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    INTRODUCTION

    India is one of the few countries in the world, which has the

    credit of maintaining in study growth in domestic savings during 1970s, and

    80s. One significant aspect of India saving structure is increasing share of

    household sector in domestic savings. It is interesting to know the structural

    changes in savings sector are not matched by new financial instruments and

    institutions to canalize the savings for more productive purposes and better

    returns to the investors. Traditional savings media like bank deposits,

    insurance, provident fund and pension fund remained dominant. Investment

    in the capital market is also significantly low 1% of the population in India

    puts its savings in the capital market as against 10% in Industrialized

    Countries. Therefore there was a need for new instruments to mobilize the

    growing savings with higher returns. The Mutual funds in India is response

    to the demand and a tip towards financial innovation and integration.

    The Indian economy in the recent times has passed through

    revolutionary changes. The impact of economic reforms in the form of

    Liberalization, Privatization and Globalization (LPG) has significantly

    influenced the growth of Indian financial system, and led to the rapid growth

    of economic in the 21st century. It has also significantly influenced the

    growth of capital markets; as well create a demand for newer capital market

    instruments and financial services. Expansion and diversification of capital

    markets has also generated

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    Complexities in capital markets operations which very often cannot be

    understood by small investors. Mutual funds are a response to this problem.

    Though Mutual funds took the world capital market by storm in 1980s their

    entry dates back to 1924, when the first Mutual fund was established in

    USA. At present the US Mutual fund industry is managing assets worth over

    $7 trillion (Rs 308 lac crores) and with more than 8,000 odd schemes by the

    end of 2000. It is to say that all most every second household owns some of

    them. That is how US Mutual fund industry has become the most powerful

    force in the US investment landscape. Contrary through this the Indian

    Mutual fund industry is at a relatively slow pace. On June 30, 2004, Indian

    Mutual funds commanded assets of Rs. 121778 crores 8% of the retail

    deposits of scheduled commercial banks. In the US, mutual funds over took

    bank deposits some years ago.

    MUTUAL FUND 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 invested by the fund manager in different types of securities depending

    upon the objective of the scheme. These could range from shares to

    debentures to money market instruments.

    The income earned through these investments and the capital

    appreciations realized by the scheme are shared by its unit holders in

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    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

    portfolio at a relatively low cost. The small savings of all the investors

    are put together to increase the buying power and hire a professional

    manager to invest and monitor the money. Anybody with an ingestible

    surplus of as little as a few thousand rupees can invest in Mutual

    Funds. Each Mutual Fund scheme has a defined investment objective

    and strategy.

    MANAGEMENT OF MUTUAL FUNDS:

    In Western Countries like U.K., U.S.A. Mutual Funds are operated by

    financial institutions, investment corporations and brokerage houses, though

    banks are not legally allowed to operate Mutual Funds themselves, they

    offer the opportunities to their customers to invest through affiliated with

    mutual fund companies.

    In India the largest mutual fund company, UTI was set up under

    public sector and nationalized commercial banks also were allowed to set up

    Mutual Funds as separate trusts. Apart from this other financial institutions

    like LIC, GIC, ICICI, and HDFC have also put up mutual funds. From 1993

    Government has permitted private sector Mutual funds as a part of financial

    sector reforms.

    Mutual funds are managed by professional managers of high quality and

    expertise, who can devise the tailor, made scheme to suit the needs of the

    cross section of investors. In order to minimize the risk of investment and to

    earn higher rates of investment. MF investment is diversified in several3

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    instruments after careful market research by the professionals. Managers of

    the mutual funds keep a constant watch on various vital aspects of economy

    particularly in the areas of Industry, Trade, and Capital Market etc. Mutual

    Funds are thus able to provide their investors safety, liquidity and yield

    through diversification, professional management and special financial

    services.

    Mutual funds may offer one or more funds (schemes) depending upon

    the objectives. Mutual funds sell shares/units usually of a specified

    denomination called face value say Rs. 10/- or Rs. 100/-. Mutual funds

    specify the minimum amount to be invested and units offered to the

    investors directly or through agent brokers or identified agencies.

    SIGNIFICANCE AND IMPORTANCE OF MFs:

    The advantages of MFs can be listed as under:

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    Diversification:

    MFs invest in a number of companies. This diversification reduces

    the risk because all stocks decline at the same time and in the same

    proportion. This diversification through a MF with far less money than he

    can do on his own.

    Return Potential:

    MFs have the potential to provide a higher return as they invest in a

    diversified basket of selected securities over a medium to long-term.

    The service of experienced and skilled professionals are backed by a

    dedicated investment research team which analyses the performance and

    prospects of companies and selects suitable investments to achieve the

    objectives of the scheme.

    Convenient administration:

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    MFs save time and make investing in a MF reduces paper work and

    solves many problems such as bad deliveries delayed payments and

    unnecessary follow up with brokers and companies.

    Low Costs:

    Investing directly into the capital market involves huge amounts,

    when compared to MF as the brokerage, custodial and other fees translate

    into lower costs for investors.

    Liquid:

    In open ended schemes, one can get his money back at NAV related

    prices from the MF, close-ended schemes; one can sell his units in a stock

    exchange at the prevailing market price.

    Choice of Schemes:

    To suit the investors with different needs over a lifetime MFs offer a

    variety of schemes to suit the investors.

    Transparency:

    The investor gets regular information on the value of investment in

    addition to disclosures on the specific investments made by the scheme.

    Flexibility:

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    The investor can invest or withdraw funds according to his needs and

    convenience with systematic investment plans withdrawal plans and

    dividends reinvestment plans.

    Well Regulated:

    MFs are registered with SEBI and function within the provisions of

    strict regulations designed to protect the interests of investors. The

    operations of MFs are regularly monitored by SEBI.

    Need and Importance of study:

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    In the recent past years due to heavy population growth and high income of

    the people, they are very much interested to invest their money. The

    liberalization policy adopted by the government lead to tremendous growth

    in investment industry which is for investments. The investor decision

    regarding to the investment would be crucial. In that time the company play

    a vital role.

    Objectives of the Study:

    This study is undertaken to analyze the alternatives for small investors

    used for their decision making with respect to the Mahindra Finance,

    Warangal.

    To know the investor interest to invest in Mahindra Finance company.

    To identify the factors influencing in investment of the investors.

    To know the investor alternatives regarding investment.

    To know the investor satisfaction regarding the investment.

    To study the company-investors alternatives with respect to the offers

    of the Mahindra finance company.

    Investor satisfaction about the with respect to the Brand name,

    service, clarity etc.

    Methodology:

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    Research design:

    For the purpose of the study, both primary and secondary data has

    been collected following the observational method and survey research

    method collects the primary data. While taking personal interviews of the

    investor the observational method was used. The survey research method is

    used to gain insight knowledge about the opinions of the investors towards

    the Mahindra Finance. The main research instrument used for collecting the

    required data is a well structured questionnaire. An investor towards the

    Mahindra Finance and administered to the same.

    Sample Design:

    For ascertaining the investor alternatives towards the Mahindra Finance 100

    investors have been randomly selected from various parts the Andhra

    Districts. The technique of sampling adopted in this is convenient random

    sampling. The researcher has taken necessary steps to avoid any bias while

    collecting the data.

    Limitations:

    The study covers the Hyderabad district only and due to the limited

    sample size, the facts revealed in the study may not generalize.

    The analysis based on what investors option at the time of the survey.

    The study may not produce the same findings if done at a later stage

    of time.

    While filling the questionnaire investors could not provide 100%

    accurate information because of their personal limitations. The study tries to know the investors alternatives but it was not

    possible to focus on all the issues.

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    INDUSTRY PROFILE

    A MF is a trust that pools the thirty savings of varied investors who

    share a common financial goal. The funds thus collected are invested by the

    fund manger in different types of financial instruments like shares,securities, bonds etc. available in capital market depending upon the

    objectives of the scheme. The income earned through these investments and

    the capital appreciation realized by the scheme is shared by its unit holders

    in proportion to the number of units owned by them on prorate basis. Thus A

    MF is the most suitable investment for the common man as it offers an

    opportunity to invest in a diversified and professionally managed portfolio at

    a relevant low cost. Any individual with an investable surplus of as little as

    few thousand rupees can invest in MFs. Each MF scheme has a defined

    investment objective and strategy.

    A MF is the ideal investment vehicle for todays complex word.

    Markets for equity shares, bonds and other fixed income instruments, real

    estates, derivatives and other assets have become matured and information

    drive price changes in these assets are driven by global events occurring in

    far away places. A typical individual is unlikely to have the knowledge,

    skills, and inclination and acts speedily. It is difficult to keep trace of

    ownership of assets investments, brokerage dues and bank transitions etc.

    A MF is the answer for all the situations. It appoints professionally

    qualified and experienced staff that manages each of these functions on a

    full time basis. The present day fund mangers are thoroughly professionally,highly market oriented and quiet aggressive in strategy formulations. The

    large pool of money collected by the funds allows it to hire such personnel at

    a very low cost to each investor. In other words MF vehicle exploits

    economy of scale in all three areas of Research, Investments and Transaction

    processing.

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    COMPANY PROFILEWe at Mahindra Finance are all-encompassing of clients needs. So while

    we believe in making assets easily available, we also believe in catering

    to those who want to create wealth from these assets. Our Investment

    Advisory Services act as an avenue to help create and multiply wealth.

    Mutual Fund Distribution

    Recently we have received the necessary permission from Reserve Bank of

    India (RBI) to start the distribution of Mutual Fund products through our

    network. Hitherto we were only participating in the liability

    requirements of our customers but with a mutual fund distribution

    business, we can also participate in their asset allocation.

    When it comes to investing, everyone has unique needs based on their own

    objectives and risk profile. While many investment avenues such as

    fixed deposits, bonds etc. exist, it is usually seen that equities typically

    outperform these investments, over a longer period of time. Hence we

    are of the opinion that, systematic investment in equity allows one to

    create substantial wealth.

    However, investing in equity is not as simple as investing in bonds or bank

    deposits, because only proper allocation of portfolio gives maximum

    returns with moderate risk, and this requires expertise and time.Our Investment Advisory Services help you invest your money in equity

    through different Mutual Fund Schemes. We ensure the best for our

    clients by identifying products best suited to individual needs.

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    What we offer

    Personalized Service

    We believe in providing personalized service and individual attention toeach client to ensure that we understand their investment goals and helpthem achieve it.

    Professional Advice

    We offer expert advice on equity and debt portfolios with an objective to

    provide consistent long-term return while taking calculated market risks.

    Our approach helps our clients build a proper mix of products, and not

    concentrate on just one individual product. Hence, serving their long-term

    objectives in the best way.

    Long-term Relationship

    We believe that long-term vision is the only means to steady wealthcreation. However to achieve this one also needs to take advantage of short-

    term market opportunities while not loosing sight of long-term objectives.

    Hence we partner all our clients in realising their long-term vision.

    Access to Research Reports

    We provide our clients with access to the expert opinion of economists and

    Personalised Service We believe in providing personalised service and

    individual attention to each client to ensure that we understand their

    investment goals and help them achieve it.

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    Professional Advice

    We offer expert advice on equity and debt portfolios with an objective to

    provide consistent long-term return while taking calculated market risks.

    Our approach helps our clients build a proper mix of products, and not

    concentrate on just one individual product. Hence, serving their long-term

    objectives in the best way.

    Long-term Relationship

    We believe that long-term vision is the only means to steady wealth

    creation. However to achieve this one also needs to take advantage of short-

    term market opportunities while not loosing sight of long-term objectives.

    Hence we partner all our clients in realising their long-term vision.

    Access to Research Reports

    We provide our clients with access to the expert opinion of economists and

    analysts from CRISIL, one of the leading financial research and rating

    companies of India. This is because; we believe that unbiased research is the

    key to providing sound advice in making informed investment decisions.

    TransparencyandConfidentiality

    Our clients receive regular portfolio statements from us via email. They can

    also view the detailed performance of their investment portfolio on the web,

    the access to which is restricted to the client only. Moreover, our monitoring

    system enables us to detect any unauthorized access to the portfolio.

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    Flexibility

    To facilitate smooth dealing and consistent attention, all our clients are

    serviced by their individual Relationship Executives. Relationship

    Executives provide you with completely hassle-free, customised services

    taking care of all the administrative aspects of your investments. This

    includes submission of application forms to fund houses and a monthly

    report on the overall performance of your investment portfolio.

    Hassle-free investment

    We want to ensure that the process of investing remains hassle-free. We also

    want to offer complete customised service to our clients. It is for these

    reasons that our Relationship Executives take care of all the administrative

    aspects of investments like helping them to submit the application forms to

    fund houses and other such formalities like monthly reports on the overall

    state of investments of the clients and performance of portfolios. Our clients

    also enjoy:

    At Mahindra Finance, we pride ourselves on having pioneered rural finance

    in India. We have grown with each passing year, met targets, exceeded

    expectations and in the process created wealth for our shareholders. Here we

    have a dedicated section of up-to-date information, from our financials to

    our events and presentationseasy access to information, at the click of a

    button. Much like most of our quick and simple processes at Mahindra

    Finance.

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    http://www.mahindrafinance.com/investor_zone/summary_results.asphttp://www.mahindrafinance.com/investor_zone/presentations.asphttp://www.mahindrafinance.com/investor_zone/summary_results.asphttp://www.mahindrafinance.com/investor_zone/presentations.asp
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    At Mahindra Finance we have a wide range of products and services, with

    something to suit everyones needs. Right from finance for two wheelers,

    tractors, farm equipment, cars and utility vehicles to commercial vehicles

    and construction equipment, we also have a group of experts providing

    investment advice, surveying available market products and choosing the

    most suitable to our customers needs.

    Vision:

    Our vision is to be the leading rural finance company and continue to retain

    the leadership position for mahindra products.

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    Management Images

    MR. ANAND G. MAHINDRA

    Chairman of Mahindra Finance, Mr. Anand G. Mahindra graduated from

    Harvard College, Cambridge, Massachusetts, Magna cum Laude (High

    Honours). In 1981 he secured an MBA degree from the Harvard Business

    School, Boston, Massachusetts. He returned to India that year and joined

    Mahindra Ugine Steel Company Ltd (MUSCO), the countrys foremost

    producer of specialty steels, as Executive Assistant to the Finance Director.

    In 1989 he was appointed President and Deputy Managing Director of the

    company.

    MR. BHARAT N. DOSHI

    Vice Chairman, Bharat Doshi joined the Company in 1973 as an Executive.

    He is a fellow member of the Institute of Chartered Accountants of India and

    the Institute of Company Secretaries of India and has a Master's Degree in

    Law from the University of Bombay. He has participated in the Program for

    Management Development (PMD) at Harvard Business School. He was alsoa Fellow of the Salzburg Seminar on 'Asian Economies: Regional and

    Global Relationships' held in December2000.

    MR. UDAY PHADKE

    Director, Mr. Uday Phadke joined the Company in 1973. He is a member of

    the Institute of Chartered Accountants of India and the Institute of Company

    Secretaries of India and has a Bachelors degree in Commerce and Law. Hehas attended the General Management Course for Senior Executives

    conducted by the Administrative Staff of College of India (ASCI) and a

    course for Senior Executives organized by the International Institute for

    Management Development (IMD) in Lausanne, Switzerland.

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    MR. RAMESH IYER

    Mr. Ramesh Iyer is the Managing Director of Mahindra & Mahindra

    Financial Services Limited (MMFSL), which is in the business of financialservices for the last 15 years. Mr. Iyer has been associated with MMFSL

    fromitsinception.

    MR. V. RAVI

    V Ravi is the Chief Financial Officer of Mahindra & Mahindra Financial

    Services Limited (MMFSL), the Company which is in the business of

    financial services for the last 15 years. Mr. Ravi has been associated with

    MMFSL from its inception.

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    WHY MUTUAL FUNDS?

    MFs can survive and thrive if they can live up to the hopes and trust

    of their individual members. MFs come to the rescue of those people who do

    not excel at stock market due to certain mistakes; they commit which can be

    minimized with MFs. Such mistakes can be viz, lack of sound investment

    strategies, unreasonable expectations of making money, untimely decisions

    of investing or Disinvesting, acting on the advise given by others, putting all

    their eggs in one basket, that is failure to diversify.

    Mutual funds are characterized by many advantages that they share

    with other forms of investments and what they posses uniquely for

    themselves. The primary objectives of an investment proposal would fit into

    one or combination of the two broad categories, i.e., income and capital

    gains. How mutual fund is expected to be over and above an individual in

    achieving these two said objectives is what attracts investors to opt for

    mutual funds. Mutual fund route offer several important benefits. Some of

    these are.

    BENEFITS OF MUTUAL FUNDS:

    Professional Management:

    Making investments is not a full time assignment of investors. So

    they can hardly have a professional attitude toward their investment. When

    investor buys mutual fund scheme, an essential benefit one acquires is expert

    management of the money he puts in the fund.

    High Value Diversification:

    A sound investment policy is based on the principle of diversification

    which is ideal of not putting all the eggs in one basket. By investing in

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    many companies the mutual funds can protect themselves from unexpected

    drop in value of some shares. The small investor cannot achieve wide

    diversification on his own because of many reasons, mainly funds at his

    disposal. Mutual funds on the other hand, pool funds of lakhs of investors

    and thus can participate in a large basket of shares of many different

    companies.

    Easy Liquidity:

    A distinct advantage of a mutual fund over other investments is that

    there is always a market for its units/shares. Moreover, Securities and

    Exchange Boards of India (SEBI) require that mutual funds in India have to

    ensure liquidity. Mutual fund units can be sold in the share market as SEBI

    has made it obligatory for close-ended schemes to list themselves on stock

    exchanges. For open-ended schemes, investor can always approach the fund

    for repurchase at Net Asset Value (NAV) of the scheme.

    Reduced Risks:

    Risk in investment is as to recovery of the principal amount and return

    of it. Mutual fund investments on both fronts provide a comfortable

    situation for investors. The expert supervision, diversification and liquidity

    of units ensured in mutual funds minimize the risk.

    Investment Protection:

    Besides depending on the expert supervision of fund managers,

    regulatory body like SEBI in India and Securities Exchange Commission

    (SEC) in U.S.A. also provide for the safety for their regulation. These

    agencies act as watchdogs and attempt wholeheartedly to safeguard investor

    interests.

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    Switching:

    Mutual Funds provide investors flexible investment opportunities.

    Mutual funds family allows investors to switch over from one fund to

    another e.g. investors can switch from income scheme to growth scheme or

    vice-versa or say from close ended scheme to open ended schemes as the

    investors opt.

    Tax Benefit:

    Many schemes of mutual funds provide tax shelter. Like in India for

    equity-linked schemes of mutual funds, under section 88, tax rebate up to

    twenty per cent of investment (up to Rs. 10,000) is available. Under

    Section80L income form mutual funds dividends along with other specified

    incomes; up to Rs. 10,000 is exempted from tax. Such provisions vary from

    country to country.

    Low Operating Costs:

    Mutual Funds having large investable funds at their disposal avail

    economies of scale. The brokerage fee or trading commission may be

    reduced substantially. The reduced operating costs obviously increases the

    income available for investors.

    Investing in securities through mutual funds has many advantages

    over organizing a personnel portfolio. Other advantages include the option

    to reinvest dividends, strong possibility of capital appreciation, regular

    returns, etc. Mutual funds are also relevant in national interest. The test of

    their economic efficiency as financial intermediary lies in the extent to

    which they are able to mobilize additional savings and channel sing to more

    productive sectors of the economy.

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    PRODUCTS OF MUTUTAL FUNDS:

    Products of mutual funds refer to the schemes they offer to investors.

    Investors are to choose as per their objectives of earnings. Mutual funds

    adopt different strategies to achieve these objectives and accordingly offer

    different schemes of investments. Schemes can be grouped into following

    classifications.

    I. Operational Classification:

    a) Open Ended Schemes:

    Such schemes accept funds from investors by offering its units on a

    continuing basis. Such fund even stands ready to buy its securities at any

    time. It implies that the capitalization of the fund is constantly changing as

    investors sell or buy their shares or units (shares in U.S.A, units in India).

    Further, these shares or units are normally not traded on the stock exchange.

    Open-ended schemes have comparatively better liquidity despite the fact

    that these are not listed. The reason is that investor can any time approach

    Mutual fund for sale of such units. No intermediaries are required.

    Moreover, the realizable amount is certain since repurchase is at a price

    based on declared net asset value. No minute-to-minute fluctuations in rates

    haunt the investors. In such funds, option to reinvest its divided is also

    available.

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    b) Close Ended Schemes:

    Such schemes have a definite period after which their units are

    redeemed. Unlink open-ended funds, these funds have fixed capitalization,

    i.e. their corpus normally does not change throughout its tenure. While

    open-ended funds are repurchased or sold directly by mutual funds on the

    basis of NAV, the close ended fund units trade among the investors in the

    secondary market since they are to be quoted on stock exchanges. Their

    price is determined on the basis of demand and supply in the market. Their

    price is free to deviate from the NAV, i.e. there is every possibility that

    market price may be above or below its NAV. From management point of

    view, managing close-ended scheme is comparatively easy since fund

    managers can evolve and adopt long term investment strategies depending

    on the life of the scheme. Need for liquidity arises after comparatively

    longer period, i.e. normally at the time of redemption.

    c) Interval Scheme:

    It is basically a close ended scheme with a peculiar feature that every

    year for a specific period (interval) it is made open. Prior to and after such

    specific interval the scheme operates as close ended. During the said period

    mutual fund is ready to buy or sell the units directly from or to the investors.

    In India as per SEBI (MF) regulations every mutual fund is free to

    launch any or both types of schemes including interval scheme. In the USA,

    UK and Canada close-ended funds are popular as investment companies/

    trust whereas open-ended funds are known as mutual funds. Such distraction

    is not made in Indian context. In those countries mutual funds are more

    popular than investment companies. Till 1994 mid, in India also close ended

    funds have been popular but later on investors preference for open-ended

    funds forced mutual funds to change their market product.

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    II.Return-Based Classification:

    To meet the diversified needs of investors, the mutual fund schemes

    are designed accordingly. Basically, all investments are made to earn good

    returns. Returns expected are in the form of regular dividends or capital

    appreciation ore combination of these two. In the light of this fact, mutual

    fund schemes can also be classified on the basis of returns.

    a) Income Funds:

    For investors who are more curious for regular returns, Income funds

    are floated. Their object is to maximize current income. Such funds

    distribute periodically the income earned by them. These funds can further

    be spitted up into two categories: those that target constant income at

    relatively low risk and those; that attempt to achieve the maximum income

    possible, even with the use of leverage. Obviously the higher the expected

    return, the higher the potential risk to the investment.

    b) Growth Funds:

    Such funds aim at appreciation in the value of the underlying

    investments through capital appreciation. Such funds invest in growth

    oriented securities which can appreciate in long run. Growth funds are also

    known as Nest eggs or long haul investments. An investor who selects such

    fund should be able to assume a higher than normal degree of risk.

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    c) Conservative Fund:

    The funds with a philosophy of all things to an issue offer document

    announcing objectives as: (1) to provide a reasonable rate of return, (2) to

    protect the value of investment and, (3) to achieve capital appreciation

    consistent with the fulfillment of the first two objectives. Such funds which

    offer a blend of all these features are known as conservative fund. These are

    also known as middle of the road funds. Such funds divide their portfolio in

    common stocks and bonds in a way to achieve the desired objectives. Such

    funds have been most popular and appeal to the investors who want both

    growth and income. Be splitted up into two categories: those that target

    constant income at relatively low risk and those; that attempt to achieve the

    maximum income possible, even with the use of leverage. Obviously the

    higher the expected return, the higher the potential risk to the investment.

    III. Balanced Fund:

    The funds which have in their portfolio a reasonable mix of equity and

    bonds are known as balanced funds. Such funds will put more emphasis on

    equity share investments when the outlook is bright and will tend to switch

    to debentures when the future is expected to be poor for shares, majority of

    funds fall in this category, of course, their mix proportion varies.

    IV. Sector-based Classification:

    There are number of funds that direct investing in a specified sector of

    an economy. While such funds do have the disadvantage of low

    diversification by putting all their eggs in one basket, the policy of

    specializing has the advantage of developing in the fund managers an

    intensive knowledge of the specific sector in which they are investing. The

    specialized sectors can be (i) gold and silver, (ii) real estate, (iii) specific

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    industry say oil and gas companies, (iv) off-shore investments, etc. There

    can also be funds of funds i.e. mutual funds investing in units of other

    mutual funds only.

    CONSTITUTION OF MUTUAL FUNDS:

    In the USA and UK, mutual funds and the unit trusts are governed by

    the Investment Act of 1940 in USA and by the Prevention of Frauds Act at

    U.K. There are normally three agencies to manage the show of mutual

    funds: first the Investment Adviser, second the agency collecting savings

    from prospective investors for a commission; and the third is a trustee which

    is either banking or insurance company. The investment adviser is

    accountable to the treeless for its operations and ultimately to the Securities

    Exchange Commission (SEC) in USA or to the Securities Investment Board

    (SIB) in UK. In India SEBI, in its regulations contemplated a four-tier

    system for managing the affairs of mutual funds ensuring arms length

    distance between the sponsor and the fund. The four constituents were the

    sponsoring company, the fund, the custodians and the Assets Management

    company.

    i) Sponsor:

    It refers to any corporate body which initiates the launching of a

    mutual fund. It is this agency which on its own or in collaboration with

    other body corporate comply the formalities of establishing a mutual fund.

    The sponsor should have a sound track record and experience in the relevant

    filed of financial services for a minimum period of 5 years. SEBI ensures

    that sponsors should have professional competence, financial soundness and

    general reputation of fairness and integrity in business transactions. Sponsor

    it to contribute at least 40 per cent of the net worth of the Asst Management

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    Company. It is the prerogative of the sponsor to appoint trustees, Assets

    Management Company and custodians as per the regulations. Sponsor is

    normally not responsible for any loss or shortfall resulting from the

    operations of any scheme of the fund beyond its initial contribution towards

    the constitution of trust fund.

    ii) Trustees:

    A mutual fund is to be constituted as Trust under Indian Trust Act and

    trustees are to look after the trust. A trustee is a person who holds the

    property of the mutual fund in trust for the benefit of the unit holders. A

    company is appointed as a trustee to manage the mutual fund with prior

    approval of SEBI. To ensure fair dealings, atleast 75 percent of the trustees

    are to be independent of the sponsors. Trustees take into their custody, or

    under their control all the property of the schemes of mutual fund. It is the

    duty of the trustees to provide information to unit holders as well as to SEBI

    about the mutual fund schemes. The trustees are to appoint Asset

    Management Company (AMC) to float the schemes. The trustees are to

    evolve Investment Management Agreement to be entered into with AMC. It

    is trustees duty to observe and ensure that AMC is managing schemes in

    accordance with the trust deed collection of any income due to be paid to the

    scheme. Trustees for their services are paid trusteeship fee which is to be

    specified in the trust deed. Trustees are to present annual report to the

    investors.

    iii) Custodians:

    In a mutual fund depending on its size there is substantial work

    involved for managing the scripts bought from and sold in the market. Their

    safe custody and ready availability is to be ensured. SEBI requires that each

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    mutual fund shall have a custodian who is not in any way associated with the

    Asset Management Company. Such custodian cannot act as sponsor or

    trustee of any mutual fund. Further, custodian is not permitted to act as a

    custodian of more than one mutual fund without the prior approval of SEBI.

    A custodian main assignment is safe keeping of the securities or

    participation in any clearing system on behalf of the client to effect

    deliveries of the securities. The custodian, depending on terms of

    agreement, also collects income/dividends on the securities. Some of other

    associated assignments of custodians are:

    Ensuring delivery of scripts only receipt of payment and payment only

    upon receipt of scripts

    Regular reconciliation of assets to accounting records.

    Timely resolution on discrepancies and failures.

    Securities are properly registered or recorded.

    Depending on the volume there can be co-custodian(s) for a mutual

    fund. These custodians are entitled to receive custodianship fee, based on

    the average weekly value of net assets or sale and purchase of securities

    along with per certificate custody charges.

    iv) Assets Management Company (Investment Manager):

    The sponsor or the trustees appoint an AMC to manage the affairs of

    the mutual fund. It is the AMC which operates all the schemes of the fund.

    Any AMC cannot act as a trustee of any other mutual fund. AMC can act as

    an AMC of only one mutual fund. AMC is not permitted to undertake any

    business activity except activities in the nature of management and advisory

    services to off shore funds, pension funds, provident funds, venture capital

    funds, management of insurance funds, financial consultancy and exchange

    of research on commercial basis, if these activates are not in conflict with

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    the activities of the mutual fund. It can also operate as an underwriter

    provided it gets registered under SEBI (Merchant Bankers) Regulations.

    To ensure efficient management, SEBI desires that existing AMC should

    have a sound track record (good net worth, dividend paying capacity and

    profitability, etc.) general reputation and fairness in transaction. The

    directors of AMC should be expert in relevant fields like portfolio

    management, investment analysis and financial administration because any

    AMC is basically involved in these three activities. An AMC is expected o

    operate independently. SEBI regulations require that atleast fifty percent of

    the directors should be those who do not have any association with sponsor

    or trustees. Its Chairman should be an independent person. To ensure stake

    of sponsors in the AMC, it is required that atleast 40 percent of its net worth

    is contributed by the former AMC, itself should be financially sound, should

    have a net worth of atleast Rs. 10 crores.

    Functions of AMC:

    It is not required that AMC performs all its functions on its own. It

    can hire service of outside agencies as per its requirements or perform all

    functions on its own. Some of such agencies are:

    1. Registrars and Transfer Agents may be assigned the job of receiving and

    processing the application forms of investors, issuing unit certificates,

    sending refund orders, according all transfers of units and maintaining all

    such records, repurchasing the units, redemption of units, issuing

    dividend or income warrants. For such services they are entitled to a fee

    which is in proportion to the number of unit-holders and number of approach

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    potential investors through meetings, exhibitions, contacts advertising,

    publicity, and sales promotion.

    2. Investment Advisory may be appointed by AMC if it can not cope up

    with its workload. Investment advisors analyze the market and securities

    and advise the AMC to design its investment strategies on a continuous

    basis. For their professional advice on funds investment, they are entitled

    to receive compensation normally based on the average weekly value of

    the funds net assets. Majority of Indian Mutual Funds have their own

    market analyses who design their investment strategies.

    3. Legal Advisors are also sometimes appointed to get legal guidance about

    planning and execution of different schemes. A group of advocates and

    solicitors may be appointed as level advisors. Their fee is no way

    associated with net assets of the fund but actual fee is paid to them as

    decided. Assets Management Company is also required to have an

    auditor, who is not an auditor of the mutual fund, to undertake

    independent inspection and verification of its accounting activities.

    REGULATORIES ON MUTUAL FUNDS

    The following authorities regulate Indian Mutual Fund industry,

    SEBI

    RBI

    Ministry of Finance

    Company Act

    Stock Exchange

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    Regulations of SEBI

    The primary authority for regulating Mutual Funds in India is SEBI. It

    requires all Mutual Funds to be registered with it. It outlined the broad

    framework of authorization process and selection criteria. SEBI regulations

    clearly states that all funds and schemes operational under them would be

    bound by their regulations. It has taken the following steps for the regulation

    of Mutual Funds,

    Formation Registration Documentation Code of Advertisements Assurance on returns Minimum corpus Institutionalization Investment of funds mobilized Investment in Money Markets Valuation of Assets Inspection

    Regulations of RBISome of the commercial banks in public sector have set up Mutual Funds

    and a few are in the process of setting them up. On an examination of the

    operations of the Mutual Funds already functioning, it was considered

    necessary to issue guideline as certain important aspects as indicated

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    below. It helps to orderly functioning and in the interest of ensuring

    investors confidence. They are,

    Constitution & Management Investment objectives and policies Prudential exposure ceiling limits Pricing policy Income distribution Statement of Accounts & Disclosure

    Regulations of Ministry of Finance

    The finance ministry is the supervisor of both the SEBI and the MF is also

    the appellate authority under SEBI regulations. Aggrieved parties can make

    appeals to the MoF on the SEBI rulings relating to Mutual Funds.

    Regulations of Stock Exchanges

    If a Mutual Fund has listed its schemes on Stock Exchanges, such listings

    are subjected to the listing regulations of Stock Exchanges. Mutual funds

    have to sign the listing agreement and abide by its provisions, which

    primarily deal with periodic notifications and disclosure of information

    that may impact the trading of listed units.

    Regulations of Companies Act 1956

    The AMC and the Trustee Company may be structured as limited

    companies, which come under the regulations of the Company Law

    Board (CLB). The provisions of the Companies Act, 1956, are applicable

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    to the company form of organizations. The CLB is the apex regulatory

    authority for companies. CLB is also the appellate authority for all issues

    relating to the Companies Act. Any grievance against the AMC or the

    Trustee Company can be addressed to the CLB for redressal. The

    Registrar of Companies (ROC) oversees the compliance by the AMC and

    trustee Company. Periodic reports and annual accounts have to be filed

    by these companies with the ROC. The Department of Company Affairs

    (DCA) is responsible for the formulation and modification of laws

    relating to companies, including the Indian Companies Act. The DCA

    also has the powers to prosecute directors for non-compliance with

    provisions of the Act.

    Testing & Certification

    AMFI (Association of Mutual Funds India) in association with NSE

    (National Stock Exchange) has developed a self-study and testing program

    for Mutual Fund employees and distributors to foster professional standards

    in their services. This helps the Mutual Fund industry to employ trained and

    certified professionals in the interest of investors. Mutual Funds can adopt

    certification of agents and distributors on voluntary basis.

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    GROWTH OF MUTUAL FUND INUSTRY IN INDIA

    The MF Industry in India originated in 1963 by way of establishment

    of Unit Trust of India (UTI) with the initiative of the Government of India

    and Reserve Bank of India. This has led to emergence of MFs as the most

    preferred investment vehicle. The Indian MF Industry has been growing

    but is still not big enough to make its presence felt.1 A thorough

    understanding of the growth process of MF Industry in India can be broadly

    divided into four distinct phases.

    PHASE 1 (1964-87)- ESTABLISHMENT OF UTI:

    Unit Trust of India (UTI) started its operations in 1963, with the

    enactment of UTI Act, in the Parliament. The then finance minister Mr. T.T.

    krishnamacharya who piloted the bill made it clear that UTI would provide

    an opportunity for the middle and lower income groups to acquire without

    much difficulty, property in the form of share . This institution is intended

    to cater mainly to the needs of Individual Investors, whose means are small

    UTI started its operations with the premier scheme, an open

    ended one, Unit Scheme 1964, popularly referred as US-64 on July 1 st 1964.

    In the very first year itself it could garner Rs. 24.67 crores. This scheme is

    an example of Load Fund Scheme along with CANCIGO and CANGILT.

    UTI came forward with a number of schemes in the first phase itself,

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    Due to the immense popularity of its US-64, UTI launched a reinvestment

    plan (automatic reinvestment of dividends to US-64 unit holders) in 1966-67

    and in 1971. One more popular scheme, Unit Linked Insurance plan (ULIP)

    was launched in 1971 which provided insurance benefits besides growth of

    investment.

    PHASE II (1987-93)-ENTRY OF PUBLIC SECTOR FUNDS:

    The monopoly of UTI came to an end in 1987, when the Government

    of India amended Banking Regulation Act to enable public sector banks to

    start subsidiaries to do MF business. Hence 1987 marked the entry of non

    UTI. The declining profitability forced commercial banks, particularly

    public sector banks, to for new avenues of income. As such they started

    opening of separate departments or setting up subsidiaries to do a variety of

    business. One of the such new avenues of income is MF.

    Public sector banks started set ting up of public sector MFs. The first

    public sector MF is SBI mutual fund. This was launched by the Sate Bank of

    India capital market Ltd.

    In November 1987, followed by Can Bank MF in December 1987, Punjab

    National Bank Mutual fund in November 1989, Bank of India in June 1990,

    India Bank Mutual Fund in November 1989, bank of India in June 1990, and

    Bank of Baroda MF in October 1992.

    It was for the first time an insurance company i.e. LIC entered into the

    field of MFs followed by GIC. The LIC MF was launched in June 1989 as a

    trust by LIC, while GIC had sets up its MF in December 1990.

    General insurance Corporation of India (GIC) is the second investment

    institution to mobilize the savings of the country.

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    During the II phase 9 MF Cos were set up by the public sector banks

    and 2 by the Investment Institutions i.e. LIC & GIC.

    The orderly growth of MF Industry to a greater extent was affected by

    the irregularities in securities and banking transactions popularly known as

    securities SCAM was unearthed in April 1992.

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

    The MF Industry has seen a major growth in the last decade. The

    amendment of Banking Regulation act during 1987 permitting the public

    sector banks and financial institutions to set up MFs has bought in

    significant changes. The government has subsequently allowed the private

    sector companies to enter in to the industry.

    This has led to a new era in Indian MF Industry with the entry of

    private sector funds in 1993. It has given a wider choice to Indian investors

    to choose different fund families. It was also important to make note that

    1993 was the year in which the first MF regulations came into being, under

    which MFs expect UTI, were to be registered and governed.

    The entry of primitive sector MFs injected certain character,

    changes and competitions to the MF industry. The first reason being that

    most of the private sector MFs had tie ups with foreign investment which

    facilities better research and investment analysis. The other reason being

    new & healthy trend created by private sector MFs providing information of

    NAV (Net Asset Value) more frequently for the benefit of the investor. It

    also led to improved discloser of necessary information to the investor for a

    less risky and more profitable investment decision.

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    PHASE IV (SINCE FEB 2003) BIFURCATION OF UTI:

    In February 2003, following the repel of the Unit Trust of India act

    1963, UTI was bifurcated into two separate entities. One is the specified

    undertaking of the UTI with assets under management (AUM) of Rs 29,835

    crores as at the end of January 2003, representing broadly, the assets of Us

    64 schemes, assured return on the certain other schemes. The specified

    undertaking of UTI, functioning under an administrator and under the rules

    framed by government of India does not come under the purview of the MF

    regulations.

    The second is the UTI MF, Ltd., sponsored by SBI, PNB, BOB and

    LIC. It is registered with SEBI and functions under the MF 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

    MF, conforming to the SEBI MF regulations and with recent mergers taking

    place among different private sector funds, the MF industry has entered

    current phase of consolidation and growth. As at the end of October 31,

    2003, there were 31 funds, which manage assets of Rs.126726 crores under

    386 schemes.

    GROWTH IN ASSETS UNDER MANAGEMENT

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    ANALYSIS

    Data analysis of the survey:

    The study to find awareness levels of Mahindra Finance mutual fund.

    Hence a survey was conducted by the researcher to understand the opinion,

    take suggestions and to get enough feed back in the city of Warangal.

    The survey was conducted among 100 consumers residing in andaround Warangal who belong to different segments and having different

    educational and occupational background. The data was collected through

    structure questionnaire.

    The following pages depict the information collected from the survey

    and is presented in an easy-to-understand tabular and graphs after a thorough

    analysis and study using statistical techniques. Each of the tables carries

    necessary explanation for understanding the use of the study and for

    gathering conclusions for the same.

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    0

    20

    40

    60

    80

    100

    Married Un married

    Table 1

    1. MARITAL STATUS

    StatusNo. of

    Respondents%

    Married 85 85%

    Unmarried 15 15%

    Total 100

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    S iz

    0

    10

    20

    30

    40

    50

    3 4 5 ab ove

    S iz

    From the above table it can be observed that 85% of the respondent married

    status of the Mahindra Finance Mutual Fund while 15% nos. of Mahindra

    Finance mutual fund has implemented good promotional strategies.

    Remaining does not have idea about mutual funds.

    Table 2

    2. FAMILY SIZE

    SizeNo. of

    Respondents%

    3 35 35%

    4 47 47%

    5 above 18 18%

    Total 100

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    Incom

    0

    10

    2030

    40

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    Saving

    0

    10

    2 0

    3 0

    4 0

    50

    6 0

    70

    B ank

    Deposits

    M utual F unds Po stal

    Deposits

    Life Insurance Shares

    Saving

    From the above table it can be observed that the high income groups are

    aware of mutual fund. Because they make investments and they can bear the

    risk the lower income groups cannot afford to make investment and take

    risk.

    Table 4

    4. SAVINGS AND INVESTMENT

    SavingsNo. of

    Respondents%

    Bank Deposits 15 15%

    Mutual Funds 16 16%

    Postal Deposits 4 4%

    Life Insurance 62 62%

    Shares 3 3%

    Total 100

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    Percenta

    0

    1020

    30

    40

    50

    60

    70

    80

    1 - 10% 11 - 20% 21 - abov e

    Percentag

    From the above table it can be observed that 62% of the respondent savings

    of the Mahindra Finance Mutual Fund while 16% nos. saving of Mahindra

    Finance mutual fund has implemented good promotional strategies.

    Remaining does not have idea about mutual funds.

    Table 5

    5. PERCENTAGES OF SAVINGS (OR) INVESTMENTPercentage

    No. of

    Respondents%

    1 10% 69 69%

    11 20% 22 22%

    21 - above 9 19%

    Total 100

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    Horizo

    0

    10

    20

    30

    40

    50

    1 y ear 1 - 3 years 3 years above

    Horizo

    From the above table it can be observed that 69% of the respondent

    percentage of the Mahindra Finance Mutual Fund while 22% and 9%

    no.s aware of Mahindra Finance mutual fund has implemented good promotional strategies. Remaining does not have idea about mutual

    funds.

    Table 6

    6. THE INVESTMENT HORIZON

    HorizonNo. of

    Respondents%

    1 year 30 30%

    1-3 years 30 30%

    3 years above 40 40%

    Total 100

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    Return

    0

    10

    20

    30

    40

    50

    60

    1 -10% 11 - 20% 20% abov e

    Return

    From the above table it can be observed that 40% of the respondent horizon

    of the Mahindra Finance Mutual Fund while 30% no.s aware of Mahindra

    Finance mutual fund has implemented good promotional strategies.

    Remaining does not have idea about mutual funds.

    Table 7

    7. EXPECTED RETURNS

    ReturnsNo. of

    Respondents%

    1 10% 32 32%

    11 20% 48 48%

    21 - above 20 20%

    Total 100

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    Any Inves

    020

    40

    60

    80

    YES NO

    Any Inves

    From the above table it can be observed that 48% of the respondentreturns of the Mahindra Finance Mutual Fund while 32% and 20% no.s

    aware of Mahindra Finance mutual fund have implemented good

    promotional strategies. Remaining does not have idea about mutual

    funds.

    Table 8

    8. DID YOU INVEST ANY MUTUAL FUN PRODUCT

    Any Invest No. of Respondents %

    YES 25 25%

    NO 75 75%

    Total 100

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    P roduct

    0

    5

    10

    15

    20

    25

    30

    3540

    45

    50

    ICIC I HDFC SBI Other (P lz

    Specify)

    P roduct

    From the above table it can be observed that 75% of the respondent any

    mutual fund of the Mahindra Finance Mutual Fund while 25% no.s aware

    of Mahindra Finance mutual fund has implemented good promotional

    strategies. Remaining does not have idea about mutual funds.

    Table 9

    9. IF YES WHAT THE PRODUCT

    ProductNo.of

    Respondents%

    ICICI 26 26%

    HDFC 46 46%

    SBI 18 18%

    Other (Plz Specify) 10 10%

    Total 100

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    Allocatio

    0

    10

    20

    3040

    50

    60

    70% equity 30%

    debt

    50% equity 50%

    debt

    30% equity 70%

    debt

    Allocatio

    From the above table it can be observed that 46% of the respondentproduct of the Mahindra Finance Mutual Fund while 10% no.s aware of

    Mahindra Finance mutual fund has implemented good promotional

    strategies. Remaining does not have idea about mutual funds.

    Table 10

    10. INVESTMENT ALLOCATION

    AllocationNo.of

    Respondents%

    70% equity 30%

    debt53 53%

    50% equity 50%

    debt37 37%

    30% equity 70%

    debt10 10%

    Total 100

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    P r e f

    0

    2 0

    4 0

    6 0

    8 0

    1 0 0

    O n e t im e t o In v e s t m e n tS y s t e m a t i c I n v e s t m e n t

    p l a n

    P r e f

    From the above table it can be observed that 53% of the respondent

    allocation of the Mahindra Finance Mutual Fund while 10% no.s aware

    of Mahindra Finance mutual fund has implemented good promotional

    strategies. Remaining does not have idea about mutual funds.

    Table 11

    11. HOW WOULD YOU PREFER TO INVEST

    PreferNo.of

    Respondents%

    One time to Investment 19 19%

    Systematic Investment

    plan

    81 81%

    Total 100

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    Reason

    0

    10

    20

    30

    4050

    60

    70

    Tax

    Planning

    Ear nin gs Sav in gs O th er ( Plz

    Specify)

    Reason

    From the above table it can be observed that 81% of the respondentprefers to invest of the Mahindra Finance Mutual Fund while 19% no.s

    aware of Mahindra Finance mutual fund has implemented good

    promotional strategies. Remaining does not have idea about mutual

    funds.

    Table 12

    12. TIC THE REASONS FOR TAKING THE MUTUAL FUND

    ReasonsNo.of

    Respondents%

    Tax planning 8 8%

    Earnings 25 25%

    Savings 63 63%Other (Plz Specify) 4 4%

    Total 100

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    Awarene

    020

    40

    60

    80

    100

    YES NO

    Awarene

    From the above table it can be observed that 63% of the respondent

    reasons of the Mahindra Finance Mutual Fund while 4% no.s aware of

    Mahindra Finance mutual fund has implemented good promotional

    strategies. Remaining does not have idea about mutual funds.

    Table 13

    13. DO YOU HAVE AWARENESS MAHINDRA FINANCE (Sin smart)

    AwarenessNo. of

    Respondents%

    Yes 16 16%

    No 84 84%

    Total 100

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    From the above table it can be observed that 84% of the respondent

    awareness of the Mahindra Finance Mutual Fund while 16% no.s aware

    of Mahindra Finance mutual fund has implemented good promotionalstrategies. Remaining does not have idea about mutual funds.

    SUMMARY

    The awareness about mutual funds is their, but a common man is unable to

    invest because of affordability. If the approach is changed, we can see better

    performance in the mutual fund sector in the present and future as well.

    More plans that suits middle and lower class people should be introduced.

    Study proves that recurring deposits investors who belong to the lower

    income group are major migrating into systematic investment plans. Mode

    on investment option in mutual funds recording significant growth in the

    mutual funds market.

    From the survey it can be noticed that many of the customers are aware of

    mutual funds as it became a good investment option and yielding good

    returns. Every AMC has opportunity to capture the market by improving its

    promotional strategies and make customers aware of their company.

    Many of the customers satisfied with the returns yielded through mutual

    funds. There has been major shift in investment from fixed deposits to

    mutual funds because of its liquidity and high yielding.

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    Suggestions

    1. Mahindra Finance should take care to inform in detail about their

    products to all segments, so that it can increase its market share and

    thus can become a leader.

    2. Along with creating awareness the company should also carry out

    good promotional activities like advertisements and directinteractions.

    3. The company should develop and maintain a very good relationship

    with the customers as the competition is increasing.

    4. The company should take steps to measure the effectiveness of the

    promotional activities and its effect on the brand image.

    5. There are several other individual who are willing to invest but

    waiting for the creative persuasive efforts of the agents, who are

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    known aspotential investors, the company should motivate the agents

    who are creative enough to make them customers.

    6. Creating awareness about the benefits of the available products.

    QUESTIONNAIRE

    Name :

    Designation : Phone number:

    Age : Address :

    1. Marital Status ( )

    A. Married B. Unmarried

    2. Family Size ( )

    A. 3 B. 4 C. 5above

    3. Annual incomes of respondents ( )

    < 60,000

    60,000 1,00,000

    1,00,000 -1,50,000

    1,50,000 -2,50,000

    2,50,000 -3,00,000above

    4. Savings and Investment ( )

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    Bank deposits

    Mutual funds

    Postal deposits

    Life insuranceShares

    5. Percentage of Savings or Investment ( )

    1-10% B.11-20% C.21above

    6. The Investment horizon ( )

    A. 1year B.1-3 years C. 3years above

    7. Expected returns ( )

    A. 1-10% B.11-20% C.20%above

    8. Did you invest in any mutual fund product ( )

    A. Yes B. No

    9. If yes what is the product ( )

    A. ICICI B.HDFC

    C. SBI D.Others (plz specify)

    10. Investment allocation ( )

    70%equity-30%debit

    50%equity-50%debit

    30%equity-70%debit

    11. How would you prefer to invest ( )

    One time to investmentSystematic investment plan

    12. Tick the reasons for taking the mutual fund ( )

    A. Tax planning B. Earnings

    C. Savings D.Others (plz specify)

    54

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    13. Do you have awareness Mahindra Finance (Fin smart) ( )

    A. Yes B. No

    14. If yes in which mutual fund you have investedThrough Mahindra Finance

    Please Specify______________________________

    BIBLIOGRAPHY

    TEXT BOOKS

    Philip Kotler (2002), Marketing Management Prentice Hall of

    India, New Delhi, Eleventh Edition.

    C.R.Kothari (2003), Research Methodology Wishwa Prakashan ,

    Mumbai.

    WEBSITES

    www.Mahindra finance .com

    www.mutualfund.com

    www.amfiiindia.com

    55

    http://www.mahindra/http://www.mahindra/

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