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INDIA INFOLINE
Submitted to
I here by declare that the Project Report titled “A PROJECT REPORT ON NFO PROCESS
IN MUTUAL FUNDS AT INDIA INFOLINE” is a bonafied work carried out by myself in
partial fulfillment of the POST GRADUATE DIPLOMA IN BANKING & FINANCE
program for SCDL.
The work is original and has not been copied from anywhere else and has not been submitted to
any other University/Institute for an award of any degree/diploma.
Date: Signature:
This is to certified that the work incorporated in this Project Report on “NFO Process in Mutual
Funds at India Infoline” submitted by “” is his/her original work and completed under my
supervision.
Material obtained from other sources has been duly acknowledged in the Project Report
Date: 05.06.2019
(Project Guide Name)
.
CONTENTS
TITLE PAGE NO
INTRODUCTION
REVIEW OF LITERATURE
COMPANY PROFILE
QUESTIONNAIRE
BIBLIOGRAPHY
INTRODUCTION
Introduction to the study:
This increased the competition between the various firms working in the mutual fund
Industry The need for developing various new schemes arises so as to attract investors towards
the firm and equally encouraging them to invest. This growth in the Mutual Fund Industry and
scope of increasing markets has further increased the competition between the firms in the
industry.
The competitions had given raise to demand for specialized products and skills of
various individuals who can contribute towards the containment and growth of individual firms
in the mutual firm industry. This gave rise to various related organizations and individuals
working as specialized teams in the various areas of mutual funds. One such organization is
INDIA INFO LINE PVT LTD it comes into pictures where the investors apply for the units in a
Mutual Fund schemes and verify the validity and eligibility of the investor and allots the units
The mutual fund companies now receive millions of applications if a new scheme is
launched. This is due to the wide spread awareness created among the urban and rural Population
of India. It therefore becomes a Herculean task to Manage the flooding applications However it
should be noted that this is a onetime activity similar to that of a short run project It is needless to
state that a given mutual fund firm will not be possessing.
The technological, human and knowledge resources to take up such a gigantic task, it is in fact
not needed by a mutual fund firm to create such a vast organizational structure when it is seen
from the point of view scale of economies. Further to this problem, the mutual fund industry
does not know where it stands in the current volatile and turbulent environment. This may be the
reason they prefer to hire the services of professionals firm with specialized knowledge and
expertise.
These developments have led to an outcome that today, launching of mutual fund scheme has
become a well organized activity which is accomplished through the coordinated endeavors of
task groups.
The asset management companies have designed various schemes in accordance with the
requirements of the various sections on investors on basis of equity linked, debt instruments
linked, commodities linked and specific industry linked instruments. The investor today is given
a wide range of options to invest in various types of funds according to his interests and
capabilities.
Mutual funds enable even a small investor to investor to invest, as most of the mutual funds just
start from a minimum amount of investment of RS. 5000 hence even a small investor can invest
into a mutual fund and reap returns in the same proportions as the other big time investors. This
shows that mutual fund industry is one which aims at every section of the society. To deal with
this large population of investors and the competition, the asset management company has been
forced to develop and design new schemes and hire the services of professionals.
mutual fund industry involves various operations from the stage of identification of the target
group or defining a market segment, designing a scheme which comes up to the expectations and
aspirations of the target group or market segment, reaching the selected market through
launching the scheme which is thereby called NFO, till the stage of investing the amount raised
in accordance with the norms stipulated with offer document and distributing the returns to the
investor by way of dividend, after making adequate provision for taxation and other operating
costs. All this process is well organized and performed in a specific order. There are various
related organizations which specialize in the activities at various stages of the functioning of the
mutual funds.
It is therefore felt expedient to examine the various intricacies involved in the new fund offer
(NFO). Specifically the various documents that are being processed, the parameters evolve
either customarily or by legal mandate to scrutinize the applications. Various stages involved in
the scrutiny, the rejection criteria, the creation of human organization to monitor the activities,
the communication channel and the structure of the organized activities and the legal
environment of NFO to some extent. Such a dissertation would help to come out with a
comprehensive report which may serve as a guide for the prospective entrants into mutual fund
Methodology of study:
To fulfill the objective of the study both primary and secondary data has been collected. Primary
data is the data collected specifically for the study. Data is collected directly from people and
In this study primary data was collected through interaction with staff of India info line Pvt Ltd.
Secondary data is the data collected previously by someone else for some other purpose which
can be analyzed and interpreted according to requirements. For example, sources of secondary
* Reconciliation statements.
Limitations of study:
Reliance equity Fund. The data available is therefore restricted by the design
of the application.
received, statement of accounts, investor details, etc are not available and
* NFO process may not be same for all mutual funds that are released. It may
differ from one fund to other depending upon the size like the no. of
When a mutual fund asset management company announces Public issue of units of a new
When a mutual fund company plans for a new fund offer it first informs to the registrar or the
back office functions provider like INDIA INFO LINE through email. This is called as “NFO
Launching Information Mail” send by the fund manager of the asset management company to the
NFO coordinator of the INDIA INFOLINE. In this Mail the fund manager will ask the NFO
coordinator to get ready for the new fund with the required man power and software.
Later they send the sample application form, the key information memorandum (KIM) and offer
document to INDIA INFO LINE. This offer document sets forth concisely, necessary
information about the scheme for a prospective investor to make an informed investment
decision on the scheme described. The offer document contains the salient features of the
scheme like NFO opening date, NFO closing date, Scheme name, Scheme class, reopening date,
plans available banks involved, number of bank branches involved, minimum amount – fresh
purchase, maximum amount – fresh purchase, expected number of applications, entry load and
exit load. The unit manager or the NFO coordinator will arrange a meeting where the AMC
team, NFO expert’s team, Data entry team, Reconciliation team and the dispatch team will
discuss and fix the target dates by which the work has to be completed accordingly.
Mutual fund is a mechanism for pooling the resources by issuing to the investors and investing
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.
The profits or losses are shared by the investors in proportion to their investment. The mutual
funds normally come out with a number of schemes with different investment objectives which
are launched from time to time. A mutual fund is required to be registered with Securities and
Exchange Board of India (SEBI) which regulates securities markets before it can collect funds
Mutual fund is a collection of stocks and / bonds. A mutual fund as a company brings together a
group of people and invests their money in stocks, bonds and other securities. Each investor
rates, mutual funds are gaining popularity day by day Now-a- day’s mutual funds are performing
well will high returns to the investors. There are various types of schemes and plans available to
Let us assume that you inertia million rupees over night and want to invest the same to
get better returns you can consider the following investment avenues that are popular in Indian
context
Company shares
Fixed deposits in banks
Government bonds
Fixed deposits in NBFC
Chit fund
Real estate
Other local money lending options
If fund holdings increase in price but are not sold by the fund manager, the funds shares increase
in price. You can then sell your mutual fund units for profit. Funds will also usually give you a
choice either to receive a check for distributions or to reinvest the earnings and get more shares.
Income it earned from dividends on stocks and interest on bonds. A fund pays out nearly all
income it receives over the year to fund owners in the form of a distribution.
Types of Funds:
Mutual funds also come in various sizes and shapes. There are about dozen fund classes but all
Growth
Income
Liquidity
Growth: Long term growth, since these funds invest in equities, they are also called as equity
funds. Their risk level is high so is the return.
Income: This type of fund provides regular income by investing in debt instruments like bonds,
debentures etc., Because of their nature of investment, they are also called debt schemes. Their
Liquidity: These are primarily invested in money market instruments and thus most volatile,
safer and give lower returns. These funds are also known as cash or money market funds.
In addition to the above type there are other derivative classes as listed below.
This type of fund... Invest in this area
Instruments
Ells / Tax funds Invests is Government bonds and generally long term in
These are called mutual fund schemes. It is based on the investment objective. There is another
Classification based on the capitalization of funds. If the fund offers purchase or selling on a
Continuous basis it is called open ended mutual fund. On the contrary, if the fund is open only
for a particular period, it is called closed ended fund.
Open ended funds gained popularity because of their flexibility and variety of features they offer.
For this reason, majority of the mutual funds are ‘open’ in nature.
Arms of a mutual fund:
Primarily mutual fund is formed as a trust by a group of sponsors. They are the owners of the
mutual funds and forms trust by a group of sponsors. They are the owners of the mutual funds
and forms trustees who in turn appoint AMC and manage the mutual fund.
SEBI regulations require that at least two at least two thirds of the directors of trustee company
or board of trustees must be independent i.e. they should not be associated with the sponsors.
Also, 50% of the directors of AMC must be independent. All mutual funds are required to be
registered with SEBI before they launch any scheme.
Since mutual fund offers many more options to investors, it will have many more transaction
types as well. Let us see some popular transactions in mutual funds
Rest are relating to general maintenance only. So they are non-commercial transactions.
Net asset value:
As you must have noticed, we always talk about ’units’ in a mutual fund and not money itself. A
unit is basic measure of investment n a mutual fund.
Each scheme / plan will have a different market value is called the Net asset value or simply
NAV. Since market value of the underlying securities changes every day, NAV of a scheme also
varies on a day to day basis.
(1) No scheme shall be launched by the asset management company unless such scheme is
approved by the trustees and a copy of the offer document has been filed with the Board.
(2) Every mutual fund shall along with the offer document of each scheme pay filing fees as
(1) The offer document shall contain disclosures which are adequate in order to enable the
investments proposed to be made by the scheme in the listed securities of the group companies of
the sponsor].
(2) The Board may in the interest of investors require the asset management company to carry out
(3) In case no modifications are suggested by the Board in the offer document within 21
[working] days from the date of filing, the asset management company may issue the offer
document.
(4) No one shall issue any form of application for units of a mutual fund unless the form is
Board.
3. Advertisement material:
(1) Advertisements in respect of every scheme shall be in conformity with the Advertisement
Code as specified in the Sixth Schedule and shall be submitted to the Board within 7 days from
(2) The advertisement for each scheme shall disclose [investment objective for each scheme]
4. Misleading statements:
The offer document and advertisement materials shall not be misleading or contain any statement
Every close ended scheme shall be listed in a recognized stock exchange within six months from
the closure of the subscription Provided that listing of close ended scheme shall not be
mandatory.
(a) If the said scheme provides for periodic repurchase facility to all the unit holders with
senior citizens, women, children, widows or physically handicapped or any special class of
(c) If the details of such repurchase facility are clearly disclosed in the offer document; or
(d) If the said scheme opens for repurchase within a period of six months from the closure of
subscription.
(1) The asset management company may at its option repurchase or reissue the repurchased units
(2) The units of close ended schemes referred to in the proviso to regulation may be open for sale
or redemption at fixed pre-determined intervals if the maximum and minimum amount of sale or
redemption of the units and the periodicity of such sale or redemption has been disclosed in the
offer document.
(3) The units of close ended scheme may be converted into open ended scheme.
(a) If the offer document of such scheme discloses the option and the period of such conversion;
or
(b) The unit holders are provided with an option to redeem their units in full.
(4) A close ended scheme shall be fully redeemed at the end of the maturity period [Provided that
a close ended scheme may be allowed to be rolled over if the purpose, period and other terms of
the roll over and all other material details of the scheme including the likely composition of
assets immediately before the roll over, the net assets and net asset value of the scheme, are
disclosed to the unit holders and a copy of the same has been filed with the Board.
Provided further, that such roll over will be permitted only in case of those unit holders who
express their consent in writing and the unit holders who do not opt for the roll over or have not
given written consent shall be allowed to redeem their holdings in full at net asset value based
price.
7. Offering Period:
No scheme of a mutual fund other than the [initial] offering period of any equity linked savings
schemes shall be open for subscription for more than 45 days
(1) The Asset management company shall specify in the offer document
(a) The minimum subscription amount it seeks to raise under the scheme and
(b) In case of over subscription the extent of subscription it may retain Provided that where the
asset management company retains the over subscription referred to in clause (b), all the
applicants applying up to five thousand units shall be given full allotment subject to the
oversubscription mentioned in clause (b).
(2) The mutual fund and asset Management Company shall be liable to refund the application
(i) If the mutual fund fails to receive the minimum subscription amount referred to in clause (a)
of sub-regulation (1);
(ii) If the moneys received from the applicants for units are in excess of subscription as referred
the asset management company shall be liable to pay interest to the applicants at a rate of fifteen
percent per annum on the expiry of six weeks from the date of closure of the subscription list.
The asset management company shall issue to the applicant whose application has been
accepted, unit certificates or a statement of accounts specifying the number of units allotted to
the applicant as soon as possible but not later than six weeks from the date of closure of the
[initial subscription list and or from the date of receipt of the request from the unit holders in any
open ended scheme].Provided that if an applicant so desires, the asset management company
shall issue the unit certificates to the applicant within six weeks of the receipt of request for the
certificate.
(1) A unit certificate unless otherwise restricted or prohibited under the scheme, shall be freely
(2) The asset management company shall, on production of instrument of transfer together with
relevant unit certificates, register the transfer and return the unit certificate to the transferee
within thirty days from the date of such production. Provided that if the units are with the
depository such units will be transferable in accordance with the provisions of the Securities and
dividend.
(b) Dispatch the redemption or repurchase proceeds within 10 working days from the date of
redemption or repurchase.
(c) In the event of failure to dispatch the redemption or repurchase proceeds within the period
specified in sub-clause (b), the asset management company shall be liable to pay interest to the
unit holders at such rate as may be specified by Board for the period of such delay.
(d) Aside payment of such interest to the unit holders under sub-clause (c) the asset management
company may be liable for penalty for failure to dispatch the redemption or repurchase proceeds
Wherever an application for a total value of RS. 50,000 or more, the applicant or in the case of
application in joint names, each of the applicants, should mention his/her permanent account
number (PAN) allotted under the Income Tax Act, 1961 or where the same has not been allotted,
the GIR number and the income-tax Circle/Ward/District should be mentioned. In case where
neither the PAN nor the GIR number has been allotted, the fact of non-allotment should be
mentioned in the application form. Any application form without these details should not be
accepted by the mutual fund. The above clarification is being issued in accordance with
As advised in SEBI circular MFD/CIR/06/275/2001 dated July 9, 2001, while filing offer
document for launching a new scheme/revising and filing existing offer document with SEBI, the
mutual funds should highlight and clearly mention the page number of the offer document on
which each of the following observation has been incorporated. In case of any amendment to
COMPANY PROFILE:
One fine morning in early 1999, a colleague had a crazy idea that if the company made
all the research available free on the web, the number of users may well jump from 250 to 2.5
million. To make it true, the business required a reincarnation. And the pre-requisite was a death.
It meant that the company put up all the information free on the website and let go of all the
revenues and profits. Worse, if the new avatar failed, there would be ‘no comebacks’.
The company became heavily dependent on its e-broking business for survival. The odds
were against them. There was no money available from the private equity investors at any
valuation. The core promoters of the company had little experience of broking. To add to it, the
market was hit by a scam. They also had their share of price to pay and lessons to learn. It was
difficult to retain people. Although devastating for morale, but not surprising, most market
observers had written them off.
There was a core group who never lost hope. They cut all possible costs and worked on a bare
bones structure. They survived against all odds and started capturing market share. The company
rose from strength to strength to become the leading corporate agent in life insurance and among
the top retail players in mutual fund and broking space.
Nirmal Jain is the founder and Chairman of India Info line Ltd.
He holds an MBA degree from IIM Ahmedabad, and is a Chartered Accountant (All
India Rank 2) and a Cost Accountant.
Mr. R.Venkataraman (Executive Director)
Mr. Sat Pal Khattar joined the Board with effect from April 20, 2001.
Mr. Sat Pal Khattar is a lawyer by profession.
He is a director of a number of public companies in Singapore and India.
Mr. Sanjiv Ahuja joined the Board with effect from August 28, 2002.
Mr. Ahuja graduated from National University of Singapore with a degree in Computer
Science and is also a Certified Public Accountant.
He started his own investment advisory and consulting company in 2001, named
Centennial Management Consultants Private Limited.
Mr. Nilesh Shivji Vikamsey joined the Board with effect from February 11, 2005.
Mr. Vikamsey qualified as a Chartered Accountant in 1985 and has been a member of the
Institute of Chartered Accountants of India since 1985.
Our Vision:
Its vision will not be accomplished only by maintaining high growth alone. Our vision is to
emerge as the most respected financial services company in India. Needless to emphasize that it
is imperative for all us to align our personal goals and values to this vision.
Knowledge:
Always keep yourself up-to-date by reading newspapers like Economics Times, Business
standard and Business Line daily. Passing NCFM, AMFI, IRDA exams also help you to
get basic domain understanding.
We are in a knowledge industry and hence we cannot afford to go to a client and appear
ignorant and foolish by not even knowing basic things.
Technology:
Service:
Our customer service is warm, friendly and responsive that media cannot help but rave
about. Today, service is the key driver for growth in financial services. We take pride in
our ability to add value that our customers can feel and appreciate.
Remember we have to always ensure that simple things like ensuring customer problems
are solved, requests are catered to, giving him investment ideas etc. Basically, whatever it
takes to keep him served.
ANALYICAL FRAME
WORK
NFO process:
When a mutual fund Assets Management Company (AMC) announces a public issue of units of
& new fund/scheme, it is called a new fund offer (NFO).
The new fund is planned and sources from where it should be collected and where the amount
should be invested is planned by the AMC.
According to the SEBI rules any new fund launched should be approved by SEBI. Once the
AMC get the approval of SEBI for the fund it does the marketing of the fund by it self or through
brokers. The investors who are willing to invest in a particular fund deposit the amount they plan
to invest in the bank as directed by the AMC.
These banks collect the application and amount and direct it towards the registrar specified by
the AMC. From this point India info line came into the picture as the registrar.
The role, responsibilities, activities, forms and reports involved in this process of NFO is general,
are AMC, fund manager, SIP I/c, Switches I/c., NFO Coordinator. Internal auditor,
Systems(S/W) dept. IPO Centre coordinator, IPO-RTI, IPO-EDP, Scanning and Printing &
Dispatching.
The India info line branches collect the applications of the investors across India and abroad for
all the branches of the bank that is involved in this NFO. These applications are sent to India info
line processing center, Hyderabad. After receiving, these applications are segregated bank wise
IH Numbering:
IH numbering is also called as In house Numbering. India info line gives this IH numbering to
those applications. This is done for their convenience in doing back office functions easily. All
the data on the application is entered into systems through software developed by India info line
technology team called K-Bolt. Later on, we can get any information of a particular application
Binding:
All the applications that are received are given for binding. Binding of application is done by
segregating them according to the bank and branch fro which they are received. India info line
does this Binding because to keep all these applications safe, out of any damage and miss-place.
First Entry:
After finishing binding of applications they are sent to Date Entry team. Here the first time entry
is done. All the information or date of an investor that is available on the application like name
of the applicant, age, Address, PAN, Bank details, broker code, sub broker code, email addresses,
guardian name, amount invested, name of the scheme or plan invested in, etc., are entered into
After first entry the data is again sent for the second entry. Here in second entry, the data that is
entered in first entry is checked and the information what ever is missing is entered.
Online Matching:
After entering the data like applicant, age, Address, PAN, Bank details, broker code, sub broker
code, email addresses, guardian name, amount invested, name of the scheme or plan invested in,
etc., in the first entry and once again in the second entry it is sent to the online matching. Here in
online matching the physical form of application are kept side by an checking of data that was
Data from online matching is sent to the verification team. This team verifies mistakes that are
left in online matching. Mistakes like blank address, PAN blank for amount greater than or equal
to 50000 RS. Name blank, bank details blank, invalid or blank broker code etc., are rectified in
First time check clearing list is in short is called as first time CCL. First Time CCL is prepared
External Audit:
First time check-clearing list is sent to an external audit team. India info line appoints this team
before the NFO processes. They are nowhere related to the organization. This external audit team
will mainly check name of the investor, amount invested, bank details PAN number, name of the
scheme/plan and mode of holding (MOH). But in total they will check more than 30 characters
Second time verification:
If the external auditing is not satisfied and if they find any mistakes or missing information they
will send the first time CCL for second time verification. Here they verify the check list once
again and mistakes like invalid mode of folding (MOH), invalid email address, status minor
without guardian name, invalid date of birth for minor, invalid existing account number,
blank/null application number, NRI with blank account type, saving or current, investor signature
Second check the verification team prepares clearing after verifying the mistakes that are pointed
out by the external audit team. After preparing second time CCL it is again sent to external audit
team.
Check clearing list will be given by the external audit team to the NFO team in India info line
This NFO team in India info line will once again check further mistakes like spelling mistakes in
After integrity check by the NFO team it is once checked by the internal audit team of India info
line.
this team will verify bank details of the investor like PAN number, bank a/c number, comparing
the amount invested with that of the minimum amount that has to be invested cheques with out
hue signature of the investor bounced cheques etc., and they are rejected. These rejected cheques
are dispatched to the investors. A sample statement of accounts (SOA) is prepared by this
reconciliation team.
Entire data after getting filtered at each and every step will be handing over to mutual fund
services team. This MFS team will once again verify the data and the final data will come out
Task MF is the software developed by India info line Technology team. It is prepared according
to the suggestion given by AMC. This Task MF will resemble the style or Performa or outlook of
the statement of accounts. Final data that they got after filtering the mistakes and default values
Allotment of units:
Allotment of units is done as per the amount that is invested by investors. They will avail the
units taking the Net Asset Value (NAV) of that particular scheme as base.
verification. This verification will result in preparing a statement of accounts which in cent
Dispatch of SOA:
Statement of accounts (SOA) once prepared is dispatched to the investor. SOA’s are neatly
packed in an envelope and dispatched to the investors by the dispatch team through courier.
India info line will finally prepare New Fund Report. This new fund report has to be submitted to
the AMC. Then AMC will submit a copy of the same to the SEBI, which is mandatory. The new
fund report details like
1) Scheme details
* Scheme name
* Scheme type
* Date of opening
* Date of closing the scheme / initial subscription period
* Target amount
* Minimum amount to be raised
% of applicants 74 0 26 100
Interpretation:
It can be seen that majority of the applicants prefer to hold the allotted units individually and
26% prefer to hold anyone/survivors. This corroborates with the age profile of the applicants.
Occupation profile of applicants:
Interpretation:
Majority of the applicants are from services personnel at 38%, next comes business People are 28%. The
housewife occupy 3rd highest at 19%. It is found that professionals and retired are at the lowest.
STATUS:
Interpretation:
It can be observed from the table and the chart that the majority of applicants are resident
individuals constituting 96% the applicants and remaining 4% are the Non-resident Indians.
b) Status of non-individuals:
Interpretation:
In the non-individuals category HUF occupied the highest at 80% and next 10% is for
partnerships. In others category 10% is found and all other non-individual entities have recorded
zero applications.
Age profile of the applicants:
Interpretation:
The age profile of the applicants shows that the majority of the applicants
fall into the age Group 31-60 years and the percentage of them being 60.
This is followed by the age Group 18-30 years and 15% of the applicants
Interpretation:
Amount of investment is high at 65% in the range 5000-25000 and it is very low at 3% in 50001-
100000, but the next slab. Above 100000 has registered 5%.
Interpretation:
Majority of the applicants Opted the growth option and the option of dividend reinvestment is
31%. This means that 80% of the applicants are not investing for income sake rather they look at
the accumulation
of profits.
The mode of payment reflects upon the quality of applicants. On an average 99% have paid
through cheques and therefore the NFO is able to attract good quality retail investors.
Majority of the payments have been made from Savings Bank account (SB). No payments have
been found from NRO, NRE, and FCNR even though 4% of the applicants are NRI s
Interpretation:
A predominant feature is that 40% of the applications are from Maharastra and next highest 14%
is registered for Delhi. Lowest numbers of applications are from Bihar and Chandighar.
QUESTIONNAIR
QUESTIONNAIR
(From the above chart we can understand the age group 55-65 people
(Here many investors are love to invest in 100 percent equity fund
Allocation scheme.)
situation many people are quite satisfied with the return they are
Getting.)
(As people are specialized in market more the investors they all are
Investing in HSBC if not in UTI because HSBC is the world’s local bank
FINDINGS
AND
CONCLUSIONS
Findings and conclusions:
* The NFO process is simple and well structured as long as it is to investor to investor,
but thereafter the process is lengthy time consuming and found to be overlapping at
some stages.
* The SEBI regulations governing NFO are comprehensive and protect investor's
* Different funds have been designing different forms of applications for NFO.
SUGGESTIONS
AND
RECOMMENDAIONS
Suggestions and recommendations:
* Different funds have been using different forms of applications. A standardized form of
application maybe designed by the competent authority and should be made mandatory
* The NFO process is very complex and there is a need to simplify the process by
eliminating certain unnecessary steps in the process ie instead of carrying out audit for
three times and appropriate internal check system maybe devised to keep the errors
* The NRI subscribers to the fund maybe encouraged to make the payments from NRO,
* The participation of senior citizens in the NFO s may be encouraged as they are likely
* There is a need to investigate the reasons for HUF s occupying more than 2/3 rd share
* A savings from all channels of India / World are to be tapped by the NFO rather than
Bibliography
* www.Indiainfoline.com
* www.sebi.com
* www.amfiindia.com