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DEBADARSHI ROY RAHUL MISHRA ASHIS KUMAR DAS ANIMESH GHOSAL BARCELONA KHUNTIA ABHIPSA PATTNAYAK SANJEEV KUMAR (10DM074) (10DM078) (10DM079) (10DM081) (10DM082) (10DM091) (10DM093)
What is Value?
It is the basic conviction that a specific mode of conduct or end-state of existence is personally/socially preferable of an opposite or converse mode of conduct or end state of existence. Values are long-lasting beliefs; evaluative standards that helps us define what is right or wrong, good or bad in the world.
VALUES @ A GLANCE
ETHICS AXIS
DISTRIBUTION
ETHICS MODEL
Identify pertinent ethical issues in their practice settings. What specific ethical risks do social workers face? Are there ethical issues that arise in the work that are unique to the client population, treatment approach, setting, program design, or staffing pattern?
PURPOSE
Review and assess the adequacy of their current practices. Has the practice setting addressed compelling ethical issues? How adequate are the current practices, policies, and procedures? What issues need to be addressed?
Design a practical strategy to modify current practices as needed. What steps does the agency or practice need to take to protect clients, prevent disgruntled parties from filing ethics complaints with state licensing boards and professional organizations, and prevent ethics-related lawsuits? Who in the practice or agency should work to address these issues? What resources will they need? What timetable should they follow? Monitor the implementation of this quality assurance strategy. How can practitioners ensure that the implementation plan has been implemented effectively? What indicators can staff members use to assess the extent to which the audit goals have been met?
Fraudulent Material Omissions: The broker failed to inform you of facts concerning an investment. If you had known these facts you would not have agreed to purchase the investment. Unsuitable Recommendations: Brokers have an obligation to learn their clients financial needs, objectives and circumstances before recommending an investment. Unsuitable recommendations occur when the broker recommends an investment inconsistent with the clients financial needs, circumstances and objectives. Failure to Follow Instructions: The broker is instructed to buy or sell a security or follow a particular investment strategy. The broker ignores the instructions and does nothing or buys something else entirely.
Unauthorized Trading: The broker buys or sells securities without written or verbal permission. Mutual Fund Abuses including, Mutual fund churning, Mutual Fund switching and Break point Selling. Fraudulent Asset Transfers: A brokerage firm operates under one name and incurs significant debts, liabilities and lawsuits. When the firm reaches a point they have to liquidate assets to pay their liabilities they close their doors and transfer the assets to a newly created firm with a different name. Both firms will have the same employees and principals.
Break Point Selling: Mutual fund fraud arises when brokers, in order to maximize their commissions, recommend fund purchases at just below the break point or fail to recommend a suitable share class given the length of time a client anticipates holding the fund or sells a share class that is inconsistent with the clients objectives. Unscrupulous brokers maximize their commissions by failing to inform the client of the various methods commissions and expenses can be reduced. Negligence: Brokers have a duty of care to be reasonably diligent and prudent in the handling of client accounts Negligence occurs when the broker failed in his duty to be reasonably diligent or prudent and did not act as a reasonable and prudent broker would have acted in the same situation.
AMFI
Association of mutual fund in India was established on 22 august 1995. It is the apex body of all asset management companies which are registered with SEBI. It follows the principle of both protecting and promoting the interest of mutual funds as well as their unit holders.
OBJECTIVE OF AMFI
It maintains high professional and ethical standard. It sets the code of conduct Interacts with SEBI and work according to SEBI guidelines It develops a trained agent distributor It promotes proper understanding of mutual funds It disseminate information on mutual fund industry
It sponsored by Kotak Mahindra bank ltd. Employs around 20,000 employees Has a distribution network of 1,716 branches, in India and Abroad. Has over 10 Lac investors in various schemes
Cases
Case 01
Kotak Mutual fund ,Somajiguda Branch have wrongly issued statement ( Saving A/c No 05520110010797. Investment a/c no. 502496, CRN no. 11919591).
Case 02
KOTAK Mutual FUND/KOTAK MIDCAP Regarding non credit of amount.
HDFC Asset Management Company Ltd (AMC) was incorporated under the Companies Act, 1956, on December 10, 1999. Average Asset under Management: `93,105.58 Crs. No. of investors: 41,98,994 No. of ARN certified distributors - 32,570 (As on Sep 30,2010) Market share 11.8% No of complaints received 7763 (in 2009).
UTI Mutual Fund started in January 14, 2003 . It has a nationwide network consisting 148 UTI Financial Centres (UFCs) UTIAMC presently manages a corpus of over ` 65,38,724.42 lakhs as on 31st December 2010 (source: www.amfiindia.com)
According to economic bureau report on Dec. 2010, SEBI is upset over the complaints against some of the leading mutual fund players. According to Amfi records, 39 mutual fund houses have more than 4.5 lakh complaints against them. UTI Mutual Fund, tops the list with 99,347 such issues. The country's oldest fund house has received more than 30,900 complaints (22 per cent of the total)relating to non-receipt of dividends and another 16,700 marking non-receipt of statement of accounts
Awards
Outlook Money NDTV Profit Awards, 2009 ICRA Awards, 2006 & 2009 NDTV Awards, 2006 LIPPER FUND Awards, 2006 CRISIL BEST FUND Award 2003 OUTLOOK MONEY BEST WEALTH CREATOR DEBT 2003
AWARDS
HDFC Mutual Fund was the Winner of "India Equity Fund House" Award (from amongst 9 fund houses) for the one year period ending December 31, 2009 at the Morningstar Fund Awards (India) 2009. HDFC Cash Management Fund - Treasury Advantage Plan - Growth Option was the runner up in the India Open-Ended Ultrashort Bond category (from amongst 28 schemes) for the one year period ending December 31, 2009 at Morningstar Fund Awards (India) 2009. Prashant Jain of HDFC won the award for the best equity fund manager
'Swatantra'
UTI Mutual Fund announced their tie-up with HDFC Bank for its Investor Education Initiative called "Swatantra" in the states of Kerala, Karnataka and Tamil Nadu. This initiative aims at creating investor awareness about different financial products and wealth creation options. Innovative formats will be used for communicating about financial products like mobile banking, web campaigns, face book, twitter, financial calculators and planners.
AWARDS
Second time in a row, UTI Mutual Fund has been awarded the Most Investor-Friendly Fund House of the Year by CNBC-TV18-CRISIL Mutual Fund Awards 2011. Mr Jaideep Bhattacharya, Chief Marketing Officer, UTI AMC 's CMO has won MYKM Stars of Industry Youth Icon Award from 94.3 Radio FM. UTI Dividend Yield Fund has been adjudged the The Best Large Cap Fund by Morningstar Fund Awards (India) -2011. UTI Equity Fund has been adjudged The runner-up for the Best Large Cap Fund by Morningstar Fund Awards (India)-2011. UTI AMC has won the Golden Peacock Innovation Award 2011 for its Investor Education initiative Swatantra.
Suggestion:
Technology To have an Ombudsman for Investors grievances Regulators should do an audit at regular interval to check the source of AUM