awareness of mutual fund in retail investors of hdfc

8/8/2019 Awareness of Mutual Fund in Retail Investors of HDFC

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Awareness of Mutual Fund in retail investors of HDFC-AMC

1.1 History of Mutual Fund Industry

The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the

initiative of the Government of India and Reserve Bank of India. The history of mutual funds in India

can be broadly divided into four distinct phases:

First phase 1964-87(Monopoly of UTI)

An Act of Parliament established Unit Trust of India (UTI) on 1963. It was set up by the Reserve Bank

of India and functioned under the Regulatory and administrative control of the Reserve Bank of India.

In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took

over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was

Unit Scheme 1964. At the end of 1988 UTI had Rs.6, 700 crores of assets under management.

Second Phase 1987-93(Entry of Public Sector Funds)

1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks and Life

Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual

Fund was the first non- UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund

(Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of

India (Jun 90), and Bank of Baroda Mutual Fund (Oct 92). LIC established its mutual fund in June

1989 while GIC had set up its mutual fund in December 1990. At the end of 1993, the mutual fundindustry had assets under management of Rs.47,004 crores.

Third Phase 1993-2003(Entry of Private Sector Funds

With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry,

giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first

Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be

registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was

the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations

were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry

now functions under the SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses

went on increasing, with many foreign mutual funds setting up funds in India and also the industry has

witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds


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with total assets of Rs. 1, 21,805 crores. The Unit Trust of India with Rs.44, 541 crores of assets under

management was way ahead of other mutual funds.

Forth Phase Since February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into

two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under

management of Rs.29, 835 crores as at the end of January 2003, representing broadly, the assets of US

64 scheme, assured return and certain other schemes. The Specified Undertaking of Unit Trust of

India, functioning under an administrator and under the rules framed by Government of India and does

not come under the purview of the Mutual Fund Regulations. The second is the UTI Mutual Fund Ltd,

sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual

Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than

Rs.76, 000 crores of assets under management and with the setting up of a UTI Mutual Fund,

conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among

different private sector funds, the mutual fund industry has entered its current phase of consolidation

and growth. As at the end of October 31, 2003, there were 31 funds, which manage assets of

Rs.126726 crores under 386 schemes.

Mutual funds have played a significant role in financial intermediation, the development of capital

markets and the growth of the Indian Economy. The Indian mutual fund industry has been no

exception. Though it is relatively new, it has grown at a dynamic speed, influencing various sectors of

the financial market and the national economy.

The Indian economy is under transition on account of the on going structural adjustment programs and

liberalization. The corporate sector and the investment community play a major role in the markets

today. Economic transition is usually marked by changes in the market mechanics, institutional

integration, market regulations, relocation of savings and investments and changes in inter-scrotal

relationships.


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1.2 Customers Profile of Mutual Fund Industry

(Type of Customers)

1. While you recommend a financial plan, you also need to understand the needs and financial

objectives of your customer along with his risk tolerance and his expectations from the

investments.

2. Honest and straightforward advice is appreciated. Help your customers make the right

choice.

3. Advise your customers to start investing early and regularly to help them optimize the

benefits of the compounding rupee.

4. Help your investors with the procedures and paper work involved in making an investment.

Treat every customer exclusively. A satisfied customer can give you increased business through

resale and referrals of other prospective customers.

1.3 Positioning Strategy of Mutual Fund Industry


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Positioning starts with a product. But positioning is not what you do to a product. Positioning is what

you do to the mind of the prospect. That is, you position the product in the mind of prospect. A

companys differentiating and positioning strategy must change as the product, market, and

competitors change over time. . There should be no under positioning, over positioning, confused

positioning or doubtful positioning.

Channels of Distribution

In Every asset Management Companys distribution channel played very important roles.

Here assets management companies have distributors like :

Consultants

Agents

Distributors

Advisers

Broker

Their role is very important for Assets Management Companys Office.

1.4 Promotional Tools Employed by Mutual Fund Companies

Some specific other documents help to increase selling product like: -

(1) Banners:

Banners define brief idea of scheme, it should be very attractive with specific objective & its

related picture in city, and Banners keep in specific places which very help to do good publicity. It

distributes only by AMCs office.When any new scheme is launched or any new NFO coming up

that times company make banners before few days. Its helps to good advertising & easy cover to

customer or people.

(2) Application Form:

Any product like Equity, debt and balance, investor should fill up its common

Application forms. Form define acknowledge slip which give return to customer. Actually 3-time

stamp done in form, one of them is acknowledged slip. These forms are distributed by Assets


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Management Companys office. It is all Assets Management Companys office duty to dispatch

forms to their customer like agents, brokers, and advisers time to time.

(3) Broachers:

Broachers include brief history of company. It defines when and where assets management

Company invests investors money. This defines performance of each scheme product & also

defines its comparison to last 3 months to more than 5 years. In end of every month Assets

Management Companys office send Boucher to their investors, brokers, agents, advisers

regularly.

2.1 Introduction


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If ever there was a man with a mission it was Hasmukhbhai Parekh, Founder and Chairman-

Emeritus, of HDFC Group who left this earthly abode on November 18, 1994. Born in a traditional

banking family in Surat, Gujarat, Mr. Parekh started his financial career at Harkisandass Lukhmidass

a leading stock broking firm. The firm closed down in the late seventies, but, long before that, he went

on to become a towering figure on the Indian financial scene.

In 1956 he began his lifelong financial affair with the economic world, as General

Manager of the newly formed Industrial Credit and Investment Corporation of India (ICICI).

He rose to become Chairman and continued so till his retirement in 1972.

At the ripe age of 60, Hasmukhbhai started his second dynamic life, even more illustrious than

his first. His vision for mortgage finance for housing gave birth to the Housing

Development Finance Corporation it was a trendsetter for housing finance in the whole

Asian continent.

HDFC Asset Management Company Ltd (AMC) was incorporated under the Companies Act, 1956, on

December 10, 1999, and was approved to act as an Asset Management Company for the HDFC

Mutual Fund by SEBI vide its letter dated June 30, 2000.

The registered office of the AMC is situated at Ramon House, 3rd Floor, H.T. Parekh Marg, 169,

Backbay Reclamation, Churchgate, Mumbai - 400 020.

In terms of the Investment Management Agreement, the Trustee has appointed the AMC to manage

the Mutual Fund. As per the terms of the Investment Management Agreement, the AMC will conduct

the operations of the Mutual Fund and manage assets of the schemes, including the schemes launched

from time to time.The present shareholding pattern of the AMC is as follows:

Particulars % of the paid up capital

Housing Development Finance Corporation Limited 60

Standard Life Investments Limited 40

Zurich Insurance Company (ZIC), the Sponsor of Zurich India Mutual Fund, following a review of its

overall strategy, had decided to divest its Asset Management business in India. The AMC had entered

into an agreement with ZIC to acquire the said business, subject to necessary regulatory approvals.


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On obtaining the regulatory approvals, the following Schemes of Zurich India Mutual Fund have

migrated to HDFC Mutual Fund on June 19, 2003. These Schemes have been renamed as follows:

Former Name New Name

Zurich India Equity Fund HDFC Equity Fund

Zurich India Prudence Fund HDFC Prudence Fund

Zurich India Capital Builder Fund HDFC Capital Builder Fund

Zurich India TaxSaver Fund HDFC TaxSaver

Zurich India Top 200 Fund HDFC Top 200 Fund

Zurich India High Interest Fund HDFC High Interest Fund

Zurich India Liquidity Fund HDFC Cash Management Fund

Zurich India Sovereign Gilt Fund HDFC Sovereign Gilt Fund

2.2 Background and Objective of HDFC Group

Background

HDFC was incorporated in 1977 with the primary objective of meeting a social need that of

promoting home ownership by providing long-term finance to households for their housing needs.

HDFC was promoted with an initial share capital of Rs. 100 million.

Business Objectives

The primary objective of HDFC is to enhance residential housing stock in the country through the

provision of housing finance in a systematic and professional manner, and to promote home

ownership. Another objective is to increase the flow of resources to the housing sector by integrating

the housing finance sector with the overall domestic financial markets...

Organizational Goals


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HDFCs main goals are to

a) Develop close relationships with individual households,

b) Maintain its position as the premier housing finance institution in the country,

c) Transform ideas into viable and creative solutions,

d) Provide consistently high returns to shareholders, and

e) To grow through diversification by leveraging off the existing client base.

Key Companies of HDFC group

HDFC Reality HDFC Bank HDFC Standard Life Insurance HDFC Mutual Fund HDFC Chubb General Insurance Credit Information Bureau (INDIA) Limited HDFC Securities HDFC Consultancy Services Intel net Global

HDFC-Asset Management Company

An HDFC asset Management Company limited is well-established fund house. HDFC Assets

Management Company limited is sponsored by Housing Development Finance Corporation Limited

(HDFC) andhttp://www.standardlifeinvestments.com/ Standard life investments limited.
http://www.hdfcindia.com/http://www.hdfcindia.com/http://www.standardlifeinvestments.com/http://www.hdfcindia.com/http://www.hdfcindia.com/http://www.standardlifeinvestments.com/


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HDFC assets Management Company limited launched its scheme HDFC EQUITY FUND in the year

January 1995. Since then it focused on different class of schemes for many years and launched several

innovative products that went to become bourgeoning categories in the Indian mutual fund industry.

Some of these were HDFC GROWTH FUND, HDFC TOP 200 FUND, and HDFC BALANCED

FUND, HDFC PRUDENCE FUND etc. HDFC assets Management Company limited have offices in

29 cities and currently manage assets in excess of Rs 75,406.10 cores. (May 2009)

HDFC was incorporated in 1977 as the first specialized Mortgage Company in India. HDFC is a

Premier Housing Finance Company in India. HDFC provides financial assistance to individuals,

corporates and developers for the purchase or construction of residential housing. It also provides

property related services (e.g. property identification, sales services and valuation), training andconsultancy. Of these activities, housing finance remains the dominant activity. HDFC has a client

base of around 10 lac borrowers, around 10 lac depositors, over 1,23,000 shareholders and 50,000

deposit agents, as at March 31, 2009. The Company has a total asset size of Rs. 96,993 crore as at

March 31, 2009 and cumulative approvals and disbursements of housing loans of Rs. 237,450 crore

and Rs. 191,806 crore respectively as at March 31, 2009. HDFC had raised funds from international

agencies such as the World Bank, IFC (Washington), USAID, DEG, ADB and KfW, international

syndicated loans, domestic term loans from banks and insurance companies, bonds and deposits.

HDFC has received the highest rating for its deposits program for the fourteenth year in succession.

STANDARD LIFE INVESTMENTS LIMITED

Standard Life Investments Limited is the dedicated investment management company of the Standard

Life group and is a wholly owned subsidiary of Standard Life Investments (Holdings)

Limited, which in turn is a wholly owned subsidiary of Standard Life plc. With global assets under

management of approximately US$ 169 billion as at March 31, 2009, Standard Life Investments

Limited is one of the world's major investment companies and is responsible for investing money on

behalf of five million retail and institutional clients worldwide. Standard Life Investments is a leading

asset management company, with approximately US$ 169 billion of assets under management as at

March 31, 2009. The company operates in the UK, Canada, Hong Kong, China, Korea, Ireland, Paris,

Sydney and the USA to ensure it is able to form a truly global investment view.
http://www.standardlifeinvestments.com/http://www.standardlifeinvestments.com/


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2.3 Board of Directors

The Board of Directors of the HDFC Asset Management Company Limited (AMC) consists of the

following eminent persons.

Mr. Deepak S Parekh

Mr. Hoshang S. Billimoria

Mr. N. Keith Skeoch

Mr. Humayun Dhanrajgir

Ms. Renu S. Karnad

Mr. Milind Barve

Mr. Mark Connolly

Mr. Rajeshwar Ram Bajaj

Mr. P. M. Thampi

Dr. Deepak Phatak

2.4 Product Details

2.5.1 Equity Schemes of HDFC

1. HDFC Equity Fund:-

Investment Objective: The investment objective of the Scheme is to achieve capital

appreciation.

Investment Options: Dividend & Growth Option

Nature of Scheme: Open-ended Growth Scheme

Inception Date: January 01, 1995

2. HDFC growth fund:-

Investment Objective: The primary investment objective of the Scheme is to generate long

term capital appreciation from a portfolio that is invested predominantly in equity and equity

related instruments.




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Inception Date: September 11, 2000

3. HDFC Top 200 Fund:-

Investment Objective: To generate long-term capital appreciation from a portfolio of equity

and equity-linked instruments primarily drawn from the companies in BSE 200 index. Investment Options: Dividend & Growth Option


Inception Date: October 11, 1996

4. HDFC Capital Builder Fund:-

Investment Objective: To generate long-term capital appreciation from a portfolio that is

substantially constituted of equity and equity related securities of Small and Mid-Cap companies.

Investment Options: Dividend & Growth Option Nature of Scheme: Open Ended Growth Scheme

Inception Date: February 01, 1994

5. HDFC Core & Satellite Fund:-

Investment Objective: The primary objective of the Scheme is to generate capital

appreciation through equity investment in companies whose shares are quoting at prices below

their true value.


Nature of Scheme: Open Ended Growth Scheme


6. HDFC Premier Multi-Cap Fund:-


appreciation in the long term through equity investments by investing in a diversified portfolio of

Mid Cap and Large Cap `blue chip` companies.

Investment Options: Dividend Plan, Growth Plan, The Dividend Plan offers Dividend Payoutand Reinvestment Facility.

Nature of Scheme: Open Ended Growth Scheme

Inception Date: April 06, 2005


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2.5.2 Balanced Schemes of HDFC

1. HDFC Balanced Fund: -


appreciation along with current income from a combined portfolio of equity and equity related and

debt and money market instruments.


Nature of Scheme: Open Ended balanced fund


2. HDFC Prudence Fund:-

Investment Objective: The investment objective of the Scheme is to provide periodic returns

and capital appreciation over a long period of time, from a judicious mix of equity and debt

investments, with the aim to prevent/ minimize any capital erosion.


Nature of Scheme: Open Ended balanced fund

Inception Date: February 01, 1994

3. HDFC Short Term Plan:-

Investment Objective: - The primary objective of the HDFC Short Term Plan is to generate

regular income through investment in Debt Securities and Money Market Instruments.

Investment Options: Growth Plan, Dividend Plan. The Dividend Plan offers Dividend Payout

and Reinvestment Facility.

Nature of Scheme:- Open Ended income fund

Inception Date: - February 28, 2002

4. HDFC Multi Yield Fund :-

Investment Objective: The primary objective of the Scheme is to generate positive returns

over medium time frame with low risk of capital loss over medium time frame.

Investment Options: Growth Plan, Dividend Plan. The Dividend Plan offers Dividend Payout

and Reinvestment Facility.

Nature of Scheme: - Open Ended income fund


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Inception Date: - September 17, 2004

2.5.3 Debt Schemes of HDFC

1. HDFC Income Fund:-

Investment Objective: - The primary objective of the Scheme is to optimize

returns while maintaining a balance of safety, yield and liquidity.


Nature of Scheme: - Open-ended Income Scheme

Inception Date: - September 11, 2000

2. HDFC Income Fund: -

Investment Objective: - The investment objective of HDFC High Interest Fund

is to generate income by investing in a range of debt and money market instruments of various

maturity dates with a view to maximizing income while maintaining the optimum balance of yield,

safety and liquidity.


Nature of Scheme: - Open Ended Income Scheme

Inception Date: - April 28, 1997

3. HDFC MF Monthly Income Plan - Short Term Plan:-

Investment Objective: - The primary objective of Scheme is to generate

regular returns through investment primarily in Debt and Money Market Instruments. The

secondary objective of the Scheme is to generate long-term capital appreciation by investing a

portion of the Schemes assets in equity and equity related instruments. However, there can be No

assurance that the investment objective of the Scheme will be achieved.

Investment Options: Quarterly Dividend Option, Monthly Dividend Option,

and Growth Plan. The Dividend Plan offers Dividend Payout and Reinvestment Facility


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Nature of Scheme: - An open-ended income scheme. Monthly income is not

assured and is subject to availability of distributable surplus

Inception Date:- December 26, 2003

4. HDFC MF Monthly Income Plan - Long Term Plan:-

Investment Objective: - The primary objective of Scheme is to generate

regular returns through investment primarily in Debt and Money Market Instruments. The

secondary objective of the Scheme is to generate long-term capital appreciation by investing a

portion of the Schemes assets in equity and equity related instruments. However, there can be no

assurance that the investment objective of the Scheme will be achieved

Investment Options: Growth Plan, Quarterly Dividend Option, Monthly

Dividend Option. The Dividend Plan offers Dividend Payout and Reinvestment Facility.

Nature of Scheme: - An open-ended income scheme. Monthly income is not assured

and is subject to availability of distributable surplus

Inception Date: - December 26, 2003

3.1 Objective of the study

Research Objectives addresses the purpose of the investigation. It is here that you layout exactly what

is being planned by the proposed research. The Research Objectives flows naturally from the problem

statement, giving the sponsor specific, concrete, and achievable goals. It is best to list the objectives

either in order of importance or in general terms first, moving to specific terms. Research Objective is

the basis for judging the Research process. It is the final step giving exact definition of problem.


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Analyzing mutual fund awareness in retail investors of HDFC assets Management Company in

Bhavnagar.

With liberalization, privatization and globalization there has been a major change in the Indian Mutual

Funds Industry. The momentum is on and one is sure to see similar hectic activity at the offices of the

new entrants especially after the 90s as private sector gained entry in the Indian markets.

With the private sector penetration, a large number of schemes have also been introduced due to which

the average consumer has become vary sensitive to the new schemes coming its way. So to ensure

about the various consumer attitudes, a survey was undertaken.

De facto, to ensure what the consumer thinks & what it thinks the best we undertook a consumer

survey, to get a clear picture of the future of the Mutual Funds companies who are busy wooing the

customers, with their lucrative schemes, to survive the rat race & emerge as no.1 in this field.

3.2 Research Design

Research design can be described as an out line of a research project working or a pattern. In a

research design there are series of prior decision that together provide a master plan for completing a

research project. Research design is proved to be a bridge between what has been established and

what is to be done in conduct of the studies. Research design should be compressive and it should

provide which method to be used and what work to be done.

Research design describes as a master plan a series of key decisions that serves a model for

conducting a research project. There are the main components of research design.

Objective of research

Data inputs

Analysis of data collected

The research design was exploratory type and the focus was on getting mutual funds views for

various products, expectations from market

Exploratory Research:


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Exploratory study goes beyond description and attempts to explain the reasons for the phenomenon

that the descriptive study only observed. The researcher uses theories or at least hypotheses to account

for the forces that caused a certain phenomenon to occur.

3.3 Sample design

Sample design refers to the technique as the procedure that a researcher would adopt in selective item

for the sample.

Target population

Target population was the retail investors of HDFC-AMC, Bhavnagar branch

Sample size

The sample size taken for the study is 100.

Sampling method

The retail investors of HDFC-AMC, Bhavnagar branch had been selected on the basis of convenience

sampling. The study is the sample survey having small size sample have the customer of the bank.

I have taken 100 responds as a sample size for this particular project.

The following table shows area wise distribution of sample size:

AREA SAMPLES

KALANALA 20

WAGHAWADI ROAD 30

KANBIWAD 15

VIDYANAGAR 15

PATEL PARK 10

SARDARNAGAR 10

TOTAL 100


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3.4 Sources of data

The gathering of data may range from a simple observation at one location to a grandiose survey of

multinational corporations at sites in different parts of the world. The method selected will largely

determine how the data are collected. DATA is the facts presented to the researcher from the studysenvironment. Characteristics of the data are as follows:

Data are more metaphorical than real

Data are processed by our senses-often limited in comparison to the senses of

other living organisms.

Capturing data are said to be trustworthy because they may be verified.

Data classify their verity by closeness to the phenomena

There are two kinds of data that can be collected for research purpose. Based on the requirement in

the research appropriate data is collected.

1) Primary Data

During the First phase 1964-87(Monopoly of UTI), Primary data are collected and gathered for the

first time. Primary data are sought for their proximity to the truth and controls over error. Advantages

of primary data are:

Researchers can collect precisely the information they want.

They usually can specify the operational definitions used and can eliminate, or at least monitor

and record the extraneous influences on the data as they are gathered.

2) Secondary data source

Someone else collects secondary data. So, it becomes secondary information for the research.

Secondary data have had least one level of interpretation inserted between the event and its recording.

Reasons for using the secondary data are listed below:

They fill a need for specific reference or citation on some point

Secondary data are an integral part of a larger research study

Secondary data may be used as the sole basis for a research study, since

In many research situations one cannot conduct primary research

Because of physical, legal, or cost influences.


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Analyzing the requirement of data, it was found that primary data is more important for achieving

Research Objective.

3.5 Data Collection Methods

1) Surveys & Questionnaires

Survey The means by which quantitative research is conducted.

Questionnaire A prepared set of questions designed to generate data necessary for accomplishing the

objectives of the research project.

I used survey method for data collection. Information was collected by personal interviews through

questionnaire.

Following types of measurement scales were used in the questionnaire:

Simple category scale: - (Q-2, Q-4, Q-8, Q-9)

Multiple choice single response scales: - (Q-6)

Multiple choice multiple response scale:-(Q-1, Q-3, Q-5, Q-7)

4.1 Introduction

Mutual Fund Concept

A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial

goal. The money thus collected is invested by the fund manager in different types of securities

depending upon the objective of the scheme. These could range from shares to debentures to money

market instruments. The income earned in these investments and the capital appreciation realized by

the scheme is 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 a diversified, professionally managed portfolio at a relatively low cost. Anybody with an invest able


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surplus of a few thousand rupees can invest in Mutual Funds. Each Mutual Fund scheme has a defined

investment objective and strategy.

A mutual fund is the ideal investment vehicle for todays complex and modern financial scenario.Markets for equity shares, bonds and other fixed income instruments, real estate, derivatives and other

assets have become mature and information driven. Price changes in these assets are driven by global

events occurring in faraway places. A typical individual is unlikely to have the knowledge, skills,

inclination and time to keep track of events, understand their implications and act speedily.

A mutual fund is answer to all these situations. It appoints professionally qualified and experienced

staff that manages each of these functions on a fulltime basis. The large pool of money collected in the

fund allows it to hire such staff at a very low cost to each investor. In fact, the mutual fund vehicle

exploits economies of scale in all three areas research, investment and transaction processing.

Mutual Fund Cycle

From the below cycle, it can be observed that how the money from the investors flow and they get

returns out of it. With a small amount of fund, investors pool their money with the funds managers.

Taking into consideration the market strategy the funds managers invest this pool of money into

reliable securities. With ups and downs in market returns are generated and they are passed on to the

investors. The above cycle should be very clear and also effective.

Mutual Fund Operation Flow Chart


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(Source: www.indiamart.com)

The fund manager while investing on behalf of investors takes into consideration various factors like

time, risk, return, etc. so that he can make proper investment decision.

4.2 Types of Mutual Fund Schemes

Wide varieties of mutual fund schemes exist to cater to the needs such as financial position, risk

tolerance and return expectations, etc. There are following types of schemes available for various

types of investors

BY STRUCTURE

A. Open Ended Schemes

B. Close Ended SchemesC. Interval Schemes

BY INVESTMENT OBJECTIVE

A. Growth/Equity Oriented Schemes

B. Income/Debt Oriented Schemes

C. Balanced Schemes

D. Money Market/Liquid Schemes

E. Gilt Schemes

F. Index Schemes

OTHER SCHEMES

A. Sector Specific Schemes

B. Tax Saving/ELSS Schemes

# BY STRUCTURE

A. Open Ended Schemes:

As the name implies the size of the scheme (fund) is open i.e. not specified or pre-determined. Entry

to the fund is always open, the investor who can subscribe at anytime. Such fund stands ready to buy


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or sell its securities at anytime. The key feature of Open-ended schemes is Liquidity. It implies that the

capitalization of the fund is constantly changing as investors sell or buy their shares. Further, the

shares or units are normally not traded on the stock exchange but are repurchased by the funds at

announced rates. Open-ended schemes have comparatively better liquidity despite the fact that these

are not listed. The reason is that investors can any time approach mutual fund for sale of such units.

No intermediaries are required. Moreover, the realizable amount is certain since repurchase is at a

price based on declared net asset value (NAV). The portfolio mix of such schemes has to be

investments, which are actively traded in the market. Otherwise it will not be possible to calculate

NAV. This is the reason that generally open-ended schemes are equity based. In Open-ended schemes,

the option of dividend reinvestment is available.

B. Close-Ended Schemes:

A Close ended schemes have a definite period after which their shares/units are redeemed. The

scheme is open for subscription only during a specified period at the time of launch of a scheme.

Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or

sell the units of the scheme on the stock exchanges where the units are listed. In order to provide an

exit route to the investors, some close-ended funds give an option of selling back the units to the

mutual fund through periodic repurchase at NAV related prices. In these types of schemes, the size of

the fund kept to be constant. SEBI regulations stipulate that at least one of the two exit routes is

provided to the investor i.e. either repurchase facility or through listing on stock exchanges. These

mutual funds schemes disclose NAV generally on weekly basis.

C. Interval schemes:

Interval Schemes combine the features of both open-ended and close-ended schemes. They are open

for sale or redemption during pre-determined intervals at NAV based prices.

# BY INVESTMENT OBJECTIVE

Growth/Equity Oriented Schemes:

The aim of growth funds is to provide capital appreciation over the medium to long term. Such

schemes normally invest a major part of their corpus in equities. Such funds have comparatively high


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risks. These schemes provide different options to the investors like dividend option; capital

appreciation etc. and the investors may choose an option depending on their preference. The investor

must indicate the option in the application form. The mutual funds also allow the investors to change

the options at a later date. Growth schemes are good for investors having a long-term outlook seeking

appreciation over a period of time.

Income/Debt oriented Schemes:

The aim of income funds is to provide regular and steady income to investors. Such schemes generally

invest in fixed income securities such as bonds, corporate debentures, government securities and

money market instruments. Such funds are less risky compared to equity schemes. These funds are not

affected because of fluctuations in equity market. However, opportunities of capital appreciation are

also limited in such funds. The NAVs of such funds are affected because of change in interest rates in

the country. If the interest rates fall, NAVs of such funds are likely to increase in the short run and

vice versa. However, long-term investors may not bother about these fluctuations.

Balanced Fund:

The aim of balanced funds is to provide both growth and regular income as such schemes invest both

in equities and fixed income securities in the proportion indicated in their offer documents. These are

appropriate for investors looking for moderate growth. They generally invest 40-60% in equities anddebt instruments. These funds are also affected because of fluctuations in share prices in the stock

markets. However, NAVs of such funds are likely to be less volatile compared to pure equity funds.

Money market / Liquid fund:

These funds are also income funds and their aim is to provide easy liquidity, preservation of capital

and moderate income. These schemes invest exclusively in safer short-term instruments such as

treasury bills, certificates of deposit, commercial paper and inter-bank call money, government

securities etc. Returns in these schemes fluctuate much less compared to other funds. These funds are

appropriate for corporate and individual investors as a means to park their surplus funds for short

periods.

Gilt Funds:


23/44- 1 -


These funds invest exclusively in government securities. Government securities have no default risk.

NAVs of these schemes also fluctuate due to change in interest rates and other economic factors as

are the case with income or debt oriented schemes.

Index Schemes:

Index funds replicate the portfolio of a particular index such as the BSE Sensex, S&P NSE 50 index

(Nifty) etc. These schemes invest in the securities in the same weight age comprising of an index.

NAVs of such schemes would rise or fall in accordance with the rise or fall in the Index, though not

exactly by the same percentage due to some factors known as tracking error in technical terms.

Necessary disclosures in this regard are made in the offer document of the mutual fund scheme. These

are also exchange traded index funds launched by the mutual funds, which are traded in the stock

exchanges.

# OTHER SCHEMES

A. Tax Saving (ELSS) Schemes:

All the mutual funds floated by public sector banks and insurance companies have launched tax saving

schemes. These schemes are designed on the basis of tax policy with special tax incentives to tax

taxpaying investors. These schemes offer tax rebates to the investors under specific provisions of the

Income Tax Act, 1961 as the government offers tax incentives for investment in specified avenues.

E.g. Equity Linked Savings Schemes (ELSS). Pension Schemes launched by the mutual funds also

offer tax benefits. These schemes are growth oriented and invest predominantly in equities. Their

growth opportunities and risks associated are like any equity-oriented scheme.

Sector Specific Schemes:

These are the schemes, which invest in the securities of only those sectors or industries as specified in

the offer documents. E.g. Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG), Power

or Infrastructure etc. The return sin these funds are dependent in the performance of the respective

sector/ industries. While these funds may give higher returns, they are more risky compared to

diversified funds. Investors need to keep a watch in the performance of those sectors/industries and

must exit at an appropriate time. They may also seek advice of an expert.

4.3 Advantages and Disadvantages of Mutual Fund


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Advantages of Mutual Fund

Professional Management:

Mutual Funds provide the services of experienced and skilled professionals, backed by a dedicated

investment research team that analyses the performance and prospects of companies and selects

suitable investments to achieve the objectives of the scheme.

(2) Diversification:

Mutual Funds invest in a number of companies across a broad cross-section of industries and sectors.

This diversification reduces the risk because seldom do all stocks decline at the same time and in the

same proportion. You achieve this diversification through a Mutual Fund with far less money than you

can do on your own.

(3) Convenient Administration:

Investing in a Mutual Fund reduces paperwork and helps you avoid many problems such as bad

deliveries, delayed payments and follow up with brokers and companies. Mutual Funds save your time

and make investing easy and convenient.


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(4) Return Potential:

Over a medium to long-term, Mutual Funds have the potential to provide a higher return as they invest

in a diversified basket of selected securities.

(5) Low Costs:

Mutual Funds are a relatively less expensive way to invest compared to directly investing in the capital

markets because the benefits of scale in brokerage, custodial and other fees translate into lower costs

for investors.

(6) Liquidity:

In Open-End schemes, the investor gets the money back promptly at net asset value related prices from

the mutual fund. In Close-Ended schemes, the units can be sold on a Stock Exchange at the prevailing

market price or the investor can avail of the facility of direct repurchase at NAV related prices by the

mutual fund.

(7) Transparency:

Investors get regular information on the value of their investment in addition to disclosure on the

specific investments made by their scheme, the proportion invested in each class of assets and the fund

manager's investment strategy and outlook.

(8) Flexibility:Through features such as regular investment plans, regular withdrawal plans and dividend

reinvestment plans, you can systematically invest or withdraw funds according to your needs and

convenience.

(9) Affordability:

Investors individually may lack sufficient funds to invest in high-grade stocks. A mutual fund because

of its large corpus allows even a small investor to take the benefit of its investment strategy.

(10) Choice of Schemes:

Mutual Funds offer a family of schemes to suit your varying needs over a lifetime.


26/44- 1 -


(11) Well Regulated:

All Mutual Funds are registered with SEBI and they function within the provisions of strict regulations

designed to protect the interests of investors. The operations of Mutual Funds are regularly monitored

by SEBI.

Disadvantages of Mutual Fund

(1) Entry and Exit load:

Mutual funds are a victim of their own success. When a large body like a fund invests in shares, the

concentrated buying or selling in adverse price movements lay at the time of buying, the fund ends up

paying a higher price and while selling it realize a lower price. This problem is especially severe in

emerging markets like India, where, excluding a few stocks, even the stocks in the Sensex are not

liquid. Let alone stocks in the NSE 50 or the CRISIL 500. So there is simply no way that a fund can

beat the Sensex or any other index, if it is blindly invests in the same stocks as those in the Sensex and

in the same proportion.

(2) No control over costs:

The costs of the fund management process are deducted from the fund. This includes marketing and

initial costs deducted at the time of entry itself, called, Load. Then there is the annual asset

management fee and expenses, together called the expense ratio. Usually, the former is not countedwhile measuring performance, while the latter is. A Standard 2 percent expense ratio means that,

everything else being equal, the fund manager under performs the benchmark index by an equal

amount.

(3) No tailor-made portfolio:

The portfolio of a fund does not remain constant. The extent to which the portfolio changes is a

function of the style of the individual fund manager i.e. whether he is a buy and hold type of manager

or one who aggressively churns the fund. It is also depends on the volatility of the fund size i.e.

whether the fund constantly receives fresh subscriptions and redemptions. Such portfolios changes

have associated costs of brokerage, custody fees, registration fees etc. that lowers the portfolio return

commensurately.


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(4) No Guarantee of return:

No investment is risk free. If the entire stock market declines in value, the value of mutual fund 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 investsthrough a mutual fund runs the risk of losing money.

(5) 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.

(6) 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 you expected. Of course, if you invest in Index Funds,

you forego management risk, because these funds do not employ managers.

4.4 Risk Involved in Mutual Fund

The Risk Return tradeoff


28/44- 1 -


The most important relationship to understand is the risk-return trade-off. Higher the risk greater the

returns/loss and lower the risk lesser the returns/loss. Hence it is up to you, the investor to decide how

much risk you are willing to take. In order to do this you must first be aware of the different types of

risks involved with your investment decision.

Market Risk:

Sometimes prices and yields of all securities rise and fall. Broad outside influences affecting the

market in general lead to this. This is true, may it be big corporations or smaller mid-sized companies.

This is known as Market Risk. A Systematic Investment Plan (SIP) that works on the concept of

Rupee Cost Averaging (RCA) might help mitigate this risk.

Credit Risk:

The debt servicing ability (may it be interest payments or repayment of principal) of a company

through its cash flows determines the Credit Risk faced by you. This credit risk is measured by

independent rating agencies like CRISIL who rate companies and their paper. An AAA rating is

considered the safest whereas a D rating is considered poor credit quality. A well-diversified

portfolio might help mitigate this risk.

Inflation Risk:

The root cause is Inflation. Inflation is the loss of purchasing power over time. A lot of times people

make conservative investment decisions to protect their capital but end up with a sum of money thatcan buy less than what the principal could at the time of the investment. This happens when inflation

grows faster than the return on your investment. A well-diversified portfolio with some investment

might help mitigate this risk.

Interest rate risk:

In a free market economy interest rates are difficult if not impossible to predict. Changes in interest

rates affect the prices of bonds as well as equities. If interest rates raise the prices of bonds fall and

vice versa. Equity might be negatively affected as well in a rising interest rate environment. A well-

diversified portfolio might help mitigate this risk.

Political/Government policy risk:

Changes in government policy and political decision can change the investment environment. They

can create a favorable environment for investment or vice versa.


29/44- 1 -


Liquidity risk:

Liquidity risk arises when it becomes difficult to sell the securities that one has purchased. Liquidity

Risk can be partly mitigated by diversification, staggering of maturities as well as internal risk controls

that lean towards purchase of liquid securities

4.5 Structure of Mutual Fund

All mutual fund comprise mainly three constitutions

Sponsors

Trustees

Asset Management Company (AMC)

# Sponsors:

The Sponsors initiate the idea to set up a mutual fund. It could be a registered company, scheduled

bank or financial institution.

A Sponsor is the Promoter of the Mutual Fund which cerates AMC and appoints trustees. There are

some criterions, which every sponsor have to fulfill:

Financial Services Business:

5- years Track record

3 years profit making record

At least 40% contribution to AMC capital


30/44- 1 -


# Trustees:

Trustees hold a fiduciary responsibility towards unit holders by protecting their interests. Trustees

float and market schemes and secure necessary approvals. Trustees are appointed by sponsor with

SEBI approval. A trust has registered ownership of investments and appoints all other constituents.

They check if the AMCs investments are within well defined limits, whether the funds assets are

protected and also ensure that unit hold get their due returns.

# Asset Management Company (AMC):

AMCs are managing the money of investors. An AMC takes decisions, compensates investors

through dividends, maintain proper accounting and information for pricing of units, calculated the

NAV and provides information on listed schemes.

An AMC is responsible for operational aspects of the mutual fund. Basically, they are manufacturers

of mutual fund schemes. They have an investment management agreement with trustees, which are

registered with SEBI. Its net worth should be maintained Rs.10 crore at all times. An AMC cannot

have any other Business interest and they have a mandatory duty of quarterly reporting to appointed

trustees.

# Other Constituents:

Custodian:

It takes custody of securities and other assets of mutual fund. Its responsibilities include receipt and

delivery of securities, collecting income-distributing dividends, safekeeping of the units and

segregating assets and settlements between schemes. Custodians can service more than one fund.

Registrar and Transfer Agents:

They make transactions and maintain the investor records.

4.6 Why Investor Needs Mutual Fund?

Mutual funds offer benefits, which are too significant to miss out. Any investment has to be judged on

the yardstick of return, liquidity and safety. Convenience and tax efficiency are the other benchmarks

relevant in mutual fund investment. In the wonderful game of financial safety and returns are the tows

opposite goals and investors cannot be nearer to both at the same time. The crux of mutual fund

investing is averaging the risk.


31/44- 1 -


Many investors possibly dont know that considering returns alone, many mutual funds have

outperformed a host of other investment products. Mutual funds have historically delivered yields

averaging between 9% to 25% over a medium to long time frame. The duration is important because

like wise, mutual funds return taste bitter with the passage of time. Investors should be prepared to

lock in their investments preferably for 3 years in an income fund and 5 years in an equity funds.

Liquid funds of course, generate returns even in a short term.


32/44- 1 -


5. Analysis and Interpretation

1. Which investment avenues are you aware of?

INVESTMENT AVANUES FREQUENCY PERCENTAGE

EQUITY/MUTUAL FUND 100 34.36%POST OFFICE 94 32.30%

F.D. 86 29.55%

OTHERS 11 3.79%

100

94

86

11

EQUITY/M.F.

POST OFFICE

F.D.

OTHERS

(Define investments avenues)

Interpretation: -

From the above charts we can interpret that awareness of equity/mutual fund, post office (NSC, KVP,

and PPF), fixed deposits is more compare to others like GOVT ISSUED Instrument, GOVT Backed

Instrument, Real Estate, gold etc. so HDFC assets Management Company needs to focus more on

those investors who are more invest in KVP, NSC, PPF and fixed deposits.

2. Do you invest in mutual fund?

3

97

0

20

40

60

80

100

120

YES NO

PREFERNCE

NO

OF

Series1

(Define investments in mutual fund)

Interpretation: -

YES NO

97 3


33/44- 1 -


From the above chart it is getting clear that now a days people are like to invest their money in mutual

fund of different assets management company, out of 100 people sampled 97 are investing in the

mutual fund.

3. If yes, in which assets class do you want to invest in Mutual Fund?

TYPES OF SCHEMES RESPONSE PERCENTAGE

EQUITY 86 72.27%

DEBT 27 22.69%

LIQUID 6 5.04%

RESPONS

86

27

6

0

20

40

60

80

100

EQUITY DEBT LIQUID

SCHEME

NOO

FPEOPLE

RESPONS

(Define schemes preferred by investors)

Interpretation: -

From the above chart it is getting clear that from 100 peoples sample 86(72.27%) people are invest in

equity assets class and 27(22.69%) people choose to invests in debt class but only just 6(5.04%)

peoples choose to invests in liquid class.

4. Do you invest in HDFC assets management company limited?

YES NO TOTAL

56 44 100


34/44- 1 -


56

44

0

10

20

30

40

50

60

YES NO

PREFERNCE

NOO

FPEOPL

Series1

(Define investment in HDFC assets Management Company)

Interpretation: -

From the above chart it is getting clear that out of 100 people sampled, 56 peoples are invest in HDFC

assets management company and 44 peoples are not invests in HDFC assets management company.

5. If yes, in which scheme would you invest in HDFC Assets Management

company limited?

SCHEMES OF HDFC

NO. OF

INVESTOERS

EQUITY FUND 43CAPITAL BUILDER FUND 2

PRUDENCE FUND 17

TAX SAVER FUND 35

CORE AND SATELITE FUND 3

TOP 200 FUND 16

BALANCED FUND 1

GROWTH FUND 16

OTHERS FUND 5


35/44- 1 -


NO OF INVESTOERS

43

2

1735

3

16

116 5

EQUITY FUND CAPITAL BUILDER FUND

PRUDENCE FUND TAX SAVER FUND

CORE AND SATELITE FUND TOP 200 FUND

BALANCED FUND GROWTH FUND

OTHERS FUND

(Define scheme in which investors invest in HDFC assets Management Company)

Interpretation: -

From the above chart we can see that in HDFC assets Management Companys EQUITY FUND

maximum number (43) of people are invest. In TAX SAVER FUND 35 number of people invests. In

both TOP 200 FUND and GROWTH FUND 16 numbers of people are invests but in BALANCED

FUND, CAPITAL BUILDER FUND, CORE AND SATELITE FUND only 1,2 and 3 people are

invest so investors are not invested in these 3 schemes. In PRUDENCE FUND 17 numbers of people

are invested.

6. by which medium you invest in HDFC assets Management

Company limited?

MEDIUM OF INVESTMENT NO. OF PEOPLE

DISTRIBUTOR 8

BANK 48

ONLINE 0


36/44- 1 -


8

48

0

0

5

10

15

20

25

30

35

40

45

50

DISTRIBUTOR ONLINE

MEDIUMS

NOOFPEOPLE

NOOFPEOPLE

(Define mediums chosen by investors for invest in HDFC assets management company)

Interpretation: -

From the above chart its getting cleared that most of the peoples (48) are invest by bank and only 8

peoples are invest by distributors. Nobody invests through online. So here HDFC assets Management

Company has to provide facility by which investors invest their money with out any middle man in

mutual fund schemes through online.

Note: - here out of 100 respondents, 44 respondents are not invest in HDFC assets Management

Company. These responds are not considered in these questions.

7. Why do you prefer investing in HDFC Assets Management

Company limited?

PREFERENCE CRITERIA NUMBER

BETTER FUND HOUSE 43EXCELLENT CUSTOMER SERVICEPROVIDER 15

CONSISTANT RETURN 44

OTHERS 1NUMBER

43

15

44

1

BETTER FUND

HOUSE

EXCELLENT

CUSTOMER

SERVICE

PROVIDER

CONSISTANT

RETURN

(Define Preference criteria of investors)

Interpretation: -


37/44- 1 -


From the above pie - chart it can be seen that majority of the people that is 44 peoples give first rank to

consistent return and 43 peoples invest in HDFC assets management company because HDFC assets

management company is a better fund house and 15 peoples believes that HDFC assets Management

Company provides EXCELLENT CUSTOMER SERVICE.

8. In which type of product /schemes would you prefer while Invested in equity

schemes of HDFC assets management Company limited?TYPES OF SCHEMES RESPONSE

OPEN ENDED 53

CLOSE ENDED 3

RESPONSE

53

3

0

10

20

30

40

50

60

OPEN ENDED CLOSE ENDED

TYPES OF SCHEMES

NOO

F

PEOP

RESPONSE

(Define type of product /schemes investors prefer for investments)

Interpretation: -

From the above chart it is getting clear that most of peoples (53) prefer to invest in OPEN ENDED

equity schemes and only just 3 peoples want to invest in CLOSE ENDED equity schemes of HDFCassets Management Company.

Note: - Here out of 100 respondents, 44 respondents are not invest in HDFC assets ManagementCompany. These responds are not considered in these questions.

9. Do you know about on going new fund offer of HDFC Assets Management

Company limited?AWARENESS OF NFO NUMBER PERCENTAGE

YES 58 58%

NO 42 42%TOTAL 100 100%


38/44- 1 -


NUMBER

58

42

YES

NO

(Define awareness level about on going NFO of HDFC Assets Management Company)

Interpretation: -

The above pie - chart shows that around 58% people aware of on going new fund offer of HDFC

assets Management Company and only 42% people are unaware from on going new fund offer of

HDFC assets management company.


39/44- 1 -


6. Findings and Conclusion

Almost 56% are investing in HDFC assets management companys schemes.

Out of the total respondents almost 30% said that they invest in fixed deposit and Insurance.

Where as 34% said that they invest in Shares and mutual funds, where as 32% says that they

invest in post office schemes.

97% of the investor was found who is invested their savings in different schemes of mutual

fund.

53 respondents prefer to invest in a open ended schemes of HDFC assets management

company, where as remaining only 3 respondents prefer to invest in a close ended of HDFC

assets management company.

It is found that awareness level about Mutual Funds is 97% in Bhavnagar city of Gujarat. Out of the total respondent 72.27% are investing in equity schemes. Where as remaining

22.69% prefer debt and 5.04% prefer to invest in liquid schemes.

HDFC assets Management Company are also highly popular for their consistent return and 43

responds believes that HDFC assets Management Company is better fund house. While only

just 15 responds believes that HDFC assets Management Company provides EXCELLENT

CUSTOMER SERVICE.

Out of the total respondents almost 48 responds are investing through bank, only 8 responds

investing their money by distributor and nobody invested by online.

The 58% of the respondent were aware about the ongoing NFO of HDFC assets management

company and 42% were not aware about the ongoing NFO of HDFC assets management

company.

In HDFC assets Management Companys EQUITY FUND maximum number (43) of people

are invested and In TAX SAVER FUND 35 number of people are invested.

Conclusion


40/44- 1 -


Half of the respondents are investing in different schemes of mutual fund companies.

o The investors prefer investing more in banks and post office, which shows that investors

want security, and assured returns.

o Others than Banks and post office the next preference of investors who go for risky

preposition in shares and Mutual Funds. That is basically due to misconception that

Mutual Fund Companies usually invest in equity market, which shakes trust of people in

Mutual Fund.

Majority of investors invested in open-ended schemes.

o The awareness level about HDFC assets Management Company is moderate but still the

awareness should be created because 44% peoples still not invest in HDFC assets

Management Company.

o As the investor prefers safe investment and want consistent return, they invest in debt

schemes (22.69%).

o The investors prefer HDFC assets Management Company more because of the tax benefit

and consistent return.

o Mutual funds are also preferred because of the cost effectiveness and higher income by

investing in equity schemes.

The banks mostly make the investments through the agents followed.

o Professional and Business class, which is considered to be the most knowledgeable class

of the region prefers Mutual Funds less compare to service class.

o The time frame of the investment by majority of the investors is open-ended schemes in

which their money is not locked for 3 to 5 years.


41/44- 1 -


Annexure

Name: ________________________________________Contact No:_________________________

1) Which investment avenues are you aware of?

Equity /Mutual fundPost Office (NSC, KVP, PPF)

Fixed DepositsOthersIf others please specify

2) Do you invest in mutual funds?

Yes No

3) If yes, in which assets class do you want to invest in mutual funds?

Equity Debt Liquid

4) Do you invest in HDFC mutual fund?

Yes No

5) If yes, in which scheme would you invest in HDFC MUTUAL FUND?

Equity Capital builderPrudence fund Tax saverCore & satellite Top 200 fundBalanced fund GrowthOthers

6) By which medium do you invest in HDFC mutual fund scheme?

Distributor Bank Online

7) Why do you prefer investing in HDFC MF?

Better fund houseExcellent customer service providerConsistent returnOtherIf other please specify: __________________

8) Which type of product/scheme would you prefer while investing in EquityScheme of HDFC mutual fund?

Open-ended Close ended

9) Do you know about on going new fund offers of HDFC AMC?

Yes NoRemarks if any other please specifies: - ----------------------------------------------------------------------------

THANK YOU


42/44- 1 -


BIBLIOGRAPHY

Books

Cooper and Schindler , Research Methodology New Delhi Tata McGraw-Hill Ltd 2001

Fact sheet of HDFC assets Management Company limited.

Websites

www.hdfcfund.com

www.amfiindia.com

www.valuereserchonline.com

www.moneycontrol.com

www.timesofindia.com

www.rbi.com

Literature

literature of HDFC-AMC
http://www.hdfcfund.com/http://www.amfiindia.com/http://www.valuereserchonline.com/http://opt/scribd/conversion/tmp/scratch2350/www.moneycontrol.comhttp://www.hdfcfund.com/http://www.amfiindia.com/http://www.valuereserchonline.com/http://opt/scribd/conversion/tmp/scratch2350/www.moneycontrol.com


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awareness of mutual fund in retail investors of hdfc

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