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Contents 1 . Company profile 2 . Mutual Fund History 3 . Mutual fund Industry 4 . Mutual Funds an introduction o Types of mutual funds o Net Asset Value o Comparison of mutual fund o Advantages of mutual fund o Disadvantages of mutual fund o Distribution channels of mutual fund o Risk in mutual fund o Factors affecting mutual fund o Regulatory framework for mutual fund o Structure of mutual fund 5 . Research methodology 6 . Data interpretation and analysis o Limitation of study o Findings and suggestions o conclusion References and bibliography

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Contents 1. Company profile 2. Mutual Fund History 3. Mutual fund Industry 4. Mutual Funds an introduction Types of mutual funds Net Asset Value Comparison of mutual fund Advantages of mutual fund Disadvantages of mutual fund Distribution channels of mutual fund Risk in mutual fund Factors affecting mutual fund Regulatory framework for mutual fund Structure of mutual fund 5. Research methodology 6. Data interpretation and analysis Limitation of study Findings and suggestions conclusion References and bibliography Questionnaire

Chapter 1

INTRODUCTION The Ludhiana Stock Exchange Limited was established in 1981, by Sh. S.P. Oswal of Vardhman Group and Sh. B.M. Lal Munjal of Hero Group, leading industrial luminaries, to fulfill a vital need of having a Stock Exchange in the region of Punjab, Himachal Pradesh, Jammu & Kashmir and Union Territory of Chandigarh. Since its inception, the Stock Exchange has grown phenomenally. The Stock Exchange has played an important role in channelising savings into capital for the various industrial and commercial units of the State of Punjab and other parts of the country. The Exchange has facilitated the mobilization of funds by entrepreneurs from the public and thereby contributed in the overall, economic, industrial and social development of the States under its jurisdiction.Ludhiana Stock Exchange is one of the leading Regional Stock Exchange and has been in the forefront of other Stock Exchange in every spheres, whether it is formation of subsidiary for providing the platform of trading to investors, for brokers etc. in the era of Screen based trading introduced by National Stock Exchange and Bombay Stock Exchange, entering into the field of Commodities trading or imparting education to the Public at large by way of starting Certification Programmes in Capital Market.The vision and mission of Stock Exchange is: "Reaching small investors by providing services relating to Capital Market including Trading, Depository Operations etc and creating Mass Awareness by way of education and training in the field of Capital Market.To create educated investors and fulfilling the gap of skilled work force in the domain in Capital Market." Further, the Exchange has 295 members out of which 162 are registered with National Stock Exchange as Sub-brokers and 121 with Bombay Stock Exchange as sub-brokers through our subsidiary.

Governance and management:LSE has a strong governance and administration, which encompasses a right balance of Industry Experts with highest level educational background, practicing professionals and independent experts in various fields of Financial Sector. The administration is presently headed by Sr. General Manager CUM Company Secretary and team of persons having indepth knowledge of Secretarial, Legal and Education & Training.

The Governing Board of our Exchange comprises of eleven members, out of which two are Public Interest Directors, who are eminent persons in the fields of Finance and Accounts, Education, Law, Capital Markets and other related fields, Six are Shareholder Directors, and Three are Broker Member Director and the Exchange has four Statutory Committees namely Disciplinary Committee, Arbitration Committee, Defaults Committee and Investor Services Committee. In addition, it has advisory and standing committees to assist the administration.

LSE has a Code of Conduct in place that governs the elected Board Members and the Senior Management Team. The same is monitored through periodic disclosure procedures. The Exchange has an Ethics Committee, which looks into any issue of conflict of interest and has in place general code of conduct for the Senior Officials.

The composition of the Governing Board is as under:-

DETAILS OF PRESIDENTS AND VICE PRESIDENTS

Ludhiana Stock and Capital Limited Salutes its President/Chairmen vice Present/Vice Chairman

PRESIDENTS/ CHAIRMEN

Sr. No. Name of the person Tenure

1 Sh. S.P. Oswal 16.08.1983 to 27.07.1986

2 Sh. B.M. Munjal 28.07.1986 to 15.10.1989

3 Sh. V.N. Dhiri 16.10.1989 to 30.10.1992 30.09.1998 to 04.10.2000

4 Sh. G.S. Dhodi 31.10.1992 to 22.12.1993

5 Sh. Jaspal Singh 23.12.1993 to 05.10.1995 01.10.1996 to 29.09.199806.10.2001 to 01.07.2002

6 Sh. M.S. Gandhi 06.10.1995 to 30.09.1996

7 Sh. R.C. Singal 05.10.2000 to 05.10.2001

8 Dr. B. B. Tandon 25.06.2007 to 10.12.2007

9 Sh. S.P. Sharma 15.07.2007 to 23.09.2008

10 Sh. Jagmohan Krishan 23.09.2008 to 29.09.2009

11 Prof. Padam Parkash Kansal 30.09.2009 to 18.08.2012

12 Sh. Joginder Kumar 19.08.2012 to 18.09.2012

13 Sh. Ved Parkash Gaur 18.02.2013 to 30.09.2014

14 Sh. Jagmohan Krishan 18.12.2014 to till date

VICE PRESIDENTS/ VICE CHAIRMEN

Sr. No. Name of the person Tenure

1 Sh. Rajinder Verma 14.07.1984 to 08.08.1987

2 Sh. B.K. Arora 09.08.1987 to 15.10.198931.10.1992 to 22.12.1993

3 Sh. G.S. Dhodi 28.10.1991 to 30.10.1992

4 Sh. B.S. Sidhu 16.10.1989 to 27.10.199123.12.1993 to 05.10.1995

5 Sh. D.P. Gandhi 06.10.1995 to 26.09.1997

6 Sh. M. S. Sarna 27.09.1997 to 29.09.1998

7 Sh. T.S. Thapar 30.09.1998 to 04.10.2000

8 Sh. Tarvinder Dhingra 05.10.2000 to 05.10.2001

9 Dr. Rajiv Kalra 06.10.2001 to 01.07.2002

10 Sh. D.K. Malhotra 25.06.2007 to 10.12.2007

11 Sh. Jagmohan Krishan 15.07.2007 to 23.09.2008

12 Sh./ Ravinder Nath Sethi 23.09.2008 to 08.10.2008

13 Prof. Padam Parkash Kansal 09.10.2008 to 10.09.2009

14 Sh. Joginder Kumar 30.09.2009 to 18.09.2012

15 Sh. Jaspal Singh 09.01.2015 to till date

BOARD OF DIRECTOR

The Governing Board of the Company comprises of eight Directors, out of which six are elected Directors and two are Professional Directors who are eminent persons in the fields of Finance and Accounts, Education etc.The present composition of the Governing Board is as under:-

Sr. No. Name of Director Designation Date Of Appointment

1 Sh. Jagmohan Krishan Chairperson 18.12.2013

2 Sh. Jaspal Singh Vice Chairperson 09.01.2015

3 Sh. Anup Kumar Jain Shareholder Director 21.12.2012

4 Sh. Vikas Batra Shareholder Director 29.09.2010

5 Sh. Ashok Kumar Shareholder Director 30.09.2011

6 Sh. Prem Thapar Shareholder Director 30.12.2014

7 Sh. V.P. Gaur Professional Director 11.06.2010

8 Sh. Kanwal Preet Singh Walia Professional Director 09.01.2015

Strength of LSE group1. LSE brand is popular among masses. The brand image of LSE can be capitalized.

2. We have requisite infrastructure for the Capital Market activities which includes a multi-storeyed, centrally air conditioned building situated in the financial hub of the city i.e. Feroze Gandhi Market.

3. We have well experienced staff handling operations of Stock Exchange.

4. We have competent Board and professional management.

5. We have much needed networking of sub brokers in the entire region, who are having rich experience in Stock Market operations for the last 25 years.

6. We have more than 40,000 clients spread across Punjab, Himachal Pardesh, Jammu & Kashmir and adjoining areas of Haryana and Rajasthan.

7. The turnover of our subsidiary is the highest amongst all subsidiaries of Regional Stock Exchanges in India.

INVESTOR RELATED SERVICESThe Exchange has been providing a variety of services for the benefit of investing public. The services include Investor Service Centres, Investor Protection fund and Investor Educational Seminars.

(i).Investor Service Centres

The Exchange has set-up Investor Service Centres at various DP branches of its subsidiary for providing information relating to Capital Market to the general public. The Centres subscribe to leading economic, financial dailies and periodicals. They also store the Annual Reports of the companies listed at the Stock Exchange. The Investor Service Centres are also equipped with a Terminal for providing live rates of trading at NSE and BSE. A large number of the investors visit the centres to utilize the services being provided by the Exchange.

(ii).Investor Awareness Seminars

The Exchange has been organizing Investor Awareness Seminars for the benefit of Investors of the region comprising State of Punjab, Himachal Pradesh, Jammu & Kashmir, Chandigarh and adjoining areas of Haryana and Rajasthan. This massive exercise of organizing Investor Awareness Seminars has been launched as a part of Securities Market Awareness Campaign launched by SEBI in January, 2003. The Exchange apprises the investors about Dos and Donts to be observed while dealing in Securities Market. Till date, Exchange has organized more than 200 workshops in the region mentioned above.

(iii).Website of the Exchange: www.lse.co.in

The Exchange has its own website with the domain name www.lse.co.in. The website provides valuable information about the latest market commentary, research reports about companies, daily status of International markets, a separate module for Internet trading, information about listed companies and brokers and sub-brokers of the Exchange and its subsidiary. The website also contains many useful links on portfolio management, investor education, frequently asked questions about various topics relating to Primary and Secondary Market, information about Mutual Funds, Financials of the Company including Quarterly Results, Share Prices, Profit and Loss Accounts, Balance Sheet and Many More. The website also contains daily Technical Charts of various scrips being traded in BSE and NSE

EDUCATIONAL INITIATIVES OF EXCHANGELSE has carved out its unique position among the Stock Exchanges of the country for the Knowledge Management. It has set up an Education and Training Cell and the same has emerged as a leading facility in various Financial Services in India. The Exchange has been conducting a unique certification programme in Capital Market in association with Centre for Industry Institute Partnership Programme Panjab University, Chandigarh for the last three year. This programme has widened the horizons of participants vis--vis Capital Market Operations as practical skill based knowledge is provided by Stock Brokers, Stock Exchange Officials, Professors of Finance and Business Management and above all Professionals working in different areas of Capital Market. We have completed series of batches of this programme and we now want to scale up this programme and are planning to launch various other programmes on areas relating to Securities Market.

We have edge over others as far as Education and Training in Financial Services is concerned due to following factors:

a. Directly connected with the Industry as Regional Stock Exchange.

b. Connected with large base of Investors as they use the Stock Exchange as a Trading Platform for their liquidity needs

c. Presence in the region of Punjab, Himachal Pradesh, Jammu & Kashmir and Chandigarh through our branches Network and the area being under the jurisdiction of our Exchange.

d. Already running Certification programmes in Capital Market successfully.

e. Continuously holding Investor Awareness Programmes for Investors & Investor Groups through association with Brokers, Sub-brokers, Colleges, Universities and Consumer Groups.

DIFFERENT COMPANY MUTUAL FUNDDSP Merrill Lynch Mutual Fund Birla Mutual Fund Alliance Capital Mutual Fund ING Vysya Mutual Fund Cholamandalam Mutual Fund Deutsche Mutual Fund ABN - AMRO Mutual Fund HDFC Mutual Fund Franklin Templeton Mutual Fund Reliance Mutual Fund HSBC Mutual Fund Unit Trust Of India Prudential ICICI Mutual Fund Kotak Mutual Fund Standard Chartered Mutual Fund SBI Mutual Principal Mutual Fund Tata Mutual Chapter 2

HISTORY OF MUTUAL FUNDS

The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank. Though the growth was slow, but it accelerated form the year 1987 when non-UTI players entered in the industry.In the past decade INDIAN Mutual Fund industry had seen a dramatic improvement quality wise as well as quantity wise. The history of mutual funds in India can be broadly divided into four distinct phases:

First Phase - 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management.

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

Entry of non-UTI mutual funds.SBI Mutual Fund was the first followed by Canra bank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92).LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47, 004 as assets under management.

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

With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993.

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996.

The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1, 21,805 crores. The Unit Trust of India with Rs.44, 541 crores of assets under management was way ahead of other mutual funds.

Fourth Phase - since February 2003

This phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with AUM of Rs.29,835 crores (as on January 2003). The Specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations.

The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76, 000 crores of AUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.1, 53,108 crores under 421 schemes.

GROWTH IN ASSETS UNDER MANAGEMENT

Chapter 3

MUTUAL FUND INDUSTRY

The Indian Mutual fund industry has witnessed considerable growth since its inception in 1963. The assets under management (AUM) have surged to Rs 4,173 bn in Mar-09 from just Rs 250 mn in Mar-65. In a span of 10 years (from 1999 to 2009), the industry has registered a CAGR of 22.3%, albeit encompassing some shortfalls in AUM due to business cycles.The impressive growth in the Indian Mutual fund industry in recent years can largely be attributed to various factors such as rising household savings, comprehensive regulatory framework, Favourable tax policies, Introduction of several new products Investor education campaign and role of distributors.In the last few years, households income levels have grown significantly, leading to commensurate increase in households savings.Towards the huge market potential of the Mutual fund industry in India.Besides, SEBI has introduced various regulatory measures in order to protect the interest of small investors that augurs well for the long term growth of the industry.The tax benefits allowed on mutual fund schemes.Besides, the Indian Mutual fund industry has introduced an array of products such as liquid/money market funds, sector-specific funds, index funds, gilt funds, capital protection oriented schemes, special category funds, insurance linked funds, exchange traded funds, etc. It also has introduced Gold ETF fund in 2007 with an aim to allow mutual funds to invest in gold or gold related instruments. Further, the industry has launched special schemes to invest in foreign securities. The wide variety of schemes offered by the Indian Mutual fund industry provides multiple options of investment to common man.

FUTURE OF MUTUAL FUNDSIN INDIA

TheFuture of Mutual FundsIn India suggests that the industry has got huge scopes of development in the times to come.The Future of Mutual Funds In India is quite bright. Mutual Funds are one of the most popular forms of investments as these funds are diversification, professional management, and liquidity. In the year 2004, the mutual fund industry in India was worth Rs 1, 50,537 crores. The mutual fund industry is expected to grow at a rate of 13.4% over the next 10 years.Mutual Fund Assets under Management (MF AUM)-Growth

a) In March 1998, the MF AUM was`68984 crores.b) In March 2000, the MF AUM was`93717 crores and the percentage growth was 26 %.c) In March 2001, the MF AUM was`83131 crores and the percentage growth was 13 %.d) In March 2002, the MF AUM was`94017 crores and the percentage growth was 12 %.e) In March 2003, the MF AUM was`75306 crores and the percentage growth was 25 %.f) In March 2004, the MF AUM was`137626 crores and the percentage growth was 45 %.g) In September 2004, the MF AUM was`151141 crores and the percentage growth was 9 % in 6 months time.h) In December 2004, the MF AUM was`149300 crores and the percentage growth was 1 % in 2 months time.i) Future of Mutual Funds In India-Facts on growth

Important aspects related to the future of mutual funds in India are -a) The growth rate was 100 % in 6 previous years.b) The saving rate in India is 23 %.c) There is a huge scope in the future for the expansion of the mutual funds industry.d) A number of foreign based assets management companies are venturing into Indian markets.

MAJOR PLAYERS IN INDUSTRY

List of Asset Management Companies in India

Bank SponsoredI. Bank of Baroda Asset Management Co. Ltd.II. Canbank Investment Management Services Ltd.III. PNB Asset Management Ltd.IV. UTI Asset Management Company (P) Ltd.

InstitutionsI. GIC Asset Management Co. Ltd.II. Jeevan Bima Sahayog Asset Management Co. Ltd.

Private SectorINDIANI. Benchmark Asset Management Co. Ltd.II. Cholamandalam Asset Management Co. Ltd.III. Escorts Asset Management IV. J.M. Capital Management Ltd.V. Kotak Mahindra Asset Management Co. Ltd.VI. Sundaram Asset Management Co.VII. Reliance Capital Asset Management Ltd. FOREIGNI. Principal Asset Management Co. Ltd.

Joint Ventures Predominantly IndianI. Birla Sun Life Asset Management Pvt. Co. Ltd.II. Credit Capital Asset Management Co. Ltd.III. DSP Merrill Lynch Fund Managers Ltd.IV. First India Asset Management Pvt. Ltd.V. HDFC Asset Management Co. Ltd.VI. Tata TD Waterhouse Asset Management Pvt. Ltd.

Joint Ventures Predominantly ForeignI. Alliance Capital Asset Management (India) Pvt. Ltd.II. Deutsche Asset Management (India) Pvt. Ltd.III. HSBC Asset Management (India) Pvt. Ltd.IV. ING Investment Management (India) Pvt. Ltd.V. Prudential ICICI Management Co. Ltd.

Chapter 4

MUTUAL FUND (AN INTRODUCTION)

Definition:-Mutual Fund is the pool of money from investors to invest in different securities according to certain objectives.

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 proportion to the number of units owned by them (pro rata). 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. Anybody with an inventible surplus of as little as a few thousand rupees can invest in Mutual Funds. Each Mutual Fund scheme has a defined investment objective and strategy

A Mutual fund is the ideal investment vehicle for todays complex and modern financial scenario. Markets for equity shares, bonds and other fixed income instruments, real estate, derivatives and other assets have become mature and information driven. Price changes in these assets are driven by global events occurring in faraway places. A typical individual is unlikely to have the knowledge, skills, inclination and time to keep track of events, understand their implications and act speedily. An individual also finds it difficult to keep track of ownership of his assets, investments, brokerage dues and bank transactions etc.

A draft offer document is to be prepared at the time of launching the fund. Typically, it pre specifies the investment objectives of the fund, the risk associated, the costs involved in the process and the broad rules for entry into and exit from the fund and other areas of operation. In India, as in most countries, these sponsors need approval from a regulator, SEBI (Securities exchange Board of India) in our case. SEBI looks at track records of the sponsor and its financial strength in granting approval to the fund for commencing operations.

A sponsor then hires an asset management company to invest the funds according to the investment objective. It also hires another entity to be the custodian of the assets of the fund and perhaps a third one to handle registry work for the unit holders (subscribers) of the fund.

In the Indian context, the sponsors promote the Asset Management Company also, in which it holds a majority stake. In many cases a sponsor can hold a 100% stake in the Asset Management Company (AMC). E.g. Birla Global Finance is the sponsor of the Birla Sun Life Asset Management Company Ltd., which has floated different mutual funds schemes and also acts as an asset manager for the funds collected under the schemes.

CHARACTERISTICS OF MUTUAL FUNDS

The ownership is in the hands of the investors who have pooled in their funds. It is managed by a team of investment professionals and other service providers.The pool of funds is invested in a portfolio of marketable investments.The investors share is denominated by units whose value is called as Net Asset Value (NAV) which changes everyday.The investment portfolio is created according to the stated investment objectives of the fund.

MUTUAL FUND OPERATION

TYPES OF MUTUAL FUNDSMutual fund schemes may be classified on the basis of its structure and its investment objective.

A. By Structure:

Open-ended Funds

An open-end fund is one that is available for subscription all through the year. These do not have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value ("NAV") related prices. The key feature of open-end schemes is liquidity.

Closed-ended Funds

A closed-end fund has a stipulated maturity period which generally ranging from 3 to 15 years. The fund is open for subscription only during a specified period. Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where they are listed. In order to provide an exit route to the investors, some close-ended funds give an option of selling back the units to the Mutual Fund through periodic repurchase at NAV related prices. SEBI Regulations stipulate that at least one of the two exit routes is provided to the investor.

Interval Funds

Interval funds combine the features of open-ended and close-ended schemes. They are open for sale or redemption during pre-determined intervals at NAV related prices.

B. By Investment Objective:

Growth/Equity oriented schemes

The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes normally invest a majority of their corpus in equities. It has been proven that returns from stocks, have outperformed most other kind of investments held over the long term. Growth schemes are ideal for investors having a long-term outlook seeking growth over a period of time.

Income/Debt oriented schemes

The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures and Government securities. Income Funds are ideal for capital stability and regular income.

Balanced Funds

The aim of balanced funds is to provide both growth and regular income. Such schemes periodically distribute a part of their earning and invest both in equities and fixed income securities in the proportion indicated in their offer documents. In a rising stock market, the NAV of these schemes may not normally keep pace, or fall equally when the market falls. These are ideal for investors looking for a combination of income and moderate growth.

Money Market/liquid fund

The aim of money market funds is to provide easy liquidity, preservation of capital and moderate income. These schemes generally invest in safer short-term instruments such as treasury bills, certificates of deposit, commercial paper and inter-bank call money. Returns on these schemes may fluctuate depending upon the interest rates prevailing in the market. These are ideal for Corporate and individual investors as a means to park their surplus funds for short periods.

Gilt Fund

These funds invest exclusively in government securities. Government securities have no default risk. NAVs of these schemes also fluctuate due to change in interest rates and other economic factors as is the casewith income or debt oriented schemes.

Index Funds

Index Funds replicate the portfolio of a particular index such as the BSE Sensitive index,S&P NSE 50 index (Nifty), etc, these schemes invest in the securities in the same weightagecomprisingofanindex.NAVsofsuchsche-meswouldriseorfallin accordance with the rise or fall in the index, though not exactly by the same percentage due to some factors known as "tracking error" in technical terms. Necessary disclosures in this regard are made inthe offer document of the mutual fundscheme.

Load Funds

A Load Fund is one that charges a commission for entry or exit. That is, each time you buy or sell units in the fund, a commission will be payable. Typically entry and exit loads range from 1% to 2%. It could be worth paying the load, if the fund has a good performance history.

No-Load Funds

A No-Load Fund is one that does not charge a commission for entry or exit. That is, no commission is payable on purchase or sale of units in the fund. The advantage of a no load fund is that the entire corpus is put to work

C. other schemes:

Tax Saving Schemes

These schemes offer tax rebates to the investors under specific provisions of the Indian Income Tax laws as the Government offers tax incentives for investment in specified avenues. Investments made in Equity Linked Savings Schemes (ELSS) and Pension Schemes are allowed as deduction u/s 88 of the Income Tax Act, 1961. The Act also provides opportunities to investors to save capital gains u/s 54EA and 54EB by investing in Mutual Funds.

Industry Specific Schemes

Industry Specific Schemes invest only in the industries specified in the offer document. The investment of these funds is limited to specific industries like InfoTech, FMCG, and Pharmaceuticals etc.

Index Schemes

Index Funds attempt to replicate the performance of a particular index such as the BSE Sensex or the NSE 50

Sectoral Schemes

Sectoral Funds are those, which invest exclusively in a specified industry or a group of industries or various segments such as 'A' Group shares or initial public offerings.

NET ASSET VALUE Net Asset Value (NAV) Definition of NAV Net Asset Value, or NAV, is the sum total of the market value of all the shares held in the portfolio including cash, less the liabilities, divided by the total number of units outstanding. Thus, NAV of a mutual fund unit is nothing but the book value.

It is calculated simply by dividing the net asset value of the fund by the number of units. However, most people refer loosely to the NAV per unit as NAV, ignoring the "per unit". We also abide by the same convention. An example will make it clear that returns are independent of the NAV. Say; you have Rs 10,000 to invest. You have two options, wherein the funds are same as far as the portfolio is concerned. But say one Fund X has an NAV of Rs 10 and another Fund Y has NAV of Rs 50. You will get 1000 units of Fund X or 200 units of Fund Y. After one year, both funds would have grown equally as their portfolio is same, say by25%. Then NAV after one year would be Rs 12.50 for Fund X and Rs 62.50 for Fund Y. The value of your investment would be 1000*12.50 = Rs 12,500 for Fund X and 200*62.5= Rs 12,500 for Fund Y. Thus your returns would be same irrespective of the NAV.It is quality of fund, which would make a difference to your returns. COMPARISON OF MUTUAL FUNDSMutual fundsObjectiveRiskInvestment portfolioWho should investInvestment horizon

EquityfundsLong-term capital appreciationHigh riskStock &shareAggressive investors , long term investment3 years +

BalancedfundsGrowth & regular incomeCapital market risk & interest riskBalanced ratio of equity &debt funds to ensure higher return at low riskModerate & aggressive investors2 years +

IndexfundsTo generate returns that commensurate with returns of respective indicesNAV varies with index performancePortfolio indices like BSE, NIFTY etc.Aggressive investors3 years +

Gilt fundsSecurities & Income Interest rate riskGovernment SecuritiesSalaried & conservative Investors12 months +

Bond fundsRegular IncomeCredit Risk & Interest rate riskDebentures ,Govt. securities , corporate BondsSalaried & conservative Investors12 months +

Money marketLiquidity + Moderate Income + Reservation of IncomeNegligibleTreasury Bills, Certificates of Deposits , commercial papers, Call money Park funds in current A/c s or short term Bank Deposits2 Days to 3 weeks

HOW MUTUAL FUND DIFFER IN TERMS OF RISK PROFILE?

EQUITY FUNDS

High level of return, but has a high level of risk too (no fixed return)

DEBT,s FUND

Return comparatively less than equity funds

LIQUID AND MONEYMARKET FUNDProvide stable but low level of return

ADVANTAGES OF MUTUAL FUND

Mutual Funds offer several benefits to an investor that are unmatched by the other investment options.

1. Affordability: Small investors with low investment fund are unable to invest in high-grade or blue chip stocks. An investor through Mutual Funds can be benefited from a portfolio including of high priced stock.

2. Risk Diversification: Investors investment is spread across different securities (stocks, bonds, money market, real estate, fixed deposits etc.) and different sectors (auto, textile, IT etc.). This kind of a diversification add to the stability of returns, reduces the risk for example during one period of time equities might under perform but bonds and money market instruments might do well do well and may protect principal investment as well as help to meet return objectives.

3. Variety: Mutual funds offer a tremendous variety of schemes. This variety is beneficial in two ways: first, it offers different types of schemes to investors

4. Professional Management: Mutual Funds employ the services of experienced and skilled professionals and dedicated investment research team. The whole team analyses the performance and balance sheet of companies and selects them to achieve the objectives of the scheme.

5. Tax Benefits: Depending on the scheme of mutual funds, tax shelter is also available. As per the Union Budget-99, income earned through dividends from mutual funds is 100% tax free. Under ELSS of open-ended equity-oriented funds an exemption is provided up to Rs. 100,000/- under section 80C.

6. Regulation: All Mutual Funds are registered with SEBI and they function within the provisions of strict regulations designed to protect the interests of investors. The operations of Mutual Funds are regularly monitored by SEBI.

7. Liquidity: Investment in MUTUAL FUND can be redeemed at any time.

8. Flexibility: Investment in MUTUAL FUND is flexible because an investor can switch easily in schemes.

9. High Return: Mutual Fund may generate high return in long run (beyond 5 year).

DISADVANTAGES OF MUTUAL FUND

The following are the disadvantages of investing through mutual fund:

1. No GuaranteesNo investment is risk free. If the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio. Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through mutual fund runs the risk of losing the money.2. No control over costSince investors do not directly monitor the funds operations, they cannot control the costs effectively. Regulators therefore usually limit the expenses of mutual funds.

3. No tailor-made portfolio Mutual fund portfolios are created and marketed by AMCs, into which investors invest. They cannot made tailor made portfolio.Projectsformba.blogspot.com

4. Managing a portfolio of funds As the number of funds increase, in order to tailor a portfolio for himself, an investor may be holding portfolio funds, with the costs of monitoring them and using hem, being incurred by him.

5. Delay in RedemptionThe redemption of the funds though has liquidity in 24- hours to 3 days takes formal application as well as needs time for redemption. This becomes cumbersome for the investors.

1. Non-availability of loans Mutual funds are not accepted as security against loan. The investor cannot deposit the mutual funds against taking any kind of bank loans though they may be his assets.

DISTRIBUTION CHANNELSOF THEMUTUAL FUND

In India,AMCs work withfive distinctdistribution channels those aredirect, banking, retail, corporate and individual financial adviser.

1. The Direct Channels:

In the direct channel, customers invest in the schemes directly through AMC. In most cases, the company does not provide any investment advice, so these investors have to carry out their own research and select schemes themselves.The fundcompaniesprovideseveraltoolstoinvestorswhoinvestthroughthis channel. Thisincludesmonthlya/cstatement,processingoftransaction,and maintaince of records. In this channel most investors can invest through websites, or receive information through telephonic services provided by the company. About 10-20% of the total sales of anAMC come through this direct channel

2. The banking channel:

Thelargecustomerbaseofbanks,indevelopedcountries,haveplayedan important role in the selling MFs. In the recent years, this channel has also opened up in India. Banks operating in India , including public sector, private and foreign banks have established tie-up with various fund companies for providing distribution and servicing. The banking channel is likely to develop as the most vital distribution channel forfund companies there are several reasons for the same. Customers remain invested in banks for long periods of time and therefore banks maintain a relationship oftrust with their customers. Customers are rely on advice provided to them bybankersastheyarealwaysonthelookoutforbetterinvestmentavenues. Managers are guiding to customers about various funds. Anadditionaladvantagethatbanksprovideisthattheconcernedcustomerbecomes a permanent contact of the banks and therefore can be reached during launch of (new fund offer) NFO ornew schemes any time in the future.

3. The retail channel:

A customer can deal with directly with a sub broker belonging to a distribution company, instead of taking trouble of dealing with several agents. Distribution companies sell the schemes of several fund houses simultaneously and brokerage is paid by the AMC whose funds they sell. The retail channel offers the benefits ofspecialist knowledge and established client contact and, therefore private fund houses are generally prefer this channel. Someof the major players in India in this inthischannelarenationalplayerslikeKarvey,BirlasunlifeIL&FSand cholamandalam. The key factor for this channel to sell a companys fund used tobe the brokerage paid. The banking and retail channel generally contribute to about 50-70% of the total Asset underManagement (AUM).

4. The corporate channel

The corporate channel includes a variety of institutions that invest in shares on the companysname. Thesearebusinesses,trust,andevenstateandlocal governments. For institutional investors, fund managers prefer to create special funds and share classes. Corporate can either invest directly in mutual funds orthrough an intermediary such as a distribution house or a bank. Corporate exhibit varying degrees of awareness of mutual fund products.Most ofthe established corporate, such as the TVS industries in Hyderabad, are well-versedwiththeperformanceandcompositionofvarious funds.Thesmallercompanies and start-up firms, however, need to be educating on several aspects ofmutual funds. In order to provide information to such clients, fund companies usually organize presentation for these companies or set-up meetings with the finance managers.

5. Individual financial advisors (ifa) or agents:

The IFAchannel is theoldestchannel for distribution andwas widely employed atthetimewhenUTImonopolyinthemarket. Inrecenttimeswiththe emergence significantly decreased. An agent who basically acts as aninterface between the customer and the fund house there is a unique systems in place in India , wherein several sub-brokers are working under one main broker. The huge network of sub-brokers, thus ensure larger market penetration and geographic coverage. As per AMFI, over one lakh agents are registered to sell mutual funds and other financial products such as insurance across the country.

RISK INVOLVED IN MUTUAL FUND

THE RISK-RETURN TRADE-OFF The most important relationship to understand is the risk-return trade-off. Higher the risk greater the returns/loss and lower the risk lesser the returns/loss Hence it is up to you, the investor to decide how much risk you are willing to take. In order to do this you must first be aware of the different types of risks involved with your investment decision.

MARKET RISKSometimes prices and yields of all securities rise and fall. Broad outside influences affecting the market in general lead to this. This is true, may it be big corporations or smaller mid-sized companies. This is known as Market Risk. A Systematic Investment Plan (SIP) that works on the concept of Rupee Cost Averaging (RCA) might help mitigate this risk

CREDIT RISKThe debt servicing ability (May it be interest payments or repayment of principal) of a company through its cash flows determines the Credit Risk faced by you. This credit risk is measured by independent rating agencies like CRISIL who rate companies and their paper. An AAA rating is considered the safest whereas a D rating is considered poor credit quality. A well-diversified portfolio might help mitigate this risk.

INFLATION RISKThings you hear people talk about: Rs. 100 today is worth more than Rs. 100 tomorrow. Remember the time when a bus ride costed 50 paisa? Mehangai Ka Jamana Hai. The root cause,Inflation. Inflation is the loss of purchasing power over time. A lot of times people make conservative investment decisions to protect their capital but end up with a sum of money that can buy less than what the principal could at the time of investment. This happens when inflation grows faster than the return on your investment. A well-diversified portfolio with some investment in equities might help mitigate this risk

INTEREST RATE RISKIn a free market economy interest rates are difficult if not impossible to predict. Changes in interest rates affect the prices of bonds as well as equities. If interest rates raise the prices of bonds fall and vice versa. Equity might be negatively affected as well in a rising interest rate environment. A well-diversified portfolio might help mitigate this risk

POLITICAL/GOVERNMENT POLICY RISKChanges in government policy and political decision can change the investment environment. They can create a favorable environment for investment or vice versa.

LIQUIDITY RISKLiquidity risk arises when it becomes difficult to sell the securities that one has purchased. Liquidity Risk can be partly mitigated by diversification, staggering of maturities as well as internal risk controls that lean towards purchase of liquid securities.

FACTORS AFFECTING MUTUAL FUND

Governmental Influences Mutual fund business is a highly regulated business throughout the world as it seeks to ensure that quality and fairly priced schemes are available. Governmental intervention thus in mutual fund market usually is most needed to ensure that insurers are reliable

Taxation Policy Social equity being one of the motives behind tax collections, government gives certain exemptions from such levying. One such exemption is deduction incurred by tax payer s towards investment in mutual fund coverage. Similarly, capital invested in infrastructure bonds etc is offered with certain concession under tax laws.

National Income The relative importance of the mutual fund Market within a country will also be dependent upon economic development. With greater rates of economic growth, consumption of investment should increase as a result of increased income, and an increased stock of assets requiring mutual fund.

Employment The effect of employment on mutual fund industry is as direct as that on economic development of any country. With the rising levels of employment the effect on mutual fund industry is positive.

Money supply The central banks has indicated that credit growth and money supply number are likely to be above its prosecution for the current fiscal year, the statement to consider promptly all possible measures as appropriate to the evolving global and domestics situation is indicative of phased increase in FII limits for gilt investment could help in depending the securities market and is part of the road map towards fuller convertibility.

Interest Interest is major factor for investment when a person find less return from investment tool than people move towards the higher returns tool of investment.

Risk factor All investments in Mutual Fund and securities are subject to market risks and the NAV of the fund may go up or down depending on the factors and forces affecting the security market. There can be no assurance that the funds objective will be achieved. Past performance of the sponsors/Mutual fund/schemes/AMC is not necessarily indicative of the future results. The name of the schemes does not in any manner indicate their quality, their future prospects or returns. The specific risk would be credit, market, illiquidity, judgmental error, interest rate, swaps and forward rates. Demographic environment The demographic environment significantly affects the demand for the mutual fund industry. Factors like the average age of the population, levels of education, household structures income distribution, life style and the extent of industrialization.

Education Education is major factor of demand for mutual fund product. If the education levels is higher than the people know the benefits of mutual fund the use mutual fund as investment tool and also take raise capital growthREGULATORY FREAMWORK FOR MUTUAL FUND

For the smooth functioning of mutual funds in INDIA followings are the watchdogs

1. ASSOCIATION OF MUTUAL FUNDS IN INDIA (AMFI)

With the increase in mutual fund players in India, a need for mutual fund association in India was generated to function as a non-profit organization. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August 1995.

AMFI is an apex body of all Asset Management Companies (AMC), which has been registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of board of directors. AMFI has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. It follows the principle of both protecting and promoting the interest of mutual funds as well as their unit holders.

2. SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) REGULATIONS, 1996

The fast growing industry is regulated by Securities and Exchange Board of India (SEBI) since inception of SEBI as a statutory body. SEBI initially formulated SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) REGULATIONS, 1993 providing detailed procedure for establishment, registration, constitution, management of trustees, asset management company, about schemes/products to be designed, about investment of funds collected, general obligation of MFs, about inspection, audit etc. based on experience gained and feedback received from the market SEBI revised the guidelines of 1993 and issued fresh guidelines in 1996 titled SECURITIES AND EXCHANGE BOARD OF INDIA (MUTUAL FUNDS) REGULATIONS, 1996. The said regulations as amended from time to time are in force even today.

STRUCTURE OF MUTUAL FUNDS

The mutual fund industry is governed by the Securities and Exchange Board of India (Mutual Fund) Regulations, 1996, which lays the norms for the structure and the operation of a mutual fund in India. The diagram below illustrates the organizational set up of a mutual fund:

Organizational Setup of a Mutual Fund

SPONSOR A sponsor is a person who, acting alone or in combination with another corporate body, establishes a Mutual Fund. In order to register with SEBI as a Mutual Fund, the sponsor should have a sound financial track record of over five years and general reputation of fairness and integrity in all his business transactions. Following its registration with SEBI, the sponsor forms a trust, appoints a Board of Trustees and an Asset Management Company (AMC) as a fund manager. The sponsor should contribute at least 40% of the net worth of the AMC. SEBI

The regulation of mutual funds operating in India falls under the preview of authority of the Securities and Exchange Board of India (SEBI). Any person proposing to set up a mutual fund in India is required under the SEBI (Mutual Funds) Regulations, 1996 to be registered with the SEBI.

MUTUAL FUNDA Mutual Fund is established in the form of a trust under the Indian Trusts Act, 1882. The investor subscribes to the units issued by the Mutual Funds. The resources raised are pooled under various schemes established by the trust. TRUSTEES The Mutual Fund can either be managed by the Board of Trustees, which is a body of individuals, or by a trust company, which is a corporate body. Most of the funds in India are managed by the Board of Trustees. The Trustees are appointed with the approval of the SEBI. Two thirds of the Trustees are independent persons and are not associated with the sponsors. The Trustees, however, do not manage the portfolio of Mutual Fund. It is managed by the AMC.

UNIT HOLDERS

They are the parties to whom the mutual fund is sold. They are ultimate beneficiary of the income earned by the mutual funds. ASSET MANAGEMENT COMPANY (AMC) The AMC,appointed by the sponsors or the Trustees and approved by SEBI, acts like an investment manager of the Trust. The AMC should have a net worth of at least Rs.10 crores. It functions under the supervision of its Board of Directors, Trustees and the SEBI. In the name of the Trust, AMC floats and manages different investment schemes as per the SEBI regulations. Apart from these, a Mutual Fund has some other constituents, such as, custodians and depositories, banks, transfer agents and distributors. A custodian is appointed for safe keeping the securities and participating in the clearing system through approved depository. The bankers handle the financial dealings of the fund. Transfer agents are responsible for issue and redemption of the units. The AMC appoints distributors or brokers to sell units on behalf of the fund. CUSTODIAN

The mutual fund is required, under the Mutual Fund Regulations, to appoint a custodian to carry out the custodial services for the schemes of the fund. Only institutions with substantial organizational strength, service capability in terms of computerization and other infrastructure facilities are approved to act as custodians. The custodian must be totally delinked from the AMC and must be registered with SEBI.

Chapter 5

RESEARCH METHODOLOGY

Research can simply be defined as search for knowledge; it is an art of scientific investigation.In this report a research has been conducted to know Investors and Advisors perception about Mutual Funds.

OBJECTIVES:

To study about the mutual funds and MF industry. To know the perception of Investors and Advisors towards mutual funds.

SCOPE OF THE STUDY:

Study covers mutual fund Company (NJ India invest), mutual fund industry, investors and advisors behaviour towards mutual funds. People of age between 20 to 60 years Area covered Panchkula, manimajra, pinjor, kalka, parwanoo and Zirakpur.

RESEARCH PROCESS1. Define research problem and objective: - first of all we need to define research problem with out which we can not proceed. In our study our research problem and Objectives are

To know about the mutual funds industry. To study the perception of Investors and Advisors towards mutual funds.

2. Define the information needed: - here we need to define the information actually required for our study. In this case we require information about the approach of investors and advisors about mutual funds e.g. what points investors consider before investing in mutual fund, attitude of insurance advisors who are not selling mutual funds and are not AMFI certified. So, the information sought and information generated is only possible after defining the information needed.

3. Research design: - A research design is a framework or conceptual structure with in which research would be conducted and also helps us to collect maximum information with minimal expenditure of effort, time and money. In this project Descriptive Research (in which researcher has no control over variables) is designed.

4. Determine sample design and sample size:- Sample design is a definite plan for obtaining a sample from given population and is determined before data collection. Our study uses convenient sampling technique.Sample Is the part of totality on the basis of which a judgment about the totality is made. This study consists of near about 170 respondents

Population All the investors and advisors from panchkula, manimajra,pinjor, kalka, parwanoo and zirakpur from 20 July to 11august 2011.

5. Collection of data: - Both primary and secondary data have been used for the purpose of the data collection.Primary data was collected by a structured questionnaire. And the secondary data was collected from companys books and data source.

Chapter 6

DATA INTERPRETATION AND ANALYSIS

After collection of data analysis is done to make it understandable and to draw a conclusion.In the present work sample size is 170 which is taken from panchkula, manimajra,pinjor, kalka, parwanoo and zirakpur

Q1. Are you a wealth Advisor?

YesNoTotal

1700170

The table and diagram shows that there are 170 wealth advisors in my sample size.

Above diagram shows that, there are 30% females and 70% males working as a wealth advisors in my sample size.

Q2. How long have you been working as a wealth advisor?

YearsNo of personspercentage

1-54023.52%

5-107544.11%

More than 105532.35%

The above diagram shows that there are 24% means 40 advisors out of 170 who are working as wealth advisors from 1-5 years. There are 44% means 75 advisors working from 5-10 years and 32% means 55 advisors working from more than 10 years as wealth advisor.

Q3. With which organization you are working?

OrganizationsNo of persons%

LIC8047

Post office5632.94

New India insurance21.76

Oriental insurance3017.64

National insurance21.76

Above data shows 47% advisors work with LIC, 33% work with post office, about 1% works with new India, 18% advisors work with Oriental insurance and 1% with National Insurance

Q4.Do you invest in mutual fund?

ResponseRespondents%

Yes3822.35

No13277.64

When question asked to advisors that do they invest in mutual fund 38 advisors means 22% say yes they do and 78% advisors do not invest in mutual fund.

(a). If yes, what factors do you keep in mind before investing in mutual fund?

ResponseRespondents%

Safety1847.36

Good return1231.57

Liquidity821.05

It shows majority of investors i.e. 47% wants safety, 32%want good return and 21%investors want liquidity before investing in mutual fund.

Q5. Do you sell MUTUAL FUND?ResponseRespondents%

Yes2514.70

No14585.30

There are 15% advisors who sell Mutual Funds and 85 % advisors dont deal in mutual fund

Q6.

(a) Are you AMFI certified?

ResponseRespondents%

Yes74.11

No16395.88

In the above diagram there are only 4% advisors are AMFI certified and 96% are not AMFI certified.

(b) If yes, do you want to associate with NJ India Invest?

ResponseRespondents%

No342.85

Already with NJ457.14

Above data shows that out of 7 AMFI certified advisors there are 57% advisors who are working with NJ India Invest, 43% advisors dont want to associate with due to less brokerage at NJ.

Q7.Do you want to be an AMFI certified Advisor?

ResponseRespondents%

Yes84.90

No15595.09

out of 163 advisors there are 5% means 8 advisors want to be AMFI certified and 95% rwe not interested to be AMFI certified.

LIMITATIONS OF THE STUDY

Research has made many achievements and thus simplified human life. Whatever we are enjoying today is due to research. Every research has its own advantages, disadvantages and limitations and my present research work is no exception to this general rule. Limitations of the study are as under: In this research Interview method was followed which is very much time consuming and very expensive method, especially when spread geographic sample is taken. Questionnaire method can be used only for those respondents who are literate and co-operative. In this research work Sample size was 170 which is not enough to study the awareness of mutual fund and on the basis of this sample we can not make a judgment. Sampling techniques used in the study is convenient sampling so it may result in personal bias. Even respondent give bias answers. Time is main constraint of the research as we have very less time.

FINDING AND SUGESSIONS During my summer training program at panchkula in NJ India invest I found that a large number of wealth Advisors were working with insurance companies (LIC, new India, oriental insurance, National insurance) and post offices or with both.Most of investors and advisors have a little knowledge about mutual fund.

FINDINGS

Highest number of investors comes from the salaried class(having age group 25-40) and have been investing in mutual funds for last 5-7 years. Most of the advisors have been working with insurance companies and post offices. Brokerage in mutual funds is very low as compare to insurance. Mutual fund investments are subject to market risk therefore people dont want to talk about them. Advisors dont want to be AMFI certified because they have to study and they think fee at NJ is more as compare to LIC. Some advisors were dealing in mutual fund with out any AMFI certification with RR chd. Majority of people were not aware about NJ India Invest so they should launch Brand awareness programme periodically. ARN holders who are working independently dont want to associate with NJ due to less brokerage at NJ. Some people want to earn high return, some want safety, some want tax benefit and some want liquidity.

SUGGESTIONS

NJ should decrease charges upon AMFI test. NJ should launch awareness program about mutual fund for general public to get direct clients and for brand building. Brokerage of the financial advisors should be improved. Give more importance to safety and return attributes because Independent Financial Advisors are more concern about safety and of giving more benefit of the investments to their clients. By providing better service NJ India Invest should try to attract the Independent Financial Advisors to join with them. Tax benefit should be highlighted to attract public sector employees for investment in mutual fund.

CONCLUSIONOn the Basis of above research we can say that mutual fund industry is growing with a great speed and investment in mutual fund provides a good return in long run i.e. beyond 5 years. Today each and every person is fully aware of every kind of investment proposal. Everybody wants to invest money, which entitled of low risk, high returns and easy redemption. Though a mutual fund provides a good return but it also has risk involved in it. Investor should have a good knowledge about working of mutual fund and market before investment. In my opinion before investing in mutual funds, one should be fully aware of each and everything.

REFERENCES & BIBLIOGRAPHY

Websites: www.google.com www.njfundz.com www.amfiindia.com www.mutualfundsindia.com

Books: C.R.Kothari,Research methodology, new Delhi: new age international publishers. Text book for AMFI Exam.

Magazines: Business India Opportunity (by NJ) Business Today

Questionnaire

Q1. Are you a wealth Advisor? Yes No

Q2. How long have you been working as a wealth advisor? 0-5years 5-10years More than 10 years

Q3. With which organization you are working? A B C D E

Q4.Do you invest in mutual fund? Yes No

(a). If yes, what factors do you keep in mind before investing in mutual fund? Safety Return Liquidity

Q5. Do you sell MUTUAL FUND? Yes No

Q6.

(a) Are you AMFI certified? Yes No(b) If yes, do you want to associate with NJ India Invest? Yes No Already with NJ

Q7.Do you want to be an AMFI certified Advisor? Yes No

Name: - .Mail Id: - .Contact No: - .Office Address: -

Thanks for your Co-operation