Summer Traning Project ReportHDFC

SUMMER TRAINNING PROJECT REPORT
ON
GENERAL STUDY OF HDFC MUTUAL FUND
SUBMITTED BY
VISHAL N. NASIT
MBA Sem-III
ACADEMIC YEAR 2006 2008
PROJECT GUIDE
(DR). MITA VORA (assistant professor)
SUBMITTED TO
SAURASHTRA UNIVERSITY, RAJKOT
COLLEGE NAME
R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM)
R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 1

PREFACE
In todays era of cut-throat competition, Masters of Business Administration (MBA)

is sure to have an edge over their counterparts.
MBA education brings its students in direct contact with the real corporate world
through industrial training. The MBA program provides its students with an in depth
study of various managerial activities that are performed in any organization.
A detailed analysis of managerial activities conducted in various departments like

production, marketing, finance, human resources, export-imports, credit dept, etc.
gives the student a conceptual idea of what they are expected to manage , how to
manage and how to obtain the maximum output through minimum inputs and how to
minimize the wastage of resources.
I have undergone my summer training at HDFC MUTUAL FUND. It is one of the

leading mutual fund companies in the country. I feel great pleasure to present this
report work after my training at HDFC MUTUAL FUND that produced to be golden
opportunity for me by enriching my knowledge by comparing my theoretical
knowledge with the managerial skill and application.
Simple language has been used throughout the report. Report is illustrated with figure,
charts and diagrams as and when required.

DECLARATION
I NASIT VISHAL, student of MBA Semester III of R.K. COLLEGE OF BUSINESS

MANAGEMENT hereby declare that the project work presented in this report is my
own work and has been carried out under the supervisor of Mr.Amit Doshi (Assistant
Manager of HDFC Mutual Fund, Rajkot).
My report is submitted as a part of study curriculum and as a partial fulfilment of the

degree of M.B.A. (Masters of Business Administration). I am also declaring that I am
submitting this report on the training undertaken at HDFC Mutual Fund regarding the
General Study of Mutual Fund at Rajkot Branch and studying the peoples perception
regarding the investment in mutual fund.
I guarantee that this project report has not been submitted for the awards to any other
university for degree, diploma or any other such prizes.
Date:
Place: RAJKOT
(NASIT VISHAL N.)

ACKNOWLEDGEMENT
With great zeal, I present my individual summer training Report in MBA

(SEMESTER III) on HDFC MUTUAL FUND.
I convey my deepest gratitude to Mr. Amit Doshi, Mr. Kilol Karia, and Mr. Sandip
Kalola. and all other staff members of HDFC MUTUAL FUND (AMC) and HDFC
BANK who have been very co-operative and helpful in providing vital information
for my project.
This Summer Training has imparted me a professional exposure to the real corporate
world and its general management orientation. By working at HDFC MUTUAL
FUND (AMC), studying different schemes of MUTUAL FUND, knowing the criteria
of making investment, interacting with professional departmental heads and by
preparing this report, it has added a practical touch to my theoretical knowledge.
I avail this opportunity to convey my sincere thanks to Mr. T.D.TIWARI, the director
of R.K. College of Business Management. I am thankful to DR. MITA VORA, my
project guide for recommending me the necessary information for the report. His
instilling support and enthusiasm, expert guidance and insight have lent my project a
unique touch. I also express my sincere gratitude to Mr. Prof (Dr.) T. D. TIWARI,
Director of R.K.C.B.M., for providing us an opportunity to interact with professional
people in the real corporate world. I forward my gratitude for the compulsion of this
most wonderful aspect of our MBA curriculum without which knowledge of
management is incomplete and futile.
At last I am also thankful to my family member and friends who had given me their
constructive advice, educative suggestions, encouragement and co-operation to
prepare this report.

CONTENTS
Particulars Page
EXECUTIVE SUMMARY 06
PART A :- INDUSTRY OVERVIEW 08
Short history of Mutual Fund 09
Concept of Mutual Fund in Detail 10
Types of Mutual Fund 14
Organization of Mutual Fund 15
Phases of Mutual Fund Industry 21
Type & Way to Invest 25
Legal Framework of SEBI & AMFI 26
Benefits of Mutual Fund 28
Mutual Fund Players In India 31
PART B : - COMPANY DETAIL 34
History of HDFC 35
About HDFC Mutual Fund 36
Mutual Products at Glance 41
Achievement & Awards 44
PART C : - DEPARTMENT DETAILS 45
Operation Department Details 46
Marketing Department Details 48
Human Resource Department Detail 53
Finance Department Details 59
PART D :- DIFFERENT SCHEMES OF HDFC 74
Equity Schemes 75
Balanced Schemes 83
SWOT ANALYSIS 87
CONCLUSION 88
GLOSSARY 89
BIBLIOGRAPHY 90
SUGGESTIONS 92
EXECUTIVE SUMMARY
The economy is highly influenced by the Financial System of the country. The Indian
Financial System has been broadly divided into two segments: the organized and
unorganized. An investor has a wide array of investment avenues available. Economic
well being in the long run depends significantly on how wise he invests.
In present financial scenario where the economy is poised to grow at 9% ,as stated by
our finance minister P Chidambaram, and the present bulls run in the capital market

,where lot of money is being pumped into the economy by FII, and increasing
disposable income with the generation next has created a problem of investment
because there is lot money on hand but they dont know where to invest as there is no
attractive return in the bank FD, PPF, KVP, NSC, MIS, and other Post saving scheme.
Due to uncertainty in share market and low returns due to low interest a rate has left
investor are puzzled, i.e. to spend the money or save the money. If to save the money
then where to save it, so that they can get better return with flexibility, tax benefit and
as well as capital appreciation. So it is necessary for investor to find the answer and
way of capital growth with better return rather than uncertain share market and other
low yield investment avenues.
All investments involve risk in varying degrees, and hence it is necessary to

understand risk profile of each investment avenues and know how it can affect your
investments. There should be trade off between risk and return. There are also risks
that are not in our control like inflation risk, credit risk, risk of sudden rise in oil
prices, risk pertaining to political environment for instance. In present financial
system, investment has lost their potential to earn additional income, which can help
for growth of their capital because the interest return which varies from approx 4% to
8% and the inflation rate hovering in and around 5%-6% so the real return is varying
between (-)2% to 2% so this is the real return what a investor gets by investing in
FIXED DEPOSIT, GOVERNMENT SECURITY ,KVP,NSC,PPF,MIS and also
blocking there money for min of 2-5 years ,in these instruments ,which is not very
encouraging for an investor to invest in these instruments .So the investor is likely to
spend his earnings than invest(save), which what is happening in our country.
Mutual fund is indeed of great benefit in this respect. They provide the services of
experienced and skilled professionals who determine this risk and monitor them on
going basis they are also backed up by research, done by individual asset
Management Company based on the fund objectives.
When investors are confronted with an outstanding range of products, form traditional
bank deposits to downright shady money-multiples schemes, it has to be judged on
the yardsticks of returns, liquidity, safety, convenience and tax efficiency. An
important question facing many investors across the country today is whether one
should invest in a bank fixed deposit or in a debt-oriented Mutual Fund. Mutual fund

gives an opportunity to the IFAs to select from different investment options ranging
from liquid funds to diversified equity ,based on there clients appetite for risk and and
the return they want .
The data is contained from insurance advisors, income tax consultant, and post office
agent. So the basic objective of the study was to test the potentiality and develop the
business of mutual funds by obtaining the data form Independent financial advisors.
During the training period and interaction with people it was found that awareness of
Mutual Fund among IFAs was there to a limited extent but there was lot of
misconceptions among them about mutual fund as I had meet few who had lost there
money in UTI scam and others though where aware of mutual fund where not
suggesting this to there clients as they thought it as to be to risky for there clients and
those who where aware where really aggressive to take the opportunity offered by
mutual fund to earn a high return. On the whole if I have to conclude my survey I
would like to say that if we have to create awareness about diversified portfolio,
professional management and SEBI Regulations and benefits it offers to IFAs and
there clients and also we have to clear few misconception which IFAs have, to tap the
huge potential which mutual fund market has to offer

PART A
INDUSTRY OVERVIEW
SHORT HISTORY OF MUTUAL FUNDS
WHERE DID THEY COME FROM?

Mutual funds are not an American invention. The first was started in the Netherlands
in 1822, and the second in Scotland in the 1880's. Originally called investment trusts,
the first American one was the New York Stock Trust, established in 1889. Most that
followed were begun in Boston in the early 1920's, including the State Street Fund,
Massachusetts Investor's Trust (now called MFS), Fidelity, Scudder, Pioneer, and the
Putnam Fund. The Wellington Fund, the first balanced fund that included both stocks
and bonds, was founded in 1928, and today is part of the giant Vanguard Funds

Group. In the 1960's there was a phenomenal rise in aggressive growth funds (with
very high risk). Sometimes called "go-go" or "hot-shot" funds, they received the
majority of the billions of dollars flowing into mutual funds at that time. In 1968 and
1969, over 100 of these new aggressive growth funds were established.
A severe bear market began in the autumn of 1969. People became disillusioned with
stocks and mutual funds. "The market's toast. Itll never get back to where it was!"
was echoed by panicked investors. Unemployment grew; inflation went crazy, and
investors pulled billions back out of the funds. They should have hung in there! Many
funds have risen 9,000% since then.
The 1970's saw a new kind of fund innovation: funds with no sales commission called
"no load" funds. The largest and most successful no load family of funds is the
Vanguard Funds, created by John Boggle in 1977.
At the end of the 1920's there were only 10 mutual funds. At the end of the 1960's
there were 244. Today there are more than 6,500 unique funds and even thousands
more that differ only by their share class (how they are sold, and how their expenses
are charged).
Before we continue with all you need to know about mutual funds, here is something
that merits your attention. Since 1940, no mutual fund has gone bankrupt. You sure
can't say that about banks and savings and loans!
THE CONCEPT OF MUTUAL FUND IN DETAIL

A mutual fund is a common pool of money into which investors place their
contributions that are to be invested in accordance with a stated objective. The
ownership of the fund is thus joint or mutual, fund belongs to all investors. The
work Mutual means a vehicle wherein the benefits of a certain investment are reaped
by investors in proportion to their investment.
A mutual fund uses the money collected from investors to buy those assets which are
specifically permitted by its stated investment objective. Thus, an equity fund would
buy equity assets ordinary shares, preference shares, warrants etc. A bond fund
would buy debt instruments such as debentures, bonds or government securities. It is
these assets which are owned by the investors in the same proportion as their
contribution bears to the total contributions of all investors put together.
When an investor subscribes to a mutual fund, he or she buys a part of the assets or
the pool of funds that are outstanding at that time. It is no different from buying
shares of joint stock Company, in which case the purchase makes the investor a part
owner of the company and its assets. In fact, in the USA, a mutual fund is constituted
as an investment company and an investor buys in to the fund, meaning he buys the
shares of the fund. In India, a mutual fund is constituted as a Trust and the investor
subscribes to the units issued by the fund, which is where the term Unit Trust comes
from. However, whether the investor gets fund shares or units is only a matter of legal
distinction. In any case, a mutual fund shareholder or unit-holder is a part owner of

the funds assets. The term unit-holder includes the mutual fund account-holder or
close-end fund shareholder.
A Mutual Fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned
through these investments and the capital appreciation realized is shared by its unit
holders in proportion to the number of units owned by them. Thus Mutual fund is
most suitable investment for the common man as it offers an opportunity to invest in a
diversified, professionally managed basket of securities at a relatively low cost.
WHY INVESTORS NEED MUTUAL FUNDS?
Mutual Funds offer benefits, which are too significant to miss out. Any investment
has to be judged on the yardsticks of return, liquidity and safety. Convenience and
Tax efficiency are the other benchmark relevant in Mutual Fund investments. In the
wonderful game of finance safety and return are two opposite goals and investor
cannot be nearer to both at the same time. Mutual Funds are pooled resources that get
invested in a diversified portfolio. The crux of Mutual Fund investing is averaging
the risk. When risk is equalized so are the returns.
When investor are confronted with a mind-boggling range of products, from

traditional bank deposits to downright shady money-multiplier schemes-let alone the
physical assets and non-conventional investments. Investor choice perhaps normally
falls somewhere amongst the products shown in the table below:
(Source: Mutual Fund Review, Dec. 2003)

Option Current Capital Risk Marketability Convenie
Yield Appreciati or Liquidity nce
on
Equity Low High High Variable High
Shares
Non High Negligible Low Average High
Convertible
Debentures
Growth Low High High High Very High
Schemes
Income High Low Low High Very High
Schemes
Bank Moderate Nil Negligible High Very High
Deposits
PPF Nil High Nil Average Very High
Life Nil Moderate Nil Average Very High
Insurance
Residential Low High Negligible Low Fair
House
Gold and Nil Moderate Average Average Average
Silver
Many investors possibly dont know that considering returns alone, many Mutual
Funds have outperformed a host of other investment products. Mutual Funds have
historically delivered yields averaging between 9% to 25% over a medium to long
time frame (source: www.moneycontrol.com). The duration is important because like
wise, Mutual Fund returns taste better with the passage of time. Investor should be
prepared to lock in your investments preferably for 3 years in an income fund and 5
years in an equity fund. Liquid Funds of course, generate returns even in a very short
term.
Performance analysis of several funds shows that depending on the scheme and the
duration returns from funds average between 9% to 25%. Such average may be
misleading, as some would have fared poorly while others would have posted
phenomenally high returns. The burden of intelligent choice therefore rests on
investor. As the market matures and funds develop equal capabilities returns may
however level out.

Besides, unlike in a bank deposit or an investment in bonds, returns in Mutual Funds
may fluctuate according to market volatility. A sufficiently longer time span will help
Mutual Funds yield their best returns.
Another critical benchmark for comparing investment options is liquidity. Liquidity

refers to the case with which investor can quickly convert investments back into cash
at least cost. Mutual Fund score high on this benchmark too. And depending on the
schemes investor chooses, Mutual Funds have diverse risk profiles high, medium and
even low. Investor can choose the scheme that best matches his risk appetite.
But the decisive charm of Mutual Funds lies not so much in their returns. It is the
convenience and tax efficiency that till the balance in favour of Mutual Funds.
Convenience of open-end funds is evident in their free entry and exits, systematic
investment and withdrawal plans.
Mutual Fund Operation Flow Chart
TYPES OF MUTUAL FUNDS

There are two BASIC TYPES of mutual funds. "Open-ended" or "Open" mutual
funds are the most common type of mutual funds. Investors may purchase units from
the fund sponsor or redeem units at the valuation promised in the fund documents,
usually on a daily basis. "Closed-ended" or "Closed" mutual funds are traded as
financial securities, once they are issued, and holders must sell their units on the stock
market to receive their funds back.
1. AS PER INVESTMENT OBJECTIVE

Schemes can be classified by the way of their stated investment objective such as
Growth Fund, Balanced Fund and Income Fund etc
1) EQUITY ORIENTED SCHEMES
These schemes, also commonly called Growth Schemes, seek to invest a majority of
their funds in equities and a small portion in money market instruments. Such
schemes have the potential to deliver superior returns over the long term. However,
because they invest in equities, these schemes are exposed to fluctuations in value
especially in the short term. Equity schemes are hence not suitable for investors
seeking regular income or needing to use their investments in the short term. They are
ideal for investors who have a long term investment horizon.

General Purpose
The investment objectives of general-purpose equity schemes do not restrict them to
invest in specific industries or sectors. They thus have a diversified portfolio of
companies across a large spectrum of industries. While they are exposed to equity
price risks, diversified general purpose equity funds seek to reduce the sector or stock
specific risks through diversification. They mainly have market risk exposure. HDFC
Growth Fund is a general purpose equity scheme.
Sector Specific
The schemes restrict their investing to one or more pre-defined sectors, e.g.
technology sector. Since they depend upon the performance of select sectors only,
these schemes are inherently more risky than general purpose schemes. They are
suited for informed investors who wish to take a view and risk on the concerned
sector.
Special Schemes
I. Index Schemes
The primary purpose of an Index is to serve as a measure of the performance of the
market as a whole, or a specific sector of the market. An Index also serves as a
relevant benchmark to evaluate the performance of mutual funds. Some investors are
interested in investing in the market in general rather than investing in any specific
fund. Such investors are happy to receive the returns posted by the markets. As it is
not practical to invest in each and every stock in the market in proportion to its size,
these investors are comfortable investing in a fund that they believe is a good
representative of the entire market. Index Funds are launched and managed for such
investors.
II. Tax Saving Schemes

Investors (individuals and Hindu Undivided Families (HUFs)) are being
encouraged to invest in equity market through Equity Linked Savings Scheme
(ELSS) by offering them a tax rebate. Units purchased cannot be assigned/
transferred/ pledged/ redeemed/ switched out until completion of 3years from the
date of allotment of the respective Units.

The Scheme is subject to Securities & Exchange Board of India (Mutual Funds)
Regulations, 1996 and the notifications issued by the Ministry of Finance
(Department of Economic Affairs), Government of India regarding ELSS.
III. Real Estate funds

Specialized real estate funds would invest in real estates directly, or may fund real
estate developers or lend to them directly or buy shares of housing of finance
companies or may even buy their securitized assets.
2) DEBT BASED SCHEME
These schemes are commonly called Income Schemes; invest in debt securities such
as corporate bonds, debentures and government securities. The prices of these
schemes tend to be more stable compared with the equity schemes and most of the
returns to the investors are generated through dividends or steady capital appreciation.
These schemes are ideal for conservative investors or those not in a position to take
higher equity risks, such as retired individuals. However, as compared to the money
market schemes they do have a higher price fluctuation risk and compared to a Gilt
fund they have a higher credit risk.
I. Income Schemes
These schemes invest in money markets, bonds and debentures of corporate with
medium and long term maturities. These schemes primarily target current income
instead of capital appreciation. They therefore distribute a substantial part of their
distributable surplus to the investor by way of dividend distribution. Such schemes
usually declare quarterly dividends and are suitable for conservative investors who
have medium to long term investment horizon and are looking for regular income
through dividend or steady capital appreciation.
Liquid Income Schemes
Similar to the Income scheme but with a shorter maturity than Income schemes.
II. Money Market Schemes

These schemes invest in short term instruments such as commercial paper (CP),
certificates of deposit (CD), treasury bills (T-Bill) and overnight money (Call).

The schemes are the least volatile of all the types of schemes because of their
investments in money market instrument with short term maturities. These schemes
have become popular with institutional investors and high net worth individuals
having short term surplus funds.
III. Gilt fund

This scheme primarily invests in Government Debt. Hence the investor usually does
not have to worry about the credit risk since Government Debt is generally credit risk
free.
3) HYBRID SCHEMES
These schemes are commonly known as balanced schemes. These schemes invest in
both Equity as well as Debt. By investing in a mix of this nature, balanced schemes
seek to attain the objective of income and moderate capital appreciation and are ideal
for investors with a conservative, long term orientation.
2. AS PER CONSTITUTION
1) OPEN ENDED MUTUAL FUNDS
Open-ended schemes do not have a fixed maturity period. Investors can buy or sell
units at NAV-related prices from and to the mutual fund on any business day. These
schemes have unlimited capitalization, open-ended schemes do not have a fixed
maturity, there is no cap on the amount you can buy from the fund and the unit capital
can keep growing. These funds are not generally listed on any exchange.
2) CLOSE-ENDED MUTUAL FUNDS
Close-ended schemes have fixed maturity periods. Investors can buy into these funds
during the period when these funds are open in the initial issue. After that such
schemes can not issue new units except in case of bonus or rights issue. However,
after the initial issue, you can buy or sell units of the scheme on the stock exchanges
where they are listed. The market price of the units could vary from the NAV of the

scheme due to demand and supply factors, investors expectations and other market
factors
3) INTERVAL SCHEME
These schemes combine the features of open-ended and close-ended schemes. They
may be traded on the stock exchange or may be open for sale or redemption during
pre-determined intervals at NAV based prices.

ORGANISATION OF MUTUAL FUND
THE STRUCTURE CONSISTS OF:
SPONSOR
Sponsor is the person who acting alone or in combination with another body corporate
establishes a mutual fund. Sponsor must contribute at least 40% of the net worth of
the Investment managed and meet the eligibility criteria prescribed under the
Securities and Exchange Board of India (Mutual Fund) Regulations, 1996. The
sponsor is not responsible or liable for any loss or shortfall resulting from the
operation of the Schemes beyond the initial contribution made by it towards setting up
of the Mutual Fund.
TRUST
The Mutual Fund is constituted as a trust in accordance with the provisions of the
Indian Trusts Act, 1882 by the Sponsor. The trust deed is registered under the Indian
Registration Act, 1908.

TRUSTEE
Trustee is usually a company (corporate body) or a Board of Trustees (body of

individuals). The main responsibility of the Trustee is to safeguard the interest of the
unit holders and ensure that the AMC functions in the interest of investors and in
accordance with the Securities and Exchange Board of India (Mutual Funds)
Regulations, 1996, the provisions of the Trust Deed and the Offer Documents of the
respective Schemes. At least 2/3rd directors of the Trustee are independent directors
who are not associated with the Sponsor in any manner.
ASSET MANAGEMENT COMPANY (AMC)
The AMC is appointed by the Trustee as the Investment Manager of the Mutual Fund.
The AMC is required to be approved by the Securities and Exchange Board of India
(SEBI) to act as an asset management company of the Mutual Fund. At least 50% of
the directors of the AMC are independent directors who are not associated with the
Sponsor in any manner. The AMC must have a net worth of at least 10 cores at all
times.
REGISTRAR AND TRANSFER AGENT
The AMC if so authorized by the Trust Deed appoints the Registrar and Transfer
Agent to the Mutual Fund. The Registrar processes the application form, redemption
requests and dispatches account statements to the unit holders. The Registrar and
Transfer agent also handles communications with investors and updates investor
records.

PHASES OF MUTUAL FUND INDUSTRY
The mutual fund industry in India started in 1963 with the formation of Unit Trust of
India, at the initiative of the Government of India and Reserve Bank. The history of
mutual fund in India can be broadly divided into four distinct phases.
Ph
as
e-I
II
e-
as
Ph
Phases of Mutual
Fund Industry in
India
Ph
as
IV e-
se- III
a
Ph
FIRST PHASE 1964-1987
Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set
up by the Reserve Bank of India and functioned under the Regulatory and
administrative control of the Reserve Bank of India. In 1978, UTI was de-linked from
the RBI and the Industrial Development Bank of India (IDBI) took over the
regulatory and administrative control in place of RBI. The first scheme launched by
UTI was Unit Scheme in 1964. At the end of 1988 UTI had Rs.6, 700 cores of assets
under management.

SECOND PHASE 1987-1993 (Entry of Public Sector Funds)
1987 marked the entry of non-UTI, public sector mutual funds set up by the public
sector banks and Life Insurance Corporation of India (LIC) and General Insurance
Corporation of India (GIC). SBI Mutual Fund was the first non-UTI Mutual Fund
established in June 1987
Name of the Mutual Fund Company Time of establishment

SBI Mutual Fund June - 1987
Can bank Mutual Fund December - 1987
Punjab National bank Mutual Fund August - 1989
Indian bank Mutual Fund November - 1989
Bank of India Mutual Fund June - 1990
Bank of Baroda Mutual Fund October - 1992
LIC Mutual Fund June - 1989
GIC Mutual Fund December - 1990
At the end of 1993, the mutual fund industry had assets under management of Rs.47,
004 cores.
THIRD PHASE 1993-2003 (Entry of Private Sector Funds)
With the entry of private sector funds in 1993, a new era started in the Indian mutual
fund industry, giving the Indian investors a wider choice of fund families. Also, 1993
was the year in which the first Mutual Fund Regulations came into being under which
all the mutual funds except UTI were to be registered and governed. The erstwhile
Kothari Pioneer (now merged with Franklin Templeton) was the first privates sector
mutual fund registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more

comprehensive and revised Mutual Fund Regulations in 1996. The industry now
functions under the SEBI (Mutual Fund) Regulations 1996.

The number of mutual fund houses went on increasing, with many foreign mutual
funds setting up funds in India and also the industry has witnessed several mergers
and acquisitions. As at the end of January 2003, there were 33 mutual funds with the
total assets of Rs. 1, 12,805 cores. The Unit Trust of India with Rs. 44,541 cores of
assets under management was way ahead of other mutual funds.
FOURTH PHASE since February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963, UTI was
bifurcated into two separate entities. One is the specified undertaking of the Unit Trust
of India with assets under management of Rs.29, 835 cores as at the end of January
2003, representing broadly, the assets of US 64 scheme, assured return and certain
other schemes. The specified undertaking of Unit Trust of India, functioning under an
administrator and under the rules framed by Government of India and does not come
under the purview of the Mutual Fund Regulations.
The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual fund Regulations. With the
bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76, 000 cores
of assets under management and with the setting up of a UTI Mutual Fund,
conforming to the SEBI Mutual Fund Regulations and with the recent mergers taking
place among different private sector funds, the mutual fund industry has entered its
current phase of consolidation and growth. As at the end of September, 2004, there
were 29 funds, which manage assets of Rs. 153108 cores under 421 schemes.

The graph indicates the growth of assets over the years.
Note
Erstwhile UTI was bifurcated into UTI Mutual fund and the Specified Undertaking of
the Unit Trust of India effective from February 2003. The Assets under management
of the Specified Undertaking of the Unit Trust of India has thereof been executed
from the total assets of the industry as a whole from February 2003 onwards.

THE WAY & TYPE TO INVEST IN MUTUAL FUND
Mutual funds normally come out with an advertisement in newspapers publishing the
date of launch of the new schemes. Investors can also contact the agents and
distributors of mutual funds who are spread all over the country for necessary
information and application forms. Forms can be deposited with mutual funds through
the agents and distributors who provide such services. Now days, the post offices and
banks also distribute the units of mutual funds. However, the investors may please
note that the mutual funds schemes being marketed by banks and post offices should
not be taken as their own schemes and no assurance of returns is given by them. The
only role of banks and post offices is to help in. distribution of mutual funds schemes
to the investors. Investors should not be carried away by commission/gifts given by
agents/distributors for investing in a particular scheme. On the other hand they must
consider the track record of the mutual fund and should take objective decision.
ONE TIME INVESTMENT
The amount that has to be invested in onetime is known as Onetime Investment. The
investor has to pay the whole amount at once. The minimum amount is Rs. 5000 and
maximum is as per the investors
Choice. This investment is generally preferred for the business man who
Are able to pay at one time.
SYSTEMATIC INVESTMENT PLAN (SIP)
The amount that has to be invested through same monthly installment is known as
Systematic Investment Plan. The investor has to pay the minimum amount Rs.1000
monthly for all equity and balanced schemes like that for 6months. And Rs.500
monthly for Tax Saver scheme like that for 12 months. The minimum amount that the
investor has to invest is Rs6000 and maximum as per their choice. This type of
investment is generally preferred for the salaried people.

LEGAL FRAME WORK OF SEBI & AMFI
REGULATORY ASPECTS OF MUTUAL FUNDS:
In the year 1992, Securities and exchange Board of India (SEBI) Act was passed. The
objectives of SEBI are to protect the interest of investors in securities and to
promote the development of and to regulate the securities market.
SEBI formulates policies and regulates the mutual funds to protect the interest of the
investors.
GUIDELINES OF SEBI & AMFI
Mutual funds are regulated by the SEBI (mutual Fund) Regulations, 1996.
SEBI is the regulator of all funds, except offshore funds.
Bank-sponsored mutual funds are jointly regulated by SEBI and RBI.
The bank-sponsored fund cannot provide a guarantee without RBI Permission.
RBI regulates money and government securities markets, in which mutual Funds
are invested.
Listed mutual funds are subject to the listing regulations of stock exchange.
Since the AMC and Trustee Company are companies, the Department of Company
affairs regulate them. They have to send periodic reports to the ROC (Register of
Companies) and the CLB (Company Law Board) is the appellate authority.
Investors cannot sue the trust, as they are the same as the trust and cant sue
themselves.
UTI does not have a separate sponsor and AMC.
UTI is governed by the UTI Act, 1963 and is voluntarily under SEBI Regulations.
UTI can borrow as well as lend also engage in other financial services activities.
Only AMFI certified agents can sell Mutual Fund units.
Mutual Funds Company is required to update the NAV of the scheme on the
AMFI website on a daily basis in case of open-ended scheme.
REGULATORY OF MUTUAL FUND IN INDIA

SEBI
The capital market regulates the mutual funds in India. SEBI requires all mutual funds
to be registered with them. SEBI issues guidelines for all mutual funds operations-
investment, accounts, expenses etc. Recently, it has been decided that Money Market
Mutual Funds of registered mutual funds will be regulated by SEBI through (Mutual
Fund) Regulations 1996.
RBI
RBI, a supervisor of the Banks owned Mutual Funds-As banks in India come under
the regulatory Jurisdiction of RBI, banks owned funds to be under supervision of RBI
and SEBI. RBI has supervisory responsibility over all entities that operate in the
money markets.
MINISTRY OF FINANCE (MOF)

Ministry of Finance ultimately supervises both the RBI and the SEBI and plays the
role of apex authority for any major disputes over SEBI guidelines.
COMPANY LOW BOARD

Registrar of companies is called Company Low Board. AMCs of Mutual Funds are
companies registered under the companies Act 1956 and therefore answerable to
regulatory authorities empowered by the Companies Act.
STOCK EXCHANGE
Stock Exchanges are Self-regulatory organizations supervised by SEBI. Many closed
ended funds of AMCs are listed as stock exchanges and are traded like shares.
OFFICE OF THE PUBLIC TRUSTEE

Mutual Fund being public trust is governed y the Indian Trust Act 1882. The Board of
trustee or the Trustees Company is accountable to the office of public trustee, which
in turn reports to the Charity commissioner.
BENEFITS OF MUTUAL FUND

There are numerous benefits of investing in mutual funds and one of the key reasons
for its phenomenal success in the developed markets like US and UK is the range of
benefits they offer, which are unmatched by most other investment avenues. We have
explained the key benefits in this section. The benefits have been broadly split into
universal benefits, applicable to all schemes and benefits applicable specifically to
open-ended schemes.
1. AFFORDABILITY
A mutual fund invests in a portfolio of assets, i.e. bonds, shares, etc. depending upon
the investment objective of the scheme. An investor can buy in to a portfolio of
equities, which would otherwise be extremely expensive. Each unit holder thus gets
an exposure to such portfolios with an investment as modest as Rs.500/-. This amount
today would get you less than quarter of an Infosys share! Thus it would be affordable
for an investor to build a portfolio of investments through a mutual fund rather than
investing directly in the stock market.

2. DIVERSIFICATION
The nuclear weapon in your arsenal for your fight against Risk. It simply means that
you must spread your investment across different securities (stocks, bonds, money
market instruments, real estate, fixed deposits etc.) and different sectors (auto, textile,
information technology etc.). This kind of a diversification may add to the stability of
your returns, for example during one period of time equities might under perform but
bonds and money market instruments might do well enough to offset the effect of a
slump in the equity markets. Similarly the information technology sector might be
faring poorly but the auto and textile sectors might do well and may protect your
principal investment as well as help you meet your return objectives.
3. VARIETY
Mutual funds offer a tremendous variety of schemes. This variety is beneficial in two
ways: first, it offers different types of schemes to investors with different needs and
risk appetites; secondly, it offers an opportunity to an investor to invest sums across a
variety of schemes, both debt and equity. For example, an investor can invest his
money in a Growth Fund (equity scheme) and Income Fund (debt scheme) depending
on his risk appetite and thus create a balanced portfolio easily or simply just buy a
Balanced Scheme.
4. PROFESSIONAL MANAGEMENT
Qualified investment professionals who seek to maximize returns and minimize risk
monitor investor's money. When you buy in to a mutual fund, you are handing your
money to an investment professional that has experience in making investment
decisions. It is the Fund Manager's job to (a) find the best securities for the fund,
given the fund's stated investment objectives; and (b) keep track of investments and
changes in market conditions and adjust the mix of the portfolio, as and when
required.
5. TAX BENEFITS

Any income distributed after March 31, 2002 will be subject to tax in the assessment
of all Unit holders. However, as a measure of concession to Unit holders of open-
ended equity-oriented funds, income distributions for the year ending March 31, 2003,
will be taxed at a confessional rate of 10.5%.
In case of Individuals and Hindu Undivided Families a deduction unto Rs. 9,000 from
the Total Income will be admissible in respect of income from investments specified
in Section 80L, including income from Units of the Mutual Fund. Units of the
schemes are not subject to Wealth-Tax and Gift-Tax.
6. REGULATIONS
Securities Exchange Board of India (SEBI), the mutual funds regulator has clearly
defined rules, which govern mutual funds. These rules relate to the formation,
administration and management of mutual funds and also prescribe disclosure and
accounting requirements. Such a high level of regulation seeks to protect the interest
of investors.
7. CONVENTIONAL ADMINISTRATION
Investing in a Mutual Fund reduces paperwork and helps you avoid many problems
such as bad deliveries, delayed payments and follow up with brokers and companies.
Mutual Funds save your time and make investing easy and convenient. Return
Potential Over a medium to long-term; Mutual Funds have the potential to provide a
higher return as they invest in a diversified basket of selected securities.
8. LIQUIDITY
In open-ended mutual funds, you can redeem all or part of your units any time you
wish. Some schemes do have a lock-in period where an investor cannot return the
units until the completion of such a lock-in period.
9. CONVENIENCE
An investor can purchase or sell fund units directly from a fund, through a broker or a
financial planner. The investor may opt for a Systematic Investment Plan (SIP) or a
Systematic Withdrawal Advantage Plan (SWAP). In addition to this an investor
receives account statements and portfolios of the schemes.

MUTUAL FUND PLAYER IN INDIA
A) Bank Sponsored
1. Joint Ventures - Predominantly Indian
a. SBI Funds Management Private Ltd.
2. Others
a. BOB Asset Management Co. Ltd.
b. Can bank Investment Management Services Ltd.
c. UTI Asset Management Co. Private Ltd.
B) Institutions
a. Jeevan Bima Sahayog Asset Management Co. Ltd.
C) Private Sector
1. Indian
a. Benchmark Asset Management Co. Private Ltd.
b. Cholamandalam Asset Management Co. Ltd.
c. Credit Capital Asset Management Co. Ltd.
d. Escorts Asset Management Ltd.
e. J. M. Financial Asset Management Private Ltd.
f. Kotak Mahindra Asset Management Co. Ltd.
g. Reliance Capital Asset Management Ltd.
h. Sahara Asset Management Co. Private Ltd
i. Sundaram Asset Management Co. Ltd.
j. Tata Asset Management Ltd.
2. Joint Ventures - Predominantly Indian
a. Birla Sun Life Asset Management Co. Ltd.
b. DSP Merrill Lynch Fund Managers Ltd.
c. HDFC Asset Management Co. Ltd.
d. Prudential ICICI Asset Management Co. Ltd.
3. Joint Ventures - Predominantly Foreign
a. ABN AMRO Asset Management (India) Ltd.
b. Deutsche Asset Management (India) Private Ltd.
c. Fidelity Fund Management Private Ltd.
d. Franklin Templeton Asset Management (India) Private Ltd.
e. HSBC Asset Management (India) Private Ltd.
f. ING Investment Management (India) Private Ltd.
g. Morgan Stanley Investment Management Private Ltd.
h. Principal Pnb Asset Management Co. Private Ltd.
i. Standard Chartered Asset Management Co. Private Ltd.
AUM OF COMPETITORS

Assets Under Management (AUM) as at the end of May-2007 (Rs in Lakes)
Mutual Fund Name AUM Average AUM For The
Month
Excluding Fund Of Excluding Fund Of
Fund Of Funds Fund Of Funds
Funds Funds
1. ABN AMRO 687443.08 36549.73 626525.88 35964.53
Mutual Fund
2. AIG Global N/A N/A N/A N/A
Investment Group
Mutual Fund
3. Benchmark Mutual 641785.64 0 543258.09 0
Fund
4. Birla Sun Life 2371946.37 1905.17 2177700.58 1890.64
Mutual Fund
5. BOB Mutual Fund 9759.11 0 10249.22 0
6. Canbank Mutual 291004.49 0 267091.92 0
Fund
7. DBS Chola Mutual 247308.99 0 211747.28 0
Fund
8. Deutsche Mutual 728368.45 0 718837.47 0
Fund
9. DSP Merrill Lynch 1185328.84 0 1176345.78 0
Mutual Fund
10. Escorts Mutual 13247.54 0 11715.44 0
Fund
11. Fidelity Mutual 881348.73 4365.86 844375.84 4476.53
Fund
12. Franklin 2627635.74 30636.2 2536497.59 31101.51
Templeton Mutual
Fund
13. HDFC Mutual 3614666.74 0 3388820.86 0
Fund
14. HSBC Mutual 1458564.08 0 1350481 0
Fund
15. ICICI Prudential 5070300.11 3907.38 4599486.19 3870.1
Mutual Fund
16. ING Mutual Fund 554148.05 81847.32 426654.38 83156.41
17. JM Financial 377249.74 0 350488.13 0
Mutual Fund
18. JPMorgan Mutual N/A N/A N/A N/A
Fund
19. Kotak Mahindra 1672255.56 54018.22 1454533.63 52628.06
Mutual Fund
20. LIC Mutual Fund 990442.2 0 969282.55 0
21. Lotus India Mutual 362314.83 0 280596.17 0
Fund
22. Morgan Stanley 318066.94 0 310005.39 0
Mutual Fund

PART B
COMPANY DETAIL

MAN WITH A MISSION
If ever there was a man with a mission it was

Hasmukhbhai Parekh, Founder and Chairman-Emeritus,
of HDFC Group who left this earthly abode on November
18, 1994. Born in a traditional banking family in Surat,
Gujarat, Mr. Parekh started his financial career at
Harkisandass Lukhmidass a leading stock broking firm.
The firm closed down in the late seventies, but, long
before that, he went on to become a towering figure on the
Indian financial scene.
In 1956 he began his lifelong financial affair with the
economic world, as General
Manager of the newly-formed Industrial Credit and Investment Corporation of India
(ICICI). He rose to become Chairman and continued so till his retirement in 1972.
At the ripe age of 60, Hasmukhbhai started his second dynamic life, even more
illustrious than his first. His vision for mortgage finance for housing gave birth to the
Housing Development Finance Corporation
it was a trend-setter for housing finance in the
whole Asian continent.
He was also a writer in his own right. There
are over 200 published articles by him...
In 1992, the Government of India honoured
him with the Padma Bhushan Award. The
Mr. H.T. PAREKH is conferred the

Padma Bhushan by the Government
of India in the year 1992.
London School of Economics & Political Science conferred on him an Honorary
Fellowship.
He was one of the Founder Members of the Centre for Advancement of Philanthropy,
and its Chairman till 1993.
He took active interest in the Bombay Community Public Trust, designed specifically
to serve the needs of the citys underprivileged citizens.
When Mr. Deepak Parekh took over as Chairman from Hasmukhbhai, he said:
Taking over from H.T. Parekh is a formidable task; his vision brought about not
only an institution, but an entire concept which has proved itself to be of lasting
importance.
Today we are the largest residential mortgage finance institution in India, with a net
worth of Rs. 2,703 cores as of March 31, 2006 and an asset base of over Rs. 22,000
cores. We also aim to increase the flow of resources to the housing sector by
integrating the housing finance sector with the overall domestic financial markets.
Over a span of 25 years, HDFC has become the pioneer in housing finance in India
and made it possible for over two million Families to own their homes, through
housing loans worth over Rs. 42,000 cores.
ABOUT COMPANY HDFC
VISION
To be a dominant player in the Indian mutual fund

space, recognized for its high levels of ethical and
professional conduct and a commitment towards
enhancing investor interests.
ORGANIZATION AND MANAGEMENT
HDFC is a professionally managed organization with a board of directors consisting

of eminent persons who represent various fields including finance, taxation,
construction and urban policy & development. The board primarily focuses on

strategy formulation, policy and control, designed to deliver increasing value to
shareholders.
Name and Designation Location Contact Number
Mr. Deepak S. Parekh is the executive Chairman of the
Corporation. He is fellow of the Institute of Chartered
Accountants (England & Wales).Mr. Parekh joined the
Corporation in a senior management position in 1978.He was
inducted as a whole time director of the Corporation in 1985
and was appointed as the Chairman in 1993. He is the chief executive officer of the
Corporation Mumbai.
Mr. K. M. Mistry the Managing Director of the Corporation. Is

a Fellow of the Institute of Chartered Accountants of India? He
has been employed with the Corporation since 1981 and was
the executive director of the Corporation since 1993. He was
appointed as the deputy managing director in 1999 and the
Managing Director in 2000. He is also a member of the
Investors Grievance Committee of Directors.
Ms. Renu S. Karnad the Executive Director of the Corporation.

Is a graduate in law and holds a Masters degree in economics
from Delhi University. She has been employed with the
Corporation since 1978 and was appointed as the Executive
Director of the Corporation in 2000. She is responsible for
overseeing all aspects of lending operations of HDFC.New
Delhi.
BOARD OF DIRECTORS
Mr. D S Parekh - Chairman Mr. D N Ghosh
Mr. Keshub Mahindra - Vice Chairman Dr. S A Dave
Ms. Renu S. Karnad - Executive Director Mr. S Venkitaramanan

Mr. K M Mistry - Managing Director Dr. Ram S Tarneja
Mr. Shirish B Patel Mr. N M Munjee
Mr. B S Mehta Mr. D M Satwalekar
HDFC ASSET MANAGEMENT COMPANY LIMITED (AMC)

AMC was incorporated under the Companies Act, 1956, on December 10, 1999, and
was approved to act as an AMC for the Mutual Fund by SEBI on July 30, 2000.
The registered office of the AMC is situated at Ramon House, 3rd Floor, H.T. Parekh
Marg, 169, Back bay Reclamation, Church gate, Mumbai - 400 020.
In terms of the Investment Management Agreement, the Trustee has appointed HDFC
Asset Management Company Limited to manage the Mutual Fund
As per the terms of the Investment Management Agreement, the AMC will conduct
the operations of the Mutual Fund and manage assets of the schemes, including the
schemes launched from time to time.
The present share holding pattern of the AMC is as follows:
Particulars % of the paid up capital

Housing Development Finance Corporation Limited 50.10
Standard Life Investments Limited 49.90
Zurich Insurance Company (ZIC), the Sponsor of Zurich India Mutual Fund,
following a review of its overall strategy, had decided to divest its Asset Management
business in India. The AMC had entered into an agreement with ZIC to acquire the
said business, subject to necessary regulatory approvals.

On obtaining the regulatory approvals, the Schemes of Zurich India Mutual Fund has
now migrated to HDFC Mutual Fund on June 19, 2003. These schemes have been
renamed as follows:
FORMER NAME NEW NAME
Zurich India Equity Fund HDFC Equity Fund
Zurich India Prudence Fund HDFC Prudence Fund
Zurich India Capital Builder Fund HDFC Capital Builder Fund
Zurich India Tax Saver Fund HDFC Tax Saver Fund
Zurich India Top 200 Fund HDFC Top 200 Fund
Zurich India High Interest Fund HDFC High Interest Fund
Zurich India Liquidity Fund HDFC Liquidity Fund
Zurich India Sovereign Gilt Fund HDFC Sovereign Gilt Fund
The AMC is managing 2 close ended Income Scheme viz. HDFC Fixed Investment
Plan and HDFC Long Term Equity Fund and 23 open-ended schemes of the Mutual
Fund viz. HDFC Growth Fund (HGF), HDFC Balanced Fund (HBF), HDFC Income
Fund (HIF), HDFC Liquid Fund (HLF), HDFC Long Term Advantage Fund, HDFC
Tax Plan 2000 (HTP), HDFC Children's Gift Fund (HDFC CGF), HDFC Gilt Fund
(HGILT), HDFC Short Term Plan (HSTP), HDFC Index Fund, HDFC Floating Rate
Income Fund (HFRIF), HDFC Equity Fund (HEF), HDFC Top 200 Fund, (HT200),
HDFC Capital Builder Fund (HCBF), HDFC Tax Saver (HTS), HDFC Prudence Fund
(HPF), HDFC High Interest Fund (HHIF), HDFC Sovereign Gilt Fund (HSGF) and
HDFC Cash Management Fund (HCMF), HDFC MF Monthly Income Plan (HMIP),
HDFC Core & Satellite Fund (HSCF), HDFC Multiple Yield Fund (HMYF), HDFC
Premier Multi-Cap Fund (HPM) and HDFC Multiple Yield Fund Plan 2005
(HMY2005).
The AMC is also providing portfolio management / advisory services and such
activities are not in conflict with the activities of the Mutual Fund. The AMC has
renewed its registration from SEBI vide Registration No. - PM / INP000000506 dated
December 22, 2000 to act as a Portfolio Manager under the SEBI (Portfolio
Managers) Regulations, 1993. The Certificate of Registration is valid from January 1,
2004 to December 31, 2006.

SPONSORS
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED (HDFC):
HDFC was incorporated in 1977 as the first specialised housing finance institution in
India. HDFC provides financial assistance to individuals, corporate and developers for
the purchase or construction of residential housing. It also provides property related
services (e.g. property identification, sales services and valuation), training and
consultancy. Of these activities, housing finance remains the dominant activity.
HDFC currently has a client base of over 8, 00,000 borrowers, 12, 00,000 depositors,
92,000 shareholders and 50,000 deposit agents. HDFC raises funds from international
agencies such as the World Bank, IFC (Washington), USAID, CDC, ADB and KFW,
domestic term loans from banks and insurance companies, bonds and deposits. HDFC
has received the highest rating for its bonds and deposits program for the ninth year in
succession. HDFC Standard Life Insurance Company Limited, promoted by HDFC
was the first life insurance company in the private sector to be granted a Certificate of
Registration (on October 23, 2000) by the Insurance Regulatory and Development
Authority to transact life insurance business in India.
HDFC is India's premier housing finance company and enjoys an impeccable track
record in India as well as in international markets. Since its inception in 1977, the
Corporation has maintained a consistent and healthy growth in its operations to
remain the market leader in mortgages. Its outstanding loan portfolio covers well over
a million dwelling units. HDFC has developed significant expertise in retail mortgage
loans to different market segments and also has a large corporate client base for its
housing related credit facilities. With its experience in the financial markets, a strong
market reputation, large shareholder base and unique consumer franchise, HDFC was
ideally positioned to promote a bank in the Indian environment.
STANDARD LIFE INVESTMENTS LIMITED
The Standard Life Assurance Company was established in 1825 and has considerable
experience in global financial markets. In 1998, Standard Life Investments Limited

became the dedicated investment management company of the Standard Life Group
and is owned 100% by The Standard Life Assurance Company.
With global assets under management of approximately US$186.45 billion as at

March 31, 2005, Standard Life Investments Limited is one of the world's major
investment companies and is responsible for investing money on behalf of five
million retail and institutional clients worldwide. With its headquarters in Edinburgh,
Standard Life Investments Limited has an extensive and developing global presence
with operations in the United Kingdom, Ireland, Canada, USA, China, Korea and
Hong Kong. In order to meet the different needs and risk profiles of its clients,
Standard Life Investments Limited manages a diverse portfolio covering all of the
major markets world-wide, which includes a range of private and public equities,
government and company bonds, property investments and various derivative
instruments. The company's current holdings in UK equities account for
approximately 2% of the market capitalization of the London Stock Exchange.
HDFC MUTUAL FUND PRODUCTS
Equity Funds
HDFC Growth Fund
HDFC Long Term Advantage Fund
HDFC Index Fund
HDFC Equity Fund
HDFC Capital Builder Fund
HDFC Tax saver
HDFC Top 200 Fund
HDFC Core & Satellite Fund
HDFC Premier Multi-Cap Fund
HDFC Long Term Equity Fund
HDFC Mid-Cap Opportunity Fund
Balanced Funds
HDFC Children's Gift Fund Investment Plan
HDFC Children's Gift Fund Savings Plan

HDFC Balanced Fund
HDFC Prudence Fund
Debt Funds
HDFC Income Fund
HDFC Liquid Fund
HDFC Gilt Fund Short Term Plan
HDFC Gilt Fund Long Term Plan
HDFC Short Term Plan
HDFC Floating Rate Income Fund Short Term Plan
HDFC Floating Rate Income Fund Long Term Plan
HDFC Liquid Fund - PREMIUM PLAN
HDFC Liquid Fund - PREMIUM PLUS PLAN
HDFC Short Term Plan - PREMIUM PLAN
HDFC Short Term Plan - PREMIUM PLUS PLAN
HDFC Income Fund Premium Plan
HDFC Income Fund Premium plus Plan
HDFC High Interest Fund
HDFC High Interest Fund - Short Term Plan
HDFC Sovereign Gilt Fund - Savings Plan
HDFC Sovereign Gilt Fund - Investment Plan
HDFC Sovereign Gilt Fund - Provident Plan
HDFC Cash Management Fund - Savings Plan
HDFC Cash Management Fund - Call Plan
HDFCMF Monthly Income Plan - Short Term Plan
HDFCMF Monthly Income Plan - Long Term Plan
HDFC Cash Management Fund - Savings Plus Plan
HDFC Multiple Yield Fund
HDFC Multiple Yield Fund Plan 2005

HDFC MUTUAL FUND AT A GLANCE
Name of Unit : HDFC MUTUAL FUND
Address : 2nd Floor, Shiv Darshan, 5 Jagnath

Plot,Dr.Radhakrishna Road,
Rajkot.
Form of Organization : Private Sector
Contact Number : (0281)-5524881/82
Establishment year : 2000

Sponsors : Housing Development Finance
Corporation Limited (HDFC),
Standard Life Investments Limited.
Management : Trustee.
HDFC Asset Management Company Limited (AMC).

Working Hours : 9.30 am to 9.00 p.m
Web site : www.hdfcfund.com
ACHIEVEMENT AND AWARDS
HDFC Prudence fund has been ranked ICRA-MFR 1, and Has Been awarded
the Gold Award for Best Performance in the category of Open Ended Balanced
Scheme for one year Period Ending Dec 31, 2005.
HDFC Tax saver fund has been ranked ICRA-MFR 1, and Has Been Silver
award for Second Best Performance in the category of Open Ended Equity
Linked Saving Scheme(ELSS) for Three year Period Ending Dec 31, 2005.
HDFC MIP~LTP has been ranked ICRA-MFR 1, and Has been awarded the
Gold Award For Best Performance in the category of Open Ended Marginal
Equity Scheme for one year Period Ending Dec 31, 2005.

PART C
DEPARTMENT
DETAILS

OPERATION DETAILS
PRODUCTION / OPERATION PROCESS
A process is any activity or group of activities that takes one or more inputs,
transforms and add value to them, and provides one or more output for its customers.
The term operation management refers to the direction and control of the process
that transform inputs into product and services.
LOCATION DETAILS
HDFC AMC is located at Yagnik road which is in the heart of the city where service is
easily available for all customer and easy access compare with other place that
available in city. Location has major impact on success or failure of operation.
Advantages of this type of location are that service cost and distribution cost is
minimum comparison with other place.
The major investor service centres of HDFC MUTUAL FUND are as below.

LAYOUT DETAILS
There is a plan of all the act of planning & optimum arrangement of planning
including flow of man & material and customer, operating equipment, storage space,
material handling equipments and all other supporting services along with the design
of best structure to contain all these facilities.
PLANNING AND CONTROL

It is useful for effective utilization of resources, to achieve organization goal and
objectives with respect to quality service, cost control timely service to co-ordinate
with other department to ensure continuous quality service. There is a proper planning
and planning with respect to which type of scheme to be introduced, what are
expenses of R&D for finding out feasibility of that scheme, how many people will
work on that particular job, before introducing new scheme. There is special research
department for carrying out the analysis of market and there is a fund manager who
carries out all planning for investing in various sector and he is also responsible for
controlling the cost of transaction so that it can give return to investors.
MAINTENANCE

HDFC AMC is the service sector industry so all work is carried out with the help of
computer System. There is contract given to service provider and other maintenance
is done by staff itself.
PROCUREMENT
HDFC AMC is the service sector industry so procurement is only for computer
machinery and computer stationary and other stationary include brochures of all the
schemes and monthly fact sheet is used in daily work.
Procurement of computer machinery is done through central contract of main branch

and for procurement of stationary is done through local stationary distributor.
STORE MANAGEMENT
HDFC AMC is the service sector industry so storage is only for files and fact sheet
and other document that published by AMC.
MARKETING DETAILS
Marketing generally refers as the task of creating, promoting and delivering goods
and services to consumers and business. Marketing managers seeks to influence the
level of timing and composition of demand to meet the organisations objectives.
Marketing people are involved in 10types of entities: goods, services, experiences,
events, persons, places, properties, organization, information and ideas. The
marketing concept rests on four pillars: target market, customer needs, integrated
marketing and profitability.
Marketing is defined as a societal process by which individuals and groups obtain

what they need and want through creating, offering and freely exchanging products
and services of value with others.
The basic four Ps of marketing are PRODUCT, PRICE, PLACE and PROMOTION.
MARKETINGSCENARIO
The last few years have seen an increased attention to mutual funds across all genres
of investors big or small, individuals or corporate. The growing awareness of the

advantages that mutual funds offer over other investments avenues have been better
communicated and more understood.
A mutual fund is the ideal investment vehicle for todays complex and modern
financial scenario. Markets for equity shares, bonds and other fixed income
instruments, real estate, derivatives and other assets have become mature and
information driven. Price changes in these assets are driven by global events
occurring in faraway places. A typical individual is unlikely to have the knowledge,
skills, inclination and time to keep track of events, understand their implications and
act speedily.
A mutual fund is answer to all these situations. It appoints professionally qualified and
experienced staffs that manages each of these functions on a fulltime basis. Now,
Mutual Fund is new developing market. In fact, the mutual fund vehicle exploits
economies of scale in all three areas research, investment and transaction processing.
MARKET SEGMENTATION
Market segmentation is an effort to increase a companys precision marketing. A
market segment consists of large identifiable group within a market with similar
wants, purchasing power, buying attitudes or buying habits. As HDFC mutual fund is
a service sector industry they introduce different schemes for different people. Each
person is different in nature and each have differ criteria for investment like risk
factor, return, liquidity, tax benefits etc.
So that HDFC Asset management company have introduced variety of scheme like
debt scheme, balanced scheme, equity related scheme and each schemes have option
to invest in SIP (Systematic Investment Plan) which help investor to invest a specific
amount for a continuous period, at regular intervals so that investor has the advantage
of rupee cost averaging and also helps him save compulsorily a fixed amount each
amount.
TARGET MARKET
HDFC Asset Management Company is a joint venture of HDFC bank (50.10%) and
Standard Life Investment Limited (49.90%). The joint venture was formed with the

key objective of providing the Indian investor mutual fund products to suit a variety
of investment needs. HDFC Asset Management Company, have variety of scheme
both open ended and close ended scheme. Both have different objective and different
target market. Equity Mutual Fund Scheme has target market of person who wants to
take high risk and also expect high return.
Balanced scheme have target market of person who wants to take moderate risk and
expect average return and Debt scheme have target market of person who wants to
take less risk. Close ended scheme have target market of person who wants long term
equity investment.
CUSTOMERS PROFILE
HDFC Asset Management Company, have variety scheme and each scheme have
different customer profile. For Equity related scheme customer profile is young
generation, for liquid scheme customer profile is business man who wants to utilize
their money in effective manner for shorter period, in SIP (Systematic Investment
Plan) customer basically are serviced person who invest regularly and want to earn
more than average return. Thus, HDFC Asset Management Company, have
introduced variety of scheme to suit need of variety of customer.
POSITIONING STRATEGY
Positioning is the act of designing the companys offering and image to occupy a
distinctive place in the target markets mind.
Positioning starts with a product. A piece of merchandise, a service, a company, an

institution, or even a person. But positioning is not what you do to a product.
Positioning is what you do the mind of the prospect. That is, you position the product
in the mind of prospect. A companys differentiating and positioning strategy must
change as the product, market, and competitors change over time. Once the company
has developed a clear positioning strategy, it must communicate at the positioning
effectively. There should be no under positioning, over positioning, confused
positioning or doubtful positioning.

HDFC Asset Management Company, have positioning strategy of Continuing a
Tradition of Trust. It is accurate positioning strategy because it signifies a trust with
its clients.
Here is special Relationship Manager dedicated towards customer service and

satisfaction and give them guidance about various schemes which helps them to get
right scheme which suit their investment needs. In this way it continues to maintain a
trust with its clients.
DISTRIBUTION COMPANIES
Availing of the services of established distribution companies is practice accepted by
mutual fund internationally. This practice evolve with a view to provide the huge
administrative mechanism require supporting a large agent force. Instead of having to
deal with several agents, a fund can interact with distribution a company which has
several employees or sub brokers under it.
BANK & NBFCS

In developed countries, bank are an important marketing vehicles for mutual funds
given that banks themselves had large depositors/ clients base of their own. We can
see the opening up of this new channel now in India. Several banks, particularly
private and foreign banks are involved in fund distribution by providing services
similar to those of distribution companies, on a commission basis.
DIRECT MARKETING
Direct marketing means that the mutual funds sell their own products without any use
of intermediateries. Usually, this takes the form of the sales officer and employees of
the AMC who approach the investor and accept their contribution directly. However
in India, independent agents may really be created as a direct marketing channel in a
sense that they do not form a well knit independent and organized a single entity and
act more like fund employees. Others channel like distribution companies or banks or
even stock brokers are clearly distinct and independent intermediaries.
PRICING POLICY

HDFC Asset Management Company is service Provider Company so there is Entry
Load and Exit Load for each scheme.
NO Scheme name Entry load Exit load

1 Equity Funds 2.25% <=5 cr Nil
Nil above 5 cr
2 SIP 2.25 % 1.25% before 6
months
Thus each scheme has different Entry Load and Exit Load.
PROMOTIONAL TOOLS
The objective of advertising of HDFC AMC is to create awareness about services and
scheme of HDFC among investors and sub-brokers and increase sub-brokers of
HDFC AMC.
Company does give advertisement in media like Newspapers, and Magazines etc.
when in introduce new scheme or mutual fund IPO and through direct marketing they
advertise and create awareness about their services and new schemes. HDFC also do
presentation about various schemes so that investors can know more about their
product and services.
Another tool of promotion of HDFC AMC is Public Relation involves a variety of

programs designed to promote or protect a companys image or its individual
products. HDFC has PR department monitors the attitudes of the organizations
publics and distributes information and communications to build goodwill. They also
perform following function:
Press relation: Presenting news and information about the HDFC AMC in the most
positive light.
Product publicity: Sponsoring efforts to publicize specific products.
Counselling: Advising management abut public issues and company positions and
image.

HUMAN RESOURCE DETAILS
HUMAN RESOURCE MANAGEMENT

Human Resource Management function that helps managers recruits select, train
and develop members for an organization. Obviously, HRM is concerned with the
peoples dimension in organizations
In all business concerns, there is one common element. I.e. HUMAN RESOURCE.
Work force of an Organization is one of the most important inputs of components. It
is said that people are our single most important assets. Because of the unique
importance of HUMAN RESOURCE and its complexity due to ever changing
psychology, behaviour and attitudes of men and women at work, personnel function,
i.e., manpower management function is becoming increasingly specialized. The
personnel function or system can be broadly defined as the management of people at
work- management of managers and management of workers. Personnel function is
particularly interested in personnel relationship and interaction of employees-human
relations.

In a sense, management is personnel administration. Management is the development
of people, and not mere direction of material resources. Human capital is the greatest
asset of a business enterprise. The essential ingredient of management is the
leadership and direction of people. Each manager of people has to be his own
personnel man. Personnel management is not something you really turn over to
personnel department staff.
DEFINITIONS
According to Edward Flippo Personnel management organizing, directing and
controlling of the procurement, development, compensation, integration, maintenance
and separation of human resources to the end that individual, organizational and
societal objectives are accomplished.
Personnel planning are the process by which an organization ensures that is has the
right number and kind of people, at right places, at the right time, capable of
effectively and efficiently completing those tasks that will help the organization
achieve its overall objectives.
MANPOWER PLANNING
Human Resource Planning is the process by which an organization ensures that it has
the right number and kind of people, at the right place, at the right time, capable of
effectively and efficiently competing those tasks that will help the organization
achieve its overall objectives. Human Resource Planning translates the organizations
objectives and plans into the number of workers meet those objectives. Without a
clear-cut planning, estimation of an organizations human resource need is reduced to
mere guesswork
Manpower planning is needed with respect to persons who can work as sub-broker for
the companies. Companies focus on Advisors of Mutual Fund product and ELSS
schemes of HDFC AMC and focused on Insurance Advisor and post office agent, Tax
consultants and CAs for making sub-broker.
HDFC AMC follows the following process:

The first step is forecasting the need of man power in terms of divisions, department
or functions. Along with the estimate of the number of the people required in different
departments it is also decided that at which level they will be needed.
After estimating the man power requirement, next step is to have a look at the current
human resource. The current human resource is assessed so as to know whether the
requirement can be filled by the existing personnel or not.
At last detailed policies for recruitment, selection, training, promotion, retirement,
replacement etc. of existing and new employees to meet the forecasted needs is made
HDFC is incorporated under the companies Act 1956, December 10, 1999
.
(A) CULTURE
INTEGRITY
Integrity is central flature of HDFC culture and hence HDFC AMC is no exception
and the same is expected of the dealings, behaviour and work conduct.
TRUST
Based on principal of trusteeship and HDFC AMC recognizes the immense trust
placed in it by its shareholders, employees and customers base and strives to live by
the standards it has set for itself, the standards that have made it what it is today.
INFORMAL WORKPLACE RELATIONSHIP

Informality in relationships at the workplace is the core of HDFC AMC culture. Here
at HDFC AMC is believed that Human resource is not the domain of the Human
Resource Department alone but also superior and hence of every superior juniors
share both a professional and personal relationship. The superior is not only the
person the junior reports into but is also a guide, advisor and mentor.
COMMITTED, DILLEGENT AND ENTHUSIASTIC

HDFC SMC workplace environment is various and infused with enthusiasm and
ambition.
(B) EMPLOYMENT TERMS

EEO
EEO is the policy and practice of the company to provide it to all the persons
regardless of their religion, caste, creed, gender or other factors. All the employees
and applicants receive equal consideration and treatment with respectively to
employment, training, promotion, compensation, transfer, layoff, recall, discipline
termination and other conditions.
MENTORING
HDFC AMC understands the constant need of guidance and direction to employees.
Every superior acts as a mentor for all employees reporting into him. The mentor acts
like a coach provides constructive feedback which helps the subordinates to sheer
their career in the right direction.
EXCLUSIVE EMPLOYMENT
The employee position is that of full time employed with HDFC AMC. The company
strictly prohibits the employees from seeking employment of any nature with any
other entity. The employees have to take prior approval
from the superior and the Human Resource department before engaging in activities
like addressing seminars, teaching etc. and ensure that this official duties do not suffer
on this account and no monetary benefit is derived there from.
The employee or its relatives should also not be empanelled as an authorized /
unauthorized distributor / agent / broker or in any other similar capacity of any entity
(including HDFC Mutual Fund) engaged in distribution and selling of financial
products.
RECRUITMENT POLICY
Recruitment & Selection
The upper level members like zonal managers, regional managers, branch managers
and senior executives are recruited by publishing recruitment advertisement in leading

national level newspaper. The qualified applicant are then called for interview and
selected.
The regional manager has authority to select lower level employee like peon,
marketing executives, financial accountant etc. by approval of zonal manager.
RECRUITMENT PROCESS
Step 1:Prospecting
Identify as many
prospective candidates
as possible from
multiple sources.
Step 2:Attracting talent
Be prepared to talk
passionately about the
opportunities of this
career.
Step 3:selecting talent
Select quality talents

through effective
interviewing, evaluation
& hiring practices.
Step 1: Prospecting
It consists of the following steps:

Generating leads of potential candidates
Contacting the leads and finding out their prima facie interest
Step 2: Attracting talent

Developing your own recruiting style
Developing a resource pool of talent
Creating interest in the potential advisor
Step 3: Selecting talent

Conducting an initial interview
Administrating the candidate
Final Selection interview is conducted by Managing Director.
TRAINING
Continuous training and upgrading technical, behavioural and managerial skills is a
way of life in HDFC AMC. HDFC AMC encourages agent or sub-broker to hone their
skills regularly to enable them to face the challenges of the changing requirements of
customers that fit market up and down.
Training needs analysis is done on a regular basis and systematic methodologies are
ensured that skills and capabilities of all agents are constantly upgraded to enable
them to perform in the challenging work. There is special training session at regular
time period in local branch to all financial consultant and agents about new scheme
and to improve their effectiveness.
The successful candidates of the AMFI Exam are given the product training. The
primary purpose is to become quite conversant with the product that one sells. In
other words, product knowledge is very important for any advisor. Product knowledge
is not just about knowing the broad terms and conditions of the various schemes of
mutual fund. The advisors are explained about the schemes, the terms related with it,
the benefits it provides to investor. This training is aimed at making the advisors fully
equipped with the companies product information. This training is aimed at making
the advisors experts in selling the mutual fund products.

This gives the advisors a systematic framework which they can follow so as to attract
the customers and be effective in their work. Later the agents are trained on products,
need analyses and how to deliver the message to the market.
PERFORMANCE APPRAISAL
Objective of Performance appraisal if for Developmental uses for agents and financial
consultants, for wages, transfer, promotion, for documentation and for organizational
purpose like Human Resource Planning, Job analysis and for training and
development.
For Performance Appraisal modern method is used like MBO (Management by
Objectives) and 360 appraisal. But there is some limitation like Hello effect, Bias,
Perception factor, Spill over etc.
FINANCIAL DETAILS
IMPORTANCE OF FINANCE
Finance is regarded as the life blood of a business enterprise. This is because in the
modern money oriented economy. Finance is the one of the basic foundation of all
kind of electronic activity. It is the master key which provides access to the entire
source for being employed in manufacturing and merchandizing activities. It has
rightly been said the business needs money to make more money. However it is also
true that money begets more money, only when it is properly managed. Hence,
efficient management of every business enterprise is closely linked with efficient
management of its finance.
MEANING OF BUSINESS FINANCE

In general finance may be defined as the provision of money at the time it is wanted.
However, as a management function it has a special meaning. Finance function may
be defined as the procurement of funds and their effective utilization. Some of the
authoritative definitions are as follows:
Business finance is that business activity which is concerned with the acquisition and
conservation of capital funds in meeting financial needs and overall objectives of far
business enterprise.
Business finance can broadly be defined as the activity concerned with planning
rising, controlling and administrating of the funds used in the business.
MEANING OF FINANCIAL MANAGEMENT
From the various definition of the term business finance given above, it can be
conclude that the term business finance mainly involves, rising of funds and their
effective utilization keeping in view the overall objectives of the firm. This requires
great caution and wisdom on the part of management. The management makes use of
various financial techniques, devices, etc. For administrating the financial affairs of
the firm in the most effective and efficient way. Financial management, therefore,
means the entire gamut of managerial efforts devoted to the management of finance
both its sources and uses of the enterprise.
According to somloman financial management is concerne4d with the efficient use

of an important economic resource, namely, capital funds. Phillipppatus has given a
more elaborate definition of the term financial management. According to him
financial management is concerned with the managerial decisions that result in the
acquisition and financing of long-term and short-term credits for the firm. As such it
seals with the situations that require selection of specific assets (or combination of
assets), the selection of specific liability (or combination of liabilities) as well as the
problem of size and growth of an enterprise. The analysis of these decisions is based
on the executed inflows and outflow of funds and their effects upon managerial
objectives.

Thus, financial management is mainly concerned with proper management of funds.
The finance manager must see that the funds are procured in a manner that the risk,
cost and control consideration are properly balanced in a given situation and there is
optimum utilization of funds.
ACQUISITION OF FUNDS & UTILIZATION OF FUNDS

HDFC Asset Management Company is a service sector industry so acquisition of
funds is done by introducing various schemes and utilization of fund is done by Fund
Manager and fund is invested in market and following is the total AUM (Asset Under
Management) and also given % of utilization in equity and debt.

- Growth
HDFC FMP 17M November 2006 - RP 271.41 0 269.75 0
- Quarterly Dividend
HDFC FMP 17M November 2006 - WP 102.77 0 102.13 0
- Dividend
HDFC FMP 17M November 2006 - WP 10998.31 0 10978.88 0
HDFC FMP 181D April 2007 - Retail 4534.15 0 4513.7 0
Plan - Dividend Option
HDFC FMP 181D April 2007 - Retail 1049.19 0 1044.46 0
Plan - Growth Option
HDFC FMP 181D April 2007 - 11153.38 0 11102.82 0
Wholesale Plan - Dividend Option
HDFC FMP 181D April 2007 - 708.25 0 705.04 0
Wholesale Plan - Growth Option
HDFC FMP 181D May 2007 - Retail 2542.14 0 2538.69 0
Plan Dividend Option
HDFC FMP 181D May 2007 - Retail 331 0 329.24 0
Plan Growth Option
HDFC FMP 181D May 2007 - 1254.9 0 1252.61 0
Wholesale Plan Dividend Option
HDFC FMP 181D May 2007 - 100.31 0 100.13 0
Wholesale Plan Growth Option
HDFC FMP 18M OCTOBER 2006 365.11 0 362.89 0
Retail - Dividend
Retail - Growth
Retail - Quarterly Dividend
HDFC FMP 18M OCTOBER 2006 WP 381.36 0 379.04 0
- Dividend
- Growth
HDFC FMP 24M May 2007 - Retail 75.68 0 69.69 0
Plan Dividend Option
Plan Growth Option
Plan Quarterly Dividend Option
HDFC FMP 24M May 2007 - 943.34 0 942.38 0
Wholesale Plan Growth Option
HDFC FMP 24M May 2007 - 100.21 0 100.1 0
Wholesale Plan Quarterly Dividend
Option
HDFC FMP 26M AUGUST 2006 IP - 1348.54 0 1341.74 0
Dividend
HDFC FMP 26M AUGUST 2006 IP - 19302.06 0 19283.31 0
Growth
HDFC FMP 26M AUGUST 2006 2927.62 0 2930.16 0

PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED MARCH
31, 2006
Schedule Previous Year
Rupees(2006) Rupees (2005)
INCOME
Management Fee 12 133,69,74,621 96,50,56,908
Interest 13 3,19,650 2,71,503
Dividend 1,82,62,800 1,65,99,156
Other Income 14 84,55,729 2,65,85,358
136,40,12,800 100,85,12,925
EXPENDITURE
Staff Expenses 15 36,50,46,679 19,12,96,703
Administrative and Other Expenses 23,01,25,621 25,73,13,844
Depreciation 3 6,83,28,410 6,65,90,054
66,35,00,710 51,52,00,601
PROFIT/(LOSS) BEFORE TAX 70,05,12,090 49,33,12,324
Provision for Tax (Net of Deferred 24,22,38,100 17,71,68,866
tax)
Provision for Fringe Benefit Tax 35,10,000
PROFIT/(LOSS) AFTER TAX 45,47,63,990 31,61,43,458
Balance brought forward from
Previous year 5,27,67,278 20,89,58,430
Profit Available for Appropriation 50,75,31,268 52,51,01,888
Appropriations:
Short provision of Income Tax
for earlier years (net) 21,72,933
General Reserve 4,54,76,399 3,16,14,346
Capital Redemption Reserve 25,00,00,000
Preference Dividend 2,50,00,000 3,96,57,535
Tax on Preference Dividend 35,06,250 51,82,745
Education Cass on Equity 2,57,900
Dividend (FY 2003 - 04)
Interim Equity Dividend Paid 8,80,63,500
Tax on Interim Equity Dividend Paid 1,23,50,906
Proposed Equity Dividend 8,80,63,500 12,58,05,000
Tax on Proposed Equity Dividend 1,23,50,906 1,76,44,151
Balance carried forward to the 23,27,19,807 5,27,67,278
Balance Sheet
Earnings Per Share 16.94 10.78
BALANCE SHEET AS ON MARCH 31, 2006
Schedule March 31, 2005

Rupees Rupees(2006) Rupees(2005)
FUNDS EMPLOYED
SHAREHOLDERS FUNDS
Share Capital 1 50,16,10,000 50,16,10,000
Reserves and Surplus 2 59,54,32,963 37,00,04,035
109,70,42,963 87,16,14,035
APPLICATION OF FUNDS
FIXED ASSETS 3
Gross Block 81,70,23,962 79,49,92,631
Less: Depreciation 19,28,39,455 12,62,51,492
Net Block 62,41,84,507 66,87,41,139
Capital Advances 3,25,993 11,15,856
63,05,10,500 66,98,56,995
INVESTMENTS 4 51,36,82,426 33,26,90,199
DEFERRED TAX ASSET 5 4,64,76,435 1,24,04,535
CURRENT ASSETS,
LOANS
AND ADVANCES
Sundry Debtors 6 5,94,48,534 2,42,20,249
Cash and Bank Balances 7 1,14,77,426 1,01,93,726
Other Current Assets 8 6,027 4,823
Loans and Advances 9 67,95,60,821 31,47,04,320
75,04,92,808 34,91,23,118
Less: CURRENT
LIABILITIES AND
PROVISIONS
Current Liabilities 10 19,97,83,840 17,39,08,663
Provisions 11 64,43,35,366 31,85,52,149

84,41,19,206 49,24,60,812
NET CURRENT ASSETS (9,36,26,398) (1433,37,694)

109,70,42,963 87,16,14,035
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31,

2006
Rupees(2006) Rupees(2005)
A. CASH FLOW FROM OPERATING

ACTIVITIES

Profit before taxation and extraordinary items 70,05,12,090 49,33,12,324
Add / (Less) : Adjustment for Depreciation 6,83,28,410 6,65,90,054
Profit on sale of investment (net) (16,81,892) (1,00,75,602)
(Profit) / Loss on sale of fixed assets (net) (3,62,004) (10,48,315)
Investment Income (dividend) (1,82,62,800) (1,65,99,156)
Provision for wealth tax 75,472 62,998
Operating Profit before working capital changes 74,86,09,276 53,22,42,303
(Increase) / Decrease in Loans and Advances (9,21,49,302) (1,32,43,781)
(Increase) / Decrease in Other Current Assets (1,204) 2,349
(Increase) / Decrease in Sundry Debtors (3,52,28,285) (83,46,683)
Increase / (Decrease) in Current Liabilities 11,83,75,177 71,39,908
Cash generated from Operations 73,96,05,662 51,77,94,096
Income tax paid (27,62,84,709) (16,24,85,230)
Net cash from operating activities 46,33,20,953 35,53,08,866
B. CASH FLOW FROM INVESTING

ACTIVITIES
Purchase of fixed assets (2,91,99,454) (4,58,05,383)
Proceeds from sale of fixed assets 5,79,543 17,42,848
Purchase of investments (48,14,67,068) (118,75,61,739)
Proceeds from sale of investments 132,04,19,533 128,67,69,273
Net cash used in investing activities (18,96,67,446) 5,51,44,999
C. CASH FLOW FROM FINANCING

ACTIVITIES
Share Capital - Preference (25,00,00,000)
Dividend paid (23,88,68,500) (14,03,01,535)
Tax paid on Dividend (3,35,01,307) (1,83,35,658)
Net cash from financing activities (27,23,69,807) (40,86,37,193)
Net Increase / (Decrease) in cash and cash
equivalents 12,83,700 18,16,672
Cash and cash equivalents at the beginning
of the yea 1,01,93,726 83,77,054
Cash and cash equivalents at the end of the year 1,14,77,426 1,01,93,726
12,83,700 18,16,672

RATIO ANALYSIS
Name Formula 2005 2006

N. P. Ratio Net profit/ Sales * 100 50.24 % 51.38%
Current Ratio Current assets / current 0.71: 1 0.70:1

Liabilities
Return on investment Net profit / Total invt * 100 56.59 % 58.70%
Earning per share (EPS) Profit available to equity 10.78 16.94

shareholder / No. Of equity
Note: In absence of any information about sales we have calculated N. P. ratio based
on their main income

PART D
DIFFERENT SCHEMES
OF
HDFC MUTUAL FUND
EQUITY SCHEMES

1. HDFC GROWTH FUND
Investment objective
The primary investment objective of the Scheme is to generate long term capital
appreciation from a portfolio that is invested predominantly in equity and equity
related instruments.
Basic Scheme Information
Nature of Scheme Open Ended Growth Scheme
Inception Date Sep 11, 2000
Option/Plan Dividend Option, Growth Option,
Entry Load. -In respect of each purchase / switch-in
(as a % of the Applicable NAV) of Units less than Rs. 5 crore in value, an
Entry Load of 2.25% is payable.
-In respect of each purchase / switch-in
of Units equal to or great than Rs. 5 crore
in value, no Entry Load is payable.
Exit Load. Nil
(as a % of the Applicable NAV)
Minimum Application Amount Rs.5000 and in multiples of Rs.100
thereof to open an account / folio.
Additional purchases is Rs. 1000 and in
multiples of Rs. 100 thereof
Lock-In-Period Nil
Net Asset Value Periodicity Every Business Day
Redemption Proceeds Normally despatched within 3 Business
days
Investment pattern
The corpus of the Scheme will be invested primarily in equity and equity related
instruments. The Scheme may invest a part of its corpus in debt and money market
instruments, in order to manage its liquidity requirements from time to time, and
under certain circumstances, to protect the interests of the Unit holders. The asset
allocation under the Scheme will be as follows :
SR TYPE OF INSTRUMENTS NORMAL RISK
NO. ALLOCATION PROFILE
(%of net asset)

1 Equities & Equities related 80-100 Medium to
instruments high
2 Debt securities, money market 0-100 Low to
instruments & cash medium
Investment Strategy & Risk Control

The investment approach will be based on a set of well established but flexible
principles that emphasise the concept of sustainable economic earnings and cash
return on investment as the means of valuation of companies. In summary, the
Investment Strategy is expected to be a function of extensive research and based on
data and reasoning, rather than current fashion and emotion. The objective will be to
identify "businesses with superior growth prospects and good management, at a
reasonable price".
Benchmark Index : SENSEX
Fund Manager : Mr. Shrinivas Rao
2. HDFC EQUITY FUND
Investment Objective
The investment objective of the Scheme is to achieve capital appreciation.
Nature of Scheme Open Ended Growth Scheme
Inception Date Jan 01, 1995
Entry Load. In respect of each purchase /
(as a % of the Applicable NAV) switch-in of Units less than Rs. 5 crore
in value, an Entry Load of 2.25% is
payable.
In respect of each purchase /
switch-in of Units equal to or great than
Rs. 5 crore in value, no Entry Load is
payable.
Exit Load. Nil

multiples of Rs. 100 thereof
Lock-In-Period Nil
days
Investment Pattern
The asset allocation under the Scheme will be as follows:
SR NO. TYPE OF INSTRUMENTS NORMAL RISK
ALLOCATION PROFILE
(%of net asset)
1 Equities & Equities related 80-100 Medium to high
instruments
2 Debt securities, money market 0-100 Low to medium
instruments & cash
Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets
of the scheme. The Scheme may also invest upto 25% of net assets of the Scheme in
derivatives such as Futures & Options and such other derivative instruments as may
be introduced from time to time for the purpose of hedging and portfolio balancing
and other uses as may be permitted under the Regulations.
In order to provide long term capital appreciation, the Scheme will invest
predominantly in growth companies. Companies selected under this portfolio would
as far as practicable consist of medium to large sized companies which: are likely
achieved above average growth than the industry; enjoy distinct competitive
advantages, and have superior financial strengths.
The aim will be to build a portfolio, which represents a cross-section of the strong
growth companies in the prevailing market. In order to reduce the risk of volatility,
the Scheme will diversify across major industries and economic sectors.

Benchmark Index : S&P CNX 500. HDFC Equity, which is benchmarked to S&P
CNX 500 Index is not sponsored, endorsed, sold or promoted by Indian Index Service
& Products Limited (IISL).
Fund Manager : Mr. Prashant Jain
3. HDFC TAXSAVER
The investment objective of the Scheme is to achieve long term growth of capital.
Nature of Scheme Open Ended Equity Linked Saving
Scheme
Inception Date Mar 31, 1996
Entry Load. In respect of each purchase / switch-
(as a % of the Applicable NAV) in of Units less than Rs. 5 crore in value,
an Entry Load of 2.25% is payable.
In respect of each purchase / switch-
in of Units equal to or great than Rs. 5
crore in value, no Entry Load is payable.
Exit Load. Nil
Lock-In-Period 3 yrs
days
Investment Pattern
SR NO. ASSET TYPE (% OF RISK
PORTFOLIO) PROFILE
1 Equities & Equities Minimum 80% Medium to high
related instruments
2 Debt securities, money Minimum 20% Low to medium
market instruments &
cash

Investment in Securitized debt, if undertaken, would not exceed 20% of the net assets
of the scheme.
The Scheme may also invest up to 25% of net assets of the Scheme in derivatives
such as Futures & Options and such other derivative instruments as may be
introduced from time to time for the purpose of hedging and portfolio balancing and
and other uses as may be permitted under the regulations and guidelines.
The Scheme may also invest a part of its corpus, not exceeding 40% of its net assets,
in overseas markets in Global Depository Receipts (GDRs), ADRs, overseas equity,
bonds and mutual funds and such other instruments as may be allowed under the
Regulations from time to time. The ELSS (Equity Linked Savings Scheme)
guidelines, as applicable, would be adhered to in the management of this Fund. If the
investment in equities and related instruments falls below 80% of the portfolio of the
Scheme at any point in time, it would be endeavoured to review and rebalance the
composition.
Benchmark Index :
S&P CNX 500. HDFC Tax saver, which is benchmarked to S&P CNX 500 Index is
not sponsored, endorsed, sold or promoted by Indian Index Service & Products
Limited (IISL).
Fund Manager : Dhawal Mehta
4. HDFC TOP 200 FUND
The investment objective is to generate long term capital appreciation from a portfolio
of equity and equity linked instruments. The investment portfolio for equity and
equity linked instruments will be primarily drawn from the companies in the BSE 200
Index. Further, the Scheme may also invest in listed companies that would qualify to
be in the top 200 by market capitalisation on the BSE even though they may not be
listed on the BSE This includes participation in large IPOs where in the market

capitalisation of the company based on issue price would make the company a part of
the top 200 companies listed on the BSE based on market capitalisation.
Nature of Scheme Open Ended Equity Growth Scheme

Inception Date Oct 11, 1996
Exit Load. Nil

multiples of Rs. 100 thereof.
Lock-In-Period Nil
Investment Pattern
SR NO. ASSET TYPE (% OF PORTFOLIO) RISK
PROFILE
1 Equities & Equities Upto 100% (including use Medium to high
related instruments of derivatives for hedging
and other uses as permitted
by prevailing SEBI
Regulations)
2 Debt securities, money Balance in Debt & Money Low to medium

market instruments & Market Instruments
cash
of the scheme. The Scheme may also invest upto 25% of net assets of the Scheme in
derivatives such as Futures & Options and such other derivative instruments as may
be introduced from time to time for the purpose of hedging and portfolio balancing
and other uses as may be permitted under the regulations and guidelines.
The investment strategy of primarily restricting the equity portfolio to the BSE 200
Index scrips is intended to reduce risks while maintaining steady growth. Stock
specific risk will be minimised by investing only in those companies / industries that
have been thoroughly researched by the investment manager's research team. Risk
will also be reduced through a diversification of the portfolio.
Benchmark Index : BSE 200
5. HDFC MID-CAP OPPORTUNITIES FUND

To generate long-term capital appreciation from a portfolio that is substantially
constituted of equity and equity related securities of Small and Mid-Cap companies.
Nature of Scheme Close Ended Equity Scheme
Inception Date May 07, 2007
Option/Plan Growth Option. Dividend Option (with Payout
Facility only).
Entry Load Nil
(as a % of the Applicable
NAV)
Exit Load Nil
(as a % of the Applicable
NAV
Minimum Application Rs.5000 and in multiples of Re.1000 thereafter
Amount
Lock-In-Period Nil
Redemption Proceeds Within 10 working days.

Investment Pattern
PORTFOLO) PROFILE
1 Equities & Equities related Upto 100% HIGH
instruments
2 Debt securities, money market Not more than Low to medium
instruments & cash 25%
3 Equity and equity related 100 % HIGH
securities of Small and Mid-Cap 15 %
companies of which Small-Cap 95 %
companies Mid-Cap companies
The Investment in Securitised Debt will not normally exceed 25% of the net assets of
the Scheme.
The Scheme may seek investment opportunity in the ADR / GDR / Foreign Equity
and Debt Securities (max. 25% of net assets). The Scheme may take derivatives
position for hedging and portfolio balancing (max. 20% of the net assets) based on the
opportunities available subject to SEBI Regulations.
Fund Manager
MR. CHIRAG SATELVAD
MR. ANAND LADDHA
BALANCED SCHEMES
1. HDFC BALANCED FUND

The primary objective of the Scheme is to generate capital appreciation along with
current income from a combined portfolio of equity and equity related and debt and
money market instruments. Basic Scheme Information
Nature of Scheme Open Ended balanced Scheme
Inception Date Sep 11, 2000

Exit Load. Nil
Lock-In-Period Nil
Investment Pattern
The Scheme will be invested in equity and equity related instruments as well as in
debt and in money market instruments in normal circumstances. The following table
provides the asset allocation of the Schemes portfolio.
SR TYPE OF Normal Allocation (% Normal Deviation RISK
NO. INSTRUMENT of Net Assets) (% of Normal PROF
Allocation) ILE
1. Equity & Equity 60 20 Mediu
related m to
instruments high
2. Debt securities & 40 20 Low to
Money Market mediu
instruments) m

The balanced product is positioned as a lower risk alternative to a pure equities
scheme, while retaining some of the upside potential from equities exposure. The
Scheme provides the Investment Manager with the flexibility to shift allocations in
the event of a change in view regarding an asset class. Asset allocation between

equities and debt is a critical function in a balanced fund. It is proposed to
continuously monitor the potential for both debt and equities to arrive at a dynamic
allocation between the asset classes.
The equity and debt portfolios of the Scheme would be managed as per the respective
investment strategies detailed herein. The investment approach would be based on the
concept of economic earning power and cash return on investments
Risk control
The overall portfolio structure would aim to maintain risk at a moderate level. The
Fund Manager would avoid adopting either a very defensive or aggressive posture at
any point in time. Risk will also be controlled through portfolio diversification and a
conscious focus on maintaining adequate levels of liquidity at all points in time.
Macro economic risk will be addressed through a constant review of the business and
economic environment. The AMC may from time to time, review and modify the
Schemes? Investment strategy if such changes are considered to be in the best interest
of Unit holders and appropriate to the existing market situation. Investments in
securities and instruments not specifically mentioned earlier may also be made,
provided they are permitted by SEBI Regulations.
Benchmark Index : CRISIL Balanced Fund Index
Fund Manager : Mr. Tushar Pradhan
2. HDFC PRUDENCE FUND

The investment objective of the Scheme is to provide periodic returns and capital
appreciation over a long period of time, from a judicious mix of equity and debt
investments, with the aim to prevent/ minimise any capital erosion. Under normal
circumstances, it is envisaged that the debt : equity mix would vary between 60:40
and 40:60 respectively. This mix is geared to achieve the investment objective and is
expected to result in regular income, capital appreciation and also prevent capital
erosion.
Nature of Scheme Open Ended balanced Scheme
Inception Date Feb 01, 1994

Exit Load. In Respect of each purchase/ switch in an
(as a % of the Applicable NAV) Exit load of 1% is payable if Units are
redeemed / switched out within 1 year
from the date of allotment.
Lock-In-Period Nil
days
Investment Pattern
PORTFOLIO) PROFILE
1 Equities & Equities related Upto 100% Medium to high
instruments
2 Debt securities, money Not more than Low to medium
market instruments & cash 20%
of the scheme. In such times when the interest rates are high, investment in debt
would be more attractive versus equities and accordingly the Fund is likely to increase
the debt component in the Scheme's portfolio. Similarly in times when the interest
rates are low and the equity valuations are cheap, the Scheme is likely to reduce
exposure to debt and increase exposure to equities. In addition to debt and equities the
scheme will also invest in money market instruments. The exact proportion in money
market instruments will be a function of the liquidity needs and the attractiveness of
the debt/ equity markets. At times when neither the debt market nor equities are

attractive for investment, more resources may be temporarily invested in money
market investments to be invested in debt/ equities at a more appropriate time.
As outlined above, the investments in the Scheme will comprise both debt and
equities. The Fund would invest in Debt instruments such as Government securities,
money market instruments, securitised debts, corporate debentures and bonds,
preference shares, quasi Government bonds, and in equity shares
Benchmark Index : CRISIL Balanced Fund Index
SWOT ANALYSIS
STRENGTH
Good Brand Name of the company in all over India.
Flexible products
Expertise in the field of mutual fund
Sound financial resources of the company as well as sponsors.
Strong Communication Network all over the country.
WEAKNESS
Less awareness regarding mutual fund among investors
Yet to build strong distribution network
Cannot tap rural market
OPPORTUNITIES:
Untapped rural market
Lack of competitive products to suit clients investment objective
THREAT
The numbers of players are increasing which further increases the competition.
Product Innovation done by other Asset Management companies and is able to
collect large amounts.
Customer mindsets are still rigid and they mostly prefer traditional pattern of
investments.

CONCLUSION
This report is prepared to get the basic ideas of mutual fund and various schemes of
HDFC. The general concept of the market study will help the different individuals to
invest in different investment tools as per their appetite. Through research study, it is
very much visualized the present market trend opted by the selected number of people
and their perception regarding Mutual Fund.
Hence, from this report I conclude that people are more keen to invest in Mutual Fund
due to the stability and getting more diversified options.

GLOSSARY
SHORT FORMS
AMC Asset Management Company
AMFI Association of Mutual Fund of India
AUM Asset under Management
BSE Bombay Stock Exchange
FII Foreign Institute of Investor. FII can invest in Mutual Funds.
They invest through the Non-resident rupee account.
GILT Government of India Linked Treasury. These
Funds are those that invest only in government securities.
IPO Initial Public Offer
IRP Investor Risk Profile
MIP Monthly Investment Plan
MTM Market to Market
NAR Net Amount at Risk
NAV Net Asset Value
NSE National Stock Exchange
OD Offer Document is the most important source of information
for the investors. Abridged version of the OD is called as Key Information
Memorandum (KIM).
PAR VALUE It is said as face value.
SAR Sum at Risk
SIP Systematic Investment Plan

SWP Systematic Withdrawal Plan
WDM wholesale Debt Market
BIBLIOGRAPHY
BOOKS
Marketing Management - Philip Kotler

Personnel Management - C.B.Memoria
MAGAZINES
Business Standard Newspaper

Business world
Mutual Fund Insight
WEBSITES
www.google.com
www.hdfcfund.com
www.amphiindia.com
www.moneycontrol.com
www.sebi.gov.in
http://www.amfiindia.com/showhtml.asp?page=mfconcept
http://www.amfiindia.com/showhtml.asp?page=mfindustry
http://www.sebi.gov.in/Index.jsp?contentDisp=Department&dep_id=4

http://shell.windows.com/fileassoc/0409/xml/redir.asp?Ext=pdf
http://www.amfiindia.com/showhtml.asp?page=aum
http://www.hdfcfund.com/products/schemeShow.jsp?schemeId=342&fundID=1
http://www.hdfcfund.com/aboutus/index.jsp
http://www.hdfcfund.com/fundschool/index.jsp
http://www.hdfcfund.com/navcorner/index.jsp
http://www.hdfcfund.com/news/index.jsp
http://www.hdfcfund.com/download/sebiCirculatShow.jsp
http://www.amfiindia.com/pu-showfundwiseaum.asp?admin=yn
http://www.amfiindia.com/accounts_halfyearly.asp
http://www.amfiindia.com/showhtml.asp?page=sitemap
http://www.amfiindia.com/accounts_annual.asp
http://www.moneycontrol.com/mutualfundindia/
http://www.moneycontrol.com/india/mutualfunds/bestmfipo/15/30/bestmutualfundIP
Omf
http://www.moneycontrol.com/planning_desk/understandingmf.php?step1=1
http://www.moneycontrol.com/india/mutualfunds/comparefunds/15/30/mf_compare/
All
http://www.moneycontrol.com/easymf/learn/
http://www.moneycontrol.com/planning_desk/understandingmf.php?step1=1

SUGGESTIONS
1. An aggressive advertising campaigning should be there to encourage more
people to invest.
2. As some of the people think that mutual fund is risky so the company should
show people the advantages of the mutual fund and how it is better than the
other investment avenues.
3. There is a great potential for the mutual fund because the people are ready to
invest in the mutual fund as there is a positive responses.
4. Now a days people are investing in more of an equity fund because it gives high
return as compare to other mutual fund schemes.
5. People are preferred to invest in the long term savings when only they have
enough of surplus. They are least concerned about the others advice.
6. The people of Rajkot have enough purchasing power supported by N.R.I.
Mutual Fund Companies should take this fact positively at the time of designing
promotional scheme.
7. HDFC MF is doing comparatively very less marketing in MF industry in
compare to other players. Due to this other player are getting the advantage.
Thus it should try to increase the marketing and advertising related activities
time to time or at least at the time of new NFOs, at the time when they are
declaring dividends or at the peak time (i.e. January - March) last quarter of
financial year when people are searching for investing instruments.

8. A very small part market has been cover by HDFC MF. It can increase the circle
of its business in small and rural areas of every state and cities of India where
they an find a huge business.
9. To uproot the investment level the company should give training programme to
financial agents who approach the investor for the investments. And they should
be aware of all the benefits of the mutual Funds.
10. Company should undertake the Campaign, Road shows, Advertisement and
other type of Publicity for the effective awareness of different schemes that are
available in the market.
11. The company should arrange seminars and presentations, giving detail idea
about securities and benefits of investment in mutual fund.

Summer Traning Project ReportHDFC

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SUMMER TRAINNING PROJECT REPORT

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM)

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 1

In todays era of cut-throat competition, Masters of Business Administration (MBA)

A detailed analysis of managerial activities conducted in various departments like

I have undergone my summer training at HDFC MUTUAL FUND. It is one of the

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 2

I NASIT VISHAL, student of MBA Semester III of R.K. COLLEGE OF BUSINESS

My report is submitted as a part of study curriculum and as a partial fulfilment of the

(NASIT VISHAL N.)

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 3

With great zeal, I present my individual summer training Report in MBA

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 4

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 5

All investments involve risk in varying degrees, and hence it is necessary to

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 6

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 7

SHORT HISTORY OF MUTUAL FUNDS

WHERE DID THEY COME FROM?

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 8

THE CONCEPT OF MUTUAL FUND IN DETAIL

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 9

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 10

WHY INVESTORS NEED MUTUAL FUNDS?

When investor are confronted with a mind-boggling range of products, from

(Source: Mutual Fund Review, Dec. 2003)

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 11

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 12

Another critical benchmark for comparing investment options is liquidity. Liquidity

Mutual Fund Operation Flow Chart

TYPES OF MUTUAL FUNDS

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 13

1. AS PER INVESTMENT OBJECTIVE

1) EQUITY ORIENTED SCHEMES

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 14

II. Tax Saving Schemes

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 15

III. Real Estate funds

2) DEBT BASED SCHEME

II. Money Market Schemes

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 16

III. Gilt fund

1) OPEN ENDED MUTUAL FUNDS

2) CLOSE-ENDED MUTUAL FUNDS

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 17

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 18

THE STRUCTURE CONSISTS OF:

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 19

Trustee is usually a company (corporate body) or a Board of Trustees (body of

ASSET MANAGEMENT COMPANY (AMC)

REGISTRAR AND TRANSFER AGENT

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 20

FIRST PHASE 1964-1987

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 21

Name of the Mutual Fund Company Time of establishment

THIRD PHASE 1993-2003 (Entry of Private Sector Funds)

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 22

FOURTH PHASE since February 2003

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 23

R. K. COLLEGE OF BUSINESS MANAGEMENT (RKCBM) 24

ONE TIME INVESTMENT

SYSTEMATIC INVESTMENT PLAN (SIP)