report purvi limbasiya

8/6/2019 Report Purvi Limbasiya

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A Project Report On Market Analysis

Of Mutual Fund Industry And Research

Report On Factor Influencing

Distribution Of MF

Name: Purvi Limbasiya

Batch : 2010-12

Enrollment no. 030201016


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Acknowledgment

It took great deal of help, tolerance and understanding on the part of a variety of

people and organizations to prepare this project report. I would particularly thank

to my faculty guide Prof. Vijay Vora and my project guide Mr. Jatin Hura ( salesand regional head of DWS investment) as they provided me guide line and support

during my training and while preparing project report.

My special thanks go to United World School of Business and its placement

department for providing me such an opportunity to work with Deutsche AMC.

I would also thank to all staff members of Deutsche AMC and Unitedworld School

of business and the many colleagues whose ideas and practice I adopted in theproject I wish to express my warmest appreciation for their help and support along

the way.

Purvi Limbasiya


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DECLERATION

I hereby declare that this Project Report entitled Factor influencing distribution ofmutual fund has been prepared by me with great efforts and executed as per the

course requirement for the summer internship and requirement of PGPM ofUnited World school of Business. My project report is based on primary &

secondary data found by me in various departments, books, magazines and

websites & Collected by me in under guidance of our project guide and faculty

guide.

DATE: Purvi Limbasiya


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INDEX

No. Particulars

1. Introduction

2. What is mutual fund?

3. Advantages and disadvantages

4. History of MF

5. Broad types of MF

6. Types of investment strategies

7. Risk associated with strategies.

8. NAV calculation

9. Research methodology( questionnaire)


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Introduction:

In every developed and developing country, there are many industries that are playing

a major role to generate employment and to cater the different needs of people. In any

country financial sector has major importance to boost the growth of the economy. As

in India financial inclusion is increasing and banking sector is penetrating into the rural

India.

There many conventional and non- conventional financial instruments available in the

market for investor to invest their hard-earned money. Every investor has greater need

for good investment options where they can get higher returns than conventional

investment opportunities. To cater the need of people who are wiling to take some risk

to get more returns the mutual fund industry has immerged as a good investment

avenue. Financial Planners have an immensely responsible role to play by identifying

these opportunities and channeling them into wealth creating initiatives that would

enable people to address their financial needs.

As we know that when saving rates of any economy are higher, investment also

increases and it leads to higher economic growth. Through mutual funds the individual

investors invest in different schemes which consist of portfolio of different sectors or

company of any sector. So through this companies of different sectors can also fulfill its

financing needs and they have not to remain highly dependent on banks and other

financial intermediaries. This mechanism helps them to grow with faster pace.

As every industry and product need time to perform at ful-fledged level in the market,

mutual fund industry also took a great time. But after liberalization, privatization and

globalization(1991), many private and foreign players has jumped into this industry and

has made it more competitive and growing. India is also one of the fastest growing

markets for mutual funds, attracting a host of global players. Hence, investors will have


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an even wider range of products to choose from. The combination of the increase in

number of fund houses along with new schemes and the increase in the number of

people parking their saving in mutual funds.

The Indian mutual fund industry in recent years has exponential growth and yet it is still

at a very nascent stage. We believe that the mutual fund industry has grown in terms of

size or choices available, but is a long distance from being regarded as a mature one. As

there is also a need of strong distribution channel as well as awareness about MF in tier-

2 and tier-3 cities and rural areas.

Our economy is booming, we have now a sustained GDP growth of8%, which is likely

to remain at this level for years to come, our per capita income is about to grow. The

number of AMCs is increasing. Their presence across India is expending. Distributors too

are expending their networks. Besides, the regulator has taken up measures to

safeguard investor interests. These are all drivers for the fund industry. Together, these

greet investor warmly. The need of the investor populace has changed, resulting in a

change in asset management styles. In a way, this is leading to the design of new and

competitively-priced products, implying greater emphasis on higher quality of

intermediation. This in itself is both an opportunity and a challenge.


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INTRODUCTIONTO MUTUAL FUND ANDITS VARIOUS ASPECTS.

Mutual fund is a trust that pools the savings of a number of investors who share a

common financial goal. This pool of money is invested in accordance with a stated

objective. The joint ownership of the fund is thusMutual, i.e. the fund belongs to

all investors. The money thus collected is then invested in capital market instruments

such as shares, debentures and other securities. The income earned through these

investments and the capital appreciations realized are shared by its unit holders in

proportion the number of units owned by them. Thus a Mutual Fund is the most

suitable investment for the common man as it offers an opportunity to invest in a

diversified, professionally managed basket of securities at a relatively low cost. A

Mutual Fund is an investment tool that allows small investors access to a well diversified

portfolio of equities, bonds and other securities. Each shareholder participates in the

gain or loss of the fund. Units are issued and can be redeemed as needed. The funds Net

Asset value (NAV) is determined each day.

Investments in securities are spread across a wide cross-section of industries and

sectors and thus the risk is reduced. Diversification reduces the risk because all stocks

may not move in the same direction in the same proportion at the same time. Mutual

fund issues units to the investors in accordance with quantum of money invested by

them. Investors of mutual funds are known as unit holders.

When an investor subscribes for the units of a mutual fund, he becomes part owner of

the assets of the fund in the same proportion as his contribution amount put up with

the corpus (the total amount of the fund). Professional fund managers, acting on behalf

of the Mutual Fund, manage the investments (investors money) for their benefit in

return for a management fee. Mutual Fund investor is also known as a mutual fund

shareholder or a unit holder. Any change in the value of the investments made into


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capital market instruments (such as shares, debentures etc) is reflected in the Net Asset

Value (NAV) of the scheme. NAV is defined as the market value of the Mutual Fund

scheme's assets net of its liabilities. NAV of a scheme is calculated by dividing the

market value of scheme's assets by the total number of units issued to the investors.

The key attribute of a mutual fund, regardless of how it is structured, is that the investor

is entitled to receive on demand, or within a specified period after demand, an amount

computed by reference to the value of the investors proportionate interest in the net

assets of the mutual fund. This means that the owner of mutual fund shares can "cash

in," or redeem his or her shares at any time.

WORKING OF MUTUAL FUND


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Mutual funds are considered a liquid investment. The investors selling (redemption)

price may be higher or lower than the purchase price. It all depends on the performance

of the funds portfolio. The fund has an adviser who charges a fee for managing the

portfolio. The adviser decides when and what securities to buy and sell, and is

responsible for providing or causing to be provided all services required by the mutual

fund in carrying on its day-to-day activities. All fund investors get this built-in portfolio

management whether they own 50 shares or 10,000.The adviser generally purchases

many different securities for the portfolio, since investment theory holds that

diversification reduces risk. It is this diminished risk that is one of the attractions of

mutual funds. The fund also has a custodian, usually a financial institution such as a

bank, which holds all cash and securities for the fund.


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Portfolio Diversification

Professional management

Reduction / Diversification of

Risk

Liquidity

Flexibility & Convenience

Reduction in Transaction cost

Safety of regulated

environment

Choice of scheme

Transparency.

There are many advantages

than disadvantages to invest

in mutual fund.

No control over Cost in the

Hands of an Investor

No tailor-made Portfolios

Managing a Portfolio Funds

Difficulty in selecting a

Suitable Fund Scheme

ADVANTAGES

DISADVANTAGES


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HISTORYOF THEINDIAN MUTUAL FUNDINDUSTRY

The mutual fund industry in India started in 1963 with the formation of Unit Trust of

India, and at the initiative of the Government of India and Reserve Bank. 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

improvement, both qualities wise as well as quantity wise. Before, the monopoly of the

market had seen an ending phase; the Assets Under Management (AUM) was Rs67

billion. The private sector entry to the fund family raised the Aum to Rs. 470 billion in

March 1993 and till April 2004; it reached the height ifRs. 1540 billion. And now it is

703,674 crore by march,2011.

The Mutual Fund Industry is obviously growing at a tremendous space with 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 by the

Reserve Bank of India and functioned under the Regulatory and administrative control

of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial

Development Bank of India (IDBI) took over the regulatory and administrative control in

place ofRBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of

1988 UTI had Rs.6,700 crores of assets under management.

Second Phase 1987-1993 (Entry of Public Sector Funds)

1987 marked the entry of non- UTI, public sector mutual funds set up by public sector

banks and Life Insurance Corporation of India (LIC) and General Insurance


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Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund

established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab National

Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90),

Bank of Baroda Mutual Fund (Oct 92). LIC established its mutual fund in June 1989

while GIC had set up its mutual fund in December 1990.At the end of 1993, the mutual

fund industry had assets under management ofRs.47,004 crores.

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 all mutual funds, except UTI were to be registered and governed. The erstwhile

Kothari Pioneer (now merged with Franklin Templeton) was the first private sector

mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were

substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The

industry now functions under the SEBI (Mutual Fund) Regulations 1996. As at the end of

January 2003, there were 33 mutual funds with total assets ofRs. 1,21,805 crores.

Fourth Phase since February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was

bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust

of India with assets under management ofRs.29,835 crores as at the end of January

2003, representing broadly, the assets of US 64 scheme, assured return and certain

other schemes

The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is

registered with SEBI and functions under the Mutual Fund Regulations. consolidation

and growth. As at the end of September, 2004, there were 29 funds, which manage

assets ofRs.153108 crores under 421 schemes. Now there are around 45 AMCs and the

assets under management is 7,03,674 crores.


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Role ofSEBI in mutual fund:

In the year 1992 SEBI act was passed. The objectives of SEBI are to protect the

interest of investors in securities, to promote the development of, and to regulate the

securities market. As far as mutual are concerned, SEBI formulates policies and

regulation the mutual fund to protect the interest of the investors. SEBI notified

regulation for mutual funds in 1993. Thereafter mutual fund sponsored by private sector

entities were allowed to enter the capital market. The regulations were fully revised in

1996 and been amended. Therefore, from time to time SEBI has also issued guidelines

to the mutual fund from time to time to protect the interest of the investors.

All mutual funds whether promoted by public sector or private sector entities including

those promoted by foreign entities are governed by the same set of regulation. There is

no distinction in regulatory requirement of the mutual fund and all are subject to

monitoring and inspecting by SEBI. The risks associated with the scheme launched by

mutual funds sponsored by these entities are of similar type.

The mutual fund industry witnessed robust growth and stricter regulation from the

SEBI after the year 1996. The mobilization of funds and the number of players operating

in the industry reached new heights as investors started showing more interest in

mutual funds. Inventors interests were safeguarded by SEBI and the Government

offered tax benefits to the investors in order to encourage them. SEBI (Mutual Funds)

Regulations, 1996 was introduced by SEBI that set uniform standards for all mutual

funds in India. The Union Budget in 1999 exempted all dividend incomes in the hands of

investors from income tax. Various Investor Awareness Programmes were launched

during this phase, both by SEBI and AMFI, with an objective to educate investors and

make them informed about the mutual fund industry.


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Recently in august, 2009 SEBI has introduced one new rule of 0% entry load to attract

more and more people towards MF and to safeguard the interest of investors.

How Mutual fund industry works:


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Association of Mutual Funds in India (AMFI)

With the increase in mutual fund players in India, a need for mutual fund association in

India was generated to function as a non-profit organization. Association of Mutual

Funds in India (AMFI) was incorporated on 22nd August, 1995.

AMFI is an apex body of all Asset Management Companies (AMC) which has been

registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes

are its members. It functions under the supervision and guidelines of its Board of

Directors.

Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to

a professional and healthy market with ethical lines enhancing and maintaining

standards. It follows the principle of both protecting and promoting the interests of

mutual funds as well as their unit holders.

It develops a team of well-qualified and trained Agent distributors. It implements a

programme of training and certification for all intermediaries and other engaged in the

mutual fund industry.

AMFI undertakes all India awareness programmes for investors in order to promote

proper understanding of the concept and working of mutual funds.

At last but not the least association of mutual fund of India also disseminate information

on Mutual Fund Industry and undertakes studies and research either directly or in

association with other bodies


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Broad Mutual Fund Types:


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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 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 stock weightages.

ii)Equity diversified funds- 100% of the capital is invested in equities spreading

across different sectors and stocks.

iii) Dividend yield funds- it is similar to the equity diversified funds except that they

invest in companies offering high dividend yields.


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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 will invest 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 the risk-return

ladder, they fall between equity and debt funds. Balanced funds are the ideal mutual

funds vehicle for investors who prefer spreading their risk across various instruments.

Following are 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.

Debt fund:

They invest only in debt instruments, and are a good option for investors averse to idea

of taking risk associated with equities. Therefore, they invest exclusively in fixed-income

instruments like bonds, debentures, Government of India securities; and money market

instruments such as certificates of deposit (CD), commercial paper (CP) and call money.

Put your 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 being invested in call money market.


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ii) Gilt funds ST- They invest 100% of their portfolio in government securities of and

Tbills.

iii) Floating rate funds - Invest in short-term debt papers. Floaters invest in debt

instruments which have variable coupon rate.

iv) Arbitrage fund- They generate income through arbitrage opportunities due to

mispricing between cash market and derivatives market. Funds are allocated to equities,

derivatives and money markets. Higher proportion (around 75%) is put in money

markets, in the absence of arbitrage 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-term debt papers.

vii) MIPs- Monthly Income Plans have an exposure of70%-90% to debt and an

exposure of 10%-30% to equities.

viii) FMPs- fixed monthly plans invest in debt papers whose maturity is in line with that

of the fund.


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In this chart it has been

shown that as risk of

any particular fund

increases the return

also increases.

Risk-Return Trade-Off


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MUTUAL FUNDINVESTMENTSTRATEGIES

Systematic Investment Plan (SIPs):

These are best suited for young people who have started their careers and need to build

their wealth. SIPs entail an investor to invest a fixed sum of money at regular intervals in

mutual fund scheme the investor has chosen. For instance an investor opting for SIP in

xyz mutual fund scheme will need to invest a certain sum of money every month /

quarter /half year in the scheme.

Systematic Withdrawal Plan (SWPs):

These plans are best suited for people nearing retirement. In these plans an investor

invests in a mutual fund scheme and is allowed to withdraw a fixed sum of money at

regular intervals to take care of expenses.

Systematic TransferPlan (STPs):

They allow the investors to transfer on a periodic basis a specified amount from one

scheme to another within the same fund family meaning two schemes belonging to the

same mutual fund. A transfer will be treated as redemption of units from the scheme

from which the transfer is made .Such redemption or investment will be at the

applicable NAV. This service allows the investor to manage his investment actively to

achieve his objectives. Many funds do not even charge even any transaction feed for

this service an added advantage for the active investor.


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Performance Evaluation

PARAMETERS OF MUTUAL FUND EVALUATION:

RiskReturnsLiquidityExpense RatioComposition of PortfolioRisks Associated With Mutual Funds

Investing in mutual funds as with any security, does not come without risk. One of the

most basic economic principles is that risk and reward are directly correlated. In other

words, the greater the potential risk, the greater the potential return. The types of risk

commonly associated with mutual funds are:

Market Risk:

Market risk relate to the market value of a security in the future. Market prices fluctuate

and are susceptible to economic and financial trends, supply and demand, and many

other factors that cannot be precisely predicted or controlled.

Political Risk:

Changes in the tax laws, trade regulations, administered prices etc. is some of the many

political factors that create market risk. Although collectively, as citizens, we have

indirect control through the power of our vote, individually as investors, we have

virtually no control.

Inflation Risk:

Inflation or purchasing power risk, relates to the uncertainty of the future purchasing

power of the invested rupees. The risk is the increase in cost of the goods and services,

as measured by the Consumer Price Index.


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Interest Rate Risk:

Interest Rate risk relates to the future changes in interest rates. For instance, if an

investor invests in a long term debt mutual fund scheme and interest rate increase, the

NAV of the scheme will fall because the scheme will be end up holding debt offering

lowest interest rates.

Business Risk:

Business Risk is the uncertainty concerning the future existence, stability and

profitability of the issuer of the security. Business Risk is inherent in all business

ventures. The future financial stability of a company can not be predicted or

guaranteed, nor can the price of its securities. Adverse changes in business

circumstances will reduce the market price of the companys equity resulting in

proportionate fall in the NAV of mutual fund scheme, which has invested in the equity

of such a company.

Economic Risk :

Economic Risk involves uncertainty in the economy, which, in turn can have an adverse

effect on a companys business. For instance, if monsoons fall in a year, equity stocks of

agriculture bases companies will fall and NAVs of mutual funds, which have invested in

such stocks, will fall proportionately.


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There are 3 different methods with the help of which we can measure the risk.

Measurement of risk

I.Beta Coefficient Measure OfRisk :

Beta relates a funds return with a market index. It basically measures the sensitivity of

funds return to changes in market index.

If Beta = 1

Fund moves with the market i.e. Passive fund

If Beta < 1

Fund is less volatile than the market i. e Defensive Fund

If Beta > 1

Funds will give higher returns when market rises & higher losses when market falls i.e.

Aggressive Fund

II.Ex Marks orR-squared Measure OfRisk :

Ex Marks represents co relation with markets. Higher the Ex-marks lower the risk of the

fund because a fund with higher Ex-marks is better diversified than a fund with lower

Exmarks.

III.Standard Deviation Measure OfRisk :

It is a statistical concept, which measures volatility. It measures the fluctuations of

funds returns around a mean level. Basically it gives you an idea of how volatile your

earnings are. It is broader concept than BETA. It also helps in measuring total risk and

not just the market risk of the portfolio.

HOW TOCALCULATETHE VALUEOF A MUTUAL FUND:


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The investors funds are deployed in a portfolio of securities by the fund manager. The

value of these investments keeps changing as the market price of the securities change.

Since investors are free to enter and exit the fund at any time, it is essential that the

market value of their investments is used to determine the price at which such entry

and exit will take place. The net assets represent the market value of assets, which

belong to the investors, on a given date. Net Asset Value or NAV of a mutual fund is the

value of one unit of investment in the fund, in net asset terms.

NAV = Net Assets of the scheme / Number of Units Outstanding

Where Net Assets are calculated as:-

(Market value of investments + current assets and other assets + Accrued income

current liabilities and other liabilities less accrued expenses) / No. of Units

Outstanding as at the NAV date .

NAV of all schemes must be calculated and published at least weekly for closed-end

schemes and daily for open-end schemes.

The major factors affecting the NAV of a fund are:

Sale and purchase of securities

Sale and repurchase of units

Valuation of assets

Accrual of income and expenses

SEBI requires that the fund must ensure that repurchase price is not lower than 93% of

NAV (95% in the case of a closed-fund). On the other side, a fund may sell new units at a

price that is different from the NAV, but the sale price cannot be higher than 107% of

NAV. Also the difference between the repurchase price and the sale price of the unit is

not permitted to exceed 7% of the sale price.

Distribution channels:


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Mutual funds posses a very strong distribution channel so that the ultimate customers

doesnt face any difficulty 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 AMCsdirectly. The investors 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, Mirae Assets, Canara Robeco, Lotus India, LIC, UTI etc.

whereas foreign AMCs include: Standard Chartered, Franklin Templeton, Fidelity, JP

Morgan, HSBC, DSP Merill Lynch, etc.

2. Broker/ sub broker arrangements: the AMCs can simultaneously go for

broker/sub broker to popularize their funds. AMCs can enjoy the advantage of large

network of these brokers and sub brokers.eg: SBI being the top financial intermediary

of India has the greatest network. So the AMCs dealing through SBI 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 he finds convenient for him.


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Research

Methodology

RESERCH TITLE : Factors influencing distribution of Mutual Fund in Ahmedabad

Objective of research: to find out that what are the factors which influence the

individual financial adviser while giving advice to their prospective clients.

Sample size: 70

Sampling procedure: I will meet individual financial adviser of Ahmedabad city.

Questionnaire

Dear Sir/Madam

I am doing a brief survey to find out factors which influence distribution of Mutual

funds. I would be grateful if you could spare a few minutes to participate in it. Thank you

for your cooperation.

Name: _______________________________________________________

Email ID: ___________________________________ Ph no.: ______________

1. Since how long you have been in this business?

________________________________________________________________

2. Which AMCs do you prefer most while giving advice to your clients? State the

particular reasons?


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__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

3. Rank the following factors according to its importance to you while giving advice

to your client?

(From 1to5)

Past performance ______

Brand name ______

Services provided by AMC ______

Relationship with AMC ______

Brokerage ______

4. What is the importance of Brand Name in the Mutual Fund industry? (Please tick)

Brand name is most important ______

Brand name has moderate importance ______

Brand is not so important ______

Any other comments regarding brand____________________________________

___________________________________________________________________

5. What is the Brand awareness level of DWS investment in the market?

High level of brand awareness ______

Moderate level of brand awareness ______

Low level of brand awareness _____

Any other comments regarding DWS____________________________________

__________________________________________________________________

6. When it comes to services, out of following what you seek most from any

AMCs? (tick all if u want)

Knowledge/ information sharing _____

Proper and timely payment of brokerage _____Visit of relationship manager _____

Anyother___________________________________________________________

__________________________________________________________________-


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7. Are you satisfied with services provided by DWS investment?

Highly satisfied _____

Satisfied _____

Not satisfied _____

8. What do you include in the performance of any schemes? ( tick all if you consider

all)

AUM ______

Portfolio ______

Future prospect ______Past performance ______

Consistency of return ______

Any other________________________________________________________

________________________________________________________________

9. Demand and supply mechanism moreover is applicable to buying and selling.

What is the present seen of this mechanism for MF in India?

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

________________________________________________

10.Where do you see this industry in coming 10 years horizon?

__________________________________________________________________

__________________________________________________________________

____________________________________________________________________________________________________________________________________

__________________________________________________________________

_____________________________________________________________


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