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Research Project Report

ON
A STUDY ON INVESTORS DECISION FOR INVESTMENT IN
MUTUAL FUND AND EQUITY
Submitted For the Partial Fulfillment towards the Award of the Degree in
Master of Business Administration of Uttar Pradesh Technical University.
Submitted by:
Mr.Dilip kumar
Roll no-1213370038
Batch: 2012-2014
Under the supervision of Mr. Imran Ali




Department of MBA
Noida Institute of Engineering and Technology (NIET) 19,
Knowledge Park-II, Institutional Area, Gr.Noida Gautam Budh
Nagar (U.P), India-201306,


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CERTIFICATE BY THE HEAD OF THE
DEPARTMENT



















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DECLARATION

I, Dilip Kumar, Do here by declare that my Study entitled A Study on
Investors Decision for Investment in Mutual Fund and Equityhas been
accomplished. This project was carried out under Asst.Prof. Imran Ali. I have
submitted this report in partial fulfillment of the requirements for the award of
Master of Business Administration degree of UTTAR PRADESH
TECHNICAL UNIVERSITY during the academic year 2012-2014, and not for
the award of any degree of another university or institute.












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ACKNOWLEDGEMENTS

I feel Pleasure in expressing my profound sense of gratitude and indebtedness to
Mr. Imran Ali who in spite of busy schedule has Co-operated with me
continuously and indeed his valuable contribution and guidance have been
certainly indispensable for my progect Work.
I hope that I can build upon the experience and knowledge that I have gained
and make a valuable contribution towards this industry. I express my heart- left
gratitude to my HOD Dr. Dileep Singh, all embracing help; valuable
suggestions and encouragement have enabled me to complete this task which
would not have been a success without them.











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CONTENT
Si.No TOPIC Pg.No
1 Tital,Name of Student, Roll No,Under guidance of



1-1

2 Certificate by the Head of the Department & Guide.(To be
provided by the department)

2-2
3 Declaration 3-3
4 Acknowledgements 4-4
5 Contents(Chapter no, title of chapter,Page no. 5-5
6 List of The Graph 6-6
7 Introduction of the topic,(Objective of the Study,Need and
Scope,Limitation of Study.)
7-46
8 Review of literature(History, Organization Structure)


47-89
9 Theoretical base of Project title, and Research Methodology 90-105
10 Analysis & Interpretation 106-111
11 Conclusions- Findings,Suggestions,Future Scope 112-118
12 Bibliography / Reference ( Books referred, Websight) 119-121





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LIST OF GRAPH












Si.No. Graph No. Title of Graph Pg.No
1 1
Age of the respondents
106
2 2
Investment Amount
107
3 3
Reason of Investment
108
4 4
Investment Tenor in
Equity
109
5 5
Investment tenor in
mutual fund
110
6 6
Return in mutual
fund
111
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INTRODUCTION OF TOPIC

Behavioral Finance has become important area in the present day of
financial studies. Investor of the present time is more aware and
sophisticated as for as the knowledge is concerned. He responds rationally
to the new products and always tries to gather as much as information is
possible. In other words, investors decisions in the market fully reflect the
effects of any information revealed.

Equity or the Stock exchange of any country is the economic indicators of that
economy. It reflects the direction of the economy and its efficiency. Stock
invest is not only the area of interest of big investor but now a days it has
also become the area of small investors too. Small investors invest more
funds and expects handsome return from the market can say more than
the safe banking return and it is obvious that if some is taking risk expect
more return in comparison to safe investment. Now there is one more option
to invest in stock exchange or equity even though you are not having handsome
amount by the way of Mutual Fund. In Mutual Fund investment an investor
gets the benefits of expert advice and consultancy in the form of Fund
Manager of the mutual fund company.


When a Person wants to invest his money into Financial Market the First thing
comes to his minds that how much Return (Return on Investment) I will
get and what is the Risk (profit/loss) associated with it. As we Know that the
Phrase about Risk & Return that High Risk High ReturnLu Zheng (1999),
in his study, examined the fund selection ability of Mutual Fund investors.
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He found that the investors choose funds based on the fund-specific
information. The decision regarding the fund is always based on short-
term future performance. Sayama (1998) has revealed in his study that
awareness among people was very poor, agents were playing very important
role in spreading the awareness about the mutual fund. Open-ended schemes
were much preferred then; age and income are the two important determinants
in the selection of fund/scheme; and brand image and return are their
prime considerations. Raja (1997a and 1997b; and 1998), has surveyed a
number of investors and found that there is a segmentation among investors
based on their characteristics, investment size and the relationship between
stage in life cycle and their investment pattern. Malhotra et al (1997) has
concluded that the preoccupation of MF investors with using performance
evaluation as the selection criterion is misguided because of the volatility of
returns, and it is difficult to determine the reason, which may be due to superior
management or just good luck.
Sujit et al (1996) the study revealed that the salaried and self-employed
were the major investors in MFs, primarily due to tax concessions.

UTI and SBI were popular in that part during the time the survey was done and
other funds had not proved to be a big performer then. Gupta (1993) conducted
a study based on the survey of household investor. The study is conducted with
the objective of to provide data on investor preferences on Mutual Funds and
other financial assets. Goetzman (1993) and Grubber (1996), in their
study, reveals the fact that active fund investors select the fund by using
their selection ability only. Ippolito (1992) in his study concluded that
the fund is selected by investors on the basis of its past performance. He also
found that generally the

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money flows into the fund that gives positive return in comparison to
those funds having negative return during a particular period of time. The
findings of Ferris and Chance (1987) are consistent with the findings of
Malhotra and Robert (1997).


A mutual fund is pool money, collected from investors, and is invested
according to certain investment options. A mutual fund is a trust that pools the
savings of a number of investors who share a common financial goal. A mutual
fund is created when investors put their money together. It is therefore a pool of
the investors founds. 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 appreciation realized is shared
by its unit holders in proportion to the number of units owned by them.

The most important characteristics of a fund are that the contributors and the
beneficiaries of the fund are the same class of people, namely the investors; the
term mutual fund means the investors contribute to the pool, and also benefit
from the pool. There are no other claimants to the funds. The pool of funds held
mutually by investors in the mutual fund.
A mutual funds business is to invest the funds thus collected according to the
wishes of the investors who created the pool. Usually, the investors appoint
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professional investment managers, to manage their funds. The same objective is
achieved when professional investment managers create a product and offer it
for investment to the investor. This product represents a share in the pool, and
pre states investment objectives. 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.
Investors in the mutual fund industry today have a choice of 39 mutual funds,
offering nearly 500 products. Though the categories of product offer can be
classified under about a dozen generic heads, competition in the industry has led
to innovative alterations to standard products. The most important benefit of
product choice is that it enables investors to choose options that suit their return
requirements and risk appetite. Investors can combine the options to arrive at
their own mutual fund portfolios that fit with their financial planning objectives.

A Mutual Fund is an ideal investment vehicle where a number of investors
come together to pool their money with common investment goal. Each Mutual
Fund with different type of schemes is managed by respective Asset
Management Company (AMC). An investor can invest his money in one or
more schemes of Mutual Fund according to his choice and becomes the unit
holder of the scheme. The invested money in a particular scheme of a Mutual
Fund is then invested by fund manager in different types of suitable stock and
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securities, bonds and money market instruments. Each Mutual Fund is managed
by qualified professional man, who use this money to create a portfolio which
includes stock and shares, bonds, gilt, money-market instruments or
combination of all. Thus Mutual Fund will diversify your portfolio over a
variety of investment vehicles. Mutual Fund offers an investor to invest even a
small amount of money.

Mutual Fund Industry in its true spirit rooted in a free market and oriented
towards competitive functioning with the dedicated goal of service to the
investors can be said to have settled in India only in 1993. However the industry
took its roots much earlier with the setting up of the Unit Trust In India (UTI) in
1964 by the Government of India. During the last 36 years, UTI has grown to be
a dominant player in the industry with assets of over Rs.72,333.43 Crores as of
March 31, 2000. The UTI is governed by a special legislation, the Unit Trust of
India Act, 1963. In 1987 public sector banks and insurance companies were
permitted to set up mutual funds and accordingly since 1987, 6 public sector
banks have set up mutual funds. Also the two Insurance companies LIC and
GIC established mutual funds. Securities Exchange Board of India (SEBI)
formulated the Mutual Fund (Regulation) 1993, which for the first time
established a comprehensive regulatory framework for the mutual fund industry.
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Since then several mutual funds have been set up by the private and joint
sectors.

Mutual Funds- The Year Ahead:
A after a difficult year for equity markets & equity funds alike, all the eyes are
now on year 2007. Last year saw one of the lowest net flows ever into equity
schemes, with debt schemes being the major gainers on account of continued
decline in the interest rates.
Hopes are high that the performance of equity schemes should be better this
year, as the market history indicates such trends. It is only twice in the last 100
years that markets have remained under that controls of bears for three
consecutive years. Therefore, chances are those both domestic & international
markets will rebound sharply, which would result in much better performance
by equity funds. Thus, if one is looking at investing in equity funds, INDEX
FUND is the best choice. Though some sectoral funds have been able to give
decent returns but overall they havent lived up to the expectation of the market.
Every year one or the other sectors strongly outperform the market, but it would
still be a better choice to go in for DIVERSIFIED FUNDS, that have features of
dynamic plan.
The MF industry is expecting tax break, which were withdrawn in the last
budget, to be restored. And that is expecting to bring a section of investors
back to the markets. Merger V& Acquisitions developments, which started in
2002, are likely to continue. In the few weeks time we will know the winner
for ALLIANCE. Another important development in the current year is going to
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be a big- bang entry of MFs in DERIVATIVAES market followed by their
investments in FOREIGN markets,
International History Of Muitual Lfunds:
When three Boston securities executive pooled their money together in 1924 to
create the first mutual fund, they had no idea how popular mutual funds would
become. The idea of pooling money together for investing purposes started in
Europe in the mid 188s. The e first pooled fund in the U.S. was created in 1893
for the faculty and staff of Harvard University. On March 21 st, 1924 the first
official mutual fund was born. It was called Massachusetts Investors Trust.
After one year, the Masschusetts Investors Trust grew $5000 in assets in 1924
to $ 392, 000 in assets (with around 200 shareholders). In contrast, there are
over 10,000 mutual funds in the U.S. today totaling around $7 trillion (with
approximately 83 million individual investors) according to the Investment
Company institute.
With renewed confidence in the stock market, mutual funds began to blossom.
By the end of the 1960 s there were around 270 funds with $ 48 billion in assets.
In 1976, john C. Bogle opened the first the first the first retail index fund called
the First Index Investment Trust. It is now called the Vanguard 500 Index
Fund and in November 2000 it became the largest mutual fund growth was
Individual Retirement Account (IRA) provision made in 1981, allowing
individuals (including those already in corporate pension plans) to contribute
$2,000 a year. Mutual funds are now popular known for ease of use, liquidity
and unique diversification capabilities.


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History of the Indian Mutual Fund Industry:
The mutual fund industry in India started in 1963 with the formation of Unit
Trust of India, at the initiative of the government of India and Reserve Bank.
The history of mutual funds in India can be broadly divided into four distinct
phases.
First Phase: - 1964- 1987:
Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It
was set up by the Reserve Bank of India and functioned under the regulatory
and administrative control of the Reserve Bank of India. In1978 UTI was de-
linkde form the RBI and the industrial Development Bank of India (IDBI) took
over the regulatory and administrative control in place of RBI. The first scheme
launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had RS. 6700
crores of assets under management.

Second Phase: 19887-1993 (Entry of public Sector Funds):
1987 marked the entry of non-UTI, public sector, mutual funds set by public
sector banks and life Insurance corporation of India (LIC) and General
Insurance Corporation of India (GIC). SBI Mutual funds was the first non-UTI
Mutual fund established in June 1987 followed by Can ban Mutual fund (Dec
87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund
(Nov 89). Bank of India (June 90), Bank of Baroda.
Mutual Fund (Oct 92), LIC established its Mutual Fund in June 1989 while GIC
had set up its mutual fund in December 1990. At the end of 1993, the mutual
fund industry had assets under management of RS, 47,004 crores.

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Third Phase- 1993-2003 (Entry of Private Sector Funds):
With the entry of private sector funds in 1993, a new era stared in the Indian
mutual fund industry, giving the Indian investors a wider choice of fund
families. Also, 1993 was the year in which the first Mutual Fund Regulations
came into being, under which all mutual funds. Except UTI were to be
registered and governed. The erstwhile Kothari pioneer (now merged with
Franklin Templeton) was the private sector mutual registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more
comprehensive and revised Mutual Fund Regulations in1996. The Industry now
functions under the SEBI (Mutual fund) Regulation 1996.

The number of mutual fund houses went on increasing, with many foreign
mutual funds setting up funds in India and also the industry have witnessed
several Mergers and acquisitions. As at the end of January 2003, there were 33
mutual funds, with total assets of Rs 1, 21,805 crores. The Unit Trust of India
with Rs 44,541 crores of assets management were way ahead of other mutual
funds.






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Fourth Phase: 1996:
Regulary Structures of Mutual Funds in India:

The structure of mutual fund in India is governed by the SEBI Regulations.
1996. These regulations make it mandatory for mutual funds to have a three-tier
Structure SPONSER- TRUSTEE- ASSET MANAGEMENT COMPANY
(AMC). The sponsor is the promoters of the mutual fund and appoints the AMC
for managing the investment portfolio. The AMC is the business face of the
mutual fund. As its manages all the affairs of the mutual fund. The mutual fund
and the AMC have to be registered with SEBI.

Mutual Funds Can Be Structured In The Following Ways:
Company form in which investors hold shares of the mutual fund. In this
structure management of the fund in the4 hands of on elected board. Which in
turn appoints investment managers to manage the fund? Trust from, in which
the investors are held by the trust, on behalf of the investors. The appoints
investment managers and monitors their functioning in the interest of the
investors.
The company form of organization is very popular in the United States. In India
mutual funds are organized as trusts. The trust is created by the sponsors who is
actually the entity interested in creating the mutual fund business. The trust is
either managed by a Board of trustees or by a trustee company. Formed for this
purpose. The investors funds arte held by the trust.

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Though the trust is the mutual fund, the AMC is its operational face. The AMC
is the first functionary to be appointed, and is involved in the appointment of all
the other functionaries. The AMC structures the mutual fund products, markets
them and mobilizes the funds and services the investors. It seeks the services of
the functionaries in carrying out these functions. All the functionaries are
required to the trustees, who lay down the ground rules and monitor them,
working.










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TYPES OF MUTUAL FUNDS
1) General Classification of Mutual Funds

2) Open- end Funds/Closed-end Funds

Open-end Funds:
Funds that can sell and purchase units at nay point in time are classified as
Open-end Funds. The fund size (corpus) of an open-end fund is variable (keeps
changing) because of continuous selling (to investors) and repurchases (from
the investors) by the fund. An open-end fund is not repurchasing, when an
investor wants to sell his units. The NAV of an open-end fund is calculated
every day.
Closed end Funds:
Funds that can sell a fixed number of units only during the New Fund (NFO)
period are known as Closed- end Funds. The corpus of a closed end Funds.
The corpus of end Fund remains unchanged at all times. After the closure of the
offer, buying and redemption of units by the investors directly form the Funds is
not allowed. However, to protect the interests of the investors, SEBL provides
investors with two avenues to liquidate their positions.

1. Closed- end Funds are listed on the stock exchanges where investors can
buy/sell units for/ to each other/ the trading is generally done at a discount to
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the NAV of the scheme. The NAV of a closed end fund is computed on a
weekly basis (updated every Thursday).

2. Closed-end Funds may also offer buy-back of units to the unit holders. In
this case, the corpus of the Fund and its outstanding units do get changed.
Load Funds/ No-Load Funds:
Load Funds:
Mutual Funds incur various expenses on marketing, distribution, advertising,
portfolio churning, fund managers salary etc; many funds recover these
expenses from the investors in the form of load. These funds are known as Load
Funds. A load fund may impose following types of loads on the investors.
Entry Load:
deducted from the investors contribution amount to the fund. Also known as
front-end load, it refers to the load charged to an investor at the time of his entry
into a scheme. Entry load

Exit Load:
Also known as Back-end load, these charges re imposed on an investor when he
redeems his units (exits from the scheme). Exit load is deducted from the
redemption proceeds to an outgoing investor.
Deferred Load-Deferred load is charged to the scheme over a period of
time.
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Contingent Deferred Sales Charge (CDSC)-:
Some schemes, the percentage of exit load reduces as the investor stays longer
with the fund. This type of load is known as Contingent Deferred Sales Charge.
No-load Funds:
All those funds that do not charge any of the above mentioned loads are known
as No-load Funds.
Tax- exempt Funds/ Non- Tax exempt Funds
Tax- exempts Funds
Funds that invest in securities free tax are known as Tax-exempt Funds. All
open- end equity oriented funds are exempt from distribution tax (tax for
distributing income to investors). Long term capital gains and dividend income
in the hands of investors are tax free.
Non- Tax-exempt Funds
Funds that invest in taxable securities are known as Non-Tax-exempt Funds. In
India, all funds, except open-end equity oriented funds are liable to pay tax on
distribution income.
Profits arising out of sale of units by an investor within 12 months of purchase
are3 categorized as short-term capital gains, which are taxable. Sale of units of
an equity oriented fund is subject to Securities Transaction Tax (STT). STT is
deducted from the redemption proceeds to an investor.

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Advantages Of Mutual Fund:

S.NO.

Advantage

Particulars
1. Professional
Management
Fund manager undergoes through various research
works and has better investment management skills
which ensure higher returns to the investor than what
he can manage on his own.
2. Less Risk Investors acquire a diversified portfolio of securities
even with a small investment in a Mutual Fund. The
risk in a diversified portfolio is lesser than investing
merely 2 or 3 securities.
3. Low Transaction
costs
Due to the economies of scale (benefits of larger
volumes), mutual funds pay lesser transaction costs.
These benefits are passed on to the investors.
4. Liquidity An investor may not be able to sell some of the shares
held by him very easily and quickly, whereas units of
a mutual fund are far more liquid.
5. Choice of Schemes Mutual funds provide investors with various schemes
with different investment objectives. Investors have
the option of investing in a scheme having a
correlation between its investment objectives and their
own financial goals. These schemes further have
different plans/options.
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6. Transparency Funds provide investors with updated information
pertaining to the markets and the schemes. All
material facts are disclosed to investors as required by
the regulator.
7. Flexibility Investors also benefit form the convenience and
flexibility offered by Mutual Funds. Investors can
switch their holding from a debt scheme to an equity
scheme and vice-versa. Option of systematic (at
regular intervals) Investment and withdrawal is also
offered to the investors in most open-end schemes.
8. Safety Mutual Fund industry is part of a well- regulated
investment environment where the interests of the
investors are protected by the regulator. All funds are
registered with SEBI and complete transparency is
forced.





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Disadvantages Of Mutual Fund:-

S.NO.

Disadvantages

Particulars
1. Costs Control Not in
the Hands of an
Investor
Investor has to pay investment management
fees and fund distribution costs as a percentage
of the value of his investments (as long as he
holds the units), irrespective of the performance
of the fund.
2. No Customized
Portfolios
The portfolio of securities in which a fund
invests is a decision taken by the funds
manager. Investors have no right to interfere in
the decision making process of a fund manager,
which some investors find as a constraint in
achieving their financial objectives.
3. Difficulty in Selecting
a Suitable Fund scheme
Many investors find it difficult to select one
option form the plethora of funds/ schemes/
plans available. For this, they may have to take
advice from financial planners in order to invest
in the right fund to achieve their objectives.



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Mutual Fund: Cost To Investor:
The utility that mutual fund can offer to investors has been discussed and often
eulogized in great detail. However there is another vital aspect to mutual funds
that is rarely spoken about the costs. Investing in mutual funds entails bearing
certain cost on the investors part. These costs in turn have an impact on the
returns clocked by the investor. In this article, we take a closer look at the
various costs and expenses borne by investors while investing in a mutual fund
scheme.
One-time charges
Entry/exit loads and initial issue expenses qualify as one-time charges, as
opposed to recurring expenses which have been dealt with later in the article.
First, lets consider the case of new fund offers (NFOs). Over the last few years,
investors have been faced with a deluge of NFOs. But in recent times a
perceptible trend in NFOs has been a rise in the number of close-ended funds.
This phenomenon can be traced to the rules governing initial issue expenses.

Close-ended funds are not permitted to charge any entry load; instead 6% of the
sum mobilized during the NFO period can be utilized to meet the initial issue
expenses The same can be amortized (charged to the fund ) over the funds
close-ended tenure. For example, if a close-end fund were to mobilize Rs 5
billion (Rs 500 crores) during the NFO period, the asset management company
(AMC) can utilize Rs 300 million (Rs 30crores) to meet the sales, marketing
and distribution expenses. Furthermore, the stated sum will be charged to the
fund. This will impact the returns clocked by the fund. Any amount over the
stated 6% has to be borne by the AMC.
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Conversely in the case of open- ended NFOs, funds are required to meet all the
sales, marketing and distribution expenses from the entry load. They are not
permitted to charge any initial issue expenses. The rules governing entry/exit
loads state that taken together, the two cannot account for more the 6% of the
net asset value (NAV). Charging an entry load for the entire 6% upfront would
adversely affect the funds performance in the initial period. Hence AMCs
choose to have rater rational entry loads ion the range of 2.25%-2.20%. Like
initial issue expenses, entry loads also eat the investors returns, since the
investor has that much less money working for him.

For example, Say an invests Rs 5,000 in an open- ended fund that charge s an
entry load of 2.50%. Effectively, only Rs 4,875 is invested in the fund. If is not
difficult to understand why AMCs have a newfound liking for close-ended
funds. With the provision for charging 6% of amount mobilized towards initial
issue expenses, AMCs are better equipped to compensate toe distributors and
agents, who in turn help the fund houses in accumulating more assets. Higher
assets translate into higher revenues for the AMCs of courses; close-ended
funds do offer advantages as well. For example, the fund manager can make
investments from a long-term perspective and investors are given the
opportunity to invest for a pre-defined investment horizon. However investors
would do well to factor in the costs involved.




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Recurring expenses-:
Investors also have to contend with recurring expenses, which are charged
annually to the fund. These expenses are revealed in the form of an expense
ratio that is declared twice a year. Recurring expenses (as is the case with
amortized issue expenses) are silent in nature since they dont necessarily
attract the investors attention. The reason being that the funds NAV is
declared after the recurring expenses have been accounted for.
The Securities and Exchange Board of India (SEBI) has laid out guidelines
defining the manner in which recurring expenses can be charged: the same is a
factor of the funds average weekly assets (however most AMCs choose to
compute it as a percentage.
The expense ratio:-
Average daily net assets %Limit
First Rs 1,000m 2.50%
Next Rs 3,000m 2.50%
Next Rs 3,000m 2.00%
On balance assets 1.75%


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As can be seen form the table above, the grid for recurring expenses has been
structured in a manner to ensure that the expenses charged to the fund reduce
with an increase in the asset size. The recurring expenses include marketing and
selling expenses (including agents commission), brokerage and transaction
cost, custodian fees and fund management expenses (paid to the AMC), among
other expenses. A typical list of recurring expenses for an equity fund would
look like the following:
Recurring expenses for an equity fund-:
Expenses % Of average daily net assets
Fund Management 1.25%
Marketing & Selling 0.50%
Custodian Fees 0.25%
Investor Communication 0.20%
Registrar Fees 0.15%



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Sahara Mutual Fund
Sahara mutual Fund was set up on july 18, 1996 with Sahara India Financial
Corporation Ltd. As the sponseor. Sahara Asset Management Company Private
Limited incorpated on August 31, 1995 Works as the AMC fo Sahara Mutual
Fund. The paid-up capital of The AMC stands at Rs.25.8 crore.

State Bank of India Mutual Fund
State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to
launch offshore fund, the India Magnum Fund with a corpus of Rs. 225 er.
Approximately, Today it is the largest Bank sponsored Mutual Fund in India.
They have already launched 35 Schemes out of which 15 have already yielded
handsome returns to investors. State Bank of India mutual Fund has more than
Rs, 5,500 Crores as AUM., Now it has an investor base of over 8 Lakhs spread
over 18 schemes.
Tata Mutual Fund
Tata Mutual Fund (*TMF) is a Trust under the India Trust Act, 1882. The
sponsor for Tata Mutual Fund is Tata Sons Ltd., and Tata Investment
Corporation Ltd. The investment manager is Tata Asset Management Limited is
one of the fastest in the country with more than Rs, 7,703 crores (as on April30,
2005) of AUM.
Will be inclined to invest until and in

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Kotak Mahindra Mutual Fund:
Korak Mahindra Asset Management Company (KMAMC) is a subsidiary of
KMBl. It is presently having more than 1,99,818 investors in it various
schemes. KMAMC started its operations in December 1998. Kotak Mahindra
Mutual Fund offers schemes fcatering to investor s with varying risk- return
profiles. It was the first company to launch dedicated gilt scheme investing only
in government securities.
Unit Trust of India Mutual Fund:
UTI Asset Management Company private Limited, established in jan 14, 2003
manages the UTI Mutual Fund with the support of UTI Trustee Company
Private Limited. UTI Asset Management Company presently manages a corpus
of over Rs.20000 Crore. The sponsors of UTI Mutual Fund are Bank of Baroda
(BOB). Punjab National Bank (PNB), State Bank of India (SBI) , and Life
Insurance Corporation of India (LIC). The schemes of UTI Mutual Fund are
Liquid Funds, Income Funds, Asset Management Funds, Index Funds, Equity
Funds and Balance Funds.
Reliance Mutual Fund
Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act,
1882. The sponsor of RMF is Reliance Capital Limited and Reliance Capital
Turstee Co. Limited is the Trustee. It was registered on june 30 1995 as
Reliance Capital Mutual Fund which was changed on March 11, 2004 Reliance
Mutual Fund was formed for launching of various schemes under which units
are issued to the Public with a view to contribute to the capital market and to
provide investor the opportunities to make investments in diversified securities.
Quiz question:
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(1) What percentage of household savings is in mutual funds?
Answer: per cent. Thats a pittance. Which is why mutual fund houses are
trying new ways to not only entice investor, but also entice investor, but also
new way to add value and woo you, the customer?
There are old scheme, new schemes, old schemes masquerading as new ones,
innovative schemes, and value- added schemestheres no telling when this
flood will end. And thats not a bad thing at all. This is one case where more is
definitely merrier, because it simply enforces the fact that the customer is king.
But enough of such clichs, and on to look at those fund houses that lead the
rest in sheer innovative schemes, and value-added schemestheres no telling
when this flood will end. And thats not a bad thing at all. This is one case
where is definitely merrier, because it simply enforces the fact that the customer
is king.
But enough of such clichs, and on to look at those fund houses that lead the
rest in sheer innovativeness. These MFs have done a lot to add value to your
investing experience, whether in the form of unique schemes or innovative
management or sheer professionalism.
Leading our list of five is a fund that most people thought was a loser. Looks
are not always what they seem. The MF was actually just sticking to its high
ethical ground. This fund houses belief that its way would triumph put it on the
top of the heap. Now, on to the list.




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Top 5 mutual funds companies in India:

1. Quantum Mutual Fund?
Rule1:keep launching new schemes. Size matters and bigger is better.
Rule 2: Woo distributors to increase collections and to overtake competition.
Rule3: Bargain about commission with the distributor but dont worry about it
too much: at the end of the day, it is the customer who pays.Shocked? You may
well be, but these are the rules almost every mutual fund follows religiously.
And thats where Quantum MF part company with the crowd.
Mutual funds should be bought, not sold, says Dayal, director, Quantum MF.
And thats the foundation of the allow-new Quantum. Launched in February
2006, the fund house has deliberately chosen to avoid distributing its schemes
through distributors, a first in this industry. The only way you can buy Quantum
schemes is to download the forms from the company site or by asking them to
courier the forms to you.
Avoiding distributors in peak markets could prove costly. Because they can sell
schemes aggressively and help the fund mop up huge collections. Which is
possibly why Quantum Long Term Equity fund collected just? Rs 11 crore.
Not that they are complaining, Well be very happy after five years when well
be able to demonstrate the cost saving move obviously, says Dayal.
Incidentally, the fund is also among the very few open-ended equity schemes to
levy high exit loads on early withdrawals, yes, Quantum seeks to set an example
of how mutual funds should be approached, but this means that it will take it
several years before it can accomplish its mission. Well keep you posted.
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2- Benchmark Mutual Fund
Not many funds have launched index funds in India, and those that did
generally made a low-key entrance into that space. And then comes benchmark
MF inn 2001, which made no bones about the fact that it was going to launch
only index funds.
To be precise, it planned to launch only ETFs (exchange- traded funds) - close
cousins of index funds. The difference is that ETFs are listed on the stock
exchanges and you can buy and sell units throughout the day and not just at the
end of the days price like an index fund or any other open-ended mutual fund.
Highlights of Benchmarks portfolio include innovative schemes like its
Arbitrage Fund, Split Capital Fund and Liquid BeEs.

Benchmark is also the countrys first and only fund with solely passively
managed schemes. The MF does not believe in active management: rather, it
believes that indexing and quantitative fund management is the way to go.

Set up by Rajan Mehta and Sanjiv Shah, the funds philosophy is to remain
invested in the index and let it do its own thing. Says Mehta: Over the last three
years, the gap of out-performance by actively managed funds over the indices is
reducing. It does not mean that fund managers have run out of ideas, but there
are some structural changes like better corporate disclosures and the increasing
number of informed and professional investors in the market.

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Equity Fund:-
Aggressive Growth Funds:-
In Aggressive Growth Funds, Funds, fund managers aspire for maximum capital
appreciation and invest in less researched shares of speculative nature. Because
of these speculative investments Aggressive Growth Funds become move
volatile and thus, are prone to higher risk than other equity funds.
Growth Funds:-
Growth Funds also invest for capital appreciation (with time horizon of 3 to 5
years) but they are different from aggressive Growth Funds in the sense that
they invest in companies that are expected to out perform the market in the
future. Without entirely adopting speculative strategies, Growth Funds invest in
those companies that ate expected to post above average earnings in the future.
Specialty Funds:-
Specialty Funds have stated criteria for investments and their portfolio
comprised of only those companies that met their criteria. Criteria for some
specialty funds could be to invest/not to invest in particular regions/ companies.
Specialty funds are concentrated and thus, are comparatively riskier than
diversified funds. There are following types of specialty funds.

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Sector Funds:-
Equity funds that invest in a particular sector/ industry of the market are known
as Sector Funds. The exposure of these funds is limited to a particular sector
(say Information Technology, Auto, Banking, Pharmaceuticals of Fast Moving
Consumer Goods) which is why they are more risky than equity funds that
invest in multiple sectors.
I. Foreign Securities Funds:
Foreign securities funds achieve international diversification and hence they are
less risky than sector funds. However, foreign securities funds are exposed to
foreign exchange rate risk and country risk.

Mid-Cap or Small-Cap Funds:
Funds that invest in companies having lower market capitalization than large
capitalization companies are called Med-Cap or Small-Cap funds. Market
capitalization of mid-Cap companies is less than that of big, blue chip
companies (less than Rs.2500 crores but more than Rs.500 crores ) and Small-
Cap companies have market capitalization of les than Rs.500 crores Market
Capitalization of a company can be calculated by multiplying the market price
of the companys share by the total number of its outstanding shares in the
market. The shares of Mid-Cap or Small-Cap Companies are not as liquid ads of
Large-Cap Companies which gives rise to volatility in share prices of these
companies and consequently, investment gets risky.
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Option Income Funds:
While not yet available in India. Option Income Funds write options on large
fraction of their portfolio. Proper use of options can help to reduce volatility,
which is otherwise considered as a risky instrument. These funds invest in big,
high dividend yielding companies, and then sell options against their stock
positions, which generate stable income for investors.

Diversified Equity Funds-
Except for a small portion of investment in liquid money market, diversified
equity funds invest mainly in equities without any concentration on a particular
sector (s) these funds arte well diversified and reduce sector-specific or
company-specific risk. However like all other funds diversified equity funds too
are exposed to equity market risk .One prominent type of diversified equity
fund in India is Equity Linked Saving Scheme (ELSS). As per the mandate, a
minimum of 90% of investments by ELSS should be in equities at all times.
ELSS investors are eligible to claim deduction from taxable income (up to Rs
1lakh) at the time of filing the income tax return. ELSS usually has a lock-in
period and in case of any redemption by the investor before the expiry of the
lock-in period makes him liable to pay income tax on such income(s) for which
he may have received any tax exemption(s) in the past.




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Equity Index Funds-
Equity Index Funds have the objective to match the performance of a specific
stock market index. The portfolio of these funds comprises of the same
companies that form the index and is substituted in the same proportion as the
index. Equity index funds that follow broad indices (like S&P CNX Nifty
Sensex) are less risky than equity index funds that follow narrow sect oral
indices (like BSEBANKEX or CNX Bank Index etc.) Narrow indices are less
diversified and therefore, are more risky.
Value Funds:-
Value Funds invest in those companies that have sound fundamentals and
whose share prices are currently under-valued. The portfolio of these funds
comprises of shares that are trading at a low Price to Earning Ratio (Market
Price per Share/Earning per Share) and a low Market to Book Value
(Fundamental Value) Ratio. Value Funds may select companies from
diversified sectors and are exposed to lower risk level as compared to growth
funds or specialty funds. Value stocks are generally from cyclical industries
(such as cement, steel, sugar etc.) which make them volatile in the short-term.
Therefore, it is advisable to invest in Value funds with a long- term time
horizon as risk in the long term to a large extent, is reduced.





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Equity Income or Dividend Yield Funds-
The objective of Equity Income or Dividend Yield Equity Funds is to generate
high recurring income and steady capital appreciation for investors by investing
in those companies which issue high dividends (such as power of Utility
companies whose share price fluctuate comparatively lesser than other
companies share price). Equity Income or Dividend Yield Equity Funds are
generally exposed to the lowest risk level as compared to other equity funds.
Debt/Income Funds-
Funds that invest in medium to long- term debt instruments issued by private
companies, banks, financial institutions, governments and other entities
belonging to various sectors (like infrastructure companies etc. ) are known as
Debt/ Income Funds. Debt funds are low risk profile funds that seek to generate
fixed current income (and not capital appreciation) to investors. In order to
ensure regular income to investors Debt (or income) funds distribute large
fraction of their surplus to investors. Although debt securities are generally less
risky than equities, they are subject to credit risk (Risk of default) by the issuer
at the time of interest or principal payment. To minimize the risk of default,
debt funds usually invest in securities from issuers who are rated by credit
rating agencies and are considered to be of Investment Grade. Debt funds that
target high returns are more risky. Based on different investment objectives,
there can be following types of debt funds:



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Diversified Debt Funds:-
Debt funds that invest in all securities issued by entities belonging to all sectors
of the market are known as diversified debt funds. The best feature of
diversified debt funds is that investments arte properly diversified into all
sectors which result in risk reduction. Any loss incurred. On account of default
by a debt issuer, is shared by all investors which further reduces risk for an
individual investor.
Focused Debt Funds:-
Unlike diversified debt funds, focused debt funds are narrow focus funds that
arte confined to investment in selective debt securities, issued by companies of
a specific sector or industry or origin. Some examples of focused debt funds are
sector, specialized and offshore debt funds, funds that invest only in Tax free
Infrastructure or Municipal Bonds. Because of their narrow orientation focused
debt funds are more risky as compared to diversified debt funds, although not
yet available in India; these funds are conceivable and may be offered to
investors very soon.
High Yield Debt funds:-
As we now understand that risk of default is present in all debt funds, and
therefore, debt funds generally try to minimize the risk of default by investing in
securities issued by only those borrowers who are considered to be of
investment grade But, high Yield Debt Funds adopt a different strategy and
prefer securities issued by those issuers who are considered to be of
investment grade. The motive behind adopting this sort of risky strategy is to
earn higher interest returns form these issuers. These funds are more volatile
39 | P a g e

and bear higher default risk, although they may earn at times higher returns for
investors.
Assured Return Funds:-
Although it is not necessary that a fund will meet its objectives or provide
assured returns to investors, but there can be funds that come with a lock in
period and offer assurance of annual returns to investors during the lock-in
period. Any shortfall in returns in suffered by the sponsors or the Asset
Management Companies (AMCs). These funds are generally debt funds and
provide investors with low-risk investment opportunity. However, the security
of investments depends upon the net worth of the guarantor (whose name inn
specified in advance on the offer document). To safeguard the interests of
investors, SEBI permits only those funds to offer assured return schemes whose
sponsors have adequate net-worth to guarantee returns in the future. In the past,
UTI had offered assured return schemes (i.e. Monthly Income Plans of UTI)
that assured specified returns to investors in the future. UTI was not able to
fulfill its promises and faced large shortfalls in returns. Eventually, government
had to intervene and took over UTIs payment obligation on itself. Currently, no
AMC in India offers assured return scheme to investors, though possible.
Gilt Funds:-
Also known as Government securities in India, Gilt Funds invest in government
papers (named dated securities) having medium to long term maturity period.
Issued by the Government of India, these investments have little credit risk (risk
of default) and provide safety of principal to the investors. However, like all
debt funds, gilt funds too are exposed to interest risk, Interest rates and prices of
debt securities are inversely related and any change in the interest results in a
change in the NAV of debt/gilt funds in an opposite direction.
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Money Market/Liquid Funds:-
Money market / liquid funds invest in short- term (maturing within one year)
interest bearing debt instruments. These securities are highly liquid and provide
safety of investment, thus making money market/liquid funds the safest
investment option when compared with other mutual fund types. However, even
money market / liquid funds are exposed to the interest rate risk. The typical
investment option for liquid funds includes Treasury Bills (issued by
governments), Commercial papers (issued by companies) and Certificates of
Deposit (issued by banks).

Hybrid Funds-:
As the name suggests, hybrid funds are those funds whose portfolio includes a
blend of equities, debts and money market securities. Hybrid funds have an
equal proportion debt and equity in their portfolio. There are following types of
hybrid funds in India.
I. Balanced Funds-
The portfolio of balanced funds include assets like debt securities, convertible
securities, and equity and preference shares help in a relatively equal proportion,
the objectives of balanced funds are to reward investors with a regular income,
moderate capital appreciation and at the same time minimizing the risk of
capital erosion. Balanced funds are appropriate for conservative investors
having a long term investment horizon.


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2. Growth- and- Income Funds
That combine features of funds are known as Growth-and-Income Funds. These
funds invest in companies having potential for capital appreciation and those
known for insuring high dividends. The level of risks involved in these funds in
lower than growth funds and higher than income funds.

3. Asset Allocation Funds:-
Mutual may invest in financial assets like equity, debt money market or non-
financial (physical) assets like real estate, commodities etc. Asset allocation
funds adopt a variable asset allocation strategy that allows fund managers to
switch over from one asset class to another at nay time depending upon their
outlook for specific markets, in other words, fund managers may switch over to
equity if they expect equity market to provide good returns and switch over to
debt if they expect debt market to provide better returns. It should be noted that
switching over from one asset class to another is a decision taken by the fund
manager on the basis of his own judgment and understanding of specific
markets, and therefore, the success of these funds depends upon the skill of a
fund manager in anticipating market trends.

4. Commodity Funds:-
Those funds that focus on investing in different commodities (like metals, food
grains, crude oil etc.0 or commodity companies or commodity futures contracts
are termed as Commodity Funds. A commodity fund that invests in a single
commodity or a group of commodities is a specialized commodity fund and a
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commodity fund that invests in all available commodities is a diversified
commodity fund and a bears less risk than a specialized commodity fund.
Precious Metals Fund and Gold Funds (that invest in gold, gold futures or
shares of gold mines) are common examples of commodity funds.
5. Real Estate Funds:-
Funds that invest directly in real estate or lend to real estate developers or invest
in shares/ securitized assets of housing finance company are known as
Specialized Real Estate Funds. The objective of the funds may be to generate
regular income for investors or capital appreciation
6. Exchange Traded Funds (ETF):-
Exchange Traded Funds provide investor with combined benefits of a closed-
end and an open-end mutual fund. Exchange Traded Funds follow stock market
indices and are traded on stock exchanges like a single stock at index linked
prices. The biggest advantage offered by these funds is that they offer
diversification flexibility of holding a single share (tradable at index linked
prices) at the same time. Recently introduced in India, these funds are quite
popular abroad

8. Fund of Funds
Mutual funds that do not invest in financial or physical assets, but do invest in
other mutual fund schemes offered by different AMCs, are known as Funds of
Funds, of Funds maintain a portfolio comprising of units of other mutual fund
schemes, just like conventional mutual funds maintain a portfolio comprising of
equity/debt/ money market instrument or non financial assets. Fund of Funds
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provide investors with an added advantage of diversifying into different mutual
fund scheme with even a small amount of investment, which further helps in
diversification of risks. However, the expenses of Fund of Funds are quite high
on account of compounding expenses of investments into Different mutual fund
schemes.


















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OBJECTIVE OF THE STUDY

The mutual fund industry is fast gaining popularity in todays unpredictable
scenario. It is emerging as one of the most locative investment option. The
objective of the project is to gain detailed insight into this industry.
To know the objective behind investment.
To know the factor is taking into consideration, while investing in mutual
fund or equity fund.
To know the source of awareness.
To know about the giving priority to investment.
How people are giving to invest in mutual fund or equity fund.
To know about the past performance of marketing in mutual funds and
equity fund.
To know individual choose investment option on the basis of market growth.
How much people aware about the performance of mutual fund or equity
fund.
How much people are interested to invest in mutual fund or equity fund.
Invest decision for mutual fund& equity.




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NEED AND SCOPE

The scope of the study consists of analysis of mutual fund in Noida. The work
was conducted at Ashlar Securities Pvt. Ltd.. The other focus was paid to
get the response of working individual by approaching the various companies
visited were ICICI prudential. Kotak Mahindra bank, Reliance Money etc.















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LIMITATION OF STUDY

The study has undertaken with full dedication and under guidance of
experienced personal yet certain limitation was perceived in spite of all the best
efforts against it/ which are.
Time was one of the major constraints in the survey, so only 75 samples
were surveyed during the research and assumed to represent the whole class.
The survey sample in only from a small geographic region, a few localities
in Noida. These may result in the sample not being a true representation of
the entire market for Tele services. The behavior of consumers in the other
metros may differ significantly from that of non-metro semi- urban and rural
consumers.
The process of collection of data through questionnaire method is time
consuming and tough job.
The sample size is too small to analyze the market coverage of various
brands offered by various companies.
Since the results have been drawn on the basis of the information provided
by the respondents, biasness during chance of responses might be there.
Some employees were reluctant & hesitant to give their views.
As some respondents (technical persons) were not able to fill the
questionnaire due to the time constraints the information collected from them
verbally, which might have affected the result to some extent.



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REVIEW OF LITERATURE

If investing is a new activity for you, confusion may be ruling your day. There
are stocks and bonds and options and futures and tons of alphabet soup titles
such as NASDAQ and NYSE and OTIS to learn about. In all the confusion you
may wonder why you should consider mutual funds. This article is intended to
give you a brief introduction to, and ten reasons to invest in, mutual funds.
Mutual funds come from a company that raises money from selling its shares. It
then invests this pooled money in a diversified selection of securities. The
portfolio of securities is professionally managed and is called a mutual fund.
When you invest in the mutual fund you own a share of the fund's portfolio of
securities. The manager of the mutual fund will issue and re-buy shares of the
portfolio at a price that mirrors the current value of the fund when the
transaction is affected.
So Why Should People Invest in Mutual Funds?
1. Professional Management:-

An investor who lacks the time or knowledge to manage their own investments
can turn to the mutual fund and let a professional handle all the securities,
analysis, and questions of when to buy or sell for them. This works so well that
better than 95 million people invest in mutual funds, making them the largest
financial intermediary in the United States. The investors in mutual funds may
be newcomers to investing or they may be experienced investors. What they all
have in common is that they have decided to turn over the time consuming work
of investment management to professionals. (Gitman, L.,and Joehnk, M., 2003)

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2. Ease of Selection:-

Not all mutual funds are managed equally. You can choose from many
hundreds of funds, (well actually even thousands of funds).You can get
information at the click of a mouse or the rustle of a page in magazines such as
"Money". Your credit union will have information for you and your local library
will also have magazines and guides you can check. Do a little homework so
you know how well the fund you are considering has performed over the past
several years. The thing you want to determine is your risk tolerance, how much
money you want, and how soon you want to retire. Communicate these goals to
your fund manager and they will tailor your investment for you.

3. Begin Small:-
Young people just starting out, or a middle aged single parent starting over after
a divorce or other major life event may not have a lot of money to invest in the
beginning. This is where mutual funds can really shine for you. Many mutual
funds will allow you to begin with under a thousand dollars and some will even
let you start with as little as $50. A program at Bank of America for instance
lets you start a "keep the change" savings account where every time you use
your debit card they round up the change to the next dollar and put it in either a
regular savings account or a money market savings account.You can start the
account for $25. And you are on your way to investing in a simple painless way.
You can't get any smaller than that. The way it works is the pooling effect,
which means hundreds or perhaps thousands of times those twenty five dollars,
which makes a pretty nifty investment because mutual fund investors pool their
money with one common goal - to make more.
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3. Lower Your Risk:-

In every business there is a mantra for success. In realestate it is location,
location, location; in acting it is presence,presence, presence; in investments it is
diversify, diversifydiversify. My grandmother used to say "don't put all your
eggs in one basket". What she meant was lower the risk of breaking all those
eggsif you trip and drop them coming up the steps. You carry some of them and
let the other kids carry some of them. It's like that with your nest egg too.
Mutual funds diversify your portfolio by investing in a number of securities and
so spread the risk out into more baskets.

4. Lower Your Risk

In every business there is a mantra for success. In realestate it is location,
location, location; in acting it is presence,presence, presence; in investments it is
diversify, diversifydiversify. My grandmother used to say "don't put all your
eggs in one basket". What she meant was lower the risk of breaking all those
eggsif you trip and drop them coming up the steps. You carry some of them and
let the other kids carry some of them. It's like that with your nest egg too.
Mutual funds diversify your portfolio by investing in a number of securities and
so spread the risk out into more baskets.






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5. Increase the Opportunities:-
Investment in a mutual fund really means you are a part owner in apooled
diversification, managed by professionals and able to takeadvantage of
investments through this alliance that you could neverafford on your own.
Gitman, L and Joehnk, M., (2003) give an examplethat shows two pages in a
portfolio where we see a partial list ofsecurity holdings from a 21 page
portfolio. In the two pages shown wesee 24 industrial companies in six different
industry segments and 34information technology companies spread over three
industry segments.Clearly no single investor could cover this much
diversification. This is only two pages out of twenty one and yetevery investor
who ownsshares in this particular mutual fund is in fact a part owner of
thewidely diversified portfolio.

7. Liquid Assets:-

In the world of finance, liquid assets means something you can sellquickly and
easily. Mutual funds can be bought or sold on any day themarket is doing
business. The money can be in your hands in a matter ofa few days. When my
husband needed medical care that insurance did notcover, I called our fund
manager who sold shares the following businessday and sent us a check which
we received within about five days.





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8. Convenient:-

Because the bookkeeping, investment analysis, and other day to daychores,are
done by the managers of the fund, it frees up the investors timeandrelieves them
of worry and stress. You own just one investmentinstead of a batch of them but
you still get the benefits of all thatdiversification plus a range of services offered
by the fund.

7. Convenient:-
Because the bookkeeping, investment analysis, and other day to daychores,are
done by the managers of the fund, it frees up the investors timeandrelieves them
of worry and stress. You own just one investmentinstead of a batch of them but
you still get the benefits of all thatdiversification plus a range of services offered
by the fund.

8. Transparent disclosures:-

You do not want to stick money in a portfolio and thennever really
notknowwhat is happening. The beauty of the mutual fund is that you will
getfrequently updated information on the value of the investment.
Theprospectus will be mailed to you on a regular basis and this willdisclose
specific investments made by the fund. The information willalso break down the
percentage of investments in each industrysegmentand class of assets and will
detail the fund management's strategyand long term goals. In the Prospectus you
will find importantinformation in the sections on expenses, investment
objectives,long-term total returns and management biographies.

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9. Choices:-
Mutual Funds investors have many thousands of options to choose from. Iknow
many people who will not invest in some financially secure fundsdue to the
companies represented in the fund. Animal rights activistswill not invest in
funds that include pharmaceutical research anddevelopment divisions that use
animals in their work. Some environmentalactivists will not invest in funds that
include chemical companies orother industrial segments. You can make choices
based on those groundsas well as the financial stability of the fund itself and
yourparticular financial plan.

10. Regulated for your protection:-
A mutual fund is not one big company run by a single manager or group
ofmanagers that can contrive to take your money and run. When you investin a
mutual fund, you own shares of the fund, and that gives you certainvoting
rights. The functions of the fund are separated between two ormore companies.
The fund itself is organized as a corporation or a trustand is owned by the
investors. The firm that runs it is separate. Themanagement company creates the
funds, the investment advisors overseethe portfolio and buy and sell stocks and
bonds, the distributor sellsfund shares to you and me as investors in the
portfolio, the custodiansafeguards the assets of the fund (this is usually done by
a bank), andthe transfer agent keeps a record of purchase and
redemptioncommunications and other shareholder records for investors. In
otherwords a mutual fund's investment and business decisions are made by
different entities for the protection of the shareholder. The fund also has a board
of directors to ride herd on all the activity and they are voted on by you and the
other investors. If you do not like the way the fund is being managed talk with
your vote.
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When considering investment opportunities, the first challenge that almost
every investor faces is a plethora of options. From stocks, bonds, shares, money
market securities, to the right combination of two or more of these, however,
every option presents its own set of challenges and benefits.


So why should investors consider mutual funds over others to achieve their
investmentgoals?

Mutual funds allow investors to pool in their money for a diversified selection
of securities, managed by a professional fund manager. It offers an array of
innovative products like fund of funds, exchange-traded funds, Fixed Maturity
Plans, Sectoral Funds and many more.


Whether the objective is financial gains or convenience,mutual funds offer
many benefits to its investors.

A mutual fund that invests in a mix of stocks and bonds to take advantage of
both thegrowth potential stocks provide and the income stream bonds typically
provide and to reduce risk. Alsocalled a hybrid fund.


Best Inflation:-

Mutual Funds help investors generate better inflation-adjusted returns, without
spending a lot of time and energy on it.While most people consider letting their
savings 'grow' in a bank, they don't consider that inflation may be nibbling away
itsvalue.

Suppose you have Rs. 100 as savings in your bank today. These can buy about
10 bottles of water. Your bank offers 5% interest per annum, so by next year
you will have Rs. 105 in your bank.


However, inflation that year rose by 10%. Therefore, one bottle of water costs
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Rs. 11. By the end of the year, with Rs. 105, you will not be able to afford 10
bottles of water anymore.

Mutual Funds provide an ideal investment option to place your savings for a
long-term inflation adjusted growth, so that the purchasing power of your hard
earned money does not plummet over the years.


A mutual fund is nothing more than a collection of stocks and/or bonds. You
can think of a mutual fund as a company that brings together a group of people
and invests their money in stocks, bonds, and other securities. Each investor
owns shares, which represent a portion of the holdings of the fund.

You can make money from a mutual fund in three ways:

(1) Income is earned from dividends on stocks and interest on bonds. A fund
pays out nearly all of the income it receives over the year to fund owners in the
form of a distribution.

(2) If the fund sells securities that have increased in price, the fund has a capital
gain. Most funds also pass on these gains to investors in a distribution.
(3) If fund holdings increase in price but are not sold by the fund manager, the
fund's shares increase in price. You can then sell your mutual fund shares for a
profit.

Funds will also usually give you a choice either to receive a check for
distributions or to reinvest the earnings and get more shares.

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Advantages of Mutual Funds:-

Professional Management:- - The primary advantage of funds is the
professional management of your money. Investors purchase funds because they
do not have the time or the expertise to manage their own portfolios. A mutual
fund is a relatively inexpensive way for a small investor to get a full-time
manager to make and monitor investments. (For more reading see Active
Management: Is It Working For You?)


Diversification:- - By owning shares in a mutual fund instead of owning
individual stocks or bonds, your risk is spread out. The idea behind
diversification is to invest in a large number of assets so that a loss in any
particular investment is minimized by gains in others. In other words, the more
stocks and bonds you own, the less any one of them can hurt you (think about
Enron). Large mutual funds typically own hundreds of different stocks in many
different industries. It wouldn't be possible for an investor to build this kind of a
portfolio with a small amount of money.


Economies of Scale: - Because a mutual fund buys and sells large amounts of
securities at a time, its transaction costs are lower than what an individual would
pay for securities transactions.


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Liquidity - Just like an individual stock, a mutual fund allows you to request
that your shares be converted into cash at any time.


Simplicity - Buying a mutual fund is easy! Pretty well any bank has its own
line of mutual funds, and the minimum investment is small. Most companies
also have automatic purchase plans whereby as little as $100 can be invested on
a monthly basis.


Disadvantages of Mutual Funds:-

Professional Management: - Many investors debate whether or not the
professionals are any better than you or I at picking stocks. Management is by
no means infallible, and, even if the fund loses money, the manager still gets
paid.

Costs: - Creating, distributing, and running a mutual fund is an expensive
proposition. Everything from the manager's salary to the investors' statements
cost money. Those expenses are passed on to the investors. Since fees vary
widely from fund to fund, failing to pay attention to the fees can have negative
long-term consequences. Remember, every dollar spend on fees is a dollar that
has no opportunity to grow over time. (Learn how to escape these costs in Stop
Paying High Mutual Fund Fees.)


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Dilution: - It's possible to have too much diversification. Because funds have
small holdings in so many different companies, high returns from a few
investments often don't make much difference on the overall return. Dilution is
also the result of a successful fund getting too big. When money pours into
funds that have had strong success, the manager often has trouble finding a
good investment for all the new money.


Taxes - When a fund manager sells a security, a capital-gains tax is triggered.
Investors who are concerned about the impact of taxes need to keep those
concerns in mind when investing in mutual funds. Taxes can be mitigated by
investing in tax-sensitive funds or by holding non-tax sensitive mutual fund in a
tax-deferred account, such as a 401(k) or IRA. (Learn about one type of tax-
deferred fund in










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Mutual Funds and IPO's:-

Mutual Funds and IPOs can be an excellent option if youre looking for a
diversified investment portfolio which offers liquidity and transparency.
Mutual Funds & IPOS are one of the most suitable investments for the
common man as they offers an opportunity to invest in a diversified,
professionally managed basket of securities at a relatively low cost. Recent
trends in mutual fund flows suggest that the Indian investor is regaining his
appetite for equities. Use Mutual Funds & IPOS to plan your financial future.

Currently the investor have been risk-averse and therefore park most of their
saving in Fixed Deposits and other saving Accounts, though the yield from
such investment avenues is very low. However, the recent trend has been such
that more people have been attracted towards investment in the Mutual Funds
& IPOs. Ashlar provides complete transaction support to our associates and
their clients for investments in primary markets through Mutual funds &
IPOs.

Ashlar offers personalized services for investments (including mutual funds of
all types: Equity funds, Growth and Value Funds, Large- Cap and Small-Cap
Funds, Bond Fund , Foreign Stocks Funds, Money Market Funds, Sector
Funds,& Asset Allocation Funds) & IPOs.




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why people want to invest in Equity:-
nvesting in stock market is not everyones cup of tea. But the earnings in share
market have enough potential to take you from rags to riches. When investing in
the stock market,the stock that you buy in a particular company automatically
gives you a partial ownership of that company.Stock market trading in India is
primarily carried out in the National Stock Exchange (NSE) and the Bombay
Stock Exchange (BSE). It is essential for investors who are willing to invest in
the stock marketto have a sound knowledge of the NSE, BSE and the Indian
Economy.

You can either choose to trade online or via a stockbroker or investment firm or
an agent. Follow these simple steps in order to start investing in Indian Stock
market
Steps
Open a Bank Account: The first step toward investing in Indian stock
market is to open a bank account. A bank account is required to hold your
funds that you will be investing.

Demat Account: The next step is to open a Demat account. Just like bank
account is required to hold your funds, a Demat account is required to hold
your assets such as equities, debentures and mutual funds.


Brokerage/Trading account: After you open a Demat account you need to
get a trading account. A trading/brokerage account lets you purchase stocks,
bonds, mutual funds, and other units by paying the broker to do the trading
on your behalf. You would not be able to do trading without a trading
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account. For your convenience,banks have started providing all these
services in a single unified account.

Get The Basics Right: In order to make profits, you need to have a sound
understanding of all the concepts of the market. Prepare yourself well to
tackle the risks in the market. Conduct a thorough research on the profile,
earnings, annual reports, and news of the company in which you are willing
to make an investment.Take a careful look at the stock charts before
investing. If you do not have the time to monitor your stocks yourself, then
an agent will be in a better position to help you with regular updates on the
stock market and the companys progress.
Determine How Much You Can Invest:
Once you've decided upon investing in a particular company, you need to
determine how much can you invest in buying the shares. Therefore, you
need to think twice and then make a decision. Also, you need to be ready
with a back-up plan so that you do not run into losses.

Develop A Strategy:
Whether you are looking for short or long term gains, if you want to make
high-growth investments, youll need to have strategic goals designed in
order to deal in the market smartly. It is recommended that you buy shares in
established companies and hold onto them for long so as to maximize
profits.




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Equity & Derivatives:-

Ashlar is the member of NSE and BSE in Capital Market & Derivative Segment
providing their clients first class service. Our success in this business is driven
by our keen understanding of the business and ability to provide clients with
solutions appropriate to fit their needs. We Ashlar are the most competitive
company in the field of Stock Equities and Derivatives.

We are a full service brokers that are committed in providing outstanding
service while offering, the investor an array of investment products to meet their
needs. Our advisors team comprises of expert, skilful, determined, energetic and
passionate people who have extensive experience in the field of Capital Market.
Our stockbrokers provide the clients the advice and support they need to
manage their investments.


Ashlar help the future investors to trade a broad market by making one trading
decision rather than making many decisions involved with investing in
numerous individual stocks . The overwhelming response of our clients has
encouraged us to set new benchmarks in the industry by providing better quality
services.

Ashlar have an on-going relationship with institutional and other clients which
includes identifying clients investment requirements, identifying suitable
relevant investment opportunities, keeping clients informed of company and
market developments, maintaining a constant flow of information to our clients;
and transacting buy and sell orders effectively and professionally.
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Expert Managers:-
Backed by a dedicated research team, investors are provided with the services of
an experienced fund manager who handles the financial decisions based on the
performance and prospects available in the market to achieve the objectives of
the mutual fund scheme.

Convenience:-
Mutual funds are an ideal investment option when you are looking at
convenience and timesaving opportunity. With low investment amount
alternatives, the ability to buy or sell them on any business day and a multitude
of choices based on an individual's goal and investment need, investors are free
to pursue their course of life while their investments earn for them.

Low Cost:-

Probably the biggest advantage for any investor is the low cost of investment
that mutual funds offer, as compared to investing directly in capital markets.
Most stock options require significant capital, which may not be possible for
young investors who are just starting out.


Mutual funds, on the other hand, are relatively less expensive. The benefit of
scale in brokerage and fees translates to lower costs for investors. One can start
with as low as Rs. 500 and get the advantage of long term equity investment.


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Diversification:-

Going by the adage, 'Do not put all your eggs in one basket', mutual funds help
mitigate risks to a large extent by distributing your investment across a diverse
range of assets. Mutual funds offer a great investment opportunity to investors
who have a limited investment capital.


Liquidity:-

Investors have the advantage of getting their money back promptly, in case of
open-ended schemes based on the Net Asset Value (NAV) at that time. In case
your investment is close-ended, it can be traded in the stock exchange, as
offered by some schemes.


Higher Return Potential:-

Based on medium or long-term investment, mutual funds have the potential to
generate a higher return, as you can invest on a diverse range of sectors and
industries.


Safety &Transparency:


Fund managers provide regular information about the current value of the
investment, along with
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Their strategy and outlook, to give a clear picture of how your investments are
doing.

Moreover, since every mutual fund is regulated by SEBI, you can be assured
that your investments are managed in a disciplined and regulated manner and
are in safe hands.


Every form of investment involves risk. However, skilful management,
selection of fundamentally sound securities and diversification can help reduce
the risk, while increasing the chances of higher returns over time.


Contact Us [through the Query form in right hand side] to learn more about
the benefits of investing in mutual funds.










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Indian Equity Market:-

The Indian Equity Market is more popularly known as the Indian Stock Market.
The Indian equity market has become the third biggest after China and Hong
Kong in the Asian region. According to the latest report by ADB, it has a
market capitalization of nearly $600 billion. As of March 2009, the market
capitalization was around $598.3 billion (Rs 30.13 lakh crore) which is one-
tenth of the combined valuation of the Asia region. The market was slow since
early 2007 and continued till the first quarter of 2009.

A stock exchange has been defined by the Securities Contract (Regulation) Act,
1956 as an organization, association or body of individuals established for
regulating, and controlling of securities.



The Indian equity market depends on three factors -
Funding into equity from all over the world
Corporate houses performance
Monsoons
The stock market in India does business with two types of fund namely private
equity fund and venture capital fund. It also deals in transactions which are
based on the two major indices - Bombay Stock Exchange (BSE) and National
Stock Exchange of India Ltd. (NSE).
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The market also includes the debt market which is controlled by wholesale
dealers, primary dealers and banks. The equity indexes are allied to countries
beyond the border as common calamities affect markets. E.g. Indian and
Bangladesh stock markets are affected by monsoons.


The equity market is also affected through trade integration policy. The country
has advanced both in foreign institutional investment (FII) and trade integration
since 1995. This is a very attractive field for making profit for medium and long
term investors, short-term swing and position traders and very intra day traders.


The Indian market has 22 stock exchanges. The larger companies are enlisted
with BSE and NSE. The smaller and medium companies are listed with OTCEI
(Over The counter Exchange of India). The functions of the Equity Market in
India are supervised by SEBI (Securities Exchange Board of India).


History of Indian Equity Market The history of the Indian equity market goes
back to the 18th century when securities of the East India Company were
traded. Till the end of the 19th century, the trading of securities was
unorganized and the main trading centers were Calcutta (now Kolkata) and
Bombay (now Mumbai).


Trade activities prospered with an increase in share price in India with Bombay
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becoming the main source of cotton supply during the American Civil War
(1860-61). In 1865, there was drop in share prices. The stockbroker association
established the Native Shares and Stock Brokers Association in 1875 to
organize their activities. In 1927, the BSE recognized this association, under the
Bombay Securities Contracts Control Act, 1925.


The Indian Equity Market was not well organized or developed before
independence. After independence, new issues were supervised. The timing,
floatation costs, pricing, interest rates were strictly controlled by the Controller
of Capital Issue (CII). For four and half decades, companies were demoralized
and not motivated from going public due to the rigid rules of the Government.

In the 1950s, there was uncontrollable speculation and the market was known as
'Satta Bazaar'. Speculators aimed at companies like Tata Steel, Kohinoor Mills,
Century Textiles, Bombay Dyeing and National Rayon. The Securities
Contracts (Regulation) Act, 1956 was enacted by the Government of India.
Financial institutions and state financial corporation were developed through an
established network.


In the 60s, the market was bearish due to massive wars and drought. Forward
trading transactions and 'Contracts for Clearing' or 'badla' were banned by the
Government. With financial institutions such as LIC, GIC, some revival in the
markets could be seen. Then in 1964, UTI, the first mutual fund of India was
formed.


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In the 70's, the trading of 'badla' resumed in a different form of 'hand delivery
contract'. But the Government of India passed the Dividend Restriction
Ordinance on 6th July, 1974. According to the ordinance, the dividend was
fixed to 12% of Face Value or 1/3 rd of the profit under Section 369 of The
Companies Act, 1956 whichever is lower.


This resulted in a drop by 20% in market capitalization at BSE (Bombay Stock
Exchange) overnight. The stock market was closed for nearly a fortnight.
Numerous multinational companies were pulled out of India as they had to
dissolve their majority stocks in India ventures for the Indian public under
FERA, 1973.


The 80's saw a growth in the Indian Equity Market. With liberalized policies of
the government, it became lucrative for investors. The market saw an increase
of stock exchanges, there was a surge in market capitalization rate and the paid
up capital of the listed companies.


The 90s was the most crucial in the stock market's history. Indians became
aware of 'liberalization' and 'globalization'. In May 1992, the Capital Issues
(Control) Act, 1947 was abolished. SEBI which was the Indian Capital Market's
regulator was given the power and overlook new trading policies, entry of
private sector mutual funds and private sector banks, free prices, new stock
exchanges, foreign institutional investors, and market boom and bust.

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In 1990, there was a major capital market scam where bankers and brokers were
involved. With this, many investors left the market. Later there was a securities
scam in 1991-92 which revealed the inefficiencies and inadequacies of the
Indian financial system and called for reforms in the Indian Equity Market.


Two new stock exchanges, NSE (National Stock Exchange of India) established
in 1994 and OTCEI (Over the Counter Exchange of India) established in 1992
gave BSE a nationwide competition. In 1995-96, an amendment was made to
the Securities Contracts (Regulation) Act, 1956 for introducing options trading.
In April 1995, the National Securities Clearing Corporation (NSCC) and in
November 1996, the National Securities Depository Limited (NSDL) were set
up for demutualised trading, clearing and settlement. Information Technology
scrips were the major players in the late 90s with companies like Wipro,
Satyam, and Infosys.


In the 21st century, there was the Ketan Parekh Scam. From 1st July 2001,
'Badla' was discontinued and there was introduction of rolling settlement in all
scrips. In February 2000, permission was given for internet trading and from
June, 2000, futures trading started.

In 2005 Ashlar was founded. In those days Ashlar was specialized in stock
broking house but now ashlar are provide many products,and now ashlar
mainly operating Stock Broking House.

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In 2007 Ashlar acquired Intec (interim national agencies) for its trade in
building materials; other activities of in tag were sold.

Ashlar India is lead and managed by a team of experienced professionals who
have a deep and penetrating industrial, financial and technical knowledge along
with specialized skills, problems solving and teamwork abilities. The recruits at
Ashlar team have a strong academic background and expertise, ability to furnish
to the needs of clients in an objective fashion.


Our Core management team is drawn from diverse specialists who continuously
endeavor to generate synergies through their strong leadership, decision
making and management skills. They are a source of motivation to the entire
group. We are known by our leaders, and boast of strong management both in
terms of knowledge and experience.

Mutual Fund:-

Historians are uncertain of the origins of investment funds. There are some
indications that the idea of pooling assets for investment purposes began in the
Netherlands in the late 18th or early 19th century. Closed-end investment funds
did take root in Great Britain and France in the 1800s, making their way to the
United States in the 1890s. (For more insight, see Uncovering Closed-End
Funds.)


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The creation of the Massachusetts Investors' Trust in Boston in 1924, which
went public in 1928, is cited as the arrival of the modern mutual fund in the
U.S. In 1929, there were 19 open-ended funds competing with nearly 700 of the
closed-end variety. The market crash of 1929 wiped out the highly leveraged
closed-end funds, but a small number of opened-ended funds managed to
survive.

The creation of the Securities and Exchange Commission (SEC), the passage of
the Securities Act of 1934 and the Investment Company Act of 1940 put the
mutual fund business on a solid regulatory basis with safeguards for investors.
In the early 1950s, the mutual fund count topped 100 and continued to grow
through the next two decades. The bull markets of the 1980s and 1990s
accelerated this growth, pushing the fund count over 3,000, with total assets
surpassing the $1 trillion mark during this period.


In response to the mutual fund scandals of the 2003-2004 period, corrective
regulatory and industry practices were, and continue to be, enacted. By the end
of 2006, the mutual fund business was still growing and mutual funds in the U.
S. numbered more than 8,000 with asset holdings of $10.4 trillion and new
markets opening up around the world. (For related reading, see A Brief History
Of The Mutual Fund.)




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Product And Services:
Ashlar Customers have the advantage of trading in all the market segments
together in the same window, as we understand the need of transaction to be
executed with high speed and reduced time. At the same time, they have the
advantage of having all Advisory Services for life Insurance, General Insurance,
Mutual Funds and IPOs also.
Ashlar is a customer focused financial services organization providing a range
of investment solutions to our customers; we work with clients to meet their
overall investment Objectives.










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Ashlar Key Product Offering Are As Follows:-
Equity
Commodity
Depository
Distribution
NRI Services
Back Office
Fixed Income
Investment Banking
New product UTS(Unlimited Trading Schme)
Equity:
AshlarIndia
Browser based trading terminal that can be accessed by a unique ID and
password. This facility is available to our entire online customer the moment
they get registered with us.




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Features:
Trading at NSE. BSE and Derivatives on single screen.
Add multiple scrips on the market watch.
Greater exposure foe trading on the available margin.
Common window for display of market watch an order execution.
Real time updating of exposure and portfolio while trad9ing.
Offline order placement facility.
Stop- loss feature.
Competitive Brokerages.
Banking integration with ICICI Bank , HDFC Bank & Axis Bank.
Proxy link to enable trading behind firewalls.

Ashlar Swift:-
Application based terminal for active traders. It provided better speed, greater
analytical features & priority access to Relationship Managers.




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Features:
Trading at NSE, BSE and Derivatives on single screen.
Add any number of scrips in the Market Watch.
Tick by tick live updating of intraday chart.
Greater exposure for trading on the margin available
Common window for market watch and order execution.
Key board driven short cuts for punching orders quickly.
Real time updating of exposure and portfolio.
Facility to customize a number of portfolios & watch lists.
Market depth, I,e. Best 5 bids and offers, updated live for all scripts.
Facility to cancel all pending orders with a single click.
Instant trade confirmations.
Banking integration with ICICI Bank, HDFC Bank & Axis Bank, & Bank of
India, & corporation.
Bank & Karnataka Bank & Oriental bank of commerce, & south
Indian Bank & Vijay Bank and Yes Bank.
Stop-loss feature.


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Commodity:-
Ashlar offers a unique feature of a single screen trading platform in MCX and
NCDEX. Ashlar offers both offline & Online trading platforms. You can walk
in or place your orde4rs through telephone at any of your branch locations
Online commodity internet trading platform through uniflex.
Line Market Watch for commodity market (NCDEX, MCX) in one screen.
Add any number of scrips in the Market Watch.
Tick by tick live updating of intraday char4t.
Greater exposure for trading on the margin available
Common window for market watch and order execution.
Key board driven short cuts for purchasing orders quickly.
Real time updating of exposure and portfolio.
Facility to customize nay number of portfolios & watch lists.
Market depth, I, E, best 45 bids and offers. Updated live for all scripts.
Facility to cancel all pending orders with a single click.
Instant trade confirmations,
Stop-loss feature.




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Depository:-
Ashlarindia depository services offers dematerialization services as a participant
in central Depository Service Limited (CDSL), through its Depositary
operations. The company believes in efficient and cost-effective and integrated
service support to its brokerage business, Ashlarindia Securities Private
Limited, as a depository participant, will offer depository accounts for
individual investor as well as corporate which will enable them to transact in the
dematerialized segment, without any hassles.
Depository offers a safe, convenient way to hold securitie4s as compared to
holding securities in paper form. Our service provides an integrated single
platform for all our clients ensuring a risk free, efficient and prompt depository
process.
Facilities offered by:-
De- materialization:
You can submit your physical shares at the Ashlarindia branch for
dematerialization into electronic form.

Transfer:-
Inter and intra depository services are available through which you can transfer
shares,


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IPO:-
You can apply for IPO using your D-mat account details and on allotment the
securities are transferred directly to your D-mat account.
Corporate Actions:-
While holding your stock in D-mat account, in case you are eligible for any
bonus and right issues the allotment would be transferred to your D-mat
account.
Easi:-
You can view your D-mat account over the internet and avail a host of services,
this facility empowers our clients to view, download, print updated holding with
respective valuations.
Distribution:-
Ashlarindia is fast emerging as a leader in the insurance and Mutual Funds
distribution space. Ashlarindia has over 100 branches and a huge number of
Business Executives Who help to source and service the customers
throughout the country. Ashlarindia is fast becoming the preferred Vendor
Independent distribution houses because of providing efficient service like free
pick up of collection of cheques /DDs keeping track of the premium etc to its
customers.




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AshlarIndia offers the following distribution products:-
IPOs
Mutual Funds
Insurance
Properties
IPO:-
At AshlarIndia you can invest in the Primary markets (Initial Public Offerings)
online without going through the hassles of filling up any IPO application forms
or any other paperwork.
we can make sure that you do not miss the opportunity to subscribe/invest in a
good IPO issue by providing you an online IPO application from, transfer of
fund online through secured payment gateways of leading banks like
ICICI,HDFC, and AXIS bank.
in addition to the above we can provide you with the in-depth analysis of the
IPO Issues which can be hitting the Indian market sin near future, IPO
Calender, analysis on the recent IPO listing, prospectus, offer documents and
other IPO research reports so as to help you take an informed decision to invest
in the IPO issues,
Online IPO facility is open to al l our registers clients at no cost whatsoever.
All you need in the following to subscribe online - :
A trading account with AshlarIndia
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A D-mat account with Ashlarindia
An access to the net banking facility with the banks through which
ashlarindia has operational gateway facility
An access to the net banking facility with the Banks through which
Ashlarindia has operational Gateway facility (ICICI, HDFC and AXIS Bank)
You must have since a power of Attorney (PO A) agreement for applying
in IPOs online.

Insurance:-

AshlarIndia offers all products of general insurance under one umbrella.
AshlarIndia comprise of a team of distinguished professionals form insurance,
finance and other management disciplines that have vast business & managerial
experience.

AshlarIndia team evaluates the client a business environment and studies the
risk profile based on the results of these evaluations, AshlarIndia team then
suggests the most cost effective, integrated insurance package that is perfectly
suited to the clients risk profile.
AshlarIndia has a national wide network of branches all over India, equipped
with top quality infrastructure facilities, to provide you prompt & Efficient
service.




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Life Insurance:-

AshlarIndia offers you a pace of Mind by offering various life insurance plans
for your ashlarindia & specific needs. Our philosophy is that for every financial
problem. There is a solution also. And we are here to give you complete
financial solutions, At the same time we offer your very prompt & Reliable
Policy related servicer related service for enduring relationship.
We offer a very wide range of product to fulfill you particular requirements.
You can always have an access to our 83 Brach offices situated at
prime locations of the city, or you can call our Relationship Manager to guide
on your investments.













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Following is the glimpse of Life Insurance Plans.
Protection Plans
Investment Plans Child Plans
Child Plans
Retirement/Pension Plans
Saving Plans
NRI Plans
Health plans
Mutual Fund
AshlarIndia Provides expert advice to its clients for their investments in
Equity debt markets through Mutual Funds.
Our experts advice you the beat investment solutions that suit you and help
You to reach Your financial goals.
We help ascertain your risk profile & guide you with the right product
mix which reduce
your tax liability, increase your savings & enhance your wealth, whether
you have
a conservative, medium or aggressive investment risk appetite, our
expert would guide
you to build a portfolio to optimize the return of interest.


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Classification of mutual fund:-
By structure:-
Open- ended scheme
Close ended scheme
Interval schemes

By investment objective :-
Growth schemes
Income schemes
Balanced schemes
Money market schemes

By Other Schemes:-
Tax saving schemes
Special schemes
Index schemes
Sector specific schemes

NRI Service:-
With India becoming the epicenter of growth the Global India feels the need
to be connected to the domestic growth story.
AshlarIndia now offers a convenient and hassle-free way of Investing in
the Indian

Capital Markets:- Securities Market to the people who are living outside
India and with to participate in the Indian Growth story. Procedure for
NRI operations in India

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The NRI can deal with only one bank at any point of time.
He is allowed to invest only 5% of the paid up capital of a company. The
aggregate paid up value of equity of any company purchase by all NRIs and
OCBs cannot exceed 10 percent of the paid up capital of the company and in
the case of convertible debentures, the aggregate paid up value of each series
of debentures purchased by all NRIs and OCBs cannot exceed 10% of the
paid up value of each series of convertible debentures.
He can enter only into delivery based trades; all deliveries must only be
routed through beneficiary accounts and not directly through the broker.
Shares bought by him cannot be sold unless the payout of the same is
received form exchange.
All purchase and sale transaction have to be reported to the RBI by the
designated bank.
Original brokers contract notes shave to be submitted to the designated
Bank branch, within 24 hours of the transaction
He will be required to make bill to bill payments/ settlements. No
adjustments of purchase against sale consideration should be done.
Shares cannot be bought against the shares sold in the same settlement.
All purchase and sales will be dealt separately for payments/ receipts.
Sale proceeds of any transaction not reported. Approved by the RBI is
allowed to be credited to the NRE/NRO savings. Dement account. The
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transaction will have to be reversed in the account and losses if any will be
borne by the client.
All tax liabilities arising out of buying and selling of securities will be
handled by the designated bank.
Back office:-
AshlarIndia through it online back- office aims to increase the transparency
and provides You the link to view the details of your account online any
time and anywhere.
Here your have the advantage of viewing the following reports online.
Sauda details
Financial ledger
Net position for the day
Net position Detail (for the complete financial year)
E-contract Note
Home product & Services Fixed Income









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Fixed Income:-
Offerings:-
The Fixed income vertical of ASHLARINDIA Group deals in Sovereign Paper
and Money Market/ Fixed Income Instruments Broadly, it undertakes following:
Dealing in all types of money market instruments, viz. commercial paper
(Origination & Placement), Certificate of Deposit and Treasury Bill both in
Primary and Secondary market.
Dealing in Government securities (including securities of Oil, Fertilizer&
Food Bonds) and other PUS/ Corporate bonds with counterparties like
Banks, Primary Dealers, Mutual Funds, Housing Finance Companies,
NBFCs& Corporate.
Retailing of Central, State Government Securities and Bonds to PF Trusts,
Universities.
Advisory Services to PF Trusts.
Arrangers for Private placement of Bonds & placing it with Banks, Mutual
Funds, Insurance Companies & Corporate.
Securitization of receivable portfolio of Housing Finance Companies, Banks
& NBFCs by way of pass through certificates.





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Private Equity (PE) Syndication:-
We specialize in the syndication of the private equity, for the Indian
companies in high-growth markets on their capitalization/ re-capitalization
strategies. Which helps them to achieve their growth targets? Our team of
professionals ensures complete confidentiality, strong focus on
implementation and quick turnaround time. Access to key decision makers at
PER funds gives us an dodge in optimal structuring and efficient closure of
transactions. We service our clients through various stages of the PE deal
namely collateral preparation, investor shortlist in, commercial term sheet,
due diligence and final closure.

Mergers & Acquisition (M&A) Advisory:-
We provide both buy-side and sell- side advisory services as part of our
M&A advisory offering. We advise clients during the entire transaction
process right form target identification to deal courser. We have an
experienced and highly qualified team with more than 40-+man-years of
experience which specializes in identification and short listing of potential
targets, strategic planning of an acquisition and arranging capital for the
transaction, if needed.Debt syndicationOur offering include:Project Finance/
Term Loans for Expansion Arranging Long-term loans for setting up new
projects from Financial





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Location:-
There are Five State level envestment service provider, its direct registored
NSDL &CDSL,
in delhi /NCR there are three location, main Branch, REGISTERED OFFICE A-38, Sector-
67,Noida-201301

Corporate Office- 411, arunchal bhawan 19, barakhamba road new delhi-
110001
Processing Office 1008, Street No-2, Arjun Nagar, Gurgaon-122001

















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Organization Structure:-

ASHLAR is one of the reputed Stock Broking Houses in India, with a dominant
position in retail broking. We are amongst the best-capitalized firms in the Broking
Industry, with an esteemed presence in the capital of the country, having our
Registered Office in Noida. We introduce ourselves as a company with innovative
thought process,















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THEORETICAL BASE OF PROJECT TITLE
Mutual Fund:
A mutual fund is an entity that pools the money of many investors -- its unit-
holders -- to invest in different securities. Investments may be in shares, debt
securities, money market securities or a combination of these. Those securities
are professionally managed on behalf of the unit-holders, and each investor
holds a pro-rata share of the portfolio i.e. entitled to any profits when the
securities are sold, but subject to any losses in value as well.

A mutual fund is pool money, collected from investors, and is invested
according to certain investment options. A mutual fund is a trust that pools the
savings of a number of investors who share a common financial goal. A mutual
fund is created when investors put their money together. It is therefore a pool of
the investors founds. 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 appreciation realized is shared
by its unit holders in proportion to the number of units owned by them.
The most important characteristics of a fund are that the contributors and the
beneficiaries of the fund are the same class of people, namely the investors; the
term mutual fund means the investors contribute to the pool, and also benefit
from the pool. There are no other claimants to the funds. The pool of funds held
mutually by investors in the mutual fund.
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A mutual funds business is to invest the funds thus collected according to the
wishes of the investors who created the pool. Usually, the investors appoint
professional investment managers, to manage their funds. The same objective is
achieved when professional investment managers create a product and offer it
for investment to the investor. This product represents a share in the pool, and
pre states investment objectives. 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.
Investors in the mutual fund industry today have a choice of 39 mutual funds,
offering nearly 500 products. Though the categories of product offer can be
classified under about a dozen generic heads, competition in the industry has led
to innovative alterations to standard products. The most important benefit of
product choice is that it enables investors to choose options that suit their return
requirements and risk appetite. Investors can combine the options to arrive at
their own mutual fund portfolios that fit with their financial planning objectives.
What are the benefits of investing through a mutual fund:-
Professional Investment Management:-
Mutual funds hire full-time, high-level investment professionals. Funds can
afford to do so as they manage large pools of money. The managers have real-
time access to crucial market information and are able to execute trades on the
largest and most cost-effective scale.


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Diversification:-
Mutual funds invest in a broad range of securities. This limits investment risk
by reducing the effect of a possible decline in the value of any one security.
Mutual fund unit-holders can benefit from diversification techniques usually
available only to investors wealthy enough to buy significant positions in a wide
variety of securities.

Low Cost:-
A mutual fund let's you participate in a diversified portfolio for as little as
Rs.5,000/-, and sometimes less. And with a no-load fund, you pay little or no
sales charges to own them.

Convenience and Flexibility:-
You own just one security rather than many, yet enjoy the benefits of a
diversified portfolio and a wide range of services. Fund managers decide what
securities to trade, collect the interest payments and see that your dividends on
portfolio securities are received and your rights exercised. It also uses the
services of a high quality custodian and registrar in order to make sure that your
convenience remains at the top of our mind.

Personal Service:-
One call puts you in touch with a specialist who can provide you with
information you can use to make your own investment choices. They will
provide you personal assistance in buying and selling your fund units, provide
fund information and answer questions about your account status. Our
Customer service centers are at your service and our Marketing team would be
eager to hear your comments on our schemes.

Liquidity:-
In open-ended schemes, you can get your money back promptly at net asset
value related prices from the mutual fund itself.
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Transparency:-
You get regular information on the value of your investment in addition to
disclosure on the specific investments made by the mutual fund scheme.





















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Equity Envestment:-

An equity investment generally refers to the buying and holding of shares of
stock on a stock market by individuals and firms in anticipation of income from
dividends and capital gains, as the value of the stock rises. Typically equity
holders receive voting rights, meaning that they can vote on candidates for the
board of directors (shown on a proxy statement received by the investor) as well
as certain major transactions, and residual rights, meaning that they share the
company's profits, as well as recover some of the company's assets in the event
that it folds, although they generally have the lowest priority in recovering their
investment. It may also refer to the acquisition of equity (ownership)
participation in a private (unlisted) company or a startup company. When the
investment is in infant companies, it is referred to as venture capital investing
and is generally regarded as a higher risk than investment in listed going-
concern situations.
The equities held by private individuals are often held as mutual funds or as
other forms of collective investment scheme, many of which have quoted prices
that are listed in financial newspapers or magazines; the mutual funds are
typically managed by prominent fund management firms, such as Schroders,
Fidelity Investments or The Vanguard Group. Such holdings allow individual
investors to obtain the diversification of the fund(s) and to obtain the skill of the
professional fund managers in charge of the fund(s). An alternative, which is
usually employed by large private investors and pension funds, is to hold shares
directly; in the institutional environment many clients who own portfolios have
what are called segregated funds, as opposed to or in addition to the pooled
mutual fund alternatives.
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A calculation can be made to assess whether an equity is over or underpriced,
compared with a long-term government bond. This is called the yield gap
orYield Ratio. It is the ratio of the dividend yield of equity and that of the long-
term bond.
In financial accounting, owner's equity consists of the net assets of an entity.
Net assets is the difference between the total assets of the entity and all its
liabilities.
[1]
Equity appear on the balance sheet / statement of financial position,
one of the four primary financial statements.
The assets of an entity includes both tangible and intangible items, such as
brand names and reputation or goodwill. The types of accounts and their
description that comprise the owner's equity depend on the nature of the entity
and may include:
Share capital (common stock)
Preferred stock
Capital surplus
Retained earnings
Treasury stock
Stock options
Reserve
[2]





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RESEARCH METHODOLOGY
Methodology:-
For the purpose of the study primary as well as secondary data was collected.
Primary data was collected through structured questionnaire and secondary
data was collected from different sources like magazine, news papers etc.
The sample size 100 individuals from Indore city. Survey research has been
conducted and systematic collection of information is done directly from
respondents by the way of open & close ended questionnaire also experts views
and opinions are also taken into consideration from secondary sources. For the
purpose of the analysis of data, apart from Pie chart and bar diagram, SPSS is
used to apply factor analysis abstract the main factor out of several.

Research is a common language refers to a search of knowledge. Research is
scientific & systematic search for pertinent information on a pacific topic, infect
research is an art of scientific investigation. Research methodology is a
scientific way to solve research problem. It may be understood as a science of
studying how research is doing scientifically. In it we study various steps that
are generally adopted by research by research in studying their research
problem it is necessary for researchers to know not only know research method
techniques but also technology.
Research Objective:-
The present study is conducted with the following objectives:

(1) To know the investor preference between Mutual Fund and Equity.

(2) To identify factors influencing the investor while investing Mutual Fund
and Equity market.
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(3) To suggest strategies so that investors can optimize their return on
investment.

(4) To suggest optimistic approach to reduce risk on investment.


The scope of Research Methodology is wider than of research methods.
The research problem consists of series of closely related activities. At a times.
The first step determines the native of the last step to be undertaken, why a
research has been defined what data has been collected and what a particular
methods have been adopted and a host of similar other questions are usually
answered when we talk of research methodology concerning a research problem
or study. The project is a study where focus is on the following points:



Research Design:-
A research design is defined, as the specification of methods and procedures for
acquiring the information needed. It is a plant or organizing framework for
doing the study and collecting the data. Designing a research plan requires
decision all the data sources, research approaches, Research instruments,
sampling plan and contact methods.
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Research Design Is Mainly Of Following Types:-
Exploratory research
Descriptive studies
Casual studies
Exploratory Research:-
The major purposes of exploratory studies are the identification of problems, the
more precise formulation of problems and the formulation of new alternative
courses of action. The design of exploratory studies us characterized by a great
amount of flexibility and ad hoc veracity.
Descriptive Research:-
Descriptive research in contrast to exploratory research is marked by the prior
formulation of specific research Questions. The investigator already knows a
substantial amount about the research problem, perhaps as a Result of an
exploratory study, before the project is initiated; Descriptive research is also
characterized by a preplanned and structured design.





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Casual Or Exerimental Research:-
A casual design investigates the cause and effect relationships between two or
more variables. The hypothesis is tested and the experiment is done. There are
following types of casual designs:
After only design
Before after design
Before after with control group design
Four groups, six studies design
After only with control group design
Consumer panel design










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DATA COLLECTION METHOD


PRIMARY SECONDARY

Direct personal Interview
Indirect personal Interview

Information from correspondents Govt. publication
Mailed questionnaire Report Committees & Commissions
Question filled by enumerators. Private Publication
Research Institute









Published Sources
Unpublished Sources
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Primary Data
These data are collected first time as original data. The data is recorded as
observed or encountered. Essentially they are raw materials. They may be
combined, totaled but they have not extensively been statistically processed. For
example, data obtained by the peoples.
Secondary Data
Sources of Secondary Data
Following are the main sources of secondary data:

Period of Study:
This study has been carried out for a maximum period of 8 weeks.

Area of study:
The study is exclusively done in the area of marketing. It is a process requiring
care, sophistication, experience, business judgment, and imagination for which
there can be no mechanical substitutes.








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Sampling Design:
The convenience sampling is done because any probability sampling procedure
would require detailed information about the universe, which is not easily
available further, it being an exploratory research.

Sample Procedure:
In this study judgmental sampling procedure is used. Judgmental sampling is
preferred because of some limitation and the complexity of the random
sampling. Area sampling is used in combination with convenience sampling so
as to collect the data from different regions of the city and to increase reliability.
Sampling Size:
The sampling size of the study is 100 users.

Method of the Sampling:-
Probability Sampling:-
It is also known as random sampling. Here, every item of the universe has an
equal chance or probability of being chosen for sample.
Probability sampling may be taken inform of:


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Simple Random Sampling
A simple random sample gives each member of the population an equal chance
of being chosen. It is not a haphazard sample as some people think! One way
of achieving a simple random sample is to number each element in the sampling
frame (e.g. give everyone on the Electoral register a number) and then use
random numbers to select the required sample.
Random numbers can be obtained using your calculator, a spreadsheet, printed
tables of random numbers, or by the more traditional methods of drawing slips
of paper from a hat, tossing coins or rolling dice.
Systematic Random Sampling
This is random sampling with a system! From the sampling frame, a starting
point is chosen at random, and thereafter at regular intervals.


Stratified Random Sampling:-
With stratified random sampling, the population is first divided into a number of
parts or 'strata' according to some characteristic, chosen to be related to the
major variables being studied. For this survey, the variable of interest is the
citizen's attitude to the redevelopment scheme, and the stratification factor will
be the values of the respondents' homes. This factor was chosen because it
seems reasonable to suppose that it will be related to people's attitudes


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Cluster and area Sampling
Cluster sampling is a sampling technique used when "natural" groupings are
evident in a statistical population. It is often used in marketing research. In this
technique, the total population is divided into these groups (or clusters) and a
sample of the groups is selected. Then the required information is collected
from the elements within each selected group. This may be done for every
element in these groups or a subsample of elements may be selected within each
of these groups.

Non Probability Sampling:-
It is also known as deliberate or purposive or judge mental sampling. In this
type of sampling, every item in the universe does not have an equal, chance of
being included in a sample.
It is of following type:
Convenience Sampling:-
A convenience sample chooses the individuals that are easiest to reach or
sampling that is done easy. Convenience sampling does not represent the entire
population so it is considered bias.




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Quota Sampling:-
In quota sampling the selection of the sample is made by the interviewer, who
has been given quotas to fill from specified sub-groups of the population.

Judgment Sampling:-
The sampling technique used here in probability > Random Sampling.
The total sample size is 75 profiles.

Data Collection: -
Data is collected from various customers through personal interaction. Specific
questionnaire is prepared for colleting data. Data is collected with mere
interaction and formal discussion with different respondents and we collect data
in and face to face contact with the persons from whom the information is to be
obtained (known as informants). The interviewer asks them questions
pertaining to the survey and collects the desired information. Thus, we collect
data about the working conditions of the workers of Ashlar Securities Pvt.Ltd.;
we worked at Ashlar Securities Pvt.Ltd. contact the workers and obtain the
information. The information obtained is first hand or original in character.




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ANALYSIS & INTERPRETATION
(1) Age of the Respondents


On the basis of the responses and the demographic majority respondents
(51%) were pertaining to the age bracket of 25-50 yrs. Out of the sample of
100 respondents 84% were male and 16% female.




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(2) Investment Amount,
The study shows 48% people invested less then 50 thousand PA. 34%
investors invest between 50 thousand to 1 lakh PA and 18%. Investors above
Rs. 100000/-.












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(3) Reason of Investment,
The preference data shows majority of people 38% people invest because
they consider the all mentioned factors.

25% people feel its a source of income.

12% none of above because they are follower take suggestions before
investment.

12 % believe its risk free security based investment.

8% take it as a fixed deposit.

5% says it is easily convertible.




8%

12%

5%

25%

38%


12%
1
2
3
4
5
6
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(4) Investment Tenor in Equity,
64% people investing in equity for 3-5 years

28% people investing in equity for 5-7 years
8% people investing in equity for more than7 years









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(5) Investment Tenor in Mutual Fund,
74% people investing in mutual fund for 3-5 years
28% people investing in mutual fund for 5-7 years
6% people investing in mutual fund for more than 7 years







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(6) Return in Mutual Fund












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CONCLUSIONS

The study of this project topic along with experience to meet different
people and analyze their preference was not easy task. The people having
different mindset at the time of investment


With the help of questionnaire and data test SPSS it could possible to
reach with any conclusion. Hence we can conclude that the various factors
and there impact on customer preference.


The major factor between mutual fund and equity which hits customer
preference that is money growth and return because customer his or money high
return based investment.


One thing we can also not ignore at the time of investment that is security factor
of money because both in mutual fund and equity are directly or indirectly
connect with market.


The reliability is also considering at the time of investment weather he or she is
going to purchase mutual fund or shares of any company.


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The equity based investors also impact with factor transparency they want
every movement information of their investment when they invest any
company.


In the mutual fund the investors seeks company profile because they are
not to much aware they follow company market brand value.


The tax based customers are different because their primary basic need is tax
and secondary return if possible weather in equity or mutual fund











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Findings

The researcher found that present time that the investors, invest there money in
the bank only but they invest their money in some other area like mutual funds
share market etc.
The researcher found that the Reliance mutual fund has more demand than other
mutual fund. Pt shows that Reliance mutual fund is the most favorable amongst
that people.
The researcher found that the rate of return provided by Reliance mutual fund
are best, cheaper and profitable as compare to other companies mutual fund .
That is why most of respondents have invested in Reliance mutual fund.
The researcher found that most of the respondents are satisfied with Reliance
mutual fund this shows that Reliance has better rate of return.
Most of the respondents are satisfied by Ashlarindia Investment Solution
because it has large Time & insurance sector number of in variances.
Most of respondents are influenced by brokers while doing investment it shows
that Brokers are best option for various mutual fund companies to attract more
customers.
The researcher found that most of respondents would like to opt Reliance
mutual fund in future almost half of the total respondents. This shows that
Reliance mutual fund is the most favorable mutual fund among the People.
Finding in mutual fund
The study of this project highlights the several fact and finding factors which
we can understand separately as under.

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The factor fund generation growth says that money grows and generating fund
both are considered by customer they prefer these two when they invest their
amount.

The reliability also play a vital role in customer minds they take experts
help and suggestion according to market situations or trend and they
analyze self also that mutual fund is reliable or equity for investment.

There also several things which also impact customer preference like security of
his or her harden money and easy process of investment.

There are some customer preference are in investment because of tax purpose.
They want growth of money along with tax benefit.

In the present scenario where there are different companies participating or
hungry for customer investment cause very high to understand which company
he or she can invest. The customer preference always follows the brand or good
companies.

The new customer and old customers prefer the trend of experts or those
who regularly watch the market each and every activity and invest accordingly.

Facts and finding in equity:-
In the equity investors preference the various factors impact on customer
preference mentioned below.

The investors preference always lies in the money growth and handsome
amount of return. The growth and return of investment work as bread
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and butter for every investors. After bear high risk in equity every
investors follows the market and work accordingly

The customer prefers those companies where he or she feels safe. Security of
amount invested is very critical or important for every investor.

Tax benefit impact less in equity based investments.


In the equity based investments every investors prefer daily based updates
because of transparency of his or her investment. The transparency help in
volatile market because ups and down.

Customers prefer the expert or brokers for transparency because they
provide the suggestion and information of market













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Finding And Recommendations:-

The researcher found that present time that the investors, invest there money in
the bank only but they invest their money in some other area like mutual funds
share market etc.
The researcher found that the Reliance mutual fund has more demand than other
mutual fund. Pt shows that Reliance mutual fund is the most favorable amongst
that people.
The researcher found that the rate of return provided by Reliance mutual fund
are best, cheaper and profitable as compare to other companies mutual fund .
That is why most of respondents have invested in Reliance mutual fund.
The researcher found that most of the respondents are satisfied with Reliance
mutual fund this shows that Reliance has better rate of return.
Most of the respondents are satisfied by Ashlar Investment Solution because it
has large
Time & insurance sector number of in variances.
Most of respondents are influenced by brokers while doing investment it shows
that Brokers are best option for various mutual fund companies to attract more
customers.
The researcher found that most of respondents would like to opt Reliance
mutual fund in future almost half of the total respondents. This shows that
Reliance mutual fund is the most favorable mutual fund among the People.




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Recommendations:-
The study reveals that competition is very stiff in mutual fund segment, yet
these is need for continuous improve met of service provided by serviced
provides,

Consumers are pretty much satisfied with the services provided by Reliance
mutual fund because it has better sate of Saturn compared other companys
mutual fund.

The mutual fund companies should launch new and attraction plans and scheme
to elands it market so as to attract new customer

The companies should concentrate on the customer who had no investment also
so as to increase the number of customer.

Special feature regarding mutual fund should be published in local news paper
to create wariness among in vectors. Investors should be made well a ware
about different changes 7 fees entreated from then by the fund houses in name
of unit and entry load.
After the study of whole concept of mutual fund and having done survey many
facts come for the on the bases of observation made from the study following
are the suggestion. After having selected a scheme & having invested in it, the
investor must angularly study and follow up his investment after having clearly
identified the investment objective.


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BIBLIOGRAPHY
Pandey I.M.: Financial Management, Vikas Publishing house Pvt. Ltd. New
Delhi, 9th Edition.
Khan, M.Y. & Jain P.K.: Basic Financial Management. The Mac Graw-Hill
Companies, New Delhi, 2002, 2
nd
Edition.
Machiraju, H.R.; Indian Financial System, Vikas Pub. House, Pvt. Ltd. New
Delhi, 2
nd
edition.
Kotler Philip: Marketing Management: Analysis, Planning, implementation
and Control, Pearson Education, New Delhi, 2003, 11
th
edition.
C.R. Kothari Research Methodology
Kothari C.R, Research Methodology, Second Edition, New Age
International, 2004.

Journals:-
Analyst magazine
Business Standard
Smart investors
Business world
Economics Times
Business Today




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Websites:-
www.uniconindia.com
www.investments.com.ph
www.mutualfundsindia.com
www.mutualfund.com
www.google.com

















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