reliance capitak mangement limited report

“ INVESTOR AWARENESS AND PERCEPTION REGARDINGRELIANCE MUTUAL FUND ESPECIALLY ON SIP & STP

Marwadi Education Foundation’s Group of Institutions

In partial fulfilment of the requirement of the award for the degree of

Master of Business Administration

Gujarat Technological University

Faculty Guide:

Mr. pratik joshi Mr. Mohit Arora


Affiliated to Gujarat Technological University

A PROJECT REPORT

ON

INVESTOR AWARENESS AND PERCEPTION REGARDINGRELIANCE MUTUAL FUND ESPECIALLY ON SIP & STP

FOR

“RELIANCE CAPITAL ASSET

MANAGEMENT LIMITED”

Submitted to

Education Foundation’s Group of Institutions


Master of Business Administration

Under

Gujarat Technological University

Under the guidance of

Faculty Guide: Company Guide:


Submitted by

Zinkal M Sheta

Enrolment No.: 138270592116

MBA Semester III


Affiliated to Gujarat Technological University

Ahmedabad July 2014

INVESTOR AWARENESS AND PERCEPTION REGARDING RELIANCE MUTUAL FUND ESPECIALLY ON SIP & STP ”

Education Foundation’s Group of Institutions


Company Guide:



4

DECLARATION

I, ZINKAL M SHETA, student of Marwadi education foundations group of

institution Studies, Rajkot, Affiliated to Gujarat Technological University, Hereby

declare that this project is a result of culmination of my sincere efforts in one of

reputed financial company RELIANCE MUTUAL FUND during the academic

year 2014 – 2015.

I declare that this submitted work is done solely by me and to best of my

knowledge; no such work has been submitted by any other person for the award

of degree of diploma. I also declare that all the information collected from various

primary and secondary sources have been duly acknowledged in this project

report.

Place : signature:

Date :

5

PREFACE

“Experience is the best teacher.” This saying plays a guiding role in our lives and

also in project reports those are an integral part of the M.B.A. programmed in

Gujarat Technological University.

Today’s age is an age of management. Management is the backbone of any

organization or any activity done. The real success of management lies in

applying the professional management techniques in all managerial activities. As

we move into an era of intense competition and high performance expectations, it

is important that we develop the winning edge.

Practical study is eminent, and plays vital role for the students of management,

because classroom coaching and theoretical study alone are not enough. To

survive in this highly competitive world, practicality outweighs theoretic. Students

are supposed to learn the various principles of business administration

conceptually but accuracy and efficiency in their implementation is possible only

through exposure to practical environment.

Hence, to attain this objective and to have the outlook of all intricacies of

corporate world I have undertaken the Training at Reliance Mutual Fund. It’s all

about “Investor awareness and perception regarding SIP & STP” I have tried my

best and have applied all my efforts, knowledge and sources available in mega

project report.

6

EXECUTIVE SUMMERY

Mutual fund is a trust or an investment company that pool resources from

thousands of investors who share common investment goal and the n diversifies

its investment into different types of securities in order to provide potential return

and reasonable safety.

The active involvement of mutual fund in economic development can be seen by

their dominant presence in the money and capital market. Mutual funds are

popular financial intermediaries and manage disposable income of the investors

so as to bring them the benefit of equity investment. History of mutual funds

management in India is rather new, vis-à-vis, mutual fund in USA and UK. Yet,

the mutual fund industry in India has caught the attention of millions of investors

with diverse interests around the basic principles of investments viz. safety,

liquidity and returns. Emergence and rapid growth of mutual fund can be

ascribed as diversified dimension of Indian money and capital market.

It has been become major vehicle for mobilization of savings, especially from the

small and household savers for investment in the capital market. And mutual

fund is the most suitable investment for the common man as it offers an

opportunity to invest in a diversified, professionally managed portfolio relatively

at a low cost.

7

ACKNOWLEDGEMENT

We are indebted to Dr. Chinnam Reddy, Dean of “MARWADI

EDUCATION FOUNDATION GROUP OF INSTITUTION”, for providing an

Opportunity of preparing a project of “INVESTOR AWARENESS AN

PERCEPTION REGARDING RELIANCE MUTUAL FUND ESPECIALLY ON

SIP & STP”I” and allowing us to use the resources of the institution during this

project.

We are extremely thankful to our Project Guide Prof. Pratik joshi his

precious guidance regarding the preparation format of the project report. His

guidance has proved to be very useful and without which the preparation of

this report might not had been possible.

We are also thankful to the other faculty members of the MARWADI

EDUCATION FOUNDATION for extending their valuable support for this

project.

I would like to thank RELIANCE MUTUAL FUND, for giving me

thisopportunity to be associated with an esteemed organization as theirs.

I would like to express my gratitude to all the respondents who took

out time from their schedules and discussed about their investment patterns

and their views about Mutual Fund.

8

CONTENTS

Sr. No

Particulars Page

no

1 Introduction :

� Company Details � Product Details � Swot Analysis � Industry Details � Competitors Details � Regulatory Environment

14 25 26 28 37 40

2 Review of Literature 43

3 Problem Formulation 45

4 Research Objectives 45 5 Research Methodology :

� Research Design � Sampling Design � Data Collection Methods � Data analysis

46 47 48 50

6 Findings 66 7 Recommendations 67 8 Conclusions 68 9 Limitations of the study 69

10 Bibliography 70 11 Appendixes :

� Questionnaire � Glossary

71 74

9

INTRODUCTION

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 then invested in capital market

instruments such as shares, debentures and other securities. The income earned

through these investments and the capital appreciation realized 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 basket of securities at a relatively low

cost. The flow chart below describes broadly the working of a mutualfund

Mutual Fund Operation Flow Chart

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The first mutual fund was started in the Netherland in 1774. Then mutual funds

spread across Scotland, the U.K. and France before entering the U.S. These early

mutual funds are called Investment Trusts. The first American mutual fund was New

York stock Trust, Established in 1889. Then most of the mutual funds were started in

Boston in early 1920’s , including the State Street Fund. Massachusetts Investor’s

Trust (MFS), Fidelity, Pioneer, and the Putnam Fund.

In 1960s there were hundreds of aggressive mutual funds with high risk were

started. In 1970s there started ‘no load funds’ with zero sales commission. There

was a tremendous growth in this industry in 1980s and 1990s especially after the

World War 2.

A mutual fund is a type of professionally managed collective investment vehicle that

pools money from many investors to purchase securities While there is no legal

definition of the term "mutual fund", it is most commonly applied only to those

collective investment vehicles that are regulated and sold to the general public. They

are sometimes referred to as "investment companies" or "registered investment

companies." Most mutual funds are "open-ended," meaning investors can buy or sell

shares of the fund at any time. Hedge funds are not considered a type of mutual

fund.

The term mutual fund is less widely used outside of the United States and Canada.

For collective investment vehicles outside of the United States, see articles on

specific types of funds including open-ended investment companies, SICAVs,

unitized insurance funds, unit trusts and Undertakings for Collective Investment in

Transferable Securities, which are usually referred to by their acronym UCITS.

In the United States, mutual funds must be registered with the Securities and

Exchange Commission, overseen by a board of directors (or board of trustees if

organized as a trust rather than a corporation or partnership) and managed by a

registered investment adviser. Mutual funds are not taxed on their income and profits

if they comply with certain requirements under the U.S. Internal Revenue Code.

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Mutual funds have both advantages and disadvantages compared to direct investing

in individual securities. They have a long history in the United States. Today they

play an important role in household finances, most notably in retirement planning.

There are 3 types of U.S. mutual funds: open-end, unit investment trust, and closed-

end. The most common type, the open-end fund, must be willing to buy back shares

from investors every business day. Exchange-traded funds (or "ETFs" for short) are

open-end funds or unit investment trusts that trade on an exchange. Open-end funds

are most common, but exchange-traded funds have been gaining in popularity.

Mutual funds are generally classified by their principal investments. The four main

categories of funds are money market funds, bond or fixed income funds, stock or

equity funds and hybrid funds. Funds may also be categorized as index or actively

managed.

Investors in a mutual fund pay the fund’s expenses, which reduce the fund's

returns/performance. There is controversy about the level of these expenses. A

single mutual fund may give investors a choice of different combinations of expenses

(which may include sales commissions or loads) by offering several different types of

share classes.

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WORKING OF MUTUAL FUND A Mutual Fund is a collection of stocks, bonds, or other securities ow ned by a

group of investors and managed by a professional in vestment company . For

an individual investor to have a diversified portfolio is difficult. But he can approach

to such company and can invest into shares. Mutual funds have become very

popular since they make individual investors to invest in equity and debt securities

easy. When investors invest a particular amount in mutual funds, he becomes the

unit holder of corresponding units. In turn, mutual funds invest unit holder’s money in

stocks, bonds or other securities that earn interest or dividend. This money is

distributed to unit holders. If the fund gets money by selling some stocks at higher

price the unit holders also are liable to get capital gains.

DIFFERENT PLANS OF MUTUAL FUND SCHEMES

The different plans available are:

� Growth:

Where the income generated by the way of capital appreciation stays in the fund and

is reflected by rise in NAV.

� Bonus:

Where the unit holder receives additional units are as bonus when the value of the

fund appreciates.

� Dividend Pay-out:

Where the capital appreciation is passed on to the unit holder by the way of

dividends.

� Dividend Reinvestment:

Where the dividends are reinvested into the fund by buying additional units on the

request of unit holders.

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� Systematic Investment Plan (SIP):

An SIP lets you invest in parts instead of one single lump sum amount. All you have

to do is issue post – dated cheques to the fund, which will be presented to your bank

on the specified dates. Nowadays, SIPs come with another convenient feature, an

auto debit cheques. The fund debits the money directly from your bank account.

� Systematic Transfer Plan (STP):

STP allows you to transfer a fixed amount of money from one scheme to the other.

� Systematic Withdrawal Plan (SWP):

SWP enables you to withdraw a fixed amount according to a predetermined

frequency that you specify to the fund.

� Switch Between Schemes:

A switch lets you exit from one scheme without filling in the redemption request and

issuing a cheque. All you have to do is fill a form informing the fund about which

scheme you wish to redeem and which scheme you wish to buy.

What is a Mutual Fund?

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,

Government securities, Bonds, Call money markets etc., and distributes the profits.

In other words, a mutual fund allows an investor to indirectly take a position in a

basket of assets

ORGANISATION OF A MUTUAL

There are many entities

organizational set up of a mutual fund:

Organization of a Mutual Fund

ADVANTAGES OF MUTUAL FUNDS

The advantages of investing in a Mutual Fund are:

• Professional Management

• Diversification

• Convenient Administration

• Return Potential

• Low Costs

• Liquidity

• Transparency

• Flexibility

• Choice of schemes

• Tax benefits

• Well regulated

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MUTUAL FUND

entities involved and the diagram below

organizational set up of a mutual fund:

Organization of a Mutual Fund

ADVANTAGES OF MUTUAL FUNDS

The advantages of investing in a Mutual Fund are:

Professional Management

Convenient Administration

below illustrates the

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TYPES OF MUTUAL FUND SCHEMES

Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial

position, risk tolerance and return expectations etc. The table below gives an

overview into the existing types of schemes in the Industry.

(1) By structure

• Open - Ended schemes

• Close - Ended schemes

• Interval schemes

(2) By Investment Objective

• Growth schemes

• Income schemes

• Balance schemes

• Money Market schemes

(3) Others Schemes

• Tax Saving schemes

• Special schemes

• Index schemes

• Sector specific schemes.

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Myths about Mutual Fund

1. All Mutual Funds invest only in shares.

2. Mutual funds are prone to very high risk / actively traded.

3. Mutual funds are totally new to financial market.

4. Mutual funds are not reliable and people rarely invest in them.

5 All Mutual Funds are poor performers.

6 US-64 is an assured return fund, immune to vagaries of the market.

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Facts about Mutual Funds

1. Equity instruments like shares form only securities held by Mutual Funds. Mutual

Fund also invests in debt market, which is relatively much safer.

2. The biggest advantage of Mutual Funds is their ability to diversify the risk

3. Mutual Funds exist in India since 1963.Mutual Fund market is very evolved in

India and they’re for last 60 years.

4. Mutual Funds the best solutions for the people who want to manage their risk and

get good returns.

5. The size of Mutual Fund market in India is Rs.107728 crores and that in USA

many times of it.

6. According to the SEBI-NCAER survey of Indian Investor about 15 million or 8.7%

of households have invested in Mutual Funds and about 23 million are unit

holders in India.

7. In USA there are more deposits in Mutual Funds than bank fixed deposits.

8. The largest MF in US, Fidelity Magellan is about $800 billion and that in India is

$12 billion.

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What is a Systematic Investment Plan and how does i t operate?

A systematic investment plan is one where an investor contributes a fixed amount

every month and at the prevailing NAV the units are credited to his account. Today

many funds are offering this facility.

Which was the First Mutual Fund to be set up in Ind ia?

Unit Trust of India is the first Mutual Fund set up under a separate act, UTI Act in

1963, and started its operations in 1964 with the issue of units under the scheme

US-64.

What are the benefits of Systematic Investment Plan ?

A systematic investment plan (SIP) offers 2 major benefits to an investor:

• It avoids lump sum investment at one point of time

• In a scenario of falling prices, it reduces your overall cost of acquisition by a

process of rupee-cost averaging. This means that at lower prices you end up

getting more units for the same investment.

Which are the other institutions that have floated Mutual Funds in India?

Currently public sector banks like SBI, Canara Bank, Bank of India, and institutions

like IDBI, GIC, and LIC Foreign Institutions like Alliance, Morgan Stanley, Templeton

and Private financial companies like Kothari Pioneer, DSP Merrill Lynch, Sundaram,

and Kotak Mahindra etc. have floated their own mutual funds.

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How many Mutual Funds are there in India currently?

Presently there are 33 Mutual Funds in India and close to 400 mutual fund schemes.

We will very soon be putting up detailed analysis of major schemes operating in

India.

What proportion of my investment should be invested in mutual funds?

Once again this decision will depend on factors like your income, risk aversion and

tax status. We at http://www.karvy.com/ are shortly putting up a personal portfolio

analyzer where based on your income, expenditure, investments, tax status etc. we

will advice you on the proportion you need to allocate to mutual funds.

Can a Mutual Fund assure fixed returns?

As per SEBI Regulations, mutual funds are not allowed to assure returns. However,

funds floated by AMCs of public sector banks and financial institutions were

permitted to assure returns to the unit holders provided the parent sponsor was

willing to give an explicit guarantee to honor such a commitment. But in general,

mutual funds cannot assure fixed returns to their investors.

Why should I choose to invest in a mutual fund?

For retail investor who does not have the time and expertise to analyze and invest in

stocks and bonds, mutual funds offer a viable investment alternative. This is

because:

• Mutual Funds provide the benefit of cheap access to expensive stocks

• Mutual funds diversify the risk of the investor by investing in a basket of

assets

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• A team of professional fund managers manages them with in-depth research

inputs from investment analysts.

• Being institutions with good bargaining power in markets, mutual funds have

access to crucial corporate information which individual investors cannot

access.

How much return can I expect by investing in mutual funds?

Investors need to be clear that mutual funds are essentially medium to long term

investments. Hence, short-term abnormal profits will not be sustainable in the long

run. But in the medium to long run the mutual funds tend to outperform most other

avenues of investments at the same time avoiding the risk of direct investment

accompanied with professional fund management.

How does the concept of entry load work in case of unit purchases?

An entry load is an additional cost that an investor pays at the point of entry. Assume

that your proposed investment is Rs.10,000/-. Also assume that the current NAV of

the fund is Rs.12.00 and that the entry load is Rs.0.50. Then you will receive

10000/12.50 = 800 units. For detailed explanation of entry load, refer our mutual

fund glossary.

How does the concept of exit load work in case of u nit redemptions?

An exit load is levy that an investor pays at the point of exit. This is levied to

dissuade investors from exiting the fund. Assume that the current NAV of the fund is

Rs.12.00 and that the exit load is Rs.0.50. Now if you sell 800 units then you stand to

receive 800X11.5 = Rs. 9200. For detailed explanation of exit load, refer our mutual

fund glossary.

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Can an investor redeem part of the units?

Yes. One can redeem part units also.

What are open-ended and closed-ended mutual funds?

In an open-ended mutual fund there are no limits on the total size of the corpus.

Investors are permitted to enter and exit the open-ended mutual fund at any point of

time at a price that is linked to the net asset value (NAV). In case of closed-ended

funds, the total size of the corpus is limited by the size of the initial offer.

Will there be any tax deducted at source when I red eem?

For resident unit holders, currently no tax is deducted at source irrespective of the

amount redeemed. In case of non-resident tax is deducted at source at the

applicable tax rates. It may be noted that the above is indicative and is subject to

changes in accordance with the tax laws.

Can an NRI have a joint account in Mutual Funds wit h a resident Indian?

Yes. An NRI investor can have a joint holder with a resident Indian or a Non-

resident Indian.

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COMPANY DETAILS

About Reliance Mutual Fund

Reliance Mutual Fund (RMF) has been established as a trust under the Indian

Trusts Act, 1882 with Reliance Capital Limited (RCL), as the Settlor/Sponsor and

Reliance Capital Trustee Co. Limited (RCTCL), as the Trustee. RMF has been

registered with the Securities & Exchange Board of India (SEBI) vide registration

number MF/022/95/1 dated June 30, 1995. The name of Reliance Capital Mutual

Fund has been changed to Reliance Mutual Fund effective 11th. March 2004 vide

SEBI's letter no. IMD/PSP/4958/2004 date 11th March 2004. Reliance Mutual Fund

was formed to launch various schemes under which units are issued to the Public

with a view to contribute to the capital market and to provide investors the

opportunities to make investments in diversified securities.

The main objectives of the Trust are:

• To carry on the activity of a Mutual Fund as may be permitted at law and

formulate and devise various collective Schemes of savings and investments

for people in India and abroad and also ensure liquidity of investments for the

Unit holders;

• To deploy Funds thus raised so as to help the Unit holders earn reasonable

returns on their savings and

• To take such steps as may be necessary from time to time to realise the

effects without any limitation.

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Reliance Capital Asset Management Ltd.

Reliance Capital Asset Management Limited (RCAM), a company registered under

the Companies Act, 1956 was appointed to act as the Investment Manager of

Reliance,mutual,fund.

Reliance Capital Asset Management Limited is a wholly owned subsidiary of

Reliance Capital Limited, the sponsor. The entire paid-up capital (100%) of Reliance

Capital Asset Management Limited is held by Reliance Capital Limited.

Reliance Capital Asset Management Limited was approved as the Asset

Management Company for the Mutual Fund by SEBI vide their letter no

IIMARP/1264/95 dated June 30, 1995. The Mutual Fund has entered into an

Investment Management Agreement (IMA) with RCAM dated May 12, 1995 and was

amended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations, 1996.

Pursuant to this IMA, RCAM is authorised to act as Investment Manager of Reliance

Mutual Fund. The networth of the Asset Management Company including preference

shares as on March’ 2014 is Rs 1,03,542 crore . and an investor count of over 58.42

and 60 Lekh folios.

RCAM has been registered as a portfolio manager vide SEBI Registration

No.INP000000423 and renewed effective 1st August, 2003.RCAM has commenced

these activities. It has been ensured that key personnel of the AMC, the systems,

back office, bank and securities accounts are segregated activity wise and there

exists systems to prohibit access to inside information of various activities. As per

SEBI Regulations, it will further ensure that AMC meets the capital adequacy

requirements, if any, separately for each such activity.

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Sponsors Reliance Capital Limited

Trustee Reliance Capital Trustee Co. Limited

Investment Manager Reliance Capital Asset Management Ltd

THE SPONSORS

Reliance Capital Limited

Registered Office

Reliance Capital Ltd, Village Meghpar, Padana Taluka Lalpur, District Jamnagar -

361280 - Gujarat.

Corporate Office

Reliance Capital Ltd. Old ICI Godown, Fosbery Road, Off Reay Road Station (East),

Mumbai - 400033.

Reliance Capital Asset Management Ltd. is a wholly owned subsidiary of Reliance

Capital Limited, the sponsor. The entire paid-up capital (100%) of Reliance Capital

Asset Management Ltd is held by Reliance Capital Ltd.

Reliance Mutual Fund (RMF) has been sponsored by Reliance Capital Ltd (RCL).

RCL has been promoted by Reliance Industries Ltd., one of India's largest private

sector enterprise. Reliance Industries Ltd. has a net worth of Rs.40,483 crores as on

March 31, 2005 and currently has a large family of shareholders. Reliance Capital

Limited is a Non Banking Finance Company engaged in leasing, investment and

25

other fund based activities. The networth of Reliance Capital Ltd. is Rs. 1,437.92

crores as on March 31, 2005. Given below is a summary of Reliance Capital Ltd.'s

financials:

Annual results in brief :

(Rs crore)

Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09

Sales 3,828.00 3,267.52 1,840.39 2,366.62 2,974.85 Operating

profit 2,872.00 2,662.57 1,378.08 1,682.83 2,292.55

Interest 2,179.00 2,064.69 1,256.61 1,259.60 1,236.75

Gross profit 733.00 647.30 215.09 446.49 1,098.24

EPS (Rs) 26.91 21.10 9.31 13.79 39.32

Reliance Capital Ltd. has contributed Rupees One Lac as the initial contribution to

the corpus for the setting up of the Mutual Fund. Reliance Capital Ltd. is responsible

for discharging its functions and responsibilities towards the Fund in accordance with

the Securities and Exchange Board of India (SEBI) Regulations.

The Sponsor is not responsible or liable for any loss resulting from the operation of

the Scheme beyond the contribution of an amount of Rupees one Lac made by them

towards the initial corpus for setting up the Fund and such other accretions and

additions to the corpus.

26

TRUSTEES

Reliance Capital Trustee Co. Limited

Regd. Office: EO1, Reliance Greens, Village Motikhavdi, P.O. Digvijaygram, District Jamnagar - 361 140. Gujarat. Tel: 0288 3011556, Fax: 02880 3011598.

Corporate Office: Kamala Mills Compound, Trade World, B Wing, 7th. Flr, S.B.

Marg, Lower Parel (w) Mumbai 400 013.

Reliance Capital Trustee Co. Limited (RCTC) , a company incorporated under the

Companies Act, 1956, has been appointed as the Trustee to the Fund vide the

Trust Deed dated April 25, 1995 executed between the Sponsor and the Trustee.

THE CUSTODIAN

Deutsche Bank, AG

The Trustee has appointed Deutsche Bank, AG located at Kodak House, Ground

Floor, 222 Dr. D.N.Road, Mumbai-400 001, as the Custodian of the securities that

are bought and sold under the Scheme. A Custody Agreement has been entered

with Deutsche Bank in accordance with SEBI Regulations. The Custodian is

approved by SEBI under registration no. IN/CUS/003 to act as Custodian for the

Fund.

Deutsche Bank AG, the Custodian shall, inter alia:

• Provide post-trading and custodial services to the Mutual Fund; • Keep Securities and other instruments belonging to the Scheme in safe

custody;

• Ensure smooth inflow/outflow of securities and such other instruments as and

when necessary, in the best interests of the unitholders;

• Ensure that the benefits due to the holdings of the Mutual Fund are

recovered; and

27

• Be responsible for loss of or damage to the securities due to negligence on its

part on the part of its approved agents.

OUR CORPORATE GOVERNANCE POLICY

Reliance Capital Asset Management Ltd. has a vision of being a leading player in

the Mutual Fund business and has achieved significant success and visibility in the

market.

However, an imperative part of growth and visibility is adherence to Good Conduct

in the marketplace. At Reliance Capital Asset Management Ltd., the

implementation and observance of ethical processes and policies has helped us in

standing up to the scrutiny of our domestic and international investors.

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MANAGEMENT

The management at Reliance Capital Asset Management Ltd. is committed to good

Corporate Governance, which includes transparency and timely dissemination of

information to its investors and unitholders. The Reliance Capital Asset

Management Limited Board is a professional body, including well-experienced and

knowledgeable Independent Directors. Regular Audit Committee meetings are

conducted to review the operations and performance of the company.

EMPLOYEES

Reliance Capital Asset Management Ltd. has a preset code of conduct for all its

officers. It has a clearly defined prohibition on insider trading policy and regulations.

The management believes in the principles of propriety and utmost care is taken

while handling public money, making proper and adequate disclosures.

All personnel at Reliance Capital Asset Management Ltd. are made aware of the

dos and donts as part of the Dealing policy laid down by the Securities and

Exchange Board of India (SEBI). They are taken through a well-designed HR

program, conducted to impart work ethics, the Code of Conduct, information

security, Internet and e-mail usage and a host of other issues.

One of the core objectives of Reliance Capital Asset Management Ltd. is to identify

issues considered sensitive by global corporate standards, and implement

policies/guidelines in conformity with the best practices as an ongoing process.

Reliance Capital Asset Management Ltd. gives top priority to compliance in true

letter and spirit, fully understanding its fiduciary responsibilities.

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THE REGISTRAR

Reliance Capital Asset Management Limited has appointed M/s. Karvy

Computershare Pvt. Limited to act as the Registrar and Transfer Agent to the

Schemes of Reliance Mutual Fund. M/s. Karvy Computershare Pvt. Limited (KCL)

having their office at No.21, Avenue 4, Street No.1, Adjacent to Rainbow Hospital,

Banjara Hills, Hyderabad - 500 034, is a Registrar and Transfer Agent registered

with SEBI under registration no. INR000000221.

Reliance Capital Asset Management Ltd. and the Trustee have satisfied themselves,

after undertaking appropriate due diligence measures, that they can provide the

services required and have adequate facilities, including systems facilities and back

up, to do so. The Trustee has also laid down broad parameters for supervision of the

Registrar. As Registrar to the Schemes, KCL will accept and process investor's

applications, handle communications with investors, perform data entry services,

dispatch Account Statements and also perform such other functions as agreed, on

an ongoing basis.

The Registrar is responsible for carrying out diligently the functions of a Registrar

and Transfer Agent and will be paid fees as set out in the agreement entered into

with it and as per any modification made thereof from time to time.

30

Management Team

Board of Directors

Kanu Doshi

Sushil Tripathi

Shinichi Okamoto

Soumen Ghosh

Management Team

• CEO Sundeep Sikka

• Deputy CEO Himanshu Vyapak

• Head - Equity Investments Sunil B. Singhania

• Fixed Income Amit TripathiHead

Equity Fund Managers

• Shailesh Raj Bhan

• Ashwani Kumar

• Krishan Daga

• Omprakash S. Kuckian

• Sanjay Parekh

Debt Fund Managers

• Prashant Pimple

• Anju Chhajer

Commodities

• Hiren Chandaria Fund Manager

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Head Of Departments

• Prateek Jain Chief Financial Officer

• Ajay Patel Banking Operations

• Pradeep Andrade Infrastructure & Admin

• Raghuvir Mukherji Head Risk Management

• Rajesh Derhgawen Head - HR, Admin & Infrastructure

• Vinay Nigudkar Information Technology

• Bhalchandra Joshi Head - Service Delivery & Invest or Relations

• Muneesh Sud Legal, Secretarial & Compliance

• Sanjay Kumar Singh Head - Product Development

Zonal Heads

• Gurbir Chopra Northern Zone Head

• Sanjiv Gudal Western Zone Head

• Gopal Khaitan Southern Zone Head

• Vikas Rathie Eastern Zone Head

32

VISION & MISSION OF RELIANCE MUTUAL FUND

Vision Statement

Reliance mutual fund’s vision statement is to be a globally Respected wealth creator

with an emphasis on customer care and a culture of good corporate governance.

� Successful Wealth Creation of Our Customers

� Total customer Satisfaction

� Commitment to Excellence

Mission statement

Reliance mutual fund’s mission statement is to create and nurture a world-class, high

performance environment aimed at delighting our customers.

The main objectives of the Trust are :

• To carry on the activity of a Mutual Fund as may be permitted at law and

formulate and devise various collective Schemes of savings and investments

for people in India and abroad and also ensure liquidity of investments for the

Unit holders;

• To deploy Funds thus raised so as to help the Unit holders earn reasonable

returns on their savings and

• To take such steps as may be necessary from time to time to realize the

effects without any limitation.

33

PRODUCTS OF RELIANCE MUTUAL FUND

� Reliance Growth Fund

� Reliance Vision Fund

� Reliance Income Fund

� Reliance Liquid Fund

� Reliance Medium Term Fund

� Reliance Short Term Fund

� Reliance GILT Securities Fund

� Reliance Banking Fund

� Reliance Monthly Income Plan

� Reliance Diverisified Power Sector Plan

� Reliance Pharma Fund

� Reliance Floating Rate Fund

� Reliance Media & Entertainment Fund

� Reliance NRI Equity fund

� Reliance NRI Income Fund

� Reliance Index Fund

� Reliance Equity Opportunities fund

� Reliance Regular Savings Fund

� Reliance Liquidity Fund

� Reliance Tax Saver ELSS Fund

� Reliance Fixed Tenor Fund

� Reliance Equity Fund

� Reliance Fixed Horizon Fund

� Reliance Long Term Equity Fund

34

SWOT ANALYSIS

STRENGTHS

� Brand strategy: As opposed to some of its competitors (e.g. HSBC), Reliance

ADAG operates a multi-brand strategy. The company operates under numerous

well-known brand names, which allows the company to appeal to many different

segments of the market.

� Distribution channel strategy: Reliance is continuously improving the

distribution of its products. Its online and Internet-based access offers a

combination of excellent growth prospects and its retail direct business also saw

growth of 27% in 2002 and 15% in 2003.

� Various sources of income: Reliance has many sources of income throughout

the group, and this diversity within the group makes the company more flexible

and resistant to economic and environmental changes.

� Large pool of skilled and knowledgeable manpower.

� Increasing liberalization of government policies.

WEAKNESS

� Emerging markets: Since there is more investment demand in the United

States, Japan and the rest of Asia, Reliance should concentrate on these

markets, especially in view of low global interest rates.

OPPORTUNITIES

� Potential markets: The Indian rural market has great potential. All the major

market leaders consider the segments and real markets for their products. A

senior official in a one of the leading company says foray into rural India already

started and there has been realization that the rural market is both price and

quantity conscious.

• Rules & Regulation• Investors Awareness• Increased Competition

RELIANCE ANY TIME MONEY CARD

Reliance mutual fund offers Reliance Any Time Money Card, linked to mutual fund

schemes offering you instant access to your investment. The card will allow you to

withdraw / spend against your own mutual fund investment by

in visa-enabled ATMs and merchant outlets across the world.

Key Features Of Reliance Any Time Money Card:

� The card offers you the benefit of mutual fund investment along with the

convenience of debit cards.

� Allow cash withdrawal and

powered ATM/ POS terminals.

� Allows balance enquiry in visa

35

THREATS

Rules & Regulation Investors Awareness Increased Competition

RELIANCE ANY TIME MONEY CARD



withdraw / spend against your own mutual fund investment by providing you access

enabled ATMs and merchant outlets across the world.

Key Features Of Reliance Any Time Money Card:

The card offers you the benefit of mutual fund investment along with the

convenience of debit cards.

Allow cash withdrawal and transaction in point of sales terminals in visa

powered ATM/ POS terminals.

Allows balance enquiry in visa-enabled ATMs.



providing you access

The card offers you the benefit of mutual fund investment along with the

transaction in point of sales terminals in visa-

36

� You have the choice to withdraw from any scheme linked to the card in HDFC

bank ATMs.

� In non-HDFC bank ATMs and POS terminals, transaction will happen only

through primary account only (i.e. reliance liquid fund – treasury plan or

Reliance Money Manager Fund).

� The card will offer instant liquidity up to a permissible limit as fixed /

determined by the bank for ATM cash withdrawals or 50% of the balance in

scheme account or rs. 500000 (whichever is lower) as set by RMF, per day.

INDUSTRY DETAILS

HISTORY OF M/F INDUSTRY IN INDIA

The end of millennium marks 36 years of existence of Mutual Funds in this country.

The ride through these 36 years is not been smooth. Investor opinion is still divided.

While some are for Mutual Funds others are against it.

37

� First Phase 1987- 1964

Unit Trust of India (UTI) was established in 1963 by an Act of Parliament. 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 crore of assets under

management.

� Second Phase - 1987-1993 (Entry of Public Sector Fu nds)

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 Can bank Mutual Fund (Dec 87), Punjab

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

India (Jun 90), 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 fund industry had assets under management of Rs. 47,004 crores.

� Third Phase - 1993-2003 (Entry of Private Sector Fu nds)

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

38

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 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.

� Fourth 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, 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.

39

IN M/F INDUSTRY HOW THE PICTURE HAS CHANGED FROM THE PAST TO

THE PRESENT

Mutual Funds In the past At present

Scheme structure Close-end schemes with

ling locking periods.

Open-end schemes with bank

like convenience.

Investment focus Equity products. Debt products and equity

Range of products Equity products

Full range of income, growth,

balanced and liquid funds.

Investor

expectations

Little understanding of the

concept, unreasonable

expectations of returns.

Better understanding of the

concept. Values transparency

and service. Convenience and

tax efficiency are the key

decision drivers.

Selling methods Vast networks of

untrained sub brokers

and agents.

Direct selling and reliance of

fewer distributors who are more

committed and knowledgeable.

Market competition Many players but each

offered similar products.

Investors hardly bothered

to check credentials.

Fewer players with good

performance and service track

record control bulk of the market.

Promotion Large media splashes

with lots of hype.

Low key and focused approach

towards brand building.

40

REASON OF POOR PERFORMANCE OF M/F INDUSTRY IN INDIA (IN PAST)

� Most investors associate Mutual Funds with Master gain, Monthly Equity

Plans of SBI Mutual Fund, UTI and Can bank Mutual Fund and of course

Morgan Stanley Growth Fund. This is so because these funds truly had

participation from masses, with a fund like Morgan Stanley having more than

1 million investors. Investors feel that after 5 years, Morgan Stanley Growth

Fund units still trade below the original IPO price of Rs 10.

� It is incorrect to think that all Mutual Funds have performed poorly. If one

looks at some income funds, they have come with reasonable returns. It is

only the performance of equity funds, which has been poor. Their poor

performance has been amplified by the closed end discounts i.e. units of

these funds quoting at sharp discounts to their NAV resulting in an even

poorer return to the investor.

� One must remember that a Mutual Fund does not provide assured returns

and neither can it "manufacture" returns out of thin air. Returns provided by

Mutual Funds are a function of the returns in the underlying asset class in

which the fund invests. Good funds can beat returns in their asset class to

some extent but that’s all. E.g. take the case of a sector specific fund like a

Pharma fund which invests only in shares of pharmaceutical companies. If the

Govt. comes with new regulation that severely restricts the pricing freedom of

these companies resulting in negative outlook for the sector, the prices of all

stocks in the sector could fall substantially resulting in severe erosion in the

NAV of the fund. No one can do anything about it.

� Let us extend this example to an analysis of the investment climate in the last

7 years. The stock markets have done very badly in the last seven years. The

BSE Sensex crossed 3000 for the first time in early 1992. Since then it has

gone up and come down several times but has remained in the same range.

Effectively, for a seven-year investment period, the total return has been

almost zero. The prices of many leading stocks of yesteryear have fallen by

more than 50% in these seven years. If one considers the fact that the

Sensex has been changed several times, with all the weak stocks having

been weeded out, the effective returns on the old Sensex, existing in 1992,

have been substantially negative.

� Most Mutual Fund managers took some time to realize the changed

circumstances wherein the open economy ushered in by the liberalization

took the full impact of the global deflation in commodity prices. This problem

was compounded further by the Asian crisis after which c

Asia caused severe pressure on profits.

� To add to this, most funds had invested some part of their portfolio in medium

sized "growth" companies. Many of these companies have performed even

worse than bigger ones and quite a few have seen

90% from their 1994 highs. More important, funds could not sell these shares

because of complete lack of liquidity with, at best, few hundred shares being

traded every day.

� Meanwhile, shares of companies in sectors like consumer

software were showing good growth and they went up rapidly in price. Most

fund managers were unwilling to sell shares of erstwhile "blue chips" at low

prices and buy shares of emerging "blue chips" at high prices. This resulted in

poor performance and negative returns.

Market Share Of

41


have been substantially negative.

d managers took some time to realize the changed



was compounded further by the Asian crisis after which cheap imports from

Asia caused severe pressure on profits.

To add to this, most funds had invested some part of their portfolio in medium


worse than bigger ones and quite a few have seen share prices dip more than



Meanwhile, shares of companies in sectors like consumer goods (FMCG) and




formance and negative returns.

Market Share Of M/Fs In Total Fund Size


d managers took some time to realize the changed



heap imports from

To add to this, most funds had invested some part of their portfolio in medium


share prices dip more than



goods (FMCG) and




M/Fs In Total Fund Size

42

AMC Market Share (%)

Banks 70

Private Sector 22

Public Sector & Financial Institution 8

INTERPRETATION

Until 1986, Bank was sole player in Mutual Fund sector, but in present situation

thighs are somewhat different. Now Mutual Fund sector is open for private and

foreign players, so that market share of Bank has come down to 70%. But still it

enjoys the leader position in the Mutual Fund sector. While other players like private

sector, public sector & Financial Institutes are still new for Mutual Fund.

IDEAL AUM SIZE FOR MUTUAL FUND

At present, the total mutual fund industry in India is of Rs1, 50,000crores,

which has grown by more than 100% in the last 6 years. I would like to say that there

is concept like idle size but we firmly belief that with the introduction of new and

innovative products, mutual fund companies would be able to more than double its

assets from the present levels going forward.

FOREIGN ASSET MANAGEMENT COMPANIES ENTERING INDIA

Yes, we will see a number of foreign AMC’s who would be willing to enter into the

Indian markets. Recently, Fidelity Investments, a global financial services major

based in the US, has received an in-principle approval from the SEBI to commence

mutual fund business in the India. With over US$1trillion in assets under

management worldwide, Fidelity fund operations are the world’s largest.

They would soon be starting their operation in India and are expected to come with

an MF NFO offering soon. Other giants like the Vanguard Group, which is an

43

investment management company offering a wide array of mutual funds and other

financial products and services in the United States and other countries may also opt

to make their presence in India. It is one of the world’s largest pure no load mutual

fund companies.

GLOBAL SCENARIO

� The money market fund segment has a total corpus of $1.48 trillion in the US

against a corpus of $100 million in India.

� Out of the top 10 mutual funds worldwide, eight are bank sponsored. Only Fidelity

and capital are non-bank mutual funds in this group.

� In the US the total number of schemes is higher than that of the listed companies

while in India we have just 277 schemes.

� Internationally, mutual funds are allowed to go short. In India fund managers do

not have such leeway.

� In the US about 9.7 million households will manage their asset on-line by the year

2003, such a facility is not yet of avail in India.

� On-line trading is great idea to reduce management expenses from the current

2% of total assets to about 0.75% of the total asset.

� 72% of the core customer base of mutual funds in the top 50-broking firms in the

US where expected to trade on line by-2003.

44

PRICING

Pricing of a different AMCs are differ as per the schemes offered by them. The

standard structure of pricing is as follows.

Minimum Application Amount/Number of Units:

Lump sum SIP

Resident Indians Rs. 5,000 Rs.500

Non-Resident Indians Rs. 5,000 Rs.500

and in multiples of Re. 1/- thereafter for both plans.

Load Structure: Continuous Offer

Entry Load

For Subscription below Rs. 2 crore 2.25%

For Subscription of Rs 2 crores & above but below

Rs. 5 crore

1.25%

For Subscriptions of rs. 5 crore & above Nill

Exit Load Nill

45

COMPITITORS DETAILS

(1) PRUDENTIAL ICICI MUTUAL FUND:-

The mutual fund of ICICI is a joint venture with Prudential Plc. of America, one of the

largest life insurance companies in the US of A. Prudential ICICI Mutual Fund was

setup on 13th of October, 1993 with two sponsors, Prudential Plc. and ICICI Ltd. The

Trustee Company formed is Prudential ICICI Trust Ltd. and the AMC is Prudential

ICICI Asset Management Company Limited incorporated on 22nd of June, 1993.

(2) TATA MUTUAL FUND:-

Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The sponsor for

Tata Mutual Fund is Tata Sons Ltd., and Tata Investment Corporation Ltd. The

investment manager is Tata Asset Management Limited and its Tata Trustee

Company Pvt. Limited. Tata Asset Management Limited's is one of the fastest in the

country with more than Rs. 7,703 crores (as on April 30, 2005) of AUM.

(3) FRANKLIN TEMPLETON INDIA MUTUAL FUND:-

The group, Franklin Templeton Investments is a California (USA) based company

with a global AUM of US$ 409.2 bn. (as of April 30, 2005). It is one of the largest

financial services groups in the world. Investors can buy or sell the Mutual Fund

through their financial advisor or through mail or through their website. They have

Open end Diversified Equity schemes, Open end Sector Equity schemes, Open end

Hybrid schemes, Open end Tax Saving schemes, Open end Income and Liquid

schemes, closed end Income schemes and Open end Fund of Funds schemes to

offer.

46

(4) STATE BANK OF INDIA MUTUAL FUND:-

State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to launch

off short fund, the India Magnum Fund with a corpus of Rs. 225 cr. approximately.

Today it is the largest Bank sponsored Mutual Fund in India. They have already

launched 35 Schemes out of which 15 have already yielded handsome returns to

investors. State Bank of India Mutual Fund has more than Rs. 5,500 Crores as AUM.

SOME OF THE AMC WORKING CURRENTLY

Name of the AMC

Alliance Capital Asset Management company Private Limited

Birla Sun Life Asset Management Company Limited

Bank of Baroda Asset Management Company Limited

Bank of India Asset Management Company Limited

Can bank Investment Management Services Limited

Cholamandalam Cazenove Asset Management Company Limited

Dundee Asset Management Company Limited

DSP Merrill Lynch Asset Management Company Limited

Escorts Asset Management Limited

First India Asset Management Limited

GIC Asset Management Company Limited

47

IDBI Investment Management Company Limited

Indfund Management Limited

ING Investment Asset Management Company Private Limited

J M Capital Management Limited

Jardine Fleming (I) Asset Management Limited

Kotak Mahindra Asset Management Company Limited

Jeevan Bima Sahayog Asset Management Company Limited

Morgan Stanley Asset Management Company Private Limited

Punjab National Bank Asset Management Company Limited

Reliance Capital Asset Management Company Limited

State Bank of India Funds Management Limited

Shriram Asset Management Company Limited

Sun F and C Asset Management (I) Private Limited

Sundaram Newton Asset Management Company Limited

Tata Asset Management Company Limited

Credit Capital Asset Management Company Limited

Templeton Asset Management (India) Private Limited

Unit Trust of India

Zurich Asset Management Company (I) Limited

48

REGULATORY ENVIRONMENT

� ASSOCIATION OF MUTUAL FUND IN INDIA (AMFI) BOARD:-

AMFI is not a self-regulatory organization. AMFI is regulated by its own board

made up of its members. It runs under the guidance of RBI and SEBI. It was

formed for promoting mutual funds into masses. To be a Mutual Fund Advisor,

AMFI Board takes an exam for it.

� THE AMFI CODE OF ETHICS:-

One of the objects of the Association of Mutual Funds in India (AMFI) is to promote

the investors’ interest by defining and maintaining high ethical and professional

standards in the mutual fund industry. In pursuance of this objective, AMFI had

constituted a Committee under the Chairmanship of Shri A. P. Pradhan with Shri S.

V. Joshi, Shri C. G. Parekh and Shri M. Laxman Kumar as members. This

Committee, working in close co-operation with Price Waterhouse–LLP under the

FIRE Project of USAID, has drafted the Code, which has been approved and

recommended by the Board of AMFI for implementation by its members. I take

opportunity to thank all of them for their efforts The AMFI Code of Ethics, “The ACE”

for short, sets out the standards of good practices to be followed by the Asset

Management Companies in their operations and in their dealings with investors,

intermediaries and the public.

� SECURITY EXCHANGE BOARD OF INDIA (SEBI):

Mutual Funds are regulated by SEBI Regulations, 1996. SEBI is the regulator of all

funds except offshore funds. In the year 1992 SEBI Act was passed. The objectives

of SEBI are – to protect the interest of investors in securities and to promote the

development of and to regulate the securities market.

49

As far as Mutual Funds are concerned, SEBI formulates policies and regulates the

Mutual Funds to protect the interest of the investors. SEBI notified regulations for the

Mutual Funds in 1993. Thereafter, Mutual Funds sponsored by private sector entities

were allowed to enter the capital market. The regulations were fully revised in 1996

and have been amended thereafter from time to time. SEBI has also issued

guidelines to the Mutual Funds from time to time to protect the interests of investors.

Before starting an AMC the sponsor has to register it with the SEBI. Any changes

into the philosophy or investment pattern in the Company should be reported to

SEBI.

REGULATORY STRUCTURE OF MUTUAL FUNDS The structure of mutual funds in India is governed by the SEBI (mutual fund)

Regulations, 1996. These regulations make it mandatory for mutual funds to have a

three-tier structure of

The sponsor is the promoter of the mutual fund, and appoints the Trustees. The

trustees are responsible to the investors in the mutual fund and appoint the AMC for

managing the investment portfolio. The AMC is the business face of the mutual fund,

as it manages all the affairs of the mutual fund. The mutual fund and the AMC have

to be registered with SEBI.SEBI regulations also provide for who can be a sponsor,

trustee and AMC, and specify the format of agreements between these entities.

Sponsor

Trustee

Asset Management Company

50

SPONSOR

The sponsor is the promoter of the mutual fund. The sponsor establishes the

mutual fund and registers the same with SEBI.

� Sponsor appoints the trustees, custodians and the AMC with prior approval of

SEBI, and in accordance with SEBI Regulations.

� Sponsor must have at least 5-year track record of business interest in the

financial markets.

� Sponsor must have been profit making in at least 3 of the above 5 years.

� Sponsor must contribute at least 40% of the capital of the AMC.

TRUSTEES

The mutual fund, which is a trust, is managed either by a trust company or a Board

of trustees. The provisions of the Indian Trust Act govern board of trustees and trust

companies. It is the responsibility of the trustees to protect the interest of investors,

whose fund is managed by the AMC. The AMC and other dictionaries are

functionally accountable to the trustees.

� The sponsor executes and registers a Trust deed in favour of the trustees.

The third schedule of the SEBI regulations specifies the contents of the trust

deed. The trust deed has to be stamped and registered according to the

Indian Registration Act.

� The appointment of all trustees has to be done with prior approval of SEBI.

� There must be at least 4 members in the board of trustees and at least 2/3 of

the members of the board of trustees must be independent.

Trustees of one mutual fund cannot be trustees of a nother mutual fund, unless he is an independent trustee in both cases, and has the approval of both the boards

51

Review of Literature

Madhusudhan V Jambodekar (1996) conducted his study to size-up the direction of

mutual funds in investors and to identify factors influence mutual fund investment

decision. The study tells that SIP scheme is most favoured among other things that

income schemes and open-ended schemes. News papers are used as information

source, safety of principal amount and investor services are priority points for

investing in mutual funds.

Mehta Sushilkumar (2010) analyze the performance of mutual fund schemes of SBI

and UTI and found out that SBI schemes have performed better then the UTI in the

year 2007-2008. Selvam et.al (2011) studied the risk and return relationship of Indian

mutual fund schemes. The study found out that out of thirty five sample schemes,

eleven showed significant t–values and all other twenty four sample schemes did not

prove significant relationship between the risk and return. According to t-alpha

values, majority (thirty two) of the sample schemes' returns were not significantly

different from their market returns and very few number of sample schemes' returns

were significantly different from their market returns during the study period.

Agrawal Deepak & Patidar Deepak (2009) studied the empirically testing on the

basis of fund manager performance and analyzing data at the fund-manager and

fund-investor levels. The study revealed that the performance is affected by the

saving and investment habits of the people and at the second side the confidence

and loyalty of the fund Manager and rewards- affects the performance of the MF

industry in India.

52

Shankar (1996) suggested that for penetrating mutual fund culture deep in to society

asset management companies must have to work and steer the consumer product

distribution model.

Raja Rajan (1997) underlined segmentation of investors and mutual fund products to

increase popularity of mutual funds.

53

PROBLEM FORMULATION

Reliance Capital which is relatively new to the business has got a good penetration

in the market. With the reputed brand name, it has done a good business in very

short time. Reliance Money is the company formed under head Reliance Capital Ltd.

which is led by Mr. Anil Ambani. Reliance Capital is well reputed for its financial

services. Reliance Capital stepped in financial services sector in 1986 and started

managing portfolio of their clients in 1990.

Generally Indian investors, who regularly invest their money, don’t consider SIP or

STP or any other scheme of mutual fund nowadays in India important of mutual fund

or any other mutual fund scheme has increased but although it’s very less with

compare to USA. In India 75% of total investments are there in stock market while in

USA 75% of investments are there in mutual fund and they always prefers SIP or

STP most of times.

RESEARCH OBJECTIVE Primary Objectives: - (1) To check the awareness of investors regarding SIP &

……………………………… STP in Surat city.

(2) To know the perception regarding SIP & STP Investor in

Surat city.

Secondary objective: - (1) To identify the AMC which is most preferred for SIP &

……………………………… STP in Surat city.

(2) To identify the preferred fund for SIP & STP in

………………………………. .Surat city.

IMPORTANCE OF THE STUDY � The study will be helpful to the company for getting information about the

awareness of SIP & STP in the population.

� The study will be helpful have a complete knowledge about the Mutual fund

Industry.

� The study will be useful to have a view about the investor’s needs, way of

investing and what they actually want/consider while investing.

54

Research Methodology

RESEARCH DESIGN

TYPE OF RESEARCH:

The research is an exploratory type of research . The few reasons for terming this

study as an exploratory study can be given as under:

� The organization did not have any idea about the effectiveness of the program

that it was conducting; it was all to be gathered anew.

� They did not have any other data that could be used as a substitute instead of

the new data, hence collected, to test the effectiveness. All the data had to be

collected from the respondents.

� The survey was conducted for the first time in the organization so all the aspects

were to be looked into and the data was to be collected from these various

sources.

� Many different points were to be evaluated and data was to be collected from all

the selected respondents.

This clearly shows that no data was readily available, based on which any analysis

could have been carried out earlier. All the data was to be collected anew. Thus it

can be concluded that it definitely is an Exploratory Study.

55

SAMPLING DESIGN

• AREA OF STUDY:

For the research, the Investors consisted of Walk in Walk out of investors at

Reliance capital asset Ltd. At their branch of surat, The population consisted of

100 Investors. The sampling frame included all the types of Investors.

• SIZE OF SAMPLE

The type of sampling is non-probability sampling. The research is based on

convenience sampling and Judgmental sampling. The size of sample selected

is 100 Investors.

• DURATION OF RESEARCH

The research was carried out for 6 weeks

(From 6th June to 18th July, 2013)

• TYPE OF DATA COLLECTED

The data collected was specifically investors who invested in Mutual Funds. The

main were the walk in walk outs of the Banks, high end investors that could give the

perfect results of the study.

56

TOOLS OF DATA COLLECTION

Primary Data Collection

As the research is based on primary and secondary data, the tool used for data

collection is collection of data through schedules. A structured questionnaire was

used for the purpose of research. A copy of it is attached in Annexure.

A specialized questionnaire was designed, for the investors who had invested in

Mutual Funds, keeping in mind the various aspects involved while investing in Mutual

Funds. By the means of different questions, the questionnaire evaluated the

“Investors Behavior for investing in Mutual Funds & especially for SIP & STP” The

questionnaire used had different questions that a investors take it as important while

investing in Mutual Funds. All that the respondents were required to do was to tick in

the box that represented their views on that particular aspect, and if their view were

different from the options given they had to specify other things which were the

answers to the questions.

After this plotting the responses of questions was combined wherever needed

according to the aspect that was evaluated with those questions and accordingly

analyzed. It is from this data that the final interpretations are drawn about the

effectiveness of the Investors Behavior.

Secondary Data Collection: -

The Secondary Data was collected from manager operation, Mr. Dharmesh Rana

and staff members of Reliance mutual fund, surat branch. The data were also taken

from the relevant information from Mr. Tejas Desai Branch Manager of Reliance

Mutual fund Ltd.

57

The other source of Secondary Data is as follows

• Secondary Source: -

(1) Internet (Website described in Bibliography)

(2) Various magazines/bulletins

(3) Related books

DATA INTERPRETATION & ANALYSIS

1. Occupation status

Options

govt. servant

pvt. Employee

Business

profession

Others

� The above Chart shows the Occupation followed by the Respondents. The

analysis show that from the 100 Respondent about 43% were Private Employees

Working in an Private Organization, 38% were Business class People, 2% were

Professionals and 6% were others that inclu

being Government Employee invested in Mutual Funds.

0

10

20

30

40

50

govt. serventpvt.

Employee

11

43

58

DATA INTERPRETATION & ANALYSIS

1. Occupation status .

ptions respondents

servant 11

pvt. Employee 43

usiness 38

profession 2

thers 6

Chart shows the Occupation followed by the Respondents. The



Professionals and 6% were others that included Labour Class, Student etc. 11%

being Government Employee invested in Mutual Funds.

Employeebusiness

professionothers

38

2 6

respondents

respondents

Chart shows the Occupation followed by the Respondents. The



Class, Student etc. 11%

respondents

2. Percentage of respondents who already invested in m utual fund

� Above graph shows that 77% of investors from the total respondents (surveyed

people) are current investor or they are aware of mutual fund before.

23%

Percentage of respondents who

already invested in mutual fund

Option

YES

NO

59

Percentage of respondents who already invested in m utual fund

Above graph shows that 77% of investors from the total respondents (surveyed


77%

23%


already invested in mutual fund

Respondents (%) Respondents

77 %

23 %

Percentage of respondents who already invested in m utual fund

Above graph shows that 77% of investors from the total respondents (surveyed



YES

NO

Respondents

77

23

3. Belief about mutual fund investment option

Options

Excellent

Good

Highly preferred

Somewhat preferred

Poor

Very poor

� 33 respondents believes that mutual fund option is good for investment, 27

believes that it’s excellent ,9 believe that it’s highly preferred so ultimately it shows

that mutual fund & it’s schemes are being captured the heart of investors. it’s a

good sign for all those who are concern with it.

0

Excellent

Good

Highly preferred

Somewhat preferred

Poor

Very poor

Belief about mutual fund investment

60

Belief about mutual fund investment option

Respondents

27

33

preferred 9

Somewhat preferred 18

10

3

33 respondents believes that mutual fund option is good for investment, 27


it’s schemes are being captured the heart of investors. it’s a

good sign for all those who are concern with it.

9

18

10

3

5 10 15 20 25


Respondents

33 respondents believes that mutual fund option is good for investment, 27


it’s schemes are being captured the heart of investors. it’s a

27

33

30 35


4. Awareness about SIP & STP

Option

NO

YES

� 23 % investors from mutual fund investors are not aware of

of mutual fund it shows that

shows good sign about SIP & STP

77%

Awareness about SIP & STP

61


Option Respondents

NO 23

YES 77

23 % investors from mutual fund investors are not aware of SIP & STP

of mutual fund it shows that SIP & STP schemes are such a popular in investors it

SIP & STP future.

23%


SIP & STP schemes

schemes are such a popular in investors it

NO

YES

5. As per investor’s view SIPs are best for

Options

Market volatility

Sectorial investing

Maximum return

Other

Unknown

� Most of investors believe that SIP is best to get a gain of market volatility.

36

0

5

10

15

20

25

30

35

40

Market

volatility

As per investor’s view SIPs are best for

62

5. As per investor’s view SIPs are best for

respondents

Market volatility 36

Sectorial investing 9

Maximum return 32

0

23

Most of investors believe that SIP is best to get a gain of market volatility.

9

32

0

Sectorial

investing

Maximum

return

other unknown


respondents

Most of investors believe that SIP is best to get a gain of market volatility.

23

unknown


6. Why investor choose STP

Options

market volatility

sectorial investing

maximum return

Other

unknown

� Most of investors believe that STP is best to get a gain of sartorial investing

17

0

5

10

15

20

25

30

35

40

market volatility sectorial investing

As per investor’s view STPs are best for

63

Why investor choose STP ?

respondent

market volatility 17

sectorial investing 38

maximum return 19

3

23

Most of investors believe that STP is best to get a gain of sartorial investing

38

19

3

sectorial investing maximum return Other


respondent

Most of investors believe that STP is best to get a gain of sartorial investing

23

unknown


7. Investor preference towards plan

Options

SIP

STP

Total

� Most of the respondents prefer SIP as the best option among SIP &

STP

36%

Investor preference on SIP/STP

64

Investor preference towards plan .

Plan

64

36

100

Most of the respondents prefer SIP as the best option among SIP &

Investor preference on SIP/STP

Most of the respondents prefer SIP as the best option among SIP & STP.

SIP

64%

8. Investors recommend on AMC

AMC

Reliance M/F

HDFC M/F

UTI M/F

SBI M/F

Other

� Above chart shows that investors shows a

SIP & STP.

38

0

5

10

15

20

25

30

35

40

Reliance M/F HDFC M/F

Investors recommend on AMC

65

Investors recommend on AMC for SIP & STP.

No. of respondent

Reliance M/F 38

HDFC M/F 22

UTI M/F 07

SBI M/F 15

06

Above chart shows that investors shows a great trust in reliance mutual fund for

22

7

15

HDFC M/F UTI M/F SBI M/F

Investors recommend on AMC

No. of respondent

reliance mutual fund for

6

Other

66

9. Investors prefer area for investment

Options No. of respondent

SIP 25

STP 15

NFO 43

EXISTING SCHEMES 8

ELSS 9

� Above chart shows that 43 investors means 43 % of total investors like to invest

during the NFO and 25 investors likes to invest through SIP as the same time

investors prefers STP very rarely.

0

5

10

15

20

25

30

35

40

45

50

No. of respondent

Investors prefer area for investment

SIP STP NFO EXISTING SCHEMES ELSS

10. Importance of Time Horizon.

Response on Investing on Time Horizon

YES

NO

� The above chart shows the Does the respondents give importance to the Time

Horizon while investing in Mutual Funds, the analysis showed that 87% of the

respondent do keep the time horizon while investing (Duration of Time Horizon is

shown in next analysis), and 13% don’t see the Time Horizon but do invest and

redeem according to their requirement of the fund.

87%

13%

Response on Investing on Time

67

Importance of Time Horizon.

Response on Investing on Time Respondents

87

13

The above chart shows the Does the respondents give importance to the Time



, and 13% don’t see the Time Horizon but do invest and

redeem according to their requirement of the fund.

13%

Response on Investing on Time

Horizone

YES

NO

Respondents

The above chart shows the Does the respondents give importance to the Time



, and 13% don’t see the Time Horizon but do invest and

YES

NO

� Duration of Time Horizon

Time Horizone

< 1 year

2-5 year

5-10 year

>10 year

As per the Scheme

� The above chart shows the Duration of the Time Horizon taken by the 87% of the

respondents it is been analyzed that 24 of the respondent keep it for less than 1

year, and 35 invest 2 –

invest in new funds, 3 of the r

suitable to them, 20 keep Time Horizon between 5 to 10 years, for long term

schemes of SIP and ELSS, 5 respondents invest till 10 years.

24

0

5

10

15

20

25

30

35

40

< 1 year

Response on Time Horizone

68

Duration of Time Horizon

Time Horizone Response

24

35

20

5

As per the Scheme 3

shows the Duration of the Time Horizon taken by the 87% of the


5 years seeing the market growth, this respondent major

invest in new funds, 3 of the respondent keep Time Horizon as per the scheme


schemes of SIP and ELSS, 5 respondents invest till 10 years.

35

20

5

2-5 year 5-10 year >10 year As per the

Scheme

Response on Time Horizone

Response

shows the Duration of the Time Horizon taken by the 87% of the


5 years seeing the market growth, this respondent major

espondent keep Time Horizon as per the scheme


3

As per the

Scheme

11. Preferable option while investing in Mutual Funds.

Option

Growth

Dividend

� The above chart shows the Preferable Option while investing in Mutual Funds, the

analysis shows that 68% of the respondent went for Growth Option as the Money

that has been invested the returns are again reinvested and the

could be high, and 32% respondents went for Dividend, as they want to earn per

intervals, but here the returns are low compared to Growth.

32%

Responses Showing Preferable option while

69

Preferable option while investing in Mutual Funds.

Option Response

Growth 68

Dividend 32

The above chart shows the Preferable Option while investing in Mutual Funds, the


that has been invested the returns are again reinvested and the


intervals, but here the returns are low compared to Growth.

68%


Investing

Response

The above chart shows the Preferable Option while investing in Mutual Funds, the


that has been invested the returns are again reinvested and the rate of return


68%


Growth

Dividend

12. Other Sources of the income of the Respondents.

Option

YES

NO

� The above chart shows the analysis of t

Respondents, other than the basic income from their profession. 62% of the

respondents were having other sources of income (that we would see in the next

chart), but 38% were not hav

invested in Mutual Funds) but were planning in near future to have some other

sources of returns.

38%

Other Source of Income

70

Other Sources of the income of the Respondents.

Option Respondents

YES 62

NO 38

chart shows the analysis of the other sources of the income of the



chart), but 38% were not having any other source of income (they had just


62%

Other Source of Income

YES

he other sources of the income of the



ing any other source of income (they had just


YES NO

13. Monthly Average Income of the Respondents in (‘000)

Option

5 TO 15

15 TO 25

26 TO 35

36 TO 45

> 45

� It was analyzed that 42% were having their Monthly inco

Thousand, 6% were earning more than 45 Thousand, 20% were earning between

26 to 35 Thousand, 18% were having their

were earning as high as 36 to 45 thousands From this chart we can find that every

different income group were investing in Mutual Funds.

20%

14%

Monthly Average Income of Respondents (in

71

Monthly Average Income of the Respondents in (‘000)

Option Respondents

5 TO 15 18

15 TO 25 42

26 TO 35 20

36 TO 45 14

6

It was analyzed that 42% were having their Monthly income between 15 to 25

% were earning more than 45 Thousand, 20% were earning between

26 to 35 Thousand, 18% were having their income of 5 to 15 thousand


different income group were investing in Mutual Funds.

18%

42%

6%


'000)

Monthly Average Income of the Respondents in (‘000)

Respondents

me between 15 to 25

% were earning more than 45 Thousand, 20% were earning between

income of 5 to 15 thousand and 14%



5 TO 15

15 TO 25

26 TO 35

36 TO 45

> 45

14. Percentage of Monthly Income Investment

Options

<10%

10-20%

20-30%

>30%

� The analysis shows that 34% of respondents were not investing more than 10% of

their income in investment, because of their low salary, different other factors as Lic

Premium and having a fear to

investments between 10 –

of their Income, these are the respondents who have high end salary and invest to

have a enjoy the taxation policy. 16% of the respondents invested 20

income.

34

0

5

10

15

20

25

30

35

40

45

<10%

Percentage of Monthly Income Invested

72

Percentage of Monthly Income Investment

Options Respondents

<10% 34

20% 42

30% 16

>30% 08

The analysis shows that 34% of respondents were not investing more than 10% of


Premium and having a fear to lose their money in investments, 42 % were having

– 20 %, 8% of the Respondents invested more than 30%


have a enjoy the taxation policy. 16% of the respondents invested 20

42

16

8

10-20% 20-30% >30%


Respondents

The analysis shows that 34% of respondents were not investing more than 10% of


their money in investments, 42 % were having

20 %, 8% of the Respondents invested more than 30%


have a enjoy the taxation policy. 16% of the respondents invested 20 – 30% of their

8

>30%


15. Gender of the Respondents.

Option

Male

Female

� The chart above shows the gender of the respondents. The sample size

comprised of 78% male respondents and 22% female respondents.

Female

22%

Gender of the Respondents.

73

r of the Respondents.

Option Respondents

Male 78

Female 22

The chart above shows the gender of the respondents. The sample size


Male

78%

Gender of the Respondents.

The chart above shows the gender of the respondents. The sample size


Male

78%

74

FINDINGS

Survey carried out shows what Investors behave whil e investing in Mutual

Funds & especially in SIP & STP.

The findings and conclusions of the research are listed below:

� Majority of the respondents are Private employees other than Govt. servants,

businessman and Professionals.

� Most of the investors know SIP & STP schemes of mutual fund who have

already invested in mutual fund.

� Most of the respondents have other sources of income other than mutual funds

which mostly includes rent and other various sources. The sample size consists

of respondents from various income segments who invest mostly 10-20% of

their income in banks, mutual funds and Govt. securities.

� While investing, the duration of time horizon is important and the respondents

mostly believe it to be less than a year.

� The study reveals that while investing in mutual funds, respondents more prefer

growth compare to dividend.

75

RECOMMENDATIONS

The recommendations are listed below:

� The company should focus and create awareness of SIP & STP among

individuals of different occupations, educational qualifications and different

income segments.

� AMC should look for schemes, which could provide tax free returns like

insurance and PPF.

� Investors should be encouraged in order to invest a higher percentage of their

monthly income and savings into SIP & STP.

� Tax Benefits is another factor, which could make the investors to invest. So

AMC try to market more tax oriented schemes which could motivate the

investors to invest.

� AMC should try to target the people with less income to invest in SIP’s with low

investment periodically.

76

CONCLUSION

From the project of one-half month at the Reliance Mutual Fund, Surat, I can

conclude that the investment market for mutual fund schemes SIP & STP are

threatened by bank deposits, PPF, Life insurance, post office, etc. Main reason

behind that is people are more concern about the security of money and life after

retirement and also fixed rate of return. The misconception that prevails among the

most of investor and investment advisor is that mutual fund’s schemes SIP & STP

are only for middle class & it is invested in stock markets. Very small numbers of

investor are aware about the mutual fund and its concept. So, the success lies in

creating awareness among investor and brokers.

Many investor are through being now aware about the mutual fund market but still

lots has to be done to create awareness and aggressive marketing is needed to be

done in these SIP & STP sector. This is one of the reasons why an investor is not

able to trust the advisor in some cases of their investment. But due to benefits and

advantages being offered SIP & STP we can say that it will emerges as reliable

investment avenue.

I feel pleased to conclude my training. It is not possible to get a good practical

knowledge without better response from the trainee head. I get fully support from the

Mr. Mohit Arrora. I am also thankful to my project guide prof. Pratik Joshi to give

an appropriate guide line when I needed. Still mutual fund industry is in growth stage

and I hope it is continue in future also. Still many small scale entrepreneurs are not

aware about mutual fund that is poor indicator for this industry. I hope Reliance will

take care about this and in future it is come up as a one of the biggest mutual fund

distributor company. During my training I get the both the knowledge and practical

aspect also. At last I thank full to Mr. Tejas Desai (manager) for give permission to

take training at Reliance mutual fund.

77

LIMITATIONS OF STUDY

Every work has its own limitations. Limitations are extent to which the

process should not exceed. The following limitation s for the project are:

� Duration of Project was not enough to make our conclusion on such a vast Subject.

� Time constraints have also become a major limitation.

� The sample size taken for drawing the conclusion was not sizeable.

� Customers ignorance was faced during discussions with respondents.

� As sampling technique is convenient sampling so it may result in personal bias.

� Even respondents may give bias answer.

� This research is only for Surat city. It cannot be generalized for other cities.

78

BIBLIOGRAPHY

BOOKS

� Kotler, P. (2003). Marketing Management . Delhi: Prentice Hall of India.

� Naresh, M. (2004). Marketing Research. New Delhi: Pearson Education.

� Sankaran, M. S. (2013). National Institute of Securities Markets. Navi Mumbai: National Institute of Securities Markets.

� Schindler, D. R. (2009). Business Research Method. New Delhi: Tata McGraw Hill. Websites

� http://portal.amfiindia.com/showhtml.aspx?page=mfconcept

� http://newdimensions-albania.org.pandastats.net/

� http://www.investopedia.com/articles/basics/11/3-s-simple-

investing.asp

� http://www.mutualfundindia.com/home/mfbasics

� http://www.reliancecapital.co.in/ourbusiness_rmf.html

79

ANNEXURE

Perception of small scale entrepreneur towards mutual fund in Surat city.

I am Zinkal M Sheta. M.B.A. sem III MEFGI. Surat, request you to kindly fill up

the following questionnaire for my research project as a part of my curriculum for

completing of M.B.A. program.

We assume that information revealed here will remain confidential and will be

used for academic only.

Questionnaire For

“INVESTOR AWARENESS AND PERCEPTION REGARDING

RELIANCE MUTUAL FUND ESPECIALLY ON SIP & STP” (PLEASE TICK (√) IN APPROPRIATE PLACE )

� Personal Information

� Name : � Contact No : � Gender : � Age :

1. What is your occupation status? Govt. Servant Pvt. Employee Profession Business Specify if other ___________ 2. Have you ever invested in mutual funds?

Yes No If yes please specify since_________ years. 3. What do you believe about the mutual fund invest ment option?

Excellent Good Highly preferred Somewhat preferred Poor Very poor

80

4. Do you know about SIP & STP schemes of mutual fu nd? No Yes If yes than please specify how is it for investment ?

Excellent Good Highly preferred Somewhat preferred Poor Very poor 5. You generally invest in SIP for what ? Means it’ s best for

To get an advantage of market volatility To get an advantage f sectorial investing

To get maximum return Other please specify__________

6. You generally invest in STP for, means it’s bes t for To get an advantage of market volatility To get an advantage f

sectorial investing To get maximum return Other please specify__________

7. As per your view which one is best?

SIP STP Why? Please specify reason : _____________________ 8. In which company /fund do you generally recommen d for SIP or STP? Reliance M/F HDFC M/F UTI M/F SBI M/F Other please specify________ 9. Generally your area of investing in mutual fund. SIP STP NFO

Existing scheme ELSS 10. Do you keep in mind the time horizon while investme nt? No Yes If yes than please specify , how much time horizon do you keep in mind? <1 Yr 2 – 5 Yrs 5 – 10 Yrs >10 Yrs As per scheme 11. Which plan do you prefer while investing in Mutual Funds? Growth Dividend 12. Do you have any other source of income? Yes No

81

If yes, which is the other source of income? Interest Dividend Rent Specify if other ________ 13. What is your monthly average income? (Rs. '000) 5 - 15 15 – 25 25 – 35 35 – 45 Above 45 14. Approximately what percentage of your monthly i ncome do you invest? <10% 10% – 20% 20% – 30% >30% 15. Any Suggestion. _________________________________________________________________________________________________________________________________________________________________________________________________________

“THANKS FOR YOUR CO-OPERATION”

82

GLOSSARY

� AMC Assets Management Company

� M/F Mutual Fund

� NFO New Fund Offer

� IPO Initial Public Offer

� NAV Net Asset Value

� ELSS Equity Linked Saving Schemes

� SIP Systematic Investment Plan.

� IAB Investment Advisory and Broking Division

� RCAML Reliance Capital Asset Management Limited

� IEB Institutional Equity Business

� SCMF Standard Chartered Mutual Funds