study on mutual fund

Project Report

( Submitted for the Degree of B.Com (Honours) in Accounting and Finance under the University of Calcutta).

Title of the Project“Study and Analysis of Mutual Funds”

Submitted byVIVEK SAHA

Roll No.- Registration No.-

ACKNOWLEDGEMENTBefore we get into thick of things, I would like to add a few

words of appreciation for the people who have been a part of

this project right from its inception. The writing of this project has been one of the significant academic challenges I have faced and without the support, patience, and guidance of the people involved, this task would not have been completed. It is to them I owe my deepest gratitude.

It gives me immense pleasure in presenting this project report on “STUDY and ANALYSIS OF MUTUAL FUNDS IN INDIA”. It has been my privilege to have a team of project is a result of sheer hard work, and determination put in by me with the help of my project guide.

I hereby take this opportunity to add a special note of thanks for Prof TANMAY GHOSH, who undertook to act as my mentor despite his many other academic and professional commitments. His wisdom, knowledge, and commitment to the highest standards inspired and motivated me. Without his insight, support, and energy, this project wouldn’t have kick-started and neither would have reached fruitfulness.

I also feel heartiest sense of obligation to my library staff members & seniors, who helped me in collection of data & resources material & also in its processing as well as in drafting manuscript. The project is dedicated to all those people, who helped me while doing this project.

OBJECTIVES OF THE STUDY

The specific objectives of the study are as follows:-

1.To analyze the trends in returns of selected mutual funds.

2.To understand the Functions of an Asset Management Company

3.To understand the performances of various schemes using various tools to measure the performances.

4.To measure and compare the performance of selected mutual fund schemes of different mutual fund companies and other Asset Management Companies.

Supervisor’s Certificate

This is to certify that Mr. VIVEK SAHA, a student of B.Com (Honours) in Accounting & Finance of Acharya Girish Chandra College under the University of Calcutta has worked under my supervision and guidance for his project work and prepared a Project Report with the title “STUDY and ANALYSIS OF MUTUAL FUNDS IN INDIA”.

The project which he is submitting is his genuine and original work to the best of my knowledge.

Signature

Place: Kolkata Name: Prof. Tanmay Ghosh.

Date: Designation:

Student’s Declaration

I hereby declare that the Project Work with the title “STUDY and ANALYSIS OF MUTUAL FUNDS IN INDIA” submitted by me for partial fulfillment of the degree of B.Com (Honours) in Accountancy & Finance under the University of Calcutta is my original work and has not been submitted earlier to any other University for the fulfillment of the requirement for any course of study.I also declare that no chapter of this manuscript in whole or in part has been incorporated in this report from any earlier work done by others or by me. However, extracts of any literature which has been used for this report has been duly acknowledged providing details of such literature in the references.

SignaturePlace: KOLKATA Name : Vivek SahaDate: Address : 29, Durgabari Road, Kolkata - 700028 Registration No.: 141-1121-0096-10 Roll No.: 1141-61-0195

Serial No.

Topics Page

No.1 Introduction 12 Why Select Mutual

Fund?2

3 History of Mutual Fund 3-44 Advantages of Mutual

Fund5-6

5 Disadvantages of MF 7-86 Types of MF in India 9-147 SEBI Regulations 15-

168 AMFI 17-

189 Mutual Fund in India 19-

2310 Unit Trust of India MF 24-

3211 State Bank of India MF 33-

INDEX

3612 Future Prospect of MF

in India37-38

13 MF Fees & Expenses 3914 Definition on key terms 40-

4115 Data Collection -16 Conclusion 4217 Bibliography 43

INTRODUCTION

To state in simple words, a mutual fund collects the savings from small investors, invest them in Government and other corporate securities and earn income through interest and dividends, besides capital gain. It works on the principle of” small drop of water makes a big ocean’.

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DEFINITION

The Securities and Exchange Board of India (Mutual Funds) Regulation, 1993 defines a mutual fund “a fund established in the form of a trust by a sponsor, to raise monies by the trustees through the sale of units to the, public, under one or more schemes, for investing in securities in accordance with these regulations”

According to Weston J. Fred and Brigham, Eugene, F, Unit trusts are “corporations which accept dollars from savers and then use these dollars to buy stock, long term bonds, short term debt instruments issued by business or government units; these corporations pool funds and thus reduce risk by diversification”.

Why Select Mutual Funds ?

The risk return trade-off indicates that if investor is willing to take higher risk then correspondingly he can expect higher returns and vice-versa if he pertains to lower risk instruments, which would be satisfied by lower returns. For example, if an investors opt for bank FD, which provide moderate return with minimal risk. But as he moves ahead 10 invest in capital protected funds and the profit-bonds that gives us more return which is slightly higher as compared to the bank deposits but the risk involved also increases in the same proportion.

Thus investors choose mutual funds as their primary means of investing, as Mutual funds provide professional management, diversification, convenience and liquidity.

That doesn't mean mutual fund investments risk free.

This is because the money that is pooled in are not invested only in debts funds which are less riskier but are also

invested in the stock markets which involves a higher risk but can expect higher returns. Hedge fund involves a very high risk since it is mostly traded in the derivatives market which is considered very volatile.

HISTORY OF MUTUAL FUNDS

An open-end fund is one that is available for subscription all through the year. These do not have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value ("NAV") related prices. The key feature of open-end schemes is liquidityThe Mutual fund industry in India started in 963 with the formation of UTI (united trust of India), at the initiative of government of India. The history of Mutual Funds in India can be broadly divided into Four Phases.

First Phase- 1964-87

Unit Trust of India was established 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 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. 6700 crores of assets under management.

Second phase- 1987-1993 (entry of public sector funds).

1987 marketed 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 1987), Punjab national bank mutual fund (August 89). India bank mutual fund (Nov 89). Bank of India (June 90), bank of Baroda mutual fund (Oct 92). LIC established its mutual fund in Nov 1989 while GIC had set up its mutual fund in December 1990 at the end of 1993, the mutual fund industry had asset 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, an 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 Kothari pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (mutual funds ) registrations were substituted by a more comprehensive and revised mutual funds regulations in 1996 the number of mutual funds houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisition. As at the of Jan 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The UTI with Rs. 44,541 crores of assets under management was way ahead of other mutual funds.

Fourthphase-2003-2005:

This phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with AUM of Rs.29,835 crores (as on

January 2003). 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 AUM 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 . At the end of September 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.

ADVANTAGES OF MUTUAL FUNDS:

lf mutual funds are emerging as the favorite investment vehicle, it is because of the many advantages they have over other forms and the avenues of investing, particularly for the investor who has limited resources available in terms of capital and the ability to carry out detailed research and market monitoring. The following are the major advantages offered by mutual funds to all investors:

1. Portfolio Diversification:

Each investor in the fund is a part owner of all the fund's assets, thus enabling him to hold a diversified investment portfolio even with a small amount of investment that would otherwise require big capital.

2. Professional Management:

Even if an investor has a big amount of capital available to

him, he benefits from the professional management skills brought in by the fund in the management of the investor's portfolio. The investment management skills, along with the needed research into available investment options, ensure a much better return than what an investor can manage on his own. Few investors have the skill and resources of their own to succeed in today’s fast moving, global and sophisticated markets.

3. Reduction/Diversification Of Risk:

When an investor invests directly, all the risk of potential loss is his own, whether he places a deposit with a company or a bank, or he buys share or debenture on his own or in any other from. While investing in the pool of funds with investors, the potential losses are also shared with other investors. The risk reduction is one of the most important benefits of a collective investment vehicle like the mutual fund.

4. Reduction Of Transaction Costs:

What is true of risk as also true of the transaction costs. The investor bears all the costs or investing such as brokerage or custody of securities. When going through a fund, he has the benefit of economics of scale; the funds pay lesser costs because of larger volumes, a benefit passed on to its investors.

5. Liquidity:

Often, investors hold shares or bonds they cannot directly, easily and quickly sell. When they invest in the units or a fund, they can generally cash their investments any time, by selling their units to the fund if open-ended, or selling them in the market if the fund is close-end. Liquidity of investment is clearly a big benefit.

6. Convenience And Flexibility:

Mutual fund management companies offer many investor services that a direct market investor cannot get. Investors can

easily transfer their holding from One scheme to the other; get updated market information and so on.

7. Tax Benefits:

Any income distributed after March 31, 2002 will be subject to tax in the assessment of all Unit holders. However, as a measure of concession to Unit holders of open-ended equity oriented funds, income distributions for the year ending March 31. 2003 will be taxed at a concessional rate of 10.5%.

In case of Individuals and Hindu Undivided Families (HUF) a deduction upto Rs. 9,000 from the Total Income will be admissible in respect of income from investments specified in Section 80L, including income from Units of the Mutual Fund. Units of the schemes are not subject to Wealth-Tax and Gift-Tax.

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DISADVANTAGES OF INVESTING THROUGH MUTUAL FUNDS:

1. No Control Over Costs:

An investor in a mutual fund has no control of the overall costs of investing. The investor pays investment management fees as long as he remains with the fund, albeit in return for the professional management and research. Fees are payable even if the value of his investments is declining. A mutual fund investor also pays fund distribution costs, which he would not incur in direct investing. However, this shortcoming only means that there is a cost to obtain the mutual fund services.

2. No Tailor-Made Portfolio:

Investors who invest on their own can build their own portfolios of shares and bonds and other securities, Investing through fund means he delegates this decision to the fund managers, The very-high-net-worth individuals or large corporate investors may find this to be a constraint in achieving their objectives. However, most mutual fund managers help investors overcome this constraint by offering families of funds - a large number of different schemes - within their own management company. An investor can choose from different investment plans and constructs a portfolio to his choices.

3. Managing A Portfolio Of Funds:

Availability of a large number of funds can actually mean too much choice for the investor. He may again need advice on how to select a fund to achieve his objectives, quite similar to the situation when he has individual shares or bonds to select.

4. The Wisdom Of Professional Management:

That's right, this is not an advantage. The average mutual fund manager is no better at picking stocks than the average non-professional, but charges fees.

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5. No Control:Unlike picking your own individual stocks, a mutual fund puts

you in the passenger seat of somebody else's car.

6. Dilution:Mutual funds generally have such small holdings of so many

different stocks that insanely great performance by a fund's top holdings still doesn't make much of a difference in a mutual fund's total performance.

7. Buried Costs:Many mutual funds specialize in burying their costs and in hiring

salesmen who do not make those costs clear to their clients.

TYPES OF MUTUAL FUNDS SCHEMES IN INDIA

Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial position, risk tolerance and return expectations etc. thus mutual funds has Variety of flavors, Being a

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TYPES OF MUTUAL FUNDS

collection of many stocks, an investors can go for picking a mutual fund might be easy. There are over hundreds of mutual funds scheme to choose from. It is easier to think of mutual funds in categories, mentioned below.

A) BY STRUCTURE

1. Open - Ended Schemes:

An open-end fund is one that is available for subscription all through the year. These do not have a fixed maturity. Investors "an conveniently buy and sell units at Net Asset Value (“NAV”) related prices. The key feature of open-end schemes is liquidity.

2. Close - Ended Schemes:

A closed-end fund has a stipulated maturity period which

BY STRUCTURE

Open-Ended Schemes

Close-Ended Schemes

Interval Schemes

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generally ranging from 3 to 15 years. The fund is open for subscription only during a specified period. 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 schemes on the stock exchanges: where they are listed. In order to provide an exit route t0 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. SEBI Regulations stipulate that at least One of the two exit routes is provided t0 the investor.

3. Interval Schemes:

Interval Schemes are that scheme, which combines the features of open-ended and close ended schemes. The units may be traded on the stock exchange or may be open for sale or redemption during pre-determined intervals at NA V related prices.

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B) BY NATURE

1. Equity Fund:

These funds invest the maximum part of their corpus into equities holdings. The structure of the fund may vary different for different schemes and the fund manager’s outlook on different stocks. The Equity Funds are sub-classified depending upon their investment objective, as follows:

• Diversified Equity Funds• Mid-Cap Funds• Sector Specific Funds• Tax Savings Funds (ELSS)

Equity investments are meant for a longer time horizon, thus Equity funds rank high on the risk-return matrix.

2. Debt Funds

The objective of these Funds is to invest in debt papers, Government authorities, private companies, banks and financial institutions are some of the major issuers of debt papers. By investing in debt instruments, these funds ensure low risk and provide stable income to the investors. Debt funds are further classified as:

• Gilt Funds: Invest their corpus in securities issued by Government, popularly known as Government of India debt papers.

These Funds carry zero Default risk but are associated with Interest Rate risk. These schemes are safer as they invest in papers backed by Government.

• Income Funds: Invest a major portion into various debt instruments such as bonds, corporate debentures and Government securities.

• MIPs: Invests maximum of their total corpus in debt instruments

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while they take minimum exposure in equities. It gets benefit of both equity and debt market. These scheme ranks slightly high on the risk-return matrix when compared with other debt schemes.

• Short Term Plans (STPs): Meant for investment horizon for three to six months. These funds primarily invest in short term papers like Certificate of Deposits (CDs) and Commercial Papers (CPs). Some portion of the corpus is also invested in corporate debentures.

• Liquid Funds: Also known as Money Market Schemes, These funds provides easy liquidity and preservation of capital, These schemes invest in short-term instruments like Treasury Bills, inter-bank call money market, CPs and CDs. These funds are meant for short-term cash management of corporate houses and are meant for an investment horizon of 1 day to 3 months. These schemes rank low on risk-return matrix and are considered to be the safest amongst all categories of mutual funds.

3. Balanced Funds

As the name suggest they are a mix of both equity and debt funds. They invest in both equities and fixed income securities, which are in line with pre-defined investment objective of the scheme. These schemes aim to provide investors with the best of both the worlds. Equity part provides growth and the debt part provides stability in returns.Further the mutual funds can be broadly classified on the basis of investment parameter viz; each category of funds is backed by an investment philosophy, which is pre-defined in the objectives of the fund. The investor can align his own investment needs with the funds objective and invest accordingly.

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C) BY INVESTMENT OBJECTIVE

Growth Schemes:

Growth Schemes are also known as equity schemes. The aim of these schemes is to provide capital appreciation over medium to long term. These schemes normally invest a major part of their fund in equities and are willing to bear short-term decline in value for possible future appreciation.

Income Schemes:

Income Schemes are also known as debt schemes. The aim of these schemes is to provide regular and steady income to investors. These schemes generally invest in fixed income securities such as bonds and corporate debentures. Capital appreciation in such schemes may be limited.

Balanced Schemes:

Balanced Schemes aim to provide both growth and income by periodically distributing a part of the income and capital gains they can. These schemes invest in both shares and fixed income securities, in the proportion indicated in their offer documents (normally 50:50).

Money Market Schemes:

Money Market Schemes aim to provide easy liquidity, preservation of capital and moderate income. These schemes generally invest in safer, short-term instruments, such as treasury bills, certificates of deposit, commercial paper and inter-bank call money.

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OTHER SCHEMES

Tax Saving Schemes:

Tax-saving schemes offer tax rebates to the investors under tax laws prescribed from time to time. Under Sec.88 of the Income Tax Act, contributions made to any Equity Linked Savings Scheme (ELSS) are eligible for rebate.

Index Schemes:

Index schemes attempt to replicate the performance of a particular index such as the BSE Sensex or the NSE 50. The portfolio of these schemes will consist of only those stocks that constitute the index. The percentage of each stock to the total holding will be identical to the stocks index weightage. And hence, the returns from such schemes would be more or less equivalent to those of the Index.

Sector Specific Schemes:

These are the funds/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), Petroleum stocks, etc. The returns in these funds are dependent on the performance of the respective sectors/industries. While these funds may give higher returns, they are more risky compared to diversified funds. Investors need to keep a watch on the performance of those sectors/industries and must exit at an appropriate time.

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SEBI REGULATIONS:

1. As far as mutual funds are concerned, SEBI formulates policies and regulates the mutual funds to protect the interest of the investors.

2. SEBI notified regulations for the mutual funds in 1993. Thereafter, mutual funds sponsored by private sector entities were allowed to enter the capital market.

3. The regulations were fully revised in 1996 and have been amended thereafter from time to time.

4. SEBI has also issued guidelines to the mutual funds from time to time to protect the interests of investors.

5. All mutual funds whether promoted by public sector or private sector entities including those promoted by foreign entities are governed by the same set of Regulations. The risks associated with the schemes launched by the mutual funds sponsored by these entities are of similar type. There is no distinction in regulatory requirements for these mutual funds and all are subject to monitoring and inspections by SEBI.

6. SEBI Regulations require that at least two thirds of the directors of trustee company or board of trustees must be independent i.e. they should not be associated with the sponsors.

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7. Also, 50% of the directors of AMC must be independent. All mutual funds are required to be registered with SEBI before they launch any scheme.

8. Further SEBI Regulations, inter-alia, stipulate that MF’s cannot guarantee returns in any scheme and that each scheme is subject to 20:25 condition [i.e. minimum 20 investors per scheme and one investor can hold more than 25% stake in the corpus in that one scheme].

9. Also, SEBI has permitted MF’s to launch schemes overseas subject various restrictions and also to launch schemes linked to Real Estate, Options and Futures, Commodities, etc.

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ASSOCIATION OF MUTUAL FUNDS IN INDIA (AMFI):

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

AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors.

Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders.

The Objectives of Association of Mutual Funds in India:

The Association of Mutual Funds of India works with 30 registered AMCs of the country. It has certain defined objectives which juxtapose the guidelines of its Board of Directors, the objectives are as follows:

1. This mutual fund association of India maintains high professional and ethical standards in all areas of operation of the industry.

2. It also recommends and promotes the top class business practices and code of conduct which is followed by members and

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

3. AMFI interacts with SEBI and works according to SEBIs guidelines in the mutual fund industry.

4. Association of Mutual Fund of India do represent the Government of India, The Reserve Bank of India and other related bodies on manners relating to the Mutual Fund Industry.

5. It develops a team or well qualified and trained Agent distributors. It implements a programme of training and certification for all intermediaries and other engaged in the mutual fund industry.

6. AMFI undertakes all India awareness programme for investors in order to promote proper understanding of the concept and working of mutual funds.

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

AMFI Publications:

AMFI publish mainly two types of bulletin. One is on the monthly basis and the other is quarterly. These publications are of great support for the investors to get intimation of the know-how or their parked money.

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MUTUAL FUNDS IN INDIA

In 1963, the day the concept of Mutual Fund took birth in

India. Unit Trust of India invited investors or rather to those

who believed in savings, to park their money in UTI Mutual

Fund.

For 30 years, it had goaled without a single second

player. Though the 1988 year saw some new mutual fund

companies but UTI remained in a monopoly position.

The performance of mutual funds in India in the initial

phase was not even closer to satisfactory level. People

rarely understood, and of course investing was out of

question. But yes, some 24 million shareholders were

accustomed with guaranteed high returns by the

beginning of the liberalization of the industry in 1992. This

good record of UTI became marketing tool for new entrants. The

expectations of investors touched the sky in profitability factor.

However, people were miles away from the preparedness of risks

factor after the liberalization.

The net asset value (NA V) of mutual funds in India

declined when stock prices started falling in the year 1992.

Those days, the market regulations did not allow portfolio shifts into

alternative investments, There

was rather no choice apart from holding the cash or to

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further continue investing in shares. One more thing to be

noted, since only closed-end funds were floated in the market, the

investors disinvested by selling at a loss in the secondary market.

The performance of mutual funds in India suffered

qualitatively. The 1992 stock market scandal, the losses by

disinvestments and of course the lack of transparent rules in

the whereabouts rocked confidence among the investors.

Partly owing to a relatively weak stock market performance,

mutual funds how not yet recovered, with funds trading

at an average discount of 1020 percent of their net asset value.

The Securities and Exchange Board of India (SEBI)

came out with comprehensive regulation in 1993

which defined the structure of Mutual Fund and Asset

Management Companies for the first time.

The supervisory authority adopted a set of measures to

create a transparent and competitive environment in

mutual funds. Some of them were like relaxing

investment restrictions into the market, introduction of open-

ended funds and paving the gateway for mutual funds to launch

pension schemes.

The measure was taken to make mutual funds the key

instrument for long-term saving. The more the variety

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offered, the quantitative will be investors.

Several private sectors Mutual Funds were launched in

1993 and 1994. The share of the private players has risen

rapidly since then. Currently there are 43 Mutual Funds in India.

At last to mention, as long as mutual fund companies are

performing with lower risks and higher profitability

within a short span of time, more and more people will be

inclined to invest until and unless they are fully educated with

the do’s and don'ts of mutual funds.

Mutual fund industry has seen a lot of changes in past

few decades with multinational companies coming into this

country, bringing in their professional expertise in managing funds

worldwide. In the past few months there has been a

consolidation phase going on in the mutual fund industry in India.

Now investors have a wide range of Schemes to choose from

depending on their individual profile.

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MUTUAL FUND COMPANIES IN INDIA:

The first introduction of a mutual fund in India occurred in

1963, when the Government of India launched UNIT TRUST OF

INDIA (UTI).

Until 1987, UTI enjoyed a monopoly in the Indian Mutual Fund

market. Then a host of other government controlled Indian

Financial companies came up with their own funds, these

included STATE BANK OF INDIA, CANARA BANK, AND PUNJAB

NATIONAL BANK.

This market was made open to private players in 1993, as a

result of the historic constitutional amendments brought

forward by the then Congress-led Government under the

regime of Liberalization, Privatization and Globalization.

Kothari Pioneer was the first private sector mutual fund

company in India which has now merged with Franklin

Templeton. Just after ten years with private sector player’s

penetration, the total assets rose up to Rs. 1218.05 bn.

Mutual Funds are an under tapped market in India. Despite

being available in the market for over two decades now with

Assets under Management equaling Rs. 78,171,152 Lakhs (as

of 28th February 2010) less than 10% of Indian

households have invested in mutual funds.

A recent report on Mutual Fund Investments in India

published by research and analytics firm BOSTON ANALYTICS

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suggests investors are holding back their money into mutual

funds due to their perceived high risk and a lack of

information on how mutual’s funds work. This report is based

on a survey of approx 10000 respondents in 15 Indian cities

and towns as of March 2010. There are 43 Mutual’s funds

recently in India.

Major Mutual Fund Companies in

India

1. ABN AMRO Mutual Fund 2. Bank of Baroda Mutual Fund3. HSBC Mutual Fund4. ING Vysya Mutual Fund5. Prudential ICICI Mutual Fund6. State Bank of India Mutual Fund7. Tata Mutual Fund8. Unit Trust of India Mutual Fund9. Reliance Mutual Fund10. Standard Chartered Mutual Fund11. Birla Sun Life Mutual Fund12. HDFC Mutual Fund13. Escorts Mutual Fund14. Alliance Capital Mutual Fund15. Franklin Templeton India Mutual Fund 16. Morgan Stanley Mutual Fund India17. IIFL Mutual Fund18. IDFC Mutual Fund19. Indiabulls Mutual Fund20. LIC Nomura Mutual Fund 21. JM Financial Mutual Fund22. Axis Mutual Fund23. BNP Paribas Mutual Fund24. BOI AXA Mutual Fund25. Deutsche Mutual Fund26. Edelweiss Mutual Fund27. IDBI Mutual Fund28. JP Morgan Mutual Fund29. Kotak Mahindra Mutual Fund30. L&T Mutual Fund

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UNIT TRUST OF INDIA MUTUAL FUNDUnit Trust of India was created by the UTI Act passed by the Parliament in

1963. For more than two decades, it remained the sole vehicle for investment

in the capital market by the Indian citizens. In mid- 1980s Public Sector

Banks were allowed to open mutual funds. The real vibrancy and competition

in the Mutual Fund industry came with the setting up of the Regulator SEBI

and its laying down the MF Regulations in 1993. UTI maintained its pre-

eminent place till 2001, when 8 massive decline in the market indices and

negative investor sentiments after Ketan Parekh scam created doubts about

the capacity of UTI to meet its obligations to the investors. This was further

compounded by two factors namely, its flagship and largest scheme US 64

was sold and re-purchased not at intrinsic NA V but at artificial price and its

Assured Return Schemes had promised returns as high as 18% over a period

going up to two decades.

UTI Mutual Fund is managed by UTI Asset Management Company Private

Limited (Est.: Jan 14, 2003) who has been appointed by the UTI Trustee

Company Private Limited for managing the schemes of UTI Mutual Fund

and the schemes transferred / migrated from UTI Mutual Fund.

No. of schemes 94

No. of schemes including options 366

Equity Schemes 97

Debt Schemes 225

Short term debt Schemes 20

Equity & Debt 12

Money Market 0

Gilt Fund 11

Corpus under management

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Rs. 71770.05 Crs. as on Jan 31, 2013.

Some of the funds have won famous awards, including the Best Infra

Fund globally from Lipper. UTI has been able to benchmark its employee

compensation to the best in the market.

Besides running domestic MF Schemes UTI AMC is also registered portfolio

manager under the SEBI (Portfolio Managers) Regulations.

This company runs two successful funds with large international investors

being active participants. UTI has also launched a Private Equity

Infrastructure fund along with HSH Nord Bank of Germany and Shinsei Bank

of Japan.

Vision:

To be the most Preferred Mutual Fund.

Mission:

1. The most trusted brand, admired by all stakeholders.2. The largest and most efficient money manager with global presence.3. The best in class customer service provider.4. The most preferred employer.5. The most innovative and best wealth creator.

Assets Under Management: UTI Asset Management Co. Ltd

Sponsor:

a. State Bank of Indiab. Bank of Barodac. Punjab National Bankd. Life Insurance Corporation of India

Trustee: UTI Trustee Co. Limited.

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SCHEMES

A) EQUITY FUND

1. UTI Energy Fund (Open Ended Fund):

Investment will be made in stocks of those companies engaged in the following are:

Petro sector - oil and gas products & processing

All types of Power generation companies.

Companies related to storage of energy.

Companies manufacturing energy development equipment related (like petro

and power)

Consultancy & Finance Companies.

2. UTI Banking Sector Fund (Open Ended Fund):

An open-ended equity fund with the objective to provide capital appreciation through investments in the stocks of the companies/institutions engaged in the banking and financial services activities.

3. UTI Infrastructure Fund (Open Ended Fund):

An open-ended equity fund with the objective to provide Capital appreciation through investing in the stocks of the companies engaged in the sectors like Metals, Building materials, oil and gas, power, chemicals, engineering etc. The fund will invest in the stocks of the companies which form part of Infrastructure Industries.

404

4. UTI Equity Tax Savings Plan (Open Ended Fund):

An open-ended equity fund investing a minimum of 80% in equity and equity related instruments. It aims at enabling members to avail tax rebate under Section 80C of the Income Tax Act, 1962 and provide them with the benefits of growth.

5. UTI Master Equity Plan Unit Scheme (Close Ended Fund):

The scheme primarily aims at securing for the investors capital appreciation by investing the funds or the scheme in equity shares of companies with good growth prospects.

6. UTI Equity Fund (Open Ended Fund):

UTI Equity Fund is open-ended equity scheme with an objective of investing at least 80% of its funds in equity and equity related instrument with medium to high risk profile and upto 20% in debt and money market instruments with low to medium risk profile.

7. UTI MNC Fund (Open Ended Fund):

An open-ended equity fund with the objective to invest predominantly in the equity shares of multinational companies in diverse sectors such as FMCG, Pharmaceutical, Engineering etc.

8. UTI Dividend Yield Fund (Open Ended Fund):

It aims to provide medium to long term capital gains and/or dividend distribution by investing predominantly in equity and equity related instruments which offer high dividend yield.

Some other Equity Funds are:-

414

1. UTI Master share Unit Scheme (Open-Ended

Fund)

2. UTI Mid-Cap Fund (Open-Ended Fund)

3. UTI Opportunities Fund (Open-Ended Fund)

4. UTI Transportation and Logistics Fund (Auto

Sector Fund) (Open-Ended Fund)

5. UTI Growth Sector Fund - Pharma (Open

Ended Fund)

6. Growth Sector Fund - Services (Open Ended

Fund)

7. UTI Leadership Equity Fund (Open-Ended

Fund)

8. UTI Contra Fund (Open-Ended Fund)

9. UTI Spread Fund (Open-Ended Fund)

10.UTI Growth Sector Fund - Software (Open Ended

Fund)

11.UTI Master Plus Unit Scheme (Open Ended Fund)

12.UTI Master Value Fund (Open Ended Fund)

13.UTI Top 100 Fund (Open Ended Fund)

14.UTI Wealth Builder Fund (Closed-Ended Fund)

15.UTI Long Term Advantage Fund – Series

I(Closed-Ended Fund)

16.UTI India Lifestyle Fund (Closed-Ended Fund)

17.UTI Rajiv Gandhi Equity Savings Schemes (Open-

Ended Fund)

424

B) Index Fund:

1. UTI Master Index Fund (Open Ended Fund):

UTI MF is an open-ended passive fund with the primary investment objective to invest in securities of companies comprising the BSE Sensex in the same weightage as these companies have in BSE Sensex.

2. UTI Gold Exchange Traded Fund (Open Ended Fund):

To endeavor to provide returns that, before expense, closely track the performance and yield of Gold. There can be no assurance or guarantee

that the investment objective of UTI-Gold ETF will be achieved.

3. UTI Sunder (Open Ended Fund):

To provide investment returns that, before expenses, closely correspond to the performance and yield of the basket of securities underlying the S & P CNX Nifty Index.

C) ASSETS FUND

UTI Variable Investment Scheme:

UTI VIS-ILP is an open ended scheme with the objective of providing the investors with a product that would enable them to diversify their risks through a suitable allocation between debt and equity asset classes and thereby generate superior risk-adjusted returns through a dynamic asset allocation process.

646

D) BALANCED FUND:

1. UTI Mahila Unit Scheme (Open Ended Fund):

To invest in a portfolio of equity/equity related securities and debt and money market instruments with a view to generate reasonable income with moderate capital appreciation. The asset allocation will be Debt: Minimum 70%, Maximum 100% Equity: Minimum 0%, Maximum 30%.

2. UTI Balanced Fund (Open Ended Fund):

An open-ended balanced fund investing between 40% to 75% in equity /equity related securities and the balance in debt (fixed income securities) with a view to generate regular income together with capital appreciation.

3. UTI Unit Link Insurance Plan (Open Ended Fund):

To provide return through growth in the NAV or througdividend distribution and re-investment thereof.

Some other Balanced Funds are:-

1. UTI Retirement Benefit Pension Fund (Open-

Ended Fund)

2. UTI CCP (Children Career Plan) Advantage

Fund (Open-Ended Fund)

3. UTI Charitable, Religion Trust And

Registered Society (Open-Ended Fund)

656

E) INCOME (DEBT) FUND

1. UTI Bond Fund (Open Ended Fund):

Open-end 100% pure debt fund, which invests in rated corporate debt papers and government securities with relatively

low risk and easy liquidity.

2. UTI Floating Rate Fund STP (Open Ended Fund):

To generate regular income through investment in a portfolio comprising substantially of floating rate debt/ money

market instruments and fixed rate debt/money market instruments.

3. UTI Gilt Advantage Fund LTP (Open Ended Fund):

To generate credit risk-free return through investments in sovereign securities issued the Central and /or a State Government.

Some other Income Funds (Debt Fund)are:-

UTI G-SEC STP (Open-Ended Fund)

UTI G-SEC Investment Plan (Open-Ended Fund)

UTI Treasury Advantage Fund (Open-Ended Fund)

UTI Mis Advantage Plan (Open-Ended Fund)

UTI Short Term Income Fund (Open-Ended Fund)

666

UTI Gilt Advantage Fund STP (Open Ended Fund):

UTI Monthly Income Scheme (Open Ended Fund):

UTI Capital Protection Oriented Schemes (Open-Ended Fund)

F) LIQUID FUND (DEBT FUND)

1. UTI Liquid Cash Plan (Open Ended Fund):

The scheme seeks to generate steady & reasonable income with low risk & high level of liquidity from a portfolio of money

market securities & high quality debt.

2. UTI Money Market Fund (Open Ended Fund):

An open-ended pure debt liquid plan seeking to provide highest possible current income by investing in a diversified portfolio

of short-term money market securities.

SBI Mutual FundSBI Funds Management Ltd. is the investment manager of

SBI Mutual Fund. SBI Mutual Fund has been constituted as a trust,

676

sponsored by State Bank India. Today the Fund has an investor base of over 2.8 million spread over 23 schemes. With a large network of collecting branches and investor service centre’s, SBI Mutual Fund constantly endeavors to get closer to its growing family of investors. SBI is the largest public sector Bank in India with 8,836 branches all over India. SBI is the leader in providing loans to trade & industry. It also provides

related services, which generate significant fee-based income. It has also identified project finance and consumer banking as key

areas. SBI Mutual Fund is a bank sponsored mutual fund and SBI Mutual Fund is a result of joint venture between State Bank of India and Societe Generate Asset Management of France.

No. of schemes 87No. of schemes including options

302

Equity Schemes 72Debt Schemes 178Short term debt Schemes

24

Equity & Debt 6Money Market 0Gilt Fund 16

Corpus under management

Rs.55809.29 Crs. as on Jan 31, 2013Some of the various Mutual Funds offered by SBI Mutual Fund

are discussed below:-

SBI Arbitrage Opportunities Fund

Open-Ended Equity Fund with growth and dividend option. With no entry load, the minimum investment required is Rs

25000.

SBI Magnum Balanced Fund

686

Open-Ended Equity and Debt Fund with growth and dividend option. The minimum investment is Rs 1000 but there

is a entry load of 2.25% for investments below 5 crores.

SBI Magnum Blue-Chip Fund

Open-Ended Equity Schemes with growth and dividend option. The minimum investment is Rs 5000 and has a entry

load of 2.25% for investments below 5 crores.

SBI Magnum Children’s Benefit Plan

Open-Ended Income Scheme with a face value of Rs 10 and the minimum investment required is Rs 1500. The entry load is 1.5%

SBI Magnum Comma Fund

Open-Ended Equity Schemes having dividend and growth option. The minimum investment needed Rs 5000 and the entry

load of 2.25% for investments below 5 crores is applicable.

SBI Magnum Contra Fund



SBI Magnum Emerging Businesses Fund



SBI Magnum Equity Fund

Open-Ended Diversified Equity Fund having dividend and growth option. The minimum investment is Rs 1000 and the

entry load of 2.25% for investments below 5 crores is applicable.

SBI Magnum FMCG Fund

696

Open-Ended Equity Schemes with a face value of Rs 10. The minimum investment needed is Rs 1000 and the entry load of

2.25% for investments below 5 crores is applicable.

SBI Magnum Gilt Fund Long Term Plan

Open-Ended Gilt Schemes with quarterly dividend option and growth option. As far as minimum investment is concerned, it is Rs 25,000/- and in multiples of Rs. 5,000 /- thereafter for the Growth option and Rs. 1,00,000/- and in multiples of Rs. 5,000/- thereafter for Dividend option.

SBI Magnum Gilt Fund Short Term Plan

Open-Ended Gilt Schemes with monthly dividend option and growth option with a minimum investment of Rs 25,000/- and in multiples of Rs. 5,000 /- thereafter for the Growth option and Rs. 1,00,000/- and in multiples of Rs. 5,000/- thereafter for Dividend option.

Some other SBI Mutual Funds are:-

SBI Magnum Insta Cash FundSBI Magnum Insta Cash Fund- Liquid Floater PlanSBI Magnum Institutional Income FundSBI Magnum IT FundSBI Magnum Midcap FundSBI Magnum Monthly Income PlanSBI Magnum Monthly Income Plan FloaterSBI Magnum Multicap FundSBI Magnum Global FundSBI Magnum Income Fund

707

SBI Magnum Income Plus Fund Investment PlanSBI Magnum Income Plus Fund Savings PlanSBI Magnum Index FundSBI Magnum Multiplier PlusSBI Magnum NRI Investment FundSBI Magnum NRI Investment Fund Flexi Asset PlanSBI Magnum Pharma FundSBI Magnum Tax Gain Scheme 1993SBI Premier Liquid FundSBI ONE India Fund (Close-Ended)

Future Prospect of Mutual Funds in India

The Future of Mutual Funds in India suggests that the industry has got huge scopes of development in the times to come.

The Future of Mutual Funds in India is quite bright, Mutual Funds are one the most popular forms of investments as these funds are diversification, professional management, and liquidity. In the year 2004, the mutual fund industry in India was worth Rs 1, 50,537 crores. The mutual fund industry expected to grow at a rate of 13.4% over the next 10 years.

Mutual Fund Assets under Management (MF AUM) Growth

1. In March 1998, the MF AUM was 68, 984 crores.

2. In March 2000, the MF AUM was 93, 717 crores and the percentage growth was 26%.

717




6. In March 2004, the MF AUM was 1, 37, 626 crores and the percentage growth was 45%.

7. In September 2004, the MF AUM was 1, 51, 141 crores and the percentage growth was 9% in 6(six) months time.

8. In December 2004, the MF AUM was 1, 49, 300 crores and the percentage growth was 1% in 2(two) months time.

Future of MF in India – Facts on growth

Important aspects related to the future of MF in India are:-

1. The growth rate was 100% in 6 (six) previous years.

2. The saving rate in India is 23%.

3. There is a huge scope in the future for the expansion of the mutual funds industry.

4. A number of foreign based assets management companies are venturing into Indian markets.

5. The Securities Exchange Board of India has allowed the introduction of commodity mutual funds.

6. The emphasis is being given on the effective corporate governance of Mutual Funds.

7. The Mutual funds in India has the scope of penetrating into the rural and semi urban areas.

8. Financial Planners are introduced into the market, which would provide

727

the people with better financial planning.

MUTUAL FUND FEES AND EXPENSESMutual fund fees and expenses are charges that may he

incurred by investors who hold mutual funds. Running a mutual fund

involves costs, including shareholder transaction costs, investment

advisory fees, and marketing and distribution expenses. Funds pass along

these costs to investors in a number of ways.

1. Transaction Cost

Purchase Fee

Redemption Fee

Exchange Fee

2. Periodic Fees

Management Fee’s

Account Fee’s

3. Other Operating Expenses

737

i. Transaction Cost

ii. Loads :

Front-End load

Back-End load

Level Load/ Low Load

No-Load Fund

747

Definitions of key terms:-

Net Asset Value (NAV)

A Fund’s net asset value or NAV equals the current market value of

a fund’s holdings minus the fund’s liabilities (sometimes referred

as “net assets”). It is usually expressed as a per-share amount,

computed by diving net assets by the number of fund shares

outstanding. Funds must compute their net asset value according

to their prospectus which is typically at the end of each day the

New York Stock Exchange is open, though some funds compute

their NAV more than a once daily.

Sale Price

Sale price is the price you pay when you invest in a scheme. Also called Offer Price. It may include a sales load.

Repurchase Price

It is the price at which a close-ended scheme repurchases its units

and it may include a back-end load. This is also called Bid Price.

Redemption Price

It is the price at which open-ended schemes repurchase their

units and close-ended schemes redeem their units on maturity.

Such prices are NAV related.

757

Sales Load

It is a charge collected by a scheme when it sells the units. Also,

called as 'Front-end' load. Schemes that do not charge a load are

called 'No Load' schemes.

Repurchase or 'Back-end' Load

It is a charge collected by a scheme when it buys back the units from the unit holders.

Expenses Ratio

The expenses ratio allows investors to compare expenses across funds. The expense ratio equals the 12b-1 fee plus the other fund expenses divided by average daily net assets. The expenses ratio sometimes referred to as the “total expense ratio” or TER.

Turnover

Turnover is the measure of the volume of a fund’s securities trading. It is expressed as a percentage of average market value of the portfolio’s long-term securities.

Turnover is the lesser of a fund’s purchases or sales during a given year divided by average long-term securities market value for the same period. If the period is less than a year, turnover is generally annualized.

767

Average Assets under Management (AAUM) for the quarter of April - June 2012 (Rs in Lakhs)

Sr. No

Mutual Fund Name

Average AUM

Excluding Fund of Funds -Domestic butincluding Fund of Funds - Overseas

Fund Of Funds - Domestic

1 Axis Mutual Fund 875874.29 7522.76

2 Baroda Pioneer Mutual Fund 551145.50 0

3 Birla Sun Life Mutual Fund 6720595.06 6369.38

4 BNP Paribas Mutual Fund 456203.69 0

5 BOI AXA Mutual Fund 13465.80 0

6 Canara Robeco Mutual Fund 757990.64 110.22

7 Daiwa Mutual Fund 70954.42 0

8 Deutsche Mutual Fund 1385245.11 0

9 DSP BlackRock Mutual Fund 3000176.42 0

10 Edelweiss Mutual Fund 38024.66 0

11 Escorts Mutual Fund 19607.38 0

12 Fidelity Mutual Fund 737841.33 5944.10

13 Franklin Templeton Mutual Fund 3553265.74 152150.71

14 Goldman Sachs Mutual Fund 431267.96 0

15 HDFC Mutual Fund 9262452.43 24705.64

16 HSBC Mutual Fund 455387.77 0

17 ICICI Prudential Mutual Fund 7304966.42 10265.95

18 IDBI Mutual Fund 519845.20 0

19 IDFC Mutual Fund 2714653.20 24996.54

20 IIFL Mutual Fund 16706.02 0

777

21 Indiabulls Mutual Fund 216457.12 0

22 ING Mutual Fund 92270.53 47357.31

23 JM Financial Mutual Fund 581193.67 0

24 JPMorgan Mutual Fund 528080.21 0

25 Kotak Mahindra Mutual Fund 2532352.53 51869.21

26 L&T Mutual Fund 304617.13 0

27 LIC NOMURA Mutual Fund 591922.01 0

28 Mirae Asset Mutual Fund 46390.22 0

29 Morgan Stanley Mutual Fund 225034.66 0

30 Motilal Oswal Mutual Fund 45309.01 0

31 Peerless Mutual Fund 400897.03 0

32 PineBridge Mutual Fund 73884.41 0

33 Pramerica Mutual Fund 238675.76 0

34 PRINCIPAL Mutual Fund 466034.25 0

35 Quantum Mutual Fund 19255.02 724.99

36 Reliance Mutual Fund 8069446.60 219341.09

37 Religare Mutual Fund 1095832.32 1717.41

38 Sahara Mutual Fund 78716.75 0

39 SBI Mutual Fund 4718410.79 70278.91

40 Sundaram Mutual Fund 1322841.17 0

41 Tata Mutual Fund 2075377.66 0

42 Taurus Mutual Fund 374510.95 0

43 Union KBC Mutual Fund 203433.57 0

44 UTI Mutual Fund 6092261.52 0

Grand Total 69278873.93 623354.22

787

Average Assets under Management (AAUM) for the quarter of July - September 2012 (Rs in Lakhs)

Sr No

Mutual Fund

Average AUM

Excluding Fund of Funds - Domestic but including Fund of Funds - Overseas

Fund Of Funds -Domestic

1 Axis Mutual Fund 1049030.62 10012.85











12 Fidelity Mutual Fund 703093.97 5068.03



15 HDFC Mutual Fund 9777366.00 29721.31



18 IDBI Mutual Fund 541281.57 3847.88

797

19 IDFC Mutual Fund 2800418.81 21334.97



22 ING Mutual Fund 93533.80 42945.51




26 L&T Mutual Fund 388312.02 0













39 SBI Mutual Fund 5095880.14 78730.99





808


Grand Total 74733270.34 647330.98

Average Assets under Management (AAUM) for the quarter of October – Dec. 2012 (Rs in Lakhs)

Sr No

Mutual Fund Name

Average AUM

Excluding Fund of Funds - Domestic but including Fund of Funds-Overseas

Fund Of Funds -Domestic

1 Axis Mutual Fund 1055039.41 13441.79













14 HDFC Mutual Fund 10139253.82 36678.02



17 IDBI Mutual Fund 625570.30 9938.99

18 IDFC Mutual Fund 3000186.16 19592.96

818



21 ING Mutual Fund 93276.50 38800.42




25 L&T Mutual Fund 1206410.04 0.00







32 PPFAS Mutual Fund N/A N/A







39 SBI Mutual Fund 5331126.24 85446.33




828

SALES DURING THE MONTH OF January, 2013

Amount in Rs. Crores



Grand Total 78654357.18 678776.19

Nature StructureOpen End Close End Total

No. of Scheme

s

Amount No. of Schemes

Amount

No. of Scheme

s

Amount

Balanced 31 619 1 - 32 619

ELSS 36 377 13 - 49 377

Equity 294 5222 - - 294 5222

FOF Investing Overseas

21 64 - - 21 64

Gilt 41 2294 - - 41 2294

GOLD ETF 14 137 - - 14 137Income 234 85064 417 3695 651 88759

Liquid/Money Market

55 610826 - - 55 610826

Other ETF 20 266 - - 20 266

838

SALES DURING THE MONTH OF DECEMBER,2012Amount in Rs. Crores

SALES DURING THE MONTH OF November,2012Amount in Rs. Crores

Total 746 704869 431 3695 1177 708564

NATURE STRUCTUREOpen–End Close–End TotalNo. of

SchemesAmount No. of

SchemesAmount No. of

SchemesAmount

Balanced 31 723 1 - 32 723

ELSS 36 218 13 - 49 218

Equity 296 4125 428 5143 724 9268

FOF Investing Overseas

21 37 - - 21 37

Total 384 5103 442 5143 826 10246

Nature StructureOpen-End Close-End Total

No. of Schemes



Amount

Balanced 31 619 1 - 32 619

ELSS 36 377 13 - 49 377

Equity 294 5222 - - 294 5222FOF Investing Overseas

21 64 - - 21 64

848

MARKET SHARE OF MUTUAL FUND COMPANIES AS ON 20, JUNE 2007

Gilt 41 2294 - - 41 2294GOLD ETF 14 137 - - 14 137

Income 234 85064 417 3695 651 88759Liquid/Money Market

55 610826

- - 55 610826

Other ETF 20 266 - - 20 266Total 746 70486

9431 3695 1177 70856

4

Serial No.

Mutual Funds Market Share

1 ABN AMRO Mutual Fund 1.621515733

2 Benchmark Mutual Fund 1.406009823 Birla Sun Life Mutual Fund 5.63612113

14 BOB Mutual Fund 0.02652607

35 Canbank Mutual Fund 0.69126234

76 DBS Chola Mutual Fund 0.54802452

27 Deutsche Mutual Fund 1.86042796

38 DSP Merrill Lynch Mutual Fund 3.04450821

69 Escorts Mutual Fund 0.03032080

710 Fidelity Mutual Fund 2.18533464

111 Franklin Templeton Mutual Fund 6.56472602

212 HDFC Mutual Fund 8.77062945

913 HSBC Mutual Fund 3.49518871

914 ICICI Prudential Mutual Fund 11.9039603

315 ING Vysya Mutual Fund 1.15257590

858

516 JM Financial Mutual Fund 0.90710062

417 Kotak Mahindra Mutual Fund 3.76448801

218 LIC Mutual Fund 2.50860651

519 Lotus India Mutual Fund 0.72621278

520 Morgan Stanley Mutual Fund 0.8023269821 PRINCIPAL Mutual Fund 2.81997568

722 Quantum Mutual Fund 0.01556875

523 Reliance Mutual Fund 14.9160456

824 Sahara Mutual Fund 0.04481795

625 SBI Mutual Fund 5.05207847

426 Standard Chartered Mutual Fund 4.09873845

327 Sundaram BNP Paribas Mutual

Fund2.32850667

628 Tata Mutual Fund 3.4819041529 Taurus Mutual Fund 0.07815758

330 UTI Mutual Fund 9.51833998

8

Rank Scheme

Name

Date

NAV (Rs.)

Last 6 Month

s

Since Inceptio

n

1 Reliance Media & Entertainment Fund - Growth

26/02/13

36.28 24.74 16.55

2 ICICI Prudential Banking and Financial Services Fund - Retail - Growth

26/02/13

21.45 17.79 18.4

3 Reliance Banking Fund - Growth

26/02/13

111.27

16.94 27.99

TOP 15 FUNDS-PERIOD (LAST 6 MONTHS)

868

4 Sundaram Media & Entert Opp Fund - Inst - Growth

26/02/13

12.9 16.93 5.57

5 Sundaram Media & Entert Opportunities Fund - Regular - Growth

26/02/13

12.64 16.78 5.12

6 Kotak PSU Bank ETF 26/02/13

332.46

16.58 2.5

7 Goldman Sachs PSU Bank Exchange Traded Scheme

26/02/13

344.32

16.35 5.1

8 ICICI Prudential Service Industries Fund - Growth

26/02/13

19.32 15.76 9.51

9 JPMorgan Asean Equity Offshore Fund

26/02/13

14.65 15.37 26.19

10 SBI Magnum Midcap Fund - Growth

26/02/13

25.46 14.7 12.52

11 GS Junior BeES 26/02/13

116.9 14.6 23.34

12 Sundaram Financial Services Opportunities Fund - Inst - Growth

26/02/13

20.12 14.31 15.97

13 GS Bank BeES 26/02/13

1202.66

14.3 19.45

14 R* Shares Banking Exchange Traded Fund

26/02/13

1240.02

14.25 19.03

15 UTI Banking Sector Fund - Growth

26/02/13

45.34 14.21 18.34

Rank Scheme

Name

Date NAV (Rs.)

Last 12 Months

Since Incepti

on

1 JPMorgan Asean Equity Offshore Fund

26/02/13

14.65 33.98 26.19

2 SBI Pharma Fund - Growth 26/02/13

58.78 29.31 13.85

TOP 15 FUNDS-PERIOD (LAST 12 MONTHS)

878

3 SBI Emerg Buss Fund - Growth 26/02/13

56.37 28.97 22.71

4 ICICI Prudential FMCG - Growth 26/02/13

101.62

28.08 18.12

5 Reliance Media & Entertainment Fund - Growth

26/02/13

36.28 26.48 16.55

6 ICICI Prudential Banking and Financial Services Fund - Retail - Growth

26/02/13

21.45 24.34 18.4

7 Axis Midcap Fund - Growth 26/02/13

12.66 24.14 12.36

8 Birla Sun Life India Gen Next Fund - Growth

26/02/13

30.03 23.52 15.64

9 ING Global Real Estate Fund - Growth

26/02/13

13.76 22.5 6.38

10 Franklin India Smaller Companies Fund - Growth

26/02/13

16.2 21.92 7

11 Principal Emerging Blue chip Fund - Growth

26/02/13

31.75 21.78 30.88

12 BNP Paribas Mid Cap Fund - Growth

26/02/13

11.62 21.43 2.23

13 Taurus Discovery Fund - Growth

26/02/13

16.06 21.38 4.84

14 DWS Global Agribusiness Offshore Fund - Growth

26/02/13

14.42 19.72 14.74

15 JPMorgan Greater China Equity Offshore Fund

26/02/13

13.85 19.58 10.05

Rank Scheme

Name

Date

NAV (Rs.)

Last 3

Years

Since Inceptio

n


101.62 27.4 18.12

TOP 15 FUNDS-PERIOD (LAST 3 YEARS)

888

2 SBI Emerg Buss Fund - Growth 26/02/13

56.37 20.32 22.71

3 SBI Gold Exchange Traded Scheme

26/02/13

2875.75

19.74 19.57

4 R* Shares Gold Exchange Traded Fund - Dividend

26/02/13

2743.57

19.7 20.7

5 UTI Gold Exchange Traded Fund 26/02/13

2819.18

19.67 20.4

6 Kotak Gold ETF 26/02/13

2817.18

19.65 23.1


58.78 19.64 13.85

8 GS Gold BeES 26/02/13

2807.43

19.48 19.96

9 Quantum Gold Exchange Traded Fund - Growth

26/02/13

1402.24

19.41 18.72

10 ING Global Real Estate Fund - Growth

26/02/13

13.76 16.01 6.38

11 L&T Global Real Assets Fund - Growth

26/02/13

15.61 15.99 16.28

12 Birla Sun Life India Gen Next Fund - Growth

26/02/13

30.03 15.86 15.64

13 Escorts Income Bond - Growth 26/02/13

34.52 15.53 8.68

14 ICICI Prudential Technology Fund - Growth

26/02/13

21.6 15.43 6.11

15 Reliance Banking Fund - Growth 26/02/13

111.27 14.72 27.99

Rank Scheme

Name

Date

NAV (Rs.)

Last 5 Years

Since Inceptio

n

1 Reliance Pharma Fund - Growth

26/02/13

64.92 22.67 23.88

2 UTI Gold Exchange Traded Fund

26/02/13

2819.18

18.41 20.4

TOP 15 FUNDS-PERIOD (LAST 5 YEARS)

898

3 Kotak Gold ETF 26/02/13

2817.18

18.37 23.1

4 GS Gold BeES 26/02/13

2807.43

18.36 19.96

5 R* Shares Gold Exchange Traded Fund - Dividend

26/02/13

2743.57

18.03 20.7

6 Quantum Gold Exchange Traded Fund - Growth

26/02/13

1402.24

17.91 18.72

7 UTI Pharma and Healthcare Fund - Growth

26/02/13

45.2 16.48 11.58


101.62

16.01 18.12

9 ICICI Prudential Discovery Fund - IP- Growth

26/02/13

24.86 13.88 13.95

10 UTI Transportation and Logistics Fund - Growth

26/02/13

30.15 13.87 13.08

11 Birla Sun Life MNC Fund - Growth

26/02/13

244.98

13.82 18.48


58.78 13 13.85

13 UTI MNC Fund - Growth 26/02/13

69.44 12.97 13.91

14 Reliance Banking Fund - Growth

26/02/13

111.27

12.63 27.99

15 ICICI Prudential Discovery Fund - Growth

26/02/13

54.6 12.59 22

Scheme Name Performance ( % Return )

Fund Size

30 Days 91 Days 1 Year 3 Year Rs. in Cr.

As on

UTI - MIS - Advantage Fund - Growth

-0.7612 1.2621

8.8597

7.0271

564.65 Jan 31, 2013

UTI - MIS - Advantage Fund - Flexi Dividend

-0.7615 1.2615

8.8606

7.0319

564.65 Jan 31, 2013

UTI MF Performance as on 26th Feb, 2013

909

UTI - MIS - Advantage Fund- Dir - Monthly Dividend

-0.7764 NA NA NA 564.65 Jan 31, 2013

UTI - MIS - Advantage Fund- Monthly Dividend

-0.8337 1.0443

7.9012

6.1053

564.65 Jan 31, 2013

UTI Balanced Fund - Dividend -4.2278 1.0249

4.3081

4.7996

959.3 Jan 31, 2013

UTI Balanced Fund - Growth -4.2276 1.0384

9.1076

6.3859

959.3 Jan 31, 2013

UTI Banking Sector Fund - Dividend

-8.0373 2.612

10.3326

10.6441

402.02 Jan 31, 2013

UTI Banking Sector Fund - Growth

-8.0372 2.606

10.3118

11.1049

402.02 Jan 31, 2013

UTI Bond Fund - Dividend 0.7489

4.33

10.8656

9.0987

1675.92 Jan 31, 2013

UTI Bond Fund - Growth 0.7497

4.5491

11.7135

9.8762

1675.92 Jan 31, 2013

UTI Childrens Career Balanced Plan

-1.3907 1.8812

9.4924

8.1041

2945.26 Jan 31, 2013

UTI Childrens Career Balanced Plan-Dir

-1.3716 NA NA NA 2945.26 Jan 31, 2013

UTI Contra Fund - Dividend -8.0575 0.7187

4.0065

-0.4431 150.15 Jan 31, 2013

UTI Contra Fund - Growth -8.0571 0.7482

3.9464

-0.4596 150.15 Jan 31, 2013

UTI Credit Opportunities Fund - Dividend

0.3391

2.1674

NA NA 214.82 Jan 31, 2013

UTI Credit Opportunities Fund - Growth

0.3391

2.1674

NA NA 214.82 Jan 31, 2013

UTI CRTS 81 - Dividend -0.8693 1.7998

11.4193

9.8809

342.63 Jan 31, 2013

UTI CRTS 81 - Growth -0.8694 1.8006

12.464

10.6568

342.63 Jan 31, 2013

UTI Dividend Yield Fund - Dividend

-5.1686 1.1681

3.493

7.408

3627.98 Jan 31, 2013

UTI Dividend Yield Fund - Growth

-5.1691 1.1731

3.515

7.4416

3627.98 Jan 31, 2013

UTI Dynamic Bond Fund - Dividend

0.6213

3.2549

9.3644

NA 992.09 Jan 31, 2013

UTI Dynamic Bond Fund - Growth

0.6221

3.2543

10.3418

NA 992.09 Jan 31, 2013

UTI Energy Fund - Dividend -8.5001 -1.7816 -7.886 -5.5012 302.01 Jan 31, 2013

UTI Energy Fund - Growth -8.5003 -1.7819 -7.9968 -5.5316 302.01 Jan 31, 2013

UTI Equity Fund - Dividend -2.1094 4.07

13.336

10.3225

2389.61 Jan 31, 2013

UTI Equity Fund - Growth -4.6074 1.3835

10.4092

9.3594

2389.61 Jan 31, 2013

UTI Equity Tax Savings Plan - Dividend

-4.4033 1.4497

8.2194

4.9128

475.96 Jan 31, 2013

UTI Equity Tax Savings Plan - Growth

-4.4035 1.432

8.2551

4.9253

475.96 Jan 31, 2013

UTI Floating Rate Fund - STP - Growth

0.6763

2.1192

8.918

7.7424

1940.66 Jan 31, 2013

919

UTI Floating Rate Fund - STP - IP - Flexi Dividend

0.4232

1.8624

8.4717

7.5355

1940.66 Jan 31, 2013

UTI Floating Rate Fund - STP - IP - Growth

0.6763

2.1192

9.5795

8.5093

1940.66 Jan 31, 2013

UTI G-Sec Fund - STP - Dividend

0.6318

2.5129

7.7421

6.3297

13.76 Jan 31, 2013

UTI G-Sec Fund - STP - Growth

0.6307

2.5118

8.7063

6.8255

13.76 Jan 31, 2013

UTI Gilt Advantage Fund - L T - PF Plan - Dividend

1.0209

5.379

10.3434

8.1522

212.56 Jan 31, 2013

UTI Gilt Advantage Fund - L T - PF Plan - Growth

1.0208

5.3796

11.007

8.6578

212.56 Jan 31, 2013

UTI Gilt Advantage Fund - L T P - Dividend

1.0208

5.3793

11.0068

8.6589

212.56 Jan 31, 2013

UTI Gilt Advantage Fund - L T P - Growth

1.021

5.3793

11.0062

8.6573

212.56 Jan 31, 2013

UTI Gold ETF -3.9511 -9.4018 2.2051

19.6731

736.02 Jan 31, 2013

UTI India Lifestyle Fund - Dividend

-4.2744 0.904

12.2616

11.7703

358.57 Jan 31, 2013

UTI India Lifestyle Fund - Growth

-4.2744 0.9047

12.2625

11.7706

358.57 Jan 31, 2013

UTI Infrastructure Fund - Dividend

-8.353 -2.2354 -2.1571 -6.338 1806.12 Jan 31, 2013

UTI Infrastructure Fund - Growth

-8.3534 -2.2203 -2.1339 -6.2752 1806.12 Jan 31, 2013

UTI Leadership Equity Fund - Dividend

-5.4992 2.4209

10.2229

5.0069

620.15 Jan 31, 2013

UTI Leadership Equity Fund - Growth

-5.4993 2.4024

10.1916

4.9459

620.15 Jan 31, 2013

UTI Liquid Fund - Cash Plan - IP - Growth

0.6931

2.1043

9.3709

8.1985

12858.84 Jan 31, 2013

UTI Liquid Fund - Cash Plan - IP - Monthly Dividend

0.5423

1.6439

7.2759

6.4202

12858.84 Jan 31, 2013

UTI Liquid Fund - Cash Plan - Reg - Growth

0.6389

1.9357

8.7062

7.5976

12858.84 Jan 31, 2013

UTI Liquid Fund - Cash Plan - Reg - Monthly Div

0.5299

1.6001

7.2496

6.2614

12858.84 Jan 31, 2013

UTI Mahila Unit Scheme - Dividend

-1.1039 1.0036

6.7611

5.9317

231.41 Jan 31, 2013

UTI Mahila Unit Scheme - Growth

-1.1039 1.0036

6.7616

5.9317

231.41 Jan 31, 2013

UTI Master Value Fund - Dividend

-6.8359 -2.5636 2.9595

6.4766

633.47 Jan 31, 2013

UTI Master Value Fund - Growth

-6.836 -2.5628 2.9646

6.6306

633.47 Jan 31, 2013

UTI Mastershare - Dividend -4.5733 1.3504

6.234

6.0546

2375.71 Jan 31, 2013

UTI Mastershare - Growth -4.573 1.3609

6.9982

6.3802

2375.71 Jan 31, 2013

929

UTI Mid Cap Fund - Dividend -6.4354 -3.6418 11.0938

6.2721

285.95 Jan 31, 2013

UTI Mid Cap Fund - Growth -6.4354 -3.6436 11.0994

6.2685

285.95 Jan 31, 2013

UTI MNC Fund - Dividend -3.4882 -2.0667 7.4881

13.8452

255.87 Jan 31, 2013

UTI MNC Fund - Growth -3.4882 -2.0714 7.4143

13.8094

255.87 Jan 31, 2013

UTI Money Market - IP - Growth

0.7022

2.1231

9.4264

8.2431

2418.7 Jan 31, 2013

UTI Money Market - Ret - Flexi Dividend

0.2326

1.5373

7.5527

6.6336

2418.7 Jan 31, 2013

UTI Money Market - Ret - Growth

0.6481

1.9581

8.7993

7.6917

2418.7 Jan 31, 2013

UTI Money Market - Ret - Perd Dividend

0.2327

1.5373

7.5503

6.6112

2418.7 Jan 31, 2013

UTI Monthly Income Scheme - Dividend

-0.4824 1.6081

7.2783

6.2806

318.48 Jan 31, 2013

UTI Monthly Income Scheme - Growth

-0.4013 1.8521

8.3208

7.2683

318.48 Jan 31, 2013

UTI Nifty Fund - Dividend -5.2944 1.8295

6.4646

5.3599

177.49 Jan 31, 2013

UTI Nifty Fund - Growth -5.2941 1.8284

6.4692

5.3668

177.49 Jan 31, 2013

UTI Opportunities Fund -Dividend

-4.7911 -0.653 6.9369

10.2218

3580.48 Jan 31, 2013

UTI Opportunities Fund - Growth

-4.7908 -0.6644 7.0106

10.3731

3580.48 Jan 31, 2013

UTI Pharma and Healthcare Fund - Dividend

-2.6047 0.1858

15.3893

13.3624

103.87 Jan 31, 2013

UTI Pharma and Healthcare Fund - Growth

-2.605 0.1598

15.4112

13.4932

103.87 Jan 31, 2013

UTI Services Industries Fund - Dividend

-2.2966 4.1375

11.0688

6.6018

220.73 Jan 31, 2013

UTI Services Industries Fund - Growth

-2.2964 4.144

11.0567

6.5905

220.73 Jan 31, 2013

UTI Short Term Income Fund - Ret - Dividend

0.6516

2.6532

9.7926

8.3212

2270.77 Jan 31, 2013

UTI Short Term Income Fund - Ret - Growth

0.6517

2.8288

10.5024

8.905

2270.77 Jan 31, 2013

UTI Spread Fund - Dividend 0.5496

1.8493

8.6016

7.4612

26.91 Jan 31, 2013

UTI Spread Fund - Growth 0.5498

1.8482

8.5995

7.4636

26.91 Jan 31, 2013

UTI Top 100 Fund - Dividend -4.0377 -1.0839 5.3964

5.801

628.07 Jan 31, 2013

UTI Top 100 Fund - Growth -4.0373 -1.0497 5.3995

5.8037

628.07 Jan 31, 2013

UTI Transportation and Logistics Fund - Dividend

-6.2738 -1.2871 6.535

10.4558

55.1 Jan 31, 2013

939

UTI Transportation and Logistics Fund - Growth

-6.274 -1.2685 6.5286

10.536

55.1 Jan 31, 2013

UTI Treasury Advantage Fund - IP - Growth

0.6948

2.1356

9.4982

8.4344

10793.3 Jan 31, 2013

UTI Treasury Advantage Fund - IP - Mthly Dividend

0.6099

1.8663

8.2965

7.4961

10793.3 Jan 31, 2013

UTI ULIP -1.6199 1.4472

10.3365

8.5794

2509.47 Jan 31, 2013

UTI Wealth Builder Fund - Series II - Dividend

-5.0262 -3.3671 6.8351

10.2855

602.65 Jan 31, 2013

UTI Wealth Builder Fund - Series II - Growth

-5.0265 -3.3755 6.8838

10.576

602.65 Jan 31, 2013

UTI-CCP Advantage Fund - Dividend

-5.9639 -0.3749 5.9475

5.1604

85.52 Jan 31, 2013

UTI-CCP Advantage Fund - Growth

-5.9639 -0.3749 5.9475

5.1606

85.52 Jan 31, 2013

UTI-MEPUS -5.6603 1.9098

7.1902

6.4309

1299.21 Jan 31, 2013

949

ConclusionIt is hopeful that this study creates awareness that the mutual funds are worth

investment practice. The various schemes of mutual funds provide the investors

with a wide range of investments options according to his risk bearing capacities

and interest. Besides they also give a handy return to the investors. The project

analyses various schemes of Different Companies.

In India Mutual funds are playing important role. The mutual funds

companies pool the savings of small investors and invest those collected huge

amount of funds in different sectors of the economy. They are performing like

intermediary between small investor and the Indian capital market. In recent years

many mutual fund companies are established. Through this competition is

increased among the companies. To encounter the competition the different

companies are introducing different types of mutual fund schemes with attractive

returns and low risk. So it is an advantage to the investors.

The stock market has been rising for over six years now. This in turn has not

only protected the money invested in funds but has also to helped grow these

investments.

This has also instilled greater confidence among fund investors who are

investing more into the market through the MF route than ever before.

Reliance India mutual funds provide major benefits to a common man who wants to make his life better than previous.

India's largest mutual fund, UTI, still controls nearly 80 per

cent of the market. Also, the mutual fund industry as a whole gets less than 2 per

cent of household savings against the 46 per cent that go into bank deposits.

Some fund managers say this only indicates the sector's potential. "lf mutual

funds succeed in chipping away at bank deposits, even a

triple digit growth is possible over the next few years”.

959

BIBLIOGRAPHYWebsites:

www.google.com www.mutualfundsindia.com www.bseindia.com www.sbimf.com www.amfiindia.com www.slideshare.net www.ekikrat.in www.utimf.com

Journal:“Comparative study and analysis of Mutual Funds”, ICAI.

http://www.utimf.com/

http://www.ekikrat.in/

http://www.slideshare.net/

http://www.sbimf.com/

http://www.bseindia.com/

http://www.mutualfundsindia.com/

http://www.google.com/

study on mutual fund

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