INTERIM PROJECT REPORT

ON

MUTUAL FUNDS FRAMEWORK

ABSL AMC Ltd. (B2B SALES)

Submitted by:
Shiwam Sharma
18BSPHH01C1208

ADITYA BIRLA SUN LIFE ASSET

MANAGEMENT COMPANY LIMITED (ABSL
AMC Ltd.)

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 INTERIM PROJECT REPORT
ON

MUTUAL FUNDS FRAMEWORK

ABSL AMC Ltd. (B2B SALES)

Submitted by:
Shiwam Sharma
18BSPHH01C1208

ABSL AMC

Submitted to

Dr. Shubhagata Roy Mrs. Meha Rawat

Faculty Guide Company guide
Department of Finance & Accounting Channel Manager
IBS Hyderabad ABSL AMC, New Delhi

Date of Submission: 13th April 2019

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 AUTHORISATION

This is to certify that the Interim Report titled “MUTUAL FUNDS

FRAMEWORK ABSL AMC Ltd. (B2B SALES)” submitted by Shiwam
Sharma, Enrollment No.: 18BSPHH01C1208 in partial fulfilment of
the requirement of MBA Program of ICFAI Business School (IBS),
Hyderabad (Semester II) is an original work and carried out under
our supervision.

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 ACKNOWLEDGEMENT

I would like to acknowledge the management of Aditya Birla Sun Life AMC
Ltd. for providing me with this wonderful opportunity to pursue my Summer
Internship Program (SIP) and get exposure of working environment in a well
reputed insurance sector of India.

I thank Mrs. Meha Rawat my Company guide, for her continuous guidance,
help and motivation. Apart from the subject of my report, I learnt a lot from her,
which I am sure, will be useful in different stages of my life.

I gratefully acknowledge my college faculty guide, Dr. Shubhagata Roy for

giving me the opportunity to work in a professional environment and guiding
me through the journey and providing me with all sort of convenience from the
college side. Lastly, I would also like to thank my beloved parents, sister and
friends for their moral support, motivation and encouragement at all times that
helped me to a large extent in successful completion of the project work.

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 TABLE OF CONTENTS

HEADING TOPIC PAGE NO.

NO.
AUTHORISATION 3

ACKNOWLEDGEMENT 4

1 ABSTRACT 6

2 INTRODUCTION

2.1 HISTORY 7
2.2 VISION 7
2.3 MISSION 7
2.4 VALUES 8
2.5 MUTUAL FUNDS 8-10
2.6 TYPES OF SCHEMES 11-14
2.7 ADVANTAGES OF MUTUAL FUNDS 15-16
2.8 STEPS TO INVEST IN MUTUAL FUNDS 16-17
2.9 DISTRIBUTION CHANNELS 18-19
3 MAIN TEXT 20

3.1 B2B SALES 20-21

3.2 CALCULATION OF NAV 21-22
3.3 DIFFERENT SCHEMES UNDER ABSL 23
3.3.1 ABSL FRONTLINE EQUITY FUND 23-24
3.3.2 ABSL EQUITY HYBRID ’95 FUND 24-25
3.3.3 ABSL EQUITY FUND 26-27
3.3.4 ABSL TAX RELIEF 96 27-29
4 REFERENCES 30

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 Chapter 1

ABSTRACT

India is a developing country and the growth of the economy is only possible
through large scale investment into manufacturing and production sector which
will ensure not only self-dependency but will also reduce the amounts of our
imports and Current and Capital Account Deficits. Large investment into these
sectors would mean large number of people investing money in setting up plants
and industry and development of stock markets and listings of the shares of the
companies on the stock exchanges. With a desire to see one’s own money
making more money, people invest into shares of companies, and for that is
required help; which is basically the prime feature of the Mutual Fund Industry
wherein people from diverse backgrounds having little or no knowledge about
share prices or stocks but having money to invest come together for a common
goal and pool in their funds to form what is known as Mutual Funds.

In India, one of the early attempts was made by NCAER when a survey of
households was done to understand the motivation and attitude of savings of
individuals. Another NCAER study analyzed the structure of the Indian capital
markets and presented the attitudes and views of individual shareholders. SEBI
– NCAER Survey (2000) was carried out to estimate the number of households
and investment preference for equity as well as other Savings Instruments.

Household’s preference for savings instruments match their risk perception

which is clearly visible by the data that over 30% of households apparently lack
awareness about markets; and compared with low income groups, the higher
income groups have higher share of investments in Mutual Funds, signifying
that MF’s have still not become truly the investment vehicle for smaller
investors.

Mutual funds at first drew the public's attention in the years of 1980s and '90s
when the Mutual Fund investments hit all-time record highs and the investors
saw incredible or almost unimaginable returns on the amounts invested by them.
However, the idea of pooling money/assets for the purpose of investment has
been around for a very long time. The Mutual Fund Industry is a very attractive
avenue for investment because not only does one get returns on the amount
invested over time to time. But one also achieves the investment purpose which
may be anything from capital building to income generation.

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 Chapter 2

INTRODUCTION

2.1 HISTORY:

Birla Sun Life Asset Management Company Ltd. (BSLAMC), the investment
managers of Birla S u n Li f e M u t u a l F u n d , i s a jo i n t v e n t u r e
b e t we e n t h e Ad i t ya B i r l a Gr o u p a n d t h e S u n Li f e Financial
Services Inc. of Canada. The joint venture brings together the Aditya
Birla Group’s experience in the Indian market and Sun Life's global
experience. Established in 1994, Birla Sun Life Mutual fund has emerged as one
of India's leading flagships of Mutual Funds business managing assets of a large
investor base. Our solutions offer a range of i n v e s t me n t o p t io n s ,
i n c l u d i n g d i v e r s i f i e d a n d s e c t o r s p e c i f i c e q u i t y s c h e me s , f u n d
o f f u n d schemes, hybrid and monthly income funds, a wide range of
debt and treasury products and offshore funds. Birla Sun Life Asset
Management Company has one of the largest team of research analysts in the
industry, dedicated to tracking down the best companies to invest in.
BSLAMC strives to provide transparent, ethical and research-based
investments and wealth management services.

2.2 VISION:
To be the most trusted name in investment and wealth management, to be the
preferred employer in the industry and to be a catalyst for growth and excellence
of the asset management business in India.

2.3 MISSION:
To consistently pursue investor's wealth optimization by:

 Achieving superior and consistent investment results.

 Creating a conducive environment to hone and retain talent.
 Providing customer delight.
 Institutionalizing system-approach in all aspects of functioning.
 Upholding highest standards of ethical values at all times

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2.4 VALUES:
 Integrity
 Commitment
 Passion
 Seamlessness
 Speed

2.5 Mutual Funds

A Mutual Fund is a pool of funds formed by various people coming together
and joining for a common purpose of an investment avenue to generate returns
in the long run. The Mutual Fund is offered by an Asset Management Company
(AMC) which is managed by a Fund Manager who is a technical person having
expertise and skill required to make investment decisions of various companies.
To hedge or protect the money of the investors, the investment is not made into
one stock only; instead the amount to be invested is divided among the shares of
various companies in various sectors so that in case of some industry not
performing well, the investors’ money is safe as some other company may give
great returns.
The money so collected is then invested into the capital market instruments such
as various kinds of shares, debentures, gold and other securities. The income
thus earned from such investments and the appreciation of capital realized is
shared by its unit holders in the proportion of the units held by them. Thus it is
the most suitable investment option for the common man as it provides an
opportunity to invest into a well-diversified, professionally managed basket of
securities at a relatively low cost. Mutual Funds thrive at minimizing the risk
and maximization of returns through diversification.

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Mutual Funds can be classified into various categories and based on various
parameters.
The broad classifications are:
 On the basis of structure:
 Open Ended Schemes
Open Ended Funds have been in the market from long time back. Such
schemes do not have any particular maturity date and investment date.
Usually investors can enter and exit from these schemes at any
particular time which is one of the most beneficial feature of such
schemes.
 Close Ended Schemes

Close-ended mutual fund Schemes have a fixed or stipulated maturity

period wherein the investor can invest directly in the scheme which is
at the time of the initial issue and thereafter units of the scheme can be
traded (bought/ sold) on the stock exchanges where the scheme is
listed. The market prices at the stock exchange could vary from the
schemes’ NAV on account of demand and supply in the market,
expectations from unit holders and also other market factors. Usually a
characteristic feature of close-ended schemes is that they are generally
traded at a discount to NAV (Net Asset Value); but closer to maturity
date, the discount narrows.

 Interval Schemes

Interval Schemes are those schemes that combine the features of both
open-ended and close-ended schemes. The units of such scheme may
be traded on the stock exchange or they may be open for sale or even
for redemption during pre-determined intervals at NAV (Net Asset
Value) related prices.

 On the basis of Investment Objective:

 Income Schemes
 Growth Schemes
 Money Market Schemes
 Tax Saving Schemes
 Offshore Funds
 Special Schemes like Index Schemes

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 Some popular objectives of a mutual fund are:
Fund Objective:
Fund Investment in:
Equity (Growth) Only in stocks

Debt (Income) Only in fixed-income securities

Money Market (including

In short-term money market instruments (including government securities)
Gilt)

Partly in stocks and partly in fixed-income securities, in order to maintain a 'balance'

Balanced
in returns and risk

 On the basis of nature of funds:

 Equity based Funds
 Debt based Funds
 Hybrid/Balanced Funds

TYPES OF
MUTUAL FUNDS
SCHEMES

By Structure By Investment Other Schemes

Objective

Open Close Ended Interva Tax Saving Special

Ended Schemes l Schemes Schemes
Schemes Scheme

Growth Balanced Income Money Sector Index

Schemes Schemes Schemes Market Specific Schemes
Schemes Schemes

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2.6 Types of Schemes:
Equity Schemes

Equity schemes invest the amounts that they collect from investors into stocks of various
companies listed on the stock exchanges as well as those that are unlisted. These schemes are
also called ‘Growth Schemes’ because the idea behind such investments is to earn a high
return through the rise in the value of the investment. There is a general saying in the Indian
Mutual Fund Industry that a person should invest (100- current age) % of his
investments/savings into equity based funds as the person has a longer time horizon for the
investment.

Sectoral Schemes

These are a variant of equity oriented schemes where the risk for the investor is higher than
the diversified equity schemes. The funds of such schemes are invested into the shares of a
particular sector only or it could be in companies that comply with a particular theme only.
The amounts collected by the Fund houses are deposited into one particular sector on which
the fund is based. Thus, there lies a significant risk of the investor if that particular sector
does not perform well. But as is a saying “Profit is the reward for risk taking”, therefore there
is also greater chance that the particular sector might do exceptionally well and the returns
are more than expected.

Equity linked savings scheme (ELSS)

Equity linked savings schemes are also known as tax savings schemes. These are like
diversified equity schemes in terms of their portfolio composition but they give investors a
tax benefit that other schemes do not. Investors looking at earning a higher return on their
investments and save on the tax at the same time opt for such schemes. Unlike normal equity
schemes, ELSS carry a three year lock in period. If any withdrawal is made before the lock-in
period, then exit loads are charged to the amount of funds.

Index Funds

Index funds are known as passive schemes because here the fund manager does not have to
take active investment decisions regarding selection of companies for investment. The corpus
of these schemes is invested in such a manner that it mimics an index that is being tracked by
the fund. The movement of the fund is almost as similar to the movement of the index. For
example, if the index goes up, then the NAV of the scheme goes up and vice versa

Income Schemes

Income schemes invest their assets into debt instruments that are either of medium to long
term in duration. They main distinguishing factor of these schemes is that they are different in
terms of their investment objective. They only seek to generate some income rather than
building up capital. For e.g. bonds, debentures, government securities and other debt
instruments.

Liquid Schemes

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Liquid schemes are meant for very short term investors where the investor horizon ranges
from a couple of days to around a week or slightly more. The liquid schemes invest the
money into overnight call money market and extremely short term options. Such schemes are
majorly used by corporate when they have huge sums of money lying idle for a shorter period
of time.

Gilt Schemes

Gilt schemes invest their assets only in government securities. There can be short term or
long term schemes. These schemes have no credit risk which means that there is no
possibility of the investments of the scheme turning out to be worthless because the issuing
authority is the government itself. They are most recommended for people in the higher age
groups as they are mostly interested in getting some fixed returns rather than taking risk by
investing a major chunk in equity schemes.

Balanced Schemes

Balanced schemes are a mixture of equity and income schemes whereby they hold
both equities and debt in their portfolio. Balanced schemes need to hold an average 65% of
assets as equity. These schemes are meant for those who want to earn some returns on their
investment but would like a small element of stability built into the scheme. The major
advantage is that a portion of the savings will yield almost fixed and guaranteed returns, thus
the investor prefers such type of schemes.

Fixed Maturity Plans (FMP)

FMP’s are plans that are in operation for a short period of time but they act like a quasi fixed
deposit for the investors. This is because the fund manager selects the securities in the
portfolio in such a manner that it matures on the same date as that of the scheme. This results
in the situation where the investor will get a return near the yield of the investments when
they were purchased because of reduced risk in the investment. Unlike open ended schemes,
wherein the investor can invest and exist at almost any time during the investment period,
here such option is not available. These funds mature after a particular time period.

Fund of Funds

This scheme invests its funds into another mutual fund scheme and is hence known as fund of
funds. Several funds invest their corpus into schemes of their own fund house while another
variety of fund of fund schemes invest the amount into schemes from other fund houses too.
Fund of Funds is basically a feeder fund for the main funds. The underlying asset is the same
for both the main fund scheme and Fund of Fund scheme.

Offshore Funds

Offshore funds are specializing in investing in foreign companies or corporations. These

funds basically have non-residential investors and are regulated and guided by the provisions
of the foreign countries in which they are registered. These funds are regulated by RBI
directives and certain changes are introduced from time to time as and when necessary.

Tax-Saving Schemes

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Tax-saving schemes offer attractive tax rebates to the investors under tax laws prescribed
from time to time to promote investments into such schemes. Under Sec.88 of the Income
Tax Act, any contributions made to any Equity Linked Savings Scheme (ELSS) is eligible for
rebate @ 20% for a maximum investment on Rs10,000 per financial year which lures the
investors to invest in such schemes.

Money Market Schemes

Money Market Schemes aim to provide easy liquidity, preservation of capital invested and
moderate income. These schemes generally invest in safer, short-term instruments, such as
treasury bills, certificates of deposit, commercial paper and inter-bank call money. They are
invested for shorter durations.

Mutual Fund Industry

The Mutual Fund Industry has a worldwide penetration of about 70% of GDP in US, 60% of
GDP in France and over 35% in Brazil and less than even 5% of the GDP of India. Mutual
funds as an investment tool has gained great popularity in the current times, this is clearly
reflected in the robust growth levels of Assets under Management (AUM). Despite this
growth, the level of penetration of Mutual Funds in India is very low as compared to other
global economies.

The mutual fund industry started in India in the year of 1963 with the establishment of Unit
Trust of India (UTI), which was a combined initiative of the Indian Government and Reserve
Bank of India.

A new trend or new era started in the Indian industry with the entry of private sector funds in
Mutual Funds in 1993, allowing the Indian investors a wider choice of fund schemes. The
first private sector mutual fund company was registered in July 1993, the erstwhile Kothari
Pioneer (now merged with Franklin Templeton). The industry now functions under the SEBI
(Mutual Fund) Regulations 1996.

In the last few years, household’s income levels have grown significantly, leading to
commensurate increase in household’s savings. Household financial savings (at current
prices) registered growth rate of around 17.4% on an average during the period FY04-FY08
as against 11.8% on an average during the period FY99-FY03. The considerable rise in
household’s financial savings, point towards the huge market potential of the Mutual fund
industry in India.

Besides, SEBI has introduced various regulatory measures in order to protect the interest of
small investors that augurs well for the long term growth of the industry. The tax benefits
allowed on mutual fund schemes (for example investment made in Equity Linked Saving
Scheme (ELSS) is qualified for tax deductions under section 80C of the Income Tax Act)
also have helped mutual funds to evolve as the preferred form of investment among the
salaried income earners.

Besides, the Indian Mutual fund industry that started with traditional products like equity
fund, debt fund and balanced fund has significantly expanded its product portfolio. Today,
the industry has introduced an array of products such as liquid/money market funds, sector-
specific funds, index funds, gilt funds, capital protection oriented schemes, special category

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funds, insurance linked funds, exchange traded funds, etc. It also has introduced Gold ETF
fund in 2007 with an aim to allow mutual funds to invest in gold or gold related instruments.
Further, the industry has launched special schemes to invest in foreign securities. The wide
variety of schemes offered by the Indian Mutual fund industry provides multiple options of
investment to common man.

The Mutual Fund Industry has another regulator in India, namely Association of Mutual
Funds in India (AMFI) which is the body under which the distributors of Mutual Funds have
to get themselves registered to carry out distribution of Mutual Fund Schemes.

The Mutual Fund Industry is currently going through a transformation stage. On side we see
rigid and stringent norms of the governing bodies and on the other side we see the economy
as whole still jostling out to recover from the worldwide economic and financial crisis of
2008-2009.

The Indian Economy has a 7.4% growth rate of Gross Domestic Product (GDP) and has great
potential to reach into double digits backed by a strong support.

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2.7 Advantages of Mutual Funds

 Professional Money Management

Fund managers are primarily responsible for implementing a consistent
investment strategy that synchronizes and reflects the goals of the fund.
Fund managers constantly monitor the market movements and economic
trends and analyze securities in order to make informed and better
investment decisions. Professionals are always better than novice people
and hence add value to the investments.

 Diversification
Diversification is one of the world’s best ways to mitigate risk. Mutual
funds offer investors an opportunity to diversify their investments across
various cadre of assets depending on their investment needs. Instead of
parking funds in any particular stock, it is definitely better to diversify it
into various avenues so that even if one sector is not doing well, some
other sector’s profit will help to keep the investment intact.

 Liquidity
Investors can sell off the mutual fund units held by them on any particular
business day and also receive the current market value on their sold
investments within a very short time period (normally three- to five-
days). Non blockage of funds for a long time is a major advantage of
mutual funds.

 Affordability
The minimum initial investment for a mutual fund is quite low for most
funds (as low as Rs 500 for some schemes), so one does not need to wait
to save thousands before actually saving through mutual funds.

 Convenience
Most of the private sector funds provide the convenience of periodic
purchase plans, automatic withdrawal plans and also the automatic
reinvestment of interest and dividends

Mutual funds also provide with the detailed reports and statements that
make record-keeping simple. One can easily monitor and periodically
check the performance of the funds simply by just reviewing the business
pages of most newspapers or just by using the online Mutual
Funds section.

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  Flexibility and variety
One can pick from a variety of options to invest ranging from
conservative, blue-chip stock funds, sectoral funds, funds that aim to
provide income with modest growth or even those that take big risks in
the search for returns. There is a choice of buying balanced funds, or
those which combine stocks and bonds in the same fund.

 Tax benefits
Tax benefits on Investment in Mutual Funds

1) 100% Income Tax exemption on all Mutual Fund dividends

2) Equity Funds - Short term capital gains is taxed at 15%.
Debt Funds - Short term capital gains is taxed as per the slab rates
applicable to individual investor. Long term capital gains tax to be lower
of either 10% on the capital gains without factoring indexation benefit
and 20% on the capital gains after factoring indexation benefit.
3) Open-end funds with equity exposure of more than 65% (Revised from
50% to 65% in Budget 2006) are exempt from the payment of dividend
tax for a period of 3 years from 1999-2000.

An investor can get a tax benefit in schemes like ELSS (equity linked saving
scheme). Some schemes like the Tax Saver Schemes allow people to get tax
savings on their investments under various sections of Chapter VI-A of the
Income Tax Act.

Note: Equity Funds are those where the investible funds are invested in equity
shares in domestic companies to the extent of more than 65% of the total
proceeds of such funds.

2.8 STEPS TO INVEST IN MUTUAL FUND:-

Step one - Identify your investment needs.
Your financial goals will vary, based on your age, lifestyle, financial
independence, family commitments, and level of income and expenses among
many other factors. Therefore, the first step is to assess your needs. Begin by
asking yourself these questions:
1. What are my investment objectives and needs? Probable Answers: I need
regular income or need to buy a home or finance a wedding or educate my
children or a combination of all these needs.

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2. How much risk am I willing to take? Probable Answers: I can only take a
minimum amount of risk or I am willing to accept the fact that my investment
value may fluctuate or that there may be a short-term loss in order to achieve a
long-term potential gain.
3. What are my cash flow requirements? Probable Answers: I need a regular cash
flow or I need a lump sum amount to meet a specific need after a certain period
or I don't require a current cash flow but I want to build my assets for the future.
By going through such an exercise, you will know what you want out of your
investment and can set the foundation for a sound Mutual Fund investment
strategy.
Step two - Choose the right Mutual Fund.
Once you have a clear strategy in mind, you now have to choose which Mutual
Fund and scheme you want to invest in. The offer document of the scheme tells
you its objectives and provides supplementary details like the track record of
other schemes managed by the same Fund Manager. Some factors to evaluate
before choosing a particular Mutual Fund are:
 The track record of performance over the last few years in relation to the
appropriate yardstick and similar funds in the same category.
 How well the Mutual Fund is organized to provide efficient, prompt and
personalized service.
 Degree of transparency as reflected in frequency and quality of their
communications.

Step three - Select the ideal mix of Schemes.

Investing in just one Mutual Fund scheme may not meet all your investment
needs. You may consider investing in a combination of schemes to achieve your
specific goals.

Step four - Invest regularly

For most of us, the approach that works best is to invest a fixed amount at specific
intervals, say every month. By investing a fixed sum each month, you buy fewer
units when the price is higher and more units when the price is low, thus bringing
down your average cost per unit. This is called rupee cost averaging and is a
disciplined investment strategy followed by investors all over the world. With
many open-ended schemes offering systematic investment plans, this regular
investing habit is made easy for you.

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Step five - Keep your taxes in mind
If you are in a high tax bracket and have utilized fully the exemptions under
Section 80L of the Income Tax Act, investing in growth funds that do not pay
dividends might be more tax efficient and improve your post-tax return. If you
are in a low tax bracket and have not utilized fully the exemption available under
Section 80L, selecting funds paying regular income could be more tax efficient.
Further, there are other benefits available for investment in Mutual Funds under
the provisions of the prevailing tax laws. You may therefore consult your tax
advisor or Chartered Accountant for specific advice.
Step six - Start early
It is desirable to start investing early and stick to a regular investment plan. If you
start now, you will make more than if you wait and invest later. The power of
compounding lets you earn income on income and your money multiplies at a
compounded rate of return.
Step seven - The final step
All you need to do now is to get in touch with a Mutual Fund or your agent/broker
and start investing. Reap the rewards in the years to come. Mutual Funds are
suitable for every kind of investor-whether starting a career or retiring,
conservative or risk taking, growth oriented or income seeking.

2.9 DISTRIBUTION CHANNELS

PSU BANKS:

 Punjab National bank

 Central Bank of India
 State Bank of India
 Indian Bank
 Bank of India
 Union bank of India

PRIVATE BANKS AND FOREGIN BANKS:

 HDFC Bank
 ICICI Bank
 Axis Bank
 Kotak Bank
 Standard Charted Bank

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  Citi Bank
 HSBC
 HDFC Securities
 Kotak Securities
 Bandhan Bank

NON NAMED BANKS:

 Andhra Bank
 United Bank of India
 Bank of Baroda
 Dena Bank
 Punjab & Sind Bank
 Indian Overseas Bank
 REPCO Bank
 The Jammu & Kashmir Bank Ltd.
 IndusInd Bank Limited
 The Bank of Rajasthan Limited
 ING Vysya Bank Ltd.
 Catholic Syrian Bank
 Tamil ad Mercantile Bank Ltd.
 The Federal Bank Ltd.
 The South Indian Bank Ltd.
 Ahmadabad Mercantile Co op Bank
 Janata Sahakari Bank Ltd.
 The Cosmos Co-op. Bank Ltd.
 New India Co-op. Bank Ltd.
 Punjab & Maharashtra Co-op. Bank Ltd.
 The Sara swats Co-op. Bank Ltd.

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 Chapter 3

Main Text

3.1 B2B Sales

B2B sales is short for business-to-business sales. It refers to an activity where a
business is selling its products or services (=creating value) to another business.
It is distinct from B2C or business-to-consumer sales, which mean sales to
individuals rather than businesses.

The key features in B2B sales are the following:

 Larger average transactions than in B2C. Business-to-business

transactions are often thousands of dollars and can reach millions or even
billions. A shop that sells shoes, for example, buys the shoes from a
wholesaler 1000 pieces a time but sell them one by one (or rather two by
one).
 Professional decision-making. The average shoe shopper buys maybe
two pairs of shoes a year and has a million other things to do with their
life as well. They are happy to find a fitting shoe and go on with their
lives (well, some people might disagree on their level of professionalism
when it comes to buying shoes but you get the point). But when a B2B
sales person goes to meet a shoe shop owner to sell them some shoes,
they are expected to face a lot more knowledgeable team of people who’ll
ask tough questions on the materials, supply chains and corporate
responsibility. B2B buyers are experts so a B2B sales person has to be an
expert, too. In B2B sales you have to find the right arguments to convince
your counterpart.
 More stakeholders. Especially in the case of bigger deals a business-to-
business sales person has to convince not only one but many different
stakeholders. Often these stakeholders even have contradicting priorities.
Someone working in marketing wants the shoes to be from a well-known
brand and someone in the purchasing wants to make sure they are as
cheap as possible. In B2B sales you are most often dealing with more
than one buyer from the same account. Charming one person is not
enough to close your deal.
 Longer time-to-purchase. On average business-to-business sales take
longer to close. When you are buying new shoes, you just go in the
nearest shop and buy them. On the other hand, when the shoe shop
bought their last batch of shoes, selecting which shoes, which colors and
how many they would buy involved decisions from the CEO, marketing

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 manager, store manager and a consultant, and litres of coffee and dozens
of Powerpoint presentations and Excel sheets. Don’t expect to get big
deals from your new B2B customers. Building trust takes time and you’ll
probably be handling smaller things until your new customer trusts you.
 Fewer prospects and customers. B2B customers usually have a lot
higher LTV (life-time-value) than B2C customers. The pool from where a
B2B business can draw new customers is also smaller. When an
underserved shoe shopper gets tired of waiting and leaves angrily,
another comes in (at least up to a point). This means that B2B customers
must be well taken care of. You don’t want to burn bridges with any of
your prospects and especially you don’t want to lose your current
customers. Getting more customers is usually a lot more cumbersome and
expensive than in B2C sales.

3.2 Calculation of NAV

Net Asset Value = Market value of investments+ Current asset

& other assets + Accrued income – Current liabilities – Accrued expenses

NAV= Market Value of Assets – Liabilities

Units Outstanding

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NAV of the current schemes:
Chg. from 52 Weeks 52 Weeks
Fund Name NAV As on As on As On
previous High Low
Aditya Birla SL
Apr 12, Aug 31, Feb 19,
Frontline 26.49 0.35 29.09 24.04
2019 2018 2019
Equity-D
Aditya Birla SL
Apr 12, Aug 31, Oct 26,
Frontline 226.06 0.35 231.20 199.24
2019 2018 2018
Equity-G
Aditya Birla SL 132.57 Apr 12, 2019 0.24 144.83 Aug 28, 2018 125.47 Feb 18, 2019
Equity Hybrid '95-D
Aditya Birla SL 754.65 Apr 12, 2019 0.24 781.59 Aug 28, 2018 690.75 Oct 26, 2018
Equity Hybrid '95-G
Aditya Birla SL
99.24 Apr 12, 2019 0.29 110.75 Aug 31, 2018 89.18 Feb 18, 2019
Equity-D

Aditya Birla SL
731.82 Apr 12, 2019 0.29 752.64 Aug 31, 2018 643.78 Oct 26, 2018
Equity-G

Aditya Birla SL Tax

31.88 Apr 12, 2019 0.47 33.66 Sep 03, 2018 28.14 Oct 26, 2018
Relief 96-G

Aditya Birla SL Tax

151.13 Apr 12, 2019 0.47 171.35 Sep 03, 2018 139.17 Feb 19, 2019
Relief 96-D

Aditya Birla SL
Retirement Fund - 10.24 Apr 12, 2019 0.44 10.24 Apr 12, 2019 10.01 Mar 12, 2019
The 30s Plan Reg-D

Aditya Birla SL
Retirement Fund - 10.24 Apr 12, 2019 0.44 10.24 Apr 12, 2019 10.01 Mar 12, 2019
The 30s Plan Reg-G

Aditya Birla SL
Retirement Fund - 10.18 Apr 12, 2019 0.33 10.19 Apr 02, 2019 10.01 Mar 12, 2019
The 40s Plan Reg-D

Aditya Birla SL
Retirement Fund - 10.18 Apr 12, 2019 0.33 10.19 Apr 02, 2019 10.01 Mar 12, 2019
The 40s Plan Reg-G

Aditya Birla SL
Retirement Fund - 10.04 Apr 12, 2019 -0.03 10.07 Apr 02, 2019 10.01 Mar 12, 2019
The 50s Plan Reg-D

Aditya Birla SL
Retirement Fund - 10.04 Apr 12, 2019 -0.03 10.07 Apr 02, 2019 10.01 Mar 12, 2019
The 50s Plan Reg-G

Aditya Birla SL
Retirement Fund -
10.03 Apr 12, 2019 -0.03 10.06 Apr 02, 2019 10.01 Mar 12, 2019
The 50s Plus - Debt
Plan Reg-D

Aditya Birla SL
Retirement Fund -
10.03 Apr 12, 2019 -0.03 10.06 Apr 02, 2019 10.01 Mar 12, 2019
The 50s Plus - Debt
Plan Reg-G

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3.3 Different schemes under ABSL:

3.3.1 Aditya Birla Sun Life Frontline Equity Fund

Change from previous, NAV as on Apr 12, 2019: 0.35%

Growth: R 226.06

Dividend: R 26.49

Category: Equity: Large Cap

Assets: R 22,175 crore (As on Mar 31, 2019)

Expense: 1.97% (As on Feb 28, 2019)

Basic Details

Fund House: Aditya Birla Sun Life Mutual Fund

Launch Date: Aug 30, 2002

Benchmark: NIFTY 50 Total Return

Riskometer: Moderately High

Risk Grade: Below Average

Return Grade: Above Average

Turnover: 50%

Type: Open-ended

Investment Details

Return since Launch: 20.63%

Minimum Investment (R) 100

Minimum Addl Investment (R) 100

Minimum SIP Investment (R) 100

Minimum No of Cheques 6

Minimum Withdrawal (R) 1

Minimum Balance (R) -

Exit Load (%) 1% for redemption within 365 days

Performance

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 YTD 1-Month 3-Month 1-Year 3-Year 5-Year 10-Year

Fund 4.54 2.48 5.10 4.87 13.17 13.93 17.45

S&P BSE Sensex 50 TRI 6.88 3.07 7.60 12.29 16.81 13.35 15.76

Category 5.83 2.44 6.65 8.68 14.72 12.64 14.40

Rank within Category 77 67 85 69 60 13 3

Number of funds in category 99 105 100 91 76 62 39

Peer Comparison
1-Year 3-Year 5-Year Expense Ratio Assets
Fund Rating Launch
Ret Ret Ret (%) (Cr)

Aditya Birla Sun Life Frontline Equity Aug-

4.87 13.17 13.93 1.97 22,175
Fund 2002

Aditya Birla Sun Life Focused Equity

Oct-2005 5.37 13.19 14.01 2.03 4,268
Fund

ICICI Prudential Sensex ETF Jan-2003 14.73 16.71 12.61 0.08 18

Reliance ETF Junior BeES Feb-2003 -4.96 15.01 15.90 0.23 1,229

SBI Bluechip Fund Feb-2006 1.83 11.76 15.19 1.96 22,100

3.3.2 Aditya Birla Sun Life Equity Hybrid '95 Fund

(Erstwhile Aditya Birla Sun Life Balanced '95 Fund)

Change from previous, NAV as on Apr 12, 2019: 0.24%

Growth: R 754.65

Dividend: R 132.57

Category: Hybrid: Aggressive Hybrid

Assets: R 13,672 crore (As on Mar 31, 2019)

1.97% (As on Feb 28, 2019)

Expense:

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 Basic Details
Fund House: Aditya Birla Sun Life Mutual Fund

Launch Date: Feb 10, 1995

Benchmark: CRISIL Hybrid 35+65 Aggressive

Riskometer: Moderately High

Risk Grade: Average

Return Grade: Average

Turnover: 76%

Type: Open-ended

Investment Details
Return since Launch: 19.79%

Minimum Investment (R) 100

Minimum Addl Investment (R) 100

Minimum SIP Investment (R) 100

Minimum No of Cheques 6

Minimum Withdrawal (R) 1

Minimum Balance (R) -

For units in excess of 15% of the investment,1% will be

Exit Load (%)
charged for redemption within 365 days

Performance
YTD 1-Month 3-Month 1-Year 3-Year 5-Year 10-Year

Fund 2.78 0.97 3.36 0.16 10.79 13.73 16.14

VR Balanced TRI 6.50 2.71 7.04 11.81 14.53 11.96 12.95

Category 3.88 1.75 4.27 2.89 11.82 13.02 14.76

Rank within Category 33 39 35 27 18 13 8

Number of funds in category 39 42 39 32 28 24 21

Peer Comparison
1-Year 3-Year 5-Year Expense Ratio Assets
Fund Rating Launch
Ret Ret Ret (%) (Cr)

Aditya Birla Sun Life Equity Hybrid '95

Feb-1995 0.16 10.79 13.73 1.97 13,672
Fund

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Canara Robeco Equity Hybrid Fund -
Feb-1993 6.96 13.11 14.81 2.39 2,019
Regular Plan

Nov-
ICICI Prudential Equity & Debt Fund 5.88 14.43 15.14 1.99 26,564
1999

Principal Hybrid Equity Fund Jan-2000 2.96 16.10 14.60 2.09 1,739

Dec-
SBI Equity Hybrid Fund 6.14 11.97 14.83 1.97 29,672
1995

3.3.3 Aditya Birla Sun Life Equity Fund

Change from previous, NAV as on Apr 12, 2019: 0.29%

Growth: R 731.82

Dividend: R 99.24

Category: Equity: Multi Cap

Assets: R 11,019 crore (As on Mar 31, 2019)

Expense: 1.97% (As on Feb 28, 2019)

Basic Details
Fund House: Aditya Birla Sun Life Mutual Fund

Launch Date: Aug 27, 1998

Benchmark: S&P BSE 200 TRI

Riskometer: Moderately High

Risk Grade: Below Average

Return Grade: High

Turnover: 50%

Type: Open-ended

Investment Details
Return since Launch: 23.12%

Minimum Investment (R) 100

Minimum Addl Investment (R) 100

Minimum SIP Investment (R) 100

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Minimum No of Cheques 6

Minimum Withdrawal (R) 1

Minimum Balance (R) -

Exit Load (%) 1% for redemption within 365 days

Performance
YTD 1-Month 3-Month 1-Year 3-Year 5-Year 10-Year

Fund 4.14 2.57 5.22 2.69 15.96 17.42 18.16

S&P BSE 200 TRI 5.86 2.76 6.71 8.34 16.12 14.05 16.08

Category 4.92 2.11 5.41 2.53 13.98 14.94 17.20

Rank within Category 31 13 28 20 9 9 8

Number of funds in category 51 53 51 45 42 36 27

Peer Comparison
Assets
Fund Rating Launch 1-Year Ret 3-Year Ret 5-Year Ret Expense Ratio (%)
(Cr)

Aditya Birla Sun Life Equity Fund Aug-1998 2.69 15.96 17.42 1.97 11,019

ICICI Prudential Multicap Fund Oct-1994 7.92 15.67 16.14 2.37 3,521

Principal Multi Cap Growth Fund Oct-2000 -1.26 16.41 15.94 2.39 875

Quant Active Fund Mar-2001 3.39 14.05 17.86 2.50 7

SBI Focused Equity Fund Oct-2004 4.26 15.29 18.84 2.24 4,033

3.3.4 Aditya Birla Sun Life Tax Relief 96

Change from previous, NAV as on Apr 12, 2019: 0.47%

Dividend: R 151.13

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Growth: R 31.88

Category: Equity: ELSS

Assets: R 8,599 crore (As on Mar 31, 2019)

Expense: 2.21% (As on Feb 28, 2019)

Basic Details
Fund House: Aditya Birla Sun Life Mutual Fund

Launch Date: Mar 29, 1996

Benchmark: S&P BSE 200 TRI

Riskometer: Moderately High

Risk Grade: Below Average

Return Grade: High

Turnover: 1%

Type: Open-ended

Investment Details
Return since Launch: 24.38%

Minimum Investment (R) 500

Minimum Addl Investment (R) 500

Minimum SIP Investment (R) 500

Minimum No of Cheques 6

Minimum Withdrawal (R) 1

Minimum Balance (R) 500

Exit Load (%) 0

Performance
YTD 1-Month 3-Month 1-Year 3-Year 5-Year 10-Year

Fund 3.17 2.15 4.68 1.01 14.85 18.34 18.60

S&P BSE 200 TRI 5.86 2.76 6.71 8.34 16.12 14.05 16.08

Category 4.27 2.04 5.05 0.82 13.72 14.96 16.73

Rank within Category 30 13 25 21 10 2 4

Number of funds in category 36 37 36 36 34 29 26

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As on Apr 12, 2019

Peer Comparison
1-Year 3-Year 5-Year Expense Ratio Assets
Fund Rating Launch
Ret Ret Ret (%) (Cr)

Aditya Birla Sun Life Tax Relief

Mar-1996 1.01 14.85 18.34 2.21 8,599
96

Nov-
Kotak Tax Saver Regular Plan 6.85 14.77 16.71 2.58 888
2005

Principal Tax Savings Fund Mar-1996 -1.78 16.14 15.75 2.85 408

Quant Tax Plan Apr-2000 4.15 16.06 19.54 2.50 10

Tata India Tax Savings Fund Mar-1996 2.51 15.03 17.59 2.10 1,770

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 Chapter 4

References

 www.valueresearchonline.com
 www.moneycontrol.com
 www.amfiindia.com
 www.economictimes.indiatimes.com

Shiwam Sharma

(Signature of Student)

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