MARKETING STRATEGY OF -Hdfc Mutual Fund

7/29/2019 MARKETING STRATEGY OF -Hdfc Mutual Fund

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PREFACE

Experience is the best teacher. This saying is very well applicable in everyoneslife. Therefore as a student of management it must apply to me also. Then thequestion arises that from where we can get this experience. Obviously we mustundergo practical Training. To serve this purpose I had undergone two monthssummer training at HDFC assets Management Company limited and as an outcome Ihave prepared this project report.

This project report on mutual fund awareness in retail investors of HDFC assets

Management Company in Surat is as per syllabus prescribed by Veer Narmad southGujarat University for MBA students. This project also deals with various activities ofHDFC assets Management Company limited. The experience of this training will beuseful in my future and findings of this particular project will be Helpful to takedecision regarding to marketing and advertising of mutual fund schemes To HDFCassets Management Company limited.

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Objectives of Study

Without any aim or objective, no activity can exist, in the same direction of

preparation of this report on HDFC assets Management Company limited. In different

functional areas & research on the mutual fund awareness in retail investors of

HDFC assets Management Company limited in Surat is based on the followingobjectives: -

1. My primary objective is to acquire primary functions of management like

Planning, Organizing, Directing and controlling from various functional areas

such as Finance, Human Resource, Marketing, and Sales etc.

2. Whatever we are taught in the classrooms, there is a limitation that book can

only give theoretical concept or knowledge and it has a limited view of

practically. So, the other important objective of this training is to know about

practical aspect and to know how a company actually works in practical

situation.

3. To know the mutual fund awareness level of the retail investors who are invest

in HDFC assets Management Company limited.

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Limitations of Study

There is no activity without any limitations.

1. Though every one used to be very co-operative but every detail was unable to

be disclosed to me as the officials has to maintain secrets of the company.

2. It is difficult to cover all the function of the company.

3. The analysis and conclusion made by me as per my limited understanding and

there may be something variation in the actual situation.

4. Because of the limited time period, the survey work was conducted in the

Surat region and the sample size was taken as 100 respondents only.

5. In this rapidly changing turbulent era the suggestions and recommendations

drawn out today might prove inadequate or improper tomorrow; this is likely

to limit its effectiveness.

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EXECUTIVE

SUMMARY

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Executive Summary

The entire report is an unforgettable journey of support, knowledge, experience,

dedication, perfection, and patience. For me it is all about to understand a customer

and market of mutual fund industry.

The report is specially oriented to particular area, though it is representing the strong

base of Investment management-which covers different investment avenues, their

handling contribution, strategy, portfolios, and related risk factors. Mutual funds- how

they are formed, history, scenario, types, trends, myths, distribution, advantages, and

even disadvantages of them.

Tips to effectively sell the mutual funds, to be effective agent, some dos and donts

about mutual funds while investing. Company details and its progress and its

interpretation base for analysis, conclusion, findings, and questionnaire, which helped

a lot in consumer, survey analysis. Asset allocation, accounting, taxation, valuation

and necessary information for generating base for conclusion. And at last but not the

least the collected data from city and their interpretation.

In short all efforts which was made to make this report explains

WORK IS WORSHIP

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CONTENTS

Sr. No. Name of Table Page No.

1 Objectives of Study 5

2 Limitations of study 6

3 Executive summary 8

4 Company details 11

About the Company 12

Sponsors of HDFC Assets ManagementCompany

13

Management of HDFC Assets ManagementCompany

14

Offices of HDFC assets management companylimited

17

5 Product details 24

6 Future scenario 32

7 Industry details 33

Introduction 34

History of Mutual Fund Industry 36

Customers Profile of mutual fund industry 40

Positioning Strategy of mutual fund industry41

Promotional Tools Employed by various mutualfund companies

42

Facts About Mutual Fund 45

8 Mutual fund 46

Introduction to Mutual Fund 47

Mutual Fund Cycle 49

Critical view about Mutual Fund 50

Why Investor Needs Mutual Fund 54 Mutual Fund Risk 55

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9 Types of Mutual Fund 58

10 Structure of Mutual Fund 60

11 Other various assets management companies details 64

12 Regulatory Aspects 6713 Research 71

Purpose of the Research 72

Research Objective 73

14 Research Methodology 74

Research Design 75

Sources of Data 76

Sampling Plan 78

Data Collection Method 80

15 Data analysis and findings 8116 Findings 92

17 Limitations 95

18 Conclusions 97

19 Recommendations 100

20 Annexure 103

21 Glossary 105

22 List of Table 107

23 List of Graphs 108

24 Bibliography 109

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COMPANY

DETAILS

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About the Company: -

An HDFC asset Management Company limited is well-established fund house. HDFCAssets Management Company limited is sponsored by Housing Development FinanceCorporation Limited (HDFC) and Standard life investments limited.

HDFC assets Management Company limited launched its scheme HDFC EQUITYFUND in the year January 1995. Since then it focused on different class of schemesfor many years and launched several innovative products that went to become

bourgeoning categories in the Indian mutual fund industry.

Some of these were HDFC GROWTH FUND, HDFC TOP 200 FUND, and HDFC

BALANCED FUND, HDFC PRUDENCE FUND etc.

HDFC assets Management Company limited have offices in 29 cities and currentlymanage assets in excess of Rs 36146.67 cores. (May 2007.)

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Sponsors of HDFC Assets Management Company:-

Housing Development Finance Corporation Limited (HDFC)

HDFC was incorporated in 1977 as the first specialized Mortgage Company in India.HDFC provides financial assistance to individuals, corporates and developers for the

purchase or construction of residential housing. It also provides property relatedservices (e.g. property identification, sales services and valuation), training andconsultancy. Of these activities, housing finance remains the dominant activity.HDFC has a client base of around 9.5 lack borrowers, around 1 million depositors,over 91,000 shareholders and 50,000 deposit agents as at March 31, 2007. HDFC hasraised funds from international agencies such as the World Bank, IFC (Washington),USAID, DEG, ADB and KfW, international syndicated loans, domestic term loansfrom banks and insurance companies, bonds and deposits. HDFC has received thehighest rating for its bonds and deposits program for the twelfth year in succession.HDFC Standard Life Insurance Company Limited, promoted by HDFC was the firstlife insurance company in the private sector to be granted a Certificate of Registration(on October 23, 2000) by the Insurance Regulatory and Development Authority totransact life insurance business in India.

Standard Life Investments Limited

The Standard Life Assurance Company was established in 1825 and has considerableexperience in global financial markets. The company was present in the Indian lifeinsurance market from 1847 to 1938 when agencies were set up in Kolkata andMumbai. The company re-entered the Indian market in 1995, when an agreement wassigned with HDFC to launch an insurance joint venture. On April 2006, the Board ofThe Standard Life Assurance Company recommended that it should demutualise andStandard Life plc float on the London Stock Exchange. At a Special General Meetingheld in May voting members overwhelmingly voted in favor of this. The Court of

Session in Scotland approved this in June and Standard Life plc floated on the LondonStock Exchange on 10 July 2006. Standard Life Investments was launched as an

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investment management company in 1998. It is a wholly owned subsidiary ofStandard Life Investments (Holdings) Limited, which in turn is a wholly ownedsubsidiary of Standard Life plc. Standard Life Investments is a leading asset

management company, with approximately US$ 269 billion as at March 30, 2007, ofassets under management. The company operates in the UK, Canada, Hong Kong,China, Korea, Ireland and the USA to ensure it is able to form a truly globalinvestment view. In order to meet the different needs and risk profiles of its clients,Standard Life Investments Limited manages a diverse portfolio covering all of themajor markets world-wide, which includes a range of private and public equities,government and company bonds, property investments and various derivativeinstruments.

Management of HDFC Assets Management Company:-

HDFC Trustee Company Limited:

A company incorporated under the Companies Act, 1956 is the Trustee to the MutualFund vides the Trust deed dated June 8, 2000, as amended from time to time. HDFCTrustee Company Limited is a wholly owned subsidiary of HDFC Limited.

HDFC Asset Management Company Limited:

HDFC assets Management Company limited was incorporated under the CompaniesAct, 1956, on December 10, 1999, and were approved to act as an Asset ManagementCompany for the Mutual Fund by SEBI on July 3, 2000. The registered office of theHDFC assets Management Company limited is situated at Ramon House, 3rd Floor,H.T. Parekh Marg, 169, Backbay Reclamation, Church gate, Mumbai - 400 020. Interms of the Investment Management Agreement, the Trustee has appointed HDFCAsset Management Company Limited to manage the Mutual Fund. The paid up

capital of the HDFC assets Management Company limited is Rs.75.161 crore.

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The present share holding pattern of the HDFC Assets management company is as

follows:

Particulars% of the paid up share

capital

HDFC 50.10

Standard Life InvestmentsLimited

49.90

The HDFC Assets management company is managing 18 open-ended schemes of the

Mutual Fund viz. HDFC Growth Fund (HGF), HDFC Balanced Fund (HBF), HDFC

Income Fund (HIF), HDFC Liquid Fund (HLF), HDFC Tax Plan 2000 (HTP), HDFC

Children's Gift Fund (HDFC CGF), HDFC Gilt Fund (HGILT), HDFC Short Term

Plan (HSTP), HDFC Index Fund, HDFC Floating Rate Income Fund (HFRIF), HDFC

Equity Fund (HEF), HDFC Top 200 Fund, (HT200), HDFC Capital Builder Fund

(HCBF), HDFC Tax Saver (HTS), HDFC Prudence Fund (HPF), HDFC High Interest

Fund (HHIF), HDFC Sovereign Gilt Fund (HSGF) and HDFC Cash Management

Fund (HCMF). HDFC assets Management Company limited is also managing the

respective Plans of HDFC Fixed Investment Plan, a closed ended Income Scheme.

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The HDFC Assets management company has obtained registration from SEBI vide

Registration No. - PM / INP000000506 dated December 22, 2000 to act as a PortfolioManager under the SEBI (Portfolio Managers) Regulations, 1993.

The HDFC Assets management company is also providing portfolio management /

advisory services and such activities are not in conflict with the activities of the

Mutual Fund

HDFC assets Management Companys punch line is continuing a

tradition of trust.

In Gujarat HDFC assets Management Company is located at Ahmadabad,

Surat, vadodara, Rajkot.

HDFC assets Management Company is working from 9:30 a.m. onwards.

HDFC assets Management Company Have 200 and more distributors in

Surat.

HDFC assets Management Company Provide account statements to

investors according to investors requirement.

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HDFC assets Management Company Provide good services to investors.

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Offices of HDFC ASSETS MANAGEMENTCOMPANY LIMITED

INVESTOR SERVICE CENTRES/OFFICIAL POINTS OF ACCEPTANCE FOR HDFC MUTUAL

FUND

REGISTEREDOFFICE

HDFC Mutual Fund - Mumbai *

Ramon House, 3rd Floor,H.T Parekh Marg, 169,

Backbay Reclamation, Church gateMumbai 400020.

Andhra Pradesh

HDFC Mutual Fund - Hyderabad

6-3-883/7, 2nd Floor,Saphire Square, Somajiguda,

Hyderabad - 500282.

Email:[email protected]

HDFC Mutual Fund - Visakhapatnam

Ground Floor, Saigopal Arcade,Opp Waltair Club,

Waltair Main Road, Siripuram,Visakhapatnam - 530003.


Bihar

HDFC Mutual Fund - PatnaRani Plaza Apartment,(Patna X-Ray Clinic),

Exhibition Road,Patna - 800001.


New Delhi

HDFC Mutual Fund - New Delhi

4th Floor, Mohan Dev Bldg., 13,Tolstoy Marg, Connaught Place,

New Delhi - 110001.Email:[email protected]

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Goa

HDFC Mutual Fund - Goa

A3, First Floor, Krishna Building,

Opp. Education Dept,Behind Susheela Building, G.P. Road,Panaji - 403001.


Gujarat

HDFC Mutual Fund - Ahmadabad

2nd Floor, Megha House,Besides Gruh House,

Mithakhali Six Roads,Ahmedabad - 380009.


HDFC Mutual Fund - Rajkot

2nd Floor, Shiv Darshan,Dr Radha Krishnan Road,

5, Jagnath Plot Corner,Rajkot - 360001.


HDFC Mutual Fund - Surat

U1 - U3, Jolly Plaza,Opp Athwa Gate Police Station,

Athwa Gate,Surat - 395001.


HDFC Mutual Fund - Vadodara

Upper Ground Floor, Gokulesh,R C Dutt Road,

Vadodara - 390007.Email:[email protected]

Jharkhand

HDFC Mutual Fund Jamshedpur

Gayatri Enclave,2nd Floor, "K Road",

Bistupur,Jamshedpur - 831001.


Karnataka HDFC Mutual Fund Bangalore

No.114, 1st Floor, Prestige Towers,99 & 100, Residency Road,

Bangalore - 560025.


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HDFC Mutual Fund Mangalore

UG -II, 6 & 7, Upper Ground Floor,

Maximus Commercial Complex,Light House Hill Road, Opp. KMC,Mangalore - 575001.


Kerala

HDFC Mutual Fund Kochi

Ground Floor,Cinema Cum Commercial Complex,

Behind Ravipuram Bus Stop,M.G. Road,

Kochi - 682016.


MadhyaPradesh

HDFC Mutual Fund Bhopal

Ranjit Towers,Zone II, 8 MP Nagar,

Bhopal - 462011.Email:[email protected]

HDFC Mutual Fund Indore

M1, M2 & M3, Mezzanine Floor,Sterling Arcade,15 / 3, Race Course Road,

Indore - 452001.Email:[email protected]

Maharashtra HDFC Mutual Fund Mumbai

Mistry Bhavan, 1st Flr, 122,Backbay Reclamation,

Dinsha Vachha Road, Churchgate,Mumbai - 400020.


HDFC Mutual Fund Nagpur

106-110, Shriram Shyam Towers,2nd Floor, Next to NIT Building,

Kingsway, Sadar,Nagpur - 440001.


HDFC Mutual Fund Nashik

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G- 1 & G-2, "Suyojit Heights",Opp. Rajiv Gandhi Bhavan,

Sharanpur Road,

Nashik - 422002.Email:[email protected]

HDFC Mutual Fund Pune

HDFC House, 2nd Floor,Shivaji Nagar, University Road,

Pune - 411005.Email:[email protected]

Orissa

HDFC Mutual Fund Bhubaneswar

2nd Floor, Vinayak 96,Janpath,Bhubaneshwar - 751001.


Punjab

HDFC Mutual Fund Chandigarh

SCO 375-376,Ground Floor, Sector 35-B,

Chandigarh - 160022.Email:[email protected]

HDFC Mutual Fund Ludhiana

SCO 122,Feroze Gandhi Market,

Ludhiana - 141001.Email:[email protected]

Rajasthan

HDFC Mutual Fund Jaipur

Moondhra Bhavan,3 Ajmer Rd,

Jaipur - 302001.Email:[email protected]

HDFC Mutual Fund Jodhpur

Gulab Singh Building,11, Chopasani Road,Jodhpur - 342003.


Tamil Nadu HDFC Mutual Fund Coimbatore

1371A, Ground Floor,Nadar Building Trichy Road,

Coimbatore - 641018.Email:[email protected]

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HDFC Mutual Fund Chennai

ITC Centre, 1st Floor,

760 Anna Salai,Chennai - 600002.Email:[email protected]

Uttar Pradesh

HDFC Mutual Fund Kanpur

1st Floor, 16/80 D,Behind SBI Main, Civil Lines,

Kanpur - 208001.


HDFC Mutual Fund Lucknow4 Shahnajaf Road,

Lucknow - 226001.


West Bengal

HDFC Mutual Fund Kolkata

Menaka Estate, 1st Floor,3 Red Cross Place,Kolkata - 700001.


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(Fig no 1- office locations of HDFC Assets Management Company)

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PRODUCT

DETAILS

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Inception Date: - January 01, 1995

2. HDFC growth fund:-

Investment Objective: - The primary investment objective of

the Scheme is to generate long term capital appreciation from a

portfolio that is invested predominantly in equity and equityrelated instruments.

Investment Options: Dividend & Growth Option

Nature of Scheme: - Open Ended Growth Scheme

Inception Date: -September 11, 2000

3. HDFC Top 200 fund:-

Investment Objective: - To generate long-term capitalappreciation from a portfolio of equity and equity-linkedinstruments primarily drawn from the companies in BSE 200index.


4. HDFC mid cape opportunity fund;- Investment Objective: - To generate long-term capital

appreciation from a portfolio that is substantially constituted of

equity and equity related securities of small and Mid-Cap

companies.


Nature of Scheme:- Open Ended Growth Scheme

Inception Date:- May 07, 2007

5. HDFC capital builder fund:-

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Investment Objective: - To generate long-term capital

appreciation from a portfolio that is substantially constituted of

equity and equity related securities of small and Mid-Capcompanies.



Inception Date:- February 01, 1994

6. HDFC core and satellite fund:-

Investment Objective: - The primary objective of the

Scheme is to generate capital appreciation through equity

investment in companies whose shares are quoting at prices

below their true value.



Inception Date:- September 17, 2004

7.HDFC premier multicape fund:-

Investment Objective: - The primary objective of the Schemeis to generate capital appreciation in the long term throughequity investments by investing in a diversified portfolio ofMid Cap and Large Cap `blue chip` companies.

Investment Options: Dividend Plan, Growth Plan, The

Dividend Plan offers Dividend Payout and Reinvestment

Facility.

Nature of Scheme: - Open Ended Growth Scheme

Inception Date: - April 06, 2005

BALANCED SCHEMES OF HDFC ASSET MANAGEMENT

COMPANY:-

1. HDFC balanced fund: -

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Scheme is to generate capital appreciation along with current

income from a combined portfolio of equity and equityrelated and debt and money market instruments.


Nature of Scheme: - Open Ended balanced fund

Inception Date: - September 11, 2000

2. HDFC prudence fund:-

Investment Objective: - The investment objective of the

Scheme is to provide periodic returns and capital

appreciation over a long period of time, from a judicious mix

of equity and debt investments, with the aim to prevent/

minimize any capital erosion


Nature of Scheme: - Open Ended balanced fund

Inception Date: - February 01, 1994

3. HDFC short term plan:-


HDFC Short Term Plan is to generate regular income

through investment in debt securities and money market

instruments.

Investment Options: Growth Plan, Dividend Plan. The


Facility.

Nature of Scheme:- Open Ended income fund

Inception Date: - February 28, 2002

4. HDFC multi yield fund:-

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Scheme is to generate positive returns over medium time

frame with low risk of capital loss over medium time frame. Investment Options: Growth Plan, Dividend Plan. The


Facility.

Nature of Scheme: - Open Ended income fund


DEBT SCHEMES OF HDFC ASSET MANAGEMENT

COMPANY :-

1. HDFC Income Fund:-

Investment Objective: - The primary objective of the Scheme

is to optimize returns while maintaining a balance of safety,

yield and liquidity.


Nature of Scheme: - Open Ended Income Scheme


2. HDFC Income Fund: -

Investment Objective: - The investment objective of HDFC

High Interest Fund is to generate income by investing in a

range of debt and money market instruments of various

maturity dates with a view to maximizing income while

maintaining the optimum balance of yield, safety and liquidity.


Nature of Scheme: - Open Ended Income Scheme

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Inception Date: - April 28, 1997

3. HDFC MF Monthly Income Plan - Short Term Plan:-

Investment Objective: - The primary objective of Scheme is

to generate regular returns through investment primarily in

Debt and Money Market Instruments. The secondary objective

of the Scheme is to generate long-term capital appreciation by

investing a portion of the Schemes assets in equity and equity

related instruments. However, there can be No assurance that

the investment objective of the Scheme will be achieved.

Investment Options: Quarterly Dividend Option, Monthly

Dividend Option, and Growth Plan. The Dividend Plan offers

Dividend Payout and Reinvestment Facility

Nature of Scheme: - An open-ended income scheme. Monthly

income is not assured and is subject to availability of

distributable surplus

Inception Date:- December 26, 2003

4. HDFC MF Monthly Income Plan - Long Term Plan:- Investment Objective: - The primary objective of Scheme is

to generate regular returns through investment primarily in

Debt and Money Market Instruments. The secondary objective

of the Scheme is to generate long-term capital appreciation by

investing a portion of the Schemes assets in equity and equity

related instruments. However, there can be no assurance that

the investment objective of the Scheme will be achieved

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Investment Options: Growth Plan, Quarterly Dividend

Option, Monthly Dividend Option. The Dividend Plan offers

Dividend Payout and Reinvestment Facility. Nature of Scheme: - An open-ended income scheme. Monthly

income is not assured and is subject to availability of

distributable surplus

Inception Date: - December 26, 2003

5. HDFC Floating Rate Income Fund Long Term Plan:-

Investment Objective: - The primary objective of the Scheme

is to generate regular income through investment in a portfolio

comprising substantially of floating rate debt / money market

instruments, fixed rate debt / money market instruments swapped

for floating rate returns, and fixed rate debt securities and money

market instruments.

Investment Options: Dividend Plan, Growth Plan. The

Dividend Plan offers Reinvestment Facility only

Nature of Scheme: - An open-ended income scheme.

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Inception Date: - January 16, 2003

FUTURE

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SCENARIO

The asset base will continue to grow at an annual rate of about 35 to 40%

over the next five year as investors shift their assets from banks and other

traditional avenues. Some of the older public and private sector players will

either close shop or be taken over.

Out of ten public players five will sell out, close down or merge with strongerplayer in three to four years. In the private sector this trend has already started

with two mergers and one take over. Here too some of them will down their

shutters in the near future to come.

But this does not mean that there is no room for other players. The

market will witness a flurry of new players entering the areas. There will be a

large no. of offers from various asset management companies in the time to

come, some big names like Principle, SBI, Fidelity, old mutual etc are looking

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at Indian market seriously. One important reason for it is that most major

players have presence here and hence these big names would hardly like to get

left behind.

The mutual fund industry is awaiting the introduction of derivatives in India as

this would enable it to hedge its risk and this in turn would be reflected in its

Net Asset Value (NAV).

SEBI is working out the norms for enabling the existing mutual fund schemes

to trade in derivatives. Importantly, many market players have called on the

Regular to initiate the process immediately, so that the mutual funds can

implement the changes that are required to trade in Derivatives.

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INDUSTRYDETAILS

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 invested by the fund manager in

different types of securities depending upon the objective of the scheme. These couldrange from shares to debentures to money market instruments. The income earned

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through these investments and the capital appreciations realized by the scheme 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 anopportunity to invest in a diversified, professionally managed portfolio at a relatively

low cost.

Anybody with an investible surplus of as little as a few thousand rupees can invest in

Mutual Funds. Each Mutual Fund scheme has a defined investment objective and

strategy.

A Mutual Fund is the ideal investment vehicle for todays complex and modern

financial scenario. Markets for equity shares, bonds and other fixed income

instruments, real estate, derivatives and other assets have become mature and

information driven. Price changes in these assets are driven by global events

occurring in faraway places. A typical individual is unlikely to have the knowledge,

skills, inclination and time to keep track of events, understand their implications and

act speedily. An individual also finds it difficult to keep track of ownership of his

assets, investments, brokerage dues and bank transactions etc.

A Mutual Fund is the answer to all these situations. It appoints professionally

qualified and experienced staff that manages each of these functions on a full time

basis. The large pool of money collected in the fund allows it to hire such staff at a

very low cost to each investor.

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In effect, the Mutual Fund vehicle exploits economies of scale in all three areas -

research, investments and transaction processing. While the concept of individuals

coming together to invest money collectively is not new, the mutual fund in present

form is a 20th century phenomenon. In fact, mutual funds gained popularity only after

the Second World War. Globally, there are thousands of firms offering tens of

thousands of mutual funds with different investment objectives. Today, Mutual Funds

collectively manage almost as much as or more money as compared to banks.

History of Mutual Fund Industry

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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 1964-87(Monopoly of UTI)

An Act of Parliament established Unit Trust of India (UTI) on 1963. 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 andadministrative 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 1987-93(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), and 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)

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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, 1993was the year in which the first Mutual Fund Regulations came into being, under

which all mutual funds, except UTI were to be registered and governed. The erstwhile

Kothari Pioneer (now merged with Franklin Templeton) was the first private sector

mutual fund registered in July 1993.

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

comprehensive and revised Mutual Fund Regulations in 1996. The industry now

functions under the SEBI (Mutual Fund) Regulations 1996.

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.

Forth 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.

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

registered with SEBI and functions under the Mutual Fund Regulations. With the

bifurcation of the erstwhile 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. As at the end of October 31, 2003, there

were 31 funds, which manage assets of Rs.126726 crores under 386 schemes.

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Customers Profile of mutual fund industry:-

(Fig no 4.Type of Customer)

1. While you recommend a financial plan, you also need to understand the

needs and financial objectives of your customer along with his risk tolerance

and his expectations from the investments.

2. Honest and straightforward advice is appreciated. Help your customers make

the right choice

3. Advise your customers to start investing early and regularly to help them

optimize the benefits of the compounding rupee.

4. Help your investors with the procedures and paper work involved in making

an investment.

Treat every customer exclusively. A satisfied customer can give you increased

business through resale and referrals of other prospective customers

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Positioning Strategy of mutual fund industry:-

Positioning starts with a product. But positioning is not what you do to a product.

Positioning is what you do to the mind of the prospect. That is, you position the

product in the mind of prospect. A companys differentiating and positioning strategy

must change as the product, market, and competitors change over time. . There

should be no under positioning, over positioning, confused positioning or

doubtful positioning.

Channel of Distribution:-

In Every asset Management Companys distribution channel played very

important roles.

Here assets management companies have distributors like

Consultants

Agents

Distributors

Advisers

Broker

Their role is very important for Assets Management Companys Office.

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NET ASSET VALUE:-

The Net Asset Value or NAV is a term used to describe the value of an entity's assetsless the value of its liabilities. The term is commonly used in relation to collectiveinvestment schemes. It may also be used as a synonym for thebook value of a firm.

NAV covers the company's current asset and liability position. Investors mightexpect the company to have large growth prospects, in which case they would be

prepared to pay more for the company than the NAV suggests.

The NAV is usually below the market price because the current values of the fundsassets are higher than the historical financial statements used in the NAV calculation.

CALCULATING NET ASSET VALUE

Unit capital is the investors subscriptions. In MF it is not treated as a liability.

Investments made on behalf of the investors are assets side of the balance sheet. There

are liabilities of short-term nature.

FUNDS NET ASSET = ASSET LIABILITIES

NAV = Net AssetsIssued Units

I.e.NAV= (market value of investments + other accrued income + other assets accrued

expenses other payables other liabilities)/ (no. Of units outstanding as at the NAV

date)

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THE FACTOR AFFECTING THE NAV ARE AS FOLLOWING:

1. Capital gains or losses on the sale or purchase of investment

Securities.

2. Dividend and income earned on the assets

3. Capital appreciation in the underlying value of the stocks holds in the portfolio

4. Other assets and liabilities

5. Number of units sold or purchased

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The truth is, as investors we should always pay attention to our mutual funds

and continue to monitor them.

MUTUAL FUND

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You will always have access to up-to-date information on the value of your

investment in addition to the complete portfolio of investments, the proportion

allocated to different assets and the fund managers investment strategy.

FLEXIBILITY

Through features such as regular investment plans, regular withdrawal plans

and dividend investment plans, you can systematically invest or withdraw

funds according to your needs and convenience.

SEBI REGULATED

All mutual funds are registered with SEBI and function within the provisions

and regulations that protect the interests of investors.

While most investment options provide most of these features, only

Mutual Funds provide all of these options.

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Limitations

NO CONTROL OVER COST

Any investor in a mutual fund has no control over the overall cost of investing.

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

return for the professional management and research. Fees are payable even in

declining stage. 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 benefits of mutual fund services.

NO TAILOR-MADE PORTFOLIOS

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

bonds and other securities. Investing through funds means he delegates this

decision to the fund managers. The very high-net-worth individuals or large

corporate investors may find this to be a constraint in achieving theirobjectives. 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 form different

investment plans and construct a portfolio of his own.

MANAGING A PORTFOLIO OF FUNDS

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Why Investor Needs Mutual Fund

Mutual funds offer benefits, which are too significant to miss out. Any investment has

to be judged on the yardstick of return, liquidity and safety. Convenience and tax

efficiency are the other benchmarks relevant in mutual fund investment. In the

wonderful game of financial safety and returns are the tows opposite goals and

investors cannot be nearer to both at the same time. The crux of mutual fund investing

is averaging the risk.

Many investors possibly dont know that considering returns alone, many mutual

funds have outperformed a host of other investment products. Mutual funds have

historically delivered yields averaging between 9% to 25% over a medium to long

time frame. The duration is important because like wise, mutual funds return taste

bitter with the passage of time. Investors should be prepared to lock in their

investments preferably for 3 years in an income fund and 5 years in an equity funds.

Liquid funds of course, generate returns even in a short term.

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Risk Return Reward in Mutual Fund

Liquid Fund

Short Term

Fund

Income Fund

MIP

Balance Fund

Equity Fund

(Fig no 6: - Risk Return in Mutual Fund)

This graph shows risk and return impact on various mutual funds. There is a direct

relationship between risks and return, i.e. schemes with higher risk also have potential

to provide higher returns.

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TYPES OF

MUTUAL FUNDS

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Types of Mutual Fund

There are a wide variety of Mutual Fund schemes that cater to your needs, whatever

your age, financial position, risk tolerance and return expectation. Whether as the

foundation of your investment program or as a supplement, Mutual Fund schemes can

help you meet your financial goals. The different types of Mutual Funds are as

follows:

Diversified Equity Mutual Fund Scheme

A mutual fund scheme that achieves the benefits of diversification by investing in

the stocks of companies across a large number of sectors. As a result, it minimizes

the risk of exposure to a single company or sector.

Sectoral Equity Mutual Fund Scheme

A mutual fund scheme, which focuses on investments in the equity of companies

across a limited number of sectors usually one to three.

Index Funds

These funds invest in the stocks of companies, which comprise major indices such

as the BSE Sensex or the S&P CNX Nifty in the same weight age as the

respective indices.

Tax Saving Equity Schemes

Schemes investing predominantly in equity which offer tax rebates to investors

under specific provisions of the Income Tax Act, 1961 as the Government offers

tax incentives for investment in specified avenues. E.g. Equity Linked Savings

Schemes (ELSS). Currently rebate u/s 88 can be availed unto a maximum

investment of Rs 10,000. A Lock-in of 3 years is mandatory.

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Monthly Income Plan Scheme

A mutual fund scheme which aims at providing regular income (not necessarily

monthly, don't get misled by the name) to the unit holder, usually by way of

dividend, with investments predominantly in debt securities (up to 95%) of

corporate and the government, to ensure regularity of returns, and having a

smaller component of equity investments (5% to 15%) to ensure higher return.

Income schemes

Debt oriented schemes investing in fixed income securities such as bonds,

corporate debentures, Government securities and money market instruments.

Floating-Rate Debt Fund

A fund comprising of bonds for which the interest rate is adjusted periodically

according to a predator-mined formula, usually linked to an index.

Gilt Funds

These funds invest exclusively in government securities.

Balanced Funds

The aim of balanced funds is to provide both growth and regular income as such

schemes invest both in equities and fixed income securities in the proportion

indicated in their offer documents. They generally invest 40-60% in equity and

debt instruments.

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TrusteesTrust is created through the document called Trust deed that is executed by the fund

sponsor and registered with SEBI. Board of trustees- a body of individuals or a trust

company-a corporate body may manage the trust cum Mutual Fund. These are

protector of unit holders interests.2/3 of the trustees will be individuals and will not be

associated with the sponsors.

Following are the rights of trustees:

Approve each of the schemes floated by the assets Management Company.

Right to request any necessary information from assets Management

Company.

Right to take corrective action if they believe that of funds business.

Right to dismiss the assets Management Company.

Ensure that any shortfall in net worth of the assets Management Company

is made up.

Following are the obligations of trustees:

Enter in to an investment management agreement with the assets

Management Company.

Ensure that the funds transactions are in accordance with the trust

deed.

Furnish to SEBI on a half yearly basis, a report on the funds activities.

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3. Joint Ventures - Predominantly Indian

a. Birla Sun Life Asset Management Pvt. Co. Ltd.

b. Credit Capital Asset Management Co. Ltd.

c. DSP Merrill Lynch Fund Managers Limited

d. First India Asset Management Private Ltd.

4. Joint Ventures Predominantly Foreign

a. Alliance Capital Asset Management (India) Pvt. Ltd.

b. Deutsche Asset Management (India) Pvt. Ltd.

c. Dundee Investment Management & Research (Pvt.) Ltd.

d. HSBC Asset Management (India) Private Ltd.

e. ING Investment Management (India) Pvt. Ltd.

f. Morgan Stanley Investment Management Pvt. Ltd.

g. Prudential ICICI Management Co. Ltd.

h. Sun F & C Asset Management (I) Pvt. Ltd

I. Templeton Asset Management (India) Pvt. Ltd.

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Regulatory

Aspects

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RESEARCH

METHODOLODY

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The following table shows area wise distribution of sample size.

AREA SAMPLE

UDHNA 17

MORABHAGAL 3

ADAJAN 15

RANDER ROAD 17

RALWAY STATIONROAD 5

PARLE POINT 5

GHODDOD ROAD 8

PIPLOD 2MAJURAGATE 2

RING ROAD 4

BHAGAL 4

KATARGAM 4

VARACHA 2

CITY LIGHT ROAD 6

NANPURA 2

PANDESARA 1

VED ROAD 1

PAL 1

BHESTAN 1TOTAL 100

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Data Collection Method

This step involves making a very specific plan about how you will conduct

your research and collect your data.

1) Surveys & Questionnaires

Survey The means by which quantitative research is conducted.

Questionnaire A prepared set of questions designed to generate data

necessary for accomplishing the objectives of the research project.

I used survey method for data collection. Information was collected by

personal interviews through questionnaire.

Following types of measurement scales were used in the questionnaire.

Simple category scale: - (Q-2, Q-4, Q-8, Q-9)

Multiple choice single response scales: - (Q-6)

Multiple choice multiple response scale:-(Q-1, Q-3, Q-5, Q-7)

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DATA ANALYSIS

AND

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FINDINGS

Q-1 which investment avenues are you aware of?

INVESTMENT AVANUES FREQUENCY PERCENTAGE

EQUITY/MUTUAL FUND 100 34.36%

POST OFFICE 94 32.30%

F.D. 86 29.55%

OTHERS 11 3.79%

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100

94

86

11

EQUITY/M.F.

POST OFFICE

F.D.

OTHERS

(Fig no 9: - Define investments avenues)

Interpretation: -

From the above charts we can interpret that awareness of equity/mutual fund, postoffice (NSC, KVP, and PPF), fixed deposits is more compare to others like GOVTISSUED Instrument, GOVT Backed Instrument, Real Estate, gold etc. so HDFCassets Management Company needs to focus more on those investors who are moreinvest in KVP, NSC, PPF and fixed deposits.

Q-2 do you invests in mutual fund?

YES NO

97 3

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3

97

0

20

40

60

80

100

120

YES NO

PREFERNCE

NOO

FPEOPLE

Series1

(Fig no 10: - Define investments in mutual fund)

From the above chart it is getting clear that now a days people are like to invest theirmoney in mutual fund of different assets management company, out of 100 people

sampled 97 are investing in the mutual fund.

Q-3 If yes, in which assets class do you want to invest inMutual Fund?

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Management company limited?

SCHEMES OF HDFCNO OFINVESTOERS

EQUITY FUND 43

CAPITAL BUILDER FUND 2

PRUDENCE FUND 17

TAX SAVER FUND 35

CORE AND SATELITE FUND 3

TOP 200 FUND 16

BALANCED FUND 1

GROWTH FUND 16

OTHERS FUND 5

NO OF INVESTOERS

43

2

1735

3

16

116 5

EQUITY FUND CAPITAL BUILDER FUND

PRUDENCE FUND TAX SAVER FUND

CORE AND SATELITE FUND TOP 200 FUND

BALANCED FUND GROWTH FUND

OTHERS FUND

(Fig no 13: - Define scheme in which investors invest in HDFC assets

Management Company)

From the above chart we can see that in HDFC assets Management CompanysEQUITY FUND maximum number (43) of people are invest. In TAX SAVER FUND35 number of people invests. In both TOP 200 FUND and GROWTH FUND 16numbers of people are invests but in BALANCED FUND, CAPITAL BUILDERFUND, CORE AND SATELITE FUND only 1,2 and 3 people are invest so investorsare not invested in these 3 schemes. In PRUDENCE FUND 17 numbers of people areinvested.

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Q-6 By which medium you invest in HDFC assetsManagement company limited?

MEDIUM OF INVESTMENT NO OF PEOPLE

DISTRIBUTOR 8

BANK 48

ONLINE 0

8

48

0

0

510

15

20

25

30

35

40

45

50

DISTRIBUTOR ONLINE

MEDIUMS

NO OF PEOPLE

NO OF PEOPLE

(Fig no 14: - Define mediums choose by investors for invest in HDFCassets management company)

From the above chart its getting cleared that most of the peoples (48) are invest bybank and only 8 peoples are invest by distributors. Nobody invests through online. Sohere HDFC assets Management Company has to provide facility by which investorsinvest their money with out any middle man in mutual fund schemes through online.

Notes: - here out of 100 responds, 44 responds are not invest in HDFC assetsManagement Company. These responds are not considered in these questions.

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FINDINGS

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HDFC assets Management Company provides EXCELLENT CUSTOMER

SERVICE.

Out of the total respondents almost 48 responds are investing through bank,

only 8 responds investing their money by distributor and nobody invested by

online.

The 58% of the respondent were aware about the ongoing NFO of HDFC

assets management company and 42% were not aware about the ongoing NFO

of HDFC assets management company.

In HDFC assets Management Companys EQUITY FUND maximum number

(43) of people are invested and In TAX SAVER FUND 35 number of people

are invests.

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LIMITATIONS

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CONCLUSIONS

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Conclusions

Half of the respondents are investing in different schemes of mutual fund

companies.

The investors prefer investing more in banks and post office, which shows that

investors want security, and assured returns.

Others than Banks and post office the next preference of investors who go for

risky preposition in shares and Mutual Funds. That is basically due to

misconception that Mutual Fund Companies usually invest in equity market,

which shakes trust of people in Mutual Fund.

Majority of investors invested in open-ended schemes.

The awareness level about HDFC assets Management Company is moderate

but still the awareness should be created because 44% peoples still not invest

in HDFC assets Management Company.

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As the investor prefers safe investment and want consistent return, they invest

in debt schemes (22.69%).

The investors prefer HDFC assets Management Company more because of the

tax benefit and consistent return.

Mutual funds are also preferred because of the cost effectiveness and higher

income by investing in equity schemes.

The banks mostly make the investments through the agents followed.

Professional and Business class, which is considered to be the most

knowledgeable class of the region prefers Mutual Funds less compare to

service class.

The time frame of the investment by majority of the investors is open-ended

schemes in which their money is not locked for 3 to 5 years.

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RECOMMENDATION

S

Recommendations

The company should try to make aware people about their different schemes

through the road show; seminars and presentation that it is not just equity

based schemes but also debt and liquid or balanced schemes also promoted by

company. Company has to put hoardings, banners, pamphlets in that area

where peoples can watch easily.

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The customers should be made aware that if the time frame of the investment

is more than 3 years Equity option is the best tool for investing in mutual fund

by this investors getting good and high returns for their investments.

The company should be conducting special training and motivation

Programme for their distributors and also for investors so that they are being

motivated to work, their quality of performance and contribution in sales is

maintained.

Company has to provide application forms and other promotional materials totheir distributors time to time and company has to maintain better relationship

with their distributors by these they can give good contribution in investments.

None of responds invest their money in different schemes of company

By Online, so company has opportunity to launch online services for their

distributors and retail investors.

Companys core and satellite fund, balanced fund, capital builder fund are

preferred by very few investors because this schemes not perform well so

company has to think about their companies in which they invest investors

money so they have to change portfolio of investments.

Most of the people still preferred to invest in post office schemes and fixed

deposits so company has to focus on these investors.

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ANNEXURE

Questionnaire

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NAME: -

ADDRESS: -

CONTACT NO: (O) (R) (M)

1) Which investment avenues are you aware of?Equity /Mutual fund

Post Office (NSC, KVP, PPF)

Fixed Deposits

Others

If others please specify

2) Do you invest in mutual funds?Yes No

3) If yes, in which assets class do you want to invest in mutual funds?

Equity Debt Liquid

4) Do you invest in HDFC mutual fund?Yes No

5) If yes, in which scheme would you invest in HDFC MUTUAL FUND?

Equity

Capital builder

Prudence fund

Tax saver

Core & satellite

Top 200 fund

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Balanced fund

Growth

Others

6) By which medium do you invest in HDFC mutual fund scheme?Distributor Bank Online

7) Why do you prefer investing in HDFC MF?

Better fund house

Excellent customer service provider

Consistent return

Other

If other please specify

8) Which type of product/scheme would you prefer while investing in EquityScheme of HDFC mutual fund?

Open-ended Close ended

9) Do you know about on going new fund offers of HDFC AMC?

Yes No

Remarks if any other please specifies: -

Thank you for your time.

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Glossary

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

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

May include a sales load.

Repurchase Price

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

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

Ended schemes redeem their units on maturity. These prices are NAV

Related.

Repurchase or Back-end Load

A charge collected by a scheme when it buys backs the units from the unit

Holders.

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Expense Ratio:

The Expenses of a scheme include management fees and all the fees associated with

the scheme's daily operations. Expense Ratio refers to the annual percentage of fund's

assets that is paid out in expenses and can affect the performance of the scheme.

Exit Load:

It is the load charged by the fund when one redeems the units from the fund. Itreduces the price of the units to less than the NAV and is expressed as a percentage of

NAV.

Face Value:

The original issue price of one unit of a scheme, generally Rs 10.

Lock-in period:

The cooling period after investment in fresh units during which the investorCannot redeem the units.

No Load:

It refers to the fund that does not charge any load for buying or selling its units, i.e.

the investor can transact at the NAV.

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List of table

Sr. No. Name of Table Page No.

1 Offices of HDFC assets management company limited 17

2 Other various assets management companies details 643 Area wise distribution of sample size. 79

4 Define investments avenues 82

5 Define investments in mutual fund 83

6 Define schemes preferred by investors 84

7Define investment in HDFC assets managementcompany

85

8Define scheme in which investors invest in HDFCassets management company

86

9Define medium choose by investors for invest in HDFCassets management company 87

10 Define PREFENCE CRITERIA of investors 88

11Define type of product /schemes investors prefer forinvestments.

89

12Define awareness level about on going NFO of HDFCassets management company.

90

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Bibliography

Books

Cooper and schinder Research Methodology New Delhi TataMcGraw-Hill Ltd 2001

Fact sheet of HDFC assets Management Company limited.

www.hdfcfund.com

www.amfiindia.com

www.valuereserchonline.com

www.moneycontrol.com

Websites

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CERTIFICATE

This is to certify that Mr. Badami Kalpesh D. has satisfactorily completed the project

work entitled, Mutual fund Awareness in Retail Investors Of HDFC Assets

management company in SuratBased on the declaration made by the candidate

and my association as a guide for carrying out this work, I recommended this project

report for evaluation as a part of the MBA programmer of Veer Narmad South

Gujarat University.

Place: _______________

Date: (Dr. R. S. Shah)

This project is forwarded for evaluation to the Veer Narmad South Gujarat

University.

Place:

Date: ____________________

Director of GRIMS

(Dr. R. S. Shah)

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MARKETING STRATEGY OF -Hdfc Mutual Fund

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