A Summer Training project report on

AN EMPIRICAL STUDY ON THE MUTUAL FUND INDUSTRY IN INDIA

Submitted in partial fulfillment for the award of the degree of Master in Business Administration 2010-11

Company Guide
MR.SAMARJIT SINGH VIRK Senior Branch Manager College

Faculty Guide
MRS.PARNEET KAUR RPIIT

IIFL

Bastara Karnal

Submitt ed By: ANS HUL Roll

no. M0906 MB A 3rd Sem.

CERTIFICATE

This is to certify that Ms. Anshul D/o Shri Roshan Lal pursuing MBA from RP Indraprsatha Institute of Technology Bastara (Karnal) has taken IN summer ON INDIA training THE AS AN in project AN FUND EMPIRICAL INDUSTRY STUDY MUTUAL

INVESTMENT

STRATEGY for 6 weeks. She has successfully done her task assigned to her. We wish her success in her future endeavour. This work has not been submitted anywhere else for any other degree/diploma.

ACKNOWLEDGEMENT

I would like to express my sincere thanks to IIFL for giving me the opportunity to prepare project report in their organization. The whole period spent on project making with the organization has been of immense learning experience for me. Preparing a project of such a kind is not an easy task in itself and I would like to thank all those people who help me lot, in preparing and completing this project particularly my project guide Mr.Samarjit Singh Virk or his guidance and help. I am grateful to IIFL who gave me this opportunity to carry out the project on investment in Mutual Fund.

Ms. Anshul

TABLE OF CONTENTS

CHAPTERS

PAGE NO.

CHAPTER 1CHAPTER 2-

EXECUTIVE SUMMARY INTRODUCTION TO THE TOPIC

7 9 -14

CHAPTER 3-

COMPANY PROFILE

16-24

CHAPTER 4-

ABOUT THE PROJECT

26-34

CHATPER 5-

LITERATURE REVIEW

36-38

CHAPTER 6-

RESEARCH METHODOLOGY

40-42

CHAPTER 7-

DATA ANALYSIS AND FINDINGS

44-55

CHAPTER 8-

CONCLUSIONS

57-60

CHAPTER 9-

RECOMMENDATIONS

61-63

CHAPTER 10-

BIBLIOGRAPHY

65

CHAPTER 11-

ANNEXURE

67-73

LIST OF GRAPHS AND TABELS

OCCUPATION 44

TYPES OF FIRM AND COMPANY EMPLOYED

45

ANNUAL INCOME SLAB

46

AVERAGE ANNUAL SAVINGS

47

ALL INVESTORS INVEST

48

AWARENESS OF MUTUAL FUND

49

AWARE AND INVESTED

50-51

AWARE AND NOT INVESTED

51-52

WANT TO KNOW ABOUT MUTUAL FUNDS

52

NOT AWARE PEOPLE WANT TO KNOW MF`S

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INTERESTED TO ATTEND SEMINAR ON MF`S

EXECUTIVE SUMMARY

This project will provide you the detail knowledge of mutual fund , with different investing options for investors depending upon there different investing habits as some investors are ready to take higher amount of risks , as compared to others who want liquidity in there investments and much more , so for investing in Mutual Funds either investor can invest Directly or through AMC`s or Fund managers if investor is not investing directly then in this case investors savings is taken up by AMC`s who will further give money to Fund manager who will invest your money in bonds, equity etc and lastly return on your investment will be transferred into investor account after renewal. AMC`s (Asset Management Companies) is an investment management firm that invests the pooled fund of retail investors in securities in line with stated investment objectives so it is very helpful to invest in funds through AMC`s companies. There are many AMC`s companies like ABN AMRO, Birla sun life, Reliance and many more. Apart from this there are various types of fund like Open ended fund, they are one that are available for subscription and repurchase on continuous basis. Other are Close ended fund, they open for subscription for limited time period at

the time of launch of the scheme. Other are Load and No-load fund a Load fund is one that charges a percentage of NAV for entry or exit, and No-load funds one that does not charge for entry or exit. NAV (Net Asset Value) it is calculated whenever any investor withdrawal money from the fund and it is being used by investing companies to measure Net assets. It is calculated by subtracting liabilities from the value of a fund`s securities and other item of value and dividing this by the number of outstanding shares. In my research of Mutual Fund I come to know that more business class people are ready to invest in Lumsums as compared to salaried people are more interested in investing through SIP`s. Lumsums investment is that where by investors invest whole amount at once which they want to invest in this they get high returns, whereas in SIP`s investor invest on monthly basis some amount is being given according to his recommendation for a particular period of time.

CHAPTER 2 INTRODUCTION OF THE PROJECT

A mutual fund is simply a financial intermediary that allows a group of investors to pool their money together with a predetermined investment objective. The mutual fund will have a fund manager who is responsible for investing the pooled money into specific securities (usually stocks or bonds). When you invest in a mutual fund, you are buying shares (or portions) of the mutual fund and become a shareholder of the fund. Mutual funds are one of the best investments ever created because they are very cost efficient and very easy to invest in (you don't have to figure out which stocks or bonds to buy). By pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification

The flow chart below describes broadly the working of a mutual fund: This chart shows that firstly investor will pool there money and give to fund manager , these fund manager invest in different securities depending upon the profit , risk factor kept in mind after some time these securities will give returns which passes back to investors if they need it or manager may re-invest it with the confirmation of investor.

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HISTORY OF MUTUAL FUND

The Mutual Fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank of India. The History of Mutual Funds in India can be broadly divided into four distinct phases. First Phase (1964-87)

Unit Trust of India (UTI) was established on 1963 by an act of parliament. It was set up by Reserve Bank of India and functioned under the regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management.

Second Phase- 1987-1993(Entry of Public Sector Funds)

1987 marked the entry of non-UTI, Public Sector Mutual Funds set up by Public Sector Banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was the first non -UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of
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Baroda Mutual Fund (Oct 92). LIC established its Mutual Fund in June 1989 while GIC had set up its Mutual Fund in June 1989 while GIC had set up its Mutual Fund in December 1990. At the end of 1993, the Mutual Fund industry had assets under management of Rs.47,004 crores.

Third Phase-1993-2003 (Entry of Private Sector funds)

With the entry of private sector funds in 1993, a new era started in the Indian Mutual Fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all Mutual Funds, except UTI were to be registered and governed. The erstwhile Kothari pioneer (now merged with UTI were to be registered and governed. The erstwhile Kothari pioneer (now merged with Franklin Templeton) was the first Private Sector Mutual Fund registered in July 1993. The 1993 SEBI (Mutual Fund) regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) regulations 1996. The number of Mutual Fund houses went on increasing, with many foreign Mutual Funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 Mutual Funds with total assets of Rs.1,21,805 Crores. The Unit Trust of India with
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Rs.44,541 crores of assets under management was way ahead of other Mutual Funds.

Fourth Phase (since February 2003)

In February 2003, following the repeal of the Unit Trust of India Act 1963. UTI was bifurcated into two separate entities. One is the specified Undertaking of the Unit Trust of India with assets under management of Rs.29,835 crores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured return and certain other schemes. The specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. UTI which had in March 2000 more than Rs. 76,000 crores of assets under management and with the setting up of a UTI Mutual Fund, confirming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different private sector funds, the Mutual Fund industry has entered its current phase of consolidation and growth. As at the end of October 31, 2003, there were 31 funds, which manage assets of Rs.1, 26,726crores under 386 schemes.

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IMPORTANT CHARACTERISTICS OF A MUTUAL FUND

A Mutual Fund actually belongs to the investors who have pooled their funds. The ownership of the mutual fund is in the hands of the Investors.

A Mutual Fund is managed by investment professional and other service providers, who earns a fee for their services, from the funds. The pool of Funds is invested in a portfolio of marketable investments. The value of the portfolio is updated every day.

The investors share in the fund is denominated by units. The value of the units changes with change in the portfolio value, every day. The value of one unit of investment is called net asset value (NAV)

Advantages of Mutual Fund Diversification

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The investment portfolio of the mutual fund is created according to the stated investment objectives of the Fund. Diversification One rule of investing, for both large and small investors, is asset diversification. Diversification involves the mixing of investments within a portfolio and is used to manage risk.

Economies of Scale

The easiest way to understand economies of scale is by thinking about volume discounts; in many stores, the more of one product you buy, the cheaper that product becomes. Divisibility Many investors don't have the exact sums of money to buy round lots of securities. One to two hundred dollars is usually not enough to buy a round lot of a stock, especially after deducting commissions. Investors can purchase mutual funds in smaller denominations, ranging from $100 to $1,000 minimums. Smaller denominations of mutual funds provide mutual fund investors the ability to make periodic investments through monthly purchase plans while taking advantage of dollar-cost averaging

Liquidity Another advantage of mutual funds is the ability to get in and out with relative ease. In general, you are able to sell your mutual funds in a short period of time without there being much difference between the sale price and the most current market value.

ASSET MANAGEMENT COMPANIES (AMC`S)

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An Asset Management Company is an investment management firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives. For a fee, the investment company provides more diversification, liquidity, and professional management consulting service than is normally available to individual investors. The diversification of portfolio is done by investing in such securities which are inversely correlated to each other. They collect money from investors by way of floating various mutual fund schemes.

ADVANTAGES OF AN AMC APPROACH

Centralization of bad loans in one or a few hands and therefore obviously more clout. It is possible to give special legislative powers to a few AMCs rather than to each bank. Banks are left with cleaner balance sheets and do not have to deal with problem clients. Regular banking relations with the group are not affected. Because it deals with a larger portfolio, it can mix up good assets with bad ones and make a sale which is palatable to buyers.

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It is easier to do a capital-market based funding for an AMC than for the banks themselves.

FUND MANAGERS (OR) THE ASSETS MANAGEMENT COMPANY (AMC) AMC has to discharge mainly three functions as under: I. Taking investment decisions and making investments of the funds through market dealer/brokers in the secondary market securities or directly in the primary capital market or money market instruments

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II.

Realize fund position by taking account of all receivables and realizations, moving corporate actions involving declaration of dividends etc to compensate investors for their investments in units; and

III. Maintaining proper accounting and information for pricing the units and arriving at net asset value (NAV), the information about the listed schemes and the transactions of units in the secondary market. AMC has to feed back the trustees about its fund management operations and has to maintain a perfect information system.

CHAPTER 3 COMPANY PROFILE

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INTRODUCTION TO INDIAINFOLINE IndiaInfoline founded in 1995 by Mr. Nirmal Jain (Chairman and Managing Director) as an independent business research and information provider. We gradually evolved into a one- stop financial services solutions provider. Our strong management team comprises competent and dedicated professionals. We are a pan-India financial services organization across 1,361 business locations and a presence in 428 cities. Our global footprint extends across geographies with offices in New York, Singapore and Dubai. We are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). We offer a wide range of services and products comprising broking (retail and institutional equities and commodities), wealth management, credit and finance, insurance, asset management and investment banking. We are registered with the BSE and the NSE for securities trading, MCX, NCDEX and DGCX for commodities trading, CDSL and NSDL as depository participants. We are registered as a Category I merchant banker and are a SEBI registered portfolio manager. We also received the FII license in IIFL Inc. IIFL Securities Pte Ltd received approval from the Monetary Authority of Singapore to carry out corporate advisory and dealing in securities operations. Two subsidiaries India Infoline Investment Services and Moneyline Credit Limited are registered with RBI as non-deposit taking non-banking financial services companies. India infoline Housing Finance Ltd, the housing finance arm, is registered with the National Housing Bank.

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History & Milestones

1995 Commenced operations as an Equity Research firm 1997 Launched research products of leading Indian companies, key sectors and the economy Client included leading FIIs, banks and companies. 1999 Launched www.indiainfoline.com 2000 Launched online trading through www.5paisa.com Started distribution of life insurance and mutual fund 2003 Launched proprietary trading platform Trader Terminal for retail customers 2004 Acquired commodities broking license Launched Portfolio Management Service. 2005 Maiden IPO and listed on NSE, BSE 2006 Acquired membership of DGCX Commenced the lending business. 2007 Commenced institutional equities business under IIFL
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Formed Singapore subsidiary, IIFL (Asia) Ltd. 2008 Launched IIFL Wealth Transitioned to insurance broking model 2009 Acquired registration for Housing Finance SEBI in-principle approval for Mutual Fund Obtained Venture Capital license 2010 Received in-principle approval for membership of the Singapore Stock Exchange Received membership of the Colombo Stock Exchange

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IIFL Products & Services

Equities Online Trading Commodities IIFL Premia Investment Banking Insurance Wealth Management Asset Management Mutual Funds Loans Stock SMS Service Newsletters

CHAPTER 4 ABOUT THE PROJECT

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ABOUT THE PROJECT The main purpose of doing this project was to know about different mutual funds and its functioning. This helps to know in details about mutual fund industry right from its inception stage, growth and future prospects. It also helps in understanding different schemes of mutual funds. Because my study depends upon prominent funds in India and their schemes like equity, income, balance as well as the returns associated with those schemes.

During my summer internship I got a huge knowledge about Mutual Funds and types of Mutual funds. For investing in Mutual Funds investor should have a PAN CARD & must have an ACCOUNT in any of the bank.

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In this fund manager or a broker or a AMC`s take the pool of money from the investors or individual and invest them as mutual fund is more secured type of fund where investors can invest in the mutual fund at any time when they are open and can redeem or withdrawal any time when they need money but if any investor withdrawal money within 6 months exit load is being charged otherwise if they withdrawal after 6 months no exit load is being charged and according to new guidelines of SEBI which is still to be implemented is that from now there will be no entry load on purchasing any mutual fund , as earlier investor has to pay an entry load on purchasing an mutual fund . Let you know what entry is and exit load through an example, Suppose you have invest Rs 1,00,000 in a new fund offering of a mutual fund at Rs 10 per unit. You expect to get 10,000 units (Rs 1,00,000 divided by Rs 10) of the same but are shocked when you find about 200 units less in your account, reason is that Most of the mutual funds that come up with a new scheme tax the investors by charging a fee that they call entry load. While this charge differs from one mutual fund scheme to another the standard practice is to charge a flat 2.25 per cent entry load on your initial investment. This is how it works and for simplicity and comprehension let us assumes that a mutual fund charges only a 2 per cent entry load (don't get carried away; this is just an assumption).

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That is, for every Rs 100 that you invest the mutual fund company takes away Rs 2 as charges that they pay to distributors for distributing the fund. By the way, distributor is an entity that helps you decide upon a good mutual fund but is not accountable (not all distributors are fly-by-night operators; there are good mutual fund distributors as well) if your investments go sour. So for every Rs 1,00,000 that you invest in a mutual fund Rs 2,000 goes towards paying up the distributor who has advised you to select a particular fund and who will keep on assisting you in making such decisions in the future. And further if you think that this company is fraud then you can take away money immediately but if you withdraw within 6 months then some percentage of your money is being deducted as charge of earlier withdrawal as companys compensation. A NAV is calculated whenever any investor withdrawal money from the fund The Term Net Asset Value (NAV) is used by investment companies to measure net assets. It is calculated by subtracting liabilities from the value of a fund's securities and other items of value and dividing this by the number of outstanding shares. Net asset value is popularly used in newspaper mutual fund tables to designate the price per share for the fund.

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The value of a collective investment fund based on the market price of securities held in its portfolio. Units in open ended funds are valued using this measure. Closed ended investment trusts have a net asset value but have a separate market value. NAV per share is calculated by dividing this figure by the number of ordinary shares. Investments trusts can trade at net asset value or their price can be at a premium or discount to NAV. Calculating mutual fund net asset values is easy. Simply take the current market value of the fund's net assets (securities held by the fund minus any liabilities) and divide by the number of shares outstanding. So if a fund had net assets of Rs.50 lakh and there are one lakh shares of the fund, then the price per share (or NAV) is Rs.50.00. The project study was done to ascertain the asset allocation, entry load, exit load, associated with the mutual funds. Ultimately this would help in understanding the benefits of mutual funds to investors.

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ORGANISATION OF A MUTUAL FUND: There are many entities involved and the diagram below illustrates the organizational set up of a Mutual Fund:

Mutual by

Funds holding a

diversify their risk portfolio of instead of only one asset. This is because by holding all your money in just one asset, the entire fortunes of your portfolio depend on this one asset. By creating a portfolio of a variety of assets, this risk is substantially reduced. Mutual Fund investments are not totally risk free. In fact, investing in Mutual Funds contains the same risk as investing in the markets, the only difference being that due to professional management of funds the controllable risks are substantially reduced. A very important risk involved in Mutual Fund investments is the market risk. However, the company specific risks are largely eliminated due to professional fund management.

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SOME CONCEPTS AND THEIR DEFINITIONS Sponsor Sponsor is the person who acting alone or in combination with another body corporate establishes a Mutual Fund. Sponsor must contribute at least 40% of the net worth of the Investment Managed and meet the eligibility criteria prescribed under the securities and Exchange Board of India (Mutual Fund) Regulations, 1996. The Sponsor is not responsible or liable for any loss or short fall resulting from the operation of the schemes beyond the initial contribution made by it towards setting up the Mutual Fund. Trust The Mutual Fund is constituted as a trust in accordance with the provisions of the Indian Trusts Act, 1882 by the Sponsor. The trust deed is registered under the Indian Registration Act, 1908. Trustee Trustee is usually a company (Corporate body) or a Board of Trustees (body of individuals). The main responsibility of the trustee is to safeguard the interest of the unit holders and inter alia ensure that the AMC functions in the interest of investors and in accordance with the securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the provisions of the Trust Deed and the Offer Documents of the respective Schemes.

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At least 2/3rd directors of the Trustee are independent directors who are not associated with the Sponsor in any manner.

CUSTODIANS OF MUTUAL FUNDS:Mutual funds run by the subsidiaries of the nationalized banks had their respective sponsor banks as custodians like Canara bank, SBI, PNB, etc. Foreign banks with higher degree of automation in handling the securities have assumed the role of custodians for mutual funds. With the establishment of Stock Holding Corporation of India the work of custodian for mutual funds is now being handled by it for various mutual funds. Besides, industrial investment trust company acts as subcustodian for Stock Holding Corporation of India for domestic schemes of UTI, BOI MF, LIC MF, etc Fee structure:Custodian charges range between 0.15% to 0.20% on the net value of the customers holding for custodian services space is one important factor which has fixed cost element.

RESPONSIBILITY OF CUSTODIANS: Receipt and delivery of securities

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 Holding of securities. Collecting income Holding and processing cost Corporate actions etc

RATE OF RETURN ON MUTUAL FUNDS:An investor in mutual fund earns return from two sources: Income from dividend paid by the mutual fund.

Capital gains arising out of selling the units at a price higher than the acquisition price.

NEED OF THE STUDY The projects idea is to project Mutual Fund as a better avenue for investment on a long-term or short-term basis. Mutual Fund is a productive package for a lay-investor with limited finances, this project creates an awareness that the Mutual Fund is a worthy investment practice. Mutual Fund is a globally proven instrument. Mutual Funds are Unit Trust as it is called in some parts of the world has a long and successful history, of late Mutual Funds have become a hot favorite of millions of people all over the world.

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The driving force of Mutual Funds is the safety of the principal guaranteed, plus the added advantage of capital appreciation together with the income earned in the form of interest or dividend. The various schemes of Mutual Funds provide the investor with a wide range of investment options according to his risk bearing capacities and interest besides; they also give handy return to the investor. Mutual Funds offers an investor to invest even a small amount of money, each Mutual Fund has a defined investment objective and strategy. Mutual Funds schemes are managed by respective asset managed companies sponsored by financial institutions, banks, private companies or international firms. A Mutual Fund is the ideal investment vehicle for todays complex and modern financial scenario. The study is basically made to analyze the various open-ended equity and balanced schemes of different Asset Management Companies to highlight the diversity of investment that Mutual Fund offer. Thus, through the study one would understand how a common man could fruitfully convert a pittance into great penny by wisely investing into the right scheme according to his risk taking abilities. SCOPE The study here has been limited to analyze open-ended equity Growth schemes of different Asset Management Companies namely Reliance Mutual Fund Fund, ICICI SIP`s and Mahindra

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Fixed Deposits scheme is analysed according to its performance against the other.

OBJECTIVE OF THE PROJECT:

To give a brief idea about the benefits available from Mutual Fund investment. To give an idea of the types of schemes available. To discuss about the market trends of Mutual Fund investment. To study some of the mutual fund schemes and analyze them. Observe the fund management process of mutual funds. Explore the recent developments in the mutual funds in India.

INVESTOR PROFILE An investor normally prioritizes his investment needs before undertaking an investment. So different goals will be allocated to different proportions of the total disposable amount. Investments for specific goals normally find their way into the debt market as risk reduction is of prime importance, this is the area for the risk-averse investors and here, Mutual Funds are generally the best option. One can avail of the benefits of better

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returns with added benefits of anytime liquidity by investing in open-ended debt funds at lower risk, this risk of default by any company that one has chosen to invest in, can be minimized by investing in Mutual Funds as the fund managers analyze the companies financials more minutely than an individual can do as they have the expertise to do so. Moving up the risk spectrum, there are people who would like to take some risk and invest in equity funds/capital market. However, since their appetite for risk is also limited, they would rather have some exposure to debt as well. For these investors, balanced funds provide an easy route of investment, armed with expertise of investment techniques, they can invest in equity as well as good quality debt thereby reducing risks and providing the investor with better returns than he could otherwise manage. Since they can reshuffle their portfolio as per market conditions, they are likely to generate moderate returns even in pessimistic market conditions.

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Next comes the risk takers, risk takers by their nature, would not be averse to investing in high-risk avenues. Capital markets find their fancy more often than not, because they have historically generated better returns than any other avenue, provided, the money was judiciously invested. Though the risk associated is generally on the higher side of the spectrum, the return-potential compensates for the risk attached.

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

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TYPES OF SCHEMES: Equity/Growth Schemes: 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. Debt/Income Schemes: The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. Sector Specific Schemes: These are the funds/schemes which invest in the securities of only those sectors or industries as specified in the offer documents. E.g. Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent on the performance of the respective sectors/industries. While these funds may give higher returns, they are more risky compared to diversified funds. Balanced Schemes
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These schemes seek to achieve long-term capital appreciation with stability of investment and current income from a balanced portfolio of high quality equity and fixed-income securities. Balanced fund is also known as hybrid fund. It is a type of mutual fund that buys a combination of common stock, preferred stock, bonds, and short-term bonds, to provide both income and capital appreciation while avoiding excessive risk. Balanced funds provide investor with an option of single mutual fund that combines both growth and income objectives, by investing in both stocks (for growth) and bonds (for income). Such diversified holdings ensure that these funds will manage downturns in the stock market without too much of a loss. But on the flip side, balanced funds will usually increase less than an all-stock fund during a bull market. WE CAN ALSO INVEST IN MUTUAL FUND THROUGH: Direct

Under the Direct investment Facility, an NRI can freely invest in any equity / debt scheme from NRE, NRO account or by way of foreign exchange remittance from abroad, in Indian Rupees.

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 Systematic Investment Plan (SIP) An SIP is a method of investing a fixed sum, on a regular basis, in a mutual fund scheme. It is similar to regular saving schemes like a recurring deposit. An SIP allows one to buy units on a given date each month, so that one can implement a saving plan for themselves. A SIP can be started with as small as Rs 500 per month in ELSS schemes to Rs 1,000 per month in diversified equity schemes. Buy low sell high, just four words sum up a winning strategy for the stock markets. But timing the market is not easy for everyone. In timing the markets one can miss the larger rally and may stay out while the markets were doing well. Therefore, rather than timing the market, investing month after month will ensure that one is invested at the high and the low, and make the best out of an opportunity that could be tough to predict in advance. Fixed deposit Fixed deposit is a money deposit at a banking institution that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money. Money may be placed with a bank,
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merchant bank, building society or credit union for a fixed term at a fixed rate of interest which remains unchanged during the period of the deposit. Depositors may have to accept an interest penalty if they break the deposit, i.e., ask to take the money out before the agreed period has expired. Apart from these there are 4 types of fund: Open-ended Fund 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 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
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route to the investors, some close-ended funds give an option of selling back the units to the mutual fund through periodic repurchase at NAV related prices. Load or no-load Fund

A Load Fund is one that charges a percentage of NAV for entry or exit. That is, each time one buys or sells units in the fund, a charge will be payable. This charge is used by the mutual fund for marketing and distribution expenses. Suppose the NAV per unit is Rs.10. If the entry as well as exit load charged is 1%, then the investors who buy would be required to pay Rs.10.10 and those who offer their units for repurchase to the mutual fund will get only Rs.9.90 per unit. Efficient funds may give higher returns in spite of loads. A no-load fund is one that does not charge for entry or exit. It means the investors can enter the fund/scheme at NAV and no additional charges are payable on purchase or sale of units.

FORMULATION AND REGULATION

1.

Mutual funds are to be established in the form of trusts under the Indian trusts act and are to be operated by separate asset management companies (AMC s) AMCs shall have a minimum Net worth of Rs. 5 crores;

2.

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3. AMCs and Trustees of Mutual Funds are to be two separate legal entities and that an AMC or its affiliate cannot act as a manager in any other fund; 4. Mutual funds dealing exclusively with money market instruments are to be regulated by the Reserve Bank Of India.
5.

Mutual fund dealing primarily in the capital market and also partly money market instruments are to be regulated by the Securities Exchange Board Of India (SEBI) All schemes floated by Mutual funds are to be registered with SEBI.

6.

Investment norms:1. No mutual fund, under all its schemes can own more than five percent of any companys paid up capital carrying voting rights; 2. No mutual fund, under all its schemes taken together can invest more than 10 percent of its funds in shares or debentures or other instruments of any single company; 3. No mutual fund, under all its schemes taken together can invest more than 15 percent of its fund in the shares and debentures of any specific industry, except those schemes which are specifically floated for investment in one or more specified industries in respect to which a declaration has been made in the offer letter.
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4. No individual scheme of mutual funds can invest more than five percent of its corpus in any one companys share; 5. Mutual funds can invest only in transferable securities either in the money or in the capital market. Privately placed debentures, securitized debt, and other unquoted debt, and other unquoted debt instruments holding cannot exceed 10 percent in the case of growth funds and 40 percent in the case of income funds.

Distribution: Mutual funds are required to distribute at least 90 percent of their profits annually in any given year. Besides these, there are guidelines governing the operations of mutual funds in dealing with shares and also seeking to ensure greater investor protection through detailed disclosure and reporting by the mutual funds. SEBI has also been granted with powers to over see the constitution as well as the operations of mutual funds, including a common advertising code. Besides, SEBI can impose penalties on Mutual funds after due investigation for their failure to comply with the guidelines.

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CHAPTER 5 LITERATURE REVIEW

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Aggarwal & Gupta (2007) has done an empirical study on performance of mutual Fund in India, According to them While the global Mutual Fund continues to grow by leaps and bounds, the research on Mutual Fund has been confined to only a few developed markets, with USA always getting a special attention. Although emerging markets such as India has attracted the attention of investors all over the world, they have remained devoid of much systematic research, especially in the area of Mutual Funds. In an effort to plug this gap, the present study sought to check the performance of Mutual Funds operations in India. In this regard, quarterly returns performance of all equitydiversified Mutual Funds during the period from January 2002 to December 2006 was tested. Analysis was carried out with the help of Capital Asset Pricing Model (CAPM) and Fama-French Model. Amidst contrasting findings from the application of the two models, the study calls for further research and insights into the interplay between the performance determinant factor portfolios and their effect on Mutual Fund returns. Jay Korn (2009) According to him Mutual Funds are Down but not out on July 1st 2009 which explains the concept of mutual funds and their performance in the year 2008. This article begins with explaining the risks and problems associated with putting your entire trust in one person i.e.; - the fund manager and the intricacies involved in such cases. Economies cycle,
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investment markets alternate from bull to bear and the tides ebb and flow. For mutual funds, 2008 was the year of the ebb tide: Long-term funds (excluding money market funds) saw net outflows of $226 billion, according to the Investment Company Institute (ICI), paced by huge redemptions of stock funds in the second half of the year. The carnage continued in the first quarter of 2009, when an additional $43 billion flowed out of equity funds. Although virtually all types of investments have suffered recently, mutual funds face more ingrained problems. "Equity funds have underperformed, while bond funds are expensive, relative to yields," says Chip Roame, managing principal of Tiburon Strategic Advisors, a financial services research firm in Tiburon, Calif. "In addition, mutual funds face increasing competition from separately managed accounts and especially from exchange-traded funds." In May, San Francisco-based Grail Advisors introduced the first actively managed ETF. And the one type of mutual fund that has remained popular during the market downturntarget-date fundsis under new regulatory scrutiny for its disastrous performance during the recent recession. Maranjian Selena (2009) According to her Mutual Funds Are Finally Un-Loading on June 26, 2009. In 2008, the stock market's big drop took most stock funds down with it. And the word "most" really doesn't reflect the magnitude of the majority.
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There are more than 8,000 mutual funds out there, and out of all of the ones focused on U.S. stocks, only one ended 2008 in the black, according to The Wall Street Journal. That would be Forester Value (FVALX), which rode holdings including Kraft Foods (NYSE: KFT), Johnson & Johnson (NYSE: JNJ), and Heinz (NYSE: HNZ) to a 0.4% gain in 2008. The big drop cost the fund industry trillions in assets under management. Moreover, in response to the market's fall, investors took a net $234 billion out of stock mutual funds in 2008, reversing inflows of $91 billion in 2007, according to the Investment Company Institute. Savage Steve (2009), has explained the Picking Up The Winner For months now, the economy has been in dire straits. As it begins to resettle, both businesses and consumers are getting serious about their efforts to deleverage. They will undoubtedly borrow and spend less in the years ahead, leaving the outlook for corporate earnings and stock returns muted. But despite this dismal forecast, many fund managers are finding outstanding opportunities at the individual stock level, even after factoring in the negative corporate environment. These two views aren't necessarily at odds. Occasionally, periods are driven by economic extremes (such as the financial meltdown last year or the bursting of the tech bubble in 2000). During these times, stock prices become disconnected from fundamentals
47

(even admittedly, bad fundamentals). And as we've seen in the current meltdown, this results in the under pricing of some stocks and the overpricing of others. Ultimately, these mispricing must be corrected, which can create a great opportunity for skilled active managers. According to SEBI, Professional Rating of market

intermediaries, as a concept, is a matter of debate and discussions. The need for rating is felt not only from the point of view of greater disclosure requirements for investors interests, considering the important role such intermediaries play, being an interface between investors and exchanges but also from the point of view of measuring the adequacy of systems and controls to meet internal as well as external compliance requirements. So that need for Intermediaries Rating services (Brokers), In view of the developments that are taking place in the capital markets, the need to constantly upgrade and improve systems and procedures in operation as well as skill sets has gained considerable importance. Besides compliance with regulatory requirements both in letter 42 and spirit has assumed significance so as to mitigate risk and ensure adequate protection of investors interest. And Rating objectives / benefits are rated entity would be in a position to brand its image and capitalize the same for generating more business. In a nutshell, the product may accrue significant benefits to all stakeholders including the investors, stock brokers themselves, the regulator and others who will benefit from the
48

transparency and the consequential focus on efficiency. According to SEBI and Intermediaries Regulation and Supervision Department, different factors are consider for rating process Organization structure, Policy on Investors interest, Risk Management Policy and System, Organization process and procedures, Management policy on compliance, Financials, History/Background, Firms positioning. According to Michal Parness, Founder & CEO Investors dont Make Money in the Stock Market. One reason the institutions make so much money 43 is that they are trading. They make money every time you buy or sell. They make money whether you win or lose. That means that when youre investing, youre basically just sitting there. Youre not going anywhere. Youre not making money as an investor. Trading the Trend: The Only Way to Make Money in the Market If you dont know this already, Trend Trading means trading trends based on human emotions. Not lagging indicators. Not complex statistical analysis and not Ph.D. level mathematical equations. With trend trading, you look for market movement. That could mean stocks that are going to move up or down during the course of a day (intraday). Youll play the gaps up and down, often several days a week.

CHAPTER 6

49

RESEARCH METHODOLOGY

RESEARCH METHODOLOGY
50

PROBLEM DEFINITION The topic of the internship project was to give clients or customer detail information of mutual fund and convince them to invest. Therefore, the problem was to understand the segments of customers. Also, the problem included the understanding the various parameters to understand the behavior of different customers. There are various parameters related to customers which are to be taken care of, before customers invest. Things like whether the customer is salaried, self-employed etc, his financial tracks, residence stability, financial position, long- term, short- term liabilities, assets, need to be understood well in order to undertake the project.

APPROACH TO THE PROBLEM

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The project was started taking into mind various parameters that are to be looked upon while convincing the client to invest in mutual fund. Our consideration was to firstly, check the whether he is businessman or a service man then accordingly we select the best fund suits his mind and then convince them to invest .These research would help in future as businessman like more to invest in LUMSUMS as compared to salaried people demand SIP`s. SOURCES OF DATA COLLECTION The data collected for the project mainly included field investigations of customers. The sources of data collection were PRIMARY. The customers perception towards mutual funds was evaluated through questionnaire. SECONDARY DATA : It has been collected from various books and Internet sites. Researcher has adopted this method of data collection, as the researcher liters no access to magazines and journal but a plenty of material was available on the Internet sites. Sample: Due to time and resource constraints, the sample of the study is taken as one and the technique of sampling adopted is: convenient sampling. 1. Primary Sources Questionnaire 2.Secondary sources

52

 Internet Brochures, Pamphlets

LIMITATIONS OF THE STUDY 1. The study is limited only to the analysis of different schemes and its suitability to different investors according to their risk-taking ability. 2. The study is based on secondary data available from monthly fact sheets, websites and other books, as primary data was not accessible.
3.

The study is limited by the detailed study of various schemes of a few Asset Management Companies.

The primary data was then organized into excel sheets in order to gain insights about the data, the pattern that is being followed. The insights obtained from data were like it was observed that most of the businessman prefers to invest in lump-sum while the service class people preferred SIPs with regular return.

TYPE OF RESEARCH DESIGN

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The research design which was used in the research was SINGLE CROSS SECTIONAL DESIGN. Single cross sectional design is the one in which there is only one sample of respondents and the information from the sample is obtained only once. research one sample were considered from west Delhi. In this

SAMPLE FOR THE SURVEY Target Population is defined as follows :

Population :Service and business class people Sample Size : who have PAN CARD. Sampling Technique: Convenience Sampling

Demographic Profile of Sample Randomly Selected People

Convenience Sampling is a non-probability sampling technique that attempts to obtain sample of convenient elements. The

selection of sampling units is primarily at the disposal of the researcher.

Chapter 7

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DATA ANALYSIS & INTERPRETATION

Occupation:
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Businessman Professional Service Housewife Student Retired Other

8 0 14 1 1 0 0

INTERPRETATION: After analyzing the data it was found that 8 people are businessman, 14 are in services, 1 respondent each is in student and housewife category. And there are no responses of retired, professionals and others. Type of Firm/Company Employed:

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Private Ltd

Shop

Public Ltd

Govt. Employee

13

10

INTERPRETATION: After analyzing the data it was found that there are 13 private ltd companies,10 are proprietors and 1 each are in public ltd companies and government employees. Annual Income Slab(Rs):

< 1 lac 4

1-2.5 lacs 11

2.5-5 lacs 3

5-10 lacs 4

>10 lacs 0

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INTERPRETATION: After analyzing the data it was found that there are 4 people who have their income less than1 lac and 11, 3 and 4 have their income 1-2.5 lacs,2.5-5 lacs,5-10 lacs respectively. Average Annual Savings:

0-30000 8

30000-60000 6

60000-90000 1

>90000 6

4 didnt disclose

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INTERPRETATION: After analysizing the data, it is found that there are 8 people who have average annual savings up to 30000,6 of them have savings between 30000-60000 and above 90000,and only 1 person has an average annual savings between 60000-90000. Where all do they invest?

S.No.

Instruments

No. of People

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1 2 3 4 5 6 7 8

Bank deposit Insurance Post office Mutual fund Equity Market Company Fixed Deposit Precious Metals Real estate/land

16 13 1 1 0 0 2 2

INTERPRETATION: After analyzing the data it was found that 16 people invest in bank deposit, 13 people invest in insurance, 1 each in post office and mutual fund,2 each in precious metals and real estate and no one is interested in investing in equity market and company fixed deposit.

How did you come to know about Mutual Fund?

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Advertise ment 18 Agent 1 Friend 6 Relative 0

INTERPRETATION: After analyzing the data, it has been found that 18 people are aware about mutual funds through advertisements,6 of them knew about it through friends,1 from agent and no one from relatives.

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If aware and invested then Preference for Mutual Fund as an Investment:

S. No. 1 2 3

Investment Option Higher returns Safety No expertise required

No. of People 3 5 2

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INTERPRETATION: According to the data, people prefer to invest in mutual funds more for safety reasons than for earning higher returns and expertise purposes. If aware and not invested

Why Mutual Funds are not preferred?

S.No 1 2 3 4

Reasons High risk

No of people 3

Nobody approached 3 Equities give better 1 returns No guarantee return of 1

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INTERPRETATION: According to the data given, it is analyzed that in spite of knowing about mutual funds, a majority of people do not invest in it for it is more risky in nature and they are not even approached to do so and the others think that it doesnt have better or guaranteed returns. If not aware then

Are they interested to know more about MF?

S.No. 1 2

Options Yes No

No of respondents 17 8

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INTERPRETATION: The data shows that a huge bunch of people want to know more about mutual funds.

If yes, Are they interested to attend seminar on investment?

S.No. 1 2

Options Yes No

No. of people 6 11

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INTERPRETATION: After analyzing the data, it is found that in spite of interested in knowing more about mutual funds, people do not want to attend any seminar to learn how to invest best in it.

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CHAPTER 8 CONCLUSION

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CONCLUSION:The project was undertaken in the INDIAINFOLINE Ltd. The key learnings from the project were1. 2.

I get to know customer perception about Mutual fund. Various parameters that are to be considered while

ascertaining the behaviour of the customer.

3.

The project gave insights to the target customers of Mutual

Fund.
4.

The project helped me to ascertain the maximum amount

mutual fund investor is ready to take is depending upon his income.

PURPOSE OF INTERNSHIP AT THE COMPANY

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The purpose of internship was to gain exposure of the corporate world that is how work is carried out actually. It provides us with the means through which we can apply theoretical knowledge to practical situations. It acts as a platform where we can gain knowledge and experience through practical application. My purpose of internship was to learn about mutual funds and its type and then give my knowledge to customers and preparing new clients for which I also done a survey in which I come to know various habits of customer abilities to invest and on the basis of customer ability we select the particular fund in which he should invest in.

RESPONSIBILITIES AND CHALLENGES During my internship at India Infoline I was given the responsibility to give clients knowledge about the mutual fund because have lots of myth about mutual fund that its not save and some think that its not trust worthy in investing in mutual fund. During this period I faced many challenges like how should I convince the client and how should I grant information so that he get clear information of mutual fund,

ACHIEVEMENTS
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The summer internship at India Infoline was a great experience. I got to see a glimpse of the corporate world. The organization gave me the opportunity to analyze myself and I got to know where I stand. I realized what all kinds of improvements I need to make in myself, both professionally and to some extent personally also. I learnt a lot of things about the corporate culture. I learnt basic corporate etiquettes as well. I learnt how to behave professionally, how to interact with ones seniors, peers, subordinates etc. in an organization. Its not only the theoretical work, but also the corporate communication, which matters in an organization. The corporate communication, interactions etc. need to be perfect to allow proper functioning of the organization. Also, I could imbibe things like time management, team building, project management, interpersonal skills etc. during my summer internship. Apart from these key learnings, I was able to understand behavior of different customers. Therefore, my internship was fruitful as I consider my learnings to be my achievements and I can say that my summer internship taught me a lot of things, which are going to be very helpful in my future.

BUSINESS EXPERIENCE

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The business experience I gained from INDIA INFOLINE LTD was Positive. Further, interactions with my mentor in the organization and with other staff members also enhanced my interpersonal skills. Also, the way the members of the organization work together, added up to the knowledge of my team-building and team-working skills. Hence, I can say, I learnt a lot during my summer internship at IIFL. And, my experience was very enlightening and wonderful. Doing my internship in such a reputed organization made me more confident and pragmatic person.

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CHAPTER 9 RECOMMENDATION

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The Asset Management Company must design the portfolio in such a way, to lessen the risk that is common in the market.

Moreover ASM should also allocate the resources efficiently and invest them properly as it will help to build or increase the goodwill of the company. The companies need to market their products in such a way so that it reaches each & every potential customer. It means that promotional strategy should be used more like advertisement etc to increase consumer awareness.

Company should do SWOT analysis that is knowing its strengths , weaknesses, opportunities and technology, its very important for the company to do as it help company knowing its competitors and strengths. As now a days more and more new technologies is being entering into the market , so company should keep itself well up to date so that company is not using obsolete technologies.

As we cannot meet all our clients personally so we should appoint more numbers of agents for company Agents should be well qualified; he must have good communication skills as it is important for doing this kind of job.

Agent should be such that client understand clearly all the aspects in which he is investing and left with no queries. More and more surveys should be done so that we get to know more segments of people as doing my surveys I get to
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know that service class people are more indulged in fixed deposits in bank as compared to business class people. Every customer should be given detailed knowledge and also provided with long term benefit of customer investing in mutual funds. Once customer is ready to invest in our company, now he is a part of a company if he has any problem we should lays be there to help them in any manner we can.

Customer should be provided with the statements Sass etc which is necessary to give him weekly updates of its funds or deposits. Company should not invest all its earnings in investment some part of earnings should be kept as contingencies, its helps company during crisis.

Mahindra should add more companies into his list to increase the share of business in this competitive world. For the customers or investors they should not put all the eggs in one basket. Depending on ones goals and ones attitude towards risk, an investor should spread his money across different types of investment equities, bonds and cash. An investor should also try to diversify within each of these categories. With equities, for example a mutual fund will invest your money in a variety of companies but you may want to ensure you have a range of industry sectors too.

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 Bear in mind that inflation will eat into investors savings. Returns on risk-free cash investments may sound respectable, but when you subtract the current rate of inflation you may not be so impressed. For significant long term growth you need to make your money work a little harder. Investing regularly can be a great way to build up a significant lump sum. The investor can also benefit from what is known as the concept of Rupee cost averaging. This means that, if an investor is investing in a mutual fund, over the years he will pay the average price for units. If the market goes up, the unit one already own will increase in value. If the market goes down, the next installment to be paid by the investor will fetch him more units.

Remember it is not the market timing but the time in the market that matters. Compounding of returns will fetch investors better return.

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CHAPTER 10 BIBLIOGRAPHY

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BIBLIOGRAPHY

Aggarwal Navdeep & Gupta Mohit (2007), Performance of Mutual Funds In India An Empirical Study, ICFAI Journal of Applied Finance.

http://www5paisa.com http://wwwindiainfoline.com http://mutualfund.com

CHAPTER 11 ANNEXURES

ANNEXURE I Equity Fund is the one in which much of the portfolio is invested in corporate securities and Debt Fund is the one in which much of the portfolio is invested in Gilt and money market securities.

In an Open-ended Mutual Fund, there are no limits on the total size of the corpus. Investors are permitted to enter and exit the
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open-ended Mutual Fund at any point of time at a price that is linked to the net asset value (NAV). In case of Closed-ended funds, the total size of the corpus is limited by the size of the initial offer.

A Dividend plan entails a regular payment of dividend to the investors. A Re-investment plan is a plan where these dividends are reinvested in the scheme itself. A Growth plan is one where no dividends are declared and investor only gains through capital appreciation in the NAV of the fund.

NAV is the net asset value of the fund. Simply put it reflects what the unit held by an investor is worth at current market prices. The broad guidelines issued for a Mutual Fund: SEBI is the regulatory authority of Mutual Funds. SEBI has the following broad guidelines pertaining to Mutual Funds: Mutual Funds should be formed as a trust under Indian Trust Act and should be operated by Asset Management Companies. Mutual Funds need to set up a Board of Trustee Companies. They should also have their Board of Directories.

78

The net worth of the Asset Management Company should be at least Rs.10 crores. Asset Management Companies and Trustees of a MF should be two separate and distinct legal entities. The Asset Management Companies or any of its companies cannot act AS managers for any other fund. Asset Management Company has to get the approval of SEBI for its articles and Memorandum of Association. All Mutual Fund Schemes should be registered with SEBI.

ANNEXURE II: QUESIONNAIRE

CRITERIA OF INVESTMENTS BY INDIVIDUALS

Name Address Email Id Contact No

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1) Occupation - Businessman - Professional -Finance -Medical -Legal -Engineering

- Service -Government -Non Government

- Housewife - Student - Retired - Other

2) Type of firm/Company Employed

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Private limited Shop/Proprietor Public limited Government Employee

3) Annual Income Slab(Rs) - <1 lac - 1-2.5 lacs - 2.5-5 lacs - 5-10 lacs - >10 lacs

4) Average Annual Savings- 0-30,000 - 30,000-60,000 - 60000-90,000 - >90,000

5) Where all do you invest?

S. no. 1

Instruments Bank deposit

Amount

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2 3 4 5 6 7 8

Insurance Post office Mutual fund Equity market Precious metals Company deposit fixed

Real estate/land

6) How did you come to know about Mutual Fund? - Advertisement - Agent - Friend - Relative

If aware and invested then

6a) Why did you invest in Mutual Fund? -Higher returns -Safety -No expertise required

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If aware and not invested 6b) Why didnt you invest in Mutual Fund? -High risk -Nobody approached -Equities give better returns -No guarantee of returns If not aware then

7a) Are you interested to know more about Mutual Fund? -Yes -No

If yes,

7b) Are you interested to attend the seminar on investment? -Yes -No

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