1.1.8 TAX SAVING ON MUTUAL FUND:A.

There are two types of tax-saving funds, equity-linked savings schemes (ELSS) and
pension funds. ELSS schemes are basically diversified equity schemes, which have a
three-year lock-in. Investments heresubject to a maximum of Rs.10, 000 -receive a
tax rebate of 0 to 20 per cent depending on the income slab. As these are equity
instruments they have the maximum risk-return potential among all asset classes. What
this means is that return has a propensity to vary with great intensity. Although an
average tax-saving mutual fund delivered 16.36 per cent in 2002, the range of returns
was extreme. Thus, in that year, the best tax-saving fund delivered 42.61 per cent and
the worst was down 3.16 per cent. The best way to overcome the vagaries of stock
markets is to diversify. Diversification can be across funds and, more importantly,
across time periods. By investing regularly every year in these funds one can set up a
long-term systematic investment plan.
The other route for saving taxes is pension funds, even though there are currently only
two such funds in operation, Franklin Templeton's Templeton India Pension Fund and
UTI's Retirement Benefit Plan. Introduced for the first time in 1997, pension funds are

hybrid schemes, which have a debt orientation, and carry the same tax benefit as
ELSS.
From the tax point of view, bonus units are conceptually similar to dividend stripping,
but somewhat more complex. Bonus units that a fund issue is deemed to have been
acquired at zero cost. Thus, whenever they are sold, the entire sale price is treated as
capital gains. However, at the time of issue of bonus, the NAV of the fund drops in a
proportion that is identical to the ratio at which bonus funds are issued. This fall in the
NAV is a capital loss as far as the original units are concerned and it is here that tax
benefits can be realized. The original units can be sold off with a capital loss, which
can be used to set off other capital gains. The bonus units carry a high tax liability
though since you will pay taxes on the entire sale price.
Here's an example. Suppose you hold 10,000 units of a fund whose NAV is Rs15? You
made the purchase less than a year ago at an NAV of Rs.12. If today you decide to sell
these units, you will fetch Rs.1.5 lakh, out of which Rs.30, 000 will be short-term
capital gain. On this, you are likely to pay a tax of Rs.9, 00030 per cent of gains.

1.1.9 ROLE OF MUTUAL FUND IN STOCK EXCHANGE:Mutual funds are an ideal vehicle for investment by retail investors in the stock market
for several reasons.
i. It pools investments of small investors together increasingly thereby the
participation in the stock market.
ii. Mutual funds being institutional investors, can invest in market analysis generally
not available or accessible to individual investors, providing therefore informed
decisions to small investors.
iii. Mutual fund can diversify the portfolio in better way as compared with individual
investors due to the expertise and availability of funds.
Mutual funds in India, because of their mall size and slower growth in the recent past,
have tended to play only a limited role in the stock market the share of mutual funds in

total turnover of the stock market (BSE+NSE), which was 4.9% in January 2000,
declined to 3.6% by January 2003.

1.1.10 Mutual Funds :FAQs: (NAV)

Net Asset Value is the market value of the assets of the scheme minus its
liabilities. The per unit NAV is the net asset value of the scheme divided by the
number of units outstanding on the Valuation Date.

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:-

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
Is the price at which open-ended schemes repurchase their units and closeended schemes redeem their units on maturity. Such prices are NAV related.

Sales Load:Is a charge collected by a scheme when it sells the units. Also called, Frontend load. Schemes that do not charge a load are called No Load schemes.

Repurchase or Back-end Load:Is a charge collected by a scheme when it buys back the units from the unit
holders.

1.1.11 COST INVOLVED IN MUTUAL FUNDS:

An investor must know that there are certain costs involved while investing in mutual
funds.
OPERATING EXPENSES:
These refer to cost incurred to operate a mutual fund. Advisory fee is paid to
investment managers, audit fees to charted accountant, custodial fees, register and
transfer agent fees, trustee fees, agent commission. Operating expenses also known as
expenses ratio which is annual expenses expressed as a percentage of these expenses is
required to be reported in the schemes offer document or prospectus.
Operating expenses
Average net assets

Expenses ratio =

For instant, if funds Rs.100crores and expenses Rs.20 lakhs. Then expenses ratio is
2% expenses ratio is available in the offer document and fro historical per unit
statistics included in the financial results of the fund which are published by annually,
un audited for the half year ending September 30th and audited for the physically year
end 1st March.
Depending upon scheme and net asset, operating expenses are determined by limits
mandated by SEBI mutual funds regulation act. Any excess over specified limits as to
born by Management Company, the trustees or sponsors.
SALES CHARGES:These are known commonly sale loads, these are charged directly to investor. Sales
loads are used by mutual fund for the payment of agents commission, distribution and
marketing expenses. These charges have no effect on the performance of the scheme.
Sales loads are usually expression percentage and or of two types front-end and backend.

FRONT-END LOAD:It is a onetime fixed fee paid by an investor when buying a Mutual funds scheme. It
determines public offer price which intern decides how much of your initial investment
actually get invested the standard practice of arriving a public offer price is as follows.
Net asset value (1-front end load)
Public offer price =

Let us assume, an investor invests Rs.10,000 in a scheme that charges it 2% front end
load at a NAV per unit Rs.10 using the formula public offer price = 10/(1-0.02) is
Rs.10,20. So only 980 units are allowed to the investor.
Amount invested
Public offer price

Number of units allotted =

10,000/10,20= 980 units at a NAV of Rs.10.

This means units worth 9800 are allotted to him an initial investment Rs.10,000 front
end loads tend to decrease as initial investment amount increase.

BACK END LOAD:May be fixed fee redemption or a contingent differed sales charged a redemption so
load continues so long as the redeeming or selling of the units of a fund does not take
place in the event of a back end load is applied. The redemption price is arrive or
using following formula.

Net asset value(1+back end load)

Redemption price =

Let us assume an investor redeems units valued at Rs.10,000 in a scheme that charges
a 2% back, end load at a NAV per units of Rs.10 using the formula Redemption price
10/(1+0.02)= Rs.9.8 s, what the investor gets in hand is 9800(9.8*1000).

CONTINGENT DEFERRED SALES CHARGES (CDSC):Contingent differed sales charges of a structured back end load. It is paid when the
units are reading during the initial years of ownership. It is for a predetermined period
only and reduced over the time you invested for a fund. The longer remains in a fund
the lower the CDSC.
The SEBI stipulate the a CDSC may be charge only for first four years after purchase

of units and also stipulate the maximum CDSC that can we charge every year. This is
the SEBI mutual funds regulations 1996 do not allow either the front end load or back
end load to any combination is higher than 7%.

TRANSACTION COST:Some funds may also impose a switch over fee which is charge on transfer of
investment from one scheme to another within a same mutual funds family and also to
switch from one plan to another within same scheme. The real estate mutual funds
sector is now being considered as the engine of economic growth.

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

 This mutual fund association of India maintains a high professional and ethical
standards in all areas of operation of the industry.
It also recommends and promotes the top class business practices and code of
conduct which is followed by members and related people engaged in the
activities of mutual fund and asset management. The agencies who are by any
means connected or involved in the field of capital markets and financial
services also involved in this code of conduct of the association.
AMFI interacts with SEBI and works according to SEBIs guidelines in the
mutual fund industry.
Association of Mutual Fund of India do represent the Government of India, the
Reserve Bank of India and other related bodies on matters relating to the
Mutual Fund Industry.
It develops a team of well qualified and trained Agent distributors. It
implements a program of training and certification for all intermediaries and
other engaged in the mutual fund industry.
AMFI undertakes all India awareness program for investors in order to
promote proper understanding of the concept and working of mutual funds.
At last but not the least association of mutual fund of India also disseminate
information on Mutual Fund Industry and undertakes studies and research
either directly or in association with other bodies.

1.1.13 The sponsors of Association of Mutual Funds in India:Bank Sponsored :

SBI Fund Management Ltd.

 BOB Asset Management Co. Ltd.

Can bank Investment Management Services Ltd.
UTI Asset Management Company Pvt. Ltd.
Institutions: GIC Asset Management Co. Ltd.
Jeevan Bima Sahayog Asset Management Co. Ltd.
Private Sector:Indian: BenchMark Asset Management Co. Pvt. Ltd.
Cholamandalam Asset Management Co. Ltd.
Credit Capital Asset Management Co. Ltd.
Escorts Asset Management Ltd.
JM Financial Mutual Fund
Kotak Mahindra Asset Management Co. Ltd.
Reliance Capital Asset Management Ltd.
Sahara Asset Management Co. Pvt. Ltd
Sundaram Asset Management Company Ltd.

Tata Asset Management Private Ltd.

Predominantly India Joint Ventures: Birla Sun Life Asset Management Co. Ltd.
DSP Merrill Lynch Fund Managers Limited
HDFC Asset Management Company Ltd.

Predominantly Foreign Joint Ventures: ABN AMRO Asset Management (I) Ltd.

 Alliance Capital Asset Management (India) Pvt. Ltd.

Deutsche Asset Management (India) Pvt. Ltd.
Fidelity Fund Management Private Limited
Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.
HSBC Asset Management (India) Private Ltd.
ING Investment Management (India) Pvt. Ltd.
Morgan Stanley Investment Management Pvt. Ltd.
Principal Asset Management Co. Pvt. Ltd.
Prudential ICICI Asset Management Co. Ltd.
Standard Chartered Asset Mgmt Co. Pvt. Ltd.
1.1.14 Performance of Mutual Funds in India:Let us start the discussion of the performance of mutual funds in India from the
day the concept of mutual fund took birth in India. The year was 1963. 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 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 was accustomed
with guaranteed high returns by the beginning of 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
The 1992 stock market scandal, the losses by disinvestments and of courses the
lack of transparent rules in the where about rocked confidence among the
investors. Partly owing to a relatively weak stock market performance, mutual
funds have not yet recovered, with funds trading at an average discount of 1020
percent of their net asset value.
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.

1.1.15 MARKET TREND:A lone UTI with just one scheme in 1964, now competes with as many as 400 odd
products and 34 players in the market. In spite of the stiff competition and losing
market share, UTI still remains a formidable force to reckon with.
Last six years have been the most turbulent as well as exiting ones for the industry.
New players have come in, while others have decided to close shop by either selling
off or merging with others. Those directly associated with the fund management
industry like distributors, registrars and transfer agents, and even the regulators have
become more mature and responsible.
The industry is also having a profound impact on financial markets. While UTI has
always been a dominant player on the bourses as well as the debt markets, the new
generation of private funds which have gained substantial mass are now seen flexing
their muscles. By rewarding honest and transparent management with higher
valuations, a system of risk-reward has been created where the corporate sector is
more transparent then before.
Funds have shifted their focus to the recession free sectors like pharmaceuticals,
FMCG and technology sector. Funds collection, which averaged at less than Rs.100bn
per annum over five-year period spanning 1993-98 doubled to Rs.210bn in 1998-99. In
the current year mobilization till now have exceeded Rs.300bn. Total collection for the
current financial year ending March 2000 is expected to reach Rs.450bn.towards
mutual funds has become obvious. The coming few years will show that the traditional
saving avenues are losing out in the current scenario. The fund mobilization trend by
mutual funds in the current year indicates that money is going to mutual funds in a big
way. The collection in the first half of the financial year 1999-2000 matches the whole
of 1998-99.
India is at the first stage of a revolution that has already peaked in the U.S. The U.S.
boasts of an Asset base that is much higher than its bank deposits. In India, mutual
fund assets are not even 10% of the bank deposits, but this trend is beginning to
change. Recent figures indicate that in the first quarter of the current fiscal year mutual
fund assets went up by 115% whereas bank deposits rose by only 17%. (Source: Think
tank, The Financial Express September, 99) This is forcing a large number of banks
to adopt the concept of narrow banking wherein the deposits are kept in Gilts and some
other assets which improves liquidity and reduces risk. The basic fact lies that banks
cannot be ignored and they will not close down completely. Their role as

intermediaries cannot be ignored. It is just that Mutual Funds are going to change the
way banks do business in the future.

PARTICULAR

BANKS

MUTUAL FUND

RETURN

LOW

BETTER

RISK

HIGH

LOW

INVESTMENT OPTION

LESS

MORE

NETWORK

HIGH PENETRATION

LOW BUT IMPROVING

LIQUIDITY

AT A COST

BETTER

QUALITY OF ASSETS

NOT TRANSPARENT

TRANSPARENT

INTEREST CALCULATION

MINIMUM BALANCE BETWEENEVERY DAY

10TH AND 30TH OF EVERY
MONTH.

ADMINISTRATION EXPENSES

HIGH
MAX.

GUARANTEE

LOW
RS 1LACK ON DEPOSIT NONE

Table 1.1

1.1.16 FUTURE OF MUTUAL FUND:Indian mutual fund industry reached Rs.1,50,537crore by March 2004. It is estimated
that by 2010 March-end, the total assets of all scheduled commercial banks should be
R. 40,90,000crore. The annual composite rate of growth is expected 13.4% during the
rest of the decade. In the last 5 years there is an annual growth rate of 9%. According
to the current growth rate, by year 2010,

Mutual fund India assets will be double: 100% growth in the last 6 years.
Number of foreign AMC's are in the queue to enter the Indian markets like Fidelity
Investments, US based, with over US$1trillion assets under management
worldwide
Our saving rate is over 23%, highest in the world. Only channelizing these savings
in mutual funds sector is required.
We have approximately 29 mutual funds, which is much less than US having more
than 800. There is a big scope for expansion.
'B' and 'C' class cities are growing rapidly. Today most of the mutual funds are
concentrating on the 'A' class cities. Soon they will find scope in the growing
cities.
Mutual fund can penetrate rural like the Indian insurance industry with simple and
limited products.
SEBI allowing the MF's to launch commodity mutual funds.
Emphasis on better corporate governance.
trying to curb the late trading practices
The asset base will continue to grow at an annual rate of about 30 to 35 % over the
next few years as investors shift their assets from banks and other traditional avenues.
Some of the older public and private sector players will either close shop or be taken
over.

1.2 PROFILE OF THE ORGANIZATION

Religare Securities Ltd. (RSL) is a wholly owned subsidiary of Religare Financial
Services Ltd. (RFSL), a Company promoted by the late Dr. Parvinder Singh, Ex-CMD
of Ranbaxy Laboratories Ltd.
The primary focus of Religare Securities Ltd. is to cater to services in
Capital Market Operations to Institutional Investors. The Company is a member of the
National Stock Exchange (NSE) and OTCEI. The growing list of financial institutions
with whom RSL is empanelled as approved Broker is a reflection of the high levels of
services maintained by the Company. Religare was founded with the vision of
providing integrated financial care driven by the relationship of trust. The bouquet of
services offered by RELIGARE includes Broking (Stocks and Commodities),
Depository Participant Service, Advisory on Mutual Fund Investments and Portfolio
Management Services.
RELIGARE is a pioneer in the concept of partnership to reach multiple locations in
order to effectively service its large base of individual clients. Besides the reach of
RELIGARE, the clients of the company greatly benefit by its strong research
capability, which encompasses fundamentals as well as technical knowledge.
Religare is driven by ethical and dynamic process for wealth creation. Based on
this, the company started its endeavor in the financial market.
Religare Enterprises Limited (A Ranbaxy Promoter Group Company) through Religare
Securities Limited, Religare Finevest Limited, Religare Commodities Limited and

Religare Insurance Broking Limited provides integrated financial solutions to its

corporate, retail and wealth management clients. Today, it provides various financial
services, which include Investment Banking, Corporate Finance, Portfolio
Management Services, Equity & Commodity Broking, Insurance and Mutual Funds.
Plus, theres a lot more to come your way.
Religare is proud of being a truly professional financial service provider managed by a
highly skilled team, who have proven track record in their respective domains.
Religare operations are managed by more than 3000 highly skilled professionals who
subscribe to Religare philosophy and are spread across its countrywide branches.
Today, it has a growing network of more than 300 branches and more than 580
business partners spread across more than 300 cities/towns in India and a fully
operational international office at London. Unlike a traditional broking firm, Religare
group works on the philosophy of partnering for wealth creation. We not only execute
trades for our clients but also provide them critical and timely investment advice. The
growing list of financial institutions with which Religare is empanelled as an approved
broker is a reflection of the high-level service standard maintained by the company.

GROUP COMPANIES:Religare Enterprises Limited group comprises of Religare Securities Limited, Religare
Commodities Limited, Religare Finvest Limited and Religare Insurance Broking
Limited which deal in equity, commodity and financial services business.
Religare Securities Limited:RSL is one of the leading broking houses of India and are dealing into Equity Broking,
Depository Services, Portfolio Management Services, Internet Trading, Institutional
Equity Brokerage & Research, Investment Banking, Merchant Banking and Corporate
Finance.
To facilitate free and fare trading process Religare is a member of major financial
institutions like, National Stock Exchange of India, Bombay Stock Exchange of India,
Depository Participant with National Securities Depository Limited and Central
Depository Services (I) Limited, and a SEBI approved Portfolio Manager.
RSL serves a platform to all segments of investors to avail the opportunities offered by
investing in Indian equities either on their own or through managed funds in Portfolio

Management.
Religare Commodities Limited:Religare is a member of NCDEX and MCX and provides platform for trading in
commodities, which is an online facility also.
RCL provides platform to both agro and non-agro commodity traders to derive the
actual price of the commodity and also to trade and hedge actively in the growing
commodity trading market in India.
With this realization, Religare Commodities is coming up with its branches at mandi
locations. It is a flagship effort from our team which would be helpful in facilitating
trade and speculating price of commodities in future.

Religare Finevest:Religare Finevest Limited (RFL), a Non Banking Finance Company (NBFC) is
aggressively making a name in the
Financial services arena in India. In a fast paced, constantly changing dynamic
business environment, RFL has delivered the most competitive products and services.
RFL is primarily engaged in the business of providing finance against securities in the
secondary market. It also provides finance for application in Initial Public Offers to
non-retail clients in the primary market.
RFL is also planning to initiate personal loan portfolio as fund based activity and
mutual fund distribution as fee based activities.
Along with this, the company also undertakes non-fund based advisory operations in

the field of Corporate Financing in the nature of Credit Syndication which includes
inter alias, bills discounting, inter corporate deposit, working capital loan syndication,
placement of private equity and other structured products.
Religare Insurance Broking Ltd.:Religare has been taking care of financial services for long but there was a missing
link. Financial planning is incomplete without protective measure i.e. structured
products to take care of event of things that may go wrong
Religare Insurance Broking Limited. As composite insurance broker, deals in both
insurance and reinsurance, providing our clients risk transfer solutions on life and nonlife sides.
This service will take benefit of Religare vast business empire spread throughout the
country -- providing our valued clients insurance services across India. We aim to have
a wide reach with our services literally! Thats why we are catering the insurance
requirements of both retail and corporate segments with products of all the insurance
companies on life and non-life Still, there is more in store. We also cater individuals
with a complete suite of insurance solutions, both life and general to mitigate risks to
life and assets through our existing network side.
For corporate clients, we will be offering value based customized solutions to cover all
risks, which their business is exposed to. Our clients will be supported by an
operations team equipped with the best of technology support
Religare Insurance Broking aims to provide neutral, transparent and professional risk
transfer advice to become the first choice of India.

Mission:To be India's first Multinational providing complete financial services solution across
the globe.

Vision:Providing integrated financial care driven by the relationship of trust and confidence.

Why customer trade with Religare?

Personal Assistance: Dedicated dealers for facilitating trading and post trade needs.
Dedicated Relationship Managers for assisting multiple investments
needs.
Research & Advisory:

Regular news and updates on market.

Research service over SMS to keep you abreast.
Daily and weekly technical reports.
A complete information report on results and performance individual
companies. Complete reports on various economic sectors and their
performance along with analysis of few major companies in that sector.
Trading calls in Futures & Options.
Daily capsule of Market indices and index movement, national and
international corporate news, and their performance along with forth
coming IPO tracker.
.
Add-Ons: Access to all your accounts through your Customer Relationship Number
(CRN).
Access your ledger balances and account information over internet, branch
and call center.
PRODUCT & SERVICES:

Equity & Derivatives

Commodity
Depository
Portfolio Management Services
International Equity & Commodity
NRI Services

 Investment Banking
Corporate Advisory Group
Mutual Fund

1.3 PROBLEMS OF THE ORGANIZATION: Since Religare Securities is a private player in the insurance industry, it has not yet
reached break-even. Hence, it has high cost due to which its premiums are high as
compared to other market players.
It has to create credibility in the public.
It has to compete with the wide range of products that its competitors offer.
It has to focus towards rural segment also which has a great scope of growth.
It has to decide on the strategies to be adopted which will help to counter
competition.
It has to increase its no. of branches and also enhance its network of agents so that
it can compete with other market players.
It has to focus on providing effective training to its agents so that the customer
base can be increased and moreover customer satisfaction can be ensured.

1.4 COMPETITION INFORMATION

Bank Sponsored: SBI Fund Management Ltd.
BOB Asset Management Co. Ltd.
Canbank Investment Management Services Ltd.
UTI Asset Management Company Pvt. Ltd.

Institutions: GIC Asset Management Co. Ltd.

Jeevan Bima Sahayog Asset Management Co. Ltd.
Private Sector:-

Indian: BenchMark Asset Management Co. Pvt. Ltd.

Cholamandalam Asset Management Co. Ltd.
Credit Capital Asset Management Co. Ltd.
Escorts Asset Management Ltd.
JM Financial Mutual Fund
Kotak Mahindra Asset Management Co. Ltd.
Reliance Capital Asset Management Ltd.
Sahara Asset Management Co. Pvt. Ltd

 Sundaram Asset Management Company Ltd.

Tata Asset Management Private Ltd.

Predominantly India Joint Ventures: Birla Sun Life Asset Management Co. Ltd.
DSP Merrill Lynch Fund Managers Limited
HDFC Asset Management Company Ltd.
Predominantly Foreign Joint Ventures: ABN AMRO Asset Management (I) Ltd.
Alliance Capital Asset Management (India) Pvt. Ltd.
Deutsche Asset Management (India) Pvt. Ltd.
Fidelity Fund Management Private Limited
Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.
HSBC Asset Management (India) Private Ltd.
ING Investment Management (India) Pvt. Ltd.
Morgan Stanley Investment Management Pvt. Ltd.
Principal Asset Management Co. Pvt. Ltd.
Prudential ICICI Asset Management Co. Ltd.
Standard Chartered Asset Mgmt. Co. Pvt. Ltd.

1.5 S.W.O.T. ANALYSIS OF THE ORGANIZATION

STRENGTHS:Diverse Branch Network
Since Company inception in FY 1992 Company and its subsidiaries have grown from
a single location to a nationwide network spread over 900 offices in 320 cities. They
have a pan India distribution networks for the purpose of distribution of financial
products and services. Such a diverse and integrated network provides a centralized
platform to their clients.

Bouquet of financial products and services:Company and its subsidiaries offer various financial services and products ranging
from equity, F & O and wholesale debt, mutual fund an distribution, equity research
analysis, depository services to cater to the specific needs of the retail and institutional
investors thus providing all these services in single platform.

Advanced Technology team that delivers market leading product

innovation:Their ongoing investment in technology is a key element in expanding their product
and service offerings, enhancing their delivery systems, providing fast and consistent
client service, reducing processing costs, and facilitating their ability to handle
significant increases in client activity without a corresponding rise in risk and staff.
Company and its subsidiaries have an in-house technology team of 27 people
comprising of several engineers. The in-house technology team has been responsible
for developing the technology products for operating at a large scale with efficient
back office systems. The application of technology allows Company and its
subsidiaries.

To build scalable product and service offerings. The in-house technology team
developed one of the first Internet trading platforms in India, one of the first in-house
real-time CTCL link with NSE. Company and its subsidiaries introduced integrated
accounts with automated gateways with client bank accounts so that they can transfer

funds to and from their bank account to their brokerage account with the Company.
This has enhanced customer ability to access their funds for market related activities.
The in-house technology team has good expertise to create mission critical
applications and in the maintenance and upkeep of high transaction processing of there
web-site.

Strong Sales and Marketing Teams with continuous reinvestment and

training:Companys relationship manager channel (through a team of 1050 Relationship
Managers as on April 30, 2004) offers a single point contact to retail customers
whereby their high net worth clients have separate relationship managers catering to
them. These managers offer personalized services to the customers helping build
strong and continuing relationships with them. Also, our marketing associate channel
helps Company and its subsidiaries in client acquisitions at minimal costs with client
loyalty. The marketing associates channel also helps Company and its subsidiaries in
increasing their penetration in smaller town and cities.

Weakness
Customer Satisfaction:- As far as customer satisfaction goes Religare has to
tighten their socks. Many broking houses catering to heavy investors or small segment
of the market can afford to and does provide relationship managers for their customers,
who can understand the trading needs of individual customers, and advise accordingly.
However, a broking house like Religare that caters to the mass segment will find
difficult to provide relationship managers for individual customers.

Branding:- Yet to obtain approval of Trademark for developing into brand though
the company has a efficient products but large part of investment interested population
does not know the company. The most basic expectation for a trader or investor when
one begins trading is that one must get timely delivery of shares and proceeds from
sale of shares. Also ones cash balances with the broker must be safe and secure.
Though this confidence in the broker comes with time and experience, good and
transparent practices also play a major role in imbibing confidence in traders.

Competition from banks:- Most of the banks due to good branding have the
faith of the customers of their banking database. So they enjoy the liberty of huge
database and customers find it more reliable to trade there rather than with a unknown
broker. Also banks like HDFC Bank and ICICI Bank have the advantage of linking the
trading accounts of their customers to saving accounts. This makes trading easier, and

at the same time a trader withdraws exactly as much money from his account as is
needed to complete the trade. Similarly sales proceeds are credited directly to saving
account.
Localized presence due to insufficient investments for countrywide expansion.
Lack of awareness among customers because of non-aggressive promotional
strategies (print media, newspapers, etc).
Lesser emphasis on customer retention.
Focuses more on HNIs than retail investors which results in meager market-share
as compared to close competitors.

Opportunities
With the booming capital market it can successfully launch new services and raise
its clients base.
It can easily tap the retail investors with small saving through promotional
channels like print media, electronic media, etc.
As interest on fixed deposits with post office and banks are all time low, more and
more small investors are entering into stock market.
Abolition of long-term capital gain tax on shares and reduction in short term
capital gain is making stock market as hot destination for investment among small
investors.
Increasing usage of Internet through broadband connectivity may boost a whole
new breed of investors for trading in securities.
Additional centers will increase the clientele base and in-turn will increase revenue
Retail sector is expected to grow due to reduction in interest rate and opting for
new opportunities in equity and related instruments
Rapid penetration of Internet and computers will be instrumental in increasing ebroking business

Ever-increasing market :- After the NSE brought the screen based trading
system stock markets are now more secured which has attracted lot of retail investors
and the demand is increasing day by day. This has resulted in improved liquidity and
heavy volumes on transactions. Religare is one of the early entrants here. As to how
much it will roar and how swift it can swoop on the market, the future alone can
answer such queries. Religare has been a mega player and is known for being a mover
of stocks. It is also known for putting big deals through and enjoys good networking
with the FIIs. It has been dynamic enough to move with the times and capture the
opportunities that the market throws up from time to time.

Improving Technology:- In country like India technology is always improving

which gives the company a chance to keep on improving their product with time
whereas for the small players like local brokers it will be difficult to keep the same
pace as the changing technology. Also with SEBI lying down some strict guidelines
small brokers are finding it harder to retain the customers with no research department
and small capital. The traditional business model is highly dependent on a large
network of sub-brokers, and many established players may not have systems
(technology, customer service, etc.) capable of directly servicing so many retail
customers.

Unfulfilled needs of the customers:- With so many competitors offering their

products in the market but no one is able to completely satisfy the customers. Some
have the problem of lack of information or some were scared of volatility of the stock
markets. Share khan has the opportunity to tap this unsatisfied set of customers and to
make hold in the market. The Internet serves to break all barriers to information, as it
offers an extremely hassle-free investing platform. And, Share khan hopes to fully
utilize and capitalize on this platform. This original idea by Share khan itself was born
out of the consumer's need for a more transparent, easy to understand and convenient
option of investing in stocks.

Education Level:- The education level in the country is improving year after year
as far as technology goes. With that the understanding of the stock market is also

increasing and a lot of retail investors are steeping in the markets which are being
shown by increasing volumes, transactions and indices.

Threat: Aggressive promotional strategies by close competitors may hamper Religare

acceptance by new clients.
Lack of sufficient branch-offices for speedy delivery of services.
More and more players are venturing into this domain, which can further reduce
the earnings of Religare.

 Downturn or volatility of securities and commodities market.

Slowdown of Indian and global economy
Change in government and economic policies including personal taxation may
affect our volume and fund mobilization.

New Competitors:- A lot of new competitors are trying to enter the market in this
bullish run to taste the flavor of this cherry. This is creating a lot of competition for
large players like Religare and it is creating little confusion in the minds of the
customers about the services provided by the broker. Also many banking firms are
entering into the market with huge investment. Competitors like ICICI, Kotak, HDFC,
5-paisa etc. are posing a lot of threats to the company.

Technology based business:Online trading is totally based on the technology which is quite complex. Typically,
the technology solution has to start from the Internet front-end (or the screen that you
see when you begin trading). Then it needs to get into the 'middle tier' of risk
management systems that assess data from banks and depository participants (DP),
calculate client risk at that point in time, and give the 'Go/No go' advice to the trade.
So technology is a kind of threat because unless until it is working properly it is good
but internet is not that safe. Though a lot of cyber laws are being made but not yet
executed.

OBJECTIVE AND METHODOLGY

2.1 Significance:1. It helps in creating the investors confidence.
2. It helps to find out prospect investors of Mutual Funds and also to provide key
information about the investors perception and preferences by Mutual Fund
industry.
3. It helps in getting information about their performance at distributors as well as at
their own investment center or why people go for Mutual Fund for investments.
4. It helps in finding out the problems related to distribution.

2.2 Managerial usefulness of the study:

helps to have sale experience.

helps to deal with different customers.
helps to overcome the objections of the customers.
helps to understand the problems of agents in a broader prospect.
It provides a platform where managerial role can be played effectively and
efficiently.

2.3 Objectives: To studying the various mutual fund schemes offered by Religare Securities Ltd.
and then comparing it with the other schemes available in the current market.
To study various needs and expectations of small investors from different types of
mutual funds
To studying and analyzing the mutual fund industry of the country.
To study the Indian market and identify the risk return perception with the
purchase of mutual funds.
To study the Accounting and Valuation methods of Mutual Funds.
To study in brief various Mutual funds promoted by Religare.
To study the investors Preference regarding Investment in Mutual Funds.

2.4 Scope of the study: In current scenario, the bank rates have been cut down rapidly due to severe
competition, so people are not going for contemporary deposits because that

cannot provide them the better returns or the desired interest rates. So, they can
look for some other investment options like Mutual Funds, which can provide them
higher returns in medium to long term and can easily meet their financial goals.
To look out for new prospective customers who are willing to invest in Mutual
Funds.

Methodology
1. QUESTIONNAIRE:The study is based on a survey of 100 respondents through a questionnaire covering
different groups of investors
Sample Size; N=100
With the help of this project, I have attempted to study various needs and expectations
of small investors from different types of mutual funds available in Indian market and
identify the risk return perception with the purchase of mutual funds.
Various sophisticated multivariate techniques like Factor Analysis, Chi Square Test etc.
will then be applied to identify important characteristics being considered by the
Indian investors in the purchase decision.
The questionnaire has been developed on the basis of five major components. These
are:
1. Demographic Attributes like age, Income, No. of years until retirement,
expectations from future earning, Family Size and knowledge of financial
products & the financial market.
2. Risk Attitude of the customers
3. Latest Investment in Mutual Fund E.g. Amount invested in the mutual fund
recently, type of mutual fund, priority while investing in mutual fund and why
mutual funds.
4. Time Horizon: This component has been included in order to identify the time
period in which the customer withdraws his money from the investment made
by him.
5. Investment objective: This will help in identifying the investment objective of
the customer i.e. for travel, for his children, for further investment or for
availing retirement benefit.

Demographic Attributes:The various demographic attributes like Age, Income, and No. Of years till retirement,
Family size, knowledge of finance influence the decisions being made by the investors
while investing in Mutual Funds.

Risk Attitude of Customers:This component has been included in order to identify the proximity of a person to
take risk while investing. An analysis of this section would help in identifying the
needs and expectations of small investors keeping in mind their risk attitude.

The section would help in answering the following section: Choices made while investing big amounts (> Rs.50000)
Sustainability of a customer to invest in share market when the market is not
performing very well

Latest Investment In Mutual Funds:This section would help in identifying the latest investment done by a particular
customer in the last one year.
This section would help in identifying the following:
Amount invested in Mutual Funds, Shares, Fixed Deposits, Govt. securities etc.
The mutual funds the customers have invested in currently available in the
market
Priority while investing in Mutual Funds. E.g. for some investors the current
NAV must be a criteria. For some liquidity and lock in period must be a criteria
What are the major benefits that the customers get while investing in a mutual
fund

Time Horizon & Investment Objective:This section would help in identifying the following:
The time period of the investment
Their expectation of the money after 10 years
The future use of their investment

 After how many years will they start using their money
Thus, data collection from the various customers has been done with the help of
questionnaires.

2. TELEPHONIC INTERVIEWS:The summer project also helped me in gaining an experience to sell the various mutual
fund schemes over the telephone. It only helped me improve my communication skills
but also gave me an in depth knowledge about the various schemes offered by Religare
Securities Ltd., ICICI, HDFC, HSBC, Fidelity, etc.
This would further help me in doing a sophisticated and detailed comparison between
the various schemes.

3. APPOINMENTS WITH COMPANIES:The project also gave me an opportunity to fix appointments with corporate
organization and allowed me to explain the various products to the company officials.
The various organizations covered were:
OZONE PHARMACEUTICALS, AMBIKA PILLAIs Beauty Saloon, APOLLO
Clinic etc
The data from such organization has also been collected.
4. NEWSPAPER ARTICLES:The preparation of the project report also required data from various journals,
newspapers etc
Data from the various newspapers (like The Economic Times, The Times Of India
etc..) and journals has been done.

5. COLLECTION OF DATA FROM OTHER AMCs

The preparation of the project report required me to visit the various other companies
like HDFC, LIC, and Standard Chartered etc. in order to collect data.

CONCEPTUAL DISCUSSION

INTRODUCTION OF MUTUAL FUND:Overview: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 then 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 mutual fund:

MUTUAL FUND OPERATION FLOW CHART

Constituents of Mutual Fund:There are many entities involved and the diagram below illustrates the
set up of a mutual fund.

organizational

The Securities and Exchange Board of India (Mutual Funds) Regulations 1993 define
a mutual fund (MF) as a fund established in the form of a trust by a sponsor to raise
money 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.
These regulations have since been replaced by the SEBI (Mutual Funds) Regulations,
1996. The structure indicated by the new regulations is indicated as under.
A mutual fund comprises four separate entities. These are: Sponsor, Mutual Fund
Trust, AMC and Custodian.
The sponsor establishes the mutual fund and gets it registered with SEBI. The mutual
fund needs to be constituted in the form of a trust and the instrument of the trust should
be in the form of a deed registered under the provisions of the Indian Registration Act,
1908. The sponsor is required to contribute at least 40% of the minimum net worth
(Rs. 10 crores) of the asset management company. The board of trustees manages the
MF and the sponsor executes the trust deeds in favor of the trustees. It is the job of the
MF trustees to see that schemes floated and managed by the AMC appointed by the
trustees are in accordance with the trust deed and SEBI guidelines.

 Functions of the Various Constituents in the Organization of

Mutual Fund History:The origin of mutual fund industry in India is with the introduction of the concept of
mutual fund by UTI in the year 1963. Though the growth was slow, but it accelerated
from the year 1987 when non-UTI players entered the industry.
In the past decade, Indian mutual fund industry had seen dramatic improvements, both
quality wise as well as quantity wise. Before, the monopoly of the market had seen an
ending phase; the Assets under Management (AUM) were Rs. 67bn. The private sector
entry to the fund family rose the AUM to Rs. 470 bn in March 1993 and till April
2004; it reached the height of 1,540 bn. Putting the AUM of the Indian Mutual Funds
Industry into comparison, the total of it is less than the deposits of SBI alone,
constitute less than 11% of the total deposits held by the Indian banking industry. The
main reason of its poor growth is that the mutual fund industry in India is new in the
country. Large sections of Indian investors are yet to be intellectuated with the
concept. Hence, it is the prime responsibility of all mutual fund companies, to market
the product correctly abreast of selling.

The mutual fund industry can be broadly put into four phases according to the
development of the sector. Each phase is briefly described as under.

First Phase 1964-87:The 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 crores of assets under
management.
Second Phase - 1987-1993 (Entry of Public Sector Funds):This was marked by the entry of non-UTI mutual funds. SBI Mutual Fund was the first
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 in 1989 and GIC in 1990. The end of 1993 marked Rs.47,
004 as assets under management.
Third Phase - 1993-2003 (Entry of Private Sector Funds):With the entry of private sector funds in 1993, a new era started in the Indian mutual
fund industry, giving the Indian investors a wider choice of fund families. Also, 1993
was the year in which the first Mutual Fund Regulations came into being, under which
all mutual funds, except UTI were to be registered and governed. The erstwhile
Kothari Pioneer (now merged with Franklin Templeton) was the first private sector
mutual fund registered in July 1993.The 1993 SEBI (Mutual Fund) Regulations were
substituted by a more comprehensive and revised Mutual Fund Regulations in 1996.
The industry now functions under the SEBI (Mutual Fund) Regulations 1996. As a
result, 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:
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 its current phase of
consolidation and growth. As at the end of September 2004, there were 29 funds,
which manage assets of Rs.153108 crores under 421 schemes.
GROWTH OF AMU

VARIOUS SCHEMES OF MUTUAL FUNDS:There are a no. of Mutual Fund schemes that cater to investor needs, depending on the
age, financial position, risk tolerance and return expectations. The mutual fund
schemes can be classified according to both the investment objective (like income,
growth, tax saving) as well as the number of units (if these are unlimited then the fund
is an open-ended one while if there are limited units then the fund is close-ended).

 Various Schemes of Mutual Funds:-

Open-Ended Schemes
These funds are sold at the NAV based prices, generally calculated on every business
day. These schemes have unlimited capitalization, open-ended schemes do not have a
fixed maturity - i.e. there is no cap on the amount you can buy from the fund and the
unit capital can keep growing. These funds are not generally listed on any exchange.
These funds have a no. of benefits. These are:

a) Any time exit option

b) Tax advantage
c) Any time entry option

Close Ended Schemes:Schemes that have a stipulated maturity period, limited capitalization and the units are
listed on the stock exchange are called close-ended schemes. These schemes have
historically seen a lot of subscription. This popularity is estimated to be on account of
firstly, public sector MFs having floated a lot of close-ended income schemes with
guaranteed returns and secondly easy liquidity on account of listing on the stock
exchanges.

Growth Funds:These funds seek to provide growth of capital with secondary emphasis on dividend.
They invest in shares with a potential for growth and capital appreciation. Because
they invest in well-established companies where the company itself and the industry in
which it operates are thought to have good long-term growth potential, growth funds
provide low current income.

Growth and Income Funds:Growth and income funds seek long-term growth of capital as well as current income.
The investment strategies used to reach these goals vary among funds. Some invest in
a dual portfolio consisting of growth stocks and income stocks, or a combination of
growth stocks, stocks paying high dividends, preferred stocks, convertible securities or
fixed-income securities such as corporate bonds and money market instruments.

Fixed-Income Funds:The goal of fixed income funds is to provide current income consistent with the
preservation of capital. These funds invest in corporate bonds or government-backed
mortgage securities that have a fixed rate of return.

Balanced:The Balanced fund aims to provide both growth and income. These funds invest in
both shares and fixed income securities in the proportion indicated in their offer

documents.
These are ideal for investors who are looking for a combination of income and
moderate growth.

Money Market Funds/Liquid Funds:These invest in highly liquid, virtually risk-free, short-term debt securities of agencies
of the Indian Government, banks and corporations and Treasury

Specialty/Sector Funds:These funds invest in securities of a specific industry or sector of the economy such as
health care, technology, leisure, utilities or precious metals. The funds enable investors
to diversify holdings among many companies within an industry, a more conservative
approach than investing directly in one particular company.
A summary is presented in the table below of the various funds and their investment
objectives:
SCHEME TYPE

OBJECTIVE

MONEY
MARKET

OPEN

YES

TIME
RISK
TYPICAL INVESTMENT PATTERN
HORIZON PROFILE

CLOSE

NO

Short term Low

EQUITY

DEBT

(%)

(%)

0 - 20

MONEYMARKET
INST/ OTHERS
(%)

80 -100

INCOME

YES

YES

Medium Low
to0
Long Term Medium

80-100

0 - 20

GROWTH

YES

YES

Long Term High

0-20

0 - 20

BALANCED

YES

YES

Long Term Medium to0 - 60

High

0 40

0 - 20

TAX SAVING

YES

YES

Long Term High

80-100

0 - 20

80 -100

80 -100

CURRENT SCENARIO OF MUTUAL FUND:The mutual funds industry in India has grown at a strong pace of 16.4 per cent for the
last 8 years which is better compared to the growth rate of the mutual fund industry
worldwide, which was about 13 per cent for the same period. The Indian mutual funds
industry has Rs 204,519-crore worth of assets under management as on November 30,

2006, which is an impressive growth of 37 per cent from last year, thanks to the
booming equity markets in majority of the countries across the globe.

As on June 30, 2006, the mutual funds globally manage assets worth $16.41 trillion,
while India has a small share of 0.22 per cent. The huge participation of investors in
the NFOs (New Funds offer) recently demonstrates the increased acceptance levels of
equity mutual funds in the country. As on November 30, 2006 the equity assets have
increased to almost 36 per cent of the total Indian mutual fund assets bringing it close
to the global levels. The year 2006 is also important year for Indian mutual fund
investors as many schemes paid excellent dividends. Almost 99 mutual funds schemes
paid dividends to their investors against 75 schemes in year 2005.

From the graph we can see the growing importance of Mutual Funds.

MUTUAL FUNDS:

RISING SHARE OF HOUSEHOLD

FINANCIAL ASSETS:-

RECENT TRENDS IN MUTUAL FUND MARKETING:The mutual fund industry in India has evolved little over three decades but the real

impetus has come after the changes in the mutual fund regulations in early 1980s.
Private and foreign mutual funds are operating in the Indian market and constitute a
substantial portion of the mutual fund industry.
Today the industry consists of Unit Trust of India, mutual funds sponsored by public
sector banks and insurance corporations, private and foreign mutual funds.
Investors are constantly being bombarded by questions concerning their risk profile.
Such investors often invest their money in a guilt fund or money market fund. Banks
like Citibank, ANZ Grind lays, Deutsche bank, Hong Kong bank, Commerce bank,
Banque nationale de Paris, Religare Securities Ltd. is not only aggressively marketing
funds but have also launched their own mutual funds.
The mutual fund product designers have identified a strategic gap in the product
offering in the capital market and now are fighting a losing battle with government
savings plans, bank deposits and provident funds. They are providing cheque facility
on money market mutual funds to make them more enticing and guilt funds for the risk
averse. Product innovations and new product combinations have started rolling in to
the Indian market. E.g. GIC mutual fund in the year 2000 had launched an open-ended
scheme named as GIC DMAT in which 71 demat scripts having a weight of nearly
seventy- percent in the Sensex and the Nifty are being marked for trading. The
specialty of this new product is that investors will have an opportunity to exchange
their holdings of scrip, which are available for dematerialization with units of this
scheme.
A large no. of companies are today launching a no. of mutual funds schemes in order
to attract small investors. And the reason for launching of these large numbers of
mutual fund products is the distributed pattern of investment behavior of Indian small
investor.
The purchase decision of a mutual fund is largely dependant upon investors level of
savings, investment pattern and the risk profile. Many managers are now taking
interest in designing mutual fund products with multi feature options for investors.
Customers are often benefited from the improvements that are offered by new features,
for example by enhanced quality products [Garvin (1984)]. These additions of features
also offer advantages to others in the value chain. For the mutual fund agents new
features provide new sales arguments in seller buyer interaction. New features do not
only infuse single products but also entire product categories periodically with new
lease of life.
DISADVANTAGES OF MUTUAL FUNDS

The following are important disadvantages of investing through mutual funds:

NO CONTROL OVER COSTS:Since investors do not directly monitor the funds operations they cannot control the
costs effectively. Regulations therefore usually limit the expenses of mutual funds.

NO TAILOR MADE PORTFOLIOS:Mutual fund portfolios are created and marked by AMCs, into which investor invest.
They cannot create tailor made portfolios.

MANAGING A PORTFOLIO OF FUNDS:As the number of mutual funds increases in order to tailor a portfolio for him, an
investor may be holding a portfolio of funds with the cost of monitoring them and
using them, being incurred by him.

RISK FACTORS OF INVESTMENTS IN MUTUAL FUNDS:Mutual funds like securities investments are subject to market and other risks and there
can be no assurance that the objectives of any of the schemes of the Fund will be
achieved.
The NAV of units issued under the Schemes can go up or down depending on
the factors and forces affecting capital markets and may also be affected by
changes in the general level of interest rates.
The past performance of the mutual funds managed by the Sponsors and their
affiliates/ associates is not necessarily indicative of the future performance of
the schemes.
The Sponsors are not responsible or liable for any loss resulting from the
operation of the schemes beyond the initial contribution of an amount of Rs.1
lakh made by the Sponsors towards setting up the Fund or such other accretions
and additions that may be made to the initial corpus set up by the Sponsors.
The liquidity of the Scheme's investments may be restricted by trading volumes
settlement periods and transfer procedures. In the event of an inordinately large
number of redemption requests or of a restructuring of any of the Schemes'
portfolios, the time taken by the Fund for redemption of units may become
significant. Investors are also requested to peruse the Risk Factors and Special
Considerations. Right to Limit Redemptions in the Offer Documents of the

respective schemes of the Fund.

The Risk-Return Trade-off:The most important relationship to understand is the risk-return trade-off. Higher the
risk greater the returns/loss and lower the risk lesser the returns/loss.
Hence it is up to you, the investor to decide how much risk you are willing to take. In
order to do this you must first be aware of the different types of risks involved with
your investment decision.

Market Risk:Sometimes prices and yields of all securities rise and fall. Broad outside influences
affecting the market in general lead to this. This is true, may it be big corporations or
smaller mid-sized companies. This is known as Market Risk. A Systematic Investment
Plan (SIP) that works on the concept of Rupee Cost Averaging (RCA) might help
mitigate this risk.

Credit Risk:The debt servicing ability (may it be interest payments or repayment of principal) of a
company through its cash flows determines the Credit Risk faced by you. This credit

risk is measured by independent rating agencies like CRISIL who rate companies and
their paper. A AAA rating is considered the safest whereas a D rating is considered
poor credit quality. A well-diversified portfolio might help mitigate this risk.

Inflation Risk:Inflation is the loss of purchasing power over time. A lot of times people make
conservative investment decisions to protect their capital but end up with a sum of
money that can buy less than what the principal could at the time of the investment.
This happens when inflation grows faster than the return on your investment. A welldiversified portfolio with some investment in equities might help mitigate this risk.

Interest Rate Risk:In a free market economy interest rates are difficult if not impossible to predict.
Changes in interest rates affect the prices of bonds as well as equities. If interest rates
rise the prices of bonds fall and vice versa. Equity might be negatively affected as well
in a rising interest rate environment. A well-diversified portfolio might help mitigate
this risk.

Political/Government Policy Risk:Changes in government policy and political decision can change the investment
environment. They can create a favorable environment for investment or vice versa.

Liquidity Risk:Liquidity risk arises when it becomes difficult to sell the securities that one has
purchased. Liquidity Risk can be partly mitigated by diversification, staggering of
maturities as well as internal risk controls that lean towards purchase of liquid
securities.
You have been reading about diversification above, but what is it?

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.

FREQUENTLY USED TERMS:Net Asset Value (NAV):Net Asset Value is the market value of the assets of the scheme minus its liabilities.
The per unit NAV is the net asset value of the scheme divided by the number of units
outstanding on the Valuation Date.

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: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: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.

Sales Load:Is a charge collected by a scheme when it sells the units? Also called, Front-end load.
Schemes that do not charge a load are called No Load schemes.

Repurchase or Back-end Load:Is a charge collected by a scheme when it buys back the units from the unit holders.
CRISILs composite performance ranking (CPR) measures the performance for each of
the open ended schemes of mutual fund. There are four parameters considered to
measure the performance of a mutual fund such as Risk adjusted returns of the
schemes, NAV, Diversification of portfolio, Liquidity and Asset size. Today, mutual
funds collectively manage almost as much as or more money as compared to banks.

Banks v/s Mutual Funds:BANKS

MUTUAL

FUNDS
Returns

Low

Better

Administrative exp.

High

Low

Risk

Low

Moderate

Investment options

Less

More

Network

High penetration

Low
but
improving

Liquidity

At a cost

Better

Quality of assets

Not transparent

Transparent

Interest calculation

Minimum balance between 10th. & 30th. OfEveryday

every month

Guarantee

Maximum Rs.1 lakh on deposits

None

FACTORS AFFECTING THE NAV OF A FUND:Following are the major factor that affects the NAV of a fund:
Sale and purchase of securities.
Sale and repurchase of units.
Valuation of assets.
Accrual of income and expenses.
The NAV of a fund is primarily affected by the market value of the investment
portfolio. The number of units outstanding, the accrual of expenses and income, are
other factors that impact the NAV of a fund.

HOW DOES A MUTUAL FUND WORK ?

A mutual fund is managed by an Asset Management Company (AMC). The AMC
creates a mutual fund, and invites the public to subscribe in the mutual fund with their

investment. Units of the funds are allotted on Net Asset Value (NAV) of the fund at the
point of time. Unlike other investments, the mutual fund itself is not traded nor does it
offer guaranteed returns like a deposit. The mutual fund's Net Asset Value (NAV)
determines the value of the investment. Investors redeem their investments in the
mutual fund on the basis of the NAV from the mutual fund itself (this is repurchase of
units by AMC).

Some other related terminologies: Custodians:The bank or trust company that maintains a mutual funds assets, including its
portfolio of securities or some record of them. Provides safe keeping of securities
but has no role in portfolio management.
Distributors and agents:Sell units on behalf of funds and are generally appointed by the AMC.
Corpus:The total amount of money invested in a scheme by all the investors.
Entry/Exit load:Entry load is the load on purchase or switch-out of units
Exit load is load on redemptions Dividend switch out of units.

Net Asset Value:Net Asset Value (NAV) is the actual value of one unit of a given scheme on any
given business day. The NAV reflects the liquidation value of the fund's
investments on that particular day after accounting for all expenses. It is calculated
by deducting all liabilities (except unit capital) of the fund from the realizable
value of all assets and dividing it by number of units outstanding.

Systematic Investment Plan (SIP):A Systematic Investment Plan (SIP) is a simple method of investing, used across
the world as a means to accumulate wealth. It works the same way as a recurring
deposit account. SIP involves investing a fixed sum of money in a specific
investment scheme, on a regular basis, for a pre-determined number of periods.
The various options available are weekly, fortnightly, monthly, quarterly and as
low as Rs.250.
SIP is a disciplined approach to investing, and:-

 Helps investor to invest disposable funds each month.

Gives investor the benefits of rupee-cost averaging
Relieves investor of trying to time the market
Legal and regulatory framework
Regulators in India
SEBI the Capital Markets Regulator: It requires all mutual funds to be registered with them
Issues guidelines for all mutual fund operations including where they can
invest, what investment limits and restrictions are to be implied with.
Acts in the interest of the investor.
RBI Money Markets Regulator: Supervisor of bank owned funds
Banks come under the joint regulatory jurisdiction of RBI and SEBI.

Supervisor of money market mutual funds: Money market mutual funds were regulated by RBI guidelines dated
23/11/1995 specially issued for the purpose.
Recently it has been decided that Money Market Mutual Funds will be
regulated by SEBI through the same guidelines issued for other mutual funds.

Ministry of Finance:It is charged with implementing the government policies, supervises both the RBI
and SEBI.
Stock Exchange:Stock exchanges are self regulatory organizations supervised by SEBI
Close ended schemes are listed on one or more stock exchanges through a listing
agreement between the fund and the stock exchange.

 Association of Mutual Funds in India (1995):Incorporated in1995 in India with the objectives of
To promote interest of mutual funds and unit holders
To set ethical, commercial and professional standards in the industry.
To increase public awareness of mutual funds in the country.

The Offer Document:The legal document containing the details of a new scheme that the AMC or Sponsor
prepares for and circulates to the prospective investor is called the Prospectus or Offer
Document.
It serves the purpose of inviting investors and giving them the information about the
new issue.
It is the most important source of information from the prospective of the prospective
investor, is the operating document and describes the product.
It contains the following details:
Details of the sponsor and the AMC.
Description of the scheme and the investment objective/strategy.
Terms of issue
Historical statistics.
Investors rights and services.

History of Mutual Fund Industry:The mutual fund industry in India started in 1963 with the formation of Unit Trust of
India, at the initiative of the Government of India and Reserve Bank the. The history of
mutual funds in India can be broadly divided into four distinct phases.
First Phase 1964-87: Unit Trust of India (UTI) was established on 1963 by an Act of Parliament, set
up by the Reserve Bank of India.
The first scheme launched by UTI was Unit Scheme 1964.
At the end of 1988 UTI had Rs.6, 700 crores of assets under management

 Second Phase 1987-1993 (Entry of Public Sector Funds): 1987,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).
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 Funds): 1993 - Entry of private sector funds.
Also, first Mutual Fund Regulations came into being, under which all mutual
funds, except UTI were to be registered and governed.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more
comprehensive and revised Mutual Fund Regulations in 1996.
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
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.
As at the end of September, 2004, there were 29 funds, which manage assets of
Rs.153108 crores under 421 schemes.
On a Growth Trajectory:-

During the current year, while initially there had been a decline in the AUM
until April 2004, the situation reversed as, riding on a positive market
sentiment, a Slew of new offerings from mutual fund houses swelled the AUM,
which stands at Rs. 2,31,862 cr as on March 2006. This is remarkable increase
for the industry which according to AMFI was Rs. 1, 52,280 cr as on January
2007. Which in 1993 had less than 10 schemes, today has 521 schemes offered
by mutual funds. The schemes are more diverse and offer a wide array of
choices to investors.

DATA ANALYSIS AND INTERPRETATION

Following graph shows the factors influencing the decision of a

person to invest into mutual funds.

INTERPRETATION:Above factors have been evaluated on a scale of 10. Number 1 means least aware and
number 10 means most aware.
It is observed from the survey that people generally come to know about the
investment options through news papers and magazines. Mass media options like
television and radio options are also coming up but still a lot of promotional campaign
is to be done to make this channel an effective one.
These options are mainly present in front of any financial institution like bank etc for
instant appeal.

Following graph shows the relationship between annual income and

the type of investment made
90000
80000
70000
Under -Rs100000 10

60000

Rs.100000 - 200000 26

50000

Rs.200001-500000 46

40000

Rs.500001-1000000 12

30000

OverRs.1000000 6

20000
10000
0
Mutual
Funds

Shares

Fixed Insurance
Deposits

Income group below 1 lakh:This category invest major amount into banks FD or post office schemes. They do not
go for equity related investments because of fund shortage. Although insurance is
given some weight age but it is generally life insurance without investment options.
Now it is observed that this segment has also started investing into mutual funds
although it is a small investment.
Income group between 1 - 2 lakh:This category invest major amount into banks FD or bonds. They also dont go for
equity related investments because of fund shortage. Although insurance, shares and
mutual funds are given some weight age but it is generally life insurance without
investment options.
Income group between 2 5 lakhs:
This categorys major area of investment is in mutual funds and insurance. Since they
have enough disposable income so considerable amount is invested into equity related
funds. An investment in bank FDs is made automatically since the salary comes in the
account otherwise no specific direct investment is made into such options. By
increasing the awareness about MF they can be potential customers.
Income group between 5 10 lakhs:They have enough disposable income so major investment is made into both equity
and mutual funds. Insurance is also given due weight age but with the equity related

options for better returns. They are updated with the features so thorough knowledge is
needed before advising them any fund.
Income group above 10 lakh:They too have enough disposable income so major investment is made into both
equity and mutual funds. This category also demands for portfolio facility. They are
important customers so specific relationship executives are assigned to them. They are
continuously updated about new fund schemes.
25

Tax Benefit 26

20

Professional
Management 9

15

Less Time Consuming

16

10

Diversification And Thus

Less Risky 7

All The Above 42

0
Under
30

31-40

41-50

51-60

Over 60

25

Tax Benefit 26

20

Professional
Management 9

15

Less Time Consuming

16

10

Diversification And Thus

Less Risky 7

All The Above 42

0
Under
30

31-40

41-50

51-60

Over 60

Following graph describes the relationship between the age and

the options

Under age group 30:In this age group it was observed that customers give importance to all factors but
much importance is given to Professional Management. It is also perceived that the
money invested is diversified so it less risky
Under age group 31-40 years:This age group people lay stress on both Professional Management and time saving
option.
Under age group 41-50 years:People under this category people start planning for retirement so they look for time
saving option to be a better one. Moreover they also start seeking for Tax benefit.
Under age group 51-60 years:The inclination of people is more on Tax Benefit as risk taking capacity is low and
most of the knowledge acquired by them is through newspapers and journals etc. time
saving option is also considered.
Under age group 60:As this category people dont have their regular income so they go for Tax benefit only
.However they want returns early so time saving is also taken into consideration.
Moreover people are averse to take risk so they feel like investing in Government
Securities also.

Investments

Following graph describes the relationship between the age and the
kind of investments people make:

10
9
8
7
6
5
4
3
2
1
0

Bank Deposits and

Bonds 15
Mutual Funds 15
Shares 13
Combination of
Banks,FDs,Bonds 25
Combination of Mutual
Funds and Shares 32
Under
30

31-40

41-50

51-60 Over 60

Combination of Mutual
Funds and Shares 32

Age

Age group under 30:Largely investment is made into mutual funds and shares. This age group has large
disposable income and is therefore ready to take the risk. It is also observed that still
bank fixed deposits are made by this age group, because they have salary account so
FDs are created. Company bonds are also a preferred option.

Age group 31 40 years:This age group lay stress on both the returns and tax planning. For tax purpose it is
observed that unit linked investment plans are preferred as they also provide the
insurance cover. Their investment into mutual funds and shares is less in comparison t
previous age group.

Age group 41 50 years:- In this age group inclination towards Bank FDs,
Bonds and mutual fund has increased. The reason observed is in this age group, people
start planning for their retirement.
Age group 51 - 60 years:- In this age group inclination towards Bank
FDs, Bonds has increased and Mutual Funds has decreased. The reason
observed is in this age group, people are almost near to retirement and plan to
spend their money on travel and leisure
Age group under 60 years:- In this age group people start investing in
Banks FDs , as it is believed to be the safer options with fix returns. It was also
found that almost none were interested for investment in shares because of
perception of risky market trend

Following graph shows the preferences of the customer while

selecting for investment in any Mutual Fund company:60

50
40

UTI Mutual Fund

SBI
Standard Charted Mutual
Fund
Franklin Templeton

30
HSBC Mutual Fund
20
Fidelity Equity Fund
10
0

Prudentil ICICI Mutual

Fund
ABN Amro

It is observed from the survey that people generally give much

preference to invest in
Reliance
Religare Securities Ltd. Mutual Fund. It is observed that Religare Securities Ltd. has
outperformed every other fund with annual return of 100.42% for the past 1 year and
UTI is least performing fund with return of 50.12% for past 3 years. Religare
Securities Ltd. Mutual Fund invest in 22 sectors and UTI invest in 14 sectors still it is
giving higher returns which attracts the customers to invest more in it.
Franklin Templeton is considered to be the second best company for investment

purpose. Strong FII flows along with inflows from domestic investors helped the
Indian equity markets close the quarter and the financial year on a strong note. It is
drastically increasing its portfolio. The main additions to the portfolio have been TCS,
Hindustan Lever, Jet Airways, Dr.Reddys, Union Bank of India. The exposure to the
company in sectors like metals, auto and cement has gone up. The company is
continuously earning profit and giving good returns. Standard Charted Mutual Fund
and HSBC Mutual Fund are also giving good returns so people are highly satisfied
with both of the companys.

Following graph shows that how people of different age group

use their money from investment.

14
12
Travel or Leisure 16

10
8

Child (education or
marriage) 30

Further investments 34

Retirement Benefit 20

2
0
Under
30

31-40

41-50

51-60

Over 60

Under age group 30:This age group of people generally does have large disposable income and they are
willing to take higher risk as such they keep themselves updated with the prevailing
market trends so they use their money for further investments. It was also found that
they spend in Travel or Leisure.
Under age group 31 - 40:-

This age group of people gives least importance to travel and leisure but they show
their interest in investments.

Under age group 41 - 50:This age group of people not only is interested in further investments and travel but
they start investing for their child education or marriage. They are found to have quite
proficient knowledge of finance and can take risk so they utilize their money for
further investment.
Under age group 51 - 60:People of this age group start planning for retirement so they are not very much
interested in further investments in mutual funds. But they prefer to go for investing in
FDs and life insurance.
Over 60:While having interaction with the people of this age group most of them responded
that they would like to spend their earnings on travel and leisure .They dont go for
further investments0 as they already relieve from the burdens of life.

CONCLUSION
CONCLUSION:Through the study I finally reached to the conclusion that Investment is the best
utilization of the earnings and leads to the improvement in the living standard of the
people.
It was found that people of different age groups have different perception s regarding
investments in Mutual Fund schemes.
High risk takers are generally interested in investing in Mutual Fund and shares. They
basically go for Equity Shares. Whereas those who can take calculated risk are
generally interested in investing in Balanced Schemes. These schemes invest their
funds in equity shares and debt in apportion of 60:40 ratio. And those who are not
willing to take risk at all go for a Debt Scheme or Money Market Scheme.
It is observed that Mutual Fund gives better returns in comparison to banks. Mutual
Fund provides better liquidity and moderate risk. Mutual Funds offer their investors a
number of facilities such as inter-fund transfers, online checking of holding status, etc
Mutual Fund offers investors a valuable tool for Asset ALLOCATION. Competition
has made mutual funds improve their services towards the investors. Most mutual
funds have now speeded up their redemptions giving the investors the satisfaction of
receiving his money on time.

RECOMMENDATION AND SUGGETIONS

RECOMMENDATION AND SUGGETIONS:1) Investors should always keep a photocopy of the application form. which can
be filed to know the manner in which application was made single, joint
ownership and order of ownership. Investors will also be able to see how they
have signed the forms , many investors change their signatures over time; some
have a different signatures for banking and investment transactions; some
investors use both Hindi and English signatures). Investors will also know the
choice they have exercised (dividend and redemption options).
2) Investors should preserve the counterfoil acknowledgement issued by the
collecting agency. This acknowledgement usually also has the application
number. If account statement or certificate is not received, the
acknowledgement is the proof of purchase, with which investors can approach
the registrar and transfer agent.
3) It is preferable to have joint ownership, so that investments will pass on to the
joint owner in the event of death of the first holder.
4) It is important to fill up nomination details in the application. This will enable
legal heirs to claim the holdings without procedural delays. Nominations that
do not indicate the guardian of a minor are not valid. Guardian indicated will
have to be a person other than the holders of the investment.
5) Cheques should be crossed and application number and name should be written
on the back of the cheque. Most mutual funds do not accept outstation cheques,
post dated cheques (with the exception of specific investment plans) or postal
orders.
6) Existing investors can quote their unique account or folio numbers so that their
holdings will be consolidated. This is helpful in tax matters and in keeping
investment information in a consolidated manner.

LIMITATION OF THE STUDY

LIMITATION OF THE STUDY: The various limitations of the study are: Conservative attitude of the customer:
The Indian investor is beginning to reconsider mutual funds as a possible investment
avenue. The current perception of the investor is that in general, mutual funds are
o

Risky investments

Have high costs

Collection of data from other AMCs

Coalition of huge amounts of data at one place. In this data would be collected
from various sources. And thus bringing together all data might lead to
duplication and redundancy.
Collection of that data to which we do not have access. Data that is not
published by the bank in any of the periodicals is difficult to obtain.
While selling the products to the customers, many asked for commission they
will receive. But since I am not an agent and is working directly with the bank,
I was unable to provide them with the same. This led to the cancellation of the
deal.

APPENDIX
QUESTIONNAIRE
Dear Sir/ Madam,
The title of my project is A Study of Mutual Funds in Religare Securities Ltd. I
request you to kindly fill this survey, as it would help me in successful completion of
my project. I assure that the information given by you will be confidential and will be
utilized for research purposes only.
1. Your Age is
Under 30
31-40
41-50
51-60
Over 60
2. Your take home income is:
Under Rs.100000
Between Rs.100000- 200000
Between Rs.200001- 500000
Between Rs.500001- 1000000
Over Rs.1000000
3. The no. Of years you have until retirement:
3 years or less
3 to 5 years
5 to 10 years
10 to 15 years
4. What is your expectation of how your future earnings would perform?
It would far outpace inflation
It would be somewhat ahead of inflation
It would keep pace with inflation

 It would not be able to keep pace with inflation

5. You are financially responsible for?

Only yourself
1 person beside yourself
2 to 3 persons beside yourself
4 to 5 persons beside yourself
More than 5 persons beside yourself

6. Who influences your decision to invest in MF?

Friends/Family/Relatives
Newspaper/Magazines
TV/Radio advertising
Banners/Bill Board/Hoarding.

7. Have you ever invested in Mutual Funds, Shares/ Stocks etc.?

Yes
No

RISK ATTITUDE: 8. How would you describe yourself as a risk-taker?

Careless
Willing to take risk for higher returns
Can take calculated risk
Low risk taking capability
Extremely averse to risk

 9. Your feelings about the risks can be summed up as follows:

I want the highest long-term growth and I am comfortable with large
variations in the NAV in the short term
I can accept minor variations in the NAV in the short term if it means I
can potentially earn more over the long run.
I had rather accept lower long-term return than worry about losing my
capital in the short-term

10. If you had R.50000 to invest, which of the following choices would you
make?
put the money in Bank Fixed Deposits and Bonds
Invest in Mutual Funds
Invest in Shares
Invest in a combination of the above with a higher proportion of Bank
FDs and Bonds
Invest in a combination of the above with a higher portion of Mutual Funds
and Shares.

11. The stock market has dropped 25% and the Mutual Fund you invested
also dropped 25%, but the market expects the Mutual Fund to go up again.
What do you do?

 Sell Mutual Fund

Buy more of it
Keep it as it is, as you expect it to rise later
Keep it you are afraid of booking a loss

MUTUAL FUNDS: 12. Your latest investment involves:

Mutual Funds Only
Shares Only
Bank Fixed Deposits Only
Combination Of All the above

13. Amount invested in:

Mutual Funds (Rs.)

Shares (Rs.) Bank Fixed Deposits (Rs.)

.
14. If you have invested in the Mutual Funds then which of the following
(Pls tick all those in which you have invested)

UTI Mutual Fund

Fidelity Equity Fund

SBI Mutual Fund

Religare Securities Ltd.

Mutual Fund

Standard Chartered Mutual Fund

Birla Sun Life Mutual Fund

DSP Merrill Lynch Mutual Fund

Principal Mutual Fund- PNB

HSBC Mutual Fund

Franklin Templeton

15. While investing in a Mutual Fund, what is your priority? (Please rank
the following in the order of preference)
Current NAV

_____________

Company Image

_____________

Past Returns

_____________

Fund Manager

_____________

Minimum amount in the Fund

_____________

Risk Profile

_____________

Liquidity

_____________

Lock In Period

_____________

Entry Load/ Exit Load

_____________

Dividend Policy

_____________

Asset Allocation

_____________

16. Why do you invest in a Mutual Fund?

Tax Benefit

 Professional Management
Less Time Consuming
Diversification and thus less risk
All the above

TIME HORIZON: 17. In how many years do you expect to start using the latest investment
done by you in last 1 year?
More than 20 years
10 to 20 years
5 to 9 years
Less than 5 years

INVESTMENT OBJECTIVE: 18. Which of the following best describes your plans for this money during
the next 10 years?
I do not plan to withdraw any of my account value/
I plan to withdraw less than 15% of my account, at one time
I plan to withdraw more than 15% of my account, at one time
Not sure

19. How do you expect to use the money from this investment in the
future?
For travel or leisure
For my child (education or marriage)
For further investments

 For availing retirement benefit

BIBLIOGRAPHY
Books
1. W.B. Werther and Keith Davis, Human Resources and Personnel
Management, McGraw Hill, New York, 1996
2. P.F.Drucker, the Practice of Management, Allied, New Delhi 1970.
3. M. Armstrong, a Handbook of Personnel Management, Koran page,
London,1991
4. J.Storey, Developments in the management of Human Resources, Blackwell,
Oxford, 1992.
5. Dales S.Beach, Personnel, Macmillan, New York,1985.
Newspaper
1 The Economic Times, Business Standard, Business Line
2 Securities Market (Basic) Module:--NCFM
3 Training Kit Provided by the Religare.
4 Indian financial systems by M.Y KHAN
5 NSDL Depository operations module:--NCFM
Websites
1
2
3
4
5
6
7
8

www.indiainfoline.com
www.economics times.com
http://www.investopedia.com/articles/
Www. nseindia.com
www.bseindia.com
www.moneycontrol.com
Www. Religare .in
www.livemint.com