market research on penetration of kotak mutual fund

International Management Institute Kolkata

Summer Internship Report

On

Market Research on Penetration of Kotak Mutual Fund

Name: Sourav Kumar Mahato

PGDM 2015-17

Kotak Mahindra Asset Management Company Limited

Corporate Internship Mentor

Name: Deepak Kumar Kaushik

IMI-K Faculty Mentor

Name: Chanchal Chatterjee

Start Date for internship: 01st April 2016

End Date Internship: 10th June 2016

Report Submission Date: 25th June 2016

INDEX

SL. NO. PARTICULARS PAGE NO.

1 CERTIFICATE BY MENTOR 2

2 DECLARATION 3

3 ACKNOWLEDGEMENT 4

4 OBJECTIVE OF STUDY 5

5 RESEARCH METHODOLOGY Problem Definition Literature Review Tools

6

6 ANALYSIS & INTERPRETATIONS IFA’s Banks ND’s Institutional

8

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Certificate by Mentor

This is to certify that the contents of this report entitled “Market Penetration of Kotak

Mutual fund” by ______________________________________ submitted to International

Management Institute Kolkata for the Partial fulfilment of the requirement of the Degree

“Post Graduate Diploma in Management (PGDM)” is the original Survey which has been

carried out under my supervision. I hereby certify the authenticity of the Data and Facts

mentioned in the report.

Deepak Kumar Kaushik Date: - ……………………….

(Deputy Manager)

Kotak Mahindra Asset Management Company Limited

235/2A, A. J. C. Bose Road, 3rd Floor, the Millennium

Kolkata – 700020.

+91 - 33 - 2282 2411/14

+91 - 33 - 2282 1102

Mobile- 9007977767/9830988500,

[email protected]

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Declaration

We, Naina Choudhary (15PGDM015) and Sourav Kumar Mahato (15PGDM074), to the best

of our knowledge hereby declare that the project report entitled “Market Penetration of

Kotak Mutual Fund” submitted to the International Management Institute, Kolkata is a

record of an Original work done by us under the guidance of and Dr. Chanchal Chatterjee.

This Project work is submitted in the partial fulfilment of the academic requirement.

The project report has been submitted to Kotak Mutual Fund and International

Management Institute Kolkata.

Date: -……………......... Naina Choudhary (15PGDM015)

Sourav Kumar Mahato (15PGDM074)

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Acknowledgement

It is a matter of great pleasure for us in submitting the project report on “Market

Penetration of Kotak Mutual Fund” for the fulfilment of the requirement of the academic

course.

This successful project report has been made possible through the direct cooperation and

guidance of various people for whom we wish to express our appreciation and deep

gratitude.

Words seem to be inadequate to express our thanks to Mr. Deepak Kaushik for his valuable

guidance, untiring efforts and immense encouragement during the entire course of the

study. We are highly obliged to Mr. Sachin Sood, Mr. Anupam Patnaik, Mr. Somnath, Mr.

Krishanu Bannerjee, Mr. Kamal Agarwal, Mr. Kaushik Ghosh, Mr. Sajal Mondal, Mr. Uma

Prasad Murarka, Mr. Tridip Das and other members of Kotak Mutual Fund Kolkata Office,

who had helped us to procure primary data to complete our project.

We would like to thank Dr. Surendra Poddar and Dr. Chanchal Chatterjee for helping us

complete the project.

Last but not the least we are very grateful to all those who helped us in one way or the

other at every stage of our work.

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OBJECTIVE OF THE STUDY

To find out the perception of the Kotak Mutual Fund in Kolkata region based on the parameters like the sales effort of the RM, marketing material, investor relations, operational ease, product efforts, institutional efforts, digital initiatives, training and event.

To find out the loopholes or lack in service (if any) provided by Kotak Mutual Fund based on the above mentioned parameters.

To analyse the comparative study between Kotak Mutual Fund and other leading mutual funds in the present market.

To find out what should be done to boost or increase the presence of Kotak Mutual Fund.

To find out ways and means to improve on the services of Kotak Mutual Fund.

The AMC’s used for the purpose of survey were-

Axis Mutual fundBirla Sun life Mutual FundHDFC Mutual FundICICI Prudential Mutual FundKotak Mutual FundReliance Mutual FundSBI Mutual FundTata Mutual FundFranklin Mutual Fund

CHANNELS FOR BUSINESS GENERATION

Institutional investors

Banks (PSU’s, Private)

Independent Financial Advisor’s (IFA’s)

Non-bank Distributors

In order to complete the market research, we met the branch managers and relationship managers of various banks, IFA’s, Non-bank distributors and Institutional.

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RESEARCH METHODOLOGY

Investment in mutual fund is a continuous activity and not a one-time one. The same investor, if satisfied, will come to the fund again and again. Knowing the customer thoroughly is of utmost importance. When the investor sends his application, it is not only an application, but it also contains some vital information. These information provides important insights into investor needs, preference and behaviour and enables to target customers need more accurately to achieve better penetration, deeper loyalty and reduced cost.

PROBLEM DEFINITION:

In a competitive situation with multiple mutual funds operating in Indian market, it is necessary to know about how the other competitive mutual funds are performing as it decides the future of the Mutual Fund Company. The problem definition is understanding the penetration of Kotak Mutual Fund in comparison to its competitors by finding out how Kotak Mutual Fund performs on the parameters like the sales effort of the RM, marketing material, investor relations, operational ease, product efforts, institutional efforts, digital initiatives, training and event.

LITERATURE REVIEW:

SOURCE OF DATA:

This research study on the Penetration of Kotak Mutual Fund in India has been based on primary as well as secondary data sources, however primary data collection was given more importance. One of the most important use of research methodology is that it helps in collecting the vital information that is required by top management to assist them for the better decision making both day to day decision and critical ones.

The primary data has been collected by getting the questionnaire filled from the banks, Independent financial Advisors (IFA’s), Non-bank Distributors (ND’s) and Institutional Investors. The secondary research used in the study were books, journals, articles and internet websites.

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SAMPLE SIZE AND SAMPLING PROCEDURE:

The questionnaire used was a standard one and common for all of the primary sources of data. The questionnaire consisted of 13 questions in total, each having various multiple choices. This was done by ascertaining the average response from the sample size of around 60 for the total 13 questions asked. The responses were thus collected through personal visits, by having formal and informal talks and through filling up the questionnaire prepared. The sample size of the project was limited to 95 people only.

SAMPLING AREA: KOLKATA.

TOOLS:

The data has been analysed by using mathematics/statistical tool (pie chart, bar chart etc.)

ANALYSIS & INTERPRETATION OF DATA

IFA’s

1. According to you, how would you rate the AMC’s based on their sales efforts?(Parameters: regularity of visits, depth of knowledge, relationship strength)

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MUTUAL FUND NO. OF 5 STARSAxis Mutual Fund 2Birla Sun life Mutual Fund 6HDFC Mutual Fund 1ICICI Mutual Fund 5Kotak Mutual Fund 12Reliance Mutual fund 3SBI Mutual Fund 2Tata Mutual Fund 2Franklin Mutual Fund 3

6%

17%

3%

14%

33%

8%

6%

6%8%

Axis Mutual FundBirla Sunlife Mutual FundHDFC Mutual FundICICI Mutual FundKotak Mutual FundReliance Mutual fundSBI Mutual FundTata Mutual FundFranklin Mutual Fund

INTERPRETATION & FINDINGS

The response in case of visit by the RM was really great as it can be seen. An overwhelming 33% rated Kotak with a 5 star which is far ahead of 14% given to ICICI Mutual fund. It was found that the RM had sufficient knowledge and strong relationship strength.

2. According to you, how would you rate the AMC’s based on their Fact sheets and one pagers?

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9%

9%

11%

25%16%

9%

2%

18% Axis Mutual FundBirla Sunlife Mutual FundHDFC Mutual FundICICI Mutual FundKotak Mutual FundReliance Mutual fundSBI Mutual FundTata Mutual FundFranklin Mutual Fund

INTERPRETATIONS & FINDINGS

Kotak with 16% was given the second highest rating after ICICI with 25% of the total 5 stars given.

The findings to improve the ratings are-

By making it more user friendly. Customer faces problem due to the small font size of the form.

Should work more on making Tax Reckoner easily understandable. Regular updates on the fact sheets to be provided to the investors and distributors

through meetings, mails and printed sources. Can include the expense ratio of the schemes (direct/indirect) mode.

3. According to you, how would you rate the AMC’s based on their Application Form and Additional purchase of SIP forms?


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10%

12%

10%

14%26%

10%

2%5%

12%Axis Mutual FundBirla Sunlife Mutual FundHDFC Mutual FundICICI Mutual FundKotak Mutual FundReliance Mutual fundSBI Mutual FundTata Mutual FundFranklin Mutual Fund


Kotak Mutual Fund was given the highest number of 5 stars among all. Kotak can further improve by-

Providing training for filling up the forms. As per a few IFA’s ICICI and HDFC’s application forms were much better in terms of

quality.

4. According to you, how would you rate the AMC’s based on their POP Material?

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10%

10%

5%

15%

25%

5%

5%

10%



Kotak scored fairly well in case of POP material and no specific suggestion as such was found.

5. According to you, how would you rate the AMC’s based on their Investor relations/Customer Service?(Parameters: TAT on issues, SIP ceasure intimation, SIP rollover, investor communication)

11 | P a g e


2%5%5%

23%

35%

12%

11%2%5%



Kotak was found to be the best service provider to the customer among other mutual funds and had a very good investor relation. The TAT on issues, SIP ceasure intimation, SIP rollover and investor communication were all done on time.

6. According to you, how would you rate the AMC’s based on their Operational Ease provided?(Parameters: brokerage payments, fund transfer on redemptions, non-commercial transactions)

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10%

15%

8%

18%21%

15%

5%8%



Kotak Mutual Fund was found to be good with the operational part. However, it can improve on -

The non-commercial transactions front like in case of Brokerage payments. Lack of brokerage payment transparency. Just like other AMC’s Kotak should come

up with proper structure before the quarter starts or at the beginning of the quarter. Brokerage structure needs to be dealt more properly.

Kotak should also have a dedicated distributor portal (to track and do business on behalf of the client) like DSP Blackrock, Franklin and Reliance.

Providing I-pin for taking out the statements of accounts of the investors and brokerage statement from website itself or through emails.

7. According to you, how would you rate the AMC’s based on their Products efforts?(Parameters: product innovation, speed to launch, features within products especially on SIP)

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10%

18%

4%

24%6%

12%

8%

8%



Kotak was given almost the lowest score based on the products efforts. ICICI got significantly higher rating than any other AMC.

Few suggestions to improve the product side are-

SWP without exit load from Debt fund to give investors long term cash flow with low volatility and taxation. Alternative to annuity plans of insurance companies. FD BEATER!

Start top up on SIP’s. Prepaid SIP’s linked to Nifty volatility. Kotak bank has very good savings account interest rate. So a combination of bank

and AMC can turn out to be interesting for investors. By introducing thematic equity funds on board.

8. According to you, how would you rate the AMC’s based on their Institutional efforts?(Parameters: RM visits, knowledge, relationship strength)

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6%

14%

8%

26%18%

10%

6%2%



ICICI topped the list again with 26% weightage on total 5 stars. With regards to the institutional part regular RM visits and regular knowledge providing programmes should be arranged.

9. According to you, how would you rate the AMC’s based on Digital Initiatives- Mobile App, Website Content for ex: Write-ups, Calculators etc.?)


11%

14%

16%

27%

11%

14%

5% 3%Axis Mutual FundBirla Sunlife Mutual FundHDFC Mutual FundICICI Mutual FundKotak Mutual FundReliance Mutual fundSBI Mutual FundTata Mutual FundFranklin Mutual Fund

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In terms of Digital initiatives Kotak Mutual Fund lags far behind other top AMC’s industry.

The problems on the digital platform are-

Mobile app is of no use as it is not at all user friendly. The app requires generation of pin to proceed further but there’s no way to generate the pin. Moreover, remembering the folio number and putting in each time is a tedious task.

The app is not known in the market. Publicity on the advertising side is required to increase visibility.

Quality and quantity of content on the website need to be worked upon, as the information provided on the website is not sufficient.

10. According to you, how would you rate the AMC’s based on their Trainings, Events, MIS and other initiatives taken?


21%

43%

21%



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Kotak Mutual Fund provides good trainings, events and other MIS programmes. Kotak can however work on the following-

Focus more on the distributor’s loyalty programme Organise product based organizational workshop for distributors. More training and events to be carried out on MIS to know more about Kotak

Mutual Fund.

11. According to you, how would you rate the AMC’s based on their Loyalty Program/Rewards/Contests etc.?

5%

26%

11%

21%

16%

11%



Birla Sun life Mutual fund was found to be the most preferred AMC when it comes to loyalty programmes and rewards, and ICICI comes next to Birla Sun life. Birla Sun life gives health insurance claim for maternity also. An initiative called “Trail non-stop” is an excellent initiative by Reliance Mutual Fund.

Points made by a few IFA’s with regards to loyalty programmes and rewards are-

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Many IFA’s has never been a part of any loyalty programmes or any contest and training provided by Kotak, and a few who attended have never been rewarded.

12. According to you, how would you rate the AMC’s in terms of being Distributor friendly?


7%

13%

9%

18%32%

9%

7%5%



Kotak was found to be the most distributor friendly AMC among all.

13. According to you, how would you rate the AMC’s on overall strategy?

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7%

19%

12%

26%

12%

9%

7%



ICICI and Birla Mutual Fund were found to have the best overall strategy. And for Kotak to have an upper hand in the market needs to work on all the suggestions provided.

BANKING


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7%7%

12%

12%

23%

9%

14%

5%



The response in case of visit by the RM was really great as it can be seen. An overwhelming 23% rated Kotak with a 5 star which is far ahead of 14% given to SBI Mutual fund and 12% given to ICICI Mutual Fund. It was found that the RM had sufficient knowledge and strong relationship strength.



20 | P a g e

4%11%

18%

13%27%

7%

7%2%



In the banking sector the factsheets and one pagers of Kotak were found to be satisfactory. However, more comprehensive knowledge and figures should be provided.


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11%

11%

16%

16%

24%

8%

8%3% 5%



On the parameters of application form and additional purchase of SIP form, Kotak was rated much ahead of HDFC and ICICI Mutual Fund. No specific suggestion on this front was found from the banking sector.


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6% 4%6%

20%

22%

16%

10%

4%



Kotak was found to be almost on par with ICICI Mutual Fund with just 1 extra 5 star. Thus it can be seen that Kotak doesn’t have much of an edge on this front and therefore needs to work on this to have a specific edge over others in the long term.

5. According to you, how would you rate the AMC’s based on their Investor relations/Customer Service?

(Parameters: TAT on issues, SIP ceasure intimation, SIP rollover, investor communication)

23 | P a g e


9%

11%

16%

15%17%

15%

7%1%



In Investor relation and customer service, Kotak was found to be given tough competition by HDFC, ICICI and Reliance Mutual fund. Kotak has been doing fairly well in this perspective.

6. According to you, how would you rate the AMC’s based on their Operational Ease provided?

(Parameters: brokerage payments, fund transfer on redemptions, non-commercial transactions)

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3% 7%

13%

10%

37%

10%

7%3%



From the banking sectors perspective operational ease provided by Kotak Mutual Fund was the best amongst all the services provided.

7. According to you, how would you rate the AMC’s based on their Products efforts?(Parameters: product innovation, speed to launch, features within products

especially on SIP)

25 | P a g e



6%8%

8%

22%

16%

14%

6%

6%



Just like in case of IFA’s, the banking sector also seemed unhappy about the product efforts made by Kotak Mutual Fund. ICICI was again rated the highest in terms of their products efforts for being innovative to experiment with SIP’s. Moreover, it was found that Kotak should focus more on advertising their SIP’s which might help create awareness among the investors as well as distributors. Kotak can also improve by doing something innovative on PMS Fund.

8. According to you, how would you rate the AMC’s based on their Institutional efforts?

(Parameters: RM visits, knowledge, relationship strength)

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2% 7%

17%

12%

24%

14%

9%

3%



The institutional effort of Kotak was fairly good with a little ahead HDFC Mutual Fund. However, those who didn’t rate Kotak with a 5 star said that Kotak did not do any value addition for them while a few other fund houses did.


MUTUAL FUND NO. OF 5 STARS

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Axis Mutual Fund 2Birla Sun life Mutual Fund 1HDFC Mutual Fund 3ICICI Mutual Fund 3Kotak Mutual Fund 4Reliance Mutual fund 4SBI Mutual Fund 2Tata Mutual Fund 2Franklin Mutual Fund 3

8%4%

13%

13%

17%17%

8%

8%



Though Kotak and Reliance were at par, it was found that people were not aware of the digital initiatives especially the mobile app service by the Mutual Fund houses.


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5%11%

13%

11%

21%

11%

13%



Kotak was given the highest rating and TATA the lowest. A suggestion for Kotak is that it should organize more knowledge based training for the employees of Kotak.


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13%

7%

13%

27%

13%

7%



In the banking sector Kotak was ranked ahead of ICICI and Reliance unlike the IFA segment where Birla Sun life was ranked higher than ICICI and Kotak.


30 | P a g e


6%

13%

19%

11%23%

11%

4%



Kotak was found to be the most distributor friendly in the banking sector just like in the IFA sector. TATA Mutual fund was found to be the least distributor friendly.


31 | P a g e



4%12%

20%

14%22%

8%

10%

4%8%



Kotak was found to have a very good overall strategy for most of them, but for those who did not find Kotak having the best strategy overall suggested that better product mix should be enhanced to provide better solutions to client at different market situations.

ND’s

1. According to you, how would you rate the AMC’s based on their sales efforts?

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(Parameters: regularity of visits, depth of knowledge, relationship strength)

9%

18%

18%18%

18%



Although Kotak, ICICI, HDFC and Birla were given almost the same ratings, some more frequent visits are required by the RM in order to increase awareness. RM’s should be given proper training to get better understanding.


33 | P a g e



9%

27%

27%

27%



Here again Kotak was at par with ICICI and Reliance. However, to gain a better edge over others the quality of paper used should be improved, should contain some more information such as tenure of SIP and also the font size should be increased so as to make it more user friendly.


34 | P a g e

8%

15%

15%

31%

8%



ICICI has scored the highest in this regard, followed by Reliance, Birla and HDFC. Kotak was found not doing so well as regular intimation of additional purchase of SIP forms were not given.


35 | P a g e


6%11%

17%

17%11%

6%

11%

11%



ICICI and HDFC were again found to be the preferred choice among ND’s over Kotak. Kotak was found to be at par with Birla, SBI, TATA and Franklin Mutual Fund.

5. According to you, how would you rate the AMC’s based on their Investor relations/Customer Service?

36 | P a g e


(Parameters: TAT on issues, SIP ceasure intimation, SIP rollover, investor communication)

8%8%

15%

23%

23%

15%



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Kotak was again found to be almost at par with ICICI Mutual Fund. Most of them seemed satisfied with the service provided by Kotak, however a few felt that the turnaround time needs to be reduced and the quality of service provided should be improved.

6. According to you, how would you rate the AMC’s based on their Operational Ease provided?(Parameters: brokerage payments, fund transfer on redemptions, non-commercial transactions)

13%

20%

20%20%

13%

7%7%



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ICICI again topped the rating list and this time along with HDFC and Birla Sun life. According to some ND’s the process of fund transfer was very much time consuming.

7. According to you, how would you rate the AMC’s based on their Products efforts?(Parameters: product innovation, speed to launch, features within products especially on SIP)


11%

17%

28%

22%

17%



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Product innovation is something on which Kotak needs to really work hard to improve its visibility and ratings among other Mutual Fund houses in the market. ICICI again has scored the highest even in terms of being innovative with the products.


5%9%

9%

9%

14%14%

14%

14%



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With respect to the institutional efforts taken by the AMC’s, all were found to be at par.

9.

According to you, how would you rate the AMC’s based on Digital Initiatives- Mobile App, Website Content for ex: Write-ups, Calculators etc.)

11%

11%

14%

14%11%

11%

9%

9%



41 | P a g e


Lack of awareness about Kotak Mutual Fund app among the distributors was found, which led to low ratings in comparison to ICICI and HDFC Mutual Fund.


6%

13%

19%

13%6%

13%

6%

6%


42 | P a g e



Kotak was rated the lowest based on their Trainings, Events, MIS and other initiatives taken. Majority of the distributors said they were never a part of any training programmes conducted by Kotak Mutual Fund. Surprisingly, Franklin Templeton Mutual Fund got the highest rating along with HDFC Mutual Fund as the best among all.


18%

18%

27%

27%


43 | P a g e



Kotak seems to have done fairly good so far with the loyalty programmes, rewards and contests.


7%

13%

13%

13%10%

13%

10%

10%



44 | P a g e


Kotak again lagged behind ICICI, HDFC, Birla and Reliance, but this times in terms of being distributor friendly. Kotak needs to be more distributor friendly.


11%

11%

22%

22%

22%


45 | P a g e



Surprisingly Kotak was not given a single 5-star rating for having an effective overall strategy. ICICI, HDFC and Reliance once again took the lead. Kotak should therefore go with the industry trend and then try to cope up with the market to survive there.

INSTITUTIONAL INVESTORS


20%

20%

20%

20%


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With respect to the regularity of visits, the depth of knowledge and the relationship strength of the RM, Birla Sun life, HDFC, ICICI, Kotak and Reliance Mutual Fund were at par with 20% weightage each and Axis, SBI, Tata and Franklin Mutual Fund were lagging behind in this respect. More sales effort should be put in by increasing the number of visits.


47 | P a g e


8%

23%

23%

23%

8%



Kotak’s factsheets and one pagers were rated at par with ICICI and HDFC. However, one pagers should contain more information than it has as of now, to increase the interest of the investors.


48 | P a g e

8%

15%

15%

31%

8%



ICICI Mutual Fund scored the highest number of 5-star rating, followed by Reliance, HDFC and Birla Sun life. Kotak Mutual Fund was again ranked the lowest on the parameters of Application form and additional purchase of SIP form. Kotak Mutual Fund application form doesn’t look that good and investor’s find it very difficult to understand what and where to fill. So, application form needs to made more user friendly for the investors.

49 | P a g e



6%11%

17%

17%11%

6%

11%

11%



As mentioned earlier Kotak needs to improve on the POP material provided thereby improving its rating to the top.

50 | P a g e


5. According to you, how would you rate the AMC’s based on their Investor relations/Customer Service? (Parameters: TAT on issues, SIP ceasure intimation, SIP rollover, investor communication)

8%8%

15%

23%

23%

15%



Kotak Mutual Fund has been doing fairly well when it comes to investor relation and customer service provided.

6. According to you, how would you rate the AMC’s based on their Operational Ease provided?

51 | P a g e


(Parameters: brokerage payments, fund transfer on redemptions, non-commercial transactions)

13%

20%

20%20%

13%

7%7%



Kotak needs to focus more on the non-commercial transaction side and paper work should be decreased to make the investment hazel free.

7. According to you, how would you rate the AMC’s based on their Products efforts?

52 | P a g e


(Parameters: product innovation, speed to launch, features within products especially on SIP)


11%

17%

28%

22%

17%



As already mentioned Kotak needs to improve and channelize its efforts towards products. Kotak from all aspects in case of product lags behind other top AMC’s and it really needs to come up with a disruptive innovation to maintain the current position or maybe improve its position in the market. Launch of new interesting products will increase the interest of distributors as well as investors. ICICI has been time and again rated the highest in terms of product innovation.


53 | P a g e

5%9%

9%

9%

14%14%

14%

14%



Kotak is doing fairly well with respect to the institutional efforts put in by the Kotak employees.


54 | P a g e


11%

11%

14%

14%11%

11%

9%

9%



Kotak Mutual Fund, as can be seen, needs to work on the digital initiatives. This segment is again overpowered by ICICI and HDFC Mutual Fund. Kotak should start to take digital initiatives because as of now there is no application in the market or any platform from where the investor or distributor can access their portfolio. Being unable to come up with an improved and updated digital system might prove to be disastrous for Kotak Mutual Fund in the coming few years.


MUTUAL FUND NO. OF 5 STARS

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Axis Mutual Fund 1Birla Sun life Mutual Fund 2HDFC Mutual Fund 3ICICI Mutual Fund 2Kotak Mutual Fund 1Reliance Mutual fund 2SBI Mutual Fund 1Tata Mutual Fund 1Franklin Mutual Fund 3

6%

13%

19%

13%6%

13%

6%

6%



HDFC and Franklin Mutual Fund seems to have been very much active in providing training, events, MIS and other initiatives. Kotak on the other hand was ranked the lowest out of all. Kotak needs to be a little more aggressive in terms of these initiatives to attract more number of investors and improve its positioning.

56 | P a g e


18%

18%

27%

27%



Kotak should also increase its initiatives taken towards the loyalty programmes and rewards. More effort on this front will motivate the distributors to sell the products, that will increase the sales, revenue and profit to all those involved.


57 | P a g e


7%

13%

13%

13%10%

13%

10%

10%



Kotak Mutual Fund was found to be distributor friendly.


58 | P a g e


11%

11%

22%

22%

22%



Kotak was rated the lowest, along with SBI and Franklin in terms of the overall strategy used to capture

59 | P a g e


market research on penetration of kotak mutual fund

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