“A STUDY ON COMPARATIVE ANALYSIS OF

SELECTED MUTUAL FUNDS IN INDIA”

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DECLARATION

I hereby declare that the dissertation with the title “A Study on Comparative Analysis of Selected
Mutual Funds in India” submitted by me is a record of an original work under the guidance of
Prof. Pinaki Bhattacharya and this project work is submitted in partial fulfillment of requirement
of the award of the degree of Master and Business Administration.

I also declare that no chapter of this manuscript in whole or in part has been incorporated in this
report from any earlier work done by others or by me. However, extracts of any literature which
has been used for this report has been duly acknowledged providing details of such literature in
the references.

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CERTIFICATE

This is to certify SHUVA SARKAR, a student of Master in Business Administration (Finance) of

BENGAL INSTITUTE OF BUSINESS STUDIES has worked under supervision and guidance for
his Project work and prepared a Project Report with the title : “A STUDY ON COMPARATIVE
ANALYSIS OF SELECTED MUTUAL FUNDS IN INDIA” provided by Prof. PINAKI
BHATTACHARYA for the session 2024-26 which he is submitting, is his genuine and original
work to the best of my knowledge.

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ACKNOWLEDGEMENT

I convey my heartfelt appreciation to Prof Pinaki Bhattacharya without whose cordial and active
supervision the project could not have come into light. I also extend my thanks to all other teachers
of my college for their commendable efforts to bring out this project in a very short span of time.
Again, I am thankful to Prof Pinaki Bhattacharya for reposing confidence on me to write on this
dynamic subject and share his vast knowledge for the completion of this project.
Moreover, I am also thankful to all other learned members of my college for valuable suggestions
regarding the project.
I would also like to express my gratitude towards my parents, friends and brother for their kind co-
operation and encouragement which helped me in completion of this project. I would like to
express my special thanks to official persons and mutual fund agents for giving me such attention
and time.
I thank you one and all.

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ABSTRACT

India’s mutual fund market has witnessed phenomenal growth over the last decade. The
consistency in the performance of mutual funds has been a major factor that has attracted many
investors. The present research is an attempt to study comparative performance of mutual funds of
selected Indian companies. The study focuses on mutual fund schemes of selected Indian
companies comprising Equity, Debt and Hybrid Schemes. The total of 390 schemes comprising of
178 equity mutual funds, 138 debt schemes and 74 hybrid schemes are selected for the study. The
performance of selected Indian companies’ mutual fund is analyzed with the help of Return, risk
(standard Deviation), and Sharpe ratio. Also, the selected mutual funds are compared with their
respective benchmark.
The sector fund has performed better than the other type of equity funds. The worst performance
is given by infrastructure fund followed by large cap equity funds. The Ultra short term debt fund
has performed better than the other type of debt funds. The worst performance is given by long
term GILT fund followed by short term GILT funds. The equity-oriented hybrid fund has
performed better than the other type of hybrid funds. The worst performance is given by arbitrage
fund and conservative debt hybrid funds. Thus, it is concluded that Equity, Debt and Hybrid mutual
funds have performed better than their benchmark and generated better returns for the investors of
equity mutual funds during 2009-10 to 2013-14.

Keywords: Mutual fund, Risk and Return, Sharpe ratio, Performance

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TABLE OF CONTENT

SL NO CHAPTERS PAGE
NO

1 TITLE OF THE PROJECT 1

2 DECLARATION 2
3 CERTIFICATE 3
4 ACKNOWLEDGEMENT 4
5 ABSTARCT 5
6 INTRODUCTION 07 - 15
7 LITERATURE REVIEW 16 - 17

8 RESEARCH OBJECTIVE 18

9 RESEARCH METHODOLOGY 19 - 38

10 RESEARCH FINDING AND ANALYSIS 39 – 53

11 RECOMMENDATION FOR FUTURE RESEARCH 54

12 LIMITATION OF STUDY 55

13 CONCLUSION 56

14 REFERENCES 57

15 QUESTIONNAIRES 58 - 63

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INTRODUCTION

CONCEPT OF MUTUAL FUND:

As you may know, mutual funds are very popular in the past 26 years. It was another obscure
financial product that became part of our daily lives. In the United States, more than half of eight
million individuals or households invest in mutual funds. In other words, in the United States
alone, it is invested in trillions of dollars in mutual funds. After this, it is all common sense that
investing in a mutual fund is better than simply saving money, but leaving it in a savings account.
However, most people are about to finish understanding of funds. It cannot help people in mutual
fund sales to speak strange words separated by terminology that many investors do not understand.
The investment trust industry in India was led by the government of India, and in 1964 the unit
trust of India was established. In 1993, SEBI regulations were replaced by the comprehensively
revised Mutual Fund Regulations in 1996. It has been 36 years for mutual funds to exist in this
country at the end of the millennium. The ride for the last 36 years was not smooth. The opinions
of investors are still divided. Some are for mutual funds and others are against mutual funds. UTI
began its activity in July 1964. The impulse to build formal systems comes from a desire to
strengthen the tendency to save and invest in low and intermediate groups. UTI was born in an era
characterized by the large political and economic turmoil that set the financial markets back.
Entrepreneurs were very reluctant to enter the capital market.

MEANING OF MUTUAL FUND:

Mutual funds are a type of investment investors use to raise money so that each investor can
participate in a portfolio of securities. Individual investors do not actually own each security. He
invests in mutual funds. The main advantage of mutual funds is that they provide a way for
investors to achieve investment diversification without having to invest a lot of money. The first
mutual fund was the Massachusetts Trust Fund, which was introduced in 1924. At the end of the
first year, the fund had 250 investors and $ 63,600 in assets. By the end of 1995, the fund had
reached $ 1.8 billion with 73,500 investors. There are now more than 7,000 mutual funds to choose
from. You may wonder why you should choose mutual funds. Mutual funds have two big

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advantages over paying stocks individually. Their strengths are diversified through professional
management without having to invest a lot of money.
Decentralization is important to reduce risk. By owning several companies' shares, the value of the
fund shares will not be compromised even if the performance of individual companies is low. The
choice of securities to buy, cash and securities distribution, and when to buy are all made by the
fund manager or management. Fund managers have the training, time and resources to make the
best investment decisions based on information. This fund is also part of a fund where investors
can switch funds at no additional cost.. Most mutual funds are able to check the amount set on a
regular basis and automatically transfer funds on a regular basis once a month, including the
privilege of receiving checks. This type of investment is called the dollar cost average, which is
the same as the monthly average for people who are investing in regularly set dollar amounts. This
type of investment is the average of the dollar cost.

INDUSTRY PROFILE
The investment fund industry is one of the emerging industries in India. Currently, there are 40
players in the mutual fund company in India. The number of players in public places has decreased
from 11 to 5. The public place was gradually demoted to legacy as it caught up with the big wave
of the market in proportion to the players in the private land.
The Investment Trusts Association in India is a business entity that promotes the growth of
investment trust companies in India. It enforces an experienced and vigorous position in
identifying the steps that need to be taken to protect investors and encourage the field of mutual
funding.
It is worth noting that the AMFI is not a self-regulatory company (SOR) and that the hints do not
bind the members of the company. By its very nature, AMFI plays the role of advisor or counselor
within a mutual price point company. The recommendations emerge as mandatory and most
convenient if they are included in the regulatory framework that the Securities and Exchange
Commission (SEBI) of India has prescribed for mutual budgeting.
Indian mutual fund companies follow a three-tier system as demonstrated below.
1. Sponsor
2. Trust
3. Asset management

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HISTORY OF MUTUAL FUNDS:

First Stage 1964-1987:

The India Trust Unit (UTI) was established in 1963 under the National Assembly. It was founded
by the Reserve Bank of India and is managed and controlled by the Reserve Bank of India. In 1978,
UTI was separated from RBI and the Indian Industrial Development Bank (IDBI) replaced the
administration's regulations, not the RBI. The first plan launched by UTI was the 1964 unit system,
and as of the end of 1988, UTI manages 6,700 core assets.

Stage 2 1987-1993 (input from public sector funds):

Invested in non-UTI public investment funds established by General Banking and Life Insurance
(LIC) in India in 1987 and General Insurance Corporation (GIC) in India. The
SEBI Mutual Fund was the first non-UTI mutual fund established in June 1987. The SEBI Mutual
Fund is the first non-UTI mutual fund established in June 1987, with the Canbank co-
found(December 87), Punjab Bank (August 1989), India Cooperative Fund, 90 days). GIC
established a joint venture in December 1990 and LIC founded a joint venture in June 1989. By the
end of 1993, the mutual fund sector managed assets of Rs. 47005.

Stage 3 of 1993-2003 (Political Funding):

With the launch of the private fund in 1993, a new era has opened in the Indian investment fund
industry, allowing investors in India to choose from a broad range of funding products. In 1993,
the first rule of mutual funds was established, and all mutual funds were registered and managed.
Kuthary Pioneer (now merged with Franklin Templeton) is the first private investment fund
registered in July 1993.

Stage 4-From Feb 2003

In February 2003, UTI was divided into two independent agencies with the unit trust that cancelled
Indian law in 1963. One of them, as of the end of January 2003, is the unit assets of the Indian
Rupee unit managed at 29,835 rupees, especially the US 64 plan, guaranteed income and other
specific planned assets. The management of the Indian government unit trust and the specific

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business are under the framework of the Indian government. It is not included in the scope of mutual
fund rules.

Indian Securities and Exchange Commission (SEBI):

The Government of India is the main regulatory body of all groups. These groups raise capital in
the capital markets or invest in securities in capital markets such as stocks and listed bonds. The
proceedings of the Parliament were conducted by the Securities and Exchange Commission of India
in 1992. Investment funds have become important investors in stock market securities. They are
therefore under SEBI's jurisdiction. SEBI authorizes all investment funds, including investment
sites, to comply with investment restrictions and restrictions, how to record revenue and expenses,
how to disclose information to investors, and how to protect investors in general. To protect
investors' interests, SEBI develops policies and regulates investment funds. This rule applies to
investment funds promoted by public or private institutions, including investment funds promoting
foreign institutions. SEBI's Asset Management Corporation (AMC) manages funds by investing in
various programs from the funds it manages. According to SEBI regulations, two-thirds of board
members or members of a trustworthy independent company.

Investment Trust Association (AMFI) in India:

With the growth of Indian investment trusts, India needs to establish mutual fund associations as a
non-profit organization. The Indian Investment Trust Association (AMFI) was established on
August 22, 1995.
AMFI is the highest authority of all asset management companies (AMCs) registered with SEBI.
To date, all asset management companies have been members of the mutual fund program. It
operates under the supervision and guidance of the board of directors.
The Indian Mutual Funds Association is leading the mutual fund industry in India and is building
a professional and sound market with ethical standards that encourage and sustain standards. The
principles to protect and promote the interests of mutual funds and their owners.

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The flow chart below describes broadly the working of a Mutual Fund:

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12
13
 EQUITY DEBT FUNDS HYBRID
FUNDS FUND

Equity mutual funds may be An investment pool such as a A fund that combines a stock
described as “A mutual that mutual fund or exchange component, a bond
invests principally in stocks”. traded fund, in which core component and sometimes a
It can be actively or passively holdings are fixed income money market component in a
managed. Stock mutual funds instruments. A debt fund invest single portfolio. Generally,
are the principally categorized in short term or long term these hybrid funds stick to a
according to company size, the bonds, securitized products, relatively fixed mix of stocks
investment style of holdings in money market instruments are and bonds that reflects either a
the portfolio. There are many the floating instrument where moderate or conservative
types of risk is very high. Different orientation. A balanced fund is
fund they are as follows – types of debt geared towards investors who
funds are as follows – are looking for a mixture of
safety income and capital
LARGE CAP – INCOME – appreciation. different types of

Funds Funds which can vary their funds are as follows –

with more than 80% of assets in average maturity widely.

large cap companies over last 3
years.

LARGE AND MID GILT – MEDIUM AND EQUITY ORIENTED –

CAP – LONG TERM –
Hybrid fund whose average
Funds with between 60%-80% Funds which invest in guilt
equity exposure over the last 1
of assets in large cap companies gilt securities and can vary
year is greater than 60 %.
over last 3 years. their average maturity
widely.

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MID AND SMALL SHORT TERM – DEBT ORIENTED –
CAP – AGGRESSIVE –
Funds whose average maturity
Funds with at least 60% of Hybrid funds whose average
over the last 6 months is
assets in small and midcap equity exposure over the last 1
between 1 year – 4.5 years.
companies over last 3 years. year is between 25 and 60%.

TAX PLANNING – GILT SHORT TERM – CONSERVATIVE –

Funds which offer tax rebate Funds which invests in gilt Hybrid funds whose equity
under section 80C of the securities with average exposure over the last 1 year is
income tax act. maturity is 6 months. less than 25%.

INTERNATIONAL– ULTRA SHORT TERM– ARBITAGE –

Funds with more than 65% of Funds whose average maturity Funds which seeks returns from
over last 6 months is less than
assets of invested abroad. arbitrage opportunities between
1 year.
equity and derivatives and
BANKING SECTOR invest in debt when no arbitrage
FUND – is possible.
As per declared objective.

PHARMA SECTOR LIQUID FUND – ASSET ALLOCATION –

FUND –
Funds which do not invest any Funds which may invest fully
As per the part of assets in securities with in equity or debt depending on
declared objective. a residual maturity of more than the market conditions.
91 days.
POWER SECTOR
FUND –
As per the
declared objective etc.

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LITERATURE REVIEW

Literature on mutual fund performance evaluation is enormous. A few research studies that have
influenced the preparation of this paper substantially are discussed in this section Sharpe, William
F. (1966) suggested a measure for the evaluation of portfolio performance. Drawing on results
obtained in the field of portfolio analysis, economist Jack L. Treynor has suggested a new
predictor of mutual fund performance, one that differs from virtually all those used previously by
incorporating the volatility of a fund's return in a simple yet meaningful manner.

Michael C. Jensen (1967) derived a risk-adjusted measure of portfolio performance (Jensen’s

alpha) that estimates how much a manager’s forecasting ability contributes to fund’s returns. As
indicated by Statman (2000), the e SDAR of a fund portfolio is the excess return of the portfolio
over the return of the benchmark index, where the portfolio is leveraged to have the benchmark
index’s standard deviation.

S. Narayan Rao evaluated performance of Indian mutual funds in a bear market through Jensen’s
measure, and Fama’s measure. The study used 269 open-ended schemes (out of total schemes of
433) for computing relative performance index.
Then after excluding funds whose returns are less than risk-free returns, 58 schemes are finally
used for further analysis. The results of performance measures suggest that most of mutual fund
schemes in the sample of 58were able
to satisfy investor’s expectations by giving excess returns over expected returns based on both
premium for systematic risk and total risk BIJON ROY conducted an

Empirical study on conditional performance of Indian mutual funds. This paper uses a technique
called conditional performance evaluation on a sample of eighty-nine Indian mutual fund
schemes. This paper measures the performance of various mutual funds with both unconditional
and conditional form of CAPM. The results suggest that the use of conditioning lagged
information variables improves the performance of mutual fund schemes, causing alphas to shift
towards right and reducing the number of negative timing coefficients.

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Mishra Gupta (2002) measured mutual fund performance using lower partial moment. In this
paper, measures of evaluating portfolio performance based on lower partial moment are
developed. Risk from the lower partial moment is measured by taking into account only those
states in which return is below a pre-specified “target rate” like risk-free rate.

Kshama Fernandes (2003) evaluated index fund implementation in India. In this paper,
tracking error of index funds in India is measured. The consistency and level of tracking errors
obtained by some well-run index fund suggests that it is possible to attain low levels of tracking
error under Indian conditions. At the same time, there do seem to be periods where certain index
funds appear to depart from the discipline of indexation.

K. Pendarakietal. methodology is based on the combination of discrete and continuous multi-

criteria decision aid methods for mutual fund selection and composition. UTADIS multi-criteria
decision aid method is employed in order to develop mutual fund’s performance models. Goal
programming model is employed to determine proportion of selected mutual funds in the final.

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RESEARCH OBJECTIVE

OBJECTIVE

PRIMARY:

They main objective of this study is doing an in depth analysis of Mutual Fund Portfolio by taking
sample of funds and comparing it with others.

SECONDARY:

1) To understand the concept of portfolio management and its relation with mutual fund.
2) To evaluate and understand a portfolio consisting the best mutual fund scheme which will
earn highest possible refuses and will minimize the risk.
3) To understand the process of portfolio revision using different types of plans.
4) Also to analyze the performance of mutual fund scheme on the basis of various parameters.

LIMITATION:

Although the report has been made on the basis of relevant facts and figures but certain problem
has been faced, which are as follows –

1) The time constraint was one of the major problems.

2) The portfolio of mutual investment can change according to the market condition.

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RESEARCH METHODOLOGY

DATA SOURCE: The present study is mainly based on secondary data sources as obtained

from company websites, brochures, journals and magazines.

PERIOD OF STUDY: The study is conducted for the period 2009-2010 to 2013-2014.

METHODOLOGY: The study involves simple statistical tools like pie charts and bar graphs for
the purpose of analysis.

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ORGANIZATION STRUCTURE OF MUTUAL FUND

Mutual funds have organization structure as per the Security Exchange Board of India guideline,
Security Exchange Board of India specified authority and responsibility of Trustee and Asset
Management Companies. The objectives is to controlling, to promoted, to regulate, to protected
the investors right and efficient trading of units. Operation of Mutual fund start with investors save
their money on mutual fund, then Mutual Fund manager handling the funds and strategic
investment on scrip. As per the objectives of particular scheme manager selected scripts. Unit value
will become high when fund manager investment policy generates the return on capital market.
Unit return depends on at last economic policy. Below the graph indicates how the process was
going on to investors to earn returns. Mutual fund manager having high responsibility inside of
return and how to minimize the risk. fund return and efficient capital market. Also affects
international capital market, liquidity and When fund provided high return with high risk, investors
attract to invest more fund for same scheme.

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ORIGIN OF MUTUAL FUNDS IN INDIA

The history of mutual funds dates backs to 19th century when it was introduced in Europe, in
particular, Great Britain. Robert Fleming set up in 1968 the first investment trust called Foreign
and Colonial Investment Trust which promised to manage the finances of the moneyed classes of
Scotland by spreading the investment over a number of different stocks. This investment trust and
other investments trusts which were subsequently set up in Britain and the US, resembled today’s
close – ended mutual funds. The first mutual in the U.S., Massachusetts investor’s Trust, was set
up in March 1924. This was the open – ended mutual fund

The stock market crash in 1929, the Great Depression, and the outbreak of the Second World War
slackened the pace of mutual fund industry, innovations in products and services increased the
popularity of mutual funds in the 1990s and 1960s. The first international stock mutual fund was
introduced in the U.S. in 1940. In 1976, the first tax – exempt municipal bond funds emerged and
in 1979, the first money market mutual funds were created. The latest additions are the
international bond fund in 1986 and arm funds in 1990. This industry witnessed substantial growth
in the eighties and nineties when there was a significant increase in the number of mutual funds,
schemes, assets, and shareholders. In the US, the mutual fund industry registered a ten – fold
growth the eighties. Since 1996, mutual fund assets have exceeded bank deposits. The mutual fund
industry and the banking industry virtually rival each other in size.

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GROWTH OF MUTUAL FUNDS

By the year 1970, the industry had 361 Funds with combined total assets of 47.6 billion dollars in
10.7 million shareholder’s account. However, from 1970 and on wards rising interest rates, stock
market stagnation, inflation and investors some other reservations about the profitability of Mutual
Funds, adversely affected the growth of mutual funds. Hence Mutual Funds realized the need to
introduce new types of Mutual Funds, which were in tune with changing requirements and interests
of the investors. The 1970’s saw a new kind of fund innovation; Funds with no sales commissions
called “no load” funds. The largest and most successful no load family of funds is the Vanguard
Funds, created by John Bogle in 1977.
In the series of new product, the First Money Market Mutual Fund (MMMF) ig, The Reserve
Fund” was started in November 1971. This new concept signaled a dramatic change in Mutual
Fund Industry. Most importantly, it attracted new small and individual investors to mutual fund
concept and sparked a surge of creativity in the industry.

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PHASES

The mutual fund industry in India started in 1963 while formation of Unit trust of India, at the
initiative of government of India and Reserve Bank of India. The history of mutuals funds in India
can be broadly divided into four distinct phases.

FIRST PHASE -1964-1987 – Unit Trust Of India was established in 1963 by the act of parliament.
It was set up by the Reserve Bank Of India functioned by the Regulatory and administrative control
of Reserve Bank of India . In 1978 UTI was de-linked from 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 the UTI scheme 1964. At the end of 1988 UTI had Rs 6700 crores of assets
under management.

SECOND PHASE - 1987-1993 (ENTRY OF PUBLIC SECTOR FUND ) –

1987 marked the entry of non – UTI, public sector mutual funds set up by the public sector banks
and Life Insurance Corporation of India (LIC) and General Insurance Corporation (GIC) . SBI
mutual fund was the first non UTI mutual fund established in June in 1987 followed by Canbank
Mutual Fund (Dec87) , Punjab National Bank mutual fund (Aug89) , Indian Bank Mutual Fund
(Nov 89) . 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 . funds , except the UTI were to be registered by the Governed . The number of
mutual fund houses went on increasing , with many foreign mutual funds setting up funds in India
and also Industry was witnessed several mergers and acquisitions . As at the end of January 2003
, there were 33 mutual funds with total assets of Rs 1,22,805 crores .

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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 29,835crores as at the
end of January 2003 . The second is the UTI mutual fund , sponsored by SBI , PNB, BOB, and
LIC .

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ADVANTAGES & CONVENIENCES OF INVESTING IN MUTUAL FUND

Mutual funds have designed to provide maximum benefits to investors, and fund manager have
research team to achieve schemes objective. Assets Management Company has different type of
sector funds, which need to proper planning for strategic investment and to achieve the market
return.

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Portfolio Diversification

Mutual Funds invest in a well-diversified portfolio of securities which enables investor to hold a
diversified investment portfolio (whether the amount of investment is big or small).

Professional Management
Fund manager undergoes through various research works and has better investment management
skills which ensure higher returns to the investor than what he can manage on his own.

Less Risk
Investors acquire a diversified portfolio of securities even with a small investment in a Mutual
Fund. The risk in a diversified portfolio is lesser than investing in merely 2 or 3 securities.

Low Transaction Costs

Due to the economies of scale (benefits of larger volumes), mutual funds pay lesser transaction
costs. These benefits are passed on to the investors.

Liquidity
An investor may not be able to sell some of the shares held by him very easily and quickly, whereas
units of a mutual fund are far more liquid.

Choice of Schemes
Mutual funds provide investors with various schemes with different investment objectives.
Investors have the option of investing in a scheme having a correlation between its investment
objectives and their own financial goals. These schemes further have different plans/options

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DISADVANTAGES

The mutual fund not just advantage of investor but also has disadvantages for the funds. The fund
manager not always made profits but might creates loss for not properly managed. The fund have
own strategy for investment to hold, to sell, to purchase unit at particular time period.

Costs Control Not in the Hands of an Investor

Investor has to pay investment management fees and fund distribution costs as a percentage of the
value of his investments (as long as he holds the units), irrespective of the performance of the fund

No Customized Portfolios
The portfolio of securities in which a fund invests is a decision taken by the fund manager.
Investors have no right to interfere in the decision making process of a fund manager, which some
investors find as a constraint in achieving their financial objectives.

Difficulty in Selecting a Suitable Fund Scheme

Many investors find it difficult to select one option from the plethora of funds/schemes/plans
available. For this, they may have to take advice from financial planners in order to invest in the
right fund to achieve their objectives.

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 WHERE AND HOW TO INVEST

1) DIRECTLY THROUGH AMC :- To invest directly through the AMC , you can get each AMC’s
details through its website . Most AMC’s also having a toll free helpline which can also be a good
starting point if you do not use internet .

2) INTERMEDIARIES:- There is a wide variety of intermediaries available , These include most

banks, some stock brokers and a large number of individuals and small advisory companies . All
intermediaries are to be registered with AMFI.
3) DIRECT PLANS :- From January 1 , 2013 , all mutual fund houses have rolled out a new plan
of their existing fund schemes – THE DIRECT PLAN . These plans are targeted at investors who
do not make their mutual fund investments through distributors and hence a lower expense
compared to the existing fund scheme of the AMC .

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4) SYSTEMATIC INVESTMENT PLAN :-

SIP works on the principle of regular investments. It is like your recurring deposit where
you put in a small amount every month. It allows you to invest in a MF by making smaller
periodic investments (monthly or quarterly) in place of a heavy onetime investment i.e. SIP
allows you to pay 10 periodic investments of
Rs 500 each in place of a one-time investment
of Rs 5,000 in an MF. Thus, you can invest in
an MF without altering your other financial
liabilities. It is imperative to understand the
concept of rupee cost averaging and the power
of compounding to better appreciate the
working of SIPs.

5) SYSTEMATIC TRANSFERPLAN:-

STP refers to the Systematic Transfer

Plan whereby an investor is able to invest lump sum amount in a scheme and regularly
transfer a fixed or variable amount into another scheme.

6) SYSTEMATIC WITHDRAWAL PLAN :-

SWP refers to Systematic withdrawal Plan which allows an investor to withdraw a fixed or variable
amount from his mutual fund scheme on a preset date

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1) 100% Income Tax exemption on all Mutual Fund dividends
2) Equity Funds - Short term capital gains is taxed at 15%. Long term capital gains is not
applicable.
3) Debt Funds - Short term capital gains is taxed as per the slab rates applicable to you. Long term
capital gains tax to be lower of - 10% on the capital gains without factoring indexation benefit
and 20% on the capital gains after factoring indexation benefit.
4) Open-end funds with equity exposure of more than 65% (Revised from 50% to 65% in Budget
2006) are exempt from the payment of dividend tax for a period of 3 years from 1999-2000.

Mutual funds can be tax-efficient investment avenues

that can help reduce your tax burden and at the same
time increase your wealth. ELSS – An Ideal Tax-saving
Instrument - Equity Linked Savings Schemes (ELSS)
offers an easy option to obtain tax benefits and an
opportunity to harness the potential upside of investing in the equity market.

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ROLE OF SEBI

A index fund scheme means a mutual fund scheme that invests in securities in the same proportion
as an index of securities;” A mutual fund may lend and borrow securities in accordance with the
framework relating to short selling and securities lending and borrowing specified by the Board.
A mutual fund may enter into short selling transactions on a recognized stock exchange, subject to
the framework relating to short selling and securities lending and borrowing specified by the
Board.” “Provided that in case of an index fund scheme, the investment and advisory fees shall
not exceed three fourths of one percent (0.75%) of the weekly average net assets.“

“Provided further that in case of an index fund scheme, the total expenses of the scheme including
the investment and advisory fees shall not exceed one and one half percent (1.5%) of the weekly
average net assets.” Every mutual fund shall buy and sell securities on the basis of deliveries and
shall in all cases of purchases, take delivery of relevant securities and in all cases of sale, deliver
the securities: Provided that a mutual fund may engage in short selling of securities in accordance
with the framework relating to short selling and securities lending and borrowing specified by the
Board: Provided further that a mutual fund may enter into derivatives transactions in a recognized
stock exchange, subject to the framework specified by the Board.”

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ROLE OF ASSOCIATION MUTUAL FUND IN INDIA (AMFI )

The Association of Mutual Funds in India (AMFI) is dedicated to developing the Indian Mutual
Fund Industry on professional, healthy and ethical lines and to enhance and maintain standards in
all areas with a view to protecting and promoting the interests of mutual funds and their unit
holders.
AMFI working group on Best Practices for sales and marketing of Mutual Funds under the
Chairmanship of Shri B. G. Daga, Former Executive Director of Unit Trust of India with Shri
Vivek Reddy of Pioneer ITI, Shri Alok Vajpeyi of DSP
Merrill Lynch, Shri Nikhil Khattau of Sun F & C and Shri Chandrashekhar Sathe, Formerly of
Kotak Mahindra Mutual Fund has suggested formulation of guidelines and code of conduct for
intermediaries and this work has been ably done by a subgroup consisting of Shri B. G. Daga and
Shri Vivek Reddy.

IMPORTANCE-

• AMFI provides professionalism and a proper balance in the mutual fund industry.
• It promotes the highly-efficient business practices as well as the code of conduct in the mutual
fund industry among its members and those who are involved in mutual fund investments.
• AMFI is registered with SEBI and follows its suggestions while executing its activities.
• AMFI also represents the Government of India, the Reserve Bank of India and other related
higher authority bodies in the mutual fund operations.
• It also provides training programs to hone the skills of those who are involved in mutual fund
investments and also develops a team of efficient and skilled agents.

32
WANT TO BE A MUTUAL FUND ADVISOR ?

Intermediaries play a pivotal and valuable role in promoting sale of Mutual Funds. It is therefore
vital that those engaged in selling Mutual Funds have the highest standards of knowledge attitude
and ethics. Their well being, quality orientation and ways of doing business will have a significant
impact on how the Mutual Fund Industry develops in the future.
AMFI introduced the process to register the intermediaries who have passed the certification test
as AMFI Registered Mutual Fund Advisors (ARMFA), thus laying the foundation for an organized
industry and allotting a unique code-AMFI Registration Number (ARN) along with an identity
card. SEBI recognizing the importance of this initiative taken by AMFI had made Registration
with AMFI after passing AMFI Certification Test compulsory for intermediaries. SEBI has
clarified that after obtaining certification from NISM as per changed mandate, the requirement of
registration with AMFI, in terms of its circular dated November 28, 2002 would continue.

As such, all AMFI/ NISM Certified Intermediaries engaged in marketing and selling of Mutual
Fund schemes are required to be registered with AMFI after passing AMFI/ NISM Certification
Test. The Mutual Funds will not be able to deal with intermediaries who are not registered with
AMFI and obtained ARN. In terms of SEBI Circular dated September 13, 2012, "AMFI shall create
a unique identity number of the employee/ relationship manager/ sales person of the distributor
interacting with the investor for the sale of mutual fund products, in addition to the AMFI
Registration Number (ARN) of the distributor. The application form for mutual fund schemes shall
have provision for disclosing the unique identity number of such sales personnel along with the
ARN of the distributor."

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 NISM CERTIFICATE

PERSON HAS TO PASS NISM VA MUTUAL FUND DISTRIBUTORS

EXAM

AIMF IDENTITY CARD

PERSON HAS TO GET REGISTERED UNDER AMFI

34
 KNOW YOUR DISTRIBUTOR

ACKNOWLEDGEMENT

KNOW YOUR DISTRIBUTOR IS ALSO TO BE SUBMITED AT THE TIME

OF ARN NUMBER REGISTRATION

COMPUTER AGE MANAGEMENT SERVICE ( CAMS ) - ALL MUTUAL

Fund: Transaction processing & Valuation, Record Keeping, Corporate actions, Cash management
support & reconciliations, Unit capital to the fund accountant or AMC, Analytical reporting and
MI, Distributor relationship management, Special product support, Regulation Implementation,
Investor Services. Distributor: Computation and issuance of Commissions, Trail fees, Other
incentives, Incoming and outgoing STP with distributors, "Mailback" data distribution services to
smaller distributors, Extensive MI for smaller distributors and Channel partners' business support.
Investor: Anytime, anywhere service, Single window service, Consistency a cross touch points,
Consistency a cross geographies, Measurable service parameters and on demand, Unlimited
service.

35
HOW TO HAVE A BEST PERFORMING PORTFOLIO ?

Investments in equities, especially for the long term, are likely to yield the highest returns.
However, for many, keeping track of markets and individual stocks is not possible and also not
advisable. Especially so as professionally-managed and tightly regulated mutual funds are
available to do the same job. The endeavour here is to highlight some basic steps to consider in
building an equity portfolio through mutual funds.

Identify financial goals: The process starts with identifying your financial goals. You may be
looking to plan for retirement, children's education, a marriage or buying a house. If you have a
fair sense of the time frame in which to build the corpus, financial websites can help you plan for
the various scenarios, including factoring in possible rates of inflation.

Risk tolerance: Identifying your risk tolerance is important. If you are young and at the start of
your career, you can have an equity-oriented portfolio as you can afford to take a risk in
anticipation of higher returns. Those approaching retirement or are retired should ideally have low
equity exposure.

Selecting a fund house: The next step is to identify fund houses that have a pedigree in the
financial services and provide funds with a consistent track record across all categories. A
minimum of five years consistent returns could be a prerequisite.

Investment objective: yourself with the investment objective of the shortlisted funds. Identify
whether the fund invests across market capitalization or limits itself to large-cap, midcap or small-
cap stock baskets. Some funds could also be thematic. Most financial goals are long term and so
it is better to invest in diversified funds that have broad mandates. Also consider the benchmark
that the fund follows. It
will give you a broad sense of whether the fund is tracking a broad index, such as the CNX 500 or the
BSE 200.

36
Asset allocation: Selecting funds based on their investment objective brings us to the next step-
asset allocation. This, for the limited purpose of the column, means you should not be putting all
your eggs in one basket. A decision on asset allocation is broad and will include other investment
options, such as real-estate and bank deposits.

Shortlisting schemes: You may use performance as a measure to make your final list of schemes.
However, also consider consistency in performance over longer tenures, including for three, five
and 10 years. Your selected schemes should ideally be those that have consistently beaten their
benchmark and compare reasonably with their peers over long periods. You should also be aware
that there is no advantage to over diversifying your investments. A maximum of four or five equity
schemes is more than enough. To choose between two funds with a similar mandate, consider the
charges for the two. A fund manager's track record is also a factor. The longer a manager has been
with a fund, the better.

Keeping track: Monitoring your investments is the next step. Ask your advisor or sign up for
periodic updates on your investments. Do not be tempted to make changes in the first six months
or even a year. If you have followed the steps outlined above, you will not need to make a short-
term change. Changing funds also incur additional charges.

Course corrections: As long as your investments are giving you the required rate of return, don't
change your chosen funds or add funds, especially based on short term performance. The only
reason you will need to consider making a change would be if your selected scheme is trailing
your required rate of return for over a year or even two.

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 HOW TO SELECT A MUTUAL FUND ?

MUTUAL FUND INVESTORS HAVE TO LOOK FOR VARIOUS FACTOR BEFORE

INVESTING ARE AS THE FOLLOWING :-

1) Management Stability : If you find a manager , hang on to them . Top managers usually
continue to perform better in up and down markets, because they have the stability and
experience to stay focused on their objective .
2) Management Participation : The management team of a great mutual fund usually invests
heavily in their own fund . If it is good enough for their money .
3) No Load Structure : High commissions can have a detrimental effect on even a good mutual
fund . Most great funds offer a no load option .
4) Lower Expense Ratio : Keeping fund expense low is a goal for all funds , but the most great
funds are better at it than poorly manage funds . Top quality funds experience lower costs for
reasons and this strongly helps keep them on top .
5) Consistent Returns : When looking at the funds annual returns over the year , focus on funds
that are consistent and consistently beat their peer group . One year of out performance can be
luck , but regularly being in top ten percent takes skills and hard work . These are the gems that
you want handling your money .
6) Very Specific Strategy : Every fund has an investment strategy . Some are very vague and
others pinpoint their objective and follow their plan with laser like focus .

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RESEARCH FINDING AND ANALYSIS

1. Active management of funds is a far better approach than passive management of

funds because portfolios are continuously checked & revised to take appropriate
measures
2. Portfolio diversification is necessary in order to manage the risk .
3. Portfolio is created as per Investor class risk is more preferable.
4. Before Investing , the past performance of several years should be considered and consistency
should be checked rather than going for higher return in recent period.
5. Investor should take advice from Mutual Fund advisor who can guide them easy where to
invest .
6. Profit booking should also be done at the right time and right place .
7. Investors before investing should read the offer documents carefully.
8. SIP is the best type of investment one can do for future because it is safe and high return is
possible.
9. Investors should read the form of the company in which they are investing because all details
of the company , what are the future plans , goals and where they are going to investment all
details are mentioned so investors should be alert while investing .
10. Most people want to invest in high return fund and secondly wants to invest in liquid fund .
11. 65 % of people in India prefer SIP and 35% prefer one time .

39
Based on Secondary Data:

1. In Diversified mutual funds Kotak Opportunities Fund- Regular (G) is giving

outstanding performance, in last year Birla SL India GenNext (G) is having high

returns compared to all and Reliance equity Opportunities –RP (G) is having stable

returns.

2. Large Cap Mutual Fund's Reliance Top 200 Fund – RP (G) has a high value of 0.729,

and all the funds are heavily influenced by the market, so it can be seen that they do

not make the most of professional management

3. My overall aspect of the small and medium-sized funds Franklin India Prima Fund

(G) and DSP Small and Medium-RP (G) most active and good return and highly

sensitive market.

4. In equity linked savings scheme reliance tax saver (ELSS)(G) is best fund among all

compared five different ELSS funds by giving good returns and volatile in nature.

Based on Primary Data:

1. Respondent to whom questionnaire given was 30, but the respondents who investing

in mutual funds are 20.

2. Respondents belong to the age group of 31 to 40 years and say that they are interested

in investing in mutual funds. These people are more likely to invest than their

counterparts and want to invest in mutual funds to increase their income.

40
3. Most investors are physicians and professionals like California. Businesses and

professionals are more interested in mutual funds because of their high growth

potential and resource investment in money market products.

4. 30% of respondents invest in mutual funds for safety, and 27% of respondents invest

in mutual funds for risk diversification

5. 36% of the respondents is having income between 2-4 lakh yearly and interested and

have invested in mutual funds because it was their primary financial goal and also for

reducing taxable income.

6. 43% of the respondents are invest for 1-2 years and 33% of the respondents will

invest more than 0-1 year, these respondents are long term investors who are

expecting high profits in future.

7. 47% of the people invest <50000 because they are not ready to take risk, the

respondents are interested to invest between Rs.50000-rs.100000 is 33% and they are

ready to take risk.

8. 37% of investors prefers balanced equity fund, 30% prefer equity fund, 10% of the

investors or preferring debt scheme, because of lack of knowledge people invest only

on equity and balanced they won’t aware of other schemes.

9. The majority of respondents are self-determined, ie, 40% of those who start investing

in mutual funds, and only 27% with broker / adviser assistance for final investment

decisions.

41
10. With regard to institutional preferences based on that structure, most individual

investors prefer the "open-end" approach for flexibility in redemption, investment,

good return and liquidity.

11. 27% of the respondents marked performance of fund manager has most important and

23% has important.

12. 30% of the respondents marked performance of fund manager has most important and

34% has important. Investors use indicators of economic conditions to adjust their

views on economic growth and profitability.

13. 17% of respondents are ranked attitude towards risk is most important, they are ready

to take risk.

42
AXIS LONG TERM EQUITY FUND (G)

OBJECTIVE – The scheme seeks aggressive growth and to provide long term capital appreciation
through investing in different shares such as HDFC , KOTAK , MAHINDRA , LARSEN , TCS,
HDFC BANK ETC .

Fund class ELSS

Fund type Open – ended
Option Growth
Launch date 01 DEC 2009
Face value 10
Fund manager Jinesh Gopani
NAV (05-12-2014) 28.63
AUM 2020.07 cr
52 Week high 28.64
52 Week low 16.654
Entry load Nil
Exit load 1% if the investor redeem it before a span of 1
year .

SOURCE : The above data is collected from www.moneycontrol.com

43
HDFC TOP 200 FUND (G)

OBJECTIVE – The scheme seeks aggressive growth and aims to provide long term capital
appreciation through investment in shares such as STATE BANK OF INDIA , INFOSYS , ICICI
BANK , LARSEN , RELIANCE ETC .

Type of scheme LARGE CAP

Fund type Open – ended

Option Growth

Launch date 19 AUGUST 1996

Face value 10
Fund manager Prashant Jain
NAV 354.81

AUM 12,276.81

52 week high 356.81

52 week low 219.9
Entry load NIL
Exit load 1% if the investor redeem it before a
span of 1 year .

SOURCE : The above data is collected from www.moneycontrol.com

44
ICICI PRUDENTIAL TOP 200 FUND (G)

OBJECTIVE – The scheme seeks aggressive growth and aims to provide medium and long term
capital appreciation through investment in shares such as HDFC BANK , POWER GRID ,
WIPRO , ICICI BANK ETC .

Type of scheme LARGE CAP

Fund type Open – ended
Option Growth
Launch date 19 th June 1998
Face value 10
Fund manager Sankaran Naren
NAV 242.06
AUM 1012.25 cr
52 week high 243.90
52 week low 125.9
Entry load NIL
Exit load 1% if the investor redeem it before a
span of 1 year .

SOURCE : The above data is collected from www.moneycontrol.com

45
COMPARISION OF RETURNS

ANALYSIS: The above table and graphical representation shows return given by these three funds .
the best performing fund is AXIS LONG TERM EQUITY FUND because of the stock selection by
the fund manager and there was boom in the market condition .

46
ASSET ALLOCATION

AXIS HDFC TOP ICICI

LONG TERM 200 FUND PRUDENTIAL
EQUITY (%) TOP 100
FUND (%) FUND (%)

Equity 98.60 99.44 95.48

Debt 1.40 0.56 4.47

120.00%

100.00%

80.00%

60.00% EQUITY
DEBT
40.00%

20.00%

0.00%
AXIS LONG TERM EQUITY HDFC TOP 200 FUND ICICI PRUDENTIAL TOP 100
FUND FUND

ANALYSIS : Since these funds are equity funds , the investment in equity should be more than
65%. Anything below this would make it a debt fund . So from this table and bar chart we can
clearly see that these funds have a majorly invested in equity which is far above the minimum
requisite .

47
SECTORAL ALLOCATION: AXIS

AXIS LONG TERM EQUITY FUND

SECTORS
BANKS / FINANCE 28.42%

AUTO 12.49%

ENGINEERING 11.51%

TECHNOLOGY 9.27%

PHARMACEUTICALS 9.11%

CONS DURABLE 6.27%

OTHERS 22.93%

AXIS LONG TERM EQUITY FUND

BANKS / FINANCE AUTO ENGINEERING TECHNOLOGY
PHARMACEUTICALS CONS DURABLE OTHERS

23% 28%

6%
9% 13%
9% 12%

SOURCE : The above data is collected from www.moneycontrol.com

48
SECTORAL ALLOCATION: HDFC

SECTORS HDFC TOP 200 FUND

BANKS / FINANCE 30.65%

AUTO 8.77%

ENGINEERING 8.45%

TECHNOLOGY 12.46%

PHARMACEUTICALS 5.40%

OIL & GAS 15.20%

OTHERS 19.07%

AXIS LONG TERM EQUITY FUND

BANKS / FINANCE AUTO ENGINEERING TECHNOLOGY
PHARMACEUTICALS CONS DURABLE OTHERS

23% 28%

6%
9%
13%
9% 12%

SOURCE : The above data is collected from www.moneycontrol.com

49
SECTORAL ALLOCATION : ICICI

SECTORS ICICI TOP 100 FUND

BANKS / FINANCE 26.53%

UTILISES 8.31%

ENGINEERING 6.10%

TECHNOLOGY 14.68%

METAL &MINING 7.23%

OIL & GAS 14.09%

OTHERS 23.06%

ICICI TOP 100 FUND

BANKS / FINANCE UTILISES ENGINEERING TECHNOLOGY
METAL &MINING OIL & GAS OTHERS

23% 27%

14% 8%

6%
7%
15%

ANALYSIS – It is evident from the above table & graph that all these mutual funds house have
biggest investment in the banking sector followed by the IT sectors

50
Comparative analysis

Separate revenues should not be viewed as the basis for measuring the performance of mutual

fund programs. Also, for a fund manager, you have to take risks because different funds have

different risk levels.

The risks associated with a fund are generally defined as the volatility or volatility of the

revenue generated by the fund. The greater the change in the fund's income over a given

period, the greater the risk associated with the fund's income. These fluctuations are reflected

in the revenue generated by the two main outcome funds. First, the general market volatility

that affects all securities in the market is called market risk or system risk. Second, certain

securities in the fund portfolio are called non-systemic risk volatility. The total risk of a

particular fund is the sum of the two funds and is measured as the standard deviation of the

fund's earnings.

To determine the risk-adjusted return on a portfolio, some well-known writers have been

trying to develop comprehensive performance indicators that assess portfolios by comparing

alternative portfolios of specific risk levels since the 1960s. possible. But first you have to

understand all the factors used to describe the ratios, such as Beta, Traynor, Sharp, and

Jensne.

NAV

The net asset value (NAV) is the market value (including cash) of all shares held in the

portfolio divided by the total number of issued units minus debt. Therefore, the net asset

value of a mutual fund unit is more than "book value".

51
Beta

It measures the risk of the stock market or the fund. If the ratio of the beta 1 is exceeded, the

stock market change of the fund is more sensitive than the general fund. The trial may also be

negative. In other words, the value of the fund on the other side of the public market.

The trial measures the sensitivity of the fund's returns to normal market movements. It also

measures the volatility of the fund against the overall market volatility. Market Beta is set to

1.00. 1.00 or higher is less stable than the market, and the trial version is less than 1.00 and

less volatile.

Comparison between companies:

The main purpose of conducting intercompany analysis is to compare Livwealthy Equity

Funds to other asset managers (AMCs) according to different criteria.

The following are those four categories

1. Equity Diversified Funds.

2. Equity large-cap

3. Equity mid and small-cap

A comparative analysis of the above categories is provided for comparative analysis because

two parameters are considered:

• Fund return

• Risk Profile

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1. Stock/Equity Diversification Fund:

These are market funds that invest in industries, asset classes and financial products to

provide investors with the best return on a diversified portfolio.

Below are some funds in the market of this category.

1. Reliance equity oppor – RP(G)

2. Birla SL India GenNext(G)

3. HDFC Equity Fund(G)

4. Kotak Opportunities Fund – Regular(G)

5. Taurus Star Share(G)

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RECOMMENDATION FOR FUTURE RESEARCH

Best Mutual funds for SIP to Invest in India in 2015

We all are aware that, for any common man, among all other asset class, equity is the only and the
best asset that can give excellent returns over the long term. And the best way to get into equity-
investing is by taking the assistance of mutual funds. The recommended sips for the the year 2015
are as the following :-

1) L&T Business Cycles Fund: This is one of the best mutual funds to invest in India in 2015
actively managed open-ended equity fund that seeks to take exposure to stocks at different
stages of business cycle by using business cycle strategy. They basically switch from one
sector to another seeking upturn in respective sector.
2) Kotak Select Focus :This is a diversified equity fund and has been consistently performing
for the last 3 years. The average return from this mutual fund has been 15.6% compounded
annually. This performance of the fund has been successful in beating the benchmark index,
CNX200 whose return has been 10.6% annually for the same period. An SIP in this fund
since its launch would have given 18% rate of return compounded annually.
3) Birla Sunlife Frontline Equity Fund : is Birla sun life frontline equity fund has
consistently beaten its benchmark, S&P BSE 200, at least 9 times
in the past 10 calendar years. It had more than 1000 crore of AUM at the end of April 2014
. The last 10 years return 23.30%.
4) Mirae Assets India opportunities Fund : Mirrae Asset fund is consistently beaten its
benchmark and is providing a return of 25.45% from last 5 years compounded annually .
5) Hdfc Balanced Fund : Hdfc balanced fund mainly focusing in equity and debt to so it is
giving customers a balanced return of 19.20% compounded annually .

54
LIMITATIONS OF THE STUDY

Mutual funds are not customized portfolios

Mutual funds are like pre-plated meals; there is no customized assembling of the meal by the
customer. Mutual funds are standard products, managed centrally, offering significant advantages
to investors who are not equipped to make complex investment choices. Investors do not exercise
any direct control on how the portfolio is managed, but participate equity in it. Customized
portfolio as Portfolio Management Services (PMS)

No direct control over costs

Investors is a mutual fund participate in the pool of the funds, according to the proportion they
have contributed. The costs for managing the fund are centrally incurred and apportioned to every
unit. Investors cannot directly determine what costs can be incurred and how it would be
apportioned. SEBI has however, imposed limits on the amount and type of a cost a mutual fund
can incur.

Mutual fund offers too many product variants

To the investor, making a choice among many funds becomes tough when so many variants of the
same product are available in the market. Mutual funds try to vary their products, even if slightly,
to provide a choice to customers. If these are similar in objective and performance, investors may
find it tough to differentiate the products and make the right choice for their needs.

All investors should upload KYC document

Investors should fill in the KNOW YOUR CUSTOMER form and with that he/she should attach a
self attested copy of PAN CARD & ADDRESS proof along with it . Without KYC no customer
can invest in any mutual funds. .

55
CONCLUSION

Mutual funds now represent perhaps most appropriate investment opportunity for the most
investors. As financial markets become sophisticated and complex, investors need a financial
intermediary who provides the required knowledge and professional expertise on successful
investing. As the investors try to maximize the return and minimize the risk . Mutual fund satisfies
these requirements by providing attractive returns with affordable risks . The industry has already
taken over the banking industry , more funds being under mutual fund management than deposited
in banks . With emergence of tough competition in the sector funds are launching variety of
schemes which eaters to the requirement of particulars class of investors . Risk takers for getting
capital appreciation should invest in growth , equity scheme investors who are in need of regular
income should invest in growth equity scheme . Investors who are in need of regular income should
invest in income plan .

The stock market has been rising for over three years now . This in turn has not only protected .
The money invested in funds but has also helped grow these investments .

This has instilled greater confidence among fund investors who are investing more into the market
through mutual funds route than ever before .

56
REFERENCES

WEBLIOGRAPHY :

1) www.amfiindia.com

2) www.moneycontrol.com

3) www.nseindia.com

4) www.mutualfundindia.com

5) www.valueresearchonline.com

BIBLIOGRAPHY :

1) Savings and Investment book by Dhirendra Kumar

2) NSE VA mutual fund distributor book.

57
QUESTIONNAIRES

I am Shuva Sarkar, a student of MBA(FINANACE)

As a part of my course curriculum, I am doing a project titled “A Study on Comparative analysis
of Selected Mutual Funds in India”. I would be grateful if you would kindly co-operate and fill
the questionnaire.
I assure you that information provided by you will purely for academic purpose and would be kept
confidential.

Please take a few minutes to complete the survey using the link below
https://docs.google.com/forms/d/e/1FAIpQLSdeWZaD2mvgB2AhSaQx-ngTeK2-GOCW9--
m7XRSdRv6gnjGvA/viewform?usp=sf_link

58
The following charts and data summarize the responses collected through the questionnaire on the
topic “Questionnaire to analyse perceptions of peoples for mutual funds” for the project “A Study
on Comparative analysis of Selected Mutual Funds in India”. A total of 28 participants
provided their insights, which are critical in understanding the perception of people for investing
in mutual fund schemes.
The chart below illustrate the key findings from the survey

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