A Study of Risk and Return Analysis of open-ended equity schemes with regular plan-growth” Project...

7/26/2019 A Study of Risk and Return Analysis of open-ended equity schemes with regular plan-growth Project Sonali

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A Project report on

A Study of Risk and Return Analysis of open-ended equity schemes

with regular plan-growth

Submitted in

Partial fulfillment of the requirements

for the award of the degree of

Bachelor of Business Administration

Prepared by:

Hasani Sonali (23)

[T.Y. B.B.A FINANCE]

Under the guidance of:

Mr. Mehul Mehta

Submitted to:

B.R.C.M College of Business Administration

Veer Narmad South Gujarat University,

Surat.

Year:

2014-2015


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iiA Study of risk and return analysis of open-ended equity scheme with regular plan-growth

BRCM College Of Business Administration


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iiiA Study of risk and return analysis of open-ended equity scheme with regular plan-growth


ACKNOWLEDGEMENT

I take the opportunity to express the feeling of gratitude towards Veer Narmad South

Gujarat University for keeping Industrial training as part of Bachelor of Business

Administration Course.

It is an occasion of great pleasure and a matter of deep felt person

al satisfaction to present this complied statement of the project Work. First, we believe

that full credit of having completed the prescribed training should go to the Director of

B.R.C.M College of Business Administration for making available all facilities in

fulfilling the requirement for my project report.

I am highly indebted to Mr. Mehul Mehta, for his guidance, constant help and for

providing necessary information regarding my project. I express my thanks for his

encouragement which help me in completion of this project.

I take this opportunity to thank all those who directly or indirectly were helpful in the

completion of my project work

SONALI HASANI


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ivA Study of risk and return analysis of open-ended equity scheme with regular plan-growth


DECLARATION

I, Sonali Hasani , declare that this project entitled A STUDY OF RISK AND RETURN

ANALYSIS OF OPEN-ENDED EQUITY SCHEMES WITH REGULAR PLAN-

GROWTH is the result of my own work carried out during December to February 2015-

2016 and has not been previously submitted to any other university or institute for any other

purpose by me or by any other person.

I will not use this project report in future to use as submission to any other university or

institute without written permission of my guide.

I also promise not to permit any other person to copy from this report in any form.

If I am found or caught as defaulter of above declaration, I know that my present of future

submission may become invalid and or may not be permitted to appear in final exam.

SONALI HASANI Sign:

Finance

Roll no: 23


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vA Study of risk and return analysis of open-ended equity scheme with regular plan-growth


EXECUTIVE SUMMARY

In few years Mutual Fund has emerged as a tool for ensuring ones financial well being.

Mutual Funds have not only contributed to the India growth story but have also helped

families tap into the success of Indian Industry. As information and awareness is rising more

and more people are enjoying the benefits of investing in mutual funds. The main reason the

number of retail mutual fund investors remains small is that nine in ten people with incomes

in India do not know that mutual funds exist. But once people are aware of mutual fundinvestment opportunities, the number who decide to invest in mutual funds increases to as

many as one in five people. The trick for converting a person with no knowledge of mutual

funds to a new Mutual Fund customer is to understand which of the potential investors are

more likely to buy mutual funds and to use the right arguments in the sales process that

customers will accept as important and relevant to their decision.

This Project gave me a great learning experience and at the same time it gave me enough

scope to implement my analytical ability. The analysis and advice presented in this Project

Report is based on research on the risk and return of particular schemes of sbi mutual fund.

This Report will help to know about the Performance of sbi Mutual Fund .

The first part gives an insight about Mutual Fund and its various aspects, the Company

Profile, Objectives of the study and Research Methodology. One can have a brief knowledge

about Mutual Fund and its basics through the Project.

The second part of the Project consists of data and its analysis, the collection of Secondary

data, NAV values & Nifty index values for calculating return. .


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viA Study of risk and return analysis of open-ended equity scheme with regular plan-growth



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1A Study of risk and return analysis of open-ended equity scheme with regular plan-growth


TABLE OF CONTENTS:

No. Topic Name Page

no.

Acknowledgement

Declaration

Executive Summary

1. Introduction to Mutual fund 3

1.1 Concept of Mutual Fund 4

1.2 Concept of Mutual Fund in Detail 6

1.3 Mutual Fund Operational Flow Chart 8

1.4 History of Mutual Fund 9

1.5 Current Scenario of Mutual fund Industry 11

1.6 Future Scenario of Mutual fund Industry 13

1.7 Benefits of Investing in Mutual Fund 15

1.8 Disadvantages of investing through Mutual fund 17

1.9 Risk in Mutual Fund 19

1.10 Structure of Mutual Fund 20

1.11 Types of Mutual Fund Schemes in India 21

1.12 SEBI rules and Regulations for Mutual funds 25

1.13 Frequently used Terms 27

2. Introduction of Company 28

2.1 Company Profile 29

2.2 Investment Team 32

2.3 Awards Received 34

2.4 Products of SBI Mutual fund 36

3 Research Methodology 42

3.1 Objective of Study 43

3.2 Research Design 43

3.3 Population 43

3.4 Sample Frame 43


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3.5 Sampling Technique 44

3.6 Source of Data 44

3.7 Sample Size 44

3.8 Data Collection 44

3.9 Analysis of Data 44

3.10 Limitations of work 45

3.11 Scope of Study 45

4 Data Analysis 46

4.1 Proposed Analysis Methodologies 47

4.2 Concept of NAV 48

4.3 Concept of risk and return 49

4.4 Tools for analysis 50

5 Findings 85

6 Conclusion and suggestion 87

Bibliography 89

Annexure 90


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CHAPTER 1

Introduction


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Introduction

1.1.

Concept of Mutual fund:-

A mutual fund is a common pool of money into which investors place their

contributions that are to be invested in accordance with a stated objective. In simple word, a

mutual fund collects the savings from small investors, invest them in government and other

corporate securities and earn income through interest and dividends, besides capital gains. It

works on the principle of small drops of water make big ocean.

Simply put, the money pooled in by a large number of investors is what makes up aMutual Fund. This money is then managed by a professional Fund Manager, who uses his

investment management skills to invest it in various financial instruments.

It is formed by the coming together of a number of investors who transfer their

surplus funds to a professionally qualified organization to manage it. To et the surplus funds

from investors, the fund adopts a simple technique. Each fund is divided into small fraction

called units of equal value. Each investor is allocated units in proportion to the size of his

investment.

The mutual fund as an important vehicle for bringing wealth holders and deficit units

together indirectly

The concept of mutual fund has been defined in various ways.

Mutual fund as financial intermediaries which being a wide variety of securities with in the

reach of the most modest of investors

Frank Relicy

According to SEBI mutual fund regulations 1993,

Mutual fund means a fundestablished in the form of trust by sponsor to

raise moneys by the trustees through the sale of units to the public under one or more

schemes for investing insecurities in accordance with these regulations.


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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 appreciation realised 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:


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1.2THE CONCEPT OF MUTUAL FUND IN DETAIL

A mutual fund uses the money collected from investors to buy those

assets which are specifically permitted by its stated investment objective. Thus,

an equity fund would buy equity assets ordinary shares, preference shares,

warrants etc. A bond fund would buy debt instruments such as debentures, bonds

or government securities. It is these assets which are owned by the investors in

the same proportion as their contribution bears to the total contributions of all

investors put together.

Any change in the value of the investments made into capital market instruments

(such asshares,debentures etc) is reflected in the Net Asset Value (NAV) of the

scheme. NAV is defined as the market value of the Mutual Fund scheme's assets

net of its liabilities. NAV of a scheme is calculated by dividing the market value

of scheme's assets by the total number of units issued to the investors.

A Mutual Fund is an investment tool that allows small investors access to a

well-diversified portfolio of equities, bonds and other securities. Each

shareholder participates in the gain or loss of the fund. Units are issued and can

be redeemed as needed. The funds Net Asset value (NAV) is determined each

day.
http://www.appuonline.com/mf/knowledge/concept.htmlhttp://www.appuonline.com/mf/knowledge/concept.html


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When an investor subscribes to a mutual fund, he or she buys a part of

the assets or the pool of funds that are outstanding at that time. It is no different

from buying shares of joint stock Company, in which case the purchase

makes the investor a part owner of the company and its assets. However,

whether the investor gets fund shares or units is only a matter of legal

distinction.

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 appreciation realized is

shared by its unit holders in proportion to the number of units owned by them.


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Thus Mutual fund is 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.

1.3

MUTUAL FUND OPERATION FLOW CHART

From the above chart , it can be observed that how the money from the

investors flow and they get returns out of it. With a small amount of fund,

investors pool their money with the funds managers. Taking into consideration

the market strategy the funds managers invest this pool of money into reliable

securities. With ups and downs in market returns are generated and they are

passed on to the investors. The above cycle should be very clear and also

effective.


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The fund manager while investing on behalf of investors takes into

consideration various factors like time, risk, return, etc. so that he can make

proper investment decision.

1.4

History of mutual fund:-

The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at

the initiative of the Government of India and Reserve Bank of India. The history of mutual

funds in India can be broadly divided into four distinct phases.

First Phase - 1964-1987:

Unit Trust of India (UTI) was established in 1963 by an Act of Parliament. It was set up by

the Reserve Bank of India and functioned under the Regulatory and administrative control of

the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial

Development Bank of India (IDBI) took over the regulatory and administrative control in

place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988

UTI had Rs. 6,700 crores of assets under management.

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

1987 marked the entry of non-UTI, public sector mutual funds set up by public sector banks

and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India

(GIC). SBI Mutual Fund was the first non-UTI Mutual Fund established in June 1987

followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89),

Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund

(Oct 92). LIC established its mutual fund in June 1989 while GIC had set up its mutual fund

in December 1990.

At the end of 1993, the mutual fund industry had assets under management of Rs. 47,004

crores.

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

With the entry of private sector funds in 1993, a new era started in the Indian mutual fund

industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year

in which the first Mutual Fund Regulations came into being, under which all mutual funds,


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except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged

with Franklin Templeton) was the first private sector mutual fund registered in July 1993.

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and

revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI

(Mutual Fund) Regulations 1996.

The number of mutual fund houses went on increasing, with many foreign mutual funds

setting up funds in India and also the industry has witnessed several mergers and acquisitions.

As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805

crores. The Unit Trust of India with Rs. 44,541 crores of assets under management was way

ahead of other mutual funds

Fourth Phase - since February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was

bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of

India with assets under management of Rs. 29,835 crores as at the end of January 2003,

representing broadly, the assets of US 64 scheme, assured return and certain other schemes.

The Specified Undertaking of Unit Trust of India, functioning under an administrator and

under the rules framed by Government of India and does not come under the purview of the

Mutual Fund Regulations.

The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is registered

with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of theerstwhile UTI which had in March 2000 more than Rs. 76,000 crores of assets under

management and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual

Fund Regulations, and with recent mergers taking place among different private sector funds,

the mutual fund industry has entered its current phase of consolidation and growth.

The graph indicates the growth of assets over the years.


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Note:

Erstwhile UTI was bifurcated into UTI Mutual Fund and the Specified Undertaking of the

Unit Trust of India effective from February 2003. The Assets under management of the

Specified Undertaking of the Unit Trust of India has therefore been excluded from the total

assets of the industry as a whole from February 2003 onwards.

1.5

Current Scenario of Mutual fund Industry:

Despite being available in the market less than 10% of Indian households have invested in

mutual funds. A recent report on Mutual Fund Investments in India published by research and

analytics firm, Boston Analytics, suggests investorsare holding back from putting their

money into mutual funds due to their perceived high risk and a lack of information on how

mutual funds work. There are 46 Mutual Funds as of June 2013.
http://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Investorhttp://en.wikipedia.org/wiki/Investor


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The primary reason for not investing appears to be correlated with city size. Among

respondents with a highsavings rate, close to 40% of those who live in metros and Tier I

cities considered suchinvestments to be very risky, whereas 33% of those in Tier II cities

said they did not know how or where to invest in suchassets.

The mutual fund industry, today presents a picture of opportunity and challenges. As the

industry sensitizes itself to the changing regulatory landscape, business strategies are

endeavoring to respond to these developments. Amidst this changing business and regulatory

environment, asset management companies and all service providers, including distributors,

have to re-examine their business models and embrace the changing business landscape.

Gautam Mehra, Leader - Asset Management, PwC India, said, "At present, the Indian mutual

fund industry is facing interesting times. The last few years have seen a series of events, both

within and outside the Indian economy, which have impacted the industry. Additionally,

investors appear to have adopted a more cautious approach. The present scenario demands

vigorous innovation and reinvention. Among others, the purpose may be served by adopting a

cluster of key initiatives in the areas of cost efficiency, product design and positioning,

alternative distribution models, revenue diversification and capacity creation."

PwC presents a report in which it attempts to take an all around view of the dynamics and

explores hidden opportunities.

The key highlights of the reports are:

The mutual fund industry, beset by net redemptions by investors and adverse global

and local market conditions, shrank by 1.6%in terms of assets under management

during the year FY2011-2012.

The benchmark BSE Sensex and the assets under management (AuM) for the mutual

fund industry have risen in tandem. Booming markets in 2006 saw increased investor

participation in the industry, leading to fund inflows enabling the AuM to grow at a

pace greater than the Sensex.

However, volatile market conditions in the last two years have led to net withdrawals

by investors to the tune of 49,406 crore INR in FY 2010-11 and 22,023 crore INR in

FY 2011-12, leading to a further drop in AuM, in addition to the drop caused by

adverse market movements.
http://en.wikipedia.org/wiki/Savings_ratehttp://en.wikipedia.org/wiki/Savings_ratehttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/Assetshttp://en.wikipedia.org/wiki/Assetshttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/Savings_rate


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The mutual fund industry is primarily debt-oriented with debt funds (including liquid

funds) forming 64% of the AuM. As in the past, increased equity participation is the

need of the hour for the mutual fund industry.

(Report by PwC India)

1.6 Future Scenario of Mutual fund Industry:

Performance of the industry has been strong and it is well-placed to achieve sustainable

growth levels. The way forward for the next couple of years for the mutual fund industry

would be influenced hugely by the journey undertaken till this point of time and the changing

demographic profile of investors.

Diverse Range of Products:

There is a need for Indian Mutual funds to come out with innovative products that cater to the

ever changing customer requirements. In US, Mutual funds provide products that cater to the

entire life cycle of the investor.

Diversified products will keep the present momentum going for the industry in a more

competitive and efficient manner. Further, Mutual funds have to compete with bank deposits

and government securities for their share of consumer savings. Thus, in order to make Mutual


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funds more acceptable to the retail investors, the MF would have to mature to offering

comprehensive life cycle financial planning and not products alone.

Regulation for MF Distributors

Currently, distributors of MF schemes are not separately regulated by any authority in India.

Further, many of them though certified by AMFI still leave a lot to be desired so as to render

professional advice to investor and reduce mis-selling of the MF products. MFs need

distributors who are able to inform the investors about the efficacy of the product for a

particular risk profile and stage in their life cycle. SEBI is planning to put in place a

compliance certification examination (by NISM) and is expected to run it online from mid-

2010. Further, SEBI is also expected to soon come out with a new set of guidelines

for MF distributors. As the affluence of Indians increase, the range of financial products to

meet peoples needwill expand and with it the need for professional financial advice from

the MF distributors will increase.

Recommendations to re-visit the eligibility norms of AMCs:

SEBI had constituted the Committee on Review of Eligibility Norms (CORE) to re-visit

the eligibility norms and other functional aspects prescribed for various intermediaries.

Amongst other recommendations, the key ones are relating to increase in the minimum net

worth of AMCs from the existing Rs. 10 crores to Rs. 50 crores, change in the definition of

net worth, sponsor to be a regulated entity and change in definition of control. The objective

of the proposed recommendations is to allow only the serious players to enter/ remain in the

market. The proposed changes can lead to a better governance of the MF players, thereby

boosting investor confidence in the industry.

Trading through stock exchange platforms:

Recently, SEBI has permitted trading of MF units on recognised stock exchanges.

Subsequently, Bombay Stock Exchange and National Stock Exchange have launched trading

platforms enabling investors to invest by availing services of stock brokers. While trading

through the stock exchange, the investor would get to know about the validity of his order

and the value at which the units would get credited/ redeemed to his account by the end of the

day. Whereas, while investing through MF distributor or directly with the


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MF, the investor gets information of the subscription and redemption details only in the form

of direct communication from the MF/ AMC. Thus, by trading through the stock exchange,

the investor would be able to optimize his investment decisions due to the reduced time lag in

the movement of funds. This transparency in knowing the status of order till completion helps

in reducing disputes. Further, the investor would able to get a single view of his portfolio

across multiple assets like securities, MF units etc.

Real Estate Mutual Funds:

Real Estate Mutual Funds could be the next big thing for the industry provided the regulators

bring in more clarity on the tax and regulatory aspects

1.7 Benefits of investing in a mutual fund:-

As an investor, we would like to get maximum returns on our investments,

but we may not have the time to continuously study the stock market to keep track of them.

We need a lot of time and knowledge to decide what to buy or when to sell. A lot of people

take a chance and speculate, some get lucky, and most dont. This is where mutual funds

come in. Mutual funds offer the following advantages:

Professional management:

Qualified professionals manage our money, but they are not alone.

They have a research team that continuously analyses the performance and prospects

of companies. They also select suitable investments to achieve the objectives of the

scheme. It is a continuous process that takes time and expertise which will add value

to our investment. Fund managers are in a better position to manage our investments

and get higher returns.

Diversification:

The clich, "don't put all your eggs in one basket" really applies to

the concept of intelligent investing. Diversification lowers our risk of loss by

spreading our money across various industries and geographic regions. It is a rare

occasion when all stocks decline at the same time and in the same proportion. Sector


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funds spread our investment across only one industry so they are less diversified and

therefore generally more volatile.

More choice:

Mutual funds offer a variety of schemes that will suit our needs

over a lifetime. When we enter a new stage in our life, all we need to do is sit down

with our financial advisor who will help us to rearrange our portfolio to suit our

altered lifestyle.

Affordability:

As a small investor, we may find that it is not possible to buy shares of

larger corporations. Mutual funds generally buy and sell securities in large volumes

which allow investors to benefit from lower trading costs. The smallest investor can

get started on mutual funds because of the minimal investment requirements. we can

invest with a minimum of Rs.500 in a Systematic Investment Plan on a regular basis.

Tax benefits:

Investments held by investors for a period of 12 months or more qualify

for capital gains and will be taxed accordingly. These investments also get the benefit

of indexation.

Liquidity:

we can redeem all or part of our investment any time we wish and

receive the current value of the shares. Funds are more liquid than most investments

in shares, deposits and bonds. Moreover, the process is standardized, making it quick

and efficient so that we can get our cash in hand as soon as possible.

Rupee-cost averaging:

With rupee-cost averaging, we invest a specific rupee amount at

regular intervals regardless of the investment's unit price. As a result, our money buys

more units when the price is low and fewer units when the price is high, which can


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mean a lower average cost per unit over time. Rupee-cost averaging allows us to

discipline our self by investing every month or quarter rather than making sporadic

investments.

Transparency:

The performance of a mutual fund is reviewed by various publications

and rating agencies, making it easy for investors to compare fund to another. As a unit

holder, we are provided with regular updates, for example daily NAVs, as well as

information on the fund's holdings and the fund manager's strategy.

Regulations:

All mutual funds are required to register with SEBI (Securities

Exchange Board of India). They are obliged to follow strict regulations designed to

protect investors. All operations are also regularly monitored by the SEBI.

1.8 DISADVANTAGES OF INVESTING THROUGH

MUTUAL FUNDS:

1. No Control Over Costs:

An investor in a mutual fund has no control of the overall costs of investing. The

investor pays investment management fees as long as he remains with the fund, albeit in

return for the professional management and research. Fees are payable even if the value of his

investments is declining. A mutual fund investor also pays fund distribution costs, which he

would not incur in direct investing. However, this shortcoming only means that there is a cost

to obtain the mutual fund services.

2. No Tailor-Made Portfolio:

Investors who invest on their own can build their own portfolios of shares and bonds

and other securities. Investing through fund means he delegates this decision to the fund


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managers. The very-high-net-worth individuals or large corporate investors may find this to

be a constraint in achieving their objectives. However, most mutual fund managers help

investors overcome this constraint by offering families of funds- a large number of different

schemes- within their own management company. An investor can choose from different

investment plans and constructs a portfolio to his choice.

3. Managing A Portfolio Of Funds:

Availability of a large number of funds can actually mean too much choice for the

investor. He may again need advice on how to select a fund to achieve his objectives, quite

similar to the situation when he has individual shares or bonds to select.

4.

The Wisdom Of Professional Management:

That's right, this is not an advantage. The average mutual fund manager is no better at

picking stocks than the average nonprofessional, but charges fees.

5. No Control:

Unlike picking your own individual stocks, a mutual fund puts you in the passenger

seat of somebody else's car

6. Dilution:

Mutual funds generally have such small holdings of so many different stocks that

insanely great performance by a fund's top holdings still doesn't make much of a difference in

a mutual fund's total performance.

7. Buried Costs:

Many mutual funds specialize in burying their costs and in hiring salesmen who do not makethose costs clear to their clients.


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1.9 Risk in mutual fund:-

Mutual funds face risks based on the investments they hold. For example, a

bond fund faces interest rate risk and income risk. Bond values are inverselyrelated to interest rates. If interest rates go up, bond values will go down and vice

versa. Bond income is also affected by the changes in interest rates. Bond yields

are directly related to interest rates falling as interest rates fall and rising as

interest rates.

Similarly, a sector stock fund is at risk that its price will decline due to

developments in its industry. A stock fund that invests across many industries is

more sheltered from this risk defined as industry risk.

Followings are glossary of some risks to consider when investing in mutual

funds:-


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1.10 STRUCTURE OF A MUTUAL FUND:

India has a legal framework within which Mutual Fund have to be constituted. In

India open and close-end funds operate under the same regulatory structure i.e. as unit Trusts.

A Mutual Fund in India is allowed to issue open-end and close-end schemes under a common

legal structure. The structure that is required to be followed by any Mutual Fund in India is

laid down under SEBI (Mutual Fund) Regulations, 1996.

The Fund Sponsor:

Sponsor is defined under SEBI regulations as any person who, acting alone or in

combination of another corporate body establishes a Mutual Fund.

Mutual Funds as Trusts:

A Mutual Fund in India is constituted in the form of Public trust Act, 1882. The Fund

sponsor acts as a settlor of the Trust, contributing to its initial capital and appoints a trustee to

hold the assets of the trust for the benefit of the unit-holders.

Trustees:

A Trust is created through a document called the Trust Deed that is executed by the

fund sponsor in favour of the trustees. The Trust- the Mutual Fund may be managed by a

board of trustees- a body of individuals, or a trust company- a corporate body. Most of the

funds in India are managed by Boards of Trustees.


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The Asset Management Companies:

The role of an Asset Management Company (AMC) is to act as the investment

manager of the Trust under the board supervision and the guidance of the Trustees.

Custodian and Depositories:

.The custodian is appointed by the Board of Trustees for safekeeping of securities or

participating in any clearance system through approved depository companies on behalf of

the Mutual Fund and it must fulfill its responsibilities in accordance with its agreement with

the Mutual Fund.

Bankers:

A Funds activities involve dealing in money on a continuous basis primarily with

respect to buying and selling units, paying for investment made, receiving the proceeds from

sale of the investments and discharging its obligations towards operating expenses. Thus the

Funds banker plays an important role to determine quality of service that the fund gives in

timely delivery of remittances etc.

Transfer Agents:

Transfer agents are responsible for issuing and redeeming units of the Mutual Fund

and provide other related services such as preparation of transfer documents and updating

investor records.

1.11 TYPES OF MUTUAL FUNDS SCHEMES IN

INDIA

Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial

position, risk tolerance and return expectations etc. thus mutual funds has Variety of flavors,

Being a collection of many stocks, an investors can go for picking a mutual fund might be

easy. There are over hundreds of mutual funds scheme to choose from. It is easier to think of

mutual funds in categories, mentioned below.


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(A) BY STRUCTURE:

1. Open - Ended Schemes:

An open-end fund is one that is available for subscription all through the year. These

do not have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value

("NAV") related prices. The key feature of open-end schemes is liquidity.

2. Close - Ended Schemes:

A closed-end fund has a stipulated maturity period which generally ranging from 3 to

15 years. The fund is open for subscription only during a specified period. Investors can

invest in the scheme at the time of the initial public issue and thereafter they can buy or sell

the units of the scheme on the stock exchanges where they 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 two exit routes is provided to the investor

.


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3. Interval Schemes:

Interval Schemes are that scheme, which combines the features of open-ended and

close-ended schemes. The units may be traded on the stock exchange or may be open for saleor redemption during pre-determined intervals at NAV related prices.

B) BY NATURE

1. Equity Fund:

These funds invest a maximum part of their corpus into equities holdings. The

structure of the fund may vary different for different schemes and the fund managers outlook

on different stocks. The Equity Funds are sub-classified depending upon their investment

objective, as follows:

Diversified Equity Funds

Mid-Cap Funds

Sector Specific Funds

Tax Savings Funds (ELSS)

2. Debt Funds:

The objective of these Funds is to invest in debt papers. Government authorities,

private companies, banks and financial institutions are some of the major issuers of debt

papers. By investing in debt instruments, these funds ensure low risk and provide stable

income to the investors. Debt funds are further classified as:

Gilt Funds: Invest their corpus in securities issued by Government, popularly known

as Government of India debt papers. Income Funds: Invest a major portion into various debt instruments such as bonds,

corporate debentures and Government securities.

MIPs: Invests maximum of their total corpus in debt instruments while they take

minimum exposure in equities.

Short Term Plans (STPs): Meant for investment horizon for three to six months.

These funds primarily invest in short term papers like Certificate of Deposits (CDs)

and Commercial Papers (CPs).


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Liquid Funds: Also known as Money Market Schemes, These funds provides easy

liquidity and preservation of capital. These schemes invest in short-term instruments

like Treasury Bills, inter-bank call money market, CPs and CDs..

3. Balanced Funds:

As the name suggest they, are a mix of both equity and debt funds. They invest in

both equities and fixed income securities, which are in line with pre-defined investment

objective of the scheme.

C) BY INVESTMENT OBJECTIVE:

1. Growth Schemes:

Growth Schemes are also known as equity schemes. The aim of these schemes is to

provide capital appreciation over medium to long term.

2 Income Schemes:

Income Schemes are also known as debt schemes. The aim of these schemes is to

provide regular and steady income to investors. These schemes generally invest in fixed

income securities such as bonds and corporate debentures. Capital appreciation in such

schemes may be limited.

3. Balanced Schemes:

Balanced Schemes aim to provide both growth and income by periodically

distributing a part of the income and capital gains they earn.

4. Money Market Schemes:

Money Market Schemes aim to provide easy liquidity, preservation of capital and

moderate income. These schemes generally invest in safer, short-term instruments, such as

treasury bills, certificates of deposit, commercial paper and inter-bank call money.

Load Funds:

A Load Fund is one that charges a commission for entry or exit. That is, each time

you buy or sell units in the fund, a commission will be payable. Typically entry and exit loads

range from 1% to 2%.


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No-Load Funds:

A No-Load Fund is one that does not charge a commission for entry or exit. That is,no commission is payable on purchase or sale of units in the fund.

D) OTHER SCHEMES:

1. Tax Saving Schemes:

Tax-saving schemes offer tax rebates to the investors under tax laws prescribed from

time to time. Under Sec.88 of the Income Tax Act, contributions made to any Equity Linked

Savings Scheme (ELSS) are eligible for rebate.

2. Index Schemes:

Index schemes attempt to replicate the performance of a particular index such as the BSE

Sensex or the NSE 50.

3. Sector Specific Schemes:

These are the funds/schemes which invest in the securities of only those sectors or industries

as specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving Consumer

Goods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent on the

performance of the respective sectors/industries.

1.12 SEBI Rules and Regulations for Mutual Fund:-

The following restrictions apply to mutual fund companies:

A mutual fund company may not purchase securities on margin.

A mutual fund company may not own a joint account that trades securities.

A mutual fund company may not affect a short sale of any security.

A mutual fund company may not purchase more than 3% of the outstanding voting

stock of another investment company.


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Section 12b-1

Section 12b-1 of the Investment Company Act of 1940 allows the mutual fund company to

pay the principal underwriter for the costs of sales literature, promotional items and other

selling expenses by collecting 12b-1 fees. These fees are charged to fund's shares and are

permissible if the following conditions are met:

Payments to the principal underwriter are made according to a written plan that

outlines the proposed financing and distribution agreement

The majority of shareholders and majority of non affiliated directors initially approves

and continues to annually approve the plan

The board of directors reviews the payments under the plan at least quarterly

The plan and its related agreements may be terminated without penalty at any time

with 60 days written notice

Shareholder Rights

An investment company must abide by certain shareholder rights. The following activities are

prohibited unless approved by a majority shareholder vote:

A mutual fund company may not borrow money, make loans, buy or sell real estate,

or underwrite securities issued by other companies.

A mutual fund company may not change its investment objectives.

A mutual fund company may not change the nature of its business and cease acting as

an investment company.

A mutual fund company cannot change from a diversified form to an undiversified

one.

Shareholders must also receive certain semiannual financial reports, including the following:

A balance sheet and a statement of the fund's total investment value

An income statement for the period covered

A list of the securities' amounts and values on the date the balance sheet was issued

A statement of the salaries and other monies paid to the directors, advisory board and

officers

Total dollar amounts of securities purchases and sales
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1.13 Frequently used terms:-

Net Asset Value (NAV)

Net Asset Value is the market value of the assets of the scheme minus its

liabilities. The per unit NAV is the net asset value of the scheme divided by the

number of units outstanding on the Valuation Date.

Sale Price

Is the price you pay when you invest in a scheme. Also called Offer Price. It

may include a sales load. Repurchase Price

Is the price at which a close-ended scheme repurchases its units and it may

include a back-end load. This is also called Bid Price.

Redemption Price

Is the price at which open-ended schemes repurchase their units and close-

ended schemes redeem their units on maturity. Such prices are NAV related.

Sales Load

Is a charge collected by a scheme when it sells the units. Also called, Front -

end load. Schemes that do not charge a load are called No Load schemes.

Repurchase or Back-endLoad

Is a charge collected by a scheme when it buys back the units from the unit

holders.


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CHAPTER2

Introduction

of Company


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2.1 COMPANY PROFILE

Introduction:

SBI Mutual Fund (SBI MF) is one of the largest mutual funds in the country with an investor

base of over 5.8 million. With over 20 years of rich experience in fund management, SBI MF

brings forward its expertise in consistently delivering value to its investors.

SBI MF draws its strength from India's Largest Bank State Bank of India and Socit

Gnrale Asset Management, France

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. At SBI Mutual Fund, resources are considerably devoted to gain,

maintain and sustain profitable insights into market movements. The trust reposed on

SBI-MF by over 5.4 million investors is a genuine tribute to its expertise in Fund

Management. SBI Mutual Fund is Indias largest bank sponsored mutual fund and has

an enviable track record in judicious investments and consistent wealth creation.

Their main motto is "Growth through innovation and stable investment policies."

The fund serves this vast family of investors by reaching out to them through network of over130 points of acceptance, 29 investor service centers, 59 investor service desks and 6 Investor

Service Points.

SBI Mutual is the first bank-sponsored fund to launch an offshore fundResurgent India

Opportunities Fund.

Growth through innovation and stable investment policies is the SBI MF credo.

Sponsor: State Bank of India


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Trustee:SBI Mutual Fund Trustee Company Private Limited

Investment Manager: SBI Funds Management Private Limited Statutory Details: SBI

Mutual Fund (SBIMF); constituted as a Trust with SBIMFTCPL as the Trustee under the

provisions of Indian Trusts Act, 1882, and registered with SEBI.

Vision:

To be the most preferred and the largest fund house for all asset classes, with a consistent

track record of excellent returns and best standards in customer service, product innovation,

technology and HR practices.

Identity:

With 25 years of rich experience in fund management, we at SBI Funds Management Pvt.Ltd. bring forward our expertise by consistently delivering value to our investors. We have a

strong and proud lineage that traces back to the State Bank of India (SBI) - India's largest

bank. We are a Joint Venture between SBI and AMUNDI (France), one of the world's leading

fund management companies.

With our network of over 222 points of acceptance across India, we deliver value and nurture

the trust of our vast and varied family of investors.

Excellence has no substitute. And to ensure excellence right from the first stage of product

development to the post-investment stage, we are ably guided by our philosophy of growth

through innovation and our stable investment policies. This dedication is what helps our

customers achieve their financial objectives.

Services provided by them:

Mutual Funds:

Investors are our priority. Our mission has been to establish Mutual Funds as a viable

investment option to the masses in the country. Working towards it, we developed innovative,

need-specific products and educated the investors about the added benefits of investing in

capital markets via Mutual Funds.

Today, we have been actively managing our investor's assets not only through our investment

expertise in domestic mutual funds, but also offshore funds and portfolio management

advisory services for institutional investors.

This makes us one of the largest investment management firms in India, managing

investment mandates of over 5.4 million investors.


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Portfolio Management and Advisory Services:

SBI Funds Management has emerged as one of the largest player in India advising various

financial institutions, pension funds, and local and international asset management

companies.

We have excelled by understanding our investor's requirements and terms of risk / return

expectations, based on which we suggest customized asset portfolio recommendations. We

also provide an integrated end-to-end customized asset management solution for institutions

in terms of advisory service, discretionary and non-discretionary portfolio management

services.

Offshore Funds:

SBI Funds Management has been successfully managing and advising India's dedicated

offshore funds since 1988. SBI Funds Management was the 1st bank sponsored asset

management company fund to launch an offshore fund called 'SBI Resurgent India

Opportunities Fund' with an objective to provide our investors with opportunities for long-

term growth in capital, through well-researched investments in a diversified basket of stocks

of Indian Companies.

Investment Objective:

Setting benchmarks time and again. For our investors.

Our objective is to endeavor to outperform our benchmarks through well researched

investments in Indian equities. This is achieved by implementing an active management style

based on fundamental analysis, leading to the construction of a portfolio. It could be blended,

large cap, mid cap, or specific sector oriented - which aims at capturing the growth potential

of Indian equities.


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2.2 INVESTMENT TEAM:

Navneet Munot

Executive Director & Chief Investment Officer

Vincent Fravel

Vice PresidentInvestments

Fund ManagersEquity:

R. Srinivasan

HeadEquities

Jayesh Shroff

Fund Manager

Sohini Andani

Fund Manager

Richard DSouza

Fund Manager

Raviprakash Sharma

Chief Dealer & Fund Manager

Ruchit Mehta

Fund Manager

Tanmay Desai

Fund Manager

Saurabh Pant

Fund Manager

Dharmendra Grover

Fund Manager

Neeraj Kumar

Dealer
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Fund Managers - Fixed Income

Rajeev RadhakrishnanHead - Fixed Income

Dinesh AhujaFund Manager

R Arun

Fund Manager

Dinesh Balachandran

Fund Manager

Portfolio Management Services

Ajit Dange

Head PMS (Domestic Buseness)

Aashish Wakankar

Vice PresidentPMS (Offshore)

Amruth Rao

Senior Fund ManagerPMS (Debt)

TRUSTEES:

SBI Mutual Fund Trustee Company Private Limited (the Trustee), through its Board of

Directors discharge its obligations as Trustee of the SBI Mutual Fund. The Board of

Directors of SBI Mutual Fund Trustee Company Private Limited are as under

Shri T.L. Palani Kumar

Independent

Shri C.M. Dixit

Independent

Mr. Shriniwas Joshi

Independent

Mr. Krishnamurthy Vijayan

Independent

Ms. Anshula Kant

Associate Director

Mr. Richard Mendonca

Associate Director
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MANAGEMENT TEAM :

Mr. Dinesh Kumar Khara

MD & CEO

Mr. Philippe Batchevitch

Deputy CEO

Mr.Arun Agrawal

Chief Operating Officer

Mr. Navneet Munot

Executive Director & Chief Investment

Officer

Mr. R. S. Srinivas Jain

Executive Director & Chief Marketing

Officer (Strategy and International Business)

Mr. D. P. Singh

Executive Director & Chief Marketing

Officer (Domestic Business)

Ms. Aparna Nirgude

Chief Risk Officer

Mr. Rakesh Kaushik

Senior Vice President (Accounts &

Administration)

Ms. Vinaya Datar

CS & Compliance Officer

Mr. C. A. Santosh

Head - Customer Service

2.3 AWARDS RECEIVED:

At SBI Funds Management, we devote considerable resources to gain, maintain and sustain

our profitable insights into market movements. The trust reposed on us by millions of

investors is a genuine tribute to our expertise in Fund Management and dedication to our

singular focus. And this has resulted in various awards and accolades for us from the fund

industry, motivating us to do better. Some of the awards won by us are listed below
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2012

ICRA Mutual Fund Awards 2012 For Various Schemes

2011

Readers Digest Awards 2011 For Trusted Brand in Fund Management Category

ICRA Mutual Fund Awards 2011 For Magnum Income Fund - Floating Rate Plan - Long

Term Plan

2010

ICRA Mutual Fund Awards 2010 For Magnum Global Fund

2009

ICRA Mutual Funds Awards 2009 For Magnum Tax Gain Scheme 1993

The Lipper India Fund Awards 2009 For Various Schemes

2008

Outlook Money NDTV Profit Awards 2008

The Lipper India Fund Awards 2008 For Magnum Balanced Fund Dividend

ICRA Mutual Fund Awards 2008 For Various Schemes

2007

Outlook Money NDTV Profit Awards 2007

CNBC Awaaz Consumer Awards 2007

The Lipper India Fund Awards 2007 For Various Schemes

ICRA Mutual Funds Awards 2007 For Various Schemes
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2.4 Various schemes/ Products of Sbi mutual fund:

1. EQUITY SCHEMES:

The primary objective of the equity asset class is to provide capital growth / appreciation by

investing in the equity and equity related instruments of companies over medium to long

term.

Equity/ Growth Funds:

SBI Magnum Equity Fund

SBI Magnum Global Fund SBI BlueChip Fund

SBI Magnum Multicap Fund

SBI Magnum Multiplier Plus 1993

SBI Small and Midcap Fund

SBI Magnum Midcap Fund

Sectoral Funds:

SBI Emerging Businesses Fund

SBI Contra Fund

SBI FMCG Fund

SBI IT Fund

SBI Pharma Fund

Thematic Funds

SBI Magnum COMMA Fund

SBI Infrastructure Fund

SBI PSU Fund

ELSS Funds

SBI Magnum Taxgain Scheme 1993

SBI Tax Advantage Fund - Series I

SBI Tax Advantage Fund - Series II

SBI Tax Advantage Fund - Series III
http://www.sbimf.com/Products/EquitySchemes/Magnum_Equity_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Global_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Blue_Chip_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Multicap_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Multiplier_Plus_1993.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Small_and_Midcap_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Midcap_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Emerging_Businesses_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Contra_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_FMCG_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_IT_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Pharma_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Comma_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Infrastructure_Fund_-_Series_I.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_PSU_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Magnum_Taxgain_Scheme_1993.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_TAX_ADVANTAGE_FUND_SERIES_I.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_TAX_ADVANTAGE_FUND_SERIES_II.aspxhttp://www.sbimf.com/Products/EquitySchemes/sbi-tax-advantage-fund---series-iiihttp://www.sbimf.com/Products/EquitySchemes/sbi-tax-advantage-fund---series-iiihttp://www.sbimf.com/Products/EquitySchemes/SBI_TAX_ADVANTAGE_FUND_SERIES_II.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_TAX_ADVANTAGE_FUND_SERIES_I.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Magnum_Taxgain_Scheme_1993.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_PSU_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Infrastructure_Fund_-_Series_I.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Comma_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Pharma_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_IT_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_FMCG_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Contra_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Emerging_Businesses_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Midcap_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Small_and_Midcap_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Multiplier_Plus_1993.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Multicap_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Blue_Chip_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Global_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Equity_Fund.aspx


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Index Funds

SBI Nifty Index Fund

Market Neutral Strategy

SBI Arbitrage Opportunities Fund

2. DEBT / INCOME SCHEMES:

The schemes in this asset class generally invest in fixed income securities such as bonds,

corporate debentures, government securities (gilts), money market instruments, etc. andprovide regular and steady income to investors.

SBI Magnum Income Fund Floating Rate Plan - Savings Plus Bond Plan

SBI Corporate Bond Fund

SBI Magnum Income Fund

SBI Benchmark Gsec Fund

SBI Treasury Advantage Fund

SBI Inflation Indexed Bond Fund

SBI Dynamic Bond Fund

SBI Magnum Gilt Fund - Short Term Plan

SBI Magnum Gilt Fund - Long Term Plan

SBI Short Term Debt Fund

SBI Ultra Short Term Debt Fund

3. LIQUID SCHEMES:

The strategy for liquid funds include investments in short investment horizon, which includes

'cash' assets such as treasury bills, certificates of deposit and commercial paper.

SBI Magnum InstaCash Fund

SBI Magnum InstaCash Fund - Liquid Floater

SBI Premier Liquid Fund

4. HYBRID SCHEMES:
http://www.sbimf.com/Products/EquitySchemes/Magnum_Index_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Arbitrage_Opportunities_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Saving_Plus_Bond.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Corporate_Bond_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Benchmark_Gsec_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Treasury_Advantage_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/sbi_inflations_indexed_bond.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Dynamic_Bond_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Gilt_Fund_Short_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Gilt_Fund_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Term_Debt_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Ultra_Short_Term_Debt_Fund.aspxhttp://www.sbimf.com/Products/LiquidSchemes/Magnum_InstaCash_Fund.aspxhttp://www.sbimf.com/Products/LiquidSchemes/Magnum_InstaCash_Fund-Liquid_Floater_Plan.aspxhttp://www.sbimf.com/Products/LiquidSchemes/SBI_Premier_Liquid_Fund.aspxhttp://www.sbimf.com/Products/LiquidSchemes/SBI_Premier_Liquid_Fund.aspxhttp://www.sbimf.com/Products/LiquidSchemes/Magnum_InstaCash_Fund-Liquid_Floater_Plan.aspxhttp://www.sbimf.com/Products/LiquidSchemes/Magnum_InstaCash_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Ultra_Short_Term_Debt_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Term_Debt_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Gilt_Fund_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Gilt_Fund_Short_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Dynamic_Bond_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/sbi_inflations_indexed_bond.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Treasury_Advantage_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Benchmark_Gsec_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Corporate_Bond_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Saving_Plus_Bond.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Arbitrage_Opportunities_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Index_Fund.aspx


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These schemes invest in a mixture of debt and equity securities in different proportions as

prescribed in the Scheme Information Document.

SBI Magnum Children's Benefit Plan

SBI EDGE Fund

SBI Magnum Balanced Fund

SBI Regular Savings Fund

SBI Magnum Monthly Income Plan

SBI Magnum Monthly Income Plan - Floater

5.

FIXED MATURITY PLANSThese are closed ended debt schemes with a fixed maturity date and they invest in debt &

money market instruments maturing on or before the date of the maturity of the scheme.

SBI Debt Fund Series A - 1 (15 Months)


SBI Debt Fund Series A - 3 (420 Days)




SBI Debt Fund Series A - 7 (3 Years)












http://www.sbimf.com/Products/DebtSchemes/Magnum_Childrens_Benefit_Plan.aspxhttp://www.sbimf.com/Products/HybridSchemes/SBI_Edge_Fund.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Income_Plus_Fund_Investment_Plan.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan_Floater.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_1.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_2.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_3.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-A-4.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-5.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-6.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-7.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_8.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-9.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-10.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-11.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-12.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-13.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_14.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_15.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_16.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_17.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_18.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_19.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_19.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_18.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_17.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_16.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_15.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_14.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-13.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-12.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-11.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-10.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-9.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_8.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-7.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-6.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-a-5.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi-debt-fund-series-A-4.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_3.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_2.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_1.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan_Floater.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Income_Plus_Fund_Investment_Plan.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspxhttp://www.sbimf.com/Products/HybridSchemes/SBI_Edge_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Childrens_Benefit_Plan.aspx


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SBI Debt Fund Series 13 MONTHS 14






SBI Debt Fund Series 16 MONTHS 2 SBI Debt Fund Series 17 MONTHS 1




SBI Debt Fund Series 180 DAYS 26










http://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_21.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_22.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_23.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_24.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_25.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_A_26.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi_debt_fund_series_a_30.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_a_31.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_a_32.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_a_33.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/sbi_debt_fund_series_34.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_13_MONTHS_14.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_13_MONTHS_15.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_14_MONTHS_1.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_14_MONTHS_2.aspxhttp://www.sbimf.com/Products/FixedMaturitySchemes/SBI_Debt_Fund_Series_15_MONTHS_10.aspxhttp://www.sbimf.com/Products/Fixed

A Study of Risk and Return Analysis of open-ended equity schemes with regular plan-growth” Project...

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