mutual funds vs shares market.doc

8/10/2019 MUTUAL FUNDS VS SHARES MARKET.doc

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RESEARCH PROJECT

ON

A STUDY ON INVESTORS PRECEPTIONS AND AWARENESS

REGARDING SERVICES OF MUTUAL FUNDS VS SHARES

MARKET

RAYAT INSTITUTE OF MANAGEMENT

Affiliated To

PUNJAB TECHNICAL UNIVERSITY

In the partial fulllment of requirement for the award of

Degree of Masters of Business Administration (MBA)

Submitted To: SubmittedBy:

Assist.Pof. Ms. Rita S!a"a Ta#$ Si$%!

Roll.No. &'()*)+

&


2/69


3/69

PREFACE

It is !i%!l3 said t!at 9/a,ti,e "a5es a "a$ /efe,t: t!e /oe,t tai$i$% 4!i,! is a /at of M.B.A to %et a

/a,ti,al #$desta$di$% a$d tai$i$% of t!e 6#si$ess "a$a%e"e$t. T!#s t!e i$d#stial tai$i$% 4!i,! is a

/at of M.B.A ,o#se !el/s t!e st#de$t to %et t!e 5$o4led%e a6o#t t!e a,t#al e$7io$"e$t of a$

o%a$i;atio$.

It i$7ol7ed t!e st#d3 of Ma5eti$% a,ti7ities of t!e o%a$i;atio$. I !a7e #$de ta5e$ i$d#stial tai$i$% i$


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CONTENTS

CHAPTER NO. TOPICS PAGE NO

1 INTRODUCTION 6-9

2 COMPANY PROFILE 10-6

! REVIEW OF LITERATURE "-9

RESEARCH METHODOLOGY #0-#

6 O$SERVATION AND ANALYSIS ##-69

" FINDINGS "0-"1

% RECOMMENDATIONS "2-"!

9 CONCLUSION "-"#

$I$LIOGRAPHY "6-""

ANNE&URES "%-%0

)


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CHAPTER-I

INTRODUCTION


6/69

$ACKGROUND

T!e


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ORGANI'ATION OVERVIEW

I()*+,)/+(

S / 3 4+*(5 (+) 3 ,)/(3)/+(.If 4e loo5 fo ea"/le to /o7e t!is D#ote t!e$ 4e ,a$ fi$d"a$3 6#t t!ee is $o$e li5e t!at of


8/69

"e"6e of H3dea6ad Sto,5 E,!a$%e t!o#%! asso,iate fi"


9/69

$OARD OF DIRECTORS

C P3*);33*3);5@


10/69

KARVY INVESTOR SERVICES

LIMITED

Re,o%$i;ed as a leadi$% "e,!a$t 6a$5e i$ t!e ,o#$t3@ 4e ae e%isteed 4it! SEBI as a Cate%o3 I

"e,!a$t 6a$5e. T!is e/#tatio$ 4as 6#ilt 63 ,a/itali;i$% o$ o//ot#$ities i$ ,o/oate ,o$solidatio$s@

"e%es a$d a,D#isitio$s a$d ,o/oate est#,t#i$%@ 4!i,! !a7e ea$ed #s t!e e/#tatio$ of a

"e,!a$t 6a$5e. Raisi$% eso#,es fo ,o/oate o Go7e$"e$t U$deta5i$% s#,,essf#ll3 o7e t!e

/ast t4o de,ades !a7e %i7e$ #s t!e ,o$fide$,e to e$e4 o# fo,#s i$ t!is se,to.

O# D#alit3 /ofessio$al tea" a$d o# 4o5>oie$ted dedi,atio$ !a7e /o/elled #s to offe 7al#e>added

,o/oate fi$a$,ial se7i,es a$d a,t as a /ofessio$al $a7i%ato fo lo$% te" %o4t! of o# ,lie$ts@ 4!o

i$,l#de leadi$% ,o/oates@ State Go7e$"e$ts@ foei%$ i$stit#tio$al i$7estos@ /#6li, a$d /i7ate se,to

,o"/a$ies a$d 6a$5s@ i$ I$dia$ a$d %lo6al "a5ets.

1e !a7e also e"e%ed as a tail6la;e i$ t!e ae$a of elatio$s!i/s@ 6ot! at t!e ,#sto"e a$d tade

le7els 6e,a#se of o# #$s!a5a6le i$te%it3@ sea"less se7i,e a$d i$$o7ati7e sol#tio$s t!at ae t#$ed to

"eet 7aied $eeds. O# tea" of ,o""itted i$d#st3 s/e,ialists@ !a7i$% ete$si7e e/eie$,e i$ ,a/ital

"a5ets@ f#t!e $#t#es t!is elatio$s!i/.

O# fi$a$,ial ad7i,e a$d assista$,e i$ est#,t#i$%@ di7estit#es@ a,D#isitio$s@ de>"e%es@ s/i$>offs@

oi$t 7e$t#es@ /i7ati;atio$ a$d ta5eo7e defe$se "e,!a$is"s !a7e ele7ated o# elatio$s!i/ 4it! t!e

,lie$t to o$e 6ased o$ #$s!a5a6le t#st a$d ,o$fide$,e.

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11/69

KARVY STOCK $ROKING LIMITED

Me"6e > Natio$al Sto,5 E,!a$%e NSE@ T!e Bo"6a3 Sto,5 E,!a$%e BSE@ a$d T!e

H3dea6ad Sto,5 E,!a$%e HSE.

6ased ad7iso3 se7i,es. Hee@ %o4t! 5$o4s $o li"its a$d s#,,ess e,o%$i;es $o

6o#$daies. Hel/i$% t!e ,#sto"e ,eate 4a7es i$ !is /otfolio a$d e"/o4ei$% t!e i$7esto

,o"/letel3ist!e#lti"ate%oal.

It is a$ #$dis/#ted fa,t t!at t!e sto,5 "a5et is #$/edi,ta6le a$d 3et

e$o3s a !i%! s#,,ess ate as a 4ealt! "a$a%e"e$t a$d 4ealt! a,,#"#latio$ o/tio$. T!e diffee$,e

6et4ee$ #$/edi,ta6ilit3 a$d a safet3 a$,!o i$ t!e "a5et is /o7ided 63 i$>de/t! 5$o4led%e of

"a5et f#$,tio$i$% a$d ,!a$%i$% te$ds@ /la$$i$% 4it! foesi%!t a$d ,!oosi$% o/tio$s 4it! ,ae.

T!is is 4!at 4e /o7ide i$ o# Sto,5 Bo5i$% se7i,es.

1e offe se7i,es t!at ae 6e3o$d #st a "edi#" fo 6#3i$% a$d selli$%

sto,5s a$d s!aes. I$stead 4e /o7ide se7i,es 4!i,! ae "#lti di"e$sio$al a$d "#lti>fo,#sed i$

t!ei s,o/e. T!ee ae se7eal ad7a$ta%es i$ #tili;i$% o# Sto,5 Bo5i$% se7i,es@ 4!i,! ae t!e

easo$s 4!3 it is o$e of t!e 6est i$ t!e ,o#$t3.

KARVY COMPUTER SHARE

PRIVATE LIMITED

1e !a7e ta7esed 4ide s/a,es to tie #/ 4it! t!e 4olds la%est ta$sfe a%e$t@ t!e leadi$%

&&


12/69


13/69

KARVY GLO$AL SERVICES

LIMITED

T!e s/e,ialist B#si$ess Po,ess O#tso#,i$% #$it of t!e e$%i$eei$% a$d "a$a%i$% /o,esses o deli7ei$% $e4 effi,ie$,ies@ o# se7i,e "eets #/ to

t!e "ost sti$%e$t of i$te$atio$al sta$dads. O# o#tso#,i$% "odels ae desi%$ed fo t!e %lo6al

,#sto"e a$d ae 6a,5ed 63 so#$d ,o/oate a$d o/eatio$s /!iloso/!ies@ a$d do"ai$ e/etise.

Po7idi$% /od#,ti7it3 i"/o7e"e$ts@ o/eatio$al ,ost ,o$tol@ ,ost sa7i$%s@ i"/o7ed a,,o#$ta6ilit3

a$d a 4!ole %a"#t of ot!e ad7a$ta%es.

1e o/eate i$ t!e ,oe "a5et se%"e$ts t!at !a7e e"e%i$% eD#ie"e$ts fo s/e,iali;ed se7i,es.

O# 4ide 7eti,al "a5et ,o7ea%e i$,l#des Ba$5i$%@ Fi$a$,ial a$d I$s#a$,e Se7i,es BFIS@ Retail

a$d Me,!a$disi$%@ Leis#e a$d E$tetai$"e$t@ E$e%3 a$d Utilit3 a$d Healt!,ae.

KARVY COMTRADE

LIMITED

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14/69

At old /a,ti,e@ i$to a

so/!isti,ated a$d s,ie$tifi, i$7est"e$t o/tio$.

Hee 4e e$a6le tade i$ all %oods a$d /od#,ts of a%i,#lt#al a$d "i$eal oi%i$ t!at i$,l#de

l#,ati7e ,o""odities li5e %old a$d sil7e a$d /o/#la ite"s li5e oil@ /#lses a$d ,otto$ t!o#%! a

4ell>s3ste"ati;ed tadi$% /latfo".

O# te,!$olo%i,al a$d i$fast#,t#al ste$%t!s a$d es/e,iall3 o# steet>s"at s5ills "a5e #s a$ ideal

6o5e. O# se7i,e "ati is !olisti, 4it! a %a"#t of ad7a$ta%es@ t!e fist a$d foe"ost 6ei$% o#

le%a,3 of !#"a$ eso#,es@ te,!$olo%3 a$d i$fast#,t#e t!at ,o"es fo" 6ei$% /at of t!e fee

se7i,e 4!ile t!e 6o5ea%e ates offeed ae ete"el3 ,o"/etiti7e

KARVY INSURANCE $ROKING

LIMITED

At


15/69

se,to a$d 4it! a la%e $#"6e of /i7ate /la3es i$ t!e 6#si$ess@ 4e ae i$ a /ositio$ to /o7ide

tailo "ade /oli,ies fo diffee$t se%"e$ts of ,#sto"es.

I$ o# o#$e3 to e"e%e as a /eso$al fi$a$,e ad7iso@ 4e 4ill 6e 6ette /ositio$ed to le7ea%e

o# elatio$s!i/s 4it! t!e /od#,t /o7ides a$d /la,e t!e eD#ie"e$ts of o# ,#sto"es

a//o/iatel3 4it! t!e /od#,t /o7ides. 1it! I$dia$ "a5ets seei$% a sea ,!a$%e@ 6ot! i$ te"s

of i$7est"e$t /atte$ a$d attit#de of i$7estos@ i$s#a$,e is $o "oe see$ as o$l3 a ta sa7i$%

/od#,t 6#t also as a$ i$7est"e$t /od#,t.

1e !a7e also e"e%ed as a tail6la;e i$ t!e ae$a of elatio$s!i/s@ 6ot! at t!e ,#sto"e a$d tade

le7els 6e,a#se of o# #$s!a5a6le i$te%it3@ sea"less se7i,e a$d i$$o7ati7e sol#tio$s t!at ae

t#$ed to "eet 7aied $eeds. O# tea" of ,o""itted i$d#st3 s/e,ialists@ !a7i$% ete$si7e

e/eie$,e i$ ,a/ital "a5ets@ f#t!e $#t#es t!is elatio$s!i/

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16/69

KARVY REALTY@SERVICESINDIABL//),


17/69

S?)* +7 *8/ +77*, 5 K3*85


18/69

WHY SHOULD INVETSORS CHOOSE FOR KARVY

E,elle$,e is $et to $ot!i$% a$d !ee at 5a73 e7e36od3 ties t!ei 6est to offe e,elle$t

se7i,es to its ,lie$tele t!o#%! its offei$%s "ai$tai$i$% t!e 5a73 ,#lt#e 4!i,! i$,l#des8

&. C+()*+::, 3(, :+ +) *8/ :)* ?+)-+77/ ).8 T!e 4o5

,#lt#e of 5a73 a$d t!e et!i,s follo4ed i$side 5a73 "a5es its 4o5fo,e ,o"/ati6le 4it!

e7e36od3@ so t!e 5a73 /eo/le esta6lis!es %ood ,oodi$atio$ 4it! i$de/e$de$t e$tities too.

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19/69

HOW KARVY ACHIEVE IT

T!e ,oe ,o"/ete$,3 of 5a73 lies i$ t!e follo4i$% /oi$ts d#e to 4!i,! it e$o3s a ,o"/etiti7e ed%e

o7e its ,o"/etitos. T!e follo4i$% ,#lt#e ado/ted 63 5a73 "a5es it all ti"e fa7oite a"o$% its

,lie$tele8

&. Pofessio$all3 "a$a%ed 63 D#alified a$d tai$ed "a$/o4e.

'. U$iD#el3 st#,t#ed i$>!o#se soft4ae a$d !ad4ae de/at"e$t

?. 2#e3 !a$dli$% 4it!i$ )+ !s.

). Sto$% se,etaial@ a,,o#$ti$% a$d a#dit s3ste"s.

. U$iD#e 4o5 ,#lt#e of 4o5i$% ( da3s a 4ee5 i$ ? s!ifts.

. U$"at,!ed $et4o5 s/eadi$% all o7e I$dia.

ACHIEVEMENTS >

4e lea$t !o4 a ,o"/a$3 stated 63 fi7e ,!ateed a,,o#$ta$ts@ $a"ed as fled%ed IT di7e$ o/eatio$.

I$dias $o.& e%ista se,#ities ta$sfe a%e$t.

C:/(): +7 K3*85

e7e36od3 is !eadi$% to4ads 5a73 fo t!ei 4ealt! "ai"i;atio$@ lets !a7e a loo5 at t!e ,lie$tele

of 5a738

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20/69

A,,odi$% to t!e data /#6lis!ed i$ 3ea '==(@ 5a73 sto,5 6o5i$% ltd. O/eates t!o#%! "oe t!a$

&'=== te"i$als@ "oe t!a$ '*==== a,,o#$ts ae "ai$tai$ed a$d ,o""a$ds o7e ?.&)K "a5et

s!ae of NSE. T!e disti6#tio$ se7i,es !a7e a,,ess to "oe t!a$ Rs.)= 6illio$ Assets #$de

Ma$a%e"e$t. *+>/(= :),. It ,a$ 6e easil3 de/i,ted fo" t!e dia%a" t!at t!e e%io$al !ead

/ese$tl3 M*. /)(,*3 R3/ S/(=;3(/3 is t!e s#/e"e i$ t!e $ot!e$ e%io$@ #$de 4!o" t!e 7aio#s

;o$al !eads o/eate a$d #$de t!ese ;o$al !eads@ t!e 6a$,! !eads o/eate. Bet4ee$ ea,! le7el of t!e

!iea,!3@ t!ee eists a ,oodi$ato@ 4!o a,ts as t!e fa,ilitato 6et4ee$ t!e diffee$t !eads.

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21/69

$*3(; +7 >3*85-

$*3(;

S)3) T+)3: $*3(;

AN0HRA PRA0ESH ?(

ASSAM +

BIHAR &=

CHAN0IGARH &

CHHATTISGARH (

GOA '

GUJARAT '

HARYANA &

HIMACHAL PRA0ESH ?

JAMMU


22/69

Mutual fund Services

I$7est"e$t is t!e ste//i$% sto$e to a,!ie7i$% o$es fi$a$,ial dea"s. M#t#al f#$ds offe a$

o//ot#$e 4a3 to lo$%>te" 4ealt! ,eatio$. Ho4e7e@ 4it! "oe a$d "oe f#$ds floodi$% t!e

"a5et@ t!e tas5 of sele,ti$% t!e "ost s#ita6le s,!e"e %ets e7e$ "oe ,o"/li,ated. M#t#al F#$d

Ad7iso3 Se7i,e at


23/69

F/=*

M)3: F(, O?*3)/+( F:+ C;3*)

S)*)* +7 M)3: F(,

T!ee ae "a$3 e$tities i$7ol7ed a$d t!e dia%a" 6elo4 ill#states t!e st#,t#e of "#t#al f#$ds8 >

SE$I

T#stee S/o$so

Asset #$de Ma$a%e"e$t

M#t#al F#$d S,!e"es

I$7estos

Commodity and derivative services

Co""odities "a5et@ ,o$ta3 to t!e 6eliefs of "a$3 /eo/le@ !as

6ee$ i$ eiste$,e i$ I$dia t!o#%! t!e a%es. Ho4e7e t!e e,e$t atte"/t 63 t!e

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24/69

Go7e$"e$t to /e"it M#lti>,o""odit3 Natio$al le7els e,!a$%es !as i$deed %i7e$ it@ a s!ot i$ t!e

a". As a es#lt t4o e,!a$%es M#lti Co""odit3 E,!a$%e MC a$d Natio$al Co""odit3 a$d

dei7ati7es E,!a$%e NC0E !a7e ,o"e i$to 6ei$%. T!ese e,!a$%es@ 63 7it#e of t!ei !i%!

/ofile /o"otes a$d sta5e!oldes@ 6#$dle i$ t!e"sel7es@ o$li$e tadi$% fa,ilities@ o6#st

s#7eilla$,e "eas#es a$d a !assle>fee settle"e$t s3ste". T!e f#t#es ,o$ta,ts a7aila6le o$ a 4ide

s/e,t#" of ,o""odities li5e Gold@ Sil7e@ Cotto$@ Steel@ So3a oil@ So3a 6ea$s@ 1!eat@ S#%a@

C!a$a et,.@ /o7ide e,elle$t o//ot#$ities fo !ed%i$% t!e is5s of t!e fa"es@ i"/otes@ e/otes@

tades a$d la%e s,ale ,o$s#"es. T!e3 also "a5e o/e$ a$ a7e$#e fo D#alit3 i$7est"e$ts i$

/e,io#s "etals. T!e ,o""odities "a5et@ as it is $ot affe,ted 63 t!e "o7e"e$ts of t!e sto,5 "a5et

o de6t "a5et /o7ides te"e$do#s o//ot#$ities fo 6ette di7esifi,atio$ of is5. Reali;i$% t!is

fa,t@ e7e$ "#t#al f#$ds ae ,o$te"/lati$% of e$tei$% i$to t!is "a5et.


25/69

I$$o7atio$s i$ t!e dei7ati7es "a5ets@ 4!i,! o/ti"all3 ,o"6i$e t!e is5s a$d et#$s o7e a la%e

$#"6e of fi$a$,ial assets@ leadi$% to !i%!e et#$s@ ed#,ed is5s as 4ell as fi$a$,ial ,osts as

,o"/aed to i$di7id#al fi$a$,ial assets.

SERVICES


26/69

4e 4ill 6e 6ette /ositio$ed to le7ea%e o# elatio$s!i/s 4it! t!e /od#,t /o7ides a$d /la,e t!e

eD#ie"e$ts of o# ,#sto"es a//o/iatel3 4it! t!e /od#,t /o7ides. 1it! I$dia$ "a5ets seei$%

a sea ,!a$%e@ 6ot! i$ te"s of i$7est"e$t /atte$ a$d attit#de of i$7estos@ i$s#a$,e is $o "oe see$

as o$l3 a ta sa7i$% /od#,t 6#t also as a$ i$7est"e$t /od#,t. B3 setti$% #/ a se/aate e$tit3@ 4e

4o#ld 6e /ositio$ed to /o7ide t!e 6est of t!e /od#,ts a7aila6le i$ t!is 6#si$ess to O# ,#sto"es.

O# 4ide $atio$al $et4o5@ s/a$$i$% t!e le$%t! a$d 6eadt! of I$dia@ f#t!e s#//ots t!ese

ad7a$ta%es. F#t!e@ /eso$ali;ed se7i,e is /o7ided !ee 63 a dedi,ated tea" ,o""itted i$ %i7i$%

!assle>fee se7i,e to t!e ,lie$ts.

Insurance Products

$/*:3 S( L/7

Life Co"/a$io$>Mo$e3 Ba,5 Pla$

M3 C!ild Pla$

Ma%$#" M#lti/lie Pl#s

HDFC

C!ilde$s Pla$

Si$%le Pe"i#" 1!ole of Life Pla$

Loa$ Co7e I$s#a$,e Poli,3

T!e Mo$e3 Ba,5 Pla$

E$do4"e$t Ass#a$,e Pla$

U$it Li$5ed Pe$sio$ Pl#s

LIC

Jee7a$ A5s!a3

T!e Bi"a Gold Pla$

Jee7a$ Nid!i Pla$

F#t#e Pl#s > ULPP

Jee7a$ Re5!a Pla$

Jee7a$ B!aat!i

Jee7a$ S!ee Poli,3

Jee7a$ Sat!i Pla$

Jee7a$ A$a$d Poli,3

Ho#si$% Loa$s

Ne4 C!ild Pla$ > Jee7a$ A$#a%

'


27/69

Karvy Realty Services


28/69

4ide a$%e of s,!e"es. T!ese #$iD#e s,!e"es see5 to a,!ie7e !i%!e et#$s t!o#%! 6oad 6ased

/ati,i/atio$ i$ eD#it3 "a5ets. T!is is a,!ie7ed 63 ,eati$% a di7esified eD#it3 /otfolio of s"all@

"edi#" a$d la%e ,a/itali;ed ,o"/a$ies.

WHAT IS PMS

PMS %i7es i$7estos a,,ess to a$ i$stit#tio$al /o,ess of "o$e3 "a$a%e"e$t it /o7ides a

,#sto"i;ed sol#tio$ 63 "at,!i$% t!e #$iD#e ,i,#"sta$,es a$d o6e,ti7es of ea,! i$7esto.

1ealt! ,eatio$ 6ased o$ dis,i/li$ed i$7est"e$t /o,ess is t!e ,# of PMS

Effe,ti7e di7esifi,atio$ !el/s ed#,e /otfolio 7olatilit3 a$d e$!a$,es is5>ad#sted et#$s o7e

lo$% te" PMS %i7es i$7esto die,t o4$es!i/ of t!e i$di7id#al se,#ities i$ t!e /otfolio.

R3*;

1it! a f#ll fled%ed esea,! tea" ,o"/isi$% of D#alified /ofessio$als@ te,!$i,al a$al3sts a$d

f#$da"e$tal s/e,ialists@ /(= S*8/

0ee/e$i$% of t!e Fi$a$,ial Ma5ets a$d a$ e7e>i$,easi$% so/!isti,atio$ i$ ,o/oate ta$sa,tio$s@ !as

"ade t!e ole of I$7est"e$t Ba$5es i$dis/e$sa6le to o%a$i;atio$s see5i$% /ofessio$al e/etise a$d

,o#$selli$%@ i$ aisi$% fi$a$,ial eso#,es t!o#%! ,a/ital "a5et a/at fo" Ca/ital a$d Co/oate

Rest#,t#i$%@ Me%es A,D#isitio$s@ Poe,t Ad7iso3 a$d t!e e$tie %a"#t of Fi$a$,ial Ma5et

a,ti7ities.


29/69

,a/itali;i$% o$ its D#alified /ofessio$als@ 4!o !a7e s#,,essf#ll3 ee,#ted a la%e $#"6e of ,o"/le a$d

#$iD#e ta$sa,tio$s.

O# D#alit3 /ofessio$al tea" a$d o# 4o5>oie$ted dedi,atio$ !a7e /o/elled #s to offe 7al#e>added

,o/oate fi$a$,ial se7i,es a$d a,t as a /ofessio$al $a7i%ato fo lo$% te" %o4t! of o# ,lie$ts@ 4!o

i$,l#de leadi$% ,o/oates@ State Go7e$"e$ts@ Foei%$ I$stit#tio$al I$7estos@ /#6li, a$d /i7ate se,to

,o"/a$ies a$d 6a$5s@ i$ I$dia$ a$d %lo6al "a5ets.

1e !a7e also e"e%ed as a tail6la;e i$ t!e ae$a of elatio$s!i/s@ 6ot! at t!e ,#sto"e

a$d tade le7els 6e,a#se of o# #$s!a5a6le i$te%it3@ sea"less se7i,e a$d i$$o7ati7e sol#tio$s t!at ae

t#$ed to "eet 7aied $eeds. O# tea" of ,o""itted i$d#st3 s/e,ialists@ !a7i$% ete$si7e e/eie$,e i$

,a/ital "a5ets@ f#t!e $#t#es t!is elatio$s!i/.

C*,()/3:

E"e%i$% as a leadi$% I$7est"e$t Ba$5e 4it! a sto$% s#//ot fo" its Go#/ e$tities i$

Resea,!@ Sto,5 Bo5i$%@ I$stit#tio$al Sales a$d Retail 0isti6#tio$.

Sto$% tea" of "oe t!a$ ' D#alified /ofessio$als o/eati$% fo" si ,ities H3dea6ad@

M#"6ai@ 0el!i@


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as a /#6li,l3 listed ,o"/a$3. T!e se,o$da3 "a5et o t!e sto,5 "a5et allo4s ot!e i$di7id#als to sell

s!aes of t!e ,o"/a$3 4!e$ t!e i$itial s!ae!oldes "a3 !a7e eali;ed t!at t!e3 4a$t to sell t!ei s!aes

afte %ai$i$% eit!e si%$ifi,a$t /ofit o eali;ed si%$ifi,a$t loss fo" /oi$t of a,D#ii$% a ,o"/a$3 fo" its

IPO /i,e

PRIMARY @ SECONDARY MARKET

T!ee ae t4o 4a3s fo i$7estos to %et s!aes fo" t!e /i"a3 a$d se,o$da3 "a5ets. I$ /i"a3

"a5ets@ se,#ities ae 6o#%!t 63 4a3 of /#6li, iss#e die,tl3 fo" t!e ,o"/a$3. I$ Se,o$da3 "a5et

s!ae ae taded 6et4ee$ t4o i$7estos.

P*/3*5 M3*>)8 Ma5et fo $e4 iss#es of se,#ities@ as disti$%#is!ed fo" t!e Se,o$da3 Ma5et@

4!ee /e7io#sl3 iss#ed se,#ities ae 6o#%!t a$d sold.

S+(,3*5 M3*>) T!e "a5et 4!ee se,#ities ae taded afte t!e3 ae i$itiall3 offeed i$ t!e

/i"a3 "a5et. Most tadi$% is do$e i$ t!e se,o$da3 "a5et.

$) ;( 3(, ;* ,/, /) 3:: )3*)

I$ I$dia@ t!e Sto,5 E,!a$%e@ M#"6ai@ 4as esta6lis!ed i$ &+( as QT!e Nati7e S!ae a$d

Sto,56o5es Asso,iatio$Q a 7ol#$ta3 $o$>/ofit "a5i$% asso,iatio$ a$d is $o4 /o/#lal3 5$o4$ as t!e

Bo"6a3 Sto,5 E,!a$%e BSE. T!e ot!e "ao e,!a$%e is t!e Natio$al Sto,5 E,!a$%e of I$dia

Li"ited NSE a$d 4as i$,o/oated i$ No7e"6e &**'. Co"6i$ed t!e t4o tadi$% ;o$es ae es/o$si6le

fo **.*K of t!e tadi$% do$e i$ I$dia.

S)+> M3*>) I(,

9Its io$i,al t!at so"et!i$% as !#%e as a sto,5 "a5et 4!i,! s!o#ld 6e sta6le as it e/ese$ts t!e e,o$o"3

of a $atio$@ is a,t#all3 ete"el3 7olatile si$,e it is di7e$ "oe 63 t!e se$ti"e$ts of t!e /eo/le9 Sto,5

Ma5et is a /la,e 4!ee t!e sto,5s of a listed ,o"/a$3 ae taded. A si$%le fi%#e t!at s#"s #/ t!e o7eall

/efo"a$,e of t!e "a5et o$ a dail3 6asis is t!e Sto,5 I$de. A %ood Sto,5 I$de ,a/t#es t!e "o7e"e$t

of t!e 4ell di7esified a$d !i%!l3 liD#id sto,5s. Fo a la3 "a$ it is t!e /#lse ate of t!e e,o$o"3. I$de

"o7e"e$ts efle,t t!e ,!a$%i$% e/e,tatio$s of t!e sto,5 "a5et a6o#t f#t#e di7ide$ds of t!e ,o/oate

se,to. T!e i$de is ,al,#lated 63 fi$di$% t!e 4ei%!ted a7ea%e of t!e /i,es of t!e "ost a,ti7el3 taded

,o"/a$ies i$ t!e "a5et@ 4!ee t!e 4ei%!ts ae %e$eall3 i$ /o/otio$ to t!e "a5et ,a/itali;atio$ of t!e,o"/a$3.

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31/69

T5? +7 I(, 383/:3:-

$*+3,-M3*>) I(, T!is ,o$sists of all t!e la%e@ liD#id sto,5s of t!e ,o#$t3 a$d 6e,o"es t!e

6e$,!"a5 fo t!e e$tie ,a/ital "a5et of t!e ,o#$t3. A$ ea"/le fo t!is is t!e SP CN ==.

S?/3:/, I(, 1e ,a$ eit!e !a7e I$d#st3 o Se,to s/e,ifi, I$de fo a$3 /ati,#la se,to

of t!e e,o$o"3 4!i,! t!e$ se7es as t!e 6e$,!"a5 fo t!at /ati,#la i$d#st3 o 4e ,a$ !a7e a$

i$de fo t!e !i%!l3 liD#id sto,5s. Ta5i$% a$ ea"/le fo a$ i$d#st3 s/e,ifi, i$de 4e !a7e t!e SP

Ba$5i$% I$de 4!i,! is a ,a/itali;atio$>4ei%!ted i$de of ' do"esti, eD#ities taded o$ t!e Ne4

Yo5 Sto,5 E,!a$%e a$d NAS0A2@ T!e sto,5s i$ t!e I$de ae !i%!>,a/itali;atio$ sto,5s

e/ese$ti$% a se,to of t!e SP ==. Si"ilal3@ T!e SP CN Nift3 is a ele7a$t ea"/le fo a$

i$de ,o"/osed of !i%!l3 liD#id sto,5s.

D/)*/)/+( +7 F/(3(/3: P*+,)

T!e /aadi%" s!ift fo" /#e selli$% to 5$o4led%e 6ased selli$% di7es t!e 6#si$ess toda3. 1it! o# 4ide

/otfolio offei$%s@ 4e o,,#/3 all se%"e$ts i$ t!e etail fi$a$,ial se7i,es i$d#st3.

A &== tea" of !i%!l3 D#alified a$d dedi,ated /ofessio$als da4$ fo" t!e 6est of a,ade"i, a$d

/ofessio$al 6a,5%o#$ds ae ,o""itted to "ai$tai$i$% !i%! le7els of ,lie$t se7i,e deli7e3. T!is !as

/o/elled #s to a /ositio$ a"o$% t!e to/ disti6#tos fo eD#it3 a$d de6t iss#es 4it! a$ esti"ated "a5et

s!ae of &K i$ te"s of a//li,atio$s "o6ili;ed@ 6esides 6ei$% esta6lis!ed as t!e leadi$% /o,#e i$ all

/#6li, iss#es.

To f#t!e ta/ t!e i""e$se %o4t! /ote$tial i$ t!e ,a/ital "a5ets 4e e$!a$,ed t!e s,o/e of o# etail

6a$d@


32/69

A,8/+*5 S*8/

U$de o# etail 6a$d se,tio$ of

,#sto"es. T!e se7i,e is 6a,5ed 63 a tea" of dedi,ated a$d e/et /ofessio$als 4it! 7aied e/eie$,e

a$d 6a,5%o#$d i$ !a$dli$% i$7est"e$t /otfolios. T!e3 ae ,o$ti$#all3 e$%a%ed i$ desi%$i$% t!e i%!ti$7est"e$t /otfolio fo ea,! ,#sto"e a,,odi$% to i$di7id#al $eeds a$d 6#d%et ,o$sideatio$s 4it! a

,o"/e!e$si7e s#//ot s3ste" t!at fo,#ses o$ tadi$% ,#sto"es /otfolios a$d /o7idi$% 7al#a6le i$/#ts@

"o$itoi$% a$d "a$a%i$% t!e /otfolio t!o#%! 7aied te,!$olo%i,al i$itiati7es. T!is is "ade /ossi6le 63

t!e e/etise 4e !a7e %ai$ed i$ t!e 6#si$ess o7e t!e 3eas. A$ot!e 7e$t#e to4ads 6ei$% i$7esto>

fie$dl3 is t!e ,i,#latio$ of a "o$t!l3 "a%a;i$e ,alled t!e Fi$a/olis. Co7ei$% t!e latest of

"a5et $e4s@ te$ds@ i$7est"e$t s,!e"es a$d esea,!>6ased o/i$io$s fo" e/ets i$ 7aio#s fi$a$,ial

fields.

P*/83) C:/() G*+?

T!is s/e,iali;ed di7isio$ 4as set #/ to ,ate to t!e !i%! $et 4ot! i$di7id#als a$d i$stit#tio$al ,lie$ts

5ee/i$% i$ "i$d t!at t!e3 eD#ie a diffee$t 5i$d of fi$a$,ial /la$$i$% a$d "a$a%e"e$t t!at 4ill a#%"e$t

$ot #st eisti$% fi$a$,es 6#t t!ei life>st3le as 4ell. Hee 4e follo4 a !ad>$osed 6#si$ess a//oa,! 4it!

t!e soft to#,! of dedi,ated ,#sto"e ,ae a$d /eso$ali;ed atte$tio$.

Fo t!is /#/ose 4e offe a ,o"/e!e$si7e a$d /eso$ali;ed se7i,e t!at e$,o"/asses /la$$i$% a$d

/ote,tio$ of fi$a$,es@ /la$$i$% of 6#si$ess $eeds a$d etie"e$t $eeds a$d a !ost of ot!e se7i,es@ all

/o7ided o$ a o$e>to>o$e 6asis.

O# esea,! e/ots !a7e 6ee$ 4idel3 a//e,iated 63 t!is se%"e$t. T!e deli7e3 a$d s#//ot "od#les

!a7e 6ee$ fi$e t#$ed 63 %i7i$% o# ,lie$ts a,,ess to o$li$e /otfolio i$fo"atio$@ ,o$sta$t #/dates o$ t!ei

/otfolios as 4ell as 7al#e>added ad7i,e o$ /otfolio ,!#$i$%@ se,to s4it,!es et,. T!e i$7est"e$t

e,o""e$datio$s %i7e$ 63 o# esea,! tea" i$ t!e ,as! "a5et !as e$o3ed a !i%! s#,,ess ate.

O);* 3*>) *((* ;+ +?) )+ ); >3*85 -

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KOTAK SECURITIES


34/69

444.s!ae5!a$.,o"4as la#$,!ed i$ '=== . S!ae5!a$ Ba% o#$d $et4o5 i$,l#des o7e '= ,e$tes

a,oss &'? ,ities i$ I$dia a$d !a7i$% ao#$d &'==== ,#sto"es a$d eD#al $#"6e of de"at ,#sto"es.

S!ae5!a$ 4o$ t!e a4ad 63 7ote of ,#sto"e ao#$d t!e ,o#$t3@ as /at of I$dia la%est ,o$s#"e st#d3

,o7e (=== es/o$de$ts '& /od#,t a$d se7i,e a,oss '& "ao ,ities. t!e st#d3 i$itiated 63 a4aa; I$dia

fist dedi,ated ,o$s#"e ,!a$$el a$d "e"6e of t!e 4old 4ide CNBC $et4o5 a$d a, Nielse$ o% "a%

4as ai"ed at #$desta$di$% t!e 6a$d /efee$,e of t!e ,o$s#"e a$d to de,i/!e 4!at ae t!e "ost

i"/ota$t lo3alt3 ,iteia fo t!e ,o$s#"e i$ ea,! 7eti,al

I$ ode to sele,t t!e a4ad e,i/ie$t s/o$ta$eo#s es/o$ses at!e t!a$ /o"/ted es/o$ses 4ee %a$eed

4it! a$ i$te$tio$ to %lea$ #$6iased /efee$,es.T!e easo$ 6e!i$d t!e /efee$,es fo 6a$ds 4ee

#$7eiled 63 ea"i$es t!e follo4i$%8

Ta$%i6le feat#es of /od#,t -se7i,e Softe@ i$ta$%i6le feat#es li5e i"a%e3@ eD#it3 di7i$% /efee$,e

Ta,ti,al "eas#es s#,! as /o"otio$al -/i,i$% s,!e"es.

T!e I$dia I$foli$e %o#/@ ,o"/isi$% t!e !oldi$% ,o"/a$3@ I$dia I$foli$e Li"ited a$d its 4!oll3>o4$ed

s#6sidiaies@ staddle t!e e$tie fi$a$,ial se7i,es s/a,e 4it! offei$%s a$%i$% fo" ED#it3 esea,!@

ED#ities a$d dei7ati7es tadi$%@ Co""odities tadi$%@ Potfolio Ma$a%e"e$t Se7i,es@ M#t#al F#$ds@

Life I$s#a$,e@ Fied de/osits@ GoI 6o$ds a$d ot!e s"all sa7i$%s i$st#"e$ts to loa$ /od#,ts a$d

I$7est"e$t 6a$5i$%. I$dia I$foli$e also o4$s a$d "a$a%es t!e 4e6sites !tt/8--444.i$diai$foli$e.,o"-a$d

!tt/8--444./aisa.,o"-T!e ,o"/a$3 !as a $et4o5 of (+ 6#si$ess lo,atio$s 6a$,!es a$d s#6>6o5es

s/ead a,oss ?) ,ities a$d to4$s. It !as "oe t!a$ +==@=== ,#sto"esI$dia I$foli$e Li"ited is listed o$

6ot! t!e leadi$% sto,5 e,!a$%es i$ I$dia@ 7i;. t!e Sto,5 E,!a$%e@ M#"6ai BSE a$d t!e Natio$al Sto,5

E,!a$%e NSE a$d is also a "e"6e of 6ot! t!e e,!a$%es. It is e$%a%ed i$ t!e 6#si$esses of ED#ities

6o5i$%@ 1ealt! Ad7iso3 Se7i,es a$d Potfolio Ma$a%e"e$t Se7i,es. It offes 6o5i$% se7i,es i$ t!e

Cas! a$d 0ei7ati7es se%"e$ts of t!e NSE as 4ell as t!e Cas! se%"e$t of t!e BSE. It is e%isteed 4it!

NS0L as 4ell as C0SL as a de/osito3 /ati,i/a$t@ /o7idi$% a o$e>sto/ sol#tio$ fo ,lie$ts tadi$% i$ t!e

eD#ities "a5et. It !as e,e$tl3 la#$,!ed its I$7est"e$t 6a$5i$% a$d I$stit#tio$al Bo5i$% 6#si$ess.

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35/69

Motilal Os4al Se,#ities Ltd. 4as fo#$ded i$ &*+( as a s"all s#6>6o5i$% #$it@ 4it! #st t4o /eo/le

#$$i$% t!e s!o4. Fo,#s o$ ,#sto"e>fist>attit#de@ et!i,al a$d ta$s/ae$t 6#si$ess /a,ti,es@ es/e,t fo

/ofessio$alis"@ esea,!>6ased 7al#e i$7esti$% a$d i"/le"e$tatio$ of ,#tti$%>ed%e te,!$olo%3 !as

e$a6led #s to 6losso" i$to a$ al"ost '=== "e"6e tea".

Toda3 t!e3 ae a 4ell di7esified fi$a$,ial se7i,es fi" offei$% a a$%e of fi$a$,ial /od#,ts a$d se7i,es

s#,! as

1ealt! Ma$a%e"e$t

Bo5i$% 0isti6#tio$

Co""odit3 Bo5i$%

Potfolio Ma$a%e"e$t Se7i,es

I$stit#tio$al ED#ities

Pi7ate ED#it3

I$7est"e$t Ba$5i$% Se7i,es a$d

Pi$,i/al State%ies

T!e3 !a7e a di7esified ,lie$t 6ase t!at i$,l#des etail ,#sto"es i$,l#di$% Hi%! Net 4ot! I$di7id#als@

"#t#al f#$ds@ foei%$ i$stit#tio$al i$7estos@ fi$a$,ial i$stit#tio$s a$d ,o/oate ,lie$ts. T!e3 ae

!eadD#ateed i$ M#"6ai a$d as of J#$e ?=@ '==+@ !ad a $et4o5 s/ead o7e )= ,ities a$d to4$s

,o"/isi$% &@)* B#si$ess Lo,atio$s o/eated 63 t!ei B#si$ess Pat$es a$d t!e". As at J#$e ?=@ '==+@

t!e3 !ad )+@)+ e%isteed

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Reli%ae E$te/ises Li"ited REL@ is o$e of t!e leadi$% i$te%ated fi$a$,ial se7i,es %o#/s of I$dia.

RELs 6#si$esses ae 6oadl3 ,l#66ed a,oss t!ee 5e3 7eti,als@ t!e Retail@ I$stit#tio$al a$d 1ealt!

s/e,t#"s@ ,atei$% to a di7ese a$d 4ide 6ase of ,lie$ts. REL offes a "#ltit#de of i$7est"e$t o/tio$s a$d

a di7ese 6o#D#et of fi$a$,ial se7i,es a$d !as a /a$ I$dia ea,! i$ "oe t!a$ &= lo,atio$s a,oss "oe

t!a$ )= ,ities a$d to4$s.

As /at of its e,e$t i$itiati7es@ t!e %o#/ !as also stated e/a$di$%

%lo6all3 a$d !as a,D#ied Lo$do$s oldest 6o5ea%e i$7est"e$t fi"@ Hi,!e$s@ Haiso$ Co. /l,.

Follo4i$% t!is a,D#isitio$ Reli%ae $o4 /o/oses to o/eate o#t of &= ,o#$ties. 1it! a 7ie4 to e/a$d@

di7esif3 a$d i$tod#,e offei$%s 6e$,!"a5ed a%ai$st %lo6al 6est /a,ti,es@ Reli%ae !as e$teed i$to oi$t

7e$t#es 4it! t!e %lo6al "ao> Ae%o$ fo its Asset Ma$a%e"e$t a$d Life I$s#a$,e 6#si$esses i$ I$dia.

Reli%aes 4ealt! "a$a%e"e$t s#6sidia3 is $o4 e,!iste$ed as Reli%ae Ma,D#aie 1ealt! Ma$a%e"e$t

Li"ited@ follo4i$% a oi$t 7e$t#e 4it! t!e A#stalia 6ased fi$a$,ial se7i,es "ao@ Ma,D#aie Ba$5.

Reli%ae !as also /at$eed 4it! Vistaa E$tetai$"e$t to la#$,! I$dias fist Fil" F#$d.

T!e 7isio$ is to 6#ild Reli%ae as a %lo6all3 t#sted 6a$d i$ t!e fi$a$,ial se7i,es do"ai$ a$d /ese$t it as

t!e I$7est"e$t Gate4a3 of I$dia. All e"/lo3ees of t!e %o#/ %#ided 63 a$ e/eie$,ed a$d /ofessio$al

"a$a%e"e$t tea" ae ,o""itted to /o7idi$% fi$a$,ial ,ae@ 6a,5ed 63 t!e ,oe 7al#es of dili%e$,e a$d

ta$s/ae$,3.

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I$dia6#lls is I$dias leadi$% Fi$a$,ial Se7i,es a$d Real Estate ,o"/a$3 !a7i$% o7e )= 6a$,!es all o7e

I$dia. I$dia6#lls se7es t!e fi$a$,ial $eeds of "oe t!a$ )@=@=== ,#sto"es 4it! its 4ide a$%e of

fi$a$,ial se7i,es a$d /od#,ts fo" se,#ities@ dei7ati7es tadi$%@ de/osita3 se7i,es@ esea,!

ad7iso3 se7i,es@ ,o$s#"e se,#ed #$se,#ed ,edit@ loa$ a%ai$st s!aes a$d "ot%a%e !o#si$%

fi$a$,e. 1it! ao#$d )=== Relatio$s!i/ Ma$a%es@ I$dia6#lls !el/s its ,lie$ts to satisf3 t!ei ,#sto"i;ed

fi$a$,ial %oals. I$dia6#lls t!o#%! its %o#/ ,o"/a$ies !as e$teed I$dia$ Real Estate 6#si$ess i$ '==. It

is ,#e$tl3 e7al#ati$% se7eal la%e>s,ale /oe,ts 4ot! se7eal !#$ded "illio$ dollas.

9I$dia6#lls Fi$a$,ial Se7i,es Ltd is listed o$ t!e Natio$al Sto,5 E,!a$%e@ Bo"6a3 Sto,5 E,!a$%e a$d

L#e"6o#% Sto,5 E,!a$%e. T!e "a5et ,a/itali;atio$ of I$dia6#lls is ao#$d US0 @?== "illio$ ?&st

0e,e"6e@ '==(. Co$solidated $et 4ot! of t!e %o#/ is ao#$d US0 *= "illio$ ?&st 0e,e"6e@ '==(.

I$dia6#lls a$d its %o#/ ,o"/a$ies !a7e atta,ted "oe t!a$ US0 +== "illio$ of eD#it3 ,a/ital i$ Foei%$

0ie,t I$7est"e$t F0I si$,e Ma,! '===. So"e of t!e la%e s!ae!oldes of I$dia6#lls ae t!e la%est

fi$a$,ial i$stit#tio$s of t!e 4old s#,! as Fidelit3 F#$ds@ Gold"a$ Sa,!s@ Meill L3$,!@ Mo%a$ Sta$le3

a$d Faallo$ Ca/ital.

B#si$ess of t!e ,o"/a$3 !as %o4$ i$ lea/s a$d 6o#$ds si$,e its i$,e/tio$.

Re7e$#e of t!e ,o"/a$3 %e4 at a CAGR of &*K fo" FY=? to FY=(. 0#i$% t!e sa"e /eiod@ /ofits of

t!e ,o"/a$3 %e4 at a CAGR of &+)K.

I$dia6#lls 6e,a"e t!e fist ,o"/a$3 to 6i$% F0I i$ I$dia$ Real Estate t!o#%! a JV 4it! Faallo$ Ca/ital

Ma$a%e"e$t LLC@ a es/e,ted US 6ased i$7est"e$t fi". I$dia6#lls !as de"o$stated dee/ #$desta$di$%

a$d ,o""it"e$t to I$dia$ Real Estate "a5et 63 4i$$i$% ,o"/etiti7e 6ids fo la$d"a5 /o/eties i$

M#"6ai a$d 0el!i.:I$dia6#lls Fi$a$,ial Se7i,es Ltd

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38/69

A$a$d Rat!i is a leadi$% f#ll se7i,e se,#ities fi" /o7idi$% t!e e$tie %a"#t of fi$a$,ial se7i,es. T!e

fi"@ fo#$ded i$ &**) 63 M. A$a$dRat!i@ toda3 !as a /a$ I$dia /ese$,e as 4ell as a$ i$te$atio$al

/ese$,e t!o#%! offi,es i$ 0#6ai a$d Ba$%5o5. AR /o7ides a 6eadt! of fi$a$,ial a$d ad7iso3 se7i,es

i$,l#di$% 4ealt! "a$a%e"e$t@ i$7est"e$t 6a$5i$%@ ,o/oate ad7iso3@ 6o5ea%e disti6#tio$ of

eD#ities@ ,o""odities@ "#t#al f#$ds a$d i$s#a$,e@ st#,t#ed /od#,ts > all of 4!i,! ae s#//oted 63

/o4ef#l esea,! tea"s.

T!e fi"s /!iloso/!3 is e$tiel3 ,lie$t ,e$ti,@ 4it! a ,lea fo,#s o$ /o7idi$% lo$% te" 7al#e additio$ to

,lie$ts@ 4!ile "ai$tai$i$% t!e !i%!est sta$dads of e,elle$,e@ et!i,s a$d /ofessio$alis". T!e e$tie fi"

a,ti7ities ae di7ided a,oss disti$,t ,lie$t %o#/s8 I$di7id#als@ Pi7ate Clie$ts@ Co/oate a$d I$stit#tio$s

a$d 4as e,e$tl3 a$5ed 63 Asia Mo$e3 '== /oll a"o$%st So#t! Asias to/ 4ealt! "a$a%es fo t!e

#lta>i,!.

I$ 3ea '==( Citi%o#/ Ve$t#e Ca/ital I$te$atio$al oi$ed t!e %o#/ as a fi$a$,ial /at$e

?+


39/69

T!e A$%el Go#/ of Co"/a$ies 4as 6o#%!t to life 63 M. 0i$es!

T!a55a. He 7e$t#ed i$to sto,5 tadi$% 4it! a$ i$te$tio$ to aise ,a/ital fo !is o4$ i$de/e$de$t

e$te/ise. Ho4e7e@ !e e,o%$ised t!e o//ot#$it3 offeed 63 t!e sto,5 "a5et to se7e i$di7id#al

i$7estos. T!#s I$dias fist etail>fo,#sed sto,5>6o5i$% !o#se 4as esta6lis!ed i$ &*+(. U$de !is

leades!i/@ A$%el 6e,a"e t!e fist 6o5i$% !o#se to e"6a,e $e4 te,!$olo%3 fo faste@ "oe effe,ti7e a$d

affoda6le se7i,es to etail i$7estos.

M. T!a55a is 7al#ed fo !is #$desta$di$% of t!e e,o$o"3 a$d t!e sto,5>"a5et. T!e

/i$t a$d ele,to$i, "edia ofte$ see5 !is 7ie4s o$ t!e "a5et te$d as 4ell as i$7est"e$t state%ie A$%el

Bo5i$%s t3st 4it! e,elle$,e i$ ,#sto"e elatio$s 6e%a$ i$ &*+(. Toda3@ A$%el !as e"e%ed as o$e of

t!e "ost es/e,ted Sto,5>Bo5i$% a$d 1ealt! Ma$a%e"e$t Co"/a$ies i$ I$dia. 1it! its #$iD#e etail>

fo,#sed sto,5 tadi$% 6#si$ess "odel@ A$%el is ,o""itted to /o7idi$% Real Val#e fo Mo$e3 to all its

,lie$ts.

T!e A$%el Go#/ is a "e"6e of t!e Bo"6a3 Sto,5 E,!a$%e BSE@ Natio$al Sto,5 E,!a$%e NSE a$d

t!e t4o leadi$% Co""odit3 E,!a$%es i$ t!e ,o#$t38 NC0E MC. A$%el is also e%isteed as a

0e/osito3 Pati,i/a$t 4it! C0SL.

?*


40/69

C+?3*/+( +( ); 3/ +7 $*+>*3= 7 ;3*=,

)=

$*+>* $*+>*3= 7+* ,:/8*5 $*+>*3= 7+* I()*3,35

)*3,/(=

=.=K =.=?K > =.&K

S!ae5!a$ =.=?K > =.=K =.=?K > =.&=K

/aisa =.'K > =.+K =.=(K

A$%el Bo5i$% =.=K =.='K > =.=?K

I$dia6#lls =.'K > =.=K =.=K > =.&=K

Reli%ae =.'=K > =.?=K =.='K > =.=?K

I$diai$foli$e

=.=K =.&=K


41/69


42/69

REVIEW OF LITERATURE

Liteat#e o$ "#t#al f#$d /efo"a$,e e7al#atio$ is e$o"o#s. A fe4 esea,! st#dies t!at !a7e i$fl#e$,ed

t!e /e/aatio$ of t!is /a/e s#6sta$tiall3 ae dis,#ssed i$ t!is se,tio$. S!a/e@ 1illia" F. &* s#%%ested

a "eas#e fo t!e e7al#atio$ of /otfolio /efo"a$,e. 0a4i$% o$ es#lts o6tai$ed i$ t!e field of /otfolioa$al3sis@ e,o$o"ist Ja,5 L. Te3$o !as s#%%ested a $e4 /edi,to of "#t#al f#$d /efo"a$,e@ o$e t!at

diffes fo" 7it#all3 all t!ose #sed /e7io#sl3 63 i$,o/oati$% t!e 7olatilit3 of a f#$ds et#$ i$ a si"/le

3et "ea$i$%f#l "a$$e.

Mi,!ael C. Je$se$ &*( dei7ed a is5>ad#sted "eas#e of /otfolio /efo"a$,e Je$se$s al/!a t!at

esti"ates !o4 "#,! a "a$a%es foe,asti$% a6ilit3 ,o$ti6#tes to f#$ds et#$s. As i$di,ated 63 Sta"e$

'===@ t!e e S0AR of a f#$d /otfolio is t!e e,ess et#$ of t!e /otfolio o7e t!e et#$ of t!e

6e$,!"a5 i$de@ 4!ee t!e /otfolio is le7ea%ed to !a7e t!e 6e$,!"a5 i$des sta$dad de7iatio$.

S.Naa3a$ Rao @ !ad e7al#ated /efo"a$,e of I$dia$ "#t#al f#$ds i$ a 6ea "a5et t!o#%! elati7e

/efo"a$,e i$de@ is5>et#$ a$al3sis@ Te3$os atio@ S!a/es atio@ S!a/es "eas#e @ Je$se$s

"eas#e@ a$d Fa"as "eas#e. T!e st#d3 #sed '* o/e$>e$ded s,!e"es o#t of total s,!e"es of )?? fo

,o"/#ti$% elati7e /efo"a$,e i$de. T!e$ afte e,l#di$% f#$ds 4!ose et#$s ae less t!a$ is5>fee

et#$s@ + s,!e"es ae fi$all3 #sed fo f#t!e a$al3sis. T!e es#lts of /efo"a$,e "eas#es s#%%est t!at

"ost of "#t#al f#$d s,!e"es i$ t!e sa"/le of + 4ee a6le to satisf3 i$7estos e/e,tatio$s 63 %i7i$%

e,ess et#$s o7e e/e,ted et#$s 6ased o$ 6ot! /e"i#" fo s3ste"ati, is5 a$d total is5. Bia$ Ro3@

et. al.@ ,o$d#,ted a$ e"/ii,al st#d3 o$ ,o$ditio$al /efo"a$,e of I$dia$ "#t#al f#$ds. T!is /a/e #ses a

te,!$iD#e ,alled ,o$ditio$al /efo"a$,e e7al#atio$ o$ a sa"/le of ei%!t3>$i$e I$dia$ "#t#al f#$d

s,!e"es .T!is /a/e "eas#es t!e /efo"a$,e of 7aio#s "#t#al f#$ds 4it! 6ot! #$,o$ditio$al a$d

,o$ditio$al fo" of CAPM@ Te3$o> Ma;#3 "odel a$d He$i5sso$>Meto$ "odel. T!e effe,t of

i$,o/oati$% la%%ed i$fo"atio$ 7aia6les i$to t!e e7al#atio$ of "#t#al f#$d "a$a%es /efo"a$,e is

ea"i$ed i$ t!e I$dia$ ,o$tet. T!e es#lts s#%%est t!at t!e #se of ,o$ditio$i$% la%%ed i$fo"atio$

7aia6les i"/o7es t!e /efo"a$,e of "#t#al f#$d s,!e"es@ ,a#si$% al/!as to s!ift to4ads i%!t a$d

ed#,i$% t!e $#"6e of $e%ati7e ti"i$% ,oeffi,ie$ts. Mis!a@ et al.@ '==' "eas#ed "#t#al f#$d

/efo"a$,e #si$% lo4e /atial "o"e$t. I$ t!is /a/e@ "eas#es of e7al#ati$% /otfolio /efo"a$,e

6ased o$ lo4e /atial "o"e$t ae de7elo/ed. Ris5 fo" t!e lo4e /atial "o"e$t is "eas#ed 63 ta5i$%

i$to a,,o#$t o$l3 t!ose states i$ 4!i,! et#$ is 6elo4 a /e>s/e,ified 9ta%et ate: li5e is5>fee ate.


43/69

"et!odolo%3 a$d a//lied it to t!e Gee5 "a5et of eD#it3 "#t#al f#$ds. T!e "et!odolo%3 is 6ased o$ t!e

,o"6i$atio$ of dis,ete a$d ,o$ti$#o#s "#lti>,iteia de,isio$ aid "et!ods fo "#t#al f#$d sele,tio$ a$d

,o"/ositio$. Goal /o%a""i$% "odel is e"/lo3ed to dete"i$e /o/otio$ of sele,ted "#t#al f#$ds i$

t!e fi$al /otfolios.

a5i Y.Bello '== "at,!ed a sa"/le of so,iall3 es/o$si6le sto,5 "#t#al f#$ds "at,!ed to a$do"l3

sele,ted ,o$7e$tio$al f#$ds of si"ila $et assets to i$7esti%ate diffee$,es i$ ,!aa,teisti,s of assets !eld@

de%ee of /otfolio di7esifi,atio$ a$d 7aia6le effe,ts of di7esifi,atio$ o$ i$7est"e$t /efo"a$,e. T!e

st#d3 fo#$d t!at so,iall3 es/o$si6le f#$ds do $ot diffe si%$ifi,a$tl3 fo" ,o$7e$tio$al f#$ds i$ te"s of

a$3 of t!ese atti6#tes. Moeo7e@ t!e effe,t of di7esifi,atio$ o$ i$7est"e$t /efo"a$,e is $ot diffee$t

6et4ee$ t!e t4o %o#/s. Bot! %o#/s #$de/efo"ed t!e 0o"i$i )== So,ial I$de a$d S P == d#i$%

t!e st#d3 /eiod.

L/)*3)* +( ;3* 3*>) ?*7+*3( I$ &'t!,e$t#3 Fa$,e@ t!e ,o#atie de ,!a$%e

4as ,o$,e$ed 4it! "a$a%i$% a$d e%#lati$% t!e de6ts of a%i,#lt#al ,o""#$ities o$ 6e!alf of t!e 6a$5s.

Be,a#se t!ese "a$ also taded 4it! de6ts@ t!e3 ,o#ld 6e ,alled t!e fist 6o5es.

I$ eal3 ,e$t#3 B#%es ,o""odit3 tades %at!eed i$side t!e !o#se of a "a$ ,alled Va$ de Be#se@ a$d

i$ &?=* t!e3 i$stit#tio$ali;ed t!is@ 6#t #$til t!e$ i$fo"al "eeti$% a$d 6e,o"e t!e B#%se 6e#se.

I$ t!e "iddle of &?t!,e$t#3 Ve$etia$ 6a$5es 6e%a$ to tade i$ %o7e$"e$t se,#ities. Ba$5es i$ Pisa@

Veo$a a$d Ge$oa also 6e%a$ tadi$% i$ %o7e$"e$t se,#ities d#i$% &) t!,e$t#3.

T!e 0#t,! late stated oi$t sto,5 ,o"/a$ies@ 4!i,! let s!ae!oldes i$7est i$ 6#si$ess 7e$t#es a$d %et

t!e s!ae of t!ee /ofit o losses. I$ &=' t!e 0#t,! east I$dia ,o"/a$3 iss#ed t!e fist s!aes o$ t!e

A"steda" sto,5 e,!a$%e .It 4as a fist ,o"/a$3 to iss#ed sto,5 a$d 6o$ds.

No4 t!ee ae sto,5 "a5ets i$ 7it#all3 e7e3 de7elo/ed a$d "ost de7elo/i$% ,o#$ties@ 4it! t!e 4olds

6i%%est "a5ets i$ t!e U$ited States@ U


44/69

CHAPTER- III

RESEARCH METHODOLOGY

))


45/69

O4)/8

T!ee is al4a3s a /#/ose of e7e3 esea,! st#d3. T!e "ai$ o6e,ti7e of t!e st#d3 is %i7e$ 6elo48 >

To "a5e ,o"/aiso$ 6et4ee$ M#t#al F#$ds a$d s!ae "a5et

To 5$o4 t!e ,#sto"e /e,e/tio$ a6o#t i$7est"e$t i$ M#t#al f#$ds

To 5$o4 t!e i$7est"e$t !a6it of /eo/le.

To 5$o4 t!e fa,tos 4!i,! "a5e /eo/le i$7est i$ /ati,#la s,!e"e

To 5$o4 t!e a"o#$t of et#$ ea$ed 63 i$7estos o$ t!ei i$7est"e$t i$ "#t#al f#$ds

To 5$o4 t!e a"o#$t of et#$ ea$ed 63 i$7estos o$ t!ei i$7est"e$t i$ eD#ities also.

To #$desta$d t!e f#$,tio$i$% of sto,5 6o5i$% se7i,es offeed 63


46/69

D/=(

T!is se,tio$ deals 4it! Resea,! 0esi%$@ 0ata Colle,tio$ Met!od@ Sa"/li$% Pla$@ Field4o5@ S,o/e a$dLi"itatio$s.

R3*; D/=(

T!e Resea,! Po,ess 0esi%$ 4as ,o$,l#si7e a$d statisti,al i$ Nat#e. So@ !ee 0es,i/ti7e Resea,!

is #sed.

D3)3 C+::)/+(

Bot! /i"a3 a$d se,o$da3 data !as 6ee$ #sed fo t!e /#/ose of t!e data ,olle,tio$.

P*/3*5 ,3)3 4as ,olle,ted 63 ,o$d#,ti$% /eso$al i$te7ie4s a$d ad"i$istei$% a$ #$dis%#ised@

#$6iased st#,t#ed D#estio$$aie to t!e es/o$de$ts.

T!e +(,3*5 ,3)34as ,olle,ted fo" se,o$da3 so#,es of i$fo"atio$ t!at i$,l#ded 4e6sites@ 6oo5s

a$d /e7io#s e/ots.

S3?:/(= D/=(

S3?: U(/)A*3

A$3 i$7esto i$ C!a$di%a! o Mo!ali.

S3?: S/T!is st#d3 i$7ol7es &== es/o$de$ts.

S3?: D/=(

T!e st#d3 #ses ,o$7e$ie$t sa"/li$% te,!$iD#e to "a5e ,o$ta,ts 4it! t!e es/o$de$ts.

)


47/69

S)3)/)/3: T++: U,

0iffee$t statisti,al tools !a7e 6ee$ #sed i$ t!e st#d3. Fo ea"/le Mea$@ Test of si%$ifi,a$,e o ,!i>

sD#ae "et!od.

M3( +* A8*3=

A7ea%e is a$ atte"/t to fi$d o$e si$%le fi%#e to des,i6e 4!ole of fi%#es. A$ a7ea%e is so"eti"es

des,i6es as a $#"6e 4!i,! is t3/i,al of t!e 4!ole %o#/. A$ a7ea%e is eas3 to #$desta$d@ eas3 to

,o"/#te a$d 6ased o$ all te"s. T!e fo"#la fo ,al,#lati$% "ea$ is8

Mea$ f

N

1!ee@ f FeD#e$,3 T!e 7aia6le i$ D#estio$ N Total $#"6e of o6se7atio$s.

C;/ J S3* T)

It des,i6es t!e "a%$it#de of dis,e/a$,3 6et4ee$ t!eo3 a$d o6se7atio$. If ,!i =@ t!e o6se7ed 7al#e

a$d e/e,ted feD#e$,ies ,o"/letel3 ,oi$,ide. t!e %eate t!e dis,e/a$,3 6et4ee$ t!e o6se7ed a$d

e/e,ted feD#e$,ies@ t!e %eate is t!e 7al#e of ,!i>sD#ae. t!#s@ ,!i>sD#ae affods a "eas#e of t!e

,oes/o$de$,e 6et4ee$ t!eo3 a$d o6se7atio$.

C!i>sDa#e O>E '

E

)(


48/69

L//)3)/+(-

0#e to ,o$stai$ts of ti"e a$d eso#,es@ t!e st#d3 is li5el3 to s#ffe fo" ,etai$ li"itatio$s. So"e of

t!ese ae "e$tio$ed !ee #$de so t!at t!e fi$di$%s of t!e st#d3 "a3 6e #$destood i$ a /o/e /es/e,ti7e.

No st#d3 is fee fo" li"itatio$s. T!e li"itatio$s of t!is st#d3 ,a$ 6e8

Sa"/le si;e ta5e$ i$ s"all a$d "a3 $ot 6e s#ffi,ie$t to /edi,t t!e es#lts 4it! &==K a,,#a,3.

T!e es#lt is 6ased o$ /i"a3 a$d se,o$da3 data t!at !as its o4$ li"itatio$s.

T!e esea,! 4as ,aied o#t i$ a s!ot /eiod. T!eefoe t!e sa"/le si;e a$d t!e /aa"etes 4ee

sele,ted a,,odi$%l3 so as to fi$is! t!e 4o5 4it!i$ t!e %i7e$ ti"e fa"e.

T!e st#d3 o$l3 ,o7es t!e aea of C!a$di%a! a$d Mo!ali t!at "a3 $ot 6e a//li,a6le to ot!e aeas.

I$7estos /e,e/tio$s 4as t!e li"itatio$ i$ o# /oe,t

FeD#e$t ,!a$%es i$ t!e "a5et.

So"e of t!e es/o$de$ts of t!e s#7e3 4ee #$4illi$% to s!ae i$fo"atio$.

So"e of t!e es/o$de$ts ,o#ld $ot a$s4e t!e D#estio$s d#e to la,5 of 5$o4led%e.

)+


49/69

CHAPTER- IV

O*83)/+( 3(, A(3:5/

)*


50/69

)/+( 1B D+ 5+ >(+ 3+) K3*85

I()*?*)3)/+(

+=K of t!e /eo/le ae a4ae a6o#t 5a73. '=K of t!e /eo/le do$t e7e$ 5$o4s a6o#t t!at.

=

O?)/+( P*()3=

Y %0

N+ 20


51/69

)/+( 2B H+ ,+ 5+ + )+ >(+ 3+) K3*85

I()*?*)3)/+(

Peo/le "ostl3 a4ae a6o#t


52/69

)/+( !B H38 5+ 8* ,3: /); K3*85

I()*?*)3)/+(

O$l3 ?K i$7estos !a7e dealt 4it! 5a73. A$d )K of i$7estos !a7e$t deal 4it! 5a73. T!is s!o4s

t!at "ao $#"6e of i$7estos ae "a5i$% t!ei i$7est"e$ts fo" t!ei !o"es t!o#%! t!ei /eso$al

0EMAT a,,o#$ts o/e$ed t!o#%! 6a$5s.

'

O?)/+( P*()3=

Yes ?K

No )K


53/69

)/+( B I( ;/; ?*+,) 5+ /(8) +):5

+?)/+( ?*()3=

S!ae "a5et )'K

M#t#al f#$d ''K

Fied de/osits &?K

I$s#a$,e &K

Realt3 se,to +K

I()*?*)3)/+(

Most of t!e i$7estos i$7est i$ s!aes@ t!ee ae )'K of i$7estos i$ s!ae "a5et 4!ile ' $d ?d

/efee$,es ae "#t#al f#$d a$d i$s#a$,e@ 4!i,! is ''K a$d &K es/e,ti7el3. Peo/le@ !o4e7e

t!ese da3s ae also i$7esti$% i$ eal estate@ fied de/osits ot!e 5i$d of se,#ities !a7i$% !i%!e

ate of ROI.

?


54/69

)/+( #B H+ M; *)*( ,+ 5+ ?) 7*+ 5+* /(8)() /( S;3*

I()*?*)3)/+(

'+K /eo/le e/e,t t!e et#$ a6o7e ?=K a$d It "ea$s es/o$de$ts e/e,t et#$ 6et4ee$ '=K>?=K.

??K es/o$de$ts e/e,t et#$ &=K>'=K a$d o$l3 )K es/o$de$ts e/e,t 6elo4 &=K et#$ fo"

t!e eD#ities. It e/ese$ts t!at M#t#al f#$ds %i7es %ood et#$s as ,o"/ae to ot!e i$7est"e$t

a7e$#es to t!e i$7estos.

)

O?)/+( P*()3=

Belo4 &=K )K

&=K > '=K ??K'=K > ?=K ?K

A6o7e ?=K '+K


55/69

)/+( 6 B H+ M; *)*( ,+ 5+ ?) 7*+ 5+* /(8)() /( M)3: F(,

I()*?*)3)/+(

?K /eo/le e/e,t t!e et#$ a6o7e ?=K a$d 6et4ee$ '=K>?=K. It "ea$s es/o$de$ts e/e,t et#$

a6o7e '=K. ')K es/o$de$ts e/e,t et#$ &=K>'=K a$d o$l3 )K es/o$de$ts e/e,t 6elo4 &=K

et#$ fo" t!e M#t#al F#$ds. It e/ese$ts t!at M#t#al f#$ds %i7es %ood et#$s as ,o"/ae to

eD#ities to t!e i$7estos

O?)/+( P*()3=

Belo4 &=K )K

&=K > '=K ')K

'=K > ?=K ?K

A6o7e ?=K ?K


56/69

)/+( " H+ ; ?*()3= +7 /(8)() /(8), /( K3*85 S*8/

Mea$ F"-F W i

)**-&==W&= )*.*

So a7ea%e a%e of i$7est"e$t i$7ested i$ s!aes is )*.*

P*+,) I(+ F*(5

I$s#a$,e

=>&K &?

Realt3

&>?=K &(

M#t#al f#$d

?=>)K '+

S!ae "a5et)>=K )'

INCOME F*(5 10B F

=>&K &??= ? ?*

&>?=K &()= ) +

?=>)K '+= &)=

)>=K )'= ''

TOTAL &== )**


57/69

I()*?*)3)/+(

Fo" t!is D#estio$ it is ,lea t!at /eo/le 4!o i$7est i$ s!aes t!e3 "a5e 7e3 !i%! /e,e$ta%e of t!ei

i$7est"e$t I$ s!aes. It "ea$s /eo/le 4!o !a7e i$7ested t!ei "o$e3 i$ t!e s!ae "a5et /efe s!aes

fo t!ei i$7est"e$t. Li5e )' /eso$s i$7est "oe t!a$ )=K of t!ei i$7est"e$t i$ s!aes. )>=K a%e

%o#/ i$7est t!ee "o$e3 i$ s!ae. a$d ?=>)K of /eo/le i$7ested i$ "#t#al f#$d.

)/+( %B A* 5+ 3)/7/, /); ); 35 , 5 K3*85 *8/

O?)/+( P*()3=

YES ' K

NO )+K

(


58/69

I()*?*)3)/+(

'K of i$7estos ae satisfied to deali$% 4it! 5a73 se7i,es. T!e3 ae satisfied afte t!ei i$7est"e$t i$

it .a$d )'K /eo/le ae $ot satisified.

)/+( %B A* 5+ 3)/7/, /); ); 35 , 5 K3*85 *8/

H3/ot!esis t!e 4a3 of tadi$% is $ot effe,ted 63 o$li$e offli$e tadi$%.

7 '>& '>&

7 &

K le7el of si%@ ?.+)

+

Y N+ Total

T!o#%! 4e6site

o$li$e

??K ''K K

Tele/!o$e Offli$e '=K 'K )K

?K )(K &==K

O E O-EB O-EB2 O-EB2E

?? ?= ? * .?

'= ' ' &

'' '= ' ) .'=

' ?= ' .+?

'.??

0e%ee of feedo" >& ,>&


59/69

C+(:/+( 8>

T!e ,al,#lated 7al#e of ,!i>sD#ae is less t!a$ t!e ta6le 7al#e. T!e !3/ot!esis is ee,ted. !e$,e t!e

4a3 of tadi$% is effe,ted 63 o$li$e offli$e tadi$% .

I()*?*)3)/+(

I$ t!is D#estio$ is tied to fi$d o#t t!at !o4 do /eo/le tade i$ t!e s!ae "a5et a$d "#t#al f#$d. A$d

( K said t!at t!e3 tade t!o#%! 4e6site o o$li$e 4it! t!e !el/ of 5a73 se7i,es. T!e3 do tadi$%

t!e" self. T!e "ost s#/isi$% fi$di$% is t!at t!e !i%!est K a%e of /eo/le 4!o tade o$li$e is elated

to lo,al 6o5es. A$d t!e3 also deali$% 4it! "#t#al f#$d t!o#%! o$li$e . a$d est of ?? Kof /eo/le

tade t!o#%! tele/!o$e .t!e3 "ostl3 deal 4it! s!aes t!o#%! tele/!o$e.

)/+( 9B W;3) / 5+*

?*?)/+( *=3*,/(= *)*(

/( M)3: F(,

I()*?*)3)/+(

*

F3)+* R/>

Ve3 Hi%! +K

Hi%! +K

I$te"ediate )K

Lo4 '=K

Ve3 Lo4 =K

F3)+* R)*(

Ve3 Hi%! '=K

Hi%! K

I$te"ediate &K

Lo4 )K

Ve3 Lo4 )K


60/69

K es/o$de$ts sa3s t!at t!e et#$ fo" t!e "#t#al f#$ds is !i%! a$d '=K es/o$de$ts sa3s t!at

t!e et#$ is 7e3 !i%!. a$d t!ei is5 is lo4 t!e$ eD#ities.a$d )K es/o$de$ts sa3s t!at et#$ is 7e3

lo4.

)/+( 10B W;3) / 5+* ?*?)/+( *=3*,/(= R/> /(8+:8, /( M)3: F(,

I()*?*)3)/+(

)K i$7estos sa3s t!at t!e is5 fo" t!e "#t#al f#$ds is i$te"ediate a$d +K of es/o$de$ts sa3 is5 is

7e3 !i%!.'=K es/o$de$ts sa3s t!at t!e is5 is lo4. is5 i$ "#t#al f#$d is lo4 as ,o"/ae to eD#ities.

)/+( 11B A* 5+ S3)/7/, /); ); ,3:/(= 3(, S*8/ +7 ); K3*85

O?)/+( P*()3=

YES K

NO ))K

=


61/69

I()*?*)3)/+(

'K of i$7estos ae satisfied to deali$% 4it! 5a73 se7i,es. T!e3 ae satisfied afte t!ei i$7est"e$t

i$ it .a$d )'K /eo/le ae $ot satisified.

CHAPTER - V

F/(,/(= +7 ); S),5

&


62/69

F/(,/(=-

+= i$7estos 5$o4 a6o#t 5a73

?' i$7estos "ostl3 a4ae a6o#t


63/69

' i$7estos ae satisfied to deali$% 4it! 5a73 se7i,es. T!e3 ae satisfied afte t!ei i$7est"e$t

i$ it .

?


64/69

RECOMMENDATIONS

S==)/+( R+(,3)/+(

T!e /efo"a$,e of t!e "#t#al f#$d de/e$ds o$ t!e /e7io#s 3eas. Net Asset Val#e of t!e f#$d. All f#$ds

ae doi$% 4ell. B#t t!e f#t#e is #$,etai$. So@ t!e AMC Asset #$de Ma$a%e"e$t Co"/a$ies s!o#ld

ta5e t!e follo4i$% ste/s8 >

T!e /eo/le do $ot 4a$t to ta5e is5. T!e AMC s!o#ld la#$,! "oe di7esified f#$ds so t!at t!e

is5 6e,o"es "i$i"#". T!is 4ill l#e "oe a$d "oe /eo/le to i$7est i$ "#t#al f#$ds.

T!e e/e,tatio$ of t!e /eo/le fo" t!e "#t#al f#$ds is !i%!. So@ t!e /otfolio of t!e f#$d s!o#ld 6e

/e/aed ta5i$% i$to ,o$sideatio$ t!e e/e,tatio$s of t!e /eo/le.

Most of t!e /eo/le do $ot !a7e 5$o4led%e of "#t#al f#$ds. So@ /o/e a4ae$ess of "#t#al f#$ds

s!o#ld 6e s/ead t!o#%! effe,ti7e ,o""#$i,atio$ ,!a$$els li5e /i$t "edia@ tele7isio$ et,.

Most of t!e /eo/le e/e,t "ai"#" et#$s. Fo t!ose "#t#al f#$d is $ot so %ood 6e,a#se "#t#al

f#$ds !a7e i$te"ediate is5 as 4ell as i$te"ediate et#$s.

T!ee ae lot "a$3 ,!oi,es of s,!e"es of "o$e3 i$7est"e$t i$ "#t#al f#$ds. So i$7esto !a7e

alte$ati7es to i$7est t!ei "o$e3.

Most of t!e i$7estos !a7e a la,5 of 5$o4led%e a6o#t "#t#al f#$d@ so t!e3 i$7ested i$ s!aes .t!e3

s!o#ld %i7e t!e /o/e 5$o4led%e a6o#t "#t#al f#$d. a$d tell t!e" 4!i,! o$e is 6ette eD#ities

a$d "#t#al f#$d.

)


65/69

CONCLUSIONS

T!e ,o$,l#sio$ of t!e st#d3 is %i7e$ 6elo48 >

Most of t!e /eo/le 5$o4 a6o#t t!e


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$I$LIOGRAPHY

Ma%a;i$es8

Newspapers and Business magazines

Business today

India today

Business & economy

Boo5s8>

Research ethodo!ogy63 0. C.R.


67/69

ANNE&URE

(


68/69

ANNE&URE

)/+((3/*

N3 +7 I(8)+*


69/69

20-!0 A+8 !0

6B H+ ; ?*()3= +7 /(8)() /(8), /( K3*85 S*8/

I(*3( R3:/)5

M)3: F(, S;3* M3*>)

"B A* 5+ 3)/7/, /); ); 35 , 5 K3*85 *8/

T;*+=; W/)O(:/(B Y N+

T:?;+( O77:/(B Y N+

%B W;3) / 5+* ?*?)/+( *=3*,/(= *)*( /( M)3: F(,

V*5 H/=; H/=;

I()*,/3) L+

V*5 L+

9B W;3) / 5+* ?*?)/+( *=3*,/(= R/> /(8+:8, /( M)3: F(,

V*5 H/=; H/=;

I()*,/3) L+

V*5 L+

10B A* 5+ S3)/7/, /); ); ,3:/(= 3(, S*8/ +7 ); K3*85

Y N+

S==)/+(

mutual funds vs shares market.doc

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