A

PROJECT REPORT
ON

COMPARATIVE ANALYSIS ABOUT

DIFFERENT SCHEMES OF ELSS (TAX
SAVING SCHEME) IN AMC

Submitted for the Masters of finance and control

Session 2016-17

Supervised By: Submitted By:

DR. J.P YADAV BALENDER SINGH
PROFESSOR M.F.C 4th SEM.
Department Of E.A.F.M Department Of E.A.F.M
University of Rajasthan University of Rajasthan
Jaipur Jaipur

DEPARTMENT ECONOMIC ADMINISTRATION AND FINANCIAL MANAGEMENT

UNIVERSITY OF RAJASTHAN, JAIPUR
 SUPERVISOR CERTIFICATE

This Is To Certify That BALENDER SINGH A Student

Of Masters In Finance And Control Has Completed His
Project Work Entitled Comparative Analysis About
Different Schemes Of ElSS (Tax Saving Scheme) In
Amc Under My Supervision & Guidance.

NAME OF SUPERVISOR

DR. J.P YADAV

PROFESSOR
Department of EAFM
University of Rajasthan
Jaipur
 DECLARATION

I am BALENDER SINGH Student Of MFC IV

SEMESTER in the academic year 2016-2017 in
Department Of Economic Administration and Financial
Management , University Of Rajasthan , Jaipur hereby
declare that I have completed the project work entitled
Comparative Analysis About Different Schemes Of ElSS
(Tax Saving Scheme) In Amc as compulsory paper of
course requirement in Masters Of Finance And Control.

I further declare that information presented in this project

is true & original to the best of my knowledge.

Balender Singh
MFC IV Semester
 ACKNOWLEDGEMENT

I am highly thankful to Prof. J.P YADAV, Head

Department of EAFM for providing the academic
environment & necessary facility required for project in
the department. I take the opportunity to express my
acknowledgement & deep sense of gratitude to Prof. J.P
Yadav Department of Economic Administration and
Financial Management, University Of Rajasthan, Jaipur
for rendering valuable assistance & guidance for
successfully completion of my project. I highly obliged of
my supervisor for personal encouragement & helping me
in completing my project.

I once again thank everyone for all the necessary help

provided to me for the completion of my project.

Balender Singh
MFC IV Semester
 PREFACE

There has a significant expansion of Indian financial sector in terms of scope and
content during the last decade. A well developed financial infrastructure, a number
of financial institutions and a variety of financial instruments have been promoted
to cater to the need of growing savings and expending capital market in India.

I was given the golden opportunity to work with Baroda pioneer assets
Management company, which is dedicated to its objectives .I have gained
knowledge about a lot of things during my training like marketing strategies,
investment pattern, customer perceptions, client relationship management,
information system and many other aspects to the organization.

This project study was a learning experience for me. I came in close contact with
the market and its trends and learned about the various competitive advantages to
be achieved in the market. It was a great industrial exposure for me and an
introduction to the corporate world.
 TABLE OF THE CONTACTS

ACKNOWLEDGEMENT
PREFACE

CHAPTER 1- INTRODUCTION

MUTUAL FUND
MUTUAL FUND STRUCTURE
TYPES OF MUTUAL FUNDS
RISK FACTORS
BENEFITS OF MUTUAL FUNDS
LIMITATIONS OF MUTUAL FUNDS

CAHPTER 2- PROJECT PROFILE

TITLE OF THE STUDY

OBJECTIVES OF THE STUDY

CHAPTER 3- RESEARCH METHODOLOGY

CHAPTER 4- CONCLUSION
CHAPTER 5-BIBLOGRAPHY
CHAPTER 1

INTRODUCTION
 INTRODUCTION
OF
MUTUAL FUND
A mutual fund is a professionally managed investmentfund that pools money from
many investors to purchasesecurities. It is a form of collective investment that
pools money from many investors and invests their money in stocks, bonds, short-
term money market instruments, and /or other securities.

For the individual investor, mutual funds provide the benefit of a person having
the specialized knowledge. These people manage our investment and diversify our
money over many different securities that may not be available or affordable to us.

Today minimum investment requirements are low enough that even the smallest
investor can get started in mutual funds. The money collect is then invested by the
fund manager in different types of securities these could range from shares,
debentures, and money market instruments depending upon the schemes stated
objectives.

The income earned through these investments and the capital realized by the
scheme is shared by its unit holders in proportion to the number of units owned by
them.
A mutual fund by its very nature is diversified. Its assets are invested in many
different securities. Beyond that, there are many different mutual funds with
different types of mutual fund with different objectives and levels of growth
potential, furthering your chances to diversify.

Thus a mutual fund is themost suitable investment for the common man as it offers
an opportunity to invest in a diversified, professionally managed basket of
securities at a relatively low cost.

The Indian savings market has been expanding over the period and there is a
Steady increase in flow of household savings to capital market. Many of the small
investors in rural and semi-urban areas are also investing in capital market.
Moreover general profiles of investor are changing and the young investors are
more concerned about growth and safety
 MUTUAL FUND HISTORY

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 of India.
The history of mutual funds in India can be broadly divided into four distinct
phases
First Phase - 1964-1987
Unit Trust of India (UTI) was established in 1963 by an Act of Parliament. It was
set up 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)
With the entry of private sector funds in 1993, a new era started in the Indian
mutual fund industry, giving the Indian investors a wider choice of fund families.
Also, 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 (Mutual Fund) Regulations 1996.
The number of mutual fund houses went on increasing, with many foreign mutual
funds setting up funds in India and also the industry has witnessed several mergers
and acquisitions. As at the end of January 2003, there were 33 mutual funds with
total assets of Rs. 1, 21,805 crores. The Unit Trust of India with Rs. 44,541 crores
of assets under management was way ahead of other mutual funds.
Fourth Phase - since 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 Specified Undertaking of Unit Trust of India,
functioning under an administrator and under the rules framed by Government of
India and does not come under the purview of the Mutual Fund Regulations.
The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual Fund Regulations. With the
bifurcation of the erstwhile UTI which had in March 2000 more than Rs. 76,000
crores of assets under management and with the setting up of a UTI Mutual Fund,
conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking
place among different private sector funds, the mutual fund industry has entered its
current phase of consolidation and growth.

THE GRAPH INDICATES THE GROWTH OF ASSETS OVER THE YEARS.

 MUTUAL FUNDS IN INDIA

The first introduction of a mutual fund in India occurredin 1963, when the
Government of India launched UnitTrust of India (UTI).UTI enjoyed a monopoly
in theIndian mutual fund market until 1987, when a host ofother government-
controlled Indian financial companiesestablished their own funds, including State
Bank of India, Canara Bank, and Punjab National Bank. This market was made
open to private players in 1993, as a result of the historic constitutional
amendments brought forward by the then Congress-led government underthe
existing regime of Liberalization, Privatization andGlobalization (LPG). The first
private sector fund to operate in India was Kothari Pioneer, which later mergedwith
Franklin Templeton. In 1996, SEBI, the regulator ofmutual funds in India,
formulated the Mutual Fund Regulation which is a comprehensive regulatory
framework.

MUTUAL FUNDS ARE AN UNDERTAPPED MARKET IN INDIA

Deposits being available in the market less than 10% of Indian households have
invested in mutual funds. Arecent report on Mutual Fund Investments in India
published by research and analytics firm, Boston Analytics,suggests investors are
holding back from putting theirmoney into mutual funds due to their perceived
high riskand a lack of information on how mutual funds work.There are 46 Mutual
Funds as of June 2013.The primary reason for not investing appears to be
correlated with city size. Among respondents with a highsavings rate, close to 40%
of those who live in metrosand Tier I cities considered such investments to be
veryrisky, whereas 33% of those in Tier II cities said they didnot know how or
where to invest in such assets.
DISTRIBUTION
Mutual fund investments are sourced both from institutions (companies) and
individuals. Since January 2013,institutional investors have moved to investing
directlywith the mutual funds since doing so saves on the expense ratio incurred.
Individual investors are, however,served mostly by Investment advisor and banks.
Since2009, online platforms for investing in Mutual funds havealso evolved.

SERVICING
Larger Indian Mutual Fund Industry has benefited fromoutsourcing the activity of
servicing their investors to twoof the leading Registrar and Transfer Agents (RTAs)
inIndia namely CAMS and Karvy. While CAMS commands close to 65% of the
Assets servicing, rest is withKarvy. Franklin Templeton Mutual Fund services its
investors through its own in-house RTA set up.Both the RTAs have vibrant network
of their local offices which enable the Mutual Fund Investors to transactlocally.
These touch points (or) Customer Service Centers (CSCs), provide a wide range of
servicing including, financial transaction acceptance & processing, nonfinancial
changes, KYC fulfillment formalities, nomination registration, transmission of
units apart from providing statement of accounts etc.These two RTAs also provide
most of the similar facilitiesin their respective websites which are very user
friendly.

AVERAGE ASSETS UNDER MANAGEMENT

Assets under management (AUM) is a financial termdenoting the market value of
all the funds being managedby a financial institution (a mutual fund, hedge fund,
private equity firm, venture capital firm, or brokeragehouse) on behalf of its
clients, investors, partners,depositors, etc.
The average assets under management of all mutual
funds in India for the quarter of April - June 2016 (Rs in Lakhs) is given below

Average Assets under Management (AAUM) for the quarter of April - June
2016 (Rs in Lakhs)

Average AUM

Excluding Fund of
Sr Funds - Domestic
Mutual Fund Name Fund Of Funds
No but
Domestic
including Fund of
Funds Overseas

1 Axis Mutual Fund 4086792.67 7835.43

2 Baroda Pioneer Mutual Fund 911660.41 0

3 Birla Sun Life Mutual Fund 14909269.76 28516.65

4 BNP Paribas Mutual Fund 541116.09 0

5 BOI AXA Mutual Fund 275398.51 0

6 CanaraRobeco Mutual Fund 809916.83 7230.99

7 DHFL Pramerica Mutual Fund 2173990.89 0

8 DSP BlackRock Mutual Fund 4141564.94 99651.61

9 Edelweiss Mutual Fund 203238.42 0

10 Escorts Mutual Fund 29057.91 0

11 Franklin Templeton Mutual Fund 6759280.53 90263.69

12 Goldman Sachs Mutual Fund 650048.33 0

13 HDFC Mutual Fund 19277648.16 31666.48

14 HSBC Mutual Fund 783905.30 63018.03

15 ICICI Prudential Mutual Fund 19329597.13 9151.94

16 IDBI Mutual Fund 671883.90 5603.70

17 IDFC Mutual Fund 5409137.97 17266.92

18 IIFCL Mutual Fund (IDF) 37914.58 0

19 IIFL Mutual Fund 39511.98 0

20 IL&FS Mutual Fund (IDF) 94688.34 0

21 Indiabulls Mutual Fund 623101.11 0

22 Invesco Mutual Fund 1903935.31 1822.89

23 JM Financial Mutual Fund 1275599.99 0

24 JPMorgan Mutual Fund 558423.54 0

25 Kotak Mahindra Mutual Fund 6287420.29 23944.52

26 L&T Mutual Fund 2840379.84 0

27 LIC Mutual Fund 1304011.63 0

28 Mahindra Mutual Fund 0 0

29 Mirae Asset Mutual Fund 397679.51 0

30 MotilalOswal Mutual Fund 542052.45 0

31 Peerless Mutual Fund 92740.42 0

32 PPFAS Mutual Fund 66330.02 0

33 PRINCIPAL Mutual Fund 466617.68 1193.37

34 Quantum Mutual Fund 70325.10 2783.68

35 Reliance Mutual Fund 16700916.63 97252.24

36 Sahara Mutual Fund 10134.09 0

37 SBI Mutual Fund 11987820.27 55648.82

38 Shriram Mutual Fund 4038.12 0

39 SREI Mutual Fund (IDF) 0 0

40 Sundaram Mutual Fund 2453561.13 0

41 Tata Mutual Fund 3533169.99 0

42 Taurus Mutual Fund 319598.41 0

43 Union KBC Mutual Fund 312363.24 0

44 UTI Mutual Fund 11216854.81 0

Grand Total 144102696.23 542850.96

STRUCTURE OF MUTUAL FUNDS

The Mutual Funds in India are regulated by SEBI MF Regulations, 1996. Under
the regulations mutual fund is formed as a Public Trust under the Indian Trusts Act,
1882. These regulations stipulate a three tiered structure of entities sponsor
(creation), trustees, and Asset Management Company (fund management) for
carrying out different functions of a mutual fund, but place the primary
responsibility on the trustees.

THE FUND SPONSOR SEBI regulations define Sponsor as any person who
either itself or in association with another body corporate establishes a mutual
fund. Sponsor sets up a mutual fund to earn money by doing fund management
through its subsidiary company which acts as Investment manager of the fund.
Largely, a sponsor can be compared with a promoter of a company. Sponsors
activities include setting up a Public Trust under Indian Trust Act, 1882 (the mutual
fund), appointing trustees to manage the trust with the approval of SEBI, creating
an Asset Management Company under Companies Act, 1956 (the Investment
Manager) and getting the trust registered with SEBI.

ELIGIBILITY OF SPONSOR Mutual funds involve managing retail investors

money and hence, it becomes important to ensure that it is run by entities with
capabilities and professional merits. SEBI (Mutual fund) Regulations, 1996
specifies the following eligibility criteria in this regard: (i) Sponsor is required to
have financial services business experience of at least 5 years and a positive Net
worth in all the preceding five years. (ii) Sponsors Net worth in the immediately
preceding year is required to be more than the capital contribution to AMC. (iii)
Sponsor is required to be profit making in at least three out of the last five years
including the last year. (iv)Sponsor must contribute at least 40% of the Net worth
of the Asset Management Company. Any entity, which contributes at least 40% to
the Net worth of an AMC, is deemed sponsor and therefore is required to fulfill all
the requirements given in 1 to 4.

TRUSTEES The trust is created through a document called the trust deed which
is executed by the fund sponsor in favour of the trustees. Trustees manage the trust
and are responsible to the investors in the mutual funds. They are the primary
guardians of the unit-holders funds and assets. Trustees can be formed in either of
the following two ways -Board of Trustees, or a Trustee Company. The provisions
of Indian Trust Act, 1882, govern board of trustees or the Trustee Company. A
trustee company is also subject to provisions of Companies Act, 1956.

OBLIGATIONS OF TRUSTEES Trustees ensure that the activities of the

mutual fund are in accordance with SEBI (mutual fund) regulations, 1996. They
check that the AMC has proper systems and procedures in place. Trustees also
make sure that all the other fund constituents are appointed and that proper due
diligence is exercised by the AMC in the appointment of constituents and business
associates. All schemes floated by the AMC have to be approved by the trustees.
Trustees review and ensure that the net worth of the AMC is as per the regulatory
norms. They furnish to SEBI, on a half-yearly basis, a report on the activities of
AMC.

REGULATION REGARDING APPOINTMENT OF TRUSTEES Sponsor

with prior approval of SEBI appoints trustees. There should be at least four
members in the board of trustees with at least 2/3rd independent. A trustee of one
mutual fund cannot be trustee of another mutual fund, unless he is an independent
trustee in both cases and has the approval of both the boards. The trustees are
appointed by executing and registering a trust deed under the provisions of Indian
registration Act. This trust deed is also registered with SEBI.

RESPONSIBILITIES OF TRUSTEES The Trustees are required to fulfill

several duties and obligations in accordance with SEBI (Mutual Funds)
Regulations, 1996 and the Trust Deed constituting the Mutual Fund. These include
1. The Trustee and the Asset Management Company enter into an Investment
Management Agreement (IMA) with the approval from SEBI. 2. The Investment
Management Agreement shall contain such clauses as are mentioned in the Fourth
Schedule of the SEBI (MFs) Regulations, 1996 and other such clauses as are
necessary for making investments. 3. The Trustees shall have a right to obtain from
the Asset Management Company such information as is considered necessary by
the Trustees. 4. The Trustee shall ensure before the launch of any scheme that the
Asset Management Company possesses/has done the following: a. Systems in
place for its back office, dealing room and accounting; b. Appointed all key
personnel including fund manager(s) for the Scheme(s) and submitted their bio-
data which shall contain the educational qualifications, past experience in the
securities market to SEBI, within 15 days of their appointment; c. Appointed
Auditors to audit its accounts; d. Appointed a Compliance Officer to comply with
regulatory requirement and to redress investor grievances; e. Appointed Registrars
and laid down parameters for their supervision; f. Prepared a compliance manual
and designed internal control mechanisms including internal audit systems; and g.
Specified norms for empanelment of brokers and marketing agents

Asset Management Company The Asset Management Company (AMC) is the

investment Manager of the Trust. The sponsor, or the trustees is so authorized by
the trust deed, appoints the AMC as the Investment Manager of the trust (Mutual
Fund) via an agreement called as Investment Management Agreement. An asset
management company is a company registered under the Companies Act, 1956.
Sponsor creates the asset management company and this is the entity, which
manages the funds of the mutual fund (trust). The mutual fund pays a small fee to
the AMC for management of its fund. The AMC acts under the supervision of
Trustees and is subject to the regulations of SEBI too.

Role of AMC The AMC is an operational arm of the mutual fund .AMC is
responsible for all carrying out all functions related to management of the assets of
the trust. The AMC structures various schemes, launches the scheme and mobilizes
initial amount, manages the funds and give services to the investors .In fact, AMC
is the first major constituent appointed .Later on AMC solicits the services of other
constituents like Registrar, Bankers, Brokers, Auditors, Lawyers etc and works in
close co-ordination with them.

RESTRICTIONS ON BUSINESS ACTIVITIES OF THE ASSET

MANAGEMENT COMPANY In India, regulator has ensured that an AMC
focuses just on its core business and that the activities of AMCs are not in conflict
of each other. These are ensured through the following restrictions on the business
activities of an AMC. a. An AMC shall not undertake any business activity except
in the nature of portfolio management services, management and advisory services
to offshore funds etc, provided these activities are not in conflict with the activities
of the mutual fund. b. An AMC cannot invest in any of its own schemes unless full
disclosure of its intention to invest has been made in the offer document c. An
AMC shall not act as a trustee of any mutual fund

CUSTODIAN The responsibility of safe keeping the securities is on the

custodian. Securities, which are in material form, are kept in safe custody of a
custodian and securities, which are in De-Materialized form, are kept with a
Depository participant, who acts on the advice of custodian. Custodian performs a
very important back office operation. They ensure that delivery has been taken of
the securities, which are bought, and that they are transferred in the name of the
mutual fund. They also ensure that funds are paid out when securities are bought.
Custodians keep the investment account of the mutual fund. They collect and
account for the dividends and interest receivables on mutual fund investments.
They also keep track of various corporate actions like bonus issue, rights issue, and
stock split; buy back offers, open offer etc and act on these as per instructions of
the Investment manager.

OTHER CONSTITUENTS Regulation imposes responsibility on the trustees to

ensure that the AMC has proper system and procedures in place and has appointed
key personnel and other constituents like R&T agents, brokers etc.
REGISTRAR AND TRANSFER AGENT A mutual fund manages money of
many unit-holders across cities and towns of the country. Investor servicing not
only becomes important but challenging as well. This would typically include
processing investors application, recording the details of investors, sending them
account statements and other reports on periodical basis, processing dividend
payouts, making changes in investor details and keeping investor records updated
by adding details of new investors and by removing details of investors who
withdraw their funds from the mutual funds. It is very impractical and expensive
for any mutual fund to have adequate workforce all over India for this purpose.
Instead, they use entities called as Registrars and transfer agents, which generally
provide services to many mutual funds. This ensures quality services across all
location and keeps the costs lower for the unit-holders.

AUDITOR Investor money is held by the trustees in trust. Regulation has

ensured proper accounting norms to ensure fair and responsible record keeping of
investors money. Separate books of account are maintained for each scheme of the
mutual fund and individual annual report is prepared. The books of accounts and
the annual reports of the scheme are audited by auditors. The AMC is a company
under companies act, 1956 and therefore is required to get its accounts audited as
per the provisions of the companies act. In order to maintain high standards of
integrity and transparency regulations stipulate that the auditor of the mutual fund
schemes and the auditor of the AMC will have to be different.

BROKERS Brokers are registered members of the stock exchange whose

services are utilized by AMCs to buy and sells securities on the stock exchanges.
Many brokers also provide the Investment Manager (AMC) with research reports
on the performance of various companies, sector and market outlook, investment
recommendations etc. Regulations have imposes restrictions on the involvement of
brokers in the investment process of any mutual fund in the following ways- a. If a
broker is related to the sponsor or its associate, then the AMC shall not purchase or
sell securities through that broker in excess of 5% of the aggregate of purchase and
sale of securities made by the mutual fund in all its schemes. b. For transactions
through any other broker the AMC can exceed the limit of 5% provided it has
recorded justification in writing and report of such exceeding has been sent to the
trustee on a quarterly basis

REGULATION
Securities and Exchange Board of India (SEBI) is the primary regulator of mutual
funds in India. SEBI is also apex regulator of capital markets. Issuance and trading
of capital market instruments and the regulation of capital market intermediaries is
under the purview of SEBI. Apart from SEBI, mutual funds follow the regulations
of other regulators in limited manner.

RBI RBI acts as regulator of sponsors of bank-sponsored mutual funds,

especially in case of funds offering guaranteed/assured returns. No mutual
fund is allowed to bring out a guaranteed returns scheme without taking
approval from RBI
Companies Act, 1956 Asset Management Company and Trustee Company
will be subject to the provisions of the Companies Act, 1956.
Stock Exchange Closed-end funds might list their units on a stock
exchange. In such a case, the listings are subject to the listing regulation of
stock exchanges. Mutual funds have to sign the listing agreement and abide
by its provisions, which primarily deal with periodic notifications and
disclosure of information that may impact the trading of listed units.
Indian Trusts Act, 1882 Recall that mutual funds are formed and
registered as a public trusts under the Indian trusts Act, 1882. Hence, they
have to follow the provisions of the Indian Trusts Act, 1882.
Ministry of Finance (MoF) The finance ministry is the supervisor of both
the RBI and SEBI. The MoF is also the appellate authority under SEBI
regulations. Aggrieved parties can make appeals to the MoF on the SEBI
rulings relating to mutual funds.
 TYPES OF MUTUAL FUND SCHEMES

MUTUAL FUNDS BASED ON STRUCTURE

1. Open-ended schemes

These funds are always open for you to invest in or exit from. They have no end
date. These schemes offer you the convenience of buying or redeeming the units
during any business day at the prevailing Net Asset Value (NAV).

2. Close-ended schemes

These funds are open for investment for only a short period of time during their
New Fund Offer (NFO) period. Once the offer closes, no new investments are
permitted. Besides, the scheme remains in existence for only a specific period of
time after which it closes down and all the money is returned to the investors.
These schemes are listed on the stock exchange so that if an investor wants to exit,
he can sell his units through the exchange at the market price. Some schemes start
off as being close-ended and then become open-ended, nearer to their redemption
date.
MUTUAL FUNDS BASED ON THE UNDERLYING ASSETS

Equity Funds
Equity funds invest predominantly in equities with a small portion in money
market securities. The objective is to generate potentially superior returns by taking
on higher risk. As these funds invest in stocks, returns do fluctuate thereby posing
higher risk. Therefore, these funds are not for risk-averse investors.
Equity funds can be further categorized as

Diversified funds: These funds invest in equity of companies across market

capitalizations (the market value of a companys shares) and sectors. Equity
Linked Savings Schemes (ELSS) and the Rajiv Gandhi Equity Schemes
(RGESS) are variants of these, offering tax benefit on the investment.
However, you need to keep in mind that you need to stay invested for three
years to be eligible for the tax benefit.
Sectoral funds: These funds invest in companies of a particular sector. For
instance, an IT sector fund will invest in just IT companies while a banking
sector fund will invest only in banking stocks. These funds are relatively of
higher risk due to their sector concentration. And then there are the thematic
funds like infrastructure funds which invest in a particular investment theme.
Index funds: These invest in equities of companies forming part of a stock
market index. The fund invests in these companies in the same proportion as
their weightage in the index. Thus, returns offered by these funds largely
match the returns generated by the underlying index, subject to certain
tracking error. For instance, an index fund which is based on the BSE Sensex
will invest in stocks forming part of the Sensex in the same proportion or
ratio as the constituent stocks in the Sensex.

Debt Funds
These funds invest in fixed income bearing instruments like corporate bonds,
debentures, government securities, commercial paper and other money market
instruments. These funds are relatively low-risk-low-return schemes. The returns
from debt funds include interest receipts and capital gains. If you desire relatively
stable performance, these schemes are right for you.
Debt funds can be further categorized into
 Money market or liquid income schemes: Liquid or money market funds
invest in highly liquid money market instruments for very short investment
periods such as a few days. These funds are suitable for parking surplus
money for a very short period of time.
Gilt funds: Gilt funds invest in sovereign securities like central and state
government bonds. These carry no credit risk but are subject to interest rate
risks. The prices of these securities fluctuate with interest rate movements.
These funds have varying investment periods to suit investor needs.
Income funds: These funds invest in government securities, corporate bonds
and debentures apart from money market instruments. These funds carry a
slightly higher risk than gilt funds as they are exposed to credit risk. Income
funds come with various investment horizons like ultra-short term, short
term, medium term and long term funds to suit varying investor needs.
Fixed Maturity Plans (FMP): These have a fixed tenure like deposits, though
no return is promised or guaranteed. These funds invest in securities that
mature in line with the funds maturity.

Hybrid Funds
These funds invest in equities and debt investments in varying proportions.
Balanced funds invest predominantly (more than 65% of the corpus) in equities
with the rest in debt. These are relatively more stable than pure equity funds.
Monthly Income Plans (MIPs) invest about 75 to 80% of their corpus in debt and
the rest in equities. The objective is to aim for steady returns offered by debt with
possible capital appreciation offered by equity to provide a kicker to the returns.

And there are also funds called Asset Allocation funds that vary their equity
exposure widely from 0% to 90% based on the market outlook. These funds do not
have a fixed asset allocation.

Other types of funds

Exchange Traded Funds (ETF)

ETF is a fund whose units trade like a stock on the stock exchange. These could be
based on a stock index or any other underlying asset. These can be bought and sold
only in the stock market at real time prices which could be different from its unit
NAV. These have lower expense ratios when compared to index funds and other
equity funds. You would need a demat account to invest in these funds. These
funds aim to closely mirror the returns generated by the underlying asset.

Gold ETFs
Gold ETFs are funds that are based on gold. You can bet on gold without buying
physical gold by investing in these gold ETFs. With these funds, you are not only
relieved of the hassles of safekeeping your gold but are also assured of purity since
these funds invest in certified gold bars. You are also spared of the wastage and
making charges that you would typically incur when you buy gold from jewellers.
With certain forms of paper gold, you also get the option of converting it to
physical gold with select jewellers.

Fund of Funds (FoF)

FoFs invest in other mutual funds either of the same fund house or others. There
are funds that invest in mutual funds abroad. There are multi asset funds too that
invest in units of debt, equity and gold too. It is easy to achieve diversification and
lower risk through FoF. However, you will have to bear higher management
expenses.

ADVANTAGES AND DISADVANTAGES

Mutual funds haveadvantages and disadvantages over investing directly in
individual securities.

ADVANTAGES:

Increased diversification: A fund normally holdsmany securities; diversification

decreases risk.
Daily liquidity: Shareholders of open-end funds andunit investment trusts may
sell their holdings back tothe fund at the close of every trading day at a price
equal to the closing net asset value of the funds holdings.
Professional investment management: Open-andclosed-end funds hire portfolio
managers to supervise the funds investments.
Ability to participate in investments that may beavailable only to larger investors.
For example, individual investors often find it difficult to invest directly in foreign
markets.
Service and convenience: Funds often provide services such as check writing.
Government oversight: Mutual funds are regulatedby the SEC
Ease of comparison: All mutual funds are requiredto report the same information
to investors, whichmakes them easy to compare.

DISADVANTAGES:
Fees
Less control over timing of recognition of gains
Less predictable income

CHAPTER 2
PROJECT PROFILE
TITLE OF STUDY

COMPARAITIVE ANALYSIS ABOUT DIFERENT SCHEMES OF ELSS

(TAX SAVINGS SCHEME) IN AMCs

OBJECTIVE OF THE STUDY

Equity Linked Savings Scheme (ELSS) is a type of mutual fund, which invests the
corpus in equity and the equity related products. These schemes offer tax rebates to
the investors under specific provisions of the Indian Income Tax Act, 1961. Their
growth opportunities and risks are like any other equity-oriented schemes. ELSS is
open-ended; hence can be subscribed to and exited from at any point of time. The
purpose of the study is to find out the perception of investors towards Equity
Linked Savings Scheme mutual funds with special consideration towards the
satisfaction level of the investors through grievance redressal, after-sales services
and time taken to redeem the scheme. This study also tries to explore the part of
behavioral finance, as the attributes used here explain the human (investor)
psychology during the financial investment being executed in the financial market.
In the present study, an attempt has been made to assess the overall investor
perspective using a research design based on secondary data collected from various
research paper portals like Moneycontrol, Investopedia and Google. In all, 50
research papers have been downloaded and pursued for this purpose, primarily
from year 2009 to year 2014. The review of the research papers reveals that, in the
Indian scenario, most of the attempts have been made only to describe the mutual
fund performance on the basis of risk and return.

We will study here these mutual funds

BARODA PIONEER ELSS96

BOI AXA TAX ADVANTAGE FUND

CANARA ROBECO EQUITY TAX SAVER

PRINCIPLE PNB TAX SAVINGS FUND

CHAPTER 3

RESEARCH
METHODOLOGY
BARODA PIONEER ELSS 96
An Open Ended Tax Benefit - Cum Growth Scheme

FUND DETAILS
Type Of Scheme - An Open Ended Tax Benefit Cum Growth
Scheme
Date Of Allotment March 31, 1996
Fund Manager Mr. Sanjay Chawla (experience 25 yrs) & Mr. Deepak
Acharya (experience 12 yrs)
Benchmark S&P BSE 200
Month End AUM 69.01crs
RISK PROFILE 31 JANUARY 2017
Standard Deviation 17.03%
Sharpe 0.68
Beta 1.00
Portfolio Turnover (last 12 months) 2.34
NAV AS ON 31 JANUARY 2107
Growth 38.1500
Bonus 38.1500
Dividend 29.8600
TOTAL EXPENSE RATIO
Plan A 3.12%
 PORTFOLIO
Name of Instrument Industries % to Net Assets
EQUITY & EQUITY RELATED
Infosys Ltd. Software 4.77%
HCL Technologies Software 4.17%
Ltd.
HDFC Bank Ltd. Banks 3.83%
Reliance Industries Petroleum Products 3.53%
Ltd.
SBI Banks 3.31%
Maruti Suzuki India Auto 3.27%
Ltd.
Hindalco Industries Non Ferrous Metals 3.08%
Ltd.
Indian Oil Co. Ltd. Petroleum Products 2.97%
ONGC Ltd. Oil 2.74%
Tech Mahindra Ltd. Software 2.69%
Mahindra & Mahindra Auto 2.68%
Ltd.
Yes Bank Ltd. Banks 2.57%
DCB Bank Lld. Banks 2.56%
Vedanta Ltd. Non Ferrous Metals 2.40%
Induslnd Bank Ltd. Banks 2.37%
The Federal Bank Ltd. Banks 2.36%
GAIL(India) Ltd. Gas 2.22%
Tata Motors Ltd. Auto 2.16%
Britannia Industries Consumer Non- 2.12%
Ltd. Durables
Hindustan Petroleum Petroleum Products 2.11%
Co. Ltd.
Divis Laboratories Pharmaceuticals 2.08%
Ltd.
RBL Bank Ltd. Banks 2.07%
 Blue Star Ltd. Consumer Durables 2.02%
MothersonSumi Auto Ancillaries 1.97%
System Ltd.
Shriram City Union Finance 1.95%
Finance Ltd.
JSW Steel Ltd. Ferrous Metals 1.93%
Pidilite Industries Ltd. Chemicals 1.91%
Larsen & Toubro Ltd. Construction Project 1.76%
Emami Ltd. Consumer Non- 1.67%
Durables
Sadbhav Engineering Construction Project 1.65%
Ltd.
Healthcare Global Healthcare Services 1.40%
Enterprises Ltd.
Mahindra & Mahindra Finance 1.37%
Financial Services Ltd.
Capital First Ltd. Finance 1.35%
Gujrat State Petronet Gas 1.35%
Ltd.
FAG Bearings India Industrial Products 1.21%
Ltd.
SUN Pharmaceuticals Pharmaceuticals 1.20%
Industries Ltd.
NBCC (India) Ltd. Construction 1.17%
ITC Ltd. Consumer Non- 1.12%
Durables
ICICI Bank Ltd. Banks 1.09%
Indraprastha Gas Ltd. Gas 1.02%
The Rmaco Cements Cement 0.95%
Ltd.
Eicher Motors Ltd. Auto 0.93%
Engineers India Ltd. Construction Project 0.90%
 Astral poly Technik Industrial Products 0.79%
Ltd.
TeamLease Services Commercial Services 0.73%
Ltd.
HPL Electric & Power Consumer Durables 0.68%
Ltd.
Multi Commodity Finance 0.63%
Exchange Of India
Ltd.
D.B.Corp Ltd. Media & 0.61%
Entertainment
AurbindoPharma Ltd. Pharmaceuticals 0.37%
Total 95.79%
DERIVATIVES
ICICI Bank Ltd. Stock Futures 1.37%
Total 1.37%
DERIVATIVES
CITI Bank Unrated 0.98%
Total 0.98%
CBLO/Reverse Repo Investments 3.84%
Total 3.84%
Cash & Cash Equivalents
Net Receivable/Payable -1.98%
Total -1.98%
GRAND TOTAL 100%
BOI AXA TAX ADVANTAGE FUND
An Open Ended Equity Linked Saving Scheme

FUND DETAILS
Type Of Scheme - An Open Ended Equity Linked Saving Scheme
Date Of Allotment February 25, 2009
Fund Manager Mr. SaurabhKataria(Experience 11yrs)
Benchmark Nifty 50 Index
Month End AUM 65.18crs
RISK PROFILE 31 JANUARY 2017
Standard Deviation 16.59%
Sharpe 0.26
Beta 0.94
Portfolio Turnover (last 12 months) 1.11 Times
NAV AS ON 31 JANUARY 2017
Growth 39.20
Dividend 16.27
TOTAL EXPENSE RATIO
Plan A 2.89%
 PORTFOLIO
Name of Instrument Industries % to Net Assets
EQUITY & EQUITY RELATED
HDFC Bank Ltd. Banks 5.43%
IndusInd Bank Ltd. Banks 5.38%
YES Bank Ltd. Banks 4.82%
Castrol India Ltd. Petroleum Products 3.61%
Maruti Suzuki India Auto 3.17%
Ltd.
AurobindoPharma Ltd. Pharmaceuticals 3.14%
Repco Home Finance Finance 3.04%
Ltd.
Aarti Industries Ltd. Chemicals 2.92%
HCL Technologies Software 2.74%
Ltd.
Tata Motors Ltd DVR Auto 2.55%
Shares
Hindustan Petroleum Petroleum Products 2.40%
Corporation Ltd.
Triveni Turbines Ltd. Industrial Capital 2.40%
Goods
Indraprastha Gas Ltd. Gas 2.31%
Bharat Financial Finance 2.26%
Inclusion Ltd.
Infosys Ltd. Software 2.14%
Timken India Ltd. Industrial Products 2.08%
MothersonSumi Auto Ancillaries 2.04%
Systems Ltd.
 BhartiInfratel Ltd. Telecom 2.03%
Muthood Finance Ltd. Finance 2.02%
Hindalco Industries Non- Ferrous Metals 1.97%
Ltd.
Pidilite Industries Ltd. Chemicals 1.93%

The Ramco Cements Cement 1.91%

Ltd.
Bahrat Forge Ltd. Industrial Products 1.86%
PVR Ltd. Media & 1.86%
Entertainment
Jyothy Laboratories Consumer Non- 1.79%
Ltd. Durables
Eicher Motors Ltd. Auto 1.77%
Crompton Greaves Consumer Durables 1.76%
Consumer Electrical
Ltd.
V Mart Retail Ltd. Retailing 1.74%
DhanukaAgritech Ltd. Pesticides 1.73%
Zee Entertainment Media & 1.69%
Enterprise Ltd. Entertainment
Dalmiya Bharat Ltd. Cement 1.62%
Persistent System Ltd. Software 1.55%
Techno Electric & Construction Projects 1.52%
Engineering
Company Ltd.
RBL Bank Ltd. Banks 1.47%
Blue Star Ltd. Consumer Durables 1.42%
Igarashi Motors India Auto Ancillaries 1.40%
Ltd.
Advanced Enzymes Consumer Non- 1.39%
Technology Ltd. Durables
 Teamlease Services Commercial Services 1.38%
Ltd.
PI Industries Ltd. Pesticides 1.34%
Thyrocare HealthCare Services 1.26%
Technologies Ltd.
The Federal Bank Ltd. Banks 1.23%
Quess Corp Ltd. Commercial Services 1.04%
Piramal Enterprises Pharmaceuticals 1.04%
Ltd.
Finolex Cables Ltd. Industrial Products 1.01%
Majesco Ltd. Software 0.99%
Wirlpool of India Ltd. Consumer Durables 0.98%

Total 97.09%
CBLO/Reverse Repo Investments 0.92%
Total 98.10%
Cash & Cash Equivalents
Net Receivable/Payable -0.51%
GRAND TOTAL 100%
CANARA ROBECO EQUITY TAX SAVER
(CRETS)
Open Ended Equity Linked Tax Saving Scheme

FUND DETAILS
Type of Scheme - Open Ended Equity Linked Tax Saving Scheme
Date of Allotment March 31, 1993
Fund Manager Mr. YogeshPatil (Experience 13yrs)
Benchmark S&P BSE 100
Month End AUM 805.18crs
RISK PROFILE 31 JANUARY 2017
Standard Deviation 16.44%
Sharpe 0.66
Beta 1.05
Portfolio Turnover (last 12 months) 0.58 Times
NAV AS ON 31 JANUARY 2017
Growth 27.77%
Dividend 22.92%
TOTAL EXPENSE RATIO
Plan A 2.46%

PORTFOLIO
Name of Instrument Industries % to Net Assets
Equities 96.17%
Listed 96.17%
HDFC Bank Ltd. Banks 6.90%
Kotak Mahindra Bank Banks 3.94%
Ltd.
Induslnd Bank Ltd. Banks 3.49%
State Bank Of India Banks 2.20%
ICICI Bank Ltd. Banks 2.01%
Hindustan Unilever Consumer Non- 3.64%
Ltd. Durables
Britannia Industries Consumer Non- 3.28%
Ltd. Durables
GSK Consumer Consumer Non- 2.93%
Healthcare Ltd. Durables
Parag Milk Foods Ltd. Consumer Non- 1.05%
Durables
Emami Ltd. Consumer Non- 0.96%
Durables
Marico Ltd. Consumer Non- 0.90%
Durables
I T C Ltd. Consumer Non- 0.75%
 Durables
Nestle India Ltd. Consumer Non- 0.36%
Durables
Dabur India Ltd. Consumer Non- 0.16%
Durables
Infosys Ltd. Software 5.07%
Oracle Financial Software 2.43%
Services Software Ltd.
L&T Technology Software 0.61%
Services Ltd.

Hindustan Petroleum Petroleum Products 4.21%

Corporation Ltd.
Indian Oil Corporation Petroleum Products 3.50%
Ltd.
Container Corporation Transportation 4.52%
Of India Ltd.
Blue Dart Express Ltd. Transportation 1.24%
Transport Corporation Transportation 0.96%
Of India Ltd.
Gateway Distriparks Transportation 0.87%
Ltd.
TCI Express Ltd. Transportation 0.06%
SUN Pharmaceuticals Pharmaceuticals 2.00%
Industries Ltd.
Sanofi India Ltd. Pharmaceuticals 1.28%
Hikal Ltd. Pharmaceuticals 1.22%
AurobindoPharma Ltd. Pharmaceuticals 1.02%
Divis Laboratories Pharmaceuticals 0.77%
Tata Motors Ltd. A Auto 3.29%
(DVR)
Mahindra & Mahindra Auto 1.85%
 Ltd.
Ultratech Cement Ltd. Cement 3.75%
Bharat Forge Ltd. Industrial Products 2.33%
Timken India Ltd. Industrial Products 1.24%
AshokaBuildcon Ltd. Construction Project 2.34%
Sadbhav Engineering Construction Project 1.21%
Ltd.
Bayer Cropscience Pesticides 3.28%
Ltd.
Texmaco Rail & Industrial Capital 1.29%
Engineering Ltd. Goods

Honeywell Industrial Capital 0.87%

Automation gas Ltd. Goods
Praj Industries Ltd. Industrial Capital 0.68%
Goods
Indraprastha Gas Ltd. Gas 1.50%
Petronet LNG Ltd. Gas 1.14%
WABCO India Ltd. Auto Ancillaries 0.69%
MRF Ltd. Auto Ancillaries 0.64%
Precision Camshafts Auto Ancillaries 0.48%
Ltd.
Coromandel Fertilizers 1.32%
International Ltd.
Ahluwalia Contracts Construction 0.83%
(India) Ltd.
PNC Infratech Ltd. Construction 0.46%
Mahindra & Mahindra Finance 0.53%
Financial Services Ltd.
Max Financial Finance 0.53%
Services Ltd.
Atul Ltd. Chemicals 1.00%
The Indian Hotels Co Hotels, Resorts & 0.95%
Ltd. Other Recreational
Activities
VA Tech wabag Ltd. Engineering Services 0.88%
Zee Entertainment Media & 0.76%
Enterprise Ltd. Entertainment
Money Market Instruments
CBLO 4.79%
Net Current Assets -0.96%
GRAND TOTAL

PRINCIPAL TAX SAVINGS FUND

An Open Ended Equity Linked Savings Scheme

FUND DETAILS
Type of Scheme - An Open Ended Equity Linked Savings Scheme
Date of Allotment March 31, 2008
Fund Manager Mr. P.V.K. Mohan
Benchmark S&P BSE 200 INDEX
Month End AUM 284.13
RISK PROFILE 31 JANUARY 2017
Standard Deviation 18.46%
Sharpe 0.72
Beta 1.19
Portfolio Turnover (last 12 months) 0.50 TIMES
NAV AS ON 31 JANUARY 2017
Growth (Regular) 160.48
Direct 163.74
TOTAL EXPENSE RATIO
Regular 2.56%
Direct 2.29%

PORTFOLIO
Name of Instrument Industries % to Net Assets
EQUITY 94.36%
Tata Motors Auto 4.07%
Bajaj auto Auto 1.94%
Maruti Suzuki India Auto 1.70%
Asahi India Glass Auto Ancillaries 1.93%
Rico Auto Industries Auto Ancillaries 1.43%
HDFC Bank Banks 4.44%
ICICI Bank Banks 3.70%
State Bank Of India Banks 3.48%
Bank Of Baroda Banks 1.76%
Kotak Mahindra Bank Banks 1.58%
The Federal Bank Banks 1.33%
YES Bank Banks 1.16%
RBL Bank Banks 1.10%
City Union Bank Banks 1.09%
Union Bank Of India Banks 1.02%
Canara Bank Banks 0.94%
The India Cements Cement 3.04%
Century Textiles & Cement 1.32%
Industries
Ultratech cement Cement 1.27%
Birla Corporation Cement 1.09%
JK Cement Cement 0.95%
DLF Construction 0.94%
IRB Infrastructure Construction 0.85%
Developers
Prestige Estates Construction 0.67%
Projects
Larsen & Toubro Construction Project 2.44%
KEC International Construction Project 1.93%
Ashoka International Construction Project 0.99%

Hindustan Construction Project 0.98%

Construction
Company
Bajaj Electricals Consumer Durables 1.92%
ITC Consumer Non- 3.97%
Durables
Dabur India Consumer Non- 2.03%
Durables
Bombay Burmah Consumer Non- 1.92%
Trading Corporation Durables
Britannia Industries Consumer Non- 1.69%
Durables
United Sprits Consumer Non- 1.24%
Durables
Chambal Fertilizers & Fertilizer 0.95%
 Chemicals
HDFC Finance 2.12%
DHFC Finance 1.08%
Indraprastha Gas 1.28%
Mahindra Holidays & Hotels, Resorts & 1.03%
Resorts India Other Recreational
Activities
The Indian Hotels Hotels, Resorts & 0.87%
Company Other Recreational
Activities
Jain Irrigation Systems Industrial Products 1.97%
Hindustan Zinc Non- Ferrous Metals 1.47%
National Aluminum Non- Ferrous Metals 0.91%
Company
Reliance Industries Petroleum Products 2.67%
Castrol India Petroleum Products 2.10%
Hindustan Petroleum Petroleum Products 1.20%
Corporation
Abbott India Pharmaceuticals 1.15%
Cipla Pharmaceuticals 1.00%
Glenmark Pharmaceuticals 0.96%
Pharmaceuticals
AurobindoPharma Pharmaceuticals 0.94%
NactoPharma Pharmaceuticals 0.93%
Sun Pharmaceuticals Pharmaceuticals 0.80%
Industries
Kalpataru Power Power 1.19%
Transmission
Rattanindia Power Power 0.64%
Infosys Software 3.91%
HCL Technologies Software 0.89%
Tata Consultancy Software 0.85%
 Services
Jet Airways (India) Transportation 0.81
Navkar Corporation Transportation 0.73%
Cash & Cash Equivalents 5.64
NET ASSETS 100

CHAPTER 4
CONCLUSION
 CONCLUSION
For this we will go through these things
Return(Past Performance)
AUM(Assets Under Management)
Ratings(By Various Institutions)
Assets Allocation
Other Factors

ON THE BASIS OF AUM (Assets under Management)

AUM DETAILS BARODA BOI AXA TAX CANARA PRINCIPAL TAX
PIONEER ADVANTAGE ROBECO SAVINGS FUND
ELSS96 FUND EQUITY TAX March 7, 2017
March 7, 2017 March 7, 2017 SAVER
March 7, 2017

LATEST AUM 69.10crs 65.18crs 805.18crs 284.13crs

RANK on Basis of 3 4 1 2
AUM

A high NAV could be because of a good performance over the years. But then,
with mutual funds, the past performance is never a guarantee for future
performance.

A fund could have a lower NAV because its net assets are low or the no. of
outstanding units is high

Low NAV means More Units

If a fund Have High NAV then the Expense Ratio will be declined. This will in
Favor of Investor.

ON THE BASIS OF RETURN

NAV DETAILS BARODA BOI AXA TAX CANARA PRINCIPAL TAX
PIONEER ADVANTAGE ROBECO SAVINGS FUND
ELSS96 FUND EQUITY TAX March 7, 2017
March 7, 2017 March 7, 2017 SAVER
March 7, 2017

LATEST NAV 39.980 42.290 49.250 168.110

RS/UNITS

52 WEEK HIGH 40.17 42.17 49.97 168.25

52 WEEK LOW 32.18 33.83 41.00 126.56

1 MONTHS 1.10% 0.10% -0.20% 0.90%

3 MONTHS 9.36% 8.60% 8.00% 11.50%
6 MONTHS 0.30% -1.10% -0.50% 2.90%
1 YEAR 23.7% 21.30% 19.80% 32.70%
3 YEAR 17.31% 16.80% 16.10% 21.80%
5 YEAR 14.56% 15.60% 14.30% 19.70%

According to this Information we can say that the while studying this Information
the best fund among them

1. PRINCIPAL TAX SAVINGS FUND

2. BARODA PIONEER ELSS96
3. BOI AXA TAX ADVANTAGE FUND
4. CANARA ROBECO EQUITY TAX SAVER
The highest return was given by Principal Tax savings Fund. If we will get to an
Average to this fund it will give around 24.73% average return in past 5 years

ON BASIS OF ASSETS ALLOCATION

AUM BARODA BOI AXA TAX CANARA ROBECO PRINCIPAL TAX
DETAILS PIONEER ELSS96 ADVANTAGE EQUITY TAX SAVER SAVINGS FUND
FUND

TOP 5 HCL HDFC Bank Infosys HDFC Bank

HOLDINGS
Technologies Ltd./IndusInd Ltd./HDFC Bank Ltd./Tata Motors
Ltd./Infosys Bank Ltd./Container Ltd./ITC
Ltd./Reliance Ltd./Yes Co. of India Ltd./Infosys
Industries Ltd./ Bank Ltd./Hindusthan Ltd./ICICI Bank
HDFC Bank Ltd./Castrol Petroleum Co. Ltd.
Ltd. India Ltd./Kotak
Ltd./Maruti Mahindra Bank
Suzuki India Ltd.
Ltd.
WEIGHTAGE 19.22% 22.40% 24.65% 20.08%
TO
TOP 5
HOLDINGS
TOP 3 Banks/Software Banks/Auto / Banks/Consumer Banks/Consumer
SECTORS
/ Software Non- Non-
Petroleum Durables/Softwar Durables/Auto
e
WEIGHTAGE 43.30% 43.23% 40.68% 40.16%
TO
TOP 3
SECTORS
FUND Mr. Deepak Mr. Saurabh Mr. Yogesh Patil Mr. P.V.K
MANAGER
Acharya / Kataria Mohan
Mr. Sanjay
Chawla
RATINGS
RATING BARODA BOI AXA TAX CANARA PRINCIPAL TAX
AGENCIES PIONEER ADVANTAGE ROBECO SAVINGS FUND
ELSS96 FUND EQUITY TAX March 7, 2017
March 7, 2017 March 7, 2017 SAVER
March 7, 2017

CRISIL Not Ranked Not Ranked Rank 5 Rank 3

VALUE 1 Star 2 Star 1 Star 4 Star

RESEARCH
MORNING Not Ranked 2 Star 2 Star 3 Star
STAR

BARODA BOI AXA TAX CANARA ROBECO PRINCIPAL TAX

PIONEER ELSS96 ADVANTAGE EQUITY TAX SAVER SAVINGS FUND
FUND

BETA() 1.00 0.94 1.05 1.19

EXPENSE 3.12% 2.89% 2.46% 2.56%

RATIO
(Regular)

OTHER FACTORS
CHAPTER 5

BIBLOGRAPHY
BIBLOGRAPHY
WWW.INVESTOPEDIA.COM
WWW.WIKIPEDIA.COM
WWW.MORNINGSTAR.COM
WWW.MONEYCONTROL.COM
WWW.VLAUERESEARCH.COM

Most important our Teachers and Mentors In our Institutions

and Baroda Pioneer Mutual Fund.