investors assets in trust. Trust deed to be executed by the
sponsor in favor of trustees.


30 | P a g e
3. Trustees

Eligibility of Board of Trustees or a Trustee Company

Not guilty of moral turpitude
Not convicted (economic offence and securities laws)
Not part of AMC (director, employee or officer of AMC)
Appointment approved by SEBI
More than one trusteeship (in mutual fund industry; approved by SEBI)
At least two third should be independent
Meaning of Independence

Rights of Trustees

Appoint AMC with SEBI approval
Approve schemes floated by AMC
Right to necessary information
Remedial action to ensure that business is conducted as per SEBI
regulation right to dismiss AMC with approval from SEBI and in
accordance with regulations
Ensure based on quarterly review that any shortfall in NW of AMC is made
up.

Obligations of Trustee

Investment Management Agreement between trustee and AMC with approval
from SEBI (4
th
schedule)
Monitoring of AMC by trustees right to information
Right to dismiss the AMC with approval SEBI
Must ensure transactions are in accordance with trust deed
Ensure AMC has proper systems and procedures
Due diligence in appointment of brokers
Ensure AMC is managing funds independent of other activities
31 | P a g e
Half yearly report of fund activities and certificate that AMC has been
managing funds independent of other activities

4. Other Fund Constituents

i. Custodian and Depositories
For safekeeping of securities and participating in clearing system through
approved depository companies. Entity independent of the sponsors
direction and responsibility of the Trustees.

ii. Bankers
Bankers are dealing with money for buy and sale of units, paying and
receiving funds for investments, discharging obligations for operational
expenses.

iii. Transfer Agent
Transfer agents are used for used for issuing and redeeming units,
preparation of transfer documents, updating investor records, in-house or
external agency.

iv. Distributors
Distributor enable fund to sell units over a wide bas of investors, brokers,
banks, individual agents.










32 | P a g e
HOW TO INVEST IN MUTUAL FUND

1. Reading a Prospectus
2. Objective Statement
3. Performance
4. Fees and Expenses


THE PROCESS TO PURCHASE AND REDEEM UNITS

The most common method to invest in a fund once you are in it is to simply fill
out investment forms and write a check to the mutual fund family. This is
probably the easiest but it often takes a few days or even a week to have the funds
credited to your account.

Another method that is common is automatic withdrawals. These allow
you to have a certain amount, which you choose to be deducted from your bank
account each month. These are excellent for getting into the habit of investing on
a regular basis.

The fund will also provide information on how you can redeem your
shares. One common way is to request redemption by filling out a form or writing
a letter to the mutual fund family. This is the most common method but it isnt the
only one.

Now that you understand the basics of a prospectus, you are one step closer to
getting started in mutual funds. So when you finally receive the information you
requested on a mutual fund, look it over carefully and make an educated decision if it
is right for you.



33 | P a g e
PROCESS OF INVESTING IN MUTUAL FUND

Identify Your Investment Needs

Your financial goals will vary, based on your age, lifestyle, financial
independence, family commitments, and level of income and expenses among
many other factors. Therefore, the first step is to assess your needs. You can begin
by defining your investment objectives and needs, which could be regular income,
buying a home or finance a wedding or educate your children or a combination of
all these needs, the quantum of risk you are willing to take and your cash flow
requirements.

Choose the Right Mutual Fund

The important thing is to choose the right mutual fund scheme, which suits
your requirements. The offer document of the scheme tells you its objectives and
provides supplementary details like the track record of other schemes managed by
the same Fund Manager.

Select the Ideal Mix of Schemes

Investing in just one Mutual Fund scheme may not meet all your
investment needs. Your may consider investing in a combination of schemes to
achieve your specific goals.

Invest Regularly

The best approach is to invest a fixed amount at specific intervals, say
every month. By investing a fixed sum each month, you buy fewer units when the
price is higher and more units when the price is low, thus bringing down your
average cost per unit. This is called rupee cost averaging and do investors all over
the world follow a disciplined investment strategy.
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Start Early
It is desirable to start investing early and stick to a regular investment
plan. If you start now, you will make more than if you wait and invest later. The
power of compounding lets you earn income on income and your money
multiplies at a compounded rate of return.

The Final Step
All your need to do now is to for online application forms of various
mutual fund schemes and start investing. You may reap the rewards in the years
to come.

























35 | P a g e
THE COST ASSOCIATED WITH MUTUAL FUND

Costs are the biggest problem with mutual funds. These costs eat into your return, and
they are the main reason why the majority of funds end up with sub-par performance.

What's even more disturbing is the way the fund industry hides costs through a layer
of financial complexity and jargon. Some critics of the industry say that mutual fund
companies get away with the fees they charge only because the average investor does
not understand what he/she is paying for.
Fees can be broken down into two categories:
1. ongoing yearly fees to keep you invested in the fund.
2. Transaction fees paid when you buy or sell shares in a fund.

The Expense Ratio

The ongoing expenses of a mutual fund are represented by the expense ratio. This is
sometimes also referred to as the management expense ratio (MER). The expense
ratio is composed of the following:
1. The Cost Of Hiring The Fund Manager(S)
Also known as the management fee, this cost is between 0.5% and 1% of
assets on average. While it sounds small, this fee ensures that mutual fund
managers remain in the country's top echelon of earners. Think about it for a
second: 1% of 250 million (a small mutual fund) is $2.5 million - fund
managers are definitely not going hungry! It's true that paying managers is a
necessary fee, but don't think that a high fee assures superior performance.

2. Administrative Costs

These include necessities such as postage, record keeping, customer service,
cappuccino machines, etc. Some funds are excellent at minimizing these costs
while others (the ones with the cappuccino machines in the office) are not.

36 | P a g e
On the whole, expense ratios range from as low as 0.2% (usually for
index funds) to as high as 2%. The average equity mutual fund charges around
1.3%-1.5%. You'll generally pay more for specialty or international funds,
which require more expertise from managers.
Loads are just fees that a fund uses to compensate brokers or other
salespeople for selling you the mutual fund. All you really need to know about
loads is this: don't buy funds with loads.
Here is how certain loads work

3. Front-end loads

These are the simplest type of load: you pay the fee when you purchase the
fund. If you invest $1,000 in a mutual fund with a 5%, $50 will pay for the
sales charge, and $950 will be invested in the fund.

4. Back-end loads (also known as deferred sales charges)

These are a bit more complicated. In such a fund you pay the back end load. If
you sell a fund within a certain time frame. A typical example is a 6% back-
end load that decreases to 0% in the seventh year. The load is 6% if you sell in
the first year, 5% in the second year, etc. If you don't sell the mutual fund until
the seventh year, you don't have to pay them.









37 | P a g e
CATEGORIES OF MUTUAL FUND





Mutual funds can be classified as follow:
Based on their structure
Open-ended funds:
Investors can buy and sell the units from the fund, at any point of time.

Close-ended funds:
These funds raise money from investors only once. Therefore, after the offer
period, fresh investments cannot be made into the fund. If the fund is listed on
a stocks exchange the units can be traded like stocks (E.g., Morgan Stanley
Growth Fund). Recently, most of the New Fund Offers of close-ended funds
provided liquidity window on a periodic basis such as monthly or weekly.
Redemption of units can be made during specified intervals. Therefore, such
funds have relatively low liquidity.

38 | P a g e
Based on their investment objective

i. Equity Funds
These funds invest in equities and equity related instruments. With fluctuating
share prices, such funds show volatile performance, even losses. However, short
term fluctuations in the market, generally smoothens out in the long term, thereby
offering higher returns at relatively lower volatility. At the same time, such funds
can yield great capital appreciation as, historically, equities have outperformed all
asset classes in the long term. Hence, investment in equity funds should be
considered for a period of at least 3-5 years. It can be further classified as:
Index funds
In this case a key stock market index, like BSE Sensex or Nifty is tracked. Their
portfolio mirrors the benchmark index both in terms of composition and
individual stock weightages.
Equity diversified funds
100% of the capital is invested in equities spreading across different sectors and
stocks.
Dividend yield funds
It is similar to the equity diversified funds except that they invest in companies
offering high dividend yields.
Thematic funds
Invest 100% of the assets in sectors which are related through some theme.
e.g. -An infrastructure fund invests in power, construction, cements sectors etc.
Sector funds
Invest 100% of the capital in a specific sector. e.g. - A banking sector fund will
invest in banking stocks.
ELSS- Equity Linked Saving Scheme provides tax benefit to the investors.





39 | P a g e
ii. Balanced fund
Their investment portfolio includes both debt and equity. As a result, on the risk-
return ladder, they fall between equity and debt funds. Balanced funds are the
ideal mutual funds vehicle for investors who prefer spreading their risk across
various instruments. Following are balanced funds classes:
Debt-oriented funds -Investment below 65% in equities.
Equity-oriented funds -Invest at least 65% in equities, remaining in debt.
iii. DEBT FUND

They invest only in debt instruments, and are a good option for investors averse to
idea of taking risk associated with equities. Therefore, they invest exclusively in
fixed-income instruments like bonds, debentures, Government of India securities;
and money market instruments such as certificates of deposit (CD), commercial
paper (CP) and call money. Put your money into any of these debt funds
depending on your investment horizon and needs.
Liquid funds- These funds invest 100% in money market instruments, a large
portion being invested in call money market.
Gilt funds ST- They invest 100% of their portfolio in government securities of
and T-bills.
Floating rate funds - Invest in short-term debt papers. Floaters invest in debt
instruments which have variable coupon rate.
Arbitrage fund- They generate income through arbitrage opportunities due to
mis-pricing between cash market and derivatives market. Funds are allocated to
equities, derivatives and money markets. Higher proportion (around 75%) is put in
money markets, in the absence of arbitrage opportunities.
Gilt funds LT- They invest 100% of their portfolio in long-term government
securities.
Income funds LT- Typically, such funds invest a major portion of the portfolio in
long-term debt papers.
MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and an
exposure of 10%-30% to equities.
40 | P a g e
INVESTMENT STRATEGIES

1. Systematic Investment Plan
Under this a fixed sum is invested each month on a fixed date of a month.
Payment is made through post dated cheques or direct debit facilities. The investor
gets fewer units when the NAV is high and more units when the NAV is low. This
is called as the benefit of Rupee Cost Averaging (RCA)

2. Systematic Transfer Plan
Under this an investor invests in debt oriented fund and gives instructions to
transfer a fixed sum, at a fixed interval, to an equity scheme of the same mutual
fund.

3. Systematic Withdrawal Plan
If someone wishes to withdraw from a mutual fund then he can withdraw a fixed
amount each month.
















41 | P a g e
RISK Vs RETURN















42 | P a g e
MEASURING AND EVALUATING MUTUAL FUND
PERFORMANCE

Every investor investing in the mutual funds is driven by the motto of either wealth
creation or wealth increment or both. Therefore its very necessary to continuously
evaluate the funds performance with the help of factsheets and newsletters, websites,
newspapers and professional advisors like BIRLA mutual fund services. If the
investors ignore the evaluation of funds performance then he can lose hold of it any
time. In this ever-changing industry, he can face any of the following problems:

1. Variation in the funds performance due to change in its management/ objective.
2. The funds performance can slip in comparison to similar funds.
3. There may be an increase in the various costs associated with the fund.
4. Beta, a technical measure of the risk associated may also surge.
5. The funds ratings may go down in the various lists published by independent
rating agencies.
6. It can merge into another fund or could be acquired by another fund house.

Performance measures
Equity funds
The performance of equity funds can be measured on the basis of: NAV Growth,
Total Return; Total Return with Reinvestment at NAV, Annualized Returns and
Distributions, Computing Total Return (Per Share Income and Expenses, Per Share
Capital Changes, Ratios, Shares Outstanding), the Expense Ratio, Portfolio Turnover
Rate, Fund Size, Transaction Costs, Cash Flow, Leverage.

Debt fund
Likewise the performance of debt funds can be measured on the basis of: Peer Group
Comparisons, The Income Ratio, Industry Exposures and Concentrations, NPAs,
besides NAV Growth, Total Return and Expense Ratio.


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Liquid funds
The performance of the highly volatile liquid funds can be measured on the basis of:
Fund Yield, besides NAV Growth, Total Return and Expense Ratio

To measure the funds performance, the comparisons are
usually done with
1. With a market index.
2. Funds from the same peer group.
3. Other similar products in which investors invest their funds.

Financial Planning For Investors (Ref. To Mutual Funds)
Investors are required to go for financial planning before making investments in any
mutual fund. The objective of financial planning is to ensure that the right amount of
money is available at the right time to the investor to be able to meet his financial
goals. It is more than mere tax planning.
Steps in financial planning are
1. Asset allocation.
2. Selection of fund.
3. Studying the features of a scheme.

In case of mutual funds, financial planning is concerned only with broad asset
allocation, leaving the actual allocation of securities and their management to fund
managers. A fund manager has to closely follow the objectives stated in the offer
document, because financial plans of users are chosen using these objectives.






44 | P a g e
WHY HAS IT BECOME ONE OF THE LARGEST
FINANCIAL INSTRUMENTS?

If we take a look at the recent scenario in the Indian financial market then we can find
the market flooded with a variety of investment options which includes mutual funds,
equities, fixed income bonds, corporate debentures, company fixed deposits, bank
deposits, PPF, life insurance, gold, real estate etc. All these investment options could
be judged on the basis of various parameters such as- return, safety convenience,
volatility and liquidity. Measuring these investment options on the basis of the
mentioned parameters, we get this in a tabular form



Return Safety Volatility Liquidity Convenience
Equity High Low High High Moderate
Bonds Moderate High Moderate Moderate High
Co.
Debentures
Moderate Moderate Moderate Low Low
Co. FDs Moderate Low Low Low Moderate
Bank
Deposits
Low High Low High High
PPF Moderate High Low Moderate High
Life
Insurance
Low High Low Low Moderate
Gold Moderate High Moderate Moderate Gold
Real Estate High Moderate High Low Low
Mutual
Funds
High High Moderate High High

We can very well see that mutual funds outperform every other investment option. On
three parameters it scores high whereas its moderate at one. comparing it with the
other options, we find that equities gives us high returns with high liquidity but its
volatility too is high with low safety which doesnt makes it favorite among persons
45 | P a g e
who have low risk- appetite. Even the convenience involved with investing in equities
is just moderate.
Now looking at bank deposits, it scores better than equities at all fronts but lags badly
in the parameter of utmost important i.e.; it scores low on return , so its not an
happening option for person who can afford to take risks for higher return. The other
option offering high return is real estate but that even comes with high volatility and
moderate safety level, even the liquidity and convenience involved are too low. Gold
have always been a favorite among Indians but when we look at it as an investment
option then it definitely doesnt gives a very bright picture. Although it ensures high
safety but the returns generated and liquidity are moderate. Similarly the other
investment options are not at par with mutual funds and serve the needs of only a
specific customer group. Straightforward, we can say that mutual fund emerges as a
clear winner among all the options available.
The reasons for this being:
1. Mutual funds combine the advantage of each of the investment products
Mutual Fund is one such option which can invest in all other investment options.
Its principle of diversification allows the investors to taste all the fruits in one
plate. Just by investing in it, the investor can enjoy the best investment option as
per the investment objective.
2. Dispense the shortcomings of the other options
Every other investment option has more or less some shortcomings. Such as if
some are good at return then they are not safe, if some are safe then either they
have low liquidity or low safety or both.likewise, there exists no single option
which can fit to the need of everybody. But mutual funds have definitely sorted
out this problem. Now everybody can choose their fund according to their
investment objectives.
3. Returns get adjusted for the market movements
As the mutual funds are managed by experts so they are ready to switch to the
profitable option along with the market movement. Suppose they predict that
market is going to fall then they can sell some of their shares and book profit and
can reinvest the amount again in money market instruments.



46 | P a g e
HOW DO INVESTORS CHOOSE BETWEEN FUNDS?

When the market is flooded with mutual funds, its a very tough job for the investors
to choose the best fund for them. Whenever an investor thinks of investing in mutual
funds, he must look at the investment objective of the fund. Then the investors sort
out the funds whose investment objective matches with that of the investors. Now the
tough task for investors start, they may carry on the further process themselves or can
go for advisors like BIRLA. Of course the investors can save their money by going
the direct route i.e. through the AMCs directly but it will only save 1-2.25% (entry
load) but could cost the investors in terms of returns if the investor is not an expert. So
it is always advisable to go for MF advisors. The mf advisors thoughts go beyond
just investment objectives and rate of return. Some of the basic tools which an
investor may ignore but an mf advisor will always look for are as follow:

1. Rupee Cost Averaging

The investors going for Systematic Investment Plans (SIP) and Systematic
Transfer Plans (STP) may enjoy the benefits of RCA (Rupee Cost Averaging).
Rupee cost averaging allows an investor to bring down the average cost of buying
a scheme by making a fixed investment periodically, like Rs 5,000 a month and
nowadays even as low as Rs. 500 or Rs. 100. In this case, the investor is always at
a profit, even if the market falls. In case if the NAV of fund falls, the investors can
get more number of units and vice-versa. This results in the average cost per unit
for the investor being lower than the average price per unit over time.
The investor needs to decide on the investment amount and the frequency. More
frequent the investment interval, greater the chances of benefiting from lower
prices. Investors can also benefit by increasing the SIP amount during market
downturns, which will result in reducing the average cost and enhancing returns.
Whereas STP allows investors who have lump sums to park the funds in a low-
risk fund like liquid funds and make periodic transfers to another fund to take
advantage of rupee cost averaging.


47 | P a g e
2. Rebalancing

Rebalancing involves booking profit in the fund class that has gone up and
investing in the asset class that is down. Trigger and switching are tools that can
be used to rebalance a portfolio. Trigger facilities allow automatic redemption or
switch if a specified event occurs. The trigger could be the value of the
investment, the net asset value of the scheme, level of capital appreciation, level
of the market indices or even a date. The funds redeemed can be switched to other
specified schemes within the same fund house. Some fund houses allow such
switches without charging an entry load.
To use the trigger and switch facility, the investor needs to specify the event, the
amount or the number of units to be redeemed and the scheme into which the
switch has to be made. This ensures that the investor books some profits and
maintains the asset allocation in the portfolio.

3. Diversification

Diversification involves investing the amount into different options. In case of
mutual funds, the investor may enjoy it afterwards also through dividend transfer
option. Under this, the dividend is reinvested not into the same scheme but into
another scheme of the investor's choice.
For example, the dividends from debt funds may be transferred to equity
schemes. This gives the investor a small exposure to a new asset class without risk
to the principal amount. Such transfers may be done with or without entry loads,
depending on the MF's policy.

4. Tax efficiency

Tax factor acts as the x-factor for mutual funds. Tax efficiency affects the final
decision of any investor before investing. The investors gain through either
dividends or capital appreciation but if they havent considered the tax factor then
they may end loosing.
Debt funds have to pay a dividend distribution tax of 12.50 per cent (plus
surcharge and education fess) on dividends paid out. Investors who need a regular
48 | P a g e
stream of income have to choose between the dividend option and a systematic
withdrawal plan that allows them to redeem units periodically. SWP implies
capital gains for the investor.

If it is short-term, then the SWP is suitable only for investors in the 10-per-cent-
tax bracket. Investors in higher tax brackets will end up paying a higher rate as
short-term capital gains and should choose the dividend option.

If the capital gain is long-term (where the investment has been held for more than
one year), the growth option is more tax efficient for all investors. This is because
investors can redeem units using the SWP where they will have to pay 10 per cent
as long-term capital gains tax against the 12.50 per cent DDT paid by the MF on
dividends.

All the tools discussed over here are used by all the advisors and have helped
investors in reducing risk, simplicity and affordability. Even then an investor
needs to examine costs, tax implications and minimum applicable investment
amounts before committing to a service.

















49 | P a g e
SYSTEMATIC INVESTMENT PLAN

We have already mentioned about SIPs in brief in the previous pages but now going
into details, we will see how the power of compounding could benefit us. In such
case, every small amounts invested regularly can grow substantially. SIP gives a clear
picture of how an early and regular investment can help the investor in wealth
creation. Due to its unlimited advantages SIP could be redefined as a methodology of
fund investing regularly to benefit regularly from the stock market volatility. In the
later sections we will see how returns generated from some of the SIPs have
outperformed their benchmark. But before moving on to that lets have a look at some
of the top performing SIPs and their return for 1 year:

Scheme Amount NAV NAV Date
Total
Amount
Reliance diversified power
sector retail 1000 62.74 30/5/2010 14524.07
Reliance regular savings
equity 1000 22.208 30/5/2010 13584.944
principal global opportunities
fund 1000 18.86 30/5/2010 14247.728
DWS investment
opportunities fund 1000 35.31 30/5/2010 13791.157
BOB growth fund 1000 42.14 30/5/2010 13769.152

In the above chart, we can see how if we start investing Rs.1000 per month then what
return well get for the total investment of Rs. 12000. There is reliance diversified
power sector retail giving the maximum returns of Rs. 2524.07 per year which comes
to 21% roughly. Next we can see if anybody would have undertaken the SIP in
Principal would have got returns of app. 18%. We can see reliance regular savings
equity, DWS investment opportunities and BOB growth fund giving returns of
13.20%, 14.92%, and 14.74% respectively which is greater than any other monthly
investment options. Thus we can easily make out how SIP is beneficial for us. Its
hassle free, it forces the investors to save and get them into the habit of saving. Also
50 | P a g e
paying a small amount of Rs. 1000 is easy and convenient for them, thus putting no
pressure on their pockets.
Now we will analyze some of the equity fund SIP s of Birla Sun life with BSE 200
and bank fixed deposits In a tabular format as well as graphical.

Scheme Name NUMBER OF
INSTALMENT
S
Original inv Returns at BSE
200
FUND
RETURNS
Birla SL tax relief '96 144 1,44,000 5,53,190 16,84,008
Birla SL equity fund 114 1,14,000 3,88,701 6,69,219
Birla frontline equity
fund
66 66,000 1,56,269 1,81,127

In the above case, we have taken three funds of Birla sun life namely Birla sun life tax
relief 96, Birla sun life equity fund and Birla sun life frontline equity fund. All these
three funds follow the same benchmark ie; BSE 200. Here, we have shown how one
would have benefitted if he would have put his money into these schemes since their
inception. And the amount even is a meager Rs. 1000 per month.
Starting from Birla frontline equity fund, we could spot that if someone would have
invested Rs. 1000 per month resulting into total investment of Rs. 66000 then it would
have amounted to rs.156269 if invested in BSE 200 whereas the fund would have
given a total return of Rs 181127. Now moving next to Birla sun life equity fund, a
total investment of 114000 for a total of 114 months at BSE 200 would have given a
total return of Rs. 388701 whereas the fund gave a total return of Rs. 669219, nearly
double the return generated at BSE 200. And now the cream of all the investments,
Birla sun life tax relief 96. A total investment of Rs. 144000 for a period of 12 years
at BSE 200 would have given total returns of just Rs. 553190 but the Birla sun life tax
relief 96 gave an unbelievable total return of Rs 1684008.
Thus the above case very well explains the power of compounding and early
investment. We have seen how a meager amount of Rs. 144000 turned into Rs.
1684008. It may appear unbelievable for many but SIPs have turned this into reality
and the power of compounding is speaking loud, attracting more and more investors
to create wealth through SIPs.

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PORTFOLIO ANALYSIS TOOLS

With the increasing number of mutual fund schemes, it becomes very difficult for an
investor to choose the type of funds for investment. By using some of the portfolio
analysis tools, he can become more equipped to make a well informed choice. There
are many financial tools to analyze mutual funds. Each has their unique strengths and
limitations as well. Therefore, one needs to use a combination of these tools to make a
thorough analysis of the funds.

The present market has become very volatile and buoyant, so it is getting difficult for
the investors to take right investing decision. so the easiest available option for
investors is to choose the best performing funds in terms of returns which have
yielded maximum returns.

But if we look deeply to it, we can find that the returns are important but it is also
important to look at the quality of the returns. Quality determines how much risk a
fund is taking to generate those returns. One can make a judgment on the quality of a
fund from various ratios such as standard deviation, sharpe ratio, beta, treynor
measure, R-squared, alpha, portfolio turnover ratio, total expense ratio etc.
Now I have compared two funds of SBI on the basis of standard deviation, beta, R-
squared, sharpe ratio, portfolio turnover ratio and total expense ratio. So before going
into details, lets have a look at these ratios:

Standard deviation

In simple terms standard deviation is one of the commonly used statistical parameter
to measure risk, which determines the volatility of a fund. Deviation is defined as any
variation from a mean value (upward & downward). Since the markets are volatile,
the returns fluctuate every day. High standard deviation of a fund implies high
volatility and a low standard deviation implies low volatility.



52 | P a g e
Beta analysis

Beta is used to measure the risk. It basically indicates the level of volatility associated
with the fund as compared to the market. In case of funds, as compared to the market.
In case of funds, beta would indicate the volatility against the benchmark index. It is
used as a short term decision making tool. A beta that is greater than 1 means that the
fund is more volatile than the benchmark index, while a beta of less than 1 means that
the fund is more volatile than the benchmark index. A fund with a beta very close to 1
means the funds performance closely matches the index or benchmark.
The success of beta is heavily dependent on the correlation between correlation
between a fund and its benchmark. Thus, if the funds portfolio doesnt have a
relevant benchmark index then a beta would be grossly inappropriate. For example if
we are considering a banking fund, we should look at the beta against a bank index.

R-Squared (R2)

R squared is the square of R (i.e.; coefficient of correlation). It describes the level of
association between the funs market volatility and market risk. The value of R-
squared ranges from0 to1. A high R- squared (more than 0.80) indicates that beta can
be used as a reliable measure to analyze the performance of a fund. Beta should be
ignored when the r-squared is low as it indicates that the fund performance is affected
by factors other than the markets.
For example:
Case 1 Case 2
R2 0.65 0.88
B 1.2 0.9

In the above tableR2 is less than 0.80 in case 1, implies that it would be wrong to
mention that the fund is aggressive on account of high beta. In case 2, the r- squared is
more than 0.85 and beta value is 0.9. it means that this fund is less aggressive than the
market.
Sharpe ratio: sharpe ratio is a risk to reward ratio, which helps in comparing the
returns given by a fund with the risk that the fund has taken. A fund with a higher
53 | P a g e
sharpe ratio means that these returns have been generated taking lesser risk. In other
words, the fund is less volatile and yet generating good returns. Thus, given similar
returns, the fund with a higher sharpe ratio offers a better avenue for investing. The
ratio is calculated as:

Sharpe ratio = (Average return- risk free rate)/ standard deviation

Portfolio turnover ratio

Portfolio turnover is a measure of a fund's trading activity and is calculated by
dividing the lesser of purchases or sales (excluding securities with maturities of less
than one year) by the average monthly net assets of the fund. Turnover is simply a
measure of the percentage of portfolio value that has been transacted, not an
indication of the percentage of a fund's holdings that have been changed. Portfolio
turnover is the purchase and sale of securities in a fund's portfolio. A ratio of 100%,
then, means the fund has bought and sold all its positions within the last year.
Turnover is important when investing in any mutual fund, since the amount of
turnover affects the fees and costs within the mutual fund.

Total Expenses Ratio

A measure of the total costs associated with managing and operating an investment
fund such as a mutual fund. These costs consist primarily of management fees and
additional expenses such as trading fees, legal fees, auditor fees and other operational
expenses. The total cost of the fund is divided by the fund's total assets to arrive at a
percentage amount, which represents the TER:
Total Expense Ratio = (Total fund Costs/ Total fund Assets)






54 | P a g e













RESEARCH
REPORT
















55 | P a g e
REVIEW OF LITERATURE

This chapter devoted to the review of literature available on the topic under study.
The selection of the topic for the study has been undertaken after a brief review of
literature available on the subject. The purpose of referring the research paper,
project reports, articles and working paper was also to derive supporting evidence
for some of the finding of the study. An attempt was made to refer some of the
national as well as international journals and project reports. A few names may be
mentioned here in:
World development report
Journal of financial performance
The intelligent investors, Mumbai
Chartered accountant, ICAI, New Delhi
Chartered secretary, ICAI, New Delhi
Vikalpa, The journal for decision makers, IIM, Ahmedabad
Management review, IIM, Bangalore

In literature various researchers have used profitability and growth as
measurement of performance. Profitability has been used as measure of
performance by Gort (1962), Rumelt (1974), McDougal and Round (1984), Paul
(1985-86), Sambharya (19950, Tallman and Li (1996), Faejoun (1998).
One of the financial indicators that give the utmost satisfaction to the investors is
return that is generated by their investment but at the same time they are worried
about the risk that is associated with their investment. Hence, it turns out to be very
significant and vital for the financial managers to analysis and identified the risk and
return associated with the investment.
According to Erich L. Kohlar It is a general term applied to a part or to all of the
conduct of activities of an organization over a period of time; often with
reference to Past or Projected costs efficiency management responsibility or
accountability or the like.

56 | P a g e
OBJECTIVE OF RESEARCH

The main objective of this project is concerned with getting the opinion of people
regarding mutual funds and what they feel about availing the services of financial
advisors.
I have tried to explore the general opinion about mutual funds. It also covers why/
why not investors are availing the services of financial advisors.
Along with it a brief introduction to Indias largest financial intermediary, BIRLA
has been given and it is shown that how they operate in mutual fund department

SCOPE OF THE STUDY

The research was carried on in the Eastern Region of India. It is restricted to
Kolkata where it has got 11 branch offices and 3 franchisees. I have visited people
randomly nearby my locality, different shopping malls, small retailers etc.

DATA SOURCES

Research is totally based on primary data. Secondary data can be used only for the
reference. Research has been done by primary data collection, and primary data
has been collected by interacting with various people. The secondary data has
been collected through various journals and websites and some special
publications of BIRLA.

SAMPLING

i. Sampling Procedure
The sample is selected in a random way, irrespective of them being investor or not
or availing the services or not. It was collected through mails and personal visits
to the known persons, by formal and informal talks and through filling up the
57 | P a g e
questionnaire prepared. The data has been analyzed by using the measures of
central tendencies like mean, median, mode. The group has been selected and the
analysis has been done on the basis statistical tools available.

ii. Sample Size
The sample size of my project is limited to 200 only. Out of which only 135
people attempted all the questions. Other 65 not investing in MFs attempted only
2 questions.

iii. Sample Design
Data has been presented with the help of bar graph, pie charts, line graphs etc.

LIMITATION

Time limitation.
Research has been done only at Rajkot.
Some of the persons were not so responsive.
Possibility of error in data collection.

Possibility of error in analysis of data due to small sample size.









58 | P a g e
DATA ANALYSIS


1. Have you ever invested/ interested to invest in Mutual funds?




YES 135
NO 65
















67%
33%
YES
NO
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2. What is the most important reason for not investing in mutual
funds? (only for above 65 participants)



Lack of knowledge about mutual funds 25
Enjoys investing in other options 10
Its benefits are not enough to drive you
for investment
18
No trust over the fund managers 12












25
10
18
12
lack of knowledge
enjoys investing in their own
benefitnot enough
no trust
Series3
60 | P a g e

3. Where do you find yourself as a mutual fund investor?



Totally ignorant 28
Partial knowledge of MFs 37
Aware of only scheme in which
invested
46
Good knowledge of MFs 24














Totally
ignorant
21%
partial
knowledge
27%
aware of only
invested
scheme
34%
good
knowledge
18%
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4. Where from you purchases mutual funds?




Directly from the AMCs 33
Brokers only ( large intermediaries) 28
Broker/ sub-brokers 59
Other sources 15












33
28
59
15
AMCs Brokers Brokers/ sub
brokers
others
62 | P a g e

5. Which feature of the mutual funds allure you most?


Diversification
42
Professional management
29
Reduction in risk and transaction cost
34
Helps in achieving long term goal
30













42
29
34
30
Diversification
Professional management
Reduction in risk and transaction
cost
Helps in achieving long term goal
Series1
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6. According to you which is the most suitable stage to invest in
mutual funds?



Young unmarried stage 55
Young Married with children stage 32
Married with older children stage 21
Pre retirement stage 27













41%
24%
15%
20%
Young unmarried
stage
Young Married with
children stage
Married with older
children stage
Pre retirement stage
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7. Are you availing the services of personal financial advisors?






Yes 87
No 48
















64%
36%
Number Of Person
yes
no
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8. Which expertise of the personal financial advisor is
demanded most?



Portfolio review & investment
recommendation
43
Planning to achieve specific financial
goals
35
Managing assets in retirement 30
Access to specialists in areas such as tax
planning
27















43
35
30
27
Portfolio review & investment
recommendation
Planning to achieve specific
financial goals
Managing assets in retirement
Access to specialists in areas such
as tax planning
Series1
66 | P a g e

9. What is the major reason for using financial advisors?




Want help with asset allocation 42
Dont have enough time to make
own decision
23
To explain various investment
options
37
Want to have surety about
financial goals
33













42
23
37
33
Want help with
asset allocation
Dont have
enough time to
make own
decision
To explain
various
investment
options
Want to have
surety about
financial goals
Series1
67 | P a g e


10. What is the major reason for not using financial advisor?



Have access to all resources
needed
18
Believe advisors are too expensive 53
Unsure how to find a trustworthy
advisor
21
Want to be in control of own
investments
43










18
53
21
43
Have access to all resources needed
Believe advisors are too expensive
Unsure how to find a trustworthy
advisor
Want to be in control of own
investments
Series1
68 | P a g e
HYPOTHESIS TESTING

Following table shows the number as well as percentages of people who are availing
the service of personal Financial Advisor for invent in mutual fund. 64.44% of the
people are availing the service of personal Financial Advisor for invent in mutual
fund and rest of 35.56% people not availing the service of personal Financial Advisor
for invent in mutual fund.

Particular Frequency Percent Valid % Cumulative %
Yes 87 64.44 64.44 64.44
No 48 35.56 35.56 100.00
Total 135 100.00 100.00 100.00

Ho: 60% People availing the service of personal Financial Advisor for invent in
mutual fund.
pHO=0.60

H1: 40% people availing the service of personal Financial Advisor for invent in
mutual fund.
qHO =0.40

pHO: Hypothesized value of population proportion of success.
qHO: Hypothesized value of population proportion of failure.

It is one tailed
Sample size (n) = 135

p = 0.6444
q = 0.3555
Significance level = 0.05
69 | P a g e

p
=


n

p
=
135

p
= 0.0422

Z = p q

p
Z = 0.6444 0.6000
0.0422



= 1.0521

For = 0.05, Z = 1.96


The calculated Z value falls in acceptance area.
So, Accept null hypothesis and reject alternative.i.e. 60% People availing the service
of personal Financial Advisor for invent in mutual fund.
70 | P a g e
RESEARCH FINDINGS AND CONCLUSIONS

At the survey conducted upon 200 people, 135 are already mutual fund investors
or are interested to invest in future and the remaining 65 are not interested in it.
So there is enough scope for the advisors to convert those 65 participants into
investors through their convincing power and great communication skills.

Now, when those 65 people were asked about the reason of not investing in
mutual funds, then most of the people held their ignorance responsible for that.
They lacked knowledge and information about the mutual funds. Whereas just 10
people enjoyed investing in other option. For 18 people, the benefits arousing
from these investments were not enough to drive them for investment in MFs and
12 people expressed no trust over the fund managers decision. Again the
financial advisors can tap upon these people by educating them about mutual
funds.


Out of the 135 persons who already have invested in mutual funds/ are interested
to invest, only 18% have sound knowledge of MFs, 34% people are aware of only
the schemes in which they have invested. 27% possess partial knowledge whereas
21% stands nowhere in knowledge about MFs.

33 participants buy forms directly from the AMCs, 28 from brokers only, 55 from
brokers and sub-brokers even then 15 people buy from other sources. The brokers
and sub brokers have the maximum reach so they should try to make those
investors aware f the happenings, even the AMCs should follow it.


When asked about the most alluring feature of MFs, most of them opted for
diversification, followed by reduction in risk, helps in achieving long term goals
and helps in achieving long term goals respectively.

71 | P a g e
Most of the investor preferred to invest at a young unmarried stage. Even 32
persons were ready to invest at a stage of young married with children but person
with older children avoid investing due to increased expenses. But again the
number rose to 27 at pre-retirement stage.

Out of them 87 were already availing the services of financial advisors whereas 48
didnt. When asked about the expertise of financial advisors which they liked
most? 43 of them favored portfolio review and investment recommendation,
followed by planning to achieve long term goals, managing assets in retirement
and access to specialists in area such as tax planning.


42 participants regarded asset allocation as the major reason for going for
financial advisors. 37 of them needed them to explain them the various investment
options available.33 of them wanted to make sure that they were saving enough to
meet their financial goals. While just 23 gave the reason- lack of time.

When asked about one reason for not availing the services of financial advisors,
about 53 of them pointed the advisors as expensive. 43 of them wished to be in
control of their own assets.21 of them said that they find it difficult to get
trustworthy advisors. Whereas 18 of them said they have access to all the
necessary resources required.








72 | P a g e
RECOMMENDATIONS

The most vital problem spotted is of ignorance. Investors should be made aware of
the benefits. Nobody will invest until and unless he is fully convinced. Investors
should be made to realize that ignorance is no longer bliss and what they are
losing by not investing.

Mutual funds offer a lot of benefit which no other single option could offer. But
most of the people are not even aware of what actually a mutual fund is? They
only see it as just another investment option. So the advisors should try to change
their mindsets. The advisors should target for more and more young investors.
Young investors as well as persons at the height of their career would like to go
for advisors due to lack of expertise and time.

The advisors may try to highlight some of the value added benefits of MFs such as
tax benefit, rupee cost averaging, and systematic transfer plan, rebalancing etc.
these benefits are not offered by other options singlehandedly. So these are
enough to drive the investors towards mutual funds. Investors could also try to
increase the spectrum of services offered.

Now the most important reason for not availing the services of advisors was
spotted was being expensive. The advisors should try to charge a nominal fee at
the beginning. But if not possible then they could go for offering more services
and benefits at the existing rate. They should also maintain their decency and
follow the code of ethics so that the investors could trust upon them. Thus the
advisors should try to attract more and more persons and turn them into investors
and finally their clients.





73 | P a g e
QUESTIONNAIRE


1) Are you interested to invest in mutual funds?
Yes [ ] No [ ] (please attempt the next question)


2) What is the most important reason for not investing in mutual funds?

Lack of knowledge about mutual funds [ ]

Enjoys investing in other options [ ]

Its benefits are not enough to drive you for investment [ ]

No trust over the fund managers [ ]


3) Where did you find yourself as a mutual fund investor?

Totally ignorant [ ]

Partial knowledge of mutual funds [ ]

Aware only of any specific scheme in which you invested [ ]

Fully aware [ ]


4) From where you purchase mutual funds?

Directly from the AMCs [ ]

Brokers only [ ]

Brokers/ sub-brokers [ ]

Other sources [ ]




74 | P a g e

5) Which feature of the mutual funds attracts you most?

Diversification [ ]

Professional management [ ]

Reduction in risk and transaction cost [ ]

Helps in achieving long term goals [ ]


6) According to you which are the most suitable stage to invest in mutual
funds?

Young unmarried stage [
]

Young Married with children stage [ ]

Married with older children stage [ ]

Pre-retirement stage [ ]


7) Are you availing the services of personal financial advisors?

Yes [ ] No [ ]


8) Which expertise of the personal financial advisor is demanded most?

Portfolio review & investment recommendation [ ]

Planning to achieve specific financial goals [ ]

Managing assets in retirement [ ]

Access to specialist in areas such as tax planning [ ]




75 | P a g e

9) What is the major reason for using financial advisors?

Want help with asset allocation [ ]

Dont have time to make my own investment decision [ ]

To explain various investment options [ ]

Want to make sure I am investing enough to meet my financial goals [ ]


10) What is the major reason for not using financial advisor?

Have access to all resources needed to invest on own [ ]

Believe advisors are too expensive [ ]

Unsure how to find a trustworthy advisor [ ]

Want to be in control of own investment [ ]




Thank you So much for your response.










76 | P a g e
GLOSSARY OF SOME CONCEPTS
AMC
The AMC is the corporate entity, which markets and manager and manages a mutual
fund scheme and in return receives a management fee from the fund corpus. SEBI
specifies that an AMC must be separate entity the trust that manages it.
NAV
It is the value of unit of a Mutual Fund scheme and represents its true worth. NAV is
arrived at by dividing total value of all investment made under the scheme by number
of units of the scheme. NAV is critical yardstick of the funds performance.
UNITS
Units in a mutual fund scheme are similar to shares of a joint company. These are
always in denominations of Rs. 10 each the sum total of all the units constitutes
corpus of mutual fund.
SPONSORS
Sponsor of a mutual fund are those who establish the mutual fund trust and the AMC
they constitute the shareholders of the AMC and receive dividends on profits made by
the AMC. SEBI rules stipulate that mutual fund trust as well as the AMC must
maintain an arms length relationship with the sponsors to avoid any conflict to
interests, which may affect the unit holders.
INCOME FUND
These Funds invest largely in fixed income securities like bonds and debentures. Such
funds earn returns more regularly than a growth fund but level of returns over longer
periods normally lag behind those offered by growth funds while returns in such
funds may be regular, their scale may fluctuate depending upon the prevalent interest
rates and credit quality of the debt securities.
GROWTH FUNDS
Growth funds predominantly invest in stock market securities and carry risks larger
than income funds. Since stock markets travel through a natural cycle of boom and
77 | P a g e
bursts one should normally stay invested inequity funds for a longer times to earn
higher returns.
Equity funds may earn higher but they also carry larger risks. For risk taking investor
equity are best suited.
BALANCED FUNDS
A balanced fund is the mixture of income fund and growth fund invested partly in
equity to achieve a trade-of between risk and return.
CLOSE ENDED
In a close-ended fund an investor is allowed to subscribe only during the period of the
initial offer. Close-ended funds mature after a specified period.
OPEN ENDED FUNDS
Those funds in which investor can invest & withdraw whenever they wish, after the
close of initial offer. Withdrawals are allowed at NAV minus a back end load.
LOCK IN PERIOD
Time period during which investor can neither redeem nor they transfer their holdings
to others. Lock in period is imposed to allow fund manager to deploy money for an
adequate period of time to earn a reasonable return premature withdrawals may
destabilize the fund & are not beneficial to the interests of investors.
MANAGEMENT FEES
An AMC that mangers & markets a mutual fund scheme is entitled to a management
fee@ 1% to 25% of the total funds managed, it could be charged to the scheme
irrespective of the performance of the scheme.
REDEMPTION
Disbursement of unit capital on the maturity of that particular scheme to all its
existing unit holders.
MARKET PRICE
The price at which units of mutual funds are quoted in stock exchange where they are
listed.
78 | P a g e
REGISTRAR
Organization appointed by an AMC to the schemes it is registered, monitored, and
regulated by SEBI, it provides required services like system capabilities back up,
accepts and processes investors applications in informs AMC about amounts
received/disbursed for subscription/ purchase/ redemption it also handles
communications with investors, perform data entry services and dispatches account
statements.
CUSTODAIN
Banking organization that keeps in safe custody all the securities & other instruments
belonging to the fund to insure smooth inflow & outflow of securities. It is also
approved regulated and registered with SEBI.
EXIT LOAD
Value of deduction from NAV on the date when one choose to withdraw from a fund,
load is imposed because withdrawals carry transaction cost to AMC it can not be
more than 6% of NAV of corpus as prescribed by SEBI many schemes offer
redemption facility without exit load.
ENTRY LOAD
Charge paid by unit holder when he invests an amount in the scheme. Mutual funds
incur many expenses during an issue, which are charged to the scheme. Such load is
called entry load.
LIQUIDITY
Ability of investors to change its unit into cash within minimum time as and when he
needs money.
TRANSPARENCY
Basic feature of mutual funds is transparency, their functioning is very efficient, well
monitored & transparent working of AMC is regulated by SEBI it is audited weekly,
it has to work under strict guidelines issued by SEBI, and its NAV is calculated and
published daily so that there is no chance of any default in the working of Mutual
Funds.

79 | P a g e
CONCLUSION

Every person does not have all skills. Some are good at someplace but fail at another
place. So we do work in area where we have core competence.

The Mutual Fund has great scope but it still not as much famous as Stock Market. The
people dont know how to invest in it and what is the benefit from it.

So, the work of financial advisor is too aware the client for the different schemes of
mutual fund for they work. Without the financial advisor the investor cannot easily
convince to invest in mutual fund. Financial advisor are the backbone of the Mutual
Fund Organization in this competition time.

I also conclude that from this SIP I learn so many things like Self-discipline,
Leadership Quality, regularity at work, innovation on consistent basis, how to survive
in competition, etc.

This SIP gives me great platform for applying my theoretical knowledge which I
learned in 1
st
year of MBA.

At last I say that this SIP is very important for the current as well as future carrier
prospective.
















80 | P a g e
BIBLIOGRAPHY


Websites
www.the-finapolis.com
www.Birla mutualfund.com
www.mutualfundsindia.com
www.valueresearchonline.com
www.moneycontrol.com
www.morningstar.com
www.yahoofinance.com
www.theeconomictimes.com
www.rediffmoney.com
www.bseindia.com
www.nseindia.com
www.investopedia.com

Journals & Other References

The Economic Times
Business Standard
The Telegraph
Business India
Fact sheet and statements of various fund houses.