A project report on awareness regarding mutual fund with special reference to india infoline - Document Transcript

1. Projectsformba.blogspot.com A Summer Project Report On Awareness Regarding Mutual Fund At Submitted In the partial fulfillment of the Degree of Master of Business Administration By Enrollment No. Under the Guidance of: International Business School Under the Supervision: Branch Manager, India Infoline Ltd. Submitted To: International Business School EIILM University Ahmedabad BATCH:Projectsformba.blogspot.com 1 Projectsformba.blogspot.com INDEX Rank Particulars Page No. 1. Certificate by Guide 4 2. Certificate by Mentor 5 3. Candidates Statement 6 4. Preface 7 5. Acknowledgement 8 6. Executive Summery 9 7. Objective of Study 10 About Mutual Fund 11 8. Introduction 12 9. History of Mutual Fund 14 10. Organization Of Mutual Fund 17 11. The way and type to invest in Mutual Fund 19 12. Regulatory of mutual Fund Scheme 20 13. Types of Mutual Fund Scheme 21 14. SEBI Registered Mutual Fund 24 15. Points to measure M.F Performance 26 16. Procedure for registering M.F. with SEBI 27 17. How to reduce risk while investing 28 18. Growth in assets in Management 30 19. Advantages of Mutual Fund 31 20. Disadvantage of Mutual Fund 33 Company Details 34 21. Snapshot of India Infoline Ltd 35 22. History 36 23. Milestones 37 24. About India Infoline Ltd. 39 25. Vision statement 40 26. Management team 41 27. Contact details 44 28. Companys structure 45 29. Unique Approaches 48 30. Assets under Management 49 31. NFO Period from 1st June to 3rd July 2010 50 32. Invest online 51 33. Philosophy on Corporate Governance 53 34. Financial Statement of IIFL 55 Research Methodology 57 35. Research Methodology 58 36. Hypothesis 59 37. Data analysis 69 Summery and Conclusion 83 38. Findings 84 39. Suggestion 85 40. Limitations 86 41. Conclusion 87 42. Bibliography 88 Annexure 89Projectsformba.blogspot.com 2 3. Projectsformba.blogspot.com 43. Questionnaire 89 44. Different Terminology 92 CERTIFICATE BY THE GUIDEThis is to certify that the contents of this report entitled Awareness Regarding Mutual fund by submitted to International Business Schoolfor the Award of Master of Business Administration (MBA Semester-II) is original researchwork carried out by him/her/them under my supervision.This report has not been submitted either partly or fully to any other University or Institute foraward of any degree or diploma.Professor & Head,International Business School,EIILM University,Ahmedabad.Projectsformba.blogspot.com 3 Projectsformba.blogspot.comDate:Place: AhmedabadProjectsformba.blogspot.com 4 Projectsformba.blogspot.com CERTIFICATE BY THE MENTORThis is to certify that the contents of this report entitled Awareness Regarding Mutual Fund by. submitted to International Business School, Ahmedabadfor the Award of Master of Business Administration (MBA Semester-II) is original researchwork carried out by him/her under my mentoring. I, hereby certify the authenticity of the dataand facts mentioned in the report.This report has not been submitted either partly or fully to any other University or Institute foraward of any

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degree or diploma.Professor & Head,International Business School,EIILM University,Ahmedabad.Date:Place: AhmedabadProjectsformba.blogspot.com 5 6. Projectsformba.blogspot.com CANDIDATES STATEMENTI hereby declare that the work incorporated in this report entitled Awareness Regarding MutualFund in partial fulfillment of the requirements for the award of Master of BusinessAdministration (Sem.- II) is the outcome of original study undertaken by me and it has not beensubmitted earlier to any other University or Institution for the award of any Degree or Diploma.Date : 10 July 2010Place : Ahmedabad (Enrollment No. ) Projectsformba.blogspot.com 6 Projectsformba.blogspot.com PREFACEIn todays trend of cut-throat competition, Masters of Business Administration (MBA) is sure tohave an edge over their counterparts.MBA education brings its students in direct contact with the real corporate world throughindustrial training. The MBA program provides its students with an in depth study of variousmanagerial activities that are performed in any organization.A detailed analysis of managerial activities conducted in various departments like production,marketing, finance, human resources, export-imports, credit dept, etc. gives the student aconceptual idea of what they are expected to manage , how to manage and how to obtain themaximum output through minimum inputs and how to minimize the wastage of resources.I have undergone my summer training at India Infoline Ltd. It is one of the leading mutual fundcompanies in the country. I feel great pleasure to present this report work after my training atIndia Infoline Ltd. that produced to be golden opportunity for me by enriching my knowledgeby comparing my theoretical knowledge with the managerial skill and application.Simple language has been used throughout the report. Report is illustrated with figure, charts anddiagrams as and when required.Projectsformba.blogspot.com 7 Projectsformba.blogspot.com ACKNOWLEDGEMENTExpression of feelings by words makes them less significant when it comes to makestatement of gratitudeIt is with a sense of gratitude that I acknowledge the effort of a whole host of well-wishers whohave in some way or the other contributed in their own special ways to the success of this effort.Individual effort alone can never contribute in totality, to the successful completion of anyventure. At first, I wish to express my sincere gratitude to who has giveme lots of support and encourage for this project, who has guide me throughout the project. Iwould also like to thank other member of the company like and othercompany members.I would also like to thank has also help me as a project guide of the collegewhenever I am in need.How can I forget my Parents who rendered me not only financial support but also a moralsupport without which I could not have completed my project.I am also thankful to all the persons who help us directly or indirectly.Projectsformba.blogspot.com 8 Projectsformba.blogspot.com EXECUTIVE SUMMARY The India Info line group, comprising the holding company, India Info line Limited andits wholly-owned subsidiaries, straddle the entire financial services space with offerings rangingfrom Equity research, Equities and derivatives trading, Commodities trading, Portfoliomanagement Services, Mutual Funds, Life Insurance, Fixed deposits, Govt. bonds and othersmall savings instruments to loan products and Investment banking. India Info line also owns andmanages the websites www.indiainfoline. Command

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www.5paisa.com The Company has anetwork of 976 business locations (branches and sub-brokers) spread across 365 cities and towns.It has more than 800,000 customers. In todays competitive world there are many goods chasing few customers some are tryingit expands their size and share of existing market. As a result there are loser and winners.Winners are those who carefully analyze needs identify opportunities and create aloe rich offersfor target customer. The objective of the market research to determine the demand and supply and use of theproduct and competitors study so as to get the total market scenario of the product for analyzingmarket problem research is needed. A firm can obtained market research in number of ways. Itcan hire market research firm or it can ask student to design and carry out market researchproject. These marketing problems and opportunities if entrust to the student of marketing.Especially when they seek the same during the project gives opportunities to apply theirtheoretical knowledge and managerial knowledge. India infoline.com/5paisa.com is related tosh remarket, it is equity to caused organizationtracing its lineage to SSKL, a veteran solution company with over 8 decades of experience in thelead in stock market.Projectsformba.blogspot.com 9 10. Projectsformba.blogspot.com OBJECTIVES OF THE STUDY1. The objective of the research is to study and analyze the awareness level of investors of mutual funds.2. To measure the satisfaction level of investors regarding mutual funds.3. An attempt has been made to measure various variables playing in the minds of investors in terms of safety, liquidity, service, returns, and tax saving.4. To get insight knowledge about mutual funds5. To know the mutual funds performance levels in the present market6. To analyze the comparative study between other leading mutual funds in the present market.7. To know the awareness of mutual funds among different groups of investors.8. Finding out ways and means to improve on the services by India Infoline Ltd.Projectsformba.blogspot.com 10 11. Projectsformba.blogspot.com ABOUT MUTUAL FUNDProjectsformba.blogspot.com 11 12. Projectsformba.blogspot.com INTRODUCTIONWhat is a Mutual fund?Mutual fund is an investment company that pools money from shareholders and invests in avariety of securities, such as stocks, bonds and money market instruments. Most openendMutual funds stand ready to buy back (redeem) its shares at their current net asset value, whichdepends on the total market value of the funds investment portfolio at the time of redemption.Most open-end Mutual funds continuously offer new shares to investors. Also known as an open-end investment company, to differentiate it from a closed-end investment company. Mutual fundsinvest pooled cash of many investors to meet the funds stated investment objective. Mutualfunds stand ready to sell and redeem their shares at any time at the funds current netasset value: total fund assets divided by shares outstanding.In Simple Words, Mutual fund is a mechanism for pooling the resources by issuing units to theinvestors and investing funds in securities in accordance with objectives as disclosed in offerdocument. Investments in securities are spread across a wide cross-section of industries andsectors and thus the risk is reduced. Diversification reduces the risk because all stocks may notProjectsformba.blogspot.com 12 13. Projectsformba.blogspot.commove in the same direction in the same proportion at the same time. Mutual fund issues units tothe investors in accordance with quantum of

money invested by them. Investors of Mutual fundsare known as unit holders. The profits or losses are shared by the investors in proportion to theirinvestments. The Mutual funds normally come out with a number of schemes with differentinvestment objectives which are launched from time to time. In India, A Mutual fund is requiredto be registered with Securities and Exchange Board of India (SEBI) which regulates securitiesmarkets before it can collect funds from the public. In Short, a Mutual fund is a common pool ofmoney in to which investors with common investment objective place their contributions that areto be invested in accordance with the stated investment objective of the scheme. The investmentmanager would invest the money collected from the investor in to assets that are defined/permitted by the stated objective of the scheme. For example, an equity fund would invest equityand equity related instruments and a debt fund would invest in bonds, debentures, gilts etc.Mutual fund is a suitable investment for the common man as it offers an opportunity to invest ina diversified, professionally managed basket of securities at a relatively low cost CONCEPT OF THE MUTUAL FUNDA Mutual Fund is a trust that pools the savings of a number of investors who share a commonfinancial goal. The money thus collected is then invested in capital market instruments such asshares, debentures and other securities. The income earned through these investments and thecapital appreciations realized are shared by its unit holders in proportion to the number of unitsowned by them. Thus a Mutual Fund is the most suitable investment for the common man as itoffers an opportunity to invest in a diversified, professionally managed basket of securities at arelatively low cost. The flow chart below describes broadly the working of a mutual fund:Projectsformba.blogspot.com 13 14. Projectsformba.blogspot.com HISTORY OF THE MUTUAL FUND INDUSTRYProjectsformba.blogspot.com 14 15. Projectsformba.blogspot.comThe mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at theinitiative of the Government of India and Reserve Bank. The history of mutual funds in India canbe broadly divided into four distinct phasesPhase - 1964-87Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by theReserve Bank of India and functioned under the Regulatory and administrative control of theReserve Bank of India. In 1978 UTI was delinked from the RBI and the Industrial DevelopmentBank of India (IDBI) took over the regulatory and administrative control in place of RBI. Thefirst scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700crores of assets under management.Second Phase - 1987-1993 (Entry of Public Sector Funds)1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks andLife Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC).SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed by CanProjectsformba.blogspot.com 15 16. Projectsformba.blogspot.com ORGANISATION OF MUTUAL FUNDProjectsformba.blogspot.com 16 17. Projectsformba.blogspot.com THE STRUCTURE CONSISTS OFSPONSORProjectsformba.blogspot.com 17

18. Projectsformba.blogspot.comSponsor is the person who acting alone or in combination with another body corporateestablishes a mutual fund. Sponsor must contribute at least 40% of the net worth of theInvestment managed and meet the eligibility criteria prescribed under the Securities andExchange Board of India (Mutual Fund) Regulations, 1996. The sponsor is not responsible orliable for any loss or shortfall resulting from the operation of the Schemes beyond the initialcontribution made by it towards setting up of the Mutual Fund.TRUSTThe Mutual Fund is constituted as a trust in accordance with the provisions of the Indian TrustsAct, 1882 by the Sponsor. The trust deed is registered under the Indian Registration Act, 1908.TRUSTEETrustee is usually a company (corporate body) or a Board of Trustees (body of individuals). Themain responsibility of the Trustee is to safeguard the interest of the unit holders and ensure thatthe AMC functions in the interest of investors and in accordance with the Securities andExchange Board of India (Mutual Funds) Regulations, 1996, the provisions of the Trust Deedand the Offer Documents of the respective Schemes. At least 2/3rd directors of the Trustee areindependent directors who are not associated with the Sponsor in any manner.ASSET MANAGEMENT COMPANY (AMC)The AMC is appointed by the Trustee as the Investment Manager of the Mutual Fund. The AMCis required to be approved by the Securities and Exchange Board of India (SEBI) to act as anasset management company of the Mutual Fund. At least 50% of the directors of the AMC areindependent directors who are not associated with the Sponsor in any manner. The AMC musthave a net worth of at least 10 cores at all times.REGISTRAR AND TRANSFER AGENTThe AMC if so authorized by the Trust Deed appoints the Registrar and Transfer Agent to theMutual Fund. The Registrar processes the application form, redemption requests and dispatchesaccount statements to the unit holders. The Registrar and Transfer agent also handlescommunications with investors and updates investor records. THE WAY & TYPE TO INVEST IN MUTUAL FUNDProjectsformba.blogspot.com 18

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SEBIProjectsformba.blogspot.com 19 SYSTEMATIC INVESTMENT PLAN (SIP) The amount that has to be invested through same monthly installment is known as Systematic Investment Plan. The investor has to pay the minimum amount Rs.1000 monthly for all equity and balanced schemes like that for 6months. And Rs.500 monthly for Tax Saver scheme like that for 12 months. The minimum amount that the investor has to invest is Rs6000 and maximum as per their choice. This type of investment is generally preferred for the salaried people. REGULATORY OF MUTUAL FUND IN INDIA ONE TIME INVESTMENT The amount that has to be invested in onetime is known as Onetime Investment. The investor has to pay the whole amount at once. The minimum amount is Rs. 5000 and maximum is as per the investors Choice. This investment is generally preferred for the business man who is able to pay at one time. Projectsformba.blogspot.comMutual funds normally come out with an advertisement in newspapers publishing the date oflaunch of the new schemes. Investors can also contact the agents and distributors of mutual fundswho are spread all over the country for necessary information and application forms. Forms canbe deposited with mutual funds through the agents and distributors who provide such services.Now days, the post offices and banks also distribute the units of mutual funds. However, theinvestors may please note that the mutual funds schemes being marketed by banks and postoffices should not be taken as their own schemes and no assurance of returns is given by them.The only role of banks and post offices is to help

in. distribution of mutual funds schemes to theinvestors. Investors should not be carried away by commission/gifts given by agents/distributorsfor investing in a particular scheme. On the other hand they must consider the track record of themutual fund and should take objective decision.

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OFFICE OF THE PUBLIC TRUSTE Mutual Fund being public trust is governed y the Indian Trust Act 1882. The Board of trustee or the Trustees Company is accountable to the office of public trustee, which in turn reports to the Charity commissioner. TYPES OF MUTUAL FUND SCHEMES1. BY STRUCTURE 1.1. Open Ended Schemes.Projectsformba.blogspot.com 20 STOCK EXCHANGE Stock Exchanges are Self-regulatory organizations supervised by SEBI. Many closed ended funds of AMCs are listed as stock exchanges and are traded like shares. COMPANY LOW BOARD Registrar of companies is called Company Low Board. AMCs of Mutual Funds are companies registered under the companies Act 1956 and therefore answerable to regulatory authorities empowered by the Companies Act. MINISTRY OF FINANCE (MOF) Ministry of Finance ultimately supervises both the RBI and the SEBI and plays the role of apex authority for any major disputes over SEBI guidelines. RBI RBI, a supervisor of the Banks owned Mutual Funds-As banks in India come under the regulatory Jurisdiction of RBI, banks owned funds to be under supervision of RBI and SEBI. RBI has supervisory responsibility over all entities that operate in the money markets. Projectsformba.blogspot.com The capital market regulates the mutual funds in India. SEBI requires all mutual funds to be registered with them. SEBI issues guidelines for all mutual funds operations- investment, accounts, expenses etc. Recently, it has been decided that Money Market Mutual Funds of registered mutual funds will be regulated by SEBI through (Mutual Fund) Regulations 1996.

21. Projectsformba.blogspot.com 1.2. Close Ended Schemes. 1.3. Interval Schemes.2. BY INVESTMENT OBJECTIVE 2.1. Growth Schemes. 2.2. Income Schemes. 2.3. Balanced Schemes.3. OTHER SCHEMES 3.1. Tax Saving Schemes. 3.2. Special Schemes. 3.3. Index Schemes. 3.4. Sector Specific Schemes.1.1 OPEN ENDED SCHEMESThe units offered by these schemes are available for sale and repurchase on any business day atNAV based prices. Hence, the unit capital of the schemes keeps changing each day. Suchschemes thus offer very high liquidity to investors and are becoming increasingly popular inIndia. Please note that an open-ended fund is NOT obliged to keep selling/issuing new units at alltimes, and may stop issuing further subscription to new investors. On the other hand, an open-ended fund rarely denies to its investor the facility to redeem existing units.1.2 CLOSED ENDED SCHEMESThe unit capital of a close-ended product is fixed as it makes a one-time sale of fixed number ofunits. These schemes are launched with an initial public offer (IPO) with a stated maturity periodafter which the units are fully redeemed at NAV linked prices. In the interim, investors can buyor sell units on the stock exchanges where they are listed. Unlike open-ended schemes, the unitcapital in closed-ended schemes usually remains unchanged. After an initial closed period, thescheme may offer direct repurchase facility to the investors. Closed-ended schemes are usuallymore illiquid as compared to open-ended schemes and hence trade at a discount to the NAV. Thisdiscount tends towards the NAV closer to the maturity date of the scheme.1.3 INTERVAL SCHEMESProjectsformba.blogspot.com 21

22. Projectsformba.blogspot.comThese schemes combine the features of open-ended and closed-ended schemes. They may betraded on the stock exchange or may be open for sale or redemption during pre-determinedintervals at NAV based prices.2.1 GROWTH SCHEMESThese schemes, also commonly called Equity Schemes, seek to invest a majority of their funds inequities and a small portion in money market instruments. Such schemes have the potential todeliver superior returns over the long term. However, because they invest in equities, theseschemes are exposed to fluctuations in value especially in the short term.2.2 INCOME SCHEMESThese schemes, also commonly called Debt Schemes, invest in debt securities such as corporatebonds, debentures and government securities. The prices of these schemes tend to be more stablecompared with equity schemes and most of the returns to the investors are generated throughdividends or steady capital appreciation. These schemes are ideal for conservative investors orthose not in a position to take higher equity risks, such as retired individuals. However, ascompared to the money market schemes they do have a higher price fluctuation risk andcompared to a Gilt fund they have a higher credit risk.2.3 BALANCED SCHEMESThese schemes are commonly known as Hybrid schemes. These schemes invest in both equitiesas well as debt. By investing in a mix of this nature, balanced schemes seek to attain the objectiveof income and moderate capital appreciation and are ideal for investors with a conservative, long-term orientation.3.1 TAX SAVING SCHEMESInvestors are being encouraged to invest in equity markets through Equity Linked SavingsScheme (ELSS) by offering them a tax rebate. Units purchased cannot be assigned /transferred/ pledged / redeemed / switched out until completion of 3 years from the date ofallotment of the respective Units.The Scheme is subject to Securities & Exchange Board of India (Mutual Funds) Regulations,1996 and the notifications issued by the Ministry of Finance (Department of Economic Affairs),Government of India regarding ELSS.Projectsformba.blogspot.com 22 23. Projectsformba.blogspot.comSubject to such conditions and limitations, as prescribed under Section 88 of the Income-tax Act,1961.3.2 INDEX SCHEMESThe primary purpose of an Index is to serve as a measure of the performance of the market as awhole, or a specific sector of the market. An Index also serves as a relevant benchmark toevaluate the performance of mutual funds. Some investors are interested in investing in themarket in general rather than investing in any specific fund. Such investors are happy to receivethe returns posted by the markets. As it is not practical to invest in each and every stock in themarket in proportion to its size, these investors are comfortable investing in a fund that theybelieve is a good representative of the entire market. Index Funds are launched and managed forsuch investors.3.3 SECTOR SPECIFIC SCHEMES.Sector Specific Schemes generally invests money in some specified sectors for example: RealEstate Specialized real estate funds would invest in real estates directly, or may fund real estatedevelopers or lend to them directly or buy shares of housing finance companies or may even buytheir securitized assets. SEBI REGISTERED MUTUAL FUNDProjectsformba.blogspot.com 23 24. Projectsformba.blogspot.com1. FORTIS Mutual fund2. Alliance Capital Mutual fund,3. AIG Global Investment Group Mutual fund4. Benchmark Mutual fund,5. Baroda Pioneer Mutual fund6. Birla Mutual fund7. Bharti AXA Mutual fund8. Canara Robeco Mutual fund9. CRB Mutual fund (Suspended)10. DBS Chola Mutual fund,11. Deutsche Mutual fund12. DSP Blackrock Mutual fund,13. Edelweiss Mutual fund14. Escorts Mutual

fund,15. Franklin Templeton Mutual fund16. Fidelity Mutual fund17. Goldman Sachs Mutual fund18. HDFC Mutual fund,19. HSBC Mutual fund,20. ICICI Securities Fund,21. IL & FS Mutual fund,22. ING Mutual fund,23. ICICI Prudential Mutual fund24. IDFC Mutual fund,25. JM Financial Mutual fund26. JP Morgan Mutual fund27. Kotak Mahindra Mutual fund,29. LIC Mutual fund31. Morgan Stanley Mutual fund32. Mirae Asset Mutual fund33. Principal Mutual fund34. Quantum Mutual fund,35. Reliance Mutual fund36. Religare AEGON Mutual fundProjectsformba.blogspot.com 24 25. Projectsformba.blogspot.com37. Sahara Mutual fund,38. SBI Mutual fund39. Shriram Mutual fund40. Sundaram BNP Paribas Mutual fund,41. Taurus Mutual fund42. Tata Mutual fund,43. UTI Mutual fundProjectsformba.blogspot.com 25 26. Projectsformba.blogspot.com POINTERS TO MEASURE MUTUAL FUND PERFORMANCEMEASURES DESCRIPTION IDEAL RANGESTANDARD Standard Deviation allows evaluating the volatility of Should be near to its meanDEVIATION the fund. The standard deviation of a fund measures return. this risk by measuring the degree to which the fund fluctuates in relation to its mean return.BETA Beta is a fairly commonly used measure of risk. It Beta > 1 = high risky basically indicates the level of volatility associated with Beta = 1 = Average the fund as compared to the benchmark. Beta <1 = Low RiskyR-SQUARE R- square measures the correlation of a funds R-squared values range between movement to that of an index. R-squared describes the 0 and 1, where 0 represents no level of association between the funds volatility and correlation and 1 represents full market risk. correlation.ALPHA Alpha is the difference between the returns one would Alpha is positive = returns of expect from a fund, given its beta, and the return it stock are better then market actually produces. It also measures the unsystematic returns. risk. Alpha is negative = returns of stock are worst then market. Alpha is zero = returns are same as market.SHARPE Sharpe Ratio= Fund return in excess of risk free return/ The higher the Sharpe ratio, theRATIO Standard deviation of Fund. Sharpe ratios are ideal for better a funds returns relative to comparing funds that have a mixed asset classes. the amount of risk taken. Projectsformba.blogspot.com 26 27. Projectsformba.blogspot.com WHAT IS THE PROCEDURE FOR REGISTERING A MUTUAL FUND WITH SEBI?An applicant proposing to sponsor a Mutual fund in India must submit an application in FormA along with a fee of Rs.25, 000. The application is examined and once the sponsor satisfiescertain conditions such as being in the financial services business and possessing positive networth for the last five years, having net profit in three out of the last five years and possessingthe general reputation of fairness and integrity in all business transactions, it is required tocomplete the remaining formalities for setting up a Mutual fund. These include inter alia,executing the trust deed and investment management agreement, setting up a trusteecompany/board of trustees comprising two- thirds independent trustees, incorporating theasset management company (AMC), contributing to at least 40% of the net worth of theAMC and appointing a custodian. Upon satisfying these conditions, the registrationcertificate is issued subject to the payment of registration fees of Rs.25.00 lacs for details; seethe SEBI (Mutual funds) Regulations, 1996.Projectsformba.blogspot.com27

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Anyone who wants to learn to walk has to first fall; you cannot learn to walk without falling. Similarly anyone who wants to invest has to first face systematic risk; there can never make any kind of investment without systematic risk.Projectsformba.blogspot.com28 Economic cycles, war and political situations have effects on all forms of investments. Also these exist in the system and there is no way to stay away from them. It is like learning to walk. Similarly if returns generated from equity market is 18 per cent and inflation is still 6 per cent then equity returns will be lesser by the rate of inflation. Since inflation exists in the system there is no way one can stay away from the risk of inflation. Inflation erodes returns generated from all investments e.g. If return from fixed deposit is 8 per cent and if inflation is 6 per cent then real rate of return from fixed deposit is reduced by 6 per cent. Systematic risk is that risk which exists in the system. Some of the biggest examples of systematic risk are inflation, recession, war, political situation etc. Well known economist and Nobel Prize recipient William Sharpe tried to segregate the total risk faced in any kind of investment into two parts - systematic (Systemic) risk and unsystematic (Unsystemic) risk. Any kind of investment we make is subject to risk. In fact we get return on our investment purely and solely because at the very beginning we take the risk of parting with our funds, for getting higher value back at a later date. Partition itself is a risk. Projectsformba.blogspot.com HOW TO REDUCE RISK WHILE INVESTING:

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Mutual fund as an investment vehicle helps reduce, both, systematic as well as unsystematic risk.Projectsformba.blogspot.com29 By systematically investing in mutual fund we get benefit of rupee cost averaging. Portfolio of mutual funds consists of multiple securities and hence adverse news about single security will have nominal impact on overall portfolio. Mutual fund, as an investment vehicle gives us benefit of both diversification and averaging. To reduce the impact of systematic risk, we should invest regularly. By investing regularly we average out the impact of risk. Similarly if our equity investment is in Tata Motors, HLL, Infosys, adverse news about Infosys will only impact investment in Infosys, all other stocks will not have any impact. If we have placed fixed deposit in several banks, then even if one of the banks goes bankrupt our entire fixed deposit investment is not lost. While there is no way to keep away from risk, we can always reduce the impact of risk. Diversification helps in reducing the impact of unsystematic risk. If our investment is distributed across various asset classes the impact of unsystematic risk is reduced. Suppose we invest in stock market and the market falls, then only our investment in equity gets affected OR if we have placed a fixed deposit in particular bank and bank goes bankrupt, than we only lose money placed in that bank. Another form of risk is unsystematic risk. This risk does not exist in the system and hence is not applicable to all forms of investment. Unsystematic risk is associated with particular form of investment. Projectsformba.blogspot.com

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Convenient Administration.Projectsformba.blogspot.com31 Diversification. Considered the essential tool in risk management, mutual funds make it possible for even small investors to diversify their portfolio. A mutual fund can effectively diversify its portfolio because of the large corpus. However, a small investor cannot have a welldiversified portfolio because it calls for large investment. For example, a modest

portfolio of 10 bluechip stocks calls for a few a few thousands. Professional Management. The major advantage of investing in a mutual fund is that you get a professional money manager to manage your investments for a small fee. You can leave the investment decisions to him and only have to monitor the performance of the fund at regular intervals. Projectsformba.blogspot.com ADVANTAGES OF MUTUAL FUNDS

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Costs Effectiveness A small investor will find that Projectsformba.blogspot.com Mutual funds offer tailor-made solutions like systematic investment plans and systematic withdrawal plans to investors, which is very convenient to investors. Investors also do not have to worry about investment decisions, they do not have to deal with brokerage or depository, etc. for buying or selling of securities. Mutual funds also offer specialized schemes like retirement plans, childrens plans, industry specific schemes, etc. to suit personal preference of investors. These schemes also help small investors with asset allocation of their corpus. It also saves a lot of paper work. Affordability Mutual funds allow you to invest small sums. For instance, if you want to buy a portfolio of blue chips of modest size, you should at least have a few lakhsProjectsformba.blogspot.com32 Tax benefits. You do not have to pay any taxes on dividends issued by mutual funds. You also have the advantage of capital gains taxation. Tax-saving schemes and pension schemes give you the added advantage of benefits under section 88. Transparency. Mutual funds offer daily NAVs of schemes, which help you to monitor your investments on a regular basis. They also send quarterly newsletters, which give details of the portfolio, performance of schemes against various benchmarks, etc. They are also well regulated and Sebi monitors their actions closely. Liquidity. You can liquidate your investments within 3 to 5 working days (mutual funds dispatch redemption cheques speedily and also offer direct credit facility into your bank account i.e. Electronic Clearing Services). the mutual fund route is a cost-effective method (the AMC fee is normally 2.5%) and it also saves a lot of transaction cost as mutual funds get concession from brokerages. Also, the investor gets the service of a financial professional for a very small fee. If he were to seek a financial advisors help directly, he will end up paying significantly more for investment advice. Also, he will need to have a sizeable corpus to offer for investment management to be eligible for an investment advisers services.

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Equity funds- if selected in the right manner and in the right proportion, have the ability to play an important role in achieving most long-term objectives of investors in different segments. While the selection process becomes much easier if you get advice from professionals, it is equally important to know certain aspects of equity investing yourself to do justice to your hard earned money.Projectsformba.blogspot.com33 Taxes When making decisions about your money, fund managers dont consider your personal tax situation. For example, when a fund manager sells a security, a capitalgain 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. Dilution Its possible to have too much diversification (this is explained in our article entitled "Are You Over-Diversified?"). Because funds have small holdings in so many different companies, high returns from a few investments often dont 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. Costs Mutual funds dont exist solely to make your life easier--all funds are in it for a profit. The Mutual fund industry is masterful at burying costs under layers of jargon. These costs are so complicated that in this tutorial we have devoted an entire section to the subject. Professional Management- Did you notice how we qualified the advantage of professional management with the word "theoretically"? Many investors debate over whether or not the so-called professionals are any better than you or I at picking stocks. Management is by no means infallible, and, even if the fund loses money, the manager still takes his/her cut. Well talk about this in detail in a later section. Projectsformba.blogspot.com of rupees. A mutual fund gives you the same portfolio for meager investment of Rs.1,000-5,000. A mutual fund can do that because it collects money from many people and it has a large corpus. DISADVANTAGES OF MUTUAL FUNDS 34. Projectsformba.blogspot.com COMPANY DETAILSProjectsformba.blogspot.com34 35. Projectsformba.blogspot.comSNAPSHOT OF India Infoline Ltd.Date of Establishment October 1995Revenue Rs. 2654.1 million (2008-2009)Market Cap Rs. 5110.71 (April 21 2009)Corporate Address 84, Nariman Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, IndiaBranches IndiaManagement Team Nirmal Jain Founder R Venkataraman-- Co-promoter and Executive Director Sat Pal Khattar- Non Executive Director Nilesh Vikamsey- Independent Director Kranti Sinha - Independent DirectorOverview India Infoline Limited provides the entire gamut of financial services entailing equity research, equities and derivatives trading, commodities trading, portfolio management services, mutual funds, life insurance, fixed deposits, GoI bonds and investment banking. It is proficient in equities broking, wealth advisory services and portfolio management services. The company is a member of BSE and NSE. It is a depository member of National Securities Depository Limited and Central Depository Securities Ltd. The parent company IndiaProjectsformba.blogspot.com35 36. Projectsformba.blogspot.com Infoline Group also contains India Infoline Media and Research Services Limited, India Infoline Commodities Limited, India Infoline Marketing & Services, India Infoline Investment Services Limited and IIFL (Asia) Private Limited HISTORYWe were founded in 1995 by Mr. Nirmal Jain (Chairman and Managing Director) as anindependent business research and information provider. We gradually evolved into a one-stop financial services solutions provider. Our strong management team comprises competentand dedicated professionalsWe are a pan-India financial services organization across 1,361 business locations and apresence in 428 cities. Our global footprint extends across geographies with offices in NewYork, Singapore and Dubai. We are listed on the Bombay Stock Exchange (BSE) and theNational Stock Exchange (NSE).We offser a wide range of services and products comprising broking (retail and institutionalequities and commodities), wealth management, credit and finance, insurance, assetmanagement and investment banking.We are registered with the BSE and the NSE for securities trading, MCX, NCDEX andDGCX for commodities trading, CDSL and NSDL as depository participants. We areregistered as a Category I merchant banker and are a SEBI registered portfolio manager. Wealso received the FII license in IIFL Inc. IIFL Securities Pte Ltd received approval from theMonetary Authority of Singapore to carry out corporate advisory and dealing in securitiesoperations. Two subsidiaries India Infoline Investment Services and Moneyline CreditLimited are

registered with RBI as non-deposit taking non-banking financial servicescompanies. India infoline Housing Finance Ltd, the housing finance arm, is registered withthe National Housing Bank.Projectsformba.blogspot.com36 37. Projectsformba.blogspot.comProjectsformba.blogspot.com37 38. Projectsformba.blogspot.com MILESTONES 1995 Incorporated as an equity research and consulting firm with a client base that included leading FIIs, banks, consulting firms and corporates. 1999 Restructured the business model to embrace the internet; launched archives.indiainfoline.com mobilised capital from reputed private equity investors. 2000 Commenced the distribution of personal financial products; launched online equity trading; entered life insurance distribution as a corporate agent. Acknowledged by Forbes as Best of the Web and ...must read for investors. 2004 Acquired commodities broking license; launched Portfolio Management Service. 2005Projectsformba.blogspot.com38 39. Projectsformba.blogspot.com India Infoline Ltd.Projectsformba.blogspot.com39

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India Infoline Group subsidiaries: India Infoline Media and Research Services Limited India Infoline Commodities Limited India Infoline Marketing India Info line Group : The India Info line group, comprising the holding company, india info line limited and its wholly-owned subsidiaries, straddle the entire financial services space with offerings ranging from equity research, equities and derivatives trading, commodities trading, portfolio management services, mutual funds, life insurance, fixed deposits, goi bonds and other small savings instruments to loan products and investment banking. India Info line also owns and manages the websites www.indiainfoline.com and www.5paisa.com the company has a network of over 2100 business locations (branches and sub-brokers) spread across more than 450 cities and towns. the group caters to approximately a million customers. Vision Statement : Our vision is to be the most respected company in the financial service space. India Info Line is a onestop financial services shop, most respected for quality of its advice, personalized service and cutting-edge technology. Projectsformba.blogspot.com & Our Global Presence:Projectsformba.blogspot.com40 Services India Infoline Investment Services Limited IIFL (Asia) Pte Limited

41. Projectsformba.blogspot.com VISION To become the most respected Company in the financial Service space Diversified, Addressing all customer segmentsProjectsformba.blogspot.com41 42. Projectsformba.blogspot.com MANAGEMENT TEAMProjectsformba.blogspot.com42 43. Projectsformba.blogspot.com Mr. A.K. Purvar Board member since March 2008 completed his Masters degree in commerce from Allahabad University in 1966 and a diploma in Business Administration in 1967. Mr. Purwar joined the State Bank of India as a probationary officer in 1968, where he held several important and critical positions in retail, corporate and international banking, covering almost the entire range of commercial banking operations in his illustrious career. He also played a key role in co- coordinating the work for the Banks entry into the field of insurance. After retiring from the Bank at end May 2006, Mr. Purwar is now working as Member of Board of Governors of IIM-Lucknow, joined IIMIndore as a visiting professor, joined as

a Hon.-Professor in NMIMS and he is also a member of Advisory Board for Institute of Indian Economic Studies (IIES), Waseda University, Tokyo, Japan. He has now taken over as Chairman of IndiaVenture Advisors Pvt. Ltd., as well as IL & FSProjectsformba.blogspot.com He is also working as Renewable Energy Limited.43 44. Projectsformba.blogspot.com CONTECT DETAILSProjectsformba.blogspot.com44 45. Projectsformba.blogspot.comRegistrar & Transfer AgentIntime Spectrum Registry Ltd,C13 Pannalal Silk Mills compound,LBS Marg,Bhandup West,Mumbai 400078Tel : 9122-5555 5454Fax : 91-22-5555 5353Email : vishwasa@intimespectrum.comShareholder EnquiriesThe Company Secretary,Bldg. No. 75, Nirlon Complex,Off W E Highway, Goregaon(E),Mumbai-400 063Tel : +(91 22) 6669 3200Fax: +(91 22) 2272 2419Email : Investor@indiainfoline.com Projectsformba.blogspot.com 45 46. Projectsformba.blogspot.comShareholder EnquiriesIndia Infoline Ltd75, Nirlon Complex,Off W.E.Highway,Goregaon (E),Mumbai,India - 400 063,Boardline No : (91-22) 4007 7000Tel: (91-22) 4249 9000Fax: (91-22) 2685 0451Website : http://www.indiainfoline.comEmail : mail@indiainfoline.com Email Details Investor Relations ir@indiainfoline.com Projectsformba.blogspot.com 46 47. Projectsformba.blogspot.com COMPANY STRUCTUREProjectsformba.blogspot.com47 48. Projectsformba.blogspot.comIndia Infoline Limited is listed on both the leading stock exchanges in India, viz. the StockExchange, Mumbai (BSE) and the National Stock Exchange (NSE) and is also a member ofboth the exchanges. It is engaged in the businesses of Equities broking, Wealth AdvisoryServices and Portfolio Management Services. It offers broking services in the Cash andDerivatives segments of the NSE as well as the Cash segment of the BSE. It is registered withNSDL as well as CDSL as a depository participant, providing a one-stop solution for clientstrading in the equities market. It has recently launched its Investment banking andInstitutional Broking business.A SEBI authorized Portfolio Manager; it offers Portfolio Management Services to clients.These services are offered to clients as different schemes, which are based on differinginvestment strategies made to reflect the varied risk-return preferences of clients.Projectsformba.blogspot.com48 49. Projectsformba.blogspot.comIndia Infoline Media and Research Services Limited.The content services represent a strong support that drives the broking, commodities, mutualfund and portfolio management services businesses. Revenue generation is through the saleof content to financial and media houses, Indian as well as global.It undertakes equities research which is acknowledged by none other than Forbes as Best ofthe Web and a must read for investors in Asia. India Infolines research is available notjust over the internet but also on international wire services like Bloomberg (Code: IILL),Thomson First Call and Internet Securities where India Infoline is amongst the most readIndian brokers.India Infoline Commodities Limited.India Infoline Commodities Pvt Limited is engaged in the business of commodities broking.Our experience in securities broking empowered us with the requisite skills and technologiesto allow us offer commodities broking as a contra-cyclical alternative to equities broking. Weenjoy memberships with the MCX and NCDEX, two leading Indian commodities exchanges,and recently acquired membership of DGCX. We have a

multi-channel delivery model,making it among the select few to offer online as well as offline trading facilities.India Infoline Marketing & ServicesIndia Infoline Marketing and Services Limited is the holding company of India InfolineInsurance Services Limited and India Infoline Insurance Brokers Limited.Projectsformba.blogspot.com49 50. Projectsformba.blogspot.com COMPANYS UNIQUE APPROACHESProjectsformba.blogspot.com50 51. Projectsformba.blogspot.com ASSET UNDER MANAGEMENTProjectsformba.blogspot.com51 52. Projectsformba.blogspot.com No. of Schemes(Incl Corpus(Rs.Cr) Corpus(Rs.Cr) Net Inc/Dec inMutual Fund Name Options) 30-Apr-10 31-Mar-10 CorpusReliance Mutual Fund 491 111,819 110,413 1,407HDFC Mutual Fund 437 94,703 88,780 5,923ICICI Prudential 594 83,064 81,018 2,046Mutual FundUTI Mutual Fund 378 79,457 80,218 [761]Birla Sun Life Mutual 496 69,532 62,367 7,165FundLIC Mutual Fund 100 40,507 42,304 [1,797]SBI Mutual Fund 178 39,826 37,417 2,409Franklin Templeton 276 34,912 34,034 878Mutual FundKotak Mahindra 222 33,845 34,787 [942]Mutual FundIDFC Mutual Fund 271 25,623 25,775 [151]Tata Mutual Fund 409 22,051 21,935 116DSP Blackrock 229 21,949 21,491 458Mutual FundSundaram BNP 314 14,361 13,878 483Paribas Mutual FundReligare Mutual Fund 288 13,829 12,945 885Deutsche Mutual Fund 245 10,112 10,477 [365]NFO PERIOD FROM 1ST JUNE TO 30TH JUNE 2010.Projectsformba.blogspot.com52 53. Projectsformba.blogspot.comIDFC Mutual Fund has launched a new fund named as IDFC Capital Protection Oriented Fund - SeriesII, a three year close ended income scheme. The scheme shall mature on 30 June 2013. The New FundOffer (NFO) price for the scheme is Rs 10 per unit. The new issue is open for subscription from 1 Juneand closes on 30 June 2010.The investment objective of the scheme is to protect the capital by investing in high quality fixedincome securities as the primary objective and generate capital appreciation by investing in equity andequity related instruments as a secondary objective.The scheme offers dividend and growth option.The scheme would allocate up to 16% of assets in equities & equity related securities with high riskprofile. It would further allocate 84% to 100% of assets in debt securities & money market instruments(of which up to 30% would be in securitized instruments) with low to medium risk profile. EquityDerivatives (futures and options) may be used in place of cash equities with the condition that the totalnotional exposure together with the investments in equities will not exceed the allocation of the corpustowards equity investments at any point of time.The minimum investment amount is Rs 5,000 and in multiples of Rs 10 thereafter.The fund seeks to collect a minimum subscription (minimum target) amount of Rs 1 crore under thescheme during the NFO period.Entry and entry load charge shall be nil for the scheme.The Schemes performance will be benchmarked against CRISIL MIP Blended Index.Ashwin Patni will be the fund manager for the scheme.Projectsformba.blogspot.com53 54. Projectsformba.blogspot.com INVEST ONLINE India Infoline has made investing in Mutual funds and primary market so effortless. All you have to do is register with us and thats all. No paperwork no queues and No registration charges. If you are 5p customer use your existing login ID and Ledger (fund transfer) password. Indiainfoline

offers you a host of mutual fund and IPO choices under one roof; backed by in-depth information and research to help you invest effortlessly. INVEST IN MF Indiainfoline offers you a host of mutual fund choices under one roof, backed by in-depth research and advice from research house and tools configured as investor friendly.Investing in Mutual Funds has never been easier Know more about MF Buying a mutual fund may be the smartest financial decision of your life. But with over 2500 mutual funds to choose from, you can be sure that there are a decent number of sour apples out there. To be safe, take a look at the items mentioned on this list before you invest in any mutual fund.Projectsformba.blogspot.com54 55. Projectsformba.blogspot.com Evaluate MF Invest Wisely! Dont get caught in the trap of chasing performance. Buy a fund because it meets an objective in your portfolio. Let us provide you platform where you can search, research and compare funds across all fund families, asset classes and objectives using this section. Buy & Sell MF Now you are one click away from building your portfolio. This section brings you mutual fund schemes, which you desire to buy.Projectsformba.blogspot.com55 56. Projectsformba.blogspot.comProjectsformba.blogspot.com56 57. Projectsformba.blogspot.com APPLY IN IPOs You could also invest in Initial Public Offers (IPOs) online without going through the hassles of filling ANY application form/ paperwork. Know more about IPO Get in-depth analyses of new IPOs issues (Initial Public Offerings) which are about to hit the market and analysis on these recent IPO listings, prospectus/offer documents, and IPO reports are few of the features, which help you, keep on top of the IPO markets. Apply for IPOs Easiest way to bid for IPO. This section brings you IPOs, which you wants in your portfolio. Register Now! Projectsformba.blogspot.com57 58. Projectsformba.blogspot.com COMPANYS PHYLOSOPHY ON CORPORATE GOVERNANCEProjectsformba.blogspot.com58 59. Projectsformba.blogspot.comThe India Infoline Group is committed to placing the Investor First, by continuously striving toincrease the efficiency of the operations as well as the systems and processes for use of corporateresources in such a way so as to maximize the value to the stakeholders. The Group aims at achievingnot only the highest possible standards of legal and regulatory compliances, but also of effectivemanagement.CommitteeAudit CommitteeTerms of reference & Composition, Name of members and Chairman: The Audit committeecomprises Mr Nilesh Vikamsey, Chairman of the Committee, Mr Sat Pal Khattar, Mr Sanjiv Ahujaand Mr Kranti Sinha, three of whom are independent Directors. The Managing Director, theExecutive Director along with the Statutory and Internal Auditors are invitees to the Meeting. TheTerms of reference of this committee are as under: - To investigate into any matter that may beprescribed under the provisions of Section 292A of The Companies Act, 1956 - Recommendation andremoval of External Auditor and fixation of the Audit Fees. - Reviewing with the management thefinancial statements before submission of the same to the Board. - Overseeing of Companys financialreporting process and disclosure of its financial information. - Reviewing the Adequacy of the InternalAudit Function.Compensation/ Remuneration CommitteeTerms of reference & Composition, Name of members and Chairman: The Compensation /Remuneration Committee

comprises Mr Sanjiv Ahuja, Chairman of the Committee, Mr NileshVikamsey and Mr Kranti Sinha, all of whom are independent Directors. The Terms of reference ofthis committee are as under: - To fix suitable remuneration package of all the Executive Directors andNon Executive Directors, Senior Employees and officers i.e. Salary, perquisites, bonuses, stockoptions, pensions etc. - Determination of the fixed component and performance linked incentivesalongwith the performance criteria to all employees of the company - Service Contracts, NoticePeriod, Severance Fees of Directors and employees. - Stock Option details: whether to be issued atdiscount as well as the period over which to be accrued and over which exercisable. - To conductdiscussions with the HR department and form suitable remuneration policies.Share Transfer and Investor Grievance CommitteeDetails of the Members, Compliance Officer, No of Complaints received and pending and pendingProjectsformba.blogspot.com59 60. Projectsformba.blogspot.com RESEARCH METHODOLOGYProjectsformba.blogspot.com60 61. Projectsformba.blogspot.com Research MethodologyType of Research Design : Conclusive Research DesignSource of Data : a. Primary Data: Survey Method b. Secondary Data: Internet, Magazines, Reference Books, Newspapers.Research Equipment : QuestionnaireSampling Technique : Non-Probability TechniqueConvenience Sampling Method.Sample Size : 100 SamplesArea of Research : Ahmadabad, Jamnagar, BhavnagarObjectives : The main objective of research is to find awareness regarding Mutual fund among earning peopleSub-objectives : To find how much people investing in Mutual Fund To find in which Mutual Fund they are investing To find which way or which option people like whileProjectsformba.blogspot.com61 62. Projectsformba.blogspot.com Investing in Mutual Fund Hypotheses-1 Age and awareness regarding Mutual Fund Ho=Age of the people have impact on awareness of Mutual Fund H1=Age of the people have not impact on awareness of Mutual FundCase Processing Summary Cases Valid Missing Total N Percent N Percent N Percentage * awareness 100 100.0% 0 .0% 100 100.0%Projectsformba.blogspot.com62 63. Projectsformba.blogspot.com age * awareness Cross tabulation Awareness yes No Total age 20-30 Count 7 6 13 % of Total 7.0% 6.0% 13.0% Std. Residual -.4 .5 30-40 Count 29 17 46 % of Total 29.0% 17.0% 46.0% Std. Residual .0 .0 40-50 Count 25 10 35 % of Total 25.0% 10.0% 35.0% Std. Residual .6 -.8 50-above Count 2 4 6 % of Total 2.0% 4.0% 6.0% Std. Residual -.9 1.2 Total Count 63 37 100 % of Total 63.0% 37.0% 100.0%Chi-Square Tests Exact Sig. Asymp. Sig. (2- Exact Sig. (1- Value Df sided) (2sided) sided) Point ProbabilityPearson Chi-Square 3.799a 3 .284 .292Likelihood Ratio 3.727 3 .293 .313Fishers Exact Test 3.770 .289Linear-by-Linear .024b 1 .878 .896 . 492 .104AssociationN of Valid Cases 100a. 3 cells (37.5%) have expected count less than 5. The minimum expected count is2.22.b. The standardized statistic is -.154. Projectsformba.blogspot.com 63 64. Projectsformba.blogspot.comInterpretation:- The above chart and diagram shows that awareness of Mutual fund is morein the age between 30 and 40.There are more people who have awareness regarding MutualFund from 46 respondents 29 are aware it shows high awareness. People having age above 50have not much awareness

regarding Mutual fund from 6 respondents 4 are not aware andonly 2 are aware about Mutual Fund.Projectsformba.blogspot.com64 65. Projectsformba.blogspot.comHypotheses:-2 Occupation and awareness of Mutual FundHo= Occupation have impact on awareness of mutual FundH1= Occupation have not impact on awareness of Mutual FundCase Processing Summary Cases Valid Missing Total N Percent N Percent N Percentoccupation * awareness 100 100.0% 0 .0% 100 100.0%occupation * awareness Cross tabulation Awareness Yes No Totaloccupation student Count 5 2 7 % of Total 5.0% 2.0% 7.0% Std. Residual .3 -.4 business Count 16 12 28 % of Total 16.0% 12.0% 28.0% Std. Residual -.4 .5 service Count 18 12 30 % of Total 18.0% 12.0% 30.0% Std. Residual -.2 .3 profession Count 13 5 18 % of Total 13.0% 5.0% 18.0% Std. Residual .5 -.6 others Count 11 6 17 % of Total 11.0% 6.0% 17.0% Std. Residual .1 -.1Total Count 63 37 100 % of Total 63.0% 37.0% 100.0%Projectsformba.blogspot.com65 66. Projectsformba.blogspot.comChi-Square Tests Point Asymp. Sig. (2- Exact Sig. Exact Sig. Probabilit Value Df sided) (2-sided) (1-sided) yPearson Chi-Square 1.419a 4 .841 . 848Likelihood Ratio 1.447 4 .836 .846Fishers Exact Test 1.415 .866 bLinear-by-Linear Association .220 1 .639 .666 .352 .062N of Valid Cases 100a. 2 cells (20.0%) have expected count less than 5. The minimum expected count is 2.59.b. The standardized statistic is -.469. Interpretation:-After analyzing all the data can say service people are more aware about Mutual Fund and business person also are more aware among all the despondence. Students are not more aware about Mutual Fund. From 18 Professional 13 are aware and 5 are not aware is shows more awareness in professionals. Projectsformba.blogspot.com 66 67. Projectsformba.blogspot.comHypotheses 3:-Education level and awareness of Mutual FundHo=Education have impact on awareness of Mutual fundH1=Education have not impact on awareness of Mutual Fund Case Processing Summary Cases Valid Missing Total N Percent N Percent N PercentEducation qualification * 100 100.0% 0 .0% 100 100.0%awareness Education qualification * awareness Cross tabulation awareness yes no TotalEducation qualification under graduate Count 14 9 23 % of Total 14.0% 9.0% 23.0% graduate Count 30 15 45 % of Total 30.0% 15.0% 45.0% post graduate Count 19 12 31 % of Total 19.0% 12.0% 31.0% other Count 0 1 1 % of Total .0% 1.0% 1.0%Total Count 63 37 100 % of Total 63.0% 37.0% 100.0%Projectsformba.blogspot.com67 68. Projectsformba.blogspot.com Chi-Square Tests Asymp. Sig. (2- Value Df sided)Pearson Chi-Square 2.046a 3 .563Likelihood Ratio 2.335 3 .506Linear-by-Linear Association . 126 1 .723N of Valid Cases 100a. 2 cells (25.0%) have expected count less than 5. The minimumexpected count is .37.Interpretation:-Here we Interpret that Education qualification have much impact onawareness of Mutual Fund out of 45 student 30 are aware and 15 are not aware. Among allthe respondents most of the respondents are Graduate level. People who are not graduatehave not much awareness regarding Mutual Fund.Projectsformba.blogspot.com68 69. Projectsformba.blogspot.comHypothesis 4:-Occupation and way of invest of Mutual FundHo=Occupation have impact on way of investment of Mutual fundH1=Occupation have not an impact on way of investment of Mutual FundCase Processing Summary

Cases Valid Missing Total N Percent N Percent N Percentoccupation * way of 28 28.0% 72 72.0% 100 100.0%investoccupation * way of invest Cross tabulation Way of invest lump sum s.i.p Totaloccupation student Count 1 2 3 % of Total 3.6% 7.1% 10.7% Std. Residual -.4 .4 business Count 2 5 7 % of Total 7.1% 17.9% 25.0% Std. Residual -.8 .8 service Count 4 5 9 % of Total 14.3% 17.9% 32.1% Std. Residual -.2 .2 profession Count 6 0 6 % of Total 21.4% .0% 21.4% Std. Residual 1.7 -1.7 others Count 1 2 3 % of Total 3.6% 7.1% 10.7% Std. Residual -.4 .4Total Count 14 14 28 % of Total 50.0% 50.0% 100.0%Projectsformba.blogspot.com69 70. Projectsformba.blogspot.comChi-Square Tests Asymp. Point Sig. (2- Exact Sig. (2Exact Sig. Probabilit Value Df sided) sided) (1-sided) yPearson Chi-Square 8.063a 4 . 089 .085Likelihood Ratio 10.437 4 .034 .068Fishers Exact Test 8.252 .055Linear-byLinear 2.113b 1 .146 .199 .099 .046AssociationN of Valid Cases 28a. 10 cells (100.0%) have expected count less than 5. The minimum expected count is 1.50.b. The standardized statistic is -1.454Interpretation:-Above chart and data shows that both the ways of investing into MutualFund are as fabulous. People choose lump sum option as much as sip. But we can see thatpeople whose occupation is Profession choose only lump sum way of investing in mutualfund. Business people mostly choose sip as a way of their investment.Projectsformba.blogspot.com70 71. Projectsformba.blogspot.comHypotheses:-5 Annual income of people and type of Mutual FundHo=Income of the people have impact on purchase of type of Mutual FundH1=Income of the people have impact on purchase of type of Mutual Fund Case Processing Summary Cases Valid Missing Total N Percent N Percent N PercentAnnual income * type of 31 31.0% 69 69.0% 100 100.0%mutual fund Annual income * type of mutual fund Cross tabulation Type of mutual fund TATA Franklin ICICI mutual fund Templeton Reliance Prudential SBI Others TotalAnnual below Count 1 0 0 1 2 3 7income 100000 % of Total 3.2% .0% .0% 3.2% 6.5% 9.7% 22.6% Std. .1 -1.1 -1.1 -.3 . 6 1.8 Residual 100000-300 Count 2 0 4 1 1 2 10 000 % of Total 6.5% .0% 12.9% 3.2% 3.2% 6.5% 32.3% Std. .6 -1.3 1.9 -.7 -.7 .3 Residual 300000-500 Count 1 3 1 3 1 0 9 000 % of Total 3.2% 9.7% 3.2% 9.7% 3.2% .0% 29.0% Std. -.1 1.3 -.4 1.0 -.6 -1.2 Residual 500000- Count 0 2 0 1 2 0 5 above % of Total .0% 6.5% .0% 3.2% 6.5% .0% 16.1% Std. -.8 1.3 -.9 .0 1.0 -.9 ResidualTotal Count 4 5 5 6 6 5 31 % of Total 12.9% 16.1% 16.1% 19.4% 19.4% 16.1% 100.0%Projectsformba.blogspot.com71 72. Projectsformba.blogspot.com Chi-Square Tests Asymp. Sig. (2- Exact Sig. (2- Exact Sig. (1- Point Value df sided) sided) sided) ProbabilityPearson Chi-Square 21.920a 15 .110 . 103Likelihood Ratio 26.321 15 .035 .123Fishers Exact Test 18.130 .123Linear-byLinear Association 2.174b 1 .140 .150 .079 .015N of Valid Cases 31a. 24 cells (100.0%) have expected count less than 5. The minimum expected count is .65.b. The standardized statistic is -1.475.Interpretation:-From the above data and chart we can analyze choice of the people inpurchasing Mutual fund as per their income level. People having annual income of a l lake to3 lake prefer reliance Mutual Fund. There is different choice of purchasing Mutual Fund. DATA ANALYSISProjectsformba.blogspot.com72 73. Projectsformba.blogspot.com Age Cumulative Frequency Percent Valid Percent Percent Valid 20-30 13 12.9 13.0 13.0 30-40 46 45.5 46.0 59.0 40-50 35 34.7 35.0 94.0 50above 6 5.9 6.0 100.0 Total 100 99.0 100.0 Missing System 1 1.0 Total 101

100.0Analysis:-From all the respondents there are more people who have age between 30-40 and less no ofpeople are having age of less then 50.Projectsformba.blogspot.com73 74. Projectsformba.blogspot.com Gender Cumulative Frequency Percent Valid Percent Percent Valid male 70 69.3 70.0 70.0 female 30 29.7 30.0 100.0 Total 100 99.0 100.0 Missing System 1 1.0 Total 101 100.0Analysis:-From the all respondents there are 70 % male and 30% female. It shows that there is more no.of male then the female.Projectsformba.blogspot.com74 75. Projectsformba.blogspot.com Occupation Cumulative Frequency Percent Valid Percent Percent Valid student 7 6.9 7.0 7.0 business 28 27.7 28.0 35.0 service 30 29.7 30.0 65.0 profession 18 17.8 18.0 83.0 others 17 16.8 17.0 100.0 Total 100 99.0 100.0 Missing System 1 1.0 Total 101 100.0Analysis:-From all the respondents more respondents are service person and business person. Thesenumber is double then the profession and studentProjectsformba.blogspot.com75 76. Projectsformba.blogspot.com Annual income Cumulative Frequency Percent Valid Percent Percent Valid below 100000 9 8.9 11.1 11.1 100000-300000 32 31.7 39.5 50.6 300000-500000 31 30.7 38.3 88.9 500000-above 9 8.9 11.1 100.0 Total 81 80.2 100.0 Missing System 20 19.8 Total 101 100.0Analysis:-There are more people who have there annual income within one lakh to five lakh. Peoplehaving Income of below one lakh and above five lakh are very less.Projectsformba.blogspot.com76 77. Projectsformba.blogspot.com Education qualification Cumulative Frequency Percent Valid Percent Percent Valid under graduate 23 22.8 23.0 23.0 graduate 45 44.6 45.0 68.0 post graduate 31 30.7 31.0 99.0 other 1 1.0 1.0 100.0 Total 100 99.0 100.0 Missing System 1 1.0 Total 101 100.0Analysis:-Above graph shows that there are more people who complete there graduation and undergraduate people are less number it shows that now a days education level is increased.Projectsformba.blogspot.com77 78. Projectsformba.blogspot.com Awareness Cumulative Frequency Percent Valid Percent Percent Valid yes 63 62.4 63.0 63.0 no 37 36.6 37.0 100.0 Total 100 99.0 100.0 Missing System 1 1.0 Total 101 100.0Analysis:-Out of all the respondents 63% respondents are aware about Mutual Fund and 37%respondents are not aware about Mutual Fund.Projectsformba.blogspot.com78 79. Projectsformba.blogspot.com Source of awareness Cumulative Frequency Percent Valid Percent Percent Valid broker 10 9.9 15.2 15.2 friend/relative 9 8.9 13.6 28.8 bank 25 24.8 37.9 66.7 T.v/newspaper 12 11.9 18.2 84.8 AMC 9 8.9 13.6 98.5 other 1 1.0 1.5 100.0 Total 66 65.3 100.0 Missing System 35 34.7 Total 101 100.0Analysis:-From all the respondents most of the respondents are aware about Mutual Fund from the bankand others are aware from the T.V, News paper, Friends and Brokers.Projectsformba.blogspot.com79 80. Projectsformba.blogspot.com Investment In M.F Cumulative Frequency Percent Valid Percent Percent Valid yes 34 33.7 34.0 34.0 no 66 65.3 66.0 100.0 Total 100 99.0 100.0 Missing System 1 1.0 Total 101 100.0Analysis:-From all the respondents 63% respondents are aware about Mutual Fund and among all ofthem only 34% have invest in the Mutual Fund.Projectsformba.blogspot.com80

81. Projectsformba.blogspot.com Way of invest Cumulative Frequency Percent Valid Percent Percent Valid lump sum 14 13.9 50.0 50.0 s.i.p 14 13.9 50.0 100.0 Total 28 27.7 100.0 Missing System 73 72.3 Total 101 100.0Analysis:-Above diagram shows that two ways of investing into Mutual Fund like Lump sum and S.I.Pare same famous people like Lump Sum investment as well as S.I.P (Systematic InvestmentPlan).Projectsformba.blogspot.com81 82. Projectsformba.blogspot.com Type of mutual fund Cumulative Frequency Percent Valid Percent Percent Valid TATA mutual fund 4 4.0 11.8 11.8 Frenklin Templeton 5 5.0 14.7 26.5 Reliance 5 5.0 14.7 41.2 ICICI Prudential 6 5.9 17.6 58.8 SBI 6 5.9 17.6 76.5 Others 8 7.9 23.5 100.0 Total 34 33.7 100.0 Missing System 67 66.3 Total 101 100.0Analysis:-From above diagram we can say that there is no much difference in preference of purchasingMutual fund.There is minor difference in purchasing different type of Mutual fund.Projectsformba.blogspot.com82 83. Projectsformba.blogspot.com Awareness of tax benefit Cumulative Frequency Percent Valid Percent Percent Valid yes 41 40.6 65.1 65.1 no 22 21.8 34.9 100.0 Total 63 62.4 100.0 Missing System 38 37.6 Total 101 100.0Analysis:-In the above diagram we can see that more people are aware about tax benefit which is givento the purchaser of the Mutual Fund. So tax benefit is more fabulous among the people.Projectsformba.blogspot.com83 84. Projectsformba.blogspot.com Option like in M.F Cumulative Frequency Percent Valid Percent Percent Valid growth 19 18.8 57.6 57.6 dividend 14 13.9 42.4 100.0 Total 33 32.7 100.0 Missing System 68 67.3 Total 101 100.0Analysis:-The above analysis shows that growth option is more Preferred then the dividend optionamong all investors of the Mutual fund.Projectsformba.blogspot.com84 85. Projectsformba.blogspot.com Awareness of service in M.F Cumulative Frequency Percent Valid Percent Percent Valid E-mail alert 6 5.9 12.2 12.2 SMS alert 21 20.8 42.9 55.1 correspondents 5 5.0 10.2 65.3 24 hrs tall free no. 11 10.9 22.4 87.8 personal assistance 6 5.9 12.2 100.0 Total 49 48.5 100.0 Missing System 52 51.5 Total 101 100.0Analysis:-Above diagram shows that more no. of respondents know the SMS alert service which isprovided by the Investor of Mutual Fund and less no. of respondents know the service ofcorrespondents.Projectsformba.blogspot.com85 86. Projectsformba.blogspot.com Satisfaction level Cumulative Frequency Percent Valid Percent Percent Valid extremely satisfied 8 7.9 23.5 23.5 satisfied 11 10.9 32.4 55.9 neutral 6 5.9 17.6 73.5 dissatisfied 6 5.9 17.6 91.2 extremely dissatisfied 3 3.0 8.8 100.0 Total 34 33.7 100.0 Missing System 67 66.3 Total 101 100.0Analysis:-From the above diagram we can say that mostly people are satisfied and extremely satisfiedwith Investment Company of Mutual Fund so we can say that Investment Company Play aGood role in Investment of Mutual Fund.Projectsformba.blogspot.com86 87. Projectsformba.blogspot.com SUMMERY AND CONCLUSIONProjectsformba.blogspot.com87

88.

Among all the respondents 33% are satisfied with their investment in Mutual Fund and 24% are extremely satisfied with their investment. Only 8% are extremely dissatisfied with their investment.Projectsformba.blogspot.com88 From all the service provided

by company SMS alert is more known by respondents which is 55%. 58% respondents like Growth Option and 42% respondents like Dividend Option. 65% respondents are known about Tax benefit and 35% are not aware about tax benefit. 50% respondents are investing in lump sum and 50% are investing in Systematic Investment Plan. From all the respondents 67% respondents have awareness regarding Mutual Fund through Bank and less no. of respondents are aware through broker. More respondents have their annual income between 1 lacks to 3 lacks and from them most of the people are prefer Reliance Mutual Fund. There are 45 respondents who are graduate among them 30 are aware about Mutual Fund and 15 are not aware about Mutual Fund. There are 23 respondents who are under graduate among them 14 are aware and 9 are not aware about Mutual Fund. Among 18 professionals 13 are aware and 5 are not aware about Mutual fund it shows that there is more awareness in professionals. There are 70% male and 30% female out of all the respondents and more no. of male are aware then the female about Mutual Fund. From all aware respondents onl 34 respondents have invest in Mutual Fund. Among all the respondents 63% are aware about Mutual Fund and 37% are not aware about Mutual Fund. Projectsformba.blogspot.com FINDINGS OF THE RESEARCH

89.

The company should organize seminar to give information about Mutual Fund and should distribute brochures having detail of schemes of Mutual Fund.Projectsformba.blogspot.com89 The company should give information regarding Tax benefit to Invest into Mutual Fund. The company should also make aware the people about the AMFI exam and should motivate them to be financial adviser to get more business. The company should also attract the customer through different schemes who having knowledge about the Mutual Funds but not investing in Mutual Funds. As per survey Bank creates higher awareness so the Mutual Fund companies should more collaborate with the Banks. The company should also attract the low Income people by showing them the benefits of the liquidity funds for the short Term to attract them. The company should give the knowledge regarding Mutual Fund through various sources like more advertisement, TV programmes etc. about what it is? How it works? What is its benefit for us with its advertisement or in programmes. Because many people have heard about it but dont know what it is? Projectsformba.blogspot.com SUGESSIONSAfter seeing the whole Data analysis and findings my suggestions for the industry are shownas below.

90.

In India people are not much care full and educated regarding Investment plan so to do this type of research is little hard.Projectsformba.blogspot.com90 To create hypothesis and make cross tabulation is little bit confusing technique so it may be a limitation. It take much time to go in different areas and fill up questionnaire so the timings are also limited to make the Project. The study might also consist of the respondents bias answer. As sampling technique is convenient sampling so it may result in personal bias. So perfect result cannot be achieved. Respondents are not sincere and care full to fill up the questionnaire so we cannot find right solution. Sample size is 100 which is very small that is not enough to study the awareness of consumers of the country. This research reflects on individual customer in Ahemdabad only. So findings and suggestions given on the basis of this research cannot be extrapolated to the entire population. Projectsformba.blogspot.com LIMITATION OF THE RESEARCH

91. Projectsformba.blogspot.com CONCLUSION After making the whole report I am concluding that this project measures the awarenessof Mutual Funds and its service. As Mutual Funds having good options and schemes, so wecan grow it with creating the awareness among the people. It is also good for those who wantto make their future in it. For that the only thing you need is to give time to your money togrow, they will surely give good returns and the other thing is the knowledge of the allproduct and schemes.As there is lesser no. of people investing in the Mutual Fund in comparison of the otherinstruments of the investment like L.I.C, post, savings a/c etc. So there is a good chance of itsgrowing. Even Mutual Fund is also having the product as substitute of it. So the industry canget the benefit of it.The industry cans aware more investors to invest in Mutual Fund. They can do these throughseminars, advertisement etc. They can also increase their sales by collaborating with manybanks. They can also make more advisors by giving them more commission.Projectsformba.blogspot.com91

92.

D.C. Anjaria. Dhaivat Anjaria. 2001 AMFIs Mutual Fund Testing Program.Projectsformba.blogspot.com92 David F, Swenson. 2005. Unconventional Success. A fundamental Approach to Personal Investment Free Press 416 www.sharemarket.comBooks:- www.sharemaketbasics.com www.wikipedia.com www.google.com www.moneycontrol.com www.amfindia.com www.indiainfoline.com Projectsformba.blogspot.com BIBLIOGRAPHYWeb sites

93. Projectsformba.blogspot.comProjectsformba.blogspot.com93 94. Projectsformba.blogspot.com ANEXURE Awareness about Mutual Fund QUESTIONNAIREDear Respondents,We the students of MBA semester-II studying at International Business School, EIILMUniversity, Ahmedabad, are conducting a survey about Awareness of Mutual Fund.This project is a part of our MBA curriculum and we would like to have your co operationand full support to complete it so we would like you to provide us with your valuable viewsand opinions.___________________________________________________________________________Ge neral information 1. Gender : Male Female 2. Age: 20-30 30-40 40-50 50-Above 3. Occupation : Student business Service profession Others (specify) ______________ 4. Annual income of family Below 100000 100000-300000 300000-500000 500000 & above 5. Education QualificationProjectsformba.blogspot.com94 95. Projectsformba.blogspot.com Under Graduate Graduate Post Graduate Other _______(specify) Research Questions 6. Are you aware about Mutual Fund ? Yes No 7. From which source you come to know about Mutual Fund ? Broker Friend/Relative Bank T.V./News Paper AMC (Asset Mgt. Company) Others_______(specify) 8. Have you ever invest in Mutual Fund of any company? Yes No 9. Are you aware about the different ways of investing into Mutual Fund? Yes No 10. If yes, which way you like the most ? Lump sum S.I.P 11. Out of the following in which Mutual Fund you have invested? TATA Mutual Fund Franklin Templeton Reliance ICICI Prudential SBI Other 12. Are you aware about different tax benefit of investing into Mutual Fund? Yes No 13. Do you know about different option of investment in Mutual Fund? Yes No If yes, which do you like most? Growth DividendProjectsformba.blogspot.com95 96. Projectsformba.blogspot.com 14. Out of following which service you are aware which are provided after investing in Mutual Fund? E-mail Alert SMS Alert Correspondents 24

hr Tall Free no. Personal Assistance 15. To how much extent are you satisfied with the service offered by your investment company regarding Mutual Fund? Extremely Satisfied Satisfied Neutral Dissatisfied Extremely dissatisfied THANK YOU Projectsformba.blogspot.com96 97. Projectsformba.blogspot.com DIFFERENT TERMINOLOGY AMC The AMC is the corporate entity, which markets and manager and manages a mutual fund scheme and in return receives a management fee from the fund corpus. SEBI specifies that an AMC must be separate entity the trust that manages it. NAV It is the value of unit of a Mutual Fund scheme and represents its true worth. NAV is arrived at by dividing total value of all investment made under the scheme by number of units of the scheme. NAV is critical yardstick of the funds performance. UNITS Units in a mutual fund scheme are similar to shares of a joint company. These are always in denominations of Rs. 10 each the sum total of all the units constitutes corpus of mutual fund. SPONSORS Sponsor of a mutual fund are those who establish the mutual fund trust and the AMC they constitute the shareholders of the AMC and receive dividends on profits made by the AMC. SEBI rules stipulate that mutual fund trust as well as the AMC must maintain an arms length relationship with the sponsors to avoid any conflict to interests, which may affect the unit holders. INCOME FUND These Funds invest largely in fixed income securities like bonds and debentures. Such funds earn returns more regularly than a growth fund but level of returns over longer periods normally lag behind those offered by growth funds while returns in such funds may be regular, their scale may fluctuate depending upon the prevalent interest rates and credit quality of the debt securities.Projectsformba.blogspot.com97 98. Projectsformba.blogspot.com GROWTH FUNDS Growth funds predominantly invest in stock market securities and carry risks larger than income funds. Since stock markets travel through a natural cycle of boom and bursts one should normally stay invested inequity funds for a longer times to earn higher returns. Equity funds may earn higher but they also carry larger risks. For risk taking investor equity are best suited. BALANCED FUNDS A balanced fund is the mixture of income fund and growth fund invested partly in equity to achieve a trade-of between risk and return. CLOSE ENDED In a close-ended fund an investor is allowed to subscribe only during the period of the initial offer. Close-ended funds mature after a specified period. OPEN ENDED FUNDS Those funds in which investor can invest & withdraw whenever they wish, after the closing of initial offer. Withdrawals are allowed at NAV minus a back end load. LOCK IN PERIOD Time period during which investor can neither redeem nor they transfer their holdings to others. Lock in period is imposed to allow fund manager to deploy money for an adequate period of time to earn a reasonable return premature withdrawals may destabilize the fund & are not beneficial to the interests of investors. MANAGEMENT FEES An AMC that mangers & markets a mutual fund scheme is entitled to a management fee@ 1% to 25% of the total funds managed, it could be charged to the scheme irrespective of the performance of the scheme. REDEMPTION Disbursement of unit capital on the maturity of that particular scheme to all its existing unit holders.Projectsformba.blogspot.com98 99. Projectsformba.blogspot.com MARKET PRICE The price at which units of mutual funds are quoted in stock exchange where they are listed. REGISTRAR Organization appointed by an AMC to the schemes it is registered, monitored, and regulated by

SEBI, it provides required services like system capabilities back up, accepts and processes investors applications in informs AMC about amounts received/ disbursed for subscription/ purchase/ redemption it also handles communications with investors, perform data entry services and dispatches account statements. CUSTODAIN Banking organization that keeps in safe custody all the securities & other instruments belonging to the fund to insure smooth inflow & outflow of securities. It is also approved regulated and registered with SEBI. EXIT LOAD Value of deduction from NAV on the date when one choose to withdraw from a fund, load is imposed because withdrawals carry transaction cost to AMC it can not be more than 6% of NAV of corpus as prescribed by SEBI many schemes offer redemption facility without exit load. ENTRY LOAD Charge paid by unit holder when he invests an amount in the scheme. Mutual funds incur many expenses during an issue, which are charged to the scheme. Such load is called entry load. LIQUIDITY Ability of investors to change its unit into cash within minimum time as and when he needs money.Projectsformba.blogspot.com99 100. Projectsformba.blogspot.com TRANSPARENCY Basic feature of mutual funds is transparency, their functioning is very efficient, well monitored & transparent working of AMC is regulated by SEBI it is audited weekly, it has to work under strict guidelines issued by SEBI, and its NAV is calculated and published daily so that there is no chance of any default in the working of Mutual Funds.Projectsformba.blogspot.com100

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