PROJECT REPORT Relinace Mutual Fund Auto Saved) Original

8/3/2019 PROJECT REPORT Relinace Mutual Fund Auto Saved) Original

1/69

PROJECT REPORT

ON

Dynamic changes in mutual fund

And

The role of online mutual fund services

(adherence to RELIANCE MUTUAL FUND)

Submitted to: Submitted by:

Mr. Mohit Sharma Sumeer

MBA -2nd


2/69

PREFACE

The successful completion of this project was a unique experience for me

because by visiting many place and interacting various person, I achieved a

better knowledge about mutual fund products and perception of people about

investment in mutual fund.

The experience which I gained by doing this project was essential at this

turning point of my career.

The project content detailed analysis of research.

The research provides an opportunity to the student to devote his/her skills

knowledge and competencies required during the technical session.

The research is on the topic dynamic changes in mutual fund and the role of

online mutual fund services.


3/69

ACKNOWLEDGEMENT

I would like to express my appreciation and gratitude to various people who

have shared their valuable time and made possible this project through their

direct indirect cooperation.

Honourable sir Mr. Mohit Sharma, branch manager (Reliance mutual fund)

allowing me to work on this project and provide necessary help.

I thank my respected faculties and colleagues, who helped me in everypossible ways, support me and encouraged me to explore new dimensions.

Sumeer

MBA-2nd

semester

GNA-IMT, Phagwara,

Punjab.


4/69

EXECUTIVE SUMMARY

The project deals with understanding of mutual fund and analysis. During my

project, I got the opportunity to understand the concept of various AMCs (Asset

Management Company) issuing various mutual funds according to the needs of the

investors. During my project I came to know important regulations of SEBI for

mutual fund operations.

Project deals with an analysis of RELIANCE mutual funds various schemes in

which I tried to come out with a result which is best, for that purpose I conducted a

market research. During the training period I suggested the investors how to invest

and in which fund they should invest.

During the project, I made an endeavor to understand the awareness of mutual

funds among the various classes of investors.


5/69


6/69

CHAPTER 1:

INTRODUCTION

TO THE

COMPANY


7/69

1.1 PROFILE OF THE COMPANY:

Reliance Mutual Fund ('RMF'/ 'Mutual Fund') is one of Indias leading

Mutual Funds, with Average Assets Under Management (AAUM) of

Rs. 1,01,259 Crores and an investor count of over 66.90 Lakh folios.

(AAUM and investor count as of Apr-June 11)

Reliance Mutual Fund, a part of the Reliance Group, is one of the fastest growing

mutual funds in India. RMF offers investors a well-rounded portfolio of products

to meet varying investor requirements and has presence in 159 cities across the

country.

Reliance Mutual Fund constantly endeavors to launch innovative products and

customer service initiatives to increase value to investors.

Reliance Capital Asset Management Limited (RCAM) is the asset manager of

Reliance Mutual Fund. RCAM a subsidiary of Reliance Capital Limited, which

holds 93.37% of the paid-up capital of RCAM, the balance paid up capital being

held by minority shareholders.

Reliance Capital Ltd. is one of Indias leading and fastest growing private sector

financial services companies, and ranks among the top 3 private sector financial

services and banking companies, in terms of net worth. Reliance Capital Ltd. has

interests in asset management, life and general insurance, private equity and

proprietary investments, stock broking and other financial services.


8/69

y VISION AND MISSION STATEMENT:

Vision statement:To be a globally respected wealth creator with an emphasis on customer care

and a culture of good corporate governance.

Mission statement:To create and nurture a world-class, high performance environment aimed at

delighting our customers.

The main objectives of the Reliance Mutual Fund are:

To carry on the activity of a Mutual Fund as may be permitted at law andformulate and devise various collective Schemes of savings and investments

for people in India and abroad and also ensure liquidity of investments for

the Unit holders;

To deploy Funds thus raised so as to help the Unit holders earn reasonablereturns on their savings and

Sponsor : Reliance Capital Limited

Trustee : Reliance Capital Trustee Co. Limited

InvestmentManager /

AMC

: Reliance Capital Asset Management Limited

Statutory

Details

: The Sponsor, the Trustee and the Investment Manager are

incorporated under the Companies Act 1956.


9/69

FUND MANAGER VIEW:

DEBT:

Globally, correction in commodity prices, rise in concern about peripheral

European countries debt repayment and expectations of global growth moderation

were the other highlights of the month.

Consolidating domestic growth, high inflation coupled with domestic fuel price

hike leading to growing inflationary expectations and hawkish RBI stance were the

key highlights of the month.

GOLD:

Gold prices continue to find support from concerns over sovereign debt crisis,

slowing economic growth, rising inflation, central banks buying activity and strong

investment demand. Euro along with the global growth momentum seems to

suffocate in debt clutches. Though it may seem that no new developments have

taken place over last few weeks, the problem has become much more sever and

risk aversion has increased.


10/69

1.2 : COMPANY HISTORY:

Reliance Mutual Fund (RMF) has been established as a trust under the Indian

Trusts Act, 1882 with Reliance Capital Limited (RCL), as the Settler/Sponsor and

Reliance Capital Trustee Co. Limited (RCTCL), as the Trustee.

RMF has been registered with the Securities & Exchange Board of India (SEBI)

vide registration number MF/022/95/1 dated June 30, 1995.

The name of Reliance Capital Mutual Fund was changed to Reliance Mutual Fund

effective 11th March 2004 vide SEBI's letter no. IMD/PSP/4958/2004 date 11th

March 2004.

Reliance Mutual Fund was formed to launch various schemes under which units

are issued to the Public with a view to contribute to the capital market and to

provide investors the opportunities to make investments in diversified securities.


11/69

1.3: ORGANISATION STRUCTURE:

Management team:

Sundeep sikka - CEO

Sunil B. Singhania- Head- equity investments

Amitabh Mohanty- Head- fixed income

Equity fund managers:

Shailesh raj bhan, Ashwani kumar, Krishan Daga,

Omprakash S.Kuckian, Govind agrawal

Debt fund managers:

Amit Tripathi,

Prashant Pimple,

Anju chhajer

Commodities : Hiren Chandaria

Head of departments:

Himanshu Vyapak: Executive vice president, head- sales & distribution, product

management, customer service.

Pradeep Andrade: Infrastructure & Admin

Milind Gandhi: Chief financial officer


12/69

Rajesh Derhgawen: Head- HR,Admin & infrastructure

Vinay Nigudkar: Information technology

Geeta Chandran: Operations and settlement

Zonal heads:

Gurbir chopra: Northern zonal head

Aashwin dugal: Western zone head

Gopal Khaitan: Southern zone head

Vikas Rathie: Eastern zone head

Sponsor:

Reliance Capital Limited:

Reliance Mutual Fund schemes are managed by Reliance Capital Asset

Management Limited, a subsidiary of Reliance Capital Limited, which holds

92.93% of the paid-up capital of Reliance Capital Asset Management Limited, the

balance paid up capital being held by minority shareholders. Reliance Mutual Fund

(RMF) has been sponsored by Reliance Capital Ltd (RCL). The promoter of RCL

is AAA Enterprises Private Limited.Reliance Capital Limited is a Non Banking Finance Company and is one of the

Indias leading and fastest growing financial services companies, and ranks among

the top three private sector financial services and banking companies in India, in

terms of net worth.


13/69

Reliance Capital Limited has interests in asset management and mutual funds, life

and non-life insurance, private equity and proprietary investments, stock broking

and other activities in the financial services sector.

Reliance Capital Limited has contributed Rupees One Lac as the initialcontribution to the corpus for the setting up of the Reliance Mutual Fund. Reliance

Capital Limited is responsible for discharging its functions and responsibilities

towards the Fund in accordance with the Securities and Exchange Board of India

(SEBI) Regulations.

The Sponsor is not responsible or liable for any loss resulting from the operation of

the Scheme beyond the contribution of an amount of Rupees one Lac made by

them towards the initial corpus for setting up the Fund and such other accretions

and additions to the corpus.

The AMC:

About Reliance Capital Asset Management Limited:

Reliance Capital Asset Management Limited (RCAM) is an unlisted Public

Limited Company incorporated under the Companies Act, 1956 on February 24,

1995, having its registered office at

'H' Block, 1st Floor, Dhirubhai Ambani Knowledge City,

Koparkhairne, Navi Mumbai - 400710 Maharashtra

and its Corporate Office at

One Indiabulls Centre, Tower 1, 11-12 Floors, Jupiter Mills Compound,

841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400013

RCAM has been appointed as the Asset Management company of Reliance Mutual

Fund by the Trustees of Reliance Mutual Fund vide Investment Management

Agreement (IMA) dated May 12, 1995 and executed between Reliance Capital

Trustee Co. Limited and Reliance Capital Asset Management Limited and


14/69

amended on August 12, 1997 and amended on August 12, 1997, January 20, 2004

and February 17, 2011 in line with SEBI (Mutual Funds) Regulations, 1996.

The AMC is also rendering advisory services in respect of Emergent India

Investment Limited, an offshore fund for investment in India.

RCAM - has also incorporated a wholly owned subsidiary in India named Reliance

Capital Pension Fund Limited for managing the funds of New Pension System

introduced by Pension Fund Regulatory and Development Authority.

Custodian:

Deutsche Bank, AG:

The Trustee has appointed Deutsche Bank, AG located at Kodak House, Ground

Floor, 222 Dr. D.N.Road, Mumbai-400 001, as the Custodian of the securities that

are bought and sold under the Scheme. A Custody Agreement has been entered

with Deutsche Bank in accordance with SEBI Regulations. The Custodian is

approved by SEBI under registration no. IN/CUS/003 to act as Custodian for the

Fund.

Registrar:

Reliance Capital Asset Management Limited has appointed M/s. Karvy

Computershare Pvt. Limited to act as the Registrar and Transfer Agent to the

Schemes of Reliance Mutual Fund. M/s. Karvy Computershare Pvt. Limited (KCL)

having their office at Madhura Estate, Muncipal No 1-9/13/C, Plot No 13 & 13C,

Survey No 74 & 75,Madhapur Village, Serlingampally Mandal & Municipality R

R District, Hyderabad 500 081, is a Registrar and Transfer Agent registered with

SEBI under registration no. INR000000221.

Reliance Capital Asset Management Ltd. and the Trustee have satisfied

themselves, after undertaking appropriate due diligence measures, that they can


15/69

provide the services required and have adequate facilities, including systems

facilities and back up, to do so.

Trustees:

Reliance Capital Trustee Co. Limited (RCTC), a company incorporated

under the Companies Act, 1956, has been appointed as the Trustee to the

Fund vide the Trust Deed dated April 25, 1995 executed between the

Sponsor and the Trustee and amended on March 15, 2011 in line with SEBI

(Mutual Funds) Regulations, 1996.

1.3 PRODUCT RANGE OF THE COMPANY:

EQUITY

Diversified large cap:

Reliance Vision Fund

Reliance Equity Advantage Fund.

Reliance Quant plus Fund

Reliance NRI Equity Fund

Reliance Equity Fund

Diversied Mid Cap & Small Cap:

Reliance Growth Fund

Reliance Long Term Equity Fund


16/69

Reliance Small Cap Fund

Diversied Multi Cap

Reliance Regular Savings Fund Equity Option

Reliance Equity Opportunities Fund

Balanced

Reliance Regular Savings Fund Balanced Option

Diversied Theme Based

Reliance Infrastructure Fund

Reliance Natural Resources Fund

Sector

Reliance Banking Fund

Reliance Diversied Power Sector Fund

Reliance Media & Entertainment Fund

Reliance Pharma Fund

Tax Saver

Reliance Tax Saver (ELSS) Fund

Reliance Equity Linked Saving Funds - Series 1

Arbitrage

Reliance Arbitrage Advantage Fund


17/69

ETF

Reliance Banking Exchange Traded Fund

FIXED INCOME:

Liquid

Reliance Liquidity Fund

Reliance Liquid Fund Treasury Plan

Reliance Liquid Fund Cash Plan

Ultra Short Term

Reliance Floating Rate Fund Short Term Plan

Reliance Money Manager Fund

Reliance Medium Term Fund

Short Term

Reliance Short Term Fund

Long Term

Reliance Regular Savings Fund Debt Option

Reliance Income Fund

Dynamic

Reliance Dynamic Bond Fund

Gilt

Reliance Gilt Securities Fund


18/69

MIP

Reliance Monthly Income Plan

GOLD: ETF

Reliance Gold Exchange Traded Fund

FOF

Reliance Gold Savings Fund

1.5: FUTURE PROSPECTUS:

y Vision Statement

To be a globally respected wealth creator with an emphasis on customer care and aculture of good corporate governance.

y Mission Statement

To create and nurture a world-class, high performance environment aimed at delighting o

customers.


19/69

CHAPTER 2 :

INTRODUCTION

TO THE

PROJECT


20/69

2.1:REASONS FOR CHOICE OF PROJECT:

As RELIANCE MUTUAL FUND is one of the leading AMC amongst all the mutual fu

companies, its being a great learning experience for me to work on this project.

As mutual fund is one of the best option for the investment purpose of any class of society, it

necessary to aware the people about this investment so that everyone can know, how to invest in

fund at right time.

The project is mainly related to the changes in mutual fund and the role of online mutual fun

services.

I have chosen this project because the changes in mutual fund affected the investors perception a

preference regarding the investment in mutual funds. This project will also help me to understa

the importance of changes in mutual fund.

The facility of online mutual fund services helps the investors to buy and sell the products easily aalso provide the knowledge of latest funds at the website of the company.

So the topic which I have chosen is beneficial for the proper study of the project and the concept

mutual funds regarding to the changes which has taken place in previous years.


21/69

2.2 : SCOPE OF THE PROJECT:

The scope of the project refers to the job that to know about the activities of the organization.

means the analysis of the products of the company on which he/she has to focus.

During the summer training the volunteer need to find out the corporate strategies of the compa

and the mile stone which the company has covered during its journey.

In the summer training, it is necessary for the student that he/she involves with the experience gu

to get the knowledge about the company. That is how the company has got the success or if it

going in the loss, why.

In my summer training I have found that Reliance mutual fund is one of the leading company whi

is selling the best financial product. The whole project is based on the concept of mutual fu

industry. The project also shows the position of reliance mutual fund amongst the other maj

companies.

The project will be helpful to analyze the changes in mutual fund and to forecast the importance changes in the near future.

The project also consists in itself a role of online mutual fund services which shows the benefits

online buying and selling of financial products.


22/69

2.3: CONCEPTUAL FRAMEWORK:

THEORETICAL ASPECTS OF THE PROJECT :

Mutual Fund Definition:

A mutual fund is made up of money that is pooled together by a large number of investo

who give their money to a fund manager to invest in a large portfolio of stocks and / or bonds

Mutual fund is a kind of trust that manages the pool of money collected from various investors ait is managed by a team of professional fund managers (usually called an Asset Manageme

Company) for a small fee.

The investments by the Mutual Funds are made in equities, bonds, debentures, call money et

depending on the terms of each scheme floated by the Fund.

The current value of such investments is now a day is calculated almost on daily basis and the sam

is reflected in the Net Asset Value (NAV) declared by the funds from time to time.

This NAV keeps on changing with the changes in the equity and bond market. Therefore, t

investments in Mutual Funds is not risk free, but a good managed Fund can give you regular an

higher returns than when you can get from fixed deposits of a bank etc.


23/69

The Above diagram shows the Working of all mutual funds:

INVESTORS: (All those who want to save) deposit their money with the Mutual fund Company.

FUND MANAGERS: (Professionals in financial sector, appointed by the Mutual fund Company)

invest the money collected from all the investors around the world in the listed securities of differe

corporate after analyzing the effect of market changes on the performance of different companies.

RETURNS: the profit earned by the different companies in which fund managers has invested the

funds is distributed among the investors (in proportion to the amount invested by them) in the form

of Returns.


24/69

ORGANISATION OF A MUTUAL FUND:

There are many entities involved and the diagram below illustrates the organizational set up of a

mutual fund:

Why Should I Invest in a Mutual Fund when I can Invest Directly in the Same Instruments :

We have already mentioned that like all other investments in equities and debts, the investments in

Mutual funds also carry risk. However, investments through Mutual Funds is considered better du

to the following reasons :-

y Your investments will be managed by professional finance managers who are in a better

position to assess the risk profile of the investments

y Your small investment cannot be spread into equity shares of various good companies due to

high price of such shares. Mutual Funds are in a much better position to effectively spread

your investments across various sectors and among several products available in the


25/69

market. This is called risk diversification and can effectively shield the steep slide in the

value of your investments.

Thus, we can say that Mutual funds are better options for investments as they offer regular investoa chance to diversify their portfolios, which is something they may not be able to do if they decide

make direct investments in stock market or bond market.

TYPES OF MUTUAL FUNDS:

(A) ACCORDING TO TYPE OF INVESTMENTS :-

While launching a new scheme, every Mutual Fund is supposed to declare in the

prospectus the kind of instruments in which it will make investments of the funds collect

under that scheme. Thus, the various kinds of Mutual Fund schemes as categorized

according to the type of investments are as follows :-

(a) EQUITY FUNDS / SCHEMES

(b) DEBT FUNDS / SCHEMES (also called Income Funds)

(c ) DIVERSIFIED FUNDS / SCHEMES (Also called Balanced Funds)

(d) GILT FUNDS / SCHEMES

(e) MONEY MARKET FUNDS / SCHEMES

(f) SECTOR SPECIFIC FUNDS

(g) INDEX FUNDS

B) ACCORDING TO THE TIME OF CLOSURE OF THE SCHEME :- While launching a new

schemes, Mutual Funds also declare whether this will be an open ended scheme (i.e. there is no

specific date when the scheme will be closed) or there is a closing date when finally the scheme wi


26/69

be wind up. Thus, according to the time of closure schemes are classified as follows :-

(a) OPEN ENDED SCHEMES

(b) CLOSE ENDED SCHEMES

C) ACCORDING TO TAX INCENTIVE SCHEMES: - Mutual Funds are also allowed to float som

tax saving schemes. Therefore, sometimes the schemes are classified according to this also:-

(a) TAX SAVING FUNDS

(b) NOT TAX SAVING FUNDS / OTHER FUNDS

(D) ACCORDING TO THE TIME OF PAYOUT: -

Sometimes Mutual Fund schemes are classified according to the periodicity of the pay outs (i.e.

dividend etc.). The categories are as follows :-

(a) Dividend Paying Schemes

(b) Reinvestment Schemes

The mutual fund schemes come with various combinations of the above categories. Therefore, we

can have an Equity Fund which is open ended and is dividend paying plan. Before you invest, you

must find out what kind of the scheme you are being asked to invest. You should choose a schem

as per your risk capacity and the regularity at which you wish to have the dividends from such

schemes.

Association of Mutual Funds in India: It is popularly known as AMFI (www.amfindia.com). The s

provides valuable information about mutual fund industry in India.


27/69

BRIEF HISTORY:

The first mutual fund to be introduced in India was way back in 1963 when the Government of

India launched Unit Trust of India (UTI). UTI enjoyed a monopoly in the Indian mutual fund mark

till 1987 when a host of other government controlled Indian financial companies came up with theiown funds.

These included State Bank of India, Canara Bank, Punjab National Bank etc.

This market was made open to private players in 1993 after the historic constitutional

amendments brought forward by the then Congress led government under the existing regime

of Liberalization, Privatization and Globalization (LPG).

The first private sector fund to operate in India was Kothari Pioneer which was later merged

with Franklin Templeton.

INDIAN MUTUAL FUND COMPANIES:

y ABN AMRO Mutual Fund

y Bank of Baroda Mutual Fund (BOB Mutual Fund)

y HDFC Mutual Fund

y HSBC Mutual Fund

y ING Vysya Mutual Fund

y Prudential ICICI Mutual Fund

y Sahara Mutual Fund

y State Bank of India Mutual Fund

y Tata Mutual Fund


28/69

y Kotak Mahindra Mutual Fund

y Unit Trust of India Mutual Fund

y Reliance Mutual Fund

y Standard Chartered Mutual Fund

y Franklin Templeton India Mutual Fund

y Morgan Stanley Mutual Fund India

y Escorts Mutual Fund

y Alliance Capital Mutual Fund

y Benchmark Mutual Fund

y Canbank Mutual Fund

y Chola Mutual Fund

y LIC Mutual Fund


29/69

ADVANTAGES OF MUTUAL FUND:

Increased diversification Daily liquidity

Professional investment management

Ability to participate in investments that may be available only to larger investors

Service and convenience

Government oversight

Ease of comparison

Transparency

DISADVANTAGES OF MUTUAL FUNDS:

Mutual funds have disadvantages as well, which include:

Fees

Less control over timing of recognition of gains

Less predictable income

No opportunity to customize


30/69

SOME OF THE TERMS USED IN MUTUAL FUNDS:

Net Asset Value (NAV)

Net Asset Value is the market value of the assets of the scheme minus its liabilities divided by

units outstanding. Simply put, if the fund is dissolved or liquidated, by selling off all the assets in t

fund, this is the amount that the unit holder would collectively own. The NAV is used to calculate

value of your investments and to determine the price of per unit for buying or selling.

i.e. NAV= Portfolio value liabilities / No ofShares outstanding

Sale Price:It is the price you pay when you invest in a scheme and is also called "Offer Price". It may includ

a sales load.

Repurchase Price :

It is the price at which a Mutual Fund repurchases its units and it may include a back-end load. Talso called Bid Price.

Redemption Price :It is the price at which open-ended schemes repurchase their units and close-ended schemes redeem

units on maturity. Such prices are NAV related.

Sales Load / Front End Load :It is a charge collected by a scheme when it sells the units. Also called, Front-end load. Schemes

which do not charge a load at the time of entry are called No Load schemes.Repurchase / Back-end Load :

It is a charge collected by Mutual Funds when it buys back / Repurchases the units from the

unit holders.


31/69

Portfolio:

Combined holdings of many kinds of financial securities like shares, debentures and bonds. The

objective is risk diversification and maximization of gain of group of assets.

Corpus:

The total amount of money that a fund has at any point of time.

Unit:

A Unit Represents an investors share in the assets of the scheme s/he has invested.

Load:

A load is a one-time sales charge paid by an investor while buying or selling units of a scheme.Load can be charged by two ways:

Entry Load: An entry load is an additional cost that an investor pays at the point of entry.

Example: your proposed investment is Rs.10, 000/-. Also assume that the current NAV of the

fund is Rs.12.00 and that the entry load is Rs.0.50. Then you will receive 10000/12.50 = 800

units.

y Exit Load: An exit load is levy that an investor pays at the point of exit. This is levied to

dissuade investors from exiting the fund. Example: Assume that the current NAV of the

fund is Rs.12.00 and that the exit load is Rs.0.50. Now if you sell 800 units then you standto receive 800X11.5 = Rs. 9200.

Expense ratio:

Expense Ratio is defined as the ratio of total expenses to the net assets of the fund. It is the

annual percentage of the funds assets that is paid out in expenses. Expenses include

management fees and all the fees associated with the funds daily operations. The ratio is listedin a funds offer document.


32/69

PHASESSHOWING THE CHANGES IN MUTUAL FUND:

First phase- 1964-87:

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament.

It was set up by the Reserve Bank of India and functioned under the Regulatory and administrativ

control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial

Development Bank of India (IDBI) took over the regulatory and administrative control in place of

RBI.

Second phase- 1987-1993:

Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by Canbank Mutual Fund

(Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank

India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990.

Third phase- 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry

giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the f

Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be

registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) w

the first private sector mutual fund registered in July 1993.

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised

Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund)

Regulations 1996.Private funds introduced innovative products, investment techniques and investor-servicing

technology.


33/69

Phase IV. Growth and SEBI Regulation - 1996-2004

The mutual fund industry witnessed robust growth and stricter regulation from the SEBI after the y1996. The mobilization of funds and the number of players operating in the industry reached new

heights as investors started showing more interest in mutual funds.

Inventors' interests were safeguarded by SEBI and the Government offered tax benefits to the

investors in order to encourage them. SEBI (Mutual Funds) Regulations, 1996 was introduced by

SEBI that set uniform standards for all mutual funds in India. The Union Budget in 1999 exempted

dividend incomes in the hands of investors from income tax. Various Investor Awareness Program

es were launched during this phase, both by SEBI and AMFI, with an objective to educate investor

and make them informed about the mutual fund industry.

In February 2003, the UTI Act was repealed and UTI was stripped of its Special legal status as a tr

t formed by an Act of Parliament. The primary objective behind this was to bring all mutual fund

players on the same level. UTI was re-organized into two parts: 1. The Specified Undertaking,

2. The

UTI Mutual Fund

Presently Unit Trust of India operates under the name of UTI Mutual Fund and its past schemes (li

US-64, Assured Return Schemes) are being gradually wound up. However, UTI Mutual Fund is sti

the largest player in the industry

Phase V. Growth and Consolidation - 2004 Onwards

The industry has also witnessed several mergers and acquisitions recently, examples of which are

acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C Mutual Fund and PN

Mutual Fund by Principal Mutual Fund. Simultaneously, more international mutual fund players ha

entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were 29 funds as at the end

Of March 2006. This is a continuing phase of growth of the industry through consolidation and entnew international and private sector players.


34/69

KNOW YOUR CUSTOMER (KYC):

KYC is an acronym for "Know your Customer", a term commonly used for Customer Identificatio

Process.The Prevention of Money Laundering Act, 2002 ("PMLA") forms the core of the legal framework

put in place by the Indian Regulators to combat money laundering to be followed by banking

companies, financial institutions and intermediaries by administering KYC process and other

reporting requirements such as suspicious transactions reporting, etc.

SEBI has prescribed certain requirements relating to KYC norms for Financial Institutions and

Financial Intermediaries (such as Mutual Funds) to 'know' their customers.

All investors (Individuals or Non Individuals) who wish to make an investment in a mutual fund

scheme via a Lump sum amount or via a Systematic Investment Plan (SIP) will be required to

complete the KYC process. This one-time verification is valid for transactions across all mutualFunds.

Applicability of KYC norms:

Category of investors Up to 31,December 2010 w.e.f January 1,2011

Resident individuals Rs 50000 and more Any amount

Non Resident Investors/

Persons of Indian Origin

Any amount Any amount

Investors investing through

Channel Partners/Channel

Distributors

Non Individual Investors

(Corporate, Partnerships,

Trusts, HUF, etc.)

Any amount

Any amount

Any amount

Any amount


35/69

CHANGE IN ENTRY AND EXIT LOADS :

The entry and exit loads are revised by the SEBI, which is beneficial in the context of investor,

Where they were earlier paying the entry load and exit nearly to 2% and 2.5%.

But with effect from august 2009, there are revised entry and exit loads, where there are no entry

Loads on the funds for the entry of investors, but there is exit load of 1 % and 2%(on some funds)

on the exit before the completion of 1 year after the investment.

The exit load is different from fund to fund of a company.

For example. In reliance mutual fund there is common exit load of 1 % on exit before 1 year on the

funds, but in Reliance gold saving funds the entry load is 2%.

KNOW YOUR DISTRIBUTORS(KYD):

AMFI vide Circular 35P/ MEM-COR/ 13/ 10-11 dated August 27, 2010, has decided to

introduce Know Your Distributor(KYD) for Mutual Fund Distributors with effect from Septembe

2010, which will be similar to that of Know Your Client (KYC) for investors.

KYD process requires distributors to submit mandatorily identity proof, address proof, PAN and

bank account details with proof. Further AMFI has also decided to introduce bio-metrics as a partofKYD process.

Agents, who sell mutual funds, will now have to go through a proper identification or due diligenc

process. Mutual fund body AMFI is putted in place Know Your Distributor Norms to make mutu

fund agents or distributors more accountable to their investors.

On the same lines as Know Your Customer norms or KYC, AMFI proposes that distributors will

now have to submit their complete details, including their address proof, bio-data, pan card numbeand possibly even a biometric proof like their fingerprint, to a central agency like NSDL.

Fund houses and investors will be able to verify the details of their agent, and if the agent has a

history of fraud or money laundering.


36/69

BIO-METRIC PROCESS IN KYD:

The bio-metric process involves taking impression of right hand index figure and registering the

same for identification process.


37/69

GROWTH IN ASSETS UNDER MANAGEMENT


38/69

POSITION OF MUTUAL FUNDS IN VARIOUS PHASES:

The position of the mutual fund can be shown by various phases of mutual funds. It was firstly eve

started in India in the year 1963. Unit trust of India was the first mutual fund set up in India.

AT THE START:

UTI came with a view to encouraging savings and investment and participation in the income,

profits and gains accruing to the corporation from the acquisition, holding, management and dispos

of securities. UTI commenced its operations from July 1964. The impetus for establishing a forma

institution came from the desire to increase the propensity of the middle and lower groups to save

and to invest. At a starting point , there are various hurdles in path of this sector like, economic and

political uncertainty, depressed financial market due to wars, entrepreneurs were hesitant to enter i

capital market, investors did not respond adequately to new issues.

GROWTH OF UTI:

As there are so many hurdles in the growth of UTI, but there are efforts on the part of finance

minister, TT Krishnamachari who set up the ideas for the unit trust that would be open to any

person or institution to purchase the units offered by the trust.

His ideas took the form of unit trust of India, an intermediary that would help fulfill the twin

objectives of mobilizing retail saving and investing those savings in the capital market and passingon the benefits so accrued to small investors.

The UTI was the only single entity in the mutual funds till the year 1986. It was like a base of

mutual fund industry at that period of time.


39/69

IN THE YEAR 1986:

In this year the monopoly of UTI was broken by the entry of some non-UTI mutual funds.

The companies enters in this sector was SBI mutual fund, can bank mutual fund, Punjab national

bank mutual fund, Indian bank mutual fund, bank of India , bank of Baroda mutual fund. LIC and

GIC. At the end of 1988 UTI has Rs 6700 crores of assets under management.

At the end of the year 1993 assets under management marked as Rs. 47004 crores.

POSITION AS FROM 1993 TO 2003:

In 1993 there was an entry of private sector funds. The erstwhile Kothari Pioneer (now merged wit

Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SE

(Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund

Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996

The number of mutual fund houses are went on increasing, with many foreign mutual funds setting

up funds in India and also the industry has witnessed several mergers and acquisitions. At the end

January 2003, there were 33 mutual funds with total assets of Rs. 121805 crores

Since 2003:

This face had bitter experience for UTI; it was bifurcated into two separate entities. One is the

specified undertaking of the UTI with AUM of Rs 29835 crores, 2. The UTI Mutual Fund.

The primary objective behind this was to bring all mutual fund players on the same level.

GROWTH AND CONSOLIDATION PERIOD:

Since the private sector mutual fund established well and covered a major proportion of market the


40/69

mutual fund sector is gaining momentum. There were mergers and acquisitions between the variou

companies. There was also an arrival of some foreign companies also in the Indian market.

ROLE OF SECURITIES EXCHANGE BOARD OF INDIA:

SEBI playing a vital role in the control and development of mutual fund sector since 1993.

SEBI plays an important role in forming policies and regulates the mutual funds to protect the

interest of the investors. The regulations for mutual funds were notified by SEBI in 1993 which lat

paved the way for private sector entities in the capital market.

The regulations were fully revised in 1996 and have been amended thereafter from time to time.

SEBI has also issued guidelines to the mutual funds from time to time to protect the interests of

investors.

All mutual funds whether promoted by public sector or private sector entities including those

promoted by foreign entities are governed by the same set of Regulations. There is no distinction in

regulatory requirements for these mutual funds and all are subject to monitoring and inspections by

SEBI. The risks associated with the schemes launched by the mutual funds sponsored by these

entities are of similar type. It may be mentioned here that Unit Trust of India (UTI) is not registere

with SEBI as a mutual fund (as on January 15, 2002).

With an objective of the awareness of mutual funds SEBI conducted the awareness programmes

from time to time. It provides all necessary information to the public for their queries.

SEBI control the mutual fund sector with the various regulations which plays a very vital role for t

control of mutual fund sector.

SEBI also controls the sector with the circulars, guidelines and orders.

The basic objectives of the Board were identified as:

y to protect the interests of investors in securities;

y to promote the development of Securities Market;


41/69

y to regulate the securities market and

y for matters connected therewith or incidental thereto

The regulations are generally for the:

y enhanced level of investor protection

y empowerment of investors

y stringent disclosure norms in the offer documents, so that investors are better informed, bett

advised, better aware of risks and rewards

y complete freedom to asset management companies to structure schemes in accordance with

investor preferences

y removal of quantitative restrictions on investment by mutual funds and replacement by

prudential supervision

y guaranteed return schemes by mutual funds permitted provided returns including capital wer

guaranteed

y better governance of mutual funds through higher responsibilities and empowerment of

trustees as front-line regulators of mutual funds

y code of ethics for asset management companies


42/69

Tips for investments in Indian Mutual Funds:

y Before you make any investment in Mutual Funds, you should decide about the level of risk

which is ready to take. In case you are ready to take maximum risk, you can opt for Equity

Funds or even Sector Specific Funds. However, if you want to take only moderate risk, you

can opt for Diversified Funds or Balanced Funds. In case you are ready to take only the

minimal risk opt for Gilt Funds etc.

y Try to invest in a Mutual Fund which is professionally managed and has shown good returns

in the past. Although, the past trends cannot guarantee the similar returns in the future, yet i

gives clues as to the management of the fund.

y In case you are ready to take higher risk in Equity Funds, you can make investments as and

when the market shows some steep fall due to some unexpected events and the market is

likely to revive soon.

y In case you have large sums but wants to invest for a very short period say less than one

month, you can explore the possibilities of investment in Liquid Funds or Money Market

Funds, which are likely to give you higher returns than the returns given by Saving Fund

accounts etc.

y In case of some tax concessions available for dividend pay outs of the Mutual Funds; you

should evaluate the same keeping in view the total income and benefits that can be derived b

investments in such Mutual Funds.


43/69

ROLE OF ONLINE MUTUAL FUND SERVICE:

Now a days all mutual fund companies are providing online mutual fund services for the

investors convenience and accessibility. This service helps the user to easily access his

account and to take necessary information regarding his investment.

Following are the features of the online mutual fund services:

1.Now you have convenience of getting a statement of account to your email ID registeredwith the company. It is with help of folio number

2. It provides information regarding latest NAV rate

3. Make transactions online, where service is offered for investors whereby they can

purchase, redeem or switch units online

4. There is no charges for transactions

5. It also provides the facility of SIP calculator for an investor

6. It provides the knowledge regarding various schemes by the Scheme information

document

7. It helps the investors to check the KYC status

8. It also shows the power of compounding calculator

9. Provides all the necessary reports of the company like annual reports


44/69

10.It discloses the various guidelines of SEBI and AMFI which helps the investor to know

the recent changes in mutual fund sector

11.It also provides the service of E-payouts in which by the update of bank account details

one can get instant credit in his account for dividend/redemption payment. It removes the

problem of dealing in cheques. It is secure and fast medium to make payments. In this

funds are transferred electronically.

FACTORS INFLUENCING MUTUAL FUND:

There are many factor which influence the mutual funds, some of them categorized as:

A.)Product qualities:

y Funds performance record

y Funds reputation or brand name

y Scheme portfolio of investments

y Withdrawal facilities

y Innovativeness of the producty Product with tax benefits

y Entry and exit loads

B.)Fund sponsor qualities:

y Reputation of sponsoring firm

y Recognized brand name

y Well developed agency network/infrastructure

y Efficient research wing

y Expertise in managing money


45/69

C.)Investors services:

y Disclosure of investment objectives, methods and periodicity of valuation in

advertisement

y Disclosure of NAV on every trading day

y Mutual fund investors grievance redressal machinery

y Benefits like free insurance, free credit card, tax benefits etc.

There are also many factors which influence the mutual fund sector like, inflation, population,

national income, demand and supply, trade policies of a country etc.


46/69

CHAPTER-3

RESEARCH METHODOLOGY


47/69

3.1 OBJECTIVES OF THE PROJECT:

y To study the changes during the phases of mutual funds

y To study the position of mutual funds in various phases

y To study the role of online mutual fund services

y To study the factors influencing mutual funds

y To know the perception of investors regarding mutual fund

3.2 PRIMARY AND SECONDARY DATA TO BE COLLECTED:

Primary data was collected with the help of questionnaires provided by the

company. The questionnaire consisted of multiple choice questions, close

ended questions, open ended question, so as to gain the information from the

respondent. The secondary data was collected through companys website,

other websites, and newspapers etc.

3.3 SAMPLE DESIGN, SIZE AND METHOD TO BE USED:


48/69

Sampling is an effective step of collection of primary data and has a great

influence on the quality of results. The sampling plan includes the

population, sampling size and sampling design.

Population:

The study aimed to include the area of Jalandhar city specially the

government banks.

Sample Size:

The sample size for the research was 30.

Sample Technique:

Descriptive and exploratory sampling technique was used.

Time:

The research was conducted in the months of June and July 2011.

3.5 LIMITATION OF THE PROJECT:

Though every care has been taken to make this report authentic in every sense, yet

there were a few uncomfortable factors, which might have their influence on the

final report. Some are:

y The respondents did not have their serious attitude towards the

questionnaires

y Limited area for the study


49/69

y Corporate officials have no sufficient time due to their hectic schedule

y No full disclosure of information on the websites

CHAPTER-4

ANALYSIS AND FINDINGS


50/69

1. TO STUDY THE CHANGES DURING PHASES OF MUTUAL FUND:

This study has been done with the help of various phases of mutual fund which are

as follows:

1. Phase 1:

It was a start of mutual fund sector by unit trust of India in the year 1963,

which comes into operation in 1964. It was the only one entity holding the

share in mutual fund sector. This was a new sector for investment in India.

UTI launched different schemes in spite of various hurdles at that time.

Till 1987 UTI is the single player in the market.

2.

Phase 2: Entry of public sector funds:In this phase the monopoly of UTI was broke due to the entry of public

sector funds of SBI, LIC, CANBANK, INDIAN BANK, BOI, GIC, and

PNB.

3. Phase 3: Emergence of private sector funds:

The permission given to private sector funds including foreign fund

management companies (most of them entering through joint ventures with

Indian promoters) to enter the mutual fund industry in 1993, provided a wide

range of choice to investors and more competition in the industry. Private

funds introduced innovative products, investment techniques and investor-

servicing technology. By 1994-95, about 11 private sector funds had

launched their schemes.

4. Phase 4: Growth and SEBI Regulation - 1996-2004:


51/69

The mutual fund industry witnessed robust growth and stricter regulation

from the SEBI after the year 1996. The mobilization of funds and the

number of players operating in the industry reached new heights as investors

started showing more interest in mutual funds.

Inventors' interests were safeguarded by SEBI and the Government offeredtax benefits to the investors in order to encourage them. SEBI (Mutual

Funds) Regulations, 1996 was introduced by SEBI that set uniform

standards for all mutual funds in India.Various Investor Awareness

Programmes were launched during this phase, both by SEBI and AMFI, with

an objective to educate investors and make them informed about the mutual

fund industry.

5. PHASE 5:Growth and Consolidation - 2004 Onwards:

The industry has also witnessed several mergers and acquisitions recently,

examples of which are acquisition of schemes of Alliance Mutual Fund by

Birla Sun Life, Sun F&C Mutual Fund and PNB Mutual Fund by Principal

Mutual Fund. Simultaneously, more international mutual fund players have

entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were

29 funds as at the end of March 2006. This is a continuing phase of growth

of the industry through consolidation and entry of new international and

private sector players.

2. TO STUDY THE POSITION OF MUTUAL FUNDS IN VARIOUS

PHASES:

The position of mutual funds can be analyzed by the study of various phases

of mutual fund.It is mainly shown by the assets under management during the various

phases.


52/69


53/69

The above graph shows the increasing trend of assets under management with

some of the declining trends. From its start in March 1965 the graph of assets

increased up to the year 1993. Then the graph declined to some extent but again

moving upward up to march 2008 with the AUM of Rs 505152 crores. The graph

then declined suddenly, it was due to the recession in the year 2008. After recoverygraph again moving upward and stands at a AUM of 592250 crores till march

2011.

3. TO STUDY THE ROLE OF ONLINE MUTUAL FUND SERVICES:

y Convenience of getting a statement of account to your email ID registered

with the company. It is with help of folio number

y It provides information regarding latest NAV rate

y Make transactions online, where service is offered for investors whereby

they can purchase, redeem or switch units online

y There is no charges for transactions

y It also provides the facility of SIP calculator for an investor

y It provides the knowledge regarding various schemes by the Scheme

information document

y It helps the investors to check the KYC status

y It also shows the power of compounding calculator

y Provides all the necessary reports of the company like annual reports

y It discloses the various guidelines of SEBI and AMFI which helps the

investor to know the recent changes in mutual fund sector


54/69

y It also provides the service of E-payouts in which by the update of bank

account details one can get instant credit in his account for

dividend/redemption payment.

USE OF ONLINE MUTUAL FUND SERVICE:

Out of 30 respondents only 5 are using online mutual fund service. It shows

that people are not much aware about the online facilities of mutual fund.

They generally invest their money through the agents or brokers etc and they

generally have no time for the use of these services or lack of knowledge.

5

25

0

5

10

15

20

25

30

YES NO

YES OR NO

YES OR NO


55/69

4. TO KNOW THE FACTORS INFLUENCING THE MUTUAL FUNDS:

y RISK PREFERENCE OF INVESTOR:

Mutual fund Public Private

Risk 10 20

10

20

Risk

Public

Private


56/69

The investor considers the private mutual fund more risky than public mutual fund.

It shows that investor risk preference can influence mutual fund investment.

y RETURN ON INVESTMENT:

5%-10% 11%-15% 16%-20% More than 20% Cant say

0 20 5 3 2

0

20

5

3

2

Return

5%-10%

11%-15%

16%-20%

more than 20

can't say


57/69

In the above graph it is shown that investors want more returns from the

investments in mutual funds. Return preference of investors can also influence the

mutual fund investment. Majority of people want return between 11% to 15%.

y INVESTOR SERVICE BY MUTUAL FUND COMPANIES:

Very good Good Average Poor3 10 15 2

It is shown in the graph that majority of investors consider service of mutual fund

as on average. It shows that it is satisfactory to some extent.

3

10

15

2

0

2

4

6

8

10

12

14

16

Very good Good Average Poor

Investors service

Investors service


58/69

5. TO STUDY THE PERCEPTION OF INVESTOR REGARDING

MUTUAL FUND:

y

PREFERENCE OF FACTOR IN MUTUAL FUND INVESTMENT:

Liquidity Low risk High return Company

reputation

4 8 13 5

4

8

13

5

0

2

4

6

8

10

12

14

Liquidity Low risk High Return company reputation

Factors

Factors


59/69

The above graph shows that majority of investors consider mutual fund investment

for the higher returns. They know that risk is always in the securities market, by

taking more risk they want to get higher returns. The investors have a perception of

higher returns.

y PERCEPTION REGARDING ROLE OF FUND MANAGERS

PERFORMANCE:

Y

ES NO18 12

18

12

0

2

4

6

8

10

12

14

16

18

20

YES NO

FUND MANAGER ROLE

FUND MANAGER ROLE


60/69

Out of 30 respondents 18 have a perception that fund managers are playing a vital

role in managing the mutual fund whereas 12 have a view that alone fund manager

cannot control the other factors that can affect mutual fund sector.

y TYPE OF MUTUAL FUND INVESTMENT:

One time investment Systematic investment plan

8 22

8

22

0

5

10

15

20

25

One time SIP

Investment

Investment


61/69

Since the respondents are mainly belongs to service class, they like to invest

monthly through systematic investment plan (SIP). They want to invest a fixed

proportion of amount regularly every month for the compounded return. They have

a perception of regular return on their investment.

y WHYYOU NOT INVEST IN MUTUAL FUNDS:

Not aware of mutual fund Higher risk Returns not stable

8 15 7

The above graph shows that investors have a perception that the investment in

mutual funds are highly risky and there is instability of return because returns are

depend on the movement of market which cannot give assurance regarding the

8

15

7

Reason for not to invest

Non awareness

High risk

non stability oof returns


62/69

returns. Respondents are also dont want to invest because they are not aware of

mutual funds and they generally invest in banks fixed deposits, saving accounts

etc.

FINDINGS

y Mutual fund sector has established widely in a nation. It managing the funds

of various sectors in the economy

y People are not much aware regarding the mutual fund

y SEBI is playing a vital role in the management and control of mutual fund

sector

y Companies providing online services for the easy data accessibility and to

save the time of the investors, but many of the investors do not using these

services properly

y Investors are taking into consideration various factor like risk, return, in

investment even without the knowledge of mutual fund schemes

y Investors generally rely on the information from other known investors and

just take the decision of investment merely on their personnel judgement

y Investors generally prefer to invest more in saving accounts, fixed deposits,

etc rather than in market investment plans.


63/69

CHAPTER-5

SUGGESTION, RECOMMENDATIONS,

AND CONCLUSION


64/69

SUGGESTIONS AND RECOMMENDATIONS

y As people are not aware of mutual funds, they should know the

mutual fund concepts and schemes before taking the decision of

investment

y On the part of company, the investment awareness programmes (IAP)

should be conducted for the awareness of mutual funds

y New investors should give time to the market, for the higher returns

y Investors should use the online mutual fund facilities for the day to

day information regarding their investment and for the easy

accessibility on their account

y Both public and private company must disclose the risk factor to the

investors

y Companies should improve the investor services

y The benefits of investment in mutual fund should be told rightly to the

new investors by showing the past records of the investment


65/69

CONCLUSION:

Mutual funds now days can be as one of the best option for investment amongst the

various alternatives of investment.

Proper knowledge of mutual fund scheme and the investment for a long time can

give better results to an investor.

People prefer to invest in safe investment alternatives and ignore the market

investments only because of one reason that is risk and ignore the other factors in

the market. This will lead to no investment in mutual funds.

On the part of company it is necessary to disclose and also provide all the

necessary information regarding the mutual fund benefits and schemes to the

investors those are totally ignorant about the market investment plans.

SEBI playing a vital role for the management and control of mutual fund industry

which is very essential for the development of this industry and as on the part of

economy also.

Mutual fund industry achieving its goals by its wide operations and make the

standards in the present competitive economy.


66/69

BIBLIOGRAPHY

y Economic times

y Reliancemutualfund.com

y Economic times

y IBIBO.COM

y Moneycontrol.com

y Finance.indiamart.com/india_business_information/mutual-funds-

industry.html


67/69

QUESTIONNAIRE

1. What kind of investment you prefer most? Tick an appropriate answer?

a. Savingaccount

b. Fixeddeposits

c. Insurance d. Mutualfund

e. Postoffice

f. Shares,debentur

e

g. Gold h. Realestate

i. PPF j. PF

2. While investing your money, which factor you prefer most?

a. Liquidity b. low risk c. high return d. company reputation

3. Are you aware of mutual fund?

a. Yes b. no

4. Have you ever invested your money in mutual fund?

a. Yes b. no

If yes, answer the following questions:


68/69

a. Where do you find yourself as a mutual fund investor? Tick your answer

in bracket.

Totally ignorant ( )

Partial knowledge of mutual funds ( ) Aware only of a specific scheme in which you invested ( )

Fully aware ( )

b. Do you find your investment in mutual fund safe?

a. Yes b. no

c. In which kind of Mutual fund you would like to invest?

a. Public b. private

d. Are you using the online mutual fund service?

a. Yes b. no

If, you havent ever invested your money in mutual fund, answer the following

question:-

Why you have not invested in mutual fund, tick in bracket:-

a. Not aware of mutual fund ( )

b. Higher risk ( )

c. Non stability of returns ( )

5. Which feature of the mutual fund allure you most? Tick in bracket :-

a. Diversification ( )

b. Better return and safety ( )

c. Reduction in risk and transaction cost ( )

d. Regular income ( ) e. Tax benefits ( )


69/69

6. When you invest in mutual funds, which mode of investment will you

prefer?

a. One time investment b. SIP

7. In which sector are you investing in mutual fund sector? Tick one answer:-

a. General f. debt fund

b. Oil and petroleum g. banking fund

c. Gold fund

d. Power sector

e. Diversified equity fund

8. What do you think about Mutual fund? Tick one answer :-a. Very good d. poor

b. Good

c. Average

9. Do you think various fund managers are playing a vital role in managing the

funds in mutual fund?

a. Yes b. no

10.How much return you expect from mutual fund? Tick one option:-

a. 5% - 10% ( ) c. 16% - 20% ( )

b. 11% - 15% ( ) d. more than 20 % ( )

e. Cant say ( )

Name: - contact no:-

Age:-

Occupation:-

PROJECT REPORT Relinace Mutual Fund Auto Saved) Original

Documents