Vijay Project

Comparative analysis of SBI ELSS with similar schemes 1.
INDUSTRY PROFILE
Introduction:
Stock brokerage firms have been an established feature in the financial industry for nearly one thousand years. Dealing in debt securities, brokers employs a variety of systems to aid investors with the purchase and sales of stocks and bonds in a variety of markets. The firms have changed over the years, growing to massive organizations that can affect the entire financial sector positively or negatively with their performance. Changing with the times, the early twenty-first century saw a rise of online trading that enabled the average investor to take part in the stock market for the first time.
History of stock brokering industry:

The Indian broking industry is one of the oldest trading industries that have been around even before the establishment of the BSE in 1875. Despite passing through a number of changes in the post liberalization period, the industry has found its way towards sustainable growth. The stock broking duties are now mostly taken up by major organizations and companies with greater skills and expertise along with customized services. Though the services of stock broking firms are customized they can by the nature of their existence be differentiated as brokers and corporations who mainly provide services such as: equity broking, debt markets broking, money markets broking, foreign exchange broking, portfolio management broking, research & advisory services, registrar & transfer services, depository participant services, mutual fund, stock trading etc.,
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Comparative analysis of SBI ELSS with similar schemes
Industry Structure
Unit Trust of India
Public sector MFs
Private sector MFs
Indian Private Sector Fund
JV with Foreign Fund
Foreign MFs
Origin:
The origin of Mutual Fund industry in India is with the introduction of the concept of mutual fund by UTI in the year 1963. Though initially 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 Rs. 67bn. 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 of 1,540 billion. Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it is less than the deposits of SBI alone, constitutes less than 11% of the total deposits held by the Indian banking industry. The main reason of its poor growth is that the mutual fund industry in India is new in the country. Large sections of Indian investors are yet to think intellectually with regard to the concept. Hence, it is the prime responsibility of all mutual fund companies, to market the product. 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.
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History of the Mutual Funds:

First Phase 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and 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) Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47,004 as assets under management. Third Phase 1993-2003 (Entry of Private Sector Funds): The Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1, 21,805 crores. Fourth Phase Since February 2003: This phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India; functioning
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under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. The second is the Unit Trust Of India Mutual Fund Ltd, sponsored by State Bank Of India, Punjab National Bank, Bank of Baroda and Life Insurance Corporation. It is registered with SEBI (Securities Exchange Board of India) and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76, 000 crores of AUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.
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MUTUALFUND SCENARIO
INDUSTRY
GLOBAL
AND
NATIONAL
Mutual funds are the faster growing segment of the financial service sector in India. During the last year, the assets managed by the industry have grown 55% to Rs.3, 26,388 crores. There is little awareness about Mutual Fund India. People have accepted it as a one of the major investment avenue. Once people know about the benefits offered by it, Mutual Fund will become one of the most sought after Investment Avenue.
The money market mutual fund segment has a total corpus of $ 1.48 trillion in the U.S. against a corpus of $ 100 million in India. Out of the top 10 mutual funds worldwide, eight are bank- sponsored. Only Fidelity and Capital are non-bank mutual funds in this group. In the U.S. the total number of schemes is higher than that of the listed companies while in India we have just 277 schemes Internationally, mutual funds are allowed to go short. In India fund managers do not have such leeway. In the U.S. about 9.7 million households will manage their assets on-line by the year 2003, such a facility is not yet of avail in India. On- line trading is a great idea to reduce management expenses from the current 2 % of total assets to about 0.75 % of the total assets.
Regulatory Framework: With the increase in Mutual Fund players in India, a need for Mutual Fund Association in India was generated to function as a non-profit organization. In this regard Association of Mutual Funds in India (AMFI) was incorporated on 22nd August 1995. AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with Securities Exchange Board of India (SEBI). Till date all
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the AMCs that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors. Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. It follows the principal of both protecting and promoting the interest of mutual funds as well as their unit holders.
The objectives of Association of Mutual Funds in India The Association of Mutual Funds of India works with 30 registered AMCs of the country. It has certain defined objectives which juxtaposes the guidelines of its Board of Directors. The objectives are as follows: This Mutual Fund Association of India maintains high professional and ethical standards in all areas of operation of the industry It also recommends and promotes the top class business practices and code of conduct which is followed by members and related people engaged in the activities of Mutual Fund and Asset Management. The agencies who are by any means connected or involved in the field of capital markets and financial services also involved in this code of conduct of the association. AMFI interacts with SEBI and works according to SEBIs guidelines in the Mutual Fund industry. Associations of Mutual Fund of India do represent the Government of India, the Reserve Bank of India and other related bodies on matters relating to the Mutual Fund Industry. It develops a team of well qualified and trained Agent distributors. It implements a programme of training and certification for all intermediaries and other engaged in the mutual fund industry.
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Distribution channels in the mutual fund industry:

In India, AMCs work with five distinct distribution channels those are direct, banking, retail, corporate and individual financial adviser. The Direct Channels: In the direct channel, customers invest in the schemes directly through AMC. In most cases, the company does not provide any investment advice, so these investors have to carry out their own research and select schemes themselves. In this channel most investors can invest through websites, or receive information through telephonic services provided by the company. About 10-20% of the total sales of an AMC come through this direct channel.
The banking channel: The large customer base of banks, in developed
countries, has played an important role in the selling MFs. The banking channel is likely to develop as the most vital distribution channel for fund companies.
The corporate channel: The corporate channel includes a variety of
institutions that invest in shares on the companys name. These are businesses, trusts, and even state and local Governments. Corporate can either invest directly in mutual funds, or through an intermediary such as a distribution house or a bank. About 25 to 50% contribution comes through the corporate channel.
Individual Financial Advisors (IFA) or Agents: The IFA channel is the
oldest channel for distribution and was widely employed at the time when UTI monopoly existed in the market. An agent is one who basically acts as an interface between the customer and the fund house. IFA comprised 57 percent of the total Asset Under Management.
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Rating of Mutual fund schemes in mutual fund industry: Mutual fund schemes are periodically evaluated by independent institutions. CRISIL, Value Research India, and Economic Times are three such institutions whose rankings or evaluations are currently very popular. CRISIL Credit Rating and Information Services of India Limited (CRISIL) carries out Composite Performance Rankings that cover all open-ended schemes that disclose their entire portfolio composition and have NAV information for at least two years. It currently ranks schemes in five categories. Equity Schemes, Debt Schemes, Gilt Schemes, Balanced Schemes, and Liquid Schemes. Its ranking is based on four criterions, risk-adjusted return of the schemes NAV, diversification of the portfolio, liquidity, and asset size. The weights assigned to these Criteria vary from category to category, within each category; the top 10 percent are considered very well, the next 20 percent good, the next 40 percent average, the next 20 percent below average, and the last 10 percent poor. Value research India rates schemes in different categories. Each scheme is assigned a risk grade and a return grade and a composite measure of performance is calculated by subtracting the risk grade from the return grade. Within each category, the top 10 percent are considered five star, the next 22.5 percent four star, the next 35 percent three star, the next 22, 5 percent two star, and the last 10 percent one star.
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Some facts for the growth of mutual fund industry in India: 100% growth in the last 6 years. Numbers of foreign AMCs are queuing up to enter the Indian markets like Fidelity Investments, US based, with over US$1trillion assets under management worldwide. Our saving rate is over 23%, highest in the world. Only channeling these savings in mutual funds sector is required. We have approximately 29 mutual funds which are much less than US having more than 800. There is a big scope for expansion. B' and 'C' class cities are growing rapidly. Today most of the mutual funds are concentrating on the 'A' class cities. Soon they will find scope in the growing cities. Mutual fund can penetrate rural like the Indian insurance industry with simple and limited products. SEBI allowing the MF's to launch commodity mutual funds. Emphasis on better corporate governance. Trying to curb the late trading practices. 72% of the core customer bases of mutual funds in the top 50-broking firms in the U.S are expected to trade on-line by 2003.
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2. COMPANY PROFILE
A. Background of State Bank of India
The History of State Bank of India dates back to the first decade of the nineteenth century with the setting up of Bank of Calcutta in Calcutta on 2 June 1806. After three years it was renamed as Bank of Bengal (2 January 1809).On 15th April 1840, the Bank of Bombay was initiated and on 1st July 1843, the Bank of Madras was established. The integration of the three banks resulted in the creation of Imperial Bank of India on 27th January 1921. The Presidency banks of Bengal, Bombay and Madras with their 70 branches merged in 27 January 1921 the imperial bank of India. The new bank took on the triple role of a commercial bank, a bankers bank and a banker to government. But the creation was preceded by years of deliberation on the need for State Bank of India. Imperial Bank was halfway house combining the functioning of a Commercial Banks and a Quasi Central Bank. State Bank of India holds not less than 55% of the issued capital of each subsidiary bank,
B. NATURE OF THE BUSINESS CARRIED

SBI Funds Management Pvt. Ltd. is a joint venture between 'The State Bank of India' one of India's largest banking enterprises, and Society General Asset Management (France), one of the world's leading fund management companies that manages over US$ 500 Billion worldwide with an investor base
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of over 5.8 million and over 20 years of rich experience in fund management consistently delivering value to its investors Today the fund house manages over Rs 38,782 crores of assets and has a diverse profile of investors actively parking their investments across 36 active schemes. In 20 years of operation, the fund has launched 38 schemes and successfully redeemed 15 of them, and in the process, has rewarded our investors with consistent returns. Schemes of the Mutual Fund have time after time outperformed benchmark indices, honored with 15 awards of performance and have emerged as the preferred investment for millions of investors and HNI's. The trust reposed on us by over 4.6 million investors is a genuine tribute to expertise in fund management. SBI Funds Management Pvt. Ltd. serves its vast family of investors through a network of over 130 points of acceptance, 28 Investor Service Centers, 46 Investor Service Desks and 56 District Organizers. Overview of State bank of India Mutual Fund SBI Funds Management Private Limited Key Information: Mutual Fund Setup date Sponsor Trustee Head Quarters : : : : : SBI Mutual Fund 29 June 1987 7 February 1992 State Bank of India SBIMF Trustee Company Private Limited 191 Maker Tower E, Cuffe Parade, Mumbai 400005
Incorporation date :
State Bank of India Mutual Fund launched its first scheme Magnum Regular Income Scheme-87 in 1987 and mobilized Rs. 131 crores from 90,000 investors while in 2000. The fund with an investor base of over 2.8 million spread over 23 schemes. The main objective is to provide a regular income of 12 percent. Thereafter, SBI Mutual Fund launched several schemes under the name of Magnum. In October 1989, SBI Mutual Fund launched India Magnum Fund
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an offshore fund in collaboration with Morgan Stanley of the U.S. In 1993, Magnum Multiplier Plus a growth oriented fund to pass on the benefits of debt market. The main objective of the scheme is to invest on fixed income securities, debenture and bonds. This is the first debt- oriented mutual fund scheme in India. SBI Mutual is the first bank-sponsored fund to launch an offshore fund Resurgent India Opportunities Fund.
C. VISION AND MISSION STATEMENT

Vision: To be a premier Indian Financial Services group with global perspective, world class standard of the efficiency and professionalism and through also its core institutional values, to retain its position in county as a pioneer in developing countries. It also aims to maximize its shareholders value through high sustained earnings per share, to become an institution with a culture of mutual core and commitment. It also focuses on a pleasant working environment to have continuous learning opportunities. Mission: To retain the Banks position as the premier Indian Financial services it also aims to be a group with world class standers and significant global business commitments to excellence in customer, shareholder and employee satisfactions. So as to play leading role in expanding and diversifying financial services while continuing emphasis on its development banking role. To ensure most effective power for sustained growth of India. To be a technology driven, transparent organization, ensuring dignity and respect for its team members. To inculcate value system all cross the organization for ensuring trustworthy relationship with its constituent associates and shareholders.
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Quality policy: Excellence in customer service Profit orientation Belonging and commitment to the bank Fairness in all dealings and relations Risk taking and innovation Transparency and discipline in policies and system
D. Products Profile
1. Equity Scheme The investments of these schemes will predominantly be in the stock markets and endeavor will be to provide investors the opportunity to benefit from the higher returns which stock markets can provide. However they are also exposed to the volatility and attendant risks of stock markets and hence should be chosen only by such investors who have high risk taking capacities and are willing to think long term. Equity Funds include diversified Equity Funds, Sectoral Funds and Index Funds.
Magnum COMMA Fund Magnum Global Fund Magnum Midcap Fund Magnum Multiplier Plus SEBI Arbitrage Opportunities Fund SBI ONE India Fund Magnum Sector Funds Umbrella
2. Balanced Scheme Magnum Balanced Fund invests in a mix of equity and debt investments. Hence they are less risky than equity funds, but at the same time provide commensurately lower returns. They provide a good investment
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opportunity to investors who do not wish to be completely exposed to equity markets, but is looking for higher returns than those provided by debt funds Magnum Balanced Fund Magnum NRI Investment Fund Flexi Asset Plan
3. Debt Scheme Debt Funds invest only in debt instruments such as Corporate Bonds, Government Securities and Money Market instruments either by completely avoiding any investments in the stock markets in Income Funds or Gilt Funds or having a small exposure to equities as in Monthly Income Plans or Children's Plan. Hence they are safer than equity funds. At the same time the expected returns from debt funds would be lower. Such investments are advisable for the risk-averse investor and as a part of the investment portfolio for other investors.
Magnum Childrens Benefit plan Magnum Income Fund Magnum Monthly Income Plan Magnum Monthly Income Plan Floater Magnum NRI Investment Fund Magnum Income Plus Fund Magnum Institutional Income Fund SBI Debt Fund Series Magnum Gilt Fund
E. Area of operation
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SBI Mutual Fund manages over Rs. 17000 crores of assets. The fund has a network of 100 collection branches, 26 investor service centers, 28 investor service desks and 40 district organizers. The SBI Mutual Fund Investor Service Centre (ISC) in Chennai is one of the biggest, with Assets Under Management (AUM) of approximately Rs. 1500 Crores and an investor base of more than 3 lakhs. It has one Investor Service Desk (ISD) each, in Trichy, Madurai and Tirunelveli. Coimbatore ISC is the second largest in Tamilnadu and it also controls the ISD of Salem. The ISC has an investor base of more than 1 lakhs. The ISDs of both Chennai & Coimbatore have been strategically planned and positioned and have already created a huge impact, in terms of business generation and service support.
F. Ownership Pattern
SBIMF ownership pattern is public. It is purely based on Public sector and as incorporated under the provision of companies act of 1956. Joint venture and Collaborations SBI Mutual Fund is a joint venture between the State Bank of India and a Society General Asset Management, one of the worlds leading management companies that manages over US$ 500 Billion worldwide.
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G. Major competitors for SBI mutual Fund Products:

Birla Sun Life Mutual Fund HDFC Mutual Fund HSBC Mutual Fund Reliance Mutual Fund ING Vysya Mutual Fund ICICI prudential Mutual Fund Franklin Templeton India Mutual Fund Tata Mutual Fund Unit Trust of India Mutual Fund Kotak Mahindra Mutual Fund Morgan Stanley Mutual Fund India
H. Infrastructure facilities:
Credit and Risk Management Investor Service Centers Investor Service Desk Compliance team Retail Relationship Management Online trading
I. ACHIEVEMENTS and AWARDS

SBI Mutual Fund has been the proud recipient of the several awards. Some of awards are ICRA Mutual Fund Awards 2005 CNBC TV18 CRISIL Mutual Fund of the Award 2006 Lipper Award The Lipper India Fund Awards 2006
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CNBC Awaaz Consumer Awards 2006 Outlook money NDTV Profit Awards 2007 CNBC Awaaz Consumer Awards 2007 Lipper Award The Lipper India Fund Awards 2007 ICRA Mutual Fund Awards 2007 Outlook money NDTV Profit Awards 2008 Lipper Award The Lipper India Fund Awards 2008 ICRA Mutual Fund Awards 2008 ICRA Mutual Fund Awards 2009 Lipper Award The Lipper India Fund Awards 2009 ICRA Mutual Fund Awards 2010
ICRA AWARD
LIPPER AWARD
NDTV PROFIT
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CNBC AWARD
CRISIL AWARD
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J. WORK FLOW MODEL
INVESTMENT PROCESS
Quantitative screening Screening Fundamental & technical analysis Technical Portfolio Analysis construction Construction Company Meeting Investment Argument
Process 1 In the first process quantitative screening process will be done by collecting the stock specific information pertaining to the market like size of stock, large cap, mid cap companies, market capitalization and whether the ownership style is concentrated with few entities or large diverse ownership, or more foreign investors exposure or domestic exposure Process 2 In the second process focus is on business, management and valuation. In case of business it focuses on size of opportunity, nature of business, competitive landscape. In case of management it focuses on the management integrity, intellect and intensity. Whereas in case of valuation it focuses on return on equity, return on capital equity, growth. Process 3 This is the third process in the work flow of the organization. In this process company meeting will be conducted to take decisions regarding the growth, discounted flow model, value stock model and growth stock model. Process 4 This is the fourth process in the work flow of the organization. In this process investment argument is made to fix the right price for the stocks. The right price in the sense that differenciates between the price and value. Process 5 This is the last process in the workflow of the organization ,In this process portfolio construction will be done, periodic portfolio review, review of sector weights; review of individual weights will be analyzed.
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K. FUTURE GROWTH AND PROSPECTS
SBI Mutual Fund saw a total inflow of Rs. 2, 51,548 crore (Previous year Rs. 1, 12,065 crore) in the domestic open and close-ended funds during the year. The inflow took place predominantly in the liquid and debt funds. The total redemption amounted to Rs. 2, 49,439 crore (Previous year Rs. 1, 05,487 crore), leaving a net inflow of Rs. 2,109 crore as against a net inflow of Rs. 6,578 crore in the previous year. SBI Mutual Fund had a positive net inflow of Rs. 2,315 crore as against a net outflow of Rs. 28,296 crore for the industry during the year. Based on average assets under management, SBI Mutual Fund had a market share of 5.15% during 2007-08 which has gone up to 5.52% during 200809. (Source: AMFI website). The average assets under management, which were Rs.25, 302 crore for 2007-08 increased to Rs. 27,846 crore during 2008-09. During the year, SBI Mutual Fund launched nineteen SBI Debt Fund Series Funds. The schemes received good response from the investors and total funds mobilized under these schemes amounted to Rs 15,109 crore. The first Exchange Traded Fund by SBI Mutual Fund namely SBI Gold Exchange Traded Scheme was also launched in March, 2009 which is yet to close for subscription. The number of AMFI certified Agents selling SBI Mutual Fund products increased to 29,367 as on 31st March, 2010 from 17,109 as on 31st March, 2009. The number of AMFI certified employees in State Bank Group increased to 13,248 as on 31st March, 2010 from 6,150 as on 31st March, 2009. The total number of Investor Service Desks as on 31st March, 2010 increased to 48 as compared to 43 in the previous year. The number of Investor Service Agents was also increased to improve customer service and provide a contact point to the investors. As on 31st March, 2010, the Company operated Investor Service Centres in 30 major cities in addition to 7 Investor Service Points and two Overseas Points of presence.
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3. McKINSEYS 7S FRAME WORK

The McKinsey 7S model was named after a consulting company, McKinsey and Company, which has conducted applied research in business and industry (Pascale & Athos, 1981; Peters & Waterman, 1982). All of the authors worked as consultants at McKinsey and Company; in the 1980s, they used the model to analyze over 70 large organizations. The McKinsey 7S Framework was created as a recognizable and easily remembered model in business. The seven variables, which the authors term "levers", all begin with the letter "S": The McKinsey 7S model involves seven interdependent factors which are categorized as either "hard" or "soft" elements: "Hard" elements are easier to define or identify and management can directly influence them: These are strategy statements; organization charts and reporting lines; and formal processes and IT systems. "Soft" elements, on the other hand, can be more difficult to describe, and are less tangible and more influenced by culture. However, these soft elements are as important as the hard elements if the organization is going to be successful.
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STRATEGY Strategy is the plan of action an organization prepares in response to, or anticipation of, changes in its external environment. Strategy is differentiated by tactics or operational actions by its nature of being premeditated, well thought through and often practically rehearsed. SBI Mutual Funds strategy is to double its market share, profit orientation and faster growth than other mutual fund industry and to create awareness about mutual fund among public, to achieve all these it is maintaining retail business strategy. SBIMF is the 7th largest asset management company and 2nd in terms of equity asset. Out of 39,000 crores 20 crores are equity asset. The Rs 3,000crore SBI Mutual Fund (MF) has chalked out a strategy to double its market share from the present 3.25 per cent during the next fiscal by launching a slew of new schemes and imparting the required thrust to popular funds in its existing portfolio of 19 schemes. STRUCTURE Organizational structure identifies the grouping together of individual into department and of departments into the total organizations. It includes the design of system to ensure effective communication, co-ordination and integration of efforts across departments. . The decision making is centralize in strategic and tactical areas where as decentralize in operational areas. All the activities of SBIMF is better cocoordinated and communicated through departmental heads which they receive from top level management. SBIMF follows both explicit and implicit way of communication style in their organization.
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The structure of the financial/ investment department is as follows
The structure of the marketing department is as follows
SYSTEM The systems are the routine processes and procedures followed within the organization. Every organization has some systems or internal processes to support and implement the strategy and run day-to-day affairs. These processes are normally strictly followed and are designed to achieve maximum effectiveness.
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SBI Mutual Fund employees a multi-stage filtering process. The first level looks at liquidity, the second at management quality. The third level is for the competitive position and the last for the share price valuation. Sbimf 100% adherences to SEBI according to SEBIMF act of 1996. In the SBIMF process the investors submit their application form and cheque towards distributor. The distributor will submit application form to office i.e. local offices. Application form will be scrutinized and then it will be sent to the research and development. Research and development will do the data entry work and send the cheque for clearing. Units are allotted as on the date of receipt of application at the declare day and price and cheques are also send for clearing on the same day. The units are confirmed only on the receipt of the funds. The control system followed in SBIMF uses external audit usually from SBI and conducts regular and fully fledged internal audit. STYLE/CULTURE All organizations have their own distinct culture and management style. It includes the dominant values, beliefs and norms which develop over time and become relatively enduring features of the organizational life. It also entails the way managers interact with the employees and the way they spend their time. SBI Mutual fund follows a certain philosophy in their strategy while parking investors money in the family to have a full control upon the risks concentrating for a heading growth at a reasonable price. It locates sustainable competitive advantage before investing. The combinations of Top down and Bottom up approaches are followed. Top down for sector allocation and latter for stock selection. As branch level the authority and responsibility is decentralized. The employees have been empowered to do their work independently without pressure from their higher authority.
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STAFF The importance of human resources has got the central position in the strategy of the organization, away from the traditional model of capital and land. SBIMF regularly recruit people who possess required skills and knowledge and also inculcate and increases staff efficiency and effectiveness through various training programs by tying with good management schools and thus provides professional skills SBIMF presently have 400 and odd employees. Out of which 230 are in sales and rest of them are in operations like fund management, marketing, communication, human resource management etc., Minimum qualification required is post graduation and specialization additional master theory in sales, human resource management and additional qualification like post graduation in economics, CFA, required for investment process activities and graduation for operational activities. SHARED VALUES/SUPERORDINATE GOALS All members of the organization share some common fundamental ideas or guiding concepts around which the business is built. A shared value is an element that in presence of which ensures the success of implementing strategy. The shared values are commonly held belief, mindsets & assumptions that shape how an organization behaves its corporate culture. Guiding concepts, fundamental ideas around which a business is built must be simple, usually stated at abstract level, have great meaning inside the organization even though outsiders may not see or understand them. The SBIMF have following values and common goals to keep the employees working towards a common destination as a coherent team and are important to keep the team spirit alive.
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Excellence in customer service Profit orientation Belonging and commitment to the bank Fairness in all dealings and relations Risk taking and innovation Transparency and discipline in policies and system Equal treatment to all employees Opportunities for employees growth and also fulfillment of individual goals
SKILLS Skills refer to organization domain capability and competencies. Usually organization performs internal analysis to identify the strength to build and weakness to overcome as they formulate for competitive advantages. The most important resource for the success of any organization is the skills of the employees and of the management. In order to be a part of SBIMF one has to possess the skill of marketing the SBIMF products, maintaining and developing relationship with key investors and other market participants. Along with capacity to quickly understand financial markets/mutual fund industry/its schemes and sales orientation. Finally, these skills help the human resource manger to be a part of branch team and guides in procuring of new employees, training and development programme for the staff. There are different training programmes given to the employees. They are follows 1. Job rotation 2. Workshops 3. Seminars and lectures
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4. SWOT ANALYSIS
STRENGTH:

SBI has reputed name and Good Brand worldwide. Rich experience of the management Giving the very good return from inception Stabilized and loyal clients Well combination of new energetic and experienced employees Nationwide Network of branches even establishing globally. Wide variety of investment product to match with every level of customer Renowned brand name in financial product distribution. Multi product activities in financial products.
WEAKNESS: Most of the investors are not aware of the mutual fund industry and various products offered by it Too much choice for the investors they confused about different schemes and their objectives Market conditions mainly fluctuations in stock market adversely affect the SBI Mutual Fund Downward trend in the equity market adversely affect the mutual fund industry OPPORTUNITIES:
New schemes could be introduced to tap the booming sectors Market expansion is possible through the training of agents and offering them good remuneration
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Large unexpanded market Introducing performance based market strategies. Stability through increased brand awareness, market penetration and service offerings
THREATS:

Credit risk, market risk and operational risk affect the floating of Mutual Funds Changing economic situation and privatization of business public enterprises Uncertainties like earthquakes, draught, flood adversely affect the function of Mutual Fund Political instability leads to threat of capital market and better performance of Mutual Funds Cut-throat competition by large number of competitor in the market
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5. ANALYSIS OF FINANCIAL STATEMENT

Financial statement analysis is defined as the process of identifying financial strengths and weaknesses of the firm by properly establishing relationship between the items of the balance sheet and the profit and loss account. There are various methods or techniques that are used in analyzing financial statements, such as comparative statements, schedule of changes in working capital, common size percentages, funds analysis, trend analysis, and ratios analysis. Financial statements are prepared to meet external reporting obligations and also for decision making purposes. They play a dominant role in setting the framework of managerial decisions. But the information provided in the financial statements is not an end in itself as no meaningful conclusions can be drawn from these statements alone. However, the information provided in the financial statements is of immense use in making decisions through analysis and interpretation of financial statements. There are various advantages of financial statements analysis. The major benefit is that the investors get enough idea to decide about the investments of their funds in the specific company. Secondly, regulatory authorities like International Accounting Standards Board can ensure whether the company is following accounting standards or not. Thirdly, financial statements analysis can help the
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government agencies to analyze the taxation due to the company. Moreover, company can analyze its own performance over the period of time through financial statements analysis.
Ratios taken for Analysis are: Return on total asset Return on capital employed Net worth Ratio EPS-Earning per share Analysis for the year ended 31/3/2010 PARTICULARS TOTAL ASSETS PAT CAPITAL EMPLOYED SHF ESH AMOUNT(RS) 2,87,28,37,349.00 75,87,37,243.00 2,32,45,54,402.00 2,32,45,54,402.00 50,00,000.00
**values taken from balance sheet of the company. Return on total asset=PAT/TOTAL ASSETS = 26.410% Return on capital employed=PAT/CAPITAL EMPLOYED=32.64% Net worth Ratio=SHAREHOLDERS FUND/TOTAL ASSETS=80.91% EPS=PAT/TOTAL NUMBER OF SHARE HOLDERS=Rs 151.74 per share
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Interpretation of the ratios: Return on total assets signifies how effectively company is able to utilize
its asset to generate profit. In the year 2009-2010 company has generated a profit of 26.41% from its total assets which shows that company is making optimum utilization of its assets.
ROCE shows the profitability on assets employed within the businesses
that are financed from long term sources. A higher ratio indicates better profitability on assets engaged within the business. For the year 2009-2010 company has generated a return of 32.64% more than its capital employed with in its business. This shows that the capital is utilized in right way in the organization for generation of revenue.
Net worth ratio, It is assumed that larger the proportion of the
shareholders equity the stronger is the financial position of the firm. In the ration the relationship is established between the shareholders funds and the total assets. A reduction in shareholders equity signalling the over dependence on outside sources for long-term financial needs and this carries the risk of higher levels of gearing. This ratio indicates the degree to which unsecured creditors are protected against loss in the event of liquidation. In the year 2009-2010 company
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has 80.91% of funds raised from equity share holders and remaining from outside creditors. In this creditors are secured for the amount invested in the company because they will get the preference in the event of liquidation for repayment of amount.
EPS of the company for the year 2009-2010 is Rs 151.74 per share which
is a sign for good management of the company.
6. LEARNING EXPERIENCE
This project undertaken in SBIMF gave me a complete insight into the
corporate culture.
The first thing I observed on the very first day that the customers needs
were given first priority.

Customers were being attended to as soon as possible and it was
carefully seen to that the customers leave the office premises satisfied.
I also observed that the people involved with regard to investment would
always highlight out plans in bringing good returns to the customers and making them feel safe.
Through this project I got know the organisations vision and mission, the values they believe in etc.
I also observed that there is immense respect for each other in the
organisation. There is no differentiation among them as employeemanager-assistant etc but instead they were treating one another equally with respect.
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This project gave me an opportunity to practically put into use the
theoretical concepts learnt. The study also helped me to have an insight about the customer preferences the returns they expect and the amount of risk that is advised to take etc. On the whole it was an experience that gave me an opportunity to learn many things which I was unaware of and also to practically implement those which I was aware of.
1GENERAL INTRODUCTION
INTRODUCTION OF MUTUAL FUNDS A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset Management Company (AMC) and custodian. The trust is established by a sponsor or more than one sponsor who is like promoter of a company. The trustees of the mutual fund hold its property for the benefit of the unit holders. Asset Management Company (AMC) approved by SEBI manages the funds by making investments in various types of securities. Custodian, who is registered with SEBI, holds the securities of various schemes of the fund in its custody. The trustees are vested with the general power of superintendence and direction over AMC. They monitor the performance and compliance of SEBI Regulations by the mutual fund.
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CONCEPT OF MUTUAL FUNDS
MUTUAL FUNDS OPERATION FLOW CHART:
Some of the traditional, distinguishing characteristics of mutual funds include the following: Investors purchase mutual fund shares from the fund itself (or through a broker for the fund) instead of from other investors on a secondary market, such as the New York Stock Exchange or NASDAQ Stock Market.
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The price that investors pay for mutual fund shares is the fund's per share net asset value (NAV) plus any shareholder fees that the fund imposes at the time of purchase (such as sales loads). Mutual fund shares are "redeemable," meaning investors can sell their shares back to the fund (or to a broker acting for the fund). Mutual funds generally create and sell new shares to accommodate new investors. In other words, they sell their shares on a continuous basis, although some funds stop selling when, for example, they become too large. The investment portfolios of mutual funds typically are managed by separate entities known as "investment advisers" that are registered with the SEC. ORGANIZATION OF A MUTUAL FUND:
Sponsor: The sponsor may be a bank, a financial institution, or a financial services company. It may be Indian or foreign. The sponsor had to obtain a license from SEBI for which it has to satisfy several conditions relating to capital, profits, track record, default free dealings, and so on. The sponsor is responsible for setting up and establishing the mutual fund. The sponsor is the settler of the mutual fund trust. The sponsor delegates the trustees function to the trustees. Sponsor must contribute at least 40% of the net worth of investment managed.
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Mutual fund: The mutual fund is constituted as a trust under the Indian Trust Act, 1881, and registered with SBEBI. The beneficiaries of the trust are the investors who invest in various schemes of the mutual fund. The trust deed is registered under the Indian Registration Act, 1908. Trustees: A trust is a notional entity that cannot contract in its own name. So the trust enters into contracts in the name of the trustees. Appointed by the sponsor, the trustees can be either individuals or a corporate body (a trustee company). The main responsibility of the Trustees is to safeguard the interest of unit holders and inter alia ensure that the Asset Management Company functions in the interest of investors and in accordance with the SEBI (Mutual Funds) Regulations, 1996, the provisions of the Trust Deed and the offer Documents of the respective Schemes. Asset Management Company: The AMC, also referred to as the Investment Manager, is a separate company appointed by the trustees to run the mutual fund. The AMC should have a certificate from SEBI to act as a Portfolio Manager under SEBI (Portfolio Managers) Rules and Regulations, 1993. The AMC handles all operations matters such as designing the schemes, launching the schemes, managing investments, and interacting with investors. Custodian: The custodian handles the investment back office operations of mutual fund. Inter alia, it looks after the receipt and delivery of securities, collection of income, distribution of dividends, and segregation of assets between schemes. Registrars and Transfer Agents: The registrars and transfer agents handle investor relates services such as issuing units, redeeming units, sending fact sheets and annual reports, and so on. Some funds handle such functions inCollege Page 37

house, while others outsource it to SEBI approved registrars and transfer agents. SECURITY EXCHANGE BOARD OF INDIA (SEBI) SEBI is a board (autonomous body) created by Government of India in 1988 and given statutory form in 1922 with the SEBI acts 1992 with its head office at Mumbai. The SEBI is perhaps the most important regulatory body similar to the securities exchange commission in US, it is the authority that has to always be on its toes. When investors have complaints against the listed companies or registered intermediaries, SEBI act as the nodal agency for addressing these complaints, if they are not solved directly between the parties concerned, or if the investor is not happy with the response. Collective investment schemes like plantation companies investors can send complaints to SEBI regarding non-receipt of invested principal and returns there from. Mutual funds/venture capital investors/portfolio managers/custodian complaints mutual funds like non-receipt or delay in receipt of dividend/redemptions, non availability of portfolio disclosures, non-receipt of transaction statement etc., Brokers this is the most common area of complaints for the average investor. Complaint against brokers stem from disputes ever brokerage rates, non-receipt of purchased Share or pay for sold shares, auction of shares sold etc., Derivative trading many investors sign legal papers empowering the broker on trade on their behalf without proper knowledge and wake up on seeing their margin money eluded due to sustained losses. In other areas such as corporate governance, corporate restructuring, acquisitions, buyback, other and compliance related issues for which one could approach, SEBI for this entire one can; File complaints electronically on the SEBI website
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Get a compliant registration number Track the states of complaint There is a wide range of issues that come under the jurisdiction of SEBI. And the onus is entirely on it to keep the stock markets healthy. Operational definitions of the concepts: Net Asset Value(NAV):-The Net Asset Value (NAV) is the market value of the funds underlying securities. It is calculated at the end of the trading day. Any open-end funds buy or sell order received on that day is traded bases on the net asset value calculated at the end of the day. The NAV per unit is such NAV divided by the number of outstanding units. Entry/Exit Load:-A Load is a charge, which the mutual fund may collect on entry and/or exit from a fund. A load is levied to cover the up-front cost incurred by the mutual fund for selling the fund. It also covers one time processing costs.Some funds do not charge any entry or exit load. These funds are referred to as No Load Fund. Funds usually charge an entry load ranging between 1.00% and 2.00%. Exit loads vary between 0.25% and 2.00% Sale Price:- Is the price you pay when you invest in a scheme/NAV a unit holder is charged while investing in a open ended scheme is sale price. It is also called Offer Price. It may include a sales load. Repurchase Price:- Is the price at which a close-ended scheme repurchases its units and it may include a back-end load. This is also called Bid Price. Redemption Price:- Is the price at which open-ended schemes repurchase their units and close-ended schemes redeem their units on maturity. Such prices are NAV related.
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Sales Load:- Is a charge collected by a scheme when it sells the units. It is also called, Front-end load. A load is one that charges a percentage of NAV for entry or exit. That is, each time one buys or sells units in the fund, a charge will be payable. This charge is used by the mutual fund for marketing and distribution expenses. Repurchase or Back-end Load:- Is a charge collected by a scheme when it buys back the units from the unit holders. No load:-No load schemes that do not charge a load are called No load. A noload fund is one that does not charge for entry or exist. It means the investors can enter the fund/schemes at NAV and no additional charges are payable on purchase or sale of units. RISK AND RETURN TRADE OFF The risk return trade-off indicates that if investor is willing to take higher risk then correspondingly he can expect higher returns and vise versa if he pertains to lower risk instruments, which would be satisfied by lower returns. For example, if an investors opt for bank FD, which provide moderate return with minimal risk. But as he moves ahead to invest in capital protected funds and the profit-bonds that give out more return which is slightly higher as compared to the bank deposits but the risk involved also increases in the same proportion. Types of Mutual Funds;
By Structure
o o o
Open - Ended Schemes Close - Ended Schemes Interval Schemes Growth Schemes Income Schemes
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By Investment Objective
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o o
Balanced Schemes Money Market Schemes
By Other Schemes
o o
Tax Saving Schemes Special Schemes

Index Schemes Sector Specific Schemes
(A) By Structure
Open-ended funds: Investors can buy and sell the units from the
fund, at any point of time. Investor buys into the scheme and redeems from the fund house directly. The corpus changes everyday. The scheme calculates its NAV on a daily basis.
Close-ended funds: These funds raise money from investors only
once. Therefore, after the offer period, fresh investments cannot be made into the fund. If the fund is listed on a stock exchange the units can be traded like stocks (E.g., Morgan Stanley Growth Fund. Redemption of units can be made during specified intervals. Therefore, such funds have relatively low liquidity.
Interval Scheme; These combine the features of open-ended and close-ended schemes. They may be traded on the stock exchange or may be open for sale or redemption during predetermined intervals at NAV related prices.
(B) By Investment Objective
Growth schemes; Aim to provide capital appreciation over the medium to long term. These schemes normally invest a majority of their funds in equities and are willing to bear short-term decline in value for possible future appreciation. This type of scheme is ideal for investors in
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their prime earning years and investors seeking growth over the longterm.
Income Schemes; Aim to provide regular and steady income to investors. These schemes generally invest in fixed income securities such as bonds and corporate debentures. Capital appreciation in such schemes may be limited. This type of scheme is ideal for retired people and others with a need for capital stability and regular income.
Balanced Schemes: Aim to provide both growth and income by periodically distributing a part of the income and capital gains they earn. They invest in both shares and fixed income securities in the proportion indicated in their offer documents. In a rising stock market, the NAV of these schemes may not normally keep pace, or fall equally when the market falls.
Money Market Schemes ; Aims to provide easy liquidity, preservation
of capital and moderate income. These schemes generally invest in safer, short-term instruments, such as treasury bills, certificates of deposit, commercial paper and inter-bank call money. Returns on these schemes may fluctuate, depending upon the interest rates prevailing in the market. Ideal for corporate and individual investors as a means to park their surplus funds for short periods. (C) By other Schemes ;
Tax Saving Scheme; These scheme offer tax rebates to the investor
under specific provisions of the Indian income tax laws or the government offer tax incentives for investment in specified avenues. Investment made in ELSS (Equity Linked Saving Scheme). The act also provides opportunities to investors to capital gain.
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1.
Special Schemes; Sector Schemes; Sector funds are those which investors
exclusively in a specified industry group of investors or a group of industries (or) various segments such as A group share and Initial Public Offerings.
2.
Index Scheme; Index funds attempt to replicate the performance Bond Scheme; It seek investment in bonds, debenture and
of particular index such as the BSE Sensex or the NSE-50.

3.
debt related instruments to generate regulated income flow. MERITS OF MUTUAL FUND 1. Portfolio Diversification: Mutual Funds invest in a well-diversified portfolio of securities which enables investor to hold a diversified investment portfolio (whether the amount of investment is big or small). 2. Professional Management: Fund manager undergoes through various research works and has better investment management skills which ensure higher returns to the investor than what he can manage on his own. 3. Less Risk: Investors acquire a diversified portfolio of securities even with a small investment in a Mutual Fund. The risk in a diversified portfolio is lesser than investing in merely 2 or 3 securities. 4. Low Transaction Costs: Due to the economies of scale (benefits of larger volumes), mutual funds pay lesser transaction costs. These benefits are passed on to the investors. 5. Liquidity: An investor may not be able to sell some of the shares held by him very easily and quickly, whereas units of a mutual fund are far more liquid.
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6. Choice of Schemes: Mutual funds provide investors with various schemes with different investment objectives. Investors have the option of investing in a scheme having a correlation between its investment objectives and their own financial goals. These schemes further have different plans/options 7. Transparency: The transparency levels are very high in this industry. Funds provide investors with updated information pertaining to the markets and the schemes. All material facts are disclosed to investors as required by the regulator. Investors can view his fund's NAV on a daily basis. Also, majority of the funds disclose their portfolio holdings on a monthly basis. 8. Flexibility: Investors also benefit from the convenience and flexibility offered by Mutual Funds. Investors can switch their holdings from a debt scheme to an equity scheme and vice-versa. Option of systematic (at regular intervals) investment and withdrawal is also offered to the investors in most open-end schemes. 9. Safety: Mutual Fund industry is part of a well-regulated investment environment where the interests of the investors are protected by the regulator. All funds are registered with SEBI and complete transparency is forced. 10. Innovative schemes to suit unique needs of different investors: There are schemes that offer international diversification to reduce the geographical risk. There are derivative funds which adopt various derivative strategies to gain from the either side movement of the market. Capital protection funds offer a unique feature of capital protection coupled with market linked returns. 11. Tax-saving: Mutual funds are exempted from capital gains arising out of portfolio churning. If an investor shifts his holdings, he will have to pay these taxes. Thus, mutual funds are a cost-efficient way of portfolio management.
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DEMERITS OF MUTUAL FUNDS
1. No Guarantees: No investment is risk free. If the entire stock market declines
in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio. However, anyone who invests through a mutual fund runs the risk of losing money.
2. Fees and commissions: All funds charge administrative fees to cover their
day-today expenses. Some funds also charge sales commissions or "loads" to compensate brokers, financial consultants, or financial planners.
3. Management risk: When the investor invests in a mutual fund, he/she
depends on the fund's manager to make the right decisions regarding the fund's portfolio. If the manager does not perform as well as the investor had hoped, then the investor might not make as much money as envisaged.
4. Difficulty in Selecting a Suitable Fund Scheme: Many investors find it
difficult to select one option from the plethora of funds/schemes/plans available. For this, they may have to take advice from financial planners in order to invest in the right fund to achieve their objectives
5. Dilution: Because funds have small holdings across different companies,
high returns from a few investments often don't make much difference on the overall return. Dilution is also the result of a successful fund getting too big. When money pours into funds that have had strong success, the manager often has trouble finding a good investment for all the new money. Key players Mutual Funds Companies - Some of the Mutual Funds Companies are: Reliance Mutual fund HDFC Mutual Fund ABN AMRO Mutual Fund
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Birla Sun Life Mutual Fund Bank of Baroda Mutual Fund (BOB Mutual Fund) ING Vysya Mutual Fund Prudential ICICI Mutual Fund UTI Mutual Fund State Bank of India Mutual Fund. HSBC mutual fund INTRODUCTION TO EQUITY LINK SAVING SCHEMS ELSS, popularly known as Tax Saving Mutual Fund, is a category of Mutual Fund where a major portion is invested in Equity & Equity related instruments. Investment up to 1 lakh is exempted from income under section 80C but there is a lock in of 3 years before which you can not withdraw. However there is no upper limit on investments and long term capital appreciations are tax free. Dividends received are also tax free in the hands of the investor Types of ELSS
1. Growth: Investor does not get any income during the tenure of the investment. He will get a lump sum amount at the time of redemption or on maturity. 2. Dividend: Investor gets a dividend from the fund house. He has two options:

He can cash on the dividends. He can opt for dividend re-investment option.
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Advantages of ELSS over NSC and PPF 1. Main advantage of ELSS is its short lock-in period. Maturity period of NSC is 6 years and PPF is 15 years. 2. Since it is an equity linked scheme earning potential is very high. 3. Investor can opt for dividend option and get some gains during the lock-in period 4. Investor can opt for Systematic Investment Plan 5. Some ELSS schemes also offer personal accident death cover insurance 6. Provides 30 to 40% returns compared to 8% in NSC and PPF Disadvantages of ELSS 1. Risk factor is high compared to NSC and PPF 2. Premature withdrawal is not allowed but it is allowed in other instruments in some specific conditions. Diversified Equity Schemes and ELSS Both Equity linked saving scheme and diversified equity scheme operates in same way. Both are high return and high risk schemes. But there is a 3 year lock in period of ELSS and it provides tax benefits too. Systematic Investment Plan Best way to invest in ELSS is through Systematic Investment Plan(SIP). With SIP you can invest a small amount every month for a specific time period. With SIP investor can take advantage of fluctuations in the stock market. So investor will get more units when the market is down and get less units when the market is up. For eg if you are investing Rs 1000 every month and you will get 100 units for when Net Asset Value (NAV) is 10 and will get 50 units when NAV is 20. So investing a fixed sum regularly helps to cover the market fluctuations by rupee costs averaging. Also most of the Asset Management Companies (AMC) charges less entry load for SIP compared to normal purchase.
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INTRODUCTION STATE BANK OF INDIA MUTUAL FUND ELSS (SBIMF ELLSS) SBIMF ELSS or Equity Linked Savings Schemes are designed to help you save taxes whilst providing the benefits of equity markets investments. This was also the main objective of introduction of an ELSS in the markets by SBI (State Bank of India) and other financial institutions. The lock in period for SBI Mutual Fund ELSS is 3 years with operations similar to other equity-diversified schemes. SBIMF ELSS Mutual Fund - SBI Magnum Tax Gain invests more than 80% in equity and equity instruments and derivatives. Though SBIMF does not promise assured returns but the past SBI ELSS NAV shows 133 % returns in a year and 87% in 3-year period along with high dividends. This has proven the structural competency of SBI ELSS that tends to provide decent capital appreciation with an added advantage of tax gains on the tax free dividends. Current industry position reads 32 less available with 20 open-ended schemes and 12 close-ended ones. SBI Magnum Tax Gain is the highest gainer among these. The minimum application amount for SBI MF ELSS is Rs. 500 and further multiples with dividend option along with payout and reinvestment facility. INVESTMENT OBJECTIVE The objective of SBI Magnum Tax Gain Scheme 93 is to deliver the benefits of investing in portfolio of equity shares, while offering tax rebate on such investments made in the scheme under the Income Tax Act 1961. In the last year Union budget, it was declared that the investors can invest a maximum amount of Rs.1,00,000 in tax savings funds under Section 80C. The investment in the scheme is locked in for a period of three-years if the investor wants to take the tax benefit. PURPOSE OF INVESTING IN SBI MANGUM TAX GAIN SCHEME
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Magnum Tax Gain Scheme offers you tax savings up to Rs 33,360 (Calculation based on applicable income slab, tax amount, and surcharge & education cess) on an investment of up to Rs 1 Lakh. It also gives you equity market linked returns. Magnum Tax Gain Scheme follows the bottom up investment strategy. The portfolio size limited to about 35 stocks in all. The strength lies in the ability to identify promising stocks and take them in the portfolio. This strategy has worked in favor of the fund in the last couple of years
2. DESIGN OF THE STUDY
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STATEMENT OF PROBLEM: Investors in India are not aware of investment process and opportunity philosophy of mutual fund. They are:
Equity Mutual scheme Debt Mutual scheme Balanced Mutual scheme
The project deals with comparing the equity link savings growth funds among the selected group of funds by considering various parameters to help the advisors suggest the investors in choice of their investment. OBJECTIVE OF THE STUDY; returns. To analyze the risk and returns associated with equity linked scheme at SBIMF To compare the returns of SBI Mutual Fund with other Mutual Fund To ascertain the reasons why a particular scheme is generating higher scheme and interpret on the same.
SCOPE OF THE STUDY; The scope is limited to some prominent mutual funds in the mutual fund industry and analyzed the funds depending on their schemes like equity link saving schemes. But there is so many other schemes in mutual fund industry like specialized (banking, infrastructure, pharmacy) funds, index funds etc. The area of the study covers only equity- linked savings schemes and the main purpose of study is to whether investments into the equity-linked schemes offer dual benefit to an investor and to find out that the fund manager faces lesser risk while managing an ELSS portfolio and providing higher return to the investor to get the benefits of tax exemption for the amount invested into the
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ELSS schemes. And finally to find out whether ELSS scheme offers the benefit of both wealth generation as well as tax savings. METHOD OF RESEARCH DESIGN USED IN THE STUDY IS: DESCRIPTIVE RESEARCH: In this research an attempt has been made to analyze the past performance of the SBI MAGNUM TAX SAVING schemes compared with other tax savings schemes and to know the benefits to the investors. The study is to be done on different schemes provided by the company to know the companys performance for the past few months and to know the risk and returns of the fund. SOURCES OF DATA: 1. PRIMARY DATA ; Primary Data can be called as collection of the first time and which may not have been collected from others. The data of the study was collected with the help of discussions with the managing executives of SBIMF. 2. SECONDARY DATA ; Secondary data is the data, which is collected from sources, which have been collected and compiled for another data. Secondary data is collected through internet sources, materials provided by the company, annual report of the company, brochures, fact sheets etc,. The data was obtained from various mutual fund schemes and investors magazines and websites. Monthly fact sheets of mutual fund companies are important source of secondary data. The data obtained is analyzed using mathematical models and present value method analysis..
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DURATION OF THE STUDY; The study was carried out for a period of ten weeks. DATA COLLECTION NAV; The yearly net asset value data of various mutual funds are collected from www.mutualfundsindia.com RETURN; The fund returns of various funds are collected from www.sbimf.com RISK PROFILE; the risk profile of the various funds are collected from www.sbimf.com and fact sheets. DATA ANALYSIS; After collection of data, the collected data is to be analyzed. The findings and the analysis have been maintained further in report. The following parameters considered for comparative analysis;

Fund returns NAV Risk profile
LIMITATIONS OF THE STUDY
The area of the study was restricted only to equity link savings scheme of SBIMF, UTIMF, ICICIMF, TATA, RELIANCE ,KOTAK TAX SAVING SCHEME.
Only six schemes have been taken for analysis The study was carried out only for a period of 10 weeks. Loads and taxes are not considered The study is mainly restricted to the mutual fund industry and not other financial institutions. Availability of data is constrained by time period.
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3. DATA ANALYSIS AND INTERPRETATION
The returns have been calculated using the following formula:Returns= Todays closing price previous closing price Previous closing price
Funds Returns Name
SBI ICICI UTI KOTAK RELIANCE TATA CATEGORY RETURN SENSEX 1 Mth -6.8 -4.8 -6.9 -6.3 -5.5 -6.0 -6.8 -5.00 Ranks VI I V111 V III IV V11 1I 3 Mth -11.6 -6.9 -9.6 -11.9 -11.2 -9.2 -11.7 -10.36 Ranks V I 111 V111 VII II V1 IV 1 Yr 1.66 10 5.1 7.7 8.5 7.8 7.6 6.3 Ranks V111 1 V11 1V II II1 V VI 2 Yrs 38.6 60 35 40.4 45.7 41.0 37.6 36.6 Ranks V11 I V111 1V II II1 V VI 3 Yrs -1.8 7.9 -2.1 -3.5 4.8 0.6 0.86 -O.24 Ranks V1 I V11 V111 11 1V I11 V 5 Yrs 10.97 10.1 5.8 8.0 9.7 7.5 9.28 8.3 Ranks I I1 V111 V1 1V V11 IV V
* 100
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BASED ON RETURNS 1 MONTH- RETURNS

Fund earning highest returns ICICI Prudential Tax Plan ANALYSIS ; It can be analyzed from that ICICI prudential tax plan is the fund fetching highest returns in the 1 month return category yielding higher return as against UTI tax scheme which is the fund fetching lowest returns %net asset Sector holding Financial-pvt banks pharmaceuticals Diversified power Computers-software Finance-public banks Telecommunication Communication Engineering Oil and drilling 11.0 9.0 7.0 6.0 6.0 5.0 5.0 5.59 3.0 3.0
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Fund earning least returns UTI TAX PLAN SCHEME
Sector holdings Computer- software Diversified Finance public banks Finance pvt banks pharmaceuticals Oil drilling fertilizers power Finance housing cigarettes
%net 16 10.0 9.0 6.0 6.0 5.0 4.0 4.0 4.0 4.0
Name of holding % net asset Infosys technologies 7.29 TCS 6.5 Reliance industries ltd 4.89 HDFC 4.94 ICICI 4.23 ITC 4.2 Sun pharma 3.81 SBI 3.74 Coromondel industries 3.16 TATA motors 3.12
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INTERPRETATION: From the above analysis we can infer that ICICI prudential tax plan is earning more returns. This is because it has invested its highest amount of investment of 4.9% in cadila healthcare and 4.81 in Bharati airtel. With regard to the sector holdings ICICI has invested 9% of its holdings in health care and 5% in textiles sector where as UTI has not invested in these 2 sectors. Hence ICICI by investing these sectors have yielded superior return.
3 MONTH- RETURNS
ANALYSIS: It can be analyzed from the information that ICICI PRUDENTIAL TAX PLAN is the fund fetching highest returns in the 3 month return category yielding high returns as against KOTAK TAX SAVING SCHEME which is yielding least return Fund earning highest returns ICICI Prudential Tax Plan Sector holding Financial-pvt banks pharmaceuticals Diversified power Computers-software Finance-public banks Telecommunication Communication Engineering Oil and drilling %net asset 11.0 9.0 7.0 6.0 6.0 5.0 5.0 5.59 3.0 3.0
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Sector holdings Financial-pvt banks Computers software Diversified pharmaceuticals public banks cigarettes Oil drilling Auto Refineries Fertilizers
%net asset 13 13 11 9 6.0 3.0 3.0 2.0 2.0 2.0
Fund earning least returns KOTAK TAX SAVING SCHEME
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INTERPRETATION: From the above analysis we can infer that ICICI is earning more returns. This is because it has invested its highest amount of investment of 4.9% in cadila healthcare and 4.9% in airtel. With regard to the sector holdings ICICI has
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invested 11% of its holdings in banks and 9.0% in pharmaceuticals sector where as KOTAK has invested more in banking sector. Hence ICICI by investing these sectors have yielding superior return.
1 YEAR- RETURNS
ANALYSIS: It can be analyzed from the information that ICICI PRUDENTIAL TAX PLAN is the fund fetching highest returns in the 1 year return category as against SBI TAX GAIN SCHEME which is yielding least return. Fund earning highest returns ICICI Prudential Tax Plan Sector holding Financial-pvt banks pharmaceuticals Diversified power Computers-software Finance-public banks Telecommunication Communication Engineering Oil and drilling %net asset 11.0 9.0 7.0 6.0 6.0 5.0 5.0 5.59 3.0 3.0
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Fund earning least returns-SBI tax gain scheme
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Sector holding % net asset pharmaceuticals 10.0 software 10.0 Finance-pvt banks 9.0 Diversified 7.0 Oil drilling 6.0 Finance public banks 4.0 Power 4.0 Auto-cars 3.0 Beverages 3.0 Electric equipment 2.0
Interpretation : From the above analysis we can infer that ICICI prudential tax plan is earning more returns. This is because it has invested in rapid growing industries like communications and pharmaceuticals. It has also invested a certain amount of its holding in power which has not been invested by SBI Hence ICICI PRUDENTIAL TAX PLAN is yielding higher return.
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infosys ICICI RIL TCS HDFC SBI ITC L&T BHEL ONGC
8 7 6 5 4 3 2 1 0
%net asset
%net asset
Financial Energy Technology Engineering Diversified M etals FM CG Construction Services Chemicals Health care
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2 YEAR- RETURNS
ANALYSIS: It can be analyzed from the information that ICICI PRUDENTIAL TAX PLAN is the fund yielding highest returns in the 2 year return category as against UTI EQUITY TAX SAVINGS which is yielding least return.
Fund earning highest returns ICICI Prudential Tax Plan Sector holding Financial-pvt banks pharmaceuticals Diversified power Computers-software Finance-public banks Telecommunication Communication Engineering Oil and drilling %net asset 11.0 9.0 7.0 6.0 6.0 5.0 5.0 5.59 3.0 3.0
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%net asset 16 10.0 9.0 6.0 6.0 5.0 4.0 4.0 4.0 4.0
Fund earning least returns-UTI Equity Tax Savings
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Interpretation: From the above analysis we can infer that ICICI prudential tax plan is earning more returns. This is because it has invested its highest amount of investment of 4.9% in cadila healthcare and 4.81 in Bharati airtel. With regard to the sector holdings ICICI has invested 9% of its holdings in health care and 5% in textiles sector where as UTI has not invested in these 2 sectors. Hence ICICI by investing these sectors have yielded superior return.
3 YEAR RETURNS
ANALYSIS:
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It can be analyzed from the below information that ICICI PRUDENTIAL TAX PLAN is the fund fetching highest returns in the 3 Year return category yielding high return as against KOTAK TAX SAVINGS which is yielding least return Fund earning highest returns ICICI PRU tax plan Sector holding Financial-pvt banks pharmaceuticals Diversified power Computer-software Finance-public banks Telecommunication Communication Engineering Oil and drilling %net asset 11.0 9.0 7.0 6.0 6.0 5.0 5.0 5.59 3.0 3.0
Fund earning least returns-KOTAK tax saving scheme

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Sector holdings Financial-pvt banks Computers software Diversified pharmaceuticals public banks cigarettes Oil drilling Auto Refineries Fertilizers
%net asset 13 13 11 9 6.0 3.0 3.0 2.0 2.0 2.0
Interpretation : From the above analysis we can infer that ICICI is earning more returns. This is because it has invested its highest amount of investment of 4.9% in cadila healthcare and 4.9% in airtel. With regard to the sector holdings ICICI has invested 11% of its holdings in banks and 9.0% in pharmaceuticals sector where as KOTAK has invested more in banking sector. Hence ICICI by investing these sectors have yielding superior return.
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5 YEARS RETURN
ANALYSIS It can be analyzed from the information that SBI MAGNUM TAX GAIN 93 is the fund fetching highest returns in the 5 year return category as it is yielding higher return as against UTI EQUITY TAX SAVINGS which is yielding least return Fund earning highest returns SBI Magnum Tax Gain- 93 Sector holding % net asset pharmaceuticals 10.0 software 10.0 Finance-pvt banks 9.0 Diversified 7.0 Oil drilling 6.0 Finance public banks 4.0 Power 4.0 Auto-cars 3.0 Beverages 3.0 Electric equipment 2.0
4.5 4 3.5 3 2.5 2 1.5 1 0.5 0 % NET ASSET
SECTOR HOLDING
Energy Financial Engineering Metals FMCG Diversified Technology Health Care Construction Automobile Services Chemicals Communication
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Fund earning least returns-UTI Equity Tax Savings Sector holdings Computer- software Diversified Finance public banks Finance pvt banks pharmaceuticals Oil drilling fertilizers power Finance housing cigarettes %net asset 16 10.0 9.0 6.0 6.0 5.0 4.0 4.0 4.0 4.0
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Interpretation : From the above analysis we can infer that SBI MAGNUM TAX GAIN 93 is earning more returns. This is because it has invested in rapid growing industries like pharmaceuticals which have not been invested by UTI EQUITY TAX SAVINGS and even SBI MAGNUM TAX GAIN has not invested more than 10 % in any of the companies and also SBI MAGNUM TAX GAIN 93 has diversified as compared to UTI EQUITY TAX SAVINGS. Hence SBI MAGNUM TAX GAIN is the best fund yielding higher return.
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Risk and return analysis
The funds risks have been calculated using the following formulas:Standard deviation
If only return is given = ( Ri R )2 n1 , where R is the fund returns And R is the average returns of the fund.
Beta = n xy ( x) ( y) n x2 ( x)2
,
where X is the independent variable i.e. market returns
and Y is the dependent variable i.e. the fund returns.
Sharpes S= Ri Rf
Where, Ri is the independent returns and Rf is the Risk Free rate of return and is the total risk of that fund.
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FUND RISK
Name SBI
Std Dev 18.69 24.35
Funds Risk Ranks Beta III I 1 IV V II 0.87 0.84 0.75 0.86 0.77 0.72
Ranks V1 IV II V III I
Sharpe -0.10 0.22 -0.07 -0.16 0.07 0.01
Ranks V I IV VI II II1
ICICI 16.5 UTI 18.79 KOTAK 19.91 RELIANCE TATA 18.05
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BASED ON RISK BASED ON STANDARD DEVIATIO

ANALYSIS: It can be analyzed from the information that ICICI is the most risky fund i.e. it has got high standard deviation of 24.35 and UTI being the least risk fund with lower standard deviation of 16.5. Least risky fund UTI EQUITY TAX SAVINGS
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Sector holdings Computer- software Diversified public banks Finance pvt banks pharmaceuticals Oil drilling fertilizers power Finance housing cigarettes
%net asset 16 10.0 9.0 6.0 6.0 5.0 4.0 4.0 4.0 4.0
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Highly risky fund ICICI PRU TAX PLAN Sector holding Financial-pvt banks pharmaceuticals Diversified power Computers-software Finance-public banks Telecommunication Communication Engineering Oil and drilling %net asset 11.0 9.0 7.0 6.0 6.0 5.0 5.0 5.59 3.0 3.0
INTERPRETATION: From the above analysis we can infer that due to ICICI has got higher standard deviation of 24.35 due to its investments in metals, engineering sector where as UTI has not yet invested in these sectors so it has got least standard deviation of 16.5 by investing in all other sectors.
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BASED ON BETA
ANALYSIS: It can be analyzed from the above information that SBI TAX GAIN is the most risky fund i.e. it has got highest beta ratio of 0.87 and TATA being the less risky fund with a least beta ratio of 0.72. Least volatile TATA TAX SAVINGS SCHEME Sector holding % net asset Pharmaceuticals 11.0 computers 9.0 Diversified 8.0 Finance pvt banks 6.0 Oil drilling 6.0 Finance public banks 6.0 Auto-cars 4.0 cigarettes 4.0 Telecommunications 4.0 Aluminum 3.0
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Highly volatile SBI TAX GAIN SCHEME
Sector holding % net asset pharmaceticals 10.0 software 10.0 Finance-pvt banks 9.0 Diversified 7.0 Oil drilling 6.0 Finance public banks 4.0 Power 4.0 Auto-cars 3.0 Beverages 3.0 Electric equipment 2.0
9 8 7 6 5 4 3 2 1 0 e c n a i l e R
s y s o f n I
l I T l a C l a B d S &e r F w f n i L y n D J e I H n e o c n Ha i l e R
A Y S Y V G N I
L E H B
%NET ASSET
INTERPRETATION: From the above analysis we can infer that due to SBI TAX GAIN has got higher systematic risk of 0.87 due to its investments in power and engineering, where as TATA has not yet invested in these sectors so it has got least standard deviation of 0.72 by investing in all other sectors.
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BASED ON SHARPE INDEX
ANALYSIS: It can be analyzed from the information that ICICI PRU TAX PLAN has got highest Sharpe ratio of 0.22 as compared to UTI EQUITY TAX SAVINGS which has got lower Sharpe ratio of -0.16.
Fund fetching highest returns ICICI PRU TAX PLAN Sector holding Financial-pvt banks pharmaceuticals Diversified power Computers-software Finance-public banks Telecommunication Communication Engineering Oil and drilling %net asset 11.0 9.0 7.0 6.0 6.0 5.0 5.0 5.59 3.0 3.0
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%net asset 16 10.0 9.0 6.0 6.0 5.0 4.0 4.0 4.0 4.0
Fund fetching least returns-UTI Equity Tax Savings
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Interpretation: From the above analysis we can infer that ICICI has got higher Sharpes ratio of due to its higher investment in health care, and also due to investment of 4.81% in airtel and 3.98% in sterilite where as UTI EQUITY TAX SAVINGS has not invested in these sectors so it has got least Sharpes ratio by investing in all other sectors. We can also say ICICI yields more returns for one unit of total risk where as the excess returns for one unit of total risk in case of UTI EQUITY TAX SAVINGS is less.
4. FINDINGS
The major findings of this project with regards to the best companies i.e. the companies fetching highest returns are:College Page 79

ICICI PRUDENTIAL TAX PLAN is the best performing fund in the short
run when compared to SBI MAGNUM TAX GAIN. ICICI PRUDENTIAL TAX PLAN is best suited for investors who expect high returns in a short period of time.
RELIANCE AND ICICI is the best performing fund in the medium run. It
has earned more returns than SBI MAGNUM TAX GAIN in the medium period ranging from 3-4 years. For those investors who invest and make changes in their investment depending upon the performance of the fund, ICICI AND RELIANCE is the best suited fund.
SBI MAGNUM TAX GAIN- 93 is the best performing in the long run i.e. for
a period of 5 years and more. This fund is best suited for long term investors who just invest and do not make changes in their investment that frequently. With regard to their investments: ICICI PRUDENTIAL TAX Plans major investment pattern is oriented
towards financial and pharmaceuticals sector. This can be said because ICICI has invested its highest investment of 4.89% in RIL and with regards to sector holdings a major portion of 11% and 9.0% has been invested in financial and pharmaceuticals sectors.
RELIANCE investments major orientation is towards financial and
automobile sector. We can say this because the major portion of its sector holdings i.e. 8.0 % of its investments is in financial and 8.0% in automobile sector.
SBI MAGNUM TAX GAIN investments major orientation is towards
pharmaceuticals and software sector. This can be said as SBI MAGNUM TAX GAIN has invested highest of its investments i.e. 10% in pharmacy and 10% in software sector.
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When seen on the whole funds with heavy exposure towards financial sectors have fetched good returns when compared to funds who have high exposure towards other sectors. The major findings of this project with regards to the worst companies i.e. the companies fetching least returns are: In the short run KOTAK and UTI is generating the least returns. This can
be said because these funds are generating the least returns in 1 month and 3 month returns category.
In the medium run UTI EQUITY TAX SAVINGS is generating the least
returns. This can be said because UTI EQUITY TAX SAVINGS is the fund generating least returns in 2 and 3 years return category.
In the long run too UTI EQUITY TAX SAVINGS is generating the least
returns. This is being told because UTI EQUITY TAX SAVINGS is the fund generating least returns even in the 5 year return category. The major findings of this project with regards to risk are as follows: With regards to STANDARD DEVIATION.
The return on ICICI is highly volatile and the returns on UTI is least volatile. This can be said because the standard deviation of UTI is 16.15 when compared to 16.15. With regard to BETA The benchmark (BSE 100) affects the returns of SBI TAX GAIN the most and the returns of TATA the least. This is said because the beta i.e. the systematic risk of SBI TAX GAIN is 0.87 which is higher than that of TATA whose beta is 0.72.
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With regards to SHARPE INDEX ICICI generates the highest returns for per unit of total risk and UTI EQUITY TAX SAVINGS generates the least returns for per unit of total risk. This can be said because the value of Sharpe index of ICICI is 0.22, higher than that of UTI EQUITY TAX SAVINGS whose value is -0.16.
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SUGGESTIONS
An investor who is looking for short term returns it would be best for him to invest in ICICI PRUDENTIAL TAX PLAN. This is because ICICI PRUDENTIAL is the fund fetching highest returns in the short term categories i.e. 1month, 3 months and 1 year returns SBI MAGNUM TAX GAIN- 93 is the best performing in the long run i.e. for a period of 5 years and more.
ICICI PRUDENTIAL TAX PLAN is fetching highest returns in the short
term return category through their investments in financial and pharmaceuticals sectors.
SBI MAGNUM TAX GAIN is fetching highest returns in the long term
return category through their investment software and financial sector.
By this SBI MAGNUM TAX GAIN can also earn high returns in the short term return category thereby becoming a pioneer in both long and short term category.
By this they can be the best performing fund in both long run and short run
and can also capture a major share in the market and become the pioneers.
An investor who is looking for returns in the long run it would be best for
him to invest in SBI MAGNUM TAX GAIN. This is because SBI MAGNUM TAX GAIN is the fund fetching highest returns in the long run i.e. in the 5 year return category.
Any portfolio like that of UTI EQUTIY TAX PLAN portfolio does not satisfy
either the risk or return criteria. This is because it has neither fetched the highest returns in any of the return category nor has it been the fund with least risk. UTI has always fetched least returns with high risk.
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5. CONCLUSION
The over all conclusion of his project is: ICICI PRUDENTIAL is a fund which concentrates more on giving short term returns. SBI MAGNUM TAX GAIN is a fund which concentrates more on giving long term returns. It is a fund purely for long term investors.
RELIANCE is a fund which concentrates more on giving medium term
returns.
For an investor who is willing to take risk ICICI PRUDENTIAL TAX PLAN
is the ideal choice because in all the risk parameters ICICI PRUDENTIAL is having high risk.
For an investor who is averse to risk TATA would be the ideal choice. This
can be said because fund is having the least risk in all the risk parameters. An investor who is looking for short term returns it would be best for him to invest in ICICI PRUDENTIAL TAX PLAN. This is because ICICI PRUDENTIAL is the fund fetching highest returns in the short term categories i.e. 1month, 3 months and 1 year returns.
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BIBLIOGRAPHY
Books: Investment Analysis & Portfolio Management Prasanna Chandra Security Analysis & Portfolio Management Punithavathi Pandian Financial management- M.Y. khan - Jain
Websites:

www.mutualfundsindia.com www.moneycontrol.com www.amfiindia.com www.valueresearchonline.com
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Comparative analysis of SBI ELSS with similar schemes 1.

History of stock brokering industry:

Comparative analysis of SBI ELSS with similar schemes

Unit Trust of India

Public sector MFs

Private sector MFs

Indian Private Sector Fund

JV with Foreign Fund

Comparative analysis of SBI ELSS with similar schemes

History of the Mutual Funds:

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Distribution channels in the mutual fund industry:

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

B. NATURE OF THE BUSINESS CARRIED

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

C. VISION AND MISSION STATEMENT

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

I. ACHIEVEMENTS and AWARDS

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

3. McKINSEYS 7S FRAME WORK

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

The structure of the marketing department is as follows

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

5. ANALYSIS OF FINANCIAL STATEMENT

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

ROCE shows the profitability on assets employed within the businesses

Net worth ratio, It is assumed that larger the proportion of the

Comparative analysis of SBI ELSS with similar schemes

is a sign for good management of the company.

were given first priority.

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

MUTUAL FUNDS OPERATION FLOW CHART:

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Comparative analysis of SBI ELSS with similar schemes

Balanced Schemes Money Market Schemes

Tax Saving Schemes Special Schemes