EXECUTIVE SUMMARY

The project on the Comparison and analysis of various Mutual fund schemes in
India vis a vis Benchmark Index was undertaken as a part of learning process of
a Management Student.

Mutual funds are popular financial intermediaries and and manage disposable
income of the investors so as to bring them benefits of equity investment.
The mutual funds in India has caught the attention of millions of investors with
diverse interests around the basic principles of investment viz., safety, liquidity
and returns

The report provides a comparison of performance of the various mutual funds in

India, with respect to S&P CNX 500.

Equity mutual funds predominantly invest in company equities and hence are
risky investments. While choosing to invest in equitymutual funds, the
investors expect not only risk premium but also better return than the market
portfolio. Risk Premium refers to the returns earned by the investor in excess of
risk free return.

The key learning from the project was the knowledge of mutual funds and the
psychology of the investors.

MUTUAL FUND

CONCEPT:

Mutual fund is a mechanism for pooling the resources by issuing units to the
investors and investing funds in securities in accordance with objectives as
disclosed in offer document.
Investments in securities are spread across a wide cross-section of industries
and sectors and thus the risk is reduced. Diversification reduces the risk because
all stocks may not move in the same direction in the same proportion at the
same time.Mutual fund issues units to the investors in accordance with quantum
of money invested by them. Investors of mutual funds are known as unit
holders.
The profits or losses are shared by the investors in proportion to their
investments. The mutual funds normally come out with a number of schemes
with different investment objectives, which are launched from time to time.
A mutual fund is required to be registered with Securities and Exchange Board of
India (SEBI), which regulates securities markets before it can collect funds from
the public.
The flow chart below describes broadly the working of a mutual fund:

Mutual Fund Operation Flow Chart

SEBI MUTUAL FUND REGULATIONS 1996

¬ Asset management companies may launch schemes either on a “load or no-
load basis” or on a mixed basis with two classes of units in the same scheme-
one with load and the other without load, provided that the implications of such
load on the NAV for the investors shall be clearly explained through a worked-
out example in the offer document. Asset Management Company may also
launch “partial load” schemes in which a part of the load would be borne by the
asset management companies and the balance by the scheme. However such
schemes will not qualify to be “no load” schemes and would be treated in the
same manner as “load” schemes. In case of a no load scheme, the initial issue
expenditure shall be borne by the Asset Management Company.
¬ For a closed-ended scheme floated on a ‘load’ basis, the initial issue expenses
shall be amortized on a weekly basis over the period of the scheme. Provided
that in case the schemes provides for partial redemption during the life of the
scheme, the amortization shall take into account the number of outstanding
units and the aggregate amount during the relevant periods.
¬ For open-ended schemes floated on a ‘load’ basis, the initial issue expenses
may be amortized over a period not exceeding five years. Issue expenses
incurred during the life of an open-ended scheme shall not be amortized.
¬ In case of closed-ended and open-ended schemes floated on a ‘load’ basis, the
unamortised portion of the expenses shall be included in the calculation of the
NAV. However, such portion shall not be included in the NAV for the purposes of
determining theasset management company’s investment management and
advisory fees or for determining the limitation of expenses under regulation 51
of these regulations.
¬ For schemes floated on a ‘no-load’ basis, the asset management company may
levy an additional management fee not exceeding 1% of the NAV. The asset
management company may be entitled to levy a contingent deferred sales
charge for redemption during the first four years after purchase, not exceeding
4% of the redemption proceeds in the first year, 3% in the second year, 2% in
the third year and 1% in the fourth year.

Types of Mutual Funds Schemes:

Wide variety of Mutual Fund Schemes exists to cater to the needs such as
financial position, risk tolerance and return expectations etc. The table below
gives an overview into the existing types of schemes in the Industry:
• By Structure:
o Open - Ended Schemes
o Close - Ended Schemes
o Interval Schemes
• By Investment Objective:
o Growth Schemes
o Income Schemes
o Balanced Schemes
o Money Market Schemes
• Other Schemes:
o Tax Saving Schemes
o Special Schemes
♣ Index Schemes
♣ Sector Specific Schemes
Schemes according to Maturity Period:

A mutual fund scheme can be classified into open-ended scheme or close-ended

scheme depending on its maturity period.

Open-ended Fund/ Scheme:

An open-ended fund or scheme is one that is available for subscription and

repurchase on a continuous basis. These schemes do not have a fixed maturity
period. Investors can conveniently buy and sell units at Net Asset Value (NAV)
related prices which are declared on a daily basis. The key feature of open-end
schemes is liquidity.

¬ Close-ended Fund/ Scheme:

A close-ended fund or scheme has a stipulated maturity period e.g. 5-7 years.
The fund is open for subscription only during a specified period at the time of
launch of the scheme. Investors can invest in the scheme at the time of the
initial public issue and thereafter they can buy or sell the units of the scheme on
the stock exchanges where the units are listed. In order to provide an exit route
to the investors, some close-ended funds give an option of selling back the units
to the mutual fund through periodic repurchase at NAV related prices. SEBI
Regulations stipulate that at least one of the two exit routes is provided to the
investor i.e. either repurchase facility or through listing on stock exchanges.
These mutual funds schemes disclose NAV generally on weekly basis.

Schemes according to Investment Objective :

A scheme can also be classified as growth scheme, income scheme, or balanced

scheme considering its investment objective. Such schemes may be open-ended
or close-ended schemes as described earlier. Such schemes may be classified
mainly as follows:

¬ Growth / Equity Oriented Scheme:

The aim of growth funds is to provide capital appreciation over the medium to
long- term. Such schemes normally invest a major part of their corpus in
equities. Such funds have comparatively high risks. These schemes provide
different options to the investors like dividend option, capital appreciation, etc.
and the investors may choose an option depending on their preferences.The
investors must indicate the option in the application form. The mutual funds also
allow the investors to change the options at a later date. Growth schemes are
good for investors having a long-term outlook seeking appreciation over a period
of time.

¬ Income / Debt Oriented Scheme :

The aim of income funds is to provide regular and steady income to investors.
Such schemes generally invest in fixed income securities such as bonds,
corporate debentures, Government securities and money market instruments.
Such funds are less risky compared to equity schemes. These funds are not
affected because of fluctuations in equity markets. However, opportunities of
capital appreciation are also limited in such funds. The NAVs of such funds are
affected because of change in interest rates in the country. If the interest rates
fall, NAVs of such funds are likely to increase in the short run and vice versa.
However, long term investors may not bother about these fluctuations.

¬ Balanced Fund:
The aim of balanced funds is to provide both growth and regular income as such
schemes invest both in equities and fixed income securities in the proportion
indicated in their offer documents. These are appropriate for investors looking
for moderate growth. They generally invest 40-60% in equity and debt
instruments. These funds are also affected because of fluctuations in share
prices in the stock markets. However, NAVs of such funds are likely to be less
volatile compared to pure equity funds.

¬ Money Market or Liquid Fund:

These funds are also income funds and their aim is to provide easy liquidity,
preservation of capital and moderate income. These schemes invest exclusively
in safer short-term instruments such as treasury bills, certificates of deposit,
commercial paper and inter-bank call money, government securities, etc.
Returns on these schemes fluctuate much less compared to other funds. These
funds are appropriate for corporate and individual investors as a means to park
their surplus funds for short periods.

¬ Gilt Fund:
These funds invest exclusively in government securities. Government securities
have no default risk. NAVs of these schemes also fluctuate due to change in
interest rates and other economic factors as is the case with income or debt
oriented schemes.

¬ Index Funds:
Index Funds replicate the portfolio of a particular index such as the BSE
Sensitive index, S&P NSE 50 index (Nifty), etc These schemes invest in the
securities in the same weightage comprising of an index. NAVs of such schemes
would rise or fall in accordance with the rise or fall in the index, though not
exactly by the same percentage due to some factors known as "tracking error" in
technical terms. Necessary disclosures in this regard are made in the offer
document of the mutual fund scheme.
There are also exchange traded index funds launched by the mutual funds which
are traded on the stock exchanges.

ADVANTAGES OF INVESTING IN A MUTUAL FUND:

It may not be obvious at first why you would want to purchase shares in
different securities through a mutual fund “middleman” instead of simply
purchasing the securities on your own. There are, however, some very good
reasons why millions of people across the world opt to invest in mutual funds
instead of, or in addition to, buying securities directly. Mutual funds offer
following benefits.

¬ DIVERSIFICATION:
One rule of investing that both large and small investors should follow is asset
diversification. Used to manage risk, diversification involves the mixing of
investments within a portfolio. For eg., by choosing to buy stocks in retail sector
and offsetting them with stocks in industrial sector, an investor can reduce the
impact of the performance of any one security on his portfolio. To achieve a truly
diversified portfolio, an investor may have to buy stocks with different
capitalizations from different industries and bonds having varying maturities
from different issuers. For the individual investor this can be quite costly. By
purchasing mutual funds, an investor is provided with the immediate benefit of
instant diversification and asset allocation without the large amounts of cash
needed to create individual portfolios. One caveat, however, is that simply
purchasing one mutual fund might not give you adequate diversification- check
to see if the fund is sector specific or industry specific. For eg., investing in an oil
and energy mutual fund might spread your money over fifty companies , but if
energy prices fall, your portfolio will likely suffer.

¬ ECONOMIES OF SCALE:
The easiest way to understand economies of scale is by thinking about volume
discounts: in many stores the more of one product you buy, the cheaper that
product becomes. For eg., when you buy a dozen apples, the price per apple is
cheaper than buying a single one. This occurs also in the purchase and sale of
securities. If an investor buys only one security at a time, the transaction fee will
be relatively large.
Mutual funds are able to take advantage of their buying and selling size and
thereby reduce transaction costs for investors. When an investor buys a mutual
fund, he is able to diversify without the numerous commission charges. Imagine
if you had to buy the 10-20 stocks needed for diversification. The commission
charges alone would eat up a good chunk of your savings.

¬ PROFESSIONAL MANAGEMENT:
Mutual funds are managed by a team of professionals, which usually includes
one mutual fund manager and several analysts. Presumably, professionals have
more experience, knowledge, and information than the average investor when it
comes to deciding which securities to buy and sell. They also have the ability to
focus on just a single area of expertise.

¬ POTENTIAL RETURN:
Mutual funds have the potential to provide a higher return to an investor than
any other option over a reasonable period of time.

¬ LOWER RISK:
Mutual Funds invest the money in a large number of securities, thereby
spreading the funds invested over a large number of securities and at times
even over different asset classes within the same scheme. Investment in a large
number of securities, and different asset classes reduces the risk to which an
ordinary person investing by himself might be exposed.

¬ BETTER PORTFOLIO FOR LESS MONEY:

Since the investor buys a share in the assets of the fund, he gets a
proportionate right over a large number of securities, which he would be unable
to possess if he were to invest himself. For instance Rs. 5000 may not be
enough to buy even one share of a top notch software company while the same
Rs. 5000 invested in an Information Technology Mutual Fund will get the
investor a proportionate share in a large number of premium software scripts.
¬ LIQUIDITY:
The investor can get the money promptly at the net asset value related prices
from the Mutual Funds open-ended schemes. In closed-ended schemes, the
units can be sold on a stock exchange at the prevailing market price.
¬ TRANSPARENCY:
Mutual Funds have to disclose their holdings, investment pattern and the
necessary information before all investors under a regulation framework.
¬ FLEXIBILITY:
Investments in Mutual Funds offer a lot of flexibility with features of schemes
such as regular investment plan, regular withdrawal plans and dividend
reinvestment plans enabling systematic investment or withdrawal of funds.
DISADVANTAGES OF INVESTING IN MUTUAL FUNDS:
There are certainly some benefits to mutual fund investing, but we should also
be aware of the drawbacks associated with mutual funds.

¬ NO GUARANTEES:
No investment is risk free. If the entire stock market declines in value, the value
of mutual fund shares will go down as well, no matter how balanced the
portfolio. Investors encounter fewer risks when they invest in mutual funds than
when they buy and sell stocks on their own. However, anyone who invests
through a mutual fund runs the risk of losing money.

¬ FEES AND COMMISSIONS:

All funds charge administrative fees to cover their day-to-day expenses. Some
funds also charge sales commissions or "loads" to compensate brokers, financial
consultants, or financial planners. Even if you don't use a broker or other
financial adviser, you will pay a sales commission if you buy shares in a Load
Fund.

¬ TAXES:
During a typical year, most actively managed mutual funds sell anywhere from
20 to 70 percent of the securities in their portfolios. If your fund makes a profit
on its sales, you will pay taxes on the income you receive, even if you reinvest
the money you made.

¬ MANAGEMENT RISK:
When you invest in a mutual fund, you depend on the fund's manager to make
the right decisions regarding the fund's portfolio. If the manager does not
perform as well as you had hoped, you might not make as much money on your
investment as you expected.

WHAT RISK IS ONE EXPOSED TO WHILE INVESTING IN MUTUAL FUNDS?

¬ MARKET RISK:
If the overall stock or bond markets fall on account of macro economic factors,
the value of stock or bond holdings in the fund’s portfolio can drop thereby
impacting the NAV.
¬ NON-MARKET RISK:
Bad news about an individual company can pull down its stock price, which can
affect, negatively, funds holding a large quantity of that stock. This risk can be
reduced by having a diversified portfolio that consists of a wide variety of stocks
drawn from different industries.
¬ INTEREST RATE RISK:
Bond prices and interest rates move in opposite directions. When interest rate
rises, bond prices fall and the decline in underlying securities affect the NAV
negatively. The extent of negative impact is dependent on factors such as
maturity profile, liquidity etc.
¬ CREDIT RISK:
Bonds are debt obligations. So when the funds invest in corporate bonds, they
run the risk of the corporates defaulting on their interest payment and the
principal payment obligations and when that risk crystallizes it leads to a fall in
the value of bond causing the NAV of the fund to take a beating.

TAX BENEFITS

SECTION 10(33) OF THE INCOME TAX ACT, 1961

The dividend received by the investors from the scheme will be exempt from
income tax for all categories of investors under Section 10(33) of the Income
Tax Act, 1961. The scheme will pay a distribution tax currently @10% plus
surcharge if the portfolio holds less than 50 percent debt securities on an
average during the last one-year period.
SECTION 88 OF THE INCOME TAX ACT, 1961
Specified units of mutual fund schemes qualify for rebate under Section 88 of
the Income Tax Act, 1961, subscription to the Units of the Scheme by
Individuals and Hindu Undivided Families, not exceeding Rupees ten thousand
would be eligible to a deduction, from income-tax, of an amount equal to 20% of
the amount so subscribed. In the case of subscription by an individual, whose
income is derived from the exercise of his profession as an author, playwright,
artist, musician, actor or sportsman (including an athlete), the deduction
admissible would be at the rate of 25%.
TAX DEDUCTED AT SOURCE (TDS)
There will not be any Tax Deduction at Source on payment to resident unit-
holders towards redemption or dividends.
CAPITAL GAINS BENEFIT UNDER SECTION 112 OF THE INCOME TAX ACT, 1961
Long-term capital gains in respect of Units held for a period of more than 12
months will be chargeable under Section 112 of the Income Tax Act, 1961, at a
concessional rate of tax @ 20% (excluding surcharge)
From the full value of consideration, the following amounts would be deductible
to arrive at the amount of capital gains:
Cost of acquisition as adjusted by Cost Inflation Index notified by the Central
Government and
Expenditure incurred wholly and exclusively in connection with such transfer.
Investors can also opt to pay tax @10% (excluding surcharge) on such Long
Term Capital Gains, but without the cost inflation indexation benefit.

DIFFERENT PLANS THAT MUTUAL FUND OFFERS:

¬ GROWTH PLAN:
Under the growth plan, the investor realizes only the capital appreciation on the
investment (by an increase in NAV) and does not get any income in the form of
dividend.

¬ INCOME PLAN:
Under the income plan, the investor realizes the income in the form of dividend.
However his NAV will fall to the extent of the dividend.

¬ DIVIDEND RE-INVESTMENT PLAN:

Here the dividend accrued on the mutual fund is automatically re-invested in
purchasing additional units in open-ended funds. In most cases mutual fund
offer the investor an option of collecting dividends or re-investing the same.

¬ SYSTEMATIC INVESTMENT PLAN (SIP):

Here the investor is given the option of preparing a pre-determined number of
post-dated cheques in favour of the fund. He will get units on the same of the
cheque at the existing NAV.

¬ SYSTEMATIC WITHDRAWAL PLAN:

As opposed to systematic investment plan, the systematic withdrawal plan
allows the investor the facility to withdraw a pre-determined amount/units from
his fund at a pre-determined interval. The investor’s units will be redeemed at
the existing NAV as on that day.

¬ SYSTEMATIC TRANSFER PLAN:

A systematic transfer plan is a disciplined way of shifting part of your current
investment into other schemes, which will help you diversifying your investment.
A systematic transfer plan enables you to switch or transfer a fixed amount of
money at regular intervals from your fixed income scheme investments to
designated equity and balanced schemes. In effect this is similar to a systematic
investment plan, except that in a SIP the investment flows from a bank account
into the fund and here it flows from one scheme to another.

¬ RETIREMENT PENSION PLAN:

Some schemes are linked with retirement pension. Individuals participate in
these plans for themselves, and corporates for their employees.

INTRODUCTION OF RELIANCE MUTUAL FUND

Reliance Mutual Fund (RMF) is one of India’s leading Mutual Funds, with Average
Assets Under Management (AAUM) of Rs. 1,16,782 CRORES and an investor
base of over 72.65 Lacs. (AAUM and investor count as on October 2009)
Reliance Mutual Fund, a part of the Reliance - Anil Dhirubhai Ambani Group, is
one of the fastest growing mutual funds in the country. RMF offers investors a
well-rounded portfolio of products to meet varying investor requirements and
has presence in 118 cities across the country. Reliance Mutual Fund constantly
endeavors to launch innovative products and customer service initiatives to
increase value to investors. "Reliance Mutual Fund schemes are managed by
Reliance Capital Asset Management Limited., a subsidiary of Reliance Capital
Limited, which holds 93.37% of the paid-up capital of RCAM, the balance paid up
capital being held by minority shareholders."

Reliance Capital Ltd. is one of India’s leading and fastest growing private sector
financial services companies, and ranks among the top 3 private sector financial
services and banking companies, in terms of net worth. Reliance Capital Ltd. has
interests in asset management, life and general insurance, private equity and
proprietary investments, stock broking and other financial services.

Sponsor: Reliance Capital Limited Trustee: Reliance Capital Trustee Co. Limited
Investment Manager: Reliance Capital Asset Management Limited Statutory
Details: The Sponsor, the Trustee and the Investment Manager are incorporated
under the Companies Act 1956.

Risk Factors: Mutual Funds and securities investments are subject to market
risks and there is no assurance or guarantee that the objectives of the Scheme
will be achieved. As with any investment in securities, the NAV of the Units
issued under the Scheme can go up or down depending on the factors and forces
affecting the capital markets. Past performance of the Sponsor/AMC/Mutual Fund
is not indicative of the future performance of the Scheme. The Sponsor is not
responsible or liable for any loss resulting from the operation of the Scheme
beyond their initial contribution of Rs.1 lakh towards the setting up of the Mutual
Fund and such other accretions and additions to the corpus. The NAV of the
Scheme may be affected, interalia, by changes in the market conditions, interest
rates, trading volumes, settlement periods and transfer procedures. The Mutual
Fund is not assuring that it will make periodical dividend distributions, though it
has every intention of doing so. All dividend distributions are subject to the
availability of distributable surplus in the Scheme. For details of scheme features
and for scheme specific risk factors, please refer to the Scheme Information
Document. Please read the Statement of Additional Information and Scheme
Information Document carefully before investing.
Equity/Growth Schemes

SCHEMES OF RELIANCE MUTUAL FUND

Equity/growth schemes
The aim of growth funds is to provide capital appreciation over the medium to
long- term. Such schemes normally invest a major part of their corpus in
equities. Such funds have comparatively high risks. These schemes provide
different options to the investors like dividend option, capital appreciation, etc.
and the investors may choose an option depending on their preferences. The
investors must indicate the option in the application form. The mutual funds also
allow the investors to change the options at a later date. Growth schemes are
good for investors having a long-term outlook seeking appreciation over a period
of time.

Debt/Income Schemes
The aim of income funds is to provide regular and steady income to investors.
Such schemes generally invest in fixed income securities such as bonds,
corporate debentures, Government securities and money market instruments.
Such funds are less risky compared to equity schemes. These funds are not
affected because of fluctuations in equity markets. However, opportunities of
capital appreciation are also limited in such funds. The NAVs of such funds are
affected because of change in interest rates in the country. If the interest rates
fall, NAVs of such funds are likely to increase in the short run and vice versa.
However, long term investors may not bother about these fluctuations.

Sector Specific Schemes

These are the funds/schemes which invest in the securities of only those sectors
or industries as specified in the offer documents. e.g. Pharmaceuticals, Software,
Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in
these funds are dependent on the performance of the respective
sectors/industries. While these funds may give higher returns, they are more
risky compared to diversified funds. Investors need to keep a watch on the
performance of those sectors/industries and must exit at an appropriate time.
They may also seek advice of an expert.
RESEARCH METHODOLOGY

Research in common parlance refers to a search for knowledge. once can also
define research as a scientific and systematic search for pertinent information on
a specific topic. Research is an art of scientific investigation.

The advanced learner’s dictionary of current English lays down the meaning of
research as ’’a careful investigation or inquiry specially through search for new
facts in any branch of knowledge.’’

Redman and Mory define research as a “systemized effort to gain new

knowledge.” Some people consider research as a movement, a movement from
the known to the unknown.

Research is an academic activity and as such the term should be used in a

technical sense. According to Clifford woody research comprise defining and
redefining problems, formulating hypothesis or suggested solution; collecting,
organizing and evaluating data; making deductions and reaching conclusion; and
at last carefully testing the conclusions to determine whether they fit the
formulating hypothesis. research is, thus, an original contribution to the existing
stock of knowledge making for its advancement. It is the persuit of truth with
the help of study, observation, comparision and experiment. In short, the search
for knowledge through objective and systematic method of finding solution to a
problem is research. The systematic approach concerning generalization and the
formulation of a theory is also research. As such the term ‘research’ refers to the
systematic method consisting of enunciating the problem, formulating a
hypothesis, collecting the facts or data, analyzing the facts and reaching certain
conclusions either in the form of solutions formulation.

The main aim of research is to find out the truth which is hidden and which has
not been discovered as yet. Though each research study has its own specific
purpose. The role of research in several fields of applied economics, whether
related to business or to the economy as a whole, has greatly increased in
modern times. The increasingly complex nature of business and government has
focused attention on the use of research in solving operational problems.
Research, as an aid to economic policy, has gained added importance, both for
government and business.

Research Methodology of the study

Reserarch to be conducted mainly on exploratory study only. In exploratory

research, the focus is on the discovery of ideas.An exploratory study is generally
based on the secondary data that are readily available. It does not have a formal
and rigid design as the researcher may have to change his focus or direction,
depending on the availability of news ideas and relationships among variables.

Tools of data collection:

Data collection would be done mainly through secondary sources like journal,
magazines, Internet and books.

TITLE OF THE STUDY

DURATION OF PROJECT :- 45 DAYS

OBJECTIVE:

The objective of my study was to do the comparison and analysis of various

equity based mutual fund schemes and Benchmark Index(S&P CNX 500).

SUB OBJECTIVE :
The objective is to assess the financial performance of equity mutual funds in
terms of quarterly profits for a two year period,2005-2006. Rate of returns is the
commonly accepted measure for aassessing the profitability of equity mutual
funds.

Data and their sources

The sample:
I have used five equity funds for comparative analysis, all these funds are well-
diversified equity funds with major investment in equities and equity related
instruments. These are very aggressive funds. Following are the five equity
funds, which I have chosen purely on the basis of recent performances:
♣ ICICI PRU Dynamic Fund
♣ DSP Merill Lynch Mutual Fund
♣ HDFC Equity Fund
♣ Reliance Growth Fund
♣ Franklin Templeton Prima Fund

The Market Proxy:

For evaluating the investment performance, it is necessary to choose a
benchmark against with the performance of the sample schemes is compared I
have used the S&P CNX 500 Index as benchmark as it is a widely used index
both by practitioners and researchers.
CURRENT SCENARIO OF MUTUAL FUND:
Some basic facts:
• The money market mutual fund segment has a total corpus of $ 1.48 trillion in
the U.S. against a corpus of $ 100 million in India.
• Out of the top 10 mutual funds worldwide, eight are bank- sponsored. Only
Fidelity and Capital are non-bank mutual funds in this group.
• In the U.S. the total number of schemes is higher than that of the listed
companies while in India we have just 277 schemes
• Internationally, mutual funds are allowed to go short. In India fund managers
do not have such leeway.
• In the U.S. about 9.7 million households will manage their assets on-line by
the year 2003, such a facility is not yet of avail in India.
• On- line trading is a great idea to reduce management expenses from the
current 2 % of total assets to about 0.75 % of the total assets.
• 72% of the core customer bases of mutual funds in the top 50-broking firms in
the U.S. are expected to trade on-line by 2003.

(Source: The Financial Express September, 99)

Internationally, on-line investing continues its meteoric rise. Many have debated
about the success of e- commerce and its breakthroughs, but it is true that this
aspect of technology could and will change the way financial sectors function.
However, mutual funds cannot be left far behind. They have realized the
potential of the Internet and are equipping themselves to perform better.
In fact in advanced countries like the U.S.A, mutual funds buy- sell transactions
have already begun on the Net, while in India the Net is used as a source of
Information.
Such changes could facilitate easy access, lower intermediation costs and better
services for all. A research agency that specializes in internet technology
estimates that over the next four years Mutual Fund Assets traded on- line will
grow ten folds from $ 128 billion to $ 1,227 billion ; whereas equity assets
traded on-line will increase during the period from $ 246 billion to $ 1,561
billion. This will increase the share of mutual funds from 34% to 40% during the
period.
(Source: The Financial Express September ,99)
Such increases in volumes are expected to bring about large changes in the way
Mutual Funds conduct their business.
Here are some of the basic changes that have taken place since the advent of
the Net.
• Lower Costs: Distribution of funds will fall in the online trading regime by 2003
. Mutual funds could bring down their administrative costs to 0.75% if trading is
done on- line. As per SEBI regulations , bond funds can charge a maximum of
2.25% and equity funds can charge 2.5% as administrative fees. Therefore if the
administrative costs are low , the benefits are passed down and hence Mutual
Funds are able to attract mire investors and increase their asset base.
• Better advice: Mutual funds could provide better advice to their investors
through the Net rather than through the traditional investment routes where
there is an additional channel to deal with the Brokers. Direct dealing with the
fund could help the investor with their financial planning.

• In India , brokers could get more Net savvy than investors and could help the
investors with the knowledge through get from the Net.

• New investors would prefer online : Mutual funds can target investors who are
young individuals and who are Net savvy, since servicing them would be easier
on the Net.

• India has around 1.6 million net users who are prime target for these funds
and this could just be the beginning. The Internet users are going to increase
dramatically and mutual funds are going to be the best beneficiary. With smaller
administrative costs more funds would be mobilized .A fund manager must be
ready to tackle the volatility and will have to maintain sufficient amount of
investments which are high liquidity and low yielding investments to honor
redemption.

• Net based advertisements: There will be more sites involved in ads and
promotion of mutual funds. In the U.S. sites like AOL offer detailed research and
financial details about the functioning of different funds and their performance
statistics. A is witnessing a genesis in this area.

S&P CNX 500

The S&P CNX 500 is India’s first broad-based benchmark of the Indian capital
market for comparing portfolio returns vis-a-vis market returns. The S&P CNX
500 represents about 96% of total market capitalization and about 93% of the
total turnover on the NSE.
The S&P CNX 500 companies are disaggregated into 72 industry indices viz. S&P
CNX Industry Indices. Industry weightages in the index reflect the industry
weightages in the market. For e.g. if the banking sector has a 5% weightage in
the universe of stocks traded on NSE, banking stocks in the index would also
have an approx. representation of 5% in the index.
Method of Computation:
S&P CNX 500 is computed using market capitalization weighted method, wherein
the level of the index reflects the total market value of all the stocks in the index
relative to a particular base period. The method also takes into account
constituent changes in the index and importantly corporate actions such as stock
splits, rights, etc without affecting the index value.

Base Date and Value:

The calendar year 1994 has been selected as the base year for S&P CNX 500.
The base value of the index is set at 1000.
Criteria for Selection of Constituent Stocks.
The constituents and the criteria for the selection judge the effectiveness of the
index. Selection of the index set is based on the following criteria:

Market Capitalization
• Industry Representation
• Trading Interest
• Financial Performance

Market Capitalization:
A company’s rank on market capitalisation is an important consideration for its
inclusion in the Index.

Industry Representation:
S&P CNX 500 Equity Index reflects the market as closely as possible. In order to
ensure that this is accomplished, industry weightages in the index mirror the
industry weightages in the universe. Consequently, companies to be included in
the index are selected from the industries which are under represented in the
index.

S&P CNX 500 Equity Index currently contains 72 industries, including one
category of diversified companies and one category of miscellaneous. The
number of industries in the Index and the number of companies within each
industry have been kept flexible, in order to ensure that the Index retains its
objective of being an dynamic market indicator.

Trading Interest:
S&P CNX 500 Equity Index includes those companies which have a minimum
listing record of 6 months on the Exchange. In addition these companies must
have demonstrated high turnover and trading frequency.

Financial Performance:
S&P CNX 500 Equity Index includes companies that have minimum record of
three years with a positive net worth.
Others:
A company which comes out with a IPO will be eligible for inclusion in the index,
if it fulfills the normal eligibility criteria for the index for a 3 month period instead
of a 6 month period.

Index Maintenance:
Index Maintenance plays a crucial role in ensuring stability of the Index as well
as in meeting its objective of being a consistent benchmark of the equity
markets.

IISL has constituted an Index Policy Committee, which is involved in policy and
guidelines for managing the CNX Indices. The Index Maintenance Sub-committee
takes all decisions on addition/ deletion of companies in any Index.

The index is reviewed every quarter and a four weeks notice is given to the
market before making changes to the index set.

Why does the index keep changing from time to time?

Think of a liquid stock as a good thermometer, one which gives accurate data
about the true price of the stock, because it trades actively with a tight spread.
The prices observed for an illiquid stock are like readings from a low quality
thermometer, which reports noisy data about the phenomenon of interest (the
true price of the security). We try to find the fifty best thermometers in the
country and average their values to make the S&P CNX Nifty. As time passes,
better thermometers become available (in the form of large, liquid stocks that
are not in the S&P CNX Nifty). We would like that S&P CNX Nifty always uses the
best thermometers possible. So we remove the weakest thermometer from
inside the S&P CNX Nifty and accept the new stock into it. The world changes, so
the index should change. Yet, the change should not be sudden - for that would
disrupt the character of the index. S&P CNX Nifty uses clear, researched and
publicly documented rules for index revision. These rules are applied regularly,
to obtain changes to the index set. Index reviews are carried out every quarter
to ensure that each security in the index fulfills all the laid down criteria. IDBI
was once not listed; SBI was once illiquid; Infosys was once an obscure software
startup. The world changes, and one by one, these stocks have come into the
S&P CNX Nifty. Each change in the S&P CNX Nifty is small, so the continuity of
the index is maintained. Yet, at all times, S&P CNX Nifty represents the 50 most
important liquid stocks in the country, the best thermometers to build an index
out of.

When a stock goes out and a new stock comes in, doesn't that make index levels
non-comparable?
There are mathematical formulas which ensure that yesterday's value and
today's are comparable, even if a change in composition takes place in-between.
Think of an index as a portfolio. The composition of the portfolio changes, but it
is still meaningful to keep measuring the overnight returns on the portfolio from
day to day. These returns, cumulated up, are the index level.

Review Of Literature

1. Financial Management of Private and Public Equity Mutual Funds in India: An

Analysis of Profitability (By H.J Sondhi and PK Jain from The ICFAI Journal of
applied finance, July 2005)

This article examines the rates of returns generated by equity mutual funds,vis-
à-vis,364 days T-bills and the Bombay Stock Exchange-100(BSE-100) National
Index during the period 1993-2002.Rate of return on 364 days T-bill is the
surrogate measure for risk free return and the BSE-100 National index has been
chosen as proxy for market portfolio in our analysis. Equity mutual funds
predominantly invest in company equities and hence are risky investments while
choosing to invest in equity mutual funds, the investors expect not only risk
premium but also better returns than the market portfolio.
The paper has been divided in to four sections.Section1 outlines the scope and
methodology of the study that includes, inter alia, the basis of computation of
rate of return earned by the equity mutual funds,364 days T-bills and BSE-100
National Index,Section2 computes and analyzes rates of return.Section3 is
concerned with comparision od rates of return of private sector company
sponsored equity mutual funds and PSU sponsored equity mutual funds
Concluding observations have been recapitulated in Section 4.

2. Relative Risk Return Analysis

Use the Proprietary Bubble Analysis of the Relative Risk and Return Analysis of
Mutual Funds deve by the ICICI Bank Private Bank Advisory Group.

3. Mutual Fund Investments are subject to Market Risks (Portfolio Organizer,

October 2005)

This article deals with the risk of Mutual Fund Investments, Types of risks, and
the common mistakes done by investor while choosing the funds for the purpose
of investing, Investors responsibility in Investing. To identify suitable fund can
be done in two step manner as follows:
• Selecting a fund with investment objectives and preferences, return objectives,
time horizon and risk tolerances that meet the requirements of investor.
• Selecting a fund that has a detailed asset allocation strategy by fund type
category to reflect the investment objectives of the fund.

4. Empirical Investigation on the Investment Managers’ Stock Selection Abilities:

The Indian Experience (By Ramesh Chander from The ICFAI Journal of applied
finance, August 2005)

The study examined the stock selection abilities of investment managers in India
across the fund characteristics as well as the persistence of such performance. It
also investigated performance variability for a sample of 80 investment schemes
for the period starting from January 1998-December 2002.On the whole, the
results reported documents significant statistical evidences for passive stock
selection abilities of Indian investment managers. It points to the consistency of
performance across the measurement criteria. Investment Performance depends
on the stock selection and pertains to the successful micro forecasting for
company specific events. It refers to the manager’s ability to identify under or
overvalued securities.

5. Mutual Fund Industry in India: On a growth Trail

(Cover Story, Chartered Financial Analyst, July 2005)

The mutual fund industry in India has been on a roll as the assets under
management continue to see strong spurt in growth. The assets under
management swelled to Rs. 1, 67,978 cr. By May 31, 2005 from Rs.1, 01,565 cr.
In January 2000.This apart, the industry has also seen a spurt in the number of
schemes on offer which amount to 460 at present, catering to varied needs of
investors. A booming economy, soaring stock market and a conducive regulatory
environment, amongst a slew of other factors have added to the growth of the
industry. Given the huge opportunity in sub-urban and rural markets, which lie
hitherto untapped and growing income levels in the country, the industry’s
future look bright.

6. Managing Mutual Fund Investments in the Era of change

(By Kulbhushan Chandel and OP Verma from the ICFAI Journal of applied
finance, October 2005)

The study is confined to evaluate the performance of mutual funds on the basis
of weekly returns compared with risk free security returns and BSE Index. The
present study includes the five different sector specific schemes. Among these
25 schemes, only sector specific schemes floated by different institutions have
been studied .To evaluate the performance of funds only three performance
measures have been applied i.e. Sharpe Index,Treynor Index and Jensen’s
measure. It is observed that the performance of sample schemes during the
study period is best.However; there are some instances where poor performance
has been reflected. It may lead to regain investor’s confidence
PARAMETERS OF COMPARISON

1. RELATIVE TO BENCHMARK METHOD

Under this method a comparison is made between the returns given by a market
index, and the fund over a given period of time. If the returns generated by the
fund as measured by changes in NAV over that given period of time are greater
than those generated by the benchmark then the fund is deemed to have
outperformed the market portfolio.
2. BETA
Beta compares mutual funds volatility with that of a benchmark and is supposed
to give some sense of how far we can expect a fund to fall when the market
takes a dive, or how high it might climb if the bull is running hard. A fund with a
beta greater than 1 is considered more volatile than the market; less than 1
means less volatile.
3. RISK-RETURN METHOD
The Relative-to-Benchmark measure is very simplistic, as it does not incorporate
any measure of risk in its calculation. An investor would naturally be interested
in finding out the return generated for the risk undertaken, as, in a bid to
generate super normal return, the fund may go overboard on the risk
parameter. Therefore, risk adjusted measures of return are needed to measure
the performance of funds. There are several such measures prominent among
which are the Sharpe ratio, the Treynor ratio, and Alpha:

¬ SHARPE RATIO
This measure uses standard deviation as a measure to evaluate a fund's risk-
adjusted returns. The higher a fund's Sharpe ratio, the better it is i.e. a fund's
returns would be regarded good if the fund returns a high level of Sharpe ratio.
Mathematically, it is arrived at by deducting the risk free returns from the
returns generated by the fund and dividing the residual figure by the standard
deviation of the fund's returns. One thing that has to be kept in mind while using
this measure is that the ratio is not an absolute figure. Its real utility lies in inter
scheme comparison.
¬ TREYNOR'S RATIO
The other measure Treynor's ratio also has the same attributes with the
difference that the residual figure in this case is divided by beta rather than the
standard deviation, thus reflecting only the systematic risk. Beta of the fund is a
volatility measure that quantifies sensitivity of the fund's return to the
benchmark index's returns i.e. given the movements of the benchmark how
much the fund will move. It does not give representation to unsystematic risk
under the assumption that the fund manager can easily wipe out the
unsystematic risk by diversifying across a large number of stocks.

FRANKLIN INDIA PRIMA FUND

FUND MANAGER K.N.Siva Subramanian / Satish Ramanathan

INVESTMENT OBJECTIVE Capital appreciation and income generation by focusing
on mid and small cap industry.
SCHEME TYPE Open Ended Fund
FUND CATEGORY Equity Diversified
LAUNCH DATE November, 1993
MINIMUM INVESTMENT Rs. 5000
NET ASSETS Rs1040.78 cr.
ENTRY LOAD 2.25 % for investment upto Rs. 24.99 Cr.
EXIT LOAD 2 % for redemption between 0 - 365 days and investment above Rs.
24.99 Cr.

PORTFOLIO SUMMARY

TOP 5 SECTORS AS ON 31/05/09 % Of Net Assets

Health Care 12.14
Automobile 9.72
Diversified 9.60
Chemicals 8.60
Techonology 7.59

ASSET ALLOCATION(31/05/09) % Of Net Assets

Equity 90.05
Debt 0.00
Others 9.95
This fund has managed to squeeze superlative gains out of risky mid-caps and
should find a place in every portfolio, though in a small dose because:
¬ The fund is up 20 per cent beating three-fourth funds in the category. And the
story is similar for the previous years–it has finished each of the past three
years among top three funds.
¬ Mid-caps are always volatile and the fund's volatility should not come as a
surprise. Its standard deviation of 8.22 in the past three years is on the higher
side in the category. But an impressive five-year annualized return of 28 per
cent makes up for it.
¬ December 2003 was a great month for the fund as it posted one of its best
performances in its decade-old existence gaining 24 per cent. Its sector calls in
services, textiles, chemicals and automobiles were brilliant in hindsight.
Overall, it has managed to squeeze superlative gains out of risky mid-caps and
should find a place in every portfolio, though in a small dose

RELIANCE GROWTH FUND

FUND MANAGER Sunil Singhania

INVESTMENT OBJECTIVE Long term growth of capital through research based
investment approach
SCHEME TYPE Open Ended Fund
FUND CATEGORY Equity Diversified
LAUNCH DATE October, 1995
MINIMUM INVESTMENT Rs. 5000
MKT. CAP. Rs3829.69cr.
ENTRY LOAD .2.25 % for investment upto Rs. 1.999 Cr.
1.25 % for investment in the range of Rs. 2 Cr. – 5 Cr.
EXIT LOAD Nil

Portfolio Summary

TOP 5 SECTORS AS ON 31/05/09 % Of Net Assets

Basic/Engeneering 5.62
FMCG 4.09
Diversified 3.56
Chemicals 3.19
Financial Services 2.96

ASSET ALLOCATION(31/05/09) % Of Net Assets

Equity 84.37
Debt 0.00
Others 15.63
Reliance Growth can bring that extra zing to your portfolio. The fund has a well-
diversified portfolio but it is not a conventional diversified equity fund due to a
heavy mid- and small-cap bias, high turnover and the high cash component.
¬ Reliance Growth fund has garnered top-notch returns for the third year in a
row. After gaining 56 per cent in 2002 and 156 per cent in 2003, Reliance
Growth was up another 42.57 per cent in 2004.

¬ The fund is also unique in the diversity of the stocks it holds, be it large, mid-
or small-cap and growth or value stocks—you will find everything in its portfolio.

¬ Though a major part of Reliance Growth's portfolio consists of quality stocks, it

hardly sticks to anything for long. Even if it is HLL, Reliance or Tata Motors, the
fund keeps on selling and buying at every rise or fall in their share prices.

¬ It is also more partial to small-caps than other diversified equity funds. And, in
fact, this bias towards small-caps since July 2004 till date has been the biggest
contributing factor for the fund's excellent performance. The fund's small-cap
holdings like Uniphos Enterprises, Swaraj Mazda, Sintex Industries and EID
Parry have seen their prices surge manifold since then.

¬ Following the rally in bank and auto stocks in 2003, Reliance Growth increased
exposure in both sectors. And recently, the fund's higher allocation to technology
and engineering stocks added to its superlative performance.

FUND MANAGER Prashant Jain

INVESTMENT OBJECTIVE To achieve capital appreciation
SCHEME TYPE Open Ended Fund
FUND CATEGORY Equity Diversified
LAUNCH DATE December, 1994
MINIMUM INVESTMENT Rs. 5000
NET ASSETS Rs1574.78 cr.
ENTRY LOAD 2.25 % for investment upto Rs. 24.99 Cr.
EXIT LOAD 2 % for redemption between 0 - 365 days and investment above Rs.
24.99 Cr.

HDFC EQUITY FUND

PORTFOLIO SUMMARY

TOP 5 SECTORS AS ON 31/05/09 % Of Net Assets

Automobile 24.81
Techonology 23.41
Basic/Engeneering 15.35
Financial services 8.60
Energy 8.59

ASSET ALLOCATION(31/05/09) % Of Net Assets

Equity 96.88
Debt 0.00
Others 1.12

¬ It is an aggressive diversified fund .

¬ The fund manager is bullish on the long-term and expects returns in line with
earnings growth.
¬ He feels that equity will be a preferred class of avenue for investment due to
abysmal returns from alternative investment classes.
¬ The fund follows up bottom-up appreciation and constantly churns the
portfolio.
¬ The fund manager has added stocks like SBI, ONGC, Infosys, Crompton
Greaves etc.
¬ The fund is recommended for a aggressive investors willing to take above
average risk.

ICICI Pru Dynamic Fund

Portfolio Summary

TOP 5 SECTORS AS ON 31/05/09 % Of Net Assets

Diversified 19.63
Metal and Metal products 15.47
FMCG 11.91
Techonology 11.08
Financial Services 8.62
ASSET ALLOCATION(31/05/09) % Of Net Assets
Equity 96.74
Debt 1.15
Others 2.11

ANALYSIS
HDFC Equity Fund is an aggressive diversified fund .The fund manager is bullish
on the long-term and expects returns in line with earnings growth. IN the
beginning of the year both index and fund have given negative return. In 3rd
qtr. Investors start getting returns over and above the risk free return but the
fund has outperformed the index by quite a margin, primarily because of fund
manager’s aggressive portfolio churning. Where as in the last qtr. The fund has
underperformed.

ANALYSIS
Year 2005 was very volatile, in the b egining of the year both the index and the
fund has not given any return. But the bull run starts from Qtr.2 Which was
remain there till the end.

ANALYSIS
From the above we can draw the fund has outperformed index but not as much
as the other funds in the same category, primarily because of the fund
manager’s conservative approach.

ANALYSIS
ICICI Pru Dynamic fund was giving same return as of index which was remain
throughout the year.
ANALYSIS
Initially the fund has underperformed than that of index but in the later part of
the year it has outperformed the index.

ANALYSIS
Franklin prima fund is one of the largest gainer in the 2005 in its category, which
can clearly be interpreted from above.

ANALYSIS
Even when the index has given negative returns in the beginning of the year
than that of risk free return, The fund has given the positive returns .The fund
has given steady return to the investors throughout the year.

ANALYSIS
Reliance Growth Fund has been outperformed the index,we can inter prêt that
because of its less variability in the returns over various qtr. It has high sharpe’s
ratio than that of index

Findings
Based on the above ratios,we can see that four of these five funds-Franklin
Prima,SBI Equity,HDFC Equity, Reliance Growth outperformed the S&P 500
Index on an excess return-risk basis during the year 2004.Since this is an
ordinal(relative) measure of portfolio performance, different portfolios can easily
be ranked on this variable. Using only the Sharpe’s measure of the portfolio
performance, we would judge the portfolio with the highest Sharpe’s Ratio (risk
to variability ratio) best in terms of exp post performance. Thus Reliance Growth
is the best performer and Pru Dynamic is the worst performer vis a vis S&P 500.

SHARPE’S RATIOS

2005
CNX 4.84103
ICICI 6.685766
PRIMA 8.808584
GROWTH 10.32903
SBI 5.513816
HDFC 9.136044

FINDINGS
As we can see that all the funds Sharpe’s Ratio exceed the Sharpe’s ratio of the
S&P CNX 500 for the year 2005.The average return for all the fund Franklin
Prima,SBI Equity,HDFC Equity, Reliance Growth,ICICI Pru Dynamic are quite
close but because of their difference in S.D,The Sharpe’s ratios differed. Reliance
Growth was the best performer and SBI Equity was the least. This indicates that
Reliance growth has superior risk-adjusted performance than the other funds.

TREYNOR RATIOS
2004
ICICI 0.098742
PRIMA 0.428187
GROWTH 0.393264
SBI 0.141552
HDFC 0.230929

FINDINGS
TREYNOR RATIOS
2005
ICICI 0.473527
PRIMA 0.69876
GROWTH 0.855697
SBI 0.352228
HDFC 0.57131

FINDINGS

CONCLUSION
Comparing the Sharpe and Treynor Measures:
Given their similarity, when should Sharpe and Treynor be used, and why?
Actually, given the assumptions underlying each measure, both can be said to
be correct. Therefore, it is usually desirable to calculate both measures for the
set of portfolios being evaluated.
The choice of which to use could depend on definition on risk. If an investor
thinks it correct to use systematic risk,.Treynor is appropriate.
This analysis leads to an important observation about the Sharpe and Treynor
measures. Investors who have all of their assets in a potrtfolio iof securities
should rely more on Sharpe measure,because it asseses the portfolio’s total
return in relation to total risk,which includes any unsystematic risk assumed by
the investor.

Annexure
Company Name Industry Name Symbol Series
3M India Ltd. TRADING 3MINDIA EQ
Aarti Industries Ltd. CHEMICALS – ORGANIC AARTIIND EQ
Aban Loyd Chiles Offshore Ltd. OIL EXPLORATION/PRODUCTION ABANLOYD EQ
ABB Ltd. ELECTRICAL EQUIPMENT ABB EQ
Abhishek Industries Ltd TEXTILES – COTTON ABSHEKINDS EQ
Associated Cement Companies Ltd. CEMENT AND CEMENT PRODUCTS ACC EQ
Adani Exports Ltd. TRADING ADANIEXPO EQ
Adlabs Films Ltd. MEDIA & ENTERTAINMENT ADLABSFILM EQ
Ador Welding Ltd. ELECTRODES ADORWELD EQ
Aftek Infosys Ltd COMPUTERS – SOFTWARE AFTEKINFO EQ
Agro Dutch Industries Ltd. FOOD AND FOOD PROCESSING AGRODUTCH EQ
Ajanta Pharmaceuticals Ltd. PHARMACEUTICALS AJANTPHARM EQ
Aksh Optifibre Ltd. CABLES – TELECOM AKSHOPTFBR EQ
Allahabad Bank BANKS ALBK EQ
Alembic Ltd. PHARMACEUTICALS ALEMBICLTD EQ
Alfa Laval (India) Ltd. ENGINEERING ALFALAVAL EQ
Alok Industries Ltd. TEXTILES – SYNTHETIC ALOKTEXT EQ
Amara Raja Batteries Ltd. AUTO ANCILLARIES AMARAJABAT BE
Amtek Auto Ltd. AUTO ANCILLARIES AMTEKAUTO EQ
Andhra Bank BANKS ANDHRABANK EQ
Andhra Sugars Ltd. DIVERSIFIED ANDHRSUGAR EQ
Alstom Power India Ltd. POWER APIL EQ
Apollo Hospitals Enterprises Ltd. MISCELLANEOUS APOLLOHOSP EQ
Apollo Tyres Ltd. TYRES APOLLOTYRE EQ
Aptech Ltd. COMPUTERS – SOFTWARE APTECHT EQ
Archies Ltd. PRINTING AND PUBLISHING ARCHIES EQ
Arvind Mills Ltd. TEXTILE PRODUCTS ARVINDMILL EQ
Asahi India Glass Ltd. AUTO ANCILLARIES ASAHIINDIA EQ
Ashok Leyland Ltd. AUTOMOBILES - 4 WHEELERS ASHOKLEY EQ
Asian Electronics Ltd. ELECTRONICS – INDUSTRIAL ASIANELEC BE
Asian Hotels Ltd. HOTELS ASIANHOTEL EQ
Asian Paints (India) Ltd. PAINTS ASIANPAINT EQ
AstraZenca Pharma India Ltd. PHARMACEUTICALS ASTRAIDL EQ
Agro Tech Foods Ltd. SOLVENT EXTRACTION ATFL EQ
Atlas Cycle (Haryana) Ltd. CYCLES ATLASCYCLE BE
Atul Ltd. DYES AND PIGMENTS ATUL EQ
Aurobindo Pharma Ltd. PHARMACEUTICALS AUROPHARMA EQ
Automotive Axles Ltd. AUTO ANCILLARIES AUTOAXLES EQ
Avaya GlobalConnect Ltd. TELECOMMUNICATION – EQUIPMENT AVAYAGCL EQ
Aventis Pharma Ltd. PHARMACEUTICALS AVENTIS EQ
Aztec Software & Technology Services Ltd. COMPUTERS – SOFTWARE AZTEC EQ
Bajaj Auto Ltd. AUTOMOBILES - 2 AND 3 WHEELERS BAJAJAUTO EQ
Bajaj Hindusthan Ltd. SUGAR BAJAJHIND EQ
Bajaj Auto Finance Ltd. FINANCE BAJAUTOFIN EQ
Balaji Telefilms Ltd. MEDIA & ENTERTAINMENT BALAJITELE EQ
Balmer Lawrie & Co. Ltd. TRAVEL AND TRANSPORT BALMLAWRIE EQ
Balrampur Chini Mills Ltd. SUGAR BALRAMCHIN EQ
Bannari Amman Sugars Ltd. SUGAR BANARISUG EQ
Bank of Baroda BANKS BANKBARODA EQ
Bank of India BANKS BANKINDIA EQ
BASF India Ltd. CHEMICALS – SPECIALITY BASF EQ
Bata India Ltd. LEATHER AND LEATHER PRODUCTS BATAINDIA EQ
Bharat Electronics Ltd. ELECTRONICS – INDUSTRIAL BEL EQ
Bharat Earth Movers Ltd. ENGINEERING BEML EQ
Bhansali Engineering Polymers Ltd. PETROCHEMICALS BEPL EQ
Berger Paints India Ltd. PAINTS BERGEPAINT EQ
Birla Global Finance Ltd. FINANCE BGFL EQ
Bharat Forge Ltd. CASTINGS/FORGINGS BHARATFORG EQ
Bharti Tele-Ventures Ltd. TELECOMMUNICATION - SERVICES BHARTI EQ
Bharat Heavy Electricals Ltd. ELECTRICAL EQUIPMENT BHEL EQ
Bhushan Steel & Strips Ltd. STEEL AND STEEL PRODUCTS BHUSANSTL EQ
Ballarpur Industries Ltd. PAPER AND PAPER PRODUCTS BILT EQ
Biocon Ltd. PHARMACEUTICALS BIOCON EQ
Birla Ericsson Optical Ltd. CABLES – TELECOM BIRLAERIC EQ
Birla Corporation Ltd. CEMENT AND CEMENT PRODUCTS BIRLAJUTE EQ
Blue Dart Express Ltd. MISCELLANEOUS BLUEDART EQ
Blue Star Ltd. AIRCONDITIONERS BLUESTARCO EQ
Blue Star Infotech Ltd. COMPUTERS – SOFTWARE BLUESTINFO EQ
BOC India Ltd. GAS BOC EQ
Bombay Dyeing & Manufacturing Co. Ltd. TEXTILES – COTTON BOMDYEING EQ
Bongaigaon Refinery & Petrochemicals Ltd. REFINERIES BONGAIREFN EQ
Bosch Chassis Systems India Ltd. AUTO ANCILLARIES BOSCHCHASY EQ
Bharat Petroleum Corporation Ltd. REFINERIES BPCL EQ
BPL Ltd. CONSUMER DURABLES BPL BE
Britannia Industries Ltd. FOOD AND FOOD PROCESSING BRITANNIA EQ
BSL Ltd. TEXTILE PRODUCTS BSL EQ
Cadila Healthcare Ltd. PHARMACEUTICALS CADILAHC EQ
Canara Bank BANKS CANBK EQ
Can Fin Homes Ltd. FINANCE – HOUSING CANFINHOME EQ
Carborundum Universal Ltd. ABRASIVES CARBORUNIV EQ
Carol Info Services Ltd. PHARMACEUTICALS CAROLINFO EQ
Ceat Ltd. TYRES CEAT EQ
Century Enka Ltd. TEXTILES – SYNTHETIC CENTENKA EQ
Century Textile & Industries Ltd. DIVERSIFIED CENTURYTEX EQ
CESC Ltd. POWER CESC EQ
Chambal Fertilizers & Chemicals Ltd. FERTILISERS CHAMBLFERT EQ
Chemplast Sanmar Ltd. PETROCHEMICALS CHEMPLAST EQ
Chennai Petroleum Corporation Ltd. REFINERIES CHENNPETRO EQ
Cholamandalam Investment & Finance Co. Ltd. FINANCE CHOLAINV EQ
Cinevistaas Ltd. MEDIA & ENTERTAINMENT CINEVISTA EQ
Central India Polyesters Ltd. TEXTILES – SYNTHETIC CIPL BE
Cipla Ltd. PHARMACEUTICALS CIPLA EQ
Clariant (India) Ltd. DYES AND PIGMENTS CLARIANT EQ
CMC Ltd. COMPUTERS – HARDWARE CMC EQ
Kochi Refineries Ltd. REFINERIES COCHINREFN EQ
Colgate-Palmolive (India) Ltd. PERSONAL CARE COLGATE EQ
Colour-Chem Ltd. DYES AND PIGMENTS COLORCHEM EQ
Container Corporation of India Ltd. TRAVEL AND TRANSPORT CONCOR EQ
Tata Coffee Ltd. TEA AND COFFEE CONSCOFFEE EQ
Consolidated Finvest & Holdings Ltd. FINANCE CONSOFINVT EQ
Coromandel Fertilisers Ltd. FERTILISERS COROMNFERT EQ
Corporation Bank BANKS CORPBANK EQ
Cosmo Films Ltd. PACKAGING COSMOFILMS EQ
Crest Animation Studios Ltd. MEDIA & ENTERTAINMENT CRESTANI BE
CRISIL Ltd. MISCELLANEOUS CRISIL EQ
Crompton Greaves Ltd. ELECTRICAL EQUIPMENT CROMPGREAV EQ
City Union Bank Ltd. BANKS CUB EQ
Cummins India Ltd. DIESEL ENGINES CUMMINSIND EQ
Dabur India Ltd. PERSONAL CARE DABUR EQ
Dabur Pharma Ltd. PHARMACEUTICALS DABURPHARM EQ
Dalmia Cement (Bharat) Ltd. CEMENT AND CEMENT PRODUCTS DALMIACEM EQ
DCM Shriram Consolidated Ltd. DIVERSIFIED DCMSRMCONS EQ
DCW Ltd. PETROCHEMICALS DCW EQ
Deepak Fertilisers & Petrochemicals Corp. Ltd. FERTILISERS DEEPAKFERT EQ
Dena Bank BANKS DENABANK EQ
Dhampur Sugar Mills Ltd. SUGAR DHAMPURSUG EQ
DIC India Ltd. MISCELLANEOUS DICIND EQ
Dishman Pharmaceuticals & Chemicals Ltd. PHARMACEUTICALS DISHMAN EQ
Divi's Laboratories Ltd. PHARMACEUTICALS DIVISLAB EQ
D-Link India Ltd COMPUTERS – HARDWARE D-LINK EQ
Dredging Corporation of India Ltd. MISCELLANEOUS DREDGECORP EQ
Dr. Reddy's Laboratories Ltd. PHARMACEUTICALS DRREDDY EQ
Dwarikesh Sugar Industrial Ltd. SUGAR DWARKESH EQ
Eicher Ltd. FINANCE EICHER BE
Eicher Motors Ltd. AUTOMOBILES - 4 WHEELERS EICHERMOT EQ
E.I.D. Parry (India) Ltd. DIVERSIFIED EIDPARRY EQ
EIH Ltd. HOTELS EIHOTEL EQ
Elder Pharmaceuticals Ltd. PHARMACEUTICALS ELDERPHARM EQ
Electrosteel Castings Ltd. CASTINGS/FORGINGS ELECTCAST EQ
Elgi Equipments Ltd. COMPRESSORS / PUMPS ELGIEQUIP EQ
Elgitread (India) Ltd. AUTO ANCILLARIES ELGITYRE EQ
E.Merck (India) Ltd. PHARMACEUTICALS EMERCK EQ
Engineers India Ltd. CONSTRUCTION ENGINERSIN EQ
ESAB India Ltd. ELECTRODES ESABINDIA EQ
Escorts Ltd. AUTOMOBILES - 4 WHEELERS ESCORTS EQ
Essar Oil Ltd. REFINERIES ESSAROIL EQ
Essel Propack Ltd. PACKAGING ESSELPACK EQ
Essar Steel Ltd. STEEL AND STEEL PRODUCTS ESTL EQ
Everest Industries Ltd. CEMENT AND CEMENT PRODUCTS EVERESTIND EQ
Exide Industries Ltd. AUTO ANCILLARIES EXIDEIND EQ
Fertilisers and Chemicals Travancore Ltd. FERTILISERS FACT EQ
Fag Bearings India Ltd. BEARINGS FAGBEARING EQ
FDC Ltd. PHARMACEUTICALS FDC EQ
Federal Bank Ltd. BANKS FEDERALBNK EQ
Financial Technologies (India) Ltd. COMPUTERS – SOFTWARE FINANTECH BE
Finolex Cables Ltd. MISCELLANEOUS FINCABLES EQ
Finolex Industries Ltd. PETROCHEMICALS FINPIPE EQ
First Leasing Co. of India Ltd. FINANCE FIRSTLEASE EQ
Flex Industries Ltd. PACKAGING FLEX EQ
FCL Technologies & Products Ltd PACKAGING FLEXCHEM EQ
Foseco India Ltd. CHEMICALS – SPECIALITY FOSECOIND EQ
Gujarat Ambuja Exports Ltd. TRADING GAEL EQ
GAIL (India) Ltd. GAS GAIL EQ
Gammon India Ltd. CONSTRUCTION GAMMONIND EQ
Garden Silk Mills Ltd. TEXTILES – SYNTHETIC GARDENSILK EQ
Gateway Distriparks Ltd. TRAVEL AND TRANSPORT GDL EQ
Geometric Software Solution Ltd. COMPUTERS – SOFTWARE GEOMETRIC EQ
Williamson Tea Assam Ltd. TEA AND COFFEE GEORGWILIM EQ
Mahindra Gesco Corporation Ltd. CONSTRUCTION GESCOCORP EQ
Great Eastern Shipping Co. Ltd. SHIPPING GESHIPPING EQ
GHCL Ltd. CHEMICALS – INORGANIC GHCL EQ
Gujarat Industries Power Co. Ltd. POWER GIPCL EQ
Glaxosmithkline Pharmaceuticals Ltd. PHARMACEUTICALS GLAXO EQ
Glenmark Pharmaceuticals Ltd. PHARMACEUTICALS GLENMARK EQ
Gujarat Mineral Development Corporation Ltd. MINING GMDCLTD EQ
Gujarat Narmada Valley Fertilisers Co. Ltd. FERTILISERS GNFC EQ
Godavari Fertilisers & Chemicals Ltd. FERTILISERS GODAVRFERT EQ
Godfrey Phillips India Ltd. CIGARETTES GODFRYPHLP EQ
Godrej Consumer Products Ltd. PERSONAL CARE GODREJCP EQ
Godrej Industries Ltd. CHEMICALS – INORGANIC GODREJIND EQ
Goetze (India) Ltd. AUTO ANCILLARIES GOETZEIND EQ
Goodlass Nerolac Paints Ltd. PAINTS GOODLASNER EQ
Graphite India Ltd. ELECTRODES GRAPHITE EQ
Grasim Industries Ltd. CEMENT AND CEMENT PRODUCTS GRASIM EQ
Gujarat State Fertilizers & Chemicals Ltd. FERTILISERS GSFC EQ
GlaxoSmithkline Consumer Healthcare Ltd. FOOD AND FOOD PROCESSING
GSKCONS EQ
GTL Ltd. COMPUTERS – SOFTWARE GTL EQ
GTN Textiles Ltd. TEXTILES – COTTON GTNTEXT EQ
Gujarat Alkalies & Chemicals Ltd. CHEMICALS – INORGANIC GUJALKALI EQ
Gujarat Ambuja Cements Ltd. CEMENT AND CEMENT PRODUCTS GUJAMBCEM
EQ
Gujarat Fluorochemicals Ltd. GAS GUJFLUORO EQ
Gujarat NRE Coke Ltd. MINING GUJNRECOKE EQ
Gujarat Gas Co. Ltd. GAS GUJRATGAS EQ
Harrisons Malayalam Ltd. TEA AND COFFEE HARRMALAYA EQ
Havell's India Ltd. ELECTRICAL EQUIPMENT HAVELLS EQ
HCL Infosystems Ltd. COMPUTERS – HARDWARE HCL-INSYS EQ
HCL Technologies Ltd. COMPUTERS – SOFTWARE HCLTECH EQ
Housing Development Finance Corporation Ltd. FINANCE – HOUSING HDFC EQ
HDFC Bank Ltd. BANKS HDFCBANK EQ
H.E.G. Ltd. ELECTRODES HEG EQ
Heritage Fo

ods (India) Ltd. FOOD AND FOOD PROCESSING HERITGFOOD EQ

Hero Honda Motors Ltd. AUTOMOBILES - 2 AND 3 WHEELERS HEROHONDA EQ
Hexaware Technologies Ltd. COMPUTERS – SOFTWARE HEXAWARE EQ
Hikal Ltd. CHEMICALS – ORGANIC HIKAL EQ
Himachal Futuristic Communications Ltd. TELECOMMUNICATION – EQUIPMENT
HIMACHLFUT EQ
Himatsingka Seide Ltd. TEXTILE PRODUCTS HIMATSEIDE EQ
Hindalco Industries Ltd. ALUMINIUM HINDALC0 EQ
Hindustan Construction Co. Ltd. CONSTRUCTION HINDCONS EQ
Hindustan Lever Ltd. DIVERSIFIED HINDLEVER EQ
Hindustan Motors Ltd. AUTOMOBILES - 4 WHEELERS HINDMOTOR EQ
Hindustan Oil Exploration Co. Ltd. OIL EXPLORATION/PRODUCTION HINDOILEXP
EQ
Hindustan Petroleum Corporation Ltd. REFINERIES HINDPETRO EQ
Hindustan Sanitaryware & Industries Ltd. CONSTRUCTION HINDSANIT EQ
HMT Ltd. AUTOMOBILES - 4 WHEELERS HMT EQ
Honeywell Automation India Ltd. ELECTRONICS – INDUSTRIAL HONAUT EQ
Hotel Leelaventure Ltd. HOTELS HOTELEELA EQ
Hinduja TMT Ltd. COMPUTERS – SOFTWARE HTMT EQ
IBP Co. Ltd. REFINERIES IBP EQ
ICI India Ltd. PAINTS ICI EQ
ICICI Bank Ltd. BANKS ICICIBANK EQ
Industrial Development Bank of India FINANCIAL INSTITUTION IDBI EQ
IDFC Ltd. FINANCIAL INSTITUTION IDFC EQ
I-Flex Solutions Ltd. COMPUTERS – SOFTWARE I-FLEX EQ
Indo Gulf Fertilisers Ltd. FERTILISERS IGFLFERT EQ
Indraprastha Gas Ltd. GAS IGL EQ
iGate Global Solutions Ltd. COMPUTERS – SOFTWARE IGS EQ
Indian Hotels Co. Ltd. HOTELS INDHOTEL EQ
Indiabulls Financial Services Ltd. FINANCE INDIABULLS EQ
India Cements Ltd. CEMENT AND CEMENT PRODUCTS INDIACEM EQ
Indian Card Clothing Co. Ltd. TEXTILE MACHINERY INDIANCARD EQ
India Nippon Electricals Ltd. AUTO ANCILLARIES INDNIPPON EQ
Indo Rama Synthetics Ltd. TEXTILES – SYNTHETIC INDORAMA EQ
Indraprastha Medical Corporation Ltd. MISCELLANEOUS INDRAMEDCO EQ
Indian Rayon & Industries Ltd. TEXTILES – SYNTHETIC INDRAYON EQ
Gillette India Ltd. PERSONAL CARE INDSHAVING EQ
Ind-Swift Laboratories Ltd. PHARMACEUTICALS INDSWFTLAB EQ
IndusInd Bank Ltd. BANKS INDUSINDBK EQ
Infosys Technologies Ltd. COMPUTERS – SOFTWARE INFOSYSTCH EQ
Infotech Enterprises Ltd. COMPUTERS – SOFTWARE INFOTECENT EQ
Ingersoll Rand (India) Ltd. COMPRESSORS / PUMPS INGERRAND EQ
ING Vysya Bank Ltd. BANKS INGVYSYABK EQ
Indian Overseas Bank BANKS IOB EQ
Indian Oil Corporation Ltd. REFINERIES IOC EQ
Ipca Laboratories Ltd. PHARMACEUTICALS IPCALAB EQ
Indian Petrochemicals Corporation Ltd. PETROCHEMICALS IPCL EQ
I T C Ltd. CIGARETTES ITC EQ
IVRCL Infrastructures & Projects Ltd. CONSTRUCTION IVRCLINFRA EQ
Jammu & Kashmir Bank Ltd. BANKS J&KBANK EQ
Jagsonpal Pharmaceuticals Ltd. PHARMACEUTICALS JAGSNPHARM EQ
Jain Studios Ltd. MEDIA & ENTERTAINMENT JAINSTUDIO BE
Jay Shree Tea & Industries Ltd. TEA AND COFFEE JAYSREETEA EQ
J.B. Chemicals & Pharmaceuticals Ltd. PHARMACEUTICALS JBCHEPHARM EQ
Jet Airways (India) Ltd. TRAVEL AND TRANSPORT JETAIRWAYS EQ
Jindal Poly Films Ltd. TEXTILES – SYNTHETIC JINDALPOLY EQ
Jindal Saw Ltd. STEEL AND STEEL PRODUCTS JINDALSAW EQ
Jindal Steel & Power Ltd. STEEL AND STEEL PRODUCTS JINDALSTEL EQ
Jain Irrigation Systems Ltd. PLASTIC AND PLASTIC PRODUCTS JISLJALEQS EQ
Jaiprakash Associates Ltd. CONSTRUCTION JPASSOCIAT EQ
Jindal Stainless Ltd. STEEL AND STEEL PRODUCTS JSTAINLESS EQ
JSW Steel Ltd. STEEL AND STEEL PRODUCTS JSWSTEEL EQ
Jubilant Organosys Ltd. PHARMACEUTICALS JUBILANT EQ
Jyoti Structures Ltd. TRANSMISSION TOWERS JYOTISTRUC EQ
Kajaria Ceramics Ltd. CONSTRUCTION KAJARIACER EQ
Kakatiya Cement Sugar & Industries Ltd. SUGAR KAKATCEM EQ
Kale Consultants Ltd. COMPUTERS – SOFTWARE KALECONSUL EQ
Karur Vysya Bank Ltd. BANKS KARURVYSYA EQ
KCP Ltd. CEMENT AND CEMENT PRODUCTS KCP EQ
KEC International Ltd. TRANSMISSION TOWERS KECINTL EQ
Kesoram Industries Ltd. TYRES KESORAMIND EQ
Kirloskar Oil Engines Ltd. DIESEL ENGINES KIRLOSOIL EQ
Kitply Industries Ltd. CONSTRUCTION KITPLYIND BE
KDL Biotech Ltd. PHARMACEUTICALS KOPDRUGS BE
Kopran Ltd. PHARMACEUTICALS KOPRAN BE
Kotak Mahindra Bank Ltd. BANKS KOTAKBANK EQ
Kothari Products Ltd. FOOD AND FOOD PROCESSING KOTHARIPRO EQ
KPIT Cummins Infosystem Ltd. COMPUTERS – SOFTWARE KPIT EQ
KSB Pumps Ltd. COMPRESSORS / PUMPS KSBPUMPS EQ
Karnataka Bank Ltd. BANKS KTKBANK EQ
Lakshmi Vilas Bank Ltd. BANKS LAKSHVILAS EQ
LANXESS ABS Ltd. PETROCHEMICALS LANABS EQ
Lakshmi Machine Works Ltd. TEXTILE MACHINERY LAXMIMACH EQ
L.G. Balakrishnan & Bros Ltd. METALS LGBROS EQ
LIC Housing Finance Ltd. FINANCE – HOUSING LICHSGFIN EQ
Larsen & Toubro Ltd. ENGINEERING LT EQ
Lumax Industries Ltd. AUTO ANCILLARIES LUMAXIND EQ
Lupin Ltd. PHARMACEUTICALS LUPIN EQ
Mahindra & Mahindra Ltd. AUTOMOBILES - 4 WHEELERS M&M EQ
Maars Software International Ltd. COMPUTERS – SOFTWARE MAARSOFTW EQ
Macmillan India Ltd PRINTING AND PUBLISHING MACMILLAN EQ
Madras Cements Ltd. CEMENT AND CEMENT PRODUCTS MADRASCEM EQ
Mahavir Spinning Mills Ltd. TEXTILES – COTTON MAHAVIRSPG EQ
Mahindra Ugine Steel Co. Ltd. STEEL AND STEEL PRODUCTS MAHINDUGIN EQ
Maharashtra Scooters Ltd. AUTOMOBILES - 2 AND 3 WHEELERS MAHSCOOTER
EQ
Maharashtra Seamless Ltd. STEEL AND STEEL PRODUCTS MAHSEAMLES EQ
Manali Petrochemical Ltd. PETROCHEMICALS MANALIPET EQ
Maral Overseas Ltd. TEXTILES – COTTON MARALOVER EQ
Marico Ltd. SOLVENT EXTRACTION MARICO EQ
Maruti Udyog Ltd. AUTOMOBILES - 4 WHEELERS MARUTI EQ
Mastek Ltd. COMPUTERS – SOFTWARE MASTEK EQ
Matrix Laboratories Ltd. PHARMACEUTICALS MATRIXLABS EQ
Max India Ltd. PACKAGING MAX EQ
Mcdowell & Company Ltd. BREW/DISTILLERIES MCDOWELL-N EQ
Melstar Information Technologies Ltd. COMPUTERS – SOFTWARE MELSTAR EQ
Motor Industries Co. Ltd. AUTO ANCILLARIES MICO EQ
Micro Inks Ltd. MISCELLANEOUS MICRO EQ
Mid-Day Multimedia Ltd PRINTING AND PUBLISHING MID-DAY EQ
Mirc Electronics Ltd. CONSUMER DURABLES MIRCELECTR EQ
Mirza Tanners Ltd. LEATHER AND LEATHER PRODUCTS MIRZATAN EQ
Monnet Ispat Ltd. MISCELLANEOUS MONNETISPA EQ
Monsanto India Ltd. PESTICIDES AND AGROCHEMICALS MONSANTO EQ
Moser Baer India Ltd. COMPUTERS – HARDWARE MOSERBAER EQ
Motherson Sumi Systems Ltd. AUTO ANCILLARIES MOTHERSUMI EQ
Mphasis BFL Ltd. COMPUTERS – SOFTWARE MPHASISBFL EQ
MRF Ltd. TYRES MRF EQ
MRO-TEK Ltd. COMPUTERS – HARDWARE MRO-TEK EQ
Mangalore Refinery & Petrochemicals Ltd. REFINERIES MRPL EQ
Mahanagar Telephone Nigam Ltd. TELECOMMUNICATION - SERVICES MTNL EQ
Mukta Arts Ltd MEDIA & ENTERTAINMENT MUKTAARTS BE
Munjal Auto Industries Ltd. AUTO ANCILLARIES MUNJALAUTO EQ
Munjal Showa Ltd. AUTO ANCILLARIES MUNJALSHOW EQ
Nagarjuna Construction Co. Ltd. CONSTRUCTION NAGARCONST EQ
Nagarjuna Fertilizers & Chemicals Ltd. FERTILISERS NAGARFERT EQ
Nahar Exports Ltd. TEXTILES – COTTON NAHAREXP EQ
Nahar Spinning Mills Ltd. TEXTILES – SYNTHETIC NAHARSPG EQ
Narmada Chematur Petrochemicals Ltd. PETROCHEMICALS NARMDCHEMA EQ
National Aluminium Co. Ltd. ALUMINIUM NATIONALUM EQ
Nava Bharat Ferro Alloys Ltd. METALS NAVBARFERO EQ
Navneet Publications (India) Ltd. PRINTING AND PUBLISHING NAVNETPUBL EQ
NDTV Ltd. MEDIA & ENTERTAINMENT NDTV EQ
NELCO Ltd. ELECTRONICS – INDUSTRIAL NELCO BE
NEPC India Ltd. ELECTRICAL EQUIPMENT NEPCMICON BE
Neyveli Lignite Corporation Ltd. POWER NEYVELILIG EQ
Nicholas Piramal India Ltd. PHARMACEUTICALS NICOLASPIR EQ
Nilkamal Plastics Ltd. PLASTIC AND PLASTIC PRODUCTS NILKAMPLST EQ
Nirma Ltd. DETERGENTS NIRMA EQ
Nova Petrochemicals Ltd. TEXTILES – SYNTHETIC NOVAPETRO BE
NRB Bearings Ltd. BEARINGS NRBBEARING EQ
National Thermal Power Corporation Ltd. POWER NTPC EQ
FCI OEN Connectors Ltd. ELECTRONICS – INDUSTRIAL OENCONNECT EQ
Omax Autos Ltd. AUTO ANCILLARIES OMAXAUTO EQ
Oil & Natural Gas Corporation Ltd. OIL EXPLORATION/PRODUCTION ONGC EQ
Onward Technologies Ltd. COMPUTERS – HARDWARE ONWARDTEC BE
Orchid Chemicals & Pharmaceuticals Ltd. PHARMACEUTICALS ORCHIDCHEM EQ
Oriental Bank of Commerce BANKS ORIENTBANK EQ
Oriental Hotels Ltd. HOTELS ORIENTHOT EQ
Orient Information Technologies Ltd. COMPUTERS – SOFTWARE ORIENTINFO EQ
Orient Paper & Industries Ltd. DIVERSIFIED ORIENTPPR EQ
Panacea Biotec Ltd. PHARMACEUTICALS PANACEABIO EQ
Pantaloon Retail (India) Ltd. MISCELLANEOUS PANTALOONR EQ
Paper Products Ltd. PAPER AND PAPER PRODUCTS PAPERPROD EQ
Patel Engineering Ltd. CONSTRUCTION PATELENG EQ
Patni Computer Systems Ltd. COMPUTERS - SOFTWARE PATNI EQ
Patspin India Ltd. TEXTILES - COTTON PATSPINLTD BE
Pudumjee Pulp & Paper Mills Ltd. PAPER AND PAPER PRODUCTS PDUMJEPULP EQ
Pentasoft Technologies Ltd. COMPUTERS - SOFTWARE PENTACOMMU EQ
Pentamedia Graphics Ltd. MEDIA & ENTERTAINMENT PENTSFWARE EQ
Petronet LNG Ltd. GAS PETRONET EQ
Pfizer Ltd. PHARMACEUTICALS PFIZER EQ
Procter & Gamble Hygiene & Health Care Ltd. PERSONAL CARE PGHH EQ
Pidilite Industries Ltd. CHEMICALS - ORGANIC PIDILITIND EQ
Punjab National Bank BANKS PNB EQ
PNB Gilts Ltd. FINANCE PNBGILTS EQ
Pritish Nandy Communications Ltd. MEDIA & ENTERTAINMENT PNC EQ
Polaris Software Lab Ltd. COMPUTERS - SOFTWARE POLARIS EQ
Praj Industries Ltd. ENGINEERING PRAJIND EQ
Pricol Ltd. AUTO ANCILLARIES PRICOL EQ
Prism Cement Ltd. CEMENT AND CEMENT PRODUCTS PRISMCEM EQ
PSL Ltd. STEEL AND STEEL PRODUCTS PSL EQ
Punjab Tractors Ltd. AUTOMOBILES - 4 WHEELERS PUNJABTRAC EQ
Radico Khaitan Ltd BREW/DISTILLERIES RADICO EQ
Rain Calcining Ltd. PETROCHEMICALS RAINCALCIN BE
Rajasthan Spinning & Weaving Mills Ltd. TEXTILES - SYNTHETIC RAJASSPG EQ
Rajesh Exports Ltd. TRADING RAJESHEXPO EQ
Rallis India Ltd. PESTICIDES AND AGROCHEMICALS RALLIS EQ
Rama Newsprint & Papers Ltd. PAPER AND PAPER PRODUCTS RAMANEWSPR EQ
Ramco Industries Ltd. CEMENT AND CEMENT PRODUCTS RAMCOIND EQ
Ramco Systems Ltd. COMPUTERS - SOFTWARE RAMCOSYS EQ
Ranbaxy Laboratories Ltd. PHARMACEUTICALS RANBAXY EQ
Rane Brake Linings Ltd. AUTO ANCILLARIES RANEBRAKE EQ
Raymond Ltd. TEXTILE PRODUCTS RAYMOND EQ
Rashtriya Chemicals & Fertilizers Ltd. FERTILISERS RCF EQ
Regency Ceramics Ltd. CONSTRUCTION REGENCERAM BE
Reliance Energy Ltd. POWER REL EQ
Reliance Capital Ltd. FINANCE RELCAPITAL EQ
Reliance Industries Ltd. REFINERIES RELIANCE EQ
Rane Engine Valves Ltd. AUTO ANCILLARIES REVL EQ
Rico Auto Industries Ltd. AUTO ANCILLARIES RICOAUTO EQ
Reliance Industrial Infrastructure Ltd. ENGINEERING RIIL EQ
Rolta India Ltd. COMPUTERS - SOFTWARE ROLTA EQ
Ruchi Soya Industries Ltd. SOLVENT EXTRACTION RUCHISOYA EQ
Steel Authority of India Ltd. STEEL AND STEEL PRODUCTS SAIL EQ
Sakthi Sugars Ltd. SUGAR SAKHTISUG EQ
Salora International Ltd. CONSUMER DURABLES SALORAINTL EQ
Samtel Color Ltd. CONSUMER DURABLES SAMTEL EQ
Sandesh Ltd. PRINTING AND PUBLISHING SANDESH EQ
Saregama India Ltd MEDIA & ENTERTAINMENT SAREGAMA EQ
Satnam Overseas Ltd. FOOD AND FOOD PROCESSING SATNAMOVER EQ
Satyam Computer Services Ltd. COMPUTERS - SOFTWARE SATYAMCOMP EQ
S.B.& T. International Ltd. GEMS, JEWELLERY AND WATCHES SB&TINTL BE
State Bank of India BANKS SBIN EQ
Shipping Corporation of India Ltd. SHIPPING SCI EQ
South East Asia Marine Engineering & Construction Ltd. OIL
EXPLORATION/PRODUCTION SEAMECLTD EQ
RPG Life Sciences Ltd. PESTICIDES AND AGROCHEMICALS SEARLEIND BE
Sesa Goa Ltd. MINING SESAGOA EQ
Seshasayee Paper & Boards Ltd. PAPER AND PAPER PRODUCTS SESHAPAPER EQ
Shanthi Gears Ltd. AUTO ANCILLARIES SHANTIGEAR EQ
Shasun Chemicals & Drugs Ltd. PHARMACEUTICALS SHASUNCHEM EQ
Shoppers Stop Ltd. MISCELLANEOUS SHOPERSTOP
EQ
Shree Cement Ltd. CEMENT AND CEMENT PRODUCTS SHREECEM EQ
Shree Rama Multi Tech Ltd. PACKAGING SHREERAMA BE
Shrenuj & Co. Ltd. GEMS, JEWELLERY AND WATCHES SHRENUJ EQ
Honda SIEL Power Products Ltd. ELECTRICAL EQUIPMENT SHRMHONDA EQ
Shyam Telecom Ltd. TELECOMMUNICATION - EQUIPMENT SHYAMTELE EQ
Siemens Ltd. ELECTRICAL EQUIPMENT SIEMENS EQ
Sintex Industries Ltd. PLASTIC AND PLASTIC PRODUCTS SINTEX EQ
Sirpur Paper Mills Ltd. PAPER AND PAPER PRODUCTS SIRPAPER EQ
SKF India Ltd. BEARINGS SKFINDIA EQ
S. Kumars Nationwide Ltd. TEXTILE PRODUCTS SKUMARSYNF BE
SSI Ltd. COMPUTERS - SOFTWARE SOFTSOLINT BE
Sona Koyo Steering Systems Ltd. AUTO ANCILLARIES SONASTEER EQ
Sonata Software Ltd. COMPUTERS - SOFTWARE SONATSOFTW EQ
South Indian Bank Ltd. BANKS SOUTHBANK EQ
SREI Infrastructure Finance Ltd. FINANCE SREINTFIN EQ
SRF Ltd. TEXTILES - SYNTHETIC SRF EQ
Sri Adhikari Brothers Television Network Ltd. MEDIA & ENTERTAINMENT
SRIADIKARI BE
Shriram Transport Finance Co. Ltd. FINANCE SRTRANSFIN EQ
Strides Arcolab Ltd. PHARMACEUTICALS STAR EQ
State Trading Corporation of India Ltd. TRADING STCINDIA EQ
Sterlite Industries (India) Ltd. METALS STER EQ
Sterling Biotech Ltd PHARMACEUTICALS STERLINBIO EQ
Sterlite Optical Technologies Ltd. CABLES - TELECOM STROPTICAL EQ
Sundaram Finance Limited FINANCE SUNDARMFIN EQ
Sundaram Brake Linings Ltd. AUTO ANCILLARIES SUNDRMBRAK EQ
Sundaram-Clayton Ltd. AUTO ANCILLARIES SUNDRMCLAY EQ
Sundaram Fasteners Ltd. FASTNERS SUNDRMFAST EQ
Sun Pharmaceutical Industries Ltd. PHARMACEUTICALS SUNPHARMA EQ
Supreme Petrochem Ltd. PETROCHEMICALS SUPPETRO EQ
Supreme Industries Ltd. PLASTIC AND PLASTIC PRODUCTS SUPREMEIND EQ
Surya Roshni Ltd. STEEL AND STEEL PRODUCTS SURYAROSNI EQ
Swaraj Engines Ltd. DIESEL ENGINES SWARAJENG EQ
Swaraj Mazda Ltd. AUTOMOBILES - 4 WHEELERS SWARAJMAZD EQ
Syndicate Bank BANKS SYNDIBANK EQ
Taj GVK Hotels & Resorts Ltd. HOTELS TAJGVK EQ
Tata Chemicals Ltd. CHEMICALS - INORGANIC TATACHEM EQ
Tata Elxsi Ltd. COMPUTERS - HARDWARE TATAELXSI EQ
Infomedia India Ltd. PRINTING AND PUBLISHING TATAINFO EQ
Tata Investment Corporation Ltd. FINANCE TATAINVEST EQ
Tata Metaliks Ltd. STEEL AND STEEL PRODUCTS TATAMETALI EQ
Tata Motors Ltd. AUTOMOBILES - 4 WHEELERS TATAMOTORS EQ
Tata Power Co. Ltd. POWER TATAPOWER EQ
Tata Sponge Iron Ltd. METALS TATASPONGE EQ
Tata Tea Ltd. TEA AND COFFEE TATATEA EQ
Vashisti Detergents Ltd. DETERGENTS TATAVASHIS EQ
Tata Consultancy Services Ltd. COMPUTERS - SOFTWARE TCS EQ
Tourism Finance Corporation of India Ltd. FINANCIAL INSTITUTION TFCILTD EQ
Thermax Ltd. ELECTRICAL EQUIPMENT THERMAX EQ
Thiru Arooran Sugars Ltd. SUGAR THIRUSUGAR EQ
Thomas Cook (India) Ltd. TRAVEL AND TRANSPORT THOMASCOOK EQ
Tips Industries Ltd. MEDIA & ENTERTAINMENT TIPSINDLTD BE
Tata Iron & Steel Co. Ltd. STEEL AND STEEL PRODUCTS TISCO EQ
Titan Industries Ltd. GEMS, JEWELLERY AND WATCHES TITAN EQ
Tamilnadu Petroproducts Ltd. PETROCHEMICALS TNPETRO EQ
Tamil Nadu Newsprint & Papers Ltd. PAPER AND PAPER PRODUCTS TNPL EQ
Today's Writing Products Ltd. MISCELLANEOUS TODAYS EQ
Torrent Pharmaceuticals Ltd. PHARMACEUTICALS TORNTPHARM EQ
Torrent Power AEC Ltd. POWER TORRENTAEC EQ
Trent Ltd. MISCELLANEOUS TRENT EQ
Trigyn Technologies Ltd. COMPUTERS - SOFTWARE TRIGYN EQ
Tata Teleservices (Maharashtra) Ltd. TELECOMMUNICATION - SERVICES TTML
EQ
Tube Investments of India Ltd. CYCLES TUBEINVEST EQ
Television Eighteen India Ltd. MEDIA & ENTERTAINMENT TV18 EQ
TVS Motor Company Ltd. AUTOMOBILES - 2 AND 3 WHEELERS TVSMOTOR EQ
TV Today Network Ltd. MEDIA & ENTERTAINMENT TVTODAY EQ
UCAL Fuel Systems Ltd. AUTO ANCILLARIES UCALFUEL EQ
UCO Bank BANKS UCOBANK EQ
UltraTech Cement Ltd. CEMENT AND CEMENT PRODUCTS ULTRACEMCO EQ
Unichem Laboratories Ltd. PHARMACEUTICALS UNICHEMLAB EQ
Union Bank of India BANKS UNIONBANK EQ
United Phosphorous Ltd. PESTICIDES AND AGROCHEMICALS UNIPHOS EQ
Unitech Ltd. CONSTRUCTION UNITECH EQ
United Western Bank Ltd. BANKS UNIWESTBNK BE
Usha Martin Ltd. STEEL AND STEEL PRODUCTS USHAMART EQ
UTI Bank Ltd. BANKS UTIBANK EQ
Uttam Galva Steels Ltd. STEEL AND STEEL PRODUCTS UTTAMSTL EQ
Vardhman Polytex Ltd. TEXTILES - COTTON VARDMNPOLY EQ
Videocon Appliances Ltd. CONSUMER DURABLES VDOCONAPPL EQ
Venky's (India) Ltd. FOOD AND FOOD PROCESSING VENKEYS EQ
Vesuvius India Ltd. REFRACTORIES VESUVIUS EQ
Vijaya Bank BANKS VIJAYABANK EQ
Vindhya Telelinks Ltd. CABLES - TELECOM VINDHYATEL BE
Vinyl Chemicals (India) Ltd. PETROCHEMICALS VINYLCHEM BE
V.I.P. Industries Ltd. PLASTIC AND PLASTIC PRODUCTS VIPIND EQ
Visaka Industries Ltd. CEMENT AND CEMENT PRODUCTS VISAKAIND EQ
Vishal Exports Overseas Ltd. TRADING VISHALEXPO EQ
Visualsoft Technologies Ltd. COMPUTERS - SOFTWARE VISUALSOFT EQ
Voltas Ltd. AIRCONDITIONERS VOLTAS EQ
Videsh Sanchar Nigam Ltd. TELECOMMUNICATION - SERVICES VSNL EQ
VST Industries Ltd. CIGARETTES VSTIND EQ
Welspun India Ltd. TEXTILE PRODUCTS WELSPUNIND EQ
Wheels India Ltd. AUTO ANCILLARIES WHEELS EQ
Wipro Ltd. COMPUTERS - SOFTWARE WIPRO EQ
Wockhardt Ltd. PHARMACEUTICALS WOCKPHARMA EQ
West Coast Paper Mills Ltd. PAPER AND PAPER PRODUCTS WSTCSTPAPR EQ
Wyeth Ltd. PHARMACEUTICALS WYETHLEDE EQ
Zandu Pharmaceutical Works Ltd. PHARMACEUTICALS ZANDUPHARM EQ
Zee Telefilms Ltd. MEDIA & ENTERTAINMENT ZEETELE EQ
Zenith Computer Ltd. COMPUTERS - HARDWARE ZENITHCOMP EQ
Zensar Technolgies Ltd. COMPUTERS - HARDWARE ZENSARTECH EQ
Zodiac Clothing Co. Ltd. TEXTILE PRODUCTS ZODIACLOTH EQ
Zuari Industries Ltd. FERTILISERS ZUARIAGRO EQ