GWALIOR

Summer Training Project Report

On An analysis of market potential for mutual funds among retail investors

SUBMITTED TO:
Prof. K.K. Panday (Project Guide)

SUBMITTED BY:
DEEPAK SINGHAL M.B.A. II Sem (A Sec.)

Certificate
This is to certify that Mr. Deepak singhal has done the summer training report An analysis of market potential for mutual funds among retail investors under my supervision for the degree of Master of Business Administration. The work done by him is a sole effort and has not been submitted as or its part for any other degree.

Mr. K.K. Panday (Lecturer)

Prestige Institute of Management (Gwalior)

Declaration
I, Deepak singhal here-by declare that the project report An analysis of market potential for mutual funds among retail investors for the fulfillment of the requirement of my course from PIMG is an original work of mine and the data provided in the study is authentic, to the best of my knowledge.

This study has not been submitted to any other Institution or University for award of any other degree.

HOWEVER, I ACCEPT THE SOLE RESPONSIBILITY OF ANY POSSIBLE ERROR OR OMISSION

Deepak singhal Roll.No.1290127

Acknowledgement
It is a matter of Great Pleasure for me in submitting the project report on An analysis of market potential for mutual funds among retail investors For the fulfillment of the requirement of my course from PIM, Gwalior. I am thankful to and owe a deep dept gratitude to all those who have helped me in preparing this report. Words seem to be inadequate to express my sincere thanks to Mr. K.K. Pandey for his valuable guidance, constructive4 criticism, untiring efforts and immense encouragement during the entire course of the study due to which my efforts have been rewarded. I am highly obliged to those who had helped me to procure primary data to complete my project. Also not to be forgotten are the Lecturers of MBA who contributed their ideas and suggestions. I want to thank all who have supported me and gave their timely guidance. Last but not least I am very grateful to all those who helped me in one-way or the other way at every stage of my work.

Deepak singhal

Preface
Many individuals own mutual funds today. Indeed, the mutual fund industry which reached $3.64 trillion in assets by 2009,comprises the bulk of many investors financial assets, whether for retirement or taxable savings purposes .To a large extent, mutual funds are the investment vehicle for the majority of house holds in the India. In the introductory chapter, I have consider the role of mutual fund in todays investing environment, learn just how popular mutual funds have become and consider why investors have chosen to put so much money into funds. Clearly, mutual funds are a major financial asset for numerous investors, and in many ways they play the dominant role in todays investing world for millions of house holds. I have also told about the basics of mutual funds, defining terms and discussing the mechanics about how funds work. I have also considered other alternatives .I have mainly focused up on the study that which companys mutual investments are mostly preferable by investors. Today investors are becoming rational & they see all the parameters before investing .I had also reviewed the types of mutual funds, structure of mutual funds and their current scenario.

TABLE OF CONTENTS
1. Introduction of the Company 2. History of the organization 3. Management Structure 4. Financial Performance 5. Personnel (HR) 6. Production 7. Marketing 8. Management Discussion and Analysis 9. Strengths and Opportunity 10. Special observed points 11. Introduction of Topic 12. Objectives of the study/topic 13. Scop of the Study/topic 14. Need of the study/topic 15. Result and Discussion 16. Implications & Suggestions 17. Conclusion 18. Bibliography

NJ INDIA INVESTMENT PVT. LTD.

Company Profile
Promoters Mr. Neeraj Choksi & Mr. Jignesh Desai (R) are two first generation entrepreneurs who began the journey of 'NJ' in 1994. The promoters of the NJ Group were friends since their college years and the bond between Mr. Neeraj & Mr. Jignesh has been instrumental in the success of NJ. Discussing upon important things before taking any decision, is a habit that they have followed ever since they shared their hostel room in Vidhyanagar, where Mr. Neeraj was studying his management courses and Mr. Jignesh was into engineering. They both have a complementary style of functioning that augurs perfectly well for the business. Driven by their passion for delivering real value to the customers, the promoters have successfully put NJ on the forefront of innovation & growth. With a humble beginning from home, the promoters have successfully shaped the group's forays into many diversified businesses. NJ Realty is an attempt to connect to customers and offer great value through realty programs / projects. At the core is the idea to keep environment and affordability in focus in all realty engagements with stakeholders. Both believe that 'Trust' has played a very important role in NJ's journey, and in every step that they have taken. And with NJ Realty, the promoters are aiming to strengthen this trust of customers and associates.

INTRODUCTIN OF NJ INDIA INVESTMENT PVT. LTD.

NJ IndiaInvest Pvt. Ltd. is one of the leading advisors and distributors of financial products and services in India. Established in year 1994, NJ has over a decade of rich exposure in financial investments space and portfolio advisory services. From a humble beginning, NJ over the years has evolved out to be a professionally managed, quality conscious and customer focussed financial / investment advisory & distribution firm. NJ prides in being a professionally managed, quality focused and customer centric organisation. The strength of NJ lies in the strong domain knowledge in investment consultancy and the delivery of sustainable value to clients with support from cutting-edge technology platform, developed in-house by NJ.

At NJ we believe in having single window, multiple solutions that are integrated for simplicity and sapience making innovations, accessions, value-additions, a constant process providing customers with solutions for tomorrow which will keep them above the curve, today NJ has over INR 10,000* crores of mutual fund assets under advice with a wide presence in over 100+ locations in 21 states in India. The numbers are reflections of the trust, commitment and value that NJ shares with its clients. NJ Wealth Advisors, a division of NJ, focuses on providing financial planning and portfolio advisory services to premium clients of high net-worth. At NJ Wealth Advisors, we have developed processes that focus on providing the best in terms of the advice and the ongoing management of your portfolio and financial plans. At NJ, our experience, knowledge and understanding enables us to provide you with the expected value, in an enhanced way. As a leading player in the industry, we continue to successfully meet the expectations of our clients, through meaningful and comprehensive solutions offered by NJ Wealth Advisors

HISTORY OF NJ INDIA INVESTMENT PVT. LTD.

A evolving, emzging & enterprising group with its' roots in the financial services sector and today expanding into newer horizons with great passion. The vision of the group is to be leaders in businesses driven by customer satisfaction, commitment to excellence and passion for continued value creation for all stakeholders. This vision has helped us grow and build the trust of our customers and associates which is at the cornerstone of everything we do. Trust is also at the heart of our success and the driver for passion for our success. NJ Group is a leading player in the Indian financial services industry known for its' strong distribution capabilities. The journey of NJ began in 1994 with the establishment of NJ India Invest Pvt. Ltd., the flagship company, to cater to investor needs in the financial services industry. Today, the Wealth Advisory Network, also known as the NJ Fundz Network, started in 2003 is among the largest networks of wealth advisors in India. Over the years, NJ Group has diversified into other businesses and today has the presence in businesses ranging from wealth advisory network, asset management, real estate, insurance broking, training & development and technology. Our rich experience in financial services, combined with executional capabilities and strong process & system orientation, has enabled us to shape a rising growth trajectory in our businesses. NJ Group is based out of Surat in Gujarat (India) and has presence in over 100* locations in India and has over 1,000* employees.

OBJECTIVE OF NJ INDIA INVESTMENT PVT. LTD.

Vision:
To be the leader in our field of business through, Total Customer Satisfaction Commitment to Excellence Determination to Succeed with strict adherence to compliance Successful Wealth Creation of our Customers

Mission:
Ensure creation of the desired value for our customers, employees and associates, through constant improvement, innovation and commitment to service & quality. To provide solutions which meet expectations and maintain high professional & ethical standards along with the adherence to the service commitments.

STRUCTURE OF NJ INDIA INVESTMENT

The management at NJ brings together a team of people with wide experience and knowledge in the financial services domain. The management provides direction and guidance to the whole organisation. The management has strong visions for NJ as a globally respected company providing comprehensive services in financial sector. The 'Customer First' philosophy in deeply ingrained in the management at NJ. The aim of the management is to bring the best to the customers in terms of Range of products and services offered Quality Customer Service All the key members of the organisation put in great focus on the processes & systems under the diverse functions of business. The management also focuses on utilizing technology as the key enabler for all the activities and to leverage the technology for enhancing overall customer experience. The key members of the management are: Mr. Neeraj Choksi Jt. Managing Director Mr. Jignesh Desai Jt. Managing Director

Key Sales Team:

Mr. Misbah Baxamusa Mr. Naveen Rathod Mr. Kulbhushan Nandwani Mr. Prashant Kakkad National Head V.P. (Sales) A.V.P. (Marketing) A.V.P. (Sales)

Key Executive Team :

Mr. Shirish Patel Mr. Abhishek Dubey Mr. Vinayak Rajput Mr. Dhaval Desai Mr. Col. Dixit Mr. Tejas Soni Mr. Viral Shah Mr. Rakesh Tokarkar Information Technology Business Process Operations Human Resources Administration Finance Research Compliance

FINANCIAL PERFORMANCE OF NJ INDIA INVEST PVT. LTD.

NJ Insurance Brokers Pvt. Ltd. has a strong lineage as part of the NJ group. NJ India Invest Pvt. Ltd. (NJ), the flagship company of the group, was started in 1994 to cater to the growing needs in the financial services industry. NJ today is one of the leading distributors of investment products and providers of financial services in India. The NJ group has a very strong understanding and domain expertise in financial investments space and portfolio advisory services accumulated over a a decade of experience in the industry. NJ is amongst the largest distributors of mutual funds in India and has over Rs.10,000 Crores of mutual fund assets under advice. NJ also has one of the largest network of financial advisors in India, numbering over 15,000, engaged in advisory & distribution of financial products. The NJ Group is also spreading its Real Estate business by undertaking projects in engagement with various stakeholders. NJ also provides training and development services under the brand of NJ Gurukul. NJ Gurukul is one of the largest trainers of AMFI - Mutual Funds certification and is also one of the selected Education Providers (EP) of the prestigious Certified Financial Planner (CFP) certification affiliated to FPSB India. The NJ Group has also presence in Asset Management business with NJ Advisory Services Pvt. Ltd., which offers PMS products. NJ Group recently also ventured into Information Technology business, offering clients with solutions that leverage upon the Groups' strong IT expertise. The NJ group is currently present in over 110 locations across 21 states in India and has over 1,000 employees. The NJ Group prides in being a professionally managed, quality focused and customer centric group. The NJ Group gives critical importance to internal processes and technology for providing convenience and value to clients. The combination of domain expertise, technology and effective delivery systems enables us to understand the client needs and delivery the same in best possible manner. The NJ Group takes compliance and adherence to establish rules and guidelines in all its businesses very seriously and is committed to follow the best practices for same. The vision of NJ is to help customers create wealth and enjoy overall financial well-being. All the initiatives undertaken and services being offered by us are in line with this vision, to which we are committed while upholding the values that NJ Group is proud of.

PERSONNEL OF NJ INDIA INVEST PVT. LTD.

Recruitment process
The Board of Trainers, comprising of a cross section of trainers from diverse backgrounds, brings the delivery capability for diverse training modules. NJ Gurukul's BoT (Board of Trainers) comprises of 35 trainers and the average experience in training of these trainers is an impressive 8 years. Selection of trainers is done through a robust process. The qualifications, dedication and passion to training and experience form the major factors of selecting the right person. Evaluation of the trainers in a major activity. All the trainers on board are subjected to evaluation through various methods including feedback of the trainings conducted by them. Continuous improvement by the trainers is another basic and strict requirement. The trainers are required to continuously upgrade themselvesby attending various trainings, seminars, etc. Self initiative by trainers for this is appreciated and duly rewarded. The trainers are informed about their training results as to how did the trainees trained by them at any specific training, fared in the exams. This is done to give them a clear picture of their own performance as a trainer, thereby assisting them in understanding the areas which require more effort. A training for the trainers is conducted once a year by NJ Gurukul so as to give a clearer picture to the trainers as to what is expected of them and also to reassure uniformity of content and quality, and standardized delivery mechanism by all NJ Gurukul trainers. As a Freelance Any trainer willing to affiliate with us as a freelance trainer in finance domain. Trainer

Position for CFPCM Trainer

Qualification Desired Candidate Profile Age group Location CFPCM More than 1 year of experience in imparting training Willing to travel 25-38 years Anywhere in East, West, North and South

Position for NISM /Product /Selling skill /Soft Skills /Basic Trainer
Qualification Desired Candidate Profile MBA, CFA, CA or any other equivalent qualification More than 1 year of experience in imparting training Willing to travel

Age group Location

28-35 years Anywhere in East, West, North and South

As an Employee Any qualified candidate willing to associate with us for a brilliant career opportunity.

Position for Content Developer

Qualification Desired Candidate Profile Age group Location Anywhere in East, West, North and South MBA(Finance), CFPCM,CFA, CA or Ph.D. (Finance) 3 to 4 years of experience as a content developer in finance Industry

Position for Marketing Executives

Qualification Desired Candidate Profile MBA(Marketing) or any other equivalent qualification More than 5 years of experience for junior position and 10 years for senior position Should posses knowledge of Mutual Fund Willing to enter into educational sales i.e selling of various courses/Product Basket Willing to travel

Age group Location Ahmedabad, Delhi, Kolkata and Bengaluru or Chennai

Welfare activity
Products for Everyone NJ Gurukul strives to nurture talent for success and to assist various categories of people involved in financial industry. With its wide spectrum of offerings, it is capable of providing assistance to a vast group of people. For past some years, NJ Gurukul has been serving the business community with innovative, high quality, comprehensive training and education programs. It has been helping them create and improve their competitiveness by facilitating them to excel, grow and succeed. Keeping abreast with the latest market trends is a way of life at NJ Gurukul. Over the years we have constantly reinvented, restructured and remodelled our own services and offerings. All this has contributed to making it a stupendous journey, for all. Given below is a comprehensive list of the training programmes best suited to people according to their profiles and requirements.

Sr. Categories of prospective trainees No 1 2 3 4 5 Employees in financial services industry (Bank, AMC's, Distribution) Financial advisors and distributors Students of financial services industry Those looking for employment (Employment seekers in financial services industry) General public for

Suggestedmodules AMFI, BT, CFP, CPFA AMFI, CFP, CPFA AMFI, CFP, CPFA, Business English, Advanced English AMFI, CFP, CPFA, Business English, Advanced English, English 4All AMFI, CFP, CPFA, Business English, Advanced English, English 4All

Knowledge Enhancement Soft Skills Communication Skills English Speaking

PRODUCTS OF NJ INDIA INVEST PVT. LTD.

Products/services offered
NJ offers advisory and distribution services on the following products. Investment Products: Mutual funds covering all AMCs & all schemes, Fixed Deposits of companies, PMS products (Third party & NJ) Government/RBI bonds, Infrastructure Bonds, Approved securities for charitable trusts, etc Real Estate: Residential properties Commercial properties Training & Education: Certification training courses AMFI CFP Training products

Services Offered:
Trading & Demat Account: NJ India Invest Pvt Ltd offers benefits of trading and depository services under one roof. NJ is registered as a Member with Bombay Stock Exchange (BSE) & National Stock Exchange (NSE). NJ is also registered as a Depository Participant of CDSL. Dematerialisation and trading in the demat mode is the safer and quicker alternative to holding physical securities. Under the depository services the securities are held in electronic form for the investor directly by Depository. At NJ, we are committed to provide complete depository services which is convenient, safe and secure. Customers can approach the DP Helpdesk for any queries & grievances that they may have.

Quality control
Service is the key to unlocking customer satisfaction, which again is key for sustainability of any business. At NJ we understand this very well. NJ has set strict processes in place to deliver quality services to customers. At NJ strict quality service standards are set and a well-defined process is established and followed religiously by our quality customer service teams. Performance is evaluated on a frequent basis and glitches are ironed out. But quality service also involves quality people in addition to processes. NJ gives significant focus to the proper training and development of the people involved in the service delivery chain. Further we, Have well-defined "Privacy Policy" to keep clients information confidential & internal audits done on the same at regular intervals Receive various statistics which are analysed on an ongoing basis to improve the service

standards We are committed to improve and enhance our services and undertake new service initiatives. Such and other services differentiate us with other service providers in the industry. Our Service Commitments The service commitments are to guide the actions of the people at NJ. Clearly stated, customers can freely communicate any such actions/events wherein they feel that any of the following commitments have been breached / compromised. At NJ we desire to honour our commitments at all points of time and to all our customers without any bias. To provide customer-focussed need-based valued services To provide reliable, accurate and timely information To maintain all records in privacy To optimise services/benefits at least justifiable cost To develop and grow the customers business To provide constructive after sales service To honour our service commitments Consumer Grievances: At NJ, we are committed to provide our customers with quality services. The existings customers may approach NJ Customer Care for any queries / clarifications or issues that they may face. For the customers of Demat & Trading Account services, we have a dedicated DP Helpdesk which can be reached at dpservices@njgroup.in, for any queries or grievances.

FINANCIAL PLANNING PROCESS

Most people want to handle their finances so that they get full satisfaction and a feeling of security. Financial and personal satisfaction are the result of an organized process that is commonly referred to Personal financial planning. Every person, family, or household has a unique financial position, and any financial activity therefore must also be carefully planned to meet specific needs and goals. The Financial Planning Process consists of six steps, using which, you can work out where you are now, what you may need in the future and what you must do to reach your goals. Step 1: Determine Your Current Financial Situation In this first step of the financial planning process, one needs to determine his current financial situation with regard to income, savings, living expenses, and debts. Preparing a list of current asset and debt balances and amounts spent for various items gives him a foundation for financial planning activities.

Step 2: Develop Financial Goals One should periodically analyze one`s financial values and goals. The purpose of this analysis is to differentiate one`s needs from his wants. One needs to gather all the information ie. Quantitative and Qualitative. Quantitative information will include data such as Insurance, Budgeting, Asset & Liabilities, Cash Flow etc

Qualitative data would include ones attitude towards risk, inflation, taxation, Past experience etc. Goal Setting is deciding the end-point of one`sr planning exercise determining where one wants to go. Specific financial goals are vital to financial planning. The more tangible one`s goals, the easier it is to plan for their realization.

Step 3: Develop financial planning alternatives Developing alternatives is crucial for making good decisions. Preparation of some alternatives gives one some options to achieve the financial goals. Alternatives should be in line with one`s financial goals Creativity in decision making is vital to effective choices. Considering all of the possible alternatives will help one make more effective and satisfying decisions.< Step 4: Evaluate Alternatives One needs to evaluate possible courses of action, taking into consideration one`s life situation, personal values, and current economic conditions. Evaluating Risk : In many financial decisions, identifying and evaluating risk is difficult. Decision making will be an ongoing part of one`s personal and financial situation. Thus, one will need to consider the lost opportunities that will result from his decisions. Step 5: Create and Implement a Financial Action Plan In this step of the financial planning process, one develops an action plan. This requires choosing ways to achieve one`s goals. As one achieve his immediate or short-term goals, the goals next in priority will come into focus. Step 6: Re-evaluate and Revise One`s Plan Financial planning is a dynamic process that does not end when one take a particular action. He needs to regularly assess his financial decisions. Changing personal, social, and economic factors may require more frequent assessments. When life events affect one`s financial needs, this financial planning process will provide a vehicle for adapting to those changes. Regularly reviewing this decision-making process will help him make priority adjustments that will bring his financial goals and activities in line with his current life situation.

STRENGTHS OF NJ INDIA IVESTMENT PVT. LTD.

. Key Features of Client Desk Online Access Meaningful Portfolio Reports Flexible Consolidation Facility Automatic Updation Inside NJ Client Desk Wide Coverage of Investment / Financial Products With prices / features managed by Customers Administration Services Product Wise Reports Portfolio Analytics Life Insurance Reports

WEAKNESSES OF NJ INDIA IVESTMENT PVT. LTD.

NAME OF DEPARTMENT HEAD

Ritesh Sharma(branch manager) ritesh.sharma@njgroup.in contact no. 93032-83121

Chapter - 1

Introduction to Topic
What is mean by mutual fund? Mutual funds are pools of money that are managed by an investment company. They offer investors a variety of goals, depending on the fund and its investment charter. Some funds, for example, seek to generate income on a regular basis. Others seek to preserve an investor's money. Still others seek to invest in companies that are growing at a rapid pace. Funds can impose a sales charge, or load, on investors when they buy or sell shares. Many funds these days are no load and impose no sales charge. Mutual funds are investment companies regulated by the Investment Company Act of 1940. Related: open-end fund, closed-end fund. Concept of mutual funds A mutual fund is a trust that pools the savings of a no. of investors, who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion 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 diversified, professionally managed basket of securities at a relatively low cost. Historical Aspect Mutual fund firstly was established in 1822 in the form of Society General De Belguique. It mainly gains the progress in Switzerland & little in franc and Germany in its initial days. The first investment trust The foreign and colonial govt. trust Was founded in London in 1868. Indian Scenario of Mutual Fund The origin of mutual fund industry in India is with the introduction of the concept of by UTI in the year 1963. Through the growth was slow, but it accelerated from the year 1987 when non-UTI players entered in industry. The mutual fund industry goes through four phases: First phase 1964-87 (Establishment of UTI). Second phase 1987-93 (Entry of public sector funds). Third phase 1993-2003 (Entry of a private sector funds). Fourth phase since feb.2003 (Bifurcated of UTI).

In the first phase, UTI was established in 1963 by an act of parliament. In 1978 it was delinked from RBI & the IDBI took over the control of UTI. In second phase, SBI entered as first non-UTI mutual fund provider then it was followed by can bank (Dec. 87). PNB (Aug 89) & LIC in 1989. In third phase, the private sector entered in it. The Erstwhile Kothari pioneer (now merged with Franklin Templeton) was first registered in July 1993 in mutual fund. In revised registration of SEBI I n 1993 the industry functions under SEBI. And the fourth phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the specified under taking of UTI with AUM of 29,835cr. The second is UTI mutual fund ltd. Sponsored by SBI, PNB, BOB and LIC& it is registered with SEBI.

Types of Mutual Fund

Structure

Investment objective
Growth

Special schemes

Open Ended

Industry specific Specific Index schemes

Close

Income

Internal

Balanced

Sector schemes

Money Market

Advantages of Mutual Funds

Diversification. Professional Management. Liquidity (mainly in case of opened mutual funds). Regulatory. Convenience. Low cost. Reduction of transaction cost. Diverse returns. Advantages to Industrial concern. Tax relief. Attract foreign Capital. Reduction / Diversification of risk.

Drawbacks of Mutual fund

No guaranties. Fees & Commission. Taxes. Management Risk.

Chapter - 2

Introduction to Companies
SBI FMCG FUND
The economic growth in India is bringing lifestyle changes to common Indian life. Therefore the demand for basic consumables like tooth power or tooth paste, food material, washing soap or washing power, bathing soap etc are rising. These products are manufactured by FMCG (fast moving consumer goods companies). The scheme seeks maximum growth opportunities by investing in these FMCG companies.

KEY BENEFITS
Through SBI FMCG fund, investors have an opportunity to invest in an actively managed portfolio of FMCG stocks, and potentially benefit from one of the key sectors in India Growth Story.

OBJECTIVE
To provide the investors maximum growth opportunity through equity investments in stocks of growth oriented sectors of the economy. There are five sub-funds dedicated to specific investment themes viz. Information Technology, Pharmaceuticals, FMCG, Contrarian (investment in stocks currently out of favour) and Emerging Businesses.

PRODUCTS AND SCHEMES OF SBI FMCG FUND

Equity funds. Balanced funds. Debt funds. Liquid funds.

Chapter - 3

Need of study Scope of study Objectives of study

Need of the study The need of study arises for learning the variables available that distinguish the mutual fund of SBI FMCG FUND Company. To know the risk & return associated with mutual fund. To chose best Scheme for mutual investment in SBI FMCG FUND. To project mutual fund as the productive avenue for investing activities.

Scope of the study To make people aware about concept of mutual fund. To provide information regarding advantages and demerits of mutual fund. To advice where to invest or not to invest. To provide information regarding types of mutual fund which is beneficial for whom.

Objectives . To analysis which provides better returns from SBI FMCG FUND. To analyze the concept and parameters of mutual fund. To know how many people are satisfied by their investment (IN SBI FMCG FUND). To know people behavior regarding risk factor involved in mutual fund.

Chapter - 4

Result & disscussion Suggestion and implications

Result : - In my Training I have founded following things: Investors have more faith SBI FMCG FUND As the age increases investors are much satisfied, see more risk & become more risk adverse. Old people &Widows prefer lower risk. Investors are not highly satisfied by company rules & employee behavior. Investors think that FDS provides better returns than MUTUAL FUND

Recommendations / Suggestions: - In my training I have found some limitations. For that I can suggest SBI FMCG FUND company following suggestions or areas of improvement: Sbi bank should try to provide better returns to its investors as compare to other. companiy should try to invest in better securities for better profits. companiy should try to satisfy their customer by better customer service or by improving customer relationship management. Company should try to make people initiative towards risk. Investors should be made fully aware of the concept of mutual fund & all the terms and conditions. It should more emphasize in advertising, as it is the most Powerful tool to position ant brand in the mindsets of customers Conclusion: - To conclude we can say that mutual fund is a very much profitable tool for investment because of its low cost of acquiring fund, tax benefit, and diversification of profits & reduction of risk. .There is also an affect of age on mutual fund investors like; old people & widows want regular returns than capital appreciation. Companies can adopt new techniques to attract more & more investors. In my study I was suppose to do comparative analyses the mutual fund of HDFC &ICICI and I had found that people consider HDFC better than ICICI. But ICICI have also respondents and it can increase its investors by improving itself in some terms. To conclude we can say mutual fund is a best investment vehicle for old & widow, as well as to those who want regular returns on their investment. Mutual fund is also better and preferable for those who want their capital appreciation. Both the companies are doing considerable achievements in mutual fund industry. There are also so many competitors involved those affects on both companies.

Chapter - 5

Bibliography
Bibliography: Websites:www.wiki.answers.com www.scribd.com www.sbi.com www.google.com

Refrence http://www.njwealthadvisors.com//aboutus.php http://www.njwealthadvisors.com//services.php http://www.njfundz.com/services.php http://www.njinsure.in/njinsure/lineage.fin