AHFCL is a subsidiary of Motilal Oswal Securities Limited (MOSL) which is a part

of Motilal Oswal Financial Services Limited (MOFSL) Aspire Home Finance Corpora
tion Limited (AHFCL) is a professionally managed housing finance company with un
ique combination of financially sound and technically experienced promoters who
are well known in their domain for professional ethics and strong execution capa
bilities.
The Company has been rated CRISIL A+/Stable by CRISIL for long term borrowings and
ICRA A1+ by ICRA for short term borrowings.
As on dated Total Login Number is 24,733 with Amount of Rs. 2882.16 Crore out of
this total Sanctioned Number 17,686 with Amount of Rs. 1954.95 Crores. Total Di
sbursement till date Rs. 1444.38Crore.Company has received "The Most Admired and
Valuable Home Finance Company, 2015, in the recently held Indian Leadership Con
clave award function. Financial Services Institution of the Year award by ASSOCHA
M India at ICT 4 Development Awards 2015; Agency Innovation of the Year (BFSI Se
ctor)" at the Brand Excellence Awards 2015 presented by ABP News

INTRODUCTION OF MUTUAL FUND

The first introduction of amutual fund inIndia occurred in 1963, when theGovernment
of IndialaunchedUnit Trust of India(UTI). Until 1987, UTI enjoyed a monopoly in th
e Indian mutual fund market. Then a host of other government-controlled Indian f
inancial companies came up with their own funds. These includedState Bank of Indi
a,Canara Bank, andPunjab National Bank. This market was made open to private playe
rs in 1993, as a result of the historicconstitutional amendmentsbrought forward by
the then Congress-led government under the existing regime ofLiberalization,Priva
tizationandGlobalization(LPG). The firstprivate sectorfund to operate in India was Ko
thari Pioneer, which later merged withFranklin Templeton.
CONCEPT OF MUTUAL FUND:
A mutual fund is a common pool of money into which investors place their contrib
utions that are to be invested in accordance with a stated objective. The owners
hip of the fund is thus joint or mutual ; the fund belongs to all investors. A sing
le investor s ownership of the fund is in the same proportion as the amount of the
contribution made by him or her bears to the total amount of the fund.
Mutual Funds are trusts, which accept savings from investors and invest the same
in diversified financial instruments in terms of objectives set out in the trus
ts deed with the view to reduce the risk and maximize the income and capital app
reciation for distribution for theembers. A Mutual Fund is a corporation and the
fund manager s interest is to professionally manage the funds provided by the i
nvestors and provide a return on them after deducting reasonable management fees
.
DEFINITION:
A mutual fund is an investment that pools your money with the money of an unlimit
ed number of other investors. In return, you and the other investors each own sh
ares of the fund. The fund's assets are invested according to an investment obje
ctive into the fund's portfolio of investments. Aggressive growth funds seek lon
g-term capital growth by investing primarily in stocks of fast-growing smaller c
ompanies or market segments. Aggressive growth funds are also called capital app
reciation funds .
Why Select Mutual Fund?
The risk return trade-off indicates that if investor is willing to take higher r
isk then correspondingly he can expect higher returns and vise versa if he perta
ins to lower risk instruments, which would be satisfied by lower returns. For exa
mple, if an investors opt for bank FD, which provide moderate return with minima
l risk. But as he moves ahead to invest in capital protected funds and the profi
t-bonds that give out more return which is slightly higher as compared to the ba
nk deposits but the risk involved also increases in the same proportion.
Thus investors choose mutual funds as their primary means of investing, as Mutua
l funds provide professional management, diversification, convenience and liquid

ity. That doesn

This is because
which are less
s a higher risk
isk since it is
volatile.

t mean mutual fund investments risk free.

the money that is pooled in are not invested only in debts funds
riskier but are also invested in the stock markets which involve
but can expect higher returns. Hedge fund involves a very high r
mostly traded in the derivatives market which is considered very

RETURN RISK MATRIX

The graph indicates the growth of assets under management over the years.
GROWTH IN ASSETS UNDER MANAGEMENT
(Source: HYPERLINK "http://www.amfiindia.com"www.amfiindia.com)

ADVANTAGES OF MUTUAL FUNDS:

If mutual funds are emerging as the favorite investment vehicle, it is because o
f the many advantages they have over other forms and the avenues of investing, p
articularly for the investor who has limited resources available in terms of cap
ital and the ability to carry out detailed research and market monitoring. The f
ollowing are the major advantages offered by mutual funds to all investors:
Portfolio Diversification:
Each investor in the fund is a part owner of all the fund s assets, thus enabling
him to hold a diversified investment portfolio even with a small amount of inves
tment that would otherwise require big capital.
Professional Management:
Even if an investor has a big amount of capital available to him, he benefits fr
om the professional management skills brought in by the fund in the management o
f the investor s portfolio. The investment management skills, along with the neede
d research into available investment options, ensure a much better return than w
hat an investor can manage on his own. Few investors have the skill and resource
s of their own to succeed in today s fast moving, global and sophisticated markets
.
Reduction/Diversification Of Risk:
When an investor invests directly, all the risk of potential loss is his own, wh
ether he places a deposit with a company or a bank, or he buys a share or debent
ure on his own or in any other from. While investing in the pool of funds with i
nvestors, the potential losses are also shared with other investors. The risk re
duction is one of the most important benefits of a collective investment vehicle
like the mutual fund.

Reduction Of Transaction Costs:

What is true of risk as also true of the transaction costs. The investor bears a
ll the costs of investing such as brokerage or custody of securities. When going
through a fund, he has the benefit of economies of scale; the funds pay lesser
costs because of larger volumes, a benefit passed on to its investors.
Liquidity:
Often, investors hold shares or bonds they cannot directly, easily and quickly s
ell. When they invest in the units of a fund, they can generally cash their inve
stments any time, by selling their units to the fund if open-ended, or selling t
hem in the market if the fund is close-end. Liquidity of investment is clearly a
big benefit.
Convenience And Flexibility:
Mutual fund management companies offer many investor services that a direct mark
et investor cannot get. Investors can easily transfer their holding from one sch
eme to the other; get updated market information and so on.
Tax Benefits:
Any income distributed after March 31, 2002 will be subject to tax in the assess
ment of all Unit holders. However, as a measure of concession to Unit holders of
open-ended equity-oriented funds, income distributions for the year ending Marc
h 31, 2003, will be taxed at a concessional rate of 10.5%.
In case of Individuals and Hindu Undivided Families a deduction upto Rs. 9,000 f
rom the Total Income will be admissible in respect of income from investments sp
ecified in Section 80L, including income from Units of the Mutual Fund. Units of
the schemes are not subject to Wealth-Tax and Gift-Tax.
Choice of Schemes:
Mutual Funds offer a family of schemes to suit your varying needs over a lifetim
e.
Well Regulated:
All Mutual Funds are registered with SEBI and they function within the provision
s of strict regulations designed to protect the interests of investors. The oper
ations of Mutual Funds are regularly monitored by SEBI.
Transparency:
You get regular information on the value of your investment in addition to discl
osure on the specific investments made by your scheme, the proportion invested i
n each class of assets and the fund manager's investment strategy and outlook.
DISADVANTAGES OF INVESTING THROUGH MUTUAL FUNDS:
No Control Over Costs:
An investor in a mutual fund has no control of the overall costs of investing. T
he investor pays investment management fees as long as he remains with the fund,
albeit in return for the professional management and research. Fees are payable
even if the value of his investments is declining. A mutual fund investor also
pays fund distribution costs, which he would not incur in direct investing. Howe
ver, this shortcoming only means that there is a cost to obtain the mutual fund
services.
No Tailor-Made Portfolio:
Investors who invest on their own can build their own portfolios of shares and b
onds and other securities. Investing through fund means he delegates this decisi
on to the fund managers. The very-high-net-worth individuals or large corporate
investors may find this to be a constraint in achieving their objectives. Howeve
r, most mutual fund managers help investors overcome this constraint by offering

families of funds- a large number of different schemes- within their own manage
ment company. An investor can choose from different investment plans and constru
cts a portfolio to his choice.
Managing A Portfolio Of Funds:
Availability of a large number of funds can actually mean too much choice for th
e investor. He may again need advice on how to select a fund to achieve his obje
ctives, quite similar to the situation when he has individual shares or bonds to
select.
The Wisdom Of Professional Management:
That's right, this is not an advantage. The average mutual fund manager is no be
tter at picking stocks than the average nonprofessional, but charges fees.
No Control:
Unlike picking your own individual stocks, a mutual fund puts you in the passeng
er seat of somebody else's car
Dilution:
Mutual funds generally have such small holdings of so many different stocks that
insanely great performance by a fund's top holdings still doesn't make much of
a difference in a mutual fund's total performance.
Buried Costs:
Many mutual funds specialize in burying their costs and in hiring salesmen who d
o not make those costs clear to their clients.

TYPES OF MUTUAL FUNDS SCHEMES IN INDIA

Wide variety of Mutual Fund Schemes exists to cater to the needs such as financi
al position, risk tolerance and return expectations etc. thus mutual funds has V
ariety of flavors, Being a collection of many stocks, an investors can go for pi
cking a mutual fund might be easy. There are over hundreds of mutual funds schem
e to choose from. It is easier to think of mutual funds in categories, mentioned
below.

BY STRUCTURE
1. Open - Ended Schemes:
An open-end fund is one that is available for subscription all through the year.
These do not have a fixed maturity. Investors can conveniently buy and sell uni
ts at Net Asset Value ("NAV") related prices. The key feature of open-end scheme
s is liquidity.
2. Close - Ended Schemes:
A closed-end fund has a stipulated maturity period which generally ranging from
3 to 15 years. The fund is open for subscription only during a specified period.
Investors can invest in the scheme at the time of the initial public issue and
thereafter they can buy or sell the units of the scheme on the stock exchanges w
here they are listed. In order to provide an exit route to the investors, some c
lose-ended funds give an option of selling back the units to the Mutual Fund thr
ough periodic repurchase at NAV related prices. SEBI Regulations stipulate that
at least one of the two exit routes is provided to the investor.
3. Interval Schemes:
Interval Schemes are that scheme, which combines the features of open-ended and
close-ended schemes. The units may be traded on the stock exchange or may be ope
n for sale or redemption during pre-determined intervals at NAV related prices.

BY NATURE
1. Equity Fund:
These funds invest a maximum part of their corpus into equities holdings. The st
ructure of the fund may vary different for different schemes and the fund manage
r s outlook on different stocks. The Equity Funds are sub-classified depending upo
n their investment objective, as follows:
Diversified Equity Funds
Mid-Cap Funds
Sector Specific Funds
Tax Savings Funds (ELSS)
Equity investments are meant for a longer time horizon, thus Equity funds rank h
igh on the risk-return matrix.
2. Debt Funds:
The objective of these Funds is to invest in debt papers. Government authorities
, private companies, banks and financial institutions are some of the major issu
ers of debt papers. By investing in debt instruments, these funds ensure low ris
k and provide stable income to the investors. Debt funds are further classified
as:
Gilt Funds: Invest their corpus in securities issued by Government, popularly kn
own as Government of India debt papers. These Funds carry zero Default risk but
are associated with Interest Rate risk. These schemes are safer as they invest i
n papers backed by Government.
Income Funds: Invest a major portion into various debt instruments such as bonds
, corporate debentures and Government securities.
MIPs: Invests maximum of their total corpus in debt instruments while they take
minimum exposure in equities. It gets benefit of both equity and debt market. Th
ese scheme ranks slightly high on the risk-return matrix when compared with othe
r debt schemes.
Short Term Plans (STPs): Meant for investment horizon for three to six months. T
hese funds primarily invest in short term papers like Certificate of Deposits (C
Ds) and Commercial Papers (CPs). Some portion of the corpus is also invested in
corporate debentures.
Liquid Funds: Also known as Money Market Schemes, These funds provides easy liqu
idity and preservation of capital. These schemes invest in short-term instrument
s like Treasury Bills, inter-bank call money market, CPs and CDs. These funds ar
e meant for short-term cash management of corporate houses and are meant for an
investment horizon of 1day to 3 months. These schemes rank low on risk-return ma
trix and are considered to be the safest amongst all categories of mutual funds.
3. Balanced Funds:
As the name suggest they, are a mix of both equity and debt funds. They invest i
n both equities and fixed income securities, which are in line with pre-defined
investment objective of the scheme. These schemes aim to provide investors with
the best of both the worlds. Equity part provides growth and the debt part provi
des stability in returns.
Further the mutual funds can be broadly classified on the basis of investment pa
rameter viz,
Each category of funds is backed by an investment philosophy, which is pre-defin
ed in the objectives of the fund. The investor can align his own investment need
s with the funds objective and invest accordingly.

BY INVESTMENT OBJECTIVE:
Growth Schemes:
Growth Schemes are also known as equity schemes. The aim of these schemes is to
provide capital appreciation over medium to long term. These schemes normally in
vest a major part of their fund in equities and are willing to bear short-term d
ecline in value for possible future appreciation.
Income Schemes:
Income Schemes are also known as debt schemes. The aim of these schemes is to pr
ovide regular and steady income to investors. These schemes generally invest in
fixed income securities such as bonds and corporate debentures. Capital apprecia
tion in such schemes may be limited.
Balanced Schemes:
Balanced Schemes aim to provide both growth and income by periodically distribut
ing a part of the income and capital gains they earn. These schemes invest in bo
th shares and fixed income securities, in the proportion indicated in their offe
r documents (normally 50:50).
Money Market Schemes:
Money Market Schemes aim to provide easy liquidity, preservation of capital and
moderate income. These schemes generally invest in safer, short-term instruments
, such as treasury bills, certificates of deposit, commercial paper and inter-ba
nk call money.
Load Funds:
A Load Fund is one that charges a commission for entry or exit. That is, each ti
me you buy or sell units in the fund, a commission will be payable. Typically en
try and exit loads range from 1% to 2%. It could be worth paying the load, if th
e fund has a good performance history.
No-Load Funds:
A No-Load Fund is one that does not charge a commission for entry or exit. That
is, no commission is payable on purchase or sale of units in the fund. The advan
tage of a no load fund is that the entire corpus is put to work.
OTHER SCHEMES
Tax Saving Schemes:
Tax-saving schemes offer tax rebates to the investors under tax laws prescribed
from time to time. Under Sec.88 of the Income Tax Act, contributions made to any
Equity Linked Savings Scheme (ELSS) are eligible for rebate.
Index Schemes:
Index schemes attempt to replicate the performance of a particular index such as
the BSE Sensex or the NSE 50. The portfolio of these schemes will consist of on
ly those stocks that constitute the index. The percentage of each stock to the t
otal holding will be identical to the stocks index weightage. And hence, the ret
urns from such schemes would be more or less equivalent to those of the Index.
Sector Specific Schemes:
These are the funds/schemes which invest in the securities of only those sectors
or industries as specified in the offer documents. e.g. Pharmaceuticals, Softwa
re, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in the
se funds are dependent on the performance of the respective sectors/industries.
While these funds may give higher returns, they are more risky compared to diver
sified funds. Investors need to keep a watch on the performance of those sectors
/industries and must exit at an appropriate time.

NET ASSET VALUE (NAV):

Since each owner is a part owner of a mutual fund, it is necessary to establish
the value of his part. In other words, each share or unit that an investor holds
needs to be assigned a value. Since the units held by investor evidence the own
ership of the fund s assets, the value of the total assets of the fund when divide
d by the total number of units issued by the mutual fund gives us the value of o
ne unit. This is generally called the Net Asset Value (NAV) of one unit or one s
hare. The value of an investor s part ownership is thus determined by the NAV of t
he number of units held.
Calculation of NAV:
Let us see an example. If the value of a fund s assets stands at Rs. 100 and it ha
s 10 investors who have bought 10 units each, the total numbers of units issued
are 100, and the value of one unit is Rs. 10.00 (1000/100). If a single investor
in fact owns 3 units, the value of his ownership of the fund will be Rs. 30.00(
1000/100*3). Note that the value of the fund s investments will keep fluctuating w
ith the market-price movements, causing the Net Asset Value also to fluctuate. F
or example, if the value of our fund s asset increased from Rs. 1000 to 1200, the
value of our investors holding of 3 units will now be (1200/100*3) Rs. 36. The i
nvestment value can go up or down, depending on the markets value of the fund s as
sets.

SELECTION PARAMETERS FOR MUTUAL FUND

Your objective:
The first point to note before investing in a fund is to find out whether your o
bjective matches with the scheme. It is necessary, as any conflict would directl
y affect your prospective returns. Similarly, you should pick schemes that meet
your specific needs. Examples: pension plans, children s plans, sector-specific sc
hemes, etc.
Your risk capacity and capability:
This dictates the choice of schemes. Those with no risk tolerance should go for
debt schemes, as they are relatively safer. Aggressive investors can go for equi
ty investments. Investors that are even more aggressive can try schemes that inv
est in specific industry or sectors.
Fund Manager s and scheme track record:
Since you are giving your hard earned money to someone to manage it, it is imper
ative that he manages it well. It is also essential that the fund house you choo
se has excellent track record. It also should be professional and maintain high
transparency in operations. Look at the performance of the scheme against releva
nt market benchmarks and its competitors. Look at the performance of a longer pe
riod, as it will give you how the scheme fared in different market conditions.
Cost factor:
Though the AMC fee is regulated, you should look at the expense ratio of the fun
d before investing. This is because the money is deducted from your investments.
A higher entry load or exit load also will eat into your returns. A higher expe
nse ratio can be justified only by superlative returns. It is very crucial in a
debt fund, as it will devour a few percentages from your modest returns.
Also, Morningstar rates mutual funds. Each year end, many financial publications
list the year's best performing mutual funds. Naturally, very eager investors w
ill rush out to purchase shares of last year's top performers. That's a big mist
ake. Remember, changing market conditions make it rare that last year's top perf
ormer repeats that ranking for the current year. Mutual fund investors would be
well advised to consider the fund prospectus, the fund manager, and the current
market conditions. Never rely on last year's top performers.
Types of Returns on Mutual Fund:
There are three ways, where the total returns provided by mutual funds can be en
joyed by investors:
Income is earned from dividends on stocks and interest on bonds. A fund pays out
nearly all income it receives over the year to fund owners in the form of a dis
tribution.
If the fund sells securities that have increased in price, the fund has a capita
l gain. Most funds also pass on these gains to investors in a distribution.
If fund holdings increase in price but are not sold by the fund manager, the fun
d's shares increase in price. You can then sell your mutual fund shares for a pr
ofit. Funds will also usually give you a choice either to receive a check for di
stributions or to reinvest the earnings and get more shares.

MUTUAL FUNDS DISTRIBUTION CHANNELS

Investors have varied investment objectives and can be classified as aggressive,
moderate and conservative, depending on their risk profile. For each of these c
ategories, asset management companies (AMCs) devise different types of fund sche
mes, and it is important for investors to buy those that match their investment
goals.
Funds are bought and sold through distribution channels, which play a significan
t role in explaining to the investors the various schemes available, their inves
tment style, costs and expenses. There are two types of distribution channels-di
rect and indirect. In case of the former, the investors buy units directly from
the fund AMC, whereas indirect channels include the involvement of agents. Let u
s consider these distribution channels in detail.
Direct channel
This is good for investors who do not need the advisory services of agents and a
re well-versed with the fundamentals of the fund industry. The channel provides
the benefit of low cost, which significantly enhances the returns in the long ru
n.
Indirect channel
This channel is widely prevalent in the fund industry. It involves the use of ag
ents, who act as intermediaries between the fund and the investor. These agents
are not exclusive for HYPERLINK "http://economictimes.indiatimes.com/topic/mutual%
20funds" mutual fundsand can deal in multiple financial instruments. They have an i
n-depth knowledge about the functioning of financial instruments and are in a po
sition to act as financial advisers. Here are some of the players in the indirec
t distribution channels.
a) Independent financial advisers (IFA):These are individuals trained by AMCs for
selling their products. Some IFAs are professionally qualified CFPs (certified
financial planners). They help investors in choosing the right fund schemes and
assist them in financial planning. IFAs manage their costs through the commissio
ns that they earn by selling funds.
b) Organized distributors:They are the backbone of the indirect distribution chan
nel. They have the infrastructure and resources for managing administrative pape
rwork, purchases and redemptions. These distributors cater to the diverse nature
of the investor community and the
vast geographic spread of the country by establishing offices in rural and semi
urban locations.
c) Banks:They use their network to sell mutual funds. Their existing customer bas
e serves as a captive prospective investor base for marketing funds. HYPERLINK "ht
tp://economictimes.indiatimes.com/topic/Banks" Banksalso handle wealth management f
or their clients and manage portfolios where mutual funds are one of the asset c
lasses. The players in the indirect channel assist investors in buying and redee
ming fund units.
They try to understand the risk profile of investors and suggest fund schemes th
at best suits their objectives. The indirect channel should be preferred over th
e direct channel when investors want to seek expert advice on the risk-return mi
x or need help in understanding the features of the financial securities in whic
h the fund invests as well as other important attributes of mutual funds, such a
s benchmarking andtaxtreatment.
Marketing Strategies for Mutual Funds
Business Accounts
The most common sales and marketing strategies for mutual funds is to sign-up co
mpanies as a preferred option for their retirement plans. This provides a simple
way to sign-up numerous accounts with one master contract. To market to these f
irms, sales people target human resource professionals. Marketing occurs through
traditional business-to-business marketing techniques including conferences, ni

che advertising and professional organizations. For business accounts, fund repr
esentatives will stress ease of use and compatibility with the company's present
systems.
Consumer Marketing
Consumer marketing of mutual funds is similar to the way other financial product
s are sold. Marketers emphasize safety, reliability and performance. In addition
, they may provide information on their diversity of choices, ease of use and lo
w costs. Marketers try to access all segments of the population. They use broad
marketing platforms such as television, newspapers and the internet. Marketers e
specially focus on financially oriented media such as CNBC television and Busine
ss week magazine.
Performance
Mutual funds must be very careful about how they market their performance, as th
is is heavily regulated. Mutual funds must market their short, medium and long-t
erm average returns to give the prospective investor a good idea of the actual p
erformance. For example, most funds did very well during the housing boom. Howev
er, if the bear market that followed is included, performance looks much more av
erage. Funds may also have had different managers with different performance rec
ords working on the same funds, making it hard to judge them.
Marketing Fees
Mutual funds must be very clear about their fees and report them in all of their
marketing materials. The main types of fees include the sales fee (load) and th
e management fee. The load is an upfront charge that a mutual fund charges as so
on as the investment is made. The management fee is a percentage of assets each
year, usually 1 to 2 percent.

WORKING OF MUTUAL FUNDS


The mutual fund collects money directly or through brokers from investors. The m
oney is invested in various instruments depending on the objective of the scheme
. The income generated by selling securities or capital appreciation of these se
curities is passed on to the investors in proportion to their investment in the
scheme. The investments are divided into units and the value of the units will b
e reflected in Net Asset Value or NAV of the unit. NAV is the market value of th
e assets of the scheme minus its liabilities. The per unit NAV is the net asset
value of the scheme divided by the number of units outstanding on the valuation
date. Mutual fund companies provide daily net asset value of their schemes to th
eir investors. NAV is important, as it will determine the price at which you buy
or redeem the units of a scheme. Depending on the load structure of the scheme,
you have to pay entry or exit load.

STRUCTURE OF A MUTUAL FUND:

India has a legal framework within which Mutual Fund have to be constituted. In
India open and close-end funds operate under the same regulatory structure i.e.
as unit Trusts. A Mutual Fund in India is allowed to issue open-end and close-en
d schemes under a common legal structure. The structure that is required to be f
ollowed by any Mutual Fund in India is laid down under SEBI (Mutual Fund) Regula
tions, 1996.


The Fund Sponsor:

Sponsor is defined under SEBI regulations as any person who, acting alone or in
combination of another corporate body establishes a Mutual Fund. The sponsor of
the fund is akin to the promoter of a company as he gets the fund registered wit
h SEBI. The sponsor forms a trust and appoints a Board of Trustees. The sponsor
also appoints the Asset Management Company as fund managers. The sponsor either
directly or acting through the trustees will also appoint a custodian to hold fu
nds assets. All these are made in accordance with the regulation and guidelines
of SEBI.
As per the SEBI regulations, for the person to qualify as a sponsor, he must con
tribute at least 40% of the net worth of the Asset Management Company and posses
ses a sound financial track record over 5 years prior to registration.
Mutual Funds as Trusts:
A Mutual Fund in India is constituted in the form of Public trust Act, 1882. The
Fund sponsor acts as a settlor of the Trust, contributing to its initial capita
l and appoints a trustee to hold the assets of the trust for the benefit of the
unit-holders, who are the beneficiaries of the trust. The fund then invites inve
stors to contribute their money in common pool, by scribing to units issued by var
ious schemes established by the Trusts as evidence of their beneficial interest
in the fund.
It should be understood that the fund should be just a pass through vehicle. Under
the Indian Trusts Act, the trust of the fund has no independent legal capacity
itself, rather it is the Trustee or the Trustees who have the legal capacity and
therefore all acts in relation to the trusts are taken on its behalf by the Tru
stees. In legal parlance the investors or the unit-holders are the beneficial ow
ners of the investment held by the Trusts, even as these investments are held in
the name of the Trustees on a day-to-day basis. Being public trusts, Mutual Fun
d can invite any number of investors as beneficial owners in their investment sc
hemes.
Trustees:
A Trust is created through a document called the Trust Deed that is executed by
the fund sponsor in favour of the trustees. The Trust- the Mutual Fund may be ma
naged by a board of trustees- a body of individuals, or a trust company- a corpo
rate body. Most of the funds in India are managed by Boards of Trustees. While t
he boards of trustees are governed by the Indian Trusts Act, where the trusts ar
e a corporate body, it would also require to comply with the Companies Act, 1956
. The Board or the Trust company as an independent body, acts as a protector of
the of the unit-holders interests. The Trustees do not directly manage the portf
olio of securities. For this specialist function, the appoint an Asset Managemen
t Company. They ensure that the Fund is managed by ht AMC as per the defined obj
ectives and in accordance with the trusts deeds and SEBI regulations.

The Asset Management Companies:

The role of an Asset Management Company (AMC) is to act as the investment manage
r of the Trust under the board supervision and the guidance of the Trustees. The
AMC is required to be approved and registered with SEBI as an AMC. The AMC of a
Mutual Fund must have a net worth of at least Rs. 10 Crores at all times. Direc
tors of the AMC, both independent and non-independent, should have adequate prof
essional expertise in financial services and should be individuals of high moral
e standing, a condition also applicable to other key personnel of the AMC. The A
MC cannot act as a Trustee of any other Mutual Fund. Besides its role as a fund
manager, it may undertake specified activities such as advisory services and fin
ancial consulting, provided these activities are run independent of one another
and the AMC s resources (such as personnel, systems etc.) are properly segregated
by the activity. The AMC must always act in the interest of the unit-holders and
reports to the trustees with respect to its activities.
Custodian and Depositories:
Mutual Fund is in the business of buying and selling of securities in large volu
mes. Handling these securities in terms of physical delivery and eventual safeke
eping is a specialized activity. The custodian is appointed by the Board of Trus
tees for safekeeping of securities or participating in any clearance system thro
ugh approved depository companies on behalf of the Mutual Fund and it must fulfi
ll its responsibilities in accordance with its agreement with the Mutual Fund. T
he custodian should be an entity independent of the sponsors and is required to
be registered with SEBI. With the introduction of the concept of dematerializati
on of shares the dematerialized shares are kept with the Depository participant
while the custodian holds the physical securities. Thus, deliveries of a fund s se
curities are given or received by a custodian or a depository participant, at th
e instructions of the AMC, although under the overall direction and responsibili
ties of the Trustees.
Bankers:
A Fund s activities involve dealing in money on a continuous basis primarily with
respect to buying and selling units, paying for investment made, receiving the p
roceeds from sale of the investments and discharging its obligations towards ope
rating expenses. Thus the Fund s banker plays an important role to determine quali
ty of service that the fund gives in timely delivery of remittances etc.
Transfer Agents:
Transfer agents are responsible for issuing and redeeming units of the Mutual Fu
nd and provide other related services such as preparation of transfer documents
and updating investor records. A fund may choose to carry out its activity in-ho
use and charge the scheme for the service at a competitive market rate. Where an
outside Transfer agent is used, the fund investor will find the agent to be an
important interface to deal with, since all of the investor services that a fund
provides are going to be dependent on the transfer agent.
REGULATORY STRUCTURE OF MUTUAL FUNDS IN INDIA:
The structure of mutual funds in India is guided by the SEBI. Regulations, 1996.
These regulations make it mandatory for mutual fund to have three structures of
sponsor trustee and asset Management Company. The sponsor of the mutual fund and
appoints the trustees. The trustees are responsible to the investors in mutual
fund and appoint the AMC for managing the investment portfolio. The AMC is the b
usiness face of the mutual fund, as it manages all the affairs of the mutual fun
d. The AMC and the mutual fund have to be registered with SEBI.

MUTUAL FUNDS IN INDIA

In 1963, the day the concept of Mutual Fund took birth in India. Unit Trust of I
ndia invited investors or rather to those who believed in savings, to park their
money in UTI Mutual Fund.
For 30 years it goaled without a single second player. Though the 1988 year saw
some new mutual fund companies, but UTI remained in a monopoly position.
The performance of mutual funds in India in the initial phase was not even close
r to satisfactory level. People rarely understood, and of course investing was o
ut of question. But yes, some 24 million shareholders were accustomed with guara
nteed high returns by the beginning of liberalization of the industry in 1992. T
his good record of UTI became marketing tool for new entrants. The expectations
of investors touched the sky in profitability factor. However, people were miles
away from the preparedness of risks factor after the liberalization.
The net asset value (NAV) of mutual funds in India declined when stock prices st
arted falling in the year 1992. Those days, the market regulations did not allow
portfolio shifts into alternative investments. There was rather no choice apart
from holding the cash or to further continue investing in shares. One more thin
g to be noted, since only closed-end funds were floated in the market, the inves
tors disinvested by selling at a loss in the secondary market.
The performance of mutual funds in India suffered qualitatively. The 1992 stock
market scandal, the losses by disinvestments and of course the lack of transpare
nt rules in the whereabouts rocked confidence among the investors. Partly owing
to a relatively weak stock market performance, mutual funds have not yet recover
ed, with funds trading at an average discount of 1020 percent of their net asset
value.
The securities and Exchange Board of India (SEBI) came out with comprehensive re
gulation in 1993 which defined the structure of Mutual Fund and Asset Management
Companies for the first time.
The supervisory authority adopted a set of measures to create a transparent and
competitive environment in mutual funds. Some of them were like relaxing investm
ent restrictions into the market, introduction of open-ended funds, and paving t
he gateway for mutual funds to launch pension schemes.
The measure was taken to make mutual funds the key instrument for long-term savi
ng. The more the variety offered, the quantitative will be investors.
Several private sectors Mutual Funds were launched in 1993 and 1994. The share o
f the private players has risen rapidly since then. Currently there are 34 Mutua
l Fund organizations in India managing 1,02,000 crores.
At last to mention, as long as mutual fund companies are performing with lower r
isks and higher profitability within a short span of time, more and more people
will be inclined to invest until and unless they are fully educated with the dos
and don ts of mutual funds.
Mutual fund industry has seen a lot of changes in past few years with multinatio
nal companies coming into the country, bringing in their professional expertise
in managing funds worldwide. In the past few months there has been a consolidati
on phase going on in the mutual fund industry in India. Now investors have a wid
e range of Schemes to choose from depending on their individual profiles.

MUTUAL FUND COMPANIES IN INDIA:

The concept of mutual funds in India dates back to the year 1963. The era betwee
n 1963 and 1987 marked the existance of only one mutual fund company in India wi
th Rs. 67bn assets under management (AUM), by the end of its monopoly era, the U
nit Trust of India (UTI). By the end of the 80s decade, few other mutual fund co
mpanies in India took their position in mutual fund market.
The new entries of mutual fund companies in India were SBI Mutual Fund, Canbank
Mutual Fund, Punjab National Bank Mutual Fund, Indian Bank Mutual Fund, Bank of
India Mutual Fund.
The succeeding decade showed a new horizon in Indian mutual fund industry. By th
e end of 1993, the total AUM of the industry was Rs. 470.04 bn. The private sect
or funds started penetrating the fund families. In the same year the first Mutua
l Fund Regulations came into existance with re-registering all mutual funds exce
pt UTI. The regulations were further given a revised shape in 1996.
Kothari Pioneer was the first private sector mutual fund company in India which
has now merged with Franklin Templeton. Just after ten years with private sector
players penetration, the total assets rose up to Rs. 1218.05 bn. Today there ar
e 33 mutual fund companies in India.

Major Mutual Fund Companies in India

HYPERLINK "http://finance.indiamart.com/india_business_information/abn_am
ro.html"ABN AMRO Mutual Fund
Relian
ce Mutual Fund
HYPERLINK "http://finance.indiamart.com/india_business_information/birla_sunlife.
html"Birla Sun Life Mutual Fund
Stan
dard Chartered Mutual Fund
HYPERLINK "http://finance.indiamart.com/india_business_information/bank_of_baroda
.html"Bank of Baroda Mutual Fund 
Frankl
in Templeton India Mutual Fund
HYPERLINK "http://finance.indiamart.com/india_business_information/hdfc.html"HDFC
Mutual Fund
Morgan S
tanley Mutual Fund India
HYPERLINK "http://finance.indiamart.com/india_business_information/hsbc.html"HSBC
Mutual Fund
Escorts
Mutual Fund
HYPERLINK "http://finance.indiamart.com/india_business_information/ing_vysya.html
"ING Vysya Mutual Fund
Allianc
e Capital Mutual Fund
HYPERLINK "http://finance.indiamart.com/india_business_information/prudential_ici
ci.html"Prudential ICICI Mutual Fund
Ben
chmark Mutual Fund
HYPERLINK "http://finance.indiamart.com/india_business_information/sbi.html"State
Bank of India Mutual Fund
Canbank Mutual Fun
d
HYPERLINK "http://finance.indiamart.com/india_business_information/tata.html"Tata
Mutual Fund
Chol
a Mutual Fund
Unit Trust of India Mutual Fund
LIC Mutual Fund


FUTURE PROSPECT OF MUTUAL FUNDS IN INDIA

Financial experts believe that the future of Mutual Funds in India will be very
bright. It has been estimated that by March-end of 2010, the mutual fund industr
y of India will reach Rs 40,90,000 crore, taking into account the total assets o
f the Indian commercial banks. In the coming 10 years the annual composite growt
h rate is expected to go up by 13.4%.
100% growth in the last 6 years.
Number of foreign AMC's are in the queue to enter the Indian markets like Fideli
ty Investments, US based, with over US$1trillion assets under management worldwi
de.
Our saving rate is over 23%, highest in the world. Only channelizing these savin
gs in mutual funds sector is required.
We have approximately 29 mutual funds which is much less than US having more tha
n 800. There is a big scope for expansion.
'B' and 'C' class cities are growing rapidly. Today most of the mutual funds are
concentrating on the 'A' class cities. Soon they will find scope in the growing
cities.
Mutual fund can penetrate rurals like the Indian insurance industry with simple
and limited products.
SEBI allowing the MF's to launch commodity mutual funds.
Emphasis on better corporate governance.
Trying to curb the late trading practices.
Introduction of Financial Planners who can provide need based advice.

Looking at the past developments and combining it with the current trends it can
be concluded that the future of Mutual Funds in India has lot of positive thing
s to offer to its investors.

RESEARCH METHODOLOGY
This Report is based on primary as well as secondary data, however primary data
collection was given more important since it is overhearing factor in attitude s
tudies.
One of the most important users of Research Methodology is that it helps in iden
tifying the problem, collecting, analyzing the required information or data and
providing an alternative solution to the problem. It also helps in collecting th
e vital information that is required by the Top Management to assist them for th
e better decision making both day to day decisions and critical ones.
a) Research Design: Descriptive Design
b) Data Collection Method: Survey Method
c) Universe: Kolkata
d) Sampling Method: The sample was collected through personal visits, formally a
nd informal talks and through filling up the Questionnaire prepared. The data ha
s been analyzed by using mathematical or statistical tools.
e) Sample Size: 100 respondents
f) Sampling Unit: Businessmen, Government Servant, Retired Individuals
g) Data Source: Primary data
h) Data Collection Instrument: Structured Questionnaire
i) Sample Design: Data has been presented with the help of Bar Graph, Pie Chart
, and Line Graph etc.
j) Duration Of The Study: The study was carried out for a period of two months,
from 18th Oct to 30th Nov 12.

Sample Questionnaire
Name: ...................
Age:
..
Mob.
Ques.1 What is your Qualification?
(a) Under-graduation
(b) Graduation
(c) Post Graduation
(d) Others
Ques.2 What is your Occupation?
(a) Government
(b) Private
(c) Business
(d) Others
Ques.3 What is your monthly family income?
(a) <=10000
(b) 10001-20000
(c) 20001-30000
(d) >30000
Ques.4 Do you have any idea about Mutual Fund?
(a) Yes
(b) No
Ques.5 From where you came to know about Mutual Fund?
(a) Advertisement
(b) Peer Group
(c) Banks
(d) Financial Advisors
Ques.6 Where you will prefer to invest?
(a) Savings (b) FD (c) Insurance (d) Mutual Fund (e)PO (f) Shares (g) Gold
(h) Real Estate
Ques.7 Which is your preference while investing?
(a) Low Return
(b) High Risk
(c) Liquidity
(d) Trust
Ques.8 Which Mutual Fund Company you will prefer to invest?
(a) Reliance
(b) SBI
(c) UTI
(d) HDFC
(e) Others
Ques.9 Which mode of investment will you prefer?
(a) Long Term
(b) Short Term
Ques.10 Objective of investment?
(a) Preservation
(b) Current Income
(c) Conservative Growth (d) Aggre
ssive Growth

Data Analysis & Interpretation

Analyzing to according to Age

Interpretation - Here, it is been found that most of the investors i.e
,35% of the investors who invest in Mutual Fund lies in between the age group of
36-40, they are more reluctant as well as experienced in this field of Mutual F
und.
Then the Second highest age group lies in between the age group of 41-45 (22%),
they are also aware of the benefits in investing in mutual fund.
The least interested group is the Youth Generations.
Analyzing according to Qualifiaction

Interpretation - Out of my survey of 100 people, 71% of the investors are Gradua
tes and Post Graduates and 16.67% are Under Graduates and Others, around 12.5%,
which may include persons who have passed their 10th standard or 12th standard i
nvests in Mutual Funds.
Analyzing according to Occupation

Interpretation - Here it is amazed to see that around 46% of the investment is b
een invested by the persons working in Private sectors, according to them invest
ing in Mutual Funds is more safer as well as more gainer.
Then we find that the businessmen of around 25%gives more preference in investin
g in mutual funds, they think that investing in mutual fund is better than inves

ting in shares as well as Post office.

Next we see that the persons working in Government sectors of around 24% only in
vests in Mutual Fund.
Analyzing according to Monthly Family Income

Interpretation - Here , we find that investors of around 43% with the monthly in
come of Rs. >30000 are the most likely to invest in Mutual fund , than any other
income group.

Analyzing data according to factors seen before investing


Interpretation - As it can be clearly Stated from the above Diagram that invest
ors before investing, the main criteria that they used to give more Preference
is Low Risk. According to them, if a scheme is low risk, it may or may not give
a very good return , but still 56% of the investors choose low risk as the optio
n while investing in Mutual Funds.
Then we see that 27% of the investors take High return as one of their most imp
ortant criteria. According to them, if there is no high return then we should op
t for Post office and not mutual fund.
11% of the investors take trust as one of their important factors
Only 4% of the Investors think liquidity as their most preferable options.
Analyzing data according to mode of investment

Interpretation - It can be clearly stated from the above Figure that 82% of the
investors like to invest in SIP, as the investor feels that they are more comfor
table to save via SIP than the Long term.
While 18% of the investors find SIP as very burdensome, and they are more reluct
ant to save in Long term investment.
Analyzing data according to objective of investment

Interpretation - Here we see that 36% of the investor s objectives are to preserve
the principal amount, so that it can be used as a savings for the future period
.
While 22% investors invest to get derive their current income through investing
in Mutual Funds.
While 15% and 17% of the investors invest to get a conservative as well as aggre
ssive growth.
Analyzing data according to awarness about Mutual Fund

Interpretation -. From The total lot of 100 people, 96 people are actually awar
e of the fact of Mutual fund and are regular investors of Mutual Funds.
4 People were there who have just heard the name or rather are just aware of the
fact of existence of the word called Mutual Fund, but doesn t know anything else
about Mutual Funds.
Analyzing data according to from where they came to know about Mutual Fund.

Interpretation - Here from the Line Graph it can be clearly stated that around 4
6% of the investors came to know the benefits of Mutual Fund from Financial Advi
sors. According to the suggestions given by the financial advisors, people use
to choose Mutual Funds Scheme.
Then Secondly,24% and 21% of the people used to know from Advertisement and Pee
r group respectively.

Lastly 9% of the investors do invests after being intimated by the Banks about t
he benefits of Mutual Funds.
Analyzing data according to investors choice of investing in different Mutual F
und Companies.

Interpretation - From this above Pie Chart it can be clearly stated that 45% , 1
7%of the people like to invest in large cap companies where return is comparativ
ely less but risk is low thus they invest in Reliance, SBI respectively.
15%, 10% of the people like to invest in Mutual Fund Companies like HDFC, UTI,
etc. where risk is slightly higher than the above two mentioned companies as wel
l as return is also slightly high
13% of the investors like to invest in the Small Cap s and Mid Cap s companies.
FINDINGS
Through this Project the results that was derived arePeople who lie under the age group of 36-40 have more experience and are more in
terested in investing in Mutual Funds.
There was a lot of lack of awareness or ignorance, that s why out of 200 people, 1
20 people have invested in Mutual Fund and 80 people is unaware of investing in
Mutual Funds.
Generally, People employed in Private sectors and Businessman are more likely to
invest in Mutual Funds, than other people working in other professions.
Generally investors whose monthly income is above Rs. 20001-30000 are more likel
y to invest their income in Mutual Fund, to preserve their savings of at least m
ore than 20%.
People generally like to save their savings in Mutual Fund, Fixed Deposits and S
avings Account.
Many people came to know about Mutual Fund from Financial Advisors, Advertisemen
t as well as from their Peer group , and they generally invest in the Mutual Fun
d by taking advices from their Legal Advisors.
Investors generally like to invest in Large Cap Companies like Reliance, SBI, et
c. to minimize their risk.
The most popular medium of investing in Mutual Fund is through SIP and moreover
people like to invest in Equity Fund though it is a risky game.
The main Objective of most of the Investors is to preserve their Income.

CONCLUSION
Mutual Funds now represent perhaps most appropriate investment opportunity for m
ost investors. As financial markets become more sophisticated and complex, inves
tors need a financial intermediary who provides the required knowledge and profe
ssional expertise on successful investing. As the investor always try to maximiz
e the returns and minimize the risk. Mutual fund satisfies these requirements by
providing attractive returns with affordable risks. The fund industry has alrea
dy overtaken the banking industry, more funds being under mutual fund management
than deposited with banks. With the emergence of tough competition in this sect
or mutual funds are launching a variety of schemes which caters to the requireme
nt of the particular class of investors. Risk takers for getting capital appreci
ation should invest in growth, equity schemes. Investors who are in need of regu
lar income should invest in income plans.
The stock market has been rising for over three years now. This in turn has not
only protected the money invested in funds but has also to helped grow these inv
estments.
This has also instilled greater confidence among fund investors who are investin
g more into the market through the MF route than ever before.
Reliance India mutual funds provide major benefits to a common man who wants to
make his life better than previous.
The mutual fund industry as a whole gets less than 2 per cent of household savin
gs against the 46 per cent that go into bank deposits. Some fund managers say th
is only indicates the sector's potential. "If mutual funds succeed in chipping a
way at bank deposits, even a triple digit growth is possible over the next few y
ears.

Leadership style of Top Management

The qualities that I like most about him are his sincerity and total devotion. H
e is a workaholic. He is normally quite reserved and these moments of free expres
sion were out of the ordinary. The chairmanship did not change him or his manner
of arriving at the most appropriate course of action. Heevoked support from his
teamand he still does. Suvendu Das is not the type of boss who is given to thumpi
ng the table. He softly mandates, and those to whom the message is addressed get
the point very clearly. He thinks big and encourages others to do likewise. He
does not discourage those who occasionally fail to deliver.
When dealing with a difference of opinion, he will convincingly present his view
s but at the same time listen attentively to other points of views and arrive at
a consensus. He has always listened to all points of view before evolving a dec
ision in his own quiet but firm way.
He encourages people to open their eyes to look at an opportunity and gets them
to think differently about issues. But he will never tell them what to do. Often
, he communicates by asking questions. "Why can t you" or "have you thought about
this" those are common phrases he employs.
Quality & nature of teamwor
k
Teamwork doesn't have to exist only in big, international companies. Smaller org
anizations and businesses benefit when individual team members work in cooperati
on with each other, setting and reaching unit and individual goals.
Nature of Team work at WILL ASSET MANAGEMENT INN .
Provide One-on-One Feedback
When employees work on projects at Will Asset Management Ltd, they often rely on
their co-workers to provide them with feedback. Feedback can range from advice
about formatting a report, proofreading a document for grammatical errors, advic
e on handling a difficult customer or tips on how to get a process done faster o
r more efficiently.
Participate in Brainstorming Meetings
From time-time, companies schedule brainstorming meetings to get creative ideas
flowing. By working as a team, everyone gets to add input, there are a wide rang
e of creative solutions to try and participants feel united, as they work toward
a common goal.
Act As Mentor
Mentoring is especially important for new employees, as it helps them get adjust
ed to their new work environments and become familiarized with the company's pro
cesses and procedures. Seasoned employees work closely with new employees to ans
wer their questions about the company, the products and services the company sel
ls, the target market, goal setting and employee relations. The support and moti
vation mentors provide demonstrates the importance in teaming up with employees
to achieve success at a company.
Swap Schedules or Clients
Responsibilities outside of the office sometimes force employees to take time of
f , which pulls them away from their normal work responsibilities. If an employe
e cannot be in the office, his colleague work with his clients until he returns
or finish up a project that is on a tight deadline. If employees work in shifts,
a fellow employee may switch shifts to give an employee the time he needs away
from the office.
Culture
Wills Asset Management Inn. viewtheir corporate culture as the basis of their lon
g-term success. It should be given the utmost consideration and must be put into
practice by each and every one of them. They are proud of what they have alread
y achieved in this regard and are convinced that as long as they remain true to
their principles, they will greatly increase the success of their business in th
e future.

Their corporate culture stands and falls with themutual respectof the people who m
ake up their team. This respect requires each of them to consider the views and
beliefs of their colleagues and to integrate these into development.
The views and possibilities can be suitably incorporated provided that communica
tionwith one another functions smoothly. Everyone therefore has not only the righ
t but also the obligation to contribute his or her viewpoint, for diversity is w
hat underlies the potential and strength of a team.
The abilities and potential of all involved can be optimally brought to bear whe
n all members of the team are fully informed and act on a basis of shared knowle
dge.Transparencyis thus another indispensable factor for long-term success. The co
nsequence is that we are all informed about everything that occurs in and around
the company. And this is meant literally:Everyone knows everything!
This foundation encourages the growth of trust, which forges all of the employees
into a team and gives rise to a spirit and motivation that can move mountains.
In difficult times as well as in very good times (which can be even more dangero
us), a well-functioning team does not stray from its course. And that means quit
e a lot. This is ultimately the source of thecontinuitythat represents one of the
key components for above-average success over the long term in the investment bu
siness.
Wills Asset Management Inn. corporate culture is put into practice not only inte
rnally but also externally. Respect, communication and transparency also apply t
o relations with the outside world. It is on this basis that they strive to build
up successful, gratifying and lasting relationships with existing and future cl
ients.
Decision making styles
The top management follow Behavioral style of decision making.The management expl
ains the situation to the group and provides the relevant information. Together
they attempt to reconcile differences andHYPERLINK "https://www.boundless.com/mana
gement/decision-making/decision-making-in-management/decision-making-styles-dire
ctive-analytical-conceptual-behavioral/" \l "negotiate"negotiatea solution that is
acceptable to all. The management may consult with others before the meeting in
order to prepare his case and generate alternative decisions that are acceptable
to them.
Organizational Structure

SWOT ANALYSIS

STRENGTH
Strong client base
Individual client base specific services
Very good corporate contacts
More than 16 years of experience
WEAKNESS
Lack of office space
Lack of ground agent
OPPORTUNITY
Rapid expanding asset management market
More demand for quality advisor provider
Increase number of people interested in investing
THREATS
High market competition
Competing with already established big market leaders like Kotak Securities, ICI
CI Securities
Growing individual competitor

BIBLIOGRAPHY

 HYPERLINK "http://www.google.com" www.google.com

 HYPERLINK "http://www.slideshare.net/hemanthcrpatna/a-project-report-on-comparat
ive-study-of-mutual-funds-in-india" http://www.slideshare.net/hemanthcrpatna/a-pr
oject-report-on-comparative-study-of-mutual-funds-in-india




 PAGE

\* MERGEFORMAT 50

PRODUCT
OR
SERVICES PORTFOLIO
INVESTMENT
BONDS
MUTUAL FUND
FIXED DEPOSITS
STOCKS
INSURANCE

LIFE INSURANCE
GENERAL INSURANCE
OTHER SERVICES
POSTAL DEPOSITS
BANKING DEPOSITS
Mutual Funds
Equity
Bank FD
Postal Savings
Venture Capital
HIGHER RISK
HIGHIER RETURNS
LOWER RISK
HIGIER RETURNS
LOWER RISK
LOWER RETURNS
HIGHIER RISK
MODERATE RETURNS

PRESIDENT
VICE-PRESIDENT
Sr. ACCOUNTANT
SALES ORGANISER
ACCOUNTANT
MARKETING EXECUTIVE
SALES

REPRESENTATIVES

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