Professional Documents
Culture Documents
PROJECT REPORT
ON
Session 2016-17
NAME OF SUPERVISOR
Balender Singh
MFC IV Semester
ACKNOWLEDGEMENT
Balender Singh
MFC IV Semester
PREFACE
There has a significant expansion of Indian financial sector in terms of scope and
content during the last decade. A well developed financial infrastructure, a number
of financial institutions and a variety of financial instruments have been promoted
to cater to the need of growing savings and expending capital market in India.
I was given the golden opportunity to work with Baroda pioneer assets
Management company, which is dedicated to its objectives .I have gained
knowledge about a lot of things during my training like marketing strategies,
investment pattern, customer perceptions, client relationship management,
information system and many other aspects to the organization.
This project study was a learning experience for me. I came in close contact with
the market and its trends and learned about the various competitive advantages to
be achieved in the market. It was a great industrial exposure for me and an
introduction to the corporate world.
TABLE OF THE CONTACTS
ACKNOWLEDGEMENT
PREFACE
CHAPTER 1- INTRODUCTION
MUTUAL FUND
MUTUAL FUND STRUCTURE
TYPES OF MUTUAL FUNDS
RISK FACTORS
BENEFITS OF MUTUAL FUNDS
LIMITATIONS OF MUTUAL FUNDS
INTRODUCTION
INTRODUCTION
OF
MUTUAL FUND
A mutual fund is a professionally managed investmentfund that pools money from
many investors to purchasesecurities. It is a form of collective investment that
pools money from many investors and invests their money in stocks, bonds, short-
term money market instruments, and /or other securities.
For the individual investor, mutual funds provide the benefit of a person having
the specialized knowledge. These people manage our investment and diversify our
money over many different securities that may not be available or affordable to us.
Today minimum investment requirements are low enough that even the smallest
investor can get started in mutual funds. The money collect is then invested by the
fund manager in different types of securities these could range from shares,
debentures, and money market instruments depending upon the schemes stated
objectives.
The income earned through these investments and the capital realized by the
scheme is shared by its unit holders in proportion to the number of units owned by
them.
A mutual fund by its very nature is diversified. Its assets are invested in many
different securities. Beyond that, there are many different mutual funds with
different types of mutual fund with different objectives and levels of growth
potential, furthering your chances to diversify.
Thus a mutual fund is themost 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 Indian savings market has been expanding over the period and there is a
Steady increase in flow of household savings to capital market. Many of the small
investors in rural and semi-urban areas are also investing in capital market.
Moreover general profiles of investor are changing and the young investors are
more concerned about growth and safety
MUTUAL FUND HISTORY
The mutual fund industry in India started in 1963 with the formation of Unit Trust
of India, at the initiative of the Government of India and Reserve Bank of India.
The history of mutual funds in India can be broadly divided into four distinct
phases
First Phase - 1964-1987
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)
1987 marked the entry of non-UTI, public sector mutual funds set up by public
sector banks and Life Insurance Corporation of India (LIC) and General Insurance
Corporation of India (GIC). SBI Mutual Fund was the first non-UTI Mutual Fund
established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab
National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank
of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its
mutual fund in June 1989 while GIC had set up its mutual fund in December 1990.
At the end of 1993, the mutual fund industry had assets under management of Rs.
47,004 crores.
Third Phase - 1993-2003 (Entry of Private Sector Funds)
With the entry of private sector funds in 1993, a new era started in the Indian
mutual fund industry, giving the Indian investors a wider choice of fund families.
Also, 1993 was the year in which the first Mutual Fund Regulations came into
being, under which all mutual funds, except UTI were to be registered and
governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton)
was the first private sector mutual fund registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more
comprehensive and revised Mutual Fund Regulations in 1996. The industry now
functions under the SEBI (Mutual Fund) Regulations 1996.
The number of mutual fund houses went on increasing, with many foreign mutual
funds setting up funds in India and also the industry has witnessed several mergers
and acquisitions. As at the end of January 2003, there were 33 mutual funds with
total assets of Rs. 1, 21,805 crores. The Unit Trust of India with Rs. 44,541 crores
of assets under management was way ahead of other mutual funds.
Fourth Phase - since February 2003
In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was
bifurcated into two separate entities. One is the Specified Undertaking of the Unit
Trust of India with assets under management of Rs. 29,835 crores as at the end of
January 2003, representing broadly, the assets of US 64 scheme, assured return and
certain other schemes. The Specified Undertaking of Unit Trust of India,
functioning under an administrator and under the rules framed by Government of
India and does not come under the purview of the Mutual Fund Regulations.
The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual Fund Regulations. With the
bifurcation of the erstwhile UTI which had in March 2000 more than Rs. 76,000
crores of assets under management and with the setting up of a UTI Mutual Fund,
conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking
place among different private sector funds, the mutual fund industry has entered its
current phase of consolidation and growth.
The first introduction of a mutual fund in India occurredin 1963, when the
Government of India launched UnitTrust of India (UTI).UTI enjoyed a monopoly
in theIndian mutual fund market until 1987, when a host ofother government-
controlled Indian financial companiesestablished their own funds, including 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 underthe
existing regime of Liberalization, Privatization andGlobalization (LPG). The first
private sector fund to operate in India was Kothari Pioneer, which later mergedwith
Franklin Templeton. In 1996, SEBI, the regulator ofmutual funds in India,
formulated the Mutual Fund Regulation which is a comprehensive regulatory
framework.
SERVICING
Larger Indian Mutual Fund Industry has benefited fromoutsourcing the activity of
servicing their investors to twoof the leading Registrar and Transfer Agents (RTAs)
inIndia namely CAMS and Karvy. While CAMS commands close to 65% of the
Assets servicing, rest is withKarvy. Franklin Templeton Mutual Fund services its
investors through its own in-house RTA set up.Both the RTAs have vibrant network
of their local offices which enable the Mutual Fund Investors to transactlocally.
These touch points (or) Customer Service Centers (CSCs), provide a wide range of
servicing including, financial transaction acceptance & processing, nonfinancial
changes, KYC fulfillment formalities, nomination registration, transmission of
units apart from providing statement of accounts etc.These two RTAs also provide
most of the similar facilitiesin their respective websites which are very user
friendly.
Average Assets under Management (AAUM) for the quarter of April - June
2016 (Rs in Lakhs)
Average AUM
Excluding Fund of
Sr Funds - Domestic
Mutual Fund Name Fund Of Funds
No but
Domestic
including Fund of
Funds Overseas
THE FUND SPONSOR SEBI regulations define Sponsor as any person who
either itself or in association with another body corporate establishes a mutual
fund. Sponsor sets up a mutual fund to earn money by doing fund management
through its subsidiary company which acts as Investment manager of the fund.
Largely, a sponsor can be compared with a promoter of a company. Sponsors
activities include setting up a Public Trust under Indian Trust Act, 1882 (the mutual
fund), appointing trustees to manage the trust with the approval of SEBI, creating
an Asset Management Company under Companies Act, 1956 (the Investment
Manager) and getting the trust registered with SEBI.
TRUSTEES The trust is created through a document called the trust deed which
is executed by the fund sponsor in favour of the trustees. Trustees manage the trust
and are responsible to the investors in the mutual funds. They are the primary
guardians of the unit-holders funds and assets. Trustees can be formed in either of
the following two ways -Board of Trustees, or a Trustee Company. The provisions
of Indian Trust Act, 1882, govern board of trustees or the Trustee Company. A
trustee company is also subject to provisions of Companies Act, 1956.
Role of AMC The AMC is an operational arm of the mutual fund .AMC is
responsible for all carrying out all functions related to management of the assets of
the trust. The AMC structures various schemes, launches the scheme and mobilizes
initial amount, manages the funds and give services to the investors .In fact, AMC
is the first major constituent appointed .Later on AMC solicits the services of other
constituents like Registrar, Bankers, Brokers, Auditors, Lawyers etc and works in
close co-ordination with them.
REGULATION
Securities and Exchange Board of India (SEBI) is the primary regulator of mutual
funds in India. SEBI is also apex regulator of capital markets. Issuance and trading
of capital market instruments and the regulation of capital market intermediaries is
under the purview of SEBI. Apart from SEBI, mutual funds follow the regulations
of other regulators in limited manner.
1. Open-ended schemes
These funds are always open for you to invest in or exit from. They have no end
date. These schemes offer you the convenience of buying or redeeming the units
during any business day at the prevailing Net Asset Value (NAV).
2. Close-ended schemes
These funds are open for investment for only a short period of time during their
New Fund Offer (NFO) period. Once the offer closes, no new investments are
permitted. Besides, the scheme remains in existence for only a specific period of
time after which it closes down and all the money is returned to the investors.
These schemes are listed on the stock exchange so that if an investor wants to exit,
he can sell his units through the exchange at the market price. Some schemes start
off as being close-ended and then become open-ended, nearer to their redemption
date.
MUTUAL FUNDS BASED ON THE UNDERLYING ASSETS
Equity Funds
Equity funds invest predominantly in equities with a small portion in money
market securities. The objective is to generate potentially superior returns by taking
on higher risk. As these funds invest in stocks, returns do fluctuate thereby posing
higher risk. Therefore, these funds are not for risk-averse investors.
Equity funds can be further categorized as
Debt Funds
These funds invest in fixed income bearing instruments like corporate bonds,
debentures, government securities, commercial paper and other money market
instruments. These funds are relatively low-risk-low-return schemes. The returns
from debt funds include interest receipts and capital gains. If you desire relatively
stable performance, these schemes are right for you.
Debt funds can be further categorized into
Money market or liquid income schemes: Liquid or money market funds
invest in highly liquid money market instruments for very short investment
periods such as a few days. These funds are suitable for parking surplus
money for a very short period of time.
Gilt funds: Gilt funds invest in sovereign securities like central and state
government bonds. These carry no credit risk but are subject to interest rate
risks. The prices of these securities fluctuate with interest rate movements.
These funds have varying investment periods to suit investor needs.
Income funds: These funds invest in government securities, corporate bonds
and debentures apart from money market instruments. These funds carry a
slightly higher risk than gilt funds as they are exposed to credit risk. Income
funds come with various investment horizons like ultra-short term, short
term, medium term and long term funds to suit varying investor needs.
Fixed Maturity Plans (FMP): These have a fixed tenure like deposits, though
no return is promised or guaranteed. These funds invest in securities that
mature in line with the funds maturity.
Hybrid Funds
These funds invest in equities and debt investments in varying proportions.
Balanced funds invest predominantly (more than 65% of the corpus) in equities
with the rest in debt. These are relatively more stable than pure equity funds.
Monthly Income Plans (MIPs) invest about 75 to 80% of their corpus in debt and
the rest in equities. The objective is to aim for steady returns offered by debt with
possible capital appreciation offered by equity to provide a kicker to the returns.
And there are also funds called Asset Allocation funds that vary their equity
exposure widely from 0% to 90% based on the market outlook. These funds do not
have a fixed asset allocation.
Gold ETFs
Gold ETFs are funds that are based on gold. You can bet on gold without buying
physical gold by investing in these gold ETFs. With these funds, you are not only
relieved of the hassles of safekeeping your gold but are also assured of purity since
these funds invest in certified gold bars. You are also spared of the wastage and
making charges that you would typically incur when you buy gold from jewellers.
With certain forms of paper gold, you also get the option of converting it to
physical gold with select jewellers.
ADVANTAGES:
DISADVANTAGES:
Fees
Less control over timing of recognition of gains
Less predictable income
CHAPTER 2
PROJECT PROFILE
TITLE OF STUDY
Equity Linked Savings Scheme (ELSS) is a type of mutual fund, which invests the
corpus in equity and the equity related products. These schemes offer tax rebates to
the investors under specific provisions of the Indian Income Tax Act, 1961. Their
growth opportunities and risks are like any other equity-oriented schemes. ELSS is
open-ended; hence can be subscribed to and exited from at any point of time. The
purpose of the study is to find out the perception of investors towards Equity
Linked Savings Scheme mutual funds with special consideration towards the
satisfaction level of the investors through grievance redressal, after-sales services
and time taken to redeem the scheme. This study also tries to explore the part of
behavioral finance, as the attributes used here explain the human (investor)
psychology during the financial investment being executed in the financial market.
In the present study, an attempt has been made to assess the overall investor
perspective using a research design based on secondary data collected from various
research paper portals like Moneycontrol, Investopedia and Google. In all, 50
research papers have been downloaded and pursued for this purpose, primarily
from year 2009 to year 2014. The review of the research papers reveals that, in the
Indian scenario, most of the attempts have been made only to describe the mutual
fund performance on the basis of risk and return.
RESEARCH
METHODOLOGY
BARODA PIONEER ELSS 96
An Open Ended Tax Benefit - Cum Growth Scheme
FUND DETAILS
Type Of Scheme - An Open Ended Tax Benefit Cum Growth
Scheme
Date Of Allotment March 31, 1996
Fund Manager Mr. Sanjay Chawla (experience 25 yrs) & Mr. Deepak
Acharya (experience 12 yrs)
Benchmark S&P BSE 200
Month End AUM 69.01crs
RISK PROFILE 31 JANUARY 2017
Standard Deviation 17.03%
Sharpe 0.68
Beta 1.00
Portfolio Turnover (last 12 months) 2.34
NAV AS ON 31 JANUARY 2107
Growth 38.1500
Bonus 38.1500
Dividend 29.8600
TOTAL EXPENSE RATIO
Plan A 3.12%
PORTFOLIO
Name of Instrument Industries % to Net Assets
EQUITY & EQUITY RELATED
Infosys Ltd. Software 4.77%
HCL Technologies Software 4.17%
Ltd.
HDFC Bank Ltd. Banks 3.83%
Reliance Industries Petroleum Products 3.53%
Ltd.
SBI Banks 3.31%
Maruti Suzuki India Auto 3.27%
Ltd.
Hindalco Industries Non Ferrous Metals 3.08%
Ltd.
Indian Oil Co. Ltd. Petroleum Products 2.97%
ONGC Ltd. Oil 2.74%
Tech Mahindra Ltd. Software 2.69%
Mahindra & Mahindra Auto 2.68%
Ltd.
Yes Bank Ltd. Banks 2.57%
DCB Bank Lld. Banks 2.56%
Vedanta Ltd. Non Ferrous Metals 2.40%
Induslnd Bank Ltd. Banks 2.37%
The Federal Bank Ltd. Banks 2.36%
GAIL(India) Ltd. Gas 2.22%
Tata Motors Ltd. Auto 2.16%
Britannia Industries Consumer Non- 2.12%
Ltd. Durables
Hindustan Petroleum Petroleum Products 2.11%
Co. Ltd.
Divis Laboratories Pharmaceuticals 2.08%
Ltd.
RBL Bank Ltd. Banks 2.07%
Blue Star Ltd. Consumer Durables 2.02%
MothersonSumi Auto Ancillaries 1.97%
System Ltd.
Shriram City Union Finance 1.95%
Finance Ltd.
JSW Steel Ltd. Ferrous Metals 1.93%
Pidilite Industries Ltd. Chemicals 1.91%
Larsen & Toubro Ltd. Construction Project 1.76%
Emami Ltd. Consumer Non- 1.67%
Durables
Sadbhav Engineering Construction Project 1.65%
Ltd.
Healthcare Global Healthcare Services 1.40%
Enterprises Ltd.
Mahindra & Mahindra Finance 1.37%
Financial Services Ltd.
Capital First Ltd. Finance 1.35%
Gujrat State Petronet Gas 1.35%
Ltd.
FAG Bearings India Industrial Products 1.21%
Ltd.
SUN Pharmaceuticals Pharmaceuticals 1.20%
Industries Ltd.
NBCC (India) Ltd. Construction 1.17%
ITC Ltd. Consumer Non- 1.12%
Durables
ICICI Bank Ltd. Banks 1.09%
Indraprastha Gas Ltd. Gas 1.02%
The Rmaco Cements Cement 0.95%
Ltd.
Eicher Motors Ltd. Auto 0.93%
Engineers India Ltd. Construction Project 0.90%
Astral poly Technik Industrial Products 0.79%
Ltd.
TeamLease Services Commercial Services 0.73%
Ltd.
HPL Electric & Power Consumer Durables 0.68%
Ltd.
Multi Commodity Finance 0.63%
Exchange Of India
Ltd.
D.B.Corp Ltd. Media & 0.61%
Entertainment
AurbindoPharma Ltd. Pharmaceuticals 0.37%
Total 95.79%
DERIVATIVES
ICICI Bank Ltd. Stock Futures 1.37%
Total 1.37%
DERIVATIVES
CITI Bank Unrated 0.98%
Total 0.98%
CBLO/Reverse Repo Investments 3.84%
Total 3.84%
Cash & Cash Equivalents
Net Receivable/Payable -1.98%
Total -1.98%
GRAND TOTAL 100%
BOI AXA TAX ADVANTAGE FUND
An Open Ended Equity Linked Saving Scheme
FUND DETAILS
Type Of Scheme - An Open Ended Equity Linked Saving Scheme
Date Of Allotment February 25, 2009
Fund Manager Mr. SaurabhKataria(Experience 11yrs)
Benchmark Nifty 50 Index
Month End AUM 65.18crs
RISK PROFILE 31 JANUARY 2017
Standard Deviation 16.59%
Sharpe 0.26
Beta 0.94
Portfolio Turnover (last 12 months) 1.11 Times
NAV AS ON 31 JANUARY 2017
Growth 39.20
Dividend 16.27
TOTAL EXPENSE RATIO
Plan A 2.89%
PORTFOLIO
Name of Instrument Industries % to Net Assets
EQUITY & EQUITY RELATED
HDFC Bank Ltd. Banks 5.43%
IndusInd Bank Ltd. Banks 5.38%
YES Bank Ltd. Banks 4.82%
Castrol India Ltd. Petroleum Products 3.61%
Maruti Suzuki India Auto 3.17%
Ltd.
AurobindoPharma Ltd. Pharmaceuticals 3.14%
Repco Home Finance Finance 3.04%
Ltd.
Aarti Industries Ltd. Chemicals 2.92%
HCL Technologies Software 2.74%
Ltd.
Tata Motors Ltd DVR Auto 2.55%
Shares
Hindustan Petroleum Petroleum Products 2.40%
Corporation Ltd.
Triveni Turbines Ltd. Industrial Capital 2.40%
Goods
Indraprastha Gas Ltd. Gas 2.31%
Bharat Financial Finance 2.26%
Inclusion Ltd.
Infosys Ltd. Software 2.14%
Timken India Ltd. Industrial Products 2.08%
MothersonSumi Auto Ancillaries 2.04%
Systems Ltd.
BhartiInfratel Ltd. Telecom 2.03%
Muthood Finance Ltd. Finance 2.02%
Hindalco Industries Non- Ferrous Metals 1.97%
Ltd.
Pidilite Industries Ltd. Chemicals 1.93%
Total 97.09%
CBLO/Reverse Repo Investments 0.92%
Total 98.10%
Cash & Cash Equivalents
Net Receivable/Payable -0.51%
GRAND TOTAL 100%
CANARA ROBECO EQUITY TAX SAVER
(CRETS)
Open Ended Equity Linked Tax Saving Scheme
FUND DETAILS
Type of Scheme - Open Ended Equity Linked Tax Saving Scheme
Date of Allotment March 31, 1993
Fund Manager Mr. YogeshPatil (Experience 13yrs)
Benchmark S&P BSE 100
Month End AUM 805.18crs
RISK PROFILE 31 JANUARY 2017
Standard Deviation 16.44%
Sharpe 0.66
Beta 1.05
Portfolio Turnover (last 12 months) 0.58 Times
NAV AS ON 31 JANUARY 2017
Growth 27.77%
Dividend 22.92%
TOTAL EXPENSE RATIO
Plan A 2.46%
PORTFOLIO
Name of Instrument Industries % to Net Assets
Equities 96.17%
Listed 96.17%
HDFC Bank Ltd. Banks 6.90%
Kotak Mahindra Bank Banks 3.94%
Ltd.
Induslnd Bank Ltd. Banks 3.49%
State Bank Of India Banks 2.20%
ICICI Bank Ltd. Banks 2.01%
Hindustan Unilever Consumer Non- 3.64%
Ltd. Durables
Britannia Industries Consumer Non- 3.28%
Ltd. Durables
GSK Consumer Consumer Non- 2.93%
Healthcare Ltd. Durables
Parag Milk Foods Ltd. Consumer Non- 1.05%
Durables
Emami Ltd. Consumer Non- 0.96%
Durables
Marico Ltd. Consumer Non- 0.90%
Durables
I T C Ltd. Consumer Non- 0.75%
Durables
Nestle India Ltd. Consumer Non- 0.36%
Durables
Dabur India Ltd. Consumer Non- 0.16%
Durables
Infosys Ltd. Software 5.07%
Oracle Financial Software 2.43%
Services Software Ltd.
L&T Technology Software 0.61%
Services Ltd.
FUND DETAILS
Type of Scheme - An Open Ended Equity Linked Savings Scheme
Date of Allotment March 31, 2008
Fund Manager Mr. P.V.K. Mohan
Benchmark S&P BSE 200 INDEX
Month End AUM 284.13
RISK PROFILE 31 JANUARY 2017
Standard Deviation 18.46%
Sharpe 0.72
Beta 1.19
Portfolio Turnover (last 12 months) 0.50 TIMES
NAV AS ON 31 JANUARY 2017
Growth (Regular) 160.48
Direct 163.74
TOTAL EXPENSE RATIO
Regular 2.56%
Direct 2.29%
PORTFOLIO
Name of Instrument Industries % to Net Assets
EQUITY 94.36%
Tata Motors Auto 4.07%
Bajaj auto Auto 1.94%
Maruti Suzuki India Auto 1.70%
Asahi India Glass Auto Ancillaries 1.93%
Rico Auto Industries Auto Ancillaries 1.43%
HDFC Bank Banks 4.44%
ICICI Bank Banks 3.70%
State Bank Of India Banks 3.48%
Bank Of Baroda Banks 1.76%
Kotak Mahindra Bank Banks 1.58%
The Federal Bank Banks 1.33%
YES Bank Banks 1.16%
RBL Bank Banks 1.10%
City Union Bank Banks 1.09%
Union Bank Of India Banks 1.02%
Canara Bank Banks 0.94%
The India Cements Cement 3.04%
Century Textiles & Cement 1.32%
Industries
Ultratech cement Cement 1.27%
Birla Corporation Cement 1.09%
JK Cement Cement 0.95%
DLF Construction 0.94%
IRB Infrastructure Construction 0.85%
Developers
Prestige Estates Construction 0.67%
Projects
Larsen & Toubro Construction Project 2.44%
KEC International Construction Project 1.93%
Ashoka International Construction Project 0.99%
CHAPTER 4
CONCLUSION
CONCLUSION
For this we will go through these things
Return(Past Performance)
AUM(Assets Under Management)
Ratings(By Various Institutions)
Assets Allocation
Other Factors
RANK on Basis of 3 4 1 2
AUM
A high NAV could be because of a good performance over the years. But then,
with mutual funds, the past performance is never a guarantee for future
performance.
A fund could have a lower NAV because its net assets are low or the no. of
outstanding units is high
According to this Information we can say that the while studying this Information
the best fund among them
OTHER FACTORS
CHAPTER 5
BIBLOGRAPHY
BIBLOGRAPHY
WWW.INVESTOPEDIA.COM
WWW.WIKIPEDIA.COM
WWW.MORNINGSTAR.COM
WWW.MONEYCONTROL.COM
WWW.VLAUERESEARCH.COM