ucm project (mutual fund)

7/27/2019 UCM Project (mutual fund)

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UNDERSTANDING CAPITAL MARKET

PROJECT REPORT

ON

MUTUAL FUNDS

Submitted To: Submitted By:

Dr. Bharti Wadhwa Naman Jain

Sawan Kumar

Chakshu Behl


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ACKNOWLEDGEMENT

"Gratitude is not a thing of expression; it is more matter of feeling."There is always a sense of gratitude which one express towards others for their

help and supervision in achieving the goals. This formal piece of acknowledgement is anattempt to express the feeling of gratitude towards people who helpful us in successfullycompleting this project report.

We would like to express our deep gratitude toDr. BhartiWadhwaour faculty guidefor their constant co-operation. She was always there with her competentguidance and valuable suggestion throughout the pursuance of this project. Aboveall no words can express our feelings to our parents, friends all those persons whosuppor ted us dur ing th i s p ro jec t .

We would also like to thank almighty God for his blessings showered onus during the completion of project report.

NAMAN JAIN

SAWAN KUMAR

CHAKSHU BEHL


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EXECUTIVE SUMMARY

In few years Mutual Fund has emerged as a tool for ensuring ones financial well -being.

Mutual Funds have not only contributed to the India growth story but have also helped

families tap into the success of Indian Industry. As information and awareness is rising

more and more people are enjoying the benefits of investing in mutual funds. The main

reason the number of retail mutual fund investors remains small is that nine in ten people

with incomes in India do not know that mutual funds exist. But once people are aware of

mutual fund investment opportunities, the number who decide to invest in mutual funds

increases to as many as one in five people. The trick for converting a person with no

knowledge of mutual funds to a new Mutual Fund customer is to understand which of the

potential investors are more likely to buy mutual funds and to use the right arguments in

the sales process that customers will accept as important and relevant to their decision.

The analysis and advice presented in this Project Report is based on market research on

the saving and investment practices of the investors and preferences of the investors for

investment in Mutual Funds. This Report will help to know about the investors

Preferences in Mutual Fund means Are they preferring public sector or private sector

mutual fund or which Investment Strategy they follow (Systematic Investment Plan or

One time Plan).

For the purpose of comparing we have taken one public sector mutual fund (SBI

MUTUAL FUND) and one private sector mutul fund (


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RESEARCH METHODOLOGY

This report is based on primary as well secondary data, however primary data collection

was given more importance since it is overhearing factor in attitude studies. One of the

most important users of research methodology is that it helps in identifying the problem,

collecting, analyzing the required information data and providing an alternative solution

to the problem .It also helps in collecting the vital information that is required by the top

management to assist them for the better decision making both day to day decision and

critical ones.

Data sources:

Research is totally based on primary data. Secondary data can be used only for the

reference. Research has been done by primary data collection, and primary data has been

collected by interacting with various people. The secondary data has been collected

through various journals and websites.


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CONTENTS

ACKNOWLEDGEMENT

EXECUTIVE SUMMARY

CHAPTER 1- INTRODUCTION

WHAT IS MUTUAL FUND

EXISTING SCHEMES

TYPES OF RETURNS

ADVANTAGES OF MUTUAL FUND DISADVANTAGES OF MUTUAL

FUND

HISTORY OF THE INDIAN MUTUAL

FUND INDUSTRY

CATEGORIES OF MUTUAL FUND

MAJOR MUTUAL FUND COMPANIES

IN INDIA

CHAPTER2- SEBI GUIDELINES FOR MUTUAL FUND

CHAPTER3- PUBLIC AND PRIVATE SECTOR MUTUSL

FUND

CHAPTER 4- COMPARISION

BIBLIOGRAPHY

WEBLIGRAPHY


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CHAPTER - 1

INTRODUCTION


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What Is Mutual Fund

A mutual fund is just the connecting bridge or a financial intermediary that allows a group of

investors to pool their money together with a predetermined investment objective. The mutual fund will

have a fund manager who is responsible for investing the gathered money into specific securities (stocks

or bonds). When you invest in a mutual fund, you are buying units or portions of the mutual fund and thus

on investing becomes a shareholder or unit holder of the fund.

Mutual funds are considered as one of the best available investments as compare to others they

are very cost efficient and also easy to invest in, thus by pooling money together in a mutual fund,

investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their

own. But the biggest advantage to mutual funds is diversification, by minimizing risk & maximizing

returns.

Thus a Mutual Fund is the most suitable investment for the common man as it offers an

opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost.


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INTRODUCTION TO MUTUAL FUND AND ITS VARIOUS ASPECTS

Mutual fund is a trust that pools the savings of a number of investors who share a

common financial goal. This pool of money is invested in accordance with a stated

objective. The joint ownership of the fund is thus Mutual, i.e. the fund belongs to all

investors. The money thus collected is then invested in capital market instruments such as

shares, debentures and other securities. The income earned through these investments and

the capital appreciations realized are shared by its unit holders in proportion the number

of units owned by them. Thus a Mutual Fund is the most suitable investment for the

common man as it offers an opportunity to invest in a diversified, professionally managed

basket of securities at a relatively low cost. A Mutual Fund is an investment tool that

allows small investors access to a well-diversified portfolio of equities, bonds and other

securities. Each shareholder participates in the gain or loss of the fund. Units are issued

and can be redeemed as needed. The funds Net Asset value (NAV) is determined each

day.

Investments in securities are spread across a wide cross-section of industries and sectors

and thus the risk is reduced. Diversification reduces the risk because all stocks may not

move in the same direction in the same proportion at the same time. Mutual fund issues

units to the investors in accordance with quantum of money invested by them. Investors

of mutual funds are known as unit holders.


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When an investor subscribes for the units of a mutual fund, he becomes part owner of the assets of the

fund in the same proportion as his contribution amount put up with the corpus (the total amount of the

fund). Mutual Fund investor is also known as a mutual fund shareholder or a unit holder.

Any change in the value of the investments made into capital market instruments (such as shares,

debentures etc.) is reflected in the Net Asset Value (NAV) of the scheme. NAV is defined as the market

value of the Mutual Fund scheme's assets net of its liabilities. NAV of a scheme is calculated by dividing

the market value of scheme's assets by the total number of units issued to the investors.
http://www.appuonline.com/mf/knowledge/concept.htmlhttp://www.appuonline.com/mf/knowledge/concept.html


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BY NATURE

1. Equity fund:

These funds invest a maximum part of their corpus into equities holdings. The structure of the fund

may vary different for different schemes and the fund managers outlook on different stocks. The Equity

Funds are sub-classified depending upon their investment objective, as follows:

Diversified Equity Funds

Mid-Cap Funds

Sector Specific Funds

Tax Savings Funds (ELSS)

Equity investments are meant for a longer time horizon, thus Equity funds rank high on the risk-return

matrix.

2. Debt funds:

The objective of these Funds is to invest in debt papers. Government authorities, private companies,

banks and financial institutions are some of the major issuers of debt papers. By investing in debt

instruments, these funds ensure low risk and provide stable income to the investors. Debt funds are further

classified as:

Gilt Funds: Invest their corpus in securities issued by Government, popularly known as

Government of India debt papers. These Funds carry zero Default risk but are associated with

Interest Rate risk. These schemes are safer as they invest in papers backed by Government.

Income Funds: Invest a major portion into various debt instruments such as bonds, corporate

debentures and Government securities.

MIPs: Invests maximum of their total corpus in debt instruments while they take minimum

exposure in equities. It gets benefit of both equity and debt market. These scheme ranks slightly

high on the risk-return matrix when compared with other debt schemes.

Short Term Plans (STPs): Meant for investment horizon for three to six months. These funds

primarily invest in short term papers like Certificate of Deposits (CDs) and Commercial Papers

(CPs). Some portion of the corpus is also invested in corporate debentures.


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Liquid Funds: Also known as Money Market Schemes, These funds provides easy liquidity and

preservation of capital. These schemes invest in short-term instruments like Treasury Bills, inter-

bank call money market, CPs and CDs. These funds are meant for short-term cash management

of corporate houses and are meant for an investment horizon of 1day to 3 months. These schemes

rank low on risk-return matrix and are considered to be the safest amongst all categories of

mutual funds.

3. Balanced funds: As the name suggest they, are a mix of both equity and debt funds. They invest in

both equities and fixed income securities, which are in line with pre-defined investment objective of the

scheme. These schemes aim to provide investors with the best of both the worlds. Equity part provide

growth and the debt part provides stability in returns.

Fur ther the mutual funds can be broadly classif ied on the basis of investment parameter viz,

Each category of funds is backed by an investment philosophy, which is pre-defined in the objectives of

the fund. The investor can align his own investment needs with the funds objective and invest

accordingly.


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OTHER SCHEMES

Tax Saving Schemes: Tax-saving schemes offer tax rebates to the investors under tax laws

prescribed from time to time. Under Sec.88 of the Income Tax Act, contributions made to anyEquity Linked Savings Scheme (ELSS) are eligible for rebate.

Index Schemes: Index schemes attempt to replicate the performance of a particular index such as

the BSE Sensex or the NSE 50. The portfolio of these schemes will consist of only those stocks

that constitute the index. The percentage of each stock to the total holding will be identical to the

stocks index weightage. And hence, the returns from such schemes would be more or less

equivalent to those of the Index.

Sector Specific Schemes: These are the funds/schemes which invest in the securities of only

those sectors or industries as specified in the offer documents. e.g. Pharmaceuticals, Software,

Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in these funds are

dependent on the performance of the respective sectors/industries. While these funds may give

higher returns, they are more risky compared to diversified funds. Investors need to keep a watch

on the performance of those sectors/industries and must exit at an appropriate time.


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TYPES OF RETURNS

There are three ways, where the total returns provided by mutual funds can be enjoyed by investors:

Income is earned from dividends on stocks and interest on bonds. A fund pays out nearly all

income it receives over the year to fund owners in the form of a distribution.

If the fund sells securities that have increased in price, the fund has a capital gain. Most funds

also pass on these gains to investors in a distribution.

If fund holdings increase in price but are not sold by the fund manager, the fund's shares increase

in price. You can then sell your mutual fund shares for a profit. Funds will also usually give you a

choice either to receive a check for distributions or to reinvest the earnings and get more shares.


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ADVANTAGES OF MUTUAL FUND

1. Professional Management - The basic advantage of funds is that, they are professional managed,

by well qualified professional. Investors purchase funds because they do not have the time or the

expertise to manage their own portfolio. A mutual fund is considered to be relatively less expensive way

to make and monitor their investments.

2. Diversification -Purchasing units in a mutual fund instead of buying individual stocks or bonds, the

investors risk is spread out and minimized up to certain extent. The idea behind diversification is to invest

in a large number of assets so that a loss in any particular investment is minimized by gains in others.

3. Economies of Scale - Mutual fund buy and sell large amounts of securities at a time, thus help toreducing transaction costs, and help to bring down the average cost of the unit for their investors.

4. Liquidity - Just like an individual stock, mutual fund also allows investors to liquidate their holdings

as and when they want.

5. Simplicity -Investments in mutual fund is considered to be easy, compare to other available

instruments in the market, and the minimum investment is small. Most AMC also have automatic

purchase plans whereby as little as Rs. 2000, where SIP start with just Rs.50 per month basis.


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DISADVANTAGE OF MUTUAL FUND

1. Professional Management- Some funds doesnt perform in neither the market, as their

management is not dynamic enough to explore the available opportunity in the market, thus many

investors debate over whether or not the so-called professionals are any better than mutual fund or

investor himself, for picking up stocks.

2. CostsThe biggest source of AMC income is generally from the entry & exit load which they charge

from an investors, at the time of purchase. The mutual fund industries are thus charging extra cost under

layers of jargon.

3. 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.

4. Taxes - when making decisions about your money, fund managers don't consider your personal tax

situation. For example, when a fund manager sells a security, a capital-gain tax is triggered, which affects

how profitable the individual is from the sale. It might have been more advantageous for the individual to

defer the capital gains liability.


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Second Phase1987-1993 (Entry of Public Sector Funds)

1987 marked the entry of non- UTI, public sector mutual funds set up by public sector

banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation

of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June

1987 followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund

(Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda

Mutual Fund (Oct 92). LIC established its mutual fund in June 1989 while GIC had set up

its mutual fund in December 1990.At the end of 1993, the mutual fund industry had assets

under management of Rs.47,004 crores.

Third Phase1993-2003 (Entry of Private Sector Funds)

1993 was the year in which the first Mutual Fund Regulations came into being, under

which all mutual funds, except UTI were to be registered and governed. The erstwhile

Kothari Pioneer (now merged with Franklin Templeton) was the first private sector

mutual fund registered in July 1993.

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive

and revised Mutual Fund Regulations in 1996. The industry now functions under the

SEBI (Mutual Fund) Regulations 1996. As at the end of January 2003, there were 33

mutual funds with total assets of Rs. 1,21,805 crores.

Fourth Phasesince February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was

bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust

of India with assets under management of Rs.29,835 crores as at the end of January 2003,


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representing broadly, the assets of US 64 scheme, assured return and certain other

schemes

The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is

registered with SEBI and functions under the Mutual Fund Regulations. consolidation

and growth. As at the end of September, 2004, there were 29 funds, which manage assets

of Rs. 153108 crores under 421 schemes.


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CATEGORIES OF MUTUAL FUND


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Mutual funds can be classified as follow:

Based on their structure:

Open-ended funds: Investors can buy and sell the units from the fund, at any point of

time.

Close-ended funds: These funds raise money from investors only once. Therefore, after

the offer period, fresh investments can not be made into the fund. If the fund is listed on a

stocks exchange the units can be traded like stocks (E.g., Morgan Stanley Growth Fund).

Recently, most of the New Fund Offers of close-ended funds provided liquidity window on

a periodic basis such as monthly or weekly. Redemption of units can be made during

specified intervals. Therefore, such funds have relatively low liquidity.

Based on their investment objective:

Equity funds: These funds invest in equities and equity related instruments.

With fluctuating share prices, such funds show volatile performance, even losses.

However, short term fluctuations in the market, generally smoothens out in the

long term, thereby offering higher returns at relatively lower volatility. At the

same time, such funds can yield great capital appreciation as, historically, equities

have outperformed all asset classes in the long term. Hence, investment in equity

funds should be considered for a period of at least 3-5 years. It can be further

classified as:


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i) Index funds- In this case a key stock market index, like BSE Sensex or Nifty is

tracked. Their portfolio mirrors the benchmark index both in terms of composition and

individual stock weightages.

ii) Equity diversified funds- 100% of the capital is invested in equities spreading across

different sectors and stocks.

iii|) Dividend yield funds- it is similar to the equity diversified funds except that they

invest in companies offering high dividend yields.

iv) Thematic funds- Invest 100% of the assets in sectors which are related through some

theme.

e.g. -An infrastructure fund invests in power, construction, cements sectors etc.

v) Sector funds- Invest 100% of the capital in a specific sector. e.g. - A banking sector

fund will invest in banking stocks.

vi) ELSS- Equity Linked Saving Scheme provides tax benefit to the investors.

Balanced fund:Their investment portfolio includes both debt and equity. As a result,

on the risk-return ladder, they fall between equity and debt funds. Balanced funds are the

ideal mutual funds vehicle for investors who prefer spreading their risk across various

instruments. Following are balanced funds classes:

i) Debt-oriented funds -Investment below 65% in equities.

ii) Equity-oriented funds -Invest at least 65% in equities, remaining in debt.


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vi) Income funds LT- Typically, such funds invest a major portion of the portfolio in

long-term debt papers.

vii) MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and an exposure

of 10%-30% to equities.

viii) FMPs- fixed monthly plans invest in debt papers whose maturity is in line with that

of the fund.


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MAJOR MUTUAL FUND COMPANIES IN INDIA

ABN AMRO Mutual Fund

ABN AMRO Mutual Fund was setup on April 15, 2004 with ABN AMRO Trustee (India)

Pvt. Ltd. as the Trustee Company. The AMC, ABN AMRO Asset Management (India) Ltd.

was incorporated on November 4, 2003. Deutsche Bank A G is the custodian of ABN

AMRO Mutual Fund.

Birla Sun Life Mutual Fund

Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun LifeFinancial. Sun Life Financial is a golbalorganisation evolved in 1871 and is being

represented in Canada, the US, the Philippines, Japan, Indonesia and Bermuda apart from

India. Birla Sun Life Mutual Fund follows a conservative long-term approach to

investment. Recently it crossed AUM of Rs. 10,000 crores.

Bank of Baroda Mutual Fund (BOB Mutual Fund)

Bank of Baroda Mutual Fund or BOB Mutual Fund was setup on October 30, 1992 under

the sponsorship of Bank of Baroda. BOB Asset Management Company Limited is the

AMC of BOB Mutual Fund and was incorporated on November 5, 1992. Deutsche Bank

AG is the custodian.

HDFC Mutual Fund

HDFC Mutual Fund was setup on June 30, 2000 with two sponsorersnemely Housing

Development Finance Corporation Limited and Standard Life Investments Limited.


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HSBC Mutual Fund

HSBC Mutual Fund was setup on May 27, 2002 with HSBC Securities and Capital

Markets (India) Private Limited as the sponsor. Board of Trustees, HSBC Mutual Fund acts

as the Trustee Company of HSBC Mutual Fund.

ING Vysya Mutual Fund

ING Vysya Mutual Fund was setup on February 11, 1999 with the same named Trustee

Company. It is a joint venture of Vysya and ING. The AMC, ING Investment Management

(India) Pvt. Ltd. was incorporated on April 6, 1998.

Prudential ICICI Mutual Fund

The mutual fund of ICICI is a joint venture with Prudential Plc. of America, one of the

largest life insurance companies in the US of A. Prudential ICICI Mutual Fund was setup

on 13th of October, 1993 with two sponsorers, Prudential Plc. and ICICI Ltd. The Trustee

Company formed is Prudential ICICI Trust Ltd. and the AMC is Prudential ICICI Asset

Management Company Limited incorporated on 22nd of June, 1993.

Sahara Mutual Fund

Sahara Mutual Fund was set up on July 18, 1996 with Sahara India Financial Corporation

Ltd. as the sponsor. Sahara Asset Management Company Private Limited incorporated on

August 31, 1995 works as the AMC of Sahara Mutual Fund. The paid-up capital of the

AMC stands at Rs 25.8 crore.

State Bank of India Mutual Fund

State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to launch offshor

fund, the India Magnum Fund with a corpus of Rs. 225 cr. approximately. Today it is the

largest Bank sponsored Mutual Fund in India. They have already launched 35 Schemes out

of which 15 have already yielded handsome returns to investors. State Bank of India


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Escorts Mutual Fund

Escorts Mutual Fund was setup on April 15, 1996 with Excorts Finance Limited as its

sponsor. The Trustee Company is Escorts Investment Trust Limited. Its AMC was

incorporated on December 1, 1995 with the name Escorts Asset Management Limited.

Alliance Capital Mutual Fund

Alliance Capital Mutual Fund was setup on December 30, 1994 with Alliance Capital

Management Corp. of Delaware (USA) as sponsorer. The Trustee is ACAM Trust

Company Pvt. Ltd. and AMC, the Alliance Capital Asset Management India (Pvt) Ltd.

with the corporate office in Mumbai.

Benchmark Mutual Fund

Benchmark Mutual Fund was setup on June 12, 2001 with Niche Financial Services Pvt.

Ltd. as the sponsorer and Benchmark Trustee Company Pvt. Ltd. as the Trustee Company.

Incorporated on October 16, 2000 and headquartered in Mumbai, Benchmark Asset

Management Company Pvt. Ltd. is the AMC.

Canbank Mutual Fund

Canbank Mutual Fund was setup on December 19, 1987 with Canara Bank acting as the

sponsor. Canbank Investment Management Services Ltd. incorporated on March 2, 1993 is

the AMC. The Corporate Office of the AMC is in Mumbai.

Chola Mutual Fund

Chola Mutual Fund under the sponsorship of Cholamandalam Investment & Finance

Company Ltd. was setup on January 3, 1997. Cholamandalam Trustee Co. Ltd. is the

Trustee Company and AMC is Cholamandalam AMC Limited.


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CHAPTER2

SEBI GUIDELINES

FOR

MUTUAL FUNDS


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REGULATORY MEASURES BY SEBI

Like Banking & Insurance up to the nineties of the last century, Mutual Fund industry in India

was set up and functioned exclusively in the state monopoly represented by the Unit Trust of

India. This monopoly was diluted in the eighties by allowing nationalized banks and insurance

companies (LIC & GIC) to set up their institutions under the Indian Trusts Act to transact mutual

fund business, allowing the Indian investor the option to choose between different service

providers. Unit Trust was a statutory corporation governed by its own incorporating act. There

was no separate regulatory authority up to the time SEBI was made a statutory authority in 1992.

but it was only in the year 1993, when a government took a policy decision to deregulate Indian

Economy from government control and to transform it market oriented, that the industry was

opened to competition from private and foreign players. By the year 2000 there came to be

established in the market 34 mutual funds offerings a variety of about 550 schemes.

SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS)

REGULATIONS, 1996The fast growing industry is regulated by Securities and Exchange Board of India (SEBI) since

inception of SEBI as a statutory body. SEBI initially formulated SECURITIES AND

EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) REGULATIONS, 1993 providing

detailed procedure for establishment, registration, constitution, management of trustees, asset

management company, about schemes/products to be designed, about investment of funds

collected, general obligation of MFs, about inspection, audit etc. based on experience gained and

feedback received from the market SEBI revised the guidelines of 1993 and issued fresh

guidelines in 1996 titled SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL

FUNDS) REGULATIONS, 1996. The said regulations as amended from time to time are in

force even today.

The SEBI mutual fund regulations contain ten chapters and twelve schedules. Chapters

containing material subjects relating to regulation and conduct of business by Mutual Funds.


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REGISTRATION OF MUTUAL FUND:

Application for registration

1.An application for registration of a mutual fund shall be made to the Board in Form A by the

sponsor.

App licat ion fee to accomp any the applicat ion

2. Every application for registration under regulation 3 shall be accompanied by nonrefundable

application fee as specified in the Second Schedule.

App licat ion to conform to the requirements

3.An application which is not complete in all respects shall be liable to be rejected:

Provided that, before rejecting any such application, the applicant shall be given an opportunity

to complete such formalities within such time as may be specified by the Board.

Furn ish ing inform at ion

4. The Board may require the sponsor to furnish such further information or clarification as may

be required by it.

Eligibi l i ty cri teria

5. For the purpose of grant of a certificate of registration, the applicant has to fulfill the following,

namely :

(a)the sponsor should have a sound track record and general reputation of fairness and integrity

in all his business transactions.

Explanation : For the purposes of this clause sound track record shall mean the


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sponsor should,

(i) be carrying on business in financial services for a period of not less than five

years; and

(ii) thenetworth is positive in all the immediately preceding five years; and

(i i i)thenetworth in the immediately preceding year is more than the capital

contribution of the sponsor in the asset management company; and

(iv)the sponsor has profits after providing for depreciation, interest and tax in three out of the

immediately preceding five years, including the fifth year;

(b)in the case of an existing mutual fund, such fund is in the form of a trust and the trust deed

has been approved by the Board;

(c)the sponsor has contributed or contributes at least 40% to the net worth of the asset

management company:

Provided that any person who holds 40% or more of the net worth of an asset

management company shall be deemed to be a sponsor and will be required to fulfill the

eligibility criteria specified in these regulations;

(d)the sponsor or any of its directors or the principal officer to be employed by the mutual fund

should not have been guilty of fraud or has not been convicted of an offence involving moral

turpitude or has not been found guilty of any economic

offence;

(e)appointment of trustees to act as trustees for the mutual fund in accordance with the

provisions of the regulations;


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Rejection of appl icat ion

11. Where the sponsor does not satisfy the eligibility criteria mentioned in regulation 7, the

Board may reject the application and inform the applicant of the same.

Payment of annual service fee:

12.A mutual fund shall pay before the 15th April each year a service fee as specified in the

Second Schedule for every financial year from the year following the year of registration:

Provided that the Board may, on being satisfied with the reasons for the delay permit the

mutual fund to pay the service fee at any time before the expiry of two months from the

commencement of the financial year to which such fee relates.

Failure to pay annual servic e fee

13. The Board may not permit a mutual fund who has not paid service fee to launch any

scheme.

CONSTITUTION AND MANAGEMENT OF ASSET MANAGEMENT

COMPANY AND CUSTODIAN

Application by an asset management company

14. (1)The application for the approval of the asset management company shall be made in

Form D.


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(2) The provisions of regulations 5, 6 and 8 shall, so far as may be, apply to the

application made under sub-regulation (1) as they apply to the application for registration of a

mutual fund.

Appointment of an asset management company

15. (1) The sponsor or, if so authorised by the trust deed, the trustee, shall appoint an asset

management company, which has been approved by the Board under sub-regulation(2) of

regulation 21.

(2) The appointment of an asset management company can be terminated by majority of the

trustees or by seventy-five per cent of the unitholders of the scheme.

(3) Any change in the appointment of the asset management company shall be subject to prior

approval of the Board and the unitholders.

Eligibility criteria for appointment of asset management company

16. (1)for grant of approval of the asset management company the applicant has to fulfill the

following:

(a) in case the asset management company is an existing asset management company it has a

sound track record, general reputation and fairness in transactions.

Explanation: For the purpose of this clause sound track record shall mean the

net worth and the profitability of the asset management company;

(aa) the asset management company is a fit and proper person;


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(b) the directors of the asset management company are persons having adequate professional

experience in finance and financial services related field and not found guilty of moral turpitude

or convicted of any economic offence or violation of any securi t ies laws;

(c) the key personnel of the asset management company 27[have not been found guilty of moral

turpitude or convicted of economic offence or violation of securities laws or worked for any asset

management company or mutual fund or any intermediary 29[during the period when its]

registration has been suspended or cancelled at any time by the Board;

(d)the board of directors of such asset management company has at least fifty per cent

directors, who are not associate of, or associated in any manner with, the sponsor or any of its

subsidiaries or the trustees;

(e)the Chairman of the asset management company is not a trustee of any mutual fund;

(f)the asset management company has a networth of not less than rupees ten crores :

Provided that an asset management company already granted approval under the provisions of

Securities and Exchange Board of India (Mutual Funds) Regulations, 1993 shall within a period

of twelve months from the date of notification of these regulations increase its networth to

rupees ten crores :

Provided [further] that the period specified in the first proviso may be extended in appropriate

cases by the Board up to three years for reasons to be recorded in writing :

Provided furtherthat no new schemes shall be allowed to be launched or managed by such

asset management company till the networth has been raised to rupees ten crores.

Explanation: For the purposes of this clause, networth means the aggregate of the paid up

capital and free reserves of the asset management company after

deducting therefrom miscellaneous expenditure to the extent not written off or

adjusted or deferred revenue expenditure, intangible assets and accumulated losses.

(2) The Board may, after considering an application with reference to the matters

specified in sub-regulation (1), grant approval to the asset management company.


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Terms and condi t ions to be comp l ied w ith

17. The approval granted under sub-regulation (2) of regulation 21 shall be subject to the

following conditions, namely:

(a)any director of the asset management company shall not hold the office of the

director in another asset management company unless such person is an independent director

referred to in clause (d) of sub-regulation (1) of regulation 21 and approval of the Board of asset

management company of which such person is a director, has been obtained;

(b)the asset management company shall forthwith inform the Board of any material change in

the information or particulars previously furnished, which have a bearing on the approval

granted by it;

(c)no appointment of a director of an asset management company shall be made without prior

approval of the trustees;

(d)the asset management company undertakes to comply with these regulations;

(e)no change in the controlling interest of the asset management company shall be made

unless,

(i)prior approval of the trustees and the Board is obtained;

(ii) a written communication about the proposed change is sent to each unitholder and an

advertisement is given in one English daily newspaper having

nationwide circulation and in a newspaper published in the language of the

region where the Head Office of the mutual fund is situated; and

(iii) theunitholders are given an option to exit on the prevailing Net Asset Value

without any exit load;]

(f) the asset management company shall furnish such information and documents to the

trustees as and when required by the trustees.


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Procedure where approval is not g ranted

18. Where an application made under regulation 19 for grant of approval does not satisfy the

eligibility criteria laid down in regulation 21, the Board may reject the application.

Restrict ions on b usiness activ i t ies of the asset management comp any

19. The asset management company shall

(1)not act as a trustee of any mutual fund;

(2)not undertake any other business activities except activities in the nature of

portfolio management services,] management and advisory services to offshore funds, pension

funds, provident funds, venture capital funds, management of insurance funds, financial

consultancy and exchange of research on commercial basis if any of such activities are not in

conflict with the activities of the mutual fund :

Provided that the asset management company may itself or through its subsidiaries undertake

such activities if it satisfies the Board that the key personnel of the asset management

company, the systems, back office, bank and securities accounts are segregated activity-wise

and there exist systems to prohibit access to inside information of various activities :

Provided furtherthat asset management company shall meet capital adequacy

requirements, if any, separately for each such activity and obtain separate approval, if

necessary under the relevant regulations.

(3) The asset management company shall not invest in any of its schemes unless full disclosure

of its intention to invest has been made in the offer documents 34[in case of schemes launched

after the notification of these regulations :


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Provided that an asset management company shall not be entitled to charge any fees on its

investment in that scheme.

Asset management company and its obligations

20. (1) The asset management company shall take all reasonable steps and exercise due

diligence to ensure that the investment of funds pertaining to any scheme is not contrary to the

provisions of these regulations and the trust deed.

(2) The asset management company shall exercise due diligence and care in all its investment

decisions as would be exercised by other persons engaged in the same business.

(3) The asset management company shall be responsible for the acts of commission or

omission by its employees or the persons whose services have been procured by the asset

management company.

(4) The asset management company shall submit to the trustees quarterly reports of each year

on its activities and the compliance with these regulations.

(5) The trustees at the request of the asset management company may terminate the

assignment of the asset management company at any time:

Provided that such termination shall become effective only after the trustees have accepted the

termination of assignment and communicated their decision in writing to the asset management

company.

(6) Notwithstanding anything contained in any contract or agreement or termination, the asset

management company or its directors or other officers shall not be absolved of liability to the

mutual fund for their acts of commission or omission, while holding such position or office.


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(6A) The Chief Executive Officer (whatever his designation may be) of the asset

management company shall ensure that the mutual fund complies with all the provisions of

these regulations and the guidelines or circulars issued in relation thereto from time to time and

that the investments made by the fund managers are in the interest of the unit holders and shall

also be responsible for the overall risk management function of the mutual fund.

Explanation.For the purpose of this sub-regulation, the words these regulations shall mean

and include the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as

amended from time to time.

(6B)The fund managers (whatever the designation may be) shall ensure that the funds of the

schemes are invested to achieve the objectives of the scheme and in the interest of the unit

holders.

(7) (a) An asset management company shall not through any broker associated with the

sponsor, purchase or sell securities, which is average of 5 per cent or more of the aggregate

purchases and sale of securities made by the mutual fund in all its schemes :

Provided that for the purpose of this sub-regulation, the aggregate purchase and sale of

securities shall exclude sale and distribution of units issued by the mutual fund :

Provided furtherthat the aforesaid limit of 5 per cent shall apply for a block of any three

months.

(b) An asset management company shall not purchase or sell securities through any broker

[other than a broker referred to in clause (a) of sub-regulation (7) which is average of 5 per cent

or more of the aggregate purchases and sale of securities made by the mutual fund in all its

schemes, unless the asset management company has recorded in writing the justification for

exceeding the limit of 5 per cent and reports of all such investments are sent to the trustees on

a quarterly basis :

Provided that the aforesaid limit shall apply for a block of three months.


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(8) An asset management company shall not utilise the services of the sponsor or any of its

associates, employees or their relatives, for the purpose of any securities transaction and

distribution and sale of securities :

Provided that an asset management company may utilise such services if disclosure to that

effect is made to the unitholders and the brokerage or commission paid is also disclosed in the

half-yearly annual accounts of the mutual fund :

Provided furtherthat the mutual funds shall disclose at the time of declaring halfyearly and

yearly results :

(i)any underwriting obligations undertaken by the schemes of the mutual funds with respect to

issue of securities associate companies,

(i i)devolvement, if any,

(i i i)subscription by the schemes in the issues lead managed by associate companies,

(iv)subscription to any issue of equity or debt on private placement basis where the sponsor or

its associate companies have acted as arranger or manager.

(9) The asset management company shall file with the trustees the details of transactions in

securities by the key personnel of the asset management company in their own name or on

behalf of the asset management company and shall also report to the Board, as and when

required by the Board.

(10) In case the asset management company enters into any securities transactions with any of

its associates a report to that effect shall be sent to the trustees at its next meeting.

(11) In case any company has invested more than 5 per cent of the net asset value of a

scheme, the investment made by that scheme or by any other scheme of the same mutual fund

in that company or its subsidiaries shall be brought to the notice of the trustees by the asset


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management company and be disclosed in the half-yearly and annual accounts of the

respective schemes with justification for such investment 40[provided the latter

investment has been made within one year of the date of the former investment calculated on

either side.

(12) The asset management company shall file with the trustees and the Board

(a)detailed bio-data of all its directors along with their interest in other companies

within fifteen days of their appointment;

(b)any change in the interests of directors every six months; and

(c)a quarterly report to the trustees giving details and adequate justification about the purchase

and sale of the securities of the group companies of the sponsor or the asset management

company, as the case may be, by the mutual fund during the said quarter.

(13) Each director of the asset management company shall file the details of his transactions of

dealing in securities with the trustees on a quarterly basis in accordance with guidelines issued

by the Board.

(14) The asset management company shall not appoint any person as key personnel who has

been found guilty of any economic offence or involved in violation of securities laws.

(15) The asset management company shall appoint registrars and share transfer agents who

are registered with the Board:

Provided if the work relating to the transfer of units is processed in-house, the charges atcompetitive market rates may be debited to the scheme and for rates higher than the

competitive market rates, prior approval of the trustees shall be obtained and reasons for

charging higher rates shall be disclosed in the annual accounts.


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(16) The asset management company shall abide by the Code of Conduct as specified in the

Fifth Schedule.

Appointment of c ustod ian

21. (1) The mutual fund shall appoint a Custodian to carry out the custodial services for the

schemes of the fund and sent intimation of the same to the Board within fifteen days of the

appointment of the Custodian:

Provided that in case of a gold exchange traded fund scheme, the assets of the scheme being

gold or gold related instruments may be kept in custody of a bank which is registered as a

custodian with the Board.

(2) No custodian in which the sponsor or its associates hold 50 per cent or more of the voting

rights of the share capital of the custodian or where 50 per cent or more of the directors of the

custodian represent the interest of the sponsor or its associates shall act as custodian for a

mutual fund constituted by the same sponsor or any of its associates or subsidiary company.

Agreement with custodian

22. The mutual fund shall enter into a custodian agreement with the custodian, which shall

contain the clauses which are necessary for the efficient and orderly conduct of the affairs of the

custodian:

Provided that the agreement, the service contract, terms and appointment of the

custodian shall be entered into with the prior approval of the trustees.


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SEBI NEW GUIDELINES FOR MUTUAL FUNDS

1. For New Fund Offers (NFOs): They will only be open for 15 days. (ELSSfunds though will continue to stay open for up to 90 days) It will save

investors from a prolonged NFO period and being harangued by advisors

and advertisements. The motivation behind the rule seems to be simpleif

you can invest anytime, why keep NFO period long?

2. NFOs can only be invested at the close of the NFO period. Earlier,

Mutual funds would keep an NFO open for 30 days, and the minute they

received their first cheque, the money would be directly invested in the

market; creating a skewed accounting for those that entered later since they

get a fixed NFO price.

3. Dividends can now only be paid out of actually realized gains. Impact: it

will reduce both the quantum of dividends announced, and the measures

used by MFs to garner investor money using dividend as a carrot to entice

new investors.

4. Equity Mutual funds have been asked to play a more active role in

corporate governance of the companies they invest in. This will help

mutual funds become more active and not just that, they must reveal, in their

annual reports from next year, what they did in each vote. SEBI has now

made it mandatory for funds to disclose whether they voted for or against

moves (suggested by companies in which they have invested) such as

mergers, demergers, corporate governance issues, appointment and removal

of directors. MFs have to disclose it on their website as well as annual

reports.

5. Equity Funds were allowed to charge 1% more as management fees if the

funds were no-load; but since SEBI has banned entry loads, this extra 1%

has also been removed.


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6. SEBI has also asked Mutual Funds to reveal all commission paid to its

sponsor or associate companies, employees and their relatives.

7. Regarding the Fund-of-Fund (FOF)The market regulator has stated that

information documents that Asset Management Companies (AMCs) havebeen entering into revenue sharing arrangements with offshore funds in

respect of investments made on behalf of Fund of Fund schemes create

conflict of interest. Henceforth, AMCs shall not enter into any revenue

sharing arrangement with the underlying funds in any manner and shall not

receive any revenue by whatever means/head from the underlying fund.

These guidelines set by the SEBI will lead to greater transparency for the

common investor. SEBI formulates policies and regulates the mutual funds to

protect the interest of the investors. With these guidelines falling in place it

would create better trust and transparency and an investable environment

that would attract investors with greater faith and confidence.


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CHAPTER3

PRIVATE SECTOR

AND

PUBLIC SECTOR

MUTUAL FUND


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PRIVATE SECTOR MUTUAL FUNDS

Private Sector Mutual Fund' means the Mutual Fund registered with and

regulated by the Securities and Exchange Board of India (SEBI), wherethe government, its financial institutions and public sector banks didnt

holds/hold individually or collectively more than 49 per cent of equity in

the Asset Management Company of that Mutual Fund. Private Mutual

Fund includes only private sector companies bond.

Some of the leading private sector funds include:

Franklin Templeton

HDFC MF

Prudential ICICI MF

Birla Sun Life MF

Reliance


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CHAPTER4

COMPARISON BETWEEN

SBI MUTUAL FUND

AND

HDFC MUTUAL FUND


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INTRODUCTION TO SBI MUTUAL FUND

SBI Funds Management Pvt. Ltd. is one of the leading fund houses in the country

with an investor base of over 4.6 million and over 20 years of rich experience in

fund management consistently delivering value to its investors. SBI Funds

Management Pvt. Ltd. is a joint venture between 'The State Bank of India' one of

India's largest banking enterprises, and SocieteGenerale Asset Management

(France), one of the world's leading fund management companies that manages

over US$ 500 Billion worldwide.

Today the fund house manages over Rs 28500 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 us with 15 awards of per formance and have emerged

as the preferred investment for millions of investors. The trust reposed on us by

over 4.6 million investors is a genuine tribute to our 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. SBI Mutual is the first bank-

sponsored fund to launch an offshore fundResurgent India Opportunities Fund.

Growth through innovation and stable investment policies is the SBI MF credo.


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PRODUCTS OF SBI MUTUAL FUND

EQYITY SCHEMES

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 capacit ies and are willing to think

long term. Equity Funds include diversified Equity Funds, Sectoral Funds and

Index Funds. Diversified Equity Funds invest in various stocks across different

sectors while sectoral funds which are specialized Equity Funds restrict their

investments only to shares of a particular sector and hence, are riskier than

Diversified Equity Funds. Index Funds invest passively only in the stocks of a

particular index and the performance of such funds move with the movements of

the index.

Magnum COMMA Fund

Magnum Equity Fund

Magnum Global Fund

Magnum Index Fund

Magnum Midcap Fund

Magnum Multicap Fund

Magnum Multiplier plus 1993

Magnum Sectoral Funds Umbrella


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MSFU- Emerging Business Fund

MSFU- IT Fund

MSFU- Pharma Fund

MSFU- Contra Fund

MSFU- FMCG Fund

SBI Arbitrage Opportunities Fund

SBI Blue chip Fund

SBI Infrastructure Fund - Series I

SBI Magnum Taxgain Scheme 1993

SBI ONE India Fund

SBI TAX ADVANTAGE FUND - SERIES I

DEBT SCHEMES

Debt Funds invest only in debt instruments such as Corporate Bonds,

Government Securities and Money Market instruments either completely

avoiding any investments in the stock markets as 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.
http://www.sbimf.com/Product_Details.asp?ProductId=40&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=6&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=44&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=15&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=41&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=50&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=50&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=50&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=41&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=15&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=44&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=6&catid=1http://www.sbimf.com/Product_Details.asp?ProductId=40&catid=1


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Magnum Childrens benefit Plan

Magnum Gilt Fund

Magnum Income Fund

Magnum Insta Cash Fund

Magnum Income Fund- Floating Rate Plan

Magnum Income Plus Fund

Magnum Insta Cash Fund -Liquid Floater Plan

Magnum Monthly Income Plan

Magnum Monthly Income Plan- Floater

Magnum NRI Investment Fund

SBI Premier Liquid Fund

BALANCED SCHEMES

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 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
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COMPETITORS OF SBI MUTUAL FUND

Some of the main competitors of SBI Mutual Fund are as Follows:

i. ICICI Mutual Fund

ii. Reliance Mutual Fund

iii. UTI Mutual Fund

iv. Birla Sun Life Mutual Fund

v. Kotak Mutual Fund

vi. HDFC Mutual Fund

vii. Sundaram Mutual Fund

viii. LIC Mutual Fund

ix. Principal

x. Franklin Templeton


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INTRODUCTIONTOHDFC MUTUAL FUND

HDFC Mutual Fund was setup on June 30, 2000 with two sponsorsnamely Housing

Development Finance Corporation Limited and Standard Life Investments Limited.

The Standard Life Assurance Company was established in 1825 and has considerable experience

in global financial markets. In 1998, Standard Life Investments Limited became the dedicated

investment management company of the Standard Life Group and is owned 100% by The

Standard Life Assurance Company. With global assets under management of approximately

US$126 billion as at May 15, 2003, Standard Life Investments Limited is one of the world's

major investment companies and is responsible for investing money on behalf of five million

retail and institutional clients worldwide.

The Trustee Company of HDFC Mutual Fund is HDFC Trustee Company Limited and AMC is

HDFC Asset Management Company Limited, incorporated with the SEBI on December 10,1999.

The products of HDFC Mutual Fund are as follows:

Equity Funds

Balance Funds

Debt Funds

Apart from this it also provides the following value added services:

SIP (Systematic Investment Plan)

STP (Systematic Transfer Plan)

SWAP (Systematic Withdrawal Advantage Plan)


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VISION/MISSION/VALUES

VISION

To be a leader and role model in a broad based and integrated financial services business.

MISSION

To consistently pursue investor's wealth optimization by:

Achieving superior and consistent investment results. Creating a conducive environment to hone and retain talent.

Providing customer delight. Institutionalizing system-approach in all aspects of functioning. Upholding highest standards of ethical values at all times.

VALUES

Integrity Commitment Passion Seamlessness Speed


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HDFC MUTUAL FUND SCHEMES

HDFC Growth fund:

Objective: To generate long term capital appreciation from a portfolio that is

predominant ly inves ted equit y and equit y re la ted inst rumen ts .

HDFC Equity fund:

Objective: To achieve capital appreciation.

HDFC Top 200 schemes:

Objective: To generate long term capital appreciation from a portfolio of equity

and equity related instruments primarily drawn from the companies in BSE 200

index.

HDFC Capital Builder fund:

Objective: To achieve capital appreciation in long term.

HDFC Core & Satellite Fund:

Objective: To generate capital appreciation through equity investment in

companies whose shares are quoting at prices below their true value.

HDFC Premier Multi-Cap fund:

Objective: To generate capital appreciation in long term through equity

investment by investing in a diversify portfolio of MidCap and Large Cap blue

chip companies.


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HDFC Index fund:

Objective:

Nifty plan: to generate returns those are commensurate with the performance ofnifty, subject to tracking errors.

Sensex plan: to generate returns those are commensurate with the performance of

nifty, subject to tracking errors.

Sensex Plus Plan: to invest 80 to 90% of the assets of the plan in companies

whose securities are included in sensex and between 10 to 20% of the net assets in

companies whose securities are not included in the sensex.

HDFC Arbitrage fund:

Objective: To generate income through arbitrage opportunities between cash and

derivative segment and by deployment of surplus cash in debt securities and

money market instruments.

HDFC Childrens gilt fund:

Objective: To generate long term capital appreciation.

HDFC Balanced fund:

Objective: To generate capital appreciation along with current income from a

combined portfolio of equity, debt and money market instruments.

HDFC Prudence Fund:

Objective: To provide periodic returns and capital appreciation over a long period

of time from a judicious mix of equity and debt to minimize capital erosion.


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HDFC Long Term Advantage fund:

Objective: To generate long term capital appreciation from a portfolio that is

predominant ly inves ted equit y and equit y re la ted inst rumen ts .

HDFC Tax Saver:

Objective: To achieve long term growth of capital.

HDFC MF Monthly Income Plan:

Objective: To generate the regular return through investment primarily in debt

and money market instruments.

HDFC Multiple Yield Fund:

Objective: To generate positive returns over medium time frame with low risk of

capital loss over medium time frame.

HDFC Income Fund:

Objective: To optimize returns while maintaining a balance of safety, yield andliquidity.

HDFC High Interest Fund (HHIF)

Objective: To generate income by investing in a range of debt and money market

instruments of various maturity dates with a view to maximize income with safety,

yield and security.

HDFC Short Term Plan (STP):

Objective: To generate regular income through investment in debt securities and

money market instruments.


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CONCLUSION

Mutual fund is booming sector now a days and it has lot of scope to generate

income and providing return to the investor, the mutual fund is one of the way to

development of country and helps to mobilizing dead money in the economy

which helps to develop the economic conditions of the country and people.

Mutual fund helps the people for studying the market conditions, it providing lot of

opportunities to the people for research work and helps the people to know the new

things going on around the world. It gave the more knowledge to the person,

because it diversifies the risk by investing in different securities.


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BIBLIOGRAPHY

MUTUAL FUND HAND BOOK

TELEVISION CHANNEL (CNBC AAWAJ)

WEBLIGRAPHY

www.moneycontrol.com

www.mutualfundsindia.com

www.finance.indiamart.com www.wikipedia.org

www.hdfcfund.com

www.sbimf.com
http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.mutualfundsindia.com/http://www.mutualfundsindia.com/http://www.finance.indiamart.com/http://www.finance.indiamart.com/http://www.wikipedia.org/http://www.wikipedia.org/http://www.hdfcfund.com/http://www.hdfcfund.com/http://www.hdfcfund.com/http://www.wikipedia.org/http://www.finance.indiamart.com/http://www.mutualfundsindia.com/http://www.moneycontrol.com/

ucm project (mutual fund)

Documents