WHAT IS A MUTUAL FUND?

A Mutual Fund is a trust that pools the

savings of a number of investors who share a
common investment objective

IN turn buy assets

 LEGAL STRUCTURE
FUND SPONSPOR/SETTLOR
KOTAK MAHINDRA FINANCE LTD.

TRUST
KOTAK MAHINDRA MUTUAL FUND

TRUSTEE INVESTMENT
KOTAK MAHINDRA MANAGER &
TRUSTEE CO. LTD. ADVISOR
KOTAK MAHINDRA ASSET
UNIT MANAGEMENT CO. LTD.
HOLDERS

Contd…
21-2 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved
 LEGAL STRUCTURE
INVESTMENT MANAGER & ADVISOR
KOTAK MAHINDRA ASSET
MANAGEMENT CO. LTD.

APPOINTS

• CUSTODIANS

• REGISTRARS

• BANKS

• DISTRIBUTORS

21-3 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 Working of a Mutual Fund
INVESTORS Pool their money with
Passed back to INVESTORS GET A
BLEND OF LIQUIDITY
RETURNS & SAFETY
RETURNS FUND
MANAGEMENT
MUTUAL FUND
•LARGE CORPORATE
•SPECIALISTS MANAGE

Generate Invest in
PORTFOLIO SECURITIES INVEST IN
YIELDS HIGH BALANCED
RETURN TO MFs PORTFOLIO

21-4 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 TYPES OF MUTUAL FUNDS
Type of
Mutual Fund
Schemes

Special
Investment
Structure Schemes
Objective

Open Ended Industry Specific

Growth Funds
Funds Schemes
Close Ended Index
Income Funds
Funds Schemes
Sectoral
Interval Funds Balanced Funds
Schemes
Money Market
Funds

21-5 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS
OPEN ENDED CLOSE ENDED
 OPEN FOR ALL THE YEAR  OPEN FOR FIXED PERIOD
 MIN SUBS AMT 50CR  MIN SUBS AMT 20CR
 NO DURATION  DURATION (5TO7 YEARS)
 REFUNDED IF MIN SUBS NOT  REFUNDED IF MIN AMT
ACHIEVED NOT ACHIEVED
 REPURCHASED ANY TIME  MAY BE REPURCHASED
 REDEEMED AT NAV & LOAD (AFTER 2 TO 3 YRS)
FACTOR RANGES (4% TO 6%)  REDEMPTION SPECIFIED &
 AS REPURCHSED SO NOT DONE AT NAV - SERVICE
LISTED AT STOCK EX CHARGE
 TRADED AS PERMITTED LOT  LISTED AT STOCK EX
 DIVID MAY /MAY NOT  DIVID MAY/MAY NOT BE
 SWITCHOVER ALLOWED
21-6
 SWITCHOVER ALLOWED
Copyright © 2002 by Prof. A.K. .Mishra All rights reserved
 WHY INVEST IN MUTUAL FUNDS?
SAVE THROUGH MUTUAL FUNDS INVEST THROUGH MUTUAL FUNDS

Park surpluses Have a long term objective

Profile your risk

Short term investment
Selectappropriate MF scheme,
Easy liquidity based on risk return requirement

Tax benefits Mix of equity and debt

Invest regularly/with flexibility

21-7 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

BENEFITS OF MUTUAL FUNDS
Professional Management & Analysis
Diversification & Divisibility
Across Companies & Sectors
Liquidity
Entry & Exit at NAV
Transparency
Regular disclosures
Convenient Administration (Record Keeping)
Low Costs of operations (Lower transaction cost)
Choice of schemes.
Well Regulated. (By SEBI)
 INVESTMENT OPTIONS
Instrument Tenure Pre-Tax Risk Liquidity
Returns
Bank Deposits 7 days to 1 yr. 6% - 12% Low Possible by breaking
FD at cost
ICD’s <180 days 9% - 11% Medium No secondary mkt.
Call (thro’ PD’s) Overnight 6.5% - 9% Low Routed thro’ PD’s
T-Bills <12 months 7% - 9% Price High
Risk
Mutual Funds

Liquid Overnight to 1 8% to No High

month 9.5%
Bond 1 month – 12 9% - Low High
months 10.5% Credit
Serial Over 1 year 9% - 10% No price High
risk

21-9 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 RIGHTS AS A MUTUAL FUND
UNITHOLDER
• Receive statement of accounts within 6 weeks from the date your
request is received by the Mutual Fund

• Receive information about the investment policies, objectives,

financial position and general affairs of the scheme

• Receive dividend within 30 days of their declaration, receive

redemption proceeds within 10 days from the date of the valid
redemption

• Vote in accordance with the Regulations to:

- change the Asset Management Company
- wind up the schemes.

• To receive communication from the Trustee about change in the fundamental

attributes of any scheme
21-10 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved
 MUTUAL FUNDS

STRUCTURAL ISSUES (MUTUAL FUNDS)

 MUTUAL FUND (REGISTERED WITH SEBI) MEANS:

 A FUND ESTABLISHED IN THE FORM OF TRUST

21-11 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS
STRUCTURAL ISSUES (MUTUAL FUNDS)
 BY A SPONSOR
– BODY CORPORATE WHO ACTING ALONE OR IN
COMBINATION WITH ANOTHER BODY CORPORATE
– FLOATS THE IDEA OF SETTING UP OF MUTUAL FUND
– ESTABLISHES MUTUAL FUND IN FORM OF TRUST
– TRUST DEED EXECUTED WITH BOARD OF TRUSTEES
– REGISTERS IT WITH SEBI
– 40% CONTRIBUTION TO AMC

21-12 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS
STRUCTURAL ISSUES (MUTUAL FUNDS)
 TO RAISE MONIES BY TRUSTEES
– HOLDG PROPERTY OF MF IN TRUST FOR BENEFIT OF UNIT
HOLDERS
 THROUGH THE SALE OF UNITS
– REPRESENTING ONE UNDIVIDED SHARE IN THE ASSETS OF A
SCHEME
 FOR INVESTING IN SECURITIES
 APPLICATION FEES:5000;
 REGISTRATION FEES:10 LACS;
 ANNUAL FEES : 1 LAC

21-13 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS
STRUCTURAL ISSUES(MUTUAL FUND TRUST)

 MF TO BE CONSTITUTED IN FORM OF MF TRUST

 MANAGED BY A BOARD OF TRUSTES IN WHOSE
FAVOUR TRUST DEED IS EXECUTED BY SPONSORS
 50% MEMBERS NOT AFFILIATED WITH SPONSORS
 CONTROLS ALL CAPITAL PROPERTY OF MF
SCHEMES/ HOLDS THEM IN TRUST FOR HOLDERS

21-14 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS
STRUCTURAL ISSUES(MUTUAL FUND TRUST)

 APPOINTS AMCs
 ENSURES SCHEMES FLOATED & MANAGED BY AMC ARE IN
ACCORDANCE WITH TRUST DEED
 POWER TO OBTAIN REPORT/DISMISS AMC
 AN AMC NOT TO ACT AS TRUSTEE OF ANY MF
 APPOINT CUSTODIAN &SUPERVISE ITS ACTIVITIES

21-15 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS
STRUCTURAL ISSUES (MUTUAL FUND TRUST LIST)
 ALLIANZ CAPITAL & MGT SERVICES LTD
 ANZ GRINDLAYS BANK
 TIMES MUTUAL FUNDS
 UNIT TRUST OF INDIA
 VLS FINANCE LTD.
 KOTAK MAHINDRA FINANCE LTD
 PRUDENTIAL CAPITAL MARKETS LTD.
 SBI FUNDS MANAGEMENT LTD
 CEAT MF & ASSET MANAGEMENT COMPANY LTD.

21-16 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS
STRUCTURAL ISSUES (AMC)

 MFs OPERATED BY AMCs -APPTD BY TRUSTEES

 AMCs & TRUSTEES TWO SEPARATE LEGAL ENTITIES & ARM’S LENGTH

RELATIONSHIP MNTD

 AMCs TO APPROVE MOA & AOA FROM SEBI

21-17 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS

STRUCTURAL ISSUES (AMC)

 AMCs MIN NW 5 CR (40% CONTRIB BY SPOSORS)
 50% MEMBERS FROM OUTSIDE
 CAN’T ACQUIRE OUTSIDE THE SCHEME PROPERTY
 DISCLOSE REPURCHASE PRICE/NAV OF SCHEMES

21-18 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS
STRUCTURAL ISSUES (AMC LIST)
 20TH CENTURY AMC LTD
 APPLE ASSET MGT LTD.
 BOI AMC LTD.
 CREDIT CAPITAL AMC LTD.
 GIC AMC LTD.
 ICICI AMC LTD.
 ITC PIONEER AMC LTD.
 MORGAN STANLY AM INDIA LTD.
 PNB AMC LTD.

21-19 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUNDS
STRUCTURAL ISSUES (INVESTMENT MIX)
 EQUITY SHARES/EQUITY RELATED INSTRTS (CDs)/
DEBT INSTRUMENTS (NCDs, PSBONDS,GOVT
SECT)/MONEY MARKET INSTRTS(TBs, CPs & BILLS)
 5% CAP FROM ONE SCHEME IN ONE CO’S SHARE
 10% CAP FROM ALL SCHEMES IN ONE CO’S SHARE
 15%CAP FROM ALL SCHEMES IN ONE INDUSTRY
 TYPICAL ASSET MIX
SCHEME EQUITY DEBT MONEY MKT
GROWTH 70-90% 5-20% 0-10%
INCOME 20-30% 60-70% 0-15%
BALANCED 40-60% 40-50% 0-10%

21-20 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND INDUSTRY
KEY FINANCIALS
 NAV= M.V OF FUND’S INVESTS+REC+ACCRUED INCOME-
LIABILITIES-ACCRUED EXP
NO. OF SHARES OR UNITS OUTSTANDING
 MARKET PRICE: IN CASE OF CLOSE ENDED
 REPURCHASE/REISSUE PRICE: OPEN ENDED
 DISCOUNT
 RATE OF RETURN= NAV AT END-NAV AT BEGINNING +
DIVIDEND PAID
NAV AT BEGINNING
 INITIAL EXPENSES: CEILING OF 6%
 RECURRING EXPENSES: MAX 3% OF AV NET
ASSETS IN A YEAR

21-21 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND INDUSTRY
KEY FINANCIALS
LOADS(CHARGED TO MF SCHEME) THREE TYPES
 INITIAL ISSUE EXP (6% OF FUND RAISED)HIDDEN
 RECURRING EXP (3% MAX OF NET ASSETS)
– OTHER THAN INITIAL ISSUE EXP/ INCLUDES
TRUSTEESHIP FEES /INCLUDES INVST MGT &
ADVISORY FEE OF AMC (1.25% UPTO RS 100 CR & 1%
OVER 100 CR)

21-22 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND INDUSTRY
KEY FINANCIALS

LOADS(CHARGED TO MF SCHEME) THREE TYPES

 AMC CHARGE FOR ISSUE/RECURRING COST(6%)
 IN OPEN END SCHEME DIFF BETWEEN PURCHASE &
SALE PRICE NOT TO EXCEED 7% OF SALE PRICE
 BACK END (DISCOUNT TO NAV) DEDUCTED DURING
REPURCHASE/REDEMPTION

21-23 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND INDUSTRY
KEY FINANCIALS
NAV OF A NO-LOAD FUND (20 LACS UNITS ISSUED)
VALUE OF SECURITIES HELD IN PORTFOLIO 500 LACS
CASH IN HAND OF MUTUAL FUND 10 LACS
TOTAL ASSETS 510 LACS
LESS : OUTSTANDING LIABILITIES 110 LACS
TOTAL NET ASSETS 400 LACS
THUS NAV = Rs 400 LACS =RS 20 PER UNIT
UNITS 20 LACS
IF 10,000 NEW UNITS ISSUED AT NAV OF RS 20 PER UNIT
THUS NAV = ^TOTAL ASSETS =RS 4,02,00,000= RS 20 PER UNIT
^UNITS UNITS 20,10,000
THUS NAV DOES NOT VARY DUE TO SELING OR BUYING
NAV VARIES ON ANY VARIATION OF MARKET PRICES OF SECURITIES
HELD IN THE PORTFOLIO OF MF

21-24 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND INDUSTRY
KEY FINANCIALS
NAV OF A NO-LOAD FUND
NAV VARIES ON ANY VARIATION OF MARKET PRICES OF SECURITIES
HELD IN THE PORTFOLIO OF MF
NAV=(RS 6 MILL EQ + RS 4 MILL DEBT)- 2 MILL LIAB AS DEBT = 0.5
16 MILL UNITS IN TRUST
IF VALUE OF EQUITY IS DOUBLED, NAV SHIFTS
NAV=(RS 12 MILL EQ + RS 4 MILL DEBT)- 2 MILL LIAB AS DEBT = 0.875
16 MILL UNITS IN TRUST
IF VALUE OF EQUITY IS HALFED THEN THE NEW NAV IS
NAV=(RS 3 MILL EQ + RS 4 MILL DEBT)- 2 MILL LIAB AS DEBT = 0.3125
16 MILL UNITS IN TRUST

 IN ABOVE, FUND SHOULD SWITCH FROM AGGRESSIVE TO DEFENSIVE

INVEST TO AVOID RAPID EROSION OF NAV
 INVEST IN DEBT INSTRTS MAY BE ONE SOLUTION

21-25 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND INDUSTRY
KEY FINANCIALS
NAV OF A LOAD FUND (20 LACS UNITS ISSUED)
IF MF IS A 4% FRONT LOAD FUND
THEN NAV=NAV(OF NO-LOAD FUND) PER UNIT/1-% OF LOAD
= RS 20= RS 20 = RS 20 = RS 20.80 AS CALLED OFFERING
1-4% 1-4/100 0.96
HERE
 OFFER PRICE (SALE PRICE) WILL BE 20.80 PER UNIT

 BID PRICE (REPURCHASE PRICE) WILL BE RS 20.00 PER UNIT

 DIFFRENCE BETWEEN OFFER & BID PRICE IS 4% i.e. 80 PAISE
IS CALLED “SPREAD” PAID TO FUND
 THERE IS A TWO WAY QUOTE PROVIDED BY IN OPEN FUND

21-26 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND INDUSTRY
KEY FINANCIALS
 MARS, PVT SECTOR MF LAUNCHED A GROWTH SCHEME WITH AN
INITIAL TARGET OF Rs 100 CR. DEPLOYMENT OF FUNDS IS TO
CONFIRM THE FOLLOWING COMPOSITION
 EQUITY 70%, DEBT 25% MONEY MARKET 5%
 INITIAL EXPENSES 4%
 DEBT COMPONENT INVESTED EQUALLY IN AAA & AA RATED
INSTRUMENTS AT 18% & 20% RESPECTIVELY
 EQUITY PORTION INVESTED IN SENSEX SCRIPS
 AV. YIELD ON MONEY MARKET COMPONENT WAS 8%
 SENSEX WAS AT 3800 & AT TIME OF INVEST IS AT 2900 AFTER ONE
YEAR
 DEBT & MONEY MKT INSTRTS VALUED AT COST
 RECURRING EXP MET OUT OF INCOME EARNED ON DEBT & MONEY
MKT INSTRTS (assume 3% on size of fund)
 COMPUTE NAV & SALE PRICE IF FRONT LOAD FACTOR IS 5%

21-27 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND INDUSTRY
 PASSING THROUGH CRITICAL PHASE
 “LIVING DEAD” IN STOCK MARKETS
 LOST INVESTOR’S CONFIDENCE
 UTTER FAILURE IN INDIA

21-28 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND INDUSTRY
FEW EVIDENCES
 SHRIRAM ASSET MGT CO FINED (JUN 96)
 MORGAN STANLEY FINED (2/6/97)
– RESORTING TO SHORT SALES
– PRICE RIGGING IN BHEL SCRIPS
– RENDERING PORTFOLIO MGT SERV TO GROUPS
 CANSTAR UNABLE TO PURCHASE AT PROMISED
NAV
 LIC MF HAD TO PURCHASE AT PROMISED NAV &
BOOK THE LOSS TO AMC

21-29 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND MONITOR
Particulars Growth Income Balanced Total

No. of Schemes 98 28 32 158

Schemes giving -ve returns 50 01 02 53
on annualised basis
Schemes giving single 31 10 12 53
digit annualised returns
Schemes giving double 17 17 18 52
digit annualised returns
Source: Business Today
21-30 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved
 MUTUAL FUND MONITOR
INSTITUTIONS 1994-95 1995-96 1998-99

UTI 8120 2470 860

Private Sector 1216 375 115
Public Sector 949 327 156
TOTAL 10,285 3,172 1,131
Source: Business Today

21-31 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPEARATION
FAILED IN
ALL CHAINS INVESTOR’S PRODUCT
OF OPERATIONS SERVICE DESIGN

THE
CHAIN
OF PRODUCT
OPERATION MARKETING

OUT FUND
SOURCING MANAGEMENT
21-32 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved
 MUTUAL FUND OPERATION
PRODUCT DESGIN

•INNOVATION

•SUPERIOR DESIGN

•ADAPATABILITY

21-33 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
PRODUCT DESIGN
 DID LITTLE TO INNOVATE WITH INNOVATION
 70% SCHEMES CLOSE END WITH POOR RETURNS
 UTI STILL CONTINUES WITH PLAIN VANILLAS
 INNOVATION ONLY IN OPEN END SCHEMEDS
 TIME TO DESIGN SECTOR, LOCATION BASED MFs

21-34 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
PRODUCT DESIGN- PACKAGED POTFOLIO MODEL
 KNOW BEFOREHAND Cos WERE INVEST BE MADE
 PORTFOLIO TO CONSIST OF 50 BLUE CHIP Cos WHICH
HAVE CREATED ENORMOUS WEALTH TO HOLDERS
& THEIR MKT CAP HAVE INCREASED
 FLEXIBILITY TO TIME INVESTMENTS TO TAKE
ADVANTAGE OF PRICE MOVEMENTS
 FUND INITIALLY TO BE OPEN ENDED
 AUTOMATICALLY CONVERTED INTO CLOSE ENDED
ONCE THE INVESTMENT CEILING IS ACVD
21-35 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved
 MUTUAL FUND OPERATION
PRODUCT MARKETING

•COST

•AGGRESSIVE MARKETING

•UPFRONT COST

21-36 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
PRODUCT MARKETING
 COST & ETHICS ARE TWO IMPORATNT FACTORS
 UPFRONT COST BORNE BY INVESTOR OR AMC
 UTI CAN’T AGGRESSIVELY MARKET ITS PRODUCT
 MORGAN STANLEY MADE MFs AS IPOs & ALL
NUANCES OF IPOs WERE BROUGHT IN

21-37 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
FUND MANAGEMENT

•CAPITAL PROTECTION

•MARKET TIMING

•ASSET QUALITY

21-38 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
FUND MANAGEMENT
 NON-QUALIFIED, UNPROFESSNL FUND MANAGERS
 LOOK MFs AS ANOTHER EQUITY PRODUCT
 IGNORE ASSET ALLOCATION, PORTFOLIO,
TURNOVER & COST
 NO QICK ASSET REALLOCATION ON TIME
 DON’T INCLUDE HIGH LIQUID BLUE CHIP STOCKS
 NOT BALANCING RISK RETURN EXPECTATION OF
INVESTORS

21-39 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
FUND MANAGEMENT- SUGGESTED MODEL
 PROTECT CAPITAL FROM EROSION
 ALTERNATIVELY GUARANTEE CAPITAL SAFETY
 POSSESS EXCELLLENT RESEARCH CAPABILITIES
– TO ENSURE MARKET TIMING
– INVESTMENT STRATEGY FORMULATION
 FOLLOW APPROPRIATE ASSET ALLOCATION MODEL
SUITING FUND’S OBJECTIVE
 QUICKLY RESTRURE ASSET ALOCATION ON NEED
 ENSURE QUALITY OF ASSETS BE IT EQTY OR DEBT
 ENSURE ECONOMICAL COST OF OPERATIONS BE IT
MANAGEMENT FEES OR OTHER EXPENSES

21-40 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
OUTSOURCING

•COST CONTROL

•FLEXIBILITY

•CHOICE

21-41 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
OUTSOURCING
 NEW CONCEPT THAN TO DO THINGS IN HOUSE
 ENDORSED AS A GREAT COST CUTTING MEASURE
 CONVERTS FIXED COSTS TO VARIABLE COSTS
 ABROAD OUTSOURCING 100% FROM PRODUCT
DESIGN TO INVESTOR SERVICING
 YET TO COME IN INDIAN FUND MANAGEMENT
 ONE AREA MAY BE DISTRIBUTION NETWORK

21-42 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
INVESTOR SERVICE

•CUSTOMER FOCUS

•BETTER CONFIDENCE

•EFFICIENT SERVICE

21-43 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved

 MUTUAL FUND OPERATION
CUSTOMER FOCUS
 SCANT ATTENTION TO INVESTOR’S SERVICING
 IGNORING INVESTOR’S EDUCATION
 NOT INCLINED TOWARDS TRANSPARENCY
 NON DISCLOSURE OF PORTFOLIO
 LACK LUSTER SHOW ON RETURNS FRONT
 UNIT HOLDERS NOT TREATED AS CUSTOMERS
 GOOD SERVICE ATTRACTS MULTIPLE CUSTOMERS
 MORALE “TREAT HIM LIKE CUSTOMER & INVEST IN
TECNOLOGY TO REACH HIM FAR & WIDE”
 LESSONS TO LEARN FROM Pvt SECTOR MFs

21-44 Copyright © 2002 by Prof. A.K. .Mishra All rights reserved