Final Proje

8/2/2019 Final Proje

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Chapter I

INTRODUCTION

1.1 Introduction

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

share a common financial goal. The money 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 to 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.

1.2 Industry profile

Mutual funds in India

The changing making trends in the mutual fund industry in India can easily

linked and traced to its history of growth. The changes in marketing strategies of Mutual

Fund can be characterized by 4 stages which have evolved along with the growth andevolution of the industry.

Product Focus

For the first three decades of the industry, from the setting up of UTI till the

entry of private sector players, the only focus of the marketing strategy was different

product offerings. UTI and various other public sector mutual funds focused on

introducing an array of products falling in different categories. The categorization was

primarily based on two factors: one was the way the schemes were traded and the other

through different composition of debt and equity securities in the scheme.


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By the way schemes were traded:

Openended Schemes

Closeended Schemes

In an open-ended scheme there are no limits on the total size of the corpus. Investors are

permitted to enter and exit the open-ended scheme at any point of time at a price that is

linked to the net asset value (NAV). In case of close-ended schemes, the total size of the

corpus is limited by the size of the initial offer. The entry and exit of investors is possible

by only trading on the stock exchanges. Due to liquidity constraints posed by close-ended

funds, they were soon rendered obsolete and most of the prevailing schemes today are

open-ended schemes.

By Composition of Debt and Equity in the Scheme:

Growth Schemes

Income Schemes

Balanced Schemes

Money Market Schemes

The products were also differentiated by the composition of equity and debt in

various schemes. Growth schemes invest predominantly in equities whereas Income

schemes invest only in fixed income debt securities. Balanced schemes try to derive the

benefits of both equity and debt by investing in both. Money market schemes invest in

short term liquid securities like money market instruments so that they serve as

appropriate products for investing short term funds.

There were other niche schemes to fulfill specific needs, such as Tax Saving

Schemes, Sector Specific Schemes, Index Schemes (which are passively invested in a

benchmark Index) and so on.


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In the Product Focus stage, the aim of the mutual fund companies was to introduce

a wide variety of products and due to oligopolistic competition; there was no dearth of

subscribers. The only parameter on which the selling was based relative performance ofthe products.

Distribution Focus

Product focus continued for 2-3 years even after the entry of private sector players

in 1993. Initially, the private sector companies introduced the same products available

from the pubic sector players and promised superior performance. When they realized

that they needed to differentiate on some other parameter as well, they focused on

distribution. As it was difficult and time consuming to replicate the wide-spread

distribution structure of Agents set up by UTI, they encouraged third-party distribution

companies to distribute their products all over India. Specialist distribution companies

such as Karvy, Bajaj Capital, and Integrated Enterprises etc. had emerged. Special focus

was given to investor servicing so that investors could experience superior servicing

standards from private players. Some groups such as Birla Mutual Fund even set up their

own distribution companies (Birla Distribution).

While the focus on improved distribution and investor servicing did help the

private players establish themselves against large players like UTI, it had also resulted in

a lot of problems. In the rush to gain volumes and thereby commission incomes, the

distribution companies many a time sold the wrong product to the wrong customer. A

growth product, which invests primarily in risky instruments like equities was sold to old,

retired people looking for regular, steady income as pension. The ensuing dissatisfactionhas thus paved the way at last for the most critical area for marketing, the Customer

Ownership Focus.


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Customer Ownership Focus

Mutual fund companies began to segment their target customers and position their

various products based on the target segment they proposed to address. The target

segment was broadly divided into institutional segment and individual investor segment.

The institutional segment consisted of treasury departments of Corporates, Trusts etc and

suitable products such as Institutional Income schemes and Money Market schemes were

targeted at them. The individual investor was in turn divided into various segments such

as Young Families with small or no children, Middle-aged People saving for retirement

and Retired People looking for steady income. Suitable products such as Growth and

Balanced schemes for young families and Income schemes for retired people were

marketed.

By proper segmentation and by targeting the right product to the right customer,

Mutual Fund companies hoped to win the confidence of their customers and 'own' them

for a lifetime.

Specialised Product & Service Focus

If one observes the trends in the recent past, Companies have been taking the above

customer focus further by designing and launching specialised products and services. As

awareness levels of individual investors go up, focus is on identifying one's investment

needs depending on one's financial goals, risk taking ability and time horizon. Investors

chose companies, which help them in the above through specialised products and

services.

For example, a common financial goal is to save and invest for meeting the

education needs of children. A number of mutual funds such as Pru-ICICI Mutual Fund

and UTI Mutual Fund have launched products that are designed to serve this specific

need. A similar such need is planning for a comfortable retirement.

In addition, there is a need for specialized services that help investors assess their

risk taking ability and chose products accordingly. Some mutual fund companies are


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launching a new product called 'Fund of Funds' which is a Scheme that merely invests in

a combination of other mutual fund schemes (growth schemes, income schemes etc.),

based on the investment objective and risk profile of the investor.


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Exhibit 1.1

The concept of Mutual Fund

A Mutual Fund is a Trust that pools the savings of a number of

investors who share a common financial goal.

TYPES OF MUTUAL FUND SCHEMES

Wide variety of Mutual Fund Schemes exists to cater to the needs scuh as financial

position, risk tolerance and return expectations etc. The table below gives an overview

into the existing types of schemes in the Industry.

BY STRUCTURE

Open ended

Close ended

Interval schemes


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BY INVESTMENT OBJECTIVE

Growth schemes

Income Schemes

Balanced Schemes

Money market schemes

BY OTHER SCHEMES

Tax Saving

Special Schemes

o Index schemes

o Sector specific Schemes

TYPES OF CHANNELS OF MUTUAL FUND

Intermediary

Individual agents

Distribution companies

Banks and NBFCs

Direct Marketing Channels

Direct Service Agents

Investor Service Centers

Database Marketing

Tele Sales channel


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Catalogue

Technology Channels

Internet

Mobile Messaging

Kiosks

ATMs

Intermediaries play a pivotal role in promoting sale of mutual fund schemes. AMFI

has therefore taken the initiative of developing a cadre of trained professional

intermediaries. As the first step AMFI launched the certification programme in

association with NSE's Certification in Financial Markets (NCFM) in July 2000 and

SEBI has made AMFI Certification compulsory in a phased manner.

Intermediaries consisting of individual agents, brokers, distribution houses and banks

engaged in selling of mutual fund products as of now do not have any guidelines or

regulatory framework relating to the business of selling Mutual Funds. It is important and

necessary that these intermediaries follow professional and healthy practices. Association

of Mutual Fund in India has therefore taken the initiative of framing a broad set ofguidelines along with a code of conduct.

ROLE OF INTERMEDIARIES IN THE INDIAN MUTUAL FUND INDUSTRY

1. The mutual fund industry in India started in 1964 with the formation of the Unit

Trust of India (UTI). In 1987, other public sector institutions entered this business,

and it was in 1993 that the first of the private sector participants commenced its

operations

2. From the beginning, UTI and other mutual funds have relied extensively on

intermediaries to market their schemes to investors. It would be accurate to say that

without intermediaries, the mutual fund industry would not have achieved the depth


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and breadth of coverage amongst investors that it enjoys today. Intermediaries have

played a pivotal and valuable role in popularizing the concept of mutual funds

across India. They make the forms available to clients, explain the schemes and

provide administrative and paperwork support to investors, making it easy and

convenient for the clients to invest

3. Intermediation itself has undergone a change over the past few decades. While

individual agents provided the foundation for growth in the early years, institutional

agents, distribution companies and national brokers soon started to play an active

role in promoting mutual funds. Recently, banks, finance companies, secondary

market brokers and even post offices have also begun to market mutual funds to

their existing and potential client bases.

4. It is, thus clear that all types of intermediaries are required for the growth of the

industry, and their wellbeing, quality orientation and ways of doing business will

have a significant impact on how the mutual fund industry in India evolves in the

future.

CLASSIFICATION OF INVESTORS

Investors can purchase and sell mutual fund units through various types of

intermediaries - individual agents, distribution companies, national/regional brokers,banks, post offices etc. as well as directly from Asset Management Companies (AMCs),

including the Unit Trust of India.

Investors of Mutual Funds can be broadly classified into 3 categories:-

1. Those who want product information, advice on financial planning and investment

strategies.

2. Those who require only a basic level of service and execution support i.e. delivering

and collecting application forms and cheques, and other basic paperwork and post

sale activities

3. Those that prefer to do it all themselves, including choice of investments as well as

the process/paperwork related to investments.


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MUTUAL FUND MARKET AND ORGANIZATION PROFILE

Different investment avenues are available to investors. Mutual funds also offer

good investment opportunities to the investors. Like all investments, they also carry

certain risks. The investors should compare the risks and expected yields after adjustmentof tax on various instruments while taking investment decisions. The investors may seek

advice from experts and consultants including agents and distributors of mutual funds

schemes while making investment decisions.

With an objective to make the investors aware of functioning of mutal funds, an

attempt has been made to provide information in question-answer format which may help

the investors in taking investment decisions.

What is a Mutual Fund?

Mutual fund is a mechanism for pooling the resources by issuing units to the investors

and investing funds in securities in accordance with objectives as disclosed in offer

document.

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

sectors and thus the risk is reduced. Diversification reduces the risk because all stocks

may not move in the same direction in the same proportion at the same time. Mutual fund

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

Investors of mutual funds are known as unit holders.

The profits or losses are shared by the investors in proportion to their investments.

The mutual funds normally come out with a number of schemes with different investment

objectives which are launched from time to time. A mutual fund is required to be

registered with Securities and Exchange Board of India (SEBI) which regulates securities

markets before it can collect funds from the public.

How is a mutual fund set up?

A mutual fund is set up in the form of a trust, which has sponsor, trustees, Asset

Management Company (AMC) and custodian. The trust is established by a sponsor or


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more than one sponsor who is like promoter of a company. The trustees of the mutual

fund hold its property for the benefit of the unit holders. Asset Management Company

(AMC) approved by SEBI manages the funds by making investments in various types

of securities. Custodian, who is registered with SEBI, holds the securities of various

schemes of the fund in its custody. The trustees are vested with the general power of

superintendence and direction over AMC. They monitor the performance and

compliance of SEBI Regulations by the mutual fund.

SEBI Regulations require that at least two thirds of the directors of trustee

company or board of trustees must be independent i.e. they should not be associated

with the sponsors. Also, 50% of the directors of AMC must be independent. All mutual

funds are required to be registered with SEBI before they launch any scheme.

However, Unit Trust of India (UTI) is not registered with SEBI (as on January 15,

2002).

A mutual fund is a common pool of money into which investors place their contributions

that are to be invested in accordance with a stated objective. The ownership of fund is in

the same proportion as the amount of the contribution made by him or her bears to the

total amount of the fund.

A mutual fund uses the money collected from investors to buy those assets which

are specifically permitted by its stated investment objective. Thus, an equity fund would

mainly equity assets ordinary shares, preference shares, warrants etc. A bond fund

would mainly buy debt instruments such as debentures, bonds, or government securities.

It is these assets which are owned by the investors in the same proportion as their

contribution bears to the total contributions bears to the total contributions of all

investors put together.

Mutual Fund Operation Flow Chart

There are many entities involved and the diagram below illustrates the

organizational set up of a mutual fund:


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Exhibit 1.2

ORGANISATION OF A MUTUAL FUND

ADVANTAGES OF MUTUAL FUNDS

The advantages of investing in a Mutual Fund are:

Professional Management

Diversification

Convenient Administration

Return Potential

Low Costs


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Liquidity

Transparency

Flexibility

Choice of Schemes

Tax benefits

Well regulated

Characteristics of a Mutual Fund

Investors own the mutual fund.

Professional managers manage the affairs for a fee.

The funds are invested in a portfolio of marketable securities, reflectiong the

investment objective.

Value of the portfolio and investors holdings, alters with change in market

value of investments.

EVOLUTION OF MUTAL FUND MARKET IN INDIA

1964-1987: The unit trust of India

1964-1987: Public sector banks and financial institutions

1964-1987: opened to private sector players

1964-1987: Implementation of the new SEBI regulations

1964-1987: Period of rapid growth

First Phase 1964-87


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Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was

set up by the Reserve Bank of India and functioned under the Regulatory and

administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the

RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and

administrative control in place of RBI. The first scheme launched by UTI was Unit

Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management.

Second Phase 1987-93(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 Phase 1993-2003(Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era started in the Indian

mutual fund industry, giving the Indian investors a wider choice of fund families. Also,

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. The

number of mutual fund houses went on increasing, with many foreign mutual funds

setting up funds in India and also the industry has witnessed several mergers and

acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets


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of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets under

management was way ahead of other mutual funds.

Fourth Phase since 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,

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

schemes. The Specified Undertaking of Unit Trust of India, functioning under an

administrator and under the rules framed by Government of India and does not come

under the purview of the Mutual Fund Regulations.

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

is registered with SEBI and functions under the Mutual Fund Regulations. With the

bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores of

assets under management and with the setting up of a UTI Mutual Fund, conforming to

the SEBI Mutual Fund Regulations, and with recent mergers taking place among different

private sector funds, the mutual fund industry has entered its current phase of

consolidation and growth. As at the end of March 2009, there were 35 mutual funds,

which managed assets of Rs. 4, 17,300crores under 1,001 schemes


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Exhibit 1.2


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1.3 Company Profile

A. Axis mutual fund

Axis Mutual Fund (the Mutual Fund) was set up as a Trust by the Settlors, Axis

Bank Limited (Axis Bank) on June 27, 2009 with Axis Mutual Fund Trustee Limited (the

Trustee Company)as a Trustee in accordance with the provisions of the Indian Trust Act,

1882 and is duly registered under the Indian Registration Act, 1908. The Trustee has entered

into an Investment Management Agreement dated June 27, 2009 with Axis AssetManagement Company Limited (Axis AMC) to function as the Investment Manager for all

the Schemes of the Mutual Fund. The Mutual Fund was registered with SEBI on September

4, 2009 vide Registration No. MF/061/09/02.

B. Axis mutual fund trustee limited

The Trustee is the exclusive owner of the Fund and holds the same in trust for the

benefit of the unit holders. The Trustee has been discharging its duties and carrying out the

responsibilities as provided in the Regulations and the Deed of Trust. The Trustee seeks to

ensure that the Fund and the Schemes floated there under are managed by the AMC in

accordance with the Deed of Trust, the Regulations, directions and guidelines issued by the

SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory

agencies.

C. Sponsor

Axis Mutual Fund is sponsored by Axis Bank Limited (Axis Bank). The Sponsor is

the Settlor of the Mutual Fund Trust. The Sponsor has entrusted a sum of Rs. 1,00,000/-(Rs.

One Lakh only) to Axis Mutual Fund Trustee Limited as the initial contribution towards the

corpus of the Mutual Fund.


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D. Axis Asset Management Company Limited

Axis Asset Management Company Limited (AMC) is a public limited company

incorporated under the Companies Act, 1956 on January 13, 2009, having its Registered

Office at 11th Floor, Nariman Bhavan, Vinay K. Shah Marg, Nariman Point, Mumbai

400021. AMC has been appointed as the Investment Manager of the Mutual Fund by the

Trustee vide Investment Management Agreement (IMA) dated June 27, 2009, and executed

between the Trustee and the AMC. The AMC has obtained Certificate of Registration as

Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993 vide registration

no. INP000003534 with effect from January 04, 2010(valid up to January 03, 2013). There is

no conflict of interest between the Mutual Fund and the PMS activity.

Business Philosophy

Outside-in View

Investor at the heart of every single decision.

Communicate in his language, not in ours.

Enduring Wealth Creation

Play a serious and credible role in investor's money basket.

Encourage investors to build a long-term perspective of the mutual fund category.

Long-term Relationships

Leverage the equity of the 'Axis' brand

Aim at building relationships rather than being transactional.


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Vision

To be recognized as a leading provider of investment solutions that meet

diverse investor needs

To build simple and innovative products across asset classes to address

specific investor needs

To be amongst top 10 asset management companies in India in 5 years

Investment Philosophy

Active management

Active portfolio management style; geared to exploit opportunities and

ensure that portfolios reflect the best investment opportunities at all times

Quality Assets

Rigorous search for good companies with long term sustainable growth

and management track record

Discipline

Investment decisions are an output of a logical and disciplined investment

process

Fundamentals Based

Investment process utilizes both Top down and Bottom up approaches

to identify sound companies

Research Driven

Investment decisions are driven by extensive macroeconomic and

company research

Integrated Risk Management


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Risk management is embedded in the investment process

Competitive

We aspire to be in the top quartile measured on an annual basis

Fundamental Approach

Axis Mutual Fund investment decisions are guided more by what we believe in, less

by what the market thinks. That is the reason once they buy into a stock, or take a

maturity position in a debt portfolio based on our fundamental research and analysis, we

stick to our position without paying heed to market rumors and whisper estimates.


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1.4 Statement of the problem

1.5 Need for the Current study

MUTUAL FUNDS as the emerging concept have more scope in the financial services

market. As the awareness is very less there are lot of opportunities to tap the untapped

potentials. So the study will help the Axis Mutual Fund in knowing the opinion of its

investor and help to know what is the kind of investor he is, so that, the organization can

help the investor in choosing a proper scheme or fund which will suit to the investors

need or want.

Every organization has to know who the customer is what he or she needs and what

opinion he or she has over the product. As the opinion of each and every person differs,

an organization needs a study to identify the investment pattern of the customer in order

to fulfill the customers needs properly.


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1.6 Limitations of the Study

The research study was limited to Chennai only.

The study is conducted with a limited size of 300 investor and 100

Distributors.

The study is confined to the investors of Mutual Fund.

The study had time constraint as the time was only a period of three months.

As the study was a vast area of study, the cost should also be wide but dude

to cost constraint the whole area was not able to be covered.


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Chapter II

OBJECTIVES

Objectives of the study

Primary objective

Secondary objectives

To identify the investors opinion towards investment period and expected

rate of returns among the investors.

To identify the investors channel preference.

To identify the amount and period of investment by the investors.

To identify the factors influencing the investors to invest in mutual fund.

To study the percentage of investments made by the customers out or total

investments.

To reveal the comparability values of different schemes of Axis Mutual

Fund.


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Chapter III

RESEARCH METHODOLOGY

RESEARCH DESIGN

In this project the researcher attempts to study the preferences and opinion level

of existing customers using the selected factors towards mutual fund investment. From

the pattern of the variable behavior some inferences are made.

It is already evident that descriptive study method is well suited when the

administrator has to plan, monitor, evolve or evaluate.

Time Frame

The study was conducted from Dec 2010 to Feb 2011

Geographical area

The study was undertaken in Chennai city.

Sample size

The sample size of the study consists of 300 Mutual Fund Investors and 100

Distributors.

Sources of Data

Universe:

All the investors of mutual fund in Chennai city.


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Sample Design:

The sample design taken for the study is convenient sampling

Primary Data:

Primary data regarding the opinion and preference of the investors are collected

through a structured questionnaire from the investors of mutual fund.

Secondary Data:

Secondary data were collected from reports, brochures, magazines and investors

guide hand out for mutual fund by Association of Mutual Fund in India book. The

concepts of mutual funds, company details were collected from the companies intranet

and from the company officials.

Data analysis

The data collected through the questionnaire from the investors are tabulated and

analyzed to find out the investment pattern through percentage analysis and the chi-square.


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Chapter IV

Analysis and Interpretation


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Chapter 4

ANALYSIS AND INTERPRETATION

In this chapter, emphasis is on the presentation of the data in tables and then their

interpretation. One of the simplest and most revealing devices for organizing and

summarizing data and presenting them in a meaningful style. The purpose of a table is to

simplify the presentation. Sometimes this organizing and summarizing of data requires

the use of summary statistical measures such as percentages, averages and chi-square

test.

Basically personal data or characteristics, investment pattern and preference for

mutual fund products are analyzed. The research is divided into three parts and analyzed

to find the retail investment pattern of investors


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Table 4.1

EDUCATIONAL BACKGROUND OF THE RESPONDENTSS

S.No EDUCATION RESPONDENTS PERCENT1 Below Higher Secondary 44 14.7%2 Higher Secondary 60 20.0%

3 Graduate 96 32.0%

4 Post Graduate 100 33.33%

Total 300 100%

INFERENCE:

The above Table indicates that 14.7% of the respondents have an educational

background of below Higher Secondary, 20% of the respondents are Higher Secondary

32% of the respondents have an educational background of Graduates, and the remaining

33% of the respondents are Post Graduates,

From the above table it is inferred that , out of 300 respondents majority of the

respondents are post graduates and graduates.


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Exhibit 4.1

EDUCATIONAL BACKGROUND OF THE RESPONDENTSS


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Table 4.2

AGE OF THE RESPONDENTSS

S.No AGE RESPONDENTS PERCENT1 21 to 30 44 14.7%2 31 to 40 60 20.0%

3 41 to 50 80 26.7%

4 51 to 60 72 24.0%

5 60 and above 44 14.7%

Total 300 100%

INFERENCE:

The above Table indicates that 14.7% of the respondents belongs to below 30

years, 20% of the respondents belongs to 30 to 40 years, 26.7% of the respondents

belongs to 41 to 50 years, 24% of the respondents belongs to 51 to 60 years and 14.7% of

the respondents belongs to above 60 years.

From the above table it is inferred that, out of 300, majority of the respondents

belongs to the age group of 40 to 60 years.


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Exhibit 4.2

AGE OF THE RESPONDENTSS


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Table 4.3

MONTHLY INCOME OF THE RESPONDENTSS

S.No MONTHLY INCOME (Rs) RESPONDENTS PERCENT1 Below 10,000 62 20.7%2 10,000 to 20,000 82 27.3%

3 20,000 to 30,000 69 23%

4 30,000 to 40,000 46 15.3%

5 40,000 to 50,000 21 7%

6 Above 50,000 20 6.7%

Total 300 100%

INFERENCE:

The above Table indicates that there are 20.7% of respondents with a pay-scale

less than 10,000 per month, 27.3% of the respondents earn 10,000 20,000 per month,

23% of the respondents earn 20,000 30,000 per month, 15.3% of the respondents earn

30,000 40,000 per month, 7% of the respondents earn 40,000 50,000 per month and

6.7% of the respondents earn above 50,000 per month,

From the above table it is inferred that, out of 300 respondents majority of the

despondence earn 10,000 to 20,000 per month and next 23% of the despondence earn

20,000 to 30,000 per month. Hence it is inferred that majority are tax payers and they

also seek tax benefit for income.


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Exhibit 4.3

MONTHLY INCOME OF THE RESPONDENTSS


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Table 4.4

OCCUPATION OF THE RESPONDENTSS

S.No OCCUPATION RESPONDENTS PERCENT1 Entrepreneur 82 27.3%2 Employee 156 52%

3 Student 30 10%

4 Home Maker 30 10%

5 Others 2 0.7%

Total 300 100%

INFERENCE:

The above Table indicates that 27.3% of the respondents have their own business.

52% of the respondents are Employees, 10% of the respondents are student, another 10%

of the respondents are students and the remaining 0.7% of the respondents are some other

profession.

The table shows salaried class people are the major population who invest in

mutual funds. This may because they know the value of investment much compare with

other class people and they are knowledgeable about mutual funds.


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Table 4.5

INVESTMENT AVENUES OF THE RESPONDENTSS

S.No INVESTMENT AVENUES RESPONDENTS PERCENT1 Equity fund 70 23.3%2 Fixed Income Fund 87 29%

3 Hybrid Fund 89 29.7%

4 Gold Fund 46 15.3%

5 Tax Savings Schemes 8 2.7%

Total 300 100%

INFERENCE:

The above Table indicates that 23% of the respondents are invested in Equity

Fund, 29% of the respondents are invested in Fixed Income Fund, 30% of the

respondents are invested in Hybrid Fund schemes, 15% of the respondents are invested in

Gold fund and 3% of the people invested in Tax Saving Schemes.

From the above table it is inferred that the respondents first avenue of investment

is in Fixed Income Fund and Hybrid Fund, because of low risk respondents are preferred

these funds.


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Exhibit 4.5

INVESTMENT AVENUES OF THE RESPONDENTSS


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Table 4.6

TAX BRACKET OF THE INVESTMENTS

S.No TAX BRACKET RESPONDENTS PERCENT1 Nill 114 38 %2 10 % 145 48.3 %

3 20 % 27 9 %

4 30 % 14 4.7 %

Total 300 100%

INFERENCE:

The above Table indicates that 38% of the respondents are not Tax payers, 48.3%

of the respondents come under the tax bracket of 10%, 9% of the respondents comes

under the tax bracket of 20% and 4.7% of the respondents comes under the tax bracket of

30%.

From the above table it is inferred that, out of 300 respondents majority are tax

payers most of the respondents paying 10%.


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Exhibit 4.6

TAX BRACKET OF THE INVESTMENTS


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Table 4.7

PERIOD OF INVESTMENTS OF RESPONDENTSS IN MUTUAL FUNDS

S.No INVESTMENT PERIOD RESPONDENTS PERCENT1 Up to 6 months 12 4%

2 Up to 1 year 144 48%

3 Up to 5 years 102 34%

4 More than 5 years 42 14%

Total 300 100%

INFERENCE:

The above Table indicates that 4% of the respondents are plan to invest less than 6

months, 48% of the respondents are plan invest up to 1year, 34% of the respondents are

decided to invest up to 5years and the remaining 14% of the respondents committed to

invest more than 5years.

From the above table it is inferred that, out of 300, 144 of the respondents are

planned to invest up to one year only, it shows that many investors are new and most of

them are seeking Tax benefit by investing in short term funds.


41/107

Exhibit 4.7

PERIOD OF INVESTMENTS OF RESPONDENTSS IN MUTUAL FUNDS


42/107

Table 4.8

SOURCES OF INFORMATION ABOUT MUTUAL FUNDS FOR THE

RESPONDENTS

S.No SOURCES RESPONDENTS PERCENT1 Distributors 122 40.7 %

2 Financial advisor 28 9.3 %

3 Internet 46 15.3 %

4 Magazine 80 26.7 %

5 News paper 24 8 %

Total 300 100 %

INFERENCE:

The above Table indicates that, to know about the mutual fund schemes and

benefits 40.7% of the respondents are consulting with their distributors only, 9.3%

respondents are consulting with their financial advisors, 26.7% of the respondents are

getting information about the fund through magazines and the remaining 8% people

believing News paper to get information about the fund .

From the above table it is inferred that, out of 300, majority of the respondents

believing their distributors words. It shows that Distributors have to act ethically and

morally when passing some sensitive information with the Investors.


43/107

Exhibit 4.8

SOURCES OF INFORMATION ABOUT MUTUAL FUNDS FOR THE

RESPONDENTS


44/107

Table 4.9

FACTORS THAT INFLUENCED THE RESPONDENTS WHILE

INVESTING IN MUTUAL FUND

S.No FACTORS RESPONDENTS PERCENT1 Managed by professional people 60 20 %

2 Risk diversion 90 30 %

3 Past Performance 58 19.3 %

4 Liquidity level 36 12 %

5 Regular Return 42 14 %

Total 300 100 %

INFERENCE:

The above Table indicates that 20% of the respondents are choosing a fund based

on the talented people who manage the fund, 30% of the respondents are choosing a fund

based on the risk diversification, 19.3% of the respondents are choosing funds based on

its past performance, 12% of the respondents are choosing funds based on its liquidity

level and the remaining 14% of the respondents are selecting a fund on the basis of

Regular return..

From the above table it is inferred that, out of 300, more than 90 respondents are

seeking risk diversification, it shows that majority of the respondents are taking care

about their principal investment amount invested in mutual fund.


45/107

Exhibit 4.9

FACTORS THAT INFLUENCED THE RESPONDENTS WHILE

INVESTING IN MUTUAL FUND


46/107

Table 4.10

INVESTMENT OBJECTIVE OF THE RESPONDENTS

S.No CONTENTS RESPONDENTS PERCENT1 Retirement Planning 52 17.3 %

2 Supporting Future education of

your children78 26 %

3 To Build a House 54 18 %

4 Other Financial liabilities 116 38.7 %

Total 300 100 %

INFERENCE:

The above Table indicates that 17.3% of the respondents objective of investment

is retirement planning, 26% of the respondents objective of investment is to support

future education of their childrens , 18% of the respondents objective of investment is to

build a house, 39% of the respondents are having some other financial liabilities

From the above table it is inferred that,


47/107

Exhibit 4.10

INVESTMENT OBJECTIVE OF THE RESPONDENTS


48/107

Table 4.11

CHANNEL PREFERENCE OF THE RESPONDENTS TO INVEST IN

MUTUAL FUNDS

S.No CHANNELS RESPONDENTS PERCENT1 Stock brokers 9 3 %

2 Banks 20 6.7 %

3 Distributors 196 65.3 %

4 IFA / Agents 75 25 %

Total 300 100 %

INFERENCE:


49/107

Exhibit 4.11

CHANNEL PREFERENCE OF THE RESPONDENTS TO INVEST IN

MUTUAL FUNDS


50/107

Table 4.12

RESPONDENTS OPINION TOWARDS THE EXPECTING RETURN

FROM MUTUAL FUNDS

S.No PERIOD OF RETURN RESPONDENTS PERCENT1 Monthly 40 13.3 %

2 Quarterly 65 21.7 %

3 Half Yearly 107 35.7 %

4 Annually 88 29.3 %

Total 300 100 %

INFERENCE:


51/107

Exhibit 4.12

RESPONDENTS OPINION TOWARDS THE EXPECTING RETURN

FROM MUTUAL FUNDS


52/107

Table 4.13

REGULAR AND NEW INVESTORS OF MUTUAL FUND

S.No TYPE OF INVESTOR RESPONDENTS PERCENT1 Regular Investor 104 34.7 %

2 New Investor 196 65.3 %

Total 300 100 %

INFERENCE:


53/107

Exhibit 4.13

REGULAR AND NEW INVESTORS OF MUTUAL FUND


54/107

Table 4.14

INVESTORS AWARENESS ABOUT VARIOUS SCHEMES OF AXIS

MUTUAL FUND

S.No CONTENTS RESPONDENTS PERCENT1 Most 94 31.3 %

2 Some 162 54 %

3 Very few 44 14.7 %

Total 300 100 %

INFERENCE:

.


55/107

Exhibit 4.14

INVESTORS AWARENESS ABOUT VARIOUS SCHEMES OF AXIS

MUTUAL FUND


56/107

Table 4.15

OPINION TO GO WITH AXIS MUTUAL FUND IN FUTURE

S.No CONTENTS RESPONDENTS PERCENT1 Most Certainly 20 6.7 %

2 Yes 208 69.3 %

3 May be not 44 14.7 %

4 definitely not 10 3.3 %

5 cant say 18 6 %

Total 300 100 %

INFERENCE:


57/107

Exhibit 4.15

OPINION TO GO WITH AXIS MUTUAL FUND IN FUTURE


58/107

Table 4.16

OVERALL IMPRESSION ABOUT AXIS MUTUAL FUND

S.No CONTENTS RESPONDENTS PERCENT1 Very Good 102 34 %

2 Good 142 47.3 %

3 Fair 48 16 %

4 Average 8 2.7 %

Total 300 100 %

INFERENCE:


59/107

Exhibit 4.16

OVERALL IMPRESSION ABOUT AXIS MUTUAL FUND


60/107

Table 4.17

RESPONDENTS OPINION TOWARDS MUTUAL FUND INVESTMENTS

ARE SUBJECT TO MARKET RISK

S.No CONTENTS RESPONDENTS PERCENT1 Safe 96 32 %

2 Moderately Safe 160 53.3 %

3 Unsafe 44 14.7 %

Total 300 100 %

INFERENCE:


61/107

Exhibit 4.17

RESPONDENTS OPINION TOWARDS MUTUAL FUND INVESTMENTS

ARE SUBJECT TO MARKET RISK


62/107

Table 4.18

RESPONDENTS OPINION TOWARDS THEIR DISTRIBUTOR

S.No CONTENTS RESPONDENTS PERCENT1 Very Good 82 27.3 %

2 Good 182 60.7 %

3 Fair 28 9.3 %

4 Average 8 2.7 %

Total 300 100 %

INFERENCE:


63/107

Exhibit 4.18

RESPONDENTS OPINION TOWARDS THEIR DISTRIBUTOR


64/107

Table 4.19

WILL YOU SUGGEST YOUR DISTRIBUTOR TO YOUR FRIENDS?

S.No CONTENTS RESPONDENTS PERCENT1 Yes 254 84.7

2 No 46 15.3

Total 300 100 %

INFERENCE:


65/107

Exhibit 4.19

WILL YOU SUGGEST YOUR DISTRIBUTOR TO YOUR FRIENDS?


66/107

CHI SQUARE ANALYSIS

Table 4.20

Comparison table showing investment objective and Age of the

Investors

Null hypothesis

There is no significant association between investment objective and Age of the

investors.

Age

Primary investment purpose

Total

Retirement

Planning

Future

education of

children

To Build a

House

Other

Financial

liabilities

Less than 30 1 11 18 14 44

30 to 40years 0 32 12 16 60

40 to 50 years 1 19 20 40 80

50 to 60 years 22 12 4 34 72

Above 60years 28 4 0 12 44

Total 52 78 54 116 300

Degree of freedom = 12

Calculated Value = 1.520

Table Value = 21.026 @ 5% level of significance

Interpretation

The calculated chi square value (?)2 is lower than the critical value at 5%

level of significance which reveals that the value is no significant, So null

hypothesis is accepted. So there is no significant association between investment

purpose of the investors and age of the investors.


67/107

Table 4.21

Comparison table showing Investors opinion to go with Axis Mutual

Fund in future and Age of the Investors

Null hypothesis

There is no significant association between Investors opinion to go with Axis

Mutual Fund in future and Age of the investors.

Age

Investors opinion to go with Axis Mutual Fund in future

TotalMost

Certainly Yes

May be

not

definitely

not cant say

Less than 30 2 30 6 0 6 44

30 to 40years 10 42 4 0 4 60

40 to 50 years 6 52 14 0 8 80

50 to 60 years 0 46 16 10 0 72

Above 60years 2 38 4 0 0 44

Total 20 208 44 10 18 300




Interpretation

The calculated chi square value (?)2 is higher than the critical value at

5% level of significance which reveals that the value is significant, So null

hypothesis is rejected. There is significant association between age of the

investors and Investors opinion to go with Axis Mutual Fund in future


68/107

Table 4.22

Comparison table showing source of information used by the investors

and Age of the Investors

Null hypothesis

There is no significant association between source of information used by the

investors and Age of the investors.

Age

Source of information used by the investors

Total

Distributors

Financial

advisor Internet Magazine

News

paper

Less than 30 18 6 9 7 4 44

30 to 40years 9 20 16 9 6 60

40 to 50 years 15 33 14 12 6 80

50 to 60 years 18 16 4 28 6 72

Above 60years 11 10 2 19 2 44

Total 71 85 45 75 24 300




Interpretation



hypothesis is rejected. There is significant association between age of the

investors and the source of information used by the investors.


69/107

Table 4.23

Comparison table showing Investors overall impression about their

Distributors and range of Distributors

Null hypothesis

There is no significant association between Investors overall impression about

their Distributors and range of Distributors.

Distributor Name

Investors overall impression about their Distributors

Total

Very High High Average Low Very Low

Geojit 10 25 9 6 4 54

Blue chip 4 20 16 2 0 42

Integrated 7 18 9 5 0 39

Sundaram Direct 9 12 10 2 0 33

Stock Holding 5 13 7 2 0 27

Bajaj Capital 0 7 2 0 0 9

ECS 6 4 2 0 0 12

Standard Charted 7 1 1 0 0 9

IFA's 29 19 27 0 0 75

Total 77 119 83 17 4 300




Interpretation




70/107

hypothesis is rejected. There is significant association between Investors overall

impression about their Distributors and range of Distributors.

Table 4.24

Comparison table showing Investors opinion to go with Axis Mutual

Fund in future and range of Distributors

Null hypothesis

There is no significant association between Investors opinion to go with Axis

Mutual Fund in future and range of Distributors.

Distributor Name

Investors opinion to go with Axis Mutual Fund in future

Total

Most

Certainly Yes

May be

not

definitely

not cant say

Geojit 8 34 7 0 5 54

Blue chip 2 22 9 8 1 42

Integrated 3 26 10 0 0 39

Sundaram Direct 4 23 4 0 2 33

Stock Holding3 24 0 0 0 27Bajaj Capital 0 5 2 0 2 9

ECS 0 11 1 0 0 12

Standard Charted 0 4 3 0 2 9

IFA's 0 59 8 2 6 75

Total 20 208 44 10 18 300




Interpretation




71/107

hypothesis is rejected. There is significant association between Investors opinion

to go with Axis Mutual Fund in future and range of Distributors.

Table 4.25

Comparison table showing Awareness of Investors about Axis Mutual

Fund products and range of Distributors

Null hypothesis

There is no significant association between Awareness of Investors about Axis

Mutual Fund products and range of Distributors.

Distributor Name

Awareness of Investors about Axis Mutual Fund products

Total

Most Some Very few

Geojit 14 32 8 54

Blue chip 4 28 10 42

Integrated 21 12 6 39

Sundaram Direct 10 20 3 33

Stock Holding10 12 5 27Bajaj Capital 3 4 2 9

ECS 6 5 1 12

Standard Charted 3 4 2 9

IFA's 23 45 7 75

Total 94 162 44 300



Table Value = 26.296@ 5% level of significance

Interpretation


72/107



hypothesis is rejected. There is significant association between Awareness of

Investors about Axis Mutual Fund products and range of Distributors.

Table 4.26

KIND OF DISTRIBUTOR

S.No KIND OF DISTRIBUTOR RESPONDENTS PERCENT1 National Distributor 75 75 %

2 Individual Financial Advisors 25 25 %

Total 100 100%

INFERENCE:

The above Table indicates that 75% of the respondents are National Distributors

and 25% of the respondents are Individual Financial Advisors.

From the above table it is inferred that, 75 questionnaires are collected from

National Distributors and 25 questionnaires are collected from the Individual Financial

Advisors.


73/107

Exhibit 4.20

KIND OF DISTRIBUTOR


74/107

Table 4.27

SHARE OF RESPONDENTS

S.No KIND OF DISTRIBUTOR RESPONDENTS PERCENT1 Geojit 18 18 %

2 Blue chip 14 14 %

3 Integrated 13 13 %

4 Sundaram Direct 11 11 %

5 Stock Holding 9 9 %

6 Bajaj Capital 3 3 %

7 ECS Financial Service 4 4 %

8 Standard Charted 3 3 %

9 Individual Financial Advisors 25 25 %

Total 100 100%

INFERENCE:

The above Table indicates that out of 100 respondents 18 are GEOJIT BNP

PARIBAS, 14 are BLUE CHIP, 13 are Integrated Enterprises (India) Ltd., 11 are

SUNDARAM DIRECT, 9 are Stock Holding Corporation of India Limited, 3 are BAJAJ

CAPITAL, 4 are ECS Financial Service (India) Pvt. Ltd., 3 are Standard Charted Wealth

Managers and the remaining 35 are Individual Financial Advisors.


75/107

Exhibit 4.21

SHARE OF RESPONDENTS


76/107

Table 4.28

EXPERIENCE OF THE DISTRIBUTORS

S.No EXPERIENCE RESPONDENTS PERCENT1 Below one year 9 9 %

2 1 to 2 years 13 13 %

3 2 to 3 years 13 13 %

4 3 to 4 years 20 20 %

5 4 to 5 years 28 28 %

6 5 years and above 17 17 %

Total 100 100%

INFERENCE:

The above Table indicates that out of 100 respondents 9 are having experience of

below one year, 13 respondents are having 1 to 2 years experience, 13 respondents are

having 2 to 3 years experience, 20 respondents are having 3 to 4 years experience, 28 are

having 4 to 5 years experience and remaining 17 are having more than 5 years as a

experience.

From the above table it is inferred that, out of 100, maximum of 28 Distributors

having 4 to 5 years experience. It shows that many Distributors having High experience

in Mutual Fund industry. Among this 28 Distributors, contribution of GEOJIT BNP

PARIBAS is 6 and Integrated Enterprises (India) Ltd. is 5. It shows that this two agency

having high experience people as their branch managers.


77/107

Exhibit 4.22

EXPERIENCE OF THE DISTRIBUTORS


78/107

Table 4.29

METHODS HANDLED BY MUTUAL FUND DISTRIBUTORS TO

ACQUIRE/ATTRACT INVESTORS

S.No INVESTOR ACQUISITION

METHOD

RESPONDENTS PERCENT

1 Cold Calls 12 12 %

2 Reference 40 40 %

3 Advertisement 37 37 %

4 Stall Activities 11 11 %

Total 100 100%

INFERENCE:

The above Table indicates that out of 100 respondents 12 respondents are doing

Cold calls to attract investors, 40 respondents are acquiring their investors through

reference, 37 are attracting their investors through advertisements and remaining 11

respondents are attracting their investors through stall activities.

From the above table it is inferred that, 40 respondents are acquiring their

investors through reference only, to get the good reference from the existing investors

distributors had to serve them best. So this is implied that they had been doing best

service to their existing clients.

And 37 respondents are attracting their investors through advertisement, it

inferred that cost of acquisition is centralized and separate advertisement department is

working to increase their businesses and investors.


79/107

Exhibit 4.23

INVESTOR ACQUISITION METHOD


80/107

Table 4.30

TOTAL NUMBER OF INVESTORS

S.No NUMBER OF INVESTORS RESPONDENTS PERCENT1 Less than Ten 14 14 %

2 Ten to Twenty 14 14 %

3 Twenty to Thirty 18 18 %

4 Thirty to Forty 19 19 %

5 Forty to Fifty 18 18 %

6 Fifty and Above 17 17 %

Total 100 100%

INFERENCE:

The above table indicates that out of 100 respondents, 14 respondents are

having less than ten investors, another 14 respondents are having ten to twenty investors,

18 respondents are having twenty to thirty investors, 19 respondents are having thirty to

forty investors, 18 respondents are having forty to fifty investors, 17 respondents are

having more than fifty investors.

From the above table it is inferred that, all respondents are having similar

number of investors in its various branches


81/107

Exhibit 4.24

TOTAL NUMBER OF INVESTORS


82/107

Table 4.31

NUMBER OF AXIS MUTUAL FUND INVESTORS A DISTRIBUTOR

IS HAVING

S.No NUMBER OF INVESTORS RESPONDENTS PERCENT1 Less than Ten 31 31 %

2 Ten to Twenty 19 19 %

3 Twenty to Thirty 22 22 %

4 Thirty to Forty 15 15 %

5 Forty to Fifty 10 10 %

6 Fifty and Above 3 3 %

Total 100 100%

INFERENCE:

The above table indicates that out of 100 respondents, 31 respondents are

having less than ten Axis Mutual Fund investors, another 19 respondents are having ten

to twenty Axis Mutual Fund investors, 22 respondents are having twenty to thirty Axis

Mutual Fund investors, 15 respondents are having thirty to forty Axis Mutual Fund

investors, 10 respondents are having forty to fifty Axis Mutual Fund investors, 3

respondents are having more than fifty Axis Mutual Fund investors.

From the above table it is inferred that, all respondents are having less

number of Axis Mutual Fund investors, but when compare with other AMC Axis Mutual

Fund is having large investors share.


83/107

Exhibit 4.25

NUMBER OF AXIS MUTUAL FUND INVESTORS A DISTRIBUTOR

IS HAVING


84/107

Table 4.32

IMPORTANCE GIVEN BY THE DISTRIBUTORS ABOUT A

MUTUAL FUND

S.No CONTENTS RESPONDENTS PERCENT1 Past Fund performance 28 28 %

2 Brokerage 20 20 %

3 Fund Manager 13 13 %

4 Liquidity 10 10 %

5 Reputation of AMC 29 29 %

Total 100 100%

INFERENCE:


85/107

Exhibit 4.26

IMPORTANCE GIVEN BY THE DISTRIBUTORS ABOUT A

MUTUAL FUND


86/107

Table 4.33

FREQUENT OF COMMUNICATION TAKEN BY THE

DISTRIBUTOR TO THE INVESTORS

S.No CONTENTS RESPONDENTS PERCENT1 Every time 29 29 %

2 Often 47 47 %

3 Rarely 17 17 %

4 Never 7 7 %

Total 100 100%

INFERENCE:


87/107

Exhibit 4.27

FREQUENT OF COMMUNICATION TAKEN BY THE

DISTRIBUTOR TO THE INVESTORS


88/107

Table 4.34

MEDIUM USED BY THE DISTRIBUTOR TO COMMUNICATE

WITH THE INVESTORS

S.No CONTENTS RESPONDENTS PERCENT1 Phone Call 26 26 %

2 e-mail 27 27 %

3 Direct Call 25 25 %

4 Mail 22 22 %

Total 100 100%

INFERENCE:


89/107

Exhibit 4.28

MEDIUM USED BY THE DISTRIBUTOR TO COMMUNICATE

WITH THE INVESTORS


90/107

Table 4.35

TERMS OF RETURN EXPECTED BY THE INVESTORS

S.No CONTENTS RESPONDENTS PERCENT1 Growth Basis 27 27 %

2 Monthly 8 8 %

3 Quarterly 13 13 %

4 Half Yearly 21 21 %

5 Annually 31 31 %

Total 100 100%

INFERENCE:


91/107

Exhibit 4.29

TERMS OF RETURN EXPECTED BY THE INVESTORS


92/107

Table 4.36

DISTRIBUTOR PROMISING ANY AMOUNT AS A GUARANTEED

RETURN

S.No CONTENTS RESPONDENTS PERCENT1 Yes 21 21 %

2 No 79 79 %

Total 100 100%

INFERENCE:


93/107

Exhibit 4.30

DISTRIBUTOR PROMISING ANY AMOUNT AS A GUARANTEED

RETURN


94/107

Table 4.37

DISTRIBUTOR COMMUNICATING RISK ASSOCIATED WITH

THE SCHEME


2 No 31 31 %

Total 100 100%

INFERENCE:


95/107

Exhibit 4.31

DISTRIBUTOR COMMUNICATING RISK ASSOCIATED WITH

THE SCHEME


96/107

Table 4.38

KYC MANDATORY IS AFFECTING DISTRIBUTORS BUSINESS


2 No 63 63 %

Total 100 100%

INFERENCE:


97/107

Exhibit 4.32

KYC MANDATORY IS AFFECTING DISTRIBUTORS BUSINESS


98/107

Table 4.39

TERMS OF COMMUNICATION MADE BY THE DISTRIBUTORS

WITH THE INVESTORS

S.No TERMS RESPONDENTS PERCENT1 Monthly 26 26 %

2 Quarterly 30 30 %

3 Half yearly 23 23 %

4 Annually 21 21 %

Total 100 100%

INFERENCE:


99/107

Exhibit 4.33

TERMS OF COMMUNICATION MADE BY THE DISTRIBUTORS

WITH THE INVESTORS


100/107

Table 4.40

WEATHER ANY MEDIUM REFER BY THE DISTRIBUTORS TO

KNOW ABOUT A SCHEME


2 No 8 8 %

Total 100 100%

INFERENCE:


101/107

Exhibit 4.34

WEATHER ANY MEDIUM REFER BY THE DISTRIBUTORS TO

KNOW ABOUT A SCHEME


102/107

Table 4.41

KIND OF MEDIUM REFER BY THE DISTRIBUTORS TO KNOW

ABOUT A SCHEME

S.No CONTENTS RESPONDENTS PERCENT1 Financial Website 23 25 %

2 Fact Sheet 22 23.9 %

3 RM from respective AMC 36 39.1 %

4 Financial magazines 11 12 %

Total 92 100%

INFERENCE:


103/107

Exhibit 4.35

KIND OF MEDIUM REFER BY THE DISTRIBUTORS TO KNOW

ABOUT A SCHEME


104/107

Table 4.42

TYPE OF TRANSACTION DISTRIBUTOR SUGGEST INVESTORS

TO CARRYOUT

S.No CONTENTS RESPONDENTS PERCENT1 Online Transaction 81 81 %

2 Manual Transaction 19 19 %

Total 92 100%

INFERENCE:


105/107

Exhibit 4.36

TYPE OF TRANSACTION DISTRIBUTOR SUGGEST INVESTORS

TO CARRYOUT


106/107

Table 4.43

Comparison table showing basis of Distributor suggesting a Mutual

Fund and number of Axis Mutual Fund clients a Distributor is having

Null hypothesis

There is no significant association between basis of Distributor suggesting a

Mutual Fund and number of Axis Mutual Fund clients a Distributor is having.

CONTENTS

Number of Axis Mutual Fund Clients a Distributor is having

TotalLessthan

Ten

Ten to

Twenty

Twenty

to

Thirty

Thirty

to

Forty

Forty

to

Fifty

Fifty

and

Above

Past Fund

performance3 8 10 6 0 1 28

Brokerage 5 4 6 2 1 2 20

Fund

Manager6 2 3 1 1 0 13

Liquidity 6 0 2 2 0 0 10

Reputation

of AMC11 5 1 4 8 0 29

Total 31 19 22 15 10 3 100




Interpretation



hypothesis is rejected. There is significant association between basis of

Distributor suggesting a Mutual Fund and number of Axis Mutual Fund clients a

Distributor is having.


107/107

Table 4.44

Comparison table showing Distributors Experience and Frequent of

meeting Distributor with the Investor

Null hypothesis

There is no significant association between Frequent of meeting Distributor with

the Investor and Distributors Experience.

Distributors

Experience

Frequent of meeting Distributor with the Investor

TotalEvery time Often Rarely Never

Below one

year0 6 3 0 9

1 to 2 years 4 6 2 1 13

2 to 3 years 3 7 0 3 13

3 to 4 years 10 6 2 2 20

4 to 5 years 6 13 9 0 28

5 years and

above6 9 1 1 17

Total 29 47 17 7 100



Documents

Final Proje