A Comparative Analysis of The Various Savings and Investment Avenues With Special Reference To Mutual Fund

2009
ON
A REPORT
“A COMPARATIVE ANALYSIS OF
THE VARIOUS SAVINGS AND
INVESTMENT AVENUES WITH SPECIAL REFERENCE TO
MUTUAL FUND”
(New Imperatives for the intelligent investor)
Company guide
Mr. Rishi Khandal
(Sales Manager)
Submitted To
Ms. Radhika Suri
(Faculty guide)
Submitted By
Sandeep Gupta
MBA 2008-10
1
PREFACE
2
As an integral part as curriculum all MBA a participant are required to undergo a practical
training also known as Summer Internship, in any industry for six to eight week’s period.
The main objective of this training is to supplement theoretical knowledge with exposure to
practical operator of an organization or industries. Candidate take much help from this
training when he get the job after completed the curriculum in this training candidates get the
better opportunity to in meet the customer , corporate client directly by which candidate gain
more & more information about the market. By this practical experience candidate confident
level is improved. Consequently we can say this training provide better understanding of all
functional areas of management skills.
It is great pleasure for me to present this project report prepared by myself between 25.05.09
to 25.07.09.This project I has been written according to my eight weeks summer training,
certified by ICICI PRU AMC.
Marketing as we all know is, promoting and selling our product in the new as well as old
markets. In the project I have done a market survey for doing a “A comparative analysis of
the various Savings and Investment Avenues with special reference to mutual fund”.
It has been a sincere effort of mine to prepare this project report. I hope that this project
report will help the management to take important decisions
3
Acknowledgement
Sometimes words fall short to show gratitude, the same happened with me during this
project. The immense help and support received from ICICI PRUDENTIAL AMC
overwhelmed me during the project.
First and foremost I would like to express mu gratitude to Mr. Rishi Khandal (SM), and
other staffs of ICICI PRUDENTIAL AMC for their support and guidance in the Project
work.
I extend my sincere gratitude to the all persons of ICICI Bank, Shreeji tower where I have
completed my research work.
My sincere gratitude to Dr. Sheela Srivastava (CRC, AUR), for providing me with an
opportunity to work with ICICI GROUP.
I am highly indebted to Ms. Radhika Suri (Faculty Guide), who has provided me with the
necessary information and his valuable suggestion and comments on bringing out this report
in the best possible way.
Last but not the least; my heartfelt love for my parents, whose constant support and blessings
helped me throughout this project.
4
DECLARATION
I hereby declare that this Project Report entitled “A comparative analysis of the various
Savings and Investment Avenues with special reference to mutual fund” in ICICI PRU
Mutual Fund submitted in the partial fulfillment of the requirement of Master of Business
Administration (MBA) of AMITY BUSINESS SCHOOL, JAIPUR is based on primary &
secondary data found by me in various departments, books, magazines and websites &
Collected by me in under guidance of Mr. Rishi Khandal (SM, ICICI PRUDENTIAL
AMC).
DATE: SANDEEP GUPTA

MBA (2008-10)
Enrollment No. - A20001908127
5
TABLE OF CONTENT
S.no Title Page

No.
1. Executive Summary 1-2
2. Objectives of the Project 3
3. Industry Profile 4-5
4. Company Profile 6-16
5. Introduction 17-53
➢ Introduction of mutual fund 17-25
➢ Introduction of ICICI PRUDENTIAL 26-32
product 33-35
➢ S.W.O.T Analysis of ICICI PRUDENTIAL 36-39
➢ Financial planning 40-51
➢ Investment planning 52-53
➢ Equity Market Snapshot

Recommendation for ICICI Pru. Mutual 54-57
6.
Funds
7. Methodology of study 58-70
8. Interpretation and analysis of
71-72
findings
73
9. Conclusion
6
10. Limitations 74
11. Recommendations 75
12. Appendices 76-82
13. Bibliography 83
ABBREVATIONS
ABBREVATI EXPANDED FORMS

ONS
BSE BOMBAY STOCK EXCHANGE

CAMS COMPUTER
SERVICES AGE MANAGEMENT
GDP GROSS DOMESTIC PRODUCT
IIP INDEX OF INDUSTRIAL PRODUCTION
MMMF MONEY MARKET MUTUAL FUND
MSCI MORGAN
INTERNATIONALSTANLY CAPITAL
NAV NET ASSET VALUE
PSU PUBLIC SECTOR UNIT
PPF PUBLIC POVIDENT FUND
SEBI SECURITY EXCHANGE BOARD OF
INDIA
UPA UNITED PROGRESSIVE ALLIANCE
7
EXECUTIVE SUMMARY
In few years Mutual Fund has emerged as a tool for ensuring one’s financial well
being. Mutual Funds have not only contributed to the India growth story but have also
helped families tap into the success of Indian Industry. As information and awareness
is rising more and more people are enjoying the benefits of investing in mutual funds.
The main reason the number of retail mutual fund investors remains small is that nine
in ten people with incomes in India do not know that mutual funds exist. But once
people are aware of mutual fund investment opportunities, the number who decide to
invest in mutual funds increases to as many as one in five people.
The trick for converting a person with no knowledge of mutual funds to a new Mutual
Fund customer is to understand which of the potential investors are more likely to buy
mutual funds and to use the right arguments in the sales process that customers will
accept as important and relevant to their decision.
This Project gave me a great learning experience and at the same time it gave me
enough scope to implement my analytical ability. The analysis and advice presented in
this Project Report is based on market research on the saving and investment practices
of the investors and preferences of the investors for investment in Mutual Funds.
8
This Report will help to know about the investors’ Preferences in Mutual Fund in India
means Are they prefer any particular Asset Management Company (AMC), Which
type of Product they prefer, Which Option (Growth or Dividend) they prefer or Which
Investment Strategy they follow (Systematic Investment Plan or One time Plan). This
Project as a whole can be divided into two parts.
The first part gives an insight about Mutual Fund and its various aspects, the Company
Profile, Objectives of the study, Research Methodology. One can have a brief
knowledge about Mutual Fund and its basics through the Project.
The second part of the Project consists of data and its analysis collected through survey
having a sample size of 200 people. For the collection of Primary data I made a
Questionnaire and surveyed of 200 people. I also taken interview of many People those
who were coming at the ICICI Bank’s Branch where I done my Project.
During the SIP, emphasis is laid on understanding the products and strategies of ICICI
Prudential to know why people prefer to invest in those Products. This Project covers
the topic “Analysis of the various Savings and Investment Avenues with special
reference to mutual fund.” The data collected has been well organized and presented.
All it is done keeping in mind that it information generated will assist the different
level of management in different ways.
9
OBJECTIVE:
The marketing research is systematic and objective identification, collection, analysis,

dissemination, and use information for the purpose of assisting management in decision
making related to the identification and solution of problem and opportunities in marketing.
In order to survive in today’s competitive world one should monitor the internal and external
environment strategically.
The first and most objective of our fundamental exploratory study is to make generalization
of consumers buying behavior towards the invest of money and then to measure the extent of
brand loyalty, altogether with knowing what other marketing mix variable affect buyers
decision regarding the investment in different financial products. The study of consumer
behavior is the most important factor for marketing of any goods and services. The consumer
behavior suggest how individual, groups and organization select, buy, use and dispose of
goods, services, ideas or experience to satisfy their needs and wants.
1. To learn about the various investment opportunity available in the market for
different kind of investors.
10
2. To know individual investment pattern in relation to different demographic and
psychographic factors.
3. To gain insight about how investor invest, and what factors stimulate him to
invest in different Mutual Funds.
4. To know the significant promotion mix that plays role in particular market.
5. To test the brand loyalty among different gender of different age in today’s highly
competitive market.
6. To know the various marketing mix that influence the customer behavior
including place and product mix.
INDUSTRY PROFILE
HISTORY OF THE MUTUAL FUND INDUSTRY IN INDIA
The mutual fund industry in India started in 1963 with the formation of Unit Trust of India,
at the initiative of the Government of India and Reserve Bank. Though the growth was
slow, but it accelerated from the year 1987 when non-UTI players entered the Industry.
In the past decade, Indian mutual fund industry had seen a dramatic improvement, both
qualities wise as well as quantity wise. Before, the monopoly of the market had seen an
ending phase; the Assets Under Management (AUM) was Rs67 billion. The private sector
entry to the fund family raised the Aum to Rs. 470 billion in March 1993 and April 2004; it
reached the height Rs. 1540 billion.
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The Mutual Fund Industry is obviously growing at a tremendous space with the mutual fund
industry can be broadly put into four phases according to the development of the sector.
Each phase is briefly described as under.
First Phase – 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament by the Reserve
Bank of India and functioned under the Regulatory and administrative control of the
Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial
Development Bank of India (IDBI) took over the regulatory and administrative control in
place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988
UTI had Rs.6,700 crores of assets under management.
Second Phase – 1987-1993 (Entry of Public Sector Funds)

1987 marked the entry of non- UTI, public sector mutual funds set up by public sector
banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of
India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987
followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89),
Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund
(Oct 92). LIC established its mutual fund in June 1989 while GIC had set up its mutual fund
in December 1990.At the end of 1993, the mutual fund industry had assets under
management of Rs.47,004 crores.
Third Phase – 1993-2003 (Entry of Private Sector Funds)

1993 was the year in which the first Mutual Fund Regulations came into being, under which
all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari
Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund
registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and
revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI
12
(Mutual Fund) Regulations 1996. As at the end of January 2003, there were 33 mutual funds
with total assets of Rs. 1,21,805 crores.
Fourth Phase – February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was
bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of
India with assets under management of Rs.29,835 crores as at the end of January 2003,
representing broadly, the assets of US 64 scheme, assured return and certain other schemes
The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual Fund Regulations. consolidation and
growth. As at the end of September, 2004, there were 29 funds, which manage assets of
Rs.153108 crores under 421 schemes.
COMPANY PROFILE
INTRODUCTION OF ICICI GROUP :
13
HISTORY OF ICICI GROUP
14
1955 The Industrial Credit and Investment Corporation of India Limited (ICICI) was
incorporated at the initiative of World Bank, the Government of India and representatives of
Indian industry, with the objective of creating a development financial institution for
providing medium-term and long-term project financing to Indian businesses.
 1994 ICICI established Banking Corporation as a banking subsidiary. Formerly Industrial
Credit and Investment Corporation of India. Later, ICICI Banking Corporation was
renamed as 'ICICI Bank Limited'. ICICI founded a separate legal entity, ICICI Bank, to
undertake normal banking operations - taking deposits, credit cards, car loans etc.
 2001 ICICI acquired Bank of Madura (est. 1943). Bank of Madura was a Chettiar bank,
and had acquired Chettinad Mercantile Bank (est. 1933) and Illanji Bank (established
1904) in the 1960s.
 2002 The Boards of Directors of ICICI and ICICI Bank approved the reverse merger of
ICICI, ICICI Personal Financial Services Limited and ICICI Capital Services Limited,
into ICICI Bank. After receiving all necessary regulatory approvals, ICICI integrated the
group's financing and banking operations, both wholesale and retail, into a single entity.
 Also in 2002, ICICI Bank bought the Shimla and Darjeeling branches that Standard
Chartered Bank had inherited when it acquired Grindlays Bank.
 ICICI started its international expansion by opening representative offices in New York
and London.
 2003 ICICI opened subsidiaries in Canada and the United Kingdom (UK), and in the UK
it established an alliance with Lloyds TSB.
 It also opened an Offshore Banking Unit (OBU) in Singapore and representative offices
in Dubai and Shanghai.
15
 2004 ICICI opens a rep office in Bangladesh to tap the extensive trade between that
country, India and South Africa.
 2005 ICICI acquired Investitsionno-Kreditny Bank (IKB), a Russia bank with about
US$4mn in assets, head office in Balabanovo in the Kaluga region, and with a branch in
Moscow. ICICI renamed the bank ICICI Bank Eurasia.
 Also, ICICI established a branch in Dubai International Financial Centre and in Hong
Kong.
 2006 ICICI Bank UK opened a branch in Antwerp, in Belgium. ICICI opened
representative offices in Bangkok, Jakarta, and Kuala Lumpur.
 2007 ICICI amalgamated Sangli Bank, which was headquartered in Sangli, in
Maharashtra State, and which had 158 branches in Maharashtra and another 31 in
Karnataka State. Sangli Bank had been founded in 1916 and was particularly strong in
rural areas.
• ICICI also received permission from the government of Qatar to open a
branch in Doha.
• ICICI Bank Eurasia opened a second branch, this time in St. Petersburg.
 2008 The US Federal Reserve permitted ICICI to convert its representative office in New
York into a branch.
 ICICI also established a branch in Frankfurt.
 ICICI Banks has exposure to Subhiksha Trading Ltd which is facing Credit
Crunch.
OVERVIEW OF ICICI GROUP

ICICI Group 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 group
companies, subsidiaries and affiliates in the areas of personal banking, investment banking,
16
life and general insurance, venture capital and asset management. With a strong customer
focus, the ICICI Group Companies have maintained and enhanced their leadership position
in their respective sectors.
ICICI Bank is India's second-largest bank with total assets of Rs. 3,793.01 billion (US$
75 billion) at March 31, 2009 and profit after tax Rs. 37.58 billion for the year ended March
31, 2009. The Bank has a network of 1,451 branches and about 4,721 ATMs in India and
presence in 18countries.
ICICI Prudential Life Insurance Company is a 74:26 joint venture with

Prudential plc (UK). It is the largest private sector life insurance company offering a
comprehensive suite of life, health and pensions products. It is also the pioneer in launching
innovative health care products like Diabetes Care Active and health Saver.The company
operates on a multi-channel platform and has a distribution strength of over 2,76,000
financial advisors operating from more than 2000 branches spread across 1800 locations
across the country. In addition to the agency force, it also has tie-ups with various banks,
corporate agents and brokers. In fiscal 2009, ICICI Prudential attained a market share of
10.9% based on retail weighted premium and garnered a total premium of Rs 153.56 billion
registering a growth of 13% and held assets of Rs. 327.88 billion as on March 31, 2009.
ICICI Lombard General Insurance Company, a joint venture with the

Canada based Fairfax Financial Holdings, is the largest private sector general insurance
company. It has a comprehensive product portfolio catering to all corporate and retail
insurance needs and is present in over 300 locations across the country. ICICI Lombard
General Insurance has achieved a market share of 27.2% among private sector general
insurance companies and an overall market share of 11.2% during fiscal 2009. The gross
return premium grew by 2.2% from Rs. 33.45 billion in fiscal 2008 to 34.20 billion in fiscal
2009.
17
ICICI Securities Ltd is the largest equity house in the country providing end-to-
end solutions (including web-based services) through the largest non-banking distribution
channel so as to fulfill all the diverse needs of retail and corporate customers. ICICI
Securities (I-Sec) has a dominant position in its core segments of its operations - Corporate
Finance including Equity Capital Markets Advisory Services, Institutional Equities, Retail
and Financial Product Distribution.
ICICI Securities Primary Dealership Limited is the largest Primary Dealer in

Government Securities. It is an acknowledged leader in the Indian fixed income and money
markets, with a strong franchise across the spectrum of interest rate products and services -
institutional sales and trading, resource mobilization, portfolio management services and
research. One of the first entities to be granted Primary Dealership license by RBI, I-Sec PD
has made pioneering contributions since inception to debt market development in India. I-
Sec PD is also credited with pioneering debt market research in India. I-Sec PD has been
recognized as the 'Best Domestic Bond House in India' by Asia money every year from 2002
to 2007 and selected as 'Best Bond House' by Financeasia.com for the years - 2001, 2004 to
2007 and 2009."
ICICI Prudential Asset Management is the third largest mutual fund with
average asset under management of Rs. 514.33 billion and a market share of 10.43% as on
March 31, 2009. The Company manages a comprehensive range of mutual fund schemes and
portfolio management services to meet the varying investment needs of its investor’s
through162 branches and 185 CAMS official point of transaction acceptance spread across
the country.
ICICI Venture is one of the largest and most successful private equity firms in India
with funds under management in excess of USD 2 billion. ICICI Venture, over the years has
built an enviable portfolio of companies across sectors including Life Sciences, Information
18
Technology, Media, Manufacturing, Retail, Financial Services, and Real Estate thereby
building sustainable value. It has several “firsts” to its credit in the Indian Private Equity
industry. Amongst them are India’s first leveraged buyout (Info media), the first real estate
investment (Cyber Gateway), the first mezzanine financing for a acquisition (Arch
Pharmalabs), the first ‘royalty-based’ structured deal in Pharma Research & Development
(Dr Reddy’s Laboratories - JV) and the first fund level secondary transaction (Coller
Capital).
TOP MANAGEMENT
19
Chanda Kochhar
Managing Director and Chief Executive
Officer
Sandeep Bakhshi N.S. Kannan

Deputy Managing Director Executive Director & CFO
So
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Ch Ra
att mk
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ar
20
Ex Ex
ec ec
uti uti
ve ve
Dir Dir
ect ect
or or
Board Members
Mr. K. V. Kamath, Chairman

Mr. Sridar Iyengar
Mr. Lakshmi N. Mittal
Mr. Narendra Murkumbi
Dr. Anup K. Pujari
Mr. Anupam Puri
Mr. M.S. Ramachandran
Mr. M.K. Sharma
Mr. P.M. Sinha
Prof. Marti G. Subrahmanyam
Mr. T.S. Vijayan
Mr. V. Prem Watsa
Ms. Chanda Kochhar, Managing Director & CEO
Mr. Sandeep Bakhshi, Deputy Managing Director*
Mr. N. S. Kannan, Executive Director & CFO*
Mr. K. Ramkumar, Executive Director*

Mr. Sonjoy Chatterjee, Executive Director
21
22
Board Committees
Board Governance & Remuneration

Audit Committee Committee
Mr. Sridar Iyengar, Chairman Mr. M. K. Sharma, Chairman

Mr. M. K. Sharma, Alternate Chairman Mr. K. V. Kamath
Mr. Narendra Murkumbi Mr. Anupam Puri
Mr. P. M. Sinha
Prof. Marti G. Subrahmanyam
Customer Service Committee Credit Committee

Mr. Narendra Murkumbi
Mr. Narendra Murkumbi Mr. M .K. Sharma
Mr. M.K. Sharma Mr. P. M. Sinha
Mr. P.M. Sinha Ms. Chanda Kochhar
Ms. Chanda Kochhar
Fraud Monitoring Committee Risk Committee
Mr. M. K. Sharma, Chairman Mr. K. V. Kamath, Chairman

Mr. K. V. Kamath Mr. Sridar Iyengar
Mr. Narendra Murkumbi Prof. Marti G. Subrahmanyam
Ms. Chanda Kochhar Mr. V. Prem Watsa
Mr. Sandeep Bakhshi Ms. Chanda Kochhar
Share Transfer & Shareholders'/

Committee of Directors
Investors' Grievance Committee
Mr. M. K. Sharma, Chairman Ms. Chanda Kochhar, Chairperson

Mr. Narendra Murkumbi Mr. Sandeep Bakhshi
Mr. N. S. Kannan Mr. N. S. Kannan
Mr. K. Ramkumar
Mr. Sonjoy Chatterjee
23
Private
Type
BSE & NSE:ICICI, NYSE: IBN
1955 (as Industrial Credit and Investment Corporation

Founded
of India)
ICICI Bank Ltd.,

ICICI Bank Towers,
Headquarters Bandra Kurla,
Mumbai, India
K.V. Kamath, Chanda Kochhar, V Vaidyanathan,

Key people
Madhabi Puri
Banking
Industry Insurance
Capital Markets and allied industries
Loans, Credit Cards, Savings, Investment vehicles,

Products
Insurance etc.
Revenue ▲ USD 5.79 billion
Rs. Rs. 3793.01 billion (US$ 75 billion) at March 31,

Total assets
2009.
24
Website ICICI Bank
ICICI Prudential Asset Management Company
Corporate Profile:-
ICICI Prudential Asset Management Company enjoys the strong parentage of
Prudential plc, one of UK's largest players in the insurance & fund management sectors and
ICICI Bank, a well-known and trusted name in financial services in India. ICICI Prudential
Asset Management Company, in a span of just over eight years, has forged a position of pre-
eminence in the Indian Mutual Fund industry as one of the largest asset management
companies in the country with average assets under management of Rs. 70,197.43 Crore (as
of Jun 30, 2009). The Company manages a comprehensive range of schemes to meet the
varying investment needs of its investors spread across 230 cities in the country.
At inception - May 1998 As on Jun 30, 2009
25
Average Assets Under
Rs. 160 Crore Rs. 70,197.43 Crore
Management
Number of Funds Managed 2 40
Awards & Recognitions
Asian Banker Leadership Achievement Award for Mr. K.V. Kamath
Padma Bhushan conferred on Mr. K. V. Kamath
Avaya Global Connect Customer Responsiveness Awards 2007
Gold Trusted Brand Awa
26
ICICI Prudential Mutual Fund awarded ‘Most Trusted Mutual Fund
Brand 2009’ by Brand Equity.
INTRODUCTION
1.Concept and Role of Mutual Fund

• A pool of money contributed by many investors and collectively managed by an asset
management company
• Investments made in accordance with stated objectives
• A financial intermediary that allows small investors to participate in the securities
market
• Ownership of the fund is mutual and beneficial
27
• An investor becomes part owner of the fund s assets when he buys into the fund
• The investor is allotted units for the amount subscribed.
The MF Cycle
2. Mutual Fund Structure & Constituents
28
MF Structure in India
A mutual fund has a 3-tier structure
29
30
MF Structure in other countries
Structure in USA
Management Company Similar to AMC
Underwriter for Sales
Management Group Similar to Sponsor
Custodian
Structure in UK
Open Ended - Unit Trusts regulated by Securities and Investment Board
Closed Ended - Investment Trusts like a Company.
MF Constituents in India
31
Trust
-Mutual funds in India constituted as a Public Trust under Indian Trust Act, 1882
-The trust is registered with the Office of Public Trustee
-OPT reports to the Charity Commissioner
-The trust or the fund has no independent legal capacity itself
-Acts in relation to the trusts are taken on its behalf by the trustees
-Treated as a separate entity and a pass through vehicle
-Has its own auditors, separate from the AMC.
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Sponsor
-Promoter of the mutual fund
-Creates a Trust under Indian Trusts Act, 1882 and registers it with Office of Public
Trustee
-Appoints Board of trustees/trustee company
-Creates AMC under Indian Companies Act, 1956
-Fulfills necessary formalities and applies to SEBI for registration of the Trust as a
Mutual Fund.
Sponsor Criteria
-Min 5 years track record in financial services
-Bank, corporate or an FI
-Profit making in at least 3 out of past 5 years, including the previous year
-Positive Net Worth in last 5 years
-At least 40% of the capital of the AMC
-Net worth in the immediately preceding year more than the capital contribution to the AMC.
Trustee
-Appointed by sponsor with SEBI approval
-Have Registered ownership of investments
-Formed either as Board of Trustees or Trustee Company
-Power to appoints all other constituents
-Appoint AMC through the Investment Management Agreement and delegate powers.
Trustee Criteria
33
-Minimum number of trustees is 4
2/3rd should be independent trustees i.e. no connection of profit (what so ever) with the
sponsor
-Meet at least 4 times in a year to review functioning of AMC
-Trustees hold the unit-holders money in fiduciary capacity
-All major decisions need trustee approval
-Right to seek regular information and take remedial action.
AMC
-Required to be registered with SEBI
-Appointed as Investment Manager of the mutual fund
-Appointed by the trustees via an Investment Management Agreement
-Responsible for operational aspects of the mutual fund
-Net Worth of at least Rs.10 crore at all times
-At least 1/2 of the board members must be independent
-Mostly, structured as a private limited company where Sponsor and associates hold
capital
-Quarterly reporting to Trustees.
Other Constituents
Role Restrictions
-Sponsor of a fund cannot be its custodian

-Sponsor of a fund can be a distributor
-Trustee of one mutual fund cannot be trustee of another mutual fund
-Trustee of one fund cannot be AMC of another
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-AMC of one fund cannot be Trustee of another
-AMC cannot have any business interest other than fund advisory.
Valuation of Securities
Equity
-Traded Securities Mark to Market i.e., last quoted closing price on the stock exchange
where it is principally traded
-Thinly Traded Securities Those securities which are traded for less than 5 lacs and less than
50,000 shares Complex valuation method is used if the security is not traded for more than
30 days otherwise last traded price.
Debt
-Traded Securities as quoted in market upto last 15 days
-Thinly Traded Securities those securities (except GoI securities) where there is no trade in
marketable lot of Rs 5 Cr on valuation date -Securities with maturity up to 182 days are
valued on the basis of amortization cost + accrued interest.
Taxation
-Mutual Fund is a pass through vehicle hence not taxed
-Mutual funds are exempt from tax under section 10(23D) of Income Tax
Act, 1961
-Taxation for investor
Dividend
Capital Gain
-Taxation as per Equity fund (at least 65% of assets in domestic equity) or Other than Equity
fund.
Mutual Funds & securities Markets

Equity
35
Market and products
Asset classes
Investment styles
Value indicator
Debt
Market and products

Terminology
Investment styles
Investment restrictions
Equity Portfolio Management

Approaches to Portfolio Management
Passive
Active
Investment Styles
Growth
Value
Securities Research
Fundamental Analysis
Quantitative Analysis
Technical Analysis
Portfolio Management Organization Structure
Fund Managers
Security Analysts & Researchers
Dealers.
Approaches to portfolio management

Active management
36
Aim for Out-performance
Higher fees
Selection and timing
Passive Management
Replicate a chosen Index
Low fees.
Debt Investing
Debt implies lending/loan
Types of debt instruments
Govt. Securities
PSU Bonds
FI Bonds
Corporate Bonds
Debentures
Money Market Securities

Treasury Bills (T-Bills)
Commercial Paper (CP)
Certificate of Deposit (CD).
Debt Classification
Classification of Debt Securities
Tenor long or short
Credit quality
Government Securities/Corporate Securities/FI Bonds
Secured/Unsecured
Market Traded/Non-traded
Interest
37
Periodic or Discounted
Fixed or Floating (Floater)
Call or Put option
.
Investment Policy
Investment policy of each scheme dictated by the scheme s objective
SEBI imposes certain restrictions on mutual funds to ensure investor protection
Minimum 20 investors per scheme
No one to hold more than 25% of the corpus
Record of Investment decisions to ensure transparency.
Investment Restrictions
Invest only in marketable securities
Investment transactions only on delivery basis
Securities have to be bought in the name of the scheme
A mutual fund under all its schemes, cannot hold more than 10% of the
paid-up capital of a company
Equity with voting rights representing 10% of paid-up capital of one
stock.
Investment in Sponsor
No investment in unlisted securities of sponsor or an associate or group
company of the sponsor
No investment in privately placed securities of the sponsor or an associate
Investment in listed securities of the sponsor or associate company permitted
ICICI Prudential Life Insurance
38
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 Life is also the only private life insurer in India to receive a National
Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is
the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations
to customers at the time of maturity or claims.
For the past seven years, ICICI Prudential Life has retained its leadership position in the life
insurance industry with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.
Insurance solution for individuals…..
ICICI Prudential Life Insurance offers a range of innovative, customer-centric

products that meet the needs of customers at every life stage. Its 17 products cab is
enhanced with up to 6 riders, to create a customized solution for each policyholder.
39
Savings & Wealth Creation Solutions…
Secure Plus is a transparent and feature-packed savings plan that offers 3 levels of
protection. Cash Plus is a transparent, feature-packed savings plan that offers 3 levels
of protection as well as liquidity options. Save n Protect is a traditional endowment
savings plan that offers life protection along with adequate returns. Cash Back is an
anticipated endowment policy ideal for meeting milestone expenses like a child’s
marriage, expenses for a child’s higher education or purchase of an asset.
Save'n'Protect is a traditional endowment savings plan that offers life protection along with
adequate returns.
CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a
child's marriage, expenses for a child's higher education or purchase of an asset. It is
available for terms of 15 and 20 years.
LifeTime Gold is a unit-linked plan that offers customers the flexibility and control to
customize the policy to meet the changing needs at different life stages. It offers 7 fund
options - Preserver, Protector, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi
Growth.
LifeStage RP is unit linked plan that provides you with an option of lifecycle-based
portfolio strategy that continuously re-distributes your money across various asset classes
based on your life stage. This will help you achieve the right Asset Allocation to meet your
desired financial goals.
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LifeLink Super is a single premium unit linked insurance plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
Premier Life Gold is a limited premium paying plan specially structured for long-term
wealth creation.
InvestShield Life New is a unit linked plan that provides premium guarantee on the invested
premiums and ensures that the customer receives only the benefits of fund appreciation
without any of the risks of depreciation.
LifeStage Assure a unit linked insurance plan that provide upto 450 % of first year
premium guarantee on maturity, with the additional advantage of a lifecycle based
portfolio strategy that allocates the investor’s money across various asset classes
based on his life stage and risk appetite.
Protection Solutions…….
Lifeguard is a protection plan, which offers life cover at very low cost. It is available
in 3 coupons – level term assurance, level term assurance with return or premium and
single premium.
Home Assure is a mortgage reducing term assurance plan designed specifically to help
customers cover their home loans in a simple and cost-effective manner.
41
Education Solutions…………..
Child Solutions…….
Smart kid child plans provide guaranteed educational benefits to a child along with
life insurance cover for the parent who purchases the policy. The policy is designed
to provide money at important milestones in the child’s life. Smart Kid child planed
are also available within unit-linked form – both single premium and regular
premium.
Market-linked Solutions
Life Link is a single premium Market Linked Insurance Plan, which combines life
insurance cover with the opportunity to stay, invested in the stock market. Life Time
offers customers the flexibility and control to customize the policy to meet the
changing needs at different life stages. It offers 3 investment options –Growth Plan,
Income plan and Balance plan.
Retirement Solutions……………
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Forever Life is a retirement products targeted at individual in there thirties. Secure
Plus Pension is a flexible pension plan that allows one to select between 3 levels of
cover.
Market-linked retirement products

Life Time Pension is a regular premium market-linked pension plan. Life Link
Pension is a single premium market linked pension plan. ICICI Prudential also
launched “Salaam Zindagi”, a social sector group insurance policy targeted at the
economically underprivileged sections of the society.
ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4
years and then declares bonuses annually.
LifeTime Super Pension is a regular premium unit linked pension plan that helps one
accumulate over the long term and offers 5 annuity options (life annuity, life annuity with
return of purchase price, joint life last survivor annuity with return of purchase price, life
annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity
without return of purchase price) at the time of retirement.
LifeStage Pension is a regular premium unit linked pension plan that provides you with a
unique lifecycle-based strategy that continuously re-distributes your money across various
asset classes based on your life stage, eventually providing you with a customized retirement
solution.
Group Insurance Solutions……

ICICI Prudential also offers Group Insurance Solutions for companies seeking to
enhance benefits to their employees.
43
Group Gratuity Plan……
ICICI Pru”s group gratuity plan helps employers fund their statutory gratuity
obligation in a scientific manner. The plan can also customize to structure schemes
that can provide benefits beyond the statutory obligations.
Group Superannuation Plan

ICICI Bank offers flexible defined contribution superannuation scheme to provide a
retirement kitty for each member of the group. Employees have the option of
choosing from various annuity options or opting for partial commutation of the
annuity at the time of retirement.
Group Term Plan……
ICICI Pru”s flexible group term solution helps provides affordable

cover to members of group. The cover could be uniform or based on
designation/rank or a multiple of salary. The benefit under the policy is paid
to the beneficiary nominated by the member on his/her death.
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Flexible Rider Options
ICICI Pru Life offers flexible riders, which can be added to the basic policy at
marginal cost, depending on the specific of the customer.
Accident & disability benefit: If death occurs as the result of an accident

during the term of the policy, the beneficiary receives an additional amount
equal to the sum assured under the policy. If the death occurs while traveling
in an authorized mass transport vehicle, the beneficiary will be entitled to
twice the sum assured as additional benefit.
Accident benefit: This rider option pays the sum assured the rider on death
due to accidents.
Critical Illness Benefit: protects the insured against financial loss in the
event of 9 specified critical illnesses. Benefits are payable to the insured for
medical prior to death.
Major Surgical Assistance Benefits: provides financial support in the event

of medical emergencies, ensuring that benefits are payable to the life assured
for medical expenses Incurred for surgical procedures. Cove is offered
against 43 different surgical procedures.
Income Benefit: This rider pays the 10% of the sum assured to the nominee
every year, till maturity, in the event of the death of the life assured. It is
available on Smart Kid, Secure Plus and Cash plus.
Waiver of Premium: In Case of total and permanent due to an accident, the

premiums are waived till maturity. This rider is available with Secure Plus
and Cash Plus.
45
S.W.O.T Analysis of ICICI PRUDENTIAL:
a. Strengths
The biggest strength of this origination is;
Money power, which makes them ignorant about the gestation period
Brand image, business experience and innovation product
The agents are very selectively chosen have excellent communication skill
Service quality which is crux of mission
Larger network branches which is help to customer for payment
Their strategy has been to grow the portfolio large enough so that there is an in built fund
hedge and in market where the portfolio has a large element of saving rather then protection
Product is price competitive compare with the competition and its upfront charge has been
always lower since from inspection.
Automatic balance the debt and equity component of the portfolio every quarter and first to
come up with health product (diabetics).
Average age of its policyholder is approx 8 year lower than LIC policyholder.
Strong agent network that bring 60% of the total premium (lower commission but high
volume)
46
b. Weakness
High target for financial advisor and for sales department
Many competitions in the market offer same product by the title difference in the premium
and offering
Sustainable to risk associated with investment in money market
Try to catch middle lower level people also.
High expenses on advertisement
Most of the plans are too complicated in understanding for simple person so most of person
avoids such type of plan
More than 70% people live in rural area but ICICI Prudential is more centric in urban area.
c. Opportunity
Huge market is literally untapped, out of 320 million insurable markets only 25% of the
people insured
Health insurance and pension scheme, an estimated market potential of approximately $15
billion
ICICI Prudential should give the insurance coverage both to the parents and children so that
their life should be covered in both cases the customer do not mind paying some premium
for that
India is fast growing market and 80 to 85% people are below age of 45
Leverage the customer base of Bancassurance partner
47
Strong distribution network
Insurance awareness are increasing in India
d. Threats
Player like Bajaj and Birla Sun Life with low premium for same plan
Entry of other private company with equal strong experience and financial strength of partner
making the competition difficult and saturating the urban market.
Current Govt. policies do not encourage in gross domestic saving. If the tax liabilities of the
service rise the customer will have little money to invest
LIC has woken up from sleep and is following competitive strategies. Its huge surplus in life
fund gives a capability to lodge price war
Product differentiation is difficult in market (bancassurance)
Competition is getting keener in couple of year
High opportunity expenses will be in future
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Financial Planning
Investment planning is an alien concept for the Indian populace. For a country which till now
was worried about making ends meet this emerging trend is definitely a new experience. But,
the truth is that if only they would have been introduced to the Art of Managing Money, life
could have been so much easier. Most of the people spend more than half of his lives
working and saving because money is important, in fact crucial. However, most of person
spends almost no time planning to make that hard-earned money work more effectively for
them. So, how does a person plan his financial life?
The first step of creating a financial planning is to identify the personal and family financial
goals of an investor. Goals are based on what is most important to an individual. Short-term
goals (up to a year) are things that one desires soon(house-hold appliances, a vacation
abroad), while long-term goals identify what one wants later on in life (a home, education for
children, sufficient old age income). Take these short- and long-term goals and establish
priorities, making sure an emergency fund for unfortunately happens. Then estimate the cost
of each goal and set a target date to reach it.
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DEFINITION OF FINANCIAL PLANNING:
Financial planning means defining client s profile and goals and recommending asset
allocation and monitoring financial planning recommendations. 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. A good financial planning is very much
essential in one s portfolio; it helps to grow the money in right proportion and at right time.
The changing life cycle affects financial planning. A person's goals must be updated as his
needs and circumstances change. In one's young adult years, short-term goals may include
adequate insurance, establishing good credit, and just getting under way. During a person's
middle years, the goals shift from immediate personal spending to education for children,
their marriage and planning for retirement. In one's later years, travel may become a primary
goal.
FINANCIAL PLANNING OBJECTIVES:
1. Standard of Living- Maslow's basic needs satisfied such as food, water, clothing, shelter,
and nice-to-have discretionary items, such as automobiles, vacations, entertainment.
2. Savings-emergency funds for sudden and unexpected events, such as extra living expenses
because of a fire at one's home.
3. Protection- Disability Income Insurance; Health Insurance; Life Insurance; Property and
Liability Insurance (all forms designed to offer coverage against the uncertainty of a
financial loss due to the Pure Risk).
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4. -Investment-Accumulation of wealth through the return on assets deployed leading to
financial independence.
5. -Estate Planning-distribution of the invested assets held for the purpose of the
accumulation of wealth in a tax efficient and effective manner.
THE RIGHT ASSET ALLOCATION
Every one want to invest but problem is that how to invest, where to invest and when to
invest and what should be the right asset allocation. The project found that there are three
major asset classes that one can put his money into, namely equities, fixed income and
money market instruments. In order to decide how much money goes into which investment
class a person must first consider a few important factors (most of these will be tackled by
him during his goal definition phase)
• Return expected on investment

• Amount he will be able to save (present as well as future)
• Cash outflows he might have at certain points of time in the future
• Risk appetite
• Amount, a person will require for old age (Retirement)
• Liquidity
• Age
Example- If supposes you are a person who broadly falls into the Investment Growth
category you might be interested in looking at an Aggressive portfolio.
On the other hand if you are leaning towards an interest income with minimal risk
investments you might look at a Conservative asset allocation. Someone who wants a bit of
steady income as well as asset growth might go in for a moderate or a balanced asset
allocation.
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Another way to ascertain the right asset allocation is by looking at your life cycle. The basis
of this theory lies in the simple maxim that younger people with secure jobs will normally
opt for higher returns and take higher risks compared to older retired people. One must
remember that these are only indicative strategies and will probably have to be fine-tuned to
meet your individual needs.
AGE MAIN OBJECTIVES PORTFOLIO STRATEGY
Aggressive Growth Sow the seeds, plan 50% - Growth Funds

for housing and create a safety cushion
30% - Balanced Funds
20-29
20% - Money Markets / Cash
45% - Growth Funds
Growth Save for housing, childrens 30% - Balanced Funds
30-39 expenses (present and future education 05% - Blue Chip Stocks
etc.) and safety cushion
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40% - Growth Funds
40-49 Safety Preserve investments/ savings 30% - Balanced Funds

and opt for minimal growth
10% - Blue Chip Stocks
30% - Growth Funds
50-59 Retirement Save for retirement and 40% - Balanced Funds
build on safety cushion 10% - Blue Chip Stocks
10% - Balanced Funds
Safety Preserve investments/ savings 15% - Income Funds

and opt for minimal growth
10% - Blue Chip Stocks
60-69
20% - Dividend Stocks
30% - Certificates of Deposits
(Shorter-term)

30% - Income Funds
Safety Preserve investments/ savings 25% - Dividend Stocks
35% - Certificates of Deposits

70 &
UP (Shorter-term)
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INVESTMENT PLANNING:
The sooner the better . By investing into the market right away an investor allow investments more
time to grow, whereby the concept of compounding interest swells his income by accumulating
earnings and dividends. Considering the unpredictability of the markets, research and history
indicates these three
golden rules for all investors.
1. Invest early
2. Invest regularly
3. Invest for long term and not short term.
There is always a first time for everything so also for investing. To invest it needs capital free of any
obligation. If a person is in the habit of saving sufficient amount every month, then he is ready for
investing. In this way he would be able to meet his financial requirements in future.
PROFESSIONAL INVESTMENT MANAGEMENT:
The complexities of today s financial environment have led many individuals and corporations to
conclude that full-time, professional investment management is a necessary element of a successful
investment plan. Individuals and families today bear an ever-growing responsibility for achieving and
sustaining financial and economic stability across the life span. Never has there been a greater need
for well-trained professionals who can help individuals and families make informed and effective
financial and economic decisions and who can evaluate and recommend the public policies that
influence the economic opportunity and future of individuals and families.
54
This project emphasized that it is best to partner a professional in the field of investments who would
assist in planning investments. According to report professional helps to suggest best things in
investment.
BENEFIT OF FINANCIAL PLANNING:

One should invest so that his money grows and shields against rising inflation. If prices rise
by four per cent annually it would not be sufficient if savings only give a return of three per
cent. It gives a deficit of one per cent for. The idea is that rate of return on investments
should be greater than the rate of inflation, leaving him with a nice surplus over a period of
time.
PROCESS OF PERSONAL FINANCIAL PLANNING:
Today, managing one s investment has become much more challenging and complex then
ever. This is especially true for an ordinary investor. This is due to the fact that stock markets
across the globe are witnessing unprecedented volatility owing to the uncertain economic
and political situation. Though the FEDERATION has hinted at increasing the interest rates,
the pace of increasing is causing uneasiness among the investing community. Though the
central banks across the world are also increasing interest rates steadily. RBI has already
shown such urgency in signaling for increasing the interest rates. Domestic markets have
also become more integrated with the global markets ever since the technology boom of late
1990s. This has further added to the volatility of the markets .All these are making equity
investing much more challenging for individual investors.
Financial Planning Process Denotes the process which typically includes the
six elements-:
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(1) Establishing and defining the client-planner relationship,
(2) Gathering client data including goals.
(3) Analyzing and evaluating the clients financial status.
(4) Developing and presenting financial planning recommendations and/or Alternatives.

(5) Implementing the financial planning recommendations .
(6) Monitoring the financial planning recommendations.
INSTRUMENTS OF FINANCIAL PLANNING WITH

SPECIAL EMPHASIS ON MUTUAL FUNDS:
Mutual funds
A mutual fund is types of investment vehicle where investors pool their money in order to
allow each investor participate in a portfolio of securities. The individual investor doesn't
actually own each security but instead, he owns shares of the mutual fund. The main benefit
of a mutual fund is that it provides a way for the investor to achieve diversification in his
investments without having to invest a lot of money.
Insurance
In general, life insurance is a type of coverage that pays benefits upon a person's death or
disability. In exchange for relatively small premiums paid in the present, the policy holder
receives the assurance that a larger amount of money will be available in the future to help
his or her beneficiaries pay debts and funeral expenses. Some forms of life insurance can
56
also be used as a tax deferred investment to provide funds during a person's lifetime for
retirement or
Everyday living expenses.
Post Office Savings:

Post Office Monthly Income Scheme is a low risk saving instrument, which can be availed
through any post office. It provides an interest rate of 8% per annum, which is paid monthly.
Minimum amount, which can be invested, is Rs. 1,000/- and additional investment in
multiples of 1,000/-.
Maximum amount is Rs. 3, 00,000/- (if Single) or Rs. 6, 00,000/- (if held jointly) during a
year.
It has a maturity period of 6 years. A bonus of 10% is paid at the time of maturity.
Premature withdrawal is permitted if deposit is more than one year old.
A deduction of 5% is levied from the principal amount if withdrawn prematurely;
the 10% bonus is also denied.
Bonds:
It is a fixed income (debt) instrument issued for a period of more than
one year with the purpose of raising capital. The central or state government,
corporations and similar institutions sell bonds. A bond is generally a promise to
repay the principal along with a fixed rate of interest on a specified date, called
the Maturity Date.
Company Fixed Deposits:

These are short-term (six months) to medium-term (three to five years) borrowings by
companies at a fixed rate of interest which is payable monthly, quarterly, semi-annually or
annually. They can also be cumulative fixed deposits where the entire principal along with
57
the interest is paid at the end of the loan period. The rate of interest varies between 6-9% per
annum for company FDs. The interest received is after deduction of taxes.
Money Market or Liquid Fund –
These funds are also income funds and their aim is to provide easy liquidity, preservation of
capital and moderate income. These schemes invest exclusively in safer short-term
instruments such as treasury bills, certificates of deposit, commercial paper and inter-bank
call money, government securities, etc. Returns on these schemes fluctuate much less
compared to other funds. These funds are appropriate for corporate and individual investors
as a means to park their surplus funds for short periods.
GROWTH IN ASSETS UNDER MANAGEMENT

The graph indicates the growth of assets over the years.
58
Source: amfiindia.com
Benefits: mutual funds
59
Comparison of Investment Products
Investment Products:
60
Comparison of financial products:
61
62
Mutual Fund vs. Direct Equity
Mutual Fund vs. Bank Deposit
Mutual Funds Bank Deposits
63
-No contractual agreement -Contractual agreement
-No guarantee -Guaranteed for repayment
-Direct holding of a portfolio -No direct holding of a portfolio of

investment
-Return commensurate with risk.
Why MF is the best option

• Combine the advantages of all investment products
-flexibility, convenience, affordability, liquidity, potential for high returns
• Dispense the short comings of the other options

-liquidity, low return expectation, risk diversification
• Returns are adjusted for market movements

-Commensurate with level of risk.
Risk in Mutual Fund Investing
What is Risk?
• Volatility of earnings viz. deviation (+ & - ) from expected earnings

Possibility of Financial loss
• Risk can be built into the investment planning by
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-Defining the risk appetite of the investor and aligning investment objectives to risk
tolerance
-Evaluating and measuring risks of portfolio to keep in line with the investor s risk
Appetite
• The right level of risk tolerance of any investor depends upon age, investable funds,
circumstances including income level, job security, family size etc.
Type of risk in Equity Funds

• Company Specific
• Sector Specific
• Market Risk
-Company and Sector risk can be reduced with diversification but market risk
cannot
be diversified
Jacob s recommendation based on risk level
65
Risk-Return Hierarchy
66
Measures of Risk
Risk
Standard Deviation
Beta
Ex-marks
Alpha
Standard Deviation (Volatility)

• Best measure of risk
• Measure of absolute or total risk of a portfolio
• Dispersion around mean
• Quality rating of the average
• Higher S.D. indicates more volatile returns
67
-Lower deviation means less risk
• High S.D. need not mean poor performance
Beta (Sensitivity)
• Shows how sensitive a fund is to market moves
-If the Sensex moves by 25%, a fund s bet number will tell you whether the
fund s return will be more or less.
• Beta value for an Index is taken as 1
• Multiplying the beta value of a fund will expected percentage movement of an index
gives the expected movement in the fund
• Higher beta means higher impact of market returns
• Lower beta means less risk
-Higher beta funds do well in a rising market, lower beta funds do better in a
falling market.
Alpha:
• Measure of a fund manager's performance
• Tells what the fund has earned over and above (or under) what it was expected to
earn
• This is the value added (or subtracted) by the fund manager's investment
decisions
• Alpha tells you whether that fund has produced returns justifying the risks it is
taking by comparing its actual return to the one 'predicted' by the beta
-Say, a fund can be expected to earn based on its beta a return of 15 per cent
in a given year. However, it actually fetches you 18 per cent. Then the
alpha of the fund is simply 18 - 15 = 3
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• Index funds always have or should have, if they track their index perfectly an alpha
of zero.
Equity Market Snapshot:

Fundamentals:
The Indian economy’s early rebound was imminent as infrastructure output grew 2.8% YoY
in May ’09 as compared to upwardly revised 5% YoY (from 4.3% earlier) in April ’09 and
the industrial production for April 2009 bounced back into the positive zone after declining
three times in four months. The IIP rose 1.4% in April 2009 from a revised 0.75% decline (-
2.3% estimated earlier) in March 2009.
Revival in industrial output and higher advance tax collections over the corresponding
period last fiscal further raised hopes of economic recovery on account of government thrust
on infrastructure, soft monetary policy stance of RBI and government’s fiscal stimulus.
Though most economists have begun upgrading the forecasts for GDP growth for FY10 from
below 6% to around 6.5%, a lot depends on the progress of the Annual Monsoon over the
next couple of weeks. So far, the same has been delayed and is below expected levels.
However, the Met department has forecast that the same could catch up in July & august.
Analysts are counting on a sharper recovery in the second half of the year, as exports pick
up, investment demand gathers pace and consumer spending becomes robust, evident from
an aggressive GDP growth target for FY10 at 7%(+/- 0.75%) as per the Economic Survey
2009-10, supported by the inclusive growth Budget for FY10.
Market Sentiments
The Indian stocks markets remained highly volatile and ended slightly down with a loss of
0.9% for the Sensex during June ‘09 in line with the stock markets around the world. The
69
markets were range bound as there were a host of factors pulling the markets in both
directions on account of negative global cues, profit booking by FIIs after a sharp rally on
one hand and reform expectations, optimistic budget expectations, upbeat domestic
economic data and the potential outperformance of Indian economy among the Asian peers
on the other. Software outsourcers moved higher on talks worst may be over for the US
economy and the US banking system. Metal stocks corrected as
metal prices on the London Metal Exchange declined after recent sharp run-up. Fears of fuel
price hike kept sentiment on Auto stocks lower. Infrastructure-focused companies gained on
expectation of reforms and spending from Union Budget. BSE Sensex with gains of 50%
YTD has outperformed MSCI Emerging Markets Index (+27%) and MSCI World Index
(+5%) on the back of strong liquidity and positive sentiment. Mid caps and Small caps have
got re-rated on the back of recovery hopes and they continued to outperform.
Outlook and Recommendation

Being the first major policy announcement from the new UPA government, the market had
built huge expectations from the budget announcement, expecting the same to deliver on
practically all the key reforms such as foreign direct investment, divestment in PSUs and
roadmap towards reining in fiscal deficit. Due to the lack of a clear policy on any of the
above, the market has reacted adversely. Though the Budget recommends ‘earliest’ revert to
fiscal consolidation, but failed to provide a roadmap for the same. Through higher spending
on infrastructure, benefits to farmers and tax cuts for individuals the government seeks to
boost economic growth by encouraging consumer spending. As expected, the emphasis of
the government continues on the ‘aam aadmi’ and promoting inclusive growth by
announcing various measures on social sector. Corporate taxes not being changed much and
continuation of sops to sectors hit by slowdown is another positive. Though the market was
euphoric in its expectations, we were cautious that reforms cannot happen overnight and will
be spread over a period of time. The market will closely watch for the steps taken by the
government outside of the
70
budget for determining future course of action. Global market has more money and less
opportunity. Indian market has many opportunities and need for capital. At some point of
time, the twin shall meet and flow of capital from global markets will augment with the local
savings to accelerate economic momentum in India.
The equity markets will benefit from the accelerated economic momentum which is
supported by enhanced government spending, money in the hands of consumer and higher
capital flows.
It is clear that though some consolidation post Budget and due to excess supply pressure is
imminent, we believe that the bottom of the market has shifted higher than October ’08 lows
and every dip should be used as an opportunity to increase allocation to equities through
systematic investment from the 3 to 5 year horizon.
RECOMMENDATION FOR ICICI PRU. FUNDS:
ICICI Prudential have a wide range of well performing funds and I am strongly
recommending ICICI Prudential Focused Equity Fund (large cap fund), ICICI
Prudential Dynamic Plan (flexi-cap asset allocation fund for conservative investors) and
ICICI Prudential Infrastructure Fund (thematic fund looking to capitalize on the growth
opportunity). For investors wary of risks that come along with equity, but at the same time
would like to initiate investments in equity through a product which bridges the gap between
equity and debt, we recommend an investment in ICICI Prudential Monthly Income Plan.
Three types of mutual fund are mainly recommended by me during the summer internship.
1. ICICI Prudential Focused Equity Fund

2 .ICICI Prudential Dynamic Plan
71
3 . ICICI Prudential Infrastructure Fund
ICICI Prudential Focused Equity Fund:

(Open Ended Concentrated Equity Scheme)
WHY SHOULD ONE INVEST?
To Maximize long term capital return by investing the equity and equity
related securities of about 20 large cap companies.
SNAPSHOT :
Fund Manager^ : Prashant Kothari

(Managing this fund since inception & over 5 yrs of
72
experience as equity analyst & fund manager)
Indicative Investment Horizon: 3 yrs & more
Inception date: 23-05-2008
Average AUM: Rs. 630.76 crores
NAV (As on 30-June-09):
Growth option : Rs. 10.76
Dividend option : Rs. 10.76
Institutional Option -I : Rs. 10.89
**Expense Ratio :
Retail option : 2.20%
Institutional option : 1.20%
Fund Manager’s Comment

The fund increased equity exposure to 94% including 11% exposure to Nifty Futures in order
to
maintain liquidity and maneuverability. The fund is overweight Banks and Software on the
back of earnings visibility and attractive valuations.
ICICI Prudential Dynamic Plan

(Open ended Diversified Equity Fund)

Medium term investment of funds for capital appreciation by managing cash and equity
portfolio.
73
SNAPSHOT :
Fund Manager^ : Sankaran Naren

(Managing this fund since Sept., 2006 & over 18 yrs of
experience in fund management, equity research,
operation etc.)
Indicative Investment Horizon: 3 yrs & more
Average AUM: Rs. 1,498.89 crores
Institutional Option-I : Rs. 10.7440
**Expense Ratio :
Institutional option-I : 1.00%
Fund Manager’s Comment :

The fund’s equity exposure is at 83%. The fund is a good mix of large caps and mid-caps.
The fund continues to maintain an overweight position in Pharma and Consumer Non-
Durables on account of defensive nature. The fund is underweight Telecom Services and
Industrial Capital Goods/Construction on valuation concerns. The fund has turned
overweight Software in order to take advantage of attractive valuation levels.
ICICI Prudential Infrastructure Fund

(Open Ended Equity fund)
74
Long term investment of fund for capital appreciation derived from the growth and
development
Of the infrastructure fund.
SNAPSHOT :
Fund Manager^ : Sankaran Naren
(Managing this fund since Oct., 2005 & over 18 yrs of
experience in fund management, equity research,
operation etc.)
Indicative Investment Horizon: 5 yrs and more
Average AUM: Rs. 3,812.63 crores
Institutional option-I : Rs. 12.95
**Expense Ratio :
Institutional option-I : 1.00%
Fund Manager’s Comment:

The fund’s investment in equity stands at ~90. The fund has written Nifty Puts to
the extent of 18% and has used covered calls on stocks to ride the volatility. The
Exposure to Banks is significantly high in current falling interest rate environment
and Power on the back of visibility in earnings. The allocation remains skewed
towards large caps, due to cautious market scenario.
75
PROCESS/METHODOLOGY OF STUDY:
Procedure: The procedure that followed enlisted below:
1. Studying the product

2. Decision on objective needed to be work on.
3. Developing Survey instruments
4. Getting questionnaire filled through interacting with different age groups, sex,
monthly income and occupation.
5. Finally analyzing the data of various areas and trying to study about various influence
factors.
Process adopted: Gaining knowledge about the product:
Reading about the product was the first step undertaken. This gave not only in depth
knowledge about what is been offered by the insurance but also proved useful while
developing the questionnaire. The main instruments required for survey was a well-
developed questionnaire. The questionnaire development took place in a series of steps as
described below:
Customer Survey: The survey is important tool as clear perception of people about the
product can be estimated and known. The need levels of the people regarding the insurance
product been observed through survey. It was very useful in knowing about the requirements
of the people.
Type of research
Descriptive Research design
Research Design: A two stage Research been conducted:
76
➢Secondary Research: Collection of data from websites and catalogues to understand the
product and the charges of the different AMC.
➢Primary Research: A Primary Research been conducted:
The questionnaire was prepared for the companies and following areas covered:
• Selling Strategy of AMC Company

• Consumer profile
• Satisfaction level with the current AMC on the basis of return
• Reason for the selection of specific MUTUAL FUND PLAN and company
• Desirable features of the product and risk aptitude
Sampling Plan:
Elements: The target population of the study included the general population above the age
of 25 yrs
Target population: Adults meeting qualifications-over 25 years, working class, businessman,
personnel having children
Sampling frame- Urban class in the Jaipur region
Sample size: 200
Sampling unit: urban class personnel
Sampling technique
Sampling techniques used for the data collection will be purely non probability type (Purposive
Sampling, Quota Sampling), where data will be taken randomly without any prejudice.
DATA COLLECTIONS
Data Collection Plan:
77
The first of Research consisted of secondary data search from the following sources:
○ Catalogues
○ Websites
For the conclusive research, questionnaires been developed on basis of secondary data to
gather information on the research objective.
Data Analysis &

Interpretation
1. Age distribution of the Investors of
Jaipur
Interpretation:
According to this chart out of 120 Mutual Fund investors of Jaipur the most are in the age
group of 36-40 yrs. i.e. 25%, the second most investors are in the age group of 41-45yrs i.e.
20% and the least investors are in the age group of below 30 yrs.
78
2.Monthly Family Income of the
Investors of Jaipur.
Interpretation:
In the Income Group of the investors of Jaipur, out of 120 investors, 36% investors
that is the maximum investors are in the monthly income group Rs. 20,001 to Rs.
30,000, Second one i.e. 27% investors are in the monthly income group of more
than Rs. 30,000 and the minimum investors i.e. 4% are in the monthly income
group of below Rs. 10,000
3. Investors invested in different kind of
investments.
Interpretation:
79
From the above graph it can be inferred that out of 200 people, 97.5% people
have invested in Saving A/c, 76% in Insurance, 74% in Fixed Deposits, 60%
in Mutual Fund, 37.5% in Post Office, 25% in Shares or Debentures, 15% in
Gold/Silver and 32.5% in Real Estate.
4. Preference of factors while investing
Interpretation:
Out of 200 People, 32% People prefer to invest where there is High Return,
30% prefer to invest where there is Low Risk, 20% prefer easy Liquidity and
18% prefer Tax benefit
5. Source of information for customers about
Mutual Fund
80
Interpretation:
From the above chart it can be inferred that the Financial Advisor is the most
important source of information about Mutual Fund. Out of 135 Respondents, 46%
know about Mutual fund Through Financial Advisor, 22% through Bank, 19% through
Peer Group and 13% through Advertisement.
6. Investors invested in Mutual Fund
Interpretation:
Out of 200 People, 60% have invested in Mutual Fund and 40% do not have
invested in Mutual Fund. It shows lack of awareness of the mutual fund as a
type of investment product.
81
7. Reason for not invested in Mutual Fund
Interpretation:
Out of 80 people, who have not invested in Mutual Fund, 81% are not aware
of Mutual Fund, 13% said there is likely to be higher risk and 6% do not have
any specific reason.
8. Investors invested in different Assets
Management Co. (AMC)
Interpretation:
82
In Jaipur most of the Investors preferred UTI and Reliance Mutual Fund. Out of 120
Investors 62.5% have invested in each of them, only 46% have invested in SBIMF, 47% in
ICICI Prudential, 37.5% in Kotak and 25% in HDFC.
9. Preference of Investors for future
investment in Mutual Fund
Interpretation:
Out of 120 investors, 68% prefer to invest in Reliance, 67% in ICICI Prudential,
63% in SBIMF, 62.5% in Others, 50% in Kotak, 37.5% in UTI and 29% in HDFC
Mutual Fund.
10. Mode of Investment Preferred by the Investors
83
Interpretation:
Out of 120 Investors 65% preferred One time Investment and 35 % Preferred
through Systematic Investment Plan.
11. Preferred Portfolios by the Investors
Interpretation:
From the above graph 46% preferred Equity Portfolio, 37% preferred
Balance and 17% preferred Debt portfolio.
Findings
84
➢ In Jaipur in the Age Group of 36-40 years were more in numbers. The
second most Investors were in the age group of 41-45 years and the
least were in the age group of below 30 years.
➢ In Occupation group most of the Investors were Govt. employees, the

second most Investors were Private employees and the least were
associated with Agriculture.
➢ In family Income group, between Rs. 20,001- 30,000 were more in

numbers, the second most were in the Income group of more than
Rs.30,000 and the least were in the group of below Rs. 10,000.
➢ About all the Respondents had a Saving A/c in Bank, 76% Invested in
Fixed Deposits, Only 60% Respondents invested in Mutual fund.
➢ Mostly Respondents preferred High Return while investment, the

second most preferred Low Risk then liquidity and the least preferred
Tax benefits.
➢ Only 67% Respondents were aware about Mutual fund and its
operations and 33% were not.
➢ Among 200 Respondents only 60% had invested in Mutual Fund and
40% did not have invested in Mutual fund.
➢ Out of 80 Respondents 81% were not aware of Mutual Fund, 13% told
there is not any specific reason for not invested in Mutual Fund and 6%
told there is likely to be higher risk in Mutual Fund.
➢ Most of the Investors had invested in Reliance or UTI Mutual Fund,

ICICI Prudential has also good Brand Position among investors.
➢ For Future investment the maximum Respondents preferred Reliance

Mutual Fund, the second most preferred ICICI Prudential, SBIMF has
been preferred after them.
85
➢ 60% Investors preferred to Invest through Financial Advisors, 25%
through AMC (means Direct Investment) and 15% through Bank.
➢ 65% preferred One Time Investment and 35% preferred SIP out of
both type of Mode of Investment.
➢ The most preferred Portfolio was Equity, the second most was Balance
(mixture of both equity and debt), and the least preferred Portfolio was
Debt portfolio.
SOME OTHER INTERESTING FINDINGS DURING SALES:
1. Investors are not satisfied with after sale service. Respondents reacted that most of time
they do not receive important documents and statement on time.
2. Lack of awareness- people are not aware about mutual funds, their working system and
business and investment philosophy. The project found that due to unawareness people not
like Mutual fund invest although they have enough fund.
3. Mis-conception about equity market- Majority of people avoids investing in mutual fund
due to its relation with share market. Still they think that mutual fund is also speculative in
nature. So they like to invest in real estate, gold etc.
4. Conservative approaches- Respondents are not ready to bear risk on investing in MF,
Share Market.
5. People still carry a traditional approach - People still have a notion in their mind that
investing in fixed deposit is far better than mutual funds, because fixed deposits do not carry
risk factor with them.
6. People should invest early- investment early means you are getting benefit of
Compounding. Respondents are not aware the concept of compounding which make money
double magically. During the survey I came across that there is still oblivion of the fact that
the people who invest early always has a upper edge over the people who invest at a later
stage in their life.
86
7.People still believe that bank is only for depositing and withdrawing money , people do not
have knowledge that banks is not the place just for depositing or withdrawing money it
provides with the various other alternatives through which you can raise your money .
Conclusion
Running a successful Mutual Fund requires complete understanding of the
peculiarities of the Indian Stock Market and also the psyche of the small
investors. This study has made an attempt to understand the financial behavior
of Mutual Fund investors in connection with the preferences of Brand (AMC),
Products, and Channels etc. It is observed that many of people have fear of
Mutual Fund. They think their money will not be secure in Mutual Fund. They
need the knowledge of Mutual Fund and its related terms. Many of people do
not have invested in mutual fund due to lack of awareness although they have
money to invest. As the awareness and income is growing the number of
mutual fund investors are also growing.
“Brand” plays important role for the investment. People invest in those
Companies where they have faith or they are well known with them. There are
many AMCs in Jaipur but only some are performing well due to Brand
awareness. Some AMCs are not performing well although some of the
schemes of them are giving good return because of not awareness about
Brand. ICICI Prudential Reliance, UTI, SBIMF, etc. they are well known
Brand, they are performing well and their Assets Under Management is larger
than others whose Brand name are not well known like Principle, Sunderam,
etc.
Distribution channels are also important for the investment in mutual fund.
Financial Advisors are the most preferred channel for the investment in
mutual fund. They can change investors’ mind from one investment option to
87
others. Many of investors directly invest their money through AMC because
they do not have to pay entry load. Only those people invest directly who
know well about mutual fund and its operations and those have time.
Limitation of the study
1. Some of the people were not so responsive.
2. Possibility of error in data collection because many of investors may have not given actual
answers of my questionnaire.
3. Sample size is limited to 200 visitors of ICICI Bank, C- Scheme Branch, and Jaipur out of
these only 120 had invested in Mutual Fund. The sample size may not adequately
represent the whole market.
4. Some respondents were reluctant to divulge personal information which can affect the
validity of all responses.
5. The research is confined to a certain parts of Jaipur.
6. There was time constraint.
88
Recommendations:
1. ICICI PRU AMC should provide after sale service. Investors expects that after investing
all necessary documents like bonds, receipts, statement, any important schemes and
information should reach on time. So they can get actual status of their investment.
2. AMC should provide canopy to its marketing team for general awareness and also various
seminars held in the city so that people should gain idea about mutual funds. Company
should organize cultural program so that people can feel it as own company. Corporate social
responsibility (CSR) should adopt by company.
3. Provide customer care service Company should provide customer care service where
every one can complaint there problem and get the satisfactory solution.
4. Special Benefits and offers for regular and loyal customers. AMC should provide special
benefits for its regular and loyal customer for long term relationships.
5. There has to be some corporate presentation: Every company wants to increase their client
profile and business and for it they do every thing in possibly way. ICICI PRU should hold
some corporate presentation at various places where they can exchange their view & ideas
and share knowledge.
6. Time to time training and meetings should be conduct so that employees motivate and
update with advance knowledge and working system.
89
7. Banks are concentrating only on selling their products; they are not paying any
attention in making the people aware of what is mutual fund all about.
8. There is half of the population which is still untapped, so in order to make them
investors then firstly the people should be made aware of mutual fund
APPENDICES
1.1. Questionnaire
Official Use
AMITY UNIVERSITY, S.no.

______
RAJASTHAN
We are the students of Amity University, Rajasthan, (M.B.A.). We are conducting
research on “A
study of preferences of the investors for investment in
mutual funds.” Kindly help us to obtain the desired information by giving couple of
minutes from your valuable time.
Name____________________ Occupation:
Gender: M F Student Profession

90
Age: ______ Business House wife
Address: _____________________ Others ______________
_____________________________ Contact No.
1. What is your monthly family income approximately? Pl tick (√).
Up to Rs. 10,001 to Rs. 15,001 to Rs. 20,001 to Rs. 30,001

Rs.10,000 15000 20,000 30,000 and above
2. What kind of investments you have made so far? Pl tick (√). All applicable.
a. Saving account b. Fixed deposits c. Insurance d. Mutual Fund
e. Post Office-NSC, f. g. Gold/ h. Real Estate

etc Shares/Debentures Silver
3. While investing your money, which factor will you prefer?
(a) Liquidity (b) Low Risk (c) High (d)Tax benefit

Return
4. How did you know about Mutual Fund?

a. b. Peer Group c. Banks d. Financial
Advertisement Advisors
91
5. Have you ever invested in Mutual Fund? Pl tick (√). Yes
6. If not invested in Mutual Fund then why?
(a) Not aware of MF (b) Higher risk (c) Not any specific reason
7. If yes, in which Mutual Fund you have invested? Pl. tick (√). All applicable.
a. b. UTI c. d. e. Kotak f. Other. specify

ICICIMF HDFC Reliance
8. When you plan to invest your money in asset management co. which AMC
will you prefer
a. ICICIAMC
b. UTI
c. Reliance
d. HDFC
e. Kotak
f. SBI MF
9. When you invest in Mutual Funds which mode of investment will you prefer?
Pl. tick (√).
a. One Time Investment b. Systematic Investment Plan (SIP)
92
10. When you want to invest which type of funds would you choose?
a. Having only debt b. Having debt & equity c. Only equity portfolio.
portfolio portfolio.
Thank you for your valuable time and information. Your ideas and
suggestions are welcome
_________________________________________________________________
_______ _
Date _______________ Place _______________
(Signature)
93
1.2 Tables
1. Age distribution of the Investors of Jaipur
Age Group <= 31-35 36-40 41-45 46-50 >50

30
No. of 12 18 30 24 20 16
Investors
2.Monthly Family Income of the
Investors of Jaipur.
Income Group No. of

Investors
<=10,000 5
10,001-15,000 12
15,001-20,000 28
20,001-30,000 43
>30,000 32
3.Investors invested in different kind of

investments.
Kind of Investments No. of
Respondents
94
Saving A/C 195
Fixed deposits 148
Insurance 152
Mutual Fund 120
Post office 75
(NSC)
Shares/Debent 50
ures
Gold/Silver 30
Real Estate 65
4.Preference of factors while investing
Factors (a) (b) Low (c) High (d)Tax Benefit
Liquidity Risk Return
No. of 40 60 64 36
Respondents
5.Source of information for customers about Mutual Fund
Source of information No. of Respondents
Advertisement 18
Peer Group 25
Bank 30
95
Financial Advisors 62
6.Investors invested in Mutual Fund
Response No. of
Respondents
YES 120
NO 80
Total 200
7.Reason for not invested in Mutual Fund
Reason No. of
Respondents
Not Aware 65
Higher Risk 5
Not any Specific 10
Reason
96
8.Investors invested in different Assets Management Co.
(AMC)
Name of AMC No. of Investors

SBIMF 55
UTI 75
HDFC 30
Reliance 75
ICICI 56
Kotak 45
Others 70
9.Preference of Investors for future investment in
Mutual Fund
Name of AMC No. of Investors
97
SBIMF 76
UTI 45
HDFC 35
Reliance 82
ICICI Prudential 80
Kotak 60
Others 75
10.Mode of Investment Preferred by the Investors
Mode of One time Systematic Investment Plan
Investment Investment (SIP)
No. of Respondents 78 42
98
BIBLIOGRAPHY
 NEWS PAPER
 OUTLOOK MONEY
 TELEVISION CHANNELS (CNBC AAWAJ)
 MUTUAL FUND HANDBOOK
 FACT SHEETS AND STATEMENTS
 www.icici.com
 www.icicipruamc.com
 www.bseindia.com
 www.amfindia.com
 www.moneycontrol.com
 www.outlookmoney.com
 www.mutualfundsindia.com
 www.rediff.com
99
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A Comparative Analysis of The Various Savings and Investment Avenues With Special Reference To Mutual Fund

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2009

DATE: SANDEEP GUPTA

S.no Title Page

➢ Introduction of mutual fund 17-25

➢ Introduction of ICICI PRUDENTIAL 26-32

➢ S.W.O.T Analysis of ICICI PRUDENTIAL 36-39

➢ Financial planning 40-51

➢ Investment planning 52-53

➢ Equity Market Snapshot

ABBREVATI EXPANDED FORMS

BSE BOMBAY STOCK EXCHANGE

The marketing research is systematic and objective identification, collection, analysis,

HISTORY OF THE MUTUAL FUND INDUSTRY IN INDIA

First Phase – 1964-87

Second Phase – 1987-1993 (Entry of Public Sector Funds)

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

Fourth Phase – February 2003

INTRODUCTION OF ICICI GROUP :

OVERVIEW OF ICICI GROUP

ICICI Prudential Life Insurance Company is a 74:26 joint venture with

ICICI Lombard General Insurance Company, a joint venture with the

ICICI Securities Primary Dealership Limited is the largest Primary Dealer in

Sandeep Bakhshi N.S. Kannan

Mr. K. V. Kamath, Chairman

Mr. N. S. Kannan, Executive Director & CFO*

Mr. K. Ramkumar, Executive Director*

Board Governance & Remuneration

Mr. Sridar Iyengar, Chairman Mr. M. K. Sharma, Chairman

Customer Service Committee Credit Committee

Mr. K. V. Kamath, Chairman

Fraud Monitoring Committee Risk Committee

Mr. M. K. Sharma, Chairman Mr. K. V. Kamath, Chairman

Share Transfer & Shareholders'/

Mr. M. K. Sharma, Chairman Ms. Chanda Kochhar, Chairperson

1955 (as Industrial Credit and Investment Corporation

ICICI Bank Ltd.,

K.V. Kamath, Chanda Kochhar, V Vaidyanathan,

Loans, Credit Cards, Savings, Investment vehicles,

Revenue ▲ USD 5.79 billion

Rs. Rs. 3793.01 billion (US$ 75 billion) at March 31,

ICICI Prudential Asset Management Company

At inception - May 1998 As on Jun 30, 2009

Number of Funds Managed 2 40

Awards & Recognitions

Asian Banker Leadership Achievement Award for Mr. K.V. Kamath

Padma Bhushan conferred on Mr. K. V. Kamath

Avaya Global Connect Customer Responsiveness Awards 2007

Gold Trusted Brand Awa

1.Concept and Role of Mutual Fund

2. Mutual Fund Structure & Constituents

-Sponsor of a fund cannot be its custodian

Mutual Funds & securities Markets

Market and products

Equity Portfolio Management

Approaches to portfolio management

Money Market Securities

ICICI Prudential Life Insurance

Insurance solution for individuals…..

ICICI Prudential Life Insurance offers a range of innovative, customer-centric

Market-linked retirement products

Group Insurance Solutions……

Group Superannuation Plan

Group Term Plan……