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Transcript of Sarat Project
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INTRODUCTION
India is one of the few countries in the world, which has the
credit of maintaining in study growth in domestic savings during 1970s, and
80s. One significant aspect of India saving structure is increasing share of
household sector in domestic savings. It is interesting to know the structural
changes in savings sector are not matched by new financial instruments and
institutions to canalize the savings for more productive purposes and better
returns to the investors. Traditional savings media like bank deposits,
insurance, provident fund and pension fund remained dominant. Investment
in the capital market is also significantly low 1% of the population in India
puts its savings in the capital market as against 10% in Industrialized
Countries. Therefore there was a need for new instruments to mobilize the
growing savings with higher returns. The Mutual funds in India is response
to the demand and a tip towards financial innovation and integration.
The Indian economy in the recent times has passed through
revolutionary changes. The impact of economic reforms in the form of
Liberalization, Privatization and Globalization (LPG) has significantly
influenced the growth of Indian financial system, and led to the rapid growth
of economic in the 21st century. It has also significantly influenced the
growth of capital markets; as well create a demand for newer capital market
instruments and financial services. Expansion and diversification of capital
markets has also generated
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Complexities in capital markets operations which very often cannot be
understood by small investors. Mutual funds are a response to this problem.
Though Mutual funds took the world capital market by storm in 1980s their
entry dates back to 1924, when the first Mutual fund was established in
USA. At present the US Mutual fund industry is managing assets worth over
$7 trillion (Rs 308 lac crores) and with more than 8,000 odd schemes by the
end of 2000. It is to say that all most every second household owns some of
them. That is how US Mutual fund industry has become the most powerful
force in the US investment landscape. Contrary through this the Indian
Mutual fund industry is at a relatively slow pace. On June 30, 2004, Indian
Mutual funds commanded assets of Rs. 121778 crores 8% of the retail
deposits of scheduled commercial banks. In the US, mutual funds over took
bank deposits some years ago.
MUTUAL FUND CONCEPT:
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 could range from shares to
debentures to money market instruments.
The income earned through these investments and the capital
appreciations realized by the scheme are shared by its unit holders in
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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
portfolio at a relatively low cost. The small savings of all the investors
are put together to increase the buying power and hire a professional
manager to invest and monitor the money. Anybody with an ingestible
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.
MANAGEMENT OF MUTUAL FUNDS:
In Western Countries like U.K., U.S.A. Mutual Funds are operated by
financial institutions, investment corporations and brokerage houses, though
banks are not legally allowed to operate Mutual Funds themselves, they
offer the opportunities to their customers to invest through affiliated with
mutual fund companies.
In India the largest mutual fund company, UTI was set up under
public sector and nationalized commercial banks also were allowed to set up
Mutual Funds as separate trusts. Apart from this other financial institutions
like LIC, GIC, ICICI, and HDFC have also put up mutual funds. From 1993
Government has permitted private sector Mutual funds as a part of financial
sector reforms.
Mutual funds are managed by professional managers of high quality and
expertise, who can devise the tailor, made scheme to suit the needs of the
cross section of investors. In order to minimize the risk of investment and to
earn higher rates of investment. MF investment is diversified in several3
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instruments after careful market research by the professionals. Managers of
the mutual funds keep a constant watch on various vital aspects of economy
particularly in the areas of Industry, Trade, and Capital Market etc. Mutual
Funds are thus able to provide their investors safety, liquidity and yield
through diversification, professional management and special financial
services.
Mutual funds may offer one or more funds (schemes) depending upon
the objectives. Mutual funds sell shares/units usually of a specified
denomination called face value say Rs. 10/- or Rs. 100/-. Mutual funds
specify the minimum amount to be invested and units offered to the
investors directly or through agent brokers or identified agencies.
SIGNIFICANCE AND IMPORTANCE OF MFs:
The advantages of MFs can be listed as under:
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Diversification:
MFs invest in a number of companies. This diversification reduces
the risk because all stocks decline at the same time and in the same
proportion. This diversification through a MF with far less money than he
can do on his own.
Return Potential:
MFs have the potential to provide a higher return as they invest in a
diversified basket of selected securities over a medium to long-term.
The service of experienced and skilled professionals are backed by a
dedicated investment research team which analyses the performance and
prospects of companies and selects suitable investments to achieve the
objectives of the scheme.
Convenient administration:
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MFs save time and make investing in a MF reduces paper work and
solves many problems such as bad deliveries delayed payments and
unnecessary follow up with brokers and companies.
Low Costs:
Investing directly into the capital market involves huge amounts,
when compared to MF as the brokerage, custodial and other fees translate
into lower costs for investors.
Liquid:
In open ended schemes, one can get his money back at NAV related
prices from the MF, close-ended schemes; one can sell his units in a stock
exchange at the prevailing market price.
Choice of Schemes:
To suit the investors with different needs over a lifetime MFs offer a
variety of schemes to suit the investors.
Transparency:
The investor gets regular information on the value of investment in
addition to disclosures on the specific investments made by the scheme.
Flexibility:
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The investor can invest or withdraw funds according to his needs and
convenience with systematic investment plans withdrawal plans and
dividends reinvestment plans.
Well Regulated:
MFs are registered with SEBI and function within the provisions of
strict regulations designed to protect the interests of investors. The
operations of MFs are regularly monitored by SEBI.
Need and Importance of study:
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In the recent past years due to heavy population growth and high income of
the people, they are very much interested to invest their money. The
liberalization policy adopted by the government lead to tremendous growth
in investment industry which is for investments. The investor decision
regarding to the investment would be crucial. In that time the company play
a vital role.
Objectives of the Study:
This study is undertaken to analyze the alternatives for small investors
used for their decision making with respect to the Mahindra Finance,
Warangal.
To know the investor interest to invest in Mahindra Finance company.
To identify the factors influencing in investment of the investors.
To know the investor alternatives regarding investment.
To know the investor satisfaction regarding the investment.
To study the company-investors alternatives with respect to the offers
of the Mahindra finance company.
Investor satisfaction about the with respect to the Brand name,
service, clarity etc.
Methodology:
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Research design:
For the purpose of the study, both primary and secondary data has
been collected following the observational method and survey research
method collects the primary data. While taking personal interviews of the
investor the observational method was used. The survey research method is
used to gain insight knowledge about the opinions of the investors towards
the Mahindra Finance. The main research instrument used for collecting the
required data is a well structured questionnaire. An investor towards the
Mahindra Finance and administered to the same.
Sample Design:
For ascertaining the investor alternatives towards the Mahindra Finance 100
investors have been randomly selected from various parts the Andhra
Districts. The technique of sampling adopted in this is convenient random
sampling. The researcher has taken necessary steps to avoid any bias while
collecting the data.
Limitations:
The study covers the Hyderabad district only and due to the limited
sample size, the facts revealed in the study may not generalize.
The analysis based on what investors option at the time of the survey.
The study may not produce the same findings if done at a later stage
of time.
While filling the questionnaire investors could not provide 100%
accurate information because of their personal limitations. The study tries to know the investors alternatives but it was not
possible to focus on all the issues.
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INDUSTRY PROFILE
A MF is a trust that pools the thirty savings of varied investors who
share a common financial goal. The funds thus collected are invested by the
fund manger in different types of financial instruments like shares,securities, bonds etc. available in capital market depending upon the
objectives of the scheme. The income earned through these investments and
the capital appreciation realized by the scheme is shared by its unit holders
in proportion to the number of units owned by them on prorate basis. Thus A
MF is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified and professionally managed portfolio at
a relevant low cost. Any individual with an investable surplus of as little as
few thousand rupees can invest in MFs. Each MF scheme has a defined
investment objective and strategy.
A MF is the ideal investment vehicle for todays complex word.
Markets for equity shares, bonds and other fixed income instruments, real
estates, derivatives and other assets have become matured and information
drive price changes in these assets are driven by global events occurring in
far away places. A typical individual is unlikely to have the knowledge,
skills, and inclination and acts speedily. It is difficult to keep trace of
ownership of assets investments, brokerage dues and bank transitions etc.
A MF is the answer for all the situations. It appoints professionally
qualified and experienced staff that manages each of these functions on a
full time basis. The present day fund mangers are thoroughly professionally,highly market oriented and quiet aggressive in strategy formulations. The
large pool of money collected by the funds allows it to hire such personnel at
a very low cost to each investor. In other words MF vehicle exploits
economy of scale in all three areas of Research, Investments and Transaction
processing.
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COMPANY PROFILEWe at Mahindra Finance are all-encompassing of clients needs. So while
we believe in making assets easily available, we also believe in catering
to those who want to create wealth from these assets. Our Investment
Advisory Services act as an avenue to help create and multiply wealth.
Mutual Fund Distribution
Recently we have received the necessary permission from Reserve Bank of
India (RBI) to start the distribution of Mutual Fund products through our
network. Hitherto we were only participating in the liability
requirements of our customers but with a mutual fund distribution
business, we can also participate in their asset allocation.
When it comes to investing, everyone has unique needs based on their own
objectives and risk profile. While many investment avenues such as
fixed deposits, bonds etc. exist, it is usually seen that equities typically
outperform these investments, over a longer period of time. Hence we
are of the opinion that, systematic investment in equity allows one to
create substantial wealth.
However, investing in equity is not as simple as investing in bonds or bank
deposits, because only proper allocation of portfolio gives maximum
returns with moderate risk, and this requires expertise and time.Our Investment Advisory Services help you invest your money in equity
through different Mutual Fund Schemes. We ensure the best for our
clients by identifying products best suited to individual needs.
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What we offer
Personalized Service
We believe in providing personalized service and individual attention toeach client to ensure that we understand their investment goals and helpthem achieve it.
Professional Advice
We offer expert advice on equity and debt portfolios with an objective to
provide consistent long-term return while taking calculated market risks.
Our approach helps our clients build a proper mix of products, and not
concentrate on just one individual product. Hence, serving their long-term
objectives in the best way.
Long-term Relationship
We believe that long-term vision is the only means to steady wealthcreation. However to achieve this one also needs to take advantage of short-
term market opportunities while not loosing sight of long-term objectives.
Hence we partner all our clients in realising their long-term vision.
Access to Research Reports
We provide our clients with access to the expert opinion of economists and
Personalised Service We believe in providing personalised service and
individual attention to each client to ensure that we understand their
investment goals and help them achieve it.
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Professional Advice
We offer expert advice on equity and debt portfolios with an objective to
provide consistent long-term return while taking calculated market risks.
Our approach helps our clients build a proper mix of products, and not
concentrate on just one individual product. Hence, serving their long-term
objectives in the best way.
Long-term Relationship
We believe that long-term vision is the only means to steady wealth
creation. However to achieve this one also needs to take advantage of short-
term market opportunities while not loosing sight of long-term objectives.
Hence we partner all our clients in realising their long-term vision.
Access to Research Reports
We provide our clients with access to the expert opinion of economists and
analysts from CRISIL, one of the leading financial research and rating
companies of India. This is because; we believe that unbiased research is the
key to providing sound advice in making informed investment decisions.
TransparencyandConfidentiality
Our clients receive regular portfolio statements from us via email. They can
also view the detailed performance of their investment portfolio on the web,
the access to which is restricted to the client only. Moreover, our monitoring
system enables us to detect any unauthorized access to the portfolio.
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Flexibility
To facilitate smooth dealing and consistent attention, all our clients are
serviced by their individual Relationship Executives. Relationship
Executives provide you with completely hassle-free, customised services
taking care of all the administrative aspects of your investments. This
includes submission of application forms to fund houses and a monthly
report on the overall performance of your investment portfolio.
Hassle-free investment
We want to ensure that the process of investing remains hassle-free. We also
want to offer complete customised service to our clients. It is for these
reasons that our Relationship Executives take care of all the administrative
aspects of investments like helping them to submit the application forms to
fund houses and other such formalities like monthly reports on the overall
state of investments of the clients and performance of portfolios. Our clients
also enjoy:
At Mahindra Finance, we pride ourselves on having pioneered rural finance
in India. We have grown with each passing year, met targets, exceeded
expectations and in the process created wealth for our shareholders. Here we
have a dedicated section of up-to-date information, from our financials to
our events and presentationseasy access to information, at the click of a
button. Much like most of our quick and simple processes at Mahindra
Finance.
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http://www.mahindrafinance.com/investor_zone/summary_results.asphttp://www.mahindrafinance.com/investor_zone/presentations.asphttp://www.mahindrafinance.com/investor_zone/summary_results.asphttp://www.mahindrafinance.com/investor_zone/presentations.asp -
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At Mahindra Finance we have a wide range of products and services, with
something to suit everyones needs. Right from finance for two wheelers,
tractors, farm equipment, cars and utility vehicles to commercial vehicles
and construction equipment, we also have a group of experts providing
investment advice, surveying available market products and choosing the
most suitable to our customers needs.
Vision:
Our vision is to be the leading rural finance company and continue to retain
the leadership position for mahindra products.
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Management Images
MR. ANAND G. MAHINDRA
Chairman of Mahindra Finance, Mr. Anand G. Mahindra graduated from
Harvard College, Cambridge, Massachusetts, Magna cum Laude (High
Honours). In 1981 he secured an MBA degree from the Harvard Business
School, Boston, Massachusetts. He returned to India that year and joined
Mahindra Ugine Steel Company Ltd (MUSCO), the countrys foremost
producer of specialty steels, as Executive Assistant to the Finance Director.
In 1989 he was appointed President and Deputy Managing Director of the
company.
MR. BHARAT N. DOSHI
Vice Chairman, Bharat Doshi joined the Company in 1973 as an Executive.
He is a fellow member of the Institute of Chartered Accountants of India and
the Institute of Company Secretaries of India and has a Master's Degree in
Law from the University of Bombay. He has participated in the Program for
Management Development (PMD) at Harvard Business School. He was alsoa Fellow of the Salzburg Seminar on 'Asian Economies: Regional and
Global Relationships' held in December2000.
MR. UDAY PHADKE
Director, Mr. Uday Phadke joined the Company in 1973. He is a member of
the Institute of Chartered Accountants of India and the Institute of Company
Secretaries of India and has a Bachelors degree in Commerce and Law. Hehas attended the General Management Course for Senior Executives
conducted by the Administrative Staff of College of India (ASCI) and a
course for Senior Executives organized by the International Institute for
Management Development (IMD) in Lausanne, Switzerland.
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MR. RAMESH IYER
Mr. Ramesh Iyer is the Managing Director of Mahindra & Mahindra
Financial Services Limited (MMFSL), which is in the business of financialservices for the last 15 years. Mr. Iyer has been associated with MMFSL
fromitsinception.
MR. V. RAVI
V Ravi is the Chief Financial Officer of Mahindra & Mahindra Financial
Services Limited (MMFSL), the Company which is in the business of
financial services for the last 15 years. Mr. Ravi has been associated with
MMFSL from its inception.
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WHY MUTUAL FUNDS?
MFs can survive and thrive if they can live up to the hopes and trust
of their individual members. MFs come to the rescue of those people who do
not excel at stock market due to certain mistakes; they commit which can be
minimized with MFs. Such mistakes can be viz, lack of sound investment
strategies, unreasonable expectations of making money, untimely decisions
of investing or Disinvesting, acting on the advise given by others, putting all
their eggs in one basket, that is failure to diversify.
Mutual funds are characterized by many advantages that they share
with other forms of investments and what they posses uniquely for
themselves. The primary objectives of an investment proposal would fit into
one or combination of the two broad categories, i.e., income and capital
gains. How mutual fund is expected to be over and above an individual in
achieving these two said objectives is what attracts investors to opt for
mutual funds. Mutual fund route offer several important benefits. Some of
these are.
BENEFITS OF MUTUAL FUNDS:
Professional Management:
Making investments is not a full time assignment of investors. So
they can hardly have a professional attitude toward their investment. When
investor buys mutual fund scheme, an essential benefit one acquires is expert
management of the money he puts in the fund.
High Value Diversification:
A sound investment policy is based on the principle of diversification
which is ideal of not putting all the eggs in one basket. By investing in
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many companies the mutual funds can protect themselves from unexpected
drop in value of some shares. The small investor cannot achieve wide
diversification on his own because of many reasons, mainly funds at his
disposal. Mutual funds on the other hand, pool funds of lakhs of investors
and thus can participate in a large basket of shares of many different
companies.
Easy Liquidity:
A distinct advantage of a mutual fund over other investments is that
there is always a market for its units/shares. Moreover, Securities and
Exchange Boards of India (SEBI) require that mutual funds in India have to
ensure liquidity. Mutual fund units can be sold in the share market as SEBI
has made it obligatory for close-ended schemes to list themselves on stock
exchanges. For open-ended schemes, investor can always approach the fund
for repurchase at Net Asset Value (NAV) of the scheme.
Reduced Risks:
Risk in investment is as to recovery of the principal amount and return
of it. Mutual fund investments on both fronts provide a comfortable
situation for investors. The expert supervision, diversification and liquidity
of units ensured in mutual funds minimize the risk.
Investment Protection:
Besides depending on the expert supervision of fund managers,
regulatory body like SEBI in India and Securities Exchange Commission
(SEC) in U.S.A. also provide for the safety for their regulation. These
agencies act as watchdogs and attempt wholeheartedly to safeguard investor
interests.
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Switching:
Mutual Funds provide investors flexible investment opportunities.
Mutual funds family allows investors to switch over from one fund to
another e.g. investors can switch from income scheme to growth scheme or
vice-versa or say from close ended scheme to open ended schemes as the
investors opt.
Tax Benefit:
Many schemes of mutual funds provide tax shelter. Like in India for
equity-linked schemes of mutual funds, under section 88, tax rebate up to
twenty per cent of investment (up to Rs. 10,000) is available. Under
Section80L income form mutual funds dividends along with other specified
incomes; up to Rs. 10,000 is exempted from tax. Such provisions vary from
country to country.
Low Operating Costs:
Mutual Funds having large investable funds at their disposal avail
economies of scale. The brokerage fee or trading commission may be
reduced substantially. The reduced operating costs obviously increases the
income available for investors.
Investing in securities through mutual funds has many advantages
over organizing a personnel portfolio. Other advantages include the option
to reinvest dividends, strong possibility of capital appreciation, regular
returns, etc. Mutual funds are also relevant in national interest. The test of
their economic efficiency as financial intermediary lies in the extent to
which they are able to mobilize additional savings and channel sing to more
productive sectors of the economy.
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PRODUCTS OF MUTUTAL FUNDS:
Products of mutual funds refer to the schemes they offer to investors.
Investors are to choose as per their objectives of earnings. Mutual funds
adopt different strategies to achieve these objectives and accordingly offer
different schemes of investments. Schemes can be grouped into following
classifications.
I. Operational Classification:
a) Open Ended Schemes:
Such schemes accept funds from investors by offering its units on a
continuing basis. Such fund even stands ready to buy its securities at any
time. It implies that the capitalization of the fund is constantly changing as
investors sell or buy their shares or units (shares in U.S.A, units in India).
Further, these shares or units are normally not traded on the stock exchange.
Open-ended schemes have comparatively better liquidity despite the fact
that these are not listed. The reason is that investor can any time approach
Mutual fund for sale of such units. No intermediaries are required.
Moreover, the realizable amount is certain since repurchase is at a price
based on declared net asset value. No minute-to-minute fluctuations in rates
haunt the investors. In such funds, option to reinvest its divided is also
available.
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b) Close Ended Schemes:
Such schemes have a definite period after which their units are
redeemed. Unlink open-ended funds, these funds have fixed capitalization,
i.e. their corpus normally does not change throughout its tenure. While
open-ended funds are repurchased or sold directly by mutual funds on the
basis of NAV, the close ended fund units trade among the investors in the
secondary market since they are to be quoted on stock exchanges. Their
price is determined on the basis of demand and supply in the market. Their
price is free to deviate from the NAV, i.e. there is every possibility that
market price may be above or below its NAV. From management point of
view, managing close-ended scheme is comparatively easy since fund
managers can evolve and adopt long term investment strategies depending
on the life of the scheme. Need for liquidity arises after comparatively
longer period, i.e. normally at the time of redemption.
c) Interval Scheme:
It is basically a close ended scheme with a peculiar feature that every
year for a specific period (interval) it is made open. Prior to and after such
specific interval the scheme operates as close ended. During the said period
mutual fund is ready to buy or sell the units directly from or to the investors.
In India as per SEBI (MF) regulations every mutual fund is free to
launch any or both types of schemes including interval scheme. In the USA,
UK and Canada close-ended funds are popular as investment companies/
trust whereas open-ended funds are known as mutual funds. Such distraction
is not made in Indian context. In those countries mutual funds are more
popular than investment companies. Till 1994 mid, in India also close ended
funds have been popular but later on investors preference for open-ended
funds forced mutual funds to change their market product.
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II.Return-Based Classification:
To meet the diversified needs of investors, the mutual fund schemes
are designed accordingly. Basically, all investments are made to earn good
returns. Returns expected are in the form of regular dividends or capital
appreciation ore combination of these two. In the light of this fact, mutual
fund schemes can also be classified on the basis of returns.
a) Income Funds:
For investors who are more curious for regular returns, Income funds
are floated. Their object is to maximize current income. Such funds
distribute periodically the income earned by them. These funds can further
be spitted up into two categories: those that target constant income at
relatively low risk and those; that attempt to achieve the maximum income
possible, even with the use of leverage. Obviously the higher the expected
return, the higher the potential risk to the investment.
b) Growth Funds:
Such funds aim at appreciation in the value of the underlying
investments through capital appreciation. Such funds invest in growth
oriented securities which can appreciate in long run. Growth funds are also
known as Nest eggs or long haul investments. An investor who selects such
fund should be able to assume a higher than normal degree of risk.
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c) Conservative Fund:
The funds with a philosophy of all things to an issue offer document
announcing objectives as: (1) to provide a reasonable rate of return, (2) to
protect the value of investment and, (3) to achieve capital appreciation
consistent with the fulfillment of the first two objectives. Such funds which
offer a blend of all these features are known as conservative fund. These are
also known as middle of the road funds. Such funds divide their portfolio in
common stocks and bonds in a way to achieve the desired objectives. Such
funds have been most popular and appeal to the investors who want both
growth and income. Be splitted up into two categories: those that target
constant income at relatively low risk and those; that attempt to achieve the
maximum income possible, even with the use of leverage. Obviously the
higher the expected return, the higher the potential risk to the investment.
III. Balanced Fund:
The funds which have in their portfolio a reasonable mix of equity and
bonds are known as balanced funds. Such funds will put more emphasis on
equity share investments when the outlook is bright and will tend to switch
to debentures when the future is expected to be poor for shares, majority of
funds fall in this category, of course, their mix proportion varies.
IV. Sector-based Classification:
There are number of funds that direct investing in a specified sector of
an economy. While such funds do have the disadvantage of low
diversification by putting all their eggs in one basket, the policy of
specializing has the advantage of developing in the fund managers an
intensive knowledge of the specific sector in which they are investing. The
specialized sectors can be (i) gold and silver, (ii) real estate, (iii) specific
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industry say oil and gas companies, (iv) off-shore investments, etc. There
can also be funds of funds i.e. mutual funds investing in units of other
mutual funds only.
CONSTITUTION OF MUTUAL FUNDS:
In the USA and UK, mutual funds and the unit trusts are governed by
the Investment Act of 1940 in USA and by the Prevention of Frauds Act at
U.K. There are normally three agencies to manage the show of mutual
funds: first the Investment Adviser, second the agency collecting savings
from prospective investors for a commission; and the third is a trustee which
is either banking or insurance company. The investment adviser is
accountable to the treeless for its operations and ultimately to the Securities
Exchange Commission (SEC) in USA or to the Securities Investment Board
(SIB) in UK. In India SEBI, in its regulations contemplated a four-tier
system for managing the affairs of mutual funds ensuring arms length
distance between the sponsor and the fund. The four constituents were the
sponsoring company, the fund, the custodians and the Assets Management
company.
i) Sponsor:
It refers to any corporate body which initiates the launching of a
mutual fund. It is this agency which on its own or in collaboration with
other body corporate comply the formalities of establishing a mutual fund.
The sponsor should have a sound track record and experience in the relevant
filed of financial services for a minimum period of 5 years. SEBI ensures
that sponsors should have professional competence, financial soundness and
general reputation of fairness and integrity in business transactions. Sponsor
it to contribute at least 40 per cent of the net worth of the Asst Management
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Company. It is the prerogative of the sponsor to appoint trustees, Assets
Management Company and custodians as per the regulations. Sponsor is
normally not responsible for any loss or shortfall resulting from the
operations of any scheme of the fund beyond its initial contribution towards
the constitution of trust fund.
ii) Trustees:
A mutual fund is to be constituted as Trust under Indian Trust Act and
trustees are to look after the trust. A trustee is a person who holds the
property of the mutual fund in trust for the benefit of the unit holders. A
company is appointed as a trustee to manage the mutual fund with prior
approval of SEBI. To ensure fair dealings, atleast 75 percent of the trustees
are to be independent of the sponsors. Trustees take into their custody, or
under their control all the property of the schemes of mutual fund. It is the
duty of the trustees to provide information to unit holders as well as to SEBI
about the mutual fund schemes. The trustees are to appoint Asset
Management Company (AMC) to float the schemes. The trustees are to
evolve Investment Management Agreement to be entered into with AMC. It
is trustees duty to observe and ensure that AMC is managing schemes in
accordance with the trust deed collection of any income due to be paid to the
scheme. Trustees for their services are paid trusteeship fee which is to be
specified in the trust deed. Trustees are to present annual report to the
investors.
iii) Custodians:
In a mutual fund depending on its size there is substantial work
involved for managing the scripts bought from and sold in the market. Their
safe custody and ready availability is to be ensured. SEBI requires that each
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mutual fund shall have a custodian who is not in any way associated with the
Asset Management Company. Such custodian cannot act as sponsor or
trustee of any mutual fund. Further, custodian is not permitted to act as a
custodian of more than one mutual fund without the prior approval of SEBI.
A custodian main assignment is safe keeping of the securities or
participation in any clearing system on behalf of the client to effect
deliveries of the securities. The custodian, depending on terms of
agreement, also collects income/dividends on the securities. Some of other
associated assignments of custodians are:
Ensuring delivery of scripts only receipt of payment and payment only
upon receipt of scripts
Regular reconciliation of assets to accounting records.
Timely resolution on discrepancies and failures.
Securities are properly registered or recorded.
Depending on the volume there can be co-custodian(s) for a mutual
fund. These custodians are entitled to receive custodianship fee, based on
the average weekly value of net assets or sale and purchase of securities
along with per certificate custody charges.
iv) Assets Management Company (Investment Manager):
The sponsor or the trustees appoint an AMC to manage the affairs of
the mutual fund. It is the AMC which operates all the schemes of the fund.
Any AMC cannot act as a trustee of any other mutual fund. AMC can act as
an AMC of only one mutual fund. AMC is not permitted to undertake any
business activity except activities in the nature of management and advisory
services to off shore funds, pension funds, provident funds, venture capital
funds, management of insurance funds, financial consultancy and exchange
of research on commercial basis, if these activates are not in conflict with
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the activities of the mutual fund. It can also operate as an underwriter
provided it gets registered under SEBI (Merchant Bankers) Regulations.
To ensure efficient management, SEBI desires that existing AMC should
have a sound track record (good net worth, dividend paying capacity and
profitability, etc.) general reputation and fairness in transaction. The
directors of AMC should be expert in relevant fields like portfolio
management, investment analysis and financial administration because any
AMC is basically involved in these three activities. An AMC is expected o
operate independently. SEBI regulations require that atleast fifty percent of
the directors should be those who do not have any association with sponsor
or trustees. Its Chairman should be an independent person. To ensure stake
of sponsors in the AMC, it is required that atleast 40 percent of its net worth
is contributed by the former AMC, itself should be financially sound, should
have a net worth of atleast Rs. 10 crores.
Functions of AMC:
It is not required that AMC performs all its functions on its own. It
can hire service of outside agencies as per its requirements or perform all
functions on its own. Some of such agencies are:
1. Registrars and Transfer Agents may be assigned the job of receiving and
processing the application forms of investors, issuing unit certificates,
sending refund orders, according all transfers of units and maintaining all
such records, repurchasing the units, redemption of units, issuing
dividend or income warrants. For such services they are entitled to a fee
which is in proportion to the number of unit-holders and number of approach
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potential investors through meetings, exhibitions, contacts advertising,
publicity, and sales promotion.
2. Investment Advisory may be appointed by AMC if it can not cope up
with its workload. Investment advisors analyze the market and securities
and advise the AMC to design its investment strategies on a continuous
basis. For their professional advice on funds investment, they are entitled
to receive compensation normally based on the average weekly value of
the funds net assets. Majority of Indian Mutual Funds have their own
market analyses who design their investment strategies.
3. Legal Advisors are also sometimes appointed to get legal guidance about
planning and execution of different schemes. A group of advocates and
solicitors may be appointed as level advisors. Their fee is no way
associated with net assets of the fund but actual fee is paid to them as
decided. Assets Management Company is also required to have an
auditor, who is not an auditor of the mutual fund, to undertake
independent inspection and verification of its accounting activities.
REGULATORIES ON MUTUAL FUNDS
The following authorities regulate Indian Mutual Fund industry,
SEBI
RBI
Ministry of Finance
Company Act
Stock Exchange
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Regulations of SEBI
The primary authority for regulating Mutual Funds in India is SEBI. It
requires all Mutual Funds to be registered with it. It outlined the broad
framework of authorization process and selection criteria. SEBI regulations
clearly states that all funds and schemes operational under them would be
bound by their regulations. It has taken the following steps for the regulation
of Mutual Funds,
Formation Registration Documentation Code of Advertisements Assurance on returns Minimum corpus Institutionalization Investment of funds mobilized Investment in Money Markets Valuation of Assets Inspection
Regulations of RBISome of the commercial banks in public sector have set up Mutual Funds
and a few are in the process of setting them up. On an examination of the
operations of the Mutual Funds already functioning, it was considered
necessary to issue guideline as certain important aspects as indicated
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below. It helps to orderly functioning and in the interest of ensuring
investors confidence. They are,
Constitution & Management Investment objectives and policies Prudential exposure ceiling limits Pricing policy Income distribution Statement of Accounts & Disclosure
Regulations of Ministry of Finance
The finance ministry is the supervisor of both the SEBI and the MF is also
the appellate authority under SEBI regulations. Aggrieved parties can make
appeals to the MoF on the SEBI rulings relating to Mutual Funds.
Regulations of Stock Exchanges
If a Mutual Fund has listed its schemes on Stock Exchanges, such listings
are subjected to the listing regulations of Stock Exchanges. Mutual funds
have to sign the listing agreement and abide by its provisions, which
primarily deal with periodic notifications and disclosure of information
that may impact the trading of listed units.
Regulations of Companies Act 1956
The AMC and the Trustee Company may be structured as limited
companies, which come under the regulations of the Company Law
Board (CLB). The provisions of the Companies Act, 1956, are applicable
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to the company form of organizations. The CLB is the apex regulatory
authority for companies. CLB is also the appellate authority for all issues
relating to the Companies Act. Any grievance against the AMC or the
Trustee Company can be addressed to the CLB for redressal. The
Registrar of Companies (ROC) oversees the compliance by the AMC and
trustee Company. Periodic reports and annual accounts have to be filed
by these companies with the ROC. The Department of Company Affairs
(DCA) is responsible for the formulation and modification of laws
relating to companies, including the Indian Companies Act. The DCA
also has the powers to prosecute directors for non-compliance with
provisions of the Act.
Testing & Certification
AMFI (Association of Mutual Funds India) in association with NSE
(National Stock Exchange) has developed a self-study and testing program
for Mutual Fund employees and distributors to foster professional standards
in their services. This helps the Mutual Fund industry to employ trained and
certified professionals in the interest of investors. Mutual Funds can adopt
certification of agents and distributors on voluntary basis.
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GROWTH OF MUTUAL FUND INUSTRY IN INDIA
The MF Industry in India originated in 1963 by way of establishment
of Unit Trust of India (UTI) with the initiative of the Government of India
and Reserve Bank of India. This has led to emergence of MFs as the most
preferred investment vehicle. The Indian MF Industry has been growing
but is still not big enough to make its presence felt.1 A thorough
understanding of the growth process of MF Industry in India can be broadly
divided into four distinct phases.
PHASE 1 (1964-87)- ESTABLISHMENT OF UTI:
Unit Trust of India (UTI) started its operations in 1963, with the
enactment of UTI Act, in the Parliament. The then finance minister Mr. T.T.
krishnamacharya who piloted the bill made it clear that UTI would provide
an opportunity for the middle and lower income groups to acquire without
much difficulty, property in the form of share . This institution is intended
to cater mainly to the needs of Individual Investors, whose means are small
UTI started its operations with the premier scheme, an open
ended one, Unit Scheme 1964, popularly referred as US-64 on July 1 st 1964.
In the very first year itself it could garner Rs. 24.67 crores. This scheme is
an example of Load Fund Scheme along with CANCIGO and CANGILT.
UTI came forward with a number of schemes in the first phase itself,
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Due to the immense popularity of its US-64, UTI launched a reinvestment
plan (automatic reinvestment of dividends to US-64 unit holders) in 1966-67
and in 1971. One more popular scheme, Unit Linked Insurance plan (ULIP)
was launched in 1971 which provided insurance benefits besides growth of
investment.
PHASE II (1987-93)-ENTRY OF PUBLIC SECTOR FUNDS:
The monopoly of UTI came to an end in 1987, when the Government
of India amended Banking Regulation Act to enable public sector banks to
start subsidiaries to do MF business. Hence 1987 marked the entry of non
UTI. The declining profitability forced commercial banks, particularly
public sector banks, to for new avenues of income. As such they started
opening of separate departments or setting up subsidiaries to do a variety of
business. One of the such new avenues of income is MF.
Public sector banks started set ting up of public sector MFs. The first
public sector MF is SBI mutual fund. This was launched by the Sate Bank of
India capital market Ltd.
In November 1987, followed by Can Bank MF in December 1987, Punjab
National Bank Mutual fund in November 1989, Bank of India in June 1990,
India Bank Mutual Fund in November 1989, bank of India in June 1990, and
Bank of Baroda MF in October 1992.
It was for the first time an insurance company i.e. LIC entered into the
field of MFs followed by GIC. The LIC MF was launched in June 1989 as a
trust by LIC, while GIC had sets up its MF in December 1990.
General insurance Corporation of India (GIC) is the second investment
institution to mobilize the savings of the country.
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During the II phase 9 MF Cos were set up by the public sector banks
and 2 by the Investment Institutions i.e. LIC & GIC.
The orderly growth of MF Industry to a greater extent was affected by
the irregularities in securities and banking transactions popularly known as
securities SCAM was unearthed in April 1992.
Third Phase 1993-2003 (Entry of Private Sector Funds) :
The MF Industry has seen a major growth in the last decade. The
amendment of Banking Regulation act during 1987 permitting the public
sector banks and financial institutions to set up MFs has bought in
significant changes. The government has subsequently allowed the private
sector companies to enter in to the industry.
This has led to a new era in Indian MF Industry with the entry of
private sector funds in 1993. It has given a wider choice to Indian investors
to choose different fund families. It was also important to make note that
1993 was the year in which the first MF regulations came into being, under
which MFs expect UTI, were to be registered and governed.
The entry of primitive sector MFs injected certain character,
changes and competitions to the MF industry. The first reason being that
most of the private sector MFs had tie ups with foreign investment which
facilities better research and investment analysis. The other reason being
new & healthy trend created by private sector MFs providing information of
NAV (Net Asset Value) more frequently for the benefit of the investor. It
also led to improved discloser of necessary information to the investor for a
less risky and more profitable investment decision.
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PHASE IV (SINCE FEB 2003) BIFURCATION OF UTI:
In February 2003, following the repel of the Unit Trust of India act
1963, UTI was bifurcated into two separate entities. One is the specified
undertaking of the UTI with assets under management (AUM) of Rs 29,835
crores as at the end of January 2003, representing broadly, the assets of Us
64 schemes, assured return on the certain other schemes. The specified
undertaking of UTI, functioning under an administrator and under the rules
framed by government of India does not come under the purview of the MF
regulations.
The second is the UTI MF, Ltd., sponsored by SBI, PNB, BOB and
LIC. It is registered with SEBI and functions under the MF 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
MF, conforming to the SEBI MF regulations and with recent mergers taking
place among different private sector funds, the MF industry has entered
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.
GROWTH IN ASSETS UNDER MANAGEMENT
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ANALYSIS
Data analysis of the survey:
The study to find awareness levels of Mahindra Finance mutual fund.
Hence a survey was conducted by the researcher to understand the opinion,
take suggestions and to get enough feed back in the city of Warangal.
The survey was conducted among 100 consumers residing in andaround Warangal who belong to different segments and having different
educational and occupational background. The data was collected through
structure questionnaire.
The following pages depict the information collected from the survey
and is presented in an easy-to-understand tabular and graphs after a thorough
analysis and study using statistical techniques. Each of the tables carries
necessary explanation for understanding the use of the study and for
gathering conclusions for the same.
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0
20
40
60
80
100
Married Un married
Table 1
1. MARITAL STATUS
StatusNo. of
Respondents%
Married 85 85%
Unmarried 15 15%
Total 100
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S iz
0
10
20
30
40
50
3 4 5 ab ove
S iz
From the above table it can be observed that 85% of the respondent married
status of the Mahindra Finance Mutual Fund while 15% nos. of Mahindra
Finance mutual fund has implemented good promotional strategies.
Remaining does not have idea about mutual funds.
Table 2
2. FAMILY SIZE
SizeNo. of
Respondents%
3 35 35%
4 47 47%
5 above 18 18%
Total 100
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Incom
0
10
2030
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Saving
0
10
2 0
3 0
4 0
50
6 0
70
B ank
Deposits
M utual F unds Po stal
Deposits
Life Insurance Shares
Saving
From the above table it can be observed that the high income groups are
aware of mutual fund. Because they make investments and they can bear the
risk the lower income groups cannot afford to make investment and take
risk.
Table 4
4. SAVINGS AND INVESTMENT
SavingsNo. of
Respondents%
Bank Deposits 15 15%
Mutual Funds 16 16%
Postal Deposits 4 4%
Life Insurance 62 62%
Shares 3 3%
Total 100
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Percenta
0
1020
30
40
50
60
70
80
1 - 10% 11 - 20% 21 - abov e
Percentag
From the above table it can be observed that 62% of the respondent savings
of the Mahindra Finance Mutual Fund while 16% nos. saving of Mahindra
Finance mutual fund has implemented good promotional strategies.
Remaining does not have idea about mutual funds.
Table 5
5. PERCENTAGES OF SAVINGS (OR) INVESTMENTPercentage
No. of
Respondents%
1 10% 69 69%
11 20% 22 22%
21 - above 9 19%
Total 100
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Horizo
0
10
20
30
40
50
1 y ear 1 - 3 years 3 years above
Horizo
From the above table it can be observed that 69% of the respondent
percentage of the Mahindra Finance Mutual Fund while 22% and 9%
no.s aware of Mahindra Finance mutual fund has implemented good promotional strategies. Remaining does not have idea about mutual
funds.
Table 6
6. THE INVESTMENT HORIZON
HorizonNo. of
Respondents%
1 year 30 30%
1-3 years 30 30%
3 years above 40 40%
Total 100
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Return
0
10
20
30
40
50
60
1 -10% 11 - 20% 20% abov e
Return
From the above table it can be observed that 40% of the respondent horizon
of the Mahindra Finance Mutual Fund while 30% no.s aware of Mahindra
Finance mutual fund has implemented good promotional strategies.
Remaining does not have idea about mutual funds.
Table 7
7. EXPECTED RETURNS
ReturnsNo. of
Respondents%
1 10% 32 32%
11 20% 48 48%
21 - above 20 20%
Total 100
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Any Inves
020
40
60
80
YES NO
Any Inves
From the above table it can be observed that 48% of the respondentreturns of the Mahindra Finance Mutual Fund while 32% and 20% no.s
aware of Mahindra Finance mutual fund have implemented good
promotional strategies. Remaining does not have idea about mutual
funds.
Table 8
8. DID YOU INVEST ANY MUTUAL FUN PRODUCT
Any Invest No. of Respondents %
YES 25 25%
NO 75 75%
Total 100
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P roduct
0
5
10
15
20
25
30
3540
45
50
ICIC I HDFC SBI Other (P lz
Specify)
P roduct
From the above table it can be observed that 75% of the respondent any
mutual fund of the Mahindra Finance Mutual Fund while 25% no.s aware
of Mahindra Finance mutual fund has implemented good promotional
strategies. Remaining does not have idea about mutual funds.
Table 9
9. IF YES WHAT THE PRODUCT
ProductNo.of
Respondents%
ICICI 26 26%
HDFC 46 46%
SBI 18 18%
Other (Plz Specify) 10 10%
Total 100
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Allocatio
0
10
20
3040
50
60
70% equity 30%
debt
50% equity 50%
debt
30% equity 70%
debt
Allocatio
From the above table it can be observed that 46% of the respondentproduct of the Mahindra Finance Mutual Fund while 10% no.s aware of
Mahindra Finance mutual fund has implemented good promotional
strategies. Remaining does not have idea about mutual funds.
Table 10
10. INVESTMENT ALLOCATION
AllocationNo.of
Respondents%
70% equity 30%
debt53 53%
50% equity 50%
debt37 37%
30% equity 70%
debt10 10%
Total 100
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P r e f
0
2 0
4 0
6 0
8 0
1 0 0
O n e t im e t o In v e s t m e n tS y s t e m a t i c I n v e s t m e n t
p l a n
P r e f
From the above table it can be observed that 53% of the respondent
allocation of the Mahindra Finance Mutual Fund while 10% no.s aware
of Mahindra Finance mutual fund has implemented good promotional
strategies. Remaining does not have idea about mutual funds.
Table 11
11. HOW WOULD YOU PREFER TO INVEST
PreferNo.of
Respondents%
One time to Investment 19 19%
Systematic Investment
plan
81 81%
Total 100
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Reason
0
10
20
30
4050
60
70
Tax
Planning
Ear nin gs Sav in gs O th er ( Plz
Specify)
Reason
From the above table it can be observed that 81% of the respondentprefers to invest of the Mahindra Finance Mutual Fund while 19% no.s
aware of Mahindra Finance mutual fund has implemented good
promotional strategies. Remaining does not have idea about mutual
funds.
Table 12
12. TIC THE REASONS FOR TAKING THE MUTUAL FUND
ReasonsNo.of
Respondents%
Tax planning 8 8%
Earnings 25 25%
Savings 63 63%Other (Plz Specify) 4 4%
Total 100
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Awarene
020
40
60
80
100
YES NO
Awarene
From the above table it can be observed that 63% of the respondent
reasons of the Mahindra Finance Mutual Fund while 4% no.s aware of
Mahindra Finance mutual fund has implemented good promotional
strategies. Remaining does not have idea about mutual funds.
Table 13
13. DO YOU HAVE AWARENESS MAHINDRA FINANCE (Sin smart)
AwarenessNo. of
Respondents%
Yes 16 16%
No 84 84%
Total 100
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From the above table it can be observed that 84% of the respondent
awareness of the Mahindra Finance Mutual Fund while 16% no.s aware
of Mahindra Finance mutual fund has implemented good promotionalstrategies. Remaining does not have idea about mutual funds.
SUMMARY
The awareness about mutual funds is their, but a common man is unable to
invest because of affordability. If the approach is changed, we can see better
performance in the mutual fund sector in the present and future as well.
More plans that suits middle and lower class people should be introduced.
Study proves that recurring deposits investors who belong to the lower
income group are major migrating into systematic investment plans. Mode
on investment option in mutual funds recording significant growth in the
mutual funds market.
From the survey it can be noticed that many of the customers are aware of
mutual funds as it became a good investment option and yielding good
returns. Every AMC has opportunity to capture the market by improving its
promotional strategies and make customers aware of their company.
Many of the customers satisfied with the returns yielded through mutual
funds. There has been major shift in investment from fixed deposits to
mutual funds because of its liquidity and high yielding.
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Suggestions
1. Mahindra Finance should take care to inform in detail about their
products to all segments, so that it can increase its market share and
thus can become a leader.
2. Along with creating awareness the company should also carry out
good promotional activities like advertisements and directinteractions.
3. The company should develop and maintain a very good relationship
with the customers as the competition is increasing.
4. The company should take steps to measure the effectiveness of the
promotional activities and its effect on the brand image.
5. There are several other individual who are willing to invest but
waiting for the creative persuasive efforts of the agents, who are
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known aspotential investors, the company should motivate the agents
who are creative enough to make them customers.
6. Creating awareness about the benefits of the available products.
QUESTIONNAIRE
Name :
Designation : Phone number:
Age : Address :
1. Marital Status ( )
A. Married B. Unmarried
2. Family Size ( )
A. 3 B. 4 C. 5above
3. Annual incomes of respondents ( )
< 60,000
60,000 1,00,000
1,00,000 -1,50,000
1,50,000 -2,50,000
2,50,000 -3,00,000above
4. Savings and Investment ( )
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Bank deposits
Mutual funds
Postal deposits
Life insuranceShares
5. Percentage of Savings or Investment ( )
1-10% B.11-20% C.21above
6. The Investment horizon ( )
A. 1year B.1-3 years C. 3years above
7. Expected returns ( )
A. 1-10% B.11-20% C.20%above
8. Did you invest in any mutual fund product ( )
A. Yes B. No
9. If yes what is the product ( )
A. ICICI B.HDFC
C. SBI D.Others (plz specify)
10. Investment allocation ( )
70%equity-30%debit
50%equity-50%debit
30%equity-70%debit
11. How would you prefer to invest ( )
One time to investmentSystematic investment plan
12. Tick the reasons for taking the mutual fund ( )
A. Tax planning B. Earnings
C. Savings D.Others (plz specify)
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13. Do you have awareness Mahindra Finance (Fin smart) ( )
A. Yes B. No
14. If yes in which mutual fund you have investedThrough Mahindra Finance
Please Specify______________________________
BIBLIOGRAPHY
TEXT BOOKS
Philip Kotler (2002), Marketing Management Prentice Hall of
India, New Delhi, Eleventh Edition.
C.R.Kothari (2003), Research Methodology Wishwa Prakashan ,
Mumbai.
WEBSITES
www.Mahindra finance .com
www.mutualfund.com
www.amfiiindia.com
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http://www.mahindra/http://www.mahindra/