Main MRP

1.
INTRODUCTION
1.1 Preliminaries:
The concept of MutualFunds is to make different investment avenues available to
investors. Mutual funds also offer good investment opportunities to the investors. Like all
investments, they carry certain risks. The investors should compare the risks and
expected yields after adjustment of tax on various instruments hile taking investment
decisions. The investors may seek advice from experts and consultants including agents
and distributors of mutual funds schemes hile making investment decisions. !ith an
objective to make the investors aare of functioning, of mutual funds, an attempt has
been made to provide information in "uestion#anser format hich may help the
investors in taking investment decisions. !ith an objective to make the investors aare
of functioning, of mutual funds, an attempt has been made to provide information in
"uestion#anser format hich may help the investors in taking investment decisions.
Mutual fund is a Mechanism for pooling the resources by issuing units to the investors
and investing funds in securities in accordance ith objectives as disclosed in offer
document.
Mutual fund industry has seen a lot of changes in past fe years ith multinational
companies coming into the country, bringing in their professional expertise in managing
funds orldide. $n the past fe months there has been a consolidation phase going on in
the mutual fund industry in $ndia. %o investors have a ide range of &chemes to choose
from depending on their individual profiles.
There are various types of companies hich are providing mutual fund services, among
them 'eliance and ()*+ are the major players.The 'eliance Mutual *und is one of the
most popular and leading mutual fund in $ndia. The *und is oned by ,nil
)hirubhai,mbani -roup and ith respect to net orth it ranks among the top three of all
the private financial service providers in $ndia. The 'eliance mutual fund products are
available in hundred and fifteen cities across $ndia. $t is one of the fastest groing mutual
funds in $ndia and the main reason of its popularity is that it has a ide portfolio of
products that meets the re"uirements of each and every type of investors.
.
()*+ Mutual *und is governed by ()*+ ,sset Management +ompany Limited
/,M+0. The ()*+ mutual fund as approved by &12$ in 3une 4555. 1"uity *unds,
2alanced *unds, and )ebt *unds are the mutual fund schemes offered by ()*+ Mutual
*und. ()*+ Mutual *und has itnessed significant groth in the past fe years. ()*+
,sset Management +ompany Limited /,M+0 is a 3oint 6enture concern beteen the
large scale housing finance company ()*+ and 2ritish investment firm &tandard Life
$nvestments Limited. The ()*+ ,sset Management +ompany Limited conducts the
activities carried out by the ()*+ Mutual *und and manages the assets of various
mutual fund schemes.
1.2 Review of Literature:
,graal78atidar /45590 has studied a research on overvie of mutual fund activity in
emerging markets and the study revealed that the performance is affected by the saving
and investment habits of the people and at the second side the confidence and loyalty of
the fund Manager and reards# affects the performance of the M* industry in $ndia.
8anar7Madhumathi /455:0 has studied on public#sector sponsored 7 private#sector
sponsored mutual funds of varied net assets to investigate the differences in
4
characteristics of assets held, portfolio diversification, and variable effects of
diversification on investment performance for the period May, 4554 to May, 455:. The
study found that public#sector sponsored funds do not differ significantly from private#
sector sponsored funds in terms of mean returns;.
3ensen /.<9=0 has studied a risk#adjusted measure of portfolio performance /3ensens
alpha0 that estimates ho much a managers forecasting ability contributes to funds
returns. &harpe, !illiam /.<<>0 suggested the &harp# 'atio techni"ue for the
measurement for the performance measurement of the M*. 2erkoit? et.al, /.<<=0,
supports the argument 7 states that, past fund performance influences individual
investment decisions along ith implying strong incentives for managers increase the
performance of Mutual funds.
&tatman /45550, has studied the &),' of a fund portfolio is the excess return of the
portfolio over the return of the benchmark index, here the portfolio is leveraged to have
the benchmark indexs standard deviation.
@shama*ernandes /455A0 has studied index fund implementation in $ndia. $n this paper,
tracking error of index funds in $ndia is measured .The consistency and level of tracking
errors obtained by some ell#run index fund suggests that it is possible to attain lo
levels of tracking error under $ndian conditions. ,t the same time, there do seem to be
periods here certain index funds appear to depart from the discipline of indexation.
'oy 7 )eb /455A0 have studied conditional performance evaluation on a sample of B<
$ndian M* schemes measuring ith both unconditional and conditional form of +,8M
model. The results suggest that the use of conditioning lagged information variables
improves the performance of mutual fund schemes, causing alphas to shift toards right
and reducing the number of negative timing coefficients.
Mishra, 'ehman /455.0 has studied M* performance using loer partial moment 'isk
from the loer partial moment is measured by taking into account only those states in
hich return is belo a pre#specified Ctarget rateD like risk#free rate. *rom the above
revies, the researcher identified the research gap hich could be dealt in this study. To
A
sum up the entire discussion on the revieed literature e came to find out the
performance is affected by the saving and investment habits of the people also at the
second side the confidence, loyalty of the fund Manager and reards# affects the
performance of the mutual fund industry in $ndia, furthermore the study found that
public#sector sponsored funds do not differ significantly from private#sector sponsored
funds in terms of mean returns, another study on a risk#adjusted measure of portfolio
performance /3ensens alpha0 that estimates that a managers forecasting ability
contributes to funds returns, the index fund implementation in $ndia and the performance
evaluation on a sample of B< $ndian mutual funds schemes measuring ith both
unconditional and conditional form of +,8M model. 8resent study has design to
compare the mutual funds schemes and their effect on customers as ell as companies
itself.
1.3 Rational:
The main purpose of doing this project as to kno about mutual fund and its
functioning. This helps to kno in details about mutual fund industry right from its
inception stage, groth and future prospects. $t also helps in understanding different
schemes of mutual funds. 8resent study depends upon prominent funds in $ndia and their
schemes like e"uity, income, balance as ell as the returns associated ith those
schemes. The present study ill be done to ascertain the asset allocation, entry load, exit
load, associated ith the mutual funds. This ould also help in understanding the
benefits of mutual funds to investors.
There are various benefits to the customers and mutual fund +ompany likeE
.. The customers can kno about the profitable schemes of mutual funds.
4. The mutual fund companies can kno the customer preference about the schemes.
>
A. That study ill aare the people ho are interested in investment.
1.4 O!e"tives:
.. To study mutual fund schemes of 'eliance mutual fund.
4. To study mutual fund schemes of ()*+ mutual fund.
A. To study the aareness of mutual fund schemes by 'eliance and ()*+.
>. To compare the aareness level of customers for 'eliance and ()*+ mutual fund.
:
1.# Profile:
Relian"e $sset %ana&ement Com'an( Limite) *$%C+
'eliance Mutual *und /F'M*FG FMutual *undF0 is one of $ndias leading Mutual *unds,
ith ,verage ,ssets Hnder Management /,,HM0 of 's. ., 5.,4:< +rores and an
investor count of over 99.<5 Lakh folios. /,,HM and investor count as of ,pr#3une ..0.
'eliance Mutual *und, a part of the 'eliance -roup, is one of the fastest groing mutual
funds in $ndia. 'M* offers investors a ell#rounded portfolio of products to meet varying
investor re"uirements and has presence in .:< cities across the country. 'eliance Mutual
*und constantly endeavors to launch innovative products and customer service initiatives
to increase value to investors. 'eliance +apital ,sset Management Limited /'+,M0 is
the asset manager of 'eliance Mutual *und. '+,M a subsidiary of 'eliance +apital
Limited, hich holds <A.A=; of the paid#up capital of '+,M, the balance paid up
capital being held by minority shareholders. 'eliance +apital Ltd. is one of $ndias
leading and fastest groing private sector financial services companies, and ranks among
the top A private sector financial services and banking companies, in terms of net orth.
'eliance +apital Ltd. has interests in asset management, life and general insurance,
private e"uity and proprietary investments, stock broking and other financial services.
,'onsor E 'eliance +apital Limited
Trustee E 'eliance +apital Trustee +o. Limited
Investment %ana&er- $%C E 'eliance +apital ,sset Management Limited
9
,tatutor( Details E The &ponsor, the Trustee and the $nvestment Manager
are incorporated under the +ompanies ,ct .<:9.
There are various types of fund in 'eliance mutual funds folloing areE
1. Relian"e ./uit( 0un):
IN1.,T%.NT O23.CTI1.
The primary investment objective of the scheme is to seek to generate capital
appreciation 7 provide long#term groth opportunities by investing in a portfolio
constituted of e"uity 7 e"uity related securities of top .55 companies by market
capitali?ation 7 of companies hich are available in the derivatives segment from
time to time and the secondary objective is to generate consistent returns by investing
in debt and money market securities. The fund ill have the flexibility to invest in a
range of companies as mentioned above ith an objective to maximi?e the returns, at
the same time trying to minimi?e the risk by reasonable diversification. (oever
there can be no assurance that the investment objective of the scheme ill be reali?ed,
as actual market movements may be at variance ith anticipated trends.
1. Relian"e In"ome 0un):
The primary investment objective of the scheme is to generate optimal returns
consistent ith moderate levels of risk. This income may be complemented by
capital appreciation of the portfolio. ,ccordingly, investments shall
predominantly be made in )ebt 7 Money Market $nstruments.
=
2. Relian"e Ta4 ,aver:
The primary objective of the scheme is to generate long#term capital appreciation
from a portfolio that is invested predominantly in e"uity and e"uity related
instruments. (oever, there can be no assurance that the schemes investment
objective shall be achieved.
3. Relian"e %ont5l( In"ome Plan:
The primary investment objective of the &cheme is to generate regular income in
order to make regular dividend payments to unit holders and the secondary
objective is groth of capital
4. Relian"e ,5ort Term 0un):
The primary investment objective of the scheme is to generate stable returns for
investors ith a short term investment hori?on by investing in fixed income
securities of short term maturity.
6D0C $sset %ana&ement Com'an( Limite) *$%C+:
B
()*+ ,sset Management +ompany Ltd /,M+0 as incorporated under the +ompanies
,ct, .<:9, on )ecember .5, .<<<, and as approved to act as an ,sset Management
+ompany for the ()*+ Mutual *und by &12$ vide its letter dated 3uly A, 4555. The
registered office of the ,M+ is situated at 'amon (ouse, Ard *loor, (.T. 8arekh Marg,
.9<, 2ack bay 'eclamation, +hurch gate, Mumbai # >55 545. $n terms of the $nvestment
Management ,greement, the Trustee has appointed the ()*+ ,sset Management
+ompany Limited to manage the Mutual *und. The paid up capital of the ,M+ is
's.4:..9< corer.
$n Overview of 6D0C %utual 0un)7
()*+ Mutual *und has itnessed significant groth in the past fe years. $t is regulated
by ()*+ ,sset Management +ompany Limited /,M+0 hich orks as an ,sset
Management +ompany /,M+0 for ()*+ Mutual *und. ()*+ ,sset Management
+ompany Limited /,M+0 is a 3oint 6enture concern beteen the large#scale housing
finance company ()*+ and 2ritish investment firm &tandard Life $nvestments Limited.
The ()*+ ,sset Management +ompany Limited conducts the activities carried out by
the ()*+ Mutual *und and manages the assets of various mutual fund schemes. The
,ugust 4559 report states that the fund has assets of 's. 4:,B<4 crores under ,sset
Management +ompany /,M+0.
()*+ ,sset Management +ompany Limited /,M+0 entered into an agreement ith
Iurich $nsurance +ompany /I$+0 ith the aim to develop the asset management business
in $ndia in the year 455A. *olloing to this, all the mutual fund schemes of Iurich Mutual
*und in $ndia got transferred to ()*+ Mutual *und and gained the name of ()*+
schemes.
The present e"uity shareholding pattern of the ,M+ is as follosE
8articulars
; of the paid up e"uity
capital
(ousing )evelopment *inance +orporation Limited :<.<B
&tandard Life $nvestments Limited A<.<<
Jther &hareholders /shares issued on exercise of &tock 5.5A
<
Jptions0
Iurich $nsurance +ompany /I$+0, the &ponsor of Iurich $ndia Mutual *und, folloing a
revie of its overall strategy, had decided to divest its ,sset Management business in
$ndia. The ,M+ had entered into an agreement ith I$+ to ac"uire the said business,
subject to necessary regulatory approvals.
The ,M+ is also providing portfolio management G advisory services and such activities
are not in conflict ith the activities of the Mutual *und. The ,M+ has reneed its
registration from &12$ vide 'egistration %o. # 8M G $%8555555:59 dated )ecember 4.,
455< to act as a 8ortfolio Manager under the &12$ /8ortfolio Managers0 'egulations,
.<<A. The +ertificate of 'egistration is valid from 3anuary ., 45.5 to )ecember A.,
45.4.
There are various types of fund in ()*+ mutual funds folloing areE
1. 6D0C ./uit( 0un):
The investment objective of the &cheme is to achieve capital appreciation.
2. 6D0C In"ome 0un):
The primary objective of the &cheme is to optimi?e returns hile maintaining a
balance of safety, yield and li"uidity.
3. 6D0C Ta4 ,aver:
.5
The investment objective of the &cheme is to achieve long term groth of
capital.
4. 6D0C %ont5l( In"ome Plan:
The primary objective of &cheme is to generate regular returns through
investment primarily in )ebt and Money Market $nstruments. The secondary
objective of the &cheme is to generate long#term capital appreciation by investing
a portion of the &chemeKs assets in e"uity and e"uity related instruments.
(oever, there can be no assurance that the investment objective of the &cheme
ill be achieved.
#. 6D0C ,5ort Term 0un):
The primary objective of the ()*+ &hort Term 8lan is to generate regular
income through investment in debt securities and money market instruments.
2.%.T6ODOLO89
2.1 6('ot5eses:
%ain 6('ot5eses 1
(
5.
E customers are not aare about the mutual funds of ()*+.
To test the hypotheses folloing sub hypotheses are createdE
(
5.a
E customers of ()*+ are not having sufficient knoledge about the mutual funds.
(
5.b
E +ustomers of ()*+ are not aare about risk related information.
..
(
5.c
E +ustomers of ()*+ are not aare about the norms of the mutual fund schemes.
(
5.d
E +ustomers of ()*+ are not aare about the documentation of the mutual fund
schemes.
(
5.e
E +ustomers of ()*+ are not aare about the formalities of the mutual fund
schemes.
(
5.f
E ()*+ mutual fundFs scheme not provides better returns.
(
5.g
E ()*+ mutual fund house is not the better fund house in the term of products.
(
5.h
E The portfolio of ()*+ mutual fund schemes is not better.
%ain 5('ot5eses 2:
(
54
E customers are not aare about the mutual funds of 'eliance.
To test the hypotheses folloing sub hypotheses are createdE
(
54a
E customers of 'eliance are not having sufficient knoledge about the mutual funds.
(
54b
E +ustomers of 'eliance are not aare about risk related information.
(
54c
E +ustomers of 'eliance are not aare about the norms of the mutual fund schemes.
(
54d
E +ustomers of 'eliance are not aare about the documentation of the mutual fund
schemes.
(
54e
E +ustomers of 'eliance are not aare about the formalities of the mutual fund
schemes.
(
54f
E 'eliance mutual fundFs scheme not provides better returns.
(
54g
E 'eliance mutual fund house is not the better fund house in the term of products.
(
54h
E The portfolio of ()*+ mutual fund schemes is not better.
.4
%ain 6('ot5eses 3
(
5A
E There is no significant difference beteen aareness of 'eliance and ()*+.
(
5Aa
E There is no significant difference in aareness level of customers about risk related
information of the 'eliance and ()*+ mutual funds schemes.
(
5AbE
There is no significant difference in understanding the norms of the 'eliance and
()*+ mutual funds schemes.
(
5Ac
E There is no significant difference in understanding the documentation of the
'eliance and ()*+ mutual funds schemes.
(
5Ad
E There is no significant difference in understanding the formalities of the 'eliance
and ()*+ mutual funds schemes.
2.2 tools a''lie) for testin& 5('ot5eses:
T test have been used to testing hypotheses.
.A
3. Data "olle"te)
3.1 Data "olle"tion te"5ni/ues:
The research is based on primary data hich is collected by "uestionnaire and secondary
data is collected by internet.
3.2 Po'ulation an) sam'le:
,ll the customers ho invested in mutual funds in $ndore city.
3.3 ,am'lin& te"5ni/ue:
%on#probability judgmental sampling has been used.
.>
4. .m'iri"al $nal(sis
4.1 Data $nal(sis Te"5ni/ues:
T test have been used to analyses the data.
4.2 Results : 0in)in&s:
0re/uen"( Tale
Tale 1.1 I 5ave suffi"ient ;nowle)&e aout t5e mutual fun)s.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
: 9.B 9.B 9.B
disagree = <.9 <.9 .9.>
neutral 45 4=.> 4=.> >A.B
agree A4 >A.B >A.B B=.=
strongly agree < .4.A .4.A .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that :9..; people have sufficient
knoledge about the mutual funds and 4=.>; people dont have proper knoledge about
the mutual funds.
.:
Tale 1.2 I am intereste) to invest in mutual fun)s.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
4 4.= 4.= 4.=
disagree B ...5 ...5 .A.=
neutral
4. 4B.B 4B.B >4.:
agree A5 >... >... BA.9
strongly
agree
.4 .9.> .9.> .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that :=.:; people are interested to invest
in mutual funds and 4B.B; people have no interest to invest in mutual funds.
Tale 1.3 I am intereste) to invest in 6D0C mutual fun) s"5eme.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
< .4.A .4.A .4.A
disagree .: 45.: 45.: A4.<
neutral A. >4.: >4.: =:.A
agree .= 4A.A 4A.A <B.9
strongly
agree
. ..> ..> .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that 4>.=; are interested to invest in
()*+ mutual fund scheme and >4.:; are not interested to invest in ()*+ mutual fund
scheme.
.9
Tale 1.4 I am intereste) to invest in Relian"e mutual fun) s"5eme.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
9 B.4 B.4 B.4
disagree 45 4=.> 4=.> A:.9
neutral 4< A<.= A<.= =:.A
agree .9 4..< 4..< <=.A
strongly
agree
4 4.= 4.= .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that 4>.9; are interested to invest in
'eliance mutual fund scheme and >4.:; are not interested to invest in 'eliance mutual
fund scheme.
Tale 1.# I "ome to ;now aout t5is "om'an(<s mutual fun) s"5emes from frien)s
: 'eers or famil( memers : relative.
$nterpretationE *rom the data e can conclude that >A.B; people come to kno about
this companyFs mutual fund schemes from friends 7 peers or family members 7 relative.
.=
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
.> .<.4 .<.4 .<.4
disagree 9 B.4 B.4 4=.>
neutral 4. 4B.B 4B.B :9.4
agree 4< A<.= A<.= <:.<
strongly agree A >.. >.. .55.5
Total =A .55.5 .55.5
Tale 1.= I "ome to ;now aout t5is "om'an(<s mutual fun) s"5emes from
"om'an(<s em'lo(ees.
$nterpretationE *rom the data e can conclude that 49; people come to kno about this
companyFs mutual fund schemes from companyFs employees.
Tale 1.> I am intereste) to invest in mutual fun)<s s"5emes for lon& )uration *more
t5an one (ear+.
$nterpretationE *rom the data e can conclude that :B.<; people are interested to invest
in mutual fundFs schemes for long duration /more than one year0.
.B
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
44 A5.. A5.. A5..
disagree .B 4>.= 4>.= :>.B
neutral .> .<.4 .<.4 =>.5
agree .= 4A.A 4A.A <=.A
strongly
agree
4 4.= 4.= .55.5
Total =A .55.5 .55.5
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
: 9.B 9.B 9.B
disagree < .4.A .4.A .<.4
neutral .9 4..< 4..< >...
agree 4B AB.> AB.> =<.:
strongly
agree
.: 45.: 45.: .55.5
Total =A .55.5 .55.5
Tale 1.? I am intereste) to invest in mutual fun)<s s"5emes for s5ort )uration *one
(ear or less t5an one (ear+.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
.A .=.B .=.B .=.B
disagree 4= A=.5 A=.5 :>.B
neutral 44 A5.. A5.. B>.<
agree .5 .A.= .A.= <B.9
strongly
agree
. ..> ..> .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that .:..; people are interested to invest
in mutual fundFs schemes for short duration /one year or less than one year0.
Tale 1.@ %( ris; 'rofile is mo)erator.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
> :.: :.: :.:
)isagree .9 4..< 4..< 4=.>
neutral 4= A=.5 A=.5 9>.>
agree 44 A5.. A5.. <>.:
strongly
agree
> :.: :.: .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that A:.9; people have moderator risk
profile.
Tale 1.1A %( ris; 'rofile is innovator.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
.<
6alid strongly
disagree
9 B.4 B.4 B.4
disagree .A .=.B .=.B 49.5
neutral 4< A<.= A<.= 9:.B
agree 4. 4B.B 4B.B <>.:
strongly
agree
> :.: :.: .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that A>.A; people have innovator risk
profile.
Tale 1.11 %( ris; 'rofile is ris; a)verse.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
.. .:.. .:.. .:..
disagree .B 4>.= 4>.= A<.=
neutral 4> A4.< A4.< =4.9
agree .> .<.4 .<.4 <..B
strongly
agree
9 B.4 B.4 .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that 4=.>; people have adverse risk
profile.
Tale 1.12 %utual fun) is alwa(s ris; free.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
.= 4A.A 4A.A 4A.A
disagree 45 4=.> 4=.> :5.=
45
neutral 4< A<.= A<.= <5.>
agree = <.9 <.9 .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that ><.A; people think that mutual fund
is alays risk free.
Tale 1.13 I feel t5e "om'an( norms are eas( to un)erstan).
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
.> .<.4 .<.4 .<.4
disagree .B 4>.= 4>.= >A.B
neutral 44 A5.. A5.. =>.5
agree .9 4..< 4..< <:.<
strongly
agree
A >.. >.. .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that 49; people feel that the norms of the
company are easy to understand.
Tale 1.14 I feel t5e "om'an( )o"umentation is eas( to un)erstan).
4.
$nterpretationE *rom the data e can conclude that 4>.9; people feel that the companys
documentation is easy to understand.
Tale 1.1# I feel t5e "om'an( formalities are eas( to un)erstan).
$nterpretationE *rom the data e can conclude that 49..; people feel that the companys
formalities are easy to understand.
Tale 1.1= 6D0C mutual fun)<s s"5eme 'rovi)es etter returns.
44
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
.5 .A.= .A.= .A.=
disagree 4. 4B.B 4B.B >4.:
neutral 4> A4.< A4.< =:.A
agree .9 4..< 4..< <=.A
strongly
agree
4 4.= 4.= .55.5
Total =A .55.5 .55.5
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
B ...5 ...5 ...5
disagree .: 45.: 45.: A..:
neutral A. >4.: >4.: =>.5
agree .B 4>.= 4>.= <B.9
strongly
agree
. ..> ..> .55.5
Total =A .55.5 .55.5
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
A >.. >.. >..
disagree .5 .A.= .A.= .=.B
neutral >5 :>.B :>.B =4.9
agree .B 4>.= 4>.= <=.A
strongly
agree
4 4.= 4.= .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that 4=.>; people think ()*+ mutual
fundFs scheme provides better returns.
Tale 1.1> Relian"e mutual fun)<s s"5eme 'rovi)es etter returns.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
A >.. >.. >..
disagree .A .=.B .=.B 4..<
neutral >. :9.4 :9.4 =B..
agree .> .<.4 .<.4 <=.A
strongly
agree
4 4.= 4.= .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that 4..<; people think 'eliance mutual
fundFs scheme provides better returns.
Tale 1.1? Relian"e mutual fun) 5ouse is t5e etter fun) 5ouse in t5e terms of
'ro)u"ts.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
4A
6alid strongly
disagree
4 4.= 4.= 4.=
disagree .B 4>.= 4>.= 4=.>
neutral AA >:.4 >:.4 =4.9
agree .< 49.5 49.5 <B.9
strongly
agree
. ..> ..> .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that 4=.>; people think that 'eliance
mutual fund house is the better fund house in the terms of products.
Tale 1.1@ 6D0C mutual fun) 5ouse is t5e etter fun) 5ouse in t5e term of
'ro)u"ts.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
4 4.= 4.= 4.=
disagree .A .=.B .=.B 45.:
neutral A: >=.< >=.< 9B.:
agree 44 A5.. A5.. <B.9
strongly
agree
. ..> ..> .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that A..:; people think that ()*+ mutual
fund house is the better fund house in the term of products.
Tale 1.2A I woul) li;e to e4"5an&e m( investment wit5 anot5er etween 6D0C :
Relian"e.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
.. .:.. .:.. .:..
disagree .> .<.4 .<.4 A>.4
4>
neutral AB :4.. :4.. B9.A
agree .5 .A.= .A.= .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that 9:.B; people like to exchange their
investment ith another beteen ()*+ 7 'eliance.
Tale 1.21 T5e 'ortfolio of 6D0C mutual fun) s"5emes is etter.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
: 9.B 9.B 9.B
disagree .5 .A.= .A.= 45.:
neutral A> >9.9 >9.9 9=..
agree 44 A5.. A5.. <=.A
strongly
agree
4 4.= 4.= .55.5
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that A4.B; people think that the portfolio
of ()*+ mutual fund schemes is better than 'eliance mutual fund schemes.
Tale 1.22 T5e 'ortfolio of Relian"e mutual fun) s"5emes is etter.
*re"uency 8ercent
6alid
8ercent
+umulative
8ercent
6alid strongly
disagree
> :.: :.: :.:
disagree .> .<.4 .<.4 4>.=
neutral A< :A.> :A.> =B..
agree .> .<.4 .<.4 <=.A
strongly
agree
4 4.= 4.= .55.5
4:
Total =A .55.5 .55.5
$nterpretationE *rom the data e can conclude that 4..<; people think that the portfolio
of 'eliance mutual fund schemes is better than ()*+ mutual fund schemes.
49
T7Test for 6D0C %utual 0un) Com'an(:
Tale 2.1 One7,am'le ,tatisti"s
4=
% Mean
&td.
)eviation
&td. 1rror
Mean
$ have sufficient
knoledge about the
mutual funds.
A9 A.>=44 .<5<B4 ..:.9>
Mutual fund is alays
risk free.
A9 4..... .<=<.: ..9A.<
$ feel the company
norms are easy to
understand.
A9 4.BAAA ..45=.4 .45..<
$ feel the company
documentation is easy
to understand.
A9 4.=444 ..5A.49 ..=.BB
$ feel the company
formalities are easy to
understand.
A9 4.BBB< ..55=<. ..9=<B
()*+ mutual fundFs
scheme provides better
returns.
A9 A.4==B .BB.<4 ..>9<<
()*+ mutual fund
house is the better fund
house in the term of
products.
A9 A.4==B .=>.5B ..4A:.
The portfolio of ()*+
mutual fund schemes is
better.
A9 A..AB< .B<<4< ..><BB
4B
Tale 3.1 One ,am'le Test
INT.RPR$TION:
4<
Test 6alue L A
t df
&ig. /4#
tailed0
Mean
)ifferenc
e
<:; +onfidence
$nterval of the
)ifference
Loer Hpper
$ have sufficient
knoledge about the
mutual funds.
A...> A: .55> .>=444 ..9>> .=B5.
risk free. #:.>>= A: .555 #.BBBB< #..4454 #.::=9
$ feel the company
norms are easy to
understand.
#.B4B A: .>.A #..999= #.:=:. .4>.B
$ feel the company
to understand.
#..9.9 A: ...: #.4===B #.949= .5=..
$ feel the company
understand.
#.99. A: .:.A #...... #.>:4. .44<<
()*+ mutual fundFs
returns.
..B<5 A: .59= .4===B #.5459 .:=94
()*+ mutual fund
house is the better
fund house in the term
of products.
4.4>< A: .5A. .4===B .54=5 .:4B:
The portfolio of ()*+
mutual fund schemes
is better.
.<4= A: .A95 ..ABB< #..9:> .>>A4
%ain 5('ot5eses 1:
1+ ,s ' B C, so null hypothesis rejected and alternative hypothesis accepted. Thus
e can interpret customers of ()*+ have the sufficient knoledge about the
mutual funds. ,lso the average value of responses is A.>=, hich shos that
people are aare about the mutual funds.
e can interpret customers of ()*+ are aare about the risk related information.
,lso the average value of responses is 4..., hich shos that people are aare
about the risk related information. That mutual fund is not alays risk free.
3+ ,s ' D C, e cannot reject null hypothesis. Thus e can interpret customers of
()*+ are not aare about the norms of the mutual fund scheme. ,lso the
average value of responses is 4.BA hich is close to A indicates that average
response for aareness is neutral.
()*+ are not aare about the documentation of the mutual fund schemes. ,lso
the average value of responses is 4.=4 hich is close to A indicates that average
#+ ,s ' D C, e cannot reject null hypothesis. Thus e can interpret customers of
()*+ are not aare about the formalities of the mutual fund schemes. ,lso the
average value of responses is 4.BB hich is close to A indicates that average
A5
=+ ,s ' D C, e cannot reject null hypothesis. Thus e can interpret customers of
()*+mutual fundFs scheme not provides better returns. ,lso the average value of
responses is A.4=, hich is close to A indicates that average response for
aareness is neutral.
>+ ,s ' B C, so null hypothesis rejected and alternative hypothesis accepted. Thus
e can interpret that the ()*+ mutual fund house is the better fund house in the
term of products. ,lso the average value of responses is A.4=, hich shos that
people are aare about the products of the ()*+ mutual funds.
?+ ,s ' D C, e cannot reject null hypothesis. Thus e can interpret that the
portfolio of ()*+ mutual fund schemes is not better. ,lso the average value of
responses is A..A, hich is close to A indicates that average response for
T7Test for Relian"e %utual 0un) Com'an(:
% Mean
&td.
)eviation
&td. 1rror
Mean
$ have efficiently
knoledge about the
mutual funds.
A= A.>A4> ...<..B ..<:BA
risk free.
A= 4.:<>9 .B9>=4 ..>4.9
A.
$ feel the company
norms are easy to
understand.
A= 4.:.A: ..5=5A: ..=:<9
$ feel the company
to understand.
A= 4.=54= ..5=99> ..==55
$ feel the company
understand.
A= 4.B.5B .<AB54 ..:>4.
'eliance mutual fundFs
returns.
A= A..5B. .B>4=> ..AB::
'eliance mutual fund
house is the better fund
house in the terms of
products.
A= A..944 .B99>9 ..>4>>
The portfolio of
'eliance mutual fund
schemes is better.
A= A.54=5 .<4=:9 ..:4><
A4
Tale 3.2 One sam'le Test
AA
Test 6alue L A
t )f &ig. /4#tailed0
Mean
)ifference
<:; +onfidence $nterval of
the )ifference
Loer Hpper
$ have efficiently knoledge
about the mutual funds.
4.45B A9 .5A> .>A4>A .5A:A .B4<9
Mutual fund is alays risk
free.
#4.B:4 A9 .55= #.>5:>. #.9<A= #...=.
$ feel the company norms are
easy to understand.
#4.=9: A9 .55< #.>B9>< #.B>A> #..4<9
$ feel the company
documentation is easy to
understand.
#..9B5 A9 ..54 #.4<=A5 #.9:9A .59.=
$ feel the company formalities
are easy to understand.
#..44= A9 .44B #..B<.< #.:5.< ..4A9
'eliance mutual fundFs
returns.
.=B5 A9 .>>5 ..5B.. #..=4< .AB<.
'eliance mutual fund house is
the better fund house in the
terms of products.
...AB A9 .494 ..94.9 #..49= .>:..
The portfolio of 'eliance
mutual fund schemes is better.
..== A9 .B95 .54=5A #.4B44 .AA9A
INT.RPR$TION:
%ain 5('ot5eses 2:
@+ ,s ' B C, so null hypothesis rejected and alternative hypothesis accepted. Thus
e can interpret customers of 'eliance have the sufficient knoledge about the
mutual funds. ,lso the average value of responses is A.>A, hich shos that
people are aare about the mutual funds.
1A+ ,s ' B C, so null hypothesis rejected and alternative hypothesis accepted. Thus
e can interpret customers of 'eliance are aare about the risk related
information. ,lso the average value of responses is 4.:<, hich shos that people
are aare about the risk related information. That mutual fund is not alays risk
free.
e can interpret customers of 'eliance are aare about norms of the mutual fund
schemes. ,lso the average value of responses is A.>A, hich shos that people are
aare about the mutual funds.
'eliance are not aare about the documentation of the mutual fund schemes. ,lso
the average value of responses is 4.=5 hich is close to A indicates that average
'eliance are not aare about the formalities of the mutual fund schemes. ,lso the
average value of responses is 4.B. hich is close to A indicates that average
A>
'eliancemutual fundFs scheme not provides better returns. ,lso the average value
of responses is A..5 hich is close to A indicates that average response for
1#+ ,s ' D C, e cannot reject null hypothesis. Thus e can interpret that the
'eliance mutual fund house is not the better fund house in the term of products.
,lso the average value of responses is A..9 hich is close to A indicates that
average response for aareness is neutral.
1=+ ,s ' D C, e cannot reject null hypothesis. Thus e can interpret that the
portfolio of 'eliance mutual fund schemes is not better. ,lso the average value of
responses is A.54 hich is close to A indicates that average response for aareness
is neutral.
Com'arative anal(sis of Relian"e : 6D0C %utual 0un) Com'an(:
A:
One7,am'le ,tatisti"s
Tale 3.3 One7,am'le Test
A9
% Mean &td. )eviation
&td. 1rror
Mean
Mutual fund is alays risk free.
=A 4.A:94 .<>B4> ...5<B
easy to understand.
=A 4.9=.4 ...>A4= ..AAB.
$ feel the company
understand. =A 4.=.4A ..5>=4. ..44:=
=A 4.B><A .<9=.4 ...A.<
INT.RPR.T$TION:
%ain 6('ot5eses:
1. ,s ' B C, so null hypothesis rejected and alternative hypothesis accepted. Thus
e can interpret that there is significant difference in aareness level of
customers about risk related information of the 'eliance and ()*+ mutual funds
schemes. ,lso the average value of responses is 4.A:, hich shos that people are
aare about the risk related information.
e can interpret There is significant difference in understanding the norms of the
'eliance and ()*+ mutual funds schemes. ,lso the average value of responses
is 4.9=, hich shos that people are aare about the mutual funds.
A=
Test 6alue L A
t df &ig. /4#tailed0
Mean
)ifference
<:; +onfidence $nterval of
the )ifference
Loer Hpper
Mutual fund is alays risk free.
#:.B5. =4 .555 #.9>AB> #.B9:. #.>449
easy to understand. #4.>:= =4 .5.9 #.A4B== #.:<:: #.5945
$ feel the company
understand.
#4.A>= =4 .544 #.4B=9= #.:A45 #.5>AA
#..AA. =4 ..B= #..:59B #.A=9A .5=:5
e can interpret There is significant difference in understanding the
documentation of the 'eliance and ()*+ mutual funds schemes. ,lso the
average value of responses is 4.=., hich shos that people are aare about the
mutual funds.
4. ,s ' D C, e cannot reject null hypothesis. Thus e can interpret there is no
significant difference in understanding the formalities of the 'eliance and ()*+
mutual funds schemes. ,lso the average value of responses is 4.B> hich sho
that the formalities of both the company is almost same.
4.3 Dis"ussion on 0in)in&s
,fter a comprehensive survey $ have observed many things and according to the observation the folloing
findings have been pointed out. The key findings are as follosE
.. *olloings are the findings for ()*+ mutual fund
The customers respond positively and said that they aare about the mutual funds
schemes but hen e asked specific "uestions about the norms, documentation,
and formalities about the mutual fund schemes the customers are not aare about
it. &o its shos that customers do not proper information about the mutual fund
schemes.
+ustomers of the ()*+ mutual fund company are also not aare about the
mutual funds position in the market they also dont have proper knoledge about
the returns of the schemes.
!e also found that the customers of the ()*+ are not aare about the product of
()*+ mutual fund company as their response is neutral hether ()*+ is better
fund house or not.
AB
4. The finding on the basis of 'eliance customers are folloingE
The customers respond positively and said that they aare about the mutual funds
schemes but hen e asked specific "uestions about the documentation and
formalities about the mutual fund schemes the customers are not aare about it
but customers are aare about the norms of the schemes. &o its shos that
customers have not proper information about the mutual fund schemes.
+ustomers of the 'eliance mutual fund company are also not aare about the
mutual funds position in the market they also dont have proper knoledge about
the returns of the schemes.
e also found that the customers of the 'eliance are not aare about the product
of 'eliance mutual fund company as their response is natural hether 'eliance is
better fund house or not.
A. The finding on the basis of comparison beteen 'eliance and ()*+ mutual
*unds companys customers folloing results are foundE
The aareness level of 'eliance and ()*+ mutual funds schemes related to risk
related information, documentation, norms are different but the aareness level
for the formalities related information is same for both the companies.
A<
#. Re"ommen)ations
The study offer recommendations for 'eliance and ()*+ Mutual *und +ompany to
consider in maximi?ing the aareness of mutual fund schemes in the marketE
The companies should give the knoledge regarding mutual fund through various
sources like more advertisement, T6 programs etc. because people should kno benefits
and information about mutual funds.
'eliance and ()*+ mutual fund companies should give proper training to their
employees so they can give full information about the schemes to the customers about
documentation, norms, formalities etc.
The companies should also attract the lo income people by shoing them the
benefits of the li"uidity funds for the short term to attract them.
The companies should organi?e seminar to give information about mutual fund
and should distribute brochures having detail of schemes of mutual funds.
The companies should also aare the people about the ,M*$ exam and should
motivate them to be financial adviser to give more information to the customers.
8eople source their information mainly from agents, bank distributors or
nespapers, according to the report, hich found that these channels are Cas much a part
of the problem as they are a part of the solutionD. &o companies should make those
channels strong for providing information about mutual fund schemes.
=. Con"lusion
>5
The present study conducted to measures the aareness level of customer for mutual
fund schemes. The study has been conducted for to major mutual fund companies. The
study shos that people thinks that they are having compete information and aareness
about the products and procedures related ith mutual funds but this is not the case
because customers are unaare about risk related information and documentation
procedure. ,lso there is a difference in aareness level for ()*+ customers and reliance
customers on some aspects of aareness.
,s mutual funds having good options, schemes and scope, so the mutual fund companies
can gro by creating the aareness among people. $t is also good for those ho ant to
make their future in it.
,s there is lesser no. of people investing in the mutual fund in comparison of other
instruments of the investment L.$.+, post. &aving aGc etc. so there is a good chance of its
groing. 1ven mutual fund is also having the product as substitute of it. &o the industry
can get the benefit of it.
The industry cans aare more investor to invest in mutual fund. They can do these
through seminars, advertisement etc. they can also increase their sale by collaborating
ith many banks. They can also make more advisors by giving them more commission.
>.
>4
EU.,TION$IR.
)ear respondents,
,s a part of my M2, curriculum $ am doing my Major 'esearch 8roject. The topic is
C,!,'1%1&& J* MHTH,L *H%)& &+(1M1&E , +JM8,'1T$61 ,%,LM&$& J*
'1L$,%+1 ,%) ()*+ ,T $%)J'1D. $ assure you that information ill be used only for
academic purpose.
%ameE NNNNNNNNNNN -enderNNNNNNNN..
+ompany NNNNNNNNNNNNNNNNNNNNNNNNN..
Monthly &alary a+ belo 45555 + 45555# >5555 "+ ,bove >:555
Oualification a+ 8- + -raduate "+ &peciali?ation in banking.
>A
8lease tick one of the numbers on . to : scales to indicate your response. The level of agreement
beingE#
strongly disagree L .. disagree L 4. neutral L A. agree L >. strongly agree L :.
O. !hich company does you investedP
.. 'eliance 4. ()*+
2ilio&ra'5(- Referen"es
,graal )eepak /45590 , CMeasuring 8erformance of $ndian Mutual *undsD,
LNCT-MER Prabandhan&Taqniki, 6ol. $ /.0 &ept 455=, pp. .=<#.B:.
2ijan 'oy, &aiket&ovan )eb /455A0, CThe conditional performance of $ndian
mutualfundsE an empirical studyD, !orking paper,
http://papers.ssrn.!"/s!l#/papers.$"% abstrat&id'()#*+#, ,essed !n ,ug.
44, 455<.
>>
&.
no
Euestions 1 2 3 4 #
. $ have sufficiently knoledge about the mutual funds.
4 $ am interested to invest in mutual funds.
A $ am interested to invest in ()*+ mutual fund scheme.
> $ am interested to invest in 'eliance mutual fund scheme.
: $ come to kno about this companys mutual fund schemes from *riends 7
peers or *amily members 7 relatives.
9 $ come to kno about this companys mutual fund schemes from +ompanys
employees.
= $ am interested to invest in mutual funds scheme for long duration /more than
one year0.
B $ am interested to invest in mutual funds scheme for short duration /one year or
less than one year0.
< My risk profile is moderator.
.5 My risk profile is innovator.
.. My risk profile is 'isk adverse.
.4 Mutual fund is alays risk free.
.A $ feel the company norms are easy to understand.
.> $ feel the company documentation is easy to understand.
.: $ feel the company formalities are easy to understand.
.9 ()*+ mutual funds scheme provides better returns.
.= 'eliance mutual funds scheme provides better returns.
.B 'eliance mutual fund house is the better fund house in the terms of products.
.< ()*+ mutual fund house is the better fund house in the terms of products.
45 The portfolio of ()*+ mutual fund schemes is better.
4. The portfolio of 'eliance mutual fund schemes is better.
@shama*ernandes , C1valuating index fund implementation in $ndiaD, !orking
paper, http://---.nseindia.!"/!ntent/researh/Paper...pd$.
Michael +. 3ensen /.<9=0, C The 8erformance of Mutual *unds in the period
.<>:#.<9>D,/!urnal !$ Finane, 6ol. 4A, %o. 4, pp. AB<#>.9.
Mishra, Mahmud 'ahman, /455.0 CMeasuring mutual fund performance using
loerpartial momentD, 0l!bal 1usiness Trends, C!nte"p!rar2 Readin3s , 455.
edition.
&harad8anar7 )r. '. Madhumathi / 455:0, F+haracteristics 7 performance
evaluationof selected Mutual *unds in $ndiaD , )th4ndian 4nstitute !$ Capital
Market C!n$erene,Mumbai.
&harpe, !.*. DThe &harpe ratioD, /!urnal !$ P!rt$!li! Mana3e"ent +5, 5))6,
pp6)-().
&. %arayan 'ao , M. 'avindran ,D8erformance 1valuation of $ndian Mutual
*undsD,!orking paper , http://papers.ssrn.!"/s!l#/papers.$"%
abstrat&id'6##577.
&tatman , M. ,D&ocially responsible mutual fundsD, Finanial ,nal2sts /!urnal
(.,+777, pp#7-#8.
.7 Referen"es
.hdfcfund.com
.reliancemutual.com
.livemint.comG455BG5BG5>4A.<4BGLo#aareness#of#mutual#funds
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