ACKNOWLEDGEMENT

I take immense pleasure in completing this project and submitting the summer project report. The last 45 days with KARVY STOCK BROKING LTD has been full of learning and sense of contribution toward the organization. I would like to thank KARVY STOCK BROKING LTD. for giving me an opportunity of learning and contributing through this project. I also take this opportunity to thank all those people that made this experience a memorable one. A successful project can never be prepared by the single effort of the person to whom project is assigned, but it also demand the help and guardianship of some conversant person who helped the undersigned actively or passively in the completion of successful project. In this context as a student of VITAM. I would first of all like to express my gratitude to Mr.ANSHUL B
SHARMA (Director) Prof. SUSHMITA NANDE , Prof CHANDRASHEKHAR

.D.RANADE.(Co-coordinator). Who provide me good opportunity to work with KARVY STOCK BROKING LTD. During the actual project work, Mr. SHIVA (Branch Head) has been a source of inspiration through his constant guidance; personal interest; encouragement and help. I convey my sincere thanks to him. In spite of his busy schedule he always finds time to guide me through the project. I am also grateful to Mr. Ravi (Relationship manager)for reposing confidence in my abilities and giving me the freedom to work on my project. Last but not least, I would like to thanks all of my friends and well wishers for giving me their support during this project knowingly or unknowingly. _

SUMMARY
The project titled AWERENESS OF MUTUAL FUNDS IN INDIA being carried out for KARVY STOCK BROKING LTD.
KARVY operates in various financial products and services like, Consultancy, Stock Broking, Mutual Fund, Insurance, Registrar and Transfer Agent, Research, Mapping etc. The evaluation of financial planning has been increased through decades, which is best seen in customer rise. Now a days investment of saving has assumed great importance. According to the study of the markets, it is being observed that markets are doing well in Mutual fund. In near future a proper financial planning is required to invest money in all type of financial product because there is good potential in market to invest.

In this project the great emphasis is given to the investors mind in respect to investment in Mutual Fund .The needs and wants of the client is taken into consideration. I hope KARVY, VIZAG will recognize this as well as take more references from this project report. The main objective of this project is to know the Mutual Funds for individual investors in India and also to know the investing pattern of people in different Financial Project. IT sector has been given more emphasis for the study of the project because it is the only sector where all type of Age group, Income class and different level of people are represented. After analyzing the feedback the conclusion has been made that the Indian financial market is having lots of potential customer the only thing is to give a proper guidance to the prospective customers.

93

CHAPTER-2
COMPANY PROFILE

COMPANY PROFILE
Karvy Stock Broking Ltd is a member of National Stock Exchange (NSE), The Bombay Stock Exchange (BSE), and The Hyderabad Stock Exchange (HSE).
Karvy Stock Broking Limited, one of the cornerstones of the Karvy edifice, flows freely towards attaining diverse goals of the customer through varied services. Creating a plethora of opportunities for the customer by opening up investment vistas backed by research-based advisory services. Here, growth knows no limits and success recognizes no boundaries. Helping the customer create waves in his portfolio and empowering the investor completely is the ultimate goal.

It is an undisputed fact that the stock market is unpredictable and yet enjoys a high success rate as a wealth management and wealth accumulation option. The difference between unpredictability and a safety anchor in the market is provided by in-depth knowledge of market functioning and changing trends, planning with foresight and choosing options with care. This is what Karvy provide in their Stock Broking services.
Karvy offers services that are beyond just a medium for buying and selling stocks and shares. Instead they provide services which are multi dimensional and multi-focused in their scope. There are several advantages in utilizing their Stock Broking services, which are the reasons why it is one of the best in the country.

49

Karvy offer trading on a vast platform; National Stock Exchange, Bombay Stock Exchange and Hyderabad Stock Exchange. More importantly, they make trading safe to the maximum possible extent, by accounting for several risk factors and planning accordingly. They are assisted in this task by their in-depth research, constant feedback and sound advisory facilities. Their highly skilled research team, comprising of technical analysts as well as fundamental specialists, secure result-oriented information on market trends, market analysis and market predictions. This crucial information is given as a constant feedback to their customers, through daily reports delivered thrice daily; The Pre-session Report, where market scenario for the day is predicted, The Mid-session Report, timed to arrive during lunch break , where the market forecast for the rest of the day is given and The Post-session Report, the final report for the day, where the market and the report itself is reviewed. To add to this repository of information, they publish a monthly magazine; Karvy; The Finapolis; which analyzes the latest stock market trends and takes a close look at the various investment options, and products available in the market, while a weekly report, called; Karvy Bazaar Baatein; keeps the investor more informed on the immediate trends in the stock market. In addition, their specific industry reports give comprehensive information on various industries. Besides this, they also offer special portfolio analysis packages that provide daily technical advice on scripts for successful portfolio management and provide customized advisory services to help the investors to make the right financial moves that are specifically suited to their portfolio.

Their Stock Broking services are widely networked across India, with the number of their trading terminals providing retail stock broking facilities. Their services have increasingly offered customer oriented convenience, which they provide to a spectrum of investors, high-networth or otherwise, with equal dedication and competence.

50

But true to their spirit, this success is not their final destination, but just a platform to launch further enhanced quality services to provide investors the latest in convenient, customer-friendly stock management. Over the years they have ensured that the trust of their customers is their biggest returns. Factors such as their success in the Electronic custody business has helped build on their tradition of trust even more. Consequentially their retail client base expanded very fast.
To empower the investor further they have made serious efforts to ensure that their research calls are disseminated systematically to all their stock broking clients through various delivery channels like email, chat, SMS, phone calls etc.

Their foray into commodities broking has been path breaking and they are in the process of converting existing traders in commodities into the more organized mainstream of trading in commodity futures, both as a trading and risk hedging mechanism.
In the future, their focus will be on the emerging businesses and to meet this objective, they have enhanced their manpower and revitalized their knowledge base with enhances focus on Futures and Options as well as the commodities business.

51

CHAPTER:-I
INTRODUCTION

INTRODUCTION
Financial planning is the process of identifying ones wealth accumulation and protection goals and developing a coordinated plan to help priorities ones future financial decision. Financial planning should be taken as seriously as a medical prescription, as it deals with ones financial health. It should be seen not just as a means of achieving financial security, but as making a vital contribution to ones overall happiness and peace of mind.
Financial planning can be manageable or overwhelming depending upon how one approaches it. Without guidance; its hard to know what one needs and when one needs it. With right information, tools and timeline, the choices become much easier.

Infact too many people are investing in MUTUAL FUNDS. After all its common knowledge that investing in mutual fund is {or at least should be} better than simply letting your cash waste in a saving account, but for most people thats where the understanding of funds end. It doesnt help that mutual fund sale people speak a strange language that, that sounding sort of English, is interspersed with jargon like NAV, load/no-load, etc. Originally MUTUAL FUNDS were heralded as a way for the little guy to get a piece of a market. Instead of spending all the free time buried in the financial pages of ECONOMIC TIMES all one has to do is buy a mutual funds and be set on his way to financial freedom. But its not that easy. MUTUAL FUNDS are in excellent idea in theory but in reality they havent always delivered. Not all mutual funds are created equal, and investing in mutual fund isnt easy as throughing ones money at the first sales person who solicits business.
7

I.I WHAT IS MUTUAL FUNDS:needs for capital growth, income and/or income preservation. And a mutual fund brings the benefit of diversification and money management to the individual investors, providing an opportunity The popularity of MUTUAL FUNDS over the past few years has soared. The reasons MUTUAL FUNDS make it easy and less costly for investors to satisfy their for financial success that was once available only to the very rich. A MUTUAL FUND is a body corporate registered with the Securities and Exchange Board of India (SEBI) that pools up the money from individual/ corporate investors and invests the same on behalf of the investors / unit holders in equity shares, govt. securities, Bonds call money market etc. and distributes the profits. In other words a mutual fund allows an investor to indirectly take a position in a basket of asset. UNIT TRUST OF INDIA is the first mutual fund set up under a separate Act, UTI Act in 1963 and started its operation in 1964 with the issue of unit under the scheme US-64. Currently public sector banks like SBI, Canara bank, Bank of India, and Institution like IDBI, GIC, and LIC HDFC Foreign institution like Alliance Morgan Stanley, Templeton, Principle HSBC and private financial Co. like first India mutual fund DSP Merrill Lynch, Sundaram, Kotak etc.have floated their own mutual funds.

Presently there are 33 mutual funds in India and close to 400 mutual fund schemes. Currently the total fund under the mutual fund management in India are a little over Rs. 139000 crores. The private funds account for around 77 percent.

ONE CAN MAKE MONEY FROM MUTUAL FUND IN THREE WAYS:Income is earned from dividends and interest on bonds. A fund pays out nearly all income it receives over the year to fund owners in the form of a distribution.

If the fund sell securities that have increased in price, the fund have a capital gain most fund also pass on this gain to investor in a distribution.
If fund holding increases in price but are not sold by the fund manager, the fund shares increase in price. One can sell then this mutual fund shares the profit.

I.II GROWTH OF MUTUAL FUNDS: The Mutual Fund industry in India has been on a roll as the Asset under Management continues to see strong spurt in growth. The asset under management swelled to Rs. st 167978 cr. by May 31 2005 from Rs 101565 cr. in January 2000. This apart the industry has also seen a spurt in the number of schemes on offer, which amount to 460 at present, catering to varied needs of investors. A booming economy, soaring stock market, and a conductive regulatory environment, amongst a slew of other factor have added to the growth of the industry. Given a huge opportunity in sub-urban and ruler markets, which lie hitherto untapped, and growing income level in the country, the industries future looks bright.

I.III THE PHASES OF GROWTH: The Indian Mutual Fund industry has come a long way since the inception of UTI in 1963. According to AMFI the evolution of industry can be broadly divided into four phases, which mark its transaction from the period when UTI ruled the roost to a period of competition and increased awareness among investors.

FIRST PHASE (1964-87)

UTI remained the only Mutual Funds player in the country till 1987. UTI started its operation in July 1964 with a view to encouraging savings and investments and participation in the income, profits and gains accruing to the cooperation from the Acquisition, holding, management and disposal of securities. UTI witnessed a slow and steady growth over the 1970s and 1980s and by the end of 1988 it had an AUM of Rs. 67bn. It still continues to be the largest player in the Domestic Mutual st Fund industry with a AUM of Rs.23500 cr. as on March 31 , 2005.
10

SECOND PHASE (1987-93)

Public Sector Mutual Funds set up by public sector banks, Life Insurance Corporation of India and the General Insurance Corporation of India entered the market in 1987.The first known UTI mutual fund was the SBI mutual fund established in June 1987, followed by Canara Bank mutual fund in December 1987, Punjab National bank mutual fund in August 1989,Indian Bank mutual fund in November 1989,Bank of India mutual fund in June 1990 and Bank of Baroda mutual fund in October 1992.LIC set up its mutual fund in June 1989 while GIC established its mutual fund in December 1990. During this period, the total asset of the industry grew to about Rs.610 bn with the total No. of schemes increasing to about 167 by the end of 1994.

THIRD PHASE (1993-2003)

This phase marked the entry of private sector funds. The phase also signaled the intensification of the competition. Both domestic and foreign players entered the market, offering a wide variety of schemes to investors. Kothari Pioneer Mutual Fund was the first private sector fund to be established in association with the foreign funds. The opening up of the market to private players saw the international players like Morgan Stanley, Jar dine Fleming, JP Morgan, George Soros and Capital International entering the market.

FOURTH PHASE (SINCE FEB 2003)

February 2003 the Unit Trust of India Act 1963 was repealed and UTI was bifurcated into two separate entities: Specified undertaking of the Unit Trust of India, which is still under the government of India, and the UTI Mutual Fund Limited. This was done in the wake of the severe payment crisis that the UTI suffered on account of its assured return schemes of US 64 that finally resulted in an adverse impact on the Indian capital markets .US - 64 was the first scheme launched by UTI with the significant equity exposure and the returns of which are not linked to the market.
In

I.IV TYPES OF MUTUAL FUNDS : Mutual Funds have specific investment objectives such as growth of capital, safety of principal current income or tax exempt income; one can select one fund or any number

11

of different funds to help one meets ones specific goals. In general mutual fund fall under 3 general categories : Equity fund invest in shares of common stocks. Fixed income funds invest in government or corporate securities which offer fixed rate of returns. Balanced fund invest in a combination of both stocks and bonds.
AGGRESSIVE GROWTH FUNDS :-

These funds seek to provide maximum growth of capital with secondary emphasis on dividend or interest income. They invest in common stocks with a high potential for rapid growth and capital appreciation. Aggressive growth funds are suitable for those investors who can afford to assume the risk of potential loss in value of their investment in the hope of achieving substantial and rapid gains. They are not suitable for investors who must conserve their principal or who must maximize their current income.

GROWTH FUNDS:Like aggressive growth funds, growth fund generally invests in stocks for growth rather than income. They are considered more conservative in their approach because they usually invest in established companies to achieve long-term growth. Growth fund provides low current income but the investor principal is more stable then it would be in an aggressive growth fund. While the growth potential may be less over the short term, many growth funds have superior long-term performance records.

These funds are suitable for growth oriented investors but not investors who are unable to assume risk or who are dependent on maximizing current income from there investments.

12

GROWTH AND INCOME FUNDS:Growth and income funds seek long-term growth of capital as well as current income. The investments strategies use to reach these goals vary among funds.

Growth and income funds have low to moderate stability of principal and moderate potential for current income and growth. They are suitable for investors who can assume some risk to achieve growth of capital but want to maintain a moderate level of current income.

FIXED INCOME FUNDS:The goal of fixed income fund is to provide high current income consistent with the level of capital. Growth of capital is of secondary importance. Fixed income funds offer a higher level of current income than money market funds, but a lower stability of principal. Fixed income funds are suitable for investors who want to maximize current income and who can assume a degree of capital risk in order to do so.

EQUITY FUNDS:Funds that invest in stocks represent the largest category of mutual fund. Generally the investment objective of this class of fund is long-term capital growth with some income. There are however many type of equity funds.

BALANCED FUNDS:The Balanced funds aims to provide both growth and income. These funds invest in both shares and fixed income securities in the proportion indicated in their offer documents. It is an idea for investors who are looking for the combinations of income and moderate growth.
13

MONEY MARKET FUNDS/ LIQUID FUNDS:For the cautious investors these funds provide a very high stability of principal while seeking a moderate to high current income. They invest in highly liquid; virtually risk free, short-term debt securities of agencies of the Indian government, banks and corporation and treasury bills. Because of their short-term investments, money market mutual funds are able to keep a virtually constant unit price; only the yield fluctuates.

Money market funds are suitable for those investors who want high stability of principal and current income with immediate liquidity.

SPECIALITY / SECTOR FUNDS:These funds invest in securities of a specific industry or sector of the economy such as health care, technology, leisure, utilities or precious metals. The funds enable investor to diversify holding among many companies within an industry, a more conservative approach than investing directly in one particular company. Sector funds offer a opportunity for sharp capital gains in cases where the funds industry is in favor but also entail the risk of capital losses when the industry is out of favour. While sectors funds restrict holdings to a particular industry, other specialty funds such as index funds gives investors a broadly diversified portfolio and attempt to mirror the performance of various market averages.

OPEN ENDED SCHEMES:Open-ended schemes do not have a fixed maturity period. Investors can buy or sell units at NAV- related prices from and to the mutual fund on any business day. These schemes have unlimited capitalization, open-ended schemes do not have a fixed maturity, there is no cap on the amount you can buy from the fund and the unit capital keep growing. These funds are not generally listed on any exchange.
Open-ended schemes are preferred for their liquidity. Such funds can issue and redeem units any time during the life of schemes. Hence unit capital of open-ended funds can fluctuate on a daily basis. The advantages of open ended schemes are: -

1. Any time exit option

14

2. Any time enter option.

CLOSE ENDED SCHEMES:Close-ended schemes have fixed maturity periods. Investors can buy into these funds during the period when these funds are open in the initial issue. After that such scheme cannot issue new units except in case of bonus or right issue. However after the initial issue you can buy or sell units of the schemes on the stock exchange where they are listed. The market price of the unit could vary from the NAV of the schemes due to demand and supply factor

15

Mutual Funds in India

UTI

Private sector

Public

JVs with foreign Partners Birla Capital Prudential ICICI Alliance Capital Kothari Pioneer

Foreign Houses

Indian Houses

Templeton Alliance Morgan Stanley

TATA JM

Banks SBI CANARA PNB BOI etc.

Institutions GIC LIC etc.

16

I.VI HOW LONG TO KEEP INVESTMENT TO GET MAXIMUM RETURNS:Get desired returns technically open-ended funds you can withdraw your investments even within a week, but to positive time frame is required are:

Funds
Equity Funds Balanced Funds MIPs Income Funds Liquid Funds

Time Period
3 Years (plus) 18 months to 3 Years 1 Year (plus) 6 months to 1 Year few days to 6 months

I.VII WHAT RETURNS CAN I EXPECT IF I KEEP MY MONEY FOR SUGGESTED TIME FRAMES:-

Funds

Returns

Sector funds 22% to 25% p.a Balance funds 15% to 18% p.a MIPs Pension Plans 12% to 15% p.a Income Funds 10% to 12% p.a Liquid Funds 7% to 9% p.a The above-mentioned returns in the table are indicative and not assured. All investments in MUTUAL FUNDS are securities and are subject to market risk and the NAVs of the schemes may go up and down depending upon the factors and forces affecting the security market including the fluctuations in the internal rates .The past performance of the MUTUAL FUNDS is not indicative of future performance.

17

THE RISK RETURN GRAPHS FOR VARIOUS FUNDS:Sector Funds R E T U R N S Equity Funds Balanced Funds Income Funds Liquid Funds RISKS

The above Graph shows the Risk and Returns generated by different Funds. Liquid Funds are less Risky and also generate less Returns where as Sector Funds are more Risky but generate more Returns by the example of above two Funds it is clear that Risk and Returns are directly proportional to each other. Other Funds like Equity Funds, Balanced Funds and Income Funds are also gives the same percentage of Returns as the Risk involved.

18

I.VIII ADVANTAGE OF MUTUAL FUND:The advantages of investing in a Mutual Fund are:

Diversification: The

best mutual funds design their portfolios so individual

investments will react differently to the same economic conditions. For example, economic conditions like a rise in interest rates may cause certain securities in a diversified portfolio to decrease in value. Other securities in the portfolio will respond to the same economic conditions by increasing in value. When a portfolio is balanced in this way, the value of the overall portfolio should gradually increase over time, even if some securities lose value.

Professional Management: Most mutual funds pay topflight professionals to

manage their investments. These managers decide what securities the fund will buy and sell.

Regulatory oversight: Mutual funds are subject to many government

regulations that protect investors from fraud.

Liquidity: It's easy to get your money out of a mutual fund. Write a check,

make a call, and you've got the cash.

Convenience: You can usually buy mutual fund shares by mail, phone, or

over the Internet.

Low cost: Mutual fund expenses are often no more than 1.5 percent of

your investment. Expenses for Index Funds are less than that, because index funds are not actively managed. Instead, they automatically buy stock in companies that are listed on a specific index.

Transparency: Mutual Fund schemes are said to be Transparent

because they show the clear allocation of Funds to Investors.

19

Flexibility: Mutual funds are flexible because they change time to time

and also if an Investors wants his money back before the maturity of the Fund He/she can easily redeem it.

20

I.IX DRAWBACKS OF MUTUAL FUNDS:Mutual funds have their drawbacks and may not be for everyone:

No Guarantees:

No investment is risk free. If the entire stock market declines in value, the value of mutual funds shares will go down as well, no matter how balanced the portfolio. Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money.

Fees and commissions: All funds charge administrative fees to cover their day-to-day expenses. Some

funds also charge sales commissions or "loads" to compensate brokers, financial consultants, or financial planners. Even if you don't use a broker or other financial adviser, you will pay a sales commission if you buy shares in a Load Fund.

Taxes:

During a typical year, most actively managed mutual funds sell anywhere from 20 to 70 percent of the securities in their portfolios. If your fund makes a profit on its sales, you will pay taxes on the income you receive, even if you reinvest the money you made.

Management risk:

When you invest in a mutual fund, you depend on the fund's manager to make the right decisions regarding the fund's portfolio. If the manager does not perform as well as you had hoped, you might not make as much money on your investment as 21

you expected. Of course, if you invest in Index Funds, you forego management risk, because these funds do not employ managers.

I.X ASSOCIATION OF MUTUAL FUNDS IN INDIA:With the increase in mutual fund players in India, a need for mutual fund association in India was generated to function as a non-profit organization. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August 1995.

AMFI is an apex body of all Asset Management Companies (AMC), which has been registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors. Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holder

The objectives of Association of Mutual Funds in India:The Association of Mutual Funds of India works with 30 registered AMCs of the country. It has certain defined objectives, which juxtaposes the guidelines of its Board of Directors. The objectives are as follows: This mutual fund association of India maintains high professional and ethical standards gin all areas of operation of the industry.
It also recommends and promotes the top class business practices and code of conduct which is followed by members and related people engaged in the

activities of mutual Fund and asset management. The agencies that are by any means connected or involved In the field of capital markets and financial services also involved in this code of conduct Of the association.

22

AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual fund Industry. Association of Mutual Fund in India do represent the Government of India, the Reserve Bank of India and other related bodies on matters relating to the Mutual Fund Industry. It develops a team of well qualified and trained Agent distributors. It implements a programmer of training and certification for all

intermediaries and other engaged in the mutual fund industry.

AMFI undertakes all India awareness programmed for investors in order to promote Proper understanding of the concepts and working of mutual funds.

At last but not the least association of mutual fund of India also disseminate Informations on Mutual Fund Industry and undertakes studies and research either directly or in association with other bodies.

23

I.XI FUTURE OF MUTUAL FUND IN INDIA:By December 2004, Indian mutual fund industry reached Rs 1,50,537 crore. It is estimated that by 2010 March-end, the total assets of all scheduled commercial banks should be Rs 40,90,000 crores. The annual composite rate of growth is expected 13.4% during the rest of the decade. In the last 5 years we have seen annual growth rate of 9%. According to the current growth rate, by year 2010 the asset will be double. Let us discuss the following table:
Aggregate deposits of Scheduled Com Banks in India (Rs.Crore) Month/Year Deposits Change in % over last yr Mar-98 Mar-00 Mar-01 60541 0 85159 3 15 98914 1 14 Mar-02 Mar-03 Mar- Sep-04 04 4-Dec

1131188 1280853 13 12

1567251 1622579 18 3

Source RBI
Mutual Fund AUMs Growth Month/Year Mar98 Mar00 Mar01 Mar02 Mar03 Mar-04 Sep-04 4-Dec

MF AUM's Change in % over last yr

13762 68984 93717 83131 94017 75306 6 26 13 12 25 45

151141 149300 9 1

Source - AMFI

24

Some facts for the growth of mutual funds in India :-

100% growth in the last 6 years.

Number of foreign AMC's are in the queue to enter the Indian markets like Fidelity Investments, US based, with over US$1trillion assets under management worldwide.

Our saving rate is over 23%, highest in the world. Only channelizing these savings in mutual funds sector is required. We have approximately 29 mutual funds which is much less than US having more than 800. There is a big scope for expansion.
'B' and 'C' class cities are growing rapidly. Today most of the mutual funds are concentrating on the 'A' class cities. Soon they will find scope in the growing cities.

Mutual fund can penetrate rural like the Indian insurance industry with simple and Limited products. SEBI allowing the MF's to launch commodity mutual funds. Emphasis on better corporate governance. Trying to curb the late trading practices. Introduction of Financial Planners who can provide need based advice.

25

I.XII REGULATORY ASPECT :Schemes of mutual funds:The Asset management company shall launch no schemes unless the trustees approve such scheme and a copy of the offer has been filed with the Board.

Every mutual fund shall along with the offer documents of each scheme pay filing fees.
The offer document shall contain disclosures which are adequate in order to enable the investors to make informed investment decision including the disclosure non maximum investments proposed to be made by the scheme in the listed securities of the group companies of the sponsor. A close-ended scheme shall be fully redeemed at the end of the maturity period. Unless a majority of the unit holders otherwise decide for its rollover by passing a resolution.

The mutual fund and asset management company shall be liable to refund the application money to the applicants:If the mutual fund fails to receive the minimum subscription amount referred to in clause (i) of sub- regulation. If the moneys received from the applicants for units are in excess of subscription as referred to in clause (ii) of sub-regulation.
o The asset management company shall issue to the applicant whose application has been accepted, unit certificates or a statement of accounts

26

specifying the number of units allotted to the applicant as soon as possible but not later than six weeks from the date of closure of the initial

subscription list and or from the date of receipt of the request from the unit Holders in any open ended scheme. Rules Regarding Advertisement:-

The offer document and advertisement materials shall not be misleading or contain any statement or opinion, which are incorrect or false. Investment objectives and valuation policies:-

The price at which the units may be subscribed or sold the price at which such unit may at any time be repurchased by the mutual fund shall be made available

to the investors.
General Obligation:-

Every asset management company for each scheme shall keep and maintain proper book of accounts, records and document, for each scheme so as to explain its transaction and to disclose at any point of time the financial position of each scheme and in particular give a true and fair view of the state of affairs of the fund and intimate to the board the place where such books of accounts, records and documents are maintained. The financial year for all the scheme shall end as of March 31 of each year. Every mutual fund or the asset management company shall prepare in respect of each financial year an annual report and annual statement of accounts of the schemes and the fund as specified in Eleventh Schedule.

27

 Every mutual fund shall have the annual statement of accounts audited by an auditor who is not in any way associated with the auditor of the asset management comp

Procedure for Action In Case Of Default:-

On and from the date of the suspension of the certificate or the approval, as the case may be, the mutual fund, trustees or asset management company, during the period of suspension and shall be subject to the direction of the Board with regard to any records, documents, or securities that may be in its custody or control relating to its activities as mutual funds, trustees or the asset management company. Restrictions on Investments: A mutual fund scheme shall not invest more than 15% of its NAV in debt instrument issued by a single issuer, which are rated not below investment grade by a credit rating agency authorize to carry out such activity under the act. Such investment limit may be extended to 20% of the NAV of the scheme with the prior approval of the Board of Trustees and the Board of Asset Management Company. A mutual fund Scheme shall not invest more than 10% of its NAV in unrated debt instrument issued by a single issuer and the total investment in such instruments shall not exceed 25% of the NAV of the Board of Trustees and the Board of Asset management. No mutual funds under all its schemes should own more than 10% of any companys paid up capital carrying voting rights.
28

Such transfers are done at the prevailing market price for quoted instrument on spot basis. The securities so transferred shall be in conformity with the investment objectives of the scheme to which such transfer has been made.

A scheme may invest in another scheme under the same asset management company or any other mutual fund without charging any fees, provided that aggregated intercourse inter scheme investment made by all schemes under the same management or in schemes under the management of any other asset management company shall not exceed 5% of the net asset value of the mutual fund.The initial issue expenses in respect of any scheme may not exceed 6% of the funds raised under that scheme.
Every mutual fund shall buy and sell securities on the basis of deliveries and shall in all cases of purchases, take delivery of relative securities and in all cases of sale, deliver the securities and shall in no case put itself in a position whereby it has to make short sale or carry forward transaction or engage in Badla finance.

Every mutual fund shall get the securities purchased or transferred in the name of the mutual fund on account of the concerned scheme, wherever investments are intended to be of long-term nature.
Pending deployment of funds of a scheme a mutual fund can invest the funds of the scheme in short term deposits of scheduled commercial banks.

No mutual fund scheme shall make any investment in ;

o Any unlisted security of an associate or group company of the sponsor or o Any security issued by way of private placement by an associate or group

company of the sponsor. The listed securities of group companies of the sponsor which is in excess of 30% of the net assets (of all the schemes of a mutual fund)
29

No mutual fund scheme shall invest more than 105 of its NAV in the equity shares or equity related instrument of any company. Provided that, the limit of 10 percent shall not be applicable for investments in index fund or sector or industry specific schemes. A Mutual fund scheme shall not invest more than 5% of its NAV in the equity shares or equity related investments in case of open-ended schemes and 10 % of its NAV in case of close ended schemes.

I.XIII HOW TO JUDGE A MUTUAL FUND:Consider this The Indian mutual fund (MF) industry reached Rs. 1,50,537 crore in December 2004. The industry witnessed a 100% growth in the last six years. By year 2010, MF assets are expected to double. India has 29 MFs compared to 800 in the US. In the last one year, the number of retail investors in India has increased steadily. The big question is how to judge a MF before investing? It is important for an investor to consider a fund's performance over several years. Different fund managers adopt different strategies to improve performance. While one fund manager may have played it cautious by investing in good quality stocks over the years and given a return of 30% over a five-six year period, another one who invested in speculative stocks may have struck gold in that year, thereby outperforming tits counterpart by a long way. Thus it is important to look at consistency of returns over a period of time rather than going by absolute returns generated in the short term. Let us look at the advantages of investing in a MF. To begin with, you don't have to make your investment decisions. Your money is handled by top professionals hired by fund houses who decide what securities the fund will buy and sell. Moreover, MF industry is highly regulated, thus, protecting investors from fraud. Regulators block funds from having more than a certain percentage of the fund in any one firm. This prevents from over exposure in one particular industry or stock. It's easy to get your money out of a MF. It is very convenient to buy a MF unit over phone or Internet. 30

An investor should consider certain drawbacks before investing in MF. Unlike a fixed deposit, MF does not give any guarantee on returns. If the entire stock market declines in value, the value of MF shares will go down as well. An investor has to shell out an entry and exit load. When you invest in a MF, you depend on the fund's managers to make the right decisions regarding the fund's portfolio. If the manager does not perform well, you might not make as much money on you investment as you expected. The short-term focus of money managers and pressure from unit holders for immediate performance are obstacles to long-term growth.Most funds lack the cash reserves to pay off the massive redemptions which will follow a market panic. Fund managers can change without notice.

31

I.XIV THE HISTORY OF MUTUAL FUNDS:THE INDIAN TIMELINE:1963: UTI is Indias first mutual fund. 1964: UTI launches US-64. 1971: UTIs ULIP (Unit-Linked Insurance Plan) is second scheme to be launched.
1986: UTI Mastershare, Indias first true mutual fund scheme, launched. 1987: PSU banks and insurers allowed to float mutual funds; State Bank of

India (SBI) first off the blocks. 1992: The Harshad Mehta-fuelled bull market arouses middle-class interest in shares and mutual funds.
1993: Private sector and foreign players allowed; Kothari Pioneer first private fund house to start operations; SEBI set up to regulate industry.

1994: Morgan Stanley is the first foreign player. 1996: Sebis mutual fund rules and regulations, which forms the basis of most current laws, come into force. 1998: UTI Master Index Fund is the countrys first index fund. 1999: The takeover of 20 Century AMC by Zurich Mutual Fund is the first acquisition in the mutual fund industry. 2000: The industrys assets under management crosses Rs 1,00,000 crore. 2001: US-64 scam leads to UTI overhaul.
2002: UTI bifurcated, comes under SEBI purview; mutual fund distributors banned from giving commissions to investors; floating rate funds and 32
th

Foreign debt funds debut.

2003: AMFI certification made compulsory for new agents; fund of funds launched.

I.XV STRUCTURE OF MUTUAL FUND IN INDIA:The Indian mutual fund industry is dominated by the Unit Trust of India which has a total corpus of Rs.700bn collected from more than 20 million investors. The UTI has many funds schemes in all categories i.e. equity , balanced , income etc with some being open ended and some being close ended . The unit schemes 1964 commonly referred to as US 64 , which is a Balanced fund is a biggest schemes with a corpus of about Rs. 200 billion UTI was floated by financial institution and is governed by a special act of parliament . Most of its investors believe that UTI is government owned and controlled which while legally incorrect, is true for all practical purposes.

The second largest category of mutual funds is the ones floated by Nationalize Banks. Canbank Asset Management floated by Canera Bank and SBI Funds Management floated by State Bank of India are the largest of it. GIC AMC floated by General Insurance Corporation and Jeevan Bema Sahayog AMC floated by LIC are some of the other prominent ones. The aggregate corpus of funds managed by this category of AMCs is about 150bn. The third largest category of mutual fund is the ones floated by the private sector and by foreign Asset Management Company . The largest of these are Prudential ICICI AMC and Birla Sunlife AMC. The aggregate corpus of asset managed by this category of AMCs is in excess of Rs. 250bn.

33

I.XVI Some of AMCs operating currently are:NAME OF AMC Alliance capital asset management (I)Pvt. Ltd Birla Sunlife Asset Management Company ltd. Bank of Baroda Asset management Company LTD Bank of India Asset Management Company Ltd Bank Canbank Investment Management Services Ltd Bank Cholamandalam Cazenove Asset Management Company Ltd. Dundee Asset Management Company Ltd DSP Merrill Lynch ASSET Management Company Ltd Escorts Asset management ltd First India Asset Management Ltd Private Indian GIC Asset Management Company Ltd. Institution IDBI Investment Management Company Ltd Institution Indfund Management Ltd Bank ING Investment Asset Management Company Pvt. Ltd J M Capital Management limited Jardine Fleming Asset Management ltd Private foreign Kotak Mahindra Asset Management Company Private Indian Kothari Pioneer Asset Management Company Private Indian 34 Private foreign Private Indian Private foreign Private foreign Private foreign Private Indian OWNERSHIP Private foreign Private Indian Bank

Morgan Stanley Asset Management Company Pvt Ltd Punjab National Bank Asset Management Company Ltd Reliance Capital Asset Management Company State Bank of India Funds Management ltd. Shriram Asset Management Company Ltd.

Private foreign Bank Private Indian Bank Private Indian

Sun F and C Asset Management Company Ltd. Private foreign Sundaram Newton Asset Management Company ltd Tara Asset Management Company Ltd. Credit Capital Asset Management Company Ltd Private Indian Templeton Asset Management Company Ltd Private foreign Unit Trust Of India Institution Private foreign Private Indian

35

PROBLEM STATEMENT AND OBJECTIVE OF THE STUDY

36

II.I PROBLEM STATEMENT:Due to the falling Rate of Interest on Bank deposits, it is obvious that Investment in Mutual Fund will grow in year to come. However lack of knowledge of Mutual Funds is a hindering factor in expected growth of Mutual Funds Business. Under noted problems are envisaged in this area: Difficult in convincing people for investment. Difficult to change mind of the investor according to age and Profession. Difficult to make an approach to investors. Difficult to take an appointment with professional people. Difficult to get the documents required for formalities from investors
Difficult to overcome an impassionate person who wants return in less time.

Difficult to follow up the people whose names are being stored in a data.

Difficult to remove the fear of risk from the minds of investors.

37

II.II OBJECTIVE OF STUDY:In view of the problem cited above, the study aims at analyzing the following major issues: MUTUAL FUNDS FOR INDIVIDUAL INVESTORS IN INDIA.

To know the different Asset management companies involve in MUTUAL FUND.

To know the different aspects of MUTUAL FUND according to different age, profession etc. To see the interest of people in investing in MUTUAL FUNDS. To know the future of MUTUAL FUNDS in India. To know the different attitudes of people regarding risk, rate of return, period of investment etc. To study the diversification of mutual fund.

38

METHODOLOGY

39

III.I METHODOLOGY OF STUDY:Research can be defined as systemized effort to gain new knowledge. A research is carried out by different methodologies which have their own pros and cons. Research methodology is a way to solve research in studying and solving research problem along with logic behind them are defined through research methodology. Thus while talking about research methodology we are not only talking of research methods but also considered the logic behind the methods. We are in context of our research studies and explain why it is being used a particular method or technique and why the others are not used. So that research result is capable of being evaluated either by researcher himself or by others

III.II Research Methodology:Research has its special significance in solving various operational and planning problem of business and industry. Research methodology is the way to systematically solve the research problem.

III.III ASSUMPTIONS:1. It has been assumed that sample of 100 respondents represents the whole population. 2. The information given by the customer is unbiased

40

III.IV Literature Survey:The project is based on pure findings of facts.Development of Working Hypothesis:The Hypothesis could be developed by discussing with the concerning department heads and guides about this exploratory research and reached to the conclusion that the data is to be collected by personal interaction with the customers, asking them about the services and the improvement required. First of all they are aware of mutual funds or not and then analyzing the findings to reach to the objectives of research.

Collection of Data:-There was secondary data available for the study and also primary data collected by carrying out by the survey which has been carried out to through personal interviews of the customers. The sample size was roughly 100.

a. Sampling methods: - A sample is the representative of the population which will predict the behavior of the whole universe. b. The sampling size put under two categories: Probability sampling and non probability sampling.

III.V Probability sampling:This is the process of selecting the elements or group of elements from as well defined population by such procedure which gives every element in the population an equal chance of being selected for observation. The sampling method use for this survey is the area sampling which is a sub type of probability sampling.

44

III.VI Sampling size:Large sample gives reliable result than small sample. However, it is not feasible to target entire population or even a substantial portion to achieve a reliable result. So, in this aspect selecting the sample to study is known as sample size. Hence, for my project my sample size was 100.The Sample Size of 100 is not enough to draw a conclusion but as per the time assigned it was difficult to take a sample size more than 100.The Sample Size consist of both the Professional and Business class people. IT peoples, Doctors, Jewelers, Timber Merchants & Real estate Agents are taken as Sample .

III.VII Execution of the project:It is the very important step in the research process accuracy findings depends on how systematically the study has been carried out in time so that it can make some sense when required. I have executed the project after prior discussion with the guide and structured in following steps: a. Preparation of questionnaire. b. Collection of list of some of the clients interview of the customer so that more interaction is impossible and the variety of responses can be registered to have a good data for analysis. c. Visiting the corporate and asking about their feedback on the mutual funds services they are availing. Try to find out their satisfaction level with the existing mutual fund.

45

LIMITATIONS:

46

IV.I Limitations:Every work has its own limitation. Limitations are extent to which the process should not exceed. Limitations of this project are:1. Duration of Project was not enough to make a conclusion on such a vast subject time Constraint has become a big limitation. 2. The Sample Size being taken for drawing a conclusion was too small to get a accurate result. 3. Changing the Mentality of people for investing in a particular Financial Product is a very difficult task.
All the above mentioned statements are the limitations of the project .Time, Sample Size & Mentality of investor are the main limitations of the project. The study is being done by taking and keeping all the limitations in mind. The project is completed in prescribed time. To find the Awareness of Mutual Fund the Sample Size is not at all enough because the population size is much bigger than the sample size and the last limitation was to change the mentality of the investor to invest in a particular type of the Investment Product. As the Indian Market have a large number of potential customer to draw a conclusion in such a small size may not be reliable.

47

CHAPTER :- 4
INTERPRETATION AND ANALYSIS OF DATA

81

INCOME Over 50% 30%-50% 10%-30% 10% & below

NO. of PEOPLE 1 5 56 38

PERCENTAGE 1% 5% 56% 38%

CHART:- VII.I
From the data collected through the questioner, observation made during the personal visits the data revealed following information :-

PERCENTAGE OF INVESTMENT TO TOTAL INCOME

The following table and pie chart throw the light on the percentage of saving out of income.
Percentage in Income People Invest

1% 5% 38%

56%

Over 50%

30-50%

10-30%

Below 10%

82

In the above chat it has been observed that people invest mostly between 10% to 30% of their income as the moderate level of income is in the range of rupees 30,000 to 40,000. There are very few people who invest above 50% of their Income as their income level is too high say above Rs 10,000,00. Investors are having different responsibilities toward the society and family due to which they are not able to invest more money in Financial product .There are many people who invest only 10% of there income according to total Sample Size.

CHART:-VII.II INVESTMENT IN FINANCIAL PRODUCTS

FINANCIAL INSTRUMENTS
INSURANCE MUTUAL FUNDS SHARE REAL ESTATES PPF BONDS

% OF INVESTMENT
28% 25% 13% 9% 19% 6%

These are many Financial Instrument in Indian Market. People in early days kept their money in Bank. They think Bank is the only place where the money is safe till today also 40% of people feel the same but many of them have started investing in other Financial Products like Insurance, Stock Markets etc. The Post Office savings are less preferred by the Investors due to the less Returns in more Time. Businessmen mostly invest in tangible assets like land, building, gold etc.

6% 19% 28%

INSURANCE MUTUAL FUNDS SHARE REAL ESTATE

9% 13% 25%

PPF BONDS

83

market came into existence only from early 90s thats why the percentage investment in stocks is low as In this chart it is clear that people mainly invest and keep their money in banks .Stock compared to banks. People generally invest in risk free financial product like PPF, NSC etc. as they get tax exemption. Investment in Insurance is also preferred by people because it is not a risky instrument.

CHART:-VII.III AWARENESS OF MUTUAL FUNDS OUT OF 100 PEOPLE:Awareness of Mutual Funds

7%

Yes No

93%

In chart VII.III the awareness of mutual fund is determined in the percentage terms only 7% of the total population are not aware of MUTUAL FUNDS. As Mutual Funds of India are growing rapidly the awareness of Mutual Funds is increasing among the Investors although & every Investor knows about Mutual Funds by its nomenclature. They are not really aware of the concept.
84

CHART :- VII.IV PERCEPTION ABOUT MUTUAL FUND

Safe Risky Other 10% 28% 62%

Perception of Investors

10%

Safe 28% 62% Risky Others

From the above pie chart it is clear that people perceive mutual fund as an risky product whereas 62% of investors believe that mutual fund gives high returns.

85

Only 10 % of people feel that it is safe. Out of 100 sample size it is very difficult to determine the exact perception of investors. Due to continuous increase in mutual fund industries the perception of people are changing slowly.

CHART :-VII. V COMPARITIVE STUDY OF RISK , INVESTMENT AND RETURN.

AGE GROUP 25-35 35-45 45-60 60& ABOVE RISK 60% 25% 10% 5% RETURN INVESTMENT 35% 45% 15% 15% 20% 10% 30% 30%

Risk Return and Investment Chart according to different age group

60% 50% 40% 30% 20% 10% 0% 25-35 45-60 RISK RETURN INVESTMENT

In chart VII.V above it is determined that people of the age group 25-30 yrs are more risk takers as compared to other age groups. However they are able to invest

86

less because they do not have any responsibility toward the society and family. They also invest less because they dont get proper guidance. As the age increases the saving percentage decrease but the people above 55 are keener to invest because they become free from all the responsibilities of the family and society. At this stage they need continuous flow of income.
Middle age people of the age group of 35-45 yrs. are not investing much because they are bound to many responsibilities towards family and society.

IDENTIFICATION OF MUTUAL FUND COMPANIES

ASPECTS Brand Name Good Services High Yield Advertisement Any other reason PERCENTAGE 39 24 15 10 12

40 35 30 25 Percentage 20 15 10 5 0 Brand Name Good Services High Yeild Advertisement Aspects Any other reason Series1 Series2

From the above chart it is clear that Brand Name plays an important role for attracting investors. Secondly, good services are also expected by an investor from the companies. In other reasons investors generally pointed out the identification of the companies

87

known by their friends or relatives. Advertisements and high yield are the secondary aspects of identifying the mutual fund industries.

COMPARISON ON THE BASIS OF PLACE:Awareness in Mutual Fund out of 100 people

80 No of People 60 40 20 0 Pune Place Bhilai
30

70

Series1

In chart VII.VII it is clear that the people staying in small town are less aware of MUTUAL FUNDS as compared to big cities. The approximate population of Pune is 7 times more than Bhilai . Investors of small place like Bhilai are less aware of the Mutual Fund & they feel it as a risky Financial Product where as the investors of Pune are fully Aware of the concept of the Mutual Fund and evince interest in investing in new IPOs etc.

88

RISK TAKEN BY DIFFERENT AGE GROUP :AGE GROUP 25-35 35-45 45-60 60 & above RISK TAKEN IN PERCENTAGE 60 20 17 3
RISK TAKEN IN PERCENTAGE

3% 17% 25-35 35-45 45-60 20% 60% 60 & above

89

In chart VII.VIII the risk taking ability are being depicted. The person of younger age are willing to take more risk as compared to the elder age group people. The middle age people do not take much risk because of much responsibility toward family and society With reference to this chart only 17% of income of middle age people is being invested in risk prone securities.

PERCENTAGE OF TOTAL INCOME INVEST IN MUTUAL FUND:INVESTORS CATEGORY IT SECTOR PEOPLE DOCTORS TIMBER MERCHANTS JEWELLERS REALESTATE AGENTS % OF TOTAL INCOME INVEST IN MUTUAL FUNDS 50% 30% 7% 3% 10%

90

PERCENTAGE OF TOTAL INCOME INVEST IN MUTUAL FUND

10% 3% 7% 50%

IT SECTOR PEOPLE DOCTORS TIMBER MERCHANTS JEWELLERS

30% REALESTATE AGENTS

In the Pie chart above it is clear that professional people are more indented to invest in comparison with business people who are high risk takers. Business people are more in dined to invest in real estate, land etc. This is because business people want money in less time as and when required while Professional people believe in continuous flow of money.

91

FINDINGS
There is a great potential for investment in Mutual Funds as people wants to save for various future obligation. Since Rate of Interest on Bank deposit is falling people will be attracted towards investments in Mutual Funds because of high rate of returns.( with reference to VII.IV) Comparatively people of small towns are less aware of other investment avenues viz Mutual Fund.( with reference to VII.VII).
People of young age group are ready to take risk and they can be targeted for

investment in Mutual Fund. (with reference to VII.VIII).

Some of the people who were personally contacted showed reservation about dealing with KARVY CONSULTATION LTD. (with reference to VI.III)

94

RECOMMENDATION:

It is seen that KARVY brand is not seen enough in the market place and hence the brand is invisible to the naked eyes of the consumer and hence KARVY should beef up its publicity campaigns and promotional activities so that KARVY becomes an easily recognizable brand.

For creating a brand image in our country KARVY should go for a brand ambassador. In KARVY, they should provide training to its employees in the field of Insurance, Stock broking, Mutual fund etc. KARVY should conduct more surveys in order to interact with customer to know their preferences for improving its services.

95

BIBLIOGRAPHY

REFERENCES:-

1.www.njindiainvest.com 2.http://mutualfunds.about.com 3.www.shcil.com 4.I. M Panday 5.Fact Sheet of various Mutual Funds. 6. C.R.Kothari Research methodology

96

QUESTIONAIRE:-

1.WHAT PERCENTAGE OF INCOME DO YOU INVEST? OVER 50% 30% TO 50% 10% TO 30% Below 10% 2.WHAT ARE THE VARIOUS INVESTMENT SCHEMES IN WHICH YOU HAVE INVESTED?

Insurance
Mutual funds Shares

Real Estate PPF (Public provident Funds) Bonds

3.WHAT ARE THE BREAK UP IN PERCENTAGE TERMS TO YOUR INVESTMENT?

TYPE OF INVESTMENT INSURANCE MUTUAL FUNDS SHARE REAL ESTATE PPF BONDS PERCENTAGE

97

4.ARE YOU AWARE OF KARVY?

Yes No

5.WHAT IS YOUR PERCEPTION ABOUT MUTUAL FUNDS?

Safe Risky Others

6. WHAT ARE DIFFERENT TYPES OF MUTUAL FUNDS ARE YOU AWARE OF?
Growth schemes.(provide appreciation of capital over medium to long

term) Income schemes.(provide regular and continuous income to investor) Balance schemes.(provide both growth and income) Money market and Liquid Schemes.(provide easy liquidity preservation of capital and moderate income). Tax saving schemes.(offer tax rebates under tax laws) Guilt funds (generating returns by investing in securities created and issued by a central gov. or state gov.)

7. WHICH OF THEM DO YOU PREFER?

Growth schemes Income schemes Balance schemes Money Market and Liquid schemes Tax saving schemes Guilt Funds

98

8. DO YOU THINK THE MUTUAL FUNDS ARE NOT AS POPULAR IN INDIA AS IN OTHER COUNTRIES?

Risk involved as returns are not assured. Any other reason please specify
9.HOW DO YOU LOOK MUTUAL FUND COMPANYS?

Brand Name Good Service High Yield Advertisement

Any Other Reason........................................... 10.NAME 11.AGE 25-35 35-45 45-60 60 & above 12.PLACE THEY BELONG TO VIZAG S.KOTA

13. Are you a regular investor? a. Yes b. No 14. Do you invest using a. Scientific Tools b. By Intuition

99

15. What are your preferred investment priorities?

Name of Investment Insurance Bank Bonds & Debentures Equities & Share Market PPF (Public Provident Fund) NSC (National Saving Schemes) Post Office Saving Schemes Real Estate Gold Others

16. What percentage of your income do you invest?

a. Below 10% b. 10% - 30% c. 30% - 50% d. Above 50%

17. Are you aware about Mutual Funds? a. Yes b. No

18. What is your perception about Mutual Funds?

a. Safe b.Risky c.Other

100

19. Have you invested in some Mutual Funds? a. Yes b. No 20. Do you know different type of Mutual Fund scheme present in the market?

a. Yes

b. No

21. How do you select and choose Mutual Funds?

a. Brand Name b. High NAV c. High Dividends d. Advertisement e. Others

PDF to Word

101