CERTIFICATION FROM INTERNAL GUIDE

This is to certify that the dissertation titled a study on different schemes with comparison & evaluation among the mutual funds with reference to the KOTAK AMC COMPANY. By Is a record of research work done during the year 2010-11, under my directions and that the dissertation has not previously formed the basis for the award of any degree or Diploma or Associate ship , with the similar title, by any other university/Institute.

Signature of Internal Guide Date : (Name of the internal Guide)

DECLARATION
I Harsh Jain, hereby declare that this project titled a study on different schemes with comparison & evaluation among the mutual funds with reference to the KOTAK AMC COMPANY, An Analytical Study is an original work carried out by me, under the guidance of Prof. The report submitted by me is a bonafide work carried by me of my own efforts and it has not been submitted to any other University or published any time before.

Signature of the student Date: Place: Hyderabad

CERTIFICATION

This is to certify that Mr. Semester, at Institute of Systems & Management, Hyderabad, has prepared the dissertation titled a study on different schemes with comparison & evaluation among the mutual funds with reference to KOTAK AMC COMPANY during the year 2010-11 under the guidance of Prof. as a partial fulfillment , for the award of Post Graduate Diploma in Management, by our Institute.

(Signature) Date:

EXECUTIVE SUMMARY
KOTAK AMC COMPANY is one of the profitable leading stock broking companies and succeeds over the competition in the market. The study covers two major schemes, equity linked saving scheme and balanced schemes with both dividend and growth option. The period of the study is January 2010 to April 2010. The comparative study extends to two public sector companies LIC and SBI and two private sector companies RELIANCE and KOTAK. The main objective is to study the performance of equity linked saving scheme of mutual fund companies for the period of January 2010 to April 2010. And study the performance of balanced schemes of mutual fund companies for the period of January 2010 to April 2010. The study is mainly carried out in order to appraise the performance of equity linked saving scheme and balanced schemes of LIC, SBI, RELIANCE AND KOTAK. As there is a lot of competition bidding in this industry and many foreign companies are launching their funds in India, it has become important that companies differentiate their products in order to capture the domestic market, hence a study of equity linked saving scheme and balanced schemes enable the organization to choose the sectors give maximum returns. Methodology is a systematic and objective process of identifying and formulating the problem by setting objectives and methods for collecting, editing, calculating, evaluating and analyzing and interpreting and presenting data in order to find justified solutions. The current position is analyzed and new ideas are suggested to improve the current condition.

TABLENO. 4.1.1 4.1.2 4.1.3 4.1.4 4.1.5 4.1.6 4.1.7 4.1.8 4.1.9 4.1.10 4.1.11 4.1.12 4.1.13 4.1.14 4.1.15 4.1.16

Equity Linked Saving Scheme (Dividend Option) Calculation of Average Return for the month January 2010 Calculation of Average Return for the month February 2010 Calculation of Average Return for the month March 2010 Calculation of Average Return for the month April 2010 Equity Linked Saving Scheme (Growth Option) Calculation of Average Return for the month January 2010 Calculation of Average Return for the month February 2010 Calculation of Average Return for the month March 2010 Calculation of Average Return for the month April 2010 Balanced Scheme (Dividend Option) Calculation of Average Return for the month January 2010 Calculation of Average Return for the month February 2010 Calculation of Average Return for the month March 2010 Calculation of Average Return for the month April 2010 Balanced Scheme (Growth Option) Calculation of Average Return for the month January 2010 Calculation of Average Return for the month February 2010 Calculation of Average Return for the month March 2010 Calculation of Average Return for the month April 2010

LIST OF TABLES

TITLE

PAGE NO. 30-33 30 31 32 33 34-37 34 35 36 37 38-41 38 39 40 41 42-45 42 43 44 45

TABLE NO.

Equity Linked Savings Scheme (Dividend Option) 4.2.1 4.2.2 4.2.3 For The Period January 2010 April 2010 Calculation of Average Return Calculation of Sharpe Index Ratio Calculation of Treynor Ratio Equity Linked Savings Scheme (Growth Option) 4.2.4 4.2.5 4.2.6 For The Period January 2010 April 2010 Calculation of Average Return Calculation of Sharpe Index Ratio Calculation of Treynor Ratio Balanced Scheme (Dividend Option) 4.2.7 4.2.8 4.2.9 For The Period January 2010 April 2010 Calculation of Average Return Calculation of Sharpe Index Ratio Calculation of Treynor Ratio Balanced Scheme (Growth Option) 4.2.10 4.2.11 4.2.12 For The Period January 2010 April 2010 Calculation of Average Return Calculation of Sharpe Index Ratio Calculation of Treynor Ratio 53 53 54 51 52 52 48 49 50 45 46 47

LIST OF TABLE WITH TOOLS

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INTRODUCTION

A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. 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 to 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. The flow chart below describes broadly the working of a Mutual Fund. A Mutual Fund is a body corporate registered with the Securities and Exchange Board of India (SEBI) that pools up the money from individual/corporate investors and invests the same on behalf of the investors/unit holders, in Equity shares, Government securities, Bonds, Call Money Markets etc, and distributes the profits. In the other words, a Mutual Fund allows investors to indirectly take a position in a basket of assets. Mutual Fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document. Investments in securities are spread among a wide cross-section of industries and sectors thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at same time. Investors of mutual funds are known as unit holders. The investors in proportion to their investments share the profits or losses. The mutual funds normally come out with a number of schemes with different investment objectives which are launched from time to time. A Mutual Fund is required to be registered with Securities Exchange Board of India (SEBI) which regulates securities markets before it can collect funds from the public.

NEED FOR THE STUDY The projects idea is to project Mutual Fund as a better avenue for investment on a long-term or short-term basis. Mutual Fund is a productive package for a lay-investor with limited finances, this project creates an awareness that the Mutual Fund is a worthy investment practice. Mutual Fund is a globally proven instrument. Mutual Funds are Unit Trust as it is called in some parts of the world has a long and successful history, of late Mutual Funds have become a hot favorite of millions of people all over the world. The driving force of Mutual Funds is the safety of the principal guaranteed, plus the added advantage of capital appreciation together with the income earned in the form of interest or dividend. The various schemes of Mutual Funds provide the investor with a wide range of investment options according to his risk bearing capacities and interest besides; they also give handy return to the investor. Mutual Funds offers an investor to invest even a small amount of money, each Mutual Fund has a defined investment objective and strategy. Mutual Funds schemes are managed by respective asset managed companies sponsored by financial institutions, banks, private companies or international firms. A Mutual Fund is the ideal investment vehicle for todays complex and modern financial scenario. The study is basically made to analyze the various open-ended equity schemes of different Asset Management Companies to highlight the diversity of investment that Mutual Fund offer. Thus, through the study one would understand how a common man could fruitfully convert a pittance into great penny by wisely investing into the right scheme according to his risk taking abilities.

OBJECTIVE OF THE STUDY 1. To project Mutual Fund as the productive avenue for investing activities. 2. To show the wide range of investment options available in Mutual Funds by explaining its various schemes. 3. To compare the schemes based on Sharpes ratio, Treynors ratio, b Coefficient, Returns and show which scheme is best for the investor based on his risk profile. 4. To help an investor make a right choice of investment, while considering the inherent risk factors. 5. To understand the performance of different schemes in different companies like LIC, SBI, RELIANCE AND KOTAK. To understand the recent trends in Mutual Funds world. The comparison between these schemes is made based on the following factors A) Sharpes Ratio B) Treynors Ratio C) B (Beta) co-efficient. D) Returns

SCOPE OF THE STUDY The study here has been limited to analyze open-ended equity Growth schemes of different Asset Management Companies namely Kotak Mahindra Mutual Fund, Reliance Mutual Fund, LIC and SBI Mutual Funds each scheme is analyzed according to its performance against the other, based on factors like Sharpes Ratio, Treynors Ratio, b (Beta) Co-efficient, Returns.

RESEARCH METHODOLOGY The Methodology involves randomly selecting Open-Ended equity schemes of different fund houses of the country. The data collected for this project is basically from one source, that is:Secondary sources: Collection of data from Internet and Books. And some formulas or factors which help to find out the performance of different schemes of mutual funds and compare with the different company mutual funds.

LIMITATIONS OF THE STUDY 1. The study is limited only to the analysis of different schemes and its suitability to different investors according to their risk-taking ability. 2. The study is based on secondary data available from monthly fact sheets, websites and other books, as primary data was not accessible. 3. The study is limited by the detailed study of various schemes of Four Asset Management company.

COMPANY PROFILE
Kotak Mahindra Mutual Fund (KMMF) is managed by Kotak Mahindra Asset Management Company Ltd., a wholly owned subsidiary of Kotak Mahindra Bank Ltd. Kotak Mahindra Mutual Fund launched its Schemes in December 1998 and today manages assets over and above Rs. 7353.82 cr. contributed by more than 1,99,818 investors in various schemes. KMMF has to its credit the launching of innovative schemes and plans like Kotak Gilt and Free Life Insurance with Kotak Bond Deposit Plan. Kotak Mahindra is one of India's leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs individuals and corporate. The group has a net worth of around Rs.1,700 crore and employs over 4,000 employees in its various businesses. With a presence in 74 cities in India and offices in New York, London, Dubai and Mauritius, it services a customer base of over 5,00,000 Kotak Mahindra has international partnerships with Goldman Sachs (one of the world's largest investment banks and brokerage firms), Ford Credit (one of the world's largest dedicated automobile financiers) and Old Mutual (a large insurance, banking and asset management conglomerate). Kotak Mahindra Asset Management Company Limited (KMAMC), a wholly owned subsidiary of KMBL, is the asset manager for Kotak Mahindra Mutual Fund (KMMF). KMAMC started operations in December 1998 and has over 1,99,818 investors in various schemes. KMMF offers schemes catering to investors with varying risk - return profiles and was the first fund house in the country to launch a dedicated gilt scheme investing only in government securities. The Kotak Mahindra Group was born in 1985 as Kotak Capital Management Finance Limited. This company was promoted by Uday Kotak, Sidney A. A. Pinto and Kotak & Company. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986, and that's when the company changed its name to Kotak Mahindra Finance Limited. Since then it's been a steady and confident journey to growth and success. Kotak Mahindra of

Finance Limited starts the activity of Bill Discounting Kotak Mahindra Finance Limited enters the Lease and Hire Purchase market. The Auto Finance division is started the Investment Banking Division is started. Enters the Funds Syndication sector 1995 Brokerage and Distribution businesses incorporated into a separate company - Kotak Securities. Investment Banking division incorporated into a separate company - Kotak Mahindra Capital Company. 1996 The Auto Finance Business is hived off into a separate company - Kotak Mahindra Primus Limited. Kotak Mahindra takes a significant stake in Ford Credit Kotak Mahindra Limited, for financing Ford vehicles. The launch of Matrix Information Services Limited marks the Groups entry into information distribution. 1998 Enters the mutual fund market with the launch of Kotak Mahindra Asset Management Company. Kotak Mahindra ties up with Old Mutual plc. For the Life Insurance business. Kotak Securities launches kotakstreet.com - its on-line broking site. Formal commencement of private equity activity through setting up of Kotak Mahindra Venture Capital Fund. 2001 Matrix sold to Friday Corporation Launches Insurance Services 2003 Kotak Mahindra Finance Ltd. converts to bank Kotak Mahindra is one of India's leading financial institutions, offering complete financial solutions cities in India and offices in New York, London, Dubai and Mauritius, it services a customer base of over 5,00,000 has international partnerships with Goldman Sachs (one of the world's largest investment banks and brokerage firms), Ford Credit (one of the world's largest dedicated automobile financiers) and Old Mutual (a large insurance, banking and asset management conglomerate that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the financial needs of individuals and corporates. The group has a net worth of around Rs.1,700 crore and employs over 4,000 employees in its various businesses. With a presence in 74 cities in India and offices in New York, London, Dubai and Mauritius, it services a customer base of over 5,00,000. Kotak Mahindra has international partnerships with Goldman Sachs (one of the world's largest

investment banks and brokerage firms), Ford Credit (one of the world's largest dedicated automobile financiers) and Old Mutual (a large insurance, banking and asset management conglomerate). Kotak Mahindra Asset Management Company Limited (KMAMC), a wholly owned subsidiary of KMBL, is the asset manager for Kotak Mahindra Mutual Fund (KMMF). KMAMC started operations in December 1998 and has over 1,99,818 investors in various schemes. KMMF offers schemes catering to investors with varying risk - return profiles and was the first fund house in the country to launch a dedicated gilt scheme investing only in government securities. Kotak Investment Banking* (KIB), India's premier Investment Bank is a strategic joint venture between Kotak Mahindra Bank Limited (KMBL) and the Goldman Sachs Group, LLP. KMBL has come into existence in March 2003 through the conversion of Kotak Mahindra Bank Ltd. into a Commercial Bank. Kotak Mahindra is one of India's leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking, the group caters to the v needs of individuals and corporates. The group has a net worth of over Rs.1,550 crore and employs over 3,000 employees in its various businesses. With a presence in 60 cities in India and offices in New York, London, Dubai and Mauritius, it services a customer base of over 5,00,000. Kotak Mahindra has international partnerships with Goldman Sachs (one of the world's largest investment banks and brokerage firms), Ford Credit (one of the world's largest dedicated automobile financiers) and Old Mutual (a large insurance, banking and asset management conglomerate). Kotak Investment Banking (KIB) and Kotak Institutional Equities represent the securities business of the Kotak Mahindra Group (KI), both, joint ventures with Goldman Sachs involved in brokerage, distribution and research. We are a full service Investment Bank bringing to our clients the global reach and expertise of Goldman Sachs and the local knowledge and skills of Kotak Mahindra. As a full service Investment Bank, Kotak Investment Banking core business areas include Equity Issuances, Mergers & Acquisitions, Advisory Services and Fixed Income Securities and Principal Business. Our strength lies in understanding our clients' businesses backed by a strong research team and an extensive distribution network, which spans a wide variety of investors across the country. We

are also the first Indian Investment Bank to be registered with the Securities & Futures Authority in the UK (through our wholly owned subsidiary) and the National Association of Securities and Dealers in the USA. We are also the first Indian Investment Bank to be appointed by the Government of India as a Co-lead Manager in their international divestment of Gas Authority of India Ltd through a GDR offering. We are today well positioned in an increasing globalised environment to provide full service to its clients based either in India or overseas.

INDUSTRY PROFILE
The Indian Brokerage Industry consists of companies that primarily act as agents for the buying and selling of securities (e.g. stocks, shares, and similar financial instruments) on a commission or transaction fee basis. Hence, to understand this industry we have to study Security Market: Security market has two main interdependent segments: Primary market and the Secondary market. PRIMARY MARKET: The primary is that part of the capital markets that deals with the issuance of new securities. Companies, governments or public sector institutions can obtain funding through the sale of a new stock or bond issue. This is typically done through a syndicate of securities dealers. The process of selling new issues to investors is called underwriting. In the case of a new stock issue, this sale is an initial public offering (IPO). Dealers earn a commission that is built into the price of the security offering, though it can be found in the prospectus. In primary market certain companies issue their shares directly to the public, collect applications and after sorting out the good issues, they put in their applications. The share brokers get their brokerage on the transactions made. SECONDARY MARKET: The secondary market is that market in which trading is done of securities that have already been issued in an initial private or public offering. The secondary market comprises of brokerage that a broker earns in the buying and selling of companies that are listed in the stock exchange. These

stock broker are in charge of the conformation and carrying out of transactions. Orders are taken and executed on behalf of the clients. The fluctuation of rates in the share market makes the activity in a trade market a dynamic process. It is necessary for a broker to have adequate knowledge about the economic and political factors as they affect the share market. DEVELOPMENT IN BROKERAGE INDUSTRY In actuality the brokerage industry continues to develop rapidly. Many of the traditional restrictions against banking activities within the brokerage industry are being eliminated and the barriers are disappearing. Due to this, some commercial banks have as subsidiaries, brokerage houses that offer discounts and some of them have available accounts that offer all of the services that are offered by a checking account. The basic function of a brokerage firm is to execute buy and sell orders for clients. Traditionally these firms have offered the investigation of the quality and the possibilities of investing in a variety of investment products. It is still accustomed for brokerage firms to offer information about possible investments free of charge. This activity of bringing free of charge stock investment reports is one of the main tools that are utilized by brokerage houses to compete against other firms and to investors it continues to be an important service. Despite the previously, not all investors consider that investment reports is an important service. Some investors prefer other types of services since many investors dont believe that these investment reports are useful. In order to capture this vast diverse clientele, the brokerage industry has segmented itself. After the restrictions in commissions were eliminated, several brokerages began to open up their doors as discount brokerage firms. In actuality, brokerage firms may be classified into full service brokers and discount brokers. Full service brokerage firms continue to offer informative stock reports and a level of service much higher than other brokerage houses. Discount brokerage houses only dedicate themselves to execute orders for clients. Full service brokers are sellers looking for purchasing and selling for clients and offering more customer service than is available from discount brokers. It is many times possible that a client will not even know who is taking care of the buy or sell order that they placed. These differences in services and philosophies may lead to great differences in commission costs. It is evident that these differences may be an important factor in the return of an investment. This is particularly true when we see that these commissions are added to the purchase as well as to the sale of a stock or

other investments. MAJOR STOCK EXCHANGES IN INDIA: BOMBAY STOCK EXCHANGE Background: The BSE Sensitive Index (1978-79=100) has, to a considerable extent, been serving the purpose of quantifying the price movements as also reflecting the sensitivity of the market in an effective manner. The number of companies listed on the Bombay Stock Exchange has registered a phenomenal increase from 992 in the year 1980 to about 4800 companies by the end of July 2005 and their combined market capitalization rose from Rs. 5,421 crores to around Rs. 18, 00,000crores at end of July 2005. These factors necessitated compilation of a new broad-based index series reflecting the present market trends in a more effective manner and providing a better representation of the increased equity stocks, market capitalization as also the newly emerged industry groups. Towards this end, the Exchange constructed and launched on 27th May 1994, two index series viz. the BSE-200 and the DOLLEX.

Coverage: The equity shares of 200 selected companies from the specified and non-specified lists of this Exchange have been considered for inclusion in the sample for `BSE-200'. The selection of companies has primarily been done on the basis of current market capitalization of the listed scripts on the exchange. Besides market capitalization, the market activity of the companies as reflected by the volumes of turnover and certain fundamental factors were considered for the final selection of the 200 companies.

NATIONAL STOCK EXCHANGE The 13-year-old National Stock Exchange (NSE) has outshined the 130 years old Bombay Stock Exchange (BSE) in terms of turnover and volumes. The BSE has lost its market share in these segments from 36 per cent to 31 percent in last three years. The turnover in BSE stood at around Rs 2,950 crore as on August 17, 2005 while the turnover in NSE was Rs 3,926 crore. The volumes (numbers of shares traded) of NSE at 2.94 crore was also much higher than the volumes of BSE. The NSE has rewritten a number of rules and upset many traditions. As the derivatives segment has immense effect on the cash market, the movement in this segment mostly determines the trend in the market. Against nearly 1,400 companies listed on the NSE, the BSE has nearly 4,800 listed companies. Despite such a huge number of listed companies, the total market capitalization of BSE is around Rs 20 lakh crore while on the other hand NSE has a total market capitalization of Rs 19.7 lakh crore. The most tracked index on NSE, CNX Nifty also has more number of stocks than the BSE Sensex. Nifty represents 50 stocks while the Sensex represents only 30 stocks. The presence of more stocks on Nifty gives a better valuation than Sensex. LITERATURE REVIEW The Indian mutual fund industry is dominated by the Unit Trust of India (UTI) which has a total corpus fund of Rs 700 billion collected from more than 20 million investors. The UTI has many fund schemes in all categories like equity, balanced income etc with some being open ended and some being closed ended. The unit scheme with 1964 commonly referred to as US 64, which is balance fund, is the biggest scheme with a corpus of about Rs 200 billion. UTI was floated by financial institutions and is governed by a special Act of parliament. Most of the investors believe that the UTI is government owned and controlled which while legally incorrect and true for all practical purposes. The second largest category of mutual fund is the one floated by nationalized banks. Canbank asset management floated by Canara bank and SBI funds management floated by State Bank of India is the largest of these. GIC AMC, the LIC are some of the prominent of AMCs is about Rs 150 billion. The third largest category of mutual funds are the ones floated by the private sector and by foreign asset management companies, the largest of these are prudential. As we know that mutual fund is an instrument of investing money. Nowadays bank rates fallen

down and are generally below inflation rate. Therefore, keeping large amounts of money in bank is not a wise option, as in real terms the value money decreases over a period of time. One of the options is to invest the money in stock market. But a common investor is not informed and competent enough to understand the intricacies of the stock market. This is where mutual funds come to the rescue of an investor. MAJOR MUTUAL FUND COMPANIES IN INDIA ABN AMRO Mutual Fund ABN AMRO Mutual Fund was set up on 15 April, 2004 with ABN AMRO Trustee (India) Private Limited as the Trustee Company. The AMC, ABN AMRO Asset Management (India) Limited was incorporated on 4 November, 2003. Deutsche Bank AG is the custodian of ABN AMRO mutual fund. Birla Sun Life Mutual Fund Birla Sun Life Mutual Fund is a joint venture of Aditya Birla group and Sun Life Financial. Sun Life Financial is a global organization evolved in 1871 and is being represented in Canada, the United States, the Philippines, Japan, Indonesia and Bermuda apart from India. Birla Sun Life Mutual Fund follows a conservative long term approach to investment. Recently it crossed AUM of Rs 10,000 crores. Bank of Baroda Mutual Fund (BOB Mutual Fund) Bank of Baroda Mutual Fund or BOB Mutual Fund was set up on 30 October, 1992 under the sponsorship of Bank of Baroda. BOB Asset Management Company is the AMC of BOB Mutual Fund and was incorporated on 5 November, 1992. Deutsche Bank AG is the custodian.

HDFC Mutual Fund

HDFC Mutual Fund was set up on 30 June, 2000 with two sponsorers namely Housing Development Finance Corporation and Standard Life Investments Limited.

HSBC Mutual Fund HSBC Mutual Fund was set up on 27 May, 2002 with HSBC Securities and Capital Markets (India) Private Limited as the sponsored. Board of Trustees, HSBC Mutual Fund acts as the Trustee Company of HSBC Mutual Fund.

ING Vysya Mutual Fund ING Vysya Mutual Fund was set up on 11 February, 1999 with the same named Trustee Company. It is a joint venture of Vysya and ING. The AMC, ING Investment Management (India) Private Limited was incorporated on 6April, 1998. Sahara Mutual Fund Sahara Mutual Fund was set up on 18 July, 1996 with Sahara India Financial Corporation Limited as the sponsor. Sahara Asset Management Company Private Limited incorporated on 31August, 1995 works as the AMC of Sahara Mutual Fund. The Paid up capital of the AMC stands at Rs 25.8 crore. State Bank of India Mutual Fund State Bank of India Mutual Fund is the first bank sponsored mutual fund to launch offshore fund, the India Magnum Fund with a corpus of Rs 225 crore approximately is the largest bank sponsored mutual fund in India. They have already launched 35 schemes out of which 15 have already yielded handsome returns to investors. State Bank of India Mutual Fund has more than Rs 5,500 crore as AUM. Now it has an investor base of over eight hundred thousand spread over

18 schemes.

Tata Mutual Fund Tata Mutual Fund (TMF) is a trust under the Indian Trust Act 1882. The sponsors for Tata Mutual Fund are the Tata Sons Limited., and Tata Investment Corporation Limited. The investment manager is Tata Asset Management Limited and its Tata Trustee Company Private Limited. Tata Asset Management Limited is one of the fastest growing companies in the country with more than Rs 7,703 crore as of 30April, 2005. Standard Chartered Mutual Fund Standard Charted Mutual Fund was set up on 13 March 2000 sponsored by Standard Charted Bank. The trustee is Standard Chartered Trustee Company Private Limited. Standard Chartered Asset Management Company Private Limited is the AMC which was incorporated with SEBI on 20 December, 1999.

Franklin Templeton India Mutual Fund Franklin Templeton India Mutual Fund is a California (USA) based company with a global AUM of over USD 409.2 billion. It is one of the largest financial services groups in the world. Investors can buy or sell the mutual fund through their financial advisor or through mail or through their website. They have open end diversified equity schemes, open end sector equity schemes, open end hybrid schemes, open end tax saving schemes, open end income and liquid schemes, closed end income schemes and open end fund of fund schemes to offer.

Morgan Stanley Mutual Fund India Morgan Stanley Mutual Fund India is a worldwide financial service and is the leading in the market in securities, investment management and credit services. Morgan Stanley Investment Management (MSIM) was established in the year 1975. It provides customized asset management services and products to governments, corporations, pension funds and non profits organizations.

Its services are also extended to high net worth individuals and retail investors. In India it is known as Morgan Stanley Investment Management Private Limited (MSIM India) and its AMC is Morgan Stanley Mutual Fund (MSMF). This is the first close end diversified equity scheme serving the needs of Indian retail investors focusing on a long term capital appreciation.

Escorts Mutual Fund Escorts Mutual Fund was set on 15 April, 1996 with Escorts Finance Limited as its sponsor. The trustee company is Escorts Investment Trust Limited. Its AMC was incorporated on 1 December, 1995 with the name Escorts Asset Management Limited. Benchmark Mutual Fund Benchmark Mutual Fund was set up on 12 June, 2001 with Niche Financial services Private Limited as the sponsorer and Benchmark Trustee Company Private Limited as the Trustee Company, incorporated on 16 October, 2000 and Headquarters at Mumbai. Benchmark Asset Management Company Private Limited is the AMC. Canbank Mutual Fund Canbank Mutual Fund was set up on 19 December, 1987 with Canara Bank acting as the sponsorer.Canbank Investment Management Services Limited incorporated on 2 March, 1993 is its AMC. The corporate office of the AMC is in Mumbai. Chola Mutual Fund Chola Mutual Fund came into existence under the sponsorship of Cholamandalam Investment &Finance Company Limited, was set up on 3 January 1997. Cholamandalam AMC Limited is the Trustee Company and AMC is Cholamandalam AMC Limited GIC Mutual Fund

GIC Mutual Fund GIC Mutual Fund, sponsored by General Insurance Corporation of India (GIC), a government of India undertaking and the four public sector insurance companies, viz, National Insurance Company Limited(NIC), The New India Assurance Company(NIA), Oriental Insurance Company(OIC) and United India Insurance Company Limited(UII). These are constituted as a Trust in accordance with the provisions of the Indian Trusts Act, 1882. On the basis of their structure and objective mutual funds can be classified into following major types: viz based on the structure, and based on the investment objective BASED ON THE STRUCTURE: Open ended funds: An open end fund is one that is available for subscription all through the year these do not have a fixed maturity period. Investor can conveniently buy and sell units at net asset value (NAV) related prices. The key feature of open end schemes is their liquidity. Closed ended funds: A close ended fund has a stipulated maturity period which generally ranging from 3-15 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 there are listed in order to provide an exit route to the investors; some close ended funds give an option of selling back the units to the mutual fund through periodic repurchase at NAV related prices. SEBI regulations stipulate that at least one of the exit routes is provided to the investors.

Interval funds: Interval funds combine the features of open ended and close ended schemes. They are open for sale or redemption during the pre determined intervals at NAV related prices.

Real Estate funds:

These are close ended funds with investments in real estates properties. It is a long term yielding fund. BASED ON INVESTMENT OBJECTIVE Growth funds: The aim of growth funds is to provide capital appreciation over the medium to long term. Such schemes normally invested mainly in their corpus equities. It has been proven that return from stocks, have outperformed most other kind of investments held over the long term. Growth schemes are ideal for investors having a long term outlook seeking growth over a period of time. Income funds: The aim of income fund is to provide regular and steady income on securities such as bonds, corporate and government securities. Income funds are ideal for capital stability and regular income. Growth market funds: The aim of money market funds is to provide 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 bank call money. Returns on these schemes may fluctuate depending upon the interest rates prevailing in the market. These are ideal for corporate and individual investors as a means to park their surplus for short period. Load funds: The load fund is one that charges commission for entry of exit. That is, each time you buy or sell units is in the fund, a commission will be payable. Typically entry and exit loads range from 1 percent to 2 percent. It could be worth paying the load, if the fund has a good performing history.

No- load funds: A No load fund is one that does not charge a commission for entry or exit. That is, commission is payable on purchases or sale of units in the fund. The advantage of a Non-load fund is that the entire corpus is put to work. Equity fund: Mutual fund invested only in equity shares of a company and undertakes risk associated with equity shares. Hedge funds: Mutual fund which employ their funds by speculative trading, that are buying shares whose prices are likely to rise and selling shares whose prices are likely to dip or fall. OTHER SCHEMES Tax saving schemes: The schemes offer tax rebates to the investors under specific provisions of the Indian income tax laws as the government offers tax incentives for investment in specified avenues. Investments made in equity liked savings schemes (ELSS) and pension schemes are allowed as deduction under section 88 of the Income Tax Act, 1961. The Act also provides opportunities to investors to save capital gains under section 54EA and 54EB by investing in mutual funds provided the capital asset has been sold prior to April 1, 2000 and the amount is invested before September 30, 2000.

SPECIAL SCHEMES

Industry Specific Schemes: Industry specific schemes invest only in the industries specified the offer document. The investment of these funds is linked to specific industries like info Tech, FMCG, and Pharmaceuticals, etc. Index schemes : Index funds attempt to replicate the performance of a particular index such as BSE, Sensex to the NSE50. Sectoral schemes: Sectoral funds are those, which invest exclusively in a specified of group of industries of various segments such as A group shares of initial public offerings

SELECTED MUTUAL FUNDS & SCHEMES LIC Mutual Fund Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989 and contributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund was constituted as a Trust in accordance with the provisions of the Indian Trust Act, 1882. The Trustees of the LIC Mutual Fund have exclusive ownership of Trust Fund and are invested with general power of superintendence, discretion and management of the affairs of the Trust. LIC Mutual Fund Asset Management Company Ltd. was formed on 20th April 1994 in compliance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1993. The Company commenced business on 29th April 1994. The Trustees of LIC Mutual Fund have appointed LIC Mutual Fund Asset Management Company Ltd. as the Investment Managers for LIC Mutual Fund. The Trustees are responsible for appointing a Custodian. The Trustees should also ensure that the activities of the Trust and the Asset Management Company are in accordance with the Trust

Deed and the SEBI Mutual Fund Regulations as amended from time to time. The Trustees have also to report periodically to SEBI on the functioning of the Fund. SBI Mutual Fund SBI Mutual Fund is Indias largest bank sponsored mutual fund and has an enviable track record in judicious investments and consistent wealth creation. The fund traces its lineage to SBI Indias largest banking enterprise. The institution has grown immensely since its inception and today it is India's largest bank, patronized by over 80% of the top corporate houses of the country. SBI Mutual Fund is a joint venture between the State Bank of India and Society General Asset Management, one of the worlds leading fund management companies that manages over US$ 500 Billion worldwide. In twenty years of operation, the fund has launched 38 schemes and successfully redeemed fifteen of them. In the process it has rewarded its investors handsomely with consistent returns. A total of over 5.8 million investors have reposed their faith in the wealth generation expertise of the Mutual Fund. Schemes of the Mutual fund have consistently outperformed benchmark indices and have emerged as the preferred investment for millions of investors and HNIs. Today, the fund manages over Rs. 38,782 crore of assets and has a diverse profile of investors actively parking their investments across 38 active schemes. The fund serves this vast family of investors by reaching out to them through network of over 130 points of acceptance, 28 investor service centers, 46 investor service desks and 56 district organizers. SBI Mutual is the first bank-sponsored fund to launch an offshore fund Resurgent India Opportunities Fund. Growth through innovation and stable investment policies is the SBI MF credo.

DATA ANALYSIS AND INTERPRETATIONS

Data are the facts and numerical figures of certain information expressed in the tabular form. On the other hand interpretations explanations about the facts and figures expressed in terms of words and sentences. TOOLS AND TECHNIQUES THE SHARPE MEASURE In this model, performance of a fund is evaluated on the basis of Sharpe ratio, which is a measure developed to calculate risk adjusted returns. The Sharpe ratio is the difference between the annualized return ( Rp ) and the risk free return ( Rf ) divided by the Standard Deviation ( SD ), during the specified period.

SHARPE RATIO = (Rp Rf ) While a high and positive Sharpe ratio shows a superior risk adjusted performance of a fund, a low and negative Sharpe ratio is an indicator of unfavorable performance. TREYNOR MEASURE Developed by Jack Treynor, this performance measure evaluates funds on the basis of Treynors index. This index is a ratio of returns generated by the fund over and above risk free rate of return government, as there is no credit risk, during a given period and systematic risk associated with it , symbolically, it can be represented by as Treynors index = Rp Rf Where Rp represents return on fund, Rf is risk free rate of return and B is beta of the fund. All risk adverse investors would like to maximize the value. While a high and positive Treynors index shows a superior risk adjusted performance of a fund, a low and negative Treynors index is an indication of unfavorable performance. TABLE: NO: 1 CALCULATION OF AVERAGE RETURN FOR THE MONTH JANUARY, 2010

EQUITY LINKED SAVING SCHEME (DIVIDEND OPTION) RETURN = (NAV 10 / 10) * 100

Fund No. of Days 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Total

RELIANCE KOTAK LIC NAV Returns NAV Returns NAV Returns 18.27 82.7 16.2107 62.107 9.9777 -0.223 18.4 84 16.454 64.54 10.0871 0.871 18.47 84.7 16.5525 65.525 10.1069 1.069 18.37 83.7 16.6086 66.086 10.0869 0.869 18.32 83.2 16.6157 66.157 10.0893 0.893 18.38 83.8 16.7562 67.562 10.1265 1.265 18.24 82.4 16.5614 65.614 9.9948 -0.052 18.28 82.8 16.5816 65.816 10.0463 0.463 18.35 83.5 16.6924 66.924 10.0983 0.983 18.35 83.5 16.6353 66.353 10.0757 0.757 18.45 84.5 16.6543 66.543 10.109 1.09 18.28 82.8 16.4146 64.146 10.0192 0.192 18.23 82.3 16.3077 63.077 9.9751 -0.249 17.87 78.7 15.8232 58.232 9.7222 -2.778 17.66 76.6 15.6277 56.277 9.6406 -3.594 17.5 75 15.4756 54.756 9.581 -4.19 17 70 15.0677 50.677 9.3056 -6.944 17.13 71.3 15.0658 50.658 9.332 -6.68 TABLE: NO: 4.1.1 17.24 72.4 15.0709 50.709 9.4099 -5.901 342.79 1527.9 307.1759 1171.759 187.7841 -22.159 AVERAGE RETURN JANUARY, 2010

SBI NAV Returns 29.45 194.5 29.61 196.1 29.7 197 29.55 195.5 29.61 196.1 29.62 196.2 29.52 195.2 29.54 195.4 29.66 196.6 29.59 195.9 29.72 197.2 29.46 194.6 29.41 194.1 28.81 188.1 28.54 185.4 28.42 184.2 27.58 175.8 27.63 176.3 27.69 176.9 553.11 3631.1

AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

Fund

RELI KOT SBI ANC AK E CALCULATION OF AVERAGE RETURN FOR THE MONTH OF FEBRUARY, 2010

Average Returns 0.804158

Fund

Average Fund Returns 0.616715 NO: 2 LIC TABLE:

Average Returns -0.01166

Fund

Average Returns 1.911105

EQUITY LINKED SAVING SCHEME (DIVIDEND OPTION) RETURN = (NAV 10 / 10) * 100

Fund No. of Days 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Total

RELIANCE KOTAK LIC NAV Returns NAV Returns NAV Returns 17.3 73 15.2598 52.598 9.4526 -5.474 17.13 71.3 15.0131 50.131 9.3175 -6.825 17.47 74.7 15.3622 53.622 9.4835 -5.165 17.21 72.1 15.0416 50.416 9.3124 -6.876 16.79 67.9 14.6898 46.898 9.0741 -9.259 16.87 68.7 14.8433 48.433 9.1653 -8.347 17.02 70.2 14.9561 49.561 9.1955 -8.045 16.98 69.8 14.8806 48.806 9.13 -8.7 17.18 71.8 15.0743 50.743 9.2475 -7.525 17.11 71.1 14.8907 48.907 9.1689 -8.311 17.2 72 15.0061 50.061 9.2708 -7.292 17.36 73.6 15.1537 51.537 9.3617 -6.383 17.27 72.7 15.0524 50.524 9.3012 -6.988 17.14 71.4 14.8434 48.434 9.1974 -8.026 17.14 71.4 14.8376 48.376 9.1846 -8.154 17.14 71.4 14.83 48.3 9.1918 -8.082 17.09 70.9 14.8487 48.487 9.178 -8.22 17.04 70.4 14.7895 NO: 4.1.2 9.1695 -8.305 TABLE: 47.895 17.21 72.1 14.9385 49.385 9.3006 -6.994 325.65 AVERAGE RETURN FEBRUARY, 2010 1356.5 284.3114 943.114 175.7029 -142.971

SBI NAV Returns 27.99 179.9 27.72 177.2 28.13 181.3 27.83 178.3 27.36 173.6 27.63 176.3 27.83 178.3 27.7 177 27.9 179 27.75 177.5 27.89 178.9 28.14 181.4 27.99 179.9 27.76 177.6 27.77 177.7 27.78 177.8 27.71 177.1 27.73 177.3 28.07 180.7 528.68 3386.8

AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

Fund

RELIA KOT SBI NCE AK CALCULATION OF AVERAGE RETURN FOR THE MONTH OF MARCH, 2010 EQUITY LINKED SAVING SCHEME (DIVIDEND OPTION)

Average Returns 0.713947

Fund

Average Fund Returns 0.496376 LIC TABLE: NO: 3

Average Returns -0.07525

Fund

Average Returns 1.782526

RETURN = (NAV 10 / 10) * 100

Fund RELIANCE KOTAK LIC SBI No. of Days NAV Returns NAV Returns NAV Returns NAV Returns 1 17.49 74.9 15.2117 52.117 9.4473 -5.527 28.5 185 2 17.69 76.9 15.4427 54.427 9.5859 -4.141 28.87 188.7 3 17.71 77.1 15.4713 54.713 9.5957 -4.043 28.78 187.8 4 17.79 77.9 15.4983 54.983 9.6614 -3.386 28.93 189.3 5 17.9 79 15.653 56.53 9.6964 -3.036 29.18 191.8 6 17.79 77.9 15.5416 55.416 9.6251 -3.749 29.12 191.2 7 17.8 78 15.4933 54.933 9.642 -3.58 29.1 191 8 17.83 78.3 15.5351 55.351 9.6543 -3.457 29.2 192 9 17.84 78.4 15.5092 55.092 9.6341 -3.659 29.26 192.6 10 17.77 77.7 15.4589 54.589 9.5999 -4.001 29.14 191.4 11 17.99 79.9 15.6374 56.374 9.76 -2.4 29.52 195.2 12 18.07 80.7 15.65 56.5 9.7809 -2.191 29.58 195.8 13 18.19 81.9 15.6738 56.738 9.8166 -1.834 29.75 197.5 14 18.2 82 14.229 42.29 9.7119 -2.881 29.55 195.5 15 18.04 80.4 14.0415 40.415 9.7211 -2.789 29.67 196.7 16 18.12 81.2 14.1354 41.354 9.7628 -2.372 29.89 198.9 17 18.2 82 14.1477 41.477 9.8174 -1.826 30.01 200.1 18 18.29 82.9 14.2233 42.233 9.8553 -1.447 30.13 201.3 19 18.36 83.6 14.3425 -1.69 30.08 200.8 TABLE: 43.425 NO: 4.1.3 9.831 20 18.32 83.2 14.2475 42.475 9.813 -1.87 30 200 AVERAGE RETURN MARCH, 2010 21 18.32 83.2 14.2604 42.604 Total 377.71 1677.1 315.4036 1054.036 194.0121 -59.879 588.26 3882.6 AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

TABLE: NO: 4 Average Fund Average Fund Average Fund Average Returns Returns Returns Returns CALCULATION OFKOT AVERAGE RETURN LIC THE MONTH OFSBI FOR APRIL, 2010 0.798619 0.501922 -0.02994 1.9413 RELIA NCE AK EQUITY LINKED SAVING SCHEME (DIVIDEND OPTION) Fund

RETURN = (NAV 10 / 10) * 100

Fund RELIANCE KOTAK LIC SBI No. of Days NAV Returns NAV Returns NAV Returns NAV Returns 1 18.49 84.9 14.3346 43.346 9.8922 -1.078 30.65 206.5 2 18.78 87.8 14.5451 45.451 10.0312 0.312 30.69 206.9 3 18.79 87.9 14.4981 44.981 10.0588 0.588 30.79 207.9 4 18.9 89 14.5677 45.677 10.0998 0.998 30.47 204.7 5 18.64 86.4 14.4273 44.273 9.9773 -0.227 30.79 207.9 6 18.85 88.5 14.5756 45.756 10.0886 0.886 30.67 206.7 7 18.79 87.9 14.584 45.84 10.0298 0.298 30.59 205.9 8 18.71 87.1 14.5505 45.505 9.9901 -0.099 30.41 204.1 9 18.58 85.8 14.4541 44.541 9.8892 -1.108 30.25 202.5 10 18.52 85.2 14.3557 43.557 9.8313 -1.687 29.98 199.8 11 18.32 83.2 14.1801 41.801 9.7373 -2.627 30.21 202.1 12 18.44 84.4 14.2945 42.945 9.8032 -1.968 30.3 203 13 18.51 85.1 14.3146 43.146 9.841 -1.59 30.37 203.7 14 18.53 85.3 14.3479 43.479 9.8895 -1.105 30.52 205.2 15 18.62 86.2 14.441 44.41 9.9611 -0.389 30.68 206.8 16 18.83 88.3 14.5052 45.052 9.9905 -0.095 30.58 205.8 17 18.78 87.8 14.5092 45.092 9.9662 -0.338 30.19 201.9 18 18.52 85.2 14.2654 42.654 9.7841 -2.159 30.23 202.3 TABLE: NO: 4.1.4 9.8461 19 18.66 86.6 14.4043 44.043 -1.539 30.49 204.9 20 18.73 87.3 14.5078 45.078 9.9168 AVERAGE RETURN APRIL, 2010 -0.832 Total 372.99 1729.9 288.6627 886.627 198.6241 -13.759 578.86 3888.6 AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

Fund

Average Fund Average Fund Average Fund Average Returns Returns Returns Returns TABLE: NO: 5 0.86495 0.443314 -0.00688 2.046632 RELI KOT LIC SBI CALCULATION OF AVERAGE RETURN FOR THE MONTH OF JANUARY, 2010 ANC AK E EQUITY LINKED SAVING SCHEME (GROWTH OPTION)

RETURN = (NAV 10 / 10) * 100

Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 34.53 245.3 36.0317 260.317 25.322 153.22 2 34.78 247.8 36.5724 265.724 25.5998 155.998 3 34.9 249 36.7913 267.913 25.6499 156.499 4 34.71 247.1 36.916 269.16 25.5991 155.991 5 34.61 246.1 36.9318 269.318 25.6052 156.052 6 34.74 247.4 37.2442 272.442 25.6997 156.997 7 34.48 244.8 36.811 268.11 25.3654 153.654 8 34.54 245.4 36.856 268.56 25.496 154.96 9 34.69 246.9 37.1024 271.024 25.628 156.28 10 34.69 246.9 36.9753 269.753 25.5708 155.708 11 34.87 248.7 37.0175 270.175 25.6552 156.552 12 34.54 245.4 36.4847 264.847 25.4274 154.274 13 34.46 244.6 36.2472 262.472 25.3155 153.155 14 33.77 237.7 35.1704 251.704 24.6737 146.737 15 33.38 233.8 34.7359 247.359 24.4666 144.666 16 33.08 230.8 34.3977 243.977 24.3153 143.153 17 32.13 221.3 33.4912 234.912 23.6163 136.163 18 32.38 223.8 33.4868 234.868 23.6833 136.833 TABLE: NO: 4.1.5 19 32.58 225.8 33.4983 234.983 23.881 138.81 Total 647.86 4578.6 682.7618 4927.618 476.5702 2865.702 AVERAGE RETURN JANUARY, 2010

SBI NAV Returns 39.04 290.4 39.25 292.5 39.38 293.8 39.18 291.8 39.26 292.6 39.27 292.7 39.13 291.3 39.16 291.6 39.32 293.2 39.23 292.3 39.4 294 39.06 290.6 38.99 289.9 38.19 281.9 37.84 278.4 37.67 276.7 36.56 265.6 36.63 266.3 36.7 267 733.26 5432.6

AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

Fund RELIA NCE

Average Returns 2.409789

Fund KOT AK

Average Fund Returns 2.593483 LIC TABLE: NO: 6

Average Returns 1.508264

Fund SBI

Average Returns 2.859263

CALCULATION OF AVERAGE RETURN FOR THE MONTH OF FEBRUARY, 2010

EQUITY LINKED SAVING SCHEME (GROWTH OPTION) RETURN = (NAV 10 / 10) * 100

Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 32.69 226.9 33.9181 239.181 23.9893 139.893 2 32.38 223.8 33.3697 233.697 23.6466 136.466 3 33.01 230.1 34.1456 241.456 24.0678 140.678 4 32.52 225.2 33.433 234.33 23.6336 136.336 5 31.73 217.3 32.6511 226.511 23.0289 130.289 6 31.88 218.8 32.9922 229.922 23.2604 132.604 7 32.17 221.7 33.2429 232.429 23.3369 133.369 8 32.09 220.9 33.0751 230.751 23.1706 131.706 9 32.48 224.8 33.5057 235.057 23.4689 134.689 10 32.33 223.3 33.0978 230.978 23.2693 132.693 11 32.5 225 33.3541 233.541 23.528 135.28 12 32.8 228 33.6823 236.823 23.7588 137.588 13 32.63 226.3 33.4571 234.571 23.6051 136.051 14 32.39 223.9 32.9925 229.925 23.3419 133.419 15 32.4 224 32.9797 229.797 23.3092 133.092 16 32.4 224 32.9628 229.628 23.3275 133.275 17 32.29 222.9 33.0043 230.043 23.2924 132.924 18 32.2 222 32.8727 228.727 23.2709 132.709 19 32.52 225.2 33.2039 232.039 23.6036 136.036 TABLE: NO: 4.1.6 Total 615.41 4254.1 631.9406 4419.406 445.9097 2559.097 AVERAGE RETURN FEBRUARY, 2010

SBI NAV Returns 37.11 271.1 36.74 267.4 37.28 272.8 36.88 268.8 36.26 262.6 36.62 266.2 36.89 268.9 36.71 267.1 36.98 269.8 36.78 267.8 36.96 269.6 37.3 273 37.1 271 36.79 267.9 36.81 268.1 36.82 268.2 36.73 267.3 36.75 267.5 37.2 272 700.71 5107.1

AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

Average Fund Average Fund Average Fund Average TABLE: NO: 7 Returns Returns Returns Returns 2.239 2.326003 1.346893 2.687947 RELIA KOTA LIC SBI CALCULATION OFK AVERAGE RETURN FOR THE MONTH MARCH, 2010 NCE

Fund

EQUITY LINKED SAVING SCHEME (GROWTH OPTION) RETURN = (NAV 10 / 10) * 100

Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 33.05 230.5 33.8112 238.112 23.976 139.76 2 33.44 234.4 34.3245 243.245 24.3277 143.277 3 33.47 234.7 34.3881 243.881 24.3526 143.526 4 33.61 236.1 34.4481 244.481 24.5194 145.194 5 33.83 238.3 34.7921 247.921 24.6081 146.081 6 33.62 236.2 34.5445 245.445 24.4271 144.271 7 33.63 236.3 34.4372 244.372 24.4702 144.702 8 33.7 237 34.53 245.3 24.5012 145.012 9 33.71 237.1 34.4725 244.725 24.4501 144.501 10 33.58 235.8 34.3607 243.607 24.3632 143.632 11 33.99 239.9 34.7574 247.574 24.7696 147.696 12 34.15 241.5 34.7855 247.855 24.8227 148.227 13 34.37 243.7 34.8385 248.385 24.9132 149.132 14 34.4 244 34.961 249.61 24.6474 146.474 15 34.1 241 34.4911 244.911 24.6709 146.709 16 34.25 242.5 34.7219 247.219 24.7766 147.766 17 34.41 244.1 34.7518 247.518 24.9151 149.151 18 34.56 245.6 34.9376 249.376 25.0114 150.114 19 34.71 247.1 35.2304 252.304 24.9497 149.497 20 34.63 246.3 34.997 249.97 24.9041 149.041 TABLE: NO: 4.1.7 21 34.62 246.2 35.0288 250.288 Total 713.83 5038.3 727.6099 5176.099 492.3763 2923.763 AVERAGE RETURN MARCH, 2010

SBI NAV Returns 37.78 277.8 38.26 282.6 38.15 281.5 38.35 283.5 38.67 286.7 38.6 286 38.56 285.6 38.7 287 38.78 287.8 38.62 286.2 39.12 291.2 39.2 292 39.43 294.3 39.17 291.7 39.32 293.2 39.61 296.1 39.77 297.7 39.94 299.4 39.87 298.7 39.77 297.7 779.67 5796.7

AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

Average Fund Average Fund Average Fund Average TABLE: NO: 8 Returns Returns Returns Returns 2.39919 2.464809 1.461882 2.89835 RELIA CALCULATION OF AVERAGE RETURN FOR THE MONTH APRIL, 2010 KOTA LIC SBI NCE K

Fund

EQUITY LINKED SAVING SCHEME (GROWTH OPTION) RETURN = (NAV 10 / 10) * 100

Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 34.94 249.4 35.2109 252.109 25.1051 151.051 2 35.49 254.9 35.7284 257.284 25.4577 154.577 3 35.52 255.2 35.6128 256.128 25.5278 155.278 4 35.72 257.2 35.7837 257.837 25.6319 156.319 5 35.23 252.3 35.4388 254.388 25.321 153.21 6 35.62 256.2 35.8032 258.032 25.6036 156.036 7 35.51 255.1 35.8238 258.238 25.4543 154.543 8 35.35 253.5 35.7415 257.415 25.3535 153.535 9 35.11 251.1 35.5047 255.047 25.0976 150.976 10 35 250 35.2629 252.629 24.9504 149.504 11 34.62 246.2 34.8318 248.318 24.7119 147.119 12 34.85 248.5 35.1127 251.127 24.8792 148.792 13 34.97 249.7 35.1618 251.618 24.9752 149.752 14 35.02 250.2 35.2437 252.437 25.0983 150.983 15 35.2 252 35.4724 254.724 25.2798 152.798 16 35.58 255.8 35.63 256.3 25.3544 153.544 17 35.49 254.9 35.6398 256.398 25.2928 152.928 18 35 250 35.0411 250.411 24.8308 148.308 19 35.26 252.6 35.3822 253.822 24.9881 149.881 TABLE: NO: 4.1.8 20 35.4 254 35.6365 256.365 25.1675 151.675 Total 704.88 5048.8 709.0627 5090.627 504.0809 3040.809 AVERAGE RETURN APRIL, 2010

SBI NAV Returns 40.63 306.3 40.67 306.7 40.82 308.2 40.38 303.8 40.81 308.1 40.65 306.5 40.55 305.5 40.31 303.1 40.1 301 39.74 297.4 40.04 300.4 40.16 301.6 40.25 302.5 40.45 304.5 40.66 306.6 40.53 305.3 40.02 300.2 40.07 300.7 40.41 304.1 767.25 5772.5

AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

Average Fund Average Fund Average Fund Average TABLE: NO: 9 Returns Returns Returns Returns 2.5244 2.545314 1.520405 3.038158 RELIA KOTA LIC SBI CALCULATION OF AVERAGE RETURN FOR THE MONTH JANUARY, 2010 NCE K

Fund

BALANCED SCHEME (DIVIDEND OPTION) RETURN = (NAV 10 / 10) * 100

Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 16.52 65.2 16.5731 65.731 11.5999 15.999 2 16.61 66.1 16.7515 67.515 11.7291 17.291 3 16.64 66.4 16.7648 67.648 11.7512 17.512 4 16.57 65.7 16.7381 67.381 11.755 17.55 5 16.53 65.3 16.6448 66.448 11.7537 17.537 6 16.58 65.8 16.6531 66.531 11.8353 18.353 7 16.51 65.1 16.4732 64.732 11.6565 16.565 8 16.53 65.3 16.4774 64.774 11.7742 17.742 9 16.58 65.8 16.4492 64.492 11.7784 17.784 10 16.58 65.8 16.4346 64.346 11.8843 18.843 11 16.63 66.3 16.5528 65.528 11.851 18.51 12 16.55 65.5 16.5108 65.108 11.7545 17.545 13 16.54 65.4 16.5371 65.371 11.7316 17.316 14 16.29 62.9 16.2374 62.374 11.5496 15.496 15 16.19 61.9 16.0736 60.736 11.41 14.1 16 16.11 61.1 15.9083 59.083 11.371 13.71 17 15.77 57.7 15.6151 56.151 11.0675 10.675 18 15.82 58.2 15.711 57.11 11.0459 10.459 TABLE: NO: 4.1.9 19 15.87 58.7 15.6837 56.837 11.0486 10.486 Total 311.42 1214.2 310.7896 1207.896 220.3473 303.473 AVERAGE RETURN JANUARY, 2010

NAV 25.73 25.88 26.01 25.98 25.92 26.07 25.91 26 26.11 26.12 26.21 26.05 26.07 25.62 25.46 25.33 24.79 24.87 24.97 489.1

SBI Returns 157.3 158.8 160.1 159.8 159.2 160.7 159.1 160 161.1 161.2 162.1 160.5 160.7 156.2 154.6 153.3 147.9 148.7 149.7 2991

AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

Fund RELIA NCE

Average Returns 0.639053

Fund KOTA K

Average Fund Returns 0.635735 LIC TABLE: NO: 10

Average Returns 0.159723

Fund SBI

Average Returns 1.574211

CALCULATION OF AVERAGE RETURN FOR THE MONTH FEBRUARY, 2010

BALANCED SCHEME (DIVIDEND OPTION) RETURN = (NAV 10 / 10) * 100

Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 15.92 59.2 15.7342 57.342 11.0969 10.969 2 15.82 58.2 15.5626 55.626 10.9829 9.829 3 16.01 60.1 15.81 58.1 11.0791 10.791 4 15.86 58.6 15.6117 56.117 10.867 8.67 5 15.63 56.3 15.4208 54.208 10.6915 6.915 6 15.68 56.8 15.5126 55.126 10.8162 8.162 7 15.75 57.5 15.5953 55.953 10.8658 8.658 8 15.72 57.2 15.6262 56.262 10.8491 8.491 9 15.84 58.4 15.6984 56.984 10.897 8.97 10 15.79 57.9 15.5108 55.108 10.7582 7.582 11 15.87 58.7 15.5674 55.674 10.8769 8.769 12 15.98 59.8 15.736 57.36 10.9596 9.596 13 15.92 59.2 15.638 56.38 10.9488 9.488 14 15.85 58.5 15.489 54.89 10.8499 8.499 15 15.85 58.5 15.4453 54.453 10.8582 8.582 16 15.85 58.5 15.4007 54.007 10.8261 8.261 17 15.82 58.2 15.3394 53.394 10.8115 8.115 18 15.81 58.1 15.2364 52.364 10.7957 7.957 TABLE: NO: 4.1.10 19 15.91 59.1 15.4625 54.625 10.9173 9.173 Total 300.88 AVERAGE RETURN FEBRUARY, 2010167.477 1108.8 295.3973 1053.973 206.7477

SBI NAV Returns 25.12 151.2 24.89 148.9 25.16 151.6 24.83 148.3 24.37 143.7 24.58 145.8 24.69 146.9 24.59 145.9 24.7 147 24.54 145.4 24.68 146.8 24.86 148.6 24.8 148 24.63 146.3 24.66 146.6 24.62 146.2 24.53 145.3 24.54 145.4 24.7 147 469.49 2794.9

AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS

Fund RELIA NCE

Average Returns 0.583579

Fund KOTA K

Average Returns 0.554723

Fund LIC

Average Returns 0.088146

Fund SBI

Average Returns 1.471

TABLE: NO: 11

CALCULATION OF AVERAGE RETURN FOR THE MONTH MARCH, 2010 BALANCED SCHEME (DIVIDEND OPTION) RETURN = (NAV 10 / 10) * 100 Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 16.09 60.9 15.6719 56.719 11.0813 10.813 2 16.22 62.2 15.8356 58.356 11.1428 11.428 3 16.21 62.1 15.9876 59.876 11.1695 11.695 4 16.25 62.5 16.0822 60.822 11.2001 12.001 5 16.32 63.2 16.1149 61.149 11.2119 12.119 6 16.28 62.8 15.9972 59.972 11.119 11.19 7 16.27 62.7 16.0021 60.021 11.1494 11.494 8 16.29 62.9 16.0538 60.538 11.1662 11.662 9 16.3 63 16.04 60.4 11.1494 11.494 10 16.27 62.7 15.9152 59.152 11.1345 11.345 11 16.38 63.8 16.0027 60.027 11.1998 11.998 12 16.42 64.2 16.0702 60.702 11.2384 12.384 13 16.46 64.6 16.1569 61.569 11.3231 13.231 14 16.48 64.8 15.1733 51.733 11.285 12.85 15 16.4 64 15.0892 50.892 11.2473 12.473 16 16.45 64.5 15.0648 50.648 11.318 13.18 17 16.47 64.7 15.1282 51.282 11.3502 13.502 18 16.51 65.1 15.2854 52.854 11.4098 14.098 19 16.56 65.6 15.2708 52.708 11.3986 13.986 20 16.51 65.1 15.2763 52.763 11.4209 14.209 21 16.53 65.3 15.3273 53.273 Total 343.67 1336.7 329.5456 NO: 4.1.11 224.7152 247.152 TABLE: 1195.456 AVERAGE RETURN MARCH, 2010 AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS SBI NAV Returns 25.02 150.2 25.27 152.7 25.29 152.9 25.35 153.5 25.52 155.2 25.42 154.2 25.42 154.2 25.48 154.8 25.45 154.5 25.41 154.1 25.72 157.2 25.77 157.7 25.86 158.6 25.72 157.2 25.77 157.7 25.86 158.6 25.93 159.3 25.98 159.8 26.02 160.2 26 160 512.26 3122.6

Fund RELIA NCE

Average Returns 0.636524

Fund KOTA K

Average Fund Returns 0.569265 LIC TABLE: NO: 12

Average Returns 0.123576

Fund SBI

Average Returns 1.5613

CALCULATION OF AVERAGE RETURN FOR THE MONTH APRIL, 2010 BALANCED SCHEME (DIVIDEND OPTION) RETURN = (NAV 10 / 10) * 100 Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 16.6 66 15.336 53.36 11.4002 14.002 2 16.76 67.6 15.7216 57.216 11.4928 14.928 3 16.79 67.9 15.778 57.78 11.494 14.94 4 16.83 68.3 15.9585 59.585 11.5578 15.578 5 16.7 67 15.837 58.37 11.4577 14.577 6 16.75 67.5 15.9183 59.183 11.4745 14.745 7 16.69 66.9 15.8582 58.582 11.4306 14.306 8 16.64 66.4 15.8347 58.347 11.3742 13.742 9 16.57 65.7 15.7734 57.734 11.3323 13.323 10 16.53 65.3 15.664 56.64 11.2924 12.924 11 16.41 64.1 15.5367 55.367 11.2601 12.601 12 16.47 64.7 15.6971 56.971 11.3251 13.251 13 16.48 64.8 15.8343 58.343 11.423 14.23 14 16.52 65.2 15.8398 58.398 11.4437 14.437 15 16.6 66 15.8359 58.359 11.484 14.84 16 16.67 66.7 15.9505 59.505 11.5311 15.311 17 16.65 66.5 15.9319 59.319 11.5282 15.282 18 16.53 65.3 15.826 58.26 11.408 14.08 19 16.61 66.1 15.9395 59.395 11.4495 14.495 20 16.64 66.4 16.1185 61.185 11.4662 14.662 Total 332.44 1324.4 316.1899 1161.899 228.6254 286.254 TABLE: NO: 4.1.12 AVERAGE RETURN APRIL, 2010 AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS SBI NAV Returns 26.42 164.2 26.44 164.4 26.51 165.1 26.33 163.3 26.52 165.2 26.46 164.6 26.43 164.3 26.33 163.3 26.28 162.8 26.04 160.4 26.24 162.4 26.37 163.7 26.45 164.5 26.57 165.7 26.63 166.3 26.57 165.7 26.27 162.7 26.39 163.9 26.48 164.8 501.73 3117.3

Fund RELIA NCE

Average Returns 0.6622

Fund KOTA K

Average Returns 0.58095

Fund LIC

Average Returns 0.143127

Fund SBI

Average Returns 1.640684

TABLE: NO: 13

CALCULATION OF AVERAGE RETURN FOR THE MONTH JANUARY, 2010 BALANCED SCHEME (GROWTH OPTION) RETURN = (NAV 10 / 10) * 100 Fund RELIANCE KOTAK No. of Days NAV Returns NAV Returns 1 23.62 136.2 21.8008 118.008 2 23.75 137.5 22.0354 120.354 3 23.79 137.9 22.0529 120.529 4 23.69 136.9 22.0178 120.178 5 23.64 136.4 21.895 118.95 6 23.71 137.1 21.906 119.06 7 23.6 136 21.6693 116.693 8 23.63 136.3 21.6748 116.748 9 23.71 137.1 21.6378 116.378 10 23.71 137.1 21.6185 116.185 11 23.78 137.8 21.7739 117.739 12 23.66 136.6 21.7188 117.188 13 23.66 136.6 21.7533 117.533 14 23.29 132.9 21.3591 113.591 15 23.15 131.5 21.1437 111.437 16 23.03 130.3 20.9262 109.262 17 22.55 125.5 20.5405 105.405 18 22.62 126.2 20.6667 106.667 19 22.7 127 20.6307 106.307 Total 445.29 2552.9 408.8212 2188.212 TABLE: NO: 4.1.13 AVERAGE RETURN JANUARY, 2010 AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS LIC NAV Returns 54.8816 448.816 55.493 454.93 55.5975 455.975 55.6154 456.154 55.6092 456.092 55.9954 459.954 55.1494 451.494 55.7063 457.063 55.7259 457.259 56.2273 462.273 56.0696 460.696 55.6131 456.131 55.5047 455.047 54.6434 446.434 53.983 439.83 53.7986 437.986 52.3627 423.627 52.2605 422.605 52.2734 422.734 1042.51 8525.1 SBI NAV Returns 47.95 379.5 48.23 382.3 48.48 384.8 48.42 384.2 48.31 383.1 48.59 385.9 48.29 382.9 48.45 384.5 48.66 386.6 48.68 386.8 48.85 388.5 48.54 385.4 48.59 385.9 47.75 377.5 47.45 374.5 47.2 372 46.2 362 46.35 363.5 46.53 365.3 911.52 7215.2

Fund RELIA NCE

Average Returns 1.343632

Fund KOTA K

Average Returns 1.151691

Fund LIC

Average Returns 4.486895

Fund SBI

Average Returns 3.797474

TABLE: NO: 14 CALCULATION OF AVERAGE RETURN FOR THE MONTH FEBRUARY, 2010 BALANCED SCHEME (GROWTH OPTION) RETURN = (NAV 10 / 10) * 100 Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 22.76 127.6 20.6972 106.972 52.5015 425.015 2 22.62 126.2 20.4715 104.715 51.9625 419.625 3 22.89 128.9 20.7969 107.969 52.4174 424.174 4 22.68 126.8 20.5361 105.361 51.4138 414.138 5 22.35 123.5 20.2849 102.849 50.5838 405.838 6 22.43 124.3 20.4057 104.057 51.1739 411.739 7 22.52 125.2 20.5144 105.144 51.4081 414.081 8 22.48 124.8 20.555 105.55 51.3295 413.295 9 22.65 126.5 20.6501 106.501 51.5557 415.557 10 22.57 125.7 20.4033 104.033 50.8994 408.994 11 22.69 126.9 20.4777 104.777 51.461 414.61 12 22.85 128.5 20.6995 106.995 51.852 418.52 13 22.76 127.6 20.5706 105.706 51.801 418.01 14 22.66 126.6 20.3746 103.746 51.3333 413.333 15 22.66 126.6 20.3171 103.171 51.3724 413.724 16 22.66 126.6 20.2585 102.585 51.2206 412.206 17 22.62 126.2 20.1778 101.778 51.1515 411.515 18 22.61 126.1 20.0423 100.423 51.0768 410.768 19 22.75 127.5 20.3397 103.397 51.6518 416.518 Total 430.21 2402.1 388.5729 1985.729 978.166 7881.66 TABLE: NO: 4.1.14 AVERAGE RETURN FEBRUARY, 2010 AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS Average Fund Average Fund Average Fund Returns Returns Returns 1.264263 1.045121 4.148242 KOT LIC SBI SBI NAV Returns 46.82 368.2 46.38 363.8 46.89 368.9 46.27 362.7 45.42 354.2 45.81 358.1 46.02 360.2 45.82 358.2 46.03 360.3 45.74 357.4 45.99 359.9 46.33 363.3 46.21 362.1 45.9 359 45.95 359.5 45.87 358.7 45.72 357.2 45.73 357.3 46.03 360.3 874.93 6849.3

Fund RELI

Average Returns 3.604895

TABLE: NO: 15 CALCULATION OF AVERAGE RETURN FOR THE MONTH MARCH, 2010 BALANCED SCHEME (GROWTH OPTION) RETURN = (NAV 10 / 10) * 100 Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 23.01 130.1 20.6152 106.152 52.4281 424.281 2 23.2 132 20.8305 108.305 52.719 427.19 3 23.18 131.8 21.0305 110.305 52.8452 428.452 4 23.23 132.3 21.1549 111.549 52.9898 429.898 5 23.33 133.3 21.1979 111.979 53.0459 430.459 6 23.27 132.7 21.0431 110.431 52.6065 426.065 7 23.27 132.7 21.0496 110.496 52.7501 427.501 8 23.3 133 21.1176 111.176 52.8297 428.297 9 23.31 133.1 21.0994 110.994 52.7499 427.499 10 23.26 132.6 20.9353 109.353 52.6797 426.797 11 23.41 134.1 21.0504 110.504 52.9886 429.886 12 23.48 134.8 21.1391 111.391 53.1712 431.712 13 23.53 135.3 21.2532 112.532 53.572 435.72 14 23.56 135.6 21.2747 112.747 53.3915 433.915 15 23.44 134.4 21.1567 111.567 53.2131 432.131 16 23.52 135.2 21.1225 111.225 53.5477 435.477 17 23.55 135.5 21.2115 112.115 53.7001 437.001 18 23.61 136.1 21.4319 114.319 53.9823 439.823 19 23.68 136.8 21.4114 114.114 53.9292 439.292 20 23.61 136.1 21.4192 114.192 54.0346 440.346 21 23.63 136.3 21.4906 114.906 Total 491.38 2813.8 444.0352 2340.352 1063.174 8631.742 SBI NAV Returns 46.63 366.3 47.09 370.9 47.13 371.3 47.24 372.4 47.56 375.6 47.37 373.7 47.38 373.8 47.48 374.8 47.42 374.2 47.35 373.5 47.93 379.3 48.03 380.3 48.2 382 47.93 379.3 48.03 380.3 48.19 381.9 48.33 383.3 48.42 384.2 48.5 385 48.46 384.6 954.67 7546.7

TABLE: NO: 4.1.15 AVERAGE RETURN MARCH, 2010 AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS Fund RELIA NCE Average Returns 1.339905 Fund KOTA K Average Returns 1.114453 Fund LIC Average Returns 4.315871 Fund SBI Average Returns 3.77335

TABLE: NO: 16 CALCULATION OF AVERAGE RETURN FOR THE MONTH APRIL, 2010 BALANCED SCHEME (GROWTH OPTION) RETURN = (NAV 10 / 10) * 100 Fund RELIANCE KOTAK LIC No. of Days NAV Returns NAV Returns NAV Returns 1 23.73 137.3 21.5028 115.028 53.9368 439.368 2 23.97 139.7 22.0435 120.435 54.3749 443.749 3 24.01 140.1 22.1225 121.225 54.3806 443.806 4 24.07 140.7 22.3757 123.757 54.6823 446.823 5 23.87 138.7 22.2052 122.052 54.2088 442.088 6 23.94 139.4 22.3193 123.193 54.2882 442.882 7 23.87 138.7 22.235 122.35 54.0803 440.803 8 23.79 137.9 22.2021 122.021 53.8137 438.137 9 23.7 137 22.1161 121.161 53.6152 436.152 10 23.64 136.4 21.9628 119.628 53.4269 434.269 11 23.47 134.7 21.7842 117.842 53.274 432.74 12 23.55 135.5 22.0091 120.091 53.5816 435.816 13 23.56 135.6 22.2015 122.015 54.0444 440.444 14 23.63 136.3 22.2092 122.092 54.1424 441.424 15 23.73 137.3 22.2038 122.038 54.333 443.33 16 23.83 138.3 22.3645 123.645 54.556 445.56 17 23.81 138.1 22.3383 123.383 54.5421 445.421 18 23.64 136.4 22.1898 121.898 53.9736 439.736 19 23.75 137.5 22.349 123.49 54.1699 441.699 20 23.8 138 22.5999 125.999 54.2489 442.489 Total 475.36 2753.6 443.3343 2433.343 1081.674 8816.736 SBI NAV Returns 49.23 392.3 49.28 392.8 49.41 394.1 49.07 390.7 49.42 394.2 49.32 393.2 49.25 392.5 49.06 390.6 48.98 389.8 48.52 385.2 48.9 389 49.14 391.4 49.3 393 49.51 395.1 49.62 396.2 49.51 395.1 48.95 389.5 49.18 391.8 49.34 393.4 934.99 7449.9

TABLE: NO: 4.1.16 AVERAGE RETURN- APRIL, 2010 AVERAGE RETURN = TOTAL RETURN / NUMBER OF DAYS Fund RELIA NCE Average Returns 1.3768 Fund KOT AK Average Returns 1.216672 Fund LIC Average Returns 4.408368 Fund SBI Average Returns 3.921

TABLE NO: 17 EQUITY LINKED SAVING SCHEME DIVIDEND OPTION JANUARY 2010 APRIL 2010 CALCULATION OF AVERAGE RETURN Average Return = Total Return / Number of Months TABLE: NO: 4.2.1 Company Name RELIANC KOTAK E (R) Month (R) January 0.804158 0.616715 February 0.713947 0.496376 March 0.798619 0.501922 April 0.86495 0.443314 3.181674 2.058327 Total 0.795419 0.514582 Average Return LIC (R) -0.01166 -0.07525 -0.02994 -0.00688 -0.12373 -0.03093 SBI (R) 1.911105 1.782526 1.9413 2.046632 7.681563 1.920391

BAR CHART FOR RETURNS

FIGURE NO. 4.2.1.1

INTERPRETATION From this analysis, SBI Magnum Equity Scheme Performance is best out of the three Schemes of Mutual Fund companies in case of Dividend Option, ranks first with the highest in all four months and with the highest average return of 1.920391. CALCULATION OF SHARPE INDEX RATIO Sharpe Index Ratio = Rp Rf / Standard Deviation = (R Average Return) ^2 TABLE: NO: 4.2.2 Particulars RELIANC KOTAK E 0.795419 0.514582 Average Return 1.193128 0.771873 Standard Deviation 0.06 0.06 Risk Free Rate 0.616379 0.588934 Sharpe Index Ratio 2 3 Rank LIC -0.03093 0.046399 0.07 -2.17527 4 SBI 1.920391 2.880586 0.0425 0.651913 1

INTERPRETATION From this analysis, SBI Magnum Equity Scheme Performance is better than the other Mutual Fund companies in case of dividend option. SBI Magnum Equity Fund ranks first with the highest Sharpe Index ratio of 0.651913, with the highest average return of 1.920391 and with the highest Standard Deviation of 2.880586 followed by RELIANCE, with the Sharpe Index Ratio of 0.616379, KOTAK with the Sharpe Index Ratio of 0.588934 and LIC with the Sharpe Index Ratio -2.17527. This shows that Higher the risk higher the return. CALCULATION OF TREYNOR RATIO Treynor ratio= Rp-Rf B Average Return on portfolio=Rp The Systematic Risk measured by Beta ().

If = 1 Indicates securities is having average Rate of Systematic Risk > 1 Securities Return fluctuate more than the Market Return. < 1 Securities Returns are less sensitive to the changes in the Market Returns. TABLE: NO: 4.2.3

Particulars RELIANC KOTAK E 0.795419 0.514582 Average Return 1.193128 0.771873 Standard Deviation 0.06 0.06 Risk Free Rate 0.616379 0.588934 Sharpe Index Ratio 2 3 Rank INTERPRETATION:

LIC -0.03093 0.046399 0.07 -2.17527 4

SBI 1.920391 2.880586 0.0425 0.651913 1

From the above analysis, SBI Magnum Equity Scheme Performance is better than other Mutual Fund Companies in case Dividend option. SBI ranks first with highest Treynor ratio of 1.93597 followed by RELIANCE, with the Treynor Ratio of 0.826313, KOTAK with the Treynor Ratio of 0.488798 and LIC with the Treynor Ratio of -0.10299. This highest Treynor Ratio indicates the superior risk adjusted performance of the fund. TABLE NO: 18 EQUITY LINKED SAVING SCHEME GROWTH OPTION JANUARY 2010 APRIL 2010 CALCULATION OF AVERAGE RETURN Average Return = Total Return / Number of Months TABLE NO: 4.2.4 Company Name RELIANC KOTAK E (R) Month (R) January 2.409789 2.593483 February 2.239 2.326003 March 2.39919 2.464809 INTERPRETATION April 2.5244 2.545314 9.572379 9.929609 Total 2.393095 2.482402 Average Return LIC (R) 1.508264 1.346893 1.461882 1.520405 5.837444 1.459361 SBI (R) 2.859263 2.687947 2.89835 3.038158 11.48372 2.87093

From this analysis, SBI Magnum Equity Scheme Performance is best out of the three Schemes of Mutual Fund companies in case of Growth Option, ranks first with the highest in all four months and with the highest average return of 2.87093. SHARPE INDEX RATIO Sharpe Index Ratio = Rp Rf Standard deviation = ( R Average Return)^2/n TABLE: NO: 4.2.5

Particulars RELIANC KOTAK E 2.393095 2.482402 Average Return 3.589642 3.723603 Standard Deviation 0.06 0.06 Risk Free Rate 0.649952 0.650553 Sharpe Index Ratio 3 2 Rank INTERPRETATION

LIC 1.459361 2.189042 0.07 0.634689 4

SBI 2.87093 4.306394 0.0425 0.656798 1

From this analysis, SBI Magnum Equity Scheme Performance is better than the other Mutual Fund companies in case of growth option. SBI Magnum Equity Fund ranks first with the highest Sharpe Index ratio of 0.656798, with the average return of 2.87093 and with the highest Standard Deviation of 4.306394, followed by KOTAK, with the Sharpe Index Ratio of 0.650553, RELIANCE with the Sharpe Index Ratio of 0.649952 and LIC with the Sharpe Index Ratio of 0.634689. Higher the magnitude of the Sharpe ratio, higher is the performance rating of the scheme and higher the Standard deviation, higher the element of risk in a scheme. This shows that Higher the risk higher the return. CALCULATION OF TREYNOR RATIO Treynor ratio= Rp-Rf B Average Return on portfolio=Rp The Systematic Risk measured by Beta ().

If = 1 Indicates securities is having average Rate of Systematic Risk > 1 Securities Return fluctuate more than the Market Return. < 1 Securities Returns are less sensitive to the changes in the Market Returns. TABLE: NO: 4.2.6

Particulars RELIANC KOTAK XE 2.393095 2.482402 Rp 0.06 Risk Free Rate 0.06 0.89 0.93 Beta Treynor Ratio 2.621455 2.604733 2 3 Rank INTERPRETATION

LIC 1.459361 0.07 0.98 1.417715 4

SBI 2.87093 0.0425 0.97 2.915907 1

From the above analysis SBI Magnum Equity Scheme performance is better than other Mutual Fund Companies in case of Growth Option. SBI ranks first with the highest Treynor ratio of 2.915907 and with the highest beta of 0.97 followed by, RELIANCE with the Treynor Ratio of 2.621455, KOTAK with the treynor ratio 2.604733 and LIC with the treynor ratio of 1.417715. This highest treynor ratio is an indicator of favorable performance. TABLE NO: 19 BALANCED SCHEME DIVIDEND OPTION JANUARY 2010 APRIL 2010 CALCULATION OF AVERAGE RETURN Average Return = Total Return / Number of Months TABLE: NO: 4.2.7

Company Name RELIANC KOTAK LIC SBI E (R) Month (R) (R) (R) INTERPRETATION January 0.639053 0.635735 0.159723 1.574211 February 0.583579 0.554723 0.088146 1.471 March 0.636524 0.569265 0.123576 1.5613 From this analysis, SBI Magnum Balanced Scheme Performance is best out of the three Schemes April 0.6622 0.58095 0.143127 1.640684 2.521356 2.340673 0.514572 6.247195 Total Average Return 0.630339 0.585168 0.128643 1.561799

of Mutual Fund companies in case of Dividend Option, ranks first with the highest in all four months and with the highest average return of 1.561799. SHARPE INDEX RATIO Sharpe Index Ratio = Rp Rf / Standard Deviation = ( R Average Return)^2 TABLE: NO: 4.2.8

Particulars RELIANC KOTAK LIC SBI E 0.630339 0.585168 0.128643 1.561799 Average Return 0.945509 0.877752 0.192965 2.342698 Standard Deviation 0.06 0.06 0.07 0.0425 Risk Free Rate INTERPRETATION 0.603209 0.59831 0.303906 0.648525 Sharpe Index Ratio 2 3 4 1 Rank From the above analysis, SBI Magnum Balanced Scheme, Performance is better than the other Mutual Fund companies in case of dividend option. SBI Magnum Balanced Fund ranks first with the highest Sharpe Index ratio of 0.648525, with the average return of 1.561799 and with the Standard Deviation of 2.342698 followed by RELIANCE, with the Sharpe Index Ratio of 0.603209, KOTAK with the Sharpe Index Ratio of 0.59831 and LIC with the Sharpe Index Ratio of 0.303906. Though the Standard Deviation for SBI Magnum Balanced Fund is less compared to RELIANCE, the Sharpe Index ratio is higher; this shows the higher performance rating of the scheme. CALCULATION OF TREYNOR RATIO Treynor ratio= Rp-Rf B Average Return on portfolio=Rp The Systematic Risk measured by Beta (). If = 1 Indicates securities is having average Rate of Systematic Risk > 1 Securities Return fluctuate more than the Market Return.

 < 1 Securities Returns are less sensitive to the changes in the Market Returns. TABLE: NO: 4.2.9

Particulars Rp Risk Free Rate Beta Treynor Ratio Rank INTERPRETATION

RELIANC E 0.630339 0.06 1.09 0.523247 2

KOTAK 0.585168 0.06 0 0 4

LIC 0.128643 0.07 0.86 0.06819 3

SBI 1.561799 0.0425 1.14 1.332718 1

From the above analysis, SBI Magnum Balanced Scheme performance is better than other Mutual Fund Companies in case of Dividend Option. SBI ranks first with the highest Treynor ratio of 1.332718 followed by, RELIANCE with the Treynor Ratio of 0.523247, LIC with the Treynor Ratio of 0.06819 and KOTAK with the Treynor Ratio of 0. This highest Treynor ratio is an indicator of highest performance of the fund. TABLE NO: 20 BALANCED SCHEME GROWTH OPTION JANUARY 2010 APRIL 2010 CALCULATION OF AVERAGE RETURN Average Return = Total Return / Number of Months TABLE: NO: 4.2.10

Company Name RELIANC KOTAK LIC SBI E (R) Month (R) (R) (R) January 1.343632 1.151691 4.486895 3.797474 February 1.264263 1.045121 4.148242 3.604895 March 1.339905 1.114453 4.315871 3.77335 INTERPRETATION April 1.3768 1.216672 4.408368 3.921 5.3246 4.527937 best out of 15.09672 Total From this analysis, LICMF Balanced Scheme Performance is 17.35938 the three Schemes of 1.33115 1.131984 4.339844 3.77418 Average Return

Mutual Fund companies in case of Growth Option, ranks first with the highest in all four months and with the highest average return of 4.339844. SHARPE INDEX RATIO Sharpe Index Ratio = Rp Rf / Standard Deviation = ( R Average Return)^2/n TABLE NO. 4.2.11

Particulars RELIANC KOTAK LIC SBI E 1.33115 1.131984 4.339844 3.77418 Average Return 1.996725 1.697976 6.509766 5.66127 Standard Deviation 0.06 0.06 0.07 0.0425 Risk Free Return 0.636617 0.63133 0.655914 0.65916 Sharpe Index Ratio INTERPRETATION: 3 4 2 1 Rank From the above analysis, SBI Magnum Balanced Scheme, performance is better than the other Mutual Fund companies in case of growth option. SBI Magnum Balanced Fund ranks first with the highest Sharpe Index ratio of 0.65916, with the average return of 3.77418, and with the highest Standard Deviation of 5.66127 followed by LIC, with the Sharpe Index Ratio of 0.655914, RELIANCE with the Sharpe Index Ratio of 0.636617 and KOTAK with the Sharpe Index Ratio of 0.63133. Higher the magnitude of the Sharpe ratio, higher is the performance rating of the scheme and higher the Standard deviation, higher the element of risk in a scheme. This shows that Higher the risk higher the return. CALCULATION OF TREYNOR RATIO Treynor ratio= Rp-Rf B Average Return on portfolio=Rp The Systematic Risk measured by Beta (). If = 1 Indicates securities is having average Rate of Systematic Risk

 > 1 Securities Return fluctuate more than the Market Return. < 1 Securities Returns are less sensitive to the changes in the Market Returns. TABLE: NO: 4.2.12

Particulars Rp Risk Free Rate Beta Treynor Ratio Rank INTERPRETATION

RELIANCE CE 1.33115 0.06 1.09 1.166193 3

KOTAK 1.131984 0.06 0 0 4

LIC 4.33984 4 0.07 0.86 4.96493 5 1

SBI 3.77418 0.0425 1.14 3.273404 2

From the above analysis, LIC Balanced scheme performance is better than other Mutual Fund Companies in case of Growth option. LIC ranks first with the highest Treynor ratio of 4.964935 followed by, SBI with the Treynor Ratio of 3.273404, RELIANCE with the Treynor Ratio of 1.166193 and KOTAK with the Treynor Ratio of 0. This highest Treynor Ratio is an indicator of superior risk adjusted performance of the fund.

SUMMARY OF FINDINGS In this project Tax Plans and Balanced Schemes are evaluated to know the state of affairs as it

existed during January, 2010 to April, 2010. This helps to know the performance of the schemes. FROM EQUITY LINKED SAVING SCHEME (DIVIDEND OPTION) 1. Average Returns: SBI Equity Scheme performance is ranked as first with the highest average Return of 1.920391 2. Sharpe Ratio: SBI Equity Scheme performance is ranked as first with the highest Sharpe Index Ratio of 0.651913 and with the highest Standard Deviation of 2.880586 followed by RELIANCE, KOTAK and LIC. This shows that higher the risk higher the return. 3. Treynor Ratio: SBI Equity Scheme performance is again ranked as first with the highest Treynor Ratio of 1.93597, followed by RELIANCE, KOTAK and LIC. PUBLIC SECTOR VS PRIVATE SECTOR The public sector mutual fund companys performance is better than the private sector mutual fund companies in case of Average Returns and also in case of both Sharpe Ratio and Treynor Ratio FROM EQUITY LINKED SAVING SCHEME (GROWTH OPTION) 1. Average Returns: SBI Equity Scheme performance is ranked as first with the highest Average Return of 2.87093 2. Sharpe Ratio: SBI Equity Scheme performance is ranked as first with the highest Sharpe Index Ratio of 0.656798 and with the highest Standard Deviation of 4.306394, followed by KOTAK, RELIANCE and LIC. This shows that higher the risk higher the return.

3. Treynor Ratio: SBI Equity Scheme performance is again ranked as first in case of Treynor ratio with the highest Treynor Ratio of 2.915907, followed by RELIANCE, KOTAK and LIC.

PUBLIC SECTOR VS. PRIVATE SECTOR The public sector mutual fund companies performance is better than the private sector mutual fund companies in case of Average Returns and also in case of both Sharpe Ratio and Treynor Ratio. FROM BALANCED SCHEME (DIVIDEND OPTION) 1. Average Returns: SBI Balanced Scheme performance is ranked as first with the highest Average Return of 1.561799

2. Sharpe Ratio: SBI Balanced Scheme performance is ranked as first with the highest Sharpe Index Ratio of 0.648525 and with the highest Standard Deviation of 2.342698, followed by RELIANCE, KOTAK and LIC. 3. Treynor Ratio: SBI Balanced Scheme performance is ranked as first with the highest Treynor Ratio of 1.332718, followed by RELIANCE, KOTAK and JM. Higher the Treynor Ratio is an indicator of favorable performance. PUBLIC SECTOR VS. PRIVATE SECTOR The public sector mutual fund companies performance is better than the private sector mutual fund companies in case of Average Returns and also in case of both Sharpe Ratio and Treynor Ratio. FROM BALANCED SCHEME (GROWTH OPTION) 1. Average Returns: SBI Balanced Scheme performance is ranked as first with the highestAverage Return of 3.77418 2. Sharpe Ratio: SBI Balanced Scheme performance is ranked as first with the highest Sharpe Index Ratio of 0.65916, and with the highest Standard Deviation of 5.66127, followed by LIC,

Prudential RELIANCE and KOTAK. This shows that higher the risk, higher the return. 3. Treynor Ratio: LIC Balanced scheme performance is ranked as first with the highest Treynor Ratio of 4.964935, followed by SBI, RELIANCE and KOTAK. PUBLIC SECTOR VS. PRIVATE SECTOR: The public sector mutual fund Companies outperforms the private sector mutual fund companies in case of Average Returns and also in case of both Sharpe Ratio and Treynor Ratio.

SUGGESTIONS AND RECOMMENDATIONS As the investment on financial assets is comparatively low in India when compared to the

foreign investors, it is suggested that the Kotak Mahindra AMC Company, has to bring innovative new products keeping in view of the investors expectations as the recession and the doubled deep recession is expected all over the globe, with a view to encourage the new invetors. The Company should come forward to introduce more schemes at the right time for the benefit of the fund house, investors, brokers, and the distributors. In general the private sector mutual fund companies outperforms the public sector mutual fund companies, if the Kotak Mahindra AMC Company understands their Competitors and the market they will have a hedge over their competitors in the future. A typical individual is not likely to have the knowledge, skills, inclination and time to keep track of and understand the causes and implication of the price changes and trends. So, the Asset management companys should come forward to educate individuals about the benefits of mutual funds.

CONCLUSION Mutual Funds are the ideal investment vehicle for todays complex and modern financial

scenario. The last few years have been very exciting for the mutual funds Industry in India. New players have come in, while others have decided to close shop by either selling off or merging with others. Product innovation is now pass with the game shifting to performance delivery in fund management as well as service. The public sector mutual fund companys performance is better than the private sector mutual fund companies in case of Equity Linked Savings Scheme. The public sector mutual fund Companies outperforms the private sector mutual fund companies of two ratios viz., Sharpe Ratio and Treynor Ratio in case Balanced Scheme. We can arrive at the conclusion that indeed existing funds have surpassed newer ones by a mile and we would be much better off sticking to existing funds with excellent track records than running after fancy terms, names & themes.

GLOSSARY ADVISOR: The organization employed by a mutual fund to give professional advice on the

funds investments and to supervise the management of its assets. ASKED OR OFFERING PRICE: The price at which a mutual fund shares can be purchased. The asked or offering price means the current net asset value per share plus sales charge, if any. For a no load fund, the asked price is the same as NAV. ASSET ALLOCATION FUND: A fund that spreads its portfolio among a wide variety of investments including domestic and foreign stocks and bonds, government securities gold bullion and real estate stocks. This gives small investors far more diversification than they could get allocating money on their own. Some of these funds keep the proportions allocated between different sectors relatively constant, while others alter the mix as market conditions change. AUTOMATIC REINVESTMENT : A service offered by most mutual funds where by income dividence and capital gained distributions or automatically invested into the fund additional shares and thus building up holdings through the effects of compounding. BALANCED FUND: A mutual fund that maintains a balanced portfolio generally 60% bonds or preferred stocks and 40% common stocks. BID OR SELL PRICE: The price at which a mutual funds shares are redeemed (bought back) by the fund. The bid or redemption price means the current net asset value per share, less any redemption fee or back-end load. BOND FUND: A mutual fund whose portfolio consists primarily of corporate or government bonds. These funds generally emphasize income rather than growth. BOND RATING: System of evaluating the probability of weather a bond issuer will default. Various firms analyze the financial stability of both corporate and government issuers. Ratings range from AAA to D (currently default). Bonds rated BBB or below are not considered to be of investment grade. Mutual funds generally restrict their bond purchases to certain ratings.

CAPITAL APPRECIATION FUND : A mutual fund that seeks maximum appreciation through the use of investment technique involving greater than ordinary risk, such as borrowing money in order to provide leverage, short selling and high portfolio turnover. CAPITAL GAINS DISTRIBUTIONS: Payments to mutual fund share holders of gains realized on the sale of portfolio securities. CAPITAL GROWTH: A rise in market value of mutual funds securities, reflected in its NAV per share. This is a specific long term objective of many mutual funds. CLOSED END INVESTMENT COMPANY: An investment company that offers a limited number of shares. They are traded in the securities market through brokers. Price is determined by supply and demand. Unlike open end Investments Company closed end funds do not redeem their shares. COMMERCIAL PAPER: Short term unsecured promissory notes with maturities no longer than 270 days. They are issued by corporations to fund short term credit needs. COMMON STOCK FUND: An open and investment company whose holdings consists mainly of common stocks and usually emphasizes growth. CONFIRM DATE: The date the fund processed your transaction, typically the same day or the day after you trade. CONTINGENT DEFERRED SALES CHARGE (CDSC): A fee imposed by certain funds on shares redeem with in a specific period following their purchase. These charges are usually assessed on a sliding scale, such as 4% to 1% of the amounts redeemed.

CUSTODIAN: The bank or trust company that maintains mutual funds assets including its portfolio of securities or some record of them provide safe keeping of securities but has no role in

portfolio management DAILY DIVIDEND FUND: This term applies to funds that declare their income dividends on a daily basis and reinvest or distribute monthly. DEFERRED COMPENSATION PLAN: A tax-sheltered investment plan to which employees of state and local governments can defer a percentage of their salary. DISTRIBUTOR: An individual or a corporation serving as principal underwriter of a mutual funds shares, buying shares directly from the fund, and reselling them to other investors. DIVERSIFICATION: The policy of spreading investments among a range of different securities to reduce the risks inherent in investing. RUPEE-COST AVERAGING: The technique of investing a fixed sum at regular intervals regardless of stock market movements. This reduces average share costs to the investor, who acquires more shares on periods of lower securities prices and fewer shares in periods of high prices. In this way, investing risk is spread over time. EXCHANGE PRIVILEGE (OR SWITCHING PRIVILEGE): The right to transfer investments from one fund into another, generally within the same fund group, at nominal cost. EX-DIVIDEND DATE: The date on which a funds Net Asset value (NAV) will fall by an amount equal to the dividend and/or capital gains distribution. Most publications which list closing NAVs place an X after a fund name on its ex-dividend date. EXPENSE RATIO: The ratio of total expenses to net assets of the fund. Expenses include managements fees, the cost of shareholder mailings and other administrative expenses. The ratio is listed in a funds prospectus. Expense ratios may be a function of a funds size rather than of its success in controlling expenses. FISCAL YEAR: In accounting period consisting of 12 consecutive months

GLOBAL FUND: A fund that invests in both India and foreign securities. GROWTH FUND: A mutual fund whose primary investment objective is long term growth of capital. It invests principally in common stocks with significant growth potential. INCOME DIVIDEND: Payment of interest and dividends earned on funds portfolio securities after operating expenses are deducted. INCOME FUND: A mutual fund that primarily seek current income rather than growth of capitals. It will tend to incest in stocks and bonds that normally pay high dividends and interest. INDEX FUND: A mutual fund that seeks to mirror general sock market performance by matching its portfolio to a broad based index, most often S&P CNX nifty index. INTERNATIONAL FUND: A fund that invests in securities traded in markets outside India. INVESTMENT COMPANY: A corporation, partnership, or trust that invest with pooled money of many investments. It provides greater professional management and diversification of investment than most investors can obtain independently. INVESTMENT OBJECTIVE: The financial goal that a investor or a mutual fund pursues. JUNK BOND: A speculative bond rated BB or below, Junk Bonds are generally issued by corporations of questionable financial strength or with out proven track records. LOAD: A sales charge or commission assessed by various Mutual Funds to cover their selling costs.

LOAD FUND: A Mutual fund that levies a sales charge up to 6% which is included in the offering price of its shares, and is sold by broker or salesmen.

LOW LOAD FUND: A Mutual fund that charges a small sales commission, usually 3.5% or less, for the purchase of its shares. MANAGEMENT FEE: The amount the Mutual Fund pays to its investment advisor for services rendered, including management of the funds portfolio. In general it ranges from 5% to 1% of the funds asset value. MONEY MARKET FUND: A mutual Fund that aims to pay money market interest rates. This is accomplished by investing in safe, high liquid securities, including bank certificates of deposit, commercial papers, govt. securities and repurchase agreements. MUTUAL FUND: An open end investment company that buys back or redeems its shares at current NAV. NAV PER SHARE: The current market worth of a mutual Fund share. Calculated daily by taking the funds total assets securities, cash, and any accrued earnings deducting liabilities and diving the No. the shares holding. NO-LOAD FUND: A commission free mutual Fund that sells its shares at net asset value, either directly to the public or through affiliated distributor without addition of sales charge. PAYABLE DATE: The date on which distributions are paid to share holders who do not want to reinvestment. The date can be anywhere from one week to one month after the record date. PORTFOLIO TURNOVER RATE: The rate at which the funds portfolio securities are charged each year. If a funds assets total Rs.100MN and the fund brought and sold Rs.100Mn worth of securities that year, its portfolio turnover rate would be 100%. PROSPECTUS: An official document that each investment company must publish, describing the mutual fund and offering to it shares for sale.

UNDERWRITER: The org. that acts as the distributor of a mutual funds shares to dealers and public. SYSTEMATIC INVESTMENT PLANS: In SIP, instead of large amount, investor invest a pre specified amount in a scheme at pre specified intervals at the then prevailing NAV.

BIBLOGRAPHY REFERENCES: BOOKS

1. Dr. Bhalla Portfolio analysis and Management V. K. Published by S. Chand Company ltd., in the year 2002 and edited in the year 2004 2. Levy, Heim and Sarnat Marshall Portfolio and Investment Selection Published by Prentice Hall, in the year 1984 and edited in the year 1995 3. Mittal R. K Portfolio and Risk Management Published by Rajath Publications, Delhi in the year 1999 and edited in the year 2002 4. Dr. Rajeshwar UTI: A Saga of crisis and bail outs by Published by ICFAI Press, in the year 2001 and Edited in the year 2003. 5. Mr. Sahadevan. K. G. and Thiripal raju Mutual Funds : Data Interpretation and analysis Published by Prentice Hall of India in the year 1997 and Edited in the year 2002 6. James Van C. Horne, Financial Management and Policy, Tenth Edition, Prentice Hall of India Private Limited. 7. Dr. S. N. Maheshwari, Financial Management - Principles and Practice, Ninth Edition, Sultan Chand & Sons Educational Publishers. 8. Investment Management Security Analysis and Portfolio Management-Preeti Singh,14th revised Edition- Himalaya Publishing House. 9. Hindu Newspaper (daily), Economic Times of India (daily), Financial Express(daily) 10. Business world(weekly) 11. Published Articles on Mutual Funds 12. Websites www.google.com www.amfiindia.com www.cams.com www.mutualfundsindia.com www.kotakmutuals.com www.sbimf.com www.licmutual.com www.reliancemutual.co.in