A Project rePort on:Need of financial advisors for mutual           fund investors     (With special reference to KARVY)  ...
projectsformba.blogspot.com                              CONTENTS:serial no                              Topic            ...
projectsformba.blogspot.com                               DeclArAtIonI, ………………. do hereby declare that the project report ...
projectsformba.blogspot.comProduct Head (MF),Eastern zone, KARVY         certIfIcAte BY the orgAnIzAtIon:This is to certif...
projectsformba.blogspot.comAsian School of Business Management,Bhubaneswar          certIfIcAte BY the fAcUltY gUIDe:This ...
projectsformba.blogspot.com                         AcknowleDgementSometimes words fall short to show gratitude, the same ...
projectsformba.blogspot.com                              Executive summary:This project has been a great learning experien...
projectsformba.blogspot.com The second part consists of datas and their analysis, collected through a survey   done on 20...
projectsformba.blogspot.comIntroduction:“Success is a journey, not a destination.”          If we look for examples to pro...
projectsformba.blogspot.com“Our mission is to be a leading and preferred service provider to ourcustomers, and we aim to a...
projectsformba.blogspot.comof rs.150000. it achieved its first milestone after its first investment in technology. Karvybe...
projectsformba.blogspot.comin the year 2004.the year 2004 also saw karvy entering into commodities marketingthrough karvy ...
projectsformba.blogspot.com4.                        : karvy insurance broking ltd is also a part of karvy stock brokinglt...
projectsformba.blogspot.comtalking about the organization structure of karvy, we have the board of directors as the suprem...
projectsformba.blogspot.comSpectrum of services offered by karvy:Karvy being the top registrar and transfer agent, functio...
projectsformba.blogspot.comKarvy believes in being updated always. So it is always ready to use latest technologies so tha...
projectsformba.blogspot.comThe core competency of karvy lies in the following points due to which it enjoys a competitivee...
projectsformba.blogspot.comfund or be it the largest corporate house of the country: Reliance industries- everybody ishead...
projectsformba.blogspot.comHierarchical Structure in diagram:The above diagram shows the hierarchy of Karvy stock broking ...
projectsformba.blogspot.com   5. New Alipore.   6. Behala.   7. Jatin Das Road.   8. Phoolbagan.   9. Salt Lake.   10. How...
projectsformba.blogspot.comturns into nightmares. Its offerings includes: products of all the 33 major AMCs,research repor...
projectsformba.blogspot.comKarvy never compromises with quality that’s the reason it is excelling by providing qualityserv...
projectsformba.blogspot.commUtUAlfUnDS23              projectsformba.blogspot.com
projectsformba.blogspot.comit’s all about mutual funds:Mutual funds: A mutual fund is a professionally-managed firm of col...
projectsformba.blogspot.com(IDBI) took over the regulatory and administrative control in place of RBI. The first schemelau...
projectsformba.blogspot.comCategories of mutual funds:Mutual funds can be classified as follow:     Based on their struct...
projectsformba.blogspot.com        window on a periodic basis such as monthly or weekly. Redemption of units can be       ...
projectsformba.blogspot.comDebt fund: They invest only in debt instruments, and are a good option for investors averse toi...
projectsformba.blogspot.comRisk v/s. return:   29                 projectsformba.blogspot.com
projectsformba.blogspot.comWorking of a Mutual fund:The entire mutual fund industry operates in a very organized way. The ...
projectsformba.blogspot.comDocuments required (PAN mandatory):Proof of identity :1.photo PAN card2. In case of non-photo P...
projectsformba.blogspot.com12.year- wise return for the last 5 financial year.Distribution channels:mutual funds posses a ...
projectsformba.blogspot.comzero with increase in holding period.Measuring and evaluating mutual funds performance:Every in...
projectsformba.blogspot.comLiquid funds: the performance of the highly volatile liquid funds can be measured on thebasis o...
projectsformba.blogspot.com   Selection of fund.   Studying the features of a scheme.In case of mutual funds, financial pl...
projectsformba.blogspot.comReturnSafetyVolatilityLiquidityConvenienceEquityHighLowHighHighModerateBondsModerateHighModerat...
projectsformba.blogspot.com    Which feature of the mutual funds allure you most? Diversification                      42...
projectsformba.blogspot.comPre retirement stage                                                 27    Are you availing th...
projectsformba.blogspot.com     Which expertise of the personal financial advisor is demanded most?Portfolio review & inv...
projectsformba.blogspot.com    What is the major reason for using financial advisors?Want help with asset allocation     ...
projectsformba.blogspot.comResearch findings and conclusions: At the survey conducted upon 200 people, 135 are already mu...
projectsformba.blogspot.com     When asked about the most alluring feature of MFs, most of them opted for        diversif...
projectsformba.blogspot.comThe advisors may try to highlight some of the value added benefits of MFs such as tax benefit,r...
projectsformba.blogspot.com   Totally ignorant                                           [ ]   Partial knowledge of mutual...
projectsformba.blogspot.com    Portfolio review & investment recommendation [ ]     Planning to achieve specific financial...
projectsformba.blogspot.comwww.yahoofinance.comwww.theeconomictimes.comwww.rediffmoney.comwww.bseindia.comwww.nseindia.com...
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Need of financial advisors for mutual fund investors with special reference to karvy

  1. 1. A Project rePort on:Need of financial advisors for mutual fund investors (With special reference to KARVY) InterIm rePort SUBmItteD BY: roll no. - Under the guidance of:ASIAN SCHOOL OF BUSINESS MANAGEMENT, BHUBANESWAR
  2. 2. projectsformba.blogspot.com CONTENTS:serial no Topic Page no. 1 certificate by organization 4 2 certificate by faculty guide 5 3 Acknowledgement 6 4 executive summary 7 5 company overview 8—17 6 karvy at eastern zone 17—20 7 mutual funds basics 21--31 8 concept of benchmarking 31 9 financial planning for investors 32 10 why has it becomethe largest financial intermediary? 32-34 11 how investors choose between funds? 34-36 12 most popular stocks among fund managers 37 13 most lucrative sectors among fund managers 38-39 14 Systematic Investment Plan (in details) 39-41 15 does fund ranking and performance persist? 42-43 16 portfolio analysis tools 44-49 17 research report 502 projectsformba.blogspot.com
  3. 3. projectsformba.blogspot.com DeclArAtIonI, ………………. do hereby declare that the project report titled “NEEDOF FINANCIAL ADVISORS FOR MUTUAL FUND INVETORS” isa genuine research work undertaken by me and it has not been publishedanywhere earlier.Date:Place: 3 projectsformba.blogspot.com
  4. 4. projectsformba.blogspot.comProduct Head (MF),Eastern zone, KARVY certIfIcAte BY the orgAnIzAtIon:This is to certify that …………………., pursuing PGPM at AsianSchool of Business Management, Bhubaneswar has worked undermy supervision and guidance on her dissertation entitled “Need offinancial advisors for Mutual Fund investors” at Karvy StockBroking Limited, Kolkata from April 10th 20… to June 4th 20….” To the best of my knowledge this is an original piece of work. 4 projectsformba.blogspot.com
  5. 5. projectsformba.blogspot.comAsian School of Business Management,Bhubaneswar certIfIcAte BY the fAcUltY gUIDe:This is to certify that the project report entitled “Need offinancial advisors for Mutual Fund Investors” at KarvyStock Broking Limited is a bonafide record of work done by………………., and submitted in partial fulfillment of therequirements of PGPM program of Asian School of BusinessManagement, Bhubaneswar. 5 projectsformba.blogspot.com
  6. 6. projectsformba.blogspot.com AcknowleDgementSometimes words fall short to show gratitude, the same happened with me during thisproject. The immense help and support received from Karvy stock broking limitedoverwhelmed me during the project.My sincere gratitude to ………………… (Head, eastern region, karvy) and……………….. ………….(Director, ASBM, Bhubaneswar), for providing me with anopportunity to work with karvy stock broking limited.I am highly indebted to …………….., product head ( MF), eastern zone, karvy andcompany project guide, who has provided me with the necessary information and hisvaluable suggestion and comments on bringing out this report in the best possible way.I also thank ……………….., faculty guide, ASBM, Bhubaneswar who has sincerelysupported me with the valuable insights into the completion of this project.I am grateful to ……………………… (branch head, Karvy, JDR) and all of themembers of Rashbehari Avenue branch, who have helped me in the successfulcompletion of this project, special mention of…………………………………………………………………Last but not the least; my heartfelt love for my parents, whose constant support andblessings helped me throughout this project. 6 projectsformba.blogspot.com
  7. 7. projectsformba.blogspot.com Executive summary:This project has been a great learning experience for me; at the same time it gave meenough scope to implement my analytical ability. This project as a whole can be dividedinto two parts:  The first part gives an insight about the mutual funds and its various aspects. It is purely based on whatever I learned at karvy. One can have a brief knowledge about mutual funds and all its basics through the project. Other than that the real servings come when one moves ahead. Some of the most interesting questions regarding mutual funds have been covered. Some of them are: why has it become one of the largest financial intermediaries? How investors do chose between funds? Most popular stocks among fund managers, most lucrative sectors for fund managers, a special report on Systematic Investment Plan, does fund performance persists and the topping of all the servings in the form of portfolio analysis tool and its application. All the topics have been covered in a very systematic way. The language has been kept simple so that even a layman could understand. All the datas have been well analyzed with the help of charts and graphs. 7 projectsformba.blogspot.com
  8. 8. projectsformba.blogspot.com The second part consists of datas and their analysis, collected through a survey done on 200 people. It covers the topic” need of financial advisors for mutual fund investors”. The data collected has been well organized and presented. Hope the research findings and conclusions will be of use. It has also covered why people don’t want to go for financial advisors? The advisors can take further steps to approach more and more people and indulge them for taking their advices.orgAnIzAtIonovervIew 8 projectsformba.blogspot.com
  9. 9. projectsformba.blogspot.comIntroduction:“Success is a journey, not a destination.” If we look for examples to prove this quotethen we can find many but there is none like that of karvy. Back in the year 1981, five peoplecreated history by establishing karvy and company which is today known as karvy, the largestfinancial service provider of India.Success sutras of karvy:The success story of karvy is driven by 8 success sutras adopted by it namely trust,integrity, dedication, commitment, enterprise, hard work and team play,learning and innovation, empathy and humility. These are the values that bindsuccess with karvy.Vision of karvy:To achieve & sustain market leadership, Karvy shall aim for complete customer satisfaction, bycombining its human and technological resources, to provide world class quality services. In theprocess Karvy shall strive to meet and exceed customers satisfaction and set industry standards.Mission statement: 9 projectsformba.blogspot.com
  10. 10. projectsformba.blogspot.com“Our mission is to be a leading and preferred service provider to ourcustomers, and we aim to achieve this leadership position by building aninnovative, enterprising , and technology driven organization which will setthe highest standards of service and business ethics.”The success ladder:Company overview:Karvy was established as karvy and company by five chartered accountants during theyear 1979-80, and then its work was confined to audit and taxation only. Later on itdiversified into financial and accounting services during the year 1981-82 with a capital 10 projectsformba.blogspot.com
  11. 11. projectsformba.blogspot.comof rs.150000. it achieved its first milestone after its first investment in technology. Karvybecame a known name during the year 1985-86 when it forayed into capital market asregistrar.Evolution of KARVY:It is well said that success is a journey not a destination and we can see it being provedby karvy. Under this section we will see that how this “karvy and company” of 1980became “karvy” of 2008. Karvy blossomed with the setting up of its first branch atMumbai during the year 1987-88. The turning point came in the year 1989 when itdecided to enter into one of the not only emerging rather potential field too i.e; stockbroking. It added the feather of stock broking into its cap. At the same time it becamethe member of Hyderabad Stock Exchange through associate firm karvy securities ltdand then karvy never looked back……..it went on adding services one after another, itentered into retail stock broking in the year 1990. Karvy investor service centers wereset up in the year 1992. Karvy which already enjoyed a wide network through itsinvestor service centers, entered into financial product distribution services in the year1993. One year more and karvy was now dealing into mutual fund services too in theyear 1994 but it didn’t stopped there, it stepped into corporate finance and investmentbanking in the year 1995.Karvy’s strategy has always been being the first entrant in the market. Karvy again hitthe limelight by becoming the first registrar in the country to be awarded ISO 9002 inthe year 1997. Then it stepped into the other most happening sector i.e; IT enabledservices by establishing its own BPO units and at a gap of just 1 year it took the path ofe-Business through its website www.karvy.com . Then it entered into insurance servicesin the year 2001 with the launch of its retail arm “karvy- the finapolis: your personalfinance advisor”. Then in the year 2002 it launched its PCG(Private Client Group) whichlooks after its High Networth Individuals .and maintain their portfolio and providesthem with other financial services. In the year 2003, it commenced secondary debt andWDM trading.It was a decade which saw many Indian companies going global…..so why the largestfinancial service provider of India should lag behind? Hence, karvy launched “karvyglobal services limited” after entering into a joint venture with Computershare, Australia 11 projectsformba.blogspot.com
  12. 12. projectsformba.blogspot.comin the year 2004.the year 2004 also saw karvy entering into commodities marketingthrough karvy comtrade.Year 2005 saw karvy establishing a separate branch for its insurance services under thehead “ karvy insurance broking ltd” and in the same year, after being impressed with therapid growth of karvy stock broking limited, PCG group of Hong Kong acquired 25%stake at KSBL. In the year 2006, karvy entered into one of the hottest sector of presenttime i.e real estate through Karvy realty& services (India) ltd. hence , we can see nowkarvy being established as the lagest financial service provider of the country.Now karvy group consists of 8 highly renowned entities which are as follow:1. : The first securities registry to receive ISO 9002 certification inIndia. Registered with SEBI as Category I Registrar, is Number 1 Registrar in theCountry. The award of being ‘Most Admired’ Registrar is one among many of theacknowledgements we received for our customer friendly and competent services.2. : karvy stock broking ltd. Consists of five units namely stockbroking servics, depository participant, advisory services, distribution of financialproducts, advisory services and private client goups.3. : it is registered with SEBI as a category 1 merchant banker. Itsclientele includesinclude leading corporates, State Governments, foreign institutionalinvestors, public and private sector companies and banks, in Indian and global markets. 12 projectsformba.blogspot.com
  13. 13. projectsformba.blogspot.com4. : karvy insurance broking ltd is also a part of karvy stock brokingltd. At Karvy Insurance Broking Limited both life and non-life insurance products areprovided to retail individuals, high net-worth clients and corporates.5. : The company provides investment, advisory and brokerageservices in Indian Commodities Markets. And most importantly, it offer a wide reachthrough our branch network of over 225 branches located across 180 cities.6. : Karvy Global is a leading business and knowledge processoutsourcing Services Company offering creative business solutions to clients globally. Itoperates in banking and financial services, inurance, healthcare and pharmaceuticals,media , telecom and technology. It has its sales and business development office in NewYork, USA and the offshore global delivery center in Hyderabad, India7. : Karvy Realty (India) Limited is engaged in the business of realestate and property services offering: • Buying/ selling/ renting of properties • Identifying valuable investments opportunities in the real estate sector • Facilitating financial support for real estate and investments in properties • Real estate portfolio advisory services8. : it is a joint venture between Computershare, Australia and KarvyConsultants Limited, India in the registry management services industry.Organization structure of karvy: 13 projectsformba.blogspot.com
  14. 14. projectsformba.blogspot.comtalking about the organization structure of karvy, we have the board of directors as the supremegoverning body , the chairman being Mr. C parthasarthy, mr. m yugandhar as the managingdirector, mr m s ramakrishna andmr. Prasad v. potluri as directors. The board of diretors head the karvy group, karvy computershares limited, karvy investorsservices ltd., karvy comtrade, karvy stock broking ltd., and karvy global services ltd.Karvy group being the flagship company looks after the functional departments such ascorporate affairs, group human resources, finance & accounting, training & development,technology services and corporate quality.Karvy computershare private limited facilitates mutual fund services, share registry and issueregistry whereas merchant banking is looked after by karvy investor services ltd. Karvy stockbroking ltd heads its another branch too ie. Karvy insurance broking ltd. The services offered byKSBL are: stock broking, depository, research, distribution, personal client group andinstitutional desk. And finally the BPO services are managed by karvy global services ltd.Summarizing it in a diagram, it can be presented as: 14 projectsformba.blogspot.com
  15. 15. projectsformba.blogspot.comSpectrum of services offered by karvy:Karvy being the top registrar and transfer agent, functions as registrar in most of the issues in thecountry. Talking about the mutual fund services offered by karvy, we can get the products of 33AMCs over here. it deals in both closed ended funds as well as open ended too. Now one mustbe thinking why to get the mutual funds from karvy instead of getting it directly from AMCs???we have great reasons for it: the first one being ; if we avail the services of karvy then we can getthe information about all the AMCs and their products at a single place along with expertrecommendations whereas at an AMC we can get information about the products of that specificAMC only. And the second being wide network of karvy….nowadays we can find karvy officesat remote areas too. Along with these, karvy is very well handling the role of depository participant. Beingregistered with both the depositories i.e.; NSDL (national securities depository ltd) and CDSL(central depository services ltd), karvy can have access to both. Its wide network also facilitatesit in distribution of retail financial products. 15 projectsformba.blogspot.com
  16. 16. projectsformba.blogspot.comKarvy believes in being updated always. So it is always ready to use latest technologies so thatits clients always be in touch with the latest happenings along with karvy. It offers e-businessthrough internet through its website: www.karvy.com . Other than it, it also provides its variousservices through SMSes.Karvy’s services are not limited to its investors only rather its offerings are for its corporateclients and distributors too. it is very well aware of the fact that in this era of neck to neckcompetition, we cant ignore any of the aspects of our business….so there’s a offering foreverybody…everyone’s welcome at karvy.Why should investors choose for karvy?Excellence is next to nothing….and here at karvy everybody tries their best to offer excellentservices to its clientele through its offerings maintaining the karvy culture which includes:1. Controlled and low cost service culture: karvy is there to serve its client at the minimumpossible cost. it controls cost by its various cost- cutting techniques and minimization ofavoidable costs.2. Large volume processing capability: being the largest financial service provider in thecountry, it has the unique distinction of operating its activities on a large scale which benefits allthe parties cordially.3. Adherence to strict time schedule: karvy knows that time is money and tries it best to finishthe task within the stipulated time schedule.4. Expertise in coordinating multi-location responses: karvy has got a wide network and henceone can find its branches at most of the places in India. Thus it enjoys its presence everywhereand coordinates among itself in solving the queries and in responding to any situation.5.Expertise in managing independent entities such as banks, post-office etc.: the work culture ofkarvy and the ethics followed inside karvy makes its workforce compatible with everybody, sothe karvy people establishes good coordination with independent entities too.6. Pooling of group resources: karvy group consists of eight subsidiaries, so it can easily poolup its resources for accomplishment of its goals, whenever needed. The groups can help eachother whenever there are peaks and lows, and even in the case when they have huge targets justas we saw few years back, Tata group pooling its resources to acquire Corus.How karvy achieved it? 16 projectsformba.blogspot.com
  17. 17. projectsformba.blogspot.comThe core competency of karvy lies in the following points due to which it enjoys a competitiveedge over its competitors. The following culture adopted by karvy makes it all time favoriteamong its clientele:1. Professionally managed by qualified and trained manpower.2. Uniquely structured in-house software and hardware department3. Query handling within 48 hrs.4. Strong secretarial, accounting and audit systems.5. Unique work culture of working 7 days a week in 3 shifts.6. Unmatched network spreading all over India.How Achievements sounds synonymous to karvy:The landmarks achieved by karvy very well define its success story. In the previouspages, we learnt how a company started by five chartered accountants, named as karvyand company turned into today’s karvy group, the largest financial intermediary ofIndia. But success didn’t came to karvy at a flow, the hard work and dedication of itsworkforce made it what it is today…gradually it achieved the following landmarks andnow it has became what we call the karvy group, now it is:1.largest independent distributor for financial products.2.amongst the top 5 stock broker.3.among the top 3 depository participants.4.largest network of branches & business associates.5.ISO 9002 certified operations by DNV.6.Amongst top 10 investment bankers.7.adjudged as one of the top 50 IT users in India by MIS south Asia.8.full- fledged IT driven operation.9.India’s no.1 registrar & securities transfer agent.Clientele of karvy:Karvy’s culture has helped karvy in achieving such a distinct position in the market where it canboast of its huge client base. Be it a retail investor investing Rs. 500 in a SIP in Reliance mutual 17 projectsformba.blogspot.com
  18. 18. projectsformba.blogspot.comfund or be it the largest corporate house of the country: Reliance industries- everybody isheading towards karvy for their wealth maximization, lets have a look at the clientele of karvy :According to the datas published in year 2007, karvy stock broking ltd. Operatesthrough more than 12000 terminals, more than 290000 accounts are maintained andcommands over 3.14% market share of NSE. The distribution services has access tomore than Rs. 40 billion Assets Under Management. Karvy being a depositoryparticipant with both NSDL and CDSL, manages more than 700000 accounts from morethan 380 locations. Talking about the registry services, it manages over 750 public/ rightissues.at the same time, it is managing over 16 million portfolios as registrar. If we tooka look at some of the top corporate houses availing the services of karvy then we have:Reliance, IOC, IDBI,LIC, Hindustan Unilever, Principal Mutual Fund, Duetsche Mutual Fund,Yogokawa, Marico Industries, Patni Computers, Morgan Stanley, Glenmark, CRISIL, 3M,Kotak Mahindra Bank, Bharti Televenture, Infosys Technologies, Wipro, Infotech, IPCL,TATAconsultancy services, UTI mutual fund etc. Thus in total karvy serves over 16 million investorsand 300 corporates.Now, as the project was carried on in Kolkata, so there is a special referenceto working of karvy at eastern zone and mutual funds in particular.KARVY at eastern zone:Karvy stock Broking Ltd was started 11 yrs ago i.e.; during the year 1996 at Jatin Das roadwhich was later on established as the regional head office. Presently Mr. Alok Chaturvedi isheading the eastern zone. Talking about the zonal offices, Karvy has zonal offices at Kolkata,south Bengal, north Bengal, North east, Jharkhand, Bihar, Orissa and Chhattisgarh. Each zonaloffice has got its own zonal heads. Karvy is a member of three stock exchanges of India:National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and Hyderabad StockExchange (HSE). 18 projectsformba.blogspot.com
  19. 19. projectsformba.blogspot.comHierarchical Structure in diagram:The above diagram shows the hierarchy of Karvy stock broking ltd. It can be easily depictedfrom the diagram that the regional head (presently Mr. Alok Chaturvedi) is the supreme in theeastern region, under whom the various zonal heads operate and under these zonal heads, thebranch heads operate. Between each level o the hierarchy, there exists a coordinator, who acts asthe facilitator between the different heads.Karvy at Kolkata:Now if we look at karvy’s branch offices at Kolkata, then there exist ten branches of karvy atKolkata, which are as follow:1. Lake Town.2. Burra bazaar.3. Shyam bazaar.4. Dalhousie. 19 projectsformba.blogspot.com
  20. 20. projectsformba.blogspot.com 5. New Alipore. 6. Behala. 7. Jatin Das Road. 8. Phoolbagan. 9. Salt Lake. 10. Howrah. Structure according to the Products offered by Karvy: REGIONAL HEADS PRODUCT HEADS Debt divisio Realty n Insura Stock Deposi MerchMutua nce comm tory ant & brokin KAl funds brokin odities g partici inv.ba PMS g pant nking KARVY Mutual Fund Services: Mutual funds have servings for everybody. Whichever type of investor you are, you will surely get a mutual fund meeting your requirements. But investing in mutual funds is no child’s play therefore karvy mutual fund advisory services is there to guide in each and every step of investment in mutual funds so that the dream of wealth creation doesn’t 20 projectsformba.blogspot.com
  21. 21. projectsformba.blogspot.comturns into nightmares. Its offerings includes: products of all the 33 major AMCs,research report about all the existing funds as well as NFOs, customized mutual fundportfolios designed for individual as well as institutional customers, it not only designthe portfolios rather it offers continuous portfolio revision too depending on changingmarket outlook and evolving trends, it further gives access to its online consolidatedportfolio statement. Thus karvy with its various offerings makes the investor feel safe inthis dynamic environment of the Indian financial market.Karvy Computershare mutual fund services offers investors services, distributor services andclient services. It can be said that karvy is dedicated towards providing quality service to allthese three facets of the investment process.Karvy being an intermediary is well registered with the Association of Mutual Funds of India(AMFI). KARVY has got the registration no [ARN 0018] for mutual funds, which is mentionedon every form. After the procurement of forms from various AMCs, the forms are passed on toits various zonal and branch offices (as per their requirements) and then further processing isdone either directly or through sub-brokers.Karvy operates through its sub- brokers, associates and its excellent pool of own directemployees. The employees are offered salary by karvy whereas the sub- brokers and associatesget certain commission. Karvy has 70 branches and 3 franchisees in the eastern region. All thework of mutual funds is regulated from Rashbehari avenue branch, an extension of the JDRbranch.The main source of earning for KARVY is the brokerage offered by the various AMCs knownas pay-in. The amount offered may vary from AMC to AMC. Also, the franchisees have to pay acertain amount every month. Now karvy also pay a certain amount to the sub brokers andassociates known as pay-out. The payout is decided according to the procurement done by them.Recruitment:Karvy has an enviable pool of dynamic employees. Its people power has a great contribution inmaking it the No. 1 financial intermediary. All the employees of karvy dealing in mutual fundshave to go through AMFI test. The recruitment process is at par with the industry standards, it ismostly done through campus recruitment from reputed B- schools. Other than that, it alsorecruits through direct interviews and GDs as per their requirement. 21 projectsformba.blogspot.com
  22. 22. projectsformba.blogspot.comKarvy never compromises with quality that’s the reason it is excelling by providing qualityservices to all the investors, clients, AMCs etc. associated with it. 22 projectsformba.blogspot.com
  23. 23. projectsformba.blogspot.commUtUAlfUnDS23 projectsformba.blogspot.com
  24. 24. projectsformba.blogspot.comit’s all about mutual funds:Mutual funds: A mutual fund is a professionally-managed firm of collective investments thatpools money from many investors and invests it in stocks, bonds, short-term money marketinstruments, and/or other securities.in other words we can say that A Mutual Fund is a trustregistered with the Securities and Exchange Board of India (SEBI), which pools up the moneyfrom individual / corporate investors and invests the same on behalf of the investors /unitholders, in equity shares, Government securities, Bonds, Call money markets etc., anddistributes the profits.The value of each unit of the mutual fund, known as the net asset value (NAV), is mostlycalculated daily based on the total value of the fund divided by the number of shares currentlyissued and outstanding. The value of all the securities in the portfolio in calculated daily. Fromthis, all expenses are deducted and the resultant value divided by the number of units in the fundis the fund’s NAV. NAV = Total value of the fund………………. No. of shares currently issued and outstandingAdvantages of a MF – Mutual Funds provide the benefit of cheap access to expensive stocks – Mutual funds diversify the risk of the investor by investing in a basket of assets – A team of professional fund managers manages them with in-depth research inputs from investment analysts. – Being institutions with good bargaining power in markets, mutual funds have access to crucial corporate information, which individual investors cannot access.History of the Indian mutual fund industry:The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, atthe initiative of the Government of India and Reserve Bank. The history of mutual funds in Indiacan be broadly divided into four distinct phases.First Phase – 1964-87Unit Trust of India (UTI) was established on 1963 by an Act of Parliament by the Reserve Bankof India and functioned under the Regulatory and administrative control of the Reserve Bank ofIndia. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India 24 projectsformba.blogspot.com
  25. 25. projectsformba.blogspot.com(IDBI) took over the regulatory and administrative control in place of RBI. The first schemelaunched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assetsunder 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 andLife 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 byCanbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian BankMutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LICestablished its mutual fund in June 1989 while GIC had set up its mutual fund in December1990.At the end of 1993, the mutual fund industry had assets under management of Rs.47,004crores.Third Phase – 1993-2003 (Entry of Private Sector Funds)1993 was the year in which the first Mutual Fund Regulations came into being, under which allmutual 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 inJuly 1993.The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive andrevised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (MutualFund) Regulations 1996. As at the end of January 2003, there were 33 mutual funds with totalassets of Rs. 1,21,805 crores.Fourth Phase – since February 2003In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcatedinto two separate entities. One is the Specified Undertaking of the Unit Trust of India with assetsunder management of Rs.29,835 crores as at the end of January 2003, representing broadly, theassets of US 64 scheme, assured return and certain other schemesThe second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registeredwith SEBI and functions under the Mutual Fund Regulations. consolidation and growth. As atthe end of September, 2004, there were 29 funds, which manage assets of Rs.153108 croresunder 421 schemes. 25 projectsformba.blogspot.com
  26. 26. projectsformba.blogspot.comCategories of mutual funds:Mutual funds can be classified as follow:  Based on their structure: • Open-ended funds: Investors can buy and sell the units from the fund, at any point of time. • Close-ended funds: These funds raise money from investors only once. Therefore, after the offer period, fresh investments can not be made into the fund. If the fund is listed on a stocks exchange the units can be traded like stocks (E.g., Morgan Stanley Growth Fund). Recently, most of the New Fund Offers of close-ended funds provided liquidity 26 projectsformba.blogspot.com
  27. 27. projectsformba.blogspot.com window on a periodic basis such as monthly or weekly. Redemption of units can be made during specified intervals. Therefore, such funds have relatively low liquidity.  Based on their investment objective: Equity funds: These funds invest in equities and equity related instruments. With fluctuating share prices, such funds show volatile performance, even losses. However, short term fluctuations in the market, generally smoothens out in the long term, thereby offering higher returns at relatively lower volatility. At the same time, such funds can yield great capital appreciation as, historically, equities have outperformed all asset classes in the long term. Hence, investment in equity funds should be considered for a period of at least 3-5 years. It can be further classified as: i) Index funds- In this case a key stock market index, like BSE Sensex or Nifty is tracked.Their portfolio mirrors the benchmark index both in terms of composition and individual stockweightages.ii) Equity diversified funds- 100% of the capital is invested in equities spreading across differentsectors and stocks.iii|) Dividend yield funds- it is similar to the equity diversified funds except that they invest incompanies offering high dividend yields.iv) Thematic funds- Invest 100% of the assets in sectors which are related through some theme.e.g. -An infrastructure fund invests in power, construction, cements sectors etc.v) Sector funds- Invest 100% of the capital in a specific sector. e.g. - A banking sector fund willinvest in banking stocks.vi) ELSS- Equity Linked Saving Scheme provides tax benefit to the investors.Balanced fund: Their investment portfolio includes both debt and equity. As a result, on therisk-return ladder, they fall between equity and debt funds. Balanced funds are the ideal mutualfunds vehicle for investors who prefer spreading their risk across various instruments. Followingare balanced funds classes:i) Debt-oriented funds -Investment below 65% in equities.ii) Equity-oriented funds -Invest at least 65% in equities, remaining in debt. 27 projectsformba.blogspot.com
  28. 28. projectsformba.blogspot.comDebt fund: They invest only in debt instruments, and are a good option for investors averse toidea of taking risk associated with equities. Therefore, they invest exclusively in fixed-incomeinstruments like bonds, debentures, Government of India securities; and money marketinstruments such as certificates of deposit (CD), commercial paper (CP) and call money. Putyour money into any of these debt funds depending on your investment horizon and needs.i) Liquid funds- These funds invest 100% in money market instruments, a large portion beinginvested in call money market.ii)Gilt funds ST- They invest 100% of their portfolio in government securities of and T-bills.iii)Floating rate funds - Invest in short-term debt papers. Floaters invest in debt instrumentswhich have variable coupon rate.iv)Arbitrage fund- They generate income through arbitrage opportunities due to mis-pricingbetween cash market and derivatives market. Funds are allocated to equities, derivatives andmoney markets. Higher proportion (around 75%) is put in money markets, in the absence ofarbitrage opportunities.v)Gilt funds LT- They invest 100% of their portfolio in long-term government securities.vi) Income funds LT- Typically, such funds invest a major portion of the portfolio in long-termdebt papers.vii) MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and an exposure of10%-30% to equities.viii)FMPs- fixed monthly plans invest in debt papers whose maturity is in line with that of thefund.Investment strategies:1. Systematic Investment Plan: under this a fixed sum is invested each month on a fixed dateof a month. Payment is made through post dated cheques or direct debit facilities. The investorgets fewer units when the NAV is high and more units when the NAV is low. This is called asthe benefit of Rupee Cost Averaging (RCA)2. Systematic Transfer Plan: under this an investor invest in debt oriented fund and giveinstructions to transfer a fixed sum, at a fixed interval, to an equity scheme of the same mutualfund.3. Systematic Withdrawal Plan: if someone wishes to withdraw from a mutual fund then hecan withdraw a fixed amount each month. 28 projectsformba.blogspot.com
  29. 29. projectsformba.blogspot.comRisk v/s. return: 29 projectsformba.blogspot.com
  30. 30. projectsformba.blogspot.comWorking of a Mutual fund:The entire mutual fund industry operates in a very organized way. The investors, known as unitholders,handover their savings to the AMCs under various schemes. The objective of theinvestment should match with the objective of the fund to best suit the investors’ needs. TheAMCs further invest the funds into various securities according to the investment objective.The return generated from the investments is passed on to the investors or reinvested asmentioned in the offer document.Regulatory Authorities:To protect the interest of the investors, SEBI formulates policies and regulates the mutual funds. Itnotified regulations in 1993 (fully revised in 1996) and issues guidelines from time to time.SEBI approved Asset Management Company (AMC) manages the funds by making investments invarious types of securities. Custodian, registered with SEBI, holds the securities of various schemes ofthe fund in its custody.According to SEBI Regulations, two thirds of the directors of Trustee Company or board of trusteesmust be independent.The Association of Mutual Funds in India (AMFI) reassures the investors in units of mutual funds thatthe mutual funds function within the strict regulatory framework. Its objective is to increase publicawareness of the mutual fund industry. AMFI also is engaged in upgrading professional standards andin promoting best industry practices in diverse areas such as valuation, disclosure, transparency etc. 30 projectsformba.blogspot.com
  31. 31. projectsformba.blogspot.comDocuments required (PAN mandatory):Proof of identity :1.photo PAN card2. In case of non-photo PAN card in addition to copy of PAN card any one of the following: drivinglicense/passport copy/ voter id/ bank photo pass book.Proof of address (any of the following ) :latest telephone bill, latest electricity bill, Passport, latest bankpassbook/bank account statement, latest Demat account statement, voter id, driving license, ration card,rent agreement.Offer document: an offer document is issued when the AMCs make New Fund Offer(NFO). Itsadvisable to every investor to ask for the offer document and read it before investing. An offerdocument consists of the following:Standard Offer Document for Mutual Funds (SEBI Format) Summary Information Glossary of Defined Terms Risk Disclosures Legal and Regulatory Compliance Expenses Condensed Financial Information of Schemes Constitution of the Mutual Fund Investment Objectives and Policies Management of the Fund Offer Related Information.Key Information Memorandum: a key information memorandum, popularly known as KIM, isattached along with the mutual fund form. And thus every investor get to read it. Its contents are:1.name of the fund.2.investment objective3.asset allocation pattern of the scheme.4.risk profile of the scheme5.plans & options6.minimum application amount/ no. of units7.benchmark index8.dividend policy9.name of the fund manager(s)10.expenses of the scheme: load structure, recurring expenses11.performance of the scheme (scheme return v/s. benchmark return) 31 projectsformba.blogspot.com
  32. 32. projectsformba.blogspot.com12.year- wise return for the last 5 financial year.Distribution channels:mutual funds posses a very strong distribution channel so that the ultimate customers doesn’t face anydifficulty in the final procurement. The various parties involved in distribution of mutual funds are:1.Direct marketing by the AMCs: the forms could be obtained from the AMCs directly. Theinvestors can approach to the AMCs for the forms. some of the top AMCs of India are;Reliance ,Birla Sunlife, Tata, SBI magnum, Kotak Mahindra, HDFC, Sundaram, ICICI, MiraeAssets, Canara Robeco, Lotus India, LIC, UTI etc. whereas foreign AMCs include: StandardChartered, Franklin Templeton, Fidelity, JP Morgan, HSBC, DSP Merill Lynch, etc.2.broker/ sub broker arrangements: the AMCs can simultaneously go for broker/sub-broker topopularize their funds. AMCs can enjoy the advantage of large network of these brokers andsub brokers.eg: KARVY being the top financial intermediary of India has the greatest network.So the AMCs dealing through KARVY has access to most of the investors.3.Individual agents, Banks, NBFC: investors can procure the funds through individual agents,independent brokers, banks and several non- banking financial corporations too, whichever hefinds convenient for him.Costs associated:Expenses:AMCs charge an annual fee, or expense ratio that covers administrative expenses, salaries,advertising expenses, brokerage fee, etc. A 1.5% expense ratio means the AMC chargesRs1.50 for every Rs100 in assets under management. A funds expense ratio is typically to thesize of the funds under management and not to the returns earned. Normally, the costs ofrunning a fund grow slower than the growth in the fund size - so, the more assets in the fund,the lower should be its expense ratioLoads:Entry Load/Front-End Load (0-2.25%)- its the commission charged at the time of buyingthe fund to cover the cost of selling, processing etc.Exit Load/Back- End Load (0.25-2.25%)- it is the commission or charged paid when aninvestor exits from a mutual fund, it is imposed to discourage withdrawals. It may reduce to 32 projectsformba.blogspot.com
  33. 33. projectsformba.blogspot.comzero with increase in holding period.Measuring and evaluating mutual funds performance:Every investor investing in the mutual funds is driven by the motto of either wealth creation orwealth increment or both. Therefore it’s very necessary to continuously evaluate the funds’performance with the help of factsheets and newsletters, websites, newspapers andprofessional advisors like karvy mutual fund services. If the investors ignore the evaluation offunds’ performance then he can loose hold of it any time. In this ever-changing industry, hecan face any of the following problems:1.variation in the funds’ performance due to change in its management/ objective.2.the funds’ performance can slip in comparison to similar funds.3. there may be an increase in the various costs associated with the fund.4.beta, a technical measure of the risk associated may also surge.5.the funds’ ratings may go down in the various lists published by independent rating agencies.6.it can merge into another fund or could be acquired by another fund house.Performance measures:Equity funds: the performance of equity funds can be measured on the basis of: NAVGrowth, Total Return; Total Return with Reinvestment at NAV, Annualized Returns andDistributions, Computing Total Return (Per Share Income and Expenses, Per Share CapitalChanges, Ratios, Shares Outstanding), the Expense Ratio, Portfolio Turnover Rate, Fund Size,Transaction Costs, Cash Flow, Leverage.Debt fund: likewise the performance of debt funds can be measured on the basis of: PeerGroup Comparisons, The Income Ratio, Industry Exposures and Concentrations, NPAs,besides NAV Growth, Total Return and Expense Ratio. 33 projectsformba.blogspot.com
  34. 34. projectsformba.blogspot.comLiquid funds: the performance of the highly volatile liquid funds can be measured on thebasis of: Fund Yield, besides NAV Growth, Total Return and Expense Ratio.Concept of benchmarking for performance evaluation:Every fund sets its benchmark according to its investment objective. The funds performance ismeasured in comparison with the benchmark. If the fund generates a greater return than thebenchmark then it is said that the fund has outperformed benchmark , if it is equal tobenchmark then the correlation between them is exactly 1. And if in case the return is lowerthan the benchmark then the fund is said to be underperformed.some of the benchmarks are:1.equity funds: market indices such as S&P CNX nifty, BSE100, BSE200, BSE-PSU, BSE 500index, BSE bankex, and other sectoral indices.2.debt funds: Interest Rates on Alternative Investments as Benchmarks, I-Bex Total ReturnIndex, JPM T-Bill Index Post-Tax Returns on Bank Deposits versus Debt Funds.3. liquid funds: Short Term Government Instruments’ Interest Rates as Benchmarks, JPM T-Bill IndexTo measure the fund’s performance, the comparisons are usually done with:I)with a market index.ii)funds from the same peer group.iii)other similar products in which investors invest their funds.Financial planning for investors( ref. to mutual funds):Investors are required to go for financial planning before making investments in any mutualfund. The objective of financial planning is to ensure that the right amount of money isavailable at the right time to the investor to be able to meet his financial goals. It is more thanmere tax planning. Steps in financial planning are: Asset allocation. 34 projectsformba.blogspot.com
  35. 35. projectsformba.blogspot.com Selection of fund. Studying the features of a scheme.In case of mutual funds, financial planning is concerned only with broad asset allocation,leaving the actual allocation of securities and their management to fund managers. A fundmanager has to closely follow the objectives stated in the offer document, because financialplans of users are chosen using these objectives.Why has it become one of the largest financial instruments?If we take a look at the recent scenario in the Indian financial market then we can find themarket flooded with a variety of investment options which includes mutual funds, equities,fixed income bonds, corporate debentures, company fixed deposits, bank deposits, PPF, lifeinsurance, gold, real estate etc. all these investment options could be judged on the basis ofvarious parameters such as- return, safety convenience, volatility and liquidity. measuringthese investment options on the basis of the mentioned parameters, we get this in a tabularform 35 projectsformba.blogspot.com
  36. 36. projectsformba.blogspot.comReturnSafetyVolatilityLiquidityConvenienceEquityHighLowHighHighModerateBondsModerateHighModerateModerateHighCo.DebenturesModerateModerateModerateLowLowCo. FDsModerateLowLowLow 36 projectsformba.blogspot.com
  37. 37. projectsformba.blogspot.com  Which feature of the mutual funds allure you most? Diversification 42 Professional management 29  According to you which is the most suitable stage to invest in mutual funds?Young unmarried stage 55Young Married with children stage 32Married with older children stage 21 37 projectsformba.blogspot.com
  38. 38. projectsformba.blogspot.comPre retirement stage 27  Are you availing the services of personal financial advisors? Yes 87 No 48 38 projectsformba.blogspot.com
  39. 39. projectsformba.blogspot.com  Which expertise of the personal financial advisor is demanded most?Portfolio review & investment 43recommendationPlanning to achieve specific financial goals 35Managing assets in retirement 30Access to specialists in areas such as tax 27planning 39 projectsformba.blogspot.com
  40. 40. projectsformba.blogspot.com  What is the major reason for using financial advisors?Want help with asset allocation 42Don’t have enough time to make own 23decisionTo explain various investment options 37Want to have surety about financial goals 33  What is the major reason for not using financial advisor?Have access to all resources needed 18Believe advisors are too expensive 53Unsure how to find a trustworthy advisor 21Want to be in control of own investments 43 40 projectsformba.blogspot.com
  41. 41. projectsformba.blogspot.comResearch findings and conclusions: At the survey conducted upon 200 people, 135 are already mutual fund investors or are interested to invest in future and the remaining 65 are not interested in it. So there is enough scope for the advisors to convert those 65 participants into investors through their convincing power and great communication skills. Now, when those 65 people were asked about the reason of not investing in mutual funds, then most of the people held their ignorance responsible for that. They lacked knowledge and information about the mutual funds. Whereas just 10 people enjoyed investing in other option. For 18 people, the benefits arousing from these investments were not enough to drive them for investment in MFs and 12 people expressed no trust over the fund managers’ decision. Again the financial advisors can tap upon these people by educating them about mutual funds. Out of the 135 persons who already have invested in mutual funds/ are interested to invest, only 18% have sound knowledge of MFs, 34% people are aware of only the schemes in which they have invested. 27% possess partial knowledge whereas 21% stands nowhere in knowledge about MFs. 33 participants buy forms directly from the AMCs, 28 from brokers only, 55 from brokers and sub-brokers even then 15 people buy from other sources. The brokers and sub brokers have the maximum reach so they should try to make those investors aware f the happenings, even the AMCs should follow it. 41 projectsformba.blogspot.com
  42. 42. projectsformba.blogspot.com  When asked about the most alluring feature of MFs, most of them opted for diversification, followed by reduction in risk, helps in achieving long term goals and helps in achieving long term goals respectively.  Most of the investor preferred to invest at a young unmarried stage. Even 32 persons were ready to invest at a stage of young married with children but person with older children avoid investing due to increased expenses. But again the number rose to 27 at pre-retirement stage.  Out of them 87 were already availing the services of financial advisors whereas 48 didn’t. When asked about the expertise of financial advisors which they liked most? 43 of them favored portfolio review and investment recommendation, followed by planning to achieve long term goals, managing assets in retirement and access to specialists in area such as tax planning.  42 participants regarded asset allocation as the major reason for going for financial advisors. 37 of them needed them to explain them the various investment options available.33 of them wanted to make sure that they were saving enough to meet their financial goals. While just 23 gave the reason- lack of time.  When asked about one reason for not availing the services of financial advisors, about 53 of them pointed the advisors as expensive. 43 of them wished to be in control of their own assets.21 of them said that they find it difficult to get trustworthy advisors. Whereas 18 of them said they have access to all the necessary resources required.Recommendations:The most vital problem spotted is of ignorance. Investors should be made aware of the benefits.Nobody will invest until and unless he is fully convinced. Investors should be made to realizethat ignorance is no longer bliss and what they are losing by not investing.Mutual funds offer a lot of benefit which no other single option could offer. But most of thepeople are not even aware of what actually a mutual fund is? They only see it as just anotherinvestment option. So the advisors should try to change their mindsets. The advisors shouldtarget for more and more young investors. Young investors as well as persons at the height oftheir career would like to go for advisors due to lack of expertise and time. 42 projectsformba.blogspot.com
  43. 43. projectsformba.blogspot.comThe advisors may try to highlight some of the value added benefits of MFs such as tax benefit,rupee cost averaging, and systematic transfer plan, rebalancing etc. these benefits are not offeredby other options singlehandedly. So these are enough to drive the investors towards mutualfunds. Investors could also try to increase the spectrum of services offered.Now the most important reason for not availing the services of advisors was spotted was beingexpensive. The advisors should try to charge a nominal fee at the beginning. But if not possiblethen they could go for offering more services and benefits at the existing rate. They should alsomaintain their decency and follow the code of ethics so that the investors could trust upon them.Thus the advisors should try to attract more and more persons and turn them into investors andfinally their clients.Exhibit 1Questionnaire:  .have you invested /are you interested to invest in mutual funds? Yes [ ] No [ ] (plz. attempt the next question)  .what is the most important reason for not investing in mutual funds? Lack of knowledge about mutual funds [ ] Enjoys investing in other options [ ] Its benefits are not enough to drive you for investment [ ] No trust over the fund managers [ ]  .where do you find yourself as a mutual fund investor? 43 projectsformba.blogspot.com
  44. 44. projectsformba.blogspot.com Totally ignorant [ ] Partial knowledge of mutual funds [ ] Aware only of any specific scheme in which you invested [ ] Fully aware [ ] .where from you purchase mutual funds? Directly from the AMCs [ ] Brokers only [ ]Brokers/ sub-brokers [ ]Other sources [ ] .which feature of the mutual funds allure you most?Diversification [ ]Professional management [ ]Reduction in risk and transaction cost [ ]Helps in achieving long term goals [ ] . According to you which is the most suitable stage to invest in mutual funds? Young unmarried stage [ ] Young Married with children stage [ ] Married with older children stage [ ] Pre-retirement stage [ ] . are you availing the services of personal financial advisors? YES [ ] NO [ ] .which expertise of the personal financial advisor is demanded most? 44 projectsformba.blogspot.com
  45. 45. projectsformba.blogspot.com Portfolio review & investment recommendation [ ] Planning to achieve specific financial goals [ ] Managing assets in retirement [ ] Access to specialist in areas such as tax planning [ ]  .what is the major reason for using financial advisors? Want help with asset allocation [ ] Don’t have time to make my own investment decision [ ] To explain various investment options [ ] Want to make sure I am investing enough to meet my financial goals [ ]  .what is the major reason for not using financial advisor? Have access to all resources needed to invest on own [ ] Believe advisors are too expensive [ ] Unsure how to find a trustworthy advisor [ ] Want to be in control of own investment [ ] Bibliography:Websites:www.the-finapolis.comwww.karvy.comwww.mutualfundsindia.comwww.valueresearchonline.comwww.moneycontrol.comwww.morningstar.com 45 projectsformba.blogspot.com
  46. 46. projectsformba.blogspot.comwww.yahoofinance.comwww.theeconomictimes.comwww.rediffmoney.comwww.bseindia.comwww.nseindia.comwww.investopedia.comjournals & other references:Karvy –the finapolisKarvy- business associates manualThe Economic TimesBusiness StandardThe TelegraphBusiness IndiaFact sheet and statements of various fund houses. 46 projectsformba.blogspot.com

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