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PROJECT REPORT
ON
A COMPARATIVE STUDY OF MUTUAL FUND AND ULIP
In partial fulfillment of the requirement of Masters in BusinessAdministration Course (MBA)
International School of Informatics And
Management
SUBMITTED TO: SUBMITTED BY:
Dr. DEEPALI BHATNAGAR RAHUL SHARMA
MBA/10/1831
2ND SEMESTER
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Introduction.
A financial system plays a vital role in the economic growth of a country. It
intermediates between the flow of funds belonging to those who save a part of their
income and those who invest in productive assets. It mobilizes and usefully
allocates scarce resources of a country.
A financial system is a complex, well integrated set of sub systems of financial
institutions, markets, instruments and services which facilitates the transfer and
allocation of funds, efficiently and effectively.
The Indian financial system can be broadly classified into formal (organized) and
informal (unorganized) financial system. The formal financial system come under
the purview of the ministry of finance (Move), the reserve bank of India (RBI), the
securities and exchange board of India (SEBI), and other bodies.
The informal financial system consists of individual money lenders, group of
persons operating as funds or associations, partnership firms consisting of local
brokers and non banking financial intermediaries such as finance, investment, and
chit-fund companies.
Savings are the basis of all the investments. The difference between the income
and consumption forms the Word called SAVING. But saving will only b
benefited if that is invested in some investment instrument instead of keeping safe
at home because concept of time value of money itself dictate that 100 Rs. Today
will not be equal to the 100 Rs. after 10 years. So it is very important to have a
saving and investment combination together.
There are various investment instrument available for an investor like Bank saving
{fix deposits and recurring deposits}, government tax savings { RBI bonds, RBI
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relief bonds}, Post office savings {Post office time deposits, Post office recurring
deposits, Post office monthly income scheme, National saving certificates, kisaan
vikaas patra, Public provident fund} Other savings { Infrastructure Bonds,
Company fixed deposits, Life insurance policies, mutual funds, Equity shares,
Money market funds, Gold etc. The type of investment or saving instrument
chosen by an individual depends upon the risk he can afford to take and return he
is expecting.
Objective of the report
The basic objective of this report is to present an comparative analysis betweenMutual funds and insurance. There is always a kind of confusion in the investors
mind that either he should go with insurance {ULIP} or mutual fund.
After the emergence of ULIP {unit linked insurance plan} mutual fund always be
compared with it. Although the basic purpose of any insurance plan whether it is
unit linked or a traditional plan, in insurance and mutual fund is completely related
to investment and return.
Seeking the Customer awareness about the mutual fund and ULIP through
questionnaire.
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Table of content
1. Introduction to Mutual fund. 42. Emergence of mutual fund in india. 73. Types of mutual fund scheme. 94. Structure of mutual fund in India. 135. Net asset value. 156. Introduction to ULIP. 177. Funds available in ULIP 19
(a ) Equity fund
(b) Debt fund
(c) Money market fund
(d) Balanced fund
8. Net asset value 219. Key features of ULIP 2210.Difference between ULIP and Traditional Plan 2611.Charges in ULIP 2712.IRDA guidelines 2813.Are ULIP similar to Mutual fund? 2814.Data analysis and interpretation 31
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Introduction to mutual fund
A mutual fund is a financial intermediary that pools the savings of investors for
collective investment in a diversified portfolio of securities. A mutual fund is
mutual as all of its returns, minus its expenses, are shared by the funds
investors.
A fund establishes in the form of a trust to raise money through the sale of units to
the public or a section of the public under one or more schemes for investing in
securities, including money market instruments.
{SEBI (mutual fund) regulations 1996}
According to the above definition, a mutual fund in India can raise resources
through sale of units to the public. It can be set up in the form of a trust under the
Indian trust act.
The definition has been further extended by allowing mutual funds to diversify
their activities in the following areas.
Portfolio management services. Management of offshore funds. Providing advice to offshore funds. Management of pension or provident funds. Management of venture capital funds. Management of money market funds. Management of real estate funds.
A mutual fund serves as a link between the investor and the securities market by
mobilizing savings from the investors and investing them in the securities market
to generate returns. Thus, a mutual fund is akin to portfolio management services.
Although both are conceptually same, they are different from each other.
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Portfolio management services are offered to high net worth individuals; taking
into account their risk profile, their investments are managed separately. In the
case of mutual funds, savings of small investors are pooled under a scheme and the
returns are distributed in the same proportion in which the investments are made by
the investors/unit holders.
Mutual fund is a collective savings scheme.
Mutual fund play an important role in mobilizing the savings of small investors
and channelizing the same for productive ventures in the Indian economy.
Benefits of MF.
An investor can invest directly in individual securities or indirectly through a
financial intermediary. Globally mutual funds have established themselves as themeans of investment for the retail investors.
Professional management: An average investor lacks the knowledge of capital
market operations and does not have large resources to reap the benefits of
investments. Hence he requires the help of an expert. It is not only expensive to
hire the services of an expert but it is more difficult to identify a real expert.
Mutual funds are managed by professional managers who have the requisite skills
and experience to analyse the performance and prospects of companies.
They make possible an organized investment strategy, which is hardly possible for
an individual investor.
Portfolio diversification: an investor undertakes risk if he invests all his funds in
a single scrip. Mutual funds invest in a number of companies across various
industries and sectors. This diversification reduces the riskiness of the
investments.
Reduction in Transaction Costs: Compared to direct investing in the capitalmarket, investing through the fund is relatively less expensive as the 6benefits of
economies of scale are passed on the investors.
Liquidity: often investors cannot sell the securities held easily, while in case in
mutual fund, they can easily encash their investment by selling their units to the
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fund if it is open ended skim or selling them on a stock exchange if it is a close
ended skim.
Convenience: investing in mutual fund reduces paper work, saves time and makes
investment easy.
Flexibility: mutual funds offer a family of skims, and investors have the option of
transferring their holding from one skim to the other.
Tax benefits: mutual funds investors now enjoy income tax benefits. Dividend
received from mutual fund that skims are tax exempt to the overall limit of Rs.
9000 allowed under Section SOL of the income Tax Act.
Transparency: Mutual funds transparently declare their portfolio every month.
Thus, an investor knows where his or her money is being deployed and in casethey are not happy with the portfolio they can withdraw at a short notice.
Stability to the stock market: mutual funds have a large amount of funds which
provide the economies of scale by which they can absorb any losses in the stock
market and continue investing in the stock market. In addition, mutual funds
increase liquidity in the money and capital market.
Equity research: Mutual funds can afford information and data required for
investments as they have large amount of funds and equity research teamsavailable with them.
A brief history of mutual funds.
The history of mutual funds dates back to nineteen century Europe, in particular,
great Britain. Robert fleming setup in 1868 the first investment trust called foreign
and colonial investment trust which promised to manage the finances of the
moneyed classes of Scotland by spreading the investment over a number of
different stocks. The investment trust and other investment trusts which weresubsequently set up in Britain and US, resembled todays close ended mutual
funds. The first mutual fund in the US, Massachusetts Investors trust was setup
in March 1924. This was the first open-ended mutual fund.
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Emergence of mutual funds in INDIA
The Indian mutual fund industry has evolved over distinct stages. The growth of
the mutual fund in India can be divided into four phases:
Phase I (1964-87)
Phase II (1987-92)
Phase III (1992-97)
Phase IV (beyond 1997)
Phase I: The mutual fund concept was introduced in India with the setting up of
UTI in 1963. The unit trust of India was the first mutual fund set up under the UTI
act 1963, a special act of the parliament. It became operational in 1964 with a
major objective of mobilizing saving through the sale of units and investing them
in corporate securities for maximizing yield and capital appreciation. This phase
commenced with the launch of the Unit scheme 1964, the first open ended and the
most popular scheme
UTI launched innovative schemes during this phase. Its fund family included five
income oriented, open ended schemes, which were sold largely through its agent
network built up over the years. Master share, the equity gowth fund launched in
1986, proved to be a grand marketing success.
Phase II: The second phase witnessed the entry of mutual fund companies
sponsored by nationalized banks and insurance companies. In 1987, SBI mutual
fund and canbank mutual fund were setup as trusts under the Indian Trust act,
1882. In 1988, UTI floated another offshore fund, namely, The India growth fundwhich was listed on the new York stock exchange. By 1990, the two nationalized
insurance giants LIC and GIC, and nationalized banks namely, Indian bank, Bank
of India, and Punjab national bank had started operations of wholly-owned mutual
fund subsidiaries. Subsequently government of India issued comprehensive
guidelines in 1990 covering all mutual funds. These guidelines emphasized
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compulsory registration with the SEBI and an arms length relationship be
maintained between the sponser and asset management company(AMC).
Phase III: The year 1993 marked a turning point in the history of mutual funds in
India. The SEBI issued the mutual fund regulations in January 1993. The SEBInotified regulations bringing all mutual funds except UTI under a common
regulatory framework. Private domestic and foreign players were allowed entry in
the mutual fund industry. The Kothari group of companies in joint venture with
pioneer, a US fund company, set up the first private mutual fund, the Kothari
pioneer mutual fund, in 1993. Kothari pioneer introduced first open ended fund
prima in 1993.several other private sector mutual funds were set up during this
phase.
Phase IV: during this phase, the flow of funds into the kitty of mutual fundssharply increased. This significant growth was aided by a more positive sentiment
in the capital market, significant tax benefits and improvement in the customer
service quality. The Indian mutual fund industry stagnated at around Rs 1,00,000
crore asset during the years 2000-01 and 2001-02. The unit trust of India lost out to
other private sector players during this period.
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Types of mutual fund scheme.
The objectives of mutual funds are to provide continuous liquidity and higher yield
with higher degree of safety to investors. Based on these objectives, different types
of mutual fund schemes have evolved.
1.Functional classification of mutual funds
Open ended schemes Close ended schemes
Open ended schemes: In open ended schemes the mutual fund continuously to
sell and repurchase its units at NAV or NAV related prices. Open ended ones do
not have to be listed on the stock exchange and can also offer repurchase soon after
allotment. Investor can enter and exit the scheme any time during the life of the
fund. Open ended schemes do not have a fixed corpus. The corpus of fund
increases or decreases, depending upon the purchase or redemption of units by
investors. There is no fixed redemption period in open ended schemes, which can
be terminated whenever the need arises. The fund offers a redemption price at
which the holder can sell units to the fund and exit. Besides, an investor can enter
the fund again by buying units from the fund at its offer price.
The key feature of open ended funds liquidity. They increase liquidity of the
develop their income or saving plan due to free entry and exit frame of funds.
Open ended schemes usually come as a family of schemes which enable the
investors to switch over from one scheme to another of same family.
Close ended schemes: close ended schemes have a fixed corps and a stipulated
maturity period raging from two to five years. Investors can invest in the scheme
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when it is launched. The scheme remains open for a period not exceeding 45 days.
Investors in close ended schemes can buy units only from the market, once initial
subscriptions are over and thereafter the units are listed on the stock exchanges
where they can be bought and sold. The fund has no interaction with investors till
redemption except for paying dividend/bonus.
In order to provide an alternate exit route to the investors, some close ended funds
give an option of selling back the units to the mutual through periodic repurchase
at NAV-related prices.
Interval Scheme: Interval schemes combines the features of open ended and close
ended schemes.
2. Portfolio Classification
Income funds: The aim of income funds is to provide safety of investments and
regular income to investors. Such schemes invest predominantly in income-bearing
instruments like bonds, debentures, government securities, and commercial paper.
The return as well as the risk is lower in income funds as compared to growth
funds.
Portfolioclassification
Growthfunds
Balancedfunds
Moneymarketfunds
Incomefunds
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Growth funds: The main objective of growth fund is capital appreciation over the
medium to long term. They invest most of the corpus in equity shares with
significant growth potential and they offer higher return to investors in the long
term. They assume that risk associated with the equity investments. There is no
guarantee or assurance of returns. These schemes are usually close-ended and
listed on stock exchange.
Balanced funds: The aim of balanced scheme is to provide both capital
appreciation and regular income. They divided their investment between equity
shares and fixed interest bearing instruments in such a proportion that the portfolio
is balanced. The portfolio of such funds usually comprises companies with good
profit and dividend track records.
Money market funds: They specialize in investing in short term money marketinstruments like treasury bills, and certificate of deposits. The objective of such
funds is liquidity with low rate of return. Corporates invest in these funds to park
their short-term surplus funds.
3. Geographical classification
Domestic funds Offshore funds
Domestic Funds: funds which mobilise resources from a particular geographical
locality like a country or region are domestic funds. The market is limited and
confined to the boundries of a nation in which the fund operates. They can invest
only in the securities which are issued and traded in the domestic financial
markets.
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Offshore Funds: Offshore funds attract foreign capital for investment in the
country of the issuing company. They facilitate cross border fund flow which leads
to an increase in foreign currency and foreign exchange reserves.
Such mutual funds can invest in securities of foreign companies. They opendomestic capital market to international investors. Many mutual funds in India
have launched a number of offshore funds, the Indian fund was launched by Unit
trust of India in july 1986 in collaboration with the US fund manager, Merril
Lynch.
Others:
Tax savings schemes
Equity linked saving schemes Special schemes Gilt funds Load funds Index funds P/E ratio fund Exchange traded funds Fund of funds Floating rate funds Theme based mutual funds Derivatives arbitrage Funds Fixed maturity plans Real estate mutual funds Capital protected schemes Gold exchange traded funds Systematic investment Plan
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MUTUAL FUNDS: STRUCTURE IN INDIA
For anybody to become well aware about mutual funds, it is imperative for Him or
her to know the structure of a mutual fund.
How does a mutual fund come into being?Who are the important people in a mutual fund?
What are their roles? etc.
We will start our understanding by looking at the mutual fund structure in brief.
Custodian (depository participant)
Mutual Funds in India follow a 3-tier structure.
There is a Sponsor (the First tier), who thinks of starting a mutual fund. The
Sponsor approaches the
Securities & Exchange Board of India (SEBI), which is the market regulator and
also the regulator for mutual funds.
AMC
Unit holders
Sponsor
Trustees
The mutual fund Transfer Agent
SEBI
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Not everyone can start a mutual fund. SEBI checks whether the person is of
integrity, whether he has enough experience in the financial sector, his Net worth
etc.
Once SEBI is convinced, the sponsor creates a Public Trust (the Second tier) as
per the Indian Trusts Act, 1882.
Trusts have no legal identity in India and cannot enter into contracts, hence the
Trustees are the people authorized to act on behalf of the Trust.
Contracts are entered into in the name of the Trustees. Once the Trust is created, it
is registered with SEBI after which this trust is known as the mutual fund.
It is important to understand the difference between the Sponsor and the Trust.
They are two separate entities. Sponsor is not the Trust; i.e. Sponsor is not the
Mutual Fund. It is the Trust which is the Mutual Fund.
The Trustees role is not to manage the money. Their job is only to see, whether themoney is being managed as per stated objectives. Trustees may be seen as the
internal regulators of a mutual fund.
Now comes the role of the Asset Management Company (the Third tier).
Trustees appoint the Asset Management Company (AMC), to manage
Investors money. The AMC in return charges a fee for the services provided and
this fee is borne by the investors as it is deducted from the money collected from
them. The AMCs Board of Directors must have at least 50% ofDirectors who are independent directors. The AMC has to be approved by SEBI.
The AMC functions under the supervision of its Board of Directors, and also
under the direction of the Trustees and SEBI. It is the AMC, which in the name of
the Trust, floats new schemes and manage these schemes by buying and selling
securities. In order to do this the AMC needs to follow all rules and regulations
prescribed by SEBI and as per the Investment Management
Agreement it signs with the Trustees.
If any fund manager, analyst intends to buy/ sell some securities, the permission of
the Compliance Officer is a must.
A compliance Officer is one of the most important persons in the AMC. Whenever
the fund intends to launch a new scheme, the AMC has to submit a Draft Offer
Document to SEBI. This draft offer document, after getting SEBI approval
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becomes the offer document of the scheme. The Offer Document (OD) is a legal
document and investors rely upon the information provided in the OD for investing
in the mutual fund scheme. The Compliance Officer has to sign the Due Diligence
Certificate in the OD. This certificate says that all the information provided inside
the OD is true and correct. This ensures that there is accountability and somebody
is responsible for the OD. In case there is no compliance officer, then senior
executives like CEO, Chairman of the AMC has to sign the due diligence
certificate.
The certificate ensures that the AMC takes responsibility of the OD and its
contents.
CUSTODIAN:
A custodians role is safe keeping of physical securities and also keeping a tab onthe corporate actions like rights, bonus and dividends declared by the companies in
which the fund has invested. The Custodian is appointed by the Board of Trustees.
The custodian also participates in a clearing and settlement system through
approved depository companies on behalf of mutual funds, in case of
dematerialized securities. In India today, securities (and units of mutual funds) are
no longer held in physical form but mostly in dematerialized form with the
Depositories. The holdings are held in the Depository through Depository
Participants (DPs). Only the physical securities are held by the Custodian. Thedeliveries and receipt of units of a mutual fund are done by the custodian or a
depository participant at the instruction of the AMC and under the overall direction
and responsibility of the Trustees.
Regulations provide that the Sponsor and the Custodian must be separate entity.
NET ASSET VALUE (NAV)
The net asset value of a fund is market value of the asset minus the liabilities onthe day of valuation.
In other words it is the amount which the shareholders will collectively get if the
fund is dissolved or liquidated.The net asset value of a unit is the net asset value of
fund divided by the number of outstanding units.
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Concept clarifier-NAV
Assets Rs. crore Liability Rs. crore
Shares 345 Unit capital 300
Debenture 23 Researve & surplus 85.7Money marketinstrument
12
Accured income 2.3 Accured
expenditure
1.5
Other current assest 1.2 Other currentexpenditure
0.5
Deferred revenue
expenditure
4.2
387.7 387.7
Units issued(cr.) 30
Face value(Rs) 10
Net assest(Rs) 385.7
NAV 12.86
All Figures in Rs. Cr
The above table shows a typical scheme balance sheet. Investments are entered
under the assets column. Adding all assets gives the total of Rs.387.7 cr. From this
if we deduct the liabilities of Rs. 2 cr. i.e.
Accrued Expenditure and Other Current Liabilities, we get Rs. 385.7 cr. as Net
Assets of the scheme.
The scheme has issued 30 crs. Units @ Rs. 10 each during the NFO.
This translates in Rs. 300crs. Being garnered by the scheme then. This is
represented by Unit Capital in the Balance Sheet. Thus, as of now, the net assets
worth Rs. 385.7 cr. are to be divided amongst 30 crs. units. This means the scheme
has a Net Asset Value or NAV of Rs.
12.86.
The important point that the investor must focus here is that the Rs. 300 crs.
garnered by the scheme has increased to Rs. 387 crs., which translates into a
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29.23% gain, whereas, the return for the investor is 28.57% (12.86-10/ 10 =
28.57%).
What is Unit linked insurance policy
When people see how investments in the capital market have grown over thelast few years, they prefer to use their funds in way that help them to
participate in the boom in the capital market. Insurer have developed plans
that combine the benefits of life insurance as well as giving various option of
participating in the growth of the capital market. Such plans are called
Linked Life Insurance Plan. They are also called Unit Linked Insurance
Plans or ULIPs, in short. A ULIP is a life insurance policy which provides a
combination of the life insurance protection and investment. ULIPs
contribute nearly 50% of the premium for some insurers and more than 85%
of the premium for some others.
In the case of a ULIP, the proposer offers to pay a certain sum towardspremium. Insurers insist that this amount should be in multiples of say
Rs.500 or Rs. 1000 with a minimum of say, Rs.5000 or Rs. 10000. The term
of the policy is also specified it should not be less than 5 years or age 70 for
whole life plans. The premium may be paid as a single premium at the start
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or periodically over the term or less, as in the case of limited payment
policies in yearly,half yearly, quarterly or monthly instalments. The SA or
death cover, payable in the event of death during the term, is related to this
premium, usually as a multiple like 5 times the annual premium or 1.5 times
the single premium. The minimum SA, according to IRDA guidelines, has to
be1.25 times single premium or 5 times annual premium.
Out of the premium, annual or otherwise as the case may be,a certainamount is adjusted towards the cost of the insurance (death) cover. Some
portion may be adjusted towards charges. The balance, called the allocated
premium, is invested in a fund that the proposer chooses, from among a set
of options. The allocated premium is more in the second year and still more
in the third and later years because some charges are not levied in every
year. The allocated premium is used to buy a certain number of units in the
choosen fund at a price at which the units are being offered on that day. This
price called the NAV, which varies every day. The death benefit is fixed out
the maturity benefit is not guaranteed. The maturity benefit depends on
market conditions and the fund in which the premium has been invested, on
the date of maturity.
In linked policies, the SA may be expressed as an integrated benefit, whichmean that on the happening of the event, the SA or the value of units in the
fund, whichever is higher, is payable. In this case, the life cover will reduce
as the value of unit increases. As the risk cover decreases, the premium
adjusted towards the cover will decrease and amount allocated to investment
will increase.
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The alternative to the integrated benefit, is to pay a fixed SA as an additionalbenefit on death, in addition to the value to the units in the fund. In this case,
the charge for the risk cover will increase and the allocation of the fund will
decrease every year. This is sometimes called the Double Death Benefit.
Some of the other features offered by insurers along with ULIPs are thefollowing. These are not offered by the insurer. They are also not available
with the ULIPs offered by the same insurer.
The policy holder can pay additional premium for investment at any time. Partial or total withdrawal is allowed. Sometimes there are conditions
attached. Some insurers, not all, charge a redemption fee in such cases.
These policies will not be entitled to any bonus. There is no annual bonus, but there may be a loyalty bonus paid at the end.
Funds available in ULIPs
Insurers offer policyholders a choice of funds in which their money may beinvested like
Equity Funds: in this type of fund sometimes also called Growth funds,there would be more investments in equities which are shares/stocks tradedin the stock market.
Debt Funds: In this type of fund, also called Bond funds, the investmentsare primarily in government and government guaranteed securities and such
safe debts and other high investment grade corporate bonds.
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date, the life cover will increase by 1.25 times the excess top up amount. There
will also be a lock in period of three years for each top up amount, except during
the last 3 years of the policy.
Net Assets Value (NAV)
The NAV of a fund represents the net value of the fund on a particular date and
reflects the total value of the assets of that fund, after some adjustments for
expenses. For example the equity fund comprising of contributions from many
policyholders would have been invested in a variety of equity shares in the stock
market along with other instruments.
The NAV becomes the basis for new entrants and for exists from the fund. For
example if a new policy holder wishes to have Rs. 10000 invested in an equity
fund and on that particular day, the NAV of that fund is Rs.20, he will be allotted
500 units from that fund when he wishes to exit from that fund, because of
switching of final termination of the contract, he will get 500 units at the NAV of
that date, which may be less than or more than Rs. 20, at which he got in. if he is
getting into another fund on that day, he will be given the number of units of thatfund, calculated at the NAV of that fund , on that Day.
In actual practice, the NAV used at the time of entry, called the offer price, and the
NAV used while exiting, called the Bid price, will be different, like the difference
between the buying and selling rates of foreign currency.
This difference is called the Bid-offer spread and is normally around 0.5%. some
insurers do not have this difference for some plans. Both offer and bid prices are
the same as NAV. Some insurers offer units at Rs. 10 per unit for a specified
period from the date the scheme begins.
LOCK IN:
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Lock in period is that period during which withdrawal is not allowed. It is 3 years
according to IRDA guidelines. The surrender value will be allowed only after 3
years.
KEY FEATURES OF ULIPs
Insurers love ULIPs for several reasons. Most important of all, insurers can sell
these policies with less capital of their own than what would be required if theysold traditional policies.
In traditional with profits policies, the insurance company bears the investment
risk to the extent of the assured amount. In ULIPs, the policyholder bears most of
the investment risk.
Since ULIPs are devised to mobilise savings, they give insurance companies an
opportunity to get a large chunk of the asset management business, which has been
traditionally dominated by mutual funds.
1. Term/Tenure
The ULIP client must have the option to choose a term/tenure.
If no term is defined, then the term will be defined as '70 minus the age of the
client'. For example if the client is opting for ULIP at the age of 30 then the policy
term would be 40 years.
The ULIP must have a minimum tenure of 5 years.
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2. Sum Assured
On the same lines, now there is a sum assured that clients can associate with. The
minimum sum assured is calculated as: (Term/2 * Annual Premium) or (5 *Annual Premium) whichever is higher.
There is no clarity with regards to the maximum sum assured. The sum assured is
treated as sacred under the new guidelines; it cannot be reduced at any point during
the term of the policy except under certain conditions - like a partial withdrawal
within two years of death or all partial withdrawals after 60 years of age. This way
the client is at ease with regards to the sum assured at his disposal.
3. Premium payments
If less than first 3 years premiums are paid, the life cover will lapse and policy will
be terminated by paying the surrender value. However, if at least first 3 years
premiums have been paid, then the life cover would have to continue at the option
of the client.
4. Surrender value
The surrender value would be payable only after completion of 3 policy years.
5. Top-ups
Insurance companies can accept top-ups only if the client has paid regularpremiums till date. If the top-up amount exceeds 25% of total basic regular
premiums paid till date, then the client has to be given a certain percentage of sum
assured on the excess amount. Top-ups have a lock-in of 3 years (unless the top-up
is made in the last 3 years of the policy).
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6. Partial withdrawals
The client can make partial withdrawals only after 3 policy years.
7. Settlement
The client has the option to claim the amount accumulated in his account after
maturity of the term of the policy up to a maximum of 5 years. For instance, if the
ULIP matures on January 1, 2007, the client has the option to claim the ULIP
monies till as late as December 31, 2012. However, life cover will not be available
during the extended period.
8. Loans
No loans will be granted under the new ULIP.
9. Charges
The insurance company must state the ULIP charges explicitly. They must also
give the method of deduction of charges.
10. Benefit Illustrations
The client must necessarily sign on the sales benefit illustrations. These
illustrations are shown to the client by the agent to give him an idea about the
returns on his policy.
Agents are bound by guidelines to show illustrations based on an optimistic
estimate of 10% and a conservative estimate of 6%. Now clients will have to sign
on these illustrations, because agents were violating these guidelines and projecting
higher returns.
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While what the IRDA has done is commendable, a lot more needs to be done. At
Personal, we have our own wish list with regards to ULIP portfolios:
Regular disclosure of detailed ULIP portfolios. This is a problem with the industry;for all their talk on being just like (or even better than) mutual funds, ULIP
portfolios are nowhere near theirMutual fundcounterparts in frequency as well as
in transparency.
On the same lines, other data points like portfolio turnover ratios need to be
mentioned clearly so clients have an idea on whether the fund manager is investing
or punting.
ULIPs (especially the aggressive options) need to mention their investment
mandate, is it going to aim for aggressive capital appreciation or steady growth. In
other words will it be managed aggressively or conservatively? Will it invest in
large caps, mid caps or across both segments? Will it be managed with the growth
style or the value style?
Exposure to a stock/sector in a ULIP portfolio must be defined. Diversified equity
funds have a limit to how much they can invest in a stock/sector. Investment
guidelines for ULIPs must also be crystallized.
Our interaction with insurance companies indicates that there is little clarity on this
front; we believe that since ULIPs invest so heavily in stock markets they must
have very clear-cut investment guidelines.
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The important differences between traditional plans and ULIPs are
ULIPs Traditional Plans
The premiums, in excess of risk cover, is
invested as desired by the policyholder.
All the premiums go into a common fund and
are invested at the insurers discretion.
The investment return may vary depending
on the market movements and the investment
risk is borne entirely by the policy holder.
There are two categories of benefits-
guaranteed and non-guaranteed. For
guaranteed benefits, the insurer bears the
investment risk. However, non-guaranteed
benefits, such as bonuses, depend on the
performance of the insurer.
Benefits are variable
Loss is likely
Benefits are pre-determined
Loss in unlikely
Gains likely depending on market
movements.
Gains unlikely except through bonuses.
There are no bonuses, except loyalty bonus in
some cases.
For participating policies, bonuses are
payable.
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The amount of premium used for insurance
coverage, other charges and the purchase of
units are unbundled and transparent.
The premium amount used for insurance
coverage, other charges and investment are
bundled up and not know.
Charges in ULIP
Accident benefit charges Administration or fixed charges Flat fee Fund administration charges Fund switching charges Insurance or risk cover charges Service tax
Charges may be related to SA or to premium, may be constant figure or
percentages, and may have minimum and maximum limits. The charges are
recovered
1.By the way of deduction from the premium.
2. By cancelling some of the units.
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IRDA guidelines
The IRDA has issued guidelines on various matters relating to ULIPs some of
these are
The limits on SA, and top-up conditions referred to earlier in this chapter Surrender benefit only after 3rd policy anniversary First partial withdrawal only after 3rd policy anniversary SA can be reduced up to the extent of partial withdrawals during 2 years
prior to death and after age 60
Death benefits to be guaranteed Policy to become paid up, if there is default in premium after 3 years. Opportunity to be given to revive lapsed policy No risk cover after policy term Ways of calculating various charges are stipulated. No auto cover facility if at least 3 years premium not paid. Auto cover facility allowed for full SA for limited period.
ARE ULIPS SIMILAR TO MUTUAL FUNDS?
In structure, yes; in objective, no. Because of the high first-year charges, mutualfunds are a better option if you have a five-year horizon.
But if you have a horizon of 10 years or more, then ULIPs have an edge. To
explain this further a ULIP has high first-year charges towards acquisition
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(including agents commissions).
As a result, they find it difficult to outperform mutual funds in the first five years.
But in the long-term, ULIP managers have several advantages overMutual fund
managers.
Since policyholder premiums come at regular intervals, investments can be
planned out more evenly.
Mutual fundmanagers cannot take a similar long-term view because they havebulk investors who can move money in and out of schemes at short notice.
FIVE STEPS OF SELECTING THE RIGHT ULIP
1. Understand the concept of ULIPs
Do as much homework as possible before investing in an ULIP. This way you willbe fully aware of what you are getting into and make an informed decision.
More importantly, it will ensure that you are not faced with any unpleasant
surprises at a later stage. Our experience suggests that investors on most occasionsfail to realize what they are getting into and unscrupulous agents should get a lot of'credit' for the same.
Gather information on ULIPs, the various options available and understand their
working. Read ULIP-related information available on financial Web sites,newspapers and sales literature circulated by insurance companies.
2. Focus on your need and risk profile
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Identify a plan that is best suited for you (in terms of allocation of money between
equity and debt instruments). Your risk appetite should be the deciding criterion inchoosing the plan.
As a result if you have a high-risk appetite, then an aggressive investment optionwith a higher equity component is likely to be more suited. Similarly your existinginvestment portfolio and the equity-debt allocation therein also need to be given
due importance before selecting a plan.
Opting for a plan that is lop-sided in favour of equities, only with the objective ofclocking attractive returns can and does spell disaster in most cases.
3. Compare ULIP products from various insurance companies
Compare products offered by various insurance companies on parameters likeexpenses, premium payments and performance among others. For example,information on premium payments will help you get a better picture of the
minimum outlay since ULIPs work on premium payments as opposed to sumassured in the case of conventional insurance products.
Compare the ULIPs' performance i.e. find out how the debt, equity and balanced
schemes are performing; also study the portfolios of various plans. Expenses are asignificant factor in ULIPs, hence an assessment on this parameter is warranted aswell.
Enquire about the top-up facility offered by ULIPs i.e. additional lump suminvestments, which can be made to enhance the policy's savings portion. This
option enables policyholders to increase the premium amounts, thereby providingpresenting an opportunity to gainfully invest any surplus funds available.
Find out about the number of times you can make free switches (i.e. change the
asset allocation of your ULIP account) from one investment plan to another. Someinsurance companies offer multiple free switches every year while others do so
only after the completion of a stipulated period.
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4. Go for an experienced insurance advisor
Select an advisor who is not only conversant with the functioning of debt and
equity markets, but also independent and unbiased. Ask for references of clients hehas serviced earlier and crosscheck his service standards.
When your agent recommends a ULIP from a given company, put forth some
product-related questions to test him and also ask him why the products from otherinsurers should not be considered.
Insurance advice at all times must be unbiased and independent; also your agent
must be willing to inform you about the pros and cons of buying a particular plan.His job should not be restricted to doing paper work like filling forms and
delivering receipts; instead he should keep track of your plan and offer you advice
on a regular basis.
5. Does your ULIP offer a minimum guarantee?
In a market-linked product, protecting the investment's downside can be a huge
advantage. Find out if the ULIP you are considering offers a minimum guarantee
and what costs have to be borne for the same.
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Data analysis and interpretation
Q.1. Which one you will prefer at present?
No. of respondent
Mutual fund 26
ULIP 15
Both 9
Inference- 30% people preferred ULIPs while 51% people want to go with Mutual
Fund and 19% people chose both.
30%
51%
19%
0%
10%
20%
30%
40%
50%
60%
ULIPS Mutual fund Both
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Q.2.Which factor you consider before investing in ULIP and Mutual
fund?
No, of respondent
Safety of principal 19
High return 21
Maturity period 6
Terms and condition 4
Inference- 39% consider safety of principal, 42% will go with high return, 12%
will choose maturity period and 7% consider terms and conditions.
39%42%
12%
7%
0%
5%
10%
15%20%
25%
30%
35%
40%
45%
Safety of
Principal
High Return Maturity
Period
Terms and
Conditions
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Q.3. Which information source helpful to the investors in making
investment decision?
No. of respondent
Journals 2
Refrence group 11
Television 2
Brokers 33
News paper 2
Inference- 66% investors take investment decisions through brokers.
5%
21%
5%
66%
3%0%
10%
20%30%40%50%60%70%
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Q.4.preference of investors regarding different type of funds?
No. of respondent
Equity fund 20Debt fund 5
Balanced fund 12.5
Open ended fund 5
Close ended fund 7.5
Inference- most of the investors are interested in equity fund.
0
5
10
15
20
25
Equity fund Debt fund Balanced fund Open ended
fund
Close ended
fund
No. of respondent
No. of respondent
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Q.5. Preference of ULIP or Mutual Fund on the basis of following factor?
Mutual fund ULIP
Diversification 62% 38%
Professional management 60% 40%
Low cost 66% 34%
Liquidity 83% 17%
flexibility 88% 12%
Inference- the major advantage of Mutual Fund is diversification and professional
management.
38% 40% 34%17% 12%
62% 60% 66%83% 88%
0%
20%
40%
60%
80%
100%120%
Mutual fund
ULIPS
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INVESTING IN ULIP WILL NOT GIVE HIGH RETURNS REALLY???
DATE
Maximiser
fund
Balancer
fund
3/1/2003 11.3 12.12
2/6/2003 11.71 12.48
31/12/2003 21 16
17/08/2004 19 15
31/12/2004 24 17
10/3/2005 26 18
10/3/2006 38 21
10/12/2006 45 23
10/12/2007 67 28
10/12/2008 36 24
10/12/2009 62 32
10/3/2010 63 33
10/12/2010 71 34
2/1/2011 74 35
2/2/2011 66 33
2/3/2011 67 34
2/4/2011 72 35
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11.3 11.71
2119
2426
38
45
67
36
62 63
7174
66 67
72
12.1212.48
16 1517 18
21
23
28
24
32 3334 35 33 34
35
0
10
20
30
40
50
60
70
80
NAV
INR
S.
DATE
GROWTH CHART
Maximiser fund
Balancer fund
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Company
% Of Net
Assets
Industry
totalCorporate Securities Rating % Of NetAssets
Metals & Minerals 6.36 %Housing Development FinanceCorpn. Ltd.
AAA 3.93 %
TATA STEEL LTD. 2.01 % L I C Housing Finance Ltd. AAA 3.08 %
STERLITE INDUSTRIES (INDIA)LTD.
1.97 % POWER FINANCE CORPN. LTD. AAA 2.77 %
Jindal Steel & Power Ltd. 1.5 %Infrastructure DevelopmentFinance Co. Ltd.
AAA 2.38 %
HINDUSTAN ZINC LTD. 0.88 % RELIANCE INDUSTRIES LTD. AAA 2.29 %
Novo Trust Iv- Indian Railways AAA 1.75 %
Oil & Gas 5.32 %
NUCLEAR POWER CORPN. OF
INDIA LTD. AAA 1.31 %
RELIANCE INDUSTRIES LTD. 3.27 %RURAL ELECTRIFICATION CORPN.LTD.
AAA 0.87 %
Oil & Natural Gas Corpn. Ltd. 0.81 % Tata Sons Ltd. AAA 0.8 %
Hindustan Petroleum Corpn. Ltd. 0.64 % State Bank of India AAA 0.79 %
Indian Oil Corpn. Ltd. 0.4 % BRITANNIA INDUSTRIES LTD. AAA 0.58 %
Bharat Petroleum Corpn. Ltd. 0.19 %INDIAN RAILWAY FINANCECORPN. LTD.
AAA 0.34 %
I C I C I HOME FINANCE CO. LTD. AAA 0.32 %
Bank 4.66 % GE Money Financial Services Ltd AAA 0.21 %
H D F C Bank Ltd. 3.4 %Small Industries Development
Bank of IndiaAAA 0.17 %
Axis Bank Ltd. 0.61 %POWER GRID CORPN. OF INDIALTD.
AAA 0.15 %
Oriental Bank of Commerce 0.33 % EXPORT-IMPORT BANK OF INDIA AAA 0.12 %
Punjab National Bank 0.27 % Axis Bank Ltd. AAA 0.06 %
UNION BANK OF INDIA 0.05 %G E CAPITAL SERVICES INDIALTD.
AAA 0.05 %
GRASIM INDUSTRIES LTD. AAA 0.05 %
Auto 3.28 % H D F C Bank Ltd. AAA 0.02 %
MAHINDRA & MAHINDRA LTD. 1.87 % Tata Motors Ltd. AAA 0.02 %
MARUTI SUZUKI INDIA LTD. 1 % Novo Trust Iv- Indian Railways AAA(SO) 1.03 %
APOLLO TYRES LTD. 0.41 % Cairn India Ltd. CAAA 2.48 %
L I C Housing Finance Ltd. CAAA 0.34 %
Consumer 2.85 % I C I C I HOME FINANCE CO. LTD. CAAA 0.02 %
I T C Ltd. 2.51 % I D B I BANK LTD. AA+ 0.73 %
DABUR INDIA LTD. 0.22 % H C L TECHNOLOGIES LTD. AA+ 0.7 %
I C I INDIA LTD. 0.12 % Jindal Steel & Power Ltd. AA+ 0.3 %
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Shree Cement Ltd. AA+ 0.27 %
Capital Goods 2.52 % TATA STEEL LTD. AA 2.45 %
BHARAT HEAVY ELECTRICALSLTD.
2.24 % Tata Bluescope Steel Ltd. AA 1.48 %
Kalpataru Power Transmission
Ltd.0.15 % Jindal Steel & Power Ltd. AA 0.36 %
EMCO Ltd. 0.13 % TATA POWER CO. LTD. AA 0.29 %
Kotak Mahindra Prime Ltd. AA 0.19 %
Cement 2.23 % BHARAT FORGE LTD. LAA- 0.63 %
A C C LTD. 0.99 %Housing Development FinanceCorpn. Ltd.
A1+ 1.3 %
GRASIM INDUSTRIES LTD. 0.61 % State Bank of Hyderabad A1+ 0.87 %
ULTRATECH CEMENT LTD. 0.32 % Bank of Baroda A1+ 0.7 %
Shree Cement Ltd. 0.32 % State Bank of Patiala A1+ 0.35 %
STATE BANK OF BIKANER &JAIPUR
A1+ 0.31 %
Telecom 2.16 % STATE BANK OF MYSORE A1+ 0.28 %
Bharti Airtel Ltd. 2.16 % I D B I BANK LTD. A1+ 0.18 %
I C I C I Bank Ltd. A1+ 0.12 %
Technology 1.79 % INDIAN BANK F1+ (SO) 0.15 %
INFOSYS TECHNOLOGIES LTD. 1.4 % Bank of India P1+ 2.3 %
Tata Consultancy Services Ltd. 0.27 % Corporation Bank P1+ 1.24 %
K P I T CUMMINS INFOSYSTEMSLTD.
0.11 % Vodafone Essar Ltd P1+ 1.02 %
UNION BANK OF INDIA P1+ 0.3 %
Infrastructure 0.78 % State Bank of Travancore P1+ 0.3 %
POWER GRID CORPN. OF INDIALTD.
0.78 % State Bank of India P1+ 0.29 %
STATE BANK OF BIKANER &JAIPUR
P1+ 0.27 %
Pharma & Healthcare 0.69 % CANARA BANK P1+ 0.19 %
Lupin Ltd. 0.69 % Oriental Bank of Commerce P1+ 0.17 %
Federal Bank Ltd. P1+ 0.16 %
EPC 0.68 % INDIAN OVERSEAS BANK P1+ 0.15 %
I V R C L INFRASTRUCTURES &PROJECTS LTD.
0.29 % Kotak Mahindra Prime Ltd. P1+ 0.15 %
NAGARJUNA CONSTRUCTION CO.
LTD.
0.25 % Axis Bank Ltd. P1+ 0.15 %
Madhucon Projects Ltd. 0.09 %National Bank for Agriculture &Rural Development
P1+ 0.12 %
Ramky Infrastructure Limited 0.04 % Bank of Baroda P1+ 0.03 %
Punjab National Bank PR1+ 1.19 %
Finance 0.57 % Syndicate Bank PR1+ 0.61 %
Shriram Transport Finance Co.Ltd.
0.57 % ANDHRA BANK PR1+ 0.27 %
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CENTRAL BANK OF INDIA PR1+ 0.26 %
Retail 0.46 % Bank of India PR1+ 0.16 %
PANTALOON RETAIL (INDIA) LTD. 0.45 %
Total 46.91 %
Real Estate 0.25 %
Government securities / T Bills Rating% Of Net
AssetsHousing Development &Infrastructure Ltd.
0.23 %
Oberoi Realty Ltd 0.02 % 9.81% GOI ( 30-May-2013 ) Sovereign 1.03 %
11.83% GOI ( 12-Nov-2014 ) Sovereign 0.11 %
Others 0.2 % 10.25% GOI ( 30-May-2021 ) Sovereign 0.11 %
A B G SHIPYARD LTD. 0.2 % 7.36% GOI ( 04-Nov-2014 ) Sovereign 0.05 %
11.43% GOI ( 07-Aug-2015 ) Sovereign 0.04 %
Total 34.78 % 9.1% GOI ( 06-Nov-2011 ) Sovereign 0.03 %
7.36% GOI ( 04-Nov-2014 ) Sovereign 0.01 %
Total 1.36 %
Fixed deposits with banks 15.25 %
Other current assets & eq 1.69 %
100 %
Assets Held (Rs. Million) 20,285.68
Asset MixPercentage as
per F&UActual %
Debt, Money Market and Cash Minimum 60% 65 %
Equity and Equity relatedsecurities
Maximum 40% 35 %
Total 100 % 100 %
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Company% Of Net
AssetsIndustry
totalCorporate Securities Rating % Of NetAssets
Metals & Minerals 15.2 % INDIAN OVERSEAS BANK A1+ 0.83 %
STERLITE INDUSTRIES (INDIA) LTD. 5.6 % I C I C I Bank Ltd. A1+ 0.56 %
TATA STEEL LTD. 4.94 % State Bank of Hyderabad A1+ 0.53 %
Jindal Steel & Power Ltd. 3.74 % Bank of India A1+ 0.45 %
HINDUSTAN ZINC LTD. 0.91 % Axis Bank Ltd. P1+ 0.99 %
Bank of India P1+ 0.83 %
Bank 13.42 % UNION BANK OF INDIA P1+ 0.8 %
H D F C Bank Ltd. 8.99 % Oriental Bank of Commerce P1+ 0.4 %
Axis Bank Ltd. 1.77 %STATE BANK OF BIKANER& JAIPUR
P1+ 0.33 %
Oriental Bank of Commerce 1.39 % Corporation Bank P1+ 0.18 %
Punjab National Bank 0.66 % Tata Teleservices Limited PR1+ 0.25 %
UNION BANK OF INDIA 0.61 % CENTRAL BANK OF INDIA PR1+ 0.1 %
Oil & Gas 11.87 % Total 6.24 %
RELIANCE INDUSTRIES LTD. 8.81 %
Oil & Natural Gas Corpn. Ltd. 2.1 % Government securities /T Bills
% Of NetAssetsHindustan Petroleum Corpn. Ltd. 0.55 %
Indian Oil Corpn. Ltd. 0.27 %
Bharat Petroleum Corpn. Ltd. 0.15 %
Fixed deposits with banks 0.16 %
Auto 8.89 % Other current assets & eq 0.12 %
MAHINDRA & MAHINDRA LTD. 5.03 %
MARUTI SUZUKI INDIA LTD. 2.86 %100 %
APOLLO TYRES LTD. 1 %
Assets Held (Rs. Million) 87,020.11
Consumer 8.44 %
I T C Ltd. 7.17 %Asset Mix
Percentage as perF&U
Actual %DABUR INDIA LTD. 0.69 %
Kansai Nerolac Paints Ltd. 0.43 %Equity and Equity relatedsecurities
Maximum 100% 93 %
I C I INDIA LTD. 0.15 %Debt, Money Market andCash
Maximum 25% 7 %
Total 100 % 100 %
Cement 6.69 %
A C C LTD. 4.04 %
GRASIM INDUSTRIES LTD. 1.51 %
ULTRATECH CEMENT LTD. 0.58 %
Shree Cement Ltd. 0.56 %
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Capital Goods 6.03 %
BHARAT HEAVY ELECTRICALS LTD. 5.45 %
Kalpataru Power Transmission Ltd. 0.5 %
EMCO Ltd. 0.08 %
Telecom 5.68 %
Bharti Airtel Ltd. 5.68 %
Technology 5.51 %
INFOSYS TECHNOLOGIES LTD. 4.18 %
Tata Consultancy Services Ltd. 0.91 %
K P I T CUMMINS INFOSYSTEMSLTD.
0.41 %
Finance 4.2 %
Shriram Transport Finance Co. Ltd. 3.67 %
BAJAJ HOLDINGS & INVST. LTD. 0.35 %
RURAL ELECTRIFICATION CORPN.LTD.
0.18 %
Pharma & Healthcare 1.95 %
Lupin Ltd. 1.95 %
Infrastructure 1.92 %
POWER GRID CORPN. OF INDIA LTD. 1.77 %
N T P C LTD. 0.15 %
EPC 1.5 %
I V R C L INFRASTRUCTURES &PROJECTS LTD.
0.68 %
Madhucon Projects Ltd. 0.34 %
Ramky Infrastructure Limited 0.26 %
NAGARJUNA CONSTRUCTION CO.LTD.
0.22 %
Retail 1.19 %
PANTALOON RETAIL (INDIA) LTD. 1.18 %
Agre Developers Limited 0.01 %
Real Estate 0.61 %
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Housing Development &Infrastructure Ltd.
0.56 %
Oberoi Realty Ltd 0.05 %
Others 0.37 %
A B G SHIPYARD LTD. 0.37 %
Total 93.48 %