Mutual fund service provided by HDFC BANK and consumer perception toward it

INTRODUCTION History of Mutual Fund in India The Evolution

The formation of Unit Trust of India marked the evolution of the Indian mutual fund industry in the year 1963. The primary objective at that time was to attract the small investors and it was made possible through the collective efforts of the Government of India and the Reserve Bank of India. The history of mutual fund industry in India can be better understood divided into following phases:

Phase 1. Establishment and Growth of Unit Trust of India 1964-87

Unit Trust of India enjoyed complete monopoly when it was established in the year 1963 by an act of Parliament. UTI was set up by the Reserve Bank of India and it continued to operate under the regulatory control of the RBI until the two were de-linked in 1978 and the entire control was transferred in the hands of Industrial Development Bank of India (IDBI). UTI launched its first scheme in 1964, named as Unit Scheme 1964 (US-64), which attracted the largest number of investors in any single investment scheme over the years. UTI launched more innovative schemes in 1970s and 80s to suit the needs of different investors. It launched ULIP in 1971, six more schemes between 1981-84, Children's Gift Growth Fund and India Fund (India's first offshore fund) in 1986, Master share (India's first equity diversified scheme) in 1987 and Monthly Income Schemes (offering assured returns) during 1990s. By the end of 1987, UTI's assets under management grew ten times to Rs 6700 crores.

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Phase II. Entry of Public Sector Funds - 1987-1993

The Indian mutual fund industry witnessed a number of public sector players entering the market in the year 1987. In November 1987, SBI Mutual Fund from the State Bank of India became the first non-UTI mutual fund in India. SBI Mutual Fund was later followed by Canbank Mutual Fund, LIC Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund, GIC Mutual Fund and PNB Mutual Fund. By 1993, the assets under management of the industry increased seven times to Rs. 47,004 crores. However, UTI remained to be the leader with about 80% market share.

Phase III. Emergence of Private Sector Funds - 1993-96

The permission given to private sector funds including foreign fund management companies (most of them entering through joint ventures with Indian promoters) to enter the mutal fund industry in 1993, provided a wide range of choice to investors and more competition in the industry. Private funds introduced innovative products, investment techniques and investorservicing technology. By 1994-95, about 11 private sector funds had launched their schemes.

Phase IV. Growth and SEBI Regulation - 1996-2004

The mutual fund industry witnessed robust growth and stricter regulation from the SEBI after the year 1996. The mobilization of funds and the number of players operating in the industry reached new heights as investors started showing more interest in mutual funds. Inventors' interests were safeguarded by SEBI and the Government offered tax benefits to the investors in order to encourage them. SEBI (Mutual Funds) Regulations, 1996 was introduced by SEBI that set uniform standards for all mutual funds in India. The Union Budget in 1999 exempted all dividend incomes in the hands of investors from income tax. Various Investor Awareness Programmes were launched during this phase, both by SEBI and AMFI, with an objective to educate investors and make them informed about the mutual fund industry. In February 2003, the UTI Act was repealed and UTI was stripped of its Special legal status as a trust formed by an Act of Parliament. The primary objective behind this was to bring all mutual

fund players on the same level. UTI was re-organized into two parts: 1. The Specified Undertaking, 2. The UTI Mutual Fund

Phase V. Growth and Consolidation - 2004 Onwards

The industry has also witnessed several mergers and acquisitions recently, examples of which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more international mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were 29 funds as at the end of March 2006. This is a continuing phase of growth of the industry through consolidation and entry of new international and private sector players.

1. 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. 2. 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.

3. Sector specific funds/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.

4. Tax Saving Schemes:These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act, 1961 as the Government offers tax incentives for investment in specified avenues. e.g. Equity Linked Savings Schemes (ELSS). Pension schemes launched by the mutual funds also offer tax benefits. These schemes are growth oriented and invest pre-dominantly in equities. Their growth opportunities and risks associated are like any equity-oriented scheme.

5. Fund of Funds (FoF) scheme:A scheme that invests primarily in other schemes of the same mutual fund or other mutual funds is known as a FoF scheme. An FoF scheme enables the investors to achieve greater diversification through one scheme. It spreads risks across a greater universe.

6. Load or no-load Fund:A Load Fund is one that charges a percentage of NAV for entry or exit. That is, each time one buys or sells units in the fund, a charge will be payable. This charge is used by the mutual fund for marketing and distribution expenses. Suppose the NAV per unit is Rs.10. If the entry as well as exit load charged is 1%, then the investors who buy would be required to pay Rs.10.10 and those who offer their units for repurchase to the mutual fund will get only Rs.9.90 per unit. The investors should take the loads into consideration while making investment as these affect their yields/returns. However, the investors should also consider the performance track record and service standards of the mutual fund which are more important. Efficient funds may give higher returns in spite of loads. A no-load fund is one that does not charge for entry or exit. It means the investors can enter the fund/scheme at NAV and no additional charges are payable on purchase or sale of units.

ADVANTAGES OF MUTUAL FUND

1.Portfolio DiversificationMutual Funds invest in a well-diversified portfolio of securities which enables investor to hold a diversified investment portfolio (whether the amount of investment is big or small).

2.Professional ManagementFund manager undergoes through various research works and has better investment management skills which ensure higher returns to the investor than what he can manage on his own. 3.Less RiskInvestors acquire a diversified portfolio of securities even with a small investment in a Mutual Fund. The risk in a diversified portfolio is lesser than investing in merely 2 or 3 securities. 4.Low Transaction CostsDue to the economies of scale (benefits of larger volumes), mutual funds pay lesser transaction costs. These benefits are passed on to the investors. 5.LiquidityAn investor may not be able to sell some of the shares held by him very easily and quickly, whereas units of a mutual fund are far more liquid. 6.Choice of SchemesMutual funds provide investors with various schemes with different investment objectives. Investors have the option of investing in a scheme having a correlation between its investment objectives and their own financial goals. These schemes further have different plans/options 7.TransparencyFunds provide investors with updated information pertaining to the markets and the schemes. All material facts are disclosed to investors as required by the regulator. 8.FlexibilityInvestors also benefit from the convenience and flexibility offered by Mutual Funds. Investors can switch their holdings from a debt scheme to an equity scheme and vice-versa. Option of systematic (at regular intervals) investment and withdrawal is also offered to the investors in most open-end schemes. 9.SafetyMutual Fund industry is part of a well-regulated investment environment where the interests of the investors are protected by the regulator. All funds are registered with SEBI and complete transparency is forced.

Disadvantage of Investing Through Mutual Funds

1.Costs Control Not in the Hands of an InvestorInvestor has to pay investment management fees and fund distribution costs as a percentage of the value of his investments (as long as he holds the units), irrespective of the performance of the fund. 2.No Customized Portfolios The portfolio of securities in which a fund invests is a decision taken by the fund manager. Investors have no right to interfere in the decision making process of a fund manager, which some investors find as a constraint in achieving their financial objectives. 3.Difficulty in Selecting a Suitable Fund SchemeMany investors find it difficult to select one option from the plethora of funds/schemes/plans available. For this, they may have to take advice from financial planners in order to invest in the right fund to achieve their objectives.

Mutual Fund Investment Strategies Systematic Investment Plan (SIPs):

These are best suited for young people who have started their careers and need to build their wealth. SIPs entail an investor to invest a fixed sum of money at regular intervals in mutual fund scheme the investor has chosen. For instance an investor opting for SIP in xyz mutual fund scheme will need to invest a certain sum of money every month / quarter /half year in the scheme.

Systematic Withdrawal Plan (SWPs):

These plans are best suited for people nearing retirement. In these plans an investor invests in a mutual fund scheme and is allowed to withdraw a fixed sum of money at regular intervals to take care of expenses.

Systematic Transfer Plan (STPs) :

They allow the investors to transfer on a periodic basis a specified amount from one scheme to another within the same fund family meaning two schemes belonging to the same mutual fund. A transfer will be treated as redemption of units from the scheme from which the transfer is made .Such redemption or investment will be at the applicable NAV. This service allows the investor to manage his investment actively to achieve his objectives. Many funds do not even charge even any transaction feed for this service an added advantage for the active investor.

WHY TO INVEST IN MUTUAL FUNDS:

A proven principle of sound investment is -do not put all eggs in one basket. Investment in mutual funds is beneficial due to following reasons. They help in pooling of funds and investing in large basket of shares of different companies. Thus by investing in diverse companies, mutual funds can protect against unexpected fall in value of investment. An average investor does not have enough time and resources to develop professional attitude towards their investment. Here professional fund managers engaged by mutual funds take desirable investment decision on behalf of investors so as to make better utilization of resources. Investment in mutual funds is comparatively more liquid because investor can sell the units in open market or can approach mutual fund to repurchase the units at net asset value depending upon the type of scheme. Investors can avail tax rebates by investing in different tax saving schemes floated by these funds, approved by the government. Operating cost is minimized per head because of large size of investible funds, there by realizing more net income of investors.

HDFC Asset Management Company Limited (AMC)

HDFC Asset Management Company Ltd (AMC) was incorporated under the Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset Management Company for the HDFC Mutual Fund by SEBI vide its letter dated July 3, 2000.The registered office of the AMC is situated at Ramon House, 3rd Floor, H.T. Parekh Marg, 169, Backbay Reclamation, Churchgate, Mumbai - 400 020. In terms of the Investment Management Agreement, the Trustee has appointed the HDFC Asset Management Company Limited to manage the Mutual Fund. The paid up capital of the AMC is Rs. 25.161 crore. Zurich Insurance Company (ZIC), the Sponsor of Zurich India Mutual Fund, following a review of its overall strategy, had decided to divest its Asset Management business in India. The AMC had entered into an agreement with ZIC to acquire the said business, subject to necessary regulatory approvals. The AMC is managing 24 open-ended schemes of the Mutual Fund viz. HDFC Growth Fund (HGF), HDFC Balanced Fund (HBF), HDFC Income Fund (HIF), HDFC Liquid Fund (HLF), HDFC Long Term Advantage Fund (HLTAF), HDFC Children's Gift Fund (HDFC CGF), HDFC Gilt Fund (HGILT), HDFC Short Term Plan (HSTP), HDFC Index Fund, HDFC Floating Rate Income Fund (HFRIF), HDFC Equity Fund (HEF), HDFC Top 200 Fund (HT200), HDFC Capital Builder Fund (HCBF), HDFC TaxSaver (HTS), HDFC Prudence Fund (HPF), HDFC High Interest Fund (HHIF), HDFC Cash Management Fund (HCMF), HDFC MF Monthly Income Plan (HMIP), HDFC Core & Satellite Fund (HCSF), HDFC Multiple Yield Fund (HMYF), HDFC Premier Multi-Cap Fund (HPMCF), HDFC Multiple Yield Fund . Plan 2005 (HMYF-Plan 2005), HDFC Quarterly Interval Fund (HQIF) and HDFC Arbitrage Fund (HAF). The AMC is also managing 10 closed ended Schemes of the HDFC Mutual Fund viz. HDFC Long Term Equity Fund, HDFC Mid-Cap Opportunities Fund, HDFC Infrastructure Fund, HDFC Fixed Maturity Plans - Series V, HDFC Fixed Maturity Plans - Series VII, HDFC Fixed Maturity Plans - Series VIII, HDFC Fixed Maturity Plans - Series IX, HDFC Fixed Maturity Plans - Series X, HDFC Fixed Maturity Plans - Series XI and HDFC Fixed Maturity Plans - Series XII. The AMC is also providing portfolio management / advisory services and such activities are not in conflict with the activities of the Mutual Fund. The AMC has renewed its registration from SEBI vide Registration No. - PM / INP000000506 dated December 21, 2009 to act as a Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993. The Certificate of Registration is valid from January 1, 2010 to December 31, 2012.

Why HDFC Mutual Fund ?

HDFC Mutual Fund is one of the largest mutual funds and well-established fund house in the country with consistent and above average fund performance across categories since its incorporation on December 10, 1999. While our past experience does make us a veteran, but when it comes to investments, we have never believed that the experience is enough.

Investment Philosophy
The single most important factor that drives HDFC Mutual Fund is its belief to give the investor the chance to profitably invest in the financial market, without constantly worrying about the market swings. To realize this belief, HDFC Mutual Fund has set up the infrastructure required to conduct all the fundamental research and back it up with effective analysis. Our strong emphasis on managing and controlling portfolio risk avoids chasing the latest "fads" and trends.

HDFC Offer

HDFC believe, that, by giving the investor long-term benefits, we have to constantly review the markets for new trends, to identify new growth sectors and share this knowledge with our investors in the form of product offerings. We have come up with various products across asset and risk categories to enable investors to invest in line with their investment objectives and risk taking capacity. Besides, we also offer Portfolio Management Services.

Achievements
HDFC Asset Management Company (AMC) is the first AMC in India to have been assigned the 'CRISIL Fund House Level - 1' rating. This is its highest Fund Governance and Process Quality Rating which reflects the highest governance levels and fund management practices at HDFC AMC It is the only fund house to have been assigned this rating for third year in succession. Over the past, we have won a number of awards and accolades for our performance. HDFC Asset Management Company Limited was awarded NDTV Profit Business Leadership Award 2009 in the Mutual Funds Category for the period April 1, 2008 to March 31, 2009 from amongst six nominees in the category. NDTV Profit Business Leadership Awards have been instituted to honour organization excellence and promise to acknowledge the best, the brightest and the most dynamic of Indian organizations that have emerged as leaders in their respective verticals and are taking India to economic superpower status. The objective of the Awards is to salute men and women who fuel India's journey to the forefront of the World Economy. Grand Thornton India are the Business Process Advisors to the Awards instituted by NDTV Profit.

Objectives of Study:
To study the consumer awareness regarding Mutual Funds. To study the pattern of consumer behavior within the available investment options.

RESEARCH METHODOLOGY
My research has a specified framework for collecting the data in an effective manner. Such framework is called "RESEARCH DESIGN". The research process which was followed by me consisted following steps.

PROBLEM:
The problem at hand was to study and measure the awareness level of people regarding mutual funds in the city.

DEVELOPING THE RESEARCH PLAN : The development of Research Plan has the following Steps: DATA SOURCES: Two types of data were taken into consideration i.e. Secondary data & primary data. My major

emphasis was on gathering the primary data. The secondary data has been used to make things more clear.
(i) Primary Data: Direct collection of data from the source of information, technology including personal interviewing, survey etc. (ii) Secondary Data: Indirect collection of data from sources containing past or recent past information like Bank's Brochures, Annual publications, Books, Fact sheets of mutual funds, Newspaper & Magazines etc.

RESEARCH INSTRUMENT
A close friend questionnaire was constructed for my survey. Questionnaire consisting of a set of questions made to be filled by various respondents.

Sample Size: The sample consisted of 10 respondents. Analysis and Interpretation of Data
Knowing the awareness and perception of the customers is very important in any industry. this provide insight into the customer behavior and his expectation from the industry players. a proper understanding of the awareness and perception would definitely benefit the players. this survey attempt to know the mutual fund investor better. it examines some interesting choices of the retail investor including the reasons behind investing in mutual funds and the risk tolerance levels of the investors. the investor knowledge about the mutual funds and what according to him are the best mutual funds is also analyzed, Jalandhar city survey was conducted to know the retail investor awareness and perception about mutual funds. It is hoped that this survey in jalandhar city would go a long way in benefiting for HDFC mutual fund.

The total sample for the study was 10 across jalandhar city. Do you know about the Mutual Funds ?
S. NoKnowledge related to mutual fundNo. of respondentsPercentage 1. Yes 3 30% 2. No 6 60% 3. Can't say 1 4% Total 10 100%

INTERPRETATION :
It was found that 60% of the respondents don't know about the Mutual fund.and 30% says that they have knowledge regarding mutual fund.

 What is your objective /motive behind investment?

S. NoInvestment objectiveNo. of respondentsPercentage
1. 2. 3. 4. Capital Gain Generate Regular return Secure Future Tax benefits Total 2 1 5 2 10 20% 20% 50% 20% 100%

INTERPRETATION
Total number of 10responses was generated for this question and multiple response were sought for the various investment objectives. the analysis brings out the fact that investor were more concerned about the secure future(50%) and capital gains(20%), and after that they considered tax benefits(20%) and regular return(10%) as their main investment objectives.

How did you come to know about mutual fund?

S. NoInformation sourcesNo. of respondentsPercentage
1. 2. 3. 4. 5. 6. Print media Electronic media Friends/Relative Financial advisors Personal analysis Agents Total 3 2 1 1 1 2 10 30% 20% 10% 10% 10% 20% 100%

INTERPRETATION :
In this survey I asked from the respondents about the kind of media that affect their investment decision.30% of the respondents said that the print media is the major influencer in making their investment decisions, electronic media(20%) and agents(20%) were the second major influencer in investment decision making.

Where do you generally invest/save ?

S. NoInvestment optionNo. of respondentsPercentage
1. 2. 3. 4. 5. 6. Post office schemes Insurance Banks Share market Mutual funds Govt. securities Total 1 1 4 2 1 1 10 10% 10% 40% 20% 10% 10% 100%

INTERPRETATION:

The risk return matrix of an individual is the key factor in framing his investment portfolio. I asked the respondents to select the investment avenues they would prefer to keep their investment portfolio. 40% of investor preferred to have banks savings as one of the investment avenue. While 10% of the investor said that they would certainly would like to have post office schemes as one of their preferred investment avenue.

What kind of investment pattern you prefer in Mutual Fund ?

S. No
1. 2. 3. 4. 5. 6.

Investment pattern preferred in MutualNo. of fund respondents

Growth schemes Balanced schemes ELSS Sector specific schemes Liquid schemes Can't say Total 4 1 2 1 1 1 10

Percentage
40% 10% 20% 10% 10% 10% 100%

INTERPRETATION:
The type of schemes selected for investment depends largely on the risk return matrix of an individual and the time horizon of his investment. 40% of investors prefer to invest in growth schemes,20% of investor in ELSS schemes.

Are you aware that by investing in diversified investment avenues the average rate of return would considerable go up?
S. Return in diversified schemes in No Mutual fund
1. 2. Yes No Total

No. of respondents
3 7 10

Percentage
30% 70% 100%

INTERPRETATION:
In this survey I tried to know the knowledge of investors about the return on diversified schemes .I found that 70%of surveyed people don't know that the return on diversified mutual fund schemes is more then other schemes. so, it shows that vary lake of awareness about mutual funds.

What are the sources of information gathering for you regarding mutual fund?

Percentage S. NoSources of product informationNo. of respondents 1. 2. 3. 4. 5. Company brochures Company websites Investment advisor Newspaper Friends and relatives Total 3 2 1 3 1 10 30% 20% 10% 30% 10% 100%

INTERPRETATION:
This chart represents the different sources of product information, through which investor generally tend to know regarding the mutual fund's new schemes and products.30% of the respondents said that they receive the product information from the company brochures and 30% respondents said that they get it from newspaper.

Which company provides good service?

S. NoCompanyNo. of respondentsPercentage 1 HDFC 5 50% 2 SBI 2 20% 3 ICICI 3 30% Total 10 100%

INTERPRETATION:
This chart show that 50% people says that HDFC provide better service and 30% says that ICICI provide better service.

FINDINGS
Some People were less interested in knowing about the product. They have the impression that these funds are not safe, as the money is locked in for a particular period, which is known as the lock in period. Mostly invest in bankbecause they think that it is safe. Mutual funds, in a country like India is in its growth stage and it would take some time to enter into the maturity stage. They invest into these funds mostly for tax saving purposes other than investment or return purposes.

Limitation
Time limitation.

 Research has been done only at Jalandhar. Some of the persons were not so responsive. Possibility of error in data collection. Possibility of error in analysis of data due to small sample size.

Questionnaire
NameMobile no Do you know about the Mutual Funds ? a) Yes b) No c) Can't say What is your objective /motive behind investment ? (a)Capital gain(b)Generate regular (c)Secure future(d)Tax benefits How did you come to know about mutual fund ? (a)Print media (b)Electronic media (c)Friend/relative (d)Financial advisor/C.A (c)Personal analysis (f)Agents Where do you generally invest/save ? (a)Post office schemes (b)Insurance

(c)Banks (d)Share market (e)Mutual funds (f)Govt. securities What kind of investment pattern you prefer in Mutual Fund ? (a)Growth schemes (b)Balanced schemes (c)ELSS (d)Sector specific schemes (e)Income schemes (f)Liquid schemes Are you aware that by investing in diversified investment avenues the average rate of return would considerable go up ? (a)Yes(b)No What are the sources of information gathering for you regarding mutual fund? (a)Company brochures (b)Company websites (c)Investment advisor (d)Newspaper (e)Friends and relatives Which company provides good service? a) HDFC b) SBI c) ICICI

Bibliography

 www.amfiindia.com www.mutualfundsindia.com www.hdfcfund.com www.hdfcbank.com http://www.sebi.gov.in