DECLARATION

We Amit Agrawal and Tarun Agrawal , student of MBA 3rd Sem. hereby declare

that the research project titled:

“A STUDY OF MARKETING MIX ELEMENTS OF RELIANCE MUTUAL

FUND” is our co-ordinate work which is written and undertaken by us and is our

original work. The empirical finding in the project was undertaken as a part of

curriculum of MBA program at SCHOOL OF ECONOMICS, INDORE.

Amit Agrawal

Tarun Agrawal

ACKNOWLEDGEMENT

The Project on “A STUDY OF MARKETING MIX ELEMENTS

RELIANCE MUTUAL FUND” is the outcome of not only our diligent endeavor,

but also the conducive efforts, cooperation and support extended by various

individuals.

We wish to express our sincere sense of gratitude to all those who generously

helped us in our successful completion of the project work by sharing their valuable

time and knowledge.

We are proud and privileged to express our heartfelt regards to Reliance Mutual

fund AMC (Asset Management Company) for giving us opportunity to prepare A

PROJECT ON “A STUDY OF MARKETING MIX ELEMENTS RELIANCE

MUTUAL FUND”

We are proud to express our sincere gratitude to Respected Guide Ms. Bhumika

Singh for her constant encouragement; guidance and her valuable suggestions as she

rendered us all possible help and guidance while reviewing the manual script and

finalizing the report. For providing us guidelines of the Project, we are thankful to

Respected Sir Mr. RAJNISH JAIN for providing us all possible guidance in making

us understand the whole process.

We are really grateful to Reliance Mutual fund AMC (Asset Management

Company) for providing us a comfortable environment by putting us at ease to get

easily adjusted with it.

THANK YOU ALL

PREFACE

The project report of a “A STUDY OF MARKETING MIX ELEMENTS

RELIANCE MUTUAL FUND” is the effort of students of SCHOOL OF

ECONOMICS, D.A.V.V ,INDORE have collectively prepared the following report

which is a genuine effort & a true work.

The project report consists of six chapters which are chapterised in a manner so

that the reader of the project may get the brief knowledge about the working at

RELIANCE MUTUAL FUND.

The language used is simple & easily understood.

Chapter 1 deals with introduction of Reliance Mutual fund AMC in which meaning of mutual find, history of industry and overview is discussed

Chapter 2 discusses about the objectives of the study at Reliance Mutual Fund AMC.

Chapter 3 gives a small introduction to Reliance Mutual Fund company.

Chapter 4 is consisting of findings. It includes market structure, segmentation, marketing mix elements and SWOT analysis.

And lastly in Chapter 5 conclusion and summary of finding is given.

Introduction

A mutual fund is a collective investment vehicle formed with the specific objective of raising

money from a large number of individuals and investing it according to a pre specified objective.

The word mutual in a mutual fund signifies a vehicle wherein the benefits of investment accrued pro

rata to all the investors in proportion to there investments.

Mutual Fund is a trust that pools the savings of a number of investors who share a common

financial goal. Anyone with an invisible surplus of as little as few thousand rupees can invest in

mutual funds. These investors buy units of a particular mutual fund scheme that has a defined

investment objective and strategy.

The fund manager in different types of securities then invests the money thus collected. These

could range from shares to debentures to money market instruments, depending on the scheme’s

stated objectives. The income earned through these investments and the capital appreciations

realized by the scheme are shared by its unit holders in proportion of 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 investing a diversified, professionally managed basket of securities at a relatively low

cost.

A mutual fund is the ideal investment vehicle for today’s complex modern world. It appoints

professionally qualified and experienced staff that manages each of these functions on full time

basis. The large pool of money collected in the fund allows it to hire such staff at a very low cost to

each investor. In effect, the mutual fund vehicle exploits economies of scale in all three areas –

research, investing and transaction processing.

While the concept of individuals coming together to invest money collectively is not new, the

mutual fund in its present form is a 20th century phenomenon. In fact, mutual funds gained

popularity only after the Second World War. Globally, there are thousand of firms offerings tens of

thousand of mutual funds with different investment objectives. Today mutual funds collectively

manage almost as much money as banks.

Along with the success of mutual funds, inevitably there arose a need to regulate the industry.

Thus regulation and regulatory bodies came into being so that small investors were not misled or put

to loss by some unscrupulous people representing themselves as mutual funds.

History of the Indian Mutual Fund Industry:

The origin of mutual fund industry in India is with the introduction of the concept of mutual

fund by UTI in the year 1963. Though the growth was slow, but it accelerated from the year 1987

when non-UTI players entered the industry.

In the past decade, Indian mutual fund industry had seen a dramatic improvements, both

quality wise as well as quantity wise. Before, the monopoly of the market had seen an ending phase,

the Assets Under Management (AUM) was Rs. 67bn. The private sector entry to the fund family

rose the AUM to Rs. 470 bn in March 1993 and till April 2004, it reached the height of 1,540 bn.

Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it is less

than the deposits of SBI alone, constitute less than 11% of the total deposits held by the Indian

banking industry.

The main reason of its poor growth is that the mutual fund industry in India is new in the

country. Large sections of Indian investors are yet to be intellectuated with the concept. Hence, it is

the prime responsibility of all mutual fund companies, to market the product correctly abreast of

selling.

The mutual fund industry can be broadly put into four phases according to the development of

the sector which can b understand on the basis of following diagram:

First Phase – 1964-87(UTI was the Only Player)

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

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

Fourth Phase – since February 2003.

Overview of mutual fund Industry:

Over the past decades mutual funds have grown intensely in popularity and have experienced a

considerable growth rate. The graph indicates the growth of assets over the years.

GROWTH IN ASSETS UNDER MANAGEMENT

 

Erstwhile UTI was bifurcated into UTI Mutual Fund and the Specified Undertaking of the Unit

Trust of India effective from February 2003. The Assets under management of the Specified

Undertaking of the Unit Trust of India has therefore been excluded from the total assets of the

industry as a whole from February 2003 onwards.

Objective of the study

To study the Marketing mix elements followed at Reliance Mutual fund.

To study in the working environment of Reliance Mutual fund.

To study the reasons for slow growth rate of industry.

The Company

Reliance Mutual Fund (RMF) is one of India’s leading Mutual Funds, with Assets Under

Management (AUM) of Rs. 79,974  crores (AUM as on 31st Oct 07) and an investor base of over

40.28 Lakhs

Reliance Mutual Fund, a part of the Reliance - Anil Dhirubhai Ambani Group, is one of the fastest

growing mutual funds in the country. RMF offers investors a well-rounded portfolio of products to

meet varying investor requirements and has presence in 115 cities across the country.

Reliance Mutual Fund constantly endeavors to launch innovative products and customer service

initiatives to increase value to investors. Reliance Mutual Fund schemes are managed by Reliance

Capital Asset Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd.

Reliance Capital Ltd. is one of India’s leading and fastest growing private sector financial 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 investments, stock broking and other financial services.

FINDINGS

Market Segmentation:

The mutual fund market can be segmented based on the investment objective of the

investor. Say for example, one investor wants his investments to provide him with regular

fixed returns and another wants his investment to grow and provide high returns and in the

medium to long term. The investment objectives of these two investors are different and

therefore the same fund cannot cator to the needs of both. Since customer needs are

different, the market can be segmented into the following funds based on these differences.

Growth funds: Growth funds provide capital appreciation over the medium to long

term. These funds invest in equities, which generally offer high returns over a period of

time. Therefore, they are ideal for investors looking for high returns on capital over the long

term

Income funds: Income funds provide regular income to investors. Such funds

generally invest in fixed income securities such as bonds, corporate debentures and

government securities. They are ideal for investors who desire the minimum risk and a

regular income on their investments.

Balanced funds: Balanced funds, as the name suggests, strike a balance between

growth and regular income. These funds invest in a combination of equities and fixed

income securities, in a predetermined proportion. they are ideal for investors who want both

capital appreciation and a steady income.

Market Structure:

Mutual Fund Companies in India:

The concept of mutual funds in India dates back to the year 1963. The era between 1963 and

1987 marked the existence of only one mutual fund company in India with Rs. 67bn assets under

management (AUM), by the end of its monopoly era, the Unit Trust of India (UTI). By the end of

the 80s decade, few other mutual fund companies in India took their position in mutual fund market.

The new entries of mutual fund companies in India were SBI Mutual Fund, Canbank Mutual

Fund, Punjab National Bank Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund.

The succeeding decade showed a new horizon in Indian mutual fund industry. By the end of

1993, the total AUM of the industry was Rs. 470.04 bn. The private sector funds started penetrating

the fund families. In the same year the first Mutual Fund Regulations came into existence with re-

registering all mutual funds except UTI. The regulations were further given a revised shape in 1996.

Kothari Pioneer was the first private sector mutual fund company in India which has now

merged with Franklin Templeton. Just after ten years with private sector players penetration, the

total assets rose up to Rs. 1218.05 bn. Today there are 33 mutual fund companies in India.

Top 10 Mutual Fund Companies in India:

Birla Sun Life Mutual Fund

Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun Life Financial. Sun

Life Financial is a global organisation evolved in 1871 and is being represented in Canada, the US,

the Philippines, Japan, Indonesia and Bermuda apart from India. Birla Sun Life Mutual Fund follows

a conservative long-term approach to investment. Recently it crossed AUM of Rs. 10,000 crores.

HDFC Mutual Fund

HDFC Mutual Fund was setup on June 30, 2000 with two sponsors namely Housing Development

Finance Corporation Limited and Standard Life Investments Limited.

HSBC Mutual Fund

HSBC Mutual Fund was setup on May 27, 2002 with HSBC Securities and Capital Markets (India)

Private Limited as the sponsor.

Prudential ICICI Mutual Fund

Board of Trustees, HSBC Mutual Fund acts as the Trustee Company of HSBC Mutual Fund. The

mutual fund of ICICI is a joint venture with Prudential Plc. of America, one of the largest life

insurance companies in the US of A. Prudential ICICI Mutual Fund was setup on 13th of October,

1993 with two sponsor, Prudential Plc. and ICICI Ltd. The Trustee Company formed is Prudential

ICICI Trust Ltd. and the AMC is Prudential ICICI Asset Management Company Limited

incorporated on 22nd of June, 1993.

State Bank of India Mutual Fund

State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to launch offshor fund, the

India Magnum Fund with a corpus of Rs. 225 cr. approximately. Today it is the largest Bank

sponsored Mutual Fund in India. They have already launched 35 Schemes out of which 15 have

already yielded handsome returns to investors. State Bank of India Mutual Fund has more than Rs.

5,500 Crores as AUM. Now it has an investor base of over 8 Lakhs spread over 18 schemes.

Tata Mutual Fund

Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The sponsorers for Tata

Mutual Fund are Tata Sons Ltd., and Tata Investment Corporation Ltd. The investment manager is

Tata Asset Management Limited and its Tata Trustee Company Pvt. Limited. Tata Asset

Management Limited's is one of the fastest in the country with more than Rs. 7,703 crores (as on

April 30, 2005) of AUM.

Kotak Mahindra Mutual Fund

Kotak Mahindra Asset Management Company (KMAMC) is a subsidiary of KMBL. It is presently

having more than 1,99,818 investors in its various schemes. KMAMC started its operations in

December 1998. Kotak Mahindra Mutual Fund offers schemes catering to investors with varying

risk - return profiles. It was the first company to launch dedicated gilt scheme investing only in

government securities.

Unit Trust of India Mutual Fund

UTI Asset Management Company Private Limited, established in Jan 14, 2003, manages the UTI

Mutual Fund with the support of UTI Trustee Company Privete Limited. UTI Asset Management

Company presently manages a corpus of over Rs.20000 Crore. The sponsorers of UTI Mutual Fund

are Bank of Baroda (BOB), Punjab National Bank (PNB), State Bank of India (SBI), and Life

Insurance Corporation of India (LIC). The schemes of UTI Mutual Fund are Liquid Funds, Income

Funds, Asset Management Funds, Index Funds, Equity Funds and Balance Funds.

Reliance Mutual Fund

Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act, 1882. The sponsor of

RMF is Reliance Capital Limited and Reliance Capital Trustee Co. Limited is the Trustee. It was

registered on June 30, 1995 as Reliance Capital Mutual Fund which was changed on March 11,

2004. Reliance Mutual Fund was formed for launching of various schemes under which units are

issued to the Public with a view to contribute to the capital market and to provide investors the

opportunities to make investments in diversified securities.

Franklin Templeton India Mutual Fund

The group, Frnaklin Templeton Investments is a California (USA) based company with a global

AUM of US$ 409.2 bn. (as of April 30, 2005). It is one of the largest financial services groups in the

world. Investors can buy or sell the Mutual Fund through their financial advisor or through mail or

through their website. They have Open end Diversified Equity schemes, Open end Sector Equity

schemes, Open end Hybrid schemes, Open end Tax Saving schemes, Open end Income and Liquid

schemes, Closed end Income schemes and Open end Fund of Funds schemes to offer.

Other companies operating in the market are:

ABN AMRO Mutual Fund

Bank of Baroda Mutual Fund (BOB Mutual Fund)

ING Vysya Mutual Fund

Sahara Mutual Fund

Escorts Mutual Fund

Alliance Capital Mutual Fund

Canbank Mutual Fund

Standard Chartered Mutual Fund

Benchmark Mutual Fund

Chola Mutual Fund

Morgan Stanley Mutual Fund India

LIC Mutual Fund

GIC Mutual Fund

The 7 P’s of Service Marketing

Product:

Customers invest in mutual funds with capital appreciation, liquidity and safety as their objectives.

So, marketers need to design the products keeping these objectives in mind. In addition, the marketer

has to take care of the government regulations that govern the industry. As a result, he needs to be

very judicious in designing the product and planning the investment portfolio of the customer. Only

then he can maximize the returns while minimizing the risk.

In the case of Reliance Mutual fund they also have products based on the same segmentation.

Price:

Before we try to understand the pricing of mutual funds, let us first understand the concept of NAV

(Net Asset Value). The net asset value of the fund is the cumulative market value of the assets fund

net of its liabilities. In other words, if the funds is dissolved or liquidated, by selling of all the assets

in the fund, this is the amount that the share holders would collectively own . They give rise to the

concept of the net asset value per unit, which is the value, expressed by the owner ship of one unit in

the fund, It is calculated simply by dividing the net asset value of the fund by the number of units.

However, most people refers usually to the NAV per unit as NAV, ignoring the per unit. We also

abide by the same convention.

Calculation of NAV:The most important part of the calculation is the valuation of the assets owned by the funds . Once it is calculated the NAV is simply the net value of assets divide by the number of units out standing . The detail methodology for the calculation of the net asset value is given below :

Promotion:

With more and more private and global players entering the mutual market, the market has become

quite competitive in the recent past. Mutual funds, as an investment option, are now competing with

commercial banks and other financial institutions for the investor’s savings. Mutual fund companies

need to differentiate themselves from the other investment avenues in the market and position their

services exclusively in the customers mind. They need to adopt innovative promotional strategies

like strategic tie-ups.

Reliance uses electronic media, print media and hoardings for promotion.

Place:

The various distribution channels employed by mutual fund companies include their own

employees, agents, third party distribution companies, banks and post offices. The third party

distribution companies started flourishing with the entry of private players into the industry in 1993.

UTI and the government players relied completely on their agents for distributing the funds.

Reliance has more than 500 distributors in the state. In addition to it 50 brokerage houses and 2

AMC’s (Asset Management company)

People:

The process of investment decision-making in a mutual fund company determines the importance of

the individuals in the company. If the fund manager has a free hand to decide the fate of savings of

thousands of unit holders, he needs to be very competent and judicious in his decision-making. In

such companies, people become the most important element of the marketing mix. In fact companies

publicize the success of their fund manager who has delivered consistent results, to promote their

services.

If we talk about Reliance AMC, it has not a big staff. The reason behind that is the expenses made

on these people is adjusted from the return which they earn from the investment of their customer. In

Reliance AMC there is 1 Relationship manager, 2 Office Coordinator executives (customer), 1

coordinator (Karvy), 1 Sales manager, and 1 assistant sales manager, and 1 coordinater.

Process:

The process of investment by one mutual fund company can be quite different from that of another.

In some companies, the fund manager given a free hand and he decides where to invest and how

much to invest. On the other hand, the investment decision in some companies is strictly governed

by the company itself. Any fund manager can operate within the defined parameters of the company.

Difference in investment processes defines the style of functioning of a fund and determines its

success.

Physical Evidence:

Providing physical evidence to the customer is one of the most difficult aspects of the mutual fund

business. As there are very few instances of the customer entering the company premises, buildings

and infrastructure can rarely be used as physical evidence. Therefore, companies use their channels

of distribution like banks and post offices to attach an element of credibility to their services. They

also try to use their service personnel to reduce the perceived risk of customers. One of the most

important ways is to promote the earlier successes of the company in a big way.

SWOT Analysis

Strengths:

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.

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.

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.

Liquidity - Just like an individual stock, mutual fund also allows investors to liquidate

their holdings as and when they want.

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.

Weakness:

Professional Management - Some funds doesn'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 him self, for picking up stocks.

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.

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.

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.

Threats:

Lack of Investor Awareness - Retail investors had a wrong notion about mutual funds as

an investment avenue. The benefits of risk diversification, professional management and

ease of administration involved while investing in mutual funds are not clearly understood.

Knowledge of financial products is ingrained in school and college curriculum in countries

like UK, US and France.

Investor Risk Appetite -Equity funds account for 30% of the total AUM in India. This

figure is more than 50% in most developed countries. Frequent stock market scams and the

bust of tech sector specific MFs have contributed to this apprehension. The growth in mutual

funds has come through the growth in investments in short term instrument like Money

Market Mutual Funds which account for 40% of AUM.

Higher Returns of Alternative Debt Instruments -Government guaranteed schemes

provide risk free returns at competitive rates of returns. This is why mutual funds have

difficulty competing retail business.

Concentration of Corporate Investors - Mutual funds have become overly attractive to

corporate investors because of higher returns than bank deposits and ability to distribute

capital gains tax. Corporate investors account for 57% of the AUM (by value). Though the

turnover rates have increased the average fund in management has grown by only 25% in the

past 4 years. It is clear that the lack of growth in funds under management in India is

because of the absence of long term investors. Corporate investors take profits frequently

resulting in destruction in the compound growth in funds under management. Distributors

are forced to pass on more commissions to companies, while fund companies are compelled

to offer funds with wafer thin margins. Retail investors lose out in the sense that they

continue to pay higher expenses.

Distribution - One of the major factors impacting the growth of mutual fund industry is the

absence of any regulation in distribution of mutual funds. Mutual fund investors need

distributors who are able to inform them about the efficacy of distribution product for a

particular risk profile and stage in life cycle. Lack of distributor awareness and the absence

of any disclosures from distributors make selling of MF products commonplace. Also

penetration in rural areas is a problem. Only 3% of rural households own mutual funds. For

mutual funds to set up a distribution network in these centres can be very expensive.

Opportunities:

AUM as a Percentage of GDP - In most of the developed countries the total assets under

management ranges from 30% -60% of the GDP. Total assets under management are only

8% of the GDP in case of India.

Penetration of Mutual funds - In India it is estimated that 6.7% of the households hold

mutual funds. This figure is close to 50% in case of the US and 17% in case of UK. Mutual

funds account for only 0.73% of total financial assets in India (11% of bank deposits). AUM

for Mutual funds had exceeded the bank deposits in US in as early as 1998.

Growing Economy - Indian economy in a resilient mode in terms of GDP growth is

positioned as the fourth largest economy in terms of purchasing power parity and has the

benefit of low inflation along with rising forex rate and reserves

Opening up of sectors for investment – in India service sector is also growing at a fast

rate because government has opened up investment in the sector.

Promising consumer markets

Significant investment in infrastructure creation for industry.

Conclusion

Currently there are 34 Mutual Fund organizations in India which are managing over Rs.

1,02,000/- crores.

The asset base is expected to continue growing at an annual rate of about 30 to 35% over the

next few years as investor’s shift their assets from banks and other traditional avenues. Some of the

older public and private sector players will either close shop or be taken over.

Out of ten public sector players five will sell out, close down or merge with stronger players in

three to four years. In the private sector this trend has already started with two mergers and one

takeover. Here too some of them will shut down their shutters in the near future to come.

But this doesn’t mean that there is no room for others players. The market will witness a flurry of

new players entering the arena. There will be a large number of offers from various assets

management companies in the time to come. Some big names like Fidelity, Principal, Old Mutual

etc. are looking at Indian market seriously. One important reason for it is that most major players

already have presence here and hence these big names would hardly like to get left behind.

The mutual fund industry is awaiting the introduction of derivatives in India as this would enable

it to hedge its risk and this in turn would be reflected in it’s Net Asset Value.

SEBI is working out the norms for enabling the existing mutual fund schemes to trade in

derivatives. Importantly, many market players have called on the regulator to initiate the process

immediately, so that the mutual funds can implement the changes that are required to trade in

Derivatives.

Many nationalized banks got into the mutual fund business in the early nineties and got of to a

good start due to the stock market boom prevailing then. These banks did not really understand the

mutual fund business and they just viewed it as just another kind of banking activity. Few haired

specialized staff and generally chose to transfer staff from the parent organizations. The performance

of most of the scheme floated by these funds, were not good enough. Some scheme had offered

guaranteed returns and there parent organization had to bail out theses AMC’s by paying large

amount of money as the difference between the guarantees and actual returns. The service levels

were also very bad. Most of these AMCs have not been able to retain staff, float new scheme etc and

it is doubtful whether, barring a few exceptions, they have serious plans of continuing the activity in

the major way.

The foreign owned companies have deep pockets and have come in here with the expectation of

a long haul. They can be credited with introducing many new practices such as new product

innovation, sharp improvement in service standards and disclosure, usage of technology, broker

education and support etc. In fact, they have forced the industry to upgrade itself and service levels

of organizations like UTI have improved dramatically in the last few years in response to the

competition provided by these.

Indian Mutual fund industry is now no longer in its nascent stage. It is growing by indulging in

continuous tapping of increasing needs & changing perceptions of investors. The concept of mutual

fund got ignited by UTI & has gone further with many Private & Foreign AMCs sharing the

industry. They have now been appreciated for increasing the savings attitude among Indians, thus

helping in capital formation & economic development of the country.

Rerences

1. Reliance AMC.

2. Kotak Mahindra AMC.

3. DSP Merrill Lynch AMC.

4. Website of Association of Mutual Funds in India. (www.amfiindia.com)

5. Official website of reliance mutual fund. ( www.reliancemutualfund.com)