CHAPTER 1 1.

INTRODUCTION MUTUAL FUNDS: Mutual funds, as the name indicates is the fund where in numerous investors come together to invest in various schemes of mutual fund. Mutual funds are dynamic institution, which plays a crucial role in an economy by mobilizing savings and investing them in the capital market, thus establishing a link between savings and the capital market. A mutual fund is an institution that invests the pooled funds of public to create a diversified portfolio of securities. Pooling is the key to mutual fund investing. Each mutual fund has a specific investment objective and tries to meet that objective through active portfolio management. Mutual fund as an investment company combines or collects money of its shareholders and invests those funds in variety of stocks, bonds, and money market instruments. The latter include securities, commercial papers, certificates of deposits, etc. Mutual funds provide the investor with professional management of funds and diversification of investment. Investors who invest in mutual funds are provided with units to participate in stock markets. These units are investment vehicle that provide a means of participation in the stock market for people who have neither the time, nor the money, nor perhaps the expertise to undertake the direct investment in equities. On the other hand they also provide a route into specialist markets where direct investment often demands both more time and more knowledge than an investor may possess. The price of units in any mutual fund is governed by the value of underlying securities. The value of an investors holding in a unit can therefore, like an investment in share, can go down as well as up. Hence it is said that mutual funds are subjected to market risk. Mutual fund cannot guarantee a fixed rate of return. It depends on the market condition. If the particular scheme is performing well then more return can be expected.

It also depends on the fund manager expertise knowledge. It is also seen that people invest in particular funds depending on who the fund manager is. 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 schemes are shared by its unit holders in proportion to the number of units owned by them. Mutual Fund Operation Flow Chart

Thus a mutual fund is the most suitable investment for the common person as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. Since small investors generally do not have adequate time, knowledge, experience & resources for directly accessing the capital market, they have to rely on an intermediary, which undertakes informed investment decisions & provides consequential benefits of professional expertise. A collected corpus can be used to procure a diversified portfolio indicating greater returns has also create economies of scale through cost reduction. This principle has been effective worldwide as more & more investors are going the mutual 2

fund way. This portfolio diversification ensures risk minimization. The criticality such a measure comes in when you factor in the fluctuations that characterize stock markets. The interest of the investors is protected by the SEBI, which acts as a watchdog. Mutual funds are governed by SEBI (Mutual Funds) regulations, 1996.

ORGANISATION OF A MUTUAL FUND There are many entities involved and the diagram below illustrates the organizational set up of a mutual fund:

Mutual funds have a unique structure not shared with other entities such as companies of firms. It is important for employees & agents to be aware of the special nature of this structure, because it determines the rights & responsibilities of the funds constituents viz., sponsors, trustees, custodians, transfer agents & of course, the fund & the Asset Management Company(AMC) the legal structure also drives the interrelationships between these constituents.

The structure of the mutual fund India is governed by the SEBI (Mutual Funds) regulations, 1996. These regulations make it mandatory for mutual funds to have a structure of sponsor, trustee, AMC, custodian. The sponsor is the promoter of the mutual fund, & appoints the trustees. The trustees are responsible to the investors in the mutual fund, & appoint the AMC for managing the investment portfolio. The AMC is the business face of the mutual fund, as it manages all affairs of the mutual fund. The mutual fund & the AMC have to be registered with SEBI. Custodian, who is also registered with SEBI, holds the securities of various schemes of the fund in its custody.

Sponsor: The sponsor is the promoter of the mutual fund. The sponsor establishes the

Mutual fund & registers the same with SEBI. He appoints the trustees, Custodians & the AMC with prior approval of SEBI, & in accordance with SEBI regulations. He must have at least five year track record of business interest in the financial markets. Sponsor must have been profit making in at least three of the above five years. He must contribute at least 40% of the capital of the AMC.

Trustees: A Board of Trustees a body of individuals, or a trust company a corporate

body, may manage the Trust. Board of Trustees manages most of the funds in India. The Trust is created through a document called the Trust Deed that is executed by the Fund Sponsor in favors of the trustees. They are the primary guardian of the unit holders funds and assets. They ensure that AMCs operations are along professional lines.

Custodian: An agency that keeps custody of the securities that are bought by the mutual

fund manager under the various schemes is called the custodians. They ensure safe custody and ready availability of scrips. According to SEBI norms, the custodian who is so appointed should in no way be associated with the AMC and cannot act as 4

sponsor or trustee to any mutual fund. A custodian is supposed to act only for a single mutual funds unless otherwise approved by SEBI.

Asset management company (AMC): The investment manager of a mutual fund is technically known as the Asset

Management Company, and is appointed by the sponsor or the trustees. The AMC manager the affairs of the mutual fund. The transfer agent is contracted by the AMC and is responsible for maintain the register of investor/unit holders and everyday is to collect data from distributors relating to daily purchase and redemption of units.

1.1 INDUSTRY PROFILE SHARE MARKET: The trading on stock exchanges in India used to take place through open outcry without use of information technology for immediate matching or recording of trades. This was time consuming and inefficient. This imposed limits on trading volumes and efficiency. In order to provide efficiency, liquidity and transparency, NSE introduced a nation-wide on-line fully automated screen based trading system where a member can punch into the computer quantities of securities and the prices at which he likes to transact and the transaction is executed as soon as it finds a matching sale or buy order from a counter party. Screen based electronic system electronically matches orders on a strict price/time priority and hence cuts down on time, cost and risk of error, as well as on fraud resulting in improved operational efficiency. It allows faster incorporation of price sensitive information into prevailing prices, thus increasing the informational efficiency of markets. It enables market participants, irrespective of their geographical locations, to trade with one another simultaneous, improving the depth and liquidity of the market. It provides full anonymity by accepting orders, big or small, from members without revealing their identity, thus providing equal access to everybody. It also provides a perfect audit trial, which helps to resolve disputes by logging in the trade execution process entirety. Now dematerialization of shares is introduced a new concept which converts paper based physical trading into electronic trading. It is a safe and convenient way to hold securities. Screen based trading system helps in faster transfer of securities and no stamp duty is required on transfer of securities.

Commodity: No balance sheet, P&L statement, EBITDA and reading between the lines. Commodity trading is about the simple economics of supply and demand. Supports are known, only resistance matters! Minimum support price acts as a statutory support for many commodities. No Dollar-Rupee premiums/discounts. No hedging on the NYMEX. Indian commodity derivatives hedge both forex and commodity specific

risk, at a single cost. No brainstorming over market direction. Seasonality patterns quiet often provide a clue to both short-term and long-term players. No scam, no price rigging. Commodity trading comes with no insider trading information and company specific risk. Multi Commodity Exchange (MCX): Multi Commodity Exchange (MCX) is an independent commodity exchange based in India. It was established in 2003 and is based in Mumbai. The turnover of the exchange for the fiscal year 2009 was US$ 1.24 trillion, and in terms of contracts traded, it was in 2009 the world's sixth largest commodity exchange. MCX offers futures trading in bullion, ferrous and non-ferrous metals, energy, and a number of agricultural commodities (mentha oil, cardamom, potatoes, palm oil and others). It is regulated by the Forward Markets Commission. MCX is India's No. 1 commodity exchange with 83% market share in 2009 The exchange's main competitor is National Commodity & Derivatives Exchange Ltd Globally, MCX ranks no. 1 in silver, no. 2 in natural gas, no. 3 in crude oil and gold in futures trading The highest traded item is gold. MCX has several strategic alliances with leading exchanges across the globe As of early 2010, the normal daily turnover of MCX was about US$ 6 to 8 billion MCX now reaches out to about 800 cities and towns in India with the help of about 126,000 trading terminals. MCX COMDEX is India's first and only composite commodity futures price index
METAL FIBER SPICES PULSES OIL&OIL SEEDS BULLION ENERGY PLANTATIONS PETROCHEMICALS CEREALS

Table: List of Commodities 7

National Commodity and Derivatives Exchange (NCDEX): National Commodity & Derivatives Exchange Limited (NCDEX) is an online commodity exchange based in India. It was incorporated as a private limited company incorporated on 23 April 2003 under the Companies Act, 1956. It obtained its Certificate for Commencement of Business on 9 May 2003. It has commenced its operations on 15 December 2003. NCDEX is a closely held private company which is promoted by national level institutions and has an independent Board of Directors and professionals not having vested interest in commodity markets. Mutual funds: A mutual fund is a professionally managed type of collective investment that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities. Advantages of Mutual Funds Mutual funds have advantages compared to direct investing in individual securities. These include: Increased diversification Daily liquidity Professional investment management Ability to participate in investments that may be available only to larger

investors Service and convenience Government oversight Ease of comparison

Disadvantages of Mutual Funds Mutual funds have disadvantages as well, which include. Fees 8

Less control over timing of recognition of gains Less predictable income No opportunity to customize

Types of Mutual Funds: Open-end funds Closed-end funds Unit investment trusts Exchange-traded funds

Investments and Classifications: Growth schemes Income schemes Balance schemes Money Market and Liquid schemes Tax saving schemes Guilt Funds Bond funds Stock or equity funds

Mutual Funds Expenses: Distribution charges Front-end load or sales charge Back-end load No-load funds Management fee Other fund expenses Shareholder transaction fees Securities transaction fees Expense ratio Controversy 9

1.2 COMPANY PROFILE

ABOUT CD EQUISEARCH

CD EQUISEARCH is one of the leading brokerage houses with a strong presence in the institutional and HNI broking segment with over 30 years of experience, you could be sure of the best in class research, operations, backend support and above all, a name which inspires trust. At CD EQUISEARCH, the emphasis is on transparent and clean dealings. This has earned us our clients' goodwill. This quality has stood the test of time and has helped us secure business from all quarters.

At CD EQUISEARCH, people are not weighed down by tradition. Rather, we are inspired by the rich heritage of the company. Here, business is conducted by building long term relationships with our clients and associates by laying emphasis on ethical and clean dealings. Here, people practice the gentle art of finance with professionalism, skill and transparency. At CD EQUISEARCH, we do business quietly. Continued growth which is so essential in todays fast paced and ever changing capital market has been a constant feature at CD EQUISEARCH. With an eye on the future and in keeping with the changing times, we at CD EQUISEARCH have earned the investor's goodwill our most important asset, over the years.

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After having a track record of servicing Institutions and HNIs for over 3 decades, we are planning to foray into the growing retail segment in a big way. We would be expanding across the geography with a wide network of our regional offices, branches, franchisees and sub-brokers. We would be offering a complete basket in financial services. We are looking at ourselves amongst one of the top ten broking houses in India by 2014 . To achieve that, we have very aggressive plans of expansion. E-broking Investment Advisory Wealth Management Services Portfolio Management services Commodities CD EQUISEARCH has been awarded the prestigious Major Volume Driver award consecutively for 2 years (2005 & 2006) by BSE. VISION CD EQUISEARCH is passionate about providing friendly customer services on the greens of the investing world. Following the highest standards of ethics is entrenched in the DNA of CD EQUISEARCH.

At CD EQUISEARCH, the selection and recommendations of wealth creating opportunities are primarily based on the 3C principle:

Conservation of capital Consistent growth in value of investment over a period of time Continual cash inflow through handsome dividends

MISSION TRUST TRANSPERANCY THOUGHT LEADERSHIP

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CD EQUISEARCHS DEALING

CD provides one of the best and most seamless offline and online trading solution in the broking industry along with a 24 X 7 web enabled back office; giving access to multiple exchanges and trading instruments like BSE cash, NSE cash, F & O, Commodities MCX, NCDEX. The other facilities provided to the clients are Multiple exchanges on a single screen Intra-day calls and Flash news Historical Tables with Technical tools Straming quotes 24 X 7 back office Online transfer of funds Privacy in trading

COMMODITIES Indian markets have recently thrown open a new avenue for retail investors and traders to participate commodity derivatives. For those who want to diversify their portfolios beyond shares, bonds and real estate, commodities is one of the best options.

CURRENCY DERIVATIVES RBI has permitted futures on the USD-INR rates. We offer trading facilities to investors on the Currency derivatives segment of the NSE.

INVESTMENT ADVISORY Taking investment decisions without expert advice is like treating ailment without the help of doctor. To derive optimum returns from equity as an asset class needs professional guidance and advice.

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BENEFITS: Expert advice: Our expert investment advisors at our various branches will provide a much needed assistance in designing and monitoring portfolios.

Timely Entry & Exit: Profit booking from a stock is equally important as choosing a right stock. Our advisors will regularly monitor your investments and will guide you to book timely profits.

De-Risking Portfolio: A diversified portfolio of stocks is always better than having concentration in only one or two stocks. Our advisors will diversify the portfolio in growth oriented sectors and stocks based on our research.

PORTFOLIO MANAGEMENT SERVICES The desire to grow money is a natural instinct. But as simple as the desire is, the process to do so is just as complex. Just as art is the culmination of talent and experience in an artist, so also growing money depends on the natural instinct and experience of financial masters. Equity as an asset class has outperformed other investment options over a longer period of time in almost all countries. Hence prudent investors allocate sizable part of their savings to this asset class. Indian stock market represented by the Sensex has yielded a return of 17% in the last 20 years. Going forward this growth rate is going to be maintained consistently. Therefore equity as an asset class remains the best option for both, beating inflation and building wealth in Future.

PHILOSOPHY CDs investment philosophy is based on two key attributes; Wealth creation Wealth preservation

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Wealth Creation Having money work for you Having others work for you You working for your money

Wealth Preservation As wealth grows, your focus may shift to striking a balance between asset creation and preservation. Wealth preservation also applies to your day to day financial life which includes managing your cash flow and overall risk management.

Benefits Understanding Risk Utmost importance is given to understand the risk profile of the investor. Periodic evaluation of the model portfolio is carried out and market movements are cashed upon.

Administrative convenience: CD focuses on providing hassle free administrative / operational support & customized service. Transparency: Regular statements and updates from us, as well as online access.

Regular Analysis and Monitoring: Investments undergo regular monitoring and analysis to check any deviation from the structured goal ensuring creation of wealth over a period of time.

M - CONNECT CD MConnect is a mobile application developed by CD EQUISEARCH for its users to explore the complete Stock market spectrum on mobile phone. It is a value added service which will enable the users to access Market information: Equity, F&O, Commodity and MF on Mobile Phone.

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CD M-Connect supports all JAVA enabled GSM and Black Berry handsets having GPRS connectivity. Available for CD and Non CD Clients. Access Market News / Analyses 24x7 on Mobile. CD Clients will have the advantage to access their BackOffice data on Mobile Phone. Real time Equity, F&O, Commodities and MF rates on a single platform.

Set Watch list for Equity, F/O and Commodity and track your favorite stocks. Rates Refresh Option available for all Watchlist. User-friendly interface for easy navigation. Stock Updates and Market Stats on your Mobile CDs Product and Services details available. Easy & free to download. View Top 10 Local and Global indices. Non CD Clients Can Sign up directly from their Mobile Phones through Non CD Client Sign Up link.

SMS SERVICES Types of SMS services: Trade confirmation SMS Equity Trade confirmation SMS Commodity Weekly Ledger Payin Auction SMS Welcome SMS Welcome Kit SMS Password Reset Pro-Active SMS Services Sent from CD EQUISEARCH to its clients.

This SMS are sent to the clients daily b/w 5 pm to 7 pm who have traded in NSE, BSE and NSEFO. This SMS are sent to the clients daily b/w 9 am to 9:30 am who have traded in MCX and NCDEX on previous day. Client has to subscribe for Weekly Ledger only once by sending SMS WLED to 5757587. He will receive SMS every Saturday for his Ledger Balance as per his Back Office details.

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The SMS is sent daily to the client. It contains the details like Settlement No, Exchange Name, Scrip Name, Qty and Rate at which the scrip were auctioned. The SMS is sent daily to the clients whose account is activated on previous day. It contains details like his Client Code, Branch Name and Tag. The SMS is sent to the client when the Welcome Kit is dispatched from CSO. The client can reset his Back Office password through SMS Services from CD

Linking of bank accounts for fund transfer Below are the various banks which are been having a link 1. ICICI Bank 2. Axis Bank 3. YES Bank 4. HDFC Bank 5. Karnataka Bank 6. Corporation Bank 7. Union Bank of India 8. South Indian Bank 9. Bank of Rajasthan 10. Oriental Bank of Commerce 11. Vijaya Bank 12. Bank of India

Services Offered - Electronic Payment We can now make electronic payment to our clients using the RTGS / NEFT mode. Once registration is done, all payments from CD to the client would go by default as a direct credit in to the registered bank account whether the payout is marked by client, sub broker or branch. This facility is available in all bank branches which are enabled for RTGS / NEFT facility. Facility of direct bank credit in any bank that the client has his/her account. Reduced time of credit clearing time eliminated. Client need not go to the bank to deposit payout cheques. 16

Services Offered - E Chopada Your Personal Wealth Accountant E-Chopda (Personal Wealth Accountant) is a Value added Wealth Management Application tendered by CD EQUISEARCH to its clients for managing their Wealth. Single platform for managing all types of Assets & Liabilities like Equity, MF, Bank, Loan, Insurance, etc. Investments done through 'CD' are automatically updated in the application. Facility to record any Income, expenses and any other Investments made outside 'CD'. Once the information is feeded in the systems it automatically accounts for the same and generates Trial balance, Profit n Loss A/c, Balance sheets & Tax returns for the running accounting year. Graphical representation of assets for better understanding and comparison. Integrated Calculators, Simple Accounting Application and Income Tax application. Upload facility available for Banks Statements and Contract Notes. Client can work both online and offline and can get details of Latest Market Rates, NAV, News, Master data on connecting to Internet. Print, Export to Excel/ Pdf functionality and Automatic Version Upgrade available. Services Offered NRI Non- Resident Indian [NRI] means a 'person resident outside India' who is a citizen of India by virtue of constitution of INDIA. NRI service desk for Personalized assistance to NRI / PIO clients Dedicated Offline Equity Dealing desk Online Equity Trading Platforms Depository Services 24*7 BackOffice NRI Investment Advisory desk Portfolio Investment Services IPO & Mutual Fund Advisory Services Mutual Funds Insurance and Personal Loan solutions Support for Banking PIS accounts Pan Card assistance. Only Cash market delivery based transactions allowed for NRI / PIO clients 17

Intraday / Derivatives FnO & Currency / Commodities Services Offered - Prepaid Broking

PRE-PAID BROKERAGE: Pre-paid brokerage is a scheme where we are selling brokerage vouchers to our prospective clients by giving them special brokerage rate with a time validity in-turn taking commitment of absolute brokerage amount from them.

MANAGEMENT:

Chairman Mr. Chandravadan Desai, the Chairman of CD EQUISEARCH, brings with him more than 30 years of experience in the capital market and provides the strategic vision and leadership behind the organization. He laid the founding stone of the business in 1972 and has steered the firm a long way with his drive, enthusiasm, and enduring pursuit of excellence. His focus is to build upon the companys key strength creating wealth for its clients while maintaining highest standards of ethics. Mr. Desai is a director of numerous distinguished companies and a member of executive committees of various Chambers of Commerce. He has always been committed to various social causes and is a founder trustee of many philanthropic trusts.

Director Mr. Pranay Desai, Director of CD EQUISEARCH guides and drives the organization focusing on the tradition of creating wealth for its clients in the most ethical manner. Bachelor Degree in Business Management from Boston College, Massachusetts (USA) and a Master in Business Administration with specialization in Finance from University of Miami, Florida (USA) help Mr. Desai to focus on Finance and Capital Markets, having already demonstrated sound leadership skills while serving as the President of MBA Finance Club and the MBA International Business Club of his university. Mr. Desai brings together a new strategic vision and dynamism which will serve the organization in taking it to the next level. 18

COO Mr. Vikash Kalani is the COO of the company. He is an MBA from Mumbai University and possesses more than 10 years of experience in Management Consultancy and Financial Services. Prior to joining CD EQUISEARCH, he has worked in senior positions in organizations like Anand Rathi Securities and Kantilal Chhaganlal Securities.

CFO Mr. Jayesh Vora is the CFO of the company. He is a Chartered Accountant by profession, possesses more than 10 years of experience in the field of capital market. His area of expertise among other things includes finance, risk management & statutory compliances. He provides guidance & coordination in financial, fiscal, accounting & budgeting efforts of the company.

Director (Group Companies) Mr. Nilesh Vasa is a Chartered Accountant by profession and holds a Masters degree in Management from Indian Institute of Management, Ahmedabad (IIM-A). He possesses two decades of experience of working with leading financial institutions like Industrial Development Bank of India, Reliance Capital and JM Morgan Stanley. He heads the Private Client Group of the Kolkata Regional office.

MANAGEMENT TEAM Mr. Hussain Sheriff Mr. Mahimai Raj Mr. Thulasi Raman Mr. Loganathan Mr. Krishna Kumar - Assistant Vice President - Cluster Manager - Branch Manager - Team Manager - Relationship manager

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COMPETITORS ABN AMRO Mutual Fund , BIRLA SUN LIFE Mutual Fund FRANKLIN TEMPLETON Mutual Fund HDFC Mutual Fund HSBC Mutual Fund KOTAK MAHINDRA Mutual Fund LIC mutual fund Morgan Stanley Mutual Fund Principal Mutual Fund Prudential ICICI Mutual Fund Sahara Mutual Fund SBI Mutual Fund Sundaram Mutual Fund Tata Mutual Fund UTI Mutual Fund

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1.1 PRODUCT PROFILE

PRODUCTS: Equities CD provides research based investment advisory and broking services through its memberships with BSE and NSE. Products include: NSE and BSE cash

Intraday Delivery Advisory

Derivatives CD encourages you to hedge your risks in the capital markets by resorting to smart derivative strategies and provides you the means to execute them.

Online Broking Depository Participant To serve you in the most efficient way, CD provides depository services linked to your trading account. These services can also be availed of independent of the trading account.

Structured Products At CD, we understand that your investment needs are different from others. Our customized Structured Products would help you meet your investment objectives.

Mutual Funds Investing in Mutual Funds is one of the most sensible routes to utilize the best fundmanagement talents available in the country. CD offers guidance to pick and deliver the best in this class 21

. Life Insurance We have partnered with Kotak Life Insurance as a corporate agent. Our team of relationship managers would help you choose the right kind of insurance product for you based on your requirements and investment objectives.

Distribution of IPO/ FPO We provide advisory and infrastructure support to help you invest better and also take advantage through investment in IPOs.

Alternate Investment Bonds

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1.3 OBJECTIVES OF STUDY:

PRIMARY OBJECTIVES: To study customer perception on MUTUAL FUND among customer in CD EQUISEARCH PVT LTD.

SECONDARY OBJECTIVES: To analyze the interest of people investing in MUTUAL FUNDS. To identify the basis on which CD EQUISEARCH PVT LTD mutual fund s are opted by the investors. To identify how long years the investors are investing in CD EQUISEARCH PVT LTD. To identify investors experience with mutual fund in CD EQUISEARCH PVT LTD. To identify whether the investor will invest in future in CD EQUISEARCH PVT LTD.

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1.4 NEED FOR THE STUDY: This helps to know in details about mutual fund right from its inception stage, growth and future prospects. To identify the preference of schemes by investors. It also helps in understanding different investment schemes followed by investors. Helps to take decisions on the measures that are to be initiated to improve the performance of the company. Is used to evaluate SWOT (strength, weakness, opportunity and threat) of the market. To analyze the needs and expectations of potential investors. To achieve investor satisfaction and investor retention.

1.5 SCOPE OF THE STUDY The study was conducted with the investors of CD EQUISEARCH PVT LTD. The study helps us to analyze the perception of MUTUAL FUND among people. The study helps the company to get the information from the investors on various parameters to improve their services This study helps to know the investors expectations and opinions The company can get more ideas about themselves which can be the basis for improving their performance The study tries to find out the existing potential scale of various schemes of mutual funds.

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1.6 LIMITATIONS OF THE STUDY:

Every work has its own limitation. Limitations are extent to which the process should not exceed. Limitations of this project are:-

1. Duration of Project was not enough to make a conclusion on such a vast subject time Constraint has become a big limitation.

2. The Sample Size being taken for drawing a conclusion was too small to get an accurate result.

3. Changing the Mentality of people for investing in a particular Financial Product is a very difficult task.

All the above mentioned statements are the limitations of the project, Time, Sample Size & Mentality of investor are the main limitations of the project. The study is being done by taking and keeping all the limitations in mind. The project is completed in prescribed time. To find the Awareness of Mutual Fund the Sample Size is not at all enough because the population size is much bigger than the sample size and the last limitation was to change the mentality of the investor to invest in a particular type of the Investment Product. As the Indian Market have a large number of potential customer to draw a conclusion in such a small size may not be reliable.

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CHAPTER 2 2. REVIEW OF LITERATURE 2.1. THEORITICAL REVIEW

Structure of Mutual Fund

Mutual fund is a mechanism for pooling the investment, made by the investors, in stock market, securities, shares and debentures as disclosed in offer document and issuing units to the investors. Units are issued to the investors in accordance with quantum of money invested by them. Investors of Mutual funds are known as Unit Holders.

Figure 1.1

As investments are spread across a wide cross-section of industries and sectors, the risk are reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time.

The profits or losses are shared by investors in proportion to their investments. The Mutual funds normally come out with a number of schemes with different investment objectives which are launched from time to time. A mutual fund is required to be registered with Securities and Exchanges Board of India (SEBI) which regulates securities markets before it can collect funds from the public. 26

ONE CAN MAKE MONEY FROM MUTUAL FUND IN THREE WAYS: Income is earned from dividends and interest on bonds. A fund pays out nearly all income it receives over the year to fund owners in the form of a distribution. If the fund sell securities that have increased in price, the fund have a capital gain most fund also pass on this gain to investor in a distribution. If fund holding increases in price but are not sold by the fund manager, the fund shares increase in price. One can sell then this mutual fund shares the profit.

Net Asset Value Following are the regulatory requirements and accounting definitions laid down by SEBI: NAV = Net Asset of the Scheme / Number of Units Outstanding = MVL+ REC+ AI+ Asset AE Pay Lia No .of Units Outstanding as at the NAV date

MVL: Market value of Investment REC: Receivables AI: Other Accrued Income Asset: Other Assets (Dividend yet to be received) AE: Accrued Expense Pay: Other Payables Lia: Other Liabilities (Custodian and Management Fees)

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Funds NAV is affected by: Purchase or Sale of Investors Securities. Valuation of all Investment Securities. Other Assets and Liabilities. Units Sold or Redeemed.

Classification of Mutual Fund Open Ended Funds: These funds have units available for sale and repurchase at all time. An investor can buy or redeem the units at price based on NAV per Unit. Close Ended Funds: These funds dont have units available for sale and repurchase at all time. It allows only one-time sale of a fixed number of units. However, to provide liquidity to investors many close-ended funds get listed on a Stock Exchange(s).

Load Funds: Fund Manager made charges to the investors to cover distribution/ sales/marketing expenses. These charges ar e called loads. If load amount is charged over a period of time, it is called a Deferred Load. Some funds charge different amount of load to the investors depending on number of years the investors have stayed with funds. Such charges are called Contingent Deferred Sale Charge.

No-Load Funds: Funds which make no charges or load for sales expenses are called as No Load Funds.

TYPES OF MUTUAL FUNDS: Mutual Funds have specific investment objectives such as growth of capital, safety of principal current income or tax exempt income, one can select one fund or

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any number of different funds to help one meets ones specific goals. In general mutual fund fall under 3 general categories: Equity fund invest in shares of common stocks. Fixed income funds invest in government or corporate securities which offer fixed rate of returns. Balanced fund invest in a combination of both stocks and bonds.

AGGRESSIVE GROWTH FUNDS: These funds seek to provide maximum growth of capital with secondary emphasis on dividend or interest income. They invest in common stocks with a high potential for rapid growth and capital appreciation. Aggressive growth funds are suitable for those investors who can afford to assume the risk of potential loss in value of their investment in the hope of achieving substantial and rapid gains. They are not suitable for investors who must conserve their principal or who must maximize their current income.

GROWTH FUNDS: Like aggressive growth funds, growth fund generally invests in stocks for growth rather than income. They are considered more conservative in their approach because they usually invest in established companies to achieve long-term growth. Growth fund provides low current income but the investor principal is more stable then it would be in an aggressive growth fund. While the growth potential may be less over the short term, many growth funds have superior long-term performance records. These funds are suitable for growth oriented investors but not investors who are unable to assume risk or who are dependent on maximizing current income from there investments.

GROWTH AND INCOME FUNDS: Growth and income funds seek long-term growth of capital as well as current income. The investments strategies use to reach these goals vary among funds. 29

Growth and income funds have low to moderate stability of principal and moderate potential for current income and growth. They are suitable for investors who can assume some risk to achieve growth of capital but want to maintain a moderate level of current income.

FIXED INCOME FUNDS: The goal of fixed income fund is to provide high current income consistent with the level of capital. Growth of capital is of secondary importance. Fixed income funds offer a higher level of current income than money market funds, but a lower stability of principal. Fixed income funds are suitable for investors who want to maximize current income and who can assume a degree of capital risk in order to do so.

EQUITY FUNDS: Funds that invest in stocks represent the largest category of mutual fund. Generally the investment objective of this class of fund is long-term capital growth with some income. There are however many type of equity funds.

BALANCED FUNDS: The Balanced funds aims to provide both growth and income. These funds invest in both shares and fixed income securities in the proportion indicated in their offer documents. It is an idea for investors who are looking for the combinations of income and moderate growth.

MONEY MARKET FUNDS/ LIQUID FUNDS: For the cautious investors these funds provide a very high stability of principal while seeking a moderate to high current income. They invest in highly liquid; virtually risk free, short-term debt securities of agencies of the Indian government, banks and corporation and treasury bills. Because of their short-term investments, money market mutual funds are able to keep a virtually constant unit price; only the yield fluctuates. 30

Money market funds are suitable for those investors who want high stability of principal and current income with immediate liquidity.

SPECIALITY / SECTOR FUNDS: These funds invest in securities of a specific industry or sector of the economy such as health care, technology, leisure, utilities or precious metals. The funds enable investor to diversify holding among many companies within an industry, a more conservative approach than investing directly in one particular company. Sector funds offer a opportunity for sharp capital gains in cases where the funds industry is in favor but also entail the risk of capital losses when the industry is out of favor. While sectors funds restrict holdings to a particular industry, other specialty funds such as index funds gives investors a broadly diversified portfolio and attempt to mirror the performance of various market averages.

2.1.1 Pros and corns of mutual fund Advantages of Mutual funds Diversified portfolio of investments: As the investments are made in various stocks of different companies, Professional Management: Fund Managers and his/her team of highly qualified professional looks at all perspectives before committing to an investment decision. This sort of specialist knowledge is available to the small retail investor through the MF route. Market Linked Return: Many schemes offered by mutual funds help investors to gain return better than the market. Diversification of Risk: Diversification reduces the risk of exposure to one or two shares or debentures or other instruments. Reduction in Transaction Cost: A direct investors bears all costs of investing such as brokerage or custody of securities. Investing via Mutual Fund help investors to reduce the cost as larger volumes are involved

31

Liquidity: An MF investor can invest and disinvest at will, irrespective of market conditions. In case of shares or bonds its very difficult to sell them unless and until a buyer is there. Mutual Funds give the option of liquidity. The units of an open ended scheme can be redeemed at any working day.

Convenience and Flexibility: Various options of Systematic Investment Plan, Systematic Withdrawal Plan and Systematic Transfer Plan are designed for the convenience of the investors.

Disadvantages of Mutual Fund

No Control over Costs: A Mutual Fund Investor has to pay management fees, fund distribution cost to the Mutual Fund. This cost is not incurred in direct investing. But this cost is less than the cost of direct investing by the investor.

No Tailor-made Portfolios: Investors investing in Mutual Fund gives the rights to Fund Manager securities. W h i l e i n v e s t i n g d i r e c t l y, i n v e s t o r s c a n b u i l d t h e r e o w n p o r t f o l i o However, today mutual fund are offering families of schemes. Investors can choose from different investment plans construct a portfolio of his choice. to build the portfolio of shares, bonds and other

Managing a Portfolio of Funds: Due to presence of large number of funds availability in the market, investor needs some advice to select a fund to achieve his objective

32

2.1.2. MUTUAL FUND INDUSTRY IN INDIA

Mutual Funds in India

UTI

Private sector

Public

JVs with foreign Partners Birla Sun Capital Prudential ICICI Alliance Capital Kothari Pioneer

Foreign Houses

Indian Houses

Templeton Alliance Morgan Stanley

TATA JM CD EQUISEARCH

Banks SBI CANARA PNB BOI etc.

Institutions GIC LIC etc.

Figure 1.3

33

THE RISK RETURNS GRAPHS FOR VARIOUS FUNDS:-

Sector Funds R E T U R N S Equity Funds Balanced Funds Income Funds Liquid Funds

RISK Figure 1.4 The above Graph shows the Risk and Returns generated by different Funds. Liquid Funds are less Risky and also generate less Returns where as Sector Funds are more Risky but generate more Returns by the example of above two Funds it is clear that Risk and Returns are directly proportional to each other. Other Funds like Equity Funds, Balanced Funds and Income Funds are also gives the same percentage of Returns as the Risk involved.

REGULATORY ASPECT: Schemes of mutual funds: The Asset management company shall launch no schemes unless the trustees approve such scheme and a copy of the offer has been filed with the Board. Every mutual fund shall along with the offer documents of each scheme pay filing fees. The offer document shall contain disclosures which are adequate in order to enable the investors to make informed investment decision including the disclosure non maximum investments proposed to be made by the 34

scheme in the listed securities of the group companies of the sponsor. A close-ended scheme shall be fully redeemed at the end of the maturity period. Unless a majority of the unit holders otherwise decide for its rollover by passing a resolution. The mutual fund and asset management company shall be liable to refund the application money to the applicants: If the mutual fund fails to receive the minimum subscription amount referred to in clause (i) of sub- regulation. If the moneys received from the applicants for units are in excess of subscription as referred to in clause (ii) of sub-regulation. The asset management company shall issue to the applicant whose application has been accepted, unit certificates or a statement of accounts specifying the number of units allotted to the applicant as soon as possible but not later than six weeks from the date of closure of the initial subscription list and or from the date of receipt of the request from the unit Holders in any open ended scheme.

Rules Regarding Advertisement: The offer document and advertisement materials shall not be misleading or contain any statement or opinion, which are incorrect or false.

Investment objectives and valuation policies: The price at which the units may be subscribed or sold the price at which such unit may at any time be repurchased by the mutual fund shall be made available to the investors.

General Obligation: Every asset management company for each scheme shall keep and maintain proper book of accounts, records and document, for each 35

scheme so as to explain its transaction and to disclose at any point of time the financial position of each scheme and in particular give a true and fair. View of the state of affairs of the fund and intimate to the board the place where such books of accounts, records and documents are maintained. The financial year for all the scheme shall end as of March 31 of each year. Every mutual fund or the asset management company shall prepare in respect of each financial year an annual report and annual statement of accounts of the schemes and the fund as specified in Eleventh Schedule. Every mutual fund shall have the annual statement of accounts audited by an auditor who is not in any way associated with the auditor of the asset management company.

Procedure for Action In Case Of Default: On and from the date of the suspension of the certificate or the approval, as the case may be, the mutual fund, trustees or asset management company, during the period of suspension and shall be subject to the direction of the Board with regard to any records, documents, or securities that may be in its custody or control relating to its activities as mutual funds, trustees or the asset management company.

Restrictions on Investments: A mutual fund scheme shall not invest more than 15% of its NAV in debt instrument issued by a single issuer, which are rated not below investment grade by a credit rating agency authorize to carry out such activity under the act. Such investment limit may be extended to 20% of the NAV of the scheme with the prior approval of the Board of Trustees and the Board of Asset Management Company.

36

 A mutual fund Scheme shall not invest more than 10% of its NAV in unrated debt instrument issued by a single issuer and the total investment in such instruments shall not exceed 25% of the NAV of the Board of Trustees and the Board of Asset management. No mutual funds under all its schemes should own more than 10% of any companys paid up capital carrying voting rights. Such transfers are done at the prevailing market price for quoted instrument on spot basis. The securities so transferred shall be in conformity with the investment objectives of the scheme to which such transfer has been made. A scheme may invest in another scheme under the same asset management company or any other mutual fund without charging any fees, provided that aggregated intercourse inter scheme investment made by all schemes under the same management or in schemes under the management of any other asset management company shall not exceed 5% of the net asset value of the mutual fund.

The initial issue expenses in respect of any scheme may not exceed 6% of the funds raised under that scheme. Every mutual fund shall buy and sell securities on the basis of deliveries and shall in all cases of purchases, take delivery of relative securities and in all cases of sale, deliver the securities and shall in no case put itself in a position whereby it has to make short sale or carry forward transaction or engage in Badla finance. Every mutual fund shall get the securities purchased or transferred in the name of the mutual fund on account of the concerned scheme, wherever investments are intended to be of long-term nature. Pending deployment of funds of a scheme a mutual fund can invest the funds of the scheme in short term deposits of scheduled commercial banks. No mutual fund scheme shall make any investment in ; 37

o o

Any unlisted security of an associate or group company of the sponsor or Any security issued by way of private placement by an associate or group company of the sponsor.

The listed securities of group companies of the sponsor which is in excess of 30% of the net assets (of all the schemes of a mutual fund) No mutual fund scheme shall invest more than 105 of its NAV in the equity shares or equity related instrument of any company. Provided that, the limit of 10 percent shall not be applicable for investments in index fund or sector or industry specific schemes. A Mutual fund scheme shall not invest more than 5% of its NAV in the equity shares or equity related investments in case of open-ended schemes and 10 % of its NAV in case of close ended schemes.

2.2 RESEARCH REVIEW Mutual funds industry is a growing at a very fast rate India. Various studies and research has been on this industry by experts. Here are the lists of few books that have been referred to for the purpose of the study.

Study by Laukkanen (2006) explains that varied attributes present in a product or service facilitate customers achievement of desired end-state and the indicative facts of study show that electronic services create value for customers in service consumption.

Singh and Jha (2009) conducted a study on awareness & acceptability of mutual funds and found that consumers basically prefer mutual fund due to return potential, liquidity and safety and they were not totally aware about the systematic investment plan. The invertors will also consider various factors before investing in mutual fund.

38

Ramamurthy and Reddy (2005) conducted a study to analyze recent trends in the mutual fund industry and draw a conclusion that the main benefits for small investors due to efficient management, diversification of investment, easy administration, nice return potential, liquidity, transparency, flexibility, affordability, wide range of choices and a proper regulation governed by SEBI. The study also analyzed about recent trends in mutual fund industry like various exit and entry policies of mutual fund companies, various schemes related to real estate, commodity, bullion and precious metals, entering of banking sector in mutual fund, buying and selling of mutual funds through online.

Anand and Murugaiah (2004) had studied various strategic issues related to the marketing of financial services. They found that recently this type of industry requires new strategies to survive and for operation. For surviving they have to adopt new marketing strategies and tactics that enable them to capture maximum opportunities with the lowest risks in order to enable them to survive and meet the competition from various market players globally. The Week, March 18th 2007: Money The route to take; Best options in a changing market. A study conducted on various investment options and its importance.

Major findings of the study are as follows: Bank deposit: The demand for credit has led to an increase in different for deposits to banks. With the demand for deposits increasing, internet rates are not expected to come down in the nearer future. Banks are given better returns than post office deposits to stem any flow there, too.

Real estate: An increase in interest rates by banks has made investment in real estate dearer for the common man. There will be 17 million new households needing a residual space of 16 billion sq. ft. by 2010. 39

Gold: It has greater stability than any other asset. Though the prices are on a correction mode, prices will increase by 20-30 percent in 2007. Short term investment is not recommended. Equity market: Volatility in the stock prices will continue. The expectation is that a healthy corporate earnings of 15-20 percent on the back of an 8-9 percent GDP will reinforce the faith in the market. Mutual funds: Equity oriented funds remain the favorites. Debt funds are making a comeback. After the budget, liquid funds or fixed maturity plans are also in demand. Insurance: The budget (2007) raised the tax exempted limit on medical insurance premium tors.15000 and Rs. 20000 to senior citizens. This will motivate individuals to purchase health care products at a younger age. With public spending on health care limited and health care cost increasing this will also help older people.

Kozup, John C., Elizabeth Howlett and Michael Pagano (2008), choosing how to best invest for retirement is one of the most important decisions a consumer can make. Unfortunately, this can be an especially challenging task given the current financial information disclosure environment. The objective of this research is to explore whether a single page supplemental information disclosure impacts investors fund evaluations and investment intentions. Result syndicate that while investors continue to place too much emphasis on prior performance, the provision of supplemental information, particularly in a graphical format, interacts with performance and investment knowledge to influence perceptions and evaluations of mutual funds

40

2.3 RESEARCH GAP: The previous research in CD EQUISEARCH was about the awareness of mutual funds in that company. The current research in this report deals with the awareness in investment in financial products, perception about mutual funds in the minds of investors, sources of awareness of mutual funds, the various basis on choosing mutual fund companies, awareness of different mutual fund schemes, preferred schemes by investors in CD EQUISEARCH, reasons of choosing schemes and investors experience with mutual funds. Hence the research helps us to find the customer perception of investing in CD EQUISEARCH in future. And hence it helps the company to implement measures to achieve a profitable business.

1`

41

CHAPTER 3 3. RESERCH METHODOLOGY METHODOLOGY OF STUDY: Research can be defined as systemized effort to gain new knowledge. A research is carried out by different methodologies which have their own pros and cons. Research methodology is a way to solve research in studying and solving research problem along with logic behind them are defined through research methodology. Thus while talking about research methodology we are not only talking of research methods but also considered the logic behind the methods. We are in context of our research studies and explain why it is being used a particular method or technique and why the others are not used. So that research result is capable of being evaluated either by researcher himself or by others

RESEARCH DESIGN: A research design is the arrangement of conditions for collections and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure. Research design stands for advance planning of the methods to be adopted for collecting the relevant data and the techniques to be used in their analysis, keeping in view the objective of the research and the availability of staff, time and money. Decisions regarding what, where, when, how much, by what means concerning an inquiry or a research study constitute a research design. The Research design used for this project is descriptive research design.

Collection of Data: There was secondary data available for the study and also primary data collected by carrying out by the survey which has been carried out to through personal interviews of the customers. The sample size was 102.

Primary data: Primary data is collected from the customers of CD EQUISEARCH through 42

structured, close ended questionnaire. The primary data for the study was collected through the questionnaire and necessary information was given to the respondent in order to enable them to give the required information.

Secondary data: The secondary data were collected through the company records, internet, books, journals & magazines.

Descriptive and Analytical Research Descriptive research, also known as statistical research, describes data and characteristics about the population or phenomenon being studied. However, it does not answer questions about e.g.: how/when/why the characteristics occurred, which is done under analytic research. Although the data description is factual, accurate and systematic, the research cannot describe what caused a situation. Thus, Descriptive research cannot be used to create a causal relationship, where one variable affects another. In other words, descriptive research can be said to have a low requirement for internal validity. Analytical research is a type of research that utilizes critical thinking to find out facts about a given topic and from the answers obtained develop new and useful ways of doing things. Critical thinking is a method of thinking that puts assumptions into question to decide whether a given claim is true or false.

Sampling methods: Non-Probability Sampling: In non-probability sampling, the chance of any particular unit in the population being selected is unknown. Since randomness is not involved in the selection process, an estimate of the sampling error cannot be made. But this does not mean that the findings obtained from non-probability sampling are of questionable value. If properly conducted their findings can be as accurate as those obtained from probability sampling. 43

Sample Design: Convenience Sampling : As the name implies, a convenience sample is one chosen purely for expedience (e.g., items are selected because they are easy or cheap to find and measure. While few analysts would find credibility in conclusions from such extreme cases, the inappropriateness of using convenience sampling to estimate universe values is not widely recognized. The major problem with this (and other non-probability method) is that one is unable to draw objective inference about a rigorously defined universe. In practice, it is often found that the response given by "convenient" items in a universe differ significantly from the responses given by universe items that are less accessible. As a result, unless one is dealing with a known highly homogeneous universe (virtually all items responding alike), convenience sampling should not be used to estimate universe values. Convenience sampling method was used in this study because of the constraints like cost and time

Sampling Unit The respondents of this survey are the customers of CD EQUISEARCH PVT LTD, Chennai.

Sampling size:Large sample gives reliable result than small sample. However, it is not feasible to target entire population or even a substantial portion to achieve a reliable result. So, in this aspect selecting the sample to study is known as sample size. Hence, for my project my sample size was 102. The Sample Size of 102 is not enough to draw a conclusion but as per the time assigned it was difficult to take a sample size more than 102. The Sample Size consist of both the Professional and Business class people. IT peoples, Doctors, Jewelers, Timber Merchants & Real estate Agents are taken as Sample . 44

Sample Analysis by Percentage (%) Method : % refers to a special kind of ratio. % is used in making comparison between two or more serried of data, % are used to describe relationship. It can be used to compare the relative terms, the distribution of two or more series of data. No. of respondents Percentage of Respondents = Total respondents x 100

Charts and Diagrams: The diagrams are in the form of bar charts. A chart is used to depict the organization structure of the company.

Statistical tools used: Chi Square Correlation Anova

CHI SQUARE TEST: A chi-squared test, also referred to as chi-square test or 2 test, is any statistical hypothesis test in which the sampling distribution of the test statistic is a chi-squared distribution when the null hypothesis is true, or any in which this is asymptotically true, meaning that the sampling distribution (if the null hypothesis is true) can be made to approximate a chi- squared distribution as closely as desired by making the sample size large enough. The 2 test was first used by Karl Pearson in the year 1980. The quantity 2 describes the magnitude of the discrepancy between theory and observation. It is calculated using: = [ ( Oi Ei )2 / Ei with (n - 1) degrees of freedom. 45

Where, Oi refers to the observed frequency & Ei to the expected frequencies. was used as a test of independence and goodness of fit.

CORRELATION ANALYSIS: Correlation Analysis is a statistical technique used to measure the magnitude of linear relationship between two variables. Correlation Analysis is not used in isolation to describe the relationship between variables. To analyze the relation between two variables, two prominent correlation coefficient are used the Pearson product correlation coefficient and Spearmans rank correlation coefficient . In this study the Pearson product correlation coefficient is used to find the correlation coefficient between respondents awareness level at the time of joining with employees participation in suggestion scheme & respondents awareness level at present and the counseling . This is also known as simple correlation coefficient and is denoted by r. The r value ranges from -1, through 0, to +1.It is calculated using the formula r = xy / x2. y2

ANOVA: Decomposing of total variability into its components is called Analysis Of Variance (ANOVA).The one-way analysis of variance is designed to test the null hypothesis i.e., the arithmetic means of population from which the samples are randomly drawn are equal to one another.

Between sample variance Percentages = Within sample variance

46

ONE WAY ANOVA TEST In statistics, one-way analysis of variance (abbreviated one-way ANOVA) is a technique used to compare means of two or more samples (using the F distribution). This technique can be used only for numerical data. The ANOVA tests the null hypothesis that samples in two or more groups are drawn from the same population. To do this, two estimates are made of the population variance.

Execution of the project: It is the very important step in the research process accuracy findings depends on how systematically the study has been carried out in time so that it can make some sense when required. I have executed the project after prior discussion with the guide and structured in following steps:

a. b.

Preparation of questionnaire. Collection of list of some of the clients interview of the customer so that

more interaction is impossible and the variety of responses can be registered to have a good data for analysis. c. Visiting the corporate and asking about their feedback on the mutual funds

services they are availing. Try to find out their satisfaction level with the existing mutual fund.

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CHAPTER-4 4. DATA ANALYSIS AND INTERPRETATION 4.1 PERCENTAGE ANALYSIS TABLE 4.1.1: Age Of Respondents AGE 20-30 30-40 40-50 50-60 More than 60 TOTAL FREQUENCY 18 33 26 10 15 102 PERCENTAGE 17.6 32.3 25.5 9.8 14.7 100

CHART 4.1.1: Age of Respondents

Percentage
35 30 25 20 15 10 5 0 20-30 30-40 40-50 50-60 More than 60

Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 32.3% are between the age group of 30-40, 25.5% are between the age group of 40-50, 17.6% are between the age group of 20-30, 14.7% are more than 60, and 9.8% are between the age group of 50-60. INFERENCE: Majority of the respondents (32.3%) are between the age group of 30-40. 48

TABLE 4.1.2: Gender GENDER MALE FEMALE TOTAL FREQUENCY 87 15 102 PERCENTAGE 85.3 14.7 100

CHART4.1.2: Gender

90 80 70 60 50 40 30 20 10 0

85.3

14.7

MALE PERCENTAGE

FEMALE

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 85.3% are male and 14.7% are females.

INFERENCE: Majority of the respondents (85.3%) are male.

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TABLE 4.1.3: Occupation OCCUPATION Private Job Govt Job Business Retired Part time job TOTAL FREQUENCY 27 20 39 14 2 102 PERCENTAGE 26.5 19.6 38.2 13.7 1.96 100

CHART 4.1.3: Occupation

45 40 35 30 25 20 15 10 5 0 Private Job Govt Job Business Retired Part time job Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 38.5% are business peoples, 26.5% are private job, 19.6% are government job, 13.7% are retired peoples and 1.96% are part time job.

INFERENCE: Majority of the respondents (38.5%) are business people. 50

TABLE 4.1.4: Annual Income ANNUAL INCOME Below 1,00,000 1,00,000-1,50,000 1,50,000-2,50,000 2,50,000-4,50,000 Above 4,50,000 TOTAL

FREQUENCY

PERCENTAGE

12 20 30 18 22 102

11.8 19.6 29.4 17.6 21.6 100

CHART 4.1.4: Annual Income

35 30 25 20 15 10 5 0

Percentage

Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 29.4% of annual income are above 150000-250000, 21.6% of annual income are above 450000, 19.6% of annual income are 100000-150000, 17.6% of annual income are 250000450000, 11.8% of annual income are below 100000.

INFERENCE: Majority of the respondents (29.4%) are of annual income are above 150000-250000. 51

TABLE 4.1.5: Percentage of Investment from Income INCOME Over 50 % 35% - 50% 20% - 35% 10% - 20% Below 10% TOTAL FREQUENCY 1 5 56 25 15 102 PERCENTAGE 1 4.9 54.9 24.5 14.7 100

CHART 4.1.5: Percentage of Investment from Income

60 50 40 30 20 10 0 Over 50 % 35% - 50% 20% - 35% 10% - 20% Below 10% Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 54.9% are investing 20-35% from their income, 24.5% are investing 10-20% from their income, 14.7% are investing below 10% from their income, 4.9% are investing 35-50% from their income and 1% are investing over 50% from their income.

INFERENCE: Majority of the respondents (54.9%) are investing 20-35% from their income. 52

TABLE 4.1.6: Investment in Financial Products FINANCIAL INSTRUMENTS BANK STOCK MARKET NSC REAL ESTATE Others TOTAL FREQUENCY 35 23 7 27 10 102 PERCENTAGE 34.3 22.5 6.8 26.4 9.8 102

CHART 4.1.6: Investment in Financial Products

40 35 30 25 20 15 10 5 0 Bank Stock market NSC Real estate Others Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 34.3 % are investing in bank, 26.4 % are investing in real estate, 22.5 % are investing in stock market, 9.8% are investing in others, and 6.8% are invested in NSC.

INFERENCE: Majority of the respondents (34.3%) are investing in bank. 53

TABLE 4.1.7: Perception about Mutual Fund PERCEPTION Safe Highly safe Risky Higher risky Other TOTAL FREQUENCY 35 20 19 13 15 102 PERCENTAGE 34.3 20 18.6 12.7 14.7 100

Chart 4.1.7: Perception about Mutual Fund

40 35 30 25 20 15 10 5 0 34.3

20

18.6 12.7 14.7

Safe

Highly safe

Risky PERCENTAGE

Higher risky

Other

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 34.3% are perceived safe by investing in mutual fund, 20% are perceived highly safe by investing in mutual fund, 18.6% are perceived risk by investing in mutual fund, 12.7% are perceived higher risk by investing in mutual fund, and 14.7% are perceived other reasons by investing in mutual fund.

INFERENCE: Majority of the respondents (34.3%) are perceived safe by investing in mutual fund.

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TABLE 4.1.8: Sources SOURCES Broker Bank AMC (Asset Management Company) Friends/Relatives TV/Newspapers TOTAL 9 5 102 8.9 4.9 100 FREQUENCY 23 10 55 PERCENTAGE 22.5 9.8 53.9

CHART 4.1.8:
60 40 20 0

Sources
53.9 22.5 9.8 8.9 4.9

PERCENTAGE

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 53.9% are comes to know about mutual fund through AMC (asset management companies), 22.5% are comes to know about mutual fund through brokers, 9.8% are comes to know about mutual fund through bank, 8.9% are comes to know about mutual fund through Friends/Relatives and 4.9% are comes to know about mutual fund through TV/Newspapers.

INFERENCE: Majority of the respondents (53.9%) are comes to know about mutual fund through AMC 55

TABLE 4.1.9: Basis on choosing mutual fund companies. BASIS ON CHOOSING MUTUAL FUND COMPANIES BRAND NAME GOOD SERVICE HIGH YIELD ADVERTISEMENT OTHERS TOTAL 17 35 31 11 8 102 16.7 34.3 30.3 10.8 7.8 100 FREQUENCY PERCENTAGE

CHART 4.1.9: Basis on choosing mutual fund companies.

40 30 20 10 0 34.3 16.7 30.3 10.8 7.8

PERCENTAGE

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 34.3% are look good service companies, 30.3% are look high yield companies, 16.7% are look branded companies, 10.8% are look advertisement of the companies, and 7.8% are look others.

INFERENCE: Majority of the respondents (34.3%) are looking good service companies.

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TABLE 4.1.10: Investing Years YEARS 0-5 5-10 10-15 15-20 Above 20 years TOTAL FREQUENCY 64 27 11 0 0 102 PERCENTAGE 62.74 26.47 10.78 0 0 100

CHART 4.1.10: Investing Years

Percentage
70 60 50 40 30 20 10 0 0-5 5 - 10 yrs 10 - 15 yrs 15 - 20 yrs above 20 yrs Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 62.74% are investing 0-5 years in CD, 26.47% are investing 05-10 years in CD, 10.78% are investing 10-15 years in CD, 0% are investing 15-20 years and above 20 years in CD.

INFERENCE: Majority of the respondents (62.74%) are investing 0-5years in CD.

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TABLE 4.1.11: Awareness of Different Mutual Fund Schemes in CD EQUISEARCH. SCHEMES Growth Schemes Income Schemes Balance Scheme Money Market And FREQUENCY 14 22 32 13 PERCENTAGE 13.7 21.6 31.3 12.7

Liquid Schemes Tax Saving Schemes TOTAL 21 102 20.6 100

CHART 4.1.11: Awareness of Different Mutual Fund Schemes In CD EQUISEARCH.

Percentage
40 30 20 10 0 Growth Schemes Income Schemes balance schemes Monet market and Liquid schemes Tax saving schemes Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 31.3% are aware of balance scheme, 21.6% are aware of income scheme, 20.6% are aware of tax saving scheme, 13.7% are aware of growth scheme and 12.7% are aware of money market and liquid scheme,

INFERENCE: Majority of the respondents (31.3%) are aware of balance scheme.

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TABLE 4.1.12: Preferred Schemes in CD EQUISEARCH PVT LTD SCHEMES Growth Schemes Income Schemes Balance Schemes Money Market And Liquid Schemes Tax Saving Schemes TOTAL 19 102 18.6 100 FREQUENCY 11 21 33 18 PERCENTAGE 10.7 19.6 32 17.6

CHART 4.1.12: Preferred Schemes in CD EQUISEARCH PVT LTD

35 30 25 20 15 10 5 0 Growth Schemes Income Schemes Balance Schemes Money Market and liquid Schemes Tax Saving Schemes Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 32% are preferred balanced schemes, 19.6% are preferred income schemes, 18.6% are preferred tax saving schemes, 17.6% are preferred money market & liquid schemes, and 10.7% are preferred growth schemes

INFERENCE: Majority of the respondents (32%) are preferred balanced scheme. 59

TABLE 4.1.13: Reasons REASONS Returns Lower risk Credit rating Company Lock in period TOTAL CHART 4.1.13: Reasons
50 45 40 35 30 25 20 15 10 5 0 Returns Lower risk Credit rating Company Lock in period Percentage

FREQUENCY 45 19 13 15 10 102

PERCENTAGE 44.1 18.6 12.7 14.7 9.8 100

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 44.1% consider returns as a major reason to choose mutual funds schemes in CD EQUISEARCH, 18.6% considers lower risk as major reason, 14.7% considers company as reason, 12.7% considers credit rating as reason and 9.8% considers lock in period as reason

INFERENCE: Majority of respondents considers returns as a major reason to choose mutual funds in CD EQUISEARCH. 60

TABLE 4.1.14: Terms WORK OUT LONG TERM Yes No TOTAL FREQUENCY 47 55 102 PERCENTAGE 46.1 53.9 100

CHART 4.1.14: Terms

56 54 52 50 48 46 44 42 Long Term PERCENTAGE Short Term 46.1 53.9

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 53.9% are invested in short term mutual fund in CD, and 46.1% are invested in long term mutual fund in CD.

INFERENCE:

Majority of the respondents (53.9%) are invested in short term mutual fund in CD EQUISEARCH.

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Table 4.1.15: Consult While Making An Investment Choice WORK OUT CONSULT WHILE MAKING AN INVESTMENT CHOICE Every time Often Sometimes Never TOTAL FREQUENCY PERCENTAGE

29 20 39 14 102

28.4 19.6 38.3 13.7 100

CHART 4.1.15: Consult While Making an Investment Choice

50 40 30 20 10 0 Every time Often Sometimes Never PERCENTAGE 28.4 19.6 13.7 38.3

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 38.3% are consult only on sometimes while making an investment choice, 28.4% are consult every time while making an investment choice, 19.6% are consult often while making an investment choice, 13.7% are never consult while making an investment choice.

INFERENCE:

Majority of the respondents (38.3%) are consult only on sometimes while making an investment choice.

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Table 4.1.16: INVESTMENT DECISIONS INVESTMENT DECISIONS Once a month Once in 3 months Once in 6 months Once in 9 months Once a year TOTAL FREQUENCY 26 39 25 3 9 102 PERCENTAGE 25.5 38.2 24.5 2.94 8.8 100

CHART 4.1.16: INVESTMENT DECISIONS

Percentage
50 40 30 20 10 0 Once a month Once in 3 months Once in 6 months Once in 9 months Once a year Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 38.2% are make investment decision once in 3 months, 25.5% are make investment decision once a month, 24.5% are make investment decision once in 6 months, 11.8% are make investment decision once a year and 2.94% are make investment decision once in 9 months. INFERENCE: Majority of the respondents (38.2%) are made investment decision once in 3months. 63

TABLE 4.1.17: Services SERVICES E-Mail Alert SMS Alert Correspondents Personal Assistance None TOTAL CHART 4.1.17: Services
80 60 40 20 0 58.8 19.6 12.7

FREQUENCY 20 60 7 13 2 102

PERCENTAGE 19.6 58.8 6.9 12.7 2 100

6.9

PERCENTAGE

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 58.8% are aware of SMS alert and get service from CD, 19.6% are aware of E-Mail alert and get service from CD, 12.7% are aware of personal assistance and get service from CD, 6.9% are aware of correspondents and get service from CD, and 2% are not aware of above mentioned options.

INFERENCE:

Majority of the respondents (58.8%) are aware of SMS alert and get service from CD EQUISEARCH.

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TABLE 4.1.18: Experience with Mutual Fund EXPERIENCE WITH MUTUAL FUND Very Poor Poor Average Good Excellent TOTAL 0 7 33 46 16 102 0 6.9 32.4 45 15.7 100 FREQUENCY PERCENTAGE

CHART 4.1.18: Experience with Mutual Fund

Percentage
50 40 30 20 10 0 Very Poor Poor Average Good Excellent Percentage

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 45% are experienced good with mutual fund, 32.4% are experienced average with mutual fund, 15.7% are experienced excellent with mutual fund, 6.9% are experienced poor with mutual fund and 0% is experienced very poor with mutual fund.

INFERENCE: Majority of the respondents (45%) are experienced good with mutual fund.

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Table 4.1.19: INVESTMENT IN FUTURE: INVESTMENT IN FUTURE Yes No TOTAL FREQUENCY 83 19 102 PERCENTAGE 81.4 18.6 100

CHART 4.1.19: INVESTMENT IN FUTURE:

90 80 70 60 50 40 30 20 10 0

81.4

18.6

Yes PERCENTAGE

No

INTERPRETATION: From the above table it is inferred that out of 102 respondents, 81.4% are preferred yes to investment in future, 18.6% are preferred not to investment in future.

INFERENCE:

Majority of the respondents (81.4%) are preferred yes to investment in future.

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4.2. STATISTICAL ANALYSIS:

4.2.1 ONE WAY ANOVA

NULL HYPOTHESIS: There is no significant difference between occupation and reason for preferring schemes. ALTERNATE HYPOTHESIS: There is significant difference between occupation and reason for preferring schemes.

Descriptive
ANOVA occupation Sum of Squares Between Groups Within Groups Total P valve = 0.05 5.100 101.214 106.314 df 5 96 101 Mean Square 1.020 1.054 F .967 Sig. .442

RESULT Since the significance level 0.442 is greater than the P value, H0 is accepted and thus it is concluded that there is no significant difference between occupation and reason for preferring schemes.

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4.2.2 CHI SQUARE

NULL HYPOTHESIS: There is a no association between age and investor experience with mutual fund. ALTERNATE HYPOTHESIS: There is a association between age and investor experience with mutual fund.

Chi-Square Te s ts Value 11.770 a 12.057 1.531 102 df 9 9 1 Asy mp. Sig. (2-s ided) .227 .210 .216

Pearson Chi-Square Likelihood Ratio Linear-by -Linear Ass ociation N of Valid Cases

a. 7 cells (43.8%) hav e ex pec ted count less than 5. The minimum ex pec ted count is 1.44.

Chi-Square valve is 11.770 with 9 degree of freedom. The P value is 0.227 which is greater than 0.05 level of significance.

RESULT: We accepted Ho. There is no association between age and investor experience with mutual fund

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4.2.3 CHISQUARE: NULL HYPOTHESIS: There is a no association between age and invest in various investment schemes ALTERNATE HYPOTHESIS: There is a association between age and invest in various investment schemes. Chi-Square Tests Value

df

Asymp. Sig. (2-sided)

Pearson Chi-Square 26.655a 24 .321 Likelihood Ratio 30.983 24 .154 Linear-by-Linear .003 1 .960 Association N of Valid Cases 102 a. 29 cells (80.6%) have expected count less than 5. The minimum expected count is .82.

Chi-Square valve is 26.655 for 24 degree of freedom. The P value is 0.321 which is greater than 0.05 level of significance.

RESULT: We accepted Ho. There no association between age and invest various investment schemes

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4.2.4 CORRELATION Correlation Analysis between preferring schemes and reason for preferring. (wok)

Symmetric Measures Asymp. Std. Error(a) .094 .099

Value Interval by Pearson's R Interval Ordinal by Spearman Ordinal Correlation N of Valid Cases a. Not assuming the null hypothesis. .029 .027 102

Approx. T(b) .293 .273

Approx. Sig. .770(c) .785(c)

b. Using the asymptotic standard error assuming the null hypothesis. c. Based on normal approximation. .R= 0.029 As the value of r is between -1&+1

RESULT: There is positive but weak correlation between preferring schemes and reason for preferring.

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4.2.5 CORRELATION

Correlation Analysis between annual salary and percentage of investment from income.

Symmetric Measures Value Asymp. Std. Errora Interval by Interval Ordinal by Ordinal Pearson's R Spearman Correlation .039 .110 Approx. Tb .393 Approx. Sig. .695c .785c

.027 102

.108

.273

N of Valid Cases a. Not assuming the null hypothesis.

b. Using the asymptotic standard error assuming the null hypothesis. c. Based on normal approximation.

R=0.039 As the value of r is between -1&+1

RESULT: There is positive but weak correlation between annual salary and percentage of investment from income.

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CHAPATER 5 FINDINGS, SUGGESTIONS AND CONCLUSION

5.1 FINDINGS 32.3% of respondents are between the age group of 30-40 and 9.8% of respondents are between the age group of 50-60. 85.3% of respondents are male and 14.7% of respondents are females. 38.5% of respondents are business peoples and 13.7% of respondents are retired peoples. 29.4% of respondents annual income is above 150000-250000 and 11.8% of respondents annual incomes are below 100000. 54.9% of respondents are investing 20-35% from their income and 1% of respondents are investing over 50% from their income. 34.3% of respondents are investing in bank and 26.4% of respondents are investing in real estate and 6.8% are investing in NSC 34.3% of respondents are perceived safe by investing in mutual fund and 12.7% of respondents are perceived higher risky by investing in mutual fund. 53.9% of respondents are comes to know about mutual fund through AMC (asset management companies and 4.9% of respondents are comes to know about mutual fund through TV/Newspapers. 34.3% of respondents are looking good service companies and 7.8% of respondents are looking others. 62.74% of respondents are investing 0-5 years in CD, 10.78% of respondents are investing 10-15 years in CD, and 0% of respondents are investing 15-20 years and more than 20 years in CD. 31.3% of respondents are aware of balance scheme and 12.7% of respondents are aware of money market and liquid scheme. 32% of respondents are preferred balanced schemes and 10.7% of respondents are preferred growth scheme. 72

 44.1% consider returns as a major reason to choose mutual funds schemes in CD EQUISEARCH and 9.8% considers lock in period as reason. 53.9% of respondents are invested in short term mutual fund in CD, and 46.1% of respondents are invested in long term mutual fund in CD. 38.3% of respondents are consult only on sometimes while making an investment choice and 13.7% of respondents are never consult while making an investment choice 38.2% of respondents are make investment decision once in 3 months and 11.8% of respondents are make investment decision once a year and 2.94% of respondents are make investment decision once in 9 months. 58.8% of respondents are aware of SMS alert and get service from CD and 2% of respondents are not aware of above mentioned options. 45% of respondents are experienced good with mutual fund and 6.9% of respondents are experienced poor with mutual fund. 81.4% of respondents are preferred yes to investment in future, 18.6% of respondents are preferred no to investment in future. From Anova test It is observed that there is some significant relationship between occupation and reason for preferring schemes. From chi-square test it is analyzed there no significant relationship between age and investor experience with mutual fund. From chi-square test it is analyzed that there is no significant relationship between age and invest various investment schemes From the correlation result we observe that there is highly positive correlation between preferring schemes and reason for preferring. From the correlation result we observe that there is highly positive correlation between annual salary and percentage of investment from income.

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5.2 SUGGESTIONS Investment in financial products such as PPF , NSC bonds and debentures should be increased Perception about the mutual funds in the minds of people should be safe The advertisement about the awareness of mutual funds in TV and newspapers should be increased The investors must be provided with a good service to retain in the company The investors must be aware of different mutual fund services The number of long term investors must be increased since profit level increases for long term investors The investors must be provided with an e-mail alert about mutual fund services The investors should be provided with better services to create an excellent buying experience

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CONLUSION From the study it is clear that CD EQUISEARCH enjoys a very good market share in bank industry. The awareness of various investment about financial products in the minds of investors should be increased to enable investors to prefer their suitable schemes .Also the awareness of mutual funds in CD EQUISEARCH should be increased through television and newspapers to enable them to invest in that company. And at last the investors are provided with a better services to attain a good investor experience with the mutual funds. If the company implements the suggestions highlighted in the project, then there will be a better scope for growth and development of the organization.

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BIBLIOGRAPHY REFERENCES: BOOKS: Association of Mutual Fund in IndiaAMFI work book Mumbai 2006. ICMR Text Book 1989 Kothari, C.R. Research Methodology, Methods & Techniques publication 2011. Dalal Street Journals Stock Market Book 1996 Mutual Funds-ICMR book of readings 1999 Fredman Albert j & Wiles Russ, How Mutual Fund work, Prentice Hall of India, New Delhi, 1997 Journal- Financial of India 2007 Journal- Marketing Funds 2010

JOURNALS Jensen Michael C, The Performance Of Mutual Funds In The Period 19451964, Journal of. Finance, Vol. 23, (1968), pp.389-416. NP TRIPATHY, (1996) FINANCE INDIA. Mutual Fund In India: A Financial. Service In Capital Market, Vol. X No. 1, March 1996. Pages. 8591 BM Barber, a losing mutual fund and, thus, nearly 40 percent of fund sales occur in funds ranked in the top mutual funds, Journal of Financial Economics Vol. 53, (1993) pp.439-466 WEBSITES: www.cdequi.com http://mutualfunds.about.com http://www.journals.elsevier.com/industrial-marketing-management http://en.wikipedia.org/wiki/Mutual_fund http://www.amfiindia.com/spages/InvestorGuide.pdf www.utimutualfund.com 76

ANNEXURE QUESTIONAIRE: 1. NAME: (OPTIONAL) __________________________

2. AGE:________ A. B. C. D. E. 20 - 30 30 - 40 40 50 50 - 60 More Than 60

3. GENDER: A. B. Male Female

4. OCCUPATION: A. Private Job B. Government Job C. Business D. Retired E. Part time job

5. SALARY A. Below -100000 B. 100000-150000 C. 150000-250000 D. 250000-450000 E. Above-450000

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6. WHAT PERCENTAGE OF INCOME DO YOU INVEST? A. B. C. D. E. Over 50% 35% To 50% 25% To 35% 10% To 25% Below 10%

7. WHAT ARE THE VARIOUS INVESTMENT SCHEMES IN WHICH YOU INVEST? A. Bank B. Stock Market C. NSC (National saving certificate) D. Real estate E. Others

8. WHAT IS YOUR PERCEPTION ABOUT MUTUAL FUNDS IN CD EQUISEARCH PVT LTD? A. Safe B. Highly Safe C. Risky D. Highly Risky E. Others

9. FROM WHICH SOURCE YOU COME TO KNOW ABOUT MUTUAL FUND? A. B. C. D. E. Broker Bank AMC (Asset Management Company) Friends / Relatives TV /Newspapers

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10. HOW DO YOU CHOOSE MUTUAL FUND IN CD EQUISEARCH PVT LTD? A. B. C. D. E. Brand Name Good Service High Yield Advertisement Any Other Reason............................................

11. FOR HOW LONG YEARS YOUR INVESTING IN CD EQUISEARCH? A. B. C. D. E. 0- 5 years 5-10 years 10-15 years 15-20 years above 20 years

12. WHAT ARE DIFFERENT TYPES OF MUTUAL FUNDS ARE YOU AWARE IN CD EQISEARCH PVT LTD? A. term) B. C. D. Income schemes.(provide regular and continuous income to investor) Balance schemes.(provide both growth and income) Money market and Liquid Schemes.(provide easy liquid preservation of Growth schemes.(provide appreciation of capital over medium to long

capital and moderate income).

E.

Tax saving schemes.(offer tax rebates under tax laws)

13. WHICH OF THEM DO YOU PREFER IN CD EQUISEARCH PVT LTD? A. B. C. D. E. Growth schemes Income schemes Balance schemes Money Market and Liquid schemes Tax saving schemes

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14. REASON FOR PREFERING ABOVE SCHEMES IN CD EQUISEARCH PVT LTD? A. B. C. D. E. Returns Lower Risk Credit Rating Company Lock In Period

15. DO YOU INVEST ON MUTUAL FUND IN CD EUISEARCH PVT LTD AT LONG TERM BASIS? A. B. Yes No

16. DO YOU CONSULT WHILE MAKING AN INVESTMENT CHOICE? A. B. C. D. Every time Often Sometimes Never

17. HOW OFTEN DO YOU MAKE INVESTMENT DECISIONS AND EXECUTE THEM? A. B. C. D. E. Once a month Once in 3 months Once in 6 months Once in 9 months Once a year

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18. OUT OF THE FOLLOWING WHICH SERVICE YOU ARE AWARE WHICH ARE PROVIDED FROM CD EQUISEARCH AFTER INVESTING IN MUTUAL FUND? A. B. C. D. E. E-Mail alert SMS Alert Correspondents Personal Assistance None.

19. HOW DO YOU RATE YOUR EXPERIENCE WITH MUTUAL FUND IN CD EQUISEARCH PVT LTD? A. B. C. D. E. Very poor Poor Average Good Excellent

20. WOULD YOU LIKE TO INVEST MORE IN CD EQUISEARCH IN FUTURE? A. B. YES NO

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SCOPE FOR FURTHER RESEARCH:

Delivering Quality Service; Balancing Customer Perceptions and Expectations

Perceived Service Quality and buying Motivations: A Dynamic Relationship

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