A Summer Internship Program1 (2003)

Summer Internship Report
1. Overview of Mutual Funds Industry
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Summer Internship Report INTRODUCTION

Savings form an important part of the economy of any nation. With savings invested in various options available to the people, the money acts as the driver for growth of the country. Indian financial scene too presents multiple avenues to the investors. Though certainly not the best or deepest of the markets in the reasonable options for an ordinary man to invest his savings. Different investments avenues are available to investors. Mutual funds offer good investment opportunities to the investors. Like all investments, they also carry certain risk. Risk especially means uncertainly of outcome or the possibility of an adverse outcome. If you are walking on the road, risk means a running bus may hit you. It does not mean you will be hit. Such a risk does not exit if you are walking down a garden path. But on a garden path there is no destination, therefore no reward other than the pleasurable surroundings. You take to the road because you want to reach a destination, which is your reward. When you invest, the risk is that of loss. The reward is the return you might get. Mutual fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document. Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time. Mutual fund issues units to the investors in accordance with quantum of money invested by them. Investors of mutual funds are known as unit holders. The profits or losses are shared by the investors in proportion to their investments. The mutual funds normally come out with a number of schemes with different investment objectives, which are launched from time to time.
EMERGENCE OF MUTUAL FUNDS:

Unit Trust of India was the first mutual fund set up in India in the year 1963. In early 1990s, Government allowed public sector banks and institutions to set up mutual funds. SEBI formulates policies and regulates the mutual funds to protect the interest of the investors. All mutual funds whether promoted by public sector or private sector entities including those promoted by foreign entities are governed by the same set of Regulations.
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A mutual fund is set up in the form of a trust, which has sponsor, trustees, Asset Management Company (AMC) and custodian. The trust is established by a sponsor or more than one sponsor who is like promoter of a company. The trustees of the mutual fund hold its property for the benefit of the unit holders. Asset Management Company (AMC) approved by SEBI manages the funds by making investments in various types of securities. Custodian, who is registered with SEBI, holds the securities of various schemes of the fund in its custody. The trustees are vested with the general power of superintendence and direction over AMC. They monitor the performance and compliance of SEBI Regulations by the mutual fund. The performance of a particular scheme of a mutual fund is denoted by Net Asset Value (NAV). In simple words, Net Asset Value is the market value of the securities held by the scheme. Since market value of securities changes every day, NAV of a scheme also varies on day-to-day basis. The NAV per unit is the market value of securities of a scheme divided by the total number of units of the scheme on any particular date. For example, if the market value of securities of a mutual fund scheme is Rs 200 lakhs and the mutual fund has issued 10 lakhs units of Rs. 10 each to the investors, then the NAV per unit of the fund is Rs.20. NAV is required to be disclosed by the mutual funds on a regular basis - daily or weekly depending on the type of scheme.
MUTUAL FUND CONCEPT:

A Mutual Fund is a trust that pools the savings of a number of investors who share common financial goal; investments may be in shares, debt securities, money market securities or a combination of these. Those securities are professionally managed on behalf of the unit-holders, and each investor holds a pro-rata share of the portfolio i.e. entitled to any profits when the securities are sold, but subject to any losses in value as well. The income earned through these investments and the capital appreciation realized are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost.
DEFINITION OF MUTUAL FUNDS:

Mutual Funds are associations or trusts of public members who wish to make investments in the financial instruments or assets of the business sector or corporate
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sector for the mutual benefits of its members. The fund collects the money of these members from their savings and invests them in a diversified portfolio of financial assets with la view to reduce risk and to maximize on a pro-rata income and capital appreciation for distribution of its members on a pro-rata basis. They enjoy collectively the benefits of expertise in investment by specialists in the trust, which no single individual could enjoy by himself. Mutual Fund is thus a concept of these investments by experts in the field. These funds are set up under the Indian Trusts Act. According to, Mutual Funds for Dummies 1997, A mutual fund is a large pool of investment money from lots and lots of people. According to, FSOS Performance Support New Employee Orientation 2/1/97, A mutual fund is a collection of stocks, bonds, or other securities purchased by a group of investors and managed by a professional investment company.
According to, Quarterly Market Guide to Merrill Lynch Mutual Funds An investment company that pools the money of many individuals and invests in a portfolio of stocks, bonds and/or cash equivalents, actively managed by a portfolio manager who buys and sells securities in an attempt to take advantage of current or expected market conditions. According to, Business Weeks Annual Guide to Mutual Funds 1991 A mutual fund is an investment company that pools the money of many individual investors. When the fund takes in money from investors, it issues shares. According to, Words of Wall Street 1983 Popular name for the shares of open-end management investment companies. net asset value. According to, www.sec.gov/consumer/inwsmf.htmlA mutual fund is a company that brings together money from many people and invests it in stocks, bonds, or other securities. (The combined holdings of stocks, bonds, or other securities and assets the fund owns are known as its portfolio.) Each investor owns shares, which represent a part of these holdings. Such shares represent ownership of a diversified portfolio of securities, which are professionally managed and which are redeemable at their
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According to ,Sage Online 1997 A mutual fund is a savings/investment account managed by money managers employed by an investment company. professionals who select the investments of the fund. According to, Introduction to Mutual Funds and MLAM 1997A mutual fund is a Money managers are
corporation with a state charter to conduct business as an investment company. It invests in publicly traded stocks and bonds, and issues its own shares to investors, who become Mutual Fund Shareholders.
TYPES OF SCHEMES IN MUTUAL FUNDS Schemes according to Maturity Period:

Open-ended Fund/ Scheme: An open-ended fund or scheme is one that is available for subscription and repurchase on a continuous basis. These schemes do not have a fixed maturity period. Investors can conveniently buy and sell units at Net Asset Value (NAV) related prices, which are declared on a daily basis. The key feature of open-end schemes is liquidity. Close-ended Fund/ Scheme: A close-ended fund or scheme has a stipulated maturity period e.g. 5-7 years. The fund is open for subscription only during a specified period at the time of launch of the scheme. Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where the units are listed.
COMPARISION OF OPEN ENDED AND CLOSED ENDED SCHEMES Open-ended Funds:

Open-ended or open mutual funds are much more common than closed-ended funds and meet the true definition of a mutual fund a financial intermediary that allows a group of investors to pool their money together to meet an investment objective to make money! An individual or team of professional money managers manage the pooled assets and choose investments, which create the funds portfolio They are established by a fund sponsor, usually a mutual fund company, and valued by the fund company or an outside agent. This means that the funds portfolio is valued at "fair market" value, which is the closing market value for listed public securities. An open-ended fund can be freely sold and repurchased by investors.
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Buying and Selling: Open funds sell and redeem shares at any time directly to shareholders. To make an investment, you purchase a number of shares through a representative, or if you have an account with the investment firm, you can buy online, or send a check. The price you pay per share will be based on the funds net asset value as determined by the mutual fund company. Open funds have no time duration, and can be purchased or redeemed at any time, but not on the stock market. An open fund issues and redeems shares on demand, whenever investors put money into the fund or take it out. Since this happens routinely every day, total assets of the fund grow and shrink as money flows in and out daily. The more investors buy a fund, the more shares there will be. There's no limit to the number of shares the fund can issue. Nor is the value of each individual share affected by the number outstanding, because net asset value is determined solely by the change in prices of the stocks or bonds the fund owns, not the size of the fund itself. Some open-ended funds charge an entry load (i.e., a sales charge), usually a percentage of the net asset value, which is deducted from the amount invested. Advantages: Open funds are much more flexible and provide instant liquidity as funds sell shares daily. You will generally get a redemption (sell) request processed promptly, and receive your proceeds by check in 3-4 days. A majority of open mutual funds also allow transferring among various funds of the same family without charging any fees. Open funds range in risk depending on their investment strategies and objectives, but still provide flexibility and the benefit of diversified investments, allowing your assets to be allocated among many different types of holdings. Diversifying your investment is key because your assets are not impacted by the fluctuation price of only one stock. If a stock in the fund drops in value, it may not impact your total investment as another holding in the fund may be up. But, if you have all of your assets in that one stock, and it takes a dive, youre likely to feel a more considerable loss.
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Risks: Risk depends on the quality and the kind of portfolio you invest in. One unique risk to open funds is that they may be subject to inflows at one time or sudden redemptions, which leads to a spurt or a fall in the portfolio value, thus affecting your returns. Also, some funds invest in certain sectors or industries in which the value of the in the portfolio can fluctuate due to various market forces, thus affecting the returns of the fund.
Closed-ended Funds:
Close-ended or closed mutual funds are really financial securities that are traded on the stock market. Similar to a company, a closed-ended fund issues a fixed number of shares in an initial public offering, which trade on an exchange. Share prices are determined not by the total net asset value (NAV), but by investor demand. A sponsor, either a mutual fund company or investment dealer, will raise funds through a process commonly known as underwriting to create a fund with specific investment objectives. The fund retains an investment manager to manage the fund assets in the manner specified. Buying and Selling: Unlike standard mutual funds, you cannot simply mail a check and buy closed fund shares at the calculated net asset value price. Shares are purchased in the open market similar to stocks. Information regarding prices and net asset values are listed on stock exchanges; however, liquidity is very poor. The time to buy closed funds is immediately after they are issued. Often the share price drops below the net asset value, thus selling at a discount. A minimum investment of as much as $5000 may apply, and unlike the more common open funds discussed below, there is typically a five-year commitment. Advantages: The prospect of buying closed funds at a discount makes them appealing to experienced investors. The discount is the difference between the market price of the closedend fund and its total net asset value. As the stocks in the fund increase in value, the discount usually decreases and becomes a premium instead. Savvy investors search for closed-end funds with solid returns that are trading at large discounts and then bet that the gap between the discount and the underlying asset value will close. So one advantage to closed-end funds 7|Page

is that you can still enjoy the benefits of professional investment management and a diversified portfolio of high quality stocks, with the ability to buy at a discount. Risks: Investing in closed-end funds is more appropriate for seasoned investors. Depending on their investment objective and underlying portfolio, closed-ended funds can be fairly volatile, and their value can fluctuate drastically. Shares can trade at a hefty discount and deprive you from realizing the true value of your shares. Since there is no liquidity, investors must buy a fund with a strong portfolio, when units are trading at a good discount and the stock market is in position to rise. ICICI Mutual funds - Global Scenario The money market mutual fund segment has a total corpus of $ 1.48 trillion in the U.S. against a corpus of $ 100 million in India. Out of the top 10 mutual funds worldwide, eight are bank- sponsored. Only Fidelity and Capital are non-bank mutual funds in this group. In the U.S. the total number of schemes is higher than that of the listed companies while in India we have just 277 schemes Internationally, mutual funds are allowed to go short. In India fund managers do not have such leeway. In the U.S. about 9.7 million households will manage their assets on-line by the year 2003, such a facility is not yet of avail in India. On- line trading is a great idea to reduce management expenses from the current 2 % of total assets to about 0.75 % of the total assets. 72% of the core customer base of mutual funds in the top 50-broking firms in the U.S. are expected to trade on-line by 2003. (Source: The Financial Express September, 99) Internationally, on-line investing continues its meteoric rise. Many have debated about the success of e- commerce and its breakthroughs, but it is true that this aspect of 8|Page

technology could and will change the way financial sectors function. However, mutual funds cannot be left far behind. They have realized the potential of the Internet and are equipping themselves to perform better. In fact in advanced countries like the U.S.A, mutual funds buy- sell transactions have already begun on the Net, while in India the Net is used as a source of Information. Such changes could facilitate easy access, lower intermediation costs and better services for all. A research agency that specializes in internet technology estimates that over the next four years Mutual Fund Assets traded online will grow ten folds from $ 128 billion to $ 1,227 billion ; whereas equity assets traded on-line will increase during the period from $ 246 billion to $ 1,561 billion. This will increase the share of mutual funds from 34% to 40% during the period. (Source: The Financial Express September ,99) Such increases in volumes are expected to bring about large changes in the way Mutual Funds conduct their business. Here are some of the basic changes that have taken place since the advent of the Net. Lower Costs: Distribution of funds will fall in the online trading regime by 2003 . Mutual funds could bring down their administrative costs to 0.75% if trading is done online. As per SEBI regulations , bond funds can charge a maximum of 2.25% and equity funds can charge 2.5% as administrative fees. Therefore if the administrative costs are low , the benefits are passed down and hence Mutual Funds are able to attract mire investors and increase their asset base. Better advice: Mutual funds could provide better advice to their investors through the Net rather than through the traditional investment routes where there is an additional channel to deal with the Brokers. Direct dealing with the fund could help the investor with their financial planning. In India , brokers could get more Net savvy than investors and could help the investors with the knowledge through get from the Net. New investors would prefer online : Mutual funds can target investors who are young individuals and who are Net savvy, since servicing them would be easier on the Net. 9|Page

India has around 1.6 million net users who are prime target for these funds and this could just be the beginning. The Internet users are going to increase dramatically and mutual funds are going to be the best beneficiary. With smaller administrative costs more funds would be mobilized .A fund manager must be ready to tackle the volatility and will have to maintain sufficient amount of investments which are high liquidity and low yielding investments to honor redemption. Net based advertisements: There will be more sites involved in ads and promotion of mutual funds. In the U.S. sites like AOL offer detailed research and financial details about the functioning of different funds and their performance statistics. a is witnessing a genesis in this area. Softening global economic indicators, uncertainty in Europe and worries about monetary tightening in China made the global indices recede from their previous Weeks close. In the US, a surprisingly weaker ADP employment report coupled with a possible ratings downgrade weighed on the markets. Anemic May job growth data further added to pessimism. European markets recovered moderately from the lows amid reports that a new rescue package for Greece had been agreed by euro-zone officials in return for the country imposing deeper austerity measures. In Asia, markets were volatile amid mixed economic reports from across the world. Chinas Shanghai Composite posted its first weekly gains since mid-May but cautious persisted on fears that the central bank could raise interest rates during the upcoming long weekend. The Australian economy contracted by 1.2% in the first quarter of 2011, impacted by flooding which began in late December 2010 combined with cyclones. The drop was the largest since the March quarter in 1991.
Domestic (INDIAN) Market Overview A lower GDP growth for January-March quarter (7.8% y-o-y) eased fears of a hawkish policy stance by RBI and helped sentiment at the local market during the initial part of the week. GDP for the fiscal 2011 grew 8.5% compared with 8% in the fiscal 2010.
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Global risk aversion ahead of key jobs data from the US dented sentiment lately triggered profit booking narrowing the weekly gains. A decline in cement output and lower growth in finished steel production slowed the growth of infrastructure industries to 5.2% y-o-y in April compared with 7.4% in March 2011, reflecting moderation in growth momentum. Domestically, food inflation moderated to 8.06% y-o-y after touching its four week's high. Fuel inflation inched up to 12.54% from 12.11% y-o-y while investors worried that the recent fuel price hike could weigh on headline inflation numbers.
Schemes according to Investment Objective:

Growth / Equity Oriented Scheme: The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes normally invest a major part of their corpus in equities. Such funds have comparatively high risks. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time. Income / Debt Oriented Scheme: The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. Balanced Fund: The aim of balanced funds is to provide both growth and regular income as such schemes invest both in equities and fixed income securities in the proportion indicated in their offer documents. These are appropriate for investors looking for moderate growth. Money Market or Liquid Fund: These schemes invest exclusively in safer shortterm 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. Gilt Fund: These funds invest exclusively in government securities. Government securities have no default risk. NAVs of these schemes also fluctuate due to change in
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interest rates and other economic factor as is the case with income or debt oriented schemes. Index Funds: Index Funds replicate the portfolio of a particular index such as the BSE Sensitive index, S&P NSE 50 index (Nifty), etc these schemes invest in the securities in the same weight age comprising of an index. NAVs of such schemes would rise or fall in accordance with the rise or fall in the index, though not exactly by the same percentage due to some factors known as "tracking error" in technical terms. Necessary disclosures in this regard are made in the offer document of the mutual fund scheme. Sector specific funds/schemes: These are the funds/schemes, which invest in the securities of only those sectors or industries as specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving Consumer Goods , Petroleum stocks, etc. Tax Saving Schemes: These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues. Eg: Equity Linked Savings Schemes (ELSS). Load or no-load Fund: A Load Fund is one that charges a percentage of NAV for entry or exit. That is, each time one buys or sells units in the fund, a charge will be payable. This charge is used by the mutual fund for marketing and distribution expenses. Suppose the NAV per unit is Rs.10. If the entry as well as exit load charged is 1%, then the investors who buy would be required to pay Rs.10.10 and those who offer their units for repurchase to the mutual fund will get only Rs.9.90 per unit. There is a difference between investing in a mutual fund and in an initial public offering (IPO) of a company. IPOs of companies may open at lower or higher price than the issue price depending on market sentiment and perception of investors. However, in the case of mutual funds, the par value of the units may not rise or fall immediately after allotment. A mutual fund scheme takes some time to make investment in securities. NAV of the scheme depends on the value of securities in which the funds have been deployed. Therefore, the investors must read the offer document of the mutual fund scheme very carefully. They may also look into the past track record of performance of the scheme or other schemes of the same mutual fund. They may also compare the performance with other schemes having similar investment objectives. Though past performance of a scheme is not an indicator of its future performance and good performance in the past may or
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may not be sustained in the future, this is one of the important factors for making investment decision and an investor is always advised to keep his eyes wide open to fetch the desired results out of a mutual fund scheme.
BENEFITS OF MUTUAL FUNDS:
Affordability: A mutual fund invests in a portfolio of assets, i.e. bonds, shares, etc. depending upon the investment objective of the scheme. An investor can buy in to a portfolio of equities, which would otherwise be extremely expensive. Each unit holder thus gets an exposure to such portfolios with an investment as modest as Rs.500/-. Diversification: It simply means that you must spread your investment across different securities (stocks, bonds, money market instruments, real estate, fixed deposits etc.) and different sectors (auto, textile, information technology etc.). Professional Management: It is the Fund Manager's job to (a) find the best securities for the fund, given the fund's stated investment objectives; and (b) keep track of investments and changes in market conditions and adjust the mix of the portfolio, as and when required. Variety: Mutual funds offer a tremendous variety of schemes. This variety is beneficial in two ways: first, it offers different types of schemes to investors with different needs and
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risk appetites; secondly, it offers an opportunity to an investor to invest sums across a variety of schemes, both debt and equity. Tax Benefits: Any income distributed after March 31, 2002 will be subject to tax in the assessment of all Unit holders. However, as a measure of concession to Unit holders of openended equity-oriented funds, income distributions for the year ending March 31, 2003, will be taxed at a concessional rate of 10.5%. Regulations: Securities Exchange Board of India (SEBI), the mutual funds regulator has clearly defined rules, which govern mutual funds. These rules relate to the formation, administration and management of mutual funds and also prescribe disclosure and accounting requirements.
DRAWBACKS OF MUTUAL FUNDS:

Mutual funds have their drawbacks and may not be for everyone:
No Guarantees: No investment is risk free. If the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio. Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money.
Fees and commissions: All funds charge administrative fees to cover their dayto-day expenses. Some funds also charge sales commissions or "loads" to compensate brokers, financial consultants, or financial planners. Even if you don't use a broker or other financial adviser, you will pay a sales commission if you buy shares in a Load Fund.
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Taxes: During a typical year, most actively managed mutual funds sell anywhere from 20 to 70 percent of the securities in their portfolios. If fund makes a profit on its sales, will pay taxes on the income you receive, even if reinvest the money made.
Management risk: When invest in a mutual fund, depend on the fund's manager to make the right decisions regarding the fund's portfolio. If the manager does not perform as well as had hoped, might not make as much money on investment as you expected. Of course, if invest in Index Funds, forego management risk, because these funds do not employ managers. Some facts for the growth of mutual funds in India: 100% growth in the last 6 years. Number of foreign AMC's are in the que to enter the Indian markets like Fidelity Investments, US based, with over US$1trillion assets under management worldwide. Our saving rate is over 23%, highest in the world. Only channel zing these savings in mutual funds sector is required. We have approximately 29 mutual funds which is much less than US having more than 800. There is a big scope for expansion. Mutual fund can penetrate rural market like the Indian insurance industry with simple and limited products. SEBI allowing the mfs to launch commodity mutual funds. Emphasis on better corporate governance. Trying to curb the late trading practices. Introduction of Financial Planners who can provide need based advice.
ORGANIZATION OF A MUTUAL FUND:
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Structure consists of: The Role of Sponsor: Sponsor is the person who acting alone or in combination with another body corporate establishes a mutual fund. Sponsor must contribute at least 40% of the net worth of the Investment Managed and meet the eligibility criteria prescribed under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.The Sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial contribution made by it towards setting up of the Mutual Fund. The Role of Trust: The Mutual Fund is constituted as a trust in accordance with the provisions of the Indian Trusts Act, 1882 by the Sponsor. The trust deed is registered under the Indian Registration Act, 1908. The Role of Trustee: Trustee is usually a company (corporate body) or a Board of Trustees (body of individuals). The main responsibility of the Trustee is to safeguard the interest of the unit holders and inter alias ensure that the AMC functions in the interest of investors and in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the provisions of the Trust Deed and the Offer Documents of the respective Schemes. At least 2/3rd directors of the Trustee are independent directors who are not associated with the Sponsor in any manner.
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The Trustee will take into custody and hold under its control all the property of the Fund in trust for the Unitholders. The cash and registrable assets shall be deposited or registered in the name of or to the order of the Trustee. The Trustee will carry out the instructions of the Management Company in all matters including investment and disposition of the Fund Property, unless they are in conflict with the Deed, the Rules and the Offering Document(s) or applicable laws. It shall also ensure that all issues and cancellations of Units of the Fund and the method adopted by the Management Company in valuing Units for the purposes of determining the Offer and Redemption Prices are carried out in accordance with the provisions of the Deed and the Rules. The Role of Asset Management Company (AMC): The company that manages a Mutual Fund is called an AMC. For all practical purposes, it is an organized form of a "Money Portfolio Manager". An AMC may have several Mutual Fund schemes with similar or varied investment objectives. The AMC hires a professional money manager, who buys and sells securities in line with the fund's stated objective The Trustee as the Investment Manager of the Mutual Fund appoints the AMC. The AMC is required to be approved by the Securities and Exchange Board of India (SEBI) to act as an asset management company of the Mutual Fund. Atlas 50% of the directors of the AMC is an independent director who is not associated with the Sponsor in any manner. The AMC must have a net worth of at least 10 crore at all times. The Role of Registrar and Transfer Agent: The AMC if so authorized by the Trust Deed appoints the Registrar and Transfer Agent to the Mutual the Registrar processes the application form; redemption requests and dispatches account statements to the unit holders. The Registrar and Transfer agent also handles communications with investors and updates investor records.
The Role of the Government:

SECP not only regulates the Mutual Fund industry but all stock exchanges in Pakistan, all listed companies, the insurance industry, investment banking sector and the stock brokerage business. The SECP has established and continues to develop a stringent set of rules and requirements and an organization has to abide by them in order to operate as an
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Asset Management Company. The Management Company falls under the regulations of SECP, SBP, etc.
GROWTH IN ASSET UNDER MANAGEMENT

The mutual fund industry in India has come a long way. Significant spurts in size were noticed in the late 80s, when public sector mutual funds were first permitted, and then in the mid-90s, when private sector mutual funds commenced operations. In the last few years, institutional distributors increased their focus on mutual funds. The emergence of stock exchange brokers as an additional channel of distribution, the continuing growth in convenience arising out of technological developments, and higher financial literacy in the market should drive the growth of mutual funds in future. AUM of the industry, as of February 2010 has touched Rs 766,869 crore from 832 schemes offered by 38 mutual funds. These were distributed as follows: (Source: www.amfiindia.com)
In some advanced countries, mutual fund AUM is a multiple of bank deposits. In India, mutual fund AUM is hardly 10% of bank deposits. This is indicative of the immense potential for growth of the industry.
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The high proportion of AUM in debt, largely from institutional investors is not in line with the role of mutual funds, which is to channelize retail money into the capital market. Various regulatory measures to reduce the costs and increase the conveniences for investors are aimed at transforming mutual funds into a truly retail vehicle of capital mobilization for the larger benefit of the economy. ADVANTAGES OF INVESTING IN MUTUAL FUNDS: There are number of advantages of investment for small investors which arise as a result of their parking funds with mutual fund. Like Channelising savings for investment Offering wide portfolio investment Professional management Offering tax benefits Introducing flexible investment schedule providing greater affordability and liquidity Diversification Promoting industrial development Rendering expertise investment service at low cost Keeping the money market active
CHANNELISING SAVINGS FOR INVESTMENT: Mutual funds act as a vehicle in galvanizing the savings of the people by offering various schemes suitable to the various classes of customers for the development of the economy as a whole. A number of schemes are being offered by mutual funds so as to meet the varied requirements of the masses, and thus, savings are directed towards capital investments directly. In the absence of mutual funds, these savings would have remained idle. Thus, the whole economy benefits due to the cost efficient and optimum use and allocation of scarce financial and real resources in the economy for its speedy development. OFFERING WIDE PORTFOLIO INVESTMENT:
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Small and medium investors used to burn their fingers in stock exchange operations with a relatively modest outlay. Thus mutual funds provide instantaneous portfolio diversification. The risk diversification which a pool of savings through mutual funds can achieve cannot be attained by a single investors savings. RENDERING EXPERTISED INVESTMENT SERVICE AT LOW COST: The management of the fund is generally assigned to professionals who are well trained and have adequate experience in the field of investment. Thus, investors are assured of quality services in their best interest. OFFERING TAX BENEFITS: Certain funds offer tax benefits to its customers. Thus, apart from dividends, interest and capital appreciation, investors also stand to get the benefit to tax concession. The mutual funds themselves are totally exempt from tax on all income on their investment. But, all other companies have to pay taxes and they can declare dividend only from the profit after tax. But mutual funds do not deduct tax at source from dividends. This is really a boon to investors.
PROFESSIONAL MANAGEMENT: The primary advantage of funds is the professional management of investors money. Investors purchase funds because they do not have the time or the expertise to manage their own portfolio. A mutual fund is a relatively inexpensive way for a small investor to get a full-time manager to make and monitor investments. INTRODUCING FLESXIBLE INVESTMENT SCHEDULE: Some mutual funds have permitted the investors to exchange their units from one scheme to another, such as income units can be exchanged for growth units depending upon the performance of the funds. PROVIDING GREATER AFFORDABILITY AND LIQUIDITY: Even a very small investor can afford to invest in mutual funds. They provide an attractive ands cost effective alternative to direct purchase of shares. Unit can be sold to the
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funds at any time at the NAV and thus quick access to liquid cash is assured. Besides, branches of the sponsoring bank are always ready to provide loan facility against the unit certificates. PROMOTING INDUSTRIAL DEVELOPMENT: The economic development of any nation depends upon its industrial advancement and agricultural development. The mutual funds not only create a demand for these capital market instruments but also supply a large source of funds to the market and thus the industries are assured of their capital requirements. DIVERSIFICATION: By owing shares in a mutual fund instead of owing individual stocks or bonds, your risk is spread out. The idea behind diversification is to invest in a large number of assets so that a loss in any particular investment in minimized by gains in others. In other words, the more stocks and bonds were own, the less any one of them can hurt. Large mutual funds, typically own hundreds of different stocks in many different industries. It wouldnt be possible for an investor to build this kind of a portfolio with a small amount of money. KEEPING THE MONEY MARKET ACTIVE: An individual investor can not have any access to money market instruments since the minimum amount of investment is out of his reach. On the other hand, mutual funds keep the money market active by investing money on the money market instruments. In fact, the availability of more money market instruments itself is a good sign for a developed money market which is very essential for the successful functioning of the central banks in a country. Thus, Mutual funds provide stability to share prices, safety to investors and resources to prospective entrepreneurs.
DISADVANTAGES OF INVESTING IN MUTUAL FUNDS

PROFESSIONAL MANAGEMENT: Some funds doesnt perform in neither the market, as their management is not dynamic enough to explore the available opportunity in the market, thus many investors
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debate over whether or not the so-called professionals are any better than mutual fund or investor himself, for picking up stocks. COSTS: The biggest source of AMC income, is generally from the entry & exit load which they charge from an investors, at the time of purchase. The mutual fund industries are thus charging extra cost under layers of jargon DILUTION: Because funds have small holdings across different companies, high returns from a few investments often don't make much difference on the overall return. Dilution is also the result of a successful fund getting too big. When money pours into funds that have had strong success, the manager often has trouble finding a good investment for all the new money. TAXES: When making decisions about your money, fund managers don't consider your personal tax situation. For example, when a fund manager sells a security, a capital-gain tax is triggered, which affects how profitable the individual is from the sale. It might have been more advantageous for the individual to defer the capital gains liability.
REASONS FOR RISE AND DOWNFALL OF PRICES:

Government policies Natural calamities Management of performance Internal and external factors Political reason
TAX IMPLICATIONS OF INVESTING IN MUTUAL FUNDS: Returns from mutual funds can take the form of capital gains and/ or distribution in the form of cash dividends or bonus units. Capital gains on listed securities are exempted from income tax till June 2007. Moreover, cash dividend distributed by funds is subject to withholding tax at 5% for companies and 10% for all other investors. This withholding tax is the full and final tax liability for such dividend income
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WHY INVESTORS INVEST IN MUTUAL FUNDS? For retail investor who does not have the time and expertise to analyze and invest in stocks and bonds, mutual funds offer a viable investment alternative. This is because: 1) Mutual Funds provide the benefit of cheap access to expensive stocks 2) Mutual funds diversify the risk of the investor by investing in a basket of assets 3) A team of professional fund managers manages them with in-depth research inputs from investment analysts. 4) Being institutions with good bargaining power in markets, mutual funds have access to crucial corporate information which individual investors cannot access. How to Invest In Mutual Fund (key information offer, documents): One can invest by approaching a registered broker of Mutual funds or the respective offices of the Mutual funds in that particular town/city. An application form has to be filled up giving all the particulars along with the cheque or Demand Draft for the amount to be invested. SYSTEMATIC INVESTMENT PLANING (SIP): A Systematic Investment Plan ( SIP ) is a simple method of investing, used across the world as a means to accumulate wealth. It works the same way as a recurring deposit account. SIP involves investing a fixed sum of money in a specific investment scheme, on a regular basis, for a pre-determined number of periods. SIP is a disciplined approach to investing, and :
Helps us to invest disposable funds each month. Gives us the benefits of rupee-cost averaging Relieves us of trying to time the market Helps us to reach your financial goals
UNDERSTANDING RISK OR REWARD RELATIONSHIP

This is actually a simple relationship, which is often misunderstood by many people. High risk does not necessarily mean you will get a high reward. High risk means the potential for loss is high. At the same time, the potential returns can be high. If you are taking high risks, it is important to decide before hand when you are going to say quit. Most people 23 | P a g e

take high risk without knowing it, lured by only the potentially high reward. Such actions usually end up in disasters. If you want to climb Mount Everest, you should be properly equipped to do so. By contrast, low risk can be expected to generate low returns. High risk means potential for loss is low. Therefore before investing your hard earned money or while planning to build long-term capital, one must closely examine the risk profile of any investment proposal examine the liquidity needs for future in different time frames, and then invest. How risk investments are usually more liquid compared to high-risk investments? The difficult part about risk/reward relationship is that if unfolds only over a period of time or market conditions change. For example, as markets rise rapidly, risk increases. Therefore it may be advisable to prune risk positions during such times. When markets fall dramatically, risk may actually reduce because the damage is already done. There is no single universal formula. Each investor has to discover what suits best for his/her particular situations. The risk scale will assist investors in knowing what is more and what is less risky compared to each other. For getting a brief idea about risk associated with a scheme one has to refer an offer document. The investors should compare the risks and expected yields after adjustments of tax on various instruments while taking investments decisions. The investors may seek advice from experts and consultants including agents and distributors of Mutual Fund schemes while making investment decisions. With an objective to meet the investors aware of functioning of mutual funds, an attempt has been made to provide information in the form of industry analysis report, which may help the investors in taking the investment decision. The risk return trade-off indicates that if investor is willing to take higher risk then correspondingly he can expect higher returns and vise versa if he pertains to lower risk instruments, which would be satisfied by lower returns. For example, if an investors opt for bank FD, which provide moderate return with minimal risk. But as he moves ahead to invest in capital protected funds and the profit-bonds that give out more return which is slightly higher as compared to the bank deposits but the risk involved also increases in the same proportion. Thus investors choose mutual funds as their primary means of investing, as Mutual funds provide professional management, diversification, convenience and liquidity. 24 | P a g e

That doesnt mean mutual fund investments risk free. This is because the money that is pooled in are not invested only in debts funds which are less riskier but are also invested in the stock markets which involves a higher risk but can expect higher returns. Hedge fund involves a very high risk since it is mostly trade in the derivatives market which is considered very volatile.
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2. A Profile on ICICI Prudential AMC Limited
PROFILE
Prudential ICICI Mutual Fund is one of the largest mutual fund houses in India. Prudential ICICI Mutual Fund is a joint venture between 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. Prudential Plc holds 55 per cent of the asset management company and the balance is held by ICICI Bank. The Prudential ICICI Mutual Fund has established itself as an asset management company in the recent past. In a very short span of time, this mutual fund has gained significant importance and popularity in Indian markets today within an operational span of about eight years. ICICI enjoys the result of experience of the Prudential plc, which is one among the big names in the investment sector in United Kingdom. As per the need of the investors, the investors can spend and create a portfolio of risk, return and tenor. The investors can invest in both short term and long term schemes. The
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debt products of the ICICI Prudential Mutual Funds are managed in a way to credit risk, manage the risks of the swings in the interest rate and minimize liquidity. The mutual funds are also offered with periodic dividends. The equity funds are offered to the investors with the choice of sector and size. Prudential ICICI Mutual Fund is the largest private sector mutual fund in India with assets of over Rs.34,119 crore under management as of Aug 2006. The asset management company, Prudential ICICI Asset Management Company Limited, is a joint venture between Prudential Plc, Europe's leading insurance company and ICICI Bank, India's premier financial institution.
PRUDENTIAL PLC:
Prudential Plc holds 55 per cent of the asset management company and the balance by ICICI Bank. In a span of just over six years, Prudential. ICICI Asset Management Company has emerged as one of the largest asset management companies in the country. The Company manages a comprehensive range of schemes to meet the varying investment needs of its investors spread across 68 cities in the country. The management is headed by Pankaj Razdan, managing director and the fund management team is headed by Nilesh Shah, chief investment officer.
ICICI ASSET MANAGEMENT COMPANY
ICICI Prudential Asset Management Company is a joint venture between prudential plc and ICICI Bank. Neither ICICI Prudential Asset Management Company nor Prudential plc are affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. The information and opinion contained in this Site do not constitute a distribution, an offer to buy or sell or the solicitation of any offer to buy or sell any securities or financial instruments in any jurisdiction in which such distribution or offer is not authorized to any person. 27 | P a g e

In particular, the information herein is not for distribution and does not constitute an offer to buy or sell or the solicitation of any offer to buy or sell any securities or financial instruments in the United States of America ("US") and Canada to or for the benefit of United States persons (being persons resident in the US, corporations, partnerships or other entities created or organized in or under the laws of the US or any person falling within the definition of the term "US Person" under the US Securities Act of 1933, as amended) and persons of Canada. In no event shall members of the ICICI Group and / or their directors, officers and employees be liable for any special direct, indirect, special, incidental or consequential damages arising out of the use of information / opinion herein. 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 preeminence in the Indian Mutual Fund industry as one of the largest asset management companies in the country with average assets under management of Rs. 80,149 Crore (as of Sep
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.
Key Indicators:
At inception - May 1998 Average Assets Under Management Number of Funds Managed Rs. 160 Crore 2
(Source: www.amfiindia.com) As on June 30, 2010 Rs. 73,822.45 Crore 40
SPONSERS:
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Securities and Exchange Board of India, vide its letter no. MFD/PM/567/02 dated June 4, 2002, has accorded its approval in recognizing ICICI Bank Ltd. as a co-sponsor consequent to the merger of ICICI Ltd. with ICICI Bank Ltd. ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalization Free float holding excludes all promoter holdings, strategic investments and cross holdings among public sector entities. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in Unites States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
Headquartered in London, Prudential plc and its affiliated companies together constitute one of the world's leading financial services groups. Prudential provides insurance and financial services in a number of markets around the world, including in Asia, the US, the UK, Europe and the Middle East. Founded in 1848, the company has 249 billion
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in funds under management (as of 31 December 2008) and more than 21 million customers worldwide. Prudential has been writing life insurance in the United Kingdom for 160 years and has had the largest long-term fund in the United Kingdom, for over a century. In the United Kingdom, Prudential is a leading retirement savings and income solutions and life assurance provider. M&G is Prudential's fund management business in the United Kingdom and Europe, with almost 140 billion in funds under management (as of 31 December 2008). In the United States, Jackson National Life, which we acquired in 1986, is one of the largest life insurance companies providing retirement savings and income solutions. In Asia, Prudential is the leading Europe-based life insurer in terms of market coverage and number of top three ranking positions. It is also one of the largest and most successful fund managers in Asia with more top five market rankings than any other regional player. Today, Prudential has life insurance and fund management operations spanning 13 diverse markets in Asia. Prudential plc is incorporated and with its principal place of business in the United Kingdom. It is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States.
TYPES OF SCHEMES:
Infrastructure plan Tax plan Dynamic plan Tax plan Growth plan Balanced fund
Infrastructure Fund: It is an open-ended equity fund focused on capturing the opportunity presented by the long term growth potential of the Indian Infrastructure sector. It invests across infrastructure sectors such as Cement, Power, Telecom, Oil and Gas, Construction, Banking etc. Benefits: Multi-sector fund with much lesser concentration risks. The sector provides an attractive investment opportunity based on its long term growth potential. Investor Profile: Investors who prefer a long term investment in equity. Long term investors
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in debt products who now seek some exposure to equity with steady growth prospects.
Key feature: Type: Open-ended Equity Fund Investment Pattern: Equity and Equity related instruments in infrastructure sector 70% to 100% & Debt, Money Market Instruments and Call money 0% to 30%. Options: Growth and Dividend Option. back Investor Profile: Investors seeking to capture the growth opportunity in the services sector by way of a long term investment in equity asset class. key feature :Type: Open-ended Equity Fund Investment Pattern: Equity and Equity related instruments in services sector 70% to 100% & Debt, Money Market Instruments and Call money 0% to 30%. Options: Growth, Dividend Payout and Dividend Reinvestment Option. back Investor Profile: Investors who like to sacrifice some diversification, in the interest of pursuing a sector strategy. Investors who view the fund in the context of their existing portfolio, rather than choose the fund as a standalone product. Investors who prefer the FMCG sector for their investments. Key feature: Type: Open-ended FMCG Sectoral Fund Investment Pattern: Equity & Equity related in FMCG Companies 90% in & Debt, Money Market and Cash 10%. Options: Growth & Dividend back Dynamic Plan: It is a diversified equity fund that could be your ideal choice to make the most of dynamic changes in the market. It has the agility to capture upside opportunities across value and growth , large and midcap , index and non-index stocks. On the flip side it also has ability to move into cash as markets get overvalued. Benefits: Has the agility, aimed at capturing upside opportunities in the market across market capitalizations. On the flip side, in case stock markets get into an overvalued position, the plan has the ability to switch to cash thus seeking to limit the downside. Investor Profile: It is more suited for conservative or risk-averse investors who have a long term investing horizon of more than five years. Key feature: Type: Open-ended Equity fund Investment Pattern: 0 - 100% = Equity & Equity related securities. 0 - 100% = Debt & Money Market Instruments Options: Growth &
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Dividend back Tax Plan : It allows you to harness the benefits of long term equity investing in addition to helping you save tax. Benefits: Investments in ICICI Prudential Tax Plan are eligible for tax benefits, upto an amount of Rs. 1, 00,000. As per Finance Act 2005 and subsequent notification dated Nov 11, 2005 issued by CBDT. ELSS offers significant advantages over other tax saving instruments: Potential for higher rate of return. Shorter lock-in period of 3 years as compared to 6 years for NSC, and 15 years for PPF. Investor Profile : It is suited for patient investors who have a long term investing horizon of 3-5 years and at the same time are looking at tax saving. Key feature: Type: Open-ended Equity Linked Saving Scheme Investment Pattern: Equity & Equity related instruments up to 90% & Debt, Money Market and Cash up to 10%. Default options: Dividend Reinvestment back Growth Plan: If you are looking to build a core portfolio in equity then the ICICI Prudential Growth Plan could just be the investment option for you. Benefits: It allows you to invest in a portfolio targeted at large-cap stocks which are the best picks in their respective sectors. Your risk is expected to be mitigated as the fund is diversified across sectors.
Investor Profile: If you seek long term capital appreciation through a diversified portfolio of large-cap stocks. You seek lower volatility as large-cap stocks have better business stability over business cycles.
Key feature: Type: Open-ended Equity Fund Investment Pattern: Equity & Equity related 95% & Debt, Money Market and Cash 5%. Default options: Growth & Dividend back Balanced Fund: It takes care of asset allocation by investing in equity for capital appreciation and debt for stable returns. It focuses on reducing volatility of returns by increasing / 32 | P a g e

decreasing equity exposure based on the market outlook and using a core debt portfolio to do the rebalancing. Benefits: Balanced fund brings you the twin benefits of growth from equity markets and steady income from debt markets. Investor Profile: Investors seeking exposure to equity and debt markets in a single product, and are willing to accept the average returns from both markets as a trade-off for the benefit of lower risk from diversification.
Key feature: Type: Open ended Balanced Fund Investment Pattern: Equity and Equity related instruments - 65% to 80% & Debt, Money Market and Cash - 20% to 35%. Options: Growth & Dividend back
MUTUAL FUND SCHEMES OFFERED BY ICICI PRUDENTIAL:

The following are the types of Mutual Funds in India offered by the ICICI Prudential Mutual funds. The schemes are categorized on the level of risk and return, higher the risk, the higher is the return. Potential risk and return is held minimum in the following ICICI Mutual Fund schemes: 1. ICICI Prudential Long Term Floating Rate Plan 2. ICICI Prudential Blended Plan 3. ICICI Prudential Short Term Floater 4. ICICI Prudential Short Term Plan 5. ICICI Prudential GILT Fund - Treasury option 6. ICICI Prudential Liquid Plan Potential risk and return is held moderate in the following ICICI Mutual Fund schemes: 1. ICICI Prudential Income Plan 2. ICICI Prudential GILT Fund - Investment Option 3. ICICI Prudential Flexible Income Plan Potential risk and return is held generous in the following ICICI Mutual Fund schemes 1. ICICI Prudential Balanced Fund 2. ICICI Prudential Child Care Plan 33 | P a g e

3. ICICI Prudential Monthly Income Plan 4. ICICI Prudential Income Multiplier Fund Potential risk and return is held high in the following ICICI Mutual Fund schemes 1. Thematic and Sectoral Funds a. ICICI Prudential Infrastructure Fund b. ICICI Prudential Service Industries Fund c. ICICI Prudential FMCG Fund d. ICICI Prudential Technology Fund 2. Diversified Equity Funds a. ICICI Prudential Discovery Fund b. ICICI Prudential Power c. ICICI Prudential Dynamic Plan d. ICICI Prudential Emerging S.T.A.R Fund e. ICICI Prudential Tax Plan f. ICICI Prudential Growth Plan 3. ICICI Prudential Index Fund/Spice Fund ICICI Prudential Mutual Fund allows you to invest systematically through the following 3 different systematic investing options which allow you to make your transactions - whether purchasing a new fund, transferring between funds or redeeming from a fund - in a systematic and disciplined manner.
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3.3CET REPORT
OBJECTIVE OF THE STUDY:
To study the performance evaluation of selected mutual fund schemes of the ICICI Mutual Funds. To analyze the prospects of the open ended diversified equity funds of ICICI mutual funds. The objective is to study the growth of ICICI Mutual funds with Mutual Funds in India, their types, and advantages & disadvantages from the point of view of the investors.
To know how to fill the SIP application, KYC, documentation of SIP. To study the brochures and fact sheet. (monthly, quarterly, half yearly and annually)
SWOT ANALYSIS OF THE COMPANY:

Strengths
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1. Management philosophy and commitment to maximize shareholders returns 2. Upgraded product design and development facilities to develop new products and aid diversification 3. Ongoing activities to support up gradation of operational performance and rise in productivity 4. Team of talented and committed professionals available to improve companies performance Weakness 1. Competition from cheap imports 2. Low customer base Opportunities 1. UFSL has initiated development of products for diesel application. This will provide tremendousscopefordiversificationandgrowth. 2. Acquisition of AMTEC to provide opportunities to access global OEMs 3. Opportunity to support AMTECs operations by supplying products from India4. The introduction of new emission norms will provide UFSL opportunity to develop injection systems and thereby upgrade the status of the company from product to system supplier. Threats, Risks & Concerns: 1. Constant pressure to be cost competitive to meet customer expectations 2. Relentless pressure to maintain profitability due to rising input/raw material prices 3. Increasing popularity of alternative fuel vehicles, such as Hybrid, Hydrogen powered, CNG and LPG vehicles poses new challenges for the company
Competitors of ICICI Mutual Funds: Some of the main competitors of ICICI Prudential Mutual funds are as follows HDFC Mutual Fund UTI Mutual Fund
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Birla Sun Life Mutual Fund Kotak Mutual Fund Reliance Mutual Fund SBI Mutual Fund Sundaram Mutual Fund Franklin Templeton Details of Mutual Funds which was handled by me ICICI Prudential Focused Bluechip Equity Fund: ICICI Prudential Focused Bluechip Equity Fund, an open-ended equity scheme, aims to maximize long-term total returns, from a focused and optimally diversified portfolio that is invested in equity and equity related securities of about 20 companies belonging to the large cap domain. This strategy has the potential to generate positive returns from being overweight on certain high conviction stock picks. ICICI Prudential Dynamic Plan: ICICI Prudential Dynamic Plan is a flexi-cap opportunities fund that has the potential to be your ideal choice to make the most of dynamic changes in the market. It has agility to capture upside opportunities across value and growth, large-cap and midcap, index and non-index stocks. On the flip side it can also adopt an active cash strategy and uses derivatives, which helps mitigate downside risks, as and when markets get overvalued. ICICI Prudential Infrastructure Fund: ICICI Prudential Infrastructure Fund is an open-ended equity fund, focused on capturing the opportunity presented by the long-term growth and development potential of the Indian Infrastructure Sector. The Fund focuses its investments on the core infrastructure sector and allied sectors that directly feed off its growth. ICICI Prudential Discovery Fund: ICICI Prudential Discovery Fund does just that. By exploiting the valuation gap with the potential to unlock value over the long term, it focuses on discovering stocks that have high potential, but are currently lying low at a discount to their inherent value. This open-ended diversified equity fund, invests in companies that are well managed, fundamentally strong, and chosen based on in-depth research. As it is intended to buy these companies at a discount to their fair value, there is also a margin of safety in the value of the portfolio. Diversification in investment styles can bring significant advantages over the long run in equity markets. It's one thing to make returns on investments in the companies that are doing well today, but something else when you employ the potential of companies that might do better tomorrow.
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ICICI Prudential Tax Plan: There are various opportunities that individuals can avail, to save tax u/s 80C of Income tax Act like Public Provident Fund, National Savings Certificate. When compared to these traditional tax savings instruments$, an Equity Linked Savings Scheme is more opportunistic for individuals, as it provides a shorter lock-in period of three years and potential for higher returns, which are exempt from taxes. ICICI Prudential Tax Plan, an open-ended equity linked savings scheme, is an opportunity aimed at harnessing the benefits of investing in equity and also providing tax benefits. Key Features Type: Open - ended Equity Linked Saving Scheme Options: Growth and Dividend Option. Default Option: Dividend Reinvestment Application Amount: Rs.500/- (plus in multiples of Re. 1) Min. Additional Investment: Rs.500/- and in multiples thereof Entry Load: Nil. Upfront commission shall be paid directly by the investor to the AMFI registered Distributors based on the investors' assessment of various factors including the service rendered by the distributor. Exit Load: Nil Redemption Cheques Issued: Generally Within 3 business day for Specified RBI locations and additional 3 Business Days for Non-RBI locations. Minimum Redemption Amount: Rs. 500/Systematic Investment Plan(Monthly): Minimum of Rs.500 or multiples thereof & 5 post - dated cheques for a minimum of Rs.500/- for a block of 5 months in advance Quarterly : Minimum Rs. 5000 + 4 post - dated cheques of Rs. 5000/- each. Exit Load: Nil In orientation program these five ICICI prudential schemes are presented and are given brief introduction about these schemes .which provided satisfaction to costumers in investing in these schemes and reaching their expected returns. Model Application form and KYC for Systematic investment plan was attached.
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4.
OBJECTIVES AND LIMITATIONS
OBJECTIVES:
Selling of twenty Systematic Investment plan (SIP) and forty thousand Mutual Funds in ICICI Prudential Mutual funds at Vijayawada. Conduct promotion activities in various places.
Systematic Investment Plan (SIP) is a discipline that enables setting aside a set
amount of money every month to invest in mutual funds. A lump sum is complete investment consisting of a single sum of money.
To study the performance evaluation of selected mutual fund schemes of the ICICI Mutual Funds. To analyze the prospects of the open ended diversified equity funds of ICICI mutual funds.
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The objective is to study the growth of ICICI Mutual funds with Mutual Funds in India, their types, and advantages & disadvantages from the point of view of the investors. To know how to fill the SIP application, KYC, documentation of SIP. To study the brochures and fact sheet. (monthly, quarterly, half yearly and annually)
LIMITATIONS:
Time constraint is the major limitation for the study. Major part of the data required for the project is taken from the secondary data as the Fund managers are busy with the investors. Some information was not revealed by management and kept as confidential.
Competitors. Behaviour of the costumers. Travelling allowances.

Lack of knowledge about all other company mutual funds. Lack of details and idea about ICICI loans.
Physical and climatic conditions of the consumers.
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5. METHODOLOGY
OBJECTIVE OF THE STUDY:
To study the performance evaluation of selected mutual fund schemes of the ICICI Mutual Funds. To analyze the prospects of the open ended diversified equity funds of ICICI mutual funds. The objective is to study the growth of ICICI Mutual funds with Mutual Funds in India, their types, and advantages & disadvantages from the point of view of the investors.
To know how to fill the SIP application, KYC, documentation of SIP. To study the brochures and fact sheet. (monthly, quarterly, half yearly and annually)
LIMITATIONS OF THE STUDY:

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Time constraint is the major limitation for the study. Major part of the data required for the project is taken from the secondary data as the Fund managers are busy with the investors. Some information was not revealed by management and kept as confidential.
SIGNIFICANCE OF THE STUDY:

Conceptualization Review of Literature: ICICI is governed by its own Act.
Mutual Fund is non-depository, non-banking financial intermediary which acts as important vehicle for bringing wealth holders and deficit units together indirectly. By: - Pierce, James. L Mutual Funds are corporations which pool funds and reduce risk by diversified portfolio. Mutual Fund is a corporations, which accept money from the investors and uses the same to buy the stocks, long-term bonds, and short-term debt instruments issued by issuers. By: - Western J Fred and Brigham As per the SEBI regulations, Mutual Fund means Fund established in the form of a trust to raise money through the sale of units to the public or a section of the public under one or more schemes for investing in securities including money market instruments. NEED OF THE STUDY: Mutual funds have become a hot favorite of millions of all over the world. The driving force of Mutual Funds is the Safety of the principal guaranteed, plus the added advantage of capital appreciation together with the income earned in the form of interest and dividend. Primarily the study aims at knowing the performance of the mutual fund schemes of ICICI (evaluation of selected open ended diversified mutual funds of ICICI Asset Management Company)
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Secondarily the study aims at determining; which mutual fund schemes are better to invest among the selected funds and up to what extent the investors are benefited from investing in Mutual funds. The first stage included gathering information about the Mutual Fund Industry in India and getting acquainted with the working of the various Mutual Fund Schemes. The second stage involved in sales and promotion activities of the 5 selected Mutual Funds schemes determining the objective of the study, knowing their NAVs and evaluating their performance using Sharpes ratio. DATA COLLECTION: Data plays a major role in any kind of project work or study. Access to reliable and relevant information is a major factor in any kind of studies. The sources from which data collected for analysis can be broadly classified as Primary data. Secondary data. Primary data: Data is collected from the respondents and through the discussion held with the Questionnaire. Secondary data: Fact sheet, News papers such as Business Standard, Business line,
The Hindu etc., Magazines such as Investors India, Business standard Fund Manager, and through various web sites such as www.icicipruamc.com.
www.mutualfundsindia.com, www.hseindia.org.
Also from Print articles on Mutual Funds, Annual audit report of the Mutual Fund Company, Product, fact sheets and Service Brochures of the Mutual Funds. Strategy
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The marketing concept of building an organization around the profitable satisfaction of customer needs has helped firms to achieve success in high-growth, moderately competitive markets. However, to be successful in markets in which economic growth has leveled and in which there exist many competitors who follow the marketing concept, a well-developed marketing strategy is required. Such a strategy considers a portfolio of products and takes into account the anticipated moves of competitors in the market. Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives. Plans and objectives are generally tested for measurable results. Commonly, marketing strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in the current year. Time horizons covered by the marketing plan vary by company, by industry, and by nation, however, time horizons are becoming shorter as the speed of change in the environment increases. Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. See strategy dynamics. Marketing strategy involves careful scanning of the internal and external environments which are summarized in a SWOT analysis. Internal environmental factors include the marketing mix, plus performance analysis and strategic constraints. External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal environment likely to impact success. A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement. Besides SWOT analysis, portfolio analyses such as the GE/McKinsey matrix or COPE analysis can be performed to determine the strategic focus. Once a thorough environmental scan is complete, a strategic plan can be constructed to identify business alternatives, establish challenging goals, determine the optimal marketing mix to attain these goals, and detail implementation. A final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan. The strategy that we followed is direct contact and conducting promotion activity. We will approach the customer next time by taking their phone numbers(follow ups). We will follow the consumer psychology process.
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Consumer Psychology
Understanding Consumer Attitude The functional theory of attitudes was initially developed by psychologist Daniel Katz to explain how attitudes facilitate social behaviour. According to this pragmatic approach, attitudes exist because they serve some function for the person. That is, they are determined by a person's motives. Consumers who expect that they will need to deal with similar information at a future time will be more likely to start forming attitudes in anticipation. Consumer Decision Process The consumer's decision process consists of six basic stages: stimulus, problem awareness, information search, evaluation of alternatives, purchase, and post purchase behavior. A stimulus is a cue (social, commercial, or noncommercial) or a drive (physical meant to motivate or arouse a person to act). Psychographic Segmentation Geographic and demographic variables traditionally have been the major variables for segmenting markets. Nevertheless, there may be considerable psychographic (social class, personality, and lifestyle) differences among the people within a given geographic or demographic group. In psychographic segmentation the market is divided on the basis of social class, personality characteristics, and/or lifestyles. Consumer Behavior and Marketing Strategy A sound understanding of consumer behaviour is essential to the long-run success of any marketing program. In fact, it is seen as a cornerstone of the marketing concept, an important orientation or philosophy of many marketing managers. The following descriptions explore the role of consumer behaviour in designing and deploying three major marketing activities. Shopping Behavior and Social Classes Shopping behavior varies by social class. For example, a very close relation between store choice and social-class membership has been found, indicating that it is wrong to assume that all consumers want to shop at glamorous, high-status stores. Instead, people realistically match their values and expectations with a store's status and don't shop in stores where they feel out of place. Finding Out Customers Expectations To truly understand customers' needs, companies can encourage and facilitate customers' feedback about problems. British Airways, for example, installed
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customer-complaint booths at Heathrow Airport where disgruntled passengers could air their grievances on videotape. Besides giving customers immediate relief from their annoyances, British Air found that the complaint videotapes gave vivid information to management about customers' problems and expectations. Consumer Value Orientation Assessing consumers' present and emerging value orientations can help the marketer identify new product opportunities and achieve better product positioning among consumer segments." For example, as values such as "pleasure," "an exciting life," "a comfortable life," and "self-respect" increase in importance, the marketer may find a need for having products with brand names, colours, and designs that enhance these important values. Promotional Response Patterns: Important class differences exist with regard to promotional response. The social classes have differing media choice and usage patterns. For example, readers of National Geographic and The New Yorker are typically of a higher class than the readers of Police Gazette, True Confessions, and The Star.
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6. DATA ANALYSIS & INTERPRETATION
BASIS FOR ANALYSIS Net Asset Value (NAV) is the best parameter on which the performance of a mutual fund can be studied. We have studied the performance of the NAV based on the compounded annual return of the Scheme in terms of appreciation of NAV, dividend and bonus issues. WE have compared the Annual returns of various schemes to get an idea about their relative standings. VALUATION OF MUTUAL FUND The net asset value of the Fund is the cumulative market value of the assets Fund net of its liabilities. In other words, if the Fund is dissolved or liquidated, by selling off all the assets in the Fund, this is the amount that the shareholders would collectively own. This gives rise to the concept of net asset value per unit, which is the value, represented by 49 | P a g e

the ownership of one unit in the Fund. It is calculated simply by dividing the net asset value of the Fund by the number of units. However, most people refer loosely to the NAV per unit as NAV, ignoring the per unit. We also abide by the same convention. Calculation of NAV The most important part of the calculation is the valuation of the assets owned by the Fund. Once it is calculated, the NAV is simply the net value of assets divided by the number of units outstanding. The detailed methodology for the calculation of the net asset value is given below. The net asset value is the actual value of a unit on any business day. NAV is the barometer of the performance of the scheme. The net asset value is the market value of the assets of the scheme minus its liabilities and expenses. The per unit NAV is the net asset value of the scheme divided by the number of the units outstanding on the valuation date. Net asset value (NAV) is commonly used in unit trust and mutual fund to describe the value of the fund's assets less the value of its liabilities. Net asset value (NAV) sometimes is also referred as book value or net book value (NBV), can be used in multiple place for different meanings. Net asset value ( NAV ) most commonly used in unit trust and mutual fund to indicate total value of the fund's portfolio less its liabilities. For unit trust and mutual fund, the liabilities can be the money owed to investment managers and trustee. Unit trust or mutual fund companies will then divide the net asset value (NAV) with total outstanding units to get net asset value (NAV) per share and this will be the original selling price for the unit trust or mutual fund before adding in any charges and fees. The net asset value (NAV) per share for unit trust and mutual fund will be calculated daily on the closing market price to reflect the changes of the value. Basically, this is the investment company's best assessment of the value of a portfolio holdings in their fund, and is what you see listed in the paper. They use the daily closing price of all securities held by the fund, subtract some amount for liabilities, divide the result by the number of outstanding units in the fund and Poof. You have the NAV. The fund company will sell you units at that price (don't forget about any sales charge) or will buy back your units at that price (possibly less some fee). 50 | P a g e
Net Asset Value (NAV) = (Value of All Securities Held By the Fund - Expenses and Liabilities of the Fund) % Value of Outstanding Units in the Fund By using the above calculator we can say about the investment amount and returns on
Returns Calculator SYSTEMATIC INVESTMENT PLAN
Monthly Investment Amount Rs. Investment Period In Years Returns Expected (% Annualised) End Value of your Investments
R s. Amount R actually paid s. Times amount gets rolled-over
350 20 20.00 %
866,668
84,000 10.32
Times
Assuming Investments are made at the begining of each month Compounding is done on an annualised basis
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1) BASED ON AGE FACTOR:
AGE FACTOR
TABLE-1
S.NO PARTICULARS OF AGE 1 BELOW 25 2 3 25-40 40-55
NO. OF RESPONDENTS 15 50 35
% OF REPSONDENTS 15 50 35
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Summer Internship Report 4 ABOVE 55 10 10
INTERPRETATION:
THIS TABLE SHOW THAT 50% OF THE RESPONDENTS BELONGS TO THE AGE OF (25-40) FOLLOWED BY 35% OF THE RESONDENTS BELONGS TO THE AGE OF (4050) AND THE 15% OF THE RESPONDENTS BELONGS TO BELOW 25 AND 10% BELONGS TO AGE GROUP ABOVE 55.
2)BASED ON GENDER FACTOR
TABLE-2 S.NO 1 2 PARTICULARS OF GENDER MALE FEMALE NO. OF RESPONDENTS 38 62 % OF RESPONDENTS 38 62
INTERPRETATION:
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THIS TABLE SHOWS 62 % OF THE REPONDENTS ARE FEMALE AND REMAINING 38% ARE FEMALE.
3)BASED ON OCCUPATION:
TABLE-3
S.NO 1 PARTICULARS GOVT. EMPLOYEE NO RESPONDENTS 40 OF % OF MARKS 40
PRIVATE EMPLOYEE SELF-EMPLOYED STUDENT
21
21
3 4
25 14
25 14
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INTERPRETATION: THIS CHART SHOWS THAT 40% OF THE REPONDENTS ARE GOVT. EMPLOYEE FOLLOWED BY 25% ARE SELF-EMPLOYEE AND THE MINIMUM RESPONDENTS 14% ARE STUDENTS
4)BASED ON INCOME GROUP Table- 4 Income group > 1,00,000 1,00,001-2,00,000 2,00,001-3,00,000 3,00,001 & more TOTAL Number Of Respondents 25 65 10 NIL 100
Income Group Graph 7.5
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INTERPRETATION: We observe that 25% of all the respondents fall under income group of less than 1,00,000. We have got 65% of our total respondents fall under income group of 1,00,001-2,00,000 and 10% of our respondents fall under income group of 2,00,0013,00,000 while 0% of our respondents fall under income group of 3,00,000 & more
7. RESULTS &FINDINGS
Among the selected open ended diversified equity funds of ICICI mutual funds, the performance is measured and their performance is ranked in priority according to their percentage of change in growth rate. Among the selected Open Ended Diversified Equity funds of ICICI mutual funds, the ICICI Dynamic fund is ranked first, with the highest percentage of growth rate of 335.67%. The second best performing fund among the selected ICICI Open Ended Diversified Equity funds is ICICI Prudential Infrastructure Fund with 194.69% of growth rate. The third best performing fund among the selected ICICI Open Ended Diversified Equity funds is ICICI Discovery fund with 141.89% of growth rate. The ICICI Growth plan is ranked fourth among the selected ICICI Open Ended Diversified Equity funds with 108.92% of growth rate. The ICICI Power plan is ranked fifth among the selected ICICI Open Ended Diversified Equity funds with 97.68% of growth rate.
Achievements
Organized function in ICICI Prudential AMC office (3rd yr Blue chip Equity fund), Vijayawada. Target assigned i.e. sale of two SIP mutual funds per week was achieved.
Conducted Executive meeting in office for agents. Met MnM Marketing head (Under Follow up).
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Met Siddhartha Degree and junior college principals. Met customers at Ongole, Ravindra Bharathi Public School Director.
Sold two systematic investment plans and Conducted promotion activity in Central Government offices Complex Autonagar, Vijayawada.
Sold two systematic investment plans and Conducted promotion activity in Irrigation department, Vijayawada. Product knowledge. How to deal with different types of costumers. Prepared Questionnaire for ICICI Mutual Funds. Did Market Research from last 3 weeks. Questionnaire was also attached.
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8. DISCUSSIONS
Is it necessary to open a demat account to invest in mutual funds? Should I manage it personally? Which is the best option? Answer: No. To invest in mutual funds you do not necessarily need a demat account. You can directly invest in a fund scheme with the AMC, use a distributor to invest or use thirdparty websites to do so. In all the options , the decision to invest rests with you. The advantage with electronic management is the convenience that it offers and easy monitoring compared to physical holdings. I want to invest 10,000/- at one time investment in Mutual Fund. Could you please provide me the following queries as stated below: 1. 2. 3. 4. Where to invest the money Investment for the long period say, 3 - 5 years The scheme which has ranked 5 star ratings. The profit should not be less than 50% at the end of 3 - 5 years funds with a well established performance track record of ideally at least 3 years. Sector / thematic funds should be avoided as they are a high risk high return investment proposition, and they tend to lose sheen when the sector is out of favour, and plunge more (as compared to diversified equity funds) during the down turn of the equity markets thus resulting in erosion of wealth. While investing money you should be following an asset allocation model (% in equity instruments, % debt instruments, % gold, % in real estate and % in safe cash) which will enable you to well diversify your investments in various asset classes and reduce your risk.
Answer: While investing mutual fund schemes, you should focus on well diversified mutual
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While investing in equity mutual funds, one must have a long-term investment horizon of say 3 5 years, and for debt mutual funds your selection should depend upon the interest rate scenario. In our opinion your approach of selecting funds on the basis of star ratings, would not always be the right way, and to know as to why so, you must read our article "Twinkle twinkle little star, how I wonder what you are?". If you select your mutual funds in the right manner by taking into account the host of factors, you would get appealing returns on your investments. In our opinion, instead of investing a lump sum amount, it would be better to adopt the SIP (Systematic Investment Plan) route while investing, as this enable you to manage the volatility of the markets well, and provide you with the advantage of compounding and rupee-cost averaging.
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9. CONCLUSIONS
Training about mutual funds would also enable distributors and individual agents to propose the most beneficial schemes to their customers with regard to the risk taking capability of the customer and his period of investment.
Conduct a number of presentations in public to educate them about the various benefits of mutual funds.
Make people aware of Mutual Funds plans.
To maintain healthy relations with Agents, Distributors and Clients, conduct regular gettogethers, meetings and cultural activities.
The industry needs to look at the retail segment seriously. Retail savings will be the key drivers of future growth.
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Asset management companies should also concentrate on the other type of funds such as balanced funds, close ended funds and debt funds along with equity funds for making investments according to the benefits for the investors.
10. Appendices
Fact sheet Account statement Questionnaire Systematic Investment Plan(SIP) Caliculator Sensex v/s Gold, Silver, F.D & P.P.F from 1981 to 2011 ICICI prudential Tax plan v/s P.P.F ICICI Prudential Focused Bluechip Equity Fund rate of return from Augest 2008 to May 2011. Sheet show investments in SIP in five funds/schemes have grown over time. Key Information Memorandum & Common Application form (KYC form, SIP form and Lump sum investment form)
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9.BIBILOGRAPHY
Books:
Financial Management Financial Management Financial Management (Theory & Practice) Financial Management Khan &Jain Kalyani Publishers I.M. Pandy Tata McGraw Hill Prasanna Chandra Tata McGraw Hill R.K.Sharma, Sashi gupta Kalyani Publisher
Journals:
Annual Audit Reports of ICICI prudential Asset Management Company. Quarterly and monthly fact sheets of ICICI prudential Asset Management Company.
Web Sites:
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www.icicipruamc.com Fund updates. www.amfiindia.com- Abbreviations, fund history. www.moneycontrol.com- Performance of funds. www.investopedia.com - Solution Tips www.sebi.com Details of Mutual Funds. Google Advanced Search.
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A Summer Internship Program1 (2003)

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Summer Internship Report

1. Overview of Mutual Funds Industry

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EMERGENCE OF MUTUAL FUNDS:

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MUTUAL FUND CONCEPT:

DEFINITION OF MUTUAL FUNDS:

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TYPES OF SCHEMES IN MUTUAL FUNDS Schemes according to Maturity Period:

COMPARISION OF OPEN ENDED AND CLOSED ENDED SCHEMES Open-ended Funds:

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Schemes according to Investment Objective:

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BENEFITS OF MUTUAL FUNDS:

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DRAWBACKS OF MUTUAL FUNDS:

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ORGANIZATION OF A MUTUAL FUND:

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The Role of the Government:

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GROWTH IN ASSET UNDER MANAGEMENT

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DISADVANTAGES OF INVESTING IN MUTUAL FUNDS

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REASONS FOR RISE AND DOWNFALL OF PRICES:

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UNDERSTANDING RISK OR REWARD RELATIONSHIP

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2. A Profile on ICICI Prudential AMC Limited

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ICICI ASSET MANAGEMENT COMPANY

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(Source: www.amfiindia.com) As on June 30, 2010 Rs. 73,822.45 Crore 40

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MUTUAL FUND SCHEMES OFFERED BY ICICI PRUDENTIAL:

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OBJECTIVE OF THE STUDY:

SWOT ANALYSIS OF THE COMPANY:

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