Project on Kotak mahindra bank

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EXECUTIVE SUMMARY

INTRODUCTION

Any product that can be used for commerce or an article of commerce which

is traded on an authorized Mutual funds exchange is known as Mutual funds.

The article should be movable of value, something which is bought or sold and

which is produced or used as the subject or barter or sale.

In order to be a successful trader, we must understand the true realities of the

markets. We must learn how the professionals make money and what is

possible. Most traders come into Mutual funds, lose a substantial portion of

their capital and then leave trading without ever having a correct perception of

what good trading is all about.

When talking about Mutual funds futures, it is very easy for people to

associate it with risks. Yes, a Mutual funds future trading involves greater

risks than buying stocks. However, we would like to inform you that we will

experience a Mutual funds market in the next decade or so.

Mutual funds prices in the coming years will be influenced by two the forces

of deflation and inflation. If deflationary forces dominate, commodity prices

will tend to decrease; if inflationary forces dominate, commodity prices will

tend to increase. However, this is not always and necessarily the case.

The job of the person who wants to trade Mutual funds rationally and

prudently is to ignore the promises of those promoting pie-in-the-sky

prediction mechanisms and concentrate on finding and in futures contracts are

similar to Options. Both represent actions that occur in future. But Options are

contract on the underlying futures contract where as futures are either to

accept or deliver the actual physical commodity. To make a decision between

using a futures contract or an options contract, producers need to evaluate both

alternatives.

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Aims and Objective

To know the organization

Know the importance of Mutual funds

Know the various Mutual funds

To analysis the various trading transactions

Methodology:

Methodology is the systematic method or an activity, which is used to

collect the information required to complete this project work.

The data is collected by 2 methods:

1. Primary data

2. Secondary data.

Primary data

Is collected through personal interaction with franchise owner of

Kotak mutual funds and office staff, opinion collected from traders in

Bangalore city

Secondary data,

This is secondary in nature i.e. already, collected information. This

secondary data is collected through-

Magazines.

Internet.

Limitations of the study

1. The study is limited to only Kotak Mutual funds

2. The study is limited to opinion of branch officer and respondent

Analysis

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1. Most of customers are not aware of the mutual funds

2. Form the analysis we found that most of the individual traders they

know the advantages of commodities and are aware of risk of trading

in commodity.

3. Every contract generally ends on the 20th of month

4. Most of the traders are satisfied with the services offered by Kotak

Mutual fund Ltd.

5. Some of the traders expect some more services form Kotak

6. From the analysis we came to know that most of the individual traders

are merchants

7. Agriculture products only trade in seasonal wise

8. Commodity services remain isolated to the traders

Conclusion

1. Traders are aware about the risk involved in commodity feature

contract

2. Heavy risk involved in mutual fund feature contract

3. Agriculture products only trade in seasonal wise

4. Contracts are only one month validity

Recommendation

1. Advertising should be done

2. Kotak commodity should take step to educate traders about the

profitability and liquidity of the commodity

3. Network development is most essential of this type of organization.

4. If company is seeking to grow their profits , they have to spend

considerable time and resources

5. Day today trading activities should be implemented.

6. Kotak should advertise their services regularly

7. The company should maintain a good relationship in reality and

improve quick services.

Our Corporate Identity

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1.1 GENERAL INTRODUCTION

In today’s market people invest money to gain more. So when they

take into account, they mostly look out for Investment Company where they

can get more income.

Investment companies can be classified into closed-end and open-end

investment companies. Closed-end is when it is readily transferable in the

market. Open-end funds sell their own shares to investors and ready to buy

back their old shares.

If we talk about the investment options today, in India we have so

many investment companies like UTI, LIC etc, all have their own special ways

of servicing the customers. The investors also feel that they are worth to be the

part of that company. These days’ people mainly look for avoiding tax so

normally they look out for some investments which can help them in doing so.

When it comes to this point of view, people mainly look out for mutual fund.

Mutual fund is a pool of funds which is divided into units of equal

value and sold to investing public and the funds so collected are utilized for

collective investments in various capitals and money market instrument.

The project “Investment Options for Investors in Mutual Funds” was

undertaken in Kotak Mahindra Asset Management Co Ltd (KMAMCL). This

is one of the leading players in the Mutual Fund market with different

schemes. This company was established as a trust under the Indian Trust Act,

1882.

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1.2 THEORETICAL BACKGROUND

MUTUAL FUND

The Indian MF industry is at a point of strategic inflection. It was

founded with the establishment of UTI in 1964. The private sector MF entered

the Scene in early 1990 s and introduced better service standards and wider

product choices. The Indian MF industry has not performed up to the mark in

gaining investor confidence. The assets have been garnered based on

performance rather than confidence of investor.

CONCEPT AND ORIGIN OF MF

Personnel investing involve a clear understanding of the investment

environment; Investing means the committing of money for the purchase of

assets, based on a careful analysis of risks and rewards anticipated over a

period of time. Depending upon the characteristics of individuals there exists a

broad spectrum of purposes for Investors seeking monetary returns. Investors

have a wide variety of opportunity to commit funds various types of saving

plans involving bonds, preferred stocks and common stocks and other types of

portfolio are available.

In contrast to the large investors who can engage experienced

investment Advisors in the selection and supervision of there funds, the small

investors, by there nature and other limitations cannot construct and

successfully manage investment Portfolio. They lack the proper technical

knowledge of the capital market and the share market transactions and

consequently may suffer heavy losses.

The basic principles of investment trusts are diversifying the securities

purchased for the trust and expert management. It reduces the risks of capital

depreciations and poor dividends. At the same time the investors are given the

benefit of expert management through trained experienced and specialized

personnel, which are the ordinary investors usually lacks.

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There are two main types of investment companies. The first group is

variously called Management investment trust or a closed end companies in

U.S.A And Japan. The second is the unit trust type and by far the more

important one. These Are referred to as open end investment companies or as

mutual funds as they are Usually called. These may be either fixed or flexible.

MEANING OF MUTUAL FUNDS

Mutual fund is a pool of funds which is divided into units of equal

value and sold to investing public and the funds so collected are utilized for

collective investment in various capital and money market instrument

DEFINITIONS

Different persons in different words have defined mutual fund.

The SEBI (MF) Regulations, 1993 defines mutual fund as “A fund

established in the form of a trust by a sponsor to raise monies by the trustees

through the sale of units to the public under one or more schemes for investing

in securities in accordance with these regulations.”

CHARACTERISTICS OF MF

a) A mutual fund actually belongs to the investors who have pooled their

funds. The ownership of the MF is in the hands of the investors.

b) A MF is managed by investment professionals and other service

providers, who earn a fee for their services from the fund.

c) The pool of funds is invested in a portfolio of marketable investment.

The value of the portfolio is updated every day.

d) The investor’s share in the fund is denominated by units. The value of

the units changes with change in the portfolio’s value, every day. The

value of one unit of investment is called as the net assets value or

NAV.

e) The investment portfolio of the Mutual fund is vested according to the

slated Investment objectives of the fund

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Meaning of Investment

The use of money for the purpose of making more money, to gain

income, increase capital or both.

Definition of Investment

Physical investment is the current product set aside during a given

period to be used for future production.

Investment Company

A company or trust that uses its capital to invest in other companies.

There are two principal types – closed-ended and the open-ended. Shares in

closed-ended investment companies, some of which are listed on the New

York Stock Exchange are readily transferable in the open market and are

bought and sold like other shares. Capitalization of these companies remains

the same unless action is taken to change, which is seldom.

An open-ended fund sells their own shares to investors; stands ready to

buy back their old shares and are not listed. These funds are so called because

their capitalization is not fixed; they issue more shares as people want them.

Financial Institutions

Indian financial system is dominated by state sponsored financial

institutions. Recognizing the role of state in the planned development of the

economy, government of India has established specialized financial

institutions, often called as “Development Banks” or Term lending

institutions. These financial institutions are expected to mobilize medium and

long term savings from the public and arrange for extending term loans for

industry, commerce and trade. The financial institutions can be broadly

classified as

Investment companies, who mobilize small savings from surplus units

and Loan companies, who extend variety of financial assistance to different

enterprises.

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Investment Options

The different investment options in the market include Equity,

Financial Institution bond, Co-operate debenture, Company fixed deposit,

LIC, Public Provident Fund, Gold, Real Estate, Mutual Fund, Bank Deposits

etc.

A comparison of different investment options with respect to their

Performance is as shown in the following table.

Options Returns Safety Volatility Liquidity Convenience

Equity High Low High High/Low Moderate

FI Bond Moderate High Moderate Moderate High

Cooperate

Debenture

Moderate Moderate Moderate Low Low

Company

FD

Moderate Low Low Low Moderate

PPF Moderate High Low Moderate High

LIC Low High Low Low Moderate

Gold Moderate High Moderate Moderate Low

Real

Estate

High Moderate High Low Low

Mutual

Fund

High High Moderate High High

Bank

Deposit

Low Low Low High High

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STRUCTURE OF THE INDIAN MUTUAL FUND INDUSTRY

Structure wise Mutual fund Industry can be classified in to three categories:

Unit Trust of India

The Indian Mutual Fund industry is dominated by the Unit Trust of

India, which has a total corpus of Rs.51,100 crore collected from over 20

million investors. The UTI has many funds/ schemes in all categories i.e.

Equity, Balanced, Debt, Money Market etc. With some being open ended and

some being closed ended. The Unit scheme 1964 commonly referred to as US

64, which is a balanced fund, is the biggest scheme with a corpus of about

10,000 crore.

Public Sector Mutual Funds

The second largest categories of mutual funds are the ones floated by

nationalized banks. Can bank asset management floated by Canara Bank and

SBI Funds Management floated by State Bank of India are the largest of these.

GIC AMC floated by General Insurance Corporation and Jeevan Bima

Sahayog AMC floated by the LIC are some of the other prominent ones. The

aggregate corpus of the funds managed by this category of AMC’s is around

Rs. 8,300 crore.

Private Sector Mutual fund

The third largest categories of mutual funds are the ones floated by the

Private Sector Domestic Mutual funds and the Private Sector Foreign Mutual

Funds. The largest of these in Private Sector Domestic Mutual funds are

Cholamandalam Asset Management Co.Ltd., J.M Capital Management Co.

Ltd., Escort Asset Management Ltd., Birla Sun Life Asset Management

Pvt.Ltd., and in Private Sector Foreign Mutual Funds these are Alliance

Capital Asset Management Pvt.Ltd., Prudential ICICI Management Co. Ltd.,

Sun F&C Asset Management Pvt.Ltd., and Zurich Asset Management

Co.Pvt.Ltd. The aggregate corpus of the assets managed by this category of

AMC’s is about Rs. 42,200 crore.

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CONSTITUENTS OF MUTUAL FUND

There are many entities involved and the diagram below illustrates the constitu

tion of a mutual fund:

Organization of a Mutual Fund

All mutual funds comprise four constituents – Sponsors, Trustees,

Asset Management Company (AMC) and Custodians.

Sponsors:

The sponsors initiate the idea to set up a mutual fund. It could be a

registered company, scheduled bank or financial institution. A sponsor has to

satisfy certain conditions, such as capital, record (at least five years’ operation

in financial services), de-fault free dealings and general reputation of fairness.

The sponsors appoint the Trustee, AMC and Custodian. Once the AMC is

formed, the sponsor is just a stakeholder.

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Trust/ Board of Trustees:

Trustees hold a fiduciary responsibility towards unit holders by

protecting their interests. Trustees float and market schemes, and secure

necessary approvals. They check if the AMC’s investments are within well-

defined limits, whether the fund’s assets are protected, and also ensure that

unit holders get their due returns. They also review any due diligence by the

AMC. For major decisions concerning the fund, they have to take the unit

holders consent. They submit reports every six months to SEBI; investors get

an annual report. Trustees are paid annually out of the fund’s assets – 0.5

percent of the weekly net asset value.

Fund Managers/ AMC:

They are the ones who manage money of the investors. An AMC takes

decisions, compensates investors through dividends, maintains proper

accounting and information for pricing of units, calculates the NAV, and

provides information on listed schemes. It also exercises due diligence on

investments, and submits quarterly reports to the trustees. A fund’s AMC can

neither act for any other fund nor undertake any business other than asset

management. Its net worth should not fall below Rs. 10 crore. And, its fee

should not exceed 1.25 percent if collections are below Rs. 100 crore and 1

percent if collections are above Rs. 100 crore. SEBI can pull up an AMC if it

deviates from its prescribed role.

Custodian:

Often an independent organization, it takes custody of securities and

other assets of mutual fund. Its responsibilities include receipt and delivery of

securities, collecting income-distributing dividends, safekeeping of the units

and segregating assets and settlements between schemes. Their charges range

between 0.15-0.2 percent of the net value of the holding. Custodians can

service more than one fund.

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Product Classification Profile Of Mutual Fund Industry

In all, investors have a choice of 397 funds to choose from covering the gamut

of financial offerings. Types include income, growth, balanced, liquid or

money market, gilt and equity linked tax savings schemes.

Income funds constitute the largest category with assets under management of

Rs 52,300 crore or 54 per cent. Balanced schemes account for Rs 19,500 crore

or 20 per cent, and growth funds Rs 13,800 crore or 14 per cent.

Liquid or money market funds account for 6 per cent or Rs 6,000 crore; gilt

funds have AUM of Rs 2,900 crore or 3 per cent and equity-linked tax savings

funds account for Rs 2,300 crore or 2.4 per cent of the industry's assets.

Growth of Mutual Funds Industry in India

The Indian Mutual fund Industry has passed through three phases. The

first phase was between 1964 and 1987 and the only player was the Unit Trust

of India, which had a total asset of Rs. 6,700/- crores at the end of 1988. The

second phase is between 1987 and 1993 during which period 8 funds were

established (6 by banks and one each by LIC and GIC). The total assets under

management had grown to Rs. 61,028/- crores at the end of 1994 and the

numbers of schemes were 167.

The third phase began with the entry of private and foreign sectors in

the Mutual fund industry in 1993. Kothari Pioneer Mutual fund was the first

fund to be established by the private sector in association with a foreign fund.

As at the end of financial year 2006 (31st March) 32 funds were functioning

with Rs. 1, 13,005 crore as total assets under management. As on August end

2000, there were 33 funds with 391 schemes and assets under management

with Rs. 1,02,849 crore and on 31st December 2006, it was 1,01,600 crore.

Asset under management has been because, declining because

of US-64 scam, which is the one of the balanced scheme under Unit Trust of

India held a large amount of Asset Under Management.

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Several private sector Mutual Funds were launched in 1993 and 1994.

The share of the private players has risen rapidly since then.

Currently there are 36 Mutual Fund organizations in India managing

over Rs. 1, 02,000/- crore.

Competition in the Mutual Fund Industry

Mutual Fund is the industry which is facing severe competition from

the other financial Products. The four Types of competition in the Mutual

Fund Industry are as follows:

Inter-industry Competition

Intra-industry Competition

Competition between the different Mutual fund schemes

Competition between the different Assent Management Company.

Global Scenario Of Mutual Fund Industry.

The money market mutual fund segment has a total corpus of $ 1.48

trillion in the U.S.

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.

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 2005, 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. is expected to trade on-line by 2005.

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ADVANTAGES OF MUTUAL FUNDS: -

If mutual funds are emerging as the favorite investment vehicle, it is

because of the many advantages they have over other forms and avenues of

investing, particularly for the investor who has limited resources available in

terms of capital and ability to carry out detailed research and market

monitoring. The following are the major advantages offered by mutual funds

to all investors:

Portfolio diversification:

Mutual Funds normally invest in a well-diversified portfolio or

securities. Each investor in a fund is a part owner of all of the fund’s assets.

This enables him to hold a diversified investment portfolio even with a small

amount of investment that would otherwise require big capital.

Professional Management:

Even if and investor has a big amount of capital available to him, he

benefits from the professional management skills brought in the management

of the investor’s portfolio. The investment management skills, along with the

needed research into available investment options, ensure a much better return

than what an investor can manage on his own. Few investors have the skills

and resources of their own to succeed in today’s fast moving, global and

sophisticated markets.

Reduction/Diversification of Risk:

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An investor in a mutual fund acquires a diversified portfolio, no matter

how small his investment. Diversification reduces the risk of loss, as

compared to investing directly in one or two shares or debentures or other

instruments. When and investor invests directly, all in the pool of funds with

other investors, any loss on one or two securities is also shared with other

investors. This risk reduction is one of the most important benefits of a

collective investment vehicle like the mutual fund.

Reduction of transaction cost:

What is true of risk is also true of the transaction costs. A direct

investor bears all the costs of investing such as brokerage or custody of

securities. When going through a fund. He has the benefit of economies of

scale; the funds pay lesser costs because of larger volumes, a benefit passed on

to its investors.

Liquidity:

Often, investors hold shares or bonds they cannot directly, easily and quickly

sell. Investment in a mutual fund, on the other hand, is more liquid. An

investor can liquidate the investment, by selling the units to the fund if open-

end or selling them in the market if the fund is closed-end, and collect funds at

the end of a period specified by the mutual fund or the stock market.

Convenience and Flexibility:

Mutual Fund management companies offer many investor services that

a direct market investor cannot get. Investors can easily transfer their holdings

from one scheme to the other; get updated market information, and so on.

RISK FACTORS ASSCIATED WITH MUTUAL FU NDS

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1. Mutual funds & securities investments are subject to market risks and there

is no assurance or guarantee that the objectives of the Scheme will

be achieved.

2. Past performance of the Sponsor or that of existing Schemes of the Fund

does not indicate the future performance of the Schemes.

3. As with any securities investment, the NAV of the Units issued under the

scheme can go up or down depending on the factors and forces affecting

the capital and money market.

4 .Tax laws may change, affecting the return on investment in Units.

1.3 TYPES OF MUTUAL FUND SCHEMES

Schemes according to Maturity Period:

A mutual fund scheme can be classified into open-ended scheme or

close-ended scheme depending on its 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.

In order to provide an exit route to the investors, some close-ended

funds give an option of selling back the units to the mutual funds NAV related

prices. SEBI Regulations stipulate that at least one of the two exit routes is

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provided to the investor i.e. either repurchase facility or through listing on

stock exchanges. These mutual funds schemes disclose NAV generally on

weekly basis.

Schemes according to Investment Objective:

A scheme can also be classified as growth scheme, income scheme, or

balanced scheme considering its investment objective. Such schemes may be

open-ended or close-ended schemes as described earlier. Such schemes may

be classified mainly as follows:

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. These schemes

provide different options to the investors like dividend option, capital

appreciation, etc. and the investors may choose an option depending on their

preferences. The investors must indicate the option in the application form.

The mutual funds also allow the investors to change the options at a later date.

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 the 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. The NAVs of such funds are affected because of change in interest rates

in the country. If the interest rates fall, NAVs of such funds are likely to

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increase in the short run and vice versa. However, long-term investors may not

bother about these fluctuations.

Balance Fund

The aim of balance 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. They generally invest 40-60% in

equity and debt instruments. These funds are also affected because of

fluctuations in share prices in the stock markets. However, NAVs of such

funds are likely to be less volatile compared to pure equity funds.

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 interest rates and other economic factors as are 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.

There are also exchange traded index funds launched by the mutual

funds, which are traded on the stock exchanges.

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2.1 OBJECTIVES OF THE STUDY

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1. To track investor’s attitude, performance and behavior with respect to

financial institutions and financial products.

2. To find new and more effective ways of ensuring customer satisfaction

and to find efficient ways of communicating it.

3. To conduct the study with references to Kotak Mahindra products and

the competitive scenario in which Kotak Mahindra operates.

2.2 SCOPE OF THE STUDY

The study includes investors, financial institutions, investors who are

interested in Kotak Mahindra Asset Management Company’s mutual fund and

also the individuals who are interested in the investment on the mutual fund.

Mainly this study was conducted in two districts of Kerala, Ernakulam and

Kottayam. The individuals without investment are also included in the scope

of the study.

2.3 STATEMENT OF THE PROBLEM

The investment objective of Kotak Mahindra Asset Management Co is

“to generate capital appreciation from a diversified portfolio of

predominantly equity and equity related securities or securities issued by

central and state government”. Despite this objective, the reasons like

mutual fund investments are subject to market risk, there is no assurance or

guarantee that the objective of the scheme can be achieved and also the Net

Asset Value (NAV) of the units can go up or down depending on factors

affecting the capital and money market, many of the investors tend not to

invest in the mutual fund investment.

2.4 OPERATIONAL DEFINITIONS OF CONCEPTS

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NET ASSET VALUE (NAV): -

Net Asset Value (NAV) denotes the performance of particular scheme

of a mutual fund Mutual Funds invest he money collected from the investors

in securities markets. 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 market value of securities of scheme divided by the total number of

units of the scheme on any particular date.

Formula of the calculation of Net Asset Value:

Market Value of Investments

Net Asset Value = ------------------------------------------

No. of units Outstanding

However, most people refer loosely to the NAV per unit as NAV,

ignoring the "per unit".

2.5 REVIEW OF LITERATURE

The research required primary and secondary source of data. The

primary data is obtained through structured questionnaires designed Secondary

Data’s are the one which is collected from web site of Kotak Mahindra,

investors and company records.

It also includes

Albert J Fredman, How Mutual Funds Work, Eastern Economy

Edition, Prentice Hall of India Pvt Ltd, New Delhi

Week 15/01/2007 (Regarding Mutual Fund Investment)

Financial Chartered Analyst 01/09/2006

2.6 RESEARCH METHODOLOGY

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Research Problem

A pilot study was conducted to make the definition of the problem and

an understanding of the environment. This helped to concentrate on important

areas of the problem of various factors that affect consumer behavior.

Research Design

A research design calls for developing the most efficient plan for

gathering the needed information. The design of research study is based on the

purpose of the study.

A research design is the specification of methods and procedures for

acquiring the information needed. Its overall and operational pattern or

framework of the project that stipulates what information is to be collected

from which source by what procedures.

TYPES OF RESEARCH

1. Exploratory Research

2. Descriptive Research

3. Casual Research

Exploratory Study

It is done to generate new ideas. Respondents should be given

sufficient freedom to express themselves. Sometimes group of respondents is

brought together and focuses group interview is held.

An exploratory study is generally based on the secondary data that are

readily available. It does not have a formal and rigid design as to change focus

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or direction, depending on the availability of new ideas and relationships

among variables. This study is in nature of preliminary investigation wherein

the researcher himself is not sufficiently knowledgeable and is, therefore

unable to frame detail research questions.

Descriptive Study

It is undertaken in many circumstances. When the researcher is

interested in knowledge, the characteristics of certain groups such as age, sex,

educational level, occupation or income, interested in knowing the proportion

of in a given population who have behaved in particular manner, making the

projections of certain things, or determining the relationships between two or

more variables, descriptive study may be necessary. Descriptive data are

commonly used as directed bases of marketing decisions. These studies are

well structured.

Design in such studies that must be rigid and not flexible and must

focus attention on the following.

What the study is about and why is it made?

What techniques of gathering data will be adopted?

How much material will be needed?

Where can be the required data found?

Processing and analyzing of data?

Reporting the findings?

Descriptive study has been followed with the help of qualitative

research design.

QUANTITATIVE RESEARCH DESIGN

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If descriptive information is needed, then a quantitative study is likely

to be needed. The choice of data collection methods for this study includes

Observation

By watching people, observational researches gain a better

understanding of what product symbolizes to a customer, and greater insight

into the bond between people and products that is essence of brand loyalty.

Experimentation

It is possible to test the relative sales appeal of many types of such

variables such as package, prices, promotional offers or copy themes-through

experiments designed to identify causes and effect.

Surveys

If researchers wish to ask consumers about their purchase preferences

they do if through survey, which are of three types

- Personal interview : through correspondence

- Telephone surveys : through telephone

- Mail surveys : through posts

The research design adopted in this study is descriptive research in

order to produce descriptive information such as awareness about various

attributes attached to Kotak. The survey has been conducted personal

interview through structured questionnaire

Casual Research Design

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It aims to determine cause and affect relationship between variables.

The aim is to understand why things happen, and thereby to control what

happens. For example, find factors, which cause customers to buy that

particular product.

2.7 SAMPLING METHOD

Sample Profile

Simple Random Sampling method has been adopted for the study

consisting of 100 samples. The respondents were selected from all the

categories.

Sample Size

The sample size was fixed at 100 respondents.

2.8 DATA ANALYSIS TOOL

Primary data collected through questionnaire was tabulated and

analyzed using statistical techniques such as factor analysis; analysis of

variance etc and using standard analytical tools such as mean score analysis,

percentage analysis etc.

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2.9 OVERVIEW OF THE REPORT

In Chapter 1 this report bring out the General Introduction

and explains the theoretical background of the organization

Chapter 2 includes the Design of the study. It covers the

objectives, scope, statement of the problem, Review of literature,

operational definitions, Research Methodology, statement of

hypothesis, sampling methods, Data Analysis tool, overview of the

Report and the limitations.

Chapter 3 includes the profile of the organization, profile of the

study unit, organizational chart and functional department of the

organization.

Chapter 4 includes the analysis. It covers the Analysis &

Interpretation

Chapter 5 includes the summary, which covers findings,

contribution of the study, Suggestions, Conclusion, Questionnaire

and Bibliography.

28

2.10 LIMITATIONS OF THE STUDY

1. A descriptive research was undertaken for the purpose of project. But

descriptive research has its own limitations regarding the selection of

sample size of sample unit.

2. Some of the data gathered from the mutual fund holders may not be reliable.

3. Time limit was also a constraint while conducting the study. So, the study

does not give a picture of the whole market.

29

3.1 PROFILE OF THE ORGANISATION

Kotak Mahindra Mutual Fund (KMMF) has been established as a Trust

under the Indian Trusts Acts, 1882. the trust Deed establishing KMMF and the

Deed of Amendment have been registered under the Registration Act, 1908 by

the office of the Sub-Registrar of Assurances at Mumbai. KMMF has been

registered with SEBI vide registration number MF/038/98/1 dated 23 rd June

1998.

30

The sponsor company, Kotak Mahindra Finance Limited (KMFL), was

converted into Kotak Mahindra Bank Limited (Kotak Bank) in March 2003

DER BEING GRANTED A BANKING LICENSE BY THE reserve Bank of

India. KMFL promoted by Mr. Uday S Kotak, Mr. S.A.A.Pinto and Kotak &

Co., was incorporated on November 21, 1985, under the name Kotak Capital

Management Finance Limited. In early 1986, the promoters were joined by

Late Mr.Harish Mahindra and Mr. Anand G Mahindra and the Company’s

name was changed to Kotak Mahindra Finance Limited.

Kotak & Co is a highly respected trading company of Mumbai, with

international business. KMFL started with a capital base of Rs.30.88 lakhs.

The sponsor and its subsidiaries/associates offer wide ranging financial

services such as loans, lease and hire purchase, consumer finance, commercial

vehicles and car finance, investment banking, stock broking, primary market

distribution of equity and debt products and life insurance.

The group has offices in over 50 Indian cities as also in Dubai,

Mauritius, London and New York. Kotak Mahindra (UK) Ltd, an ultimate

subsidiary of Kotak bank, is the first company owned from India to be

registered with the securities and futures authority in London. Kotak Mahindra

Capital Company Limited and Kotak Securities Limited are joint ventures

between Kotak Bank and Goldman Sachs, the latter being one of he largest

global investment banks. Kotak Mahindra Primus Limited and Ford edit Kotak

Mahindra Limited are joint ventures between Kotak Bank and Ford Credit

International, the global car-financing arm of Ford Motor Company. OM

Kotak Mahindra Life Insurance

Company Limited is a joint venture between Kotak Bank and Old

Mutual Plc based in the UK and with large presence in the South African

insurance market. Some of the other subsidiaries of Kotak bank are Kotak

Mahindra Securities Limited, Kotak Mahindra International Limited, Kotak

Mahindra Private-Equity Trustee Limited, Kotak Mahindra Investments

Limited, Kotak Mahindra Inc, and Kotak Forex Brokerage Limited.

31

The Sponsor has been a consistently profitable and dividend paying

company since inception. All group companies are professionally run

companies, employing over 1800 professionals including CAs, MBAs and

engineers.

3.2 PROFILE OF THE STUDY UNIT

Kotak Mahindra Asset Management Company Limited, a company

registered under the Companies Act, 1956, has been appointed to act as the

investment Manager of Kotak Mahindra Mutual Fund vide investment

32

Management Agreement dated 20th May, 1996, as amended up to date. It is

wholly owned subsidiary of the Sponsor, Kotak Mahindra Bank Limited.

An approval has been granted to the Company by the Division of

Funds, Investment Management Department of SEBI for undertaking Portfolio

Management Service under the SEBI (Portfolio Manager) Regulations, 1993.

However the company has not begun such activity.

Scheme details about Kotak Mahindra Asset Management Company

1. KOTAK 30

Objective: - The investment objective is to generate capital appreciation

from a portfolio of predominantly

equity and equity related securities with investment in,

generally not more than 30 stock.

Structure: - Open Ended Equity Growth Scheme

Entry load: - 2% for purchase amounts less than Rs 50 lakhs, Nil for

purchase amounts greater than or equal to Rs 50 lakhs

2% for purchase amounts less than Rs 2 crores, Nil for

purchase amounts greater than or equal to Rs 2 crores

Exit Load: - NIL

Minimum investment: - Rs 5,000

2. KOTAK TECH

Objective: - The investment objective is to generate capital appreciation

from a

33

Predominantly equity and equity related securities issued by

multinational co.

Structure: - Open Ended Equity Growth Scheme.

Entry load:-2% for purchase amounts less than Rs 50 lakhs, Nil for purchase amounts greater than or equal to Rs 50 lakhs.

2% for purchase amounts less than Rs 2 crores, Nil for purchase amounts greater than or equal to Rs 2 crores

Exit Load: - NIL


3. KOTAK MNC

Objective: - The investment objective is to generate capital appreciation from a portfolio of predominantly equity and equity related securities issued by multinational companies.

Structure: - Open Ended Equity Growth Scheme

Entry load:- 2% for purchase amounts less than Rs 50 lakhs , Nil for purchase amounts greater than or equal to Rs 50 lakhs


Exit Load: - NIL


34

4. KOTAK BALANCE

Objective: - The investment objective is to achieve growth by investing

in Equity and equity related instruments, balanced with income generation by Investing in debt and money market instruments

Structure: - Open Ended Balanced Scheme.

Entry load: - 2% for purchase amounts less than Rs 50 lakhs, Nil for purchase amounts greater than or equal to Rs 50 lakhs


Exit Load: - NIL


5. KOTAK INCOME PLUS

Objective: - To enhance returns over a portfolio of debt instruments with a moderate exposure in Equity & Equity related instruments

Structure: - Open Ended Income Scheme

Entry load: - NIL

Exit load: - 0.50% for redemptions within 6 months where investment amount is Less than Rs 25 lakhs. Nil for investment amount greater than or equal to 25 lakhs

Minimum Investment: - Rs 5,000

35

6. KOTAK GILT

Objective: - To generate risk free returns through investments in sovereign Securities issued by the central government and / or a state government and / or reverse repose in such securities

Structure: - Open Ended Dedicated Gilt Scheme

Entry Load: - NIL

Exit Load: - NIL

Minimum Investment: - Savings & investment Plan; Rs 5,000 Serial Plans; Rs 10 lakhs

7. KOTAK BOND Objective: - To create a portfolio of debt and money market instruments of

different maturities so as to spread the risk across a wide maturity Horizon & different kinds of issuers in the debt market Kotak Bond Short Term Plan To provide reasonable returns and high level of liquidity by investing In debt & money market instruments of different maturities, So as to spread the risk across different kinds of issuers in the debt market.

Structure: - Open Ended Debt Scheme

Entry load: - NIL

Exit Load: - Deposit Plan; 0.50% for exits within 6 months of investment else no Load Wholesale Plan & Short term plan; No exit load Wholesale Plan Annual Dividend Option: 0. 75% for exits

Within three months of investment, else no exit load Wholesale plan Bonus Option; 0.25% for exits within 60 Days of investments Else no exit load

Minimum Investment: - Deposit Plan Rs 5,000 Wholesale Plan: Rs 1 lakh Short Term Plan: Rs5, 000 Institutional Plan; Rs 1 crore

36

8 KOTAK LIQUID

Objective; - To provide reasonable returns and high level of liquidity by Investing in debt and money market instruments of different Maturities so as to spread the risk across different kinds of Issuers in the debt markets

Structure; - Open Ended Debt Scheme

Entry load; - NIL Exit load: - NIL

Minimum Investment: - Rs 5,000 Institutional plan: Rs 1 crore Institutional Premium Plan: Rs 20 crores

9 KOTAK FLOATER

Objective: - To reduce the interest rate risk associated with investments in fixed rate instruments by investing predominantly in floating rate securities, money market Instruments and using appropriate derivatives

Structure: Open Ended Debt Scheme

Entry Load: - NIL

Exit Load: - NIL

Minimum Investment: Rs 5,000.

37

10. KOTAK DYNAMIC INCOME

Objective: To maximize returns through an active management of a portfolio of debt and securities.

Structure: Open Ended Debt Scheme

Entry Load: - NIL

Exit Load: - NIL

Minimum Investment: Rs 5,000

11. KOTAK GLOBAL INDIA

Objective: To generate capital appreciation from a diversified portfolio of

predominantly equity and equity related securities issued by

globally competitive Indian Companies.

Highlights

Investment in a diversified equity portfolio of Globally Competitive

Indian Companies.

Tax advantage

Recurring Investment Facility available during continuous offer.

Redemption on all Working days.

38

3.3 ORGANIZATIONAL CHART

Branch Manager

Fixed Income Division

Relationship Manger

Customer Relationship Manger

Equity Division

Assistant Manger Operations Dealer

39

3.4 FUNCTIONAL DEPARTMENTS OF THE

ORGANISATION

The entire investment management process is depicted in the following chart

Investment Management Process

Throughout the process, open lines of communication are maintained

to ensure that the portfolio remains structured to continually meet customer’s

needs. As investor profiles are dynamic i.e. change as an investor progresses

in his lifecycle; it becomes imperative to make suitable adjustments to the

portfolio from time to time.

40

Understanding the Investor Profile

Portfolio Construction

Asset Allocation

Security Selection

Execution

Monitoring & Performance Evaluation

4.1ANALYSIS AND INTERPRETATION

41

TABLE NO.1 – TO SEE THE RESPONDENT IS AN INCOME TAX

ASSESSEE.

Sl. No. Attributes No. of respondents Percentage

1 Yes 76 76

2 No 24 24

Total 100 100

Source: Primary Data

Interpretation:

It is clear from the table that out of 100 respondents, 76% of the

respondents say that they are income tax assesses and the rest 24% say that

they are not.

This is illustrated in the following graph.

42

GRAPH NO.1 – TO SEE THE RESPONDENT IS AN INCOME TAX

ASSESSEE.

76

24

0

10

20

30

40

50

60

70

80

Yes No

Attributes

Percentage

Source: - Table No: 1

43

TABLE NO 2. TO SEE WHETHER REPONDENTS INVEST FOR TAX

EXEMPTION OR TAX SAVINGS


1 Yes 70 70

2 No 30 30

Total 100 100


Interpretation:


respondents say that they invest for tax exemption and the rest 30% say that

they do not.


44

GRAPH NO 2. TO SEE WHETHER REPONDENTS INVEST FOR TAX

EXEMPTION OR TAX SAVINGS

Source: Table No: 2

45

TABLE NO 3. INVESTMENT PREFERENCE OF RESPONDENTS


1 Fixed Deposits 33 33

2 Real Estate 21 21

3 Insurance 27 27

4 Mutual Fund 9 9

5 Gold 9 9

Total 100 100


Interpretation:


respondents invest in fixed deposits, 21% invest in Real Estate, 27% in

Insurance, 9% in Mutual Fund and the rest 9% say that they invest in gold.


46

GRAPH NO 3. INVESTMENT PREFERENCE OF RESPONDENTS

Source: Table No: 3

47

TABLE NO 4. REASONS OF INVESTMENT PREFERENCE OF

RESPONDENTS


1 Less Risk 28 28

2 Good Returns 21 21

3 Liquidity 12 12

4 Assured Returns 36 36

5 Other Reasons 3 3

Total 100 100


Interpretation:


respondents prefer investment due to less risk, 21% due to good returns, 12%

due to liquidity, 36% due to assured returns and the rest 3% do it due to other

reasons.


48

GRAPH NO 4. REASONS OF INVESTMENT PREFERENCE OF

RESPONDENTS

Source: Table No: 4

49

TABLE NO 5. CURRENT INVESTMENT PORTFOLIO OF

RESPONDENTS


1 Govt securities and bonds 61 61

2 Mutual funds & company

FD’s

18 18

3 Equity Shares 21 21

Total 100 100


Interpretation:


respondents invest in Govt securities and bonds, 18% in Mutual funds and

company fixed deposits and the rest 21% in equity shares.

This is illustrated in the following graph:

50

GRAPH NO 5. CURRENT INVESTMENT PORTFOLIO OF

RESPONDENTS

Source: Table No: 5

51

TABLE NO 6. NATURE OF INVESTMENT THAT THE

RESPONDENTS LIKE


1 Steadily 61 61

2 At average rate 27 27

3 Fast 12 12

Total 100 100


Interpretation:


respondents like their investment to grow steadily, 27% in an average rate and

the rest 12% in a fast rate.


52

GRAPH NO 6. NATURE OF INVESTMENT THAT THE

RESPONDENTS LIKE

Source: Table No:6

53

TABLE NO 7. DURATION OF INVESTMENT OF RESPONDENTS


1 Upto 1 year 6 6

2 1 - 5 years 39 39

3 5 - 10 years and above 55 55

Total 100 100


Interpretation:


respondents go for the investment whose duration is upto 1 year, 39% for 1 to

5 years and the rest 5-10 years and above.


54

GRAPH NO 7. DURATION OF INVESTMENT OF RESPONDENTS

Source: Table No: 7

55

TABLE NO 8.. PERCENTAGE OF INCOME THAT THE

RESPONDENTS INVEST


1 5 % 24 24

2 5% - 10% 37 37

3 More than 10% 39 39

Total 100 100


Interpretation:


respondents invest 5% of their total incomes, 37% invest 5-10% and the rest

39% invest more than 10%.


56

GRAPH NO 8.. PERCENTAGE OF INCOME THAT THE

RESPONDENTS INVEST

Source: Table No: 8

57

TABLE NO 9. TO SEE WHETHER THE RESPONDENT IS AN

INVESTOR OF MUTUAL FUND


1 Yes 27 27

2 No 73 73

Total 100 100


Interpretation:

It is clear from the table that out of 100 respondents, only 27% of the

respondents are investors of mutual funds and the rest 73% are not.


58

GRAPH NO 9. TO SEE WHETHER THE RESPONDENT IS AN

INVESTOR OF MUTUAL FUND

Source: Table No.9

59

TABLE NO 10. REASONS FOR NOT INVESTING IN MUTUAL

FUNDS


1 Awareness 15 15

2 Risky 58 58

3 Returns not assured 27 27

Total 100 100


Interpretation:


respondents do not invest in mutual funds because of lack of awareness, 58%

as it is risky and the rest 27% as the returns are not assured.


60

GRAPH NO 10. REASONS FOR NOT INVESTING IN MUTUAL

FUNDS

Source: Table No.10

61

TABLE NO 11. REASONS FOR INVESTING IN MUTUAL FUNDS


1 Less Risky 21 21

2 Liquidity 30 30

3 Professional Mgmt 24 24

4 Fast Appreciation 25 25

Total 100 100


Interpretation:


respondents feel that investing in mutual funds are less risky and hence they

invest, 30% invest due to liquidity, 24% due to Professional management and

the rest 25% due to fast appreciation.


62

GRAPH NO 11. REASONS FOR INVESTING IN MUTUAL FUNDS

Source: Table No.11

63

TABLE NO 12. KIND OF MUTUAL FUND THAT THE

RESPONDENTS PREFER


1 Open-ended 57 57

2 Closed-ended 43 43

Total 100 100


Interpretation:


respondents prefer open-ended mutual funds and the rest 43% closed-ended

ones.


64

GRAPH NO 12. KIND OF MUTUAL FUND THAT THE

RESPONDENTS PREFER

Source: Table No.12

65

TABLE NO 13. TYPE OF SCHEME THE RESPONDENTS PREFER


1 Equity 49 49

2 Debit 42 42

3 Balance 9 9

Total 100 100


Interpretation:


respondents prefer equity type of scheme, 42% prefer debit type of scheme

and the rest 9% due to balance type of scheme.


66

GRAPH NO 13. TYPE OF SCHEME THE RESPONDENTS PREFER

Source: Table No.!3

67

TABLE NO 14. THE PREFERENCE AMONG DIFFERENT MUTUAL

FUNDS


1 UTI 15 15

2 Kotak 15 15

3 HDFC 30 30

4 Templeton 19 19

5 LIC 21 21

Total 100 100


Interpretation:


respondents prefer UTI mutual funds, 15% prefer Kotak, 30% prefer HDFC,

19% Templeton and the rest 21% prefer LIC.


68

GRAPH NO 14. THE PREFERENCE AMONG DIFFERENT MUTUAL

FUNDS

Source: Table No.14

69

TABLE NO 15. IMMEDIATE REACTION IN CASE OF DROP DOWN

OF STOCK MARKET


1 Would withdraw the

investment

39 39

2 Would wait and watch 55 55

3 Would invest more in it 6 6

Total 100 100


Interpretation:


respondents would withdraw the investment, 55% would wait and watch the

show and the the rest 6% say that they would invest more.


70

GRAPH NO 15. IMMEDIATE REACTION IN CASE OF DROP DOWN

OF STOCK MARKET

Source: Table No.15

71

TABLE NO 16. TO SEE WHETHER THE RESPONDENT HAS EVER

LOST MONEY IN MUTUAL FUND


1 Yes 36 36

2 No 64 64

Total 100 100


Interpretation:


respondents have lost money in mutual fund and the rest 64% haven’t.


72

GRAPH NO 16. TO SEE WHETHER THE RESPONDENT HAS EVER

LOST MONEY IN MUTUAL FUND

Source: Table No.16

73

TABLE NO 17. REASONS FOR LOOSING MONEY IN MUTUAL

FUNDS


1 Not aware 12 12

2 Misguidance 37 37

3 Entry at higher level 24 24

4 Poor portfolio mgmt 27 27

Total 100 100


Interpretation:


respondents are not aware of the reasons for loosing money in mutual funds,

37% loose it because of misguidance, 24% because of entry at higher level the

rest 27% say that it is because of poor portfolio management.


74

GRAPH NO 17. REASONS FOR LOOSING MONEY IN MUTUAL

FUNDS

Source: Table No.17

75

TABLE NO 18. VIEWS ON KOTAK MF AND ITS SCHEMES


1 Good 15 15

2 Moderate 36 36

3 Not aware 49 49

Total 100 100


Interpretation:

It is clear from the tables that out of 100 respondents, 15% of the

respondents’ view that Kotak MF is good, and 36% feel that it is moderate and

the rest 49% say that they are not aware.


76

GRAPH NO 18. VIEWS ON KOTAK MF AND ITS SCHEMES

Source: Table No.18

77

78

5.1 FINDINGS

1. Majority of the respondents are income tax assesses.

2. Most of the respondents prefer to invest in Fixed Deposits and

Insurance because of less risk and assured returns.

3. The investment portfolio of majority of the respondents is in govt

securities and bonds.

4. Though mutual funds exist in the market, the people who tend to invest

in it are very low compared to other investments. The reason behind is

the high risk factor involved with Mutual Funds.

5. Majority of the people prefer open-ended equity scheme.

6. Many people have lost money in mutual funds.

79

5.2 CONTRIBUTION OF THE STUDY

From this study the financial institutions/Banks can improve in some

of the following fields of services and communications: -

1. Help the financial institutions (KM) to provide goods and services in

private sector and convenience factor offered by the public sector.

2. Help local banks/small institutions to have big market share (i.e. banks or

institutions which are mot easily accessible gets more preference even if it

is a local bank with out much brand image.)

3. Helps the bank and institutions to provide E-banking facility more

effective and accurate towards investors or customers.

4. Help KM to find out, in Kotak Mahindra product perceived as being value

for money.

5. Help KM to find out, is KM users are considering KM as one stop shop

most of the time.

80

5.3 SUGGESTIONS

1. Proper care should be taken to give the correct guidance to the

investors so that they will invest more.

2. Good campaigns can be arranged so that people will know more about

Mutual Funds and will tend to invest in it.

3. Nice advertisements can be entertained so that people will get interest

in Mutual Funds.

4. Kotak can come up with good, attractive schemes for its investors.

81

5.4 CONCLUSION

The study “Investment Options for Investors” was carried out on

behalf of Mutual Funds of Kotak Mahindra Asset Management Company Ltd.

The data was collected from various sources and also through the tools like

questionnaires and relevant interactions with concerned persons.

The needs were identified in the form of findings and suitable

suggestions were put forth in the form of recommendations to the concerned

authorities for further discussions. A few recommendations have been

considered for implementation.

82

83

6.1 BIBLIOGRAPHY

Albert J Fredman, How Mutual Funds Work, Eastern Economy Edition,

Prentice Hall of India Pvt Ltd, New Delhi

Week 15/01/2005 (Regarding Mutual Fund Investment)

Financial Chartered Analyst 01/09/2006

84

6.2 QUESTIONNAIRE

Please put tick on your answers for the following questions

1. Are you an Income Tax Assesse?

Yes

No No

2. Are you investing for tax exemption or tax savings?

Yes

No

3. What kind of invest options you prefer?

Fixed Deposit

Real Estate

Insurance

Mutual Fund

Gold

4. Why you prefer the above option?

Less Risk

Good Returns

Liquidity

Assured Returns

Other Reasons

5. Your current investment portfolio includes majority of

Govt.securities and Bonds

Mutual funds & company fixed deposits

Equity shares

85

6. You would like your investment to grow

Steadily

At average rate

Fast

7. How long have you been invested?

Up to one year

1—5 year

5—10 years

8. What percentage of your income do you invest?

Up to 5 %

5%--- 10%

More than 10%

9. Are you an investor in mutual fund?

Yes

No

10. If answer is No, why you are not investing in mutual fund?

Awareness

Risky

Returns not assured

11. If answer is Yes, why do you prefer mutual fund?

Less risky

Liquidity

Professional mgt.

Fast appreciation

12. What kind of mutual fund you prefer?

86

Open- ended

Closed-ended

13. What type of scheme do you prefer?

Equity

Debt

Balance

14. If you are an investor of MF, which MF you have preferred always?

UTI

Kotak

HDFC

Templeton

LIC

15. Imagine that, the stock market drops immediately after you invest in Equity scheme?

I would withdraw my money

I would wait & watch

I would invest more in it.

16. Have you any time lost money by investing in MF?

Yes

No

17. Reason for losing?

Not aware of the details of the portfolio investment

Misguidance

Entry at higher level

Poor portfolio mgt.

18. Your views on Kotak mutual fund and its scheme?

Good

Moderate

Not aware

87

Thank you very much for your valuable time & co-operation.

88

Project on Kotak mahindra bank

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