Feasiblity Study of Customer Analysis in Mutual Funds

8/14/2019 Feasiblity Study of Customer Analysis in Mutual Funds

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A REPORT

ON

FEASIBILITY STUDY OF MARKETING

RESEARCH ON INVESTMENT PRODUCT

BY

ABHISHEK NARAYAN

08BS0000133

MAHINDRA & MAHINDRA FINANCIALSERVICES LTD

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A REPORT

ON

FEASIBILITY STUDY OF MARKETING

RESEARCH ON INVESTMENT PRODUCT

AREA OF PROJECT: MUTUAL FUNDS

AND FIXED DEPOSITS

BY

ABHISHEK NARAYAN

08BS0000133

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MAHINDRA & MAHINDRA FINANCIAL

SERVICES LTDDate of Submission: 18th March, 2009

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DECLARATION

I hereby declare that all the information that have been collected, analyzed and

known for the project is entirely authentic possession of mine.

I would like to category mention that the work here is not purchased nor acquired by

any other unfair means. The data and information existing in this report are accurate and

update to the current data, to the best of my knowledge.

However for the purpose of the project, information already compiled in many

sources has been referred.

Abhishek narayan

08BS0000133

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ACKNOWLEDGEMENT

I was inducted as a summer trainee at Mahindra and Mahindra

Financial Services Ltd.(MMFSL), Mumbai on 24nd February, 2009.

In the persuasion of my project as a part of my MBA programme, I

have put in substantial efforts and found pleasure in doing that. Iwould like to take this opportunity to pay my sincere gratitude to Ms.

Ujjwala, State Head of Mutual Funds and to my company guide

Ms. Deepali Parkar, Relationship Manager , MMFSL (Mumbai)

for extending their help and support at every step during the course of

my internship.

I am also grateful and would like to show my deep gratitude to my

faculty guide, Prof. Jamshed Modi, Faculty, IBS-Mumbai for his

valuable guidance and support rendered throughout the course of myproject.

At last I would also like to express my thanks to Mr. Ameya Kane

(Branch Head ,Birla Sunlife AMC) , Mr. Yashodeep Deshpande(asst.

manager- HDFC operations) and Mr. Abhishek nim(HDFC STANDARD

LIFE),Raktim saha ( Deutsche bank AMC relationship manager) who

have directly or indirectly guided me and provided me with their moral

support for the completion of my project.

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Abhishek

Narayan

08BS

0000133

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TABLE OF CONTENTS

1. Abstract3

2. Introduction.........5

3. Objectives and scope of Project..8

4. Profile Of the Company..9

5. Introduction Of Mutual Fund12

6. Introduction Of fixed Deposit.22

7. Snapshot of Work done in Internship...238. Analysis & interpretations

Introduction...........26

Methodology.............27

Objectives Of survey.............28

Analysis.............29

Limitations.............43

Findings..............44

Recommendations..........45

Conclusion..........46

9. Annexure

Questionnaire..48

Glossary...52

10.References...........56

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LIST OF ILLUSTRATIONS

No. Title

1 Mutual Fund Investments 29

2 Reason for Investments 30

3 Choice for Investments 31

4 Motive for Investments 32

5 Sources of Investments 33

6 Status of Investments 35

7 Schemes of Investments 36

8 Investment Pattern 37

9 factors for Investments 38

10 Return Expected 40

11 Investment Horizon 41

12 Fund Houses 42

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ABSTRACT

The title of the project under taken is Feasibility study of marketing research on

investment product.

Area of the project is mutual funds and fixed deposits.

The main purpose of doing this project is to know about mutual funds and its

functioning. This project helps in getting details about mutual fund industry right

from its inception stage, growth and future prospects.

In this project I also observed the investment habits of various retail investors andthen provide them with appropriate investment plans available with MahindraFinance in sync with their financial goals in their future life. We are also trackingthe performance of various funds in terms of the return earned by their schemeswith respect to predetermined benchmark and comparison of similar schemes of

different funds, and also track the performance of the fund managers in terms ofreturn, their products are earning and the kind of risk they take.

The later part of the project deals with the marketing activities undertaken by thefund houses in promoting their funds and also the marketing done by me inconvincing prospective customers to invest in the funds suitable to them throughMahindra and Mahindra Finance.

Mutual funds now represent perhaps the most appropriate investment opportunityfor most small investors as financial markets become more sophisticated andcomplex, investors need financial intermediary who provides the required

knowledge and professional expertise on successful investing. This is whereMahindra & Mahindra Financial Services Ltd. comes in to picture as they financialadvice for financial planning.

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A Mutual Fund is a trust that pools the savings of a number of investors who sharea common financial goal. The money thus collected is then invested in capital

market instruments such as share, debentures and other securities. The incomeearned through these investments and the capital appreciations realized are sharedby its unit holders in proportion to the number of units owned by them.

Thus a Mutual Fund is the most suitable investment for the common man as itoffers an opportunity to invest in a diversified, professionally managed basket ofsecurities at a relatively low cost. Wide variety of Mutual Fund Schemes exist tocater to the needs such as financial position, risk tolerance and return expectationsetc. mutual funds can be classified under various categories like open endedschemes, close ended schemes, interval schemes, growth, income, balanced,

money market, tax saving, special schemes. Advantages of investing in mutualfunds include professional management, diversification, return potential, low cost,transparency, liquidity, choice of schemes and tax benefits.

This project also sees the study of regulatory framework of mutual funds and the

process of that. It will also provide information to investor about how to invest in

mutual funds and to give some knowledge of financial planning with suggesting

appropriate funds to them. It will also helpful to gain knowledge in mechanism of

how asset management companies work and their investment plans or objectives.

This project also deal in fixed deposit analysis and its importance in investment

market with its advantages and limitations.

This project also later followed by a survey of around 200 persons of various

classes on to study various factors considered by investor while going for

investment in mutual fund. There perception about their savings and how they see

mutual funds in their portfolio and their benefits in their financial planning.

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INTRODUCTION:

This project basically deals in mutual funds and fixed deposits as a potential

investment options for different investors with their distinctive advantages and

disadvantages. It will be also helpful to know that investors perception towards

both investment options and their portfolio allocation of same.

This project try to explain the benefits of both the investment avenues and how

these are going to be the suitable for different persons portfolio and how muchresponse should be of both in any person portfolio as for financial planning

perspective.

Project also deals with portfolio analysis of existing clients of Mahindra and give

the suggestions for same as about their future strategy with the investment as

whether they should continue that or not and to properly justified the analysis.

This project also deals in a detailed client feedback survey of existing clients of

Mahindra. This survey is done purely for knowing the investors approach towards

their investments and their satisfaction level of Mahindra service that is provided

to them and their status of benefit from Mahindra finance and the asset

management company services that are like time to time updates and portfolio

sheet. This analysis gives an opportunity to suggest some important solutions to

Mahindra to retain the clients and to know loopholes exist in some investment

services as satisfying the client.

In this project we also got some idea of promotion of investment product like tax

savings, fund of funds and equity diversified fund of mutual funds with promotion

of exchange traded fund also that gives a wonderful opportunity to enhance any

person skills for presentation interact with prospective investors. The promotion

kind of activities also helps the intern students to interact with the acquaintance

and to pursue them with the facilities of that fund and it help in do some financial

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planning .it also helps in getting the knowledge of various products and the

investor attitude towards that. Promotion of investment tools helps in

understanding the all aspects of mutual funds because of to interact with investorsneeded an upgrade knowledge of that .promotion also help in canvassing what we

have studied in first year of management studies of general management in

marketing. it also help in try to sort out the problems asked by the investors and

their doubts for selling the investment product. This task also helps in knowing the

investor knowledge about products and their existence level as some person are

completely unaware of mutual funds..

This project also provides the training in mutual funds and fixed deposits by the

industry persons like ICICI AMC, SUNDARAM BNP Paribas AMC, and SBIAMC. These training helped in getting all knowledge of mutual funds and its

mechanism with economic scenario of investments. This also helps in clearing any

doubts and if investors asked any issues that are also getting cleared. Training is an

essential part of any project as it also gives direction in project with helps in

exploring all functions of subject. Training here in Mahindra finance was

satisfying and it helps in gaining substantial knowledge of product. Training also

helps in providing knowledge to how to use these techniques in market and about

the technical part of mutual funds with provides the knowledge of tax calculation

and dividend planning with how to measure funds performance. It also helped in

fundamental parts of market with stock market knowledge and the portfolio

analysis with the knowledge on fixed deposits and its advantages.

Finally the project also compose of survey of 1000 person and their view about

investment in this current economic scenario and the knowledge testing with view

about the investment ability.

Project will seek the corporate tie ups training for fixed deposits as their promotion

tool and about other investments objectives.

Finally the project will end with a survey of the about 200 people with getting the

knowledge of the investments objective of people and factors are considered by

them before investments and it will be helpful to know the factors which are

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considered as important by investors for investment and whether it is going

through their targeted objective or not. This survey will also gives an opportunity

to seek the Mahindra to know the investors perception for investments and theirneeds according to their income and age with their nature for investments.

Project also covers a complete study of various investments options available

under Indian financial system and its advantages to various sections of person and

penetration level of the same investment options in Indian financial market. The

project will also focus on gaining some knowledge from the industry persons who

are well established and have substantial knowledge about the market of mutual

funds and other investment options.

This project after completion will help Mahindra to know the investors perception

about investments and what sort of facilities they are looking for investments and

where they are keenly interested in doing investment. It will also helpful in the

perspective of the client feedback survey response that will provide them the

response of their investors who had done their investments in past with Mahindra

and their response for the same. It will also help them to do some necessary

changes in services so that investing will be satisfied by their services.

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Objective of the project:

To study investment objective in mutual fund. To get the knowledge of different types of schemes available

Training aims to make some efforts in financial planning of people

with the help of portfolio analysis and to know their investment

objectives.

To get a look of corporate tie ups

Study various aspects to analyze the performance of products.

To study the marketing of various investment products strategy.

SCOPE OF THE STUDY

The title of the project under taken is Feasibility study of marketing research on investment

product.

Area of the project is mutual funds and fixed deposits.

The study here has been limited to mutual funds and fixed deposits. It is also includes

mechanism of both investment option and what are the facilities provided by the both investment

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option. This project is also focuses on other wealth management scenario which also includes

portfolio analysis, client feedback survey and presentations with promotion of products that is

important aspect of mutual funds projects.

Apart from that there is a survey also included in this project to know the investors attitude on

various factors considered by them before investing. It is restricted to factors taken as consider

only to know the what sort of factors investors or prospective investors look for investment like

risk ,asset management profile ,return ,dividend etc and how he made his decision.

This project also focuses on fixed deposit and show how this is the safest option for investments

and how it is useful to every investors so to keep in their portfolio for investment.

MAIN TEXT

PROFILE OF THE COMPANY

Mahindra & Mahindra Financial Services Ltd. (MMFSL)

Vision:

The Vision of Mahindra Finance is to be a leading rural finance company and

continue to retain the leadership for Mahindra Products

Mission:

To be recognized as the premier provider of financial services on the basisof its contribution to sale of Mahindra range of vehicles, tractors, services &

help M&M protect its sale through availability of finance.

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To specialize in financing products based on applications and build on the

competence developed in its focus area.

To help M&M develop better products by providing first hand informationfrom the target market.

Company Profile:

Mahindra & Mahindra Financial Services Limited (MMFSL) is a non banking

finance company from the House of Mahindras established with a view to provide

finance to the prospective buyers of Mahindra range of utility vehicles and tractors.

MMFSL is a leading rural finance company in the organized private sector.

MMFSL was incorporated in Jan 1991 with participation mainly from Mahindra &

Mahindra Ltd. (M&M), Kotak Mahindra and Mahindra Dealers. MMFSL is a

subsidiary with M&M holding 97%.MMFSL has a wide network of 305 branches

spread in 25 states and 2 union territories across the country covering almost 80%

of the districts in India.

MMFSL extends finance through hire purchase / loan and lease modes. The

company designs tailor made scheme suitable for each product and each location.

The company has a client base of over 4 lacks as on date. The company alsoextends finances for purchase of non-competing products like cars of reputed

manufacturers like Maruti, Hyundai, Tata Motors, MMFSL also finances pre-used

vehicles.

The company has a subsidiary called Mahindra Insurance Brokers Ltd to undertake

insurance broking business. This license has been issued by the Insurance

Regulatory & Development Authority (IRDA) to undertake direct broking

activities for both, life and general insurance businesses in May 2004. MMFSL

accepts fixed deposits from major locations viz. Mumbai, Pune , Chennai, Kolkata,Ahmadabad and jaipur.

Services Offered By Mahindra Finance

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Finance For:

Tractor

Mahindra Utility Vehicles

Mahindra Light Commercial Vehicles

Cars

Three Wheelers

Used Vehicles

Other Services

Investment Advisory Services

Mahindra Finance believes in making assets easily available, and also

catering to those who want to create wealth from these assets. Investment

Advisory Services of MMFSL act as an avenue to help create and multiply

wealth.

Mutual Fund Distribution (FINSMART)

It started recently with the permission from Reserve Bank of India (RBI), to

start the distribution of Mutual Fund products through our network. Unit of

MMFSL involved in Mutual Fund Distribution is FINSMART.

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Mutual Funds

Inception

The concept of mutual funds was introduced in India with the formation of Unit

Trust of India in 1963. The first scheme launched by UTI was the now infamousUnit Scheme 64 in 1964. UTI continued to be the sole mutual fund until 1987,

when some public sector banks and Life Insurance Corporation of India and

General Insurance Corporation of India set up mutual funds. It was only in 1993

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that private players were allowed to open shops in the country. Today, 32 mutual

funds collectively manage Rs 6713575.19 cr under hundreds of schemes.

Definition

A Mutual Fund is a trust that pools together the savings of a number of investors

who share a common financial goal. The fund manager invests this pool of money

in securities ranging from shares and debentures to money market instruments or in

a mixture of equity and debt, depending upon the objectives of the scheme.

Short history

The government of India set up Unit Trust of India in 1963 by an act on

parliament. UTI functioned under the regulatory and administrative control of theReserve Bank of India till 1978. The Industrial Development Bank of India took

over the regulatory and administrative control that year. The first scheme launched

by UTI was Unit Scheme 1964 or the infamous Unit 64. The second phase of the

mutual fund industry began with the public sector banks and Life Insurance

Corporation of India and General Insurance Corporation of India setting up their

own mutual funds in 1987. Finally, in 1993 Kothari Pioneer (now merged with

Franklin Templeton) became the first private sector mutual fund to start operations

in the country. A host of private sector as well as foreign funds set up shop after

that. In 1996, a comprehensive and revised Mutual Fund regulation was put in

place. The industry now functions under SEBI (Mutual Fund) regulations,1996.

The industry faced its toughest challenge when the US 64 fiasco shattered the

confidence of investors. However, in 2003, the government bifurcated the

erstwhile UTI. One entity manages the assets of US 64 and some assured return

schemes. The other is a regular mutual fund working under the SEBI regulations.

Thanks to the boom in the stock market, UTI managed to clean up its act and

continue to enjoy the confidence of several investors. The whole industry alsocame out of the controversy without any major setbacks.

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Conception and performance in India

The industry has steadily grown over the decade. For example, before the public

sector mutual funds entry, UTI was managing around Rs 6,700 crore on its own.

Public sector mutual funds also helped accelerate the growth of assets under

management. UTI and its public sector counterparts were managing around Rs

47,000 crore when Kothari Pioneer, the first private sector mutual fund, set up

shop in 1993. Before the US 64 fiasco, there were 33 mutual funds with total assets

of Rs 1,21,805 crore as on January 2003. The UTI was way ahead of other mutual

funds with Rs 44,541 crore assets under management. The industry overall has

performed well over the years. Of course, there were a few funds houses, which

disappointed investors. However, overall performance has been good. However,lack of awareness still impedes the growth of the mutual fund industry. Unlike

developed countries, most of the household savings still go to bank deposits in

India.

Working of mutual funds

A mutual fund is set up by a sponsor. However, the sponsor cannot run the fund

directly. He has to set up two arms: a trust and Asset Management Company. The

trust is expected to assure fair business practice, while the AMC manages the

money. All mutual funds except UTI functions under SEBI (Mutual Fund)regulations.

The mutual fund collects money directly or through brokers from investors. The

money is invested in various instruments depending on the objective of the

scheme. The income generated by selling securities or capital appreciation of these

securities is passed on to the investors in proportion to their investment in the

scheme. The investments are divided into units and the value of the units will be

reflected in Net Asset Value or NAV of the unit. NAV is the market value of the

assets of the scheme minus its liabilities. The per unit NAV is the net asset value of

the scheme divided by the number of units outstanding on the valuation date.

Mutual fund companies provide daily net asset value of their schemes to their

investors. NAV is important, as it will determine the price at which you buy or

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redeem the units of a scheme. Depending on the load structure of the scheme, you

have to pay entry or exit load.

Uses & Benefits of Mutual Funds

Investing in Mutual Funds offers several benefits:

Professional expertise:

Fund managers are professionals who track the market on an on-going basis.

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With their mix of professional qualification and market knowledge, they are

better placed than the average investor to understand the markets.

Diversification:

Since a Mutual Fund scheme invests in number of stocks and/or debentures,

the associated risks are greatly reduced due to high diversification.

Relatively less expensive:

When compared to direct investments in the capital market, Mutual Funds

cost less. This is due to savings in brokerage costs, demat costs, depository

costs etc.

Liquidity:

Investments in Mutual Funds are completely liquid and can be redeemed at

their Net Assets Value-related price on any working day.

Transparency:

You will always have access to up-to-date information on the value of your

investment in addition to the complete portfolio of investments, the

proportion allocated to different assets and the fund managers investmentstrategy.

Flexibility:

Through features such as Systematic Investment Plans, Systematic

Withdrawal Plans and Dividend Investment Plans, you can systematically

invest or withdraw funds according to your needs and convenience.

Periodic Withdrawals

If you want steady monthly income, many funds allow you to arrange formonthly fixed checks to be sent to you, first by distributing some or all of

the income and then, if necessary, by dipping into your principal.

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SEBI regulated market:

All Mutual Funds are registered with SEBI and function within the

provisions and regulations that protect the interests of investors. AMFI is thesupervisory body of the Mutual Funds industry.

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Various Mutual Fund Schemes And Their Implications

There are a wide variety of Mutual Fund schemes that cater to your needs,whatever your age, financial position, risk tolerance and return expectation.

Whether as the foundation of your investment program or as a supplement, Mutual

Fund schemes can help you meet your financial goals. Mutual fund schemes are

classified on the basis of its structure and investment objective.

By Structure

OpenEnded Funds: Investors can buy and sell units of open-ended funds at

NAV-related price every day. Open-end funds do not have a fixed maturity and it

is available for subscription every day of the year. Open-end funds also offerliquidity to investments, as one can sell units whenever there is a need for money.

Close-Ended Funds: These funds have a stipulated maturity period, which may

vary from three to 15 years. They are open for subscription only during a specified

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period. Investors have the option of investing in the scheme during initial public

offer period or buy or sell units of the scheme on the stock exchanges. Some close-

ended funds repurchase the units at NAV-related prices periodically to provide anexit route to the investors.

Interval Funds: These funds combine the features of both open and close-ended

funds. They are open for sale and repurchase at a predetermined period.

By Investment Objective

Growth Funds: They normally invest most of their corpus in equities, as their

objective is to provide capital appreciation over the medium-to-long term. Growth

schemes are ideal for investors with risk appetite.

Income Funds: As the name suggests, the aim of these funds is to provide regular

and steady income to investors. They generally invest their corpus in fixed income

securities like bonds, corporate debentures, and government securities. Income

funds are ideal for those looking for capital stability and regular income.

Balanced Funds: The aim of balanced funds is to provide both growth and regular

income as such schemes invest both in equities and fixed income securities in the

proportion indicated in their offer documents. They generally invest 40-60% in

equity and debt instruments.

Money Market Funds: These funds strive to provide easy liquidity, preservation

of capital and modest income. MMFs generally invest the corpus in safer short-

term instruments like treasury bills, certificates of deposit, commercial paper and

inter-bank call money. Returns on these schemes hinges on the interest rates

prevailing in the market. MMFs are ideal for corporate and individual investors

looking to park funds for short periods.

Other Schemes

Tax Saving Schemes(ELSS): Mutual Fund schemes investing predominantly inequity, and offering tax deduction to investors under section 80 C of the Income

Tax Act. Currently rebate u/s 80C can be availed up to a maximum investment of

Rs 1,00,000. A lock-in of 3 years is mandatory.

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Special Schemes: These schemes invest only in the industries specified in the

offer document. Examples are InfoTech funds, FMCG funds, pharmacy funds, etc.

These schemes are meant for aggressive and well-informed investors.

Index Funds: Index Funds invest their corpus on the specified index such as BSE

Sensex, NSE index, etc. as mentioned in the offer document. They try to mimic the

composition of the index in their portfolio. Not only the shares, even their weight

age is replicated. Index funds are a passive investment strategy and the fund

manager has a limited role to play here. The NAVs of these funds move along with

the index they are trying to mimic save for a few points here and there. This

difference is called tracking error.

Sector Specific Schemes: A mutual fund scheme which focuses on investments inthe equity of companies across a limited number of sectors usually one to three.

Monthly Income Plan Scheme:

A mutual fund scheme which aims at providing regular income (not necessarily

monthly, don't get misled by the name) to the unit holder, usually by way of

dividend, with investments predominantly in debt securities (up to 95%) of

corporate and the government, to ensure regularity of returns, and having a smaller

component of equity investments (5% to 15%)to ensure higher return.

Floating-Rate Debt FundA fund comprising of bonds for which the interest rate is adjusted periodically

according to a predetermined formula, usually linked to an index.

Fund of Funds

A Fund of Funds (FoF) is a mutual fund scheme that invests in other mutual fund

schemes. Just as fund invests in stocks or bonds on your behalf, a FoF invests in

other mutual fund schemes.

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Snapshot of Mutual Fund Schemes

MutualFundType

Objective Risk Investment

Portfolio

Whoshouldinvest

Investment horizon

MoneyMarket

Liquidity +Moderate

Income +Reservationof Capital

Negligible

TreasuryBills,

Certificate of

Deposits,CommercialPapers, Call

Money

Those whopark their

funds incurrent

accounts orshort-term

bankdeposits

2 days - 3 weeks

Short-term

Funds(Floatin

g -

short-term)

Liquidity +Moderate

Income

LittleInterest

Rate

Call Money,Commercial

Papers,Treasury

Bills, CDs,

Short-termGovernmentsecurities.

Those withsurplus

short-term

funds

3 weeks -3 months

BondFunds

(Floating -

Long-

term)

RegularIncome

Credit Risk& InterestRate Risk

Predominantly

Debentures,Governmentsecurities,Corporate

Bonds

Salaried &conservative investors

More than 9 - 12months

GiltFunds

Security &Income

InterestRate Risk

Governmentsecurities

Salaried &conservative investors

12 months & more

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Equity

Funds

Long-term

CapitalAppreciation High Risk Stocks

Aggressiveinvestors

with longtermoutlook.

3 years plus

IndexFunds

To generatereturns that

arecommensurat

e withreturns ofrespective

indices

NAVvaries with

indexperformanc

e

Portfolioindices like

BSE, NIFTYetc

Aggressiveinvestors.

3 years plus

Balanced Funds

Growth &RegularIncome

CapitalMarket

Risk andInterest

Rate Risk

Balancedratio of

equity anddebt funds toensure higher

returns atlower risk

Moderate&

Aggressive2 years plus

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FIXED DEPOSITSFixed deposits are loan arrangements where a specific amount of funds is placedon deposit under the name of the account holder. The money placed on depositearns a fixed rate of interest, according to the terms and conditions that govern theaccount. The actual amount of the fixed rate can be influenced by such factors atthe type of currency involved in the deposit, the duration set in place for thedeposit, and the location where the deposit is made.

The most unusual characteristic of a fixed deposit is that the funds cannot bewithdrawn for a specified period of time. In most cases, fixed deposits carryduration of five years. During that time, the money remains in the account andcannot be withdrawn for any reason. Individuals, corporate entities, and even non-

profit organizations that wish to set aside funds and limit their access to the fundsfor a period of time often find that fixed deposits are a simple way to accomplishthis goal. As an added benefit, the monies in the account will earn a fixed rate ofinterest regardless of any fluctuations in interest rates that apply to other types ofaccounts.

However, both these benefits can also turn into disadvantages under certaincircumstances. Because the money cannot be withdrawn until the duration is

complete, the funds cannot be used even in emergency situations. Changes in thegoing interest rate may also rise to a point above and beyond the interest rateapplied to existing deposits. This means account holders are actually earning lessinterest with fixed deposits than with other types of loans and accounts.

While the interest rate on fixed deposits cannot be changed, there is sometimes away to work around the issue of obtaining use of funds in an emergency situation.At times, the lending institution where the fixed deposit is placed may be willing toextend a separate loan to the account holder, using the fixed account as collateral.While not ideal, this can at least make it possible to deal with the current financialcrunch

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SNAPSHOT OF WORK DONE IN INTERNSHIP:It was a good experience in Mahindra & Mahindra financial services limited, as we

got an opportunity to enhance our skills in all general management concepts like in

marketing, human resources, finance. They basic work done in internship is:

I-Survey:

A survey of around 1000 persons is done with the view of their investment

approach in this current economic scenario and their view about various

investment financial tools performance in this economic downturn.

The major findings of that survey is that majority of people are interested in

mutual funds and fixed deposits precisely.

II-Client feedback analysis:

This was done with the vision of knowing the client satisfaction level with

Mahindra finance. It will prove to be beneficial to company to handle grievancesof the existing clients.

III-Portfolio Analysis:

It helps in study any portfolio in depth with reviewing it in both

fundamental as well as technical ways.

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Portfolio analysis provide knowledge about ALPHA, BETA and R- squared

,Sharpe ratio with certain aspect of quantitative methods of business like

mean , standard deviation.

An example of Analysis is:

Investor Name : Scheme Name [FolioNo.]

Tran.Date Rate Units Amt.(Rs) Lat.NAVDate

Lat.NAV Bal.U

AJAY KUMAR

RELIANCE REGULAR SAVINGS FUND

- EQUITY - GROWTH

['40487850821']

Purchase 6/17/2008 21.8709 22.861 500

17-Mar-

09 12.2087

-returns for last year is negative but better than CAGR of fund is of -44.18 then of -54.1

- it is 5 star rated fund by valueresearchonline , so it is safer

- beta is although indicates that it is more riskier than its benchmark i.e BSE 100 is 1.08

- alpha and r squared is also good respectively 11.10 ,0.81

- risk is average here in fund as diversified

- fund rank is also good in its sector

- top companies are stable where the fund is investing like tcs , sbi , reliance

- the top two sectors are finance and energy

- Its fund style is with investment style is large cap with growth fund.

- by comparing it with it category of equity diversified in 1 mon return it is better with 2.

Overall it is a good fund to investment.

IV-Corporate Tie-ups:

-The basic work in this is to present the financial tools to corporate investors.

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-To help the employees there for investments.-Syntel ,Barclays Capital , Kamex chemicals are the some corporate where we had

done some corporate tie-ups.

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Analysis and interpretations

INTRODUCTION:

This analysis is about the various factors considered by the investors for investing

in mutual funds. As the smart investors needs to select all the factors and to

analysis all the key factors that is relevant in doing any kind of investments.

Investments are critical issue as it consists of long term planning and it covers the

investor capital. Whether you invest in any financial instruments like insurance,

fixed deposit or mutual funds those who focuses on all factors of investments are

always succeed. This analysis focuses on all factors which are with basics and up

to the needs of financial planning. In the economic scenario investors are not onlylooking for the stable returns but also looking for the other factors like fixed

performance, AMC reputation so that there should be sighing of relief.

This survey also gives an opportunity to interact with investors and to explore their

reason of financial planning. To know their investment patterns and how they

handle their investment objective, their need for doing planning and their view

about current economic scenario and its impact on their investments.

This survey also shows that investors in mutual fund try to give weight age to allfactors and also needs to analyze the critical factors that are being focused by

investors before the investments. This survey try to find out investors perception

about mutual funds and their future planning regarding that also, it gives an outline

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that how critical is financial planning and how do they see mutual funds in their

portfolio and other financial instruments.

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METHODOLOGY:

In this survey the samples are selected through stratified random sampling reason

for this is to get all classes of people in the survey so that all persons may get their

participation according to their ages, incomes and their corpuses sizes. So in this

process of grouping members of the population into relatively homogenous

subgroups before samplings, it should ensure that each element of population is

assigned a particular stratum only. The strata should also be collectively exhaustiveto ensure that no population is excluded. Here the ages have been deciding factors

in this survey. It has been decided as 20-30, 30-45, 45-60, 60 and above.

Descriptive (cross sectional) it is the deliberate manner to collect the information

and it describe the phenomena without establishing the association between the

factors. This is most commonly used when we want to know about the preferences

of the customer. The design is cross sectional because it is suited and the

respondents are interviewed once.

As per the scales are considered for the measurement these are ordinal scale and

nominal scale. The nominal scale is used to segregate data into categories that are

mutually exclusive and collectively exhaustive. Ordinal scale is used to arrange

objects according to some particular order. This helps in arranging variables in

ordinal scale to be ranked and easily accessed.

The questions are dichotomous and the simple random sampling is also used in this

survey. The sample size is 200 persons and the sample area is Mumbai with widely

survey is done in Dalal Street and Bandra- kurla complex area. The questions aredesigned as per the needs of survey and are not tricky one. Questionnaire consists

close ended questions are there to know investors views on these issues only.

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OBJECTIVES OF THE SURVEY:

To study the characteristics of mutual fund that attracts the investors.

To analyze the fund that investor considered as safe investment and feel

fetch better return.

To study the working of mutual funds.

What are the factors considered by investors before investments in mutual

funds?

What is the investor perception about mutual funds and other financial

instruments?

To know the investors view on current economic scenario and their

portfolio.

Helpful to Mahindra finance in doing financial planning of some investors

as by keeping in mind about these factors.

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ANALYSIS:

1-First question of survey focuses on whether you have invested in mutual funds?

YES 160

NO 40

*numbers in table indicates respondents

Interpretation:

About investments in mutual funds here in this survey

respondents had done substantial investments as it is easily can

be understandable by the pie- chart.

Almost 80% investors have invested in mutual funds. It is a

good indicator that investors are aware of the importance of mutual funds in their

portfolio

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80%-160

20%-40

NUMBER OF

RESPONDENTS


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2-It focuses on those investors who are not investing in mutual funds and their

reasons for the same.

SAFETYPURPOSE 20

LACK OF KNOWLEDGE 05

NO NEED OF INVESTMENTS 01

BETTER RETURN ACCEPTANCE 14

Interpretation:

As in first question around 20% respondents are not happy with mutual funds as

financial investments .here we ask them about their purpose for the same and it

reveals that safety purpose is the major issue as mutual funds doesnt give any

guarantee of principal amount also. While a major population seek a better returnas acceptance as it indicates of equity lovers or persons who are attracted towards

stock markets. Lack of knowledge is also emerged as a major issue as in other part

of India. It is more than Mumbai because of less investor education programes.

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3-We ask in next question about their possible choice (persons who are not

invested in mutual funds) of investments?

SHARES 13

FIXED DEPOSIT 20

CORPOATE FIXED DEPOSIT 02

PPF 02

ANY OTHERS 03

Interpretation:

As in last analysis we have seen those 20 persons or 50% of respondents of notinvesting in mutual funds because of safety purpose, in this analysis that is more

deeply analyze that they want to invest in fixed deposit as it is consider as safest

avenue of investment in Indian financial sector. Here interestingly a major portion

of persons want shares as the good returns option and around 8% were investing

in private finance and hundi kind of investments with more risk embedded in that.

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4-It was personal question about to know the real motive of any investors for

investments?

FUTURE INVESTMENT 95

FAMILY SECURITY 45

CHILD EDUCATION 20

ANY OTHER REASONS 40

*numbers here indicates respondents surveyed

Interpretation:

Here with the help of this radar we can see that future investment is major cause of

investments for all 200 respondents and they are mostly investing in various

financial instruments along with mutual funds for catering this purpose as future

financial planning is necessary. As other reasons comprises mainly the children

education or some social causes or may be higher education and some medical

treatment. here one important factor is family security as the persons are skeptic

about their lives so they want some investments for their family around 24%

persons are there .some persons who are at their middle ages they are also givingweight age to child education factor also as it is also necessary nowadays.

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5-In this question we want to know the sources from which investors come to

know about investing in mutual funds?

INTERNET 15

MAGAZINE 15

NEWSPAPER 30

FINANCIAL ADVISOR 35

FRIENDS 40

ADVERTISEMENTS 25

*numbers in graph indicates respondents views

Interpretation:

Here the major investors are doing their investments by taking the advice of their

friends who have done some sort of investments in past the data shows that around

40 investors or 25% investors have done with the view of getting good returns as

their friends or relatives got by doing investments.

Financial advisor also plays a major role in decision making particularly for senior

citizens as their relationship manager in banks or investment advisor gives those

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tips for investment. Particular tax consultants are also gives ideas to use equity

linked savings scheme of mutual funds for tax planning purpose.

Advertisements done by the asset management companies also attract the investors

for investments as it shows the phenomenon growth of their capital that really

attracts the investors for investments .as it shows that persons were attracted by

numbers and these advertisements shows them exactly that.

Magazines and newspapers are also sources of getting news of investments

particularly magazines like the economist, the week, and other financial journals

that gives a complete coverage of news for investment pattern. Around 20%

persons are getting their sources of information from there itself.

Internet basically Valueresearchonline, Investopedia and other financial sites gives

the full updated information about mutual funds and investors are inclined towards

them for investments.

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6-Next one is to know about their status of investment?

REGULAR 103

NEW 57

Interpretation:

Here the regular investors are more than 60% of investors as they feel that mutual

funds are important avenue for investment purpose and they relatively weight that

as important factor of investments. As current economic scenario is an excuse but

new investors are skeptic about performance of mutual funds. So they are not

investing in it, as new entrants are only 57 persons they are not sure of their

strategy.

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7-In this question we want to know the schemes in which they have invested?

EQUITY 69

DEBT 25

EQUITY(TAX PLANNING) 60

GILT 05

HYBRID 01

*numbers indicate respondents

*Numbers represent the respondents in this graph

Interpretation:

Mostly investors in mutual funds invest as retail investors in equity funds

only especially equity diversified funds because of good returns and

sustainable growth of those funds of different fund houses. While debt fundsgives a stable return and have a safety of principal amount up to certain

extent, so mostly risk averse investors goes in that , here in this survey

around25 investors were interested or invested in debt fund.

As per the hybrid funds are concern only institution investors are interested

as they can take risk for good return. Mostly persons are invested because of

tax planning advantages in mutual funds that will give those returns with tax

holidays.

8-In this question we asked investors about their investment patterns or

style?

OPEN ENDED FUND 139

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CLOSE ENDED FUND 21

*NUMBERS INDICATES THE RESPONDENTS SURVEYED

Interpretation:

Here around 87% respondents are investing or interested in investment in open

ended fund only as there is freedom in these fund for taking out their money at

any time or invest any time .while in close ended fund there is a particular time

when you can invest or redeem back your money. It shows that investors want

certain freedom for their investments as they are continuously tracking their money

and can analyze easily in open ended fund when to redeem.

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9-It is a multiple answer question where we asked the investors about the factors

that they look before investing in mutual funds?

-we got 850 responses for that as out of 9 parameters to opt the investors collect all

valid points that they do or search before investment.

FACTORS NO. OF RESPONSES

RISK FACTOR 130

RETURN 140

TAX SAVING 96

PERFORMANCE 84

RATINGS 83

NAV 46

PORTFOLIO OF FUND 111

PROFILE OF FUND MANAGER 40

AMC 120

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Interpretation:

The biggest factor here is that most of the investors looked forward before

investment is Return as it plays important role they want to see what kind of

returns are provided by the mutual funds as whether it is generating positive return

or to decide how much return their investments is providing compare to other

financial instrument s of same caliber.

Risk factor also plays important role as investors want to see where they are

investing. risk is important issue in mutual funds as investment is completely

unpredictable in mutual funds in spite of equity diversified funds are there but riskis prevails here also. So investors need to carefully see the risk embedded with

class of mutual funds.

AMC (asset management companies) reputation is crucial factors as 120 responses

are there for, they firmly believe that company stake is important. There are 35

AMC in India and some of them are not producing a fruitful result but AMC like

reliance, Birla, UTI, ICICI is reputed AMC and investors have belief in them.

Portfolio of fund also an important issue what is according to investors as 111responses are for that, here portfolio means where the company after taking the

funds from investors are going to invest .whether they are investing in large caps

(large companies with capital above 5000 Crore) or investing for more profit in

risky companies or bonds that are toxic bonds. So investors believe that portfolio is

important factor to keep a check on that before investing and to look in after

investment also.

Rest of all factors are considered as crucial especially tax planning as some mutual

funds provide a benefit of tax planning in equity linked saving scheme category

with additional advantages gives an opportunity to investors to invest some of their

money in mutual funds.

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Ratings, NAV, Profile of fund manager etc. factors are not so much crucial

according to investors but still are critical factors as they also plays important role

for more expertise solutions as performance is also important roles as ratingsagency gives the funds based on performance.

10- Next question is about their return expected by them?

MONTHLY 45

QUARTELY 10

SEMI- ANNUALLY 03

ANUALLY 107

Interpretation:

In this question about asking for the return that are expecting then majority want

the annually return as perception may be that good returns are accumulated in that.

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11- In this we ask about their investment horizon in mutual funds?

Upto 6 months 19

6 month 2 years 17

2 years - 5years 93

More than 5 years 31

Interpretation:

Here the investors are looking for better returns so they want to stay around more

than 3 years as medium term investments that will give them decent returns.

And persons particularly senior citizen are looking forward for more than 5 years,

around 31 respondents are there as they want safe secure money.

Persons who are investing for less than 6 months are in bond particularly.

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12-This is for their preferences of fund houses?

SUNDARAM BNP PARIBAS 20

BIRLA SUNLIFE 28

RELIANCE 36

ICICI PRUDENTIAL 21

UTI 38

ANY OTHER AMC 07*numbers represent respondents

Interpretation:

This question is asked for the view of investors towards fund houses as how they

rate the fund houses and mostly of them were comfortable with UTI as it is oldest

mutual fund house of India and have government backup. While Reliance fund

house is also a reputed fund house with corpus around 80000 crore rupees has a

good confidence among the investors and around 7 persons seems that other like

DSP Blackrock and Principal Fund houses are also good

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Limitations of survey:

Survey is to be done in Mumbai only. It is not covering all segments or part

of India.

Respondents in survey may be biased in some issues.

This survey is focusing on mutual funds only as an investment tools.

Time constraint is important factor to study all analyses.

Technical parts of mutual funds are not cover in this survey like alpha, beta

etc. because of general investors.

Investors are selected through stratified random sampling as those who have

done investments are only eligible for this survey.

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FINDINGS:

The investors give more preference to equity funds besides the

considerations of 1) Diversified Equity 2) Tax Saving Schemes. Thus if the

government encourages the investment in mutual funds in the current

budget, then more people will be investing in the MFs for tax saving.

However people are also not compliant to risk aversion. They are willing to

invest in risky equity funds. Another significant finding of the project is that investors are lured by the

returns MFs are showing. However at the same time they also want to

minimize their risk.

Investors desire or opt open-ended schemes than close-ended schemes. This

means that they want flexibility in the inflow and outflow of their funds.

The source of information the investors most rely is on their friends or

families. However they also require the detailed information, which they

take from Financial Advisors. On other sources the investors are quite

apprehensive. The investment horizon, which is most liked by the investors, is 2-3 years. It

shows that Investors basically do the medium term investment in mutual

funds and try to get a good profit. A good financial planner also suggests the

same thing to invest for at least 4 years to get a desirable profit.

Another important issue is that still people firmly believed in UTI as after a

debacle of US-64, UTI reputation is on the stake but as a government

undertaking investors has their belief with this AMC.

Persons still believe in mutual funds and not consider it as equity product asindirectly it is, as equity fund are linked with stock markets.

It has been observed that retail investors are still reluctant to invest in bond

as institutional are only investing in it.

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RECOMMENDATIONS:

There is lack of awareness among people about mutual funds so there

should be more advertising and other promotional campaigns to make

them aware.

People are more interested in investing in equity funds rather than

debt funds because companies are promoting more for equity funds.

Companies should equally promote debt funds also as the provide

security to customers.

Companies should give knowledge to its customer about its

computerized operations to save their time and to make the operations

easier.

Mahindra finance should give their clients more updated knowledge

after viewing this survey as the investors need depth knowledge of

investment tools.

Mahindra should do always some cross checking with investors aftertheir investments has done ,as majority has some problem with their

investments and that need to be expertise solution for that .

AMC should have online complaint redresses so that customers if

have any account mismatch or any technical faults can easily updates

that.

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CONCLUSION:

The Mutual fund industry is growing at a tremendous pace. A large number of

plans have come up from different financial resources. With the Stock markets

soaring the investors are attracted towards these schemes.

Only a small segment of the investors still invest in Mutual funds and the main

sources of information still are the financial advisors followed by advertisements

in different media. The Indian investor generally invests over a period of 2 to threeyears. Also there is a greater tendency to invest in fixed deposits due to the security

attached.

In order to excel and make mutual funds a success, companies still need to create

awareness and understand the Psyche of the Indian customer.

Finally safety is the major issue in mutual funds segment that really worries theinvestors.

THE INDIAN laws and rules governing mutual funds have borrowed heavily fromsimilar pieces of legislation in the US.

Over time, the framework of regulatory provisions of the US securities market has

been put to test and, if found wanting, suitably amended. This would prima facie

suggest that the Indian laws present a picture of stability, even if not superior to

that in the US securities market. But for all the learning value that the US code

offers, the Securities and Exchange Board of India (SEBI) has found it necessary

to issue occasional clarifications to strengthen the degree of protection available to

investors. In short, there is need for regulation to cover these two aspects -- mutual

fund selling practices and investment advisory services. As it also plays an

important role in investments.

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PART 1QUESTIONNAIRE

Topic: To study the various factors considered by the investor

while going for investment in mutual fund.

NAME:

OCCUPATION:

AGE:

PHONE NO.:

ANNUAL INCOME: 100000, 100000 TO 300000 OR MORE

(1)Have you ever invested in mutual fund?

-YES -NO

(2)If not then, why?

-Safety purpose

-Lack of knowledge

-No need of investments

-Better return acceptance

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(3)What are the other options you will prefer against mutual funds?

-Shares

-fixed deposit

-corporate fixed deposit

-PPF

-any other

(4)Why are you investing?

-Future Investment

-Family security

-Child education

-Any other reasons

(5)What is your source of information while investing in mutual funds?

-internet

-magazine

-newspaper

-financial advisor

-friends

-advertisements

(6)Are you a regular or new investor in mutual fund?

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-regular

-new

(7)In which of the following funds you have invested?

-Equity

-debt

-equity (tax planning)

-gilt

-hybrid

(8)In which type of mutual funds scheme you prefer?

-open ended fund

-close ended fund

(9)What factor you look for while investing in mutual funds?

-risk factor

-return

-tax saving

- Performance

-ratings by rating agencies

-NAV

-portfolio of fund

-profile of fund manager

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-AMC

(10) What type of return do you expect?

-monthly

-quarterly

-semi annually

-annual

(11)What is your investment horizon?

-up to 6 months

-6 months 2 years

-2years to 5 years

-more than 5 years

(12)Which asset management companies you prefer the most?

a- SUNDARAM BNP PARIBAS

b- BIRLA SUNLIFE

c- RELIANCE

d- ICICI PRUDENTIAL

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e UTI

f- ANY OTHER AMC

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GLOSSARYTerms Description

Account StatementIt is the document issued by the mutual fund, givingdetails of various transactions and holdings of aninvestor in schemes of the fund.

Adjusted NAV (Total

Return)

The Net Asset Value of a unit adjusting for all changescaused due to dividend declaration, bonus etc.

assuming reinvestment of distributions made to theinvestors at the prevailing NAV.

Age of Fund The time elapsed since the inception of the fund.

Asset Management

Company (AMC)

It is the investment manager for the mutual fund. It isa company set up primarily for managing theinvestment of mutual funds and makes investmentdecisions in accordance with the scheme objectives,deed of Trust and other provisions of the Investment

Management Agreement.

Automatic Investment

Plan

A plan introduced in mutual funds that enables theinvestor to give the mandate of allotting fresh units atspecified intervals (monthly, quarterly) against whichthe investor provides post-dated cheques. On thespecified dates, the cheques are realized by the mutualfund and on realization, additional units are allotted tothe investor at the prevailing NAV.

Balanced FundsA class of mutual fund that aims at allocating the totalassets with it in the portfolio mix of debt as well asequity instruments.

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Beta

It is the measure of the relative sensitivity of a stock ormutual fund to the market. The market is assigned a

beta of 1. The higher the beta, the more sensitive thestock or fund is considered to be relative to the marketas a whole. In other words, funds with beta more than1 will react more to any fluctuaitons (whether upwardor downward) in market than funds with beta less than1.

BondAn interest-bearing promise to pay a specified sum ofmoney due on a specific date in the future (maturitydate).

Close-Ended Schemes

They are schemes that have a pre-specified maturityperiod generally ranging from 2 to 15 years. One caninvest directly in the scheme at the time for the initialissue and thereafter transact (buy or sell) the units ofthe scheme on the stock exchanges where they arelisted. The market price at the stock exchanges couldvary from the scheme's net asset value (NAV) onaccount of demand and supply situation, unitholders'expectations and other market factors. Some close-

ended schemes provide an additional option of sellingthe units directly to the Mutual Fund through periodicrepurchase at NAV related prices. SEBI Regulationsensure that at least one of the two exit routes are

provided to the investor.

Debt /Income Funds

Funds that invest in income bearing instruments suchas corporate debentures, PSU bonds, gilts, treasury

bills, certificates of deposit and commercial papers.These funds are the least risky and are generally

preferred by risk-averse investors.

Diversification Spreading the risk; Mutual funds spread investmentsamong a number of different securities to reduce the

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risk inherent in investing.

Entry LoadIt is the load charged by the fund when one investsinto the fund. It increases the price of the units to morethan the NAV and is expressed as a percentage of

NAV.

Equity Linked Savings

Scheme

A special product offered by mutual funds. Theseschemes invest in equity i.e shares and generally havea lock-in period of three years. The basic features of

ELSS schemes are: Tax rebate of 20% under section88 of the Income Tax Act on an (maximum)investment of Rs.10,000/-

Equity SchemesSchemes where more than 50% of the investments aredone in equity shares of various companies.

Money Market

Instruments

Refers to Commercial Papers, Treasury Bills, GOISecurities etc. with an unexpired maturity less than orup to one year, Call MSoney, Certificates of Deposit

and any other instrument specified by the ReserveBank of India.

Mutual Funds

An investment company that pools money from itsunitholders and invests that money into a variety ofsecurities, including stocks, bonds, and money-marketinstruments. This represents a way of investing moneyinto a professionally managed and diversified pool ofsecurities that hopefully will provide a good return onunitholders' money.

Income / Debt FundsThey are mutual funds that invest primarily in fixedincome securities and aim to provide reasonablereturns with low degree of risks.

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LoadA charge that may be levied as a percentage of NAVat the time of entry into the Schemes or at the time of

exiting from the Schemes.

Lock In PeriodThe period after investment in fresh units duringwhich the investor cannot redeem the units. It isnormally a key feature of Tax schemes.

Net asset value (NAV)

The value of fund's portfolio at market value lesscurrent liabilities divided by the number of unitsoutstanding. Net asset value is normally computeddaily or weekly and can be found in the financial

section of the daily newspaper.

Offer Document or

Prospectus

It is the official document issued by mutual fundsprior to the launch of a fund describing thecharacteristics of the proposed fund to all its

prospective investors. It contains information requiredby SEBI pertaining to issues such as investmentobjective and policies, services, and fees.

Offering periodThe period during which the initial offer to subscribe

for the units of a scheme is open.

Open-Ended Fund

Funds that do not have any fixed maturity and arecontinuosly open for subscription and redemption. Thekey features is liquidity. One can conveniently buyand sell the units held at the NAV related price.

Sector Funds

Sector Funds are mutual funds that are established tofocus and invest in the stocks of specific sectors of theeconomy, such as pharmaceuticals, chemicals, or

information technology. This is normally specified inthe offer document of the funds.

Unit A Unit represents one undivided

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share in the assets of the Schemes.

Unit

Trust

A special type of fund, usually abond fund, that has a fixed portfolio,shares or "units" are sold when thefund is formed, and the portfolioremains fixed until the maturity ofthe underlying securities.

Unitholde

r

A person who holds Unit(s) under aMutual Fund.

Value

Stocks

Stocks that are considered to be undervalued based uponsuch ratios as price-to-book or price-to-earnings (P/E).These stocks generally have lower price-to-book and price-earnings ratios,

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REFERENCES: www.mutualfundindia.com

www.valueresearchonline.com

www.easternfin.com

www.capitalmarket.com

www.amfiindia.com

www.rediff.com/money

www.reliancemutual.com

www.wikipedia.com

www.mahindrafinance.com

www.icicidirect.com

www.finance.yahoo.com

www.moneycontrol.com

www.rediff.com

www.thedigeratilife.com/blog/index.php/2007/06/01/8-different-ways-to-diversify-and-manage-risk/

Economic times, April 8: How much diversification is too much? BySuzanna de Baca

The Dangers of Over- Diversification, By Investopedia staff.

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http://www.valueresearchonline.com/http://www.valueresearchonline.com/http://www.easternfin.com/http://www.capitalmarket.com/http://www.amfiindia.com/http://www.rediff.com/moneyhttp://www.reliancemutual.com/http://www.wikipedia.com/http://www.mahindrafinance.com/http://www.icicidirect.com/http://www.finance.yahoo.com/http://www.moneycontrol.com/http://www.rediff.com/http://www.valueresearchonline.com/http://www.valueresearchonline.com/http://www.easternfin.com/http://www.capitalmarket.com/http://www.amfiindia.com/http://www.rediff.com/moneyhttp://www.reliancemutual.com/http://www.wikipedia.com/http://www.mahindrafinance.com/http://www.icicidirect.com/http://www.finance.yahoo.com/http://www.moneycontrol.com/http://www.rediff.com/


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www.raymondjames.com/mutual-funds -risk factors

EDITORIAL REFERENCES

AMFI MUTUAL FUNDS TESTING PROGRAMME(WORK BOOK)

PORTFOLIO MANAGEMENT ICFAI

FINANCIAL INSTITUTION AND MARKETS L. M BHOLE

JON BOGLE ON MUTUAL FUNDS JOHN BOGLE

Business Research Method Page no-57 of ICFAI Publications

IMAGES

Images , Google (www.greekshows.com) Page no. 14

List of logos of AMC in India (www.google/images.com) Page no.

16-17

Snapshot of Mutual funds schemes (Source: AMFI INDIA) Page no.

20

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Documents

Feasiblity Study of Customer Analysis in Mutual Funds