Mutual Funds Project

Performance Of Indian Mutual Fund Industry
Arvind N. 11 Avinash Srivastava 12 Chandradeep Dubey 13 Sandeep Dontha 14 Dilip C.S. 15 12th March 2009 1
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Contents Chapter
Introduction Industry overview Review of Literature Study and Analysis Mutual Fund Evaluation Parameters Comparison between two companies Conclusion Bibliography
Page Number
3 5 13 36 39 44 48 49
Introduction
2 Mutual Fund Industry Performance Of Indian
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The most important factor shaping in today's global economy is the process of globalization. Indian companies are moving in search of low-cast markets, technology is driving growth in production and competition is becoming more intense. A second factor is the fastest growth in private capital flows, mainly short-term flows by banks and financial institutions, portfolio flows by mutual funds and pension funds and foreign direct investment into India. A third factor is the increasing share of India and other emerging market economies in world trade. The outburst in communication technology has led to greater integration of Indian financial markets across the world. The impact of these changes could be felt from the extremely buoyant activity in Indian stock markets. A number of foreign financial service providers have entered into the Indian financial market like Morgan Stanley, Templeton, and Goldman Sachs. Currently FII investment is at $ 6.5 Billion compared to $ 2 Billion in 2001. The stock market is booming with Sensex hovering around 16000-17000. SEBI has put in place appropriate guidelines and controls to regulate the markets in tune with the changing environment and attendant risks. All this is happening because of large amounts of investment in the country People often invest in various asset classes to: * To beat Inflation * To fund future needs * To meet contingencies * To maintain same standard of living after retirement All these factors matters a lot to the investors and the mutual fund route is one way through which people can meet these needs.
MUTUAL FUNDS: A mutual fund is nothing more than a coming together of a group of investors like you who contribute different sums of money to make up a large lump sum. The money collected is invested by the fund manager in stocks, bonds and other securities - across companies, industries and sectors and in some cases, across countries as well. As an investor, you are issued units in proportion to the money invested. Since you own units of the fund, it makes you less reliant on the success or failure of any individual stock, which would have been the case if you had invested directly in the shares of a single company. The mutual fund will have a fund manager that trades the pooled money on a regular basis. Currently, the worldwide value of all mutual funds totals more than $26 trillion
NEED FOR THE STUDY

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The main purpose of doing this project was to know about mutual fund and its functioning. This helps to know in details about mutual fund industry right from its inception stage, growth and future prospects. It also helps in understanding different schemes of mutual funds. Because my study depends upon prominent funds in India and their schemes like equity, income, balance as well as the returns associated with those schemes. The project study was done to ascertain the asset allocation, entry load, exit load, associated with the mutual funds. Ultimately this would help in understanding the benefits of mutual funds to investors. SCOPE OF THE STUDY In my project the scope is limited to some prominent mutual funds in the mutual fund industry. I analyzed the funds depending on their schemes like equity, income, balance. But there is so many other schemes in mutual fund industry like specialized (banking, infrastructure, pharmacy) funds, index funds etc. My study is mainly concentrated on equity schemes, the returns, in income schemes the rating of CRISIL, ICRA and other credit rating agencies. OBJECTIVE To give a brief idea about the benefits available from Mutual Fund investment To give an idea of the types of schemes available. To discuss about the market trends of Mutual Fund investment. To study some of the mutual fund schemes and analyse them Observe the fund management process of mutual funds Explore the recent developments in the mutual funds in India To give an idea about the regulations of mutual funds METHODOLOGY To achieve the objective of studying the stock market data has been collected. Research methodology carried for this study can be two types 1. Primary 2. Secondary
PRIMARY: The data, which has being collected for the first time and it will be the original data..
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SECONDARY: The secondary information is mostly taken from websites, books, journals, etc. Limitations The study is limited to selected mutual fund schemes. The lack of information sources for the analysis part. The study is limited to the different schemes available under the mutual funds selected. The time constraint was one of the major problems.
MUTUAL FUNDS INDUSTRY IN INDIA 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 a 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) was 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 Unit Trust of India (UTI) was established on 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
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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) Entry of non-UTI mutual funds. SBI Mutual Fund was the first 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 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. 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 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
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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
Mutual Fund Companies in India The concept of mutual funds in India dates back to the year 1963. The era between 1963 and 1987 marked the existance of only one mutual fund company in India with Rs. 67bn assets under management (AUM), by the end of its monopoly era, the Unit Trust of India (UTI). By the end of the 80s decade, few other mutual fund companies in India took their position in mutual fund market. The new entries of mutual fund companies in India were SBI Mutual Fund, Canbank Mutual Fund, Punjab National Bank Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund. The succeeding decade showed a new horizon in indian mutual fund industry. By the end of 1993, the total AUM of the industry was Rs. 470.04 bn. The private sector funds started penetrating the fund families. In the same year the first Mutual Fund Regulations came into existance with re-registering all mutual funds except UTI. The regulations were further given a revised shape in 1996. Kothari Pioneer was the first private sector mutual fund company in India which has now merged with Franklin Templeton. Just after ten years with private sector players penetration, the total assets rose up to Rs. 1218.05 bn. Today there are 33 mutual fund companies in India.
Major Mutual Fund Companies in India ABN AMRO Mutual Fund ABN AMRO Mutual Fund was setup on April 15, 2004 with ABN AMRO Trustee (India) Pvt. Ltd. as the Trustee Company. The AMC, ABN AMRO Asset Management (India) Ltd. was incorporated on November 4, 2003. Deutsche Bank A G is the custodian of ABN AMRO Mutual Fund
7 Mutual Fund Industry
Performance Of Indian
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Birla Sun Life Mutual Fund Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun Life Financial. Sun Life Financial is a golbal organisation evolved in 1871 and is being represented in Canada, the US, the Philippines, Japan, Indonesia and Bermuda apart from India. Birla Sun Life Mutual Fund follows a conservative long-term approach to investment. Recently it crossed AUM of Rs. 10,000 crores.
Bank of Baroda Mutual Fund (BOB Mutual Fund) Bank of Baroda Mutual Fund or BOB Mutual Fund was setup on October 30, 1992 under the sponsorship of Bank of Baroda. BOB Asset Management Company Limited is the AMC of BOB Mutual Fund and was incorporated on November 5, 1992. Deutsche Bank AG is the custodian.
HDFC Mutual Fund HDFC Mutual Fund was setup on June 30, 2000 with two sponsorers nemely Housing Development Finance Corporation Limited and Standard Life Investments Limited. HSBC Mutual Fund HSBC Mutual Fund was setup on May 27, 2002 with HSBC Securities and Capital Markets (India) Private Limited as the sponsor. Board of Trustees, HSBC Mutual Fund acts as the Trustee Company of HSBC Mutual Fund. ING Vysya Mutual Fund ING Vysya Mutual Fund was setup on February 11, 1999 with the same named Trustee Company. It is a joint venture of Vysya and ING. The AMC, ING Investment Management (India) Pvt. Ltd. was incorporated on April 6, 1998.
Prudential ICICI Mutual Fund The mutual fund of ICICI is a joint venture with Prudential Plc. of America, one of the largest life insurance companies in the US of A. Prudential ICICI Mutual Fund was setup on 13th of
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October, 1993 with two sponsorers, Prudential Plc. and ICICI Ltd. The Trustee Company formed is Prudential ICICI Trust Ltd. and the AMC is Prudential ICICI Asset Management Company Limited incorporated on 22nd of June, 1993. Sahara Mutual Fund Sahara Mutual Fund was set up on July 18, 1996 with Sahara India Financial Corporation Ltd. as the sponsor. Sahara Asset Management Company Private Limited incorporated on August 31, 1995 works as the AMC of Sahara Mutual Fund. The paid-up capital of the AMC stands at Rs 25.8 crore. State Bank of India Mutual Fund State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to launch offshor fund, the India Magnum Fund with a corpus of Rs. 225 cr. approximately. Today it is the largest Bank sponsored Mutual Fund in India. They have already launched 35 Schemes out of which 15 have already yielded handsome returns to investors. State Bank of India Mutual Fund has more than Rs. 5,500 Crores as AUM. Now it has an investor base of over 8 Lakhs spread over 18 schemes. Tata Mutual Fund Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The sponsorers for Tata Mutual Fund are Tata Sons Ltd., and Tata Investment Corporation Ltd. The investment manager is Tata Asset Management Limited and its Tata Trustee Company Pvt. Limited. Tata Asset Management Limited's is one of the fastest in the country with more than Rs. 7,703 crores (as on April 30, 2005) of AUM. Kotak Mahindra Mutual Fund Kotak Mahindra Asset Management Company (KMAMC) is a subsidiary of KMBL. It is presently having more than 1,99,818 investors in its various schemes. KMAMC started its operations in December 1998. Kotak Mahindra Mutual Fund offers schemes catering to investors with varying risk - return profiles. It was the first company to launch dedicated gilt scheme investing only in government securities.
Unit Trust of India Mutual Fund UTI Asset Management Company Private Limited, established in Jan 14, 2003, manages the UTI
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Mutual Fund with the support of UTI Trustee Company Privete Limited. UTI Asset Management Company presently manages a corpus of over Rs.20000 Crore. The sponsorers of UTI Mutual Fund are Bank of Baroda (BOB), Punjab National Bank (PNB), State Bank of India (SBI), and Life Insurance Corporation of India (LIC). The schemes of UTI Mutual Fund are Liquid Funds, Income Funds, Asset Management Funds, Index Funds, Equity Funds and Balance Funds. Reliance Mutual Fund Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act, 1882. The sponsor of RMF is Reliance Capital Limited and Reliance Capital Trustee Co. Limited is the Trustee. It was registered on June 30, 1995 as Reliance Capital Mutual Fund which was changed on March 11, 2004. Reliance Mutual Fund was formed for launching of various schemes under which units are issued to the Public with a view to contribute to the capital market and to provide investors the opportunities to make investments in diversified securities. Standard Chartered Mutual Fund Standard Chartered Mutual Fund was set up on March 13, 2000 sponsored by Standard Chartered Bank. The Trustee is Standard Chartered Trustee Company Pvt. Ltd. Standard Chartered Asset Management Company Pvt. Ltd. is the AMC which was incorporated with SEBI on December 20,1999. Franklin Templeton India Mutual Fund The group, Frnaklin Templeton Investments is a California (USA) based company with a global AUM of US$ 409.2 bn. (as of April 30, 2005). It is one of the largest financial services groups in the world. Investors can buy or sell the Mutual Fund through their financial advisor or through mail or through their website. They have Open end Diversified Equity schemes, Open end Sector Equity schemes, Open end Hybrid schemes, Open end Tax Saving schemes, Open end Income and Liquid schemes, Closed end Income schemes and Open end Fund of Funds schemes to offer. Morgan Stanley Mutual Fund India Morgan Stanley is a worldwide financial services company and its leading in the market in securities, investmenty management and credit services. Morgan Stanley Investment Management (MISM) was established in the year 1975. It provides customized asset management services and products to governments, corporations, pension funds and non-profit organisations. Its services are also extended to high net worth individuals and retail investors. In India it is known as Morgan Stanley Investment Management Private Limited (MSIM India) and
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its AMC is Morgan Stanley Mutual Fund (MSMF). This is the first close end diversified equity scheme serving the needs of Indian retail investors focussing on a long-term capital appreciation. Escorts Mutual Fund Escorts Mutual Fund was setup on April 15, 1996 with Excorts Finance Limited as its sponsor. The Trustee Company is Escorts Investment Trust Limited. Its AMC was incorporated on December 1, 1995 with the name Escorts Asset Management Limited.
Alliance Capital Mutual Fund Alliance Capital Mutual Fund was setup on December 30, 1994 with Alliance Capital Management Corp. of Delaware (USA) as sponsorer. The Trustee is ACAM Trust Company Pvt. Ltd. and AMC, the Alliance Capital Asset Management India (Pvt) Ltd. with the corporate office in Mumbai.
Benchmark Mutual Fund Benchmark Mutual Fund was setup on June 12, 2001 with Niche Financial Services Pvt. Ltd. as the sponsorer and Benchmark Trustee Company Pvt. Ltd. as the Trustee Company. Incorporated on October 16, 2000 and headquartered in Mumbai, Benchmark Asset Management Company Pvt. Ltd. is the AMC. Canbank Mutual Fund Canbank Mutual Fund was setup on December 19, 1987 with Canara Bank acting as the sponsor. Canbank Investment Management Services Ltd. incorporated on March 2, 1993 is the AMC. The Corporate Office of the AMC is in Mumbai. Chola Mutual Fund Chola Mutual Fund under the sponsorship of Cholamandalam Investment & Finance Company Ltd. was setup on January 3, 1997. Cholamandalam Trustee Co. Ltd. is the Trustee Company and AMC is Cholamandalam AMC Limited. LIC Mutual Fund
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Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989. It contributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund was constituted as a Trust in accordance with the provisions of the Indian Trust Act, 1882. . The Company started its business on 29th April 1994. The Trustees of LIC Mutual Fund have appointed Jeevan Bima Sahayog Asset Management Company Ltd as the Investment Managers for LIC Mutual Fund. GIC Mutual Fund GIC Mutual Fund, sponsored by General Insurance Corporation of India (GIC), a Government of India undertaking and the four Public Sector General Insurance Companies, viz. National Insurance Co. Ltd (NIC), The New India Assurance Co. Ltd. (NIA), The Oriental Insurance Co. Ltd (OIC) and United India Insurance Co. Ltd. (UII) and is constituted as a Trust in accordance with the provisions of the Indian Trusts Act, 1882.
REVIEW OF LITERATURE:
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India's Real Estate Mutual Funds and Other New Developments: The Story So Far Talat Ansari, Deepak Nambiar, Ila Kapoor. The Real Estate Finance Journal. Boston: Fall 2008. Vol. 24, Iss. 2; pg. 57
Abstract (Summary) The Indian real estate market has never looked better. India's booming economy, coupled with a liberalized foreign direct investment ("FDI") policy and a growing middle class with easy access to bank loans, have all accelerated the growth of India's real estate market. Historically, except in certain limited instances, investment in real estate by non-Indians was prohibited by the Indian government. However, starting March 2005, the Indian government has permitted 100% FDI in townships, housing and built-up infrastructure and construction projects. While the slowing global economy has taken a toll on India and slowed the flow of funds into the Indian real estate market, the long term prospects offered by this sector remain promising. In addition to traditional foreign direct investment schemes, investors can now avail of real estate mutual funds (REMFs) as a new vehicle of investment. REMFs in India can invest directly or indirectly into real estate assets. Indexing (document details) Subjects: Economic growth, Real estate, Mutual funds, Foreign investment, Regulation 9179 Asia & the Pacific, 8360 Real estate, 3400 Investment analysis & personal finance, 1300 International trade & foreign investment, 4310 Regulation India Talat Ansari, Deepak Nambiar, Ila Kapoor
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Document types: Feature Document features: References
Publication title: The Real Estate Finance Journal. Boston: Fall 2008. Vol. 24, Iss. 2; pg. 57 Source type:
Periodical
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08980209 1553506541
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Your Money Matters (A Special Report); Heading East: Mutual funds have been rolling out new products that target India; That has been great for investors -- until recently Shefali Anand. Wall Street Journal. (Eastern edition). New York, N.Y.: Apr 21, 2008. pg. R.5
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Abstract (Summary) Despite these challenges, money managers point out that unlike China, India has a lower dependence on exports to the U.S. as a percentage of its gross domestic product, which may help to partially insulate it from a U.S. economic slowdown. Closed-end funds issue a set number of shares and, depending on supply and demand, can trade at a price different from the net asset value of the fund. Jump to indexing (document details) Full Text (1100 words) (c) 2008 Dow Jones & Company, Inc. Reproduced with permission of copyright owner. Further reproduction or distribution is prohibited without permission. Even as foreign markets tumble amid the U.S. financial crisis, mutual-fund companies are rolling out products to invest in what had been, until recently, one of hottest markets overseas: India. Four new investments providing exposure to India have been launched this year, following three last year. That gives U.S. individuals who want to bet on India almost triple the number of options they had just two years ago. The Bombay Stock Exchange Sensitive Index, or Sensex, jumped 47% in 2007 and was up 157% over four years through the end of last year, putting India's stock market among the bestperforming in the world until recently. The run-up, and the accompanying story of India's economic growth, attracted investor interest: From 2004 to 2007, $5.5 billion flowed into the 108 India-dedicated funds for both individual and institutional investors tracked by Emerging Portfolio Fund Research around the world. But the Indian market has been hammered recently as investors globally move away from riskier investments. The Sensex is down more than 19% this year, compared with a 5.3% drop in the Standard & Poor's 500-stock index, and Emerging Portfolio Fund Research says investors have pulled $830 million out of the funds it tracks year to date, leaving them with total assets of about $23 billion. The sharp reversal underscores the volatility and risks inherent in emerging markets like India, fund managers say. The Indian "market always overreacts, both on the upside and down," says Punita Kumar-Sinha, the Boston-based manager of India Fund, a closed-end fund at Blackstone Group. "If you have a long-term view, you've got to be able to digest the volatility." Some analysts predict that India's economy -- which expanded at a 9.4% rate in the fiscal year ended March 2007 -- will grow at a slower 7% rate in the 2009 fiscal year. Some worry that if investor money stops flowing into India, the nation's growth plans, especially for developing much-needed infrastructure, could be affected.
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Despite these challenges, money managers point out that unlike China, India has a lower dependence on exports to the U.S. as a percentage of its gross domestic product, which may help to partially insulate it from a U.S. economic slowdown. Given the longer-term growth potential, managers say the current downturn has made the Indian market attractive. "I think it's a good opportunity because some of the froth has been taken out of the market," says Stephen Dover, the San Mateo, Calif.- based manager of Franklin India Growth Fund, which was launched by Franklin Templeton Investments in January. Still, financial advisers suggest that those who want to make a bet on developing markets like India limit this exposure to a small part of their portfolio, typically less than 5%. Among the oldest India-focused funds available to U.S. investors are Eaton Vance Greater India Fund, India Fund and Morgan Stanley India Investment Fund. The Eaton Vance product is an open-ended fund, while the India Fund and Morgan Stanley products are closed-end funds. Closed-end funds issue a set number of shares and, depending on supply and demand, can trade at a price different from the net asset value of the fund. Matthews India Fund, meanwhile, was launched in 2005, while JPMorgan India Fund was introduced last year. Some innovative tools also have emerged: In 2006, Barclays PLC introduced an exchange-traded note, a type of debt security that trades like a stock on an exchange. The iPath MSCI India Index ETN basically promises to pay the return of the MSCI India Total Return Index, minus a fee. This year saw the launch of the first India exchange-traded funds -- WisdomTree India Earnings Fund and PowerShares India Portfolio, which started trading in February and March, respectively. Last month, Direxion Funds launched its India Bull 2x Fund, which aims to double the return of the MSCI India index. Each of these investments comes with a unique set of pros and cons. When making comparisons, "the No. 1 thing is management fees," says Vijay Singal, a finance professor at Virginia Tech in Blacksburg, Va. The open-end mutual funds are among the most expensive. For instance, the Eaton Vance fund has an expense ratio of 2.14% and can have an initial sales charge of as much as 5.75%. The Franklin fund has a similar sales charge and a 2.3% expense ratio, before a fee- waiver from management. This compares with an expense ratio of 1.3% or less for the Matthews India Fund and the two closed-end funds. But because closed-end funds can trade at a premium or discount, "they are always risky, especially for the long term," says Mr. Singal. India Fund traded at about a 7.2% discount on April 11, the most recent calculation available, while the Morgan Stanley India Investment Fund is selling at a 7% discount.
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Investors hoped that Barclays' iPath India ETN would solve the premium and discount problem by tracking the MSCI India Index and trading close to its net asset value. It has an expense fee of about 0.90%. Late last year, however, a change in Indian regulations forced Barclays to stop issuing these notes. With demand high and supply limited, the note started selling at a premium. More recently, the fund industry came out with a better mousetrap: exchange-traded funds. These basically track an index of India- oriented stocks, and trade at a price close to the net asset value of the index. They, too, charge expenses of around 0.90%. The WisdomTree and PowerShares ETFs don't track the MSCI India Index or the Sensex, mainly because regulatory restrictions on the size of stakes foreign investors can take in any one Indian company could cause the ETFs' returns to veer from those indexes. Instead, the ETF companies used customized indexes to launch their products. WisdomTree, for instance, created an index of about 150 companies that can "accommodate large inflows of capital," says Luciano Siracusano, director of research at the New York-based investment firm. The most recent addition to the India investing field is the Direxion India 2x Bull fund, a mutual fund that aims to provide double the returns of the MSCI Index. It invests in tools like the iPath ETN and the ETFs from WisdomTree and PowerShares, along with complex derivative instruments like swaps and futures, to enhance its returns. It charges a 1.5% expense fee. Still, such leveraged funds carry their peculiar risks, including the possibility of falling short of the double return promised. In a down market, they also double the potential for losses. --Ms. Anand is a staff reporter in the Wall Street Journal's New York bureau. She can be reached at [email protected].
Indexing (document details) Subjects: Closed end funds, Investment policy, Investment advisors, Growth funds, Series & special reports, Securities analysis, Financial performance, Mutual funds, International finance 9179 Asia & the Pacific, 9190 United States, 8130 Investment services, 3400 Investment analysis & personal finance
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17
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Locations: Author(s):
India Shefali Anand
Document types: Feature Publication title: Wall Street Journal. (Eastern edition). New York, N.Y.: Apr 21, 2008. pg. R.5 Source type: ISSN: ProQuest document ID: Text Word Count Newspaper 00999660 1465819381
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Growth, Performance and Prospects of Mutual Funds in India1 Jaspal Singh. Finance India. Delhi: Dec 2004. Vol. 18, Iss. 4; pg. 1755, 6 pgs
Abstract (Summary) An abstract of a doctoral dissertation, Growth, Performance and Prospects of Mutual Funds in India, is presented. The last decade has seen enormous expansion in the size of mutual fund industry in India. Especially, the private sector has shown galloping growth. With unmatched advances on the information technology front, increased role of institutional investor in the stock market and SEBI still in its infancy, the mutual fund industry players gain unparalleled and unchecked power. To ensure the safety of investment of small investors against whims and fancies of professional fund managers have become need of the hour. This study was undertaken
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to know the perceptions of small investors, who are the most exploited lot in the Indian capital market, about the tall claims of mutual fund managers as regards only they being dependable guardians for small investors on one hand and role of SEBI on the other. The study also examined, whether the claims of mutual funds as the media for providing diversified portfolio of securities so to earn better return is justified or not by measuring the performance of most preferred mutual funds. Jump to indexing (document details) Full Text (2246 words) Copyright Finance India, Indian Institute of Finance Business School Dec 2004 THE LAST DECADE has seen enormous expansion in the size of mutual fund industry in India. Especially, the private sector has shown galloping growth. With unmatched advances on the information technology front, increased role of institutional investor in the stock market and SEBI still in its infancy, the mutual fund industry players gained unparalleled and unchecked power. To ensure the safety of investment of small investors against whims and fancies of professional fund managers have become need of the hour. The present study was undertaken to know the perceptions of small investors, who are the most exploited lot in the Indian capital market, about the tall claims of mutual fund managers as regards only they being dependable guardians for small investors on one hand and role of SEBI on the other. The study also examined, whether the claims of mutual funds as the media for providing diversified portfolio of securities so to earn better return is justified or not by measuring the performance of most preferred mutual funds.
I. Objectives of the Study The major objective of the study was to analyze in detail the growth pattern of mutual fund industry in India and to evaluate performance of different schemes floated by most preferred mutual funds in public and private sector. Following are the specific objectives: i. To measure the growth of mutual funds over a period; ii. To examine investor's perceptions regarding mutual funds; iii. To evaluate performance of selected schemes of different mutual funds on the basis of riskreturn relationship; and iv. To assess prospects of mutual funds in India and draw suggestions.
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II. Methodology For studying the growth pattern of mutual fund industry in India, data was collected from websites of SEBI, AMFI, RBI and some mutual funds. For studying perceptions of investors, a primary survey was undertaken. A questionnaire considering various parameters of perceptions of investors towards mutual funds was constructed. As no list of investors was available, therefore, convenience and purposive sampling was used to select the respondents. The general less educated mutual fund investors were found to be ignorant and were dependent in making fund investment decision. Rather, they are the easily lured and motivated lot to get their investment made in any recommended mutual fund. Hence, to make this study meaningful, the focus was then shifted towards educated and informed investors. This leads the researcher to contact employees working in banks, LIC offices, UTI office and other organizations. In addition, professionals (majority of them being chartered accountants) were found to be easily accessible. The questionnaire was distributed/mailed to 400 investors in major cities of Punjab, Delhi and Mumbai. In all, 273 responses were received out of which 260 responses (65%) were found to be usable, which have been considered for this study. However, due care was taken to select respondents considering their age and occupation. To analyze the collected data, statistical techniques like, weighted average, mean, median, chisquare, ANOVA, indexation, correlation and technique of factor analysis were applied. For measuring the performance of mutual funds, the most preferred mutual funds by the investors in the primary survey were considered. Parameters like coefficient of determination (R^sup 2^), systematic risk i.e. beta (b), intercept (a), average return for the scheme and the market, standard deviation (s) and diversifiable risk were calculated and widely accepted time tested models given by Sharpe, Treynor and Jensen were applied for the purpose.
III. Findings of the Study 3.1 Growth of Mutual Fund Industry in India 1. During the period of the study, growth has been registered by mutual funds in terms of resource mobilization so far. 2. Out of the total resource mobilized by all the mutual funds, UTI still holds the maximum share. However, trend has moved in favor of private sector, more sharply since 1998-99. 3. Within private sector the funds leading in resource mobilization are Prudential ICICI, Pioneer ITI, Birla mutual fund, Templeton India, Alliance Capital India etc.
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4. As per scheme wise breakup, out of the total schemes currently operative, Income/debt schemes out numbered the growth and balanced schemes. Further, open-end schemes as against close-end ones in all the three categories are more than the double in number. 3.2. Perceptions of Investors towards Mutual Funds 1. Majority of investors belonging to salaried category and those in the age group of 20-35 years intend not to invest in mutual funds anymore. The age of the investor does have impact on a decision to invest in mutual funds. 2. Ranking of investment avenues on given five principles by the investors have been in the following order i.e. Bank FDRs and Gold to be most safe, NSC schemes from tax saving point of view, Real estate good from safety as well as high return point of view and lastly, UTI schemes and other mutual funds investment to be unsafe and low return providers. 3. The investors belonging to salaried and retired categories gave maximum weight-age to past record of the organization among the factors influencing choice of a mutual fund for investment. This is perhaps because they do not want to compromise as regards safety of their invested money. 4. The analysis highlights the basic psyche of the business category investor and age group of 35-50 years who prefer near liquidity position and because of their preference for easy switching between different investment avenues so to make enough money for current rising needs and to save for future by giving the maximum weight age to unit repurchase by the fund option followed by easy transferability option. In addition, the professionals assigned maximum importance to availability of adequate information. 5. The respondents in the salaried category and in the age group of 35-50 years consider only the return provided on investment by the fund to be the best criteria of performance appraisal of a fund. 6. The investors belonging to salaried category and in the age group of 20-35 years showed inclination towards close-ended, growth (equity) oriented schemes over other scheme types. Even the objective of investment for availing any tax rebate is not on investor's agenda. Investment in fund units is done for earning good return. 7. The finding shows that quiet a large number of respondents belonging to salaried category and those in the age group of 35-50 years have varied experiences as regards returns received from investments made in mutual funds. No investor except one in professional category said to be in receipt of very high returns than expected on their investment in mutual funds. 8. As regards choice of a mutual fund for investment, people are moving away from UTI and prefer to invest in private sector mutual funds, despite the fact that these are presumed to be more risky.
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9. Because of technology driven information explosion, the younger generation and the professionals feels that they can take objective and timely decisions. The investors belonging to salaried and professional categories and in the age group of 20-35 years prefers day-to-day disclosure of net asset value by the funds. In addition, it is salaried and retired group that wished for higher tax rebates on investment in mutual funds. 10. Results depicts that as regards reasons for withdrawing investment and/or not investing any more in mutual funds the investors belonging to professionals category and in the age group of 35-50 years strongly supported the reason of ineffectiveness of controlling bodies like SEBI and others that resulted in investors disillusionment as regards mutual fund investment. 3.3 Performance Appraisal Of Selected Mutual Fund Schemes 1. Out of the mutual funds selected for performance appraisal, Alliance mutual fund and Prudential ICICI Mutual funds have posted better performance for the period of study in that order as compared to other funds. Pioneer ITI, however, has shown average performance. With preponderance of negatives for different parameters, Templeton India Mutual fund has staged a poor show 2. In the survey as regards perception of investors towards mutual funds, one noticeable finding that emerged from data analysis was the development of repulsion in the minds of investors towards UTI schemes. One reason could be the scams that surfaced in the recent past in UTI but equally important reason is the poor performance posted by UTI in all aspects, be it return on investment, excess return earning per unit of total risk, excess return earning per unit of systematic risk, extent of beta risk and diversifiable risk, low diversification of scheme portfolios and market timing ability of fund managers. 3.4 Prospects of mutual funds 1. As regards continuing with their investment in mutual funds, overall responses of the investors have been mixed. No doubt, the experience as regards returns on investment from mutual funds of majority of investors has been shaky, but the role of SEBI and the management of the funds by professional managers, too, have been equally criticized. 2. Performance evaluation of only five most preferred mutual funds conducted here reveals that overall, performance of mutual funds has been mixed. 3. The growth potential of an Indian economy cannot be denied. Cyclic movements, however, could not be ruled out. Hence, growth pattern of different economic sectors looks positive, therefore, mutual funds industry is also expected to gain. 4. SEBI and other controlling bodies of capital markets have started monitoring the market movements more closely. A consistent effort is being made by them to refine the working of capital markets and mutual funds. This is expected to go a long way in reviving the lost confidence of small investors in mutual funds.
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5. Last but not the least, the managers of these mutual funds needs to sharpen their skills further so to manage the pooled money in a total professional way. Market timing, during both the bull and the bear run and diversify product range so to make funds tailor made to the needs of every investor, is the sole factor that would ensure their long-term survival in the trade. IV. Suggestions The findings of the this study, as discussed above, may prove to be of great use to the government for streamlining the working of capital markets through its regulatory bodies like SEBI, etc. so to check the exploitation of small investors who are one of the major reservoir of capital needed for economic growth of the country. It may help SEBI to control effectively the working of mutual funds so to regain lost confidence with the investors and take effective steps for confirming investors' right adherence by them. As reported in the study, the mutual funds, too, can earmark and try to improve upon their weak areas regarding the factors that influence investors decision making as regards choice of a mutual fund, the facilities or options they expect from a mutual fund, the criteria they generally believe to be the best for performance appraisal of a fund, their general perceptions towards mutual funds at present and the problems which they encountered that resulted in development of aversion towards mutual funds in the minds of investors. Mutual funds should extend full support to the investors in terms of: i. Investment advisory service ii. Participation in investment decision making of the concerned fund, iii. Ensuring full disclosure of relevant information to investors by the fund, iv. Consultancy regarding understandability of terms of issue of different schemes, etc. So to help common investor to regain confidence in this channel of investment that is most dependable reservoir of funds required for development of Indian capital market. As seen, the enormous growth of mutual fund industry, if controlled effectively, could be channelised for achieving better economic growth. V. Scope of Further Research Mutual funds are such a wide area of research that no single study can cover different related dimensions. Even primary surveys for studying the perceptions of investors towards mutual funds time to time are not a regular feature in India, hence there is much potential of research on a bigger scale covering wider area. Further, a research can also be conducted for studying perceptions of institutional investors towards mutual funds, the area which has been left out of the scope of the present study. Another important area for carrying out research is the need to develop a benchmark for the purpose of evaluation of debt securities like different share indices are available for performance
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evaluation of investments in equity shares. However, only recently Securities and Exchange Board of India (SEBI) and Association for Mutual Funds of India (AMFI) jointly have evolved a committee to work in this area. Research is also needed to review the use of a parameter beta ( i.e. systematic risk) for performance evaluation of a mutual fund in relation to a chosen market index as a benchmark. This is because, beta is calculated on the basis of total return earned by a given equity-diversified fund in relation to the market return, whereas no equity-diversified fund even invest solely in equities rather they, too, keep 5% to 10% of total invested funds in liquid securities for meeting any contingent occurrence. Hence, for true performance evaluation, beta should be adjusted accordingly because of percentage of total investment in equities. [Footnote] 1 The Thesis was submitted to Guru Nanak Dev University, Punjab, 2002, for the award of Ph.D. Degree, awarded in 2003, under the supervision of Prof. Subhash Charnier, Department of Commerce and Business Management, Guru Nanak Dev University, Amritsar, Punjab, INDIA.
[Author Affiliation] JASPAL SINGH*
[Author Affiliation] * Lecturer, Department of Commerce and Business Management, Guru Nanak Dev University, 63, Joshi Colony, The Mall, Amritsar-143005, Punjab, INDIA. Submitted June 2003 ; Accepted September 2003
Indexing (document details) Subjects: Classification

Mutual funds, Financial performance, Portfolio diversification, Studies 9179 Asia & the Pacific, 9130 Experimental/theoretical, 3400 Investment
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Codes Locations: Author(s): Author Affiliation:
analysis & personal finance India Jaspal Singh JASPAL SINGH* * Lecturer, Department of Commerce and Business Management, Guru Nanak Dev University, 63, Joshi Colony, The Mall, Amritsar-143005, Punjab, INDIA. Submitted June 2003 ; Accepted September 2003
Document types: Feature Section: Abstract of Doctoral Dissertation
Publication title: Finance India. Delhi: Dec 2004. Vol. 18, Iss. 4; pg. 1755, 6 pgs Source type: ISSN: ProQuest document ID: Text Word Count Periodical 09703772 842824391
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Indian mutual fund industry faces reversal

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Funds International. London: Jan 2005. pg. P. 2
Abstract (Summary) After six years of impressive growth, India's mutual fund industry has been jolted onto the back foot by net outflows for five straight months to November 30, totalling INR148.4 billion. Commenting on the situation, chairman of the Association of Mutual Funds of India, Shri AP Kurian, said in his latest quarterly review that the primary reason for the industry's poor investment flows is that households are not allocating their savings to mutual funds, particularly those in the equity category. Jump to indexing (document details) Full Text (289 words) Copyright Lafferty Ltd. Jan 2005 After six years of impressive growth, India's mutual fund industry has been jolted onto the back foot by net outflows for five straight months to 30 November totalling INR148.4 billion ($3.2 billion). This is in sharp contrast to the situation earlier in the year when the industry reported total net inflows of INR216.1 billion during the first quarters. Commenting on the situation, chairman of the Association of Mutual Funds of India, Shri AP Kurian, said in his latest quarterly review that the primary reason for the industry's poor investment flows is that households are not allocating their savings to mutual funds, particularly those in the equity category. He added that all Indian mutual fund firms are now putting strategies into place to attract household savings but "it is a task that will require sustained efforts over a period of time." Their efforts are clearly reflected in a surge in television advertising by mutual funds in 2004. Indian research firm Indiantelevision reports that advertising of mutual funds surged 48 percent in the first 11 months of the year, compared with an 8 percent growth rate registered in 2003. The top advertisers by advertising-spend were Prudential ICICI Asset Management (30 percent), Standard Chartered Asset Management (17 percent), Templeton Asset Management (16 percent), Standard Chartered Grindlays (11 percent) and Kotak Mahindra Asset Management (5 percent.) One of the industry's biggest competitors for household funds is the government, which, noted Kurian, is offering interest yields of 8 to 9 percent on retail bonds. However, other observers believe the industry's problems extend further and that much of the outflow from funds is related to wealthy individuals switching to other investments such as portfolio management schemes and insurance schemes. Copyright: Lafferty Limited. All rights reserved.
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Indexing (document details) Subjects: Classification Codes Locations: Mutual funds, Trends, Industrywide conditions 9179 Asia & the Pacific, 8130 Investment services, 9000 Short article
India
Document types: News Publication title: Funds International. London: Jan 2005. pg. P. 2 Source type: ISSN: ProQuest document ID: Text Word Count Periodical 13930486 780597641
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Does Mutual Fund Management in India Correspond to its Investment Objective Classification? Luis Ferruz Agudo, Cristina Ortiz Lazaro. Review of Pacific Basin Financial Markets and Policies. Singapore: Dec 2005. Vol. 8, Iss. 4; pg. 659
Abstract (Summary)
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The aim of this article is to investigate the mutual fund market in India and verify whether or not the fund classification obtained from the name given to identify them corresponds to that which would be obtained were prior management to be taken into account. This industry has undergone spectacular growth in recent years, making this study extremely interesting, not least because institutional control could be less in times of expansion. The methodologies employed in the study are factor analysis and cluster analysis. The former determines that risk would clearly identify two groups of funds in the same manner as public classification of the funds. Cluster analysis, on the other hand, identifies funds that are, in fact, very close to one another, when for the bulk of investors they are not. [PUBLICATION ABSTRACT] Indexing (document details) Subjects: Mutual funds, Industrywide conditions, Classification, Studies, Historical analysis 8130 Investment services, 9179 Asia & the Pacific, 9130 Experimental/theoretical India Luis Ferruz Agudo, Cristina Ortiz Lazaro
Classification Codes Locations: Author(s):
Document types: Feature Document features: graphs, tables, references, equations
Publication title: Review of Pacific Basin Financial Markets and Policies. Singapore: Dec 2005. Vol. 8, Iss. 4; pg. 659 Source type: ProQuest document ID: Periodical 969893001

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India's largest mutual fund goes under the microscope Paula L Green. Global Finance. New York: Feb 2002. Vol. 16, Iss. 2; pg. 7, 1 pgs
Abstract (Summary) The Indian finance ministry has finally stepped in and decided to place the country's oldest and largest mutual fund manager - Unit Trust of India - under its watch. UTI and its biggest and most troubled fund, US-64, will be under the supervision of the Securities Exchange Board of India by year-end. Jump to indexing (document details) Full Text (269 words) Copyright Global Finance Media Inc. Feb 2002 MILESTONES TAKING NOTE INDIA The Indian finance ministry has finally stepped in and decided to place the country's oldest and largest mutual fund manager-Unit Trust of India-under its watch. UTI and its biggest and most troubled fund, US-64, will be under the supervision of the Securities Exchange Board of India by year-end. The decision should soothe the nerves of US64's investors, who have seen the net asset value of the fund fall 40% below its original issue price. It should also boost the confidence level of all investors worried about the lack of transparency in the Indian financial markets. Named after its 1964 start-- up date, US-64 is UT's biggest fund, with 20 million investors and a volatile past that has included two government bailouts.The absence of regulatory oversight meant that UTI never even reported the net asset value of US-64, a mix of risky equities and bonds, until last month. And while private sector funds have been monitored by the government since 1994, UTI had never been regulated by the government since its creation by an act of Parliament in 1964. As part of the new operating environment, the government has appointed an advisory group to initiate changes in the fund's operations.Any changes will be based on the recommendations of several committees that investigated the operations of UTI.
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The fund's managers have already decided to shift from high-yielding but risky equity exposures to more conservative corporate and government bonds. That should reduce the volatility of the fund but make it more difficult for large fund investors to recover their losses from any future uptick in the stock market.
Indexing (document details) Subjects: Classification Codes Locations: Author(s): Mutual funds, Problems 8130 Investment services, 9179 Asia & the Pacific, 9000 Short article
India Paula L Green
Document types: News Publication title: Global Finance. New York: Feb 2002. Vol. 16, Iss. 2; pg. 7, 1 pgs Source type: ISSN: ProQuest document ID: Text Word Count Periodical 08964181 107802746
269

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India's largest mutual fund goes under the microscope Paula L Green. Global Finance. New York: Feb 2002. Vol. 16, Iss. 2; pg. 7, 1 pgs
Abstract (Summary) The Indian finance ministry has finally stepped in and decided to place the country's oldest and largest mutual fund manager - Unit Trust of India - under its watch. UTI and its biggest and most troubled fund, US-64, will be under the supervision of the Securities Exchange Board of India by year-end. Jump to indexing (document details) Full Text (269 words) Copyright Global Finance Media Inc. Feb 2002 MILESTONES TAKING NOTE INDIA The Indian finance ministry has finally stepped in and decided to place the country's oldest and largest mutual fund manager-Unit Trust of India-under its watch. UTI and its biggest and most troubled fund, US-64, will be under the supervision of the Securities Exchange Board of India by year-end. The decision should soothe the nerves of US64's investors, who have seen the net asset value of the fund fall 40% below its original issue price. It should also boost the confidence level of all investors worried about the lack of transparency in the Indian financial markets. Named after its 1964 start-- up date, US-64 is UT's biggest fund, with 20 million investors and a volatile past that has included two government bailouts.The absence of regulatory oversight meant that UTI never even reported the net asset value of US-64, a mix of risky equities and bonds, until last month. And while private sector funds have been monitored by the government since 1994, UTI had never been regulated by the government since its creation by an act of Parliament in 1964.
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As part of the new operating environment, the government has appointed an advisory group to initiate changes in the fund's operations.Any changes will be based on the recommendations of several committees that investigated the operations of UTI. The fund's managers have already decided to shift from high-yielding but risky equity exposures to more conservative corporate and government bonds. That should reduce the volatility of the fund but make it more difficult for large fund investors to recover their losses from any future uptick in the stock market. Indexing (document details) Subjects: Classification Codes Locations: Author(s): Mutual funds, Problems 8130 Investment services, 9179 Asia & the Pacific, 9000 Short article
India Paula L Green
Document types: News Publication title: Global Finance. New York: Feb 2002. Vol. 16, Iss. 2; pg. 7, 1 pgs Source type: ISSN: ProQuest document ID: Text Word Count Periodical 08964181 107802746
269
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India fund sniffs out restructuring stories Anonymous. Emerging Markets Week. New York: May 25, 1998. Vol. 6, Iss. 21; pg. 5, 2 pgs
Abstract (Summary) According to Gary Greenberg, portfolio manager in Hong Kong, the Indian Smaller Companies Fund, formerly managed by failed investment bank Peregrine but now by Van Eck Global Asset Management, is looking for companies benefiting from corporate restructuring. Greenberg maintains the software story in India remains very attractive overall; 35.3% of the fund is allocated to that sector. Jump to indexing (document details) Full Text (394 words) Copyright Institutional Investor Systems, Inc. May 25, 1998 The Indian Smaller Companies Fund, formerly managed by failed investment bank Peregrine but now by Van Eck Global Asset Management, is looking for companies benefiting from corporate restructuring, says Gary Greenberg, portfolio manager in Hong Kong. Greenberg is watching for the scrapping or amending of urban land ceiling laws, which currently set story limits; the acceptance of hostile takeovers; and the legalization of company share buy-back programs as buying cues. Two examples of possible purchases are Bharti Telecom and Ramco. Bharti Global has made a public offer to purchase 24.53% of Bharti Telecom at INR95 per share, freeing Bharti Telecom from a joint venture with Casio. In turn, Bharti Telecom would like to concentrate its business as an internet service provider, Greenberg says. If the deal is allowed to happen, he will be looking to accumulate more of Bharti Telecom, whose stock he believes is worth about IDR400, quoting research from Lehman Brothers. The fund already has a position of 1.1 % in Bharti. Greenberg points to the example of Max India, which sold its stake in a cellular joint venture with Hong Kong's Hutchison Whampoa and saw its share price quadruple. Another company in Greenberg's sight, in which he does not have a position, is Ramco, a solid software company owned by a company dedicated to asbestos sheeting; a spinoff could prove an earnings powerhouse. At the close of trading last Tuesday, Bharti Telecom and Ramco stood at INR92 and INR790, respectively. Greenberg declined to name specific stocks where he might take profits to pay for new buys, but says the software sector is a likely target. He would look to reduce positions in companies with earnings multiples in the 30s, which he says mirrors those in the U.S. But while Indian software companies are excellent stocks, their technology is not as cutting edge and usually not proprietary, not quite justifying those American levels, he says. Greenberg maintains the software story in India remains very attractive overall; 35.3% of the fund is allocated to that
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sector. Another 12.8% is allocated to machinery and engineering, 8.7% to banking, 7.5% to automobiles, 5.9% to financial services, 5.6% to pharmaceuticals, 4.3% to chemicals, 4.0% to tourism, 3.3% to construction, 3.0% to media, 2.5% to consumer goods and 7.1% to miscellaneous companies. The fund has USD41 million under management and typically initiates positions of 0.5-2% in stocks. Indexing (document details) Subjects: Locations: Companies: Author(s): Mutual funds, Investment policy, Asset allocation, Emerging markets India, Hong Kong Van Eck Global Anonymous
Publication title: Emerging Markets Week. New York: May 25, 1998. Vol. 6, Iss. 21; pg. 5, 2 pgs Source type: ISSN: ProQuest document ID: Text Word Count Newsletter 15296628 29858647
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STUDY AND ANALYSIS
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MUTUAL FUND CLASSIFICATION:
Types of Mutual Fund Schemes Mutual fund schemes may be classified on the basis of their structure and investment objective. By Structure Open-end Funds Open-end funds are available for subscription all through the year. These do not have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value (NAV) related prices. The key feature of open-end schemes is liquidity. Closed-end Funds A closed-end fund has a stipulated maturity period that generally ranges from 3 to 15 years. The fund is open for subscription only during a specified period. Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where they are listed. In order to provide an exit route to the investors, some close-ended funds give an option of selling back the units to the mutual fund through periodic repurchase at NAV related prices. SEBI Regulations stipulate that at least one of the two exit routes is provided to the investor. Interval Funds Interval funds combine the features of open-ended and close-ended schemes. They are open for sale or redemption during pre-determined intervals at NAV related prices. By Investment Objective Growth Funds The aim of growth funds is to provide capital appreciation over the medium to long term. Such schemes normally invest a majority of their corpus in equities. It has been proved that returns from stocks, have outperformed most other kind of investments held over the long term. Growth schemes are ideal for investors having a long term outlook seeking growth over a period of time. Income Funds The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures and Government securities. Income funds are ideal for capital stability and regular income. Balanced Funds The aim of balanced funds is to provide both growth and regular income. Such schemes periodically distribute a part of their earning and invest both in equities and fixed income securities in the proportion indicated in their Offer Documents. In a rising stock market, the NAV of these schemes may not normally keep pace or fall equally when the market falls. These are ideal for investors looking for a combination of income and moderate growth.
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Money Market Funds The aim of money market funds is to provide easy liquidity, preservation of capital and moderate income. These schemes generally invest in safer short-term instruments such as treasury bills, certificates of deposit, commercial paper and inter-bank call money. Returns on these schemes may fluctuate depending upon the interest rates prevailing in the market. These are ideal for corporate and individual investors as a means to park their surplus funds for short periods. Other Schemes Tax Saving Schemes These schemes offer tax rebates to the investors under specific provisions of the Indian Income Tax laws as the Government offers tax incentives for investment in specified avenues. Investments made in Equity Linked Savings Schemes (ELSS) and Pension Schemes are allowed as deduction u/s 88 of the Income Tax Act, 1961. The Act also provides opportunities to investors to save capital gains u/s 54EA and 54EB by investing in mutual funds. Special Schemes Industry Specific Schemes Industry Specific schemes invest only in the industries specified in the offer document. The investment of these funds is limited to specific industries like Infotech, FMCG, Pharmaceuticals etc. Index Schemes Index schemes attempt to replicate the performance of a particular index such as the BSE Sensex or the NSE 50 Sectoral Schemes Sectoral schemes are those which invest exclusively in a specified sector. This could be an industry or a group of industries or various segments such as 'A' Group shares or initial public offerings. Gold Traded Funds Gold exchange traded fund scheme shall mean a mutual fund scheme that invests primarily in gold or gold related instruments; gold-exchange traded fund unit is like a mutual fund unit backed by gold as the underlying asset and would be held mostly in demat form. An investor would get a securities certificate issued by the mutual fund running the Gold-ETF defining the ownership of a particular amount of gold. GETFs are designed to offer investors a means of participating in the gold bullion market without the necessity of taking physical delivery of gold, and to buy and sell through trading of a security on a stock exchange. With gold being one of the important asset classes, GETFs will provide a better, simpler and affordable method of investing as compared to other investment methods like bullion, gold coins, gold futures, or jewellery.
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Exchange Traded Fund Exchange-traded funds (ETFs) are mutual fund schemes that are listed and traded on exchanges like stocks. ETFs trading value is based on the net asset value (NAV) of the assets it represents. Generally, ETFs invest in a basket of stocks and try to replicate a stock market index such as the S&P CNX Nifty or BSE Sensex, a market sector such as energy or technology, or a commodity such as gold or petroleum. ETFs are just what their name implies: baskets of securities that are traded, like individual stocks, on an exchange. Unlike regular open-end mutual funds, ETFs can be bought and sold throughout the trading day like any stock. Most ETFs charge lower annual expenses than index mutual funds. However, as with stocks, one must pay a brokerage to buy and sell ETF units, which can be a significant drawback for those who trade frequently or invest regular sums of money. Exchange Traded Fund Exchange-traded funds (ETFs) are mutual fund schemes that are listed and traded on exchanges like stocks. ETFs trading value is based on the net asset value (NAV) of the assets it represents. Generally, ETFs invest in a basket of stocks and try to replicate a stock market index such as the S&P CNX Nifty or BSE Sensex, a market sector such as energy or technology, or a commodity such as gold or petroleum. ETFs are just what their name implies: baskets of securities that are traded, like individual stocks, on an exchange. Unlike regular open-end mutual funds, ETFs can be bought and sold throughout the trading day like any stock. Most ETFs charge lower annual expenses than index mutual funds. However, as with stocks, one must pay a brokerage to buy and sell ETF units, which can be a significant drawback for those who trade frequently or invest regular sums of money. Their passive nature is a necessity: the funds rely on an arbitrage mechanism to keep the prices at which they trade roughly in line with the net asset values of their underlying portfolios. For the mechanism to work, potential arbitragers need to have full, timely knowledge of a fund's holdings. Capital Protection Funds 'Capital Protection Oriented Scheme' means a mutual fund scheme which is designated as such and which endeavours to protect the capital invested therein through suitable orientation of its portfolio structure;" Hedged fund A hedge fund is a term commonly used to describe any fund that isnt a conventional investment fund, i.e., it uses strategies other than investing long. For example
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Short selling Using arbitrage Trading derivatives Leveraging or borrowing Investing in out-of-favour or unrecognized undervalued securities
The name hedge fund is a misnomer as the funds may not actually hedge against risk. The returns can be high, but so can be losses. These investments require expertise in particular investment strategies. The hedge funds tend to be specialized, operating within a given niche, specialty or industry that requires the particular expertise.
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MUTUAL FUNDS EVALUATION PARAMETERS:
Following are the evaluation parameters on the basis of which the analysis and comparison of various equity schemes is done. Net Asset Value (NAV) The value of a collective investment fund based on the market price of securities held in its portfolio. NAV per share is calculated by dividing net assets of the scheme /number of Units outstanding. Assets under Management It is used to gauge how much money a fund is managing. Mutual Funds use this as a measure of success and comparison against their competitors; in lieu of revenue or total revenue they use total 'assets under management'. The difference between two AUM balances consists of market performance gains/(losses), foreign exchanges movements, net new assets (NNA) inflow/(outflow) and structural effects of the company. Investors are mainly interested in the NNA, which indicate how much money from clients had been newly invested. Furthermore, it's common to calculate the key figure 'NNA growth', which shows the NNA in relation of the previous AUM balance (annualized). Expense Ratio
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Expense ratio states how much you pay a fund in percentage term every year to manage your money. For example, if you invest Rs 10,000 in a fund with an expense ratio of 1.5 per cent, then you are paying the fund Rs 150 to manage your money. In other words, if a fund earns 10 per cent and has a 1.5 per cent expense ratio, it would mean an 8.5 per cent return for an investor. Funds' NAVs are reported net of fees and expenses; therefore, it is necessary to know how much the fund is deducting. Since this is charged regularly (every year), a high expense ratio over the long-term may eat into your returns massively through power of compounding. Different funds have different expense ratios. But the Securities & Exchange Board of India has stipulated a limit that a fund can charge. Equity funds can charge a maximum of 2.5 per cent, whereas a debt fund can charge 2.25 per cent of the average weekly net assets. The largest component of the expense ratio is management and advisory fees. From management fee an AMC generates profits. Then there are marketing and distribution expenses. All those involved in the operations of a fund like the custodian and auditors also get a share of the pie. Interestingly, brokerage paid by a fund on the purchase and sale of securities is not reflected in the expense ratio. Funds state their buying and selling price after taking the transaction cost into account. Recently, funds have launched institutional plans for big-ticket investors, where the expense ratio is relatively lower than normal funds. This is because the cost of servicing is low due to larger investment amount, which means lower expenses. A lower expense ratio does not necessarily mean that it is a better-managed fund. A good fund is one that delivers a good return with minimal expenses. Portfolio Turnover Each buys and sell transaction in the stock markets involves a brokerage cost. This brokerage cost has to be borne by the mutual fund, which in turn passes it on to its investors. So investors have to pay for the trading carried out by the fund on their behalf. Obviously, higher the volume of trading, greater will be the associated costs. And greater trading costs can definitely reduces returns. So how does one know how much the fund manager is trading? The answer to this question is provided by the turnover ratio. The turnover ratio represents the percentage of a fund's holdings that change every year. To put it simply, a turnover rate of 100 per cent implies that the fund manager has replaced his entire portfolio during the period given. Higher the turnover ratio, greater is the volume of trading carried out by the fund. Is a high turnover bad? Well, that depends on what it achieves. If high turnover can generate high returns, then there should be no problems. The problem arises when a fund is trading heavily and not generating commensurate returns. The turnover ratio is more important for equity funds where the trading cost of equities is substantial. So, each time a fund manager buys and sells, he has to keep in mind that the cost of buying and selling will eat into the fund's returns.
Standard Deviation
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Standard deviation is a measure of total risks of a fund. In other words it measures the volatility of returns of a fund. It indicates the tendency of the funds NAV to rise and fall in a short period. It measures the extent to which the NAV fluctuates as compared to the average returns during a period. A fund that has a consistent four year return of 3% for example would have a mean or average, of 3%. The standard deviation for this fund would then be zero because the fund's return in any given year does not differ from its four year mean of 3%. On the other hand, a fund that in each of the last four years returned -5%, 17%, 2%, and 30% will have a mean return of 11%. The fund will also exhibit a high standard deviation because each year the return of the fund differs from the mean return. The fund is therefore more risky because it fluctuates widely between negative and positive returns within a shorter period. A higher standard deviation means that the returns of the fund have been more volatile than a fund having low standard deviation. In other words high standard deviation means high risk. Sharpe Ratio The Sharpe ratio represents trade off between risk and returns. At the same time it also factors in the desire to generate returns, which are higher than those from risk free returns. Mathematically the Sharpe ratio is the returns generated over the risk free rate, per unit of risk. Risk in this case is taken to be the fund's standard deviation. As standard deviation represents the total risk experienced by a fund, the Sharpe ratio reflects the returns generated by undertaking all possible risks. It is thus one single number, which represents the trade off between risks and returns. A higher Sharpe ratio is therefore better as it represents a higher return generated per unit of risk. Sharpe ratio provides an unbiased look into fund's performance. This is because they are based solely on quantitative measures. However, these do not account for any risks inherent in a funds portfolio. For example, if a fund is loaded with technology stocks and the sector is performing well, then all quantitative measures will give such a fund high marks. But the possibility of the sector crashing and with it the fund sinking is not calculated. In view of these possibilities quantitative tools should be used along with information on the nature of the funds strategies, its fund management style and risk inherent in the portfolio. Quantitative tools can be used for screening but they should not be the only indicator of a fund's performance. The Sharpe ratio is one of the most useful tools for determining a fund's performance. This measure is used the world over and there is no reason why you as an in investor should not use it. Beta Beta is a statistical measure that shows how sensitive a fund is to market moves. If the Sensex moves by 25 per cent, a fund's beta number will tell you whether the fund's returns will be more than this or less. The beta value for an index itself is taken as one. Equity funds can have beta values, which can be above one, less than one or equal to one. By multiplying the beta value of a fund with the expected percentage movement of an index, the expected movement in the fund can be determined. Thus if a fund has a beta of 1.2 and the market is expected to move up by ten
IFIM B- School
per cent, the fund should move by 12 per cent (obtained as 1.2 multiplied by 10). Similarly, if the market loses ten per cent, the fund should lose 12 per cent.
Each dot represents a fund's returns plotted against the market returns in the same period. The line is the beta of these returns. While the beta is same in both, it is far more representative of the returns in the left graph then right one. This shows that a fund with a beta of more than one will rise more than the market and also fall more than market. Clearly, if you would like to beat the market on the upside, it is best to invest in a high-beta fund. But you must keep in mind that such a fund will also fall more than the market on the way down. Similarly, a low-beta fund will rise less than the market on the way up and lose less on the way down. When safety of investment is important, a fund with a beta of less than one is a better option. Such a fund may not gain much more than the market on the upside; it will protect returns better when market falls. Essentially, beta expresses the fundamental trade-off between minimizing risk and maximizing return. A fund with a beta of 1 will historically move in the same direction of the market. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile. So while you can expect a high return from a fund that has a beta of 2, you will have to expect it to drop much more when the market falls. The effectiveness of the beta depends on the index used to calculate it. It can happen that the index bears no correlation with the movements in the fund. R-squared But the problem with beta is that it depends on the index used to calculate it. It can happen that the index bears no correlation with the movements in the fund. Thus, if beta is calculated for large cap fund against a mid-cap index, the resulting value will have no meaning. This is because the fund will not move in tandem with the index. Due to this reason, it is essential to take a look at a statistical value called R-squared along with beta. The R-squared value shows how reliable the beta number is. R-squared values range between 0 and 100, where 0 represents the least correlation and 100 represents full correlation. If a fund's beta has an R-squared value that is close to 100, the beta of the fund should be trusted. On the other hand, an R-squared value that is close to 0 indicates that the beta is not particularly useful because the fund is being compared against an inappropriate benchmark. Thus, an index fund investing in the Sensex should have an R-squared value of one when compared to the Sensex. For equity diversified funds, an R-squared value greater than 0.8 is generally accepted to mean that the underlying beta value is reliable and can be used for the fund.
IFIM B- School
P/E Ratio A valuation ratio of a company's current share price compared to its per-share earnings. It is calculated as:
Also sometimes known as "price multiple" or "earnings multiple". Companies with higher growth rates command higher P/E ratios. Confidence that a company will improve its profitability or remain profitable generally results in a higher P/E ratio. If profits are threatened or weak, the P/E ratio is likely to drop. P/B Ratio A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. It is also called as "Price to Equity Ratio". It is calculated as:
A lower P/B ratio could mean that the stock is undervalued. However, it could also mean that something is fundamentally wrong with the company. As with most ratios, this varies by industry. This ratio also gives some idea of whether you're paying too much for what would be left if the company went bankrupt immediately.
IFIM B- School
COMPARISON BETWEEN TWO COMPANIES:
Mutual Fund UTI Mutual Fund Scheme Name UTI - Short Term Income Fund Objective of Scheme To generate income by making investment in Govt Securities and other fixed income / debt securities including securitised debts Scheme Type Open Ended Scheme Category Income Launch Date25-Jun-2003Minimum Subscription Amount10000
Latest Net Asset Value Scheme NAV Name UTI - Short Term Income Fund Dividend Option UTI - Short Term Income Fund Growth Option UTI - Short Term Income Fund -Institutional Dividend Option UTI - Short Term Income Fund -Institutional Growth Option Net Asset Value 11.0546 Repurchase Price 11.0546 Sale Price Date
11.0546 9-Mar-2009
14.3099
14.3099
14.3099 9-Mar-2009
10.006
10.006
10.006 24-Oct-2008
10.4289
10.4289
10.4289 25-Mar-2008
Mutual Fund Scheme Name Objective of Scheme
Reliance Mutual Fund Reliance Equity Fund The primary investment objective of the scheme is to seek to generate capital appreciaton & provide long term growth opportunities by investing in a portfolio constituted of equity & equity related securities of top 100 companies by market capitalization & of companies which were available in the
43
IFIM B- School
derivatives segment from time to time and the secondary objective is to generate consistent returns by investing in debt and money market securities. Scheme Type Scheme Category Launch Date Minimum Subscription Amount Open Ended Growth 6-Feb-2006 Rs 5000/-
Latest Net Asset Value Scheme NAV Name Reliance Equity Fund Institutional Plan Dividend Option Reliance Equity Fund Institutional Plan Growth Plan Bonus Option Reliance Equity Fund Institutional Plan Growth Plan Growth Option Reliance Equity Fund-Dividend PlanDividend Option Reliance Equity Fund-Growth PlanBonus Option Reliance Equity Fund-Growth PlanGrowth Option Net Asset Value 8.2075 Repurchase Price 8.2075 Sale Price Date
8.2075 9-Mar-2009
8.2075
8.2075
8.2075 9-Mar-2009
8.2075
8.2075
8.2075 9-Mar-2009
8.2075
8.1254
8.3900 9-Mar-2009
8.2075
8.1254
8.3900 9-Mar-2009
8.2075
8.1254
8.3900 9-Mar-2009
FUTURE OF MUTUAL FUND INDUSTRY IN INDIA Why Invest in Gold?

IFIM B- School
Historically, gold has been a proven method of preserving value when a national currency was losing value. If your investments are valued in a depreciating currency, allocating a portion to gold assets is similar to a financial insurance policy. In the past year, the climb in the price of gold above $700 per ounce is due to many factors, one being that the dollar is losing value. Reasons favoring to invest to Gold * The dollar is weak and getting weaker due to national economic policies which don't appear to have an end. * Gold price appreciation makes up for lost interest, especially in a bull market. * The last four years are the beginning of a major bull move similar to the 70's when gold moved from $38 to over $800. * Central banks in several countries have stated their intent to increase their gold holdings instead of selling. * All gold funds are in a long term uptrend with bullion, most recently setting new all-time highs. * The trend of commodity prices to increase is relative to gold price increases. * Worldwide gold production is not matching consumption. The price will go up with demand. * Most gold consumption is done in India and China and their demand is increasing with their increase in national wealth. * Several gold funds reached all-time highs in 2006 and are still trending upward. * The short position held by hedged gold funds is being methodically reduced. Gold Mutual funds - A relatively safe method of buying and owning gold stocks allows the owner to diversify among many stocks and allows the investing decisions to be made by a professional. Investment methods vary among funds and provide many different styles of portfolio management for an investor to choose from. Prices move faster and further in both directions than the price of gold. * Provide professional management and diversification within the gold sector. * Are more volatile than the S&P index. * May or may not have any correlation with the general market. * Move daily with the price of gold, but not always.
IFIM B- School
* Move proportionally more than gold, up and down. * If you believe in 'buy low, sell high', gold is still low, but climbing. The real estate sector and the road ahead
Real Estate Mutual Funds ('REMFs') The SEBI Board has now approved the guidelines for the much awaited Real Estate Mutual Funds. "Real Estate Mutual Fund Scheme" is defined to mean a scheme of a mutual fund which has investment objective to invest directly or indirectly in real estate property. Governing Law It is proposed that REMFs will be governed by the provisions and guidelines issued under SEBI (Mutual Funds) Regulations. REMFs, shall initially, be close ended. The units of REMFs shall be compulsorily listed on the Stock Exchanges and Net Asset Value (NAV) of the scheme shall be declared daily. Custodian The REMFs would be required to appoint a Custodian who has been granted a Certificate of Registration to carry on the business of Custodian of securities by the SEBI Board. The custodian would safe keep the title of real estate properties held by the REMFs. Investment Criterion: It is proposed that REMFs could invest in the following: * Directly in real estate properties within India; * Mortgage (housing lease) backed securities; * Equity shares / Bonds / Debentures of listed / unlisted companies which deal in properties and also undertake property development; and in * Other securities CONCLUSION: The Indian mutual fund industry needs to widen its range of products with affordable and competitive schemes to tap the semi-urban and rural markets in order to attract more investors.
IFIM B- School
The industry has still not been able to penetrate among retail investors and it needs to share best practices from mature markets like US and Britain where mutual funds are the most preferred form of investment. Mutual fund companies need to introduce products for the semi-urban and rural markets that are affordable and yet competitive against low-risk assured returns of government sponsored saving schemes such as post office saving deposits. The industry is also overwhelmed by scarce technological infrastructure and needs to collaborate with other sectors of the economy such as banking and telecommunications. Mutual fund companies are also required take advantage of the growing opportunity in the commodities market. Further, the mutual funds could also enable the small investors to participate in the real estate boom through real estate mutual funds. With a strong regulatory framework, clear guidelines and the talent to back it up, the Indian mutual fund industry is in a position to cater to the new breed of investors who are keen to diversify their risks.
Bibliography and Webliography

http://www.indialaws.info/display.aspx?4277 47 Mutual Fund Industry Performance Of Indian
IFIM B- School http://sify.com/finance/mf/fullstory.php?id=14813338&cid=20801 http://www.mutualfunds.headlinesindia.com/future.html http://www.businessworld.in/index.php/Indias-Best-Mutual-Funds.html http://www.amfiindia.com/showhtml.asp?page=mfconcept http://www.amfiindia.com/showhtml.asp?page=mfindustry
http://proquest.umi.com/pqdweb? index=3&did=1553506541&SrchMode=1&sid=5&Fmt=2&VInst=PROD&VType=PQD&RQT =309&VName=PQD&TS=1236683092&clientId=84572 http://proquest.umi.com/pqdweb? index=7&did=1502732301&SrchMode=1&sid=5&Fmt=3&VInst=PROD&VType=PQD&RQT =309&VName=PQD&TS=1236683093&clientId=84572 http://proquest.umi.com/pqdweb? index=8&did=1465819381&SrchMode=1&sid=5&Fmt=3&VInst=PROD&VType=PQD&RQT =309&VName=PQD&TS=1236683093&clientId=84572 http://proquest.umi.com/pqdweb? index=39&did=842824391&SrchMode=1&sid=5&Fmt=3&VInst=PROD&VType=PQD&RQT =309&VName=PQD&TS=1236684113&clientId=84572 http://proquest.umi.com/pqdweb? index=38&did=780597641&SrchMode=1&sid=5&Fmt=3&VInst=PROD&VType=PQD&RQT =309&VName=PQD&TS=1236684113&clientId=84572 http://proquest.umi.com/pqdweb? index=33&did=969893001&SrchMode=1&sid=5&Fmt=2&VInst=PROD&VType=PQD&RQT =309&VName=PQD&TS=1236684112&clientId=84572 http://proquest.umi.com/pqdweb? index=52&did=107802746&SrchMode=1&sid=5&Fmt=3&VInst=PROD&VType=PQD&RQT =309&VName=PQD&TS=1236684498&clientId=84572 http://proquest.umi.com/pqdweb? index=52&did=107802746&SrchMode=1&sid=5&Fmt=3&VInst=PROD&VType=PQD&RQT =309&VName=PQD&TS=1236684498&clientId=84572
IFIM B- School
http://proquest.umi.com/pqdweb? index=92&did=29858647&SrchMode=1&sid=5&Fmt=3&VInst=PROD&VType=PQD&RQT= 309&VName=PQD&TS=1236684662&clientId=84572 http://proquest.umi.com/pqdweb? index=130&did=8949049&SrchMode=1&sid=5&Fmt=3&VInst=PROD&VType=PQD&RQT= 309&VName=PQD&TS=1236684713&clientId=84572 http://www.saharamutual.com/fundbasics/mftypes.htm

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Performance Of Indian Mutual Fund Industry

NEED FOR THE STUDY

7 Mutual Fund Industry

Document types: Feature Document features: References

ISSN: ProQuest document ID:

Document URL: http://proquest.umi.com/pqdweb? did=1553506541&sid=5&Fmt=2&clientId=84572&RQT=309&VName=PQ D

Link:http://proquest.umi.com/pqdweb? index=3&did=1553506541&SrchMode=1&sid=5&Fmt=2&VInst=PROD&VType=PQD&RQT =309&VName=PQD&TS=1236683092&clientId=84572

India Shefali Anand

20 Mutual Fund Industry

[Author Affiliation] JASPAL SINGH*

Indexing (document details) Subjects: Classification

Codes Locations: Author(s): Author Affiliation:

Document types: Feature Section: Abstract of Doctoral Dissertation

Indian mutual fund industry faces reversal

Funds International. London: Jan 2005. pg. P. 2

27 Mutual Fund Industry

Classification Codes Locations: Author(s):

Document types: Feature Document features: graphs, tables, references, equations

India Paula L Green

India Paula L Green

32 Mutual Fund Industry

STUDY AND ANALYSIS

34 Mutual Fund Industry

MUTUAL FUND CLASSIFICATION:

MUTUAL FUNDS EVALUATION PARAMETERS:

38 Mutual Fund Industry

42 Mutual Fund Industry

COMPARISON BETWEEN TWO COMPANIES:

Mutual Fund Scheme Name Objective of Scheme

FUTURE OF MUTUAL FUND INDUSTRY IN INDIA Why Invest in Gold?

Bibliography and Webliography

48 Mutual Fund Industry

49 Mutual Fund Industry

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