A

Project Report On
MUTUAL FUNDS:
“Comparison of various schemes under equity”
A research report submitted in partial fulfillment of the requirement for the
Bachelor of Business Administration
Of
Amity university
Submitted by:
Perusomula Raghava
Enrollment no: A30306419044
Under the guidance of
Prof.Jayanthpalit
 CERTIFICATE

This is to certify that this project report “Mutual Funds: Comparison of various
schemes under equity” is the bona fide work of Raghava who carried out the project
under my supervision

Dr. Lathangi(DEAN)

Agbs, Bangalore (Signature)

Prof.Jayanthpalit

Agbs, Bangalore
 ACKNOWLEDGEMENT

It gives me immense pleasure to present the project report entitled “MUTUAL

FUNDS: Comparison of various schemes under equity” Preservation, inspiration
and motivation have always played a key role in the success of any venture. In the
present world of competition and success, training is like a bridge between
theoretical and practical working; willingly I prepared this particular Project.
 EXECUTIVE SUMMERY
The Mutual Fund is an untapped area which is bound to be the next growth story.
While this area had been on a downward track since 2008, it has started showing
signs of recovery. This project emphasis on, “Mutual Funds: Comparison of
various schemes under equity”, conducted at Master Trust Ltd. In this project I
have analyzed the Mutual Funds Schemes, particularly the Equity Diversified open
ended (growth) schemes and compared schemes of various fund houses, namely
ICICI PRUDENTIAL, SBI and RELIANCE to evaluated in which scheme to invest &
from which to switch and current performance and position of these schemes as
well.
Taking into consideration the various mutual fund schemes under equity I have
chosen:
• Future Outlook
• Quarterly, Half Yearly and Yearly performance
• Top holdings and weightage to them
• Top sectors and weightage to them
• Latest NAV and
• Management
• Entry & Exit loads
As the various tools for evaluation.

VALUE SYSTEM
 OBJECTIVES OF THE STUDY
Primary Objective:
Comparison of similar schemes of different fund houses, their evaluation and
which scheme is best to invest and from where the money should be taken out.
Study of various fund houses, their management and the future outlook.

Secondary Objective:
Study of the basic Mutual Fund Industry Fundamental Analysis
 MASTER TRUST LTD
OVERVIEW
Master Trust Group is one of the leading financial services company in India. We
have a strong belief in nurturing investment culture, attitude and inculcating a
very strong approach towards value investing forms the central part of any sound
investment philosophy. With an impeccable track record in client servicing of over
two decades, we have now grown to 650+ strong employee organizations with
over 1, 50,000+ client relationships. At Master Trust, our endeavor is to constantly
meet every financial need of our esteemed clients.
“mastertrust” - is a one point shop for all the investment needs of a customer.
The one-stop destination is specifically targeted towards the retail customers who
require a very strong relationship driven approach towards value investing. The
philosophy of “mastertrust” has its genesis from Master Trust group’s belief in
nurturing the investment culture towards value investing.
MISSION

To always earn the right to be our clients’ first choice through personal & social
wealth maximization
VISION

To be well diversified financial shop for wealth creation and being an ideal service
provider in our domain of business
CORPORATE PHILOSOPHY
Becoming an expert at anything takes a strong will, unyielding determination and
pure ability
 MUTUAL FUNDS
BASICS OF MUTUAL FUNDS
Before explaining what is mutual fund, it’s very important to know the area in
which mutual funds works, the basic understanding of stocks and bonds.

STOCKS
Stocks represent shares of ownership in a public company. Examples of public
companies include Reliance, ONGC and Infosys. Stocks are considered to be the
most common owned investment traded on the market.

BONDS
Bonds are basically the money which you lend to the government or a company,
and in return you can receive interest on your invested amount, which is back
over predetermined amounts of time. Bonds are considered to be the most
common lending investment traded on the market. There are many other types of
investments other than stocks and bonds (including annuities, real estate, and
precious metals), but the majority of mutual funds invest in stocks and/or bonds.

MUTUAL FUNDS
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 appreciation realised
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:
Mutual funds are considered as one of the best available investments as compare
to others they are very cost efficient and also easy to invest in, thus by pooling
money together in a mutual fund, investors can purchase stocks or bonds with
much lower trading costs than if they tried to do it on their own. But the biggest
advantage to mutual funds is diversification, by minimizing risk & maximizing
returns.

DIVERIFICATION
Diversification is nothing but spreading out your money across available or
different types of investments. By choosing to diversify respective investment
holdings reduces risk tremendously up to certain extent. The most basic level of
diversification is to buy multiple stocks rather than just one stock. Mutual funds
are set up to buy many stocks. Beyond that, you can diversify even more by
purchasing different kinds of stocks, then adding bonds, then international, and
so on. It could take you weeks to buy all these investments, but if you purchased a
few mutual funds you could be done in a few hours because mutual funds
automatically diversify in a predetermined category of investments (i.e. - growth
companies, emerging or mid size companies, low-grade corporate bonds, etc).

HISTORY OF THE INDIAN MUTUAL FUND INDUSTRY:

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 of India.
The history of mutual funds in India can be broadly divided into four distinct
phases.

First Phase – 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was
set up by the Reserve Bank of India and functioned under the Regulatory and
administrative control of the Reserve Bank of India. In 1978 UTI was de-linked
from the RBI and the Industrial Development Bank of India (IDBI) took over the
regulatory and administrative control in place of RBI. The first scheme launched
by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of
assets under management.
Second Phase – 1987-1993 (Entry of Public Sector Funds)
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 Canbank 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 crores.

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

With the entry of private sector funds in 1993, a new era started in the Indian
mutual fund industry, giving the Indian investors a wider choice of fund families.
Also, 1993 was the year in which the first Mutual Fund Regulations came into
being, under which all mutual funds, except UTI were to be registered and
governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton)
was the first private sector mutual fund registered in July 1993. The 1993 SEBI
(Mutual Fund) Regulations were substituted by a more comprehensive and
revised Mutual Fund Regulations in 1996. The industry now functions under the
SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses went on
increasing, with many foreign mutual funds setting up funds in India and also the
industry has witnessed several mergers and acquisitions. As at the end of January
2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The
Unit Trust of India with Rs.44,541 crores of assets under management was way
ahead of other mutual funds.

Fourth Phase – since February 2003

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 crores as at the end of
January 2003, representing broadly, the assets of US 64 scheme, assured return
and certain other schemes. The Specified Undertaking of Unit Trust of India,
functioning under an administrator and under the rules framed by Government of
India and does not come under the purview of the Mutual Fund Regulations.
The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual Fund Regulations. With the
bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000
crores of assets under management and with the setting up of a UTI Mutual Fund,
conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking
place among different private sector funds, the mutual fund industry has entered
its current phase of consolidation and growth. The graph indicates the growth

The graph indicates the growth of assets over the years:

TYPES OF MUTUAL FUND SCHEMES
 Wide variety of Mutual Fund Schemes exists to cater to the needs such as
financial position, risk tolerance and return expectations etc. thus mutual funds
has Variety of flavors, Being a collection of many stocks, an investors can go for
picking a mutual fund might be easy. There are over hundreds of mutual funds
scheme to choose from. It is easier to think of mutual funds in categories,
mentioned below

Overview of existing schemes existed in mutual fund category: BY

STRUCTURE
1. Open - Ended Schemes:
An open-end fund is one that is available for subscription all through the year.
These do not have a fixed maturity. Investors can conveniently buy and sell
units at Net Asset Value ("NAV") related prices. The key feature of open-end
schemes is liquidity.
2. Close - Ended Schemes:
These schemes have a pre-specified maturity period. One can invest directly in
the scheme at the time of the initial issue. Depending on the structure of the
scheme there are two exit options available to an investor after the initial
offer period closes. Investors can transact (buy or sell) the units of the scheme
on the stock exchanges where they are listed. The market price at the stock
exchanges could vary from the net asset value (NAV) of the scheme on
account of demand and supply situation, expectations of unitholder and other
market factors. Alternatively some closeended schemes provide an additional
option of selling the units directly to the Mutual Fund through periodic
repurchase at the schemes NAV; however one cannot buy units and can only
sell units during the liquidity window. SEBI Regulations ensure that at least
one of the two exit routes is provided to the investor.
3. Interval Schemes:
Interval Schemes are that scheme, which combines the features of open-
ended and close-ended schemes. The units may be traded on the stock
exchange or may be open for sale or redemption during pre-determined
intervals at NAV related prices.
The risk return trade-off indicates that if investor is willing to take higher risk
then correspondingly he can expect higher returns and vice versa if he
pertains to lower risk instruments, which would be satisfied by lower returns.
For example, if an investors opt for bank FD, which provide moderate return
with minimal risk. But as he moves ahead to invest in capital protected funds
and the profit-bonds that give out more return which is slightly higher as
compared to the bank deposits but the risk involved also increases in the
same proportion.

Thus investors choose mutual funds as their primary means of investing, as

Mutual funds provide professional management, diversification, convenience
and liquidity. That doesn’t mean mutual fund investments risk free. This is
because the money that is pooled in are not invested only in debts funds
which are less riskier but are also invested in the stock markets which involves
a higher risk but can expect higher returns. Hedge fund involves a very high
risk since it is mostly traded in the derivatives market which is considered very
volatile

Overview of existing schemes existed in mutual fund category : BY

NATURE
1. Equity fund:
These funds invest a maximum part of their corpus into equities holdings.
The structure of the fund may vary different for different schemes and the
fund manager’s outlook on different stocks. The Equity Funds are sub-
classified depending upon their investment objective, as follows:
• Diversified Equity Funds
• Mid-Cap Funds
• Sector Specific Funds
• Tax Savings Funds (ELSS)
Equity investments are meant for a longer time horizon, thus Equity funds
rank high on the riskreturn matrix.
2. Debt funds:
The objective of these Funds is to invest in debt papers. Government
authorities, private companies, banks and financial institutions are some of
the major issuers of debt papers. By investing in debt instruments, these
funds ensure low risk and provide stable income to the investors. Debt
funds are further classified as:
• Gilt Funds: Invest their corpus in securities issued by Government,
popularly known as Government of India debt papers. These Funds carry
zero Default risk but are associated with Interest Rate risk. These schemes
are safer as they invest in papers backed by Government.
• Income Funds: Invest a major portion into various debt instruments such
as bonds, corporate debentures and Government securities.
• MIPs: Invests maximum of their total corpus in debt instruments while
they take minimum exposure in equities. It gets benefit of both equity and
debt market. These scheme ranks slightly high on the risk-return matrix
when compared with other debt schemes.
• Short Term Plans (STPs): Meant for investment horizon for three to six
months. These funds primarily invest in short term papers like Certificate
of Deposits (CDs) and Commercial Papers (CPs). Some portion of the
corpus is also invested in corporate debentures.
• Liquid Funds: Also known as Money Market Schemes, These funds
provides easy liquidity and preservation of capital. These schemes invest in
short-term instruments like Treasury Bills, inter-bank call money market,
CPs and CDs. These funds are meant for short-term cash management of
 corporate houses and are meant for an investment horizon of 1day to 3
months. These schemes rank low on risk-return matrix and are considered
to be the safest amongst all categories of mutual funds.

3. Balanced funds:
As the name suggest they, are a mix of both equity and debt funds. They
invest in both equities and fixed income securities, which are in line with
pre-defined investment objective of the scheme. These schemes aim to
provide investors with the best of both the worlds. Equity part provides
growth and the debt part provides stability in returns.
Overview of existing schemes existed in mutual fund category: BY
INVESTMENT OBJECTIVES
• Growth Schemes: Growth Schemes are also known as equity schemes.
The aim of these schemes is to provide capital appreciation over medium
to long term. These schemes normally invest a major part of their fund in
equities and are willing to bear short-term decline in value for possible
future appreciation.
• Income Schemes: Income Schemes are also known as debt schemes. The
aim of these schemes is to provide regular and steady income to investors.
These schemes generally invest in fixed income securities such as bonds
and corporate debentures. Capital appreciation in such schemes may be
limited.
• Balanced Schemes: Balanced Schemes aim to provide both growth and
income by periodically distributing a part of the income and capital gains
they earn. These schemes invest in both shares and fixed income
securities, in the proportion indicated in their offer documents (normally
50:50).
• Money Market Schemes: Money Market Schemes aim to provide easy
liquidity, preservation of capital and moderate income. These schemes
generally invest in safer, short-term instruments, such as treasury bills,
certificates of deposit, commercial paper and inter-bank call money.
• Other schemes: Tax Saving Schemes: Tax-saving schemes offer tax
rebates to the investors under tax laws prescribed from time to time.
Under Sec.88 of the Income Tax Act, contributions made to any Equity
Linked Savings Scheme (ELSS) are eligible for rebate. Index Schemes: Index
schemes attempt to replicate the performance of a particular index such as
the BSE Sensex or the NSE 50. The portfolio of these schemes will consist of
only those stocks that constitute the index. The percentage of each stock
to the total holding will be identical to the stocks index weightage. And
hence, the returns from such schemes would be more or less equivalent to
those of the Index. Sector Specific Schemes: These are the funds/schemes
which invest in the securities of only those sectors or industries as
specified in the offer documents. e.g. Pharmaceuticals, Software, Fast
Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in
these funds are dependent on the performance of the respective
sectors/industries. While these funds may give higher returns, they are
more risky compared to diversified funds. Investors need to keep a watch
on the performance of those sectors/industries and must exit at an
appropriate time.
 TYPES OF RETURNS

There are three ways, where the total returns provided by mutual funds
can be enjoyed by investors:
• Income is earned from dividends on stocks and interest on bonds. A fund
pays out nearly all income it receives over the year to fund owners in the
form of a distribution.
• If the fund sells securities that have increased in price, the fund has a
capital gain. Most funds also pass on these gains to investors in a
distribution.
• If fund holdings increase in price but are not sold by the fund manager,
the fund's shares increase in price. You can then sell your mutual fund
shares for a profit. Funds will also usually give you a choice either to
receive a check for distributions or to reinvest the earnings and get more
shares.
PROS AND CONS OF MUTUAL FUNDS
For investments in mutual fund, one must keep in mind about the Pros and
cons of investments in mutual fund.

Advantages of Investing Mutual Funds:

1. Professional Management - The basic advantage of funds is that, they

are professional managed, by well qualified professional. Investors
purchase funds because they do not have the time or the expertise to
manage their own portfolio. A mutual fund is considered to be relatively
less expensive way to make and monitor their investments.

2. Diversification - Purchasing units in a mutual fund instead of buying

individual stocks or bonds, the investors risk is spread out and minimized
up to certain extent. The idea behind diversification is to invest in a large
number of assets so that a loss in any particular investment is minimized by
gains in others.
 3. Economies of Scale - Mutual fund buy and sell large amounts of
securities at a time, thus help to reducing transaction costs, and help to
bring down the average cost of the unit for their investors.

4. Liquidity - Just like an individual stock, mutual fund also allows investors
to liquidate their holdings as and when they want.

4. Simplicity - Investments in mutual fund is considered to be easy, compare

to other available instruments in the market, and the minimum investment
is small. Most AMC also have automatic purchase plans whereby as little as
Rs. 2000, where SIP start with just Rs.50 per month basis.

Disadvantages of Investing Mutual Funds:

1. Professional Management- Some funds don’t perform in neither the

market, as their management is not dynamic enough to explore the
available opportunity in the market, thus many investors debate over
whether or not the so-called professionals are any better than mutual
fund or investor himself, for picking up stocks.

2. Costs – The biggest source of AMC income is generally from the entry &
exit load which they charge from investors, at the time of purchase. The
mutual fund industries are thus charging extra cost under layers of jargon.

3. Dilution - Because funds have small holdings across different

companies, high returns from a few investments often don't make much
difference on the overall return. Dilution is also the result of a successful
fund getting too big. When money pours into funds that have had strong
success, the manager often has trouble finding a good investment for all
the new money.
4. Taxes - when making decisions about your money, fund managers don't
consider your personal tax situation. For example, when a fund manager
sells a security, a capital-gain tax is triggered, which affects how profitable
the individual is from the sale. It might have been more advantageous for
the individual to defer the capital gains liability.
 REGULATORY AUTHORITIES
To protect the interest of the investors, SEBI formulates policies and
regulates the mutual funds. It notified regulations in 1993 (fully revised in
1996) and issues guidelines from time to time. MF either promoted by
public or by private sector entities including one promoted by foreign
entities is governed by these Regulations.
SEBI approved Asset Management Company (AMC) manages the funds by
making investments in various types of securities. Custodian, registered
with SEBI, holds the securities of various schemes of the fund in its
custody. According to SEBI Regulations, two thirds of the directors of
Trustee Company or board of trustees must be independent. The
Association of Mutual Funds in India (AMFI) reassures the investors in units
of mutual funds that the mutual funds function within the strict regulatory
framework. Its objective is to increase public awareness of the mutual fund
industry. AMFI also is engaged in upgrading professional standards and in
promoting best industry practices in diverse areas such as valuation,
disclosure, transparency etc.
 EQUITY FUNDS EXPLAINED

Most mutual funds invest in stocks, and these are called equity funds.
While mutual funds most often invest in the stock market, fund managers
don't just buy any old stock they find attractive. Some funds specialize in
investing in large-cap stocks, others in small-cap stocks, and still others
invest in what's left -- mid-cap stocks.
"Cap" has nothing to do with its dictionary meanings. On Wall Street, cap is
shorthand for capitalization, and is one way of measuring the size of a
company -- how well it's capitalized. Large-cap stocks have market caps of
billions of dollars, and are the best-known companies in the U.S. Small-cap
stocks are worth several hundred million dollars, and are newer, up-
andcoming firms. Mid-caps are somewhere in between.

Mutual funds are often categorized by the market capitalization of the

stocks that they hold in their portfolios. But how big is a large cap stock?
Formulas differ, but here is one guideline:
• Small-cap stocks < $500 million
• Mid-cap stocks $500 million to $5 billion
• Large-cap stocks > $5 billion
Equity fund managers usually employ one of three particular styles of
stockpicking when they make investment decisions for their portfolios.
Some fund managers use a value approach to stocks, searching for stocks
that are undervalued when compared to other, similar companies. Often,
the share prices of these stocks have been beaten down by the market as
investors have become pessimistic about the potential of these companies.

Another approach to picking is to look primarily at growth, trying to find

stocks that are growing faster than their competitors, or the market as a
whole. These funds buy shares in companies that are growing rapidly --
often well known, established corporations.
 FUND HOUSES

A fund house is a company/firm that owns and operates a mutual fund.

They own the fund and decide on the investment strategies to be followed
with the money that was collected from the investor public for the fund.

Various fund houses taken as samples for the comparison of schemes are:
1. ICICI PRUDENTIAL ASSEST MANAGEMENT COMPANY
2. RELIENCE MUTUAL FUND
3. SBI MUTUAL FUND
The sample of ten comparisons of schemes falling under equity category
has been selected for analysis, these comparisons are:
C.1 ICICI PRUDENTIAL FOCUSED BLUECHIP EQUITY FUND vs. RELIENCE
EQUITY FUND vs. SBI BLUECHIP FUND
C.2 ICICI PRUDENTIAL TAX PLAN vs. RELIENCE TAX SAVER (ELSS) FUND vs.
SBI MAGNUM TAXGAIN SCHEME
C.3 ICICI PRUDENTIAL INFRATRUCTURE FUND vs. RELIENCE
INFRASTRUCTURE FUND vs. SBI INFRASTRUCTURE FUND SERIES I
C.4 RELIENCE NRI EQUITY FUND vs. SBI MAGNUM NRI INVESTMENT FUND
C5. ICICI PRUDENTIAL BANKING & FINANCIAL SERVICE SECTOR ORIENTED
FUND vs. RELIENCE BANKING FUND
C.6 ICICI PRUDENTIAL TECHNOLOGY FUND vs. SBI MSFU- IT FUND
C.7 ICICI PRUDENTIAL FMCG FUND vs. SBI MSFU- FMCG FUND
C.8 RELIENCE INDEX FUND NIFTY PLAN vs. SBI MAGNUM INDEX FUND
C.9 RELIENCE PHARMA FUND vs. SBI MSFU- PHARMA FUND
C.10 RELIENCE ARBITRAGE ADVANTAGE vs. SBI ARBITRAGE OPPORTUNITY
FUND
Further in the project, first the introduction of fund houses and then the
comparisons of various schemes (stated above) are explained.
 ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY
ICICI Prudential Asset Management Company Ltd. (IPAMC/ the Company)
is the joint venture between ICICI Bank, a well-known and trusted name in
financial services in India and Prudential Plc, one of UK’s largest players in
the financial services sectors. IPAMC was incorporated in the year 1993.
The Company in a span of over 18 years since inception and just over 13
years of the Joint Venture, has forged a position of preeminence in the
Indian Mutual Fund industry as the third largest asset management
company in the country, contributing significantly to the growth of the
Indian mutual fund industry.The Company manages significant Mutual
Fund Asset Under Management (AUM), in addition to Portfolio
Management Services and International Advisory Mandates for clients
across international markets in asset classes like Debt, Equity and Real
Estate with primary focus on risk adjusted returns.
IPAMC has witnessed substantial growth in scale. From merely 2 locations
and 6 employees during inception to the current strength of over 700
employees with reach across around 150 locations, the growth momentum
of the Company has been exponential. The organization today is an ideal
mix of investment expertise, resource bandwidth & process orientation.
IPAMC’s Endeavour is to bridge the gap between savings & investments to
help create long term wealth and value for investors through innovation,
consistency and sustained risk adjusted performance
. ICICI Bank
ICICI Bank is India's second-largest bank with total assets of Rs. 4,062.34
billion (US$ 91 billion) at March 31, 2011 and profit after tax Rs. 51.51
billion (US$ 1,155 million) for the year ended March 31, 2011. The Bank
has a network of 2,538 branches and about 6,810 ATMs in India, and has a
presence in 19 countries, including India.
ICICI Bank offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and
through its specialised subsidiaries in the areas of investment banking, life
and non-life insurance, venture capital and asset management.
 The Bank currently has subsidiaries in the United Kingdom, Russia and
Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri
Lanka, Qatar and Dubai International Finance Center and representative
offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand,
Malaysia and Indonesia. Our UK subsidiary has established branches in
Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange
and the National Stock Exchange of India Limited and its American
Depositary Receipts (ADRs) are listed on the New York Stock Exchange
(NYSE).
Prudential Plc (formerly known as Prudential Corporation plc)
Prudential plc is an international financial services group with significant
operations in Asia, the US and the UK. They serve approximately, 25 million
customers and have £290 billion in assets under management. They are
among the leading capitalized insurers in the world with an Insurance
Groups Directive (IGD) capital surplus estimated at £3.4 billion (as at 31
December 2009).
The Group is structured around four main business units:
Prudential Corporation Asia (PCA)

PCA is a leading life insurer in Asia with presence in 12 markets and a top
three position in seven key locations: Hong Kong, India, Indonesia,
Malaysia, Philippines, Singapore, and Vietnam. PCA provides a
comprehensive range of savings, protection and investment products that
are specifically designed to meet the needs of customers in each of its local
markets. PCA’s asset management business in Asia has retail operations in
10 markets and it independently manages assets on behalf of a wide range
of retail and institutional investors across the region.
Jackson National Life Insurance Company

Jackson is one of the largest life insurance companies in the US, providing
retirement savings and income solutions to more than 2.8 million
customers. It is also one of the top five providers of variable and fixed
index annuities in the US. Founded nearly 50 years ago, Jackson has a long
and successful record of providing effective retirement solutions for their
clients.
Prudential UK & Europe (PUE)

PUE is a leading life and pension’s provider to approximately 7 million

customers in the UK.It has a number of major competitive advantages
including significant longevity experience, multi asset investment
capabilities, a strong investment track record, a highly respected brand and
financial strength. PUE continues to focus on its core strengths including its
annuities, pensions and investment products where it can maximize the
advantage it has in offering with-profits and other multi-asset investment
funds.
M&G
M&G is Prudential’s UK and European fund management business with
total assets under management of £174 billion (as at December 31,
2009).M&G has been investing money for individual and institutional
clients for nearly 80 years. Today it is among the largest investors in the UK
stock market, as well as being a powerhouse in fixed-income investments.
Prudential plc of the United Kingdom is not affiliated in any manner with
Prudential Financial, Inc., a company whose principal place of business is in
the United States of America.
MANAGEMENT
Mr.Nimesh Shah- Managing Director & Chief Executive Officer: Nimesh
Shah joined ICICI Prudential AMC as its Managing Director in July
2007.Nimesh has completed his Chartered Accountancy. Prior to joining
ICICI Prudential AMC, Nimesh was Senior General Manager at ICICI Bank
and has over 18 years experience in banking and financial services. At ICICI
Group, he has handled many responsibilities including project finance,
corporate banking and international banking. He was associated with one
of the first batches of senior managers selected to lead the foray of ICICI
Bank into the international arena. He led ICICI Bank’s foray into the Middle-
Eastern region and Africa.

Mr. B Ramakrishna - Executive Vice President: Ramakrishna joined ICICI

Prudential AMC in September 2004.Ramakrishna is a Chartered Accountant
and has also done his Cost Accountancy. He has around 23 years of rich
experience across industries like FMCG and banking & financial services. At
ICICI Prudential AMC , Ramakrishna is the custodian of the finance ,
compliance and technology functions . He plays an integral role in driving
the key profitability agenda through financial & corporate planning,
budgetary control and corporate finance.

Mr. Raghav Iyengar - Head - Retail & Institutional Business: Raghav joined
ICICI Prudential AMC in December 2006. Raghav is a Chartered Accountant
and also has a degree in Cost Accountancy. He has an overall work
experience of around 16 years across the Banking & Financial Service
Industry. He was also associated with ICICI Prudential AMC from 1998 to
2000.At ICICI Prudential AMC, Raghav is responsible for driving the
business objectives through Retail sales and distribution, channel sales and
institutional / corporate investors. His role is of a key driver in
strengthening distribution relationships and facilitating asset growth. He is
also responsible for identifying potential areas of expansion and facilitating
business growth. Raghav loves traveling and visiting new places. He loves
reading books and enjoys playing tennis with his son.

Mr. Kalyan Prasath - Head - Information Technology: Kalyan joined ICICI

Prudential AMC in June 2001. Kalyan holds a Diploma in Business
Management from ICFAI and Post Graduate Diploma in Systems
Management from NIIT. He has 23 years of experience across industries
like IT, manufacturing and banking & financial services. At ICICI Prudential
AMC, his responsibilities include overseeing the overall technology
function i.e. business application, information security and IT infrastructure
& projects thereby contributing to business excellence.
 Mr. Hemant Agarwal - Head – Operations: Hemant joined ICICI Prudential
AMC in February 2007.Hemant has done his Chartered Accountancy. He
has an overall work experience of around 14 years across industries like
information technology and banking & financial services.In his role at ICICI
Prudential AMC his responsibilities are building the operation and
customer service framework. The objective of this function is to evolve a
service model that is scalable and ensures process excellence.

Mr. Ashish Kakkar - Head - Human Resources & Administration: Ashish

joined ICICI Prudential AMC in June 2003. Ashish is a post graduate in
human resources with Masters in Labor Law. He has over 12 years of
experience in human resources across industries like pharmaceuticals,
FMCG and the financial services. Ashish started his career with the Indian
Navy, after graduating from the Naval Academy with top honors. At ICICI
Prudential AMC, he heads the human resources and administration
function. The key aspects of his function are to build people’s capabilities
to meet business objectives, and to leverage technology to ensure
administrative processes are efficient.

Mr. Aashish Somaiyaa - Head – Retail Business: Aashish began his career
at ICICI Prudential AMC in 2000 and was a part of the organization till April
2007. After a brief stint away, he rejoined ICICI Prudential AMC in October
2008. A Chemical Engineer, he holds a Masters in Management Studies
with specialization in Finance from NMIMS Mumbai. He has overall work
experience of over 10 years across the Banking & Financial Services
Industry. He is also a certified trainer.In his role at ICICI Prudential AMC,
Aashish is responsible for driving the business objectives in retail business
through a mix of distribution channels that are deployed to reach out to
investors. The retail sales and distribution team is an integrated unit of
business delivery (sales and service), primarily addressing distributors and
through them individual investors’ needs. Additionally, Aashish is also
responsible for the Product Development and Communication function
which studies investor’s requirements and provides the market with right
kind of investment products and service features.
 Mr. Rahul Rai - Head – Real Estate Business ICICI Prudential Asset
Management Company Limited: Rahul joined ICICI Prudential AMC in Nov
2010. At ICICI Prudential AMC, Rahul is responsible for anchoring the Real
Estate Business and driving team synergies. Rahul has an overall work
experience of around 20 years. His expertise and core competency has
been in the in depth understanding of the real estate segment and
evaluating and investing in real estate projects. He has also managed one
of the largest and first FDI transactions that happened in the Indian real
estate space in 2004. Rahul, is a Chartered Accountant, and has also
completed the Cost Accountancy and Intermediate level Company
Secretary Course. Prior to ICICI Prudential AMC, he has been associated
with companies like Arthur Anderson Corporate Finance, Ernst and Young
Transaction Advisory Services, RSM Advisors Private Limited and till
recently was associated with Sun Apollo Real Estate Advisors.

FUND MANAGEMENT
Mr. S. Naren - Chief Investment Officer – Equity:
Naren joined ICICI Prudential AMC in October 2004. At ICICI Prudential
AMC, Naren oversees the equity investments across the Mutual
Fund,Portfolio Management Services (PMS) and International Advisory
Business . He is instrumental in overall equity investment strategy
development. Naren has an overall outstanding and rich experience of
over 20 years in almost all spectrum of the financial services industry
ranging from investment banking, Fund Management, Equity Research,
and stock broking operations. His core competency lies in being involved in
the entire gamut of equity market space with extensive knowledge of
Indian equities and the economy .After obtaining a B. Tech degree from IIT
Chennai, Naren finished MBA in finance from IIM Kolkota and worked with
various financial services companies like Refco Sify Securities India Pvt.
Ltd., HDFC Securities Ltd. and Yoha Securities in various positions prior to
joining ICICI Prudential AMC.
 Mr. Chaitanya Pande - Head – Fixed Income: Chaitanya joined ICICI
Prudential AMC in September 2002. Chaitanya currently manages thirteen
funds viz. ICICI Prudential Flexible Income Plan, ICICI Prudential Equity &
Derivatives Fund, ICICI Prudential Blended Plan A, ICICI Prudential Blended
Plan B, ICICI Prudential Fixed Maturity Plans, ICICI Prudential Interval Fund,
ICICI Prudential Liquid Plan, ICICI Prudential Floating Rate Plan, ICICI
Prudential Long Term Floating Rate Plan, ICICI Prudential Short Term Plan,
ICICI Prudential Sweep Plan, ICICI Prudential Real Estate Securities Fund
and ICICI Prudential S.M.A.R.T. (Structure Methodology Aiming at Returns
over Tenure) Fund. Chaitanya has an overall work experience of around
over 14 years. His core competency lies in credit analysis and efficient
portfolio management. His efficiency in fund management also won him
the title of India’s Most Astute Bond Investor by Asset Magazine for the
year 2007. Chaitanya holds a MBA from IMI Delhi. Prior to joining ICICI
Prudential AMC he was with Jardine Fleming AMC Pvt Ltd.

BOARD OF DIRECTORS: ASSET MANAGEMENT COMPANY

Mrs. Chanda Kochhar, MD & CEO – ICICI Bank: Ms. Chanda Kochhar is the
Managing Director and Chief Executive Officer of ICICIBank Limited. She
began her career with ICICI as a Management Trainee in 1984 and has
thereon successfully risen through the ranks by handling multidimensional
assignments and heading all the major functions in the Bank at various
points in time. In 1993 when ICICI decided to enter commercial banking,
she was deputed to ICICI Bank as a part of the core team to set up the
bank. When ICICI set up the Infrastructure Industry Group in 1996 to create
dedicated industry expertise in the areas of Power, Telecom and
Transportation sector, she was handpicked and made incharge of the
Infrastructure Industry Group. Further in 1998, when ICICI created the
”Major Client Group“ to handle the relationships with the top 200 clients
of ICICI, she was promoted as General Manager and was made the head of
the Major Clients Group. In the year 1999 she simultaneously started
handling the strategy and E-commerce divisions of ICICI. In July 2000, she
was chosen to head the Retail finance division of ICICI and has been
instrumental in scaling up the business. In April 2001, she was promoted as
an Executive Director, heading the retail business in the Bank. Having
joined it during its nascent stage, her strategic thinking and skills to convert
challenges into opportunities ensured that within a short span of around 5
years ICICI Bank emerged as the largest retail financer in India. In the
process of transforming a small bank into the largest private sector bank in
the country, within a decade of its inception, the various steps taken by her
also shaped the retail finance industry in India. In April 2006, she was
appointed as the Deputy Managing Director with responsibility for both
Corporate and Retail banking business of ICICI Bank and from October
2006 to October 2007, she handled the International and Corporate
businesses of ICICI. Once again under her leadership, International banking
was the fastest growing businesses within the Bank aiming to cater to the
cross-border needs of clients. In October 2007, she was appointed as the
Joint Managing Director & CFO. She was heading the Corporate Centre,
was the Chief Financial Officer (CFO) and was also the official spokesperson
for ICICI Bank. In addition to finance, planning and communications; her
responsibilities included the global treasury, principal investments &
trading, risk management and legal functions. She was also responsible for
day-to-day guidance and administrative matters relating to the compliance
and internal audit functions.

Awards

Under the leadership of Ms. Kochhar ICICI Bank had won The Asian Banker
- “Best Retail Bank in India“award for five consecutive years from the year
2001 to 2005. As recognition of her contribution to establish ICICI Bank as a
leading player in the banking industry Ms. Kochhar has also been:
• Ranked 25th in the Fortune’s List of Most Powerful Women in Business,
2008
• Featured in the list of 25 most powerful women leaders in Business
Today, 2008
• Selected as ‘Rising Star Award’ for Global Awards 2006 by Retail Banker
International
 • Awarded Business Woman of the Year 2005 by The Economic Times of
India
• Selected as Retail Banker of the Year 2004 (Asia-Pacific region) by The
Asian Banker from amongst prominent retail bankers in the Asia Pacific
region
Education & Certifications

Born in Jodhpur, Rajasthan, she joined Jaihind College in Mumbai for a

Bachelors Degree in Arts and after graduating in 1982, completed her MBA
and Cost Accountancy. She did her Masters in Management Studies
(Finance) from the Jamnalal Bajaj Institute of Management Studies,
Mumbai and topped her batch and received the Wockhardt Gold Medal for
Excellence in Management Studies. In Cost Accountancy, she received the
J. N. Bose Gold Medal for highest marks in that year.
Mr. Barry Stowe:
Barry Stowe is Chief Executive of Prudential Corporation Asia. He is
responsible for an extensive network of over 50 life insurance and fund
management operations spanning 13 diverse markets. With 450,000
dedicated staff and agents, Prudential’s Asia business offers a wide range
of savings, protection and investment products tailored to meet the needs
of local customers, in addition to consumer finance sector in Vietnam.
Prudential is Asia’s leading Europe-based life insurer, with over £34.3
billion in assets under management (as of 30 June 2008), and is also a
major player in Asia’s fund management sector. Prior to joining Prudential
in October 2006, Barry was President of Accident & Health Worldwide for
AIG Life Companies, overseeing more than 100 operations across six
continents. Under his leadership, AIG became the global market leader in
Accident & Health insurance, leveraging rapidly-evolving dynamics
between consumers, governments and the medical industry to maintain a
vigorous CAGR of 24%. Barry was also pivotal in building the Accident &
Health unit into one of AIG’s most profitable businesses, accounting for
over 30% of AIG Life Companies’ total earnings by 2005. Barry has
considerable experience in Asia, having spent three years as the Regional
Head for AIG Accident & Health in Southeast Asia before his appointment
to the Hong Kong-based role of President, Accident & Health Worldwide. In
addition to his eleven years with AIG, Barry’s career in the insurance
industry includes his tenure as President & CEO of Nisus, a subsidiary of the
Pan American Life Insurance Company, and several leadership positions at
Willis Corroon, a global risk management and insurance brokerage based in
the U.S.

Mr. Suresh Kumar:

Academic Career: Mr. Suresh Kumar graduated from the Sydenham
College of Commerce & Economics of the University of Bombay with a
Bachelor of Commerce (Honours) degree in 1971. He completed a post-
graduate investment management programme conducted jointly by the
Stanford University and the London School of Business. He also completed
an Advanced Management Programme at the Columbia Business School.

Achievements/Eminent Positions held:

• Senior treasury and general management positions in a Government of
Dubai project.
• Management positions in the banking sector in India, in the U. K. and in
the (West Coast) U.S.
• Member of the senior Management of Emirates Bank Group since 1989.
• Member on the Board of a number of offshore private equity firms.
• More recently, he has assumed the role of a Chief Mentor and Group
Director in Emirates NBD; with responsibilities for a number of organic and
inorganic initiatives.
• Recipient of the Rotary International Scholarship (1977) tenable in
California (U.S.A.)
• Recipient of Lord Aldington Banking Fellowship (1978)
• Fellow of the Indian Institute of Bankers
• Member of the regional Chief Executive Forum of the Institute of
International Finance (IIF), Washington D.C. Directorships in other
Companies:
• Independent Director on the Board of ICICI International Ltd
• Chairman of the Board of Fedbank Financial Services Ltd.
• Non-executive director on the Board of Federal Bank Ltd.
• Chief Executive Officer of Emirates NBD Capital Ltd (DIFC) and Emirates
Financial Services (EFS) PSC.

Mr. Vijay Thacker:

Mr. Thacker is the Managing Partner of V. P. Thacker & Co. Mr. Vijay
Thacker is a Chartered Accountant and Cost Accountant and has been in
professional practice for over 22 years. He is a Fellow of the Institute of
Chartered Accountants of India.

Mr. Thacker’s professional skills and experience cover diverse facets

including Audit and assurance, Business consulting, Corporate Law and
taxation, Hotel and tourism consulting, Franchise consulting and Consulting
for Family and Owner managed businesses. He is also a speaker and paper
writer at international and domestic conferences

Mr. Dileep C. Choksi:

Mr. Dileep C. Choksi a Chartered Accountant by profession has over 35
years of experience. His areas of specialization include tax planning and
structuring for domestic and international clients, including expatriates,
finalizing collaborations and joint ventures, corporate restructuring and
analyzing tax impact of various instruments. He has advised some of India’s
largest business houses on mergers and acquisitions and multinational
companies on cross border structuring and acquisition.
Mr. Choksi has contributed various papers on mergers and acquisitions,
valuation of business enterprises, company law, corporate governance and
taxation. He has assisted in the preparation of the prominent book “Kanga
and Palkhiwala - The Law and Practice of income Tax” Eight Edition by late
Mr. N. A. Palkhiwala and Mr. B.A. Palkhivala.

He has been an ex-visiting faculty member of the Jamnalal Bajaj Institute

of Management Studies, Bankers Training College, and Reserve Bank of
India. He was earlier on the Taxation Committee of the Indian Merchant
Chambers.
 Mr. Choksi is on the Board of several leading companies including ICICI
Lombard General Insurance Company Limited, ICICI Prudential Asset
Management Company Limited, NSE.IT Limited, and State Bank of India. He
was also on the Advisory Board of foreign banks as well as Ex-Chairman of
Banque Nationale De Paris, Mumbai.

Mr. N.S. Kannan: Mr. N.S. Kannan is the Executive Director and Chief
Financial Officer of ICICI Bank. In addition to Finance, Taxation and
Communications, his responsibilities include Compliance, Internal Audit,
Corporate Legal and Global Treasury operations. Prior to the current
assignment, Mr. Kannan was the Executive Director of ICICI Prudential Life
Insurance Company. He looked after the Corporate Centre including the
Finance and accounts functions, Investor/analyst relations, Investment
Management, Corporate Strategy, Corporate Communications, Human
Resources and Business Intelligence. Prior to shifting to ICICI Prudential,
Mr. Kannan was the Chief Financial Officer and Treasurer of ICICI Bank. Mr.
Kannan has been with the ICICI group for over 18 years. He joined the ICICI
group in 1991 as a project officer. During his tenure at ICICI group, he has
handled project finance operations, infrastructure financing, structured
finance and treasury operations. Mr. Kannan is a postgraduate in
management from the Indian Institute of Management, Bangalore with a
gold medal for best all-round performance. He is also a Chartered Financial
Analyst from the Institute of Chartered Financial Analysts of India and an
Honours graduate in Mechanical Engineering.

Mr. C. R. Muralidharan: Mr. C. R. Muralidharan was a Whole-Time

Member of Insurance Regulatory and Development Authority, Hyderabad
(IRDA) and was looking after the compliance by the insurers of the
regulations on investments, analysis of financial statements of insurance
companies, on and off-site supervision of insurance companies as well as
other regulatory issues including the registration of new insurance
companies. Prior to joining IRDA, he worked in RBI for more than three
decades in various capacities. He was heading the Department of Banking
Operations and Development (DBOD) of RBI, which is responsible for laying
down a regulatory framework on a wide range of operations for Indian
commercial banks to promote a sound and competitive banking system
consistent with the emerging international best practices. He assisted IMF
in two overseas assignments and was associated with several High Level
Working Groups on Banking Regulation. Besides, he was also actively
involved in the role of promotion of rural credit as well as in the
development of HR for the central bank.
 RELIANCE MUTUAL FUND

Reliance Mutual Fund ('RMF'/ 'Mutual Fund') is Average Assets Under

Management (AAUM) of Rs. 63.17 and 69.37 Lakh folios. (AAUM and
investor
Reliance Mutual Fund, a part of the Reliance Group, is one of the fastest
growing mutual funds in India. RMF offers investors a well requirements
and has presence in 179 endeavors to launch innovative products and
customer service initiatives to increase value to investors. Reliance Capital
Asset Management Limited (‘RCAM’) is the asset manager of Reliance
Mutual Fund. RCAM a subsidiary of
Reliance Capital Limited, which holds 92.93% of the paid-up capital of
RCAM, the balance paid up capital being held by minor Reliance Capital
Ltd. is one of India’s leading and fastest growing private sector fina services
companies, and ranks among the top 3 private sector financial services and
banking companies, in terms of net worth. Reliance Capital Ltd. has
interests in asset management, life and general insurance, private equity
and proprietary investme financial services

.Sponsor : Reliance Capital Limited

Trustee : Reliance Capital Trustee Co. Limited

Investment Manager / AMC : Reliance Capital Asset Management Limited

Statutory Details : The Sponsor, the Trustee and the incorporated under
the Companies Act 1956.
VISION AND MISSION STATEMENTS

VISION STATEMENT To be a globally respected wealth creator with an

emphasis on customer care and a culture of good corporate governance.
MISSION STATEMENT To create and nurture a world-class, high
performance environment aimed at delighting our customers.

CORPORATE GOVERNANCE

Corporate Governance Policy:

Reliance Capital Asset Management Limited has a vision of being a leading
player in the mutual fund business and has achieved significant success
and visibility in the market. However, an imperative part of growth and
visibility is adherence to good conduct in the marketplace. At Reliance
Capital Asset Management Limited, the implementation and observance of
ethical processes and policies has helped us in standing up to the scrutiny
of our domestic and international investors.

Management:
The management at Reliance Capital Asset Management Limited is
committed to good corporate governance, which includes transparency
and timely dissemination of information to its investors and unit holders.
The Board of Directors of RCAM is a professional body constituting inter-
alia of, well-experienced and knowledgeable independent members.
Regular audit committee meetings are conducted to review the operations
and performance of the company.

Employees:
Reliance Capital Asset Management Limited has at present, a code of
conduct for all its officers. It has a clearly defined prohibition on insider
trading policy and regulations. The management believes in the principles
of propriety and utmost care is taken while handling public money, making
proper and adequate disclosures.
 SBI MUTUAL FUND

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.

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.”

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.

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.

BOARD OF DIRECTORS- AMC

 Mr. Pratip Chaudhuri, (Chairman & Associate Director): Qualifications :
B.Sc. (Hons), MBA. Mr. Pratip Chaudhuri joined State Bank of India as
Probationary Officer in 1974. He took over charge as Chairman of State
Bank of India on 7th April, 2011. Immediately prior to taking over as
Chairman, Mr. Chaudhuri was Dy. Managing Director & Group Executive
(International Banking), Mumbai. During his illustrious career spanning 36
years in State Bank of India, he held several important positions like Chief
General Manager (Foreign Offices) at Corporate Centre, Mumbai,
Managing Director, State Bank of Saurashtra, Chief General Manager,
Chennai Circle etc.

Shri Jayesh Gandhi (Independent Director):

Qualifications : B.Com, F.C.A. Shri Jayesh Gandhi is a Chartered Accountant

and Senior Partner from N.M.Raiji & Co. Chartered Accountants, Mumbai.
Since last 18 years Shri Gandhi has audit assignments of various companies
like ICICI Group including ICICI Bank Ltd., Wipro Group, Tata Finance Ltd.,
Tata Tea Ltd., Tata Chemicals Ltd. and Prism Cement Ltd. He also handles
various other assignments in the audit of mutual funds. He is also a
director on the Board of various companies.

Mr. Deepak Kumar Chatterjee (Managing Director):

Qualifications: M.Sc., MBA. Mr. Deepak Kumar Chatterjee brings with him
experience of over 32 years in State Bank of India in various areas such as
Credit Administration, Investment Banking, International Banking
Operations and Branch Management. In his previous assignment, Mr.
Chatterjee was General Manger (Financial Institutions Group),
International Business Group in SBI where he was handling fund raising for
SBI outside India, Country Risk and Bank exposures.
COMPARISION OF VARIOUS SCHEMES UNDER EQUITY*

*further the ten set of comparisons stated below are taken as sample and
explained in detail as part of the study. Comparisons are named as
comparison.1, comparison.2 up to comparison.10 for convenience of
presentation and ease of use.
 CONCLUSION
The construction of the mutual fund scheme’s portfolio is done by taking various
factors so even after evaluating the mutual funds and ranking them we cannot say
which is the best fund house or scheme in all. Nothing is certain in case of mutual
funds as they are subject to market risks, An estimate can be made considering
various past performances and future outlooks and best money out of these
schemes can be generated.

LATEST AMENDMENTS IN MUTUAL FUNDS

In august first week, markets and mutual fund regulator SEBI came out with a
package of new and reformed rules regarding mutual funds, IPOs and investment
advisers. In mutual funds, the thrust of the changes is to set up an incentive
system that will allow asset management companies to charge higher expenses if
they succeed in making inroads outside the larger cities where fund investors are
currently concentrated in. The new rules also incorporate a series of other
changes that collectively improve funds’ economics while imposing a somewhat
higher cost on investors. A back-of-the-envelope calculation shows that the
industry, hypothetically, will pocket close to Rs 583 crore if it charges 30 basis
points on the existing equity asset base (combined AUM of equity, balanced and
ELSS Funds) of Rs 1,94,320 crore. The industry had a total AUM of Rs 7, 30,000
crore on July 30. Out of the total Rs 583 crore, at least 80% of the additional fee
will be pocketed by the top five fund houses including HDFC Mutual,ICICI
Prudetial mutual fund, Reliance mutual fund, UTI mutual fund, and Birla Sunlife
Mutual Fund. A grey area in the new norms is that SEBI has not clarified on
aspects such as the least amount fund houses should raise in a year or the
minimum number of investors it should have to avail of the benefit of the extra
fee of 30 basis points.