Servey Report

CONTENTS
INTRODUCTION COMPANY PROFILE TOPIC OBJECTIVES RESEARCH METHODOLOGY ANALYSIS FINDINGS SUGGESTIONS LIMITATIONS BIBLIOGRAPHY ANNEXURE
SCHOOL OF MANAGEMENT SCINCES VARANASI
INTRODUCTION
INTRODUCTION TO MUTUAL FUND

Mutual fund is a trust that pools the savings of a number of investors who share a common financial goal. This pool of money is invested in accordance with a stated objective. The joint ownership of the fund is thus Mutual, i.e. the fund belongs to all investors. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion 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. A Mutual Fund is an investment tool that allows small investors access to a well-diversified portfolio of equities, bonds and other securities. Each shareholder participates in the gain or loss of the fund. Units are issued and can be redeemed as needed. The funds Net Asset value (NAV) is determined each day.
The flow chart below describes broadly the working of a mutual fund:
Mutual Fund Operation Flow Chart
Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time. Mutual fund issues units to the investors in accordance with quantum of money invested by them. Investors of mutual funds are known as unit holders.
A mutual fund is just the connecting bridge or 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 gathered money into specific securities (stocks or bonds). When you invest in a mutual fund, you are buying units or portions of the mutual fund and thus on investing becomes a shareholder or unit holder of the fund.
Mutual funds are considered as one of the best available investments as compare to others they are very cost efficient and also easy to invest in, thus 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, by minimizing risk & maximizing returns.
ORGANISATION OF A MUTUAL FUND:
ADVANTAGES OF MUTUAL FUND

Portfolio Diversification Professional management Reduction / Diversification of Risk Liquidity Flexibility & Convenience Reduction in Transaction cost Safety of regulated environment Choice of schemes Transparency
DISADVANTAGE OF MUTUAL FUND

No control over Cost in the Hands of an Investor No tailor-made Portfolios Managing a Portfolio Funds Difficulty in selecting a Suitable Fund Scheme
HISTORY OF THE INDIAN MUTUAL FUND INDUSTRY

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. Though the growth was slow, but it accelerated from the year 1987 when non-UTI players entered the Industry.
In the past decade, Indian mutual fund industry had seen a dramatic improvement, both qualities wise as well as quantity wise. Before, the monopoly of the market had seen an ending phase; the Assets Under Management (AUM) was Rs67 billion. The private sector entry to the fund family raised the Aum to Rs. 470 billion in March 1993 and till April 2004; it reached the height if Rs. 1540 billion.
The Mutual Fund Industry is obviously growing at a tremendous space with the mutual fund industry can be broadly put into four phases according to the development of the sector. Each phase is briefly described as under.
First Phase 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament by the 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 Baroda Mutual Fund (Oct 92). LIC established 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)

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 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. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores.
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 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. consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.
CATEGORIES OF MUTUAL FUND:
Mutual funds can be classified as follows:

Based on their structure
1-Open-ended funds: Investors can buy and sell the units from the fund, at any point of time. 2-Close-ended funds: These funds raise money from investors only once. Therefore, after the
offer period, fresh investments can not be made into the fund. If the fund is listed on a stocks exchange the units can be traded like stocks (E.g., Morgan Stanley Growth Fund). Recently, most of the New Fund Offers of close-ended funds provided liquidity window on a periodic basis such as monthly or weekly. Redemption of units can be made during specified intervals. Therefore, such funds have relatively low liquidity.
Based on their investment objective:

1-Equity funds: These funds invest in equities and equity related instruments. With fluctuating
share prices, such funds show volatile performance, even losses. However, short term fluctuations in the market, generally smoothens out in the long term, thereby offering higher returns at relatively lower volatility. At the same time, such funds can yield great capital appreciation as, historically, equities have outperformed all asset classes in the long term. Hence, investment in equity funds should be considered for a period of at least 3-5 years.
Equity funds can be further classified as:
i) Index funds- In this case a key stock market index, like BSE Sensex or Nifty is tracked. Their
portfolio mirrors the benchmark index both in terms of composition and individual stock weights.
ii) Equity diversified funds- 100% of the capital is invested in equities spreading across
different sectors and stocks.
iii) Dividend yield funds- it is similar to the equity diversified funds except that they invest in
companies offering high dividend yields.
iv)Thematic funds- Invest 100% of the assets in sectors which are related through some theme.
e.g. -An infrastructure fund invests in power, construction, cements sectors etc.
v) Sector funds- Invest 100% of the capital in a specific sector. e.g. - A banking sector fund will
invest in banking stocks.
vi) ELSS- Equity Linked Saving Scheme provides tax benefit to the investors.
2-Balanced fund: Their investment portfolio includes both debt and equity. As a result, on the
risk-return ladder, they fall between equity and debt funds. Balanced funds are the ideal mutual funds vehicle for investors who prefer spreading their risk across various instruments.
Following are balanced funds classes:

i) Debt-oriented funds -Investment below 65% in equities. ii) Equity-oriented funds -Invest at least 65% in equities, remaining in debt.
3-Debt fund: They invest only in debt instruments, and are a good option for investors averse to
idea of taking risk associated with equities. Therefore, they invest exclusively in fixed-income instruments like bonds, debentures, Government of India securities; and money market instruments such as certificates of deposit (CD), commercial paper (CP) and call money. Put your money into any of these debt funds depending on your investment horizon and needs.
Following are balanced funds classes:
i) Liquid funds- These funds invest 100% in money market instruments, a large portion being
invested in call money market.
ii) Gilt funds ST- They invest 100% of their portfolio in government securities of and T-bills. iii) Floating rate funds - Invest in short-term debt papers. Floaters invest in debt instruments
which have variable coupon rate.
iv) Arbitrage fund- They generate income through arbitrage opportunities due to mis-pricing
between cash market and derivatives market. Funds are allocated to equities, derivatives and money markets. Higher proportion (around 75%) is put in money markets, in the absence of arbitrage opportunities.
v) Gilt funds LT- They invest 100% of their portfolio in long-term government securities. vi) Income funds LT- Typically, such funds invest a major portion of the portfolio in long-term
debt papers.
vii) MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and an exposure of
10%-30% to equities.
viii) FMPs- fixed monthly plans invest in debt papers whose maturity is in line with that of the
fund.
INVESTMENT STRATEGIES
1. Systematic Investment Plan: under this a fixed sum is invested each month on a fixed
date of a month. Payment is made through post dated cheques or direct debit facilities. The investor gets fewer units when the NAV is high and more units when the NAV is low. This is called as the benefit of Rupee Cost Averaging (RCA)
2. Systematic Transfer Plan: under this an investor invest in debt oriented fund and give
instructions to transfer a fixed sum, at a fixed interval, to an equity scheme of the same mutual fund.
3. Systematic Withdrawal Plan: if someone wishes to withdraw from a mutual fund then he
can withdraw a fixed amount each month.
RISK V/S. RETURN:
FREQUENTLY USED TERMS Net Asset Value (NAV)

Net Asset Value is the market value of the assets of the scheme minus its liabilities. The per unit NAV is the net asset value of the scheme divided by the number of units outstanding on the Valuation Date.
Sale Price
Is the price you pay when you invest in a scheme. Also called Offer Price. It may include a sales load.
Repurchase Price
Is the price at which units under open-ended schemes are repurchased by the Mutual Fund. Such prices are NAV related.
Redemption Price
Is the price at which close-ended schemes redeem their units on maturity. Such prices are NAV related.
Sales Load
Is a charge collected by a scheme when it sells the units. Also called, Front-end load. Schemes that do not charge a load are called No Load schemes.
Repurchase or Back-endLoad
Is a charge collected by a scheme when it buys back the units from the unitholders.
PLAYERS OF INDIAN MUTUAL FUND INDUSTRY1. AIG Global Investment Group 2. Baroda Pioneer 3. Benchmark 4. Bharti Axa 5. Birla Sun Life 6. Canara Robeco 7. DBS Chola 8. Deutsche 9. DSP Blackrock 10. Edelweiss 11. Escort 12. Fidelity 13. Fortis 14. Franklin Temp. 15. HDFC 16. HSBC 17. ICICI Prudential 18. IDFC 19. ING 20. JM Finance 21. JP Morgan 22. Kotak Mahindra 23. LIC 24. Mirae Asset 25. Morgan Stanley 26. Principal 27. Quantum 28. Reliance Cap. 29. Religare 30. Sahara 31. SBI 32. Sundaram Bnp Paribas 33. TATA 34. Taurus 35. UTI
COMPANY PROFILE
Type - Private Conglomerate Founded - 1966 as Reliance Commercial Corporation Headquarters
- Navi Mumbai , Maharastra, India - Anil Ambani, Chairman
Key people
Industry - Energy, Telecommunications, Finance, Media Products Electricity, Wireless services, Bonds, Movies Website - www.RelianceADAgroup.com
The Reliance Anil Dhirubhai Ambani Group is among Indias top three private sector business houses on all major financial parameters, with a market capitalization of Rs.325,000 crores (US$ 81 billion), net assets in excess of Rs.115,000 crores (US$ 29 billion), and net worth to the tune of Rs.55,000 crores (US$ 14 billion)
Across different companies, the group has a customer base of over 100 million, the largest in India, and a shareholder base of over 12 million, among the largest in the world.
Through its products and services, the Reliance - ADA Group touches the life of 1 in 10 Indians every single day. It has a business presence that extends to over 20000 towns and 4.5 lakhs villages in India, and 5 continents across the world.
The interests of the Group range from communications (Reliance Communications) and financial services (Reliance Capital Ltd), to generation, transmission and distribution of power (Reliance Energy), infrastructure and entertainment.
Group Philosophy - Vision

To build a global enterprise for all our stakeholders, and A great future for our country, To give millions of young Indians the power to shape their destiny, The means to realize their full potential
RELIANCE ADA GROUP COMPANIES

Reliance Communications Reliance Capital Reliance Infrastructure Reliance Power Reliance Big Entertainment Reliance Health Other Business
RELIANCE CAPITAL
Reliance Capital Limited (RCL) is a Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India under section 45-IA of the Reserve Bank of India Act, 1934. RCL was incorporated as a public limited company in 1986 and is now listed on the Bombay Stock Exchange and the National Stock Exchange (India).
RCL has a net worth of over Rs 3,300 crore and over 165,000 shareholders. On conversion of outstanding equity instruments, the net worth of the company will increase to about Rs 4,100 crore. It is headed by Anil Ambani and is a part of the Reliance ADA Group.
Reliance Capital ranks among the top 3 private sector financial services and banking companies, in terms of net worth.
Reliance Mutual Fund is India's no.1 Mutual Fund. Reliance Life Insurance is one of India's fastest growing life insurance company and among the top 4 private sector insurers. Reliance General Insurance is one of India's fastest growing general insurance company and among the top 3 private sector insurers. Reliance Money is the largest brokerage and distributor of financial products in India with over 2.7 million customers and has the largest distribution network. Reliance Consumer finance has a loan book of over Rs. 8,900 crore at the end of December 2008. Corporate & Registered Office: Reliance Capital Ltd. H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai - 400 710.Tel. 022 30327000, Fax. 022 30327202
RELIANCE CAPITAL ASSET MANAGEMENT LIMITED
Reliance Mutual Fund (RMF) is one of Indias leading Mutual Funds, with Average Assets Under Management (AAUM) of Rs. 1,08,332 CRORES and an investor base of over 70.87 Lacs. (AAUM and investor count as on June 30, 2009)
Reliance Mutual Fund, a part of the Reliance - Anil Dhirubhai Ambani Group, is one of the fastest growing mutual funds in the country. RMF offers investors a well-rounded portfolio of products to meet varying investor requirements and has presence in 118 cities across the country. Reliance Mutual Fund constantly endeavors to launch innovative products and customer service initiatives to increase value to investors. "Reliance Mutual Fund schemes are managed by Reliance Capital Asset Management Limited., 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."
Sponsor: Reliance Capital Limited Trustee: Reliance Capital Trustee Co. Limited Investment Manager: Reliance Capital Asset Management Limited Statutory Details: The Sponsor, the Trustee and the Investment Manager are incorporated under the Companies Act 1956.
Risk Factors: Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on the factors and forces affecting the capital markets. Past performance of the Sponsor/AMC/Mutual Fund is not indicative of the future performance of the Scheme. The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond their initial contribution of Rs.1 lakh towards the setting up of the Mutual Fund and such other accretions and additions to the corpus. The NAV of the Scheme may be affected, interalia, by changes in the market conditions, interest rates, trading volumes, settlement periods and transfer procedures. The Mutual Fund is not assuring that it will make periodical dividend distributions, though it has every intention of doing so. All dividend distributions are subject to the availability of distributable surplus in the Scheme. For details of scheme features and for scheme specific risk factors, please refer to the Scheme Information Document. Please read the Statement of Additional Information and Scheme Information Document carefully before investing.
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.
Corporate Governance
Our Corporate Governance Policy :
Reliance Capital Asset Management Ltd. has a vision of being a leading player in the Mutual Fund business and has achieved significant success and visibility in the market.
However, an imperative part of growth and visibility is adherence to Good Conduct in the marketplace. At Reliance Capital Asset Management Ltd., the implementation and observance of ethical processes and policies has helped us in standing up to the scrutiny of our domestic and international investors.
About Reliance Capital Asset Management Ltd.
Reliance Capital Asset Management Ltd.(RCAM) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered office at "Reliance House", Near. Mardia Plaza, Off. C.G. Road, Ahmedabad, 380 006 and its Corporate Office at Express Building (4th, 5th & 6th floor), 14-E Road, Churchgate, Mumbai 400020. RCAM has been appointed as the Asset Management Company of Reliance Mutual Fund by The Trustee vide Investment Management Agreement (IMA) dated May 12, 1995 and executed between Reliance Capital Trustee Co. Limited and Reliance Capital Asset Management Ltd. and amended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations, 1996).
Pursuant to this IMA, RCAM is authorised to act as Investment Manager of the Mutual Fund. The networth of the Asset Management Company based on audited accounts as on March 31, 2009 is Rs. 841.32 Crore. The Mutual Fund has launched Forty Seven Schemes till date, namely: 1. Reliance Growth Fund (September 1995) 2. Reliance Vision Fund (September 1995) 3. Reliance Income Fund (December 1997) 4. Reliance Income Fund (December 1997) 5. Reliance Liquid Fund (March 1998) 6. Reliance Medium Term Fund (August 2000) 7. Reliance Short Term Fund (December 2002) 8. Reliance Fixed Term Scheme (March 2003) 9. Reliance Banking Fund (May 2003) 10. Reliance Gilt Securities Fund (July 2003)
11. Reliance Monthly Income Plan (December 2003) 12. Reliance Diversified Power Sector Fund (March 2004) 13. Reliance Pharma Fund ( May 2004) 14. Reliance Floating Rate Fund (August 2004) 15. Reliance Media & Entertainment Fund (September 2004) 16. Reliance NRI Equity Fund (October 2004) 17. Reliance NRI Income Fund (October 2004) 18. Reliance Equity Opportunities Fund (February 2005) 19. Reliance Index Fund (February 2005)* 20. Reliance Fixed Maturity Fund Series I (March 2005) 21. Reliance Fixed Maturity Fund Series II (April 2005) 22. Reliance Regular Savings Fund (May 2005) 23. Reliance Liquidity Fund (June 2005) 24. Reliance Tax Saver (ELSS) Fund (July 2005) 25. Reliance Fixed Tenor Fund (November 2005) 26. Reliance Equity Fund (February 2006) 27. Reliance Fixed Horizon Fund (April 2006) 28. Reliance Fixed Horizon Fund I (August 2006) 29. Reliance Fixed Horizon Fund II ( November 2006) 30. Reliance Long Term Equity Fund (November 2006) 31. Reliance Money Manager Fund (March 2007)
32. Reliance Fixed Horizon Fund III (March 2007) 33. Reliance Interval Fund (March 2007) 34. Reliance Equity Advantage Fund (June 2007) 35. Reliance Fixed Horizon Fund IV (August 2007) 36. Reliance Gold Exchange Traded Fund (October 2007) 37. Reliance Fixed Horizon Fund V (September 2007) 38. Reliance Fixed Horizon Fund VI (December 2007) 39. Reliance Equity Linked Saving Fund - Series I (December 2007) 40. Reliance Natural Resources Fund (January 2008) 41. Reliance Fixed Horizon Fund VII (January 2008) 42. Reliance Fixed Horizon Fund VIII (March 2008) 43. Reliance Fixed Horizon Fund IX (March 2008) 44. Reliance Banking Exchange Traded Fund (May 2008) 45. Reliance Fixed Horizon Fund X (August 2008) Reliance Fixed Horizon Fund XI (October 2008) 46. Reliance Fixed Horizon Fund XII (November 2008) 47. Reliance Infrastructure Fund (June 2009)
RCAM has been registered as a Portfolio Manager vide SEBI Registration No. INP000000423 and renewed effective 1st August, 2006. RCAM was appointed as the Investment Manager of Reliance India Power Fund, a Venture Capital Fund registered with the SEBI vide registration number IN/VCF/05-06/062 dated June 16, 2005.
Reliance Capital Asset Management Limited has also incorporated a wholly owned subsidiary named Reliance Capital Pension Fund Limited for managing the funds of Pension Fund Regulatory and Development Authority (PFRDA) Mandate vide Letter of appointment dated March 13, 2009. The AMC has also been rendering advisory services in respect of Emergent India Investment Limited, an offshore fund for investment in India.
RCAM has commenced these activities. It has been ensured that key personnel of the AMC, the systems, back office, bank and securities accounts are segregated activity wise and there exists systems to prohibit access to inside information of various activities. As per SEBI Regulations, it will further ensure that AMC meets the capital adequacy requirements, if any, separately for each such activity.
About Reliance Mutual Fund

Reliance Mutual Fund (RMF) has been established as a trust under the Indian Trusts Act, 1882 with Reliance Capital Limited (RCL), as the Settlor/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 has been 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.
The main objectives of the Trust are: To carry on the activity of a Mutual Fund as may be permitted at law and formulate 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 reasonable returns on their savings and To take such steps as may be necessary from time to time to realise the effects without any limitation.
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. and the investors may choose an option depending on their preferences. The investors must indicate the option in the application form. The mutual funds also allow the investors to change the options at a later date. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time.
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. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short run and vice versa. However, long term investors may not bother about these fluctuations.
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. Investors need to keep a watch on the performance of those sectors/industries and must exit at an appropriate time. They may also seek advice of an expert.
THE MANAGEMENT TEAM

Board of Directors
Mr. Vikrant Gugnani Mr. Kanu Doshi Mr. Manu Chadha Mr. Sushil Tripathi
Management Team CEO

Mr. Sundeep Sikka
Head Equity Investments

Mr. Madhusudan Kela
Head Fixed Income

Mr. Amitabh Mohanty
Equity Fund Managers

Mr. Sunil B. Singhania Mr. Ashwani Kumar Mr. Shailesh Raj Bhan Mr. Shiv Chanani Mr. Krishan Daga Mr. Govind Agrawal Mr. Omprakash S. Kuckian
Debt Fund Managers

Mr. Amit Tripathi Ms. Anju Chhajer Mr. Prashant Pimple Mr. Arpit Malaviya
Commodities Fund Manager

Mr. Hiren Chandaria
Head of Departments
Infrastructure & Admin Finance and Accounts Mr. Pradeep Andrade Mr. Milind Gandhi Mr. Rajesh Derhgawen
Human Resource Development Information Technology Operations & Settlement
Mr. Vinay Nigudkar Ms. Geeta Chandran Mr. Milind Nesarikar
R&T Operations & Investor Relations
Sales & Distribution Mr. Himanshu Vyapak Compliance Mr. Suresh Viswanathan Legal Mr. Muneesh Sud
Zonal Heads
Northern Zone Head Mr. Gurbir Chopra Western Zone Head Mr. Sanjiv Gudal Southern Zone Head Mr. Nikunj Sharma Eastern Zone Head Mr. Gopal Khaitan
Auditors
Statutory Auditor to the Schemes of Reliance Mutual Fund : Haribhakti & Co. Chartered Accountants 42, Free Press House, Nariman Point, Mumbai - 400 021. Internal Auditor to the Schemes of Reliance Mutual Fund : Price Waterhouse Coopers. Chartered Accountants 252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai - 400 028. Statutory Auditors to the Asset Management Company BSR & Co. KPMG House, Kamla Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai Statutory Auditors to the Trustee Company M/s. Malpani & Associates Chartered Accountants 307, Chartered House, Dr. C.H. Street, Near Marine Lines Church, Mumbai.
Our Service Providers
Service Providers 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.
Deutsche Bank AG, the Custodian shall, inter alia: Provide post-trading and custodial services to the Mutual Fund. Keep Securities and other instruments belonging to the Scheme in safe custody. Ensure smooth inflow/outflow of securities and such other instruments as and when necessary, in the best interests of the unitholders. Ensure that the benefits due to the holdings of the Mutual Fund are recovered and Be responsible for loss of or damage to the securities due to negligence on its part on the part of its approved agents.
Registrar
Karvy Computershare Pvt. Limited
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 Karvy Plaza .21, Road No. 4, Street No.1, Adjacent to Rainbow Hospital, Banjara Hills, Hyderabad - 500 034, 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 provide the services required and have adequate facilities, including systems facilities and back up, to do so. The Trustee has also laid down broad parameters for supervision of the Registrar. As Registrar to the Schemes, KCL will accept and process investor's applications, handle communications with investors, perform data entry services, despatch Account Statements and also perform such other functions as agreed, on an ongoing basis.
The Registrar is responsible for carrying out diligently the functions of a Registrar and Transfer Agent and will be paid fees as set out in the agreement entered into with it and as per any modification made thereof from time to time.
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.
Bankers to the Schemes of Reliance Capital Asset Management

* HDFC Bank Limited * ABN Amro Bank * ICICI Bank Limited * Citibank N. A. * CITI Channel & Citi Wealth - only for online * Deutsche Bank AG * Standard Chartered Bank * UTI Bank * IDBI Bank * HSBC Bank * Ing Vysya Bank * Kotak Mahindra Bank * Yes Bank * American Express Bank - only for online investors
Webservices
Reliance Infocomm
VARANASI Reliance Capital Asset Management Limited Unit No. 2, 1st floor, Arihant Complex, Sigra Varanasi Tel. No.: 0542-3244441 Contact Person : Dhananjay Singh Email : dhananjay.kr.singh@relianceada.com
AWARDS AND ACHIEVEMENT

Reliance Mutual Fund At a Glance
Reliance Mutual Fund (RMF) is one of Indias leading Mutual Funds, with Assets Under Management (AUM) of Rs. 1,08,332 crore (AUM as on 30th June 2009) and an investor base of over 70.87 Lacs. Investor base of over 3.38 million as on March 31, 2007 Rapid growth in Assets Under Management (AUM), 87.7% growth in AUM year on year. AUM of over Rs.46,306 crore ($10.62 billion) as on March 30, 2007 from Rs. 24,669 crore ($5.53 billion) as on March 31, 2006. Accelerated growth in investor base 66.89% growth in investor base year on year. Over 3.38 million investors as on March 31, 2007 from over 2.02 million investors as on March 31, 2006. Reliance Mutual Fund has over 10 years of extensive market experience, over 26 schemes combined with a strong performance track record. Reliance Equity Fund NFO (6th Feb -7th March 2006), the largest ever collection of Rs.5,759 crore ($1.29 billion) in the history of the Indian Mutual Fund industry. Footprint in over 100 cities in India Wide network of 130 collection points Wide portfolio of 26 well-rounded products to meet varying investor requirements. Reliance Mutual Fund is amongst the few mutual funds in the industry to offer Subscription, Redemption and Switch through Online Transactions.
Lipper Fund Award India 2007 :

Reliance Gilt Securities Fund-Long Term Plan-Growth was declared the best fund over 3 years in the Bond INR Government category, out of 52 eligible schemes. Reliance Growth Fund-Growth Plan was declared the best fund over 5 years in the Equity India category, out of 81 eligible schemes.
Lipper Fund Award Gulf 2007 :

Reliance Banking Fund-Growth Plan-Growth Option was declared the best fund over 3 years in Equity Sector Banks and Other Financials Reliance Growth Fund-Growth Plan was declared the best fund over 3 years in the Equity India category Reliance Growth Fund-Growth Plan was declared the best fund over 5 years in the Equity India category Reliance Income Fund-Growth Plan-Growth Option was declared the best fund over 5 years in Bond Indian Rupee General category Reliance Gilt Securities Fund-Long Term Plan-Growth was declared the best fund over 3 years in the Bond INR Government category Reliance Short Term Fund-Growth Plan was declared the best fund over 3 years in Bond Indian Rupee
CNBC TV18 - CRISIL Mutual Fund of the Year Awards 2006 :

Reliance Gilt Securities Fund - Long Term Plan was awarded CNBC TV18 - CRISIL Mutual Fund of the Year Awards 2006, in the Open End Long Term Gilt Category Reliance Short Term Fund was awarded CNBC TV18 - CRISIL Mutual Fund of the Year Awards 2006, in the Open End Debt Short Term Category
ICRA Mutual Funds Awards 2007 :

Reliance Short Term Fund has been ranked ICRA MFR 1 by ICRA Mutual Funds Awards 2007 in the category Open Ended Debt Short Term for its 1 year performance till December 31, 2006. The rank indicates performance within the top 10% of the stated category. Reliance Gilt Securities Fund - Long Term Retail Plan has been ranked ICRA MFR 1 by ICRA Mutual Funds Awards 2007 in the category Open Ended Gilt - Long Term for its 3 year performance till December 31, 2006. The rank indicates performance within the top 10% of the stated category. Reliance Liquidity Fund has been ranked ICRA MFR 1 by ICRA Mutual Funds Awards 2007 in the category Open Ended Liquid Scheme for its 1 year performance till December 31, 2006. The rank indicates performance within the top 10% of the stated category.
FACILITIES
The first mutual fund in India to offer instant cash withdrawal facility on investments. Reliance Mutual Fund offers the Reliance Any Time Money (ATM) Card with select schemes. The card is a boon for retail investors as it enables them to withdraw their investment any time, anywhere at over 1 million VISA-enabled ATMs across the world. Reliance Mutual Fund is amongst the few mutual funds with a 24X7 Call Centre facility.
TOPIC OF THE PROJECT
TOPIC
ACTIVISATION OF DISTRIBUTORS: A COMPREHENSIVE STUDY ON ACTIVE V/s NON-ACTIVE DISTRIBUTORS
OBJECTIVES
PROJECT OBJECTIVES
To know the perception of distributors regarding Reliance Mutual fund in Varanasi. To find out the primary reasons why distributors work for Reliance Mutual Fund. To have an insight about the causes of the distributors for their inactiveness in Reliance Mutual Fund. To gain detailed knowledge about mutual fund and its working.
RESEARCH METHODOLOGY
RESEARCH METHODOLOGY
TYPE OF RESEARCH DESCRIPTIVE RESEARCH TYPE OF DATA COLLECTED PRIMARY DATA DATA COLLECTION METHOD SURVEY DATA COLLECTION TECHNIQUE STRUCTURED QUESTIONNAIRE UNIVERSE OF THE STUDY ALL INDIVIDUAL FINANCIAL ADVISORS (IFA) OF VARANASI CITY SAMPLE UNIT EACH RESPONDENT IS CONSIDERED A UNIT SAMPLING TECHNIQUE NON-PROBABILITY (CONVENIENCE SAMPLING) SAMPLE SIZE 150 STATISTICAL TOOLS BAR DIAGRAMS, PIE CHARTS, GRAPHS
ANALYSIS
INTRODUCTIONIn mutual fund industry distributors plays a key role or in simple words distributors are the seller of mutual fund. Distributors are acting as a bridge or intermediary or middlemen between the company and the customers.
Distributors are classified in three different categorizes. They are Individual Financial Advisors (IFA) National Distributors (ND) Public Sector Units (PSU)
In this particular project that is Activisation of distributors: A comprehensive study on active v/s non-active distributors the study on Individual Financial Advisors (IFA) is done. Basically through this report it has been tried to know the reasons of distributors that why they are preferring reliance mutual fund over other and vice-versa.
1- From how long are you ARN holder? Duration Less than 6months Between 6months 1year Between 1year 2years More than 2years Total No of Respondents
2 24 46 78 150
DURATION OF ARN HOLDER
78 80 70 60 50 No of Distributors 40 30 20 10 0 Less than 6months Between 6months 1year Between 1year 2years More than 2years 2
46 24
INTERPRETATION:By analyzing this chart and graph it is clear that the more than 50% of the distributors are working for more than 2 years and rest of them are working less than 2 years.
2- In which fund/AMC do you deal more, mention it?
Company Name RELIANCE UTI ICICI HDFC TATA OTHERS Total
No of Respondents 53 17 20 31 14 15 150
10% 9% 36% RELIANCE UTI ICICI HDFC 21% 13% 11% TATA OTHERS
INTERPRETATION:This pie chart shows that, the percentage of distributors working with RMF is more than in comparison to other company.
3- Which factors do you consider more while suggesting/advising investors
about any fund?

Factors No of Respondents
Fund Rating Past year records Brand Name/AMC Market Conditions NAV of the fund All of them
Total
5 8 13 30 24 70
150
3% 5% 9% Fund Rating Past year records 47% 20% Brand Name/AMC Market Conditions NAV of the fund All of them 16%
INTERPRETATION:By analyzing this chart and graph it is clear that most of the distributors agree that they consider all the factors while advising but at the same time market conditions also considered.
4- What pattern of investment do you suggest more to the investors? Pattern of Investment Systematic Investment Plan (SIP) One Time/ Lump Sum Any other Total No of Respondents 83 67 0 150
One Time/ Lump Sum 45%
Systematic Investment Plan )SIP( 55%
INTERPRETATION:This pie chart shows that almost both pattern of investment are equally suggested by the distributors.
5- Rank the factors of your choice which you like in RMF (1 for most
preferred and 5 for least preferred).
FACTORS Scheme Performance Sales Person Approach Service Investors Demand Brand Name TOTAL
RANK1 85 24 22 13 6 150
RANK2 48 36 20 29 7 150
RANK3 13 30 83 12 12 150
RANK4 3 22 15 87 23 150
RANK5 1 38 10 9 102 150
Scheme Performance
85 90 80 70 60 No of 50 Respondents 40 30 20 10 0 1 2
48
13 3 3 RANK 4 5 1
INTERPRETATION- This above graph clearly shows that the distributors prefer the scheme performance of the RMF.
Sales Person Approach

40 36 30 24 22 Sales Person Approach 38
No of Respondents
35 30 25 20 15 10 5 0 1 2
3 RANK
INTERPRETATION- This above graph clearly shows that the distributors are not very clear about the sales persons approach.
Service
83 90 80 70 60 No of 50 Respondents 40 30 20 10 0
22
20
15
10
Service RANK
INTERPRETATION- This above graph clearly shows that most of the distributors are given rank 3 to the service of RMF.
Investors Demand
87 100 80 60 No of Respondents 40 20 0 Investors Demand RANK 29 13 12 9
INTERPRETATION- This above graph clearly shows that most of the distributors are given rank 4 to the investors demand of RMF.
Brand Name
6 7
12 23 1 2 3 4 5
102
INTERPRETATION- This above graph clearly shows that almost all the distributors are given rank 5 to the brand name.
6- Rank the factors of your choice which you dislike in RMF ( 1 for most preferred and 4 for least preferred).
FACTORS Brokerage Sales Person Approach Service Issues (opts) Add Schemes TOTAL
RANK1 24 47 55 24 150
RANK2 40 49 50 11 150
RANK3 72 34 24 20 13
RANK4 14 20 21 95 150
Brokerage 80 70 72
No of Respondents
60 50 40 30 20 10 0 1 2 RANK 3 4 24 14 40 Brokerage
Sales Person Approach

60 50 40 30 20 20 10 0 1 2 RANK 3 4 47 49 34 Sales Person Approach
Service Issues
60 50 40 30
55 50 24
20 10 0 1 2 RANK
21
Service Issues(opts) 3 4
Add Schemes 24
11
95
20
INTERPRETATIONBy analyzing all the above four graphs it is clear that distributors dislike reliance mutual fund due to its service issues and sales person approach because almost half of the distributors mark these two as rank 1 and rank 2 of disliking it. After that brokerage is the main issue of disliking reliance mutual fund by the distributors, and add schemes mark as rank 4 by most of the distributors this means that add schemes are not much affected the liking and disliking the AMC.
7- What you like in the other AMCs (Mark them)? ATTRIBUTES Brokerage Add Schemes Sales Person Approach Service Scheme Performance TOTAL No of Respondents 34 20 35 46 15 150
ATTRIBUTES LIKE IN OTHER AMC
Schem e Perform ance, 15
Brokerage, 34
Brokerage Add Schemes Sales Person Approach
Service, 46 Add Schem es, 20 Sales Person Approach, 35
Service Scheme Performance
INTERPRETATIONIt is clear from this table and pie chart that distributors dont like other AMCs scheme performance but they like their service and sales person approach.
8- Mention which service of RMF is poor than other AMCs which affects your decision?
ATTRIBUTES Brokerage Add Schemes Sales Person Approach Operational Service Scheme Performance Not any Service TOTAL No of Respondents 20 27 19 21 3 60 150
Brokerage, 20 Not any Service, 60
Add Schemes, 27
Scheme Performance, 3
Operational Service, 21
Sales Person Approach, 19
INTERPRETATION- Pie chart very clearly indicates that almost half of the distributors
agree that no service of RMF is poor than any other AMC. But rest of the distributors said that add schemes, operation issues, etc are there in the RMF.
9- Are you satisfied with the services of RMs?

Level of Satisfaction Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied TOTAL No of Respondents 31 57 40 22 0 150
Level of Satisfaction
60 57
NO of Respondents
50 40 40 31 30 20 10 0 0 Highly Satisfied Satisfied Neutral Dissatisfied Highly Dissatisfied 22
INTERPRETATION- By analyzing this graph it very clear that more than 50% of the
distributors are satisfied and others are neutral means they all neither satisfied nor dissatisfied.
10- What are your expectations/suggestion regarding RMF?
SUGGESTIONS Not Responded Timely Statements More Additional Schemes Increase Brokerage More learning Sessions Others TOTAL
No of Respondents 55 30 27 16 7 15 150
SUGGESTIONS
15 7 16 27 30 55
0 10 20 30 40 50 60
Others More learning Sessions Increase Brokerage More Additional Schemes Timely Statements Not Responded
No of Respondents
INTERPRETATION- It is viewed that the more distributors are not responded to this
particular question, rest of them are suggested that RMF should provide timely statements and more additional schemes.
FINDINGS
FINDINGS FROM THIS FIELD SURVEY

Through this survey it was concluded that the most distributors (IFA) of the Varanasi are dealing in mutual funds more than two years and almost all the distributors are dealing with all the major AMCs of India. As per this survey Reliance mutual fund is the most preferred mutual fund among the distributors (IFA) of the Varanasi.
According to this report distributors consider all the factors like market conditions, NAV of the fund, past year records, etc while suggesting any fund to their customers. As per this survey, it is clear that the scheme performance of the reliance mutual fund is most preferred by most of the distributors rather than the sales person approach, service, etc.
The responses regarding sales person approach and operational service are not so impressive it shows that the distributors are not very much happy with the sales person approach and other operational services of the RMF. At the same time the distributors are not very much satisfied with the brokerage and additional local and national level schemes for the selling of the fund.
Most of the distributors are satisfied with the services of RMs but at the same time many of the distributors are neutral while answering.
SUGGESTIONS
The Reliance Mutual Fund Varanasi should focus on following points It should provide more additional schemes for distributors. It must improve the operational services like statements, NAV updating on daily basis, photo state machine within the office premises, etc. There should be at the regular interval meeting between the distributors and company members. Increase the training programs of the distributors. Try to facilitate more interaction between senior members of the company to the distributors.
LIMITATIONS
LIMITATIONS OF THE RESEARCH

Time limitation Geographical limitation Some respondents were not interested in filling the questionnaire.
BIBLIOGRAPHY
BIBLIOGRAPHY
WEBSITES
www.reliancemutual.com www.wikipedia.com www.amfiindia.com www.relianceadagroup.com
BOOK- C.R.KOTHARI (RESEARCH METHOLOGY).

BOOK BY AMFI INDIA ON MUTUAL FUNDS
JOURNAL- ICFAI JOURNAL ON MUTUAL FUNDS.
ANNEXURE
QUESTIONNAIRE ACTIVISATION OF DISTRIBUTORS: A COMPREHENSIVE STUDY ON ACTIVE v/s NON-ACTIVE DISTRIBUTORS

Hello Sir/Madam, I am Sarvesh Mishra student of PGDM (IB)-III Semester from School of Management Sciences, Varanasi. I am doing my summer training in RELIANCE CAPITAL ASSET MANAGEMENT LTD (RELIANCE MUTUAL FUND), VARANASI and my field survey topic is Activisation of distributors: A comprehensive study on active v/s non-active distributors. Please co-operate and help me by giving your valuable answers to the Questionnaire given below which help me for successful fulfillment of my project. This document will be kept confidential and will not share with anyone. This study is completely based for academic purpose and it is part of my curriculum of PGDM (IB) program.
PERSONAL INFORMATION NAME ARN No. AGEOCCUPATION.. ADDRESS.. CONTACT NO. 1(a) (b) (c) (d) From how long are you ARN holder? Less than 6months [ ] Between 6months 1year [ ] Between 1year 2years [ ] More than 2years [ ]
2- In which fund/AMC do you deal more, mention it? 3(a) (b) (c) (d) (e) (f) Which factors do you consider more while suggesting/advising investors about any fund? Fund rating [ ] Past year records [ ] Brand Name/AMC [ ] Market Conditions [ ] NAV of the fund[ ] All of them [ ]
4- What pattern of investment do you suggest more to the investors? (a) Systematic Investment Plan(SIP) [ ] (b) Lump-Sum/ One Time [ ] (c) Any Other [ ]
5- Rank the factors of your choice which you like in RMF ( 1 for most preferred and 5 for least preferred). ATTRIBUTES Scheme Performance Sales Person Approach Service Investors Demand Brand Name RANK
6- Rank the factors of your choice which you dislike in RMF ( 1 for most preferred and 4 for least preferred). ATTRIBUTES Brokerage Sales Person Approach Service Issues(opts) Add Schemes 7(a) (b) (c) (d) (e) What you like in the other AMCs (Mark them)? Brokerage [ ] Add schemes [ ] Sales Person Approach [ ] Services [ ] Scheme Performance [ ] RANK
8- Mention which service of RMF is poor than other AMCs which affects your decision? .. 9- Are you satisfied with the services of RMs? (a) Highly Satisfied [ ] (b) Satisfied [ ] (c) Neutral [ ] (d)Dissatisfied [ ] (e)Highly dissatisfied [ ] 10-What are your expectations/suggestion regarding RMF? .

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CONTENTS

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

INTRODUCTION TO MUTUAL FUND

Mutual Fund Operation Flow Chart

SCHOOL OF MANAGEMENT SCINCES VARANASI

ORGANISATION OF A MUTUAL FUND:

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

ADVANTAGES OF MUTUAL FUND

DISADVANTAGE OF MUTUAL FUND

SCHOOL OF MANAGEMENT SCINCES VARANASI

HISTORY OF THE INDIAN MUTUAL FUND INDUSTRY

SCHOOL OF MANAGEMENT SCINCES VARANASI

First Phase 1964-87

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

SCHOOL OF MANAGEMENT SCINCES VARANASI

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

Fourth Phase since February 2003

SCHOOL OF MANAGEMENT SCINCES VARANASI

CATEGORIES OF MUTUAL FUND:

SCHOOL OF MANAGEMENT SCINCES VARANASI

Mutual funds can be classified as follows:

Based on their investment objective:

SCHOOL OF MANAGEMENT SCINCES VARANASI

Equity funds can be further classified as:

SCHOOL OF MANAGEMENT SCINCES VARANASI

Following are balanced funds classes:

Following are balanced funds classes:

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

RISK V/S. RETURN:

SCHOOL OF MANAGEMENT SCINCES VARANASI

FREQUENTLY USED TERMS Net Asset Value (NAV)

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

Type - Private Conglomerate Founded - 1966 as Reliance Commercial Corporation Headquarters

- Navi Mumbai , Maharastra, India - Anil Ambani, Chairman

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

Group Philosophy - Vision

RELIANCE ADA GROUP COMPANIES

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

RELIANCE CAPITAL ASSET MANAGEMENT LIMITED

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

About Reliance Capital Asset Management Ltd.

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHOOL OF MANAGEMENT SCINCES VARANASI

About Reliance Mutual Fund

SCHOOL OF MANAGEMENT SCINCES VARANASI

SCHEMES Equity/Growth Schemes

Sector Specific Schemes

SCHOOL OF MANAGEMENT SCINCES VARANASI

THE MANAGEMENT TEAM

Management Team CEO

Head Equity Investments

Head Fixed Income