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qwertyuiopasdfghjklzxcvbnmqwertyui opasdfghjklzxcvbnmqwertyuiopasdfgh jklzxcvbnmqwertyuiopasdfghjklzxcvb A Project Report On Market Analysis nmqwertyuiopasdfghjklzxcvbnmqwer Of Mutual Fund Industry And Research Report On Factor

Influencing tyuiopasdfghjklzxcvbnmqwertyuiopas Distribution Of MF Name: Purvi Limbasiya dfghjklzxcvbnmqwertyuiopasdfghjklzx cvbnmqwertyuiopasdfghjklzxcvbnmq wertyuiopasdfghjklzxcvbnmqwertyuio pasdfghjklzxcvbnmqwertyuiopasdfghj klzxcvbnmqwertyuiopasdfghjklzxcvbn mqwertyuiopasdfghjklzxcvbnmqwerty uiopasdfghjklzxcvbnmqwertyuiopasdf ghjklzxcvbnmqwertyuiopasdfghjklzxc vbnmqwertyuiopasdfghjklzxcvbnmrty uiopasdfghjklzxcvbnmqwertyuiopasdf ghjklzxcvbnmqwertyuiopasdfghjklzxc
Batch : 2010-12 Enrollment no. 030201016

It took great deal of help, tolerance and understanding on the part of a variety of people and organizations to prepare this project report. I would particularly thank to my faculty guide Prof. Vijay Vora and my project guide Mr. Jatin Hura ( sales and regional head of DWS investment) as they provided me guide line and support during my training and while preparing project report. My special thanks go to United World School of Business and its placement department for providing me such an opportunity to work with Deutsche AMC. I would also thank to all staff members of Deutsche AMC and Unitedworld School of business and the many colleagues whose ideas and practice I adopted in the project I wish to express my warmest appreciation for their help and support along the way.

Purvi Limbasiya

I hereby declare that this Project Report entitled Factor influencing distribution of mutual fund has been prepared by me with great efforts and executed as per the course requirement for the summer internship and requirement of PGPM of United World school of Business. My project report is based on primary & secondary data found by me in various departments, books, magazines and websites & Collected by me in under guidance of our project guide and faculty guide. DATE: Purvi Limbasiya

INDEX No. 1. 2. 3. 4. 5. 6. 7. 8. 9. Particulars Introduction What is mutual fund? Advantages and disadvantages History of MF Broad types of MF Types of investment strategies Risk associated with strategies. NAV calculation Research methodology( questionnaire)

In every developed and developing country, there are many industries that are playing a major role to generate employment and to cater the different needs of people. In any country financial sector has major importance to boost the growth of the economy. As in India financial inclusion is increasing and banking sector is penetrating into the rural India. There many conventional and non- conventional financial instruments available in the market for investor to invest their hard-earned money. Every investor has greater need for good investment options where they can get higher returns than conventional investment opportunities. To cater the need of people who are wiling to take some risk to get more returns the mutual fund industry has immerged as a good investment avenue. Financial Planners have an immensely responsible role to play by identifying these opportunities and channeling them into wealth creating initiatives that would enable people to address their financial needs.

As we know that when saving rates of any economy are higher, investment also increases and it leads to higher economic growth. Through mutual funds the individual investors invest in different schemes which consist of portfolio of different sectors or company of any sector. So through this companies of different sectors can also fulfill its financing needs and they have not to remain highly dependent on banks and other financial intermediaries. This mechanism helps them to grow with faster pace. As every industry and product need time to perform at ful-fledged level in the market, mutual fund industry also took a great time. But after liberalization, privatization and globalization(1991), many private and foreign players has jumped into this industry and has made it more competitive and growing. India is also one of the fastest growing markets for mutual funds, attracting a host of global players. Hence, investors will have

an even wider range of products to choose from. The combination of the increase in number of fund houses along with new schemes and the increase in the number of people parking their saving in mutual funds.

The Indian mutual fund industry in recent years has exponential growth and yet it is still at a very nascent stage. We believe that the mutual fund industry has grown in terms of size or choices available, but is a long distance from being regarded as a mature one. As there is also a need of strong distribution channel as well as awareness about MF in tier2 and tier-3 cities and rural areas.

Our economy is booming, we have now a sustained GDP growth of 8%, which is likely to remain at this level for years to come, our per capita income is about to grow. The number of AMCs is increasing. Their presence across India is expending. Distributors too are expending their networks. Besides, the regulator has taken up measures to safeguard investor interests. These are all drivers for the fund industry. Together, these greet investor warmly. The need of the investor populace has changed, resulting in a change in asset management styles. In a way, this is leading to the design of new and competitively-priced products, implying greater emphasis on higher quality of intermediation. This in itself is both an opportunity and a challenge.


Mutual fund is a trust that pools the savings of a number of investors who share a common financial goal. This pool of money is invested in accordance with a stated objective. The joint ownership of the fund is thus Mutual , i.e. the fund belongs to

all investors. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. A Mutual Fund is an investment tool that allows small investors access to a well diversified portfolio of equities, bonds and other securities. Each shareholder participates in the gain or loss of the fund. Units are issued and can be redeemed as needed. The funds Net Asset value (NAV) is determined each day.

Investments in securities are spread across a wide cross-section of industries and sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time. Mutual fund issues units to the investors in accordance with quantum of money invested by them. Investors of mutual funds are known as unit holders.

When an investor subscribes for the units of a mutual fund, he becomes part owner of the assets of the fund in the same proportion as his contribution amount put up with the corpus (the total amount of the fund). Professional fund managers, acting on behalf of the Mutual Fund, manage the investments (investor s money) for their benefit in return for a management fee. Mutual Fund investor is also known as a mutual fund shareholder or a unit holder. Any change in the value of the investments made into

capital market instruments (such as shares, debentures etc) is reflected in the Net Asset Value (NAV) of the scheme. NAV is defined as the market value of the Mutual Fund scheme's assets net of its liabilities. NAV of a scheme is calculated by dividing the market value of scheme's assets by the total number of units issued to the investors.

The key attribute of a mutual fund, regardless of how it is structured, is that the investor is entitled to receive on demand, or within a specified period after demand, an amount computed by reference to the value of the investor s proportionate interest in the net assets of the mutual fund. This means that the owner of mutual fund shares can "cash in," or redeem his or her shares at any time.

Mutual funds are considered a liquid investment. The investor s selling (redemption) price may be higher or lower than the purchase price. It all depends on the performance of the fund s portfolio. The fund has an adviser who charges a fee for managing the portfolio. The adviser decides when and what securities to buy and sell, and is responsible for providing or causing to be provided all services required by the mutual fund in carrying on its day-to-day activities. All fund investors get this built-in portfolio management whether they own 50 shares or 10,000.The adviser generally purchases many different securities for the portfolio, since investment theory holds that diversification reduces risk. It is this diminished risk that is one of the attractions of mutual funds. The fund also has a custodian, usually a financial institution such as a bank, which holds all cash and securities for the fund.


 Portfolio Diversification  Professional management  Reduction / Diversification of Risk  Liquidity  Flexibility & Convenience  Reduction in Transaction cost  Safety of regulated environment  Choice of scheme  Transparency.  No control over Cost in the Hands of an Investor  No tailor-made Portfolios  Managing a Portfolio Funds  Difficulty in selecting a Suitable Fund Scheme


There are many advantages than disadvantages to invest in mutual fund.


The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, and at the initiative of the Government of India and Reserve Bank. Though the growth was slow, but it accelerated from the year 1987 when non-UTI players entered the Industry. In the past decade, Indian mutual fund industry had seen a dramatic improvement, both qualities wise as well as quantity wise. Before, the monopoly of the market had seen an ending phase; the Assets Under Management (AUM) was Rs67 billion. The private sector entry to the fund family raised the Aum to Rs. 470 billion in March 1993 and till April 2004; it reached the height if Rs. 1540 billion. And now it is 703,674 crore by march,2011. The Mutual Fund Industry is obviously growing at a tremendous space with the mutual fund industry can be broadly put into four phases according to the development of the sector. Each phase is briefly described as under.

First Phase 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management.

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

1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance

Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990.At the end of 1993, the mutual fund industry had assets under management of Rs.47,004 crores.

Third Phase 1993-2003 (Entry of Private Sector Funds)

1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores.

Fourth Phase since February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs.29,835 crores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured return and certain other schemes The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes. Now there are around 45 AMCs and the assets under management is 7,03,674 crores.

Role of SEBI in mutual fund:

In the year 1992 SEBI act was passed. The objectives of SEBI are to protect the interest of investors in securities, to promote the development of, and to regulate the securities market. As far as mutual are concerned, SEBI formulates policies and regulation the mutual fund to protect the interest of the investors. SEBI notified regulation for mutual funds in 1993. Thereafter mutual fund sponsored by private sector entities were allowed to enter the capital market. The regulations were fully revised in 1996 and been amended. Therefore, from time to time SEBI has also issued guidelines to the mutual fund from time to time to protect the interest of the investors. All mutual funds whether promoted by public sector or private sector entities including those promoted by foreign entities are governed by the same set of regulation. There is no distinction in regulatory requirement of the mutual fund and all are subject to monitoring and inspecting by SEBI. The risks associated with the scheme launched by mutual funds sponsored by these entities are of similar type.

The mutual fund industry witnessed robust growth and stricter regulation from the SEBI after the year 1996. The mobilization of funds and the number of players operating in the industry reached new heights as investors started showing more interest in mutual funds. Inventors interests were safeguarded by SEBI and the Government offered tax benefits to the investors in order to encourage them. SEBI (Mutual Funds) Regulations, 1996 was introduced by SEBI that set uniform standards for all mutual funds in India. The Union Budget in 1999 exempted all dividend incomes in the hands of investors from income tax. Various Investor Awareness Programmes were launched during this phase, both by SEBI and AMFI, with an objective to educate investors and make them informed about the mutual fund industry.

Recently in august, 2009 SEBI has introduced one new rule of 0% entry load to attract more and more people towards MF and to safeguard the interest of investors.

How Mutual fund industry works:

Association of Mutual Funds in India (AMFI)

With the increase in mutual fund players in India, a need for mutual fund association in India was generated to function as a non-profit organization. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August, 1995. AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors. Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders. It develops a team of well-qualified and trained Agent distributors. It implements a programme of training and certification for all intermediaries and other engaged in the mutual fund industry. AMFI undertakes all India awareness programmes for investors in order to promote proper understanding of the concept and working of mutual funds. At last but not the least association of mutual fund of India also disseminate information on Mutual Fund Industry and undertakes studies and research either directly or in association with other bodies

Broad Mutual Fund Types:

Mutual funds can be classified as follow:

Based on their structure:

Open-ended funds: Investors can buy and sell the units from the fund, at any point of

time. Close-ended funds: These funds raise money from investors only once. Therefore, after the offer period, fresh investments can not be made into the fund. If the fund is listed on a stocks exchange the units can be traded like stocks (E.g., Morgan Stanley Growth Fund). Recently, most of the New Fund Offers of close-ended funds provided liquidity window on a periodic basis such as monthly or weekly. Redemption of units can be made during specified intervals. Therefore, such funds have relatively low liquidity.

Based on their investment objective:

Equity funds: These funds invest in equities and equity related instruments. With fluctuating share prices, such funds show volatile performance, even losses. However, short term fluctuations in the market, generally smoothens out in the long term, thereby offering higher returns at relatively lower volatility. At the same time, such funds can yield great capital appreciation as, historically, equities have outperformed all asset classes in the long term. Hence, investment in equity funds should be considered for a period of at least 3-5 years. It can be further classified as: i) Index funds- In this case a key stock market index, like BSE Sensex or Nifty is tracked. Their portfolio mirrors the benchmark index both in terms of composition and individual stock weightages. ii) Equity diversified funds- 100% of the capital is invested in equities spreading across different sectors and stocks. iii) Dividend yield funds- it is similar to the equity diversified funds except that they invest in companies offering high dividend yields.

iv) Thematic funds- Invest 100% of the assets in sectors which are related through some theme. e.g. -An infrastructure fund invests in power, construction, cements sectors etc. v) Sector funds- Invest 100% of the capital in a specific sector. e.g. - A banking sector fund will invest in banking stocks. vi) ELSS- Equity Linked Saving Scheme provides tax benefit to the investors.

Balanced fund:
Their investment portfolio includes both debt and equity. As a result, on the risk-return ladder, they fall between equity and debt funds. Balanced funds are the ideal mutual funds vehicle for investors who prefer spreading their risk across various instruments. Following are balanced funds classes: i) Debt-oriented funds -Investment below 65% in equities. ii) Equity-oriented funds -Invest at least 65% in equities, remaining in debt.

Debt fund:
They invest only in debt instruments, and are a good option for investors averse to idea of taking risk associated with equities. Therefore, they invest exclusively in fixed-income instruments like bonds, debentures, Government of India securities; and money market instruments such as certificates of deposit (CD), commercial paper (CP) and call money. Put your money into any of these debt funds depending on your investment horizon and needs. i) Liquid funds- These funds invest 100% in money market instruments, a large portion being invested in call money market.

ii) Gilt funds ST- They invest 100% of their portfolio in government securities of and Tbills. iii) Floating rate funds - Invest in short-term debt papers. Floaters invest in debt instruments which have variable coupon rate. iv) Arbitrage fund- They generate income through arbitrage opportunities due to mispricing between cash market and derivatives market. Funds are allocated to equities, derivatives and money markets. Higher proportion (around 75%) is put in money markets, in the absence of arbitrage opportunities. v) Gilt funds LT- They invest 100% of their portfolio in long-term government securities. vi) Income funds LT- Typically; such funds invest a major portion of the portfolio in long-term debt papers. vii) MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and an exposure of 10%-30% to equities. viii) FMPs- fixed monthly plans invest in debt papers whose maturity is in line with that of the fund.

Risk-Return Trade-Off

In this chart it has been shown that as risk of any particular fund increases the return also increases.


Systematic Investment Plan (SIPs):
These are best suited for young people who have started their careers and need to build their wealth. SIPs entail an investor to invest a fixed sum of money at regular intervals in mutual fund scheme the investor has chosen. For instance an investor opting for SIP in xyz mutual fund scheme will need to invest a certain sum of money every month / quarter /half year in the scheme.

Systematic Withdrawal Plan (SWPs):

These plans are best suited for people nearing retirement. In these plans an investor invests in a mutual fund scheme and is allowed to withdraw a fixed sum of money at regular intervals to take care of expenses.

Systematic Transfer Plan (STPs):

They allow the investors to transfer on a periodic basis a specified amount from one scheme to another within the same fund family meaning two schemes belonging to the same mutual fund. A transfer will be treated as redemption of units from the scheme from which the transfer is made .Such redemption or investment will be at the applicable NAV. This service allows the investor to manage his investment actively to achieve his objectives. Many funds do not even charge even any transaction feed for this service an added advantage for the active investor.

Performance Evaluation
PARAMETERS OF MUTUAL FUND EVALUATION: Risk Returns Liquidity Expense Ratio Composition of Portfolio

Risks Associated With Mutual Funds

Investing in mutual funds as with any security, does not come without risk. One of the most basic economic principles is that risk and reward are directly correlated. In other words, the greater the potential risk, the greater the potential return. The types of risk commonly associated with mutual funds are:
Market Risk:

Market risk relate to the market value of a security in the future. Market prices fluctuate and are susceptible to economic and financial trends, supply and demand, and many other factors that cannot be precisely predicted or controlled.
Political Risk:

Changes in the tax laws, trade regulations, administered prices etc. is some of the many political factors that create market risk. Although collectively, as citizens, we have indirect control through the power of our vote, individually as investors, we have virtually no control.
Inflation Risk:

Inflation or purchasing power risk, relates to the uncertainty of the future purchasing power of the invested rupees. The risk is the increase in cost of the goods and services, as measured by the Consumer Price Index.

Interest Rate Risk:

Interest Rate risk relates to the future changes in interest rates. For instance, if an investor invests in a long term debt mutual fund scheme and interest rate increase, the NAV of the scheme will fall because the scheme will be end up holding debt offering lowest interest rates.
Business Risk:

Business Risk is the uncertainty concerning the future existence, stability and profitability of the issuer of the security. Business Risk is inherent in all business ventures. The future financial stability of a company can not be predicted or guaranteed, nor can the price of its securities. Adverse changes in business circumstances will reduce the market price of the company s equity resulting in proportionate fall in the NAV of mutual fund scheme, which has invested in the equity of such a company.
Economic Risk :

Economic Risk involves uncertainty in the economy, which, in turn can have an adverse effect on a company s business. For instance, if monsoons fall in a year, equity stocks of agriculture bases companies will fall and NAVs of mutual funds, which have invested in such stocks, will fall proportionately.

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

Measurement of risk
I. Beta Coefficient Measure Of Risk :

Beta relates a fund s return with a market index. It basically measures the sensitivity of funds return to changes in market index. If Beta = 1 Fund moves with the market i.e. Passive fund If Beta < 1 Fund is less volatile than the market i. e Defensive Fund If Beta > 1 Funds will give higher returns when market rises & higher losses when market falls i.e. Aggressive Fund
II. Ex Marks or R-squared Measure Of Risk :

Ex Marks represents co relation with markets. Higher the Ex-marks lower the risk of the fund because a fund with higher Ex-marks is better diversified than a fund with lower Exmarks.
III. Standard Deviation Measure Of Risk :

It is a statistical concept, which measures volatility. It measures the fluctuations of fund s returns around a mean level. Basically it gives you an idea of how volatile your earnings are. It is broader concept than BETA. It also helps in measuring total risk and not just the market risk of the portfolio.


The investors funds are deployed in a portfolio of securities by the fund manager. The value of these investments keeps changing as the market price of the securities change. Since investors are free to enter and exit the fund at any time, it is essential that the market value of their investments is used to determine the price at which such entry and exit will take place. The net assets represent the market value of assets, which belong to the investors, on a given date. Net Asset Value or NAV of a mutual fund is the value of one unit of investment in the fund, in net asset terms.

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

Where Net Assets are calculated as:(Market value of investments + current assets and other assets + Accrued income current liabilities and other liabilities Outstanding as at the NAV date . NAV of all schemes must be calculated and published at least weekly for closed-end schemes and daily for open-end schemes. less accrued expenses) / No. of Units

The major factors affecting the NAV of a fund are:

Sale and purchase of securities Sale and repurchase of units Valuation of assets Accrual of income and expenses SEBI requires that the fund must ensure that repurchase price is not lower than 93% of NAV (95% in the case of a closed-fund). On the other side, a fund may sell new units at a price that is different from the NAV, but the sale price cannot be higher than 107 % of NAV. Also the difference between the repurchase price and the sale price of the unit is not permitted to exceed 7% of the sale price.

Distribution channels:

Mutual funds posses a very strong distribution channel so that the ultimate customers doesnt face any difficulty in the final procurement. The various parties involved in distribution of mutual funds are: 1. Direct marketing by the AMCs: the forms could be obtained from the AMCs directly. The investors can approach to the AMCs for the forms. some of the top AMCs of India are; Reliance ,Birla Sunlife, Tata, SBI magnum, Kotak Mahindra, HDFC, Sundaram, ICICI, Mirae Assets, Canara Robeco, Lotus India, LIC, UTI etc. whereas foreign AMCs include: Standard Chartered, Franklin Templeton, Fidelity, JP Morgan, HSBC, DSP Merill Lynch, etc. 2. Broker/ sub broker arrangements: the AMCs can simultaneously go for broker/sub broker to popularize their funds. AMCs can enjoy the advantage of large network of these brokers and sub brokers.eg: SBI being the top financial intermediary of India has the greatest network. So the AMCs dealing through SBI has access to most of the investors. 3. Individual agents, Banks, NBFC: investors can procure the funds through individual agents, independent brokers, banks and several non- banking financial corporations too, whichever he finds convenient for him.

Research Methodology
RESERCH TITLE : Factors influencing distribution of Mutual Fund in Ahmedabad Objective of research: to find out that what are the factors which influence the individual financial adviser while giving advice to their prospective clients. Sample size: 70 Sampling procedure: I will meet individual financial adviser of Ahmedabad city.


Dear Sir/Madam I am doing a brief survey to find out factors which influence distribution of Mutual funds. I would be grateful if you could spare a few minutes to participate in it. Thank you for your cooperation. Name: _______________________________________________________ Ph no.: ______________

Email ID: ___________________________________

1. Since how long you have been in this business? ________________________________________________________________ 2. Which AMCs do you prefer most while giving advice to your clients? State the particular reasons?

__________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ 3. Rank the following factors according to its importance to you while giving advice to your client? (From 1to5) Past performance ______ Brand name ______ Services provided by AMC ______ Relationship with AMC ______ Brokerage ______ 4. What is the importance of Brand Name in the Mutual Fund industry? (Please tick) Brand name is most important ______ Brand name has moderate importance ______ Brand is not so important ______ Any other comments regarding brand____________________________________ ___________________________________________________________________ 5. What is the Brand awareness level of DWS investment in the market? High level of brand awareness ______ Moderate level of brand awareness ______ Low level of brand awareness _____ Any other comments regarding DWS____________________________________ __________________________________________________________________ 6. When it comes to services, out of following what you seek most from any AMCs? (tick all if u want) Knowledge/ information sharing _____ Proper and timely payment of brokerage _____ Visit of relationship manager _____ Anyother___________________________________________________________ __________________________________________________________________-


Are you satisfied with services provided by DWS investment? Highly satisfied _____ Satisfied _____ Not satisfied _____

8. What do you include in the performance of any schemes? ( tick all if you consider all) AUM ______ Portfolio ______ Future prospect ______ Past performance ______ Consistency of return ______ Any other________________________________________________________ ________________________________________________________________ 9. Demand and supply mechanism moreover is applicable to buying and selling. What is the present seen of this mechanism for MF in India? __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ ________________________________________________ 10. Where do you see this industry in coming 10 years horizon? __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ __________________________________________________________________ _____________________________________________________________