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A
RESEARCH PROJECTON
A study on performance of debt schemes with special
reference to gilt edge on the basis of NAV, systematic
risk, unsystematic risk, return & volatility for last 8
quarterly ending dec, 28!"
SUBMITTED TO:-
Kurukshetra Universit! Kurukshetra in "u#"i##$ent "%r
The &e'ree %" Master %" Business A&$inistrati%n
(Sessi%n )**+-)**,
Un&er the Su.ervisi%n %": - Su/$itte& B:-
Miss Shally Guptaaculty MBA Gagan Deep
IMT(YNR) S/o sh. ag!ish "al
#lass$% MBA (Final)
#lass Roll No.$%&&'/
*ni+. Regi. No% ,%N-%',
*ni+. Roll No.
Ti#ak Ra0 Cha&ha Institute %" Mana'e$ent 1 Te2hn%#%'
(TIMT
(Ailiate! to 0u1u2shet1a *ni+e1sity3 0u1u2shet1a an! App1o+e! By
AI#T4)
M"N #ollege 4!ucational #o5ple63 Ya5una Naga1% &,7&
(-a1yana)
8h. &,%&,3 ,'&&. Fa6$ 9:&%&,%&,
4%MAI"$ ino;ti5t.ac.in3 >>.ti5t.ac.in
mailto:[email protected]://www.timt.ac.in/mailto:[email protected]://www.timt.ac.in/
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ACKNO;ED9EMENT
isse1tation 1epo1t o15s an integ1al pa1t o a Manage5ent cou1se3
it is only >hile un!e1going Disse1tation
po1t that one actually puts one@s thoughts3 i!eas an! s2ills to
p1actical use an! gets to 2no> the 1eality as to
hat actually one has lea1nt at the institute. Not only is this
=ut the +e1y act that the iel! e6posu1e !oes a >o1l!
goo! to aspi1ing ent1ant@s coni!ence.
a5 than2ul to 5y 5ento1 Dr7 4ikas Dara#! (Dire2t%r3 Tila2 Ra
#ha!ha Institute o Mgt.
echnology3 Ya5una Naga13 o1 allo>ing 5e to >o12 on this
p1oect >o12 an! o1 his 2in! help al>ays.
a5 than2ul to 5y 5ento1 Ms7 9ari$a 9u.ta(H7O7D73 Tila2 Ra #ha!ha
Institute o Mgt. Technology3
a5una Naga13 o1 allo>ing 5e to >o12 on this p1oect >o12
an! o1 his 2in! help al>ays.
ta2e this oppo1tunity to e6p1ess 5y p1ooun! !e=ts o g1atitu!e
an! o=ligation3 to 5y estee5e! gui!e Ms7
ha## 9u.taaculty o Tila2 Ra #ha!ha Institute C Mgt. Technology3
Ya5una Naga13 o1 his 5ost
alua=le help an! c1eati+e suggestions at all stages o 5y
>o12. -e1 lea1ne! a!+ice an! gui!ance al>ays 2in!le!
spi1ation in the ace o !iiculties encounte1e! in the cou1se o
this 1esea1ch >o12.
a5 highly g1ateul to 5y all lectu1e1s an! !e!icate! sta o Tila2
Ra #ha!ha Institute o Mgt. Technology3
a5una Naga1 o1 thei1 2in! help 1o5 ti5e to ti5e.
a5 also than2ul to the 1espon!ents3 all 5y 1ien!s an! also to
+a1ious Auto e6pe1ts o1 thei1 2in! an! +alua=le
ui!ance3 >ho5 I consulte! o1 5y p1esent >o12.
(GAGAN D448)
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CONTENTS
E
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E@ECUTI4E SUMMAR
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INTRODUCTION
DEBT FUNDS
-isto1ically3 in+esto1s ha+e use! =an2 inte1est 1ate as
=ench5a12s to u!ge the pe1o15ance o !e=t
Fun!s. -o>e+e13 a !e=t un! pe1o15ance ought to =e u!ge!
against a !e=t 5a12et in!e63 ust as
an e?uity un!@s =ench5a12 >oul! =e u!ge! against the e?uity
5a12et in!e6.
Fu1the1 o1 !e=t un!s3 the 2in! o !e=t that co5p1ises the
po1tolio >ill also !eci!e the in!e6 to =e
use!. I the =on! un! o1 !e=t un! in ?uestion is a =1oa!%=ase!
one3 then3 a =1oa!%=ase! !e=t
in!e6 has to =e use! o1 this pu1pose. I the !e=t un! is
na11o>e1 go+e1n5ent secu1ity un!3 o1
e6a5ple3 then3 only the go+t. sec. Su=%seg5ent o the =1oa!%=ase!
in!e6 has to =e use! as the
app1op1iate =ench5a12. 8e1o15ance o close!%en! !e=t un!s >ith
a clea1 pe1io! o 5atu1ity3
ho>e+e13 5ay =e co5pa1e! >ith =an2 i6e! !eposits o
co5pa1a=le 5atu1ity3 as is co55only !one
=y in+esto1s in In!ia.
In p1actice3 no app1op1iate !e=t in!e6 is a+aila=le in In!ia3 to
=e use! o1 =ench5a12ing !e=t un!s.
So5e analysts oten use I%S4#@s I%B4 in!e63 an! its go+e1n5ent
secu1ities su=%seg5ent can =e
use! as =ench5a12 to u!ge go+e1n5ent secu1ities un!s. In any
case3 any =ench5a12 o1 a !e=t
un! 5ust ha+e the sa5e po1tolio co5position an! the sa5e
5atu1ity p1oile as the un! itsel3 to
=e co5pa1a=le.
ith a long te15 pe1specti+e3 !o not sac1iice in+esto1 +alue =y
e6cessi+e t1a!ing
>hich gene1ates a high le+el o t1ansaction cost3 an! >ill
tu1n out 5o1e consistence pe1o15ance3
>hich is 5o1e +alua=le than one%ti5e high an! othe1>ise
+olatile pe1o15ance 1eco1!.
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The in+esto1 5ust e+aluate the un! 5anage1@s 1eco1!3 ho> his
sche5es ha+e pe1o15e! o+e1 the
yea1s. The1e is a !ie1ence =et>een institution%5anage! un!s
that ha+e a tea5 o 5anage1s >ith
successul 1eco1!s as against un!s that a1e 5anage! only =y
in!i+i!uals. The 1elia=ility an! t1ac2
1eco1! o these sponso1s has =een an i5po1tant acto1 in in+esto1
pe1ceptions. In the inal analysis3
asset 5anage5ent co5panies an! thei1 un! 5anage1s ought to =e
u!ge! on consistency in the
1etu1ns o=taine!3 an! pe1o15ance 1eco1! against co5peting o1
pee1 g1oup 5anage1s 1unning
si5ila1 un!s.
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HAT ARE DEBT SCHEMES IN MUTUA; ?UNDS
The1e a1e so 5any types o Mutual Fun!s. Cne o the5 is a De=t
Sche5es o1 Inco5e sche5e o1
Inco5e Fun!. De=t un!s a1e a Mutual Fun!s ai5 is to achie+e
1egula1 an! stea!y inco5e to
in+esto1s. These sche5es gene1ally in+est in i6e! inco5e
secu1ities such as =on!s an! co1po1ate
!e=entu1es. #apital app1eciation in such sche5es 5ay =e
li5ite!.
Featu1es$ %
Inco5e sche5es p1o+i!e 1etu1n in the o15 o !i+i!en!s.
The 1etu1n 5ay =e cu5ulati+e o1 non%cu5ulati+e on a 5onthly3
?ua1te1ly3 an! hal yea1ly
o1 yea1ly =asis.
Mutual Fun!s ca11y 5a12et 1is23 so no gua1antee! 1ate o
1etu1n.
In a!!ition to the 1egula1 1etu1n3 the1e is so5e 5a1ginal
g1o>th also as 1electe! in the
=onus !ecla1e! 1o5 ti5e to ti5e.
In the +ie> o 1egula13 consistence an! stea!y lo> o
1etu1ns to the in+esto1s3 the co1pus
is in+este! p1e!o5inantly in i6e! inco5e secu1ities3 li2e
!e=entu1es3 =on!s3 go+e1n5ent
secu1ities etc. o cou1se3 un!s a1e in+este! in sha1es =ut
1elati+ely at lo>e1 pe1centage.
81io1 to &::, all the Mutual Fun!s loate! 5onthly o1 yea1ly
inco5e sche5es >ith
assu1e! 1etu1n. This >as su=se?uently p1ohi=ite! in
&::,%:' =ut allo>e! in &::7 again.
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MUTUAL FUNDMutual Fun! is a 5echanis5 o1 pooling the 1esou1ces
=y issuing units to the in+esto1s an!
in+esting un!s in secu1ities in acco1!ance >ith o=ecti+es as
!isclose! in oe1 !ocu5ent.
In+est5ents in secu1ities a1e sp1ea! ac1oss a >i!e
c1oss%section o in!ust1ies an! secto1s an! thus
the 1is2 is 1e!uce!. Di+e1siication 1e!uces the 1is2 =ecause all
stoc2s 5ay not 5o+e in the sa5e
!i1ection in the sa5e p1opo1tion at the sa5e ti5e. Mutual Fun!
issues units to the in+esto1s in
acco1!ance >ith ?uantu5 o 5oney in+este! =y the5. In+esto1s o
5utual un!s a1e 2no>n as unit
hol!e1s.The in+esto1s in p1opo1tion to thei1 in+est5ents sha1e
the p1oits o1 losses. The 5utual
un!s no15ally co5e out >ith a nu5=e1 o sche5es >ith
!ie1ent in+est5ent o=ecti+es that a1e
launche! 1o5 ti5e to ti5e. A 5utual un! is 1e?ui1e! to =e
1egiste1e! >ith Secu1ities an!
46change Boa1! o In!ia (S4BI)3 >hich 1egulates secu1ities
5a12ets =eo1e it can collect un!s
1o5 pu=lic.
Mutual Fun! 5eans a non%!eposito1y o1 non%=an2ing inancial
inte15e!ia1y3 >hich acts as
Ei5po1tant +ehicle o1 =1inging >ealth hol!e1s an! !eicit
units togethe1 in!i1ectly. Mutual un!
is a type o in+est5ent #o5pany >hich is conce1ne! >ith
ga1ne1ing sa+ings o in!i+i!uals an!
institutions an! channeliation o these sa+ings in co1po1ate
secu1ities in such a >ay as to ensu1e toits in+esto1s@ stea!y
1etu1n an! capital app1eciation >ith lo> e6posu1e to the
1is2. Thus3 5utual
un!s acilitate the in+esto1s to pool thei1 un!s to in+est in a
!i+e1siie! po1tolio o secu1ities.
These un!s a1e in+este! in a >i!e +a1iety o secu1ities in
such a >ay as to 5ini5ie 1is2 ensu1ing
stea!y 1etu1n. The 5utual un!s pool the 1esou1ces o the sa+e1s
=y c1eating clai5s against
the5sel+es in the o15 o units sol! to in+esto1s.
Basically3 the1e a1e t>o types o in+est5ent co5panies +i
open%en! an! close%en!. Cpen%en!
in+est5ent co5pany continuously oe1s its units o1 sale an!
al>ays stan!s 1ea!y to =uy secu1ities
(units) at any ti5e. This 1en!e1s the capitaliation o the
co5pany to un!e1go a constant changes
the in+esto1s pu1chase an! sale thei1 units !i1ectly >ith the
un!s.
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Such pu1chase an! sale ta2e place in+a1ia=ly at the net asset
+alue at the ti5e unit hol!e1s@ 1e?uest
o1 1e!e5ption. #lose% en! #o5pany has a i6e! nu5=e1 o sha1es
that can =e o>ne! =y the
in+esting pu=lic. It is ust li2e anothe1 inco1po1ate!
association >ith a i6e! a5ount o capita.
A 5utual un! is a t1ust that pools the sa+ings o a nu5=e1 o
in+esto1s >ho sha1e a co55oninancial goal. The 5oney thus
collecte! is then in+este! in capital 5a12et inst1u5ents such
as
sha1es3 !e=entu1es an! othe1 secu1ities. The inco5e ea1ne!
th1ough these in+est5ents an! the
capital app1eciation 1ealie! a1e sha1e! =y its unit hol!e1s in
p1opo1tion to the nu5=e1 o units
o>ne! =y the5. Thus a Mutual Fun! is the 5ost suita=le
in+est5ent o1 the co55on 5an as it
oe1s an oppo1tunity to in+est in a !i+e1siie!3 p1oessionally
5anage! =as2et o secu1ities at a
1elati+ely lo> cost. The lo> cha1t =elo> !esc1i=es
=1oa!ly the >o12ing o a 5utual un!$
An open%en!e! un! ope1ate! =y an in+est5ent co5pany >hich
1aises 5oney 1o5
sha1ehol!e1s an! in+ests in a g1oup o assets3 in acco1!ance
>ith a state! set o o=ecti+es. Mutual
un!s 1aise 5oney =y selling sha1es o the un! to the pu=lic3 5uch
li2e any othe1 type o co5panycan sell stoc2 in itsel to the pu=lic.
Mutual un!s then ta2e the 5oney they 1ecei+e 1o5 the sale
o thei1 sha1es (along >ith any 5oney 5a!e 1o5 p1e+ious
in+est5ents)
an! use it to pu1chase +a1ious in+est5ent +ehicles3 such as
stoc2s3 =on!s an! 5oney 5a12et
inst1u5ents. In 1etu1n o1 the 5oney they gi+e to the un! >hen
pu1chasing
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sha1es3 sha1ehol!e1s 1ecei+e an e?uity position in the un! an!3
in eect3 in each o its un!e1lying
secu1ities. Fo1 5ost 5utual un!s3 sha1ehol!e1s a1e 1ee to sell
thei1 sha1es at any ti5e3 although
the p1ice o the sha1e in a 5utual un! >ill luctuate !aily3
!epen!ing upon the pe1o15ance o
secu1ities hel! =y the un!.
Beneits o 5utual un!s inclu!e !i+e1siication an! p1oessional
5oney 5anage5ent. Mutual
un!s oe1 choice3 li?ui!ity3 an! con+enience3 =ut cha1ge ees an!
oten 1e?ui1e a 5ini5u5
in+est5ent. A close!%en! un! is oten co11ectly 1ee11e! to as a
5utual un!3 =ut is actually an
in+est5ent t1ust. The1e a1e 5any types o 5utual un!s3 inclu!ing
agg1essi+e g1o>th un!3 asset
allocation un!3 =alance! un!3 =len! un!3 =on! un!3 capital
app1eciation un!3 clone un!3
c1osso+e1 un!3 e?uity un!3 un! o un!s3 glo=al un!3 g1o>th
un!3 g1o>th an! inco5e un!3
he!ge un!3 inco5e un!3 in!e6 un!3 inte1national un!3 5oney
5a12et un!3 5unicipal un!3
p1i5e 1ate un!3 1egional un!3 secto1 un!3 specialty un!3 stoc2
un!3 an! ta6%1ee =on! un!.
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TPES O? MUTUA; ?UND SCHEMES
gi+es an o+e1+ie> into the e6isting types o
sche5es in the in!ust1y$ %
B STRUCTURE
Cpen H 4n!e! Sche5es
#lose H 4n!e! Sche5es
Inte1+al Sche5es
B IN4ESTMENT OBJECTI4E
G1o>th Sche5es
Inco5e Sche5es
Balance! Sche5es
Money Ma12et Sche5es
OTHER SCHEMES
Ta6 Sa+ing Sche5es
Special Sche5es
In!e6 Sche5es
Secto1 Speciic Sche5es
SCHEMES ACCORDIN9 TO STRUCTURE:
A 5utual un! sche5e can =e classiie! into open%en!e! sche5e o1
close%en!e! sche5e !epen!ing
on its 5atu1ity pe1io!.
OPEN-ENDED ?UND SCHEME
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An open%en!e! un! o1 a sche5e is one that is a+aila=le o1
su=sc1iption an! 1epu1chase on a
continuous =asis. These sche5es !o not ha+e a i6e! 5atu1ity
pe1io!. In+esto1s can con+eniently
=uy an! sell units at Net Asset alue (NA) 1elate! p1ices that
a1e !ecla1e! on a !aily =asis. The
2ey eatu1e o open%en! sche5es is li?ui!ity.
C;OSE-ENDED ?UNDSCHEME
A close%en!e! un! o1 sche5e has a stipulate! 5atu1ity pe1io!
e.g. 7% yea1s. The un! is open o1
su=sc1iption only !u1ing a speciie! pe1io! at the ti5e o launch
o the sche5e. In+esto1s can
in+est in the sche5e at the ti5e o the initial pu=lic issue an!
the1eate1 they can =uy o1 sell the
units o the sche5e on the stoc2 e6changes >he1e the units a1e
liste!. In o1!e1 to p1o+i!e an e6it
1oute to the in+esto1s3 so5e close%en!e! un!s gi+e an option o
selling =ac2 the units to the5utual un! th1ough pe1io!ic 1epu1chase
at NA 1elate! p1ices. S4BI Regulations stipulate that at
least one o the t>o e6it 1outes is p1o+i!e! to the in+esto1
i.e. eithe1 1epu1chase acility o1 th1ough
listing on stoc2 e6changes. These 5utual un!s sche5es !isclose
NA gene1ally on >ee2ly =asis.
INTER4A; SCHEMES
These co5=ine the eatu1e o open%en!e! an! close%en!e! sche5es.
They 5ay =e t1a!e! on the
stoc2 e6change o1 5ay =e open o1 sale o1 1e!e5ption !u1ing
p1e!ete15ine! inte1+als at NA1elate! p1ices.
SCHEMES ACCORDIN9 TO IN4ESTMENT OBJECTI4E:
A sche5e can also =e classiie! as g1o>th sche5e3 inco5e
sche5e3 o1 =alance! sche5e
consi!e1ing its in+est5ent o=ecti+e. Such sche5es 5ay =e
open%en!e! o1 close%en!e! sche5es as
!esc1i=e! ea1lie1. Such sche5es 5ay =e classiie! 5ainly as
ollo>s$
9ROTH EUIT ORIENTED SCHEMES
The ai5 o g1o>th un!s is to p1o+i!e capital app1eciation o+e1
the 5e!iu5 to long%te15. Such
sche5es no15ally in+est a 5ao1 pa1t o thei1 co1pus in e?uities.
Such un!s ha+e co5pa1ati+ely
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high 1is2s. These sche5es p1o+i!e !ie1ent options to the
in+esto1s li2e !i+i!en! option3 capital
app1eciation3 etc. an! the in+esto1s 5ay choose an option
!epen!ing on thei1 p1ee1ences. The
in+esto1s 5ust in!icate the option in the application o15. The
5utual un!s also allo> the
in+esto1s to change the options at a late1 !ate. G1o>th
sche5es a1e goo! o1 in+esto1s ha+ing a
long%te15 outloo2 see2ing app1eciation o+e1 a pe1io! o ti5e.
INCOME DEBT ORIENTED SCHEME
The ai5 o inco5e un!s is to p1o+i!e 1egula1 an! stea!y inco5e to
in+esto1s. Such sche5es
gene1ally in+est in i6e! inco5e secu1ities such as =on!s3
co1po1ate !e=entu1es3 go+e1n5ent
secu1ities an! 5oney 5a12et inst1u5ents. Such un!s a1e less
1is2y co5pa1e! to e?uity sche5es.
These un!s a1e not aecte! =ecause o luctuations in e?uity
5a12ets. -o>e+e13 oppo1tunities o
capital app1eciation a1e also li5ite! in such un!s. The NAs o
such un!s a1e aecte! =ecause
o change in inte1est 1ates in the count1y. I the Inte1net 1ates
all3 NAs o such un!s a1e li2ely to
inc1ease in the sho1t 1un an! +ice +e1sa. -o>e+e13 long%te15
in+esto1s 5ay not =othe1 a=out these
luctuations.
BA;ANCED ?UND
The ai5 o =alance! un!s is to p1o+i!e =oth g1o>th an! 1egula1
inco5e as such sche5es in+est
=oth in e?uities an! i6e! inco5e secu1ities in the p1opo1tion
in!icate! in thei1 oe1 !ocu5ents.
These a1e app1op1iate o1 in+esto1s loo2ing o1 5o!e1ate
g1o>th. They gene1ally in+est '%JK in
e?uity !e=t inst1u5ents. These un!s a1e also aecte! =ecause o
luctuations in sha1e p1ices in
the stoc2 5a12ets. -o>e+e13 NAs o such un!s a1e li2ely to =e
less +olatile co5pa1e! to pu1e
e?uity un!s.
MONE MARKET OR ;IUID ?UND
These un!s a1e also inco5e un!s an! thei1 ai5 is to p1o+i!e easy
li?ui!ity3 p1ese1+ation o capital
an! 5o!e1ate inco5e. These sche5es in+est e6clusi+ely in sae1
sho1t%te15 inst1u5ents such as
t1easu1y =ills3 ce1tiicates o !eposit3 co55e1cial pape1 an!
inte1%=an2 call 5oney3 go+e1n5ent
secu1ities3 etc. Retu1ns on these sche5es luctuate 5uch less
co5pa1e! to othe1 un!s. These un!s
a1e app1op1iate o1 co1po1ate an! in!i+i!ual in+esto1s as a 5eans
to pa12 thei1 su1plus un!s o1
sho1t pe1io!s.
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OTHER SCHEMES:
TA@ SA4IN9 SCHEMES
These sche5es oe1 ta6 1e=ates to the in+esto1s un!e1 speciic
p1o+isions o the
Inco5e Ta6 Act3 &:J& as the Go+e1n5ent oe1s ta6
incenti+es o1 in+est5ent in
speciie! a+enues e.g. 4?uity "in2e! Sa+ings Sche5es (4"SS).
8ension sche5eslaunche! =y 5utual un!s also oe1 ta6 =eneits. These
sche5es a1e g1o>th o1iente!
an! in+est p1e%!o5inantly in e?uities. Thei1 g1o>th
oppo1tunities an! 1is2s
associate! a1e li2e any e?uity%o1iente! sche5e.
9I;T ?UND
These un!s in+est e6clusi+ely in go+e1n5ent secu1ities.
Go+e1n5ent secu1ities ha+e no !eault
1is2.NAs o these sche5es also luctuate !ue to change in inte1est
1ates an! othe1 econo5ic
acto1s as the case >ith inco5e o1 !e=t o1iente! sche5es.
INDE@ ?UND
In!e6 un!s 1eplicate the po1tolio o a pa1ticula1 in!e6 such as
the BS4 Sensiti+e in!e63 S8 NS4
7 in!e6 (Nity)3 etc. These sche5es in+est in the secu1ities in
the sa5e >eight age co5p1ising o
an in!e6. NAs o such sche5es >oul! 1ise o1 all in acco1!ance
>ith the 1ise o1 all in the in!e63
though not e6actly =y the sa5e pe1centage !ue to so5e acto1s
2no>n as Et1ac2ing e11o1 in
technical te15s. Necessa1y !isclosu1es in this 1ega1! a1e 5a!e
in the oe1 !ocu5ent o the 5utual
un! sche5e.The1e a1e also e6change t1a!e! in!e6 un!s launche! =y
the 5utual un!s3 >hich a1e
t1a!e! on the stoc2 e6changes.
SECTOR SPECI?IC ?UNDS SCHEMES
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These a1e the un!s/sche5es3 >hich in+est in the secu1ities o
only those secto1s o1 in!ust1ies as
speciie! in the oe1 !ocu5ents e.g. 8ha15aceuticals3 Sot>a1e3
Fast Mo+ing #onsu5e1 Goo!s
(FM#G)3 8et1oleu5 stoc2s3 etc. The 1etu1ns in these un!s a1e
!epen!ent on the pe1o15ance o
the 1especti+e secto1s/in!ust1ies. atch on the pe1o15ance o
those secto1s/in!ust1ies an! 5uch e6it at an
app1op1iate ti5e. They 5ay also see2 a!+ice o an e6pe1t.
ASSURED RETURN SCHEME
Assu1e! 1etu1n sche5es a1e those sche5es that assu1e a speciic
1etu1n to the unit hol!e1s
i11especti+e o pe1o15ance o the sche5e. A sche5e cannot p1o5ise
1etu1ns unless such 1etu1ns a1e
ully gua1antee! =y the sponso1 o1 AM# an! this is 1e?ui1e! to =e
!isclose! in the oe1 !ocu5ent.
In+esto1s shoul! ca1eully 1ea! the oe1 !ocu5ent >hethe1
1etu1n is assu1e! o1 the enti1e pe1io! o
the sche5e o1 only o1 a ce1tain pe1io!. So5e sche5es assu1e
1etu1ns one yea1 at a ti5e an! they
1e+ie> an! change it at the =eginning o the ne6t yea1.
;OAD OR NO-;OAD ?UND
A "oa! Fun! is one that cha1ges a pe1centage o NA o1 ent1y o1
e6it. That is3 each ti5e one =uys
o1 sells units in the un!3 a cha1ge >ill =e paya=le. This
cha1ge is use! =y the 5utual un! o1
5a12eting an! !ist1i=ution e6penses. Suppose the NA pe1 unit is
Rs.&. I the ent1y as >ell as e6it
loa! cha1ge! is &K3 then the in+esto1s >ho =uy >oul!
=e 1e?ui1e! to pay Rs. &.& an! those >ho
oe1 thei1 units o1 1epu1chase to the 5utual un! >ill get only
Rs.:.: pe1 unit.
The in+esto1s shoul! ta2e the loa!s into consi!e1ation >hile
5a2ing in+est5ent as these
aect thei1 yiel!s/1etu1ns. -o>e+e13 the in+esto1s shoul! also
consi!e1 the pe1o15ance t1ac2 1eco1!
an! se1+ice stan!a1!s o 5utual un!3 >hich a1e 5o1e i5po1tant.
4icient un!s 5ay gi+e highe1
1etu1ns in spite o loa!s.A no%loa! un! is one that !oes not
cha1ge o1 ent1y o1 e6it. It 5eans the
in+esto1 can ente1 the un!/sche5e at NA an! no a!!itional
cha1ges a1e paya=le on pu1chase o1
sale o units.
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Category wise Growth of Mutual Fund AUMs (Rs crore)Category
March 2004 March 2005 March 2006 March 2007 March 2008
Income Funds 'L3LJ, 773LL '37J' J37' '3J7
Growth Funds &,3'L, &,3L7 :3LL ,3J&,
,J3&&
Balanced Funds &:3, &J3:7' ,3&'& '3L '3LJ
Liquid/money
market Funds
'3&L L3J: &,3,' '&3' 7'3JL
Gilt Funds 3,& '3&J, ,3:& J3J '37J
Elss Funds 37, &3JL &3L &3JJ: &3
Total ,*!5+ F**!,G +,!GG F,!F FG,!G
AUM &istri/uti%n a22%r&in' t% Cate'%ries as %n
FstJU;!)**5(Rs7 in Cr%res
#atego1ies Cpen 4n! #lose 4n! Total K o TotalInco5e 7,7J J' 7J,J
,J
G1o>th &L7L &' ,&7 &7
Balance! ,7L J, ',LL ,
"i?ui!/Money
Ma12et
J: % J: '
Gilt 7'J % 7'J ,
4"SS ', &J &': &
Total &7&: 777 &7' &
TRENDS IN TRANSACTIONS B MUTUA; ?UNDS
Yea1 4n!ing G1oss 8u1chases G1oss Sales Net In+est5ents
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(Rs.) (Rs.) (Rs.)
LDe=t 7'3,J:.L ',3&,.J &&3&7J.7J
De=t 7L3,,'. ,L37,J.'L &:3:.'
JDe=t '73:7.& ,&3'.L: &'37.&
7De=t L3::&.: J3&'.&& 3LJ.LJ
9O4T SECURITIES
Go+e1n5ent secu1ities (G%secs) a1e so+e1eign secu1ities >hich
a1e issue! =y the Rese1+e Ban2 o
In!ia on =ehal o Go+e1n5ent o In!ian lieu o the #ent1al
Go+e1n5entOs 5a12et =o11o>ing
p1og1a55e
The te15 Go+e1n5ent Secu1ities inclu!es$
#ent1al Go+e1n5ent Secu1ities.
State Go+e1n5ent Secu1ities
T1easu1y =ills
The #ent1al Go+e1n5ent =o11o>s un!s to inance its Oiscal
!eicit. The 5a12et =o11o>ing o the
#ent1al Go+e1n5ent is 1aise! th1ough the issue o !ate!
secu1ities an! ,J' !ays t1easu1y =ills
eithe1 =y auction o1 =y loatation o loans.
In a!!ition to the a=o+e3 t1easu1y =ills o :& !ays a1e
issue! o1 5anaging the te5po1a1y cash5is5atches o the Go+e1n5ent.
These !o not o15 pa1t o the =o11o>ing p1og1a55e o the
#ent1al Go+e1n5ent.
?eatures %" 9%vern$ent Se2urities
Nomenclature
The coupon 1ate an! yea1 o 5atu1ity i!entiies the go+e1n5ent
secu1ity.
Example: 12.25% GOI 2008 indicates the following:12.25% is the
coupon ate! GOI denotes Go"enment of India! which is the #oowe!
2008 is the $ea ofmatuit$.
Eligibility
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All entities 1egiste1e! in In!ia li2e =an2s3 inancial
institutions3 81i5a1y Deale1s3 i15s3 co5panies3
co1po1ate =o!ies3 pa1tne1ship i15s3 institutions3 5utual un!s3
Fo1eign Institutional In+esto1s3
State Go+e1n5ents3 81o+i!ent Fun!s3 t1usts3 1esea1ch
o1ganisations3 Nepal Rasht1a =an2 an! e+en
in!i+i!uals a1e eligi=le to pu1chase Go+e1n5ent Secu1ities.
Avai#a/i#it
Go"enment secuities ae highl$ liuid instuments a"aila#le #oth in
thepima$ and seconda$ ma&et. 'he$ can #e puchased fom (ima$
)eales.(*+ Gilts ,td.! is a leading (ima$ )eale in the go"enment
secuitiesma&et! and is acti"el$ in"ol"ed in the tading of
go"enment secuities.
Forms of Issuance of Government Securities
Ban2s3 81i5a1y Deale1s an! Financial Institutions ha+e =een
allo>e! to hol! these secu1ities >ith
the 8u=lic De=t Cice o Rese1+e Ban2 o In!ia in !e5ate1ialie! o15
in accounts 2no>n asSu=si!ia1y Gene1al "e!ge1 (SG")
Accounts.
4ntities ha+ing a Gilt Account >ith Ban2s o1 81i5a1y Deale1s
can hol! these secu1ities >ith the5 in
!e5ate1ialie! o15.
In a!!ition go+e1n5ent secu1ities can also =e hel! in
!e5ate1ialie! o15 in !e5at accounts5aintaine! >ith the
Deposito1y 8a1ticipants o NSD".
Mini$u$ A$%unt
In te15s o RBI 1egulations3 go+e1n5ent !ate! secu1ities can =e
pu1chase! o1 a 5ini5u5 a5ount
o Rs. &3/%only.T1easu1y =ills can =e pu1chase! o1 a 5ini5u5
a5ount o Rs 7/% only an!in 5ultiples the1eo. State Go+e1n5ent
Secu1ities can =e pu1chase! o1 a 5ini5u5 a5ount o Rs
&3/% only.
Repayment
Go"enment secuities ae epaid at pa on the expi$ of thei teno.
'he diffeent epa$ment methods ae asfollows :
Fo1 SG" account hol!e1s3 the 5atu1ity p1ocee!s >oul! =e
c1e!ite! to thei1 cu11ent accounts >ith the
Rese1+e Ban2 o In!ia.
Fo1 Gilt Account -ol!e1s3 the Ban2/81i5a1y Deale1s3 >oul!
1ecei+e the 5atu1ity p1ocee!s an! they>oul! pay the Gilt Account
-ol!e1s.
Fo1 entities ha+ing a !e5at acount >ith NSD"3the 5atu1ity
p1ocee!s >oul! =e collecte! =y thei1
D8Os an! they in tu1n >oul! pay the !e5at Account
-ol!e1s.
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TYPES F G!ERN"ENT SEC#RITIES
Go+e1n5ent Secu1ities a1e o the ollo>ing types$%
Date$ Securities % ae geneall$ fixed matuit$ and fixed coupon
secuities usuall$ ca$ing semi9annualcoupon. 'hese ae called dated
secuities #ecause these ae identified #$ thei date of matuit$ and
thecoupon! e.g.! 11.0% GOI 2012 is a ental Go"enment secuit$
matuing in 2012! which caies a coupon of11.0% pa$a#le half $eal$.
'he &e$ featues of these secuities ae:
They a1e issue! at ace +alue.
#oupon o1 inte1est 1ate is i6e! at the ti5e o issuance3 an!
1e5ains constant till1e!e5ption o the secu1ity.
The teno1 o the secu1ity is also i6e!.
Inte1est /#oupon pay5ent is 5a!e on a hal yea1ly =asis on its
ace +alue.
S'he secuit$ is edeemed at pa ;face "alue/ on its matuit$
date.
&ero Coupon bon$sae #onds issued at discount to face "alue
and edeemed at pa. 'hese wee issued
fist on anua$ 1
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?#%atin' Rate B%n&sae #onds with "aia#le inteest ate with a
fixed pecentage o"e a #enchma&ate. 'hee ma$ #e a cap and a floo
ate attached thee#$ fixing a maximum and minimum inteest atepa$a#le
on it. >loating ate #onds of fou $ea matuit$ wee fist issued on
3eptem#e 2
reset every si/ mont)s. The 2ey eatu1es o these secu1ities
a1e$
They a1e issue! at ace +alue.
#oupon o1 inte1est 1ate is i6e! as a pe1centage o+e1 a p1e!eine!
=ench5a12 1ate at the
ti5e o issuance. The =ench5a12 1ate 5ay =e T1easu1y =ill 1ate3
=an2 1ate etc.
Though the =ench5a12 !oes not change3 the 1ate o inte1est 5ay
+a1y acco1!ing to thechange in the =ench5a12 1ate till 1e!e5ption o
the secu1ity.
The teno1 o the secu1ity is also i6e!.
Inte1est /#oupon pay5ent is 5a!e on a hal yea1ly =asis on its
ace +alue.
The secu1ity is 1e!ee5e! at pa1 (ace +alue) on its 5atu1ity
!ate.
B%n&s 3ith Ca##Put O.ti%n:>ist time in the histo$ of
Go"enment 3ecuities ma&et +I issued a
#ond with call and put option this $ea. 'his #ond is due fo
edemption in 2012 and caies a coupon of=.2%. ?owe"e the #ond has
call and put option afte fi"e $eas i.e. in $ea 200. In othe wods it
meansthat holde of #ond can sell #ac& ;put option/ #ond to
Go"enment in 200 o Go"enment can #u$ #ac& ;calloption/ #ond fom
holde in 200. 'his #ond has #een piced in line with 5 $ea
#onds.
Capital in$e/e$ 'on$sae #onds whee inteest ate is a fixed
pecentage o"e the wholesale pice index.'hese po"ide in"estos with
an effecti"e hedge against inflation. 'hese #onds wee floated on
)ecem#e 2
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Sr7 N%7 Peri%& %" au2ti%n
& Ap1il '%&&3 L
Ap1il &L%73 L
, May %:3 L
' May &J%,3 L
7 May ,%une J3 L
J une &,%3 L
uly '%&&3 L
L uly &L%73 L
A$%unt(Rs7
Cr%re
F****
F****
F****
F****
F****
***
F****
***
Ter$ %" se2urit
i) 7%: yea1 secu1ity o1
Rs.J3 c1o1e
ii) ii) %yea1 an! a=o+esecu1ity o1 Rs. '3
c1o1e
i) &%&' yea1 secu1ity o1
Rs.J3 c1o1eii) %yea1 an! a=o+e secu1ityo1 Rs. '3 c1o1e
i) 7%: yea1 secu1ity o1
Rs.J3 c1o1e
ii) %yea1 an! a=o+e
secu1ity o1 Rs. '3c1o1e
i) %yea1 an! a=o+e secu1ityo1 Rs. '3 c1o1e
ii) &%&' yea1 secu1ity o1
Rs.J3 c1o1e
i) &%&' yea1 secu1ity o1
Rs.J3 c1o1e
ii) %yea1 an! a=o+esecu1ity o1 Rs. '3 c1o1e
&7%&: yea1 secu1ity o1
Rs.J3 c1o1e
&%&' yea1 secu1ity o1Rs.J3 c1o1e
&7%&: yea1 secu1ity o1
Rs.J3 c1o1e
i) &%&' yea1 secu1ity o1
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: August &%L3 L
& August &'%3 L
&& Septe5=e1 7%&3 L
T%ta#
F****
***
5***
,***
Rs.J3 c1o1e
ii) %yea1 an! a=o+esecu1ity o1 Rs. '3 c1o1e.
&7%&: yea1 secu1ity o1Rs.J3 c1o1e
i) &%&' yea1 secu1ity o1
Rs.73 c1o1e.
ii) %yea1 an! a=o+e
secu1ity o1 Rs. ,3 c1o1e
The GCI =o11o>ing o1 the i1st hal o the cu11ent iscal has
=een set at Rs.
:J3 c1o1e. The =o11o>ings 5a!e !u1ing the co11espon!ing
pe1io! last yea1>e1e Rs. :3 c1o1e.
The sie o the =o11o>ing p1og1a55e in i1st hal o the cu11ent
iscal co+e1s
JJ.&'K o the total =u!gete! =o11o>ings o the
go+e1n5ent.The secu1ities to =e issue! un!e1 the Go+t.@s
=o11o>ing p1og1a55e a1e >ell sp1ea!
ac1oss the 5atu1ity spect1u5. In the 5atu1ity =uc2et o 7%: y1s3
the =o11o>ing is slate! to
=e Rs.&3 c1o1e3 >hile the highest issuance o Rs. ,73
c1o1e is in &%&' y1ssecu1ities. The =o11o>ing calen!a1
in!icates a g1oss =o11o>ing o Rs. &L3 c1o1e in the
&7%&: y1s 5atu1ity =uc2et. In the long !ate! 5atu1ity
spect1u5 i.e y1s an! a=o+e3
Rs.,&3 c1o1e is sche!ule! to =e =o11o>e!.
)**5 *, )**+ - *5
Ten%r (in ears A$%unt (in Rs7 Cr%re t% 9r%ss B%rr%3in' t%
9r%ss
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(in ears B%rr%3in'
, &3 &.7 .JL
F* FG ,73 ,J.'J 'L.'7
F )* &L3 &L.7 ,.:
)* an& a/%ve ,&3 ,.: 7.
T%ta# :J3 &.
Market Sta/i#isati%n S2he$e
MSS sche5e >as int1o!uce! in Ap1il ' >ith an ai5 to
p1o+i!e g1eate1 SSSle6i=ility
to RBI in 5anage5ent o li?ui!ity. It acts as an a!!itional tool
o1 5aintaininga!e?uate li?ui!ity lo> in the syste5. These
issuances a1e a=o+e an! o+e1 the no15al
5a12et%=o11o>ing p1og1a55e.
The MSS ceiling is cu11ently i6e! at Rs. 373 c1o1e. The
th1eshol! at >hich theceiling >ill =e 1e+ie>e! is Rs. 3,73
c1o1e.
The net inc1e5ental issuance un!e1 MSS th1ough G%sec stoo! at
!u1ing the FY %
L is at Rs. &3&3,& c1o1e. As on Lth Ma1ch@L the net
outstan!ing un!e1 MSS stoo!
at Rs. &3JL3,: c1o1e.
State 9%vern$ent Se2urities
State Go+e1n5ent Secu1ities a1e secu1ities/loans issue! =y the
Rese1+e Ban2 o In!ia on
=ehal o +a1ious state go+e1n5ents o1 inancing thei1
!e+elop5ental nee!s. These
secu1ities a1e auctione! =y the Rese1+e Ban2 o In!ia 1o5 ti5e to
ti5e. These auctionsa1e o i6e! coupon3 >ith p1e announce!
notiie! a5ounts o1 !ie1ent states.
A..r%ve& Se2urities
App1o+e! secu1ities a1e the secu1ities3 >hich a1e eligi=le o1
S"R pu1poses un!e1 Section
' o the Ban2ing Regulation Act
PRO?I;E O? THE STUD
My stu!y is conine! to e+aluate the pe1o15ance o !e=ts sche5es
with special efeence to gilt edge onthe #asis of *A! s$stematic
is& un s$stematic is& etun and "olatilit$.
I ha+e chosen , gilt e!ge sche5es to chec2 the pe1o15ance o
these sche5es o1 the yea1
en!e! o !ec3L on the =asis o !ie1ent acto1.
TREASUR BI;;S
A t1easu1y =ill is a pa1ticula1 2in! o inance =ill o1 a
p1o5isso1y note put out =y the go+t. o the
count1y. T =ills in the 5oney 5a12et a1e the inst1u5ents o sho1t
te15 inance an! ha+e a 5atu1ity
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pe1io! o less than one yea1. The go+t. issues these =ills to
5eet its sho1t te15 li?ui!ity
1e?ui1e5ents. They a1e also a han!y an! useul iscal inst1u5ent
ena=les the =an2 to 5eet thei1
Statuto1y "i?ui! Ratio an! #ash Rese1+e Ratio 1e?ui1e5ents as
they can pa12 thei1 un!s in these
inst1u5ents to 5eet the statuto1y 1atios.
T.es %" Treasur Bi##s:
The1e a1e !ie1ent types o T1easu1y =ills =ase! on the 5atu1ity
pe1io! an! utility o the issuance
li2e3 a!%hoc T1easu1y =ills3 , 5onths3 &5onths T1easu1y
=ills etc. In In!ia3 at p1esent3 the
T1easu1y Bills a1e the :&%!ays3 &L%!ays an! ,J'%!ays
T1easu1y =ills.
Bene"its O" Invest$ent In Treasur Bi##s
No ta6 !e!ucte! at sou1ce
e1o !eault 1is2 =eing so+e1eign pape1
-ighly li?ui! 5oney 5a12et inst1u5ent
Bette1 1etu1ns especially in the sho1t te15
T1anspa1ency
Si5pliie! settle5ent
-igh !eg1ee o t1a!a=ility an! acti+e secon!a1y 5a12et acilitates
5eeting unplanne!
un! 1e?ui1e5ents.
Treasur Bi## Rate:
T1easu1y =ill 1ate is the 1ate o inte1est at >hich t1easu1y
=ills a1e sol! =y RBI. The eecti+e 1etu1n
on t =ills is the !iscount at >hich they a1e sol!3 an! is
=ase! on the !ie1ence =et>een the p1ice at
>hich they a1e sol! an! thei1 1e!e5ption +alue.
ie#&s %n M%ne Market Se2urities :
4ecti+e Annual Retu1n$
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The ?uote! annual no5inal inte1est 1ate on 5oney 5a12et
secu1ities >ith a 5atu1ity o less then
one yea1 can =e con+e1te! to an eecti+e annual inte1est 1etu1n
(4AR) using the ollo>ing
e?uation$
4AR Q &9i ,J7/h
,J7/h % &
uthe! since e"e$wee& thee is a
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#ette $ields and a"aila#ilit$ fo "e$ shot te33nos! anothe
impotantad"antage of teasu$ #ills o"e #an& deposits is that the
suplus cash can #ein"ested depending upon the staggeed
euiements.
E/ample %
3uppose pat$ has a suplus cash of s 200 coe to #e deplo$ed in
apoBect. ?owe"e! it does not euie the funds at one go #ut euies
them atdiffeent points of time as detailed #elow:
>unds "aila#le as on 1.1.2000 s. 200 coe
)eplo$ment in a poBect s. 200 coe
s pe the euiements
=.1.2000 s.
50
coe1.1.2000
s.20coe
02.2.2000s.
0coe
08.2.2000s.
100coe
Out of the a#o"e funds and the euiement schedule! the pat$ has
followingtwo options fo effecti"e cash management of funds:
ption I
Invest t)e cas) not re1uire$ *it)in 23 $ays in ban+ $eposits
'he pat$ can in"est a total of s 10 coe onl$! since the #alance
s 0coes is euied within the fist 15 da$s. ssuming a ate of etun of
=%
paid on #an& deposits fo a peiod of 1 to 65 da$s! the
inteest eaned #$ thecompan$ wo&s out to s = lacs
appoximatel$.
ption II
Invest in Treasury 'ills of various maturities $epen$ing on
t)efun$s re1uirements
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'he pat$ can in"est the entie s 200 coe in teasu$ #ills as
teasu$ #illsof e"en less than 15 da$s matuit$ ae also a"aila#le.
'he etun to the pat$#$ this deal wo&s out to aound s 125 lacs!
assuming etuns on 'easu$+ills in the ange of 8% to e1 than the
'.'&K the
!e=t pape1 etche! on Ma1ch ,.
The si6%5onth T%=ill etche! '.7'&K3 &&. =ps lo>e1
than '.J7,K3>hile the one%yea1 T%=illetche! '.&K3 &.:
=ps lo>e1 co5pa1e! to '.:K on Ma1ch ,.
The Bu1eau o the T1easu1y auctione! 8.7 =illion >o1th o the
sho1t%te15 !e=t pape1s yeste1!ay
an! sol! as planne!.
The T%=ills >e1e o+e1su=sc1i=e!3 >ith total ten!e1s o1 the
:&%!ay pape1 1eaching 8.LL =illion
against a 8&.7 =illion oe1.
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The si6%5onth T%=ill >as 5o1e than t>ice o+e1su=sc1i=e! as
ten!e1s 1eache! 8L.L =illion againsta 8.7%=illion oe13 >hile the
one%yea1 T%=ill 1ecei+e! 8J., =illion in ten!e1s3 al5ost !ou=le
the
8,.7%=illion oe1.
UThe en+i1on5ent is =enign. The1e is positi+e senti5ent in the
5a12et. "o>e1 inlation 5ay lea!to 1e!uctions o policy 1ates =y
the cent1al =an23U National T1easu1e1 Ro=e1to B. Tan tol!
1epo1te1s
ate1 the auction.
Inlation ease! to J.'K in Ma1ch 1o5 .,K in the p1e+ious 5onth.
Ma12et playe1s =elie+e anothe1
?ua1te1%point 1e!uction =y the Moneta1y Boa1! is co5ing >hen
it 5eets on Ap1il &J3 ollo>ing acu5ulati+e &7%=asis
point cut >hen it sta1te! its easing cycle in Dece5=e1.
UInlation >as lo>e1 than e6pecte!3 an! the cent1al =an2 is
=iase! on the easing si!e3U a =on!
t1a!e1 sai!.
She a!!e! the =i!s >e1e !1i+en =y a5ple li?ui!ity since
i6e!%1ate notes that 5atu1e! on Mon!ay
1elease! 8,., =illion into the syste5.
The t1a!e1 also sai! 5a12et playe1s a1e 5o1e incline! to =uy
sho1t%te15 !e=t pape1s gi+en
continue! 5a12et +olatility3 thus the st1ong !e5an! o1 the
T%=ills.
&. Anothe1 t1a!e13 on the othe1 han!3 sai! the =i!s >e1e
actually highe1 co5pa1e! to the cu11ent T%=ill
1ates at the secon!a1y 5a12et.
The si6%5onth T%=ill3 o1 instance3 etche! '.,K in the secon!a1y
5a12et last >ee2.
UF1o5 a t1a!ing pe1specti+e3 the 1ates >e1e actually highe13U
the secon! t1a!e1 sai!. V 9erar& S7
&e#a PeLa
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%o&142007 91 3500 79 6860.57 1 203 48
3500
98.16
7.5186
98.17
7
%o&212007 91 2000 65 2437.85 4 970 11 500
98.16
7.5186
98.17
7
#ct 3
2007 91 3500 92 5383 2 4000 78
350
0
98.2
5
7.144
3
98.2
8
7
#ct102007 91 3500 115 13193 2 1200 30
3500
98.29
6.9781
98.29
6
%o&282007 91 2000 67 2618.5 3 994.47 10 500
98.16
7.5186
98.16
7
Dec122007 91 500 49 2481.62 3 1800 7 500
98.18
7.4353
98.18
7
May30
2007 91 2000 99
6333.29
8 4 1350 56
200
0
98.1
9 7.394
98.2
2 7"n 62007 91 3500 143
9986.795 5
5993.075 29
3500
98.23 7.227
98.25 7
"l 252007 91 2000 78 6468.08 0 0 32
2000 98.9 4.461
98.93 4
"$142007 91 2000 92 3450.47 2 303 59
2000
98.35 6.729
98.37 6
'ep122007 91 3500 106 8870.92 4 4300 49
3500
98.26
7.1027
98.27
7
'ep
192007 91 3500 85 7838.25 3 7100 30 3500 98.29 6.9781 98.3 6
'ep262007 91 3500 81 4255.14 1 1000 68
3500
98.24
7.1858
98.28
7
Dec262007 91 500 53 2510 2 950 14 500 98.2
7.3521
98.21
7
an 22008 91 500 70 3411.05 1 1000 6 500
98.28
7.0196
98.28
7
an162008 91 3500 74 3674.4 1 200 63
3500
98.26
7.1027
98.28
7
an232008 91 3500 58 2974 3 3000 51
2589
98.24
7.1858
98.28
7
"$292007 91 3500 102 7552.5 2 550 24
3500
98.26
7.1027
98.28
7
an302008 91 3500 48 1616.58 2 883.32 24 500
98.22
7.2689
98.23
7
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(eb62008 91 2000 62 2540.28 4 2300 54
2000
98.22
7.2689
98.24
7
(eb272008 91 500 56 1733.37 2 748.97 26 500
98.18
7.4353
98.19
7
Mar
212007 91 2000 118 5035 3 1800 18 822 98.05 7.977 98.1 7"$82007
91 2000 84 4295 2 2500 27
2000
98.39 6.563
98.41 6
'ep52007 91 3500 101 7985 2 2100 50
3500
98.27
7.0612
98.28
7
May162007 91 2000 71
4353.655 3 1403 36
2000
98.13 7.643
98.14 7
%o&
72007 91 3500 96 7154.2 2 600 1 500 98.21 7.3105 98.21 7
Dec52007 91 2000 61 2609 2 2400 31
1500
98.16
7.5186
98.17
7
Dec192007 91 500 50 3179.5 4 7300 5 500 98.2
7.3521 98.2
7
an 92008 91 3500 76 6274.1 1 3500 39
3500
98.28
7.0196 98.3
6
(eb13
2008 91 2500 67 2488.37 3 703 26
104
3
98.2
2
7.268
9
98.2
2
7
(eb202008 91 500 47 500 4 1350 7 500
98.19
7.3937 98.2
7
Mar52008 91 500 63 2417.51 2 2200 29 500
98.19
7.3937 98.2
7
Mar122008 91 500 63
2120.715 1 200 22 500
98.19
7.3937 98.2
7
Mar192008 91 500 53 1573.75 2 700 12 500
98.21
7.3105
98.22
7
Mar142007 91 2000 100 4035.44 2 5000.5 34
2000
98.17 7.477
98.18 7
pr112007 91 2000 137 7215.42 1 500 18
2000 98.2 7.352
98.22 7
pr182007 91 2000 69 2714.35 2 1000 29 709
98.17 7.477
98.18 7
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pr252007 91 2000 95 4416.73 1 100 35
2000 98.2 7.352
98.21 7
"n112007 91 3000 119 6492 0 0 88
3000
98.11 7.727
98.15
"n
202007 91 3500 164 13492.63 6 11450 23 3500 98.24 7.186 98.25
7pr 22008 91 500 47 2633.08 2 4500 1 500 98.3
6.9366 98.3
6
pr 92008 91 6000 132 8076.23 3 2422.12 110
6000
98.23
7.2274
98.27
7
pr232008 91 2500 105 6747.1 1 500 39
2500
98.18
7.4353
98.19
7
pr302008 91 3000 111 7695.28 0 0 52
3000 98.2
7.3521
98.21
7
pr162008 91 5500 117 7192.8 0 0 56
3000
98.18
7.4353 98.2
7
May72008 91 3000 127 8457.1 5 2635.68 71
3000
98.21
7.3105
98.22
7
May142008 91 3500 113 8527.07 2 250.5 65
3500
98.19
7.3937 98.2
7
May212008 91 3000 86 7919.91 5 4000 47
3000
98.17
7.4769
98.18
7
May282008 91 500 41 1882.72 2 503.48 21 500
98.17
7.4769
98.18
7
May282008 91 500 41 1882.72 2 503.48 21 500
98.17
7.4769
98.18
7
"n 42008 91 3000 76 5569.37 6 4426.94 61
3000
98.15
7.5602
98.17
7
"n112008 91 3000 71
5211.365 1 1450 46
3000
98.12
7.6851
98.13
7
"n182008 91 2000 78 4164.3 2 715.38 53
2000
98.03
8.0604
98.05 7
"l 32008 91 500 66 2130.75 2 750 8 500
97.85
8.8131
97.87
8
"l 92008 91 3500 113 6508.94 5 4100 21 500 97.8
9.0227 97.8
9
"l 162008 91 3000 127 8219.61 2 2250 63
3000
97.78
9.1066 97.8
9
"l 232008 91 3000 113 6685.73 2 750 41
3000
97.79
9.0646 97.8
9
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"n252008 91 500 58 2068.8 2 5300 7 500
97.87
8.7293
97.87
8
"l 302008 91 3000 130 9274.83 2 800 60
3000
97.72
9.3584
97.73
9
"$6
2008 91 3000 122 7893.64 6 2639.1 73
300
0
97.7
5
9.232
5
97.7
6
9
"$132008 91 3000 112 9177.67 4 2150 52
3000 97.7
9.1485
97.78
9
"$202008 91 3000 100 8778.52 1 2000 20
3000
97.77
9.1485
97.77
9
"$272008 91 2000 79 6721.82 4 1608.09 28
2000
97.79
9.0646
97.79
9
'ep2
2008 91 5500 109
11692.2
5 1 1000 57
500
0 97.8
9.022
7
97.8
1
8
'ep102008 91 5000 148
13638.73 6 4836 59
5000
97.87
8.7293
97.88
8
'ep172008 91 5000 138 10967.3 2 573.48 66
5000
97.89
8.6456 97.9
8
#ct 32008 91 5000 108 7752 1 500 9 500
97.84 8.855
97.84 8
#ct 82008 91 5000 146 9520.27 1 500 93
5000
97.93
8.4782
98.01
8
#ct
292008 91 5000 156 8835.26 2 1400 104 5000 98.18 7.4353 98.22
7
%o&52008 91 5000 122
12732.65 1 141.19 61
5000
98.19
7.3937
98.21
7
Dec32008 91 3000 178 15189.8 1 150 19
3000
98.38
6.6048 98.4
6
Dec102008 91 5000 177
15176.55 6 5275 108
5000
98.61
5.6539
98.64
5
Dec172008 91 5000 162
13297.72 2 932.37 45
5000
98.66
5.4477
98.67
5
Dec242008 91 500 71 5340.91 1 119 7 500
98.76
5.0361
98.78
4
Mar262008 91 500 59 1833.15 3 7040 6 500
98.23
7.2274
98.23
7
'ep24
91 500 57 2493.14 1 3.5 15 500 97.19
8.5619
97.96
8
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2008#ct152008 91 5000 135 9103.8 3 2000 88
5000
97.88
8.6875
97.96
8
#ct222008 91 5000 168
13426.53 1 1000 28
5000
98.24
7.1858
98.27
7
%o&122008 91 5000 132 8873.07 1 753 88
5000 98.2
7.3521
98.22
7
%o&192008 91 5000 134
14842.52 2 1752 83
5000
98.21
7.3105
98.23
7
%o&262008 91 5000 155
11617.88 2 1313.79 68
5000
98.25
7.1443
98.26
7
Dec312008 91 500 85 6796.87 0 0 8 500
98.84
4.7074
98.87
4
an 72009 91 8000 194
23148.72 0 0 21
8000
98.84
4.7074
98.87
4
an142009 91 8000 155 18212 1 1 72
8000
98.87
4.5842
98.89
4
an212009 91 8000 142 18886.8 1 0.3 65
8000
98.85
4.6663
98.87
4
an282009 91 8000 152
13498.65 1 0.5 106
8000
98.82
4.7895
98.84
4
'ep
22008 182 2500 96 8519.5 0 0 17 2500 95.67 9.0768 95.68 9
an212009 182 1500 74 4321 0 0 23
1500
97.78
4.5533 97.8
4
an 72009 182 1500 90 5331 0 0 6
1500
97.74
4.6372
97.76
4
%o&262008 182 2000 94 6566 0 0 27
6566 96.6
7.0587
96.61
7
#ct29
2008 182 2000 146 6649 0 0 32
200
0
96.4
5
7.381
6
96.4
7
7
%o&122008 182 2000 102 5322.25 0 0 21
2000
96.53
7.2092
96.55
7
#ct152008 182 2000 128 4592.47 0 0 64
2000
95.85
8.6832
95.92
8
Dec242008 182 500 59 2891.2 0 0 7 500
97.52
5.1001
97.52
5
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Dec102008 182 500 59 1773.7 0 0 30 500
97.28
5.6075
97.52
5
'ep172008 182 2000 94 5328.5 0 0 31
2000
95.81
8.7705
95.83
8
#ct 1
2008 182 2000 76 3252 1 175 10 500 95.7
9.011
1
95.7
1
8
"$202008 182 1500 85 3915.65 1 1000 31
1500
95.56
9.3181
95.57
9
"$62008 182 1500 90 4666.5 1 1000 35
1500
95.57
9.2962
95.59
9
"l 232008 182 1500 83 4232.5 0 0 23
1500
95.56
9.3181
95.58
9
"l 92008 182 1500 83 3923.46 1 500 43
1500
95.55
9.3401
95.58
9
an
232008 182 2500 60 2855 0 0 41 2105 96.51 7.2523 96.54 7
"n252008 182 500 40 1393 1 1000 17 500
95.63
9.1645
95.68
9
"n112008 182 500 51 1366.2 1 1125 16 500
96.31
7.6838
96.32
7
May282008 182 500 50 1872 2 700 4 500
96.38
7.5326
96.39 7
May
142008 182 2000 84 3431 1 553 60 2000 96.36 7.5758 96.38 7
pr302008 182 1000 83 4430.25 1 750 7
1000
96.42
7.4462
96.43
7
pr162008 182 3000 75 2663 2 1500 26 500
96.35
7.5974
96.38
7
"n272007 182 2500 120 11687 0 0 33
2500
96.32 7.662
96.34 7
pr 22008 182 500 52 2095 0 0 2 500
96.54
7.1877
96.56
7
Mar192008 182 500 41 2340 1 1200 5 500
96.46 7.36
96.47
7
Mar52008 182 500 56 1827.5 1 855 33 500
96.38
7.5326
96.41
7
Dec262007 182 500 57 2135.5 0 0 22 500
96.35
7.5974
96.36
7
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Dec122007 182 500 52 2535.3 1 125 4 500
96.35
7.5974
96.35
7
%o&142007 182 2500 81 3071 0 0 14 500
96.35
7.5974
96.36
7
"l 25
2007 182 1500 68 4085 0 0 12
150
0
97.1
8
5.821
9
97.1
9
5
May162007 182 1500 66 3740 0 0 21
1500
96.28 7.749
96.29 7
#ct312007 182 2500 75 3165 0 0 18
2500
96.36
7.5758
96.37
7
pr 42007 182 1500 88 7005 0 0 5
1500
96.17 7.987
96.18 7
(eb202008 182 500 40 1822 0 0 12 500
96.38
7.5326
96.42
7
(eb62008 182 1500 60 3267 0 0 26
1500 96.5
7.2738
96.52
7
"$222007 182 1500 68 2235 1 1500 68
2235
96.41
7.4678
96.45
7
an 92008 182 1500 62 3105 0 0 29
1500
96.52
7.2308
96.55
7
Mar72007 182 1500 53 2265 1 500 49
1500
96.28 7.749
96.41 7
Mar
212007 182 1500 107 4195 2 325 13 530 96.07 8.204 96.08
8#ct172007 182 2500 97 4815 1 500 78
2500
96.42
7.4462
96.46
%o&282007 182 1500 71 2310 0 0 18 500 96.3
7.7054
96.32
7
'ep52007 182 2500 104 4573 1 855 61
2500
96.44
7.4031
96.46
'ep192007 182 2500 102 9980 0 0 38
2500
96.51
7.2523
96.52
7
#ct 32007 182 2500 71 4990 0 0 48
2500
96.48
7.3169
96.51
7
"$82007 182 1500 51 1985 1 500 46
1500 96.5 7.274
96.61
7
"l 112007 182 1500 78 4005.67 0 0 30
1500
97.07 6.053 97.1
"n 182 2000 113 7145 0 0 56 200 96.2 7.814 96.2 7
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302008 0 5 6 9(eb272008 364 1000 71 3690 0 0 14
1000 93
7.5476
93.03
7
(eb13
2008 364 3000 112 9149 2 503.7 44
300
0
93.0
6 7.478
93.0
9
7
May92007 364 2000 64 5100 0 0 24
2000
92.81 7.768
92.84 7
Mar142007 364 2000 94 4970 2 271 29
2000
92.76 7.827 92.8
'ep262007 364 3000 96 5846 1 375 65
3000
93.04
7.5012
93.08
7
#ct10
2007 364 3000 154 11231.5 0 0 31
300
0
93.1
5
7.373
9
93.1
9
7
%o&212007 364 2000 90 4550 0 0 17
1000
92.83 7.745
92.84
7
an162008 364 3000 116 6897 2 118.75 57
3000
93.14
7.3855
93.16
7
Mar122008 364 1000 83 5816.82 2 272.65 3
1000
93.09
7.4433
93.09
7
Mar26
2008 364 1000 79 5573.36 0 0 5
100
0
93.1
7
7.350
8
93.1
8
7
May302007 364 2000 61 4211 0 0 44
2000
92.78 7.803
92.81 7
pr 92008 364 2000 95 4697.5 0 0 44
2000
93.15
7.3739
93.18
7
May72008 364 3500 165 9640.5 1 650 67
6500 93
7.5476
93.05
7
pr232008 364 2000 102 4735 0 0 55
2000
92.88
7.6869
92.92
7
May212008 364 1000 108 4100 1 1500 41
1000 92.9
7.6636
93.01 7
"n 42008 364 1000 77 3695 2 1400 3
1000
92.95
7.6056
92.96 7
"n182008 364 1000 68 1900.7 0 0 54
1000 92.4
8.2477
92.53
8
"l 162008 364 2000 109 4703.5 1 250 48
2000
91.39 9.447
91.42 9
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"l 302008 364 2000 153 96611 1 36.55 25
2000 91.3
9.5552
91.31
9
"l 32008 364 1000 106 3385.55 1 8.75 13
1000
91.62
9.1716
91.78
8
"$132008 364 2500 138 8411.5 0 0 53
2500
91.52
9.2912
91.57
9
#ct 82008 364 2000 131 7344 0 0 38 2000 92.23 8.4477 92.28 8
'ep102008 364 4000 194 15037 0 0 46
4000
91.88
8.8619
91.92
8
"$272008 364 2000 139 10229 1 26.65 23
2000
91.61
9.1835
91.64
9
Dec32008 364 1000 118 6471 0 0 4
1000
94.09
6.2985
94.11
6
%o&
52008 364 2000 85 5310 0 0 16 2000 93.15 7.3739 93.22 7
#ct222008 364 2000 152 8652.5 1 32 13
2000
93.13
7.3971
93.17
7
'ep242008 364 1000 87
3383.975 0 0 36
1000
91.93
8.8025
91.99
8
Dec312008 364 1000 74 7301 0 0 6
1000
95.45 4.78
95.46 4
%o&
192008 364 2000 136 8735 0 0 22 2000 93.4 7.0858 93.42 7
Dec172008 364 1000 82 2987 1 250 32
1000
94.93
5.3554
94.96
5
an142009 364 1000 69 4235 0 0 19
1000 95.7
4.5056
95.74
4
an282009 364 1000 68 2850.5 1 13.5 29
1000
95.62
4.5932
95.65
4
pe1io! >eighte! p1ice >eighte! yiel!Ma1 ,&3 :L.&'
.'7'
une ,3 :.JL J.,
Sep ,3 :L.,7 .7J,
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Dec,&3 :L.' .&,7
Ma1,&3L :.: 7.,J'
une ,3L :L.L' J.LJ
Sep ,3L :L.& L.7:
Dec ,&3 L :L.'' .J7'
S'I "utual Fun$
3+I -utual >und opeates unde 3tate +an& of India and
3ociCtCGCnCale sset -anagement of >ance and has asset
managementexpeience of moe than 25 $eas. 3+I -utual >und offes
diffeent &indsof poducts li&e gowth #ased poducts! income
#ased poducts and#alanced funds.
'he 3+I -utual >und opeates unde 3tate +an& of India and
3ociCtCGCnCale sset -anagement of >ance. @ith o"e twent$ $eas
ofexpeience in asset management! the compan$ has gown immensel$
since its esta#lishment. 3+I -utual >unds offe inno"ati"e
mutual fundpoducts to its wide pool of customes and its poducts ae
a"aila#leacoss India. It has a wide potfolio of poducts that meet
theeuiements of diffeent t$pes of in"estos. 'he 3+I -utual >und
isheaded #$ - 3$ed 3haha#uddin! -anaging )iecto of the compan$.
Products and services offered by the SBI Mutual Fund are as
follows:
Euit$ D Gowth #ased poducts9 'he euit$ #ased funds offeed #$
3+I-utual >und! ae as follows 9 -agnum O-- >und
-agnum Euit$ >und -agnum Glo#al >und -agnum Index >und
-agnum -idap >und -agnum -ulticap >und -agnum -ultiplie (lus
1 9 >-G >und -3> 9 Emeging +usinesses >und
-
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-3> 9 I' >und -3> 9 (hama >und -3> 9 onta >und
3+I #itage Oppotunities >und 3+I +lue chip >und 3+I
Infastuctue >und 9 3eies I
3+I -agnum 'axgain 3cheme 1*) 9 3EIE3 I
)e#t D Income #ased poducts9'he de#t #ased funds that ae
inopeation now! ae as follows 9 -agnum hildenFs +enefit (lan -agnum
Gilt >und -agnum Gilt >und ;,ong 'em/ -agnum Gilt >und
;3hot 'em/
-agnum Income >und -agnum Income (lus >und -agnum Income
(lus >und ;3a"ing (lan/ -agnum Income (lus >und ;In"estment
(lan/ -agnum Insta ash >und -agnum Instaash >und 9,iuid
>loate (lan -agnum Institutional Income >und -agnum -onthl$
Income (lan -agnum -onthl$ Income (lan >loate -agnum *I
In"estment >und 3+I apital (otection Oiented >und 9 3eies I
3+I )e#t >und 3eies 3)>3 15 -onths >und 3)>3 und
3)>3 1 -onths >und 3)>3 18 -onths >und 3)>3 26
-onths >und 3)>3 =0 )a$s >und 3)>3 180 )a$s >und 3+I
(emie ,iuid >und 3+I 3hot ?oion >und 3+I 3hot ?oion >und 9
,iuid (lus >und 3+I 3hot ?oion >und 9 3hot 'em >und
+alanced funds 9 'he #alanced funds that ae in opeation now! ae
asfollows 9 -agnum +alanced >und -agnum *I In"estment >und 9
>lexisset (lan
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3+I -utual >unds In"estoFs 3e"ice ente ae located at
hmeda#ad!+angaloe! +hillai! +hu#aneshwa! +hopal! handigah!
hennai!oim#atoe! ochin! Goa! Guwahati! ?$dea#ad! Indoe! aipu!
Hanpu!Hol&ata! ,uc&now! ,udhiana! -um#ai! *ew )elhih!
(atna! (une! anchi!3iligui! Aadodaa! and AiBa$wada.
SBI Mutual Funds India
S'I "utual Fun$s India has offeed a diection to the in"estment
of I#$ piloting it Budiciousl$. 3+I -utual has #een instumental in
o"aious in"estment schemes and options to in"estos in India
anmultipl$ing thei in"estments. -utual >unds in India ha"e #een
espto #ing foth good de"elopment index in In"estment +an&ing.
'he+an& of India has pioneeed -utual >unds In"esting in
India #$ osset -anagement >unds! I(O -utual >unds! (incipal
-utual >un
othe Gowth
@hen an attempt is made to ecognie the top 10 -utual >unds
in3+I -utual >unds possess a commenda#le position. Expets claim
thathe Indian econom$ gowing at an unpecedented ate! it is
aoppotune time to in"est in -utual >unds in Ind
3+I -utual >und is a wa$ of collecti"e o -utual In"estment in
#$ colmone$ fom "aious In"estos to in"est mone$ in the secuities
li&e! 3toc& o othe 3ecto +onds. 'he eason wh$ the 3+I
-utual >unds Iconsideed the +est -utual >unds in India is its
*A9*et sset Aalu
-utual >und *A9 *et sset Aalue implies the cuent "alue in
ma&etof the pesent in"ested >und! that is calculates at the
end of the tanspeiod. ?owe"e! the concept of 'uno"e implies the
pecentage asset "alue of the 3+I -utual >unds at the end of the
$
>inancial anal$sts claim that the 3+I -utual >unds Index
has #eeencouaging and in"estos with am#itious -utual >unds
(otfolio ha"highl$ #enefited in the end. Indiahousing.com offes an
exhausti"e da
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on the 3tate +an& of India -utual >und as it is one of
the +est -utualompanies in India. ?owe"e! it has to #e noted that
in -utual >unGowth >unds! speculation pla$s a "e$ "ital ole
thus ma&ing it "ulnto ma&et is&s. -oeo"e! it is alwa$s
ad"isa#le to ha"e aundestanding a#out the -utual >unds
)efinition! 3+I 3$st
In"estment (lan ;3I(/ and pefomance at a gi"en point of time.
+ethe lin& of 3+I -utual >unds India that can #e accessed to
gain 3+I >unds infomation.
"agnum NRI Investment Fun$
a. 'he scheme offes thee (lans fo in"estment 9 3hot 'em+ond
(lan! ,ong 'em +ond (lan and >lexisset (lan. ll (lans ha"eGowth
and )i"idend Options. 'he etuns unde the Gowth option
to #e though capital appeciation onl$.#. 'he 3hot 'em +ond (lan
in"ests its entie copus onl$ inin"estment gade de#t instuments such
as Go"enment 3ecuities!opoate +onds and )e#entues and -one$
-a&et instuments.'he )i"idend option unde the 3hot 'em +ond
(lan endea"ous todeclae di"idends on a monthl$ #asis su#Bect to the
a"aila#ilit$ ofdisti#uta#le suplus. In"estments in opoate +onds
and)e#entues to #e in instuments with matuit$ not exceeding
fi"e$eas. ?owe"e! the a"eage matuit$ of the scheme unde
nomalma&et conditions would #e aound =5 da$s and will #e an
idealin"estment a"enue fo in"estos with an in"estment hoion of
six
months to one $ea.c. 'he ,ong 'em +ond (lan will #e in"esting
its entie copusonl$ in in"estment gade de#t instuments such as
Go"enment3ecuities! opoate +onds and )e#entues and -one$
-a&etinstuments. 'he )i"idend option unde the ,ong 'em +ond
(lanwould endea"ou to declae di"idends on a uatel$ #asis su#Bect
tothe a"aila#ilit$ of disti#uta#le suplus. nde this (lan! the
a"eagematuit$ of the scheme unde nomal ma&et conditions will
#e
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a#o"e $eas and would #e an ideal in"estment a"enue foin"estos
with an in"estment hoion of moe than one $ea ;atleasteighteen
months/.d. 'he >lexisset (lan to follow an sset llocation
-odelwheein depending on ma&et conditionsD#ased on cetain
tigges!the >und -anage can ta&e a "iew on the pecentage of
in"estments
that can #e allocated to euit$. 'his (lan would ha"e a minimum
of10% in"estment in euit$ elated instuments which can #einceased up
to 80% depending on ma&et fundamentals. 'hein"estment uni"ese
fo euit$ stoc&s will #e limited to such euit$stoc&s that
fom a pat of +3E9100.e. -inimum In"estment 9 s. 50!000 and
multiples of s.1!000. *o maximum limit.
Fle/i 4sset Plan
4nt1y "oa! $ In+est5ents =elo> Rs. 7 c1o1es H .7K In+est5ents
o Rs.7 c1o1es an!
a=o+e H NI"U SI8/ST8 % .7K
46it "oa!$ In+est5ents =elo> Rs.7 c1o1es W J 5onths % &.K
J 5onths an! W &
5onths % .7K
In+est5ents o Rs.7 c1o1es an! a=o+e % NI"
SI8 /ST8%W J 5onths 1o5 the !ate o in+est5ent o each instal5ent
% &.K
SI8 $ Mini5u5 a5ount Rs.7/5onth % & 5onths Rs.&/5onth %
J5onths3
Rs.&7/?ua1te1 % & 5onths
ST8 $ Mini5u5 a5ount Rs.&/% 5onth % 5ini5u5 pe1io! o J
5onths Rs.,/
Xua1te1 % 5ini5u5 pe1io! o J 5onths
Inte1 sche5e s>itches to othe1 e?uity sche5es >ill not
ca11y an 4nt1y "oa!. -o>e+e1e6it loa! >ill =e applica=le.
S)ort Term an$ 6ong Term 'on$ Plan
4nt1y "oa! $ Nil
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46it "oa! $ Sho1t Te15 Bon! 8lan $ Nil3"ong Te15 Bon! 8lan $
oul! no> =e pe15itte! to t1anse1 anya5ount 1o5 the s>itch%out
sche5e3 su=ect to a 5ini5u5 t1anse1 o Rs.& p5 o1
Rs., pe1 ?ua1te13 >ithout any 1est1iction on 5aintaining the
5ini5u5 =alance
1e?ui1e5ent as stipulate! o1 the s>itch out sche5e. The
5ini5u5 pe1io! o1 ST8 >ill=e atleast J 5onths. 8lease 1ea! the
Ce1 Docu5ent=eo1e in+esting.
UTER; NA4 O? SBI MUTUA; ?UND ("agnum NRI Investment Fun$7
PERIOD NA4 RETURN
(In Rs7 (In A8RI"%*N4 3
'&.:
&7.:
*"*%S48 3
':.,
&'.:LL
C#T%D4# 3
J.,J
.L,
AN%MAR 3L
'7.J7
%,J.J
A8RI"%*N4 3L
'L.&
7.&,7
*"Y%S48 3 L
,.:
%:.,
http://www.sbimf.com/portal/static/downloads/mnri-offdoc.pdfhttp://www.sbimf.com/portal/static/downloads/mnri-offdoc.pdf
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C#T%D4# 3L
:.
% J.:,'
AN%MAR 3:
:.J
&.7&J
UTI Mutua# ?un&
anua1y &'3 , is >hen *TI Mutual Fun! sta1te! to pa+e its
path ollo>ing the +ision o *TI
Asset Manage5ent #o. "t!. (*TIAM#)3 >hich >as appointe! =y
*TI T1ustee #o3 8+t. "t!. o15anaging the sche5es o *TI Mutual Fun!
an! the sche5es t1anse11e!/5ig1ate! 1o5 the
e1st>hile *nit T1ust o In!ia.
*TIAM# p1o+i!es p1oessionally 5anage! =ac2 oice suppo1t o1 all
=usiness se1+ices o *TIMutual Fun! in acco1!ance >ith the
p1o+isions o the In+est5ent Manage5ent Ag1ee5ent3 the
T1ust Dee!3 the S4BI (Mutual Fun!s) Regulations an! the
o=ecti+es o the sche5es. State%o%the%
a1t syste5s an! co55unications a1e in place to ensu1e a sea5less
lo> ac1oss the +a1ious acti+itiesun!e1ta2en =y *TIMF.
Since Fe=1ua1y ,3 '3 *TIAM# is also a 1egiste1e! po1tolio
5anage1 un!e1 the S4BI (8o1tolioManage1s) Regulations3 &::, o1
un!e1ta2ing po1tolio 5anage5ent se1+ices. *TIAM# also acts
as the 5anage1 an! 5a12ete1 to osho1e un!s th1ough its & K
su=si!ia1y3 *TI Inte1national"i5ite!3 1egiste1e! in Gue1nsey3
#hannel Islan!s.
4ssets #n$er "anagement*TIAM# p1esently 5anages a co1pus o o+e1
Rs. ':3' #1o1es as on Lth Fe=1ua1y :
(sou1ce$ >>>.a5iin!ia.co5). *TI Mutual Fun! has a t1ac2
1eco1! o 5anaging a +a1iety osche5es cate1ing to the nee!s o e+e1y
class o citiens. It has a nation>i!e net>o12 consisting
&&'
*TI Financial #ent1es (*F#s) an! *TI Inte1national oices in
"on!on3 Du=ai an! Bah1ain. to 1each to co55on in+esto1s at !ist1ict
le+el3 & satellite oice ha+e also =een opene!.
*TIAM# has a >ell%?ualiie!3 p1oessional un! 5anage5ent tea53
>hich has =een ully
e5po>e1e! to 5anage un!s >ith g1eate1 eiciency an!
accounta=ility in the sole inte1est o the
unit hol!e1s. The un! 5anage1s a1e a=ly suppo1te! =y a st1ong
in%house secu1ities 1esea1ch
!epa1t5ent. To ensu1e in+esto1s@ inte1ests3 a 1is2 5anage5ent
!epa1t5ent is also in ope1ation.
Reliability*TIMF has consistently 1eset an! upg1a!e!
t1anspa1ency stan!a1!s. All the =1anches3 *F#s an!
1egist1a1 oices a1e connecte! on a 1o=ust IT net>o12 to
ensu1e cost%eecti+e ?uic2 an! eicient
http://www.amfiindia.com/http://www.amfiindia.com/
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se1+ice. All these ha+e e+ol+e! *TIMF to position as a !yna5ic3
1esponsi+e3 1est1uctu1e!3 eicientan! t1anspa1ent entity3 ully
co5pliant >ith S4BI 1egulations.
%$+ /utual 0undInvestment Philosophy
%$+ /utual 0und1s investment philosophy is to deliver consistent
and stablereturns in the medium to long term with a fairly lower
volatility of fund returnscompared to the broad market! +t believes
in having a balanced and welldiversifiedportfolio for all the funds
and a rigorous inhouse research based approach to allits
investments! +t is committed to adopt and maintain good fund
managementpractices and a process based investment management!%$+
/utual 0und follows an investment approach of giving as equal an
importanceto asset allocation and sectoral allocation, as is given
to security selection whilemanaging any fund! +t combines topdown
and bottomup approaches to enable the
portfolios3funds to adapt to different market conditions so as
to prevent missing aninvestment opportunity!+n terms of its funds
performance, %$+ /utual 0und aims to consistently remain in
thetop quartile vis4vis the funds in the peer group!
Sponsors
'hee leading pu#lic secto #an&s +an& of +aoda! (unBa#
*ational +an& and3tate +an& of India and ,ife Insuance
opoation of India ;,I/! the lagestpu#lic financial in"estment
institution and life insue in India ae the sponsosof 'I -utual
>und.
'an+ of 'aro$a%8
+an& of +aoda is a commecial #an& pefoming acti"ities in
tems of +an&ing
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A8RI"%*N4 3L ,.L,J %:.L
*"Y%S48 3L '7.L& &.'7
C#T%Dec 3L 7.7, :.&
RESEARCH OBJECTI4E
Pri$ar %/0e2tive
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RESEARCH METHODO;O9F,
esea1ch 5etho!ology is a >ay to syste5atically sol+e the
p1o=le5. It 5ay =e un!e1stoo! has a science o
u!ying ho> 1esea1ch is !one scientiically. In it >e stu!y
the +a1ious steps that all gene1ally a!opte! =y a
sea1che1 in stu!ying his 1esea1ch p1o=le5 along >ith the
logic =ehin! the5. The scope o 1esea1ch
etho!ology is >i!e1 than that o 1esea1ch 5etho!
esear2h Pr%2ess
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Resear2h Desi'n)*
he p1esent stu!y is Desc1ipti+e in natu1e3 as it see2s to
!isco+e1 i!eas an! insight to =1ing out ne> 1elationship.
esea1ch !esign is le6i=le enough to p1o+i!e oppo1tunity o1
consi!e1ing !ie1ent aspects o p1o=le5 un!e1
u!y.
a$.#in' an& Sa$.#in' Desi'n)*
a5pling 5ay =e !eine! as the selection o so5e pa1t o an
agg1egate o1 totality on the =asis o >hich a
!g5ent o1 ine1ence a=out the agg1egate o1 totality is 5a!e. In
si5ple >o1!s3 it is the p1ocess o o=taining
o15ation a=out the population =y e6a5ining only a pa1t o it.
)
PRE;IMINAR
DATA
9ATHERIN9
Inte1+ie>ing
"ite1atu1e Su1+ey
PROB;EM
DE?INITION
Resea1ch
81o=le5Delineate!
G
THEORETICA;
?RAMEORK
a1ia=les clea1ly
i!entiie! an!
la=ele!
G4N4RATICN
CF
-Y8CT-4S4S
S#I4NTIFI#
R4S4AR#-
D4SIGN
F
OBSER4ATION
B1oa! a1ea o
1esea1ch inte1est
i!entiie!
+
DATA
#C""4#TICN3
ANA"YSIS AND
INT4R8R4TATICN
5
D4D*#TICN
-ypotheses
su=stantiate!P
Resea1ch
?uestion
ans>e1e!P
,
Repo1t>1iting
F*
Repo1t
81esentat
ion
FF
Manage1
ial
!ecision
5a2ing
YesNC
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Sa$.#in' Unit : It !eines the ta1get population that >ill =e
sa5ple! i.e. it ans>e1s >ho is to =e
su1+eye!.
Sa$.#in' Si>e: - It in!icates the nu5=e1s o people to =e
su1+eye!. Though la1ge sa5ples gi+e 5o1e
1elia=le 1esults than s5all sa5ples.
a$.#in' Desi'n$ This 1ee1s to the p1oce!u1e =y >hich the
1espon!ents shoul! =e chosen. In this case3
u&'e$ent C%nvenient sa$.#in' is !one
METHODO;O9 AND DATA ANA;SIS
Resear2h Desi'n:-Des2ri.tive Desi'n
ar'et P%.u#ati%n- Pu/#i2 Se2t%r Banks
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Resear2h P#a2e- a$una Na'ar
a$.#in' Desi'n: - Ju&'$ent an& C%nvenien2e Sa$.#in'7
ata: - Se2%n&ar &ata
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DE9REE O? CORRE;ATIONF, :-
Sr7 N%7 De'ree %" 2%rre#ati%n P%sitive Ne'ative
& 8e1ect co11elation 9& %&
-igh Deg1ee o
co11elation
Bet>een 9.7 to9& Bet>een %.7 to%&
, Mo!e1ate Deg1ee o
#o11elation
Bet>een 9.7 to9.7 Bet>een %.7 to%.7
' "o> Deg1ee o
#o11elation
Bet>een to9.7 Bet>een to%.7
7 A=sence o #o11elation
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CORRE;ATION ON NA4 AND RETURN O? SBI MUTUA; ?UND
orrelations
(orrelations
NAV(SBI) RET(SBI)
NAV(SBI) Pearsonorrelation
! "#$%
Si&" ($'tailed) " "!
N
RET(SBI) Pearsonorrelation
"#$% !
Si&" ($'tailed) "! "
N
'*)")) '+)")) '$)")) '!)")) )")) !)")) $)")) +)"))
*'$5#6+7
+)"))
*)"))
#)"))
,)"))
NAV5#6+7
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orrelations
(orrelations
NAV -TI RET -TI
NAV -TI Pearsonorrelation
! ",$*
Si&" ($'tailed) " ".
N
RET -TI Pearsonorrelation
",$* !
Si&" ($'tailed) ". "
N
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#")) ,")) %")) (")) ."))
*'$ %$+
.%"))
.%"#)
.("))
.("#)
.."))
NAV%$+
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orrelations
(orrelations
/&t price /&t yield
/&t price Pearsonorrelation
! ",$*
Si&" ($'tailed) " ".
N
/&t yield Pearsonorrelation
",$* !
Si&" ($'tailed) ". "
N
#")) ,")) %")) (")) ."))
wgt yield
.%"))
.%"#)
.("))
.("#)
.."))
wgtprice
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RE9RESSION ON NA4 1 RETURN O? SBI MUTUA; ?UND
e.en&ent varia/#e: RETURN
n&e.en&ent 4aria/#e: NA4
Variables 'ntered3*emoved5b7
0odelVariablesEntered
VariablesRemoved 0ethod
NAV(SBI)(a)
" Enter
All re12ested variables entered"3ependent Variable4 RET.SBI)
/odel #ummary5b7
0odel R R S12areAdj2sted R
S12areStd" Error o5the Estimate
"#$%(a) "$%% "!#% $!"##
Predictors4 (onstant)6 NAV(SBI)3ependent Variable4 RET.SBI)
ANVA5b7
0odelS2m o5
S12ares d5 0ean S12are 7 Si&"
Re&ression
!$",% ! !$",% $"++ "!(a)
Resid2al $,#"%,! , **+"!$%
Total +,%."+, %
Predictors4 (onstant)6 NAV(SBI)3ependent Variable4 RET.SBI)
(oefficients5a7
0odel
-nstandardi8edoe55icients
Standardi8edoe55icients
t Si&"B Std" Error Beta
(onstant)
'#!"++ +!"* '!",!$ "!#
NAV(SBI) !".* "%$! "#$% !"#! "!
3ependent Variable4 RET.SBI)
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*esiduals #tatistics5a7
0inim2m 0a9im2m 0ean Std" 3eviation N
Predicted Val2e '!."+#.% !,".+ '*"+#*+ !$"%*!
Std" Predicted Val2e '!"$*+ !"%,! " !"
Standard Error o5
Predicted Val2e %"*%# !#",* !"!* $".,
Adj2sted Predicted Val2e '$".,.! !!"%#$% '#"*!** !$",+!$$
Resid2al '+#"$$!!$ $"%+$+ " !."*.#
Std" Resid2al '!",%+ ".+ " ".$,
St2d" Resid2al '!"%. !"!* "$! !"$,
3eleted Resid2al '*",##%+ +"*#!$ !",!# $*"!$*.,
St2d" 3eleted Resid2al '$"*!, !"$+# '"#+ !"!.#
0ahal" 3istance " +"!! "%# !"+
oo:;s 3istance "* "+*% "!!# "!!.
entered
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*egression
Variables 'ntered3*emoved5b7
0odelVariablesEntered
VariablesRemoved 0ethod
NAV(-TI)(a)
" Enter
All re12ested variables entered"3ependent Variable4 RET(-TI)
/odel #ummary5b7
0odel R R S12areAdj2sted R
S12areStd" Error o5the Estimate
",,.(a) "**% "+## !*"#*
Predictors4 (onstant)6 NAV(-TI)3ependent Variable4 RET(-TI)
ANVA5b7
0odelS2m o5
S12ares d5 0ean S12are 7 Si&"
Re&ression
!$",. ! !$",. *"#! "%(a)
Resid2al !$,!"#% , $!"$,$
Total $$!",+. %
Predictors4 (onstant)6 NAV(-TI)3ependent Variable4 RET(-TI)
(oefficients5a7
0odel
-nstandardi8edoe55icients
Standardi8edoe55icients
t Si&"B Std" Error Beta
(onstant)
'!"!$% *,"+# '$"!#. "%*
NAV(-TI) $"!,! ".! ",,. $"$+ "%
3ependent Variable4 RET(-TI)
*esiduals #tatistics5a7
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0inim2m 0a9im2m 0ean Std" 3eviation N
Predicted Val2e '!"+ $$"!** !"*!# !$"%!,$
Std" Predicted Val2e '!",* !"%%+ " !"
Standard Error o5Predicted Val2e #"!#% !".# ,". $"+
Adj2sted Predicted Val2e '!"*$. +!"*#*% +"** !+",##
Resid2al '$+"$+ !"*%%# " !+"*$*%, Std" Resid2al '!", !"$%* "
".$,
St2d" Resid2al '!"%$ !"+,, '"#+ !"*
3eleted Resid2al '$,"%*. $!"$#, '!"..$ !%",#%#
St2d" 3eleted Resid2al '$"$# !"#+ '".. !"!
0ahal" 3istance "! +"!*$ "%# !"$%.
oo:;s 3istance " "#%# "!%, "!.,
entered
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*egression
Variables 'ntered3*emoved5b7
0odelVariablesEntered
VariablesRemoved 0ethod
=>T(?IET.PR)
/odel #ummary5b7
0odel R R S12areAdj2sted R
S12areStd" Error o5the Estimate
",$*(a) "+. "$ "*#$.%
Predictors4 (onstant)6 =>T(?IET.PR)
ANVA5b7
0odelS2m o5
S12ares d5 0ean S12are 7 Si&"
Re&ression
"%, ! "%, +"$. ".(a)
Resid2al !"$+! , "$#
Total $"!% %
Predictors4 (onstant)6 =>T(?IET.PR)
(oefficients5a7
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0odel
-nstandardi8edoe55icients
Standardi8edoe55icients
t Si&"B Std" Error Beta
(onstant) .#", !"$,! %#".. "
=>T(?IE
