SUMMER PROJECT

ON MUTUAL FUNDS ANALYSIS (HISTORY & FUTURE TREND) & MARKETING RESEARCH SUBMITTED AS SUMMER PROJECT AT

Karvy Stock Broking Ltd.

Submitted to: Mr. Omkar Riswad (Area Manager) Karvy Stock Broking Ltd., Pune. Submitted by:
Jay Alhuwalia PGDM-Dual (IT & MARKETING) REG.NO:-5000 Indian Institute Of Planning Management(IIPM),PUNE 2006-2008

ACKNOWLEDGEMENT
I wish to Give my deep sense of gratitude to Karvy Stock Broking Ltd. for providing me an opportunity to take up this project and giving me a platform which is the first step of my professional career.. I take the opportunity to express my gratitude and thanks to my company guide Mr. omkar riswad, Area Manager, Karvy Stock Broking Ltd. Pune; for providing expert guidance and encouragement in accomplishing the project. I am indebted to my Project Guide Ms sheetal panara, Karvy Pune, for extending her untiring guidance to me, by constantly discussing the project matter and helping me in clarifying my thinking in several pertinent issues and providing a meaning full insight into the subject. I convey my sincere thanks to Prof. sANTOSH mukhERJEE, Faculty IIpM Pune, without his valuable guidance, help and encouragement this project could not have been successfully finished. At Last I would specially like to thank to my respected Prof. Latashri, Executive Director IIpM; Ms mamta ketkar (karvy Pune), My friends and all my well wisher for their invaluable guidance, keen interest, cooperation, and of course moral support through out my project session.

Jay Alhuwalia IIPM, Pune .

CONTENTS
Page no. Executive summary.......... 4 2. Company Profile.. 5 Overview... 6 Karvy wings...... 8 Karvy stock broking ltd. 11 Competitor. 15 3. Introduction to mutual funds.... 16 What is Mutual Funds.... 17 Mutual fund industry..... 18 Types of MF.. 19 Constituents of Mutual funds..... 24 History of Mutual Funds... 26 4. Advantage of Mutual funds..... 30 5. Drawbacks of Mutual funds.... 32 6. Research proposal.... 38 7. Questionnaire... 41 8. Analysis & Output... 43 Cluster analysis.. 44
1.

9. Secondary data findings.. 48 Top 10 mutual funds.. 49 Top 5 ELSS Funds . 49 Risk return grid. ..50 Perception regarding financial products.. .. 51 Performance snapshot.. ...52 10. Conclusion. 54 11. Recommendation... 54 12. Learning..56 13. Bibliography.. 58

EXECUTIVE SUMMARY
This report will give an insight of the summer project done in the KARVY STOCK BROKING LTD. PUNE. In my summer internship program at Karvy, I have worked as a Business developer. My key responsibility was to look for prospective clients, guide them how to manage their portfolio, where to invest and finally closure of the sales. I have also worked on a research work for understanding investors buying patterns towards Mutual Funds. I was required to understand the necessity of the client and then suggest accordingly the best product which can maximize his return on investment (ROI). I was keeping a view on investment details of different individuals and suggesting them the right investment avenues after understanding their need and the kind of portfolio they look for reaping good returns. In market research work I found 4 types of target audience who feel 1) Mutual funds Features like low risk, better returns, 2) Freedom of investment and 3) safe investment and 4) advertisement also influence the customers. Investors have dissonance reducing buying behavior. Finally I got Investors have very good perception about Mutual funds investment. The time spent with Karvy made me to learn how to work under pressure and at same time it helped me to gain knowledge of various financial instruments and its current trend in the market. Karvy has given me the feeling of being in the corporate world.

PART:-A

OVERVIEW:
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KARVY, is a premier integrated financial services provider, and ranked among the top 3 in the country in all its business segments, services over 16 million individual investors in various capacities, and provides investor services to over 300 corporate , comprising the who is who of Corporate India. KARVY covers the entire spectrum of financial services such as Stock broking, Depository Participants, Distribution of financial products like mutual funds, bonds, fixed deposit, Merchant Banking & Corporate Finance, Insurance Broking, Commodities Broking, Personal Finance Advisory Services, placement of equity, IPOs, among others. Karvy has a professional management team and ranks among the best in technology, operations, and more importantly, in research of various industrial segments

The business of Karvy includes:

o Equity services o Mutual Funds Services o Insurance advisory o Tax Advisory Personal Portfolio Management o Bonds and Fixed deposits Karvy caters to both the individuals and the corporate clients.

Group Mission :
To serve as a veritable link between people, finances and industry.

BACKGROUND
In 1982, a group of Hyderabad-based practicing Chartered Accountants started Karvy Consultants Limited with a capital of Rs.1, 50,000 offering auditing and taxation services initially. Later, it forayed into the Registrar and Share Transfer activities and subsequently into financial services. All along, Karvy's strong work ethic and professional background leveraged with Information Technology enabled it to deliver quality to the individual. A decade of commitment, professional integrity and vision helped Karvy achieve a leadership position in its field when it handled the largest number of issues ever handled in the history of the Indian stock market in a year. Thereafter, Karvy made inroads into a host of capital-market services, corporate and retail -, which proved to be a sound business synergy. Today, Karvy has access to millions of Indian , besides companies, banks, financial institutions and regulatory agencies. Over the past two decades, Karvy has evolved as a veritable link between industry, finance and people.

KARVY GROUP OF COMPANIES:

KARVY CONSULTANTS LIMITED. KARVY STOCK BROKING LIMITED. KARVY INVESTORS SERVICES LIMITED. KARVY COMPUTERSHARE PVT.LIMITED. KARVY GLOBAL SERVICES LIMITED. KARVY COMTRADE LIMITED.

KARVY WINGS
As discussed earlier, KARVY offers a single platform servicing multiple financial instruments in its bid to offer complete financial solutions to the varying needs of both corporate and retail investors. The range of products and services are provided by the following wings.

This is the flagship company of Karvy Group and it controls the organizational affairs, channels of progress, work affairs and pioneering business policies. This was the first business the KARVY group ventured into, but now they have transferred it into a joint venture with computer share limited of Australia, the worlds largest registrar. This company services around 6 lakh customer accounts in a spread of 250 cities/towns in India.

Karvy Insurance Broking Pvt. Ltd., provides both life and non-life insurance products to retail individuals, high net-worth clients and corporates. With the opening up of the insurance sector and entry of a large number of private players in the business, it is in a position to provide tailor made policies for different segments of customers

This wing of Karvy is registered with SEBI as a category 1 merchant banker and is also recognized as a leading merchant banker of the country. It has built its reputation by capitalizing the opportunities as and when it comes, be it in corporate consolidations, mergers and acquisitions or corporate restructuring. Involvement in raising resources for corporate or government undertaking successfully over the past two decades has given it a tremendous confidence boost

Karvy Computershare Private Limited is a 50:50 joint venture of Karvy Consultants Limited and Computershare Limited, Australia. Computershare Limited is world's largest -- and only global -- share registry, and a leading financial market services provider to the global securities industry. The joint venture with Computershare, reckoned as the largest registrar in the world, servicing over 60 million shareholder accounts for over 7,000 corporations across eleven countries spread across five continents. Computershare manages more than 70 million shareholder accounts for over 13,000 corporations around the world. Karvy Computershare Private Limited, today, is India's largest Registrar and Share Transfer Agent servicing over 300 corporate and mutual funds and 16 million investors.

This is a specialist Business Process Outsourcing unit of the Karvy Group. The legacy of experience in financial services of Karvy Group acts as a big support for entering the global arena with confidence of delivering the best. This wing offers several models on the understanding of business needs that are unique and therefore only a customized service could possibly fit the bill. Their service matrix has permutations and combinations that create several options to choose from. Its Services meet the most stringent International standards, be it reengineering and managing processes or delivering new efficiencies.

Karvy Commodities focuses on taking commodities trading to new dimensions of reliability and profitability. They have made commodities trading, an essentially age-old practice, into a sophisticated and scientific investment option. It helps in enabling trade in all goods and products of agricultural and mineral origin that include lucrative commodities like gold and silver and popular items like oil, pulses and cotton through a well-systematized trading platform.

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Karvy Stock Broking Limited

Karvy Stock Broking Limited, one of the cornerstones of the Karvy edifice, flows freely towards attaining diverse goals of the customer through varied services .Creating a plethora of opportunities for the customer by opening up investment vistas backed by research-based advisory services. Here, growth knows no limits and success recognizes no boundaries. Helping the customer create waves in his portfolio and empowering the investor completely is the ultimate goal.

Various services provided by company:

Stock Broking Services Distribution of Financial Productshttp://www.karvy.com/aboutUs/ksbl.htm

SBS

Depository Participants Advisory Serviceshttp://www.karvy.com/aboutUs/ksbl.htm - SBS Research Private Client Group

Stock Broking services

It is an undisputed fact that the stock market is unpredictable and yet enjoys a high success rate as a wealth management and wealth accumulation option. The difference between unpredictability and a safety anchor in the market is provided by in-depth knowledge of market functioning and changing trends, planning with foresight and choosing one’s options with care. This is what KARVY provide in its Stock Broking services.

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Financial Products Distribution

There is paradigm shift in market perception by an investor with an ongoing transition to a customer. With a variety of financial products available in the market today and better awareness amongst the potential customer segment, Karvy has positioned itself as the ultimate service provider by its retail arm KARVY- THE FINAPOLIS. This gives complete focus to the retail segment giving all financial services and products under one roof. The unique facet of these services is not only offering a choice within a product but also evaluating the same in the light of customers need. Karvy is supported in this endeavor by its vast network of customer service centers spread nationwide. With the emergence of private insurance sector, Karvy has taken another step forward into its distribution network by tying up with private insurance companies.. Karvy has made inroads into retail market segment offering a plethora of financial products viz. Personal loans, Housing loans, Car Loans, Investment opportunities in bonds, mutual finds, equity and fixed deposits and tax advisory services. Karvy has a specialized team in place along with a widespread network of sub brokers that ensures the distribution of various IPOs and fixed deposits to every corner of the country. Karvy has the added advantage of an extensive network on branches and investor centers, which entails better; reach thereby increasing the mobilization of funds. Apart from a comprehensive database, Karvy launches various methods like mailers, participation in exhibitions, and investor conferencing to increase the spread of potential customers. Today, Karvy is looking at telemarketing as an additional tool to enhance its reach and retain its position among the top five mobilizers in the country.

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KARVY CREDO
Following are the system of principles or beliefs followed by Karvy Group. Our Clients, Our Focus Clients are the reason for our being Personalized service, professional care; pro-activeness are the values that helps KARVY nurture enduring relationships with their clients. Teamwork None of us is more important than all of us Each team member is the face of Karvy. Together they offer diverse services with speed, accuracy and quality to deliver only one product: excellence. Transparency, co-operation, invaluable individual contribution for a collective goal, and respect for individual uniqueness within a corporate whole, is what KARVY aims at. Responsible Citizenship A social balance sheet is as rewarding as a business one. As a responsible corporate citizen, KARVY believes that its duty is to foster a better environment in the society where they live and work. To abide by its norms, and to behave in a responsible manner towards the environment, are some of its growing initiatives towards realizing this. Integrity Everything else is secondary Professional and personal ethics are Karvys bedrocks. They take pride in building an environment that encourages honesty and opportunity to learn from failures than camouflage them. They insist on consistency between work and actions.

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KARVYS MILESTONES

Achievements
Among the top 3 stock brokers in India (4% of NSE volumes) India's No. 1 Registrar & Securities Transfer Agents Among the to top 3 Depository Participants Largest Network of Branches & Business Associates ISO 9002 certified operations by DNV Among top 10 Investment bankers Largest Distributor of Financial Products Full Fledged IT driven operations
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COMPETITORS OF KARVY

KARVY serves a vast range of all financial products like advisory services, Mutual funds, Bonds, Insurances etc, so all the companies who offer these services are the competitors of the Karvy. There are many competitors for KARVY on this basis and almost all of them offer the services which Karvy offers. Few Major competitors are: 1. 2. 3. 4. 5. 6. 7. 8. India bulls Motilal oswal securities IL & FS investsmart Ltd. SSKI Ltd. (Sharekhan) Bonanza securities Kotak Securities CIL Securities Eastern Financiers

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INTODUCTION TO MUTUAL FUNDS

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What is a Mutual Fund?

A mutual fund is simply a financial intermediary that allows a group of investors to pool their money together with a predetermined investment objective. The mutual fund will have a fund manager who is responsible for investing the pooled money into specific securities (usually stocks or bonds). When you invest in a mutual fund, you are buying shares (or portions) of the mutual fund and become a shareholder of the fund. Mutual funds are one of the best investments ever created because they are very cost efficient and very easy to invest in (you don't have to figure out which stocks or bonds to buy). By pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own. But the biggest advantage to mutual funds is diversification. 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 are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The flow chart below describes broadly the working of a mutual fund:

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INDIAN MUTUAL FUND INDUSTRY:

The rising Indian mutual funds industry probably never had it better, as far as the entry of individual or retail investors is concerned. As on 31 may 2007 the industrys total AUM stood at RS 4,14,172 Cr. Total no of schemes are 756. total amount Rs 289546 Cr. The industrys total AUM in December 2006 stood at a hefty Rs 3, 23,597 crore, with a total of 2.79 crore depositor folios, of which 2.31 crore depositor folios had invested in equity schemes. The share of direct investors, on the other hand, has been dropping, stating that more retail investors see mutual funds as a preferred route for investing in the markets. Existing and new market players as well as Exchange Traded Funds are likely to hit the market in the coming months with a flurry of new Mutual Funds schemes. An action packed first quarter of 2007 was forecasted to witness at least 20 new schemes which are waiting on the sidelines to be launched. The study says that investors in future would prefer mutual funds for their investment destination rather than choosing to park their funds in stock markets because of safer returns and lower degree of risk as compared to other markets.

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Types of Mutual Funds Schemes in India

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.
Types of Mutual Funds

By Structure Open Ended Schemes Close Ended Schemes Interval Schemes

By Investment Objective Growth Schemes Income Schemes Balanced Schemes

Other Schemes

Tax Saving Schemes

(ELSS)

Special Schemes

Index Schemes Sector Specific Schemes

Money Market Schemes

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EXPLAINATION: By Structure:
Open-end Funds An open-end fund is one that is available for subscription all through the year. These do not have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value ("NAV") related prices. The key feature of open-end schemes is liquidity.

Closed-end Funds A closed-end fund has a stipulated maturity period which generally ranging from 3 to 15 years. The fund is open for subscription only during a specified period. 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 they 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.

Interval Funds Interval funds combine the features of open-ended and close-ended schemes. They are open for sale or redemption during pre-determined intervals at NAV related prices.

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By Investment Objective:
Growth Funds The aim of growth funds is to provide capital appreciation over the medium to long term. Such schemes normally invest a majority of their corpus in equities. It has been proved that returns from stocks, have outperformed most other kind of investments held over the long term. Growth schemes are ideal for investors having a long term outlook seeking growth over a period of time. Income Funds 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 and Government securities. Income Funds are ideal for capital stability and regular income. Balanced Funds The aim of balanced funds is to provide both growth and regular income. Such schemes periodically distribute a part of their earning and invest both in equities and fixed income securities in the proportion indicated in their offer documents. In a rising stock market, the NAV of these schemes may not normally keep pace, or fall equally when the market falls. These are ideal for investors looking for a combination of income and moderate growth. Money Market Funds The aim of money market funds is to provide easy liquidity, preservation of capital and moderate income. These schemes generally invest in safer shortterm instruments such as treasury bills, certificates of deposit, commercial paper and inter-bank call money. Returns on these schemes may fluctuate depending upon the interest rates prevailing in the market. These are ideal for Corporate and individual investors as a means to park their surplus funds for short periods.

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Other Schemes
Tax Saving Schemes These schemes offer tax rebates to the investors under specific provisions of the Indian Income Tax laws as the Government offers tax incentives for investment in specified avenues. Investments made in Equity Linked Savings Schemes (ELSS) and Pension Schemes are allowed as deduction u/s 88 of the Income Tax Act, 1961. The Act also provides opportunities to investors to save capital gains u/s 54EA and 54EB by investing in Mutual Funds. Special Schemes

Industry Specific Schemes

Industry Specific Schemes invest only in the industries specified in the offer document. The investment of these funds is limited to specific industries like Infotech, FMCG, Pharmaceuticals etc.

Index Schemes

Index Funds attempt to replicate the performance of a particular index such as the BSE Sensex or the NSE 50

Sectoral Schemes

Sectoral Funds are those which invest exclusively in a specified sector. This could be an industry or a group of industries or various segments such as 'A' Group shares or initial public offerings.

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What is Net Asset Value (NAV) of a scheme?

The performance of a particular scheme of a mutual fund is denoted by Net Asset Value(NAV). Mutual funds invest the money collected from the investors in securities markets. In simple words, Net Asset Value is the market value of the securities held by the scheme. Since market value of securities changes every day, NAV of a scheme also varies on day to day basis. The NAV per unit is the market value of securities of a scheme divided by the total number of units of the scheme on any particular date. For example, if the market value of securities of a mutual fund scheme is Rs 200 lakhs and the mutual fund has issued 10 lakhs units of Rs. 10 each to the investors, then the NAV per unit of the fund is Rs.20. NAV is required to be disclosed by the mutual funds on a regular basis - daily or weekly - depending on the type of scheme. NAV = (M+O)-L V M= market value of securities or investment made O= other assets L= total liabilities V= number of units outstanding

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MUTUAL FUND CONSTITUENTS

Sponsors: The sponsors initiate the idea to set up a mutual fund. It could be a
registered company, scheduled bank or financial institution. A sponsor has to satisfy certain conditions, such as capital, record (at least five years operation in financial services), de-fault free dealings and general reputation of fairness. The sponsors appoint the Trustee, AMC and Custodian. Once the AMC is formed, the sponsor is just a stakeholder.

Trust/ Board of Trustees: Trustees hold a fiduciary responsibility towards

unit holders by protecting their interests. Trustees float and market schemes, and secure necessary approvals. They check if the AMCs investments are within well-defined limits, whether the funds assets are protected, and also ensure that unit holders get their due returns. They also review any due diligence by the AMC.They submit reports every six months to SEBI; investors get an annual report. Trustees are paid annually out of the funds assets 0.5 percent of the weekly net asset value.

Fund Managers/ AMC: They are the ones who manage money of the
investors. An AMC takes decisions, compensates investors through dividends, maintains proper accounting and information for pricing of units, calculates the NAV, and provides information on listed schemes. It also exercises due diligence on investments, and submits quarterly reports to the trustees. A funds AMC can neither act for any other fund nor undertake any business other than asset management. Its net worth should not fall below Rs. 10 crore. And, its fee should not exceed 1.25 percent if collections are below Rs. 100 crore and 1 percent if collections are above Rs. 100 crore Custodian: Often an independent organization, it takes custody of securities and other assets of mutual fund. Its responsibilities include receipt and delivery of securities, collecting income-distributing dividends, safekeeping of the units and segregating assets and settlements between schemes. Their charges range 0.15-0.2 percent of the net value of the holding. Custodians can service more than one fund.

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MUTUAL FUNDS:- RELATIONSHIP AMONGST THE ENTITIES INVOLVED

SPONS ORS

TRUSTEE COMPANY

ASSET MANAGEMENT COMPANY

RESPONSIBILITY TO INVESTORS

FUND MANAGEM ENT

OPERATIONS

MARKETING

REGISTRAR

DISTRIBUTION

CUSTODY

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History of Mutual Funds Industry in India

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. In the past decade, Indian mutual fund industry had seen dramatic improvements, both quality wise as well as quantity wise. Before, the monopoly of the market had seen an ending phase; the Assets Under Management (AUM) was Rs. 67bn. The private sector entry to the fund family rose the AUM to Rs. 470 bn in March 1993 and till April 2004, it reached the height of 1,540 bn. The mutual fund industry can be broadly put into four phases according to the development of the sector. Each phase is briefly described as under.

First Phase - 1964-87

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 delinked 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 1964. At the end of 1988 UTI had Rs.6, 700 crores of assets under management.

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

Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by Can bank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47, 004 as assets under management.

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. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private 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 total assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44, 541 crores of assets under management was way ahead of other mutual funds.

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Fourth Phase - since February 2003

This phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with AUM of Rs.29, 835 crores (as on January 2003). 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 crores of AUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with 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 March 2006, there were 29 funds.

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Association of mutual fund in India (AMFI) :

AMFI is a trade body of all the mutual funds in India. It was incorporated in August 1995 as a non-profit organisation to promote and protect the interests of mutual funds and their unitholders, define and maintain high ethical and professional standards and enhance public awareness of mutual funds. All mutual funds in India are members of the association. AMFI works through committees and working groups. Over the years, AMFI has worked closely with SEBI in establishing standards that match the best in the world. It has played a significant role in introducing best practices to reinforce the growth of the industry on healthy lines and protect the interests of the investors.

THE RISK RETURN GRAPH FOR VARIOUS FUNDS.

Sector Funds

R E T U R N S

Equity Funds Balanced Funds Income Funds Liquid Funds RISKS

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ADVANTAGES OF MUTUAL FUNDS Mutual Fund Investing vs. Stock Investing

It seems strange to compare mutual funds to stocks since mutual funds are primarily composed of stocks, but it is important to distinguish the two because there are some notable advantages to using mutual funds.

Diversification
There is no greater advantage to using mutual funds than diversification. Do you honestly believe wealthy investors purchase just a couple of stocks? Of course not! If they are not using mutual funds (many do), than they are purchasing a large number of stocks. Smart investors diversify because it greatly reduces risk without sacrificing returns.

Professional Management
By purchasing mutual funds, you are essentially hiring a professional manager at an especially inexpensive price. It would be a bit cocky to think that you know more than mutual fund manager. These managers have been around the industry for a long time and have the academic credentials to back it up. Saying you could outperform a mutual fund manager is similar to a football fan sitting on their couch saying "I could have made that catch" -possible, but not likely. Even if some of us are better at picking stocks than a professional and their support staff, most of us would not want to spend the amount of time it takes to watch, research and trade the market on a daily basis.

Efficiency
By pooling investors' money together, mutual fund companies can take advantage of economies of scale. With large sums of money to invest, they often trade commission-free and have personal contacts at the brokerage firms.

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Ease of Use
Can you imagine keeping track of a portfolio consisting of hundreds of stocks? The bookkeeping duties involved with stocks are much more complicated than owning a mutual fund. If you are doing your own taxes, or are short on time, this can be a big deal.

Liquidity
If you find yourself in need of money in a short amount of time, mutual funds are highly liquid. Simply put in your order during the day and when the market closes a check will be sent to you or you can have it wired to a bank account. Stocks can be much more difficult depending on what kinds of stocks you are invested in. CD's offer no liquidity (not without a hefty fee) and bonds can be difficult, too. Some mutual funds also carry check writing privileges, which means you can actually write checks from the account, similar to your checking account at the bank.

Cost
Mutual funds are excellent for the new investors because you can invest small amounts of money and you can invest at regular intervals with no trading costs. Stock investing, however, carries high transaction fees making it difficult for the small investor to make money. That is not a good way to start off! Wealthy stock investors get special treatment from brokers and wealthy bank account holders get special treatment from the banks, but mutual funds are nondiscriminatory. It doesn't matter whether you have $50 or $500,000, you are getting the exact same manager, the same account access and the same investment.

Risk
In general, mutual funds carry much lower risk than stocks. This is primarily due to diversification (as mentioned above). Certain mutual funds can be riskier than individual stocks, but you have to go out of your way to find them. With stocks, one worry is that the company you are investing in goes bankrupt. With mutual funds, that chance is next to nil. Since mutual funds typically hold anywhere from 25-5000 companies, all of the companies that it holds would have to go bankrupt.

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Drawbacks of Mutual Funds

Mutual funds have their drawbacks and may not be for everyone:

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. Of course, if you invest in Index Funds, you forego management risk, because these funds do not employ managers.

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The graph indicates the growth of assets under management over the years.

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SEBI GUIDELINES
The SEBI issued a set of regulations and code of conduct of 20 January. 1993 for the smooth conduct and regulation of Mutual fund. The silent features of these guidelines are a s follows: Mutual Fund cannot deal in Option trading, short selling or carrying forward transactions in securities. Mutual fund should be formed as trusts and managed by AMC Restriction to ensure those investments under all schemes do not exceed 15% of the funds in the shares and debentures of a single company. SEBI will grant registration to only those Mutual Fund which can prove an efficient and orderly conduct of business. The Mutual fund should have a custodian, not associated in any way with the AMC and registered with the board. The minimum amount to be raised with each closed ended scheme should be Rs. 20 crore and for the open-ended scheme Rs. 50 crore. The Mutual Fund are obliged to maintain books of account. The minimum net worth of AMC is Rs. 5 crore of which the minimum contribution of the sponsor should be 40%. The Mutual Fund should ensure adequate disclosures to the investors SEBI can impose suspension of registration in case of violation of the provision of the SEBI act 1992, to the regulations. Restrictions to ensure the investments under an individual scheme do not exceed 5% of the corpus of any companies shares and investments under all schemes do not exceed 10% of the funds in the shares, debentures or securities of a single company.
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The best mutual fund scheme for you Time period

The most important thing while measuring or comparing returns is to choose an appropriate time period. The time period over which returns should be compared and evaluated has to be the same over which that fund type is meant to be invested in. If you are comparing equity funds then you must use three to five year returns. But this is not the case of every other fund. For instance, cash funds are known as ultra short-term bond funds or liquid funds that invest in fixed return instruments of very short maturities. Their main aim is to preserve the principal and earn a modest return. So the money you invest will eventually be returned to you with a little something added. Investors invest in these funds for a very short time frame of around a few months. So it is alright to compare these funds on the basis of their six month returns.

Market conditions
It is also important to see whether a fund's return history is long enough for it to have seen all kinds of market conditions. For example, at this point of time, there are equity funds that were launched one to two years ago and have done very well. However, such funds have never seen a sustained declining market (bear market). So it is a little misleading to look at their rate of return since launch and compare that to other funds that have had to face bad markets. If a fund has proved its mettle in a bear market and has not dipped as much as its benchmark, then the fund manager deserves a pat on the back. When you really look at things it is difficult to create wealth. Obviously some will find easier than others, but it is all just a matter of degrees.

35

Part-B
Research proposal

36

Research proposal
Step 1 - Define research problem
Primary research objective:
To determine target market segment for mutual funds.

Secondary research objective:

To determine the number of segments from the data provided. To determine which respondent belongs to which segment. Profiling each segment based on their distinguishing character. To evaluate attractiveness of Mutual funds? Evaluate investor buying behavior To determine variables which are significantly important in investment Decisions.

Step 2- Data collection approach:

www.amfiindia.com www.mutualfundsindia.com www.karvy.com www.karvyfinapolis.com &

1. Secondary research: External sec. data

2. Survey research: *Personal interview: unstructured & direct. *Telephonic interview. *Explorotary research:-open ended questions.

How to collect data?

After the designing of the questionnaire, the 25 questionnaires need to be given to the respondents. The main idea is to get a heterogeneous response from sample that could be analyzed and some inferences can be drawn from this sample.

What controls were used in field work?

IT professionals, Self-emloyed, students, retired persons with the age group of 20-60 yrs were approached. 37

 Step 3-Measurement technique 1. Questionnaire: Asking information directly from respondents concerning behavior, attitude, beliefs, and their preferences. 2. Attitude scale: perceptual maps; derive the components or characteristics an individual uses in comparing similar objects and provide a score for each object on each characteristic.

3. Perceptual mapping:a)Attribute based:-cluster analysis is used to determine market segment.

Step 4- Sample

1. Population: All persons of age group 20-60 who are working with different IT companies, other fmcg companies, govt. employees, self-employed in Pune. 2. Sample frame: A list of employees working with different companies. 3. Sampling unit: Pune. 4. Sampling method: Simple random sampling; with simple random sampling, each item in a population has an equal chance of inclusion in the sample. The advantage of simple random sampling is that it is simple and easy to apply when small populations are involved 5. Sample size : 25 6. Sample plan: Select employees/investors and determine that (i) the person is sufficiently verbal, (ii) he or she is willing to participate (only in case of personal interview) 7. execution:

Step 5- Methods of analysis data . Cluster Analysis. Step 6- Time & financial requirement
Time 1 month. Financial requirement not applicable. 38

QUESTIONNAIRE
Q.NO:PLACE:DATE:-

Dear Sir/Madam, I am conducting this survey to ascertain the market segment or target audience for mutual funds And to know consumer perception while investing money in mutual funds. please spend 5 minutes with me, for this I shall be very grateful to you.

Q.1) WHICH IS YOUR PREFERRED FINANCIAL PRODUCT? a) MUTUAL FUND b) INSURANCE c) TAX PLANNING d) STOCK BROKING -------------------------------------------------------------------------------

[PUT A TICK MARK]

e) BONDS & FIXED DEPOSITS -------------------f) COMMODITIES ----------------------

Q.2) HAVE YOU EVER INVESTED MONEY IN MUTUAL FUND? YES -----------------NO -----------------------

Q.3) ARE YOU A REGULAR INVESTOR? YES ------------------NO ------------------------

39

Q.4) WHAT PECENTAGE OF YOUR INCOME DO YOU INVEST IN MUTUAL FUNDS? a) BELOW 10% b) 10-30% c) 30-50% d) ABOVE 50% ------------------------------------------------------------------------------------------------------------------------------

Q.5) WHAT IS YOUR MONTHLY SAVINGS? a) BELOW 10000 b) 10000-20000 c) 20000-50000 d) ABOVE 50000 ----------------------------------------------------------------------------------------------------------------------------------------------

PLEASE RANK THE FOLLOWING QUESTIONS ON THE SCALE OF FIVE, WHERE 1-STRONGLY AGREE 2-AGREE 3-NEITHER AGREE NOR DISAGREE 4-DISAGREE 5-STRONGLY DISAGREE Q.6) MUTUAL FUNDS HAVE HIGH RISK Q.7) MUTUAL FUNDS GIVE BETTER RETURNS THAN BANKS Q.8) MUTUAL FUND SHOULD HAVE GOOD BRAND VALUE Q.9)MUTUAL FUNDS HAVE LOW MARKET RISK Q.10) MUTUAL FUND IS BETTER TO INVEST THAN THE OTHER FINANCIAL PRODUCTS Q.11) MY MONEY IS SAFE IN MUTUAL FUND. Q.12) INVESTING IN MUTUAL FUND IS THE BEST WAY TO SAVE TAXES. -----------------------------40 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Q.13) MUTUAL FUNDS GIVES A CONSISTENT RETURNS

-----------------------

Q.14) MY SALARY ALLOW ME TO BUY MUTUAL FUNDS

------------------------

Q.15) INVESTMENT IS NECCESARY

------------------------

Q.16) I DO NOT MIND PAYING FOR MUTUAL FUNDS

------------------------

Q.17) SAVINGS IS IMPORTANT TO ME

------------------------

Q.18) I FEEL INVESTING IN THE MUTUAL FUNDS IS RISKY

-----------------------

Q.19) I BELIEVE EVERY PARENT SHOULD INVEST FOR HIS/HER CHILDRENS FUTURE. ---------------------

Q.20) I THINK ADVERTISEMENT PLAY AN IMPORTANT ROLE IN PURCHASING MUTUAL FUNDS. ---------------------

Q.21) MY MONEY IS SAFE BY INVESTING MONEY IN MUTUAL FUNDS. ---------------------

Q.14) DO YOU WANT TO INVEST IN MUTUAL FUND THROUGH KARVY ? YES--------------------------------NO ---------------------------------41

DEMOGRAPHICS
PERSONAL DETAILS:NAME:-----------------------------------------------------------------------------------------------ADDRESS:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------AGE :------------------------------------

CONTACT NO:----------------------------------------------------------------------------------------------E-MAIL ID:--------------------------------------------------------------------------------------------------GENDER:MALE---------------------------------------------FEMALE

OCCUPATION:----------------------------------------------------------------------------------------------MONTHLY INCOME:---------------------------------------------------------------------------------------

THANK YOU

FOR YOUR VALUEABLE INFORMATION.

42

Part-C ANALYSIS & OUTPUT

43

CLUSTER ANALYSIS
AFTER SEGMENTING THE GROUPS WE HAVE TO DO CLUSTER ANALYSIS .EVEN IF WE SHOULD KNOW HOW TO COMMUNICATE WITH PEOPLE(THROUGH MEDIAGRAPHICS). IDENTIFY OF GROUPS OF TARGET CUSTUMER WHO ARE SIMILAR IN
-BUYING BEHAVIOUR -DEMOGRAPHICS -PSYCOGRAPHICS

METHODS:-HIERARCHICAL CLUSTERING - NODAL METHODS / K-MEANS HERE HIERARCHICAL METHOD IS USED FOR SEGMENTATION. FOR EXAMPLE:1 2 3 4 5

strongly agree

agree

Neither agree nor disagree

disagree

Strongly disagree

44

7 6 5 * 4 3 2 1 (0,0) 1 2 3 4 5 6 7 8 9 *
* *

* * * * * cluster-2 * *

* *

cluster-1

cluster-3

DATA COLLECTED FROM QUESTIONNAIRE BASED ON 5 POINT LIKERT SCALE (RANKINGS):SAL INV 5.00 2.00 3.00 5.00 1.00 3.00 4.00 2.00 1.00 4.00 3.00 5.00 3.00 4.00 4.00 2.00 5.00 1.00 4.00 3.00 5.00 3.00 2.00 4.00 2.00 2.00 4.00 1.00 2.00 5.00 2.00 4.00 3.00 5.00 4.00 1.00 4.00 2.00 5.00 1.00 PAY SAV RISK CHILD ADS SAFE 2.00 3.00 4.00 1.00 2.00 4.00 4.00 1.00 3.00 2.00 5.00 5.00 2.00 4.00 5.00 4.00 3.00 1.00 2.00 2.00 4.00 2.00 4.00 5.00 1.00 4.00 2.00 1.00 2.00 5.00 1.00 4.00 2.00 5.00 3.00 5.00 4.00 1.00 3.00 1.00 3.00 1.00 2.00 4.00 2.00 3.00 1.00 3.00 3.00 4.00 2.00 3.00 1.00 4.00 2.00 1.00 1.00 5.00 2.00 5.00 4.00 2.00 4.00 5.00 1.00 4.00 2.00 1.00 2.00 5.00 1.00 4.00 2.00 5.00 3.00 5.00 3.00 5.00 4.00 1.00 5.00 4.00 2.00 1.00 3.00 5.00 4.00 2.00 1.00 4.00 5.00 2.00 3.00 1.00 4.00 5.00 2.00 2.00 3.00 4.00 5.00 2.00 3.00 5.00 1.00 3.00 4.00 2.00 1.00 4.00 3.00 5.00 3.00 4.00 4.00 2.00 5.00 1.00 4.00 3.00 45

AGGLOMERATION SCHEDULE
STAGE CLUSTERS COMBINED Cluster 1 7 2 1 5 17 12 6 5 7 3 2 4 1 5 2 1 1 2 1 Cluster 2 15 13 10 8 19 14 16 9 17 6 11 12 7 20 5 4 3 18 2 4.000 4.000 6.000 6.000 8.000 8.000 9.000 9.000 12.000 12.500 14.000 16.000 18.250 18.333 19.583 21.111 28.481 33.000 42.458 COEFFICIENT STAGE CLUSTER FIRST APPEARS NEXT STAGE Cluster 1 0 0 0 0 0 0 0 4 1 0 2 0 3 8 11 13 16 15 17 Cluster 2 0 0 0 0 0 0 0 0 5 7 0 6 9 0 14 12 10 0 18 9 11 13 8 9 12 10 14 13 17 15 16 16 15 18 17 19 19 0

Stage 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

46

FINAL CLUSTERS CENTERS CLUSTERS

1 SAL BANK PAYING SAVINGS RISKY CHILDREN 3.20 3.20 3.80 2.00 1.40 2.00 2 1.60 1.60 1.80 1.20 3.60 2.00 3 2.67 1.67 4.00 4.33 2.00 4.33 4 4.57 4.57 2.71 4.29 3.00 4.29

Number of Cases in each Cluster CLUSTER 1 5.000 2 5.000 3 3.000 4 7.000 VALID MISSING
47

20.000

ADS SAFE

4.00 3.20

2.40 1.60

4.00 2.67

2.57 4.57

Cluster Membership Case Cluster Number 1 4 2 1 3 3 4 4 5 2 6 3 7 1 8 2 9 2 10 4 11 1 12 4 13 1 14 4 15 1 16 3 17 4 18 2 19 4 20 2

Distance 2.669 1.929 2.134 2.850 2.209 1.599 1.456 1.697 2.298 2.326 2.514 2.531 2.126 2.642 2.392 2.055 2.615 3.561 2.065 3.143

Secondary data findings: Top 10 mutual funds -Equity as on 30 June 2007:

Scheme Name NAV Launch Date Compounded Annualized % (Point to point) 1 Year 3 Year 5 Year Since Inception
48

Sundaram BNP Paribas Select Midcap-Growth HSBC Equity Fund-Growth ICICI Prudential Emerging STAR Fund-Growth SBI Magnum Sector UmbrellaEmerging Business-Growth Birla Mid Cap Fund-Growth ICICI Prudential Dynamic PlanGrowth Kotak Opportunities fund Growth Tata Infrastructure Fund-Growth Fidelity Equity Fund-Growth Sbi Magnum MidCap FundGrowth

95.26 74.02 31.27 32.45

19-jul-02 3-dec-02 25-sep-04 17-sep-04

36.38 43.53 58.81 49.75

64.74 44.40 ---

-----

58.55 55.62 53.98 53.71

71.54 69.42 31.07 25.84 23.28 23.76

1-oct-02 18-oct-02 25-aug-04 22-dec-04 19-apr-05 17-mar-05

55.79 56.35 44.47 53.71 58.77 54.19

51.40 60.88 -----

-------

52.31 51.89 50.45 45.63 49.73 48.99

49

Top 5 mutual funds-ELSS ELSS Performance as on 30 June, 2007:

Scheme Name
HDFC Long Term Advantage Fund-Growth Sahara TaxgainGrowth Tata Tax Saving Fund Sundaram BNP paribas TaxsaverGrowth SBI Magnum Tax Gain Scheme 93

NAV
96.63

Launch Date
27-dec-00

Compounded Annualized % (Point to point) 1 Year 3 Year 5 Year Since Inception

36.42 47.70 49.49 42.04

21.96 46 28.32

31-mar-97 31-mar-96 22-nov-99

37.34 42.58 44.72

42.65 41.6 55.90

36.51 41.32 45.10

32.37 27.45 25.66

46.68

31-mar-93

50.64

77.20

58.01

20.68

Risk Return Grid

Risk Tolerance/Return Expected Low Focus Debt Suitable Products Bank/ Company FD, Debt based Funds Benefits offered by MFs Liquidity, Better Post-Tax returns

Medium

Balanced Funds, Some Liquidity, Better Post-Tax Partially Debt, Diversified Equity Funds and returns, Better Partially some debt Funds, Mix of Management, Equity shares and Fixed Deposits Diversification Diversification, Expertise Capital Market, Equity Funds in stock picking, Liquidity, (Diversified as well as Sector) Tax free dividends

High

Equity

50

The perception of people for various financial products are as follows:

MUTUAL FUNDS -35% SHARE MARKET- 20% BONDS/DEBENTURES-3% INSURANCE-18% REAL ESTATE-6% COMMODITIES-8% NSC (NATIONAL SAVING SCHEME)-8% OTHERS-2%

MUTUAL FUNDS SHARES BONDS/DEBENT URES INSURANCE REAL ESTATE COMMODITIES NSC OTHERS

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PERFORMANCE SNAPSHOT !!!

The year 2006 scored high in terms of both returns and volatility. The rising Indian mutual funds industry saw its best, as far as the entry of individual or retail investors is concerned. In 2006, out of the 159 diversified equity funds (includes diversified equity, midcap, and equity tax saving schemes): 20 funds (13%) out-performed the Sensex 50 funds (37%) out-performed the Nifty
The best returns generated were up to 58.3% (Tata Infrastructure Fund)

and the worst being a negative 10.6% Equity Diversified funds churned out an average 33.2% return, which comprise of 72 fund in this category comprising of total 135 funds Infrastructure funds stole the limelight this year with the top three performers being Infrastructure Fund.

52

Part-D

Conclusion & Recommendations

53

PROJECT CONCLUSION:

The study says that investors in future would prefer mutual funds for their investment destination rather than choosing to park their funds in stock markets because of safer returns and lower degree of risk as compared to other markets. Number of people who want to invest in market but dont have time and knowledge to do so they are very keen towards Mutual Funds.

With booming market and falling interest rate of bank deposits, people see mutual funds as an attractive financial tool which provide a high return rate at lower risk as compared to equity market.

Young people these days are particularly more interested in mutual funds because they see mutual fund as safe bet. Also these people have large disposable incomes and risk taking capability too..

In market research work I found 4 factors which influence investors buying patterns are 1) Mutual funds Features like low risk, better returns, 2) Freedom of investment 3) safe investment 4) advertisement also influence for buying Mutual funds.

Investors have dissonance reducing buying behavior. Investors have very good perception about Mutual funds investment.

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RECOMMENDATIONS:

India is passing through a tremendous growth phase with an average growth rate of 7-8% per annum. With this growth phase there is growth in each and every sector, hence there is rush to by shares and equities. It is also a very good time for mutual fund companies but it is advisable for them and their brokers that they dont just sell mutual funds but sell the right kind of scheme which is comfortable to a person nature of taking risk and need.

After sale service is very important as mutual funds come under dissonance reducing buying behavior. It has been seen that there is a major increase in the percentage of young investors who have large amount of disposable income with them and want to invest, these types of prospective clients should be tapped at an early stage. Small towns, villages are still untapped and can also acts as a business area of very huge potential. There are some persons who still believe investing in government schemes is better than mutual funds for them we should arrange any informative programs sothat they could come in track. Now even co-operative society can invest up to 10% of their capital in mutual funds which open the door to new and very important client base.

Prospective clients should be followed up properly.

Mutual funds should be sold on their basic features like low risk, better returns, consistent dividend, and tax benefit. SIP should be encouraged because I found there are many investors who are interested in investment on monthly/quarterly basis with small money. Mutual fund should be promoted as safe investment scheme.

55

LEARNINGS:Working at KARVY STOCKBROKING LIMITED was largely an overwhelming experience with gaining insights to a number of new things. The On-The Job experience made it a worthwhile Internship, which gave me a great real time Industry experience. All is not the same in real life as we read in books and on net about the working methods of different divisions and segments. I had to put in my own efforts and take initiative to learn and gain maximum knowledge possible during this period. Primarily, the description of my work as a Management Trainee was to assist the wealth managers by understanding the needs of the individual investors and corporate houses and expanding the customer base of Karvy- Stock Broking Ltd, Pune where I interned. The work assigned definitely required awareness and understanding of the all the financial products Karvy Stockbroking dealt in. It also required me to know the procedures and documents involved in purchase of any product by the client. I just had a basic idea of the products KARVY dealt in prior internship, thus, acquiring knowledge about the same was very exciting. There were training sessions held on various financial products like MF, insurance, and bonds which helped me get more insight in these topics. Interactive session was held by the Mutual Fund expert, which proved quite useful but still Mutual Funds is a vast topic and it is possible to gain full knowledge about it only after practically dealing in it.

56

The whole process started with first hand data collection. For this we visited the Software companies in Pune .We also collected data from few of our own contacts that we thought could be useful. It was difficult to get the contact numbers of the software employees of the IT companies, but we still managed and managed well. The next step was tele-calling on the database collected. During telecalling, we learnt the art of introducing ourselves and the company to the clients. It taught us how to approach clients and suggest them various investment options. Our main aim was to convince the prospective clients for appointment. We learnt that to understand the clients mood at that point of time was also important. You had to be polite and confident. If a client wanted to be called back at a specified time, I did so without fail. No negligence was tolerated on this part as first impression is the last impression and I didnt want to lose out on any prospective client and to know consumer perception towards buying mutual funds. The time given by the client for the meet was given utmost importance. I and my colleague tried to reach the meeting place in time so that the client didnt have to wait. The entire experience of meeting the clients, explaining them the products, and based on the questions asked by us, as well as the client, analyzing their risk taking capability and investment capacity was a learning in itself. After gathering above information about the clients, Based on their investment requirement, investment objective, risk taking ability and the investment capability we would come up with suggestions as to where they should invest and how much.

57

There were investors who wanted high returns but didnt want to take greater risk. To such investors investments in mutual funds rather than equities was suggested. Investors wanting to invest for taxes saving purpose were suggested to invest in Tax Saving Mutual Funds like SBI Magnum Tax Gain, HDFC tax Benefit Scheme. I have gone through a research work to know target market segment towards mutual funds (in other words how many people wants to invest & they feel safe or not). I collected data through questionnaire from the investors whom I met during project. I applied cluster analysis technique to analyze the data collected and getting findings. I experienced practical ground reality related to market research. The experience and know-how gained from this internship, has left me in more compliant form and stature in order to fare better in areas of similar interest. With an optimistic view towards future, and with the desire to implement all the knowledge gained, I hereby conclude my report on my Internship at KARVY STOCKBROKING LIMITED-PUNE.

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BIBLIOGRAPHY
www.amfiindia.com

www.karvy.com
www.businessstandard.com www.mutualfundindia.com www.myiris.com

Karvy research desk Text book on market research by RAJENDRA NARGUNDKAR Text book on market research by TULL & HAWKINS

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