INTRODUCTION

Executive Summary
The first Indian mutual fund was set up in 1963, when the Government of India created
the Unit Trust of India (UTI). Until 1987, UTI enjoyed a monopoly in the Indian mutual fund
market and sold a range of mutual funds through a network of financial intermediaries. At the
end of 1988 UTI had Rs. 6,700 crores of assets under management. In 1987, the Government of
India permitted public sector banks and the Life Insurance Corporation of India (LIC) and
General Insurance Corporation of India (GIC) to enter the mutual fund industry. The State Bank
of India's SBI Mutual Fund was the first such mutual fund to be established in 1987. Canara
Bank set up Canbank Mutual Fund shortly after in the same year, followed by funds from Punjab
National Bank and Indian Bank in 1989, Bank of India in 1990 and Bank of Baroda in 1992. The
LIC established its mutual fund in 1989 and the GIC in 1990. At the end of 1993, the mutual
fund industry had assets under management of Rs. 47,004 crores. in 1993, with the creation of
SEBI and better regulation, transparency and liberalization of capital markets (which included
the creation of the NSE and the NSDL), the private sector was allowed to enter the mutual fund
industry. Kothari Pioneer Mutual Fund (now merged into Franklin Templeton Investments) was
the first private sector mutual fund to be registered in July 1993. In the following years,
international giants in the industry as well as Indian corporate and industrial families setting up
their own mutual funds, purchasing existing fund companies or merging with them. At the end of
January 2003, there were 33 mutual funds with assets totaling Rs. 1, 21, 80 crores. The UTI still
led the pack with Rs. 44,541 crores worth of assets. In February 2003, faced with financial
mismanagement, opaque bookkeeping and huge, growing liabilities at the UTI, the Government
of India suspended redemptions, guaranteed the assets, unveiled a comprehensive suite of
reforms and repealed the Unit Trust of India Act 1963. The UTI was split into two parts. One was
called the "Specified Undertaking of the Unit Trust of India" with Rs. 29,835 crores of assets
largely belonging to the UTI's Unit 64 fund. The fund was rumored to own property,
commodities and a whole range of unconventional and often undocumented assets. The fund
would attract millions of investors by promising generous annual dividends that were far in
excess of the returns on its actual portfolio. This Specified Undertaking of Unit Trust of India,
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functioned under an administrator appointed by Government of India, outside of SEBI's purview,

until it was eventually liquidated in 2008. The Government asked the SBI, PNB, BOB and LIC
to step in as sponsors of the second part, now called UTI Mutual Fund (in addition to being
sponsors of their own mutual funds) under SEBI's regulation. As of 30 June 2013, the Indian
mutual fund industry manages assets worth approximately Rs.847, 000crores.

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Mutual fund
A mutual fund is a type of professionally managed collective investment scheme that
pools money from many investors to purchase securities. While there is no legal definition of the
term "mutual fund", it is most commonly applied only to those collective investment vehicles
that are regulated and sold to the general public. They are sometimes referred to as "investment
companies" or "registered investment companies." Most mutual funds are "open-ended,"
meaning stockholders can buy or sell shares of the fund at any time. Hedge funds are not
considered a type of mutual fund.
In the United States, mutual funds must be registered with the Securities and Exchange
Commission, overseen by a board of directors (or board of trustees if organized as a trust rather
than a corporation or partnership) and managed by a registered investment adviser. Mutual funds,
like other registered investment companies, are also subject to an extensive and detailed
regulatory regime set forth in the Investment Company Act of 1940. Mutual funds are not taxed
on their income and profits if they comply with certain requirements under the U.S. Internal
Revenue Code.
Mutual funds have both advantages and disadvantages compared to direct investing in
individual securities. They have a long history in the United States. Today they play an important
role in household finances, most notably in retirement planning.
There are 3 types of U.S. mutual funds: open-end, unit investment trust, and closed-end.
The most common type, the open-end fund, must be willing to buy back shares from investors
every business day. Exchange-traded funds (or "ETFs" for short) are open-end funds or unit
investment trusts that trade on an exchange. Open-end funds are most common, but exchangetraded funds have been gaining in popularity.
Mutual funds are generally classified by their principal investments. The four main
categories of funds are money market funds, bond or fixed income funds, stock or equity funds
and hybrid funds. Funds may also be categorized as index or actively managed. Investors in a
mutual fund pay the funds expenses, which reduce the fund's returns/performance. There is
controversy about the level of these expenses. A single mutual fund may give investors a choice

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of different combinations of expenses (which may include sales commissions or loads) by

offering several different types of share classes.

Structure of Mutual Fund

In the US, a mutual fund is registered with the Securities and Exchange Commission
(SEC) and is overseen by a board of directors (if organized as a corporation) or board of trustees
(if organized as a trust). The board is charged with ensuring that the fund is managed in the best
interests of the fund's investors and with hiring the fund manager and other service providers to
the fund.
The fund manager, also known as the fund sponsor or fund management company, trades
(buys and sells) the fund's investments in accordance with the fund's investment objective. A
fund manager must be a registered investment advisor. Funds that are managed by the same fund
manager and that have the same brand name are known as a "fund family" or "fund complex".
Mutual funds are not taxed on their income and profits as long as they comply with
requirements established in the U.S. Internal Revenue Code. Specifically, they must diversify
their investments, limit ownership of voting securities, distribute a high percentage of their
income and capital gains (net of capital losses) to their investors annually, and earn most of the
income by investing in securities and currencies.
Mutual funds pass taxable income on to their investors by paying out dividends and
capital gains at least annually. The characterization of that income is unchanged as it passes
through to the shareholders. For example, mutual fund distributions of dividend income are
reported as dividend income by the investor. There is an exception: net losses incurred by a
mutual fund are not distributed or passed through to fund investors but are retained by the fund
to be able to offset future gains.
Mutual funds may invest in many kinds of securities. The types of securities that a
particular fund may invest in are set forth in the fund's prospectus, which describes the fund's
investment objective, investment approach and permitted investments. The investment objective
describes the type of income that the fund seeks. For example, a "capital appreciation" fund
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generally looks to earn most of its returns from increases in the prices of the securities it holds,
rather than from dividend or interest income. The investment approach describes the criteria that
the fund manager uses to select investments for the fund. A mutual fund's investment portfolio is
continually monitored by the fund's portfolio manager or managers.
Hedge funds are not considered a type of (unregistered) mutual fund. While they are
another type of collective investment vehicle, they are not governed by the Investment Company
Act of 1940 and are not required to register with the Securities and Exchange Commission
(though many hedge fund managers must register as investment advisers).

Advantages and disadvantages of Mutual Fund

This article contains a pro and con list, which is sometimes inappropriate. Please help
improve it by integrating both sides into a more neutral presentation, or remove this template if
you feel that such a list is appropriate for this article. (November 2012)
Mutual funds have advantages compared to direct investing in individual securities. These
include:

Increased diversification: A fund must hold many securities. Diversifying reduces risks

compared to holding a single stock, bond, and other available instruments.

Daily liquidity: This concept applies only to open-end funds. Shareholders may trade
their holdings with the fund manager at the close of a trading day based on the closing net
asset value of the fund's holdings. However, there may be fees and restrictions as stated in
the fund prospectus. For holders of individual stocks, bonds, closed-end funds, ETFs, and
other available instruments, there may not be a buyer/seller for that instrument every day.

Such instruments are termed, illiquid.

Professional investment management: A highly variable aspect of a fund discussed in the
prospectus. Actively managed funds may have large staffs of analysts who actively trade
the fund holdings. Management of an index fund may just passively re-balance holdings
to match a market index like the Standard and Poor 500 Index. Ability to participate in
investments that may be available only to larger investors: Foreign markets, in particular,
are rarely open and affordable for individual investors. More over the research required to
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make sensible foreign investments may require knowledge of another language, and the

rules of regulations of other markets.

Service and convenience: This is not a feature of a mutual fund, but rather a feature of the
fund management company. Increasingly in recent years, there are funds, notably
Exchange Traded Funds(ETFs) that are purely investment instruments without any

additional services from the fund management company.

Government oversight: Largely, the US government's role with mutual funds is to require
the publication of a prospectus describing the fund. No such document is required for
stock, bonds, currencies, and other investment instruments. There is no governmental

oversight of a fund's investment success/failure.

Ease of comparison: Since mutual funds are available from many providers, it is
generally easy to find similar funds and compare features such as expenses.

Mutual funds have disadvantages as well, which include:

Fees
Less control over timing of recognition of gains
Less predictable income
No opportunity to customize

History
The first mutual funds were established in Europe. One researcher credits a Dutch
merchant with creating the first mutual fund in 1774. The first mutual fund outside the
Netherlands was the Foreign & Colonial Government Trust, which was established in London in
1868. It is now the Foreign & Colonial Investment Trust and trades on the London stock
exchange.
Mutual funds were introduced into the United States in the 1890s. They became popular
during the 1920s. These early funds were generally of the closed-end type with a fixed number of
shares which often traded at prices above the value of the portfolio.
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The first open-end mutual fund with redeemable shares was established on March 21,
1924. This fund, the Massachusetts Investors Trust, is now part of the MFS family of funds.
However, closed-end funds remained more popular than open-end funds throughout the 1920s.
By 1929, open-end funds accounted for only 5% of the industry's $27 billion in total assets.
After the stock market crash of 1929, Congress passed a series of acts regulating the
securities markets in general and mutual funds in particular. The Securities Act of 1933 requires
that all investments sold to the public, including mutual funds, be registered with the Securities
and Exchange Commission and that they provide prospective investors with a prospectus that
discloses essential facts about the investment. The Securities and Exchange Act of 1934 requires
that issuers of securities, including mutual funds, report regularly to their investors; this act also
created the Securities and Exchange Commission, which is the principal regulator of mutual
funds. The Revenue Act of 1936 established guidelines for the taxation of mutual funds, while
the Investment Company Act of 1940 governs their structure.
When confidence in the stock market returned in the 1950s, the mutual fund industry
began to grow again. By 1970, there were approximately 360 funds with $48 billion in assets.
The introduction of money market funds in the high interest rate environment of the late 1970s
boosted industry growth dramatically. The first retail index fund, First Index Investment Trust,
was formed in 1976 by The Vanguard Group, headed by John Bugle; it is now called the
Vanguard 500 Index Fund and is one of the world's largest mutual funds, with more than $100
billion in assets as of January 31, 2011.
Fund industry growth continued into the 1980s and 1990s, as a result of three factors: a
bull market for both stocks and bonds, new product introductions (including tax-exempt bond,
sector, international and target date funds) and wider distribution of fund shares. Among the new
distribution channels were retirement plans. Mutual funds are now the preferred investment
option in certain types of fast-growing retirement plans, specifically in 401(k) and other defined
contribution plans and in individual retirement accounts (IRAs), all of which surged in popularity
in the 1980s. Total mutual fund assets fell in 2008 as a result of the credit crisis of 2008.
In 2003, the mutual fund industry was involved in a scandal involving unequal treatment
of fund shareholders. Some fund management companies allowed favored investors to engage in
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late trading, which is illegal, or market timing, which is a practice prohibited by fund policy. The
scandal was initially discovered by then-New York State Attorney General Eliot Spitzer and
resulted in significantly increased regulation of the industry.
At the end of 2011, there were over 14,000 mutual funds in the United States with
combined assets of $13 trillion, according to the Investment Company Institute (ICI), a trade
association of investment companies in the United States. The ICI reports that worldwide mutual
fund assets were $23.8 trillion on the same date. Mutual funds play an important role in U.S.
household finances and retirement planning. At the end of 2011, funds accounted for 23% of
household financial assets. Their role in retirement planning is particularly significant. Roughly
half of assets in 401(k) plans and individual retirement accounts were invested in mutual funds.
Leading complexes
At the end of October 2011, the top 10 mutual fund complexes in the United States were:

Vanguard
Fidelity
American Funds (Capital Research)
PIMCO
Franklin Templeton
JPMorgan Chase
State Street Global Advisors
T. Rowe Price
Federated Investors

Expenses paid by Mutual Funds

Investors in a mutual fund pay the fund's expenses. These expenses fall into five
categories: distribution charges (sales loads and 12b-1 fees), the management fee, other fund
expenses, shareholder transaction fees and securities transaction fees. Some of these expenses
reduce the value of an investor's account; others are paid by the fund and reduce net asset value.

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Recurring fees and expensesspecifically the 12b-1 fee, the management fee and other
fund expensesare included in a fund's total expense ratio, or simply the "expense ratio".
Because all funds must compute an expense ratio using the same method, it allows

investors to compare costs across funds.

Distribution charges- Distribution charges pay for marketing, distribution of the fund's

shares as well as services to investors.

Front-end load or sales charge- A front-end load or sales charge is a commission paid to a
broker by a mutual fund when shares are purchased. It is expressed as a percentage of the
total amount invested or the "public offering price," which equals the net asset value plus
the front-end load per share. The front-end load often declines as the amount invested
increases, through breakpoints. The front-end load is paid by the shareholder; it is

deducted from the amount invested.

Back-end load Some funds have a back-end load, which is paid by the investor when
shares are redeemed. If the back-end load declines the longer the investor holds shares, it
is called a contingent deferred sales charges (or CDSC). Like the front-end load, the
back-end load is paid by the shareholder; it is deducted from the redemption proceeds.

Management fees
The management fee is paid to the fund manager or sponsor who organizes the fund, provides
the portfolio management or investment advisory services and normally lends its brand name to
the fund. The fund manager may also provide other administrative services. The management fee
often has breakpoints, which means that it declines as assets (in either the specific fund or in the
fund family as a whole)
increase. The management fee is paid by the fund and is included in the expense ratio. The fund's
board of directors reviews the management fee annually. Fund shareholders must vote on any
proposed increase in the management. However, the fund manager or sponsor may agree to
waive all or a portion of the management fee in order to lower the fund's expense ratio.
Other fund expenses
A mutual fund may pay for other services including:

Board of directors or trustees fees and expenses

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Custody fee: paid to a custodian bank for holding the fund's portfolio in safekeeping and

collecting income owed on the securities

Fund administration fee: for overseeing all administrative affairs of the fund such as
preparing financial statements and shareholder reports, preparing and filing myriad SEC
filings required of registered investment companies, monitoring compliance with
investment restrictions, computing total returns and other fund performance information,
preparing/filing tax returns and all expenses of maintaining compliance with state "blue

sky" laws
Fund accounting fee: for performing investment or securities accounting services and

computing the net asset value (usually each day the New York Stock Exchange is open)
Professional services fees: legal and auditing fees
Registration fees: for 24F-2 fees owed to the SEC for net sales of registered fund shares
and state blue sky fees owed for selling shares to residents of states in the US and

jurisdictions such as Puerto Rico and Guam

Shareholder communications expenses: printing and mailing required documents to

shareholders such as shareholder reports and prospectuses

Transfer agent service fees and expenses: for keeping shareholder records, providing
statements and tax forms to investors and providing telephone, internet and or other
investor support and servicing

Other/miscellaneous fees
The fund manager or sponsor may agree to subsidize some of these other expenses in order to
lower the fund's expense ratio.

Shareholder transaction fees

Shareholders may be required to pay fees for certain transactions. For example, a fund may
charge a flat fee for maintaining an individual retirement account for an investor. Some funds
charge redemption fees when an investor sells fund shares shortly after buying them (usually
defined as within 30, 60 or 90 days of purchase); redemption fees are computed as a percentage
of the sale amount. Shareholder transaction fees are not part of the expense ratio.

Securities transaction fees

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A mutual fund pays expenses related to buying or selling the securities in its portfolio. These
expenses may include brokerage commissions. Securities transaction fees increase the cost basis
of investments purchased and reduce the proceeds from their sale. They do not flow through a
fund's income statement and are not included in its expense ratio. The amount of securities
transaction fees paid by a fund is normally positively correlated with its trading volume or
"turnover."

Controversy

Critics of the fund industry argue that fund expenses are too high. They believe that the market
for mutual funds is not competitive and that there are many hidden fees, so that it is difficult for
investors to reduce the fees that they pay. They argue that the most effective way for investors to
raise the returns they earn from mutual funds is to invest in funds with low expense ratios.
Fund managers counter that fees are determined by a highly competitive market and, therefore,
reflect the value that investors attribute to the service provided. In addition, they note that fees
are clearly disclosed.

Share classes

A single mutual fund may give investors a choice of different combinations of front-end loads,
back-end loads and 12b-1 fees, by offering several different types of shares, known as share
classes. All of the shares classes invest in the same portfolio of securities, but each has different
expenses and, therefore, a different net asset value and different performance results. Some of
these share classes may be available only to certain types of investors.
Funds offering multiple classes often identify them with letters, though they may also use names
such as "Investor Class", "Service Class", "Institutional Class", etc., to identify the type of
investor for which the class is intended. The SEC does not regulate the names of share classes, so
that specifics of a share class with the same name may vary from fund family to fund family.
Definitions of key terms.
Net asset value or NAV

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A fund's net asset value or NAV equals the current market value of a fund's holdings
minus the fund's liabilities (sometimes referred to as "net assets"). It is usually
expressed as a per-share amount, computed by dividing net assets by the number of
fund shares outstanding. Funds must compute their net asset value according to the
rules set forth in their prospectuses. Funds compute their NAV at the end of each day
that the New York Stock Exchange is open, though some funds compute their NAV
more than once daily. Valuing the securities held in a fund's portfolio is often the
most difficult part of calculating net asset value. The fund's board typically oversees

security valuation.
Expense ratio
The expense ratio allows investors to compare expenses across funds. The expense
ratio equals the 12b-1 fee plus the management fee plus the other fund expenses
divided by average daily net assets. The expense ratio is sometimes referred to as the

"total expense ratio" or TER.

Average annual total return
The SEC requires that mutual funds report the average annual compounded rates of

return for 1-year, 5-year and 10-year periods using the following formula:
Turnover

Turnover is a measure of the volume of a fund's securities trading. It is expressed as a

percentage of average market value of the portfolio's long-term securities. Turnover is the lesser
of a fund's purchases or sales during a given year divided by average long-term securities market
value for the same period. If the period is less than a year, turnover is generally annualized.
Types of Mutual fund
There are 3 principal types of mutual funds in the United States: open-end funds, unit
investment trusts (UITs); and closed-end funds. Exchange-traded funds (ETFs) are open-end
funds or unit investment trusts that trade on an exchange; they have gained in popularity recently.
While the term "mutual fund" may refer to all three types of registered investment companies, it
is more commonly used to refer exclusively to the open-end type.
1. Open-end funds

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Open-end mutual funds must be willing to buy back their shares from their investors at the
end of every business day at the net asset value computed that day. Most open-end funds also sell
shares to the public every business day; these shares are also priced at net asset value. A
professional investment manager oversees the portfolio, buying and selling securities as
appropriate. The total investment in the fund will vary based on share purchases, share
redemptions and fluctuation in market valuation. There is no legal limit on the number of shares
that can be issued.
Open-end funds are the most common type of mutual fund. At the end of 2011, there were 7,581
open-end mutual funds in the United States with combined assets of $11.6 trillion.
2. Closed-end funds
Closed-end funds generally issue shares to the public only once, when they are created
through an initial public offering. Their shares are then listed for trading on a stock exchange.
Investors who no longer wish to invest in the fund cannot sell their shares back to the fund (as
they can with an open-end fund). Instead, they must sell their shares to another investor in the
market; the price they receive may be significantly different from net asset value. It may be at a
"premium" to net asset value (meaning that it is higher than net asset value) or, more commonly,
at a "discount" to net asset value (meaning that it is lower than net asset value). A professional
investment manager oversees the portfolio, buying and selling securities as appropriate.
At the end of 2011, there were 634 closed-end funds in the United States with combined assets of
$239 billion.
3. Exchange-traded funds
A relatively recent innovation, the exchange-traded fund or ETF is often structured as an openend investment company, though ETFs may also be structured as unit investment trusts,
partnerships, investments trust, grantor trusts or bonds (as an exchange-traded note). Most ETFs
are index funds that combine characteristics of both closed-end funds and open-end funds.
Ideally, ETFs are traded throughout the day on a stock exchange at a price that is close to net
asset value of the ETF holdings. ETF shares may be created or liquidated during the trading day
by the fund manager working with specialist and institutions that profit from arbitrage trading the
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slight differences between the ETF trading price and the price of the ETF holdings. This
arbitrage is supposed keep the ETF market price close to net asset value

Hybrid funds invest in both bonds and stocks or in convertible securities. Balanced funds, of
its holdings, but there is no guarantee especially with thinly traded ETFs. As of March 2014,
more than half of ETFs have less than $100 million in assets, and about 20% have assets less
than $10 million. ).
ETFs have been gaining in popularity. As of March 2014, there were over 1,500 ETFs in the
United States with combined assets of in excess of $2.7 trillion.
Money market funds
Money market funds invest in money market instruments, which are fixed income securities
with a very short time to maturity and high credit quality. Investors often use money market
funds as a substitute for bank savings accounts, though money market funds are not government
insured, unlike bank savings accounts.
Money market funds strive to maintain a $1.00 per share net asset value, meaning that
investors earn interest income from the fund but do not experience capital gains or losses. If a
fund fails to maintain that $1.00 per share because its securities have declined in value, it is said
to "break the buck". Only two money market funds have ever broken the buck: Community
Banker's U.S. Government Money Market Fund in 1994 and the Reserve Primary Fund in 2008.
At the end of 2011, money market funds accounted for 23% of open-end fund assets.
4. Bond funds
Bond funds invest in fixed income or debt securities. Bond funds can be sub classified
according to the specific types of bonds owned (such as high-yield or junk bonds, investmentgrade corporate bonds, government bonds or municipal bonds) or by the maturity of the bonds
held (short-, intermediate- or long-term). Bond funds may invest in primarily U.S. securities
(domestic or U.S. funds), in both U.S. and foreign securities (global or world funds), or primarily
foreign securities (international funds).
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At the end of 2011, bond funds accounted for 25% of open-end fund assets.
5. Stock or equity funds
Stock or equity funds invest in common stocks which represent an ownership share (or
equity) in corporations. Stock funds may invest in primarily U.S. securities (domestic or U.S.
funds), in both U.S. and foreign securities (global or world funds), or primarily foreign securities
(international funds). They may focus on a specific industry or sector. A stock fund may be sub
classified along two dimensions: (1) market capitalization and (2) investment style (i.e., growth
vs. blend/core vs. value). The two dimensions are often displayed in a grid known as a "style
box."
Market capitalization ("cap") indicates the size of the companies in which a fund invests,
based on the value of the company's stock. Each company's market capitalization equals the
number of shares outstanding times the market price of the stock. Market capitalizations are
typically divided into the following categories:

Micro cap
Small cap
Mid cap
Large cap

While the specific definitions of each category vary with market conditions, large cap stocks
generally have market capitalizations of at least $10 billion, small cap stocks have market
capitalizations below $2 billion, and micro cap stocks have market capitalizations below $300
million. Funds are also classified in these categories based on the market caps of the stocks that it
holds. Stock funds are also sub classified according to their investment style: growth, value or
blend (or core). Growth funds seek to invest in stocks of fast-growing companies. Value funds
seek to invest in stocks that appear cheaply priced. Blend funds are not biased toward either
growth or value.
At the end of 2011, stock funds accounted for 46% of the assets in all U.S. mutual funds.
6. Hybrid funds

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Asset allocation funds, target date or target risk funds and lifecycle or lifestyle funds are all types
of hybrid funds. Hybrid funds may be structured as funds of funds, meaning that they invest by
buying shares in other mutual funds that invest in securities. Most fund of funds invest in
affiliated funds (meaning mutual funds managed by the same fund sponsor), although some
invest in unaffiliated funds (meaning those managed by other fund sponsors) or in a combination
of the two.
At the end of 2011, hybrid funds accounted for 7% of the assets in all U.S. mutual funds.

COMPANY PROFILE
Reliance Capital Group, L.P. constituted the investment branch of the Reliance conglomerate. In
December 1989, Reliance Capital sold its investment, Days Corporation, parent company of
Days Inn of America, the world's third-largest hotel chain; it had been purchased in 1984.
Reliance Industries Limited. The Group's principal activity is to produce and distribute plastic
and intermediates, polyester filament yarn, fibre intermediates, polymer intermediates, crackers,
chemicals, textiles, oil and gas. The refining segment includes production and marketing
operations of the Petroleum refinery. The petrochemicals segment includes production and
marketing operations of petrochemical products namely, High and Low density Polyethylene.
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"Growth has no limit at Reliance. I keep revising my vision.

Only when you can dream it, you can do it."

RELIANCE MUTUAL FUND

This group dominates this key area in the financial sector..This mega business houses show that
it has assets under management of Rs. 90,938 crore(US$ 22.73 billion) and an investor base of
over6.6 million (Source:www.amfiindia.com).Reliances mutual fund schemes are managed by
Reliance Capital Asset Management Limited RCAM), a subsidiary of Reliance Capital Limited,
which holds 93.37% of the paid up capital of RCAM. The company not chef up a healthy growth
of Rs. 16,354 crore(US$ 4.09 billion)in assets under management in February2008 and helped
propel the total industry-wide AUM to Rs. 565,459 crore (US$ 141.36 billion)(Source:
indiainvestments.com). A sharp rise in fixed maturity plans (FMPs) and collection of Rs. 7000
crore (US$ 1.75 billion) through new fund offers (NFOs) created this surge. In A Rankings,
Reliance continues to be in the number one spot.
India's Best Offering: Reliance Mutual Fund
Investing has become global. Today, a lot of countries are waking up to the reality that in order to
gain financial growth, they must encourage their citizens to not only save but also invest. Mutual
funds are fast becoming the mode of investment in the world. In India, a mutual fund company
called the Reliance Mutual Fund is making waves. Reliance is considered India's best when it
comes to mutual funds. Its investors number to 4.6 billion people. Reliance Capital Asset
Management Limited ranks in the top 3 of India's banking companies and financial sector in
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terms of net value. The Anil Dhirubhai Ambani Group owns Reliance; they are the fastest
growing investment company in India so far. To meet the erratic demand of the financial market,
Reliance Mutual Fund designed a distinct portfolio that is sure to please potential investors.
Reliance Capital Asset Management Limited manages RMF.
Vision and Mission
Reliance Mutual Fund is so popular because it is investor focused. They show their dedication by
continually dishing out innovative offerings and unparalleled service initiatives. It is their goal to
become respected globally for helping people achieve their financial dreams through excellent
organization governance and customer care. Reliance Mutual fund wants a high performance
environment that is geared at making investors happy.
RMF aims to do business lawfully and without stepping on other people. They want to be able to
create portfolios that will ensure the liquidity of the investment of people in India as well as
abroad. Reliance Mutual Fund also wants to make sure that their shareholders realize reasonable
profit, by deploying funds wisely. Taking appropriate risks to reach the company's potential is
also one of Reliance Mutual Fund's objectives.

Schemes
To make their packages more attractive, Reliance Mutual Fund created proposals called The
Equity/ Growth scheme, Debt/Income Scheme, and Sector Specific Scheme.
i. Debt/Income Scheme, and Sector Specific Scheme.
The Equity/ Growth scheme give medium to long term capital increase. The major part of the
investment is on equities and they have fairly high risks. The scheme gives the investors varying
options like, capital augmentation or dividend preference. The choices are not deadlocked
because if you want you may change the options later on.

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Providing steady and regular income is one of the Debt/Income Scheme's primary goals. The
Debt/Income scheme has in its portfolio government securities, corporate debentures fixed
income securities, and bonds. Returns on Sector Specific Scheme are dependent on the
performance of the industry at which your money is invested upon. Compared to diversified
funds this is a lot more risky and you will need to really give your time on observing the market.
Although RMF is gaining good ground in the financial market, remember that they are a risk
taking bunch. They give higher profit because they take a lot of risks. So, if you are faint hearted,
then Reliance Mutual Fund is not for you.

GROWTH OF RELIANCE MONEY THROUGH RECOGNITION

Growth through Recognition
Reliance has merited a series of awards and recognitions for excellence for businesses and
operations.
Corporate Ranking and Ratings:
Reliance featured in the Fortune Global 500 list of Worlds Largest Corporations for the fourth
consecutive year.
Ranked 269th in 2007 having moved up 73 places from the previous year.
19 | P a g e

 Featured as one of the worlds Top 200 companies in terms of Profits.

Among the top 25 climbers for two years in a row.
Featured among top 50 companies with the biggest increase in Revenues.
Ranked 26th within the refining industry. Reliance is ranked 182nd in the FT Global 500 (up
from previous years 284th rank).
Petro Fed, an apex hydrocarbon industry association, conferred the PetroFed 2007 awards in the
categories of Refinery of the Year and Exploration & Production - Company of the Year.
Brand Reliance was conferred the Bronze Award at The Buzziest Brands Awards 2008,
organized by agencyfaqs!
Institute of Economic Studies conferred the Udyog Ratna award in October 2007 for
contributions to the industry.
Chemtech Foundation conferred the Hall of Fame in February 2008 for sterling contributions
to the industry.
Chemtech Foundation conferred the Outstanding Achievement - Oil Refining for work at the
Jamnagar Manufacturing Division.
Petroleum Federation of India conferred the Refinery of the Year Award - 2007 to Jamnagar
Manufacturing Division The Plastics Export Promotion Council - PLEXCOUNCIL Export
Award in the category of Plastic Polymers for the year 2006-2007 was awarded to Reliance
being the largest exporter in this category.

HEALTH: Jamnagar Manufacturing Division was conferred the

Golden Peacock Award for Occupational Health & Safety - 2007 by Institute of Directors.
Jamnagar Manufacturing Division was conferred the
20 | P a g e

ICC Award for Water Resource Management in Chemical Industry.

Jamnagar Manufacturing Division was conferred the Good House Keeping Award from
Baroda Productivity Council.
Jamnagar Manufacturing Division was conferred the
BEL-IND Award for the best scientific paper at the 58th National Conference of Occupational
Health.
Naroda Manufacturing Division was conferred the Safety Award and Certificate of
Appreciation presented by Gujarat Safety Council & Directorate of Industrial Safety & Health,
Gujarat State for the recognition of safety performance at the 29th State Level Annual Safety
Conference.
Dahej Manufacturing Division received BSC 5-Star rating from British Safety Council, UK.
Dhenkanal Manufacturing Division received the 2nd Prize for Longest Accident Free Period
from the Honble Minister of Labour, State of Orissa.
Hoshiarpur Manufacturing Division bagged the First Prize in Safety in Punjab, organized by
Punjab Safety Council.
Patalganga Manufacturing Division won the Gold Medal at CASHe (Change Agents for
Safety, Health and Environment) Conference. It also won the III Prize in Process Management
category for Presentation on Safety through Design in chemical process industry in Petrosafe
2007 Conference.
Kurkumbh Manufacturing Division won the Greentech Safety Award silver trophy for
outstanding achievement in safety management inchemical sector.
Hazira Manufacturing Division received the TERI Corporate Environmental Award
(Certificate of Appreciation) for PET recycling project.
Nagothane Manufacturing Division received the Shrishti G-Cube Award for Good Green
Governance from Minister for Commerce and Industry, on World Earth Day.

21 | P a g e

Training and Development: Jamnagar Refinery was adjudged the winner of the Golden Peacock National Training Award
-2007.
Patalganga Manufacturing Division won the ASTD (American Society for Training &
Development)
Excellence in Practice Award for innovative practice titled Learning Functions role as Business
partner:
Empowering people with Knowledge to achieve Business Goals.
Reliance won the CNBC TV-18 instituted Jobstreet.com Jobseekers Employer of Choice Award.

Energy Excellence: Exploration & Production (E&P) Division won The Infraline Energy Excellence Awards 2007:
Hydrocarbon Columbus Award for Excellence in Petroleum Exploration.
Patalganga Manufacturing Division won the First
Prize in Energy Conservation in State of Maharashtra organized by Maharashtra Energy
Development Agency (MEDA).
Jamnagar Manufacturing Division won the Oil & Gas Conservation Award -2007 from the
Centre for High
Technology, Ministry of Power & Natural Gas for the excellent performance in
reduction/elimination of steam leaks in the plant.
22 | P a g e

 Jamnagar Manufacturing Division was the recipient of the Infraline Energy Award-2007 by
Ministry of Power.
Hazira Manufacturing Division won the Government of India Energy Conservation Award
(2007) conferred by the Bureau of energy efficiency and Ministry of Power.
Hazira Manufacturing Division was adjudged Excellent Energy Efficient Unit at Energy
Summit - 2007 by CII. Vadodara Manufacturing Division received the CII award for Excellence
in Energy Management - 2007 as energy efficient unit. This division also received the 2 nd prize
in National Energy Conservation Award 2007 from Bureau of Energy efficiency, Ministry of
Power, Government of India.

The Companys manufacturing divisions at Vadodara and Hazira were honoured with CIINational award for excellence in water management - 2007 as water efficient unit in Within the
fence category. Additionally, Hazira Manufacturing Division was honoured as water efficient
unit Beyond the Fence category.
Quality: For the first time ever, globally, a petrochemical company bagged the Deming Prize for
Management Quality. The Quality Control Award for Operations Business Unit 2007 was
awarded to the Hazira Manufacturing Division for Outstanding Performance by Practicing Total
Quality Management. QUALTECH PRIZE 2007, which recognizes extraordinary results in
improvement and innovation, was won by Hazira Manufacturing Division for its Small Group
Activity Project. Vadodara Manufacturing Divisions Polypropylene-IV (PP-IV) plant was
conferred the Spheripol Process Operability Award-2006 for the highest operability rate with
an on stream factor 98.97% by M/s. BASELL, Italy. Allahabad Manufacturing Division won the
Excellent Category Award at National Convention of Quality Circle (NCQC) - 07.

Six-Sigma:-

23 | P a g e

 Lean Six sigma project on Reducing retention time of caustic soda lye tankers at Jamnagar
won the 1st prize in the national level competition held by Indian Statistical Institute (ISI).
Patalganga Manufacturing Divisions Six Sigma Project on Improve Transfer Efficiency for
Automatic winders in PFY won the 2nd Prize for Best design for Six Sigma Project in
International Six Sigma Competition organized by IQPC (International Quality and Productivity
center).
Barabanki Manufacturing Division won the 3rd prize in All India Six Sigma case study contest
2008 for the Case study on Reduction of waste of Plant 2 from 16% to 8%.
Hoshiarpur Manufacturing Division won the 2nd prize in Six Sigma competition at National
Level organized by ISI and Quality Council of India (in manufacturing category), while
Dhenkanal and Barabanki Manufacturing Divisions won the 3rd prize. Vadodara Manufacturing
Divisions Six Sigma project won the 1st prize as the Best Six Sigma project at National level
by CII.

Technology, R&D and Innovation: Vadodra Manufacturing Divisions R&D bagged an award from Indian Institute of Chemical
Engineers for Excellence in Process / Product Development for the work on Eco friendly
Process for Acetonitrile Recovery. DSIR National Award for R&D Efforts in Industry
(2007) was conferred on Hazira Manufacturing Division for the Cyclehexane Recovery Project.
Patalganga Manufacturing Divisions Project titled Augmentation of ETP and use of biogas in
Fired heaters won the Best Innovative Project from CII.
Reliance bagged the Innovation Award at Tech Converge 2007 for innovative developments
in shortcut fibers. Hazira Manufacturing Division won the Golden Peacock Innovation Award 2007 for its Cyclohexane Recovery Process.

24 | P a g e

Information Technology: CIO of the Year Award for the best IT-enabled organization in India for the Year 2007. Ones
to Watch - CIO - USA Award, for figuring among the top 20 organizations fostering excellence
in IT team.
The Skoch Challenger Award conferred for the best IT Head (managing the most IT enabled
organization) of the Year 2007.
Best IT Implementation Award, by PC Quest for Knowledge Management Systems portal
(KMS). CIO Excellence Award for Chemical Industry Information Technology Forum for
exemplary Information Technology implementation amongst global chemical companies.
CTO Forum Hall of Fame Award for the best CIOs in India for not only providing service to
their.

REVIEW OF LITERATURE

Journal of Research into New Media

Convergence: The International Technologies
This very journal is basically an interview which is done by Patrick Crogan to Samuel Weber.
The title is Targeting, Television and Networking: An Interview with Samuel Weber.
Here a light is thrown on various aspects by the interviewee on the targeting, media and
networking.
According to him;

25 | P a g e

The target is someone who doesnt fit the usual criteria So one dont have the same kind of
search procedures as in the normal hiring process. The target of opportunity can be a function of
affirmative action policy or be somebody whose qualifications are unusual enough that one
would not find them with a regular search process following criteria peculiar to an individual
discipline.
On the one hand the association of targeting with the aim of controlling the future, controlling
the environment by identifying a target, localizing it and hitting it or reaching it, depending on
what area a person is in, and on the other hand the notion of opportunity, which suggests the
unpredictable emergence of an event that cant be entirely planned The coupling of the two terms
suggests that targeting, rather than just designating an abstract activity in which, unencumbered
by constraints of time and space, he identify something that he/she wants to accomplish or goals
to be reach and then everything is done to achieve that, involves responding in a very
determinate situation spatially and temporally to an unpredicted, unforeseen event, trying to get
that event in some sense under control.
The word opportunity itself is interesting because it already condenses this idea of the
unpredictable, singular event being turned into an occasion to do something else. An opportunity
means precisely to be able to do something with the event. Quite literally, the word suggests a
portal, op-port-unity; a gateway through which one can pass into another domain. The latter can
be construed as a realm of goals, and then the opportunity is instrumental zed, like the target. But
it can also suggest an area that may not be definable strictly or primarily in terms of goals, aims
or ends. In the latter case you cant be absolutely sure that you are going to be able to reach your
target or even that there is one. So you have this tension between the two terms, target and
opportunity.
In the financial domain as well, where the maximization of profit in the short term takes
precedence over all other considerations and has come to undermine the very foundations of the
capitalist economy that produced it in the first place.

26 | P a g e

OBJECTIVE OF THE STUDY

Study is undertaken by keeping in the view the following objective.

1. To give an idea about the regulations of mutual funds.
2. To analyze reliance mutual fund strategy against its competitor.
3. To study returns given by Reliance Growth Mutual funds equity schemes.
4. To compare the returns given by Reliance Equity schemes and others Equity Schemes

27 | P a g e

RESEARCH METHODOLOGY

MEANING OF RESEARCH
Research in common parlance refers to a search for knowledge. Once can also define research as
Scientific and systematic search for pertinent information on a specific topic. In fact, research is
an Art of scientific investigation. The Advanced Learner's Dictionary of Current English lays
down the Meaning of research as "a careful investigation or inquiry especially through search for
new facts in any branch of knowledge." 1 Redman and Mary define research as a "systematized
effort to gain new knowledge." 2 Some people consider research as a movement, a movement
from the known to the unknown. It is actually a voyage of discovery. We all possess the vital
instinct of inquisitiveness for, when the unknown confronts us, we wonder and our
inquisitiveness makes us probe and attain full and fuller understanding of the unknown. This

28 | P a g e

inquisitiveness is the mother of all knowledge and the method, which man employs for obtaining
the knowledge of whatever the unknown, can be termed as research.
Research is an academic activity and as such the term should be used in a technical sense.
According to Clifford Woody research comprises defining and redefining problems, formulating
hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions
and reaching conclusions; and at last carefully testing the conclusions to determine whether they
fit the formulating hypothesis. D. Slesinger and M. Stephenson in the Encyclopedia of Social
Sciences define research as "the manipulation of things, concepts or symbols for the purpose of
generalizing to extend, correct or verify knowledge, whether that knowledge aids in construction
of theory or in the practice of an art." 3 Research is, thus, an original contribution to the existing
stock of knowledge making for its advancement. It is the persuit of truth with the help of study,
observation, comparison and experiment. In short, the search for knowledge through objective
and systematic method of finding solution to a problem is research.

The systematic approach

concerning generalization and the formulation of a theory is also research. As such the term
'research' refers to the systematic method.

OBJECTIVES OF RESEARCH
The purpose of research is to discover answers to questions through the application of scientific
procedures. The main aim of research is to find out the truth which is hidden and which has not
been discovered as yet. Though each research study has its own specific purpose, we may think
of research objectives as falling into a number of following broad groupings:
1. To gain familiarity with a phenomenon or to achieve new insights into it (studies with this
objects in view are termed as exploratory or formulate research studies);
2. To portray accurately the characteristics of a particular individual, situation or a group (Studies
with this object in view are known as descriptive research studies);
3. To determine the frequency with which something occurs or with which it is associated with
something else (studies with this object in view are known as diagnostic research studies);
29 | P a g e

4. To test a hypothesis of a causal relationship between variables (such studies are known as
Hypothesis-testing research studies).

Types of Research Method

Descriptive/Qualitative

This type of research methods involve describing in details specific situation using research tools
like interviews, surveys, and observations.

Descriptive/Quantitative

This type of research methods requires quantifiable data involving numerical and statistical
explanations. Quantitative analysis hinges on researchers understanding the assumptions inherent
within different statistical models.

Correlation/Regression Analysis

This research methodology involves determining the strength of the relationship between two or
more variables (e.g. are violent video games correlated with aggression in children).

Quasi-Experimental

This research involves the comparison of two groups, one which is influenced by an external
source and another which does not.

Experimental
30 | P a g e

Involves the use of random assignment to place participants in two groups: an experimental
group which receives intervention, and another control group without any intervention.

Meta-Analysis

This research method is useful for finding out the average impact of several different studies on a
hypothesis.

Significance of Research
"All progress is born of inquiry. Doubt is often better than overconfidence, for it leads to inquiry,
and inquiry leads to invention" is a famous Hudson Maxim in context of which the significance
of research can well be understood. Increased amounts of research make progress possible.
Research inculcates scientific and inductive thinking and it promotes the development of logical
habits of thinking and organization. The role of research in several fields of applied economics,
whether related to business or to the economy as a whole, has greatly increased in modern times.
The increasingly complex nature of business and government has focused attention on the use of
research in solving operational problems. Research, as an aid to economic policy, has gained
added importance, both for government and business. Research provides the basis for nearly all
government policies in our economic system.

For instance, government's budgets rest in part on an analysis of the needs and desires of the
people and on the availability of revenues to meet these needs. The cost of needs has to be
equated to probable revenues and this is a field where research is most needed. Through research
we can devise alternative policies and can as well examine the consequences of each of these
alternatives.
31 | P a g e

Methodology

is the systematic, theoretical analysis of the methods applied to a field of study,

or the theoretical analysis of the body of methods and principles associated with a branch of
knowledge. It, typically, encompasses concepts such as paradigm, theoretical model, phases and
quantitative or qualitative techniques.
A methodology does not set out to provide solutions but offers the theoretical underpinning for
understanding which method, set of methods or so called best practices can be applied to a
specific case.
It has been defined also as follows:
"The analysis of the principles of methods, rules, and postulates employed by a discipline";
"The systematic study of methods that are, can be, or have been applied within a discipline";
"The study or description of methods".

Types of research methods and disciplines

A dissertation is an extended piece of writing based on comprehensive reading and research,

written by an academic scholar at an undergraduate, masters or post graduate level. In some
cases, a dissertation is referred to an academic research document written at PhD level, while a
Thesis may be one which is written by an academic at Masters or Undergraduate level. However
the opposite is also true in other cases.

Types of Research

32 | P a g e

There are two types of research which can be done to develop a thesis or dissertation:
Practical Research: The practical approach consists of the empirical study of the topic under
research and chiefly consists of hands on approach. This involves first hand research in the form
of questionnaires, surveys, interviews, observations and discussion groups.
Theoretical Research: A non empirical approach to research, this usually involves perusal of
mostly published works like researching through archives of public libraries, court rooms and
published academic journals.

Data Collection:
The data has been collected from various sources and can be categorized into two main
fields mainly.
1.

Primary data

2.

Secondary data

Secondary data
Secondary data is data collected by someone other than the user. Common sources of secondary
data for social science include censuses, organizational records and data collected through
qualitative methodologies or qualitative research. Primary data, by contrast, are collected by the
investigator conducting the research.
Secondary data analysis saves time that would otherwise be spent collecting data and,
particularly in the case of quantitative data, provides larger and higher-quality databases that
would be unfeasible for any individual researcher to collect on their own. In addition, analysts of
social and economic change consider secondary data essential, since it is impossible to conduct a
new survey that can adequately capture past change and/or developments.

Sources of secondary data

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As is the case in primary research, secondary data can be obtained from two different research
strands:
Quantitative: Census, housing, social security as well as electoral statistics and other related
databases.

Qualitative: Semi-structured and structured interviews focus groups transcripts, field notes,
observation records and other personal, research-related documents.

A clear benefit of using secondary data is that much of the background work needed has already
been carried out, for example: literature reviews, case studies might have been carried out,
published texts and statistics could have been already used elsewhere, media promotion and
personal contacts have also been utilized.
This wealth of background work means that secondary data generally have a pre-established
degree of validity and reliability which need not be re-examined by the researcher who is reusing such data.
Furthermore, secondary data can also be helpful in the research design of subsequent primary
research and can provide a baseline with which the collected primary data results can be
compared to. Therefore, it is always wise to begin any research activity with a review of the
secondary data.
Research Methodology Adopted For This Study:The topic is A study of returns given by Reliance Growth Mutual Fund

Sources of Study
Primary Data
34 | P a g e

Secondary Data
Primary data:No need of Primary Data.

Secondary data:Secondary Data is required through,

WEB-SITES
INTERNET
JOURNAL

HYPOTHESIS

Hypothesis of this project, which is as under:1) Trust is more on Reliance Growth fund than other Mutual fund companies.
2) Mutual fund is subject matter of solicitation.
3) Reliance growth fund gives more returns as compare to its competitor.

35 | P a g e

PRODUCT PROFILE

1. RELIANCE MF GROWTH FUND

Investment Objective
An open ended pure Growth scheme seeking to provide capital growth by investing
mainly in equity instruments and also in debt and other permitted instruments of capital and
money markets. The investment portfolio of the scheme will be constantly monitored and
reviewed to optimize capital growth.
Asset Allocation

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TYPE OF SECURITY

APPROX. ALLOCATION OF Deviation

CORPUS % (under normal from
conditions)

Equity and equity related Up to 100%

and

normal Profile

allocation
-

instruments
Debt

(%) Risk

Medium
to High

debt

related Up to 20%

instruments, G-Sacs, Money

40%

Low

to

Medium

market instruments and cash

2. Reliance MF Index Fund Nifty

Investment Objective
The main investment objective of the fund is to generate returns commensurate with the
performance of the index either Nifty/ Sensex based on the plans by investing in the respective
index stocks subject to tracking errors.

Asset Allocation

PLAN

APPROX. ALLOCATION OF CORPUS % (under normal Risk

conditions)

Profile
37 | P a g e

TYPE OF SECURITY
Equity /Equity Futures
Nifty Plan Up to 100% in Nifty

Money market instruments and cash

Up to 10%

High

3. Reliance MF Index Fund Sensex

Investment Objective
The main investment objective of the fund is to generate returns commensurate with the
performance of the index either Nifty/ Sensex based on the plans by investing in the respective
index stocks subject to tracking errors.

Asset Allocation

PLAN

APPROX. ALLOCATION OF CORPUS % (under normal Risk

conditions)

Profile

TYPE OF SECURITY

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Equity /Equity Money

Futures
Sensex

market Others

instruments and cash

Up to 90% in Up to 10%

Advantage Plan Sensex

10% - 20% in select High

stocks

outside

the

sensex

4. Reliance MF Infrastructure Fund

Investment Objective

The investment objective of the scheme is to generate long-term growth from a portfolio of
equity / equity related instruments of companies engaged either directly or indirectly in the
infrastructure sector.
Asset Allocation

Investments
Equity and equity related instruments of companies
engaged either directly or indirectly in the infrastructure
sector

Indicative Allocation Risk

(% of Corpus)

Profile

70-100%

High

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Debt* and Money Market Instruments (*Debt securities

include securitized debt up to 30%)

0-30%

Low to
Medium

DATA ANALYSIS AND INTERPRETATION

Reliance growth fund return on investment

Year
1st Apr 2003 to 31st march
2004
1st Apr 2004 to 31st march
2005
1st Apr 2005 to 31st march
2006
1st Apr 2006 to 31st march
2007
1st Apr 2007 to 31st march
2008
1st Apr 2008 to 31st march
2009
1st Apr 2009 to 31st march
2010

Reliance Growth
Fund
17.02
22.34
-16.67
-23.56
25.43
-19.17
16.20
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1st Apr 2010 to 31st march

2011
1st Apr 2011 to 31st march
2012
1st Apr 2012 to 31st march
2013
1st Apr 2013 to 31st march
2014

28.02
-21.32
28.51
-1.70

INTERPRETATION:As per the above table in the year 2010-11 reliance growth funds given highest return on
investment i.e. 28.02. In the year 2006-07 its given negative returns i.e. -23.56.

2. RELIANCE INDEX FUND NIFTY

Year
1st Apr 2003 to 31st march
2004
1st Apr 2004 to 31st march
2005
1st Apr 2005 to 31st march
2006
1st Apr 2006 to 31st march
2007
1st Apr 2007 to 31st march
2008
1st Apr 2008 to 31st march
2009
1st Apr 2009 to 31st march
2010
1st Apr 2010 to 31st march
2011
1st Apr 2011 to 31st march
2012

RELIANCE INDEX FUNDNIFTY

9.44
11.57
16.11
-6.32
19.23
-11.23
2.23
16.87
-24.84
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1st Apr 2012 to 31st march

2013
1st Apr 2013 to 31st march
2014

27.59
7.44

INTERPRETATION:As per the above table Reliance index fund Nifty is highest in the year 2012-13. In the
year 2011-12 its very low.

3. RELIANCE INDEX FUND-SENSEX

Year
1st Apr 2003 to 31st march
2004
1st Apr 2004 to 31st march
2005
1st Apr 2005 to 31st march
2006
1st Apr 2006 to 31st march
2007
1st Apr 2007 to 31st march
2008
1st Apr 2008 to 31st march
2009
1st Apr 2009 to 31st march
2010
1st Apr 2010 to 31st march
2011
1st Apr 2011 to 31st march
2012

RELIANCE INDEX FUNDSENSEX

2.13
-1.37
6.03
8.23
12.33
-11.96
4.77
17.56
-25.17
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1st Apr 2012 to 31st march

2013
1st Apr 2013 to 31st march
2014

26.53
10.06

INTERPRETATION:As per the above table Reliance index fund Sensex is highest in the year 2012-13. In the year
2013-14 its very low.

4 RELIANCE INFRASTRUCTURE FUND

Year
1st Apr 2003 to 31st march
2004
1st Apr 2004 to 31st march
2005
1st Apr 2005 to 31st march
2006
1st Apr 2006 to 31st march
2007
1st Apr 2007 to 31st march
2008
1st Apr 2008 to 31st march
2009
1st Apr 2009 to 31st march
2010
1st Apr 2010 to 31st march
2011
1st Apr 2011 to 31st march
2012

RELIANCE INFRASTRUCTURE
FUND
6.05
3.65
9.49
-11.89
10.38
12.47
-6.5
15.22
-36.17
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1st Apr 2012 to 31st march

2013
1st Apr 2013 to 31st march
2014

35.42
-14.43

INTERPRETATION:As per the above table Reliance index fund Sensex is highest in the year 2012-13. In the year
2013-14 its very low.

CONCLUSION
From the analysis of data we come to following conclusion: The Mutual Fund of the Reliance is gained high returns.
The Reliance Growth Mutual Fund of Reliance is highly risky as compare to Reliance
Index fund Nifty, Reliance Index fund Sensex and Reliance Infrastructure fund.

Mutual Fund investment is better than other raising fund. Reliance Mutual Fund has good
returns in investment.
A good brand is always welcomed over here people are more aware and conscious for the
brand so they go for they are ready to spend some extra bucks for the quality.

44 | P a g e

 At last all can be concluded by that Reliance Money is still growing industry in India and
is still exploring its potential and prospects in here.
The Mutual Fund of the Reliance is gained high returns.

SUGGESTION

Maintaining the relationship with the existing customer for generation of faith.
Better services to make an own place in the competition.
Carry out the market research to understand the position of the company and the
position of competitors; Market research is also help to understand the awareness
about company at local level.

45 | P a g e

LIMITATIONS

The time constraint was one of the major problems.

The study is limited to the different schemes available under the mutual funds selected.
The study is limited to selected mutual fund schemes.
The lack of information sources for the analysis part.

46 | P a g e

BIBLIOGRAPHY

Websites:

www.reliancemoney.com
www.hdfc.com
www.icicidirect.com

Reference books:
FINANCIAL INSTITUTIONS AND MARKETS - L.M.BHOLE
INVESTMENT MANAGEMENT - V.K.BHALLA
Research Methodology Kothari

47 | P a g e

ANEXURE
Schem
e Code

fm_option desc
RELIANCE DIVERSIFIED POWER SECTOR FUND INSTITUTIONAL DIVIDEND
PSIDD PLAN Dividend Payout
RELIANCE DIVERSIFIED POWER SECTOR FUND INSTITUTIONAL DIVIDEND
PSIDR PLAN Dividend Reinvestment
RELIANCE DIVERSIFIED POWER SECTOR FUND INSTITUTIONAL GROWTH
PSIGG PLAN Growth
RELIANCE DIVERSIFIED POWER SECTOR FUND INSTITUTIONAL GROWTH
PSIBG PLAN BONUS OPTION Bonus
RELIANCE DIVERSIFIED POWER SECTOR FUND RETAIL DIVIDEND PLAN
PSDPD Dividend Payout
RELIANCE DIVERSIFIED POWER SECTOR FUND RETAIL DIVIDEND PLAN
PSDPR Dividend Reinvestment
RELIANCE DIVERSIFIED POWER SECTOR FUND RETAIL GROWTH PLAN
PSGPG Growth
RELIANCE DIVERSIFIED POWER SECTOR FUND RETAIL GROWTH PLAN
PSBPG BONUS OPTION Bonus
RELIANCE LIQUID FUND CASH PLAN DAILY DIVIDEND OPTION Dividend
CPDDR Reinvestment LIQUID
CPGPG
CPDPR

RELIANCE LIQUID FUND CASH PLAN GROWTH OPTION Growth LIQUID

RELIANCE LIQUID FUND CASH PLAN WEEKLY DIVIDEND OPTION
Dividend Reinvestment LIQUID

AFDPD Reliance Arbitrage Advantage Fund Dividend Plan Dividend Payout

AFDPR

Reliance Arbitrage Advantage Fund Dividend Plan ReInvestment

AFGPG Reliance Arbitrage Advantage Fund Growth Plan Growth

RELIANCE BANKING EXCHANGE TRADED FUND Dividend Plan Dividend
BEDPD Payout
BFDPD

RELIANCE BANKING FUND DIVIDEND PLAN Dividend Payout

BFDPR

RELIANCE BANKING FUND DIVIDEND PLAN Dividend Reinvestment

48 | P a g e

BFGPG

RELIANCE BANKING FUND GROWTH PLAN Growth

BFBPG

RELIANCE BANKING FUND GROWTH PLAN BONUS OPTION Bonus

BFIBB
BFIDD

RELIANCE BANKING FUND INSTITUTIONAL BONUS PLAN Bonus

RELIANCE BANKING FUND INSTITUTIONAL DIVIDEND PLAN Dividend
Payout

BFIDR

RELIANCE BANKING FUND INSTITUTIONAL DIVIDEND PLAN ReInvestment

BFIGG
BDDP
D

RELIANCE BANKING FUND INSTITUTIONAL GROWTH PLAN Growth

RELIANCE DYNAMIC BOND FUND Dividend Plan Dividend Payout DEBT

BDDPR RELIANCE DYNAMIC BOND FUND Dividend Plan ReInvestment DEBT

NIDPD
NIDPR

RELIANCE DYNAMIC BOND FUND DIVIDEND PLAN Dividend Payout DEBT

RELIANCE DYNAMIC BOND FUND DIVIDEND PLAN Dividend Reinvestment
DEBT

NIGPG
BDGP
G

RELIANCE DYNAMIC BOND FUND GROWTH PLAN Growth DEBT

EIGPG

RELIANCE EMERGENT INDIA FUND Growth Plan Growth

EFIBG

RELIANCE FUND INSTITUTIONAL GROWTH PLAN BONUS OPTION Bonus

EFIDD
EFIDR

RELIANCE FUND INSTITUTIONAL PLAN DIVIDEND PLAN Dividend Payout

RELIANCE FUND INSTITUTIONAL PLAN DIVIDEND PLAN Dividend
Reinvestment

EFIGG

RELIANCE FUND INSTITUTIONAL PLAN GROWTH PLAN Growth

EFBPG

RELIANCE FUND RETAIL GROWTH PLAN BONUS OPTION Bonus

EFDPD

RELIANCE FUND RETAIL PLAN DIVIDEND PLAN Dividend Payout

EFDPR

RELIANCE FUND RETAIL PLAN DIVIDEND PLAN Dividend Reinvestment

RELIANCE DYNAMIC BOND FUND Growth Plan Growth DEBT

RELIANCE FUND RETAIL PLAN GROWTH PLAN Growth

RELIANCE OPPORTUNITIES FUND INSTITUTIONAL GROWTH PLAN
EOIBG BONUS OPTION Bonus
RELIANCE OPPORTUNITIES FUND INSTITUTIONAL PLAN DIVIDEND
EOIDD PLAN Dividend Payout
RELIANCE OPPORTUNITIES FUND INSTITUTIONAL PLAN DIVIDEND
EOIDR PLAN Dividend Reinvestment
RELIANCE OPPORTUNITIES FUND INSTITUTIONAL PLAN GROWTH PLAN
EOIGG Growth
RELIANCE OPPORTUNITIES FUND RETAIL GROWTH PLAN BONUS
EOBPG OPTION Bonus
RELIANCE OPPORTUNITIES FUND RETAIL PLAN DIVIDEND PLAN Dividend
EODPD Payout
RELIANCE OPPORTUNITIES FUND RETAIL PLAN DIVIDEND PLAN Dividend
EODPR Reinvestment
EFGPG

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EOGPG RELIANCE OPPORTUNITIES FUND RETAIL PLAN GROWTH PLAN Growth

RELIANCE FLOATING RATE FUND SHORT TERM PLAN DAILY DIVIDEND
FRDDR PLAN Dividend Reinvestment DEBT
RELIANCE FLOATING RATE FUND SHORT TERM PLAN GROWTH PLAN
FRGPG Growth DEBT
RELIANCE FLOATING RATE FUND SHORT TERM PLAN MONTHLY
FRDPD DIVIDEND PLAN Dividend Payout DEBT
RELIANCE FLOATING RATE FUND SHORT TERM PLAN MONTHLY
FRDPR DIVIDEND PLAN Dividend Reinvestment DEBT

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