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A PROJECT REPORT ON AWARENESS OF MUTUAL FUND AND SPECIAL EMPHASIS OF SIPS

TRAINING UNDERTAKEN AT

SUBMITTED FOR THE PARTIAL FULFILLMENT OF TWO YEARS FULL TIME COURSE MASTERS IN BUSINESS ADMINISTRATION
Batch (2011-2013)

SUBMITTED TO: FMS, MAIET, Jaipur

SUBMITTED BY: KRATIKA GUPTA MBA SEM-III

Faculty of Management Studies Maharishi Arvind Institute of Engineering & Technology, Jaipur (Affiliated to Rajasthan Technical University, Kota)

PREFACE
A professional course like business management demands in depth theoretical knowledge and practical exposure to its realistic application. For the same purpose, the course designs one and a half month summer training. The course aims to groom the students professionally and offer him/her a chance to work in corporate world, so as to have an opportunity to gain experience on practical aspects and supplement his/her theoretical knowledge.

Mutual Funds being the ideal investments vehicle in todays complex and modern financial scenario. Mutual Funds are emerging as the most attractive investment avenue as the investments across is globally facing a southern trend and volatility prevails in all the global markets. I was fortunate enough to closely watch and learn the working of a mutual fund, during my Project Training at one of the Indian pioneers in Mutual Funds- SBI MUTUAL FUND

The project assigned was AWARENESS

OF MUTUAL FUND AND SPECIAL

EMPHASIS OF SIPS
The relevance of mutual funds increases as the international financial situations going in tailspins day by day and India now is by real means being attached to global swings of Fed rate cuts, Sub Prime crises, crude oil prices etc.

ACKNOWLEDGMENT

The project would not be complete without a mention of those, who have spared their valuable time and shared their rich experience, in making this project happen.

I owe indebtedness to Mr. Sameer saxena, Branch Manager, Jaipur for sbi mutual fund AMC, for granting me an opportunity to work with the esteemed organization. He has been benevolent enough to lend his help and spare his valuable time throughout the project. I am thankful for his continuous motivation and encouragement.

I extend my heartfelt thanks to Mr.Praveen saini, for their incessant guidance and support all through the project. I also feel privileged to place on record the excellent financial and marketing tactics, which I had learnt from them during the project.

I express my deep gratitude to all the staff members at SBI MUTUAL FUND AMC, JAIPUR; who gave me a full-fledged support to complete my project on time.

(KRATIKA GUPTA)

DECLERATION

I hereby declare that this Project Report entitled AWARENESS

OF

MUTUAL FUND AND SPECIAL EMPHASIS OF SIPS submitted in the partial

fulfillment of the requirement of Master of Business Administration (M.B.A) of FMS MAIET, Jaipur. It is based on primary & secondary data found by me in various institutes, books, magazines and websites & collected by me in under guidance of PRAVEEN SIR.

DATE: KRATIKA GUPTA M.B.A - IIIrd Sem.

EXECUTIVE SUMMARY

I have taken training At SBI mutual fund pvt ltd. As per my view it is working efficiently. It is speedily going to take first place among the private players. I have done organizational study and also conducted a Research Survey on AWARENESS OF MUTUAL FUND AND SPECIAL EMPHASIS OF SIPS

SBI mutual fund pvt ltd is having a good financial & promoter background. The main strength of lies in its Research Team comprising of famous Research Analysts in Technical and Fundamental.

In my Research on AWARENESS OF MUTUAL FUND AND SPECIAL EMPHASIS OF SIPS For SBI mutual fund pvt. ltd, I would say that every employee working in it is a very hardcore dedicated person. The coordination between all the employees is simply great, first time I seen that one bottom management employee can talk to Branch Manager very frequently.

For upcoming trainees, I would say that:-

Dont escape from hard work Never give excuses for your fault Show your best of the best in training period Always keep in mind that BOSS is always right.

If you have it in you, than SBI MF will always lays Red Carpet for you.

CONTENTS

Sr. no. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

Chapter

Page. No. 7 9 10 12 14 15 16 19 20 21 IN 22

PROFILE OF MUTUAL FUND INDUSTRY

STOCK EXCHANGE OF INDIA INTRODUCTION OF MUTUAL FUND INDUSTRY HISTORY OF INDIAN MUTUAL FUND INDUSTRY ABOUT MUTUAL FUND MUTUAL FUND CONCEPT CETEGORIES OF MUTUAL FUND BENEFITS OF INVESTING IN MUTUAL FUND MEASURING PERFORMANCE OF MUTUAL FUND DISADVANTAGE OF MUTUAL FUND RISKTUAL FUND INVOLVE IN INVESTING

MUTUAL FUND 12. 13. 14. 15. SOME QUESTION REGARDING MUTUAL FUND INVESTMENT STRATEGY HOW DO INVESTER CHOOSE BETWEEN FUND MAIN OBJECTIVE BEHIND INVESTING IN 23 25 28 44

SYSTEMATIC INVESTMENT PLAN 16. 17. 18. 19. 20. 21. FINDINGS SUGGESTION RESEARCH METHEDOLOGY SCOPE OF STUDY ABOUT SBI MUTUAL FUND PORTFOLIO MANAGEMENT AND ADVISORY SERVICES 22. BIBLIOGRAFY 53 45 46 47 49
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PROFILE OF MUTUAL FUND INDUSTRY

Introduction of security market in india

The securities market essentially has three categories of participants, namely, the issuers of securities, investors in securities and the intermediaries, such as merchant bankers, brokers etc. While the corporate and government raise resources from the securities market to meet their obligations, it is households that invest their savings in the Securities Market. It is advisable to conduct transactions through an intermediary. For example you need to transact through a trading member of a stock exchange if you intend to buy or sell any security on stock exchanges. You need to maintain an account with a depository if you intend to hold securities in De mat form. You need to deposit money with a banker to an issue if you are subscribing to public issues. You get guidance if you are transacting through an intermediary. Chose a SEBI registered intermediary, as he is accountable for its activities. The list of registered intermediaries is available with exchanges, industry associations etc. The securities market has two interdependent segments: the primary (new issues) market and the secondary market. The primary market provides the channel for sale of new securities while the secondary market deals in securities previously issued. In most industrialized countries, a substantial part of financial wealth is not managed directly by savers, but through a financial intermediary, which implies the existence of an agency contract between the investor (the principal) and a broker or portfolio manager (the agent). Therefore, delegated brokerage management is arguably one of the most important agency relationships intervening in the economy, with a possible impact on financial market and economic developments at a macro level. In most of the metros, people like to put their money in stock options instead of dumping it in the banklockers. Now, this trend pick pace in small but fast developing cities like Chandigarh, Gurgaon, Jaipur etc. My research is based on the residents of kota area.

As the per-capita-income of the city is quite satisfactory, so it is quite obvious that they want to invest their money in profitable ventures. On the other hand, a number of brokerage houses make sure the hassle free investment in stocks. Asset management firms allow investors to estimate both the expected risks and returns, as measured statistically. There are mainly two types of Portfolio management strategies.

Passive Portfolio Strategy-

Active Portfolio Strategy-

Passive Portfolio Strategy: A strategy that involves minimal expectation input, and instead relies on diversification to match the performance of some market index. A passive strategy assumes that the marketplace will reflect all available information in the price paid for securities

Active Portfolio Strategy: A strategy that uses available information and forecasting techniques to seek a better performance than a portfolio that is simply diversified broadly

STOCK EXCHANGE OF INDIA

The emergence of stock market can be traced back to 1830. In Bombay, business passed in the shares of banks like the commercial bank, the chartered mercantile bank, the chartered bank, the oriental bank and the old bank of Bombay and shares of cotton presses. In Calcutta, Englishman reported the quotations of 4%, 5%, and 6% loans of East India Company as well as the shares of the bank of Bengal in 1836. This list was a further broadened in 1839 when the Calcutta newspaper printed the quotations of banks like union bank and Agra bank. It also quoted the prices of business ventures like the Bengal bonded warehouse, the Docking Company and the storm tug company.

Between 1840 and 1850, only half a dozen brokers existed for the limited business. But during the share mania of 1860-65, the number of brokers increased considerably. By 1860, the number of brokers was about 60 and during the exciting period of the American Civil war, their number increased to about 200 to 250. The end of American Civil war brought disillusionment and many failures and the brokers decreased in number and prosperity. It was in those troublesome times between 1868 and 1875 that brokers organized an informal association and finally as recited in the Indenture constituting the Articles of Association of the Exchange. On or about 9th day of July,1875, a few native brokers doing brokerage business in shares and stocks resolved upon forming in Bombay an association for protecting the character, status and interest of native share and stock brokers and providing a hall or building for the use of the members of such association.

As a meeting held in the broker Hall on the 5th day of February, 1887, it was resolved to execute a formal deal of association and to constitute the first managing committee and to appoint the first trustees. Accordingly, the Articles of Association of the Exchange.

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Introduction of Mutual fund industry

Stock Exchange was formally established in Bombay on 3rd day of December, 1887. The Association is now known as The Stock Exchange.

The entrance fee for new member was Re.1 and there were 318 members on the list, when the exchange was constituted. The numbers of members increased to 333 in 1896, 362 in 1916and 478 in 1920 and the entrance fee was raised to Rs.5 in 1877, Rs.1000 in 1896, Rs.2500 in 1916 and Rs. 48,000 in 1920. At present there are 23 recognized stock exchanges with about 6000 stock brokers. Organization structure of stock exchange varies. 14 stock exchanges are organized as public limited companies, 6 as companies limited by guarantee and 3 are non-profit voluntary organization. Of the total of 23, only 9 stock exchanges have been permanent recognition. Others have to seek recognition on annual basis. These exchange do not work of its own, rather, these are run by some persons and with the help of some persons and institution. All these are down as functionaries on stock exchange. These are

Stockbrokers Sub-broker Market makers Portfolio consultants etc.

1.) Stockbrokers Stock brokers are the members of stock exchanges. These are the persons who buy, sell or deal in securities. A certificate of registration from SEBI is mandatory to act as a broker. SEBI can impose certain conditions while granting the certificate of registrations. It is obligatory for the person to abide by the rules, regulations and the buy-law. Stock brokers are commission broker, floor broker, arbitrageur etc.

2.) Sub-broker

11 A sub-broker acts as agent of stock broker. He is not a member of a stock exchange. He assists the investors in buying, selling or dealing in securities through stockbroker. The broker and sub-broker should enter into an agreement in which obligations of both should be specified. Sub-broker must be registered SEBI for a dealing in securities. For getting registered with SEBI, he must fulfill certain rules and regulation.

3.) Market Makers Market maker is a designated specialist in the specified securities. They make both bid and offer at the same time. A market maker has to abide by bye-laws, rules regulations of the concerned stock exchange. He is exempt from the margin requirements. As per the listing requirements, a company where the paid-up capital is Rs. 3 crore but not more than Rs. 5 core and having a commercial operation for less than 2 years should appoint a market maker at the time of issue of securities.

4.) Portfolio consultants A combination of securities such as stocks, bonds and money market instruments is collectively called as portfolio. Whereas the portfolio consultants are the persons, firms or companies who advise, direct or undertake the management or administration of securities or funds on behalf of their clients. It is basically a stock brokering company which deals in security and derivative market, Commodity market, mutual funds and Insurance etc.

History of the Indian mutual fund industry

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The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank. The history of mutual funds in India can be broadly divided into four distinct phases.

First Phase 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6, 700 cores of assets under management. Second Phase 1987-1993 (Entry of Public Sector Funds) 1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed by Can bank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990.At the end of 1993, the mutual fund industry had assets under management of Rs.47, 004 cores.

Third Phase 1993-2003 (Entry of Private Sector Funds) 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1, 21,805 cores.

Fourth Phase since February 2003 In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs.29, 835 cores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured return and certain other schemes The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. Consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.153108 cores under 421 schemes.

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ABOUT MUTUAL FUND

14 A mutual fund is a professionally-managed firm of collective investments that pools money from many investors and invests it in stocks, bonds, short-term money market instruments, and/or other securities. In other words we can say that A Mutual Fund is a trust registered with the Securities and Exchange Board of India (SEBI), which pools up the money from individual / corporate investors and invests the same on behalf of the investors /unit holders, in equity shares, Government securities, Bonds, Call money markets etc., and distributes the profits. The value of each unit of the mutual fund, known as the net asset value (NAV), is mostly calculated daily based on the total value of the fund divided by the number of shares currently issued and outstanding. The value of all the securities in the portfolio in calculated daily. From this, all expenses are deducted and the resultant value divided by the number of units in the fund is the funds NAV.

NAV=

Total value of the fund No. of share currently issued and outstanding

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Mutual Funds Concept

A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The flow chart below describes broadly the working of a mutual fund:

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Categories of mutual funds

Mutual funds can be classified as follow-

Based on their structure-

Open-ended funds: Investors can buy and sell the units from the fund, at any point of time.

Close ended funds: These funds raise money from investors only once. Therefore, after the offer period, fresh investments cannot be made into the fund. If the fund is listed on a stock exchange the units can be traded like stocks (E.g. Morgan Stanley growth fund). Recently, most of the new fund offers of close-ended funds provided liquidity window on a periodic basis such as monthly or weekly. Redemption of units can be made during specified intervals. Therefore, such funds have relatively low liquidity.

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BASED ON THEIR INVESTMENT OBJECTIVE:-

Equity funds: These funds invest in equities and equity related instruments. With fluctuating share prices, such funds show volatile performance, even losses. However, short term fluctuations in the market, generally smoothens out in the long term, thereby offering higher returns at relatively lower volatility. At the same time, such funds can yield great capital appreciation as, historically, equities have outperformed all asset classes in the long term. Hence, investment in equity funds should be considered for a period of at least 3-5 years. It can be further classified as:

I) Index funds- In this case a key stock market index, like BSE Sense or Nifty is tracked. Their portfolio mirrors the benchmark index both in terms of composition and individual stock weight ages. ii) Equity diversified funds- 100% of the capital is invested in equities spreading across different sectors and stocks. iii|) Dividend yield funds- it is similar to the equity diversified funds except that they invest in companies offering high dividend yields. IV) Thematic funds- Invest 100% of the assets in sectors which are related through some theme. e.g. -An infrastructure fund invests in power, construction, cements sectors etc. v) Sector funds- Invest 100% of the capital in a specific sector. e.g. - A banking sector fund will invest in banking stocks. vi) ELSS- Equity Linked Saving Scheme provides tax benefit to the investors.

Balanced fund: Their investment portfolio includes both debt and equity. As a result, on the risk-return ladder, they fall between equity and debt funds. Balanced funds are the ideal mutual funds vehicle for investors who prefer spreading their risk across various instruments. Following are balanced funds classes:

I) Debt-oriented funds -Investment below 65% in equities. ii) Equity-oriented funds -Invest at least 65% in equities, remaining in debt.

18 Debt fund: They invest only in debt instruments, and are a good option for investors averse to idea of taking risk associated with equities. Therefore, they invest exclusively in fixed-income instruments like bonds, debentures, Government of India securities; and money market instruments such as certificates of deposit (CD), commercial paper (CP) and call money. Put your money into any of these debt funds depending on your investment horizon and needs.

I) Liquid funds- These funds invest 100% in money market instruments, a large portion being invested in call money market. Ii) Gilt funds ST- They invest 100% of their portfolio in government securities of and T-bills. iii) Floating rate funds - Invest in short-term debt papers. Floaters invest in debt instruments which have variable coupon rate. iv) Arbitrage fund- They generate income through arbitrage opportunities due to miss-pricing between cash market and derivatives market. Funds are allocated to equities, derivatives and money markets. Higher proportion (around 75%) is put in money markets, in the absence of arbitrage opportunities. v) Gilt funds LT- They invest 100% of their portfolio in long-term government securities. vi) Income funds LT- Typically; such funds invest a major portion of the portfolio in long-term debt papers. vii) MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and an exposure of 10%-30% to equities. viii) FMPs- fixed monthly plans invest in debt papers whose maturity is in line with that of the fund.

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Benefits of Investing In Mutual Funds:-

1. Professional Management Mutual Funds provide the services of experienced and skilled professionals, backed by a dedicated investment research team that analyses the performance and prospects of companies and selects suitable investments to achieve the objectives of the scheme. 2. Diversification Mutual Funds invest in a number of companies across a broad cross-section of industries and sectors. This diversification reduces the risk because seldom do all stocks decline at the same time and in the same proportion. You achieve this diversification through a Mutual Fund with far less money than you can do on your own. 3. Convenient Administration Investing in a Mutual Fund reduces paperwork and helps you avoid many problems such as bad deliveries, delayed payments and follow up with brokers and companies. Mutual Funds save your time and make investing easy and convenient. 4. Return Potential Over a medium to long-term, Mutual Funds have the potential to provide a higher return as they invest in a diversified basket of selected securities. 5. Low Costs Mutual Funds are a relatively less expensive way to invest compared to directly investing in the capital markets because the benefits of scale in brokerage, custodial and other fees translate into lower costs for investors. 6. Liquidity In open-end schemes, the investor gets the money back promptly at net asset value related prices from the Mutual Fund. In closed-end schemes, the units can be sold on a stock exchange at the prevailing market price or the investor can avail of the facility of direct repurchase at NAV related prices by the Mutual Fund. 7. Transparency You get regular information on the value of your investment in addition to disclosure on the specific investments made by your scheme, the proportion invested in each class of assets and the fund manager's investment strategy and outlook. 8. Tax Benefits The taxman has, over the years, been more or less kind to mutual funds! With laws varying from time to time, the overall objective has been to encourage the growth of the mutual funds industry.

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Measuring performance of Mutual Fund

1. Relative to benchmark method Under this method a comparison is made between the returns given by a market index, and the fund over a given period of time. If the returns generated by the fund as measured by changes in NAV over that given period of time are greater than those generated by the benchmark then the fund is deemed to have outperformed the market portfolio. 2. Risk-Return Method The Relative-to-Benchmark measure is very simplistic, as it does not incorporate any measure of risk in its calculation. An investor would naturally be interested in finding out the return generated for the risk undertaken, as, in a bid to generate super normal return; the fund may go overboard on the risk parameter. Therefore, risk adjusted measures of return are needed to measure the performance of funds. There are several such measures prominent among which are the Sharpe ratio, the Trey nor ratio, and Alpha a) Sharpe ratio This measure uses standard deviation as a measure to evaluate a fund's risk-adjusted returns. Mathematically, it is arrived at by deducting the risk free returns from the returns generated by the fund and dividing the residual figure by the standard deviation of the fund's returns. One thing that has to be kept in mind while using this measure is that the ratio is not an absolute figure. Its real utility lies in inter scheme comparison. b) Tenors ratio The other measure Tenors ratio also has the same attributes with the difference that the residual figure in this case is divided by beta rather than the standard deviation, thus reflecting only the systematic risk. Beta of the fund is a volatility measure that quantifies sensitivity of the fund's return to the benchmark index's returns i.e. given the movements of the benchmark how much the fund will move. It does not give representation to unsystematic risk under the assumption that the fund manager can easily wipe out the unsystematic risk by diversifying across a large numb c) Alpha Basically, alpha is the difference between the return that would be warranted by its beta (expected return) and the return that is actually generated by the fund. If a fund returns more than what is anticipated by beta, it has a positive and favorable alpha, and if it returns less than the amount predicted by beta, the fund has a negative alpha. Mathematically, Alpha= fund return - [Risk free rate + Beta of fund (Benchmark return Risk free return)]

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Disadvantages of Mutual Funds:-

1 The Wisdom of Professional Management. That's right, this is not an advantage. The average mutual fund manager is no better at picking stocks than the average nonprofessional, but charges fees as though he is. 2. No Control. Unlike picking your own individual stocks, a mutual fund puts you in the passenger seat of somebody else's car.

3. Dilution. Mutual funds generally have such small holdings of so many different stocks that insanely great performance by a fund's top holdings still doesn't make much of a difference in a mutual fund's total performance.

4. Buried Costs. Many mutual funds specialize in burying their costs and in hiring salesmen who do not make those costs clear to their clients.

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Risks involved in investing in Mutual Funds

1. Market risk If the overall stock or bond markets fall on account of macro economic factors, the value of stock or bond holdings in the fund's portfolio can drop, thereby impacting the NAV. 2. Non-market risk Bad news about an individual company can pull down its stock price, which can negatively affect funds holding a large quantity of that stock. This risk can be reduced by having a diversified portfolio that consists of a wide variety of stocks drawn from different industries. 3. Interest rate risk Unit prices and interest rates move in opposite directions. When interest rates rise, bond prices fall and this decline in underlying securities affects the NAV negatively. How bad the damage will be is dependent on factors such as maturity profile, liquidity etc. 4. Credit risk Bonds are debt obligations. So when the funds invest in corporate bonds, they run the risk of the corporate defaulting on their interest and principal payment obligations and when that risk crystallizes, it leads to a fall in the value of the bond causing the NAV of the fund to take a beating

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Some question regarding mutual fund

Invest for what? You can invest in SBI Magnum Equity fund to grow or create wealth. Do not look at making quick bucks here. Stay invested for long term. SBI Magnum Equity Fund is suitable for goals that is at least 5 years away from now. In case your goals are less than 5 years away, then we advise you to look at other options. Where does this fund invest your money? SBI Magnum Equity Fund is a large cap fund which means most of your money will be invested in giant and large companies. And just to give kicker returns the fund has some exposure in mid cap companies as well. Large cap companies tend to be stable compared to mid cap and small cap companies. This fund has about 93% exposure to stocks of large cap companies.

How much to invest? Minimum one time investment is Rs 1000 and minimum SIP is Rs 500 per month. Do not make SBI Magnum Equity Fund as part of your core portfolio. Core portfolio is investments that are made for your basic goals and makes up about 70% of your investment portfolio. SBI Magnum Equity Fund can be part of your satellite portfolio. Do not do the mistake of investing in too many mutual fund schemes. At any point of time do not have more than two mutual fund schemes in your core portfolio. How has it performed in the past? If you had invested Rs 1 lakhs when the fund was launched in Jan 1991, your value of investments would be around Rs 4.1 lakhs. If you had invested Rs 1 lakhs five years back it would have become Rs 1.47 lakhs. The performance has been better or similar to other mutual

funds in this category. The fund has been giving at around 8% every year for those who stayed invested for last 5 years. Assume you had invested Rs 10,000 every month in SBI Magnum Equity through SIP for the past 5 years today you would have around Rs 8.26 lakhs. How will it perform in the future? Needless to say no one can predict the future of markets. We have firm belief in the future prospects of the Indian economy. If the Indian economy grows at 9% then the leading companies tend to de well. When the companies do well their stock prices follows their performance. So if you expect the economy to grow at 9% then you can expect top performing mutual funds to give you returns in excess of 15%. We advise you to avoid too much of star gazing and future prediction. Be reminded that equities are one of the asset classes that have the potential to beat inflation. Your aim for core portfolio should be to beat inflation.

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When to review the performance? Once you invest in the fund do not get into the habit of checking the NAV daily or monthly. Review the performance once a year. Too much attention is not good. When to exit? Withdraw when your goals are closer to achievement. Do not remove the money when the markets go up or down. Do not panic. Stick to your goals.

What are the tax implications? The returns in a mutual fund are absolutely tax free, provided you do not withdraw within 1 year. SBI Magnum Equity Fund does not qualify for sec 80C ELSS benefits.

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Investment strategies

Systematic Investment Plan: under this a fixed sum is invested each month on a fixed date of a month. Payment is made through post dated cheques or direct debit facilities. The investor gets fewer units when the NAV is high and more units when the NAV is low. This is called as the benefit of Rupee Cost Averaging (RCA)

Systematic Transfer Plan: under this an investor invest in debt oriented fund and give instructions to transfer a fixed sum, at a fixed interval, to an equity scheme of the same mutual fund.

Systematic Withdrawal Plan: if someone wishes to withdraw from a mutual fund then he can withdraw a fixed amount each month.

The intelligent investor's seven rules:-

Its one thing to understand mutual funds and their working; its another to ride on this potent investment vehicle to create wealth in tune with your risk profile and investment needs. Here are seven must-dos that go a long way in helping you meet your investment objectives. 1. Know your risk profile Can you live with volatility? Or are you a low-risk investor? Would you be satisfied if your fund invests in fixed-income securities, and yields low but sure-shot returns? These are some of the questions you need to ask yourself before investing in a fund.

26 Your investments should reflect your risk-taking capacity. Equity funds might lure when the market is rising and your neighbor is making money, but if you are not cut out for the risk that accompanies it, dont bite the bait. So, check if the funds objective matches yours. Invest only after you have found your match. If you are racked by uncertainty, seek expert advice from a qualified financial advisor.

2. Identify your investment horizon How long you want to stay invested in a fund is as important as deciding upon your risk profile. A mutual fund is essentially a savings vehicle, not a speculation vehicledont get in with the intention of making overnight gains. Invest in an equity fund only if you are willing to stay on for at least two years. For income and gilt funds, have a one-year perspective at least. Anything less than one year, the only option among mutual funds is liquid funds. 3. Read the offer document carefully This is a must before you commit your money to a fund. The offer document contains essential details pertaining to the fund, including the summary information (type of scheme, name of the asset Management Company and price of units, among other things), investment objectives and investment procedure, financial information and risk factors. 4.Go through the fund fact sheet Fund fact sheets give you valuable information of how the fund has performed in the past. You can check the funds portfolio, its diversification levels and its performance in the past. The more fact sheets you examine, the better.

5. Diversify across fund houses If you are routing a substantial sum through mutual funds, you should diversify across fund houses. That way, you spread your risk.

6. Do not chase incentives Dont get lured by investment incentives. Some financial intermediaries give upfront incentives, in the form of a percentage of your initial investment, to invest in a particular fund. Dont buy it. Your focus should be to find a fund that matches your investment needs and risk profile, and is a performer. 7. Track your investments Your job doesnt end at the point of making the investment. Its important you track your investment on a regular basis, be it in an equity, debt or balanced fund. One easy way to keep track of your fund is to keep track of the Intelligent Investor rankings of mutual funds, which are complied on a quarterly basis. These rankings allow you to take note of your funds performance and risk profile, and compare it across various

27 time periods as well as across its peer set. In addition, you should run some basic checks in the fund fact sheets and the quarterly reports you get from your fund. If you come across negative reports of the fund, ask your financial advisor or broker about it, especially if theres a possibility of your investment depreciating in value. If the threat is real, reduce your exposure to the fund.

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How do investors choose between funds?

When the market is flooded with mutual funds, its a very tough job for the investors to choose the best fund for them. Whenever an investor thinks of investing in mutual funds, he must look at the investment objective of the fund. Then the investors sort out the funds whose investment objective matches with that of the investors. Now the tough task for investors start, they may carry on the further process themselves or can go for advisors like KARVY. Of course the investors can save their money by going the direct route i.e. through the AMCs directly but it will only save 1-2.25% (entry load) but could cost the investors in terms of returns if the investor is not an expert. So it is always advisable to go for MF advisors. The mf advisors thoughts go beyond just investment objectives and rate of return. Some of the basic tools which an investor may ignore but an mf advisor will always look for are as follow:

1. Rupee cost averaging: The investors going for Systematic Investment Plans (SIP) and Systematic Transfer Plans (STP) may enjoy the benefits of RCA (Rupee Cost Averaging). Rupee cost averaging allows an investor to bring down the average cost of buying a scheme by making a fixed investment periodically, like Rs 5,000 a month and nowadays even as low as Rs. 500 or Rs. 100. In this case, the investor is always at a profit, even if the market falls. In case if the NAV of fund falls, the investors can get more number of units and vice-versa. This results in the average cost per unit for the investor being lower than the average price per unit over time. The investor needs to decide on the investment amount and the frequency. More frequent the investment interval, greater the chances of benefiting from lower prices. Investors can also benefit by increasing the SIP amount during market downturns, which will result in reducing the average cost and enhancing returns. Whereas STP allows investors who have lump sums to park the funds in a low-risk fund like liquid funds and make periodic transfers to another fund to take advantage of rupee cost averaging

2:-Rebalancing: Rebalancing involves booking profit in the fund class that has gone up and investing in the asset class that is down. Trigger and switching are tools that can be used to rebalance a portfolio. Trigger facilities allow automatic redemption or switch if a specified event occurs. The trigger could be the value of the investment, the net asset value of the scheme, level of capital appreciation, level of the market indices or even a date. The funds redeemed can be switched to other specified schemes within the same fund house. Some fund houses allow such switches without charging an entry load.

29 To use the trigger and switch facility, the investor needs to specify the event, the amount or the number of units to be redeemed and the scheme into which the switch has to be made. This ensures that the investor books some profits and maintains the asset allocation in the portfolio.

3:-Diversification: Diversification involves investing the amount into different options. In case of mutual funds, the investor may enjoy it afterwards also through dividend transfer option. Under this, the dividend is reinvested not into the same scheme but into another scheme of the investor's choice. For example, the dividends from debt funds may be transferred to equity schemes. This gives the investor a small exposure to a new asset class without risk to the principal amount. Such transfers may be done with or without entry loads, depending on the MF's policy.

4:-Tax efficiency Tax factor acts as the x-factor for mutual funds. Tax efficiency affects the final decision of any investor before investing. The investors gain through either dividends or capital appreciation but if they havent considered the tax factor then they may end loosing.

Debt funds have to pay a dividend distribution tax of 12.50 per cent (plus surcharge and education cuss) on dividends paid out. Investors who need a regular stream of income have to choose between the dividend option and a systematic withdrawal plan that allows them to redeem units periodically. SWP implies capital gains for the investor.

If it is short-term, then the SWP is suitable only for investors in the 10-per-cent-tax bracket. Investors in higher tax brackets will end up paying a higher rate as short-term capital gains and should choose the dividend option if the capital gain is long-term (where the investment has been held for more than one year), the growth option is more tax efficient for all investors. This is because investors can redeem units using the SWP where they will have to pay 10 per cent as long-term capital gains tax against the 12.50 per cent DDT paid by the MF on dividends. All the tools discussed over here are used by all the advisors and have helped investors in reducing risk, simplicity and affordability. Even then an investor needs to examine costs, tax implications and minimum applicable investment amounts before committing to a service.

30

1-What is the basic purpose of your investment?

Investment purpose Liquidity Returns Capital appreciation Risk covering Tax benefits Total Percentage 30% 25% 10% 20% 15% 100%

Liquidity Returns

15% 20%

30% 25%
Capital appreciation Risk covering

10%

Tax benefits

Comment 30% people are interested in liquidity, returns and tax benefits. And remaining 70% are interested in capital appreciations, risk covering, and others

31

2) Where you would like to invest your money?

Investment Scenario Real estate Government securities Fixed deposits Mutual funds Gold Total

Percentage 16% 10% 34% 24% 16% 100%

Real estate Government securities

16%

16% 10%

Fixed deposits Mutual funds Gold

24% 34%

Comment Today scenario is changed so that most area covered by the Fixed Deposits market. It is 34% of the total population and only 24 % people are interested in Mutual Fund investment.

32

3) What is your trading exchange preference?

NSE BSE MCX NCDEX Total

32% 36% 18% 14% 100%

40% 35% 30% 25% 20% 15% 10% 5% 0% NSE BSE MCX NCDEX

Comment Out of my sample size 36% people are dealing at BSE market, 32% people are dealing at NSE market and remaining people prefer to trade in commodity market.

33

4) How much Loss do you expect from your Investments in recession time?
up to 15% 15%-25% 25%-35% more than 35% Total 21% 26% 31% 22% 100%

more than 35% 25%-35% 15%-25% up to 15%

22% 31% 26% 21%

Comment On that basis, we conclude that 31% people expect loss in recession time in the range of 25-35% of their total investment; rest people also expect the same loss. This will impact negatively to their future expected investment.

34

5) Have you ever invested/ interested to invest in mutual funds?

YES NO

65 35

35 65 No Yes

comment On that basis 65 people invested/ interested in mutual fund they say yes but 35 people say no in invested in mutual funds. It means mutual fund indu8stry has growth potential

35

6) What is the most important reason for not investing in mutual funds?

Lack of knowledge about mutual funds Enjoys investing in other options Its benefits are not enough to drive you for investment No trust over the fund managers

36 24 20

20

36 Luck of Kn

24
Benefit Not enf. 20 Enjoy investing 20 No trust

comment This graph shows most important reasons of people for not investing in mutual fund i. e. 35% has lack of the knowledge, 20% would like to invest in other option, 19% are dont trust on mutual fund investment and its return, 24% people feels that return from mutual fund is insufficient

36

7) Where do you find yourself as a mutual fund investor?

Totally ignorant Partial knowledge of MFs Aware of only scheme in which invested Good knowledge of MFs

19 27 37 17

19%

Ignorant

27% Partial Knowledge

37%
Invested

17% Goog Knowledge

Comment

According to this table & chart 17% investor has good knowledge, 27% partial knowledge of MFs, 37% aware of only scheme in which invested, 19% totally ignorant.

37

8) How you choose a mutual fund?

Brand name High nave High returns Advertising Total

35 31 19 15 100

35 30 25 20 15 10

5
0 Brand name High nav High returns Advertising

Comment

On the basis of table of & chart you can choose mutual fund by 35% brand name, 31% high nave, 19% high returns, 15% by advertising on basis.

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9) Which mode of investment have you chosen in mutual funds?

SIP Lump sum Other Total

63% 25% 12% 100%

25%
SIP

12%

Lump sum

63%

Other

Comment On the basis of this chart it shows mode of investment have you chosen in mutual fund sip 63%, Lump sum 25%, other 12% itch.

39

10) In which type of mutual fund would you like to invest?

Tax Saving Funds Balanced Funds Dividend

21% 14% 16%

Equity Funds Specialty Funds Total

31% 18% 100%

31% 21% 14% 16% 18% Series1 Tax Saving Funds Funds Balanced Dividend Equity Funds Specialty Funds

COMMENT This table shows type of mutual fund would you like to invest 21% in tax saving fund, 14% in balance fund, 16% in dividend, 31%in equity fond, 18% in specialty fund,

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11) Which feature of the mutual funds allure you most?

Diversification Professional management Reduction in risk and transaction cost Helps in achieving long term goal

33 21 26 20

Diversification 33%

Prof. Management 21%

Reduction Risk 26% Achiving Goal 20%

COMMENT This table shows that feature of the mutual funds allure you most 33% Diversification, 21% Professional management, 26% Reduction in risk and transaction cost, 20% Helps in achieving long term goal.

41

12) Which expertise of the personal financial advisor is demanded most?

Portfolio review & investment recommendation Planning to achieve specific financial goals Managing assets in retirement Access to specialists in areas such as tax planning

33 21 26 20

Investment Reco.

33%

Financial goals 21%

Retirement 26% Tax planning l 20%

COMMENT This table & chart is shows that expertise of the personal financial advisor is demanded most 23% Portfolio review & investment recommend at 33% Portfolio review & investment recommendation, 26% Managing assets in retirement, 20% Access to specialists in areas such as tax planning.

42

13) What is the major reason for using financial advisors?

Want help with asset allocation Dont have enough time to make own decision To explain various investment options Want to have surety about financial goals

40 18 25 17

Assets Allocation

40%

Own decision 18%

Investment Financial goals 17%

Options
25%

COMMENT This table shows the major reason for using financial advisors IS That 40% Want help with asset allocation, 18% Dont have enough time to make own decision, 25% To explain various investment options,17% Want to have surety about financial goals.

43

14) What is the major reason for not using financial advisor?

Have access to all resources needed Believe advisors are too expensive Unsure how to find a trustworthy advisor Want to be in control of own investments

30 25 21 24

Resources needed 30%

Expensive 25%
Adviser 21% Own Investement 24%

Comment This table and chart shows that the major reason for not using financial advisor 30% Have access to all resources needed, 21% Believe advisors are too expensive, 21% Unsure how to find a trustworthy advisor, 24% Want to be in control of own investments.

44

MAIN OBJECTIVE BEHIND INVESTING IN SYSTEMATIC INVESTMENT PLAN (SIP)

Nowadays investing through SIP is treated as a very fruitful route of making investment in mutual funds. SIP is a method of investing a fix sum regularly in the mutual funds. It is very similar to the regular saving schemes like recurring deposits. The study shows that a large proportion of the respondents is aware of the Systematic Investment Plan (SIP). Besides this for majority of investors the main objective behind investing in SIP (Systematic Investment Plan) is the regular investment (40.36%) of the funds followed by regular savings (38.01%). However the least preferred objective of the investors behind their investment in SIP is convenience (21.63%). This trend is seen in case of all the categories i.e. on the basis of age, qualification, occupation and annual family income of the respondents. According to table 12 the chi square values shows insignificant relationship which means that all the demographic variables i.e. qualification, age, occupation and annual family income have no significant relationship with the respondents main objective behind investing in SIP.

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FINDINGS

At the survey conducted upon 100 people, 35 are already mutual fund investors or are interested to invest in future and the remaining 65 are not interested in it. So there is enough scope for the advisors to convert those 65 participants into investors through their convincing power and great communication skills.

Now, when those 65 people were asked about the reason of not investing in mutual funds, then most of the people held their ignorance responsible for that. They lacked knowledge and information about the mutual funds. Whereas just 10 people enjoyed investing in other option. For 18 people, the benefits arousing from these investments were not enough to drive them for investment in MFs and 12 people expressed no trust over the fund managers decision. Again the financial advisors can tap upon these people by educating them about mutual funds.

. Out of the 35 persons who already have invested in mutual funds/ are interested to invest, only 18% have sound knowledge of MFs, 34% people are aware of only the schemes in which they have invested. 27% possess partial knowledge whereas 21% stands nowhere in knowledge about MFs.

33 participants buy forms directly from the AMCs, 28 from brokers only, 55 from brokers and sub-brokers even then 15 people buy from other sources. The brokers and sub brokers have the maximum reach so they should try to make those investors aware f the happenings, even the AMCs should follow it.

When asked about the most alluring feature of MFs, most of them opted for diversification, followed by reduction in risk, helps in achieving long term goals and helps in achieving long term goals respectively.

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Suggestion

The most vital problem spotted is of ignorance. Investors should be made aware of the benefits. Nobody will invest until and unless he is fully convinced. Investors should be made to realize that ignorance is no longer bliss and what they are losing by not investing. Mutual funds offer a lot of benefit which no other single option could offer. But most of the people are not even aware of what actually a mutual fund is? They only see it as just another investment option. So the advisors should try to change their mindsets. The advisors should target for more and more young investors. Young investors as well as persons at the height of their career would like to go for advisors due to lack of expertise and time.

The advisors may try to highlight some of the value added benefits of MFs such as tax benefit, rupee cost averaging, and systematic transfer plan, rebalancing etc. these benefits are not offered by other options singlehandedly. So these are enough to drive the investors towards mutual funds. Investors could also try to increase the spectrum of services offered. Now the most important reason for not availing the services of advisors was spotted was being expensive. The advisors should try to charge a nominal fee at the beginning. But if not possible then they could go for offering more services and benefits at the existing rate. They should also maintain their decency and follow the code of ethics so that the investors could trust upon them. Thus the advisors should try to attract more and more persons and turn them into investors and finally their clients.

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Research methodology

Title of the Project-

Project Report on AWARENESS OF MUTUAL FUND AND SPECIAL EMPHASIS On SIPS

Duration of the Project:The duration of the project is approx. 45 days.

Objective of research The main objective of this project is concerned with getting the opinion of people regarding mutual funds I have tried to explore the general opinion about mutual funds. It also covers special emphasis on sips.

Type of Research Research design is a blue print followed in completing a study. It is the framework or plan for a study that guides the collection and analysis of data. The Design of the study was exploratory. In order to measure the consumer perception about mutual fund and Insurance Advisor, data was collected from primary and secondary sources. Primary SourcesIt is the original source of data collected by the researcher. In this study primary source of data collection was the questionnaire. Meeting the respondents collected the primary data. Primary data has been collected by using the following tools Interview Schedule Structured Questionnaire Personal observation at the outlet Secondary SourcesIf the researcher uses already compiled data it is called secondary source. Sources of secondary data for this study wereNewspapers Research paper Magazines Company brochure

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Data Sources Data collection means gathering of information. In this particular study data was collected through personnel interviews with 100 respondents. This helped in finding out whether the respondents were aware of their product. Other methods used for data collection were companys records and the brochures issued by them. Internet was also a source of data collection. Various websites provided the necessary information for the completion of the study. Instrumentation Technique: - To get the responses, the questionnaire method was used. In this study the questionnaire were distributed to respondents and were asked to answer the questions. The questionnaire used in this study was a structured one. Here the questions were arranged in a specific order and were logically interconnected for the research study. The advantage of structured questionnaire lies in the reduction of Interviewers and interpreters bias. The questionnaires were framed by keeping in mind the main objective. As the length of the questionnaire plays an important role, it was compressed but not at the cost of information required for the successful completion of the survey. These questionnaires were finally tabulated and analyzed in order to draw the findings and suggestions.

Sample Design (Random Sampling) A sample design is a definite plan for obtaining a sample from a given population. It refers to the technique or the procedure the researcher would adopt in selecting item for the sample Sampling Unit Sampling unit may be a geographical one, such as state, district, village etc. The researcher will have to decide one or more of such units that he has to select for his study. In my research study Jaipur is taken as a sampling unit.

Sampling Sampling procedure: The sample is selected in a random way, irrespective of them being investor or not or availing the services or not. It was collected through mails and personal visits to the known persons, by formal and informal talks and through filling up the questionnaire prepared. The data has been analyzed by using the measures of central tendencies like mean, median, mode. The group has been selected and the analysis has been done on the basis statistical tools available. Sample size The sample size of my project is limited to 100 only.

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Scope of the study

The research was carried at Jaipur. It is restricted to Region. I have visited people randomly nearby my locality, different shopping malls, offices etc.

Limitation:Time & area limitation research has been done only at Jaipur. Possibility of error in data collection because some of the persons were not so responsive. Possibility of error in analysis of data due to small sample size.

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ABOUT SBI MUTUAL FUND

SBI mutual fund is a bank sponsored mutual fund and has a base of 3 million investors. SBI mutual fund is a result of joint venture between State bank of India and Societe Generale Asset Management of France. Thirty-two schemes have been launched since the inception of SBI mutual fund and out of these thirty-two, fifteen schemes have been successfully redeemed. As of the present scenario, the SBI mutual fund manages assets worth over Rs. 17000 crores.

Corporate Profile

With 25 years of rich experience in fund management, we at SBI Funds Management Pvt. Ltd. bring forward our expertise by consistently delivering value to our investors. We have a strong and proud lineage that traces back to the State Bank of India (SBI) - India's largest bank. We are a Joint Venture between SBI and AMUNDI (France), one of the world's leading fund management companies. With our network of over 222 points of acceptance across India, we deliver value and nurture the trust of our vast and varied family of investors. Excellence has no substitute. And to ensure excellence right from the first stage of product development to the post-investment stage, we are ably guided by our philosophy of growth through innovation and our stable investment policies. This dedication is what helps our customers achieve their financial objectives. Our Vision To be the most preferred and the largest fund house for all asset classes, with a consistent track record of excellent returns and best standards in customer service, product innovation, technology and HR practices.

SBIMF Services Mutual Funds Investors are our priority. Our mission has been to establish Mutual Funds as a viable investment option to the masses in the country. Working towards it, we developed innovative, need-specific products and educated the investors about the added benefits of investing in capital markets via Mutual Funds. Today, we have been actively managing our investor's assets not only through our investment expertise in domestic mutual funds, but also offshore funds and portfolio management advisory services for institutional investors. This makes us one of the largest investment management firms in India, managing investment mandates of over 5.4 million investors.

51

Portfolio Management and Advisory Services

SBI Funds Management has emerged as one of the largest player in India advising various financial institutions, pension funds, and local and international asset management companies. We have excelled by understanding our investor's requirements and terms of risk / return expectations, based on which we suggest customized asset portfolio recommendations. We also provide an integrated end-to-end customized asset management solution for institutions in terms of advisory service, discretionary and non-discretionary portfolio management services. Offshore Funds SBI Funds Management has been successfully managing and advising India's dedicated offshore funds since 1988. SBI Funds Management was the 1st bank sponsored asset management company fund to launch an offshore fund called 'SBI Resurgent India Opportunities Fund' with an objective to provide our investors with opportunities for long-term growth in capital, through well-researched investments in a diversified basket of stocks of Indian Companies.

Fund House Expertise Investment Expertise The best investment strategies put together by the best minds, our Fund Managers. With a sharp eye to monitor, gauge and understand the changes in the market, our fund managers and analysts gear up to meet new challenging environments. Their ability to capture the growth potential of Indian securities and manage complex portfolios as well as the drive to deliver optimum results is their forte. With superior securities selection, incisive research, intensive coverage including internal forecasts, active monitoring and regular tracking, our dedicated team ensures minimization of risks while protecting our investor's interest. Always.

Investment Philosophy Growth through innovation. Our expert team of experienced and market savvy researchers prepare comprehensive analytical and informative reports on diverse sectors and identify stocks that promise high performance in the future. What is innovation? Innovation is the process of turning ideas into concrete plans for progressive growth. We always seek to provide our investors with opportunities for progressive growth through our innovative products, superior stock selection and active portfolio management. Accordingly, we also enhance and optimize asset allocation and stock selection based on internal and external research. Derivatives are used to hedge and rebalance portfolios to keep the risk factors at reasonable levels, The three main phrases, which act as a guiding force for the investment performance, are as follows:

52 Long-term capital appreciation for the investor: Our fund manager's view is not guided by any momentum play but by the objective of generating sustainable performance for the investor.

Superior stock selection: Our team is encouraged to be ahead of the rest of the industry in terms of identifying new ideas & opportunities. Active fund management: While the performance of all the funds is benchmarked against a specific index, we do not encourage our investment team to replicate the index composition with the fund portfolio. Optimal Risk Management Risk Management is an inherent part of any business. As one of the core focus areas, each of our strategies is subject to close scrutiny on a continuous basis. Regulatory agencies around the world are placing increasing pressure on institutions to measure and manage risk better. At SBI Funds Management, we follow enterprise wide approach to risk management with a dedicated, experienced and professional risk management team covering significant functions of the organization. Risk Management focuses on: Identifying actual and potential areas of risk Assessing the adequacy of internal controls Proposing risk mitigating measures and Safeguarding investor interest through ongoing analysis and monitoring.

Investment Objective Setting benchmarks time and again. For our investors. Our objective is to endeavor to outperform our benchmarks through well researched investments in Indian equities. This is achieved by implementing an active management style based on fundamental analysis, leading to the construction of a portfolio. It could be blended, large cap, mid cap, or specific sector oriented which aims at capturing the growth potential of Indian equities

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BIBLIOGRAPHY

NEWS PAPERS & MAGAZINES:- Business world Business economy Business line Economic times Financial expres

BOOKS:-1.) Kotler,P.; Keller.k Lane; Koshy, A; Jha, M.;2007; 12th edition; Marketing Management; South Asian Perspective. 2.) Security Analysis and Portfolio Management by FISHER JORDAN 3.) Portfolio Management, Third Addition, Anmol Publications Pvt. Ltd. 4.) Kothari c.r. ,research methodology

WEBSITES: www.SBIMF.com www.amfiindia.com www.google.com www.utibank.com www.economicstimes.com www.mutualfundsindia.com www.sebi.gov.in www.businessmapsofindia.com www.valueresearchonline.com

Others brochures of product offerings of SBI MUTUL FUND factsheets of SBIMF and other AMCs company database for the list of investors various investment journals

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