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Mutual funds

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  • ABROAD MUTUAL FUND IS A VERY INNOVATIVE INDUSTRY DID LITTLE TO INNOVATE WITH INNOVATION 70% SCHEMES CLOSE ENDED WITH POOR RETURNS UTI STILL CONTINUES WITH PLAIN VANILLA SCHEMES INNOVATION ONLY IN OPEN END SCHEMES TWO METHODS OF DESIGN - INVESTMENT TAGET BASED( WE HAVE USED SO FAR) - NEED BASED(E.G. CHILDREN GIFT GROWTH SCHEME OF UTI) TARGET BASED FUNDS HAVE FAILED MISERABLY DUE TO POOR FUND MGT. TIME TO DESIGN SECTOR, LOCATION AND THEME BASED MUTUAL FUNDS
  • ABROAD MUTUAL FUND IS A VERY INNOVATIVE INDUSTRY DID LITTLE TO INNOVATE WITH INNOVATION 70% SCHEMES CLOSE ENDED WITH POOR RETURNS UTI STILL CONTINUES WITH PLAIN VANILLA SCHEMES INNOVATION ONLY IN OPEN END SCHEMES TWO METHODS OF DESIGN - INVESTMENT TAGET BASED( WE HAVE USED SO FAR) - NEED BASED(E.G. CHILDREN GIFT GROWTH SCHEME OF UTI) TARGET BASED FUNDS HAVE FAILED MISERABLY DUE TO POOR FUND MGT. TIME TO DESIGN SECTOR, LOCATION AND THEME BASED MUTUAL FUNDS
  • ABROAD MUTUAL FUND IS A VERY INNOVATIVE INDUSTRY DID LITTLE TO INNOVATE WITH INNOVATION 70% SCHEMES CLOSE ENDED WITH POOR RETURNS UTI STILL CONTINUES WITH PLAIN VANILLA SCHEMES INNOVATION ONLY IN OPEN END SCHEMES TWO METHODS OF DESIGN - INVESTMENT TAGET BASED( WE HAVE USED SO FAR) - NEED BASED(E.G. CHILDREN GIFT GROWTH SCHEME OF UTI) TARGET BASED FUNDS HAVE FAILED MISERABLY DUE TO POOR FUND MGT. TIME TO DESIGN SECTOR, LOCATION AND THEME BASED MUTUAL FUNDS
  • ABROAD MUTUAL FUND IS A VERY INNOVATIVE INDUSTRY DID LITTLE TO INNOVATE WITH INNOVATION 70% SCHEMES CLOSE ENDED WITH POOR RETURNS UTI STILL CONTINUES WITH PLAIN VANILLA SCHEMES INNOVATION ONLY IN OPEN END SCHEMES TWO METHODS OF DESIGN - INVESTMENT TAGET BASED( WE HAVE USED SO FAR) - NEED BASED(E.G. CHILDREN GIFT GROWTH SCHEME OF UTI) TARGET BASED FUNDS HAVE FAILED MISERABLY DUE TO POOR FUND MGT. TIME TO DESIGN SECTOR, LOCATION AND THEME BASED MUTUAL FUNDS
  • ABROAD MUTUAL FUND IS A VERY INNOVATIVE INDUSTRY DID LITTLE TO INNOVATE WITH INNOVATION 70% SCHEMES CLOSE ENDED WITH POOR RETURNS UTI STILL CONTINUES WITH PLAIN VANILLA SCHEMES INNOVATION ONLY IN OPEN END SCHEMES TWO METHODS OF DESIGN - INVESTMENT TAGET BASED( WE HAVE USED SO FAR) - NEED BASED(E.G. CHILDREN GIFT GROWTH SCHEME OF UTI) TARGET BASED FUNDS HAVE FAILED MISERABLY DUE TO POOR FUND MGT. TIME TO DESIGN SECTOR, LOCATION AND THEME BASED MUTUAL FUNDS
  • Transcript

    • 1. WHAT IS A MUTUAL FUND? A Mutual Fund is a trust that pools the savings of a number of investors who share a common investment objective IN turn buy assets
    • 2. LEGAL STRUCTURE FUND SPONSPOR/SETTLOR KOTAK MAHINDRA FINANCE LTD. TRUST KOTAK MAHINDRA MUTUAL FUND TRUSTEE KOTAK MAHINDRA TRUSTEE CO. LTD. INVESTMENT MANAGER & ADVISOR KOTAK MAHINDRA ASSET MANAGEMENT CO. LTD. UNIT HOLDERS Contd…
    • 3. LEGAL STRUCTURE
      • APPOINTS
      • CUSTODIANS
      • REGISTRARS
      • BANKS
      • DISTRIBUTORS
      INVESTMENT MANAGER & ADVISOR KOTAK MAHINDRA ASSET MANAGEMENT CO. LTD.
    • 4. Working of a Mutual Fund FUND MANAGEMENT SECURITIES RETURNS INVESTORS Pool their money with Invest in Generate Passed back to INVESTORS GET A BLEND OF LIQUIDITY RETURNS & SAFETY INVEST IN BALANCED PORTFOLIO PORTFOLIO YIELDS HIGH RETURN TO MFs
      • MUTUAL FUND
      • LARGE CORPORATE
      • SPECIALISTS MANAGE
    • 5. TYPES OF MUTUAL FUNDS Type of Mutual Fund Schemes Structure Investment Objective Special Schemes Open Ended Funds Close Ended Funds Interval Funds Growth Funds Income Funds Balanced Funds Money Market Funds Industry Specific Schemes Index Schemes Sectoral Schemes
    • 6. MUTUAL FUNDS
      • OPEN ENDED
      • OPEN FOR ALL THE YEAR
      • MIN SUBS AMT 50CR
      • NO DURATION
      • REFUNDED IF MIN SUBS NOT ACHIEVED
      • REPURCHASED ANY TIME
      • REDEEMED AT NAV & LOAD FACTOR RANGES (4% TO 6%)
      • AS REPURCHSED SO NOT LISTED AT STOCK EX
      • TRADED AS PERMITTED LOT
      • DIVID MAY /MAY NOT
      • SWITCHOVER ALLOWED
      • CLOSE ENDED
      • OPEN FOR FIXED PERIOD
      • MIN SUBS AMT 20CR
      • DURATION (5TO7 YEARS)
      • REFUNDED IF MIN AMT NOT ACHIEVED
      • MAY BE REPURCHASED (AFTER 2 TO 3 YRS)
      • REDEMPTION SPECIFIED & DONE AT NAV - SERVICE CHARGE
      • LISTED AT STOCK EX
      • DIVID MAY/MAY NOT BE
      • SWITCHOVER ALLOWED
    • 7.
      • WHY INVEST IN MUTUAL FUNDS?
      • SAVE THROUGH MUTUAL FUNDS INVEST THROUGH MUTUAL FUNDS
      • Park surpluses
      • Short term investment
      • Easy liquidity
      • Tax benefits
      • Have a long term objective
      • Profile your risk
      • Select appropriate MF scheme,
      • based on risk return requirement
      • Mix of equity and debt
      • Invest regularly/with flexibility
    • 8. BENEFITS OF MUTUAL FUNDS
      • Professional Management & Analysis
      • Diversification & Divisibility
        • Across Companies & Sectors
      • Liquidity
        • Entry & Exit at NAV
      • Transparency
        • Regular disclosures
      • Convenient Administration (Record Keeping)
      • Low Costs of operations (Lower transaction cost)
      • Choice of schemes.
      • Well Regulated. (By SEBI)
    • 9. INVESTMENT OPTIONS High No price risk 9% - 10% Over 1 year Serial High Low Credit 9% - 10.5% 1 month – 12 months Bond High No 8% to 9.5% Overnight to 1 month Liquid Mutual Funds High Price Risk 7% - 9% <12 months T-Bills Routed thro’ PD’s Low 6.5% - 9% Overnight Call (thro’ PD’s) No secondary mkt. Medium 9% - 11% <180 days ICD’s Possible by breaking FD at cost Low 6% - 12% 7 days to 1 yr. Bank Deposits Liquidity Risk Pre-Tax Returns Tenure Instrument
    • 10. RIGHTS AS A MUTUAL FUND UNITHOLDER
      • Receive statement of accounts within 6 weeks from the date your request is received by the Mutual Fund
      • Receive information about the investment policies, objectives, financial position and general affairs of the scheme
      • Receive dividend within 30 days of their declaration, receive redemption proceeds within 10 days from the date of the valid redemption
      • Vote in accordance with the Regulations to:
      • - change the Asset Management Company
      • - wind up the schemes.
      • To receive communication from the Trustee about change in the fundamental attributes of any scheme
    • 11. MUTUAL FUNDS
      • STRUCTURAL ISSUES (MUTUAL FUNDS)
      • MUTUAL FUND (REGISTERED WITH SEBI) MEANS:
      • A FUND ESTABLISHED IN THE FORM OF TRUST
    • 12. MUTUAL FUNDS
      • STRUCTURAL ISSUES (MUTUAL FUNDS)
      • BY A SPONSOR
        • BODY CORPORATE WHO ACTING ALONE OR IN COMBINATION WITH ANOTHER BODY CORPORATE
        • FLOATS THE IDEA OF SETTING UP OF MUTUAL FUND
        • ESTABLISHES MUTUAL FUND IN FORM OF TRUST
        • TRUST DEED EXECUTED WITH BOARD OF TRUSTEES
        • REGISTERS IT WITH SEBI
        • 40% CONTRIBUTION TO AMC
    • 13. MUTUAL FUNDS
      • STRUCTURAL ISSUES (MUTUAL FUNDS)
      • TO RAISE MONIES BY TRUSTEES
        • HOLDG PROPERTY OF MF IN TRUST FOR BENEFIT OF UNIT HOLDERS
      • THROUGH THE SALE OF UNITS
        • REPRESENTING ONE UNDIVIDED SHARE IN THE ASSETS OF A SCHEME
      • FOR INVESTING IN SECURITIES
      • APPLICATION FEES:5000;
      • REGISTRATION FEES:10 LACS;
      • ANNUAL FEES : 1 LAC
    • 14. MUTUAL FUNDS
      • STRUCTURAL ISSUES(MUTUAL FUND TRUST)
      • MF TO BE CONSTITUTED IN FORM OF MF TRUST
      • MANAGED BY A BOARD OF TRUSTES IN WHOSE FAVOUR TRUST DEED IS EXECUTED BY SPONSORS
      • 50% MEMBERS NOT AFFILIATED WITH SPONSORS
      • CONTROLS ALL CAPITAL PROPERTY OF MF SCHEMES/ HOLDS THEM IN TRUST FOR HOLDERS
    • 15. MUTUAL FUNDS
      • STRUCTURAL ISSUES(MUTUAL FUND TRUST)
      • APPOINTS AMCs
      • ENSURES SCHEMES FLOATED & MANAGED BY AMC ARE IN ACCORDANCE WITH TRUST DEED
      • POWER TO OBTAIN REPORT/DISMISS AMC
      • AN AMC NOT TO ACT AS TRUSTEE OF ANY MF
      • APPOINT CUSTODIAN &SUPERVISE ITS ACTIVITIES
    • 16. MUTUAL FUNDS
      • STRUCTURAL ISSUES (MUTUAL FUND TRUST LIST)
      • ALLIANZ CAPITAL & MGT SERVICES LTD
      • ANZ GRINDLAYS BANK
      • TIMES MUTUAL FUNDS
      • UNIT TRUST OF INDIA
      • VLS FINANCE LTD.
      • KOTAK MAHINDRA FINANCE LTD
      • PRUDENTIAL CAPITAL MARKETS LTD.
      • SBI FUNDS MANAGEMENT LTD
      • CEAT MF & ASSET MANAGEMENT COMPANY LTD.
    • 17. MUTUAL FUNDS
      • STRUCTURAL ISSUES (AMC)
      • MFs OPERATED BY AMCs - APPTD BY TRUSTEES
      • AMCs & TRUSTEES TWO SEPARATE LEGAL ENTITIES & ARM’S LENGTH RELATIONSHIP MNTD
      • AMCs TO APPROVE MOA & AOA FROM SEBI
    • 18. MUTUAL FUNDS
      • STRUCTURAL ISSUES (AMC)
      • AMCs MIN NW 5 CR (40% CONTRIB BY SPOSORS)
      • 50% MEMBERS FROM OUTSIDE
      • CAN’T ACQUIRE OUTSIDE THE SCHEME PROPERTY
      • DISCLOSE REPURCHASE PRICE/NAV OF SCHEMES
    • 19. MUTUAL FUNDS
      • STRUCTURAL ISSUES (AMC LIST)
      • 20TH CENTURY AMC LTD
      • APPLE ASSET MGT LTD.
      • BOI AMC LTD.
      • CREDIT CAPITAL AMC LTD.
      • GIC AMC LTD.
      • ICICI AMC LTD.
      • ITC PIONEER AMC LTD.
      • MORGAN STANLY AM INDIA LTD.
      • PNB AMC LTD.
    • 20. MUTUAL FUNDS
      • STRUCTURAL ISSUES (INVESTMENT MIX)
      • EQUITY SHARES/EQUITY RELATED INSTRTS (CDs)/ DEBT INSTRUMENTS (NCDs, PSBONDS,GOVT SECT)/MONEY MARKET INSTRTS(TBs, CPs & BILLS)
      • 5% CAP FROM ONE SCHEME IN ONE CO’S SHARE
      • 10% CAP FROM ALL SCHEMES IN ONE CO’S SHARE
      • 15%CAP FROM ALL SCHEMES IN ONE INDUSTRY
      • TYPICAL ASSET MIX
      • SCHEME EQUITY DEBT MONEY MKT
      • GROWTH 70-90% 5-20% 0-10%
      • INCOME 20-30% 60-70% 0-15%
      • BALANCED 40-60% 40-50% 0-10%
    • 21. MUTUAL FUND INDUSTRY
      • KEY FINANCIALS
      • NAV= M.V OF FUND’S INVESTS+REC+ACCRUED INCOME- LIABILITIES-ACCRUED EXP
            • NO. OF SHARES OR UNITS OUTSTANDING
      • MARKET PRICE: IN CASE OF CLOSE ENDED
      • REPURCHASE/REISSUE PRICE: OPEN ENDED
      • DISCOUNT
      • RATE OF RETURN= NAV AT END-NAV AT BEGINNING + DIVIDEND PAID
              • NAV AT BEGINNING
      • INITIAL EXPENSES: CEILING OF 6%
      • RECURRING EXPENSES: MAX 3% OF AV NET ASSETS IN A YEAR
    • 22. MUTUAL FUND INDUSTRY
      • KEY FINANCIALS
      • LOADS(CHARGED TO MF SCHEME) THREE TYPES
      • INITIAL ISSUE EXP (6% OF FUND RAISED)HIDDEN
      • RECURRING EXP (3% MAX OF NET ASSETS)
        • OTHER THAN INITIAL ISSUE EXP/ INCLUDES TRUSTEESHIP FEES /INCLUDES INVST MGT & ADVISORY FEE OF AMC (1.25% UPTO RS 100 CR & 1% OVER 100 CR)
    • 23. MUTUAL FUND INDUSTRY
      • KEY FINANCIALS
      • LOADS(CHARGED TO MF SCHEME) THREE TYPES
      • AMC CHARGE FOR ISSUE/RECURRING COST(6%)
      • IN OPEN END SCHEME DIFF BETWEEN PURCHASE & SALE PRICE NOT TO EXCEED 7% OF SALE PRICE
      • BACK END (DISCOUNT TO NAV) DEDUCTED DURING REPURCHASE/REDEMPTION
    • 24. MUTUAL FUND INDUSTRY
      • KEY FINANCIALS
      • NAV OF A NO-LOAD FUND (20 LACS UNITS ISSUED)
      • VALUE OF SECURITIES HELD IN PORTFOLIO 500 LACS
      • CASH IN HAND OF MUTUAL FUND 10 LACS
      • TOTAL ASSETS 510 LACS
      • LESS : OUTSTANDING LIABILITIES 110 LACS
      • TOTAL NET ASSETS 400 LACS
      • THUS NAV = Rs 400 LACS =RS 20 PER UNIT
      • UNITS 20 LACS
      • IF 10,000 NEW UNITS ISSUED AT NAV OF RS 20 PER UNIT
      • THUS NAV = ^TOTAL ASSETS = RS 4,02,00,000 = RS 20 PER UNIT
      • ^UNITS UNITS 20,10,000
      • THUS NAV DOES NOT VARY DUE TO SELING OR BUYING
      • NAV VARIES ON ANY VARIATION OF MARKET PRICES OF SECURITIES HELD IN THE PORTFOLIO OF MF
    • 25. MUTUAL FUND INDUSTRY
      • KEY FINANCIALS
      • NAV OF A NO-LOAD FUND
      • NAV VARIES ON ANY VARIATION OF MARKET PRICES OF SECURITIES HELD IN THE PORTFOLIO OF MF
      • NAV= (RS 6 MILL EQ + RS 4 MILL DEBT)- 2 MILL LIAB AS DEBT = 0.5
      • 16 MILL UNITS IN TRUST
      • IF VALUE OF EQUITY IS DOUBLED, NAV SHIFTS
      • NAV= (RS 12 MILL EQ + RS 4 MILL DEBT)- 2 MILL LIAB AS DEBT = 0.875
      • 16 MILL UNITS IN TRUST
      • IF VALUE OF EQUITY IS HALFED THEN THE NEW NAV IS
      • NAV= (RS 3 MILL EQ + RS 4 MILL DEBT)- 2 MILL LIAB AS DEBT = 0.3125
      • 16 MILL UNITS IN TRUST
      • IN ABOVE, FUND SHOULD SWITCH FROM AGGRESSIVE TO DEFENSIVE INVEST TO AVOID RAPID EROSION OF NAV
      • INVEST IN DEBT INSTRTS MAY BE ONE SOLUTION
    • 26. MUTUAL FUND INDUSTRY
      • KEY FINANCIALS
      • NAV OF A LOAD FUND (20 LACS UNITS ISSUED)
      • IF MF IS A 4% FRONT LOAD FUND
      • THEN NAV=NAV(OF NO-LOAD FUND) PER UNIT/1-% OF LOAD
      • = RS 20 = RS 20 = RS 20 = RS 20.80 AS CALLED OFFERING
      • 1-4% 1-4/100 0.96
      • HERE
      • OFFER PRICE (SALE PRICE) WILL BE 20.80 PER UNIT
      • BID PRICE (REPURCHASE PRICE) WILL BE RS 20.00 PER UNIT
      • DIFFRENCE BETWEEN OFFER & BID PRICE IS 4% i.e. 80 PAISE IS CALLED “SPREAD” PAID TO FUND
      • THERE IS A TWO WAY QUOTE PROVIDED BY IN OPEN FUND
    • 27. MUTUAL FUND INDUSTRY
      • KEY FINANCIALS
      • MARS, PVT SECTOR MF LAUNCHED A GROWTH SCHEME WITH AN INITIAL TARGET OF Rs 100 CR. DEPLOYMENT OF FUNDS IS TO CONFIRM THE FOLLOWING COMPOSITION
      • EQUITY 70%, DEBT 25% MONEY MARKET 5%
      • INITIAL EXPENSES 4%
      • DEBT COMPONENT INVESTED EQUALLY IN AAA & AA RATED INSTRUMENTS AT 18% & 20% RESPECTIVELY
      • EQUITY PORTION INVESTED IN SENSEX SCRIPS
      • AV. YIELD ON MONEY MARKET COMPONENT WAS 8%
      • SENSEX WAS AT 3800 & AT TIME OF INVEST IS AT 2900 AFTER ONE YEAR
      • DEBT & MONEY MKT INSTRTS VALUED AT COST
      • RECURRING EXP MET OUT OF INCOME EARNED ON DEBT & MONEY MKT INSTRTS (assume 3% on size of fund)
      • COMPUTE NAV & SALE PRICE IF FRONT LOAD FACTOR IS 5%
    • 28. MUTUAL FUND INDUSTRY
      • PASSING THROUGH CRITICAL PHASE
      • “LIVING DEAD” IN STOCK MARKETS
      • LOST INVESTOR’S CONFIDENCE
      • UTTER FAILURE IN INDIA
    • 29. MUTUAL FUND INDUSTRY
      • FEW EVIDENCES
      • SHRIRAM ASSET MGT CO FINED (JUN 96)
      • MORGAN STANLEY FINED (2/6/97)
        • RESORTING TO SHORT SALES
        • PRICE RIGGING IN BHEL SCRIPS
        • RENDERING PORTFOLIO MGT SERV TO GROUPS
      • CANSTAR UNABLE TO PURCHASE AT PROMISED NAV
      • LIC MF HAD TO PURCHASE AT PROMISED NAV & BOOK THE LOSS TO AMC
    • 30. MUTUAL FUND MONITOR
    • 31. MUTUAL FUND MONITOR
    • 32. MUTUAL FUND OPEARATION PRODUCT DESIGN PRODUCT MARKETING FUND MANAGEMENT OUT SOURCING INVESTOR’S SERVICE THE CHAIN OF OPERATION FAILED IN ALL CHAINS OF OPERATIONS
    • 33. MUTUAL FUND OPERATION
      • PRODUCT DESGIN
      • INNOVATION
      • SUPERIOR DESIGN
      • ADAPATABILITY
    • 34. MUTUAL FUND OPERATION
      • PRODUCT DESIGN
      • DID LITTLE TO INNOVATE WITH INNOVATION
      • 70% SCHEMES CLOSE END WITH POOR RETURNS
      • UTI STILL CONTINUES WITH PLAIN VANILLAS
      • INNOVATION ONLY IN OPEN END SCHEMEDS
      • TIME TO DESIGN SECTOR, LOCATION BASED MFs
    • 35. MUTUAL FUND OPERATION
      • PRODUCT DESIGN- PACKAGED POTFOLIO MODEL
      • KNOW BEFOREHAND Cos WERE INVEST BE MADE
      • PORTFOLIO TO CONSIST OF 50 BLUE CHIP Cos WHICH HAVE CREATED ENORMOUS WEALTH TO HOLDERS & THEIR MKT CAP HAVE INCREASED
      • FLEXIBILITY TO TIME INVESTMENTS TO TAKE ADVANTAGE OF PRICE MOVEMENTS
      • FUND INITIALLY TO BE OPEN ENDED
      • AUTOMATICALLY CONVERTED INTO CLOSE ENDED ONCE THE INVESTMENT CEILING IS ACVD
    • 36. MUTUAL FUND OPERATION
      • PRODUCT MARKETING
      • COST
      • AGGRESSIVE MARKETING
      • UPFRONT COST
    • 37. MUTUAL FUND OPERATION
      • PRODUCT MARKETING
      • COST & ETHICS ARE TWO IMPORATNT FACTORS
      • UPFRONT COST BORNE BY INVESTOR OR AMC
      • UTI CAN’T AGGRESSIVELY MARKET ITS PRODUCT
      • MORGAN STANLEY MADE MFs AS IPOs & ALL NUANCES OF IPOs WERE BROUGHT IN
    • 38. MUTUAL FUND OPERATION
      • FUND MANAGEMENT
      • CAPITAL PROTECTION
      • MARKET TIMING
      • ASSET QUALITY
    • 39. MUTUAL FUND OPERATION
      • FUND MANAGEMENT
      • NON-QUALIFIED, UNPROFESSNL FUND MANAGERS
      • LOOK MFs AS ANOTHER EQUITY PRODUCT
      • IGNORE ASSET ALLOCATION, PORTFOLIO, TURNOVER & COST
      • NO QICK ASSET REALLOCATION ON TIME
      • DON’T INCLUDE HIGH LIQUID BLUE CHIP STOCKS
      • NOT BALANCING RISK RETURN EXPECTATION OF INVESTORS
    • 40. MUTUAL FUND OPERATION
      • FUND MANAGEMENT- SUGGESTED MODEL
      • PROTECT CAPITAL FROM EROSION
      • ALTERNATIVELY GUARANTEE CAPITAL SAFETY
      • POSSESS EXCELLLENT RESEARCH CAPABILITIES
        • TO ENSURE MARKET TIMING
        • INVESTMENT STRATEGY FORMULATION
      • FOLLOW APPROPRIATE ASSET ALLOCATION MODEL SUITING FUND’S OBJECTIVE
      • QUICKLY RESTRURE ASSET ALOCATION ON NEED
      • ENSURE QUALITY OF ASSETS BE IT EQTY OR DEBT
      • ENSURE ECONOMICAL COST OF OPERATIONS BE IT MANAGEMENT FEES OR OTHER EXPENSES
    • 41. MUTUAL FUND OPERATION
      • OUTSOURCING
      • COST CONTROL
      • FLEXIBILITY
      • CHOICE
    • 42. MUTUAL FUND OPERATION
      • OUTSOURCING
      • NEW CONCEPT THAN TO DO THINGS IN HOUSE
      • ENDORSED AS A GREAT COST CUTTING MEASURE
      • CONVERTS FIXED COSTS TO VARIABLE COSTS
      • ABROAD OUTSOURCING 100% FROM PRODUCT DESIGN TO INVESTOR SERVICING
      • YET TO COME IN INDIAN FUND MANAGEMENT
      • ONE AREA MAY BE DISTRIBUTION NETWORK
    • 43. MUTUAL FUND OPERATION
      • INVESTOR SERVICE
      • CUSTOMER FOCUS
      • BETTER CONFIDENCE
      • EFFICIENT SERVICE
    • 44. MUTUAL FUND OPERATION
      • CUSTOMER FOCUS
      • SCANT ATTENTION TO INVESTOR’S SERVICING
      • IGNORING INVESTOR’S EDUCATION
      • NOT INCLINED TOWARDS TRANSPARENCY
      • NON DISCLOSURE OF PORTFOLIO
      • LACK LUSTER SHOW ON RETURNS FRONT
      • UNIT HOLDERS NOT TREATED AS CUSTOMERS
      • GOOD SERVICE ATTRACTS MULTIPLE CUSTOMERS
      • MORALE “TREAT HIM LIKE CUSTOMER & INVEST IN TECNOLOGY TO REACH HIM FAR & WIDE”
      • LESSONS TO LEARN FROM Pvt SECTOR MFs

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