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Transcript of 493 Mutual Funds
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WHAT IS A MUTUAL FUND?
A Mutual Fund is a trust that pools the
savings of a number of investors who share a
common investment objective
IN turn buy assets
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21-2 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
LEGAL STRUCTUREFUND SPONSPOR/SETTLOR
KOTAK MAHINDRA FINANCE LTD.
TRUST
KOTAK MAHINDRA MUTUAL FUND
TRUSTEEKOTAK MAHINDRA
TRUSTEE CO. LTD.
INVESTMENTMANAGER &ADVISOR
KOTAK MAHINDRA ASSET
MANAGEMENT CO. LTD.UNITHOLDERS
Contd
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21-3 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
LEGAL STRUCTURE
APPOINTS
CUSTODIANS
REGISTRARS
BANKS
DISTRIBUTORS
INVESTMENT MANAGER & ADVISORKOTAK MAHINDRA ASSET
MANAGEMENT CO. LTD.
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21-4 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
Working of a Mutual Fund
FUND
MANAGEMENT
SECURITIES
RETURNS
INVESTORS Pool their money with
Invest inGenerate
Passed back toINVESTORS GET A
BLEND OF LIQUIDITY
RETURNS & SAFETY
INVEST IN
BALANCED
PORTFOLIO
PORTFOLIO
YIELDS HIGH
RETURN TO MFs
MUTUAL FUND
LARGE CORPORATE
SPECIALISTS MANAGE
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21-5 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
Type of
Mutual FundSchemes
StructureInvestmentObjective
SpecialSchemes
Open EndedFunds
Close EndedFunds
Interval Funds
Growth Funds
Income Funds
Balanced Funds
Money MarketFunds
Industry SpecificSchemes
IndexSchemes
SectoralSchemes
TYPES OF MUTUAL FUNDS
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21-6 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUNDS
OPEN ENDED
OPEN FOR ALL THE YEAR MIN SUBS AMT 50CR
NO DURATION
REFUNDED IF MIN SUBS NOT
ACHIEVED
REPURCHASED ANY TIME
REDEEMED AT NAV & LOAD
FACTOR RANGES (4% TO 6%)
AS REPURCHSED SO NOT
LISTED AT STOCK EX
TRADED AS PERMITTED LOT
DIVID MAY /MAY NOT
SWITCHOVER ALLOWED
CLOSE ENDED
OPEN FOR FIXED PERIOD
MIN SUBS AMT 20CR
DURATION (5TO7 YEARS)
REFUNDED IF MIN AMT
NOT ACHIEVED MAY BE REPURCHASED
(AFTER 2 TO 3 YRS)
REDEMPTION SPECIFIED &
DONE AT NAV - SERVICECHARGE
LISTED AT STOCK EX
DIVID MAY/MAY NOT BE
SWITCHOVER ALLOWED
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WHY INVEST IN MUTUAL FUNDS?SAVE THROUGH MUTUAL FUNDS INVEST THROUGH MUTUAL FUNDS
Park surpluses
Short term investment
Easy liquidity
Tax benefits
Have a long term objective
Profile your risk
Select appropriate MF scheme,
based on risk return requirement
Mix of equity and debt
Invest regularly/with flexibility
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BENEFITS OF MUTUAL FUNDS
Professional Management & Analysis
Diversification & Divisibility
Across Companies & Sectors
Liquidity
Entry & Exit at NAVTransparency
Regular disclosures
Convenient Administration (Record Keeping)Low Costs of operations (Lower transaction cost)
Choice of schemes.
Well Regulated. (By SEBI)
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HighNopricerisk
9% - 10%Over 1 yearSerial
HighLowCredit
9% -10.5%
1 month 12months
Bond
HighNo8% to9.5%
Overnight to 1month
Liquid
Mutual Funds
HighPriceRisk
7% - 9%
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10/4421-10 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
RIGHTS AS A MUTUAL FUNDUNITHOLDER
Receive statement of accounts within 6 weeks from the date yourrequest is received by the Mutual Fund
Receive information about the investment policies, objectives,financial position and general affairs of the scheme
Receive dividend within 30 days of their declaration, receiveredemption proceeds within 10 days from the date of the validredemption
Vote in accordance with the Regulations to:- change the Asset Management Company
- wind up the schemes.
To receive communication from the Trustee about change in the fundamental
attributes of any scheme
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MUTUAL FUNDS
STRUCTURAL ISSUES (MUTUAL FUNDS)
MUTUAL FUND (REGISTERED WITH SEBI) MEANS:
A FUND ESTABLISHED IN THE FORM OF TRUST
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MUTUAL FUNDSSTRUCTURAL ISSUES (MUTUAL FUNDS)
BY A SPONSOR
BODY CORPORATE WHO ACTING ALONE OR IN
COMBINATION WITH ANOTHER BODY CORPORATE
FLOATS THE IDEA OF SETTING UP OF MUTUAL FUND ESTABLISHES MUTUAL FUND IN FORM OF TRUST
TRUST DEED EXECUTED WITH BOARD OF TRUSTEES
REGISTERS IT WITH SEBI
40% CONTRIBUTION TO AMC
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MUTUAL FUNDSSTRUCTURAL ISSUES (MUTUAL FUNDS)
TO RAISE MONIES BY TRUSTEES HOLDG PROPERTY OF MF IN TRUST FOR BENEFIT OF UNIT
HOLDERS
THROUGH THE SALE OF UNITS REPRESENTING ONE UNDIVIDED SHARE IN THE ASSETS OF A
SCHEME
FOR INVESTING IN SECURITIES
APPLICATION FEES:5000;
REGISTRATION FEES:10 LACS;
ANNUAL FEES : 1 LAC
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MUTUAL FUNDSSTRUCTURAL ISSUES(MUTUAL FUND TRUST)
MF TO BE CONSTITUTED IN FORM OF MF TRUST
MANAGED BY A BOARD OF TRUSTES IN WHOSEFAVOUR TRUST DEED IS EXECUTED BY SPONSORS
50% MEMBERS NOT AFFILIATED WITH SPONSORS
CONTROLS ALL CAPITAL PROPERTY OF MF
SCHEMES/ HOLDS THEM IN TRUST FOR HOLDERS
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MUTUAL FUNDSSTRUCTURAL ISSUES(MUTUAL FUND TRUST)
APPOINTS AMCs
ENSURES SCHEMES FLOATED & MANAGED BY
AMC ARE IN ACCORDANCE WITH TRUST DEED
POWER TO OBTAIN REPORT/DISMISS AMC
AN AMC NOT TO ACT AS TRUSTEE OF ANY MF
APPOINT CUSTODIAN &SUPERVISE ITS ACTIVITIES
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MUTUAL FUNDSSTRUCTURAL ISSUES (MUTUAL FUND TRUST LIST)
ALLIANZ CAPITAL & MGT SERVICES LTD
ANZ GRINDLAYS BANK
TIMES MUTUAL FUNDS
UNIT TRUST OF INDIA
VLS FINANCE LTD.
KOTAK MAHINDRA FINANCE LTD
PRUDENTIAL CAPITAL MARKETS LTD. SBI FUNDS MANAGEMENT LTD
CEAT MF & ASSET MANAGEMENT COMPANY LTD.
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MUTUAL FUNDS
STRUCTURAL ISSUES (AMC)
MFs OPERATED BY AMCs -APPTD BY TRUSTEES
AMCs & TRUSTEES TWO SEPARATE LEGAL
ENTITIES & ARMS LENGTH RELATIONSHIP MNTD
AMCs TO APPROVE MOA & AOA FROM SEBI
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MUTUAL FUNDS
STRUCTURAL ISSUES (AMC)
AMCs MIN NW 5 CR (40% CONTRIB BY SPOSORS)
50% MEMBERS FROM OUTSIDE
CANT ACQUIRE OUTSIDE THE SCHEME PROPERTY
DISCLOSE REPURCHASE PRICE/NAV OF SCHEMES
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19/4421-19 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUNDSSTRUCTURAL ISSUES (AMC LIST)
20TH CENTURY AMC LTD
APPLE ASSET MGT LTD.
BOI AMC LTD. CREDIT CAPITAL AMC LTD.
GIC AMC LTD.
ICICI AMC LTD. ITC PIONEER AMC LTD.
MORGAN STANLY AM INDIA LTD.
PNB AMC LTD.
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21-20 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUNDSSTRUCTURAL ISSUES (INVESTMENT MIX)
EQUITY SHARES/EQUITY RELATED INSTRTS (CDs)/
DEBT INSTRUMENTS (NCDs, PSBONDS,GOVT
SECT)/MONEY MARKET INSTRTS(TBs, CPs & BILLS)
5% CAP FROM ONE SCHEME IN ONE COS SHARE
10% CAP FROM ALL SCHEMES IN ONE COS SHARE
15%CAP FROM ALL SCHEMES IN ONE INDUSTRY TYPICAL ASSET MIXSCHEME EQUITY DEBT MONEY MKTGROWTH 70-90% 5-20% 0-10%INCOME 20-30% 60-70% 0-15%BALANCED 40-60% 40-50% 0-10%
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21-21 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND INDUSTRYKEY FINANCIALS
NAV= M.V OF FUNDS INVESTS+REC+ACCRUED INCOME-LIABILITIES-ACCRUED EXP
NO. OF SHARES OR UNITS OUTSTANDING
MARKET PRICE: IN CASE OF CLOSE ENDED
REPURCHASE/REISSUE PRICE: OPEN ENDED DISCOUNT
RATE OF RETURN= NAV AT END-NAV AT BEGINNING +DIVIDEND PAID
NAV AT BEGINNING
INITIAL EXPENSES: CEILING OF 6%
RECURRING EXPENSES: MAX 3% OF AVNET ASSETS IN A YEAR
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21-22 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND INDUSTRYKEY FINANCIALS
LOADS(CHARGED TO MF SCHEME) THREE TYPES
INITIAL ISSUE EXP (6% OF FUND RAISED)HIDDEN
RECURRING EXP (3% MAX OF NET ASSETS)
OTHER THAN INITIAL ISSUE EXP/ INCLUDES
TRUSTEESHIP FEES /INCLUDES INVST MGT &
ADVISORY FEE OF AMC (1.25% UPTO RS 100 CR
& 1% OVER 100 CR)
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21-23 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND INDUSTRYKEY FINANCIALS
LOADS(CHARGED TO MF SCHEME) THREE TYPES
AMC CHARGE FOR ISSUE/RECURRING COST(6%)
IN OPEN END SCHEME DIFF BETWEEN PURCHASE
& SALE PRICE NOT TO EXCEED 7% OF SALE PRICE
BACK END (DISCOUNT TO NAV) DEDUCTED
DURING REPURCHASE/REDEMPTION
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21-24 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND INDUSTRYKEY FINANCIALS
NAV OF A NO-LOAD FUND (20 LACS UNITS ISSUED)VALUE OF SECURITIES HELD IN PORTFOLIO 500 LACSCASH IN HAND OF MUTUAL FUND 10 LACS
TOTAL ASSETS 510 LACS
LESS : OUTSTANDING LIABILITIES 110 LACS
TOTAL NET ASSETS 400 LACS
THUS NAV = Rs 400 LACS =RS 20 PER UNIT
UNITS 20 LACS
IF 10,000 NEW UNITS ISSUED AT NAV OF RS 20 PER UNIT
THUS NAV = ^TOTAL ASSETS =RS 4,02,00,000= RS 20 PER UNIT^UNITS UNITS 20,10,000
THUS NAV DOES NOT VARY DUE TO SELING OR BUYING
NAV VARIES ON ANY VARIATION OF MARKET PRICES OFSECURITIES HELD IN THE PORTFOLIO OF MF
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21-25 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND INDUSTRYKEY FINANCIALS
NAV OF A NO-LOAD FUNDNAV VARIES ON ANY VARIATION OF MARKET PRICES OF
SECURITIES HELD IN THE PORTFOLIO OF MF
NAV=(RS 6 MILL EQ + RS 4 MILL DEBT)- 2 MILL LIAB AS DEBT = 0.516 MILL UNITS IN TRUST
IF VALUE OF EQUITY IS DOUBLED, NAV SHIFTSNAV=(RS 12 MILL EQ + RS 4 MILL DEBT)- 2 MILL LIAB AS DEBT = 0.875
16 MILL UNITS IN TRUST
IF VALUE OF EQUITY IS HALFED THEN THE NEW NAV IS
NAV=(RS 3 MILL EQ + RS 4 MILL DEBT)- 2 MILL LIAB AS DEBT = 0.312516 MILL UNITS IN TRUST
IN ABOVE, FUND SHOULD SWITCH FROM AGGRESSIVE TODEFENSIVE INVEST TO AVOID RAPID EROSION OF NAV
INVEST IN DEBT INSTRTS MAY BE ONE SOLUTION
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21-26 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND INDUSTRYKEY FINANCIALS
NAV OF A LOAD FUND (20 LACS UNITS ISSUED)IF MF IS A 4% FRONT LOAD FUNDTHEN NAV=NAV(OF NO-LOAD FUND) PER UNIT/1-% OF LOAD= RS 20= RS 20 = RS 20 = RS 20.80 AS CALLED OFFERING
1-4% 1-4/100 0.96HERE OFFER PRICE (SALE PRICE) WILL BE 20.80 PER UNIT
BID PRICE (REPURCHASE PRICE) WILL BE RS 20.00 PERUNIT
DIFFRENCE BETWEEN OFFER & BID PRICE IS 4% i.e. 80PAISE IS CALLED SPREAD PAID TO FUND
THERE IS A TWO WAY QUOTE PROVIDED BY IN OPENFUND
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21-27 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND INDUSTRYKEY FINANCIALS
MARS, PVT SECTOR MF LAUNCHED A GROWTH SCHEMEWITH AN INITIAL TARGET OF Rs 100 CR. DEPLOYMENT OFFUNDS IS TO CONFIRM THE FOLLOWING COMPOSITION
EQUITY 70%, DEBT 25% MONEY MARKET 5%
INITIAL EXPENSES 4%
DEBT COMPONENT INVESTED EQUALLY IN AAA & AARATED INSTRUMENTS AT 18% & 20% RESPECTIVELY
EQUITY PORTION INVESTED IN SENSEX SCRIPS
AV. YIELD ON MONEY MARKET COMPONENT WAS 8%
SENSEX WAS AT 3800 & AT TIME OF INVEST IS AT 2900AFTER ONE YEAR
DEBT & MONEY MKT INSTRTS VALUED AT COST
RECURRING EXP MET OUT OF INCOME EARNED ON DEBT& MONEY MKT INSTRTS (assume 3% on size of fund)
COMPUTE NAV & SALE PRICE IF FRONT LOAD FACTOR IS 5%
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21-28 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND INDUSTRY
PASSING THROUGH CRITICAL PHASE
LIVINGDEAD IN STOCK MARKETS
LOST INVESTORS CONFIDENCE
UTTER FAILURE IN INDIA
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21-29 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND INDUSTRYFEW EVIDENCES
SHRIRAM ASSET MGT CO FINED (JUN 96)
MORGAN STANLEY FINED (2/6/97)
RESORTING TO SHORT SALES
PRICE RIGGING IN BHEL SCRIPS
RENDERING PORTFOLIO MGT SERV TO GROUPS
CANSTAR UNABLE TO PURCHASE AT
PROMISED NAV
LIC MF HAD TO PURCHASE AT PROMISED
NAV & BOOK THE LOSS TO AMC
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21-30 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND MONITOR
Particulars Growth Income Balanced Total
No. of Schemes 98 28 32 158
Schemes giving -ve returnson annualised basis
50 01 02 53
Schemes giving single
digit annualised returns
31 10 12 53
Schemes giving double
digit annualised returns
17 17 18 52
Source: Business Today
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21-31 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND MONITOR
INSTITUTIONS 1994-95 1995-96 1998-99
UTI 8120 2470 860
Private Sector 1216 375 115
Public Sector 949 327 156
TOTAL 10,285 3,172 1,131
Source: Business Today
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21-32 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPEARATION
PRODUCT
DESIGN
PRODUCT
MARKETING
FUND
MANAGEMENT
OUT
SOURCING
INVESTORS
SERVICE
THE
CHAIN
OF
OPERATION
FAILED INALL CHAINS
OF OPERATIONS
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21-33 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATION
PRODUCT DESGIN
INNOVATION
SUPERIOR DESIGN
ADAPATABILITY
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21-34 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATION
PRODUCT DESIGN
DID LITTLE TO INNOVATE WITH INNOVATION
70% SCHEMES CLOSE END WITH POOR RETURNS
UTI STILL CONTINUES WITH PLAIN VANILLAS
INNOVATION ONLY IN OPEN END SCHEMEDS
TIME TO DESIGN SECTOR, LOCATION BASED MFs
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21-36 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATIONPRODUCT MARKETING
COST
AGGRESSIVE MARKETING
UPFRONT COST
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21-37 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATION
PRODUCT MARKETING
COST & ETHICS ARE TWO IMPORATNT FACTORS
UPFRONT COST BORNE BY INVESTOR OR AMC
UTI CANT AGGRESSIVELY MARKET ITS PRODUCT
MORGAN STANLEY MADE MFs AS IPOs & ALL
NUANCES OF IPOs WERE BROUGHT IN
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21-38 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATIONFUND MANAGEMENT
CAPITAL PROTECTION
MARKET TIMING
ASSET QUALITY
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21-39 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATION
FUND MANAGEMENT
NON-QUALIFIED, UNPROFESSNL FUND MANAGERS
LOOK MFs AS ANOTHER EQUITY PRODUCT
IGNORE ASSET ALLOCATION, PORTFOLIO,
TURNOVER & COST
NO QICK ASSET REALLOCATION ON TIME
DONT INCLUDE HIGH LIQUID BLUE CHIP STOCKS
NOT BALANCING RISK RETURN EXPECTATION OF
INVESTORS
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21-40 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATIONFUND MANAGEMENT- SUGGESTED MODEL
PROTECT CAPITAL FROM EROSION
ALTERNATIVELY GUARANTEE CAPITAL SAFETY
POSSESS EXCELLLENT RESEARCH CAPABILITIES
TO ENSURE MARKET TIMING
INVESTMENT STRATEGY FORMULATION
FOLLOW APPROPRIATE ASSET ALLOCATIONMODEL SUITING FUNDS OBJECTIVE
QUICKLY RESTRURE ASSET ALOCATION ON NEED
ENSURE QUALITY OF ASSETS BE IT EQTY OR DEBT
ENSURE ECONOMICAL COST OF OPERATIONS BEIT MANAGEMENT FEES OR OTHER EXPENSES
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21-41 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATIONOUTSOURCING
COST CONTROL
FLEXIBILITY
CHOICE
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21-42 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATIONOUTSOURCING
NEW CONCEPT THAN TO DO THINGS IN HOUSE
ENDORSED AS A GREAT COST CUTTING MEASURE
CONVERTS FIXED COSTS TO VARIABLE COSTS
ABROAD OUTSOURCING 100% FROM PRODUCTDESIGN TO INVESTOR SERVICING
YET TO COME IN INDIAN FUND MANAGEMENT
ONE AREA MAY BE DISTRIBUTION NETWORK
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21-43 Copyright 2002 by Prof. A.K. .Mishra All rights reserved
MUTUAL FUND OPERATIONINVESTOR SERVICE
CUSTOMER FOCUS
BETTER CONFIDENCE
EFFICIENT SERVICE
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MUTUAL FUND OPERATIONCUSTOMER FOCUS
SCANT ATTENTION TO INVESTORS SERVICING
IGNORING INVESTORS EDUCATION
NOT INCLINED TOWARDS TRANSPARENCY
NON DISCLOSURE OF PORTFOLIO
LACK LUSTER SHOW ON RETURNS FRONT
UNIT HOLDERS NOT TREATED AS CUSTOMERS
GOOD SERVICE ATTRACTS MULTIPLE CUSTOMERS
MORALE TREAT HIM LIKE CUSTOMER & INVESTIN TECNOLOGY TO REACH HIM FAR & WIDE
LESSONS TO LEARN FROM Pvt SECTOR MFs